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• financial
The
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11
VOL. 130.
!SATURDAY, JUNE 281930.
NO. 3392.
situation is the certainty of the early adjournment
of Congress, this being apparently only a few days
PUBLISHED WEEKLY
off. The country is suffering from business depresTerms of Subscription—Payable in Advance
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able to realize on loans of all kinds, the action now
Published every Saturday morning by WILLIAM B. DANA COMPANY; taken was inevitable, but is nevertheless regrettable.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs.
Treas., William Dana Seibert;Sec.. Herbert D.Seibert. Addresses of all. Office of Co. This week's reduction in the rates follows a reduction made only last March, when rates on demand
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deposits were cut from 2 % to 2%, and rates on
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time deposits from 3 % to 3%. Larger or smaller
deposits in the banks are indispensable to the conChange of Address of Publication.
duct of business, and when ordinary profits are in
The Commercial & Financial Chronicle,
large measure cut off the business man finds the
having long suffered from inadequate
small amount that he receives on his bank deposits
facilities for handling its growing size
also shaved' down in the way indicated.
and growing subscription list, has moved
The action now taken is like that taken on all
into new and larger quarters, and is now
similar occasions in the past, and is the usual
located at
attendant of periods of business depression. On this
William Street, Corner Spruce,
occasion, however, the glut of loanable funds and
New York City.
the inability to obtain remunerative employment for
P. 0. Box 968, City Hall Station.
them has been greatly aggravated by the policy pursued by the Federal Reserve Banks in keeping Reserve credit out unnecessarily and by reducing rediscount rates to abnormally low figures. This easy
The Financial Situation.
money policy on the part of the Reserve Bank is a
The trade and industrial outlook has not changed repetition of a similar policy inaugurated in the
.any for the better during the present week. The summer of 1927 and which led to an unbridled specudevelopments have all been along the lines noted lation in the stock market that eventuated in the
last week, and have tended to accentuate the pre- disastrous crash of last October-November, the only
vailing feeling of gloom and depression. There difference being that in 1927 the easy money action
have been further violent declines on the Stock Ex- was not carried to quite the same extremes. The
change; the agricultural markets have suffered a rediscount rate of the Federal Reserve Bank of New
new collapse, wheat prices tumbling to the lowest York then was not reduced any lower than 3%,
level since 1914, and rye the lowest figure since 1896; while now it is down to 2 %,the lowest in the his/
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cotton has also moved lower;the iron and steel trades tory of the Reserve System, with the buying rate
are still retrograding; returns of railroad earnings for acceptances down to 2%.
All this is done with a view to aiding business
for the month of May, now coming to hand, show
losses of appalling magnitude, just as they have in and bringing about a recovery in trade and industry,
all the other months of the year thus far; concur- when, as experience shows, it is having not the
rently banking funds are almost unlendable, with slightest influence in reviving trade, and one of the
the money market in a state of extreme demoraliza- incidental ill effects is the reduction in the interest
tion, while yet our Federal Reserve Banks are in received by the business man on his bank deposits.
their own way maintaining a full volume of Reserve The Reserve authorities are indirectly responsible
for this latest reduction in the rate of interest on
credit.
The underlying cause is the same in all these commercial deposits. By their operations they are
instances, and the one bright spot in the general continuing a state of currency and credit inflation
financial Chronicle
•
4472
FINANCIAL CHRONICLE
[VoL. 130.
which lies at the bottom of the troubles from which itself, that is, if the natural working of the system
the country is suffering, and out of which it must were not interfered with through the open market
work its way before there can be any hope of an operations. Call money on the Stock Exchange
enduring revival of industrial activity. By suc- this week dropped to 11 2%,the lowest call loan rate
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cessive steps the New York Federal Reserve Bank, on the Stock Exchange since August 1917. The
in adherence to the practice pursued by the central open market asking rate for acceptances,
we have
banks of Europe, has reduced its rediscount rate already seen, is also the lowest in the history of
the
from 6%, the rate in effect at the time of the stock Reserve System. At such a time certainly
there is
market panic, to 23 2%, the lowest rate, as already no need for a single dollar of Reserve credit,
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yet
stated, in the history of the Reserve System.
what do we find? According to this week's stateThe earlier reductions were, of course, justified, ments of the Reserve Banks, total bill and security
being a return to the normal, but the later reduc- holdings, which constitute the true measure
of the
tions are open to grave question. As already stated, amount of Reserve credit outstanding, even though
trade has not been revived in the slightest degree lower than a week ago, was on Wednesday of the
thereby. On the contrary, it has been steadily grow- present week no less than $916,038,000, and
the
ing worse, until now it has assumed the character amount of Federal Reserve notes in actual circulaand dimensions of a commercial revulsion of the tion was $1,402,869,000. Out of the $916,038,000 of
first order, demonstrating very conclusively that bill and security holdings, only $231,505,000 conbusiness cannot be brought back to health by the sisted of bills discounted, representing member bank
use of quack restoratives.
borrowing; of these discount holdings, moreover,
It is well to remember that the member banks only $146,618,000 consists of bills secured by merhave not been co-operating with the Reserve Banks in cantile paper, the only way in which it was origithe endeavor of the latter to bring about an extreme nally intended that member bank borrowing should
and unnatural condition of ease. They could not be be conducted. At all events, only the $231,505
,000
induced to avail of the credit of the Reserve Banks discount holdings represented member bank borroweven at the extremely low rates that are being held ing; all the rest of the $916,038,000 of bill and
out as an inducement. The reason is simple enough security holdings consisted of open market
operaand is found in the fact that the member banks have tions, and represented injection of
Reserve credit
no need of extra funds and could not make use of for which there is not the slightest need.
them if they availed of them. One of the headlines
In the last analysis these open market operations
in the daily papers describes the situation adequately represent inflation pure and
simple, a condition
when it says"Money Is Begging a Job in the Street— which has proved so detrimental
to the country's
Rates Reduced in Four Divisions of Open Market— welfare, as the prostration of
trade so plainly indiBankers' Bills at New Low."
cates. It is a state of things, too, from which it is
Not content with lowering their rates to abnor- absolutely imperative the country
should get away
mally low figures, the Reserve Banks are engaged in if trade revival on an endurin
g basis is to be
keeping huge amounts of Reserve credit afloat brought about. Withou
t this measure of inflation,
through their open market operations in the pur- money rates could never have
dropped so low as to
chase of bankers' acceptances and U. S. Government make necessary the latest reducti
on in interest rates
securities. To what extremes they are driven is seen by the Clearing House institut
ions. Thus the Fedin the reduction in the buying rate for acceptances on eral Reserve Banks, instead of being
an aid to the
Friday of last week to only 2%. Such a low rate is mercantile community, are really proving
an inflicnot only an anomaly; it is an absurdity. Moreover, tion in having compelled a reduction
in the rate of
the rate is ineffective. Notwithstanding the low rate interest allowed upon their deposits.
The financial
the Reserve Banks are unable to get any substantial community is also appraising these
moves of the
quantities of bills. The acceptance holdings of the Federal Reserve Banks at their proper
worth. When
12 Reserve Banks further declined during the week the rediscount rate was reduced
on Friday of last
in amount of $30,463,000. The explanation is found week to 21 2% it was supposed the
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effect would be
in the fact that N. Y. Reserve Bank's action in cut- to rally the stock market; instead,
the market took
ting the buying rate for acceptances to 2% has been a new plunge downward. So also
when the buying
followed by the lowering of the open market rate for acceptances was cut to 2%
the response
rate for acceptances another Y
8%, reducing it to of the market was another big decline in stocks.
only 2% bid and 178% asked for bills running for And so the course of things has
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continued, the com30, 60 and 90 days, the lowest on record. In other munity recognizing that such
means for reviving
words, the Reserve Banks are competing with the trade and business are artificia
l and must prove
open market, and are coming out second best.
impotent. In other words, this credit agency is
Such practices ought to be discontinued. The open by these ill-timed moves proving
simply meddlesome
market operations ought to be abandoned when rates and not rendering any real
constructive service. If
get down to such inordinately low figures. At a it could be induced to keep
its hands off for the
time of great ease in money, when the market is time being, and merely
sit back and watch the course
glutted with funds, Reserve credit ought to go in of events, it might do
some real good.
retirement, since there is no need for it. When the
Reserve System was inaugurated, one of the points
In like manner the Farm Board, with the best
urged in its favor was that it possessed what had of intentions, is doing
incalculable harm to the
previously been lacking in our currency system, country. There can
be no doubt that the prostration
namely, elements of elasticity. Elasticity means of trade has been
greatly intensified by the perthat in periods of trade depression, when there is formances of this
Government agency, which was
no need for Reserve credit or for Reserve notes, they created for the
purpose of rendering aid to the
shall go promptly into retirement. The Reserve farmer and planter,
but which has instead inflicted
System would work precisely in that way if left to great harm upon
both. It has succeeded merely
JUNE 28 1930.]
FINANCIAL CHRONICLE
in acquiring large stocks of wheat and of cotton,
which the whole world knows must sooner or later
be disposed of, thereby completely undermining all
confidence in the future of values. The July option
for wheat in Chicago on Wednesday of this week
dropped to 873
4c., which is a decline of 21c. a bushel'
since June 2, when this option sold at $1.0878 and
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is the lowest figure reached by this option since
1914-15. The decline in wheat naturally pulls down
all the other grains, and rye sold as low as 44c.,
the lowest point reached since 1896. How much
wheat the farm co-operatives have accumulated is
not definitely known, but is supposed to be in the
neighborhood of 100,000,000 bushels. Alexander
Legge, the Chairman of the Farm Board, has given
assurance that none of this huge stock of wheat
will be marketed while the new crop is in process
of being marketed, unless indeed there should be
a sharp rise in the market values of the grain, but
that has not sufficed to prevent a further precipitate fall.
In the case of cotton, the spot price of which at
New York reached 13.25c. on Tuesday of this week,
as against 16.15c. at the opening of the month, it
is known that a full million bales is being
held on behalf of the Farm Board. This appears
from a telegraphic dispatch from New Orleans
quoted in the daily papers on Wednesday, and which
read as follows: "About 1,000,000 bales of cotton,
all now in the possession of State co-operative associations, will be taken over by the Cotton Stabilization Corp., according to E. F. Creekmore, President
of the Corporation. The announcement was made
upon his arrival in New Orleans for the establishment of the American cotton co-operative headquarters. Mr. Creekmore said that the Cotton Stabilization Corp., which operates under the direction
of the Federal Farm Board, would take over
the
cotton now held by the various State group marketing bodies, for the purpose of clearing the way for
the new crop."
The Tariff Commission provided under the new.
Tariff Act for the purpose of giving effect to the
flexible provision of the same seems likely also to
prove a meddlesome body, charged, as it is, with
the
duty of making all sorts of investigations at
the
instance of any and everybody, as we
indicated
in our article of last week devoted to a
discussion
of the subject. As to the new tariff duties some
of
the results are already appearing. On Tuesday
announcement came that the price of sole leather
was
to be raised 2c. a pound. The same day the
New
York Hide Exchange, in its daily bulletin,
reported
that "Hide futures had continued their
decline,
again registering new lows. for the year,
closing
from 10 to 20 off from the previous close
in the
active options." Since then hides have
further declined. The difference in the character of the
fluctuations as between hides and leather
should not
escape notice. Some other disquieting
events have
marked the course of the week. Sugar is one
of the
articles which it was at one time sought to
maintain
at an artificial level through the agency of the
Cuban
Government, just as is being attempted by
the Federal Farm Board in this country in the
case of
wheat, cotton, and numerous other agricul
tural
products. The attempt did not succeed, and
the
price keeps on dropping lower and lower.
The New
York Coffee & Stgar Exchange on Tuesda
y contained an announcement that "raw sugar
futures
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again went into new low ground for all time when
the July position sold at 1.25c. per pound. Silks,
which have been declining for other reasons, also
keep establishing new low records from day to day.
The Federal Reserve statements this week have
as their most noteworthy feature a big further reduction in the total of brokers'loans. The reduction
this week reaches $371,000,000, and it follows $211,000,000 reduction last week and $103,000,000 the
previous week, making a contraction for the three
weeks combined of $685,000,000. This shows the
extent of the liquidation that has been in progress
during this period on the Stock Exchange, and explains the tremendous further slump in prices on
the Exchange. The latest week's falling off extends
to the loans in all the different categories. The
loans made by the reporting member banks in New
York City for their own account fell from $1,850,000,000 June 18 to $1,764,000,000 June 25; the loans
for account of out-of-town banks fell from $906,000,000 to $713,000,000, and the loans "for account
of others" from $1,031,000,000 to $939,000,000.
With the further contraction the present week the
grand total of the loans under the three categories
stands at $3,416,000,000 June 25 compared with
$3,787,000,000 June 18, and with $5,542,000,000 a
year ago on June 26 1929.
In face of the contraction of brokers' loans, member bank borrowings at the 12 Reserve Banks
slightly increased, rising from $206,794,000 June 18
to $231,505,000 June 25, though, as a matter of fact,
none of the repoeting member banks are borrowing a
dollar at the Reserve Bank. On the other hand, the
open market operations saw a decrease in the holdings of bankers' acceptances, this item standing at
$102,313,000 the present week against $132,776,000
last week. Apparently the lowering by the Federal
Reserve Bank of New York of the buying rate for
acceptances to 2% did not suffice to bring the Reserve institutions any supply of bills. The holdings
of United States Government securities also declined during the week, falling from $597,648,000
June 18 to $576,970,000 June 25; the feature here
is that the holdings of bonds and Treasury notes
declined, the one item from $57,141,000 to $55,911,000, and the other item from $251,416,000 to
$219,436,000, while the holdings of certificates and
bills actually increased from $289,091,000 to $301,623,000. This increase would seem to show that
the Reserve Banks took over some of the new certificates of indebtedness put out by the Secretary
of the Treasury. The amount of Federal Reserve
notes in circulation decreased during the week from
$1,419,266,000 to $1,402,869,000, while gold reserves
declined about the same amount, falling from
$3,067,202,000 to $3,059,174,000.
The stock market this week has suffered another
series of bad breaks, carrying prices violently lower
almost continually day after day, but with a sharp
upward rebound on Thursday, which was continued
through the greater part of Friday. At the half-day
session on Saturday last the market behaved very
badly, and over 100 stocks touched new low levels
for the year—some of them lower even than in the
severe crash last October. Among some of the
losses at the end of the day may be mentioned American Can, which was off 578; American Tel. & Tel.
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3%; Consolidated Gas 4%; General Electric 3%;
4474
FINANCIAL CHRONICLE
[VoL. 130.
Westinghouse Elec. 4%; American Machine & Foun- on Tuesday, 746,100 shares; on Wednesday, 941,400
dry 8; American Tobacco 9; Atchison 4%; Brook- shares; on Thursday, 638,300 shares, and on Friday,
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lyn Uion Gas 5 ; Columbia Carbon 914; Houston 550,300 shares.
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As compared with Friday of last week it is needNational Biscuit 378;
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Oil 31 8; Eastman Kodak 7;
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Bethlehem Steel 2 ; Union Carbide 2%; Vanadium less to say, after the further plunge downward the
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33 Radio 218 and U. S. Steel 2%. The break present week, that prices quite generally show net
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occurred in face of a reassuring statement from declines, notwithstanding the recovery on Thursday,
Washington from Secretary Mellon with reference though there are some exceptions to the rule. Fox
to the effect of the new tariff. The commodities 'Film A closed yesterday at 40 against 41 on Friday
of last week; General Electric at 66 against 6978;
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markets broke as badly as the stock market.
furious, and no Warner Bros. Pictures at 40 against 431 8; Elec.
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On Monday selling was still more
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less than 200 stocks reached new low levels for the Power & Light at 6514 against 633 United Corp.
%;
year. Among the further declines at the close of at 30% against 31; Brooklyn Union Gas at 124
the day was American Machine & Foundry, with a against 126; American Water Works at 82% against
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loss of 4 points. The market, however, sharply ral- 84; North American at 92 against 99%; Pacific
4
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lied, and most of the early declines were recovered Gas & Elec. at 553 against 57 ; Standard Gas &
%
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by the close of the day. On Tuesday the railroads Elec. at 893 against 88 ; Consolidated Gas of
were under special pressure, and suffered severe N .Y. at 102% against 106%; Columbia Gas & Elec.
losses at the end of the day. Atchison showed a loss at 61% against 63%; International Harvester at
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of 81 and New York Central of 6%;Southern Rail- 82y against 80; Sears, Roebuck & Co.at611 8 against
,4,
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way 6 , while U. S. Steel lost 4 points; J. I. Case 70; Montgomery Ward & Co. at 3278 against 35%;
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18 ; Worthington Pump 8 ; Westinghouse Elec. Woolworth at 53 against 5418; Safeway Stores at
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518; Western Union Tel. 6; Vanadium 6%; Stone & 78 against 78; Western Union Telegraph at 160
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Webster 51 8; Public Service of N. J. 414; Houston against 160; American Tel. & Tel. at 20614 against
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Oil 678; Foster-Wheeler 6%; Elec. Power & Light 206%; Int. Tel. & Tel. at 4212 against 43 ; Amer/
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51/ ; Eastman Kodak 9 ; Consolidated Gas 6%; ican Can at 115% against 116; United States Indus4
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Columbia Carbon 6%; A. M. Byers 73 Brooklyn trial Alcohol at 63 against 67; Commercial Solvents
4;
Union Gas 7; American Water Works 6%; Amer- at 22 against 22/ Corn Products at 9278 against
14;
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ican Tel. & Tel. 5 ; American Can 5%; Allied 92; Shattuck & Co. at 33% against 35 , and Co/
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Chemical 53
4. Both the grain and cotton markets lumbia Graphophone at 1818 against 18.
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Allied Chemical & Dye closed yesterday at 262
were again weak. On Wednesday a new drive was
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made at the railroad stocks, but a rally occurred in against 251 on Friday of last week; Davison Chemthe afternoon in which most of the early losses were ical at 26% against 26%; E. I. du Pont de Nemours
at 1031 8 against 107 ; National Cash Register at
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recovered.
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On Thursday, after some more low dips, the mar- 4718 against 51%; International Nickel at 24
ket showed a strong and sustained rally. This against 23 ; A. M. Byers at 71 against 71; Sim/
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occurred in face of some more returns of railroad mons & Co. at 24
/ against 261 8; Timken Roller
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earnings for the month of May, all of the same un- Bearing at 61 against 62 ; Mack Trucks at 51
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favorable character as those received earlier in the against 4978; Yellow Truck & Coach at 2478 against
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week, and which furnished the occasion for the ex- 21%; Johns-Manville at 76 against 83 ; Gillette
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treme weakness of the railroad list on Tuesday and Safety Razor at 69 against 70; National Dairy
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;
Wednesday. The rally also occurred in face of quite Products at 48 against 502 National Bellas Hess
8
a number of announcements of dividend reductions at 9y against 10; Associated Dry Goods at 33
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by the copper companies, Anaconda Copper Mining against 3678;Lambert Co. at 80 against 80 ; Texas
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Co. reducing its quarterly rate of $1.75 per share to Gulf Sulphur at 512 against 5214 and Kolster
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share; the Greene Cananea Co. reducing Radio at 3 against 3 .
87 c. per
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The steel shares, and especially U. S. Steel, which
from a quarterly basis of $2 per share to 75c. per
share; Anaconda Wire & Cable Co. from 75c. quar- in the general break was made a special object of
terly to 37y
2c.; United States Smelt., Ref'g & Min. attack, suffered severe further declines, only a part
Co. from 87 c. quarterly to 25c., and the Andes of which was regained in the upward rebound on
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Copper Co. from 75c. quarterly to 37 c. A further Thursday and Friday. United States Steel closed
substantial rally marked the course of the dealings yesterday at 155% against 158 on Friday of last
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on Friday, as already stated, though periods of weak- week; Bethlehem Steel at 78 against 80, and Reness again developed. The volume of trading kept public Iron & Steel at 39 against 42%. The motor
shrinking, and the share sales on the New York stocks suffered with the rest. General Motors closed
/ against 412 on Friday of last
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Stock Exchange on both Thursday and Friday ran yesterday at 38
only a little in excess of 2,000,000 shares. The call week; Nash Motors at 31% against 3378; Chrysler
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loan rate at the Stock Exchange ruled at 2% at 25% against 26; Auburn Auto at 982 against
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throughout, except that on Thursday some loans 103%; Packard Motors at 1314 against 13%; Hud/
were negotiated at 112%, being the lowest call loan son Motor Car at 28% against 29%, and Hupp Mo/
tors at 13% against 15. The rubber stocks have also
rate since August 1917.
Trading, as already stated,, has been on a much been under pressure. Goodyear Rubber & Tire
reduced scale. At the half-day session on Saturday closed yesterday at 57 against 63% on Friday of
last the sales on the New York Stock Exchange were last week; B. F. Goodrich at 253 against 261 8;
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%
1,966,610 shares; on Monday they were 3,836,440 United States Rubber at 20 against 21%, and the
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shares; on Tuesday, 2,865,950 shares; on Wednes- preferred at 41 against 45.
Railroad stocks have been depressed beyond all
day, 3,395,520 shares; on Thursday, 2,272,080
shares, and on Friday 2,081,160 shares. On the New others at times, but have sharply rebounded. PennYork Curb Exchange the sales last Saturday were sylvania RR. closed yesterday. at 71% against 71%
568,300 shares; on Monday they were 984,900 shares; on Friday of last week; New York Central at 155%
JUNE 28 1930.]
FINANCIAL CHRONICLE
ex-div. against 157; Erie RR. at 381 8 against 37%;
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Del. & Hudson at 149 against 155; Baltimore & Ohio
at 101 against 102; New Haven at 100% against
10578; Union Pacific at 20234 against 21014; South/
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ern Pacific at 111 against 111%; Missouri-KansasTexas at 35% against 36%; Missouri Pacific at 62%
against 67%; Southern Railway at 92% against
102%; St. Louis-San Francisco at 8914 against 100;
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Rock Island at 97% against 103%; Great Northern
at 74 against 82 , and Northern Pacific at 71%
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against 7578
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The oil shares have also yielded to the general
pressure.. Standard Oil of N. J. closed yesterday at
'64 against 64% on Friday of last week; Simms Petroleum at 20 against 2018; Skelly Oil at 29
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against 29%; Atlantic Refining at 34% against
341/ ; Texas Corp. at 51 against 51%;Pan American
4
B at 5678 against 55%; Phillips Petroleum at 31
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against 32; Richfield Oil at 1578 against 16%;
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Standard Oil of N. Y. at 30% against 31%, and
Pure Oil at 20 against 20%.
The copper stocks in some cases show net gains
for the week, notwithstanding Vie further dividend
reductions that have come the present week. Anaconda Copper closed yesterday at 50 against 48%
on Friday of last week; Kennecott Copper at 38%
against 38%; Calumet & Hecla at 1478 against 14%;
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Andes Copper at 23% against 21 ; Calumet & Ari/
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zona at 5278 against 5318; Granby Consolidated
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Copper at 20% against 21%; American Smelting &
Refining at 5718 against 57%, and U. S. Smelting &
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Refining at 19% against 19%.
Moderate improvement in stock market trends
was reported this week from all the important European financial centers. Movements were irregular,
as they consisted largely of small rallies which barely
exceeded in extent the slumps with which they were
interspersed. The steady and alarmingly extensive
downward parade of prices noted in the previous
week was halted, however, and prices in most markets made slight gains. The English economist,
Francis W. Hirst, remarked in a London report of
Monday to the New York Herald Tribune that the
account then ending was considered one of the most
dismal on record in the British center. Nor did any
improvement occur in the first session of the current week, fresh drops in prices of almost all leading commodities exercising a depressing effect. It
appeared Tuesday, however, that commodities were
scraping bottom for the time being in any event, and
better reports also were received from New York,
starting stocks in Europe on a more cheerful course.
A further aid to optimism was the reduction in the
New York rediscount rate last week, although there
appears to be little indication of an early cut by
the Bank of England. Trade remains much depressed everywhere in industrial Europe, while
signs of improvement in the unemployment situation
also are lacking. Crop prospects are considered very
good in almost all countries and from present indications better results will be achieved than in 1929 in
all the large countries with the possible exceptions
of France and Italy.
Trading was slow and prices further depressed on
the London Stock Exchange when dealings were resumed Monday morning, with disappointing weekend reports from New York an important factor.
Anglo-American issues moved into ever lower
ground, and British industrials also sagged. Gilt-
4475
edged securities were firm, on the other hand, owing
to the better feeling engendered by the lowered bank
rate in New York. Tuesday's market was distinctly
brighter as the overnight reports from New York
were much more cheerful. No material increase occurred in the volume pf business, but the price tendency was better in most departments. An upturn
in some non-ferrous metal prices gave substantial
aid in this department and oil stocks also hardened.
Gilt-edged issues likewise continued to gain. A quiet
but generally steady market prevailed at London,
Wednesday and the level of prices was virtually unchanged. International issues were off at first but
recovered later. British funds continued their improvement on a steady spread of investment buying.
Favorable reports from New York again stimulated
the London market Thursday and the brighter tone
of the international issues aided the trend elsewhere. The gilt-edged list registered substantial
gains, while home rails and British industrials
added a little to their previous enhancement. Shipping shares moved off, however, on unfavorable
earnings reports. Slight gains were again the rule
in most sections of the market yesterday. The giltedged list advanced on the pronounced easing of
money rates.
Prices on the Paris Bourse moved lower Monday,
in consequence chiefly of the unfavorable indications
from New York. Selling pressure was not especially
pronounced,however, and the losses were not drastic,
but they sufficed to carry nearly all French stocks
to the lowest levels for the current year. International issues were weakest, with rubber and metal
stocks reflecting the grave unsettlement in commodity levels. The turn for the better that almost
all markets reflected Tuesday was apparent at Paris
as well. Advances were general throughout the list,
and trading was fairly active. Wednesday's market
witnessed a continuance of the improvement, with
an increased dividend by the Bank of France one
factor in maintaining the strength of the market.
A greater number of small investors were reported
active and the market thus lost some of its strictly
professional character. A further strong opening
at Paris Thursday gave way in the course of that
session to a selling movement which erased some of
the morning's gains. No unsettlement was caused
by this development, however, and the session was
considered satisfactory on the whole. The trend at
Paris yesterday was slightly irregular.
The Berlin Boerse was depressed Monday, losses
reaching substantial proportions notwithstanding
a very small volume of trading. Unfavorable reports
from London and New York precipitated the liquidation and with buyers almost entirely absent prices
slumped sharply. Uncertainty regarding the domestic political situation contributed to the decline.
The firmer tendency on other exchanges Tuesday
started an upswing on the Boerse in that session and
advances in active issues reached five to six points.
The buying was attributed to professionals, but it
continued throughout the session and the close was
at the high for the day. Reports of renewed weakness
at New York unsettled the Berlin market Wednesday and the gains of the previous session were
largely lost. Rumors of political difficulties again
prevailed, owing to the failure of the Government
to enact necessary financial reforms. Trading was
moderate on the Boerse Thursday, but the trend was
again upward. Mining and chemical issues were
4476
FINANCIAL CHRONICLE
quietly purchased and bank stocks also showed small
gains. Some progress in the domestic political situation was made this day, President von Hindenburg
appointing Dr. Herman Dietrich, Democratic Reichstag leader, as Minister of Finance to succeed Dr.
Paul Moldenhauer who resigned last week. No great
hope was expressed of an early solution of the problems, however, as Dr. Dietrich accepted the post
without the approval of his party. The Berlin market followed an uncertain course yesterday.
Persistent efforts were again made in the United
States Senate this week to delay ratification of the
London naval treaty until after the Congressional
elections next November. Notwithstanding the
sedulous fostering of this aim by opponents of the
pact, immediate consideration of the treaty appears
likely, owing to the firm stand taken by President
Hoover and the Senatorial supporters of the agreement. Public discussion was also continued meantime in Japan, where favorable action is looked for
within the next few weeks by the Privy Council.
Parliamentary debate on the pact having already
taken place in England, some assurance is felt by
friends of the London agreement that it will be declared in force early this summer. Only in the
United States Senate was there any genuine doubt
of fairly prompt consideration, and this was dispelled in large part Monday when the Senate Foreign
Relations Committee sent the treaty to the floor
of the Senate by a vote of 16 to 4. No minority report was made, but the opponents of the treaty issued
a statement attacking it on the ground that President Hoover and Secretary of State Stimson had
declined to submit to the committee documents bearing on the negotiations.
It is understood that consideration of the pact
wil go over to a special Senate session which Mr.
Hoover plans to call immediately after adjournment
of the present Conugress. An attempt to delay this
special session until after the fall elections was made
Tuesday, when a petition for such delay was signed
by 23 Senators and sent to the President. The principal argument advanced in the petition was that the
Senate has been in almost continuous session since
December, 1929, leaving the Senators weary and unable to give proper thought and attention to a matter
of such importance. In reply to the petition the
White House issued the following official announcement: "The President has had assurance from a
large majority of the Senators that the special session should be called. It will be called." No doubt
is entertained in Washington, according to press reports, of favorable action on the treaty.
The practice of passing upon foreign bond issues
offered for public subscription in the United States,
exercised in recent years by the State Department
in Washington, was redefined late last week by Secretary of State Henry L. Stimson in reply to a Senate resolution calling upon the State Department
to inform the Senate of the legal bases for such action. The resolution, offered by Senator Carter
Glass and adopted by the Senate June 16, took note
of the "informal approval, to be followed by formal
sanction, of the flotation in the United States of approximately $100,000,000 of .German reparations
bonds." Secretary Stimson was asked to cite the
authorization, constitutional or statutory, expressed
.or implied, upon which the Department based its
[Vol,. 130.
right to approve or disapprove offerings. A report
was promptly prepared by Mr. Stimson and it was
transmitted to the Senate June 20 through President
Hoover. While defending the practice, Mr. Stimson
admitted that "save in a small number of countries
where we have special obligations arising out of
treaties, there is no authorization of law, constitutional or statutory, so far as the Department is
aware, which gives the State Department the right
to approve or disapprove investment securities offered for sale in the United States by foreign governments, corporations or individuals." The power thus
exercised, he continued, "will be found in Article 2
of the Constitution vesting the legislative power in
the President and the statutory provision that the
Secretary of State shall perform such duties as shall
from time to time be enjoined or entrusted to him
by the President relative to matters respecting foreign affairs."
Secretary Stimson stated further that the practice has enabled the State Department to maintain
a position of watchfulness in the country's interest
in its foreign relations. At no time, however, has
objection been interposed to foreign loans in our
market, save in a very small number of cases, he
added. "In this practice the State Department has
usually been the spokesman for considerations advanced by other executive departments as well as
its own," the Secretary said. "Thus, through the
State Department, the Government has in the past
carried out the policy recommended by the World
War Foreign Debts Commission of objections to
loans to nations which had not funded their national
indebtedness to the United States. At other times
loans to foreign monopolies or cartels have been
discouraged." Mr. Stimson denied that the State
Department had "claimed or exercised" the "right
to approve or disapprove" foreign offerings as implied in the Senate resolution. "The Department
approaches no closer to any expression of approval
of loans than to say that it interposes no objection
to the loan or is not interested in it," the Secretary
said. He remarked that the practice does not, in
general extend to stocks. In the particular case of
the flotation of the German annuities bonds, Mr.
Stimson said that the usual practice was followed.
Rumblings of protest against the high import
duties just applied by the United States through
adoption of the Hawley-Smoot tariff were again
audible in much of Europe this week, with several
of the larger countries taking official cognizance of
the changed situation. There were also further indications of deep dissatisfaction in some parts of
Latin-America, with the tendency everywhere that of
discouraging trade with the United States and encouraging exchange with lands where more equitable
tariffs prevail. A significant development, however,
was the discountenancing of active retaliatory measures by the French Government,notwithstanding the
resentment manifested in that country. Much of
the world looks to Paris for leadership in such matters, and since France has elected to follow calm
counsels, this program will doubtless be followed
almost everywhere. First efforts are to be directed,
it appears, toward obtaining a downward revision
of the American rates through the mechanism of the
tariff commission, while discussion has also been
revived of the recent proposals for a European tariff
federation. It will be remembered, moreover, that
JUNE 28 1930.]
FINANCIAL CHRONICLE
Canada had previously made provision for the application of countervailing duties in the expectation
of higher rates in the United States. The Canadian
step is directly in line with the Empire Free Trade
movement that has gained such wide British popularity recently.
An official statement of the French position on
the new American tariff was made in Paris last Saturday by Minister of Commerce Pierre Flandin. The
statement was in answer to a resolution of the
Chamber Tariff Commission, previously adopted, requesting the Foreign Office to deinand a lowering of
duties in French goods under the flexible provisions
,of the tariff act, with the alternative that application of most-favored-nation treatment be withdrawn.
M. Flandin indicated that an exhaustive survey of
French industry would be undertaken in order to
ascertain the exact effect of the new duties upon
French exports to the United States. This survey
will probably not be completed until the late summer or autumn. It is to be followed by a comprehensive protest to Washington which the Foreign Office
will make in behalf of all French industry. "If we
succeed in obtaining a revision of certain new duties
bearing heavily on our export trade," M. Flandin explained, "there will be no reason for seeking to poison our relations with a country which had rendered
us immeasurable assistance in the World War.
Furthermore, we hope the United States, with her
sense of fairness and her traditional comprehension
of business, will be led to a sane appreciation of the
situation. Nevertheless, should the tariff commission refuse seriously to consider our protests, we
must then frankly face the problem and proceed with
other measures. Just what measures should be taken
remains undetermined, but it is very clear that normal commercial relations between the various countries cannot be assured except by application of the
principle of strict reciprocity."
The disclosure was reported from Paris at the
same time that "many" European countries have
suggested to France a program of united action
against the new American tariff by the industrial
nations of the Continent. The number of such suggestions and the identity of the countries was not
revealed, but from other European developments it
may be assumed that the proposals were not very
weighty. It was made known in Berlin late last
week that the short tariff truce arranged tentatively
among European States at the last meeting of the
Economic Committee of the League of Nations will
be denounced by Germany because Poland and
Czechoslovakia have refused ratification. This illustrates the difficulty of securing such united tariff
action in Europe as that hinted at in the Paris disclosures. Severe criticism of the new American rates
was nevertheless common in Germany as well. The
Frankfurter Zeitung referred to the Hawley-Smoot
tariff as a "monster of economic folly," while other
journals said it would prove a "pyrrhic victory."
An official of the German Foreign Office, in an informal talk with the Berlin correspondent of the
New York "Times," declared that the new rates
would be severely felt in Germany. Industrialists
of the Reich, he added, put their faith to a great degree in the intimations of President Hoover regarding generous use of the flexible provisions. Critical
reference to the new American tariff was made in
Italy last Sunday by Augusto Turati, secretary of
the Fascist Party. Commenting on Italian suffer-
4477
ing, this official remarked that Italy's creditors,"not
content with having made us pay our debts to the
last centesimo, would now pretend to take us by the
throat economically in order to make us slaves." In
Argentina protestations were made to the Buenos
Aires Government by important rural organizations
with a view to formal diplomatic protest to Washington against the new rates. Mexican comment
also was critical, the important journals supporting
the French attitude.
Unraveling of the tangled skein of Spanish politics
was taken up this week by King Alfonso, who spent
the week in Paris and London on a trip designed
chiefly for pleasure. On reaching Paris last Sunday,
the Spanish monarch conferred at length with the
former Liberal Minister Santiago Alba, who has
been in exile from Spain ever since Primo de Rivera
set up the dictatorship. Senor Alba also opposed the
King for permitting the dictatorkShip and the destruction of the Constitution. The Paris conference
was considered of much importance in the present
juncture where a republic is openly advocated in
Spain, as Senor Alba is a leader of the monarchists.
Events in Spain may well be shaped by the discussion, an Associated Press dispatch from Paris intimated, notwithStanding a statement by Senor Alba
that he favored maintenance of the Berenguer Cabinet. The Liberal statesmen declared for honest
and sincere elections, he said afterwards, and for reformation of the Constitution by a Cortes in such
a manner as to create an essentially democratic and
parliamentary regime in Spain. He said he was not
desirous of assuming the Premiership and would
not accept such an invitation until free elections
had been held. He added, however, that he was willing to lend his cooperation in aiding "Spanish renovation." His statements had been submitted to the
King, he remarked, and approved by him. Reports
of the interview were received with great favor by
Liberals in Spain and by many others as well. Additional uncertainty regarding the general situation
in Spain was caused this week by a general strike
in Seville, declared as a protest against alleged police
brutality toward strikers in a wage dispute at an
olive oil factory. After paralyzzing the city for two
days, the strike began to crumble Wednesday as half
the strikers returned to work. Violent rioting occurred in the course of the dispute, however, and upwards of 250 were injured while one fatality
occurred.
Developments in British India were dominated
this week by the appearance of the second and more
vital part of the report on that country prepared
by the commission headed by Sir John Simon. The
first volume of the report, issued June 10, was
merely a survey of political, social and economic
conditions in India, and it was received with polite
interest in most sections of the country. Comparative quiet prevailed in India after the appearance
of the survey, partly in anticipation of the second
volume of the report, which contains the administrative recommendations, and partly because the
monsoon rains prevented further spectacular salt
raids. The Nationalists, following the course prescribed by Mahatma Gandhi, pursued their program
of non-violent opposition to British rule by urging
a boycott of British goods and persuading the villagers to refuse payment of land taxes. Further
4478
FINANCIAL CHRONICLE
demonstrations were also hdld in Bombay, where
500 casualties resulted last Saturday when British
and native forces broke up a meeting of the volunteers in the principal thoroughfare. Reports from
the Northwest frontier indicated subsidence of the
tribal warfare which at one time appeared to
threaten border cities.
Chief among the recommendations of the second
volume of the Simon report is a proposal that India
shall advance toward self-government as a federation of autonomous provinces. Adoption of the report by the House of Commons in London would
mean that the present unitary government would
be replaced by such a federation, with the provinces
enjoying a considerable degree of local autonomy.
Strong British safeguards are provided, however, by
proposals for the reservation of emergency powers
to the British Government. "It is made plain on
almost every page of the report," a London dispatch
to the New York "Times" said, "that Britain does
not intend to relax her control, although she invites
India to embark on one of the safest constitutional
experiments of modern times." A federal assembly
is proposed at Delhi, to which eight of the nine great
provinces of British India will send representatives
after developing self-governing institutions. Provision would also be made for attendance of delegates of the native States. Burma, however, is not
to be included in the new polity, according to the
recommendations, since "Burma is not India." Its
inclusion in India is described in the report as an
historical accident, and "the opportunity should be
taken to break a union which does not rest on common interests."
The recommendations aim specifically, according
to the authors of the report, at "giving the maximum
of provincial autonomy consistent with the common
interest of India as a whole." This means the abolition of the present system of dyarchy, under which
certain departments of government are reserved to
the control of the Central Government. "It is our
intention," the report states, "that each province
should be as far as possible mistress in her own
house. Thus independent life will be given to the
provinces which will form the nucleus of the new
federal structure. It is proposed that in future
the progress of these great areas should be entrusted
to a unitary government responsible to legislatures
elected on an extended franchise. Within the general plan there will be scope for variations according
to provincial needs and circumstances. The essence
of the plan is to afford to Indians the opportunity
of judging by experience in the provincial sphere
how far the British system of parliamentary government is fitted to their needs and to the natural
genius of the people." The ultimate development of
the Indian polity, it is declared elsewhere in the
report, must lie in the direction of a solution embracing all India, but it is held absolutely clear that the
States cannot be compelled to come into any closer
relationship with British India than exists at the
present time. "If the principle laid down is valid,"
the report states, "it inevitably follows that the
ultimate constitution in India must be Federal, for
it is only in a Federal constitution that units differing so widely in constitution as the provinces and
the States can be brought together while retaining
internal autonomy."
Notwithstanding the emphasis on autonomous
government in the provinces, the recommendations
[vol.. 130.
provide for a strong British hold on India through
British Governors in the provinces who would have
virtually autocratic powers in any emergency. The
need is paramount, according to the report, of securing full provision for the maintenance and efficiency
of the fundamentals of government throughout the
period during which rndia is progressing on the
road to complete self-government. Grave dangers
are apprehended in the situation of India which
must be provided for, in the opinion of the Simon
Commission. As one absolute condition for the development of self-government, the gateway of the
Northwest must be held. "The army in India must
be strong enough for its task," the report continues.
"We hold that for many years the presence of British troops, and British officers serving in Indian
regiments, will be essential. While we are prepared
to recommend a considerable advance toward selfgovernment, and while we believe that a sense of
responsibility can only be taught by making men
responsible for the effects of their actions, we desire
to secure that experience is not bought too dearly.
There must be in India a power which can step
in and save the situation before it is too late. The
Governor General, or the Governor, as the case may
be, must be armed with full and ample powers. We
desire to give the fullest scope for self-government,
but, if there is a breakdown, then an alternative
authority must operate uphampered."
Definite conclusions that nothing but the most
overwhelming considerations could justify the retention of Burma within the Government of India were
reached by the Commission. Immediate separation
is therefore recommended, and consideration should
be given at once, it is declared, to the question of
the new •constitution of Burma and to the adjustment of the many complicated and important matters which must arise during the period of transition. In the event of such separation, it is contended that the Viceroy of India should cease to
have any official responsibility toward Burma, while
Burma should have a Governor of its own not subordinate to the Viceroy. Two main grounds for the
Commission's belief in the necessity of Burma's
separation from India are the strength which Burman sentiment in its favor has now attained—to
the overshadowing of every other Burman demand—
and the constitutional difficulty of giving to Burma
a satisfactory place in any centralized system designed to advance the realization of responsible government in British India. The commission points to
the limited character of Burma's representation in
the Central Legislature and to the fact that much
of the time of the Assembly is taken,up in discussion of questions Which have no practical interest
for Burma. Moreover, Burma increasingly feels
that its own practical interests sometimes conflict
with the policy which commends itself to the majority in the Central Legislature.
The Nationalist movement is also referred to in
the report, although the specific point is made in
conclusion that the recommendations were drafted
without any reference to recent developments. "The
unity imposed upon India by the external forces of
Great Britain," the report says, "is to-day reinforced by an increasing sense of Indian nationality.
It has only been the existence of British rule in
India that has rendered such a development posible.
Whatever may be its shortcomings and however unpleasant some of its 'manifestations, it appears to
JIINN 28 1930.]
FINANCIAL CHRONICLE
be the one force in Indian society that may, perhaps, contain within itself the power to overcome
the deep and dangerous cleavages that threaten its
peace. Indian nationalism is a phenomenon which
cannot be disregarded by the rulers either of Britsh
India or of the Indian States." The principal
recommendations were arrived at, the report states
in conclusion, without reference to recent events,
and, in fact, before these events occurred. • Not a
line has been altered because of the developments,
"for it is necessary to look beyond particular incidents and take a longer view."
Dispatches from India indicated a violently hostile reception of the Simon Commission recommendations, while London journals intimated that the
Parliamentary career of the report is also likely to
prove stormy. The London "Times," sympathetic to
Sir John Simon and his colleagues, considered it
cpnceivable that their proposals may be "profoundly
modified hereafter as they pass through the mesh
of refining and critical procedure—the round-table
conference, the joint Parliamentary committee, and
the Parliamentary debates-which is to be interposed before there is any question of legislation."
Opinions in India ranged from indignation at what
was described in some quarters as "this latest insult
to the motherland," to the more moderate views of
Liberals and Moslems. Rejection was universal,
however, even the more friendly Liberals pointing
out that the proposals are a "negation of dominion
status and are not even an approach toward responsible government." Nationalist leaders declared
they would pay not the slightest heed to the report
or its recommendations, and preparations were made
for intensifying the boycott of foreign goods and
the program for non-payment of land taxes. Some
of the outstanding Liberal leaders saw in the report
"an indication that the good-will of Britain toward
India is more nominal than real." Indian leaders
•at the summer capital of Simla declared that the
report "lacks imagination," a dispatch to the New
York "Times" said. "An atrocious document," and
"Simon's sorry folly," were terms applied to the
report in Bombay, which is the center of the nonco-operation movement.
A Cabinet crisis developed in Egypt last week
when Premier Mustapha Nahas Pasha resigned after
a dispute with King Fuad over two Parliamentary
bills. Nahas Pasha is the leader of the Wafd Parliament group which is in overwhelming control of
the Parliament in Cairo. This group favors a democratic form of government, and when King Fuad
refused to support two draft bills for the protection
of the Constitution, the resignation of the entire
Cabinet was promptly tendered. The situation was
described as "extremely serious" in a Cairo dispatch
of June 20 to the New York "Times." The task of
forming a new Cabinet was entrusted on that day,
however, to Ismail Sidky Pasha, leader of the "Itt,ehadist," or King's Party. The 10 portfolios of the
Cabinet were divided among the Ittehadists and the
Liberal Constitutionals, with Premier Sidky Pasha
retaining the Interior and Finance posts in his own
hands. Royal approval of the new regime was
quickly given, but a vote of confidence seemed doubtful in view of the large Wafdist majority in the Parliament. A royal decree was accordingly issued last
Sunday adjourning the Parliament, but the Egyptian legislators decided to hold a session just the
4479
same. The Premier asked for written assurance
from the Presidents of the Senate and the Chamber
of Deputies that the meeting would be held, only
for the purpose of hearing the royal decree. Such
assurance was given by the President of the Senate,
but the Chamber executive made an equivocal reply,
whereupon the Parliamentary buildings were ordered
closed and' barred by the Premier. The members
forced their way into the buildings and finally held
the desired meeting, but they merely took the constitutional oath and quietly heard the royal decree,
disbanding thereafter. These developments were
accompanied by the use of much seditious language
toward King Fuad. Moreover, large Wafdist demonstrations were held this week, at one of which
rioting developed.
Fighting in the Chinese civil war was actively
resumed on three important fronts this week, with
the results much in doubt as claims of decisive victories were made by everybody concerned. After a
quiet period of several weeks, opposing forces of
the Nanking Nationalist Government and of the
Northern Coalition met again along the main east
and west (Lunghai) railway line. Sweeping claims
of victories were issued by both sides, as usual. No
decisive developments in this area have been reported
on the basis of observations by missionaries or other
reliable witnesses. In the west, fighting is proceeding not far from the Wuhan cities, but dispatches
from Hankow do not indicate any great apprehension of the early capture of this important Yangtze
River city by rebellious elements. Of genuine importance, however, were developments on the Eastern front, where the city of Tsinan, capital of Shantung province, fell to the Northern Alliance armies
Wednesday. The capture was apparently effected
in very polite Chinese fashion, as no fighting took
place within three miles of the city while the Nanking "defenders" retired on 14 troop trains. President Chiang Kai-shek, leader of the Nanking forces,
began a real drive northward with 100,000 men,
Thursday, according to reports from foreign circles
in the war zone. Marshal Chang Hsueh-liang, war
lord of Manchuria, was reported by Hallett Abend,
Shanghai correspondent of the New York "Times,"
as having received an appointment in the Nanking
forces last Saturday, as neutral, Tuesday, and as
sympathetic to the Northern forces, Wednesday.
The same correspondent sent a report Monday intimating that Japan is supporting Nanking. Of
more importance than these reflections of vague
rumors was the declaration late last week of a virtual customs blockade of Tientsin as a result of the
seizure of the Maritime Customs there by the Northern forces.
Conferences on the Mexican debt situation were
begun in this city Wednesday by officials of the
Mexican Government, headed by Finance Minister
Luis Itontes de Oca, and the International Committee of Bankers on Mexico, headed by Thomas W.
Lamont. Senor Months de Oca arrived in New York
Tuesday, accompanied by numerous banking, railway and diplomatic aides, and an informal luncheon
was given in their honor Wednesday at the Down
Town Association, after which negotiations on the
debt were taken up. The Bankers' Committee,
which includes British, French, Belgian, German
and Swiss representatives, is acting for the holders
4480
FINANCIAL CHRONICLE
of much of Mexico's foreign obligations, including
the securities of the National Railways of Mexico.
A total of 884,563,000 pesos, or $442,281,000 is thus
represented, it is understood, out of the estimated
total foreign indebtedness of 946,948,000 pesos, or
$473,474,000, the figures in both cases including
principal and interest. Recent statements issued
by the Finance Ministry in Mexico City have indicated that the failure of Mexico to comply with the
terms of the agreements of 1922 and 1925 was due
to economic depression caused chiefly by revolutionary activities. A new agreement is now contemplated, but the International Committee, it is understood, will not make definite arrangements until
the bondholders have had an opportunity to vote
upon the proposals. After the initial business meeting, Wednesday, a joint statement was issued by
Senor Montes de Oca and Mr. Lamont, as follows:
"At a plenary session held this afternoon, the Minister of Finance presented certain suggestions
directed toward the handling of the debt situation.
Brief discussion was had on these suggestions.
There was also certain discussion as to the railway
debt situation. At the close of the session the members of the International Committee met for a brief
conference." Further meetings are to be held, it
was indicated.
The revolutionary movement which began in Bolivia last week has apparently gained strength, as
reports from all neighboring countries indicate
grave unsettlement in the capital, La Paz, and in
other centers. Communications by rail and telegraph to the West Coast of South America were
suspended and only fragmentary reports reached
the outside world from this direction. Airplane
service also was cut off. Dispatches from Buenos
Aires indicate that revolutionary forces have taken
over part of the country, at least, with the city and
Department of Oruro in their hands. The seat of
the Federal Government was reported in turmoil,
with street fighting in progress and many deaths
and casualties rumored. The movement is directed
chiefly, it is understood, against former President
Hernando Siles, who resigned recently, leaving the
Government in the hands of the Cabinet. The resignation of Senor Siles was said to be a political move
intended to evade the Constitutional provision
whereby presidents are unable to succeed themselves
in office. Some reports said Dr. Siles had taken
refuge in the American Legation in La Paz, but these
lacked confirmation. The Bolivian Legation in
Washington said it had no advices on the situation,
and the State Department also had nothing to announce. Diplomatic circles in Washington take a
serious view of the reports, a dispatch to the New
York "Times" states, as growing disaffection with
the army leaders and the Government have been
indicated lately.
There have been no changes this week in the discount rates of any of the European central banks.
Rates remain at 5 % in Austria, Hungary, Italy
/
1
2
and Spain; at 41 2% in Norway; at 4% in Germany,
/
Denmark and Ireland; at 3 % in Sweden; at 3%
/
1
2
in England, Holland, Belgium and Switzerland, and
at 2 % in France. In the London open market
/
1
2
discounts for short bills yesterday were 214%
/
against 2 4% on Friday of last week, and 2 3/16@
3
/
21 4% for long bills against 2 % the previous Fri/
/
1
2
[VOL. 130.
day. Money on call in London yesterday was 11 1%.
/
At Paris the open market rate continues at 2 %,
/
1
2
but in Switzerland has been reduced from 21 8%
/
to 2%.
The Bank of England statement for the week ended
June 25 shows a gain of £283,763 in bullion and a
contraction of £715,000 in circulation, which together
brought about an increase of £999,000 in reserves.
The Bank's gold holdings now aggregate £157,773,290
in comparison with £160,207,077 a year ago. Loans
on government securities rose £2,380,000 and those
on other securities £7,499,948. The latter consist of
discounts and advances, which increased £8,800,370,
thereby bringing the total from £7,098,791 up to
£15,899,161, and securities which fell off £1,300,422.
An increase of £4,927,000 was shown in public deposits and of £5,871,202 in other deposits. Other deposits include bankers accounts and other accounts.
The former increased £5,444,688 and the latter
£426,514. The reserve ratio dropped from 52.66%
a week ago to 48.79% now. A year ago ratio was
44.79%. The Bank rate remains 3%. Below are
shown comparisons of the various items for five years:
19
BANK OF ENGLAND'S COMPARATIVE STATEMENT. •
LAND'S
92 ENT.
1929
1928
June 25.
June 26.
June 27.
June 29.
June 30.
Circulation
358.531,000
Public deposits
21,504,000
Other deposits
99,889,989
Bankers accounts- 63.776,222
Other accounts_ 36,113,767
Governm't securities 48,855,547
Other securities.-- 31,239,392
Disct. & advances 15,899,161
Securities
15,340,231
Reserve notes & coin 59,241.000
Coin and bullion....157,773,290
Proportion of reserve
to liabilities
48,79%
Bank rate
3%
362,732,000
24,714,000
103,579,764
67,420,265
36,159,499
38,551,855
50,224,394
26,987,712
23,236,682
57,474,000
160,207,077
44.79%
555%
136,256.000 139,976,570 141,705,190
23,873.000 7,875,418 10,457,868
105,593,000 119,032,756 154,669,258
30,779,000 51,665,975 51.610,328
60,869,000 59,304,662 103,090,861
55,782.000 33,891,331 28,394,350
172,287,000 152,117,901 150,349,540
43.09%
&Si%
26.71%
455%
17.20%
5%
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 21 shows a gain of 104,904,806 francs in gold
holdings. The Bank's gold now amounts to 44,004,890,329 francs, compared with 36,616,599,447 francs
at the corresponding week last year. A loss of 44,000,000 francs is shown in credit balances abroad
and a gain of 6,000,000 francs in bills bought abroad.
Notes in circulation contracted 450,000,000 francs,
reducing the total of notes outstanding to 71,485,992,600 francs. Note circulation the same time a
year ago amounted to 62,970,422,815 francs. An increase appears in French commercial bills discounted
of 42,000,000 francs and in creditor current accounts
of 303,000,000 francs, while advances against securities fell off 13,000,000 francs. Below we furnish a
comparison of the various items for the past two
weeks and also for the corresponding week a year ago:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings—Inc. 104,904,806
Credit bais. abed -Dec. 44,000,000
French commercial
bills discounted-Inc. 42,000,000
Bills bought abed_ Inc. 6,000,000
Adv. agt. scours. Dec. 13,000,000
Note circulation_ _Dec.450,000.000
Cred. curr. accts--Inc. 303,000,000
COMPARATIVE STATEMENT.
Stalus as of
June 21 1930. June 141930. June 22 1929.
Francs.
Francs.
Francs.
44,004,890,329 43.899,985,523 36,616,599,447
6,820,200,666 6,864,200,666 7,254,884,493
4,902,900,271
18,649,906,663
2,719.393,837
71.485,992,600
14,360.092,072
4,860,900,271
18,643,906,663
2,706,393,837
71,935,992,600
14,057,092,072
6,297,332,677
18,410.885.109
2.355 466,510
62,970,422,815
18.213,210,384
The weekly statement of the German Reichsbank
as of June 23, reveals a contraction in note circulation
of 204,826,000 marks. Other liabilities fell off
6,901,000 marks while other daily maturing obligations increased 111,267,000 marks. Note circulation now amount to 4,013,964,000 marks, compared
JUNE 28 1930.]
FINANCIAL CHRONICLE
with 4,068,747,000 marks at same time last year
and 3,906,724,000 marks two years ago. On the
asset side of the account gold and bullion rose 134,000
marks and reserve in foreign currency 35,166,000
marks while deposits abroad remain unchanged. A
decrease appears in bills of exchange and checks of
195,755,000 marks while the items of silver and other
coin, notes on other German banks and advances
show increases of 18,837,000 marks, 4,396,000 marks,
and 217,000 marks respectively. Investments decreased 4,000 marks, but other assets rose 549,000
marks. Gold and bullion now aggregates 2,618,921,000 marks which compares with 1,764,327,000 marks
last year and 2,062,207,000 marks in 1928. Below
we give a detailed comparative statement for the past
three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
June 23 1930. June 22 1929. June 22 1928.
Assets—
Retchsmarks. Retellsmarks. Retchsmarks. Reichsmarks.
Gold and bullion
134,000 2,618,921,000 1,764.327.000 2,062,207,000
Inc.
Of which depos.abed. Unchanged
59,147,000
149,788,000
85,626,000
Res've in for'n curr —Inc. 35,166,000 357.163,000 330,746.000 245,255,000
Bills of exch. es:checks.Dec. 195,755,000 1,246,070,000 2,481.510,000 1,860,861,000
Sliver and other coin_ _Inc. 18,837,000 170,829,000 144,706,000 104,008,000
Notes on oth. Ger.bks.Inc.
4,396,000
20,550,000
19,440,000
24,067,000
Advances
45,281,000
217,000
92,609,000
Inc.
27,211,000
Investments
4,000 101,022,000
92.888,000
Dec.
93,996,000
Other assets
549,000 569,858,000 480,142,000 616,893,000
Inc.
LiabitUieS—
Notes In circulation...Dec. 204,826,000 4,013,984,000 4,068,747,000 3,906,724,000
Oth.dally matur.obUg.Inc. 111,267,000 573,414,000 579,210,000 512,708,000
Dec. 6,901,000 209,956,000 318.015,000 208,433,000
Other liabilities
4481
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, all loans on Monday were negotiated at 2 %, including renewals.
/
1
2
On Tuesday, after renewals had been effected at
2 %, there was a reduction in the rate for new
/
1
2
loans to 2%. On Wednesday all loans were at 2%.
On Thursday, after renewals had again been put
through at 2%,there was a drop to 1 % in the rate
/
1
2
for new loans. On Friday all loans were at 2%.
Time money has been easy throughout the week,
rates on 60- and 90-day paper remaining unchanged
at 2 @2%%,2/ for four and five months' ac/
1
2
3
4%
commodations, and 3% for six months' offerings.
Commercial paper has continued in active demand
this week, but the market was more or less quiet because of the difficulty in obtaining a sufficient supply of paper to meet the requirements. Rates are
unchanged at 3 @3 % for names of choice char/ /
1 1
4 2
acter on four to six months maturities, and 3 @
/
1
2
334% for names less well known and shorter choice
/
names.
The market for prime bank acceptances continued
easy this week, and without change of rates until
Tuesday, when prices were reduced / of 1% on all
1
2
maturities. The Federal Reserve Banks further reduced their holdings of acceptances during the week
from $132,776,000 to $102,313,000. Their holdings
of acceptances for their foreign correspondents fell
from $467,643,000 to $463,642,000. The posted rates
of the American Acceptance Council are now 2% bid
and 178% asked for bills running 30 days, and also
/
for 60 and 90 days; 21 8% bid and 2% asked for
/
14
120 days, and 2/% bid and 2 % asked for 150
/
1
2
days and 180 days. The Acceptance Council no
longer gives the rates for call loans secured by acceptances, the rates varying widely. Open market
rates for acceptances have also been reduced, as
follows:
Heavy offerings of funds and pronounced ease in
rates were again the outstanding characteristics of
the New York money market in the week now ending. The low return on funds prompted a meeting
of the New York Clearing House Committee Monday, at which it was decided to reduce interest rates
paid by banks to their depositors. Balances payable
on demand and up to 30 days were reduced /
1%,
2
while balances payable after 30 days and up to six
months were reduced 1%. The reductions were announced Tuesday, and they became effective Thursday. Yields on bankers' bills and rates on comSPOT DELIVERY.
mercial paper also were lowered early in the week.
—180 Days-—150 Days—
—120 Doss—
Bid.
Asked
Asked
Bid
Bid.
Asked.
Call loans reached the extraordinarily low official Prime eligible Mill
2(
21i
214
254
214
2
level of 12 on the Stock Exchange Thursday, this
—60 Days—
—90 Days-/
1
%
—30 Days—
Hid.
Asked.
Asked.
Bid.
Bid.
Asked.
2
154
figure equaling the rate established Aug. 1 1917, Prime eligible Ms
2
154
2
1;4
FOR DELIVERY WITHIN THIRTY DAYS.
but not reached since until now. Demand funds
Eligible
21i bid
were 2 % Monday on the Stock Exchange, with Eligible member banks
/
1
2
non-member banks
234 bid
money available in quantity in the unofficial outThere have been no changes this week in the reside market at 2%, notwithstanding withdrawals
by the banks of approximately $40,000,000. The discount rates of any of the Federal Reserve Banks.
rate declined to 2% Tuesday, but attempts to secure The following is the schedule of rates now in effect
funds at a concession from this figure in the outside for the various classes of paper at the different Remarket were not successful. Maintenance of the serve Banks:
official rate at 2% Wednesday, while further large DISCOUNT RATES OF FEDERAL RESERVE BANES ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
sums were available, was followed by a drop in the
Rate in
outside market to 1 %. After renewing again at
Federal Reserve Bank.
/
1
2
Effect on
Date
Previous
June 27.
Established.
Rate.
2% Thursday, the official level was finally lowered
Boston
314
May 8 1930
4
'to the 1 % figure. Funds were in greater demand New York
254
/
1
2
Jou 20 1930
3
Philadelphia
4
Mar. 20 1930
434
yesterday as preparations were started to meet the Cleveland
354
June 7 1930
4
Richmond
4
Apr. 11 1930
434
Atlanta
4
Apr. 12 1930
heavy mid-year payments, and a rate of 2% was Chicago
434
354
June 21 1930
4
4
Apr. 12 1930
434
quoted in the official market with no concessions Bt. Louis
Minneapolis
4
Apr. 15 1930
434
4
Feb. 15 1930
434
available outside, while withdrawals by the banks Kansas City
Dallas
4
Apr. 8 1930
454
4
Msr 21 1930
454
amounted• to about $50,000,000. Brokers' loans fianFrancisco_ _ - ------ dropped $371,000,000 in the statement of the Federal
Sterling exhange, largely in consequence of the
Reserve Bank of New York for the week ended Wed- reduction last week in the rediscount rate of
the
nesday night, this movement reflecting the violent New York Federal Reserve Bank to 23/2%, the
decline in stocks in the period covered. Gold move- lowest rate in the history of the Bank, has been
ments for the same period consisted of imports of more active and firmer than in many weeks.
The
$182,000, with no exports and no net change in the range this week has been from 4.855 to 4.85
4
15-16
amount of gold held ear-marked for foreign account. for bankers' sight bills, compared
with 4.85
to
4.85 13-16 last week. The range for cable transfers
4482
FINANCIAL CHRONICLE
[Vox.. 180.
The Reserve Bank reported that $1,745,000 gold
has been from 4.85 27-32 to 4.861 ,compared with
/
4.85% to 4.86 a week ago. Doubtless part of the was received at San Francisco during the week
'present firmness is due to preparations for month- from Japan.
Canadian exchange has been firm, ruling at a
end and half-yearly settlements, while, of course,
there is a steady increase in tourist demand for premium of from 1-64 to 1-16 of 1%, but on Thurscurrency. It may be recalled that last week there day Montreal funds fell to a discount of 1-32 of
was a tendency for bill rates in London to firm up 1%,and on Friday to 1-16 of 1% discount. Traders
more nearly to the Bank of England's 3% redis- were inclined to believe that the decline was of a
count rate, while at the same time bill rates on this purely technical nature within the market itself,
side were inclined to ease off. This week, however, and that the rate should at once recover to par or
the London open market bill rates showed further better. However, there can be no question that
weakness in spite of the fact that the Bank of Eng- there have been considerable transfers from Canada
land made no change in its rediscount rate. On to New York, as Canadians have been buying up
Thursday three-months bills in London were quoted their securities in this market. In the main, howat 21
4%, comparing with 23/2% a week ago. The ever, Canadian is firm, chiefly because the New
Bank of England weekly statement disclosed that York investment market is no longer so strongly
during the past week it has supplied the money attractive to funds from across the border, but
market with approximately £10,000,000. This has more especially is the firmness due to the steady
been done, it is believed, in order to obviate any movement of Canadian wheat. The underlying
possible stringency over the half-year end due to firmness in Canadian is so strong that foreign exheavy requirements for interest and dividend pay- change circles believe there is even a possibility that
ments and for window dressing. Sterling was not gold will move from New York to Montreal in the
affected by the decline in bill rates, since that factor near future.
Referring to day-to-day rates sterling exchange
was offset by the fall in call money at New York
to 13/2%. Bankers are inclined to believe that the on Saturday last was steady. Banker's sight was
London bill market will not be permitted to go lower 4.85%@4.85 11-16; cable transfers, 4.85 27-32@
and that influence will be brought to bear to bring 4.853'. On Monday exchange was firmer. The
the open market discount rate there nearer to the range was 4.85%@4.859' for bankers' sight and
4.85%@4.85 15-16 for cable transfers. On TuesBank of England's official 3% rate.
Consensus of opinion seems to be that it would day sterling continued firmer in tone. The range
be unwise for London at this time to encourage an was 4.85%@4.85% for bankers' sight and 4.85 8
easier money market in view of the fact that it cannot @4.86 1-16 for cable transfers. On Wednesday
afford to lower its gold holdings, especially while sterling was in demand. The range was 4.85Yi@
German marks and French francs are strong with 4.85% for bankers' sight and 4.86@4.86 1-16 for
respect to sterling. It is also pointed out that cable transfers. On Thursday sterling continued
in less than two months the Bank of England will strong. The range was 4.85%@4.95 29-32 for
be under the necessity of strengthening its gold re- bankers' sight and 4.86 1-32@4.86 1-16 for cable
serves against the autumn drain. London bankers transfers. On Friday the market was still firmer.
4
believe that the reduction in money rates on this The range was 4.853 @4.85 15-16 for bankers'
A
sight and 4.86 1-16@4.861 for cable transfers.
side will divert foreign borrowing to New York
London money market and that Closing quotations on Friday were 4.85 29-32 for
to the relief of the
the lower rates on this side will possibly lessen the demand and 4.86 3-32 for cable transfers. Comgold demands upon London. This week the Bank of mercial sight bills finished at 4.85%, sixty-day bills
4
England shows an increase in gold holdings of at 4.83%, ninety-day bills at 4.823 , documents for
£283,763, the total standing at £157,773,290, com- payment (60 days) at 4.85%, seven-day grain bills
pared with £160,207,077 a year ago, and with the at 4.853. Cotton and grain for payment closed
minimum recommended by the Cunliffe committee at 4.85%.
of £150,000,000. On Saturday the Bank of EngExchange on the Continental countries, while
land sold £3,501 in gold bars. On Monday the
coin and sold quiet, has for the most part shown firmness in symBank bought £23 in foreign gold
£3,503 in gold bars. On Tuesday the Bank bought pathy with the firmer sterling quotations. German
£9 in foreign gold coin. Approximately £300,000 marks, however, and Italian lira proving an excepSouth African gold was available in the London tion. Italian lira, though relatively steady, have
open money market, of which £250,000 was taken shown a slightly easier undertone, and marks, the
for shipment to Paris at the price of 84s. Vid. The more active of the Continental exchanges in this
balance was absorbed by India and the trade. On market, have been irregular with decidedly easier
undertone. In Tuesday's trading marks touched
Friday the Bank exported £2,000 in sovereigns.
At the Port of New York the gold movement for the lowest since Sept. 25 1929. The ease in marks
the week June 19-25, inclusive, as reported by the is due largely to the reduction last week in the
Federal Reserve Bank of New York, consisted of rediscount rate of the Reichsbank to 4% from 432%
imports of $182,000, chiefly from Latin America. and is also due to the fact that open market rates
There were no gold exports and no change in gold in Berlin have since fallen much lower, so that
earmarked for foreign account. In tabular form the the Reichsbank rate is still out of line with general
gold movement at the Port of New York for the money market rates, so much so that the view is
week ended June 25, as reported by the Federal entertained that the Bank may further reduce its
official rate to 332%, as has been expected for the
Reserve Bank of New York, was as follows:
Open money market rates in
NEW YORK, JUNE 19
-JUNE 25, INCL. past few weeks.
GOLD MOVEMENT AT
Imports.
Berlin are at the lowest level since before the war,
Exports.
None
$182,000 from Latin America
and rediscounting with the Reichsbank has fallen
Net Change in Gold Earmarked for Foreign Account.
below the smallest post-war total. Germany is thus
None.
JUNE 28 1930.]
FINANCIAL CHRONICLE
faced with the apparently insoluble problem of encouraging domestic business by cheapening rediscounting at the central banks while at the same
time keeping money rates at levels attractive to
foreign lenders of capital. Without foreign capital
it is thought that Germany will find it extremely
difficult to obtain Government revenue to offset
the heavy expenditures necessary to place Germany
in a position to meet her annuities requirements
and to regain her industrial, scientific, and commercial leadership in Europe.
The United States Department of Commerce's
annual analysis of the balance of international trade
shows a net reduction during the year of $561,000,000
in United States capital invested abroad, both long
and short term. New investments of long-term
capital amounted to $808,000,000, compared with
$1,318,000,000 in 1928 and with $972,000,000 in
1927. A large block of this capital has been for
Germany and consequently such a decrease has had
serious effects in that country. That the Reichsbank remains out of touch with the private money
market is shown by the fact that since the reduction
in its rediscount rate to 4% loans were available in
Berlin from 2% to 432%, while first-class borrowers
got funds at M of 1%. The comparative weakness in
Italian lire is due largely to several conflicting reports
during the week that the Bank of Italy had reduced or
would reduce its official rate of rediscount. These discussions of a lower Italian rate had a dampening influence upon Italian exchange. There has been no
official announcement, but it is felt that a cut in the
Italian rate would be in keeping with the general
trend of world money rates. The Bank of Italy
has been slow to follow the action of other central
banks in working credit to easier levels. The present
532% rate is clearly out of line with rates at important centres. In some quarters it is asserted that
action has probably been taken on the rate, but that
official announcement has been delayed, as was the
case in the last Italian change. French'francs have
been steady. Francs are especially firm with respect to sterling. As noted above, approximately
£250,000 of London open market gold was taken
for French account on Tuesday. The Bank of
France statement for the week ended June 20 shows
gold holdings at the highest level in history, the
total standing at 44,004,000,000 francs. The increase during the week totaled 105,000,000 francs.
Present holdings compare with 36,616,000,000 francs
a year ago. The Bank's ratio of reserves stands
at 51.26%, compared with 51.05% on June 13, with
45.10% a year ago, and with legal requirement of
35%. Money continues abundant in Paris at
extremely low rates. Exchange on Czechoslovakia,
one of the least active of the Continentals in this
market, has shown exceptional firmness during the
past few weeks, selling at the highest levels since
stabilization. This is largely the result of the
country's excellent trade position in the face of
depression in other countries.
The London check rate on Paris closed at 123.73
on Friday of this week, against 123.76 on Friday
of last week. In New York sight bills on the French
centre finished at 3.92 11-16, against 3.923/b on
Friday of last week; cable transfers at 3.92 13-16,
against 3.92%; and commercial sight bills at 3.923/,
2
against 3.923. Antwerp belgas finished at 13.95
for checks and at 13.95% for cable transfers, against
13.94 and 13.953/2. Final quotations for Berlin
4483
marks were 23.813/ for bankers' sight bills and
2
23.823/ for cable transfers, in comparison with
23.843/ and 23.853/ a week earlier. Italian lire
closed at 5.23 11-16 for bankers' sight bills and at
5.23% for cable transfers, against 5.23 11-16 and
5.23 15-16 on Friday of last week. Austrian schillings
closed at 143, against 143.; exchange on Czechoslovakia at 2.96%, against 2.963/2; on Bucharest
at 0.60, against 0.60; on Poland at 11.25, against
11.25, and on Finland at 2.52, against 2.52. Greek
exchange closed at 1.29 5-16 for bankers' sight bills
and at 1.29 9-16 for cable transfers, against 1.30
and 1.30%.
Exchange on the countries neutral during the war
has been steady so far as exchange on Holland and
the Scandinavian countries are concerned. Swiss
francs have been firm due largely, it is thought,
to operations connected with the Bank for International Settlements, but also to the fact that Swiss
exchange is traditionally firm at this season, as
tourist traffic is at its height. Amsterdam dispatches during the last few days indicate that
Holland is just beginning to feel the general decline
in business conditions. Dutch agriculture especially
is suffering severely from low prices and Government help has been asked. According to Amsterdam dispatches, one factor acting adversely to
guilder exchange is Dutch buying of securities in
the New York market to a fairly important extent.
Pesetas fluctuated widely during the past few days.
According to Madrid dispatches the weakness in
peseta exchange is due especially to the accumulation of payments for imports, _which have increased,
while exports have been reduced. It is also due to
political uncertainty and to maturing credits for
subscriptions to the gold loan. There seems small
hope for radical financial reform. Some bankers
have said that there is a flight from the peseta.
The more it falls, the greater the demand for exchange
in order to escape losses.
Bankers' sight on Amsterdam finished on Friday
at 40.183, against 40.173/i on Friday of last week;
cable transfers at 40.193/2, against 40.183, and
commercial sight bills at 40.153/2, against 40.14.
Swiss francs closed at 19.373/ for bankers' sight bills
and at 19.383 for cable transfers, in comparison
with 19.36 and 19.363 . Copenhagen checks fin4
ished at 26.753/b and cable transfers at 26.76%,
against 26.75 and 26.763/2; checks on Sweden closed
%
at 26.853/ and cable transfers at 26.863 , against
26.85 and 26.863/; while checks on Norway finished
2
at 26.76 and cable transfers at 26.773/2, against
26.75
and 26.77. Spanish pesetas closed at
11.21 for bankers' sight bills and at 11.22 for cable
transfers, which compares with 11.64 and 11.65 a
week earlier.
Exchange on the South American countries has
been dull, with Argentine exchange showing exceptional weakness. The Argentine paper peso has
slid off to record low level. Weakness in Argentina
is likely to continue as long as Buenos Aires refuses
to ship gold, in the absence of other support such
as increasing exports or the flow of loan proceeds
to Buenos Aires. The currency is now at the lowest
point in many years and has been falling steadily
since the middle of May. The rate has lost more
than a cent and a half since the first of June.
Bankers say that last week the Province of Buenos
4484
FINANCIAL CHRONICLE
[voL. 130.
Aires asked for bids from American and English Federal Reserve Board. In contrast to general
bankers in Buenos Aires for a 40,000,000-peso loan, world prices, Chinese prices are moving steadily
but not a single bid was received. It is thought upward. Taking February, 1913, as 100, wholesale
that this fact had something to do with the serious prices there in January of this year stood at 170 and
decline of the past few days in the value of the peso. in April advanced to 174. This compares with 161
Argentina is economically a very wealthy country in April a year ago. Closing quotations for yen
both from the point of view of industry and of checks yesterday were 49 7-16@493', against 49 7-16
natural resources. Its trade position, however, has @49. Hongkong closed at 31%@31 7-16, against
been seriously impaired in recent months. During 313g©31 7-16; Shanghai at 37@3738 against
,
the first four months of the year exports showed a 36 11-16@36%; Manila at 49%, against 49%;
decline of 37% in tonnage volume and of 32.7% .Singapore at 56 3-16@563s, against 56 3-16®56;
/
in value, compared with the corresponding period Bombay at 363, against 3631, and Calcutta at
of 1929. Exports for the first half of the year are 36 3-16.
'expected to be about on the same scale. Brazilian
Owing to a marked disinclination on the part of
milreis, while on average somewhat better than
last week, display an easy undertone. Current two or three leading institutions among the New
rates for Brazilian cable transfers are around 11.30, York Clearing House banks to keep up compiling
compared with 11.85 at the end of May. Much the figures for us, we find ourselves obliged to disthe same factors which caused depression in the continue the publication of the table we have been
Argentine peso are responsible for the weakness in giving for so many years showing the shipments and
milreis. Brazil has been able to support the milreis receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Fedat times by large gold shipments, but once the main
flow of funds from loan proceeds ceased, the cur- eral Reserve Bank on Dec. 6 1920, it is also no longer
rency was inclined to ease.
possible to show the effect of Government operations
Argentine paper pesos closed at 35 15-16 for checks in the Clearing House institutions. The Federal
as compared with 37 3-16 on Friday of last week; Reserve Bank of New York was creditor at the Clearand at 36 for cable transfers, against 3731. Brazilian ing House each day as follows:
milreis finished at 11.35 for bankers' sight bills and DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
at 11.38 for cable transfers, against 11.27 and 11.30.
Chilean exchange closed at 12.10 for checks and at Saturday. Monday, Tuesday. Wednead'y,1 Thursday, /Friday.
doileoais
12.15 for cable transfers, against 12.10 and 12.15; June 21. June 23. June 24. June 25. June 26. June 27. for Week.
I
$
Peru at 4.00 for checks and at 4.01 for cable trans- 170.000.000 106,000.000 159.000.000 143.000.000 145.000.000 147,000.000 Cr 87%000,000
fers, against 4.00 and 4.01.
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on instftutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks,
Exchange on the FarlEastern countries continues
depressed. Japanese yen are steady, owing to
heavy gold exports and to official measures taken
for the support of exchange since January. The
The following table indicates the amount of
Chinese quotations are of course demoralized on
bullion in the principal European banks:
account of the low ruling prices for silver. The effect
June 28 1.929.
June 27 1930.
of the decline of silver on Chinese wholesale prices Banks of
Gold.
Total.
Silver. I Total.
Gold.
strikingly illustrated by figures published by the
is
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 21 TO JUNE 27 1930, INCLUSIVE.
Noon Buying Rats for Cable Transfers in New:
Value in United States Money.
Country and Monetary
June 21. June 23. June 24. June 25. June 26. June 27.
EUROPE-.
$
140920
Austria,schIlling
Belgium. belga
.139517
Bulgaria. ley
.007219
Czechoslovakia. krone .029653
Denmark. krone
.267570
England, pound
sterling
4.858366
Finland. markka
.025175
France. franc
039252
Germany, reichsmark .238504
Greece, drachma
.012950
Holland, guilder
.401766
Hungary, amigo
.174875
Italy. lira
.052382
Norway, krone
.267661
Poland, zloty
.112030
Portugal. escudo
.045010
Rumania.leu
.005949
Spain. peseta
.116361
Sweden, krona
.268569
Switzerland, franc_ .193651
Yugoslavia, dinar
.017662
ASIAChina-Chefoo taell
.374375
.372343
Hankow tadl
.361428
Shanghai tadl
.379375
'Tientsin tadl
Hongkong dollar_ .307500
.259062
Mexican dollar
Tientsin or Peiy
.260000
dollar
.256666
Yuan dollar
.360032
India, rupee
.494228
Japan. yen
Singapore(S.S). dollar .559041
NORTH AMER.1.000314
Canada. dollar
.999046
Cuba, peso
.474200
Mexico, peso
Newfoundland. dollar .997631
SOUTH AMER.Argentina. peso (gold) .840393
.112200
Brazil. ndlreis
.120791
Chile. peso
.885168
Uruguay. Peso
.966400
Colombia. peso
$
.140912
.139526
.007208
.029656
.267552
$
.140923
.139538
.007208
.029659
.267577
$
.140937
.139546
.007208
.029662
.267623
$
.140971
.139549
.007208
.029663
.267651
5
.140934
.139560
.007211
.029662
.267636
4.858792 4.859403 4.860156 .4860156 4.860312
.025172 .025176 .025169 .025175 .025169
039253 .039258 .039261 .039266 .039272
.238478 .238333 .238417 .238334 .238251
.012955 .012954 .012958 .012953 .012962
.401776 .401829 .401882 .401928 .401929
.174889 .174896 .174876 .174901 .174892
.052378 .052383 .052388 .052392 .052386
.267647 .267669 .267718 .267741 .267730
.112100 .112031 .111990 .112020 .112000
.044939 .044962 .044958 .044957 .044966
.005948 .005947 .005947 .005948 .005948
.116845 .115869 .114880 .114352 .112425
.268543 .268575 .268615 .268643 .268626
.193714 .193771 .193788 .193819 .193821
.017663 .017664 .017651 .017657 .017665
.376666
.372812
.361517
.378333
.308571
.259375
.371666
.371562
.359375
.376666
.308660
.258437
.370833
.370625
.359910
.372916
.309285
.258437
.372916
.372500
.361160
.368333
.309553
.258333
.380000
.380625
.369107
.385416
.311517
.263437
.260833
.257500
.360017
.494215
.559208
.259583
.256250
.360203
.494028
.559208
.259166
.258333
.360246
.494153
.559208
.260416
.257083
.360232
.494328
.559208
.265833
.262500
.360392
.494190
.559208
1.000376 1.000366 1.999848
.999140 .999359 .999140
.474366 .474175 .473687
.997843 .997750 .997282
.999575
.999140
.473750
.996938
.999857
.999140
.473750
.997281
.821646
.112466
.120831
.877093
.966400
.812982
.112512
.120841
.862125
.966400
.839623
.111980
.120794
.881375
.966400
.834119
.112266
.120933
.879500
.966400
.828291
.112930
.120823
.877666
.966400
£
157,773,290 160,207.077
England _ _ 157,773,290
16%207,077
1352,039,122292,932,79
(d)
(d)
France a_ _ 352,039,122
292,932,795
c994.600 124,451,250 85,259.000
994000 86,253,600
Germany b 123,456,6
Spain
98,834,000 28,653,000 127,487,000 102,442,000 28,786,000131,228,000
Italy
I 56,301,000 55,434,000
56,301,000
55,434,000
Netherl'ds. 35,994,000 2,184,000 38,178,00 36.400,000 1,780,000 38,180,000
34,300,000 28,530,000 1,270,000 29,800,000
Nat'l Belg. 34,300,000
23,156,000 19,845,000 1,561,000 21,406,000
Switzerrd. 23,156,000
13,497,000 12,978,000
Sweden_._ 13,497,000
12,978,000
9,570,000 9,591,000
Denmark _ 9,570,000
431,000 10022,000
8,143,000 8,155.000
Norway __ 8,143,000
8.155,000
Total week913,064,062 31,831,600 944,895,662811,773.872 34,822,800846,596,472
Prey. week 911,917,361 31,772,600 943,689.961 814,531,721 34,738,600849,270,32/
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is .C7,489,000. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
The Simon Report and the Problem of
British India.
The publication of Part II of the report of the
Simon Commission, containing the Commission's
recommendatiops, brings the Indian and British peoples face to face with the grave problem of reorganizing the government of India so as to give to that
country the dominion status that has been promised.
Rather curiously, the term dominion status appears
not to be used in the report, although it is not apparent that any political significance attaches to the
omission. To guard against the impression, quite
natural under the circumstances, that the proposals
have been influenced by the recent agitation in India
under Gandhi and his Nationalist followers, the
Commission is careful to state that all of its principal recommendations were unanimously agreed
JUNE 28 1930.]
FINANCIAL CHRONICLE
4485
upon before the events of the past few months oc- franchise, the report points out,"is too limited in its
curred, and that not a line of the report has been scope to provide the material from which to build
altered on that account. "It is necessary to look any adequate scheme of representative government."
beyond particular incidents," the report remarks, Because of illiteracy and "the restricted supply of
"and to take a longer view."
competent persons to conduct the elections," only
The Commission makes clear at the putset, and "about 2.8% of the population of the areas returnthroughout its carefully elaborated recommenda- ing members to the Provincial Councils were registions, the need of such a reorganization of the pres- tered as voters at the last general election." The
ent system of government in India as shall give to Commission recommends the preparation of a new
India the largest practicable measure of constitu- scheme which shall enfranchise about 10% of the
tional government now, and the fullest opportunity total population, thereby more than trebling the
to develop government on constitutional lines later, present number of voters and making an electorate
without jeopardizing the safety or internal order of of about 20% of the adult population. "We desire
the country or abandoning British interest therein. to see a substantial increase," the report continues,
For political independence, the goal of the Nation- "in the present ratio of women to men voters. At
alists, the report holds out no hope whatever. On present Indian women are enfranchised on the same
the contrary, the underlying assumption of the re- terms as men, but this enfranchisement produces
port is that India is to remain a part of the British very few women voters."
Commonwealth of Nations, that the northwest
On the question of the relation of Parliament to
frontier, source of "a constant and pressing danger Indian affairs the report makes the following imof a magnitude which is quite without parallel in any portant statement:
,other part of the empire," is to be defended by a
"It does not seem to us possible to take the view
British and Indian army under British control, and that Parliament can now surrender all responsibility
that British authority, as represented by the Gov- for future modifications in the structure of the Cenernor-General, should be empowered to suspend the tral Government of India. To suggest that it could
ordinary operations of civil government if the main- do so would be to deny the terms of the preamble to
tenance of peace and safety appears to require such the Government of India Act, and to forget the contemporary interposition.
ditions included in Mr. Montagu's declaration of
The constitutional proposals of the Commission Aug. 20, 1917 (the reference is to the Montagucontemplate the grouping of eight of the nine Indian Chelmsford Report of that year). But this recogniprovinces in a federal government, with a central tion of continued parliamentary responsibility
is a
legislature at Delhi the members of which will be very different thing from insisting that
no modifichosen by the provincial legislatures rather than by cation is possible in the future without the cumuniversal suffrage. Burma, whose inclusion in brous procedure on each occasion
of passing a new
India, as the Commission points out, is "an historical statute through the British Parliamen
t. We desire
accident," is not to form a part of the federation, to reduce the rigidity of the
statutory structure bebut is to be allowed a separate constitutional de- muse we are convinced that Indian
institutions ought
velopment under a government of its own, although to be given room to grow and develop.
While, thereapparently with some dependence upon the federa- fore, it is impossible in our judgment
to provide at
tion for military defence. In the reorganization of this stage as much latitude for change
in the central
the Executive Council, the Governor General would •sphere as in the Provincial Constitut
ions, we prohave the right of choosing the Ministers, instead of pose by the means we have described
to provide in
being required, as at present, to accept persons desig- the central sphere also opportunities for adjustmen
t,
nated with the approval of the Secretary of State while preserving to Parliament the
responsibility,
for India, and the hard and fast line which separates which it cannot
at present abandon, for future dethe portfolios which may be held by Indians from cisions."
those which are reserved for Englishmen would be
In providing for flexibility with reservation of
done away with. The characteristic principle of Parliamentary
rights, the Commission is careful to
Indian administration known as dyarchy, embody- make clear that
it has no intention of imposing upon
ing this discrimination between Indian and non-In- India a development
of responsible government on
dian holders of executive offices, and originally purely British lines.
Until the provinces themselves
adopted as a step toward self-government, is thus shall have
undergone further development, the preto be abandoned because, in the opinion of the Com- cise form of the
central government, and the posMission, it has been outgrown. The so-called na- sible contribut
ion of the native States, cannot, in the
tive States, which at present enjoy a kind of autono- opinion of the
Commission, be "finally determined."
mous status under British allegiance, are not in- "The utmost,
therefore, that can be done now is to
cluded in the proposed federation, but the way
is reduce, by such methods as we have outlined, the
to be left open for them to join voluntarily if
they rigidity of the structure of the Central Executive, to
wish to do so.
make the best possible provision for the introduction
In the distribution of powers between the pro- of authoritative
Indians into the Executive, and to
vincial and the central governments the Commission recognize that the
British system is not the only
contemplates the largest possible opportunity
for model and, indeed, that there are many federal systhe further development of constitutional govern- tems in the world which differ
from the British
ment in the provinces, and particularly recommends model because they have been
suitably developed
a procedure by which changes in the Constitution of according to the needs of their own
areas and popa province may, if desired, be effected at least once ulations. ... The utimate form which
the governin ten years by action of the provincial Legislature. ment of India will take cannot possibly
be precisely
At present the Legislatures have practically no determined in present circumstances.
It must be alpower of amendment. A considerable extension of lowed to grow in the light of the
principles we have
the suffrage is also recommended. The present set forth."
4486
130.
FINANCIAL CHRONICLE[VOL.
The Simon report is a statesmanlike document,
drawn on broad lines and embodying the familiar
British characteristic of laying down general principles of procedure and outlining only the main
methods by which the principles are to be applied.
It is the fruit of more than two years of intensive
study, in the course of which the Commission visited
India and travelled widely about the country. The
recommendations, which are unanimous, are concurred in by members representing the Labor, Conservative and Liberal parties. That the recommendations will receive the early approval of Parliament is, on the other hand, more than doubtful. Nationalist leaders in India appear to be practically
unanimous in rejecting them as entirely unsatisfactory because they do ndt contemplate even ultimate independence, and political opinion in England
is sharply divided. In Labor circles particularly,
where there is much sympathy for Gandhi and his
followers, the report has been received without enthusiasm. The Conservative and Liberal press, voicing in general the invincible reluctance of the British
people to any dismemberment of the Empire, appears to be agreed in holding that the report does
not offer a hopeful solution of the complicated Indian problem.
We must, then, apparently, expect a continuance,
for a time at least, of the disturbances which for
some months have been agitating India from one
end to the other and putting British military and
civil power to the test. The organization of passive
resistance has attained formidable proportions,
while the boycott of British goods has struck a heavy
blow at British trade, especially in cotton textiles.
In addition to internal troubles, the British have
had also to contend with a serious outbreak on the
northwestern frontier. There is still some hope that
the extremists in the Nationalist following may consent to discuss the Simon report, although a native
demand that a conference shall be held in India instead of at London raises a new item of disagreement. Meantime the report, with its carefully considered recommendations, points the way to an increased measure of self-government for India under
British sovereignty and protection now, with the
possibility of steadily enlarging freedom as India
shows itself capable of administering it. The prolonged debate which seems certain to ensue will show
whether the limited changes which the British Government is by inference ready to consider are to be
met by some abatement of Nationalist demands, or
whether the breach which is wider and more dangerous today than at any time since the great Mutiny
is to be further deepened and enlarged.
Slower—But Safer.
Not long ago some prohibition officers threw a
lot of captured bottles of liquor into the rapids of
the Niagara River to be dashed to pieces on the
rocks, as the easiest way to destroy them. But
perhaps this is not a good illustration of the thought
we wish to present, as liquor in this country is a
prohibited article. Let us try another. In Texas
there are rivers that for most of the year are denoted
by dry beds of sand. Then, suddenly, through heavy
rains at their sources, they become raging torrents.
A wall of water sweeps down the dry river bed carrying all before it. Unwitting travelers have been
drowned while crossing from one side to the other,
with no water in sight.
, It is an old, old adage that water seeks its level.
Does business do the same thing? Sometimes it
appears to do so. And a level is another name for
"equalization." Production meets consumption;
and trade is even. When the rivers seek the seas
without interference they do no harm, but obstruct
them in any way, and, while seeking a level, the
waters become destructive and dangerous. Business
is the same. When trade, which seeks naturally the
good of the people, is obstructed, or is swiftly accentuated, it destroys where it should nourish and
benefit. The level is the natural state. Sellers and
buyers come together by the attraction of the greatest good to the greatest number.
There is no such condition in the present day, for
trade is so complicated, so widespread, so forced
by power and profit that obstacles are constantly
appearing. For example, the very capital invested
in manufacture, the continuous increase in momentum it acquires thereby, sets it apart from the
slower processes of agriculture. And as a Senator
asserted concerning our recent tariff bill, which
"protects" manufacture, no amount of tariff on agricultural products can ever "equalize" this industry
with the former. In a sense, the only way would be
by a debenture bounty, and this by its very haphazardness would prove ineffective. But if manufacture were to be freed from the tariff, if it were
to succumb to the tendency of all business to seek
the natural level, it would meet agriculture, under
the inescapable law of supply and demand, halfway,
or at the near level. This illustration is good, however, as to principle alone, between the two forms
of business. On the argument advanced by protectionists manufacture would slow down, it would
produce less, it would not engage in so-called "massproduction" which is outside the scope of agriculture.
But let us leave these inadequate illustrations to
say that if business is now on the decline it is slowing down and in the direction of equalization. And
this is true all over the world. If prices in commodities are falling they are proceeding toward the
ultimate level. For, as will be noted by an examination of percentages, the farm commodities are not
falling by the same percentages, and if the articles
of manufacture, falling unevenly, are not keeping
pace with grains and 'the like, it is because they are
held up by some extraneous force. Farm-product
values on an even decline alone can pay for factoryvalues, and the latter must come down, in time.
This is the prime inequity of tariff laws, that hold
up domestic manufactures, for though they are sold
abroad (at less prices than at home) they can produce unlimited surpluses for that purpose. This is
not true of agriculture, having at best limited surpluses. We are trying to state a principle, not arguing for free trade or a low tariff. If this principle
be a true one it must follow that a slowing down in
trade tends toward equalization.
We are thus compelled to meet the future with
less misgiving. High wages, greater consuming
power, better living conditions, here come into view.
They do not apply to farm products and farmers.
They are artificial props to manufacture. False in
many of their claims, if they nevertheless are taken
away, the level is sooner attained, and we then have
to decide whether a high level for all (which does
not now exist) can be better than a low level. In
any event, a slowed-down business if and as it tends
JuNs 28 1930.)
FINANCIAL CEIRONICLIII
4487
toward a level is nothing to fear. "Hard times" may work, new ideas and ideals supply the incentive,
hurt some, and help others. But when the race is new scientific discoveries replace nature in foods,
alone to the swift, energized by great aggregations clothing and shelter! Such is the talk. But an
of capital, under really one-man direction, the small older saying remains, "Thou shalt eat thy bread in
man has less chance. And in this regard it is yet the sweat of thy brow"! When man no longer
undecided that one huge factory is better for the works, he will die. And now, then, if depression
level of the common people than a number of small has come upon us may we not hail it as a timely
ones. At any rate, consolidations, mergers, groups, corrective? May we not readjust our reasonings?
chains, holding companies, giving strength to "management," while economically sound in some inA Proposal for a Federal Bond Issue.
stances and degree, have yet to prove they are the
A special dispatch to the "Times" from Washgreatest good to the greatest number.
The pendulum of business has swung too fast ington, dated June 4, stated that an appeal had been
and too far in one direction. We have had too much made to President Hoover that he favor.the issuance
"prosperity" of the kind. If business slowly loses of Federal bonds'for the "further expansion of pubits erratic momentum we shall sooner come to the lic works to stabilize business and relieve unemploylevel of an "equalization of opportunity," which is ment," by The National Unemployment League, Inc.,
admittedly the great desideratum. Our previous of New York. "The appeal," it was stated, "was
"progress" is to be analyzed rigidly before being endorsed by 658 men and women throughout the
accepted as a guide. An effort is made by a promi- country, and by 16 organizations." We quote from
nent chamber of commerce man to show that our the dispatch: "The committee, headed by Darwin J.
consolidations are a natural "integration" of busi- Meserole, President of the League, asked Mr. Hooness. First, the small factory supplanting the home ver's support for a Federal bond issue of from
with its primitive hand machinery. Then the large $2,000,000,000 to $3,000,000,000 to finance the surfactory supplanting the small. First, the small facing of 23,000 miles of Federal aid highways and
store, gathering from jobber, wholesaler, importer. to provide for the construction of Federal buildings
Then the department store, combining the products in order to relieve "the present acute and menacing
gathered direct from the world, or the group and situation." . . . "Mr. Meserole told the Presichain store concentrating the buying and enlarging dent that 'industrial conditions have improved but
the distributing. First, the short-line railroad. little during the six months since the stock market
Then the joining of short lines into long and com- collapse, and that the condition of the millions of
plete trunk lines, down to the consolidation into workers still unemployed is worse each week, as
systems as of to-day. But is this so-called cen- savings become exhausted and their despair deeptripetal force a natural one? Rather is it not a ens.'" . . . "He pointed out that the decrease
centrifugal one, builded on the natural extension of in gross business in the country amounted to $63,service, linked to and energized by the acquisitive 000,000,000 during the 1921 business depression and
genius of men? Is there no limit to this "integra- said that this drop could largely have been compen. tion" process, if such it really is? What is to sated by an adequate and comprehensive system of
become of the individual, and of the "chance to live Federal construction of public works." . . .
and let live" if the corporation is to become the tool "The employment of one-third, or possibly one-fifth
of concentration? For machines do not think or of the idle on such work would so revive the indusfeel or eat. The time must come when, what with trial life of the whole nation as to practically
new inventions for transmitting power, heat and eliminate involuntary unemployment,' Mr. Meserole
light, one touch of a button by one man in a tower declared. He estimated that the consuming power
will set all industries in motion and supply all our of the people would be increased by about $600,needs and most of our wants. Looking at the 000,000 by resurfacing the Federal highways."
crowded, suffering millions in India, the leader
We confess we had no idea our public highways
Gandhi sets up the old spinning wheel in the home. were wearing out so soon. It has not been many
He is an intelligent man; he knows the world. This years since our Federal Government adopted the
is an antithesis of this vaunted law of "integration." policy of duplicating State appropriations for buildGandhi's eyes are fixed on the soul of the man, not ing roads by appropriations out of the Federal
on the mass-production of the machine.
Treasury. If now we forsake these direct grants
Have we ourselves been discounting the future? for bonds and issue say 10-20s, will the new roads
Have we been hurrying the evolution of man's con- outlast the bond issue? If not, we will have emquering of nature and speculating on the results in barked on the policy of pouring out the taxes of
the form of stocks and corporate shares? It is all the people endlessly to build and resurface roads.
too complicated, too interdependent, too interre- What with the constant calls for new roads and the
lated! If we must stand or fall on this process in swift wearing out of the old, we can hardly estiprogress, may we not sometime fall? Less speed— mate the sums that may be expended. For roads
more safety. Take out of the last 20 or 10 years cer- are many—each transcontinental highway calling
tain of our luxuries, and what a chasm would be for transverse feeders and all together inviting a
created Is Our "prosperity." May not natural forces network of connecting links that has no limit.
bring this about? Without shadow of doubt, much
Of course Congress has other pressing outlays, and
of what we have and are has been builded on a the public is becoming inured to heavy burdens, but
protean credit. Swell the bubble until it bursts, once a new lead is opened there seems to be no end
what then? Is it logical to ask generation after to it How is the budget to fare under these cirgeneration to pay debts never directly by them con- cumstances? Once these bonds are issued they bear
tracted, and to pay them out of lands impoverished, interest and create a steady yearly tax as well as
resources ravaged, and labor of bodies enervated by an amortization fund,from which there is no escape,
pleasure and pride? Oh, new machines will do the whether the roads are lasting or are as futile as
4488
FINANCIAL CHRONICLE
[Vox,. 130.
these it is now proposed to resurface. No emergency ber of the non-employed? Have we
not read of the
can discount these facts. It will be found easy to voluntary efforts of the industrial
leaders to infloat Federal bonds; but why strain every nerve to crease permanent improvements
and heard the
retire the war debt in 25 or 30 years and before that laudations of Mr. Hoover for
calling these conferis finished borrow for internal improvements that ences that have already been held?
Why should
in themselves are not absolutely necessary?
our condition be called "menacing"? And can all
And now we come to the purpose behind this pro- the powers of legislation avert
or override a natural
posed bond issue—giving work to the unemployed, economic depression? In the
midst of counter asserand the stabilization of business and the revival of tions as to the number of
unemployed, at a time
industry! How will an expenditure of three billions when men are asserting that
"the worst is over,"
of dollars on highways stabilize business? Nothing that "the end of the year will
find a return of the
that is nut normal can stabilize anything. The sud- normal," why should we
plunge into a three billion
den application of this huge sum in this way is not dollar Federal bond issue now?
We see in this but
normal—it is to fill an emergency, so-called. How another appeal to Government
to correct the evils
to shift this one-third to one-fifth of the unemployed which business must always encount
er. We have
(mostly city workers) to these long stretches of gone far along this road. If we do
not retrace our
road; how to induce them to break rock and pour steps we will be in Socialism before
we know it. A
concrete; possibly to live in camps along the line representative Government is not
authorized to issue
of work; is not easy to demonstrate. No doubt bonds to furnish work for enforcedly
idle men at
some of the unemployed will be glad of the oppor- any time. It is not a benevolent society
, or an intunity, but it is not easy to take men from their surance company. It is a popularly charter
ed instihabitual surroundings and plunge them into the tution to guard us in right living.
countryside to engage in work with which they are
not familiar. We suspect that most of the men comprising this estimated one-third will come out of
Return of the Byrd Antarctic Expedition.
the towns and off the farms along the way, far from
Ovations to Rear Admiral Richard Evelyn Byrd
the main body of the "unemployed." How can this and his force
of intrepid adventurers, on their return
"stabilize business" or "revive industry"? Of from "Little
America," during the last two weeks,
course, to some extent, by the use of road machinery testify to the
enthusiasm of the American people
and by the consuming power of the workers. But for brave men
who seek to explore unknown parts
this is only fragmentary at most. By the use of of the earth
that they may further scientific knowlconstruction materials, to be sure—which spreads edge and
bring back entertainment fop their fellows
to other lines of production and manufacture, but at home.
In New York City, in Washington, in
will this bit of leaven leaven the whole lump? But Richmond,
Va., and Winchester, the "home town" of
the taxes, the taxes will fall on all the people—on the Admiral, and
in Albany, meetings and medals
those for the most part who feel no thrill from the were overpow
ering in their studied and spontaneous
supposed vitalizing of industry.
enthusiasm. And there are yet to be held testiNow, in fairness, there is something to be said monial
occasions in Chicago and St. Louis in the
for the general improvement in public buildings. month of
July. In paying this tribute to brave
However, is an emergency demand the one to adhere men the
people unconsciously pay tribute to themto? Kings worked their slaves in this way to save selves.
Regardless of any form of value that may
their own heads, possibly issued lightweight coins attach to
the expedition,laying aside for the moment
in payment. This was when there were no wars the loud laudations
to the heroes, in an age of mapromising the rewards of pillage. A republic is not terialism
and time of financial depression, that a
animated by such motives. And, as a matter of fact, people should pause
to reward sheer valor and enteris not bound to furnish work for the people at any prise points
to higher things.
time. Is a time of alleged depression the time for such
At the meeting held by the National Geographic
public undertakings? Do we need post offices and Society in Washin
gton, President Hoover, presentcourts more now than in time of prosperity? Ought ing the special
medal of the Society, said of Admiral
we to run ourselves in debt in a time when alleged Byrd and his work:
"His contributions to exploradepression makes it hard to pay taxes? Ought we tion and scientif researc
ic
h have done honor to his
to distribute Government money, wages, to a portion country
and his country takes a just pride in them
of the population, a small portion, and not distribute and in him.
More than that, his daring and courage
to all? It is easy to issue bonds for anything, yet have thrilled
each one of us individually because
they must be paid. But the unfortunate unem- he has proved
anew the worth and power and glory
ployed? Is sympathy to dictate our governmental of qualitie
s which we believe are latent in our
conduct? Will ndt the filling of one emergency people." .
. . "For men of our race to master
want create a precedent? Will not the workingman extraordinary
difficulty, to carry through great adin the future come to the Treasury for this species venture,
thrills us with pride, and hope and with
of dole on other occasions? If the industries want confidence.
I sometimes think this is the greatest
to increase their works at such a time ft is their value of
modern explorers." . . . "I do not
own business, but is the Government justified in minimize the
scientific gains of such expeditions,
following suit when it is not in business, and makes but the human
values are so immediate and so unino profits, owns no dollars or capital?
versal in their effect that it may well be
that they
There is no indication that this petition is to be transcend the
scientific service." It was at this
heeded by Mr. Hoover or 'by Congress. All good men meeting of the
Geographic Society that Admiral
deplore the fact of unemployment. It is hard enough Byrd made his
principal address and epitomized
for the worker to make a living in good times, let the accompl
ishments and benefits of the expedition,
alone in bad. But it is easier in the United States paying full
tribute to his men and expressing thanks
than anywhere else. Do we really know the num- for the many
aids received from many sources, chief
JUNE 28 1930.]
FINANCIAL CHRONICLE
4489
among which in support and money was the Society. ships and by subscriptions from private sources.
He said, in part: "Our aircraft flew approxi- By means of the radio dispatches of Russell Owen,
mately 7,100 miles in spite of poor weather con- New York "Times" correspondent, the public is
ditions. It was shown that aircraft could not only already familiar with many of the details of life
discover and survey new areas with great rapidity on the Ross Ice Barrier through the long winter
but also land parties for scientific investigation in night when for reasons of the tempestuous weather
such areas. Dog teams covered 2,100 miles more. the expedition was in enforced camp. The general
The total area explored, surveyed and investigated benefits of the watchcare of the Commander is
covers approximately 160,000 square miles." . . . gratifying to the people, for polar exploration is
"New land and new mountain ranges were dis- filled with suffering. Scott died in the South •aid
covered, and large portions of the Ross Ice Barrier Amundsen, another Antarctic explorer, died in the
were explored." . . . "Marie Byrd Land lies Arctic a few years ago in attempting a heroic rescue.
east of the 150th meridian, and so outside the Ross
And what is this Antarctica as we now know it?
Dependency, claimed by Great Britain. It was first A.land of ice and snow. A land without animal life
observed on a flight Dec. 18 1928, and claimed in save seals, whales, and the solemn-comical penguins,
the name of the United States." . . . "Then on and certain microscopical forms. A land of terriDec. 5 1929, after five unsuccessful attempts, we fying cold and malevolent storms. But a land, or a
succeeded in flying over the theretofore impenetrable waste of ice, as it may be, of indescribable beauty
area on the eastern coast of Ross Sea. Here, beyond and majesty. Plateaus and mountain ranges throwthe ice islands and shelf ice that have turned back ing back prismatic colors of fascinating interest and
all explorers since Sir James Clark Ross, we dis- appealing charm. But without life, cold, forsaken,
covered, first, a magnificent range of mountains, a nether world, strange, unaccountable, lonely and
and next an extensive coast, continuous with and almost appalling. Yet such is the spirit of man that
-providing access to the plateau of which Marie Byrd it must sometime yield up its secrets. Gone are
Land is a southern boundary. This area lies out- many of the superstitions. Apparently, not in a
side the Ross Dependency." . . . "Finally, the thousand generations will it have its firesides and
geological party under Professor Gould, my second homes. Though, should gold be discovered there, the
in command, penetrated Marie Byrd Land and lure to so many outpost settlements, as man can exist
claimed it for the United States." . . . "As part there, men would suffer its hardships and terrors
of our program of scientific investigation we flew for the shining metal. Therefore, it is well to emto the South Pole, starting Nov.28 1929, and return- phasize the scientific character of this daring expeing on the following day. On the way in, we fol. dition. We hope that meteorological observations,
lowed the unknown pass leading up the Lid Glacier and those in oceanography, and of the magnetic curin attempting the very difficult climb to the polar rents, will prove of value to the habitable globe.
plateau, and thereafter followed the 171st meridian
What thrills us all is that 80 men in all that conto the Pole. The return trip carried us down Axel tributed to this adventure are home again and in
Heiberg Glacier, above Amundsen's tracks, to a fair health. As the Commander never fails to point
supply depot near its base. We refueled there and out, each of them contributed to the final success.
returned safely to Little America." . . . "The They were all picked men, resolute, resourceful,
polar flight drove home these conclusions: It em- faithful, and worthy. They deserve great credit,
phasized the usefulness of the aerial mapping camera and we think are getting it. To those who conas the explorers' newest tool. It established the tributed large sums of money to finance the expevalue of radio in exploration." Of the result of dition is due the appreciation of those who love
Gould's geological expedition into the interior he knowledge and worship at the shrine of courage
said, in part: "He found sandstone, with a layer worthily bestowed. For the rest, the full reports
of highly carbonaceous material, on the mountain." will more completely tell the story. Perhaps the last
Three, or possibly four, books are to appear in the great continent has been found. Yet,from the other
fall, covering the scientific phases of the expedition, side expeditions are creeping toward the Pole.
the importance of the discoveries awaiting analysis Until there is a meeting of explorers, somewhere on
and cannot now be disclosed. Motion pictures yet that barren white waste, there may be miscalculato be shown (only a preliminary having appeared), tions and the possibility of new wonders. Genius,
together with Byrd's course of lectures, will tell science, courage, investigation, these will never be
more in detail what was discovered. At the close satisfied until all is known. To each new discovery
of his address Commander,now Admiral, Byrd said: we give the meed of praise. All that is done may
"I have for myself this closing thought, a thought not lighten the labors of the "man in the street,"
that has been with me since the City of New York but the glory of adventure will never die while man
put out from the Bay of Whales in February and has a mind to think and a heart to feel.
headed for home. It is this: That the expedition
accomplished its objectives and carried the AmerRebuilding A Clearing House Association.
ican flag 1,000 miles farther south than it had been
Bankers of Philadelphia have grappled with a
before is a cause of pride to me. Such a thing satis. local situation which seems
to need correction, and
fies the mind. But a deeper meaning is the fact similar conditions probably exist in
some other
that every man who started out with me has re- cities. Consolidations of incorporations first
began
turned, that we left not a single man on the ice, that in an important way when the trunk line railroads
everyone is here to-night. Such a thing satisfies were built up by acquiring small railroads
and
the heart." Two years were spent in collecting making them a part of a through system from
the
money and materials. It has been intimated that Atlantic seaboard to Lake Erie or the Ohio
River.
the entire cost will be about $800,000. A deficit of But the real era of mergers, so far as
the present
from 50 to 100 thousand dollars is said to exist, generation is concerned, commenced in
1901 when
which will be paid in part by the sale of one of the the United States Steel
Corporation set a new pace
4490
FINANCIAL CHRONICLE
[Vor.. 130.
by merging many steel and iron industries in the strengthen their membership, as is proposed in
great billion dollar corporation with the creation Philadelphia, so as to be entitled to greater recogof which J. P. Morgan and Charles M. Schwab sur- nition, they may at times serve not only their own
prised the world. It did not take long to demon- interests, but those of the public as well, by giving
strate that the Steel Corporation was formed upon expression'of opinion on subjects concerning which
practical and workable lines. Many other indus- both the public and its representatives need entrial corporations followed the example of U. S. lightenment. Also in times of stress, when a wellSteel, and the merger principles have been applied conducted bank, fully entitled to confidence, may
also with wonderful success in the utility field.
be in need of financial assistance, the greater the
In more recent years the process has been extended membership of the central organization, or Clearing
to the banks, and especially in the past few years House, the greater its power to render effective aid
large consolidations of banks have been effected in and thereby to allay public apprehension. Philabig cities, and, in a minor degree, in a great many delphia bankers are on the right course.
smaller communities. National banks have united;
National banks and trust companies and State Industrial Pension and Retirement Schemes Discussed
banks have joined together, often surrendering the
in Paper by W.J. Graham of Equitable Life Assurance Society Before Ninth International Congress
National charter and continuing business under a
of Actuaries at Stockholm.
State charter.
Industrial pension and retirement schemes, private and
Philadelphia bankers have come to realize, after
a study of the situation, that whereas the Clearing social, as operated in the United States were brought up for
House Association of the Quaker City was composed discussion before the International Congress of Actuaries at
of 40 National banks, with only three other National Stockholm, Sweden on June 20 in a paper on the subject by
banks in the city outside the same in 1893, the Asso- W. J. Graham, President of the American Management
ciation to-day has but 15 National bank members Association and Vice-President of the Equitable Life Assurwith a combined capital of $35,291,000, and six trust ance Society of the United States. When interviewed in
companies whose capital is $28,911,818, making the New York, where Mr. Graham has been detained, he emtotal capital represented in the Clearing House phasized the great impetus given to sound pensioning by the
Association $64,202,818 out of a total banking capi- recent action of the Standard Oil Co. of New Jersey in voting
tal of about $130,000,000 in Philadelphia to-day. $37,000,000 recently to guarantee their pension obligations
This means a total membership of 21, or about one- to employees. This company had previously set aside
half that of 1893, and the banking capital repre- $10,000,000 to cover obligations to pensioners actually on the
pension roll and receiving pension benefits. The additional
sented is about in the same proportion. Non-memsum was voted to cover so-called accrued liabilities for present
ber trust companies now number 25, with total capiemployees not yet on the pension roll. This action of the
tal of $35,000,000, and nine National Banks are nonStandard Oil Co. of New Jersey, Mr. Graham says, is certain
members having a capital of $31,000,000. Thus, the to center
attention of the American business men on the one
aggregate capital of the non-member institutions is aspect of industrial relations in which it might be claimed the
$66,000,000, or $2,000,000 more than that of the mem- American employer is in default. The action becomes more
bers.
significant as it supports in a big way similar action preIn former years only National banks were mem- viously taken by such concerns as E. I. du Pont de Nemours
bers of the Clearing House. Upon the formation of & Co., the Westinghouse Electric & Manufacturing Co., the
the Federal Reserve System some bankers objected F.A.0.Schwarz Co.,the Eastman Kodak Co.,the American
to their institutions being forced to become members Chicle Co. and the General Cable Corp.
of the Reserve System, and they caused their banks
The address as delivered at the Actuarial Congress at
to surrender their National charters, many of the Stockholm stated:
institutions thereupon being merged with banks "It should be remembered that the present great interest In industrial
fact that
pensions in the United States is
possessing State charters. This very largely ac- of workers who should be retiredforced by the practical in lack of thousands
as superannuated are,
intelligent
continued on payrolls in industry and in public
counts for the decrease in the number of National retirement schemes, being
service for full-time jobs they can no longer adequately fill and for full-time
banks which still are members of the Clearing pay they can no longer completely earn. This situation has been accentuated by the absorption of the individual worker, the agriculturist, the
House.
journeyman, the small shopkeeper, and the trader, into organizations of
Now it is proposed to strengthen the standing of constantly increasing size brought under the control of one management.
States is responsive to public opinion,
The industrial mass in the
the Clearing House Association of Philadelphia by formed and in the process of United that looks askance at harsh treatment
forming,
Nebulous as is this factor, its solidification is
of the
enlarging its membership. An invitation has been taking individual employee. ta to promote protection of the individual
on such definite form
extended to the larger of the non-members to join worker by mass measures such as intelligent industrial schemes for group
life insurance and group disability insurance.
the Association, and it is said that the step is being pensions, groupof labor and especially the large employer, unable to know
"Employers
and to help the employees as individuals, are realizing anew the lack of good
favorably considered by the outside institutions.
industrial retirement schemes and the deficiencies and the unsound financial
The Federal Reserve Bank of Philadelphia is a non- • condition of many of the present pension plans. However, all forms of
useful purpose and any effort to
pension
voting member of the Clearing House. The Reserve insist on benefit to workers are serving aone entirely sound pension scheme
the inunediate adoption of some
Bank conducts a clearing system of its own, but it to the disregard of schemes not wholly sound. would not conserve the best
interest of cosiety or further the cause of old age pensions. The first order
makes use of the Clearing House also.
of conservation in old age benefits, as in most other things, is to hold on to
good, as a basis for making the good better.
It is no doubt well to have some central body what is estimated that to-day in industry there are not more than 500 private
"It is
such as a Clearing House Association which will pension plans sufficiently comprehensive in form and coverin large enough
numbers of employees
dignity of being listed
industrial
be in a position to express the sentiment of bankers pension schemes—and to deserve the few of the plans are as a sound
on
of this number
financial basis and actuarially solvent. But the 500 plans embrace some huge
of a community. In former days clearing houses aggregations of workers that cause these plans to reach to a considerable
functioned in this manner concerning financial ques- number of the industrial population.
definite
"Employers are realizing that a
tions in which the public had an interest, and as commitments for the future, and responsible pension plan involvesfor adethat provision should be made
their utterances were regarded as being authorita- quately meeting such demands. The introduction of the contributory idea
of dividing costs between employer and employee has naturally forwarded
tive they carried proper weight.
the cause of contractual pension plans. That part of the premium cost
contributed by the em loyee creates a new order of obligation which the emAlways there are measures of questionable merit ployer recognizes by contract with the employee. As a result the present
creeping into the grist of Legislatures and Congress. trend of retirement programs in the United States is definitely toward contributory contractual plans underwritten by an insurance company, or if
If other Clearing Houses similarly situated will self-insured, otherwise properly funded with a board of trustees."
JUNE 23 19301
FINANCIAL CHRONICLE
4491
The Indications of Cotton Acreage in June 1930
The area planted to cotton the present season is
smaller than that of last season, meeting general
expectations in that regard, and yet the decrease is
/
1
2
only moderate—barely 1 million acres. A much
larger reduction could have been wished. The Federal Farm Board, it will be recalled, had urged
planters to restrict cotton production in very drastic measure and had suggested radical curtailment
of acreage as the best means to that end. From the
first, planters have given little heed to the admonitions of the Board, and in the end appear to have
almost wholly neglected its warnings in many
sections of the Cotton Belt. While not altogether
failing to restrict acreage, they have yet followed
their own inclinations as to the extent of the restriction, being wholly indifferent as to the views of the
Board and little impressed by the lamentations to
which the members of the Board have from time to
time given utterance.
Perhaps the Farm Board is itself most to blame
for the lack of response by cotton growers to the
Board's most urgent pleas to cut down acreage as
the only salvation for the cotton farmer in his sore
distress. At first, back last autumn, the Board
undertook to put a rosy aspect on things, demonstrating by apparently incontrovertible facts and
figures that there was no warrant for the low prices
then prevailing—low prices which now look high in
comparison with the much lower prices that have
since been reached—and arguing there could be no
risk in making loans to the cotton co-operatives up
to a maximum of 16c. a pound, and then, when its
expectations of a recovery in price failed of realization, going to the other extreme and seeking to make
the planter feel that he was himself most at fault
and should not have raised so large a crop. No
doubt some of our readers have forgotten how positive the Farm Board was in its expression of views
at that time, and, accordingly, we reproduce here,
as a matter of record, the following salient parts
from the Board's original statement of October 21
1929, announcing its action in relief a cotton
growers:
"The total supply of American cotton is less than
last year, consumption continues at a world rate
equal to that of last year, unfilled orders and actual
sales of cotton goods are more and stocks are smaller
than last year, yet the price of the raw product is
less. The Board believes that this unsatisfactory
price level is chiefly due to the open fall weather,
which in most of the Southern States has led to exceptionally rapid marketing by producers in
amounts much greater than the markets of the
world can temporarily absorb. This, in turn, has
led to lack of confidence in cotton values.
"The Board believes that the remedy lies in more
orderly marketing. In order to assist cotton farmers to hold back their crop and at the same time have
money with which to pay their obligations, the Board
proposes to lend to cotton co-operatives qualified
as borrowers under the Capper-Volstead Act sums
sufficient to bring the total amount borrowed from
all sources by such associations to 16c. per pound
on graded and classified cotton, basis middling
78-inch staple, less proper deductions to cover
/
freight to port concentration points.
"With respect to the 10 designated Southern spot
markets, the loan per pound will be approximately
as follows: Norfolk, Va., 16.54c.; Augusta, Ga.,
16.35c.; Savannah, Ga., 16.28c.; Montgomery, Ala.,
15.64c.; New Orleans, La., 16.59c.; Memphis, Tenn.,
15.39c.; Little Rock, Ark., 15.41c.; Dallas, Tex.,
15.34c.; Houston, Tex., 16.19c.; Galveston, Tex.,
16.39c., and at all other concentration points on the
same basis, less proper freight and other expense
adjustments.
"The cotton co-operatives are now borrowing certain GUMS for advances to members from commercial banks, the Federal Intermediate Credit
banks and the Federal Farm Board. The Board
will make supplemental loans to the co-operatives
in amounts sufficient to make the average total loan,
with differentials as stated, 16c. a pound for the
entire cotton belt."
The foregoing announcement came, as stated, on
Oct. 21 1929. Only a little over two months later,
that is, on Jan. 6 1930, when it appeared that
despite the elaborate machinery set up, in the effort
to prevent a decline in the price of cotton, and the
official declaration made by the Board the previous
October, when prices were much higher, that no
justification existed for the lower market values of
cotton, that all that was needed was more orderly
marketing, prices nevertheless tumbled, and tumbled
very badly, the Board completely shifted its position
and issued a warning against overproduction of cotton during the current season, now giving utterance
to most pessimistic views. We reproduce here certain excerpts from the Board's warning of Jan. 6
1930 because they form part of the record of a season in which this Government agency has been playing such a conspicuous part. Here are the excerpts:
"The time has come for Southern farmers to consider how much cotton they will plant next spring.
Last year's acreage was too large. It was the largest
planted acreage of any year in history, except 1925
and 1926. Nothing but crop failure in Texas in 1929
prevented a total yield of 16,000,000 bales in the belt.
That is more American cotton than the world will
take at a fair price.
"A national acre yield equal to that of 1926 and
the 1929 acreage would have produced 17,500,000
bales. A 10% reduction in that acreage, with the
1926 acre yield, would return a crop of 15,750,000;
with average yields, 13,500,000 bales,, and with the
lowest yield in the past seven years about 11,250,000
bales. Large cotton crops sell for less than small
ones. . . .
"Some cotton farmers think that because the Federal Farm Board has been lending to co-operatives
at an average of 16c. a pound on middling 78-inch
/
staple of the 1929 crop, the Board means to see to
it that the price will be at least that much for the
crop of 1930. This is not so. The Federal Farm
Board cannot protect farmers when they deliberately overplant. What the Board will do to help in
marketing next year's crop will depend upon what
farmers do at planting time. If Southern farmers
should raise their own food and feed and, in addition
to that, should raise the food that Southern city
people eat, so far as the climate and soil will let
them, there would be small danger of any cotton
surplus at an unprofitable price.
"The Federal Farm Board recommends that
Southern farmers plant no cotton next spring until
4492
FINANCIAL CHRONICLE
[vol.In.
they have first provided acres enough for a reason- 917,268 bales to 1,024,762 bales; to Russia from
able supply of home-raised food and feed. The 245,588 bales to 506,958 bales, and so on all through
Board further recommends that no land be planted the list. Even India, such a large exporter of its
to cotton which has not produced at least one-third own cotton, but cotton far inferior
to that of the
of a bale per acre on the average of the last five United
States, took 299,170 bales in 1926-1927
years.
"These recommendations, if carried out by South- against next to nothing in preceding years, the shipern farmers, would materially reduce the cotton ments to India in 1924-1925 having been only 2,291
acreage and help to remove the possibility of a cotton bales, and in 1925-1926 17,463 bales. The Orient
alone—Japan, China and India—took considerably
surplus."
At the time when the Farm Board issued its state- in excess of 2,000,000 bales of American cotton in
ment of the previous October the country was that year, in fact, actually took 2,134,557 bales.
The price of cotton is now as low as it was when
already in the throes of the stock market panic which
was to have such a destructive influence upon trade at its worst in 1927. Spot cotton at New York sold
and business in the United States, though the Farm on Monday of last week down to 13.45c, and sold
Board may have failed to realize its import or its on Tuesday of the present week down to 13.25c., and
devastating possibilities. At all events, home con- yet cotton is going out in merely inconsequential
sumption of cotton fell off, though far less than amounts, the total exports from the United States
might have been expected, the Census figures of last week from all ports of the United States having
cotton consumed in the United States showing that reached the beggarly figure of 22,234 bales. Why
for the 10 months ending May 31 1930 the quantity this lack of foreign buying of the staple? The
consumed had been 5,329,916 bales against 5,974,486 answer is very simple. Owing to the operations of
bales in the corresponding 10 months of the previous the Federal Farm Board everyone is at sea as to the
cotton season, the decrease being not much in excess future of cotton. Confidence is utterly gone. Prices
of 10%. A much more serious matter has been the may be,in fact are, inordinately low, and under ordiconcurrent falling off in the export shipments of nary sconditions foreign buying would proceed on a
the staple. Our compilations show that 6,404,219 prodigious scale, just as it did in 1927. But the
bales of cotton were shipped from the United States Farm Board, through the farm co-operatives, is
in the period from Aug. 1 1929 to June 20 1930, as holding a million or more bales of cotton which
against 7,651,399 bales in the corresponding period sooner or later must •be disposed of, and this is
of the previous season, being a decrease of, roughly, hanging over the market with disastrous effect. No
one knows what the Farm Board means to do with
114 million bales.
For this shrinkage in the export shipments of it or when it is to come upon the market, cutting its
cotton the Farm Board certainly cannot disclaim underpinning away. Lest anyone think that the
responsibility. It is true that trade has been de- statement that 1,000,000 bales of cotton are held by
pressed abroad the same as in the United States, but the Farm Board co-operatives is an exaggeration,
not to such an extent as would involve a decrease we would direct attention to the Associated Press
in consumptive requirements of the magnitude of dispatches from New Orleans, appearing in the daily
the falling off in cotton exports here disclosed. Be-- papers on Wednesday of this week, which read:
sides, foreign producers in laying in supplies of "Aboui 1,000,000 bales of cotton, all now in the
cotton are not governed by consumptive require- possession of State co-operative associations, will
ments. They will buy away in advance of immediate be taken over by the Cotton Stabilization Corporaneeds when opportunity offers. They are the tion, according to E. F. Creekmore, President of the
shrewdest buyers in the world, all the time eager for corporation. The announcement was made,upon his
bargains, and ready to avail of them with the great- arrival in New Orleans for the establishment of the
est avidity when obtainable. This was conclusively American cotton co-operative headquarters." As it
shown following the enormous crop raised in 1926, happens, the Farm Board has from time to time
when the product proved the largest on record, fall- been shifting its position from one option to another,
ing only a little short of reaching 18,000,000 bales, and no one could tell what its next move would be.
and when prices slumped so badly, reaching the same Nor does anyone know now what the Stabilization
low levels as on the present occasion. The whole Corp. means to do with its 1,000,000 bales of the
cotton trade was in utter despair at the time, and staple. Even the ordinary speculator, who, after
it seemed as if the country would not be able to get such a big decline, would be inclined to buy, has
been scared away, for to attempt to play the game
rid of its burdensome supply for years to come.
But on this recent former occasion the foreign with a Government agency, endowed with a Revolvmanufacturers recognized that at the low levels to ing Fund of poopo,con,is like playing with loaded
which the market price of cotton had sunk,the staple dice. One can imagine how different the position
was really selling at bargain figures, and to the to-day might be if the Farm Board had not appeared
astonishment of everyone foreign buying proceeded on the scene. The surplus stocks now held would
on a scale that no one had deemed even remotely last autumn have gone out to the foreign world and
possible. From 8,253,584 bales in the season of would not now remain as a dismal factor in the
1924-1925, and 8,234,705 bales in the year 1925-1926, situation. Doubtless this would have had to be done
the exports ran up to 11,223,439 bales in 1926-1927. at some concession in price, but not at the cost of
This was an increase, it will be seen, of, roughly, such a frightful slump in values as that with which
3,000,000 bales in a single year. Every leading coun- the community is now confronted.
Incidentally, it is worth noting how men will protry increased its takings of cotton in a startling
fashion, the shipments to Germany running up from ceed voluntarily in the readjustment of a distressing
1,736,812 bales in 1925-1926 to 2,952,846 bales in situation, when they refuse to act at the behest of a
1926-1927; the exports to Great Britain from Governmental body. The contrast between the way
2,290,989 bales to 2,582,439 bales; to Japan from the cotton growers proceeded to act for their own
1,083,912 bales to 1,560,840 bales; to France from relief in 1927 and the disinclination to pursue a
JUNE 281930.]
FINANCIAL CHRONICLE
similar course in 1930 at the prompting and initiative of the Farm Board, is very striking, and should
teach a lesson to those who can never see the solution of any great problem except through the intervention of Government. In 1927, while the foreign
consumer of cotton was buying the staple in such
an avid way, at bargain prices, the cotton planter
did not neglect to do his part to bring about the
adjustments and readjustments so imperatively
required. All over the Cotton Belt he cut down the
area devoted to cotton with the result that the area
in culivation was reduced from 48,730,000 acres in
1926 to 41,905,000 acres in 1927. The depredations
of the boll weevil, along with unfavorable weather
conditions, came in at the same time to reduce the
yield per acre. The outcome was a crop of only
12,956,043 bales as against the 17,977,374 bales harvested in 1926—a reduction in the size of the crop
of over 5,000,000 bales, it will be seen. The reduction in the acreage planted was 6,825,000 acres, or
over 15%. As against this, the decrease the present
year, with the Farm Board standing at the elbow
of the planter, imperiously commanding a reduction
for the alleged purpose of saving the planter from
the consequences of his own folly, aggregates no
more than 1,357,000 acres, or less than 3%. Such
results speak for themselves.
Perhaps, to be entirely fair, it should be added
that there was one advantage the present year tending to keep acreage intact which has rarely existed
in any previous season to the same total extent. By
this we mean that there has been the present year
an almost total absence of floods, washouts, overflows on any extensive scale in all parts of the cotton
belt. We cannot recall any previous season when
exemption from drawbacks and disasters of that
.kind has been so common and so general. The loss
of acreage on that account the present season has
proved inconsequential, where in some former years
it has been quite important, though this does not
mean that there have not been limited local areas
which have suffered some in that way. These always
occur without cutting much of a figure in the general
result. But some loss in acreage has unquestionably
been avoided by the absence of any general or widespread disasters of that kind. Yet even so, though
with the customary loss in that way the decrease in
acreage would have been somewhat larger it would
nevertheless remain moderate.
Without further comment we now present our
estimate or approximation of the planting in the
different States and for the country as a whole.
In giving the figures we wish to reiterate what we
have said in previous years, namely, that we make
no pretence to exactness, that there are always
many uncertainties involved in the collection and
compilation of the returns, and that precautions
against imperfections and deficiencies, based on
long experience, often prove futile; furthermore,
that the present year, no less than in preceding
years, some special factors (even if not many) have
operated to increase the uncertainty and to augment
the difficulty of the undertaking. In the circumstances, our figures and statements cannot be considered anything more than estimates and approximations—approximations, to be sure, as close as it
is possible to make them by calling to our aid every
source of information at command, but subject,
nevertheless, to greater or smaller modification as
the uncertainties referred to are resolved into
4493
actual facts, thereby removing the elements of conjecture and doubt. It seems proper to add that in
applying our percentages of increase or decrease in
acreage we always follow the practice of using the
latest revised figures of acreage for the previous
season as put out by the Department of Agriculture
at Washington. As we have previously explained,
there seems no reason why these revised figures of
the Agricultural Department should not be regarded
as absolutely correct, considering the pains taken
to make them so, and it is our understanding, furthermore, that the Department always acts in collaboration with the Census authorities.
Estimate
Acreage
Planted 1929, for 1930
Probable
Department
Increase
Acreage
Or
of
1930.
States—
Agriculture.
Decrease.
Virginia
85,000
89,000 Decrease 5%
North Carolina
1,916,000 Decrease 5% 1,821,000
South Carolina
2,273,000 Decrease 3% 2,206,000
Georgia
3,818,000 No change
3,818,000
Florida
96,000 Increase 5%
100,000
Alabama
3,727,000 Decrease 2% 3,653,000
Mississippi
4,229,000 No change
4,229,000
Louisiana
2,135,000 No change
2,135,000
Texas
18,229,000 Decrease 5% 17,320,000
Arkansas
3,933,000 No change
3,933,000
Tennessee
1,147,000 Increase 5% 1,205,000
Missouri
348,000 Increase 5%
365,000
Oklahoma
4,430,000 Decrease 5% 4,210,000
California
a319,000 Decrease15%
271,000
Arizona
227,000 Decrease 5%
215,000
New Mexico
132,000 Decrease 5%
125,000
All other
Unchanged
19,000
19,000
Total
47,067,000 Dec. 2.88% 45,710,000
a Does not Include about 120.000 bales planted In 1930 in Lower California (Old Mexico). this comparing with 151.000 bales in 1929.
It will be seen from the foregoing that we make
the area in cotton the present season 45,710,000 acres
as against 47,067,000 acres planted in 1929. This
is a decrease of 1,357,000 acres, or 2.88%. All the
larger producing States show acreage either unchanged or registering some decrease, but in no
case a decrease exceeding 5% in the distinctive
cotton belt, though in the irrigated areas, lying outside the Belt, California appears to have suffered a
reduction of 15%. In these irrigated areas the low
price of cotton seems to have played an important
part in reducing acreage. Tennessee and such minor
cotton producing States as Missouri and Florida
record a slightly larger acreage. For Texas it
seems proper to say we have had wired to us the
results of an investigation just made by George B.
Terrell, the Commissioner of Agriculture, which
shows a falling off for the State of 6%. Our own
returns indicate that the decrease is not much more
than 3% or 4%. To err on the right side we have
put the decrease at 5%. In order to permit comparison of the present tentative figures with the
actual figures of previous years for a long period
back, we introduce the following table showing the
figures for each year since 1918:
ACREAGE AND PRODUCTION OF COTTON IN
UNITED STATES, 1918-1929.
Acreage— Avg.Yield Production
Planted.
Picked.
per Acre (C
)
(Acres)
Year—
(Acres) (Pounds) 500-1b.bale8
__37,217,000
1918
36,008,000
12,040,532
159.6
1919 ____35,133,000
33,566,000
161.5
11,420,763
____37,043,000
35,878,000
1920
178.4
13,439,603
30,509,000
1921 __31,678,000
124.5
7,953,641
____34,016,000
33,036,000
1922
141.5
9,762,069
37,420,000
__38,709,000
130.6
1923
10,139,671
41,360.000
157.4
1924 _42,641,000
13,627,936
46,053,000
___A8,090,000
167.2
1925
16,103,679
47,087,000
181.9
1926 __48,730,000
17,977,374
1927____41,905,000
40,138,000
154.5
12,950,473
45,341,000
1928 -___46,946,000
152.9
14,477.874
1929____47,067,000
45,793,000
155.0
14,825,949
1930____45,710,000
(?)
(?)
(?)
4494
FINANCIAL CHRONICLE
It should be said, with reference to the big drop
-which occurred in 1927, when at a single plunge the
country's cotton area fell from 48,730,000 acres to
41,905,000 acres, and when, as a result, the year's
-production dropped from 17,977,374 bales to
12,956,043 bales, that this had a twofold cause:
(1) the shrinkage in the market price of the staple,
following the huge crop of 1926, when it was supposed the consumptive capacity of the world had
been largely exceeded and hence the market would
remain long glutted with the excess, which proved
not to be the case, and (2) the unparalleled floods
in that year caused by the overflow of the Mississippi River and its tributaries. The overflow of the
Mississippi was the worst in history. Extensive
areas remained submerged until it was too late to
plant for the new crop and other large areas suffered to such an extent that it was not possible
to plant to the full extent. Arkansas, Mississippi
and Louisiana were the worst afflicted, but several
other States likewise suffered to a greater or less
extent. With the absence of these disturbing agencies of nature in 1928 it was only natural that a
good portion of the affected area should have been
reclaimed in that year. The changes in 1929 and
1930 have already been explained.
This review, as in all previous years, deals entirely with the extent of the acreage, and does not
undertake to show the present condition of the crop
as expressed in percentages of the normal. And yet
any statement of the acreage would be meaningless
that did not attempt to indicate whether the crop
in point of maturity is early or late, or failed to
disclose the attendant circumstances bearing upon
the possible or probable outcome. As in the case
of other recent years, the crop has had to contend
with unseasonably low temperatures, and especially
cold nights, and this has retarded its growth and
development, so that the crop at this date is late
—the extent of the lateness varying according to
locality—running from one to two weeks or more.
That, however, is not a serious matter, or, at least,
has never proved so in recent years in which it has
been a frequent occurrence, two or three weeks of
hot weather and sunshine sufficing to overcome the
drawback and rapidly advancing the maturity of
the plants.
In one respect the present season differs sharply
from most previous seasons, and especially the two
seasons immediately preceding-1929 and 1928. Except in the central part of the cotton belt the season
thus far has been a dry season, while in 1929 and
1928 the distinctive characteristic of the weather
was that it was too wet. In our analysis of conditions in 1929 we pointed out that the one element
of overwhelming weight and importance had been
the excessive rainfall which likewise had marked the
experience of 1928. The rainfall had not only been
excessive, but in most sections had been torrential,
especially in the South Atlantic States, where floods
and extensive overflows had proved damaging and
destructive. We stressed the fact that in the past it
had not been uncommon to find sharp differences
with respect to rainfall between the territory east of
the Mississippi River, and that west of the River.
Texas might be stricken with drought, while moisture was superabundant in the eastern half of the
cotton belt, and vice versa. Not so in 1929. Oklahoma, Arkansas and the greater part of Texas had
found excessive rainfall as much of a drawback as
Fox.. 130.
the rest of the cotton belt. The only areas apparently exempt in that respect seemed to be part of
Mississippi and very limited sections of the State
of Texas, which latter we said was an empire by
itself, rendering absolutely uniform conditions
throughout its length and breadth out of the question. Texas had then had a very heavy rainfall
in May, after drought in the first four months of
the year, and it was supposed that this heavy rainfall, which reached 7.78 inches, had broken the
drought, but that did not prove the case, a renewal
of the drought occurring and extending all through
the hot summer months with disastrous effect on
the crop, which fell short of that of the previous
season by over a million bales, so that to be entirely
accurate it has to be said that that State in 1929
suffered from a severe visitation of drought which
is so much dreaded in that part of the country. The
rest of the cotton belt, however, had to contend with
very excessive rains, with the exception of the
limited areas already mentioned.
But the present year weather conditions have
gone to the other extreme. Rainfall has been
light, rather than excessive. In North Carolina,
South Carolina and Georgia the rainfall has been
so light and so prolonged as to closely approach a
condition of drought. This absence of sufficient
moisture has not as yet been seriously detrimental,
though, of course, it is conceivable that it might
become so if the drawback extends through the rest
of the summer, though as qualifying unfavorable
conclusions in that respect it must be borne in mind
that during the present June more or less rainfall
has occurred nearly everywhere, even if in some instances rather light. Virtually all over the cotton
belt the season has 'been dry. Arkansas, Oklahoma,
Louisiana and Mississippi might be mentioned as
exceptions to the rule, but only to the extent that
they had unusually heavy rainfalls during the month
of May after several months of dry weather. For
instance, in Arkansas, aggregate precipitation in
May reached 10.06 inches, or 5.04 inches above the
normal; in Mississippi it reached 9.22 inches, or
4.78 inches above the normal; in Oklahoma it was
6.36 inches, or 1.68 inches above the normal, and in
Louisiana, 5.86 inches, or 1.43 inches above the
normal.
Texas also belongs in the same category, having
had light rainfalls in the first four months of the
year, but having had a precipitation of 5.16 inches
in May, or 0.53 inches over the normal. In 1929,
after four dry months, Texas had a still heavier
downpour in May, the rainfall then reaching 7.78
inches, or 4.12 inches over the normal, and yet the
State experienced renewed drought during the summer months, with the result, as already stated,
of heavily reducing the size of the crop of that
State.
Outside of the States mentioned, however, dry
weather has been the feature everywhere, while excessively wet weather prevailed in 1929, and
especially was this true of North Carolina and other
South Atlantic States. This should carry with it
certain advantages, making for a larger yield in
1930, providing the dry weather does not reach the
proportions of a drought, which might prove as
harmful as the other extreme did in 1929. The heavy
rainfall worked havoc in a double way last year, first
because it did much direct damage, and secondly
because it promoted the activities of the boll weevil,
which always thrive best in periods of wet weather.
All this will be escaped the present year unless there
is a complete reversal of the weather experience
encountered thus far the present season.
An idea of what such exemption from excessive
rainfall may mean can be gained from studies just
completed by the Bureau of Agricultural Economics
of the United States Department of Agriculture.
These studies are undertaken with the view to determining the reduction from a full yield per acre
by the weevil and other causes such as excessive
moisture, deficient moisture, and various other
things. The Bureau finds aggregate reduction from
a normal or full crop from all the various causes
of 43.8% in 1929, against 36.4% in 1928, 38.5% in
1927, and 29.5% in 1926. The boll weevil was again
the principal cause of damage, with loss reported
at 13.3% for the cotton belt proper. This was somewhat below the figures arrived at in the previous two
years, but nevertheless above every other year since
1923. In 1927 the loss due to the weevil was figured
at 18.5%, and in 1928 at 14.1%.
For our present purpose, however, we are not so
much concerned about the damage done to the crop
as a whole as we are with the damage done in the
States which suffered so much from excessive rainfall in 1929 and have been free from anything of
the kind the present year. Take North Carolina,
South 'Carolina and Georgia and some of the other
Atlantic States for illustration. North Carolina
suffered 15% loss from excessive moisture in 1929,
against only 9% in 1928 and 3% in 1927. At the
same time it suffered a reduction from a full yield
by reason of the boll weevil of 21% in 1929, against
12% in 1928 and 16% in 1927. In other words, it
suffered a loss from the two causes mentioned of
36% in 1929 against 21% in 1928 and 19% in 1927.
In like manner, South Carolina suffered a loss from
the boll weevil of 18% in 1929, against 15% in 1928
and 27% in 1927 and a loss of 11% from excessive
moisture in 1929 against 14% in 1928 and 5% in
1927. Similar comparisons might be made for a
number of other States east of the Mississippi River,
showing heavy loss either in 1929 or 1928, or in
both years, because of the boll weevil and excessive
rainfall, in both of which particulars the situation
is so greatly improved at this time the present year.
It is noteworthy that outside of a few States like
South Carolina and Mississippi there is an almost
complete absence of complaints about the boll weevil
or its presence; very likely that is due to the dry
weather conditions that have so generally prevailed
during the present year in comparison with the
excessive moisture experienced in the two previous
seasons. In the following we reproduce the Bureau
of Agricultural Economic's tabulation, which has
been compiled to show the reduction from a full
yield per acre by the weevil and other causes during
each of the last three seasons:
COTTON REDUCTION FROM FULL YIELD PER ACRE FROM STATED
CAUSES 1927 1929.
State.
DefielentMoisture SzeessiveMoisture Other Climatk
1927. 1928. 1929. 1927. 1928. 1929 1927. 1928. 1929.
P.
virgin%
Carolina
North
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
•varean nf Is Atataa •
4495
FINANCIAL CHRONICLE
JUNE 28 1930.]
%
13
5
6
11
13
0
6
7
3
2
9
0
5
6.4
% %
6
7
1
1
1
3
0
4
7
0
8
6
8
6
1
6
3 3
2
8
8
16
4
18
3
18
4A 10.8
% %
8
9
3
9
5
14
4
15
1
12
41
22
10
14
2
13
5
10
8
8
3
2
5
4
11
8
4.9
7.3
%
4
15
11
8
9
7
6
7
7
6
7
5
3
72
%
5
1
2
1
0
6
4
1
3
12
2
3
6
9A
%
5
4
15
6
15
8
4
3
3
3
4
4
6
Aol
%
2
4
7
7
10
9
5
4
3
5
7
8
6
An
Pleat Diseases
Bolt Weevil
Other insecu
1927. 1928. 1929. 1927. 1928. 1929. 1927 1928. 1929
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
0
2
2
1
2
1
2
2
1
0
2
0
1
1
1
2
0
0
3
5
2
.2
2
0
2
3
2
2
2
1
1
3
3
2
2
a
1
2
16
27
18
9
0
3
15
16
12
20
31
11
10
12
15
14
9
0
2
12
14
18
12
26
15
4
21
18
15
14
0
2
14
16
17
13
11
6
1.5 1.9 2.3 18.5 14.1 13.3
Average of 13 Sates..
Zero indicates no damage or less than 1% damage.
•These States include practically allot the Cotton Belt proper.
0
5
1
2
17
0
2
2
2
3
6
8
5
4.4
4
1
0
1
1
1
2
5
1
1
1
1
5
2
1
3.4
2.5
0
2
1
2
2
1
1
2
2
One other consideration has an important bearing
upon the probabilities of yield in the present season.
We refer to the application of commercial fertilizers
to add to the fertility of the soil. Fertilizers are of
importance in some States, like North Carolina,
where intensive farming is practiced, and are of no
consequence whatever in other States like Texas
where they are scarcely used at all. In 1927 the
consumption of fertilizers on cotton plantations was
severely curtailed owing to the low price of cotton.
Not only was the planter too poor to buy fertilizers
at that time, owing to the low market value of the
staple, but at such low prices there was no inducement to spend money for the purpose, since the return to be realized (on the basis of these low prices)
would not warrant it. In 1928, however, the situation changed and fertilizers were again freely used,
and there has been no departure in that respect the
present year.
One might have supposed that 1930 would be a
repetition of 1927 in showing a sharp reduction in
the quantity of fertilizing material applied, inasmuch as the market price of cotton has suffered the
same serious decline in 1930 as in 1927. Not so,
however. The statistics show that taking the cotton belt as a whole, so far from there having been
any falling off in the consumption of commercial
fertilizers the present year, there has actually been
an increase, notwithstanding the low market price
of cotton. There are no data to indicate the amount
of commercial fertilizers applied on cotton plantations in the different parts of the country. In the
cotton producing States, however, a very good idea
of the trend in that respect is furnished by the tax
tag sales. These sales, of course, show the consumption of fertilizers, not alone on cotton plantations,
but for all other purposes as well. Still the tax tag
sales can be accepted as reflecting the prevailing
drift, and, as a matter of fact, in some of the States
the greater part of the fertilizers sold and consumed
is applied on cotton planations. We deal with the
figures for the separate States in the State summaries on subsequent pages, and they are nearly all
alike in showing larger figures for 1930 than for
1929 and 1928, and huge additions as compared with
the year 1927, when, for the reason already mentioned, the consumption of fertilizers was so heavily
reduced.
To show in a graphic way the situation as to the
increased use of fertilizers during the last four
years, with no reduction in the latest year, we bring
together here in a single tabular statement the figures for these several States. The table is based on
the tax tag sales reported by the Commissioners
of Agriculture of the different States. The figures
cover the five months from Jan. 1 to May 31 1930, in
comparison with the corresponding five months of
the three preceding seasons. The figures have been
made available to us through the courtesy of the
4496
[VOL. 130.
FINANCIAL CHRONICLE
National Fertilizer Association. It is proper to
If we take the price of cotton on the farms as a
add that in the case of Florida, Louisiana, South basis, the result is the same, though in that case it
Carolina, Texas and Virginia the figures include is not possible to bring the figures down to so late
cotton seed meal used as fertilizing material:
a date, the latest date available being May 15. Here
we find that in 1927 the farm price steadily adFERTILIZER SALES FROM JAN. 1 TO MAY 31.
Tons
Tons
Tons
Tons
vanced, rising from 10.6c. Jan. 15 to 15.5c. July 15,
1927.
1928.
1929.
1930.
while, on the other hand, in 1930 the price fell from
Alabama
635,100 663,450 671,400 458,250
Arkansas
92,905 15.8c. to 13.8c. Mar. 15, and was 14.7c. April 15,
150,115 149,765 125,727
Florida
245,804 217,227 242,538 204,285 and 14.5c. May 15, and would be still lower if we
Georgia
918,993 852,078 868,638 686,036
74,049 could have the figures for June 15. The monthly
Louisiana
152,075 142,523 113.822
Mississippi
404,093 308,050 314,180 202,177 record of the farm price of cotton for the last 12
North Carolina_ _ A,176,394 1,212,795 1,267,329 1,050,942
South Carolina_ _ _ 708,306 707,964 772,460 671,272 years is set down in the following:
Tennessee
Texas
Virginia
124,744
181,732
318,826
127,130
72,385
332,033
82,687
127,994
295,955
921- 192 191 1918192 1928-1927-4926-192. 192 192 192
1930.1929.1028.1927.1928 925.1924.1923 922.1921.1920.1919.
5,026,700 4,879,154 4,907,642 3,946,552
It will be observed from the above that while the
fertilizer sales in the five months' period covered
were only 3,946,552 tons in 1927 (having dropped
to that figure from 4,531,196 tons in 1926) there was
a recovery the very next year (1928) to 4,907,642
tons in 1928, and that there was little change from
that in 1929, with sales of 4,876,819 tons, while now
for 1930 there has been a further increase to
5,026,700 tons in 1930. So far, therefore, as crop
fertility depends upon the use of fertilizers, it can
again be affirmed beforehand, as we did last season,
that there is to be no loss on that account the
present season.
In view of the decline in the price of cotton, which
has been such a conspicuous feature the present season, it will be well to place on record here figures
showing the extent of the decline. Taking first for
illustration the price of middling upland spot cotton
in New York we find that the quotation Feb. 1 1930
was 16.50c. against 20.05c. Feb. 1 1929, 17.75c. Feb. 1
1928, and only 13.65c. on Feb. 1 1927; that on Mar. 1
1930 the New York price was only 15.10c. against
20.70c. Mar. 1 1929, 18.95c. Mar. 1 1928, and 14.85c.
Mar. 1 1927; that on June 1 the comparison was
between 16.30c. June 1 1930 and 18.40c. June 1 1929,
21.05c. June 1 1928, and 16.95c. June 1 1927. The
interesting feature about this is that while it shows
the 1930 prices to have been much below 1929 and
1928, it shows them to be lower also at the later of
the dates given than in 1927, and this would be still
more conspicuously true if we were to compare current prices with correspondingly later dates in 1927.
As already stated, spot cotton in New York has sold
the present week at 13.25c., whereas the lowest price
in June 1927 was 16.35c. The significance of this
is in showing that in 1927, when acreage was so
radically reduced, the market price of the staple
steadily improved, rising from 12.60c. Dec. 1 1926
to 17.10c. on July 1 1927, whereas the present season,
when acreage has been so lightly cut, the tendency
of prices has been towards steadily lower levels,
with the quotation the present week, as already
said, as low as 13.25c. The following furnishes a
comparison by months for the last 12 years:
PRICE OF MIDDLING UPLAND COTTON IN NEW YORK ON DATES
GIVEN AND AVERAGE FOR SEASON.
19
92. 1927 1926-11925- 1924-1192 192W 1921 1920-11919-11916
1930.' 929. 1928. 1927. 1928. 1925 1924.1923 1922.1921.1920.1919.
19.21 9.9018.25 19.2 4.65 30.9 23.6 22.5 12.!1 40.0035.7029.70
Aug. 1
Sept. 1
19.3 19.0 93.1018.9022.35 25.65125.9 22.2 17. i 30.2532.0 36.50
Get 1
19.1 19.4 e 1.80 14.30 23 55 25. 29 o 20.4 21.1025.0032.25 4.30
184,19.50 -1.7812.85 19.90 23.60131.2 24.45118.7' 22.5038.6529.06
Nov. 1
Deo, 1
17.3 0 51 .
. 20.75 23.15137.6 25.30I7.5. 16.8539.75128.10
Jan 1
17.2. -'.5519,55 12.8020.8524.20135.26.418.6 14.7539.25132.60
Feb. 1
18.5020.05 17.75 13.65 20.7 24.50134.''2740117. 0 14.15,39.00 6.75
Mar. 1
15.1020.7, 18.95 14.85 19.4 26.0 28.2.530.4018.70 1.85140.2 26.10
AprIl 1
16.8520.7519.95 14.40 19.3. 24.9028.5028.55 18.11 12.00,41.7428.60
May 1
16.70 19.5522.30 15.4.5 18.9,24.40'30.3 7.5018.9 12.9041.25129.40
hula 1
16 1 .
.
.
. 18 • 3.6. 2.7
.s I 12.9040.00j33.15
July 1....... ____ 18.20 23.1017.10 18. • 24.71 30.00e 7.8522.05 12.00 923.4.15
Aveztute
AVERAGE PRICE OF COTTON ON THE FARM.
19_72211 4213 13 il Kg 4 7421 11 23
ILO.17 30.26.2431 III
18.0 18.8
18.2 17.6
17.5 18.1
18.2 17.8
16.0 18.0
15.8 17.9
14.8 18.0
13.8 18.8
14.7 18.5
14.5 18.0
-17.9
17.8
17.1
22.5
21.0
20.0
18.7
18.6
17.0
17.8
18.7
20.1
19.7
21.0
18.1
18.8
11.7
11.0
10.0
10.6
11.5
12.5
12.3
13.0
14.8
15.5
1.14'14.?q-rt
mn..connrcowea
molcv
Totals
143,820
133,648
358,352
27.8
22.2
23.1
22.6
22.0
22.7
23.0
24..
23.7
23.0
23.71
23.
23.:
25.6
28.0
29.9
32.1
32.5
31.4
27.7
28.7
28.1
27.8
27.3
20.!
20.6
21.
23.1
24.
25.2
26.:
28.0
27.6
28.2
25.9
24.!
11.2
16.2
18.8
17.0
16.2
15.9
15.7
16.0
16.0
17.3
19.6
20.8
84.0
28.3
22.4
16.6
12.7
11.6
11.
9.8
9.
9.6
9.7
9.7
31.4
30.8
33.9
36.0
35.8
38.0
38.2
36.8
37.5
37.4
37.3
37.1
30.0
32.0
30.6
28.4
28.2
26.8
24.4
24.2
25.2
27.8
30.3
31.8
We now present in detail our summaries for the
different States:
VIRGINIA.
-This State grows very little cotton, and In
our narrative of conditions in the different cotton growing
States here given it is taken up first in order merely because
the limited area within the State which is devoted to cotton
raising constitutes the extreme northern fringe of the Cotton
Belt. Last season only 89,000 acres were planted to cotton,
of which 88,000 acres remained to be picked at the end of
the season. This, however, was larger than the area sown
in 1928, which was 81,000 acres, of which 79,000 acres were
picked, and decidedly in excess of the 1927 area, When 65,000
acres were put hi cotton and 64,000 acres were picked. In
two comparatively recent seasons the area in cotton was in
excess of 100,000 acres, but this was in 1925 and 1924, when
the market price of the staple ruled high, thereby furnishing a special incentive to raising cotton. The present season
exactly the reverse conditions have prevailed, market prices
of the staple having ruled unusually low. Inducement to
add to acreage has hence been entirely lacking. Owing
to small extent of the acreage a change of a few thousand
acres one way or the other has to be expressed in large
percentages. The present season, however, it does not seem
likely that there has been any change of consequence, though
the influences operative everywhere else to reduce the lands
in cotton have had some effect here in cutting down the
area the same as elsewhere in the South. The indications
are that 3,000 to 4,000 acres less than last year is being
devoted to cotton the present season, leaving the area
planted, say 85,000 acres, a decrease of, roughly, 4@5%.
If Virginia's cotton crop, however, is 80 small as to be
almost negligible, its yield is relatively high. With 88,000
acres picked last season the product in 500-pound bales was
47,527, showing a yield of over half a bale an acre. As a
matter of fact, the yield in 1929 was 258 pounds an acre,
and in 1928 was still higher, at 265 pounds per acre, and in
none of the last five seasons has been less than 230 pounds
an acre. Such yields make it evident that the area is kept
in a high state of cultivation and that the soil is fructified
by the use of an abundance of artificial fertilizers. The
present year, apparently, fertilizers have been applied to the
soil in about average quantity. Home-made manures ore
not used to any great extent in cotton culture in this State,
though possibly the present year a trifle more has been used
VIRGINIA.
Crop Year1929
1928
1927
1928
1925
1924
1923
1922
1921
1920
1919
1918
1917
1918
1915
1914
Area in
Cultivation.
Acres
89.000
81,000
85,000
95,000
101,000
107.000
74,000
57,000
34.000
43.000
43,000
45,000
53.000
43.000
34,000
45.000
Aria
Pieta.
Ames.
88,000
79.000
64,000
93,000
100,000
102,000
74.000
55.000
34,000
42.000
42,000
44.000
50.000
42.000
34,000
43.000
Peek! of
LAW Cotton
per Acre.
Pounds.
258
285
230
260
250
180
325
230
230
230
255
270
180
310
225
265
Production.
500-16. Grose
Bales.
Bales.
47,527
43.711
80,509
51,329
52,535
38,746
50,581
26.515
16.368
21,337
22,523
24,885
18,777
27,127
15,809
25.222
JUNE 28 1930.]
FINANCIAL CHRONICLE
than in the immediate past. Planting extended over the
period from May 1 to May 15, and as it was carried on
under favorable auspices, and as adverse conditions have
been largely lacking since then, the plant in maturity may
be said to be up to the ordinary, even though temperatures
have at times been rather low. In some few instances the
cool weather has retarded germination. A good stand has
been obtained practically everywhere, and the fields are
clear of weeds and grass.
NORTH CAROLINA.—This is a very important cotton
State, not so much by reason of the area devoted to the
crop, in which it is exceeded by many other States, but
because of the high degree of fertility attained through
cultivation of the soil and the liberal application of fertilizers, as a result of which the product per acre runs far
in excess of that of many other States of much larger acreage. As it happens, the distinction referred to has in all
the more recent years been becoming of diminishing significance. During the last three years, for instance, the
production has fallen from 290 pounds per acre in 1926 to
190 pounds per acre in 1929, a shrinkage, it will be observed,
of fully 100 pounds of lint cotton per acre, a decline which
has few parallels in cotton raising in the South. Moreover,
the decline has not been abrupt, but has been continuous
during the whole of the three-year period, dropping first
from 290 pounds in 1926 to 238 pounds in 1927, then to 215
pounds in 1928, and finally to 190 pounds in 1929. In like
manner, the crop of the State fell from 1,212,819 bales in
1926 to 861,468 bales in 1927, then to 836,474 bales in 1928,
and then to 747,128 bales in 1929. The big drop in 1927
was in part due to a sharp reduction in acreage, but since
that year acreage has again been increasing year by year,
and in 1929 was only moderately less than in 1926, the comparison being between 1,916,000 acres in 1929 and 2,015,000
acres in 1926, a decrease of, roughly, only 5%, whereas
shrinkage in the size of the North Carolina crop from
1,212,819 bales in 1926 to only 747,128 bales in 1929 represents a decline of close to 40%.
What was the reason for the big falling off in last year's
yield? Much the greater part appears to have been due
to the depredations of the boll weevil. The United States
Department of Agriculture undertakes to show at the end
of each season, for each of the leading cotton growing
States, the reduction from a full yield per acre by the
weevil and other causes, such as deficient or excessive
moisture, and from other climatic influences, as well as
from plant diseases, boll weevil and other insects, and
from the compilation for the latest season, just issued, it
appears that in North Carolina the reduction from a full
yield per acre in 1929 by reason of the presence of the
weevil aggregated no less than 21%, which compares with
12% in the case of the 1928 crop and 16% in the case of
the 1927 crop, and only 3% in the case of the 1926 crop.
The State Federal Department of Agriculture at Raleigh,
N. C., in its report on Dec. 1 last, took occasion to refer
to the same subject and found itself obliged to admit that
the extent of the damage done proved a complete surprise.
"Those familiar with the crop will recall," the Department
said, "that the prospects of July and August were as pretty
as the State had ever known. The blooming was unusually
abundant and farmers observed less weevil than had been
expected. The State's crop reporting officials found abundant evidence of weevil damages on squares and young
bolls during August—enough to justify a much lower forecaSt than was otherwise indicated. Even the cotton growers themselves were not aware of the probable final low
outturn." In further elucidation of what actually happened, and the causes of it, the Department went on to say:
"A review of the year's cotton crop development shows that
the last winter (the winter of 1928-9) permitted a maximum
emergence of weevils fairly early in the spring. This was
due to the mild winter and short starvation period. The
spring planting conditions were fairly good; the growing
conditions were favorable except for excessive rainfall in
certain eastern counties, and the harvesting conditions were
average. But in most of the cotton counties more than 50%
of the bolls had weevil damage. The crop reporting officials
observed several fields where there was not enough cotton
to justify picking. Yet in these fields the plant growth
and cultivation were very good. The best yields were made
in the western Piedmont areas. Relatively little boll weevil
damage was experienced west and north of Union County."
4497
It will be noticed that two main causes are here assigned
for the unexpected activities of the weevil, namely, the
heavy rainfall experienced during the summer months, and
the mild previous winter, owing to which latter more of
the weevil survived than would otherwise have been the
case. The records of the Weather Bureau fully bear out
the statements that the rainfall in North Carolina during
the summer months, favorable to the multiplication of the
weevil, was far in excess of the ordinary. Whether or not
this experience is to be duplicated the present season remains entirely for the future to determine. This much,
however, can be affirmed with positiveness. Thus far
in 1930, taking the Weather Bureau creco:ds as a guide,
and speaking for the State as a whole, North Carolina has
had much less than the average rainfall. In January the
average total rainfall for the State was 3.85 inches, which
was only a little less than the normal average for that
month, the deficiency being 0.27 inches. In February, however, the precipitation reached only 1.34 inches, which was
2.76 inches below the normal; in March the total was 2.81
inches, or 1.50 inches below the normal; in April, 2.16
inches, or 1.53 below the normal, and in May, 3.06 inches,
or 0.99 inch below the normal. As against this year's
deficient rainfall in May, the precipitation last year in
May reached 6.33 inches, which was 2.30 inches in excess
of the normal. This excess for May last year continued
through June, with the rainfall in July also heavy, and in
lesser degree also in August.
The difference between the two years in the respect mentioned is worth noting, because a decided advantage should
accrue from the absence of excessive rainfall. As far as
mild winter weather is favorable to a large emergence of
the weevil, the average temperature in North Carolina In
January and February the present year was actually higher
than in the same months of last year, and also than in the
corresponding months of most other years. But that is not
of much consequence in its bearing on the survival of the
weevil. The fact is that while average temperatures, taking
these months as a whole, were much higher, there were
some exceedingly cold days, when the temperature dropped
to much lower figures than last winter, though not quite
as low as the winter before. The minimum temperature in
North Carolina in January 1930 was three degrees below
zero, while last year in January the minimum was three
degrees above zero. In like manner in February the thermometer at one time this year dropped to two degrees below
zero, whereas in February last year the lowest minimum in
any part of the State was four degrees above zero. Exceedingly cold spells, even if of Short duration, are capable
of great harm to the weevil during winter hibernation.
And that is all that can be said on that point at this stage
of the development of the crop.
The planting and growing season has been quite generally
favorable up to this time the present year, except that
temperatures have been, as a rule, too low for the rapid
growth of the plant, the nights particularly having been
cold, though there have also been some spells of quite hot
weather. In April, for instance, the range of the thermometer was for the State as a whole from a high of 98
to a low of 12, which shows wider extremes even than
was the case in April 1929, when the range was from 95
down to 18. The average for the whole month, however, was
only 58.7 in 1930, against 61.2 in 1929. In May the present
year improvement occurred, the range being from 96 down
to 25, with the average 68.3, which compares with a range
from 92 to 19 in May 1929, with the average 66.4. In the
matter of moisture, the situation, as already indicated, has
been the reverse of that experienced the previous year, in
that it has been quite generally somewhat dry this year.
The dry weather, however, has been very favorable for
farm work, with the result that fields are almost clear of
weeds and grass and that stands are nearly everywhere
good—in fact, exceptionally so. Planting in the southern
part of the State began at the end of March and extended
through the month of April. In the northern part of the
State it began about April 15 and was completed about
May 20, though in some isolated instances it did not begin
until about May 1 and was not finished until close towards
the end of May. Our returns are uniform in saying that
seeding was conducted under favorable conditions and that
little or no replanting was necessary, though germination
has been retarded both by dry weather and by low temper'-
FINANCIAL CHRONICLE
4498
tures. On that account maturity of the crop is perhaps
somewhat later than the ordinary, but probably not in
excess of a week and less than that in most sections of
the State. With reference to acreage, our advices are somewhat confpcting, some reporting a very substantial reduction, ascribed to the low market value of the staple, while
others report little or no decrease. The great majority
say that the acreage is unchanged from last year. For
the State as a whole a decrease of 5%, it would appear,
will not be far from the mark. Commercial fertilizers have
most certainly been applied to a smaller extent, the low
price of eotton making planters disposed to restrict expenditures for that purpose, but the use of home-made manures
has increased somewhat, and to the extent that this has
been done it will act as a partial offset, though manures
have never been a very large item on cotton plantations
in North Carolina. The fact must not be overlooked, however, that it is the uniform practice in North Carolina to
stimulate soil fertility to the utmost, and that practice has
by no means been abandoned the present year. As noted in
our previous acreage reports, North Carolina is given to
intensive farming, especially in the matter of garden truck
and the like, and a larger quantity of fertiliznrs is used in
that State than in any other part of the Cotton Belt. The
tax tag sales show that 1,176,394 tons of fertilizers were
sold in the State of North Carolina in the five months
ending May 31 1930 as against 1,212,795 tons in the corresponding five months of 1929, and 1,267,329 tons in the five
months of 1928. To be sure, these figures relate to the
sales for all purposes, and since very extensive amounts of
fertilizing material are used in truck farming and on other
crops the comparisons given would not necessarily be conclusive as to the relative extent of the consumption by cotton
farmers, except that our correspondents make it plain that
there has been the present season, as already said, a somewhat lessened use of commercial fertilizers. Beyond what
has already been said above, it is not possible to draw any
conclusions as to the probabilities of damage from the boll
weevil the present year. The State has suffered virtually
no harm thus far in 1930 from special adverse circumstances, like floods and kindred happenings.
NORTH CAROLINA
Prop Year1929
1028
1927
1926
1925
1924
1922
1922.
1921
1920
1919
1918
1917
1916
1918
1914
Area in
Cultivation.
Acres
1,916,000
1.892.000
1.749.000
2.015.000
2.037.000
2.099.000
1.187,000
1.654.000
1,417.000
1,603.000
1,525.000
1,615.000
1,562,000
1,490.000
1.300.000
1.550 000
Area
Rated.
Acres.
1.878.000
1,860.000
1,728.000
1,985,000
2.017,000
2,005 000
1,679.000
1,628,000
1,403.000
1.587,000
1,490.000
1.600.000
1,515.000
1,451.000
1,282.000
1.527.000
Yield of
Lint Cotton
Per Acre.
Pounds.
190
215
238
290
281
196
290
250
264
275
266
268
194
215
210
290
Prodstaion.
500-16. Gross
Bales.
Ba es.
,
747,128
836.474
861.468
1,212,819
1,101,799
825,324
1,020,139
851.987
776,222
924,761
830.293
897.761
617.989
654,606
699.494
930,631
-This State managed to increase the
SOUTH CAROLINA.
size of its crop last year in face of a falling off in acreage,
and notwithstanding, also, that it had much the same adverse conditions to contend with as in the years immediately
preceding, though apparently in somewhat lessened degree.
The crop of the State fell from 1,008,068 bales in 1926 to
726,039 * bales in 1928, and then recovered to 830,055 bales
in 1929. The area in cultivation in the meantime fell from
2,716,000 acres in 1926 to 2,485,000 acres in 1928, and
dropped still lower in 1929 to 2,273,000 acres. However,
the yield of lint, which had dropped from 180 pounds per
acre in 1926 to 147 pounds in 1928, got back to 179 pounds
per acre in 1929, which explains the larger size of the crop
notwithstand'ng the further diminution in the area devoted
to it. The State has suffered very severely from the activities of the boll weevil, but the damage on that score was
not so great in 1929 and 1928 as it had been in 1927. The
United States Department of Agriculture shows 18% reduction from a full yield per acre in 1929, and 15% In 1928
from the activities of the weevil as against 27% in 1927.
The State suffered from altogether too much rain in the
early months of both 1929 and 1928, a state of things so
favorable for the development of the boll weevil, and weevil
infestation in June 1929 was reported very heavy, and yet
not so heavy as in 1927. Starting with this slight advantage,
Impairment was further lessened as the season progressed
by a modLfication of adverse weather, at least to the extent
[Vou 130.
that it was not so extremely bad as in the previous year,
even if far from being altogether favorable. We notice that
the Department of Agriculture, besides the reduction from
a full yield ascribed to the depredations cf the weevil, reported a further reduction from excessive moisture of only
11% in 1929 against 14% in 1928. This resulted from the
fact that in July and August the rainfall proved below the
normal, instead of away in excess of the same, as had been
the experience in 1928. Weather Bureau records show that
for South. Carolina as a whole, average rainfall in July
1929 was only 4.35 inches, or 1.55 inches below the normal,
as against 6.81 inches in July 1928, and for August averaged
only 3.18 Inches, or 2.65 inches under the normal as against
10.22 inches in August 1928. In September 1929 rainfall
again proved heavy, reaching 7.36 inches, or 3.18 inches in
excess of the normal, but this compared with 12.53 inches
in September 1928, when the excess over the normal reached
8.64 inches. All through the three months mentioned the
situation as regards damage from excessive rainfall was
far less adverse than in the previous season, correspondingly
reducing the damage on that account, as also the damage
inflicted by the weevil.
The present year the experience of South Carolina, as
in the case of the other South Atlantic States, has been
the opposite of that of 1929 and 1928. In other words,
speaking generally, it has been too dry, rather than too
wet, though we notice that in the extreme northwestern
corner of the State our returns show some isolated instances
where there is complaint of its having been too wet. For
the State as a whole, average rainfall in February 1930
aggregated only 1.12 inches in 1930, or 3.21 inches below
the normal, against 7.85 inches in February 1929, or 3.44
inches above the normal; in March, 3.40 inches, or slightly
below the normal, against 7.59 inches, or 3.61 inches above
the normal last year; in April, 2.16 inches, against 4.30
Inches in 1929, and in May, 2.44 inches, or 1.17 inches below
the normal, against 6.46 inches, or 2.81 inches above the
normal in 1929. All this points to lessened damage from
excessive moisture and likewise from the activities of the
weevil than was sustained last year-unless, indeed, the
summer months should again be marked by inordinately
heavy rainfalls. In the matter of temperatures, however,
our correspondents quite generally speak of Its having been
rather cold and say that that has interfered with the development of the plant. Weather records confirm these
statements only as far as the month of March is concerned,
April not having been far behind in that respect, and May
showing a higher temperature than last year. For January
the average temperature for the State of South Carolina
the present year was 47.1 against 46.7 in January last year
and in February the average was 52.4 against 45.3, but
in March the average was only 50.6 against 57.6; in April
it was 63.6 against 64.7, and in May, 72.0 against 69.1.
Planting began somewhat earlier than usual, in some
instances the middle of March, but generally about the
first of April, and was completed about the first of May.
The seed came up well in nearly all instances, and while
some replanting was found necessary, owing to the dry
condition of the soil, it was to a limited extent. In the cases
where replanting was required, the work was not completed until about May 15 to May 20. Good stands are
reported in nearly all parts of the State, though there are
the usual exceptions to the rule. Fields are well worked
and unusually free from weeds and grass, the dry weather
having permitted this. The dryness, along with the cool
nights, has not been favorable to rapid growth, but as the
crop had an early start it may be said to be of about average
date of maturity. Commercial fertilizers are not used to
any great extent, and the present year all circumstances
have militated against engaging in the practice, first because owing to the low price of the staple planters have not
been able to finance purchases of fertilizers, and, secondly,
with the price of cotton so low it is really a question
whether the operation could be made profitable-that is,
whether the planter could get back the added money expended. However, tax tag sales show 708,306 tons of
fertilizer sold in the State of South Carolina in the five
months from Jan. 1 to May 31 in 1930, against 707,964 tons
in the corresponding five months of 1929, and 772,460 tons
in the same five months of 1928. Nearly all our returns
report a heavy infestation of the weevil, the same as in
June last year and June the year before. The damage done
by them will depend upon future weather conditions, with
the indications, as noted further above, that owing to the
absence of excessive rainfall, the injury inflicted will be
greatly narrowed and restricted. The probabilities as to
acreage are involved in greater uncertainty in South Carolina than in most other parts of the South. There is, of
course, no general tendency to increase acreage with the
price of cotton so low. On the other hand, however, South
Carolina's acreage of cotton has been very much reduced
during the last three years, as noted above, and much of
this reduction has not been voluntary, but was due to
excessive rainfalls, which rendered it difficult to work
the fields.
In sharp contrast, the dry weather prevailing the present
year has permitted the planter to work all the fields he
might wish to bring under cultivation, and in these circumstances it is a question whether the total acreage of the
State 'will show any further substantial decrease the present
year. Certainly most of our correspondents report the
acreage unchanged from last year, though a few report
slight decreases, while a few others report decreases running from 5% to 10%. Altogether, for the State as a whole,
the decrease does not seem to exceed 3%.
SOUTH CAROLINA.
Crop Year1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
CuIt0,011041.
Acres.
2,273,000
2,485,000
2.454.000
2,716.000
2,708,000
2,491,000
2,005,000
1,951.000
2,623,000
3,000.000
2,900.000
3,040.000
2,880.000
2,950.000
2.555,000
2.890.000
Area
Picked.
Acres.
2,216,000
2,361,000
2.356,000
2,648,000
2,654.000
2,404,000
1,965,000
1,912,000
2,571,000
2,964,000
2,835.000
3,001,000
2,837,000
2,780.000
2,516.000
2,861.000
Yield of
Lint Cotton
per Acre.
Pounds.
179
147
148
180
160
160
187
123
140
260
240
250
208
160
215
255
Production,
500-Lb. Gram
Bales,
Boles.
830,055
726.019
730,013
1,008,068
888,166
806,594
770,165
492.400
754,f00
1,623,670
1,426,146
1,569,918
1,236,871
931,1P0
1,133,919
1.533.810
GEORGIA.-'rhis is another State which was able
greatly to enlarge the size of its crop in 1929 without any
addition to acreage, and is another State also which suffered from a tremendous downpour of rain in the early part
of 1929, the aggregate average precipitation for the State
as a whole for the first five months of 1929 having been
33.94 inches, or 12.13 inches above the normal. The State,
too, last year again suffered a heavy reduction of yield
owing to the boll weevil inflicting great injury by devouring a large part of the crop. Improvement, however, over
the early poor prospects followed from a modification for
the better of the adverse conditions which had proved so
destructive to the previous year's crop. Georgia raised
1,342,643 bales in 1929 on a planted acreage of 3,818.000
acres, with 3,753,000 acres picked, as against 1,019,499 bales
In 1928 on a planted area of 3,883,000 acres, with 3,728,000
acres picked. The average yield of lint cotton per acre
consequently increased from 132 pounds in 1928 to 171
pounds in 1929. But after the tremendous downpour of
rain the first five months of the year conditions changed
Immensely for the better. In June 1929 the average rainfall for the State was 5.27 inches, or only 0.86 above the
normal, as against 5.93 inches in June 1929; in July the
precipitation was only 4.57 inches, or 1.14 inches below the
normal, against 0.80 inches in July 1928, or 1.09 inches above
the normal, and in August fell to 3.24 inches in 1929, or
1.98 inches below the normal, against 9.99 inches in 1928,
or 4.77 inches above the normal. What an effect this had
In enlarging the size of the crop appears from the figures
just given, showing a yield of 171 pounds per acre in 1929
as against only 132 pounds per acre in 1928. The increase,
it will be seen, was, roughly, 30%, the same as in the size
of the crop. The chief contributing factors to the improved
yield appear from the statement of the United States Agricultural Department, showing that the boll weevil caused
a reduction from a full yield in Georgia in 1929 of 15%,
In 1928 of 14%, in 1927 of 18%, but that the reduction
from excessive moisture was only 8% in 1929 against 15%
In 1928.
The present year, as In the case of the other South Atlantic States, the Georgia crop does not start handicapped
In the same way, and to that extent at least the outlook
Is correspondingly better. In February of the present year
average total precipitation in Georgia was only 1.61 inches,
or 3.39 inches below the normal, as against 8.63 inches in
,1:490
FINANCIAL CHRONICLE
JUNE 28 1930.]
February last year, or 3.63 inches above the normal; in
March it was 5.77 inches this year against 10.87 inches last
year; in April, 3.26 inches against 4.02 inches, and in May
2.26 inches against 5.48 inches. The crop in this State,
therefore, has some slight deficiency of moisture to contend with, as against an overwhelming excess of it last
year. A more important drawback has been the low temperatures which have prevailed, and in Georgia this has
been a more conspicuous feature than in the neighboring
States, the average temperature for the State as a whole
in January of the present year having been 48.2 degrees,
as against 50.3 degrees in January 1929; in February, 53.7
against 48.9; in March, 52.4 against 60.4; in April, 64.9
against 67.1, but in May, 73.6 against 71.6, somewhat of a
change for the better having occurred in this last mentioned
month. Except for complaints regarding low temperatures
and the fact that the nights have been unseasonably cool,
the returns from Georgia present an encouraging outlook
to an unusual degree. One correspondent says that there
have been no warm nights thus far this year, which he
considers the prime requisite of good growing weather.
Planting began about Mar. 1, and was finished about
May 10. Seed came up well in southern Georgia, but rather
poorly in north Georgia, the cool weather being the main
drawback, though some occasional reports appear of the
absence of sufficient moisture. Generally, however, our
correspondents say that the weather has been unusually
good and that very little replanting has been found necessary. While many correspondents emphasize the fact that
the cold weather has held back growth to some extent,
there is a pretty common agreement that the crop at this
date is early, the maturity being, say, about five days in
advance of the ordinary. There is also pretty general agreement that a good stand has been obtained virtually everywhere. The fields are entirely clear of weeds and grass,
the consensus of opinion on that point being quite remarkable, one correspondent saying that owing to dry weather
during May fields are cleaner than he has ever before
known them to be. Accounts regarding the infestation of
the weevil are at variance, some of our correspondents
thinking the infestation as being less than in other recent
years, and others that it is somewhat heavy. A careful
survey indicates that there Is very little change in this
respect from last year. One correspondent speaks of small
lice having made their appearance. Commercial fertilizers
appear to have been applied with less freedom than the
ordinary, owing, as one of our reports says, to the difficulty
of financing their purchase because of the impoverished
condition of the farmers. Reports are not uniform, however, in this particular, one correspondent speaking of a
slightly increased use and of somewhat higher grade. The
tax tag sales show a somewhat larger consumption than in
the previous season, and sales for the five months from
Jan. 1 to May 31 in 1930 aggregated 918,993 tons, against
852.078 tons in the same period of 1929, and 868,638 tons in
1928, but these figures relate to the use of fertilizers for all
purposes and not the consumption by cotton planters alone.
In this State there seems to have been no general tendency
to decrease acreage, and while occasional returns note some
decrease, many others actually show increases, one of these
In the southwestern portion of the State making the increase as high as 15%. For the State as a whole, the acreage seems to be about the same as in 1929.
GEORGIA.
C•op Year1929
1098
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Acres.
3,818,000
3.883.000
3.501,000
4.025.000
3,062,000
3,019,000
3,844,000
3.636,000
4,346,000
5,000.000
5,404,000
5,425,000
5,274.000
5,450.000
4,925.000
5.510 000
Area
Picked.
Acres
3,753.000
3.728.000
3.413.000
3.965.000
3.589,000
3,046.000
3,421,000
3,418,000
4,172.000
4,900.000
5,220.000
5,341.000
5,195.000
5,277.000
4.825.000
5.433 000
Yield of
Lint Cotton
per Acre.
Pounds.
171
132
154
180
155
157
82
100
90
138
152
190
173
165
189
239
Produdion
-lb. Gross
500
Bates.
Rale*.
1,342.643
1,029.499
1,100,040
1.496.105
1,183,885
1,003.770
588,236
714.998
787.084
1.415,129
1.659,529
2,122.405
1,883,911
1,820.939
1.908,673
2 715(117
-This State produces very little cotton, and
FLORIDA.
what little is raised comes from a few counties in the extreme north. in the counties contiguous to the Georgia and
Alabama borders. Roughly, only about 100,000 acres are
devoted to cotton cultivation even in this limited territory,
no more than 96,000 acres having been planted in 1929 and
4500
FINANCIAL CHRONICLE
94,000 acres picked, and 101,000 acres planted and 95,000
acres harvested in 1928. The yield per acre, after having
fallen from 180 pounds in 1925 to 97 pounds in 1928 (largely
as a result of the depredations of the weevil), recovered to
145 pounds in 1929, but even so the total yield of the State
was only 28,578 bales in 1929.
The present season there has been no change of consequence, except that the area seems to be a little larger,
being probably about 100,000 acres, against 96,000 acres in
1929, an increase of about 5%. The low yield per acre even
after the increase in 1929 would seem to indicate that commercial fertilizers are not used to any great extent in the
State's limited cotton area. The tax tag sales as a whole,
however, show a consumption of commercial fertilizers in
Florida the present season above that of last season, the
gales for the first five month of 1930 having been 245,804
tons, against 217,227 tons in the same months of 1929 and
242,538 tons in 1928. Planting began about April 1 and
continued to about May 1, the same as in most other recent
years. As the weather was too cold in April and the early
part of May, and also too dry, about 20% of the seed came
up poorly, necessitating replanting to that extent. On the
remaining 80% good stands were obtained from first planting. Weeds and grass are still present on some of the fields.
The boll weevil appears less active. The crop is apparently
about 10 days late.
FLORIDA.
Crop Year1929
1928
1917
1926
1925
1924
1923
1923
1921
1920
1919
1918
1917
1916
1915
11111
Area in
Cukisation.
At+s•
96.000
101,000
67.000
108.000
103.000
82,000
171.000
122.000
70.000
110,000
122.000
175.000
188.000
201.000
197.000
224000
Area
Picked.
Acres.
94,000
95,000
64.000
105,000
101,000
80.000
147.000
118.000
65,000
100,000
103,000
167.000
' 183,000
191,000
193,000
221 non
Yield of
Lint Cotton
per Acre.
Pounds.
145
97
126
145
180
130
40
102
80
86
74
85
100
105
120
175
Production,
E.00-lb. Gross
Bales.
Bales.
28,578
19.203
16,496
31,954
38,182
18.961
12.345
25,021
10,905
18.114
15.922
29.415
37,8.58
41.449
47,831
81 255
ALABAMA.
-This State also greatly added to the size of
Its crop in 1929 as a result of an increased yield per acre,
though there was also at the same time a small addition to
acreage-roughly, however, of only about 2%. The area
planted to cotton within the State increased only from
3,643,000 acres in 1928 to 3,727,000 acres in 1929, the area
harvested from 3,534,000 acres to 3,690,000 acres, but as
this was accompanied by an increase in the yield per acre
from 150 pounds to 174 pounds, the total crop of the State
rose from 1,109,126 bales to 1,341,650 bales. The result is
the more noteworthy as this State, like Georgia and South
Carolina, in the early months of 1929, had to contend
with a prodigious downpour of rain accompanied by extensive floods and overflows, which did not appear to make
the outlook very encouraging, though we noted in our
"Acreage Report" of a year ago that these drawbacks had
occurred mainly in the first four months of the year, and
that after that some amelioration of the situation had
occurred which tended to make the outlook more assuring.
The better state of things continued all through the summer,
leading to the improved production just noted. In June
1929 aggregate rainfall in Alabama averaged only 5.23
inches, as against 10.16 inches in 1928, which latter was
5.90 incbes in excess of the normal. In July 1929 the
precipitation was only 3.79 inches, against 5.11 inches in
the same month of 1928, and in August 2.10 inches (2.44
Inches below normal), against 4.55 inches. How this change
for the better wrought its beneficial influence is made evident from the fact that the Agricultural Bureau Department shows reduction from a full yield per acre by reason
of excessive moisture of only 7% in 1929 compared with 13%
In 1928, though the loss on account of the boll weevil is
put at 14% against 12%.
The present year Alabama has been favored with dry
weather thus far, the same as the South Atlantic States,
and hence has had the benefits arising from such a
situation-or the reverse should the deficiency of moisture
continue and assume the dimensions of a drought. In February precipitation averaged only 2.26 inches in 1930,
against 9.13 inches in February 1929; in March, 5.64 inches
against 15.35 inches; in April, 1.47 inches against 4.64
inches, and in May, 3.82 inches against 5.86 inches. As
elsewhere In that part of the South, one Important draw-
[Vim 13t
back has been the low temperatures and the cold nights.
The presence of this condition is seen in the Weather Buran
record of temperatures. In January this year the average
temperature for the State of Alabama as a whole was only
46.0 degrees, against 48.9 degrees in January last year, but
a more important point is that the low figure for the month
was only one degree above zero, indicating over 30 degrees
of frost, against a low in January last year of 13. This
extreme cold may have played its part in affecting survival
of the weevil. February, as it happened, proved a warm
month, the average temperature having been 53.9 degrees
against 46.0 in 1929. After that, however, cold weather
again supervened, the average for March having been only
52.4 in 1930 against 59.6 in 1929, and for April 65.5 against
66.9, though for May, 72.9 against 71.3. This has, of course,
held back the development of the crop, but has been a
serious feature only where the absence of rainfall has been
very pronounced and very prolonged, thereby partaking of
the character of a drought. In the southeastern portion of
the State the dry weather is referred to by some of our
correspondents as having been akin to a drought, having
been continuous since April 2 and not having been broken
at the date of making returns (about the middle of June).
On the other hand, in the extreme northeastern part of the
State there are complaints of its having been too wet. Planting began about April 15 in the northern part of the State
and continued until the end of May. In the southern and
central part of the State it began towards the close of
March and continued until the middle of May. Where
replanting was found necessary, which happened in many
instances, work was not completed in some cases until the
early days of June. Stands are irregular, but mostly good.
Except in North Alabama, grass and weeds have been quite
thoroughly eliminated, this following from the dry weather,
which permitted unhindered cultivation. In North Alabama
grass and weeds are still in evidence on many fields. As
to the boll weevil, not a few of our correspondents, while
admitting it is much too early for definite conclusions,
do not hesitate to say that the indications at the moment
are of greatly lessened activity on their part. Quite a
good many say that they are very much less abundant
than in 1929, one report explaining this as being due to
small stalks. In this State the application of commercial
fertilizers, according to the majority of our reports, has
been on a diminished scale, and the tax tag sales also show
a somewhat smaller consumption. Sales were 635,100 tons
in the first five months of 1930 against 663,450 tons in 1929.
In maturity the crop, on account of the dry weather and
low temperatures, is about two weeks late. Warmer
weather in June has been a favorable feature. Chopping
has been finished in South Alabama, and made considerable
progress in North Alabama. The acreage will closely approach that of last year, the most of our correspondents
reporting no change, though a few show reductions within
narrow and circumscribed areas. For the State as a whole
we show a decrease of 2%.
ALABAMA.
Crop Year1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Area
Picked.
Yield of
Lint Cotton
per Acre.
Production
500
-lb. Gross
Bales.
Acres.
3,727,000
3,643.000
3,214.000
3,699.000
3,539.000
3,114.000
3,190,000
2,807,000
2,269.000
2,898.000
2.900,000
2,600,000
2.017.000
3,469.000
3.400,000
4.075 000
Acres.
3.690,000
8,534.000
3.166,000
3,651,000
3,504.000
3,055,000
3,149,000
2.771,000
2,235,000
2.858,000
2,791.000
2,570.000
1,977.000
3.225.000
3.340,000
4.007.000
Pounds,
174
150
180
196
185
154
91
142
124
111
122
149
125
79
146
209
Bales.
1,341,550
1,109,126
1.192,392
1,497,821
1,356,719
985,601
586,724
823,498
580,222
662.699
713.236
800,622
517,890
533.402
1.020.839
1.751.375
MISSISSIPPI.
-This State raised more cotton in 1929
than any other State in the Cotton Belt excepting only
Texas, which latter, even in poor years, outdistances all
others by a wide margin. By raising a crop of 1,915,430
bales in 1929, Mississippi once more regained the position
of prominence it formerly held. Back in 1925 the State
had a crop of 1,990,53'7 bales. But from this there was a
fall to 1,887,787 bales in 1926 and to only 1,355,252 bales
in 1927. In the two years following there was first a
recovery to 1,474,875 bales In 1928, and then to 1,915,430
bales In 1929. The area in cultivation with cotton in 1929
was the largest on record, but what brought about the big
JUNE 28 1930.]
FINANCIAL CHRONICLE
addition in the size of the crop in that year was the enlarged
product per acre. The yield of lint cotton per acre, after
having fallen from 275 pounds in 1925 to only 175 pounds
In 1928, recovered to 220 pounds in 1929. Special circumstances account for these wide extremes in fertility. The
overflow of the Mississippi and the damage done by the boll
weevil explain the poor result in 1927. There was no overflow of the Mississippi last year and there has been none
the present year. To that extent the present season is on a
par with last season and the promise correspondingly
favorable. The last serious overflow of the Mississippi
occurred in 1927, and in that year more land was submerged in Mississippi than in any other State with the
single exception of Arkansas. This caused a reduction in
the area planted to cotton from 3,809,000 acres in 1926 to
3,408,000 acres in 1927. In addition, however, the product
per acre fell from 240 pounds to 194 pounds, this following
the activities of the weevil. In 1928, with no overflow of
the Mississippi, the area increased from 3,408,000 acres to
4,154,000 acres, a good part of the addition representing
the reclaiming of land which the previous year had been
submerged because of the overflow. But, as it happened,
the yield of lint cotton per acre was further reduced from
194 pounds to 175 pounds, the loss on that account acting to
offset in great part the advantages accruing by reason of
the big increase in acreage. As explained by us in our
previous annual acreage reports, the further reduction in
the yield per acre in 1928 in this State came as a decided
surprise. This was so because an overflow of the Mississippi
River, such as occurred in 1927, almost invariably brings
with it some compensating good. When the water subsides it generally leaves behind a rich sediment which adds
greatly to soil fertility and increases the product per acre.
This benefit was neutralized in 1928 by heavier loss through
the greater activities of the boll weevil, with excessive
moisture a further cause. The two causes are really interrelated, inasmuch as excessive moisture and lack of sunshine are the conditions under which the weevil thrive. In
1929 the drawbacks referred to were somewhat modified
for the better, and the improvement in yield followed as a
consequence. As confirming these conclusions we may note
that though the Department of Agriculture finds that there
was a reduction from a full yield per acre by reason of
the depredations of the boll weevil of 16% in 1929 against
14% in 1928, the loss from reduction by excessive moisture
Is given as only 7% in 1929 against 10% in 1928.
These explanatory remarks will help in interpreting the
conditions prevailing the present year and in giving to each
its proper weight. No overflow of the Mississippi having
occurred, that agency in reducing yield will not exist the
present year. This is no slight consideration, recalling the
extent of the loss suffered from that cause in the past. As
to the activities of the boll weevil, the outlook is not so
encouraging. Their presence in appreciable numbers is
noted by a number of our correspondents, and fears are
expressed that they may inflict heavy damage. These
reports, however, may be given exaggerated importance.
Yet other correspondents, and they are in the majority,
make the statement that evidence of their presence is as
yet very slight, that the plants are still too small to make
definite conclusions possible, that, as one correspondent
puts it, "not any cotton is far enough along and big enough
to tell." The great majority assert that the activities of
this insect pest are less in evidence than in other years,
and that under favorable weather the probabilities are that
they will do little damage. Of course that is the all-important point, namely, what the weather conditions are to
be during the summer months. Up to the present time
these weather conditions in Mississippi have been far from
what could be wished. Drought prevailed during February,
March and April, aggregate average rainfall for these three
months for the State as a whole having been only 8.69 inches,
or 6.90 inches below the normal, while in May the rainfall
proved heavy and excessive, aggregate precipitation for
that month reaching 9.22 inches, or 4.78 Inches over the
normal, the downpour in some instances being in the nature
of floods. This has been followed by more than ordinarily
cold weather in June, with temperatures of 48 to 50 at
night, in not a few instances killing the cotton plant while
retarding the development of the crop. Moreover, in June
the weather has again been dry, one correspondent saying
"dry as a bone."
4501
Another correspondent sums up the situation by saying
that dry weather early in the season, extremely dry, prevented the sprouting of cotton. When rain came in May it
was heavy and flooded large areas. Then when the cotton
came up, all came at the same time, even though it had
been planted weeks apart. It could not all be worked at
once, and, accordingly, some of it got pretty well under
grass. During June continued cool spells have checked
the growth of the crop. The long wet spell not only delayed
the process of cleaning the fields, but the heavy downpour
caused the overflow of some land and encrusted others, making considerable replanting necessary. It is estimated that
about 25% of the fields still remain to be worked, and that
about two weeks' time will be required to do this. Planting
began about April 5 to April 10 and finished May 25, though
some of the replantings extended into June. Stands are
quite irregular, though the greater part are good. One
report says: "Some cotton six inches high, some just up—
in same field." Commercial fertilizers are used to a moderate extent in Mississippi, and considerably more have been
applied this year than in other years. The tax tag sales
show 404,093 tons purchased in the first five months of
1930 against 308,050 tons in the same period of 1929. Homemade manures are used scarcely at all. In point of maturity the crop is two to three weeks late. "It's the oddest
and. latest season we have had in years. Here it is the
middle of June and cotton still in the ground or just up,
and not large enough to see from the road." Despite it all,
there appears no warrant for estimating the acreage in
Mississippi at any less than that of last year. A few of
our reports show decreases, some as high as 5%, but more
show increases, some of these running up to 10%, while
the great majority say there has been no change at all. We
take the acreage, therefore, the same as last year.
MISSISSIPPI.
Crop Year—
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1918
1915
1914
Area in
Cultivation.
Acres.
4,229,000
4,154.000
3,408.000
3,809,000
3.501,000
3,057,000
3,392.000
3,076,000
2,667,000
3,100,000
3,000,000
3.160,000
2,814,000
3,310,000
2,760,000
A 100 1108
Area
Pined.
Acres.
4,166.000
4.029,000
3,340,000
3,752,000
3,466.000
2,981,000
3,170.000
3.014,000
2,628,000
2,950,000
2,848.000
3.138,000
2,788.000
3,110,000
2.735.000
1 054 one
Yield of
Lint Cotton
per Acre.
Prod uctien
500-18. Gross
Bales.
Pounds.
220
175
194
240
275
176
91
157
148
145
160
187
155
125
187
195
Bales
1,915,430
1,474,875
1,355.252
1,887.787
1,990,537
1,098,634
603.808
989,273
813,014
895,312
960,886
1,226,051
905,554
811,794
953.965
1.24&588
LOUISIANA.—This is another State in which the outlook
the present year is somewhat uncertain. The State has had
to contend with quite a number of adverse circumstances,
the precise influence of which it is not possible to measure
at this date. The weather has been too dry and too wet by
turns, and unseasonably cold nearly the whole time. In
January rainfall for the State as a whole averaged 7.85
inches, or 3.12 inches in excess of the normal. Then came
a dry period extending over February, March and April,
the precipitation in February averaging 3.51 inches, in
March 3.63 inches, and in April 1.38 inches, all below the
normal, and especially in April. This was followed by a
very heavy rainfall in May, causing floods and overflows,
the total reaching 5.86 inches, or 1.43 inches in excess of the
normal. As to temperatures, the mean temperature in
Louisiana for March this year was 56.7 against 63.4 in
March last year; In April 69.2 degrees against 70.9, and in
May 74.5 against 74.0. Speaking in a general way, it was
too cold and too wet the first of the season, then too dry,
and then again too wet for some time. The downpour in
May caused the overflow of the Red River, with floods near
Shreveport, Natchitoches, Boyce and Alexandria. Planting
began about April 1 and was completed May 10 except in
the overflowed parishes on the Red River, where it extended into June.
The seed came up poorly, much of It lying in the ground
for several weeks on account of the prolonged drought.
Much replanting was found necessary owing to high water
and poor stands secured from the early plantings, and at
latest accounts many thousand acres still remained to be
replanted on account of the floods. While much of the earlysown cotton required ,replanting because of the dry condition
of the soil, the later-sown cotton had much of it to be
replanted because heavy rains packed the ground. The
situation at this time is that stands are fairly good in
about
80% of the cases, and fields are quite generally in good
condition and reasonably free of weeds and grass, notwithstanding the excessive rains in May and the difficulty
then experienced of getting into the fields. Very few
weevils have yet made their appearance, though this may
be due to the fact that the crop, because of the drawbacks
enumerated, is some 10 days to two weeks late. There has
been in this State no tendency to reduce acreage; on the
contrary, many of our reports speak of increases. In some
of the Red River parishes the indications pointed to an
increase of about 5% before the recent overflow, but this
latter interfered with the plans of farmers, leaving the
acreage about the same as in 1929, though ceplantings, which
are still under way, may carry the area somewhat ahead
of last year. For the State as a whole, it seems safe to
take the acreage Just about what it was last year. Commercial fertilizers do not cut much of a figure in cotton
raising in Louisiana, or, for that matter, in farming of any
kind. The tax tag sales indicate that 152,075 tons of fertilizers were consumed for all purposes in Louisiana during
the first five months of 1930, against 142,523 tons in the
same five months of 1929, and 113,822 tons in the five
months of 1928. The crop of the State has been slowly
increasing again in the last two years after a sharp reduction in 1927. As against 910,468 bales raised in 1925, the
crop fell to 548,026 bales in 1927, and then increased to
690,958 bales in 1928, and to 808,825 bales In 1929. The big
reduction in the size of the crop in 1927 was due in considerable part to a big reduction in the acreage which in
that year fell to 1,585,000 acres from 2,019,000 acres in 1926.
This .reduction in turn arose out of the fact the State suffered very severely in 1927 from the overflow of the
Mississippi River and various other streams like the Red
River and the Atchafalaya. Not only that, but the floods
were prolonged to a very late date, too late in most cases
to admit of the planting of cotton. Much of this land was
reclaimed in 1928, with the result that the acreage again
Increased from 1,585,000 acres to 2,052,000 acres, and in
1929 there was a further slight increase to 2,135,000 acres.
But In this last mentioned year there was also an increase
again in the product per acre, the yield rising from 166
pounds per acre to 183 pounds, though even after this increase the product was far below what It had been four
years before in 1925, when the yield was 232 pounds per
acre. The Department of Agriculture estimates that the
reduction In Louisiana from a full yield per acre by reason
of the presence of the boll weevil was 17% in 1929, against
18% in 1928, and 12% in 1927.
LOUISIANA.
!Prop Year—
1029
1928
1927
1926
1925
1924
1993
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
Area
Picked.
Yfaci of
Lint Cotton
per Acre.
Acres.
2,135.000
2,052.000
1.581.000
2,019.000
1,903.000
1,666.000
1.464.000
1,175.000
1.192.000
1,555,000
1.700.000
1,700.000
1,465,000
1,260.000
1.010.000
1 len onn
Acre:.
2,114.000
1.990.000
1,142,000
1,979.000
1,874.000
1.616.000
1,405 000
1.140.000
1.168,000
1.470.000
1,527.000
1,683.000
1.454.000
1.250,000
900.000
1.299.000
Pesincle.
183
166
170
200
232
145
125
144
114
126
93
167
210
170
165
165
Productions.
500-lb. Gross
Bales.
Bales.
808.825
690.968
548,026
829,407
910,468
492.654
367,882
343,274
278,858
387„663
297,681
587,717
638,729
443,1E2
341,093
449.498
--This State, like Louisiana, has had alterOKLAHOMA.
nate periods of dry and wet weather, and suffered some
by reason of both the present year, but particularly by
reason of heavy rains which came In May and extended Into
June. For the State as a whole aggregate rainfall for
February, March and April aggregated only 4.76 inches,
which was considerably less than the normal, but this was
followed by very heavy rains in May, which extended into
June, with the result that hill lands were badly washed
and bottom lands under water, this latter being true in
many instances as late as the middle of June. One correspondent in the northwestern part of the State speaks of
two inches of rain having fallen on June 10. The rainfall
In May was heavy virtually everywhere. In the eastern
part of the State there was a five-inch rainfall on May 9,
and a two-inch rainfall on May 10, leaving the fields too
muddy to work for 15 to 20 days. It should be noted, however, that in May last year also Oklahoma suffered from
an excess of rainfall, though not to quite the same extent,
the rainfall for the month then having been 7.67 inches.
[VoL. 130.
FINANCIAL CHRONICLE
4502
The State has done poorly with its crop for several successive years. Weevil damage, in part induced by an overabundance of moisture, has been largely responsible for
this. As against a crop of 1,510,570 bales raised in 1924,
1,691,000 bales in 1925, and 1,772,784 bales in 1926, there
was a drop to 1,037,141 bales, 1,204,625 bales, and 1,142,668
bales in 1927, 1928 and 1929, respectively. No State has
suffered more severely from the depredations of the boll
weevil than Oklahoma. The calculations made by the
United States Department of Agriculture show for 1929 a
reduction of 11% from a full yield per acre on account of
the activities of the weevil, for 1928 a reduction of 26%,
and for 1927 a reduction of 31%. In addition, there was a
loss of 5% In 1929, of 4% in 1928 and of 5% in 1927 from
excessive moisture. All this served greatly to reduce the
yield per acre, in addition to which, however, the area in
cotton cultivation was heavily cut, the area in 1929, for
instance, having been only 4,430,000 acres, as against
5,320,000 acres in 1925. Evidently planters in the State
have been getting discouraged with the outcome of their
labors.
The present year the weevil has not yet put in much of
an appearance, owing, largely perhaps, to the fact that the
cotton plant is as yet too small for that. Planting began in
April and, owing to the fact that much replanting had to
be done on account of excessive moisture, was not completed until June 12. Stands are only fair, but fields,
nevertheless, are quite generally clean. The crop is about
3 weeks late. Only very small quantities of fertilizers are
used by cotton planters in Oklahoma and this makes the
changes from year to year of little consequence. There are
several sections of the State which report Increases in acreage, but the general tendency has been to reduce acreage,
both because of the low market price of the staple and because planters are generally discouraged. For the State as
a whole we put the decrease at 5%.
OKLAHOMA.
Crop Year—
1929
1928
1927
1926
1926
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cu (potion.
Area
Picked.
Yield of
Lira Cotton
per Acre.
Acres.
4.430,000
4.420.000
4.187,000
5,083,000
5,320,000
4,022,000
3,400,000
3,052.000
2.536,000
2,988,000
2.512.000
3.190.000
2,900,000
2.614.000
2,000.000
2.920.000
Acres.
4,275.000
4.243,000
3,601,000
4,676.000
5,214.000
3,861.000
3,197,000
2.915,000
2,206.000
2,749,000
2,424.000
2,998,000
2,783,000
2.562,000
1,895.000
2.847 000
Pounds.
128
136
138
180
155
187
98
103
104
230
195
92
165
164
162
212
Production.
500-lb. Gross
Bales.
Bales.
1,142,666
1,204.621
1,037,141
1,772.784
1,691,000
1,510.570
655,558
627.419
481,286
1,336,298
1,016,129
576,886
959.081
823.526
639,626
1.262.176
TEXAS.—This State, besides being the largest cotton
producing State in the Cotton Belt by a wide margin, is also,
as has been so frequently pointed out in these annual Acreage
Reports, a State of immense dimensions and of wide domain,
so much so that cotton from the new crop is already being
picked at the extreme southern end, along the Rio Grande,
when planting is still going on at the northern extremity of
the State in the Texas Pan Handle. At this very time plant.
ing has not yet been completed in the Pan Handle, while
telegraphic dispatches from Harlingen, Texas, on June 18
stated that the first bale from the 1930 crop had been ginned
there on- that day. Conditions as to weather in Texas vary
as widely as the extremes of the State. This is true of every
season and of course is true also of the present season. In
one respect, however,there seems to be a single all-controlling
condition appertaining to the whole State, namely oft
recurring drouths which when they do occur appear to take
the entire State within their grip. Drouth prevailed last
season and as a result the crop of the State with an acreage
but little smaller than in the previous year, dropped from
5,109,939 bales in 1928 to 3,941,626 bales in 1929. As it
happened, it was supposed that in May of that year the
drouth had been broken, the average total precipitation for
the State as a whole with its wide domain having been 7.78
inches which was 4.12 inches above the normal, but unfortunately in the succeeding hot summer months the drouth
was renewed with the attending bad results just mentioned.
The present season conditions have in one respect at least
been closely similar to those experienced in 1929. We refer
to the fact that after very dry weather in the first four months
of the year, there came a heavy downpour in May, though
total precipitation in the month this year was not quite as
heavy as in May last year, while yet reaching 5.16 inches,
JUNE 28 19301
FINANCIAL CHRONICLE
4503
which was 1.53 inches above the normal for May. For June, and put fields in unusually bad condition. Many returns
however, thus far the rainfall has been much more abundant from this territory report considerable damage from sand
than was the case last year, which correspondingly improves storms and from hail, one of our correspondents saying that
the outlook. Yet as was the case in 1929 the outcome of stands are good "where the plant is up and not hailed out".
As to acreage this seems to be only moderately less than
the crop this season will be entirely dependent upon future
conditions, and especially the extent of the rainfall. last year. In western Texas "much raw land came under the
weather
At this time it cannot be affirmed with certainty that there plough," as one correspondent puts it, while another coris enough subsoil moisture to carry the crop safely through the respondent reports "5% increase on sod land, but no increase
hot summer months with the extremely high temperatures on old land." A great many of our correspondents report
customary to the State of Texas. The rainfall which came no change at all in acreage, while others report very slight
in such groat volume in May was very unevenly distributed decreases, There is only a single instance where a decrease
over the different parts of the State. In some parts it came as large as 10% is reported. In other words, notwithin a perfect deluge. This is referred to in a report issued standing the exceedingly low market price for cotton, no
by the Commissioner of Agriculture issued under date of common determination can be found to reduce acreage to
May 22. In his first crop report for the season bearing date any important extent. The Texas Commissioner of Agriof April 25 the Commissioner remarked that nearly all culture in his report of May 22, showed an average decrease
sections of the State were needing rain, but that it was rain- of less than 5%, and in his report for June 15, which we
ing on that day in Austin, and a footnote added that since have obtained by wire, he makes the average decrease
the date of the report rain had fallen in many counties of the 6%. Our own returns show a decrease not to exceed
State. In his report of May 22 the Commissioner stated that 3@4%, but in view of the Commissioners' report we put
there had been an average rainfall of 4 inches during the the decrease at 5%. Commercial fertilizers are not used to
preceding 30 days with as much as 12 or 15 inches in some any extent in Texas. As for the boll weevil, indications
localities. Reports issued by the U. S. Department of Agri- of their presence is noted scarcely at all, though some of the
culture after the close of the month in reviewing the rain reports say, in explanation, that the crop is too late to
record for the month, while noting 5.19 inches as the average warrant any conclusions on that point. Nevertheless the
for the State, stated that the greatest monthly amount was unanimity with which our reports agree in saying that there
18.40 inches at Winfield, in the northeastern portion of are no signs of the presence of the weevil is quite remarkable.
the State, and none at all at Kent, in the western portion
Yisklar
Produaion.
Lint Cotton 500-1b. Gross
of Texas. The weekly summary of the Department of
Area
Armin
'nous.
Bales.
per Acre.
Cultivation.
Picked.
17 said the weather
Agriculture for the week ended June
Boles.
Pounds.
Acres.
Acres.
Crop
had been cool with daily showers in the southwest and 1929 Year-3.941.626
108
18,229.000
17,500.000
5,109,939
138
17,743,000
18.330.000
lower coast sections and scattered falls elsewhere. It 1928
4.356.277
129
16,850,000
16,176.000
said also that there had been some deterioration in the 1927
5,630,831
146
19,140.000
18,374.000
1926
113
4,165,374
19,139,000
17.608.000
southwest portion of the State and in the lower Rio Grande 1925
4,951,059
138
17.175.000
17.706.000
1024
4,342,298
147
14,440.000
14.150.000
Valley, because of frequent rains, but that elsewhere prog- 1923
3.221.888
130
12,241.000
11.874.000
1922
2,198,158
98
ress had been fairly good; chopping and cultivation had 1921
11,193.000
10,745.000
4.345.282
174
12.265.000
11.898.000
made good progress, although some fields were still grassy. 1920
3.098.967
140
10,476.000
11,025.000
1919
2,696.561
115
11.950.000
11,233.000
The report also said that moisture was needed for some 1918
3.125.378
135
11.092.000
11.676,000
1917
3.725.700
157
11,525,000
11,400.000
replantings in portions of northeast and central Texas. 1916
3.227.480
147
10.725.00010,510,000
These statements are here referred to since they show wide 1915
0
4.5 2.112
11 921 nnn
184
12 052 nnn
101,1
variations in weather conditions and the state of the crop in
ARKANSAS.—This State has duplicated the experience
different parts of the State. In northern and northwestern
Texas conditions are least satisfactory. In the rest of the of Oklahoma and Louisiana the present year in having had
State the general average is on the whole quite good. In exceedingly heavy rainfall in May, following a period of dry
west and north Texas during June there seems to have been weather and decided lack of moisture. The rainfall for the
adequate rainfall, without its being excessive, and the same
aggregated, on the average, 10.6 inches
remark may be made of central Texas, and portions of east State as a whole
rainfall has been somewhat during May the present year, which was 5.04 inches in
Texas, while in south Texas the
in excess. In brief there appears to be a lack of sufficient excess of the normal, and this compares with 6.31 inches
rainfall only in northern Texas and more especially in the in May last year, which was 1.29 above the normal. One
Texas Pan Handle.
correspondent says that it was the wettest May in 37 years
In Texas, as elsewhere in the Cotton Belt, temperatures and that considerable cotton was drowned out. Some of
have been much too low, especially at night, and the crop
State were overflowed. In one overflow
is late in date of maturity, but not much more than a week the lowlands in the
or 10 days, except in some local sections. In the extreme all lowlands were flooded and the cotton had to be nearly all
south, on the Rio Grande, planting began as early as Jan. 30 replanted and in addition it has been too cold for the rapid
and the seed came up well. What little replanting was coming up of the seed. The outlook for the State as a whole
required was caused by hail. The weather here has been is nevertheless quite favorable. This is particularly true
both too wet and too cold, and yet stands are good and
of eastern Arkansas. The Deputy Commissioner of Agrifields moderately clear of weeds and grass. In southeastern
newspaper interview,
the south central portion culture for the State, in a recent
Texas, in what might be called
that too much rain had interfered to prevent normal
of the State, planting began March 15 and was completed stated
about April 20. Here, too, it has been too cold and too development, but with favorable weather during June and
wet, and yet good stands have been procured, though the July, condition would be greatly improved. He observed
fields, while fairly well worked, are not entirely clear of that eastern Arkansas furnished better reports than any
weeds and grass. Much of the first planting had to be other section. Most important of all, he stated that no
replanted. In east central Texas, planting began about reports of weevil infestation have been received from any
April 1 and extended over a period of about six weeks. part of the State. Our returns are much to the same effect,
Here at first it was too dry and later became too wet, with though most of our correspondents say that it is much too
temperatures unseasonably low all the time. The seed came early to have definite knowledge on that point. Arkansas
up poorly on account of the dry weather at the beginning of has had a much more fortunate experience in recent years
the season and some replanting was required as a result. with its crop than some other States in the same part of
Stands are generally good and fields, which at first were in the country. Oklahoma for instance. This last mentioned
bad shape, have now become quite clean. In central Texas State, as shown above, has never recovered from the setback
planting began about April 20, ten days later than usual, it suffered in 1927. On the other hand, Arkansas has. Its
and was not entirely completed until towards the end of crop, after having fallen from 1,604,628 bales in 1925 to
May. Replanting was necessary to quite unusual extent, 999,983 bales in 1927, increased again to 1,245,982 bales
owing at first to drouth and when this was broken, April 9
0, in 1928 and further increased to 1,434,600 bales in 1929.
owing to the fact that hail killed all the young plants. One Yet the State has suffered heavy damage from the weevil.
of our correspondents in Runnels County says that some though much less so in 1929 than in the previous year.
cotton in that county had to be planted a third time,and The U. S. Department of Agriculture finds that there was
he knows of one farmer with 125 acres who planted 550 a reduction from the full yield per acre of only 6% in 1929
acres. Nevertheless stands are now generally good in this on account of damage done by the weevil, against 15%
section and fields well worked, except possibly on some low and 11% respectively in the two years preceding. In
Lands where hard washing rains in May caused much damage addition, there was a further reduction of 3% on account
4504
FINANCIAL CHRONICLE
For.180.
I.
Vmeln.okocommo.o.z0000n
1,
4onmomconcogo
cl,“.
g ,.....c.4. ......
gt.
of excessive moisture, independent of the weevil, in water not occurring until too late to admit of the planting
1929, of 8% in 1928, and of 11% in 1927, making a loss of cotton with any chance of success. The next season
from the two causes combined of 9% in 1929 and of 23% much of the land which had had to be abandoned for the
and 22% respectively in the two years preceding. The cause named was reclaimed, and the total acreage devoted to
improvement which followed in the size of the crop was the cotton correspondingly restored. The State in both 1927
two-fold result of an increase in the area devoted to cotton and 1928 suffered from excessive moisture, but conditions
and of a higher product per acre, and in measuring its sig- in that respect were greatly modified for the better in 1929,
nificance, the underlying reason for the change must not leading to a restoration of the yield per acre to its former
be overlooked. Arkansas in 1927 suffered beyond all other normal yield. In 1927, with the acreage so sharply reStates from the overflow of the Mississippi and its tribu- duced, for the reason already mentioned, the yield per acre
taries. Nowhere else in that year were greater areas sub- was concurrently reduced, falling to only 178 lbs. of lint
merged, nor more people rendered homeless or greater general cotton per acre, against 210 lbs. per acre two years before.
damage done. The floods began in April of that year and The crop of the State, which had been 517,276 bales in 1925,
extended into May. According to the Crop Reporting cropped to 359 059 bales in 1927. In 1928 with rainfall
Board of the Department of Agriculture, 1,838,000 acres of again excessive during the growing season the yield recovered
crop land in Arkansas were then flooded of which 1,112,000 only to 185 lbs. and accordingly, even though acreage was
acres were in cotton, with the yield the previous season of once more restored to the normal, the crop of the State
500,000 bales. By May 15 of that year the waters had proved only a little larger than in the previous very bad
sufficiently receded in the submerged districts to permit year, aggregating no more than 429,284 bales, but in 1929,
planting, but early in June there came in that year a second with the damage on account of excessive rainfall very much
overflow, causing new devastation and adding further to reduced, the yield per acre once more greatly improved,
the havoc. Of course that disaster was not repeated in reaching 217 lb. per acre. The crop of the State was cor1928 or 1929, and it was the absence of that element of respondingly raised, being 515,774 bales. The U. S. Dedestruction that brought improvement again all around in partmont of Agriculture made the reduction from a full
1928 and 1929—in the extent of the area devoted to cotton, yield per acre by reason of excessive moisture, 10% in 1927
in the product per acre and in the size of the crop. The and 14% in 1928, but only 6% in 1929. With so much
same circumstance served to hide the damage done by the depending upon proper moisture conditions, the important
weevil, which nevertheless was a real factor in the situation.
question is the nature of the conditions the present season
Planting started about the first of April and was com- thus far. The present year the precipitation has been,
pleted about the 20th of May. This has reference to the taking the State as a whole, pretty near the normal, though
first planting. Second plantings after the heavy downpour varying somewhat for the different months. In January
began in the lowlands about May 20 and continued into for the State as a whole, average total precipitation was
June. The seed came up well except that planted during 4.99 inches, being 0.25 inches above the normal;in February
the wet period. A fairly good stand has been secured almost it was 4.06 inches, or 0.28 inches below normal; in March
everywhere. The fields as a rule are quite clean. Fer- it was 4.73 inches, or 0.61 inches below the normal; in April
tilizers are not used to any great extent, and while some of it was only 1.66 inches, or 2.82 inches below the normal,
our correspondents note a lessened application of the same, but in May 5.68 inches, or 1.45 inches above the normal.
others speak of an increase. The tax tag sales indicate a It will be noted that dryness rather than wetness has been
consumption of only 150,115 tons for all purposes within the prevailing condition, though this has not up to the
the State in the five months ended May 31 1930 and 149,765 present time worked any detriment of consequence to the
tons in the corresponding five months of the previous year. crop. A much more serious setback has been the cool
The crop is 10 to 15 days late. Reports as to acreage vary nights. Complaints on that score have come from all parts
from one extreme to the other, increases of 5 to 6% being of the State, the effect having been to prevent the normal
not uncommon, especially in the delta section, which was growth of the crop. Thecrop asaconsequence is some 15 days
flooded last year, but we leave the figure the same as last late in maturity, though having had an early start. The start
year.
may be said to have been from five to ten days earlier.
It should be stated that while for the State as a whole the
Yield of
Production,
Area
Area in
moisture has been somewhat below the normal rather than
Lint Cotton 500-lb. Gross
ARKANSAS.
Picked.
Cultivation.
per Acre.
Bales.
above there have been some local points, especially in the
Crop Year—
Acres.
Acres.
Bales.
1929
3.933,000
3,858,000
1,434.660
western part of the State, where rainfall has been too abund1928
3,834,000
3.681,000
1,245.982
1927
3,048,000
ant. Thus one correspondent in Carroll County reports that
8442.000
999.983
1926
3,790.000
3,867,000
1,547,932
1925
3,814.000
3.738.000
weather has been unfavorable—when it rains it floods, and
1.604,828
1924
3,173,000
3,094,000
1,097,985
1923
then a long drouth. This same correspondent points out
3,120,000
3,026,000
627,535
1922
2,799,000
2,827.000
1,018,021
1921
2,418.000
2,382,000
that on May 18, a downpour of 4.14 inches flooded all
796,936
1920
2,980,000
3,055.000
1,214.448
1919
bottom lands and washed the hill land. For the State as a
2,865,000
2.725,000
884,473
1918
3,035.000
2,991,000
987,340
1917
2,810,000
2,740,000
whole, planting extended over the period from April 10
973.752
1016
2,630,000
2,600,000
1,134,033
1915
2,260.000
2,170,000
to May 25. The seed came up quite well as a rule, and com816.002
1914
2.5:50.000
2.480.000
1.016.170
paratively little replanting had to be done. Pretty generally
TENNESSEE.—Acreage in this State has not varied a good stand has been obtained, though. occasionally the
greatly in recent years and there seems little likelihood of statement appears that "quite a bit has been lost by the
much change the present year. The indications point to cold." Fields nearly everywhere are clean and well worked,
an increase of 5% but that does not cut any great figure with little evidence of weeds or grass. Commercial fertilizers
In a State with a total planted area of only a little over have been used to a little larger extent than in the previous
1,000,000 acres. Taking the record of the last five years, year, though the quantity applied has not been large in
the planted area in this State was 1,191,000 acres in 1925: either year. The tax tag sales indicate a total of 143,820
1,178,000 acres in 1926; 985,000 acres in 1927; 1,145,000 tons sold for all purposes in the State in the first five months
acres in 1928, and 1,147,000 acres in 1929. It will be of 1930, against 124,744 tons in the corresponding five months
noted that the only deviation from the ordinary was in of 1929. As to home-made manures, these have been used
1927, when the disastrous overflow of the Mississippi River in about the usual quantities. One correspondent, in answersubmerged so much land all the way from Cairo to the Gulf, ing our questionnaire on that point says: "But little barn
including some land on the extreme western border of yard fertilizers, for automobiles do not furnish manure."
Tennessee, and when the whole of Tennessee suffered from On the other hand, another correspondent in going into
excessive rain and resulting floods, the subsidence of the explanations appears to sum up the situation more am-
curately by saying: "As the droppings from the mules and
horses decrease (machinery taking the place of horses and
mules) an increase is obtained by raising more sows, hogs
and sheep." Boll weevil have not been much of an infliction
to cotton farmers in Tennessee in the past, and the State
appears likely to enjoy a similar exemption the present season.
TENNESSEE.
Crop Year1929
1928
1927
1926
1925
1924
1923
1922
1921
1 120
1)19
1)18
1917
1911
1911
1914
Area
Picked.
Area in
Cultivation.
Acres.
1,136,000
1,107,000
965.000
1,143.000
1,173,000
936.000
1,172,000
985,000
634,000
840.000
758.000
902,000
882,000
887 000
772,000
915.000
Acres
1,147.000
1.145,000
985.000
1,178.000
1,191,000
1.016,0(8)
1.221,000
994.000
640,000
870,000
798,00()
910.000
904 000
895 000
780,000
935.000
Yield of
Lint Cotton
per Acre.
Pounds.
217
185
178
188
210
170
92
190
228
185
195
175
130
206
188
200
Productton.
500-10. Gross
Bales.
Pales.
515,774
429,284
359.059
451,533
517,276
356.189
227.941
390,994
301,950
325,085
310.044
329,697
240 525
382,422
303,420
383.517
•E
-
.
000.00.400o,00r.ow
'§§§§§nrinngr •
..3..._
, t..
,
a
C44.0tol.0
.
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4.0WW.A.WW000.0NWOWrP.
,,
p5.2
p, ,
, 0NOWW.Wpg
--
Area in
Cultivation.
ARIZONA.
Pounds.
402
378
340
386
340
284
285
188
258
266
268
270
242
400
380
A Ann
,
Area in
Cultivation.
Area
Picked.
A00
Yield of
Lint Cotton
per Acre.
Pounds.
324
357
315
348
350
285
292
222
242
224
270
280
285
Acres.
226,000
200.000
139,000
167,000
162,000
180,000
127.000
101,000
90,000
230.000
107,000
95,000
41,000
Acres.
227,000
202,000
140,000
168,000
162,000
183,000
130.000
105.000
94,000
235,000
112,000
100,000
46,000
Area
Picked.
Area in
Cultivation.
Yield of
Lint Cotton
per Acre.
Acres.
149.000
139,000
117,000
163,000
164,000
142,000
73,000
44,000
18,000
24.000
10,000
12,000
15,000
526,000
b15,000
820.000
Acres.
151,000
146,000
123,000
169,000
197,000
172,000
92.000
48.000
20,000
25,000
10,000
13,000
16,000
825,000
615,000
620.000
Crop Year
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Yield of
Lint Cotton
per Acre.
Acres,
309,000
218,000
128,000
162,000
169,000
130,000
233,000
202,000
140,000
275,000
185,000
173,000
136,000
52,000
39,000
47 000
Crop Year
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
ALL OTHER
STATES.
Area
Picked.
Acres.
319,000
223.000
130,000
167,000
171,000
130,000
235,000
210,000
140,000
278,000
185,000
192,000
155,000
55,000
41,000
11111 .......... I
111111.1111 11111
Bales.
219,932
146,909
114,584
217,859
294,262
189,115
120,894
142,529
69,931
78,856
64,031
62.162
60.831
62,699
47,999
81.752
P
Acres.
348,000
355,000
305.000
472,000
542,000
524,000
394,000
201,000
104.000
143,000
132,000
155.000
161,000
136,000
105,000
148,000
Production,
500-1b. Gross
Bales.
CALIFORNIA.
>4
Crop Year1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Area in
Cultivation.
CALIFORNIA, ARIZONA AND NEW MEXICO.
These are irrigated areas and the low market price ruling for
cAton seems to have had a greater effect in curtailing cotton
acreage in those areas than in any part of the distinctive
Cotton Belt of the South. At all events our returns show
larger or smaller decreases from 1929 in all of these districts.
In California the decrease in acreage seems to be fully 15%;
in lower California (the Mexican side of the Imperial Valley)
about 20%, and in Arizona and New Mexico about 5%. In
California planting started in March, and was completed in
May,the same as in 1929. The seed came up well, but conditions were unfavorable during the early part of May, necessitating some replanting. The stands range from fair to
good and the condition of the fields varies from fairly clean
to slightly grassy. In lower California planting started
March 20 and was completed April 20 or somewhat later
than usual, and though weather conditions have on the whole
been favorable the crop is somewhat late as to maturity.
Stands are reported as only fair; on the other hand fields are
generally clear of weeds and grass. In Arizona planting
started March 15 was not completed until June 1. The
weather has been much too cold and considerable replanting
has had to be done on that account. At present there is
more late cotton than usual, due to this replanting. The
seed from the first came up poorly on account of the cool
weather referred to. In maturity the crop is 7 to 10 days
late. Stands average fair, though with considerable poor
stands. Fields have been well worked and weeds and grass
have been generally eliminated.
A. ..1.0 11111111111
hOWC.C.OVON.0000!..OW .
4
vNNN.NNNNNN
000000.**00=0OOMMO
-Cotton raising in this State, as often
MISSOURI.
explained in these annual reviews, is confined to the areas
bordering on the Mississippi, and the crop, while small, has
latterly been' increasing, not by reason of additions to
aoreage, but through increased productivity. For instance,
while the yield per acre dropped from 275 lbs. of lint cotton
in 1925 to 188 lbs. in 1927, it thereafter increased again and
in 1929 was no less than 308 lbs. per acre. As a result the
crop of the State after falling from 294,262 bales in 1925
to 114,584 bales in 1927, recovered to 219,932 bales in 1929.
In the past season, however, the planted area was only
348,000 acres as against 542,000 acres in 1925.
The present season a little more acreage has been planted,
according to our reports, than in either 1929 or 1928. Probably 5% increase will be close to the fact, though of course,
this does not represent any very large amount when applied
to a State with such a small cotton acreage-say 17,000
acres, raising the State's cotton acres to 365,000 acres. The
Missouri areas devoted to cotton suffered severely from the
huge overflow of the Mississippi River which occurred in
April 1927, but have been free from any similar disturbance
since then, though there is always a little flooded land of
some kind in that region. It deserves to be noted that only a
small portion of the area submerged in 1927 was reclaimed
in 1928 or has been reclaimed in the years since then. Planting the present season began about April 20 and was finished
about May 20, being in both cases about 10 days earlier
than last season. Very little replanting was required,
though this does not apply to some limited areas where
replanting was necessary to the extent of about 20%.
In maturity the crop is of about average date notwithstanding
its early start, cool weather having served to check the
development to the normal extent. Cold north winds the
last week of May and low temperatures at night during
June have retarded growth. Our correspondents say, however, that the plant has a good root, though plants are
small. The weather has been very favorable for cultivation.
The season has been dry in the cotton counties of Missouri,
without having worked any harm as yet. Stands quite
generally are satisfactory, though in one or two instances
they are reported as only fair. Commercial fertilizers are not
an item of any great consequence in Missouri. The boll
weevil is little heard of in the Missouri cotton area.
MISSOURI.
4505
FINANCIAL CHRONICLE
JUNE 28 1980.]
Pounds.
280
256
265
244
258
215
228
208
231
252
250
250
175
__ _
___
b Includes Arizona figures for the years 1914-1915 and 1916.
UNITED
STATES.
Area in
Cultivation.
Area
Picked.
Yield of
Lint
Cotton
per Acre.
Production
500
-Lb.
Gross
Bales.
Crop Year.
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
Acres.
47.067,000
46,946,000
41,905,000
48,730,000
48.090,000
42,641,000
38,709,000
34,016,000
31,678,000
37,043,000
35,133,000
37,217,000
34,925,000
36,052,000
32,017,000
Acres.
45,793,000
45,341,000
40,138,000
47,087,000
46,053,000
41,360,000
37,420,000
33.036,000
30.509,000
35,878,000
33,566,000
36,008,000
33,841,000
34.985,000
31,412,000
Pounds.
155.0
152.9
154.5
181.9
167.2
157.4
130.6
141.5
124.5
178.4
161.5
159.6
159.7
156.6
170.3
Bales.
14,825,949
14,477,874
12,956,043
17.977.374
16.103,679
13,627,936
10,139,671
9,762,069
7,953,641
13,439,603
11,420,783
12,040,532
11,302,375
11,449,930
11,191,820
1014
37406
36 852
9009
16141 0111
nnn
nnn
Production,
500-1b. Gross
Bales.
Bales.
259.647
172.230
91.177
131,211
121,795
77,823
54,373
28,423
34,109
75,183
56.107
67,351
57,826
43,620
28,551
A011 25
.
Production.
500-1b. Gross
Bales.
Bales.
152,839
149,458
91,656
122,902
118,588
107,606
77,520
46,749
45.323
103,121
59,849
55,604
21,737
Produdion,
500-16. Gross
Bales.
Bales.
96,989
89,562
71,870
87,032
87,965
67,305
33,672
19,310
8,715
13.239
4,947
6,157
5,666
013.604
67,149
614,045
Linters
Equivalent
-Lb.
500
Bales.
Bales.
1.100.000
1.084.644
1,016,375
1.157.861
1,114,877
897,375
668,600
607,779
397,752
440,013
607,969
929,516
1,125,719
1,330,714
931.141
ORA nnn
4506
1.1.....,
FINANCIAL kiRRONICLE
evoruury•
VoL 130.
THERMOMETER RECORD AT SOUTHERN CITIES FOR THREE YEARS.
if .
arca
sls.,...
tl
I Vas...a.
'MIKITY
.
March.
April
MOM
ETER. 1930. 1929. 1928:1930. 1929. 1928 1930 1929. 1928. 1930. 1929. 1928.
Virginia.
Norfolk.
Highest 84.0 71.0 65.0 74.0 86.0 82.0 92.0 92.0 80.0 91.0 86.0 91.0
Lowest
20.0 19.0 25. 24.0 21.0 30.11 39.0 40.0 37.0 50.0 49.0 47.0
Average 46.4 41.3 43.6 48.2 54.4 48.6. 57.0 61.6 58.6 69.0 87.0 64.8
No. Caro.
Wilmington
Highest 81.0 72.0 68. 72.0 87.0 78.11 92.0 88.0 81.0 89.0 85.0 89.0
Lowest
25.0 26.0 27. 27.0 28.0 32.0, 41.0 42.0 38.0 50.0 48.0 46.0
Average 53.2 47.3 49.4 52.1 58.9 54.0' 63.5 65.4 60.21 72.4 69.6 67.8
Weldon.
Highest 84.0 71.0 67. 76.0 88.0 83.I, 94.0 94.0 82.01I 95.0 89.0 93.0
Lowest
15.0 15.0 16.0 19.0 18.0 25.01, 28.0 31.0 27.0 42.0 41.0 37.0
Average 45.3 39.4 43.1 47.2 54.6 49.91 58.0 61.3 58.6 70.4 66.8 65.6
Charlotte.
Highest 82.0 73.0 66.0 72.0 90.0 81.4 92.0 90.0 79.01 90.0 89.0 92.0
Lowest
22.0 23.0 20.0 20.0 26.0 28.0 41.0 42.0 32.0 48.0 43.0 43.0
Average 50.6 42.5 43.7 48.8 55.8 60.9 62.2 63.6 57.2' 71.9 68.7 67.2
Raleigh.
Highest 82.0 73.0 67.0 74.0 88.0 79.0 94.0 91.0 80.0 91.0 88.0 91.0
Lowest
22.0 19.0 22.0 22.0 23.0 29.0 38.0 40.0 32.0, 46.0 45.0 43.0
Average 49.6 42.0 43.7 48.8 55.6 49.9 60.6 62.6 56.8 1 70.8 67.6 66.2
Morganton.
Highest
___ 62.0 68.0 ___ 88.0 82.0 ___ 90.0 79.0 ___ 88.0 90.0
Lowest
___ 18.0 17.0 ___ 18.0 25.0 ___ 35.0 26.0 ___ 42.0 41.0
Average
___ 40.9 42.6 - 53.0 61.0 --- 62.0 66.0 ___ 66.4 64.4
So. Caro.
Charleston
Highest 81.0 72.0 70.0 72.0 88.0 77.0 86.0 85.0 83.01 92.0 89.0 89.0
Lowest
34.0 31.0 26.0 29.0 38.0 40.0 48.0 46.0 43.0i 54.0 50.0 49.0
Average 55.7 51.1 51.7 54.8 61.3 57.4 65.6 68.1 64.0, 75.0 72.0 71.0
ColumMa.
Highest 83.0 75.0 71.01 73.0 91.0 85.0 93.0 89.0 83.01 92.0 88.0 91.0
Lowest
27.0 26.0 21.0 24.0 31.0 32.0 42.0 42.0 39.0, 50.0 47.0 48.0
Average 53.4 46.3 47.4 51.5 58.9 55.4 65.5 65.7 81.4 73.8 70.6 69.3
Anderson.
I
Highest 80.0 67.0 71.0 72.0 91.0 85.0 91.0 89.0 82.0 89.0 86.0 88.0
Lowest
25.0 230 16.0 19.0 28.0 26.0! 37.0 40.0 33.0 49.0 42.0 44.0
Average 51.6 44.2 45.2 49.2 56.6 53.3 63.2 63.9 58.2 70.4 68.0 67.2
Greenwood
Highest 81.0 . _ 68.0 72.0 86.0 84.0 90.0 86.0 81.01 98.0 67.0 88.0
Lowest
28.0 23:0 17.0 21.0 28.0 27.0, 37.0 40.0 33.0 44.0 40.0 45.0
Average 50.0 ___ 43.6 48.4 57.7 51.41 62.8 63.3 68,51 69.0 68.6 87.13
Georgia.
Augusta.
Highest 83.0 74.0 72.1 1 74.0 93.0 87.0 90.0 90.0 85.0 92.0 91.0 92.0
Lowest
29.0 30.0 22.0' 26.0 34.0 334 41.0 44.0 40.0 50.0 48.0 47.0
Average 54.8 48.9 48.9 52.8 61.0 57.4 67.0 67.3 62.4 76.2 72.2 70.4
Atlanta.
Highest 77.0 71.0 66.0 70.0 87.0 83.0 85.0 85.0 77.0 88.0 89.0 86.0
Lowest
24.0 20.0 16.0 21.0 32.0 28.0 43.0 42.0 38.0 53.0 42.0 44.0
Average 51.8 43.6 44.1 49.3 56.8 51.8 63.4 64.6 57.9 70.468.8 67.4
Savannah.
Highest 82.0 78.0 73.0 76.0 92.0 84.0 87.0 88.0 82.0, 92.0 89.0 90.0
Lowest
34.0 23.0 24.0 29.0 38.() 40.0 50.0 45.0 43.0 54.0 50.0 48.0
Average 68.0 53.0 53.2 55.3 63.2 59.6 67.1 69.2 64.6 75.4 72.7 70.6
Florida.
Jacksontilk
Highest 81.0 84.0 80.0 80.0 89.0 87.0 85.0 86.0 85.0 92.0 89.0 89.0
Lowest
41.0 35.0 25.0 34.0 430 42.0 51.0 50.0 47.0 62.0 51.0 48.0
Average 60.8 59.1 57.0 58.7 66.8 63.8 68.8 71.4 66.6 75.7 75.0 71.6
Tampa.
Highest 83.0 84.0 83.0 80.0 89.0 88.0 88.0 87.0 88.0 92.0 02.0 89.0
, Lowest
41.0 43.0 33.0 39.0 51.0 47.0 50.0 58.0 47.0 63.0 54.0 82.0
Average 65.5 65.6 64.4 63.4 70.5 68.2 71.6 74.7 70.5 77.8 78.0 74.4
Tallahassee
Highest 84.0 78.0 76.0 81.0 91.0 85.0, 89.0 89.0 85.0 96.0 94.0 93.0
Lowest
34.0 29.0 20.0 31.0 36.0 36.0' 40.0 46.0 38.0 59.0 45.0 42.0
Average 59.4 56.6 54.6 68.4 64.4 62.6 68.4 70.13 64.2 77.4 74.0 72.2
Alabama.
Montgomery
Highest 80.0 76.0 72.0 74.0 90.0 85.0, 88.0 86.0 82 0 91.0 93.0 90.0
Lowest
30.0 26.0 21.0 29.0 35.0 33.0 47.0 48.0 39.0 54.0 49.0 49.0
Average 56.5 49.0 50.4 54.2 61.8 57.9 67.8 68.2 61.4 74.9 72.8 71.2
MoMle.
Highest 76.0 75.0 72.0 76.0 89.0 80.0 87.0 86.0 79.0 88.0 91.0 88.0
Lowest
33.0 29.0 27.0 34.0 40.0 36.0, 51.0 52.0 41.0 58.0 51.0 51.0
Average 58.4 51.9 53.0 56.4 63.6 62.0 68.8 71.1 63.2 74.8 74.8 72.6
Eufaula.
Highest 84.0 77.0 75.0 78.0 92.0 85.0 90.0 88.0 83.0 94.0 95.0 92.0
Lowest
27.0 24.0 19.0' 29.0 32.0 31.0 39.0 44.0 37.0' 54.0 44.0 42.0
Average 55.0 49.3 49.3 54.6 61.5 58.4 66.4 68.8 61.8 75.8 73.8 70.8
ltrmirwham
Highest 81.0 74.0 71.0 74.0 89.0 860 85.0 85.0 8.80 90.0 92.0 88.0
Lowest
25.0 19.0 17.0i 23.0 30.0 29.0' 41.0 41.0 4.50 49.0 42.0 46.0
Average 54.0 44.2 97.2, 52.2 59.4 54.0 66.0 65.8 1.56 71.91 70.0 68.8
,
May.
MOMETER. 1930. 1929. 1928. 1930. 1929. 1928:1930. 1929. 1928. 1930. 1929.
1928.
Louisiana.
New Orgns.
Highest 79.0 80.0 74.0 81.0 90.0 86. 86.0 90.0 85.0 88.0 94.0
91.0
Lowest
36.0 32.0 32.0 40.0 43.0 41.1 62.0
Average 61.5 53.8 54.8 69.2 66.2 65.1 70.8 68.0 46.0 F0.0 57.0 61.0
73.3 65.6 76.5 76.2 75.0
Shreveport.
Highest 79.0 74.0 73.0 77.0 91.0 89.' 93.0 90.0
85.0 80.0 91.0 95.0
Lowest
33.0 22.0 29.0 28.0 35.0 88.1 54.0 49.0 35. 67.0
Average 57.4 42.6 50.8 55.0 61.6 59.2 71.0 69.2 61.4 73.0 51.0 53.0
72.5 73.8
Gr'd Coteau
Highest 79.0 78.0 81.0 76.0 86.0 85.0 90.0 87.0
82.0 89.0 93.0 94.0
Lowest
32.0 28.0 28.0 30.0 33.0 37.0 49.0 50.0
Average 60.6 51.8 54.7 57.5 64.6 63.6 69.8 71.8 38.0 64.0 45.0 48.0
64.11 75.2 74.6 73.3
Mississippi
Columbus.
Highest 81.0 77.0 71.0 74.0 93.0 82.0 89.0 90.0
76.0 92.0 98.0 85.0
Lowest
25.0 17.0 18.0 24.0 28.0 26.0 40.0 40.0 32.0
Average 55.0 44.8 46.8 54.0 60.2 54.8 67.2 67.6 59. 48.0 41.0 43.0
73.0 72.4 68.0
Vicksburg.
Highest 80.0 80.0 72.0' 71.0 92.0 85.0 88.0 84.0
84. 87.0 90.0 90.0
Lowest
30.0 22.0 26.' 31.0 34.0 35.0 48.0 51.0 38.0 56.0 47.0 53.0
Average 57.2 44.5 50.2 54.4 61.2 58.8 68.7
68.1 60.81 73.1 72.5 71.6
Brookhaven.
Highest 79.0 74.0 75. 73.0 89.0 87.0 87.0 88.0 88.0 92.0
93.0
Lowest
27.0 22.0 22.0 28.0 30.0 30.0 44.0 48.0 35. 52.0 43.0 96.0
44.0
Average 57.6 48.1 51.01 54.4 62.2 60.2 68.3 69.6 61.8 74.6 74.2 74.6
traynadmro
Highest 81.0 75.0 76. 75.0 78.0 86.0 91.0 89.0
87.0 93.0 94.0 05.0
Lowest
21.0 20.0 24.0 28.0 29.0 30.0 40.0 42.0 33.0 49.0 42.0
Average 57.1 98.4 52.1 64.8 58.8 .57.5 67.0 87.2 131.4 74.2 74.4 43.0
71.1
Arkansas.
Little flock.
Highest 79.0 69.0 71.0 75.0 90.0 82.0 90.0 84.0 80.0 85.0 91.0 89.0
Lowest
30.0 13.0 22.0 26.0 31.0 34.1 45.0 44.0 35.0 54.0 41.0 51.0
Average 54.0 36.6 45.8 52.1 66.8 53.9 66.4 64.7 57.6 69.9 67.7 70.3
Fort Smith
Highest 80.0 63.0 72.0 76.0 92.0 83.01 90.0 85.0 81. 87.0 88.0 93.0
Lowest
29.0 3.0 21.0 25.0 30.0 33. 49.0 39.0 32.0 50.0 41.0
Average 52.9 32.6 45.2 50.8 54.9 53.1 68.4 64.4 57.1 68.8 67.2 52.0
70.6
Camden
Highest 81.0 73.0 70. 75.0 93.0 86.0 90.0 86.0 81.0 89.0 94.0 94.0
Lowest
250 18.0 20.0 24.0 28.0 31.0 37.0 36.0 29.0 49.0 38.0 44.0
Average 534 38.5 45.9 61.4 57.0 54.6 66.3 65.2 57.6 71.0 68.9 70.3
Tennessee
Nashville.
Highest 74.0 88.0 69.0 71.0 88.0 81.1 87.0 84.0 77.0 88.0 91.0 87.0
Lowest
21.0 12.0 18.1 21.0 23.0 27.0 38.0 42.0 33.0 51.0 41.0 47.0
Average 49.3 35.4 41.6 47.4 54.4 48.8 62.0 62.4 55.9 68.0 86.6 66.4
Memphis.
Highest 78.0 68.0 73. 1 72.0 86.0 78.0 85.0 83.0 77.0 86.0 92.0 86.0
Lowest
25.0 15.0 19.0 26.0 29.0 29. 45.0 47.0 35.0 63.0 44.0 48.0
Average 52.7 37.0 44.8 51.2 56.2 51.8 65.8 64.2 57. 70.6 68.8 69.4
A:Aomori.
Highest 75.0 67.0 70. 72.0 91.0 83.0 86.0 84.0 79.0 91.0 91.0 88.0
Lowest
18.0 13.0 12.0 19.0 22.0 25.0 31.0 37.0 28.0 42.0 38.0 40.0
Average 49.6 35.6 42.0 47.6 54.4 49.8 61.6 61.4 56.2 87.9 66.6 65.5
Texas.
Galveston.
Highest 74.0 70.0 75.0 73.0 79.0 80.0 86.0 83.0 80.0 84.0 82.0 89.0
Lowest
40.0 27.0 35.0 38.0 45.0 41.0 62.0 59.0 41.0 64.0 53.0 61.0
Average 60.0 51.0 55.3 58.4 64.4 62.7 70.9 73.4 63.6 75.5 74.6 74.4
Palestine.
Highest 83.0 69.0 78.0 81.0 92.0 90.0 93.0 88.0 85'' 80.0 89.0 97.0
Lowest
32.0 17.0 28.0 28.0 34.0 36.0 56.0 48.0 34.0 55.0 47.0 51.0
Average 57.6 41.6 50.6 54.6 61.7 59.2 70.8 69.1 60.6 71.2 71.1 73.8
.4 bilene.
Highest 87.0 77.0 77.1 83.0 92.0 96.0 96.0 91.0 99.0 93.0 98.0 100.0
Lowest
29.0 10.0 24. 23.0 33.0 24.0 42.0 42.0 30.0 48.0 44.0 44.0
Average 57.5 39.0 49. 54.2 57.8 59.0 72.8 68.4 63.2 72.7 70.4 72.4
San Antonio
Highest 86.0 78.0 78.0 91.0 94.0 95. 93.0 94.0 93.0 91.0 91.0 97.0
Lowest
37.0 22.0 33.0 33.0 38.0 33.0 50.0 56.0 37.0 68.0 48.0 54.0
Average 61.6 50.0 55.6 58.8 65.8 65.6 72.2 72.8 65.8 75.0 74.7 74.7
Huntsville.
Highest 80.0 73.0 72.0 77.0 84.0 82.0 89.0 85.0 84.01 86.0 90.0 95.0
Lowest
34.0 19.0 29. 31.0 34.0 38.0 54.0 49.0 35.0 53.0 44.0 48.0
Average 58.9 45.7 50.8 54.4 62.7 58.6 71.0 69.8 61.9 73.0 72.5 74.0
Longview.
Highest 82.0 57.0 69.0 81.0 ___ 84.0 93.0 92.0 87.0 89.0 93.0 91.0
Lowest
26.0 20.0 29.0 24.0 _ 36.0 46.0 45.0 37.0 50.0 44.0 52.0
Average 55.8 40.8 47.8 53.8 ___ 61.0 69.0 71.2 64.4 69.9 73.0 76.1
_Mainline
Ala. City.
Highest 80.0 58.0 71. 75.0 91.0 88. 90.0 87.0 85.0 87.0 85.0 98.0
Lowest
29.0 0.0 16.0 21.0 27.0 25.0 46.0 35.0 30.0 43.0 400 46.0
Average 50.8 30.8 42.8 48.0 53.1 53.1 66.8 63.1 66. 67.4 047 69.6
RAINFALL RECORD AT SOUTHERN MIES FOR THREE YEARS.
February.
March.
April.
May.
VAINFALL. 1930. 1929:1928 h930. 1929. 1928 1930. 1929. 1928.i930. 1929. 1928.
February.
March
A nril.
May.
RAINFALL. 1930. 1920,r1928. 1930. 1929. 1928.11930. 1929 1928. 1930.
1929. 1928.
Virginia
Norfolk.
RaInfaliin. 1.74 4.24 2.85 1.68 2.80 2.73 2.38 1.06 4.24 1.63 7.90 2.14
Days rain.
6
12
10
13
8
8
14
6
6
lOU
7
8
Florida.
Jacksonville
RaInfalLin.
Days rain.
Tampa.
RaInfaiLin.
Days rain.
Tallahassee
RainialLin.
Days rain.
Alabama
Montgomery
Ratntalitn.
Days rain.
Mobile.
Rainfalitn.
Days rain.
Eufaula.
Rainfalite.
Days rain.
Birmingham
Rainfolile.
Days rain.
Louisiana
New Orl'ns
RainfalLin.
Days rain.
Set moor!.
No. Caro.
Wilmington
ItainfalLin.
Days rain.
Weldon.
RatnfalLin.
Days rain.
Charlotte.
ItalnfalLin.
Days rain.
!Weigh.
Raintatiln.
Days rain.
Morganton.
Italelaliin.
Days rain.
0.38 5.21 6.14, 2.98 2.06 1.84 1.82 1.64 7.19 1.51 5.25 3.18
2
121
13
12
14
10
8
8
11
11
6
12
0.71 5.32 3.29 2.13 4.74 3.96 2.17 2.25 5.32 1.43 6.86 2.39
3
9
11
9
7
8
9
7
11
10
5
10
0.92 8.58 3.57 2.45 7.09 3.53 0.86 3.35 5.871 3.08 5.90 4.05
4
11
12
12
13
16
9
111
12
8
16
1.18 6.99 3.24 2.33 6.00 2.58 2.16 2.92 6.50 2.02 6.05 4.24
4
121
11
11
12
8
8
11
13
8
12
4.87 3.35
9
11
5.75 4.52
11
8
So. Caro.
Charleston.
ItainfalLin. 0.81 4.86 7.44 4.17 2.05
10
13
3
Days rain.
13
12
Columbia.
ItainfalLin. 0.65 6.96 5.41 2.31 5.27
13
13
10
4
10
Days rain.
Anderson.
Rainfaliin. .80 9.38 3.45 3.15 9.70
9
11
10
4
11
Days rain.
Greenwood.
ItaintalLin. 1.07 9.22 3.96 2.55 10.71
8
11
12
11
5
Days rain.
3.56 4.62
7
11
4.90 6.10
15
10
3.08 2.60 1.88 2.54 0.76 4.30 1.05
11
4
10
6
9
9
9
2.90 1.64 4.20 6.39 2.95 5.49 5.33
7
11
10
10
9
13
11
5.54 2.53 4.09 5.60 4.49 6.95 7.91
10
12
12
10
11
13
3.59 1.23 5.91 6.20 3.52 7.01 6.68
10
12
4
10
10
8
Georgia
A ususta.
Rainfalitn. 0.96 8.91, 5.84 4.08 6.72 4.35. 1.91 3.19 6.40 1.44 6.85 6.37
9
14
14
12
Days rain.
5
13' 13
10
4
6
13
9
Atlanta.
Rainfallje 1.02 9.21 2.50/ 4.34 13.28 5.69 1.40 6.16 5.42 8.50 6.10 6.97
'
11
Days rain
13
Ill
13
9
14
13
6
11
12
11
Savannah
RainfalLin 1.13 4.38 6.69 4.22 2.74 7.16 4.21 1.95 4.12 1.94 3.65 1.23
Days rain.
6
9
14
8
10
6
12
5
8
10,
4
15
2.61 1.28 3.54 10.00 2.14 4.38, 1.86 5.09 8.19 3.70 6.09 2.33
7
10
14
5
10
IL
7
6
9
9
10
6
3.34 1.72 1.09 9.87 2.18 2.67 3.84 2.58 4.31 6.20 4.27 2.42
4
14
7
5.
7
5
7
6
6
5
11
5
1.87 8.89, 7.48 10.78 4.49 7.18 2.32 5.80 11.68 2.62 5.06 1.63
5
10
10
18
5
9'
6
6
9
7
6
4
2.69 10.34 3.18 4.93 16.38 5.22 2.26 7.56 9.58 2.10 7.27 2.60
8
10
11
13
7
14
12
3
11
11
6
10
1.94 9.13 8.62 3.22 20.23 5.47 0.77 3.58 6.86 3.54 5.21 3.57
6 16
8
13
15
6
8
8
5
9
9
1.68 16.49 4.23 7.21 14.33 5.571 1.06 1.60 11.31 1.25 4.20 1.50
11
16
11
11
8
9
11
5
9
6
1.71 6.33 1.77 6.80 13.14 7.71 1.38 6.85 9.50 7.94 10.20 3.84
7
12
14
9
16
3
12
7
10
12;
15
10
2.98 6.26 7.63 5.88 6.25 5.42 2.89 1.98 7.47 4.31 7.62
7
13
6
9
7
18
4
12
15
7
4.72 2.54 2.93 1.24 3.08 4.OS1 0.75 3.09 5.81 6.42 3.481
11
Days rain.
14
8
6
10
lii
8
17
11
13
Ge a Coteau
Rainfalite. 3.69 8.33 4.30 3.47 6.10 5.70 0.77 1.74 4.54 2.36 6.98
7
Days rain.
8
5
11
6
3
10
5
9
5
Mississippi
Columbus
Italnfaliin. 2.28 4.34 3.72 6.90 8.83 7.111 1.95 3.96 12.62 10.67 3.71
Days rain.
5
8
4
7
7
2
iii
9
10
9
icksburg
2.72 3.64 2.63 4.15 8.86 3.521 0.20 4.82 9.30 10.54 3.32
8
Days rain.
13
11
11
9
12
5
10
10
10
Brookhaven
ItaInfaliin. 3.32 6.06 3.20 3.52 5.82 6.59 0.51 3.60 9.97 11.24 6.37
10
Days rain.
14
9
8
11
14
11
11
4
8
10
10.
Waynesbor
Ituintalt,i n. 3.17 9.99 2.88 5.28 18.94 6.25 0.15 3.01 12.88, 2.82 6.67
8
11
Days rain.
7
8
9
11
15
1
8
8
6
9
9
9
6.48
6
2.67
6
5.13
a
2.83
7
2.29
7
5.63
8
4.46
8
JuNin 281930.)
RAINFALL
Arkansas
Little Rock
Rainfall.in
Days rain
Helena.
RaInfa11,ln
Days rain.
Ft. Smith
Rainfall.ln.
Days rain.
Camden
ItaInfalljn.
Days rain.
Tennessee
Nashville
Rainfall,in.
Days rain.
Memphis
Ralnfs31,1n.
Days rain.
Asliwood
Rainfall,in.
Days rain
FINANCIAL CHRONICLE
February.
March.
April
May.
1930. 1929 1928 1930. 1929. 1928. 1930. 1929. 1928. 1930. 1929. 1928.
4.40 2.88 2.57 1.99 4.72 1.7 0.17 4.93 7.0111.12 6.20 3.86
9
9
12
7
17
4
4
12
121 13
14
8
3.12 4.30 2.35 1.90 3.92 6.39 0.56 6.83 8.44 9.40 7.48 5.42
10
7
11
7
10
4
13
121 10
9
15
1.91 2.68 1.77 0.75 5.45 1.34 1.85 3.78 7.31 7.44 7.10 5.43
5
9 6
1
12
7
7
9
7
13
11
7
4.73 3.5
1
7
2.37 3.12 4.42 3.54 0.55 3.40 7.31 17.68 3.55 2.03
10
7;
7
6
9 11 12 15
3.68 8.8
10
1
2.6 5.1 0.48 3.20 1.18 3.93 3.22 5.23 6.46 2.89
9
s 11 12 6 13 12 11 12 10
4.78 3.4
10
2.42 3.1
7
3.6 3.14 1.45 8.50 6.70 5.86 4,88 2.51
14
8
13
5
13
14
10
6
5.45 4.9
6
1
1.80 4.8
6
9.60 4.55 1.40 4.65 5.25 4.38 8.95 3.10
14
8
2
12
9
14
12
5
RAINFALL.
Texas.
Galveston
Rainfall.in.
Days rain
Palestine
Rainfall,In
Days raln
Abilene
Raintall,In
Days rain
BanAntonio
Ralnfallin
Days rain
/iuntisille
Rainfall,in
Days rain
Longriew
Rainfall.ln.
Days rain.
Okia. City
Okla. City
Raintan.in.
4507
February.
Apra.
Marc).
Mo.
1930. 1929. 1928. 1930. 1929. 1928. 1930 1929. 1928. 1938. 1929. 1928.
I
2.74 2.73 5.41 1.05 3.57 0.7. 3.99 9.92 1.
2.60 ICAO 1.54
6
10
10
8
6
8
8
11
7
6
I
4.21 1.59 4.86 2.15, 3.21 1.92 0.'', 3.75 2.6 • 8.
CM 0.63
13
8
8
7
91
9
5
0.06 1.40 0.78 0.971 2.72 0.43 2.23 1.18 0.93 6.39 4.22 12.03
1
8
5
4
8
3
2
7
4
11
0.04 0.18 2.85 1.76, 3.12 2.
2.11 2.37 1.71 0.89 7.73 3.90
5
9
11
7
4
6
8
1
:
14
2.70 3.80 3.50 4.40 3.70 4.5
5
7
4
5
0 S 5.20 3.70 a
10.00 1.311
I
4
5 .21
13
5.28 1.85 2.50 2.28 ____ 3
8
4
7 -_-5
1.
2
5.12 7.0 1
10
7
1
CU 1.24
IF
1.29 0.93 1.33 0.251 5.05 1.75 2.30 2.08 3.6:t 7.53 6.67 1.9i
K
7
0
7
0
A
r
. ii
7
70
The foregoing tables of rainfall and thermometer, covering as they do-and necessarily so on account of lack of vase
only a very few stations in the cotton belt, give only a very partial idea of the meteorological conditions that have prevailed
this spring at the South. The following compilation, however, which covers the official averages of rainfall and the departure from normal in each State for each month from January to May,both inclusive, for the last eight years, and the highest,
lowest and average thermometer for the like periods, furnishes data that should not only be of considerable interest but of
aid to the reader in drawing conclusions.
RAINFALL.
January.
February.
March.
TEMPERAT(JRR.
April.
May.
January.
February.
March.
1.34
6.38
3.93
3.96
4.04
2.15
4.68
3.29
-2.76
+2.22
-0.33
-0.12
-0.02
-1.89
+0.28
-0.62
2.81
5.94
3.48
3.41
4.29
2.50
2.72
5.27
-1.50
+1.66
-0.82
-0.97
-0.10
-1.97
-1.63
+1.09
2.16
3.12
5.91
2.77
2.45
2.44
4.44
4.18
-1.53
+.57
+2.04
-0.89
-1.23
-1.34
+0.84
+0.61
3.06
6.33
4.76
2.50
1.67
2.80
5.27
4.30
-0.99
+2.30
+0.73
-1.51
-2.46
-1.27
+1.19
+0.20
82 -3
3
79
851-13
821-11
75 -3
9
74
2
75
78
9
43.3
42.8
41.0
41.5
40.1
40.8
39.6
44.0
86
76
76
86
70
821
761
79
-2
4
-6
13
-1
5
2
-1
47.1
41.1
42.8
51.4
45.0
49.0
39.9
41.0
79
91
86
8:
87
89
84
88
4.46
4.01
1.48
0.89
6.18
8.54
4.34
2.74
+0.89
+0.46
-2.06
-2.61
+2.62
+4.95
+0.88
-0.70
1.1
7.8
5.0
4.2
8.9
1.6
3.54
3.83
-3.21
+3.44
+0.72
-0.07
-0.32
-2.63
-0.85
-0.58
3.40
7.59
3.87
3.79
4.49
1.67
2.74
5.14
-0.57
+3.61
-0.03
-0.11
+0.511
-2.21
-1.20
+1.16
2.16
4.30
6.40
1.58
2.43
2.12
690
3.48
-0.01
+1.20
+3.33
-1.41
-0.69
-0.92
+2.84
+0.50
2.44
6.46
5.22
1.92
106
2.1
4.4
6.4
-1.17
+2.81
+1.65
-1.61
-2.51
-1.40
+0.75
+2.(8
77
82
81
81
76
76
76
80
11
1.
I
2
12
18
1
20
47.1
46.7
44.7
45.7
44.1
44.9
432
49.0
83
82
751
881
7
801
79
82
13
12
13
20
12
19
13
11
52.4
45.3
46.2
57.6
49.3
52.4
44.2
44.8
76
93
88
89
83
99
88
::
5.00
4.94
1.46
0.8
7.68
10.
84
6.3
4.0
+0.76
+0.70
-2.78
-3.37
+3.42
+6.90
+1.45
+0.07
1.6
8.63
6.10
4.51
4.54
2.10
8.98
4.81
-3.39 5.77
+3.63 10.87
+0.10 6.42
-0.49 3.15
-0.46 5.72
-2.87 2.05
-1.01 3.42
-0.16 6.00
+0.98
+5.38
+1.73
-1.64
+0.93
-2.84
-1.47
+1.11
3.26
4.02
8.07
2.00
2.28
1.72
5.99
3.92
-0.32
+0.44
+4.49
-1.58
-1.30
-1.84
+2.43
+0.36
2.2
5.4
3.9
1.58
1.69
1.80
3.73
8.79
-1.24
+1.98
+0.49
-1.92
-1.81
-1.59
+0.34
+5.40
8 48.
81
85 11 50.3
83 - 46.0
4 48.4
85
84
t 45.6
83 12 48.0
81 -9 43.3
18 51.3
81
87
861
82
871
821
85
84
861
11
12
7
21
15
12
10
0
53.7
48.9
48.9
68.5
50.8
53.6
48.7
49.4
82
94
90
91
83
91
89
88
35.
3.1
0.75
0.42
5.80
5.11
4.12
1.76
+0.72
+0.41
-2.02
-2.41
+3.01
+2.33
+1.25
-1.05
3.12
2.14
3.06
3.50
2.21
2.06
3.30
1.63
-0.02
-1.00
-0.11
+0.33
-0.83
-1.12
+0.17
-1.63
7.37
3.21
4.31
2.38
4.21
1.91
5.79
2.08
+4.31
+0.26
+1.37
-0.52
+1.38
-0.96
+3.45
-0.87
3.50
3.40
7.47
1.36
4.53
1.54
3.24
2.39
+0.82
+0.74
+4.83
-1.28
+1.85
-1.25
+0.73
-0.37
4.19
4.98
3.66
0.93
2.76
6.03
3.06
9.01
+0.21
+1.00
-0.29
-3.03
-1.74
+1.69
-1.32
+5.01
89
89
87
88
9
901
881
88
62.2
62.7
56.0
58.7
57.6
63.7
59.9
61.7
891
92
94
911
901
88
881
90
27
26
20
33
23
23
24
16
63.6
63.7
61.9
67.1
60.4
63.0
58.0
62.2
91
95
95
91
92
93
92
94
4.45
6.67
1.66
1.14
8.23
9.59
6.67
3.99
-0.61
+0.61
-3.50
-3.92
+3.17
+4.68
+1.73
-0.89
2.28
9.13
3.79
6.45
4.42
3.51
4.65
5.93
-3.04 5.64
+3.83 15.35
-1.51 6.24
+1.15 4.8
-0.88 6.52
-1.79 2.70
-0.67 3.32
+0.52 6.38
-0.09
+9.60
+0.49
-0.86
+0.77
-2.59
-2.3
+0.7
1.47
4.64
9.86
2.28
2.32
1.51
5.58
5.97
-2.82
+0.35
+5.57
-2.01
-1.07
-2.94
+1.10
+1.45
3.82
5.86
3.64
2.55
2.09
2.36
4.22
8.59
-0.15
+1.89
--0.33
-1.42
-0.98
-1.79
+0.24
+4.54
82j
1 46.0
84 13 48.9
81 -2 44.9
4 49.2
81
5
77
13 45.3
821 14 48.4
75 -2 41.8
81 23 52.0
86
78
83
85
80
82
81
83
19
12
11
22
21)
19
12
10
53.9
46.0
48.2
58.7
51.3
53.5
47.0
47.8
81
93
89
89
85
90
87
89
7.85
6.53
1.03
2.22
663
7.58
6.39
4.21
+3.12
+1.80
-3.70
-2.51
+2.08
+3.01
+1.84
-0.34
3.51
6.46
4.90
6.34
2.67
2.38
4.94
5.63
-0.98 3.63
+1.97 6.06
+0.41 4.3
+1.85 7.3
-1.90 11.4
-2.39 2.13
+0.87 3.49
+0.99 6.34
-1.04
+1.3
-0.2
+2.72
+6.00
-2.38
-1.02
+1.83
1.38
3.22
6.82
6.85
6.53
1.00
4.41
6.24
-3.32
-1.48
+2.12
+2.15
+1.81
-3.72
-0.81
+1.52
5.86
6.08
4.03
5.42
5.39
2.60
4.78
8.00
+1.43
+1.65
-0.27
+0:99
+1.06
-1.73
+0.45
+3.67
82 -3 49.2
83 15 53.3
85
9 50.5
871 10 55.9
78 20 49.3
82 18 50.9
8 46.7
82 25 58.0
84
87
82
89
84
87
81
85
25
17
19
26
23
20
12
16
59.0
49.7
52.9
62.2
56.0
58.4
52.5
63.9
84
95
92
87
84
88
89
89
5.37
5.24
1.72
2.42
6.46
8.58
6.56
4.47
+0.35
+0.25
-3.46
-2.80
+1.25
+3.45
+1.59
-0.47
3.38
6.16
3.13
6.26
3.06
3.81
4.51
6.43
-1.51
+1.41
-1.79
+1.45
-1.87
-1.16
-0.43
+1.51
4.10
8.65
5.29
8.27
7.60
2.89
4.16
7.44
-1.70
+2.92
--0.51
+2.77
+1.91
-2.78
-1.59
+1.73
1.21
4.53
8.93
5.12
3.37
1.15
5.04
8.54
-3.69
-0.85
+3.74
-0.07
-1.96
-4.26
-0.37
+3.12
9.22
4.76
4.26
4.56
3.81
3.76
4.52
9.09
+4.78
+0.30
-0.26
-0.02
-0.84
-1.43
+463
851-12
82 13
83
3
83 __
76
12
80 11
78
2
82 231
47
47
46.7
50.6
45.:
47.5
42.2
53.3
84
82
79
86
84
85
83
83
21
14
16
27
21
19
18
10
55.8
45.1
49.3
58.4
52.8
54.6
48.3
47.5
80
96
90
87
83
88
88
87
9.16
5.08
2.05
5.41
4.00
0.68
3.19
5.78
+5.06
+0.98
-2.05
+1.31
+0.59
-1.55
-1.04
+1.65
3.92
4.01
2.2
2.62
2.02
3.37
2.26
4.66
+0.57
+0.96
-1.12
-0.73
-1.33
+0.09
-1.02
+1.38
2.21
3.77
2.53
7.20
5.57
1.69
3.27
5.04
-2.53 1.41
-0.97 5.89
-2.21 8.52
+2.50 12.93
+0.83 2.65
-3.01 2.62
-1.43 4.99
+0.34 6.30
-3.47 10.06
+0.81 6.31
+3.64 3.60
+8.05 6.54
-2.23 2.42
-2.16 1.88
+0.21 4.64
+1.52 8.24
+5.04
+1.29
-1.42
+1.52
-2.60
-3.24
-0 48
+3.12
74-28
79
2
90-10
70 -1
77-17
76 -4
79 -6
80 15
33.8
39.4
42.7
42.6
40.5
40.8
36.1
43.6
86 16 52.2
76 20 35.4
79 10 45.0
90
9 52.1
88 10 48.5
83 12 49.3
82 -7 42.9
80
5 41.9
83
98
92
87
88
89
84
88
4.99
4.80
2.90
3.78
430
3.51
5.87
6.19
+0.21
+0.06
-1.84
-1.00
-0.72
-1.42
+0.92
+1.19
408
5.00
2.22
4.62
2.67
4.48
3.99
4.64
-0.28
+0.65
-2.11
+0.24
-1.44
+0.37
-0.10
+0.43
4.73
7.75
4.65
7.49
3.92
2.47
3.07
7.59
-0.61
+2.40
-0.65
+2.18
-1.46
-2.97
-2.21
+2.25
1.66
5.26
6.01
7.70
2.61
3.34
4.75
5.08
-2.82
+0.72
+1.49
+3.21
-2.02
-1.1'
+0.14
+0.64
5.68
7.69
4.92
5.06
2.92
1.98
5.75
6.60
+1.45
+3.49
+0.80
+0.96
-1.16
-2.20
+1.67
+2.34
77-12
78
8
77-10
81 -3
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67
1
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38.1
39.9
38.6
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94
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86
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2.11
0.67
1.24
3.1
1.39
1.73
1.88
-0.02
+0.28
-1.16
-0.59
+1.28
-0.44
-0.02
+0.13
1.53
1.30
2.62
2.07
0.34
11.46
2.49
4.50
-0.33
-0.56
-0.76
+0.21
-1.52
-1.40
+0.69
+2.70
1.73
2.58
1.16
2.33
4.81
0.65
2.26
3.02
-0.33
+0.52
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+0.27
75
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+0.28
+1.04
1.95
2.42
2.15
3.10
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88
2.06
2.33
4.16
-1.30
-0.83
-1.10
-0.15
+0.63
-1.19
-0.89
+0.94
5.16
7.78
3.37
1.64
3.34
2.63
4.36
1.97
+0.53
+4.12
-0.29
-2.02
-41,32
-1.03
+0.68
-1.71
88-15
91 -3
93 -7
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56.4
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51.2 106
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2.18
2.24
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+0.76
+0.80
-0.39
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1.24
1.49
1.90
1.49
0.52
0.85
0.93
1.11
-0.04
+0.08
-0.75
+0.04
-1.00
-0.65
-0.51
-0.47
0.62
3.42
1.65
2.62
2.55
0.83
3.30
2.40
-1.64
+1.25
-0.07
+0.53
+0.53
-1.31
+1.46
+0.43
2.90
2.90
4.86
6.29
2.73
4.50
4.21
4.00
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-0.86
+0.76
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3.06
2.38
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55.6 100 32
63.6
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Dep.
Dep.
Dep.
Dep.
from Avge. from Asps. from Avge from
RigLow Mean Mir) Low Mean Hip Low
Normal
Normal
Normal
Normal
1
N.Caro1930
1929
1928
1927
1926
1925
1924
1923
Elo. Car.
1930
1929
1928
1927
1926
1925
1924
1923
Georgia
1930
1929
1928
1927
1926
1925
1924
1923
Florida
1930
1929
1928
1927
1926
1925
1924
1923
Alabama
1930
1929
1928
1927
1923
1925
1924
1928
Louisiana
1930
1929
1928
1927
1926
1925
1924
1923
Ilississippl1930
1929
1928
1937
1926
1925
19241928
Arkansas
1930
1929
1928
1927
1926
1925
1924
1923
Tennessee1930
1929
1928
1927
1926
1925
1924
1923
Tow
1930
1929
1928
1927
1926
1925
1924
1923
Oklahoma
1930
1929
1928
1927
1926
1925
1924
1933
AVre.
cilAcWq0
9
Dep.
A roe. frem
Normal
4508
FINANCIAL CHRONICLE
[voL. inn
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Taking trade in this country as a who e no great improvement is expected this Summer. In fact most people are
Friday Night, June 27 1930.
Trade in general is in quiet condition. That is the out- lobking for a rather light business until Fall. Livestock
standing fact of the times. Curtailment of production is the prices have declined sharply. Hogs are at the lowest price
order of the day. This applies especially to cotton goods, since January 1929. There are very large supplies of dressed
automobiles, lumber, furniture and so on, either at once or beef and the demand for it is smaller, possibly due in part
in the near future. Retail trade has slowed down, except to unemployment and the general dullness of trade throughfor vacation goods and these are none too active. But the out the country. In any case the supplies are described as
warm weather here of late has helped the trade in summer excessive and the demand unsatisfactory. Car loadings for
wear. Farm products on the whole have acted very well. the week of June 14 show a decrease in every group as comThere are those who believe rightly or wrongly that the great pared with a year ago. That is the totalis about 1334% below
decline in commodities is nearing its culmination, after having that of the second week of June last year. For 24 weeks
been a long stretched out affair. Call money on the Stock the total is9% below the same period in 1929 and 5% under'28.
Harvesting and threshing of winter wheat is proceeding
Exchange has declined during the week to 134% but to-day
was up to 2%. Wheat within 24 hours has sold freely for satisfactorily and has reached northern territory, that is
export but it was mostly Manitoba wheat. The world's southern Nebraska with the yields irregular. In the Southshipments of wheat this week however, will be cut down by a west farmers are said to be getting only 55 to 65 cents a
falling off from the Black Sea and Argentina. The export bushel for their wheat. They are not expected to sell on a
sales yesterday and to-day amounted to 2,500,000 bushels. large scale after the next fortnight. The present sales are
Incur has been in better demand for export. Corn declined simply to put them in funds for immediate needs. Spring
only slightly despite falling prices for wheat at times, for the wheat in the American and Canadian Northwest is looking
reason that the offerings of corn and the crop movement well, but more rain is needed. The corn crop as a whole is
have alike been small while the cash demand has been ex- improving, though Iowa has had too much rain. The crops
cellent. The weather in the corn belt has on the whole been of oats, rye and barley are doing well.
The stock market on the 21st inst. fell 3 to 15 points, the
favorable. Other grain has shown little change. Rye
prices have been sustained by the buying by spreaders latter on Allied Chemical. Leaders felt the selling pressure
against sales of other grain. Provisions have declined some- the most. U. S. Steel fell to 154. All wheat deliveries went
what. Sugar futures have advanced 3 to 5 points. Wall below $1 and cotton dropped in some cases 40 points or more.
Street has been buying sugar and the technical position has The blow of sharp declines fell on over 100 stocks and was
been better after prolonged depression. Within 24 hours the the repercussion from bad trade and a mental state in the
demand for prompt sugar has increased and prices have ad- trading community of the United States reflecting more or
vanced. Coffee has declined, partly owing to a drop in less bitter disappointment. Unemployment seemed to be
Brazilian exchange and partly because it is generally be- still large, including 300,000 in the city of New York
lieved that after July 1 prices will fall from a lack of the full Slackness of trade is a universal complaint in this country
government support which has been one of the sustaining if not in the rest of the world. American Can was off 534
3
points at the close; General Electric 3/s; Westinghouse
factors in the position for some years past.
Rubber advanced half a cent owing to the proposal of new Electric declined 4%; American Machine and Foundry 8;
3
measures looking to the curtailment of production. It also American Tel. & Tel. 3%; American Tobacco 9; Atchison,
seems plain enough that the technical position is better Topeka & Santa Fe 4%; Brooklyn Union Gas 534; Columafter a prolonged selling movement. This means that the bian Carbon 93; Consolidated Gas 4%; Houston Oil 334;
long account is small in some directions at least and that there Eastman Kodak 7; National Biscuit 334; Bethlehem Steel
4
234; Union Carbide 3% and Vanadium 33 . The transis quite a good bear account.
Cotton declined noticeably for a time owing to a fear of actions were a little under 2,000,000 (1,966,600 to be exact)
July liquidation, the notices for which appeared on the 25th but this 2 hours' trading pointed to two and half times that
inst. They were for about 100,000 bales, but were sur- much in a full five-hour day.
On the 25th inst. more than 200 stocks went into new low
prisingly well taken. Since then July has headed a rally.
Moreover the weather in the cotton belt has been intensely levels for 1930. Most of the day hammering and liquidation
hot. Day after day over much of the cotton country tem- distinguished the trading and with it falling prices. Then
peratures have been 100 degrees and over. On Thursday it on a sudden came a rush to secure profits en the short side
was 111 degrees in Oklahoma, 110 in Texas and 103 to 108 and closing prices were at or very near the high of the day,
in many other parts of the belt. In fact the whole belt has and in some cases moderate net advances were made. United
shown such maximum temperatures except the Carolinas. States Steel which touched a new low for the year of 151%,
%
To-day the technical position was weaker and in some parts closed with a net advance of 23 points. Other stocks which
of the belt the temperatures were lower. But for the most recovered all of their earlier decline and something more inpart the weather in the cotton belt is still too hot and dry. cluded Consolidated Gas, Westinghouse Electric, General
To be sure this sort of weather tends to keep down the boll Electric, Johns-Manville, American Can, New York Central,
weevil just as the very severe winter had the same effect. New Haven and Standard Oil of New Jersey. A considerExtremes of temperatures being very destructive to the able list of stocks, however, ended with noticeable declines.
Stocks on the 26th inst. advanced 2 to 14 points on active
pest. Hides have dropped over a cent a pound partly owing
to heavy sales in the spot market at declining prices. shares with call money down to 134% the lowest in 13 years,
Cocoa has dropped about half a cent and silks one-quarter or since Aug. 1 1917. Advances in grain and cotton also
helped. U. S. Steel led the advance reaching 157%, closing
cent.
Pig iron has been dull and for the most part nominal at at 1563. a net rise of one point. Reductions in dividends of
the old quotations. Steel has declined, it is stated, on shapes, four important copper companies did not matter. The stock
bars and sheets and trade is still very quiet for the most part. market was short and ripe for a rally. Brokers'loans dropped
$371,000,000 or $532,000,000 in two weeks. They are now
Even a small production meets with a hesitant demand.
Cotton goods have been quiet and it is said that print only $88,000,000 above the low point in the shrinkage of
cloths of 3834 inch and 64x50s have sold down to 5 cents. loans reached in Dec. 24 1929. Gold holdings of the New
Even the recent rally in raw cotton has had little effect in York Federal Reserve Bank are increased $17,525,000,
Worth Street. Manchester has been very dull. The low reaching $1,006,439,000. Reserve note circulation was off
price of silver hurts its business with China and it is stated $5,216,000 to $172,481,000 and deposits dropped $14,899,000
that the East Indian boycott is worse than ever. Manchester to $1,020,848,000. The Reserve ratio ran up to 88.9%
is doing only a moderate business with South America in- from 85.9% a week ago. All this with a stronger technical
cluding Russia which is taking and some other parts of the position of the stock market itself acted as a buffer to the
taking Egyptian yarns to Russia on a more or less restricted announcement that the net income of the first 41 railroads
agate.. Repbrts from the shoe trade are a little more hopeful reporting for May had fallen off 33.5% compared with the
Sole leather it is stated has advanced. Wool has been quiet total for May 1929. That was not expected. It merely
and in some cases at least weaker. In others there has been held up the mirror to the familiar dullness of trade throughout vast ramifications of business.
no change.
JUNE 28 1930.]
FINANCIAL CHRONICLE
To-day stocks declined for a time and then rallied in the
last hour after trading in a little over 2,000,000 shares.
Not a few stocks, however, showed advances. Money was
up to 2%.
New Bedford, Mass., wired that unemployed persons in
New Bedford number 4,178 or 3.7% of the total city population of 112,804. At New Bedford, Mass., re-opening of
Butler Mill, Pemaquid Mill, Pierce Bros., Ltd. plant,
Grinnell Mill and Potomska Mill took place on the 23d inst.
after their virtually complete shutdown during the last week.
In other New Bedford fine goods mills curtailment continue
on nearly the same scale as recently, the average rate of production being hardly more than 50%. No mill, not even
those completely closed last week, plans full capacity production on resumption of work. Not more than two will
turn out as much as 65% of normal output of goods. A
tentative schedule of curtailment being followed by many fine
goods mills outside of New Bedford calls for complete shutdown for one week in June, two weeks in July, two in August
and one each in September, October, November and December. The schedule stipulates the weeks beginning June 16,
June 30, July 14, August 4, August 18, September 15,
October 13, November 24 and December 22. Mills here
are not following this schedule strictly but are curtailing
production to an equivalent amount.
At North Billerica, Mass. the Talbot Mills will dose down
Saturday for the annual vacation and will reopen on Monday,
July 7. At Richmond, Va. the Carolina Cotton & Woolen
Mill Co. of Fielddale, Va. has gone on a four-day-a-week
schedule for an indefinite period. At Charlotte, N. C.
there was little relief there from the dull conditions in the
textile market and recent better inquiries failed to develop
much business. In the Greenville, S. C. district the cotton
mills for the most part it seems, will shut down in the week
of the Fourth of July. Cotton ginners of Ashley County,
Ark. are said to have voted to use cotton bagging in baling
their 1930 cotton crop.
The "Journal of Commerce" said that the actual cost of
cloth which sold recently at 26.75e. per pound was about
30.6 per pound and the unusual condition exists where a
few sellers were disposing of merchandise at 12% below lowest
cost of replacement and forcing such ruinous values on others.
Sales of 381 -inch 64x60 print cloths are said to have been
A
made at 5 cents. May sales of department stores in the
New York districts were 5% greater than in May last year,
wholesale sales were 14% under a year ago and sales of chain
stores were greatly under the April volume but still larger
than a year ago, according to the monthly review of the
credit and business conditions by the Federal Reserve agent
at New York. Department store stocks of merchandise on
hand at the end of the month remained slightly smaller than
the year previous. The percentage of charge accounts
collected was higher than the year previous.
The weather here for days past has been very warm,
reaching 87 on Wednesday and 90 on Thursday. But on
Thursday night came a violent thunderstorm which lowered
the temperature very materially. The cotton States had
maximum temperatures of 100 to 111 degrees. To-day
the highest temperature here was 78, a drop of 11 degrees
from the highest of the 26th inst. Overnight Boston had
68 to 86, Montreal 66 to 82, New York 66 to 90, Portland,
Me.,66 to 86, Chicago 64 to 78, Cincinnati 64 to 86, Cleveland 62 to 86, Detroit 62 to 80, Milwaukee 62 to 78, Kansas
City 68 to 86, St. Paul 64 to 82, St. Louis 68 to 86, Winnipeg
78, Los Angeles 60 to 76, Portland, Ore., 56 to 72, San
Francisco 52 to 64, Seattle 54 to 68.
4509
prehensively expediting work on projects already planned,
rather than initiating new undertakings, that the key to the
problem lies."
The Committee's report is based on a fact-finding survey
of the whole public construction situation, begun last July
at the suggestion of President Hoover and carried on by the
National Bureau of Economic Research of New York with
the assistance of the Department of Commerce. The survey,
which was prepared by Dr. Leo Wolman of the staff of the
Research Bureau, is published by that Bureau, along with
the Committee's report, under the title "Planning and
Control of Public Works."
The survey is a continuation of the study of post-war
economic changes made byfh e National Bureau and issued
a year ago, together with a report of the Committee.
The members of the Committee making the report include
Arch W.Shaw, Chairman; Owen D. Young,John J. Raskob,
William Green, President of the American Federation of.
Labor; Renick W. Dunlap, Assistant Secretary of Agriculture; John S. Lawrence, Max Mason, Eugene Meyer,
Adolph C. Miller, George McFadden, Lewis E. Pierson,
Julius Klein, Assistant Secretary of Commerce, Louis J.
Taber, Master of the National Grange; Daniel Willard,
President of the Baltimore & Ohio RR.;Clarence M.Woolley,.
and Edward Eyre Hunt, Secretary.
The Committee explains that the report and survey have
not exhausted the subject of planning and controlling
public works, and urges the development of an increasing
fund of economic information to enable governments to
take prompt action when unfavorable trends threaten to
influence the economic balance adversely. The report also
announces that it is planning a "further exploration" of
varying interest rates or capital costs upon the chief types of
construction, and that it is also undertaking an examination
of that fundamental incentive, the "lure of profits," as
manifested during the past 10 years of American economic
life. The report also refers to the Committee's study of
price relationships now in progress, concerning which it
remarks:
Like the present report, it will take its place in the step-by-step analysis
which the Committee is making, in the hope that with better and more
general understanding of economic forces, and the laws of their operation.
American business may develop increasing self-control.
Prompt action, before conditions become serious, can be assured only as
there is developed a practical method of gauging the economic situation.
so that unfavorable trends which threaten adversely to influence the
economic balance may be anticipated and compensating factors Influenced
earlier than would be the case if natural forces were left in their own time
and way. Skilled Use of the time factor must, therefore, enter into a program for stabilization.
The Committee suggests that there may be a "zone of
tolerance" within which the action and reaction of the most
active economic forces have to be considered normal, and
even healthy. It says:
Only when some factor, or combination of factors, threatens to carry the
situation beyond the boundaries of this theoretical "zone of tolerance."
and it becomes apparent that we shall presently be seriously out of balance
economically, if no counterinfluences are set up. should steps be taken to
modify the influences of an overweighted or one-sided development.
It is pointed out in the report that about $3,500,000,000 is
expended annually on public construction, employing
approximately 900,000 workers, and that the trend is rising.
These public expenditures represent, it is estimated, from
35 to 40% of the total of all construction in the country.
Public roads in 1929, the largest single item of public construction, cost more than $1,500,000,000. More than
one-third of the public works outlay of the Federal government was expended on roads, and on roads and shipbuilding
together more than one-half was spent. State governments
spent most on road building, grade crossings and public
buildings. Cities spent their moneys largely on transportaPresident Hoover's Committee on Economic Changes tion facilities, schools and hospitals and on water supply and
Stresses Need of "Timing" Public Construction to ewage disposal.
Stabilize Employment and Business in Period of
Recession.
Union Guardian Trust Co. of Detroit Finds Many
Stressing the importance of "timing" with reference to the
People in Doubt as to Return of Normal Business
amount of public construction which it is possible to push
by Autumn—Conditions in Michigan.
forward with the object of influencing employment and the
A number of events of considerable economic significance
trend of business in a period of recession, the Committee on have occurred in the last month, according to Ralph E.
Recent Economic Changes of the President's Conference on Badger, Vice-President, and Carl F. Behrens, economist, of
Unemployment, in presenting the results of a new study the Union Guardian Trust Co., Detroit. It is noted that
entitled "Planning and Control of Public Works," made June 5 marked the beginning of a liquidation movement in.
public at Washington on June 24, points to the large volume the stock market which has since proved to be second only in
of contracts awarded for public works and utilities this year. severity to the reaction which took place last fall. One
"To turn the course of public construction from a depressing week later the German Government International Loan was
to a stimulating influence is of the very essence of usefulness offered to investors in several European countries and in the
of public works as a balancing factor," according to the United States, and on the following Tuesday, President
Committee's findings. "And it is in promptly and emu- Hoover affixed his signature to the tariff bill, which thus
4510
FINANCIAL CHRONICLE
[Voz. 130.
became a law effective at midnight of that day. In part they Federal Reserve Board's
Summary of Business Conalso state:
ditions in the United States.
-Decline in Industrial
The recent decline in stock prices ended an advance predicated largely
Oat the belief that general business would return to normal at the latest by
Production and Factory Employment.
mid-year. The utter failure of business to follow such forecasts has indeed
According to the monthly summary of business conditions
been an Important factor in inducing the recent liquidation in stocks.
Many people are even beginning to doubt that normal business will have in the United States, issued June 24 by the Federal Reserve
been achieved by autumn. The speculative group, at any rate, appears now
Board, the volume of industrial production declined in May
to have reconciled itself to the possibility of low 1930 earnings for many
companies,end is discounting the future on the basis of these lower earnings. by about the same amount as it increased in April.
The glimmer season is normally a dull period in trade and industry and
"Factory employment decreased more than is usual
business mem usually attach no significance to declining activity at this time
of year. When such a decline is accompanied, however, by continuously at this season, and the downward movement of prices
falling prices the matter is considered In a different light. Although the continued," says the Board. In its summary it says:
present recession In wholesale commodity prices got under way nearly
11 meddle ago, it did not receive recognition as a major movement until
recently. Retail prices have not participated in the decline to nearly the
extent tit t wholesale prices have, and one of the reasons for this is to be
found, ne doubt, in the widely advertised notion that the business recession
would be of short duration. Thus, retailers, encouraged in the belief that
the recest.ton would not be prolonged, decided in many cases to carry their
inventories through the slump rather than liquidate at price concessions.
One way in which purchasing power, now reduced by widespread unemployment. may be brought more nearly Into line with current production is by
a reduction in the prices of the goods which consumers purchase.
As to business conditions in Michigan the survey says:
In general Michigan business in May was little different than business
In the °sentry as a whole. Automobile production during the month
amounted to only 433.328 cars, a decrease of 7% from April and of 32%
Compared with May last year. For the first five months the output totals
1,970.849 units, a decrease of 31% from output in the first five months of
1929. Out of 10 reports received from Chambers of Commerce in cities
throughout the southeastern part ofthe State where the automobile industry
is concentrated, seven indicated manufacturing activity as below normal.
Furthermore, five out of the 10 reported decreasing employment. The
attitude of business men in this area, probably typical of that throughout
the country, is rather well put in the statement "Everyone is out after all
there Is right now. "Reports from more than a dozen bankers in this section
show little variation from reports referred to above. At Midland both
employment and manufacturing are reported normal and at Port Huron
manufacturing is said to be normal and employment increasing.
Bank de-rings in the principal cities in southwestern Michigan show
declines of from 8.7% to 49.3% in May 1930 as compared with May 1929.
Similar comparisons using first five month totals show variations from 13%
to 32.9%. Bank debits in these cities likewise show large declines for May
1930, as compared with May, a year ago.
Building operations in southwestern Michigan cities, as indicated in the
value of building permits issued, show even greater variation than bank
clearings or bank debits. In Royal Oak and Bay City, the May totals this
year were over 80% above the May 1929 totals while in the other cities
this year's May totals averaged about 50% under those of May 1929.
Retail trade in Detroit as reflected in department store sales is running
about 18% below last year's sales totals.
Monthly Indexes of Federal Reserve Board.
The Federal Reserve Board made public as follows on
Juno 25, its monthly indexes of production, factory employment and payrolls:
INDEX NUMBERS OF PRODUCTION. FACTORY EMPLOYMENT AND
PAYROLLS,BUILDING CONTRACTS AND FREIGHT OAR LOADINGS.
(1928-1925=1003
Wahine
Seasonal Adjustment.
Adjusted for
Seasonal Variations,
1930.
1929.
1930.
May. April. May.
1049 106
124
Industrial production, total
125
1049 107
Manufactures
116
Minerals
1039 104
Building, value of contracts awarded Factory employment
Factory payrolls
111
101
Freight ear loadings
98
INDUSTRIAL PRODUCTION INDEXES BY
(Adjusted for mama! varlatione)
1059 107
1059 110
1029
93
111
118
90.4 92.1
94.1 96.7
1930.
Mining.
1929.
Industry.
May, Apr, May.
111
•,filp
989
___
104
94p
119
101p
___
124
114
96
97
121p
109
98
108
105
174
122
136
145
121
97
127
148
101
111
137
168
158
142
1930.
1929.
May. Apr. May.
92
97
81
73
1249 128
104 ...
90
90
93
91
105
819 88
Bituminous coal
Antbratete coal
Petroleum
Copper
Zino
Lied
Silver
.f.0M.00000
OMMd.0000
Iron and stedTextilee
Food products
Paper sad prInthtg__
A utornobilee
Leather cad shoes--Cement
Non-ferrous metals__
Petroleum refining_ __
Rubber Urea
rnha.sr. rnanutafirem
125
127
116
143
101.6
111.2
110
GROUPS.
Manufaaurts.
industry.
1929.
May. April, May.
vacrosty EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS.
(Without seasonal adjustment)
?Wogs.
Imployesent.
nunsenr.
1930.
1929.
1930.
1929.
May, April.
Iron and steel
Machinery
Textiles. groat)
Fabrics
Wearing apparel
Food
Paper and Drumm
Lumber
Transportation equipment
Automobiles
Leather
Cement. Clay and glad
Non-ferrous metals
Chemicals. group
Petroleum
Rubber precludeTobacco
Pretiumaryi
May.
May.
April.
May.
92.7
93.0
103.6 106.9
90.3
86.8
87.7
85.6
96.7
89.8
94.0
94.5
102.4 102.8
74.2
73.4
84.0
84.0
93.9
95.3
89.8
86.8
81.2
81.7
82.9
81.2
104.6 111.7
114.1 116.1
88.6
88.3
88.0
89.4
100.7
119.1
97.3
98.3
95.2
97.3
102.8
89.2
101.6
130.0
90.3
93.1
105.3
110.3
114.4
115.3
90.3
95.5
108.3
82.7
80.7
86.7
100.7
113.3
73.2
91.1
101.7
75.6
76.9
84.4
106.6
120.5
95.4
82.1
97.7
113.4
89.3
84.1
111.6
131.9
99.3
101.8
94.2
103.1
114.3
92.8
116.0
147.1
88.1
91.8
123.1
113.1
118.9
125.7
86.1
99.7
113.5
73.8
92.0
100.8
81.6
77.1
88.3
110.9
122.1
94.5
77.1
Production.
The Board's index of industrial production adjusted for usual seasonal
variations, declined about 2% in May. In 1930 industrial production has
fluctuated between 4 and 7% above the 1923-1925 average, and the preliminary estimate for May is 4% above the average for those years.
Production at steel and automobile plants declined, cotton mills curtailed
output, and activity at woolen and silk mills continued at low levels.
Cement production increased sharply, while output of petroleum and of
copper showed little change. In the first half of June, output at steel
plants declined further.
Employment and Pay Rolls.
The decrease in factory employment in May was larger than usual, and
there was also a decline in factory pay rolls. The number employed in the
cotton and silk goods Industries decreased further, while in the woolen
goods industry there was an increase from the extreme low point of April.
Employment In the agricultural implement and electrical machinery industries decreased from April but remained large relative to earlier years.
Employment in the cement industry increased, but in the lumber industry
continued at an unusually low level.
Building contract awards in May,as reported by the F. W.Dodge Corp..
continued to be in substantially smaller volume than in any other year since
1924.
Freight carloadings increased by less than the usual seasonal amount
during May and continued to be In somewhat smaller volume than in the
corresponding period of 1928 and substantially below the unusually active
period of 1929. Department store sales in May were approximately the
same as those of a year ago.
Wholesale Prices.
A further decline in the wholesale prices of commodities occurred in May
and the first half of June. The downward movement was interrupted in
the last half of May by substantial increases in the prices of grains, meats.
and livestock, but became pronounced about the middle of June when the
prices of cotton, silk, rubber, copper and silver reached exceptionally low
levels.
Wheat, meats, livestock and cotton textiles also declined in price at that
time, while prices of wool and woolen goods, pig iron, and steel showed
little change.
Bank Credit.
Loans and investments of reporting member banks increased further by
8265,000,000 in the four weeks ended June 11, to a level considerably
higher than a year ago. The increase was entirely in investments and In
loans on securities, of which a large part represented loans made by New
York City banks to brokers and dealers in securities in replacement of
loans withdrawn by other lenders. "All other" loans continued to decline
and at $8,400,000,000 on June 11, were the smallest since 1928.
Expansion of member bank credit during this period was reflected in
larger demand deposits and an increase of $30,000,000 in member bank reserves at the reserve banks. The volume of money in circulation showed a
net increase of $13,000,000. Funds for these uses were obtained largely
from further additions of 824,000.000 to the stock of monetary gold and
from an increase of 822,000,000 in the volume of reserve bank credit outstanding.
Reserve bank holdings of United States securities increased by about
850.000,000, and their holdings of acceptances declined by about half this
amount. For the week ended June 18, the total volume of Reserve bank
credit declined somewhat and there was a decline in the volume of money In
circulation
Money rates in the open market continued to decline during the latter
half of May and the first half of June, and at the middle of the month commercial paper at 334-33(% and acceptances at 23 % were at the lowest
levels since 1924 and early 1925. Bond yields moved slightly lower In June.
In the first week of June the rediscount rate at Cleveland was reached
from 4 to 33i%; in the third week the rate at New York was reduced from
3 to 23Y % and the rate at Chicago from 4 to 3%.
Loading of Railroad Revenue Freight Continues Small.
Loading of revenue freight for the week ended on June 14
totaled 927,754 cars,the Car Service Division of the American
Railway Association announced on June 24. This was h
decrease of 7,893 cars below the preceding week and a
reduction of 143,491 oars below the same week in 1929.
Compared with the same week in 1928, it also was a reduction of 75,059 cars. Adding further particulars, the report
goes on to say:
Miscellaneous freight loading for the week of June 14 totaled 388,454
cars, 63,562 cars under the same week in 1929 and 31,738 cars under the
corresponding week in 1928.
Loading of merchandise less-than-carload-lot freight amounted to
243,045 cars, a decrease of 18,574 cars below the corresponding week last
year and 18,192 cars below the same week two years ago.
Coal loading amounted to 136,780 cars, a decrease of 19,451 cars below
the same week in 1929 and 7,160 cars below the same week In 1928.
Forest products loading amounted to 50,070 cars, 20,762 cars under
the same week in 1929 and 18,293 cars under t .3 corresponding week in 1928.
Ore loading amounted to 62,433 cars, a decrease of 11,948 cars below
the same week in 1929 and 4,178 cars below the corresponding week two
years go.
Coke loading amounted to 9,382 cars. 3 decrease of 3,084 cars below the
corresponding week last year and 327 cars below the same week in 1928.
Gri.in and grain products loading for the week totaled 38,947 cars, a
decrease of 3,228 cars below the corresponding week In 1929, but 4,958
cars above the same week in 1928. In the Western districts alone, grain
and grain products loading amounted to 25,844 cars, a decrease of 2,813
cars below the same week in 1929.
Jima 28 1930.]
FINANCIAL CHRONICLE
Livestock loading totaled 20,643 cars, 2.882 cars under the same week in
1929 and 4,131 cars under the corresponding week in 1928. In the Western
districts alone, livestock loading amounted to 15,668 cars, a decrease of
2,457 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1929, while all reported reductions compared with the same week in 1928 except the Southwestern, which reported
an increase.
Loading of revenue freight in 1930 compared with the two previous
years follows:
1930.
1929.
1928.
Four weeks in January
3.349,424
3.571,455
3,448,895
Four weeks in February
3,505,962
3.766.136
3.590,742
Five weeks in March
4,414,625
4,815,937
4,752,559
Four weeks in April
3.619,293
3,989,142
3,740.307
Five weeks in May
4.598,555
5,182,402
4,939,828
Week ended June 7
935,647
1.055,768
995,570
Week ended June 14
927,754
1,071,245
1,002.813
4511
preceding week, a total decline of 5.9% in three weeks. It
brings The Annalist Index down to 124.6, the lowest point
since January 1916, and 14.3% below the corresponding
date last year. The "Annalist" goes on to say:
With the exception of building materials, all groups comprising the
composite index shared in the decline. As in the previous two weeks, the
farm products group contributed the largest share in the decline, 3.4%
for the week, and 9.9% during the last three weeks. Prices of farm commodities are now 14.3% below last year at this time, when prices were
considered so low as to constitute an "agricultural emergency." Using an
average differential of prices for the past 12 months, the farm income for
the fiscal year ended June 30 is estimated as about $900,000.000 less than
in the preceding year.
Wheat is at the lowest point since 1914, and a sharp drop in steers and
hogs has sent the former to 812 a hundredweight, the lowest since January
1927. and the latter to $8.91, a drop from $11.15, the high during February
1930. Barley, corn,rye,lamb,cotton and hides made sharp declines during
the week after having been under pressure during the preceding three weeks.
Total
21,351,260
23.452.085
22,470,714
The decline of the textile index continues with the same persistence that
has characterized it throughout the year. Silks have touched new lows and
are now selling at $3.35 a pound, compared with $5.05 a pound
Slight Decrease in Retail Food Prices April 15
-May 15. last year. When we consider that Japan's output during a at this time
year totals
As was noted in our issue of a week ago, page 4311, retail about 110.000,000 pounds. this decline, if it persists, means a drop in the
export value of silk of about $187,000,000. Japan has had an unfavorable
food prices in the United States as reported to the Bureau trade balance of
$100,000,000 during each of 1927, 1928 and 1929, and
of Labor Statistics of the United States Department of this new addition to her deficit, coupled with probably lesser cotton goods
Labor showed a decrease of slightly less than three-fourths exports to China, is a serious menace to Japan's gold reserves. Stocks of
130,000 bales
Japan's
of 1% on May 15 1930, when compared with April 15 1930, $221.000,000, of silk instrainingwarehouses, worth at present prices about
is also
all commercial and Government credit
and a decrease of a little more than 2% since May 15 1929. facilities and will, when added to her lessened export, greatly reduce her
purchasing power of Americnn goods.
The Bureau's weighted index numbers, with average prices
In spite of co-operative efforts of cotton mills
in 1913 as 100.0, were 153.3 for May 15 1929, 151.2 for April reduce running time, cotton goods inventories in the South and North to
are accumulating rapidly and
15 1930, and 150.1 for May 15 1930. The Bureau's index prices have again declined. The textile index has dropped 1.1 point during
the week and the decline since the first of the year has been 15%.
numbers follow:
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINC PAL
ARTICLES
OF FOOD IN THE UNITED STATES (1913=100.01
(1913=100)
.16,11101.1110111
13rggqg4a"
river
10.Kriveswat.xtniTHEIEEEMEMEEE
•
Year and Sirrn Rau'd Rib Chl Plate Pork BaMonth, steak, steak, roast roast, beef. chops con. Ham. Hens Milk. But- Ch'se
ter.
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
102.0 105.8 103.0 104.4 104.1 104.6 101.8 101.7 102.2 100.5 100.0 100.0
94.4
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 99.2 93.4 103.6
107.5 109.7 107.4 106.9 106.0 108.3 106.4 109.2 110.7 102.2 103.0 105.0
116.7
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2 150.4
153.2 165.5 155.1 166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
164.2 174.4 164.1 168.8 166.9 201.4 205.2 198.5 193.0 174.2 177.0 192.8
172.1 177.1 167.7 163.8 151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
152.8 154.3 147.0 132.5 118.2 166.2 158.2 181.4 186.4 164.0 135.0 153.9
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
153.9 1150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3 155.1 144.7 167.0
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1135.0 159.7
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 171.8 157.3 143.1 166.1
162.6 159.6 153.0 140.6 120.7 188.1 186.3 213.4 182.2 157.3 138.6 165.6
167.7 166.4 158.1 148.1 127.3 175.2 174.8204.5 173.2 158.4 145.2 170.1
188.2 188.3 176.8 174.4 157.0 165.7 163.0 196.7 175.6 159.6 147.5 174.2
196.9 199.1 185.4 186.9 172 7 175.7 161.1 204.1 186.4 160.7 143 9 171.9
190.6 191.0 180.8 181.3 170.2 153.8 159.3200.0 184.0 160.7 150.7 173.8
188.2 188.8 178.8 179.4 167.8 157.1 158.2 199.6 186.4 160.7 152.7 172.9
188.6 189.2 179.3 180.0 167.8 167.6 158.9 201.9 190.1 160.7 152.5 172.9
192.9 194.6 183.8 184.4 170.2 176.7 160.4 203.3 196.2 159.6 145.7 172.4
198.4 201.3 187.9 190.0 174.4 179.5 160.7 204.8 198.1 159.6 142.3 171.9
201.6 205.4 189.9 191.9 176.0 179.0 162.2 205.6 193.9 159.6 140.5 171.9
206.7 210.8 192.9 195.6 177.7 188.1 164.1 209.7 187.3 160.7 139.4 171.5
206.3210.8 191.9 194.4 176.0 192.4 165.6 211.2 185.0 160.7 140.5 171.0
202.8206.7 189.4 191.9 176.2 193.8 164.4 209 7 184.0 160.7 143.1 171.9
198.0 1906 186 9 187.5 173.6 185.2 161.9 204.8 180.3 161.8 145.4 171.5
194.1 196 4 183 3 183 8 171.1 170.5 159.3 200.4 177 0 161 8 139.7 171.0
192 5 194.6 181 8 183.1 170.2 163.3 157.4 198 5 174.2 161.8 134.7 170.6
192.9 195.5 183.3 184.4 172.7 166.1167.0 199.3 178.4 159.6 121.9 169.2
191.3 194.2 181.8 134.4 171.9 107.6 167.8200.7 179.3 158.4 122.7 167.0
190.6 192.8 181.3 182.5 170.2 171.9 157.8 201.1 179.8 157.3 121.9 164.7
190.2 193.3 181.3 182.5 168.6 176.7 157.4 200.4 179.3 157.3 125.6 162.9
190.2 192.8 179.8 179,4 164.5171.9 150.7200.7 175.6 157.3 120.9 162.0
IND= NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
qm.00?0
8S888S=F4,1=gg:i3 ItE4322:21 4
_
-,:i.lAt,
_
Year and Lard Zees Bread Flour Corn Rice Pala- Sum Tea CotMona,
meal
toes
fee
1918
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1914
98.6 102.3 112.5 103.9 105.1 101.2 108.3 108 2 100.4
1915
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2
1916
111.0 108.8 130.4 134.8 112.6 104.6 158.8 146.4 100.4
1917
174.9 139.4 164.8211.2 192.2 119.0 252.7 169.3 106.9
1918
210.8 164.9 175.0 203.0 226.7 148.3 188.2 178.4 119.1
1919
233.5 182.0 178.6 218.2 213.3 173.6 223.6205.5 128.9
1920
188.7 197.4 205.4 245.5 218.7 200.0 370.8 352.7 134.7
1921
118.9 147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1
1922
107.6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2
112.0 134.8 155.4 142.4 136.7 109.2 170.6 183.8 127.8
1923
120.3 138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4
1924
147.5 151.0 167.9 184.8 180.0 127.6 211.8 130.9 138.8
1925
138.6 140.6 167.9 181.8 170.0 133.3288.2 125.5 141.0
1926
122.2 131.0 166.1 166.7 173.3 123.0 223.5 132.7 142.5
1927
117.7 134.5 152.5 163.6 176.7 114.9 158.8 129.1 142.3
1928
1929
115.8 142.0 160.7 154.5 176.7 111.5 188.2 120.0 142.6
1929
117.1 146.7 160.7 154.5 176.7 112.6 135.3 121.8 142.5
Jan
Feb-- 116.5 142.3 160.7 154.5 176.7 112.6 135.3 120.0 142.8
March.- 116.5 122.0 160.7 154.5 176.7 112 6 135.3 118.2 142.6
Apr11--- 117.1 100.4 160.7 154.5 176.7 112.6 135.3 116.4 142.6
May - -- 116.5 112.2 160.7 151.5 176.7 111.5 158.8 116.4 142.6
June- 115.8 120.0 160.7 148.5 176.7 111.6 182.4 116.4 142.5
July- 116.8 127.8 160.7 151.5 176.7 111.5 229.4 116.4 142.3
Aug-- 116.5 140.0 160.7 157.6 176.7 112.6 235.3 120.0 142.5
Sept- 117.1 153.6 160.7 160.6 178.7 111.5 229.4 121.8 142.6
115.8 158.1 158.9 157.6 176.7 111.5 223.5 121.8 142.e
Oct
Nov.- 113 9 183.5 158.9 157.6 176.7 111.5 223.5 121.8 142.3
111.4 182.0 158.9 154.5 180.0 110.3 223.5 120.0 142.8
Dec
-1930
108.9 160.6 158.9 154.5 180.0 110.3 229.4 120.0 143.4
Jim
Feb..- 108.2 136.8 157.1 154.5176.7 110.3 229.4 118.2 143.2
Mar..--- 107.0 102.3 157.1 151.5 176.7 109.2 229.4 116.4 142.6
AprIl___ 106.3 100.0 157.1 148. 176.7 109.2 241.2 114.5 142.3
as.,,
11157 97 7 157.1 145.5 176.7 111.5252.0 114 5 1425
Wetgated
nod
Index
100.0
102.4
101.3
113.7
146.4
168.3
185.9
203.4
153.3
141.6
146.2
145.9
157.4
160,6
155.4
154.3
156.7
154.6
154.4
153.0
151.6
153.3
154.8
158.5
180.2
160.8
180.5
159.7
158.0
155.4
153.0
150.1
151.2
14.1 1
Annalist Weekly Index of Wholesale Commodity Prices.
This week's decline of 2.8 points in The Annalist Weekly
Index of Wholesale Commodity Prices comes after a break
of 2.2 points last week and another break of 2.7 points the
June 24 1930. June 17 1930..Tune 25 1929.
Farm products
Food products
Textile products
Fuels
Metals_
Buildings materials
Chemicals
Miscellaneous
114.4
129.3
119.3
154.2
111.1
142.7
129.2
106.2
118.5
131.8
120.4
155.1
112.1
142.7
128.8
107.1
All onmrnnelltlaa
194 R
127,4
140.1
147.6
147.7
163.6
128.4
153.1
134.6
130.5
145.3
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICK
(1913=100)
.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
June 1930.
May 1930.
June 1929.
120.8
132.9
121.2
154.9
112.5
144.3
129.4
106.8
128.5
125.8
135.6
126.1
156.0
113.5
149.2
130.3
113.6
132.1
151.7
152.7
153.7
159.8
120.7
155.0
134.9
115.8
149.4
Business Not Good, Says Union Trust Company of
Cleveland, But Outlook Improving.
Business is not good but the long-term outlook is improving, says the Union Trust Co., Cleveland, in its current
monthly magazine,"Trade Winds." In many respects, says
the Cleveland bank, the most encouraging feature with regard to the present situation is actually the extended severity
of the business depression, for it gives rise to the belief that
by this time certainly the down-swing of the cycle has been
reached. The article in "Trade Winds" says:
"Last June with the volume of business headed for a decline, inflation
psychology was in full swing in business and in the stock market
-a psychology which, as we now see, was utterly unwarranted.
"This June we find pessimism in the saddle, both in the stock market
and in business. It may very well be possible that the present pessimism
is no better grounded in fact than the optimism of a year ago
-and that
at this very time, when confidence appears at its lowest ebb, we may
actually be passing through the opening phase of a long period of increasing business prosperity."
Sharp recessions in activity are noted in the steel industry,
in the automobile industry, in building construction and
other activities, but despite many discouraging statistics,
some indicators, it is declared, are definitely pointing toward
trade recovery. The first of these is the employment situation. The bank's review also says:
"Last autumn there was an excess supply of merchandise and materials
not only in the hands of a number of manufacturers, distributors and
retailers, but also in the hands of the public. Therefore, when the depression came people contrived for some months to get along with what they
had at home. But these things must wear out. The old suit, the old
car, t1 e old radio, cannot last forever. In short, the public itself will
eventually approach the same low inventory condition as obtains in the
case of the retailer, distributor and manufacturer, with the result that the
necessity of replacing worn out merchandise in the home is bringing more
people into the stores."
The encouraging side of the automobile picture, according
to the bank, is the fact that production this year has been
kept strictly within the limits of public demand. Dealers'
stocks of both old and new cars are the lowest since the first
of the year. Stocks of new cars manufactured but unsold
are estimated equivalent to only one week's production.
Therefore, the slightest turn in consumer demand may be
4512
[Vora. 130.
FINANCIAL CHRONICLE
reflected immediately in increased production schedules. In Department Store Sales in New York Federal Reserve
the construction industry public works and utility construcDistrict During May 5% More Than Same Month
tion is lessening the severity of the recession and low money
Last Year.
rates are expected to stimulate eventually an increase in
In its survey of department store trade in this District,
general building activity. "If more people got back onto the Federal
Reserve Bank of New York has the following to
the payroll, there will be still more buying," the bank's
say in its July 1 Monthly Review:
article says, "and as buying increases still more people will
May sales of reporting department stores in this district averaged 5%
get back on the payrolls. And so the great machine of busi- larger than In 1929. The increase in sales in New York City was the
largest, except for the increase caused by Easter trade in April, which
ness will gradually gather momentum as the weeks go on."
Canadian Trade Unlikely to Undergo Any Marked
Change Until Extent of Harvest Is Known, Says
Bank of Montreal.
Canada is studying the crop situation with unusual interest
this year, believing that the key to revival in business will
be found in agricultural development, according to the
monthly summary, dated June 23, of the Bank of Montreal.
Bountiful crops, it is believed, will infuse activity into many
branches of business now somewhat sluggish, even though
prices remain relatively low. "Especially is this true of
transportation agencies whose traffics have suffered a serious
relapse from short crops and retarded shipments," says the
Bank, which also says:
Brisk business conditions have not yet arrived. There Is still an abnormal
degree of unemployment, commodity prices slowly decline, buyers operate
cautiously and less money is in circulation than last year. Exports are
reduced by slow foreign markets and imports by quiet domestic demand,
all of which adverse conditions react unfavorably upon manufacturing
Industries. The tourist traffic has, however, begun in considerable volume
and prospects appear excellent for the best season in this respect yet
experienced.
Tariff changes will make an impression on Canadian trade, both external
and domestic. The new duties in the United States affect that market for
Canadian products and, in particular,for such products as livestock, meats,
milk, cream, hay, hides, and leather. The aim of the recent tariff revision
by the Dominion Government is to stimulate imports of Empire products,
and the full effect of these important fiscal changes will not be ascertainable
for some time yet.
Wheat has moved more freely since the opening of navigation, but not
In quantity sufficient to relieve the congestion nor to ensure a moderate
carry-over into the next crop year. Shipments of grain from Montreal
to June 18 were 22,128,000 bushels, being 13,830,000 bushels less than
in the corresponding period last year. On June 6 the stock of wheat in
store in Canada was 142,115,000 bushels, or 9,000,000 bushels more than
at the same date a year ago. Bank clearings indicate the recession in trade
from the high-water mark of 1929 to be continuing the country over,
only two of 28 reporting points showing an increase in clearings in May
over the year before, but it is noteworthy that the comparison for the
first two weeks of June is more favorable. The newsprint industry keeps
on an even keel in point of production. Careful buying by wholesalers and
retailers restricts manufacturing output generally, and this condition will
not change while the downward trend of commodity prices continues.
has been reported since last October. Increases in sales were reported
also by the department stores in Newark, southern New York State, the
Hudson River valley district, the Capital district, and the Westchester
district, while declines in sales were shown in other sections of the district.
The leading apparel stores reported a decrease in sales, but, excluding the
Easter increase in April, the reduction was the smallest since last October.
Stocks of merchandise on hand at the end of the month remained slightly
smaller than a year previous. The percentage of charge accounts collected
during May was higher than a year previous; although the increase was
slight, it was the first increase since last September.
Locality.
P. C. of Accounts
Outstanding
April 30 Collected
in May.
Percentage Change
May 1930
Compared with
May 1929.
Stock on
Net Sales. Hand End
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
+7.6
-7.5
-2.3
-2.9
+5.6
-10.8
+3.9
-9.0
-1.3
+3.6
+6.2
+2.4
+6.1
+5.2
-4.5
1929.
1930.
+0.1
+0.6
-6.4
+3.0
-5.3
--8.6
--4.8
48.4
46.6
42.4
50.2
48.4
45.9
43,9
38.5
34.8
11:6
=i=1
46.3
49.4
47.7
-6.3
41.3
35.4
47.7
Sales and stocks classified by principal groups of departments are compared in the following table with those of a year ago.
Net Sales
Percentage Change
May 1930
Compared with
May 1929.
Shoes
Toys and sporting goods
Men's furnishings
Women's ready-to-wear accessories
Furniture
Men's and boys' wear
Cotton goods
Hosiery
Women's and misses' ready-to-wear
Toilet articles and drugs
Silverware and jewelry
Home furnishings
Linens and handkerchiefs
Silks and velvets
Books and stationery
Luggage and other leather goods
Musical instruments and radio
Woolen goods
Miscellaneous
Stock on Hand
Percentage Change
May 31 1930
Compared with
May 31 1929.
+17.6
+16.6
+11.1
+10.7
+9.9
+9.1
+7.2
+6.5
+6.2
+4.8
+2.6
+2.2
+1.7
-5.0
-4.5
+2.4
-2.5
-2.5
+8.6
-12.8
-6.0
+5.0
-7.1
-2.7
+9.0
-14.9
+9.6
-1.6
-2.7
-26.7
-12.8
-2.9
-6.4
Drop of 14% in Wholesale Trade in New York Federal
-10.1
-15.1
Reserve District in May as Compared With Year Ago.
-27.0
+5.4
The May sales of reporting wholesale firms in the New
York Federal Reserve District showed a 14% decrease compared with a year ago. "Sales of stationery showed the
Chain Store Sales in New York Federal Reserve District
largest decline reported in several years and the diamond
in May Below April Volume But Higher Than in
and jewelry firms reported even greater decreases in sales
May 1929.
months," according to the July 1 Monthly
than in previous
In its Monthly Review dated July 1, the Federal Reserve
Review of the New York Federal Reserve Bank, which also
Bank of New York states that "total sales of the reporting
has the following to say regarding wholesale trade:
Paper sales continued to show a moderate reduction, and drug sales were chain stores in May were considerably below the unusual
smaller than last year, following an increase in April. Wholesale cotton volume of April, but continued to be slightly larger than a
goods and hardware dealers reported decreases in sales for the seventh year ago. The Bank adds:
consecutive month, shoe dealers reported the largest decrease since last
Sales of grocery chain organizations showed a 14% increase, and small
December, and men's clothing sales continued well below the volume of a
year ago. Grocery sales showed a comparatively small decrease. The increases were reported by the variety and candy systems. Ten-cent
store, drug, and shoe chains reported decreases of about 5% in each case.
Machine Tool Builders Association reported a 60% decline in orders compared with the large volume of a year ago, an even larger decline than in In general, chain store sales compared less favorably with those of a year
previous months this year. Contrary to the general tendency. the Silk ago in May than in any previous month this year, although larger actual
Association of America reported an increase in yardage sales of' silk goods decreases were reported in March, due to the late Easter.
Grocery and candy chains were the only lines that showed increases in
for the second consecutive month.
Stocks of grocers, cotton goods, and hardware continued to be smaller sales per unit. In some cases, smaller average sales per store are attributed
than a year ago, and stocks of silks and drugs remained slightly higher to the opening of smaller units during the past year.
than last year, while the stocks of shoes were larger than a year previous
Percentage Change May 1930,
in May following a decline in April. Collections continued to be slower
Compared with April 1929.
than in May 1929.
Type of Store.
Number of
Sales per
Total
Stores.
Store.
Sales.
Percentage
Percentage
Percent of Aocounti
Change.
Change,
Outstanding
Grocery
+4.9
+13.9
+8.6
May 1930
May 1930
April 30
Ten cent
+7.6
-11.2
Compared with
Compared with
Collected in
Drug
+1.5
-4.8
-8.2
April 1930
May 1929.
May.
Commodity.
Shoe
-4.6
+7.8
-11.5
Variety
+19.6
-10.7
+6.8
Stock
Stock
Candy
+2.1
+4.1
-2.0
End of
Net
End of 1920.
Net
1930.
Sales. Month. Sales. Month.
TotaL
-4.8
+2.3
+7.4
-3.4
-6.3
-8.7
76.4
76.0
+3.7
Groceries
-18.0
33.3
-27.4
30.2
Men's clothing
-6.2 -10.1
-3.3
33.8
+4.3
37.0
Cotton goods
Stability in Business Activity Reported by San Fran-13.8* -5.5* +10.2* +3.6* 47.4
44.1
Silt goods
+1.4 -29.2
+6.9
49.9
46.8
-30.0
Shoes
cisco Federal Reserve Bank-Levels, However, Be+0.5
-4.5
-1.6
45.3
31.4
-25.6
Drugs
-9.6
-8.5
51.4
-1.7
49.7
+12.8
Hardware
low Same Periods Last Year.
Machine tools.,z
-17.4
____ -25.7
____
75.1
71.9
Stationery
Isaac B. Newton, Chairman of the Board and Federal
---69.7
62.2
-9.7
----3.4
Paper
-5.4 -63.2 -35.0 1 27.0
23.9
-11.0
Reserve Agent of the Federal Reserve Bank of San Francisco,
Diamonds
-6.0 -42.2 -15.0 J
+11.0
Jewelry
Walerhte•A avrms.ana
-In a
-14.5-----c2.4
• Quantity not value. Reported by Silk Association of America.
S Reported by the National Machine Tool Builders' Assciation.
4Q7
reports that "for the past two months business activity in
the Twelfth (San Francisco) Federal Reserve District has
shown considerable stability, but at levels well below those
JUNE
28 1930.]
4513
FINANCIAL CHRONICLE
Bank loans and discounts registered an increase of 1%
prevailing during the corresponding months of 1929." Under
over the week ended June 14 and 3% over the same period in
date of June 21, Mr. Newton goes on to say:
No important change in the situation was evident during May, moderate 1929. Prices for stocks showed declines from both comimprovements over April in certain components of the business structure parative periods. Bond prices remained unchanged when
being neutralized by compensating declines in other phases of activity.
Weather conditions during May and the first half of June were favor- compared with the week before and were 2% higher than the
able to crop development and the growth of forage on livestock ranges in corresponding period a year ago. Interest rates for both
most parts of the District, although frost caused some damage to deciduous call and time money declined from the preceding week and
fruits in Washington. Continued declines In the prices of agricultural
the same period of last year. The number of business failures
commodities have been the most adverse factor in the farm situation.
Little change in aggregate industrial output of the District was evident as reported by Dun & Co. were fewer than during a week ago.
during May, but increases or decreases in activity of several industries
As compared with the corresponding period in 1928
were important. There were increases in the value of building permits
issued, construction contracts awarded, and cement output. The fact increases occurred in the receipts of cotton, bank loans and
that production fell off in the District's two most important industries, discounts and the prices for representative stocks.
0
.^:v1.1
mmm.
C.1 CO CO
mr-m07.4,
OC.NWW
lumber and petroleum, should not be interpreted as being entirely unfavorWEEKLY BUSINESS INDICATORS.
able, since production in both industries has been in excess of current
(Weeks Ended Saturday. Average 1923-5=100.)
demand for several months. Unemployment was reported as being more
serious than in April and considerably greater than a year ago.
1929.
1928.
1930.
The volume of trade declined during May and was below the level of
June June June May June June June June
the corresponding month of 1929 by a greater amount than in any other
21. 14. 7. 31. 22. .15. 23. 16.
month thus far this year. Declines from both the preceding month and
last year were recorded in retail and wholesale trade, sales of new auto- Steel operations
126.3 95.0 96.0
89.5 93.4
96.8 86.1 85.6
mobiles, railroad freight carloadings, and intercoastal trade.
____ 82.3 *83.6
Bituminous coal production
131.7 114.1 113.2
Wholesale commodity prices moved irregularly downward during most Petroleum produe'n (daily avge.) ____ 123.5 124.2
111.5 102.9 104.6
____ ____ 97.6
Freight car loadings
of May and widespread declines in quotations were recorded during the
82.5 84.1
a Lumber production
first half of June. There was some evidence that retail prices also tended Building contracts, 37 States
149.1 159.3 143.3
97.6 134.4
(daily average)
downward.
70.3 36.3 39.1
46.3 57.2
For several months eredit conditions In the District have remained Wheat receipts
31.2 23.5 34.2
27.3 35.4 29.6
Cotton receipts
substantially unchanged. Throughout this period borrowings from the Cattle receipts
68.7 72.8 76.6
75.6 83.2
87.2 83.0 85.7
Federal Reserve Bank have been small, commercial loans of reporting Hog receipts
72.4 87.8
79.1 115.5 115.5
76.0 78.3
member banks have been moderate in volume, security loans have been Price No.2 wheat
69.5 80.1 77.9
51.8 53.3 58.5
at high levels, there has been a reduced volume of money in circulation, Price cotton middling
89.5 85.0 85.7
81.0 81.0 81.3
Price iron & steel composite
Interest rates on loans to customers have been lower than In 1929. and Copper, electrolytic price
129.0 105.1 105.1
____ 84.8 91.3
96.6 97.9 97.8
86.2 87.0 87.6
acceptance rates have been lower than at any time since 1924.
Fisher's index (1926-100)
127.9 141.2 133.0
134.9 114.9 107.9
Check payments
130.9 126.3 127.0
137.0 135.8 136.3
Bank loans and discounts
187.9 148.5 139.4
60.6 68.6 72.7
Interest rates, call money
119.7 120.1 119.2
104.7 108.4 108.4
Outlook for National Buying Power as Viewed by Business failures
253.4 186.9 190.1
197.7 216.1 230.0
Stock prices
Seiberling Research Corporation.
104.5 108.4 108.4
106.4 106.4 106.4
Bond prices
188.6 134.3 131.4
81.8 85.7 85.7
Interest rates,
The Seiberling Research Corporation reports that "one of Federal reservetime money
97.0 89.0 87.2
ratio
107.5 107.1 106.1
8 Detroit emnlovment--------109.2
the encouraging features of the latest position shown by our
* Revised. a Relative to weekly average 1927-1929 for week shown. b Data
indexes of regional buying-power is a suggestion of a turn available semi-monthly only.
....N..
.
0
.R.'10, 1^'V q 0,
10
03
1b=clei'lt-m!
4
. !1. :Rqqr MV.1.
":01 Moo 00b.NN
c.co mv m I•• 00Ci00,
14 0102000000
C.CO C.
Rqw
VWN
C.000.00CA.NMVNN 4
COVelfiNCAW.MNONIIDWOO
.N.
for the better in the South and West where we have for
some months looked for an early stabilization of conditions." The National Fertilizer Association Reports Largest
The corporation, in further discussing the outlook for NaDecline for Year in Commodity Prices.
tional buying power under date of June 21, says:
A decline of 1.1%, the largest decline of any week during
With the exception of the Ninth Federal Reserve District, comprising
price index of the National
the Northwestern States, where there is still likely to be compensation for 1930, is shown by the wholesale
the exceptionally high level of activity and income from 1927 to 1929, it Fertilizer Association for the week ended June 21. The
appears that conditions in the South and West of the country are thoroughly Association states:
deflated and the foundation Is being laid for definite recovery. That this
improvement in general buying power will be occasionally interrupted is
natural, in view of the possibility of particular local industries as well as
agricultural conditions being still subject to unfavorable developments
which cannot now be clearly foreseen.
Taken in a very broad way, the farm sections appear to have weathered
the storm of 1930 depression somewhat better than the industrial areas,
where thousands of factory workers have been thrown out of work. The
ratio offarm prices at wholesale to non-agricultural prices has been sustained
at a fairly good level in spite of marked changes in both groups of prices.
Farmers have had their crops to sell; they have had co-operative and Governmental help in their marketing and financing; and while their products
have suffered price declines,farmers are buying many articles of merchandise
and supplies at sharply lowered prices. The wage earners in the great
industrial centers, while they find many living costs lower, are affected by
drastic curtailment in employment and therefore income.
The fact must also be recognized that the effect of stock market liquidation has been more serious and widespread in the larger industrial and
commercial communiti s than in the rural areas. Owing to the rapid and
unprecedented diffusion of stock buying among the clerical, professional.
and executive groups who used their accumulated savings to purchase
securities now worth from one-third to one-half what was paid for them.
the financial reserves of a vast group of consumers have been seriously
impaired and it will require time to restore this potential buying power.
While we see definite indications of improved business conditions in the
final quarter of the year, it does not follow that 1931 will be a year of
intense or well balanced activity. The recurrence of another year of
generally strong and broadly distributed prosperity such as 1923, 1926 or
1929 must await the rebuilding of financial reserves and earning power
among the urban population; the establishment of a better relation of
supply and demand in agriculture; and a better realization of the urgent
necessity of assisting foreign buyers of American goods through extension
of long-term credit and most of all by thorough reconsideration of the
present high tariff policy.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States
-Increase in Business Measured by Volume of Checks.
According to the weekly statement of the Department of
Commerce, business for the week ended June 21, as measured
by the volume of checks presented for payment, was more
than 17% greater than the week ended June 14 and 5%
lower than the week ended June 22 1929. The activity of
steel mills, for the latest reported week, receded slightly
from the preceding period and was below the level of a year
ago. The volume of building in 37 States, as shown by the
value of contracts awarded, was less when compared with
the preceding week and the same period a year ago.
Wholesale priees declined slightly from the previous week
and were 12% lower than the same week last year. The
composite iron and steel price remained unchanged from the
preceding period but showed a decline when compared with
a year ago.
Eight groups declined and two advanced. Of the total items 52 declined
and 9 advanced. The larger declines occurred in grains, livestock, cotton,
foods other than fats, metals and gasoline. Advances occurred in fats
and hard wood.
Based on 1926-1928 as 100 and on 476 quotations, the index stood at
87.8 for the week ended June 21, 88.8 for June 14 and 89.3 for June 7.
Rate of Manufacturing in Electrical Industry Declined
4.2% in May-First Five Months Shows 6.3% Gain
Over Same Period Last Year.
For the first time in two and one-half years the rate of
productive operations in the electrical manufacturing industry has fallen under levels recorded in the same month of
the previous year, reports "Electrical World." Its advices
state:
May operations of the industry as a whole, based on the monthly consumption of electrical energy by these plants, was 4.2% under April and
-May decline was about 5.1% greater
3.4% below May 1929. The April
than the normal drop for this season of the year, but activity in the first
five months of 1930 showed a 6.3% gain over the same period last year.
The middle of the second quarter finds the large electrical manufacturing
companies in a slightly more favorable position than the group of smaller
companies, although both groups recorded a drop in activity during May
as compared with April. The larger companies recorded a May decrease
of 6.3% as compared with April, but were still operating at a rate of about
the same level as during May last year. Activity in the smaller electrical
manufacturing companies is not so favorable. This group recorded a decrease in operations during May of 3% and was operating on a plane 7.8%
under May last year.
Comparative indexes of productive activity in the electrical manufacturing industry, based upon the consumptioh of electrical energy by these
plants, adjusted for number of working days and referred to the period
1923-25 as 100, are shown in the accompanying table:
163.5
May 1930
158.0 May 1929
April 1930
164.9 Average 1st 5 months 1930-- _ _160.6
March 1930
153.0 Average 1st 5 months 1929----151.1
February 1930
165.2
Slackening of Industrial Production and General Trade
Reported by Conference of Statisticians in Industry Operating Under Auspices of National Industrial Conference Board.
Summarizing business conditions in Its monthly statement,
issued June 22, the Conference of Statisticians in Industry,
operating under the auspices of the National Industrial Conference Board, Inc., says:
After an upturn in April, general business activity declined in May, and
the downward trend has continued into June. The present rate is far
below normal, after correction for year-to-year growth and seasonal variation, but not so low as in the business depression of 1921. Industrial
production and general trade have slackened. Building construction, except
for public works and utilities, continues below expectations. Factory
4514
FINANCIAL CHRONICLE
employment declined. Check transactions during the first two weeks of
June were below the levels of the corresponding weeks in May; earloadings
declined each week last month, with one exception, but increased in the
first week of June; the commercial use of bank credit was lower, and
commodity prices have weakened further.
Expectation of fall improvement continues, but with less confidence and
snore qualification in view of disturbed foreign conditions and uncertain
agricultural prospects.
From time to time the feeling has been expressed by business leaders
that the long discussion of the tariff has had an unsettling effect on
business, and has been an obstacle to the hoped for recovery of business.
This obstacle is now removed, and it is to be hoped that the return of
business to settled tariff conditions may prove a stimulus to economic
activity.
Estimated Cost of Building Operations in United States
During May $169,732,311 Compared with $180,705,260 in April.
Reports received by the Bureau of Labor Statistics of the
United States Department of Labor from 288 identical cities
having a population of 25,000 or over show the estimated
cost of total building operations for the month of May to be
$169,732,311. The Bureau's advices add:
While a decrease was shown in the total building expenditures in these
288 cities, three of the seven geographical districts show increases, the
largest being in the East North Central Division. Permits issued for
residential buildings in these cities show a decrease of 5%, comparing
May with April. Decreases were registered in residential building in five
of the seven geographical districts. Non-residential building decreased
9.4%. However, four of the seven districts showed increases in this class
of building.
There were 12,260 dwelling units provided in the new residential buildings
for which permits were issued during the month of May. Dur;ng April.
12.753 new dwelling units were provided in these cities.
The estimated cost of the repairs and alterations for which permits were
issued during May was $27,347,790, which is an increase of 3.2% over
the expenditures for this class of construction during the month of April
Permits were issued in many cities for large public and semi-public buildings. In Providence, R. I., permit was issued for a public
-school building
to cost 51,100.000, and in Boston. Mass., for an administration building
for the Boston City Hospital to cost $400,000. In the Borough of the
Bronx permits were issued for eight apartment houses to cost nearly $2,000,000, and for a school building to cost $300,000. In Brooklyn permits
were issued for two school buildings to cost over $4,000.000, and for a public
building to cost $200,000. In Pittsburgh according to permits issued nine
stores were to be erected at a cost of over 51,000.000. In the city of
Chicago according to permits issued there was an increase of over $5,000,000
in indicated expenditures for May compared with April. Among the
large buildings for which permits were issued in this city were new factory
buildings to cost $4.000,000 and two institutional buildings to cost $1,140,000. In Flint, Mich., a permit was issued for county jail to cost $397,000.
A permit was issued for an office building in St. Paul to cost $720,000. In
Baltimore permits were issued for three school buildings to cost over
51.000,000. In Nashville a permit was issued for an educational building
to cost $1,500,000; in Austin, Texas, for a public building to cost $600,0001
and in San Antonio, Tex., for a church to cost over $400,000. A permit
was issued in San Francisco for a school building to cost $572.000 and a
public building to cost 5575.000. In Seattle permits were issued for two
schools to cost $300.000 and for stores to cost $900,000.
ESTIMATED COST OF NEW RESIDENTIAL BUILDINGS, NEW NONRESIDENTIAL BUILDINGS, AND TOTAL BUILDING OPERATIONS
IN 288 CITIES OF THE UNITED STATES HAVING A POPULATION
OF 25.000 OR OVER, BY GEOGRAPHIC DIVISIONS.
Gre•OraPhic Division
New Residential
Buildings,
Estimated Cost.
Families Provided
for in New
Dwelling Houses.
April 1930. May 1930. April 1380. May 1930.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
Total
Per cent of change
Geographic
54,523.168
19,109,283
14.553.112
2,789,900
2,757.504
3.822,852
10.194,982
710
3.619
2,672
921
886
1,361
2,584
807
3,998
2,505
605
575
1,107
2,663
$60.785,989 557,750.801
—5.0
12,753
12.260
—3.9
55.045,325
19,593,871
12.945,092
4,416.714
4.763,541
4.769.685
9.251.761
New Nonresidential
Building*,
Estimated Cost.
Total Construction
(Including Alterations
and Repairs),
Estimated Cost.
A yrtl 1930. May 1930. April 1930.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
Total
Per cent of change
were only 1% lower in May than a year ago which indicates that consumer
buying is being fairly well maintained.
General Considerations.
The present position of business is as good as could be expected when it is
considered that this is probably the most severe recession since 1921. The
sharp upturn of January and February gave the impression that recovery
would come soon and rapidly and it has taken nearly three months to dissipate this Impression. The stock market got away ahead of the procession
and has had to retrace its steps with the result that it is now more nearly in
line with the probabilities of the situation.
The worst of the business recession is behind us but the later stages before
recovery begins are always trying. People are prone to believe that improvement is just a little way ahead and when it does not materialize, they
become more pessimistic than conditions warrant. The record of the first
five months of the year looks discouraging when set against the same months
of 1929. But such a comparison is deceptive because both periods represent departures from the normal trend of business, last year having been
considerably above and this year considerably below.
Liquidating influences in business have been the most evident up to the
present !me. Production has been curtailed, prices have fallen and commercial bank loans have been sharply contracted. But at the same time.
recuperative influences have been at work. Inventories have been reduced.
savings have been accumulated, money is easy and new capital issues large.
These recuperative influences are gaining and about the last quarter of the
year will probably be in the ascendency.
A gradual decline of business from April to about August is seasonal and
it would not be surprising If the decline this summer approximated the full
seasonal allowance. Steel, automobiles, farm implements and building
already reflect seasonal declines. Dullness will rule this summer, but on
that account the chances of brisk activity in the fall will be the better.
The persistent fall of commodity prices has been the most discouraging
feature of recent months. Inventories of finished goods are for the most
part moderate. The glut exists in raw materials. In a few cases, as coffee,
sugar and tin, the surplus supply is chronic and will not be cured in a short
time. As to the great majority of raw materials, however, large stocks are
due to curtailed production of manufactured goods and hand-to-mouth
buying. Recently, cotton, wool, hides, grains and steel scrap have shown
a steadier tendency and a number of other commodities are low enough to
be attractive to buyers.
The one thing necessary to stabilize commodity prices is rising production.
Manufacturing output has been sub-normal for about seven months.
Meanwhile, the volume of sales to consumers has been holding up to within
3 or 4% of the first half of last year. If manufacturers' inventories are
moderate or low, it should not be long before replenishment will be necessary. Various measures have been taken to maintain the volume of
governmental and private construction work in order to stabilize business,
but real revival of business comes when stocks of consumers goods are down
to a point where more production is in order.
Price Reductions Announced by the Marmon Motor
Car Co.
The Marmon Motor Car Co. on June 24 announced
reductions ranging up to $180 in the factory-list prices of
the Marmon Roosevelt Eight, making this model the lowest
priced straight eight ever offered on the market. The Coupe
is reduced $45 to $950 at the factory and is the lswest in
price of any of the four Marmon Roosevelt body styles.
The Sedan is reduced $90 to $985 and the four passenger
Victoria Coupe and collapsible coupe are reduced $150 and
$180, respectively, to a factory list of $995 for both body
styles.
of Cigarettes in May, 10,300,767,000—
Largest in Any Month This Year.
Production of cigarettes in May was 10,300,767,000, the
largest of any month of 1930, bringing the total for the first
five months of the year to 47,774,638,000, according to
latest available government figures issued June 19. The
May total was slightly below that of May, 1929, when
11,168,406,000 cigarettes were made. The total of 47,774,638,000 for the five months of 1930 was an increase of
85,739,000 over the corresponding months of 1929. During
May the Federal Treasury was enriched by collections of
$30,907,412 in cigarette taxes as compared with $33,512,902
in May, 1929.
Production
May 1930.
55.903.287 $5,617.494 $13,045,476 $12,653,185
41,511,983 28.976.482 71.672.810 60.048.635
16,266,221 21,319,916 34,616.057 40,447.503
4.957,863 5.723,241 10.952.266 10.093.399
10.110,204 0,367.348 16,785,189 11,686,689
7.605.182 9.239,817 14,302,782 14,396,420
7.071,900 7,389,422 19.330.680 20,406,480
193,426,640 $84.633,720 $180,705,260 $169.732,311
—6.1
—9.4
Business Conditions As Viewed By Wisconsin Bankshares Corp.—Worst Business Recession Behind Us.
According to the Wisconsin Bankshares Corp. "the worst
of the business recession is behind us." "Dullness will rule
this summer" says the corporation,"but on that account the
chances of brisk activity in the fall will be better." The
corporation thus comments on the business situation in May:
Changes in business conditions from April to May were largely of a
seasonal character. Steel mill operations declined moderately and unfilled
orders at the end of the month were seasonally lower. In the latter part of
the month, automobile sales and output showed some retardation, even in
the lowest-price class. Construction contracts for the country as a whole
were off about 5%. Freight car loadings ran about even with April.
Retail sales of department stores,as reported by the Federal Reserve Board,
[VOL. 130.
Increase in Wholesale Trade in Philadelphia Federal
Reserve District in May—Retail Trade Declined.
In making public the statistics of wholesale and retail
trade in its District during May, the Federal Reserve Bank
of Philadelphia said:
The dollar volume of wholesale trade in the Philadelphia Federal Reserve
District showed an increase of nearly 5%,while that of retail trade
declined
about 7% between April and May,computed on a daily basis, according to
reports received by the Department of Statistics and Research of the Philadelphia Federal Reserve Bank from about 260 mercantile establishments
In comparison with May 1929, retail sales of stores, including department.
apparel, shoe and credit stores, showed a decline of almost 2%; sales by
eight wholesale lines were nearly 3% less. This decline, especially in wholesale sales, was due in large part to a downward trend in commodity prices
which recently, in the case of wholesale prices, reached a level materially
below that prevailing at the same time last year.
In retail lines, sales of apparel showed the sharpest drop in the month but
a slight increase as compared with a year ago. Business in shoes was also
larger than in May 1929. Credit stores had the smallest decline in the month
but the largest drop from a year ago. In the first five months of this year,
retail sales in the four reporting lines were less than 4% smaller than in the
corresponding period last year, department and credit stores showing the
sharpest declines.
Of the eight reporting wholesale lines only the sale of shoes, drugs, and
electrical supplies were smaller in May than in April. In comparison with
JUNE 28 1930.]
FINANCIAL CHRONICLE
a year ago, on the other hand, all lines had a smaller volume
of business
except drugs. The amount of business was also smaller in all
lines during
the first five months of this year than last.
Inventories held at retail and wholesale establishments generally
were
reduced during May and were appreciably smaller than at the
end of May
1929. Retail women's apparel and shoe stores had larger stocks than
a
year ago. The rate of turnover at retail stores as a whole was slightly
higher
In May than in April: it was also somewhat higher in the first
five months
this year than in the same period last year. Collections were
larger in some
retail and wholesale lines than a year earlier, although in the
latter case
concerns reporting smaller collections outnumbered those showing
gains.
The statistics follow:
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL
RESERVE
DISTRICT FOR THE MONTH OF MAY 1930.
Net Sales.
Index Numbers
(P. Cl. of 1923-1925
Monthly Average).
(Daily Average)
During Month
Corn pa ed with
April
1930.
May
1930.
81.3
110.5
48.6
86.4
95.3
81.9
04.8
89.2
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
Jan. 1 Go
May 31
Compared
with Sams
Previous Same Mo
Period
Month. Last Year. Lad Yes
r.
69.5
109.9.
58.4.
76.2
102.8
89.6
61.2
111.7
-14.5% -9.6% -65%
-0.5
+4.2
-1.5
+7.8
-2.2
-7.4
-11.7
-2.6
-15.2
+7.9
--2.0
-1.8
+9.4
-0.8
-5.0
+11.6
--30.3
-24 5
+2.8
-11.2
-11.9
Stocks at End
of Month.
Accounts Outstanding
End of Month.
Collections
During MotaM.
Compared Compared Compared Compared Compared Compared
with
with Same
with
with Same
with
with same
Previous
Month
Previous
Month
Previous
Month
Month. Last Year. Month. Last Year. Month. Last
Year.
Boots and shoe.---- ---+0.1% -5.3% -5.4% -12.6%
Drugs__
- ___
13
+1.8
-6.0
+7.1
Dry goods
3.0% -11.7%
+1.3
-4.7
-0.1
-5.0
Electrical supplies
-14.5
-23.9
-9.5
-11.2
-4.7
+1.8
Groceries
7.4
-11.6
+3.4
-3.4
+10.5
+0.6
Hardware
-1.2
-2.0
-06
+3.9
+77
-2.9
Jewelry
-0.6
-13.4
+1.0
-7.8
-2.9
-21.8
Paner
-2.5
-2.8
+0.6
-10.4
-2.4
--n 1
4515
has remained at more than 20,000,000 feet under the week
of May 24. The reporting mills operated at 57.78% of
capacity last week.
Production of 209 identical mills, for which the Association has weekly records of production, orders and shipments,
totaled 147,961,130 feet for the week ended June 14, orders
were 144,428,857 feet and shipments 163,186,402 feet. Production at these mills declined about 500,000 feet from the
previous week; orders stayed approximately the same and
shipments increased about 17,500,000 feet.
Orders reported by 182 identical mills were 20.72% below
those received by the same mills during the first 24 weeks
of 1929. Inventories of 140 mills are 10.94% above their
stocks at the first of the year.
New business from the rail trade was about the same as
the previous week and domestic cargo orders were about
7,400,000 feet more during the week ended June 14 than in
the preceding week. Export orders dropped about 1,000,000
from the previous week. Local orders decreased about
5,000,000 feet. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS
.
221 mills report for week ended June 14 1930.
(All mills reporting production, orders and shipments)
Production
149,318,562 feet (100%)
Orders
145,773,607 feet (2.37% under production)
Shipments
164,646,364 feet (10.27% over production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (342 IDENTICAL MILLS).
(All mills reporting production for 1929 and 1930 to date)
Actual production week ended June 14 1930
. .
Average weekly production 24 weeks ended June 14 1930
186,241,588 feet
Average weekly production during 1929
209,316,998 feet
Average weekly production last three years
216,501,827 feet
• Weekly operating capacity
297 828.201 feet
• Weekly operating capacity is hued on average hourly production for
months preceding mill check and the normal number of operating hoursthe 12 last
per week.
WEEKLY COMPARISON (IN FEET) FOR 209 IDENTICAL MILLS
-1930.
•Revised.
(All mills whose reports of production, orders and shipments are 'remolds for
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE
the last four weeks.)
DISTRICT
Week EndedJune 14.
FOR THE MONTH OF MAY 1930.
June 7.
May 31.
M1524.
Production
147,961,130 148,489,914 150,085,702 107,010,881
Orders
144,428,857 144,241,396 151.096,799 146,867,118
Rail
53,441,067 54,192,740 51,587,449 57,562.508
Index Numbers
Net Sales.
Domestic cargo
49,830,554 42,440,298 61,674,360 50.751,727
of Sates
Export
24.738,322 25,736,344 25,556,040 27.074.340
Per Cent of
May
Jan. 1,
Local
16,418,914 21,872,014
12,278,950 11,478,538
1923-1925
1930
May 31
163,186,402 145,714.222 158,161.609 163,591,591
Monthly Average). Corn oared Compared Shipments
Rail
52,097.320
52.622,650 59,709,235 58,250,428
with
With Saw
Domestic cargo
56,002,679 46,503.978 50,469,934 57,650.919
April
May
May
Period a
Export
38,667,489
24,715,580 35.703.490 36,211.708
1930.
1930.
1929. Year Ago
Local
16,418,914 21,872,014
12,278,950 11,478,538
Unfilled orders
All reporting stores
513,286,658 536,052,712 541,457,118 553.486,182
102.7
95.5
--3.7
Rail
Department stores
132,816,380 134,225,924 134,541,076 143,091,379
97.6
92.2
-4.1
Domestic cargo
In Philadelphia
199.525.071 205,303,421 210,833,971 203,914,899
94.6
88.4
-2.6
--3.5
Export
Outside Philadelphia
180,945,207 196,523,367 196,032,071 206.479,904
-1.1
--5.5
Apparel stores
156.9
121.0
+1.3
182 IDENTICAL MILLS.
Men's apparel stores
106.7
89.0
-4.1
(All mills whose reports of production, orders and shipments are (templets for 1929
In Philadelphia
-3.6
-4.4
Outside Philadelphia
and 1930 to date.)
-3.5
Women's apparel stores
176.4
Average 24
133.4
Average 24
+2.8
+0.3
In Philadelphia
Week Ended
Weeks Ended
Weeks End'4
+2.7
+0.7
Outside Philadelphia
June 14 '30.
Jun" 14'30.
June 15'29.
+3.6
-2.3
Production (feet)
Shoe stores
138,149,184
149,691,571
143.0
165,844,383
134.7
+2.8
-2.6
Orders (feet)
Credit stores
136,079,829
138,743,560
.89.7
175,011,229
89.4
-9.0
-5.3
Shipments (feet)
Stores in:
155,309,006
143,094.675
171,781,714
Philadelphia
102.2
92.8
-1.9
-3.0
DOMESTIC CARGO DISTRIBUTION WEEK ENDED JUNE 7 1930(112 mills).
Allentown, Bethlehem and Easton
97.4
114.0
+0.5
-6.8
Altoona
112.2
95.6
-4.5
Harrisburg
93.2
105.8
-2.1
-4.5
Orders on
ThatfeisS
Johnstown
85.6
81.6
+5.7
+2.3
Hand BeOrders
CancelShipOrders
Lancaster
117.1
101.0
+4.2
-2.2
gin's Week Recdeed, tattoos.
meats. Week Ended
Reading
118.4
93.6
+2.2
-5.1
June 7 '30.
Jam 7 '30.
Scranton
101.9
97.3
-8.1
Trenton
97.9
93.0
-5.1
Washington & Oregon
Wilkes-Barre
95.0
91.5
(94 MW.)-5.9
Fed,
Feet.
Feet.
Feet.
Fed.
Wilmington
101.4
124.5
+0.6
7allfornia
85,744,183 17,954,022
-1.7
815,000 21,667,830 81.215,375
All other cities
ktlantie Coast
82,578,334 17,123,172
None 16,804,705 82,896,801
Miscellaneous
4,831,334
656.478
None
204,744 5,283,068
Storks to End
Moat Turnover
Accounts Collec'tis
Total Wash.& Oregon 173,153,851 35,733,672
815,000 38,677,279 169,395,244
of Month,
Jan. 1 to
Receivable During
Compared with
May 31.
at End
Month
Mit.Col.(18 Iftilt)of Month Compared
Dallfornia
1.071,101
698.000
None
None
Month
1,769,101
Year
Compared
with
ktlantic Coast
12,557,569 1,760,506
58,870 8,106,691 11.182.514
Ago.
Ago.
1930.
1929. Year Ago, Year Apo
Miscellaneous
2,048,047
377,948
None
421,000 2,004,995
All reporting stores. --4.5
-6.1
1.53
1.55
Total British Col.._.- 15,676,717 2,836,454
Department stores. --4.8
58,870 3.527.691 14.926,610
-7.3
1.50
1.53
In Philadelphia_ --5.0
-7.0
1.65
1.70
Total AnnugatIn enron 155 520 ARS 'AR fi711 12ft
Outside Phila..-.- --4.4
872.870 42.204.070 1114 921 854
1.22
-7.9
1.21
Apparel stores
Men's apparel st's
In Philadelphia
Outside Philo .
0.93
0.96
Sawdust Priced Above Rye, Says Report in Chicago Pit.
Women's apparel -3.0
+8.5
2.48
2.55
In Philadelphia -3.2
+9.2
2.67
2.76
From the New York "Times" we take the following from
Outside Phila
-2.2
+5.9
1.64
1.66
+11.1;
.
Shoe stores
+2.6
+2.0
1.13
1.11
+0.1
Chicago June 18:
+7.9
Credit stores
-4.0
0.97
0.97
+0.1
+1.2
Stores in:
The discount prices of rye from the quotations on corn on the
Chicago
Philadelphia
-5.8
1.72
1.76
Board of Trade is almost without precedent, according to
Allentown, Bethopinions expressed
to-day by old-time traders.
lehem & Easton --5.9
-9.2
1.01
1.04
+12.4
-7 0
A report that sawdust was selling at 70c. a bag of
Altoona
--6.3
-10.6
1.32
1.26
+16.8
40 pounds, compared
+2.3
Harrisburg
--6.1
-16.7
1.32
with rye at 49X cents for a bag of 56 pounds, attracted considerable
1.16
+0.9
+6.9
Johnstown
--4.1
-6.7
1.33
1.21
+10.7
attention from the trade.
+6.2
Lancaster
-4.1
1.15
1.16
Reading
-3.5
+30
1.18
1.24
Scranton
-4.3
-a1.0
1.33
1.33
-4.4
-5.9
Trenton
-9.6
1.42
1.37
-1.0
+3.3
"Calendar" Buying of Wheat Done According to
-10.8
1.02
1.03
-9.1
+0.6
Wilmington
-2.5
1.19
1.18
+14 0
+15.7
Custom.
-0.6
All other cities._
1.08
1.15
+4.8
+7.1
West Coast Lumbermen's Association Weekly Report.
A total of 342 mills reporting to the West Coast Lumbermen's Association produced approximately 172 million feet
of lumber during the week ended June 14 1930, which was
slightly less than the production reported by 338 mills for
the previous week. Production during the last three weeks
From the New York "Times" we take the following
Associated Press dispatch from Chicago June 25:
"Calender" purchasing of wheat future deliveries here to-day was in
accord with a widespread belief that frequently influences many grain
traders either to buy or to sell on June 25. The belief is based on long- •
time experience and on world-wide seasonable developments as to crops
and shipping needs rather than on any arbitrary assumptions as to luck.
Nevertheless, scattered selling early sent prices below any made
heretofore since 1914. Then the wheat market began an irregular
upward
course.
4516
FINANCIAL CH RONICLE
Department of Agriculture's Report to Senate on
Grain Futures.
Part 2 of the Department of Agriculture's report to the
Senate dealing with the temporary suspension, between
Feb. 26 and Oct. 31 1927, of certain reporting requirements
under the Grain Futures Act, has been printed as Senate
Document No. 123 of the 71st Congress, 2d Session. The
report contains an exhaustive analysis of the trading operations of the various classes of traders and of the larger
speculators in wheat and corn futures in the period from
Jan. 3 to Oct. 31 1927 and also contains much statistical
and tabular material relating to trading in wheat and corn
futures during this period. A limited number of copies are
available for free distribution and may be had upon application to the Grain Futures Administration, U. S. Department
of Agriculture. Copies of Part 1 of the report, printed as
Senate Document No. 264 of the 70th Congress, are also
available for distribution while the supply lasts.
[VoL. 130.
during May was 28,595,569, or at 83.6% capacity on a
single shift basis. This percentage compares with 96.3 for
April, 92.8 for March,97.7 for February, 100.3 for January,
88.2 for December and 110.9 for May 1929. The average
number of active spindle hours per spindle in place for the
month was 197. The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours and the average hours per spindle in place,
by States, are shown in the following statement:
State.
Cotton-growing States
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
Spinning Spindles. Active Spindle Hrs.for May
Average
In
Active
per Spindle
Total.
During
Place
in Place.
May.
May 31.
250
19,149,404 17,781,676 4,779,761,794
129
13,631,842 9,456,396 1,762,384,607
131
1,425,928 1,136,362 186,962,983
249
1,857,690 1,712,320 461,935.535
137
1.090,224 944,722 149,282,843
260
3,259.208 3,060,372 847,900.690
132
1,045.732 642,288 137,585.804
132
7.902,866 5,543,874 1,042,027.746
179
128,760 36.714,644
205,652
149
1,301.896 895,096 194.161.197
134
373,012 346,222 49.859,298
119
695,628 500,056 82,995,844
231
6,245.466 5,683.916 1,441,742,840
104
2,173,860 1,313.152 226,208,969
266
5,673,984 5,477,652 1,511,019,024
308
612,858 566,728 188,784,096
176
282,240 241,098 49,723,482
252
688,326 663.882 173,589,426
170
798,532 654,296 135,577,946
New York Coffee & Sugar Exchange Adopts Amendments Affecting Rules Governing Credit Extension
on Coffee and Sugar.
Members of the New York Coffee & Sugar Exchange on
June 25 adopted amendments to the coffee and sugar trading
197
34,207,174 28,374,434 6,729,109,384
United States
rules embodying changes in the by-laws covering credit
extensions recently approved by the board of managers.
Hosiery Workers Propose Wage Cuts—Convention Also
The announcement by the Exchange said:
Decides on Unemployment Insurance.
The amendments add to the trading rules a credit extension limitation
of $250 per contract on both coffee and sugar, or a maximum of $10,000,
The following, from Philadelphia, June 25, appeared in
whichever amount Is reached first. The changes become effective imthe New York "Journal of Commerce":
mediately.
Under the new rules, market positions of coffee and sugar are to be
figured independently, that is. purchases of coffee shall not be considered
against sales of sugar as a straddle interest or vice versa. The maximum
amount of credit that may be extended by members on the combined
coffee and sugar accounts is limited to $250 per contract or $10,000, whichever amount Is reached first. When a payment in excess of the credit
limit is due,the entire amount must be demanded in full.
Where purchases and sales in the same month offset, and are not applied
against each other, they shall be considered as liquidated for the purpose of
this rule, and no credit may be given.
• Any bona-fide negotiable securities deposited in lieu of margin are acceptable, but any moneys due on margins must be charged to a loan account
and suc'i account must be charged interest for the amount involved. Where
a loan account is opened by the deposit of adequate securities,6% interest
must be charged against such loans. A New York Coffee Rz Sugar Exchange membership, a bank guarantee, or a promissory note are not
considered as negotiable securities under the rules.
In f4uring margins, the accounts of a firm, and also of its branches,
must be considered as a whole. A firm with branch offices cannot be allowed credits for each of such branches.
The credit allowed to a firm, or to a member thereof, is inclusis e, and
any accounting of credits must also include any numbered account on the
books.
The new rules apply to all contracts on the Exchange now open or hereafter entered into.
New York Coffee & Sugar Exchange Considering Establishment of Futures Market for Blackstrap Molasses.
Establishment of a futures market for blackstrap molasses
is being considered by the board of managers of the New York
Coffee & Sugar Exchange, following numerous requests from
members of the sugar trade for such a market, it was announced on June 24. Benjamin B. Peabody, President of
the Exchange, has appointed a special committee, consisting of H. H. Pike Jr., Chairman, Harold L. Bache,
George R. Siddenburg, Earl B. Wilson and Gustave Lobo
Jr., to investigate the possibilities of such a market. The
special committee, which has already held an organization
meeting, will formulate a tentative contract, trading rules,
&c., covering blackstrap molasses, which will be submitted
to the board of managers and referred to the membership for
action, if approved by the board.
Details of the new national working pact for union shops was presented
to-day to the nineteenth annual convention of the American Federation of
Full Fashioned Hosiery Workers meeting at Knitters' Hall.
A reduction in wages and the inclusion of an unemployment insurance
program are the principal items in the new agreement.
Union officials refused to indicate how large a cut in wages will be
offered the manufacturers, but reports here are that the revision on some
operations may go as high as 25 and 30%. The agreement, if accepted
by the union this week, will be the subject of a conference with the mill
representatives next week.
The plans for unemployment insurance are only tentative and the union
will ask simply that the policy be adopted and the details worked out
later.
An innovation in the new wage scale is that the total labor cost for each
style of stocking is estimated and this amount is then quoted in its subdivisions for the wages of toppers, loggers, helpers, dm
The schedule gives labor rates on about 150 styles. As each construction
requires further scales for 10 or more operations, the document is unusually
complex. Delegates to-day were gratified that the work was accomplished
so quickly.
John A. Phillips, President of the Pennsylvania State Federation of Labor,
was the principal speaker to-day. He said that the record of the Typographical Union has proved that arbitration, since its inception by that
group in 1883, is the most effective means of stabilizing labor in an
industry.
Furniture Prices Higher at Opening—Producers Advance Case Goods 2 to 5% on Fall Lines Shown
Here.
Average price advances of from 2 to 5% were quoted by
manufacturers of case goods who displayed their fall lines
at the opening held by the furniture trade in the New York
Furniture Exchange on June 23, according to the New York
"Times," which added:
Upholstered furniture in the lower priced ranges in which cotton fabrics
were used showed a decline of from 2 to 3%. Medium and higher priced
upholstered pieces remained at the spring price levels.
Thers was little buying in the market yesterday, as the buyers were
busy inspecting the gcods on display. Attendance at the market, however,
was the best on record for an opening day. Registrations of buyers up to
the close of business yesterday totaled 480, exceeding the record of 455
on the opening day last year.
The decision to hold the market here three weeks earlier than usual this
year apparently met with the approval of buyers. Those who commented
on the innovation yesterday stated the earlier dates were more convenient
and also assured early deliveries on both regular and sales merchandise.
In the case goods field, which includes beds, dressers, tables, bureaus,
&c., pieces made in English oak were outstanding. Elizabethan and Tudor
styles were shown chiefly. Early American and Colonial pieces played
a less important part in the lines than at the last fall opening. Light
shades predominated in the wood finishes.
Upholstered furniture was shown in a wide variety of colors and fabrics.
Mohaire in shades of old rose, taupe and greens were featured. Tapestries
were more popular than in the spring. Brown, tan, green and henna were
the shades favored.
Activity in the Cotton Spinning Industry for May 1930.
The Department of Commerce announced on June 21
that, according to preliminary figures compiled by the
Bureau of the Census, 34,207,174 cotton-spinning spindles
were in place in the United States on May 311930, of which
28,374,434 were operated at some time during the month,
compared with 28,860,382 for April, 28,898,464 for March,
28,926,580 for February, 29,198,134 for January, 29,069,510
for December and 30,937,182 for May 1929. The aggregate Cuban Sugar Pool—Planters Asked to Deliver 10% of 1929number of active spindle hours reported for the month was
1930 Production—Seek Foreign Buyers.
6,729,109,384. During May the normal time of operation
The "Wall Street Journal" of June 26 reports the folWit9 263' days (allowance being made for the obsarvance of
lowing from Havana:
Memorial Day in some localities), compared with 25 2-3
Santa Clara Sugar Planters' Association has agreed to name a comfor April, 26 for March, 23 2-3 for February, 263 for Janu- mission to be in close contact with foreign buyers of sugar, principally
ary and 25 for December. Based on an activity of 8.88 Russia, and other than the United States. It has also voted to ask
production in order to estab.
ours per day, the average number of spindles operated planters to deliver 10% of their 1929-30
JUNE 28 1930.]
FINANCIAL CHRONICLE
4517
lish a pool in an attempt to sell sugar outside of the United States.
Restraint of Trade Charged.
They will also seek the cooperation of refiners owning mills in Cuba,
On Jan. 25 1928, and since that date, it is alleged the Institute and its
as well as planters not members of the Santa Clara Association. Any members "have engaged in a conspiracy to restrain, and have actually
sugar sold by the pool will be liquidated at the average price of all restrained throughout the said period, and are now restraining, interstate
sales.
trade and commerce in woolen goods and woolen yarns."
Selling committee probably will be made up of John R. Simpson, of
Acts complained of by the Government in alleged furtherance of the
Cuban Cane Products Co., William C. Douglas and Elie L. Ponvert conspiracy include meetings, speeches, conferences, correspondence, resoluof Punta Alegre Sugar Co.; and Colonel Deeds and Mr. Bartlett; tions and propaganda. It is set forth that the defendant, by means of
advisers being Garcia Beltranco, Galban Lobo Co., Farr & Co., and grouping members engaged in producing woolen products similar in type,
grade and price range, and by bringing about meetings and conferences of
Czarnikow-Rionda Co.
agents of group members, brought about uniform and non-competitive
prices and price schedules; that member companies reported to the deeach sales
Maine Mill to Close—American Woolen Plant Reveals fendant in advance ofwithout season on the subject of prices and agreed
to maintain schedules
deviation,thus eliminating price competition.
First Shutdown in 40 Years.
The New York "Evening Post in Associated Press advices from Dover-Foxcraft (Me.), June 27 says:
Officials of the Brown Mill of the American Woolen Company announced here today the mill would close July 10 for an indefinite
period.
It will be tre first shut down for more than forty years.
No
reason was advanced. The mill employs between 275 and 300 persons.
Price-Fixing Alleged.
The Government further alleges that the Wool Institute published
"schedules to be maintained by its members" and that on Dec. 11 1929,
agents of 84 weavers of men's wear met and definitely established prices for
the spring of 1930, thereafter procuring agreements to conform to the prices
from others.
On Dec. 12 1929, the complaint sets forth, there was published in the
Journal of Commerce a display advertisement setting forth that:"The Wool
Institute is authorized to announce that the following member mills will
definitely maintain their established spring prices on all duplicates of new
business for spring 1930."
Then followed in the advertisement a list of 105 men's wear milling concerns. A day later another advertisement listed 70 additional names and
still later "ads" in various trade papers listed 182 mills. The name of
A. D. Whiteside, President of the Wool Institute, is signed to the latter
advertisement.
The effect of all the acts complained of, according to Mr. Fly,as expressed
in the complaint, was to "stifle, eliminate and unreasonably restrain
competition in the sale of woolen goods and woolen yarns in interstate
trade or commerce."
,
Jerome Lewine of H. Hentz 8c Co. Renominated for
President of National Raw Silk Exchange.
Jerome Lewine of H. Hentz & Co., President of the
National Raw Silk Exchange for the past year, was renominated for that office in the report filed on June 24, by
E. A. Canalizo, Chairman of the Nominating Committee.
Other officers renominated were as follows: First Vice-President, Douglas Walker; Second Vice-President, Charles
Leather Prices Advanced Following Enactment of
Muller; Treasurer, August Schierenberg. Louis Kahn,
Tariff Law.
Macfarlan, and Albert Tilt were
Floyd Y. Keeler, Allan
The following is from the "Wall Street Journal" of June 24:
nominated for members of the board of governors, to serve
A general advance
pound has been put into effest
three years. Inspectors of election for 1931 were nominated leather following the of 2 cents aof the new tariff which places an on 90t13
enactment
import
as follows: Arthur B. Elliman, Nelson Dougherty and Hans duty of 1234% on this grade.
No price changes have been made in upper leather as yet, although the
Riggenbach. The annual election will be held July 15.
market is strong with demand good.
Price Differentials Announced by New York Hide
Clothing Costs Raised—Tariff to Mean Increase on
Exchange, Inc.
Domestic Product, Importer Says.
The Adjustment Committee of the New York Hide
The following is from the New York "Times" of June 22:
Exchange has fixed price differentials between the basis
Advances in the duty on raw materials used in the manufacture of men's
grade and the premium and discount grades of hides de- clothing
will add from $3 to $4
of producing a domestic suit or
iverable against Exchange contracts, same to be effective overcoat under the new tariff, to the cost Walters, clothing importer sad
Edgar B.
June 24 1930, to prevail until further notice. The announce- Chairman of Tariff Committees in the Men's and Boys'Clothing Importers'
Association and the National Council of American Importers and Traders.
ment says:
Inc., said
The differentials are based on hides taken off in the 'United States and
Canada in the non-discount months of July, August and September, and
frigorifico hides taken off in the non-discount months of December, January and February on basis of delivery ex-dock or warehouse, duty paid.
The differentials fixed in cents per pound are as follows:
,
Frigorifico.—Steers. 3.25 premium; light steers, 2.35 premjum; cows
2.65 premium; extra light cows and steers, 2.95 premium.
Packer.—Heavy native steers, 2.10 premium; extra light native steers,
0.50 premium; heavy native cows, 0.55 discount; light native cows, basis;
heavy butt branded steers, 1.55 premium; heavy Colorado steers, 1.05
premium; heavy Texas steers, 1.55 premium; light Texas steers, 0.50
premium; extra light Texas steers, 0.55 discount; branded cows, 0.55
discount.
Packer Type.—Branded cows and steers, 1.05 discount; native cows and
steers, 0.55 discount.
Failure of C. E. Moritz of Natchez, Member of New Orleans Exchange.
From the New York "Times" we take the following (Associated Press. from New Orleans June 24:
The failure of C. E. Moritz of Natchez, Miss., a member of the
New Orleans Cotton Exchange, to meet his obligations, was announced today from the Exchange rostrum. The announcement apparently had no effect on the market.
Mr. Moritz has been a member of the Cotton Exchange for thirty
years.
Wool Institute Reported Enjoined Under Anti
-Trust
Act.
According to the New York "Evening Post" of yesterday
(June 27) an injunction restraining the Wool Institute, 2
Park Ave.,from acts in restraint of trade and violation of the
Sherman anti-trust act was signed yesterday by Federal
Judge W. I. Grubb of Alabama, sitting temporarily in this
jurisdiction. The "Post" adds:
The Wool Institute controls the major part of the nation's supply of
woolen yarns a d cloths.
The institute consented to entry of the decree after James Lawrence Fly,
special assistant to United States Attorney General William D. Mitchell,
and John Lard O'Brien, head of anti-Trust Enforcement, had filed a complaint.
The complaint, filed with the injunction sets forth that the defendant
is a trade association of wool spinners and weavers with 138 members, of
whom 35 are spinners, and that these members produce the major portion
of the nation's suppl; of woolens.
Among the great mills which belong to the institute are the American
Woolen Co., the Arlington Co., the Pacific Woolen Mills and the Botany
Woolen Mills. Hundreds of millions of dollars in corporations are repre-
ented.
yesterday. During hearings on the new law Mr. Walters appeared in Washington in behalf of clothing importers in both organizations.
"The tariff increases on raw materials consumed by the domestic clothing industry vary from 10 to 100%." he explained yesterday. "Increased
rates on wool, wool wastes, yarns and clothing will have a tendency to
add to the cost of clothing produced in this country."
Duties on imported clothing, Mr. Walters concluded, are substantially
the same in the present tariff as they were under the Fordney-McCumber
bill.
Petroleum and Its Products—Conservation Movement
Attains New Impetus as Prospects for Refinery
Curtailment Develop—Imports Furnish Problem
for Industry—Pennsylvania Output Cut.
Curtailment of domestic crude oil production is expected
to become more rigid during the closing half of the year,
following well-grounded reports of a pending slackening in
refinery operations. Leading refining interests, it is reported, have become convinced by the unfavorable statistical
position of refined products markets of the necessity for
some drastic curtailment of producti n, and it is probable
that the refining industry in general will reduce its output
by approximately 10% during the closing half of 1930.
With this program in view, producers of crude will naturally
be confronted with the necessity for a corresponding cut in
crude production, unless they wish to be faced with the
necessity for expensive above-ground storage of their surplus output.
Continued heavy imports of South American and Mexican
crude are furnishing the industry with a problem, and domestic producers are taking the import movement into consideration in planning their operations for the balance of 1930.
Practically all of this South American oil is reaching Atlantic Coast refineries, although a little is coming in through
the Gulf.
Pennsylvania producers are progressing with their curtailment program but the unfavorable position of refined
products markets in the Pennsylvania refining areas is expected to force further cuts in crude output.
West Texas producing fields, which have shown a tendency to forge ahead in their production totals, are coming
in for co-operative curtailment effort, and it is believed that
field development work will be largely curbed until market
conditions become more favorable.
4518
FINANCIAL CHRONICLE
Price changes of the week follow:
June 26.-Ohlo Oil Co. reduced Lima and Indiana crudes 15 cents per
barrel and Wooster crude 10 cents per barrel.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. 1, degrees are not shown.)
Bradford, Pa
$2.25 Smackover, Ark., 24 and over
Corning. Ohio
1.75 Smackover. Ar., below 2
Cabe11, W.Va
1.35 Eldorado, Ark.. 34
Illinois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo., 37
Midcontinent, Okla.. 37
1.23 Sunburst, Mont
Corsicana, Texas, heavy
.80 Artesia, N. Hex
Hutchinson, Texas. 35
.87 Santa Fe Springs, Calif., 33
Luling, Texas
1.00 Midway-Sunset, Calif., 22
Spindletop, Texas, grade A
1.20 Huntington, Calif., 26
Spindletop, Texas, below 25
1.05 Ventura. Calif.. 30
Winkler, Texas
.65 PetroIla, Canada
to that report. The report for the week ended June 211930,
follows:
CRUDE RUNS TO STILLS
-GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED JUNE 21 1930..
(Figures in Barrels of 42 Gallons)
1.90
.75
1.14
.90
1.23
1.65
1.08
1.75
1 05
1.34
1.13
1.90
REFINED PRODUCTS
-SHARP DECLINE IN REFINERY GASOi
LINE HOLDINGS DEVELOPS BETTER TONE-REFINERS
CONSIDERING CUT IN Ol'ERATIONS-RECORD GALLONAGE FOR FIRST HALF-YEAR IN EAST
-KEROSENE WEAK.
With refinery holdings of gasoline having recorded substantial declines during the past fortnight, market sentiment
with respect to motor fuel showed decided improvement
in the East this week. Quotations were firmly held at refinery terminals, and a decided increase in tank-car movement was recorded.
Leading oil company executives met in New York this
week with the Division of Refining of the American Petroleum Institute and considered ways and means of stabilizing the market by curtailing gasoline output. The Institute will undertake a survey to ascertain the minimum
working stocks required by the industry, with the probability that production will be cut until the minimum amount
of necessary storage holdings is attained.
Refiners are computing their sales totals for the first
half of the year, and it is indicated that in the Eastern area
gallonage for the first six months of 1930 has shown a decided increase over that for the comparable months last
year, with new records attained.
Kerosene and all the minor products, with the exception
of bunker fuel oil and Diesel oils, were in easy position
throughout the week, with considerable price cutting being
done.
In the tank wagon end of the business a marked increase
in sales of both U. S. motor and premium quality motor
fuels was reported. No price changes developed, but it
was reported that an advance of one cent per gallon would
be made in both tank wagon and service station prices in
the South Atlantic States during the coming week.
Gasoline, U. S. Motor, Tank Car Lots. F.O.B. Refinery.
N.Y.-Sinclair Ref .09
N.Y.
(Bayo'n)$.09@.10
.081
4
California
Beacon 011
09
Los Angeles, export_ .0711
Stand. Oil, N. J._ .09
.08% Gulf Coast,export_ .08)4
Carson Pet
Stand. 011, N. Y_ .098
Crew Levick
Tide Water 011 Co. .09
.09
North Louisiana... .0714
West Texas
Richfield 011 Co.._ .10
.064 North Texas
064.4
Chicago
Warner-QuInEnCo .10
.0914 Oklahoma
08
.07k Pennsylvania
Pan-Am.Pet. Co_ .094 New Orleans
.0934
Arkansas
Shell Eastern Pet_ .10
0634
Gasoline, Service Station, Tax Included.
$.183 Cincinnati
3.19
New York
Minneapolis
$.182
.16
.21
Denver
New Orleans
Atlanta
.195
188 Philadelphia
Detroit
.22
Baltimore
.21
.18
Houston
San Francisco
.20
Boston
.251
.24
Jacksonville
Spokane
Buffalo
.15
195
.179 St. Louis
Kansas City
15
16
Chicago
Kerosene. 41-43 Water White, Tank Car Lots. F.O.B. Refinery.
N.Y.(Bayonne)$.07@.07 it Chicago
$ 05.4 I New Orleans
$0734
.0534 Los Angeles, export_ .0554 'Tulsa
.064
North Texas
Terminal.
Fuel Oil, 18-22 Degrees. F.O.B. Refinery or
8.85 Golf Coast
$.75
(Bayonne) $1.1511.os Angeles
New York
.95'Chicago
.55
2.00 I New Orleans
Diesel
Gas Oil, 32.34 Degrees, F.0.11. Refinery or Terminal.
3.03 I Tulsa
1.03
N.Y.(Bayonne)---$.0554 I Chicago
Gross Crude Oil Stock Changes for May 1930.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains decreased 1,269,000 barrels
In the month of May, according to returns compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
In general crude oil stocks, including crude oil in transit,
but not producers' stocks at the wells.
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,524,400 barrels, or 95.7% of the 3,683,400
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
June 211930, report that the crude runs to stills for the week
show that these companies operated to 74.4% of their total
capacity. Figures published last week show that companies
aggregating 3,526,990 barrels, or 95.8% of the 3,683,400
barrel estimated daily potential refining capacity of all plants
operating in the United States during that week, but which
operated to only 75.7% of their total capacity, contributed
[Vor.. 130.
District.
East Coast
Appalachian
Ind., Illinois, Kentucky
Okla.. Kans., Missouri_
Texas
1-.111.1ana-Arkartmaa___.
Rocky Mountain
California
Total week June 21
Daily average
Total week June 14
Daily average
Per Cent
Potential
Capacity
Reportlog.
Crude
Runs
to
Stills.
100.0
91.0
99.6
89.9
90.4
96.8
93.6
99.3
3,529,000
553.000
2,285,000
2,007.000
4.222,000
1.242.000
473,000
4,037.000
95.7
18,348.000
2.621.000
18.690.000
2,670.000
95.8
Per Cent
OPer.
of Total
Capacity
Report.
Gasoline
Stocks.
Gas
and
Fuel
Oil
Stocks.
8,774,000
757.000
4,067,000
4.725,000
11,034,000
2,082,000
1.174.000
106,702,000
83 2
67.8
85.7
69.0
84.6
67.7
48.5
64.7
8,196,000
1,682,000
8.190.000
4,474.000
7,346.000
2,432,000
2,713.000
15,112,000
74.4
50,465,000
139,315.000
75.7 x52,204,000
139,221,000
Texas Gulf Coast
Louisiana Gulf Coast
100.0
3,172,000
7,501,000
86.1
5.807.000
1.226,000
100.0
862.000
83.5
2.037.000
zRevlsed.-Due to the receipt o a correction in lest weeks' report from a company
In the Indiana. Illinois and Kentucky district. The week of the 14th is the only
week affected by this correction.
-All crude runs to stills andbstocks figures follow exactly the present Bureau
Note.
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
Crude Oil Output in United States Higher.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended June 21 1930, was 2,598,850 barrels, as
compared with 2,571,500 barrels for the preceding week, an
increase of 27,350 barrels. Compared with the output for
the week ended June 22, 1929, of 2,764,500 barrels daily,
the current figure represents a decrease of 173,650 barrels
per day. The daily average production east of California
for the week ended June 211930, was 2,000,450 barrels, as
compared with 1,974,300 barrels for the preceding week, an
increase of 26,150 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedJune 21 '30. June 14 '30. June 730. June 22'29.
Oklahoma
675,600
679,650
651.700
667,600
Kansas
134,600
131,650
121,400
133,850
Panhandle Texas
105.700
111,100
107,100
93,850
North Texas
82,150
81,400
82,000
83,150
West Central Texas
58,450
61,850
50,850
62,700
W sst Texas
302,100
295,150
358,800
298,500
East Central Texas
40,750
40,300
39,950
18,700
Southwest Texas
74,100
69,700
81,600
81,800
North louIsiana
40,250
40,750
40,150
36,000
56.400
56,800
Arkansas
56,900
69,800
184.000
184,200
127,300
185,200
Coastal Texas
19,950
25,200
23,050
26.750
Coastal Louisiana
125,000
125,500
125,500
99,600
Eastern (not incl. Michigan)..
10,300
10,300
10,350
7,300
Michigan
48,350
47,150
50,050
49,550
Wyoming
9,350
9,350
9,200
11,550
Montana
4,350
4,350
4,700
7,000
Colorado
20,500
19,850
20,500
2,250
New Mexico
597,200
598,400
599,400
835.500
California
2,598,850
2,571,500 2.588,050
Total
2,764,500
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, E St Central and Southwest Texas. North Louisiana and Arkansas,
for the week ended June 21, was 1,571,050 barrels, as compared with 1,546.050 barrels for the preceding week an increase of 25,000 barrels. The
Mid Continent production, excluding Smackover (Arkansas) heavy oil,
was 1.532.750 barrels, as compared with 1 507,400 barrels, an increase
of 25,350 barrels.
The production figures of certain pools n the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-5Week Ended
-Week EndedEast Central Texas- June 21 June 14
Oklahoma
June 21 June 14
Bowlegs
25,150 25,250
21,450 22,750 Van Zandt County
Bristow-Slick
Southwest 7'ezas15,650 15.800
Burbank
29.000 28,500
16,350 16,350 Darst Creek
Carr City
9,250
6,600 Luling
9,000
8,700
Earlsboro
31,700 25,300
30,050 31,700 Salt Flat
East Earlsboro
North Louisiana
37,400 34,001)
Koilawa
3,300
3,700
18,850 22,950 Sarepta-Carterville
Little River_ -.35,800 41,000 Zwolle
3,250
3,250
East Little River
Arkansas
16,000 15,500
Maud
5,250
5,150
3,850 Smackover,light
5,050
Mission
39,200 38,650
9.500 Smackover. heavy
12,600
Oklahoma City
Coastal Texas
115.850 111,250
St Louis
19.050 21,650
32.450 30,550 Barbers Hill
12.100 11.850
Searight
9,400 Raccoon Bend
11,800
Seminole
36.200 35.600
21,550 23,700 Refuglo County
East Seminole
12,250 11,900
3,200 Sugarland
2.850
South Earlsboro
Coastal Louisiana
14,400 13,150
ansas1,800
1,800
East Huck berry
sedgwtok County
1,100
1,150
18.800 18,500 Old flackberry
Voshell
Wyoming
19,850 23,000
Panhandle Texas
27,900 28,850
Salt Creek
Gray County
Montana
73.300 73,550
Hutchinson County_ _ _ _ 23,900 22,650 KevIn-Sunburst
5,800
5,850
North TesasNew Mexico
Archer County
19,100 19,150 Balance of Lea and Eddy
Wilbarger County
17,000 17,100
Counties
24,750 24.800
West Central Texas
California
Young County
43,800 44.200
23,800 24,000 Elwood-Goleta
West Texas
28,000 28.000
Huntington Beach
Crane St Upton Counties, 36.000 38.000 Inglewood
17,200 17,200
Ector County
15.000 14.500
17,000 16,900 Kettletnan Hills
Howard County
92.000 91.000
29,000 30,200 Long Beach
Reagan County
17,250 17,700 M Id way-Sunset
63.500 63,500
Winkler County
110.800 110.500
70,500 70,000 Santa Fe Springs
Yates
112,000 112,500 Seal Beach
20,700 20.900
Balance Pecos County._ 3,700
3,800 Ventura Avenue
48,000 48,000
JUNE 28 1930.1
FTNANCTAL CITRONICLE
4519
Stoppage of Tin Mining Set for July 1—To Cut World continues, quiet for a time. Further remarks are given as
follows:
Supply by One-Third in Next Three Months.
Effective June 26
Reduction of world tin supplies by 12,000 to 15,000 tons aluminum from 24.3the Aluminum Co. of America will reduce the price of
cents per pound to 23.3 cents. This is the first price
within three calendar months will begin July 1, with stoppage change in aluminum since December 1927.
A 15-point drop in the price oflead to 5.25 cents. New York.resulted in an
of dredges in the Far East, a reliable London source stated
active demand and
week was better
on June 26. Stoppage of mining in Malaya, Burma, and Both the volume business during the buying showed than for seven weeks.
and character of
improvement. The
Siam, except in Chinese properties will begin as follows:
majority of large purchasers entered the market not only for prompt and
One-half the total number of dredges will close down July 1, and the other
half on Aug. 1, both for two clear calendar months. Thereafter production
will be curtailed to 20% less than the 1929 rate, calculated quarterly, and
will continue indefinitely.
The same amount of curtailment will take place beginning July 110 the
Dutch East Indies, Nigeria and Bolivia, though these fields will not
close down entirely as will those in the East.
It is estimated that this rate of curtailment, if continued until Jan. 1
1930, should bring the world's visible supply to between 15,000 and 20,000
tons instead of above 35.000 tons as at present.
July lead, but in some instances. August metal also was booked.
Zinc continues its downward trend. A prit e declinc to 4.225 cents did not
stimulate buying and the market was extremely dull.
Another announcement that tin production would shut down in a large
way during July and August resulted in an upward turn in the market,
and prompt Straits sold a little above 31 cents for the first time since May
31. No great buying interest, however, was aroused.
Mine Wage Conference in New York June 30—John L.
Lewis Announces Parley to Obtain Agreement in
the Anthracite Field.
Dutch Accept Tin Restriction Proposal.
An Associated Press dispatch from Philadelphia June 21,
World-wide restriction of tin output, including a two is taken as follows from the New
York "Times":
month cessation of production in all important fields,
John L. Lewis. International President of the United Mine Workers.
appeared imminent as the Billiton Co., leading Dutch announced to-day that the conference for a new wage agreement between
colonial producer, announced its acceptance of a two months the anthracite operators and miners would begin in New York June 30.
The
wage
production holiday, and a program of 20% restriction on expire existing 31. agreement, negotiated after a six months' strike, will
August
The committee representing the mine workers is under instructions
June 25. The announcement was made in an official statement of the Tin Producers Association in London, following from the recent anthracite convention held in Hazelton to obtain the
most satisfactory agreement possible "on the br sis of no reduction in wages."
an international conference in Paris at which all important
The committee is also empowered to obtain equal division of working
producer interests were represented. The text of the time among the workers; abolishment of the individual contract system:
to secure the convenience of an arrangement for the collection of dues on
announcement follows:
a reasonable basis
and the adjustment of a number of other matters reThe executive committee of the Tin Producers Association announce garding the employment of mine workers.
that they have received and considered the report of a special international
committee which met in Paris on the 17th and 18th of June and,considering
all circumstances, have resolved to recommend uniform regulation of out- 2,000 Coal Miners Quit—Bulk of Workers Reject Strike
put to take effect from June 1 1930 and to be under control of the special
Call of Grievance Committee.
committee. The basis of regulation agreed upon is 20% of 1929 output.
Under date of June 21, Associated Press advices from
to be carried through on a quarterly quota, actual production of all members
of the T. P. A., the Billiton Co. and Bolivian producers being published at Scranton, Pa. published in the New
York "Times" said:
regular intervals.
About 2.000 of the 14,000 mine workers employed by the Pittston Co.
The executive committee further recommends that all production be
entirely suspended during two of the next three months. The purpose of at its mines in Lackawanna and Luzern() Counties joined in the strike
the recommendation is not to bring about undue inflation in the price of called for to-day by the general grievance committee, It was stated by offithe metal but to establish the price of tin at an economical level to assure cials of the company and heads of the United Mine Workers of America,
who had cautioned against an unauthorized w Mout.
adequate supplies for consumers at all times.
The general grievance committee of the Pittston Co. called the strike
The president of the Association received the following telegraphic
at a meeting last night because, the committee alleged, work was not being
authorization from the managing board of the Billiton Co.: "After conequalized.
sidering the report of the last meeting of the special committee,the managing
board of Billiton authorizes you to inform your members that Billiton will
guarantee from the beginning of June 1930, restriction for
each period of British Miner Against Short Day—Opposes Seven and
3 months of 20% on average quarterly output in 1929, under condition
One-Half Ground of American Competition.
members of the Tin Producers Association do same, and moreover will
close down production entirely for two of next three months. All such
The following Geneva advices June 12, appeared in the
measures will be under control of the special committee as will publication
New York "Times."
of production figures by the interested parties."
A proposed convention to give European coal miners a 7 -hour day
was strongly opposed In a committee of the International Labor Conference
here to-day by William Lee, Secretary of the Mining Association of Great
National Metal Exchange Approves New Copper
Britain, on the ground that increasing American competition made it
Impossible to limit the problem to Europe. Mr. Lee said cheaper American
Contract.
coal was making serious inroads on British sales in South America and
The National Metal Exchange by a unanimous vote Canada.
approved amendments to the by-laws involving a new
copper contract, under which the basic grade for trading in International Labor Conference at Geneva Reduces
futures will be rough or blister copper, assaying 99% or
Working Day of Coal Miners.
better. The Exchange, in its announcement June 23, says
The New York "Evening World" in United Press advices
Trading under the new contract will begin at 12 o'clock noon, July 1:
from Geneva June 27, says:
but no trades specifying delivery in any month prior to
August will be made.
Trading under the old contract will cease June 30.
It is anticipated that a more active market in copper futures will result
for the reason that the new method of trading will be practically the strhe
as that in effect on the London Metal Exchange. Arbitrage between
London and New York will be possible and considerable of the
trading
now done in London, it is thought, will be transferred to the
National
Metal Exchange.
Members of the Exchange report considerable preliminary inquiry
regarding the new contract and from indications a considerable
volume of
business will be ready for trading on July 1.
Although the contract grade under the new trading provisions is to
be
rough or blister copper, several other grades may also, at the option of
the
seller, be tendered at various premiums or discounts. The premium
grades will include prime electrolytic copper (except cathodes), prime lake
copper, prime electrolytic copper cathodes and casting copper. Discount
grades will include rough or blister copper assaying under 99%, but not
under 94%. No copper assaying loss than 94% shall be a good delivery.
The new copper contract will be for 56,000 pounds against the old
contract provision of 50.000 pounds. Fluctuations will be in hundredths
of a cent and the limit for fluctuations for any one day will be 2 cents
above or below the previous day's close.
Copper Steadier But Demand Tapers Off—Price Rules
at 12 Cents—Aluminum Reduced 1 Cent per Lb—
Tin Firm.
With copper selling currently at 12 cents, business during
the past week tapered off to modest proportions. "Metal
and Mineral Markets" reports. Offerings of the red metal
for less than 12 cents were all absorbed last Thursday, when
over ten thousand tons were put on the books at prices that
varied from 11M cents, delivered Connecticut, to 12 cents.
Large producers and several of the smaller factors as well,
have no intention of going below 12 cents, although they
admit that copper may be offered at concessions if the market
A convention fixing the coal miners' working day at 7% hours was
adopted by the International Labor Conference by a vote of 75 to 33.
Strong opposition was offered by the employers' group, which declared
the convention would increase prices of coal.
The conference also adopted a resolution to reopen the question of hours
three years from now in expectation of a further reduction.
United States Makes Its First Billion Tons of Steel.
Steel production in the United States has just scored its
first billion tons, announces the "Iron Trade Review."
It has taken more than a century to accomplish this, but
half of the output has been achieved in the past 12 years.
Incredible as this may seem it is the fact that stamps the
present period as the age of steel. The "Review" also
reports as follows:
The first published record of steel-making in this country was for the
year 1810 with 917 tons. Iron was then in the ascendency and steel
was still in an experimental stage.
In the decade 1880-89 steel production totaled 21.695,421 tons, more
than four times the amount produced in all of the preceding 70 years.
In the following ten years output tripled; again in the next decade it tripled.
In the decade between 1910-19 it was approximately twice that of the
previous ten years. And between 1920 and 1929 it increased over 20%.
While this pyramiding of steel has been at a less rapid rate than formerly,
yearly tonnages have continued to mount. In the past 12 years the output has been 506,129,681 tons. This does not include the 20,352,960 tons
of Bessemer and open-hearth steel made in the first five months of 1930.
The amount is well over 50% of the 1,020,061,154 tons all-time total.
For every man, woman, and child living in the United States to-day
there now has been produced approximately 18,816 pounds, or 8.4 gross
tons of steel.
Perhaps the best indicators of the penetration of steel into modern
life
are the production and consumption per capita. The output of steel in
the United States In 1929 was equivalent to ten times the weight of every
man, woman, and child within its borders, or 1,034 pounds per individual.
This is far above that of any other country in the world.
4520
FINANCIAL CHRONICLE
Chicago Pig Iron Reduced 50 Cents a Ton-Fourth
Reduction by That Amount This Year.
Foundry pig iron has been reduced 50 cents per ton again
in the Chicago district, bringing the quotation down to
$18 per ton, furnace, a complete reduction of $2 per ton so
far this year. This is noted in the New York "Journal of
Commerce" of June 26 which added:
The lower prices are believed due to large shipments of Buffalo iron into
the district by way of the Great Lakes. Declines have been much more
severe in the Middle West than in the East. The No. 4 Iroquois furnace
has been taken out of blast,leaving five or six furnaces in the district active.
Prices in the East are unchanged but have an easy tone. The foundry
melt of iron is undeniably low. Textile machinery makers in New England
have been hit the hardest by poor business. There is an instance of where
a maker of steam fittings has piled up such large supplies of his finished
product that he is going to close down operations for three months.
It is reported that the Worthington Pump & Machinery Corporation
bought promptly against its inquiry for 1,500 tons for its Buffalo plant
because of a large order received for compressors.
Buffalo iron is said to be carried from that city to Beacon, N. Y., at
around $1.75 per ton, which is approximately the rates prevailing last
shipping season.
The automobile makers of Michigan are buying ferro-alloys quite freely
just now. The Ford Motor Co.recently bought 800 tons offerromanganese,
1.200 tons of ferrosilicon and 300 tons of ferrochronaium.
[Vol,. 130.
its inquiry for 300,000 tons. It is becoming difficult to find mills that can
take orders for line pipe projects scheduled for completion this year.
The "Iron Age" composite prices are lower. That for finished steel
fell to 2.185c. a lb.from 2.214c, a lb., at which it held for five weeks. The
pig iron composite is now $17.42, against $17.50 for the last three weeks
as the following table shows:
Finished Steel,
pig iron
June 24 1930, 2.185e. a Lb
June 24 1930, $17.42 a Grose Ton
$17.50
One week ago
...2.21e. One week ago
One month ago
17.58
2.214e. One month ago
. 18.63
One year ago
2.412e. One year ago
Based on steel bars, beams,tank plotes. Based on average of basic iron at Valley
wire, rails, black pipe and black sheets. furnace and foundry Irons at Chicago;
These products make 97% of the United Philadelphia. Buffalo, Valley and hirmStates output of finished steel.
bighorn.
Low.
tow.
Mob
1930_2.362e. Jan. 7 2.185a June 24 1930___$18.21 Jan. 7 $17.42 June 24
1929__2 412c. Apr. 2 2.3620. Oct. 29 1929.- 18.71 May 14 18.21 Dee. 17
1928_2.391c. Dec. 11 2.314c. Jan. 3 1928- 18.59 Nov 27 17.04 July 24
1927_2 453c. Jan 4 2.293e. Oct. 25 1927.- 19.71 Jan. 4 17.54 Nov. 1
1926_.2 4i20. Jan 5 2.493s. May 18 1026.- 21.64 Jan. 5 19.46 July 13
1925_2 560c. Jan, 6 2.396c. Aug. 18 l925.. 22.50 Jan. 13 18.96U Y
Steel makes a slightly greater showing of activity this week,
due to a bulge in demand for structural material, an accumulation of orders in the Youngstown district which is tempering receding operations there, and a foray into the market by
consumers whose inventories have fallen dangerously low,
says the "Iron Trade Review" of June 26. This improvement, however, is a temporary upswing, such as frequently
occurs to decelerate a declining market, and is not a trend.
Steel Accounts for Quarter of Nation's Industrial It is generally conceded that steel approaches the close of the
second quarter with the price situation well liquidated, but
Activity.
Recent mergers in the steel industry are developing a new not what is now termed the over-production of 1929, conconception of the value and importance of the industry to the tinues the "Review", which further reports:
steel, pipe production is practically covered
Of the fcur major
nation's future, an article prepared by the "Iron Trade for the remainder of outlets forand structural steel jogs along at about 80%
the year,
Review," says: Steel now is directly responsible for more oflast years'record gait. But requirements of the automotive industry and
than a quarter of the country's industrial activity. The of the railroads will go lower before they go higher, and they tip the scales
downward.
present capital investment in steel manufacturing is estiAutomotive production in July will be the lowest since February,if not of
mated at $14,000,000,000 to $16,000,000,000. The "Review" the entire year, and at this distance August forecasts little betterment.
With the further postponement of awards of 2,300 freight cars by the
further goes on to say:
Pacific Fruit Express and
by the Min-.
Illinois Central, 1,500 by the
500
The number of persons employed in all manufacturing operations in neapolis & St. Louis railroads, the railroads also appear barren of steel needs
the United States is approximately 9,787,647, and of these 29% are engaged for at least 60 days.
in the steel industry. The value of products made by all manufacturing
With deliveries prompt, no threat of higher prices and the carryover of
enterprises in an average year's time is $62,718,347.289, and of this the second quarter contracts fairly heavy, steel users are oblivious to the
steel industry itself accounts for more than 26%. More than one-third of approaching turn of the quarter. Considering the few days remaining, the
the rated horsepower used in all manufacturing is found in the steel in- interest of pig iron consumers in their third quarter needs also is surprisingly
dustry.
mild. In several districts melters who had issued third quarter inquiries
Steel's importance to the maintenance of present day standards of have placed only part of the tonnage specified.
living makes the production, treatment and finishing of this material
As a consequence of this short-range buying, steelmaking operations,
for use,the outstanding industry of America. The business is so tremendous have been further curtailed. Pittsburgh mills, long at 70%,are now down
and its ramifications extend into so many devious channels that the layman to 65. Cleveland mills are off 9 points, to 41%. Buffalo producers averseldom grasps a true picture of the physical aspects of the industry in its age 73% this week,against 75 last week. Chicago mills are holding at 70%.
entirety.
Youngstown operations continue about 60%,improvement at independent
The best way to comprehend the actual scope of the steel industry is mills washing out the 10% decline at Steel corporation plants.
to visualize its functions. Stated briefly, they embrace extracting and preThe average this week for all Steel corperation plants is 71-72%, against
paring materials; converting them and refining them into pig iron, steel 72 last week. With independents this week at 61%, down 3 points, the
ingots and castings; rolling the ingots; and preparing for use the resultant entire industry averages66%,compared with 68 last week and 71 two weeks
rolled steel, castings and forgings by drawing, stamping, pressing, heat ago. Last year the industry was operating at 95%.
treating, machining, welding, riveting, plating and polishing. Only a
Most heartening of all markets is that for structural shapes. At New
fraction of American steel progresses from raw material to finished state in York alone well over 120,000 tons is pending, including 48,000 tons for
the plants of a single company.
an elevated roadway over the Jersey meadows,43,000 tons for a previouslymentioned elevated roadway in New York, 20,000 tons for subways and
10,000 tons for a school at Brooklyn.
Steel Output Again Declines-Construction Work
This week's structural steel awards, topped by 6,500 tons for a bank at
St.Paul and 6,000 tons for Yale university,total 42,100 tons, well above the
Continues to Develop-Prices Lower.
average for the year to date and comparing with 27,378 tons in the corSeasonal influences, accentuated by current pessimism, responding week of 1929. For 1930 to date structural awards now total
obscure the outlook in the iron and steel trade, the "Iron 902,000 tons; a year ago 1,113,000 tons.
Declines this v:eek in finished steel prices are more in the nature of adAge" of June 26 reports. Summer shutdowns of two weeks justments and open recognition of concessions than in downright weakness.
large steel-consuming plants, notably Galvanized sheets are more commonly 3.15c, Pittsburgh. Wide het strip
or more by a number of
in the Detroit district, coupled with the customary mid-year is now 1.65c, Pittsburgh, narrow hot strip 1.75c, and cold-rolled strip 2.45c.
A $2.10 price on wire nails is more common. Relaying rails at Pittsburgh
suspensions for inventory in virtually all lines of industry, have been marked down $1 per ton and light rails $2.
iron and steel deSoftness, however, honeycombs much of the pig iron price structure.
make it clear that, temporarily at least,
Another reduction of 50c at Chicago brings the furnace price there down to
mand will undergo further reduction.
$18. Lake iron at Chicago docks now is $17 to $18. Granite City, Ill.,
On the other hand, heavy line pipe bookings and mounting quotations are off 50c, sympathetic with Chicago. After being unchanged
requirements in structural steel remain encouraging factors, for 13 months, pig iron at Youngstown and Pittsburgh warrants a spread of
and an impending general business recovery is sensed by 50c downward. particular the softening of pig iron prices, the "Iron Trade
Reflecting in
leaders of the steel industry who have passed through many Review" composite is down Sc this week to $33.44, giving this index an
cycles of trade expansion and contraction. They believe average of $33.53 for June, compared with $33.73 for May and $36.96 last
and they see June.
that curtailment of buying has been overdone,
Ingot production of the U.S. Steel Corp. is down less than
signs of a reaction in the other direction in scattered evidences
as compared with a week ago, says the "Wall Street
of more liberal purchases of various products. The "Age" 1%
Journal" of June 24. The rate is a fraction above 71% as
also goes on to say:
compared with about 72% in the preceding week. Two
Plans of the United States Steel Corp. to bring as much ore down the
Lakes as in 1929 are interpreted as indicating its faith in the business weeks ago the corporation was at 75% of capacity. The
prospects for the last half of the year. The scheduled blowing in of two "Journal" continues to say:
blast furnaces by a large Pittsburgh independent early next month may
point to similar confidence, although probably more largely influenced
by pressure for line pipe deliveries.
Steel ingot production for the country at large has declined to 64%
from the 65% rate of a week ago. Companies catering to the automobile
trade are curtailing the most, while those having large capacities in pipe
are holding their own or making slight gains. The Steel Corp. average,
at 72% is three or four points higher than a fortnight ago.
Construction work continues to develop in increasing volume. New
structural steel projects, at 91,000 tons, are the largest this year with the
exception of two weeks ago, when they totaled 112,000 tons. A highway
project in Jersey City and two sections of New York subway alone account
for nearly 50,000 tons. More structural steel business is in prospect than
at any time in the past year.
The country's capacity in line pipe is fully committed for six months.
The Republic Steel Corp. has booked an additional order for 10,000 tons
Co. The Sun Oil Co.is in the market
rem the Ml Ise uri ansas Pip( Lig)
x 2 0( x(!ef etil i$
sp ir es $C( 'le Ajax Pipe Line will soon buy against
One of the reasons for the comparatively good rate of operations by the
leading interest is the prompt business which has come to hand and which
necessitated keeping operations at a better rate than was believed probable
only a week ago. There was a satisfactory demand for immediate delivery
in various sections and the requirements of the consumers are being met.
so that the operations kept up.
Independent steel companies are down slightly less than 3% with the
current rate slightly above 61%,compared with 64% in the previous week
and 67% two weeks agp•
For the entire industry the average is about 66%, a reduction of nearly
2% from a week ago, when the rate was slightly under 68%. Two weeks
ago the industry was at 71%.
In the last week of June, a year ago, the Steel Corp. was running at a
shade under 99%, having been at or above capacity for about six weeks.
Inderendents also were coming down and were at 92%. with the average for
the industry in excess of 95%.
At this time in 1928, the Steel Corporation was running at 76%,independents were at nearly 70%,and the average was slightly under 73%. Corn-
JUNE 28 1930.]
4521
FINANCIAL CHRONICLE
pared with 1928, the Steel Corp. shows a decrease of only 5%, while independents are down about 9%•
Output of Bituminous Coal and Pennsylvania Anthracite Declines.
According to the United States Bureau of Mines, Department of Mines, the production of bituminous coal and
Pennsylvania anthracite for the week ended June 14 1930,
fell below that of the preceding week and also that of the
corresponding week last year. Output for the week under
review follows: Bituminous coal, 8,016,000 net tons; Pennsylvania anthracite, 1,189,000 tons; and beehive coke,61,900
tons. This compares with 9,431,000 net tons of bituminous
coal, 1,220,000 tons of Pennsylvania anthracite and 145,600
tons beehive coke produced in the week of June 15 1929, and
8,151,000 net tons of bituminous coal, 1,199,000 tons of
Pennsylvania anthracite and 62,400 tons of beehive coke in
the week ended June 7 1930.
For the calendar year to June 14 1930, a total of 213,086,000 net tons of bituminous coal were produced as against
235,886,000 tons in the calendar year to June 15 1929. The
Bureau's statement shows:
BITUMINOUS COAL.
The total production of soft coal during the week ended June 14 1930.
including lignite and coal coked at the mines, is estimated at 8,016,000 net
tons. Compared with the output in the preceding week, this shows a decrease of 135,000 tons, or 1.7%. Production during the week in 1929
corresponding with that of June 14 amounted to 9,431,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1929
1930Cal. Year
Cal. Year
Week.
to Date.a
Week.
to Date.
Week Ended8,547,000 217,177,000
7.590,000 196,919,000
May 31
1,691,000
1,583,000
1,532,000
1,406,000
Daily average
9.278,000 226,455,000
8,151.000 205,070,000
June 7 b
1.685,000
1.546,000
1,525,000
1,359,000
Daily average
9.431,000 235,886.000
8.016,000 213.086.000
June 14..c
1.572,000
1,680.000
1.517,000
1,336,000
Daily average
a Minus one day's production first week in January to equalize number
ofdays in the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to June
14 (approximately 141 working days) amounted to 213,086,000 net tons.
Figures for corresponding periods in other recent years are given below:
235,886.000 net tons11927
254,332.000 net tons
1929
246,946,000 net tons
217,248,000 net tons11926
1928
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended June 7 is
estimated at 8,151.000 net tons. This is an increase of 561,000 tons over
the output in the preceding week, when working time was curtailed by the
holiday on Memorial Day. The following table apportions the tonnage by
States:
Estimated Weekly Production of Coal by Slates (Net Tons).
Week Ended
June 1923
June 7 '30. May 31'30. June 8'29. June 9'28. Average.a
State328,000
266.000
322.000
387.000
270,000
Alabama
19.000
22,000
Arkansas
102,000
124,000
111,000
91,000
Colorado
815,000
674.000 1,243401
749.000
7
743.000
Illinois
295,000
225,000
231,000
416.000
241.000
Indiana
54,000
47,000
88,000
42,000
47,000
Iowa
40,000
26,000
73,000
29,000
25,000
Kansas
Kentucky
865.000
868.000
661.000
738.000
756,000
Eastern
189,000
212,000
183,000
128.000
136,000
Western
46,000
46.000
47,000
26,000
39.000
Maryland
13,000
12.000
12.000
8.000
8,000
Michigan
53,000
54,000
55,000
52,000
54.000
Missouri
42,000
44,000
38.000
35,000
40,000
Montana
44,000
44.000
34,000
31,000
New Mexico..
12,000
11,000
14.'000
13,000
13.000
North Dakota
420,000
252,000
888,000
350,000
Ohio
444.000
38,000
48,000
48,000
29.000
29,000
Oklahoma
Penn. (bitum.) 2,347,000 2,060,000 2,786,000 2,315,000 3,613.000
98.000
104,000
101,000
113.000
97,000
Tennessee
20,000
19,000
21,000
8,000
8.000
Texas
59,000
60,000
44,000
45,000
89,000
Utah
227,000
212,000
203,000
240.000
195,000
Virginia
41,000
41.000
29,000
Washington
44,000
31.000
West V irginiaSouthern_b--- 1,734,000 1,677.000 1.916,000 1,914,000 1,380.000
664.000
772,000
622,000
530,000
856.000
Northern_c
83,000
87,000
84,000
104.000
Wyoming
90.000
2,000
5,000
1,000
1.000
5,000
Other States-dTotal Mum's_ 8.151,000 7,590,000 9,278,000 8,548,000 10,866,000
Penn. anthracite. 1,199,000 1.248,000 1,060,000 1,361,000 1,956,000
Total all coal-- 9,350,000 8,838,000 10,338,000 9,909,000 12,822,000
a Average weekly rate for the entire month. b Includes operations on
the N.& W.. C'. & 0 Virginian, and K.& M. c Rest of State, including
Panhandle. d This wimp is not strictly comparable in the several years.
ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
June 14 is estimated at 1,189,000 net tons. Compared with output in the
preceding week, this shows a decrease of 10,000 tons, or 0.8%. Production
during the week in 1929 corresponding with that of June 14 amounted to
1,220,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1920
1930Daily
Daily
Avge.
Week.
Avge.
Week.
Week Ended253,200
1,266,000
249,600
1,248,000
May 10
176,700
1,060,000
199,800
1,199,000
June 7
203,300
1,220,000
198,200
1,189,000
June 14
BEEHIVE COKE.
BEEHIVE COKE.
The total production of beehive coke during the week ended June 14
at 61,900 net tons, in comparison with 62,400 tons in
1930, is estimated
the preceding week. Production in the week of 1929 corresponding with
that of June 14 1930, amounted to 145,600 tons.
Weekly and Monthly Production of Coke Estimated Production of Beehive
Coke (Net Tons).
1930
1929
Week Ended
to
to
June 14 June 7 June 15
Date.
Date.a
1929.
1930.
1930.b
RegionPennsylvania, Ohio &
55,100 133,700 1,400,100 2,533,200
55,700
West Virginia
158,500
134.000
7,500
5,500
4,600
Ga.. Tenn., and Va....
Colorado, 'Utah and
127.500
55.500
4,400
1,800
1,600
Washington
61,900 62,490 145,600 1,589.600 2,819,200
United States total
19,854
11,194
24,267
10.400
10,317
Daily average
a Minus one day's production first week in January to equalize number of
days in the two years. b Subject to revision.
Production of Coal in May Below That of Last Year.
The total production of bituminous coal for the country
as a whole during the 26.4 working days of May is estimated
at 35,954,000 net tons, as against 35,860,000 tons for the
25.8 working days in April, according to the "United States
Bureau of Mines." The average daily rate of output in
May was 1,362,000 tons. Compared with the average daily
rate of 1,390,000 tons of April, this shows a decrease of 28,000
tons, or 2%.
The production of Pennsylvania anthracite in May is
estimated at 5,947,000 net tons. The average daily rate of
production in May was 229,000 tons, as increase of 32,000,
or 16.2%, over the April rate. The "Bureau" also shows:
Estimated Production of Coal by States in May (Net Tons.)a
May 1930. Apr. 1930. May 1929. May 1928. May 1923.
State1,237,000 1,320,000 1,494.000 1.517.000 1,747.000
Alabama
86,000
102,000
.
Arkansas
736.000
614.000
539.'000
87.000
3000
490:
Co orad
Iililnois o
3,440,000 3,775.000 3,791.000 2,797,000 5,660,000
921.000 1,725,000
1,108.000 1,184,000 1,302.000
Indiana
000
225.000
.
256.000
244,000
212,000
a8
330,000
133,000
152,000
141,000
126,000
IowaKanKansas
Kentucky3,410.000 3,310,000 3,795.000 3,904.000 2,974.000
Eastern
803,000
896.000 1,000,000
677,000
643.000
Western
207.000
189.000
188,000
188,000
150,000
Maryland
52.000
53,000
58,000
38,000
33,000
Michigan
247,000
220,000
257,000
254,000
225.000225,000
Missouri
187,000
189,000
203.000
165.000
163,000
Montana
253,000
215.000
198,000
140.000
New Mexico.._.... 146,000
64,000
33.000
63.000
66,000
58,000
North Dakota
1,850.000 1,690,000 1,723,000 1,011.000 3,770,000
Ohio
200,000
227,000
154.000
122.000
110.000
Oklahoma
Penna. (bitum.).10,344,000 10,325,000 11,752,000 10,302,000 15,685,000
529,000
444,000
472,000
449,000
433.000
Tennessee
• 94,000
85.000
85.000
39,000
39.000
Texas
323,000
272,000
237,000
194.000
214,000
Utah
902,000 1.097,000
915,000 1,080.000
880.000
Virginia
193,000
190.000
172,000
144,000
145,000
Washington
West Virginia
Southern_ b._ _ 7,392,000 7,017,000 8.325,000 8,142.000 6,047.000
2,686,000 2,645,000 2,997,000 3,166.000 3,779,000
Northern_c
483,000
377,000
411,000
370,000
362,00040
00
.
22,000
9.000
23,000
6,000
_ -W heVStates_
Otyo ng
Total bitum's-35,954,000 35,860,000 40.706,000 37,218.000 47.690.000
Penn. anthracite. 5,947,000 4,916,000 6,308,000 7,977,000 8,384.000
Total all coal-41,901,000 40.776,000 47,014,000 45,195,000 56,074,000
a Figures for 1923 and 1928 only are final. b Includes operations on the
of
N. & W., C. & 0., Virginian, and K. & M. c Rest the State, including
several years.
Panhandle. d This group is not strictly comparable in
the first estimates of production of bituminous
-Above are given
Note.
coal, by States for the month of May. The distribution of the tonnage
is based in part (except for certain States which themselves furnish authentic
furnished by the American
data), on figures of loadings by railroad divisions,companies, and in part on
Railway Association, and by officials of certain
the U. S. Engineer offices.
reports made by
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending June 25, as reported by
the 12 Federal Reserve banks, was $975,000,000, a decrease
of $31,000,000 compared with the preceding week and of
$332,000,000 compared with the corresponding week of 1929.
On June 25 total Reserve bank credit outstanding
amounted to $936,000,000, a decrease of $25,000,000 for
the week. This decrease corresponds with declines of
$24,000,000 in the amount of money in circulation and $22,000,000 in member bank reserve balances and an increase of
$4,000,000 in monetary gold stock, offset in part by a
decrease of $25,000,000 in Treasury currency. After noting
these facts, the Federal Reserve Board proceeds as follows:
Holdings of discounted bills increased $25.000,000 during the week, the
principal changes including an increase of $14.000.000 at New York, $9,0003.00 at Cleveland and $3,000,000 at Chicago. The System's holdings
of bills bought in open market declined $31,000,000. of Treasury notes
$32,000,000 and of U. S. bonds $1.000,000, while holdings of Treasury
certificates and bills increased $13,000,000.
Beginning with the statement of May 28, the text accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explana-
4522
FINANCIAL CHRONICLE
tion 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 25 in comparison with the preceding week and with the corresponding
date last year will be found on subsequent pages—namely,
pages 4567 and 4568.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
June 25 1930 were as follows:
[You 130.
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.
Ic the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on June 18:
Increase (-I-) or Decrease (—)
Since
June 18 1930. June 26 1929.
+25,000.000 —785,000,000
+19,000.000
—31.000.000
—21.000,000 +427.000.000
—20.000.000
+1.000.000
The Federal Reserve Board's condition statement of weekly reporting
—25.000.000 —358.000.000
+4.000.000 +207.000.000 member banks in leading cities on June 18 shows increases for the week of
+2.000.000 $236,000,000 in loans and investments. $193,000.000 in Government
—25,000,000
deposits and $46,000,000 in time deposits, and decreases of $48,000,000 in
Money in circulation
4,426,000,000 —24,000,000 —210.000.000 net demand deposits
and $4,000,000 in borrowings from Federal Reserve
Member bank reserve balances
+42,000.000
2,386.000.000 —22,000,000
Banks.
Unexpended capital funds, non-member
Loans on securities, which at all reporting banks were $51.000.000 above
+19,000,000
deposits, &a
423,000.000
the prerious week's total, increased $87,000.000 in the New York district
and $8,000,000 in the Chicago district, and declined $13,000,000 in the
Boston
Returns of Member Banks for New York and Chicago in the district, $11,000,000 in the Kansas City district and $10.000,000
Cleveland district. "All other" loans increased $50.000,000 in the
Federal Reserve Districts—Brokers' Loans.
New York district, $32,000,000 in the Chicago district, $15,000,000 in the
Beginning with the returns for June 29 1927, the Federal Cleveland district and $111,000,000 at all reporting banks.
Holdings of U.
securities Increased $25.000,000 In the
Reserve Board also commenced to give out the figures of the New York district,S. Government the Philadelphia district. 811,000,000 in
$12,000.000 in
member banks in New York Federal Reserve District, the Richmond district,$10.000,000 in the Cleveland district and $73,000,000
as well as those in the Chicago Reserve District, on Thurs- at all reporting banks. Holdings of other securities declined $12,000400
in the New York district and increased $7,000,000 in the Chicago district,
days, simultaneously with the figures for the Reserve banks While all reporting banks show no net change for the week.
themselves, and for the same week, instead of waiting until
Borrowings from Federal Reserve Banks changed relatively little in the
various
the following Monday, before which time the statistics cover- on JuneFederal Reserve districts, total borrowings of all reporting banks
18 aggregating $44,000,000 as compared with $48,000,000 the
ing the entire body of reporting member banks in the dif- week before.
A summary of the principal assets and liabilities of weekly reporting memferent cities included cannot be got ready.
ber banks,together
Below is the statement for the New York member banks 18 1930 follows: with changes during the week and the year ending June
and that for the Chicago member banks thus issued in
Increase (+) or Decrease (—)
Maze
advance of the full statement of the member banks, which
June 18 1930. June 11 1930.
June 19 1929.
June 25 1930.
Bills discounted
232,000,000
Bills bought
102.000.000
United States securities
577,000.000
Other reserve bank credit
25.000.000
TOTAL RES. BANK CREDIT.— 936.000.000
Monetary gold stock
4 533.000.000
Treasury currency adjusted
1 766.000.000
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$371,000,000, the total of these loans on June 25 standing
at $3,416,000,000 as compared with $5,542,000,000 on June
26 1929. The loans "for own account" fell during the week
from $1,850,000,000 to $1,764,000,000, the loans "for
account of out-of-town banks" from $906,000,000 to $713,000,000 and loans "for account of others" from $1,031,000,000 to $939,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 25 1930. June 18 1930. June 26 1929.
$
8,229,000,000 8,131,000,000 7,410,000,000
Loans and investments—total
6,158,000,000 6,130,000,000 5,610.000.000
Loans—total
3,696,000,000 3.726,000,000 2,908,000,000
2,462,000,000 2,404,000,000 2,702,000.000
On securities
All other
2,072,000,000 2,001.000,000 1,800.000,000
Investments—total
1,113,000,000 1,074,000,000 1,054,000,000
958,000,000 927,000,000 747,000,000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank__ 789,000.000
Cash in vault
48,000,000
784,000,000 *749.000,000
54,000,000
47,000,000
Net demand deposits
Time deposits
Government deposits
5,661,000.000 5,602.000.000 5,238,000.000
1 459,000,000 1,457,000.000 1,162,000,000
72,000,000
71,000,000
71,000,000
Due from banks
Due to banks
113,000,000 118,000.000
1,047.000,000 1,010,000,000
Borrowings from Federal Reserve Bank_
123,000,000
818,000,000
228,000,000
Loans on secur. to brokers & dealers:
1,764,000,000 1,850.000.000 1,038,000,000
For own account
713,000,000 906,000,000 1,536,000,000
For account of out-of-town banks
939,000.000 1,031,000.000 2,969,000,000
For account of others
Total
On demand
On time
Loans and investments—total
Loans—total
3,416,000,000 3,787,000,000 5,542,000,000
2,787,000,000 3,175,000.000 5,204,000,000
629,000,000 612,000,000 338,000,000
Chicago.
1,940,000,000 1,959,000,000 1.891.000400
1,527,000,000 1,558,000,000 1,510,000,000
903,000.000
624,000,000
918,000,000
640,000,000
413,000,000
401,000,000
382,000,000
170,000,000
242,000,000
167,000,000
234,000,000
167,000,000
215,000,000
Reserve with Federal Reserve Bank.... 176,000,000
13,000,000
Cash in vault
179,000,000
13,000,000
168,000,000
15,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,244,000,000 1,281,000,000 1,174,000,000
572,000,000 547,000,000 526,000,000
9,000,000
9,000,000
20,000,000
132.000,000
347,000,000
Borrowings from Federal Reserve Bank-1,000,000
•Revised.
840,000,000
669,000,000
118,000,000
847,000,000
123,000.000
320,000,000
64,000.000
Loans and investments—total____23,118,000,000
+236.000,000
+820,000,000
Loans—total
+162.000,000
+585,000,000
On securities
All other
Investments—total
17,128,000,000
8.615,000.000
8,513,000,000
+51,000.000 +1,233,000,000
+111,000,000 —648,000,000
5,989.000,000
+72.000,000
+234,000,000
U. S. Government securities__ 2,849,000.000
Other securities
3,140.000,000
Reserve with Federal Res've banks 1,788,000,000
Cash in vault
215,000.000
Net demand deposits
13,638,000,000
Time deposits
7,228,000.000
Government deposits
213,000,000
+73.000,000
—86,000.000
+320,000,000
+5,000.000
—8.000.000
+131,000,000
—12,000,000
—48,000,000
+46,000,000
+193,000,000
+698,000.000
+504.000,000
—47,000.000
Due from banks
Due to banks
1,375,000,000
3,117,000,000
+132,000.000
+142,000.000
+276,000,000
+584,000.000
44,000,000
—4,000,000
—630,000,000
Borrowings from Fed. Res banks_
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication June 28 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business for the week ended June 20 was adversely affected by the new
weakness of the peso exchange. Increased pessimism is evident by the
consensus of opinion that the outlook will improve once the crop future
is more clearly defined. The President authorized the National Mortgage
Bank to issue 50,000,000 paper pesos in cedulas denominated series 37.
AUSTRALIA.
The agricultural outlook has been materially improved in all Australian
areas except parts of New SouthWales by widespread rain, but the economic
condition of the country has changed little otherwise. Unemployment
continues excessive and on April first was officially estimated to be 130,000.
Relief works are being financed by a new taxation on wages and are expected
to reduce distress. Business generally is feeling the effect of depression and
forced liquidations continue. Collections continue difficult and building
and allied trades credits are working at less than 40% of the level maintained
at this time last year, according to estimates. A bill providing for the creation of Central Bank has passed all stages of the House or Representatives.
At a recent meeting of the Loan Council the Federal turnover stated that
owing to the fact that revenues from all sources are likely to be reduced
during the next financial year, difficulties greater than those experienced in
the year just passed may be anticipated. Aggregate deficits for State and
Commonwealth goverments for the year ended June 30 1930, are estimated
at £9.000,000 and increased taxation is anticipated. A local Commonwealth loan of £10,000,000 will open on June 28 and financial authorities
are confident that the full amount will be raised. The wool market continues
firm with keen competition and good clearances. Japan has been the
strongest buyer of late but France and Germany have also been active.
Wool receipts up to the end of May totaled 2,529.000 bales compared with
2,646,000 bales last year. On the same date, 324,000 bales were in storage
compared with 94,600 last year. Up to the end of May of the current year
wool prices have averaged 10.6 pence compared with 16.9 pence for 1929.
The automotive trade is generally experiencing dull business though used
cars and parts are moving well.
BRAZIL.
A slight additional trade recession was noticeable during the week.
There has been little trading and light exports. Money has been very
easy and the coffee market dull. Exchange was weak and Irregular. selling
around 9 milreis to the dollar.
JUNE 281930.]
FINANCIAL CHRONICLE
BRITISH MALAYA.
Nearly all import lines continue to be affected by the low price ruling
for export commodities. Sales of luxury items have declined heavily but
articles of ordinary use are moving in normal fashion, although forward
ordering is light and commitments are conservative. Stocks in Singapore,
however, are not oppressive and some improvement is reported in orders
from interior districts, indicating that upcountry stocks are being cleared.
The tight credit situation is the greatest drawback to development of trade
at the present time. Money is still fairly plentiful in Singapore but the
bazaar trade is seriously short of funds. Banks receive many requests for
extension of credit and collections are slow. Due to the cautious policy of
credit extension, there were no failures in May. Building and construction
activity remains practically the only bright spot in the Malayan situation.
The Government is adopting an extensive program and private interests
are moderately active.
CANADA.
The outstanding development in the Canadian commercial situation for
the week ended June 20 is the decline in wheat prices. The cash quotation
on No. 1 Northern wheat at Winnipeg on that date was $0.98%. Crop
conditions, as reported by the Dominion Government on June 19 show
Manitoba as the bright spot in the western Provinces but warm weather
is a necessity there as in Saskatchewan and Alberta where moisture reserves
are also regarded locally as insufficient to insure an average crop. June
wheat shipments from the Head of the Lakes to date have been smaller
than expected although 1,450.000 bushels, chiefly wheat, moved out on
June 19. The uncertain wheat situation is helping to retard business,
conditions continuing spotty although retail sales are fairly satisfactory in
seasonal lines. Toronto reports are that manufacturers' stocks are low in
some lines but that there is a disposition to hold off purchases for another
six weeks to obtain more definite information on crop possibilities, some
postponement of building projects is noted in Ontario. Montreal steel
plants are continuing to curtail operations. Automobile plants continue
to operate at less than 60% of capacity. According to the Toronto Industrial Board,the British Austin automobile is to be assembled there. According to the Canadian Government's estimate, fruit crop prospects on the
first of June were encouraging with increases in cherries, peaches, pears,
plums, and grapes probable over last year. The apple crop was expected
to be less than last year although slightly heavier than the average crop for
the five-year period 1925-29, 3,178.000 bushels. Increases are reported in
the acreage devoted to cantaloupes, tomatoes, onions, and celery. The
apricot yield is expected to be only 28% of the 1929 crop and 10% reductions
are indicated for strawberries and raspberries. Domestic cherries are now
on the Canadian market. Low stocks in many canned foods create a
favorable prospect for the new pack. Toronto reports an over-supply of
lettuce. Canadian bond issues offered in May estimated at $102,000,000
were by far the largest of any month in 1930 to date. Total offerings for
the first five months of the year are reported at $279,000,000 or 23% more
than the total for the same period of last year. Canadian newsprint mills
operating at 75% of rated capacity produced in May 237.600 tons. Exports
during the month amounted to 239,000 tons, 8% over April shipments.
The activity of mills making tissues and light weight paper is reported
as
satisfactory but the coarse paper trade remains less favorable. The
estimated production of maple sugar in Canada in 1930 is 8.208,000 pounds
and
of maple syrup 2,185,000 gallons. Average price on the former is
estimated at 17 cents per pound and on the latter $1.77 per gallon. The valuation of Canadian imports in May is reported at $101,769.000, 19%
lower
than in May a year ago. The valuation of exports, $77,261,000
is 28%
lower in the same comparison.
CHINA.
4523
JAPAN.
Business in Japan is entering the summer season with stock and commodity prices declining to new low levels. Such important commodities
as cotton yarns, textiles and raw silk are now selling at prices which are
probably below production costs. Other industries also are feeling the
decline, particularly the iron and steel industry, which is now forced
with
unsatisfactory surplus stocks. In view of diminished earnings, the electric
power and spinning industries are reducing company dividends.
The
Government is rendering as much assistance as possible to industries
and
Is vigorously pushing its campaign encouraging the use of home products.
This policy may retard the sale of American manufacturers during
the
remainder of the year, especially purchases for Government account.
Retrenchment is still the order of the day and the Cabinet now insists on a
reduction in Government expenditures to less than the budget allotment.
Seven bank mergers were reported during May. The Department of
Finance
has redeemed 17,500,000 yen in 5% bonds. Exchequer notes to the amount
of 80,000,000 yen have been issued for the Monopoly Bureau.
50,000,000
yen subscribed by the Department of Finance and 30.000.000 yen
by the
Bank of Japan. Syndicate banks have floated five year bonds for the
City
of Tokyo to the amount of 16,000,000 yen, carrying a 6% coupon.
The
raw silk market is still weak but quiet. It is estimated that new silk
contracts to the amount of 90,000 bales have been closed and 112,000 bales
have been withdrawn from the market. Loans made under the silk
indemnity law approximate 105,000,000 yen and it is generally believed
that both the Government and banks will suffer losses on these advances.
The Deposits Bureau is endeavoring to assist the industry by advancing
40.000.000 yen to silk raisers, at 5% interest:16.000,000 yen for the purchase
of fertilizers, and 24,000,000 yen for other purposes. The financial condition
of many filatures is unsatisfactory. Banks announce advances against
silk at 450 yen per box. Conditions in the cotton industry are quiet
but
cotton yarn production is holding up. The May output was 228.000 cases
of 400 pounds each compared with 227.000 cases in the previous month.
Stocks were recorded at 31,000 cases on May 31 against 29,000 a month
earlier. May exports amounted to 8,000 cases compared with 5,000
in
April.
DUTCH EAST INDIES.
Import markets of Netherland India are showing slight improvement
as
the result of harvesting an excellent rice crop in many sections of the country
and a general lowering of merchandise stocks. The Governor General in
his recent speech of the opening session of the Volkeraad (People's Council)
viewed the future with optimism. General depression in world markets
and
continued over production, however, are reflected currently in unfavorable
economic conditions locally and the business community expresses concern
over the continued decline in prices of many export products. Results of
the good rice crop are relieving slightly to the tightness in ready cash, but
the credit situation remains difficult. Dealer failures are increasing in the
Outer Possessions, although there has been a gratifying decline in failures
in Java.
SIAM.
Bangkok trading conditions continue slow and importers are proceeding
cautiously. Reports on the present condition of the country's rice crop
indicate that over 250,000 more acres are planted than at this time last
year. The area harvested and the yield are also larger. Damaged districts
represent about 32% of the total area.
UNITED KINGDOM.
The Government Board of Trade estimates that industrial activity in the
United Kingdom during the first quarter of 1930 was 2.6% smaller than In
the last quarter of 1929 and 0.4% greater than in the first quarter of
that
year. Based on the quarterly average for 1924 as 100, the combined index
for all industrial production which entered into the calculation was
110.9
for the first quarter of 1930, as compared with 113.9 and 110.5 for the
last
quarter and the first quarter of 1929,respectively. The index for manufacturing industries (i. e., industrial production less the mines and quarry
item) for the three quarters were, respectively, 113.2, 117.4 and 113.4.
Official trade returns for May and for the five months ended May 31, as
compared with the comparable periods of 1929, show considerably smaller
values for both imports and exports of British manufacturers. Cotton and
woolen manufactures and iron and steel products were notable in the export
contraction. Raw materials and foodstuffs were outstanding in the import
reduction. Very large parts of the differences in total values for both
directions of the trade, however, are attributable to the much lower
price
levels ruling in 1930.
Shanghai trade, in so far as concerns new business, continues at an
extremely low level. Uncertainty in outlook and unstability regarding
exchange rates, combined with lack of improvement in the internal domestic
situation constitute chief deterrents to trade expansion. Under existing
exchange conditions, importers find it practically impossible to plan future
business with any degree of certainty, and the consequent prevailing tendency is to delay commitments until the situation clarifies. Chinese banks
are exercising more than their usual caution with reference to credit extensions, and foreign banks are in most instances advising their clients
to
clear up their outstanding obligations prior to commitment of new ones.
While prices of many commodities have advanced,the generallevel is lagging
considerably be ind replacement costs, in some instances as much as
50%
or more. This situation is causing considerable concern from the standpoint
of future adverse reaction on trade as and when the market again reopens.
The Department's summary also includes the following
Shanghai's automotive market is exceptionally dull, owing to adverse
with regard to the Island possessions of the United States:
exchange conditions. Leaf tobacco sales are slow, with prospects of
no
substantial improvement until early fall. Very little activity is
reported in
PHILIPPINES.
iron and steels and in metals generally except in construction items, which
Liquidation of merchandise stocks proceeded in good order during May,
continues fair although below last year's level. Stocks are low, with
prices although overstocks of
textiles caused the failure of several Manila retail
gradually moving up to replacement costs. Piece goods merchants
report
some activity in Shanghai's local markets, but prices are far below replace- dry goods stores. Provincial stocks of all lines were considerably reduced.
ment costs. It is reported that several large established piece goods houses but not sufficiently to predict substantial improvement in orders except
for staple lines and necessities, purchases of which are still made for immeare liquidating their stocks.
diate needs only. Prices of Philippine money crops, especially abaca
and
sugar, continued to decline, resulting in further depletion of
INDIA.
purchasing
power. Generally unfavorable conditions were accentuated by the
usual
Business in India remains at a standstill with little indication of
immediate seasonal dullness. Collections continued difficult. In some lines. including
improvement. Boycotts and picketing continue unabated.
Wholesale textiles, the extension of credit was unusually limited, with careful
scrutiny
prices continue steady with the April price indices at 123 compared with of commodity
loans.
125 in March and 126 for February. An approximate balance between
consumption and production of native hash- products apparently has
THE VIRGIN ISLANDS OF THE UNITED STATES.
been
reached. Money is still tight though the market is quiet with call funds
Business conditions are severely depressed in the Virgin
at
Islands of the
5% due to support of interest rates to avoid further decline in exchange. United States as a result of a
prolonged drought which has lasted since the
The Imperial Bank rate is steady at 6%. The cash reserve ratio stands
at first of the year. The sugar cane crop has been badly damaged and it is
15.85% against 17.63% in May. Government securities are steady with feared that the cattle raisers will
suffer heavy losses unless rain comes within
fair general demand and little offering. Collections continue unsatisfactory a short time. The island of St. Croix.
which is dependent upon sugar cane.
and there should be no relaxation of caution in extending credit to Indian cattle raising and a small alcohol distillery
for its support, is faced with the
accounts. The gold market is dull with prices declining during the
-down of the larger of its two sugar centrals. In this advent
last prospective shut
month. Silver is very weak and declining. Bombay cotton shares declined many of the Island's 11.000 inhabitants will
be thrown out of work. Busisharply at the end of June due to the drop in cotton prices and to mounting ness is at a standstill in all but necessary lines
and merchants are resorting
stocks. Jutes registered a severe decline despite a reduction on working to every possible means of effecting economies
and reducing stocks.
hours. Coal, tea, and engineering shares are dull and rubbers very deConditions on St. Thomas are also depressed. The Island
depends upon
pressed. The monsoon has broken in season and crops in general are average the activities of ship-tending, cattle raising and bay
rum manufacture for
to good with Karachi wheat prospects the best in 15 years, although more its support. Freight vessels bound from Panama to Europe
frequently stop
rains are needed in Bengal and Bombay to assure the outlook.
at St. Thomas for fuel and water, but this business has been
falling off
steadily in recent years. The drought has made it possible for
sufficient
water to be supplied to vessels, and several tanks of water are
INDO-CHINA.
reported to
have been shipped in from Porto Rico. Water for the town's needs
and fcr
There has been no change from the general depression which prevails in cattle is being supplied in minimum
quantities by artesian wells, but there
Indo-China. With the exception of tractors, agricultural machinery, is no water to spare to
irrigate the dying crops. The bay rum
market at
automobiles, and oil, imports of all American products continue slow. the present time is
yielding only fair returns. Some money is
placed in
Because of the slackened trade conditions,some of the larger ships,equipped circulation in St. Thomas,
however, by the personnel of the naval
base
with refrigerator space and calling at Saigon, are to be replaced by smaller on that Island and also
a decreasing amount annually by visiting
vessels.
tourist
ships.
4524
FINANCIAL CHRONICLE
Views of Under-Secretary of State Cotton on McFadden
Resolution Designed to Prohibit Federal Reserve
and Other Banks from Purchasing German Reparation Bonds—Department's Attitude Toward Foreign Bonds—No Official Part in Formation of
Bank for International Settlements.
Assurance that the U. S. Government is not in any way
intermingled with the European reparation settlement was
given on June 26 by Under-Secretary of State Joseph P.
Cotton, in warning the House Committee on Banking and
Currency that it might be led into it by passage of the
McFadden resolution prohibiting National and State
member banks of the Federal Reserve from purchasing the
German loan bonds. We quote from the Washington advices
June 26 to the New York "Journal of Commerce," which
further said:
Cotton declared that the Government took no official part in the formation of the International Bank of Settlements because it did not want to
mix up reparations payments with war debts. This policy, he admitted
under questioning by Chairman McFadden, was decided upon at a conference held before the International Bank was put into operation, between
President Hoover, Secretary Mellon, Under-Secretary Mills, Secretary
Stlmson. Secretary of Commerce Lamont and Governor Young of the
Reserve Board.
Says no Approval was Inferred.
The only facts laid before the State Department, Cotton said, were contained in a letter from J. P. Morgan & Co., which asked if there was any
objection to the flotation of the German loan bonds here. He said the
department answered either that it was "not interested" or "we do not care
to interpose objections."
Replying to McFadden,the Under-Secretary contended that the inference
that by not objecting to the loan the department approved the setup of the
International Bank was "quite unfair, and a hasty conclusion of the facts."
In outlining the State Department's foreign loan policy Cotton explained
that the Department did not go into the legal phases of the reparations
bonds issued in this country because it is "no law bureau." He implied
that the character of loans such as the reparations issue are not met with
objections. He explained that objections to foreign loans by the department
are interposed only when they violate treaty obligations; or the country
seeking the loan is to use it for purchase of munitions for revolution; or
the nation wishes to valorize commodities sold in the United States, or
where the country has not reached an agreement with the United States for
settlement of its war debt.
From the "United States Daily" we take the following
regarding the statement by Under-Secretary Cotton on
June 26 before the House Committee:
Mr. McFadden's Opinion.
Representative McFadden (Rep.), of Canton, Pa.. Chairman of the
Committee, declared the notice that went out from the Department of
State a day or two prior to the sale, that the Department had no objection
to the sale of the bonds, was widely interpreted by the American public as
approval by the Government of the offering by investment bankers who
handled the issue, headed by J. P. Morgan & Co. It was regarded, he said,
as "carte blanche" from the Government to go ahead with the sale.
"The statement may not have used the word 'approval'," he continued,
"but it did indicate that the Government had no objection."
The public, according to Mr. McFadden, gets an entirely different idea
than seemed to be Intended. "The indication to the average man on the
street," ho declared, "is that the Department has looked into all phases
bonds
of the offering. He thinks he has the word of the Government that the
are sound."
investing public attached much less
Mr. Cotton stated that he felt the
Importance to the action of the Department of State than indicated by
the Chairman. The fact that the Department very seldom interposes an
objection is an indication, in his opinion, that their action does not influence
purchases by the public. What actually happens, said Mr. Cotton, is that
the investment banking house interested voluntarily advices the Depart-.
ment of State that it desires to float a certain issue, giving some of the
terms of the loan.
Position Explained.
They ask, "Do you wish to interpose objection?" The usual answer is
"how
"No," except in rare cases, he said. "No one can tell," he continued,
X or Y or Z will interpret that action, but those whose business is dealing in
investment securities understand perfectly well that it means the Department doesn't know any National reason for disapproval." No circular, he
stated, carried a statement of approval by the Department.
objection
Chairman McFadden replied that he felt the failure to interpose
In the present case, following the great amount of agitation over the legality
Department's stateof the issue, and the use made by the bankers of the
ment, involved the Department and the Government.
March
Mr. McFadden said the Department of State "issued an edict" on
Reserve
16 1929, to the effect that persons connected with the Federal
Bank for InterSystem should not take a part in the organization of the
national Settlements. Mr. Cotton objected to the use of the word "edict,"
State as a
and declared it was merely a statement by the Secretary of
State
matter of press comment following an executive conference. The
the Federal
Department, according to Mr. Cotton, "doesn't control
to, and isn't compeReserve System, doesn't think it does, doesn't want
tent to."
operation
Mr. McFadden replied that the effect of the statement in the
Mr.
of the Federal Reserve System had been very conclusive, anyway, and
no part in the
Cotton said he agreed, at least, that the System had taken
Bank for International Settlements.
When asked what was the objection to the Federal Reserve officials
his
participating in the plans for the International Bank, Mr. Cotton said
Young
guess would be that there was a desire not to get tied up with the
Plan, that the United States wanted to enforce our debt against Germany
debts
directly, and did not want to get mixed up in any job of collecting
for other countries against Germany.
Trade Involves Loans.
In response to a question from Representative needy (Rep.) of Maine,
whether creditor countries did not ordinarily reach the point, sooner or
later, where they must take some action to discourage foreign lending, Mr.
Cotton replied the United States was certainly not near that point to-day:
[Vol,. 130.
and that foreign loans can't be stopped as long as a country carries on an
export trade. Foreign loans are a "sine qua non" of export trade, he added.
The flow of capital cannot be controlled unless a wall is built against the
export of all capital, and that kills foreign trade, he declared.
There are three or four points which determine whether a foreign issue is
against National policy, and an objection interposed, according to Mr.
Cotton. If the country concerned is one in which the United States has an
interest along the lines of establishing financial independence and stability.
and if the loan, in the opinion of the Department, would not further that
end, objection may be interposed. The same is true at times of loans for the
purpose of purchasing munitions to aid revolutions. Likewise loans for the
valorization of commodities which are intended for import into this country
have been disapproved, on the ground that it would enable the foreign
cartels to raise the price to the American consumer. During the period
that war debts to this country were unfounded, loans were sometimes
objected to on that ground, he stated.
"This prompt informal scrutiny of the purpose of a loan," he declared.
"is no hardship on the investment interests of this country, and yet it is
far from an approval of the loan."
Request by Letter.
The request from J. P. Morgan & Co. for a statement from the Departmct of State as to whether they wished to interpose an objection to the
Issue came by way of letter and was answered through the same medium,
Mr.Cotton informed the Committee. He agreed to place the correspondence
in the record.
There were telephone conversations and conferences with other departments of the Government which, in the opinion of the State Department,
might be interested. Among those who were present at one time or another
in such conferences, Mr. Cotton stated, were the Secretary of the Treasury.
Andrew W. Mellon; the Secretary of Commerce, Robert P. Lamont; the
Governor of the Federal Reserve Board, Roy A. Young; the Under-Secretary of the Treasury, Ogden Mills, and representatives from the Federal
Reserve Bank of New York.
"If as a result of the State Department action, some people invest in
bonds, and the payment of principal or interest is repudiated, what action would the State Department take to compel payment." asked Mr.
McFadden,
Mr. Cotton replied the Chairman of the Committee was asking conundrums, and that he could not make a general answer. There have been
any number of occasions, he added, when the Department had tried in
various peaceful ways to persuade foreign debtors to pay their obligations.
"Suppose there were a default on the reparation bonds within a year,"
said Mr. McFadden. "Would the State Department protect American
investors.."
"You are asking me more conundrums," answered the Under-Secretary.
"We would feel an obligation to do whatever might be helpful. Perhaps
nothing would be best, perhaps something."
Mouthpiece of Administration."
The Chairman of the Committee asked a number of questions about
the provisions of German constitutional and statutory law and about the
principles of international law.
"There are only one or two people in the country who could answer
helpfully the general questions of international law being asked," said
Mr. Cotton. "International law contains no such broad doctrines as are
being propounded."
The witness agreed with Representative Stevenson (Dem.) of South
Carolina, that the Department of State is the mouthpiece of the Administration and statements by the Secretary represent the view of the Administration.
Mr. Cotton was accompanied by Frederick Livesey, acting economic
advisor to the Department of State, who answered some of the technical
questions asked.
Secretary of Treasury Mellon Sees No Occasion For
McFadden Resolution Prohibiting Purchase of
German Reparation Bonds by Federal Reserve or
Other Banks—U. S. Government Not a Party to
Young Plan.
In a statement made before the House Committee on
Banking and Currency on June 25, Secretary of the Treasury
Mellon presented his views on the resolution of Representative McFadden designed to prohibit the purchase of
German reparation bonds by National banks, Federal
Reserve banks and member banks of the Federal Reserve
System, Secretary Mellon pointed out that, as Federal
Reserve banks under existing law "have no authority to
purchase bonds of this character," the resolution is meaningless in so far as they are concerned. He likewise stated that
National banks "are limited to buying marketable obligations in the form of bonds, notes and (or) debentures"
and that "the securities which may be purchased by State
member banks are, of course, governed by State law.
Mr. Mellon declared that "there is, in my opinion, no more
reason for Congress to say that a National bank should not
purchase a reparation bond than to say that it should not
purchase a specific railroad or industrial bond. To do so
would place our government directly in the banks' management. It is unsound and unnecessary." He added that for
the reasons he cited he is "very definitely of the opinion that
that is no occasion for the adoption of this resolution and
that it would be against public policy to do so." Secretary
Mellon took occasion to state that "the United States
Government is not a party to the Young plan. Neither
to the past has it been, nor will it in the future, be responsible
for the collection or distribution of reparation payments."
In conclusion, he said "I may add for the sake of accuracy
that I know of no provision providing for the annual sale of
German reparation bonds in the United States."
Representative McFadden's resolution was referred to in
JUNE 28 1930.]
FINANCIAL CHRONICLE
4525
our issues of June 14, page 4158 and June 21, page 4331. bonds in the United States was based on a policy laid down
during the Harding Administration, Secretary of State
Secretary Mellon's statement follows:
Stimson declared on June 20 in a communication to the
Mr. Chairman and Gentlemen of the Committee:
This resolution is designed to prohibit Federal Reserve banks, National Sebate as directed by the Glass resolution, says the New
banks and State member banks of the Federal Reserve system from purchasing German reparation bonds or other certificates of indebtedness York "Journal of Commerce" in a Washington dispatch
issued pursuant to the new plan for the settlement of the financial questions June 20. The dispatch added:
resulting from the World War, as outlined in the agreement reached between certain signatory nations at The Hague on Jan. 20 1930.
Under present law Federal Reserve banks have no authority to purchase
bonds of this character. Consequently, the resolution is meaningless in so
far as they are concerned.
National banks, under the provisions of Section 5136 of the Revised
Statutes as amended by the McFadden Act of Feb. 25 1927 are limited to
buying marketable obligations in the form of bonds, notes and(or) debentures, commonly known as investment securities, under such further definition of that term as may, by regulation, be prescribed by the Comptroller
of the Currency.
The regulations issued by the Comptroller define the term "marketable"
as meaning that the security has such a market as to render sales at intrinsic:
values readily possible. The principal provisions of the regulations being
1. That the issue be of a sufficiently large total to make marketability
possible: and
2. Such a public distribution of the security must have been provided for
or made in a manner to protect or insure the marketability of the issue.
The securities which may be purchased by State member banks are,
of course, governed by State law.
I believe both Congress and the Comptroller of the Currency showed
sound judgment and wisdom in dealing with such legislation. They recognize that, while National banks are instrumentalities of the Federal Government, they are operated by private capital and by their officers and directors elected by their stockholders. The Government does not undertake
to manage the banks, and the wisdom of placing upon them the responsibility for their investments, with proper safeguards, cannot be questioned.
There is, in my opinion, no more reason for Congress to say that a National bank should not purchase a reparation bond than to say that it
should not purchase a specific railroad or industrial bond. To do so would
place our Government directly in the banks' management. It is unsound
and unnecessary.
To go further and tell a State member bank that regardless of State law,
it may not purchase a particular security is not consistent with my conceptions of our principles of Government as established by the Constitution.
It is not apparent to me that any good purpose would be served by the
adoption of this resolution. In fact, I see no justification for it whatsoever.
The statement in the preamble that purchases of these bonds by investors
who are citizens of the United States, or by banks of the United States,
would result in the intermingling of reparation payments with war debts,
is based, evidently, on a complete misconception of the situation. The
settlements effected by the United States Government with its debtors are
entirely independent of the settlement effected by Germany with its debtors.
The United States Government Is not a party to the Young Plan. Neither
in the past has it been, nor will it in the future, be responsible for the
collection or distribution of reparation payments.
The purchase by an American citizen or an American bank of a reparation bond, cannot alter in any way our situation or policy in this respect.
It is not apparent to me how the sale of a portion of this particular bond issue
in the American market can affect our debt settlement policy any more
than when a portion of the German external loan of 1924 was floated in
this market.
I are very definitely of the opinion that for the reasons above stated there
is no occasion for the adoption of this resolution and that it would be against
public policy to do so.
I may add for the sake of accuracy that I know of no provision providing
for the annual sale of German reparation bonds in the United States.
The Washington correspondent of the New York "Journal
of Commerce" in his account of Mr. Mellon's appearance
before the House Committee said:
No "Official Conversation."
Under questioning by McFadden, the Secretary insisted that he had
no "official conversations" on the subject of the German securities with
MelS. Parker Gilbert, Agent
-General for Reparations, or any one else.
lon admitted that he might have discussed the subject "unofficially," but
he did not disclose the nature of such discussions.
McFadden's questions indicated that he feared American investors might
suffer the same losses on German reparations securities as, he said, they
already have suffered in previous years on Russian, German and Mexican
bonds, but Mellon declined to be drawn into a discussion of this possibility. The Treasurer had said he had heard of no losses to National
banks on German and Mexican bonds in the past ten years.
The Secretary expressed the general opinion that investments of American
capital in foreign securities contribute to the welfare of the country, since
they facilitate the nation's foreign trade.
Mellon was the first witness at a series of hearings the committee has
called for the consideration of McFadden's resolution prohibiting National,
Federal Reserve and member banks from purchasing the German bonds.
* * *
Mills Objects to Questioning.
Upon several occasions during to-day's hearing Under-Secretary of the
Treasury Mills, who accompanied his chief, objected to the line of questioning which Chairman McFadden and other members of the committee
followed, but Mellon offered no such objection.
Mills objected especially to the questions of the Committee Chairman
concerning the relationship between the Federal Reserve Bank of New
York and the Bank for International Settlements. Mellon admitted that
the New York Bank was probably consulted in the organization of the
International institution. He declared, however, that the fact that the
New York Bank acts as correspondent for the International Bank, implied
no close relation between the two.
"The International Bank could not do business here without the New
York Bank's co-operation," McFadden contended.
"Perhaps so," said Mellon, "but that does not involve the New York
Bank. It is simply a correspondent and nothing more."
Secretary of State Stimson in Reply to Senate Resolution on Question of Approval of German Reparations Bonds—Department Issued no "Order"—
Merely Interposed no Objection to Issue.
Authority for the State Department's approval by indirection of the flotation of the German reparations loan
In referring to that portion of the Glass resolution questioning the right
of the State Department to approve the loan, the Secretary contended that
press dispatches were in error in their characterization of the Department's
action in regard to the German reparations bonds. The Department, he
said, does not claim a right either to approve or disapprove investment
security offered for sale in the money markets of the United States by foreign
governments, corporations or individuals, and approaches "no closer to
any expression of approval of loans than to say that it interposes no objection to the loan or is not interested in it."
Says No Order Was Issued.
.
Stimson declared that there has been no "order of the State Department'
such as referred to in the resolution, directing "the action of the Federal
Reserve Board or banks with respect to their lawful powers concerning the
business of banking in foreign countries or the investments of these banks
In foreign securities offered in the money markets of the United States."
The only possible reference here, the communication said, appears to be to
the statement issued to the press by the Secretary of State, May 16 last.
"This statement is not an order of the State Department," the Secretary
explained, "but is an announcement made for the information of the public
after a consultation of the several advisors of the President to whom the
matter was of concern."
After explaining that the Department, through the voluntary co-operation of American investment banks, exercises an "informal" scrutiny of
loans offered for public flotation in the United States by foreign governments to ascertain before such loans are consummated whether tnis Government desires to interpose objection to them, the Secretary outlined the
origin of the policy.
"Following the end of the war and the termination of war-time restrictions on capital issues, and in recognition of the newly found position of the
United States as a creditor power," he stated, "President Harding early in
his Administration expressed informally to American bankers the desire
of the Government to be informed regarding contemplated public flotations
of foreign bonds in the American market. To clarify the matter and in the
interest of uniformity of procedure the Department on March 3 1922,
requested that communications regarding contemplated loans be in writing
and be addressed to the Secretary of State. This announcement has never
been withdrawn or superseded and constitutes a statement of the basis, the
purposes and the limitations of the Department's present practice in
respect of correspondence with American investment bankers regarding
contemplated loan flotation."
Permits Watchfulness.
The Secretary emphasized that the department does not require American
bankers to consult it, does not pass upon the merits of foreign loans as
business propositions and does not assume any responsibility whatever in
respect to loan transactions.
The practice instituted in the Harding Administration, the Secretary said,
was followed by the American bankers and by the department with respect
to the issue of German bonds. J. P. Morgan & Co. head the syndicate
which is offering the bonds in this country.
"In this practice," Stimson said, "the Department of State has usually
been the spokesman for considerations advanced by other executive departments as well as its own. Thus, through the Department of State the
United States Government has in the past carried out the policy recommended by the World War Foreign Debt Commission of objection to loans
to nations which had not funded their National indebtedness to the United
States. This was made clear in the report of the Secretary of the Treasury
for 1925. At other times loans to foreign monopolies or cartels have been
discouraged. The practice has enabled the department to maintain a
position of watchfulness in the country's interest in its foreign relationships,
but at no time has objection been interposed to foreign bonds in our market
save in a very small number of cases."
"Save in regard to a small number of countries where we have special
obligations arising out of treaties there is no authorization of law, constitutional or statutory, so far as the department is aware, which expressly
gives to the Department of State a right or duty to approve or disapprove
investment security offered in the United States by foreign Governments,
corporations or individuals. The power authorizing the actual practice
of the Department of State in this regard will be found in Article 2 of the
Constitution vesting the executive power in the President and in the statuutory provisions that the Secretary of State shall perform such duties as
shall from time to time be enjoined on or intrusted to him by the President
relative to or to such other matters respecting foreign affairs as the President of the United States shall assign to the Department."
The Glass resolution was given in our issue of June 21,
page 4330.
Resolution of Senator Glass Declares State Department
Should Desist from Approving or Disapproving Flotation of Foreign Loans in United States.
On June 25 Senator Carter Glass introduced in the Senate
a resolution expressing it as the sense of the Senate that the
State Department "should desist from the dangerous practice of involving. the United States Government in any responsibility of whatever nature, either by approval or disapproval, for foreign investment loans floated in this
country." Regarding the resolution a dispatch from Washington June 25 to the New York "Times" said:
Glass Scores Samson.
The Glass resolution followed a report to the Senate last week by Secrewas In reply to a previous resolution by Senator Glass,
tary Stimson. This
adopted by the Senate, calling on him to state his "lawful" authority for
assuming the right to pass on foreign securities offered in the money markets
of this country.
The resolution offered to-day would also put the Senate on record as of
the opinion that the State Department should "refrain from assuming
authority over the Federal Reserve Board and banks."
In his previous resolution Mr. Glass called on Mr. Stimson to state on
what lawful authority the State Department attempted to control the
policy of the Federal Reserve Board and Federal Reserve banks with re-
4526
FINANCIAL CHRONICLE
[Tv'oL. 130.
spect to foreign banking business and foreign securities. Mr. Stimson reFirst Under New Law.
plied that there was no foundation for assuming that the State Department
The agreement authorized under the-bill will be the first agreement be.
had attempted to exercise such authority.
tween the two countries for liquidation'of Germany's treaty obligations in
Mr. Glass contended to-day, however, that the State Department did
connection with awards of thesMixed Claims Commission and the costs of
attempt to exercise such authority, and declared that the explanation offered the
Army of Occupation,it is:pointed out in the report on the bill submitted
by Mr. Stimson for the Department's practice of passing on foreign securi- by
the House Committee on Ways/and Means. The law authorizing the
ties was "an affront to the intelligence" of the Senate.
German Government to execute the proposed agreementtwas approved
In Mr. Stimson declared that authority for the practice was contained in by
President Hindenburg March 13 1930. The report further pointed out:
the Constitution. Mr. Glass ridiculed this contention, and declared that
"Under the terms of the Armistice Convention signed Nov. 11 1918 and
unless the Department refrained from the practice he would offer a bill to of
the treaty restoring friendly relations signed at Berlin Aug. 25 1921.
make the practice a "penal offense."
Germany is obligated to pay to the;UnitediStates the costs of the Army of
Although in the first resolution Mr. Glass referred to statements that the Occupation
and the awardsentered in favor ofthe United StatesHovernment
Department had approved the flotation in this country of $100.000,000 and its
nationals by the Mixed Claims Commission, established pursuant
German Reparations bonds, he declared to-day that his efforts were not to
the Agreement of Aug. 10 1922," the report stated. "Although paydirected particularly to the German bonds but to practice.
ments have been received on account of these claims through arrangements
The following is the resolution of Senator Glass:
which this Government has had with the principal allied creditor powers,the
Whereas, the Senate by Resolution 293, Passed June 16 1930, requested United States has had no direct arrangement with Germany for the liquids.
the Secretary of State to inform the Senate (1) "upon what authorization of than of these obligations."
law, constitutional or -statutory, expressed or implied, does the State
Follows Similar Agreements.
Department base its right either to approve or disapprove investment seThe report stated further that the proposed agreement follows in general
curities offered for sale in the money markets of the United States by those
made with our other foreign debtors except that the obligations to be
foreign Governments, corporations or individuals." and (2) "by what
issued thereunder are payable in marks rather than dollars and are unsanction of law, constitutional or statutory, does the State Department
assignable. The German Government, however, undertakes to maintain
assume the right to direct action of the Federal Reserve Board or banks the
mint parity of the mark.
with respect to their lawful powers concerning the business of banking in
Following its provision authorizing the Secretary of the Treasury to enter
foreign countries or the investments of these banks in foreign securities into
an agreement, the bill reads as follows:
offered in the money markets of the United States," and
"The general terms of the agreement shall be as follows:
Whereas the Secretary of State. as of June 20 1930, responded to clause
"(1) Mixed Claims.—Germany shall pay in full satisfaction of its obligaone of said Senate resolution by referring the Senate to article 2 of the Con- tions
remaining unpaid on account of awards, including interest thereon,
stitution of the United States and to section 202 of the Revised Statutes as
entered and to be entered by the Mixed Claims Commission, United States
authority for the exercise of the functions referred to in clause one of said and
Germany, an aggregate amount of 2,121,600,000 reichsmarks to be
Senate resolution, and
evidenced by bonds of Germany which shall be dated Sept. 1 1929 and
Whereas the Secretary of State in response to clause 2 of said Senate
except for the first which shall mature March 31 1930 shall be paid in
resolution asserts that "The Department of State has not assumed the right
semi-annual installments beginning Sept. 30 1930 and continuing up to
to direct the action of the Federal Reserve Board or banks with respect to and
their lawful powers," as mentioned in Senate resolution 293 and, in this to including March 31 1981, subject, however, to the right of Germany
make such payment in three-year periods, any postponed payments to
connection, refers the Senate to an official statement of the Secretary of
bear interest at 5% per annum, payable semi-annually. The obligations of
State issued May 16 1929 and
Whereas a careful inspection of article 2 of the Constitution of the United Germany hereinabove set forth in this paragraph shall cease as soon as all
the payments contemplated by the settlement of War Claims Act of 1928
States and of section 202 of the Revised Statutes discloses no single sentence
have been completed and the bonds not then matured evidencing such
which explicitly or implicitly, authorizes the action taken by the Department
of State with respect to the flotation of foreign investment loans on the obligations shall be canceled and returned to Germany.
money markets of the United States, and
Army of °coupanon Cost.
.
Whereas a careful examination of the statement issued by the Secretary
"(2) Army Costs Arrears.—Germany shall pay in full reimbursements of
of State on May 16 1929, reveals the exact declaration that the Department
"will not permit any official of the Federal Reserve system either to them- the amounts remaining due ontaccount of the costs of the United States
selves serve or to select American representatives as members of the pro- Army of Occupation an aggregate amount of 1,048,100.000 reichsmarks to be
evidenced by bonds of Germany, which shall be dated Sept. 1 1929 and,
posed International Bank." Therefore be it
Resolved that It is the sense of the Senate that the Department of State, except for the first, which shall mature March 31 1930 shall be paid in
semi-annual installments beginning Sept. 30 1930 and continuing up to
having no legal sanction for the action mentioned in Senate resolution 293
with respect to investment securities offered in the money markets of and including March 31 1966, subject, however, to the right of Germany
the United States by foreign Governments, corporations or individuals, to make such payments in three-year periods, any postponed payments to
per annum, payable semi-annually.
should desist from the dangerous practice of involving the United States bear interest at 3% %
"(3) In addition to the payment of the bonds maturineon March 31. or
Government in any responsibility of whatever nature, either by approval
Sept. 30, of any year Germany shall have the right on such dates to make
or disapproval, for foreign investment loans floated in this country: and
should refrain from assuming authority over the Federal Reserve Board payments on account of any unmatured bonds of either series under such
and banks or officials thereof with respect to matters which, by express conditions as to notice or otherwise as the Secretary of the Treasury may
authority of law, are confided to them and not to the Department of State. prescribe.
"(4) All bonds issued hereunder shall be payable in United States gold
coin in an amount in dollars equivalent to the amount due in reichsmarks.
Signing of Agreement Providing for Settlement of Germany shall undertake for the purposes of the agreement that the
reichsrnark
German Indebtedness to United States on Account fine gold." shall have and shall retain a mint parity of 1-2790 kilogram of
of Mixed Claims Awards and Rhine Army Occupation—Statement by Secretary Mellon.
Announcement was made June 23 by Secretary of the
Treasury Mellon of the signing of an agreement providing
for the final discharge of the obligations of Germany to the
United States on account of the awards of the Mixed Claims
Commission and the costs of the United States Army of
Occupation. The bill authorizing the settlement was passed
by the House on May 22, and by the Senate on June 2. It
was signed by President Hoover on June 5. A statement
regarding the agreement was issued as follows on June 23
by Secretary Mellon:
The Secretary of the Treasury announced the signing to-day of the agreement authorized by Act of Congress approved June 5 1930 providing for the
complete and final discharge of the obligations of Germany to the United
States in respect of the awards of the Mixed Claims Commission, United
States and Germany,and the costs ofthe United States Army of Occupation.
In brief, the agreement provides that Germany agrees to pay 40,800,000
reichsmarks ($9,700,000) per annum for the period Sept. 1 1929 to March 1
1930 and the sum of 40,800,000 reichsmarks per annum from April 1 1930
to March 31 1981, in satisfaction of mixed claims, and for the period
Sept. 1929 to March 31 1966 an average annuity of 25,300,000 reichsmarks (86,000,000) for 37 years in full liquidation of our Army costs. As
evidence of this indebtedness Germany is to issue to the United States, at
par, bonds maturing semi-annually.
Under the agreement the United States will receive on account of Army
costs over a period of 37 years approximately $250.000,000 and on account
of mixed claims awards over a period of 52 years. approximately $505,000,000. The payments to be received on account of Army costs Include interest at the rate of about 3%% per annum on all payments deferred over a
period longer than would have been necessary to liquidate the Army costs
under the Paris agreement.
The mixed claims awards bear Interest at the rates specified in such awards
up to Jan. 1 1928 and the settlement of War Claims Act specifies a rate of
5% from that date until paid. The payments to be received on this account
include, therefore, interest which will be paid on the awards. While the
annuities are stated in terms of reichsmarks, payments are to be made in
dollars,either at the Treasury or at the Federal Reserve Bank of New York.
The exchange value of the mark in relation to the dollar shall be calculated
at the average of the middle rates prevailing on the Berlin bourse during the
half monthly period preceding the date of payment. The German Government undertakes that the reichsmark shall have and shall retain its convertibility into gold or devisen as contemplated in the present reichsbank
law and that the reichsmark shall retain the mint parity defined in the
lerman coinage law of Aug. 30 1924.
The bill was referred to in our issue of May 24, page 3638.
Conversations in New York on Mexican Debt Situation.
Discussions bearing on the Mexican Government debt
and that of the National Railways of Mexico have taken
place this week in this city between the Mexican Finance
Minister, Luis Montes de Goa, and members of the International Committee of Bankers on Mexico, headed by
Thomas W. Lamont of J. P. Morgan & Co. The conversations were brought under way on June 25 and have continued
daily since then. It is understood that there will be further
discussions the coming week. This week's official announcements of the sessions have been brief. That of Wednesday,
June 25:limed jointly bir"`the Minister of Finance and Mr.
.
Lamont, follows:
At a plenary session held this afternoon the Minister of Finance presented certain suggestions, directed towards the handling of the debt
situation. Brief discussion was had on these suggestions. There was
also certain discussion as to the railway debt situation. At the close of
the session the members of the International Committee met for a brief
conference. The next session between the Minister and the Committee
will be held Thursday afternoon.
On June 26 the following statement by the Minister of
Finance of Mexico and the Chairman of the International
Committee Of Bankers on Mexico was issued:
A second plenary session of the Finance Minister and the members of the
International Committee was held.
Further views upon the matter of
the direct debt were exchanged, based upon a memorandum furnished by
the Minister at the first meeting. Preliminary explanation was given by
the Minister and his associates of the plans which they have been formulating for the handling of the National Railways of Mexico debt. They
will present a memorandum of their views on this matter. The next
session will be held to-morrow (Friday)afternoon.
Wit is understood the railways debt, amounting, according
to the MexiCan Pinanne Minister's statement, to about
t4117,000,000,s d, iscussna—
yesterday 'afternoon. YesteiZ
—
—
day afternornTeditiOrof the Neiv York "Evening Pori0
.
pointed out that this railway debt was not included in the
original purview of the International Committee, which was
According to the "United States Daily" the bill passed by
the Senate June 2 was identical with the measure adopted formed to formulate the agreements reached with Mexico
by the House May 22. The paper quoted said:
in 1922 and 1925 concerning the direct debt of the Mexican
JUNE 281930.1
FINANCIAL CHRONICLE
Government to foreign bondholders, amounting to about
8442,000,000. The "Post" added:
•
Suggestions concerning the handling of the railway debt were made by
Senor de Oca at the session of the conferees yesterday, and it is expected
he and his associates will submit a memorandum to the committee on that
subject to-day.
Meanwhile, the Mexican Preferred Debts International Protective Association has issued a statement asserting that the Lamont Committee no
longer represents any other bondholders than its own members, instead
of acting for 98% of all of them, as it did in formulating the two previous
agreements now elapsed.
To Appeal to Mexican Senate.
The Protective Association, through Henry A. S. Daalen. Vice-President
expresses doubts that an agreement will be reached satisfactory to the
bondholders. It promises to ask the Mexican Senate when it reconvenes
in September to resume payments direct to the bondholders, eliminating
commission to agents.
The Bankers' Committee has stated that any agreement it may reach
with Senor de Oca will be submitted to the bondholders for approval.
The "Journal of Commerce" of June 26 said:
4527
Legorreta, Managing Director of the Banco Nacional de Mexico; E. R.
Jones, Executive President of Wells
-Fargo & Co. Express; S. A., Joseph E.
Sterrett, Price, Waterhouse & Co.; Walter W. Colpitts of Coverdale &
Colpitts.
The luncheon was informal. Mr. Lamont on behalf of
the International Committee simply welcomed the Minister
and his associates and announced that the discussion as to
the debt would begin at once.
Federal Reserve Bank of New York Will Follow Changes
in Latin America—Bankers Expect Establishment
of Separate Division by Bank Before Long.
The Federal Reserve Bank of New York plans to follow
Latin American developments more closely, and to take a
keener interest in financial changes there, it is said in well
informed banking circles here, according to the "New York
Journal of Commerce" of June 24, which continued:
While it was expected that no new loan would be made,there would be no
Eventually, they expect, a Latin-American division may be established
effort on the part of the bankers, it was indicated, to prevent the contraction of a new indebtedness from outside quarters. A dispatch from Mexico in the local Reserve Bank, which will serve to cement banking relations with
City last winter said that the raising of approximately $60,000,000 for road those countries.
The foreign relations of the local Reserve Bank, which have involved a
building purposes was contemplated.
It is at present intended to continue the discussions until a definite agree- number of spectacular transactions during the past decade, have been
directed primarily to European countries. Credits to governments in conment has been reached between the representatives of Mexico and of the
committee. Under the 1925 agreement it was stated, the committee nection with currency stabilization, purchase of bankers' acceptances in
represents approximately 98% of the foreign bondholders of Mexico. the open market and other correspondent relationships have been typical of
Should the committee reach a new agreement it would be necessary under the foreign activities of Reserve banks. Latterly, the Federal Reserve
the new terms to obtain the endorsement of the bondholders. The Finance Bank of New York. as correspondent of the Bank for International SettleMinister in turn would submit the agreement before the Mexican Legis- ments, has played an important role in the commercialization of reparations payments, retaining the right to forbid further issues of reparations
lature.
It was indicated that there had been little discussion of Mexico's"capacity bonds in this market.
Closer Flelations Eventually.
to pay" and that the conversation was confined largely to the terms of the
Finance Minister's suggestions regarding future payments. It was believed
The basic problems of currency rehabilitation in Europe have been se
that in future discussions the separate details of the proposal would be difficult as to largely preoccupy the Reserve bank's foreign organization.
taken up progressively. This was taken as a hopeful indication since it Therefore, with the general stabilization of currencies and the better
suggested the possibility of reaching terms acceptable to representatives position of European money markets resulting from the current world-wide
of both parties.
decline in interest rates, it has been felt that a larger measure of attention
In January 1928 the Mexican Government announced that it was unable can now be devoted to South America. While present plans, it is underto service its outstanding bonds in accordance with the 1925 pact. Since stood. call for merely a better statistical coverage of South America for the
then no payments have been made. The present discussions were planned local Reserve Bank, eventually it is expected closer relations all around will
more than a month ago.
be established with the leading South American Central banks.
Those interested in the South American relations of the local Reserve
The same paper in its June 27 issue stated:
Bank point out that an effort to extablish closer dealings with Latin America
From sources close to the visiting representatives it was learned that the had been proposed once before, in 1916. At that time Secretary of the
initial proposal submitted on Wednesday by the Mexican Finance Minister Treasury McAdoo had proposed to the Federal Reserve Board the esIncluded a schedule of payments on outstanding bonds. However, the tablishment of several branches of Federal Reserve banks in Latin America
proposal was unsatisfactory to European representatives, the Mexican dele- for the purpose of furnishing leadership in the development
of American
gates in the meantime submitting that larger payments would be beyond trade and finance in those countries.
However, the Federal Reserve Board
Mexico's economic capacity. The European representatives agreed, how- intervened and turned
down the proposal, and with the coming of the
ever, to continue the discussions upon the assumption that the first pro- European war, foreign relations
of the Reserve system became definitely
posal by Mexico would be followed by other proposals of a more satis- preoccupied with European affairs.
factory nature.
Banking relations between this country and Latin America received t!
In informed quarters it was thought that it would be possible to judge shock
in the deflation period of 1920-1921. At the present time, however
within a week whether the further discussions would be likely to lead to an is
felt here that new and serious problems are arising, and that these will
agreement. Final settlement, it was thought, would be reached only after warrant
more careful attention from the Reserve authorities. Also, the
a much longer period. The Mexican Legislature meets next September keen interest displayed
by large financial institutions abroad in South
and would need to ratify agreements made by its representatives.
America is believed to stimulate interest on the part of banking leaders
It was uncertain whether or not European representatives would remain ture.1
in New York should the discussions drag through several months. Although some of them might leave, it was expected that negotiations would
be continued nevertheless.
Speyer & Co. Head of Banking Group Which Advances
Discuss Total Payments.
$7,500,000 Short Term Credit to Greek Government.
The chief point of discussion for the present, it was learned, will hinge
It was announced on June 16 that Speyer & Co., The
upon the total payments to be made by Mexico. Should no decision be
achieved, the conversations might temporarily be diverted to other essen- National City Company and J. & W. Seligman & Co. have
tial questions, among which would be the question of issuing a uniform
bond into which the various classes of outstanding bonds would be con- closed negotiations with the Greek Government for a
verted. This would bring up the matter of terms of conversion and would $7,500,0090 short-term advance. The announcement by
be of concern to the different classes of creditors.
Speyer & Co. says:
It was definitely stated that there was no discussion of banking repreThe bankers have bought one-year 5 % Secured Treasury Notes of
sentation on the board of the Mexican National Railways. It was believed
that future conversations would be confined to questions connected directly the Greek Government, due May 5 1931. These notes are secured by
pledge of about £2,680,000 Bonds of the Greek Government 5% Loan of
with payments.
Should an agreement be reached the committee would submit its report 1914, the value of which, at the current price in London of bonds of this
to bondholders. Representatives of the committee in New York largely issue, equals about $10,172,000. The notes will be placed privately, and
represent bondholders' committees of different European countries. It no public offering is contemplated.
£1,500,000 Greek Government Treasury Bills of the same maturity and
would be necessary to take a referendum upon any terms agreed upon, it
similarly secured have been placed in England by Hambros Bank Ltd.
was stated. The Lamont-Pani agreement of 1925 was agreed to by
98% and Erlangers Ltd.
of the bondholders.
The bonds deposited as security for the notes are part of the 5% Loan
Thomas W. Lamont, Chairman of the International of 1914, which is secured by a charge on the revenues under the control
Committee of Bankers on Mexico,gave an informal luncheon of the International Financial Commission, the receipts from which in
1929,
at the Down Town Association on June 25 for the Mexican annualafter deducting prior charges thereon, were about 6.9 times the
service requirements of the total authorized amount of the 5%
Finance Minister, Mr. Montes de Oca. Among those Loan of 1914.
The Minister of Finance of Greece expects to perfect plans for a larger
present were the leading members of the Minister's sta,ff,
long-term loan for public works during the current year, to be placed in
namely:
New York and the principal financial centers of Europe.
Javier Sanchez Mejorada, Executive President of the National Railways
There are two Greek Government Loans quoted on the New York Stock
of Mexico; Luciano Wlechers, Vice-President, Bank of Mexico; Fernando Exchange at present. $11,000,000 40-year 7% Refugee Loan issued in 1924
Gonzales Roa, Counsel, National Railways of Mexico; Fernando Diez by Speyer & Co., and $17,000,000 40
-year 6% Stabilization and Refugee
Barroso, Adviser on National Debt; Roberto Lopez, Head Credit
Bureau. Loan issued in 1928 by Speyer & Co. and The National City Company.
Department of Finance; Ricardo Carrion, Secretary of the National Railways of Mexico; Capt. Bias Tijerina; and Gustavo Velasco, Secretary of the
Delegation, also the following: The Mexican Ambassador, Manuel C.
Peseta at New Low in Spain:
Tellez. and Consul General Enrique D. Ruiz, William Egerton Mortimer
United Press adviees from Madrid, June 27, published
the British Section of the International Committee of Bankers on Mexico,
of
E. de Is Longuiniero, Pierre Vinson, Henry R. Sabbag, of the French in the New York "Evening World" stated:
Section, Dr. Paul von Schwabach, the German representative, alessrs.
The peseta touched a new low to-day when it was quoted unofficially
Gustave Dunant and Robert Dunant, the Swiss representatives; Marcel at 43.40 to the pound and 9.9 to the dollar.
Beelde, the Belgian representative; George W. Davison, President of the
From the "Wall Street Journal" of June 24 we take the
Central Hanover Bank & Trust Co.; Charles E. Mitchell. Chairman of the
Board of the National City Bank; Andrew J. Miller, Hallgarten & Co.; following:
Renewed weakness of the peseta, leading apparently to intervention
Charles H. Sabin, Chairman of the Board of the Guaranty Trust Co-;
H. G. Freeman, Chairman of the Chase Securities Corp.; Charles S. Sar- on the exchange market by the Bank of Spain, has renewed talk both of
gent, Kidder, Peabody & Co., New York; DeWitt Millhauser and Leon H. a return to restrictions on operations and of stabilization. However,
Kronthal of Speyer & Co.; Walter T. Rosen and Harry B.Lake,Ladenburg. the former on any large scale is unlikely because attempts to control
Thalmann & Co.; Sir William Wiseman, Kuhn, Loeb & Co.; Thomas the exchanges failed entirely under the dictatorship, while the latter
Cochran and Arthur M.Anderson, J. P. Morgan & Co.; Frank L. Polk and seems to be excluded from possibility at a time when rates are so tinB. S. S. Sunderland of counsel to the International Committee; Agustin favorable to the peseta.
4528
FINANCIAL CHRONICLE
Among the principal causes of the peseta's relapse are thought to be:
I. Accumulation of payments for imports, which cannot be longer
postponed. For two or three months past importers have been delaying purchase of exchange in the hope of better rates.
2. Increased imports, without corresponding increase in exports. The
excess of imports over exports at end of April was almost 50,000,000
pesetas against less than 27,000,000 at end of March.
3. The political uncertainty. Government maintains censorship of
press and forbids all republican propaganda, while the public tends
to turn more and more away from the monarchy. At the same time
financiers interested in the big schemes for public works (railroads,
etc.), adopted by the dictatorship are exerting pressure to get these
schemes revived, though they would weigh heavily on the Treasury.
4. Maturity of credits obtained for subscription to the gold loan,
compelling purchase of exchange.
5. Revival of the flight from the peseta. The more it falls the greater
the demand for exchange in order to escape losses.
[VoL. 130.
I consider your late President Theodore Roosevelt among those men
who have contributed the most to the formation of my points of view
and of my political and social education. Fascism, as a power of
volition and realization, has upon economical grounds, many ties with
the activism and the pregmatism of the Americans. We do not like
rhetoric and words but we prefer, as you do, deeds. The people of the
United States are honored by immortal men or by men highly prominent in intellectual and practical fields. Allow me to mention two
names that associate to each other our two Countries: EDISON and
MARCONI. Your financial organization has given to Europe and
Asia the results which are attainable only through the collaboration
The United States are
of your great men with your resources.
developing an economical action, the historical significance of which
could be better judged in the future. We admire the youthfulness
with which the Americans of the United States attain their aims and
the stubbornness and the method they employ for the purpose. In
this country in which are known the Italian labor and the character
of our race, we consider ourselves in a friendly land. It is desirable
that the commercial and economic intercourse between the two Countris should grow forth with mutual easiness and usefulness, strengthening the harmonious relation existing between Italians and Americans.
I am taking only a pleasure trip but I am very happy that you
have offered me the opportunity of expressing to you my point of
view and my feelings.
Drawing for Sinking Fund of Bonds of Greek Government
Stabilization and Refugee Loan of 1928.
Speyer & Co. and The National City Bank of New York
announce that the fourth drawing for the sinking fund of
the Greek Government forty-year 6% secured sinking fund
gold bonds (Stabilization and Refugee Loan of 1928) has ,Ernesto Boggiano of Banco de Reserva, Peru, Visits
New York
taken place and that the $60,000 bonds so drawn will be
payable on and after August 1, 1930, at par, at either of
Ernesto Boggiano, Managing Director of the Banco de
their offices.
Reserva, Lima, Peru, has been a visitor to New York City,
from Europe, and will sail for home to-day (June 28).
$4,000,000 Loan For Santa Fe Province.
This is the first visit here of an officer of the Central Bank
The New York "Herald-Tribune" reports the following of Peru, which was organized seven years ago, on the recUnited Press advices from Bueno Aires June 22:
ommendation of an American Commission. During his
A $4,000,000 loan has been secured by the provincial government of
stay in New York Mr. Boggiano has lunched with the
Santa Fe front the Chatham Phenix Corporation of New York, it was
announced today. The loan will be for a year and a half Treasury officers of the Federal Reserve Bank, visited the Stock
bonds, dated June 1, will be issued at 98.875, paying 6% interest to Exchange and Clearing House, and called on the principal
cover the loan. Simultaneously with the loan the provincial governcorrespondent banks in New York of his institution.
ment redeemed an outstanding loan for $1,500,000 paying 7% interest.
Federal Intermediate Credit Bank of Springfield,
Mass., Reduces Discount Rate on Loans to 4%.
The following notice has been issued by Edward H.
the Federal Intermediate Credit
The municipality has received no bids for the laon of 40,000,000 Thomson, President of
($16,976,000 at par), which was to be used to finance the project Bank of Springfield, Mass.:
pesos
No Bids for Buenos Aires Loan.
The following Buenos Aires cablegram June 21, is from
the New York "Times":
June 18 1930.
for widening several streets. It was offered in 6% bonds, with a
Until further announcement our rate of discount on all new loans and
1% annual sinking fund payment, and bankers were asked to submit
4% per annum, the lowest rate at
discounts, including any renewals, is
bids.
since its incorThough representatives of leading British bankers were present when which it has been possible to offer the facilities of the bank
the City Treasurer announced none poration.
the time came to open the bids,
In recognizing the opportunity offered by recent decreases in general
were received. The Mayor then invited the bankers' representatives to
discount rate successively from 5% to 4U,
make verbal bids for any part of the loan, but again no offers were money rates to reduce our
434%,and now 4% in approximately two months our board of directors is
made.
reflecting to the organizations dealing with this bank the savings in money
cost available to it.
Bank Wins Loan—$4,000,000 Public Works
It is expected that it will generally be possible for banks,trust companies
Uruguayan
and agricultural credit corporations rediscounting notes of farmers with this
Funds to Be Used to Balance Exchange.
bank to reflect in turn to such farmers these decreasing money rates. As
Montevideo cablegram is reported under date of June 25 long as the discount rate of 4% is in effect a maximum of 6% per annum
for the original borrower is mandatory in the case of rediscounts by such
in the New York "Times" as follows:
Four million dollars of the loan recently raised in New York for corporations.
The facilities of this bank are available to the agricultural producers of
Uruguayan public works probably will be used temporarily in an effort New England, New York and New Jersey, through their local banks,
the
to balance exchange. The government, after long consideration of
agricultural credit corporations, incorporated livestock loan companies and
plea from the Bank of the Republic that the $4,000,000 be turned over to similar financing institutions, as provided in the Agricultural Credits Act
notified the bank this would upset the public of 1923.
it for exchange operations,
works program but that the government was willing to lend this amount
to the bank if it agreed to meet the New York interest payments and
Capital Expansions of New York Banks Increase 348%
return the amount to the government upon demand.
The low exchange quotations of the Uruguayan peso are causing
in Decade, According to Clinton Gilbert & Co.
operations has forced many
grave concern, and restriction of exchange
Total capital of 30 representative New York banks, or
purchase their drafts in Buenos Aires.
Uruguayan buyers of exchange to
their merged representatives, has increased more than
decade, according to a tabulation by Clinton
Peso Falls—Dollar Exchange Touches 120.60, 348% in the last
Argentine
Gilbert & Co. It is stated that the total capitalization of
Lowest Since 1925.
these 30 banks in 1919 was $160,100,000 as compared to
A cablegram June 24 to the New York "Times" said:
The Chase National Bank,
quotation since 1925 in re- present capital of $718,275,300.
The Argentine peso reached the lowest
in 1919
to the dollar, which was quoted today at 120.61. In 1921, while the largest in the city, with a capital of $10,000,000
lation
the conversion office was closed as at present, preventing gold exports, and a present capitalization of $148,000,000, shows an
dollar exchange reached 157.40.
-year period. The second largest
increase of 1380% for the 10
Today's sterling quotation of 41 1-16 is the lowest the peso has
bank, the City? National, increased its capital in the same
registered in relation to sterling since 1924.
Continued wet weather is preventing loading of grain, especially period from $25,000,000 to $110,000,000. The Guaranty
corn, which would bring the dollar and sterling sellers into the market Trust Co., the third largest bank,shows an increase of from
to counteract at least partially the continued heavy buyer's demand for
$25,000,000 to $90,000,000 during that time.
dividend remittances.
H. E. de'Stefani, Italian Finance Minister, Visits U. S.
H. E. de'Stefani, First Minister of Finance with the National Government of Benito Mussolini and presently
Member of the Chamber of Deputies of Italy and President of the Parlamentary Commission for the Customs
Tariff and Treaties of Commerce, arrived in New York on
June 24 on the SS. "Conte Grande" of the Lloyd Sabaudo,
from Naples. He will divide his stay between New York
and Washington. Mr. de'Stefani has reppresented Italy
at the conferences of London and Paris for consideration
of the Dawes Plan.
Mr. de'Stefani has expressed his admiration for the
dynamic life of the people of the United States. He is
quoted as saying:
History and Future of Federal Land Banks Reviewed
by Wood Netherland of Federal Land Bank of St.
Louis.
Wood Netherland,President of the Federal Land Bank ofSt.
Louis, St. Louis, Mo., in an address before the Investments
and Investment Banking Conference at the Convention of the
American Institute of Banking Section, American Bankers
Association, at Denver, Juno 18, discussed "The History and
Future of Federal Land Banks." "While some of the banks",
he said,"are faced with difficult problems, most of them are
in a sound and healthy condition." He went on to say "The
system has weathered trials that have tested its strength
during a most crucial period. Its achievements and services
have demonstrated its fundamental soundness and usefulness.
JUNE 28 19301
FINANCIAL CHRONICLE
Taking all of these factors into consideration it would seem
that faith in our nation, in the fundamental soundness of
our Farm Loan System, and faith in the farmers who constitute the bulwark of our national strength would fully justify confidence in the future growth and progress of the
system." Mr. Netherland also said:
has
With the exception of Government bonds no one class of securities
Bonds. As
obtained more general distribution than Federal Land Bank
having certain
the war debt is retired there must be substituted securities
preferred features. It is reasonable to assume that Federal Land Bank
afford
Bonds will become more and more in demand. Present market prices
to
an attractive yield to the investor who looks into the future. Both as
municipal and
principal and interest they are exempt from Federal, State,
for fiduciary and trust funds under
local taxation, are lawful investment
and eligible for investthe jurisdiction of the United States Government
ment by savings banks in most States, also acceptable to the United States
including postal savings.
Treasury as security for Government deposits,
The underlying collateral is the first mortgages on selected farm units
for the farm
accepted only after the most careful appraisal system devised
mortgage business. Each bond is not only the primary obligation of the
of the other eleven Federal
bank of issue but likewise the joint liability
the
Land Banks,issued with the approval both as to form and security of
dollar
Federal Farm Loan Board. The law requires that they be secured,
for dollar, by the deposit of first mortgages on farm lands,representing not
more than 50% of the appraised value of the lands and 20% of the appraised
value of the permanent, insured improvements.
Aside from amortization which annually or semi-annually reduces principal, each bank may charge borrowers interest not in excess of 1% above
the rate borne by its last issue, to provide operating expenses, absorption
of losses and creation of reserves.
The set-up of the Federal Land Bank system is somewhat analogous to
that of the Federal Reserve System. There are approximately 4,662
national farm loan associations having stock in the banks—one or more to
practically every agricultural county in the United States. Each association appraises the security and endorses every loan accepted through it.
The system at the beginning of this year had bonds outstanding to the
amount of $1,180,000,000 all on an amortized basis. A relatively small percentage were made when prices of farm lands were the highest. Having
withstood radical changes in economic conditions affecting agriculture they
are for the most part seasoned loans.
its
The effect of the stock market operations in the past two years and
to
influence on all fixed investment securities is too recent and well known
come under the heading of history. Even Government bonds failed to
escape the influence of these operations. Federal Land Bank bonds, however, have staged a substantial recovery which has demonstrated the conviction upon the part of the bond-buying public and investors that the
collateral back of these bonds is adequate.
In the growth of this, the greatest co-operative first farm mortgage institution in the world, there is one outstanding fact that towers above all
others as indicating the soundness of the 12 Federal Land Banks as a
system. These institutions launched out on an uncharted course and before
of
they had an opportunity to accumulate reserves in any volume, farmers
has
the country were plunged into the most depressing era agriculture
Some delinquencies and foreclosures were
experienced for over 50 years.
inevitable but not only have the banks been able to stand resulting losses
but their loan mortality record compares most favorably with that of other
farm mortgage agencies, some of which have been in the farm mortgage
business for three Quarters of a century.
Forecast on Loan Demand.
The Farmers' National Grain Corporation probably will handle about
private
300,000,000 bushels of wheat of the 1930 crop,financed largely from
by the
sources, Mr. Legge stated. The total 1929 crop, as estimated
0 bushels.
Department of Agriculture, was 806,508,00
the
Private banks have plenty of money available at reasonable rates,and
last
demand for loans from the Farm Board probably will be much less than
s and the corporation,
year, Mr. Legge said. Co-operative association
which is the national grain marketing organization, should have little
trouble in obtaining funds, he added.
requiring
On the question of declaring an emergency in the wheat market
of
an operation by the stabilization corporation, Mr.Legge said the presence
and the Board has not yet consuch an emergency is a matter of judgment,
wheat has been
sidered declaring such an emergency. The cost of producing
he said,and it is
computed at various figuresfrom 40 cents a bushel to $1.66,
is the proper
a matter ofjudgment as to what point between these extremes
one to declare an emergency.
on
Mr. Legge said the amount of last year's wheat held by the stabilizati
cost of storage on
corporation cannot now be made public. Asked as to the
plus interest on
month
this wheat, he said it is about 1 cent a bushel per
the investment.
the corporation's books probably would show a
The wheat carried on
Mr. Legge said, but
substantial book loss if the books were closed in July,
the paper loss may be made up later, if prices rise.
has taken place this year in part
A return to binders,instead of combines,
which caused a
of the Grain Belt, according to Mr.Legge, because of drouth
for cutting with
second growth of wheat which is still green and unsuitable
of wheat will not be
the combine. This may mean, he said, that marketing
will be left in
so early as last year in these districts, since the green wheat
if the weather is
the sboc
suitahlek for some time and can be kept there indefinitely
farmers the need of
The drop in prices probably will bring home to the
Mr.Legge said. There
reducing acreage more forcibly than other methods,
wheat acreage,
was some response to the campaign for a reduction of spring
campaign to
he said, but nothing can be known yet as to the effect of the
reduce winter wheat acreage.
Cotton Stabilization Corporation at New Orleans
Operating Under Federal Farm Board—To Take
Over 1,000,000 Bales of Cotton.
June 24
Associated Press Advices from New Orleans
stated:
of State co-
possession
About 1,000,000 bales of cotton, all now in the
Cotton Stabilization Coroperative associations, will be taken over by the
the corporation. The
poration, according to E. F. Creekmore, President of
Orleans for the establishannouncement was math upon his arrival in New
s.
ment of the American cotton co-operative headquarter Corporation, which
n
Mr. Creekmore said that the Cotton Stabilizatio
Board, would take over
operates under the direction of the Federal Farm
bodies, for the
held by the various State group marketing
the cotton now
purpose of clearing the way for the new crop.
to cane on the market in
He &dared that with the new crop beginning
provide such financing as
Texas the government co-operative was ready to
may be required by the State organizations.
Alexander Legge of Federal Farm Board Urges CoOperation on Part of Mortgage Bankers Association
of America.
Alexander Legge, Chairman of the Federal Farm Board
suggested to the National officers of the Mortgage Bankers
Association of America in session at Chicago on June 21 that
a definite program of co-operation be developed between the
Board and farm mortgage bankers throughout the country.
Mr: Legge said:
Mortgage bankers in your organization lending millions of dollars of
insurance funds on the security of farm lands are in a strategic position to
assist the farmer directly and to help the Farm Board keep in direct touch
with farm problems. The Farm Board looks favorably upon the appointment of a Contact Committee properly representative of mortgage bankers
and insurance company investors to advise the Board with reference to
economic questions involving land utilization and trends in agricultural
finance.
Declaring that acreage reduction is vitally necessary to the
success of the Marketing Act, Mr. Legge cited a leading
manufacturer's statement recently that farm production
should not be controlled or restricted. "This manufacturer,
at the time, was running his own factory at 70% capacity.
If he were running at 100% capacity, as he advises the farmer
to do, he would be broke in 12 months," he observed. In
line with Mr. Legge's proposals the Mortgage Bankers
authorized appointment of the Contact Committee suggested,
and a plan of co-operation will be carried into effect immediately.
The following further information in the matter is from
the "United States Daily" of June 24:
Co-operation with the Federal Farm Board was promised by bankers
in
dealing in farm mortgages at a recent meeting of mortgage bankers
Chicago, the Chairman of the Board, Alexander Legge, stated orally
June 23 upon his return to Washington.
which
Mr. Legge said the bankers were very responsive to suggestions
meeting, and he felt assured that they
he made in an address before the
would aid in efforts for agricultural prosperity.
their farm
Some mortgage bankers have shown a tendency to liquidate
said, but the
l
mortgages and to stay out of the agricultura field, Mr. Legge
appeared to be more interested in keeping the
group which he addressed
agricultural field profitable and continuing their business there.
important in
Mr. Legge told the meeting that restriction of acreage Is
mortgages.
maintaining farm prosperity and so insuring the value of farm
4529
•
tive AssoWide Powers of American Cotton Co-opera
ciation with Headquarters at New Orleans.
Co-operative
The wide powers of the American Cotton
headquarters of which, (as was noted in
Association, the
the Cotton Stabiliour item June 14, page 4163 referring to
ion) were indicated in the New Orleans
zation Corporat
a Washington dis"Times-Picayune" of June 12, which in
in part:
patch June 11 said
the headquarters of the American
New Orleans today was selected as
the Cotton Stabilization Corporation.
Cotton 0o-operative Association and of
Orleans of additional vast operations
This means the centralization in New
the most important cotton market.
in cotton and snakes it far and away
. The stabilizaassociation is capitalized at $30,000,000
The co-operative
of millions of dollars in its
corporation will employ literally hundreds
tion
operations.
s and their staffs probably will
While the officers of these corporation
the location of their offices in New
not number more than 200 persons,
hundreds of representatives of the
Orleans will bring to the city many
with the organizations.
interests that will maintain close contact
•
•
•
Co-operative Association is a farmerThe $30,000,000 American Oaten
commodity marcontrolled corporation. It is one of the great
owned and
guidance of a federal farm board.
keting organizations set up under the
to control a sufficient volume of
As a central sales agency it is expected
in its marketing.
cotton to gain bargaining power for the producer
of the corporation must
Co-operative associations that are stockholders
of 100,000 bales a year or
have had annual receipts from their members
receive from its members such
"appear to the board of directors likely to
afford continued business
annual deliveries of cotton as will permit and
n in the business of the
existence and substantial aid and participatio
for their stock subassociation and which are able to subscribe and pay
scriptions."
policies connected with
The association has full control of all sales
It has the power, according
all of the cotton of its member co-operatives.
commercial corporato the farm board, to do anything, anywhere, that any
of cotton and its
tion may do in the handling, processing or marketing
will have branch sales
products or of cottonseed and its products. It
the world. It has
offices in every cotton consuming center of importance in
or contracts on
the power both to buy and to sell either physical cotton
the work of the
future markets. It provides machinery through which
t of the corfarm board can be carried on. The affairs and managemen
so long as it is
poration will be subject to the supervision of the board
indebted to it.
Has Wide Powers.
Among the powers of the new association are the following:
"To provide central marketing facilities and sales services at any or
all cotton markets for the economical and efficient distribution of all
types of cotton and or cotton by-products; to buy cotton or cotton byproducts from its members and others; to buy, sell and distribute or develop
cottonseed for planting purposes and to buy, sell and or manufacture
4530
FINANCIAL CHRONICLE
cottons.,ed products; but except in surplus control operations, when and
if acting as a stabilization corporation, it shall not deal in any products
of non-stockholders to an amount greater in value than such as are handled
by it for members.
"To lease, purchase or construct physical facilities for the storage,
handling, preparing for market and or marketing of cotton and or cotton
by-products and or cotton seed and its products which cannot in the judgment of the board of directors reasonably be provided through the local
or regional co-operative activities of stockholders hereof or of their local
members;
"In co-operation with its stockholders to conduct educational work among
farmers concerning the value of co-operative marketing, the adjustment
of production to prospective demand and for other pertinent purposes:
"To lend money to its stockholding metnbers for investment by them
in the capital stock of subsidiary companies which are considered essential
auxiliary or helpful to the successful co-operative marketing of cotton;
"In keeping with the restrictions and limitations prescribed in said
Agricultural Marketing Act, to lend money to stockholding members and
their subsidiaries for financing the movement of their crops from farm
to market or to finance or enable them to finance any proper activity
necessary to the delivery, handling, processing, or marketing of cotton,
cotton by-products and or cottonseed and its products.
"To organize and maintain and finance such cotton and price insurance
subsidiaries as may be found desirable for the best protection and economics
of its stockholders and their members.
"To buy, sell, hold, lease and or dispose of, and exercise all the rights
of ownership over—under the restrictions as to cotton and cotton products,
and by-products and cottonseed and cottonseed products, contained in paragraph numbered 1 hereof—all kinds of property real, personal or mixed,
necessary and or proper, in the judgment of the board of directors, to carry
out the general and or special purposes of this association including the
stocks, bonds and or obligations of other associations and or corporation."
The general manager pf the association is E. F. Creekmore. The president is Allen Northington of Montgomery. The vice-president and secretary
is C. 0. Moses of Dallas and the Treasurer is Charles G. Henry of Little
Rock. It is expected that these officials will move to New Orleans.
FoL. 130.
The corporation has ceased to sell wheat and will not sell in competition with the new crop unless prices rise to the level at which
purchases were made, Mr. Milner stated. The corporation has
bought wheat at various prices ranging from $1.25 a bushel downward, it was stated for the Board. Prices now are ranging between 85
and 90 cents a bushel, the Department of Agriculture says.
The corporation has taken off the market about three times the
amount of the increase in the visible supply, Mr. Melnor stated. According to the Department of Agriculture, the visible supply on June
21 was 113,000,000 bushels, while one year ago, it was 91,000,000.
This shows an increase of 22,000,000 bushels, and, on the basis of
Mr. Melnor's statement, the corporation has withdrawn about 66,000,000 bushels from the market. The Board's statement follows in
full text:
The following statement was issued in Chicago today by Mr. George
S. Milner, president and general manager of The Grain Stabilization
Corporation:
"The Grain Stabilization Corporation discontinued the sale of wheat
when the new crop began moving with the exception of a few small
lots to millers who were unable to take care of their immediate needs
from any other source.
"While the visible supply of wheat in this country is somewhat
in excess of that of a year ago—a fact grain traders are emphasizing—
the amount of 1929 wheat withdrawn from the market by The Grain
Stabilization Corporation is approximately three times the amount of
that increase, leaving the amount of wheat on the market substantially
below last year's figure.
"The grain trade need have no apprehension of competition from
the wheat held by The Grain Stabilization Corporation during the
coming months when farmers will be moving the 1930 crop to market
unless in the meantime prices rise to the level at which purchases
were made. In no event will this 1929 stabilization wheat be thrown
on the market in a way to depress prices."
Voluntary Petition in Bankruptcy Filed in Behalf of Rural
Grain Company of Chicago.
Stabilized Prices on Cotton Sought—Senator Heflin
Chicago Associated Press advices yesterday (June 27)
Asks President to Foster High Figure.
said:
A voluntary petition in bankruptcy was filed in United States DiaPresident Hoover was urged on June 23 by Senator Heflin
trict Court here today
(Dem.), of Alabama, to impress upon the Federal Farm was suspended from thein behalf of the Rural Grain Company, which
Chicago Board of Trade a fortnight ago when
Board the importance and necessity of stabilizing the mar- discrepancies appeared in the accounts.
A partial audit of the firm books, made public today, indicated a
ket price of cotton. The United States Daily of June
probable deficit of $185,131.
24 states this and adds:
The suspension was referred to in our issue of June 21,
After his conference at the White House, Senator Heflin stated orally
page 4337.
that the price of cotton now is from 7 to 8 cents below the actual cost
of production.
"In my opinion," the Senator said, "there is nothing that would help
more toward bringing about general prosperity in the United States than
to get a good price for cotton. It is a sure sign of prosperity whenever
cotton is selling at a good price."
New York Cotton Exchange Service Estimates Domestic
Stocks of Cotton at Nearly 4,500,000 Bales on
July 31.
The total stock of all kinds of cotton in this country at
the end of this season, that is, on July 31, will undoubtedly
be much larger than at the end of any recent season, even
Including the big crop season of 1926-27, according to the
current report of the New York Cotton Exchange Service.
Present indications are that the domestic stock will be
between 4,400,000 and 4,500,000 bales, says the service, which
under date of June 24 also states:
Exports of cotton from this country during the season will probably
be around 8,750,000 bales, against 8,038,000 bales last season and 7,529,000
two seasons ago. The service bases its estimate partly on the fact that
export during the first ten months of this season were only 6,319,000 bales
against 7,502,000 in the corresponding ten months last season, and partly
on the fact that current exports are still running behind last season.
Domestic cotton consumption this season will probably be around 8,260,000 bales against 7,091,000 last season and 6,834,000 two seasons ago,
according to the Service. Consumption during this season to the end
of May was 644,000 bales below that in the same portion of last season
and consumption is still running at a low rate and probably will continue
to run at a low rate during the summer.
If exports for the season total 6,750,000 bales and consumption totals
6,250,000 bales, the stock of all cotton in this country on July 31 will
be around 4,450,000 bales. This compares with a stock in this country of
2,313,000 bales on July 31, last year, 2,536,000 two years ago, 3,762,000
three years ago after the largest crop on record, and 3,542,000 four years
ago. Allowing for the foreign cotton in the end-season stock, which will
probably total around 200,000 bales, the stock of domestic cotton in this
country at end of July promises to be within 250,000 bales of the entire
world carryover of American cotton at the end of last season, namely,
4,474,000 bales.
Grain Stabilization Corporation Not to Compete With
Growers—President of Federal Agency Says Wheat
Holdings Will Not Be Sold Unless Prices Rise to Level
at Which Purchases Were Made.
While the total visible supply of wheat in the United
States is somewhat larger than last year, The Grain Stabilization Corporation has withdrawn from the market, and
will hold enough to leave the amount on the market substantially less than last year, the President of the corporation, George S. Milnor, said June 26 in a statement made
public by the Federal Farm Board. Reporting this the
United States Daily of June 27 went on to say:
California Peach Canners to Curb Output—Packers
and Growers Confer on Disposal of Record Crop.
Members of the Canners' League of California, in an effort
to reduce the pack of cling peaches this year to a point where
it can be marketed, are working on a plan which contemplates the purchase of the entire crop of No. 1 clings grown
north of the Tehachapi, whether canned or not. This is
made known in San Francisco advices published in the
"Wall Street Journal" of June 23, which also said:
This program,if carried out, would be a new step in the annually recurring
problem of maketing the State's canning peach crop, which this year is
likely to reach the record high mark of 485,000 tons, as compared with a
short crop of 179.000 tons in 1929 and the heavy crop of 344,000 tons in
1928, then a record.
The California Canning Peach Growers' Association, representing a large
proportion of the cling peach crop which is not under contract to the can
ners, has announced that a price of $30 a ton will be demanded by grower,
for No. 1 clings this year and insist that they will not reduce this
figure
.
League Favors Reduction.
They are, however, working with the Canners' League toward a solution
of the price and marketing problem, which is intensified this year by the
fact that there was a considerable carryover from last year, due to high
prices resulting from the short crop, and by the tremendous 1930 crop of
clings now about to be harvested.
Members of the Canners' League, according to Preston-McKinney,
Vice-President and Secretary of the League, are unanimous in favoring
a curtailment plan which will reduce the pack to a point where it can be
marketed.
"Our conferences with co-operative canners, growers' organizations, and
Individual growers, indicate that the whole industry has a like conviction,"
he says. "A plan now is being worked out and we hope it will be successful.
It contemplates the purchase at the finally determined price, of all the suitable varieties ef No. 1 cling peaches produced in the State, north of the
Tehachapi, whether canned or not. The success of the plan, of course,
depends on 100% co-operation by growers and canners."
Expert Price Agreement.
As nothing but No. 1 peaches are likely to be canned In any
quantity,
with a crop as heavy as this year's, the blanket purchase of the crop by
canners would enable the latter to pack only a definitely determined number of cases, prorating the peaches among the various canning companies,
and using the surplus for hog feed, or in whatever other outlet can be found.
Representatives of California Canning Peach Growers, who now are conferring almost daily with the canners and others interested in the industry,
express optimism over the likelihood of an early agreement. They have
some definite plans of their own for solution of this year's problem and while
they have not been made public in detail, they are along the line of reducing
the pack so as to make possible a fair price to the growers.
This also is the general attitude of the organized canners and it is said
that the price has been a comparatively minor feature in discussions held
thus far. Growers who have contracted in advance with canners, within
recent years, generally have secured about $25 a ton with the option of
accepting 85% of the market price if a higher price is agreed upon for any
one year. Last year's price, due to the short crop, was around $80 a ton
against $20 for the large crop in 1928.
Situation Akin to Grape Troubles.
The canners' proposition to purchase the full crop, along with several
plans offered by the California Canning Peach Growers, and those of other
JuNn 28 19301
FINANCIAL CHRONICLE
interests, are now under discussion, with the likelihood that a final plan
Involving features of various programs offered, will be agreed upon shortly.
In general, the problem confronting the peach growers this year is similar
to that with which the California raisin grape industry is faced, in that it
hinges upon disposal of the surplus crop. The main difference is that the
grape situation is the more acute. Both growers and canners realize that
unless this situation is taken care of, the market will be glutted and prices
will suffer.
Since 1910, the California cling peach pack has increased from approximately 1,500,000 Cases to nearly 15,000,000 in 1928. The 1929 pack, due
to frost, fell to about 8,000,000 cases. This year's pack, if not curtailed,
undoubtedly would set a new high record and create a situation unfavorable
both to growers and canners.
Federal Farm Board Not Contemplating Emergency
Action Incident to Decline in Wheat Price.
The Federal Farm Board considers that it has provided,
in the Farmers' National Grain Marketing Corp., a national
marketing agency for wheat, which the farmers should use,
and it is not comtemplating emergency action because of the
continued decline in wheat prices, it was stated orally for the
Board June 24. The "United States Daily" of June 25,
from which the foregoing is taken, further said:
The price of wheat dropped 3% cents a bushel additional June 24, it
was stated orally at the Department of Agriculture, and reached the lowest
point in many years. The level reached before the latest decline was the
lowest since 1914.
The Chairman of the Farm Board, Alexander Legge, stated recently that
the low prices are part of a general decline in commodity prices and must be
considered as such and not as a reduction in a single commodity. The grain
stabilization corporation is holding the wheat which it bought from last
year's crop, he said, but no plans have been considered for a stabilization
operation with respect to the new crop, which is moving to market with
increasing rapidity.
Wheat Stocks Still Large.
World stocks of wheat are still large, it was stated orally by G. A.Collier,
in charge of the market news service for grain, hay, feed, rice, and broomcorn for the Department of Agriculture. This is in spite of a reduction of
100,000,000 bushels from the record level of 370.000,000 bushels one year
ago. Stocks are still larger than two years ago, he said.
There is little to indicate what the market will do, according to Mr.
Collier. The condition of the Spring wheat crop cannot yet be learned with
any accuracy because it is too early in the season, he said. While there
have been no official estimates of Spring wheat acreage, he said, private
trade estimates are that It is slightly smaller than last year.
There must be a return of foreign buying to the market to cause any substantial upturn, he said,and when this return will come is entirely uncertain.
If there should appear prospects for a poor crop which might indicate that
the supply would be short, foreign buyers probably would enter the market
at once, he said.
For this reason, as little as two weeks of verydry weather!neither Canada
or the United States might result in a complete change in the market outlook,
he said. On the other hand, the effects of such bad conditions would be
restricted by the size of the world supply.
Prospects for Spring wheat in Canada were not so good in the last week as
they have been, he said. However, conditions in the United States were
generally favorable.
4531
Taking up a copy of the New York "Herald Tribune," the Texas Senator
quoted from the market page to the effect that July wheat yesterday closed
at 88% cents, "a new low for sixteen years," and then asked the Senate
what it was going to do about it.
"And yet," he went on,"this lathe Congress that convened in April 1929
for the purpose of doing something to relieve the American farmer. This
is the Congress and this is the Senate and this is the Administration that
in April 1929 promised to give the farmer a higher price for his product."
He said he had visited the Farm Board to-day and it seemed to be doing
everything in its power.
He denounced the action taken in the tariff bill in increasing rates on
"everything the farmer has to buy." He declared for the export debenture
and served notice he would keep up the fight for it. He hit at members
of the Cabinet and others who were "making a pretense" that the new
tariff bill was passed chiefly to benefit agriculture. Be called on Senator
James E. Watson, Republican leader, to tell what he proposed to do for
the wheat farmer and the cotton farmer, and challenged the statements of
Arthur M. Hyde, Secretary of Agriculture; Robert P. Lamont. Secretary
of Commerce, and Dr. Julius Klein, Assistant Secretary of Commerce,
in defense of the bill.
"The longer this Congress has been in session the worse the farmer's
prices have been," he declared. "It looks as if, instead of administering
relief, we'd be forced to administer on his estate."
He recalled that when the extra session opened, wheat was quoted at
$1.10 and now it was 88 cents, while cotton prices had fallen 33 1-3%•
Senator Connally was followed by Senator Elmer Thomas, Democrat,
of Oklahoma, who backed up his statements about farm prices.
Governor Reed of Kansas Urges Federal Farm Board
to Purchase Additional 25,000,000 Bushels of Wheat
—Says Kansas Faces Catastrophe Because of
Depressed Price.
Asserting that Kansas, the county's largest wheat producing State, "is facing a catastrophe because of an unduly
depressed wheat price," Governor Reed suggested on June
25 that the Federal Farm Board enter the market and purchase an additional 25,000,000 bushels or more at current
prices. This is stated in an Associated Press dispatch from
Topeka, Kansas, June 25, which went on to say:
In a telegram to Alexander Legge, Chairman of the Farm Board, Governor Reed said thousands of wheat growers "are facing disaster because
of the necessity to part with their crop now coming on the market at a price
below the cost of production."
The Governor said he believed the Farm Board has "ample powers under
the stabilization feature of the agriculture marketing Act and ample capital
to relieve this situation."
The "United States Daily" in its advices from Topeka
June 25 said:
Gov. C. M.Reed, of Kansas,in requesting that the Federal Farm Board
purchase immediately 25,000,000 bushels additional wheat at current
prices and withhold same from the market for a definite period of time to
bolster up the present wheat market,said:
The present price of wheat is not justified by the visible supply available
for world consumption,and it is my belief that the Federal Farm Board has
ample powers under the stabilization feature of the marketing Act and
ample capital to relieve the situation.
Further referring to the Federal Farm Board's policies
respecting wheat the "United States Daily" of June 26, Farmers Are Warned to Build Grain Bins—Minnesota
stated:
Commissioner Says More Storage Facilities Will
The Federal Farm Board received on June 25 a telegram from the
Be Needed.
Governor of Kansas, Clyde M. Reed. asking the Board to authorize the
The following from St. Paul, Minn., June 12, appeared
Grain Stabilization Corp. to buy 25,000,000 bushels of wheat to support
in the "United States Daily":
the falling price of grain, it was stated orally at the Board's offices.
The Board declined to make public the text of the telegram. The Chairman, Alexander Legge,stated that the Board did not at that time have any
comment to make.
Mr. Legge stated recently that no stabilization operation is
contemplated
for wheat and the Board has given no consideration to establishment
of a
loan value for that grain on which loans to farmers from Board funds
would
be based.
The Stabilization Corporation has not entered the market for new wheat,
Mr. Legge has stated, and it is not now contemplated that it will do so.
The corporation is holding the grain which it purchased from last year's
crop, he said. About one month ago these holdings were stated to be
somewhere near 50,000,000 bushels but the Board recently has declined to
make
public any estimate of the holdings.
Wheat prices have declined to the lowest level since 1914, according to
the Department of Agriculture.
Senator Watson (Rep.) of Indiana, majority leader, had a two-hour
conference with Chairman Alexander Legge, of the Federal Farm
Board,
June 25, in which the general situation was discussed.
"Did Mr. Legge hold out any hope for improving prices?" Mr. Watson
was asked in the Senate upon his return.
"Well, he said the future is not without hope," replied the Senate leader.
"If the Farm Board had not bought and stored 60,000,000 bushels of wheat
the price would be 20 cents lower than it is to-day.
"The Board is working smoothly, devoting every effort to cope with the
very difficult problem of world surpluses."
"Has the Board sufficient funds at present_"
"Oh, yes." replied Senator Watson. "They won't need any more money
until we meet next time."
-Cent Wheat in Texas Brings Senate Protest from
70
Senator Connally of Texas.
Low prices of wheat and cotton were brought forcibly to
the attention of the Senate on June 25 when Senator Tom
Connally, Democrat, of Texas, read a telegram from his
State showing wheat was down to 70 cents a bushel. This is
noted in a Washington dispatch June 25 to the New York
"Herald Tribune," which went on to say:
Senator Connally took this telegram as a text for a speech In which he
protested that Congress had not done anything substantial to keep promises
to relieve agriculture.
A warning to farmers to build more storage facilities on their farms for
grain, and that terminal markets in Minnesota face a worse glut this Fall
than last year when marketing machinery was tied up, was issued June 10
by Frank W.Matson, member of the Railroad and Warehouse Commission.
Mr. Matson made public a tabulation of the public warehouse grain storage situation as of June 1, and it showed that there were 6.395.152 bushels
more of grain in storage than on the same date last year.
He declared that the tieup of facWties is duo to the inability of United
States farmers to sell their grain in Europe.
His figures show that on June 11929, there were 44,232,039 bushels of
grain in storage in Minnesota public warehouses, while this year the amount
was 50,627,191 bushels.
The only large additions to storage facilities available this year are at
St. Paul, where a capacity of 300,000 bushels was added last Dec. 1, and
construction work is now under way on a 1,000,000 bushel addition, scheduled to be ready before the crop starts moving.
Mr. Matson also pointed out that recent crop reports have indicated a
large crop for the northwestern States of Montana. Minnesota and the
Dakotas, which use the bulk of the grain storage space In the Twin Cities
and Duluth.
Canadian Pool Cuts Initial Payments on Wheat,
Barley and Rye Owing to Depressed Grain Market.
Canadian Press advices from Winnipeg, Man., June 24
stated:
Initial payments by the Canadian pool on wheat, barley and rye are to be
cut down to-morrow, the pool's central selling agency announced to-day.
The first payments on wheat for the balance of the 1929 crop not yet delivered by pool members will be decreased to 85 cents from $1; on barley,
to 30 from 40 cents, and on rye to 40 from 45 cents.
The cut in payments comes with the grain market depressed to a position
unrecorded in many years. To-day all three wheat futures closed under $1
an event with few precedents on the Winnipeg Grain Exchange.
Prices set by the pool on wheat, barley and rye are from 834 to 5% cents
under the cash quotations at which the market closed to-day. No. 1
Northern wheat closed at 9834 cents, No. 3 C. W. barley at 3634 cents
and No. 2 C. W.rye at 4534 cents.
Beyond stating that the quantity of barley, rye and wheat in farmers'
hands from the 1929 crop to be delivered to the pool is insignificant, the
pool's official statement makes no other comment. In previous years
the initial payment has been what the pool regards as a safe amount to
pay on the crop, and further payments are made as the grain is marketed.
4532
FINANCIAL CHRONICLE
[Vor.. 130.
But while you have been learning to produce well and efficiently, you
have given little thought to efficient marketing. Fancy premiums received
for prize animals or products exhibited at county or State fairs, you will
quickly learn as practical farmers, are not the prices paid in the markets for
similar commodities. If you wish to get a fair return for your effort you
will find that just as much or more attention must be given to marketing
your crop as to producing it.
For the most part farmers in the past have been content to produce to
the limit and let someone else do the marketing. They have continued to
grow and sell blindly, without regard to what their neighbors are doing.
with the result that agriculture has not kept pace financially with other
Industries, which have become highly organized.
The Farm Board was created to help correct this disparity. Congress
said the way for agriculture to gain economic equality is through co-operation on the part of farmers. Our Board is trying to help the farmers get
organized so that they, acting together, may control the production and
marketing of their crops and thereby get a fair price for them. It is our
Confronted by declining wheat prices, the necessity to begin stabilization opinion that co-operation is the only thing that offers real hope for agrioperations for cotton on a glutted and sagging market and losses from cultural prosperity.
Co-operation among farmers that is being promoted by the Farm Board
assistance given apple growers, it has been felt that the Farm Board may
is nothing more than a broadening of the teamwork you young people are
need to draw funds beyond the $250.000,000 already appropriated.
asserted, however, there is no intention to ask Congress doing in your 4-H Clubs. We feel that substantial progress is being made.
Chairman Legge
The job is not one to be done overnight. In the long run success depends on
for additional appropriation before adjournment.
the willingness of farmers to co-operate.
To Use Other Sources.
Members of 4-H Clubs know the advantages of co-operation in their
Instead of financing the Farmers' National Grain Corp. with Farm work, they know how to lead others and also they know how to follow
that it may draw most of its money from the leadership. They can be of great assistance to the Farm Board in developBoard funds, he indicated
private banks and through the Intermediate Credit Corp. This may result, ing this program which will enable farmers, through collective action, to
he said,in costing farmers a little more for credit this year.
put agriculture on a sound financial basis. We feel that thefuture prosperity
Whatever money is needed to finance stabilization of cotton and con- of American agriculture rests largely in the hands of the 4-H Clubs and are
with the 1929 wheat crop will have to be furnished confident you will get behind the co-operative movement just as enthusiasUntie surplus operations
by the Farm Board.
tically and with just as much determination to succeed as you have your
Emphasizing that co-operatives' sales agencies can obtain loans through other club projects.
long it will be
private sources, the Chairman said he does not know how
before another appropriation is required. Much of the Board's money now
Secretary of Agriculture Hyde Says Leadership in
is tied up in stabilization operations.
With wheat prices on the Chicago market touching the lowest levels in
Bringing Farmers Together is Agricultures Great16 years, Chairman Legge disclosed that so far as the 1930 crop is concerned
est Need.
no plans for stabilization operations are being made. Consisting of buying
In an address on June 23 to National 4-H Club members
from the surplus with Government funds and withholding from the market,
stabilization operations are possible under the Agricultural Marketing Act in session at Washington, Secretary Hyde said that "leaderIn times when an emergency exists.
their
At the same time, Legge indicated that as yet the Board is not of the ship in bringing the farmers together and manning
opinion that an emergency is likely to exist for the 1930 crop.
organization is the greatest need of agriculture." A dispatch
Farm Co-Operatives to Finance Crops—Will Borrow
From Private and Intermediate Credit Banks,
Chairman Legge of Federal Farm Board Says.
Ability of co-operatives to finance their portions of the
new wheat and cotton crops with private banks and through
the Intermediate Credit banks makes it unnecessary for the
Federal Farm Board to ask Congress for further appropriations from the authorized $500,000,000 revolving fund
at this time, Chairman Alexander H. Legge indicated on
June 23, according to the Washington correspondent of
the New York "Journal of Commerce," whose advices to
that paper also said:
Corporation to Handle Crop.
At least 50,000,000 bushels of wheat from the 1929 crop has been taken
Stabilization Corp. with Government funds, he said.
over by the Grain
New wheat in the Southwest is just beginning to come on the market.
It is selling for 75c. on the farm in Texas, and 75c. in Kansas. Prices are
20% below where they were last autumn when an emergency was declared
to inaugurate surplus operations. But the plans thus far contemplated
for the new wheat crop by the Farm Board consist of co-operative marketing activities by the Farmers' National Grain Corp.. which sells for
farmer members and conducts its business at their risk.
Referring to possible stabilization operations, the Chairman reiterated
that there is no plan now except as to the last year's crop. There will be
no withholding of wheat from the market, he indicated, except as local
farmers or their co-operative associations wish to store wheat locally or
have it held by the Farmers' National Grain Corp.
As to the 1929 crop Legge said the Grain Stabilization Corp. at present
Is making no effort to dispose of it. Practically all the wheat from last
year purchased from the farmers' co-operatives by the Farmers' National
Grain Corp. has now been taken over by the Grain Stabilization Corp.
The farm co-operatives received their money for this wheat in most cases
months ago in the form of loans, many of which were made at the fixed price
of $1.25 at Minneapolis. Consequently the transfer to the Grain Stabilization Corp., whiclr was established to assume with Government funds, as
provided by law, the losses then confronting the farmers' co-operatives, is
largely a paper transaction.
Mr. Legge said that if the Grain Stabilization Corp.'s books should
be closed June 30 its operations in wheat would show "substantial" losses
to the Government out of the Farm Board's revolving fund. By holding
wheat off the market, however, the Board hopes to avoid some of these
losses through a rise in price.
to the New York "World" in stating this, quotes Secretary
Hyde, as saying:
"Agricultural depression is not the fault of the farmer. There are many
causes, one of the most important of which lies in modern economic and
Industrial conditions. Agriculture has not been able to meet the rapid
changes of our economic system with collective thinking or unified action.
The essential utility and soundness of agriculture has not been changed,
cannot be changed. In it still lies one of the largest fields for usefulness
and happiness.
Formerly, competition was a contest between individuals, Modern
competition is becoming more and more a contest between great organizations. Nearly every industry, trade and occupation is organized. Through
organization, tens of thousands of men are welded into a separate entity
which unifies the power of all and serves the interests of all. In the economic
arena, where titanic forces struggle for mastery, agriculture pits against the
organized strength of great industries only on the separate strength of the
Individual farmer. Agriculture, too, must organize.
The object of organization is not political, although the political interests
of agriculture will be best served through organization. Marketing, in
the narrow sense, is not the sole objective, although organization is necessary to progress in this direction. The true object of organization is to
bring together the collective thought of the millions of producers of our foods
and fibres, to mobilize thrie power, to spread equitably the limitations and
the advantages of a production program and to meet by unified action the
economic changes of our growing civilization. This is true co-operation.
This is the object of the Agricultural Marketing Act, which your President,
in fulfilment of his promises, was happy to approve.
"To this objective, the Farm Board is bending its efforts. But the board
cannot dolt all. Farmers themselves must help."
Wheat Co-operatives Expected to Hold This Year's President Hoover Asked to Act on Cattle and Grain
Situation—Secretary of Kansas Livestock AssociaCrop.
tion Seeks to Have Farm Board Meet With the
An Associated Press dispatch from Washington June 23
said:
Industry.
Wheat co-operatives probably will voluntarily hold wheat of this year's
"The existing acute depression as applied to beef cattle
crop so long as the price is low, Chairman Legge of the Farm Board said
and grain creates an emergency more critical than the busito-day in discussing the emergency created by the market slump.
The board, Mr. Legge said, has made no definite plans for emergency ness depression of last year," it was asserted by the State
stabilization of either the 1930 wheat crop or the 1930 cotton crop.
Livestock Sanitary Commissioner, J. H. Mercer, who also is
Secretary of the Kansas Livestock Association, in a telegram
Vice-Chairman Stone of Federal Farm Board Says to President Hoover. Reporting this in advices from
Co-operative Action Seems Best Solution of Farm Topeka June 23, the "United States Daily" added:
Marketing Problem—Message to 4-H Clubs.
The President was asked to call a conference between the Federal Farm
Farm boys and girls, through their 4-H Clubs, were told Board and representatives of the packers,the grain trade and other agencies
in an effort to bring substantial relief. The message, made public by
on June 21 by James C. Stone, Vice-Chairman of the Federal Mr. Mercer,follows in full text:
"Beef cattle and grain values have been undergoing a steady decline until
Farm Board, that it is fully as important for a farmer to
present prices
producers are sustaining severe losses. Beef
know how to market crops efficiently as it is to proudce them cattle markets are so low in a state of collapse, which warrants serious
are almost
efficiently. Addressing the annual National 4-H Club consideration.
"The existing acute depression as applied to beef cattle and grain creates
Camp held in Washington under the auspices of the Extenan emergency more critical than the business depression of last year, to
sion Service, U. S. Department of Agriculture, Mr. Stone which you gave attention by calling together the business leaders of the
said that co-operative action seems to offer the best solution Nation for consultation.
"Relief
of the farm marketing problem and that the 4-H Clubs can erally willmust be extended to agriculture before business conditions genimprove.
do more than any other agency in helping the Farm Board
"In the interest of this great food industry will you take Immediate action
Marketing Act a toward improving this deplorable situation and direct the Farm Board to
to make the program of the Agricultural
with the
successful service to the future farmers of America. Mr. confersubstantialpackers, grain trade and other agencies in an effort to
bring
relief."
Stone, said:
In its issue of June 24 the "United States Daily" likewise
better farmers
The 4-H Clubs teach you boys and girls how to become
said:
and home makers,encourage you to take part in neighborhood affairs and
be of service to others, develop a spirit of teamwork among you and train
you in leadership, one of the great needs of agriculture to-day. All of this
Is most excellent and serves to make life on the farm more attractive.
C. B. Denman, member of the Federal Farm Board, representing the
livestock industry,stated orally June 23 that he believed the first action that
should be taken is to complete the organization of the National Livestock
Jura!28 1930.1
FINANCIAL CHRONICLE
Marketing Association. Mr. Denman said that Mr. Mercer is one of a
group of livestock men who have not been supporting this movement.
Board Sending Reply.
Mr. Denman said that the Board is sending a reply to Mr. Mercer
stating that the Board proposed the National Livestock Marketing Association so that the market movement could be regulated in the interests
of the producers. The Board's reply states, according to Mr. Denman,
that the failure of certain associations to co-operate in the plan delays the
possibility of the Farm Board being of assistance to the industry.
Senator Capper (Rep.) of Kansas stated orally that he believed the livestock producers would join in the program of the Farm Board. However,
he said, he sees no objection to a conference on the problems confronting
the industry, and such a conference might even result in persuading those
in the livestock industry who have not supported the Board's plans to
change their attitude and join in the program.
4533
Schlesinger, were permanenty enjoined on June 26 by Supreme Court Justice Charles J. Du Druhan of Brooklyn,
from fraudulent dealings in securities on a motion by
Deputy State Attorney General Marie Teresa Scalzo of the
State Bureau of Securities, according to the New York
"Times" of June 27, which furthermore said:
Miss Scalzo charged that the firm "bucketed" its orders and took
orders on listed securities, charging its customers from one to five
points above the listed price. In several instances it sold shares of the
General Bond and Share Corporation at $5 and later $9 a share when
it was quoted at $1.25 to $2.25 a share, she said.
The firm solicited its customers to purchase bank stocks, Miss
Scalzo charged, and then switched their orders to other shares.
Federal Farm Board Buys 20,000,000 Pounds of Texas Solloway, Mills & Co., Toronto Brokerage Concern, to Close
Doors Today (June 28).
Wool.
Solloway, Mills & Co., Toronto (Canada) stock brokers
The following San Angelo (Tex.) dispatch June 25 is from
with New York and other connections, announced on June
the New York "Journal of Commerce":
The National Wool Marketing Corp., child of the Federal Farm Board,
put out during the wool season just closed about $5,500,000 in Texas,
according to J. M.Lea, Texas agent for the sales agents, Draper & Co. Mr.
Lea said the co-operatives got 20,000,000 pounds of wool and mohair out
ofthe spring clip of wool and mohair that he estimates in the State at 42,000.000 pounds.
The co-operatives took over two pools of the Texas Wool and Mohair
Warehouse Association, the mohair pool of 6,000,000 and the eight months'
wool pool of 5,000,000. The eight months' wool jool was taken over after
two auction sales had returned no bids acceptable to the sales committee;
Robert Massie of the Wool Growers Central Storage Co. of San Angelo,
0.0. Belcher of the Del Rio Wool & Mohair Co.of Del Rio, A.C.Schreiner
of Kerrville. The co-operatives say they will get more wool next year.
The wool season in Texas is over for the spring with prices off 20 to 25%
from last year, but not so low as other commodities. The sales began in
San Angelo with 12 months' wool bringing 27 cents and the high price
for this class of wool was 28;4 cents paid in Del Rio. The top advance
made by the co-operatives in the State was 26 cents on 12 months and
22 cents on the eight months.
24, that they would close their doors on Saturday (to-day),
according to Toronto advices on that date to the New
York "Times" from which we also take the following:
The principals of the firm were convicted in Calgary, Alberta,
yesterday and sentenced to serve terms in jail and pay heavy fines.
The Attorney General of Ontario and the directors of the Standard
Stock and Mining Exchange here were investigating the position of
the principals resulting from the conviction when the announcement
was made that the business would cease on Saturday. Only a few
months ago the firm opened elaborate offices in a new building here.
The conviction is being appealed.
Subsequent Toronto advices (June 25) by the Associated Press, printed in the New York "Herald-Tribune"
of June 26, reported that the 21 branches of the company
In Canada would also close on Saturday and that one remaining office in the United States, at Seattle, would also
close. This dispatch furthermore stated that other AmeriFederal Farm Board's Policy Toward Co-operative can offices of the firm were closed last January at the time
Apple Growers in Virginia.
of the arrest of the partners. It is likely that the assets
It is stated that the Federal Farm Board has informed of the firm will be disposed of to new interests and the
apple growers' co-operatives at Woodstock and Berryville, business reorganized.
Va., that it will give favorable consideration to applications
for facility loans amounting to 60% of cost of plants to be R. H. Hooper & Co., Temporarily Suspended from New
erected by the two co-operatives. The "Wall Street JourYork Cotton Exchange—Irregularities Within the Firm
nal" of June 25 reports this from Richmond and adds:
In announcing these commitments, C. C.Teague, member of the Board,
who represents fruits, said that the Board was also considering application of an apple co-operative at Winchester for a similar loan.
Beet and Cane Sugar to Be Classified as Commodities
on Federal Farm Board's Program Along with
Wheat and Cotton.
Associated Press advices from Denver June 21 stated:
Representatives of the beet and cane growing districts of the United
States will meet in Greeley, Colo., July 6 with the Farm Board to select
a special advisory committee to study costs and attempt to eliminate competition between the cane and beet sugar industries.
The meeting was planned when beet growers of the West met yesterday
with Samuel R. McKelvie, a member of the Farm Board, Mr. McKelvie
assured the growers that beet and cane sugar would be classified as commodities on the Board's program along with wheat, cotton, tobacco, rice
and other crops.
The conference voiced approval of the Hawley-Smoot tariff bill and a
still higher sugar tariff was advocated.
Forces It to Suspend Payment of Obligations.
On June 18 R. H. Hooper & Co., gave notice to the New
York Cotton Exchange of its inability to meet the de-
mands of creditors according to the New York "Evening
Post" of that date. The firm was also a member of the
Exchange Clearing House. An announcement by the Exchange stated that Philipp B. Weld, President of the New
York Cotton Exchange expressed regret at the unfortunate circumstances which brought about the temporary
suspension of R. H. Hooper & Co. from the Exchange, saying:
"I feel assured that the suspension of R. H. Hooper & Co. will
cause no loss to the Clearing House and am quite certain that the
firm will pay every dollar it owes."
The announcement also said:
A letter addressed to the members of the Exchange by R. H. Hooper
& Co. stated that a large portion of the firm's liquid capital had been
lost through speculation "on the part of one or both of the managers"
of their office at Havre, France. One of the agents confessed, the
letter said, that he had used the name of an account of the highest
standing to cover his own speculation, for which there was no collateral.
The amount involved was given as $250,000 in the letter, which
concluded by saying that the firm was confident it would be able to
liquidate without loss to anyone concerned.
Grape Growers Campaign in California.
Optimistic reports in regard to the campaign to organize
85% of grape production of California have been received
by Federal Farm Board, C. C. Teague, member of that body,
stated. Campaign will end on July 9. The foregoing is
from Washington advices to the "Wall Street Journal" of
June 20.
Trading in Standard Plate Glass Company's Shares on
New York Stock Exchange Terminated Under Court
Grape Growers in New York State Organize—Hudson
Order.
Valley Co-operative Formed With 600 Members.
From the New York "Times" we take the following AsThe Hudson Valley Grape Growers Co-operative, Inc., sociated Press dispatch from Pittsburgh June 20:
has been organized with 500 members and has obtained a
An order that will terminate trading in the Standard Plate Glass
State charter, according to an Albany (N. Y.) dispatch Company's shares on the New York Stock Exchange was signed in
Common Pleas Court today. The company is in the hands of receivers.
June 21 to the New York "Times" which added:
authorized
The organization was formed with the assistance of the Department of
Agriculture and Markets. It will handle about $300,000 worth of grapes
this season in a territory that has 3,800,000 vines and with a marketable
crop of about 6,600 tons.
A committee of twelve is working to develop the project and Webster
J. Birdsall, marketing specialist, is assisting. The committee consists of
M. G. Hurd and W. J. Margraf of Clintondale, Amos Weed and T. G.
Haviland of Highland, George Hildebrand of Milton. W. I. Vella of Newburgh, H. W. Bunk and E. W. Lasher of Germantown, Harcourt Cosman
of Newburgh, P. J. F. Gallagher of Marlboro. H. E. Saulspaugh and H.
Wilkins of Red Hook. Farm Bureau agents have added the organization.
The principal office will be at Highland.
The order
the receivers to terminate employment of the
Fidelity Title and Trust Company of Pittsburgh and the New York
Trust Company of New York as transfer agents and the Bank of
Pittsburgh National Association and the Chase National Bank of
New York as registrars of the stock.
Developments in Woody & Co. Failure—Harold Russell
Ryder, Partner in the New York Stock Exchange
House Arrested on Own Firm's Charge of Appropriating 895,687—Loss now Said to be More Than
$4,000,000.
Brokerage Firm of Schlesinger & Co., New York, PermaFurther referring to the failure on June 19 of the New
nently Enjoined by Supreme Court.
York Stock Exchange firm of Woody & Co., 40 Wall Street,
Schlesinger & Co., a brokerage concern of 32 Broadway, this city (noted in our issue of June 21, page 4338) Harold
this city, and its three partner, William, Harold and Aaron Russell Ryder, partner in the failed brokerage firm, was
4534'
FINANCIAL CHRONICLE
[Vox,. 130.
arrested on June 21 on a charge of grand larceny on the
According to yesterday's "Times," June 27, Mr. Ryder
complaint of his own firm. On the afternoon of that day at the bankruptcy hearing on June 26 declined to answer
Mr. Ryder went to the District-Attorney's office and sur- questions on the ground that it might incriminate him. We
rendered himself to Detective Thomas Smith. Later he quote in part from the paper mentioned as follows:
was released in $10,000 bail. The New York "Times" of
Harold Russell Ryder appeared before Henry K. Davis, Federal bankJune 22, from which the above information is obtained, ruptcy referee, yesterday (June 26) apparently completely recovered from
the despair in which he considered suicide as the only way out when his
went on to say in part:
expanding career as a money-maker in the stock market and a spender on
His two partners, Charles L. Woody Jr. and Lucien A. Hold, as well as
their wealthy relatives, friends and acquaintances who formed the bulk
of the clientele of the young brokerage house, want Ryder to explain the
disappearance of more than $4,000,000. Investigations have disclosed
that not only has the money vanished, but Ryder's own bank account
has dwindled to $615.91. Although he was a liberal spender, dispensing
$100 tips to waiters, and was bailed by Texas Guinan as "the greatest
sucker of them all," he could not have lost all his fortune In night clubs and
entertainments, his investigators believe.
• • r
The client whose complaint led to the charge against Ryder yesterday
(June 21) is John Vanneck, President of the Equitable Holding Corp. of
17 West 42d St. He told the Grand Jury on Friday that on June 10 and 11
he paid the brokerage firm for the stocks that remain undellvered. Woody
and Hold, the other partners in the firm, both appeared before the Grand
Jury, waiving immunity. It is understood that they both denied knowledge of the transaction. Woody was the Stock Exchange floor member
of the firm and Ryder was in charge of the office.
Among other matters that Ryder will now be called upon to explain
are the following miming items:
$300,000 given Ryder by Mr. Hold for investment prior to the formation
of the firm in October 1929.
$2.000.000 of the funds of Woody & Co.
$1,000,000 in securities, the property of Charles L. Woody Sr., Brooklyn
lawyer, who recently transferred his account to his son's firm.
$500,000 given to Ryder by Mr. Hold's relatives for investment.
For several hours Friday night Ryder was questioned about his financial
operations by Mr. Kelby and Eugene L. Carey of 63 Wall St., counsel for
the creditors, but they did not obtain sufficiently satisfactory answers.
One disclosure in the investigation yesterday (June 21) was that Frank
Bailey, wealthy Brooklyn financier, Chairman of the Prudence and VicePresident of the Bush Terminal Co., had had transactions with Ryder
which have cost him in the neighborhood of $1,000,000. Ryder told his
questioners that Mr. Bailey had asserted that his broker was responsible
for the loss of his money in the market crash last fall. Mr. Bailey himself,
although he remained silent yesterday, was quoted as saying that the
transaction was in the nature of a loan to Ryder.
tat
In any event, it was disclosed that the two had entered into an agreement whereby Ryder was to pay back the money in installments of $25,000
a week. Mr. Bailey was said to have advanced the money because of
his long friendship with the eider Mr. Woody.
* • r
In 1929 Ryder gave two gifts amounting to $200.000 to Union College.
of which Mr. Bailey is Treasurer. On June 14, even while his financial
structure was crumbling under him, Ryder went to the college at its commencement and nonchalantly laid the cornerstone of Ryder Hall, the new
electrical engineering laboratory which his gifts will build. He received
the thanks of President Frank Parker Day.
Wpie
Ryder is a brother-in-law of the younger Woody. He has had a sensational career as a market plunger and at the time was reported to have
weathered the fall slump successfully. • * •
Broadway came to a halt last week.
His two partners in the brokerage firm of Woody & Co., who then discovered they were short more than $4,000,000 belonging to their customers,
could only contemplate Mr. Ryder's sudden recovery yesterday. Their
attorneys, together with attorneys for the customers and for the Irving
Trust Co., acting as temporary receiver in bankruptcy, could get no
explanation from him.
On the ground that it might incriminate him, Mr. Ryder declined to
repeat any part of the testimony he had given to these attorneys under
oath, in the presence of a stenographer, when they first found him in a
Poughkeepsie barber shop last week and questioned him on Friday and
Saturday for about 30 hours.
This is the testimony on which the hope ofrecovering the assets of Woody
& Co. largely depends. It contains Mr. Ryder's explanation that he began
to strip the firm shortly after it was formed last November because he was
pressed for the repayment of more than $2.000.000, which be considered
he bad previously "lost honestly in the market together with as much more
of my own" in a joint trading account with Frank Bailey, 65
-year-old
banker and director in 21 corporations,from whom he feared arrest.
W. C. Durant Lays Slump to Federal Reserve Board—
Says Federal Farm Board Instead of Safeguarding
Farmer Has Made Matters Worse.
William C. Durant, automobile manufacturer and financier, arrived on June 21 on the Cunarder Berengaria after
a nine-weeks visit to Europe. According to the New York
"Times" he said the new tariff would protect American
manufacturers and put business on a sound basis when the
government ceased interfering with it. The paper referred
to further reported Mr. Durant as expressing his views as
follows:
The Federal Reserve Board had been formed to protect American financial interests, he said, but instead it had interfered in the stock market
and had brought about the present depression. The Federal Farm Board
had been appointed to safeguard the farmer, instead of which it had intenferred with the price of commodities and made matters much worse, he
added,
"What we need now," he declared, "is a sound, constructive policy to be
adopted by the government and not to turn the business of the United
States over to the destroyers of values as has been done.
"One remedy I have in mind is to form a non-political board to investigate the activities of the Federal Reserve Board for the past three years.
During the past year we have descended from the sublime to the ridiculous.
A year ago this country was respected for its financing, its banking and
its marketing of valuable securities. Now we are the laughing stock of
the world. The government shauld have left the business and the industries of the United States to regulate themselves by the laws of supply
and demand and all would have been well today.
"The only thing to be done now is to find out what the exact position
is and to start and build up again along the lines of some sound, constructive policy, with the assurance that the Federal Reserve Board will
not interfere again and bring on another financial disaster like the one
that has just happened."
Mr. Durant said he had visited Germany, where he found business bad.
In reporting the case in its issue of June 25, the "Times,"
after stating that the first session of the Federal bankruptcy
inquiry into the failure of the brokerage firm the previous
day was principally occupied with the testimony of Frank
Bailey, Chairman of the Board of the Prudence Co., "who
admitted he had received most of the assets that remained
after the market operations of Harold Russell Ryder during
the last six months, and before Mr. Ryder's two partners in
Woody & Co. learned last week that they were insolvent," Harvey T. Hill Elected Executive Vice-President Chicago
Stock Exchange—Governing Committee Named.
went on to say in part as follows:
On June 18 Harvey T. Hill was elected Executive ViceChecks, receipts and assignments showing the transfer of about $2,000,000 assets of Woody & Co. to Mr. Bailey by Mr. Ryder were produced President of the Chicago Stock Exchange by the Governing
by counsel for the Irving Trust Co., Federal receivers, at the opening of Committee, Mr. Hill has been with
the Exchange since
the proceedings before Referee Henry K. Davis; and Mr. Bailey explained
August of 1927 when he was named Assistant to the President,
them.
For the first time it was revealed that Mr. Ryder's attempt to satisfy the position he has held until his new office of Executive
Mr. Bailey, who testified yesterday (June 24) that he considered "the Vice
-President was created. He bought a membership on
entire indebtedness of the firm was to him," extended finally to a transfer
of the seat on the New York Stock Exchange which had been purchased the Exchange in September of 1927, and still holds not only
for the firm at a cost of $450,000 by its titular head and floor member, this original membership but also the dividend seat he reCharles L. Woody Jr.
itt ceived last September. The Governing Committee
elected
Mr. Woody was put on the stand and shown the transfer of his seat
which Mr. Ryder had given to Mr. Bailey, apparently signed by Charles Martin E. Nelson, Warren A. Marler, E. W. Fedderson,
L. Woody Jr.; and he denounced the signature as a forgery. Mr. Woody Kenneth L. Smith and Gilbert M. Clayton, Assistant
Secalso said his signature on an agreement given by Mr. Ryder to Mr. Bailey
in the name of Woody St Co., promising the "restitution" which eventually retaries of the Exchange.
stripped the firm of its remaining assets in Mr. Bailey's favor, was likewise a forgery. * * r
In view of the prospect of recovery suits, Mr. Bailey's explanation of
the circumstances under which he obtained the $2,000,000 "restitution"
from Mr. Ryder. which was chiefly responsible for the collapse of the
concern, aroused particular interest.
Mr. Bailey admitted that he knew last December Ryder was insolvent.
"He offered to repay me at the rate of $50,000 a week," Mr. Bailey
testified, "but I told him nobody could make $50,000 a week under the
going conditions and that I would take $25.000 a week. He assigned me
the seat and the apartment at 720 Park Avenue for which he paid $148,000 and his wife wanted to give me her jewels but I would not take them."
Mr. Kaufman (counself for the Irving Trust Co., the receiver) asked:
"Do you mean you believed he could make 81,125,000 a year with a
$400,000 capital, while at the same time paying out $100,000 a month
to you."
"He did things like that before," said Mr. Bailey. "I made up my
mind if Ryder could not make good with his $400,000. I was stuck and
would have to forget it."
According to Mr. Bailey, during the past six months, Mr. Ryder made
good on the agreement by the payment of $927.077 in cash in addition to
the assignment of the Exchange seat, and the delivery of securities and by
'other indirect payments.
M. E. Nelson Elected Secretary and Treasurer Chicago
Stock Clearing Corporation.
Martin E. Nelson, on the staff of the Chicago Stock
Exchange for more than a quarter of a century, was on
June 17 elected Secretary and Treasurer of the Chicago
Stock Clearing Corporation. Until the June 17 election
these two offices were filled by separate officials. Mr.Nelson
also is Assistant Secretary of the Chicago Exchange. Other
officials re-elected at the June 17 meeting of the Stock
Clearing Corporation are: President, Morton D.Cahn; VicePresident, R. Arthur Wood; Assistant Treasurer, Robert T.
Sundelius; Executive Committee, Paul H. Davis, R. Arthur
Wood and Morton D. Cahn; Board of Directors, Morton
D. Calm, Paul H. Davis, Robert J. Fischer, Warren A.
Lamson, Arthur F. Lindley, James L. Martin, M. J.
O'Brien and R. Arthur Wood.
JUNE 28 1930.]
FINANCIAL CHRONICLE
4535
Organization of California Brokers' Association.
Chicago Stock Exchange Inaugurates Ticker Service
to Evanston, Ill.
In an account of the organization of the California Bankers
Quotation ticker service of the Chicago Stock Exchange Association, John C. Henry Lettow, Membership Organizer,
was inaugurated in Evanston, Ill., on June 9. The first says in part:
The need of organized and unified effort on the part of brokers in Califorbrokerage firms in Evanston to have the Chicago Exchange
State-wide Association which has for its
nia has been
tickers are Cooper, Dysart & Kuh and Harris, Upham & Co. objective themet in the form of apublic confidence in the security field.
re-establishing of
New York Clearing House Makes Further Cut in
Interest Rates Allowed on Deposits.
The New York Clearing House, through its Clearing House
Committee has made a new cut in interest rates allowed on
deposits—the reduction, effective June 26, representing the
second lowering of rates witnessed this year. On March 18
the Committee voted (effective March 26) to lower the maximum rates which Clearing House institutions pay on deposits, a general reduction, with one exception, of %%
being made. At that time the rate to banks, trust companies
and private bankers, but excluding mutual savings banks,was
fixed at 2%, the rate previously paid; the rate was this week
reduced to 1%%; under the action taken in March, interest
on deposits of mutual savings banks was fixed at 23/2%
compared with 3% previously; the new rate is now 2%.
Deposits of others, under the change made in March were
credited with interest at 2%, against 23/b before that; the
rate is now lowered to 1%%. Under the changes put into
effect in March,3% was to be paid on "certificates of deposit
or time deposits, by their terms, payable on or after 30 days,
but not more than six months, from the date of issue or
demand; and without regulation as to rate on such certificates or deposits payable more than six months from the date
of issue or demand." The rate on certificates of deposits or
time deposits is now 2%. The following is the week's announcement of the Clearing House:
In our item last week (page 4339) regarding the reduction
in the discount rate of the Federal Reserve Bank of New
York from 3 to 23% it was indicated that the Clearing
House would this week ask to reduce the rates on deposits.
NEW YORK CLEARING HOUSE
77-83 Cedar Street
New York. June 23rd, 1930.
Dear Sir:
Acting under the provisions of Section 2, Article XI of the Clearing
House Constitution, relating to interest on deposits to be paid by Clearing
Rouse institutions, we beg to advise you that the following maximum
rates have been fixed, effective Thursday, June 26 1930:
On Certificates of Deposit, payable within thirty days from date of
issue; and on Certificates of Deposit, payable within thirty days from
demand; on Credit Balances, payable on demand; and on Credit Balances,
payable within thirty days from demand.
To Mutual
To Banks, Trust Companies and Private Bankers,
Savings Banks.
but excluding Mutual Savings Banks.
To
Others.
2%
155%
1A%
At the rate of 2% on Certificates of Deposit or Time Deposits, by their
terms, payable on or after thirty days, but not more than six months,
from the date of issue or demand; and without regulation as to rate on
such Certificates or Deposits payable more than six months from the
date of Issue or demand.
By order.
WILLIAM C. POTTER,
Chairman,
Clearing House Committee.
CLARENCE E. BACON, Manager.
Philadelphia Clearing House Plans Expansion—Outside
Members Asked to Join.
Plans looking toward the enlargement of the membership
of the Philadelphia Clearing House Association have been
initiated under the direction of Joseph Wayne Jr., President
of the Philadelphia National Bank and head of the association and members of the Clearing House Committee,
of which William P. Gest, Chairman of the board of directors
of the Fidelity-Philadelphia Trust Co., is Chairman. The
Philadelphia "Ledger" of June 20 states this and adds:
The first step in the plans has been the issuance of an invitation to 12
banking institutions to become members. The purpose of the movement is
to make the Clearing House more representative of the city's financial
comnavnity and to increase its influence and prestige as the representative
of the associated banks of Philadelphia.
The 12 institutions which have been invited to become members are known
as outside members. They pay checks drawn against them at the Clearing
House, but do not join in the general clearing.
Representatives of the 12 banks and those of member banks have expressed themselves favorably toward the plan and it is generally believed
that favorable action will be taken by the directors of the institutions invited to join.
At the first meeting of those interested in the enlargement movement,
the Clearing House was represented by Mr. Wayne, Mr. Gest, Charles
S. Calwell, President of the Corn Exchange National Bank and Trust Co.:
Howard A. Loeb, Chairman of the Board of Directors of the Tradesmens'
National Bank and Trust Co., and William J. Montgomery, Vice-President
,
of the First National Bank. The last three are members of the Clearing
House Committee.
heN,At present. 21 Philadelphia banks and trust companies are members of
the association. All but five of the members have their main offices in the
central district of the city.
There are three reasons for its existence—namely, the brokers the buyers,
the securities.
First, the brokers. Naturally they have individually or as a whole one
Incentive—that which is created by the money markets. Theirs is the life
of making money make money;theirs lathe field toward which all eyes turn;
theirs is the effort behind progress; and theirs lathe advancement of all industry.
Next, the security buyers hold a vital place.
Finally, we have the connecting link to consider—securities themselves.
The dimensions of all securities are but the boundaries of a nation.
• '•
Public utilities, profit-bearing in nature, rendering undeniable service,
are open to all. Industrials, which are based upon established manufacture,
and backed with public demand, fitting a constant need, are recognized
and meet with support. Pleasure, via picture, radio, or auto, is to-day
essential to life. The means of meeting some demand is defined by some
security.
The California Brokers Association now exists; it has a code of ethics
befitting its public relationship.
W. Randolph Burgess of New York Federal Reserve
Bank Holds Credit Ease to Be Essential in Restoration of Normal Business Conditions—Present
Recession Most Severe Since 1921.
Before Group VII of the New York State Bankers' Assn.,
at Garden City, Long Island, on June 21, W. Randolph
Burgess, Deputy Governor of the Federal Reserve Bank of
New York discussed "Banking Policy in a Period of Business
Recession." According to Mr. Burgess "the present business recession was due in no small measure to credit restriction and a scarcity of funds the world over for essential
enterprises, while the security markets were drawing funds
to themselves from all over the world." Declaring that "the
cure for credit stringency is credit ease", Mr. Burgess says
"only by opening our money markets to the borrowers of
the world can our export trade be restored. At a time like
this easy money involvesless dangers than at any other time."
He argues that "men have so vividly in their minds the disasters of recent months that caution and restraint are the
dominating characteristics of the period. "Under such
circumstances" he adds "the bank of issue in any country
may safely and wisely make funds freely available at low
rates." Commenting on the business depression Mr.
Burgess stated that it now seems clear that this business
Keeession is . . . the most severe since 1921." "It
is too early to perform an autopsy on this business recession
for the funeral has not yet taken place," said Mr. Burgess.
"There is as yet no clear evidence that the recession has
come to an end."
Mr. Burgess finds that "the actual decline in the volume
of business activity is nothing like as severe as might be
assumed from much of the public discussion"; a further point
which he calls attention to is "that while production is considerably depressed, consumption is very little depressed.
Mr. Burgess' address follows:
When the history of this period is written some yearsfrom now it is safe
to predict that our present experience will be regarded as one of the major
economic crises through which the country has passed. That is unquestionably true as to the stock market for the prices of stocks have gone
through the greatest rise and the greatest decline of all time. The movement of business has not been correspondingly violent. The business recession 11,s not yet at least been as great nor long extended as at many
previous times. But it now seems clear that this business recession is in any
event the most severe since 1921. The decline in business activity which
took place in the summer of 1924 was fully as abrupt and the percentage
of decline of various business indices was about as great as in recent months,
but the recovery from recession was exceedingly rapid, whereas business
has now remained for a period of about six months at the low levels reached
in December. We have been in a wide valley rather than in a canyon.
The business recession which took place in the autumn and winter of 1927
was even briefer than than which occurred in 1924. In fact, both the recession in 1924 and 1927 were such brief interruptions of a period of general
business prosperity that it might almost be said that the present recession
is the first important interruption to a long period of prosperity which began
in 1922 and continued for more than seven years.
It is too early to perform an autopsy on this business recession, for the
funeral has not yet taken place. There is as yet no clear evidence that the
recession has come to an end. Two important facts may, however, be
noted about the recession. First, that the actual decline in the volume of
business activity is nothing like as severe as might be assumed from much
of the public discussion. In the Federal Reserve Bank of New York we
have, over a period of years, attempted to devise a series of measurements
which might give an accurate record of the volume of business activity
of all kinds, including not only production, building, mining, Sze., but also
various forms of distribution in wholesale and retail trade. It is an attempt
to secure a comprehensive measurement of all forms of business activity.
In recent months this index has never receded to a point more than 8%
below what may be regarded as normal for this country In the year 1930
taking into consideration our population, our standard of living, and the
normal rate of growth in all our activities. In fact, the figure for May is
93% of normal, or 7% below what may be regarded as normal activity.
This represents, it is true, a considerable recession from the activity of
last summer which was at times as much as 5 or 6% above what may be
4536
FINANCIAL CHRONICLE
thought of as a normal average figure. The decrease since that time has
thus been about 12%. But despite the disastrous fluctuations of the stock
exchange, price disturbances throughout the world, and serious overproduction in a number of industries, it remains true that the great volume
of the country's business is going forward not very far below normal volume.
In saying this I should not wish to belittle the importance of the recession.
A small percentage drop In volume of business means a larger drop in profits
and brings in its wake unemployment and distress. All I wish to do is to
help you visualize the size of the problem from an economic point of view.
The second important fact about this recession is that while production
is considerably depressed, consumption is very little depressed. It is the
continuation of the consumption of goods at a fairly even pace by 120,000,000 people which requires a continued flow of goods from the wholesaler to the consumer,and from the producer to the wholesaler, which gives
US assurance that, just as in former times, the economic maladjustments
of this period will be ironed out before many months have elapsed. The
distrubution of goods to the consumer almost never declines as much or as
rapidly as basic production, and so any decline in productioni s followed
before too long an Interval by the development of shortages of goods of one
kind or another which again require the resumption of a normal pace of
production. In recent months sales of goods at retail have gone forward
at a pace very little affected by current economic disturbances. The pause
in activity has been largely in basic production.
Economic affairs are so complicated that there is no means by the analysis
of individual business of determining just when the point will be reached
when production may begin to return to normal volume. Perhaps the best
guide, though a very uncertain one, is to be found in previous experience
with the business cycle.
Over a long period of years business in the United States has moved in
waves. Periods of prosperity have been followed by periods of recession,
and these movements have come to be known as business cycles. While
there is far from complete uniformity as to the length and shape of these
business movements the different cycles are similar enough so that an average of their length is significant, and in general it has been true that in the
typical business cycle business has increased for a little more than two years
and receded for about one year. The present business recession began in
August of last year, and so has continued nearly a year, or nearly as long
as the average recession. In a very general way the experience of the past
might lead us to expect some improvement in business activity before many
months.
As bankers we are interested in current business movements, not as spectators alone but as participants with important responsibilities. In the first
place we all recognize now that in some part the present business disturbance is the result of financial causes. It is not wholly so. It is in part the
result of over-production in a number of different fields. Farm products
of various kinds have been overproduced throughout the world. 011 and
copper and rubber and silver and automobiles, and probably apartment
houses and dwellings were overproduced. But even this overproduction
was in certain ways related to financial causes. The dominating influence
Upon the economic life of the past few years was the huge speculation in
securities. Such a speculation is not a new thing. An editorial in the
London Times for May 14 1866, describes the experience of the English
people in this respect:
About once in 10 years the British public finds itself worth several hundred millions less than it had supposed. Its estimate of its wealth had gradually risen to a climax too extravagant to last long, and then toppled over.
At every such disappointment people make the reflection that they are at
perleast the wiser for it, that they will not be taken in a second time, or,back
haps,that they will avail themselves of the next general infatuation and
out in time. Nevertheless, the next fit comes on them like the rest, and they
go through all the stages of the disease with pathological accuracy. Some.
of course, are wiser, not better; for they have suffered persecution, but not
learned mercy. The multitude are fleeced and plucked as they were 10
years ago, and 20 years ago, and 30 years ago, and 40 years ago. We may
even go on and say 50 years and as it happens, 150 years ago. minus a
year or two, when the South Sea Bubble burst. How is it, then,that people
don't learn by experiences The asnwer is to be found in the individuality
Each one has
and peculiar circumstances of these successive delusions.its predecessors,
such distinct characteristics that it cannot be identified with
them. Every delusion is
and can safely disclaim all acquaintance with
monstrous when it is found out, and, till then, a marvellous discovery.
[VOL. 130.
tion these loans placed by other lenders as well as the loans made by banks
to brokers both in New York City and outside,and directly to customers,the
total of all the available figures on Oct.2 last year was $14,601,000,000. By
the end of December 1929, this total had been reduced to $10,737,000,000.
or by 84,000,000,000 or 27%. The most recent figure—that for June 11
is $10.674,000,000 or about the same as at the end of December. In
this period stock prices declined 28%. The conclusion which may be drawn
from these figures, when we make allowances for the fact that these loans are
made against bonds as well as stocks, and include loans against recent heavy
new financing, is that the decline in loans on stocks has been greater than
the decline in stock prices; the liquidation of security credit has been vigorous and thorough; and a larger part of existing securities is held outright
than last year.
Let me add also that the New York Reserve Bank has an examining force
which accompanies the National and State bank examiners and is constantly
engaged in visiting the banks of this district and reviewing their assets.
On the basis of the information available to us, I have no hesitation in saying, that the banks of this district are generally in excellent condition and
that they are not overburdened with frozen or illiquid loans. There are
undoubtedly some collateral loans in which the value of the collateral is
lees than the face value of the loan, but the number of such loans is small
and they are an unimportant part of the total of security loans.
From the reports which we have received from other Federal Reserve
Districts it may also safely be concluded that the banking situation for the
country as a whole lain a generally sound condition. The isolated instances
in which trouble has developed reflect difficulties oflong standing which are
afturnaths of the post-war agricultural depression and the Florida land
boom. In these instances trouble has undoubtedly been brought to a head
by the recent financit 1 disturbances. But these are isolated cases and are
not generally representative of the country's credit condition.
Generally speaking the banks of this country are in an excellent position
to finance a revival of business when that occurs. They are borrowing less
from the Federal Reserve System than at any previous time since the war.
A report for last Wednesday night showed that all member banks were
borrowing only 8207.000.000from the Federal Reserve System,as compared
with nearly 81,000,000,000 at this time last year.
This leads us to a consideration ofthe question of what should be the banking policy both of the Federal Reserve System and of the commercial banks
at a time like this. The Federal Reserve System has chosen what I believe
to be a wise and courageous course in doing everything within its power to
aid in the restoration of normal business conditions. The present business
recession was due in no small measure to credit restriction and a scarcity
of funds the world over for essential enterprises, while the security markets
vt ere drawing funds to themselves from all over the world. The cure for
credit stringency is credit ease. Only by opening our money markets to the
borrowers of the world can our export trade be restored. At a time like
this easy money involves less dangers than at any other time. Men have so
vividly in their minds the disasters of recent months that caution and restraint are the dominating characteristics of the period. Under such circumstances the bank of issue in any country may safely and wisely make
funds freely available at low rates.
Now what should be the policy of a commercial bank at a time of this
scrt 7 A New York City banker who was in charge of relations with outof-town banks for his institution during the panic of 1907 has told me
about a request for currency he received from a country bank during that
panic. The message stated that the bank already had in its vaults cash
equal to 70% of its deposits, but because of the panic tt desired that its position should be completely safe and hence the bank requested from its New
York City correspondent a further shipment of currency. We all recognize
that as unwise banking policy.
The banker has two duties, one is to protect the funds of his depositors,
and the other is a duty to the whole business community. The bank I
have just described was pursuing a policy for the protection of its depositors
which, If universally followed, would have brought ruin to the country.
The sound general economic principle is, it seems to me, that in periods of
prosperity and speculation the banker.should always err on the side of conservatism. That is the time for safeguarding the assets of the bank and
looking primarily to the interests of depositors. In times of business recession the qualities that are required are energy and courage and willingness to lend freely. For after all the interests of the depositor are best
served if the business life of the whole community is protected and fostered.
This problem is excellently illustrated in a biography of Gustavious F.
Swift, the founder of the packing house. His biographer recounts how,
in the spring of 1893, Mr. Swift was borrowing every dollar he could for
the purpose of establishing branches and extending his business. He owed
the banks over $10,000,000. When the panic broke he found himself in
serious embarassment, and he was only able to meet his obligations during
the summer of 1893 by the most heroic efforts. He cut his inventory week
after week. He borrowed from his friends, from his employes, and even
from his competitors. At one time the rumor arose on the Chicago board o
trade that Swift & Co. had failed. Half an hour later Gustavious Swift
himself appeared at the Board of Trade, pounded on a table for order,
and announced that Swift & Co. had not failed and could not fail. A fewf
weeks later the bankers who were his creditors met in private conference
to consider calling his loans. He appeared unexpectedly at the meeting
and told them that if they called his loans he could not pay them, as they
knew, and they would go down with him; that it was a time to increase
credit and not to diminish it. In fact, he came away from the meeting
with his loans increased rather than decreased. As it proved that was sound
banking judgment on the part of the Chicago bankers. There was no advantage to be gained in precipitating a crash. If they made a mistake
It was some months previous when they allowed Swift & Co. to become so
fully extended. But in the time of depression the only policy that could
safely be followed was to lend freely and courageously where there was a
good chance of saving the situation.
It is a pretty good rule for the banker to set himself in direct opposition
to popular psychology. When the boom is on and prosperity is rampant,
with accompanying over-speculation, it is the bankers' place to be cautious
and conservative. But when the break has come and when others move in
a thick gloom of pessimism it is time for the banker to be courageous and
optimistic.
We have just been through an experience of this sort and are now paying
the penalty. A period of speculation always leads to overproduction, and
financial and business causes for recession are closely tied up together.
If one were to try to discover the unusual and unique characteristics of
this business recession perhaps the outstanding example that he would find is
. its international character. It is true that in the past business disturbances
of this sort have been in some degree international as, for example the depression of the Middle 90s and that of 1907, but this recent experience
occurred at a time when the finances of the world were peculiarly susceptible
to what was going on in the United States. Many of the countries of Europe
had only just succeeded in restoring their currencies to a gold standard.
A number of them have been laboring under the burden of continued business depression resulting from post-war industrial maladjustments.
During the years 1928 and 1929 the lure of our money and security
markets drew ft nds from all over the world and forced high interest rates
In nearly every European money center, thus placing additional pressure
upon the business of all those countries. This pressure was increased by
reason of the fact that the American bond market was largely closed to
foreign borrowers. All the world owes the United States money. If they
are to pay us the interest on the money they owe us and at the same time
are to be able to buy our cotton, and our wheat and our automobiles, they
must continue to borrow from us. When that borrowing is shut off the sure
and certain result is that in succeeding months foreign purchases of our
products diminish, and that is just what has occurred in recent months.
In the early months f this year American exports of grain and grain products have been reduced by one-third, exports of raw cotton have been
reduced 25% and exports of automobiles reduced 45%. Accompanying
this reduced consumption of our exports we have found ourselves overproduced, and due both to reduced consumption, overproduction and the
pressure of high interest rates, world commodity prices have experienced
their most violent decline since 1920.
So in the chain of events which led to our business recession finance has
carried a heavy lo d of responsibility. And as we look forward to a time
when a recovery may take place it is in order to examine most carefully the
House Passes 4 Senate Bank Bills—Go to President for
financial situation.
In thefirst place let me comment upon a statement which I hearfrequently
Signature.
liquidation of
repeated, which is to the effect that we have not had sufficient
Four Senate bills affecting the National and Federal
credit and that the banks of this country are frozen up with illiquid security
loans. We have recently been making at the Dank a careful tabulation to Reserve banking systems were passed by the House on
include all thp available information as to loans against securities. It is June 23, says a Washington dispatch to the New York
important to note that in 1928-1929 a large part of the increase in security
prices and trading was not financed by the banks but was financed by loans "Journal of Commerce", which also had the following to
of corporations and private individuals. Similarly,in the decline which has say:
taken place since the high point of last autumn the liquidation of credit
The measures, approved without amendment by the House, now
has been largely in these loans placed by other people than banks, and the go to President Hoover for signature. They are indorsed by the
business of lending money against securities has now largely come back Treasury and the
Reserve Board.
to the banks where it more properly belongs. If we include in the tabula-
JUNE 28 1930.]
FINANCIAL CHRONICLE
The bills provide legislation for voluntary surrender of trust powers
by national banks, security by national banks in the form required
by State law for deposits of public moneys, granting the Reserve
Board discretionary authority in the matter of assessment of costs of
examining member banks against banks examined and clarification of
the method of electing classes A and B directors of Reserve banks.
The measure involving fiduciary Dowers provides amendment of Subsection (K) of Section 11 of the Reserve Act so as to enable national
banks to surrender voluntarily the right to exercise the trust powers
granted by that subsection in order to relieve themselves of the
necessity of complying with the provisions of that subsection or to
obtain the return of any securities which they may have deposited
with the State authorities for the protection of private or court trusts.
The purpose of the legislation covering the form of security is to
permit any national bank to give such security as required by State
law for State banks to secure deposits of public funds of a State.
The bill providing for optional assessment for bank examinations
eliminates the necessity of the Reserve Board making a double charge
on a bank which already has paid similar costs to State examiners.
this issue of our paper promps us to record here the Congressional action earlier in the month on the bill providing a new basis for the pensioning of Spanish War Veterans; the fact that President Hoover vetoed that bill was
noted in our issue of May 31, page 3820. The overriding of
the veto is indicated in the following from Washington
June 2, taken from the New York "Journal of Commerce":
Thomas W. Lamont of J. P. Morgan & Co., Unable to Appepar Before House Committee Considering McFadden
Resolution to Prohibit Purchase of German Reparation Bonds.
Chairman McFadden of the House Committee on Banking and Currency announced on June 23, according to the
New York "Journal of Commerce" the receipt of a telegram from Thomas W. Lamont of J. P. Morgan & Co., advising his inability to appear before the Committee tomorrow in response to an invitation in connection with the
McFadden resolution proposing to forbid the purchase of
any commercialized German reparation bonds by National
and Federal Reserve Banks.
Secretary of Italian Fascist Party Criticises U. S.
Tariff—Charges Desire to Make Italians "Slaves."
From Bologna, Italy, June 22 the New York "Times"
reports the following Associated Press advices:
Speaking on the present economic situation in Italy, Augusto Turati,
Secretary of the Fascist party, to-day made the first public reference by
any responsible Italian official to the new Hawley-Smoot tariff.
"If we are suffering something to-day," he said, "it is because other
peoples, forgetful of what we gave open-handedly during the sad, laborious
.
hours of the war, have become exigent creditors for us.
"Not content with having made us pay our debts to the last centesimo.
would now pretend to take us by the throat economically in order
they
to make us slaves."
Previously, Turati had pointed out that "though our lot is hard, people
abroad are not smiling. They are not smiling In America, where the richest
banking market is crumbling. They are not smiling in the streets of London,
where innumerable columns of unemployed pass by.
"They are not smiling in rich France, where they are tormented with
trying to rescue the small savings of French rural economy."
Argentine Rural Society Urges Members to Boycott
American Products.
A cablegram from Buenos Aires June 25, to the New York
"Times" stated:
The Argentine Rural Society, which for three years has been conducting
an anti-American campaign under the slogan "Buy from those who buy
from us," has addressed a circular to all its members throughout Argentina
outlining the damage to Argentine interests which the Society says will
result from the new American tariff and urging its members individually
and collectively to refrain from purchasing American products of any
description.
The circular calls upon them to buy only Argentine products, and, in
those cases where the desired product is not produced locally, to purchase
from some country which does not "prohibit the entrance of Argentine
products, as does the United States."
Mexico Prepares Tariff to Protect Wheat Farmers—
President Ortiz Rubio Orders Bill to Halt Dumping
of Grain on Native Markets.
The following cablegram from Mexico City, June 15
(copyright) appeared in the New York "Herald Tribune":
Reports here that the Federal Farm Board of the United States is "dumping" wheat on the Mexican market in order to protect the American market
to the detriment of Mexican growers, have led to demands that Mexico
enact a tariff on wheat.
The country generally, except along the west coast, is faced with a shortage of staple food commodities and increased unemployment. Increases in
food imports are being noted daily, such as the recent importation from
Africa of 600 tons of corn and from Chile of a shipment of beans, both
these products being essentially prime food commodities of Mexico.
Aroused by the urgency of the situation, President Pascual Ortiz Rubio
has instructed the Secretary of Agriculture to draft a tariff bill for the
protection of Mexico's farmers. Such a step, it is explained officially, is
necessary to check the millions of pesos which are annually leaving the
country to pay for imported foodstuffs which Mexico "could just as well
produce herself."
It is pointed out that irrigation projects undertaken years ago are nearing
completion, and Mexico is in a position to produce more of her own food
necessities.
Congress Passed Over President Hoover's Veto, the Bill
Providing New Basis of Pensions for Spanish War
Veterans.
This week's action by Congress on the World War Veteran's Bill, to which reference is made in another item in
4537
Congress today ran roughshed over President Hoover, and disregarding
his veto wrote into the law the Spanish-American war veterans' pension bill. In the Senate, where the question of the veto first rose, the
vote was 61 to 18, and since it takes a two-thirds vote to override a veto
the veterans had the support of seven votes to spare. When it came
to the House to vote there was a veritable landslide from the President
to the more popular side of the issue, for there the vote was 298 to 14.
President Hoover vetoed the measure because it contained certain
principles which he deemed are opposed to the interest both of war
veterans and of the public. The bill, he said, breaks down the war pension policy of the Government which heretofore has excluded awards to
those whose disabilities arise from "vicious habits."
It lows from ninety days to seventy days the minimum service period
for nonservice connected disability pension. The result of the latter
is that, if a man should incur any disability at any time in his life,
he may claim pension with only seventy days of service.
The President felt also that there should be requirement of "need"
as well as disability as a basis for these pensions, for to him it appears
the "height of injustice that citizens who are less well placed should
be called upon to support from taxes those whose station in life enables
them to support themselves or to live in independent security."
The bill calls for an outlay of about $11,000,000. The vote in the
Senate came at 3 P. M. under an agreement entered into last week that
the intervening time be set aside for a discussion of the matter. Very
little was said on behalf of the veto and it was supported in the voting
only by Republican Senators Baird (Delaware), Bingham (Connecticut),
Fees (Ohio), Gillet (Massachusetts), Goff (West Virginia), Goldsborough (Md.), Gould (Me.), Hale (Me.), Hastings (Dela.), Hebert
(Rhode Island), Kean (New Jersey), Moses (New Hampshire), Norbeck (South Dakota), Phipps (Colorado), Smoot (Utah), Sullivan (Wyoming), Townsend (Delaware) and Watson (Indiana).
The fourteen members of the House who voted against the motion
to override the President's veto were Republicans.
They were Representatives Aldrich (Rhode Island), Chindbloom (Illinois), French (Idaho), Houston (Delaware), Morton, D. Hull (Illinois),
Johnson (South Dakota), Knutson (Minnesota), Lankford (Virginia),
Luce (Massachusetts), Merrit (Connecticut), Perkins (New Jersey),
Taber (New York), Graham (Pennsylvania), and Wainwright (New
York).
Civil War Pensions Bill Is Signed by President—Measure
Grants $10 Monthly Increase; Aids Widows.
Associated Press advices as follows from Washington
June 9, are taken from the New York "Herald-Tribune":
President Hoover signed a bill today increasing the pensions of all
Civil War veterans. The bill increases to $75 monthly the pension of
veterans who formerly received $65. Those receiving $72 and $90 will
receive $100 under the bill. Widows of veterans, who formerly were
required to be seventy-five years old to get a $40 monthly pension, now
may get it at the age of sevently.
It was said at the White House that the President regards the bill as
an old age pension measure and not objectionable, as was the SpanishAmerican War Veterans' pension bill, which he recently vetoed.
President Hoover's Message Vetoing World War
Veterans' Relief Bill.
We indicate in another item in to-day's issue of our paper
that the House on June 26 upheld the veto by President
Hoover of the World War veterans' relief bill. The President's veto message of June 26 follows:
To the House of Representatives:
I am returning herewith House Bill 103811 without approval.
One of the most repugnant tasks which can fall to this office is to disapprove of measures intended to benefit our sick or disabled men who have
served our country in war. Perhaps as much as any other person, I have
full realization of the task, the hardships, and the dangers to which the
nation ordered its sons. In sentiment and in sympathy I should desire no
greater satisfaction than to support just measures which are proposed for
their benefit. But I want a square deal between veterans—not unjust discriminations between special groups, and I do not want wasteful or unnecessary expenditures.
The country already generously provides for the 280,000 men whose
health or earning power is shown to have been impaired by their service
in the war and for 91,000 dependents of the men who suffered or died.
That is and should be a first charge upon the nation.
This measure except for a small part adds nothing to the aid of veterans
wounded or disabled in the war. It is a radical departure from our full
commitment to provide compensation to men, for war disability into the
field of pension to men who have incurred disabilities as the incident of
civil life since the war and having no valid relation to their military service.
It provides that in respect to veterans who between the years 1925 and
1930 shall have become afflicted with any one of the extensive category of
diseases and thus disabled, there is established "presumption" that these
diseases originated from their service and that they should be "compensated" or pensioned upon the basis of men who suffered as the result of
actual military service. This provision would give war disability benefits
to from 75,000 to 100,000 men who were not disabled as the result of war.
In other words, the bill purports to establish that men who have enjoyed
good health for a minimum ofseven years(from 1918 to 1925)since the war,
or a maximum of 12 years (to 1930) and who have then become afflicted.
have received such affliction from their war service.
I am informed by the Director of the Veterans' Bureau that the medical
council of the bureau, consisting of most eminent physicians and surgeons,
supported by the whole experience of the bureau, agree conclusively that
this legal "presumption" that affliction from diseases mentioned in the
bill between 1925 and 1930 is not a physical possibility and that the presumption constitutes a wholly false and fictitious basis for legislation in veterans
4538
FINANCIAL CHRONICLE
[Vol,. 130.
aid. This is confirmed by a recent resolution of so eminent a body as the beds available in
hospitals, and the allowance to their families which will
American Medical Association.
in itself aggregate a further great annual sum.
The spectacle of the Government practicing subterfuge, in order to say
It is disagreeable to point out these potentialities lest it be thought that
that what did not happen in the war did happen in the war, impairs the the government
begrudges its veterans. I am not presenting these seasons
integrity of Government, reduces the respect for Government and under- in any such sense
but in order that Congress and the country may be apmines the morale of all the People.
praised of the real magnitude of the burden imposed and of the injustices
The practical effects of this enactment of a fictitious "presumption" into arising from this
legislation.
law are widespread. It creates a long train of injustices and inequalities.
Even if I were able to overlook these burdens,for monetary considerations
The first is to place men of this class who have in fact been disabled in are indeed
secondary, / cannot overlook the discriminations and injustices
civil life since the war upon the same basis as the men who were wounded in which this
legislation creates, together with its failure to meet the real need
battle and suffered the exposures of the trenches. But a second injustice that exists to
-day among our veterans in a fundamental and sound manner.
immediately arises. The Veterans' Bureau estimates that there are someHERBERT HOOVER.
where in the neighborhood of 380,000 possible cases of disability incurred in
civil life since the war among the 4,300,000 living veterans. By this legislation all except somewhere between 75,000 and 100,000 of those men are
excluded from this aid by the Government except for benefits which they President Hoover's Letter to Senator Watson Voicing
already receive by hospitalization, the bonus and insurance. This bill
Objections to Bill Providing Increased Compensawould, therefore, create a preferred group of one-third among the men who
tion to World War Veterans—Views of Secretary
are suffering from disabilities incurred in civil life since the war.
The further injustice of this bill may become more apparent when it is
Mellon and General Hines.
realized that men who were enrolled in the Army who remained but comDespite the fact that President Hoover made known to
paratively few days or weeks in service, without even leaving their home
States, will receive aid upon the same basis as those men who passed Senator Watson, Republican leader of the Senate, his objecthrough the battle of the Argonne. They may come upon the Government tions to
the World's War Veterans' Bill, providing increased
payroll for life in case of total disability at rates from $80 to $200 a month.
Beyond this again, under the provisions of this bill as it affects the pensions to disabled veterans of the World War, the Senate
existing law, many thousands of men who have in fact incurred their dis- on June 23 passed the Bill, and detailed reference thereto is
abilities in civil life, may receive larger allowances from the Government
given in another item in this issue of our paper. The
than the men actually wounded at the front.
It has been contended that the Government has the right to disprove President's letter to Senator Watson was made public June
the "presumption" that any of the long list of diseases enumerated in 22. At the same time letters from Secretary
of the Treasury
this bill are not of war origin. But the burden of such proof is placed upon
the Government and all the experience of the Veterans' Bureau shows that Mellon and Major General Frank T. Hines, Director of the
such rebuttal is ineffective, as the evidence surrounding such question
Veterans' Bureau, as to the effect of the proposed legislation,
as a rule cannot be secured or made clear and conclusive.
were made available. The President in his letter said:
Additional inequalities and injustices arise from certain other provisions.
At the present time any veteran who may become ill or disabled as the "General Hines has pointed out that this legislation goes far
incident of civil life is received In Government hospitals if there is a vacant beyond immediate necessities, and that, of even more imbed and given free treatment. This bill provides that such cases received
in the hospitals shall, in addition to free treatment, also receive cash al- portance, it creates grave inequalities, injustices and dislowances, and that a dependency allowance under certain restrictions shall criminations among veterans resulting from the methods
be made to their families.
adopted or extended in these bills, and creates future dangers
The number of men of this type who are taken into Federal hospitals
to both the public and the veterans."
depends upon the number of beds unoccupied by men actually disabled
The President likewise said:"General Hines states that the
from illness or injury incurred during the war, that being the major purpose of the hospitals. It is therefore a matter of accident or luck as to bill which has been passed by the
House of Representatives
whether a given veteran ill from sickness arising from civil life is able to
secure these facilities. An lll and destitute veteran may not have the luck will add directly to our present expenditure for World War
to find a bed, in which case he neither receives treatment nor does his family veterans (at present $511,000,000 per annum) by $181,000,receive an allowance. Yet a veteran of independent means may be fortu- 000
for the first year, increasing annually until it reaches a
nate enough to secure both. This is neither equitable nor just.
This bill departs from the traditional basis upon which we have given possible additional sum of $400,000,000 a year." The
support to the veterans of the Civil and Spanish Wars. We have always President pointed out that "every additional dollar of exrecognized the principle in that legislation that the veterans of less than
90 days' service, unless they have a disability incurred in line of duty, penditure means an additional dollar in taxes. This is no
should be excluded from benefits because such men have not been called time to increase the tax burden of the country. I recognize
to actual war service. Recently in the Spanish War veterans' bill, against that such
considerations would carry but little weight with
my protest, this was reduced to 70 days, but in the bill we are here considering there is no requirement whatever of service, and a man with one day's our people were the needs of our veterans the issue, and were
service after enrollment is entitled to all of the benefits. Here we create at we dealing with sound measures; but, as General Hines preonce an injustice between veterans of different wars and between men
sents, there are conclusive reasons for opposing an unsound
whose lives were endangered and those who incurred no risk.
There is no provision in this bill against men of independent means claim- measure which is against the best interests of the veterans
ing benefits from the Government for these disabilities arising in civil life. themselves, and places an unjustified load upon
the taxSurely it is of vital importance to the taxpayers, who directly or indirectly
include all veterans themselves, that they shall not be called upon to con- payers." The following is the President's letter:
tribute to such men of independent means. Moreover, it is equally imTHE WHITE HOUSE.
portant that the amount the nation can find for this burden should not be
Washington, June 21 1930.
dissipated over those without need but should be devoted to those who are in
actual need. A declaration of destitution and pauperism from veterans The Honorable James E. Watson,
United States Senate.
is not necessary. I have never advocated such a declaration. It can,
however, easily be provided in any legislation that the Secretary of the My Dear Mr.Senator:
Treasury should return to the Veterans Bureau a statement of the men
In accordance with our discussion I am sending herewith communications
who are exempt from income taxes at some level to be determined by from Secretary Mellon and General Hines,Director of the Veterans'
Bureau,
Congress.
on the subject of the World War veterans' legislation now before the
I have already protested to Congress in other connections against the Congress,showing the result of their investigation into the
effect of the bill
inclusion of compensation for disablement due to vicious habits. This bill reported this week to the Senate. These memoranda
confirm the views
contemplates compensation for some misconduct disabilities, the whole which I have expressed during the past few weeks, and I
believe the Conconception of which must be repugnant to decent family life.
gress and the public should be informed thereof.
No Government can proceed with intelligence that does not take into
General Hines states that the bill, which has been passed by the House or
account the fiscal effects of its actions. The bill in a wasteful and extrava- Representatives, will add directly to our present expenditures
for World
gant manner goes far beyond the financial necessities of the situation. War veterans—at present $511,000,000 per annum—by
$181,000,000 for
General Hines, after renewed examination, reports that this bill as finally the first year, increasing annually until it reaches a
possible additional
passed will cost $110,000,000 the first year: that this will increase during sum of $400,000,000 a year. This bill, as amended by
Senate committee,.
the life of these veterans. The provision in the bill for review after three will add directly 8102,000,000 the first year, ultimately
rising to the addition
years, in my view, will never relieve us from committments once entered of a sum of $225,000,000 per annum. Even these
estimates are far from
upon. And this is but a portion of the costs, because the bill as enacted including the whole of the potential obligations
created by the principles
contains indirect liabilities to the Government of uncertain but very large embraced in this legislation and the uncertain
added expense by certain
possibilities. The amendments to section 19 of the World War veterans amendments to previous legislation.
Act will increase the liabilities of the Government by a total of over $40,Mr. Mellon states that the passage of this legislation implies positive
000,000 and the amendments to section 206 or 209 of the Act will increase increase of taxation at the next session of Congress.
liabilities to a substantial but uncertain amount. These costs are beyond
It does not appear that these bills even represent the real views of the
the capacity of the Government at the present time without increased taxa- various veterans' organizations. The American Legion, after careful
study
tion. They are larger than the veterans have themselves proposed.
as to what they considered the needs of their fellow veterans, proposed
Beyond this, and of vital importance, are the potential obligations which legislation which would require an additional
annual expenditure of $35,are created and must finally be met. For instance, if we attempt to set 000,000 per annum. Thus these measures which are
before Congress.
up a system of relief to veterans suffering from disabilities incurred in civil represent an implied increase in expenditure offrom three to ten times
what
life by establishing the "presumptions" of this bill, then we cannot with these veterans themselves consider would be just, The Veterans of Foreign
fairness stop with a preferred group of 75,000 to 100,000 men. We shall Wars and other organizations have contended for measures differing entirely
have to extend these "presumptions" step by step over the entire group of from these now proposed.
380,000. The additional cost upon the basis of the first 100,000 could
General Hines has pointed out that this legislation goes far beyond
readily add another $150,000,000 or $200,000,000 a year. If we are going to immediate necessities and that of even more importance, it creates grave
make cash allowances to men disabled from sickness or accident arising in inequalities, injustices and disciminations among veterans resulting from
civil life now in government hospitals, together with cash allowances to the the methods adopted or extended in these bills, and creates future dangers
families, we must consider the fate of others in the same class who are so to both the public and the veterans. The very fact that the committees of
unfortunate as not to be able to find an empty bed. There are approximately Congress and the various veterans' associations have themselves been.
13,000 such cases of illness arising from civil life in the Federal hospitals during the last six months, of many minds upon these questions indicates
at the present time. The medical council of the Veterans Bureau states their extreme difficulty. There certainly comes from it all the conclusion
that there are at least 89.000 such cases that will eventually have a right to that we should either have a sound plan now or should have more time for
hospitalization if beds are available.
determination of national policy upon established principles in dealing with
In addition to hospitals now building, we should need to expend another these questions for the future. We must arrive at such a basis as will
such further cases, and then discharge our manifest national obligation with equity among veterans and to
$140,000,000 in construction to take care of
be faced with an annual maintenance cost of about $60,000,000, all in the public.
addition to what we are providing now. To this again, must be added the
I do not wish to be misunderstood. There are cases of veterans who are
cash allowance to the further number of men for whom we make additional in need of help to-day who are suffering and to whom I earnestly wish to.
JUNE 281930.]
see generous treatment given. But these situations do not reach anything
like the dimensions of those measures.
We have stretched Government expenditures in the Budget beginning
July 1 to the utmost limit of our possible receipts, and have even incurred
a probable deficit principally for the relief of unemployment through expansion of public construction. Every additional dollar of expenditure means
an additional dollar in taxes. This is no time to increase the tax burden
of the country. I recognize that such consideration would carry but little
weight with our people were the needs of our veterans the issue, and were
we dealing with sound measures; but as General Hines presents, there are
conclusive reasons for opposing an unsound measure which is against
the best interests of the veterans themselves and places an unjustified
load upon the taxpayers at a time when every effort should be made to
lighten it.
I do not believe that just criticism or opposition should arise to such
suggestions upon full understanding of the situation for I know that the
great body of patriotic men who served in the World War themselves realize
that there are limits to expenditures and there are principles that should
be adhered to if we are not to prejudice their interest both as veterans
and citizens.
Yours faithfully,
HERBERT HOOVER.
The letter addressed by Secretary Mellon to President
Hoover follows:
THE SECRETARY OF THE TREASURY.
Washington, June 21 1930.
My dear Mr. President:
I have your memorandum stating that the Director of the Veterans'
Bureau estimates the cost in the fiscal year 1931 of H. R. 10381, as amended
and reported by the Senate Finance Committee, to be $102,000,000, and
the ultimate cost to be $225,000,000 annually. You ask me to give you
my best judgment as to whither receipts for the fiscal year 1931 will be
adequate to support this additional burden. I regret to say that they will
not.
You appreciate, of course, the very great difficulty of estimating revenue
12 months in advance, particularly when, as under our system,the Government depends so largely on one form of tax, the income tax, which is directly
susceptible to fluctuations in business conditions. An absolutely accurate
estimate would presuppose our ability to forecast general business conditions
over the period of the next 12 months, and this is obviously impossible.
Based on estimates of expenditures furnished by the Director of the
Budget and on this dep rtment's estimates of receipts, which. I may add,
are predicated on a not unhopeful attitude in respect cf future business
developments, the present indications are that the Government will close
the fiscal year 1931 with a deficit of over $100,000,000. If the reduced income tax rate is to be retained and made applicable to 1930 incomes,
present estimates forecast a deficit of approximately $180,000,000. These
figures are, f course, exclusive of any additional burdens to be imposed by
(
ew is islation.
I think I should call your attention to the fact that these figures are
based on the assumption that interest payments to be made by foreign
• Governments in accordance with existing debt settlements would be paid
in United States Government securities, as they have almost universally
been paid in the past, rather than in cash, thus constituting an automatic
reduction of our national debt, but not making these payments available
for current expenditures. Even when forei n interest payments have been
made in cash the Treasury up to the present time has been in a position
to apply them to the redrction of our national debt. This policy has been
so well established over the course of years, and is manifestly so sound that
foreign repayments, both principal and international, have come to be
looked upon as definitely earmarked for the reduction of our war debt.
Moreover, whether these interest payments are to be made in securities
or cash is dependent on conditions wholly withot t our control. We are
not justified, therefore, in budgeting upon the assumption that they will
be made in cash. But assuming that they, are and assuming that our
Government is willing to set aside its well considered and established
program of ebt reduction, even then I cannot give you any assurance
at the resent time, and without taking into consideration new burdens,
that we can retain the 1% reduction and not incur the danger of a deficit.
But if $100,000,000 or more is to be added to the expenditures already
in sight, it is perfectly apparent that the 1928 income tax rates must be
restored, and I should not be quite fair to the members of both houses
and to the taxpayers of the United Statesif I did not point out at this
time that this increased burden may necessitate ever higher rates than
provided for in the 1928 Revenue Act.
In the present state of business, accompanied as it must be by an inevitable reduction in the national income, the Treasury Department is
vitally interested in not definitely closing the door to the possibility of
retaining the reduced tax rates now in existence. In spite of the figures
above quoted I am still hopeful that conditions may have shown such
improvement by December as to justify my recommending to you and
to the Congress for a renewal of the action taken last December. The
present estimates do not indicate that this is possible, but this does not
mean that we should put ourselves in such a position as to preclude the
possibility should events tkae a favorable course.
In this connection I think it is appropriate to remind you of what this
1% reduction means to the income taxpayers, and particularly to the income
taxpayer with a moderate income.
If the 1% reduction is not retained approximately 2,095,000 taxpayers
with net incomes of $10,000 or less will pay during the calendar year 1931
approximately $28,000,000 more than they would otherwise pay,thus losing
the benefit of a 56% reduction. If we take taxpayers with net incomes of
$7,000 or less they will lose the benefit of a 6 6% reduction in taxes. It
will be remembered that about two-thirds of the tax reduction benefit to
individuals was accorded to taxpayers with net incomes of $25,000 or less.
In so far as corporations are concerned, if the rate is restored to 12%
they will lose the benefit of approximately a $90,000,000 reduction in
their income tax—at a time when the Government should endeavor to
relieve rather than to increase the burden on industry.
In conclusion, I can answer your question by stating that legislation
increasing the expenditures for 1931 by $100,000,000 and moreover the
above expenditures as now estimated by the Budget Director, will necessitate the restoration of rates applicable to 1931 income to the rates provided for in the Revenue Act of 1928, and it is probable that such increased
expenditures may call for even higher taxes in order to maintain a balanced
budget.
In fairness to the country I feel that the Congress should be informed
that if expenditures are further increased now,taxes must be in December.
Faithfully yours,
A. W. MELLON.
We likewise give as follows General Hines' communication
to the President:
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FINANCIAL CHRONICLE
The President,
The White House.
UNITED STATES VETERANS' BUREAU.
Office of the Director.
Washington, June 21 1930.
My Dear Mr. President:
I wish to call your attention to the very grave situation that has arisen
in the matter of veterans' legislation, both as to the proposed principles
being considered and their ultimate effect, if adopted, upon the veterans
and upon the policy and expenditures of the Government and the very
large immediate burden which this legislation calls for.
I recently advised the Senate Committee on Finance and the bill passed
by the House of Representatives and then being considered by them,
would cost approximately $181,040,650 per annum and a possible final
annual expenditure of over $400,000,000.
The Senate Finance Committee made various amendments to this
bill, and I have now made a re-examination of the cost implied under
the bill as reported to the Senate. This bill requires an estimated immediate annual expenditure of $102,553,250, with a growing maximum
cost reaching a potential amount in five years of approximately $225,000,000
per annum.
Of the deepest concern to the Nation should be the principles being
incorporated into these forms of legislation. The principles in both of
these bills depart absolutely from the original conception of assistance to
World War veterans based upon disability to earn their living because of
injury or disease arising out of the World War. No one questions the
obligation of the Nation to its disabled veterans and under the present
law some 374,500 veterans or their dependents,out of the total of 4,500,000,
are now being compensated at an annual expense approximating $206,000.000. These veterans also participate with all other veterans in the benefits
of the War Risk Insurance legislation and the so-called bonus legislation,
which bring up the total annual sum of expenditures of this Bureau at the
present time to approximately $511,000,000.
One of the results of this leiglsation would be that men suffering with
those diseases now presumed to have been acquired in the service if developed
prior to Jan. 1 1925, would have such diseases presumed to have been acquired in the service if they developed prior to Jan. 1 1930 and other men
suffering with diseases which have not heretofore been afforded the benefit
ofany presumption by law would be presumed to have acquired their diseases
in the service if the same arose prior to Jan. 1 1930. It is estinr ted that
this provision alone would probably affect approximately 100,000 veterans
not now in receipt of compensation benefits for these disabilities.
The medical council of the Veterans' Bureau, comprising some of the
oldest physicians and surgeons of our country, has reported to me that
the inclusion of the diseases contemplated by this provision is unsound
medically and it cannot be presumed that the diseases involved are the
result of service during the World War. Therefore, the theory upon
which these benefits are extended is false.
If we are to depart from the sound principles of the payment of compensation for injury and disease resulting from war service, then it would
appear to me that the real problem before us is whether the Nation is
going to assume responsibility for disabilities among the 4,500,000 veterans
which originate as ordinary incidents oflife. The policy ofour Government,
almost from its inception, has been to take care of our veterans when they
have reached that period of life when they are overcome by permanent
disabilities or age, so that they are unable to earn a support. At this
date, 13 years after the World War,the veterans of that war average about
38 years of age. If it is claimed that the time has been reached, when it is
necessary to give consideration to the matter of a pension for this group of
veterans, along the same lines that we have cared for veterans of other
wars, then the policy should be based upon the fundamental principles of
pension legislation ad pted to what the Nation can afford to do for the
entire group of veterans who will eventually have to be cared for. Most
certainly we should distinguish clearly between those veterans whose
injuries and disabilities were incurred in service and those whose disabilities have been brought about by other causes after service. To approve
a measure which will simply take care of 100,000 of these men under a presumption which we know is unsound, where their disabilities are not due to
service, without extending to their comrades in the larger group the same
measure of relief,is manifestly inequitable. In other words, we are opening
the door to a general pension system at the same rates of compe sation
given to men who actually suffered in the war. Its potential cost to the
Government may quite well run into hundreds of millions of dollars.
I have no doubt that the Congress has in mind by suggesting the further
broadening of the presumptive clause of the present World War veterans'
Act, taking care of a number of cases which they feel are meritorious and
which at this time the law does not cover. If it was only the attention of the
Congress to take in border-line cases it might well be accomplished by so
amending the present Act to permit the bureau to give due regard to lay
and other evidence not of a medical nature in connection with the adjudication of claims. Such a provision would be interpreted by the Veterans'
Bureau as sufficiently broad to permit liberal adjudication of border-line
cases.
Another radical departure in the proposed legislation from the existing
law lathe provision to give a cash allowance to men in hospitals not suffering
from a service-connected disability and while in hospital to also pay an
allowance for their families and dependents. Under the present law when
there are vacant beds available opportunity is afforded to a veteran for
medical care in hospitals when he is in need of treatment without regard
to the character or origin of his disability. The hospital facilities of the
Government are at this time inadequate to provide care for all veterans
of non-compensable disability who need medical attention, and consequently
there is before the bureau at all times a waiting list of men seeking treatment.
We are faced with the proposed policy of paying the veteran fortunate
enough to secure a hospital bed an allowance for himself and his dependents.
For the veteran who is equally in need oftreatment, but for whom a hospital
bed is not available, it is not proposed that any payment be made, either
to himself or to his dependents. Inequity immediately arises, and to the
extent the Government is not able to furnish hospital beds does this inequity
increase. The Congress has not signified definitely its purpose to construct
permanent hospital beds for all veterans who need hospital treatment.
Certainly, with the passage of this proposed provision, there would result a definite and increasing demand for additional hospital beds and in all
equity such a demand cannot be recognized. It is conservatively estimated
the total number of veterans who will need hospitalization is 69,000. If the
Government is to provide sufficient hospital facilities so that all men suffering with disabilities, irrespective of service origin, can be hospitalized, it
would necessitate providing within the next three years 13,000 new beds in
addition to those existing or authorized. The cost of construction of such
facilities would approximate $45,500,000, and the annual maintenance
cost, after completion, would approximate $19,500,000. Further, if the
Government is to eliminate all questions of Inequality, even to the point
where the bureau's peak of hospital load is expected, current estimates
4
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FINANCIAL CHRONICLE
[VoL. 130.
Indicate an ultimate need of 39,400 additional beds,the cost of construction a Washington dispatch June 26, thus reported the action
of which would approximate $137,900,000, with an annual maintenance that
day:
cost of $59,100,000.
The House to-day sustained President Hoover's veto of the World War
Even with all these provisions we would not have taken care of old age
Veterans' Bill and then passed the Republican leaders' substitute for it by
and many other fatalities that may happen to our World War Veterans.
My plea at the moment is that we are proceeding on wrong principles. an almost unanimous vote. The substitute provides $50,000,000 in pensions for 200,000 uncompensated veterans.
that we are driving toward such a stupendous expenditure by the GovernImmediately after Mr. Hoover's vigorous veto message had been read,
ment, the extent of which cannot be estimated, as will eventually react
against the interest of the disabled veterans themselves. We are creating Speaker Longworth announced that the question was whether the bill
a prospective burden for the taxpayers, before we have adopted any sound should pass, the President's objections to the contrary notwithstanding.
National policy of dealing with the whole problem, which will have com- He remarked that members who desired to support the President would
mitted ourselves directly and inferentially to a total annual expenditure vote "No."
On roll call 182 members voted to override the veto, 45 Republicans
on account of World War veterans of upward of $1,000,000,000 per annum
even before we have given consideration to the granting of pensions. My and Kvale of Minnesota, Farmer-Labor, joining with the Democrats,
plea is directed to the fact that this legislation should not be passed, and while 188 voted to support the President, three Democrats joining with
that there should be substituted an entire consideration of the principles 185 Republicans. Representatives Ayres of Kansas, Cochran of Missouri
upon which the nation will discharge its obligations, not by creating in- and Whittington of Mississippi were the three Democrats who broke party
justices and inequalities, but by some method of general application to the lines to support the veto.
Inunediately after the veto had been disposed of, Speaker Longworth
entire group.
Pending such study. I earnestly urge that the bill which I submitted recognized Representative Johnson (R., S. D.), Chairman of the World
veterans. War Veterans' Committee, who moved to pass the substitute veterans
for the consideration of Congress, which will be beneficial to many
relief bill under suspension of the rules. This motion was adopted. It
be adopted.
limited debate to 20 minutes a side and shut off all amendments.
Very sincerely yours,
The substitute measure passed by a vote of 365 to 4. The four members
FRANK T. HINES, Director.
who cast negative votes for consistency's sake were Representative JohnHon. Herbert Hoover, President of the United States. The White House.
son and Lanham of Texas and Milligan of Missouri, Democrats. and Kvale.
It was noted in the "United States Daily" of June 24 that Farmer-Labor.
Everything went according to schedule. The Republican House mawhile steps were being taken in the House on June 24 for con- chine,
aided by the Presidential whip, was definitely in the saddle. Repubsideration within the next two days of the bill, President lican leaders both in the Senate and House have agreed that Congress shall
remain in session until veterans' legislations, satisfactory to the President,
Hoover reiterated his opposition to the measure, describing
passed.
it as "just bad legislation," and "no more in the interest is The House was first called upon to adopt a special rule making motions
of the veterans than in the interest of the taxpayer." The to suspend the rule an order to-day and during the remainder of the session. Debate on the rule was confined chiefly to the merits of the Veterans'
paper quoted went on the say:
President Hoover orally expressed the belief that the country would not Bill as sent to the White House and the substitute bill.
Minority Leader Garner started the ball rolling for the Democrats by a
support this type of legislation, and in a prepared statement he said that it
contains many discriminations and injustices. The financial ccst, he said, vigorous denunciation of the proposed substitute. In reply to questions,
had been even increased by the Senate amendments, and would constitute however, he smiling admitted he was one of those who voted against the
"a serious embarrassment to the Government and to the country," but. bill when it originally passed the House, adding that he had never bees
"a fool about soldiers' legislation."
he added,"there are other objections even more serious."
Bill Called Discriminatory.
"This bill," the President stated, "selects a particular group of 75.000
to 100,000 men, makes provision for them in the most wasteful and discriminatory way conceivable, and entirely neglects the equal rights to help
of over 200,000 more veterans who are likewise suffering from disabilities
Incurred in civil life since the war. Furthermore, the very basis of the
bill sets up an untruthful, and, according to our pi ysicians, a physically
Impossible "presumption" and predicates its action upon this.
House Upholds President Hoover's Veto of World War
Veterans' Bill—Measure Had Passed Senate After
President Had Voiced Disapproval of Measure—
Substitute Bill Passed by House.
On June 23 by a vote of 66 to 6, the U. S. Senate passed
the World War Veterans Bill, providing for increased compensation to veterans of the world war. Only the day before
(June 22) a letter addressed by President Hoover to Senator
Watson, Republican leader of the Senate, was made public,
in which the objections of the President to the pending bill
were indicated. This letter we are giving elsewhere in today's
issue of our paper. The President pointed out that General
Hines, Director of the Veterans Bureau stated that the bill,
as amended by the Senate Finance Committee, would add
$102,000,000 the first year "to our present expenditure for
World War Veterans, at present $511,000,000 per annum."
The votes in favor of the bill in the Senate were those of 33
Republicans; 32 Democrats and 1 Farmer-Laborite; the
6 votes against the bill were those of Republicans.
The bill passed the House several months ago (April 24)
by a vote of 324 to 49. The amendments in the bill as
passed by the Senate caused the bill to be returned to the
House. It was stated in a Washington dispatch to the New
York "Times" on June 24 that, following a second denunciation of the bill by President Hoover that day, more than a
third of the Republicans of the House agreed at a night
caucus June 24 to sustain a veto of that measure should he
thus finally express his disapproval of the measure.
Without a record vote on June 25 the House concurred
In the Senate amendments. The New York "Evening Post,"
in reporting this action, said:
The House approved without a record vote the Senate bill calling for
expenditure of $102.000,000 the first year and sent it to President Hoover,
by whom it will be greeted by a prompt veto which will be sustaned by the
House as the result of agreement reached at the Republican conference! ast
night.
The House action to-day established a record for speed in even that
body, where speed in law-making is the common thing.
Representative Royal Johnson, Chairman of the Veterans' Legislation
Committee, asked and obtained unanimous consent to concur in the
Senate amendments.
The bill was signed a few minutes later by Speaker Longworth and
sent over to the Senate, where Vice-President Curtis signed it for immediate transmission to the White House, so that veto is possible before
the day Is over.
On June 26 President Hoover vetoed the bill (his veto
message is given elsewhere in these columns to-day), and
the House on the same day, by a vote of 188 to 182, sustained the veto. At the same time the House, by a vote of
865 to 4, passed a substitute measure. The "World," in
In its Washington account of the action of the Senate on
June 23 the New Yqrk "Herald Tribune" said:
Two Minor Amendments Made.
Before passing the finance commission bill, the Senate without roll calls
overwhelmed a measure proposed as a substitute by Senator David A.Reed.
Republican, of Pennsylvania, which would have put the cost at about $35,000,000, and another by Senator Hiram Bingham, Republican, of Connecticut, calling for the expenditure from $30,000,000 to $35,000,000. The
Reed measure was a bill to pension the disabled, and the Bingham measure
was the plan indorsed by the American Legion at its Louisville convention.
Senator Reed, too, proposed an amendment to the finance committee
bill intended to deprive of the benefits of compensation those whose disabilities arose from diseases arising from their misconduct. This was swept out
without a roll call.
In bitter speeches by Democrats and some of the insurgent Republicans,
the Administration was assailed for its attitude, and especially for seeking,at
what was called the eleventh hour, to effect sweeping changes in the proposed legislation. Only two comparatively minor amendments were accepted.
While it was expected the bill would pass the Senate,the defeat for the Administration was more decisive and one-sided than expected. It led te
many predictions that,in the end,thismeasure would be passed over a Presidential veto, as was the Spanish-American War pension bill, assuming that
a veto will be forthcoming.
Date of January 1, 1930, Set.
The general purpose of the bill is to broaden and liberalize present compensation legislation. It would extend to January 1, 1930, the time in
which service origin of diseases will be presumed in the case of "the six leading diseases" for which compensation is granted, or a chronic constitutional
or analogous disease. It would thus permit compensation In cases which
have arisen from the misconduct of the veteran.
The bill will now go to the House where,it is expected,the changes will be
accepted. It will then be sent to the President. A quick veto is expected.
Senator James E. Watson, Republican, conferred with some of the leading
Republican Senators in his office this morning, but no formal action was
taken. It was the feeling that the Finance Committee bill would pass.
Meanwhile, in the House, plans were being made for a Republican conference tomorrow evening. Whether any way can be found to stem the tide of
support for the veterans' legislation among the House Republicans is considered doubtful.
The consideration of the veterans' bill opened with the reading of the
letters of the President to Senator Watson, of Secretary Mellon and of
General Hines, which were made public yesterday.
Senator Joseph T. Robinson, of Arkansas, the Democratic leader,sought
a modification of the agreement for limitation of debate after 3 o'clock.
Senator James Couzens, Republican, of Michigan,objected to any modification.
Senator Reed then proposed his measure as a substitute or amendment
for the committee bill, It provided for pensions on showing of disability,
whole or partial. The payments amounted to $12 a month for one-fourth
disability, $18 for half disability, $24 for three-fourths and $40 for total
disability. It was estimated it would cost $35.000,000 additional to the
Government the first year, and it was said that it was practically the same
proposition as that which the Spanish War veterans got twenty-two years
after the Spanish-American War.
Asked if he thought the President would sign such a pension measure,
Senator Reed said he hoped Mr. Hoover would. He said:
"The World War veteran who lies there in his hospital bed feels pretty
bitter about it when he knows that the man in the next bed is getting
perhaps $80 or $100 a thonth in compensation, and that if he has any dependents, those dependents are having allowances made to them, while he,
simply because he does not come within some of these presumptive clauses,
gets nothing. He cannot, even with the help of the presumption, trace his
disability to his World 'War service.
Cites Disabled Estimates.
It is estimated that there are about 300,000 World War veterans who are
to some extent disabled and whose disabilities cannot, under the law, be
ascribed to their World War service. There are approximately 300,000
whose disabilities are traceable to their war service. That gives us two
groups, equally unfortunate, probably on the average equal in service to
their country, but one group quite unfortunate, living in destitution, and
the other group with very liberal allowance under the law.
That is what the House and the Senate have been trying to reach by the
bill now before us, and the intention is wholly praiseworthy.
JUNE 28 1930.]
FINANCIAL CHRONICLE
Senator Shortridge followed Senator Reed with a vigorous defense of the
committee measure. He urged the Senate to pass the bill.
Careful calculations, he held, showed the bill would not cost more than
$74,000,000 or $75,000,000 in round numbers. Senators Alben W.Barkley.
of Kentucky; Sam G. Bratton, of New Mexico, and other Democrats,
sharply criticized the attitude of the President and Secretary Mellon.
Senators Royal S. Copeland, of New York; T. H. Caraway, of Arkansas;
Tom Connally,of Texas; Walter F.George,of Georgia, and other Democrats
spoke for the Finance Committee bill. Senator John M.Robinson, Republican, of Kentucky, also supported it. Senator Robert M. La Follette, insurgent Republican, of Wisconsin,in a speech which drew applause from the
galleries, disparaged the prediction of a deficit by Secretary Mellon.
Senator Bronson Cutting, Republican, of New Mexico, in a brief speech,
supported the Finance Committee bill. Senator George W. Norris, insurgent Republican of Nebraska, scored the Reed plan and criticized the
opposition of the administration to the Finance Committee bill.
Representative Gordon Browning, of Tennessee, a World War veteran,
this afternoon characterized the warning of President Hoover and Secretary
Mellon, that passage of the pending legislation liberalizing the World War
veterans' act would threaten a Treasury deficit, as a "Mellon trick" and
declared that he refused to be terrorized by it.
Secretary of Treasury Mellon Believes Enactment of
Tariff Bill Will Tend Toward Business Stability—
Declares Act Will Not Destroy Our Foreign Trade.
Secretary of the Treasury Mellon, In a statement issued
June 20 expresses the belief that "the final enactment of
the tariff law far from placing a new obstacle in the way
of business recovery, removes one by eliminating the uncertainty of the last fifteen months, and by its promise of
more businesslike revision in the future makes a definite
contribution to business stability." Secretary Mellon contends that "the notion that this law is going to destroy our
foreign trade, expressed in some quarters, is without foundation." Mr. Mellon's statement follows:
"Jn answer to the question of whether enactment of the Smoot-Hawley
tariff law would adversely affect the business interests of the United
States and retard a business recovery. I do not believe that it will. It
seems to me that fears and criticisms have been greatly exaggerated.
Whenever a new protective tariff law has been enacted gloomy prophecies
have been made. They have failed to materialize as far back as I can
remember, and my memory goes back many years.
"The rates in the bill as it passed the House a year ago were higher
than in the bill recently signed by the President. Yet business at that
time did not take alarm. There seems to be no reason why it should
now, I know of no industry that is seriously hurt, while those industries
which needed additional protection and received it are benefited.
"I have canvassed the situation with the Secretary of Commerce, and
the notion that this law is going to destroy our foreign trade, expressed
in some quarters, is certainly without foundation. The United States
will continue to buy a vast quantity of foreign products and to sell the
products of its farms, mines, and factories all over the world. In so
far as imports are concerned, foreign nations that do business with us
would do well to remember that the all-important factor is the maintenance of the high purchasing power and standard of living of the American
people.
"The enactment of this measure brings to an end fifteen months of uncertainty. American industries know now where they stand and will, I
am confident, adjust themselves without difficulty to new conditions.
There seems to be an impression that the new bill makes a sweeping revision upward of existing rates. While it is true that there is a sharp
increase in rates applicable to the agricultural schedule, generally speaking other rates cannot be said to have been advanced sufficiently to alter
substantially our existing economic position.
"In fact, only a comparatively few of the major items have been
changed. I do not mean to imply that the bill is free from defects. No
tariff bill is. But this measure at least by its own terms provides the
means whereby inequalities and errors may be adjusted. I look upon
the flexible provisions as highly important.
"I believe that they offer the opportunity not only to correct errors and
to adjust rates to meet new and changing conditions, but that they lay
a foundation for a businesslike method of tariff revision, free from the
pull of sectional and political interests that seem to make a scientific and
well-balanced revision by the regislative body almost impossible. If
these provisions are intelligently and courageously applied, they should
go a long way toward making another legislative revision of the tariff
unnecessary for many years to come.
"This of itself is of inestimable benefit to business, for there is nothing more unfavorable to prosperity than uncertainty and frequent necessity
to adjust economic conditions to legislative enactments. In short, it seems
to me that the final enactment of the tariff law, far from placing a new
obstacle in the way of business recovery, removes one by eliminating the
uncertainty of the last fifteen months, and by its promise of more bus!.
like revision in the future makes a definite contribution to business stability."
Secretary of Commerce Lamont Says Tariff Law Will
Not Retard Growth of Our Foreign Trade—Tariff
Commissioners Given Greater Latitude in Adjusting Rates Under Flexible Provision.
The belief that "the new tariff law will not retard the
amazing growth of our foreign trade" was expressed by
Secretary of Commerce Robert P. Lamont in a statement
issued June 22—Secretary Lamont considers as "perhaps
the most important feature of this tariff bill" the new
flexible clause. It Is more effective he says "in that the
Commissioners have greater latitude at arriving at differences in costs of production as a basis for adjusting
rates." He goes on to say, "If a foreign country believes
that any of our tariffs are unduly high and prevent com-
4541
petitive shipment into the United States, it can present its
case to the reorganized tariff commission,which in collaboration with the President has the power, if the complaint
is justified, to rectify the rates." He adds that "this new
proposal for dealing with such cases by a semi-judicial body
is unique in the world's tariff procedure." The statement
of Secretary Lamont follows in full:
I have been asked, "what effect will the new tariff have on our foreign
trade?" Some light on this question may be gained from the experience
after the passage of the tariff act of 1922; that act raised the level of
duties, as compared with the Underwood Act, much more than has been
done in the present revision. As many protests were received from foreign
countries as have been received in the present year, and there were just
as many predictions of disa.ster to our foreign commerce.
What actually happened? In the seven years under the 1922 tariff
act, our total imports increased 41%. Imports of manufactured goods
from Europe rose from $340,000,000 in 1922 to $581,000,000 in 1929, or
by 45%. These gains were not due to increased prices of commodities.
Our imports from Germany and Czechoslovakia more than doubled;
from Italy they increased 83%; from Belgium 37%%; from Spain and
Switzerland about 25% each; and from Prance, 20%. The United Kingdom is the only important European country from which we purchased
less in 1929 than in 1922, and this falling off was not due to changes
in our rates of duty.
During the same period, our exports of finished manufactured goods,
the class most affected by the tariff of foreign countries, increased
practically 100%. Every year following the enactment of the 1922 act
showed a marked gain until the present year.
It is obvious, of course, that the reductions in imports and exports
which began in the latter part of last year are not to be attributed
either to the discussion of our tariff or its enactment. There has been
a recession in business and a reduction in prices throughout the world.
Other countries, as well as ours, have seen their trade in both directions
decline during recent months.
Much has been made of the protests presented by various foreign nations
during the course of the tariff discussion. There is nothing new in such
protests. Every country, including our own, shows concern when other
countries propose increasing their tariffs.
The United States is not alone among nations in making changes in
its tariff levels. Forty or 50 other countries have made general upward
revisions since 1925, including nearly all of those countries which have
protested against the proposals to increase our rates.
The protests which have been made by foreign governments to us,
in connection with the 1930 tariff, may seem to indicate a wide sense
of grievance. However, they include protests made over the course of
more than a year during the various stages of the tariff bill. In
a considerable number of cases the proposed increases to which
they related were not finally enacted; as, for example, in the case
of laces, bananas, jute and shingles. In other instances the rates
objected to were materially moderated during the progress of the bill so
that as finally passed they were not much different from what they were
before, BB in the case of plate glass, rayon, swiss cheese, soya-bean oil,
oriental carpets, perfumery, and pharmaceutics. The rates on silk goods .
caused considerable anxiety at times, but the final average increase in duty
is less than 5% ad valorem.
Taking these points into consideration, we find that those pretests which
actually apply to the act as passed and which relate to changes of duties
of possible real importance to the protesting countries amount to probably
not more than 10 or 12% of our total imports.
Perhaps the most important feature of this tariff bill is the new flexible
clause. The old one did not work very well. The present clause is more
effective, in that the Commissioners have greater latitude at arriving at
differences in costs of production as a basis for adjusting rates. If a foreign country believes that any of our tariffs are unduly high and prevent
competitive shipment into the United States, it can present its case to
the reorganized Tariff Commission which, in collaboration with the
President, has the power, if the complaint is justified, to rectify the rates.
This new proposal for dealing with such cases by a semi:judicial body
is unique in the world's tariff procedure. No other nation has offered
to us a similar opportunity to present our case where, as often has happened, we have believed its duties were unduly high and discriminatory
against us. This plan would enable us to meet in a fair manner outstanding cases involving foreign interests.
Considering then these things:
(1) The steady growth for many years of both exports and imports,
in spite of increases in previous tariffs;
(2) The relatively small percentage of our imports to which the protests of our foreign friends apply; and
(3) The availability of a workable, flexible clause to adjust unfair
situations.
We believe the new tariff law will not retard the amazing growth of
our foreign trade. It should be remembered also that four-fifths in value
of our imports consist of goods which are either free of duty or unchanged or reduced in duties under the new law.
The United States will continue to buy from and sell to the nations
of the world vast quantities of products. Our great and growing buying
power, partially no doubt a result of the protective system under which
we have grown up, enables our people to steadily expand their purchases
from foreign countries.
First Bank Stock Corporation (St. Paul and Minneapolis) Declares Dividend—Organization Now Composed of 105 Units.
We are advised that the directors of the First Bank Stock
Corporation (headquarters St. Paul and Minneapolis) have
voted the quarterly dividend of 25 cents a share, payable
July 1 to capital stock of record June 20. This is the third
regular dividend of the corporation since its organization
in August 1929 and is at the annual rate of $1.00 a share
on the 3,077,744 shares outstanding. The communication
goes on to say in part:
P. J. Leeman, Vice-President and General Manager of the corporation,
reported to the Board that the entire dividend requirements for 1930 will
4542
FINANCIAL CHRONICLE
have been earned in the first six months of the year, and despite the general
decline in interest rates on bank loans over the country, operations of the
First Bank Stock Corporation's system had been highly satisfactory to the
management. The profitable benefits of group operation and the more
constant employment of loanable funds have tended to offset the reduction
of income through lower interest rates, Mr. Leeman said.
The First Bank Stock Corporation system is now composed of 105 units.
the report said. Since its organization, 123 units have been affiliated
with the holding company, but this number has been reduced by consolidations within the group. The system now includes:
75 National banks.
1 Savings bank.
3 National bank branches
1 Securities trading corporation.
16 State banks.
1 Commercial credit company.
3 Trust cos. with banking depart. 3 Subsidiaries in specialized fields.
By States, the units of the group are distributed:
53 in 30 cities of Minnesota.
12 in 11 cities of South Dakota.
16 in 14 cities of Montana.
3 in 3 cities of Upper Michigan.
21 in 21 cities of North Dakota.
—
—
105
79
The elimination of 18 banks by consolidation with other units has both
strengthened the general banking situation in the Northwest and increased
the operating efficiency of the existing banks, Mr. Leeman said. Only five
of the consolidations deprived communities of banking service, but these
were all in small towns that had become suburban to larger points and
where the continuation of a unit bank was not warranted. In all five instances, the stockholders of the banks sought consolidation with operating
banks of the group.
[VOL. 130.
entertain the 7,000 bankers from all parts of the United
States who expect to attend the convention. J. R. Kraus,
Vice-Chairman of the Union Trust Co., is General Chairman
of the Committee on Preparations. Mr. Hunter has been
in trade association and convention work, with headquarters
in Cleveland, for 17 years. Mr. Donahoe went to Cleveland
recently from Washington, D. C., where for a number of
years he was in charge of work for trade associations and
industrial groups.
Ben Aley of United States National Bank of Denver
Elected President of American Institute of Banking—Institute's 1931 Convention to Be Held at
Pittsburgh.
Ben Aley, Vice-President United States National Bank,
Denver, was elected President of the American Institute
of Banking Section of the American Bankers Association
at its annual convention at Denver June 20, and Henry J.
Mergler, Assistant Treasurer Fifth-Third Union Trust Co.,
Cincinnati, 0., was elected Vice-President. Both men were
chosen without a contest.
The invitation of Pittsburgh, Pa., extended to the Institute to hold the 1931 conventon there, was accepted.
In the contest for members of the Executive Council, in
which five places were to be filled, there were six nominations, as follows:
Resale at Auction of 3,124 Shares of Journal Square
National Bank Stock, Jersey City, at $179 a Share,
Held by Receivers of the Bankshares Corp. of the
United States and Its Subsidiaries, Confirmed.
Further referring to the affairs of the Bankshares Corp. of
Henry J. Court, Secretary and Treasurer Phoenix Savings Bank & Trust
the United States, New York, on June 17, Vice-Chancellor Co., Phoenix, Ariz.
Backes, sitting in Newark, N. J., confirmed the sale at
Andrew C. Dorris, Manager Old Hickory Branch, Nashville Trust Co..
auction on June 10 of 3,124 shares of Journal Square Na- Old Hickory, member of the Nashville Chapter.
Edwin C. Estes, Assistant Secretary South Brooklyn Savings Institutional Bank stock of Jersey City, N. J. (representing a con- tion, Brooklyn, member New York City Chapter.
trolling interest in the institution) held by the receivers of
Maynard W. E. Park, Assistant Cashier Federal Reserve Bank of Kanthe Bankshares Corp. of the United States and its sub- sas City, Mo.
Carl L. Phillips, Assistant Cashier National Bank of Commerce, Seattle,
sidiaries, which were bought in by Counselor J. Mulford Wash.
Enright for $179 a share, as reported in Newark advices on
G. K. Strickland, Department Manager Federal Reserve Bank, MemJune 17 to the "Jersey Observer." There was no objection phis, Tenn.
As a result of the balloting, the following were declared
to the confirmation of the sale. The bid of $179 a share
offered on June 10 by Mr. Enright marked the second time elected: For three-year terms, Messrs. Court, Estes, Park
the stock has been bought by him. He had previously and Phillips, and for the two-year term, Mr. Dorris.
offered $141 a share at a first auction, but the Court refused
to confirm that sale. Our last reference to the affairs of Miss Margaret Reynolds of First Wisconsin National
the Bankshares Corp. of the United States appeared in the
Bank of Milwaukee Elected President of Special
f`Chroniele" of June 14, page 4175.
Libraries Association.
Miss Margaret Reynolds, Librarian of the First Wisconsin
Preparations Under Way for Annual Convention of National Bank, Milwaukee, was elected President of the
American Bankers' Association at Cleveland, Special Libraries Association at its annual meeting held in
Sept. 29
-Oct. 3.
San Francisco June 18-21. Miss Reynlds has been an
Activities for the American Bankers Association Con- active member of the Special Libraries Association, having
vention, to be held in Cleveland, Sept. 29 to Oct. 3, are served twice as Vice-President of the Association, twice as
well under way. Organization of the convention is proceed- Chairman of the Financial Group, and for many years has
ing excellently and the committee set-up and personnel been an Associate Editor and contributor to "Special
promise an extraordinarily fine convention. Those in charge Libraries," the monthly publication of the association.
of the convention activities are:
Executive Committee.
B. M. Anderson Jr., of Chase National Bank of New
J. R. Kraus, Chairman; Edwin Baxter, Vice-Chairman; T. E. Monks,
York, on Abuse of Bank Credit as Source of
Treasurer; C. A. Paine, Secretary; E. E. Barker, J. C. McHannan, C. B.
Capital.
Reynolds and Allard Smith.
That "the growth during the past eight years in bank inSub-committee chairmen are:
vestments and in bank loans against stock and bond collaCommittee—
Chairman—
General
J. R Kraus, the Union Trust Co.
teral has been altogether excessive "Is contended by BenHotels, Rooms and Housing__ J. C. McHannan, Central United Nat. Bk.
jamin M. Anderson Jr. Economist of the Chase National
Registration, Information and
Bank of New York, who in an address at Minneapolis beConvention Facilities
Edwin Baxter, the Cleveland Trust Co.
Entertainment
Allard Smith, The Union Trust Co.
fore the Minnesota Bankers Association on June 19 on
Golf Tournament
T.E. Monks, The Guardian Trust Co.
"The Abuse of Bank Credit as a Source of Capital" said:
Publicity
R. J. Izant, Central United Nat. Bank.
I do not deny that expanding bank credit may be a source of real capital
Automobiles & Transportation_E. E. Barker, Midland Bank.
Reception
and I do not condemn the employment of bank funds in investment in
J. R. Nutt, The Union Trust Co.
National Bank Division
C. E. Sullivan, Central United Nat. Bank. securities or in collateral loans upon securities. I have no disposition to
Trust Companies Division
gauge the existing expansion of bank credit from the standpoint of a
J. A. House, The Guardian Trust Co.
Savings Bank Division
Harris Creech, The Cleveland Trust Co.
doctrinaire theory of strictly commercial banking. When bank investState Bank Division
W. M. Baldwin, The Union Trust Co.
ments are bought at proper prices and are of proper quality and marketState Secretaries Division
David M.Auch, Ohio Bankers Association. ability, when collateral loans against securities are limited to well-margined
Columbus, Ohio.
loans against readily marketable securities, and when the growth in bank
A.I. B
Frank J. Waldeck,The Cleveland Trust Co. investments and in stock and bond collateral loans
is moderate and kept
Women's Arndt. Entert'm't __ Mrs. J. A. House.
reasonably in line with the growth of commercial loans there is no occaThe members of the Auditing Committee are: R. H. sion for concern about the development. It has happened more than once
in the
Garner, the Guardian Trust Co., Frank L. Chamberlain, to the past that the stock market has been able to pay back what it owes
banks more readily than have
the Cleveland Trust Co. and W. J. Adamson, the Union ing case occurred in the year 1920. the merchants. A particularly strikAt the beginning of that year the
New York stock market owed the banks in collateral loans $1,750,000,000,
Trust Co.
and at the end of the year this figure had been reduced to less than $700,000,000. Banks
D. S. Hunter and F. W. Donahoe Engaged as Directors $1,000,000,000 during that crisis year were able to withdraw over
from the stock market to expand loans to their commercial
of Annual Convention of American Bankers Asso- customers.
The Abuse of Bank Credit as a Source of Capital.
ciation in Cleveland Sept. 29-Oct. 3.
Recognizing
D. S. Hunter and F. W. Donahoe have been engaged as the past eight all this fully, I would still maintain that the growth during
years in bank investments
loans against
directors of the annual convention of the American Bankers and bond collateral has been altogether and in bank Between 1921 stock
excessive.
and
Association convention to be hold in Cleveland Sept. 29 to 1928, bond holdings plus stock and bond collateral loans of the National
banks increased from 42% to 55%, of their total loans and
Oct. 3. The directors will co-ordinate the work of the while for
investments,
the 600
member banks in the great cities the
various committees which are making elaborate plans to ratio rose from 46%odd areporting over 60%.
to fraction
JUNE 28 1930.]
FINANCIAL CHRONICLE
In recent weeks, this tendency has been renewed, and has moved with
disquieting rapidity. For these same reporting member banks, the figure
stood at 59.70% on February 12 of 1930, while on June 4 of 1930 it stood
at 63.27%. It cannot be good policy to make bank money so abundant
and so easy that it must overflow at this rapid rate into the securities
market. When business revives, when hundreds of millions of dollars
must flow out of bank reserves into hand to hand circulation, and when
commercial borrowing increases with reviving trade, we shall have to
pull this money out of the securities market again—a process which
will not help along the business revival! It is far better that in times
of slack the Federal Reserve authorities should take up the excess reserves
In the money market, allowing the volume of general bank credit to contract, and conserving the reserve money of the country so that it may
be used in a time of revival to permit bank credit to expand comfortably
to meet the needs of trade.
Dr. Anderson also had the following to say on the subject:
The Nature of Capital.
Capital grows through an excess of production over immediate consumption. It is possible to accumulate new productive equipment only if the
current consumption of the people can be supplied with less than the
full productive capacity of the people. If labor and existing equipment
,
are to be employed in producing machines and railv ads, then the consumers of the country must be content with less goods for immediate consumption than they might have if the whole productive power of the
country were devoted to consumers' goods. The decision as to how the
productive power of the country shall be used rests with those who have
control of the available funds for expenditure. If an individual spends
for consumption all that he makes in the course of the year, then to the
extent of his influence in the market, he draws labor and equipment away
from the production of capital and devotes it to the production of consumers' goods. If this individual, instead of spending $2,000 for luxuries
out of his $8,000 income, saves his $2,000 and invests it in railroad bonds,
he gives the railroad funds which may be spent for new rolling stock
or for the improvement of the roadbed. A correspondingly smaller number of laborers is then devoted to making consumers' goods and a large
number to the production of capital goods. Our individual with $2,000
saved may, on the other hand, deposit it in the savings banks. The decision as to its utilization then rests with the management of the savings
banks. They may lend it to the railroad through the purchase of a bond,
or they may lend it to other business borrowers. In general, the savings
banks will lend it, not to those who desire to use it or immediate consumption, but to those who will use it for building houses, or in other
productive ways.
The difference between thrift and extravagance is not the difference between boarding money and spending money. What is saved is also
spent. The difference is simply as to the way In which it is spent.
The frugal and the extravagant man alike give employment to labor.
The difference is simply that the extravagant man uses all his income
in employing labor to produce goods for immediate consumption, while
the thrifty man uses part of his income in employing labor, directly or
Indirectly, to produte those things which will aid in further production.
4543
that the signing of a note by a bank's customer, accompanied by the
entry of a new deposit credit on the liability side of the bank's balance
sheet—the mere creation of two debts—should mean the creation of new
capital. None the lees, for the business men seeking capital, this is
enough. Armed with this new bank credit, he is able to go into the
market and buy the materials and hire the labor which he needs to provide
him with new capital equipment. It must be recognized that, when held
within proper limits, this is a real source of new capital. The borrower,
armed with the new bank credit, is able to divert labor and existing
equipment from• the production of consumers' goods to the production of
producers' equipment, with the result that in the course of the succeeding
months more actual physical capital comes into existence than would have
come into existence if the loan bad not been made.
The foregoing should suffice to make it clear that I have no disposition
to be doctrinaire, or to speak from the standpoint of the old-fashioned
"strict construction" school of banking theory in my comments upon the
recent great expansion of bank credit in capital uses. Nor am I even
disposed to be doctrinaire in commenting upon a moderate use of bank
credit for consumption purposes as represented in the financing of installment buying, though this obviously stands at the opposite pole from the
conversion of income into capital. When commercial bank credit is used
to finance consumption we have not merely the conversion of present capital
into income, but even the hypothecation of future capital for current income.
As a minor factor in the commercial bank credit situation, this is manageable, but it obviously cannot become a very important element in the
situation without standing things on end.
The older doctrine of bank credit as stated, for example, by Adam
Smith, would limit the banker to short-term advances of part of the
working capital of a merchant. The banker, Adam Smith would hold, may
properly lend a merchant funds for the turnover of readily marketable
goods, and he might lend a manufacturer also some part of his working
capital for the purchase of materials for quick conversion into marketable
goods, but he must lend to the manufacturer no part of the funds used to
purchase "his forge or his smelting house." It would have seemed weird
and strange to Adam Smith, and indeed incredible, that banks could safely
place their funds at the disposal of a railroad for the construction of a
roadbed or the building of bridges or terminals.
The development of the modern stock market has changed the facts
and has provided a safe machinery for using the funds of commercial banks
directly or indirectly for many capital purposes, still keeping them liquid.
No commercial bank would lend directly on the roadbed, terminals, and
bridges of a railroad. If the loan were not paid and the bank were
obliged to foreclose, it would have a white elephant on its hands. No ready
market exists for a railroad as an aggregate, or in fragments. But the
bank may with entire safety lend money against the $100 shares or the
$1,000 bonds representing the roadbed, terminals, and bridges of the
railway because for these bonds and shares a wide and active market exists.
The bank may even own the bonds, though American banking opinion,
unlike banking opinion in parts of Continental Europe, Is adverse to
extensive bank ownership of corporate shares.
Senate Passes Bill Under Which Gains From Sales of
Treasury Bills Are Exempt From Taxation—Views of
J. Herbert Case of New York Federal Reserve Bank.
Close upon the action of the House, which( as we noted
June 14, page 4172) on June 6 passed the bill exempting
from taxation gains from the sale of Treasury bills, the
Senate passed the measure on June 11. Senator Smoot,
in submitting the bill to the Senate on that date also presented a report on the bill from the Finance Committee
in which appears a portion of a letter from J. Herbert Case
of the New York Federal Reserve Bank to J. Ogden Mills,
Under-Secretary of the Treasury favoring the change In
the law. We give the report herewith.
Senate Report No. 887, Seventy-first Congress, Second Session.
The Sources of Capita/.
There are five primary sources of capital: .(1) The earlier economists
gave almost exclusive attention to consumers' thrift, the savings of individuals either invested directly by themselves, as when an individual loans
part of his funds on mortgage to a farmer, or invested indirectly through
various institutions, as savings banks, insurance companies, building and
loan oompanies, mortgage companies, or bond houses. This consumers'
thrift is responsible for a very important part of the annual additions to
the capital of the country. (2) Another important source of capital, the
magnitude of which we have only recently come to recognize, is business
savings, and particularly savings of corporate businesses. In the turning
back of profits to enlarge the business and especially in the turning back of
corporate profits to surplus, we have a source of new capital of the highest
Importance.
(3) A third source of capital is what European writers have called
"direct capitalization." This takes place without the intermediation of Exempting Gain from the Sale or Other Disposition of Treasury Bills from
Taxation.
money contracts or money payments. It is especially important in agriculture and takes place, for example, when the farmer uses his spare time
Mr. Smoot. from the Committee on Finance, submitted the following
In building fences, building barns, putting in sub-soil drainage, clearing report (to accompany H. R. 12440):
his soil of rocks, stumps and the like. It takes place also when, instead
The Committee on Finance, to whom was referred the bill (H. R. 12440)
of selling off the annual increase of his live stock which would bring him providing certain exemptions from taxation for Treasury bills, having had
In cash for current consumption, the farmer allows his herds to increase, the same under consideration, report it back to the Senate without amendso that his production and income in later years may be increased, or when ment and recommend that the bill do pass.
Following is a copy of the House report on the bill:
he increases the size of his flocks of poultry instead of selling all that
"The Committee on Ways and Means, to whom was referred the bill
are not needed to maintain the flocks at the present size. It takes place
from taxation for Treasury
as the farmer diverts part of his labor and energies from producing crops (H. R. 12440) providing certain exemptions
back to the House without
which would bring in cash during the current year to the development of bills, having considered the same, report it
pass.
amendment and recommend that the bill do
orchards which will not bear fruit for several years.
"The immediate enactment of this bill is urged by the Treasury DeTaxation and Capital.
partment
"About a year ago Congress authorized the Treasury to issue a new
(4) A fourth source of new capital is to be found in taxation for the
liquidation of public debt or, for that matter, in taxation for the building form of short-term Government security, to be known as a Treasury
have
of roads or other productive public works. Taxation when thus used bill and to be sold at a discount. Under that authorization there
expectaordinarily represents the conversion of income into capital. Of course, been four issues of Treasury bills. These issues have come up to obtained
that the Treasury
the greater part of taxation is for current expenditure, and there is one tions and have been successful in the sense
that the Treasury bill enabled the
form of taxation which obviously represents the conversion of capital into money at reasonably low rates and
practical matter to borrow money when actually needed,
income, namely, inheritance taxes, the proceeds of which go into current Treasury as a
had been accustomed to do before it had this
expenditure. It is distinctly desirable that the proceeds of inheritance instead of, as the Treasury
on the quarterly tax payment dates.
taxes, or their equivalent, should regularly be used for capital purposes, new instrument,
"Gains from the sale or other disposition of Treasury bills are subpreferably the reduction of public debt.
to income tax at the present time, and losses therefrom are deductible.
the proceeds of income taxes are used in reducing public debt, ject
When
But, in order to ascertain capital gains or losses, as differentiated from
the case is clear. Income is converted into capital and placed by the
the discount received on these Treasury bills, it is necessary that those
Government into the capital market. Investors who hold the Government dealing in the securities keep a complicated system of bookkeeping records,
securities that are paid off are put in possession of funds for reinvestment resulting in such an enormous amount of deatil that a very real sales rewhich constitute a net addition to the capital supply of the country. In sistance has developed.
the face of many tendencies adverse to economy in the use of capital
"Although gains from the sale or other disposition of Treasury bills
and adverse to the creation of new capital in recent years, it is a distinctly are subject to income tax, little or no revenue is to be anticipated therewholesome thing that our Federal Government has pursued the policy of from because, unless the Treasury bill during its brief existence should
happen to pass through the hands of men whose income is taxed at difsteady and substantial reduction of the public debt.
Unfortunately, the growth of public debt on the part of our States and ferent rates, the gains and losses during the course of the 90 days will
municipalities, accelerated by the cheap money period through which we offset each other, with the result that so far as the Government is conmostly
have gone, has more than offset this conservative policy of the Federal cerned there is no capital gain or loss. Treasury bills are bought
by corporations—which are, of course, taxed at the same rate. They are
Government in the net effect of public finance upon the capital supply.
corporalargely bought by banks, large insurance companies, and other
Bank Credit As a Source of Capital.
tions with funds to invest temporarily. Moreover, the maturity is so short
are many writers who would deny that new bank credit is an and fluctuations are likely to move within such a narrow range that the
(5) There
addition to capital at all. They would say that it IS absurd to contend amount involved on account of capital gains and losses is inconsequential.
4544
FINANCIAL CHRONICLE
[VoL. 130.
"On the last issue of Treasury bills there were no less than
17 differ- discount at which they were bought, so as to be
able to inform the buyer
ent rates of discount, representing the different competitive
bids that of the conditions of the suggested
purchase.
were accepted. In other words, on one issue of Treasury
bills there were
The net result is that whereas the market anticipated
17 different rates of discount. The dealer who acquires
that the United
those bills can States Treasury bill would become
the premier security of the world and
not treat them as one issue. In order to arrive at the capital gain
or loss, the most easily traded in, it is in fact to-day
the least popular of all United
he must take each lot of Treasury bills sold at a particular
discount rate States issues.
and open an account for that particular lot, showing
the price at which
We have no hesitation in saying that in
our opinion Congress should
originally sold by the United States, the price paid by him for the bill,
change the law so that the current market discount
what he sold it for, and what the accrued discount
is exempt from taxation.
is for the period during If this is done, holders of Treasury
bills need make only one entry of the
which he held the security.
"J.•H. Case, Esq., Chairman of the board of directors of the New York income, instead of which we are obliged to carry a complicated set of
books, copies of which are handed you with this
Federal Reserve Bank, who in the course of the last 13 or 14 years
letter. If you can prehas vall upon the Secretary of the Treasury
to appeal to Congress to make
had as much experience with the Government security market
as any man the necessary change in the Act, it will
do much to broaden the market
In the United States, became seriously concerned over
this situation, and for Treasury bills and insure
the capacity of the Government to continue
on April 21 1930 he addressed a letter to Under Secretary of the
Treasury to borrow in this form on advantageous terms.
Ogden L. Mills, which letter reads in part as follows:
Thanking you for your customary courtesy,
"'But more convincing evidence of the difficulties which this typo of
we are.
Yours very truly,
financing is likely to encounter is found in the acute situation which has
E. 0. WAGNER, President.
arisen in the experience of purchasers of the bills in subsequently
disposing of their bills in the market. It is in this connection that this form
of financing has recently encountered such serious difficulties as to justify Bill Passed by
Senate Seeks Investigation by Secretary
the most careful consideration of some modification of the provisions
of Agriculture into Taxation inRelation to Agri
governing their issuance.
culture.
"'The sale of Treasury short-term obligations on favorable terms is
dependent upon a group of traders or dealers in short-term investments
On June 17 the U.S. Senate passed—
the following bill
who always stand ready to buy or sell obligations of this sort. The desirability of the Treasury bills depends on the holders being able to liquidate directing the Secretary of Agriculture to investigate all
it at any time at a fair price, and these dealers constitute the market phases of taxation in relation to agricultur
e.
where this is always possible. In this market, as in all money markets
Be it Enacted, &c., That the Secretary of Agriculture
with which I am familiar, the buyers of Government and other short-term
is hereby authorized
and directed to establish a unit with suitable personnel
in the Bureau of
securities such as bankers' bills and City of New York warrants usually
acquire such securities as needed through this group of dealers, and if they Agricultural Economics of the Department of Agriculture for studying and
investigating all phases of taxation in relation to agriculture and making
want to realize on the securities, sell them to or through these dealers.
The popularity of the security depends on its being traded in freely in available information with respect thereto. To this end the unit is authorized—
this way.
(1) To acquire and analyze economic, statistical, and historical informa"'We have been hoping that the United States Treasury bill would
tion regarding taxation as related to agriculture, including assessment
take its proper place in this market and become a desired instrument for
of
farm property, tax levies in relation to the value of
farm property and
short-term investments by banks, corporations, and individuals. But the
fact is that the dealers now find the market almost closed to these new to income in agriculture, tax delinquency and tax sales of farm property,
together with causes and effects thereof, expenditures of the funds derived
Treasury bills, solely on the ground of the bookkeeping complication
s from the taxes on agricultural
property and income, regional and other
which necessitate such an enormous amount of detail
that prospective comparisons of taxes, and other
matters pertaining to taxation and exbuyers refuse to take them.
penditures in relation to the economic status of agriculture and to the
"'A letter I have just received from Mr. E. C. Wagner, President
of well-being of rural communities
.
the Discount Corp. of New York, which is one of the largest dealers in
(2) To publish and disseminate from time to time such information so
Government securities, indicates the difficulties they are encountering.
"'The difficulty lies in the fact that the tax exemption of the income acquired and analyzed as may aid farmers, their organizations, and the
from Treasury bills has to be computed by the buyer not on the basis public generally in their study of problems that arise with respect to taxaof price at which he purchases the bill but on the basis of the original tion as it relates to agriculture.
Sec. 2. (a) For the purposes of this Act the Secretary of Agriculturesale price, which is not the same for all bills Issued at a given date, for
(1) May make such rules and regulations as he deems necessary:
Parts of each issue are sold at different prices, and moreover, the holder
(2) May co-operate with any department or other agency of the Federal
of a bill must compute a capital gain or loss from the time of his acquisition
of the bill to disposal or maturity. In this way an issue of Treasury Government, or with any State, territory, district or possession, or any
bills can not be quoted at any given price, but the seller and buyer have department or other Governmental agency or any political subdivision
to make a series of computations for each transaction and the dealers find thereof, or with any person;
(3) May, subject to the civil service laws, appoint, and, in accordance
that for each bill they handle they have to keep an account on a daily
accrual basis. The discount houses print and circulate daily offering with the classification Act of 1923, as amended, fix the compensation of
officers and employees; and
sheets, and in the case of Government securities their lists show the price
(4) May make such expenditures (including expenditures for personal
of each issue, the true interest yield, and in a separate column they yield
to corporations after an allowance has been made for tax exemptions, but services and rent at the seat of Government and elsewhere, and for law
books, books of reference, and periodicals) as may be necessary.
in the case of Treasury bills it is impossible to show the yields on a taxable
(b) For the purposes of this Act, there are hereby authorized to be
basis because of the various prices at which the bills were bought or
sold
and result, perhaps, in a dozen different calculations in the. tax-exempt appropriated the sum of $75,000 to be available until June 30 1931, and
feature. All of this bookkeeping brings the Government no net return, such additional sums as may be necessary thereafter.
for one holder's loss exactly offsets another's gain.
"
'These difficulties are so great that a number of important buyers Study
of Movement of Money and Real Earnings in
of Treasury obligations are withdrawing altogether from the purchase
United States, 1926-28, by Professor Douglas of
of the bills, and I am convinced that unless the present law can be modified the Treasury may presently have difficulty in continuing this method
University of Chicago.
of financing on a satisfactory basis.'"
Average real earnings of city workers showed an increase
There is also quoted the letter from E. C. Wagner, Esq., President
Discount Co. of New York, one of the largest dealers in Government of 5% for the years 1927 and 1928, and the average
urban
securities, which is referred to in the letter from Mr. Case and which
worker could have purchased 30% more with an average
indicates the difficulties that that company is experiencing because of
the necessity for computing capital gains or losses resulting from the sale year's work than he could have done in 1914. This is the
or other disposition of Treasury bills:
conclusion reached by Paul H. Douglas, Professor
DISCOUNT CORPORATION OF NEW YORK.
of Industrial Relations and Florence Tye Jennison, research
assistant, of the University of Chicago. Their study,"The
Movement of Money and Real Earnings in the United
States, 1926-28," is published by the University of Chicago
Press.
But there is a reservation in the conclusion reached by
Professor Douglas and that concerns the factor of unemployment. In 1927 unemployment, as shown by the estimates
of Givens and Wollmen, increased to 9% as compared to
7.1% in 1926. This, according to the Chicago economist,
would have been sufficient to have negatived the increase
in the real annual earnings of the employed workers in that
year. No unemployment statistics are available for 1928 and
no estimate can be made of the degree to which the gain in
the earnings of those who continued to be unemployed was
counterbalanced by this factor. The study says:
New York City, April 17 1930.
Mr. J. Herbert Case, Chairman of the Board, Federal Reserve Bank of New
York, New York, N. Y.:
Dear Mr. Case:—You are, I know, well informed in regard to the disappointment on the part of the money market when the announcement
was made that the exemption of income derived from an investment
of
United States Treasury bills would be measured by the discount actually
received for each individual bill at the time of issue.
This corporation performs an important function in endeavoring to
even up the temporary surplus funds of banks and bankers through our
holdings of bank acceptances and short
-time Government securities.
In order to obtain more favorable rates for money, it has been our custom
to farm out our holdings of short-term Government securities by means
of repurchase agreements, so that the investor of money gains the benefit
of the exemption of taxation from the income derived. In this manner
we frequently place out blocks of $5,000,000 or more of one issue of certificates, the coupon being the same for the entire block.
We have been unable, however, to arrange repurchase agreements in
the case of United States Treasury bills, because a block of Treasury
bills may have been bought at a dozen different rates of discount and
It is important to state that a certain proportion of the
increase in money
the calculation of the benefit of the tax exemption is too complicated earnings in
an industry does not necessarily mean an increase in advantage
for the moneyed party borrowed from. We are therefore obliged in the to those
employed. With a continual downward trend in employment,
case of Treasury bills to rely on straight loans and pay the full rate of it is legitimately
assumed that the less skilled and lowest paid workers are
interest. Moreover, the interest which we pay is not deductible as an ex- laid off.
An average figure representative of the industry will show an
pense on our income-tax return. All of this makes the financing of the increase in
money earnings and real earnings whereas in reality the earnings
purchase of Treasury bills very difficult for dealers.
of those still employed may have remained constant.
I have taken up the matter of financing the carrying of Treasury bills
Cost of living fell by approximately 2% during 1927 and
because, after all, that is the first thing a dealer has to do when handling
them. The next step is to arrange a sale. There, again, we meet with by another 1% in 1928, analysis by the Chicago economists
considerable sales resistance on the part of banks and bankers, who appear finds. Even
had money earnings and rates remained conto so strongly object to the work necessitated in calculating the exemption
stant there would have been an advance of 3% in average
from taxation of the resulting revenue.
When visiting banks with the object of making trades or borrowing real earnings during this period. Wages for many important
money, one normally would only have to bear in mind that one had
groups, however, showed an advance during the two years.
$5,000,000 or $10,000,000 United States Government certificates to sell.
In the case of Treasury bills, it is not only necessary to know the dollar The study covers the wages of 17 million workers in manuvolume but a dealer must carry with him the particulars of the original facturing,
transportation, public utilities, coal-mining, farm-
JUNE 28 1930.]
FINANCIAL CHRONICLE
ing, clerical work, in manufacturing, some mercantile employees, Governmental employees, teachers and ministers.
Average earnings in 1927 in manufacturing fell 1%,
but this was not as great as the reduction in the cost of living
so that real earnings rose by 1%. In 1928 the money earnings of those remaining on the factory payroll increased by
2%, making a gain in real earnings of 3%. But again Professor Douglas and his associate qualify this seeming increase. They state:
4545
"Florida is back to normal," Governor Black said. And to stay normal,
as he put it, t e people have got to keep their heads and not lose confidence,
when there is reason everywhere down here for an abundance of it.
During the afternoon Governor Black received word from Miami bankers
that only necessary withdrawals had been made by depositors in the last
48 hours, that heavy deposits were being received, and that a spirit of optimism and cheerfulness—characteristic of Miami—was felt everywhere.
A similar report came last night over the wires of the Associated Press.
Spends Week in State.
"I have spent the present week in Florida in line with my usual work,
that is. visiting member banks, getting closer to their officers, observing
their situations, and learning of community business conditions," Governor
The increase during these years may have been more apparent than real. Black said.
During this period employment was shrinking and it may be presumed
"The week has been most interesting by reason specially of the bank
that in general employers laid off their less efficient workers. The earnings developments several days ago. While the Bank of Bay Biscayne at Miami
of this class would in general be lower than the average of those who re- was not a member of the Federal Reserve Bank, I was distressed at its
mained and their removal would therefore by itself raise the general average closing. I knew and respected its officers and was familiar with the fine
even though those who continued to be employed received no increase in work done in Miami and for Miami by that bank. I had earnestly hoped
wages.
that by reason of improved business conditions and revived confidence
Earnings have also been computed for 39 separate manu- throughout the State that this Miami bank might be preserved.
of
"I feel now, however, that Florida has reached the limit and an end
facturing industries falling into 12 main groups. "Turning
her bank troubles. The uproad is ahead of these institutions. Nothing
say concerning these specific is required for them except the confidence of their depositors.
to real earnings," the authors
"Surely Floridians will give this confidence to those banks that have
groups, "we find that there was in general an appreciable
No
successfully weathered the financial storm of the past few years.
in 1927." They add:
increase
officers
bank can succeed without the confidence of the public and unless its
and paper and printing groups the
In the foot, textile, clothing, lumber
know they have that confidence.
rise amounted to approximately 4 points or 3%. In the case of land
Must Show Confidence.
vehicles, the advance was one of 3 points, while for stone, clay and glass,
can
"This confidence must be manifested so that these bank officers
and for leather, it was only 1 point. Beverages and tobacco held constant
trust them.
at 95 (compared to a 1915 average of 100) they having fared 'worse than go about their duties with the feeling that the public will
any group during the period 1914-28. There was a fall of 1% in the aver- With this confidence the banks can go.
action
"Several bright spots have appeared during the past week. The
age annual earnings in the iron and steel industry.
and generous
The progress during 1928 was much more unevenly distributed The of the depositors of the Tarpon Springs bank was unique
their bank and
real earnings index for land vehicles rose from 131 to 138; for iron and steel and public-spirited and wise. They protected themselves,
revivify Florida.
from 129 to 134; for stone, clay, and glass from 136 to 140, and for paper their community. A few more actions like this will
its
"The action of another bank, when a run was on it, in increasing
and printing from 141 to 144. Lumber increased by 1 point from 122 to
its stockholders
123. The food index, however, remained constant at 128, beverages and capital $400,000 and showing the public the confidence
tobacco suffered a loss of 1 point, which brought their relative down to 94. had in it. was fine.
forced to
"The fact is outstanding that no other bank in Florida was
clothing fell from 137 to 135; textiles from 133 to 131 and leather from 120
the conficlose by the Miami trouble. This was a fine record nd ttests
to 117.
Florida banks.
The point made by Miss Jennison in a previous study dence that is returning toI find here, are better than they were last year
"Business conditions,
that the industries which experienced a decline were almost and prospects for business just as good as in other sections of our district.
Reserve Bank
"I want Florida people to know that we of the Federal
exclusively those producing consumer's goods while the ingood banking
which produced capital system have confidence in Florida business and in Florida's conditions
creases occurred in those industries
institutions. The Federal Reserve Bank is backing both these
goods, is repeated. Regarding the results of the study, it and those banks. That is our business.
to aid the situa"The Federal Reserve Bank sent $7,000,000 to Miami
is also said:
We stand ready to equally help
of workers on Class 1 railroads show an increase in real earnings tion there. That situation was saved.
Wages
much rather put out this money to
from 117 in 1926 to 120 in 1927, and to 122 in 1928. Street railway em- any other section of the State. We had
because those three things build
ployees showed a gain in purchasing power during the two years of 3%. help commerce, agriculture and industry
Real earnings of telephone workers increased approximately 10%, while up the State.
may employ our
"I believe confidence now has returned and that we
the increase for gas and electrical workers was 4%. Telegraph workers
up their State."
had an increase in purchasing power of 5% from 1926 to 1928. Public funds in the efforts of Floridians in building
utilities workers as a whole showed an increase of5%.evenly split between
1927 and 1928.
Resolution for
Real Wages in the coal industry in 1927 fell 11% in the bituminous divi- Representative Dickinson Introduces
sion and 6% in anthracite. In 1928 the index for the bituminous fields
Sales of Securities on Stock
Investigation of
advanced from 118 to 125, while that for the anthracite industry remained
Exchanges.
constant.
of
Clerical employees on the railways showed an advance of over 5% in averOn June 25 Representative Dickinson (Republican)
age money earnings between 1926 and 1928. The only gain made by postal
introduced a resolution in the House, calling upon the
employees was in the fall in the cost of living, but other Federal workers Iowa
seven
employed in Washington showed an upward movement in salaries of 6%. Speaker of the House to appoint a select committee of
or 9 to 10% in real wages. This increase, whoever, brought this class to members of the House "to investigate sales of securities and
only 1% above their 1914 average, and in 1928 they were still 23% below
such
stock exchange practice to ascertain to what extent
their average purchasing power during the nineties.
Public school teachers made appreciable gains during the two years, exchanges have been "utilized by unscrupulous manipulators
showing an advance in money earnings of over 5%, an increase in real
purpose of influencing legislation of the Congress,"
earnings amounting to 8%. Ministers in the Methodist and Congre- for the
influence upon the general
gational churches, taken as fairly typical of Protestant denominations, or "exercising an unfavorable
showed a gain in real earnings of 7%.
economic situation of the country." The "Journal of ComBut the economists point out that while this improvement brought the
relative purchasing power of ministers salaries to 20% more than they were merce" states:
Majority Floor
in 1914, the increase over the average of the decade 1890-99 was only 4%.
While the House leadership,including Speaker Longworth,
refused to
If the period 1900-1928 be taken as a whole, the losses on the part of the Leader Tllson and Chairman Snell of the Rules Committee,
measure had no chance of
ministers have exceded their gains.
comment on the resolution, they indicated the
approval before adjournment.
explaining the
"This," said Representative Dickenson, in a statement
Reserve Bank of Atlanta purpose of his resolution, "apparently will permit the committee to even
Governor Black of Federal
the controversy between the New York financiers and
Expresses Confidence in Florida Business and go so far as to reviewBoard in their effort to prevent the extensive speculathe Federal Reserve
It seems fitting to
Banks.
tion that has proven so disastrous to so many investors.
the legislative body of the Government,
Florida has reached the end of her bank troubles, with the us to determine, as members of are in these stock manipulations and their
the underlying motives
uproad ahead, and all the banks need is the confidence just what on the legislation and the executives of the Government.
Influence
are only
of their depositors, Governor E. R. Black, of the Federal
"If the Government is wrong," he added. "the public officials
misdoings. If, on the other hand, the stock exReserve Bank at Atlanta, said in a statement to the Tampa too anxious to correct their seems to me that they should be asked to correct
changes are in the wrong,it
"Morning Tribune" on June 13.
their methods. It is my hope that, if such a committee is approved by
"I want Florida people to know that We have confidence the House, their action will serve a beneficial purpose to the business inindividual investor as well."
in Florida business and in Florida's good banking institu- terests of the country and to the Mr. Dickinson, who is the Republican
At the outset of his statement,
tions," Governor Black said just prior to his departure candidate for the Senate from Iowa, said that in view of the persistent
York
on June 13 for Atlanta. "The Federal Reserve Bank is statements that "legislation good and bad is reflected on the New as to
his Judgement it was advisable to investigate
business." The paper quoted Stock Exchange," in the influences which brought about these changes.
backing both. That is our
the reasons why and
goes on to say:
Covers Manipulation.
Governor Black said he ha' been tremendously impressed with the reText of Dickinson's resolution:
turning wave of confidence, by the splendid action of depositors of the
"Resolved, That the Speaker of the House of Representatives is hereby
bank at Tarpon Springs, and by the decision of the bank at St. Peters- directed to appoint a select committee to consist of seven members of the
its capital $400,000 in the face of apparent lack of faith House of Representatives whose duty it shall be to investigate sales of seburg to increase
to ascertain
curities upon stock exchanges and stock exchange practices,unscrupulous
by some of its depositors.
such exchanges may have been utilized by
Pointin out that the Federal Reserve ha sent $7,000,000 to Miami to to what extent the purpose of influencing legislation of the Congress of
manipulators for
aid the situation and that the situation was saved Governor Black de- the United States, or official actions of the executive officers of the Govdared the Federal Sy stem stands ready to equally help any other section ernment and (or) exercising an unfavorable influence upon the general
economic situation of the country. Also to determine whether or not stock
of the State.
manipulation is practiced by short selling or block sales or rigging or proReady Always to Help.
motion sales or wash sales or other methods for the purpose of directing
the field before starting for home he did not sales for speculative margins or losses for the benefit of a limited number of
But as he checked over
Investors, but against the interests of the general public.
see where other help might be needed. If it is needed,though,he emphasized
"Section 2—The committee is authorized to appoint such subcommittees
it will be forthcoming instantly. He called attention to what he described as it may deem advisable and the committee or any subcommittee is authorthe House,
as an outstanding fact—that not a single bank in Florida was forced to ized to sit, during the sessions and (or) recesses ofrequire the in the District
attendance of
of Columbia or elsewhere, to hold hearings, to
close b reason of the trouble early in the week at Miami.
4546
FINANCIAL CHRONICLE
[voL. 130.
witnesses, to compel the production of books, papers
and documents and to
take testimony.
"Sec. 3—Such committee shall have the right to report
to
at any time by bill or otherwise the results of its investigations the House
.
"Sec. 4—The necessary expenses of the committee and any
thereof are hereby authorized, including the employment subcommittees
of counsel and
other necessary personal services, by contract or otherwise.
Such printing
and binding as may be necessary may
for printing and binding for Congress." be charged to the appropriation
"Now, how is an independent merchant going
to stay in business. The
chain stores don't carry any stock and they hire
employees at low wages.
The chain drug stores, for example, sell everything
from hooch to automobiles, and as soon as a boy gets his sheepskin
at college, they hire him
to mix their poisons."
Representative Sabath Asks Inquiry on Short Selling
of Stocks.
Representative Sabath (Dem.) of Chicago, introduced in
the House June 19 a resolution(H.Res. 261) to provide for the
appointment of a special House Committee to investigate
short selling of stocks on the stock exchange. The "United
States Daily" in stating this, added:
Senator Shortridge of Senate Naval Affairs Committee
Closes Shearer Inquiry Says His Committee Will
Not Report.
Chairman Shortridge of the Senate Naval Affairs Subcommittee which investigated the activities of William B.
Shearer at the ill-fated Geneva arms limitation conference
in 1927, has decided that there is no evidence to show that
Shearer was sent to Geneva to defeat the plans of the Government. This is made known in a Washington dispatch
June 11 to the New York "Times" which likewise said:
On the floor of the House Mr. Sabath, urged passage of
his resolution,
and said that he believes that the recent crash of the stock
market could
have been prevented if a study had been made and legislation
passed
previously.
Misery More Prevalent.
He said that after the President had called a conference of all the
heads of
big business in the country and had been promised their support in
following
a program of construction and employment, it is found that "misery
and
want" prevail to even a greater degree than before.
He said that despite statements of national leaders that the stock crash
could not have been averted,"It could have been prevented and
10,000,000
investcra could have been saved."
Among other points, Mr. Sabath said that the crash could have been
prevented by making short selling illegal on the stock exchange and
by
prohibiting loans to enable short selling.
Text of Resolution.
Mr. Sabath's resolution follows in full text:
Resolved, That the Speaker of the House of Representatives be,
and is
hereby, directed to appoint from the membership of the House a
select
committee of seven members for the Seventy-first Congress,
and which
said committee is hereby authorized and directed to investigate
to what
extent the tremendous professional short-selling of stock on the
various
stock exchanges was responsible for the November 1929, and
present
"crashes" and to what extent it is responsible for the depression of
business;
and to investigate the feasibility of taxing all short sales or to completely
prohibit same; and to what extent the Stock Exchange condones and
encourages this destructive practice and of pool short-selling.
Resolved further, That said Committee is also is also hereby authorized
and empowered to appoint such subcommittee as it may deem advisable,
and the said Committee or any subcommittee thereof is hereby
authorized
to sit during the sessions of the House or during any recess of the House,
and to hold its sessions in such places as the Committee may determine;
to require by subpoena or otherwise the attendance of witnesses,
the product1on of books, papers and documents, to administer oaths and
affirmations, and to take testimony.
Resolved further, That the Speaker is hereby authorized to issue subpoenas
to witnesses upon the request of the Committee or any subcommittee
thereof at any time,including any recess of Congress; and the Serge
,nt of
Arms is hereby empowered and directed to serve all subpoenas
and other
processes put into his hands by said Committee or any subcommittee
thereof.
Resolved further, That said select Committee shall have the right
at any
time to report to the House In one or more reports the results of its
inquiries
with such recommendations as it may deem advisable.
Resolved further, That the select Committee is hereby authorized
to
employ such stenographic,legal and clerical assistance including accountants
and investigators as it may deem necessary, and it is further authorized
to
have such printing and binding done as it may require.
Although the Senator to-day requested that the testimony
taken at the
hearing be printed, he later stated that he did not know
whether the subcommittee would make a report to the Senate.
"It is a closed matter," he said, "I see no necessity
of making a report."
If a report is made, however, Mr. Shortridge said, neither
Shearer nor
the shipbuilders who employed him as an "observer" at
Geneva will be
criticized.
"Nothing showed that Mr. Shearer was sent there to defeat or frustrate
the plans of our Government," Mr. Shortridge declared. "He
may have
been extravagant and assertive, but so far as I see it there is no reason
for
criticizing him."
B. & 0. Shop Forces Intact—Company, as Result, Has
Large Surplus of Cars Available for Service.
The following Baltimore advices are from the "Wall
Street Journal" of June 24:
The Baltimore & Ohio RR. Co., in line with its policy of stabilization
of employment, has maintained its shop forces practically at 100% from
Jan. 1 to June 30 1930, with the result that there are large surpluses of cars
and locomotives on hand in good condition available for service when
needed. The company has more than 300 locomotives repaired and stored
in good order.
Because of the season and with a view to maintaining stabilized operations in the shops arrangements have been made effective in the large
general shops whereby they will be closed for a period of three weeks from
July 1 to 21. This has been considered favorable for stabilized operations
rather than furloughing large numbers of men for indefinite periods.
500 Laid Off by Long Island RR.
-100 Were Temporary
Workers.
Nearly 400 employes of the Long Island RR. were dropped
from service June 20, it was learned at the Jamaica offices
of the company on June 21, said the New York "Times" of
June 22, which went on to say:
The maintenance of way department and the passenger and freight
services are affected by the order of the railroad. In addition, 100 temporary employes, hired three months ago, were dismissed.
These men were engaged to remodel steel coaches for operation on
the electric lines. The coaches had previously been in service on the
steam trains of the company, it was said. The work of remodeling was
completed last week, when all the coaches were fitted with electric motors.
They will be used to help relieve the summer congestion on the Rockawaya
and Long Beach divisions.
The maintenance of ways department was said to have lost the greatest
number of employes. Seventy-five men were discharged, reducing the
number in this branch of the service to 36. The staff In the repair
shops at Morris Park and Ilolban yards was reduced by about 100, while
20 firemen were notified not to report for duty yesterday. All the employes were notified of their dismissal when they received their bi-monthly
pay check on Friday.
No reason for the reduction in the staff was obtained from officials of
the company. George LeBoutellier, Vice President of the railroad, was
not reached at his home.
Former Senator Reed Attributes Business Ills to Wall
Street—En Route for European Trip, Says Market
is Manipulated.
James A. Reed, United States Senator from Missouri for
three terms, 1911-1929, and candidate against Alfred E.
Smith for the Democratic nomination for President in 1928,
arrived in New York on June 25; he had something to say
about Wall Street, Herbert Hoover, Calvin Coolidge and
conditions in general before his departure (June 27). This To Add 7,000 Employes—RCA-Victor Plans for Force of
is learned from the "Herald Tribune" of June 26, which
20,000 by Aug. 1.
stated in part:
The RCA-Victor Corp. soon will add about 7,000 em"Seriously, I have never known of so much suffering as now among a ployes to its payrolls, according to reports
received here on
certain class of our people," he went on. "Thousands of men who a
short time ago were comfortably well-fixed are now down and out, broke. June 24 from Philadelphia, says the New York "Times"
which adds:
Wall Street is to blame, and the chain stores, too.
"Strange that the lawmakers should outlaw the lotteries and tolerate
Wall Street. Why, the Louisiana Lottery was honest. You took a
chance and you knew the percentage was against you. But there was no
one to press a button and stop the roulette wheel or whatever they used
as a fixed number.
Says Munipulators Press Button.
"But Wall Street isn't honest. Supposing a thirfty man buys some
stock of a railroad which has been improving steadily and showing good
earnings. Then the manipulators raise the loan. rate up to 9 or 10%
and the market value of stocks crash. Or, if they're working the other
side of the street, they lower the rate. Anyway, they win and the outsider
hasn't a chance—they're always pressing the button against him.
"Moreover, when the prices are sky high, Calvin Coolidge comes along
and says don't sell America short. Then, after the crash, when most of
the people think some gamblers have been.plucked by other gamblers,
Mr. Hoover calls a conference of the best minds and tells the people the
country's in a bad way, but will be all right soon. And the people become
alarmed, and things get worse and worse. And every time Mr. Hoover
Issues another statement, things get still worse.
"The chain stores are to blame, too, for the shape this country is in.
I went into a store this morning and asked for three boxes of my favorite
brand of cigars. The man in charge said they didn't even have a full
box, but he would send a boy down to the nearest branch for them. The
boy returned in a few minutes all out of breath with one box, all the other
store had.
It was said about 20,000 employes would be needed by Aug. 1 to produce
about 9,000 complete radio sets daily, representing a new high peak in
output.
The latest type of machinery and time-saving devices will make it possible to turn out a complete radio and loud-speaker in less than two hours,
as compared with the best time heretofore of four hours, It was stated.
Sheet & Tube Wages—No General Reduction Planned
at Any of Youngstown and Chicago Plants.
In its issue of June 21 the "Wall Street Journal" reported
the following from Youngstown:
Youngstown Sheet & Tube Co. is considering no general reduction in its
wage scale for employes in any of its plants at Youngstown and Chicago,
the management announces.
"We are unalterably opposed to any reduction in wages," James A.
Campbell, Chairman, stated.
Reports that wages might soon be cut in Youngstown district mills preceded Campbell's statement.
"We believe it very harmful to the recovery of business," Mr. Campbell
stated, "to make any basic reduction in wages. It will be the policy of
our company to continue present wages as long as they continue in effect
with our principal competitors. We are strongly opposed to any general
reduction in wages."
JUNE 28 1930.1
FINANCIAL CHRONICLE
Hoyt Shoe Company of Manchester, N. H. Shuts Plant
for Two Weeks.
From Manchester, N.H.,June 21,the"Times" announced
the following:
On account of lack of orders, the F. M.Hoyt Shoe Co. of this city to-day
suspended operations for at least two weeks. When the plant is at peak
production 2,000 person are employed.
International Accountants Touche Niven & Co. Held
Liable for Losses—Appellate Division Rules for
Ultramares Corp., Reinstating Jury Verdict —
Auditor's Duty Stressed.
The Appellate Division of the New York Supreme Court
decided on June 13 that public accountants who make audits
for corporations with knowledge that their reports and certificates of audits are to be used in borrowing money will be
held responsible for negligence in making up the audit if
losses result. In indicating this in its June 14 issues the
New York "Times" said:
The ruling was made by a vote of three to two in the suit of the Ultramares Corp. against Touche Niven & Co., a firm of international accountants, of which Sir George Alexander Touche of London is the head, and reinstated a verdict for $187,576, which had been set aside in the lower Court.
The suit was brought on the ground that because of the certified balance
sheet furnished by the accountants for the defunct corporation of Fred
Stern & Co., Inc., the 1Titramares Corp. was induced to lend money to the
Stern company at a time when it was insolvent and did not have a net
worth of $1,070,715 as reported by the accountants. The jury, in awarding
the verdict, decided the accountants were negligent and that its award
represented the damage sustained through uncollectible loans, as a result
of the failure of the Stern company.
Justice Walsh, who tried the case, had set the verdict on the ground
that the accountants were not liable because they owed no duty to the
plaintiff.
In the majority opinion, written by Justice McAvoy, in which Presiding
Justice Dowling and Justice O'Malley concurred, it was declared that the
plaintiff's claim was based on the ground that "if one undertakes to discharge any duty by which the conduct of others may be governed, he is
bound to perform it in such a manner that those who are thus led to action
in the faith that such duty will be properly performed, shall not suffer loss
through improper performance of the duty or in neglect in its execution."
Justice McAvoy said that the jury's finding justified a conclusion that
"defendants were guilty of a gross degree of negligence in their audit,
and it is even urged that the evidence also warranted the finding that the
balance sheet was made up in fraud of the rights and obligations which
accountants, engaged in a public calling, would owe to those to whom they
had any reason to believe such balance sheet would be exhibited for purposes
of obtaining loans, extending credit, or to induce the sale of merchandise."
The Court said that if the accountants did not wish their audit to be used as
the basis for a loan they should "qualify the statement of their balance
sheet and the certificate which accompanies it in such a way as to prevent
its use."
The dissenting opinion of Justice Finch in which Justice Martin concurred, held that no duty was owed to the plaintiff by the accountants and
said:
The professional man, be he accountant or otherwise, certifies for his
client and not for all the world. If the accountant is to be held to an unlimited liability to all persons who may act on the faith of the certificate,
the accountant would be obliged to protect himself by a verification so
rigid that its cost might well be prohibited, and a limited but useful field
of service thus closed to him.
Other cases against the accountants resulting from loans to the Stern
Company are now waiting determination.
Owen D. Young Before National Electric Light Association Declares Against Exclusion in Our Tariff—
America's Prosperity Dependent on Good Will
Toward Other Nations—Development of Markets
• For Disposal of Surplus Goods as Aid to Industries.
Some of the basic economic problems of America were dealt
with in an address by Owen D. Young, Chairman of the
General Electric Co. in an address in San Francisco on June
19 before the National Electric Light Association. In particular Mr. Young directed attention to the question of the
marketing of our surpluses, loth agricultural and industrial,
and asked,"How can we market either to the world so long
as we can act on the principle that we are not interested in
the welfare of anyone but ourselves. Isolation in our
politics, exclusion in our tariff, he said "means that we will
retain as a just penalty to our own littleness the surpluses
which we might otherwise market to the peoples of the world,
and which so long as they stay with us, destroy our own
prosperity." Mr. Young among other things said:
Just as our own banking facilities have promoted the purchase by our
own people of larger quantities and more diversified kinds of goods irrespective of where they may be made in the United States,so an improvement in
international credit machinery will be of the greatest benefit to the United
States as a creditor nation having surpluses to sell. In fact, either international finance and credit must be developed to a much greater degree
than now or our tariff will have to go if we wish to sell our agricultural and
Industrial surplus abroad.
Mr. Young's address as given in the "Herald Tribune"
follows in part:
The problem of our American surplus is my subject. It is our most vital
and immediate economic question. I shall speak of the principles involved,
rather than of specific measures, and so endeavor to keep myself in the field
of economic discussion and out of the area of immediate political controversy.
"What surpluses have we to deal with.
4547
"First, and most conspicuous of all, is our agricultural surplus. The
proper handling of that problem has a direct bearing on. and one may say
is the key to farm relief.
"Second, we have our raw material surplus outside the field of agriculture,
such as our minerals.
"Third, we have our industrial surplus, which means more manufactured
goods than our people can consume. This surplus is not so large or so uncontrollable as our agricultural surplus. It is more readily financed and
lends itself to more orderly marketing. Nevertheless, it is a factor of
growing importance in American industry and has a substantial relationship
to unemployment.
"Fourth, we have an exportable surplus of services, such as technical
information, managerial and manufacturing experience, banking, insurance
and other services, which can be rendered to other nations without diminishing our usable supply at home.
"Fifth, we have our surplus of earnings over expenditures. They are our
savings, which have been constantly increasing, and which we wish to
enlarge. Now I am not prepared to say that this surplus ofsavings is more
than we can use at home. The question which we have to ask ourselves with
reference to savings is whether some part of them at least can be more usefully employed in the general interest of America outside of the United
States than they can be at home.
"All of the above questions are not unrelated to the tariff. Again, I
mean a tariff policy as distinguished from a tariff bill.
"You may well ask why speak about such questions here.
"Because no industry so quickly reflects the general prosperity of the
country as the power and light industry of the United States. You sell not
commodity but a service. It is used by industry only when plants are
a
busy and men are at work. Idle men and idle plants take none. It is
used at home largely in the proportion of men's capacity to pay, and when
earning power is reduced, consuming capacity for electricity is diminished.
You are interested in unemployment if for no other reason than because its
paralyzing blight compels curtailment in your service.
* * *
"Now,returning to the problem of the American surplus and what to do
one problem and not a series of problems,
with it. Let me first say that it is
whether the surplus is in wheat, cotton, copper, oil, automobiles, or unemployed plants and men. It is one problem from the standpoint of large
principle and general policy. We must first of all decide what our National
policy is to be with regard to our surplus, and not until that is done can we
hope to establish measures of effective relieffor our surpluses in any particular field. One reason why our thinking has been confused and our efforts
have not been fruitful in dealing with a particular problem such as farm
relief is because we have not established a consistent National policy. We
attempt to develop a specific measure for farm relief and then we find that
our efforts are neutralized by other National policies or activities entirely
inconsistent with it. Let us take this problem of farm relief.
"There is no longer any mystery in any one's mind as to what the problem is. There is confusion only as to how to deal with it. Our agricultural
problem arises from the fact that in many of our important lines we produce more than we can consume. Consumption cannot be materially increased. Thin figures require not more wheat but less. Short skirts require
not more textiles but less. Diets require not more meat but less—and
what are we to do with the surplus? The production of that surplus cannot
be closely controlled. It lies not only in the hands of the farmer who plants
but in the hands of that Providence which brings the rain and the sun and
the wind at proper or improper intervals. No intelligence of human beings
is large enough to adjust our agricultural production to consumption in our
domestic markets. Well, what shall we do with our surplus of wheat or
cotton, or what you please? We must get rid of it. There are only two
ways. Either we must burn it at home or sell it abroad. If America starts
to burn surplus wheat when people are hungry elsewhere in the world, that
fire will start a conflagration which we cannot stop. If America burns
surplus cotton when men are under-clothed elsewhere in the world, that
fire will start a conflagration which we cannot stop. There is no way out
except to market this surplus where men are hungry and where men are
under-clothed.
The method, however,of reducing the surplus of our mines and factories.
is to let some part of them lie idle, and, worst of all, to let the men who have
been employed in that production remain idle. In a word, we have merely
translated this surplus into other terms, a surplus of mining and manufacturing facilities which are idle on our hands, and a surplus of labor which
is likewise idle.
Idleness Most Dangerous Surplus.
"The idleness of men who wish to work is the most dangerous surplus
which can exist in any country. Its paralyzing blight reaches not into our
economics alone, but goes much further. We must learn how to deal with
this kind of surplus. It is the same problem as our agricultural surplus,
but it should be easier to deal with. It is ridiculous to speak of unemployment as a necessary condition of human society. It is nothing more than a
maladjustment of its machinery. It is a blot on our intelligence. It is a
drain on our sympathy. It is a promoter of charity which affects disadvantageously both those who give and those who receive. Some day we
shall learn to do better, but we must learn it soon. It is easier to deal with,
as I have said, than an agricultrual surplus, because that is represented by
specific articles, whereas unemployed labor may be turned to new channels
and new kinds of production. It has not yet been crystallized into goods.
Technological unemployment must be taken up by the creation of new
industries. Seasonal unemployment may be remedied by setting up complementary seasonal jobs or by larger inventories in the period of smaller
sales. Cyclical unemployment may be alleviated by the methods in which
the President has so courageously shown the way. But some part of this
surplus of labor should be used for the purpose of creating an exportable
surplus of goods and services. If we can make automobiles advantageously
for other people, if we can make radio sets, if we can make typewriters, if
we can make electrical equipment, then we have direct avenues though
which we can market a certain amount of our labor surplus and our plant
capacity outside of the United States. This will be of advantage to us
and to those who buy our goods. Just as we must market our wheat and
cotton and meat where people are hungry and are under-clothed,so we must
learn to market this surplus of our mines and factories, this surplus of
labor and plant capacity, where men elsewhere need the goods which we can
profitably make for them.
"How can we market these surpluses, both agricultural and industrial?
The method is well known. Those who need our goods are the potential
buyers. One cultivates his potential buyers. Ile does not rebuff them, He
seeks their friendship and their goodwill, If they need credit he extends it,
If they have goods which he can take in exchange, without curtailing the
business of his own country, he makes it a point to take them. Is that the
attitude of America to-day toward her potential customers? Are we creating
good will or bad will in the countries where they live? Are we interesting
ourselves in their welfare? Are we concerned about their living standards?
Are we extending them credits through our financial machinery? Are we
co-operating with them politically in order that they may improve their
4548
FINANCIAL CHRONICLE
condition? Are we making friends, and so creating an attitude of mind, a
spirit of relationship, which will convert potential customers into actual
ones? I venture the prediction that we must do so if we are to conserve our
own economic structure, not as a matter of charity, but of self-interest.
Must Broaden Interests.
[VoL. 130.
stitution of electric power for his own, but relieve the drudgery of housewives by substituting electric power for their own. You will develop the
productive and consuming capacity of every community which you serve.
This industry is showing the way. America can do a helpful job in the
economic development of countries less advanced in technical fields than our
own. When you think you are sending hundreds of millions of dollars to
develop electrical plants in other countries, you are not sending dollars at all:
you are in the last analysis sending American goods, and every wage-earner,
every farmer, and every citizen of the United States is being benefited by
the work you do. The goods may not go to that particular country in
which you builds plant, but they go out of America.
"My friend, Sir Josiah Stamp, has helpfully called our attention to the
fact that the pieces of paper which serve as bonds, notes, bills of exchange
and certificates of stock are not things of consequence in themselves. They
are merely the symbols of something which is taking place. Their use refleets in some form human effort and the distribution of its produce. This
great movement of pieces of paper, which we reckon as International
finance, amounts to nothing except as it evidences a great interchange of
goods and services throughout the world. Therefore, and this is a point
which I wish to drive home,when foreign obligations are coming to America.
American surpluses are being moved out. Farmers and industries are being
benefited. Instead of diminishing such movements. America needs right
now to have them increased. It will be the salvation of any farm relief
program. It will aid our industries and our mines. It will help with our
unemployment. This means that we should use some part of our surplus
savings wisely to increase the consuming power of other peoples.
"The people of America, and pirticularly the farmers with their agricultural surplus and the wage earners with unemployment, must learn that
the solution of their problem lies, not in a narrow isolation of America from
the rest of the world, not in an insulation of our economic structure, but
In the broadening of our interests, the extension of our aid, the development
of our credit machinery, the improvement of the economic conditions of
Other folk in order that they may buy what we so badly need to sell.
"The enemies of the rapid realization of that desired end in America are
suspicion, a narrowness of sympathy and point of view, both political and
economic; a tendency to treat other peoples as our economic enemies rather
than our friends, a threatening nationalism which in its extremes is dangerous to peace and good will. All of these things are too often played upon
for selfish ends by racketeers both in economics and in politics. This
country and the world has no use for them. Racketeers in finance are not one
whit better—in some cases they are worse—than the gunmen, who likewise
take their toll from society. At least it may be said of the latter that they
show physical courage. And the political racketeer is certainly no better
than the rest, He gambles recklessly for his own advantage with destructive
policies both at home and abroad, which ultimately ends in the very economic depression which we seek to avoid. There is no success for the American people through destructive policies based on suspicion of another's moSays Inequalities Bring Strife.
tives or on envy of his success. I have great hope, Mr. President, that
"And so, Mr. President, my final word on this subject is this: When our
the good sense and fine spirit of America will overcome promptly these
political policy in International affairs becomes co-operative in spirit, which
poisonous infections, and that we will destroy those would-be leaders, both
in public and private life, whose chief stock in trade is the public or private need not involve us in entanglements or alliances; when our economic policy
assassination of American good will, on which our prosperity must be based. looks to the economic development of the world as a whole and the improvement of living standards everywhere; when our tariffs and our treaties are
Urges End to Selfishness.
made to evidence this spirit (because we are under suspicion now); then we
"How can we market either our agricultural or industrial surplus to may hope for effective plans for farm relief, for reduction of our surplus of
the world so long as we can act on the principle that We are not interested raw materials and manufactured goods, for relief of unemployment, and
In the welfare of any one but ourselves? I had hoped that that old doctrine for—what is most important of all—a better spirit of all nations toward us
-destroying selfishness was being supplated in this new day and toward each other. That means peace, and peace thrives in a world of
of narrow and self
by a consciousness that men helped themselves the most by helping others contentment and mutual welfare. It cannot live in a world or in a nation
too. Isolation in our politics, exclusion in our tariff, means that we will where there are great inequalities and injustives caused by man-made
retain as a just penalty to our own littleness the surpluses which we might barriers.
otherwise market to the peoples of the world, and which, so long as they
"What shall our policy be? Whatever it is, it must be a large and all
stay with us, destroy our own prosperity.
embracing one. We cannot have a world-wide economic program if it is
"And now, Mr. President, let me speak of the use of our savings, that to be defeated by a narrow political policy. It does no good for businesses
is to say our fund for investment. Shall we use it exclusively at home, as to send their representatives to foreign countries to sell our surplus goods if.
many so strongly urge, or is it wise in the national interest and in the inter- politically, we ruthlessly offend the very customers they are trying to create.
est of the individual investor to use some part of it abroad? It has become We may tax ourselves in huge amounts to buy a farm surplus, but we will
a habit in certain quarters to malign the so-called international bankers. have to move it out of America or that program will fall. After all, the
They are charged with selling the financial resources of America abroad consuming power of the world has to be raised but little to take care of
to make a profit for themselves. A moment's reflection will prove that the the surpluses which cause so much disaster to ourselves.
attacks made on them are either ignorant or malicious. The first I can
Need Era of Good Feeling.
forgive; the second I can ignore, because intentional malice in America
"We, more than any one in the world, need an era of good feeling, not
will soon make a victim of the man who uses it
only in our own country but elsewhere. I beg the leaders both in politics and
Defends International Bankers.
economics to cultivate it. He who makes bad feeling at home or abroad
"Let us see what the international bankers do. One thing they do is to is not only a destroyer of our prosperity to-day but he will be the cause
offer in the American market bonds or other securities of foreign Govern- of far worse things to-morrow. America has no use, nor has the world, for
ments or businesses. What is taken out of America in payment for these professional manufacturers of bad will.
obligations? One would think, to hear many of the charges, that the
"Your industry. Mr. President, has been the beneficiary of great scientific
international bankers loaded ships with American currency and sent it achievement. It has functioned in this greatest of domestic markets of the
abroad in payment of the securities sold here. They forget that American world in a period of prosperity. Your future growth is bound to be very
currency would be of no service to the borrowers. One would think that the great, but as your industry enlarges its applications to all others, and more
international bankers loaded ships with our gold to pay for the obligations and more as you furnish power for all other industries, you will feel directly
sold here. And yet, in the last ten years something in excess of $10,000,- and you will reflect quickly the basic economic conditions of the people
000,000 of foreign obligations have been sold in America, and during that whom you serve.
period our net stock of gold has increased. Well, if we do not send out in
payment of foreign securities our currency or our gold, what do we send? 96%
of Population of Manhattan Island, New York,
The answer 1 simple. We send American goods.
-80% of Chicago's PopulaResides in Apartments
I venture the statement that these much maligned International bankers
have done more in the last 10 years, and will do more in the next 10, for
tion Domiciled in Apartments—Study by Halsey,
the relief of our farmers and our industry than all the Government agencies
Stuart & Co.
which have been or can be employed. The further development of our
International finance, the better development of the world's credit facilities
Ninety-six per cent. of the population of Manhattan Island
will more than anything else create actual buyers for our surplus of wheat, in
New York, and 80% of the population of Chicago lives
cotton and the products of our mines and factories. Just as or own banking
facilities have promoted the purchase by our own people of larger quantities in apartments, according to a study of the trend towards
and more diversified kinds of goods,irrespective of where they may be made cities which has just been released by Halsey, Stuart & Co.
In the United States, so an improvement in International credit machinery
The tendency of people in cities to live in apartments rather
will be of the greatest benefit to the United States as a creditor nation
having surpluses to sell. In fact, either International finance and credit than homes is also illustrated by figures covering the entire
must be developed to a much greater degree than now or our tariff will have United States.
Contracts fot apartment construction
to go If we wish to sell our agricultural and industrial surplus abroad.
Surpluses Govern Prosperity.
"Something must come in if wheat and cotton and meat are to go out.
In the long run the only things to come in are either commodities, including gold, or foreign obligations. We have restricted the import of
foreign goods, and we do not wish the unsettlement that might come from a
further large flow of gold this way. It is natural,therefore, that the volume
of our merchandise exports during the past ten years should have followed
broadly and strikingly the volume of foreign security issues in our markets.
"During the last 10 years the foreign obligations sold in this market
were about 15% of our exports for the period, but that 10% was a most
material contribution to our prosperity. The dividing line between prosperity and the want of it is so sensitive that all our surpluses vitally affect
it. They may represent only a small percentage of our total volume, as
In fact they do, but unless they are wisely and intelligently handled they
are bound to create disaster. In fact, our surpluses are a kind of governor
of our economic engine. Either they blow off at the appropriate time or the
engine blows up. That is the reason why I think it worth while to pay so
much attention to them to-night. Any use of our credit which will move
these surpluses at the right time and in the right volume is one of the
most effective services which our surplus savings can render to the pros
parity of this country,
Praises Foreign Development.
"But some one says we cannot go on always taking foreign obligations for
our exports. There will be an end in time. Yes, but if our credits are
wisely extended, the ratio of our foreign obligations to the capacity of the
world to pay will be a diminishing one.
"In this connection, Mr. President, I am prompted to mention the great
service to the economic development of the world which is now being made
by men in your own industry. Electrical power plants are now being engineered and financed and managed by you in many parts of the world,
and the result will be that you will duplicate there what you have done here.
You will multiply the capacity, not only of the worker, through the sub-
advanced, according to estimates covering the entire United
States, from approximately $464,496,000 in 1921 to about
$1,189,258,000 in 1929. While exact figures for recent
years are not available, the statistics show that in 1926
in 250 American cities with populations of 25,000 or more,
209,742 new apartment structures were built in 1926 contrasted with 188,074 one- and two-family homes, the latter
falling, for the first time, below the number of new apartment houses erected.
"Insured Savings" Plan Subject of Address by E. A.
Richards of New York Savings Bank of Brooklyn
at Convention of American Institute of Banking.
An "insured savings" plan was explained by Edward A.
Richards, President East New York Savings Bank, Brooklyn, N. Y. at the Denver Convention of the American
Institute of Banking Mr. Richards stating that for "many
years bankers interested in savings and thrift accounts have
sought a competent and legal means to combine life insurance with systematic saving." He pointed out that the law in
many States permits persons to be insured as a group who
become borrowers from one financial institution, or purchasers of securities from one vendor, under agreement to pay
the sums borr wed or the balancl of the price of the securities in installmcnts over a period of not more than ten years.
Jurrm 28 1930.]
FINANCIAL CHRONICLE
"Why not use this principle of group life insurance protection to encourage men and women to build on the installment plan and protect by insurance an interest-bearing
bank account?" Mr. Richards said. He added:
A savings deposit entitled to interest dividends is a "security" under
the law. When I give a depositor a savings pass book with $1,000 credit,
I am putting into his hands just As good a security as a railroad bond.
Under our plan we practically sell our depositors a pass book with a definite
credit and let him pay for it on the installment plan. If he wants an "insured saver's account" we give him A book with $1,000 credit, take his note
for the amount of the credit and his promise to pay that note in monthly
Installments of $20. We may loan on the security of our pass books. We
therefore take an assignment and pledge of the pass book as security for
the payment of the note and the installments. Our depositor has therefore
become a borrower from our institution, and as such may be insured under
the group insurance law for the difference between the amount of the borrowing and the amount from time to time paid on account.
The insurance is written for the benefit of the bank but immediately inures
to the benefit of the depositor's estate or beneficiary because the minute
the bank receives the proceeds of the insurance the depositor's obligation is
paid in full and the bank account and certificate, free and clear of any obligation, become the property of the beneficiary or estate. This plan gives
incentive, encouragement and protection to the thrifty man who seeks to
build financial independence. A $1.000 insured saver's certificate pays in
full, with accumulated dividends at 4M % per annum, by the deposit of
$20 a month for 47 months. During that time the account earns about
$85 interest. The plan costs the depositor a total of $24. The insurance
is carried through the terms of the contract, or until the depositor becomes
three months payments in arrears,in which event the insurance is cancelled.
Cancellation means no forfeiture to the depositor. He loses only the semiannual amounts paid toward the cost of the plan, and for that he has had
full value in insurance. He still has his monthly deposits and all interest
dividends that have been credited.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Cotton Exchange membership of David A.
Hughes was reported sold this week to Alvin L. Wachsman
for $18,000. The last preceding sale was for $20,000.
A Chicago Board of Trade membership was reported sold
this week for $17,000, an increase of $500 over the last
preceding sale.
The resignation of Alden S. Blodget, Vice-President of
Guaranty Co. of New York, to take effect on Aug. 1, was
received and accepted with regret by the Executive Committee of the company at a meeting held June 25. Mr.
Blodget's retirement from his executive position with the
Guaranty Company ends a period of over twenty years of
continuous service in that organization. He is leaving to
becorde a senior partner in New York of the stock exchange
firm of Babcock, Rushton & Co., of Chicago and New York.
Mr. Blodget enters upon the duties of his new connection
on Aug. 1 at their offices in this city.
A recommendation that the authorized capital of the
Manhattan Company be increased from $40,000,000 to
$45,000,000 is contained in a letter addressed to the stockholders by P. A. Rowley, President of the company. The
present authorized stock consists of 2,000,000 shares of $20
par value and will be increased to 2,250,000 shares. Part of
the increased stock, it is stated, will be used to acquire the
remaining minority interest in New York Title & Mortgage
Co., in which the Manhattan ComPany now possesses a
98% interest. The remainder, it is declared, will be "available for issuance to such persons or corporations, upon such
terms, whether for money or property and for such purposes,
as may be determined from time to time by your directors."
The company has recently completed its acquisition of the
Central Bank. Other subsidiaries are Bank of Manhattan
Trust Co. International Acceptance Bank, Inc., International Manhattan Co., Inc., New York Title & Mortgage
Co., American Trust Co., The County Trust Co. of White
Plains, N. Y., and the National Mortgage Co.
4549
interests. Mr. Cheney, who was New York State Superintendent of Banks under Governor Hughes, and who was
also formerly President of the Pacific Bank of New York
and a Vice-President of the American Exchange-Pacific
National Bank, will continue as a director of the Irving
Trust Co., and as a member of the Advisory Boards of several of the Irving's banking offices.
The stockholders of the Corn Exchange Bank Trust Co.
of New York ratified on June 2 the proposal to increase the
capital of the institution from $12,100,000 to $15,000,000.
This increase will be effected by the issuance of 145,000
additional shares of stock of $20 each, such stock to be
issued, as was indicated in these columns of May 24, page
3655, as follows:
Each stockholder of record at the close of business on the 12th day of
June 1930 shall have the right to subscribe at $100 per share to an amount
of the new stock equal to 23%% of the stock held by him at the close of
business on June 12 1930. In this manner 142,175 shares will be subject
to subscription at $100 a share, leaving a balance of 2,825 shares. These
shares and any of the 142,175 not subscribed for will be sold at public
auction. Fractional shares will not be entitled to a dividend.
The increased capital will become effective July 3.
Frederick 0. Foxcroft, Vice-President of the Chase National Bank and veteran New York banker, died at his
home in Newark, N. J., on June 23, after an illness of
several weeks. Mr. Foxcroft was born in Newark, N. J.,
Sept. 13 1859, and at the age of 19 entered the National
Park Bank of New York as a messenger. His service with
that institution was continuous for the 50 years which
elapsed until its merger with the Chase National Bank on
Aug. 26 1929, at which time he became Vice-President of
the enlarged bank, but remained at the National Park
branch. Throughout his long period of service he worked
In various capacities; he was made Assistant Cashier in
1901; in 1920 he became Assistant Vice-President, and in
1922, Cashier. Because of the large number of bank correspondents served by the National Park Bank, Mr. Foxcroft
enjoyed a wide acquaintance among bankers. On the
occasion of his fiftieth anniversary at the National Park
Bank, Jan.9 1929, Mr. Foxcroft recalled that he had started
at a salary of $20 a month. The bank then had 100 employees. He witnessed the introduction of typewriters and
adding machines, and the installation of the first telephone.
During the panic of 1907, when the New York banks were
called upon by out-of-town correspondents for shipments
of gold, Mr. Foxcroft recalled that he walked to the Subtreasury Building, at Wall and Nassau Streets, with
$5,000,000 of currency to secure a consignment of gold. In
addition to his bank connection, Mr. Foxcroft was Chairman of the Board of Directors of the Bank Clerks' Building & Loan Association of New York.
Announcement is made of t- he election of F. W. Charske
as a director of the Bank of Manhattan Trust Co. of New
York. Mr. Charske is a director and Vice-Chairman of the
Finance Committees of the Union Pacific Railroad Co.,
Oregon Short Line Railroad Co., Oregon Washington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.
The Chelsea Exchange Corp. of New York announces
that Lester A. Frenkel has been elected a Vice-President
of the organization.
F. W. Charske was electe- d a director of the Bank of
The Irvington National Ban-k, Irvington, N. Y., on June 16
Manhattan Trust Co. of New York on June 20. Mr. changed its name to the Irvington
National Bank &
Charske is Vice-Chairman and a director of the finance Trust Co.
committee of the Union Pacific RR. Co., Oregon Short
Line RR. Co., Oregon Washington Railroad & Navigation
On June 18 the Comptroller of the Currency issued a
Co., and Los Angeles & Salt Lake Railroad Co.
charter for the First National Bank of Minoa, N. Y. The
institution is capitalized at $50,000. Joseph A. Strodel is
Walter H. Bennett has re-signed as Vice-Chairman and
President of the new bank, and Archibald S. Maynard is
as a director of the Irving Trust Co. of New York, and has
Cashier.
also tendered his resignation as an officer and director of
the American Exchange Securities Corp. Mr. Bennett was
The Fulton County Nationa-l Bank, at Gloversville, N. Y.,
formerly First Vice-President of the American Exchange on June 20 became the
Fulton County National Bank &
National Bank and had been Vice-Chairman of the Board Trust Co. of Gloversville.
of the Irving Trust Co. since the consolidation of the two
Institutions in December 1926.
On June 17 the Comptroller of the Currency approved
an application to organize the First National Bank of
has resigned as Vice-President of the Irving
0. H. Cheney
Odessa, N. Y., with capital of $50,000.
Trust Co. of New York to devote himself to his private
4550
FINANCIAL CHRONICLE
[VoL. 130.
Nathan D. McClure and Prank B. Wales have been made has been accomplished, according to advices from Grove
Vice-President and Assistant Treasurer, respectively, of City on June 21 to the "Wall Street Journal."
the Shawmut Corp. of Boston, Boston, Mass., and will be
Changes in the personnel of the Broad Ripple State Bank
resident in its Chicago office.
and the East Washington State Bank, both of Indianapolis,
and both affiliates of the Fletcher Savings & Trust Co. of
The Worcester Bank & Trust Co., Worcester, Mass., and
Indianapolis, were announced on June 20 by William Dawthe Worcester County National Bank of that city, together
son, President of the Broad Ripple State Bank, and Samuel
with the group of Worcester County banks controlled by the
Mueller, Vice-President of the East Washington State Bank.
latter, will become affiliated under a common ownership
and management if the stockholders ratify the action taken Lee Welker, who has been Cashier of the East Washington
by their respective directors on Tuesday of this week, State Bank since September 1923, was appointed Cashier
June 24,according to Associated Press advices from Worcester of the Broad Ripple State Bank to succeed Fred Whicker,
on the day mentioned, printed in the Boston "Herald" of who recently resigned to become identified with the Fletcher
June 25. Meetings of the respective stockholders of the Joint Stock Land Bank, while Earl Staudacher, an Assistant
banks will be held on July 8. The consolidation will in- Cashier of the East Washington State Bank for about five
volve deposits of $70,000,000 and resources of upward of years, has been named Cashier to serve during Mr. Welker's
$83,000,000. Under the merger plan, the Worcester Bank unexpired term of office.
& Trust Co. will purchase the stock of the Worcester County
Charles J. French, formerly an Assistant Cashier of the
National Bank by an exchange of shares on the basis of
2 1-3 shares of the Worcester Bank & Trust Co. of the par Union Industrial Bank of Flint, Mich., has been appointed
value of $20 a share, plus $5 in cash, for each share of the a Vice-President of the institution, which is a member of
Worcester County National Bank of the par value of $50 the Guardian Detroit Union Group, according to the "Michia share. The purchase will carry with it ownership of the gan Investor" of June 21. Mr. French, it was stated, has
Second National Bank of Barre, Mass.; Clinton Trust Co., lived in Flint since 1916, when he went there as Assistant
Clinton; North Brookfield National Bank, North Brook- Secretary of the Y. M. C. A. He served as City Treasurer
field;Spencer National Bank,Spencer, and the First National for three successive terms and has been a member
of the
Bank of Webster. The Fitchburg Bank & Trust Co., Board of Education since 1927.
Fitchburg, has already been merged with the Worcester
That the Commercial Nat- ional Bank & Trust Co. of
County National Bank and is operated as its Fitchburg
branch. As part of the consolidation plan, the Worcester St. Joseph, Mich., has acquired by purchase the Union BankBank & Trust Co. will increase its paid-in capital from ing Co. of the same place was reported in a press dispatch
$2,000,000 to $3,800,000 and will also reduce the par value from St. Joseph on June 23, printed in the Chicago "Post"
of its shares from $100 a share to $20 a share, making five of June 25. The consolidation, it was said, gives St. Joseph
new shares of the par value of $20 a share for each share of the largest bank in Berrien County. J. J. Theisen is Presiold stock of the par value of $100 a share. John E. White, dent of the enlarged institution.
now President of the Worcester Bank & Trust Co., will
become Chairman of the Board of Directors and Chairman
The BancOhio Corporation, Columbus, is entering the
of the executive committee of the affiliated institutions, banking field at Washington C. H., Ohio. A new bank
while Walter Tufts, now President of the Worcester County under the title of the First National Bank of Washington
National Bank, will be President of both banks. The dis- C. H. will be opened for business in a short time. It will
patch mentioned furthermore contained the following table be capitalized at $150,000, consisting of 3,000 shares of the
showing the resources and deposits of the proposed affiliated par value of $50 a share. The BancOhio Corporation, which
institutions as of March 27 last:
is promoting the enterprise, owns a majority of the capital
Resources.
Deposits.
stock, and back of the new institution will be the resources
Worcester Bank & Trust
$39,383,243 $32,349,890
Worcester County National
35,236,615 29,313.357 of that organization.
Second National, Barre
Clinton Trust
North Brookfield National
Spencer National
First National, Webster
Total
409,306
3.773,027
594,417
1,105,845
2,704,095
357,827
3,293,598
542,692
832,782
2,437,703
$83.206,548 $69,127,849
John E. Hannigan, liquidating agent of the defunct Prudential Trust Co., Boston, and his associate, Judson Hannigan, are signing 2,500 checks to be paid on July 3 to depositors in the commercial department of the trust company, according to the Boston "Herald" of June 25, which
went on to say:
The checks represent 39 1/3% of the total deposits in the commercial
branch, and this Is the fifth and final dividend, making 100% payment
to this class of depositors. The final dividends entail disbursement of
$361,829.71.
This is the only bank of the several which were closed under the
administration of Bank Commissioner Joseph Allen that has paid 100 cents
on the dollar to both depositors in the savings and commercial departments.
The Hanover Trust Co.. paid in full depositors in the savings branch.
There is a technical requirement that after the final dividends are paid a
meeting of the stockholders shall be called to decide what shall become
of the bank.
The Prudential Trust Co. was taken over by the State
Bank Commissioner on Sept. 10 1920. In our June 21 issue
reference was made to its affairs on page 4361.
With reference to the affairs of the failed Vineland Trust
Co., Vineland, N. J., noted in our issue of June 14, page 4179,
the Newark "News" of June 21 stated that Vice-Chancellor
Ingersoll, at Atlantic City, on June 20, appointed Senator
McAllister of Cumberland County and Thomas L. Hanson,
Secretary to Governor Larson, receivers for the trust company, and they took immediate possession of the Institution.
Temporary bond was set by the Vice-Chancellor at $100,000.
Assets are more than $2,000,000. The "News" furthermore
stated that the 'receivership bill was filed by Meyer E. Ruback, of Leber & Ruback, and Israel B. Green.
The Brotherhood of Railway Clerks National Bank, Cincinnati, said to be one of the largest labor banks in the
country, was closed on June 26,as the result of the $1,000,000
check kiting operations of A. W.Shafer, whose speculations
forced the Cosmopolitan Bank & Trust Co. (also of Cincinnati) to close recently, according to Associated Press
advices from Cincinnati on June 26, printed in yesterday's
New York "Times." The directors of the institution, it
was said, voluntarily closed the bank after depositors had
withdrawn $1,000,000 in the three previous days. The"run"
followed the resignation of three high officials of the institution on June 23. Two of these former officers, Lisman
E. Norris, Vice-President, and Harry Rosenblum, Cashier,
were arrested on warrants sworn out by Haveth E. Mau,
United States District Attorney, for alleged conspiracy to
violate the National Banking Act. They pleaded "not
guilty" and subsequently were held under a bond of $25,000
each. We quote further in part from the advices as follows:
A slight "run" existed at the bank since June 10, directors said. That
was the date the Cosmopolitan locked its doors upon disclosure that Shafer
former manger of the H. L. Doherty Co., City Service securities dealers,
was short $623,000 in his account with the Cosmopolitan.
Mr. Mau said Shafer had deposited Cities Service collateral bearing
forged endorsements with the Brotherhood bank. The exact amount was
not disclosed, but it was reported to run from $225,000 to $375,000. . . .
OA The Brotherhood Bank had deposits of $4,800,000, total resources of
$5.659,363, capital stock of $400,000, surplus of $100,000 and undivided
profits of $65,958. Despite the forged signatures on Shafer's collateral with
the Brotherhood Bank, the institution was said by directors to be in sound
condition in a report issued Monday.
Subsequent advices from Washington, June 26, to the
"Wall Street Journal" stated that the Comptroller of the
Currency has appointed Ira Fulton of Columbus, Ohio,
receiver for the closed institution.
The Detroit "Free Press" of June 18 stated that Elbert S.
Burns will become Vice-President in charge of bank operations of the Guardian Trust Bank, according to an announcement by Robert 0. Lord, President of that institution. Mr.
Consolidation of the Grove City National Bank, Grove Burns has been Vice-President of the Bank of Detroit,
City, Pa., and the Grove City State Bank of that place, which will merge with the Guardian Detroit Bank, July 1.
JUNE 28 1930.] •
FINANCIAL CHRONICLE
4551
The Union Savings Bank of East Sedalia, Mo., was closed
He joined the staff of the Bank of Detroit in 1922 as
Auditor, and since his appointment to the Vice-Presidency on the afternoon of June 20, following the suicide earlier
in the day of Richard P. Asbury, Executive Vice-President
has been in charge of the bank's boulevard office.
of the institution, as reported in Associated Press advices
Harley L. Clarke, President of the Utilities Power & from Sedalia, June 20, appearing in the St. Louis "GlobeLight Corp., Fox Film Corp., and other companies, has been Democrat" of the next day. It was announced that the
made a director of the Central Trust Co. of Illinois, Chicago, directors' action in closing the institution was taken as a
according to advices from that city on June 25 to the "Wall precautionary measure, as Herbert W. Mason, the bank's
Cashier, stated that "he was confident the bank's affairs
Street Journal."
were in good shape, as he personally watched them closely."
An application to organize the First National Bank of The dispatch furthermore said, in part:
S. L. Cantley, State Finance Commissioner, was notified of the closing
Pane, Ill., was approved by the Comptroller of the Curof the bank, and ordered George U. Freund, State Bank Examiner, to
rency on June 21. The new bank will be capitalized at make an examination of the bank's books. The examiner arrived this
afternoon. The bank's directors, while confident the institution is in
$75,000.
Formal opening of the new Merchandise Bank & Trust Co.,
Chicago, in the Merchandise Mart, a recently completed
building, took place on Saturday, June 21. The new bank
starts with invested capital of $1,250,000. The officers are:
Sterling B. Cramer, Chairman of the Board; Raymond L.
Redheffer, President; Frank H. Walker, Cashier, and Garfield Thompson, Assistant Cashier. Reference to the organization of the institution was made in our issue of
Aug. 3 1929 and April 12, pages 746 and 2522, respectively.
sound condition, desired the examination in order that they would be able
to give their patrons definite information. The bank will remain closed
until the examination is completed.
Coroner W. T. Bishop conducted an inquest late to-day and the jury
returned a verdict that Asbury had met death from gunshot wounds selfinflicted with suicidal intent.
The Merchants' & Farmers' State Bank. at Fall Creek,
Wisc., an institution with capital of $15,000 and deposits
of $146,031, was suspended from doing business because
of "frozen" assets and the gradual withdrawal of deposits,
the State Banking Department announced on June 17, according to advices from Madison on that date to the Milwaukee "Sentinel." Gustave Roeseler is President, Otto A.
Petrick, Vice-President, end E. J. Zetzman, Cashier.
The First National Bank of Monroe, N. C., capitalized
at $100,000, was placed in voluntary liquidation as of
June 1930. The institution was absorbed by the North
Carolina Bank & Trust Co. of Greensboro, N. C.
According to the "Wall Street Journal" of June 21, the
First National Bank of Welch, West Va., has been placed
in the hands of a Federal Bank Examiner, after being
ordered temporarily closed because of abnormal withdrawals. An Associated Press dispatch from Welch on
June 20, printed in the New York "Times" of the next day,
stated that D. A. Wood, a bank examiner, predicted that
depositors would suffer no losses. The last published statement of the institution listed assets at $2,332,532 and deposits at $1,821,000, it was said.
Organization of the First National Bank of Bison, S. D.,
which will take over and consolidate the business of the
Bison State Bank and the First State Bank of Strool, S. D.,
was announced last week by P. J. Leeman, Vice-President
and General Manager of the First Bank- Stock Corp., with
headquarters in St. Paul and Minneapolis. The official
announcement said, in part:
A press dispatch from Alexandria, Va., June 19, appearing in the Baltimore "Sun" of the following day, stated
that Clay T. Brittle, who was arrested on Jan. 29 last for
the alleged embezzlement of more than $60,000 from the
Bank of Del Ray (P. 0. Alexandria), of which he was
Cashier, was indicted by a special Grand Jury on June 19
A charter for the new bank has been granted by the National Banking
Department, and it will commence operations next Monday, June 23, in and his trial set for July 8. The dispatch, continuing, said,
the quarters of the Bison State Bank. The new First National of Bison in part:
becomes the 18th South Dakota member of the First Bank Stock Corp.
group.
George P. Allen, Strool rancher and capitalist, becomes President of the
First National. S. L. Allen, Vice-President of the Aberdeen National
Bank le Trust Co. (Aberdeen, S. D.), is Vice-President, but will continue
his residence at Aberdeen. A. 0. Rolkn, who has been Cashier of the
First State Bank of Strool, continues as Cashier and managing officer of
the consolidated institution.
•
• •
As e.hartered by the Comptroller of the Currency, the First National is
capitalized at $25,000, with paid-in surplus of $5,000 and undivided profits
of $7,600. In consolidating the assets and assuming the deposit liability
of the two State banks, the First National will commence operations
with an initial deposit of approximately $300,000.
After hearing the testimony of 15 witnesses in a five-hour session, the
jury returned 13 counts, charging grand larceny of funds from the bank.
The bank was closed on Jan. 21 by State Examiners, after a reported
shortage.
Two friends posted bond of $25,000 for Brittle's appearance in court
on July 8.
First
Effective June 10, the - National Bank of Evergreen,
Ala., capitalized at $50,000, was placed in voluntary liquidation. The institution was taken over by the People's Bank
of Evergreen.
That the First National A- ssociates, a holding company
for the First National Bank of Atlanta, Ga., has purchased
a majority of the stock of the Macon National Bank, Macon,
Ga., and has agreed to take all of the stock that is offered
by the shareholders of that institution became known in
Macon on June 17, according to advices by the Associated Press from that city on June 17, printed in the Atlanta
"Constitution" of the following day. The deal, it was
stated, means an early consolidation of the Continental
Trust Co. of Macon (already an affiliate of the First National Bank of Atlanta) with the Macon National Bank.
"Possibly a new name will be chosen and possibly a new
banking house will be built on the old Fourth National Bank
site to accommodate the marged institution." We quote
Announcement was made on June 18 that Sidney Maestre, furthermore in part from the dispatch as follows:
The Macon National Bank and the Continental are both now affiliated
President of the Mercantile-Commerce Co., St. Louis, had
with
been made a director of the Mercantile-Commerce Bank & Maconthe First National Bank of Atlanta and with the acquiring of the
institution the First National (of Atlanta) is said to be the largest
Trust Co., of which the Mercantile-Commerce Co. is the financial institution in the Southeast.
A statement issued in connection with the transaction is all that local
investment organization, according to the St. Louis "Globe(Macon) officials knew of the project, which shows that approximately
Democrat" of June 19, which, continuing, said:
$9,000,000 in resources will be merged here when the Macon National and
The Yuma Valley Bank, said to be the largest financial
Institution in Yuma, Ariz., closed its doors on June 20 and
announced that it is in the hands of the State Banking
Commission, according to Associated Press advices from
Yuma on that date, printed in the Denver "Rocky Mountain
News" of June 21. Vice-President Cooke of the institution
was reported as saying that depleted resources, occasioned
by low prices of farm commodities, and especially the condition of the cotton market, caused the closing. In its
statement of Mar. 27 last the institution listed total resources at $1,962,772 and deposits at $1,680,447, it was
stated.
3faestre has been engaged in the bond business for 17 years. In 1913,
after receiving the degree of bachelor of arts at the University of Missouri,
he became a bond salesman for the Mercantile Trust Co. and soon was
made Assistant Manager. Later he went to Kansas City to become a
partner in Stern Brothers & Co., and in 1919 returned to the Mercantile
Trust as bond department manager. Five years after that be became a
Vice-President. Last year, when the Mercantile Trust and the National
Bank of Commerce merged, he was made President of the investment unit.
the Continental Trust Co. become one banking house.
"It may take a month; it may take longer," C. E. Allen, President of
the Continental Trust Co., said to-day (June 17) in reply to a question as to
when the merger would be completed here. "In the meantime there will
be no changes in either of the Macon banks."
Jesse B. Hart, who has been President of the Macon National since its
organization 18 years ago, will continue as the Executive Officer of the
Macon National Bank, at least until the merger is completed and for at
least a year he is to remain an officer of that bank.
4552
FINANCIAL CHRONICLE
While Mr. Hart would not discuss the matter further than was shown
in an official statement, it was learned that stockholders had been advised
that the price paid for the stock acquired was $190 a share, the highest
price ever paid for stock in a Macon banking institution.
The Board of Directors of the Hibernia Bank & Trust Co.
of New Orleans have declared for the quarter ending
June 30 1930 a quarterly dividend at the rate of 5%, or
$1.25 per share, on its $25 par value shares, payable July 1
1930 to stockholders of record June 25 1930. The directors
also have declared as a bonus a quarterly dividend on the
salaries of all employees, the amount of which is based
both on salary and length of service. It has 'been the
practice of the Hibernia Bank & Trust Co. for the past 10
years to pay this quarterly bonus on the salaries of all
employees.
[Vol.. 130.
education in the Toronto grammar school, he began his
career as office boy for W. P. Howland & Co. of Toronto.
In 1875 he became a junior clerk in the Imperial Bank.
Two years later he started the business now known as H. S.
Howland Sons & Co., wholesale hardware merchants, of
which he was President for many years. The deceased
banker had served as President of the Toronto Board of
Trade and -Chairman of its Railway and Transportation
Committee.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for a moderate upward reaction on Thursday during which the railroad shares developed a brief period of
strength, the general trend of the market this week has been
downward. On Saturday and again in the early trading on
On June 16 the Comptroller of the Currency issued a Monday, many active stocks were under pressure of liquidation, but the brisk rally on Monday afternoon served as a
charter for the First National Bank in Hutto, Texas, capcheck against a further break at that time. On Thursday
italized at $25,000. T. N. Mauritz is President and Jennie
the market as a whole was fairly active, and many of the
Mauritz, Cashier of the new institution.
market leaders regained a part of their losses sustained during
With reference to the affair- s of the failed Texas National the early part of the week. The statement of the Federal
Bank of Fort Worth, Tex., Fort Worth advices on June 17 Reserve Bank,issued after the close of business on Thursday,
showed a further decrease of $371,000,000 in brokers' loans
to the Dallas "News" said:
in this district, making a total reduction of $858,000,000
Three complaints charging forgery and passing of false instruments
totaling $33,266.54 were filed Tuesday against B. B. Samuels, President of since April 30. Call money renewed at 23.-% on Monday,
the defunct Texas National Bank, in Justice Walter Prichard's Court by dipped to 2% late on Tuesday
with a further reduction to
District Attorney R. A. Stuart.
134% on Thursday, the last reduction being the lowest rate.
The first complaint charges that on Mar. 25 1929 Samuels forged a
On Friday the,renewal rate was fixed at 2% where it redemand note for $15,000 with 10% interest, using the name of Mrs. Lillie
H. Schuster, and pas•ed it on the Texas National Bank. Mrs. Schuster, mained unchanged throughout the
day for new loans in
who residm in St. Louis, Mo., according to Mr. Stuart, is Samuel's sister-ineffect since Aug. 1 1917.
law. The signature, Mr. Stuart said, was made without the consent of
The stock market turned acutely weak on Saturday, espeMm. Schuster.
The second complaint charges that on May 9 1929 Samuels forged the cially during the early trading, and registered
many new low
name of Mrs. Lillie H. Schuster to a 6% demand note for $8,784.75, and records for
the year. United States Steel and American
the third charges that on Oct. 29 1929 he forged the name of Mrs. Lillie
Schuster to a 90-day promissory note for $9,471.79 at 10% interest. The Can were particularly weak and melted away under bearish
third note was secured by 400 shares of Texas Pacific Coal and Oil stock, pressure, the former receding 2% points to
1554 and
according to the complaint.
American Can yielding 534 points to 11034. Numerous other
Mrs. Schuster's legal representative in Dallas furnished Mr. Stuart with
active stocks displayed acute weakness and dipped from
details on which the complaint was based.
The District Attorney will seek extradition of Samuels, who now is in a 2 to 15 or more points below the preceding close. Prominent
New York hospital. The complaints were signed by George Chollar, in this class were Air Reduction
314 points to 11634, Allied
county investigator.
Chemical & Dye 15 points to 236, American Machine &
Foundry 8 points to 192, American Tobacco 9 points to
From the San Francisco "Chronicle" of June 17 it is
217, Columbia Carbon 931 points to 1153 , Auburn Auto
%
learned that Will C. Wood, State Superintendent of Banks
6 points to 973'2, Brooklyn Union Gas 534 points to 12034,
the previous day issued a permit authorizing the formation
Canadian Pacific 4 points to 187, Electric Power & Light
of the First State Bank of Huntington Beach, Cal. The 43%
points to 59, General Electric 334 points to 6634, General
bank is being organized for the purpose of effecting a con- Railway Signal
33 points to 76,Public Service of New Jersey
solidation of the Home State Bank of Huntington Beach
3% Points to 87 and Vanadium Steel 331 points to 72.
and the First National Bank. Application was made by
Selling pressure was again in evidence in the early trading
L. W. Blodget in behalf of the following principal organ- on Monday and forced many of
the leading issues further
izers: L. B. Tannehill, Joseph Vavra, J. Ed Huston, H. T. downward. Late in the day prices displayed
marked imDunning, C. P. Patton, S. R. Bowen, J. K. McDonald, E. G. provement and many active stocks that were
down in the
Conrad, Willis H. Warner, Ralph C. Turner, L. W. Blodget, morning closed with substantial gains on the day. Trading
P. B. Hess, Quincy Cass, and C. H. Howard.
was unusually heavy, particularly among the market leaders,
like General Electric and Consolidated Gas, the former
The First National Bank of Corvallis, Ore., capitalized at selling in a block of 40,000 shares, and the latter selling in a
$100,000, and the Corvallis State Bank of the same place block of 25,000 shares. Numerous other stocks sold at new
with capital of $50,000, were consolidated on June 21 under lows, but the uprush in the last hour lifted many of the
the title of the First National Bank of Corvallis, with cap- weak issues above the morning lows as the market continued
strong to the close. The principal changes on the side of
ital of $150,000.
the advance were Worthington Pump 4 points to 125, Mack
The Board of Directors of Barclays Bank (Dominion Colo- Truck 5 points to 55, Allied Chemical &
Dye 6 points to
nial and Overseas) have declared Interim Dividends for the 242, Amer. Tel. & Tel. 534 points to 20834,
J. I. Case
half-year ended 31st March, 1930 at the rate of 8% per Threshing Machine 14 points to 181, Electric
Power & Light
annum on the Cumulative Preference Shares and at the 63 points to 653 , and International Salt
%
934 points to
rate of 42 per annum on the "A" and "B" shares, subject 13734. American Can improved 534 points to 116, American
/
1
%
to deduction of Income Tax at the rate of 3/9d. in the £ in Water Works 43% points to 8634, and American and Foreign
Power 334 points to 6434.
all cases, payable on the 17th July, 1930.
Weakness again characterized the movements of the stock
C. W. Dean, for the past 1- 9 years Manager of the head market on Tuesday, and practically all of the gains
of the
office branch of the Bank of Montreal, Montreal, Canada, previous day were eliminated in the downward drift.
The
is retiring on a pension July 1, according to the Montreal selling centered to a large extent around the railroad shares,
and the unusual activity in this group started the general
"Gazette" of June 19, which, continuing, said:
The son of a banker long in the service of the Bank of Montreal, Mr. list toward lower levels. The principal losses in the more
Dean started his career in 1874 in the Belleville branch, of which his active stocks in this group included
Santa Fe which slipped
father had been Manager. Two years later he was transferred to the
back to a new low for the year as it hit 19834 with a loss of
Montreal branch. In 1892 he was appointed accountant at Hamilton, and
83 points; New York Central dropped 634 points to a new
4
four years later returned to Montreal as accountant of the main branch.
In 1903, when the late Sir Vincent Meredith was appointed assistant low at 15234, and Baltimore & Ohio
touched a new bottom
general manager of the bank, and manager of the Montreal branch, Mr.
at 983-1 and closed at 983 with a loss of 434 points, Other
%
Dean was given the appointment of Assistant Manager. In 1911, when
Sir Vincent was made General Manager, Mr. Dean took over the manage- losses were New Haven 53 points, Great Northern preferred
ment of the Montreal branch, and has held the position ever since.
43-1 points, Frisco 534 points, Southern Railway 634 points
and Rock Island, Union Pacific and Delaware & Hudson
Peleg Howland,President of the Imperial Bank of Canada, were also down. Most of the stocks enumerated above were
died in Toronto on June 26. Mr. Howland, who was 73 under their low for the year. United States Steel dipped
years old, was born in Kleinburg, Ont. After receiving his to 15234 with a loss of 4 points.
•
JUNE 28 1930.1
FINANCIAL CHRONICLE
The course of the market was somewhat erratic on Wednesday, though the opening was fairly firm despite the weakness
of the preceding day. As the session advanced prices continued irregular but in the final hour most of the market
leaders that had sold off early in the session showed moderate
gains. The list of stocks closing on the upside included
among others, United States Steel 28% points. Other stocks
showing gains at the close were Standard Oil of New Jersey,
New Haven, Consolidated Gas, Westinghouse Electric,
American Can, Johns-Manville and General Electric. On
the other hand, there was a goodly number of stocks showing
moderate losses for the day, the list including among others,
Union Pacific which receded 3 points to 202, Canadian
Pacific which dipped 43i points to 184/, Peoples Gas of
Chicago which was off 1034 points to 257,. and American
Chain Co. which declined 43i points to 39. The market
opened somewhat higher on Thursday and maintained a
steady, though a very moderate advance throughout the
session. Trading was on a reduced scale, the total transactions aggregating 2,272,080 shares, as compared with 3,395,520 shares on the preceding day. The recovery carried
a large number of the more active speculative issues to higher
levels, and extended to practically every part of the list.
The outstanding gains of the day were Air Reduction 3 points
to 122, Allied Chemical & Dye 83 points to 254%, American
%
Can 4 points to 117%, American Power & Light 5 points to
80, American Machine & Foundry 12 points to 102, American Tobacco 14 points to 226, Auburn Auto 6 points to 104,
Brooklyn Union Gas 5% points to 121, and Ingersoll-Rand
20 points to 190. Railroad shares also were strong and
moved briskly forward in the gneral trend. The principal
gains were Atchison 33/ points to 202, Chesapeake & Ohio 3
2
points to 175, Chicago & North Western 2 points to 68, New
York Central 434 points to 158, Norfolk & Western 83'
points to 224, New Haven 33/z points to 103, St. Louis-San
Francisco 3 points to 92 and Union Pacific 3% points to
2053. Motor stocks did not participate in the advances and
oil shares moved within a narrow range.
The stock market suffered another sinking spell on Friday,
though some improvement was apparent in the final hour.
Renewed pressure against a number of the railroad issues
developed as a result of some further unfavorable earnings
statements for the month of May. In the general list several
of the active speculative favorites were off from 2 to 4 points
on the day, the list including such stocks as Allied Chemical
& Dye, American Machine & Foundry,J. I. Case Threshing
Machine, Columbian Carbon, and Corn Products Refining
Co., and new low levels for the year were recorded by Southern Railway, Sears Roebuck, Marmon Motors, Consolidated
Cigar, American Locomotive, Goodyear Rubber and Du
Pont. The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Total
1,966,610
3,836,440
2,865,950
3,395,520
2,272,080
2,081,160
$3,353,000
5,882,500
8,475,000
8,000,000
5,964.000
5,975,000
State,
Mimicipal &
For'n Bonds.
Week Ended June 27.
1930.
Stacks-No.of sharesBonds.
Government bonds_ _
State and foreign bonds
Railroad & misc. bonds
United
States
Bonds.
81,414,000
2,768,000
2,669,000
3,191,000
2,904,000
2,307,000
16,417,760 835,649,500 $15,253,000
Sales at
New York Stock
Exchange.
Total bonds
Railroad,
&c.,
Bonds.
1929.
Total
Bond
Sales.
1§§§§§
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stocks.
Number of
Shares.
to
to
,bacoeca
Week Ended
June 27.
85,043,000
9,644.500
9,522,000
11,455,000
9,144,000
9,514,000
$3,420,000 854.322.500
Jan. 1 to June 27.
1930
1929.
16,417,760
19,332,570
490,259,070
535,871,980
$3,420,000
15,253,000
35,649,500
42,951,100
13,495,000
58,433,000
$59,156,900
343,098,500
1,048,826,500
$63,617,900
307,860,650
923,324,000
$54,322,500 $74,879,100 $1,451,081,900
41,294,802,550
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHI
A AND
BALTIMORE EXCHANGES.
Week Ended
June 27 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Boston.
Philadelphia.
Bail more.
Shares. Bond Sales. Sharer. Bond Sates. Shares.
Bond Sates.
*29.995
$19,500 074.071
$3,200
1,663
$4,000
*55,328
10,000 0149,474
19,000
2,524
12,000
*37,027
23,000 al12,317
2,854
20,400
*46,178
37,000 a121,005
13,000
1,983
10,600
*28,268
27,000 a94,207
11,000
1,183
10,100
7,539
7,000
62,495
994
21,000
204,335 $123,500 813,589
$46,200
11,201
877.700
Prey, week revised 282,250
$92,700 980,297
893,600 415,662 $128,500
In addition, sales of rights were: Saturday, 3,268; Monday, 5,848;
Tuesday.
2,386; Wednesday, 2,985; Thursday, 3,228.
a In addition, sales of rights were: Saturday, 5,500; Monday, 8,600; Tue
sday,
6,000; Wednesday, 5,500; Thursday, 6,400.
b In addition, sales of warrants were: Saturday, 1.200: Monday,800:
Wednesday.
400; Thursday, 1,300. Sales of rights were Saturday, 1,089;
Monday, 1,038:
Tuesday, 2,056; Wednesday, 1,498; Thursday, 5,518; Friday, 2,401.
4553
THE CURB EXCHANGE.
Liquidation was resumed at this week's opening of the
Curb Exchange and stock sank to lower levels. Attempts
to rally met with no success and the week closed with the
market dull and price movements mixed. Utilities were
mostly lower. Electric Bond & Share com.sold at the lowest
for the year-at 703i though it recovered to 783 and closed
%
8
to-day at 75%. Amer. Gas & Elec. com. declined from
%
1133s to 104, sold up to 114 and ends the week at 1133 .
United Light & Power, com. A lost about four points during
the week to 3434 but recovered finally to 37. Oils were
lower, Chesebrough lost about 10 points to 14034, Ohio oil,
dropped from 6534 to 6234 and rested finally at 64. Standard Oil (Ohio) coin. sold up from 77 to 87 and reacted finally
to 80. Gulf Oil of Pa. dropped from 12434 to 11734 and
ends the week at 120. Cosden Oil weakened from 38 to 32
but recovered to 3434. Among miscellaneous issues Glen
Alden Coal was conspicuous for a drop from 98 to 75, the
close to-day being at 80. Technicolor was off from 423/s to
2534, with the final figure to-day 2734. United Founders
was heavily traded in down from 21 to 1734 and at 19 finally.
Aluminum Co. sold up from 212 to 250 and ends the week
at 245.
A complete record of Curb Exchange transactions for the
week will be found on page 4588.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Wu* Ended
June 27.
Stocks
(Number of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
568,300
984,950
746,100
941,400
638,300
550.300
4,429,350
Bonds (Par Value).
Rights.
Foreign
Domestic. Government.
21,100 $1,147,000
35.300 1,860,000
46,500 1,940,000
11,100 2,827,000
11,700 1,720,000
10,400
989,000
Total.
8228.000 $1,375,000
270,000 2,130,000
358,000 2,298,000
386,000 3,013.00()
642.000 2,362,000
207,000 1,196,000
136,100 310,283,000 $2,091,000 $12,374,000
COURSE OF BANK CLEARINGS.
Bank clearings this week will 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,
indicated that for the week ended to-day (Saturday,June 28)
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 10.7%
below those for the corresponding week last year. Our
preliminary total stands at $11,511,747,083, against $12,889,473,321 for the same week in 1929. At this centre there
is a loss for the five days ended Friday of 3.9%. Our comparative summary for the week follows:
Clearings-Rdurns by Telegraph.
Week Ending June 27.
1930.
1929.
Per
Cent,
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
46,246,000,000
485,210,586
412,000.000
432,000.000
99,553,678
99,200.000
149,099.000
148,973,000
154,339,627
159,888,615
104,567,502
65,798,188
33.782,078
46.607,000.000
485,211,134
496,000,000
399,000,000
114,145,854
108,800.000
152.703,000
156.000.000
158,701,283
205,734,997
123,854,532
78,202,907
43,554,717
-3.9
-0.1
-16.9
+8.3
-12.8
-8.8
-2.4
-16.8
-1.5
-22.3
-15.6
-15.9
-22.4
Thirteen cities, 5 days
Other cities, 5 days
48,636,412,274
956,710,295
59,126,908,224
1.008,531,125
-5.4
-5.2
Total all dam 5days
All Mos, 1 day
$9,593,122,589 $10,135,439,349
1,918,624,514
2.754,033.972
-5.4
-30.4
311.511.747.083 $12,889,473.321
-10.7
Total all Mies for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 21. For
that week there is an increase of 4.0%,the aggregate of clearings for the whole country being $13,515,178,005, against
$12,997,301,833 in the same week of 1929. Outside of this
city there is a decrease of 5.8%, while the bank clearings at
this centre record a gain of 9.2%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve District, including this city, the totals show an
improvement of 8.7% and in the Boston Reserve District
of 8.9%, while in the Philadelphia Reserve District the
totals register a decrease of 11.9%. In the Cleveland Reserve District the totals are smaller by 7.6%, in the Richmond Reserve District by 4.3%, and in the Atlanta Reserve
District by 4.0%. In the Chicago Reserve District the loss
is 6.2%, in the St. Louis Reserve District 0.2%, and in tho
Minneapolis Reserve District 4.1%. The Kansas City Reserve District shows a shrinkage of 17.8%, the Dallas Reserve District of 19.5% and the San Francisco Reserve
District 8.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1188.0?
Dec.
1929.
Week End. June 21 1930.
1930.
Federal Reserve Diets.
1s9 Boston_ -12 cities
20d New York_il "
3rd PhiLadel 111_10 "
4th Cleveland.. 8 "
5th Richmond _ 8 "
665 Atlanta____12 "
7th Chicago __20 "
8th 85. Louis... 8 "
9th Minneapolis 7 "
10th KansasCitY 10 "
5 "
11th Dallas
12511 San Fran 17 "
s
592,217,186
9,385,031,200
582,430,518
465,389,492
187,257,651
169,086,259
935,408,108
226.533,240
125.937,960
204,045,774
61,360,398
580,480,219
1927.
3
568.136,502
6,629,400.804
667,935,725
419,506,139
186,189,194
167,332.463
946,051,889
227,551,320
107,969,667
199,296,765
64,177,308
515,560,221
126 cities 13,515,178,005 12,997,301,833 +4.0 11,741,472,468
Total
4,275,391,291 4,539,384,079 -5.8 4,484,063,468
Outside N. Y. City
9,599,108.995
4.090,462,695
31 eitlea
446.452.932
$
%
643,805,142 +8.9
8,633,709,565 +8.7
660,869,666 -11.9
503,456,815 -7.6
195,667.698 -4.3
176,038,432 -4.0
997,027,359 -6.2
226,739,920 -0.2
131,335,234 -4.1
218,642,884-17.8
76,315,157 -19.5
533,693,961 -8.4
462.496_286
-3.7
482.247.881
363.170.375
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended June 21.
Clearings at
1930.
1929.
Inc.or
Dec
First Federal Reserve Dist rict-Boston
568,423
603,208 -5.8
Maine-Bangor__
3,758,014
Portland
3.781,167 -0.6
Mass -Boston._ 533,000.000 484,592,554 +10.0
1,215,300
1,348,227 -9.9
Fall River_
672,151
1,130,381 -40.5
Lowell
1,074,664
1,247,077 -13.9
New Bedford
5,864.250
5.389.545 +8.8
Springfield
3,624,915
3,826,911 -5.3
Worcester
16,184,636
16,075.432 +0.7
-Hartford
Conn.
8,737.552
8,338,635 +4.8
New Haven_ _ _
16,782,500
30.1.
-Providence
16.749,700 +0.2
734.781
N.H.-Manches'r
722,305 +1.7
Total(12 cities)
592,217,186
543,805,142
+8.9
1928
593.585
3,785,397
448,000,000
1,449.985
1,141,737
1,067,474
5,262,933
3,599,609
16,174,530
8,260,107
16.211,410
727,563
506.274,330
1927.
755,735
3,373,667
518,000,000
1,872,774
1,227.934
944,131
4,686,811
3,613,311
13,905,209
7,272,483
11,781,900
702,547
568,136,502
Second Feder al Reserve D istrict-New
-Albany.
_
6,703,218
5,759,835
N. Y.
1,465,423
1,358,081
inghamton_
Buifalo
58,487.574
73,134,515
1 ,231,930
92+,175
Elmira
1,224,846
Jamestown
1,319,898
9.239,786,714 8457,917,754
New York
15,253,854
12,408,061
Rochester
6,861,052
6,087,964
Syracuse
5,705,928
4.982,414
Conn.
-Stamford
1,040,283
+800,000
N. J.
-Montclair
64,217,487
52,065,759
Northern N. J.
York
4,807,749
+16.4
6,236,687
1.033,741
1,079,735
+7.9
61,543.918
-20.0
54,182,073
-25.2
1,041,531
1,380,798
1,189,543
1,296,137
+7.8
+9.2 7,257,408,921 5,508,645,240
13,481.144
-18.7
13,215,654
5.405,374
-11.3
5,808.560
5,554,961
4,870.813
-12.7
1,034,743
706,897
-23.9
52,683,691
36.494,493
-18.9
Total(11 cities) 9,385,031,200 8,633,709,565
+8.7 7.399,701,589 5,629,400,804
Third Federal Reserve Dis trict-Phila delphi a
1,442,834
1,684,235 --4.9
1,602,919
Pa.
-Altoona -4,829,498
5,383.737 --28.4
Bethlehem._ _
3.855,523
1,213,910
1,308,914 --23.5
1,001,243
Chester
2,333,917
1,825,850 --0.2
Lancaster
1,822,418
Philadelphia
555,000,000 630,000,000 --11.9 660,000,000
3,858,862
4,276,512 --17.6
Reading
3,524,996
5,982,220
5,906,223 --12.5
Scranton
5,175.759
5,017,113
3,813,598 --6.6
Wilkes-Barre
3,563.709
1.978,774
2.044,477 +5.6
York
2,159,951
6,133.903
4,626,120 +2.1
N.3.
-Trenton..
4,724,000
1,627,599
5,242,686
1.325478
2,014,987
537,000,000
4,027,686
5,720.956
4,131,452
1,536,814
5,308,067
692,791,031
567,935,725
Total(10 cities)
582,430,518
660,869,666 -11.9
Fourtleyedera 1 Reserve DI. Wet-Cleve landOhio-Akron.,...
6,012.000
8,658.000 -30.6
Canton
4,533,364
5,304,935 -14.5
Cincinnati
83,141,952 -14.2
71,308,715
Cleveland
154,407,670 172,425.698 -10.5
Columbus
17,036,400
15,790,200 +7.9
Mansfield
2,244,517
2,336,802 -4.0
Youngstown
5,683,788
5,062,779 +12.3
Pa.
-Pittsburgh .. 204,163,040 210.736,449 -3.1
Week Ended June 21.
Clearings at
1930.
Seventh Feder al Reserve D
Mich-Adrian _ _
226,856
Ann Arbor_ _ _ _
738.854
Detroit
195,976,370
Grand Rapids.
5,431,349
Lansing
2,986,610
Ind.
-Ft, Wayne
3,379.109
IndianapolLs_ _
22,158,000
South Bend -- _
2.377,081
Terre Haute...
4,823,329
Wis.-Milwaukee
30,116,589
Iowa-Ced,Rap_
2,795,205
Des Moines_ _
8,455,768
Sioux City_ _ _
6,158.914
Waterloo
1,434,038
Ill.
-Bloomington
1,925,810
Chicago
634,219,365
Decatur
• 1,153,337
Peoria
5,218,859
Rockford
3,302,156
Springfield_.._
2,530,509
Total(20 cities)
1928.
S
506,274,330
7,399,701,589
692,791,031
441,909.202
189,085,172
178,299,952
1,032,835.983
218,370,196
126,272,310
208,749,150
71,913,693
675,269,860
funatia
[VOL. 130.
FINANCIAL CHRONICLE
4554
7,381,000
4,533,813
81,939,636
138,909,239
14,649,700
2,104,267
5,588,024
180,803,523
7,369,000
3,889,180
76,756,384
125,240,537
16,188,400
2,190,247
5,060,823
183.811,568
-7.6
441,909,202
419,506,139
Fifth Federal Reserve Dist rict-Richm ond
W.Va.-Hunt'g'n
1,186,046
1,277458 -7.1
Va.-Norfolk_ -4.641,448
4,484,398 +3.5
Richmond _ _ _
45.555,000
41,212,000 +10.6
S.C.-Charleston
2,439,082
2,101,000 +16.1
Md.-Baltimore _ 104,398,722 116,905,603 -10.8
D.C.-Washing'n
29,037,353
29,687,239 -2.2
1,282,528
4,831,085
43.127,000
1.982,587
108.669,518
29,192,454
1,227.759
5,038,188
44,302,000
2,095.139
106,462,668
0
27,063,44
-4.3
189.085,172
186,189,194
Sixth Federal Reserve Dist rict-Atlant a2,459.000
3,800,000 -18.0
-Knoxville
Tenn.
21,405.095
24,232,487 -11.7
Nashville
53,033,246
+1.8
Georgia-Atlanta •54,000,000
1,627.366 +8.6
1,767.078
Augusta
1,437,381
1,528.513
+6.3
Macon
13,652,542
15.904,027 -14.2
2,754,000 -51.3
1,341.000
Miami
23,762,382 -7.2
Ala.-Birming'm.
22.117,065
1,843,605 -7.1
1,713.918
Mobile
2,035,000 +6.5
2,168,000
-Jackson
Miss.
228,775 -35.5
147.568
Vicksburg
46.180,163 +1.3
46,786.480
La.
-N.Orleans.
2,919,280
22,949,240
46.458,413
1,476,411
1,893,353
17,385,765
2,871,000
23.279,993
2,229,291
2,085,000
404,142
54,348,064
2,500,000
20,306,648
42,931,702
1,496.185
1,674.011
18.164,459
3,875,000
22,881,150
1,499.635
1,249,220
475,923
50,278,530
178,299,952
Total(6 eltles)_
Total(12 cities)
465,389,492
187,257,651
169.086,259
503,456,815
195,667,698
176,038,432
+4.0
Inc. or
Dec.
1928.
1927.
%
strict-Chi cago
284.862
314,240 --27.8
773,079
867,718 --14.7
255,125,733 --23.2 223.421.591
8,685,958
6,825,293 --20.4
3,626.651
4,010,000 --25.5
3,869,713
3.965,949, --14.8
22,908,000
23,750,000 ---8.7
2,916,189
2,988,6671 --20.5
4.703.978
5,265,208 --8.4
40,569,148
34,404,9011 --23.6
2,738,505
3,084,339, --9.4
9.618.514
10,630,020 --20.5
6.688.039
6.474.360 ---4.9
1.360,746
1,660,1581 --13.6
1.597,752
2,039,1311 ---5.8
620,471,366, +2.2 685,020.024
1,239,434
1.078.503'
4,931.200
6,431,9411 -18.9
5,218,892
5,029,015 -34.3
2.663.708
2,610,827 -3.1
249,586
1,008.050
181,060,244
7,541,538
2,672,419
2,501,730
21,122,600
3,719.300
4,364,082
39,716.257
2,628.839
8,857.206
5,330,250
1,052,140
1,496,584
652,304,565
1,138,055
4,574.325
2,622,274
2,091,885
-6.2 1,032,835,983
946,051,889
997.027.359
Eighth Federa 1 Reserve Die trict-St. Lu uisInd.
27.1
5,334,771
7,314,981 -Evansville.
510.
-St. Louis.. 149,100,000 147.500,000 +1.1
Ky.-Louisville_
40,307,442
37,486,900 +7.5
Owensboro.
15.0
326,509 277,515
Tenn.
7.0
17,589,630
18.903.453 -Memphis
Ark.
-Little Rock
12,521,580
13,236,047 -5.5
Ill.
48.1
375,436 194,875
-Jacksonville,
Quincy
1,207,472
1,596,594 -24.3
6,923,240
145,600,000
34,551.738
320,922
17,804.680
11,737.519
339,249
1,292,850
7,924,118
153,800,000
33,230,963
248,778
18,711.985
11,865.733
345,850
1,423,893
226,739,920, -0.2
218,370.196
227,551,320
-Minnleapolis
Ninth Federal Reserve Dis trict
Minn.
7,816,268 -38.8
5,409,695
-Duluth__
86,161.7491 -1.4
84.969,909
Minneapolis
St. Paul
29,137,230 -1.9
28,597,060
No. Dak.-Fargo
2,053,223
2,084,0531 -1.5
S. D.
1,291,1081 -18.4
1,054,797,
-Aberdeen
Mont.-13111ings _
549,995,
1
625,000 -12.0
4,219,820: -21.7
3,303,2811
Helena
7,439,524
80,421,079
31,163,040
1,916,033
1,215,886
585,248
3,532.000
6,843,782
68,789,977
25,981,617
1,728,440
1.028,150
509,701
3,088,000
Total(8 cities)
Total(7 cities).
Tenth Federal
Neb.-Fremont..
Hastings
Lincoln
Omaha
Kan.
-Topeka
Wichita
Mo.-Kan. City_
St. Joseph...Colo.
-Col. Spgs.
Pueblo
Total(10 cities)
226,633,240
126.272.310
107,969.667
125,3Reserve Dis!trict-Kansas City
357,914
500,735 -47.7
441,268
451,924 --3.6
435,960
4,380.724
5,700,003 ---41.6
3,327,362'
44,585,284
47,478,826 ---5.1
45,030,348
4,771,660
4,129,028 --10.5
3,697,025
9,664.985
9,015.151 --20.6
7,154,558
135,877,154 141,481,391 --4.0 135,491,505
8.382,267
6,815,752 --21.41
5,354,364
1,262,535
1,407,732 ---4.61
1,342,548
1,411,008
1,662,544 ---6.0:
1,562.323
374,093
317,409
4,259,418
39,289,328
3,900,790
8.166.775
134,294,723
6,591,444
961,190
1,141,595
'
218,642,884 -17.8 208,749,150
199,296,765
262 930, 131,335,234
9 7 1621
:
204,045,774
-4.1
-Da hasEleventh Fede ral Reserve District
26.3
Texas-Austin__
1,690,531 1,246,967
Dallas
16.1
50.976,599 42,740.911
27.9
Fort Worth...
9,861,832
13,678.020 Galveston
5,014.000 -40.4
2,990,000
La. Shreveport.'
8.0
4,956.007 4.520,688
1,731,485
48,326.824
12,559,179
4,338,000
4,958,205
1,086,660
42,826,735
9,309,602
6,777,000
4,177,309
76,315,157 -19.5
71.913,693
64477,306
Franci sco-50,328.290
-22.6
-5.3
13,760,000
1,431,549
32.8
11.4
38.773,694
18,260,549
12.5
3,645.833
20.5
8,475,737
22.1
-4.5 236,164.000
20,401,015
-18.6
6,243,213
+0.8
+4.5
7.476.574
-7.0
6,691,346
-7.2 254,007.000
-11.3
3,463.864
+19.9
1.438,647
3.4
2.253,143
2.2
2,455,400
44,183,388
12,244,000
1,018,082
24,873,945
17,326,517
2,933,706
6,492.619
167,574,000
16.538,322
5,608,242
7,165,740
4,832,343
187,094,000
2,108.120
1,189,133
1,909,564
2,468,500
Total(5 cities),,1
61,360,398
Twelfth Feder al Reserve D istrict-San
Wash.-Seattle_.
13,018,000
Spokane
12,327,000
1,468.762
Yakima
987.461
42,275,008
Ore.
-Portland..
37.463,814
21.976,851
Utah-S. L. City
19,229,232
3,471,272
2,759.818
9,414,324
Long Beach _ _
7.331,563
Los Angeles... 204,258.000 213,883,000
19.459.419
16,031,553
Oakland
6.473.839
8,525,872
Pasadena
6.696,035
6,998,476
Sacramento 5,395.068
San Diego _ 5.018,539
San Francisco. 210.152,134 226.376.443
3,134,085
2.781,697
San Jose
1,805,402
2,164,568
Santa Barbara.
2,151,825
2,078,521
Santa Monica,.
2,358,000
2,307,300
Stockton
515,560,221
Total(17 cities) 580,480,219 633.693,961
Grand total (126
cities)
13515 178 005 12997301833
-8.4
Outside N.Y..-- 4,275,391,291 4,539,384,079
-5.8 4,484,063,468 4,090,462,695
675,269,860
+4.0 11 741472468 9,599,108,995
Week Ended June 19.
Clearings at
•
1930.
1929.
Inc. or
Dec.
1928.
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
hioose Jaw
Brantford
Fort William
New Westminster
Medicine Hat _ _ _
Peterborough....
Sherbrookee - - _ _
Kitchener
Windsor
Prince Albert.,...
Moncton
Kingston
Chatham
Sarnia
3
149,092,057
141,877,103
56,779,888
19,196,595
8,746,956
6,942,726
3,336,902
6.586,450
10,864,262
2.980,921
2,779,250
3,949,350
6,446,618
4,656.922
525,211
648,056
2,184,284
1,828,333
1,415,111
874,392
1,120,507
368,502
971,139
914,215
1,245,569
5,921,889
505,100
1,220,341
981,541
630,815
881,987
$
143,467,451
137.263,085
51,133,614
23,187,681
9,596,251
7,243,988
3,814,658
7,032,611
11,829,685
3,047.027
3,093,002
4,608,029
7,708,567
6.029.255
708,541
617,327
2.806,090
1,384,394
1,669,565
1,406,343
878.125
537,423
931,763
1,141,490
1,551,986
6,517,304
464,657
1,133,962
962,956
688,823
964,624
%
+3.8
-9.8
+11.0
-17.2
-8.9
-4.1
-12.5
-6.4
-8.1
-2.2
-10.2
-14.3
-18.3
-22.8
-25.9
+5.0
-22.2
+32.1
-15.2
-37.8
+27.6
-31.4
+4.2
-19.9
-19.7
-9.1
+8.7
+7.6
-0.2
-8.4
-8.6
$.
159,949,676
152,827,744
61,741.634
21,002,035
10,207,659
7,640,951
3.805,423
7,137,237
11,493,727
3,052,053
2,895.200
4,401.821
7,125,030
5,791,967
697,963
730,691
2,407.490
1,366,871
2,246,408
1,121,716
167,300
466,556
961,928
1,061,648
1,315,575
5,867.239
463.355
1,051,085
1,004,565
732,803
910.731
$
116,316.505
122,981.414
37,576,631
18,274,372
7,393.000
6,915,524
2,731,328
6,244,599
7,738.879
2,386.404
2,337,879
3,582,823
4,582,332
5,017,501
606,370
529,458
1,961,318
1,211,163
1,264,827
1,078.164
831,024
316,614
836.267
821,438
1.196,055
5,343,711
378.652
870,965
998,122
761.652
847,030
Total(31 cities)
446,452,992
463,486,286
-3.7
482,247,881
363,170,375
167,332,463
Total(8 cities)_
935,408,108
1929.
* Estimated.
JUNE 28 19:.;0.]
FINANCIAL CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Juno 21 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £155,988,589 on the 4th inst. (as compared with £157,185,525 on the previous
Wednesday), and represents an increase of £10,028,505 since Jan. 1 last.
An interesting position has arisen in the London gold market owing to
the fact that the Bank of England is now giving out bars of standard
fineness (about 9166-10000) instead of fine bars (ranging from 9950-10000
upwards) which buyers had been accustomed to receive from that institution. Under the Gold Standard Act of 1925 the Bank of England is entitled
to sell bars of any fineness provided not lower than the standard ofsovereigns
(9167-10000). For many months past the Bank's stock of fine gold bars
has been heavily depleted by withdrawals for the Continent, whilst the
bulk of its receipts has been in the form of sovereigns, as will be seen by
the following figures:
From June 1 1930 to May 31 1930.
Bar Gold
Soveriess
Received
Withdrawn.
Received.
Withdrawn.
from Abroad.
for Export.
418.334,000
463,615,000
£39,651,000
£452,000
It is therefore only natural that the Bank should decide to exercise its
legal right of selling bar gold of standard fineness only.
As the Bank of France does not accept bars of a lower fineness than
9950, a consequence of this change of practice is to lower the gold export
point to France by the cost of refining the standard gold, and accordingly
the rate fell rapidly yesterday from about 123.88 to 123.70 when the
Bank's decision became known.
It will be readily understood that there was unusually keen demand
for the £476,000 of bar gold from South Africa in the open market to-day,
as this was the only fine gold available for France. All but £30,000, which
was required for India and the trade, was bought by France at the fixed
price of 85s. .%d. per fine ounce, a premimi of %d. for delivery of fine
gold being established over 84s. 113•5d. which has been the maximum price
for dealings in the open market since the restoration of the gold standard in
1925.
Movements of gold at the Bank of England during the week resulted in
a net influx of £269,124. Receipts included £500,000 in sovereigns from
South Africa. The withdrawals amounted to about £230,000 all in the
form of bar gold-taken from the Bank to-day for despatch to France after
refining.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 2d inst. to mid-day on the 7th inst.:
Exports.
Imports.
British South Africa
£641,007 Germany
£1,364,000
Australia
70,000 British India
51,302
Other countries
508 Other countries
7,209
£711,515
£1,422,331
The Transvaal gold output for the month of May last amounted to
916,213 fine ounces, as compared with 868,606 fine ounces for April 1930
and 897,598 fine ounces for May 1929.
SILVER.
The market continues in a very sensitive state and during the week und
review there have been violent fluctuations in the prices, resulting in a
net gain of %d. for cash, and 9-16d. for forward delivery over the record
low level reached last Wednesday. A fair amount of support has been
received from both China and India to cover bear positions, but at the
higher level China is inclined to make fresh forward sales. America on the
whole has not been very active. The outlook is still very uncertain and is
likely to continue so whilst the situation in China remains unaltered.
According to the "Times" correspondent at Shanghai a conference took
place there on the 8th inst. between the Minister of Finance and the Minister of Commerce and Industry on the one hand and leading Chinese bankers
and merchants on the other. The Ministers recommended that gold bar
speculation be restricted and that imports of silver bullion be confined to
the Government Central Bank of China.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 2d inst. to mid-day on the 7th inst.:
ImportsExportsMexlco
£189,792 China (incl. Hong Kong- -_ £83,583
Germany
156,274
6,340 British India
Greece
3,364
13,850 Other countries
Canada
8,213
Other countries
620
£243,221
4218,815
INDIAN CURRENCY RETURNS.
(In lacs of ruppees)May 31. May 22. lay 15.
Notes in circulation
16778
17065
17341
Silver coin and bullion in India
11053
11043
11011
Silver coin and bullion out of India
Gold coin and bullion in India
322g
555'g
55'5;
Gold coin and bullion out of India
Securities (Indian Government)
5456
5'786
5685
Securities (British Government)
61
44
44
The stock in Shanghai on the 7th inst. consisted of about 100,900,000
Saigon dollars and 11,320
ounces in sycee, 146,000,000 dollars, 13,700,000
silver bars,as compared with about 100,700,000 ounces in sycee, 144,000,000
dollars, 14,500,000 Saigon dollars and 10,560 silver bars on the 31st ult.
Quotations during the week:
--Bar Silver Per Oz. Std.- Bar Gold Per
Oz. Fine.
Cash,
June 5
169-16d.84s. 11%d.
16%d.
6
165-16d.
84s. 11%d.
1634d.
/
161 ,d.
7
84s. 1134cl.
16 13-16d.
10
16 11-16d. 84s. 113-icl.
16)
-id.
11
163id.
85s.
Yed.
16 7-16d.
Average for above 5 days
84s, 11.67d
16.487d.
16.675d
The silver quotations to-day for cash and two months' delivery are
respectively %d.and 9-16d. above those fixed a week ago.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
June 21 June 23 June 24 June 25 June 26 June 27
Francs, Francs. Francs, Francs, Francs. Francs.
BondsFrench Rentes 3% Perpetual__
French Rentes4% 1917
French Rentes 5% 1915-16
Banks
Banque de France
Banque de Paris et desPays BeaCredit Lyonnais
Union dm Mines
87.35 87.60
87.40
101.35 101.40 101.40
101.30 101.601101.65
87.55
101.50
101.70
87.20
101.50
101.65
21,860 22,260 22,515 22,440 22,595
2,735
2,775
2.820
2,870
2,845
3,030
3,070
3,105
3,120
3.145
1,460
1,475
1.470
1,472 1,475
4555
June 21 June 23 June 24 June 25 June 26 June 27
Francs. Francs. Farms. Francs. Francs. Francs,
Canal
Canal Maritime de Su az
17,725
17.800
2,335
2,340
17,990 18,060
2,395
2,400
2,410
1,390
1,096
862
1.432
1,145
890
1,450
1,176
892
1.488
1,189
900
1,495
1.220
905
3,165
2,760
3,225
2.900
3,265
2,920
3,290
2,940
3,310
2,980
810
1,200
845
1,215
858
1,207
863
1,211
878
1,216
2,030
736
246
938
2,815
1,679
964
160
2,085
757
269
938
2,910
1,725
988
162
2.120
778
273
935
2,920
1,745
994
165
2,130
805
275
945
2,960
1,784
1,006
165
2,150
825
278
958
3,025
1,800
1,020
166
3,925
3,955
3,965
4,015
4.035
18.320
RailroadChemin defer du Nord
Mines
Mines de Courrieres
Mines de Lens
Bee. Miniere et Metallurgique- RollPublic Utilitiesday.
Cie. Generale d'Electricite
Soc. Lyonnaise des Faux
Cie. Francalse des Procedes
Thomson-Houston
Union d'Electricite
IndustrialsTrefileries & Laminoirs du Havre
Societe Andre Citroen
Ste. Fraccalse Ford
,
Coty. S A
Pechiney
l'Alr Liquide
EtablissementsKuhlmann
Galerfes Lafayette
Oil
Royal Dutch
• 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 June
21.
23. 24
25.
26.
27.
Per Cent of Pa
Allg. Deutsche Credit(Adca)(8)
Berlin. Halide's lies. (12)
Commerz-und Privat-Bank (11)
Darmstaeiter u. Nationalbank (12)
Deutsche Bank u. Diseonto lies.(10)
Dresdner Bank (10)
Reisehsbank (12)
Algemeene Kunstzlille Unie(Aku)(18)
Alig. Elektr. Ges. (A.E.G.) (9)
Ford Motor Co., Berlin (10)
Gelsenkirchen Bergwerk (8)
Geefuerel (10)
Hamburg-American Line(HaPag)(7)
Hamburg Electric Co.(10)
Ileyden Chemical (5)
Harpener Bergbau (6)
Hotelbetrieb (12)
1
1.0. Farben-Indus.(Dye 'Trust) (14)
Kali Chemie (7)
Karstadt (12)
Mannesmann Tubes (7)
North German Lloyd (8)
Phoenix Bergbau (634)
Polyphonwerke (20)
Rhein, Westf. Elekt.(R. W.E.)(10)
Sachsenwerke Licht U. Kraft (714)
Siemens & Halske (14)
Stoehr & Co. Kammgarn Spinneret (5)
Leonhard 'nets (10)
Ver. Stahlwerke(United Steel Works)(6)...
114
162
143
210
135
135
258
89
151
19134
130
145
103
133
61
123
135
158
147
110
96
103
90
237
170
99
222
93
149
90
114
159
142
208
134
134
254
86
149
191
129
142
101
132
61
121
133
156
146
106
95
102
88
220*
165
99
214
91
146
88
113
161
142
211
134
134
263
88
150
19034
129
143
103
133
59
___
133
159
146
109
95
104
88
223
167
99
218
93
_-_
88
113
158
141
209
133
133
258
86
147
189
128
140
103
132
58
120
130
156
149
108
94
103
87
219
168
98
212
92
147
87
113
158
141
207
133
133
258
85
148
-127
141
102
132
54
121
131
157
150
106
94
102
86
221
166
98
213
90
147
87
113
158
141
208
132
132
256
85
149
iii
143
102
132
---
iii
159
150
105
94
102
87
226
168
98
214
89
148
86
* Ex-rights.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
June 21.
Silver, per oz_d 1534
Gold, p.fine oz. 85s.
Consols, 2H% _
British, 5%------British, 434%,.
French Rrntes
(in Paris)_fr_
French War L'n
(in Paris)-fr-
Mon.,
June 23.
1534
85s,
5434
10234
9834
Tues.,
Wed.,
Thurs..
Fri.,
June 24. June 25. June 26. June 27.
15 7-16
15 9-16
153i
15 15-16
85s.
84s.11 Hd. 85s.
85s.
54%
54H
55
5434
10234
103
10234
10234
9834
9834
9834
9834
87.25
87.55
87.25
87.55
87.25
101.25
101.45
101.40
101.75
101.50
The price of silver in Now York on the same days has been:
Silver In N. Y., per oz,(eta.):
Foreign
3334
333-4
3334
Tonmercialand
3334
3334
3434
cellantonsBtxus
New York City Banks and Trust Companies.
(AU lifitU &tiers per share.)
Trust Companies.
Banks.
Par Bid Ask
New York (Goad.)- Par Bid Ask
New York11) 124 126
America
25 94 96 Bankers
67
20 57
American Union.
100 85 95 Bronx Co Trust
Broadway Nat BE & Tr_100 90 100 Cent Hanover Bk & Tr 20 326 330
46
Bryant Park*
20 40
4
Chase
20 1233 125
Chat Phenix Nat 13k & Tr 20 101 106
Commercial Nat Bk & Tr 100 390 405
Fifth Avenue*
100 2800 3100
First
100 4500 4600
Grace
100 600
Mailman Nat Bk & 'Fr_100 1500 1600
Industrial
100 160 180
Lefoourt Nat Bk & Tr ___100 90 100
Liberty Nat Bk & Tr_ _100 85 100
National City
20 13412 136
Penn Exchange•
100 88
98
Port Morris*
10
42
Public Nat Bk & Tr
25 100 103
Seward Nat Bank & Tr_100 98 108
Sterling Nat Bk & Tr___ _25 40
45
Straus Nat Bk & Tr.___100 240 260
United States*
25 4012 42
Yorkville
100 135 150
Yorktown*
160
100
Brooklyn
Brooklyn
Peoples
50 96 101
100 400 510
Trust Companies.
New YorkPar
American
100
175 210
Amer Express
Banes. Commerciale Ital_100 310 320
Bank of N Y & Trust_ __I00 590 620
•saw banks.
Chelsea Bank & Trust,
-25 33
38
63
Chemical Bank & Truet--10 61
Continental Bk & Tr __JO 2512 2812
Corn Exch Bk & Trust....20 161 164
Rights
1312 14
100 187 200
County
71
Empire
20 68
Fulton
100 575 600
100 584 688
Guaranty
Hibernia
100 170 180
41
20 37
International
45
Internet Mad Bk & Tr_ __25 40
4612
10 46
Irving
Lawyers
100
Manhattan
20 104 105
92
Manufacturers
25 90
Mutual (Westchester)--100 400 425
N Y Trust
25 219 222
Paelthi
100 180 200
Plaza
100 87 105
Times Square
100 45
so
Title Guar & Trust
20 139 143
United States
100 3800 4000
Westchester
100 1000
Brooklyn
Brooklyn
100 670
Globe Bank & Trust--100 187
Kings Co
100 2800
Mid wood
100 185
690
215
3000
210
1 New stock. a Ex-dividend. C Ex-stock d1V. y Ex-rights.
4556
[VoL. 130.
FINANCIAL CHRONICLE
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED
WITH TITLE REQUESTED.
Capital.
June 21-West Norriton National Bank & Trust Co. of Jefferson$125,000
ville. P.O. Norristown,Pa
Correspondent: David A.Longacre, Jeffersonville, P.O.
Norristown, Pa.
APPLICATIONS TO ORGANIZE APPROVED.
-The First National Bank of Odessa, New York
June 17
Correspondent: Ray D. Horton. Odessa, N.Y.
50,000
June 21
-First National Bank ofPane,Ill
Correspondent: Warren Penwell, Pana, Ill.
75,000
CHARTERS ISSUED.
25,000
-First National Bank in Hutto, Tex
June 16
Mauritz. Cashier: Jennie Mauritz.
President: T. N.
50.000
June 18
-First National Bank of Minoa, New York
President: Joseph A. Strode'. Cashier: Archibald S.
Maynard.
25.000
une 18
-The First National Bank of Bison, S.
Succession of The Bison State Bank, Bison, S. D., and
The First State Bank of Strool, S. D.
President: Geo. P. Allen. Cashier: A.0.Bonen.
CHANGES OF TITLES.
-The Irvington National Bank, Irvington, New York. to
June I8
"The Irvington National Bank & Trust Co."
-The Washington Square Nat. Bank of New York, N.Y.to
June 17
"Washington National Bank of New York."
-The Fulton County Nat. Bank of Gloversville, N. Y., to
June 20
"The Fulton County Nat. Bank & Trust Co. of Gloversville."
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
$ per Sh..
3 Per Sh. Shares. Stocks.
50 Fed. Nat. Bank, par 820
100 United Scour. Trust Associates_ 3234
100
100 Medford Trust Co., Medford.
21 The Schmitz de Shroder Co., pfd. 15
par $20
50
10 New Bedford Gas al Edison
35 Arlington Mills
110k
23K
Light Co., par $25
5 Associated Textile Cos
132 Boston Woven Hose & Rubber
35
25 Nashawena Mills
Co.. common
20
79-7934
25 Wamsutta Mills
14
15 Brock'n G. L.Co. v.t.e. par $25_ 41
50 Naumkeag Steam Cotton Co_84 ex-div 21 Mass. Ltg. Cos.. corn.(undep.)-105
23 Berkshire Fine Spin'g Asso'n pfd. 70) 87 Mass. ULU. Assoc., pref
35 Hamilton Woolen Co
40
par $50
34K-4
5 Associated Textile Co
60
70 Boston Real Estate Trust
35
30 Naumkeag St'm Cot. Co_84-86 ex-div. 30 Thompson's Spa, Inc., pref__8 ex-div.
5 Associated Textile Co
36k 10 Greenfield Tap & Die Corp..
20 Craton & Knight Co., corn
4
preferred
9034 ex-div.
22 National Service Co., pref__ _30-34 46 Gt. No. Paper Co., par $25..42(-4
30 No. Bost. Ltg. Props., pref.
5 Units Thompson's Spa, Inc
80
(undep.) par $50
5134
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh. Shares. Stocks.
3 per Sh.
19 Merchants Nat. Bank
26 F. L. Andrews Invest. Trust.,506
50 Federal Nat. Bank, par $20
common
80 1
100
5 Federal Nat. Bank, par $20
20 Koster & Co., 1st pref., par $25_ 234
100
30 Federal Nat. Bank, par $20_ _100
5 De Graaff Bros. Bulb Co., Inc.,
A
5 Nat.Shawmut Bk., par $25_6134 ex-div
preferred
234
10 Boston National Bank
25 Seabrook Engineering Corp., .61
140
4
50 Beacon Trust Co., par $20_4634 ex-div
class A
1 Boston Athenaeum, par $300_ _725
8 Clarence Saunders Corp., pref..
mu
6 No. Boston Lighting Properties,
par $50
514.
common voting trust certificates_ 86
4 Clarence Saunders Corp., com
3
104 18-25 Stevens-Walden, Inc.,
3 Collateral Loan Co
15134
class B;255 Stevens-Walden, Inc.,
1 Boston Insurance Co
650 ex-div.
class A, par $25
55 4
$25 lot 10 Fairbanks Co., let pref
5 United Elastic Corp
BondsPer Cent.
30
12 F.L. Andrews Invest. Trust.6%
$500 Maverick Mills, let mtge. 78,
April 15 1943
93 & int.
preferred, par $50
60.
DIVIDENDS.
Dividends are grouped in two separate tables. In theVOLUNTARY LIQUIDATIONS.
first we bring together all the dividends announced the
-First National Bank of Evergreen, Ala
June 16
Effective June 10 1930. Liq. Agents: Board of Directors
current week. Then we follow with a second table, in
of the liquidating bank. Absorbed by The Peoples
Bank of Evergreen, Ala.
which we show the dividends previously announced, but
Immo which have not yet been paid.
June 16
-The First National Bank of Monroe, N.0
John C. Sikes,
Effective June 9 1930. Liq. Committee:
W.0. Heath and J. W. Laney, care of the liquidating
The dividends announced this week are:
bank. Absorbed by North Carolina Bank & Trust Co.,
June 17
Greensboro, N. C.
25000
The First National Bank of Hot Springs, N.M
Effective May 24 1930. Liq. Agent: Hot Springs Nat.
Bank, Hot Springs, N. M. Succeeded by Hot Springs
National Bank, Hot Springs, N. M.
25,000
-The Macksburg National Bank. Macksburg,Iowa
June 18
Effective May 15 1930. Liq. Agent: L. L. Blomgren,
care of Winterset Savings Bank, Winterset Iowa.
Absorbed by The Citizens National Bank of Winterset, No. 2002; Madison County State Bank, Winter
set, Iowa, and The Winterset Savings Bank, Winterset, Iowa.
CONSOLIDATION'.
100.000
-First National Bank of Corvallis. Ore
June 21
50,000
Corvallis State Bank, Corvallis, Ore
and
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927. under the charter and corporate title of "First National Bank of Corvallis,"
No. 4301, with capital stock of $150,000.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
-The National City Bank of New York, N. Y
June 16
-53 Park Place, New York City,
Location of Branch
-The Brooklyn National Bank of New York, N. Y.
June 20
Location of Branch-Southwest corner of Brighton
Beach Ave. and East Sixth St. (512-514 Brighton
Beach Ave.), Borough of Brooklyn.
-Among other securities, the following,
Auction Sales.
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 Barnes & Lofland, Philadelphia:
S Per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
5 Real Est. Land Title & Tr Co.,
10 Delaware Co. Nat. Bank,
3834
par $10
35
Chester,Pa., par $10
2 Girard Trust Co., par $10
151
Cif. of Dep. $3,000. 6% guar. let
10 Broadway Merchs. Tr. Co.,
mtge. rl. est. bonds of Simon F.
Camden, N.J., par $20
55
Pauxtts, secured by props. in
Altoona, Pa., due Aug. 15 '26_$10 lot 3734 Realty & Mtge. Corp. of
$15 lot
Delaware County
Ctf. of Dep. $12,500,6% guar. 1st.
275 Ocean City Co. (Preferred)_.. 8
mtge. rl.est, bonds of Simon F.
793 Ocean City Co.,common
k
Pauxtis, secured props. in Altoona, Pa., due Aug. 15 1926-$40 lot 359 King's Highway & White Horse
Pike Co
9
124
15 Phila. Nat. Bank, par $20
434 Phila. Natatorium Corp., pfd.;
22 Corn Exch. Nat. Bk. de Tr.,
$1 lot
3 do common
115
par $20
100
55 Adelphia Bk.& Tr., par 310-_ 1034 25 let Camden Nat. Bank.& Tr
5 United Sec. Life Ins. de Trust- _240
100 Bk.of Phila.& Tr., par $10...... 17
Per Cent.
Bonds.
200 Pa. Co. for Ins. on Lives, deo..
8734 $500 Franklin Co. Coal Co. 1st M.
par $10
80
78Jan. 1 1934
By A. J. Wright & Co., Buffalo:
$ per Sh.
Shares. Stocks.
$ per Sh. Shares. Stocks.
40
200 Premier Gold Mines, par $1-80o
1000 Bidgood Mines, par $1
50
1000 Area Mines, par $1
5 Labor Temple Ass'n of Buffalo
50c. lot
& Vicinity, Inc., par $5
By Adrian H. Muller & Son, New York:
$ per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
Jim Butler Mining Co. (Del.).
2 Hibernia Trust Co. of N. Y..__ _165
par $1; $1,000 Spokane, Wash.,
201 County Trust Co. of N. Y____180
impt. 6s (Garland Ave. Impt.
64 Marquette Houghton & OntonaDist. No.604), due Sept. 151920,
gon RR. Co. (consol. co.), com..$5 lot
int. from Sept. 15 1921; no cou100 Kingston & Pembroke Iron
pons, ott. of dep.. U. S. Nat.
Mining Co., pax $25
$3 lot
Bank of Denver; $600 Spokane,
130 Greater City Surety & IndemWash., knot.6s, First Ward Sub116 2-10
nity Corp
Trunk Sewer Impt. Dist. No.86,
25 units Public Security Bond de
due Aug. 1 1922, int. from Aug. 1
Mtge. Corp., consisting of 25
1922, no coupons, otf. of deli,
shares pref. and 25 shares com$105 lot
U. S. Nat. Bank of Denver_ 8101 lot
mon class B
500 Southern Clay Corp. (Del.).
30 A. S. Valentine & Son, Inc.,
$50 lot
Par $1; 35 General Heating Corp.
Pref.: 30 common
of Amer., corn., par $10; 150
250 Harley Realty Corp__ -- $2,700 lot
General Heating Corp. of Amer.
50 Huntingdon & Broad Ton Mtn.
(N. Y.), pref., par $10: 1 H. H.
RR. & Coal Co., corn., ctf. of
Enders & Co., Inc. (Mass.), no
dep.stpd.. par $50:5 Chesapeake
582 lot
de Del. Canal Co., par $50; 27
Par
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
234 July 1 Holders of rec. June 20
Boston & Providence (guar.)
1
July 10 Holders of rec. June 30a
Carolina, Clinchfield & Ohio, corn (qu.)
Aug. 15 Holders of rec. Aug. 5
Central RR. of N. J. (guar.)
2
2
July 15 Holders of rec. July 7
Extra
Delaware & Hudson Co.(guar.)
*234 Sept.20 *Holders of rec. Aug. 28
Delaware Lackawanna & Western (qu.)- *$1.50 July 21 *Holders of rec. July 5
134 Aug. 16 Holders of rec. July 31
Internat.Rys. of Cent. Amer. pi.(qu.)
134 July 7 Holders of rec. June 27
Joliet de Chicago (quar.)
Norfolk & Western common (quar.)
*234 Sept. 19 *Holders of rec. Aug. 30
*1
Aug. 19 *Holders of rec. July 31
Adjustment preferred (guar.)
134 Aug. 1 HOlders of rec. July 2
Northern Pacific (guar.)
134 July 1 Holders of rec. June 9
Northern RR.of N.H.(guar.)
2
July 1 Holders of rec. June 10
Norwich & Worcester, pref. (guar.)-*51
Aug. 30 *Holders of rec. Aug. 1
Pennsylvania RR.(quar.)
234 June 30 Holders of rec. June 11
Providence & Worcester (quar.)
*$1
Aug. 14 *Holders of rec. July 17
Reading Company common (quar.)
*50o. Sept.11 *Holders of rec. Aug. 21
First preferred (quar.)
550o. Oct. 9 *Holders of rec. Sept. 18
Second preferred (guar.)
Public Utilities.
Amer. de Foreign Power
411.05 June 30 *Holders of rec. June 14
Allot.°tr.60% paid (3d Pd.)
6234o. Aug. 1 July 18 to July 31
Amer. Light & Tract., corn. (qu.)
3734c. Aug. 1 July 18 to July 31
Preferred (guar.)
(n) July 1 *Holders of rec. June 20
Amer. States Pub.Service cam A (qu.)
25c. Aug. 15 Holders of rec. July 25
Amer. Water Works & Elec., corn.(qu.)_
Corn. (In stock 1-40th share corn.)--. (I) Aug. 15 Holders of rec. July 25
$1.50 Oct. 1 Holders of rec. Sept.11
Preferred (quar.)
50c. Aug. 1 Holders of rec. June 30
Associated Gas& Elec., el. A ((mar.)
*4334 July 1 *Holders of rec. June 25
Atlantic Gas dr Electric class A (quar.)
June 30 *Holders of rec. June 30
- *2
Bell Telephone of Pa common (qu.)
Buffalo, Niagara & East Pow. ph.(qu.)-- *40c July 1 *Holders of rec. June 16
*750. July 1 *Holders of rec. June 24
Cincinnati Street By.(guar.)
134 July 1 Holders of rec. June 25
Cleveland Ry.(guar.)•51.75 July 1 *Holders of rec. June 30
Dixie Gas de Utilities pref.(guar.)
Electric Power of France
29.20fr July 7 *Holders of rec. June 20
Am. dep. Ma.A bearer shares
250. Aug. 1 Holders of rec.July 12
Elec. Power & Light, corn.(quar.)
International Hydro-Elec. System
8734c July 15 Holders of rec. June 25a
$3.50 cony. pref. (quar.)(No. 1.)15c. Aug. 1 Holders of rec. July 15
Long Island Lighting, com• (guar. -)
*13234c July 15 *Holders of rec. June 30
Mass. Util. Associates pref.(Quar.)
Aug. 15 *Holders of rec. July 15
Middle West Utilities common (quar.) *J2
$1.50 Aug. 15 *Holders of rec. July 15
$6 pref.(or 3
-80th share common)
Mohawk dr Hudson Power. 2d pref.(qu.) *81.75 July 1 *Holders of rec. June 14
2
July 15 Holders of rec. June 30
Montreal Telegraph (quar.)
234 July 15 Holders of rec. July 5
Montreal Tramways (guar)
*
2
July 15 *Holders of rec. June 30
Mountain States Tel. & Tel.(guar.)4
.25c. Nov. 15 *Holders of rec. Oct. 15
Municipal Teleph. Util., Cl. A (extra)
1,4 Aug. 1 Holders of rec. June 30
Nevada-Calif. Elec., pref.(guar.)
*82
July 1 *Holders of rec. June 14
New Haven Water
*134 July 1 *Holders of rec. June 16
N.Y.Power & Light,7% pref.(guar)
'
411.50 July 1 *Holders of rec. June 16
$6 preferred (guar.)
North Amer. Gas Se Elec. class A (quar.) *40e. Aug. I *Holders of rec. July 10
June 20 Holders of rec. June 28a
Northwestern Bell Telep., corn. (quar.)_ 2
134 July 15 Holders of rec. June 20a
Pre(erred (quar.)
$1.50 Sept, 2 Holders of rec. Aug. 20
Pennsylvania Power, $6 pref. (qua'.)._
55c. July 1 Holders of rec. June 20
$660 preferred (monthly)
550. Aug. 1 Holders of rec. July 19
$6.60 preferred (monthly)
550. Sept. 2 Holders of reo .Aug. 20
$6.60 preferred (monthly)
Pacific Public Service, corn. A (guar.)-- u3234c Aug. 1 Holders of rec. July 10
*50c. Oct. 1 *Holders of rec. Sept. 10
Philadelphia Elec. Power, pref.(quar.)
Philadelphia Electric Co., $5 pref. Mar. *$1.25 Aug. 1 *Holders of reo. July 10
Philadelphia & Western Ry., pi. (qu.).- 6234e July 15 Holders of rec. June 300
'134 July 10 *Holders of rec. June 30
Piedmont de Northern By.(guar.)
Power Corp. of Canada corn.(interim)_. *$1
July 25 *Holders of rec. July 5
$1.25 July 15 *Holders of rec. June 20
Puget Sound Pow.& Lt.,$5 pref.(quar.) *
Rhode Island Pub. Serv. pref. (quar.(
*50c. Aug. 1 *Holders of rec. July 15
Class A (quar.)
*$1
Aug. 1 *Holders of rec. July 15
San Diego Consol. Gas de Elec., Ph.(411.) 131 July 15 Holders of rec. June 30
South. Indiana Gas & Elec.,7% ph.(qu.) 134 July 1 Holders of rec. June 25
6% preferred (guar.)
134 July 1 Holders of rec. June 25
6% preferred (semi-annual)
July 1 Holders of rec. June 25
3
6.6% preferred (guar.)
$1.65 July 1 Holders of rec. June 25
South Pittsburgh Water, corn
*75e. July 21 *Holders of rec. July 10
7% preferred (quar.)
*13I July 15 *Holders of rec. July 1
6% preferred (guar.)
*134 July 15 *Holders of rec. July 1
6% preferred (guar.)
'134 Aug. 19 *Holders of rec. Aug. 9
Springfield Railways
*$1.15 July 1 *Holders of rec. June 20
United Gas & Electric Co., pref
234 July 15 Holders of rec. June 30
United Gas Improvement corn.(quar.).... *300. Sept. 30 *Holders of rec. Aug. 30
Preferred (quar.)
*31.25 Sept. 30 *Holders of rec. Aug. 30
Virginia Public Service. 7% Did. (guar.) 134 July 1 Holders of rec. June 18
6% preferred (guar.)
134 July 1 Holders of rec. June 16
West Kootenay Pow.& Light, pref.(qu.) 134 July 2 Holders of rec. June 27
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inelustre.
Banks.
Queensboro National
Woodside National (Woodside)
3
*2
Trust Companies.
American (guar.)
Bank of Sicily Trust Co.(guar.)
Ballston% Corp. class A de B (quar.)_ _ _
134 June 30 Holders of rec. June 20a
*30c. July 10 *Holders of rec. June 30
*15c. July 10 *Holders of rec. June 30
July 1 June 26 to June 30
July 15 *Holders of rec. July 1
Miscellaneous.
Aero Corp. of America, 7% pref.(qu.) *8734c July I *Holders of rec. June 15
I% July 1 June 20 to June 30
Alabama Fuel de Iron (guar.)
75c. July 18 Holders of rec. July 5
Alliance Realty, common (guar.)
Allied Chemical dt Dye, corn. (quar.)$1.50 Aug. 1 Holders of rec. July 11
$1
American Can, common (guar.)
Aug. 15 Holders of rec. July 31a
Amer. Elec. Securities (extra)
*50c. Aug. 15 *Holders of rec. July 15
Amer.Home Products(Utility)
350. Aug. 1 Holders of rec. July 14a
American Ice, common (guar.)
750. July 25 Holders of rec. July 7
Preferred (guar.)
134 July 25 Holders of rec. July 7
•334 July I *Holders of rec. June 14
American Optical preferred
American Products $2 partic. pref.(gm) *500. July 1 *Holders of rec. June 16
Amer.Shipbuilding new no par com.(qu.)•$1.25 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
*134 Aug. 1 *Holders of rec. July 15
Amer. Solvents & Chem. pref. (quar.)_
*75c. Aug. 15 *Holders of rec. Aug. 1
American Tobacco corn & corn B
Subject to stockholders' meeting
*$4
American Vitrified Products, conc.(qu.)- *500. July 15 *Holders of rec. July 15
Preferred (guar.)
"134 Aug. _1 *Holders of rec. July 19
Anaconda Copper Co. (guar.)
8734c Aug. 18 Holders of rec. July 12
Anaconda Wire& Cable
•3734c Aug. 11 *Holders of rec. July 12
Anchor Post Fence common (guar.).
1
-.1234 July 1 *Holders of rec. June 23
Andes Copper Mining (guar.)
"3734c Aug. 18 *Holders of rec. July 12
Astor Financial Corp. class A-Dividend passed.
Athol Manufacturing common (guar.).- *31
July 1 *Holders of rec. June 20
*334 July 1 *Holders of rec. June 20
7% Preferred
Atlas Plywood (guar.)
50c. July 15 Holders of rec. July 1
*$1
Automobile Banking common
July 10 *Holders of rec. June 30
Common (extra)
*50e. July 10 *Holders of rec. June 30
Preferred
*4
July 10 *Holders of rec. June 30
Automatic Washer cony. pref. (quar.)
*50c. July 1 *Holders of rec. June 14
Babcock de Wilcox Co.(Guar.)
•134 July 1 *Holders of rec. June 20
Baer,Sternberg & Cohn 1st pf.(oil.)
13.4 July 1 Holders of rec. June 24
2
Second preferred (guar.)
July 1 Holders of rec. June 24
Bancroft (Joseph) & Sons Co.,Pt (qu.)- 134 July 31 Holders of rec. July 15
Barnsdall Corp. class A & B (guar.).
- *50c Aug. 6 *Holders of rec. July 7
Bay State Fishing-Dividend primed.
Beck & Corbitt (guar.)
134 July 1 Holders of rec. June 26
Blue Ridge Corp.common(No.1)
20c Aug. 1 Holders of rec. July 5
(ff) Sept. 1 Holders of rec. Aug. 5
Preferred (guar.)
Bonded Capital Corp. 7% pref. (qu.).
*134 July 1 *Holders of rec. June 23
Boston Personal Property Trust
25c June 30 Holders of rec. June 16
Boyd-Welsh Shoe common (guar.)
75c July 1 June 24 to July 1
Brandon Corp., Pref.-dividend passed
British e, Foreign invest. prof
6234c July 2 Holders of rec. June 30
Brown (William) Co.(Phila.) common
5
July 1 Holders of rec. June 20
Preferred
334 July 1 Holders of rec. June 20
Bunker MI1 & Sullivan Mining& Concentrating, cons. (monthly)_..
*25c. July 5 *Holders Of rec. June 30
Common (extra)
•25c. July 5 *Holders of rec. June 30
Preferred (guar.)
•
$1.50 July 5 *Holders of rec. June 30
Burke Grocery, class A (No. 1)
*25c. July 15 *Holders of rec. July 1
Burt (F.) Co., Ltd., common (guar.)
- *75e. July 2 *Holders of rec. June 13
California Art Tile, class A & B-Divide ad pas sod.
Canadian Car & Foundry,ordinary (qu.)
43e. Aug. 30 Holders of rec. Aug. 15
Canadian Fairbanks-Morse, pref. (qu.)
13.4 July 15 Holders of rec. June 30
Carnation Company (in stock)
'Cl
July 1 *Holders of rec. June 20
Central Coal & Coke, pref.-Dividend p eased.
Central National Corp., class A (guar.).
75e. July 1 Holders of rec. June 24
Champion Shoe, pref.(guar.)
13.4 July 1 Holders of roe July 15
Checker Cab Mfg. Corp.(monthly).
350. Aug. 1 Holders of rec. July 16
Chicago Daily News, pref. (guar.)
*$1.75 July 1 *Holders of rec. June 20
Claremont Investing Corp., corn.(guar.)
19c. July 1 Holders of rec. June 20
Preferred (guar.)
310. July 1 Holders of rec. June 20
Cleveland Tractor, corn. (gear.)
*40c. July 15 *Holders of rec. June 30
*e2 July 30 *Holders of rec. July 15
Clorax Chemical,Class B
Coleman Lamp & Stove (guar.)
*50e. July 1 *Holders of rec. June 18
Commercial Bookbinding (guar.)
4334e. July 15 Holders of rec. July 1
Consol. Diamond Mines of S. W. Africa
434d. Aug. 15 Holders of coup. No. 2
Bearer shares
Registered shares
434d. Aug. 15 July 1 to July 7
Coasol. Mining de Smelting of Canada_ _ $1.25 July 15 Holders of rec. June 30
Bonus
$5 July 15 Holders of rec. June 30
Consolidated Royalty Oil (guar.)
"1234 July 2 *Holders of rec. July 15
Continental Investment (guar.)
*150. July 1 *Holders of rec. June 20
Prior preferred A (guar.)
'62340 July 1 "Holders of rec. June 20
Continental Securities, common (quar.)_ $1 July 15 Holders of rec. July 1
Proferred (guar.)
*1.34 July 1 *Holders of rec. June 18
Continental Steel. 7% pref. (guar.).
- •134 July 1 *Holders of rec. June 18
Corn Products Refg., corn.(guar.)
•750. July 2 *Holders of rec. July 7
Common (extra)
4
.500. July 2 *Holders of rec. July 7
Preferred (guar.)
•134 July 1 'Holders of rec. July 7
Courtaulds, Ltd., Am. dep. rem., pref_ •to234 July 8 *Holders of rec. June 19
Craddock-Terry Co., tat pref
June 30 June 18 to June 30
3
Second preferred
June 30 June 18 to June 30
3
Class C
3% June 30 June 18 to June 30
Cresson Cons. G. Min.& Milling (guar.) '
02c. July 10 *Holders of rec. June 30
Crown Zellerbach Corp.
Preferred A & B and corn. pref.(qu.).. •$1.50 Sept. 1 *Holders of rec. Aug. 13
Cudahy Packing, common (quar.)
July 15 Holders of rec. July 3
$1
Curtis Publishing, com.(monthly)
*50c Aug. 2 *Holders of rec. July 19
Common (monthly)
*50c. Sept. 2 *Holders of rec. Aug. 20
Common (monthly)
*50c. Oct. 2 *Holders of rec. Sept. 20
Preferred (guar.)
*134 Oct. 2 *Holders of rec. Sept. 20
Devoe & Reynolds class A de B (guar.).- "30c July 17 "Holders of rec. July 7
First and second pref.(guar.)
*134 July 17 'Holders of rec. July 7
Devonian Oil
*150 July 1 *Holders of rec. June 16
Diamond Match (guar.)
Sept. 15 *Holders of rec. Aug. 30
(
12
Dlctograph Products (guar.)
250. July 15 Holders of rec. July 1
Dominguez Oil Fields (monthly)
*15c. July 1 *Holders of rec. June 24
Extra
*15c. July 1 *Holders of rec. June 24
Dominion Tar & Chemical, pref. (guar.) 134 Aug. 1 Holders of rec. July 17
Dominion Textile, common (guar.).-- •$1.25 Oct. 1 "Holders of rec. Sept. 15
t Preferred (guar.)
*134 Oct. 15 *Holders of rec. Sept. 30
(11
Dunhill International (guar.)
July 15 *Holders of rec. July 1
Stock dividend
•el
July 15 *Holders of rec. July 1
Dutchess Mfg. pref.-Dividend deferred
Eagle-Picher Lead com.-Dividend omit
*I% July 15 *Holders of rec. June 30
Preferred (guar.)
Eagle Warehouse de Storage (guar.)
*134 July 1 *Holders of rec. June 26
Extra
*1
July 1 *Holders of rec. June 26
Eastern Utilities Investing Corp.
Participating preference (guar.)
$1.75 Aug. 1 Holders of rec. June 30
$6 preferred (guar.)
$1.50 Sept. 2 Holders of rec. July 31
$7 preferred (guar.)
$1.75 Sept. 2 Holders of rec. July 31
$1.25 Oct. 1 Holders of rec. Aug. 30
$5 prior preferred (guar.)
"750. Aug. 1 *Holders of rec. July 15
Eaton Axle & Spring (guar.)
*25e. July 20 *Holders of rec. June 30
Edison Bros. Stores, Inc., corn
Edwards(Wm.) Co., pref. (guar.)
13.4 July 20 Holders of rec. July 1
500. July 22 Holders of rec. July 7
Electric Household Utilities (guar.) ___
•132340 Aug. 1 *Holders of rec. July 16
Elgin National Watch (guar.)
334 July 15 Holders of rec. July 3
Ely & Walker Dry Goods, 1st pref
3
July 15 Holders of rec. July 3
Second preferred
•400. July 25 *Holders of rec. July 10
Emsco Derrick de Equipment (guar.)
*350. July 15 *Holders of rec. June 30
Motors, 7% Preferred
Fageol
Fairbanks, Morse & Co.common (guar.) "750. Sept.30 *Holders of rec. Sept. 12
*134 Sept. 1 *Holders of rec. Aug. 12
Preferred (quar.)
Fashion Park Associates, Pref.(quar.).. 134 Aug. 1 Holders of roe. July 16
20c. Aug. 31 Holders of rec. Aug. 15
Federated Capital Corp., corn.(quar.).
. fi
Aug. 31 Holders of rec. Aug. 15
Common (payable in common stock)
7340. Aug. 31 Holders of rec. Aug. 15
6% Preferred (guar.)
*250. July 11 *Holders of rec. July 2
Federated Metals (guar.)
4557
FINANCIAL CHRONICLE
JUNE 28 1930.]
Name of Company.
Per
When
Cent. Payable.
Books Closet:
Days Inclusive.
Miscellaneous (Continued).
June 25 Holders of rec. July I
Fifth Avenue Investing, corn.(guar.)._ $1
2
June 25 Holders of rec. July 1
Preferred (guar.)
1% July 1 Holders of rec. June 20
Filing Equipment Bureau, pref.(guar.)_
40c. July 21 Holders of rec. July 3
Firestone Tire & Rubber, corn.(guar.)._
62e.
Holders of rec. June 30
Fixed Trust Oil Shares
*400. July 1 *Holders of rec. June 19
Foremost Dairy Products, pref.(qu.)
Foster(W.C.) Co., pref., dividend passe
Foster de KieLser Co., 7% pref.(quar.).. '134 July 1 *Holders of rec. June 30
25c. Aug. 15 Holders of rec. July 31
Foundation Co. of Canada, conc.(qu.)
*50c. July 1 "Holders of rec. June 20
Franklin Process (guar.)
*25c. July 1 *Holders of rec. June 20
Extra
•$1.75 Aug. 1 *Holders of rec. July 15
General Cable Corp. pref.(guar.)
75c. Aug. I Holders of rec. July 153
Gen. Foods Corp., corn.(guar.)
General Machinery Corp., pref.(oil.)--. 13.4 July 1 June 21 to June 30
General Outdoor Advertising, corn., divi dend o mitted
*81 Aug. 15 'Holders of rec. Aug. 5
Class A( guar.)
'134 Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
*50c. Aug. 1 *Holders of rec. July 15
General Stockyards, corn.(guar.)
"25c. Aug. 1 *Holders of rec. July 15
Common (extra)
*SIM Aug. 1 *Holders of rec. July 15
$6 preferred (guar.)
July 31 *Holders of rec. July 15
Gilchrist Co.(guar.)(payable in stock)_ _ *e2
Gimbel Bros., pref.(guar.)
*134 Aug. 1 *Holders of rec. July 15
*75c. July 1 *Holders of rec. June 20
Gladding, McBean & Co.(guar.)
- "134 July I *Holders of rec. June 20
Goodyear Textile Mills, pref.(guar.)
Gray & Dudley Co., corn.(guar.)
234 July 1 Holders of rec. June 24a
*50c. July 1 *Holders of rec. June 20
Gray Processes Corp
*50c. July 1 *Holders of rec. June 20
Extra
*50c. July 1 *Holders of rec. June 19
Gray Telephone Pay Station (quar.)
*50c. July 1 *Holders of rec. June 19
Extra
- *75c. Aug. 11 *Holders of rec. July 12
Greene Cananea Copper Co.(guar.).
"873.4c July 1 "Holders of rec. June 20
Greif(L.)& Bros., class A (guar.)
•134 July j1 *Holders of rec. June 20
7% preferred (guar.)
Ground Gripper Shoe, pref.-dividend o m1tted 1
Hall(W.F.) Printing (guar.)
*50c. July 3 *Holders of rec. July 19
HamTn Wat., new com.(mthly.)(No. 1) 'Sc. July 3 "Holders of rec. July 10
*30c. July 3 *Holders of rec. July 10
Old $25 par stock
Hamilton Woolen Co
*$1
•134 Aug. 15 *Holders of rec. Aug. 4
Hercules Powder, pref.(guar.)
1% July 1 Holders of rec. June 26
Hibernia Securities, pref.(guar.)
HIghtown Rug Co., corn. (guar.)
25e. July 1 Holders of rec. June 25
Preferred (guar.)
$1.75 July I Holders of rec. June 25
5c. July 15 Holders of rec. June 30
Hollinger Consol. Gold Mines(mthly.)..
Holmes(D. H.) Co., Ltd.(guar.)
2% July 1 Holders of rec. June 20
Ni July 2 Holders of rec. June 25
Holt Renfrew & Co., Ltd., corn.(quar.)_
1% July 2 Holders of rec. June 25
Preferred ((Har.)
*50c. July 20 Holders of rec. July 1
Home Service Co., pref.(guar.)
*6234c Aug. 1 "Holders of rec. July 14
Horn & Hardart(N.Y.)), corn.(qu.)
4.15i Sept. 1 *Holders of rec. Aug. 12
Preferred ((Mari
50o. Aug. 1 Holders of rec. July 15
Hupp Motor Car Corp., corn.(guar.)_
Huyler's of Delaware, Inc., pref.(qu.).. •1% July 1 *Holders of rec. June 20
•750. July 1 'Holders of rec. June 14
Ideal Cement, corn. (guar.)
Insull Utility Invest.,$5.50 pref.(qu.)_. *51.38 July 1 *Holders of rec. June 14
Insurance Securities (guar.)
•354 July 15 *Holders of rec. June 30
(ee) July 15 Holders of rec. July 10
Interallied Investing Corp., class A.1 *Holders of rec. June 25
Intercontinental Investment, pf. (qu.)
'13.4 July
75c. Aug. 1 Holders of rec. July 15
Internat. Printing Ink, corn.(quar.)
1% Aug. 1 Holders of rec. July 15
Preferred (guar.)
3
July 15 Holders of rec. July 10
Internat. Products Corp., pref
50c. July 1 Holders of rec. June 20
Joint Investors, Inc., el. A (guar.)
25c. July 1 Holders of rec. June 20
Class A (extra)
July I Holders of rec. June 20
3
Preferred
Kalamazoo Veg. Parchment (guar.)
- *15c. Sept.30 *Holders of rec. Sept. 20
•150 Dec. 31 *Holders of rec. Dec. 22
Quarterly
. .34 Aug. 1 *Holders of rec. July 21
01
Kelsey-Hayes Wheel, pref. (guar.)
Keystone Steel & Wire,common(quar.). *250 July 15 *Holders of rec. June 30
'134 July 15 *Holders of rec. June 30
Preferred (guar.)
*$1.50 Aug. 1 "Holders of rec. July 18
Keystone Watchcase
*60c. July 15 *Holders of rec. July 7
Knott Corp.(guar.)
4
13 Sept. 2 *Holders of rec. Aug. 15
Lackawanna Securities Co
37%c. July 1 Holders of rec. June 25
Lane Cotton Mills (gum.)
Lawrence Portland Cement, coin.(qu.). *$1 June 28 *Holders of rec. June 14
40e. Aug. 15 Holders of rec. Aug. 5
Letcourt Realty Corp.,common (guar.).
75e. July 15 Holders of rec. July 7
Preference (guar.)
"35c. Aug. 30 *Holders of rec. July 31
Lehigh Coal & Navigation (guar.)
Lehn & Fink Products Co.(guar.)
*75c. Sept. 1 *Holders of rec. Aug. 15
Leonhard Tietz. Inc., Amer.dep. recta.. *w10 July 16 'Holders of rec. July 10
•750. July 1 *Holders of rec. June 23
Ley (Fred. T.) & Co., Inc.(guar.)
Aug. 1 Holders of rec. July 19
Liquid Carbonic Corp. corn.(guar.).- $1
*25c. July 1 "Holders of rec. June 25
ci .
Loitreferr ( o arcommon (guar.)
pan Gz C u, .)
*40c. July 1 *Holders of rec. June 25
*I0c. June 20 *Holders of rec. June 10
Lucky Tiger Combination Gold Min
Lupton's(David) Sons Co., pref.(guar.) 1% July 1 Holders of rec. June 15
Lyons (J.) & Co., Ltd.
Am. 1
Am.dep. rots. ord. A shs., 2s. 10d
- 15i Ju e 30 *Holders of rec. June 16
Holders of rec. July 16
MacKinnon Steel, 1st pre:.(guar.)
MacMillan Petroleum Corp., com.-Div Mend omitted
Madison Square Garden Corp.,com.(qu.) '373.4c July 15 *Holders of rec. July 5
•134 June 30 *Holders of rec. June 23
Magor Car Corp., pref. (guar.)
Mahon (R. C.) Co.. cony. pref. (guar.). *550. July 15 *Holders of rec. July 1
•1
"Holders of rec. June 25
Majestic Royalty Corp.(monthly)
1
Jul
Manning. Maxwell & Moore, Inc.(qu.). *$1 j l y 2 *Holders of rec. June 30
75c. July 15 Holders of rec. June 30
Massey-Harris Co., Ltd. (guar.)
•1% Aug. 1 *Holders of rec. July 21
McCrory Stores Corp. prof.(guar.)
$1.50 July 1 Holders of roe. June 25
Medusa Portland Cement (guar.)
Mercal Guaranty Corp.. Los Aug.. corn. *$1.25 July 15 *Holders of rec. June 20
*3
July 15 *Holders of rec. June 20
First preferred
*30c July 1 *Holders of rec. June 20
Metal de Mining Shares (guar.)
July 1 Holders of rec. June 20
Metropolitan Title Guaranty Co. (qu.). $1
Michigan Steel Tube Products (quar.).. *3734 cJuly 1 *Holders of rec. June 23
•150. July 2 *Holders of rec. June 20
Minnesota Mining & Mfg., coin.(qu.)
Monolith Portland Cement
-Dividend p used.
Mortgage Corp. of Rhode Island, pf.(qu) •
131 July I *Holders of rec. June 20
Nashua Mfg., pref.(guar.)
1
July 1 Holders of rec. June 25
Nat. Bearing Metals pref.(guar.)
I% Aug. 1 Holders of rec. July 15
'2
National Carbon, pref. (guar.)
Aug. 1 *Holders of rec. July 19
National Distillers Prod., corn. (quar.'. *500. Aug. 1 *Holders of roe. July 15
National Equity Co., Inc. (Woonsocket, R. I.) cora, and pref.(guar.). 2
July 1 Holders of rec. June 21
National Fireproofing, corn. (
(Mari
75c. Aug' 1 Holders of rec. July 1
750. July 15 Holders of rec. July 1
Preferred (guar.)
National Grocers CO., pref.-Dividend passed
National Oxygen, corn. (guar.)
•25c. July 1 *Holders of rec. June 15
•56340 July 1 *Holders of rec. June 15
Class A (guar.)
National Shirt Shops, Inc., pref. (qu.).. 2
July 1 Holders of rec. June 25
National Supply Co., corn.(guar.)
$1.25 Aug. 15 Holders of rec. AIM. 5
National Title Guaranty (guar.)
$1.75 July 1 Holders of rec. June 20
Naumkeag Steam Cotton Co. (guar.)._
2
July 1 Holders of rec. June 24
New England Equity, pref. (quar.)
2
July 1 Holders of rec. June 16
New Jersey Zinc (guar.)
*500. Aug. 9 *Holders of rec. Jtuy 19
New Orleans Cold Storage de Ware ouse 5
June 30 Holders of rec. June 16
New York Dock, preferred
*234 July 15 *Holders of rec. July 5
Niagara Share Corp. of Md., corn. (qu.)
10c. July 15 Holders of rec. June 25
Preferred (guar.)
$1.50 July 1 Holders of rec. June 21
North & Judd Mfg. (guar.)
•500. June 30 *Holders of rec. June 16
Northwest Engineering common (guar.). *50c. Aug. 1 'Holders of rec. July 15
Ohio Leather, bat pref.(guar.)
*2
July 1 *Holders of rec. June 20
Second preferred (guar.)
*Holders of rec. June 20
: July
51%
331 l
Second pref. (acct. accum.
"Holders of rec. June 20
Ohio Telephone Service, pref.(quar.)
$1.x July
1 .75
Holders of rec. June 24
011 Well Supply. prof. (guar.)
Aug.
Holders of rec. July 12
Ovington Bros. partic. pref.-Dividend p eased.
Pedigo-Weber Shoe (quar.)
37%e July 1 Holders of rec. June 25
,
0
,
'Si
Peareaerr Ltd. coTmon (guar.)
pm f nsed (0 ar
Aug. 15 *Holders of rec. Aug. 5
•I% Aug. 1 *Holders of rec. July 21
Pequot Miii (quar.)
July 1 'Holders of ree. June 24
*$.21
Permutlt Co. common (guar.)
July
"Holders of rec. June 20
*1
Common (extra)
July 1 *Holders of rec. June 20
Perry Fay Co. common (guar.)
*81
June 30 *Holders of rec. June 21
Pettibone-Maillken Corp., pref.(guar.) .. 1% .100e 30 *Holders of rec. June 23
3 ly
u1
"
11
Pilgrim Mills (quar.)
*Holders of rec. June 25
4558
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Pittsburgh Forglngs (quar.)
•40c. July 25'Holders of rec. July 15
Plymouth Cordage (quar.)
'$1.50 July 19 'Holders of rec. June 30
Polygraphic Co. of Amer.. pref. (quar.)_ "32
July 1 *Holders of rec.'June 30
Premier Shares, Inc.(No. 1)
184c. July 15 Holders of rec. July 1
Prosperity Co., Inc., common B
"25c. July 1 *Holders of rec. June 16
Public Secur. Bldg. & Mtge.
-Dividend passed
Pullman, Inc. (guar.)
Aug. 1 Holders of rec. July 24
$1
Randall Co., class A (guar.)
•50c. Aug. 1 *Holders of rec. July 21
Class B (guar.)(No. 1)
"25c. July 1 *Holders of rec. June 25
Reliable Stores
Corn.(5-4(10ths sh. for each sh. held)_
July 1 *Holders of rec. June 20
Rio Grande 011 of Calif. (guar.)
*50c. July 25'Holders of rec. July 5
Roover Bros. preferred
*350. Aug 1 *Holders of rec. July 10
$1.50 July 17 Holders of rec. July 10
Royal Typewriter, common
Pref. (for first two quar. of 1930)- - - 3% July 17 Holders of rec. July 16
St. Lawrence Corp., class A (qu.(No. 1)
50e. July 15 Holders of rec. June 30
Sangarno Electric Co., corn. (quar.)
*50c. July I *Holders of rec. June 10
•
1
Scott Paper, pref. A (quar.)
Aug. 1 *Holders of rec. July 17
Preferred B (quar.)
*1% Aug. 1 *Holders of rec. July 17
Seaboard Dairy Credit (quar.)
*25c. July 1 'Holders of rec. June 30
Sears-Roebuck (quar.)
*6219c Aug. 1 *Holders of rec. July 15
Securities Investment common (quar.)...
75e. July 1 Holders of rec. June 20
Preferred (quar.)
2
July 1 Holders of rec. June 20
Shawmut Associates (guar.)
30c. July 1 Holders of rec. June 20
Shenandoah Corp. pref.(quar.)
Aug. 1 Holders of rec. July 5
Signode Steel strap, corn. (quar.)
•1299c July 15 'Holders of rec. June 30
"62990 July 15 'Holders of rec. June 30
Preferred (guar.)
Silver King Coalition (quar.)
250. July 1 Holders of rec. June 21
Sloan & Zook Prod., corn.(quar.)
"50c. June 30 *Holders of rec. June 20
Preferred (guar.)
*14 June 30 'Holders of rec. June 20
Southern Ice & ULU. pref. & part. pref
Divide nds omi tted.
Southern Weaving,Inc., corn
.3% July
MI 34 July
Common (extra)
Preferred
*3% July
Standard Investment Corp. pref.(quar.) $1.375 Aug. 15 Holders of rec. July 28
Standard Screw,corn.(quar.)
2
July 1 Holders of rec. June 23
3
July 1 Holders of rec. June 23
Preferred
Stanley Works. corn. (quar.)
*6299c July 1 'Holders of rec. June 14
Steel Co.of Canada,corn. & pf. (qu.)._ _ •433(c Aug. 1 'Holders of rec. July 7
Stein Cosmetics, Inc., pref.(quar.)
50c. July 1 Holders of rec. June 26
Sullivan Machinery (guar.)
July 15 July 1 to July 7
$1
Sun-Glow Industries (quar.)
50e. Aug. 1 Holders of rec. July 22
Superheater Co. (quar.)
62390 July 15 Holders of rec. July 5
Peck-Hughes Gold Mines
150. Aug. 1 July 18 to July 31
Telautograph Corp. (guar.)
30c. Aug. 1 Holders of rec. July 15
Extra
Sc. Aug. 1 Holders of rec. July 15
Textile Finishing Mach'y, pref.(quar.)_ _ *51.75 June 30 *Holders of rec. June 21
Preferred (extra)
June 30 *Holders of rec. June 21
*51
Time-o-Stat Controls, class A (quar.)._ _ *50c. July I *Holders of rec. June 20
Tobacco Products class A (quar.)
*20c. Aug. 15 *Holders of rec. July 25
Tooke Bros., Ltd., pref.(guar.)
14 July 15 Holders of rec. June 30
Troy Sunshade, common
*50e. July 1 *Holders of rec. June 20
Common (extra)
*50c. July 1 *Holders of rec. June 20
Common (special)
*50c. July 1 *Holders of rec. June 20
Truax-Traer Coal (guar.)
*40c. Aug 1 *Holders of rec. July 21
Tudor City Fifth Unity, Inc., pref
3
July 15 July 1 to July 15
United Business Publishers common_ _ •$1.25 June 30 *Holders of rec. June 20
U. S. Finishing common-No dividend d eclared
Preferred (guar.)
:July I Holders of rec. June 26
U. S. Industrial Alcohol. corn. (quar.)
$1.50 Aug. 1 Holders of rec. July 15a
U. S. Lines preference
*50e. July 15 "Holders of rec. June 30
U.S. Radiator common (quar.)
*50c. July 15'Holders of rec. July 1
•11.4 July 15'Holders of rec. July 1
Preferred (quar.)
U.S. Realty & Invest.(Newark)
-divide nd pas sod
U.S.Smelt. Refg.& Min.,corn.(guar.).
25c. July 15 Holders of rec. July 3
13735e July 15 Holders of rec. July 3
Preferred ((Juan)
Universal Consolidated 011 (quar.)
50e. July 15 Holders of rec. June 30
Vulcan Detinning, corn.(quar.)
1
Oct. 20 Holders of rec. Oct. 4a
194 Oct. 20 Holders of rec. Oct. 40
Preferred (quar.)
Waltham Watch, prior pref.(au.)
•14 July 1 *Holders of rec. June 21
Weston (Gee.)Ltd.(Toronto) com.(qu.).
250. July 1 Holders of rec. June 20
White Star Line. Ltd.
•w394 July 8 *Holders of rec. June 19
Am.dep.rights for 699% pref
Wieboldt Stores,Inc.. corn.(quar.)
*40e. Aug. 1 *Holders of rec. July 15
Wood Chem.Products. Cl. A (quar.).
50c. July 1 Holders of rec. June 23
Worcester Salt,corn.(quar.)
'134 July 1 "Holders of rec. June 23
Yosemite Holding, pref.(quar.)
•8719c July 1 'Holders of rec. June 15
"2% July 1 "Holders of rec. June 20
Young (J. T.) Co., corn.(guar.)
91. , July 1 'Holders of rec. June 20
h
Preferred (quar.)
$2
Zetland Garages, Ltd.(Canada) pf. A
Golders of rec. Dec. 31
Name of Company.
Railroads(Steam) (Concluded)
Erie RR., 1st and 2nd preferred
First and second preferred
Great Northern
Gulf Mobile & Northern, pref.(quar.)-Illinois Central, leased lines
Kansas City Southern, corn. (guar.).-Preferred (quar.)
Lehigh Valley, corn. (quar.)
Preferred (quar.)
Little Pchuylkill Nov. RR. & Coal
Louisville dr Nashville
Mahoning Coal RR., common (qu.).....
Proferred
value Central. corn.(guar.)
Michigan Central
Mo.-Kansas-Texas, corn. (No. 1)
Preferred A (guar.)
Preferred A (guar.)
Preferred A (quar.)
Missouri Pacific, pref.(guar.)
Mobile dr Birmingham, preferred
Mobile & Ohio
Morris & Essex
New York Central RR.(quar.)
N Y. ChM. dr St. L., corn. & pt. (qU.).
New York & Harlem, corn, and prof_
N. Y. Lackawanna & Western (quar.)-N. Y. NH & Hartford, corn.(quar.)__ Preferred (quar.)
Northern Central
Northern Securities Co
Old Colony (guar.)
Pennroad Corp. (No. I)
Pere Marquette, corn. (altar.)
Prior preferred and pref. (quar.)
Pitts. CM. Chic. & St. Louis
Pitted). Ft. Wayne & Chic. corn.(qu.)-Preferred (quar.)
Pittsburgh dr Lake Erie
Pittsburgh. McKeesp. & Youth
Pittsburgh & West Va.(guar.)
Reading Co., 2d pref.(guar.)
Rensselaer & Saratoga
St. Louts-San Francisco common (au.)._
Preferred (Quar.)
Preferred (quar.)
St. Louis Southwestern, pref. (guar.).Southern Pacific Co.(auar.)
Southern Ky., common (quar.)
Preferred (quar.)
Texas & Pacific corn.(quar.)
Preferred
Union Pacific common (guar.)
United N. J. RR. & Canal Coe.(au.).Quarterly
Quarterly Wabash Sty.. Prof. A (quar.)
Western Railway of Ala
[VOL. 130.
Per
When
Cent. Payable,
Books Closed
Days Inclusive.
2
June 30 Holders of rec. June 14a
2
Dee. 31 Holders of roe. Dec. 130
239 Aug. 1 Holders of rec. June 250
199 July 1 Holders of rec. June 14a
2
July 1 Holders of reo. June lla
14 Aug. 1 Holders of rec. June 30a
1
July 15 Holders of roe. June 30a
8799c July 1 Holders of rec. June I40
31.25 July 1 Holders of rec. June 146
$1.13 July 15 June 14 to July 15
334 Aug. 11 Holders of rec. July 150
$12.50 Aug. 1 Holders of rec. July 190
*31.25 July 1 'Holders of rec. June 23
14 July 1 Holders of rec. June 16
25
July 31 Holders of reo. July 210
$1
June 30 Holders of rec. June 5a
14 June 30 Holders of rec. June 140
114 Sept.30 Holders of rec. Sept. 5
114 Dec. 31 Holders of rec. Dec. 5
14 July 1 Holders of rec. June 130
2
July 1 Holders of reo. June 20
*334 June 30 *Holders of rec. June 23
$1.75 July I Holders of rec. June 7a
2
Aug. 1 Holders of rec. June 270
194 July 1 Holders of rec. May 150
32.50 July 1 Holders of rec. June 130
14 July 1 Holders of rec. June 140
194 July 1 Holders of rec. June 70
15% July 1 Holders of rec. June 7a
$2
July 15 Holders of rec. June 300
434 July 10 June 21 to July 10
14 July 1 Holders of rec. June 14
20c Sept. 15 Holders of rec. Aug. 80
199 June 30 Holders of roe. June 90
194 Aug, 1 Holders of rec. July 50
239 July 19 Holders of rec. July 10a
14 July 1 Holder, of reo. June 10a
194 July 8 Holders of rec. June 100
$2.50 Aug. 1 Holders of rec. June 27
31.50 July I Holders of rec. June 130
13.4 July 31 Holders of roe. July 150
50e. July 10 Holders of roe. June 190
4
July 1 Holders of rec. Juned14a
July 1 Holders of rec. June 20
2
134 Aug. 1 Holders of reo. July la
119 Nov. 1 Holders of res. Oct. la
14 June 30 Holders of ree. June 120
194 July 1 Holders of rec. May 26a
Aug. 1 Holders of roe. July la
2
134 July 15 Holders of rec. June 23a
134 June 30 Holders of rec. June 140
•134 June 30 *Holders of rec. June 14
234 July 1 Holders of reo. June 20
.239 July 1 *Holders of rec. June 20
.234 Oct. 1 *Holders of ree. Sept. 20
"294 Jan 1'31 *Holders of rec. Dee.20'30
14 Aug. 25 Holders of roe. July 250
June 30
June 30 June 21 to
4
Public Utilities.
Alabama Power 37 pref.(quar.)
$1.75 July 1 Holders of rec. June 14
$6 preferred (guar.)
$150 July 1 Holders of rec. June 14
$5 preferred (guar.)
51.25 Aug. 1 Holders of rec. July 15
Amalgamated Elec. Corp., pref. (quar.)
75c. July 15 Holders of rec. June 27
Amer. Cities Power & Lt. el. A (qu.).._ (m) Aug. 1 Holders ol roe. July 5
Class B (quar.)
(m) Aug. 1 Holders of rec. July 5
American Commonwealth Power Carp.
Corn. A & B (1-40th share corn. A).-- /234 July 25 Holders of reo. June 30
First preferred series A (emu%)
51.75 Aug. 1 Holders of reo. July 16
36.50 1st preferred (aura.)
$1.62 Aug. 1 Holders of reo. July 15
$6 1st preferred (guar.)
$1.50 Aug. 1 Holders of roe. July 15
Second preferred series A (quar.).... $1.75 Aug. 1 Holders of reo. July 16
Amer. Community Pow., 1st pref.(qu.). $1.50 July 1 Holders of rec. June 15a
Preference (guar.)
$1.50 July 1 Holders of rec. June 150
Amer. Dist. Teleg. of N. J., corn (qu.) 4
11
July 15 *Holders of rec. June 15
Preferred (quar.)
"134 July 15 *Holders of roe. June 15
Amer.& Foreign Pow.$7 pref.(au.).._
$1.75 July 1 Holders of rec. June 140
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 140
Second pref.,series A (guar.)
$1.75 June 30 Holders of roe. June 14a
Allotment certificates 95% paid
1.6614 July 1 Holders of rec. June 14
Amer. Gas & Elec., corn.(quar.)
25e. July 1 Holders of rec. June 12
Corn.(1-50th share corn.81k.).
July 1 Holders of rec. June 12
$1.50 Aug. 1 Holders
Preferred (guar.)
July 8
Below we give the dividends announced in previous weeks Amer. Natural Gas,IS pref.(quar.).... •17140 July 1 *Holders of rec. June 20
of rec.
and not yet paid. This list does not include dividends an- American Power & Light.$6 pref.(guar.) $1.50 July 1 Holders of rec. June I40
8795c. July I Holders of rec. June 14a
nounced this week, these being given in the preceding table. $5 preferred (guar.)
$5, pr. stpd.(guar.)
$1.25 July 1 Holders of rec. June 14
American Public Service, pref.(quar.)_. '134 July 1 *Holders of rec. June 16
Per
Books Closed
When
Amer.Public Utilities-_
Days Inclusive.
CCM. Payable.
Prior pref, and partio. pref.
Name of Company.
14 July 1 Holders of rec. June 14
American Superpower, 1st prof.,(qu,).. $1.50 July 1 Holders of rec. June 14
Railroads (Steam).
$8 preference (quar.)
$1.50 July 1 Holders of rec. June 14
June 28 Holders of rec. May 24
Alabama Great Southern ordinary
$2
294 July 15 Holders of rec. June 204i
American Telep. & Telerr. (quar.)
$1.50 June 28 Holders of rec. May 24
Ordinary (extra)
Amer. Water Wk14. & El. $6 pref. (all.) $1.50 July 1 Holders of rec. June 12a
Aug. 15 Holders of reo. July 11
82
Preferred
*15c. July 1 *Holders of rec. June 20
Arkansas Natural Gas, pref. (guar.)Holders of reo. July 11
$1.50 Aug. 16
Preferred (extra)
Arkansas Power & Light, $7 pref. (qu.)_ 51.75 July 1 Holders of rec. June 16
Albany & Susquehanna
499 July 1 Holders of reo. June 14a
$6 preferred (guar.)
$1.50 July 1 Holders of rec. June 16
July 1 Holders of rec. June 200 Associated Gas & Electric, allot, certifs- "$4 July 1 *Holders of rec. May 31
Allegheny dr Western
3
24 Aug. 1 Holders of roe. June 27a
Atch.. Topeka & Santa Fe.. prof.
$1.75 July I Holders of reo. May 31
$7 preferred (altar.)
Atlanta, Birmingham & Coast, pref
•299 July 2'Holders of rec. June 13
Original series preferred ((Mar.)
8734c July 1 Holders of rec. May 31
June 30 June 21 to June 30
4
Atlanta dr West Point
July 15 "Holders of rec. June BO
"c2
Associated Teleg. Utilities(quar.)
Atlantic Coast Line RR., corn
394 July 10 Holders of rec. June 12a
July 1 Holders of rec. June 16
Associated Telep. & Teleg., el. A.(qu.). $1
Common (extra)
1% July 10 Holders of reo. June 12a
51
July 1 Holders of rec. June 16
Class D (altar.)
Augusta & Savannah
7% first preferred (quar.)
•234 July 5 *Holders of rec. June 1 9
194 July 1 Holders of reo. June 10
Extra
"25e. July 5 *Holders of rec. June 14
$6 first preferred (attar.)
$1.50 July 1 Holders of roe. June 16
Baltimore dr Ohio, common (quar.)
14 Sept. 2 Holders of rec. July 19a Bangor Hydro-Elec., corn. (quar.)
•50o Aug. 1 Holders of rec. July 10
Preferred (guar.)
7% preferred (guar.)
1
Sept. 2 Holders of rec. July 190
•134 July 1 *Holders of roe. June 10
Bangor & Aroostook, corn. ((Nat.)
6% preferred (guar.)
870. July 1 Holders of rec. May 310
•119 July 1 'Holders of rec. June 10
Preferred ((mar.)
50c. June 30 Holders of rec. June 20
1% July 1 Holders of rec. May 31a Barcelona Tract. Light & Pow.(quar.)
Beech Creek (quar.)
Bell Telep.of Canada common (qua'.).. 2
50e. July 1 Holders of rec. June 13
July 15 Holders of rec. June 230
Boston & Albany (quar.)
Bell Telep. of Pa., pref.(qu.)
299 June 30 Holders of reo. may 31
194 July 15 Holders of rec. June 200
Boston & Maine. oom. (quar.)
July 1 Holders of rec. June I4a Birmingham Elec. Co.. $7 pref.(altar). $1.75 July 1 Holders of rec. June 14
1
Prior preference (guar.)
$6 preferred (quar,)
14 July 1 Holders of reo. Juno 14
$1.50 July 1 Holders of rec. June 14
6% preferred (quar.)
Boston Elevated, corn.(guar.)
199 July 1 Holders of roe. June 14
14 July 1 Holders of reo. June 10
First preferred, ChM A (quar.)
First Preferred (quar.)
4
July 1 Holders of reo. June 10
14 July 1 Holders of rec. June 14
First preferred, class B (quar.)
Preferred
July 1 Holders of rec. June 14
2
31.4 July 1 Holders of rec. June 10
Brazilian Tr. L.& Pow. pref.(qu.).
First preferred. class C (guar.)
14 July 1 Holders of rec. June 14
139 July 2 Holders of rec. June 16
First preferred. class D (quar.)
Bridgeport Hydraulic Co.(qaal%)
"40c. July 15 "Holders of rec. July 1
299 July 1 Holders of rec. June 14
British Columbia Pow.. el. A (QUar.).
First preferred. class E (quar.)
134 July 1 Holders of rec. June 14
500. July 15 Holders of ree. June 30
Buffalo & Susquehanna prof
2
June 30 Ilolders of rec. June 14a Brooklyn Borough Gas, corn. (Var.)... "51.50 July 10 *Holders of rec. June 30
Preferred (altar.)
Canada Southern
"8134c July 1 *Holders of rec. June 18
139 Aug. 1 Holders of rec. June 270
Canadian Pacific common (quar.)
July 15 Holders of rec. July la
2% June 30 Holders of rec. May 290 Brooklyn-Manhattan Transit, corn.(qu.) 51
Preferred, series A (quar.)
Chesapeake Corp., corn.(quar.)
51.50 July 15 Holders of rec. July la
75o. July 1 Holders of rec. June 110
Preferred, series A (quar.)
Chesapeake dr Ohio. corn.(quar.)
$1.50 Oct. 15 Holders of roe. Oct. la
2% July 1 Holders of rec. June Ila
Preferred, series A (quar.)
31.50 Jy 1531 Holders of rec. Dec. 31a
Preferred
334 July 1 Holders of rec. June 70
Preferred, series A ((Man)
Chic. Indianapolis & Louisville, cora_
$1.50 A p15'31 !Told.of rec. Apr. 1 1931a
24 July 10 Holders of rec. June 24
Brooklyn & Queens Transit, pref. (au.). 51
Common (extra)
July 1 Holders of rec. June 26a
1
July 10 Holders of roe. June 24
Preferred
2
$1.35 July 1 Holders of reo. June 2a
July 10 Holders of rec. June 29a Brooklyn Union Gas (guar.)
Chicago & North Western, corn. (guar.) 14 June 30 Holders of roe. June 50 Calgary Power. Ltd., corn. (quar.)
14 July 2 Holders of roe. June 14
Preferred (guar.)
114 July 15 Holders of rec. June 30
134 June 30 Holders of reo. June 50 Calif.-Oregon Pow.7% pref.(qu.)
6% preferred (quar.)
Chic. R. I. & Pao. common (guar.)
14 June 30 Holders of rec. June 6a
139 July 15 Holders of rec. June 30
15e. July 25 Holders of roe. June 30
June 30 Holders of rec. June 6a Canada Northern Power common (qu.)6% preferred
3
Preferred ((mar.)
7% preferred
399 June 30 Holders of rec. June fla
I% July 15 Holders of rec. June 30
Capital Tract., Wash., D. C.(quar.)Cincinnati Union Term.. pref. (quar.)-- 14 July 1 Holders of rec. June 20
July 1 Holders of rec. June 14
1
Cleve.. CM.Chic.& St. Louts, corn
July 31 Holders of rec. July 21a Carolina Power & Light. $7 pref.(quar.) $1.75 July 1 Holders of rec. June 16
5
$6 preferred (guar.)
Preferred (quar.)
51.50 July 1 Holders of rec. June 16
134 July 31 Holders of rec. July 21a
Colorado & Southern, 1st pref
2
June 30 Holders of rec. June I80 Central Gas & Elec.. 25 pref.(quar.)... $1.75 July 1 Holders of rec. June 18
Consolidated flits, of Cuba pref. (guar.) 14 July 1 Holders of reo. June 100 Central Ills. Light. 6% pref. (quar.)
114 July 1 Holders of rec. June 14
Cuba RR., preferred
7% Preferred (quar.)
Aug. 1 Holders of rec. July I50
3
134 July 1 Holders of rec. June 14
Preferred
3
Feb2'31 Hold, of rec. Jan.15'316 Central III. Pub.Serv.. $6 pref.(quar.)_ _ *$1.50 July 15 'Holders of roe. June 30
Delaware & Hudson Co.(guar.)
234 June 20 Holders of roe. May 280 Central Maine Power, pref. (quar.)
•111 July 1 *Holders of rec. June 10
Delaware RR
Central Public Service Co.. pref.(mar.). *1.75 July 1 Holders of rec. June 10
July 2 "Holders of rec. June 14
*$1
JUNE 28 19301
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Continued).
Central Pub. Serv. Corp.,$4 pref.(qu.)_ $1 July 1 Holders of rec. June II
88 preferred (Qua?.)
51.50 July 1 Holders of rec. June 11
$1.75 July 1 Holders of rec. June 11
$7 Preferred (guar.)
Central & South West Utilities
pH July 15 Holders of rec. June 30
Common (payable In corn. stock)
10o. July 1 Holders of rec. June 5
Central States Elec. Corp., corn. (qu.)
Common (payable In common stock). 1234 July 1 Holders of reo. June 5
1% July 1 Holders of reo. June 5
7% preferred (guar.)
lyf July 1 Holders of reo. June 5
6% Preferred (guar.)
(z) July 1 Holders of Fee. June 5
Cony. pref. series of 1928 (quar.)
(z) July 1 Holders of reo. June 5
Cony. pref. series of 1929 (quar.)_._
Central States Pow.& Light, pref.(111.) 81.75 July 1 Holders of reo. June 5
21.75 July 1 Holders of rec. June 5
Cent.Stator Utilities,$7 pref.(qu.)
Chic., North Shore & kIllw., pr. lien (cull *134 July 1 *Holders of rec. June 14
Chicago Rap. Tran., pr. pt. A (m'thly)_ •65o. July 1 *Holders of reo. June 17
•65c. Aug. 1 *Holders of rec. July 15
Prior preferred A (monthly)
•65e. Sept, 1 *Holders of reo. Aug. 19
Prior preferred A (monthly)
*60e. July 1 *Holders of rec. June 17
Prior preferred S (monthly)
*80e. Aug. 1 *Holders of rec. July 15
Prior preferred B (monthly)
Prior preferred 11 (monthly)
•600. Sept. 1 *Holders of rec. Aug. 19
Cincinnati Gas & El., pref. A (guar.).- •134 July I *Holders of rec. June 13
Cin.,k Suburban Bell Telep.(guar.).
- 31.12 July 1 Holders of reo. June 16
Cities Serv. Pow.& Lt.. 55 pfd.(mthly.) 41 2-3o July 15 Holders of rec. July la
50e. July 15 Holders of rec. July la
$6 preferred (monthly)
581-30 July 15 Holders of rec. July 1
$7 preferred (monthly)
Citizens Water of Washington,Pa.
7% preferred (guar.)
134 July 1 Holders of rec. June 20
Cleveland Elec. Ilium., corn. (guar.)... *40c. July 1 *Holders of rec. June 20
134 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.).
Columbia Gee & Electric. own
(1) June 30 Holders of rec. May 240
50o. Aug. 15 Holders of rec. July 190
Common (guar.)
134 Aug. 15 Holders of rec. July 19a
6% pref. series A (guar.)
134 Aug. 15 Holders of reo. July 190
5% Preferred (guar.)
Columbus Eleo.& Pow.. pref.B (qua?.). 134 July 1 Holders of rec. June 14
Preferred C (guar.)
134 July 1 Holders of reo. June 14
134 July 1 Holders of rec. June 14
Preferred 13 (guar.)
Second preferred (guar.)
134 July 1 Holders of rec. June 14
Columbus Hy.,Pow.& Lt., 1st pf.(qu.). •
134 July 1 *Holders of rec. June 14
ommonwealth & Sou.Corp.
$1.50 Inly 1 Holders of rec. June 9.
16 preferred (guar.)(No. 1)
*75o. July 1 *Holders of rec. June 14
Connecticut Elec. Service (quar.)
Consol. Gas,El Lt.& P., Bait. com.(gu.) *90e. July 1 *Holders of rec. June 14
•134 July 1 *Holders of rec. June 14
5% preferred series A (guar.)
•134 July 1 *Holders of roe. June 14
8% preferred Berke D ((Mx.)
•134 July 1 *Holders of reo. June 14
534% preferred series E (guar.)
.(qu.) 11.25 Aug. 1 Holders of rec. June 28e
Consolidated Gas of N. Y.,$5 pre!
11.25 July 1 Holders of rec. June 14
Consumers Power. $5 prof. (guar.)
134 July 1 Holders of reo. June 14
6% preferred (guar.)
1.65 July 1 Holders of ree. June 14
6.6% preferred (guar.)
7% preferred (guar.)
134 July 1 Holders of rec. June 14
500. July 1 Holders of roe. June 14
6% preferred (monthly)
55a July 1 Holders of rec. June 14
8.6% preferred (monthly)
•$1.25 Oct. 1 *Holders of rec. Sept. 15
$5 pref.(guar.)
6% preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept. 15
•1.65 Oct. 1 *Holders of rec. Sept. 15
6.6% preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 15
7% preferred (quar.)
•500. Aug. 1 *Holders of rec. July 16
6% preferred (monthly)
•500. Sept. 1 *Holders of rec. Aug. 15
6% preferred (monthly)
*50c. Oct. 1 *Holders of rec. Sept. 15
6% preferred (monthly)
•550. Aug. 1 *Holders of roe. July 15
6.6% preferred (monthly)
*550. Sept. 1 *Holders of rec. Aug. 15
6.6% preferred (monthly)
•55c. Oct. 1 *Holders of rec. Sept. 15
6.6% preferred (monthly)
Continental Gas & Elec.common (qu.)_. $1.10 July 1 Holders of tee. June 120
$1.75 July 1 Holders of rec. June 120
Prior preference(guar.)
Continental Pass. Ry.,Philadelphia- - $2.50 June 30 Holders of rec. May 31a
2
June 30 Holders of rec. June 14a
Cuban Telephone, common (guar.)
Preferred (guar.)
154 June 30 Holders of rec. June 14a
Denver Tramway Corp., pref. (quar.)- - 3734e. July 1 Holders of rec. June 14a
2
Detroit Edison Co.(guar.)
July 15 Holders of rec. June 20a
Duke Power, corn. (guar.)
134 July 1 Holders of reo. June 14
144 July 1 Holders of reo. June 14
Preferred (guar.)
Duquesne Light. lot pref.(qua?.)
134 July 15 Holders of rec. June 14
Eastern Gas & Fuel Associates
Prior preference (guar.)
134 July 1 Holders of rec. June 15
8% preferred (quar.)
134 July 1 Holders of rec. June 15
Eastern N.J. Power,8% pref.(quar.)_. *2
July 1 *Holders of rec. June 14
7% preferred (guar.)
'134 July 1 *Holders of rec. June 14
634% preferred (guar.)
*134 July 1 *Holders of rec. June 14
*134 July 1 *Holders of reo. June 14
6% preferred (guar.)
Electric Bond dr Share, corn.(qu.)
1134 July 15 Holders of rec. June 70
16 pref. (guar.)
$1.50 Aug. 1 Holders of rec. July 10
Elec. Pow.& Lt., allot. ctf
.70% pd.(gu.) 81.225 July 1 Holders of rec. June 12.
Full paid (guar.)
154 July 1 Holders of rec. June 12a
Preferred (guar.)
$1.75 July 1 Holders of rec. June 120
Empire Gas & Fuel,6% pref.(mthly.).. *50e. July 1 *Holders of rec. June 14
634% preferred (monthly)
•541-00 July 1 *Holders of rec. June 14
•58 1-30 July 1 *Holders of rec. June 14
7% preferred (monthly)
8% preferred (monthly)
•662-30 July 1 *Holders of rec. June 14
Empire Power Corp.. 18 prof. (quar.)-- $1.50 July 1 Holders of rec. June 16
Participating stook
PAK July 1 Holders of rec. June 16
Engineers Public Bervioe, corn.(guar.)
60e. July 1 Holders of rec. June 17e
$1.25 July 1 Holders of reo. June 17a
$5 Preferred (guar.)
15.50 preferred (guar.)
$1.375 July 1 Holders of reo. June 17.
English Electric Co.of Canada A (qu.)_.
75e. July 15 Holders of rec. June 30
Fall River Electric Light (guar.)
*50e. July 1 *Holders of reo. June 17
Federal Light & Tract., corn. (guar.)... 3730 July 1 Holders of reo. June l3o
July 1 Holders of reo. June 13a
Common (Payable in common stock). 11
Federal Public Service, pref.(qua?.).
*144 July 15 *Holders of rec. June 30
Federal Water Service,$6 pref.(quar.)
$1.50 July 1 Holders of roe. June 16
8834 preferred (guar.).
51.625 July 1 Holdres of rec. June 18
$7 Preferred (guar.)
$1.75 July 1 Holders of reo. June 16
Florida Power & Light. pref.(qua?.)
134 July 1 Holders of rec. June 10
Foreign Power & Light, lot pt.(qu.)
11.50 July 1 Holders of rec. June 20
Frankford & SouthernP bile. Pass.((lu.)- 14.50 July 1 June 2
to July 1
General G.& E.corn. A & H (qu.)(No.1) r734e July 1 Holders of reo. May 200
$7 preferred A (guar.)
$1.75 July 1 Holders of roe. May 29.
$8 preferred A (guar.)
July 1 Holders of rec. May 29a
112
General Public Utilities, 57 pref.(guar.) $1.75 July 1 Holders of rec. June 14.
General Water Works & Electric
Common A (guar.)
850e. July 1 Holders of reo. June 14
17 preferred ((luar.)
$1.75 July 1 Holders of rec. June 14
634% preferred (guar.)
$1.625 July 1 Holders of rec. June 14
Georgia Power (New Corp.) 38 pt.(qu.) *11.50 July 1 *Holders of rec. June 14
Gold & Stook Telegraph (quar.)
134 July 1 Holders of rec. June 30a
Great Western Power of Cal., Pt. A (go.) *134 July 1 *Holders of rec. June 5
7% preferred (quar.)
•144 July 1 'Holders of reo. June 5
Greenwich Water & Gas System,pf.(gu.) 134 July 1 Holders of rec. June 20
$lim July 1 Holders of rec. June 20
Gulf Power, pref. (guar.)
Ilackensack Water. Prof. A (quar.)
4334c June 30 Holders of rec. June 16a
Hartford Gas (guar.)
50c. June 30 Holders of rec. June 16
Extra
250. June 30 Holders of rec. June 18
Haverhill Gas Light (quar.)
660. July 1 Holders of reo. June 16a
Illinois Bell Telephone (guar.)
•2
June 30 *Holders of rec. June 28
Illinois Power Co.6% pref.(guar.)
13.4 July 1 Holders of ree. June 16
7% preferred (guar.)
134 July 1 Holders of roe. June 16
Illinois Power & Light,$6 pref.(guar.)._ 11.50 Aug. 1 Holders of rec. July 10
Indianapolis Power & Light, p1.(qu.)_ _ _
134 July 1 Holders of rec. June 5
Indianapolis Water, pref. A (quar.).. 134 July 1 Holders of reo. June 120
International Hydro-Electrio SyetemClass A (qu.)(500. cash or 1-50th sh .A atk) July 15 Holders of rec. June 25a
134 July 2 Holders of rec. June 14
Internat. Power, let pref. (guar.)
250. July 1 Holders of reo. June 16
International Superpower
e2 34 July 1 Holders of rec. June 18
Stock dividend
50c. July 15 Holders of rec. June 20e
International Telep. & Teleg.(guar.).8734c July 15 Holders of rec. June 30
Internat. Utilities, class A (guar.)
11.75 Aug. 1 Holders of rec. July 18
$7 preferred (guar.)
*51.75 July 1 Holders of reo. June 5
Interstate Power. $7 pref.(guar.)
*11.50 July 1 Holders of rec. June 6
$6 preferred (guar.)
154 July 15 Holders of rec. June 30
Interstate Pub. Ser, pr. lien stk.(gu.)
154 July 2 Holders of rec. June 13
Jamaica Public Serv. pref.(guar.)
July 1 Holders of reo. June 16
Jersey Cent.Pow.& Light,7% pf.(qu.).
134 July 1 Holders of rec. June 16
6% preferred (guar.)
134
Name of Company.
4559
When
Per
Cent. Payable
Books Closest.
Days Inclusive.
Public Utilities (Continued).
Kansas City Pr.& Lt., 151 pf.S(qua?.). 81.50 July 1 Holders of reo. June 14a
1% July 1 Holders of rec. June 17
Kansas Gas St Elec. Co., pref.(quar.)
Kentucky Securities Corp., corn.(guar) 1;4 July 1 Holders of rec. June 20a
134 July 15 Holders of rec. June 20.
Preferred (guar.)
Hold,of roe. Feb.2 1931
Lone Star Gas,corn.(in porn. att.)
(V)
•25e June 30 *Holders of reo. June 14
Quarterly
1% July
Long island Ltg. pref. A (quar.)
Holders of reo. June 18
134 July 1 Holders of reo. June 18
Preferred 13 (guar.)
"65c. Aug. 1 *Holders of roe. July 15
Lowell Electric Light (Qua?.)
July 1 Holders of rec. June 130
Mackay Companies, corn.(guar.)
July 1 Holders of rec. June 130
1
Preferred (guar.)
Manhattan Ry.7% guar.(guar.)
134 July 1 Holders of rec. June 20.
$1.75 July 1 Holders of tee. June 14
Memphis Power dr Light.17 Pref.(go.)
51.50 July 1 Holders of rec. June 14
$6 preferred (guar.)
June 30 *Holders of reo. June 10
Metropolitan Edison, el. A (qu.)(m)
4
11
•$1.50 July 1 *Holders of rec. May 31
$8 preferred(guara
Middle Western Telep.. corn. A (go,)... '4334e Sept.15 *Holders of Leo. Sept
Common A ((Mara
•413310 Dec. 15 *Holders of rec. Dee 5
1% July 7 Holders of rec. June 21
Midland Utilities, 7% pr. lien (qua?.)
6% prior lien (guar.)
134 July 7 Holders of rec. June 21
7% pref. class A (guar.)
154 July 7 Holders of rec. June 21
8% pref. class A (guar.)
134 July 7 Holders of rec. June 21
Milwaukee Elec. Ry.& Light, pref.(qu.) 134 July 31 Holders of rec. July 21.
Minnesota Power & Light,7% pf.(qu.). 1% July
Holders of rec. June 14
Holders of rec. June 14
51.50 July
6% preferred (guar.)
Mississippi River Power, pref. (gear.).. •1H July
*Holders of rec. June 14
Monongahela W. Penn Public Service
7% preferred (guar.)
433(e July 1 Holders of reo. June 16
Montreal Light, Heat & Power Cons.
38c July 31 Holders of roe. June 30
New no par corn. (qua?.)(No. 1).....
MountainStates Power, pref. (quar.).. 1% July 21 Holders of reo. June 30
1% July 1 Holders of roe. June 16
Nassau & Suffolk Ltg. pref.(guar.)
144 July 1 Holders of reo. June 18
Nat. Elec. Power,7% pref.(guar.)
18 preferred (guar.)
134 July 1 Holders of reo. June 18
National Gee & Electric, pref.(quar.)--• 11.625 July 1 *Holders of rec. June 20
National Power & Light $6 pref. (gu.)... 81.50 Aug. 1 Holders of rec. July 15
11.75 July 1 Holders of reo. June 14
17 pref (guar.)
National Public Service, Pref. A (guar.). 1% July 1 Holders of rec. June 17
051 Sept.10 *Holders of roe. Aug. 29
Newark Telephone (guar.)
`
0$1 Dee. 10 *Holders of rec. Nov.30
Quarterly
New England Gas & glee,$536 pf.(qu.). 11.375 July 1 Holders of reo. May 29
500. July 15 Holders of rec. June 30e
New England Power Assn., corn.(qua
1;4 July 1 June 13 to June 30
Preferred (guar.)
25e. June 30 Holders of reo. June 15
New Eng.Pub.Serv.. corn.(guar.)
$1.75 July 15 Holders of rec. June 30
$7 preferred (guar.)
81.75 July 15 Holders of reo. June 30
Ad). preferred (guar.)
51.50 July 15 Holders of rec. June 30
$8 preferred (guar.)
June 30 Holders of reo. June 10
New England Telep.& Teleg.(quar.)... 2
New Jersey Water Co..7% Pt.(qu.).... 1% July
Holders of reo. June 20
New Orleans Public Secy.. pref.(guar.). 81.75 Ally
Holders of rec. June 16
Holders of rec. June 144
New York Steam Co.,$7 pref.(qua?.).. 11.75 July
Holders of reo. June 14.
11.50 July
$6 preferred (guar.)
1% July 1 Holders of reo. June 20
New York Telephone pref.(guar.)
100. June 30 Holders of reo. June 50
Niagara & Hudson Power, Corn.((Mara Holders of reo. June 13a
North American Co.. corn. (guar.)
q234 July
75e. July
Holders of rec. June 5.
Preferred (qua?.)
Holders of rec. Aug. 156
North American Edison Co.. pref. (qu.) $1.50 Sept.
North American L.& P.. pref.(qua?,).. 11.50 July 1 Holders of rec. June 20
North. Indiana Pub. Eery. 7% pf.(qua. M July 14 Holders of rec. June 30
134 July 14 Holders of rec. June 30
6% preferred (guar.)
144 July 14 Holders of rec. June 30
534% preferred (guar.)
Northern Mexico Pow.& Devel.,pf.(go.) 154 July 2 Holders of reo. June 17
1;4 July 1 Holders of rec. June 13
Northern Ohio Pr. & Lt.,6% pref.(qua
•114 July 1 *Holders of rec. June 13
7% preferred (guar.)
Northern Ontario Power common (go.)
50c. July 25 Holders of rec. June 30
134 July 25 Holders of rec. June 30
Preferred (guar.)
Aug. 1 Holders of reo. June 30
Northern States Power, com. A (guar.). 2
134 July 21 Holders of rec. June 30
6% preferred (guar.)
1% July 21 Holders of rec. June 30
7% preferred (guar.)
Northport Water Works CO., pref.(qu.) 114 July 1 Holders of rec. June 18
Northwestern Telegraph
11.50 July 1 Holders of rec. June 14a
North West Utilities Co., pr.lien pt.(qu) 1% July 1 Holders of rec. June 14
134 July 1 Holders of rec. June 20
Ohio Bell Telephone. pref. (guar.)
Ohio Public Serv., 1st p1. A (mthly)...'58 1-3e July 1 *Holders of rec. June 16
Ohio River Edison, 7% pref.(qua?.).._. 1% July 1 Holders of rec. June 14
•154 June 30 *Holders of reo. June 23
Ohio Telephone Service. pref.(guar.)
•144 Sept.30 *Holders of reo. Sept. 23
Preferrexl (guar.)
•144 Dec. 31 'Holders of reo. Dee. 24
Preferred (guar.)
144 July 1 Holders of rec. June 18
Oklahoma Natural Gas. pref.(quar.)
1% July 1 Holders of reo. June 204
Ottawa Light, Heat & Power, pref.(gua
50o. July 15 Holders of reo. June 304
Pacific Gas & Elec., corn.(guar.)
Pacific Lighting, pref. (guar.)
•134 July 15 *Holders of reo. June 30
1% June 30 Holders of rec. June 204
Pacific Telep. & Teleg., corn.(guar.)
134 July 15 Holders of reo. June 300
Preferred (guar.)
*350. July 1 'Holders of req. June 14
Peninsular Telephone, corn.(guar.) •
Common (guar.)
•35e. Oct. 1 *Holders of res. Sept. 16
•354) Jan 1'31 *Hold. of rec. Doe. 16 '31
Common (qua?)
Penn Central Lt.& Pr.,$5 pref.(guar.). 81.25 July 1 Holders of rec. June 16a
700. July 1 Holders of rec. June 16
$2.80 preferred (guar.)
Pennsylvania-Ohio Pow.&L..$6 pf.(qua 11.50 Aug. 1 Holders of rec. July 21
7% preferred (guar.)
134 Aug. 1 Holders of reo. July 21
60c. July 1 Holders of rec. June 20
7.2% preferred (monthly)
80e. Aug. 1 Holders of reo. July 21
'
7.2% preferred (monthly)
1 Holders of rec. June 20
6.6% preferred (monthly)
55e. Aug. 1 Holders of rec. July 21
8.6% preferred (monthly)
$1.75 July 1 Holders of reo. June 14
Penna.Power & Lt.$7 prof.((Mara
26 preferred (guar.)
$1.50'July 1 Holders of reo. June 14
11.25 July 1 Holders of rec. June 14
55 preferred (guar.)
Pennsylvania Water & Power (qua?.)... 75,July 1 Holders of reo. June 13
July 1 Holders of reo. June 124
Peoples Gas Co., preferred
8
July 17 Holders of rec. July 3a
2
Peoples Oas Light & Coke(qua?.)
Peoples Light dr Power,class A (qua?.).. r1300. Jule 1 *Holders of roe. June 7
1;4 July 1 Holders of reo. June 20
Peoria Water Co.,7% pref.(qu.)
$1
July 31 Holders of roe. July la
Philadelphia Co., common (guar.)
750. July 31 Holders of reo. July la
Common (extra)
Philadelphia Elec.Power prof.(qua?.).__
50e July 1 Holders of reo. June 10.
July 31 Holders of rec. July 15a
Philadelphia Rapid Transit, corn
11
Phila. Suburban. Water Co., pref.(au.) 134 Sept. 1 Holders of rec. Aug. 124
Postal Telegraph & Cable, pref.(guarj_
1% July 1 Holders of rec. June 130
Power Corp.of Canada, pref.(gliar.)
134 July 15 Holders of roe. June 30
750. July 15 Holders of reo. June 30
Participating pref.(guar.)
30c. July 1 Holders of rec. June 14
Providence Gas (guar.)
Pub. Sera. Corp. of N.J. corn.(qua?.)...
85e. June 30 Holders of reo. May 314
8% preferred (guar.)
2
June 30 Holders of reo. May 81.
7% preferred (guar.)
154 June 30 Holders of reo. May 310
11.25 June 30 Holders of rec. May 314
55 preferred (guar.)
6% preferred (monthly)
500. June 30 Holders of reo. May 31e
Public Serv. Corp.of N.J.,corn.(qu.).. 85e,Sept.30 Holders of roe. Sept. 2
6
8% preferred (guar.)
2
Sept.30 Holders of reo. Sept. 24
7% preferred (guar.)
134 Sept.30 Holders of rec. Sept. 24
preferred (guar.)
Sept. 2a
$1.26 Sept.30 Holders of rec.
$6
6% preferred (monthly)
50c. July 31 Holders of rec. July la
6% preferred (monthly)
50o. Aug. 30 Holders of reo. Aug. la
6% preferred (monthly)
50c. Sept.30 Holders of rec. Sept. 2a
Public Serv. Co. of Okla., corn. (qua?.) 2
July 1 June 21 to July I
154 July 1 June 21 to July I
7% prior lien (quar.)
6% prior lien (quar.)
134 July 1 June 21 to July 1
Pub. Serv. Elec. dr Gas 7% pref.(gum.) 1% June 30 Holders of reo. June 2
7% preferred (quar.)
154 Sept. 30 Holders of rec. Sept. 26
144 June 30 Holders of rec. June 2
6% preferred (guar.)
1;4 Sept.30 Holders of rec. Sept. 24
6% preferred (guar.)
Puget Sound Power & Light,$6 p1.(qu.) *11.50 July 15 *Holders of reo. June 20
62140 July 15 Holders of rec. June 27
Quebec Power (guar.)
St. Louis Public Service, pref. (guar.)._ $1.75 July 1 Holders of reo. June 20
•82340 July 1 *Holders of rec. Juno 20
Saranac River Power, common
July 1 June 2 to July 1
Second & Third Sts. Pass. Ry..Phila.(gu) $3
6234o July 10 Holders of reo. June 13
Shawinigan Water & Power (guar.)
81.50 July 1 Holders of rec. June 21
South Carolina Power $8 pref. (quar.)
50e. Aug. 15 Holders of rec. July 204
Southern Calif. Edison Co., corn. (qu.).
Original preferred (guar.)
50e. July 15 Holders of rec. June 20
3434 July 15 Holders of rec. June 20
534% preferred series C (guar.)
Southern Canada Power, pref. (quar.).. 1% July 15 Holders of reo. June 20
4560
Folk 130.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Public Utilities (Concluded).
Southern N. E. Telep. (guar.)
July 15 *Holders of reo. June 30
*2
Southern United Gas (qu.)(No. 1)
July 1
'e2
Southwestern Bell Telep., pref. (qUar.)- 15‘ July 1 Holders of rec. June 20
Southwestern Gas & Rico.. prof.(qu.)_
151 July 1 Holders of reo. June 16
Southwestern Light & Power prof.(qu.)_ •
$1.50 July 1 *Holders of rec. June 16
Springfield Gas & Elec., pref. A (guar.).
75c. July 1 Holders of rec. June 14
Standard Gas & Elec., corn. (quar.)...... 8734° July 25 Holders of rec. June 300
Prior preference (guar.)
$1.75 July 25 Holders of rec. June 30a
$6 prior preference (guar.)(No. 1)
$1.50 July 25 Holders of rec. June 300
June 16 Holders of rec. May 31a
$1
Preferred (guar.)
Standard Gas Light of N. Y., CAM
2
June 30 Holders of rec. June 21
Preferred
3
June 30 Holders of rec. June 21
Standard Power & Light, pref. (quar.).... $1.75 Aug. 1 Holders of rec. July 15
Tennessee Electric Power Co.
5% first preferred (guar.)
134 July 1 Holders of ree. June 14
6% first preferred (guar.)
134 July 1 Holders of rec. June 14
7% first preferred (guar.)
134 July 1 Holders of roe. June 14
7.2% first preferred (guar.)
$1.80 July 1 Holders of reo. June 14
6% first preferred (monthly)
50e. July 1 Holders of roe. June 14
7.2% first preferred (monthly)
60c. July 1 Holders of rec. June 14
Texas-Louisiana Power, 7% pf. (guar.). 1;4 July 1 Holders of ree. June 14
Tri-State Telep. dr Telea.. rom•(quar.)- '1.50 July I *Holders of rec. June 15
•15e. Dee. I *Holders of rec. Nov. 15
6% Preferred (guar.)
Twin City Rap.Tr., Minneapolis. corn_ 02
July 15 Holders of roe. July la
Preferred (guar.)
134 July 1 Holders of rec. June 12a
Twin States Natural Gas, Pf.((91.)(No.1 •25c. July 1 *Holders of rec. June 16
$4
Union Pass. Ry.(Phila.)
July 1 Holders of rec. June 160
Union Traction (Phila.)
$1.50 .11119 1 Holders of rec. June 90
United Corp., $3 pref. (guar.)
75e July 1 Holders of reo. June 5a
United Gas & Electric Corp.. prof.(qu.) 134 July 1 Holders of rec. June 16
300. June 30 Holders of rec. May lie
United Gas Improvement corn.(guar.)-$1.25 June 30 Holders of rec. May 310
Preferred (guar.)
United Light & Power
25o. Aug 1 Holders of reo. July 15a
Common A and B new (guar.)
$1.25 Aug. I Holders of reo. July 15a
Common A and B old (guar.)
$1.50 July 1 Holders of rec. June 100
$6 first preferred (quar.).
$1.75 July 1 Holders of rec. June 14
United Public Service, $7 pref.(quar.)
$1.50 July 1 Holders of rec. June 14
$6 preferred (guar.)
United Public Utilities, $6 pref.(guar.). $1.50 July 1 Holders of rec. June 14
$5.75 preferred (guar.)
SWIG July 1 Holders of rec. June 14
Utah Power dr Light, $7 pref. (guar.). _ $1.75 July 1 Holders of rec. June 5
$6 preferred (guar.)
$1.50 July 1 Holders of rec. June 5
Utilities Power & Light, corn.(quar.).. 1125c. July 1 Holders of rec. June &I
Class A (guar.)
H500. July 1 Holders of rec. June 5
Class B (guar.)
5250. July 1 Holders of rec. June 5
154 July 1 Holders of rec. June 5
7% Preferred (guar.)
Western Mass. Co.'s (guar.)
62He. June 30 Holders of rec. June 16
Western Power Corp.. pref.(guar.)
154 July 15 Holders of rec. June 10
Western Union Telegraph (guar.)
July 15 Holders of rec. June 25a
$2
Western United Gas& Else..6% pf.(qu.) '134 July 1 *Holders of rec. June 14
84.5% preferred (guar.)
•1H July 1 *Holders of rec. June 14
Westmoreland Water Co., $6 pref. (qu.) $1.50 July 1 Holders of rec. June 20
West Penn Elec. Co., class A (guar.)... $1.75 June 30 Holders of reo. June 170
Class A (guar.)
$1.75 Sept. 30 Holders of rec. Sept. 170
7% preferred ((Var.)
134 Aug 15 Holders of rec. July 190
6% preferred (guar.)
134 Aug. 15 Holders of res. July 190
West Penn Power Co.. 7% pref.(guar.). 1% Aug. 1 Holders of rec. July 5a
6% preferred (guar.)
134 Aug. 1 Holders of rec. July 50
West Phila. Pass. Ry.
$4.25 July 1 Holders of rec. June 16a
West Texas Utilities Co.. $6 pref.(guar.) •$1.50 July 1 *Holders of rec. June 16
Winnipeg Electric Co.. pref.(quar.)..
134 July 1 Holders of rec. June 6
Wisconsin Valley Elec. Co.. pref
334 July 1 Holders of rec. June 30
Banks.
American Union (guar.)
Bank of America N. A.(guar.)
Bancamerica-Blair Corp
Bank of United States (guar.)
Bankus Corp.
-dividend omitted
Bryant Park (guar.)
Chase National (guar.)
Chase Securities (guar.)
Chatham Phenix Nat'l Bk. dr Tr. KM.,Far Rockaway, Nat. Bank of
Fifth Avenue (guar.)
Extra
First National (guar..)
First Security Co.(quar.)
Flatbush National (Bklyn.) (qu.)
Jamaica National (corer.)
National City Bank (guar.)
National City Co.(guar.)
City Bank Farmers' Vrust (guar.)
Ozone Park National
Peninsula National (Cedarhurst, N.Y.)_
Extra
Peoples National (Brooklyn),(quar.)
Public Nat. Bank & Trust (guar.)
Richmond National (Brooklyn)
South Shore (Staten Island)
Extra
Tottenville National (Staten Island)
Trade(guar.)
West New Brighton (Staten Island).
134 July
1 Holders of rec. June 21a
$1.125 July
50e. July
1 Holders of rec. June I40
1 Holders of rec. June 18
50c. July
July
}SI
2 June 29 to July 1
1 Holders of reo. June 40
July
$1
July
3
July
$6
July
35
July
5
20. July
75e. June
134 June
1
1
1
1
1
1
30
30
81
July
234
5
3
3
$1
5
2
1
3
134
4
July 1
June 30
June 30
July 1
July I
June 30
July 1
July 1
July 1
11113 5
,
July 1
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
130
30a
300
30a
250
25a
25a
20a
1 Holders of rec. June 7a
Holders of rec. June
June 29 to June
June 29 to June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of reo. June
Holders of rec. June
3a
30
30
10a
20a
25a
25a
25a
20a
25
300
TrustCompanies.
Bence Commerciale Italians Trust (qu.) 214 July I Holders of rec. June 16
75c. July 1 Holders of reo. June 11
Bankers (guar.)
75c. July 1 Holders of rec. June 20
Bank of Europe Trust Co.(guar.)
Extra
250. July 1 Holders of rec. June 20
54.50 July 1 Holders of rec. June 20a
Bank of N.Y.& Trust (guar.)
Bronx County (guar.)
40c. July 1 Holders of rec. June 20a
July 1 Holders of rec. June 23a
Brooklyn (guar.)
6
July 1 Holders of rec. June 23a
Extra
3
Central Hanover Bank & Trust Co.(qu.) $1.50 July 1 Holders of rec. June 20
Chelsea Bank dc Trust Co. (guar.)
62340 July 1 Holders of reo June
Chemical Bank ‘Sr Trust (guar.)
45c. July 1 Holders of rec. June 20
Corn Exchange Bank & Trust Co(guar.) $1 Aug. 1 Holders of rec. June 30a
County (guar.)
July 1 Holders of rec. June 24a
2
Empire (guar.)
600. June 30 Holders of rec. June 18a
Extra
20c. June 30 Holders of rec. June 186
Federation Bank & Trust (guar.)
June 30 Holders of rec. June 30
3
Fulton (guar.)
July 1 Holders of rec. June 230
3
Globe Bank & Trust(Bklyn)(qu.)
134 July 1 June 21 to June 25
Guaranty (quar.)
June 30 Holders of rec. June 13
5
Irving (guar.)
40c. July 1 Holders of roe. June 3
June 30 *Holders of rec. June 23
Lawyers (guar.)
*2
Manhattan (The) Company (guar.).July 1 Holders of rec. June 166
5
Manufacturers (quar.)
$1.50 July 1 Holders of rec. June 16a
Midwood (Brooklyn)
June 30 June 21 to June 30
3
New York (guar.)
51.25 June 30 Holders of rec. June 21a
Title Guarantee & Trust (guar.)
$1.20 rune 30 Holders of rec. June 20
Extra
600. June 30 Holders of rec. June 20
United States (guar.).
July 1 Holders of rec. June 20a
15
Extra
10 July 1 Holders of rec. June 200
Westchester (Yonkers) (guar.)
July 1 June 28 to June 30
4
Fire Insurance.
Amer. Equitable Assurance (guar.)-Brooklyn (guar.)
City of N.Y. Insurance (guar.)
Continental
Fidelity-Phenix Fire
Hanover Fire (guar.)
Home Insurance ((War.)
Knickerbocker, corn. (quar.)
New York Fire Ins., corn. (qua?.)
North River Insurance (our.r
_
Roes% Ins. Co. of America (guar.)
30c. Aug. 1 Holders of rec. July
be. July 1 Holders of rec. June
4
July 1 Holders of rec. June
$1.20 July 10 Holders of rec. June
$1.30 July 10 Holders of rec. June
•40e. July 1 *Holders of rec. June
50c. July 1 Holders of rec. June
3734c Aug. 1 Holders of rec. July
300 Aug 1 Holders of rec. July
50c Sept. 15 Holders of rec. Sept
*55c. July 1 *Holders of rec. June
18
20
14
30a
300
20
14
18
18
5
14
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous.
Abbott Laboratories ((Mar.)
*6240 July 1 *Holders of rec. June 16
Abercrombie & Fitch, pref. (guar.)
134 July 1 Holders of rec. June 20
Aberley Knitting Mills Prof.(guar.) - IH July 1 Holders of rec. June 20
.
Abitibi Power et Paper 7% pref.(quar.)_
134 July 2 Holders of rec. June 20
0% Preferred (guar.)
134 July 21 Holders of reo. July 104
Abraham & Straus, pref.(guar.)
1% Aug. 1 Holders of roe. July 15a
Acme Steel (guar.)
•$1
July 1 *Holders of rec. June 20
Acme Wire Co., corn
*50e. July 1 *Holders of rec. June 16
Adams Express, corn.(guar.)
400. June 30 Holders of rec. June 14a
Preferred (guar.)
134 June30 Holders of rec. June 14a
Addressograph Internat. Corp.(guar.)._ 3734e July 10 Holders of reo. June 2Ia
Aeolian Company, pref. (guar.)
' June 30 *Holders of rec. June 20
134
Aero Supply Mfg., class A (qua?.)
37;0 July 1 Holders of rec. June 20
Aetna Rubber. pref.(guar.)
154 July 1 Holders of rec. June 14
Agnew-Surpass Shoe. Pref. (guar.)
134 July 1 Holders of rec. June 16
Air Reduction Co. (guar.)
750. July 15 Holders of roe. June 30a
Air-Way Elec. Appliance, cons. (quar.)_ 62340 July 1 Holders of rec. June 20a
Preferred (quar.)
1St July 1 Holders of rec. June 20
Alan Wood Steel Co., pref. (guar.)
81.75 July 1 Holders of reo. June 100
Alberta Pacific Grain, Ltd., pref.(quar) 1,4 July 2 Holders of rec. June 14
Alemco Associates (guar.)
•40a. July 1 *Holders of rec. June 23
Allegheny Steel, corn.(monthly)
150. July 18 Holders of ree. June 306
Common (extra)
25e. July 18 Holders of rec. June 30a
Common (monthly)
150. Aug. 18 Holders of rec. July 310
Common (monthly)
15e. Sept.18 Holders of rec. Aug. 300
Preferred (guar.)
•1*' Sept. 1 *Holders of reo. Aug. 15
Preferred (guar.)
*I.I4 Dee. 1 *Holders of tee. Nov. 15
Alles & Fisher (Inc.)(guar.)
50e. July 1 Holders of reo. June 16
Alliance Investment Corp.. corn.(qu.).._
20o. July 1 Holders of reo. June 13
Alliance Realty. prof. (guar.)
134 Sept. I Holders of roe. Aug. 20
Preferred (guar.)
134 Dee. 1 Holders of rec. Nov. 20
Allied Amer. Industries, pr. pf. (guar.). 31.50 July 1 Holders of rec. June 16
Allied Chemical & Dye, pref.(quar.)
134 July 1 Holders of rec. June 150
Allied Mills. Inc.(guar.)
*15c. July 1 *Holders of rec. June 16
Allied Motor Industries, Pref.(quar.)-- •
July 1 *Holders of rec. June 16
S1
Allied Products common (guar.)
*Holders of rec. June 16
*500. July
Class A (guar.)
'
87%a July 1 *Holders of rec. June 16
63o. July 1 Holders of roe. June 21
Aloe (A. 8.) Co., corn. (guar.)
Preferred (guar.)
134 July 1 Holders of rec. June 21
Alpha Portland Cement (guar.)
50c. July 25 *Holders of reo. July la
Aluminum Co. of Amer..6% prof.(qu.) *145 July 1 *Holders of rec. June 14
30e. July 1 June 21 to June 30
Aluminum Goods Mfg. (guar.)
Aluminum Mfrs., Inc.. corn. (quar.).... •5(1c. June 30 *Holders of roe. June 14
•500. Sept. 30 *Holders of rec. Sept. 15
Common (guar.)
*500 Dec. 31 *Holders of rec. Doe. 15
Common (guar.)
Preferred (guar.)
•134 June 30 *Holders of rec. June 15
Preferred (guar.)
•134 Sept. 30 *Holders of rec. Sept. 15
•134 Dee. 31 *Holders of rec. Dee. 15
Preferred (guar.)
*75o. July 1 *Holders of rec. June 17
Amer. Bakeries Corp., class A (guar.)
' July 1 *Holders of roe. June 17
1 54
7% preferred (guar.)
American Bank Note common (guar.).
50e. July 1 Holders of rec. June 100
760. July 1 Holders of rec. June 100
Preferred (guar.)
Amer. Brake Shoe dt Fdy., corn.(qu.)
60e. June 30 Holders of rec. June 20a
154 June 30 Holders of rec. June 20.
Preferred (guar.)
Amer. Brown Boverl, pref.(guar.)
134 July 1 Holders of rec. June 20.
American Can, pref.(guar.)
134 July 1 Holders of ree. June 16a
Amer. Capital Corp., $3 prof.(quar.)--- *750. July 1 *Holders of rec. June 14
Amer. Car & Foundry, corn. (guar.)
81.50 July 1 Holders of rec. June 160
Preferred (guar.)
134 July 1 Holders of reo. June 16a
American Chain, pref.(quan)
134 June 30 Holders of roe. June 20a
American Chicle (guar.)
*500. July 1 *Holders of rec. June 12
•
25c. July 1 *Holders of rec. June 12
Extra
American Cigar, prof. (guar.)
134 July 1 Holders of rec. June 14
600. Juno 30 Holders of reo. June 12
Amer. Colortype Co., corn. (quaz.)---.
60c. Sept. 30 *Holders of rec. Sept. 12
Common (guar.)
134 Sept. 1 Holders of rec. Aug. 14
Preferred (guar.)
American Corporation
Amer.Investment Trust Shares(No.1) $1.59 June 30
July 1 Holders of rec. June 20
Amer.Credit Indemnity (St. Louis)(au.) $1
400. July 2 Holders of roe. June 14
Amer. Cyanamid. corn. A ec B (qua?.)...
Amer. Encaustic Tiling, corn.(quar.)....
25o. Juno 30 Holders of rec. June 16a
American Express (guar.)
$1.50 July 1 Holders of rec. June 13
144 July 1 Holders of reo. June 20
American Felt. pref.(guar.)
Amer. Furniture Mart Bldg.. prof.(qu.) 154 July 1 Holders of rec. June 20
*2
July 1 *Holders of rec. June 20
Amer. Hair & Felt (guar.)
July 15 Holders of rec. Julyt la
Amer. Hawaiian S.8. (special)
$8
1150. July 1 Holders of roe. June 140
American Home Products (monthly).....
American International Corti.
Oct. 1
Common (Payable in common stock)..
Sept. 1 Holders of me Aug. 15
Amer. Investment Trust pref. (qua?.)...
Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
Sept. 1 *Holders of rec. Aug. 20
Amer. Laundry Machinery, Wm.
(qum.)
June 30 Holders of rec. June 130
Amer. Locomotive, corn.(quar.)
June 30 Holders of roe. June 13a
Preferred (guar.)
Aug. 1
Amer. Machine & Fdy., pref.(qua?.)...
Juno 30 *Holders of rec. June 14
Amer. Maize Products, corn. (quar.)...
June 30 *Holders of rec. June 14
Preferred (guar.)
July 1 June 10 to June 30
American Manufacturing. arm. (qua?.).. 1
1
Oct. I Sept. 16 to Sept. 30
Common (guar.)
1
Dee. 31 Dee. 16 to
Dee. 30
Common (guar.)
134 July 1 June 16 to June 30
Preferred (guar.)
IH Oct. 1 Sept. 16 to Sept. 30
Preferred (guar.)
134 Dee. 31 Dee. 16 to Dee. 30
Preferred (guar.)
50c. July 15 Holders of rec. July 5a
American News (hi-monthly)
Amer. Pneumatic Service. 1st prof.(qu.) 87340 June 30 Holders of reo. June 20
750. June 30 Holders of reo. June 20
Preferred (guar-)
Amer. Radiator & Stand. Sanitary Mfg.
37340. June 30 Holders of reo. June 110
Common (guar.)
50e. July 15 Holders of rec. June 300
American Rolling Mill (qua?.)
e5
July 30 Holders of roe. July la
Stock dividend
$1.25 June 30 Holders of roe. June 10a
Amer. Safety Razor (quar.)
750. July 1 Holders of rec. June 20
Amer. Salamandra Corp. (guar.)
•30c. Sept. 1 *Holders of rec. Aug. 15
Amer.& Scottish Invest., corn.(quar.)
135 July 1 Holders of rec. June 20a
American Screw (guar.)
IS Aug. F Holders of rec. July Ila
Amer. Smelting & Refining, corn.(qu.)_
Preferred (guar.)
154 Sept. 2 Holders of rec. Aug. 8a
*$1.50 Sept. 2 *Holders of rec. Aug. 15
Second preferred (guar.)(NO. 1)
750. July 1 Holders of reo. June 120
American Snuff, corn. (guar.)
144 July 1 Holders of roe. June 12a
Preferred (qua?.)
75c. July 15 Holders of rec. July la
Amer. Steel Foundries, corn. (guar.)._
154 June 30 Holders of reo. June 160
Preferred (guar.)
American Stores Co. (guar.)
500. July 1 Holders of rec. June 14a
Amer. Sugar Refit. own. (guar.)
114 July 2 Holders of reo. June 50
134 July 2 Holders of rec. June 50
Preferred (guar.;
81.50 June 30 Holders of rec. June 14a
American Surety Co (guar.)
1210. July 1 Holders of roe. May 31a
American Thread, preferred
American Tobacco prof.(guar.)
134 July 1 Holders of rec. June 10a
2
Amer. Type Founders, corn. (quar.)
July 15 Holders of rec. July 50
Preferred (quar.)
134 July 15 Holders of roe. July 50
Amer. Writing Paper, pref.(quar.)
June 30 Holders of rec. June 20a
Si
Amer. Yvette Co., prof. (guar.)
*50c. July 1 *Holders of Dec. June 16
Amer. Zinc, Lead :Lk Smelt.. pref.(Ou.). $1.50 July 1 Holders of rec. June 130
Ameekeag Mfg.. common (guar.)
250. July 2 Holders of rec. June 14
Common (quar.)
•25e Oat. 2 *Holders of rec. Sept 13
Anchor Cap Corp., orn. (guar.)
60c. July 1 Holders of rec. June 20a
81.625 July 1 Holders of roc. June 200
$6.50 preferred &mar.)
Angle Steel Stool (ryer.)
*20e. July 15 *Holders of roc July b
Anglo National Corp.. corn. A (guar.)._
50o. July 15 Holders of rec. July 3
Anglo-Norwegian Holdings, Ltd.
Preferred
3% June 30 Holders of rec. June 23
Anglo-Persian Oil, Ltd
Amer. dep. rights for registered ohs-. •w15 Aug. 6 *Holders of res. June 25
Ansbacher-Slegle Corp., prof. (quar.)-80e. July 1 Holders of rec. June 20
Apex Electrical Mfg., pr. pr.(qu.)(No.13 81.75 July 1 Holders of reo. June 20
Apponaug Co., corn. (guar.)
*50e. June 30 *Holders of rec. June 14
Preferred (guar.)
'134 July 1 *Holders of rec. June 14
Armour & Co. of Del., prof (quar.)_._
114 July 1 Holders of rec. June 10a
Armour & Co. (Illinois) prof.(guar.)._
134 July 1 Holders of rec. June 10a
Armstrong Cork (guar.)
•500. July 1 *Holders of reo. June 17
Arrow-Hart Hegeman Elec., corn. (qu.) •75e. July 1 *Holders of reo. June 24
$1.625 July 1 *Holders of rec. June 24
Preferred (guar.)
JUNE 28 1930.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cern. Payable.
Books Closed,
Data Inclusive.
Miscellaneous (Continue).
Artloom Corp., corn. (guar.)
25e. July 1 Holders of rect. June 200
Art Metal Construction (guar.)
50e. June 30 Holders of roe. June 200
Arundel Corp. (guar.)
750. July I Holders of reo. June 23
Associated Apparel industries
Common (guar.)
July 1 Holders of reo. June 20a
SI
Common (guar.)
Oct. 1 Holders of reo. Sept. 196
$1
Associated Brew.. Canada, corn.(qu.)
500. June 30 Holders of rec. June 14
Preferred (guar.)
1Q July 1 Holders of rec. June 14
Associated Dry Goods,corn.(quar.)
630. Aug. 1 Holders of rec. July I20
First preferred (guar.)
11. Sept. 1 Holders of rec. Aug. 90
Second preferred (guar.)
134 Sept. 1 Holders of rec. Aug. go
Associated 011 (guar.)
50e. June 30 Holders of rec. June 136
Associated Security Investors, com.(qu.)
40e. July 1 Holders of rec. June 20
Associates Investment Co.. cons. (qu.). $1
June 30 Holders of tee. June 20
Preferred (Suer.)
$1.75 June 30 Holders of tee. June 20
Atlantic Gulf & W.I. 8.8. Lines. pf (go.) 13( June 30 Holders of roe. June lie
.
Preferred (guar.)
13( Sept.30 Holders of reo. Sept. 104
Preferred (Guar.)
IS' Dec. 31 Holders of rec. Deo. 11
Atlantic Steel, corn. (Suer.)
'1)4 June 30 *Holders of reo. June 20
Atlas Stores, pref. (guar.)
"750. July 1 *Holders of reo. June 16
Auburn Automobile (guar.)
$1
July 1 Holders of rec. June 200
Stock dividend
e2
July I Holders of roe. June 200
Austin. Nichols &
Prior A stock (guar.)(No. I)
75o. Aug. 1 Holders of rec. July 15a
Auto Strop Safety Razor,class A (guar.) 750. July 1 Holders of rec. June 10a
Class B (Suer.)
40o. Aug. 1 Holders of rec. July 10
Axton Fisher Tob., COM A (guar.)
"80e. July 1 *Holders of recs. June 16
Backstay Welt Co., corn.(guar.)
*50o. July 1 'Holders of reo. June 20
Corn.(stock dividend)
*el
July 1 *Holders of rec. June 20
Bakers Share Corp., corn. (guar.)
1% July 1 Holders of tee. June 20
Balaban & Katz, emu.(guar.)
"Mo. June 28 •Holderw of rec. June If
•144 June 26 *Holders of rec. Jun.. 16
Preterite (Soar.)
Baldwin Locomotive Works oommon . 8734c July I Holders of rec. June 76
Preferred
Holders of rec. June 7a
3)4
Baldwin Rubber. class A (guar.)
*37 Sic June 30 *Holders of rec. June 20
Bamberger(L)& Co., pref.(guar.)
13( Sept. 2 Holders of rec. Aug. lba
Bancehlo Corp., cont. (guar.)
350. June 30 Holders of rec. June 16
Bancokentucky Co.(guar.)
*20c July 1 *Holders of rec. June 20
Bancomlt Corp., corn. (quar.)
400 July I Holders of rec. June 16
Common A (guar.)
400. July I Holders of rec. June 18
Bancroft(Joseph)& Sons Co.,corn.(5h) 6234o. June 30 Holders of rec. June 166
Bankers Securities Corp., corn.(quar.).
750. July 15 Holders of rec. June 300
Participating pref. (guar.)
750. July 15 Holders of rec. June 300
Barker Bros., COM.(guar.)
50o. July 1 Holders of reo. June 14a
$6.50 preferred (guar.)
$1.625 July 1 Holders of reo. June I4a
Bayuk Cigars, Inc., corn. (guar.)
75c. July 15 Holders of rec. June 30a
First preferred (quar.)
1)( July 15 Holders of rec. June 306
Bearings Co. of Amer., let PI.(WU
134 June 30 Holders of rec. June 14
Beath(W.D.)& Son, Toronto, class A_
80c. July 2 Holders of rec. June 17
Beaton & Caldwell Mfg.(monthly)
"250. July 1 *Holders of rec. June 30
Beatrice Creamery, corn. (guar.)
July I Holders of rec. June 14a
$I
Preferred (guar.)
134 July 1 Holders of rec. June 146
Beatty Brothers (guar.)
*50e. July 1 *Holders of rec. June 15
Beech-Nut Packing, corn. (guar.)
754. July 10 Holders of rec. June 25a
Belding-Corticelli, Ltd., corn. (guar.)._
1)4 Aug. 1 Holders of rec. July 15
Belgo Canadian Paper, pref.(guar.)
131 July 2 Holders of rec. June 4
Bend's Aviation Corp.(quar.)
500. July 1 Holders of rec. June 10a
Berry Motor (guar.)
30o. July 1 Holders of rec. June 20
Bethlehem Steel, common (guar.)
$1.50 Aug. 15 Holders of rec. July 18a
Preferred (guar.)
1M July 1 Holders of rec. June 6a
Bickford', Inc., corn.(guar.)
25c. July 1 Holders of tee June 20
Preferred (guar.)
6234c July 1 Holders of rec. June 20
Bishop 011 Corp
June 30 Holders of rec. June 16
Black & Decker Mfg., corn. (quar.)_ _
400. June 30 Holders of rec. June 20
Preferred (guar.)
*50o. June 30 *Holders of tee. June 20
Bliss (E. W.) Co., corn.(guar.)
25o. July I Holders of rec. June 18
First preferred (guar.)
July 1 Holders of rec. June 18
$1
Seond pref. class A (guar.)
8734c. July 1 Holders of rec. June 18
Second pref. class B (guar.)
15o. July 1 Holders of rec. June 18
Bloch Bros., common (quer.)
*3734o Aug. 15 *Holders of rec. Aug. 9
Common (guar.)
*37)So Nov. 15 *Holders of reo. Nov. 10
•134 June 30 *Holders of roe.
Preferred (guar.)
June 25
Preferred (guar.)
*114 Sent.30 *Holders of rec.
•1% Dee. 31 *Holders °Pm. Sept. 25
Preferred (guar.)
Dec. 26
Blue Ribbon Corp., corn.(go.)(No. 1)
50c. July 1 Holders of rec. June 15
Blumenthal(Sidney) ds Co.,Inc.,pf.(qu) 134 July 1 Holders of rec. June 14a
Bolin Aluminum & Brass (quar.)
750. July I Holders of rec. June 136
Bon Aml Co., class A (guar.)
July 31 Holders of rec. July lba
$1
Class A (extra)
July 31 Holders of rec. July 150
51
Class B (guar.)
500. July 1 Holders of reo. June 19
Class B (extra)
50c. July 1 Holders of reo. June 19
Bonner(The) Co., class A (quar.)
3734c. June 30 Holders of rec. June 15
Bonwit, Teller & Co., pref.(guar.)
"81340 July 1 *Holders of reo. June 20
Boots Pure Drug Co., Ltd.
Am. dep. res. ord. reg.
I shill June 30 *Holders of rec. June 10
Borg-Warner Corp., COM.(guar.)
75o. July 1 Holders of rec. June 16
Preferred (guar.)
*51.75 July
*Holders of rec. June 18
Boston Wharf
334 June 3 Holders of rec. June 2
Brady, Cryan & Colleran,
Participating preferred
4
July
Holders of rec. June 20
Brandram-lienderson. Ltd.. pref. (cm.). 131 July
Holders of reo. June 1
Brewing Corp. of Ontario, pref. (quar.) 62340. July
Holders of reo. June 21
Bridgeport Machine, pref. (guar.)
13( July
Holders of rec. June 20
Briggs & Stratton Corp.(guar.)
500. June 30 Holders of rec. June 20a
1 1% Aug.
,
Brill(JO.) Co., pref.(guar.)
*Holders of rec. July 30
Brill° Mfg.,class A (quar.)
50c. July
Holders of roo. June lea
British Amer.011.00 par stk.(reg. att.).
20o. July
June 16 to June 30
Coupon shares
20c. July
Holders of coup. No. 1
British-Amer. Tobacco. ord. (bearer)._ (v) June 30 Holders of coup. No. mg
Ordinary (registered)
(e) June 3 Sop note (ot
Brit. Type Investors, el. A (hi-monthly).
90. Aug.
Holders of tee. July I
Brompton Pulp & Paper. Corn.(quar.)..
500. July 1 Holders of rec. June 30
Broad Street Investing (guar.)
30e. July
Holders of rec. June 16
Brockway Motor Truck Corp.. cf. (511.) 1M July 1 MOO.in of rec June log
Brooklyn Mtge. Guaranty dv Title(qu.)_ Ill June 3 *Holders of rec. June
25
Extra
*50c. June 3 *Holders of rec. June 25
Bruce (E. L.) Co., pref. (guar.)
13( July
Holders of rec. June 20
Brunswick-Balke-Collender, pref. (go.). 13( July
Holders of rec. June 20
Bucyrus Erie Co., common (guar.)
25e July
Holders of ree. May 27..
Preferred (guar.)
134 July
Holders of rec. May 270
Convertible preferred (guar.)
623-40. July
Holden of tee. May 27a
Budd Wheel, corn. (guar.)
250. June 3 Holden of reo. June 10a
Preferred (guar.)
134 June 30 Holders of tee. June 100
Preferred (extra)
750. June 3 Holders of reo. June ilia
Building Products, Ltd.. Cl. A (guar.)._
50o. July
Holders of tee. June 17
Bulkley Bldg.. Pref. (guar.)
1Q July
Holders of rec. June 23
Bullard Co..common (guar.)
400. June 30 Holders of rec. June i).a
Burco, Inc., cony. pref. (guar.)
750 July
Holders of rec. June 16
Burger Bros., pref. (guar.)
*2
July
'Holders of
•14,.1,1..rs of reo June IC
Preferred (guar.)
*2
Oet.
ren SOM IS
Burkart (F.) Mfg., pre!. (guar.)
55c. July
Holders of rec. June 20
Burnham Trading, Prof. A (guar.)
'75e. July
"Holders of rec. June 20
Burns Bros., pref. (guar.)
13( July
Holders of ree June 13a
Bush Terminal, COM.(guar.)
6234o Aug.
Holders of rec. June 276
Debenture stock (guar.)
13( July 1 Holders of ree. June 270
Bush Terminal Begs.. pref.(quar.)
13( July
Holders of rec. June 136
Byers(A. M.) Co.. pref.(guar.)
•13( Aug.
*Holders of rec. July 15
Preferred (Suer.)
•1)4 Nov. 1 "Holders of ren. Oct. 15
Byllesby (H. M.)& Co., class A (qu.)..
500. June 3 Holders of roe. June 14
Class B (special)
500. June 30 Holders of rec. June 14
600. June 3 Holders of rec. June 14
Preferred (qlar.)
Byron Jackson Pomp,stock dividend... *el
Sept. 1 *Holders of rec. Aug. 16
Calamba Sugar Estates. cont.(guar.).
*400. July
*Holders of rec. June 14
*35e. July
Preferred (quar.)
*Holders IQ rec. June 14
California Ink. class A & B (quar.)
*50e. uly
*Holders of roe. June 21
500. June 30 Holders of rec. May 316
Calumet & Hecht Cons. Copper Co.(go.)
•134 July
Canada Bread, Prof. A & B (quar.)
*Holders of rec. June 14
Canada Bud Breweries, corn. (guar.)-25o. July 1 Holders of reo. June 30
134 June30 Holden( of rec. May 31
Canada Cement, pref. (quay.)
Canada Dry Ginger Ale (guar.)
$1.25 July 15 Holders of rec. July la
Name of Company.
4561
Per
When
Cent. Payable.
Boas Closes,
Dews inclusive.
Miscellaneous (Continued).
Canada Foundries & Forg., class A (qu.) 37340 July 15 Holders of reo. June 30
Canada Steamship Lines, pro!. (quar.)__
134 July 2 Holders of reo. June 16
Canadian Canners, Ltd.. corn.(quar.)
250. July 2 Holders of roe. June 14
First preference (guar.)
1
July 2 Holders of reel. June 14
250. July 2 Holders of tee. June 14
Convertib.e preference (guar.)
Canadian Car & Foundry. prof.(guar.).
440. July 10 Holders of rec. Jttne 26
Canadian Converters (guar.)
$1.25 Aug. 15 Holders of reo. July 31
Canadian Cottons, prof.(guar.)
134 July 4 Holders of reo. June 21
Canadian General F.leo., corn.((la)
The. July 1 Holders of rec. June 14
Preferred (guar.)
8734e. July 1 Holders of reo. June 14
Canadian Industries, corn. (guar.)
*6230 July 31 *Holders of rec. June 30
Common (extra)
*75c. July 15 *Holders of rec. June 30
Preferred (guar.)
134 July 15 Holders of rec. June 30
Canadian Wirebound Boxes, corn. A(qu.) 3734o. July 1 Holders of rec. June 16
Canfield Oil, corn. & pref. (guar.)
134 June 30 June 21 to June 24
Cannon Mills (quar.)
40e. July I Holders of rec. June 186
Capital Admstr.. Ltd., pref.(guar.)
750. July 1 Holders of tee. June 200
common (guar.)
134 July 1 Holders of rec. June 126
Casr( .l d
Peefrre
Preferred
j
e
1M July 1 Holders of reo. June 120
Cavanagh-Dobbs, Inc., pref. (guar.)
1.34 July 1 Holders of reo. June 206
Ceco Manufacturing Co.(qu.) (In stock)'e
July 1 *Holders of rec. June 25
Celanese Corp. of Amer., pr. pr.(So.).- 154 July 1 Holders of rec. June 16
First participating pre
334 June 30 Holders of rec. June 16
Celotex Co.. preferred (guar.)
134 July 1 Holders of rec. June 20a
Central Aguirre Associates(guar.)
371.40 July 1 Holders of rec. June I8a
Central Cold Storage, common (guar.)
*400 June 80'Holders of tee. June 25
Centrifugal Pipe Corp.(Star.)
ci
15e. Aug. lb Holders of ree. Aug.
150. Nov. 15 Holders of tee. Nov. 5
Century Electric (guar.)
1
July 1 Holders of rec. June 15a
Chain Store Products, panic). pfd.(qu.)_ .37340 July 1 *Holders of rec. June 20
Chase Brass & Copper, pref.(guar.).- 133 June 30 Holders of ree. June 20
Chatharn-Phenlx Allied Corp.(No. 1)
50o. July 1 Holders of tee. June 16
Checker Cab Mfg. Corp.(rnonthlY)
no. July 1 Holders 01 reo. June lea
Chesebrough Mfg. CODS.(guar.)
$1
June 30 Holders of rec. June 90
Extra
50o. June ao Holders of rec. June 9/3
Chicago Flexible Shaft, corn. (qua?.)
•300. July 1 *Holders of rec. June 20
Common (guar.)
•301, Oct. 1 *Holders of reo. Sept. 20
Chicago Junction Rys. & Union Stock
Yards, corn. (guar.)
2K July 1 Holders of rec. June 14
Preferred (guar.)
134 July 1 Holders of reo. June 14
Chicago Pneumatic Tool, pref.(quar.)
87340 July 1 Holders of rec. June 20a
Chleaferred. Eguipment, corn.(quar.)prego Hy (quar)
254 July 1 Holders of rec. June 20
4354e July 1 Holders of ree. June 20
Chicago YeBoW Cab (monthly)
25e July 1 Holders of reo. June 200
o th y
b
250 Aug. 1 Holders of roe. July 21.
250.Sept. 2 Holders of reo. Aug. 20a
Chrysler Cora (guar.)
75e. June 30 Holders of rec. JUDO 2.
Cincinnati Ball Crank, partic. pfd.(qu.) *57o. June 30 Holders of rec. June 14
Participating preferred (guar.)
*560. Sept.30 Holders of reo. SePt.15
Cities Service common (monthly)
234c July 1 Holders of reo. June 14
Common (payable In common stock).. 134 July I Holders of tee. June 14
Common (monthly)
2340. Aug. 1 Holders of rec. July 15
Common (Payable in corn. stock)_
M
Aug. 1 Holders of reo. July 15
Preference and pref. B B(monthly)..
600. July 1 Holders of tee. June 14
Preference B (monthly)
Sc. July 1 Holders of roe. June 14
Preference and pref. BB (monthly)
500 Aug. 1 Holders of roe. July 15
PreferenceB (monthly)
Sc. Aug. 1 Holders of reo. July 5
City lee & Puel,corn(payable in oom.stk.) 1134 Aug. 81 Holders of rec. Aug. 154
City Investing, common
234 July 7 Holders of rec. June 30a
Preferred (guar.)
134 July 1 Holders of rec. June 26
City Machine & Tool, cam (guar.)
40e.July 1 Holders of rec. June 20
City Stores Co., corn. (guar.)
12340. July 15 Holders of rec. June 30a
Class A (guar.)
87340. Aug. 1 Holders of rec. July 150
Clark(D.L.) Co.(guar.)
.313.10 July 1 *Holders of roe. June 16
Claude Neon Elec. Prod.,corn & pf.(go.) 4
.
.25e. July 1 *Holders of rec. June 20
Stook dividends
July 1 *Holders of roe. Jan. 20
*3
Cleve. Automatic Machine, pref.(qu.)
$1.75 June 30 Holders of rec. June 16
Cleveland Builders Supply (guar.)
500. July 1 Holders of roe. June 13
Cleveland Union Stock Yards (quar.)
50c. July 1 Holders of tee. June 20
Cluett, Peabody & Co., Inc., pref.(go.). 151 July 1 Holders of reo. June 205
Coats (J.& P.) Ltd., Ara dep rights ord.
9 pence, plus bonus8 pence
July 7 Holders of reo. May 26
Coca Cola Bottling Sec. (guar.)
•25e. July 15
Quarterly
*25e. Oct. 15
Coca-Cola Co.,corn.(guar.)
51.50 July 1 Holders of rec. June 184
CDASS A (semi-annual)
31.50 July 1 Holders of rec. June 12.
Coca-Cola Internat.. corn.(guar.)
$3
July 1 Holders of rec. June 12a
Chess A
53
July 1 Holders of rec. June 1211
Cockshutt Plow (guar.)
3734c. Aug. 1 Holders of rec. July 15
,
Colgate-Palmolive-Peet Co., corn.(qu.)_ 62K0 July 15 Holders of rec. June 20a
Preferred (guar.)
114 July 1 Holders of rec. June 10a
Colts Patent Fire Arms Mfg.(guar.)
*50o. June 30 *Holders of rec. June 12
Columbia Finance Corp., pref. (qu.)- - •151 July 1 *Holders of rec. June 24
Columbia Pictures. corn. tuu.) (No. 1). 373.40 July 2 Holders of rec. June 150
Common (payahle In common stock)- 1214 Oct. 2 Holders of rec. Sept. Se
Columbus Auto Parts. pref. (soar.)....
500. Sept. 1 Holders of rec. Aug. 16
Commercial Credit Co., corn.(qua?.)...
50e. June 30 Holders of rec. June 100
134 June 30 Holders of rec. June 10a
634% first pref.(guar.)
7% first preferred (guar.)
134 June 30 Holders of rec. June 10a
8% class B pref.(guar.)
2
June 30 Holders of rec. June 10
Cony. class, A prof.(guar.)
75e. June 30 Holders of rec. June 100
2
Commercial Credit, New On. pt.(qu.)
June 3 Holders of rec. June 20
400. July
Holders of rec. June 54
Commercial invest. Trust, corn,(guar.).
Common (payable in common stoek)
J134 July
Holders of reo. June ba
134 July
7% first preferred (quer.)
Holders of tee. June ba
614% first preferred (guar.)
134 July
Holders of reo. June ba
Convertible preference (guar.)
(z) July
Holders of rec. June 54
Commercial Solvents corn. (quar.).__._
250. June 3 Holders of rec. June 10a
Commonwealth Casualty (Phila.)
60c. June 30 June 21 to June 29
Commonwealth Securities, pt.(qu.).-- 51.50 July 1 Holders of rce. June 14
m A ( State Corp.. class (qua?.) •12340 June 30 *Holders of reo. June 26
counityq
('lass
.1234e Sept. 30'Holders of roe. Sept 26
Class A (guar.)
*1234c Dec. 31 *Holders of rec. Dec 26
Clam B (guar.)
'1214e 3181131 *Hold. of tee. Mar. 2631
DVSS B (guar.)
*12 Kr June 30 *Holders of tee. June 26
Class B (guar.)
•I2
Sept. 30 *Holders of ree. Sept. 26
Class B (guar.)
'12)4e Dee. 31 *Holders of tee. Dee. 26
Conde Nast Publications, Inc., corn.(cm)
50o. July 1 Holders of rec. June 21a
Conduits Co., Ltd.. corn.(gle.)
250. July 1 June 17 to June 30
Preferred (guar.)
134 July 1 June 17 to June 30
Congoleum-Nairn, Inc., pref. (quar.)... •134 Sept. 1 "Holders of rec. Aug. 15
Congress Cigar, corn.(guar.)
June 30 Holders of rec. June 140
51
Consol. Bakeries of Canada
250 July
Holders of rec. June 25
Consolidated Cigar Corp.corn.(qu.) -- $1.25 July
Holders of rec. June 196
Prior preferred (quar.)
134 Aug.
Holders of rec. July lba
Consolidated Hairy Products (quar.)
'Holders of roe. JUDO 16
•500 July
Con.solldated Film Industries
Common and preferred (guar.)
Holders of rec. June 16a
50c July
Consolidated Retail Stores, corn.(guar.)
Holders of rec. June 23
25e July
Preferred (Suer.)
2
Holders of rec. June 23
July
Consolidated Steel Corp.. pref. (quar.)._ *43Qo July
*Holders of rec. June 14
ContalnerCorp$)
( u of Amer.cl. A (qu.)
g.
Holders of rec. June Ila
..30o. July
•144 July
Preferred
*Holders of rec. June 11
Continental Baking Corp., pref.(guar.). $2 July
Holders of reo. JUDC 136
Continental Diamond Fibre(guar.)
50o. June 3 Holders of rec. June 200
Continental Shares, Inc.. corn.(quar.)..
254. July
Holders of rec. June 126
nt,;
Coo per-Beoccrr
preferredi a Corp., corn. UPI.)
Holders of reo. June 106
50o. July
Holders of tee. June 10a
75e. July
Copper Range Co.(guar.)
25o. July 1 Holders of rec. June 16
Coronet Phosphate
$1.50 July
Holders of rec. June 14
Corporate Trust Shares
*35o. June 30
Extra
•950. June 30
Corroon Sr Reynolds, pref. A (guar.)._ $1.50 July 1 Holders of rec. June 20
Coty. Inc.. stock dividend
63
June 80 Holders of roe. June 16a
Courier-Post Co., pref.(guar.)
13( July 1 Holders of rec. June 15
Creamery Package Mfg., corn.(qUar.)
"500. July 10 *Holders of rec. July 1
4,1% July 10 *Holders of rec. July 1
Preferred (quar.)
Cream of Wheat Corp., oom.(quar.)...
500. July 1 Holders of rec. June 23a
Common (extra)
250. July I Holders of rec. June 23a
Crowley, Milner at CO.. Common (quar.) eb0c. June 30'Holders of rec. June 30
4562
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Crown Cork International, el. A (guar.) _
25c. July 1 Holders of rec. June 10a
Crown Willamette Paper 1st pref.(qu 3- $1.75 July 1 Holders of reo. June 13a
Second preferred (guar.)
$1.50 July 1 Holders of rec. June 13
Crown Zellerbach Corp..corn,(guar.)-25o. July 15 Holders of rec. June 30a
14 July 31 Holders of rec. July 15a
Crucible Steel, corn. (guar.)
I% June 30 Holders of reo. June 160
Preferred (guar}
Crum & Forster, corn. A &.B (guar.).
July 15 Holders of rec. July 5
2
June 30 Holders of rec. June 20
Preferred (guar.)
2
Preferred (guar.)
Sept.30 Holders of reo. Sept.20
Crum dr Forster Ins. & Shares Corp.
Aug. 30 Holders of reo. Aug. 20
Preferred (guar.)
1 ef Nov. 29 Holders of rec. Nov. 19
Preferred (quar.)
Crystalite Products Corp., pref.(guar.). *1% July 1 *Holders of rec. June 20
Cuba Company, preferred
583.50 Aug 1 *Holders of rec. July 15
Cuban Tobacco, corn
June 30 Holders of rec. June 14
$1
2% June 30 Holders of rec. June 14
Preferred
"31
Cudahy Packing, corn. (guar.)
July 15 *Holders of rec. July 3
•6214c Aug. 1 *Holders of rec. July 15
Cuneo Press, common (guar.)
*I% Sept. 15 *Holders of rec. Sept. 1
Preferred (guar.)
Curtis Mfg., corn.(guar.)
624c July 1 Holders of rec. June 14
Curtis Publishing, corn. (monthly)
50c. July 2 Holders of rec. June 20a
$1.75 July 1 Holders of rec. June 20a
Preferred (guar.)
Darby Petroleum, new stock (No. 1)
*50e. July 15 *Holders of rec. June 30
50o. July 15 Holders of rec. July 1
Davenport Hosiery Mills, corn.(qu.)
1% July 1 Holders of rec. June 20
Preferred (guar.)
Decker (Alfred) & Cohn, Pref. (guar.)...
Sept. 2'Holders of rec. Aug- 20
$1.75 July 25 Holders of rec. June 30
Deep Rock 011, pref. (guar.)
300. July 1 Holders of rec. June 14
Deere & Co., new corn. (qu.)(No. l)
Common (payable In common stock)_ 114 July 15 Holders of rec. July 14
*250. July 1 June 21 to June 30
De Long Hook & Eye
Denver Union Stook Yards,corn.(gu.).._ *81 July 1 *Holders of reo. June 20
.$1 Oct. 1 'Holders of rec. Sept. 26
Common (guar.)
*81 Jan 131 *Held. of rec. Deo. 20 80.
Common (guar.)
*$1
Ap.1 81 *Hold. of reo. Mar. 20'31
Common (guar.)
200. July 1 Holders of rec. June 14
Detroit & Cleve. Navigation (quar.)
Detroit Gasket & Mfg., common (guar.) 300. July 1 Holders of rec. June 20
Detroit Steel Products, corn. (quar.)__. *25c. July 1 *Holders of rec. June 20
Diamond Shoe Corp., corn. (guar.)... _ 37;50 July 1 Holders of rec. June 20
July I Holders of rec. June 20
% preferred (guar.)
30c. July 1 Holders of rec. June 20
Second preferred
*75c. Sept. 2'Holders of rec. Aug. 15
Dictaphone Corp.,corn.(guar.)
*2
Sept. 2 *Holders of rec. Aug. 15
Preferred (guar.)
•1% July 15 *Holders of rec. June 14
DI Giorgio Fruit Corp.. pref. (quar.)
Diversified Investments cl. A (qu.)
'500. July 15 'Holders of rec. July 11
Class A (extra)
*50c. July 15 *Holders of rec. July 1
•134 July 15 *Holders of rec. July 1
First preferred (guar.)
2
Dixon (Joseph) Crucible (quar.)
June 30 Holders of rec. June 21
25e. July 21 Holders of rec. June 30a
Dome Mines, Ltd. (quar.)
Dominion Glass. Ltd.. corn. & pf.(au.).
July 2 Holders of rec. June 16
Dominion Engineering Works (guar.)._ $1
July 15 Holders of rec. June 30
June 30 Holders of reo. June 20
Dominion Rubber, Ltd., pref. (guar.)._
Dominion Stores, oom.(guar.)
300. June 30 Holders of roe. June 170
f2
Common (payable in corn. stock)._
June 30 Holders of rec. June 170
$1.25 July 2 Holders of rec. June 14
Dominion Textile, corn.(guar.)
1% July 15 Holders of rec. June 30
Preferred (guar.)
Donahoe's, Inc., partie. pref.(guar.)... *25e. June:30 *Hloders of rec. June 20
1% July 1 Holders of rec. June 14
Douglas(W. L.) Shoe, pref.(guar.)._
$1
Draper Corp.(guar.)
July 1 Holders of reo. May 21
•1% July 1 *Holders of reo. June 20
Driver-Harris Co., pref. (guar.)
Dufferin Paving & Crushed Stone
$1.75 July 2 Holders of rec. June 18
First preference (guar.)
*14 July 1 *Holders of rec. June 18
Dunham (J.H.) dr Co.,corn.(guar.)
.1 1% July
,
1 *Holders of rec. June 18
First preferred (guar.)
•I
July I *Holders of rec. June 18
Second preferred (guar.)
Si July 15 Holders of rec. July la
Dunhill International (guar.)
July 15 Holders of rec. July la
1
Stock dividend
2
July 1 Holders of rec. June 140
Duplan Silk Corp., pref. (guar.)
Du Pont(E.I.) de Nemours & Co.
114 July 25 Holders of reo. July 10a
Debenture stock (guar.)
*50c. June 30 *Holders of rec. June 20
Early & Daniel Co., corn. (guar.)
*13 June 30 *Holders of rec. June 20
4
Preferred (quar.)
*874c July 1 'Holders of rec. June 10
Eastern mfg., pref. (guar.)
Eastern Rolling 1%1111 (guar.)
374c. July 1 Holders of rec. June 20a
50e. July 1 Holders of rec. June 21
Eastern Steamship Lines, corn.(quar.).
Preferred. no par (guar.)
874c July 1 Holders of rec. June 21
First preferred (guar.)
1% July 1 Holders of rec. June-21
50e. July 1 Holders of rec. June 16
Eastern Steel Products, common
Prior preference (guar.)
July 1 Holders of rec. June 16
$1.25 July 1 Holders of reo. May 310
Eastman Kodak common (guar.)
750. July 1 Holders of rec. May 3I0
Common (extra)
Preferred (guar.)
134 July 1 Holders of rec. may 3Ia
Eastern Utilities Investment
$1.25 July 1 Holders of roe May 31
$5 prior Preferred (guar}
*25e. July 15 *Holders of rec. July 1
Economy Grocery Stores (guar.)
60. July 1 Holders of rec. June 10
Ecuadorian Corp., Ltd., corn. (quar.)-34 July 1 Holders of rec. June 10
Preferred
25e. July 1 Holders of rec. June 21
Elder Manufacturing, common (quar.)_
2
July 1 Holders of rec. June 21
First preferred (guar.)
1% July 1 Holders of rec. June 21
Class A (guar.)
51.50 July 1 Holders of rec. June 14a
Electric Auto-Lite Co., corn. (quar.)
13% July 1 Holders of reo. June 14a
Preferred (guar.)
$1.25 July 1 Holders of rec. June 20
Elec. Controller & Mfg. corn.(quar.)
Elec. Stet. Batt. corn. & pref (guar.)... $1.25 July 1 Holders of rec. June 7a
*500. July 1 Holders of rec. June 14
Emerson Bromo-Seltzer A dr B ((l u.)
1% July 1 Holders of roe. June 20
Emerson Elec. Mfg., pref.(guar.)
June 28 Holders of rec. June 210
3
Empire Safe Deposit Co. (guar.)
Endicott Johnson Corp., com. (guar.)._ $1.25 July 1 Holders of rec. June 18a
13% July 1 Holders of rec. June 18a
Preferred ((luar.)
*10e. July 1 *Holders of rec. June 25
Equitable Management (quar.)
750. July 1 Holders of rec. June I4a
Equitable Office Bldg. common (quar.)
1% July 1 Holders of rec. June 14a
Preferred (quar.)
$1 Aug. 1 Holders of rec. July 15
Eureka Pipe Line (guar.)
Ewa Plantation (guar.)
•600. Aug. 15 *Holders of rec. Aug. 5
Ex-Cello Aircraft & Tool (guar.)
3
.20e. July 1 *Holders of rec. June 20
600. Aug. I Holders of reo. July 21*
Fair (The) common (guar.)
1% Aug. 1 Holders of rec. July 210
Preferred (guar.)
Fairbanks, Morse & C,o.. corn. (quar.)_ 750. June 30 Holders of rec. June I2a
Fanny Farmers Candy Shops corn.(qu.)- *25e. July 1 *Holders of rec. June 15
Preferred (guar.)
*60e. July 1 *Holders of rec. June 15
Farr Alpaca (guar.)
June 30 *Holders of rec. June 19
*2
Faultless Rubber, corn. (guar.)
6240 July 1 Holders of rec. June 18
Federal Knitting, common (guar.)
624c Aug. 1 Holders of rec. July 15
Common (extra)
1240 Aug. 1 Holders of rec. July 15
Federal-Mogul Corp.(guar.)
.300. July 1 *Holders of rut. June 14
Federal Motor Truck,corn.(guar.)
20e. July I Holders of rec. June I8a
Federal Screw Works (guar.)
*750. July 1 *Holders of rec. June 15
Penman & Curme Shoe. Pref.(guar.)
1% July 1 Holders of rec. June 1
Ferro Enameling. class A (guar.)
*1
June 30 *Holders of rec. June 26
Class A (extra)
3
.25c. June 30 *Holders of rec. June 26
Filene's (William) Sons Co. pf.(qu.)_- - - 1% July 1 Holders of rec. June 200
Fifth Ave. Bus Securities (guar.)
160. June 30 Holders of reo. June 136
Finance Co.of Amer., Bait., corn. A(qu.) *20c. July 15 *Holders of rec. July 5
Common 13 (guar.)
*20e. July 15 *Holders of rec. July 5
Preferred (guar.)
•154 July 15 *Holders of rec. July 5
First American Corp. (guar.) (No. I) _ _
Sc. July 1 Holders of rec. June 16
First Bank Stock Corp. (guar.)
*250. July I *Holders of rec. June 20
First Indust. Bankers part. p1.(qu.)___
Holders of rec. July 1
56c.
First Nat. Stores. cony. (guar.)
62%e July 1 Holders of rec. June 16a
Fishman (M.II.) Co., pref. A & B (gu.) 31.75 July 15 Holders of rec. July I
Flintkote Co.. cl. A. Jc B.(guar.)
*3740 July 15 *Holders of rec. July 10
Florsheim Shoe, Prof. (guar.)
1% July 1 Holders of rec. June 16a
Flour Mills of Amer., Inc., pref. (guar.) $2
July 1 Holders of rec. June 14
Food Machinery Corp., corn. (guar.)... *374e July 15 *Holders of rec. June 30
Foote Bros. Gear & Machine, corn.(qu.) f2
July 1 Holders of rec. June 24
Preferred (guar.)
1%, July I Holders of rec. June 24
Formica Insulation (guar.)
.500. July 1 *Holders of rec. June 15
Quarterly
'500. Oct. 1 *Holders of reo. Sept. 15
Quarterly
•500. Jan 1'31 *Holders of rec. Dec. 15
Foster Wheeler Corp.. corn,(guar.)
- 500. July 1 Holders of rec. June 120
Preferred (guar.)
$1.75 July 1 Holders of rec. June 12a
Fostoria Pressed Steel
50c.
,June 30 Holders of rec. June 25
Fox Film Corp., corn. A & B (guar.)._ - $1 IJuly 15 Holders of rec. July la
[VOL. 130.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
•15‘ July 1 *Holders of reo. June 15
Frank (A. B.) Co., pref. (quar.)
Preferred (guar.)
'134 Oct. 1 'Holders of reo. Sept. 15
Freeport Texas Co.(guar.)
*$1
Aug. 1 *Holders of rec. July 15
Freiman (A. J.) Ltd., cony. p1.(gu.)_ 134 July 2 Holders of reo. June 14
French (Fred F.) Operators, pref
3
July 1 June 21 to July 1
Fuller (Geo. A.) Co.. pr. pref.(guar.).- $1.50 July 1 Holders of rec. June 10a
Participating second Prof.(quar.)
$1.50 July 1 Holders of rec. June 100
Gardner-Denver Co., corn.(guar.)
75e. July 1 Holders of rec. June 20
Oarlock Packing common (guar.)
300. July 1 Holders of reo June 14
Gary (Theodore) & Co., common (guar.)
15c. July 1
Preferred (guar.)
400. July 1 June 21 to June 30
General Alloys Co., corn.(guar.)
20c. July 1 Holders of reo. June 20
General American Investors pref. (qu.)
14 July 1 Holders of reo. June 20a
General Amer. Tank Car (guar.)
$1
July 1 Holders of rec. June 13a
Stock dividend
el
July 1 Holders of rec. June 130
Stock dividend
el
Oct. 1 Holders of rec. Sept. 13a
Stock dividend (guar.)
el
Jan 131 Holders of rec. Dec. 13a
General Baking Co., $8 pref.(guar.).
June 30 Holders of reo. June 21a
- 32
General Baking Corp., pref. (guar.)._ 750. July 1 Holders of reo. June 19
General Development
250. June 30 Holders of rec. June 16
General Electric, common (guar.)
400. July 25 Holders of rec. June 206
Special stock (guar.)
15c. July 25 Holders of rec. June 200
General Elec., Ltd., Amer. dep. rcts
10
July 19 Holders of rec. June 240
Extra
4
July 19 Holders of rec. June 246
General Fireproofing, common (guar.)._ *50e. July 1 *Holders of rec. June 20
Proferred (guar.)
•14 July 1 *Holders of rec. Juno 20
General Mills, Inc., pref. (guar.)
14 July 1 Holders of reo. June 144
General Motors 7% pref. (guar.)
14 Aug. 1 Holders of rec. July 70
6% preferred (guar.)
14 Aug. 1 Holders of rec. July 70
6% debenture stock (guar.)
1;4 Aug. 1 Holders of roe. July 70
$5 preferred (guar.)
$1.25 Aug. 1 Holders of rec. July 7
General Printing Ink., corn. (quar.)
62%c July 1 Holders of rec. June 14a
$6 preferred (guar}
$1.50 July 1 Holders of rec. June 146
General Public Service com.(In stock).... 13
June 30 Holders of rec. June 2a
$6 preferred (guar.)
•51.50 Aug. 1 *Holders of reo. July 10
81.375 Aug. 1 *Holders of reo. July 10
$5.50 preferred (guar.)
General Railway Signal, common ((iu.)__ $1.25 July 1 Holders of rec. June 100
Preferred (guar}
14 July 1 Holders of reo. June 10a
General Realty 6z Utilities Corp.
Pref. (qu.) 75-100ths share corn. or.... 31.50 July 15 Holders of rec. June 20
General Steel Castings, pref.(quar.).51.50 July 1 Holders of rec. June 180
General Tire & Rubber, pref.(guar.)
134 June 30 Holders of rec. June 20
*600. July 1 *Holders of roe. June 20
Gibson Art, common (guar.)
.20e. July 1 *Holders of reo. June 20
Common (extra)
*65e. Sept. 1 *Holders of rec. Aug. 20
Common ((uar.)
Common (guar.)
•65e. Dec. 1 *Holders of rec. Nov.20
.650. Aprl'31 *Hold, of reo. Mar. 20'81
Common (guar.)
•250. June 80 *Holders of rec. June 18
Gilbert (A. C.) Co., corn. (quar.)
Preferred (guar.)
'8740 July 1 *Holders of reo. June 20
Gleaner Combine Harvester corn.(guar.)
50c. July 1 Holders of reo. June 16
Glidden Co., coin. (guar.)
500. July 1 Holders of reo. June 180
1% July 1 Holders of rec. June 18a
Preferred (guar.)
Prior pref. (guar.)
1% July 1 Holders of rec. June 18
150. July 10 Holdens of rec. July la
Globe Underwriters Exchange (No. 1)
Globe Wernicke Co., common (quar.)... 14 July 1 Holders of rec. June 20
Godchaux Sugars. Inc.. class A (quay.)
50c. July I Holders of roe. June 17
Preferred (guar.)
$1.75 July 1 Holders of rec. June 17
Gold Dust Corp., common (guar.)
624c Aug. 1 Holders of rec. July 10a
$1.50 June 30 Holders of reo. June 17a
Preferred (guar.)
Golden State Milk Prod.(in stock)
•e2.6 June 30 *Holders ef rec. May 15
Goodrich (B. F.) Co. preferred (guar.)
14 July 1 Holders of reo. June 140
Goodyear Tire & Rubber, corn.(quar.)
1.25 Aug. 1 Holders of rec. July la
Preferred (guar.)
1% July 1 Holders of rec. May 31a
Goodyear Tire dc Rub., Canada, pt.(qu.) 1% July 2 Holders of rec. June 14
Gorton Pew Fisheries (guar}
*75e. July 1 'Holders of rec. June 20
Gotham Silk Hosiery, Prof. (guar.)
1% Aug. 1 Holders of rec. July lla
Gottfried Baking, pref. (guar.)
1% July 1 fielders of rec. June 20
Goulds Pumps, Inc., corn.(guar.)
2
July 1 Holders of rec. June 20
1% July 1 Holders of rec. June 20
Preferred (guar-)
Granby Consol. Min. Smelt. & Pow.(qu)
750. Aug. 1 Holders of rec. July 186
Grand Rapids Stores Equip. pf.(eu.)„.. *174c Aug. 1 *Holders of reo. July 20
•17 Sic Nov. 1 *Holders of rec. Oct. 21
7% preferred (guar.)
Grand Rapids Varnish (quar.)
•250. July 1 *Holders of rec. June 20
Granite City Steel, common (guar.)
$1 June 30 Holders of rec. June 236
25e. July 1 Holders of rec. June 120
Grant 1W. T.) & Co., corn. (guar.).Gray Processes Corp
*50c. July 1 *Holders of rec. June 20
•500. July 1 Holders of rec. June 20
Extra
Great Lakes Towing, common (quar.).... 14 June 30 Holders of rec. June 13
1% July 1 Holders of reo. June 13
Preferred (guar.)
Great Northern Invest., common
*62340 July 1 *Holders of rec. June 10
Or
% in common stock
•1% July 1 Holders of rec. June 10
Preferred (guar.)
35e. July 2 Holders of reo. June 14a
Great Western Sugar common (guar.)._
13% July 2 Holders of rec. June 14a
Preferred (guar.)
$1.50 July 1 Holders of rec. June 20
Green (Daniel) Co., pref. (guar.)
Greenfield Tap & Die,6% prof. (quar.).. 134 July 1 Holders of rec. June 14
2
July 1 Holders of roe. June 14
8% preferred (guar.)
$1.75 July 1 Holders Of roe, June 22
Greenwald, Inc., pref. (guar.)
*81.75 July 5 *Holders of rec June 20
Greyhound Corp., pref. A (guar.)
*32
July 5 *fielders of rec. June 20
Participating Prof. (guar.)
80c. July 1 Holders Of rec. June 13
Grief Bros. Cooperage, class A (guar.)
•500. Sept. 1 *Holders of reo. Aug. 20
Gruen Watch, common (guar.)
*50e. Dee. 1 *Holders of rec. Nov. 20
Common (guar.)
*50e. Marl 31 *Hold. of ree. Feb. 20'31
Common (guar.)
'134 Aug. I *Holders of roe. July 20
Preferred (guar.)
Nov. 1 'Holders of rec. Oct. 20
Preferred (quar.)
•114 Feb I 31 *Hold of rec. Jan. 20'3l
Preferred ((luar.) _
4
Guardian Bank Shares, pref. (guar.) - - "183 July 1 *Holders of rec. June 14
Guardian Detroit Union Group (quar.).... *50c. June 30 *Holders of rec. June 16
.30o. June 30 *Holders of rec. June 16
Extra
4.11
Aug. 1 *Holders of rec. June 14
Guardian Investing Trust, common...
Preferred (guar.)
•37}40 July 1 *Holders of rec. June 14
Guardian Investors Corp.
$1.75 July 1 Holders of reo. Juno 16
$7 first preferred (quar.)
$1.50 July 1 Holders of rec. June 16
$6 first preferred (guar.)
75e. July 1 fielders of rec. June 16
$3second preferred Mar.)
Guardian Rail Shares. pref.(guar.).- - - '314c July 1 *Holders of rec. June 14
50c. July 1 Holders of rec. June 30
Guenther(Rudolph)
-Russell Law (guar.)
*37.4c July 1 *Holders of rec. June 20
Gulf Oil Corp. (guar.)
•374o Oet. 1 *Holders of reo. Sept. 20
Quarterly
Quarterly
*374e Janl 31 'Hold. of rec. Dec. 20 '30
$1
July 1 Holders of reo. June 16a
Gulf States Steel corn.(guar.)
1st pref. (guar.)
131 July 1 Holders of reo. June 18a
13% Oct. 1 Holders of rm. Sept. 154
First preferred (guar.)
First preferred (guar.)
13% Jan2'31 Holders of rec. Dee. 154
Curd (Charles) & Co., Ltd., corn.(qu.)
50c. July 1 Holders of rec. June 15
Preferred (guar.)
134 July 1 Holders of rec. June 15
Gypsum, Lime & Alabastine
374e. July 2 Holders of rec. June 16
Canada, Ltd.(guar.)
250. July 1 }folders of rm. May 810
Hablrahaw Cable dr Wire ((uar.)
Hahn Department Stores, pref.(guar.)
July 1 Holders of rec. June 210
Hanes(P. H.) Kriel... preferred (guar.).- •1% July 1 "Holders of rec. June 20
Harbauer Co. common (guar.)
45o. July 1 Holders of reo. June 24
e154 July 1 *Holders of reo. June 20
Preferred (quar.)
Harbison-Walker Refract.. pref (Quer.) 1% July 19 Holders of rec. July 30
Hathaway Bakeries, Inc., 01. 13(No. 1)
25e. July 15 Holders of reo. June 30
Hayes-Jackson Corp., pref. (guar.) - - *81%c July 1 *Holders of rec. June 20
Hayes Wheee;& Forelegs, coin.(euar.)- •50e. July 1 'Holders of roc. June 20
Hazel-Atlas Glass (guar.)
*50o. July I 'Holders of rec. June 18
Extra
*25e. July 1 *Holders of rec. June 18
Heath(D.C.)& Co., pref.(guar.)
1% June 30 Holders of rec. June 28
Helme (Geo. W.) Co., corn.(guar.).
$1.25 July 1 Holders of rec. June 100
Preferred (guar.)
1% July 1 Holders of rec. June 10a
Hercules Motor (guar.)
450. July 1 Holders of rec. June 200
Hibbard,Spencer,Barlett & Co.(rattily.)
35c. July 25 Holders of reo. July 18
Monthly
35c. Aug. 29 fielders of rec. Aug. 22
Monthly
35c. Sept.26 fielders of rec. Sept. 19
Hickok MCorp.cony. A (No.I)
*50c. July 31 *Holders of roe. July 1
Higbee & Co.. first preferred (guar.).
- '1% Aug. 1 *Holders of reo. July 20
First preferred (guar.)
'134 Nov. I *Holders of reo. Oct. 19
Second preferred (guar.)
Sept. I *Holders of reo. Aug. 20
'2
Second preferred (guar.)
Dee. 1 'Holders of rec. Nov. 21
*2
JUNE 28 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Holland Furnace (guar.)
6214c July 1 Holders of rec. June 160
*33.4 July 1 *Holders of rec. June 16
Preferred
Holly Oil (guar.)
•25c. June 30 *Holders of roe. June 16
Hoover Steel Ball (guar.)
*300 July 1 *Holders of rec. June 21
Horn & Hardart Baking, corn. (quar.)
$1.75 July 1 June 21 to June 30
*75c• June 30 *Holders of rec. June 15
Hoskins Mfg. Co. (guar.)
Houdaille-Hershey Corp. Cl .A (guar.)._ *6234c July 1 *Holders of roe. June 20
30c July 1 Holders of rec. June 200
Class B (guar.)
Household Finance Corp. corn.(guar.)._
90c July 5 Holders of roe. June 170
July 15 Holders of roe. July la
Preferred (guar.)
51
Howe Sound Co.(guar.)
July 15 Holders of rec. June 30a
81
Humphrey's Mfg. (guar.)
*250 June 30 *Holders of rec. June 15
Hupp Motor Car Corp.. corn.(guar.)...
500 Aug. 1 Holders of rec. July 150
Hudson Meter Car (guar.)
51.25 July 1 Holders of ree. June lla
Humble 011 & Refining (guar.)
50c. July 1 Holders of rec. May 31
HYgrade Lamp, corn. opmro
250 July 1 Holders of roe. June 10
Preferred (guar.)
51.625 July 1 Holders of rec. June 10
Illinois Brick (quar.)
.60e July 15 *Holders of rec. July 8
*650 Oct. 15 'Holders of rec. Oct. 3
Quarterly
Imperial Tobacco of Canada. ord
*8 tic June 30 *Holders of rec. June 12
Imperial Royalties, pref. A (monthly)._
180 June 30 Holders of rec. June 25
Old preferred (monthly)
114c June 30 Holders of rec. June 25
Independent 011 & Gas (guar.)
50c July 31 Holders of rec. July 15a
Independent Pneumatic Tool (guar.)... *$1
July 1 *Holders of rec. June 26
Industrial Finance CorpCommon (payable in common stock).- 1234 Aug. 1 Holders of rec. Apr. 18
Common (Payable In common stock)._ 1214 Nov. 1 Holders of rec. Apr. 18
Common (payable In common stook)._ 123.4 Feb I'll Hold, of rec. Apr. 18'30
Ingersoll-Rand Co.. corn. (guar.)
$1
Sept. 2 Holders of rec. Aug. 50
Preferred
July 1 Holders of rec. June 90
3
Inland Investors, Inc., corn.(quar.)
600 July 1 Holders of rec. June 20
Inspiration Con. Copper Co.(quar.)
50c July 7 Holders of rec. June 190
Instill Utility Invest., corn. (In eteek)
11 34 July 15 Holders of roe. June 30
Common (payable In common stook). ..014 Oct. lb *Holders of rec. Oct. 1
Insuranshares Corp. of N. Y.. pref.(qu.) 5134 July 15 *Holders of rec. June 30
Interallled Investing Corp., class A
700 July 15 Holders of rec. July 10
Intereoast Trading (quar.)
•25c July 1 °Holders of rec. June 15
Intereolonial Coal, corn
2
July 2 Holders of rec. June 21
Preferred
4
July 2 Holders of rec. June 21
Interlake Steamship (quar.)
July 1 Holders of roe. June 18
$1
Internat. Business Machines (quar.)
51.50 July 10 Holders of roe. June 21a
Internatl. Button Hole Sew. Mach.(qu.)
200 July 1 Holders of rec. June 14
Internat. Carriers. Ltd. (No. 1)
25e July 1 Holders of rect. July 16a
International Equities Corp., Cl. A (qu.) 8734c July 1 Holders of roe. June 20
Internat. Harvester common (quar.)
62340 July 15 Holders of roe. June 20a
Internat. Match, corn. & pref.(quar.)
July 15 Holders of rec. June 250
51
Internat. Nickel, corn. (guar.)
25e June 30 Holders of roe. June 2a
Aug. 1 Holders of rec. July 2a
Preferred (guar.)
Internat. Paper & Pow.,7% pref.(qu.).
July 15 Holders of rec. June 25a
6% preferred (guar.)
•11.4 July 15 *Holders of rec. June 25
International Paper, 7% pref. (guar.)._
1111 July 15 Holders of rec. June 25a
6% preferred (quar.)
'13.4 July 15 "Holders of rec. June 25
International Salt (guar.)
2
July 1 Holders of rec. June 1130
International Shoe, corn. (guar.)
75c July 1 Holders of rec. June 14a
50c July 1 Holders of rec. June 14
Preferred (monthly)
International Silver, pref.((mar.)
July 1 Holders of rec. June 120
International Textbook
75c July 1 Holders of rec. June 10
Interstate Bakeries. corn.(au.)(No. 1)- - 0250 July 1 *Holders of roe. June 18
Preferred (quar.)(No.1)
* 51.625 July 1 *Holders of roe. June 18
Interstate Dept.Stores, corn.(qual.)._ _
50c July 1 Holders of rec. June 23
Intertype Corp., corn. (guar.)
50c Aug. 15 Holders of rec. Aug. la
First preferred (guar.)
2
July 1 Holders of roe. June 16
First preferred (guar.)
2
Oct. 1 Holders of rec. Sept.25
Second preferred
3
July 1 Holders of roe. June 16
40e July 1 Holders of rec. June 20
Investors Corp. of R. I., com.(guar.)._
$1.50 July 1 Holders of rec. June 20
First,second and cony.Prof.(quar.)
Investors Equity (guar.)
50c July 1 Holders of rec. June Ina
Irving Air Chute (guar.)
.25c July 2 *Holders of rec. June 18
Island Creek Coal, corn.(qual.)
51
July 1 Holders of rec. June 200
Preferred (quar.)
51.50 July 1 Holders of rec. June 200
Jefferson Electric Co
"7.5e July 1 *Holders of rec. June 14
Jewel Tea, Inc., corn.(guar.)
The July 15 Holders of rec. July la
-Manville Corp., corn.(guar.).Johns
750 July 15 Holders of ree. June 21a
Preferred (guar.)
lli July 1 Holders of rec. June 10a
Jones & Laughlin steel Corp.. pref. qu.) 134 July 1 Holders of rec. June 150
(
Kalamazoo Stove (guar.)
$1.12 July 1 *Holders of rec. June 20
Stock dividend (guar.)
*e114 July 1 *Holders of rec. June 20
Kalamazoo Veg. parchment (guar.)
"16e June 30 'Holders of rec. June 20
Karstadt (Rudolph) Inc Amer shares
$1.03 July 1 Holders of rec. June 23a
Kaufmann Dept.storm, corn.(guar.)._
38e July 28 Holders of rec. July 10a
Preferred )quar.)
IK July 1 Holders of rec. June 10
*62((c July 15 *Holders of rec. June 30
Kawneer Company (quar.)
Kaybee Stores, Inc., corn.(qu.)(No. 1)_ •150 July 15 *Holders of rec. July 1
Class A (quar.)
*4334 July 1 *Holders of rec. June 16
Rayne° Co., corn. (quar.)
6234 July 1 Holders of rec. June 20
Preferred (guar.)
134 July 1 Holders of rec. June 20
Kelth-Albee-Orpheum, pt.(guar.)
134 July 1 Holders of rec. June 20a
Kelley Island Lime & Transport (gu.)- 6234c July 1 Holders of rec. June 20
Kelsey Hayes Wheel, common (guar.)._
50e July 1 Holders of rec. June 200
Kennecott Copper (guar.)
75c July 1 Holders of rec. June 12a
Kent Garage Investing, pref. (guar.)... $114 July 1 Holders of rec. June 16
Kentucky Rock Asphalt (guar.)
*40c July 1 'Holders of roe. June 14
Kidder Participations, Inc., common
.563.( Aug. 1 *Holders of Teo. July 17
Bidder Participations No. 2. pref.(extra) *25e Oct. 1
Kimberly-Clark Corp.. corn.(guar.).- 62((c July 1 Holders of rec. June I2a
Preferred (guar.)
114 July 1 Holders of ree. June 12
Kinney (G.R.) Co.. corn.(quar.)
me July 1 Holders of rec June 16a
Kirby Lumber (guar.)
•11I Sept. 10 *Holders of tee. Aug. 30
Quarterly
'134 Dee. 10 *Holders of roe. Nov. 29
Kirsch Co., eon].(guar.)
30e July 1 Holders of rec. June 15
Preference (guar.)
450 July 1 Holders of rec. June 15
Klein (I). Emil) Co.(guar.)(No. 1).-- •25e July 1 *Holders of rec. June 15
Knapp Monarch Co., Prof. (guar.)
811Ic July 1 Holders of rec. June 20
Koppers Gas & Coke, pref.(guar.)
'I% July 1 *Holders of rec. June 11
Kresge (S. S.) Co., corn.(guar.)
40e June 30 Holders of rec. June 100
Preferred (guar.)
June 30 Holders of roe. June 10a
Kreuger & Toll Co., American shares
81.60 July 1 Holders of rec. June 6a
Kroger Grocery & Baking, lot Prof.(qu.) '134 July 1 'Holders of roe. June 20
Second preferred (quar.)
•Ia$ Aug. 1 'Holders of rec. July 21
Stook dividend
el
Sept. 1 Holders of rec. Aug. lie
Kuppenhelmer (B.) & Co., common
gi
July 1 Holders of rec. June 2Ia
Laclede Steel (guar.)
50c July 1 Holders of rec. June 23
Lambert Co.. common (guar.)
$2 July I Holders of rec. June 170
Land dr Building Investing, pref
314 July 15 Holders of rec. June 30
Landers, Frary & Clark (guar.)
•75c June 30 "Holders of rec. June 20
N Extra
•25c. June 30 *Holders of rec. June 20
Landis Machine, common (guar.)
•75e. Aug. 15 *Holders of roe. Aug. fi
Common (quar.)
•750. Nov. 15 "Holders of roe. Nov. 5
Land Title Bldg. Corp.(Phila.)
51
Juno 30 Holders of rec. June 7
Lane Bryant, Inc., common (quar.)
500, July I Holders of rec. June 16
Langendorf United Bak., A & B (guar.). "50e. July 15 "Holders of rec. June 30
La Salle Extension University, pfd.(qu.)
July 1 Holders of rec. June 20
Laurens Cotton Mills
July 1
•3
Lawyers Mortgage Co. (guar.)
'70e. June 30 'Holders of ree. June 18
Lawyers Title & Guaranty
July 1 Holders of rec. June 20s
3
Lawyers Westchester Mtge.& Title (qu.) 2
July 1 Holders of rec. June 18
Leath & Co., common (qual.)
•25e June 30 *Holders of rec. June 20
Common (guar.)
•250. Sept.30 'Holders of rec. Sept. 20
•8734e July 1 'Holders of rec. June 15
Preferred (quar.)
62340 Aug. 1 Holders of rec. July 140
Lehigh Portland Cement (guar.)
lh July 1 Holders of rec. June 14a
Preferred (quar.)
75e. July 1 Holders of rec. June 12a
Lehigh Valley Coal Corp.pref.(guar.).
900. June 30 June 13 to June 30
Lehigh Valley Coal Sales
Lehigh & Wilkes Barre Coal. Pf. A (qu.)_ *37 tic July 1 *Holders of rec. June 15
75c. July 3 Holders of rec. June 206
Lehman Corp.(quar.)(No. 1)
50e. June 30 Holders of rec. June 20
Leland Electric Co. (guar.)
350. June 30 Holders of rec. June 11
Leasing's, Inc. (quar.)
Libby. McNeil & Libby. Vet
334 July 1 Holders of rec. June 13
021
July 1 Holders of rec. June 13
Preferred
Dee. 31
Liberty Share Corp., stock dividend-. *61
Liesu.rz ,t, Myers Tobacco. nref.(au.)...,
July 1 Holders of rne Tmut in
114
114
114
134
134
13.4
Name of ComvanY•
4563
Per
When
Cent. Payable.
Books Closed,
Days Inclus4m.
Miscellaneous (Continued).
Lily-Tulip Cup Corp., pref. (quar.).--- 51.75 June 30 Holders of rec. June 8
Lincoln Printing, common (guar.)
500. Aug. 1 Holders of rec. July 22
Preferred (guar.)
8714c Aug. 1 Holders of rec. July 22
Link-Belt Co.. corn.(guar.)
65e. Sept. 1 Holders of rec. Aug. 150
Lion Oil Refining, corn.(guar.)
*500. July 28 *Holders of rec. June 27
Locomotive Fire Box Co.(guar.)._
*50c. July 1 *Holders of rec. June 18
Extra
•250. July 1 *Holders of rec. June 18
Loewe, Inc., common (guar.)
75c June 30 Holders of roe. June 140
Long Island Safe Deposit Co
4
July 1 Holders of rec. June 20
Loose-Wiles Biscuit. corn.(guar.)
65c Aug. 1 Holders of rec. July 180
Common (extra)
10c Aug. 1 Holders of rec. July 18a
First preferred (guar.)
134 July 1 Holders of rec. June 190
dFirst preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 180
Lord & Taylor, corn. (guar.)
214 July 1 Holders of rec. June 17a
Second pref. (guar.)
2
Aug. 1 Holders of rec. July 17a
Lorillard (P.). Pref.(guar.)
lli July 1 Holders of rec. June 16a
Loudon Packing, corn. (guar.)
*750 July 1 *Holders of roe. June 13
Loulstana Oil Refg. pref.(quar.)
154 Aug. 15 Holders of rec. Aug. la
Ludlow Typograph, corn. (guar.)
50e. July 1 Holders of rec. June 20
Preferred (guar.)
134 July 1 Holders of rec. June 20
Ludlum Steel, common (guar.)
50e. July 1 Holders of roe. June 190
5614 preferred (guar.)
51.625 July 1 Holders of rec. June 190
Lunkenhelmer Co.. pref.(quar.)
•134 July 1 *Holders of rec. June 21
•154 Oct. 1 •Holders of roe. Sept.20
Preferred (quar.)
Preferred (guar.)
•144 Jan 1'31
Lynch Glass Machine(guar.)
•500 Aug. 15 *Holders of rec. Aug. 5
Stock dividend
•el
Aug. 15 *Fielders of rec. Aug. 5
MacAndrews &Forbes,corn.(guar.).65e. July 15 Holders of rec. June 306
Preferred ((mar.)
134 July 15 Holders of rec. June 30a
Mack Trucks, Inc., common (quar.)
51.50 June 30 Holders of rec. June 160
Macy(R. H.) & Co.. corn. (extra)
July 2 Holders of rec. June 13a
$I
Quarterly
50c. Aug d15 Holders of rec. July 25a
Magma Copper Co.(guar.)
81 July 15 Holders of rec. June 30a
Magnin (1.) & Co., corn.(guar.)
53734c July 15 *Holders of rec. June 30
Preferred (guar.)
*134 Aug. 15 *Holders of roe. Aug. 5
.
Preferred (guar.)
134 Nov. lb *Holders of rec. Nov. 5
MallInson(H. R.)& Co., Inc.. pt.(qu.).. 13.4 July 1 Holders of rec. June 20a
Manhattan Shirt, pref. (guar.)
1% July I Holders of rec. June 16a
Manischewitz (B) Co., pref. (guar.)._ •la( July 1 *Holders of roe. Mar. 20
Mansfield Theatre Co.(Toronto), prof
33.4 July 31 Holders of rec. June 30
Mapes Consolidated Co.(qual.)
75e. July 1 Holders of roe. June 13
25e. July 1 Holders of rec. June 13
Extra
Marbellte Corp. of Amer.(quar.)
.500. July 10 *Holders of rec. June 30
Margay Oil Corp.(Wier.)
25e. July 10 Holders of rec. June 20
Marine Midland Corp. (guar.)
300. June 30 Holders of roe. June 2
Marlon Steam Shovel, pf.(guar.)
1K July 1 Holders of rec. June 20
.
Marlin Rockwell Corp. (guar.)
500. July 1 Holders of rec. June 216
Extra
50c. July 1 Holders of rec. June 2Ia
Maryland Casualty (guar.)
.$1.125 June 30 "Holders of roe. June 13
Extra
•25e. June 30 *Holders of rec. June 13
Mathieson Alkali Works,cum.(quar.)
500. July 1 Holders of rec. June I36
Preferred (guar.)
134 July 1 Holders of rec. June 13a
Matson Navigation (guar.)
•
134 Aug. 15
Quarterly
•134 Nov. 15
Maud Muller Candy Co.(guar.)
25e. July 1 Holders of rec. June 13
May Department Stores. corn.(guar.)._
50c. Sept. 2 Holders of rec. Aug. 15a
Common (payable In common stook)- 1134 Sept. 2 Holden of rec. Aug. 156
Common (payable In common stook), 1134 Dee. 1 Holders of recs. Nov. 156
Maytag Co., common (guar.)
37340. July 1 Holders of rec. June 140
McCall Corp.(guar.)
62)4e Aug. 1 Holders of rec. July 190
McCaskey Register. 1st pref. (quar.)
134 July 1 Holders of rec. June 23
McCord Mfg. deb.stock (qu.)
•50e. July 1 "Holders of rec. June 23
Preferred A (guar.)
•
134 July 1 *Holders of rec. June 23
McCord Radiator & Mfg., cl. A (guar.). •750. July 1 *Holders of roe. June 23
McGraw Electric Co., corn. (quar.)
*50c. July 1 'Holders of rec. June 20
McGraw-Hill Publishing, corn.(guar.).50c. July 1 Holders of rec. June 20a
McKee(Arthur G.)& Co.,class B (qu.)_ 8714e. July 1 Holders of rec. June 20
Class B (extra)
1214e. July 1 Holders of rec. June 20
McKeesport Tin Plate, corn,(qual.)_.
July 1 Holders of rec. June 143
51
Common (extra)
500. July 1 Holders of rec. June 140
McLellan Stores, pref. A & B (guar.)._
134 July 1 Holders of ece. June 200
MeQuay Norris Mfg.(guar.)
50c. July 1 Holders of rec. June 23
Stock dividend
el
July 1 Holders of rec. June 23
Mead,Johnson& Co.,corn.(guar.)
•75e. July 1 'Holders of rec. June 14
Common (extra)
*25c. July 1 *Holders of rec. June 14
$2 July 1 Holders of rec. June 16
Melet10 Sea Food,common
Mengel Co corn (guar.)
50, July 1 Herders of rec. May 510
Merchants & Mfrs. Secur., cl. A (guar )*37.14c July 1 *Holders of rec. June 16
Prior pref. (guar.)
*$1.75 July 15 *Holders of rec. July 1
Merchants & Miners TransP.(guar.).- *6234c June 30 "Holders of rec. June 16
July 1 Holders of rec. June 17
Merck Corporation, pref. (guar.)
2
Mergenthaler Linotype (guar.)
51.50 June 30 Holders of rec. June 4a
Mesta Machine, common (guar.)
•40e. July 1 *Holders of rec. June 14
•150. July 1 *Tiolders of rec. June 14
Common (extra)
*51.50 July 1 *Holders of rec. June 14
Preferred (guar.)
Metal Package Corp., corn. (quar.),...... SI
July 1 Holders of rec. June 14
"114 July 1 *Holders of rec. June 16
Metropolitan Ice., pref.(guar.)
*350 July 1 'Holders of rec. June 16
Preferred (extra)
I% July I June 16 to
June 80
Metropolitan Paving Brick pref. (qu.)._
Mexican Petroleum common (guar.).- 3
Julyd21 Holders of rec. Juned30a
2
Julyd21 Holders of rec. Juned300
Preferred (guar.)
31Ke. July 10 Holders of rec. June 30
Meyer-13Ianke Co.. corn
1K July 1 Holders of rec. June 20
Preferred (guar.)
Michigan Steel (guar.)
*6214e July 21 *Holders of rec. June 30
el
Stock dividend
Oct. 20 Holders of rec.Sept.d300
el July II Holders of rec. June 300
Extra In stock
Midland Steel Products(guar.)
75c. July 1 Holders of rec. June 230
July 1 Holders of rec. June 23a
2
8% preferred (guar.)
•500. July 1 'Holders of rec. June 23
$2 preferred (guar.)
Midvale Co.(guar.)
lull 1 Herders of roe. June 14
,
$1
Milgrim (H.) & Bros., Inc., pref.(guar.) 51.75 July 1 Holders of rec. June 16
Miller & Hart. Inc., cony. Pref.(guar.). •8714e July 1 *Holders of rec. June 15
Miller (I )dr Sons, Inc.. corn.(guar.)._
50c July 1 Holders of roe. June 20
Miller Wholesale Drug (guar.)
40c. July 1 Holders of rec. June 20
Missouri Portland Cement(guar.)
50e. Aug. 1 Holders of rec. July 18
Mitchell(J. S.) Co.. Ltd.. pref.(guar.).- 114 July 2 Holders of rec. June 16
Mitten Bank Securities, corn
46214e Aug. 15 Holders of rec. June 306
Preferred
d8714e Aug. 15 Holders of rec. June 30a
Mock. Judson, Voehringer. ino.,pf.(qu.) 134 July 1 Holders of rec. June 15
Mohawk Investment (guar.)
*50c July 15 *Holders of rec. June 30
Moloney Electric, class A (guar.)
July 15 Holders of rec. June 30
51
Monarch 51tge.& Invest.(Toronto).com.
Sc.July 15 Holders of rec. June 30
Preferred (guar.)
2
July 15 Holders of roe. June 30
Monarch Mills
July 1 'Holders of rec. June 26
.$3
MonIghan Mfg.. class A (guar.)
"45e July 1 'Holders of rec. June 20
Monroe Chemical, common (quar.).*37140 July 1 'Holders of rec. June 14
Preferred (quar)
"87340 July 1 *Holders of rec. JUDI, 14
Monsanto Chemical (guar.)
31)4e July 1 Holders of rec. June 100
Stock dividend
134 July 1 Holders of rec. June 100
Montgomery Ward & Co., el. A (qUar.). *$1.25 July 1 *Holders of rec. June 20
Moody's Investors' Service
Participating preference (guar.)
75c Aug. 15 Holders of roe. Aug. 1
Participating preference (guar.)
750 Nov. 15 Holders of rec. Nov. 1
Moore Corp.. Ltd., corn.(guar.)
"25e July 3 "Holders of rec. June 13
Preferred A (guar.)
•114 July 3 *Holders of rec. June 13
Preferrd 13 (guar.)
•Ild July 1 "Holders of rec. June 13
Moreland Oil, class B (guar.)
*150. June 30 'Holders of rec. June 13
*5c. June 30 'Holders of rec. June 13
Class B (extra)
Morris (Philip) & Co., Ltd., Inc.(qu.)
25e. July 15 Holders of rec. July la
Mortgage Bond & Title Co.,corn.(guar.)
33c. June 30 Holders of rec. June 20
254 June 30 Holders of rec. June 20
Preferred
Mortgage-Bond Co. (guar.)
2
June 28 Holders of roe. June 20
Mother Lode Coalition Mines
10e. June 30 Holders of rec. June 160
Motor Bankers Corp (guar.)
35c. July 1 fielders of rec. June 20
Motor Products Corp. corn (quar.)..
50e. July 1 Holders of rec. June 210
Mountain & Gulf Oil(quar.)
"20. July 15 'Holders of rec. June 30
Mountain Producers (guar.)
40e. July 1 Holders of rec. June 14a
Municipal Telep.& Utilities, corn A (qu.) 21((c July 1 "Holders of rec. June 30
Common A (extra)
•25c. Nov. 15 *Holders of rec. Oct. 15
Preferred (guar.)
"44e. July 1 *Holders of rec. June 30
Murnhy (G. C.) Co. prof. ((mar.)
2
July 2 Holders of rec. June 21
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Murray-Ohio Mfg.,COM.(quer.)
40c. July 1 Holders of rec. June 20
"2543 July 1 'Holders of rec. June 20
Muskegon Motor Specialties
Muskegon Piston Ring (qua?.)
*750. July 1 *Holders of rec. June 13
*25e July 1 *Holders of rec. June 13
Extra
50e. June 30 Holders of rec. June 14a
Myers(F. E.) & Bros. Co.,corn.(qua?.)
Preferred (quar.)
134 June 30 Holders of rec. June 14
National Battery, pref. (quar.)
*55e July 1 *Holders of rec. June 19
70e Oct. 15 Holders of rec. Sept. 19a
National Biscuit, common (quar.)
70e. July 15 Holders of rec. June 200
New common (No. 1)
13( Aug. 30 Holders of rec. Aug. 15a
Preferred (quar.)
National Breweries, common (guar.)...
40e July 2 Holders of rec. June 16
440 July 2 Holders of rec. June 18
Preferred (quar.)
National Candy, corn.(qua?.)
50e. July 1 Holders of roe. June 12
First preferred (guar.)
1,' July 1 Holders of rec. June 12
Second preferred (quar.)
134 July 1 Holders of rec. June 12
National Cash Credit Assn. corn.(guar.)
20e. July 1 Holders of rec. June 12
July 1 Holders of rec. June 12
Common (3-100ths sh. corn. stock)_Preferred (quar.)
150. July 1 Holders of rec. June 12
20e. July 1 Holders of rec. June 12
Preferred (extra)
Pref.(3-100ths share pref. stock)
(j) July 1 Holders of roe. June 12
75e. July 15 Holders of rec. June 306
National Cash Register, corn. A (qua?.).
'$1.75 June 30 "Holders of rec. June 14
National Casket, pref. (qua?.)
50e. July 1 Holders of rec. June 30
Nat. Dairy Products, corn. (quar.)
July 1 Holders of rec. June 80
Corn. (Payable in mut.stook)(qua?.). fl
Corn.(payable In corn. stook) (qua?.). !I
Oct. 1 Holders of roe. Sept. 36
1
• 34 July 1 *Holders of roe. June 3a
Preferred A & B (qua?.)
50e. July 1 Holders of rec. June 16a
Nat. Dept. Stores, corn (qua?.)
*31.75 June 30 *Holders of rec. June 16
National Grocers, Ltd.,2nd pref
234 July 1 Holders of rec. June 10
National Investors Corp.. pref
13d June 30 Holders of rec. June 130
National Lead. common (quar.)
134 Aug 1 Holders of rec. July 181
Preferred, class B (qua?.)
134 June 30 Holders of rec. June 16
National Licorice, pref. (qua?.)
Nat. Manufacture & Stores
•51.75 July 1 'Holders of roe. June 14
Class A and pref. stocks (guar.)
National Refining,common-see note(k)
July 1 Holders of rec. June 13
2
(qua?.)
Preferred
500. July 15 Holders of rec. July 1
National Rubber Machinery((Mari-*50e July 1 *Holders of rec. June 20
National Screen Service (guar.)
"750. July 1 *Holders of rec. June 20
National Standard Co.(qua?.)
500 July 2 Holders of rem June 17
National Steel Car Corp (qua?.)
500. July 1 Holders of rec. June 2
Nat. Sugar Refining (quar.)
131 June 30 Holders of roe. June 20a
Nat. Supply pref. (quar.)
$1.25 July 1 Holders of rec. June 17a
National Surety (quar.)
50c. July 1 Holders of rec. June 146
National Tea, common (qua?.)
3734c Aug. 1 Holders of rec. July 15
National Tile (qua?.)
40e. July 1 Holders of rec. June 19
Neet, Inc.. class A (qua?.)
40c. July 1 Holders of rec. June 19
Class B (special)
$ 1.3134 July 1 Holders of rec. June 15
Nehl Corp. Met preferred (qua?.)
40e. July 1 Holders of roe. June 141
Nelaner Bros.. Inc., common (qua?.)...
40c Oct. 1 Holders of rec. Sept. 156
Common (quar,)
400 Jan 1'31 Holders of rec. Dec. 15a
Common (Guar.)
50e. July 1 Holders of rec. June 19
Nelson (Herman) Corp.(quar.)
3734c June 30 Holders of rem June 13a
Nevada Consol. Copper Co.(quar.)
Newberry (J. J.) Co. common (qua?.)_. '27340 July 1 'Holders of reo. June 16
Newberry (J. J.) Realty Co. pref.(qu.). •134 Aug. 1 "Holders of rec. July 16
•I34 Aug. 1 "Holders of rec. July 16
834% preferred (quar.)
"1234c July 15 'Holders of rec. June 30
New Bradford 011 (quar.)
3734c July 1 Holders of rec. June 24
New Haven Clock (quar.)
July 15 Holders of rec. June 30
$1
Newmont Mining Corp.(quar.)
500. June 30 Holders of rec. June 206
Newton Steel common (qua?.)
'134 June 30 *Holders of rec. June 20
Preferred (quar.)
July 15 Holders of rec. July 5
3
New York Investors, Inc., tat Pref
400. July 15 Holders of rec. June 20
New York Transit
•504). June 28 *Holders of rec. June 15
New York Transportation (qua?.)
900. Aug. 1 Holders of rec. July 8a
New York Air Brake(qua?.)
500. une 30 Holders of rec. June 18
N.Y.State Holding Corp. corn.(Wan).
$1.75 June 30 Holders of rec. June 18
Preferred (quar.
"500. June 30 "Holders of rec. June 20
N.Y.Title & Mortgage(guar.)
Niagara Wire Weaving, common(quar.) 3734e. July 2 Holders of rec. June 16
75c. July 2 Holders of rec. June 18
Preference (qua?.)
Nichols Copper Co., class A (quer.).---• 433443. July 1 'Holders of rec. June 20
-Pond, common (qua?.)... .500. June 30 *Holders of roe. June 20
Niles-Bement
"500. Sept. 30'Holders of roe. Sept.20
Common (qua?.)
*50o. Dec. 31 "Holders of rec. Dec. 20
Common (guar.)
"25e. June 30 "Holders of rec. June 20
Extra
734c. July 21 Holders of rec. June 30
NIplasing Mines CO.(qua?.)..
-'.1 34 July 1 "Holders of roe June 20
Noblitt-Sparks Industries (In stock).
'.1 )4 Oct. 1 *Holders of rec Sept. 20
Block dividend
500. July 2 Holders of rec. June 14a
Noranda Mince, Ltd.(quar.)
Holders of rec. June 22
North American Car Corp.. eOln.(qua?.) 62 Sie July
Holders of rec. June 22
51.50 July
Preferred (qua?.)
•100. June 28'Holders of roe. May 20
North Amer. 011 Consol. (monthly)
Holders of rem June 10
North Central Texas Oil prof.(qua?.).. 1% July
'Holders of rem June 15
Northern thee., pref. A (monthly)....'662-3c July
•66 2-3o Aug.
'Holders of roe. July 15
Preferred A (monthly)
862-3e Sept. 'Holders of rec. Aug. 15
Preferred A (monthly)
*Holders of roe. Sept. 15
66 2-3 Oct.
Preferred A (monthly)
66 2-30 Nov. 'Holders of rem Oct. 15
Preferred A (monthly)
'Holders of rem Nov. 15
662-30 Dee.
Preferred A (monthly)
Northern Paper Mills common (qua?.).. "500. June 30 *Holders of rec. June 14
Holders of rec. June 13
July
$2
Northern Pipe Line
'Holders of rec. June 20
Northwest Bancorporation,corn. OM.).- *450. July
Holders of rec. June 21
500. July
Novadel-Agene Corp. common (qua?.)..
Holders of rec. June 21
250. July
Common (extra)
Holders of rec. June 21
$1.75 July
Preferred (guar.)
"30. June 3 *Holders of rec. June 20
Occidental Petroleum (qua?.)
*Holders of rec. July 20
051.50 Aug.
Oggleeby Paper. preferred (qua?.)
"$1.50 Nov. 'Holders of rec. Oct. 20
Preferred ((Mar.)
Holders of rem June 20
July
$2
Ogilvie Flour Mills (qua?.)
$1.25 July 1 Holders of rec. June 30
Ohio Brass, class B (quar.)
1% July 1 Holders of rec. June 30
Preferred (Qua?.)
June 14 to June 30
1% July
Ohio Seamless Tube pref. ((Juar.)
Holders of reo. June 10a
75e. July
Oliver Farm Equip., partle. stk.(qu.)...
Holders of rec. June 100
51.50 July
Prior preferred (qua?.)
'Holders of rec. June 20
*50c. July
Oliver United Filters, Cl. B (qua?.)
Holders of roe. June 136
July
2
Omnibus Corp. Prof. (quar.)
"Holders of rec. June 20
*50e. July
Ontario Mfg.. corn. (qua?,)
*Holders of rec. June 20
•1% Jule
Preferred (qua?.)
Holders of rec. June 206
July
2
Orpheum Circuit pref. (quar.)
62340. July 15 Holders of rec. June 30a
Otis Elevator, common (qua?.)
1% July 15 Holders of roe. June 30e
Preferred (Guar.)
01
15 Holders of roe. Sept.3
Oct.134
Preferred (quer.)
31 Hold. of roe. Der3.31'30e
134J an15•
Preferred (quar.)
62340 July 1 Holders of rec. June 191
Otis Steel. corn.(quar.)
194 July 1 Holders of rec. June 19a
Prior preferred (qua?.)
Owens Illinois Glass, pref.(guar.)
134 Jule 1 Holders of roe. June 15
700. June 30 Holders of roe. June 14
Pacific Commercial Co (qua,.)
•134 July 1 'Holders of rec. June 14
Pacific Investing, 1st prof.(lum.)
Second preferred (qua?.)
•$1.50 July 1 *Holders of rec. June 14
Packard Electric Co., common (guar.)._ 400. July 15 Holders of rec. June 30
250 Sept. 12 Holders of rec. Aug. 15a
Packard Motor Car, corn,(quar.)
Paepcke Corp., corn. (qua?.)
*51.50 Aug. 15 "Holders 4,1 rem Aug. 8
*$1.75 July 1 'Holders of roe. June 23
Preferred (quar.)
Page-Hershey Tubes, common (qua?.).. $1.25 July 1 Holders of rec. June 20
134 July 1 Holders of rec. June 20
Preferred (qua?.)
July 1
75e. July 1 June 21 to
Paragon Refining class A (qua?.)
July 1 Holders of rec. June 20
e2
Paramount Cab Mfg.(In stock)
June 28 Holders of roe June 86
Paramount Publix Corp. com.(guar.)._ $I
*25c. June 30'Holders of rec. June 19
Parke, Davis dr Co.(qua?.)
"10e. June 30 *Holders of rec. June 19
Extra
Park & Tilford, Inc.(qua?.)
75e. July 14 Holders of rec. June 300
el Jule 14 Holders of rec. June 30a
Stock dividend
Parmelee Transportation corn.(mtbly.) 123.4c July 10 Holders of rec. June 30a
12340 Aug. 11 Holders of rec. July 31a
Common (monthly)
'134 July 1 'Holders of roe. June 30
Preferred (quar.)
134 July 1 Holders of rec. May 28a
Penick & Ford, Ltd. pref.(qua?.))
750. June 30 Holders of rec. June 200
'
Penney (J.0.)co.,corn.(quar.)
134 June 30 Holders of rec. June 20a
Preferred (quar.)
411.75 July 1 `Holders of rec. June 14
Pennsylvania Glass Sand (quar.)
Pennsylvania Salt Mfg. common (quar.) $1.25 July 15 Holders of rec. June 306
$1.75 June 30 Holders of rem June 20
Peoples Coll. Corp
130.
FINANCIAL CHRONICLE
4564
•
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Peoples Drug Co.. corn.(guar.)
250. July 1 Holders of me June 9a
Pepperell Manufacturing (qua?.)
July 1 Holders of rec. June 18
2
Perfect Circle Co., corn. (qua?.)
500 July 1 Holders of rec. June 20
Perfection Stove (monthly)
*37 34c June 30 *Holders of rec. June 20
Pet Milk Co.,corn.(qua?.)
3734e. July 1 Holders of rec. June 100
Preferred (qua?.)
134 July 1 Holders of roe. June 10
Petroleum Corp. of America (quay.).... 3734o. June 30 Holders of rec. June 206
Petroleum Royalties, pref. (monthly)..
*le July 1 *Holders of rec. June 25
Preferred (extra)
•340. July 1 *Holders of reo. June 25
Phelps Dodge Corp.(quar.)
750. July 1 Holders of rec. June 86
Phila. Dairy Products, prior pref.(qu.)_ 51.625 July 1 Holders of rec. June 20a
Philadelphia Inquirer. pref. (qua?)....
75c. July 1 Holders of rec. June 18a
Philadelphia Insulated Wire
$2.50 Aug. 1 Holders of rec. Jule 15a
Philippe (Louis) Inc., panto. A (quar.).
400. July 1 Holders of rec. June 19
Class B
27c. July 1 Holders of rec. June 19
Phillips Petroluem Co.,corn.(quer.).
50e. June 30 Holders of rec. June 10a
Pickrel Walnut Co.(quar.)
50e. July 1 Holders of rec. June 21
Pickwick Corp., pref. (qua?.)
*200. June 30'Holders of rec. June 14
Pie Bakeries of Amer., class A (qua?.)...
50c. July 1 Holders of rec. June 14
Preferred (quar.)
194 July 1 Holders of rec. June 14
Pierce Governor Co. (qua?.)
25c. July 1 Holders of rec. June 15
*400. July 25 *Holders of rec. July 15
Pittsburgh Forgings (qua?.)
*50o. July I 'Holders of roe. June 10
Pittsburgh Plate Glass (quar.)
Pittsburgh Screw & Bolt,com.(qu.)
350. July 15 Holders of rec. June 24a
Pittsburgh Steel, corn.(quar.)
July 1 *Holders of rec. June 23
"SI
Pittsburgh Steel Fdy., pref. (quay.).... •134 July 1 'Holders of rec. June 15
Pittston Company, corn
37340. July 1 Holders of rec. June 146
50c. June 30 Holders of rec. June 18
Plymouth Oil (qua?.)
"2543. July 1 'Holders of reo. June 23
Polymet Mfg. Corp., com.(quar.)
July 1 *Holders of rec. June 23
Common (payable in common stock). 11
Porto Rican Amer. Tobacco., el. A (qu.) 154 July 10 Holders of rec. June 200
Powdrell & Alexander. prof.(quar.).... •134 July 1 *Holders of rec. June 15
500. June 30 Holders of rec. May 310
Prairie Oil de Gas(quar.)
Prairie Pipe Line (quay.)
750. June 30 Holders of rec. May 310
50e. June 30 Holders of roe. May 310
Extra
July 1 "Holders of roe. June 16
*51
Pratt & Lambert Co. common (qu.)
80. July 3 Holders of roe. June 13
Premier Gold Mining (quar.)
Pressed Metals of Amer. corn. (qua?.).. "25e. July 1 *Holders of rem June 14
194 June 30 Holders of roe. June 26
Pressed Steel Car pref.((luar.)
34 July 2 Holders of rem June 14
Price Bros. de Co., corn.(quar.)
134 July 2 Holders of rec. June 14
Preferred (quar.)
July 15 Holders of rec. June 25a
2
Procter & Gamble Co.. pref. (quar.)
Providence Biltmore Hotel, 1st prof.... 87340. July 1 Holders of rec. June 20
.51.40 July 15 'Holders of rem June 30
Public Service Trust Shares
400. July 2 Holders of rec. June 20
Public Utility Investment Co
131 July I Holders of rec. June JO
Pure Oil Co.. 5)4% pref.(quar.)
134 July 1 Holders of roe. June 10
Preferred (qua?.)
6%
July 1 Holders of roe. June 100
2
8% preferred (qua?.)
July 15 'Holders of roe. July 1
.31
Quaker Oats Co., ooM. (qua?.)
•134 Aug. 30 "Holders of rec. Aug. 1
Preferred (guar.)
Radio Corp. of Amer.. pref. A (quar.).. 87340 July 1 Holders of roe. June 20
$1.25 July 1 Holders of roe. June 2e
Preferred B (quar.)
July 15'Holders of rec. July 1
se5
Rapid Electrotype, stock dividend
500 July 1 Holders of rec. June 20
Rath Packing, corn. (guar.)
51.25 July 1 Holders of rec. June 136
Heal Silk Hosiery, corn. (quar.)
144 July 1 Holders of rec. June 130
Preferred (qua?.)
350 July 1 Holders of rem June 14
Reece Button Hole Machine (quay.)....
Sc.July 1 Holders of rec. June 14
Reece Folding Machine (qua?.)
*1% July 1 'Holders of rec. June 20
Regal Shoe, pref. (qua?.)
July 1 Holders of rec. June 16
$1
Reliance Mfg.(quay.)
40e July 1 Holders of fee. J1M13 70
Remington Rand, Ina., 00111. (quar.)...
134 July 1 Holders of roe. June 76
First preferred (qua?.)
July 1 Holders of rem June 70
2
Second preferred (quar.)
•13( July 1 'Holders of rec. June 7
Remington Typewriter, corn. (qua?.)
*334 July 1 "Holders of roe. June 7
Common (extra)
$1.24 Aug. 1 Holders of roe. July 120
Republic, Steel Corp. Common
134 July 1 Holders of roe. June 126
Preferred (quar.)(No. 1)
*750 July 15 "Holders of roe. July 1
Republic Supply (quar.)
1150 Oct. 15 "Holders of roe. Oct. 1
3
Quarterly
20o July 1 Holders of roe. June 100
Reo Motor Car (guar.)
Republic Investing Corp.. pref. (qua?.). *350 July 1 'Holders of rec. June 14
40e July 10 Holders of rec. July 1
Republic Stamping & Enamel (qua?.)
July 1 Holders of roe. June 106
Revere Copper er Brass, class A (qua?.). $1
21.75 Aug. 1 Holders of rec. July 100
Preferred (quar.)
July 1 Holders of rec. June 14a
$3
Reynolds Investing, prof
75e. July 1 Holders of rec. June 18a
Reynolds(R.J.) Tob.,el. A & B (qu.)
Rice-Stix Dry Goods, common (quay.).. 3730 Aug. 1 Holders of rec. July 15
First and second preferred (quay.).... 154 July 1 Holders of rec. June 15
•134 June 30 *Holders of reo. June 14
Rich's Inc., pref.(quar.)
4330. Aug. 1 Holders of roe. July 5
Richfield Oil, pref.(qua?.)
750. July I Holders of rec. June 20
Richman Bros. Co., corn. (quar.)
*55e. July 1 'Holders of rec. June 14
Rike-Kulmer Co
6234e July 1 Holders of rec. June 200
Ritter Dental Mfg., corn. (Quar.)
"75c. July 1 *Holders of rec. June 20.
Ross Gear & Tool (quar.)
25e. July 1 Holders of roe. June 90
Royal Baking Powder, Corn.(qua?)....
I% July I Holders of rec. June 90
Preferred (Quar.)
.8513 Aug. 1 *Holders of ree July 20
Ruud Manufacturing (quar.)
July 1 *Holders of rec. June 14
"2
Safety Car Heat & Lighting (guar.)
$1.25 July 1 Holders of rec. June 120
Safeway Stores, corn.(quar.)
134 July 1 Holders of rec. June 120
6% preferred (quar.)
134 July 1 Holders of rec. June 120
7% Preferred (quer.)
500. Sept. 20 Sept. 10 to Sept.21
St. Joseph Lead Co.(quar.)
250. Sept. 20 Sept. 10 to Sept.21
Extra
50o. Dec. 20 Dee. 10 to Dec. 21
Quarterly
25e. Dec. 20 Dee. 10 to Dec. 21
Extra
St. Lawrence Paper Mills, prof.(qua?.).. 134 July 15 Holders of rec. June 30
25e. July 1 Holders of rec. June 20
St. Louis Bank Bldg.& Eq1111).(qua?.)..
50e. June 30 Holders of roe. June 60
St. L., Rocky Mt.& Pao. Co., COM. WO
1)4 June 30 Holders of rec. June Ort
Preferred (quar.)
St. Maurice Valley Corp.. Pref.(qu.)... 111 July 2 Holders of rec. June 13
*25e. July 1 *Holders of roe. June 10
St. Regis Paper, corn.(qua?.)
*134 July 1 *Holders of rec. June 10
Preferred (qua?,)
"40e. July 1 Holders of rec. June 20
Sally Frocks, corn. (qua?.)
•100. July 1 *Holders of rec. June 14
Salt Creek Consol.011(qua?.)
50c. July 16 Holders of rec. July 2
Sarnia Bridge Co., cl. A (qua?.)
250. July 18 Holders of rec. July 2
Class B
"134 Aug. 15 *Holders of roe. Aug. 1
Savage Arms,second pref.(quer.)
Schlesinger (13. F.)& Sons, pref.(quj__-*134 July 1 *Holders of rec. June 14
134 July 1 Holders of rec. June 15
Schoeneman (J.) Inc., pref.(quar.)
2
July 1 Holders of rec. June 120
Schulte Retail Stores (quar.)
350 June 30 Holden' of rec. June 16a
Scott Paper, common (quire.)
Common (payable In common stock). 12 June 30 Holders of rec. June 180
*51 July 1 *Holders of rec. June 16
Scoville Mfg. (guar.)
Scruggs-Vandevoort-Barney Dry Goods
July 1 Holders of rec. June 20
3
First preferred
334 July 1 Holders of rec. June 20
Second preferred
750. July 15 Holders of rec. June 30
Scullin Steel, prof. (qua?.)
Seaboard Utilities Shame
1234e. July 1 Holders of rec. June 80
30e. July 15 Holders of rec. June 300
Seagrave Corp., Common (quar.)
Preferred (quar.)
'154 July 1 *Holders of rec. June 20
Sears. Roebuck & Co..stock div.(qu.)... el
Aug. 1 Holders of rec. July 15a
Stook dividend (quar.)
Nov. 1 Holders of roe. Oct. 154
el
50e. July 1 Holders of rec. June 14
Second International Sec., corn. A (qu.)
First preferred (quay.)
750. July 1 Holders of rec. June 14
750. July 1 Holders of rec. June 14
Second preferred (qua?)
Fleoond National Investor*, pref.(quar.) $1 25 July 1 Holders of roe June 106
Second Pub. Utility Invest. Co., corn...
250. July 2 Holders of roe. June 15
75c. Aug. 1 Holders of rec. July 15
SeamanBrothers. Inc.. common (qua?.).
Selected American Shares Corp
25e. June 30
Selected Industries. Inc., prlor stk.(qu.) 51.375 July 1 Holders of roe. June 14a
July 1 *Holders of rem June 14
Selected Stooks, inc
Stock dividend
July 1 *Holders of rec. June 14
*e4
Sellers(G. I.) & Sons Co., pref.(qua?.)..
154 July 1 Holders of rec. June 18
Service Stations, Ltd., el. A dr B.(qu.)
135c. July 2 Holders of rec. June 14
Shaffer Stores common (guar.)
25c. July 1 Holders of rec. June 21
Shareholders Corp. (quar.)(No. 1)
10e. July 1 Holders of rec. June 16
Shattuck (Frank G.) Co.(Guar.)
25e. July 10 Holders of rec. June 200
Sheaffer (W.S.) Pens, common (Qua?.). 3
11 Sept. 15 *Holders of roe. Aug. 25
Sheffield Steel Corp., pref.(qua?.)
•134 July 1 "Holders of rec. June 20
Shell Union 011 Corp. eorn, (quar.)
350. June 30 Holders of rec. June 40
Preferred (quar.)
134 July 1 Holden; of roe. June 10a
JUNE 28 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Maurits.
Miscellaneous (Continued).
40c. June 30 Holders of rec. June 14
Sherwin-Wins. Co. of Canada, com.(qu.)
5c. June 30 Holders of rec. June 14
Common (bonus)
1% June 30 Holders of rec. June 14
Preferred (quar.)
300. July 1 Holders of rec. June 23
Sicloff Packing (guar.)
50e. July 15 Holders of ree June 140
Sinclair Consoi Oil common (quar.)
*234 June 30 "Holders of rec. June 10
Singer Mfg.(quar.)
*234 June 30 *Holders of rec. June 10
Extra
134 Aug. 1 Holders of rec. July la
Skelly Oil. pref. (guar)(No. 1)
Sloss-Sheffield Steel & Iron, pref.(qua?.) I% July 1 Holders of rec. June 20a
Smith (L. C.)& Corona Typewriter
*750. July 1 *Holders of rec. June 21
Common (quar.)
•1% July 1 *Holders of rec. June 21
Preferred (quar.)
1% July 1 Holders of rec. June 18
Southern Ice Co., Prof. A (quar.)
Southern Dairies, class A (quar.)
3734o July 1 Holders of rec. June 20a
•500. June 30 *Holders of rec. June 14
South Penn 011 (quar.)
•1234c June 30 "'Holders of rec. June 14
Extra
35e. July 1 Holders of rec. June 1011
South Porto Rico Sugar. corn (quar.)
2
July 1 Holders ot rec. June 10a
Preferred (quar.)
Southwest Dairy Products. pref. (quar.) *1% July 1 *Holders of rec. June 10
$1
July 1 Holders ot rec. June 16
South West Pa. Pipe Lines (quar.)
50e July 15 Holders of rec. June 300
Spalding (A G.)& Bros., corn.(quar.)_ _
Spam:. Chalfant & Co., pref. (quar.) . $1.50 July 1 Holders of roe. June 140
$1.50 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
250. June 30 Holders of rec. June 13
Sparks-Withington Co., corn.(quer.).
400. June 30 Holders of rec. June 140
Spencer, Kellogg & Sons. Inc.(quar.)
•250. June 30 "Holders of rec. June 19
Spencer Trask Fund (No. 1)(quar.)
Spicer Manufacturing, pref.(qua,.)
The. July 15 Holders of rec. July 2a
Square D Co.. corn. B (quar.)(No. 1).... "500. June 30 *Holders of ree. June 20
*2 June 30 *Holders of rec. June 20
Common B (payable in stook)
"55e. June 30 *Holders of rec. June 20
Preferred A (guar.)
300. July 1 Holders of rec. June 25
Stahl-Meyer, Inc., coin. (qua?.)
134 July 1 Holders of rec. June 20
Preferred (quar.)
Standard Brands, corn (qua?.)
37340 July 1 Holders of ree June 90
51.75 July 1 Holders of reo June 9a
Preferred A (qua?.)
Standard Commercial Tobacco, pref_-__
334 July 1 Holders of rec. June 20
*500. July I "Holders of rec. June 20
Standard Coosa-Thatcher
.40e. June SO ...Holders of rec. June 16
Standard 011(Ky.)(qua?.)
*200. June 30 *Holders of reo. June 16
Extra
Standard Oil Export Corp., pref
52.50 June 30 Holders of rec. June 90
62340 July 1 Holders of rec. June 13
Standard 011.(Ohio) common (quar.)750. July 1 Holders of rec. June 15
Standard Steel Construction. pf. A (qu.)
June 30'Holders of rec. June 20
"51
Standard Steel-Spring (qua?.)
750. July 1 Holders of reo. June 16
Starrett Corp., pref.(quar.)
500. June 30 Holders of rec. June 216
Starrett (L. S.) Co., corn. (quar.)
75e. July 15 Holders of rec. June 30
State Street Investment (guar.)
'2
July 1 "Holders of rec. June 13
State Theatre (Boston) pref.(quar.) _ _
-Se June 30 "Holders of rec. June 20
Stearns(Frederick) Co.,com.(monthly)* 162
*16 2-30. July 31 "Holders of rec. July 21
Common (monthly)
*51.75 June 30 *Holders of rec. June 20
Preferred (quar.)
51.625 July
Holders of rec. June 16
Stein (A.) & Co., pref.(quar.)
*50c. July
*Holders of rec. June 20
Sterling Motor Truck. pref.(qua?.)
*Holders of rec. Aug. 16
Stlx, Baer & Fuller. common (quar.)-- - '373.40 Sept.
.3714e Dec.
Common (quar.)
'Holders of reo. Nov. 16
Stone(H.0.) & Co.
July
Common (in emu. stk.)
"Holders of reo. June 16
*15
(quar.)
July 1
51
Holders of rec. June 17a
Stone & Webster. Inc.
Strawbridge & Clothier, pref.(quar.)--- *1% July
*Holders of ree. June 15
Stromberg Electric, common (quar.)___ *500. July
*Holders of rec. June 20
*62%c July
"Holders of rec. June 20
Class A (quar.)
750. July
Str000k (S.) & Co. (quar.)
Holders of reo. June 20
300. July
Stuart(D. A.)& Co., Ltd., cl. A (quar.)Holders of rec. June 16
•100. July 1 *Holders of rec. June 25
Sunray 011 (quar.)
Sunshine Biscuit. corn. (quar.)
65e. Aug.
Holders of rec. July 18a
100. Aug.
Common (extra)
Holders of rec. July 18a
51.75 July
First preferred (quar.)
Holders of rec. June 19
51.75 Oct.
First preferred (quar.)
Holders of rec. Sept. 18
Superior Portland Cement, partie.A(qu.) '2734c July
*Holders of rec. June 23
Supertest Petroleum
200. July
Common and ordinary Stocks (guar.).
Holders of rec. June 14
Preferred A (quar.)
Holders of rec. June 14
134 July
1H July
Preferred 13 (quar.)
Holders of rec. June 14
200. July
Swartout Co.(quar.)
Holders of rec. June 20
Sweets Co.of Amer.(quar.)
25c. Aug.
IIolders of rec. July 15
2
Swift dt Co., old $100 Par (quar.)
July
Holders of rec. June 10
50e. July
New $25 par (qua?.)
Holders of rec. June 10
25e, July
Taggart Corp., corn. (guar.)
Holders of rec. June 10
50c. July
Class A (quar.)
Holders of rec. June 10
Holders of rec. June 10
$1.75 July
Preferred (quar.)
°6234c July
Taylor Milling Corp., corn.(gum.)
*Holders of rec. June 10
Telephone Corporation (monthly)
*Holders of rec. June 20
*20e. July
*Holders of rec. July 20
*200. Aug.
Monthly
Monthly
*20o. Sept. 'Holders of rec. Aug. 20
Monthly
"20e. Oct.
*Holders of ree. Sept. 20
Monthly
*Holders of rm. Oct. 20
.200. Nov.
Monthly
"Holden] of ree Nov. 20
.20e. Deo.
Tennessee Products, corn.(qu.)(No. 1). *25c. July 1 "Holders of rec. July 1
Corn.(payable In corn. stock)
"15
July 1 *Holders of rec. July 1
Texas Corporation (quar.)
Holders of rec. June 60
75o. July
Texon 011 & Land. common
25e. July
Holders of rec. June 10
Textile Banking (quar.)
"500. June 30 'Holders of rec. June 24
Thatcher Mfg., coin. (qua?.)
40c. July 1 Holders of rec. June 20a
Convertible preferred (guar.)
90e. Aug. 15 Holders of rec. Aug. 5a
Third National Inventors Corp., corn_ 31
July 1 Holders of rec. June 10a
Thompson (John R) Co., corn.(quar.)
75c. July 1 Holders of rec. June 23a
Thomson-Houston Co.(Paris)
Amer. dep. receipts A bearer shs
(bb) July 21 Holders of rec. July 14
Thompson Products, corn. (quarr.)- 600. July 1 Holders of rec. June 20a
Thompson's Spa. Inc., Pref.(quar.)_$1.50 July 1 Holders of rec. June 10
Thompson-Starrett Co., pref.(quar.)_
871.4 c July 1 Holders of ree. June lla
Tide Water Associated 011, semi-annual_
300. Aug. 15 Holders of rec. July 31.
Preferred (quar.)
134 July 1 Holders of rec. June 130
Tide Water 011 (quar,)
20e. June 30 Holders of rec. June 130
Timken-Detroit Axle. corn. (qu.)
200. July 1 Holders of rec. June 20a
Tooke Bros., Ltd., pref.(qua?.)
111 July 15 Holders of rec. June 30a
Toronto Mortgage Co.(quar.)
July 1 Holders of rec. June 14
3
Torrington Co.(qua?.)
75e. July 1 Holders of rec. June 13
Extra
50e. July 1 Holders of rec. June 13
Transamerica Corp. (guar.)
"40c. July 2 *Holders of rec. July 5
Stock dividend
*e3 July 25 *Polders of rec. July 5
Transue & Williams Steel Fore.
_
250. July I
Holders of rec. June 300
Traung Label & Lithograph, Cl. A (Ou.)- *37 He Sept. I 'Holders of rm. Sept. 1
Class A (qua?.)
"37140 Dec. I *Holders of rec. Dee. 1
Trice Products (qua?.)
62 He July
Holders of rec. June 12a
TM-Continental Corp.. pref.(quar.)_... 134 July
Holders of rec. June 16a
Tr -National Trading Corp., pref. (au.) 13.4 July
Holders of rec. June 21
Tr -Utilities Corp., corn. (quar.)
300. July
Holders of rec. June 13
Common (payable in common stock)-- 11
July
Holders of rec. June 13
Convertible pref.(quar.)
750. July
Holders of rec. June 13
Trumbull-Cliff Furnace, pref.(quar.)
1)4 July
Holders of rec. June 20
corn.(guar.)
Truscon Steel.
30e July 1
Holders of rec. June 260
Tubize-Chatillon Corp., pref. B (qu.)_ _ _ *$1.75 July
'Holders of rec. June 20
Tuckett Tobacco, Ltd., corn. (qu.)_ _ _ _
July I
Holders of rec. June 30
Preferred (quar.)
1% July 1
Holders of rec. June 30
22 West 77th Street, Inc
$1
June 3 June 15 to June 30
244 North Bay Shore Drive, Inc., pref._ 3
June 3 June 15 to June 30
Ulen & Company common (quar.)
40e. July 1
Holders of ree. July 1
Preferred
3% July
Holders of rec. June 20
Underwood-Elliott-Fisher Co.
51.25 June 3 Holders of reo. June 12a
Common (quar.)
1% June 3 Holders of reo. June 12a
Preferred (guar.)
650. July
Union Carbide & Carbon (quar.)- Holders of rec. June 2s
50c. July
Union Metal Mfg., common (quar.)---Holders of rec. June 20
25e. July
Common (extra)
Holders of rec. June 20
'821.40 Aug. 1. 'Holders of rec. Aug
Union Storage Co. (Quar.)
1
'621.4e Nov. 1 'iiolders of rec. Nov. 1
Quarterly
250. June 3 Holders of rec. June 21
Union Twist Drill, corn.(quar.)
"1% June 3 'holders of rec. June 21
Preferred (guar.)
50e. July
Unit Corporation, pref. (quar.)
Holders of rec. June 20
75o. July
United Aircraft Transport, pref.
Holders of rec. June 100
40e. Sept.
United Biscuit, corn.(qua?.)
Holders of rec. Aug. 12
01
Aug134
Preferred Blum )
Holders of rec Jul, i 70
Name of Company.
4565
Per
When
Cent. Payable.
Boots Closed
Days Inclusive
Miscellaneous (Continued).
.
United Business Publishers. Pref.(quar.) •154 July 1 'Holders of rec. June 25
United Carbon, corn. (quar.)
50e. July 1 Holders of rec. June 140
"33.4 July 1 'Holders of tee. June 18
Preferred
144 July 1 Holders of rec. June 13.
United Dyewood Corp., pref.(quar.)
Proferred (quar.)
Oct. 1 Holders of rec. Sept. 12s
United Founders Corp., COM.(guar.)--- (cc) July I Holders of ree. May 31
$1
United Fruit (Quar.)
July 1 Holders of reo. June 2s
United Fuel Investments, pref. (qu.).-. 134 July 1 Holders of rec. June 16
United Hellenic Bank Shares, too.
10e. July 1 Holders of rec. May 81
Corn. & pref. (quar.)(No. 1)
'$1.25 July 1 'Holders of rec. June 20
United Loan Corp., Bklyn.(quar.)
United Milk Products Corp., pref.(qu.).
July 1 *Holders of rec. June 14
50e. Aug. 1 Holders of rm. July 15a
United Piece Dye Works, corn.(quar.)-500. Nov. 1 Holders of rm. Oct. 15a
Common (quar.)
Preferred (qua?.)
13.4 July 1 Holders of rec. June 20s
144 Oct. 1 Holders of rm. Sent. 20a
Preferred (qua?.)
144 Jan 2'31 Holders of rm. Deo. 20a
Preferred (guar.)
United Porto Rican Sugar, pref. (qua?.)- 8734c. July 1 Holders of rec. June 23
*30e. July 1 *Holders of net. June '20
United Printers & Publishers corn.(qu.)
*50c. July 1 'Holders of rec. June 20
Preferred (qua?.)
"51.25 June 30'Holders of see. June 20
United Publishers, common (quar.)
.$1.75 June 30 *Holders of rec. June 20
Preferred (quar.)
United Shoe Machinery common (quar.) 623.4c July 5 Holders of rec. June 17
3734c July 5 Holders of rec. June 17
Preferred (quar.)
50e. Aug. 1 Holders of rec. July 2a
United Verde Extension Mining (quar.).
U. S. Distributing, preferred
53.50 July 1 Holders of rec. June lla
25c. July 1 Holders of rec. June 14s
U.S. Foil, corn. A & B (guar.)
July 1 Holders of rec. June 14s
Preferred (qua?.)
U. S. Gypsum common (quar.)
0400. June 30'Holders of rm. June 14
June 30 "Holders of rec. June 14
Preferred (quar.)
U.S. Leather, prior pref.(quar.)
July 1 Holders of rec. June 100
•$1.50 July 1 *Holders of rec. June 20
United States Lumber
U. S. Pipe & Foundry, corn.
214 July 20 Holders of roe. June 300
Common (qua?.)
23.4 Oct. 20 Holders of rec. Sept. 20a
Common (qua?.)
234 Ja20'81 Holders of tea. Dee. 8111
80e July 20 Holders of ree. June 801
First preferred (guar.)
300 Oct. 20 Holders of ree. Sept. 300
First preferred (qua?.)
300 Ja20'81 Holders of roe. Dee. Sla
First preferred (qua?.)
130c July 1 See note 1
Second preferred (quar.)
July 1 'Holders of reo. June 20
'51
U. S. Playing Card (quar.)
U.S. Print. & Lithograph., corn.(qu.)
'50c July 1 *Holders of rm. June 20
Preferred (qua?.)
*75e July 1 'Holders of rec. June 20
June 28 Holders of tee. May 291
U.S. Steel Corp.,com.(guar.)
U.S. Tobacco, corn.(qua?.)
July 1 Holders of reo. June 16e
51
Preferred (quar.)
134 July 1 Holders of ree. June 18.
Universal Leaf Tobacco, corn.(qua?.)_
75e Aug. 1 Holders of rec. July 18.
2
Preferred (quar.)
July 1 Holders of rec. June 24.
- 2
Universal Pictures. let pref.(qua?.).
July I Holders of rec. June 21
Universal Products (quar.)
50e July 1 Holders of rec. June 15
Utah Copper Co.(quar.)
June 30 Holders of rec. June 131
52
14e July 1 Holders of rec. June 6
Utilities Hydro & Rail Shares, corn.(qu.)
.......
- 134 July hO Holders of reo. July 5
Valvoline 011, corn.(qua?.)
'2
Preferred (qua?.)
July 1 *Holders of rm. June 15
Vanadium Alloys Steel (qua?.)
June 30 *Holden of rec. June 241
.21
Van de Ramp's Holland Dutch
.3754c July 1 *Holders of reo. June 10
Bakers (qua?.)
•12 He July 1 'Holders of rec. June 10
Extra
*25c. July 1 *Holders of rec. June 25
Van Sicklen Corp., class A Mar.)
"114 Sept. 10 *Holden of rm. Sept. 1
Vapor Cm Heating. pref. (qua?.)
•134 Deo. 10 *Holders of rm. Dee 1
Preferred (qua?.)
July 2 Holders of rec. June 21
Viau Biscuit. pref.(qua?.)
Vlchek Tool (qua?.)
250. June 30 Holders of rec. June 20
Vogt Mfg. corn.(qua?.)
50e. July 1 Holders of roe. June 14
..... *500. July 1 'Holders of rec. June 20
Vortex Cup Co., corn,(qua?.)• 62340. July 1 *Holders of reo. June 20
Class A (qua?.)
July 21 Holders of tee. July MI
Vulcan Detinning, core. & corn. A (qu.)
1
Preferred and preferred A (guar.)._
I% July 21 Holders of ree. July 50
July 1 Holders of rec. June 20
Wabash Telephone See.. Pref.(quar-)--Wagner Electric, pref.(quar,)
134 July 1 Holders of rec. June 20
Weill & Bond, class B ((Han.)
.300 June 30 *Holders of rec. June 16
Waldorf System, Inc., corn. (quar.)
3734c July 1 Holders of rec. June 20a
20e. July 1 Holders of rec. June 20
Preferred (quar.)
Walgreen Co., pref. (quar.)
134 July 1 Holders of ree. June 204
aithain Watch. prof (quar.)
134 July 1 Holders of rec June 21
Preferred (guar.)
•I34 Oct. 1 *Holders of rec. Sept 20
"750 June 30'Holders of rec. June 20
Walwmth Co., preferred (quar.)
Ward Baking, pref.(quar.)
134 July 1 Holders of rec. June 170
50e. July 16 Holders of rec. June 30a
Warner Co., corn. (quar.)
250. July 15 Holders of rec. June 304
Common (extra)
$1.75 July 1 Holders of net. June
First and second pref. (guar.)
250. July 1 Holders of rec. June 12.
Warner-Quinlan (quar.)
75e. July 1 Holders of ree. June 16a
Warren Bros., new corn. lqu.)(No. Jr
75c. July 1 Holders of rec. June 16s
Convertible. pref.(quar.)
25c. July 1 Holders of rec. June 16.
New lint Prof.(qua?.)(No. 1)
29',c July 1 Hoidem of rec. June 16
New second pref. (oiler.)(No. 1)
60e. July 1 Holders of rec. June lie
Warren Foundry & Pine (guar.)
*75c. July 1 *Holders of rec. June 14
Waukesha Motor Co.(quar.)
250. July 1 Holders of rec. June 20
Weinberger Drug Stores, corn.(quar.)_.
July 1 Holders of rec. June 20
Common (payable in common stock)_. fl
Wellman Engineering pref. (quM.)
134 July 1 June 21 to July 1
Wells
-Newton Nat. Corp.(quar.) (No.1) *50c. July 15 'Holders of rec. July 1
50c. July 1 Holders of rec. June 14a
Wesson 011 & Snowdrift, corn.(quar.)_ _
.$1
June 30 *Holders of rec. June 25
Western Electric Co. (quar.)
ln July 15 Holders of recj.June 20
Western Grocers, Ltd., pref.(quar.)•51.50 July I "Holders of reo. June 20
West. Maryland Dairy Prod. pf.
*87 lic Sept. 1 *Holders of rec. Aug. 20
Prior preferred (guar.)
*25c. June 30'Holders of rec. June 16
Western N.Y.Securities(No. 1)
Western Reserve Investing 6% pt.(go.). 114 July 1 Holders of rec. June 13
6% panic. pref. (qua?.)
13.4 July 1 Holders of rec. June 13.
Western Tablet dt Stationery, corn.(qu.) "50e. Aug. I *Holders of rec. July 21
*I% July 1 *Holders of rec. June 20
Preferred Mari
50c. Aug. 15 IIolders of rec. July 31
Westfield Manufacturing (qua?.)
50c. July 31 Holders of rec. June 300
Westinghouse Air Brake(quar.)
Westinghouse Electric & Mfg.
51.25 July 31 Holders of rec. July 300
Common and preferred (guar.)
30c. July 1 Holders of ree. June 144
Westmoreland. Inc. (qua?.)._....
"51.50 July 5 *Holders of rec. June 25
West Coast 011(qua?,)
2
July 1 Holders of net. June 16
West Point Manufacturing (qua?.)
.50c. July 1 *Holders of net. June 21
West Va. Pulp & Paper. corn.(quar.)
•lli Aug. 15'Holders of rec. Aug. 5
Preferred (quar.)
•lli Nov. 15 *Holders of rec. Nov. 5
Preferred (quar.)
Weston Electrical Instrument,com.(qu.) *25e. July 1 Holders of rec. June 190
50c. July 1 Holders of rec. June 19a
Class A (guar.)
*51.75 July 1 *Holders of rec. June 15
Westvaco Chlorine Products pf.(qu.)
Wheatsworth, Inc. (quar.)
*250. July 1 'Holders of rec. June 20
Wheeling Steel Corp. pref. A (quar.)__
*2
July 1 *Holders of rec. June 12
Preferred B (qua?.)
'234 July 1 'Holders of rec. June 12
White Motor Co., corn.(qua?.)
50e, June 30 Holders in rec. June 12
White Motor Securities, pref.(quar.) .
June 30 Holders of ree. June 12
White Rock Mineral Spa..corn.(qu.)_
July 1 Holders of rec. June 180
51
First preferred (quar.)
July 1 Holders of rec. June 18
Second preferred (quar.)
July 1 Holders of rec. June 18
5
White Star Refining, common (quar.)-- 8234c.July 1 Holders of rec. June 15
Whitman (William) Co., Inc., pf.(qu.)_
July 1 Holders of rec. June 21
Wilcox Rich Corp., class A (qua?.)
62Si c June 30 Holders of net. June 20
Class B (guar.)
500. June 30 Holders of ree. June 20
Will & Baumer Candle. pref.(quar.)_
2
July 1 Holders of rec. June 2
Mays
-Overland Co.. pref. (guar.)
July 1 Holders of rec. June 18a
Wilson & Co., Inc., pref. (quar.)
114 July 1 Holders of rec. June 120
Winn & Lovett Grocery Co., el. A (qu.)_
50e. July 1 Fielders of rec. June 20
114 July 1 Holders of rec. June 20
Preferred (quar.)
Winsted Hosiery (qua?.)
'23.4 Aug. 1 'Holders of rec. July 15
.50c. Aug. 1 *Holders of rec. July 15
Extra
'23.4 Nov. 1 'Holders of rec. Oct. 15
Quarterly
.50c. Nov. 1 'Holders of rec. Oct. 15
Extra
Wrigley (Wm.) Jr. Co.(monthly)
25e. July 1 Holders of rec. June 20a
Monthly
250. Aug. 1 Holders of rec. July 20
Monthly
50c. Sept. 1 Holders of rec. Aug. 20
Monthly
250. Oct. 1 Holders of recs. Sept. 20
250. Nov. 1 Holders of rec. Oct. 20
Monthly
Monthly
50e. Dec. 1 Holders of rec. Nov 20
134
•134
134
"134
114
134
134
134
13.4
13.4
134
13.4
4566
[Vol,. 130.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Wolverine Tube, corn.(guar.)
•300. July 1 *Holders of rec. June 13
Woods Mfg.. pref.(quar.)
114 July 2 Holders of rec. June 21
Worthington Pump & Machy.. pf. A (qu) 1 Xi July 1 Holders of rec. June 10a
Preferred A (acct. accum. diva.)
hi% July 1 Holders of rec. June 100
Preferred B (quar.)
134 July 1 Holders of rec. June 100
Preferred B (acct. accum. diva.)
13i July 1 Holders of rec. June 100
Yale & Towne Mfg.(quar.)
July 1 Holders of rec. June 100
$1
Young(L.A.) Spring & Wire,corn.(qu.)
750. July 1 Holders of rec. June 12a
Youngstown Sheet & Tube, corn.(qu.)
$1.25 July 1 Holders of rec. June 13
Preferred (Qum.)
144 July 1 Holders of fr. June 13
•From unofficial sources. 7 The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
t N. Y. Stock Exchange rules American Hawaiian Steamship will not be quoted
ex-dividend until July 16.
t The New York Curb Exchange Association has ruled that stock will not be quoted
Ox-dividend on this date and not until further notice.
Peop'es Light & Power dividend optional,600. cash or 1-50th sh.class A stock.
a Transfer books not closed for this dividend.
d Correction.
Payable in stock.
f Payable in common stock. g Payable In scrip. S On account of accumulated
dividends. J Payable in preferred stock.
It National Refining common stock dividend reported In previous issues as
Payable July 15 was an error.
1 One share Columbia Oil & Gasoline, corn. v. 1, 0., for each five shares Columbia Gas & Electric. common.
m Amer. Cities Power & Light dividends are payable as follows: On class A stock
1-32d share class B stock, or 750. cash. Stockholder must notify company on or
before July 15 of his election to take cash: on class B stock 2 h% in class B stock.
-1-40th share
n Amer. States Public Service dividend will be paid in class A stock
unless holder notifies company on or before June 23 of his desire to take cash
40 cents.
o Libby McNeil es Libby dividend is in payment of three years accumulated
dividends and Is payable in new second preferred stock.
p Associated Gas & Elec. Co. dividend will be paid in class A stock at rate of
1-40th share of class A stock unless holder notifies company on or before July 15
of his desire to take cash.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending June 20:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, JUNE 20 1930.
NATIONAL AND STATE BANKS
-Average Figures.
Loans
Disc. and
Invest.
OtherCash Res. Dep., Dep. Other
Including N. F. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Manhattan3
$
3
3
$
$
Bank of U.S___ _ 219,545,000 18.0004,467,000 35,175,000 2,051,000 217,630,000
Bryant Park Bk_
2,713,700 57,200
79,400
338,000
2,161,000
Grace National__ 21,031,600 3,000
52,200 1,897,900 1,839,700 19,535,800
Port Morris
3.271,700 22,900
90,000
221,500
2,943,600
Public National_ 153,037,000 29,000 1,700,000 9,710,000 39,698,000 173,544.000
Brooklyn
Brooklyn Nat'l
9,556,000 19,700
99,600
599,300
531,300 6,848,200
Peoples National 7,300,000 5,000 103.000
535,000
88,000 7.200,000
TRUST COMPANIES
-Average Figures.
Loans,
Disc. and
Invest.
Cash,
Res. Dcp.. Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Manhattan-$
$
$
$
American
50,022,600 11,999,300
804,700
Bk. of Europe & 'Pr.. 15,905,381
869,987
108,500
Bronx County
24,875,1115
612,643 1,627,140
Chelsea
21,051,030 1,183,000 2,553,000
Empire
77,540,000 *4,537,800 7,492,700
Federation
18,953,428
131,667 1,474,007
Fulton
17,155,300 *2,170,300
811,200
Manufacturers
364,871,000 2,769,000 49,161,000
United States
75.469,861 3,433,333 8,474,601
Brooklyn
128,843,000 2,099,000 34,115,000
Brooklyn
Kings County
30,205,909 2,307,561 3,139,456
Bayonne, N. J.
Mechanics
8.976.987
254.110
814.717
Gross
Deposits,
$
21,600 51,086,200
14,861,595
24,576,484
20,042,000
3,254,300 76,951,000
117,985 18,665,514
16,372,200
2,412,000 340,183,000
58,329,576
North American Co. common stock dividend is payable in common stock at
rate of one-fortieth share for each share held.
r General Gas & Electric common A & B dividends are payable in class A stock
and scrip certificates at rate of $5 per share unless written notice of election to take
985,000 144,581,000
cash Is received by June 20.
28,860,199
s Holders of General Water Works & Elec. corn. A stock have right to apply
326.369 9.021.190
dividend to purchase of corn. A stock at $20 per share.
t U. S. Pipe & Fdy. 26 pref. stock has been called for redemption on July 11930.
* Includes amount with Federal Reserve Bank as follows: Empire, $2,947,100;
when the regular dividend of 300. will also be paid. The Oct. 1930 and Jan. 1931
Fulton, $2,170,300.
dividends will not be paid.
U Pacific Public Service dividend will be applied to the purchase of additional nom.
A stock or scrip at $13 per share unless stockholders notify company to the contrary on or before July 15.
Boston Clearing House Weekly Returns.
-In the
o British American Tobacco dividend is 10d. per share. On registered stock all
transfers received in London on or before June 7 will be In time for payment of following we furnish a summary of all the items in the
dividend to transferees.
Boston Clearing House weekly statement for a series of weeks:
w Less deduction for expenses of depositary.
s Central States Electric cony. pref, stock dividends will be payable in common
stock at rate of 3-32nds common for each share optional series of 1928 and 3-64ths
BOSTON CLEARING HOUSE MEMBERS.
common for each share optional series 1929, wales holders notify company of their
desire to take cash, $1.50 per share.
y Lone Star Gas stock dividend is one share for each seven held.
June 25
Changes from
June 18
June 11
1930.
Previous Week
1930.
1930.
s Commercial Investment Trust cony, preference dividend is payable in common
stock at rate of 1-52d share common stock for each share of preferred. Holders de$
3
$
$
siring cash ($1.50 per share) must notify company to that effect on or before June 16. Capital
95,825,000 Unchanged
95,825.000
95,825,000
102,431,000 Unchanged
97,644,000 102,431,000
bb Thomson-Houston Co. dividend Is 22.49 francs less deduction for expenses Surplus and profits
Loans, disets & invest'ts_ 1,077,778,000
+5,280,000 1.072,498,000 1.066.050,000
of depositary.
Individual deposits
651,336,000 -7,692,000 659,028,000 647,000.000
ee Inter-Allied Investing Corp. dividend is at rate of 700.'per annum from date Due to banks
150,685,000 -1,001.000 151,686.000 146,011,000
of Issue.
Thus deposits
277,627,000
+2,957,000 274,670.000 273,689.000
17,197,000
+8,800,000
8.397,000
United States deposits
2,140.000
es United Founders dividend Is 1-70th share common stock.
31,558,000 -1,806.000
33,364,000
23.719,000
Exchanges for Clg. House
11 Unless notified by the close of business June 16 that holder desires cash. Utilities Due
86,212,000 -8,210,000
94,422.000
from other banks
82,200,000
stock, 1-40th share
Power & Light class A & B dive. will be paid as follows: Class A
Reeve in legal deposit'les
-822,000
81,400,000
82,222,000
80,533,000
Mass A stock; class B stock. 1-40th share common stock; common stock, 1-40th Cash in bank
7,295,000
-17,000
7,312,000
7.100,000
share common stock.
Res've in excess in F.R.Bk
855,000 -1,469,000
2,324,000
923.000
If Blue Ridge Corp. and Shenandoah Corp. dividends will be paid 1-326 share
notify corporation on or before July 15 of their desire
common stock unless holders
to take cash-75c. per share.
Weekly Return of New York City Clearing House.
Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JUNE 21 1930
Clearing House
Members.
*Capital.
*Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
$
S
$
14,512,400
6,000.000
64,748,000
Bank of N.Y.& Tr. Co-43,707,300 202,532,000
22,250,000
Bk.of Manhattan Tr. Co_
41,293.100 170,559,000
36,775,300
Bank of Amer.,Nat.Asan_
110,000.000 130,559,400 a1036,167,000
National City Bank
15.000,000
22,348,600 207,382,000
Chemical Bk. & Tr. Co90,000,000 205,035,100 b913.483,000
Guaranty Trust Co
19,942,800 181,218,000
16,200,000
Chat. Phen.N.B.&Tr.Co_
84,128,000 347,166,000
21,000,000
Cent.Hanover B.&Tr.Cis
23,115,300 179,642,000
12.100,000
Corn Each. Bank Tr. Co_
10.000,000 105,614.300 255,705,000
First National Bank
84,197,900 382,423,000
50,000,000
Irving Trust Co
11,345,700
6,000,000
12.926,000
Continental Bk.& Tr.Co.
e148,000,000 e208,723,500 c1272,010,000
Chase National Bank
3,793,600
500,000
23,399.000
Fifth Avenue Bank
84,295,800 6438,176,000
25,000,000
Bankers Trust Co
24,671,900
10,000.000
35,670,000
Title Guar.& Trust Co
5,695,100
6,000.000
46,473,000
Fidelity Trust Co
4,694,300
3,000,000
20,560,000
Lawyers Trust Co
34,851,100 159,477,000
12,500,000
New York Trust Co
9.105.300
7,000,000
47,715,000
Com'l Nat. Bk.& Tr. Co_
2,395.700
2.000,000
31,260.000
Harriman N.B. de Tr.Co_
Clearing Non-Members
City Bank Farmers Tr. Co
Mech. Tr. Co.. Bayonne_
.1,...1.
10,000,000
500,000
fll c) R25 300
13,014,600
893,900
6,199,000
3.149,000
Time
Deposits
Average.
$
12,887,000
45,618,000
63,508,000
234,744,000
39,577,000
118,921,000
41,931,000
57.739,000
33,102,000
16,274,000
55,196,000
192,000
210,908,000
1,304,000
70,313,000
1,814,000
5,647.000
2,371,000
36,895,000
8,106,000
7,366,000
5,432,000
1.177.484.700 6.038.039 000 1.060 fi45 000
* As per official reports: National. March 27 1930; State, March 27 1930; trust
companies, March 27 1930.
Includes deposits in foreign branches: a $315,751,000; b $162,652,000; c $124,
564,000; d $68,669,000. e As of June 2 1930.
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending June 21, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended June 21 1930.
Two Ciphers (00)
omitted.
Trust
Members of
P.R.System Companies
$
Capital
60,470,0
Surplus and profits__
220,285,0
Loans, diacts. & Invest 1,120,115,0
Each, for Clear. House
38,838,0
Due from banks
113,307,0
Bank deposits
158,673,0
Individual deposit_
649,489,0
Timedeposits
257,737,0
Total deposits
1,065,899,0
Res. with legal depots
75,773,0
Res. with F. R. Bank_
Cash in vault*
9,978.0
Total rm. dr cash held_
85,751,0
Reserve required
7
Excess reserve and cash
In vault
7
Junel4
1930.
June 7
1930.
Total.
7,500,0
67,970,0
67,970,0
67,970,0
16,714,0 236,999,0 236,999,0 236,999.0
67,206,0 1,187,321,0 1,178,646,0 1,165,176,0
40,360,0
281,0
38,919,0
41,595,0
13,0 113,320,0 112,403,0 114,128,0
5,375,0 164,048,0 165,423,0 158,137,0
26,490,0 675,979,0 667,139,0 662,611,0
17,773,0 275,510,0 277.276,0 277,565,0
49,638,0 1,115.537,0 1,109,838,0 1,098,313,0
75,001,0
74,342,0
75,773,0
6,238,0
5,552,0
4,445,0
.........
11,888,0
11,441,0
11,431,0
1.453,0
92 27,0
91,649,0
91,335,0
5,898,0
71.
7
7
* Cash in vault not counted as reserve for Federa'Reserve members.
JUNE 28 1930.]
FINANCIAL CHRONICLE
4567
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Beard Thursday afternoon, June 26,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 4521, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 25 1930
June 25 1930. June 18 1930. June 111930.June 4 1930. May 28 1930. May 21 1930. May 14 1930. May. 7 1930. June 261929.
RESOURCES.
3
$
$
it
$
$
3
3
$
Mid with Federal Reserve agents
1,600,214,000 1,599,114,000 1,626,214,000 1,603,714,000 1,596,714,000 1,621.714,000 1.640,814.000 1,659.814,000 1,372,441,000
36,812,000
bold redemption fund with U. S. Treas..
37,001,000
37,336,000
37,856.000
37,857,000
39,483,000
40,722,000
41,097.000
71,589,000
Gold held exclusively eget. FR.notes 1,637,026,000 1,636,115,0001,663,550,000 1,641,570,000 1,634,571,000 1,661,197,000 1,681,538.000 1,700,911.000 1,444,030,000
told settlement fund with F. R. Board
601,691,000 609,250,000 598,097,000 623,375,000 635,613.000 614.457,000 597.981,000 598,889,630 644,038,000
bold and gold certificates held by banks_ 820,457,000 821,837,000 817,849,000 795,634,000 787.226.000 800.802,000 794,565.000 768.369.000 807,446,000
Total gold reserved,
3,059,174,000 3,067,202,000 3,079,496,000 3,060,579,000 3,057,310.000 3,076,456,000 3,074,082,000 3,068,169,000 2.895,514,000
loservos other than gold
172,637,000 166,709,000 164,708,000 164,710,000 163,519,000 171,595,000 174,177,000 173,955.000 177,040,000
Total reserves
3,231,811,000 3,233,911,000 3,244,204,000 3,225,289,000 3,220,829,000 3,248,051.000 3.248,259,000 3,242,124,000 3,072,554,000
(on-reserve cash
67,339,000
64,338,000
66,344,000
66,396,000
69,096,000
66,349.000
07,210.000
69,108,000
63,890,000
tills discounted:
84.887,000
Secured by U. B. Govt. obligations
66,925,000
69,862,000
91,297,000 101,743.000
76,379,000
83.543,000 106,620,000 532,745,000
146,618,000 139,869,000 140,822,000 148,431,000 145,303,000 133,820,000 126,943.000 130,828,000 484,002,000
Other bills discounted
Total bills discounted
3111s bought In open market
D. B. Government securities:
Bonds
'Treasury notes
Certificates and bills
231,505,000
102,313,000
206,794,000
132,776,000
210,484,000
148,172,000
239,728,000
189,240,000
247.046,000
175.560,000
209,999,000
186.884,000
210,486.000
171,035.000
237,448,000 1.016,747,000
175,203,000
82,839,000
55,911.000
219.436,000
301,623,000
57,141.000
251,416,000
289,091,000
52,001.000
259,106.000
267,600.000
50,050.000
232,774,000
261.010,000
46,936,000
237,966,000
244.868,000
41,778,000
104,687,000
291,857,000
52,431.000
193,816.000
281.655,000
55,145,000
186,749,000
285,950,000
42,738,000
92,021,000
14.768,000
Total U.S. Government securitles
Dther securities (tee note)
Foreign loans on gold
576,970,000
5,250,000
597,648,000
5,350,000
578,707,000
5,850.000
543,834,000
5,850.000
529,770.000
6.400,000
528.320,000
6,400,000
527.902;300
10 600.000
527,844,000
10,600,000
149,527,000
13,315,000
Total bills and securities (see note)
Bold held abroad
Due from foreign banks (see note)
lJnoollected Items
Federal Reserve notes of other banks
Bank premises
All other resources
916,038,000
942,568,000
943,213,000
978,652,000
958,776,000
931,603,000
920 023,000
951,095,000
1,262,428
709,000
570,390,000
22,773,000
59,552,000
11,331.000
710,000
718,184,000
19,666,000
59,552.000
10,999,000
710,000
803.883,000
19,694,000
59,499,000
13,655,000
709,000
709.000
710,000
609,194,000 564,916,000 610.080,000
22,064,000
19,054,000
20,958,000
58,671,000
58,671,000 58.646,000
12,495,000
12.1114,000
12,204,000
712,000
724,146.000
711,000
607.416,000
729,000
656,457,000
20,146,000
58,614,000
7,441,000
58.580.000
58,580.000
12,369,000
12,202,000
4,879,943,000 5,049,928,000 4,951,202,000 4,973,470,000 4,902.359,000 4.951,348,000 5.030,438.000 4,936,018,000 5,147,477,000
Total resources
LIABILITIES.
r. R. notes in actual circulation
Deposits:
-reserve account
Member banks
Government
Foreign banks (see note)
Other deposits
Total deposits
Deferred availability items
Capital Paid in
Surplus
All other liabilities
Total Rat:ditties
Ratio of gold reserves to deposits and
F. R. note liabilities combined
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
..
-,..
Distribution by Maturities-1-15 day bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtednees_
1-15 days municipal warrants
16-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness..
16-30 days municipal warrants
31-80 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtednesa.
31-60 days municipal warrants
61-90 days bills bought in open market
61-90 days bills discounted
61-90 day. U. S. certif. of indebtedness.
61-90 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.R.notes received from Comptroller
1.R.notes held by F.R.Agent
Issued to Federal Reserve Banks
s
---How Secured
By gold and gold certificates
Gold redemption fund
Goa fund-Federal Reserve Board
By eligible Paper
1.402,869,000 1,419,266,000 1,446,999,000 1,457.317.000 1,465,867,000 1,452,863,000 1.464,897.000
1,492,994.000 1,658,496,000
2,386,435,000 2,408,364,000 2,408,796,000 2.411,730.0002,346.798,000 2,374,166,000 2,379.360.000
.2349 446,000 2,343,813,000
45,669,000
28,412,000
30,090,000
37,088,000
27,246,000
49,771,000
12,837.000
48,924,000
33,794,000
5,858,000
7,172,000
5,788,000
5,489,000
5,387,000
5,497,000
5.526,000
5,606,000
5,337,000
21,422,000
20,682,000
20,034,000
18.523,000
18,893,000
22.160,000
23,107.000
21.312,000
24,432,000
2,459,384,000 2,464,630,000 2,463,197,000 464,519,000 2.420.849,0002.438,911,
000 2,420,830.000.2413 009.000 2,419,655,000
551,024,000 700,030,000 573,912,000 2.584,650,000 548,376,000 588,896.000 674,399,000
.559,800,000 625,737,000
169,736,000 169,692,000 170,555,000 170,572,000 170,515,000 174.240,000
158,607,000
174,154.000
276,936,000 276,936,000 276,936,000 276,936,000 276,936,000 276,936,000 276,936,000 174.185,000 254,398,000
276,936,000
19.994,000
19,374,000
19,603,000
19,276,000
19,816,000
19,702,000
19,222,000
19,004,000
30,584,000
4,879.943,000 5,049,928,000 4.951.202,0004,973.470,000 4,902,359,000 4,951.348,000 5,030,438,000 4,936.018,000 5,147,477.000
79.2%
78.9%
78.7%
83.7%
83.3%
83.0%
463,642.000
467.643,000
459,520,000
464,439,000
6
49,607,000
135,408,000
8
73,105.000
118,012,000
2,500.000
$
79,187,000
116,491,000
32,139,000
24,092,000
19,476,000
42,488,000
31,024.000
19,001.000
44,488,000
23,077,000
30,110,000
55,221,000
78.0%
78.8%
79.0%
79.1%
78.6%
83.5%
83.8%
83.0%
75.3%
461,853,000
461,131,000
471,648,000
468,574.000
424.566,000
$
116,554,000
143,410,000
26,091,000
a
103,869,000
152,044,000
$
103,146,000
120,809,000
$
86,374,000
124,065,000
26,000,000
3
99,090,000
153,260,000
26,000.000
.5
40,728,000
799,237,000
4,975,000
37.021,000
23,723,000
40,000
30,334,000
23,492.000
29.069,000
20,736,000
13,474.000
38.754,000
19,815,000
47,188,000
38,448,000
19,154,000
1.000
32.293.000
18,888,000
18,005,000
49,840,000
22,147.000
27,680,000
23,434,000
29,228,000
44,500,000
33,890,000
30,563,000
44,500,000
32,573.000
33,329,000
40,000,000
37,118.000
31,074,000
48,350,000
36,375,000
30.082,000
49,642,000
29,864,000
29,991.000
54,973.000
15,654,000
78,909,000
4,399,000
22,050,000
109,697,000
5,151,000
18,780,000
153,863,000
7,283,000
18,122,000
60,689,000
7,126,000
19,962,000
60,689,000
9.177,000
18431,000
63,21 ,000
3
9,212,000
17,202.000
52,363,000
9,417,000
16,254,000
48.355.000
12,082.000
16.483.000
48,350.000
6,527,000
52,665,000
7,319,000
1,138,000
24,461,000
94,217,000
1,349,000
23,321,000
88,240,000
1,247.000
22,920,000
138.232,000
1.336,000
872,000
22301,000
22 506 000
129:730.000
128,181:000
1
9
654.000
21,099.000
43. 56.000
421,000
20,931,000
157,657,000
1,874.000
18,826,000
156,627,000
1,925,000
36,096,000
2,474,000
300,000
82.2%
82.9%
71.0%
3,054,437,000 3,071,992,000 3,090,606,000 3,777,049,000
1,260.620,000 1.271,117,000 1,275.416.000 1,585,752,000
1,749,568,000 1,766,103,000 1.788,611,000 1,779,033,000
1,788,049,000 1,793.817.000 1,800,875.000 1,815,190.000 2,191,297,000
403,108,000 403,108,000 4 ,508.000
02
402,008,000 402,008,000 402,008,000 402,108,000 402.108,000 368,025,000
93,393,000
L197,106,000 1,196,006,000 1,
223,706,000
325,759,000 332,682,000 352,662,000 1,201,708,000 1,194,706,000 1,219,706.000 1.238,706,000 1.257.706.000 911,023,000
421,180,000 412,148,000 386,821,000 367,661,000 405.267.000 1,063,446,000
1.925.073.000 1.931.796 000 1 070 075 nnn a AO.. on• nnn a nno oan nnn n nno eno MO 0 nno IlOS nnn n nwic no, nnn, A2C oa, nnn
Total
-• Revised figures.
NOTE.
-Beginning with the statement of Oct. 7 1925, two new items were
added In order to show separate y the amount of balances held abroad and amounts due
N. foreign correspondents In addition, the caption, "All other earning assets,"
Previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and
the discounts, acceptances and securities acquired under the provision of Secs. securities." The latter item was adopted as a more accurate description of the total c
13 and 1401 the Federal Reserve Act, which, It was stated, are the only Itemslnel'. `ea tbsrelr.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OP EACH OP
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JIISE 25 1930
Two ciphers (00) omitted.
Total.
Boston. New York. Phila, Cleveland Richmond
Federal Reserve Rank of
Atlanta. Chicaoo. St. Louis. Minneap. Kan.City. Dallas. San Frau,
--RESOURCES
it
$
3
$
3
$
$
$
$
$
3
$
$
Gold with Federal Reserve Agents 1,600,214,0 164,917,0 258,594,0 140,000,0
190,550.0 69.000,0 116,500,0 229,000,0 67,245.0
Gold red'n fund with U.S. Treas.
36,812,0 1,053,0
14,852,0 2,514,0 2,113,0 1,499,0 1.819,0 1,533,0 1.794,0 50,845,0 75,000,0 28,800,0 209,763,0
897,0 1,577,0
893,0 6,268,0
Gold held excLagst.F.R. notes 1,637,026,0 165,970,0 273,446,0 142,514,0
70,499,0 118,319,0 230,533,0 69,039,0 51,742,0 76,577,0 29,693,0 216,031.0
'
Gold nettle. fund with F.R.Board 601,691,0 24,259,0 225,820,0 35,581,0 192 663 0
6
Gold and gold eths.held by banks_ 820,457,0 34,077.0 507,173.0 33,950,0 69:86 :0 11,495,0 8,348,0 110,625,0 27,375,0 13.757,0 22,349,0 14,762,0 37,454,0
56,221,0 9,410,0 5,504,0 111,299,0 9,809,0 4,917,0 10,400,0 9,461,0 28,235,0
3,059,174,0 224,306,0 1,006,439,0 212,045,0 318
Total gold reserves
750,0 91,404,0 132,171,0 452,457,0 106,223,0 70,416,0 109,326,0
172,637,0 12,294,0
Reserve other than gold
54,824,0 9,327,0 11,0 9,0 7,992,0 15,710,0 17,704,0 12,239,0 4,203,0 7,745,0 53,917.0 281,720,0
9
8,050,0 11,450,0
3,231,811,0 236,600,0 1,061,263,0 221,372,0 329
Total reserves
849 0 99,396.0 147,881,0 470,161,0 118,462,0 74,619,0 117,071,0 61,967,0 293,170,0
67,339,0 5,795,0
Non-reserve each
16,510,0 3,629,0 3,89 :0 4,006,0 5,339,0 9,730,0 4,468,0 1,933,0 2,188,0 4,165,0
9
5,617,0
1)111s discounted:
84,887,0 7,982,0
Bee. by U. B. Govt. obligations
20,353,0 13,187,0 19 835 0 3,529,0
938,0 8.495,0 4,123,0
570,0 2,217,0 1,086,0 2,572,0
146,618,0 9,325,0
discounted
Other bills
17,800,0 15,0170 9 506 0 17.888,0 25,397,0 10,539,0 12,740,0 3,376,0 10,374,0 8,900,0
:
:
5.756.0
231,505,0 17,307,0
Total hills discounted
38,153,0 28,204,0 29 341,0 21,417,0 26,335,0 19,034,0 16,863,0 3,946,0 12,591,0 9,986.0
8,328,0
102,313,0 16,274,0
Bills bought In open market
10,157,0 2,4610
8
:67 ,0 5,644,0 8.537,0 16,692,0 4,108,0 6,240.0 4,181,0 2,894,0 15,475,0
0
U. S. Government securities:
55,911,0 2,566,0
Bonds
6,135,0 2.079,0 2,082,0 1,735,0
762,0 22,361,0 1,062,0 5,840,0 1,195,0 8,843,0 1,251,0
219,436,0 15,437,0
Treasin7 notes
62,005,0 20,2680 26,566,0 5,856,0 6,401,0
301,623,0 26,257,0 111,805,0 27,855,0 26,694,0 8,003,0 4,606,0 21,547,0 14,032,0 9,331,0 11,061,0 8,829,0 18,103,0
Certificates and bills
34,059,0 7,549,0 10,476,0 16,480,0 10,498,0 17,341,0
576,970,0 44,260,0 179.945.0 50 202 n 11 742 10 15.594(1 11.7690 77 667 n 22 6430 25 6470 20
Total Cl. S. Gov't securities
776 10 90 1'70(( za ens n
4568
[VoL. 130.
FINANCIAL CHRONICLE
,Conetu
Tiro Ciphers ,
00) ova 'ea
Total
Boston.
$
5,250,0
'Cher securities
forel^n loans on gold
New York.
$
3,250,0
$
1,000,0
$
1,000,0
Cleveland Richmond Atlanta. Chicago. Si. Louis. 1/Inneap. Kan.City. Dallas. SanEran.
-- ---$
$
,
$
$
$
$
$
$
231,505,0 81,867,0 93,353,0 42,655,0 46,641,0 113,693,0 43,614,0 35,833,0 45,488,0 41,050,0 61,498,0
71,0
30,0
233,0
69,0
26,0
49,0
95,0
21,0
21,0
26,0
16,0
160,321,0 48,486,0 55,513,0 42,217,0 15,116,0 72,587,0 23,135,0 11,161,0 31,316,0 19,095,0 26,840,0
388,- 1,411,0 1,432,0
8,466,0
987,0 3,481,0 1,264,0 1,027,0
405,0 2,758,0
1,948,0
15,664,0 2,614,0 7,059,0 3,204,0 2,658,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,801,0
166,0 1,019,0
542,0 3,353,0
4,089,0
357,0
464,0
170,0
235,0
418,0
437,0
916,038,0 78,841,0
709,0
52,0
570,390,0 64,503,0
206,0
22,773,0
59,532,0 3,580,0
11,331,0
81,0
Total bills and securities
tsee from foreign banks
uncollected Items
F. R. notes of other banks
Sank premises
Cii other resources
Philo
4,879,943,0 389,658,0 1,498,051,0 358,691,6 492,174,0 193,542,0 222,001,0 677,506,0 194,950,0 127,044,0 202,239,0 128,997,0 395,090,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1,402,869,0 145,746,0 172,481,0 127,555,0 187,099,0 64,020,0 124,316,0 201,438,0 71,194,0 53,360,0 69,244,0 31,398,0 155,018,0
Deposits:
Member bank-reserve awl 2,386,435,0 140,997,0 1,001,968,0 137,093,0 196,853,0 62,522,0 61,075,0 339,879,0 78,422,0 50,401,0 87,920,0 59,571,0 169,734,0
6,578,0 4,424,0 5,245,0 6,544,0 2,938,0 2,635,0
45,669,0 4,866,0
2,156,0 1,686,0 2,137,0 3,865,0 2,595,0
Government
550,0
533,0
231,0
2,170,0
407,0
198,0
379,0
5,858,0
736,0
Foreign bank
198,0
165,0
126,0
165,0
61,0 2,184,0
61,0
10,132,0
147,0
21,422,0
67,0
447,0
Other deposits
317,0
78,0 7,691,0
168,0
69,0
Total deposits
2,459,384,0 146,337,0 1,020,848,0 142,111,0 204,832,0 69,358,0 64,358,0 343,697,0 81,093,0 52,381,0 90,291,0 63,679,0 180,399,0
Deferred availability item
551,024,0 63,610,0 152,474,0 44,306,0 53,618,0 40,880,0 14,864,0 69,199,0 25,015,0 10,158,0 28,835,0 19,827,0 28,238,0
65,394,0 16,781,0 15,896,0 5,856,0 5,369,0 20,207,0 5,274,0 3,081,0 4,356,0
169,736,0 11,830,0
Capital paid la
4,347,0 11,345,0
80,001,0 26‘965,0 29,141,0 12,496,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
276,936,0 21,751,0
Surplus
6,853,0
-973,0 1,588,0
932,0 2,237,0 2,871,0 1,497,0
384,0
All other liabilities
19,994,0
576,0
811,0
921,0
351,0
4,879,943,0 389,658,0 1,498,051,0 358,691,0 492,174,0 193,542,0 222,001,0 677,506,0 194,950,0 127,044,0 202,239,0 128,997,0 395,090,0
Total liabilitlee
Memoranda.
84.2
74.5
82.1
88.9
78.4
83.7
81.0
87.4
86.2
77.8
70.6
73.4
65.2
Reserve ratio (per cent)
Contingent liability on bills purchased for foreign correspondls 463.642,0 34,370,0 151,994,0 45,052,0 46,445,0 19,507,0 16,720,0 62.237,0 16.720.0 10.682.0 13.934.0 13.934.0 32,047,0
FEDERAL RESERVE NOTE STATEMENT.
federal Reserve Agent al-
Total.
New York.
Boston.
Two Ciphers (00) miffed$
$
Federal Reserve notes:
Issued to P.R. bk. by F.R. Agt 1,749,568,0 174,701,0
Held by Federal Reserve bank_ 346,699,0 28,955,0
$
Cleveland Richmond Atlanta
3
$
$
Chicago. St. Louis Minneap. Kan.City. Dallas. SanFres.
$
$
$
$
5
$
243,716,0 152,212,0 216,793,0 86,217,0 151,198,0 234,491,0 85,958,0 60,070,0 79.317,0 39,585,0 225,310,0
71,235,0 24,657,0 29,694,0 22,197,0 26,882,0 33,053,0 14,764,0 6,710.0 10,073,0 8,187,0 70,292.0
172,481,0 127,555,0 187,099,0 64,020,0 124,316,0 201,438,0 71,194,0 53,360,0 69,244,0 31,398,0 155,018,0
In actual circulation
1,402,869,0 145,746,0
Collateral held by Agt. as security
for notes issued to bank:
403,108,0 35,300,0
Gold and gold 06AI/testae
1,197,106,0 129,617,0
Gold fund-F. R. Board
325,759,0 33,501,0
Eligible paper
Total collateral
Phila.
3
229,968,0 39,900,0 15,550,0 5,000,0 7,100,0
14,300,0 35,000,0
9,145,0 11,845,0
28,626,0 100,100,0 175,000,0 64,000,0 109,400,0 229,000,0 58,100,0 39,000,0 75,000,0 14,500,0 174,763,0
45,146,0 26,759,0 37,905,0 26,958,0 34,757,0 35,566.0 20.842,0 10,133,0 16.688,0 12,824,0 24,680,0
303,740,0 166,759,0 228,455,0 95,958,0 151,257,0 264.566,0 88.087.0 60.978,0 91.688,0 41,624,0 234,443,0
1,925,973,0 198,418,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the jigures for the latest week appears in our department of "Current Events and Discussions," on page 4522. immediately preoeding 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 Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks Included mortgages In investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted; in its place the number of cities included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
The figures have also been revised to exclude a bank to the Ban Francisco district with loans and investments of 6135.000.000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 18 1930 (In millions of dol are).
Federal Reserve District-
Total,
Boston. New York
3
$
AMOS and inveetmente-total____
23,118
1,514
9,437
gate-letal
17,128
1,148
8,615
8,513
510
638
5,989
2,849
3,140
$
Phila.
Cleveland. Rtchmond Atlanta.
$
$
1,250
2,218
7,069
928
4,196
2,874
487
440
365
2,368
160
205
1,198
1,170
1,788
215
99
16
13.638
7,228
213
3
Chicago. Si. Louis. Minneap. Kan. City Dallas. dashes.
s
3
$
$
1,972
242
435
335
1,351
89
152
136
300
108
227
453
898
157
122
218
114
621
38
119
70
52
92
126
69
45
341
280
47
6
27
5
60
10
31
7
104
17
1,955
1,214
11
375
226
3
226
129
1
489
185
3
274
153
12
738
1,011
17
80
96
214
491
70
129
63
79
156
200
87
88
189
246
9
2
2
1
2,649
501
1,322
1,327
228
274
U.S. Government securities Other securities
136
697
66
71
317
380
Imam with If. R. Bank
4sh in vault
39
11
40
9
267
34
Its demand deposits
'Ime deposits
lovernment deposits
1,098
969
19
339
250
17
308
245
17
mie from banks
Sus to banks
81
184
120
286
75
101
lorrowings from F. Ft. Bank
2
7
4
3,346
1,525
479
465
742
783
196
283
148
317
322
693
176
90
232
324
369
84
91
851
59
83
13
141
28
877
506
17
6,221
2,033
77
740
309
18
72
132
167
1,086
44
evesiments-lotal
4
1
_
$
449
363
602
1,375
3,117
On securities
All other
s
653
658
655
•
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 25 1930
In comparison with the previous week and the corresponding date last year:
June 25 1930. June 18 1930 June 261929.
Reaosreee-Jold with Federal Reserve Agent
Gold redemp. fund with U. 5, Treasury_
258,594,000
14,852,000
258,594,000
14,890,000
255,861.000
17,719,000
Gold held exclusively ages. F. Ft. notee
Gold settlement fund with F. R. Board_
Gold and gold oertificatee held by bank_
273,446,000
225,820,000
507,173,000
273,484,000
209,256.000
506,174,000
273,580,000
125,913,000
512,574,000
1,008,439,000
54,824,000
988,914,000
53,578,000
912,067,000
63,552,000
Total gold reserves
Reserves other than gold
Total reserves
1,061,263,000 1,042,492,000
14,999,000
Roo-reserve cash
16,510,000
8111s discounted
10.952,000
Secured by U.S. Govt. obligations__
20,353,000
Other bills discounted
13,126,000
17,800,000
975,619,000
24,288,000
Tots Mills discounted
Sills bought in open market
U.S. Government securities
Bonds
Treasury notes
Certificates and bills
Total 63.5. Government securities-Cotner securities (see note)
Foreign loans on gold
210,141,000
107,447,000
38,153,000
10,157,000
24,078,000
35,668,000
317,588,000
14,165,000
6,135,000
62,006,000
111,804,000
11,330,000
81,285,000
118,858,000
155,000
19,437,000
4,975,000
179,945,000
3,250,000
211,473,000
3,350,000
24,567,000
5,815,000
June 25 1930. June 18 1930 June26 1929.
Resource. (Concluded)
Gold held abroad
Due from foreign banks (See Nolo)
Uncollected items
Federal Reserve notes of other banks__ Bank premises
All other resources
Total resources
233,000
160,321,000
8,466,000
15,664,000
4,089,000
Total liabilities
222,000
189,278,000
7,110,000
16,087,000
931,000
1,498,051,000 1,554,745,000 1,575,670,000
Liabilities-Fed'I Reserve notes In actualcirculation_ 172,481,000
Deposits-Member bank, reserve &cot__ 1,001,968,000
6,578,000
Government
Foreign bank (See Note)
2,170,000
Other deposit:,
10,132,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
234,000
196,421,000
6,653,000
15,664,000
3,713,000
177,697,000
997,224,000
26,479,000
3,484,000
8,560,000
282,202.000
962,823,000
11,054,000
966,000
7,099.000
1,020,848,000 1,035,747,000 981,942,000
152,474,000 189,331,000 174,465,000
57,821,006
65,394,000
65,369,000
71,282,000
80,001,000
80,001,000
7,958,000
6,853,000
6,600.000
1,498,051,000 1,554,745,000 1,575,670,000
Ratio of total reserves to deposit and
Fed'I Reeve note liabilities combined.
85.9%
77.2%
88.9%
Contingent liability on bills purchased
for foreign corresoondense
151,994,000 155,995,000 135,174.000
Total bills and securities (See Nate)
231,505,000 274,569,000 362.135,000
•
NOTR.-Begiouing witn Me statement of Oct. 7 1925, two new items were added In order to show separately the amount of balances held anroad and amounts due to
foreign oorrespoodente. in addition. the caption "All other earning tweets." previously made up of Federal Intermediate Credit bans debentures. was changed to
,(L)DGel
o,
) ,our.^ ,
..71.31,10, of the to:al of the
1
I:Ottier Mouritles.
Um caption "Total earning assets" to -Total 011is sari anciritis
,
PI • '"
1
n
itsoount vsceotances and securities acquired under the Provisions of Sections 15 and 1401 11)3 Federal Reierve Act, Whist) It sac vtated. a,the only :toms Includi d therein,
STOCKS.
Week Ended June 27.
Vankers' Gazette.
TVall Street, Friday Night, June 27 1930.
-The review of the
Miscellaneous Stocks.
Railroad and
Stock Market is given this week on page 4552.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended June 27.
Sales
for
Week.
Range for Week.
Lowest,
Highest.
I Range Since Jan. 1.
Lowest.
Highest.
Par. Shares. $ per share. $ per share. $ per share.$ per share.
RailroadsMay 220
May
20212 June 26 212 June 26 212
100
Albany & Susq
Feb 89% June
Buffalo & Susq ctfs____ 1,600 8934June 23 8934Juno 23 77
Apr 91% June
680 89 Juno 25 8935June 21 84
Preferred certificates_
Mar 60 June
140 58 June 23 58%June 23 56
100
Canada Southern
Canadian Pac new_25 11,200 45%June 25 47%June 24 45% June 5234 May
June 101% June
190 101 %June 26 101 %June 25 96
et's stp 100
Caro Cl & 0
Feb
5 230%June 25240% June21 230% June315
Central RR ot N J_100
Chin & Ohio rights__ 20,300 1735June 25 1834June 24 17% June 21% June
110 77%June 25 7734June 24 74% Feb 77% Juno
Cleve & Pittsburgh_100
10 76 June 25 76 June 25 71% Jan 80% June
In Cent leased line 100
Feb
200 3%June 23 4 June 21 3% June 6
Market St Ry 2d p1100
Feb
;5 Jun • 3
%June 26 1 June 26
200
100
Common
334 Feb
30 1%June 26 1%June 26 1% Jun
N YState Rys pref_100
10 20 June 21 20 June 21 17% Jan 29% Mar
1st p1.100
Pacific Coast
June 19% Mar
30 14 June 21 14 June 21 14
100
2d preferred
Jan 155
May
30154 June 26 154 June 26 151
Pitts Ft W & Chic pref.
Mar 142% June
20136%June 24 13634June 24 136
Renss & Saratoga 100
June 135% Mar
600 87 June 23 90 June 25 87
South Ry M& 0 ctfs100
Indus. & Mlseell.
Addressograph Int'l__• 1,200 2910une 27 30%June 21 29% June 34% June
Apr
May 72
100 57%June 21 57%June 21 57
•
Allegheny Steel
Apr
20 91 June 25 91 June 25 90 June 104
"
Alliance Realty
*
100 2%June 21 2%June 21 2% May 3% Mar
Amalgam Leather
39 June 25 45 June 21 39 June 69% Apr
• 2,200
American Chain
100 79 June 23 79 June 23 78% June 87% Jan
American Ice pret__100
Jan 119% Apr
20115%J000 26 11535June 26 112
Am Mach & Fdy 91_100
100 2%June 27 2%June 27 235 Jun • 9% May
Amer Piano pref___100
June 27% Feb
40 19%June 26 1935June 26 16
Am Telegr & Cable_100
Jan 100
Feb
10 90%June 27 90%June 27 90
Artloom Corp prof_ _100
600 24%Juno 25 25 June 25 24% June 28% Feb
Art Metal Construct.10
Feb 9534 Apr
200 89 June 23 89 June 23 85
Asso Dry Gds let p1100
May
• 3,100 25%June 23 2734June 26 25% June 37
Atlas Stores
Beech-Nut Pack _ _ _20 1,900 4935June 25 53 June 21 4934 June 70% Jan
Jun 51% Apr
• 1,100 31 June 25 33 June 25 31
Blaw-Knox Co
May 84% Apr
200 60 June 27 6034June 27 60
Celotex Co pref____100
Colgate-Palm-Feet. . 1,700 50 June 23 51 June 23 50 June 64% May
Mar 100% June
900 9935June 2510035June 26 97
100
Preferred
Colonial Beacon OIL.* 6,400 13%June 21 14 %June 26 12% Jun 20% Apr
100 9734June 21 9735.1une 21
Columbia Gas & El pf B
310 23 June 23 24 June 26 22% Jan 25% Apr
Comm Creel pfd (7)_25
Apr
100 83%June 27 85 June 26 77% Jan 94
lot pret ex-warr_100
Commercial Invest Tr
Jan 100
Mar
700 99 June 21 993jJune 25 89
100
634%
Jan 115
May
60 105 June 27 105 June 27 99
.
Preferred 7% _ _ _ 100
Feb 104% June
Commonw & Sou pfd..• 2,500100%June 23101 %June 27 99
30 8335June 24 84 June 23 76% Jan 93% Slay
consol Cigar pf (7)_100
20 92 June 23 94%June 23 92 June 98% Apr
Crown-Will let pfd___•
Jan 120
80105 June 23105%June 27 105
Apr
Cushman's SODS 918% *
June 120
1 110 June 23 110 June 23 110
Mar
100
Preferred 7% _
Apr
200 2 June 21 2 June 21 2 Jun • 8
Dul Sup Trac pret 100
%June 21
lio,Jun
%June 23
134 May
Du Pont de Nem rts___ 152,100
Feb1023.4 Nlar
100 IO2%June 21 102%June 21 97
.
Duplan Silk pref _ _100
10 47%June 24 47%June 24 4434 Feb 57% Feb
Durham Sloe 51111pf 100
June 14
30 5 June27 5%June 24 5
Jan
Elk Horn Coal pref._50
100 134June 23 1%June 23 134 June 334 Jan
Emerson Brant Cl B.°
June 80
Mar
50 54 June 21 54 June 211 49
Fash Park Assoc p1.100
200 9635June 25 97 June 21 96% June 100% Mar
Federa min& Sm p1100
Apr
Fourth Nat Investors_* 5,200 2835June 25 3135June 21 28% June 50
Feb
20 78%June 24 80 June 24 78% June 86
Fuller Co 2nd pref.- -•
34 June
%June 21
34 June
%June 21
Gamewell Co rights__ 12,000
Apr
100115%June 25 115%June 25112% Jan 118
General Cigar pret 100
Gen Rattan EdLson_ _ _ 1,10p 35%June 21 363lJune 27 3434 June 4435 Feb
Gen Motors pfd(5) WI" 3,900 9234June 23 93 June 24 92% June 96% June
300 110%June 24110%June 24 104% Feb 115% May
Preferred (6)_ _ 100
Feb 116
June
300115%June 24 116 June 25 104
100
Debentures(6)
100. 87 June 23 87 June 23 87 June 90% may
Print Ink prof.._100
Gen
Gen Realty & Utilities* 4,6001 1234June 23 1334June 21 11% June 19% Apr
Apr
400 85 June 26 88 June 24 85 June 100
•
Preferred
Mar
Gen Steel Castes pt.* 1,500 99 June 21 100 June 21 98 June 101
Jan 109% June
200 106%June 23106%June 23100
*
Gold Dust prof
134 June 1% June
Hackensack Water rts_ 3,840 135June 26 145June 21
._100
20 135 June 25 135 June 2 123% Jan 135
Apr
Helme(0 W)pfd.
Jan
• 1,400 60 June 24 65%June 21 60 June 85
Hercules Powder
Jan 123% June
100
90 120 June 24 123 June 21 117
Preferred
Jan 122
10 122 June 25122 June 25 112
May
Ingersoll Rand pref _100
June
Insuranshares ctts____. 3,800; 934June 26 1135June 24 935 Jun, 13
Jun 19% Mar
Internet Carriers Ltd_* 6,5001 11 %June 23 13 June 21 11
Feb 127
100
300123 June 24 123 June 24 116
Apr
Inter Nickel pref
• 27,500 42 June 21 45 June 23 41% June 45% June
Int Salt new..
Jan 115
50113 June 25113 June 25 108
Mar
KCP&L 1st pi ser B.*
600 8%June 23 8%June 23 7% Apr 9
Mar
Kresge Dept Stores- ...•
Jan
10' 4534June 23 45%June 23 45 Slay 62
100
Preferred
60 108%June 27 115 June 23 108% June 115 June
Kresge(S S) Co pfd _100
20 35 June 24 35 June 24 32% Feb 35
Kuppenhelmer & Co„5
Apr
• 14 400 66%June 25 7234June 24 66% June 973 Apr
,
Lehman Corp
Jan 142% Slay
200 140 June 21 140 June 21 138
Ligett&MyersCo pf 100
• 1,700 5 June 21 5 June 21 5 Jun 10% Star
Maracaibo 011
Marshall Field & Co....• 3,600 35%June 25 37 June 26 3534 Jun.. 48% Apr
200 25 June 23 2534June 27 23% Jan 26% May
Metro Gold Plc pf...27
June 180 June
10 177 June 24 177 June 24 174
Mexican Petroleum_100
700 84 June 21 87 June 24 84 Jun • 110
Feb
MldSt'l Prod lot p1_100
700 145%June 23146 June 23 142% Jan 148
Mar
Nat Biscuit pref___100
1,500 53 June 26 5434June 27 53 June 54% June
National Steel
30 113 June 25 115 June 27 113 June 115% Slay
Nat Supply Pret____100
400 3534June 25 42 June 23 3534 June 54
Apr
Nelsner Bros
• 7,400 1735June 23 2035June 21 17% June 32
Apr
N Y Investors
10 12 June 25 12 June 25 9
Jan 25
Norwalk T & R prof 100
Apr
• 22,000 734June 27 8%June 23 735 June 14% Apr
No Am Aviation
100 82 June 27 52 June 27 7335 Mar 85 June
Omnibus Corp pref _100
660 37 June 21 39 June 24 36 June 56
Oppenhelm, Col & Co_•
Apr
•
60 65 June 21 65 June 21 53
Jan 72
Outlet Co
May
100
10 105 June 2110.5 June 21 102
Mar110
Preferred
Apr
• 2,400 19 June 21 21 June 23 19 June 3534 Apr
Park & Tiltord
200 8%June 25 9 June 25 6
June 12% Mar
Penna. Coal & Coke...50
200 39%June 24 40 June 27 39% June 60% Apr
POOPle3 Drug Stores_*
Pet Corp of Amer_....• 24,500 1830une 25 2034Juno 23 18% June 2734 June
Pierce-Arrow Co p1.100 2,000 6834 June 23 72 June 28 68% June 82
Apr
50 93%June 24 96 %June 26 93% June 10:1
Jan
Pitts Steel pref_100
200 7 June 23 7 June 23 7 Jun 15% Jan
Pitts Terminal Coal 100
900 90%June 26 93 June 23 90% June 103
Jan
Postel Tel & Cab pf 100
330 30 June 23 30 June 23 30
Junel 40
Mar
Prod & Refr Corp pf-50
Pub Serv of NJ td (5)_* 2,300 93,34June 25 9434June 24 91% Junel 9735 June
100 1 %June 24 135Junc 24 135 Jun
1% June
Punta Alegre Sug ctts 50
30 35 June 25 35 June 25 333.4 Feb 3734 Jan
Rand Mines
26 aosoune 21 5934 June 72
Jan
Revere Cop & Brass A • 900 59%June 26 100
120100 June
%June 24 100
100
Star
Apr 104
Preferred
* 7,600 23 June 23 2735Junc 24 23 June 3434 Apr
Reynolds Metal
10 4434June 27 44344une 27 4234 Feb 48% Apr
Shell Tramp & Trad.C2
100 1,400 8935June 27 913.5June 23 893.4 June 9934 June
Skelly 011 pre(
100 2534Jurie 26 2534June 26 2434 June 56 35 Mar
Sloss-Sheff St & Ir_100
100
50 45 June 25 45 June 251 45 June 82
Mar
Preferred
•
30 6 June 25 6 June 25 6
Feb
Jan
Spear & Co
Jan 81
May
130 78343une 23 783lJune 23 71
100
Preferred
4569
FINANCIAL CHRONICLE
JUNE 28 1930.]
3.4
1034
Sales
for
Week.
Range for Week.
Lowest,
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Ind.& Misc.(Cone.)Par Shares. $ per share. $ per share. $ per share. per share.
700 9834June 23 99%June 24 9835 Jun 100% Juno
Stand Gas & El p1(6)__.
500 11135June 23 112%June 27 110% May 11335 June
•
Preferred (7)
Apr
Stand 011 of Kens__ _25 5,300 2935June 25 32 June 24 29 Jun 49
Jan
20 108%June 27 108%June 27 105 June 121
So Porto Rico Sug pf100
Superheater Co(The).* 1,300 35 June 23 4135June 26 38 June 4335 Juno
June 2635 Slay
18,200 13 June 27 18%June 21 13
Thermold Co
1,000 25 June 25 27 June 21 25 Junk 27 Juno
Third Nat Invest
Thompson Products_ _* 2,300 21%June 24 24%June 21 20 Junk 3954 Apr
5,000 9 June 25 103.iJune 21 9 June 1834 Mar
Thompson-Starrett
500 6 June 21 6 June 21 254 AD
634 Jan
Tob Prod dly Ws A._10
Juno
100 434June 25 43lJune 25 2% Jan 6
Div ars C
June
230 125 June 24 126 June 25122% Mar 126
US Tobacco pret___100
Mar
180 108 June 25 110 June 21103% Jan 115
_100
Univ Leaf Tob pref.
100 473lJune 23 4734June 23 4734 Jun 6934 Apr
Vadsco Sales pref___100
Jan
10 144June 23 1434June 23 1434 Jun 22
Van Raalte
May 5434 Jan
10 48 June 25 48 June 25 48
100
lot preferred
40 103 June 24403%June 23100% Jan 105% May
Vie El & Pow pf (6).100
May
10 55 June 241 55 June 24 5134 Jan 70
Webster Elsenlohr p1100
• 1,900 693IJune 25; 7035June 23 6734 Ap 7334 June
Wrigley Co
1
New York City Realty and Surety Companies.
(AB Prices dollars per shore.)
Par Bid
20 95
Bond de Mtge Guar
Home 'Fitle Insurance __ _25 55
20 44
Lawyers Mortgage
Purl
Ask
99 ILawyera Title & Guar_ _ _100
65 ,Lawyers Weetchest MdtT100
48 'Westchester Title di Tr____
Bid I .4.1
250 260
200 250
135 165
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Rate.
Bit!.
Asked.
Maturity,
Int.
Rats.
Biel.
Asked.
dept. 15 1030... 314% 1004,2 icoo. Sept 15 1930-32 314% 100"22 10000
Dec. 15 1930___ 34% 10011,2, 100,2 Max. 15 1930-32 315% 1002.22 10Orn
June 27 1931_ _ _ 2%% 10014n1 10011122 Dee, 16 1930-32 314% 100"n 100yu
-p. 4555.
New York City Banks and Trust Companies.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. June 21 June 23 June 24 June 25 June 26 June 27
High
First Liberty Loan
334% bonds of 1923-47-- LowClose
(Mist 334)
Total sales in 31,000 units_
Converted 4% bonds ofkHigh
1011,2
101
100",, 101
____ 101
,
--__ 100 .:2 100":2 100,122 100":2 1001421
1011,2
-_-- 100u., 100nu 100.4* 101
18
11
6
133
107
____
Close
Toted sales in $1,000 units_
Converted 434% bond/High 102,132 102.22 102.” 1024:2 1024a,
o11932-47 (First 4%s) Low- 1024a, 1021as 102%, 102%, 1024,1
,
Close 1029,2 1021:2 102 ,, 1024,2 1024as
16
27
19
22
4
Total sales in $1.000 units__
--------------converted 43470 lilf03
Second
bonds of 1932-47 (First LowSoc000 434*)
___ _
___
____
____
____
.
Total sates in 31,000 units __.
High 102",2 102":2 102",s 102":2 102",,
Fourth Liberty Loan
Low- 102",2 102",, 102",, 102"22 102"as
bonds of 1933-38
434%
Close 102",, 10221,2 10224a, 102",2 10233ii
(Fourth 434*)
142
51
63
76
265
Total sales in VOW unite__
,
.0 112nu 112 st: 112n,,
High 1122
Treasury
.11233ii
4Le,w. 11233n 11233n 11233
43.4s. 1947-52
,
Close 11221,1 1122tn 112 sie 1122..1
37
I
106
5
Total sales in 31.000 snits...
---- 108"a: 108,122 10834,2 108"a:
f High
-___ 108,3ii 108":2 108"22 10S"22,
{Low_
Is. 1944-1954
,
12
(Close
---- 1082.22 108 (:2 108,, 10820,,,1
31
140
25
56
---Total sates n 31,000 units ___
- --- 105)ois
_--- 1064,2 1064,2
High
105.0
-)
105nu
___- 106
Low_
3%e. 1946-1956
---- 105"s:
___- 1061n 105"n
Close
____
1
128
150
____
Total Calms in 51,000 units___
____ 101",2
High 101'.x.• 1011532 10121.2
--__ 101,722
1,ow_ 101,422 101":2 101'4:
330. 1943-1947
---- 101"a,
(Close 10124,2 101"at 101"a2
____
1
6
375
2
Total sales in $1,000 units __
---- 10127::
a2
, 101"22
{HIV; 10,
---- 101,722
Low_ 101":2 101":2
ne9. 1940-1943
---_
---- 101.2:
Close 101":: 101,2:2
1
Inn
I
10242,
102132
10234
22
10214,2
102242:
10214,2
1029
112"n
112"21
112"22
63
10810,1
108"ss
108",2
52
105"22
105",,
1052422
20
101":1
101"s2
1013422
1
101uss
1013422
101uss
33
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
13 4th 4348_
2 Treasury 434s
1 Treas. 33<s, 1946-56
102":2 10 102",
11230ii to 11230ir
1013in 10 101'',,
Foreign Exchange.
To-day's (Friday's) actual rata.; for sterling exchange were 4.859j0
4.85 15-16 for checks and 4.86 1-1604.8634 for cables. Commercial on
banks, sight, 4.85 9-1604.85%, sixty days, 4.8334 ©4.83%, ninety days,
4.82 7-1604.82%, and documents for payment, 4.8304.83%. Cotton
for payment, 4.853 and grain for payment 4.8531.
To-day's (Fridays) actual rates for Paris bankers' &atlas were 3.92'%@
3.92% for short. Amsterdam bankers' guilders were 40.18040.19 for
short.
Exchange for Paris on London, 123.73; week's range. 123.78 francs high
and 123.73 francs low.
The week's range for exchange rates follows'
Cables.
Checks,
Sterling Actual4.8634
4.85 15
-16
High for the week
-32
4.85 27
4.85%
Low for the week
Paris Bankers' Francs
-16
3.92 13
3.92%
High for the week
3.92%
3.9234
Low for the week
Germany Bankers' Marks
23.85
23.8534
High for the week
23.81
23.8234
.
Low for the week
Amsterdam Bankers' Gulders40.19
40.20%
High for the week
40.16
40.18
Low for the week
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 4553.
A complete record of Curb Exchange transactions for the
week will be found on page 4588.
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.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
June 21.
Monday.
June 23.
Tuesday.
June 24.
Wednesday. Thursday.
June 28.
June 25.
Friday.
June 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
26
80
26
1376
26
80
26
*72
26
81
3126
1376
2612 26
77
*70
•BIS and fated prices; no sales an Ella day.
2612 *26
2614
7612 781
/
4
79
Industrial & Miscellaneous
No par
1,300 Abitibi Pow & Pap
100
101 Prearred
&au% nook dividend paid,
s 181-dividend.
PER SHARE
Range for Previous
Year 1929.
Lowest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Railroads
Par
19615 205
19612 202
41,000 Atch Topeka & Santa Fe-100
19812 21218 194 200
20812 210 20518 209
2,500 Preferred
10712 10712 z10412 107
10614 108
1074 103
/
1
10614 10614 107 107
IGO
2,000 Atlantic Coast Line RR...-100
153 15312 154 155 *15212 159
155 157
156 156
156 156
4
27,000 Baltitnore & Ohio
993 102
9912 102
4 99 101
/
1
4
10118 10214 100 10314 9814 1033
10
8012 8012 1,800 Preferred
4
4 8012 8114 X80'4 81
8214 8214 8114 8214 813 813
100
1,600 Bangor & Aroostook
6412 65
70
67
70
*6812 74
68
67
65
69
69
50
20 Preferred
11124
1
113 113 1311212 113 *11212 113 . / 113 *11212 113
*11212 113
100
88
90
300 Boston & Maine
79
80
*85
79
*70
86
79
1380
*80
86
100
1318 *13
*13
131 *13
/
4
1314 13
13
1314 1,300 Brooklyn & Queens Tr_No Pa
1318 1318 *13
5912 59,2 *571 61
200 Preferred
*5712 61
*5912 61
/
4
*5912 61
60
60
No pa
64
5.800 Billyn-Manh Tran v t c_No pa
64 .61
6312 60
/ 6112 64
1
4
/ *61
1
4
611 6118 6014 62
/
4
100 Preferred v I c
*85
90
90
*80
90
90
4180
91
90
*90
1390
91
No pa
Brunswick Term & Ey Sec_100
4,500
/
4
8
1312 12
4
8 1214 1312 13
1212 127
127
8 123 131 127 13
187 192
/
1
4
1851 1877 188 1893 13,400 Canadian Pacific
4
/
4
1844 187
8
/
1
8
187 1883 186 191
100
171 172
174 17512 17,300 Chesapeake & Ohio
173 176
172 174
4
173 1743 173 175
100
/ 1,400 Chicago & Alton
1
4
412 4
412 4
/
1
4
*412 5
44 412
/
1
5
5
100
453 5
/
4
412 5
412 41 1,700 Preferred
*5
5
/
1
4
5
5
*41 5
/
4
412 5
10
Chic & Pant Illinois RR.....
•___ 20 *____ 20 *___ - 20 •__ 20 •____ 19 •____ 19
-100
35 •25
33
35
35
300 Preferred
*25
35
33
*25
3
25
•__ _ _ 32
100
912 15,000 Chicago Great Western-100
93
8
812 9
9
812 9 8
9
3
83
4 9
834 9
3034 2718 2912 2812 31
3112 27
29
/ 31
1
4
19,900 Preferred
29
3118 32
100
1312 1418 1312 14
1212 1314 12
/
4
/ 12,600 Chicago Milw St Paul & Pao
1
4
/ 1312 131 13
1
4
13
/ 14
1
4
217 223
8
4 21
/
1
/
1
22.600 Preferred new
4 224 23
221 2212 214 23
2212 2112 223
/
4
/ 711 68
1
4
/
4
/ 7114 66
1
4
68
674 684 9,200 Chicago & North Western-100
/
1
7112 7214 70
6714 67
/
1
13014 132 *126 13512 *125 13512
300 Preferred
•132 13512 *132 13512 41132 134
100
95 1017
/
1
4
8 95
8
96
4 9712 1011 15,200 Chicago Rock Isl & Pacific_100
100 1031 100 101
983 993
4
*10512 107 *10512 108
106
105 10512 *10512
/
1
4
400 7% Preferred
1061 1061
/
4
*10512 106
100
9912 100
99
99
1,900
10012 10012 9914 10014 100 101
% preferred
99
99
100
200 Colorado & Southern
65
65
*61
65
*65
82
*61
80
65
70
82
*66
100
*78
79 4 78
3
300 First Preferred
80
*78
79
78
•75
78
78
81
*72
100
68
*63
68
*63
*63
68
•63
68
*63
Second preferred
68
64
*63
100
55
55
55
55
55
55
58
55
553 56
4
2.400 Consol RR of Cuba pref-100
56
55
3
9.500 Delaware & Hudson
4
15412 154'2 15214 15412 150 153 4 146 14812 147 1483 149 149
100
/
4
1111 113
112 11214 11314 1193 116 11714 5,000 Delaware Lack & Western 100
11114 114
4
11214 113
55
3153
49
55
1053
2.100 Deny.& Rio Or West prof-100
50
45
53
49
50
55
55
4
/ 363 37 8 3614 38
1
4
4
5
38
/ 365 39
1
4
3818 20,900 Erie
8
3714 3712 363 37
100
55
/ *53
1
4
55
56
5.5
1,100 Firat preferred
5312 54
56
*53
57
56
*55
100
54
52
53
1352
54
700 Second preferred
50
*50
51
54
53
1350
53
100
743 79 z713 72
4
8212 7912 82
9,400 Great Northern preferred-100
74
741
723 75
4
4
82
7212 78
79
79
6.400 Pref certificates
z67
69 4 6812 73
3
7012 73
80
*78
100
/ 30 4 2814 3014 1330
1
4
3
3012 3014 3014 2,400 Gulf Mobile & Northern -100
4
*303 3314 3112 3112 29
91
92
94
*91
9014 9014 •91
94
700 Preferred
91
91
90
90
100
4
*11 4
/
4
al
*1
4
4
Havana Electric By___No par
*1
4
4
*1
•1
*52 -- *52
Preferred
*48
100
*335___ *335
_ *335
_ *335
Hocking Valley
__- *335
100
-12 41 lila 427 44
8
427 4312 5,900 Hudson & Manhattan
8
-58 4212 4 18 42 12
-424 i2
/
1
100
115 116
/ 11314 115
1
4
11412 115
116 117
6,000 Illinois Central
114 115
*11612 118
100
*7218 75 1 *7218 75
KR See Stock certificates-.
*721 75
/
4
*7218 75 .7218 75
*721 75
/
4
24
2212 2312 24
2214 244 *23
3,800VInterboro Rapla Tran v t 0-100
/ 2312
1
4
/
1
24
2312 2414 22
243 *2018 23
41
50250Ry8 of Cent America-100
312018 244 412018 243
2312 2312 *22
/
1
132018 25
4
6818 6818 6518 6518 68 68
3801 Preferred
6818 69
6712 68
*6818 73
100
6318 58 4 584 *5712 65
70
200,Kanaaa City kiouthern
4
1361
3
/
1
6114 6114 *583 6314 1359
100
67
10 5
6
67
5001 Preferred
65
6518 1365
67
67
1365
67
/ 68
1
4
/ *
1 61
4
100
/ 843
1
4
8 57
3
/ 60
1
4
3
/ 5818 60
1
4
6312 63 4 63 4 60
5,600'Lehigh Valley
58
6118
6312
50
127 131
132 13212 130 135
13112 1311: 2,500 Loulaville & Nashville
130 131
132 132
100
25
243 243
/
1
4
2418 2412 3,100 Manhat Elf', modified guar100
2712 254 2512 25
27
4 2412 25
*19
20
19
19
19
*19
20
200 Market St Ry prior pref_100
*19
2012 19
20
*19
112 *118
11 14 *118
/
4
1
/
1
1
1,400 Minneapolis & St. Louls_100
118 118
*118
14
/
1
P2
25
*20
Minn St Paul & 8 S Marie_100
_
•20
___
28
*15
5712 *55
55
/ *55
1
4
5412 *55
571 iii -&171-2
50 Leased lines
5712 5412 -*5412 25100
/ 354 33
1
4
/
1
/ 351 341 3614 22,300 MO-Kan-Texas RR_--No Par
1
4
/
4
3312 3614 32
36
/
4
8 35
35
/ 367
1
4
997 gips 984 99
8 9814 98
/
1
/ 9814 983
1
4
/
4
/ 981 9812 981 99
1
4
/
4
3,900 Preferred
100
57
60
/ 58
1
4
61
613 6212 3.700 Missouri Pacific
4
6114 63
651 6514 6318 65
/
4
100
8
119 12012 1155 1155 119 1197
8
120 122
/
1
4
8 5,300 Preferred
/
1
4
/
4
12018 1201 119 122
100
20 Morris & Essex
3
4
4
*8214 85 4 *8212 85 4 8212 8212 *8212 853 *8212 853 138212 853
50
3
*9612 112 *104 119 *105 119
10 Nash Chatt & St Louis__ _100
*96 114
115 115
13115 117
/
1
4
7,
3
*1 1
/
4
*3
4 1
*3
4 1
3
4
3
4
400 Nat Rye of Mexico 20 pref _100
*4 1
3
4
42,700 New York Central
3
155 15512 15218 15814 150 4 15312 1533 15812 :15312 157
15518 157
100
96
9514 9612 94
4
97
093 993 10154 10212 2,000 N Y ChM & St Louis Co_ _100
4
96
98
*96
/
1
1074 10814 10812 10812:
300 Preferred
3108 108
*104 109 31105 108 *106 108
100
195 200 I 19512 198
350 N Y & Harlem
18112 195
/
4
1881 191
188 192
195 195
50
9814 1033 109,800 N Y N H & Hartford
99 103
4
9714 100
9714 104
/ 10312 105
1
4
103 104
/
1
4
100
117 11712
11714 118
900 Preferred
118 118
119 120
120
4
*120 1223 120
85
8 9
2,000N Y Ontario & Weatern_100
4 914
8
/ 9
1
4
83
3
912 9 4
94 972
/
1
8
/ 9
1
4
*11 2
/
4
*112 2
100 N Y Railways pref....No per
/
4
112 112 *11 2
*112 2
*113 2
118 •118
50 N Y State Rya
11
/
4
11
/
4
118
8 *118
17
11 •1
/
4
*1
100
17
8 *1
100 Norfolk Southern
10
15
15
10
3110
*6
15
*10
*6
100
15 *____ 15
220 224
5,700 Norfolk & Western
21314 224
220 22612 215 219
22012 223
223 223
100
•85
5812
230 Preferred
85
85
85
85
8812 85
85
100
*8512 8812 *85
6,500 Northern Pacific
73
7118 72
/
1
69
100
75181 7112 73
/ 7212 664 6812 72
1
4
74
5,800 Certillcatea
71
8 68
6712 697
6312 67
70
8 67
/ 7014 67
1
4
70
100
703
i00Pacifir Coast
9
9
*7
13
8
100
1
/
4
/
4
/ 7012 7014 711 711 7218 42,100iPennsylvania
1
4
3
7012 72
70
7114 70 8 7214 69
00
100 Peoria & Eastern
*10
12
15
•10
15
12
15
*8
13
*10
*10
14
100
2,0001 Pere Marquette
/
1
1304 13012 1304 133 •133 137
/
1
13012 13012 13012 132
13014 131
100
180 Prior preferred
9714 971 9514 9514 9714 9712
98
9912 9912 99
/
4
98
99
100
*97
98
*97
98
Preferred
98
1397
*953 98
4
*953 98
4
*953 98
4
100
93
93 .85
FItt8burgh & West Ya
93 .85
1385
'85
90
88
3185 100
1385
100
11,800 Reading
1031 105
/
4
/
1
102 1044
100 103
108 108
10218 107
107 107
50
100 First preferred
.48
50
•48
50
48
*48
48
50
50
1348
50
1348
50
1,400 Second preferred
48
48
48
48
*484 49
48
/
1
48
4814 4814 48
48
50
100 Rutland RR pref
3142
50
50
•42
42
50
*30
50
3142
42
50
3142
100
8712 9012 17,500 St Louis-Ban Francisco
92
97
99
100 100
4
911 9714 873 911 89
100
/
4
/
4
100
/ 96
1
4
9312 9312 9118 2,500 1st pref paid
93
98
9612 96
93
95
93
96
553 5912 60
4
3,300 St. Louts Southwestern
62
59 4 5714 80
3
59
58
100
58
/ 6318 5712
1
4
200 Preferred
86
86
1385
100
8
8812 8812 8812 *85
*813 88
88
*843 88
4
1,800 Seaboard Air Line
612 718
100
63
4 73
8 *63
6
/ 612
1
4
4 7
6
/ 7
1
4
8
/ 6
1
4
/
1
4
1512 e____ 15
800' Preferred
3112
3112
16
18
16
16
100
16
*10
110 11214 14,600 Southern Pacific Co
111 11112 110 11134 108 110
100
11034 112
11118 112
60.500 Southern Railway
1004 104
/
1
961 103
/
4
/ 9014 97
1
4
944 9912 9512 98
/
1
10018 102
100
4 1,500 Preferred
4
9812 2964 963
/
1
/
4
*98
100
4
963 901 953 953
4
4
4 963 9634 963 97
700 Texas dr Pacific
11612 11612 •117 130
110 110
•115 4 120
3
100
115 117
/
1
4
110 110
812 1,500 Third Avenue
712 712 *8
714 73
100
4
7
712 *714 8
714 712
300'Twin City Rapid Transit-100
11
11
*1114 12
*113 12
*1118 12
8
8
1118 111 113 12
/
4
20 Preferred
/ 70
1
4
*6412 65
6314 6314 •63
*6314 65
100
136412 63
*6412 65
20518 209
2081 210
/
4
205 213
4
100
200 20412 203 20514 2023 20734 10,000 Onion Pacific,
83
/ 83 2 8314 8314 83 4 83 4 8312 83 4 8314 847
1
4
100
3
3
8 83
/ 8352 1.800 Preferred
1
4
3
3
3,700 Wabash
34
3312 3312 33
8 33
100
333
324 325
4 30
343
/
1
4 3212 34
300 Preferred A
75
713
4
1370
75
100
75
*72
71
75
*66
75
1370
*70
19. 2134 20
/
1
4
100
/
4
2214 194 21
/ 2114 231 33,700 Western Maryland
1
4
/
1
191 21
/
4
2018 22
/ 20
1
4
2012 2212 2212 19
100
2212 2.800 Second preferred
20 g 20
19
2212 *21
21
1,400 Western Pacific
20
20 20
1812 1918 18ss 184 20
100
20
20
20
/
1
20
100
/ 403
1
4
40
/ 4018 3914 393
1
4
4
4 38
/ 3914 38
1
4
8 39
4 383 3912 2,600 Preferred
/ 383
1
4
26
*76
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
Highest.
Lowest.
Highest.
$ per share
194 June 25
102 2 Jan 3
3
153 June 25
9814June 21
7814 Feb 10
63 Jan 3
109 Feb 28
79 June 24
10 Jan 11
3
5 May 3
583
8June 18
84 Jan 6
/
1
4
11 June 19
8June 25
1843
171 June 25
414 Jan 8
412June 21
1414 Jan 7
33 June 27
812June 24
27 June 24
1212June 25
2012June 18
66 June 25
13014June 25
95 June 25
105 June 16
z98 June 6
65 June 18
8814 Jan 3
65 Jan 23
49 Jan 2
146 June 25
11014June 18
45 June 27
3518June 18
5312June 25
50 June 25
4June 25
713
67 June 25
28141une 25
90 June 21
3
/
1
4May 10
58 May 9
450 Jan 25
41 June 25
11314June 25
70 Jan 2
20 Jan 3
/
1
4
2312June 23
4
612 Jan 2
4June 25
583
65 June 25
5758June 25
127 June 25
2418June 27
17 Jan 10
1 June 27
2712May 14
54 Jan 3
32
/
1
4June 25
9814June 23
57 June 25
1154June 26
/
1
813 Jan 29
4
115 June 23
3 Feb 5
4
150 4June 25
3
94 June 2'
10714 June
4June 18
1783
9714June 24
116 June 18
812June 18
112June 24
1 June 4
10 June 27
21314June 26
83 Feb 3
66
/
1
4June 25
6312June 25
7 Jan 3
8June 25
697
12 June 25
130 June 16
94 4 Jan 31
3
95 Jan 7
90 June 16
100 June 25
4418 Mar 11
47 Jan 4
/
1
4
42 June 19
8712June 27
92 Jan 2
15218June 25
85 May 7
6 June 17
16 June 21
108 June 25
9014June 27
4June 27
953
110 June 26
612June 18
1012June 20
13314June 20
200 June 25
82 Jan 17
/
1
4
30 June 27
71 June 27
18
/
1
4June 18
19 June 25
17 June 19
8June 25
383
per share
24212 Mar 29
108 June 24
17512 Ma, 18
1224 Mar 31
/
1
8412May 14
8412 Mar 29
11814June 4
112 Feb 8
/
1
154May 22
:
601 May 29
7812 Mar lb
94 May 29
/
1
4
33 Apr 23
2263 Feb 10
4
24134 Mar 28
10 Apr 2
1058 Apr 11
28 Mar 28
52 2 Mar 26
7
1734 Mar 31
52
/
1
4May 16
264 Feb 7
/
1
4814 Feb 10
89 Feb 8
/
1
4
3
140 4June 3
12518 Feb 14
1103 Mar 20
2
108 Feb 7
915 Feb 13
80 June 19
75 Apr 23
82 Apr 10
181 Feb 8
153 Feb
80 Mar 28
63 4 Feb 14
3
/
1
4
67 Feb 19
621 Feb 19
:
102 Mar 29
9914 Feb 21
461 Feb 17
/
4
9814 Mar 10
818 Jan 17
72 Jan 2
525 Mai'29
533 Mar 25
8
1363 Apr 22
4
77 May 13
391 Mar 18
/
4
82 Jan 16
/
1
4
73 4Mar 7
1
8
843 Mar 29
70 Apr 18
847 Mar 31
2
13812 Apr 4
40 Mar 18
12
2512 Feb 13
212 Apr 5
85 Feb 7
5912 Feb 21
663 Apr 14
2
1083 Mar 27
s
9812 Mar 6
14512 Mar 6
84 Apr 11
132 Mar 25
114 Jan 11
19234 Feb 14
144 Feb 10
tio34May 14
324 Feb 8
12818 Mar 29
1351
:Mar 21
1714 Mar 31
4 Jan 18
/
1
4
2 Feb 6
/
1
4
334 Feb 14
/
1
285 Feb 18
8814May 29
97 Feb 21
9834 Feb 21
197 Apr 9
8
88 Mar 31
/
1
4
2412 Mar 31
16412 Apr 10
101 May 17
99 Apr 15
1213 Feb 11
4
14112 Feb 6
53 Feb 21
57 Feb 6
871
4Mar 5
118 Mar 27
/
1
4
101 Apr 2
4May 16
783
9914May 21
1212 Feb 15
28 Feb 7
127 Feb 10
1363 Jan 13
4
101 Mar 20
145 Apr 24
1512 Mar 20
311 Jan 29
/
4
79 Feb 3
2423 Mar 29
4
8812 Mar 29
874 Apr 1
/
1
891 Apr 8
/
4
36 Mar 29
38 Mar 28
3012 Mar 29
5312 Mar 19
per Mare
1954 Mar
/
1
99 May
161 Nov
10514 Nov
75 June
Oct
50
y10314 Oct
85 Apr
7 Nov
44 Nov
Oct
40
7612 Nov
412 Oct
185 Dec
160 Nov
4 Nov
312 Nov
15 Dec
3634 Dec
7 Nov
17 Nov
11
16 Nov
2812 Nov
75 Nov
134 Apr
101 Nov
100 Nov
/
1
4
94 Nov
8614 Dec
6512 Oct
64 Apr
45 Nov
14112 Oet
12014 June
49 Oct
4112 Nov
5512 Nov
52 Nov
8514 Nov
8512 Nov
18 Nov
70 Nov
612 Dec
55 Feb
370 Nov
34
/
1
4May
118 Nov
70 Nov
15 Oct
25 Nov
6114 Dec
60 Oct
63 Nov
65 Nov
110 Oct
24 Oct
1412 Nov
114 Nov
35 May
51 Dec
2718 Nov
7
93 s Nov
48 Nov
105 Nov
75 8 Oct
3
173 Nov
1
Oct
160 Nov
110 Nov
100 May
155 Oct
" 7 Jan
10 2
1145 Jan
8
8 Nov
112 Dec
1
Oct
1412 Dec
191
Jan
82 Nov
7518 Nov
75 Nov
4 Dec
/
1
4
7212 Mar
17 Dec
140 Nov
94 Nov
90 Nov
90 Nov
10112 May
/
4
411 Apr
43 3May
6
49
/ Oct
1
4
101 Nov
87 Nov
60 Nov
84 Oct
9 Dec
/
1
4
1614 June
105 Nov
109 Nov
93 June
115 Nov
612 Nov
2014 Dec
75 Dec
200 Nov
80 Nov
40 Nov
82 Nov
10 Oct
14 Nov
/
1
4
15 Oct
3712 Nov
per share
2984 Aug
/
1
1044 Dee
/
1
20912 July
14518 Sept
81 Dec
903 Sept
2
115 Sent
145 July
15 Dee
85 Sept
817 Feb
8
92 Feb
/
1
4
4418 Jan
269 Feb
/
1
4
2793 Sept
4
1934 Feb
25 4 Feb
3
43 Feb
667 Fel:
8
23 2 Feb
7
63 Jan
/
1
4
/
1
4
44 Aug
8814 gepi
10812 Aug
145 Feb
1431: Sef,t
109
Oct
103 Nov
/
1
4
134 July
80 Jan
7212 Mar
70 Jan
/
1
4
226 July
169 4 Sept
3
773 Feb
4
9312 Sept
6614 July
/
1
4
63 July
12814 July
122 July
/
1
4
59 Feb
103 Jan
1112 Apr
73 Dec
/
1
4
800 001
/
1
584 Jan
15312 July
8018 Feb
38118 Feb
59 .1313
8014 Jan
108 July
/
1
4
7012 Jan
10214 Feb
154 4 Sept
1
5712 Jan
3912 Jan
3 4 Jan
3
6112 Sept
86
Jan
65 4 July
3
10712 Apr
1014 July
/
1
149
Oct
865 Jan
3
240 Aug
3 8 Jan
5
25612 Aug
192 Aug
/
1
4
110 Dec
379 Jan
13212 Oct
4
1343 Aug
32 Feb
9 Feb
/
1
4
1414 Mat
4812 Feb
290 Sept
8714 May
11878 July
1144 July
/
1
43 Feb
110 Aug
35 July
260 Aug
101 Mar
97 Jan
1483 Jan
4
1473 Sept
4
50 Sept
603 Sept
4
7414 Sept
133 AMC
/
1
4
9812 Feb
1514 Feb
94 Apr
211 Mar
/
4
4134 Oct
15712 Sept
16218 Sept
100 Dee
181 May
39 Fen
5814 sun
100 Jan
297 Aug
/
1
4
8512 Bent
811 Jan
8
1047 Jan
s
54 Pea
53 Feb
/
1
4
417 Mar
8
87 4 July
1
22 Jan 18
647 Jan 17
2
42 Apr 9
/
1
4
8612 Apr
3414 Dec
fig 1s/n
574 Aug
mea
g Ex-rights. a Ex-dividend & ex-right&
New York Stock Record-Continued-Page 2
4571
For Wes during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Salurday. 1Monday.
June 23.
June 21.
Tuesday.
June 24.
Wednesday. Thursday.
June 28.
June 25.
Friday.
June 27.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share S per share Sharer
Railroads (Con.)
Par
*
48
8018 4314 48
42
.43
/ 69
1
4
43
4312 44
*40
42
600 Abraham & Stranee____No par
*108 110 *108 10913'108 10912 *108 110 *108 10913 *108 10912
Preferred
100
/ 2212 247
1
4
225 23 4 2214 25
8
3
2214 2318 23
233
4 2314 24
31,500 Adams Expreaa
No par
*88
88
90 I 88
*88
90
*8812 88
88
87
*88
100
88
300 Preferred
277 27 4 2613 27 8' 28
8
2818 274 2714 27
5
7
2714 2714 275
No par
3 1,500 Adams Millis
10
10
10
10 I
10'2 10
10
9
0
10
,
3,100 Advance Rumeb
812 9
100
*18
*19
22
22
157 15
/ 1818 1812 18
1
4'
18
18
/ 1913 1,600 Preferred
1
4
100
5
8
3
4
53
3
4
58
3
4
900 Ahumada Lead
58
kt
1
3
5
8
Iss
115% 119
114 12218 116 1235 115 119 I 11812 1234 11818 124
8
/
1
64,200 Mr Reduction. Inc
No par
18% 18% 16
1918, 16
1814 19
17
17
17
17
/ 17
1
4
3,600 Air-Way Eleo APplianceNo par
1
11
/
41
118 1181
114 114
118
1
11 118 3,200 Ajax Rubber. Inc
/
4
1
No par
11
/
4
513 513
558 5 4
3
5
/ 553
1
4
55
8 58
518 513
47
8 55
8 9,100'Alaska Juneau Gold Min---10
812 812
*812 10
814 814 *814 918
8
818 814
8141
900 Albany Port Wrap Pap_No par
18% 19
/ 183 1913 18 8 20
1
4
4
1814 1918 183 20
5
4
*
8
185 197 59,500 Allegheny Corp
No par
94
*
90
87
9112 90
91
91
92
*88
93
*88
93
1,000, Prof A with $30 warr____100
*90
93
90
90
90
90
90
90
*89
90 .
89
90
4001 Fret A with $40 warr_-__100
* 8 92
847
*847 92
*847 92
8
8
*8438 92
•844 92
/
1
*843 92
8
I Fret A without warr-___100
236 248
22312 248
23614 24813 232 248
245 2544 24713 263
/
1
32.700 Allied Chemical & Dye_No par
*123 125 *123 125 *123 1243 123 123 *123 125 •123 125
4
100
100 Preferred
50 503
4 4814 511 50
/
4
4913 5013 50
513
4 4818 50
511 21.500 Allis-Chalmers Mfg ----No Pa
/
4
*2712 27
/ 2713 271 *2512 29
1
4
2512 2512 24
2514 25
700:Alpha Portland CementNo pa
25
2314 23 8 2214 233
5
2212 23
2113 2213 2212 224 2253 23
/
1
8,3001 Amerada Corp
No par
*5 4 618
3
513 52
63
513 512
8 53
8 *5
/ 513
1
4
512 5% 1,100 Amer Agricultural Chem__100
245 253
8
4 24
2418 2412 235 24 I 23
243
8
2413 2313 2413 5,500. Preferred
100
70
7113 6813 71
70
7212 *89
7312 88
70 I 70
701 3,900 Amer Bank Note
/
4
10
I *8213 63
625 625
*6212 631
8
8 6238 6213 *611 62
/
4
6114 811
/
4
300 Preferred
60
7
7
*7
71
*812 7
6
/ 812 *8
1
4
63
4 *612 7
200 American Beet Sugar-No Par
: 30
30
2913 291
2913 30
27
29
28
30
/ 30
1
4
3014 6,800 Amer Bosch Magneto_No pa
43
43
4213 4212 4213 4213 42
42 42
42
417 4178 2,500 Am Brake Shoe 4cF----No Pa
8
*120 124 •____ 120 *____ 1211 *__- 121 •____ 121
/
4
121 121
30 Preferred
100
12
1218 13
/ 137
1
4
123
/
1
8 1218 134 117 12
3 12
8
/ 15.000 Amer Brown Boveri El_No pa
1
4
13'l 12
6813 68's 70
*
8814 75
8812 881 *883 70
4
70
*683 70
4
100
80 Preferred
. 11018 116
10913 116
11338 11814 334.900 American Can
10814 11313 113 118
110 118
2
145 145
145 145 3,145 14512 14412 145
14412 1443 •144 145
4
1,800 Preferred
100
4418 45
42
43
45
49
43
/ 4414 42
1
4
50
4814 5013 4,700 American Car & Fdy-No Pa
99
99
*9518 100
100 100
*95
98
9514 98
100 100
1,300 Preferred
100
90 90 '
389 893 •89
91
4
89 89
*8812 95
*881 95
/
4
200 American Chain pref
100
•39
42
3712 4118 403 41
394 41
4014 411 40
/
4
417
8 5,000 American Chicle
No pa
10
1018 10
10
1018 101 10
/
4
10
9 4 10
3
3,500 Am Comml Aloohol
91 10
/
4
No pa
*16
20
20
15
*16
21
16
20
18
•18
*18
20
600 Amer Encaustic Tiling_No Pa
/
1
3413 344 34
35
33
/ 3312 3318 34
1
4
347 3813 .36
g
3612 1.700 Amer European Sec'e No par
59
63
5814 647
813 6413 6114 641e:178,490 Amer & Forn Power.__No par
60
4
/ 65% 59
1
4
63
PER SHARE
Ranee Since Jan. 1.
On basis of 100-share lois
Lowest.
Hiehesi.
PER SH A R.E
Rano for Previous
Year 1929.
Lowest.
Highest.
Per share $ Per share $ per share $ per char
42 June 25 66 Apr 21
43 Dec 1594 Jan
/
1
4
104 Jan 11 110 Feb 11 100 Nov 1124 Oct
8Ju11e 18 374 Mar 31
217
20 Nov 34 Noy
8514 Feb 4 92 Mar 27
84 Nov 96
Jan
23 Jan 23 32 Mar 31
19 Nov 357 Jan
8
8 June 17 234 Jan 24
7 Oct 2Q47 May
154June 24 414 Jan 29
/
1
16
Oct 119 May
11 Mar 28
/
4
/ Dec
1
4
4. Feb
12 Jan 4
114 June 23 1563
77 Nov 223 Oct
8June 2
/
1
4
18 June 23 36 Mar 24
181 Dec 4874 May
/
4
1 June 18
1 Dec 114 Jan
24 Jan 9
4 June 18
/
1
4
4 Nov
/
1
4
1014 Jan
918 Jan 7
8 June /5 1512 Feb 17
5
Oct 25 Jan
18 June 18 3514 Mar 31
17 Nov 564 Sept
87 June 23 10713 Feb 11
90 Nov 118 4 July
3
90 June 19 99 Apr 11
/
1
4
8914 Jan 27 9814 Feb 24
354ig Aug
232 June 25 343 Apr 17 iff" Nov
/
1
4
121 Jan 2 12614 Apr 1 118 Nov 125 AD?
4818June 25 68 Mar 11
3518 Nov 754 Sell
/
1
24 June 26 4214 Mar 27
23 Nov 23 Nov
174 Oct 433 Jan
18 Jan 16 3112June 3
8
458June 18
1038 Mar 31
4
Oct 234 Jan
23 June 28 89 Apr 1
18 Nov
7334 Jan
68 June 18 97% Mar 27
65 Nov 157
Oct
61 Feb 3 683 Jan 31
57 July 65 4 June
3
4
8 June 10 12 Jan 16
514 Dec 2012 Jan
27 June 25 547 Feb 14
27 Nov 7612 Sept
8
417
8June 27 543 Mar 20
404 Nov 62 Feb
8
1181 Jan 14 128 Feb 13 113 Nov 12612 Mar
4
83 Jan 16 213 Apr 25 • 418 Oct 34 4 June
8
4
3
6013 Jan 3 8133
49 4 Jan 104 June
4May 26
3
10814June 25 15612 Apr 16
86 Nov 1844 Aug
140, Jan 27 147 June 2 1334 Nov 145 Dec
4
42 June 23 824 Feb 6
75 Nov 10612 Jan
95 June 18 116 Jan 4 11011 Oct 120
Jan
757 Jan 3 101 Mu 28
a
704 May 9518 Oct
36 8 Jan 2 5114 Apr 3
3
813 Sept
27 Nov
8
913June 27 33 Jan 16
20 Oct 55 May
15 June 24 304 Mar 31
1814 Nov
4
473 Feb
331/June 19 5912 Mar 31
23 Nov 9812 Sept
6814June 18 1013 Apr 16
50 Oct 1994 Sent
4
*107 108 *107 108 *107 108
10614 10'71 1063 1063 10713 10713
4
41
500 Preferred
No par itypoune 19 11112 Apr 29 1014 No 1084 Feb
94
9211 9258 9212 93
94
9313 931 •9313 95 I *9313 95
1,100 2d preferred
No par 9212June 23 1004June 11
/
1
8614 Oct 103 Feb
1 28 j 26
2513 2818 25
253 26
8
2512 247 253
8
4 25
25
3,300 Am Hawaiian S S Co
10 197 Jan 2 334 Mar 19
8
1712 Dec 42 Apr
4
4
*412 5
/ 47
1
4
411
8
312 4 1 •314 5
4
412
900 American Hide & Leather_100
313June 26
312 Dec 10 Jan
7 Apr 10
22
22
2218 22
*2113 223
4 211 21131 1718 21
*1713 19
/
4
1.800 Preferred
100 1718June 26 347 April
2314 Nov 524 Aug
s
*5513 584 55
/
1
56
/ 571 •56
1
4
/
1
'
67
5613 5612 1,800 Amer Home Productit_No par 55 June 26 693 Mar 20
5518 554 65
40 Nov 85 s Jan
3
4
3314 35
32
/ 325
1
4
32
321
8 32
31
3113
313
4' 3212 3213
4,600 American Ice
No par 31 June 18 417 Mar 27
29 Oct 5311 Aug
8
2934 323
28
28 4 31
/ 311
1
4
3
29
31 I 30
/ 3214 3018 3214 31,900 Amer Internet Corp
1
4
No par 283
4June 21 683 Apr 2
3
2912 Nov 96 4 Sept
3
2
•13
• 2
11 2
4 2
/
4
13
4
2
2
"11 218
/
4
90 Amer La France & Foamite-10
87 Jan
'Nino°23
;
4 Apr 2
24 Oct
*2212 25
1341/4
*2213 25
223 223 *2214 25 I 2212 221z 02213 25
4
30 Preferred
100 2213June 26 38 Feb 14
27 Nov 75 Feb
/
1
4
/ 4918 501
1
4
4918 491
491 484 49
/
4
'
49
' 49
492*
48
48
/ 4,100 American Locomotive_No par 48 June 27 105 Jan 6
1
4
90 Nov 136 July
98
9814 99
*994 991
*
9918 100
98 I *971 99
/
4
"9718 99
400 Preferred
100 98 June 25 11812 Mar 1 1114 Nov 120 Dee
188 190 •190 19412 196 202
180 188
18514 192
198 198
2.100 Amer Machine & Fdy __No par 180 June 23 2843 Apr 30 142 Nov 27934 Oct
4
3213 3213 3012 32
32 1
3118 32 1 35
3514 34
34
6,700 Amer Metal Co Ltd__No Par 3018.Iune 16 5112 Feb 7
314 Nov 814 Feb
*107 11312 *103 108 •103 108 *103 109 •103 108 *103 108
Preferred (6%)
100 109 June 17 116 Feb 18 106 Nov 135 Feb
*____ 79 *---_ 75
70
75
70
70
70
180 Amer Nat Gas pref____No par 65 Jan 23 95 Mar 27
58 Nov 984 Jan
1
7 1.4. 7
7
g
7
.7
8
7
8
7s
a
*711
1
2,300 American Plano
No par
177 Jan
8
34 Dec
12 Feb 7
27 Mar 31
8
7814 821
75
821
1 . 7814 81
72 4 79
3
/ 76
1
4
80
78
8212 14.000 Am Power & Light
644 Nov 17534 Sept
iJune25 11938 Apr 1
No Par 723
I 103 103
99
*9812 102
*97 102
99
1013 102 *10018 102500 Preferred
4
No par 99 June 25 107 Mar 24
924 Oct 105 Feb
•74
L7412 82
82
*763 82
*7812 82
4
80
804 78
78
1.000 Preferred A
No par 75 Jan 8 85 Mar 20
70 May 80 Feb
831 84
/
4
8413 841
7
8314 8314 83
8314 83
83
/ 8314 84
1
4
2.100 Pref A stamped
No par 80 Jan 6 883 Mar 21
727 Not 844 Feb
a
4
2418 251
23 8 24
5
2413 25
23
/ 243
1
4
4 24
247
8 2412 251 83.000 Am Rad & Stand Ban'ry No par 233
/
4
Oct 554 Sett
28
8June 25 39 Apr 7
/
1
4
1812. 1612 16
173
3 167 173
1512 18
3
4
17
17
181,1 161
, 2 000 American Republica
No par
1614June 17 87 Mar 25
3
124 Nov 64 4 Jan
511 53 8 5118 541 511 5512 017 533
/
4
5
/
4
2
4 63
Mg
Mk lift
Amer Rolling Mill
25 5118June 23 1007 Feb 17
60 Nov 1444 Sett
8
57
59
5712 55
58
6813 55
55
57
b l .2 ••••
.... 4 •4 AA American Safety Rasor_No pa
5212June 18 6738 Apr 26
44 Nov 743 Jan
4
*
8
10
*514 10
*514 10
*54 10
/
1
*612 10
*63 10
4
*
Amer Seating v t o
No par 10 June 12 2811 Feb 18
17 Dec 417 Mar
8
114
113
114
14 112
/
1
138
114 *PS
13
8
14 •13
8
112 1.400 Amer Ship & Comm__ _No pa
7 Feb
118 Feb 25
se Oct.
3 sMar 6
3
51
51
50
50
513
3 50
*48
50
49
/ 50
1
4
50
50
1.090 Amer Shipbuilding new_No par 487
aMay 22 6412June 5
58
57
5518 587
8 53
53
/ 5414 53
1
4
58
/ 5718 581 5712 31,200 Am Smelting & Refining-100 53 June 24 7911 Apr 2
1
4
/
4
62 Nov filit; Sept
*1387 139
8
8
1387 1387 •13612 1384 1361g 13814 *1361 138 *13813 138800 Preferred
8
/
4
100 18312 Feb
Jan
141 Apr 8 12318 Nov 138
*39
40 I 3918 40
39
393 .39
. 39
4
40
*39
40
600 American Snuff
2
38 June 18 43 8 Jan 27
38
7
Oct 49 July
0103 10412 •9912
*9913 108 *100 108 *100 108 *100 108
Preferred
100 10018 Jan 3 1078 AIM 22
98 Nov 112 Jan
4
7
/ 7 8 *7
1
4
7
53 8
5
/ 8
1
4
78 7 1
5
53
8
8
7
/ 8
1
4
900 Amer Solvents & ChemNo pa
7 June 12 2212Mar
*21
221 *21 22>-i! *21
24
21
21 I *21
2318 *21
22
100 Preferred
21 June 19 8314 Mar 5
No pa
3813 3513 36
/ 354 38
1
4
37
3518 3814 3534 36
/
1
3714 3714 4,500 Amer Steel Foundritta_No pa
3518June 25 524 Mar 20
35 4 Oct
1
Feb
111 111 1 *110 114
*111 113
4
110 4 1103 111 112 *11113 113
3
80 Preferred
100 11012 Jan 7 116 Feb 25 110 June 114 Mar
4312 4311 43
50
43
43
*43
43 , .4212 43
4212 4212
700 American Stores
No par 4212June 7 5512 Apr 16
40 Oct 85 Apr
50 4 51
3
48
4818 4812 494 4818 49
/
1
51
48
/ 9.000 Amer Sugar Refining
1
4
5012 47
100 47 June 25 6978 Mar 26
66 Nov 94 4 Jan
3
*106 107
10512 10512 106 106
10512 10512 105 105
105 105
600 Preferred
100 104 Jan 6 110 Apr 24
99 Nov 111 Feb
11
1114
1013 1012
*10
4
11
10
93 11
10
1012 1012 1,800 Am Sumatra Tob
133
4June 18 263 Feb 10
No pa
18 Nov 60
Jan
4
8
202 204
/ 20018 20813 2023 20813 20113 2043 2041 2084 2043 208 120.700 Amer Telep & Teleg
1
4
/
1
4
/
8
4
/
1
4
100 20018June 23 2744 Apr 17 1934 Jan 31014 Sept
163 167
8
8 1818 1753 1612 17
/ 1838 167
1
4
8 187 1753 187 1713 253.900 Right.(expire Aug I)
8
8
16 June 18 225 Apr 17
8
217 220 210 217 I 21813 218
212 220 I 225 23012 225 2283
4 9,237 American Tobacco com----60 197 Jan 8 28414May 23 180 iCia; 2321* Oct
22012 225
21513 22312 22014 23113 2164 227
229 234
/ 22813 2323 63,743 Common class B
1
4
4
Oct
50 197 Jan 8 2694May 23 180 Oct 235
1215 122
8
12012 12113 •12113 12213 12013 12112 122 122 "1204 122
/
1
/
1
4
800 Preferred
5
100 120 Feb 3 12412May 22 114 8 Nov 1214 Jan
*115 ,120 i *115 120 ,•112 120 *11213 115 *1124 120 I 113 113
/
1
100 American TyPe Founders-100 113 June 19 1411 Apr 1 116 Nov 181 Bent
4
*11212 11318 *11212 11318 •11212 11318 •11212 113181 11214 11214'•11212 11318
10 Preferred
100 106 Feb 5 1144 Apr
108 Nov 112 Apr
80
8412 784 864 80
853
79
781 83 I 8134 86
/ 85
1
4
7818June 23 1244 Apr 23
50 Nov 199 Sept
•10312 104 *10312 103 4 10312 104 ,s10012 1053 .1013 1053 1033 1044 59.300 Am Wat Wks & El_.--No Par
3
4
4
8
4
500 1st preferred
Jan
97 Jan 104
9911 Jan 4 10612 Apr 15
1114 12
1114 1114 1114 1134 113 113
4
4 1114 1114 •111 1158 1.500 American Woolen
/
4
54 Oct 27 s Jan
100
7 Jan 2 201 Feb 17
7
12
4
33 8 33
5
/ 30
1
4
3114 *31
3213 293 31
3134 314 314 3114 2.000 Preferred
4
100
19 4 Jan 2 44i Feb 18
154 Nov 58 s Jan
3
3
*54 7
/
1
6
6
*6
7
"Vs 8
*518 6
*5
/ 6
1
4
100 Am Writing Paper oths_No par
4 Nov 164 July
9 May 29
6 Jan 20
*35
37
37
37
*35
36
38
35
*35
35
*34
36
200 Preferred certificate_ __ _100
2912 Jan 17 61 Feb 27
28 Nov 44 Mar
/
1
4
714 8
712 8
818 853
718 7 4
3
74 8
/
1
/
1
4
8
8
3,500 Amer Zinc. Lead ,k Smelt-25
612June 19 177 Feb 8
7 Nov 4914 Mar
8
*50
60
534 5318 5318 5512 55
69
60
56
58
80
1.800 Preferred
4104 Nov 11114 Mar
25
50 June 19 797 11811 20
8
4718 4812 471 494 45 4 49
/
4
/
1
4518 483
3
4 463 51
4
4813 10 4 138,900 Anaconda Copper Min
54
0
50
4412June 18 8112 Apr 2
87 Dec 140 Mar
/
1
4
275 273
4
4 29
29
30
30
27
283
4 2812 30
30
30
2,100 Anaconda Wire & Cable No par
2612June 18 5314 Feb 6
46 Dec 894 Sept
*3512 39
/ *38
1
4
/ "3613 38
1
4
3712 384 3614 *37
/
1
3912 *37
3912
200 Anchor Cap
No pa; 3478June 18 514 Apr 21
pa
25 Oct 80
Oct
*____ 109 •- 110 *____ 110 *____ 107 IP.-- 10414
Preferred
98 No 15412 Oct
Jan 2
2018 2013 *2014 2213 20
2114 1913 203
/
1
4 2014 244 23
/ 234 3,700 Andes Copper Mining_No par 105 June 18 11518 Apr 14
1
4
/
1
18
3714 Apr 2
30 Oct. 684 Mar
191 2012 191 2018 2114 2114 21
/
4
/
4
2112 2013 2112 21
2113 3,500 Archer, Dan'Is. Mid'id _No par
1918June 23 2914 Apr 5
181g No
4913 Mar
075
78
767 •
8 75
78
773
4 76
78
76
773 *77
4
7713
800 Armour & Co (Del) pref---100
7414 Mar 14 824June 5
75 Oct 95 Jan
4
/ 5
1
4
4
/ 4
1
4
/
1
4
43
4 5
45
8 4
/
1
4
4
/ 4
1
4
/
1
4
44 47
/
1
8 8,600 Armour of Illinois class A.-_25
43
818 Mar 26
8June 19
54 Oct 1818 Jan
2
/ 2
1
4
/
1
4
2
/ 27
1
4
28 24
5
23
4 2
3
/
1
4
25
3 24
/
1
258 24 10.600 Class B
25
24 Jan 20
44 Mer 26
2$4 No
1014 Jan
*59
82
62
81
81
81
80
80
60 60
597 50
1,700 Preferred
100
55 May 5 65 June 4
57 No
86 Jan
613 813
812 83
4
612 6
/
1
4
6
/ 7
1
4
6
6
64 612 2,800 Arnold Constable Corp_No par
6 June 26 134 Apr 21
404 Jan
64 De
*1014 133 *1014 16
4
41014 16
/
4
10
16
1014 *9
*10
11
1,200 Artloom Corp
No par
10 June 25 234 Apr 28
163 Nov 30 Feb
8
3212 32
32
3313 32
3212 3212 34
3312 33
/ 3312 34
1
4
5,000 Associated Apparel Ind No par
3112June 18 464 Mar 10
84 Nov 584 June
32
33 8 35
/ 347
1
4
3
8 33
3513 323 325 *3313 3412 3313 331 8,500 Assoo Dry Goods
3
8
/
4
No par
28 Jan 4 5012 Apr 15
25 Nov 70 4 Jan
8
*46
50
*415 46
8
*46
50
*46
*48
50
50
*48
5)
Associated 011
25 3212 Feb 27
3412 Dee 4714 Mt
5213 52
53 53
/ 5214 53
1
4
4934 52
49
/ 511 50
1
4
/
4
5014 4,300 Atl & W I 813 Line_ __No par 4938June 26 61 June 2
324 Feb 8812 O,t
803 Jan 30
1
*55
58
*55
58
*53
54
53
56
53 .52
50
50
700 Preferred
100 50 June 27 654 Feb 26
4534 Feb 62 8 Sept
7
3212 34
8 333 35
8
3213 34
325* 347
3314 3413 3334 34
/ 45,800 Atlantic Refining
1
4
25 304June is 513 Apr 7
30
7
8
Oct 77 8 July
8 88
661 893
68 68
/
4
68
683 67
88
8
68
*684 67
Powder
1,900 Atlas
No par 62 June 17 1043 Mar 21
4
67 Nov 140 Sept
*103 105 *101 105 I 10213 104 *103 105
103 104 *103 105
240 Preferred
100 101 Jan 20 106 Mar 22
90 Nov 101311 Jan
*5
/ 8
1
4
5
/ 513 •5
1
4
6
*5
8
*5
8
5
5
No par
200 Atlas Tack
.5 June 27
312 mar 5
177 July
5 Nov
a
97 1043
99
i 95
100 105
95 10014 91 102
9314 1034 20.400 Auburn Automobile
/
1
No par 91 June 23 263 4 Apr 1 120 Oct 514 Sept
3
*3 8 6
*3
5
/ 6
1
4
4
4
.3
/ 6
1
4
• 8 6
35
*35
No par
8 6
100 Austin. Nichols
4 June 17
7 May 14
40
*23
40
40 •23
*23
*23
40
*23
40
*23
Preferred non-votIng_-__100 24 Jan 2 3518 Apr 23
40
18 Nov 421g Jan
4
/ 541
1
4
*5234 5412 *523 67
*52
/ 541 •52
1
4
523 523 *523 57
4
4
100 Auatrian Credit Anstalt
52 8June 14 60 Jan 13
5
Jan
494 Nov 65
4
412 43
*414 43
412 412 *412 43
*43
8 43
44 414
/
1
No par
700 Autosales Corp
June 17 103 Mar 3
4 Dee am, Aug
3
193 *10
193 *10
19 4 *10
193 *10
3
4
*10
193 *10
Preferred
50 15 Jan 11 25 Mar 4
19
/
1
4
13 Dec 4.5% Aug
6012 51
49
50
49
53
49
49
51
52
5212 534 1,900 Autostr Sid Razor A___No par 37 Jan 2 58 Apr 28
/
1
4
34 Nov 50 Jan
518 53
51
8
47
a
5
5
558
5 14
6
54 914 35.800 Aviation Corp
/
1
51
No par
43 Jan 20
4
9% Apr 15
412 Dec 20 Aug
8 2018 2012 20
/ 2013 2118 20 205
1
4
2012 213
8 2018 20
193
8June 17 88 Fob 18
No Par
2 / 12,000 Baldwin Loco Wks
04
1
/
15 Oct 66 Aug
1
4
10413 106 *105 106
4
106 1063 •- _ 108 I 107 108
105 105
100 10412June 25 116 Jan 21 10911 Nov 125 Apr
320 Preferred
8
10712 1083 •10713 108 "10713 108 •10713 108
10713 10712 *10712 108
40 Bamberger (L) & Co pref_100 107 Jan 3 1104 Feb 4
93 Nov 1104 Feb
12
4
14
143 *14
/ *14
1
4
/ *14
1
4
4
/
1
145 144 143 14
8
143
4 14
No par
140 Barker Brothers
14
14 June 20 204 Mar 5
16 Dec 33 4 Jan
3
80
72
73
*74
80 I *74
*73
*73
78
80
*74
100 72 June 25 91 Mar 31
50 Preferred
80
70 Nov 97
Jan
*253 5
*25
*2
8 5
/ 5
1
4
8 5
*25
*253 5
Barnett Leather
"2
No par
/ 5
1
4
24 Feb 18
74 April
218 Dec 294 Jan
21
22
2118 21
/
1
2112 2218 2118 214 21
211 211 211 28,300 Barnsdall Corp elms A
/
4
/
4
25 2012 Feb 15 34 Mar 28
/
4
20
Oct 3,91s May
ii1o3
10412,
•Bid and asked prices; no sales on this day. •Ez-dlz. v Ex-rights.
New York Stock Record-Continued-Page 3
4572
For sales during the week of stocks not recorded here. see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
June 21.
Monday.
June 23.
Tuesday.
June 24.
Wednesday. Thursday.
June 26.
June 25.
Friday.
June 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share Iota.
On basis of 100
Lowest.
per share Shares Indus. & Miscel. (Con.) Par
Per share
$ per share $ per share $ per share $ per share $ per share
No par 4912June 19
200 Bayuk Cigars, Ins
4
3
*50 5913 *493 59,
*4934 50
*50 60
*49 4 50
49 4 50
3
3
70 First preferred
100 97 Mar 3
99
9914
*98
99
0014 99 4 *99 105
9814 9814 '99 105
,
Beacon Oil
No par 13 Feb 18
50 6712 Jan 18
76 fd" 76 751 75 77 "i5 77 7422 7412 73 74 2.000 Beatrice Creamery
600 Preferred
105 105
100 10114 Mar 20
1043 105 *1043 105 *1043 105 10444 10434 *10434 105
4
4
4
800 Belding Hem'way Co__No par
4
4 13
4
314June 18
4
412 412 *313 412
*313 4
4
43
3
793
400 Belgian Nat Rya part pref____
8912 8012 *8014 80
4June 26
*8012 82
793 793 "7952 80%
4
4
90
80
8June 25
No par 275
28
285 303
303 29,600 Bendix Aviation
4
2812 31
8
4 2812 3118 2738 29
4 2853 303
No par 3118 Jan 8
3914 40
4 40% 4212 8.800 Best & Co
2
3814 4118 397 4333 3912 40% 4113 423
4June 25
100 763
3
7612 80% 76
79% 7718 797 90,400 Bethlehem Steel Corp
3
797
2 75 4 77% 77
8012 76
2,700 Beth Steel Corp pf(7%)
-.100 12214 Jan 13
125 126
12833 1283 12712 128
3
1263 12814 12518 1263 12518 126
4
3
400 Bloomingdale Bros _ __ _No par 1712June 23
3
*10
2112 2112 223 2238
25
17
13 1712 2013 2013 *20
18
50 Preferred
100 99 May 12
*92 100
•____ 100 •____ 100
100
99
99
30 Blumenthal & Co prof
100 74 Feb 7
*7312 74
74
*76
74
83
*74
*7014 83 *73 74
78
6,200 Bohn Aluminum &Br__No par 2814June 25
32
31
3218 2814 2812 283 31
313 3414 29 4 32
4
4
31
3
500 Bon Aml clam A
No par 70 Mar 7
70
70
*6814 71
72
3
*693 70 4 '70
4
70
3
70
70
70
*212 314 1,300 Booth Fisheries
2 June 21
No par
2
2
2% 213 "212
2
2
*213 23
4
200 lat preferred
100 18 June 23
•15
21
*18
21
*15
*15
21
*12
18
21
21
18
25 6013 Jan 8
747 40,100 Borden Co
s
717 75% 73
3
73% 75
3
3
70 3 743
3
4 713 75 3 7012 74
Borg-Warner
8June 27
10 235
2534 27
4
4 24
25
2614 2514 263
25 4 24% 253 2358 2514 15,000 Botany Cons Corp
3
Mills class A _50
500
31
3 Jan 14
*3
312
3
3
3
3
.3
312 *3
314 31
1853 1913 173 1834 167 183
2
8
4 1334 1714 1534 1712 16 1673 21,400 Briggs Manufacturing_No par 1313 Mar 6
700 Brlags & Strstton
• 21 June 19
*2112 23
24
23
24
24
26
24
2413 •24
*2413 26
British Empire Steel
*112 2
*11
112June 16
100
*13
2 2
*113 2
2
*112 2
*113 2
26 preferred
4312 412
412 *3 3 5
41e Mar 10
100
*4
5
412 *3
*4
5
,
*4
No par 1212June 26
3,800 Brockway Mot Tr
13
13
1312 133
13
133
4 1253 1318 1212 13
4 1313 14
50 Preferred 7%
100 68 Jan 11
*6814 80
*6814 80 "6812 80
7814 *6814 80
783 783
4
4 78
No par 115 June 25
121 12112 12,300 Bklyn Union Gas
117 126
11812 124
120 127
115 1183 11614 123
4
300 Brown Shoe Co
No par 3712June 30
*3713 3812 *3713 3813
*3712 38
38
38
38
38
38
38
5,400 Bruns-Balke-Collender_No par 1318 Jan 15
14
1414 "1453 15
1512 .153
4 1518 1513 141 15
*15
16
4,900 Bucyrus-Erie Co
10 1918June 18
2113 22
4
20
2112 1918 2013 203 22
22
203 2112 21
3
10 3312 Jan 7
3452 3612 4,800 Preferred
36
3432 35
343 35
4
34
*33% 34
35
35
50 Preferred (7)
3
100 107 4 Jan 3
11312 11312 11312 11312 *11312 114
*11312 114 *11312 115 *11312 114
734 818
7 8June 18
3
7,600 Budd (E 0) Mfg
No par
73
4 8
858 833 8
8
8 12
818 852
83
4
818 Jan 2
No par
83
4 9 8 10,000:Budd Wheel
,
83
4 9
9 4 10
3
1012 1012 1013 1014
812 988
No par 2618 Jan 17
2713 2714 2714 6,700'Bulova Watch
27
28
271
27 2712 27
27
2714 27
7
No par 2712June 18
3012 323
3
3
2814 30
2914 3278 2912 33
8 303 337 17,800 Bullard Co
28 2 31
3
400 Burns Bros new el AcomNo Par 90 June 18
9612
9612 9614 96 4 *90
3
9612 947 947 *90
*95
983 *90
4
,
1514June 18
3001 New class B eom__No par
*1613 19
*17
17
17
*17
20
8
20 I 165 197 *1712 19
8
50 Preferred
100 8914June 17
*93
94
94
*03
94
*8914 90
*94
95
8914 8914. 94
30
3214 30
32
33
4 30 3153 3018 32% 30,100 Burroughs Add Mach_ _No par 2914June 25
327
3 2914 313
No par 2918June 18
4
313 313 2323 32% 1,000IB nab Terminal
4
4
3018 3013 3012 3012 31
*33
3512 30
2601 Debenture
100 100 June 26
103 103
101 10212 100 102 '100 103
101 10313'*101 103
30.Bush Term Bldg* prof
100 10918 Feb 10
4
4
*11434 115 *1143 115 *1143 115
11434 1143 115 115 *115 1151
4
214June 2
1,000 Butte & Superior Mining___10
214 233 *214 2 3
214 21
214 23*
214 214
3
*23
2 212
214June 20
*214 233
1,200 Butte Copper & Zino
5
212 213 '23
8 23
212
212
212 234
233 212
600 Butterlek Co
100 13143une 18
3
*15
1638 153 151
17
15
15
*1412 1513 1412 1413 17
731 51,900 Byers az Co(AM)
7433 6633 75
No par 6618June 2
69
74
6618 7114 70
68
683 73
2
140 Preferred
100 109 Jan 27
"111
____ 111 111 •111
111 111 *111
11012 112
63
62
6518 6218 623
3
645 6433 6414 65
4 62% 627 '63 - -12 5,200 California Packing- No Par 62 June 24
20 California Petroleum
25 28 Jan 22
*28
30
"28
30
*28
30
28
28
*28
30
*28
30
1 Jan 2
10
*1
118
*1
113 2,900 Callahan Zlne-Lead
1
1
1
1
1
1
1
1
8June 18
7,700 Calumet dr Arizona Mining_20 485
52
54
50
61
493 54
4
5014 53% 51 14 53
5033 52
25 13 June 19
1422 143
4 148 143
4
1433 15
,
1412 15
4 1414 1512 143 15 4 8,800 Calumet & Hecla
1712 1712 1,700 Campbell W & C Fdry _No par 17 June 18
*18
1812 1713 18
1713 18
18
19
*1712 18
5,800 Canada Dry Ginger Ale No Dar 58 June 18
5912 60
60
60
4 581 69
4 58
598 5933 603
5888 593
1,400 Cannon Mills
No par 20 June 18
3
4 20
*2112 2178 2014 2112 20 4 203
20 '2012 21
2014 20
400 Capital Adminis Cl A_No par 13 June 19
8 1312 1312 *1312 15
1414 1412 1418 1413 *1212 147
*1414 18
Preferred A
*30
*30
37
*30
37
50 31 Jan 2
3712
*30
*31)
37
*313
37
68,000 Case Thresh Machine etta_100 15612June 25
161 18112 15611 15912 165 178
163 175
16614 184
1643 169
4
110 Preferred certificated_ ---100 115 Jan 16
4
12714 1273 12714 1283 *12714 129 *12714 130 *12714 129 *12714 129
8
5712 5712 12,500 Catorpilbtr Tractor____No par 54 Jan 2
5914 5713 60
5612 58
5814 598 56
553* 57
*53
2 8
5 June 16
200 Cavannagh-Dobbe Ine_No par
6
6
*5
74 * 3 74 * 8 9
3
*5
9
53
53
3
10 Preferred
100 59 June 18
60
*5518 60 *____ 60 •---- 60
59
59 *____ 60
No par 1014June 27
1618 1528 157
137 1514 1014 1314 11,700 Celotex Corp
8
1612 1613 16
1633 16
1,100 Central Aguirre Asso NO par 2312 Feb 19
*233 24
4
24
24
233 24
4
24
24
24
24
24
24
Central Alloy Steel
No par 303 Jan 2
4
__-Preferred
100 10514 Feb 7
_
ifs -__*414 -- 2
414 *4
33 Feb 4
4
700 Century Ribbon Milia_No par
*4
45- 41 433
6712
Preferred
100 61 Feb 27
•57
60
*57
6713 *57
5712 *57
6712 "57
5713 *57
43 4 4414 4414 4512 45
4512 6,900 'Azrro de Pasco Copper_No par 4318June 18
3
4512 4413 45
438 4413 44
512June 24
514 .53
8
513 5 4
3
5% 5%
514
5% 6
5 4 514 2,000 Certain-Teed Products_No par
,
514
No par 3812June 1
900 City Ice & Fuel
3812 3812 3812 3812
8 3812 39
*38
383 *3812 3912 3812 385
4
100 89 June 9
10 Preferred
89%
8972
893
4 8034 803
*---- 893 *---- 898 *88
4
4
No par 2012June 23
23
247 13,400 Checker Cab
8
2214 2378 2212 24
247
2313 24
2012 221* 22
No par 5153June 25
6,900 Chesapeake Corp
55
3
53% 5414 55
5412 5412 513 53
5313 54
531 55
1413 1473 1413 1433 1312 1438 1333 1338 13% 13% 2,400 Chicago Pneumat Tool_No par 1114June 19
16
15
No par 44 June 27
600 Preferred
44
44
47
47 '40
*40
47
47
*40
493
4 45 45
163 Feb 1
4
10 Chicago Yellow Cab- No Par
2514 26
*2514 26
*2514 2612 *2514 2612 *2514 28
26
26
10 20 June 4
2018 2014 2014 2018 2013 20
2012 2,200 Chickasha Cotton 011
2012 20
2013 2012 20
5312 50
No par 50 June 25
5214 4,200 Childs Co
5138 513 52
51
4
52
53
5412 5112 53
Chile Copper
25 51 Apr 30
*50
70
70
".50
70
70 '50
*50
70
*50
*50
70
No par 24 June 23
2513 243 2512 2412 25% 81,200 Chrysler Corp
3
8
2414 2512 24
2412 25 4 24
26
135
8June 18
No par
713 718
,
713 71
67
3 714
714 7 4 *714 713 1,200 City Stores New
*714 712
No par 3014June 16
400 Clark Equipment
*3112 35
*31
36
3158 32
*32
35
32
*32
32
36
1,500 Cluett Peabody & Co _No par 30 Feb 1
3212 3212 *3213 35
31
3212 3213 31
3014
*3018 32
30
100 9114 Jan 2
70 Preferred
*97
9912 9912 9913 9712 9712 9712 9713 *9713 99
*9613 104
No par 13314 Jan 8
169 17213 171 17313 11,70 Coca Cola Co
16614 16712 16118 1713 16612 169 I 16414 168
2
Class A
No par 4813 Jan 8
5013 5012 5912 5912 *5012 5912 5012 5014 5018 50131 5012 5018 1,700
1458 Jan 2
No par
4
4 2012 213 13,800 Collins & Aikman
18
2014 2088 213
173 1812 18 181
19
20
4
8514 1.600 Preferred non-votIng__100 73 Jan 3
8514 85
85
8512 8512 8513 852 85 85 *8412 87
100 3612 Jan 2
45
4714 18,300 Colorado Fuel dr Iron
4512 4212 4612 4313 487
43
4514 4518 477
4213
par
11312 12014 108 119 11014 123 109 117 11412 12314 115 122 26,300 Columbian Carbon v S oNo par 108 June 23
5812Juno 23
No
6353 126,900 Colurn Gas & Elea
59% 62
6018 6414 5812 6112 597 6353 61
5813 64
100 10414 Jan 31
600 Preferred
.10512 10712
107 107
10812 10812 108 108
98
97% 97% *92
1658June 18
87,200 Columbia Graphophone
1712 19
19
167 1814 1712 19
2
1818 193
3 1714 1814 18
8
11,600 Commercial Credit....--No Par 233 Jan 2
243 25
4
8
247 2518 2414 2533 25
8
2514 2412 2412 245 26
8
50 317 Jan 2
800 Class A
3912
*34
34
34
34
34
33 33
*33
34
33
34
25 22 Jan 6
220 Preferred B
2512
25 '25
25
25
*2418 2414 2413 2514 *2418 25
25
180 1st preferred (63.5%)__-.100 7614 Jan 18
85
863
4 85
3
87 87
*863 867
2
2 863
*8638 87
87 87
No Par 2812June 25
30% 7,300 Com Invest Trust
8 30
2914 303
3013 3013 2918 307
3 29
3012 2812 29
No par 80 June 18
1,500 Cony prat
81
81
81
*80
80
*80
81
80
*80
81
80 80
4 June 18
Warrants
100
.43
4 8
*5
8
4 8
.43
*45
8 8
*458 8
*47
3 8
No par 2014June 16
8
1
21
22
4
2034 2234 2118 23 4 21
2214 213 2212 213 225 78,700 Comm Solvent,
,
125
8June 18
4 1312 14 164,900 Commonwealth&Sou'rnNo par
133 133
1318 133
g
14
4 13
4
1313 137
3 123 133
3
200 Conde Nast Publica__ _No par z3812.1 une 20
39% 39% 4014 4014 *3812 4012 *3812 4012 *3812 4013 '3812 4012
1018June 18
11
11
1114 1114 1212 19,900 Congoleum-Nairn Ine No par
1114 1012 11
11
1133 1012 11
No par 31 June 27
1,700 Congress Cigar
31
31
3214 33
32
32
*3114 32
32
3213 3118 32
Comiey Tin Foil stpd...No par
3 Jan 16
s
43,
*3
2
5
%
*3
8
*s
3
%
%
"2
5
8
*3
3
33
343 June 27
1,800 Consolidated Cigar.._ _No Par
39
36
3753 3753 3 1 38141 *3712 39
39
38
36 2 3712
,
7
100 87 Jan 22
450 Prior preferred
7013
*71
7012 72
72 1 7012 71
71
7013 70% 70
70
8June 18
173 1818 6,900 Consol Film India----NO Par 153
4
1812 1812 17
18 4 193* 1933 1718 18
3
*1812 19
18 Jan 3
1933 2013 1813 20
1914 203
1953 1913 11)13, 0,300 Consol Film Ind pref__No Par
19
8 1812 19
2
pr olidated
.
10512 328.700 Conseferred Orts(N Y)No par 965 Jan 2
10218 10512 9922 10653 9911 10633 98 102
1013 10512 1013
4
9912 Jan 28
4 6,300
4
4
1023 1023 10213 1023 102 10234 10214 10212 10214 10212 10114 1013
4
78June 18
,
r7, 1
1,200 Consolidated Textile_ __ No par
No
.78 1
12
7
2
1
7
2
7
2
I
1
1158June 19
8 1,100 Container Corp A vot__No par
1213 1211 1212 1211 1214 1214 1214 1214 123 123
1278 13
8
3 4June 18
3
No par
413 438
433 433
412
418 413 1.500 Class B voting
*4
412 412
413 418
18I2June 18
221z 8.700 Continental Baking el ANo par
20
1914 19
193 21
4
183
4
1913 20
193 213
4
4 21
ed
338June 19
11r
312 334
No par
9,300
33
4 4
333 3
3
3113 3 8
7
312 33
2
3% 37
3
100 6614June 25
3.100 Preferred
*6713 68 3 6614 673
6714 68
73
70
7
69
8 6612 6812 70
19,500 Continental Can Ino....-NO Dar 5012 Jan 2
3
5113 5318 50 4 5234 5178 5338 5013 52
3112 5314 5214 54
16I8June 23
'
10,300 Cont. Diamond Fibre_No Par
17
174 1613 1658 '1753 1812 1653 18
1614 1712 1618 17
.'Jon ine ta motors___No yr 50 June 25
8,300'i.:„ontinental Ins
,
5312 55
52
547 56
2
56
54
50
53
54
53
52
334June 17
41
4
4 13
4
4
41
31
8 418 8,000
4
4
3 s 413
7
1832June 18
No par
20 3 1813 19
1952 45.800 Continental oil
3
10
1913 2013 1833 20'4 19
183 193
4
Continental Barenni _N__o_p2r 20 June 27
b ee _ng
a
o
2213 2314 2212 227
223s 49.300 C
20
3 2014 213
2333 25
205 221
8
8713 Jan 3
3
4 8912 9434 8833 921z 90
8913 9414 32.200 coty Inc
94
8814 9133 875 943
100 140 Feb 10
310 Preferred
14414 145
14414 14414 *14414 145
*14413 145 *14414 145 *14414 145
No par 1512June 18
4
4
173 1813 173 1812 1718 1752 17% 18
1712 183
8 1758 1838 13,600
2512 Jan 6
No
1,100 Cream of Wheat
22914 3012 *2912 2934 2913 2912 2912 30 4 *29
30
*3112 32
,
9 Jan 22
pa
0
o 10r
900 Crex Carpet
*15
15
20
15
15
20
15
15 '15
15
*15
20
No par 1014 Jan 17
*1012 1213 1014 1014 •103 1212 *11
1014 12
1412 1,900 Croaley Radio Corp
1114 12
8
• Bid and asked prices not 'lea on this day,
Ex-Dividend,
Ex-dividend and Ex-rights.
Highest.
PER SHARE
Range for Presione
Year 1929.
Lowest.
HOMO.
$ Per share g per share 5 per Oars
4
55 Nov 1133 Jan
88 Feb 4
4
95 Oct 1065 Jan
99 4 Feb 21
3
7
1212 Dec 32 8 July
20 8 Apr 9
5
Oct
89 Dec 131
92 Apr 14
107 June 10 100 Dec 10613!Aug
4
412 Dec 173 Apr
63 Jan 17
a
8
75 Nov 847 Jan
8512 Mar 19
25 Nov 10438 July
5738 Apr 7
25 Nov 12313 Sept
5614 Apr 26
3
7814 Nov 140 4 Aug
11014 Apr 1
s
134 Mar 22 1165 May 128 Sept
22 4 Dec 6178 Apr
3
297 Apr 24
8
Jan
103 Mar 8 100 Oct 111
Jan
7018 Dec 118
90 Apr 7
4
37 Nov 1363 Man
69 Apr 7
70 Oct 8913 Jan
78 Apr 5
4
3 Dec 113 Jan
'5 Mar 26
3
18 Dec 63 4 Jay
3314 Jan 3
53 Oct 10012 July
8May 29
903
8
26 Nov 1433 May
5013 Mar 27
212 Dec 1512 Feb
5 Mar 27
812 Nov 6318 Jan
2418May 24
1732 Dec 4312 July
3.512 Apr 4
1 3 Dec
678 Jan
4 Apr 8
1313 Jan
3 8 Nov
7
814 Apr 10
14 Nov 73 8 Jan
7
2214May 19
7114 Dec 145 Jan
85 Apr 24
99 Nov 24812 Aug
17814 Mar 3
36
Oct 5112 Sept
42 Feb 18
1614 Nov 5514 Jan
305 Mar 31
8
14 Oct 4234 Jan
317 Mar 24
8
2612 Oct 50 Feb
43 Mar 25
4
115 Apr 15 1073 Dec 117 Apr
7
818 Dec 22 8 Oct
163 Apr 15
8
73 Dec 12'12 Den
4
145 Feb 6
8
2114 Nov 34 Den
43 Mar 31
25 Nov 545 July
2
74 Apr 2
88 Nov 127 Jan
11018 Apr 2
Jan
225 June 39
8
35 Apr 2
88 Nov 10514 Jan
100 Feb 19
3
29
Oct 329 4 Ma
WI Mar 1
3114 Nov 8913 Fcb
4812 Mar 5
9118 Nov 11012 Mar
110 Mar 15
3
118 Apr 7 105 4 Nov 11813 Feb
8
438 Dec 123 Jan
514 Jan 6
912 Jan
2 Oct
414 Feb 20
Jan
1712 Dec 41
293 Feb 24
8
8
50 Nov 1927 Jan
1123 Apr 26
8
114 Jan 25 105 Apr 12114 Jan
8
6312 Oct 847 Aug
7712 Mar 5
25 June 3412 Aug
2953May 6
4 Jan
1
Oct
21a Feb 3
4
7312 Nov 1363 Aug
897 Jan 9
8
8
25 Oct 617 Mar
333 Jan 7
8
19 Dec 4912 Aug
30 Mar 25
4
45 Oct 983 July
7so Mar 10
27 Dec 4834 Sept
3414 Mar 18
17 Nov 6518 oat
283 Apr 4
4
29 Nov 39% Oct
42 Mar 19
3623 Apr 23 130 Nov 467 Sept
4
132 Mar 25 113 Nov 12312 Dec
5014 Dec 61 Des
3
79 4 Apr 28
614 Dec 4212 Feb
13 8 Jan 11
7
58 Dec 10512 Mar
75 Jan 18
8
31 Oct 793 Feb
60 Mar 10
4
301? M5'31' 21
Oct 483 Jan
4
2618 Nov 593 Oct
35 Apr 16
4
1105 Apr 10 1053 Apr 11212 Jan
8
3 Oct 2018 Jan
814 Mar 27
Jan
5014 Dec 82
6212 Apr 7
5214 Nov 120 Mar
65 8 Jan 6
5
107 Dec 32 July
8
157 Feb 6
2
4
3912 Dec 623 Jan
49 Feb 4
96 Sept 10514 Jan
983 Feb 11
4
18
3
Oct 80 4 Sept
67,Mar 27
4212 Nov 112 July
8213 Ma! 29
,
217 Oct 471 Sept
2
37 Mat 31
47 Nov 61 Sept
557 Mar 14
8
217 Oct 36 Jan
8
32 Mar 20
3213 Apr 10
25 Dee 50 Jan
675
8June 6
7
4413 Nov 75 8 Sept
65 Feb 6
53 Nov 12713 Mar
43 Apr 11
26 Nov 135 Jan
1314 Apr 25
714 Oct 27 Feb
4412 Apr 21
25 Nov 617 Oct
a
60 Apr 5
3412 Dec 723 Jan
4
105 Apr 8
9012 Dec 119 Jan
1913
8June 4 101 Nov 15413 Aug
53 Mar 21
443 Oct 50 Feb
4
10 Nov 7214 Mar
353 Feb 13
4
92 May 24
65 Dec 10312 Feb
7813 Mat
77 Apr 8
273 Nov
4
199 Mar 11 106 Nov 344 Oct
87 Apr 10
9913 Nov 109110 Apr 11
373 Apr 28
8
1618 Nov 883 Jan
4
18 Nov 625 Jan
40 4 Apr 1
3
8
4438 Apr 1
28 Nov 513 Sept
8
28 Apr 29
20 8 Nov
28 June
3
95 Mar 29
4
70 Oct 1053 Jan
55 Mar 6
2818 Nov 79
Oct
87 Mar 28
2314 Mar 5
9 Dec 691 Sept
38 Apr 11
2018 Oct 63 Oet
10 3
2014 Apr 7
4ct 2434 Oct
57 Mar 27
35 Nov 93 Jan
11
193 Mar 24
4
3
Oct 35 4 Jan
567 Marl!
8
8
43 Nov 925 Feb
1 Mar 24
112 Feb
14 Nov
593 Mar 17
8
40 Oct 9614 Jan
63 Nov 96 Jan
80 Mar 25
273 Mar 11
8
3
10 Oct 25 8 Sept
2814 Jan 10
3
1513 Oct 30 4 Apr
1367 Apr 26
2
8018 Nov 18314 Sept
4May
1037
9212 Nov 10012 Dee
2 Jan 27
63 Jan
8
32 Dec
2212 Feb 24
12 May 2312 Jan
1112 Jan
318 Nov
812 Feb 20
2514 Oct 90 July
5212 Feb 17
1514 July
7 Feb 17
458 Oct
941 Feb 17
8
7912 Nov 100 June
4012 Oct 02 Sept
71I Mar 31
ss
2034 Nov 3312 Dec
3733 Apr 21
7752 Mar 31
4618 Nov 11014 Sept
814 Feb 19
612 Dec 28% Jan
4
18 Nov 373 Aug
3012 Apr 24
8
2612 Dee 457 Dec
40 8 Apr 1
7
70 Nov 12618 0e6
1113 Apr 23
8
4
14712May 20 137 Nov 1443
18 Dec 8214 Jan
33 Feb 3
31 Nov
363 Mar 20
8
24 Nov
15 Dec 6752 Apr
2918 Mar 5
15 Dec 125 For
22 Jan 2
aTii;
New York Stock Record-Continued-Page 4
4573
preceding
For sales during the week of stocks not recorded here, see fourth page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday.
Tuesday. 'Wednesday.' Thursday.
Monday.
Saturday.
June 27.
June 28.
June 25.
June 24.
June 23.
June 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
per
& Miscel.(Con.) Par $ per share $ per shore $ per akar. $ 79 share
$ per share 1$ per share I $ per share $ per share Shares Indus.Cork & Seal____No par 38 June 18 5983 Apr 7
3712 Nov
Aug
Crown
*3734 42
41 .39 42
4212 3139
1340
17 Oct 25% Jan
No par 13 June 17 1812 Feb 19
100 Crown Zenerbach
4
8
3
*1314 1412 1334 13 4 *127 133 *1314 14%
71 Nov 121% Aug
Crucible Steel of America_100 7012June 18 935k Mar 25
5.200
7312 7338 75
7218 7211 .73
721
100 104 June 26 117 Mar 13 103 Nov 11674 Feb
120 Preferred
--- 273 I 105 105 104 105 *10412 10512
5 Nov 2412 Jan
9 Jan 2 1912May 29
No par
3,500 Cuba Co
13
1312 1312 13
13
*13- 1312 12
7 Mar 3
2 June 21
No par
Products
500 Cuba Cane
*212 3
*212 3
*212 3
*214 3
ii;1;
Aug -11; 112 Feb 2
% Jan 2
No par
Cuba Cane Sugar
1% Dec 1872 Jan
4 Mar 3
2 Jan 7
100
Preferred
572 Dec 17 Jan
9 Feb 4
5 June 26
Sugar____10
518 3.100 Cuban-American
5
518 523
528 *5
518 524
514 513
*513 -14
56 Doc 95 Jan
3100 47 June 17 6572 Feb 11
270 Preferred
4714 4714 4714 4714 4714 4714
4714 4714 *4714 50
*4714 50
36 Nov 6778 Jan
50 38lJUfle25 48 Jan 2
1,900 Cudahy Peeking
4014 41
3818 3812 388 40
387 387
s 3812 39
39
39
23 128181Wa7 22 100 Nov 132 Oct
800 Curtis Publishing Co___No par 10514June
110 11114 *10814 115 31110 115
10514 109 *109 115
•109 115
No par 114% Jan 29 12112 Mar 19 11212 Nov 12184May
500 Preferred
11712 117 11718
117 117 *117 11712 11714 11714 13117 11714 *117
6% Dec 34(12 Aug
Olt Jan *1 1472 Apr 7
No par
78,500 Curtiss-Wright
6% 7
6% 7
718 73
7
8' 633 718
733
7
718 712
13% Dec 37 2 Aug
872June 26 1933 Apr 2
100
8% 8% 16,800 Class A
833 87
8
s 9%
87
3
9% 9 4
914 978
4
1
/ 934
9
5814 6112 4,100 Cutler-Hammer Mfg___No per 55 June 25 9012 Mar 81
55
50'g 59 61
59
58
591
69 5912 58
(
Oct --SI% Jan
No par 24%June 18 438 Mar 31
2614 29% 27
2538 26
27% 26% 2714 4,400 Davison Chemical
251: 263
4 2512 27
2
20 Dec 487 Jan
153 2114June 18 80 Apr 14
Debenhem Securities
4
*203 2412
132114 24
26
2412 *21
2412 *21
*21
24
1321
20 20 June 18 2412May 24
2,000 Deere & Co pref new
2112 22
22
22
2112 22
22 22
*2111 22
22 22
Aug
4
2557 Apr 23 151 Nov 885
100 19532 Jan
3,400 Detroit Edison
214 215
216 216 214 215 214 214 214 214 212 214
24 Nov 647k Feb
4233 Mar 4
2512 22
2334 5,300 Devoe as Reynolds A__No par 22 June 27 11412May 18 102 Dec 1151: Jan
2512 *24
2618 25
2612 26
258 2734 25
100 10674 Jan 1
30 let preferred
4
*112% 1143 *11212 11434 11212 11212 11212 1121011212 1147 *11212 11474
100 189 Jan 18 237 Apr 24 117 Nov 16412 Jan
20514 20934 4,600 Diamond Match
1841 190
188 193 195 205 200 207
190 195
6 Nov 1133 Aug
5 4 Jan
Jan
7
No par
814 833 2,400 Dome Mlnes, Ltd
812 812 13838 812
814 8%
834 812
814
•
12 Oct5414 July
8
:
No par 18 June 23 39051 Apr 16
Dominion Stores
3.700
19
18% 1812 1812 1812 1812 *1814 1912 18
18% 1918 18
875 Mar 10
69 Nov 1261 Feb
No per 67 June 25
718 30,800 Drug Inc
704 69
6879 69
67
71
69% 7212 883 7018 69
25 Oct92 Jan
1,300 Dunhill International-No par 1512June 18 431: Apr 7
4
203 *193 21
20
21% 2112 1912 20
1938 19% 1912 20
7
10 Nov 28 2 Jan
No par 1412June 17 181: Apr 4
800 Dupan Silk
714
1472 '
714
1483
16 '
15
15
15
15
*15
1712 15
4
1
/
49 Jan 100% Mar
1,100 Duquesne Light 1st pref---100 100 Jan 7 10312May 28
50
50 •48
4
13102 10234 13102 10234 10234 1023 10112 102 •48
19 Oct8912 Sept
Eastern Roldng MUL-No par 14 June 25 251: Jan 31
200
*1412 18
1412 *1412 18
14
*1412 18
18
*14
18
4
1315
4
No per 1757 Jan 9 25514 Apr 25 150 Nov 2641 Oct
50,100 Eastman Kodak Co
18714 195
4
4
1793 1953 178 185 18614 195
181 19134 179 190
18 Nov76% Feb
No par 1918June 25 8714 Feb 20
2214 21
2234 15,800 Eaton Axle & Spring
4
/
2178 1934 2183 191 2038 20
20
21% 22
80 Oct281 Sept
20 10018June 27 14.514 Apr 10
Pont de Hem
10234 10634 10012 10338 1021: 10514 10018 105 86,800 El du
10218 106
1021: 105
100 11412 Feb 4 121 May 15 10711 Nov11933 Aug
800 6% non-vol deb
117 11778 11718 11718 11714 118 13118 11814 *118 119 *118 119
4 Dec 8933 Jan
5 June 23 1078 Feb g
No par
600 Eltingon &Mkt
4
514 *3
*3
5
514 *3
5 14 *3
5
*514 8
39 Dec 113 Jan
100 38 June 25 82 Feb g
600 Preferred 834%
4018
401 *38
738
38 '
38
40
40
40
40
40 40
60 Oct 174 July
No par 5718June 25 1147 Mar 29
6134 25,600 Electrie /ciliate
59
61
58
12 571* 59
5912 6212 6018 83
60 62
100 105% Jan 6 11033 Jan 7 10233 Nov 115 Apr
Preferred
4
4
4
0108 1093 *108 10934 13108 1093 *108 1093 *108 1093 *108 1093
4
31 Oct 18% Mar
933 Mar 81
4 June 17
No par
414 412 5,200 Electric Boat
4
433 433
4
433 4%
4% 412
414 412
1
/
294 Nov 8672 Sept
-No par 4914 Jan 2 103 Apr 23
4
623 6678 311.800 Electric Power & LL
6322 6314 667
6534 6012 863
4 60
5812 6112 59
98 Nov 10914 Feb
No par 105 June 18 112 Apr 25
800 Preferred
106% 1068 107 107 107 10738 *107 1081 *10712 10814
106 106
12814 Jan 9 153 Apr 4 106 Nov 14012 June
Certificates 80% paid
---- ---- ..... - ---- _ _
64 Nov 10412 Oct
4
6414 2,400 Elea Storage Battery-No par 6112June 23 791 Feb 10
63
62
6112 62'2 62
6214 6214
4
1
/
63 8314 6112 62
4
1
/
3 June 10 Oct
21:June 5
4
1
/
5 Mar 24
Elk Horn Coal Corp___No par
*21: 4
...212 4
*214 4
*212 4
*212 4
*212 4
312 Oct 2212 Feb
24
238June 16
4
11
7/ Jan
Emerson-Brant class A _No par
4 •2% 334
*212 33
*212 334 *212 334 *212 334 *212 33
4914 Nov 8872 Jan
600 Endicott-Johnson Corp----50 44 June 18 59% Jan 22 108% Sept 12414 Feb
*4814 49
50
*43
48
48
48
48
48
4812 48
*47
100 1071 Jan 7 118 Apr 23
:
200 Preferred
III 111 *1103 11224 •11034 11214
4
*111 11312 *111 11314 112 112
81 Oct 79% Aug
*4434 49
49
48
1,300 Engineers Publio Serv-No par $914 Jan 2 67% Apr 7 80 Nov 12814 Aug
4912 *4614 49
1348
4
47% 473 48
48
No par 9472 Jan 8 10718May 26
Preferred $5
500
o10018 10014 100 10018 1395 10014 •98 10014 *99 10014 100 103
84% Oct 109 Oct
1
/
2
par 944 Jan 2 1047 Apr 21
No
99
900 Preferred (534)
9912 9912 99
*9912 100181 9912 100
100 100
100 100
31% Jan 41 May
4633 46
46% 3,700 Equitable Office BldgNo par 3974 Jan 2 5074June
4612 46
4818 467s 4611 4678 46
47
46
8612 Dec 54 Feb
141
3.900 Eureka Vacuum Clean_No par 12 June 18 4372 Mar 5
4 13
16 I 1412 1478 1434 143
*13
*1512 16
16
15
15 Nov 73% Mar
7
612June 19 80 4 Feb 1B
5
8
8
3.900 Evans Auto Loading
633 77
7
712 8
7
8
7
8
73
718
7
22% Jan 2712 July
320 Exchange Buffet Corp-No Par 22 Jan 2 26% Mar 2
2312 1323
2312 *23
2312 2312 24
2312 1323
2312 •23
23
•
Sag Nov 18% Des
9% Jan 6
372May 22
25
Fairbanks Co
*234 4
4 31
*23
4 4
*234 4 I *23
4 4
*23
•213 3
11 Apr 85 Jan
7 Juno 18 89% Jan 20
100
60 Preferred
4 *814 91
8
*814 93
8
3
912 9 4 13814 10 I
812
8
29% Oct 64% Sept
5012May 17
No par &114June 2
Falrbanka Morse
28 35
36
9,000
36
3712 3514 3734 3512 3734 3414 3612 35
37
100 102 Jan 7 11112May 16 10112 Dec 11072 Jan
- 107% 1081
30 Preferred
--,*10714 - *10714
*10714
*108_ 13108
22 Dec 72% Mat
14
101
1,300 Fashion Park Assoe__No par 10 June 25 27 Feb 27
1112 *10 1138 1310
118
212
*1018 1 - 1012 - 7- 1012 12 I 10
80% Nov 109 June
15 5972 Feb II 9014 Mar II
Light & Trso
67
63 63
2,400 Federal
6483 6538 6412 6412 8414 6412' 6318 6418 •63
90 Nov 104 Feb
No par 91 Jan 13 98% Apr 22
*9512 97
20 Preferred
*9512 97
97 I *9512 97
9512 9512 97
*9512 99
4
1
/
5 Oct 22 Feb
1214 Feb 26
712June 1
734 73
Federal Motor Truck-No par
8
8
71 *712 812
8
71
1,300
8
4
8
8
4
28 Nov 551 Sept
43 Mar 19
par 80 June 1
3033 301s 3184 32
1
32% 5,400 Fedl Water Service A_No
4' 30
31, 3083 313
3083 304 30
4
1
/
25 Dec 88 Des
88 Apr 16
261
2614 26
12
4 26
1,100 Federated Dept Stores_No par 2512June 1
225 253
2712 2712 *251
312512 33
4712 Nov 128 Sept
7
Phan File Ins N Y10 56 June 18 89 4 Mar 31
6212 641
6014 63
5,300 Fidel
2
6018 61 I 0028 61
60 81
6338 64
8 Oct 18% Mar
7 Feb 11 1012 Apr 4
No par
*818 9
10 Flfth Ave Bus
818 8% •33% 9
*818 9
138% 9
*818 9
4
1
/
30 Dec 98 Feb
81 Juno 10 40% Jan 22
No pa
Filene's Sons
35
35
35
33
35
35
100 92 Mar 16 98 May 3 84 Dec 107 Jan
98
98
20 Preferred
98
97 97 %94ig 98 •9618
1397 98
*97 98
2412 Dec 87 Dec
20 June 19 3312 Jan 7
21
4.300 Firestone Tire & Rubber___10
*2012 21
2014 21
2018 2018 2018 20
20
2014 21
3
83 2 Dec 8972 Dec
8June 18 87% Mar 24
100 697
74
•7212 74
1,000 Preferred
7218 7218 1372
7212 7212 73
72
7214 721
4412 Nov 90 Sept
2
49% 50% 13,800 First National inotaa--NO Par 46 June 23 617 Jan 80
5012 47 4912 4914 501
47
50
46
4612 481
218 Dec 2012 Jan
64 Apr 2
1
/
238June 17
No Par
212 2% 12,400 Flak Rubber
212 238
233 234
2% 234
212 2%
8 Dec 7212 Jan
612June 19 21 Apr 2
100
714
210 let preferred
4 73
73
4
4
84 73
7
•714 81
8 8
78 78 *77
4
1
/
8 Dec 82 Jan
612June 18 2174 Apr 11
100
9% 9%
180 1st pref convertible
*19811424
9
101
9
1012 *9
*9
*914 10
38 Nov 54 Jan
40 June 25 5272 Mar 21
*40
4112
600 Florshelm Shoe class A-No pa
40
401
40
40
411
4112 *41
*41
4112 411
100 951: Apr 12 100 Feb 8 901g Oct 10212 Jan
*98
99
99
200 Preferred 6%
96 *95
96
3196 99
1396 99
99
1396
4
8218 Nov 827 Aug
2
25 June 23 507 Mar 26
_No pa
2514 25% 2.100 Follansbee Bros
25
25% *2514 271
2514 271
25
25
2512 261
83 Nov 95 Sept
801: Jan 3 10412June 4
No pa
73% 77% 48,600 Foster-Wheeler
7414 78
797
7018 75
7114 7834 72
771
72
12% Nov 89% Apr
11 June 19 28% Apr 14
No pa
1118 1118
700 Foundation Co
11
*1112 12
11
12
1218 *11
12
14
1312
4
1
/
19 Dec 105% Sept
1612 Jan 11 5772 Apr 25
No pa
3912 41% 3912 4118 68,300 Fox Film class A
417
38% 407
38% 40
381± 4112 39
23% Nov 54% Jan
1
/
37 June 17 554 April
No pa
39
39% 22,300 Freeport Texas Co
378 398 38
391
38
3718 38
397
37% 391
1
/
824 Nov 1071: May
Feb 14 9612Mar 6
85
No pa
8812 881:
10 Fuller Co prior pref
8812 901
4
*8812 913 *8812 913 *8812 913 *8812 913 •
b Oct 33% Feb
518June 23 1174 Apr 9
No Pa
812 712 3,200 Gabriel Snubber•
7
4 61
*53
6
6
6
514 6
518 534
6512 Nov 8312 July
67%June 23 80 Mar 28
No pa
88
*6714 6712 1,300 Garcewell Co
68
68
88
6912 691
4
673 70
7
70% 70
3 Dec 25 Jan
7% Feb 18
212June 16
6
2,500 Gardner Motor
2% 3
2% 2% *212 27
25s 3
8 2%
27
234 27
714June 25 16% Feb 18
4 73
73
4 2,800 Gen Amer Investots___No pa
714 77
818 81
*712 8
7% 812
7% 8
8812June 25 105 Apr 25
100
99
99 .90
99 *90
3189
200 • Preferred
99
91
8812 8812 •85
91
7838June 25 11178 Apr 4 "ii" Nov 1231i Oct
8 79% 83 40,600 Gen Amer 'Tank Car_-No Pa
8 78% 82% 8012 833
8318 8638 83 863
83% 85
42% Nov 04% Aug
100 38381une 25 7112 Apr 7
38% 4014 4012 4233 4014 4212 19,500 General Asphalt
43
3912 4314 39
4114
40
Feb
No pa 405 Mar 4 125 Jan 15 121 Nov 140 June
70 Can Baking pref
110 110 13110 115 *110 115 110 110 *110 115
*108 110
24 Nov 6974
Feb 15
1518June 24 381*
No pa
19
19
4,200 General Bronse
4
1734 197g 1518 1612 183 1784 1712 187
1912 20
23 Nov 61 Feb
14 June 25 3412 Mar 7
No pa
14
14
14
14
1,800 General Cable
14
14
1518 143 1434
15% 15% 15
4
1
/
63% Dec 120 Feb
32 June 27 7474 Feb 5
NO pa
32
3212 337
3334 3,900 Claes A
3318 35
37
35
38
38% 3978 37
42 Oct 74 Feb
4074June 25 61 Mar 7
No pa
*45
4512 4,000 General Cigar Ins
4034 45% 4512 46
46
46
45
46
4514 46
No par 6233June 25 95% Apr 10 16818 Nov 403 Aug
General Electric
8883 6434 68% 672.900
6283 6538 65
8614 6812 635 6812 8414 69
1174 Feb
11 Jan
2
1
11% Jan 2 117 Apr
1133 1174 3.000 Special
11% 1134 1112 1133 •1183 113
11% 11% 1183 118
7
85 Oct 77 1 J1117
541
No par 4814 Jan 17 6114May 1
5212 54% 58,500 Gen Foods
50% 5212 52
51% 54
5012 53
50% 53
8 June 17 1872 Apr 10
924 gh
98 32,600 Gen'l Gas& Elea A
g
No par
93
924
4
9% 93,
933
914
4
9% 93
4
1
/ 17182 1,100 Cony pref eer A
9
79 .115 1797
No Per 78 June 25 1061: Apr 18
78
8283 82% 80 80
8112 8234 80 81
KT; fig" Feb
No Par 115 Mar 19 122 Apr 2 11121
Preferred A (8)
•1151: 117 *115 11733 31115 11713'1i5 1171: *115 11712
1
/
99 Oct 1164 Jan
4
4
90 Preferred A (7%)___No par 101 June 24 1112 Apr 9
101 1013e 101 101 31101 1053 1053 10534
104 104 *10134 104
50 Oct 89% Jan
No par 4018June 25 59 Apr 12
8 4214 427
4,600 General Mills
4212 4118 4212 41% 4214' 4018 4114 4183 427
4218
87% Dec 100 Jan
100 90 Mar 29 95 Mar 22
89
Preferred
89 •
-- -- 89
.
90 1 31
90 *.
90 13_
4
1
/
33 Oct 91% Mar
4
1
/
10 8711 Jan 16 54 Apr 10
38
4138
4014 353,000 General Motors Corp
1
39% 4118 3914 41%
100 11733 Jan 24 13112May 8 112 Nov 1281: Jan
12672 12814 128% 12614 12633 12814 12633 5.900 7% preferred
1261: 128%
30 Oct 52 Jan
20 41% Apr 14
*2333 25
25
25
2,900 Gan Outdoor Adv A--_No par 25 June
25
25
24
25 I 1324
25
25
25
918June 23 2133 Apr 2
914 914Nopar
93 10
4,100 Common
9% 1014
914 912
983 10
1014
10
No par 80%June 18 5272 Apr 7 IC Nov Ihi" Aug
3212 31% 33
8,900 Gen Public Service_
313 325, 3018 3134 32
3112 3312 3118 321
:
70 Oct 1281 Aug
2
No par 7512June 25 1067 Mar 28
77
77
77
7,900 Can Ry Signal
75% 78 I 75%7714 76
78
76
75% 78
54 Oct 881: Aug
No Par 6514June 18 90 Mar 28
6614 6628 692 *651 68
4,700 General Refractories
4 661: 6714 6814
67 673
1
/
Equip-Na par 30 June 18 614 Apr 10
-31.17 3114 3212 3112 32
30
26,000 Gen Theatres
3
30 4 32
3014 3112 3014 32
BO Nov 143 Oe
7018 6834 70
16,300 3111ette Safety Razor-No Par 6612.Tune 25 1068. Jan lg
68
81 6612 68121 69
717
6818 7133 69 71
4
1
/
10 Nov 48% Jen
Na par 15118June 25 20% Apr 14
1133 11
1112 7.000 Imbed Bros
8 1034 1114 1114 111 1 1033 11141
123
111g
56 Dec 94 Oct
100 66% Jan 30 8112 Apr 25
3,
72% 74
500 Preferred
17I 73Is 7418 137238 74
7418 7418 •7428 75
*7433 75
26 Oct 64% July
No par 1512June 19 88 Mar 20
15% 1814 1533 16
15% 1612 8,700 Glidden Co
1834 1633
4 16
1618 163
95 Nov 10612 Ar r
100 9414June 21 10512 Mar 27
94 •90
1390
50 Prior preferred
1090 94
94
95 *90
94
941 9414 •90
9% Nov 66 Feb
814June 26 19 Feb 7
No par
(Adolf)
814 914
9
7,600 Gebel
812 9
8% 933
9
8 foe
65
833 972
8112 Oct 82 Jan
55,200 Gold Dust Corp v$ o... No par 3412June 18 4772 Apr 28
4
36% 38
36
3712 3534 3838 3614 384 3533 38% 363 38
3814 Dee 105% Jan
4
1
/
No par 221:1une 18 58 Mar 26
16,400 Gtxdrich Co 03 F)
I 2483 2583 25% 2612 25
26
2533 2818 24% 2612 2514 27
951: Dec 11512 Feb
100 80 June 26 104% Mar 28
1384 86
80
85
1.000 Preferred
3181
86
8112 82 82
81
8112 84
*
80 Oct 15412 Mar
31
9672
60
5712 6078 58
6012 637
5478 601 26,300 Goodyear T & Rutt----No par 5478June 27 102 Mar 3
2
6118 6214 60 64
87 Nov 1047 Feb
4
1
/ Apr
No par 90 Jan 8
let Preferred
400
*92
93
9212 9212 9312 9312 *84 8 92 •92
93 93
14 Nov 60 Apr
988 93
2
611
812June 18 287 Mar
No par
93
9% 933
3.200 Gotham 1311 H27
933
101g 103
A 97
1012
10
68 Dec 10114 Jan
1
/
100 70 Jan 10 824 Apr
Preferred
75 •72
75 •72
75 •72
1372
74
75
75 •72
4 Oct 14 May
1372
6 June 19 15% Apr 2
No par
300 Gould Coupler A
7
4 7
1388
4 7
•63
*88
4 63
63
4
7
7
7
7
7% Oct 54 Jan
538June 19 13% Apr
4 6
53
6.100 Graham-Paige Motors-No par
5% 6
3
5 4 8%
4 6
53
512 6%
8
534 63
7 Nov 4912 Jan
51:June 24 107 Apr
4
No par
*5
684
1,700 Certificate.
614 7
512 614
4 7
6
83
514
633
58
46% Nov 102% Mar
18 June 28 59% Apr
20
2234 2214 2214 1934 212± 194 221
2212 6,200 Granby Cons M Sm & Pr_100 30 June 25 52 Apr
20
21
21
3212 Dec 44% Dec
1,200 Grand Sliver Stores__ _Ng par
30
32
33
31
31
31
31
3111 32
3112 3112 3112
33 Dec 9612 Mar
100 83% Feb 6 4512 Mar
Grand Stoma
912 Nov 32% Jan
No par 10 June 17 3038 Feb 1
2g
"ii" "ffii "ii; Ifi "ii; ill; "ii" IfiiI "1118 III *3612 -1- -1- 1,500 Grand Union Co
30 Oct Ws Jan
No par 343aune 18 4312 Apr 1
4
363 368
133518 38
38
100 Preferred
*3512
37
*3512 38
35% 36
•
32 Nov 63% Set'
,
7
No par 35 June 24 50 2 Apr
3,100 Granite City Steel
35 *33
35
35
35
3433 *33
37 23518 3512 35
37
$ Per share
40 42
*
131314 13%
73
72
•_-__ 108
1312 14
3
2
$ Per share
4178
3140
•1318 14
72
7383
107 108
1312 1312
273
27
12633 12633 12033
a5r, 4033
4053
70%, 6514
91±
•MO and sated =low; no Wee 00 Ibis doe. •15141vieenn. 0 Illx-dlyugend ex-rIghts,
15 8 additional shares for smell 'here bell.
4574
Nev York Stock Record—Continued—Page 5
For sales during taw week of stocks not recorded here. •ee fifth peas
precedlaa
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday.
Juno 21.
•
Monday.
June 23.
Tuesday.
June 24.
Wednesday. Thursday.
June 25.
June 26.
Friday.
June 27.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range &MO Jan. 1.
Ow basis of 100
-share Iota.
PER SHARR
Range for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest,
per share $ per share
per share $ Per share $ Per share $ per share Shares Indus. & Mtacel. (Con.) Par
$ per share $ Per shore $ per sears
2914 29se 2918 30
Per shaft
293 3014 2918 30
4
293 303
8
7.000 Grant (IV Ti
4 3018 31
No par
29 June 18 43 Jan 9
1814 1812 18
3212 Dec 14458 Feb
1812 1814 183
8 1814 1812 1814 1918 1914 1912 7,500 Ot Nor Iron Ore PropNo par
18 June 23 255 Mar 25
21
8
19 Oct 394 Feb
213
4 2018 2114 2018 2014 20
2018, 2015 207
4
8,500 Great Western Sugar No par 20 June 25
8 203 21
*11213 115 *113 115
3413 Jan 16
Jan
28 Nov 44
113 113
113 11314'•113 115
115 115
280 Preferred
100 1105
8May 27 120 Mar 14 105 Nov 11912 Feb
1512 163
8 1412 16 4 1518 1612 143 1512 147 16
,
4
s
151s 16
87,700 Grigsby-Grunow
par 1212 Jan 18 28 June 2
1414 Nov 70 Sept
*7
3 113 *7
8
•8
7
1
1
*73 1
*78
1
•78
1
Guantaimmo Sugar__ _ _Aho pa
? Mar 7
N
'
*39
40
4 Feb 4
512 Jan
1 NOV
•36
373
8 40
40
40
33
*38
40
38
33
400 Gulf States Steel
100 238 June 16 80 Feb 19
*19114 105
42 Nov 79 Mar
10114 10114 *10114 105
10114 10114 *95 10114 *95 10114
60 Preferred
100 9812 Jan 17 109 Apr 30
*28
9954 Dec 109 Feb
281
28
28
28
2814 *27
2814 2818 2812 27
2814
210 Hackensack Water
25 26 Jan 4 32 May 9
2712 2713 2712 2712 •27
2313 Nov
35 Aug
2712 2712 2712 *2712 2813 2712 2712
160 Preferred A
25 28 Jan 6 29 Apr 17
1314 14
26
1314 1312 13 8 1414 133 147
Jan 30 Aug
5
8 1414 1514
4
14
1518 16,200 Hahn Dept Storm
No par
1238 Jan 2 2314 Apr 17
7812 78 8 7814 7812 7814 78 4 7814 80
12
Oct 5684 Jan
3
,
7913 7912 *7918 81
1,300 Preferred
100 7118 Jan 3 8612 Apr 17
2278 23
713 Dec 115 Jan
4
23
23 8 22
3
2314 22$8 223
4 213 2212 2214 223
8
4 2,700 Hall Printing
10 21 June 17 313 Mar 25
*105
4
27 Dec 294 Dee
*105
*105
_ *105
_ *105
*105
Hamilton Watch prof
100 99 Jan
*91
4May 21
92
99 Nov 10538 Jan
92
92
92
92
91 If *91
92
*91
92
130 Hanna prof new__ _. --No Par 85 Jan 7 1043
.53
16
54
52
5212 52
52
*50
51
52
53
50
5012 1.700 Harbison-Walk Retrao_No par 50 June 27 98 Apr 14 -----1218 13
7214 Apr
54
Jan 87s Oct
1012 123
8 1114 1214 1012 113
3 11
1112 1034 11,
2 6,600 Hartman Corp class 13..No par 1012Juue 23 20 Feb 21
*2134 23 .2134 23
5
Oct 417ii Aug
13
•2158 23
2112 213 *2012 217 *203 213
3
4
s
4 1.00011BaCwlaaran
A
No par 2012 Jan 17 2314May 24
*51
5414 *50
187 Oct 31 Sept
8
52
*50
52
*50
52
*50
52 I
52
4,50
Pineapple
54 Jan 14 61 Feb 13
55 Dec 721s Aug
6
67
8
6 s 618
63
,
8 67
8
618 612
613 613
612 63
4 4,600 Hayes Body Corp
No par
538June 18
123 Apr
4
512 Nov 6838May
•79
83
*76
81
*76
81
*76
8618 *797 8613 *797 86,
11,101,(0 W)
8
s
s
25 7712June 19 9258 Feb 1
21
84 Nov 11812 Jan
21
2012 21
207 2118 20 8 21
8
5
*2113 25
*21 12 23
3,200 Hercules Motors
No par 2012Juno 23 31 Apr 1
85
2112 Dec 3318 Oct
8518 84
4
873
4 853 3812 84
86
883 883
4
7.400 Hershey Cbocolate
4 8812 92
No par 70 Jan 2 109 May 2
45 Nov 1437 Oct
93
3
9212 9212 92
93
92
*88
90
90
91
8912 92
1.000, Preferred
No par 83 Jan 2 1083
12
4June
603 Nov 14314 Oct
2
*107
107 107
107 107 *107
_- *107
400 Prior preferred
-- 10714 10714
100 10414 Feb 21 10714June 2
104
12
Jan 1063 Oct
8
12
1214 1214 1212 1212 13 13 *13 15
*1213 15
500 Hoe (B) & Co
No par 12 June 21 254 Feb 2
4
123 Dec 33 Aug
*317 32
8
30 4 317
3
8
8 333 33341 303 33
8
333 333
4
4 333 333
4
4 1,300 Holland Furnace
570
No
2614 Jan 14 4114 Mar 2
21 Nov 51 Mar
54 6
3
5 4 534
3
54 5 4 • 5
3
3
58 6
*53
4 612 *53
400 Hollander & Sons (A) _No pa?
4 6
5 June 18 1288 Jan 2
*7512 80
1312May 245 Aug
8
*7512 80
*76
7912 •76
79, *76
2
;
7912 *76
7912
ee
Mining
100 7412May 5 80 Feb
65 'Nov 93 Aug
10 8 1114 11
5
12
1034 1138 103 10 8 1018 103
8
5
4 10
8 9,000 Houdallle-Hershey clB `No Par
103
10 June 27 29 Feb
13 Nov 523 May
6218 621
4
63
63
6212 6212 63
63
63
63
6212 6212
900.Housebold Finance part rif-50 49 Mar 5 63 June
45 Aug 5214 Bent
;Household Prod Inc
No par 5212 Jan 25 6112
40 Oct 7912 Jan
67 ic;3:1 "E4r2 'fit; - a
-aa - ; 69
701
7438 6838 7438 82.700 Houston Oil of Tex tern etia 100 524 Jan 17 1167 Mar 1
8 Apr 2
Oct 109
26
Apr
26
3
2612 25 4 26
27
27
251s 2612 2514 2713 2612 263
4 2.800 Howe Sound
No par 2518June 18 417 Feb
5
34 4 Nov 82 Mar
3
12
2714 2813 263 28
4
26
27 8 25 8 28
3
3
27
28
2712 283 25.700 Hudson Motor Car
8
No par 253
8June 25 627 Jan
8
38 Nov
9312 Mar
8
143 15
1413 15
14
1438 1312 14
1378 14
1312 14
10,300 Hupp Motor Car Corp
10 13121une 25 263 Apr 1
8
18 Nov 82
Jan
2014 20 8 20
3
21
2012 207
8 193 2012 2015 203
8
8 203 207 23,900 Independent Oil & Oaa_No par
8
8
193
8June 25 32 Apr
514 512
173 Oct 393 May
4
8
5
513
518 512
518 53
8
5
5
5
5 14 5,900 Indian Motoeyele
412June 18 '
No par
3 Oct 3212 Jan
12
•22113 25
*22
•2218 25
25
•22
25
*22
23
*22
23
Preferred
100 22 June 18
,4 Mar
25 Nov 953 Feb
10
4
10 4 10
111
3
8 1012 1133 10
1038 1012 1112 1018 1112 35.900 Indian Refining
10
83
4June 18 283 Mar 2
8
10
131s Oct 53 Aug
1012
9 8 1114 1014 1012
7
93 1018 1018 1114 10
4
11 18 5.200 Certificates
10
Wenn° 18 273 Mar 2
4
1112 Oct 514 Aug
97
97
93
93
92
94
85
90
83
8914 85
87
4,000 Industrial Rayon
No par 83 June 26 124 Jan 1
6812 Nov 135 Jan
180 182
175 180
177 179 4 165 174
3
177 190
185 190
3,8001Ingersoll Rand
No pa 1544 Jan 8 239 Apr 24 120 Jan 22113 00
*66
74
683 69
69
4
70
68
68
68
63
*63
1,100 Inland Steel
70
No pa
68 June 25 98 Mar 11
71 Dec 113 Aug
1314 14
133 1413 1418 147
8
8 13 4 1418 1413 153
3
8 147 153
8
8 8.100 iremlration Cons Conner— 20 1212June 18 304 Feb 7
Oct 6612 Mar
22
1113 1113 1112 1112 11
113
8 1014 103 *1012 1118 1114 1114 1,700 Insuransharee Corp_ _
4
No pa
•312 43
1014J1Ine 25 17 8 Mar 10
4
5
12 Dec 16 Nov
4
353 4
4
*312 415 *33
4 4
*334 4
2,200 Intercont'l Itubber
No par
3 8June 24
5
712 Apr 1
144 Jan
2 Nov
157 1618 15 8 16
8
3
153 16
8
1512 15 8 157 1612 18
7
19
8
8.500 Interlake Iron
No par 153
8June 23 28 8 Apr 2
7
434 6
5
5,
48 5
s
7
5
513
434 43
5
4
6
3.400 Internal AgrIcul
par
Na 1oo
412 Jan 2
811 Apr 7 1- Oct
Jan
*5214 55
5214 523
54
54
*52
6512 *52
*53
57
59
700 Prior preferred
5214June 23 6714 Apr 9
8172
140 Nov - 81-1 Jan
16018 16018 155 163
16014 16912 2157 165
16514 16514 16112 165
7.300 lot Business Machlnea_No par 15212 Jan 18 19712May 28
5913 59
109 Nov 255
Oct
60
60
60
59
59
5914 587 59
8
59
59 2 2.100 International Cement No par 5534 Mar 6 75 8 Apr 2
,
3
48 Nov 1023 Feb
4
6
54 6's
3
61s
63
5 78
3
6
6 12
6
63
618 638 20.000 Inter Comb Eng Corp No par
4
5 Jan 2 1412Msa 26
414 Dec 1034 Feb
•49
50
50
50
493 54
4
5112 51..3 50
55
5,000 Preferred
503 55
4
100 30 Jan 2 78 Apr 1
1812 Dec 121 Feb
76
82
777 83
8
8012 76
7713 8014 7914 8318 79
827 52.400 Internal Harvester____No pa
8
76 June 21 115 4 Apr 16
65 Nov 142 Aug
3
1433 1433 143 4 1437 *14213 143
4
4
3
8
143 143
143 143 *14218 1433
4 1.900 Preferred
100 1304JFe 180 154 M ar 14 12
4 11 ,
nb
,
4412 A p 1
3
3 Nog 1549512 SeptJan
7 A uv
3414 351s 333 363
4 3412 36
4
233114 343
8 3412 3814 35
3638 20,000 Int Hydro-El Sys Cl A_No par
7113 73 8 7212 7318 72
3
74
269
72
71
72
7013 733
4 8.400 International Match pref_-_35 6512 Jan 3 92 Apr 24
10212 Jan
47 No
1913 2118 1913 2112 *1913 2014 1938 20
20
20
20
20 4 6,600 Int Mercantile Marine ctfe_100 19 June 18 33 Apr 17
3
184 Nov 394 Oct
22
2312 2112 2418 227 2438 2212 23 4 233 247
8
3
4
8 233 243 277,100 Int Nickel of Canada__No pa
4
4
21 June 18 4488 Apr 4
25 Nov 721 Jan
4
International Paper__ _Ns pa
58 Jan 6 65 Mar 21
67 Dec 112
—
5( 78 -7734 7734 78 78
Oct
777; 78s 78s — 4 7614
761.
200 Preferred (7%)
100 74 June 17 86 Apr 29
77 Nov 9412 Jan
19
20 8 17
19
3
183 1912 .18
4
20
*1813 20
191s 193
8 5,600,Inter Pap & Pow el A....No pa
17 June 23 3118 Mar 22
20 Nov 4414 Oct
*13
143
4 13
13
1312 14
14
14
*14
1413 *14
1412 1,3001 Class li
No par
113
4June 18 2214 Apr 14
9
12 Nov 337 Oct
8
1018
914 103
24 10
10 4
3
9 4 1012 101 11
3
8
1013 1012 16,2001 Class C
No par
9 June 21
18 Apr 14
9 Nov
2618 Oat
74
74
74
743 *73 4 7
4
72
3
5 x72
72
7278 *71
73
1,0001Iot prierred
90
0 Pref nung
100 72 June 25 86 Mar 28
77 Nov 95 Ott
*3718 40
40
40
40
40
*383 40
8
3814 3814 37
37
Ink Corp —No Pa
36 June 19 583 Apr 5
4
40 Nov 681 0131
8
94 •____ 92 *_ ___ 92
94
---- 9113 *871z 92 •____ 92
10, Preferred
100 93 June 19 101 Apr 12
917 Nov 1013 Mar
3
128 128
130 14134 132 136
126 131
131 131
2.500 International Sall
100 69 Jan 19 153 May 23
5512 Jan
903 Feb
4
54
54
.537 538 53 8 54
8
7
5312 54
54
54
54
54
1.800 International Shoe_ ___No pa
5312June 25 62 Jan 15
54
Oct 77 Sept
'70
12
85
*75
88
8012 8712 79 4 80
3
*75
791 •75
600 International Silver
7912
100 793
4June 25 119 Feb 1
95 Nov 15912 Aug
*107 109 *107 109
107 107 *106 109 *106 109 *106 109
10 Preferred
100 105 Feb 26 1124 Feb 17 10314 Oct 119 Jan
4114 4234 4018 431
40 8 43 8 4014 4178 4112 43
5
7
413 43 109,600 Internet Telep & Teleg_No Pa
s
4018June 23 773 Apr 24
8
53 Nov 1494 Sept
207 21
8
219
21
21
21
20
203
4 203 203
4
2014 203
4 2,700 Interstate Dept Storee_No pa
18 June 17 40 Feb 4
2518 Oct 9312 Jan
693 693 *69 8 74
8
8
3
6914 6938 6914 6914 *675s 73
*67518 73
110; Preferred ex-warrants_ _ _100 6914June 24 7514 Feb 6
74 Dec 97 May
24
24
*22
•22
24
24
*22
24
*22
24
24
24
200 Intertype Corp
No pa
23 Jan 2 32 Apr 9
17 Nov 3872 July
15
1513 143 15
4
15$4 15 4 1412 15
3
145 1512 143 161s 3,400 Investors Equity
8
4
14 June 19 29 Feb 19
No pa
1211 Nov 7212 Aug
*3312 35
33
33
3213 33
32
32
32
32
32
32
1,200 Island Creek Coal
32 June 25 43 Mar 19
39 Oct 69 Mar
4618 4618 45
49
48 48
4813 48
473 473
4
4 4612 477
s 3.200 Jewel Tea Inc
No par 43 Jan 20 6612 Apr 30
39 Nov 16214 Feb
8014 8314 78
841z 78513 8414 763 8012 78
8
82
74
81
54,000,Johns-Manville
No Par 74 June 27 1483 Feb 5
2
90 Nov 24234 Feb
*12014 ____ 12014 1201 12014 120 8 *12014 1203 1203 12018 *12033 12012
3
8
8
620; Preferred
100 11814 Feb 24 123 Mar 21 118 Nov 123 May
120 8 121
7
1207 l20
8
7a 1207 1207 12013 1207 1207 1207 1201s 1201
3
3
8
18
8
210 Jones & Laugh Steel pref 100 1184 Jan 6 1234 Apr 11 117
June 126
Oct
2
2
13
4 2
13
13
4 2
4 17
8 *13
4
17
Vs 2,600 Jordan Motor Car
13
13
4
Panne 23
No Dar
512 Apr 9
112 Oct 161! Jan
1114 1114 11014 111 *101it 1012 10
10
10
10
93
4 1,000:Karstadt (Rudolph)
4 93
9 4June 27 1312 Jan 16
3
107 Nov
s
1378 Now
175 175
8
8 17
1712 167 171s 1612 17
8
*1612 17
*1612 17
1.300 Kaufmann Dept Stores_212.60 1612June 25 2012 Mar 7
24
1714 Dec !WIN Feb
24
24
251 *2412 2518 243 25
4
25
25
*2414 25
2,500 Kayser (.1) Co v t c____No par 24 June 21 4112 Jan 2
30 Nov
•___ 4934 •____ 4934 •____ 493
18.2 July
493 023
4
493
4
1Keith-Albee-Orpbeum -No Par
21 Jan 8 45 Apr 23
1512 Nov
*105 108 *103 115 1'1013 112 I 101 101 1..1013 120 *101 110 4
46
Jan
4
4
1001 Preferred 7%
100 85 Jan 7 150 Apr 24
70 Nov 138
Jan
3 8 312
3
3
3
141
3
3
141
3
3
14
318 313
314 3 4 3.600 Kelly-Springfield Tlre__No par
,
3 June 18
618 Apr 10
3 Dec 23 8 Jan
7
2218 221s 23 23
*21
2214 21
21
2014 20 2 2014 2014
100 8% preferred
,
100 2018 Jan 3 42 Jan 24
16 Dec 947 Jan
8
•2518 35 •
35 ,*
35 •___ 35
*2518 35
35
6% Preferred
100 29 Jan 2 55 Jan 25
26 Dee 100 Feb
2618 28
263 273
4
4! 2618 28 1 24 4 2618 26
3
8
2714 253 27
31.000 KelseyllayeeWheel____ No par 2218 Jan 3 394 April
1858 Nov 59 4 May
3
15
16
1418 1538' 1478 1612 1413 1538 1518 16
1514 1614 73.800; KelvInator Corp
No par
7 Jan 2 265 Apr 25
12
8
5 Oct 1914 Feb
75
75 •____ 74 •____
__ 72
72
72
72
30 Kendall Co prof
No par 72 June 27 89 Mar 21
75 Nov 96 Feb
38 8 373 38 8 373 383
38
3
3
4
4 3712 3818 373 4014 3812 39
4
52,600 Kenneeatt Cooper
8
No par 3712June 25 52 4 Feb 7
3
493 Nov 1047 Mar
8
8
4814 4912 4814 4814 *4812 50
*4812 50
493 4034
4
*4813 50
400,Klmberley-Clark
No par 4814June 21 59 Mat 31
4514May 573 Oct
3
*24
25
27
2718 2678 29
29
29
29
29
287 287
8
s 1,4001KInney Co
20 Jan 29 4012June 4
211z Nov
4412 July
*84
85
•84
85
83 4 84
83
3
84
83
1101 Preferred
83
83
83
83 June 20 97 Apr 17
80 Oct 1093 Mar
4
318 312
3
3 14
3
318
2 4 318
3
318 318 6,600 Kolster Radio Corp._ N0 par
318 3
811
18 Jan 18
4
84 Apr 14
313 Dec 7838 Jan
4858 4912 4818 4913 4812 4812 47
48
477 485
48
3,30_0 KraPPefeCheeseNo pir
s
8 48
mos jan 8 551sJune 2
27 Nov 7614 Oct
*11115 ---- •11118 ____ *11118
__ *11118
_- •11118 - -- •1111a
98 Feb 6 111 June 5
95 Apr 10578 Oct
2612 2612 2614 2638 2614 163
4 2614 17
18 27
Kreage (S S) Co
283
- 4 2714 2813
2614June 17 368 Jan 2
4
28 Nov
5712 Mar
62
52
5018 5118 50
51
2,500;Kress Co
5118 5118 51,
50
52
8 52
No Par 50 June 24 70 Jan 24
Jan
53 Nov 114
14
2618 267
8 26
265
8 26
26 4 25 4 263
3
3
4 2612 2714 263 27
74.3001 Kreuger & Toll
4
23 4 Jan 2 353 Apr 10
3
8
2213 Nov
463 Mar
8
223 2312 2214 23
8
2212 2314 2218 2212 2218 223
4 2212 '223 21,2001Kroger Grocery & Bkg_No par 21 June 18 4818 Jan 23
4
3814 Nov 12212 Jan
*23
24
2213 24
23
23
2.9001Lago Oil & Transport__No par 2114 Jan 11 2612
223 2312 23
4
2312 2312
24
Apr 7
1612 Nov 383
8.111ne
78 8 79
,
7714 80
79
81
76 8 79
5
7818 80
773 803
5
4
No par 7612June 13 113 Apr 1 8018 Nov 1574 Mar
5
514
5
5
*5
6
478 5
47
5
8 5
1258 0,Lea rb Cr &'Me__ -No Par
3 00 Lamru 1be o
5
:
45
8June 17 11 Mar 25
5 Oct 25 Jan
*3312 34
*323 34
4
*3213 3312 323 323
4 32
4
300 1.011151h Portland Cement— 50 32 June 26 42 Apr 1
323 *3112 33
8
30 Nov 65 Feb
*106 108
106 106 *106 10714 *106 107141*106 107 4 •106 10714
Preferred 7%
,
100 105 Jan 2 10812May 24 100 Nov 1103 May
4
•93
4 98
7
7
53 9
813 8 4
Lehigh Wal/ey CoaL_No par
3
74 8 1
3
8
87
83
8
4 83
4
714June 18
1712 Mar 17
Oct
10 oct. 32
•22
28
*22
26
*22
2612 *22
2613 2218 2218 2214 2214 1,200 Preferred
50 2218June 36 3712 Mar 19
31 Dec 4434 July
23
24
23
24
23
25
2214 2318 2314 24
2412 2412
No par 2214.11108 25 36 Apr 14
28 Nov 6812 Feb
20 4 2113 20
3
203
8 193 20
4
1912 197
0 1 i
8 20
% 999 L 9ny 25224
2 0 LI,betk F k
20
2018 2014 4 60 1- ,-Ovrens Glass_ _ No par
1912June 25 3112 Mar 29
17 Oct 43 ALIO
863 87
4
87
87
8612 89
8512 8613 887 9014 8912 8913
8
Yers Tobacco-25 85 June 18 1133 Apr 1
4
Oct
8014 Nov 106
873 897
8 8614 88 4 86
4
3
91
85
87
2600
:
877 893
8
4 8712 903 35 700
4
25 85 June 25 1143 Apr 1
8
80 Nov 10614 Oct
23
23
53 23
24
25
2514 25
Llina e B
Serit
2514 *2413 25
ocomot Works...No par 20 June 18 494 Feb 15
*2412 25
30 Nov
57 4 Jul
8
*363 38
4
*363 3812 *37
4
38
400 Link Belt Co
3712 *363 38
37
*3712 38
4
No par 37 June 25 45 8 Feb 21
3
375 Nov 01 Feb
8
5914 63 4 61
3
643
4 62
66
61
63 4 6334 66
2
631s 653 12,600 Liquid Carbonic
4
No oar 523 Jan 3 817 Mar 28
8
8
40 Oct 1137 Jan
4
6218 69
60
66
6018 6714 58
6212, 607 6414 613 643 87,500 Loew'e Incorporated
8
8
No par 4218 Jan 2 95 4iMay 14
4
3
32 Oct 8412 Feb
*9814 107
98 98 *101 10912 100 10018 *100 10912 *10014 10912
300 Preferred
‘warr5,25N0 parne
No
8June 3
8538 Jan 17 1123
Oct 110 4 Jan
80
3
90 4 90 4 z90
3
3
90
91
9312 9253 94
93
ex
94
9318 94
Mar
78 8May 5 9612May 24
3
80 4 Nov
3
312 3 8
5
Pe i 3
12 312
fre
3
13 3 8' 3 8 338
3
5
35
8 353
312 33
No par
3 3700 Loft Incorporated
3 June 18
315 Dec 915112
63 Feb 19
8
*714 8
*714 8
*714 8
8
500 Ler,5 Hell Lumber A__.No par
9 4 5714 97
3
s *714
97
8
3
12 Dec 8327;85 Septan
8 June 10 15 4 Mar 22
55 4 57
3
55 4 5812 5412 68 8 53 s 55 8 5534 577
3
3
7
7
8 57
5914 13,100 Loose-Wiles Biscuit
25 50 Jan 4 7014 Apr 2
3
1918 Nov
12
1714 18 8 1653 1712 17
3
18
163 171a 1718 177
8
8 1718 173 46,000 Lorillard
Mar
818
8
8
8 18
818 818
8
8 18
8
818
8
No par
81 14,600 Louisiana Oil
?,13121't1
1/118 gt
14 Octe
•___ - 90 • 80
90
*80
90
Preferred
*80
90
*80
90 .80
90
100 8018June 18 8912 Feb 6
80 Nov 10014 Feb
33 8 35
5
33
3412 34
3412 33
31
8,700 Louisville 0& El A____No par 33 June 23 5114 Apr 25
34
3512 3414 35
Oct 723 Sept
28
8
2312 243
4 2214 243
8 2314 25
Ludlum Steel
2312 2312 2478 24
22
12,800
25
No par 22 June 25 4472 Mar 12
22 Nov 10878 July
795 5912 *793 90
5
5
*7938 90
*793 90
Preferred
8
*787/4 90
*787 90
No
8
78 Nov 18 June
W M ar4 18
*24
29 •24
287
8 29
29
26
26
•28
500 MacAndrews & Forbee_No a "May19 393 Apr 3
287
287
8
;
; 2414June 19
3014 Oct 46
Jan
4
48 8 51
5
493 55
s
5038 56
493 5112 4913 5212 50
521 23,600 Mack Trucks Inc
4
No par 4614June 18 8812 Mar 27
5518 Nov 1143 Feb
4
112 115
8
1095 114
111 115
109 112
11013 11413 112 112,
No par 109 June 25 15914 Feb 3 110 Nov 25512 Sept
4 9.000 Macy Co
'Bid and asked prices; no sales on this day. a Ex-clIv.-Kx-rtehts
5,501
241 IP
New York Stock Record-Continued-Page 6
4575
For sales daring the week of stocks not recorded here, see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
June 21.
Monday.
June 23.
Tuesday.
June 24.
1Wednesday. Thursday.
June 25.
June 26.
Friday.
June 27.
pert hare 3 per share
per share 3 per share S per share S per share
*11
*11
13
*12
12
1212 *12
*11
13
12
11
11
31
304 3134 31
30
32
30
31
33
31
32
327
8
712 812
9
8
98
7
8% 9
9
9 14
83
4
87
8 87
8
*04 4
*112 4
*112 212 *112 33
*112 4
4 •112 4
1712 171 *1415 24
1514 1618 *1514 24
*1514 24
*1514 24
*12
*12
15
*12
15
•12
15
12
1314 *12
1314 •
1314
9
912
012 01
8
912
814 87
8
812 97
9 8 9%
,
8
1278 1118 123
,
1234 131
12 4 12% 12
8 12
1214 12
12
3314 3314 *3212 3314 31
*3318 35
3212 3014 3212 31
31
111
1012
1114 12
1012 1112 10
10
103 1012
8
87
g 93
4
4
*3
31
*3
*3
312
3
3
2 *3
312
33
351. 3518 36
35% 381
3338 34
323 34
8
3438 3612
*127
*12714 130 *127 130 *127 130
*125 4
,
- *127_
423 4 44Y 44 1518 4312 44
443 151
4
4414 4414 44
44
141
137 14
8
14
137 14
2
133 133
4
14
4 14
*133 14
4
*2115 27
*
2118 27
*22
27
*22
27
*21
2718 *2112 2512
•66
*78
77 •76
78
8314 76
76 .
77
78
*77
8314
42
38
38
*39
40 40
39
413
4 40
40
40
4112
*57
60
*57
58
*57
60
*5412 60
*5412 60
*5412 60
1
*
50
67
*
50
67
*5 1
67
*57
67
*57
67
*57
67
94
94
*90
*90
*90
94
*90
94
*90
94
*90
94
*3112 341
3012 33
*3012 3412 34
*3012 31
34
*32
35
*173 18
4
IS
18
*1758 18
175 1758 175 175 *175 18
8
8
8
3
70
731
7018 73
71
73 4 7053 7112 727 737
3
8
8 7214 7413
23% 231
20
23
19
2212 185 20
8
1914 193
8 1912 20
*3752 387
35
38
3714 38
36
38
37
38
*37
43
1212 13
*1212 15
1212 1212 1212 125 •1212 13
8
*1212 13
34
34
*32
35
*32
3212 *32
33
345 35
8
3233 33
12
12
11
111
1118 1118 1014 10 8 1012 1012 1012 11
5
1714 1812 1714 19
173 193
4
8 1812 19%
1758 1912 1718 181
1614 17
1614 107
16
1612 161, 16
1012 1612 1612 1612
64
6614 62
663-' 5814 623
4
6312 64
6258 64
60
60
2312 233
8
225 23
4 2318 233
8
23 18 2312
4 2314 2334. 225 231
118 118
1
1 1g
11
81
1
118
1,
114
1
114
1'8
24
26
22414 2512 23
8 2155 221
247
237 243
8
8 24
245
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Shares Indus. & Miscel.(Con.) Par
100 Madleon Sp Garden___No par
2,700 Magma Copper
No par
5,000 Mallison (II R)& Co No par
Manati Sugar
100
100
40 Preferred
Mandel Bros
No par
4,000 Manb Eke Supply-No par
25
3,300 Manhattan Shirt
4.300 Marlin-Rockwell
No par
6,400 Marmon Motor Car_No par
400 Martin-Parry Corp
No par
15,000 Mathieson Alkali WorkeNo par
Preferred
100
25
2,800 May Dept Stores
Vo par
5,600 Maytag Co
No par
200 Preferred
No par
Prior preferred
No par
1,000 McCall Corp
1MeCrory Stores class A No pat
Class 13
No par
Preferred
100
500 McGraw-Hill Publica's No Par
400 McIntyre Porcupine MInes__5
12,300 McKeesport Tin Plate_No par
8.500 McKesson & Robbins--No Par
50
1,700 Preferred
1,000 McLellan Stores
No pa
No pa
1,100 Melville Shoe
No pa
2.700 Mengel Co (The)
87,300 Mexican Seaboard 011 No Da
2,100 Miami Copper
5
No pa
3,400 Michigan Steel
13,800 Mid-Cont Petrol
No pa
5,900 Middle States Oil Corp etre_ __
6,400 Midland Steel Prod
No pa
Miller Rubber
No pa
54
*
*30 14 - ;55" 14
Minn-Honeywell Regu_No pa
1412 1518 13
1412 1312 1412, 131g 141
14
137 143
8
8 14
6,700,Minn-Monne Pow Impl No pa
*75
*75
80
80 I 75
*75
80
75
*70
84
*73
84
100' Preferred
No pa
18
1812 18
17
18
17
18
17
18
1714 1812 *17
3,300 Mohawk Carpet Mills_No pa
36
357 3812 35
38
3514 37
365
8 35
363
4 36
37
4,800,Monsanto Chem Wks_ _No par
34% 35
3318 3533 31
33
3614
33
3214 337
8 313 337 141,800'Mont Ward dr CoIllCortiNoPor
3
8
*53
4 6
6
61
6
614 614
6
653 612
53
4 63
,
1,200 Moon Motor Car new _No par
4
53 53
52 .
*51
51
513 *51
513 52
4
52
*51
52
No par
600 Morrell (J) de Co
118 112 *118 114
118
114
114
118
11
118
118
11
1,500 Mother Lode Coalition_No par
4
438
4
4
4
4
4
4
35
8 37
33
4 3%
3,000 Moto Meter Gauge &DIN° par
3412 40
353 37
4
35
37
3515 36
3618 3612 *37
38
3,100 Motor Products Corp_ _No par
23 237
2218 2212 2214 223 *22
8 2283 23
23
4
22
221
No par
3,900 Motor Wheel
9
9
9
9
9
812 818
9
83
4 83
812 9
No par
1,200 Mullins Mfg Co
49
50
49 *____ 49
*55
5712 •55
5712
No par
Preferred
4014 *41
*40
45
42
4018 4018 42
4014
*41
47
46
300 Munsingwear Inc
No par
14
4
1258 1312 133 14
135g 1458 123 1378 13
4
1312 14
13,100 Murray Body
No Par
*3812 401
377a 3818 38
38
37
37
37
3818 3834 39
2.100 Myers F & E Broe_No pa
32 8 3114 323
5
32
4 3053 3218 3018 31
305s 32
3114 323 23,700 Nash Motors Co
4
No par
8
10 8 1112 103 11 4 113 1138 12
,1
8 11
121s
4
115 123
8
,
1212 5,200 National Acme ntanaped__ _ _10
1618 161s *1612 173 *1612 2212 *1612 171
1814 161
4
17
17
No pa
500 Nat Air Transport
8
98 9
5
7
912 10
953 93
3
912 95s
2 4 1018
9 8 9 8 3,600 Nat Hellas Hess
7
7
No Par
National Biscuit
i
25
7112 7483 -7753 Vi4 54,300 New
4
2114 1 1- 7214 74 4 74
172
/-1164
77
-3110
4 48
5014 475 493
50, 513
s
4 46
48 2 4512 473
4 4614 48
,
24,600 Net Cash Register A w I No pa
5
8
8 473 4912 473 49
4818 495
4512 4714 47% 485
4712 4878 81,500'Nat Dairy Prod
8
No pa
1518 1513 15
1514 *15
17
*15
16
15
16
15
15
2.000 Nat Department Stores No pa
*87
90
*86
90
*86
90
*86
8612 •86
8612 *86
8612
I let preferred
100
27
2712 2814 2814 285 28
8
5g 2412 255
8 2512 2612 2612 2712 4,100,Nat Distill Prod etre_ _ _No pa
243 2412 *2012 22
8
*2014 22
20
22
217 2214
2012 22
8
1,300 Nat Enam & Stamping -_l00
128 128
125 128
125 129
125 126 I 130 130
127 1297
8 4,100 National Lead
100
141 141
140 141
140 140
140 140 I 140 140 *140 141
410 Preferred A
10
118 118
118 118
118 118
118 118.1 118 118
118 118
280 Preferred B
100
335 3518 33
8
363
8 3318 363
4 3214 345l 34
357
8 3414 3674 75,400 National Pr dr Lt
No pa
•13
4 17
*134 2
8
13
4 13
*134 2
.13
4 2
•13
4 2
National Radiator
No par
314 314 *314 4
*314 4
3
318 *3
41
*3
412
400 Preferred
No pa
105 105
105 105 *105 110
104 107
105 105
1007 104
s
3,000 National Supply
50
7214 6912 71
71
723
4 70
69 69
6614 69
68
6912 3,900 National Surety
50
25
2612 1,800 National Tea Co
253
4 2612 2612 26
*2512 26'l 24
261 *2512 26
No par
1534 1578 1512 1534 1558 1614 153 163
4
8 1618 173s 1612 167 21,500'Nevada Consol Copner_Ne par
*
50
60
*50
60
*50
60
*55
70
*55
70
55
55
200 Newport Co class A
6
30
31
2912 291 *29
30
2818 291 *2818 29
29
29
1 000Newton Steel
No pa
3914 3914 39
39
3978 397
383 39
4
383 383 *3812 3 3 1.800 N Y Air Brake
4
83
No par
•
30
40
*30
38
*30
38
*30
38
28
30 .28
33
500 New York Dock
100
*84
8912 *85
89
*85
89
•85
89
*85
89 .85
8912
Preferred
100
102 102
102 102
102 102 *101 102 .101 102 .101 102
80 N Y Steam pref ((D....No par
8
11114 1113 *11114 11138 111 11114 111 111
1111g 11114 111 111
80 let preferred (7)
No par
9512 983
8 95 102
957 101
8
9114 98
9414 9714 8914 963 187,100 North American Co___ _No par
4
5514 54511 5434 543 543
55
5518 5514 5553 55
4
4
4 543 5434 1,500 Preferred
50
104 104 *1023 10453 *10234 1043 *1023 103
4
s
4
1023 1023 *10212 10312
4
4
200 No Amer Edison prefNo par
* 4 497 *48
483
8
495
8 487 49
485 485
4814 4814 *4814 4912
600 North German Lloyd
47 47
*45
47 I *45
47
*45
47
*45
47
*45
47
10 Northwestern Telegraph-50
114 1141 *114 13
*114 13
5
8 •114 13
8 •114
112 114
13
8
500 Norwalk Tire & Rubber -l0
*2
3
*214 3 *214 3 *214 3 *214 3 *214 3
Nunnally Co (The).___No Par
8
123 123
4
4 125 1512 14
1514 1412 15
13
15
1513 13
10,400 011 Well Supply
25
8812 *87
8812 *88
*
86
8812 80
*86
86
94
•86
90
50 Preferred
100
18
17
173
1753
4 17
145 167
18
8
s 15% 1612 1514 1614 9,600 Oliver Farm Equip___ _NoPar
29
315
8 293 30
8
2912 271g 29
31
3113 29
2818 30
3,300 Cony participating__No par
•76
80
*79
82
76
74
75
77
75
*72
*72
74
700 Preferred A
No par
312 4
*312 4
• 12 4
3
*312 3 8 *312 4
3% 358
7
900 Omnibus Corp
No par
83
*81
83
*81
*82
83
82
82
*80
81
*81
8118
120 Orpbeum Circuit, Inc Drat _100
6014 55 4 6018 55
5718 59
56
3
67
57
5912 57% 5912 19,000 Otis Elevator new
No par
_ *12613 ---- *12612 --_- *12612 --•12612 -- 12612 12612
*12612
10 Preferred
100
5
2614 idas 25 8 2618 25 8 2512 25
3
253
8 253 257
8
25% 8,900 Otis Steel
8 25
No par
*8812 go
*
8812 90
*
8812 90
*8812 90 •____ 90 •
89
90
Prior preferred
100
4514 48
46
45 4 4534 45 4 45 4 46
46
3
46
3
*4618 51
3
1,800 Owens-Illinois Glass Co___25
8
55% 5612 535 5612 543 5714 5312 543
4 5414 57
4
4
543 56
21,800 Pacific Gas & Eleo
25
8
7414 75 4 735 7512 75
3
777
7312 74% 76
77
76
77
7,500 Pacific Ltg Corp
No par
•21
2278 •2014 2114 •2014 22% *2014 227
213 *2014 2112 •21
4
Pacific Mills
100
Pacific
par
ji4 133 1 130 131 - 130" fif HO- 132 _ 1- 26 Pacillc 011 & Teleg No 100
1501. 182
2 .- 130 132
14
Telep
,
'1261z 130 *12612 130 *12612 130 *127 130 •127 130 •127 130
Preferred
100
133
4 123 1314 13
1312 1234 13
4
13
127 1312 13
3
133 104,900 Packard Motor Car----No Par
4
60
4
55
*5412 56
543 5612 *55
55
56
563 *563 60
8
4
2.700 Pan-Amer Petr & Trana_60
4
4
55
8 543 57
57
5412 55,
5514 558 *55
60
56% 567 10.700 Claw B
8
AO
3
9 4 1014
3
912 10 8
9% 10723
9 4 10
3
912 67
2
9% 912 7,200,Parmelee Transporta'n-No Par
612 612
612 714 *7 4 7 4
,
3
612 7
712 712 *612 714 1,100 Panhandle Prod & rei--No ear
75 •
70
70
80 •
75
73
73
73 73
*70
•70
100
80
200 Preferred
56
53
543
4 53
565s 5114 5412 53
5512 535g 56
53
No Dar
82,800 Paramount Publix
4.17
8 2
178 2
178
17
8 178
17
8
17
8 17
18 2
1
3,400 Park Utah C M
3% 4
37
4
3 8 438
7
453
33
4 4
4
33
4 4
No par
10,900 Paths Exchange
8
83
4
7
714 714
*8
7
12
8%
712 73
4
No Dar
7
738 5,500 Class A
19
19% 20 4 1712 173
4 1712 1753 18
3
1812 5,600 Patine Mines & Euterpe_ _20
1812 1914 18
5
5
512 *5
5
5
512
512 512
5
•47
50
5
3,900 Peerless Motor Car
39
37
397
8 35.58 3734 3758 40
3612 373
4 37
3812 397
No par
8 9,000 Penick & Ford
g 4812 4933 4918 50
8 4914 497
49 4 5012 9.900 Penney (J C)
493 513
s
3
No par
4 4914 497
9912 9912 *99
993
4 9912 9912 99 99
100
*99
9912 100
*
500 Preferred
9953
7
3g 814
712 8
8
S
8 18
712 8
814
8
814 4,500 Penn-Dixie Cement____No par
*40
48
48
45
*40% 48 .40
45
.42
40
100
48
*
45
100 Preferred
250 255
252 262
250 259
240 259
100
O250 270
261 2611
4,000 People's0 L &0(Chic)
18
19
181
18
18
1814 *18
18
18
No par
17% 18
1,600 Pet Milk
18
32
31% 33
32
3258 333
8 3218 323
25
33
-Dodge Corp
33% 31% 32
4,900 Phelps
*175 225 *150 215 *150 225 *150 225 •150 200 •---- 210
Philadelphia Co (Pittsb)___50
1
5212 52% 5218 52
5212 527 .50
53
53
52
50
52
1,200 6% preferred
521
3
4 1412 1512 143 155 57,000 Phil.% & Read C & 1-___No par
8
14% 137 16% 13 4 143
13
13
15
4
8
97 10
8
97
8 97
10
10% 1014 1014
9 8 10
7
8 10
1014 2,100 Phillip Morris & Co.. Ltd-10
•18
19
21
19
*18
20
20
•19
20
20
19
19
300 Phillips Jones Corp----No ear
•138'4
3 .6814 663 4814 604
6814 70
*
*
6814 70 .
100
6814 70
Phillips Jones prat
4
6941
I
I
I
• Bid and asked prices' no sales on tbls day. fi Ex-dividend and ex-rights. r Ex-dividend.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
1/ Ex-rights
Ilighoot.
PER 311 ARS
Range tor Precious
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per shaft
1538June 8
1112 Nov
24 Fet.
51212 Mal
35 Nov
523 Jan 7
4
6 Nov 39% Jan
1233 Mar 18
8 Jan 29
3 Dec 26
Jan
8
50 Jan 28
197 Dec 5012 Jan
14
15 Jan 14
Oct 383 Mar
7 Nov
5518May 1
3734 Jan
19
1914 Dec 35 8 Jan
5
2453 Jan 10
30 Oct 897 May
55 Feb 28
19 Nov 104 May
7
30 2 Apr 9
212 Nov
6 May 19
18
Jan
Oct 218 Feb
513 Mar 28
2
29
127 Apr 24 120 Jan 125 Jan
4512 Dec 10102 Jan
6153 Jan 31
23 Mar 26
153 Oct 2912 Aug
8
2814 Dec 4914 July
4012 Apr 7
7511 Nov 9018 Jan
8412 /gar 26
39% Dec 108
50 Apr 1
Oct
74 Dec 1133 Feb
74 Jan 2
4
70 Jan 18
70 Dec 11512 Feb
8612 Nov 120 Feb
97 Mar 24
44 Apr 7
30 Oct 48 Feb
1212 Nov 2312 Jan
19% Apr 23
8912June 4
54 Nov 82 Jan
3733 Apr 12
2118 Oct 59 Mar
40 Oct 83 July
4914 Apr 8
2014 Jan 7
18 Dec 59% Aug
12
42 Apr 16
2618 Dec 72 Jan
23 Mar 10
3
9 Oct 347 Jan
37 Apr 7
9% Oct 6933 Jan
20 Oct 5412 Mar
33 2 Feb 8
7
44 Dec 1227k July
77 May 13
33 Apr 7
397 Jan
2218 Nov
212 Mar 17
3 Nov
4
3 8 July
5
53 Feb 28
53 Apr 2 - - Dec 287& Vet.
8
514
7653 Mar 19
59 Nov 12314 Sept
2
281s Apr 17
10 Oct 43 July
9214May 28
65 Nov 102 July
35 Nov 8014 Mar
40 Jan 27
63 4 Apr 21
3
47 Nov
8012 Oct
k
*
497 Jan 2
425 Dec 1561 Jan
8
112 Oct
1612 Apr 2
5 Oct
72 Feb 5
42 Oct8153 Oct
112 Oct612 Mae
2 Jan 2
113 Apr 10
8
3
14 Oct 3134 Aug
36 Nov 206 Mar
81 Apr 7
34 Mar 19
21 Nov
135% Aug
8
Oct 817 Jan
10
20 4 Feb 14
3
6478 Jan 31 65 Dec 10214 Jan
38 Nov 615 May
5312 Feb 10
8June
1478 Nov 1007
2514 Apr 11
12 Oct
4912Mar 25
30 Oct 87
8
5812 Jan 6
40 Oct 1187 Jan
2614 Feb 14
1433 Nov 4178 July
10 Dec 4814 May
391k Apr 14
918 Dec 71 Mar
20 Apr 7
225 4 Mar 21 140 Nov 23634 Oct
3
93 May 29
6514 Dec 73 Dec
4
59 Nov 1485 mar
83 Feb 3
12
Oct 86 Aug
12
36
62 June 2
4
20 Dec 373 Mar
2412 Feb 27
89 Dec 96 June
90 Jan 27
15 Oct 68 June
3912 Feb 6
25 Dec 6214 Jan
12
33 Mar 1
11
18912 Feb 7 12914 Nov 210 Oct
143 May 13 138 Nov 14112 Feb
3
119 Apr 2 115 Oct 123 4 Apr
23 Nov 718 Aug
588 Apr 24
11 Dec 17 Jan
412 Jan 15
112 Dec 41
Jan
11 Jan 15
98% Nov 144
Jan
124 4 Apr 7
3
70% Dec 155 Feb
983, Mar 22
3118 Nov 9153 Mar
417 Feb 4
8
2314 Nov 627 Mar
s
8253 Jan 7
43 Mar 103 Sept
85 Mar 25
35 Dec 113 July
58 Apr 14
4
3512 Oct 493 Mar
47 Feb19
33 Nov 5838 Feb
48 Apr 25
Apr
823 July 90
4
8812 Apr 24
Jan
9312 Nov 103
104 May 13
11612 Mar 13 107 Nov 115
Aug
6612 Nov 1863 Sept
4
1327 April
8
48 Nov
5414 Jan
57 June 4
98 Nov 103 4 Jan
3
105 May 22
4June 11
4112 Dec 6414 Jan
553
4012 Dec 50 Mar
5018 Mar 14
4 Mar 26
614 Feb
3 Oct
4
314June 16
2 Dec
8 Feb
77 Dec 32
1512June 23
Jaz
8833 Dec 10612 Jan
93 Apr 4
8
Oct 64% Apr
347 Ape 17
8
17
Oct 693 Apr
4618 Apr 17
64% Dec 9912 May
90 4May 13
3
212 Oct 107 Feb
8
83, Mar 31
3
50% Oct 95 Jan
997 Apr 24
2
80 s Mar 13
-Octi,
RI;
128 June 12
2214 Nov 56 Oct
38 8 hlar 31
7
8953 Nov 108 Feb
99 Apr 29
43 Nov 8912 Hein
60% Feb 7
k
42 Nov 988 Sept
747 Mar 31
Ion Mar 28 5818 Nov 1461/ Sept
30 Feb 8
171 Nov 37 Ain
Ili Jan
5 Oct
8
114 Jan 22
178 Feb 19 131 Nov 220 July
Oct
4
145 Feb21 1163 Jan 138
b 21
233 Mar 18
2
13 Nov
3212 Sept
51ts Feb 21 6414May 14
4053 Feb 69 Aug
5012 Jan 25 6712May 14
4012 Feb 6914 Aug
9 June 18 26% Mar 10
15 Dec 21 Dec
12
1 per share
10 4May 8
3
283
4June 19
61/May 5
3 4May 12
3
1514May 7
13 June 19
8 Juno 25
1118June 25
3014June 26
8June 27
87
3 Jan 6
323
8June 25
115 Jan 24
423
4June 23
i33
4.fune 25
2718June 18
76 Jan 7
38 June 23
60 May 19
5738June 12
8912May 7
301/June 23
145 Jan 2
61 Jan 2
185
8June 25
35 June 24
1212June 18
2614 Feb 8
10 June 18
1618 Jan 18
15 June 18
53 Jun 6
2218June 18
7 Mar 4
8
215
8June 25
37 Jan 23
55 4Juno 17
3
1218 Jan 10
72 Jan 7
17 June 24
35 June 25
31 June 25
33 Jan 22
4
4June 23
513
118June 17
3 8June 27
5
3412June 21
21 June 17
8 June 18
57 May 12
4018June 23
1212250e 17
3558 Jan 2
3018June 24
1058June 24
11 Jan 13
gi4june 19
177 Jan 2
71 Jan 2
4512June 26
4514 Jan 20
15 June 19
87 June 14
2412June 25
1714June 14
125 June 23
13818 Jan 3
116 Jan 17
32 Jan 2
15 Jan 7
3 June 25
8June 27
1007
3012 Jan 7
24 June 19
1512June 18
51 Jan 9
28 June 17
3812June 19
28 June 26
80 Feb 8
100 Jan 2
110 Feb 5
8914June 27
51 Jan 13
1003 Jan 23
4
45 Jan 7
42 Jan 2
7 Jan 9
8
2 Feb 3
91s Jan 3
86 Mar 10
13% Jan 2
27 June 18
70 Jan 2
25, Jan 3
63 Jan 6
55 June 18
11818 Jan 23
25 June 25
91 Jan 10
4514June 23
5218 Jan 2
72 Jan 2
21 Jan 7
1 Jan 130 June 18
1121 June 17
64 .lan
418 Feb 14
12 4May 14
3
151 Jan
3 Nov
4712 Jan 14 80 May 14
4712 Feb 76 Jan
48 8 Jan 2 7714 Mar 31
5
36
Oct 7512 Oct
158June 17
3 Dec 13% Feb
4 2 Apr 7
3
147 Jan
212 Dec
9 Apr 25
234 Jan 3
5 Jan 2 1933 Apr 25
412 DOC 30 Jan
17 Juno 18 32% Feb 5
24% Oct 473 Mar
5 June 18 14 Feb 3
518 Oct 2212 Jan
2618 Jan 7 5533 Apr 10
22 Nov 60% Sept
48 Juno 18 80 Jan 3
66 Nov 10614 Oat
93 Jan 7 100 8 Apr 26
5
33 Oct 97 Deo
618 Jan 4 12 Mar 8
312 Nov 27
Jan
30% Jan 2 5512 Mar 13
2018 Nov 94 Jan
230 Jan 17 325 May 27 208
Jan 404 Aug
1738June 20 213 Apr 30
4
18% Dec 45
12 Jan
797k May
2912June 18 44 2 Apr 7
3
31 Nov
200 June 18 248 Apr 15 15712 Apr 285
Oct
50% Jan 15 55 Mar 31
47 Nov 54 Mar
12
1188 Jan 17 35 8May 23
7
912 Nov
34
Jan
81, Rio 8 1512 Mar 11
534 Oct 2514 Feb
19 June 24 Tra Feb 18
1912 Nov 73 May
70 Feb 4 75 Feb 11
65 Nov 96 May
New York Stock Record-Continued-Page 7
4576
For sales during the week of stocks not recorded here, see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
June 21.
Monday.
June 23.
Tuesday.
June 24.
Wednesday. Thursday.
June 26.
June 25.
Friday.
June 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Rance Since Jan. 1.
-share lots.
Oa basis of 100
Highest.
Lotosst.
Shares Indus.& ?Miceli.(Con.) Par $ par share $ per share
42,100 Phillips Petroleum-__No par 294 Feb 17 44% Apr 30
800 Phoenix Hosiery
5 1(114 Mar 4 2018 Apr 30
900 Pierce-Arrow Class A_No per
19 June 25 33 Apr 3
212 Mar 17
3,300 Pierce 011 Corporation
1 Jan 4
25
2,400 Preferred
100 2012 Jan 10 52 May 1
21,500 Pierce Petrol'm
2 Jan 3
14
74 Apr 24
No par
2.400 Pillsbury Flour Mills-No Par 27 June 25 373 Apr 11
4
393
4300e 25 507 Feb 27
1,000 Pirelli Co of Italy
2
800 Pittsburgh Coal of Pa--100 4714June 25 7812 Jan 7
Preferred
100 85 June 16 110 Jan 7
500 Pitrab Screw & Bolt..
8
..No par 174 Jan 22 227 Feb 18
5,900 Pittston Co
No par 2018 Feb 28 22% Apr 8
4,500 Poor & Co class B
8June 18 34% Mar 18
No par 207
100 Porto RiCall-Ala Tob Cl A-100 49 4 Jail 14 7614 Mar 18
1
7,100 Class B
1112June 25 2714 Mar 10
No Dar
6,500 Prairie 011 & Gas
64 Apr 1
25 36 June 1
6,600 Prairie Pipe & Line
6012 Feb 7
25 4412June 1
No par
7,700 Pressed Steel Car
16% Feb 18
612June 1
700 Preferred
100 SO June 24 764 Feb 14
26,400 Procter & Gamble
No Par 52% Jan 3 7878June 2
3,600 Producers & Refiners Corp_50 612 Feb 17 1178 Mar 17
Pro-phy-lac-tic Brush No par 48 Jan 2 55 Feb 27
4
s
--89r8 13 4 -iioi' ii- 158.700 Pub Set Corp of N J No par 81% Jan 2 1233 Apr 11
-187 I912 -ill 12 4 "giTs 9238 -giT2 91
1.
100 10612 Jan 3 11212June 2
*11012 11218 1104 11012 11118 11178 111 11214 11078 11218 "111 112 1,000 6% preferred
700 7% preferred
100 121 Jan 10 131 June 3
12812 12812 *125 13014 12814 130 *12518 12912 *124 12912
129 129
200 8% preferred
15218 15218
100 143 Jan 2 158 June 7
155 4 1553 *15212 15214 •15212 154
3
4
*15218 15638 *15218 158
500 Pub Serv Elea & Gas pref_100 10714 Feb 6 112 May 21
10912 10912 *10912 11014 *10912 11018 10912 10912 10912 10912 110 110
11,800 Pullman, Inc
No par 62 June 25 89 8 Jan 3
1
63
63
633
4 63
62
63
63 65
6212 65
6314 67
84 Jan 17
114
11
8 6,600 Punta Alegre Sugar
50
114June 26
4
112 13
114
112
138 13
4
11
8 13
138 153
4
25 1912June 25 2714 Apr 7
2014 26,900 Pure 011 (The)
20
2014 20
4
8 1912 20
20 2014 1934 204 193 203
240 8% preferred
100 11012May 6 11414 Apr 8
8
11112 11212 11112 11112 11112 1117 *11112 112
112 112
112 113
*
52 June 21 88% Feb 15
4 9,100 Purity Bakeries
56
593
58
56
59
5618 57
60
5314 57
55
52
4 3258 353
8 3412 363
8 3314 358 783,000 Radio Corp of Amer___No par 3212June 23 69% Apr 24
3314 35 5 3212 3614 3314 363
3
Preferred
*543 56
8
50 53 Feb 4 57 Apr 21
*5412 56
*5413 56
*5412 5514 *5413 55% *5412 56
800 PreferredB
75
No par 68 Jan 24 85 Apr 2
*72% 7312 "73
71
71
71
7412 7412 7012 7314 71
8
8 285 3012 2813 297 254,900 Radio Keith-Orp el A No par 19 Jan 2 50 Apr 24
8
3012 2814 3118 275 291
283 29% 28
8
s
2818 2818 9,100iRsybeetoe Manhattan_No par 28 June 18 687 APE 17
29
28
2812 28
2912 3014 28% 29% 2812 30
04% Mar 26
52June 1
8912 39
10 34
423
3812 3934 3814 393
4 3818 38% 5,800 Real Silk floilerY
40% 39
38
30 Preferred
100 88 Jan 1 100 Mar 29
8912 90 *---- 90 • __ 90 "____ 90
90
218June 1
600 Rein (Robt) & Co
5% Feb 8
214
No par
214 24
2 8 23
3
8 *214 238
218 218 *2
*214 238
37 Jan 28
First preferred
31
100 2712May 2
*25
2818 *25
31 *_ _ _ 32
32
23 June 25 4612 Apr 14
No par
2412 2612 23
24
26
243
8 24
253
4 2438 2512 56,600 Remington-Rand
2518 27
100 First Preferred
97
100 92 Jan 3 100% Mar 28
97
*92
97
*9218 9518 *92
9314 9314 *9314 9312 *92
102 Mar 10
60 Second preferred
100 95 Jan
*
10012 10112 98 10012 *100 10112 *100 10112 "100 10112 100 100
812 8s
2
818June 17 147 Mar 24
10
8812 87
812 84 4,100 Reo Motor Car
838
8
838 88
838 83
4
39
40% 21,700 Republic Steel Corp-- No Par 3714June 23 7912 Apr 16
k 38
4 3812 417
397
39
407
39
423
4 3714 393
900 Preferred cony 6%
100 8812June 27 9512May 5
8812 8812
*8812 89
8912 8912 898 8918 89 89
90
90
Revere Copper ix Brass No par 22 May 5 30 Jan 3
20
2114 •_-_- 21 *___- 20 "____ 20
2112
312 312. 2332 312
314 33
3
312 312
312 312
712 Jan 29
3 June 18
No par
314 314 1,400 Reynolds SprIng
8
4812 4918 20,000 Reynolds(R J) Top Clan 13_10 4514June 18 583 Mar 11
4618 4812 467 487
8
8 4612 48
4712 48
4618 47
410 Class A
10 70 June 3 80 Jan 2
4
3
4 70 4 703
3
4 703 703
4
4 743 743 *743 75
4
4
70/4 707
8 70 4 703
238z4 40 4 *394 4013 393 393
200 Rhine Westphalia Elec. Pow.. 89 June 26 45% Jan 21
*393 40
8
3
39
4
4 39
*3912 41
23,000 Richfield Oil of California_25 143
4June 17 2814 Mar 14
8 15 8 1614 1518 157
5
8 1514 157
1512 15% 1518 157
8 1518 16
153
8June 25 254 Apr 7
No pa
1612 9,400 Illo Grande 011
167
8 1614 1618
1538 1614 157 163
8 16
8
163 163
8
4 16
300 Ritter Dental Mfg
4
No par 3812June 23 591 Feb 5
40
*38
4
3812 3812 40 40
"3612 40 .37
40 40
8.400 Roasts Insurance Co
29
30
2738 283
4 28
10 2714June 18 484 Mar 8
2914 2712 30
2812 28% 2718 30
504 5034 5132 5012 513
8
8 5138 517
8 513 524 32,800 Royal Dutch Co (N Y shares) 4918.Tune 18 564 Apr 7
49 4 5012 50
1
35
3712 333 35
36
373
4 7,800 St. Joseph Lead
39
4
36
37
10 3314June 18 574 Feb 6
35
3512 34
8
4June 18 1223 Jan 23
783
4 9,300 Safeway Stores
80
7614 797
7818 7718 7814 797
753
No pa
8 77
77
7718 76
420 Preferred (a)
97
9712 9712 98
loo 94 Mar 28 99% Feb 7
97
973
4 9614 97
*9612 97 "964 97
8
10512 *___- 108 *103 107 *103 107 "103 107
Preferred (7)
100 10518 Jan 14 1087 Mar 26
*
104 107
4
2,400 Savage Arms Corp____No pa
8 17
1714 1614 1712 17
16 June 18 311 Apr 2
"163 17
4
17
1712 1712 1612 173
414 Jan 2 1312 Jan 23
612 63
8
612 7
6% 67
8 3,500 Schulte Retail Stores__No pa
628 67
638 7
6% 6%
20 Preferred
54
52
*51
56
51
51
*51
*51
54
*51
100 85 Jan 2 75 Jan 21
54
54
.0
1,200 Seagrave Corp
918 97
10
9
9
9
9
"012 10
9 June 24 144 Mar 11
9 4 94
3
No pa
3
8June 27 10038 Jan 81
595 6412 59,200 Sears, Roebuck & Co-_No par 593
2
8
6812 62
6718 80% 6312 623 64
6658 6914 65
81g 814 1,700 Second Nat Investors_ _No par
7 June 25 23 Feb 17
74 812
7
8
9
*7
83
4
814 814
9
200 Preferred
3
60
60
60
60
65
*60
65
No par 5812 Jan 3 82 4 Mar 18
65
65
1,900 Seneca Copper
34 Jan 29
138June 26
2
1% 112
112 13
4 *112 17
No par
14 112 'lig
*11
8 134
8
25,100 Servel Ins
67
8 7
612 7
612 738
612June 24 134 Apr 25
6% 73
8
63
4 714
No par
6 4 714
3
325 3412 23,400 Shattuck (F (1)
8
No par 3112June 23 52 Apr 21
33
35
33
4 32
33
35
311 341
3158 343
4
700 Sharon Steel lloop
1612June 17 823 Feb 13
1818 1814
No par
19
18% "18
1118
183
4 1818 1812 181 s 1838 *18
'
1
•I64 17
700 Sharp & Dohme
1612June 24 27 4 Mar 10
4
4
1612 1658 163 163 *1512 17
4
17
17
163 17
No Pa
1
*
*5514 60
No par 54 Jan 2 63 4 Mar 10
*5514 60
55
60
1155
58
Preferred
*
55
56
115512 60
8
par
18 June 18 254 Apr 7
1812 187 13,100 Shell Union 011
19
4 18% 19
183 19
8
1838 19
1933 1812 183
9738 1,400 Preferred
95 June 19 1064 Apr 21
*9614 97
*9618 97
9638 973
8 974 9712 9714 97% 97
13
5,600 Shubert Theatre Corp_NNO
8% Jan 2 35 Apr 25
1312 13
124 1214 13
8
123 143
8
8 127 137
1318 14
2612 2214 26
2214June 25 94 4 Jan 2
7
32,300 Simmers Co
25
No pa
2318 243
4 24
25
25
28
2414 26
20
10,500 Simms Petroleum
20
10 18 June 18 37 Mar 24
204 20
20
2012 20
20 20
20
20 20
20 June 23 32 apt 7
205
8 203 2114 2038 214 145,000 Sinclair Cons Oil Corp_No pa
8
2014 2114 20
217
21
21
s 20
1,000 Preferred
110 110 *110 111
110 110
100 108 June 10 11214 Apr 24
110 110
10913 10912 110 110
8
25 2812 Feb 18 42 Apr 9
4 2812 293 23,300 Skelly 011 Co
2912 293
8 2812 2912 2858 2918 2812 28% 2812 283
4
500 Snider Packing
8 Jan 9
4 June 18
*414 5
4
4
4
4
414 *4
412
No par
*4
41
.1414 17
1
4
15 June 25 $63 Feb 24
300 Preferred
*1414 17
15
17
*15
23
No pa
*15
23
*15
23
1,500 Solvay Am Inv Trust pref_100 9512 Jan 6 12112 Apr 3
10412 10412 10412 106
105 105
10512 10514 10514 10514 10514 106
1514June 25 80% Jan 16
16
6,300 SO Porto Moo Sug
No pa
8 1514 17 21512 1512 16
8 1718 1778 17
177
18
187
544 554 22,400 Southern Calif Edison
3
25 52%June 25 72 Apr 14
55
563
4 54
57
54
587
8 52% 55 8 5318 55
9 Mar 3
6
6 18
400 Southern Dairies cl B.
84 Jan
*64 74
-No Per
53
4 5 4, 64 64
1
*64 712 *512 6
"34
36
1.000 Spaldlng Bros
36
83 Jan 8 45 Mar 17
*34
35
No Pa
34
33% 3312 33
35
3312 35
80 SpaldIng Brea 1s1 pref----100 108 Jan 13 118 Mar 15
108 108 "108 112 *108 112
112
*108 112 *108 112 *108
4June 14
4
4 8,900 Opting Chalfant &Co IncNo par
19% Jan 2 373
3134 294 3012 3114 3212 303 313
32
32
31
3138 32
94
10 Preferred
*93
94
100 92 Jan 20 96 Jan 2
*93
94
94
*933 95
4
*9334 94
4
*933 94
1512 163 18.200 Sparks Withington____No par 1318 Jan 18 8012 Apr 10
8
8
8 1512 16
16
1614 154 1614 15% 1718 147 163
8June 19 25 Apr 15
187
20
20
1,000 Spencer Kellogg & SOW No pa
20
20
*1914 20
• _ 20
19
19
19
19
143
4June 25 364 Feb 4
16
16
6,500 Spicer Mfg Co
s
No Pa
4
153 16
1714 1714 154 164 1518 16% 143 15
3712June 19 4518 Mar 31
*38
40
Preferred A
No pa
*38
40
40
*38
*38
40
*38
40
*38
40
900 Spiegel
17 June 23 52 Feb 3
*1712 19
-May-Stern Co_No Pa
19
1712 19
*17
1812 1812 17
18
18
18
75,800 Standard Brands
17 June 18 294 Feb 8
183
4 1812 19
4
8 18
No Pa
1818 187
8 174 187
8 184 18% 173 183
1,000 Preferred
12
par 117 Feb 3 121 June 2
11913 11912 11912 11912 119 119
120 120 *11912 120
120 120
800 Stand Comm Tobaceo_No Pa
71 Feb 11
8
312June 17
414 414 *414 412
No
44 414
414
4 44
4
44 44
8418June 25 12912 Ain 15
4 8,400 Standard Gas & El Co-No Pa
4
91% 873 913
86 4 9212 86
3
9112 8612 927s 8418 8814 87
8June 19 67 May 26
4
4 1,200 Preferred
50 613
8314 634 63
6314 6312 64% 6314 6314 6414 6414 633 633
*6l4 8
800 Stand Investing Corp__No per
gis 612 "64 8
5 June 23 1512 Mar 27
6
534 458
64
6
512.
4
8
s 2,000 Standard Oil Export pref__100 98 Feb 8 1044June 7
1004 1004 1007 1007
1013 10214 10112 10112 101 10112 1007 101
4
s
5512 Feb 20 75 Apr 25
5814 59% 5338 595 35.700 Standard 011 of Cal_ _NO Pa
58
5712 59
58 4 58
8
5912 58
61
8
58 Feb 20 847 Apr 30
62% 6412 6318 844 238.800 Standard 011 of New Jersey_2
613 6312 61
4
6112 63
6514 624 65
30 June 23 40% Apr 28
4 3038 307 78,100 Standard 01101 New York...2
308 317
30
30
8
301
4 304 303
308 303 31
4June 23
8 Feb 19
2,500 Stand Plate Glass Co__Ate pa
3
% 1
7
8
7
3
_--- --__
1
118
84 1
1,380 Preferred
212June 12 104 Mario
100
24 238
212 212
2 4 278
3
212 258
9 7312
20.Stanley
*50
60
1150
75
*5L" 16- ;31 WO" 5,300!Starrett Cool Amerlea_No pa 25 Jan 23 47% Apr 23
60
62
*55
61
Apr 23
2712June
Co (The L E3)__No pa
32
"30
30
32
2712 2912 29
29
29
31% 311
4
32
4,000 Sterling Securitfea el A_No par 10 June 23 2012Mar 31
1114 1114 10
4 1018 11
1012 1012 103
8 1012 10% mil 103
900 Preferred
20 1118June 26 14% Mar 31
12
1118 1118 "114 12
12
12
•Illa 12
12
12
12
3812 2,200 Convertible preferred
60 36 June 23 48 Mar 18
*38
37
37
36
36
37
3713 3712 374 39
38
204 10,800 Stewart
-Warn Sp Corp
10 1914June 25 47 Apr 5
20% 21
2014 21
20
2114 1914 194 19% 2014 20
767 37,000 Stone & Webster
8
No par 7012June 18 113% Apr 8
3
8
74
7614 74
7318 75 4 711 7612 71% 773
8
4 713 75
2514June 18 4714 Feb 6
2554 264 18,300 Studeb'r Corp (The) No pa
27
25 2 26% 2534 263
7
8 26
26% 2512 26% 26
50 Preferred
100 116 Jan 21 125 Mar 18
122 12212 *122 12212 *122 12212 122 122 *12018 12212 *1204 12212
*
.2
2
1% Mar 31
62 2,900 Submarine Boat
18 Jan 4
No pa
12
12
*3
8
%
*1
8
%
3
8
12
%
1.600 Sun 011
60 June 18 70 Apr 7
8
No pa
567 57
57
60
*
57
57
57
*57
57
57
5712 57
Perie
, 70 Su preforreA
,
2
100 10212 Jan 13 1054 Feb 6
28 5
1057 102%
103
103 4 1033 103 104
3
103 103
103 103 *1027
8
4
938May 12
No pa
5 Feb 17
5%
54 514
5
518
5
514
5
5 14 *5
4,800 Superior Steel
100 1212June 18 29% Mar 27
14
16
1418 157
14
16
164 163 *1412 16
4
8 1414 16
1112 10
812 Jan 24 1578 Mar 28
4 1.300 Sweets Co of America
50
4
*10
10
10
1012 1012 11% 113
4 113 113
10
7 Apr 23
600 SYmington
No per
23 Jan 3
4
8 312
3
3
3
3
3
8 312 '27
3
*23
4 312 "27
75
8 73
4
712 712 1,400 Clam A
No par
714 714
712 712 *74 812
714June 25 17% Apr 23
712 712
1,700 Telautograph Corv
153 Jan 25 2614 API' 7
,
17
No Par
1618 16% *1614 17
1618 1614 1818 184 1614 1712 17
4,100 Tenn COPP & Chem-No par
8June 25 17 Apr 10
107
12
8 11
1114 113
1112 1114 113
4 1078 1138 1112 1118 12
36,900 Texas Corporation
25 504.1une 18 0012may 1
50% 5112 5014 51% 50% 513
5018 51
8
8 5014 50% 503 51
5218 50 8 5134 507 523
4 48g 50 4 504 5158 5118 5214 60,300 Texas Gulf Sulphur___No par 4818June 25 87% Mar 24
51
8
3
3
814June 18 1412 Mar 18
918 94 7,600 Texas Pacific Coal & Oil-10
9
93
8
918 914
88 9
1
8% 93
2
812 8 8
3
2
1 13% Jan 2 323 Mar 22
8
16% 173
4 164 171
8
4 163 1818 164 1714 163 173
s
4 167 177 66,700 Texas Pao Land Trust
$ Per share $ Per share
4
3118 31% 293 314
*11
17
*
20
2112
2012 *20
va
114
lls
114
25 4 2712 25 25
3
5
5
412 4 4
3
28
2812 2712 28
40% 40% 40
4018
49
4818 49
49
*84
92
*84
92
1914 *1938 2014
19
21
21
21
21
2212 21
22
22
61
61 61
*59
4
13
13% 123 131
36
3734 363 37
4
45 45
44 4 46
3
63
8 714
7
7%
*52
5212 53 5314
70
67
86% 70
63
4 7
7
74
5 per share
297 3118
8
*11
14
22
21
Ds
118
25 12 2512
434 473
*273 28
4
4012 403
8
*4712 62
*84
92
x19
19
21.
21
22
22
1155
61
1218 1338
3718 3728
45
454
6% 714
50
52
70
68
7
7 14
$ per share $ per share
3038 3112
297 301
8
15
15
21
21
19
20
118
Ps
118
118
25
25
25
25
415 462
412 43
8
27
273
4 2712 27%
393 4012 404 41
4
50
4714 4714 "47
92
92 "84
*
84
20
*19
*183 20
8
21
21
21
21
8
2118 2112 2114 217
60
*53
"iiii 1213 1212 13
37
38
367
8 36
4413 4518 4412 45
612 7
63
8 6%
50
53
*50
53 .
6841 6914 68% 70
7
718 718
7
$ per share
3014 3112
*1014 16
20
2012
118
1
25
25
414 412
28
28
41 18 414
50
*47
92
*84
1812 1838
21
21
215 213
8
4
60
*55
13
1312
37
3718
4412 453
4
63
8 74
5014 5014
697
8
68
74 712
-dividends. p Es-rtgosa.
BM and slaked prime: no sales on tide day. s Ks
PER SHARE
Range for Previous
Year 1929.
Lowest.
HQ:41M
$ per share $ per skits
2414 Nov 47 Jan
10% Oct 87% Jan
8
377 Jan
18 Nov
818 Mar
Oct
1
20 Oct 5112 Mar
5% Jan
12 Oct
8
30 Oct 687 Jan
434 Oct 68 Atli
54 Nov 884 Jan
83% June 110 Oct
12
17 Dec 27 Aug
Nov20
51 Nov
8 Nov
404 Oct
45 Oct
618 Nov
50 Dec
43 Nov
4 Oct
35 Oct
54 Nov
98 Nov
105 Nov
13012 Nov
104 2 Nov
,
73 Nov
6 Dec
20 Nov
108 Nov
55 Oct
26 Oct
50 Nov
82 Nov
12
Oct
28 Nov
3614 Nov
8614 Dec
338 Dec
40 Dec
20 8 Nov
3
81 Nov
93 Mar
1018 Oct
_
25 Dec
3 8 Nov
1
39 Nov
70 Apr
42 2 Dec
7
2252 Dec
15 Oct
40 Nov
28 Nov
434 Oct'
3812 Nov
904 Nov
85 Oct
100 Oct
2012 Nov
12
3 Dec
30 Dec
10 Dec
80 Nov
9 Dec
45 Nov
2 Nov
74 Nov
2518 Oct
20 Nov
167 Nov
2
50 Nov
19 Oct
-1;- Dec
5913 Nov
15 Nov
21 Nov
103 Oct
Oct
28
34 Nov
14 Nov
85 Nov
2218 Dec
4518 Nov
212 Nov
30 Nov
107 Nov
15 Oct
89 Mar
134 Nov
20 Nov
2018 Dec
38 Nov
34 Dec
20 Oct
11414 Nov
312 Dec
7312 Nov
5812 Nov
4 Dec
6111
48
313
4
134
312
20
112
795%
5014
05ss
65
254
Si
Maz
Jan
Jan
Aug
Mar
Mar
98 Aug
257 Jan
1
82% Jan
1374 Sept
10818 Feb
1247a Jan
151 Sept
1091 Jan
8
994 Sept
2112 July
30% May
116 Feb
1118% Aug
114% Seps
57 Jan
824 Apr
487 Jan
8
58% Sept
84% Mar
10212 Feb
1614 Feb
10812 Feb
57% Get
9612 Oct
101 Apr
31% Jan
ill; Nov
1214 Jan
Jan
66
8912 Oet
64 Jan
49% Jan
4212 Mar
7() June
96 May
64 Sept
114 Jan
1951 Jan
4
101 Sept
10912 Dec
51% Jan
414 Jan
11812 Jar
224 Ale
JO
181
1512 Nov
6314 Not
1012 Mar
2154 Aug
192 Aug
581 July
4
22 Nov
657 Aug
2
$114 Apr
7412 Jan
188 Sept
404 Aug
45 Jan
111
Jan
4612 May
1814 Feb
641s July
111 Sept
45 May
93 4 SeP1
1
Jas
634 Mar
117 Feb
5214 Jan
98 Oct
78 Aug
45 Aug
604 Mar
55% Mar
1177 Feb
8
44 4 Sept
4
118 4 Sept
1
d3 8 Jan
1
2483 Sept
4
67 Feb
48 Sept
Oct
Feb
Nov
Nov
DEC
Nov
3918 Oct
83 Sept
481 Sept
8
6 8 Jan
1
Jan
81
45 May
an 001
814 Nov 88 Bern
8
84 Nov 157 July
Oct 5512 Sept
31
30 Oct 77 May
64 Nov 20112 Aug
Jan
3814 Nov 98
115 Nov 126 June
4% Mar
3 Oct
8
55 Dec 86% Oct
Jan 1054 Jan
100
514 Nov
24 Aug
15 Nov 73% Apr
54 Nov 224 Apr
9 May
24 De
8
61* Nov 193 May
1472 DEC 254 Mar
207 Apt
s
las No
5172 Sept
5012 No
4212 No
8514 APT
23 8 Max
7
912 Nov
614 Oct 34% Jan
New York Stock Record-Concluded-Page 8
4577
see elgath page preceding
Too sales during the week of stocks not recorded here,
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Frfda(l.
Wednesday. Thursday.
Tuesday.
Monday.
Saturday.
June 27.
June 26.
June 25.
June 24.
June 23.
June 21.
Sales
far
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
1
On basis of 100-888r• 1,0
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1929.
Molest.
Lotoest,
3 per Share 3 Per share $ Per share
per share $ per share Shares Indus. & Miscell. (Con.) Par 5 per share
1612 Mar 35 Sent
8
4June 23 363 Apr 4
173
$ Per share $ Per share 3 per share $ per share $173 1918 1878 197
No par
8 5,200 Thatcher Mfg
4
1812
1
18
35 Mar 497 Sept
3
1754 1812 177 18
1812 19
No par 40 June 18 48 Mar 31
100 Preferred
*4018 42
*4018 42
42
*40
40
40
25% Dec 51% Jan
42
18
*40
42
*40
No par 25 June 12 32 Jan
900 The Fair
2518 2512 25% 2518 2518 5218 .2518 2512 25% 2518
n5I8 27
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
Preferred 7%
20
Jan
30 Oct 62
,
104 104 *105 106 2 .105 10612 .105 10612 0105 10612 10514 10514 1,400 Thompson (J R) Co
25 36 June 18 4712 Mar 12
37
4 37
373
37
4
10 Nov 2312 June
3712 3712 373 *3718 371
.37
3812 237
4
103 Feb 15 173 Apr 7
52.000 Tidewater Asso0 01I___No par
4
123 13
8 1218 13
123
2
,
7418 Nov 907 Aug
4
13% 13% 1214 13% 1212 13 4 12
100 78 Feb 13 893 Mar 25
1,000 Preferred
83
82 .
80
82
8212 83
4(1 June
84
14 Nov
84 .83
8312 8312 *83
100 1912 Jan 31 31 Apr 23
Tide Water 011
30
28 .25
*25
30
30 .26
8518 Nov 9712 Jan
*26
28 .25
.27
30
100 8512June 11 9138 Apr 16
100 Preferred
92
87
92 .
92 .87
92 .87
1112 Oct 34% Sept
*87
92
87
87 •
87
Axle-------10 12142une 25 2114 Apr 11
4
4 2.800 Timken Detroit
4 123 123
4
8 123 123
12% 1278 1214 127
13
13
5812 Nov 150 Jan
Apr 11
13
13
8
617 19,900,Timken Roller Bearing_No par 5914June 23 8914 Jan 23
61
62
8
Oct 221s Mar
1
4 605 6312 5914 607g 61
8 5914 62,
612
6014 61,
214 Jan 3
3,500,Tobacco Products Corp---20
8 37s
312 31,
*33
38 4
318 4
4
4
1
/
4
5 Nov 22% Mar
4
4
Jan 2 12 Apr 2
20
759
1152 14,000 Clam A
4
03 1014 1014 1012 11
*10
1018
10
10
9% 10
1094 Mar 10 24 Apr 24
1712 66,500'Transcont'l Oil Co__ __ No par
12 17
4
4 163 1714 1659 17
8
8 1718 173
153 Dec 5338 Apr
175
1714 17 8 17
5
8June 19 283* Jan 31
117
2,100 Transue & Williams Sri No par
13
3 12
1213 1214 127
,
1312 1312 12% 13 2 *1218 13% 12
8June 18 2014 Apr 10
par
95
8
8
8 107 115 15,600 Tr -Continental Corp -No 100 8914 Apr 10 94 June 11
115
11% 1112 108 1112 II
10% 1112 1012 11
6% preferred
8 6,600
4 9112 918 9112 917
9112 913
4
913 92
6i
92
9017 9118 91
4 Mar 1 16- Dec - - July
3114
1,100 Trico Products Corp__No par 3012.1une 20, 413
*31
4
4
.303 3114 3012 303 303 31
12
13 Dec 31% Jan
30% 31
*3012 31
13 June 23; 22 Mar 18
No par
1,100 Truax Truer Coal
1212 *1212 13
1312 .12
*12
15
12
13 .
13
14
.13
6158 Jan
3018 Nov
101 25 June 25 37% Mar 25
4 4,500 Truscon Steel
2514 x25
2712 263* 263
82 Nov 181% Oct
2812 2612 2712 2612 2612 25
Mar 21
28
85
8512 9,5001Under Elliott Fisher Co No pal 83 June 18 13813 Apr 29 120 Dee 125
8514 87
Jan
8414 86
. 8612 89
83
87
88
87
125
100 121 Feb 4
50 Preferred
•125,
125 125 .125
43 Jan
7 Nov
_ .12314 125
- *125
10125
8June 24 1718May
95
97 10
TO - 1 2.1001Union Bag & Paper Corp 100
10
10
10
59 Nov 140 Sept
,
9 8 10
4 103
16
lo -- 14
8
03 -- 8
par 6018.1une 23 1063 Mar 31
6512 687 139,100'Union Carbide & Carb_No
6712 63 6512 6412 68
63
57 Sept
1
/
424 Nov
6112 651 1 6018 67
25 37 June 18 50 Apr 7
812 39321 13,100 Union 011 California
3
3912 3714 3318 *3812 39
8 38
395
4 38
393
38
No par 2514June 18 3812 Apr 10
1.000 Union Tank Car
29
29
29
29
29
29
29
31 Nov 162 May
4 2912 2912 29
4
283 283
31 99 Apr 8
5238 201,3001UnIted Aircraft & Tran_No par 43% Jan
8 49
4812 523
4614 497
521
8 47
44% Nov 1091I May
8
455 507
48
48
4
50 56 Jan 31 773 Apr 7
59
60
1,500 Preferred
4 5812 5718 *5612 61
603
58
3312 Dec 60 Oct
53
58
4May 28
58
58
No par 30 Jan 7 583
43
4312 3,9001United Biscuit
Oct
4312 447 447
4518 4612 43% • 4558 43
46
May 28 11412 June 136
45
100 118 Feb 6 142
100, Preferred
012 Nov 11138 Sept .
130 130 .125 142 *11514 142 *116 142 .116 142
.130 142
Na par 4018June 18 84 Apr 24
United Carton
13,300
44
4512 4318 45
4 4212 44
4318 463
46
4112 4318 42
812June 5
6I2June 24
par
8 4,700,United Cigar Stores__ _No
8 7
.65
4 67
03
7
07, Dec 1(44
133
Jan
4,
614 63
8
612 65
8
6% 65
100 26 Jan 2 68 June 5
54
54
300, Preferred
*5018 54
51
*5012 57 1 54
75'n May
19 Nov
502 57
58
•55
8June 18 52 Apr 28
Na par 283
645,1001UnIted Corp
4
8
8
497 July
4212 Nov
8
2058 3012 285 3112 2914 3214 285 308 2934 3159 293 3112
5312 Apr 23
8
No par 465 Jan 6
Preferred
6,2001 Pr
5018 4934 50
8
8! 497 503g 50
50 503
6 Dec SUB Feb
8 498 50
50 503
8
718June 10 197 Feb 19
No par
.3 7.400'United Electric Coal
712 73
712 75
4
712 73
8 1
8
99 Oct 15912 Jan
752 818
Sig 9
No par 83 June 16 105 Jan 13
87
7.300 United FrUlt
85
8612 8514 871
8712 8812 85
88
85
22 Oct 591128 July
8712
8May 1
3114June 18 493
86
4
333 35
86,200 United Gas & 1mprove_193* par
3318 3559 3218 3314 3314 347
4
1
/
9014 Oct 98 Dec
4
323 3418 323 35
No Par 97 Jan 13 10214 Apr 25
4 1,1001 Preferred
4
1013 1013
10114 102
,
26 8 Jan
7 Nov
10118 10112 10114 10114 .10114 102
102 102
14 'Mar 14
5 June 11
100
*512 10200,13nited Paperboard
.512 10
10 1 .513 10
10
512 .5
2
*512
512
1514 Nov 487 Aug
7
400 U(31ted Piece Dye Wks_No par 22 June 18 32% Apr 7
24
.23
21
24 .23
*23
24
.23
Oct
24
3% Dec 14
23 .23
23
8June
418 Jan 2 147
No par
1112 12,490.UnIted Stores al A
8 11
4
93 103* 1012 117
8 1014 1114 1158 113*
8 117
113
1414 Dee 4078 Oct
8June 5
1512 Jan 2 437
3712 371
40
2,2001 Preferred class A ___No par
40
8
857 May
3712 37121 3614 371
38
2518 Nun
Mar 15
4014 37%
*33
26% 26%
800 Universal Leaf Tobacco No Par 26 Juno 24 39 May 9
261
*25
26
2614 26
26
28 Der 93 Jan
27
27
*2712 30
20 Universal Pictures let pfd.100 30 Jan 3 78
65
65 .58
65 .58
65
67
65
, 2214 Jan
2% De
70 8 •
70 .65
9 Apr 10
.65
218 Jan 9
31
3,400 Universal Pipe & Rad__No par
8 4
41
37
334 4
418 413
413 45
7
47
Oct 55 8 Mar
12
.412
1
/ Apr 10
253 2738 25,800 U £3 Cast Iron Pipe & Fdy20 1812 Jan 2 384May 27
4
27
25
2512
11) Jan
15 Oct
2512 2732 253* 2612 2518 27121 24
1559 Jan 7 21
No par
let preferred
4
4,
20 June
1814 Nov
4
8
197 *1712 193 .1712 193 *1712 193 .1712 193 *1812 19
6
*18
1812 Jan 3 2114June
No par
25 preferred
*2118 21%
Oct 23 Sept
9
*2118 213g .2113 213* *2118 21% .2118 223* .2118 213* .
4May 28 2038 Jan 17
93
Vs par
10
11
800 U 8 Distrib Corp
10
10
10
11 I m
10 Apr
iqco
11
2 Jan
*10
11
10
.
218June 25
459 Apr 14
100
238
2001U S Express
21s 218 •2
218 212
Nov 13412 Sept
.218 212 11218 212
8614
*218 3
No par 4018June 16 103 Apr 7
*50
51
1,800 U S Freight
4918 51
50
1718 Nov 72 Aug
50% 5112 52 1 50
5114 5212 49
8
Secur_No par 16 June 23 327 Mar 30
4
1712, 163* 1714 163 1712 1714 17% 10.100 U S & Foreign
g
927 Aug
4 17
163
1612 1714 16
No par 8513 Jan 8 101 Mar 211 82 Nov
*90
2001 Preferred
91
91
91 .90
94 1 *90
1712 Dec 49% Jan
9312 9312 .90
91
94
4June 23 3059 Mar 121
173
1814 1.300 U S Hoff Mach Corp_ No Par
*18
19
1812 •18
1914 1912' 18
4
173 18
95 Nov 243% Oct
19
*13
8
-_100 62 June 25 1393 Jan 2
6414 15,000,0 9 Industrial Alcohol_
6414 63
62
61
62
4 6314 67
663
5 Nov 3512 Jan
63
63% 67
7% Jan 2 1512 Apr 21
No par
200 U 9 Leather
8
91s 913 .95 11
.9% 11
1414 Dec 6178 Jan
4 *912 12
*912 113
*912 10
No par 15 Feb 26 26 Apr 21
15
16
1,6001 Class A
16
16
.1559 18 .
16
15
3114 Dm, 107 Feb
1514 1714 153* 16
7712 Mar 17 94 June 23
100
.500 Prior preferred
4
933 *91
9312
3
93 4 .91
.91
91
94
94
501, Nov 11912 Feb
94
94
*93
25
49% 50% 10,000,U 9 Realty & Impt_No par 4814June 27 7512 Mar 10
8
52% 4814 5112 497 50
53
52
52
15 Oct 65 Mar
54
53
10 20 June 18 35 Apr
2114 2212 2012 2114 16,900.United States Rubber
204 223
4 2159 2314 201 22
4018 Nov 9212 Jan
205 21
8
7
63 Apr 4
100 4114June 27
6,3001 1s1 preferred
43
4318 44
433* 4112 49
45
8
427 44 .43
29% Oct 72% Mar
4214 43
4.June 25, 3612 Jan 6
8,200113S Smelting Ret & Min____50 173
173 1859 1812 193
4
4
173 19
4
Jan
4
183 19
58
48 Nov
1918 1912 1814 19
50 47 June 23j 5312 Jan 7
300, Preferred
40
46
47 .
8
465 .40
8
465 *40
4712 .40
150 Nov 261% Sept
478 478 47
4
States Steel Corp-100 15158.1une 25 1983 Apr 7
s
154 15614 15212 1573* 15212 157% 1515 15514 15414 15759 15312 15712 530,700, United
1
/
137 Nov 1414 Mar
141 Jan 4 146 Mar 21
4,1001 Preferred
81.145% 146
8
4
551, Nov 718 Nov
8
5
145% 145 8 1455 1457 14512 1455 14512 1454 1455s 1455
par 5912June 18 (18 Feb 10
8
6018 607
600 U 9 Tobacco
•6018 62
60 60
581, Arg
61
60 .60
60
60
24% Nov
GO
30 June 23 45% Apr 10
3212 23,100 Utilitiee POW & Lt A -NNNo:
31
s 31
3012 317
8 30
323
131.2 Jan
4 31
313
30
4
3 Nov
3014 313
718 Mon 12
8June 19
27
No par
27
2,500 Vadsco Sales
•
4
1
/
8 3
*27
3
3
3
314
8 318
3,
3
3
3712 Nov 116% Feb
8
497 Jan 2 14314 Apr 26
7512 8012 745 7914 552,600 Vanadium Corp
4
1
/ 77
70
81
8
4 693 7812 71
723
33 Oct 109 Mer
70
No Par 3712 Jan 18 477 May1
300 Vick Chemical
4
312 Oct 243 Jan
4014 41
8% Apr 1
4 June 25
Chem__ _No par
4
4
2,000'Virginia-Caro
414 414
4 14
4
34
15 Oct 65% Jan
4 43 -.412 -14
43
8
414 45
100 23 June 18 3414 Apr 1
23
2312 2,1001 6% preferred
23
23
23
23
23 23
23
23
69 Nov 9712 Feb
2312 24
100 75 June 19 82% Apr 9
•75
7512
200 7% preferred
80
*75
75
*7511 77
7512 75
7512 7512 *75
9 102 Nov 110 Sept
2
8
250 Virginia El & Pow pf (7) 100 1053 Jan 8 115 .June 21
115 115 1143 115
115 115
Jan
114 114
39 Dec 48
114 114
*113 115
Virg Iron Coal & Coke Pf--100 38 May 1 40 Apr 24
.35
47
47
48 .35
47 .35
1135
47
38 Nov 149% Aug
*35
47
*35
100 60 June 18 156 Mar
Dettnning
6314 68
1,370 Vulcan
4
673
64
6512 7012 6018 67
70
64
81 Nov 110 Apr
68
64
Jan 24 100 Mar 24
200 Preferred
98 .95 98100 85
9712 *95
98 .95
9512 .95
40 Jan 142 Sept
9512 9512 *95
8
100 68 Jan 22 1497 Mar 24
Ca,,A
3412 Oct
20 Nov
4
2412 Jan 6 313 Apr 11
No pa
2512 26
7,300 Waldorf System
26
2538 25
25 4
-- .3- -252 2559 25
22 Nov 49% Oct
Tti
4
24 423 Apr 2
2112June
No pa
24
11,500,Walworth Co
22Is 2314 23
4 2112 22
4
2314 227 2312 2112 223
23
20 Dec 843 Jan
2112 Jan 7 54 Mar 24
25
240 Ward Bakeriee elms A No par
25
24
23
25
_
4
28 •____ 273
112 Oct 2114 Jan
2712 27
3
418 Jan 2 15 2 Apr 1
No Pa
71
7
5.400 Class B
712
7 14
7
7
4
714
1
/
74 73
7
7% 714
50 Nov 8712 Jan
3
100 58 Jan 2 7718 Apr
5912 5912 2,600 Preferred
60
5912 58
5312 5812 *59
8
4
583 6012 585 59
30 Nov 6413 Aug
381 LJune 25 8014 Mar 23
4
,
4412 3812 4112 393* 42 2 393* 413 595.100 Warner Broa Pictures,,_ No a
4 40
8
4114 4212 413 443
2514 Oct 5914 Jan
par 3612 Jan 2 7014 Mar 28
50
200 Preferred
50 .45
50 .45
•45
50
.
8
4512 4512 •4512 46 .45
15 Oct 427 Jan
41une 23 27 Apr 12
123
No par
13
1314 14,500,Warner Quinlan
128 13
1318 12% 13
4
1314 123 1312 13
13
4018June 25 6312 Apr 11
No Pa
4312 13,8001Warren Bros new
4018 42
4159 4359 42
45
4218 4312 4118 4412 42
-4
183 Apr 29, 2012May 22
par
20
Preferred new
20
4
4
4
1612 2012 •....183 •_-_- 173 •_-_- 183
.
1518 Mar 3414 Jan
2314 Jan 2 4312May 19
ro
2614 2814 2,200 Warren Fdy & Pipe
2712 28
8 2518 27
2712 253* 255
2512 26 .26
Oct 1133e Feb
4
912 Mar 31
5 June 20
25
7
Elsenlohr
•
518 5 8
58 2,000 Webster
5
5
5
5
5
5
5
5
Oct 48 Mar
20
2412 2,400 Wesson Oil& Snowdrift No par 2212 Jan 23 29% Mar 27
2312 2312 2359 2412 024
24
23% 24
7212 Mar
2312 23
23
4918 Nov
7
55 56Nopar 50% Jan 15 5912 Apr 19 160 Nov 272
55 .
900 Preferred
.5412 56% 55
5114 5(3
55 55
4
1
/ Oct
56
56
3
4June 25 219 8 Feb
1503
9,800 Western Union Telegraph_100
4
4
15418 16114 15514 16114 21503 15412 155 1603 159 160
4
158 158
3612 Oct 673 Aug
Feb 27
81une 251 52
Weatingh'se Air Brake_No Par 365
3812,
4 38
39,
3659 3812 38
4
100 Oct 292% Aug
388 4012 333 391 38% 397
13459 12812 1347 228,500 Westinghouse El & Mtg____50 124I4June 23 20112 Apr 15 103 Nov 284 Aug
4
8
12414 1331 127 13412 12518 1323 1293
12714 131
4
June 18 1971 Apr 15
131 13150 126
127 127
690 let preferred
8
12812 12812 12814 12814 13012 13312 130 130
1918 Nov 643 Sept
2
29% Jan 18 487 Mar 31
4
2,400 Weston Mee Instrurn't_No pa
4 31
303
4
313 .303 31
8
31% 3214 297 3212 30
.3212 33
3212 Aug 381 2 Apr
33 June 23 36 Jan 28
No pa
34
34
500 CClassA
.332 36
*3312 34
331 *3312 34
33
34
34
90 Nov 110 Feb
3 110 Apr 16
98 Jan
103 103 •103 10312
150 West Penn Elec class A_No pa
103 103
102 102
4
*10112 107 .1013 104
97 Nov 11114 Jan
8May 29
100 1051 2June 25 1107
1083 1083
4
270 Preferred
4
10512 10814 108 108
4
Jac
4
1093 1094 1073 1091 *10512 109
8612 Nov 102
4
1
/
100 97 Jan 2 1017*.1une 10
610 Preferred (6)
4
10118 1013 101 10118
10114 10112 *101 1018 101 101
101 101
17 110 Nov 117 Mar
100 11312 Jan 3 11812June
11714 1171 .117 11712
110 West Penn Power pret
4
/
117 117 *117 118
117 117
*11612 117
100 10432 Jan 23 110 Apr 2 102 Sept 11012 Jan
Preferred
10918 10918
550 6%
10912 10912 109 10912 10918 10918 *10918 10912
*10912 110
3612 Nov 60 Sent
383*June 25 50 Mar 10
42 .39
40
100 West Dairy Prod Cl A _ _No pa
*3812 42
383* 383* .39
*3312 42
40 Sept
*3812 42
7 Nov
1118June 19 2413 Apr 11
No pa
Claes B
8
133 1412 2,70
13
8 13
113* 117
8 1118 1218 1214 121 1
8
127 127
30 Oct 9418 May
pa
30 June 24 591a Feb 17
32
600 Westvaco Chlorine ProdNo
30 .30
3012 30
3014 3014 30
32
32
Oct 75 Sept
7
19
9 May 5 21 Jan
7
.
8
0_ 11_
Wextark Radio Storea.No pa
11
08
10
.8
12
*9
11
.8
12
*9
25 Oct 38 Feb
2a Jan 17 2912 Mar /7
_
White Eagle Oil& Refir No pa
5312 Mar
4
1
/
27 Nov
2718June 25 43 Apr 4
No pa
28 - 297g -*
7:100 White Motor
2
21
- ; 277 28
16-iW2 16- -tiiis 1655 4 Sent
3
27% Nov
8
4312 2,700 White Rock Mln Spring ctt_50 3618 Jan 21 547 Mar 20
3
52 43 4 433* 4322 *43
40
4312 437
4118 427
4412
43
Jan
Oct 18
1
5 Juno 13 13% Mar 4
5% 51
512 5% 4,500 White Sewing Machlne_No par
5% 514
6
518 618
6
57% Jan
618 618
27 Dec
No par 2314June 27 3972 Apr 3
8 2314 2314
300 Preferred
2(12 *_ _ 23% 23% 237
25 .____ 24
4
*22
1275 Nov 2911 Fen
02 Feb 26 21 Apr 25
No par
•1534 1718 0153 1612 1612 1612 1612 1612 2,600 Wilcox Oil & Gas
4
4
/
1612 1612 154 17
Oct 611 May
19
Wilcox-Rich class A___No par 27 Jan 3 3414 Jan 29
4
293
30'...__ 30
30
8
*103 30
8
123 Oct 62 May
Ns par
1918May 5 27% Mar 31
Class B
20
22 .____ 22 •____ 20
254
•____ 2.4 4
14
5 Oct 35 Jan
11% Feb 6
5
4June 26
53
57
57
3 6
4 6
53
9,900 WIllya-Overland (The)
5% 6
6
6
57
57
614
Jan
65 Dec 103
100 62 June 18 85 Apr 3
63 .6312 70
63 .63
1,800 Preferred
63
8
*6312 65 .633 65
1312 Jan
4
623 63
3 Dec
7% Mar 27
3I8June 25
No par
312 312
,2 33*
3
% 3% 1,700 Wilson AC Co Inc
3
*312 4
*312 4
Jan
v312 4
8
65 Nov 27
7% Jan 13 13 Mar 27
No par
8
•83 10
200 Class A
8 10
% 072
.9
814 83* *77
0712 9
8
914
Jan
79
35% Nov
100 42 Jan 13 5412 Mar 31
45
*44
200 Preferred
4214 4214 .44
45
45
45 .43
*43
43
5214 No7 112 Sept
43
8Juno 23 72% Jan 2
10 515
7
513* 5314 5412 53
543 30,200 Woolworth (F W) Co
8
4 52
52)8 543
8
43 Mar 1373 Sent
523* 5359 5152 53
,
10 1 6714 Jan 17 18a A pr 29
Worthington P & M
4
121 12934 73.300
4
2
75 Nov 10012 Sent
115% 12112 11312 125, 11012 1283 115 1213 12012 129
100 88 Jan 17 107 Apr 2.5
300 Preferred A
_ •93 100 .93 100
*93 100
4
*923 --- *96
Apr 9012 Sept
92
66
92
100 78 Jan 3 93 Mar 29
8
200 Preferred B
*863 88
8
8
*863 88
.853* 16 *363 88
.8414 89
86
30 Nov 209 Feb
86
12
Wright Aeronautical_ __No par 35 Jan 23 50,2 Mar 5
5212 .25
5212
5212 .25
5212 .25
4
'3 *25
613 Feb 88 Aug
25
25,2 *25
26 77 Mar 1
1025
25 4114June
4114 42
44
43
4
/
45
411 4114 2,200 Yale & Towne
71, Nov 61, API
4514 45
4
4
Hi 323 Apr 23
4514 451 1 45
4
1
8 2218 21% 234 2512 23% 25% 315,600 Yellow Truck & Coach Cl 11_10 123 Jan 27 105 Apr 2
4
223 253
80 Mar 9612 May
2112 1912 221
20
100 72 Jan
Preferred
90
4
913 *90
947
9
8
48 .
*90
943* •90
95
3
3312 Oct 59 4 Aug
95 .90
Mar 7
19 47
*90 •
8
323* 327
32% 3318 1,400 Young Spring & Wire-No Par 3214June 11 152 Apr 7
3314 327 33
33
3314
91 Nov 175 Sept
3318 33
33
2,400 Youngstown Sheet & T_Afo par 1011 Jan
115 115 *116 120
115 115
115 115 *115 120
4
4June 2
Ott Dee 528 Ally
115 115
par
5% Jan 17 163
3
759 83
718 7 8
814 814 14,600 Zenith Radio Corp____No
712 812
4
652 818
678 8
•Bid and asked prices: no sales on this day, a Ex-dividends, g Ex-MOM,
4578
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
I a. 1 1909 UM Exchange method of rioted bonds was chanted and prizes are sow 1 884 {literati'
--essay( for income and defaulted 110149.
BONDS
81. T. STOCK EXCHANGE.
Week Ended June 27.
•
Price
Friday.
June 27.
Week's
Range or
Last gate.
4.4
U.S. G
mint.
Big
Ask Low
High No.
First Liberty Loan
84%011932-1947
in 10142 Sale 1001533 101133 305
Cony4% of 1932-47
100•32May'30 ---▪ D
Cony
% of 1932-47
212 102
Sale 102133 102333 110
21loonv 434% of 1932-47
▪ D
99,133Feb'30
Fourth Liberty Loan
.40 1022513 Sale 1021133102233i 1626
434% of 1933-1938
Treseury 442e
8
1947-1952 .40 1121233 Sale 11222 1121131 212
Treasury 4s
D 1082133 Sale 10815331082431 273
1944-1964
Treasury 34e
1946-1956 MS 1052332 Sale 1052333 106133 299
Treasury 34s
1943-1947 J o 1012333 Sale 10124311012333 384
Treasury 34e June 15 1940-1943 J D 1013133 Sale 10122331012133 137
Zgllse
fifna:
Jae.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended JUne 27.
Price
Friday,
June 27.
Week's
Range or
Last Bale.
:3; •
Raais
81110
1149h Cendlnamares (Dept) Colombia501
Ask Low
High No Low
1Ifgh
External, I 11140
MN 74 Sale 7113
7413 22
05
84
981122 10142 Czechoslovakia (Rep of) 8e1951 A
109% Sale 1093
95
9
24 1094 111
4 110
Sinking fund 8e tier B_ _ _1952 AO 1093 112 1093
9814221004o
4
4
4 19 109 11112
100i4
.102142 Danish Cons Municip 8s A_1940 P A 109 Sale 10812 1093
13 10812 111
109
Se Series 11
98142.9i8122
4
1946 P A 1083 Sale 10814 1083
9 10840112
4
Denmark 20
-year extl Cs_ 1942 J J 1044 Sale 104 8 105
40 10312 105
3
/
1
4
.10223a
1009
External g 644s
1955 FA 10113 Sale 0118 10114 14
994 1017
s
409344411333,,
External g 4 44e_ _Apr 16 1962 AO 9238 Sale 924
904 29334
9278 89
40513331091u Deutsche Bk Am part elf 6s_1932 535 S 1003 Sale 0058
65
4
101
97 101
106143 Dominican Rep Oust Ad 5445'42 M
103
95
97
97 June'30
934 101
9913, 1012133
let ser 534301 1926
_
1940 A0 903 94
4
91 June'30
893 9612
4
9810,,81912rn
2d series sinking fund 534e 1940.40 9018 93
20
9018
91
9018 98
Dresden (City) external 75_1945 MN 1003 Sale 0012 1003
4
8
State and City Sr euritles.
96 102
4
Dutch East Indies extl 68_1947 22 1015 Sale 0134 102
19 10114 103
8
NY C 344% Corp st Nov 1954 MN
853 Oct'29
8
40
-year external Co
1962 MS 10134 102
23 10112 103 4
0134 102
834% Corporate a f May 1954 MN ____ ---- 8814 Aug'29
,
30
-year external 534e
102 1023 023
2 1015 1024
1953 M
4 1023
4
es registered
4
8
MN ---.
993 Mar'28
4
30
1936
-year external 514e_ _1953 MN 1013 1023 017
4
4
45 registered
1011 103
/
4
94 Feb'30
El Salvador (Republic) 88_1948 32 108 108% 08 s June'30
94
94
1956 MN
4 1033 10812
1083
6% corporate stock
8
4
fails 9734 June'30
8
1957 MN
975 975 Eaton's (Republic of) 70. _1967 J
8
14
78% 80
80
81
434% corporate stock
98
75
104 Mar'30
1957 MN
Finland (Republic) extl 139_ _1946 M
10214 104
8
9312 96
934
9414
1134% corporate stock ___ _1957 MN
913 973
4
4
105 Mar'30
103 105
External sinking fund 7e_1950 MB 993 10012 00
4
11% corporate stock
957 10114
1003
8
4 32
9414 Nov'29
1955 MN
External sinking fund 614e 1956 MS 97 Sale 9612
31
97
4% corporate stock
914 9812
98 June'30
1959 MN
98
98
External sinking fund 534s 1958 FA 854 Sale 8514
2
8418 92
8512
431% corporate stock _ _1931 J O
96
Oct'29
Finnish Mun Loan 64e A 1954 AO 96 Sale 96
9712
6
927 99
8
434% cOr901112.3 stock
99%
993 June'30
4
1960 M
479
135 - -34
External 634e series B_ _ _1954 .40 96
97
977 June'30
8
924 9812
434% corporate stock
4
1964 MS ____ 993 99 Mar'29
Frankfort(City of)8164e 1953
N 93
94
5
93
9212 95
434% corporate stook
9414
101 Mar'29
1966 AO
French Republic extl 74s 1941 J O 1225 Bale 122
8
12234 123 1174 126
/
1
44% corporate stock__ 1972 SO
9912 Oct'29
External 7e of 1924
8
8 1177 114 n2401183
1949 J O 1175 Sale 1173
8
64% corporate stock__ 1971 Jo
2
100 4 Sept'29
3
German Government Interns434% corporate stock__ _1963 MS
10812 98 June'30
tional-35 yr 54e of 1930_1965 in 90 Sale 90
9018 3714
90
634% corporate stook___ _1985 in
4
106
nobs 106
German Republic 0211 7s...1949 A0 106 Sale 10512 10614 214 1054 9114
1097
a
434% corpora testock July 1967 ▪ J
1013 Nov'29
4
Gras (Municipality) Se
MN 99 100
99 4 1004 13
3
940
New York State Canal 45. 1960
10114 Mar'29
Ot Brit LIrel(UK of) 540_19 4 FA 1043 Sale 10354
pH% 110 10212 10012
Reg
red
8
57
193
1051s
sCarutl
10114 July'29
•S
Mar 1959
Ir•
_--- -- 104 Apr'30 -- 1(14 104
Canal impt 4s
101 June'30
1961 J J
54% fund loan £ opt 1960_1990 MN 3865 8714 0
99 101
8
082
/ 90
1
4
8614
804
434s
109
Jan'30
1964 12
15% War Loan £ opt 1929.1947 in 6'983
109 109
09838
983
8 10 59714 99
4
Greater Prague (City) 71.40.1952 MN 10412 106 106 June'30
4
Fersign Oars. &Municipals.
1021 10713
Greek Government e I see 7s 1964 MN 1003 Sale 10012 1003
4
97 102
4 65
/
1
4
Agile Mtge Bank at 81
683 70
4
70
1947 FA 67
Sinking fund sec ae
6312 86
FA 8512 Sale 8512
8714 33
8814
81
Slating fund 6e A _ _A pr 15 1948 AO ---- 713 74 June'30
4
634 8012 Haiti (Republic) f fie
AO 95 Sale 04
95
9211 10014
18
Akersbus(Dept) Intl 58
1963 MN 92% Sale 9214
9312 45
951 Hamburg (State) 138
:
87
.40 944 Bale 943
4
9512
91
9
Ai:11mm% (Dept) col 75 A 1941 J
97
12
7612 Sale 76
7638 13
71
873 Heidelberg(Germany)exti 74 99960• J 101 12 10312 102
4
102 I
111 46
'
8 5628
1 10012 10414
External f 73 ger B
80
13
1945 2i 75 Sale 75
E
704 871 2 HulearrinaanliMf lic Loan 7441: 1945 ii 90 8 Sale 9014
3
92
7
9014 09814
External e f 7e ser C
J J 75 Sale 75
3
7618
1945
70
8712
7,
' 87 Sale 86
3
87
86
94
6
External e f 7s ear D
7
76
1945 J J 75 Sale 75
Hungarian Land M instpt34
88
70
935 June'30 -- -MN 9418 97
8
Ele 7
91 190
Externals f Te let see__ 1967 AO 6912 Bale 6912
3
75
Sinking fund 7445 ser B 1 P6401 MN 9312 95 4 92
6912 8712
945
25
1961
3
9015 984
External see e f is 2d ser.1957.40 72 Sale 7112
74
5
Hungary (King,] of) if 7481944 FA 101 1013 10012 June'30
89
67
4
997 1n4s,
8
External see if 78 3d ser_1957 .40 673 73
8
78, June'30
8
Irish Free State extie I f 54_1960 MN 983 Sale 98
88
67
99
4
98 7
95 0994
•ntwerp (City) external 68_1958 3D 965 Sale 9812
8
35
97
Italy (Kingdom of) extl 7e. _1951 J
9214 98
9414 101
97 Sale 963
/
1
4
9812 170
8
Argentine Govt Pub Wks68_1060 AO 9814 99
9818
984 21
Italian Cred Consortium 7e A1937
9518 100
•B 9414 Sale 9514
7
93
984
Argentine Nation (Govt of)—
95,
4
External sees t 78 tier 11...1947 MB 9212 9512 943
4
923 WS
9514 11
4
Sink fund 69 01 June 192,5-1969 in 99 Sale 984
99
53
Italian Public Utility exti 7c 1952 23 9614 Sale 964
95 100
66
92 9875
Extl 81 as of Oct 1925_ _ _1959 A0 9818 Sale 9818
967
13
983
4 30
9912 997 Japanese Govt L loan 49_1931 23 973 Sale 9714
e
122
8
943 984
9712
4
Sink fund as serles A
45
99
1957 /41 S 9812 Sale 9818
30
944c100
-year s f 5340
/
1
112 1014 105
P A 1037 Sale 1033
8
8 104
External tie /*Hes B _ _Dec 1158 J D 983 Sale 983
8
8
983
4 18
Extl sinking fund 5446-- _1934 MN 903 Sale 903
95 100
284
1 55
9
8
8
913
90
91
4
Extl a f Sc of May 1925_1950 MN 9812 Sale 9838
99
10
9514 1004 Jugoslavia (State Mtge Bank)—
Externals(Sc(State Ry)_1960 54 S 9814 Sale 9818
9812 45
993
4
Secured a f g is
95
88
83
7714 85 1
1957 AO 8238 Sale 82
,
Exti Mi Sanitary Works_ _1991 FA 9814 Sale 984
99
28
95
9954 Leipzig (Germany) s f 7s_._1947 FA
15
9812 Sale 9812 100
947 10114
8
Exti Os pub wke(May'27)-1961 MN 983 983 9818
8
4
9914 15
9434 1003 Lower Austria (Prov) 740_19.50 3112 9512 97 2 97 June'30
5
934 100
,
Public Works extl 5 he__ _1962 FA 9134 Sale 91
913
4 40
Lyons(City of) 15
89 c97
10434 41 io2i2cie514
-year Co- -1934 MN 10412 Sale 104
Argentine Treasury 68
,
_
1946 MS 85 8 8712 85 June'30
85
8912 Marseilles(City of) 15-yr 13e 1934 MN 1044 Sale 104
10418 50 logitc105
iLastralla 30-yr 58...July 15 1955 32 8412 Sale 8412
853
8 98
8412 9414 Medellin (Colombia) 646_1954• D 654 75
75
10
65
75
80
External Scot 1927_ _Sept 1957 7.1 S 8412 Sale
853
4 50
84
9414 Mexican Irrigat Aestng 414e 1943
1212
9
11
123 123
8
8
10
/ 1512
1
4
External g 444s of 1928_ _1956 MN 7714 Sale 7714
48
7714 8584 Mexico(US)extl es 01 1899 £45 QJ
26 Apr'30
26
26
Anetrian(Govt)5(Ts
4
1943 in 104 105 1033 c10614 35 1023 108
4
Assenting re of 1899
17
1
183 17
4
15
17
2012
Bavaria (Free Slate) 04s...1945 FA 93
1945
9312 935
8
94
10
91
9812
Assenting 5s large
11
1312 17 Apr'30
/
1
4
161 173
:
Belgium 20-yr a f 8s
4
1941 FA 109 Bale 10812 109
19 1073 11112
4
Assenting 4s of 1904
1112 Sale 1112
.
1014 133
1212 15
26
8
-year external 6 44s
4
1949 MS 1083 Sale 1083 c11012 55 1053
4
4011012
Assenting 48 of 1910 large.....
103
4
104 1431
114 29
External 5 I Os
8 10318 92 10118 1037
1955 J J 103 Sale 1023
Assenting 49 of 1910 email_ _
8
-1112 gii- 1112 12
34
e
1012 14
External 30
-year i t 76_1955 in 113 Sale 113
11314 106 10914 11312
Trees Scot'13 assent
19
10
2112 19
18
19
25
Stabilization loan 78
(large)'33
4
1956 MN 1083 Sale 108
109 2 82 107 11014
,
Small
19 Sale 1718
1914 37
1718 2514
Hueco (Norway)a I 8e
8
4 110 11212 Milan (City,
1945 MN 11012 1105 11014 110%
Italy) dxli 644e '52 AC 88 Sale 88
95
8912 54
I5
86
-year sinking fund es__ _1949 AO 100 101 100
11
1004
8
99 1023 Mines Gefaee (Aate) Brazil
l
s
Berlin (Germany) s f 6 34e_.1950 AO 95
96
9518
6
95%
924 09912
75
74
7734 34
76
65
1958 M
83
External sink fund 6s
1958 3D 86 Sale 86
8712 27
Extl see 844s series A.___1959 M S 75 Sale 74
85
943
4
7512 11
094 8215
Bogota (City) exti s I 13s___ _1945 A0 92
93
96
3 9212 9911 Montevideo
9312
100 Sale 100
11
100
983 103
(City of) 7s___1952 J
4
Bolivia(Republic of)extl 811_1947 MN 844 Sale 83
63
88
8118 100
External If 6s aeries A __ _1959 MN 91 Sale 91
1
91
91
967
s
Externalsecurities is
7412 79
1958 J J 7018 Sale 704
704 853 Netherland' 6/ (flat orices)_1972 MS 10512 106 105
19014 11 103 107
4
1
External e f Ts
853 Sale 6514
8
M
733
4 71
654 84
NeEwxSteornWaals
26
83
80
90
esti 5e 1957 FA 80 Sale 80
Bordeaux (City of) I5-yr 6e93 MN 1044 Sale 104
10418 35 102140105
1 69
9 4
9
80
8318
155
90
Apr 1958 A 0 80 Sale 80
Brasil(U S of) external 8s 1941 J D 10014 Sale 10014 100% 117
94 1112
Norway 20
4
22 101 1044
8 104
-year eat' 6e _ _ __1943 FA 1033 Sale 1033
External sf 5 44e of 1936 1957 A0 813 Sale 804
8
8112 47
20
7212 8818
-year external 6e
FA 10314 Sale 10314
1035
8 34 10214 104
Extls f 814e 01 1927
1957.40 81 Sale 8012
813
4 22
7214 08812
0-year exter44s 6s
8 10214 38 1013 104
0 nal
1944.40 10112 Sale 1013
952
5
is(Central Railway)
1952 in 9012 Sale 9012
90 8 53
5
80 9312
40
-year if
8
60 1001, 1021,
8 102
1965 J D 1013 Sale 1013
74e(coffee occur) £(flat) 1952 A0 10012 1017 10012 100 3
8
7
5
95 10513
External et es__ _ _Mar 15 1963 MS 987 Sale 9813
100
9584 991,
99
Bremen (State of) extl 7s
10314 57
1935 MS 103 Sale 103
9312 10314 Municipal Bank extle f 55 1967 3D
24
943 98
4
Brisbane (City) 0 I Ss
833 Sale 8312
4
84
20
1957 M
ur nin nurg( dIty4
sie kib g ru n 5 e
82
90
9678 S ale 9
2
2
82
9%
6
C )sati 60_1952 F A 82 Sale 8618
82
9212
Sinking fund gold 511958 FA 83 Sale 8212
8312 36
804 88 4 031 (City) 30 ea e f 65_ _1955
3
0
-year
4 15 100 1023
N 10014 Sale 10014 1013
4
Budapest(City) extls I 61_1902 J D 7712 Sale 763
4
36
80
73
8512
53 101
29
644e_. 1943 5.1 N 1007 102 100
15 556 F A
98 101
/
1
4
Buenos Aires(City)6 As2B 1955 J J 97% Sale 97%
9914 20
9612 10012 Panama (Rep) 6211
.-1953 J D 102 103 102 June'30
/
1
4
na
1004 103
External e f as eer C-2
964 9612
5
1960 A 0 95
963
4
91
9812
Extls f 58 eer A __Mal'
92 sa e 7434
7512 Sal
gips oh
l
92
953
733
4 18
External if 6 err C-3_ —1960 A 0 9212 9512 96 June'30
9
0
9818 Pernambuco(State of) call 75'47 MB
714 90
18
Buenos Aires (Prov) exti 6e-1961 M 13 8018 Bale 8018
8512 65
Peru (Rep of) external 78. _1959 54 S 92
8018 91
9412 95
12; 91 010112
97
Bulgaria (Kingdom) s f 7s....1967
81
80
80
6
80
Nat Loan 5211.1 69 let ear 19310 J o 7114 Sale 71
2 3
763 8.53
4
4
811 69
84
Stabil'n In if 744e Nov 15'68
85 8312
83
87% 14
82
9014
Nat Loan extl f 69 2d ger 1961 A0
23, 69
844
Caidas Dept of
24
8212 Sale 82
88
(Colombia)7
81
9312 Poland ()lep of) gold ed —1940 SO 7531,4 Sa175 807755;
8991142 S11e
7 2 9
5
73
9512 35
73 42
811
7
535
81
74
34s'6Cand
(Dominion of) 68_1931 A 0 101 Sale 100%
44
101
993 10114
4
Stabilization loan s I 76-1947 A0
209, 79
38 5
3
Sc
105 Sale 1045
8 105
38 10214 106
External sink fund g 14-1950 23 982434 SaleSale 82
94
851z 54' 92
93
98
430
100 Sale 993
4 100 8 36
3
Ira I
9734 1003 Porto Alegre (City of) 8s..-1961
4
D
91 1011
Carlsbad (City) a f ge
106 1083 107 June'30
4
103 1097
Ext1 guar sink fund 734,.l9611
s
'3
8 8312 941
:
Cauca Val(Dept)Colom 749'54 2 0 80
88
3
88%
89
1946 A 3
8312 95
Qu2ersymr externallandtate ext1117s 1941 A0 1044 sale 104
106 23 104 110
u
Central Agile Bank (Germany)—
P A 9518 Sale 954
997
8 19
9515 10414
Farm Loan a 1 7s Sept 15 1950 M S 93 Sale 93
81
95
9211 9812 Rio Grande do Sul *WI et 85 19 6 A0 983 Sale 9812
4
47
9912 11
90 105
Farm Loan. f Os July lb 1960 J . J 8314 Sale 8314
8512 56
7714 903
External sinking fund 65_1968 in 6712 Sale 6712
2
641, 803
31
73
3
Farm Loan I I iii Oct 15 1960 A 0 83 Sale 8212
843 110
4
77
/ 90
1
4
Externals f 7e of 1928-1966 M N 80
81
79
8112
9
74
934
Farm Loan Miser A Apr 15 1938 A 0 883 Sale 88
8
8412 94
89,
4 58
Extern
in 77
80 8012
73
808
2
891
:
Chile (Republic of)—
Taaetro721-myu6 loanRi
ni e f
924 10514
4
9712 27
ear
16131 88-119946.40 97 Sale 954
20
-year external. I 7s
67
1942 M N 100 10112 100
28
101
9912 10314
External. f 649
77 Sale 75
1953 P A
7714 39
7014. SS
External sinking fund SIAM A 0 88 Sale 8812
89% 40
4
88
94 8 Rome (city) exti 644e
3
1952 SO
137
1
94 4
87
104
2
90
Externals (Se
8912 Sale 88
37
90
1941 F A
88 09412 Rotterdam (City) cut 611
8912 192e 84
1944 MN 103 804 10918
108 10512
Ry ref exti s 1 6s
19012 J 89 Sale 89
89 2 30
,
94
88
Roumania(Monopolies) 75..1959 Fit 82 Sale 82
8312 44
82 85
Extl sinking fund de
64
1961 M S 8914 -- 884
90
88
94
Saarbruecken (City) 61-1953 .1
853 Sale 8412
4
883
5
4
80
/ 807
1
4
1
Extl sinking fund 6,
19(12 Si S 895 Sale 89
8
89 8 22
,
88
944 Sao Paulo (City) at 8e_Mar 1952 MN 993 102 -993
4
4 10014 10
96 107
Extl sinking fund Cs
1963 Si N 883 89
4
883
4
89 2 32
,
883 913
4
4
External if 6 41: of 1927-1957 MN 704 7214 75
70
75
84
3
Chile Mtge 10k 64e June 30 19572 D 93 Sale 93
9214 99
San Paulo (State) extl 51 81.1936 23 99 10014 99
943
4 21
96 10214
7
10014
516948 of 1928—June 30 1961 2 D 943 95
9434
29
4
98
94 100 4
3
External see o f 8s
1950 J J 9314 Sale 9314
9678 13
911 101
Guar 9 f ae
Apr 30 1961 A 0 89 Bale 8812
8511 94
89313 31
Water L'n-1956 MS 904 Sale 85
8618 11
793 93
4
15
Guar s f Os
1962 M N 88 Sale 88
8715 91
8914 30
External,f 7As
Esfenafls Se
.▪ 1 67
69
135
70
7134 28
SI
Chilean Cone Muni° is
1980 M S 90
28
9312 923
923 098
4
4
Secured s f Te
95
1948 AO 86 Sale 90
96
0
90
904 541
964
Chinese (Hukuang Ry) 5e__1951 J D 2114 22
21
21
Santa Fe (Prey Arg Rep) 7s 1942 M S 92
30
21
9312 92
93
952
87
4
6
Christiania (Oslo) 30-yr e f Os '54 M S 10018 101
100 1024 Saxon State Mtge !net 75_1945 J o 9912 Sale 9614
0112 101,
2
93 100
9912
8
Cologne(City)Germany 644e 1950 Si S 8934 92
9212
9312 10
Sinking fund g 6 4411__Dee 1946 3D 93 Sale 93
904 c983
4
86
9414
2
97
Colombia (Republic) 6,--1961 J -I 70
687 c83
.5
2
78
75
Seine, Dept of(France)ext175'42• J 10712 Sale 1073
75
8 10712 39 10611%1091s
External e f es of 1928_1961 A 0 62
2
7112 7313
7312
58 81% Serbs. Croats & Slovenes 8s '62 MN 9434 Sale
87
98
Colombia Mtg Bank 6 As of 1947 A 0 7214 Sale 7214
5514 8314
External sec 71 :ter B.._ .1962
744 18
N 8312 sale 833
7614 8612
92 4
8
84
5
9
9
4
5
Melting fund 78 of 1926__1946 MN 783 Sale 783
12
Silesia (Prov of) extl 7e.
4
86
77
4
71
66
...1968 in 70 Sale 66
82
7512 21
Sinking fund 712 of 1927 1947 F A 77% 834 7818
9
Silesian Landowners Assn as 1947 P A
86
80
70
7818 80
72 847
78
78
1
s
Copenhagen(City) Se
19522 D 98 Sale 9712
31
98
Sob:zone (City of) extl 192_1936 MN 104 Sale 104
953 9
4 9
10412 18 101180.05
25
-year g 414e
1953 Si N 913 Sale 9112
9812 9312 Styria (Prov) external 75....1946 FA 914 92 90 4
4
92
14
86
9318
9118
7
3
Cordoba (City) extl i f 7s_ _1957 F A 79
1
7914
84
79 4
,
7614 93 Sweden external loan 5445..1954 MN 1043 Sale 1043
27 10314 10614
8 105
4
External if 721_ _ _Nov 15 1937 M N 91
95
1
9012
9012
82
981 Swiss Confed'n 2
8
4 36 10714010912
0-Yr a 813
1073
-1940 3, 10714 Sale 10714
Cordoba(Prov) Argentina 7s1942 J .1 9518 9514 95
2
93 103) Switzerland Govt extl 545.1946 AO 1037 Sale 1037
95 14
8 1043
4 41 10212 1051
8
/
4
Costa Rica(Repub) extl 7.1951 MN
Tokyo City Se loan 01 1912.3952 MS 7812 Sale 75
91
864
8712 13
86
37
744 89
79
Cuba(Republic) 14 of 1904_1944 M S 997 100
8
External, f 544e guar_ _1961 .40 90 Sale 90
99% June'30
98 101
8714 934
9014 119
External Sc 01 1914 ear A_1949 F A 10018 10012 10014
Tolima (Dept of) 5211 7.1_1947 MN ____ 747 74
2 100 102
10014
74
2
674 87
8
External loan 444e ger C _1949 F A 93 Sale 92
9012 953 Trondhlem (City) let 540-1957 MN 95 4 97
93
4
3
934 98
9512
7
9512
3
Sinking fund 549-Jan 15 1953 J
10014 101 100
10012 17
99 10114 Upper Austria (Prey) 75.--1945 in 9614 Sale 9618
923 97
/
1
4
9612 13
4
External if 64s_June 15 1957• D 89 Sale 89
41114 91
90
4
c Cash sale. e On the basis of 56 to the sterling.
UV
4579
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 27.
It
Price
Friday.
June 27.
Week's
Range or
bast Sale.
•
Range
Since
Jae, I.
c‘a
High No
B14
Ask Lew
Foreign Govt. & Municipals.
27
Uruguay(Republic) ext1 88_1946 FA 106 Sale 10518 106
37
97
8
1960 MN 9512 Sale 947
External e I 65
90
95
May 1 1964 MN 0414 Sale 9412
65
Extl 5
9718 29
Venetian Prey Mtge Bank 78 '62 AO 6614 Sale 9614
8714 71
Vienna (City of) exit a I 6s...1952 MN 87 Sale 8612
72 4 29
,
F A 72 Sale 7014
Warsaw (City) external 78._1968
971
8 17
D 9618 Sale 9618
Yokohama (City) est)65_ _1961
Railroad
4
3D 1023 ___- 1031 May'30
Ala Gt Sou 1st cone A 5s____1943
9438
1943 3D 94°8-_ -_ 9438
let cone 48 ear B
Alb & Susq let guar 3346_1948 AO 8678 8712 87 June'30
2
8612
Alice & West 1st g gu 48._ 1998 AO 8612 ____ 8612
1
9514 ___ 9514
9514
1942 M
Alleg Val gen guar g 4e
13
84
Q J 83 Sale 83
Ann Arbor let g 45._ _July 1995
155
96
Mob Top & S Fe—Gen g 48.1995 AO 06 Sale 95
925 June'30
AO
Registered
78
9012 June'30
Adjustment gold 48._July 1995 Nov 55. 92
4
9184 24
N 913 Sale 908
July 1995
Stamped
8814 Feb'30
MN
Registered
5
9114 92
1955 3D "9114
Cony gold 48 of 1009
10
9112
92
Cony 45 of 1905
1955 3D 9012 92
2
90%
3D 9012 Sale 9012
1960
COOT g 48 issue of 1910
174
1948• D 12112 Sale 12012 126
Cony deb 434s
5
8
90%
Rocky Mtn Div let 48_1965 J J 903 Sale 903
1
9212
Trans
-Con Short L let 48_1958 ii 9212 Sale 921
8
10012
Cal-Ariz let & ref 434e A_1962 MS 993 101 100
8
Atl Knoxv & Nor let g 68_1946 3D 1038 _ 1035 Apr'30
9514 Apr'30
Atl& Chart A L
4318A _ _1944 33 9618 foo
8
let 30
1944 33 10314 -- -- 1027 June'30
-year 58 series B
4
Atlantic City 1st cons 45
1951 ii 873 931 87 Jan'30
15
4
4
95
All Coast Line let cone 4s July'62 MS 943 Sale 943
9212 May'30
MS
Registered
52
"55" We 99
998
1904 3D
General unified 41,
45
25
92
LA N coil gold le___ Oct 1952 MN 92 Sale 92
7
6412
Atl & Dan let g 45
1948 33 641 Sale 6414
13
5614 53
53
2d4s
1948 33 53
4
84
MI & Yad let guar 45
1949 AO _ _ 84 84
,
Austin & N W let gu a Se._..194l 33 i01 4 102l4 101 May'30
8
Canada Sou cons gu ba A __ _1962 AO 10414 10514 104% 1043
4
9512
Canadian Nat 4148_8ept 15 1954 • S 9512 Sale 943
953 Sale 95
8
953
4
30
-year gold 4141
1957• J
3514
Gold 41
/
4
s
1968 3D 9514 Sale 95
8
Guaranteed e 59-___,Ju1y 1969 J J 1027 Sale 10212 103
4
Guaranteed g 58.--Oct 1969 AO 1023 Sale 10212 103
Canadian North deb 5 f 76.._1540• D 111 Sale 11018 111
11612 117 11612 118
25-year s I deb 61.18
1946 .1
11314 Jan'30
Registered
4
993
4
10-yr gold 4
_ __Feb 15 1935 FA 993 Sale 9912
8812
8
Canadian Pee Ry 4% deb stock _ _ 3, 873 Sale 87%
901
Col tr 4145
1946 MS 9912 Sale 98
4
Se equip tr temp We
1944 33 102% Sale 10258 c1033
• tr g Sa
Dec 1 1954 J D 10214 Sale 101% 102%
98% May'29
Carbondale & Shaw 1st g 48_1932 MS 0812
-7Caro Cent 1st eons g 48
1949 33 80 81 8 831.1 June'30
8
Caro Clinch &0 let 30-yr be-1938 3D 101 1017 102 June'30
let & con g 6s ser ADee 15 '52 ▪ D 10812 Sale 10812 109
_ _ 854 June'30
Cart & Ad 1st gu g 4a
1981 J
85
8414 8612
Cent Branch UP let g 4e
1948• D 85%- - 85
1
37
29
21
58
GO
42
24
21
61
34
36
86
7
3
Central of Ga let g 5e--Nov 1946 F A
Congo! gold 58
1945 MN
Registered
MN
Ref & gen 5341 series B._ _1959 AO
Ref & gen 5s series C
1959 AO
Chatt Div pur money g 40_1961 ▪ D
Mac & Nor Div ling be._ _1946 33
Mid Ga & Atl Div pur m 58'47 33
Mobile Div let g 58
1946
Cent New Rug let gu ds..198l
Central Ohloreorg let 4 he_ _1930
Cent RR & Iskg of Ga coil 55 1937 MN
Central of NJ gen gold 55.__1987 33
Registered
1987 Q J
General 4s
1987 J J
Cent Pee let ref gu g 46_1949 FA
Registered
P A
Through Short L let go 48.1954 AO
Guaranteed a be
1980 FA
10418 105 10418 10418
8 1015
8
10112 1025 1015
8
100 Feb'30
11704 lig% 10514 10514
10012 Sale 10014 101
8612
867 883 8612
8
4
1015 June'30
8
1015
8
10112 Apr'30
10212 May'30
i55E8
8418
84 Sale 84
4
99%
_ 993 Apr'30
16i 10114 June'30
iioig 112 110% 111
10758 June'30
933 June'30
*
92
941
94 fifie 9312
90 Mar'30
924 9434 92 May'30
1035 Sale 10312 104
8
Charleston & Barb let 76..1936 ii
Ches & Ohio let cons 5s.- —1939 MN
Registered
1939 MN
General gold 434s
1992 M
Registered
M 8
Ref & impt 311,
1993 A0
Registered
FA
Hal A UPI 4345 50 B...1995 33
Craig Valley let 58_ _May 1'40 33
Potts Creek Branch let 4e_1946
R.& A Div let eon g 4s.. 1989 J
1989
2d °mewl gold 45
'
3
Warm Spring V let g 5s_ _1941 M
Chesap Corp cony 5e_May 15'47 MN
Chic & Alton RR ref g Is....1949 AO
CU dep stud Apr 1930 Int_ _ _ _
3041toes first lien 3 348, ..1950 33
Certificates of deposit
Chic Burl & Q-111 Div 3341.1949
33
Registered
1946 33
Illinois Division es
1968 M
General 48
1977 FA
let & re! 4)48 set B
1971 FA
let & ref be aeries A
....1934 AO
Chicago & East III let
CA E III Ry(we,co) con 56.1951 MN
N
1982
Clue & Erie let gold 98
Chicago Great WPM, let 4,4 1919 M
108 Dec'29
10818
4 38
10412 Sale 10412 1043
10278 June'30
101
101 Sale 100
65
99 June'30
98% 52
983 Sale 97%
8
903 Sept'29
4
_
259
98
98 Sale 9712
003 June'30
4
101 102
9112 May'30
92
91
905
8
905
90
8
7
87 12 88 June'30
1007 June'30 - - 8
10018
100 Sale 100
10014 124
6714 Sale 6714
6712 15
6714 69% 6712 June'30
63% 70
63%
64
50
63% 65 65 June'30
873
8
8712 89
87%
4
8418 Feb'30
-9412 16 9412
.951
9
943 Sale 94%
4
943
4 25
99
98% 9914 9812
23
10718 Sale 10718 1071
40
1031 June'30
103
__
59 Sale 59
66
54
102 105 103
103
1
703 173
683 Sale 681,
4
c Cash sale.
_
10
28
12
3
23
_
28
•
zt
Pried,
Friday,
June 27.
Week's
Range or
Last Sale.
•
at
Range
Since
Jan, 1.
High No. Low
f3fd
Ask Gots
R403
High
112 113
Ohl° Ind & Loulsv—Ref 6s_ _1947 J J 11212 114 112 June'30
1013 10412
4
Refunding gold 55
1947 J J 10314 10512 10312 June'30
108
1043
4
92 June'30
92 92
1947• J 9114
Refunding 4s aeries C
93
12 9912
99 10412
5
1966 MN 10212 1028 10212 June'30
lot & gen 58 series A
9412 9814
5 c10412 1094
• J 107 1073 1067
8
107
4
/
1
1st & gen 65 ser B _May 1986
88 c98
1
4
91%
4
89
92
7411c Ind & Sou 50
-year 48_1956 J 3 913 Sale 913
82 c95
8
98% 20
8
93% 99
Chic L S & East 1st 4315-1969 J 14 985 Sale 985
7014 83
/
1
4
86 June'30
84ls 87 s
7
95
9814 Ch M & St P gen 45 A _May 1989 J J 8434 86
85 Mar'30
81 4 85
,
Q J
Registered
74
74% 21
725 747
8
8
Gang 311s ser B._ __May 1989 J J 7012 74
100 4 10312
3
J J 9312 9412 9312
935
8 10
9228 97
Can 434e serial C___May 1989
94
/
1
4
92
9312 54
92
/ 9612
1
4
Gen 4/ aeries E__ __May 1989 J J 9353 Sale 9312
1
4s
83
/ 88
1
4
9712 100
9812 85
Gen 45(s series F.... May 1989 J J 9733 9814 9712
85
87
85
4
8712 246
96 4
,
92
/ 95
1
4
/ Chic Milw St PA Pac bs_ _ _ _1975 F A 853 Sale 85
1
4
892
54
4912 7811
Cony adj 55
Jan 1 2000 A 0 50% Sale 4912
76
8918
7
7814
7712 8014
4
915 9612 Chic & N'west gen g 3As_ __1987 M N 7818 783 7818
8
77 June'30
O P
76
77
Registered
90
92 4
,
16
914
87 2 924
7
General 4s
1987 MN 9114 Sale 904
8718 93
4
9118
8818 93
Stud 48 non-p Fed in tax '87 MN 9118 9112 9118
sn 93
4
100 lova
Can 431astpd Fed Inc tax_1987 M N 10414 106 1043 June'30
85 ,s 8814
3
5 107 112
Gen be etpd Fed Inc tax 1987 MN 109 11014 11014 11014
87
9212
105 Mar'30
MN
105 105
Registered
94
88
1 100% 102
1013
8 101%
Sinking fund deb 58
1933 MN 10133
8914 91
99 Feb'30
MN 1097 flu
99 99
8
Registered
12012 14112
4 1097
8
107% 110
8
15
-year secured g 634s____1936 M S 1097 Sale 1093
88
9214
J D 106 10712 107 Jnue'30
104 107
/
1
4
let ref g bs
May 2037
9012 92
/
1
4
22
98
95 99
bet & ref 43-48
May 2037 J D 98 Sale 97
97 10114
262
4 100
4
9814 1051
4
Cony 4348 series A
1949 M N 983 Sale 983
102 104
/
1
4
95
9712
30
91
92
88
Chic It IA P Railway gen 48_1988 33 904 Sale 9014
10012 104
89 Apr'30
8512 89
'
3
Registered
87
87
9512 9814
9818 156
Refunding gold 48
1934 AO 978 Sale 978
90
96
95
Jan'30
AO
95
96
Registered
9212 9212
Ws 98
95 4 77
3
Secured 4
series A
1952 MS 9414 Sale 9312
961a 100
95 4 1014
,
/
1
4
98% 528
4
Cony g 434s
1960 MN 953 Sale 953
8812 9318
D 104 10512 104 Apr'30
10318 104
/
1
4
58
7312 Ch St LAN 0 be.....June 15 1951
102 Mar'30
102 102
3D
Registered
6288 621S
Gold 33Is
June lb 1951 J D 8518 ____ 81 July'29
8218 85
8814 92
9112 9012 Mar'30
Memphis Div let g 45____1951 J D 90
99 101
10012 June'30
99% 100
12
Ch St L & 1' let cons 5e__ _1932 AO 10012
loi5
sJune'29
AO
Regletered
9112 95
9653
-4818 iiicK
Chic T H & So East let 5.9_ _1980 ID 9614 Sale 96
90
94
4
883
8814 8812
88
9414
Inc gu 56
Dec 1 1960 MS 80
98 8 100 4
,
,
5
993
4
97 106
Chic Us Sta'n let gu 454s A_1963 33 100 10014 993
9818 99
11 103 1063
4 1053
4
let 5e series B
101 104%
1983 J J 10434 Sale 1043
10 1011 104
4
102 102
Guaranteed g be
1944 J O 10253 10312 10218 1021
23 114 11578
1157
let guar 63-4s series C _ __1963 3, 115 Sale 115
10118 106
4
100 8 109
,
/
1
4
Chic & West Ind gen 6s_Dec 1932 QM 1013 ____ 102 May'30
10812c111
71
901
8512 92
Consol 50
-year 48
91
1952 33 89 Sale 89
95
22 103 105
1041
/
1
4
1st ref 53 series A
10012 104
-Is
. 1902 MS 10414 Sale 104
/
1
4
2
4 102
8
/
1
4
99 102
84
874 Choc Okla & Gulf cons be _1962 MN 1007 ____ 1003
5
9612
961
9512 9612
968 100
10114 10415 Cin H & D 2d gold 431s _ _1937 3
3
9612
97
954 97
/
1
9812 1043 C 286 L & C 1st g 4.8.Aug 2 1936 Q
4
94
95 Feb'30
941s
Registered
1011 105
Aug 2 1938 Q F
/
4
614
883 964
s
Clii Lab & Nor let con gu 48.1942 MN -5553 - 3- 9314 June'30
84
90
62 62
9512 96 4 Clearfield M Mah Bari 5s..1943 33 9414 _ _ 100 July'28
,
5
9114
11"
913
4
Cleve CM Ch & St I.gen 4a....1993 J D 9154 gale
any 10012
4
20
-year deb 43'4s
1931 33 10018 1003 10018 10018
100 100
105 108
3D 104 10412 108 Apr'30
General 5e aerial B
78
1993
78
2 103 1065a
10518
-- 105
Ref & Dont 6a ser C
1941 • J
104 10412 b04'8 June'30
100 1041s
-8913 9584 Ref & impt 6ta ser D
1963 J J 10533
98
9312 Ws
Ref & impt 411s ser E
1977 33 98 Sale 98
92
97
4
'
3 953 9612 9514 June'30
Cairo Div let gold Is
1939
96 111 8
-785 June'30
8412 8711
84
87
J
Cin W & M Div 1st g 46_1991
81
87
87% May'30
8414 8914
8
St L Div let coil In g 4s
927 9458
8
199 MN 875
93 Apr'30
93 94
Spr & Col Div let g 48
991 103
194 MS 93 _
4
93 Jan'30
98
90
W W Val Div let g 48.....194 3' 92%
90
95
10414 May'30
8
103 1043
104
_
9912 10112 CCC&I gen cons g 13s
193 3
99 8 1007
,
s
4
AO 1003 --- 1008 Apr'30
Cloy Lor & W con let g Se_ _ _193.
9912 Apr'30
9912
98
10018
10212 1053 Cleve & Mahon Val g 5s
193 J
4
190 Mar'30
100 100
934 9718 Cl dr Mar ist gu g 434s
/
1
193 MN 100
1003 Mar'28
4
Cleve & P gen gu 4340 ser B _194 AO 98%
9214 97
8718
87 Mar'29
Series II 31
/
421
9214 97
194 AO
'
3 988 ---- 9512 Nov'29
Series A 41.12
9914 103 4
194
,
8614 June'30
88', SSls
Series C Ills
1014 10318
194 MN 86
8618 861e
Seriee D 334s
109 4 112
,
195 FA 86_ 864 May'30
4
9718 1038
99%
99%
9912 1(10
8
A
Cleve Shor Line 1st gu 448_198
113 118
3 1(1618 1091
10914
/
4
11314 11314 Cleve Union Term let 5148..1972 AO 10918 11018 109
7 10212 101'114
105%
isle f 5s series B
9818 100
1973 AO 105 10514 105
/
1
4
8
9918 91
96
9912
8312 8812
ist s f guar 414s ear C_ _1977 AO 98% Sale 985
96% 10012
_
8
8
917
88
3D 9118 93 917 May'30
1003 10334 Coal River Ry 1st gy 4a _ _ _1945
4
993
4 10014 60
97 10314
Colo & South ref & ext 410_1935 MN 10014 Sale
10112 103
94 June'30
8818 94
8
Col & H V 1st ext g 4/3
1948 AO 907 94
88 88
74
8512 Col & Tol let ext 48
1955 P A 8012 - - 88 June'30
_ 8612 Feb'30
861! 864
9912 10212 Conn & Passurn Riv let 48._1943 AO
1
73
70
70
73
70
3, 87-- - 73
Consol Ry non-eony 48
107 11012
1954
70
70
5
70
70
85 4 85 4
Non-cony deb Is
,
1956 J& 3 6712 70
,
2
7318
7318 7318
_— 731e
Non-cony deb Is
82
1955 AO 671
8512
76 June'30
76
75
70
68 2Non-cony debenture 4s
1956 33
5712 75
601a 42
1015 106
8
Cuba Nor Ry Ist 5 he
1942J D 5712 Sale 5712
76
8
77
77
84
76
Cuba RR let 50-year bs g
100 104
/
1
4
1952• .1 76
8712 10
80
991
4
8712 8612
let ref 734s series A
100 100
1936 J O 87
76
78% 12
76
92
1st lien & ref fls ear B_ _ _1936 3D 78% 83
104 105 4
,
98 1027
/
1
4
8
1
100
9912 100
Day & Mich let cons 4%s__1931 J J 100 ____ 100
8412 89
3
7 157
93
8
9114 94
100 1015 Del & Hudson lst & ref 4s...1943 MN 937 Sale 93
8
1
101
101 10414 101
97 107
30
-year cony be
1935 AO
98 10112
31 100 2 10512
1042
,
3
0 2 rEt_l_e_ , 4
,
7
lb-year 51
1937 MN 1944 s
100 103
/
4
8
Au0 28
1g5
'
D RR & Bridge let gu g 4s 1936 FA
8118 8511
/
4
8
97
95 "iiEs If
8
Den&RG let eons g 48_ _ 1936 33 947 Sale 947
991s 100
98 June'30
99
95% 99
Consol gold 434s
9512 102
1936 33 98
130
93
92
9918
Den & RU West gen 5s.Aug 1955 MN 891* Sale 891s
107 113
/
1
4
927
8718 95
35
Ref & impt be tier B.Apr 1978 MN 92 Sale 91
107 111
30 Apr'30
23 4 30
1
Des MA Ft D 1st gu 4s__ _ _1935 33 254 28
90 4 93%
3
,
27 J ny: 0
31
_9 _22 30 _ 95 1 a e 3
_7_
25
Certificates of deposit
914 9512
98 97
Des Plaines Val 1st gen 4345_1947 MS
90
90
634 June'30
/
1
53
7412
90 c93
/
1
4
1955 3D
/ Dot & Mac let lien g 45
1
4
61
597g 60 May'30
60
Gold Is
1008 10412
1995 J
4
955 100
4
100
29
9914
Detroit River Tunnel'434s _ _ 1961 MN ___- Sale 9914
101 10418
' 1007 - 104 May'30
3
8
Dul Mambo & Nor gen 5e_ _1941
10014 103
Dui & Iron Range let 5s
102 l04
1937 A0 10118 iiii 10012 Apr'30
/
4
80 4
,
72
84 4
,
79
,
,
15112 1021 Dul Sou Shore & All g 5e__ 1937 J J 9434 80 4 791 Feb'30 26 9212 921
/
4
/
4
4__ 9212
East Ry Minn Nor Div let 45'48 AO
97 102
/
1
4
97 10012
East T Va & Ga Div g bs
96
99
1930 3' We 16014 10012 June'30
4 100 10311
10512
Consol let gold ifts
94
1956 MN 105% 1058 105
985
8
4 1023
2 102 10314
8
4
Elgin Joliet & East let g 5e 1941 MN 103 1035 1023
/
1
8
10114 10314
-55E8 "oil; El Paso & S W bet Se
1985 AO 10218 1034 1013 June'30
9658 102
8 10053 11 1003 101%
s
8612 951s Erie let cense! gold 7s ext 1930 MS 10058 101 1003
84 c89
88
12
873
*
8
' 873 88
3
LBL COM g 4s prior
1998
8614 905
8
3
30
8914 N y: 0
73
8215 84
Registered
'
3
5312 8914
1996
82
79
84
110
let coneol gen lien g 4s_
1996 33 8014 Sale 80
97 10118
761s 79
Registered
1996 J
98 10111
101 June'30
101 101
Fenn coil trust gold 4e_
1951 FA
6514 72
8418 11
82 s 861s
7
-year cony Is series A__.1953 AO 8312 Sale 8312
50
537 8913
8
84
82 4 867
7
4
17
Series B
1953 AO 83 Sale 83
59
7512
81
84
83 81 June'30
1953 AO 80
Gen cony 45 senile D
611 7012
/
4
9312 182
90 4 98
3
1967 MN 9212 Sale 908
Ref Lc Impt 5a
8518 8814
/
4
9314 397
90
955
4
Ref & impt 5801 1930.__.1975 AO 911 Sale 90
,
8418 841
8 11312 33 110 4 11414
1125 11312 1125
8
3
1955 J
Erie &Jersey 1st 516s.
9218 9512
/
1
6 109 11314
Genessee River let a f 58-1957 33 11218 1144 1121- 113
89 c9612
/
4
8
/ 8658
1
4
86
J 911 ____ 865 Apr'30
Erie & PItte gu g 3348eer B_1940
95 100
'
3 9118 -.-. 857 Oct'29 -- - 1940
Series C 331s
10412 107
/
1
4
4
- 4c1I611
1
-i
8
1064 MN 1053 Sale 10512 1057 144 1f 411
Est RR extl if is
1005
86105
987 ____ 987 June'30 --_3
97
99
die Cent & Pen let cons g 501943 3
59
84
87
87
7
7912 90
riorida East Coast let 448_1959 3D 8612 90
102 105
52
39
50
61
let & ref be series A
1974 MS 50 Sale 50
64
73
Low
95
30
Balt& Ohio 1st g 4s___ _July 1948 AO 95 Sale 9418
18
94
9212
July 1948 Q J
Registered
"55" dife- 9918 10012 320
20-year cony 4341
1933 M
99 Mar'30
M
Registered
4 103% 41
Refund & gen Ea series A _1995 3D i55" Sale 1023
102 May'30
3D
Registered
io458 5;18 10458 10434 39
let gold bs
July 1948 AO
1995 J D 109% Sale 10914 109% 43
Ref & gen ee series C
7
9412
PLE&W Va Sys ref 411._1941 MN 94 Sale 94
17
8
1950 33 10314 1035 10312 104
Southw Div let 5e
2
863
4
Tol & Cin Div 1st ref 4e A _1959 .1 3 8612 8718 8612
4
4 69
Ref .4 gen be series D_..__2000 MS 1033 Sale 10312 1033
1
1960 FA 9914 Sale 9812 1005 1006
Cony 41
/
4
8
4
Bangor & Aroostook 1st 51,...1943 JJ 10212 1033 103 June'30
17
88
4
1961 33 873 Sale 8712
Con ref 48
62 Apr'30
Battle Crk & Slur let gu 38_1989 3D 624
2
96%
8 _
963
4
33 965
Beech Creek let au g 4 - —1936
s95 Aug'29
3
Registered
100
Jan'30
2d guar g Se
1936 3,
78 Feb'30
Beech Crk Ext lst g 3Hs__ _1951 A 0 -8114
Belvidere Del cone gu 3315_1943 33 85 _ _
5534
-June- 55
'
1944 ▪ D 9214
Big Sandy lat 48 guar
Bolivia Ry let Se
1927 3
4
2
Boston & Maine let 524A C...1967 M S -553- Sale 55E4 1061- 138
5478 8
4
3
Becton ANY Air Line let 4211955 FA 843 85 8 8478
945 Mar'30
8
Brune & West 1st gu g 4s_ _1938 ii 9438
Buff Roch & Pitts gen g be_ _1937 MS 99 16212 10214 10212 13
4
4
9312 24
Consol 4 3-48
1957 MN 923 Sale 923
6
10112
Burl C It & Nor let & coil 58.1934 AO 101 102 101
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 27.
4580
BONDS
Y STOCK EXCHANGE
Week Ended June 27
Fonda Johns & Gloy let 43451952 N
For st D Co let g 4;is__ _1941 JJ
New York 131nd Roenrri—r,ontinuPd_pip 3
Prue
rrtuay.
June 27.
Wears
Banes or
Lan .saie.
5111
ArA Low
$1106 No. Low
High
6
2718 30
2718
27
2512 35
9712
1
0712
9418 9712
107
107 June'30
111512 107
5 10218 104%
1044 ---- 10412 10412
2
10014 Sale 100 4
,
10014
3
91) 100 4
_
1()(114
10014 June'30
99% 1004
4
08% Sale 9818
9818
4
943 99
84 June'30
8118 85
Ft W dr Den C 1st g 53.__.196l
Frera Elk & Mo Val let 6s__1933 AO
GH&SA M atP 1st be____ 1931 M
ltlextens be guar
1931 J J
Gelvlious& Rend let bs__ _ 1933 AO
Oa & Ala Ity let cone Is Oct 1945 .1 2
Oa Caro & Nor 1st gu g 6a 1929 ,1
98 100 100 June'30
Extended a16% to July 1_1934 J J
Georgia Midland 1st 3a___ _1046 AID 7(02 7414 73 Mar'30
4
983 Feb'24
Gouv & Oswego 1st Is
1942 ,ID
9818 100
97% May'30
Or It & I ext let go g 4tie_ _ 1941 J
46
Grand Trunk of Can deb 7s_1940 AC 11014 Sale 11014 1107
10512 sale 105
10512 28
15
-year s f (is
1936 M
1
9612
9012
Grays Point Term let 58_1947 JO 95%
99
111
Great Nor gen Theories A_ _1936 J 1 I 1012 Sale 11014
JO
-- 11012 May'30
Registered
4
lat & ref 4 ki series A ___1901 'ii 9712 10014 9712
97
4
11114 57
11114 Sale 111
General 554s series B____1952 J
13
4 106
General ba series C
J 10538 106 1053
1973
8
0738 977 977
977k
General 494s series D
1076 J J
24
97 Sale 97
97
General 434s series E
1077 J J
97% • 76
General 412s series Etemp 1977 J J 97 Sale 97
Green Bay & Wee deb etre A-- - Feb 8018 85 80 June'30
25 2414
2414 36
Feb 24
Debentures Ws 13
Greenbrier Ry let gu 4s____1940 SIN 944 ____ 9314 Mar'30
____ 103 June'30
Gulf Mob & Nor let 5 Me___1950 AO 104
9912
9912 10
let M Is eerier, C
1950 AO 9912 100
Gulf & S I 1st ref & ter 58_8_1952 J J 1037 ___ 105 May'30
9714 99 97
97 14 13
Hooking Val let cons g 4%6_1999 J
Registered
1999 J J
52
97122 AP99 2
99
e31U
Housatonic Ry cone g be
1937 MN
H & T C let g be Int guar
1937 JJ 100 10012 102 Apr'30
10014 1007 10014 June'30
8
Houston Belt & Term 1st 58.1937
9012 10112
3
Houston E & W Tex 1st g 58_1933 MN
9914-let guar 5.3 redeemable_ 1933 MN 101 103 100 June'30
Hod & Manhat 1st 5e ser A.1957 FA 987 Sale 9814
9914 99
7812 68
Adjustment income 18 Feb 1957 AO 78 Sale 7712
8
_ 95% 95.
Illinois Central let gold 4e__ _1951
5
J 957
8458 May'30
85 -if
let gold 334s
1951
823 Feu'30
4
JJ
Registered
862 85
Jan'30
Extended let gold 3410___1951 AO - K 77
73 Mar'30
1st gold 3a sterling
1951 MS
8.
Collateral trust gold 48._ _1952 AO 9112 925 0114 June'30
MN
8712 Mar'30
Registered
let refunding 4e
13
937
1955 MN 934 Sale 9314
J J 8412 8712 87
87
2
Purchased lines 31.6s
1962
5
Collateral trust gold 4e
9014
1953 Si N 894 91 I 8914
MN
----I 8712 Jan'30
Registered
2
Refunding be
1955 251 N 10613 10712 10612 10612
110 Sale '10912 110
15
-year secured 630 g
18
1936 .7
40
-year 434e
100% 45
Aug 1 1966 FA 10014 Sale 100
Cairo Bridge gold Is
1950 JO 9038 __ 9118 June'30
,j 77____ 77 June'30
Litchfield Div lot gold 36_1951
J 8412 857 8514 June'30
8
Loulay Div & Term g 3.328 1953
Omaha Div let gold 3s...1951 PA 774 8312 784 June'30
767 785 7712 June'30
St Louis Div & Term g 38_1951 J
___ 87
87
Gold 34s
2
1951 J
8412Springfield Div 1st g 334s 1951 J J 8312 8612 72 Sept'29
Western Lines let g 4s__ _1951 PA 9014 9314 9112 Apr'30
FA
9212 Apr'30
Registered
III Cent and Chic St L & N 0—
Joint 1st ref 56 series A___1963ID 104% 1055 10514 10512 36
9738 Sale 973
8
1st & ref 43.66 series C _ _ _ _ 1963 JO
975
45
8918
__ 8914 June'30
Ind Bloom & West let art 481940 A
935 June'30
8
Ii 9318 15
Ind Ill & Iowa let g 48
1950
87
87 June'30
Intl & Louisville let gu 45__ _1956 J J 86
____ 101 June'30
Ind Union Hy gen ba ser A 1965 J J 101
____ 1004 Feb.30
Gen & ref be series B
1965 41 ,7 101
102
Int & Ott Nor let(laser A _ _ _1952 J J 101 Sale 101
29
7312 Sale 7312
Adjuetment (is ser A July 1052
75
19
0214 92
let be serieeI3
93
1956 J--i 92
11
92 914
lat g be series C
9318 16
1956 J J 90
lot Rye Cent Amer let be 1972 M N 73 Sale 73
74
9
let call tr 6% notes.
9412
1941 MN 9412 Sale 94
3
9412 90
let lien & ref 634s
944
5
1947 FA
____ 2838 94 June'30
Iowa Central 1st gold 5s
_
1938 JD
25
36
2812
2812 11
Certificates of depoelt
7% Sale
7
Refunding gold 48
718 21
1051 MS
9214 June'30
James Frank & Clear 1st 48_1959 JD 9218 93
___ 10114 Apr'28
Kan A & OR let gu g 58
1938 J J
973488 86 June'30
FCan & NI let gu g 4s
1990 AO 86
K C Ft & M Ry ref g 4a 1936 AO 9612 Sale 9614
9612 --71
78
7738
78
Kan City Sou let gold 3a
7
1050 *0 77
Ref & Impt be
1007
8 12
Apr 1950 J J 10018 Sale 100
923
4 21
Kansas City Term let 48_1960 J J 9112 Sale 0112
905
8
Kentucky Central gold 4._1987 J J 8912 Sale 8912
8
89 8512 Mar'30
Kentucky & Ind Term 4;0_1961
J
Stamped
J 9012 924 92 June'30 ____
1961
_ _ 89 Apr'30
Plain
'I
1961
91- 3
Lake Erie & West lat g 5e A937 J .1 101% 10112 10118
10118
4
2d gold be
100 103 1014 10112
1941 J
8
Lake Sh dr Mich So g 334e..1907 ID 803 813 8112
8
6
8112
_
7838
783
8
Registered
1997 JD
25
)
-year gold 43
10014 67
1931 MN 10( 14 gale 100
10 N
9912 Mar'30
Registered
Leh Val Harbor Term gu 58_1954 FA i0514 Sale 10514
2
10514
Leh Val N Y 1st gu g 4428._ 1940 J J 9918 100 100 June'30
LebIgh Val(Pa) cone g 48__ _2003
N 88% 894 88%
89% 13
8712 Apr'30
MN
Registered
General cone 414e
)
19
2003 MN -1 8 I83- 9812
4
993
Laid Valley RR gen 58 genes 2003
N 10812 1093 109 June'30
4
Leh V Term Ry 1st gu g be 1941 A0 10212 Sale 10212 10212
1
Leb & N Y let truer gold 4a_ _1945 MS 9012- 904 June'30
Lax & East let go-yr 55 gu _ _1965 AO 108 11 3 10718 May'30
34
Little Miami gen 48 series A.1962 MN 90% Sale 90
6
907e
Long Dock coned g 6e
1935 AO 10314__ 10314 June'30
Long Isld Int con gold beJuly193 I Q J 10014 10 3 10012 10012
1
-- 4
0
1st cons()) gold 46__July 1931
__ 985 Mar'30
8
J
93
General gold 4s
D 99- 51, 93 June'30
1938
Gold 4s
964 Dee'29
D 973 99
8
1032
Unified gold 4s
13
90
1949 MS 00 Sale 90
Debenture gold be
'0
0
100J un001 1132
800 z 1e 3
8
1934 ID 101
20
-year p m deb 5e
1
1937 M N 100
Guar ref gold 4s
47
1949 M S 88% 9112
10012 10012
Nor Sh B let con gu be Oct'32 0 J 10038
3
Louisiana & Ark lot 5s ser A 1969 .1 J 83 Sale 82
8412 46
Louis &Jeff BdgeCogd g4s_1945
14
9212 Sale_
Louisville & Nashville 6o, 1937 MN 10214
o7
6
9212 June'30
9
Unifted gold 4s
1040 J J 9012 gale 91'4
9217 16
Registered
J
9412 Mar'30
Collateral trust gold be__ 1931 MN ions
10012 10058 12
let refund 5348 aeries A.2003 AO 105% 10g 10012 June'30
lst&ref5ssenlesB
2003 AO 10518 Sale 10518
1053
8 16
let & ref 434e series C
2003 *0 9918 Sale 99
9931 101
When issued
AO
_
_ 96 Mar'30
Paducah & Mem Div 4e.....1946 PA
5
93% 9512 935
935
8
St Louis Div 2d gold 3s.,_ 1980
S 66
6714 6812 May'30
Mob & Sfontg
4148.. _194' M S 97%
9718 Mar'30
South Ity Joint Monon 0_1952 J J 91% 9
2
91- 93,8 May'30
Mi Knoxv & Cin Dtv 4s.1955
N
9412 Sale
9412 12
LouisvCin& Lex Div g 4348'31 MN 100
1
100
100
Mahon Coal RR 18t be
1934 I J 102 1621; 10018 Apr'30
- Manila RR (South Linea)48_1939 MN
2
7.5% 79% 76
76
I t xt 48
1959 MN 66
71% 69 May'30
Manitoba S
997 June'30
Coloniza'n be 1934 JD 9914 100
Man GB&NW let 330_ 1941,
87
90
87 May'30
Max Internet 1st 4e aeatd _ 1977IM S
6
6 June'30
c Cash sale. b Due February.
1:340
Sines
Jan. 1.
-
09 10214
6512 73
9612 97%
10912 11214
104 108%
955 97%
8
1093 113
4
11012 11012
94% 98
1074 11112
103 4 10714
,
99
95
9814
96
97 975
8
80 80
23 323
4
913 9314
4
98 10512
96 101
103 105%
9614 9912
93% 9712
9714 9912
99% 102
3
953 100 4
4
9912 10112
993 100
4
93 1110
724 845
8
91
96
81
88%
823 823
4
4
83 86
73
68
80% 9412
8712 874
95
go
87
82
8738 92
8712 8712
10418 107
,
10712 110 4
97 c102
8812 9118
74% 77
8212 864
7412 78%
754 7712
82% 87
-WI
112
0212 0212
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 27,
a.
"1/,
FTiLe
June 27.
Were,
M44•00 Cr
Las Sale.
--Ask Low Bleb
Ma
No•
Mich Cent Det& Bay City 55_ '31 MS 101
____ 1003* June'30 ---Registered
100
M
Jan'30 ---Mich Air Line 4s
1940 J J 9412 __-_ 95 Feb'30 ---Jack Lane & Sag 3148
81 ---_ 79 Mar'26
1961 M
1st gold 344e
4
N 8712 Sale 8712
1952
8712
Mid of N J let ext Es
8
8
943
1940 AO 0234 943 943
8
Mil & Nor let ext 4348(1880)1934 ID 9914 10114 9712 Mar'30
Cons ext 442e (1884) 1934 J D 0824 9912 997 June'30
8
MB Spar & N W let gut 411_1947 MS 9178 9314 9238 June'30
Milw & State Line let 340_1941 J J 85._
90 Apr'28
Minn & St Louis let cons 5s_ 1934 MN 30
3g
38 may'30
Temp cite of deposit
9
: 20
1934 MN 30: 3412 30
30
131 & refunding gold 4a __ -1949 MS
13
9
10
Ref & ext 50-yr 58 ser A _1962
1
F 1112 Sale 1112
13
112
Certificates of deposit
10
—__ 15
13
M St P & SS NI con g 4e lot go'38 JJ 90 Sale 90
25
91
let cons be
2
1938 ii
9512
933* 0512
let cone 5s gu Ile int
943 97 June'30
8
1938 J J
10
-year coll trust (1348
1931 36 S 10054 Sale 10012 10114 53
let & ref fie series A
2
92
92
1940 J
25
-year 5 34s
1949 MS
1st Chicago Term s f 4a 1941 MN ggE, —
2_ 92 j nh:30°
87 F e 3
ue
mississi001 Central 1st be
9512 9518 June'30
19411 II ____ Mo-111 RR let bs ser A
6
78 Sale 78
1959 J
78
Mo Kan & Tex let gold 4a 1900 ID 88 Sale 87
54
88
2510
-K-T RR pr lien be ser A_1962 II 10312 Sale 103
142
104
40
-year 4.8 aeries 13
J 8714 8712 8714
1962
8714 ii
Prior lien 434e ser D
9518 96
95%
951s
1978 .1
Cum adjust 58 ser A Jan 1967 A0
14
_ 103
103
Mo Pac let & ref be eer A
21
. 4 -101
3
1965 FA 115(53 g/ 1e 100
General Is
78 4 154
1975 MS 767 Sale 76%
,
let & net Es series F
4
8
.
1977 MS 983 Sale 983 . 1003 109
4
let afc net g Is eer 0
9878 Sale , 988 100
27
N
1978
Cony gold 540
203
108
1940 MN 107 Sale 107
Mo Pac 3d 7a ext at 4% July 1938 MN 935 ____ 933* June'30
8
Mob & Iiir prior lien g 5s
100 Mar'30
1945 Ii
Small
ii 96%
0 12 June'
96
0
,
0
30
1st M gold 4s
3
1945 I, 90
Small
g7 87 June'30
1945 Ii 86 Mobile & Ohlo gen gold 48..1938 MS 9414 ____ 9414 June'30
Montgomery Div let g 68_1947 FA 19518 Sal 19018 IR
00 2
7
0 38
6
Ref & Impt 4 348
12
e963*
1977 M 13
Mob & Mal 1st go gold 4a 1991 MS 8658 ____ 8712 June'30
Mont C lat gu 641
..1 10518 ____ 10518 June'30
1937
let guar gold be
4_
95 June'30
1937 Ii 1003
Morrie & Essex let fru 340.._2000 J
7912 80
5
7912
805
8
Constr SI 5e tier A w L
1955 MN 10512 106 10614 June'30
Constr M She ser B w 1_1955 MN 9912 Sale 984
23
997
Nash Chatt & St L 4s eer A1978 FA
N Fla & S letgug58
1937 PA
Nat Ity of 3.1ex pr lien 4348_1957 J J
July 1914 coupon on
J J
Aileron cash war rat No 3 on
Guar 70
:4. -year a f 48
1977 - 0
Aasent cash war rct No 3 on
Nat RR Mex pr lien 434e Oct '26 iAssent cash war rct No 3 on
1st consol to
-0
1951 ;1. Assent cash war rct No 3 on
Naugatuck RR let g 4s_ _ _1954
-4
/
New England RR Cone 5a _ _1945 I J
Coneol guar 43
1945 J J
NJ June RR guar 151 4e__.1988 PA
N O&NE 1st ref & Imp 4 tie A '52 J J
New Orleans Term let 48. _ - 19
.1
83
NO Texas & Met n-c Inc 5e 1935 60
lot Is series 11
1954 60
1st os series C
1056 F A
let 434s Belief! D
1056 FA
et 5.34s series A
1954 *0
N & C Bulge gen guar 4 tle_1945 J
N YB &MB let con g 5a1935 AO
NY Cent RR cony deb 6s 1935 M
Connol
series A
1998 PA
Ref & Imp 434s series A 2013 A0
Ref & Inapt be series C
2013 AD
/tante
State
Jan. 1.
Mal
Low
100 101
100 100
94 595
,
8314
9438
9614
963
4
90
88
954
9712
997
8
92%
41-;
30
414
9
16
1112 1518
1218 lb
873 9112
8
9e% 977
8
9612 9912
99 10112
92 100
91
81
92 92
99
95
75
78
854 89
9912 104
8512 8912
934 9812
103 10812
9914 10214
7414 817
2
07 102
904 102
10614 1134
94
91
100 100
95
9612
8718 91
87
80
92% 9412
9518 10014
9414 98
8614 8834
105 105%
95 100 4
3
77
82
103 1064
14
9538 100
4
913 Sale 913
4
4
92
22
90
101
1 100 101
10038
101
18 July'28
4
723 July'28
Sale 6
614 15 --68712 Aug'29
712 8'8 714 May'30
- 4
5
354 July'28
13 Sale 13
5
12
13
IS's
22 Apr'28
514 Sale
514
6
19
54 8
83
8($ Mar'30
86 86
0038 gale 995
8
9514 09%
5
9958
02 Sale 913
7
4
8614 92
92
86
90 June'30
90
90
85
95
96 June'30
011% 98
8714 go%
00 1118 90 June'30
9918 9978 99%
9es 997
8
9918
5
2
95
05
96
3
9612
93% 99
984 10014 997
8
3
99%
3
06 100 4
__ 925 923 May'30
4
8
9012 94
101 102 10112 101
22 lot ioSla
971
4_ 97,
9714 10
4
95
973
4
(1
98 1-70 100 May'30
984 100
107 108 107
10712 26 105 107%
91% 913 9112
4
88% 9212
013
4 23
10014 1003 10014 101
4
37
97 101
10714 Sale 10714 1073 131 105 108
4
102 4 107
,
05
0812
8914 89 4
,
90
93%
84
88
100 10112
100 101
101 1or
7312 9212
97
91
91 100
7212 8118
9012 9412
0812
90
2914 35
3412 N Y Cent & Ilud RP,M 3;4e 1997 J
28
803 813 80%
4
4
813
4 69
7
10
7712 June'30
Registered
1997 J
87% 9214
9914 35
Debenture gold 4s
1934 MN 9918 Sale 9834
30-year debenture 4e
9612
5
1942 II 9612 Sale 9612
-8314 - 18
Lake Shore roll gold 3)46_1998 PA 7918 797 80 June'30
gg 4
79
944 9714
7712 79
79
3
Registered
1998 PA
7412 SO
Mich Cent coil gold 3349_1998 PA
7812 794 794 June'30
7812 Apr'30
99 10212
7618 79
Registered
1998 FA
884 9212 NY Chic & St L let g 4.13
8
97
34
193 AO 967 Sale 96%
7
874 905
8
9314 Mar'30
Registered
1937 AO
854 854
_ 100 10014 —55
25
-year debenture 48
1931 MN 100
88
9214
2d 68 eerie% A BC
10112 Sale 10112 10112 32
1031 M N
89
89
1023
8 66
6% gold notes
1932 A 0 10213 Sale 10214
100 102
Refunding 5425 Baled A 1974 A 0 10714 Sale 10714
1073
4 77
99 103
Refunding 53.4s series B 1976 Ii 10714 Sale 10714 10712 20
7914 821a
Ref 440 aeries C
0714 94
1978 MS 97 Sale 9612
77 4 783 N Y Connect let go 4}is A...1953 PA 993 100
3
4
8
09% 10014 45
987 100 4
8
,
1st guar be series 13
1953 PS 10333 104 103% June'30
9912 9912 NY & Erie let ext gold 4s.--1947 MN
9418 June'30
103 1084
3d ext gold 43.4e
N
100 June'30
_1933
963 100
4
4th ext gold 58
1930 AO 9918 ---- 10018 Apr'30
88% 913
3
86
8712 N Y dr Greenw L gu g 5s
961z 9612 June'30
1946 MN 91
9612 100
NY & Harlem gold 33.66.-. _2000 MN
8212 82
82
82
4
106 110
NY Lack & W 1st & ref gu 58 73 M N ____ ____ 97% Oct'29
10152 10311
let & ref gu 444e ser B
1973 M N 9912 ____ 9912 Apr'30
N Y L 91 & W let 7s ext__ ._1930 111 S 10018 ____ 1005 Dee'29
86% 91
8
N Y & Jersey let be
1044 109
1932 I A 10012 Sale 10012 101
29
8712 90% NY & Long Branch 4a_ __ _1941 M S
86, June'30
8
104 107
NY&NE Bost Term 4a
7512 July'28
1939 A 0
9914 101
NYNH&rfnedeb4e_ 1947 M 83 8714 8712 sots June'30
9853 9S5s
Non-cony debenture 3148_1947 M S 82
813
83
4
8134
1
8812 0512
Non-cony debenture 3 48_1954 A o 788 797 79
63
79
Non-conv debenture 4s
1955 J J 8514 Sale 8514
5
8514
"iirs 91
Non-cony debenture
1956
99l 1001z Cony debenture 3lie 4a_ 1956 MN 844 Sale 8458 8518 21
15
7814
7814
9712 10012
Cony deben turn(le
121
1948
12234 176
87
913
4
; 1 --------120 June'30
5 1727134 8181;8
3
Registered
un
9414 10012
Collateral trust tia
1940 A 0
ale 10514
ma 33
87
82
Debenture 4a
1957 M N 8018 Sale 8018
8018 14
8912 9212
let A. ref 43.4e ser 01 1927.1067 J D 9314 Sale 024
9312 73
Harlem R Apt Ches let 4a 1954 WI N 8918 Sale 8018
1017 10314
s
2
8912
N 0& W ref let g es_June 1992 M S 45% Sale 4518
9414 97
46
42
General 4s
4
923 9412
45
42
42
1955 ID 40
1
NY Providence & Boston 4.4 1942 A 0 9012__ 9012 June'30
993 101
4
10312 1074 N VA Putnam let con gu 4s 1933 A o soh 9012 90
90
9912 1064
Y Nuso & Went 1st ref Esi _1937 J J 8214 8212 84 June'30
2d gold 414e
95 100
7112 80
75 Mar'30
1937 F A
General gold fet
3
94 4 96
7112 Sale 7112
1940 F A
71 12
9118 93%
Terminal let gold 58
98 June'30
M 1 89603142
1943 2 N
66
6812 NY W-chee & 13 lat earl 4L3s '46
8812 30
ale 8612
973 974 Nord Ry ext'l sink fund 634e 1950 A 0 10518 10512 10514 106
8
61
19
93 2 Norfolk South lel & ref A 66 .1061 F A 067138 6114 61
,
89
4
8
9114 9112 Norfolk & South let gold he_1941 Pit N
9714 June'30
9
983 10014 norfolk 42 West can gold 60_1931 MN 10112
8
8
__ 1013 June'30
Improvement & ext 6s_ ..1934 P A 10418 ____ 1043* June'30
0958 1004
New River let gold 6e
7312 76
1032 A 0
____ 10214 June'30
4
NA W Sty let eons 1C 43_1996 A 0 9312 9412 94
19
60
69
Registered
9,44 997
.8
1996 A 0 9014 9312 01 June'30
Div'l 1st lien & gen g 4s 1944 J J
1
87
80
____ 94
94
Pocah C & C Joint 4a._ _ _1941 J D 945 95
44 6
2
943*
8
945
8
78% 82%
81
75
97
9914
93
96 2
,
7514 81 4
,
75 8 79
,
7612 814
8012
78
94
9712
9314 9314
97 100 4
,
100 10218
1013 1033
4
8
10512 1074
10512 1074
034 98
34
9618 lob's
100 1034
89
9418
100 100
10018 100%
98
9612
8012 82
955 1001,
l)51 bfll4
8618 8618
-Wars
883*
78
831e
73% 80
8112 87
79
86 4
,
7412 80
121 135
120 131
1044 1064
814
77
9614
90
3
87 8 91
45% 6514
42
54
9012 0012
8513 90
SO
8612
75
75
7112 79
9418 993
4
8012 9212
1(1212 106
584 79
89
09
1003 1017
4
8
10314 1043
8
10214 102%
904 943
4
90
91
914 95
4
923 9518
4581
New York Bond Record-Continued-Page 4
BONDS
N Y. STOCK EXCHANGE
Week Ended June 27.
t
43:
Price
Friday.
June 27.
High
High No. Low
Ask Low
8(4
4 10112 10412
4 10412
104% Sale 1033
North Cent gen & ref 58 A_1974
99
98 10212 99 June'30
98
Gen & ref 43413 ear A 600_1974
98
4
93
9334 June'30
North Ohio let guar g bs _ _1945 A 0 933 94
9212 72
92 Sale 9134
8812 9212
prior lien ts_ _1997 Q
North Pacific
8652 90
4
883 9112 89 June'30
Registered
6612 92
66 Sale 6512
03% 704
Gen lien ry & Id it 3e _Jan 2047
64
64
62
6512 64 May'30
Jan 2047
Registered
7
9512 9912
9314
8
9314
I 975 100
I
Ref & inipt 44K series A_ _2047
4
1123 Sale 11234 113% 47 11112 11512
Ref & Inapt es series B____2047
5 10312 10614
10514
10518 105% 10514
Ref at !mot Is series C____2047
16 103% 1054
10518
- 10518 1053g
Ref & impt 58 series D__ _2047
10512 10512
10312
10512 Jan'30
Term Co is; g 68.l933
Nor Pao
101 101
100% ---- 101 Mar'30
Nor Ry of Calif guar g Is. _1038 A
77 June'30 -7712 82
Faz & L Cham 1st gu g 49-194 J
8
_ _ 9218 Mar'30
Ohio Connecting Ry let 43_1943 M S 9212
9
101
101 Sale 101
1936 J
Ohio River RR let g be
1937 A 0 101 10212 100 Apr'30
General gold bs
93 June'30
Oregon RR & Nay eon g 45_1946 J D 9314 94
Ore Short Line let cons it 5s_1946 J .1 10412 1064 10412 June'30
_ 104
106
5
1946 J J 10514
Guar stud eons 53
4 75
913
Oregon-Wash let & ref 48_1981 .1 J 91 Sale 91
2
55
55
00
Pacific Coast Co let g 55_ _A946 .1 I) 55
9518 11
fee RR of Mo let ext g 49-103 F A 951g Sale 9518
8
1938 J J 10012 - - -- 10012 May'30
2d extended gold Is.
98 June'30 -Paducah dr Ills late t 4 x0_..1950 J J 973 99
48
Paris-Lyons-Med RR exti 66 1968 F A 10312 Sale 10314 104
32
Sinking fund external 78_1958 M S 105 Sale 10412 105
21
Paris-Orleans RR ext 5 148_1988 M S 104 Sale 10234 104
6
4 101
4
Pauline Ry let & ref e f 7s 1942 M S 1003 - - -- 1003
3
97
4
963
48.1943 M N 9712 _ _
Pennsylvania RR cone g
8
952 32
1048 M N 9512 Sale 947
Congo) gold 48
1
94%
4
lis sterl rated dollar May 1 1948 M N 94% 953 94%
9314 May'30 -Registered
4 38
Consol sink fund 4 tge____1980 F A 10214 Sale 10018 1023
8 94
1005
General 4 kis series A _ _ _ _1965 J 1) 100 Sale 100
28
l003
19683 D 109 10912 109
General Is series B
1098 34
1930 F A 10918 Sale 109
15-year secured 81 e
4
1084May'3
F A
Registered
4 104'2 32
-year eecured gold 68_4_1964 M N 10414 Sale 1033
40
96's 247
4
1970 A 0 953 Sale 953
Deb g 434e
____ 91 May'30
fa Co gu 334e coil tr A reg 1937'M s 91
89l
Guar 334e eon trust ger 13_1941 F A 8918 ____ 89 June'30 -8518 ____ 833) Sept'28 -ella C_._1942 J
Guar 3348 trust
Guar 3348 trust ctfe D.._ _1044 J D 8518 ____ 85 June'30 -_ _
10018 12
-25
Guar I5 -year gold 4s 1931 A 0 100 10014 100
1
91
914 91
Guar Is ger E trust We_ 1952 M N 91
42
1007
1963 M N 10018 Sale 100
Secured gold 4s
47
99
Pa Ohio & Del 1st & ref 4814 A'77 A 0 9812 Sale 9814
87% June'30 ---Peoria & Eastern let(long 4.9. 1940 A 0 8714 88
37
26
26
27
April 1990 Apr. 25
Income te
4
Peoria & Pekin Un let 6 tie _1974 F A 10212 1033 10314 June'30
8 10412 33
Pere Marquette let ter A 53_1050 J .1 10412 Sale 1035
1
92
91
91
1958 J J 91
let its agrlee B
93 Sale 98
2 69
033
1980M
1st g Ms eerier; C
Phfia 13511 & Wash let g 45 1943 M N 9512 ____ 95 June'30
4
1974 F A 1083 ____ 10918 May'30
General Maoris! B
83
77
9218 9218
100 102
99 100
9312
91
8
10418 1057
8
1037 106
gaps 9314
55
6212
9214 9512
97% 10012
9914
98
102 10412
10314 107
4
993 104
95 10114
924 97
92% 07
9214 9(5
9212 9312
98% 102%
97% 101
108 110
108 110
10814 108%
10214 1043
4
944 gild%
91
90
8912
87
5
28
29% 24
Ry let 30-yr it1 4s '37 I J 28
10214 June'30
1932 J D 10214
Pine Creek reg at 118
93 May'30
Va let 448 ger A.1958 I D
PIMA
9312
9314 9312
1959 A 0 93
let M 434e series 13
9212 39
92 Sale 92
1960 A
Sat M 4348 sake C
987 June'30 -8
1940 A 0 9912
P C & St I. go 4346 A
1
4
9934
4
1942 A 0 993 Sale 993
Series It Sie guar
9712 Dec'29
1942 Si N 90'z
Series C 434e eller
10
8
19455.3 N 067 973 9712
071
4
Series 1) 48 guar
__
95 Mar'30
1940 F A 96
Series E 334e guar gold
4
964 Nlay'29
1953 J D 963
Series F 4s guar gold
1
4
4
1957 NI N 9612 963 963
96%
Series (1 4.5 isles
4
945 Feb'30
1960 F A 983
Series II cons guar 4s.
_ 101 May'30 4
Series! cone gua, 4 146_1963 F A 993
_10014 16034 993)June'30
_ _1964 M
Series J cons guar
10912 14
1970 .1 D 10912 Sale 10918
General M Is series A
1073 Mar'30
4
J
Registered
10918 10918 19
Gen mtge guar to ten 1....1975 A 0
02 -a ePats Mel( & Y let gu 6.5_1932 J J 199112 8-l- 10218 Apr'30
10412 May'30
1934J J
2e1 guar Ge
10114 May'30
1940 A 0
Pitts Sh & L E let g 5e
4
_ 1003 Aug'29
1943 J J 10114
let cons 1 gold 08
4
923 Mar'30
__
Pills Va t Char let Se
11143 M N 90
9312 June'30
Pitts Y & Ash let ts her A 1048 J D
4
1962 F A 1033 ---- 105 June'30 let gen be series B
8
let gen 58 Boris; C
19743 D 1033
2
79
Providence Scene deb 4s
1957 M N 784 Sale 7834
3
86%
4
4
863 Sale 863
Providence Term let 46.5_ _1956 M
9212 13
ReadIng Co Jersey Cen coil 48 '51 A 0 9218 9338 92
10012 36
100 Sale 997
Gen & ref 4)4s earlee A
1997 J
_ 10018 Mar'21
Rensselaer & Saratoga 66_1941 M N 10614
Rich & Meek 1st g 4a
8
W7 78% May'28 194.13 M N
Apr'30 101
Riebrn Term Ry let gu 5e 1952 .1 .1 itoT
- -- 9712 Jan'30
Rio Grande June let go .68...19393 D 97 161
7 May'28
8
Rio Grande Sou let gold Is 19403 J
712 Apr'28
Guar Ls (Jan 1922 coupon) '40 J J
9
9212
9218
Rio Grande West 1st gold 46_1939 J .1 -92"r2
8512 11
let eon & coil trust 48 A 1949 A 0 8514 Sale 8514
9914 32
ft I Ark & Louie let 4348-.1934 M S 09 Sale 99
7514 June'30
Rut-Canada 1st gu g 45._
1949 J J 7514 78
89 June'30
Rutland let oon g 414e
4
1941 3 J 893
St Joe & Grand Is! 14t 4s_ 1947 J J
11)06 J J
St Lawr & Aclir let g 5e
2d gold 6e
1996 A 0
19313 J
Si LA Cairo guar it 4s
S1LIrMt&Hgenoolig5e.l93lA 0
Stamped guar rea
1931 A 0
Riv&GDiwlstg4S.,_.11S33MN
St L 1sf Bridge Ter gu g 58_1930 A 0
-San Frail pr lien 49 A _1950 M S
St 3,
1978 M S
Con 111 45is scrim A
Prior lien be series B
1950 J .1
St Louis & San Fr Ry gen 68_1931 J J
General gold Is
1031 3 J
RI L Poor N W let gu 58_1948 J J
1931 MS
St Louis Sou letguggs
Si L S W let g 4e bond etfe_1989 MN
2r1 g Is Inc bond etN Nov 1989 J J
Conedl gold 43
1932 .1 I)
let terminal & unifying 66.19.523 J
St Paul & K C Sh L 1st 4.318_1941 F A
1931 F A
St Paul & Duluth let 58
1968 .1 D
1st consol gold As
St Paul E Or Tell let 4348_1947 J J
J
St Paul Minn & Man con 48_1933
1933 I .1
let consol g
1933 J
Os reduced to gold 434s
J J
Registered
19373 13
Montext 1st gold la
Pacific ext guar 4s (sterling)'40 J J
J
St Paul Un 13ep 1st & ref 68.1972
1943 J J
El A dr Ar P8.9211st gu g 4s
Santa Fe Pres & Men let 58_1942 M S
1934 A 0
Hay Fla & West ist g 8s
1934 A 0
let gold Ea
Scioto V & N E let Re g 4s 19.39 M N
871
100
87 June'30
87
4
963 Nov'29
95
10112 Feb'30
_
100 June'30
99%
163
8
1007 Sale 10012 101
4
1013 Dee'29
8 85
Sale 9814
985
8
4
993 100% 997 Mar'30
108
90
8918 Sale 8918
923 285
4
9112 Sale 9014
8 10212 51
4
1013 Sale 1015
10118 June'30
10118
4 100%
11
4 1003 1667- 1003
8
1027 June'30
1031s
9812 June'30
98%
83
2
883) 88
8034 8014 June'30
9914 36
T
-66 i Sale 99
10012 Sale 10018 10012 16
8
975 Sale 9712
4 30
973
10018 Feb'30
100
89% ____ 9112 Mar'30
8718 Jan'29
9418
9814 June'30 _
9814 99
105 Sale 105
105
2
4
4
993 10112 993 June'30 _
98 Feb'30
951 -9-i" 9512
9518
9012 ____ 9114 June'30 3
106 Sale 106
10612
2
93% Sale 93%
9312
6
10018
101 June'30
103% 10512 1037 June'30
s
10118 _
993 Jan'30
4
90
93 92%
92%
10
c Cash sale. d Due May, 1; Due August. e Due June.
BONDS
Na Y. STOCK EXCHANGE
Week Ended June 27.
Range
Since
Jan. 1,
Week's
Range Of
Last Fate
2.°
t
43.
Price
Friday,
June 27.
High
Ask Low
6514
65141
65
65
52 June'30
40
4934
5412
.50
86 May'30
40
40
50 June'30
98 June'30
10112 June'30
10814
10814
9214
924
8
977
9714
8 101%
1013
98
9612
9812
97
924
4
923
87 Feb'30
103 June'30
10112
Jan'30
98
9414
8
4
933 Sale 933
Jan'30
91
9212 May'30
Bid
Seaboard Air Line let g 443_1950 A0
1950 A0
Cold Is stamped
Oct 1949 FA
Adjustment .58
1959 A0
Refunding 4e
1945 38 S
let & cons 60 series A
Atl & Sinn 30-yr let g 48_61933 M
Seaboard All Fla let gu Cs A _1935• A
1935 FA
Series 13
Seaboard & Roan lot be extd 1931 J J
1936 J A
& N Ala eons gu g be
Gen cone guar 50-yr 5e__ _ _1963 A0
So Pac coil 4s(Cent Pac eon) 1949 J O
let 414e (Oregon Linos) A _1977 M
D
1934
-year cony 58
20
1968 MS
Gold 434e
1969 MN
Gold 4048 with warn
San Fran Term let 4.4_1950 AO
AO
Registered
N
So Pac of Cal let con gu g 5e_1937
So Pac Coast 1st go g 4s____1937 J J
195.5 3.8
So Pee RR 1st ref 4s
J
Registered
Stamped (Federal tax)_1955 J J
88
85
98% 10014
8914 91%
97 c10134
4
9412 e593
84
88%
26
37%
101 10412
1024 10514
90
9212
957 99%
8
9312 95
4
1063 10918
Week's
Range or
Last Sale.
65
36
493
4
40 Sale
5012 Sale
_83
to Ts Sale
40
45
98
10134 163
- -9212 93
108-4
973 Sale
8
1013 Sale
9612 Sale
9714 Sale
9214 933
Range
Bina
Jan, 1.
c'C
No. Low
High
1
6018 704
4
65
71
52
8
60 4
6
40
6012
173
50
79
8412 89
55
40
72
4818 72
94
9812
100% 101%
2 10153 10814
8
1
89% 93
403
9452 101
6 100 10212
89
933 99
4
283
Ms 101
1
94
89
87
87
100 103
96
ge
148
91
9414
91
91
9212 100
1091
Southern Ry let cons g 55_1994 J J 10918 Sale 109
J J
10512 June'3
Registered
901
4
series A___1956 A0 893 Sale 89
Devel & gen 45
1173)
1956 A0 1167 Sale 11614
Devel & gen 6s
1956 AO 12312 Sale 12312 1241
Develop & gen 614e
____ 107 May'30
107
1996 J
Mere Div let g .55
____ 9214 June'30
1951 J J 92
St Louis Div let g 4e
East Tenn reorg lien e 66 1938 MS 10012__ 95 June'30
95
6512 95
Mob & Ohio eon tr 48_1938 MS 9434 6212
1955 J J 61 Sale 61
Spokane Internet lot g Es
85 Feb'30
Staten Island Ry let 4348_1943 J
95 Apr'28
Sunbury & Lewiston let 48_1938 J
96
96%
1947 A 0
Tenn Cent let 65 A or B
___ 9912
9912
Term Assn 01St L let e 450-1939 A
991944 F A 103 10312 102 June'30
1st cons gold Is
1953 3 J 9018 9013 9018 June'30
Gen refunds f g 45.
105
Texarkana & Ft S let 53is A 1950 F A 1033) 10538 105
0938
_ 10012 June'30
1943 J
Tex & N 0 cone gold ras
109 116 10614
1093
4
2000 J
Texas & Poe 1st gold 5s
9
20 ineSe(viar'28ep on)Dee2000 Mar j0134 61;1_ _ 95 Mar'29
1977 AO
Gen & ref 58 series 13
0 314
92111
1979 A0 102 Sale 191 2 102 2
Gen & ref 55 series Cl
.1 16012 1003 Mole
4
1003)
1931 .1
La Div 13 L ist g 5e
1063 1074 107 June'30
4
Pac Ter 5348_1964 NI
Tex Pac-Mo
10012
Tol & Ohio Cent let gu La_1935 .1 .1 100'z ____
0914 00
1935 AO 9712 10012 10018 June'30
Westein Div let g 55
14
25
June'30
1935 34
Gen gold be
912N
Toledo Peoria & West let 43_1917 .1
92
92
1950 490 91
Tel St L & W 50-yr g 4s
Tol W V & 0 en 4348 A__1931 33 9834 ____ 9812 Jan'30
9978 ____ 99% Mar'30
193:3 J J
let guar 4) series B
-Is
1942 MS 93 ____ 9212 Mar'30
let guar to series C
D 893) 95
90 June'30
Toronto Ham &Buff let g 481946
9018 Mar'30
90
Ulster & 1)el let cons g 58_1928 3D 75
32
24
70
70
PAW as to Dec '28 & Joe '29int
8
102 1023
7014 June'30
70
75
let cony 58 etfs of dee
She 97
4014
4014
1952 A0
1st refunding g 43
92
96
9712
57
9,114 Union Par let RR & Id Kr 4s_1942 J J 9612 Sale 96
02
J J 94
954 9412 June'30
Registered
9714 100
9212
let lientrer ti-.- _Juno 2004 MS 9114 Sale 9114
9812 100 _
4
993
1987 3) 99% 9914 99
G 1Id 4Sa
005
June 21,68 38 S 10918 110 10918 June'30
let lien & tel Eas
i4 1
9 1- 9
-9358 - 12
9012
I) 89% Sale 8912
-year gold 48
40
94 June'30
96
U N J ItR & Can gen 414.__1944 MS 95
_.
96 Nov'29
1933 J J
4 968
963 - 4 Utah & NCr lot ext 45
93 Mar'30
9418
55
3
943) 94. Vandalla cons g 45 series A 1957 P A
8212 May'28
MN
_
1957
Cons e f 4e seriaB
97 101
7 May'30
712 8
99129912 100
Vera Cruz & P went 4348 1934
100 Apr'30
1931 MS 100
10814 11012 Virginia Mid &seethes F
10012 June'30
8
General 511936 91 N 1003
1078 1073
4
4
99 June'30
1053
21)(15 J J 9712 99
10618 10014 Va & Southw'n let gu 5s
834 June'30
AO 83
85
1st eons 50
-year Is
10112 10218
8
1053
1041. 10412 Virginian Ry let 58 series A..1962 SI N 10414 105 104
4 103
1939 MN 103 103% 1023
1005 10114 Wabash RR let gold fas
8
10218
FA 102 Sale 102
1939
2d gold 58
8
Ref & gen 8 f 534s ger A _ _ A975 NI S 10312 1041 10312 1035
6239214 - - 4
9318 May'29
921 9312
1014 103
Debenture B 68 regletered_1939 J J
JI
85 May'30
.
let lien 50-yr g term 48__ _1954
1011
.1 10112 102 10112
Oct de Chin ext 1st 55
1941
4
923 92 June'30
Des Moines Div let g 45 1939 .1 J 90
75
79
8
843 June'30
1941 AO
Omaha Div 1st g 334e
g.834
86
904 Apr'30
1941 MS 9014
Tel & Chic Div g 48
934
90
4
9714 101
46
Wabash Ry ref & gen 58 B 1 971 AO 9918 1003 9912 100
93%
1978 P A 9112 Sale 9112
Ref & gen 41-4s series C
72
8014 7712 May'30
Warren let ref gu g 334e
_ 2000 P A
87 Mar'30
9 8
1945 QM 8512
ioi" 101 Wash Cent 1st gold 45
4
P A 863 --_- 8612 June'30
_9:4_ 9712 Wash Term let gu 3 As
8412 Mar'30
FA
let 40
-year guar 48
994 Apr'30
_
4
W Min W & N W let gil 58-1193105 FA 993
9
83
1952 A0 83 Sale 8212
1.- -- ---;712 W Maryland let g 48
.
-ii
9914
9914
1977 J J 9814 99
let & ref 534e series A
8112 383)
4 10214
1013
1937 '.8 10212
4
953 9912 West N Y & Pa 15t g 5s
8
915 June'30
1943 A0 91%
Gen gold 4s
75
78
9714
3
9111 Western Poe 1st ser A 5s__1946 NI 9 9512 Sale 9512
88
MS
-- -- 97 Feb'30
Registered
9018
J J 89
89% 89
gg
85
West Shore 1st 43 guar
J 843 883 88 June'30
4
4
Registered
975 June'30
19868
Wheel & L E ref 434s ser A 2336 11 MS
loi- 16112
4
1968 MS 10012 -- 1003 June'30
Refunding Is series B
8712
87%
S 8612 88
RR let consol 4..s
1049
10014 11091.
98
0
64
66% 651s June'30
Wilk & East 1st gu g 5a
1942 J O
102 May'30
4
953 983) Will & 8 F let gold 55
193S 3D 101%
8614 Apr'30
4
2
997 10018 Winston-Salem S B let 43_1980 3, 853
78
7712
75
78
8
1949 .1
87l2 927 Wig Cent 50-yr let gen 4s
854
8812
87
N 86
Sup dr Dul div & term let 4s'36
8822 9554
4
8514 ____ 903 Apr'30
Won & Conn East let 43;e 1943 J
100 o10414
10018 102
INDUSTRIALS
100 10112
843
4
Abitibi Pow & Pan let 58____1953 J D 84% Sale 8414
10214 104
Abreham & Straus deb 5348_1943
9418 99
A 0 99:2 Sale 9912 10112
With warrants
85
8912
4
993
A S
M O 99 Sale 99
Adriatic Elee Co ext178
76% 82
85 June'30
8512 88
Adams E xpreas coil tr g 4s _ _ _1194582
9
9714 110
66
64
69
Ajax Rubber let 15-yr SI 8e_193t3 J D 64
98 101
7
514 June'30
5
1925 M S
Alaska Gold M deb Os A
9418 c98
1926 M S
514 812 514 May'30
COM'deb 6s aeries 11
10018 10018
9312
9112 9112 Albany Petor Wrap Pap 6e_1948 A 0 9312 Sale 9312
994
1944 F A 9714 Sale 97
Allegheny Corp col tr 6e
9712
98
D 9712 98
194ig
Coll& cony 56
98)4
98
9478
1950 A 0 92 Sale 92
Coll & cony 5s
4
103 1053
10218
97% 10014 Allte-Chalmers Mfg deb 58_ _1937 M N 102 Sale 101%
97
94%
tleine-Nlontan Steel let 7s 1955 M 8 8712 85
98
98
8 10412
9814 1m Agric Chem let ref If 1730'41 F A 10412 Sale 1035
92
72
70
72
70
tmer Beet Sug cony deb Os 1935 F A
92
894
1013
8 10112
104% 10612 tmerican Chain deb f 641_19331A 0 101% Sale 101 June'30
90% 9412 km Cot 011 debenture 5e _ _ _1931 MN 1004
M s
95 8 9712 June'30
9912 10114 kmC n mIddebbs19A O
4
883
88 Sale 8712
8
103 1037 Am & Foreign Pow deb 5.9_204302
87 June'30
___ 87
3
3
99 4 99 4 tmer Ices 1 deb 5s
4.
9 9 N P4
Chem cony 530 1953 3II1 i02% Sale 10112 103
tmer 1G
8814 94
9512
imer Internet Corp cony 534e'49 J J 94 Sale 93
1939 A 0 105 106 105 June'30
km Mach & Fdy s f 13s
964
1034 A 0 9612 Sale 9612
Amer Metal 534e
8
827
tut Nat Gag 6(45 (with war)1942 A 0 81 Sale 81
55
10614 11112
10512 10814
8812 93
114% 120
120 12612
10812 1071g
871g 92%
95 10012
901g 9512
72
61
8212 864
90
63
43
6
37
6
5
21.
29
22
71
24
-66-
- 196 4
97
9912
4994 104
8714 9112
103% malt
est8 101)12
10612 111
164-12
987e 10411
8
99%
104
98
98
9718
5
-66E8 In
etc, 9812
4
1013
107
103
100%
100
9818 9914
9212 0212
90
88
3
29
57
58
70
16
7
11
6
2
35
62
38
3
4
29
46
11
3
10
79
70
704
40
93%
9114
2
887
96
10612
8714
9318
9018
874
7014
55
9712
9412
93
100
110
61
96
93
2
93
9
7
9812 101
100 101%
95 10112
8314 92%
10212 107
101 103%
9912 102%
101% 10512
84
88)4
100 103
92 92
81% 86%
8814 90%
97% 10214
88% 9512
7212 7712
83% 90
844 8612
8314 90
993 993
4
4
80
4
843
9452 101
93 10214
8818 9212
9512 99
97
97
85% 91
55% 89
87% 94%
98% 101
8712 89%
6214 71
102 102
4
861 8614
77% 8314
4
853 91%
90% 904
44
8214 88%
14
10
97 10312
96 10012
89
82
4512 80
54 9
s
514 53
9614
85
97 10414
9712 10412
92
9918
99% 10212
91 100
10212 1054
70
873
2
97 10218
99 101
96 10012
802 89
864 90
4
100 10812
93 10114
10314 106
9012 99%
70
92%
17
103
41
193
28
8
43
18
12
196
177
60
197
10
4582
BONDS
N. Y.STOCK EXCHANGE
Week Ended June 27.
New York Bond Record—Continued—Page 5
•
tried
Mtday.
Jane
June 27.
Weeks
Range or
Last Sale.
it
Range
Since
Jas, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 27,
Prete
Friday,
June 27.
Week's
Range or
Last Sale.
Range
Sue
Jan. 1.
--—
But
Ask Low
High
Low
NW
Btd
Ask Low
Moe No Low
High
&DI Stn & It let 30-yr 5e eer A '47 *0 1017 Sale 10112 1023
8
9912 10:3 Else Pow Corp(Germany)6741'50 MS 923 Sale 92
4 99
4
4
5
9254
8912 97
12
Amer Sugar Ref 15-Yr 611 ---- 1937 J J 1023 10314 10178
4
23 1017 105. 8
103
1st f 6He
3
8
1953 AO 9114 95
9412 June'30
874 9413
Am Telep & Teleg cony 4s_ __ 1936 MS 10014 Sale 993
94% 10014 Elk Horn Coal let & ref 6348 1931 J O 84
4 100% 31
847 85 June'30
g
82
98
30
-year cony 4 He
2
S 101 1038 10212 10212
9912 105
1933
(Deb 7% notes(with warr)1931• D 6012 75
6512 May'30
6513 75
30
e
-year coil tr 5e
10514 55 103 1052 Equit Gas Light 1st con 5e_ _ 1932
1948 J O 1047 Sale 1047
•S 10014
1003 June'30
4
99 4 100 4
3
3
Registered
J O
--- 10312 May'30
103 10312 Ernesto Breda Co let m 7s.. _1954
.4
.1
35-yr it deb 5s
1960 ▪ I 315 - Sale 10412 10512 -551 1001s 1051s
With ink purch warrants
PA 7812 Sale 78
16
7912
.
75 4 84
3
20
-year I 534s
3
1943 MN 1075 Sale 10712 10812 142 104 a 10812 Federal Light & Tr let 5s_ __1942
3
•B 9314 96
1
96
96
94
97 3
5
Cony deb 434a
1643
1939 ii 160 Sale 160
4 92 13714 19313
let lien a f 5a !damped ____1942 MS 9314 953 92
1
92
4
92 984
211 10013 105
8
1965 PA 1047 Sale 10412 105
1st lien 6e stamped
MS 10114 102 102
10314 13 100 3 105
Am Type Found deb 6e
5
A0 10512 106 106 June'30
1940
30
-year deb denting B
103 107
9318
96
3 924 1004
9414
1942 J D 93
954
Am Wat Wks & El col tr 56_1934 AO 101 10114 101
Federated Metals.178
10112 20
9912 103
15
100
1939 in 99 sale 99
98 102
Debg6sseriesA
18 104 108
107
Fiat deb 7s (with warr)
1975 MN 10518 10612 105
J J 9953 Sale 99%
4
98%
Am Writ Pap lat g 64
9953 107
78
81
5
78
79
1947 J
84
Without stock purch
69
8913 90
8814
8914 38
873 947
4
s
Anglo-Chilean s f deb 7s
8312 9812 Fisk Rubber let s f84 warrant!. 1ti S 64 Sale 64
9214 32
1945 MN 9012 Sale 9012
7
6
65
64
89
Antilla(Comp Asue)734a- — 1939 J J 2012 45
50 May'30
Framerlean Ind Dev 20-yr 734141 ▪ j 106 10712 1067
49
55
3 1074 46 70312 109
'42
Ark & Mem Bridge& Per 56_1964 MS 10018 10114 10013 1001
2
Francisco Sugar let of 734e_ _1942 MN
,a
9814 101
92
93
93
19
93
82
97
Armour & Co let 434e
1939 J D 89 Sale 89
873 9112 French Nat Mall SS Lines 781949 JO 104 Sale 1035
89e 39
3
8 1044
7 102114 10414
Armour & Coot Del 534s__ _ 1943 J J 8012 sale 8012
823
4 92
8012 863
4
Associated 0116% gold notes 1935 MS 103 Sale 103
3 102 10312 Gannett Co deb 6a _____
10314
FA 83 Sale 83
6
85
_1943
83
92 3
7
Atlanta One L let .58
1947 in 103 ____ 10312 June'30
1018 10313 Gas& Riot Berg Co muse as 1949 J D 1023 ---- 10212 June'30
4
4
9972 10212
Atlantic Fruit 7s etfe dep__ _1934 J O
125 May'28
9
OW Amer Inveetors deb 58,1952 FA 83 Sale 83
44
85
82
Stamped et/sof deposit
92
J O
12% May'29
Gen Cable 18t f 534s A_ _ _ _1947 ii 99
9912 9912 101
61
99 1033
All Gulf & WI SS L col tr 581969 J J 72% Sale 7214
8
1214 80
Gen Electric deb g 3Hs
737
8 10 -5
9514 June'30
15'45 PA 9513 - _
42
94
96
Atlantic Refg deb 50
27 100 103
102
Gen Elec (Germany)7a Jan 19 J J 103 104
5937 ii 100% Sale 100
2
0318
10312
994 105
f deb 634e with warr _ __ _1940 J O 10514 110
1212 June'30
109 124
Be ldw Loco Works let 5s _ 1940 MN 107 10712 107
.
4 105 10712
107
Without warrts attach'6_1946 J O 95
9718 95
3
95
95 101
Baragua(Comp Az) 7He _ _ 1937 ii 75 Sale 75
9
7514
20
-year I!deb Os
7514 91
9538 58
11994408 MN 9414 Sale 9414
924 9714
9414 Sale 94%
Batavian Pete gen deb4He_ _1942 J
9513 Gen Mot Accept deb 64,
9412 23
92
10112 Sale 0114
PA
61 10012 10438
102
Belding-Hemingway63
7
• J 7612 7812 77
,
Gen!Petrol let e I 56
782
1936
81
01
8
2
• A 101 11)23 0218 10212
997 10212
e
Bell'telep of Pa 58 series B1948 .1 .1 105 10512 105
10512 26 102 10614 Gen Pub Sere deb 5He
97 Bale 96
7
98
9312
193 j
99
7
1st & ref Ee'series C
36 1033 1084 Gen'l Steel Cast 570
1960 A0 108 Sale 10712 108
1027 Sale 0212 10314 19 101 163
8
8
with war'49 J
10614
Berlin City Elec Co deb 63481951 J O 883 Sale 88
4
32
91
88 c973 Genl Theatres Equip 6s
4
097
8 1097
3 30 109 4 152
1944 J J 109% 110
3
Deb sink fund 6 Ha
87
91
873
4
9114 22
1959 FA
CODY deb 6s
845 96
4
297
95
1940 AO 94 Sale 9312
9313 10014
Berlin Eiec El& Undg6Hs_ _ 1956 AO 858 8814 8712
20
Good Hope Steel & I see 7e_ _1945 AO 9812 99
89
86
1
96
98%
9813
9212e103
Beth Steel let & ref 5e guar A '42 MN 10214 Sale 10214 10412
9 10112c105
Goodrich(B F)Co 18t6 Hs_ _1947 J J 1053 Sale 0512 107
4
27 105 1077
8
80-yr p m & Imp s f 5a... _ _ 1936 J J 10114 Sale 10114 1013
4 52
Goodyear Tire & Rub let 50_1957
993 104
4
9312 126
N 92% Sale 9112
90
96
Bing & Bing deb 6748
90 86
11
MS 83
87
1950
Gotham Bilk Hosiery deb 6s_ 1936 J O 904 Sale 90 4
91
86
3
14
3
92
87
9713
Botany Cons Mille6 Ha
37
73
36
36
1934 *0 36
Gould Coupler let a f6e
35
47
1
4
FA 71% Sale 713
713
4
1940
69
847
s
Bowman-Silt Hotels 7s
1005 102 l0Oe 101
8
5 100 105
1934 M
8
Gt Cons El Power (Japan) 751944 P A 997 100
99% 10014 17
9714 10112
Wway & 7th Ay let cons 58 1943 J
1312 14
14
15
1st & gene f 6He
14
4412
6
9212
1950 J J 1)1 Sale 9014
9014 98
Brooklyn City RR let 59.. _ 1941 J J
837 84
1
2
84
Gulf States Steel deb 5Hs_ _1942 in 9812 Sale 9812
8212 87
18
99
97 100 2
7
Bklyn Edison Inc gen 5e A _ .. _ 1949 J J 1048 105 105
17 10312 1053 Hackensack Water let
105
3
7
'Si 894 ---- 8914
8914
48_ _
86
90
Bklyn-Man R T seeds
Heroin Mining Os with etk _ 1952
1968 J J 96 Sale 96
9712 296
9413 101
purch
Bklyn Qu Co A Sub con gtd 59'41 MN 68
2
69 69
69
war for corn stock or Am sin'49 ii
69
77
90 June'30
874 94
let 5e stamped
74
89
8312 Dec'29
1941 j
Hansa SS Linea (is with warrA 939 AO 86
87
86
15
87
86
92
Brooklyn R Tr let cony g 48_2002 j
9212 June'29
Hartford St Ry 1st 4s
9612
9612 Aug'29
1930 M
3-yr 7%a ecured Dotes...1931 ii 105
--_ 10614 Nov'29
Havana Elec coneol g 5e.. __ _1952 P A
-- -7- 75 May'30
73
7
75
Bklyn Un El 1st g 4-5e
844
FA 8518 17 843 may 30 21
5314
2
1950
861 4
Deb 534s series of 1926
82 ii4
594 Sale 50
352
14
195l M
50
6612
Stamped guar 4-58
1950 FA
83 4 8912 Hoe(R)& Co lat 6 Hsser A _1934 AO 76
3
8014 7514
3
76
75
90
Bklyn Un Gam 1st cone g 5s_ _1945 MN 1057 107 106
1 1027 107
106
Holland-Amer Line Os (flat) _1947
2
81
80
2
80
N
9218
80
let lien & ref Ossetia! A.. _.,1947 MN 11512 ____ 11512 11512
5 114 117
Hudson Coal lstetSeserAl9S2 in 68 Bale 5712
76
68
534 73
Cony deb g 534e
306 May'30
1936 J J 200
Hudson Co Gas Ist g 5e
306 306
19411 MN 10313 104 10312 10312
Cony deb 5e
1014
1950 J D 103 Sale 1023 10314 44 102% 1027 Humble Oil& Refining
8
4 10254 51 101 1044
5;0_1932 J J 10134 Sale 1013
10212
Buff & Buaq Iron hit ef 5e _ 1932 J D
Jan'30
96
Deb gold 5s
90
96
22
4 102
AO 101% Sale 1013
1937
99 4 102
3
Bush Terminal let 49
90
8214 May'30
1952 A0 89
Illinois Bell Telephone 58_.,l956 in 105 Sale 104% 10512 38
8714 90
103 1057
C01117101 Is
8
ii 9712 Sale 9712
3
1955
Illinois Steel deb 434e
9712
99
94
9
100
1940 AG 100 Sale 100
97 102
Bush Term Bldge Se gu tax-ex '80 * 0 10118 102 100% 1013
2 19
99 1024 leeder Steel Corp mtge €18...1948 F A 88 Sale 87
12
88
By-Prod Coke let 5345A _ _ _1945 MN 102 Sale 102
92
82
21 10014 10413 Indiana Limestone lets
103
80
3
2
803
4
9,512
f 6s_ 1941 MN WW2 80 4 8012
08
Ind Nat Gas
10612 June'30
MN
100 101
Cal G & E Corp unlf& ref 53_1937 MN 102 10212 102
8 10032 102% Inland Steel & 0115e
102
8
let 4 34s
64
95
AG 945 gile 9414
91
Cal Petroleum cony deb 51 581939 P A 993 100
9512
4
9912 100
12
94 10012 Inspiration Con Copper
▪ S 10113 Sale 10118 10118 12 1004 1014
Cony deb s I g 534e
4
1938 MN 1013 102 1013
4 10214 15
912
9812 10212 Interboro Metrop 474s 610119°6373861 *0
1)% Feb'30
912 912
1956
Camaguey Sue let f g 7e _ _ _1942 A0 40
41
42
42
4
42
60 Interboro Rap Tran 1st be 1966 ii 62 Sale 61
104
64
56
61
Canada SS L let & gen 6e.._ _ 1941 AO 95
744
95 4 95
3
2
9514
Stamped
4
947 97
s
6312 101
J J 613 Sale 61
Cent Dist Tel 1s1 30-yr be- _ _1943 JD 10414 Bale 10414 10438
61
7412
7 10218 10438
nisLered
673 Jan'30
4
Cent Foundry let a It 6e May 1931 P A
6034 674
8014 9712 8112 June'30
10
-year Os
7914 814
75
AO 47 Sale 45
50
45
Cent Hud G & E 5s
10418
6614
10418 June'30
Jan 1957 M
20212 10413
10
-year cony 7% noted,.87
85
10
81
863
.
Central Steel let g s 88..
84
32
944
125 May'30
1941 MN
Int Agric Corp 1st 213-yr 5/1. 119932 MN
121 125
961s 9612 9618 June'30
_1932
9313 974
Certain-teed Prod 534e A _1948 MS 3712 sale 3712
4218 17
3713 61
Stamped extended to 1942 _ _
78
77
5
MN 77
7712
7214 79
Cespedes Sugar Co let el 770'39 MS
6018 60 June'30
60
784 lot Cementcony deb 56_
121
MN 99% Sale 99
100
1948
91 1034
Chic City & Conn Rye &Jan 1927 A0
5313 Mar'30
75
5312 5312 Intemat Hydro El deb 6.s__ _1944 AO 99 Sale 98
163
101
98 104
Ch G L &Coke let gu g Se_1937 Ji ciTe sale 102%
10218
3 100 104
Interrutt Match 3 1 deb 56_1947 MN 9
113
914 Sale 9818
100
97 10012
Chicago Rye 1st be stamped
Inter Mercan Marines f 6s_ _ 1941 AO 10012 10138 0012 100% 22
Aug 1 1929Int 10% pald _ _1927 FA 79
964 1013
4
80
79
8014 32
69
8312 Internet Paper 5e ser A & 13_1947 J J _
83
8112
16
86
Chile Copper Co deb be
8112 9212
95
1947 ii 9412 Sale 9412
63
Rots lOs genet, A
9814
94
9018 30
1955 MS 8112 Sale 8512
85
94
CinG&E letm 4a A
9013 17
1968 *0 8912 90 8912
8613 904 lot Telep & Teleg deb g 434s 1952 J J 90 Sale 8912
9011 48
893 94
s
Clearfleld HIt Coal let M1940ii 7058 74
74 May'30 -Con v deb 434s
De 5,
,
63
10812 Sale 05
74
110
537 105 1291
1939 J
55
Colon 011 cony deb (le
4
63
1938 FA 60 Sale 60
18
60
9714 176
894
P A 9653 Sale 9612
9614 994
ColoF&ICogensf 5e
1943 JJ 9812 99 100 June'30 - _95 10013
8
Col Indue 1st & coil be gu
957
8 12
95e 961s 957
1934
Kansas City Pow & Lt 58_1952 MS 10434 sale 045
8 1043
924 98
4 11 103 10512
Columbia0& E deb Be May 1952 MN 10114 Sale 101
10214 138
let gold 434s series B
98113 10212
_ 9914
1
9914
1957• J 9812
9512 9914
Debenturee 5a.__ _A pr 15 1952 * 0 1013 102 1013
4
4 102
1
98 4 10312 Kansas Gm A Electric Os_ _ 1952 MS 10614 gide 0614
3
10612 46 104
Columbus Gas 1st gold 58 _ 1932 I J 97
10612
98
97 June'30
Karstadt(Rudolph) 6e
95
98
7614 37
1943 MN 74 Sale 73%
5932 33 s
Columbus Ry P & L let 4Hs 1957 J J 94
7
943 943
4
4
4
943
5
Keith (11F) Corp 1st Os
85 Sale 84
96
90
85
S
17
74
91
Commercial Credits f 58 _
99%
99%
1
1934 MN 99% 100
933 10012 Kendall Co 534s with warr_ _1946 51 S 81
2
83
82
82
28
1948
8112 925
Col tr 51 5Hs notee
8
97
5
Keystone Telco Co let 5/3_1935 J
85 100
1935 ii 97 Sale 97
85
90
85 May'30 -75
8
Coinm'lInvest Tr deb(le_ _ _1948 MS 9912 Sale 993
993 147
90
4
86 10014 Kings County El & P g
_ _ 1937 AO 10218 -- 0218 June'30 - - 10014 10414
Cony deb 530
9412 179
1949 PA 94 Sale 9384
Purchase money 6e
83
9712
1 125 12812
1997 A0 12613 _ 12812 12812
OomputIng-Tab-Ree
27 10312 1061a Kings County Elev 1st g 4,3 1949 P A
6&
.1941 J J 10512 106 10514 106
78 - 4 80
80382
9
7512 82
Conn Ry & L let & ref g 4He1951 ii 98% 100
9814 May'30
Stamped guar 4e
9512 9814
8014 May'30 -7512 84
Stamped guar4Hs
3
s
1951 ii 985 9912 983 June'30
93 983 Kings County Lighting
13
3
10412 10413
1
1954J A 10412
949 F t
1
Consol AgrIcul Loan 634s. 1953 J
105
8512 84
84
85
25
First& ref6 He
11512 120 11512 11513 3 10012 117
7613 90
1954 3,
11412
Consolidated Hydro-Eleo Works
Kinney(OR)& Co 734% notee'36 J
10318 Sale 10313 10313
6
4
6 101 107
of Upper Wuertemberg 7s _1956• J 92
92% 13
14
9312 9218
89 c953 Kresge Found'n coil tr Os_ _1936 in 104 Bale 104
2
104
25 10212 105
Cone Coal of Md let&ref 59.1950 J O 4614 Sale 46
46 12 21
Kreuger & Toll 5e with war _ _1959 MS 94% Sale 94
42
63
95
375
92 10012
Coneol Gas
(N Y)deb 5
10614 145 105 10612 Lackawanna Steel let 56 A....1950 MS 103% 10312 1033
_ _ 1945 FA 10614 Sale 10,538
3 10312 21 100
Consumers Gas of Chic gu 50 1936 J D 10112 10212 0112 10212
103 a
7
5
9812 10212 Ladl Gas 01St L ref&ext 5e _1934 A0 102 Sale 1015
8 102
14
99 102
Consumers Power 1st 5e
Col & ref 530series C_1953 P A 102 10214 1014 10212 16
- - 0418 10412 11 1024 10412
1952 MN
1003
Container Corp let Se
4/1054
92
94
Coll & ref 5Hs set D
8
9314
891s 953
1946• D 10414- - 93
8
4
1960 P A 1025 Sale 10214
103
42 102 10312
15-yr deb be with warr _ _ _1943
7
Lautaro Nitrate Co cony 14_1954
773
4
87
76
D 7653 Sale 76
Copenhagen Teiep 55 Feb 15 1954 P A 9413 95
94%
9412
1
Without warrants
913 975
4
4
J J 80 Bale 78
813
3 78
74
Corn Prod Reg let 25-yr f tie'34 MN 102
87
12
- 02 June'30
9712 10212 Lehigh C & Na,sI 4Hs A._ 1954 J J 9712 99
9712
98
4
9413 983
Crown Cork & Seals I(Is _ _ I947 J O 99 Sale 99
4
3
99%
94 1013 Lehigh Valley Coal let g 5,2_ _1933 J
10012 Sale 10012 10012
4
7
974 101
Crown-Willlamette Pap Os 1951 J J 102 Sale 02
1023
3 20
let 40-yr gu lot red to4%.1933 J J 9712
_ 9712 May'30
9912 103
954 10038
Cuba Cane Sugar eons 7e_ _ 1930 J J
41 Mar'30
9912 III 8112 June'30
lit & ref a f be
,
3512 411x
1934 FA
8112 100
Cony deben stamped 8%A9110 J J _
_ 25
41 Mar'30
3612 4312
lat&refsf 5e
82% May'30
FA 8112 90
8012 83
Cuban Am Sugar let coil 39_1931 MS 95 Sale 95
1st & ref s t 5e
95 1004
9812 61
1954 FA ____ 69% 7212 May'30
94 4
7212 74
Cuban Cane Prod deb 6e
54
1st & ref s f be
17% 2212 16%
1612 33
1950 ii
1814
6972 70 May'30
52
1964 FA
7614
70
Cuban Dom Bug 181 734e__ A944 MN ___ 31% 29
3
29
29 47
lst&refsf58
70
70 June'30
1974 FA
75
70
Stpd with purch war attaohed_
3
4
28 Sale 28
28
29
4013 Liggett& Myers Tobacco 78_1944 AO Hil Sale 12012 1213
4 23 11713 122
Climb TA T let & gen 5e
10214 55 10010105
5s
1937 ii 102 Sale 02
— -- 104
P A 104
9914 19824
104% 25
CuyamelFruit lets I Os A
7 10214 10412 Loew's Inc deb 6e with warr_ 1 61 AO 112 Sale 112
4
4
1940 *0 1033 Sale 03% 1033
9
41
11512 27 10112 130
Without stocks purch warrants * 0 973 Sale 97
4
981
29
973 101
4
Denver Cons Tramw let be _ 1933 I 0
76 Dec'29
Lombard Elee let 7a with war '52 3D 94 Sale 94
953
4 11
9912
93
Den Gas & E L let & ref sf656'51 MN
Without warrants
5 -ill 0
100
12
10012 100
91% 95% 94
.
J D
95
9
99
93
Stamped as to Pa tax
9812 104
_ 100 104 June'30
1951 MN
. LorIlliard (P) Co 7s
4
1944 * 0 1093 110 109% 110
14 1047 11012
s
Dory Corp(D 0) let at 7e_ _1942 MS
Oct'29
5s
61
42
FA 874 8814 89
1951
8918 11
7838 9014
Second stamped
10
Dob 630
18 June'30
14 if
17
ii 9112 Sale 9113
9312 38
84
9514
Detroit Edison 1st coll tr 58_1933 ii 10112 Sale 10112 102
15 tool. 10314 Louisville Gas & El(Ky)54195 MN 103 Sale 1025
.. 193
e
2
7
10314 51 100 10312
let & ref Be series A_July 1940 MS 10714
9 101 1043 Louisville By 1st cone Ee_
10114
10312
4
97
Sale
99
17
1930 J J
87
90
10474 sale 103% 104% 42 1013 1047 Lower Austria Hydro
Gen & ref 55 series A
1949 AO
4
3
El Pow—
1st & ref fie series B _ _July 1940 MS 10714 107% 107
lets163431
107% 29 10512 10813
,41
85
4
m1944 P A 8412 8534 85
,
91
SO
Gen & ref re aeries It
McCrory Stores Corp deb 5
1 102 105
1955 1 D 1047 105 104% 104%
3
____ 97% 98%
'SD
5
9812
9613 10012
BeriesC
1962 FA 10512 Sale 10512 10513
8 1024 1061s MOILS ti Sugar let s f 7 He.. _ _1942 *0 40 Sale 37
59
47
86
37
Det United let cone 17 4%9_1932 J
99% Sale 9918
993
993 Manhat Ry(NY)cone g 4i _1990 * 0 45 Sale 45
96
4
4 19
4012 50
44
60
Dodge Bros deb 6e
9112
2d 4e
1940 MN 9112 Sale
9113 984
9312 98
45
5
2013 in 45 Sale 45
45
64
Dold(Jacob)Pack let Os.
Manila Elea Ry & Lt s f 50_1963 MS ____ 103
1942 M N 65
66
68
66
68
11
75
15
97
97
94
994
Dominion Iron & Steel 54._ _1939 MS 90
Mfrs Tr Co etre of berth, In
101
Apr'30
1004 101
Donner Steel lat ref 73
103 104 103
A I Namm & Bon let 14_1943 J D 98 1043 100
1941 j
103
14 10112 104
7
100
4
9612 10
0
Duke-Price Pow let as ser A _1966 M
1043 Sale 104% 1053
3
22
75
75 June'30
611 Marion Steam Shovel a I 68_1947 A0 71
75
4
883
Duquesne Light let 4 ht A.. _1967 *0 1013 Sale 100 4 102 8 120 10313 10
9012 702
Market St Ry 75 ger A _April 1940 O J 92 Sale 8912
3
3
9213 22
8912 975
4
East Cuba Sug 15-yr s f g 7Hs'37 3.1 S 68 Sale 68
Meridional. Elea 1st 71__ _1957 AO 100 Sale 9713 100
70
71
66
22
87
974 102
Ed El Ill Skin Ist con g 4s- _1939
3
9614
J 963 97
9453 963 Metr Ed 1st & ref 68 ger C_1953 ii 10418 1043 104
1
9614
4
4
10414 12 101 io414
Ed Else(N Y) let cons g 58_ 1995 J J 10918 ---- 11012 Mar'30
1st g 4Heser D
1968 MS 99 Sale 98%
109 111
60
973 09
4
99
Edith Rockefeller McCormick
Metr West Side El(Chic)43_1938 P A 78 Sale 78
2
78
6613 78
Trust coil tr 6% notes__ _1943• J 1013 Sale 1013
mlag Mill Macb is with war.
4
8 10134
101338 10218
_1956 in _90 97
Apr'30
97
81
Without warrants
JD 11;8 Sale 853
3
80
853
8,
2
90
Midvale St &0cony of 56_1938 M
100% Sale 1003
4 101141 52
9934 102
c Cash sale.
-
t
tl
4583
New York Bond Record-Concluded-Page 6
Price
Irtiday.
June 27.
BONDS
N. Y STOCK EXCHANGE
Week Ended June 27.
Week's
Range or
Last Sale.aVZ
Range
Siace
Jan. 1.
Bid
AO Low
High No. Low
High
8
10014
97 10012
12
Milw El Ry & Lt ref & ext 448'31 J J 100 Sale 100
2
2 102
997 10214
General & ref be series A_1951.7 D 102 ____ 1017
2
1961 J D 1003 Sale 1003
4
4 10112 52
963 10153
4
let & ref be eerie. B
1981 J 77 --------9912 Jan'30 ---let & ref 5s ser B temp
4 36 100 104M
ontana Power let 5e A_ 1943 J J 10214 10314 1024 1023
9912 99
1
1982 J D 1014 10212 10113 1024 23
Bob be series A
984 103
Montecatini Min & Aerie
103
1937 J J 103 Sale 103
Deb 7. with warrants.
-- 10112 10812
8
J J 98 Sale 98
10014 2,1
without warrants
95 102
4
05 1007
2
Montreal Tram 1st & ref be_1941 J J 983 99 9814 June'30 --914 96
95 93 4 June'30 --3
Gen & ref,158 serfee A.1955 A 0 94
___
3453ges 018
88 1
7
Gee g ref. f 5
e
88eg B
1955 A 0 93 4 9614 914 Jan'30-___
3
/
1
8712 864 May'30
/
1
Gen & ref. 1 4 Ns ser C-1955 A 0 86
4
1955 A 0 933 9512 934 June'30
Gen &ref e f Be eer D
805 -148
Morris & Co let a f 44e-1939 J J 8012 Sale 8012
91 84
8
0
5
9 14
5
3
7314 June'30
Mortgage-Bond Co 4s eer 2-1966 A 0 7314 90
7314 73
14
8
983
9812
10 -year 52 series 3..
-25
1932 J J 975 99
984 9812
SfeD 96 96
95
95
8
89 100
Murray Body 1st6
1
104
N 104 __ 104
Mutual Fuel Gas let gu g 52_10V
997 10418
2
985 Jan'30 --8
Mut Un Tel gtd 6sext at5% 1941 MN 100
98 8 981/4
5
Nan=(A I) & Son _ _See Mire To
51
2
50
51
50
Nassau Elec guar gold 4s..._1951.7 J
50
57
8
Nat Acme 1st is f (Se
1942.7 D - - 1023 10212June'30 ...i5 10152 10234
9612
Nat Dairy Prod deb 5148_1948 F A 9814 Sale 95
95 410112
22
24
2212
231
23
Nat Radiator deb 6 Ne
1947 S A
2212 40
8
8
Nat Starch 20
-year deb be_ _1930 J J 967 ___ 993 Apr'30 ---9953 100
__ 104 June'30 ---- 102 104
Newark Consol Gas cogs 58_1948 J D
26 10312c108
1061 106% 1071
4
1063
New Engl Tel & Tel be A1962 i D 10310112 17
1961 MN 101 Sale 101
let g 434s seriee B
9818 10112
9
891
New Orl Pub guy 1st be A _1952 A 0 8618 88% 88
82
93
33
89
First & ref be eerie. B__ _ _1955 .1 D 8514 88 88
83
93 8
3
833
2
NY Dock 50
8014 85 4
-year let g42 1951 F A 8353 8512 8334
3
18
73
86
72
52 73
1938 A 0
Serial 5% notes
70
86
16 11112 11412
N Y Edison 1st & ref a 348 A _1941 A 0 114 11414 11414 1141
15 102 4
10413 10514 10418 1043
let lien & ref s series B_ _1944 A 0
3
107
3 10484 109
107
/
4
1057
II YGaeElLt 5
1J2Prg 56..1948 J 12 1061 10
8
9452 18
Purchase mon 7 gold 48_ A949 F A 947 Sale 9412
00
92 4 101
3 97
N 1004 -__ 101 Mar'30 ____
NYL E./4W Coal &RR 545'92 M
9818 June'30 ____
N It L E & W Dock & Imp 68'43 -7 J 100 102
984 984
/
1
4
3
NY & Q El L di P 1st g ba.-1930 F A 99 10012 99 4 June'30 ---- 993 10014
4
NY Rye let R. E & ref 4.,_19423 J 4312 54 4318 Mar'30 -- 9318 434
434 _
5614 Mar'29 ---Certificates of deposit
1 Aug'29 ---- ---- _80
-year adj Inc be____Jan 1942 .1-1:1
Certificates of deposit
4
,i,e
NY Rye Corp Inc 8s_ _ _Jan 1965 - pi --if4 da- " i jun9 --ii
2
82
Prior lien Ile series A
82
1965 .7 ..1 62 Sale 62
7214
2 104
8
3
2
NY & Richt]) Gas let 8e A._1961 MN 1053 10912 105 8 1053
105 4
3
8
2
7
1314 8
NY State Rye let cone 440.1962 14 N
6 225
17 Jan'30 _-__
_
MN -----17
Registered
17
____ 1812 14 J1100.30 ---Certificates of deposit
14
20
_ 13 13 June'30 _ _
60-yr let cons 64s series B1982 iiii
13
10714
7 1054 c2414
N Y Steam let 25-yr 6e ser A 1947 M N 119i Sale 107
108
4 34
4
NY Telep let & gee a f 44
0_1939 M N 1003 Sale 10014 1003
98 2 101
3
80
-year deben s f 138-Feb 1949 F A 11112 dale 1104 11112 13 1067 10018
10 8 13
1
0 1061z Sale 1063
2 10712 87
30
-year ref gold 6e
10014
8
11 10212 Sale 100
N Y Trap Rock let 6e
/
1
4
993 10014 102 June'30 -- __ 100
4
Niagara Falls Power let M 1932. .1
1
14 103 3
1
/
4
2
Ref & gen 138
Jan 1932 A 0 10212 105 10212 10212
10012 10314
5
/
1
Niag Lock & 0Pr let (Se A __1955 A 0 10212 1034 1044 10412
2
921z Sale 9112
92/3 64 10184 1047
Norddeutsche Lloyd 20-yr816e'47 MN
863 9312
4
62
26
Nor Amer Cem deb 6lie A-1940 M S 60 Sale 60
IN s 102 Sale 10112 10253 22
No Am Edison deb 156 ser A _1957
5 1 1017
9 1
0
2
10314 57
Deb 5 Ns ger B____Aug 131963 F A 10212 Sale 102
99% 1033
4
9812 157
Deb 54 series C._ _Nov 15 1989 M N 97% Sale 9753
%
a 124912
104 Sale 103
104
30
Nor Ohio Trac & Light 88_1947 61 s
8
Nor States Pow 25-yr 5e A _ _1941 A 0 1017 Sale 10113 10212 44
993
4
2 10512 19 102% 10212
let & ref 5-yr 6e eer B._ _1941 A 0 105 Sale 1047
11012
2
North WT let fd g 9348gtd _1934 J .1 100 ____ 98% 100
98 100
8
9212 53
Norweg Hydro-El Nit 630_1957 MN 9152 Sale 915
885 948
2
18 110
Ohio Public Service 7Ns A-1946 A 0 112 113 11112 112
11212
1
let & ref 7s series B
1947 F A 11214 11212 11214 11214
4 110 113
Ohio River Edison lat Gs _ _ _1948 J J 10108 ---- 10618 10614
1r : 54
:
ill, 2
04
9
643
4
A 83 Sale 6212
ld Ben Coal 1.1 6,
O
/ 1023
1
4
4 12
4
Ontario Power N F let 6a__1943
: 1023 Sale 102
A
53
1
% 101
OntarloTranemission lst 56_1945 M N 10153 - - 101
98 102
14
1253 m s 96 Sale 9518
9612 40
Oriental Devel guar (is
95 100
8918
8912 50
Eat!deb 53.4s
1956 MN 8912 Sale
864 9314
9212 37
4
Oslo Gas & El Wks extl 56_1963 M IS 913 Sale 9112
90 97
Otis Steel let 31 68 eer A __ -1941 91 S 103 Sale 10212 10338 22 10014 104
4 13 100
Pacific Gas & El gen & ref 56_1942 J J 10212 Sale 1014 1023
52 103
10014 21
Pao Pow & Lt let & ref 20-yr 56'30 S A 100 10014 100
99 4
3
2 100 101%
4
1023 103 10258 10258
Pacific Tel & Tel lit 5e
1937 J .1
1034
Ref mtge be series A
1952 M N 10514 10512 105 June'30 ____ 1015 1054
.1
4
Pan-Amer P & T cony s f 88_1934 M N 1023 Sale 102% 10318 28 10214 1073
4
9912 10012 9912
994
1
lit lien cony 10-yr 78... -.1930 F A
99 2 1043
,
4
4
89
90
- 88
Pan
-Am Pet Co(of Cal)conr8e-40 J D
89
984
10
Paramount-Wway let 5;0_1951 J J 10238103 10212 103
99 1034
3
Paramount-Fam's-Lasky 8._1947J D 101 Sale 100 4 10112 118
98 10314
8012 31
83 88
Park-Leg let leasehold 840_1953 -1 .1 79
75
7_
70 Sale 70
Parmelee Trans deb (Se
1944 A 0
91318
95 4
4
_ _ 1013 June'30 ___101 1013
Pat & Passaic0& El cons 881949 61 5 103
4
6914 34
61
Pathe Each deb 7s with warr 1937 MN
8212 20
Penn-Dixle Cement 82 A _ _ _1941 Id S
7 4 815
3
6
8
119
8
4
e
1112 a16 -Ce 12Z 1123
°
Poop Gam & C let cone/ Be 1943 A 0 1682 2 is-a _ _ 159
11114 1123
4
4 103 __1_4_ 11000178c11000571:
4
1947 m s 1023 Sale 1023
Refunding golds,
1007 Mar'30
2
Registered
MS
143
-Ma Co gee be ser A
3
1987 .7 D 1.1 6C4 ii.;1e 99% 10078
96 101
4 10018 16
1957 MN 100 Sale 993
Phila Elea Co let 434.
97 10012
85
13
2
Phil& &Reading C & I re:58_1973 J J 843 Sale 834
834 88
9812 803
Cony deb 88
1949 M El 9712 Sale 9512
91 110
95
116
Sale 9252
Phillips Petrol deb 534e..-- _1939 J D 93
90
97
107
4 104
Pierce Oil deb a I 8s-_Deo 161931 J D 107 Sale 108
107
Pillsbury Fl Mille 20-yr fie- _1943 A 0 10312 105
10212 10614
215_1
Pirelli Co(Italy) cony 74-1952 M N
4 30
151
Pocah Con Cellieries let e 1 lis 57
r2 964 9°4 2Jun'
J 199 14 85 / 11993114 11005
104
_1_ :
102 191433
2 0 14
4
Port Arthur Can & Dk 88 A-1953 F A 1024 105 104
1: 08
52
2
let M Gs aeries B
1953 F A 1023 ___ _ 105 June'30 _2
994
Portland Eleo Pow let fie 13.1947 M N 9912 Sale 9912
9612 100%
10112 June'30 --_ _
Portland Gen Elea 1s1 5s
1935
J 101 102
981 103
4
10018 23
Portland Ry let & ref 58.- 1930 MN 1004 Sale 100
97 10018
4
Portland Ry L& P litre 58_1942 F A 1004 101 10018 10018
98 101%
7
9913
9912
let lien & ref Os series B 1947 MN 9912 100
me 101
105
2
lit lien & ref 734.ser A_,.1946 MN 105 106 105
2
88
12 1044 107
Porto Rican Am Tob cony 681942
J 86% 95 865
93
97
Postal Teleg & Cable coll 50.1953
J 92 Sale 91
9 : 9812
7 2 98
1 8 04
81
863
4 22
Pressed Steel Car cony g 58_1933 J J 884 Sale 8618
190 Jan'30 ____
Pub Serv Corp N J deb 4;0_1948 F A
181 194
,
0 4 30 1021
-01T4 --Pub Sere El & Gas let& ref 6s'65 J D 1 7 671221e 104 4 1 43
8 105
10
8
4
99
let & ref 4 Ns
1987
D 985 9912 983
95% 100
I
Sale 98%
9912 78
11t & ref 434s
3272
33
4
93
/13 8814
Alegre Sugar deb 78 1 2 F 1 0r4
11194.
Punta
324 55
3112 13
30 Sale 30
Certificates of depoeit
......
30
65
9912 100 26 98 10012
1937 ir7 9912 100
Pure Oil s t 534% notes_
984 102
973 Sale 9714
4
1940 M 5
5 f 534% notes
934 9314
5
8354
Purity 13akeries it deb 68......1948 J .1 93
03 )
14 117
1
%
96
2
8
1937 MN 96 Sale 96
Remington Arms6s
973 ...
4 14
Rem Rand deb 54/1 with war '47 MN 96% Sale 96
_ 103 June'30
e11 1E2
Repub I & S 10-30-yr Sie f 1940 A 0 103
10 44
9 4
93
4
0 7 . 3_
32
1
0334
1953 J .1 10334 1-0-44 103% 1031:
Ref & gen 634*series A
15 1
J
Revere Cop & r fis___ uly 1948 M 13 10312 Sale B
9" 110694714s
02
7
Refnelbe Union 78 with war_1948 J J ___ 103 2 105 June'30
093 10712
4
9638 37
Without elk porch warr-1948 J J 3612 Sale 96
92% 99
8 10238
8
Rhine-Main-Danube 7e A-1950 M S 10112 10212 1023
100
5 100 lea%
MN 10214 Sale 10112 102,4
Rhine-Westphalia ElPow 7e 1950
104
9012 40
1952 MN 894 Sale 8918
Bo
9512
Direct mtge8e
904 37
Cons M 88°1'28 with war_1953 F A 8914 Sale 88%
8712 8812 90%
901
/
F A
Without warrants
2
90
145
1
8112 9::
Con m 83 of 1930 with warr1955 A 0 893 Sale 8812
ti49
fd
NU ..t
13
c Cash sale.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 27,
Eg
b
Price
Frigate.
June 27.
Moro
Ralige or
Lan Sale.
•
Range
Since
Jan. 1.
BO
ASS Low
High Ns. Low
High
83
16
Rhine-Ruhr Wat Ser Ile
1953 J J 8114 83 81
81
89
63
87 Sale 86
88
Richfield Oil of Calif 8e
1944 M N
80 981
4
1
1955 F A 93
92
92
96
Rims Steel let e t 78
88
1 97I4
12 105%
10718 107
14
Rochester Gas & El 72 ser 13_1948 M 5 1074 Hale
1085
2 105 108 5
3
1085, 105% 105 4
Gen nage 574e series C_.._1948 M 8 9734 May'30
Gen mtge 4 Ns seriee D
1977 M 8 9811 100
97
997
1
884 85 May'30
Roch & Pitts C & I p m 54_1946 M N 88
85
85
189
89
Royal Dutch 4e with warr-1945 A 0 8712 Sale 8712
87% c897
8
3
97
97
St Joe Ry Lt H de Pr let 58_1937 M N 9712 99
2
6914
St L Rock Mt& P5.etmpd-1955 J J ---- 58k 5914
3
86
St Paul City Cable cons be_ _1937 J 3 - - 88 88
4 1087
2
San Antonio Pub Serv 1st 62_1952 J J 8. 100 1063
i
973
4 16
Saxon Pub Wks(Germany) 71'45 F A 9712 Sale 98
18
89
94
91
Gen ref guar 6 Ns
1951 M N 89
6
72
72
Schuico Co guar 834i
1946 J J 6518 75
7
77
Guar e f 6 Ne series B
1946 A 0 77 Sale 77
14
98
991
Sharon Steel Hoop s I 5488_1948 MN 9618 118
3
997
8 55
Shell Pipe Line 2 1 deb be _ _ _1952 M N 98 Sale 95 4
95 4 • 99
3
Shell 'Alton 011 s I deb 58_1947 M N 944 bale 931z
905 Sale 911%
8
98
1 201
Bob Si with warr
1949 A
891
27
Shinyetau El Pow let 848-1952 J I) 88 bale 88
2
50
501
49
Shubert Theatre as _June 15 1942 J D 45
3
Siemens & Halske s I 78...19353 .1 10212 Sale 10212 103
12
4 104
87
Deb e f634e1951102 Sale 1013
4
4
4
Sierra & San Fran Power 68_949 F A 1013 102 10114 1013
MS
87% 17
Silesia Elec Corp. f 848_1946 F A 87 Sale 87
29
86
90
90
Malian-Am Exp colt tr 712-1941 F A 87
3
2
2 103 4 118
Sinclair Cons Oil 15
-year 7s-1937 M a 1033 Sale 1033
3
let lien cell 63 striae D.--1930 M 8 10014 bate 10014 100 2 32
39
suu ort llen 8 Ne ser5 0
loioir crud son 1 8888A _1938 J D 10114 Sale 10114 102
1038
%
3
170
J .1 100 4 bale BM% 101
SaleSale 9814
78
981
Sinclair Pipe Line, f 68.-1942 A 0
634.9 4
9
6
5
99
96
901
Skelly 011 deb
1021
20
MN 102 bale 102
Smith(A 0)Corp let 1348-19L M F
19 9
19
98
Solvay Am Invest 5.2
1942 M 81 9714 Sale 9714
4
104
.7 J
South 0 u TelicoSugar7 168 .4 3 D 104 bale 103
th Po toR a
er
Porto
let 1 1941
8
103% Sale 102% 104
17
Tel
108
58
13'west Bell Tel 1st & ref be.- 1954 H A 10512 Sale 105
6
Southern Cob Power (le A 1947 L 3 10412 Sale 10414 111412
99.8 June'20
Spring Val Water 13t g 58_1943 MN 99.2 102
Standard Milling lat bs
1930 M N 10643 --- 10014 10014 25
let & ref64e10278 Sale 1024 1024 210
4 10312 50
10314 Salo 1023
:
Stand 011 of N J deb be Deo 1594 F
1'40 M
4
98 8 105
7
Stand 011 of N Y deb 448_1951 .1 D 983 Sale 98
26
77
80
Stevens Hotel let 14 ser A.,i945 J . 794 80
e
40
26
Sugar Estates (Oriente)78_1942 M S 39 Sale 39
10612 18
4
Syracuse Lighting let g be- -1951 i D 1053 -- 106
_ 102% 1023
4
Tenn Coal ron & RR gen 58_1951
1951.7 j 111252
c
1(3
101
33.
Tenn Cop & Chem deb 8eB_1944 am - 100 1 712 100
2-.
10612 44
Tenn Elec Power let(le
1947 .1 ••-•• 10613 Sale 106
Texas Corp cony deb 58
0i j
1964 A O 10212 Sale 10212 10312 468
104
48 Sale 45
27
48
Thbrd Ave let ref 4s
8
24
60
AdJ Inc 52 tax-ex N Y Jan 1960A 0 24 Sale 225
99
18
100
Third Ave Ry Ist g Es
1937 J . 9614 97
.1 9912
99%
100
9912 19,
Toho Elec Power 1.1 7.
1956 M .0
•
99% Sale 9952 10012 bb
8% gold note
Tokyo Elec Light Co. 164s1932j j 86
Sale 855
8
8812 67
39533 D
1st 61. dollar series
23,
997
8 100
Toledo Tr L & P 54% notes 1930 J . 9953100
..
war_1938.1 . 1075 Sale lutilz 108
1
330'
4
Traneeont011834* with
33
Without warrants
---- 101.1q bale 10014 101
103 June'30
Trenton G & El 1st g 58_1949 M S 103
.4 so - - 8812
4
89
14
Truax-Traer Coal cony 8 Ne_1943 M 9
4
4 11.13
Trumbull Steel let e f 68-1940 id N 1023 Sale 1023
23
1
23
Twenty-third St Ry ref 58_ _1962 - J 231 27
1
w
5
9912
Tyrol Hydro-Elec Pow 74
M •• 95
9812_65 12 99
3
9214
92 2
,
9218 93
A
Guar sec s t 7s
1952 F. 100 100
10012 10014 64
1111gawa Elec Pow a I 7s--1945 M ,
2
8
10012 101
Union Elec Lt& Pr(Mo)5.2_1932 M S 101
8
1007 Sale 1007
8
8 10112
Ref 82 ext be
1933 M N
10312 29
/
1
4
Un E L & P(Jll)let g 6Ns A_1954 J J 102 103 103
Union Elev Ry (Chic) 58__ _1945 A 0 i5i- 7812 75 June'30
4
Union Oil let lien, f bs_
- 1013 May'30
193l 1 J
085
8
7
13 10213
e
o
4
30-yr 8a series A___.May 1942 F A 10014 El 10.
00.8 1004 34
let lien s f 52. ger C___Feb 1935 A 0
99
. 78
5
9914 Bale 9914
Deb 5. with warr.
,_.Apr 19453 D
United Biscuit of Am deb 88_1942 M w. 10253 103 103 June'30
964 89
United Drug 25-yr 551
1963 M a 9512 bate 9512
68
4
68
United Rye St L lets 48.-1934 J J 68 Sale 11)01/4
2
10014
United 55 Co lb-yr (le
1937 MN 10014 Sale
90 4 82
3
4
Un Steel Works Corp 834e A.1951 J D 903 Sale 90
52 22
90
9018 Sale 90
Boost 5148 series
GO
9014
6
5 f deb 6348 ser A
097;13 8112 82
1941
5
United Steel WI.of Burbach
1054 13
Esch-Dudelauge s f 7s_ _ _1951 A 0 104% 105 105
83
35
bl Sale 81
US Rubber 1st& ref User A 1947 J -1
10018 101
61
10-yr 74% secured notes_ 1939 F A 10018 Sale
66 60 June'30
Universal Pipe & Rad deb 68 19311 .1 D 61
83
85
16
Untereibe Pow & It 615
1963 A 0 83 Sale
953
2 39
Utah Lt 62 Trao let & ref 58_1944 A 0 93% Sale 93%
/
1
3
Utah Power & Lt 1st 5e.... _1944 F A 108 3 Sale 1004 100 4 47
'
Utica Elec L & P let s f g 53_1950 J J 20653104 _ 10312 Feb'317
10512 10518
2
Utica Gas& E9.ic ref & ext 58 1957 J J
8972 14
89 gire 89
Ut71 Power & Light 5 4e.......1047 J D
821
4 54
4
Dabs,with or without war1959 F A 803 Sale 8012
Vertlentes Sugar lit ref 7.2_ _1941; J D
Victor Fuel let 2 5s
.1,45:, J .1
Va Iron Coal & Coke 151 g be 1949 M
Va Ry & Pow let & rel 68, _1934 J J
Walworth deb 614. witb war 1935 A 0
Without warrants
1st sink fund 6.series A...19415 A 0
Warner Bros Pict deb Se_ _1939 M S
Warner Co let Gs with warr_1944 A 0
Without warrants
A0
Warner Sugar Retin let 78_1941 J D
Warner Sugar Corp let 7.1_ _1939 J J
Stamped
Warner-Quinlan deb 6s
1939 61 S
Wash Water Power e f 52._ _1939 J J
Weetchest Ltg g 5.2 etpd gtd_1950 J
West Penn Power ser A bs_ _1946 721
Ist 58 series E
196391 5
1st 534e series F
1953 A 0
Ist see 6s series G
1956.7 D
Western Electric deb 5I
1944 A 0
WeeternUnion ooll truet Si..19383 J
Fund & real eatg 4;48
N
1950
15
-year 634e
1938 F A
-year golds,
25
1951 J D
-year 58
30
1960 M
Westphalia lJn El Pow 8e
1953 J .7
Wheeling Steel Corp let53481948 J .1
1st & ref 4 Ns series B_
1953 A 0
white Eagle Oil& Ref deb
-548'37
With nook porch warrante____ M
White Sew Mach(le with warr'363 .1
Without warrants
Panic. s f deb Gs _
._ 1940 M
Wickwirel3Pen 661 let 711-1935 J
Ctf dep Chase Nat Bank
Wickwire Sp St'l Co 7s_Jan 1935 MN
Ctt dep Chase Nat Bank
Willys-Overland a t 6 tie_.._l933 M S
Wilson & Co 1,126-yr.f60_1941 A 0
Winchester Repeat Arnie 7 Ns'41 A 0
Youngstown Sheet & Tube he '78 .1 7
94
9844
5818 64
80
90
102 108
3
92 100 4
52
86 299
7512
45
8214
45
95 100
924 2974
93% 9914
96 8 102
5
12
654 94
al
8912
100 1004
1014 108
9652 10314
1012 9018
86 c97
100 4 104
3
99% 100%
99% 163
944 101
94% 99
97
91
10112 104
9378 98
103 107
1015 1 414
9 6
103 4106
10113 105
99 2 100%
3
99% 1004
100 104 1
/
1
4
100 4 1044
3
95 98 9
5
74 99
35
48
10312 10612
love we
9753 102
16412 108
109 8 106
1
45
54
12
22% 35
92 100
984 100 9
5
96 4 100 2
4
1
35 2 9219
5
995 100
s
.
1
96 108
874 101
102 103
79N 94%
/
1
4
102 109
23 49%
94 994
4
85
95
9718 1004
4
100 1011
100 102
101 103
14
70
79
9912 1014
4
106 109
98 1011e
9914 99 4
3
99 103
924 99
74
67
9812 101
8514 92
254 92
8959 9112
102 10512
81
88
14
100 1014
/
1
60 63
91
81
W21a 97
9712 101%
99 1081s
1024 10512
86
96
80
12 92
46
40
20
50 41
41
6112
23
23
45 23
1
30
21
724 Jtmo'30
_
72
90
70 73
10112 101% 11
1015 102
2
9944 10312
100
96 100 100
8
93 10912
19
9512
9512
- 96
3
87
9614
5
91
8412 90 90%
9192 9$
14
744
993 Sale 9912 102
4
9912 113
4 June'30
95
981 993
95 10012
95 Sale 95
9614
a 89 98
104 104 104
10414 18 102 107
3
12
4513 60 454
47
11
4512 564
4512 60 45 May'30
_
46
6113
83
82 Sale 82
9
95
82
105
105
_
4 100
105
12 166
3
1053 10712 105 4 105 4
4
3
10314 196
104 Sale 1037
8 104
8 10144 104 4
4
105 Sale 105
105
1 102 105
12
105
105
105
2 104 105%
1043 Sale 1045
4
8 10518 96 101% 1054
1033 Sale 1033
4
4 10412 44 10112 10112
10212 10314 10212 10314 27
10012 10 4
,
98 Sale 97
9814 47
983
4
95
1087 Sale 1083
8
4 109
28 108 110
10214 103 102
103
25 10012 10414
103 Sale 1023
4 104
79 10238 104
8152 61
803 Sale 7914
4
91
76
10252 Sale 10212 1025
8
9 100 4 10612
3
90
91
9052
9114 60
87
93
10312 Sale 10312 10414 30 1024 108 4
3
- 80
81 May'30
_
81
90
75
8012
7512 7514
8
88
75
69
72 69
703
4
7
69
801
8
24%
23
3
ILO
23
____ 227 34 May'30
8
3512 39%
25
25
25
7
33 2 41
1334 235 34 May'30
8
_
20
39%
993 Sale 993
4
4 100
8
98 1015
.
993 Sale 9912 100
4
20
99122102%
103 10314 103
103
2 100 104
1023 Sale 102
4
1023
2 99 1004 103
- __-
1
--
[VOL. 130.
FINANCIAL CHRONICLE
4584
Outside Stock Exchanges
I Ti(Lall
,
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, June 21 to June 27, both inclusive, compiled from official sales lists:
StocksRailroad
Boston az Albany
100
100
Boston Elevated
First preferred
100
Second preferred
100
Boston & Maine
Class A 1st pref
100
Class B 1st Pref
Class D let pref
Bost & Maine pr pf stpd100
Bar B 1st pref stpd_ _100
Boston de Provtdence__100
Chic Jet Ry & US Y 91100
East Mass St Ry Co_ _100
First preferred
100
100
Preferred B
100
Adjustment
NY N H at Hartford--100
Norwich ac Worcester 0100
100
Old Colony
50
Pennsylvania RR
Providence & Worcester100
100
Vermont & Mass
74
101
124
107
109
118
17434
110
3
22
22
17
17
9
9734
130
13834 13834
7194 6934
17114
11854
78
101
124
110
120
17434
110
3
25
17
10
10434
130
14034
7234
17134
11834
1234
1734
44
205
5534
7
8%
934
30%
81
95
25
47
30
260
2434
40
9
10
2134
434
7
1%
14334
2034
16
18
1554
28
26
1934
8134
1234
434
434
1
Feb 18634
226 175
Jan 8434
680 67
223 10334 June 110
Jan 9934
357 89
Apr
Mar
Feb
Mar
78
101
124
11134
130
177
11134
10
48
47
2834
127%
135
14034
87%
18734
119%
June
June
June
Apr
Mar
May
May
Feb
Jan
Apr
Mar
Apr
Apr
June
Apr
Apr
May
192
10
20
82
64
14
16
15
520
20
520
1,519
15
262
3,733
15
42
6834
101
124
104
118
170
101
3
22
17
6
9734
12934
125
8934
171
116
Feb
June
June
Jan
June
Jan
Jan
June
June
June
June
June
June
Jan
June
Jan
Jan
1234 14% 7,215 1234 June
1634 19
670 1634 June
5
30
5
434 June
44
44
50 43 May
19934 209
6,944 19934 June
1654 1734 16,253 16 June
146 1034 June
1054 12
25
5
5
5
Feb
5534 5734
482 5534 June
160 99
100 100
May
2234 1,420 21
June
21
140
7
7 June
7
17% 19
220 1634 June
8
7 June
834 1,830
680
9 June
934 1034
405
234 3
234 June
3034 3234
Jan
822 26
80
8134
77 76
Jan
Jan
681 92
9434 9534
25
27
3,763 25 June
47
48
1,060 44
Jan
215 9334 Mar
95
97
80 2334 June
28
30
245 260
591 237
Jan
24
25
2,047 2134 Feb
2
2
15
2 June
13
13
30 13
Jan
310
994 10
834 Feb
40
4354
895 40 June
20 2034 June
2034 2034
18
18
300 11
Jan
3234 Jan
3134 Apr
Jan
9
Mar
52
27434 Apr
2234 Apr
1834 Feb
Apr
12
Jan
80
Mar
103
Apr
28
7 June
3734 Apr
Apr
20
127 Mar
%
494 Apr
41
Apr
Jan
83
99
May
36
Apr
4934 Apr
100
Apr
Feb
40
Mar
276
2734 Apr
9
Jan
Jan
24
1434 May
Apr
60
2934 Mar
1934 May
9
9%
10
11
6734 7034
150
130
197
Mar
9 June 11
Jan
10
May 19
6734 June 10534 Jan
2134 23
6
614
33
3554
4
5
12% 12%
8
9
7
734
9534 96
134
134
334 4
28
25
9034 9034
14334 148
8
834
2
2
1034 10%
21
20
16
17
70
64
1534 15%
134 134
15
16
7134 775;
28
2954
55
63
1
134
1134 1134
2434 27
1734 21
5834 62
31
3134
11% 13
77
73
234 434
434 6
2434 2431
9334 9334
4334 4334
22
2334
1
1
775
50
350
375
15
535
4,835
119
50
700
3
5
27
30
0
35
5
400
713
1,110
50
120
35
1.548
1,014
800
75
1,365
30
755
6,542
2,449
127
2,316
475
1,135
505
10
5
5
110
225
2134 June 4034 Jan
5% Jan 1434 Mar
Apr
33 June 53
934 Apr
234 Jan
12% June 2634 Apr
734 Jan 1234 Apr
674 Jan 12
Mar
9534 June 10834 Feb
234 May
134 Jan
314 June
8 June
25 June 3734 Jan
9034 June 9034 Jan
143
Feb 16034 Apr
534 Jan 1534 Apr
134 Mar
334 Jan
10% Feb 1034 Feb
20 June 30
Feb
16
June 2734 Apr
84 June 9034 Apr
15
Jan 1634 May
17-16 Apr
1% Jan
15 June 2134 Mar
70 June 11334 Apr
28 June 3434 Jan
Jan
53 June 67
1
Jan
3
Mar
1134 June 2034 Apr
2434 June 51
Jan
1734 June 4434 Mar
5834 June 6834 May
Jan 32
Mar
30
Jan
1134 June 23
71
Jan 9134 Apr
1
Feb
634 May
434 June 7834 Jan
2434 June 3134 Apr
Mar
93 June 97
Mar
4254 June 65
22
Feb 2734 Jan
1 June
234 Feb
250
134
250 350
1% 1%
934 1034
1
1
1
134
34
34
105 105
6
6
134 134
1% 2
700 700
24
2554
134
134 2
431 5
1234 13
13
15%
14%
1234 1234 13%
100 120 f
2
2
400 400
42
High.
79
79
90
90
90
90
39
39
3834 42
9834 100
525 25o
1,350
134
805
934
1,075
1
100
1
60 34
50 105
150
6
100
134
255 90o
10 360
451 24
2,994
1%
705
4
450 10
2,595 11
1,000 1254
420 100
1,000
2
200 35o
40,000
5,000
4,000
1,000
20,000
28.000
79
90
86
39
38%
98
Jan
May 60c
Jan
134 Jan
June 16% Jan
May
1% Jan
June
334 Feb
Jan
June 43
Jan 10534 Apr
June 1234 Jan
234 Feb
June
2 June
Jan
Jan
Jan
1
Feb
June 62
June
534 Jan
Jan
June 10
Mar
Jan 17
June 44% Apr
Jan
June 28
Jan 200 Feb
June
334 Mar
June 90c Apr
Feb
June 84
Jan
June 95
Jan 10034 Mar
Mar
June 48
Mar
June 55
Apr
Jan 108
High.
Low.
J11/le
Feb
Feb
June
Jan
Jan
Feb
9134
100
100
101%
10134
110
10134
June
Apr
Apr
June
May
Feb
Mar
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, June 21 to June 27, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Bates
Last Week's Range for
Week.
Sale
of Prices.
Par. Prke Low. High. Shares
Abner Stores
•
Amer Foreign Securities-- -- __ _
American Stores
* 424
Bankers Securities pref_-50 40
Bell Tel Co of Pa pref__100
Budd (HG) Mfg Co
•
734
Preferred
Budd Wheel Co
8%
Preferred
Cambria Iron
50
Camden Fire Insurance_
Central Airport
Eleo Storage Battery_ _100
Empire Corporation
834
Exide Secur
1834
Fire Association
10 34%
Giant Portland Cement_50
Horn di Hard (Phlia)com •
Horn & Hard(NY)corn*
Preferred
100
Insurance Co of N Amer_10 6534
Lake Superior Corp_ -100
Lehigh Coal & NavtgNew when Issued
Manufacturers Cas Insur
Mitten Bank Sec Corp pith
1634
2% 3%
5834 68%
42% 44
41
40
11434 11534
7% 8%
62
62
834 1094
100 100
4014 4034
2134 22
454 454
81% 6334
734 9
15
1534
3334 34%
25
25
155 160
3734 38
100 101
6334 68%
534 934
3034 3294
3034
30
1654 16%
Range Since Jan. 1.
Low.
High.
1,405
4% Feb
294 June
50 5834 June 9954 Feb
2.700 42% June 57
Apr
Apr
Jan 49
1,900 36
721 11334 Jan 117% May
714 June 1634 Apr
5,800
5 60
Feb
Jan 70
2,678
834 Jan 14% Feb
95 90
Feb 10134 June
10 3834 Jan 4134 May
1,600 2034 June 2834 Apr
7
200
Apr
334 Feb
298 6134 June 78% Feb
Feb
7% June 14
3,420
1,100 1434 June 1954 Feb
3,200 3334 June 4334 Mar
300 25 June 30
Jan
Jan 189
20 145
Apr
700 36% June 4634 Feb
Apr
200 97% Feb 105
4,400 6334 June 8534 Mar
4,300
854 June 1534 Feb
5,950
2,400
1,200
3054 June
30 June
1534 June
49% Mar
42
Apr
20
Jan
20 7534 Jan 79
Apr
Penn Cent L & P cum pfd_*
7614 7634
Pennroad Corp
11
1054 1134 42,000 1054 June 1834 Feb
Pennsylvania RR
50 7134 89% 7254 27,900 6934 June 8534 Mar
Jan
Pennsylvania Salt Mfg.
500 90 June 100
90
-50
0054
232 8854 Jan 95 June
Phila Dairy Prod pref
90% 93
Phila Elea of Pa $5 pref.__ -500 0834 Feb 10354 May
10254 103
Phila. Elec Pow pref _ _ _ _25 3154 3154 3234 2,900 3134 Jan 3354 May
Jan 53% Mar
1,900 49
Phila. Inquirer pre: w l.....- 52
52
52
Apr
500 33 June 41
Phila Rapid Transit_
3334
50
33
Jan
965 30 June 44
3334
7% preferred
30
60
100 14 June 2534 May
Phlla di Read Coal & Iron__
14
14
1
Jan
334 Mar
300
234 254
Phila & Western Ry- _50
934 Apr
Railroad Shares Corp
1,500
5% June
534 654
634
Jan
Reliance Insurance
200 1454 June 18
10
1434 1434
954 Apr
5% June
5% 634 2.800
Seaboard Utilities Corp_ _ _
5%
Apr
114 42 June 59
42
Scott Paper
4694
May
7% A
40 10394 Feb 107
10434 10434
754 June 1534 Mar
Shreve El Dorado Pipe L 25
1,275
8
73.4 9
Sentry Safety Control
934 Mar
600
334 June
4
434
434
Jan 5334 mar
65 34
Tacony-Palmyra Bridge....• 45
4534
45
254 Jan
%
34 June
Tonopah Mining
34 2,700
1
2,800 2554 Jan 3134 Apr
2734 28
Union Traction
50
200 27 June 3054 Apr
27
27
Ctfs of deposit
Unit Gas Improv com new• 3454 3254 353.4 81,600 3134 Jan 4954 Apr
10194 1.500 9654 Jan 10234 Apr
101
Preferred new
•
U S Dairy Prod class A__ •
Jan 7254 Apr
400 52
67
65
Jan 2654 Apr
600 14
18
Common class B
• 1734 17
700 1454 June 1734 Apr
1434 14%
Victory Insurance Co
234 June
434 May
Insur Co of No Amer
254 2% 8,100
BondsConsol Trac NJ let Is 1932
Elec & Peoples ctfs of dep_
Peoples Pass tr etfs 48_1943
Phila Electric (Pa)
1967
1st 434s series
1966
1st Is
1st lien & ref 534s__1947
Millis Elec Pow 534s_..1972
Phila & Read Coal de hr 65_
oosi clog
41
41
5034 5034
9934
106
10634
105%
• 96
0634
itrawhrldri..G. ClInth as '43
$1,000
1.000
1,000
82
39
45
Jan
Apr
Jan
9054 June
4334 Apr
54
Feb
9934 10,000 9634 Feb 100
1063,4 10,200 10354 Jan 10634
Feb 107
10654 6,000 104
2,000 10434 Feb loom
10534
96
3,000 96 June 96
963-4 5.000 9594 Jan 98
Apr
Apr
Apr
May
June
Feb
• No Dar value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, June 21 to June 27, both inclusive, compiled from official sales lists:
Stocks--
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Appalachian Corp
Arundel Corporation
*
Atlantic Coast L(Conn)_50
Batt Buick preferred
Baltimore Trust Co -.100
Baltimore Tube pref. 100
Black & Decker coin
•
25
Preferred
Central Fire Insurance__10
Ctfs of Deposit
Chas & Po Tel of Balt 9[100
Commercial Credit pf__25
Preferred B
25
Conant Gas EL di Power.
•
6% Preferred ser D__100
554% Pref w leer E-100
5% Preferred
100
Consolidation Coal_ _._100
Continental Trust
Drover az Mech Nat Bk_10
Eastern Rolling Mill
*
Scrip
Emerson Bromo Seitz Awl
Fidel & Guar Fire Corp_10
Fidelity & Deposit
50
Scrip
Finance Co of America 4 .•
/
1
4
Finance Service corn A.-10
First Nat Bank when lea.-Houston Oil pref v t c._100
Mfrs Finance 2nd pref_ _25
Maryland Casualty Co-25
New when Issued
Maryland Trust Co- __100
May Oil Burner
Merch az Miners Transp-•
Monon W Penn PS pfd-25
lUr.Eln
Tinnfl 6 T1•16 ...I
41
37
32%
118
Ill
109
10834
losys
1534
3635
170
4714
36
37
1,
3
3
40% 42
150 150
65
6534
37
3734
52
61
34
32
2634 2634
4754 4734
47
48
118 118%
23
23
2334 2434
110 11334
109 110
1083.1 10834
1023.4 10234
5
6
235 245
4034 4051
1434 1554
1434 1454
31
31
3634 38
168 170
170 170
1054 1134
11
1134
4654 4734
82
80
1334 1334
6934 74
3554 38
260 260
31% 31%
37
40
2454 25
1012
111.‘
m.
Bonds-Ismoskeag Mfg Co 68_1948
Canadian Int Pap 68._1949
Chic Jet Ry&U S Yds4s '40
E Mass St RR ser A450'48
1948
Series B So
Int Hydro Eleo Sys 86_1944
185
7934
105
94
Low.
Range Since Jan. 1
lot Pow Sec Corp 634a;55
9134 0134 41,000 9134
K C Mem & Sir Inc 5s_1934 98% 9834 99
13,000 97
Mass Gas fo
4,000 97
1955
98 100
Miss River Power 5s_ _1951
5,000 98
98
98
New Engl Tel & Tel 5s_'32
101 101
21,000 99%
PC Pooahontas deb 7s_'35
104 10634 3,000 100
Western Tel & Tel 58..1932
10054 10034 8.000 99'%
• No par value. z Ex-d vidend
m
m 6.-m
Mining
.25
Arcadian Cons MID Co.
5
Arizona Commercial
25
Copper Range Co
East Butte Copper Min..10
Hancock Consolldated__25
1
Island Creek Coal
1
Preferred
25
Isle Royal Copper
26
Keewenaw Copper
25
Lake Copper CorP
25
La Salle Copper
25
Mohawk
15
North Butte
25
Old Dominion Co
Pond Cr Pocahontas Co__5
25
Quincy
St Mary's Mineral Land.25
10
Shannon
5
Utah Apex Mining
Utah Metal& Tunnel_ __1
184
184
78
7734
10334 103%
92
92
Range Since Jan. 1.
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
mc
Miscellaneous
American Founders Corp__
Amer & Conti Corp
Amer Pneumatic Bervice25
50
First preferred
100
Amer Tell & Tel
Rights
•
Amoskeag Mfg Co
Aviation Sec of New Eng....
Bigelow Sanford Carpet-.
100
Preferred
Boston Personal Prop Trust
Brown Durrel Co corn-Columbia Graphophone___
Credit Alliance Corp el A-Crown Cork Internet Corp
10
East Boston Land
East Gas & Fuel Assn com_
100
454% preferred
100
6% preferred
Eastern SS Lines Inc-__25
*
Preferred
100
First Preferred
Economy Grocery Stores_.
100
Edison Elec Ilium
Empl Group Assoc T C.__
Galveston Houston Elec100
100
Preferred
General Alloys Co
General Capital Corp
General Empire Corp
German Credit Inv 1st pt.
Georgian Inc (The)
Class A preferred_ _ _ _20
*
Gilchrist Co
Gillette Safety Razor Co.*
liathaways Bakeries Inc
Class B
International common
Internatt Hydro El Sys CIA
Jenkins Telev Corp cornLibby McNeil Libby_ _10
25
Loew's Theatres
Mass Utilities Assoc v t o__
Mergentbaler Linotype 100
10
National Leather
Nat Service Co corn v t aNew Engl Equity Corp_-Class A
New Endl Tel di TeL -100
North Amer Aviation IncNorth Texas Elec pref_100
Olympia Theatres
100
Pacific Mills
Public Util Holding WM-Railway Lt & Serv Co corn
Reece Button Hole Mach10
Reece Folding Mach____10
Shawmut Assn T C
Stone & Webst Inc cap stk.
•
Swift & Co, new
•
Torrington Co new
Tower Mfg
Tel Continental Corp corn.
5
Union Twist Drill
United Founders Corp com
United Shoe Mach Corp_25
25
Preferred
U S Hie° Power Corp
Utility Equities Corp pref.
Venezuela Holding Corp__
Venezuelan Mex 011Corp10
•
Waldorf System Inc
Waltham Watch pr pfd100
Warren Bros, new stock. _
.
Westfield Mfg Co cap stk..
Whittelsey Mfg Co class A.
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High. Shares.
Bon s (Conauded)-
Range Since Jan. 1.
Low.
3
40
150
65
35
5034
32
2634
2934
47
113%
2234
23
93
109
10554
9934
5
220
4034
1434
1434
30
3634
168
170
10
1034
4834
77
13
6994
3534
22034
31%
37
2354
June
June
June
June
June
Jan
June
June
Jan
June
Jan
Jan
Jan
Jan
Mar
Jan
Feb
June
Feb
June
June
June
Jan
June
Feb
June
Jan
Jan
June
Mar
Jan
June
June
Mar
June
June
Jan
1201 Junw
High.
5
4734
175
6834
4434
55
56
2754
5834
58
11834
2534
2654
136
1113.4
10954
10334
15
282
46
2534
2534
3334
49
190
184
13
15
5134
92
17
112
46
275
38
47
26
20
Jan
Mar
Mar
June
Apr
Apr
Mar
Jan
Apr
Apr
June
Apr
Apr
May
June
May
June
Feb
June
June
Jan
Jan
Feb
Feb
Apr
June
Apr
Feb
May
Apr
Apr
Apr
May
June
Apr
Jan
Feb
ins
Sales
Friday
Last Week's Ranee for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Mt Ver-Wood Mills v t_100
New Amsterdam Cas Ins__
Penne Water & Power_ •
Second So Bankers corn _
Stand Gas Equip pref
United Rys & Electric_ _50
TJ S Fidelity dr Guar new 10
Wash Bait & Annapo118_50
50
Preferred
West Md Dairy Inc pr pf 50
Maryland Casualty
BondsBaltimore City Bonds
1961
4s Sewer loan
1961
49 School
1958
Conduit
48 Annex Improv -1951
4s 2nd School
1948
Consol Gas gen 4358-1954
Cons G,EL&Pser G 431s'69
Finance Co of Am 6345 '34
Md Elec Ry let 5s_ _1931
Newport N & Hampton 5%
Newport N & Old Pt 5%.
North Ave Market as 1940
Rosemary Mfg 7358-1937
Sec So Bankers 5%
Standard Gas Eq 634s 1932
tin Porto Rican Sugar
1937
634% notes
United Ry & E let 43_1949
Income 4s
1949
Funding 68
1936
let 6s
1949
Wash Bait & Ann 511_1941
West Md Dairy Corp 68'46
4585
FINANCIAL CHRONICLE
JUNE 28 1930.]
38%
High.
11
36
72
28
31%
835
37%
7
634
48
5
June
June
Jan
June
Jan
Jan
June
Jan
Feb
Jan
June
Feb
May
Feb
Feb
June
Jan
Feb
Feb
Jan
June
June
Mar
June
June
Jun
7434 1,00
7435
14.000 54
55
41)i 12,000 34
60
10,100 4934
9,000 67
69
6034 1,000 60%
1,000 102%
104%
Jun
Jun
Jan
Jan
Jan
Jun
Feb
5
74%
54
40%
60
60
69
69
6035 60%
10434
5434
11
65
39
971
75
55
28
252
36
15
10
197
39
1,668
7
135
7
50
65
54%
6% 13,600
Low.
9834 98% 93,400 9534
300 98
98% 9831
9831 9834 5,800 9634
9834 9834 1,000 96%
98% 9831
500 98%
100 100
1,000 97%
102% 10234 2,000 100
98% 98% 1,00
97
94
97% 9731 3,00
2,00
93
93
93
1,000 99%
9934 99%
4,000 84
90
90
101
101
1,00 101
8834 8835 2,000 8835
9934
1,00
9934 9934
3734
11
36
75
28
36
9
3734
7
7
5434
Range Since Jan. 1.
• 21
Lamson Sessions
Leland Electric
McKee(A G)& Co cl B.. •
Metropol Pay Brick corn_s
•
Mohawk Rubber com_
5
Myers (F E) & Bros
National Acme corn.. _10
National Carbon pref__100
National Refining pref _100
• 15
National Tile corn
Nestle-Le Mw corn
North Amer Sec class A_ *
Nor Ohio P & L 6% p1_100 94%
Ohio Bell Telep pref_ _100
98% June Ohio Brass B
98% June Ohio Seamless Tube corn*
9834 June Packard Electric corn..__
9834 Apr Paragon Refin cl B corn_ _c 1435
14%
9834 June
Voting trust ctfs
25
100 June Patterson Sargent
10
102% June Peerless Motor corn
5
99
Mar Reliance Mfg corn
98
June Richman Brothers com* 76
5%
93 June Selberling Rubber coin_ *
100 June Selby Shoe corn
91
Apr Sherwin-Williams corn_ _25 7534
100
1013,4 Mar
Preferred A
8834 June Thompson Products Inc_ *
25 75
9935 June Union Trust
Van Dorn Iron Works corn*
8934 Jan VIchek Tool
65
Apr Wellman Engineer pfd_100
49% Feb White Motor Seen? pfd_100 105
65
Apr Youngstown S & T pfd_100
84
Jan
68
Apr
Bonds
104% June Steel & Tubes Inc
Sink fund debs 6s___1943
17
43
9534
36
48
1334
49
7
8
5434
1034
•No par value.
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Nares.
Mar
Apr
Apr
May
Apr
Feb
Apr
Jan
Jan
May
May
20
25
36
36
48
50
22
22
9
9
3734 3735
11
11
13234 13234
131 131
13
15
234 234
6% 6%
94% 95
114 114
6731
65
29
2934
14
14
14%
14
1435 1434
26
25
5
5
3635 40
78
75
535 6
11
12
7834 8035
105 10531
21% 2134
80
75
7% 734
13
13
9834 9831
105 105
9831 98%
101
101
Range Since Jan. 1.
Low.
High.
20 June
27
Jan
44
Mar
22 June
8
May
3735 June
11
June
13134 Jan
Jan
130
13
June
234 June
3 May
90
Jan
110
Feb
65 June
29 June
14
June
734 Feb
7% Feb
Jan
23
5 June
36
Jan
75 June
534 June
1034 May
7535 June
105
Jan
2135 June
75 Jun
7% Jan
13 Jun
80
Jan
101
Jan
98% Jun
325
10
90
20
25
50
200
100
25
793
120
25
150
8
268
112
25
485
56
330
300
170
1,506
645
200
772
30
100
368
10
100
11
35
57
2934 Feb
38
May
Mar
59
32
Feb
1635 June
48% Apr
26% Feb
Apr
135
13234 May
29
Feb
10
Feb
7 June
100 June
116
Apr
76% Apr
45
Jan
25
Apr
1535 May
14% June
29
Mar
1134 Jan
Apr
50
Feb
99
1834 Feb
20
Jan
85
Jan
Apr
109
Apr
39
95 June
Apr
11
20% Jan
100
May
10631 June
10335 Feb
$18,300
9534
Jan 10131 June
par value.
*No
-Record of transactions at
Pittsburgh Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange.
Exchange, June 21 to June 27, both inPittsburgh Stock
Cincinnati Stock Exchange, June 21 to June 27, both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
owca
r r•uuy
Last Week's Range for
Week.
Sale
of Prices.
Par. Price Low. High. Shares
Range Since Jan. 1.
Low.
High.
'naafi
awes
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
.
to
.
.
..
.
.
oo
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Stocks-
Range Since Jan.'.
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4000
M.n,
,02000 .
2
20,
WW.
NOM.. .
,,,
N
6.40.
OW PW.WW..0. 040wW40..M2
..
.
,
...
....
,0. 2.260. ,
.
.
.
.
.
WV
WW.
June
18
19
360 18
5 June
535 6
2,015
10
9
Jan
300
1034
735 June
735 734
1,877
31
33
1,720 2135 Jan
5
5
85
5
Jan
14
1,310 13
Jan
13
311 312
35 305
Mar
25
25
200 2434 Jan
834 834
160
835 June
12
12
100 12
June
51
52
450 61
June
45
235
231
1
Jan
245 9935 Jan
100 101
18,607 3431 Jan
3431 39
320 k24
26
26
June
140 35
38
39
Jan
121 155
157 160
Jan
OOc 13,500 880c Mar
45e
1,225 12
17
20
Jan
3
3
132
3
Jan
4635 49
1,257 45 June
1835 20
3,921 18
Jan
24
2735
920 2134 May
12
12
335 12 June
25 29
29
29
June
1334 1534 3,969 81335 June
100 35 June
35
35
605 3635 June
3634 39
20 18
Mar
18
18
June
81 38
38
3834
W
OOtO4.WWWOW
10240W000000W
C0 ,
19
•
High.
Low.
24
Jan
54
Jan
734 Jan Am Laundry Mach com_20 5335 53
75
1634 Mar Amer Products pref
Jan
21
*
18
1834
3
Feb Amer Rolling M111 com_ _25 53
5134 55
10034 Feb
41% Apr Amer Thermos Bottle A....5
Apr
3234
20
13
13
8
May
Mar
52
50
4934 4934
Preferred
1935 Apr Amrad Corp
1335
32
APr
15
1635
' 16
5
Feb
311
325
Jan Carey (Philip) corn
280
255 255
-100
25
Mar
2835 May Central Trust
280
100
265 265
1434 Apr Champ Fibre pref
108% Apr
100
102 102
Apr
2031 Mar Churngold Corporation_* 15
23
15
1534
51
7134 Apr Cin Car pref
334 Mar
io
2
234
110
Feb
434 Feb C. N.0.& T.P pref._ _100
10834 109
101
10234 June Cmn Gas & Elec. pref__ _100 9994 99 100
10134 Jan
34%
5634 Apr Cin Street Ry
50 4034 4234 4234
4534 Apr
26
3334 Apr Cin & Sub. Tel
119
Jan
50 91
91
9234
June
45
11
Feb CM Tobacco
11
11
50
160
175
30
Jan
Mar Cin Un Stock Yards
*
22
2231
600
80c Apr City Ice & Fuel
49
Feb
*
4031 4035
25
20
Mar Cooper Corp pref
Jan
100 14
14
1434
3
Apr
Jan Crosby Radio A
22
* 1131 1134 12
4635
5935 Jan Crown Overall pref-100
106
Jan
104 104
19
23
Jan Dow Drug corn
18
Jan
1234 1234
•
26
2734 Feb Eagle-Picher Lead com20
Ape
15
8
8
834
23
Feb
102
Jam
100 101
101 101
Preferred
38
Mar Early & Daniel corn
43
Jab
23
•
23
2734 Apr Fifth-Third-Union Tr__100
1434
Apt
320
300 300
58
Apr First National
Jar
420
100
400 400
3631
Jar
4934 Apr Formica Insulation
53
31
33
5 31
1834 Apr Fyr Fyter A
19
19
2034 Jar
5035 Feb Gerrard S A
Jar
3834
24
16
16
*
Jar
50
3835
• 3834 35
Gibson Art corn
Unlisted
Jar
71
70
66
Globe-Wernicke pref_ _ _100
40
75 40 June 50
Apr Goldsmith Sons Co
Jar
Copper Welding Steel
40
40
25
19
19
134 8,400
3
134
131
Feb Gruen Watch corn
Internat'l Rustless Iron
134 June
4236 Jar
37
36
* 36
June
434 Apr
131
131 2
31,075
1
Leonard 011 Develop
11331 API
112 112
100
Preferred
10635 10635 10634
100 10434 Jan 110
Apr Hobart Mfg
Lone Star Gas pref
Ma]
50
42
4335
* 42
1,085
5
Apr Int. Print Ink
Mayflower Drug Stores
5
431
5
Alai
334 May
57
40
40
2,525 22
June 33
Western Public Serv v t c
2135 2134 23
Apr Kahn participating
Fat
30
22
22
40
835 Ma
5
5
*
Kodel Elec & Mfg A
Rights
47
Jai
* 2234 2234 2331
Kroger corn
231 June
235 235 3,178
434 Apr Lazarus preferred
Lone Star Gas
101
Ma:
100 100
45
Ma.
38
38
5 No par value. k Includes also record of period when In Unlisted Department. Manischewitz corn
6835 Jai
62
62
Mead Pulp
*
12
Jai
7
7
•
Cleveland Stock Exchange.
-Record of transactions at Meteor Motor
Ap
25
1834 1836
*
Moores Coney A
Cleveland Stock Exchange, June 21 to June 27, both in5
Ap
3
•
3
36
Jai
24
21
clusive, compiled from official sales lists:
, Nat'l Recording Pump_ *
34
Ap
2834
25
* 28
Newman Mfg Co
115
AP
pref _ _100 11234 11234 11334
sates
Friday
, Ohio Bell Telep
1531 Ma;
1434 1494
Range Since Jan. 1.
• 1494
Last Week's Range for
I Paragon Refining B
15 Jun
* 1431
1431 1434
Week.
of Prices.
Sale
Voting trust ctfs
Jun
50
49
49
Stocks•
Low.
Par. Price. Low. High. Shares.
High.
Preferred A
5636 Jun
50
50
100
1 Pearl-Market new
*
7834 Jun
50
Aetna Rubber com
6
6
Proo & Gamble corn new_ * 69
6834 71
834 Feb
Ma
180
•
160
160 16031
235
8% preferred
Allen Industries corn
8
14% May
7
110
Ma
*
10634 1073.4
Preferred
390
5% preferred
100
31
273.4 28
Apr
10031 Fe
9634 98
com
*
100 98
Amer Multigraph
100
41
3534 3534
Mar Pure 0116% pref
19
Ma
17
1731
Randall A
Brown Fence & Wire
t 11
Ma
•
735 834
200
2734 Mar
Cony pref class A
2334 2334
B
I 60
45
47
AP
•
25
Bulkley Building pref...100
5734 5735
6331 Max Rapid Electrotype
. 26
Fe
17
17
•
4
4
4
150
* 17
Byers Machine A
Feb Richardson corn
7
Ja
1 91
43
10
7034 78
75
76
86
Central United Nat'l_ _ -20 75
Jan U S Playing Card
) 5234 Ja
47
47
US Print& Lith pf new_100
Chase Brass & Copper
. 5
, 1035 Ms
5
5
10134 10334
240
Preferred series A_ _100
104
Apr Waco Aircraft
Ja
10
! 13
•
25
1031
39
39
47
*
City lee & Fuel
Apr Western Paper A
1 78
Ar
94
94
100
• 6934 6935 73
9594 May Whitaker Paper corn
Cleve-Cliffs Iron pref___ _• 94
Ja
r 106
100 105
105 105
36
Preferred
113 11334
Cleve Elec III 6% pref_ _100 113
11334 Apr
Ja
r 100
90
61
100 90
90
8634 8634
Cleve Railway OtIs dep_100
9334 Feb Wurlitzer 7% pref
100
11
435 440
Cleveland Trust
501
Jan
Bonds
78
Worst Mills corn_100
8
8
Cleve
1634 Feb
1QRA
AO
AO
• AO
Inn
3
75
3
3
Cleve & Sandusky Brew 100
334 Mgr 775 Th4nt.6 TAth As
30
100 105
138
Cliffs Corp vot trust ctfs_ 5
Mar
•No par value.
•
25
15
15
25
Columbus Auto Parts pref
Feb
783
5 7331 73
80
100
Dow Chemical corn
Apr
-Record of transactions at
St. Louis Stock Exchange.
207
83
Elec Control & Mfg com • 5734 5735 60
Feb
•
50
3334 3434
Faultless Rubber corn_
Feb St. Louis Stock Exchange,June. 21 to June 27, both inclusive
37
205
253,4 2634
38
'
Mar compiled from official sales lists:
Fed Knitting Mills corn*
.
15
20
20
*
3335 Apr
Foot-Burt corn
Sates
Friday
General Tire & Rubber
Range Since Jan. 1.
Last Week's Range for
96
91
Jan
6% pref series A__ -..100 8334 8334 8334
of Prices.
Week.
Sale
10
100 100
113
Mar
Great Lakes Tow pref _ _100
Low.
Par. Price. Low. High. Shares.
38
36
40
High.
Stocks43
Feb
Greif Bros Cooperage cl A • 38
11
350 350
43234 Feb
Guardian Trust Co_ _ _ _100
15
9931 9934
10
Bank Stocks
100 June
Halle Bros Co
328 7834 Rine 90
78)i 79)i
Apr
18
69
•
19
25
13Iaz First National Bank ____20 79
Harbauer corn
246 25134
113 246
June 301
Jan
17
17
50
Merchant Commerce...100 246
25
Apr
India Tire & Rubber corn...
74
70
220
Max
87
Interlake Steamship com_5 70
22
23
45
Trust Co. Stocks.
*
Feb
Machine corn
Jaeger
2934
239 240
.50 239
June 29734 Feb
11
11
100
100
14
June Franklin-Amer Trust_ _100
Jordan Motor pref
260 260
3 260
June 300
Jan
Mississippi Valley Trust100
9731 9731
10
100
Kaynee pref
9736 June
516 516
5 516
June 565
40
May
38
44 L4 "k4S1 St Louis Union Trust.. _100
38
38
Kelley Tel Time & Tr com.5
Aluminum Goods Mfg---*
Amer Austin Car
*
Arkansas Net Gas Corp_ _8
10
Preferred
*
Blaw-Knox Co
10
Carnegie Metals Co
*
Clark (D L) Candy
100
Colonial Trust Co
Consolidated lee pref___50
10
Devonian Oil
•
Hachmeister Lind
Harbison-Walker Ref..---•
Independent Brewing_ _50
Koppers Gas & Coke pf 100
"
Lone Star Gas
5
Mesta Machine
Nat'l Fireproofing pref_50
Peoples Say & Trust_ _ _20
25c
Phoenix 011 corn
•
Pittsburgh Forging
Pittsburgh Oil dr Gas____5
Pittsburgh Plate Class__25
Pitts Screw dr Bolt Corp_ _*
5
Plymouth Oil Co
Pruett Schaffer Chem_...._*
Ruud Manufacturing_ ___*
•
Shamrock Oil & Gas
Standard Steel Springs_ _ _*
United Engine & Fdy_ __ _5
Waverly Oil Works el A__*
Westinghouse Air Brake...*
Stocks-
4586
FINANCIAL CHRONICLE
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price Low. High Shares.
Miscell. Stocks.
A S Aloe Co preferred 100
Bentley Chain Stores corn •
Michigan Davies
•
Brown Shoe corn
100
Burkart Mfg corn
•
Century Electric Co_ 100
Chicago Ry Equip pt_ _..25
Coca-Cola Bottling sec......1
Consol Lead & Zino A_ _ _ -*
Corno Mills Co
•
Commonwealth Investors..
Curtis Mfg corn
5
Cir Penner
•
Elder Mfg let pref
100
Ely&Walk Dry Gds com _25
Globe-Democrat pref. _100
Hamilton-Brown Shoe_ _25
Hydraulic Press Bk PL100
Independent Packing pf100
International Shoe coin_ •
130
Preferred
Johnson-S dr S Shoe
•
Laclede Gas Light prof.100
Laclede Steel Co
20
Landis Machine com___25
Mo Portland Cement___25
Nat Candy corn
•
2d preferred
100
Nicholas Beazley
5
Pedigo-Weber Shoe
•
Rice-Stix Dry Gds corn_ •
Scruggs
-V-B D 0 com__25
Scullin Steel pref
•
Securities Inv corn
•
Preferred
100
Southern Acid dr Sul corn •
&ix, Baer dr Fuller com •
St L Pub Service corn_ *
Wagner Electric com___15
Preferred
100
97
95% 97
851 851
21
21
21
37% 3754 39
6
5
105
105 105
22
22
52
5135 53
331 34
334
2555 2554
10
10
20
20
3834 42
10555 10534
2634 2655 27%
112% 112%
351
331
31
31
31
78
78
5434 53% 5451
106 10654
44
40
44
99
99
40
40
35
30
37
3034 3034 31
22
21
22
9731 974 9751
356 355
10
1034
13
13
------11
12
19
18
19
30
30
105
105 105
4731 4734
20
20
5
5
2135 21
22
105 105
Street Railway Bonds
E St L & Sub Co 5s._1932
United Railways 4s_ _1934
Miscellaneous Bonds
Moloney Electric 555s 1943
Nat Bearing Metals 65 1947
1935
St Louis Car 6s
qnriltroya-V-R
7s.
9531 9531 $25,000
68
68
5,000
9455
SIFT
9434 9454
10155 102
96
98
07
0744
Friday
Rates
Lass Week's Range for
Sale
of Prices
Week
Stocks (Concluded) Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
95 June
834 June
1855 Mar
3755 June
Mar
2
104
Jan
1955 Apr
3834 Jan
34 June
25 June
10 June
20 June
2734 Apr
Mar
105
26 June
Mar
111
334 June
June
31
Feb
75
5334 June
10455 Jan
40 June
99 June
Mar
38
30 June
30 June
20% June
Feb
95
34 June
10 June
13 June
June
11
18 June
30 June
105 June
Mar
46
20 June
5 June
1955 June
103 June
9734 June
Feb
13
Mar
25
May
42
535 June
Max
115
June
22
6054 Mar
83.4 Jan
2935 Jan
Mar
11
Mar
27
50 June
10534 June
2934 Apr
Feb
114
Mar
11
3834 Feb
Jan
85
Jan
63
107% June
Jan
55
Apr
101
Apr
46
Jan
64
3534 Mar
2734 Mar
Mar
100
7% Feb
Feb
18
Feb
16
1454 Jan
3134 Jan
3354 Apr
Apr
109
49 June
2034 Apr
Jan
10
3634 Apr
May
108
9534 Feb
6734 June
20
90
25
88
49
11
75
179
160
5
50
150
135
10
687
10
100
200
23
1,889
14
570
100
50
335
170
675
10
30
100
740
33
486
25
5
100
156
85
1,898
75
9531 June
74
Jan
3,000 92
Jan 9535 Mar
6,500 100
Mar 10254 May
4,000 95
June 96% Mar
2 000
954 Jan 99
May
•No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, June 21 to June 27,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low, High. Shares.
Bean (John) Mfg Co corn _•
B'wey Dept St pf ex-w.100
"
Byron Jackson
25
California Bank
Citizens Nat'l Bank. __20
Claude Neon Elec
3055
Emsco Derrick dr Equip__* 16
Farmers & Merch Bank 100
Gilmore 011 Co
8 16%
Globe Grain & Mill com_25
Goodyear Textile pref _ _100 95
25
Hal Roach 8% pref
Home Service 8% pref. 25 224
-Insurance_ _10
Internet Re
Jantzen KnIn Mills corn_ _*
•
Lincoln Mtge pref
Los Angeles Gas& El pf 100 1054
Los Angeles Invest Co_ _10 16
MacMillan Petrol Co-_-25 124
PacUic Amer Fire Ins Co 10 43
Pacific Clay Products Co..'
Pao Finance Corp corn--10 2634
10
Series C
10
Series D
Pac Gas & Elea 1st pref-25
Pacific Lighting Corn
*
Pac Mutual Life lawn._10
Rites
2.35
Pan Public dery A com__.• 2534
Pao Western 011Co
• 1434
Pickwick Corp corn
10
Republic Petroleum Co_10
Richfield 011Cocom____25 1555
Prelerred
25
Rio Grande Oil com____25 1634
B J L 4 P7% pr pref...100 1154
Seaboard Dairy Creel Corp
Preferred A
100
Sec let Nat Bank of L A.25 102
Shell Union Oil Co com__25 1856
signal 011 & Gas A
25
3o Calif Edison corn.....25 5934
Original preferred_
25
7% Preferred
25
6% Preferred
25 2634
534% preferred
25 2434
3o Cal this inert/ A pref 25
Standard 011 of Calif
* 5834
taylor Milling
•
Title Insurance Co
25 90
Frans-American Corp__ _25 294
Onion Oil Associates
25 38
Onion 011 of Calif
25 3834
Onion Bank & Trust Co 100 325
Weber Showcase & Fix pf.•
Woo.arn Alp Pvnprwm
In
6
635
6834 694
1034 11
105 106
10255 104
29
31
16
1634
435 435
16
17
25
25
95
95
834 855
224 23
3754 3834
4634 4634
551 6
10555 10634
16
16
1235 1454
1,400
163
400
250
200
4,300
500
12
800
420
10
10
239
400
100
30
298
1,500
1,900
Range Since Jan. 1.
Low.
High.
June
6
6835 June
1034 June
105 June
10235 June
2835 Jan
June
16
Mar
410
Jan
13
2431 Apr
95 June
May
10
2054 Apr
3755 June
42
Feb
Mar
6
Feb
101
June
16
1234 June
1455 Mar
Jan
80
2354 Feb
120
Jan
11234 Jan
2334 Apr
Jan
23
435 June
17 June
2655 Jan
Apr
98
May
10
2431 May
4934 Mar
5035 May
834 Mar
10855 Apr
2
034 Jan
31
Apr
43
43
450 42
254 2534
100 2531
26
3,400 28
29
834 834
100
855
50
834
934 951
2651 274
100 2654
75
74
500 74
744 78
2,100 7434
2.30
2.55 23,500 2.30
24
800 23
2534
1,000 13
133.4 1434
534 514
531
400
2.20
100 2.10
2.20
1434 164 12,600 1434
1855
18
400 174
1654 1651 3,800
11554 116
126 11155
84
84
100 10355
1835 1934
30
30
5651
53
6334
63
2955 2954
2651 2654
2431 2434
27
26
5734 6051
31
30
90
90
2831 3055
3634 3835
3735 40
325 325
22
22
q9
.19
10 84
4,100 100
150 19
500 2754
13,900 53
282 57
600 2734
2,700 2434
3,300 22%
32 244
18,700 56
700 2454
270 90
600 2851
10,300 3535
17,200 3631
222 325
20 21
inn 22
Feb
June 55
June 3134 Apr
June 43
Jan
Mar
Apr
9
Mar
931 Feb
Jan 2831 June
June 10555 Mar
June 94
Apr
June 4.45
Apr
June 3831 Mar
Jan 1955 Apr
June
855 Jan
4
Jan
Feb
June 2554 Apr
June 2251 Jan
Mar 11834 Mar
Jan
June 90
June 11831 Mar
June 2534 Apr
Feb 3831 Apr
June 7134 Apr
Apr
Jan 70
Jan 3034 Mar
Jan 2734 Mar
Mar
Jan 25
June
Jan 27
Jan 74% Apr
Jan 3351 June
May
June 95
June 4734 Feb
June 4855 Apr
June 493.4 Apr
Jan
Jan 325
2455 AV
Jan
Jan
Jan 46
•No par value.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, June 21 to June 27,
both inclusive, compiled from official sales 'lists:
Stocks-
Friday
Sales
Last Wears Range for
Sale
of Prices.
Week.
par. Price. Low. High. Shares.
Alaska Packers Assn
170 170
Assoc Insurance Fund Inc_
5
555
Atlas Imp Diesel Engine A.. 21
20
21
Bank of California N
295 295
Bond & Share Co Ltd..
-- 13; 10
1155
Byron Jackson Co
104 1135
11
Calamba Sugar common ------ 14% 1454
7% preferred
16
16
California Copper
1
151
Range Since Jan. 1.
Low.
43 170
5
700
601 19
10 270
2,580 10
2,999 10%
175 1431
10 1555
1,800
1
High.
June 176.7m
Apr
June
Feb
June 34
Jan
June 300
June
A
1 Fgbr
June 25
13
Jan
June
Mar 1634 Mar
9
354 Mar
June
[VoL. 130.
Range Since Jan. 1.
High.
Low.
California Ink Co A corn-- 23
23
23
100 23 June 3735 Jan
Calif
-Ore Power 7% pref._ ------ 1104 110%
10 106
Jan 112% Mar
California Packing Corp... 63
644 4.995 62
62
Mar
June 77
Caterpillar Tractor
58
21,316 5334 Jan 79
5534 60
Apr
Clorox Chemical Co A
1934 20
586 1754 June 3831 Feb
Coast Cos G & E 6% let pf --9934 99% 99%
158 98
Feb 10054 May
Cons Chem Indus A
2355 25
1,110 23 June 3335 Feb
Crown Zellerbach Corp pf A
774 7734
142 77 June 85
Mar
Preferred B
774 7751
142 7734 June 84% Apr
Voting trust certifs
134 13
134 4,985 1254 June 18% Feb
Douglas Aircraft Corp-- ------ 19
19
200 1354 Feb 2254 Apr
Fageol Motors common
-----2% 255
435 Feb
1% June
300
Firemans Fund Insurance_ 95
86
Apr
2,275 86 June 116
96%
Bights
150 200
22,872 150 June 550 Apr
First Sec Corp Ogden A.__
121 125
Mar
June 133
150 121
Food Machinery Corp corn
2734 28% 2,034 27% June 44% Feb
Foster & Kleiser common
64 64
Mar
170
6 June 10
Golden State Milk Prod
19% 19%
18 June 314 Jan
201
Great Western Pow 6% pf_
10134 10154
15 99
Jan 104
Ape
7% preferred
10435 104% 1044
75 103% June 10631 Feb
Haiku Pine Co Ltd corn...
5
5
Apr
9
5 June
865
Preferred
19
19
100 19
Jan
Jan 19
Hale Brothers Stores Ina.
104 10%
247 log June 14
Jan
Hawaiian Pineapple
51
51
51
232 51
Feb
June 63
Honolulu Oil Corp
34
33
34
1,445 33 June 4031 Apr
Hunt Bros A corn
20
750 20 June 2334 Apr
2055
Home Fire rights
100 100
5,866 10e May 20c Apr
Illinois Pac Glass A
21
21
165 195( Jan 28% May
Jantzen Enitting Mills__
47
47
100 40
Jan 50% June
Roister Radio Corp corn_
3
3
2
485
755 Apr
Jan
Langendorf Baking A
224 23
260 22 June 29
Mar
18
18
1834
356 18 June 2554 Jan
Leighton Ind B
134 June
100
14 1%
5
Jan
Leslie Calif Salt Co
14% 14%
295 1434 June 23% may
Los Angeles G & E Corp.... 105% 10551 1054
12 100% Feb 108
Mar
LyonsMagnus Inc A
9% 10
935
330
9% June 134 Jan
Magnavox Co
24 3
March Calcu new cotn
14
15
15
Magnin & Co 6% pref
------ 964 9655
Nor Amer Inv corn
94
9651
preferred
6%
9834 99%
555% preferred
91
91
91
North Amer Oil Cons
1534 1435 1535
Occidental Ins Co
2235 23
Rights
Sc
50
Oliver United Filters B
20
20
Pao Gas & Else corn
55% 555( 56%
6% let preferred
26% 2634 2734
Pacific Lighting Corp corn_
77'
76% 73
6% preferred
102 102
102
Pao Pub Service A
254 234 2651
69' preferred
128 128
Pacific Tel & Tel com____ 131
128% 133
Paraffine Cos coin
54
60
6034
Rainier Pulp dr Paper Co
22% 2551
Richfield 011 corn
-1534 1435 16
7% preferred
1831 18%
J L&P 7% pr pref
116% 116 11635
6% Prior preferred
10334 10334 10355
Schlesinger & Sons B F corn
435 435
Preferred
484 4851
Shell Union Oil COM
1854 19
1831
Sherman Clay & Co pr
40. 40
Sierra Pao El 6% pref____
9134 9155
Spring Valley Water Co__
12
12
13
Standard 01101 Calif
58% 57% 61
Thomas Alice Corp A.... ------ 12
14
TidewaterAssd 011 corn -- -----12
13%
6% Preferred
83;5 84
Transamerica Corp
2955 28% 3035
Union Oil Associates
3654 3831
38
Union 011 of Calif
37% 39%
39
Union Sugar Co 7% pre ------ 2156 2155
Wells Fargo Bk & U
------ 30435 304%
West Amer Fin Co 8% pref
2% 231
West Coast Bancorp A.
16
1634
Western Pipe & Steel Co
21
20% 20
3,135
235 Jan
8
Apr
June 25
329 14
Jan
5,555 9651 May 99
Apr
192 94 June 113
Jan
380 98
Mar
Jan 100
223 90
Mar 92% Apr
1914 Mar
Feb
800 14
June 2655 Apr
800 21
4,100
Sc May 10c Apr
213 19% June 294 Jan
16,886 51% Jan 73% Mar
Feb 2834 June
1,777 26
3,591 73 June 106% Apr
50 100
Jan 10531 Mar
19,329 23 June 39
Feb
210 120
Feb
Jan 144
535 12834 June 180
Feb
7,106 54 June 78
Jan
June 29% Jan
690 21
15,093 14% June 27% Mar
592 18 June 2254 Jan
80 110% Mar 11854 Mar
110 100
Jan 10354 Apr
44 June 1031 Jan
128
25 48% June 70
Jan
4,276 184 June 2534 Apr
Apr
20 40 June 65
Mar
Jan 94
12 89
110 12
June 904 Feb
23,243 55% Feb 7434 Apr
410 12 June 18% Jan
1,755 104 Feb 17% May
Mar
50 78
Feb 90
81,985 2834 June 47% Feb
14.023 35 June 4856 Apr
13,491
Apr
3651 June 50
27.5 2155 Jan 22% Jan
21 30434 June 335
Mar
2
100
Jan
3 June
260 15;4 Apr 245( Mar
3,861 20 June 29
Feb
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange June 21 to June 27, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
IVeek.
Par. Price. Low. High. Shares.
Abbott Laboratories corn •
Acme Steel Co
25 59
Adams I.1 Ii, Mfg COM
3155
•
Adams Royalty Co com_ •
Adore...is, int (oil,eon, • 3034
Ainsworth Mfg Corp comb0
All-Amer Mohawk Corp A6
Anted Mous led Inc corn.• 1054
Amer ColortyPe enra----*
Amer Comnionw Power
Common A
• 2355
Amer Equities Co corn__ • 1435
Amer Pub fiery pref__100 97
Amer Pub 0t11
Prior lien preferred...100
Partic preferred
100
Amer Radio & Tel St Corp.
14
Amer Service Co corn__ •
Am Ilt11 dr Gen Corp B vto•
Amer
-Yvette Co,Inc com •
531
Appalach this Corp corn.
•
934
Art Metal wks Inc corn..
• 11
Assoc Investment Co...--•
Assoc Tel & Tel CIA
• 6334
$6 preferred (w
Assoc Tel UM CoWI. 21%
com___•
Atlas Stores Corp corn_ •
Auburn Auto Co corn__.• 97
Balaban & Eats
Preferred
100
Bancoky Co (The) com.10 320
Bastian-Blessing corn. ___• 30
Baxter Laundries Inc A_ •
BeatrIc Creamy Co corn 50
Hewitt A1, ia tion corn____• 2954
Blums Inc corn
•
Borg-Warner Corp corn.10 2455
7% Preferred
100 97
Bonin VIvitone Corp pref."
,
Brach & Sons (EJ) com..•
Bright Star Elec Co B_ _ _•
h
Brown Irene. & wire cl A _• 224
Bruce Co, E L corn
•
Burnham Trad Corp cOm-•
6%
6401401 lirt•I hors
834
20
Castle dr Co(AM)
10 42
CeCo Mfg Co Inc corn......
• 10
Cent Ullnois See Co Ms__
24
Csntral 111 P S nref
•
Cent Ind Pow Co pfd..100
Cent Pub dery class A-.._• 2954
OnnIntnn
•
3551
58
30
9
3034
19
134
10
2814
Range Since Jan. 1.
Low,
High.
364
60
32
9
3035
19
134
11
29
250
850
650
100
150
50
350
2,600
350
35
Jai.
June
58
28
Fs1
Jan
9
2234 JR..
19
June
1
Jan
10
June
21
Jan
2134 2331
144 143-4
97
97
1.050
250
180
2134 June 32
5'5 Jan
22
9531 June 100
9154 9154
95
97
13.4
254
954 10
8
854
5
534
9
1034
11
12
55
5731
6234 634
93
9455
2034 22
2(151 26%
92 105
20
81
3.500
2,050
450
150
400
1.050
450
344
221
3.100
250
2,450
1115
90
134
6
8
455
9
10
55
68
90
1934
174
92
Jan
Apr
Jai
Jan
June
Apr
June
June
June
Jan
Apr
June
90
20
20
5,000
3234
700
5
25
375
0
14 15.7505
7
25
27
22.550
9755
780
200
431
1535
750
150
h
1,850
2355
38
250
934 2.050
815 4,250
1.550
43
1.050
10
2731 3,350
200
95
36
8755
3156 1,750
29
Ann
90
CO
30
4
70
28
7
24
9554
454
15
51
1734
34
6
84
35
8
24
92
8631
2955
Jan 100
Jan 25
June 464
Julie
12
Jan 9134
June 6734
June 1834
June 504
June 101
June 1734
18
May
Feb
14
Jan 284
June 5955
June 1134
June 1754
June 71
J1111r 2034
June 33
May 97
Apr 95
June 4234
Psh 40tt
90
20
30
5
75
28
7
24
9534
454
15
h
2255
34
6
851
38
8
24
93
8754
2954
gn
22
4634
99
37
16
38
3334
451
1934
34
Mar
Jan
May
Apr
May
Apr
Apr
Feb
AM
Apr
Mar
Apr
June
June
June
May
Apr
June
May
Feb
Mar
June
May
2934 Feb
Jan
3614 May
June 26434 sot
9554
97
354
12
164
551
144
274
6334
6535
Jan
mu
Ape
Jan
Apr
Aga
Jan
Mal
Apr
Jan
Jan
Apr
Mar
Apr
Apr
Jae
Ayr
Jan
Feb
Mag
Jan
Age
Mae
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price Low. High. Shares.
Cent S W UCH corn new--•
•
Prior lien pref
Preferred
•
Cent West Pub err B Pf- •
Chain Belt Co common. •
Cherry Burrell Corp corn_•
Chic City & Cons RyPart share common_
. ...•
Part oretem.1
Certificates of deposit- •
•
Chicago Corp coin
Convertible preferred_.•
Chic Flexible Shaft com 5
Chic Investors Corp coin.•
•
Preferred
Chic No fill & MOw100
Common
100
Preferred
Chicago Ries
100
Part ctfs series 1
Part Ws series 2___ _10()
100
Part et fs series 3
Chic Rap Tran pr pf A.100
Cities Service Co con3--•
•
Club Alum Uten Co
Colem Lamp & Stove corn •
Commonwealth Edison_ 101,
Construction Material. •
•
Preferred
Consumers Co common5
Vol tr ctf purch warr_ _5
Coot Chicago Cot p
•
Common
•
Preferred
Continental Steel
Common
Cord Corp
Corp See of Chic allot ctf.•
Common
•
2:
Crane Co corn
100
Preferred
Curtis lighting Inc corn..•
Curtis Mfg Co corn
Davis Industries Inc A_ •
DeMets Inc pref(w w)_ •
Decker (Alf) & Cohn __IOU
5
Dexter Co (The) corn_
Diversified Invest Inc el A •
Duquesne Gas Corp corn
Eddy Paper Corp (The)_ •
El Household 11th Corp.10
Elec Research Lab Inc....•
EmpG& Feel Co
100
7% preferred
Fabrics Fintsh'g Corp corn •
/
Foote lire'. & M 40
Gardner-Denver Co com.•
Oen Candy -ore el A
Gen L'd'y Mach Corp corn•
Gen Theatre Equip V c.•
Gen Water Wks Corp el A•
$7 peeferred
Gleaner Corn Her corn....•
•
Goldblatt Bros, Inc e0M-Great Laker Aircraft A. _•
Great Lakes D & D.1C1.
Greyhound Corp(The)com•
Grigsby-Grunow Co oom.•
4587
FINANCIAL CHRONICLE
JIII•ni 28 1930.]
asie.
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
5,850
100
450
50
100
425
20
98
9314
75
414
27
June 31
Mat
Jan 105
AM
May 100
Ii'ec
Feb 90
Jan
Julie 4814 Apr
June 40
Jan
34
1%
114
11%
10
37
14
6
34
154
350
1.350
1354
200
1151
114 53.40(
8,200
40
14
900
2.700
654
1,800
36
1
914
8Si
10
37
14
8
3211
Jan
Per,
Jan
June
June
Fen
Jan
Jan
2
20
17
1731
45
16
104
41
Mar
mai
Mar
Apr
Ma,
Jan
Are
Ara
10
5
10
5
10
5
10
Jan
June
9
40
Feb
Feb
20)6
100
9554 9554
75
42
2934 28
2254
154
13)6
1031
3731
14
224
100
95%
76
42
2951
150
26
204 204
Feb 25
10 10
14 Feb
24 3
454
25
15
54
54
Feb31
54
June 100
95
95
15 95
24% June 4454
2654 2514 27% 47,55
44 Jar,
15
356 331
7
25
26
Mar 40
6.
26
2.75 2354 Jar, 338
285
230 287
Jar, 24
15
40
14
15
35
37
36% Jar, 49
3851
44 Jun
750
454
8
454 5
1
400
156
Jun
34
1
154
204
1551
44
15
154 26,850
4354 45
12,350
June
15
4354 June
100 15
16
16
7
6
634
751 14,700
69% 6.400 54
6431 62
22
29,350 194
20
21
42
43
888 42
43
113 113
100 113
113
410 15
15
15 19%
203.6 2031
1
50
2)( 2)4,
18
40 15
18
94
10
10
110
10
14
14
20 14
9)) 484
51
52
51
12
550 10
10
1056
15 17
17
17
40
43
14,100 40
41
1
1)4
450
1
34
100 85%
89% 90
216
100
431 454
104 11% 9,350 10
584 563-4
13 56%
4
5
620
5
554
5
5
6
100
30
33
32
3.550 30
690 20
2851
2851 24
100 80
88% 8854
2734 26
284 4.250 1954
19
19
19
75 19
5
6
6,000
4
5.61
190 230
665 150
1 100 10
10
10
14% 164 96.000 12%
1516
11
Jan
May
June
May
Ain
Am
Jun
API
AM
Apr
Feb
Feb
26
Are
47% Apr
Feb 23
Apr
June 174 Ma.
Jan
724 Apr
Julie 2854 Apr
Apr
444 Ma,
June 117% May
Juni
22
Feb
June 28
Mar
Fen
34. Jan
22
May
May
June
16
Mar
Apr 16
Jan
Jan 52
June
June
1654 May
21
May
Mar
June 5746 Apr
Jae
231 Apr
Mar
Jan
Juto
June
mr
June
June
Ja
Jan
Jae
June
Feb
Jai
Jun
Jan
97%
934
22
6
411
7
6
51%
3361
924
ac 4
2614
31
292
13
27%
Feb
May
June
Amer
June
Apr
Apr
Jan
Feb
June
Feb
June
Mar
Apr
Feb
Jan
Feb
Apr
Jan
June
Apr
Apr
Feb
Mar
June
June
Apr
Pet
Apr
Apr
May
am"
234
1,300
Hall Printing Co com___10 2254 22
23
300
Harnischfeger Corp corn. •
2331
15% 1734
1,100
Bars-Carter Co eons pfd •
550
Hormel &Co(Geo)com A• 27
264 274
20
1,050
19
Houdahle-Hershey Corp A• 19
Class B
10% 11% 1.800
• 1031
250
Illinois Brick Co
26 2034 20% 21
Illinois Nor Util pref....100
100 100
58
25454 2854
600
Ind Ter Ilium 011 n-v A__• 2866
24% 12,700
Inland UM Inc class A___• 23
23
lazuli Util Invest Inc____• 5411 5154 55% 46,350
850
•
26 preferred
88
90%
Invest Co of Amer com •
44
300
39
274 3.850
Iron Fireman Mfg Co v 6 e• 25
25
2.550
Jefferson Eleo Co corn -• 3054 2914 32
Katz Drug Co corn
30
550
1
29
Kellogg Switebb'd com__10
451 4% 2,000
43i
Ken Radio Tube & Li
•
Common A
64 754
750
Kentucky 11til Jr cum p1.511 50
87
50
50
Keystone Si & Wire corn •
10
124 4,100
Univ com__10
La Salle Ext
154 14
60
2
-•
Lane Drug corn •$ 0_ .
2
800
254
Libby McNeill & Libby_10
13
14% 4,750
Lincoln Printing oom--_• 24 34
22
2454 2,234
MI
7% preferred
42% 42%
10
Lindsay Light corn
10
50
93.6 94
Lion 011 Ref Co com____• x22
204 23
2.450
Loudon Packing Co
• 4614 45
48
625
Lynch Glass Mach corn..
17
19
3,050
• 18)6
22
23
15%
25%
19
10%
1934
95
2854
23
5154
MI
39
22
28%
29
41.4
Jun
314
Jun
30%
Jun
27%
May 364
Jun
31
Jun
28%
Slay 27
Jan 101
47%
Jun
Jun
344
704
Jun
Jae
994
56%
Jun
lar. 29
513%
Jun
Jun
62%
84
Jar
534
50
10
1
2
11%
10
414
554
Pin
40
14
Mar
Jar.
June
June
June
June
Jan
May
Jan
Jae
Feb
Jan
McGraw Elea Co oom _•
19
20
600
Majestic Househ Utll corn • 30
294 46% 128.750
Marshall Field & Co oom.• 3611 3554 3714 5,050
6fanhettan-1)earborn orge•
29
314 2.400
Material Serv Corp com_10
350
164 19
Meadow A4 le Co wen __ •
151
151 254 1,150
Memphis Nat Gas com___•
100
1154 11%
Mer & MA•s dee Co A Cum • 2634 25
27
1,150
Mid-Cant Laundries A..
450
7
7%
Middle Wed Tel Co corn.•
23
23
50
Middle West Utilities new • 2754 25% 27% 223,850
• 100
$8 cum preferred
100 10031
650
Warrants A
800
2% 2%
23-4
Warrents B
351 4
550
Midland Nat Gas part A_• 144 13
16
4,050
Midland United Co oom--• 25% 24% 2614 5.700
• 43% 42
Preferred
4334 2.350
•
Warrants
334
2% 3)6 2.300
Rights
51 26,400
)1
Midland trill
1110
1064 110
485
7% prior lien
100
100 9851 100
108
7% preferred A
100
96 91
552
6% prior lien
9734
100
9231 95
133
6% preferred A
165
96
97
Miss Val Usi inv 7% et A •
•
94
50
94
6% Prior lien pref
11.200
2231 25
Mo-Kan Pipe Line coal- -6 23
si 20.100
I.
Rights
2,750
• 4914 48
50
Modine Mfg corn
150
16%
Monighan Mfg Corp A . 16% 15
210
9
10
9
Monroe Cocos Co oom„..•
• 23
254
23
170
Preks•red
7
94 6,900
8%
Morgan lithograph eom-•
•
314 34
50
3)6
Muncie Gear Co A
14
16
500
Muskeg mot Spec COCM A • 14
9
400
8
•
Common
11% 12
300
Nachman SprIngf'd corn.•
25
500
274
National Battery Co pref.'.
2554 274 1,550
Nat Elec Power A par1---• 26
154
300
154
13.4
National Leather onm _FII
45
45
50
Nat Pub Serv 5354 cony I0
4
•
300
41
44
41
Nat'l RAtliihIld• In, i
19
294
3554
29
1656
131
1154
1754
7
23
2554
98
134
8
13
2131
42
216
51
June 2734 Feb
June 74
Apr
June 6334 Feb
June 40% Ma.
June 25
Feb
June
44 Pan
June 2154 May
Jan 36
May
June 12
Jan
June 26% Jan
June 38% Apr
Jan 1084 Mar
Jan
54 Apr
Jan
8
Feb
June
183.4 May
Ja.
294 Feb
June 48
Apr
June
5
May
June
154 June
9434
91
81
84%
9556
91
18%
ine
48
10
854
23
7
2
14
8
1054
20
lb
13-4
45
41
Jan
Jan
Jan
Jan
Aye
Feb
Jan
June
Jai
Jan
May
Jun
Jun
Jan
Jun
Jun
Jun
Jun
Jai
Ma
Jun
Jun
154 Apr
51
Feb
22
Jan
3% Feb
Jan
2731 Apr
2931 Apr
4414 Apr
143
4 Apr
294 Apr
52
Apr
54 Apr
113
105
102
100
9854
96
3614
I%
7231
2154
lb
35
22
854
2431
14)4
254
31
384
234
50
01
Mar
Apr
Apr
Mar
May
Jan
June
May
Apr
Mar
Jan
Feb
Ayr
Apr
Apr
June
Jan
Jan
Feb
Anr
Mar
Imo
•
Nat Secur Invest Co corn.
•
Certificates
•
Nat'l Standard corn
Nat Term Corp part pfd..•
Nat On Radio Corp oom-•
Nobbliti-Sparke Ind com_•
North American Car corn_•
North Amer & El el A •
No Am Lt & Pr Co com •
& S Am Corp A corn-•
Northwest Banoorp com_50
Northwest Eng Co corn- •
North w't UtlI100
7% preferred
•
ntarlo Mill Co corn
Pacific Pub Serv CIA com.•
Parker Pen Co corn_ _10
Peabody Coal corn B. •
Perfect Circle (The) Co-.*
Men Wintertront com _b
Pmylnet Mfg Corp corn_.
•
•
Potter Co (The) corn_
Promo Corp common_ __•
'"uti fiery of Nor III corn."
100
Common
100
6% preferred
100
7% preferred
•
Q-E41 Dr Vry porn
Quaker Oats Co
•
Common
100
Preferred
Railroad Shares Corp coin •
Raytheon Mfg Co corn_-•
_
Reliance Interned Cory A.
4•1Ianr• NIfyi 15 .'n
IC
Richards(Elmer) Co pref_*
ti,,,
flume uf •
Ryan Car Co(The) corn.25
,Irrmom & Mon to emu. •
•
Sally Frocks Inc corn_
Sangarno Electric Co loin_•
Saxet Co corn
•eaboard trill shares Cur,•
Sheffield Steel eommon_ *
Signode Steel Strap
Purchase warrants
30
Preferred
Slayer :Are' Cast Co corn.
Sou Colo Pr Elec A com.25
Southw Gas dr El 7% p1100
Standard Dredge eon, P1.•
•
Common
Steinite Radio Co
•
•
stone & Co (13 0)oom
Storkline Pur cony pfri._25
Studebaker Mall Order A_•
Roper Mani core corn
.•
Sutherland Paper com-10
lb
Swift internatienal
26
Swift & Co Mfg
13
79
28
1254
44
39
19
654
1454
45
1254
79
2754
1251
354
41
37%
19
64
1334
414
23
Range Since Jan. 1.
Low.
550
1451
1,850
84
3056
400
400
1251
451
1.750
4534 22.850
1.750
41
2044
950
6655 33,500
1.500
16
1,950
4554
200
25%
27
I
396
41
35
19
84
134
4116
21
20
300
50
1,000
55
1.250
2,600
450
250
200
550
118
279
100
8,700
91
22
25
32
6
28
234
854
10
54
213
215S4
115
120
14
94
94
22
2356
224 2254
32
3354
7
7
29
28
32
231.4 26
84 10
854
1054 11
8
8
851
265 277
269
267 269
122 122%
12331 12314 1234
1451 15
1431
22
1254 June
Mar
Mar
Apr
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Jan
Mar
9834
35
38%
45%
934
4414
45
18%
20%
15
336
33234
135%
140
22
Feb
Feb
Feb
Mar
May
Apr
Jan
API'
Mu
Apr
Apr
Apr
Apr
Apr
Feb
June 293
Feb 122
June
934
June 35
June 16 3.4
June 1Q44
June 10
June
45,4
June 11
June 364
Mar 1754
40
Jan
June 16%
June 10
Jan 904
Feb
May
Jan
Apr
Apr
Apr
Jan
Mar
Mar
Jan
May
Feb
June
Apr
Apr
1
54 Jan
1954 June 25
3154 June 35
2254 June 2654
Jet 100
93
19% June 234
1654 June 324
Si Feb
334
June 3$%
7
12 .1une 18
18
6
My
June 34
12
14
74 Jun
29
June 38
2854 June 334
Jan
Mar
Feb
Apr
June
Mar
Mar
Apr
Mar
Jan
Jan
Mar
Feb
May
Fen
/5
11
216 200
200 21054
123 110
11454 11454 115
554
2.250
554
1.300 15
1854 1854 19
450
8
8
9
2,150
754
931
754 10
125
3
33-4
3)4
3
200 34
36
34
36
100
351
331
33.1
31.1
11,500 30
30
32
50 13
13
13
1.600 30
34
33
34
2.650 14
1444 14
15
7,600
5
554 654
5%
51
61
100 50
31%
24
9714
21%
17%
114
83-1
12
13%
32
2834
54
1954
314
24
97%
21
1654
154
711
12
6
12
8Si
30
284
50
so
54
194
311-4
24
9751
21%
18
141
834
12
7
154
9
3234
29
50
5
5
5.110
500
1.800
1,15
10
10
2,500
350
6.05
5,550
Hick.
261-4
1014
44
16
10
59
664
284
154%
25%
5554
31
June
Apr
Jan
June
,s
June
June
June
June
Jan
Mar
June
June
June
Apr
June
Julie
June
Julie
Feb
.ilo
Jan
Jan
Jan
June
Jan 474 Mar
36
36
37%
40
Thomson Co (J R) oom_25
2114 2254
200 214 June 324 Apr
Time-O-Stat Controls A_ •
June 26% June
Transfrirm Corp of Am com• 2254 2254 2354
1.500 21
54 June
51
Rights
34 June
51
4 1,700
17
May
13
Jan
25
1201 St store (The) pfd_A• 13
13
1434
51 Fe
)4 Feb
60
Warrants
64
54
June Issi May
11
Twirl states Nat Gas pi A.° 11
124 2,200 11
144 14%
450 1054 Jan 234 Apr
(het Corp of Amer pref_• 1454
United Am Util InoJune 224 Apr
20
20
100 19
Chess A
20
Apr
76
40 674 Feb 80
United Pub Urn $6 pfd__ •
76
.751 June 68
37% 3954 6.300
Apr
30 39
U S Uylasum
100
120 120
10 1144 Mar 121% June
Preferred
June 20% Mar
100 12
1254 1254
U H Lines Inc pref
•
5
Jan
2.150
16
294 May
18
U B Radio & Telev oom-• 17
44 Jan
751
13% 744 1.950
Utah Radio Prod corn-.
1074 May
June 23% Feb
1254 1341 8,300 12
QUI & Ind Corp com-_• 13
June 29
2154 4,300 21
Feb
Convertible preferred__2151 21
June 4634 Apr
800 30
30
32
Util Pow & Lt Corp A___• 32
Mar
June 2$
1,350 14
15% 17
Common non-votIng_-_• 1654
2954 Apr
49 25
Jan
Viking Pump Co pref___•
273.4 274
• 2254
2156 224 1,200 OM Jen 254 Apr
Vortex Cup Co
Apr
650 264 Jar, 34
• 264 2654 2354
Class A
Jun
Fen
14
200
514
554
•
Wahl Co common
May
Jan 35
212 28
Wayne Pump Co cony pref.
32
33
12% Jan 28
May
1.400
244
West (Orr I'M In, el A
2254 22
June
17
750 1154 Jan
14
1611
Western Grocer Co com_25 1654
Feb
730 24% ran 28
Western Pr Lt & Tel A. _• 2555 2554 2654
954 June 24
Jan
250
Nectar!. Radio Stores cons.
954 1054
954
34
June
100 26
May
27
27
Wiebolut Stores Inc
•
,a
400 ss
55%
6931 May
52
Winton Engine Co oom_ •
11 54 Jan
May
Wisconsin Bank She Imre ID
10% 45,650 10
1014 10
Apr
8
40
456
Wolverine Portl Cem cap 10
434 June
454
7.
12
Jan
18
Mar
13%
13
Woodruff&Edw Inc part A•
Mar
1.200 2556 June 31
2554 26
Yellow Cab Co Inc(Chlo)-•
8,350
561 Jan
8% 8%
184 June
Zenith Radio Corp oom__•
8
BondsAlbuquerq Nat Gas 6543'46
100
Appalachian Gas 6s___1945
98
Chicago Rye
1927
58
79)4
Ctfs of deposit
1927
78
5s series A
5654
1927 60
5s series B
4054
1927
Commonw Edis1953
lst mtce Tai A
104
1st mtge (is
113
1943
iiiv 6,4
154.
10054 9954
:Northwest Elev 5.9. _1941
84%
Pub Sere Co No 111 58 C '66
1014
1964
554s B
106
SOLI Nat Gas Corp 66_1944
97
Southw Nat Gas 6s. _1945
97
Swift & Co let m f et 58_11144
102
10051 $5000 100
20.000 98
98
79)6 2,00
1.00
78
11.00
60
28.000
44
104
113
100%
85
101%
106
97
97
10256
1.000
5.00
374.00
30 00
1.000
1.001)
12.000
2(1.000
3.000
May 1004 June
June 10414 May
7131 Feb
Feb
70
4054 Jan
32
Jan
8354
8234
64
50
May
May
May
May
Mar
Feb
June
Jan
June
June
May
June
F.I.
10451
113
112%
85
10)54
106
100
100
11)24
June
June
Mar
June
June
June
May
June
June
102
109
98
77
101)1
106
97
97
MO%
• No par value. z Ex-dividend. y Ex-rights.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market from June 21 to June 27,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
5
Aero Klemm
Allegheny Corp warr: w d__
American Austin Car_ ___• ---536
•
654
American Corp
Warrants
•
American Eagle
3-4
Andes Petroleum Corp_ •
Appalachian Gas warr
8
Assoc Gas & Elec 1930 rts
254
Opt stk purch rts w
•
Atlantic Gas
Automotive Standards..*
34
36
54 6%
554 6
134
611
151
134
3-4
54
.30
.31
236
35-6
651 8
216
23.6
18
184
it
34
3,600
400
600
400
700
2.400
2,000
1,000
2.300
3,300
200
1,200
Range Since Jan. 1.
Low.
36
4
37
556
6
154
66
.30
24
554
256
18
54
June
May
June
June
June
June
June
June
Jan
June
June
June
High.
2
.3311
634
7
2%
1%
.83
7%
20
636
2054
454
Feb
June
June
June
May
Jan
May
Apr
Mar
Apr
June
Mar
4588
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices. Week.
Stocks (Continued) Par Price
High• Shares.
Range Since Jan. 1.
Low.
Bagdad Copper Corp_
_1
1.10 1.20 3,200
Bank U S units
404
40
50
Bangor Hydro-Elec
25
100
51% 514
B G Sandwich Shop,_.'
500
334 4
Big Missouri
1
.50
500
.50
Cent American Mines____1
.45
.45
.45 1,000
Cent III Sec A C
25
25
25
100
Chase Bank
20
117 117
20
Claremont Investing
6
6
100
*
Claude Neon Lights
2,000
84 9
1
9
Color Pictures Inc
7
100
7
•
Columbia Baking
2
100
2
•
2
Como Mines
1
1.00 1.75
300
Cons Chronium Corp....* 104 104 104 3,500
A
600
25 30.4 304 30%
Detach Bit
100
8% 8%
•
834
Detroit & Canada Tunnel.*
54 64 5,700
634
Diversified Trustee Ellis C__
100
7% 74
794
General Motive Control_ _•
134 1;000
10
Golden Cycle Corp
13
400
14
10
Halifax Fire
900
10 214 21% 21%
Hamilton Gas
300
54 54
Home Fire
100
10
19% 19%
Hydro Elec Sec Pr
10
100
10 10
10
Home 011 Co Ltd
100
4
4
•
Int Bankstocks A
100
16
16
•
51% 51%
Int Hydro Elec Power__ *
300
4
200
4
A warrants
Internet Rust Iron
1% 1% 8,900
1
114
18% 194
Internet Natural Gas...." 1934
200
26
100
26
Internet Securities B '
•
Investment Trust
100
23
23
•
Ironite Ironer Co
300
334 394
10 4634 434 434 5,400
Irving Trust
•
4% 44
44
Jenkins
900
•
200
Kane Stores
3
316
•
124 124
Kaybee Storm
100
1
Kinner Air
tic
% 1,100
44 4%
•
Lantern Nitrate
400
41
41
MacFadden pref
• 41
100
Majestic House
• 3914 374 44
5,300
Manufacturers Trust_ _25
90
55
9334
1%
Marwin Radio Tube
1
•
1
800
Maxweld Corp
84 9% 1,300
•
934
Mexican Oil & Coal
300
435 434
5
434
High.
1.07 June
40 June
444 Feb
34 June
.49 Mar
.45 June
25 June
117 June
6 June
8 June
7 June
2 June
1.00 June
104 June
404 June
834 June
Jan
4
74 June
Mar
9
13 June
2134 June
Feb
4
19 June
10 June
4 June
June
16
5134 June
4 June
134 June
1894 June
26 June
23 June
24 Apr
434 June
24 Jan
3 June
Apr
9
34 June
434 June
41
June
374 June
90 June
gi Mar
84 June
44 June
3.00 Jan
Feb
91
514 June
10% Apr
1.00 Jan
.45 June
25 June
1794 Mar
84 Apr
19% Feb
14% Feb
44 May
2.25 Apr
124 June
32% May
8% June
3( Apr
74 June
June
16
1515 Mar
21% June
7% June
204 June
10 June
4 June
17 June
5434 May
8% June
Feb
3
Mar
32
26 June
45% Jan
64 May
7734 Mar
69
Apr
May34
14% May
14 Mar
104 Apr
454 Feb
72% May
Mar
3
104 May
3
54 ir
5 June
Stocks (Concluded) Par
[VoL. 130.
Friday
dam
Last Week's Range for
Sale
of Prices.
Week.
Pries Low. High. Shares.
National Harris Wire A...I' 14
National Liberty Ins
5
N Y Rio ,k B A warrants_
Nordon Corp Ltd
5
North Amer Trust Shs_ _ _9
North & South Am B____.
534
North Butte Mining_2.50
Ohio 011 new w 1
•
Pante Simons rights
Petroleum Conversion _5
Og
Phoenix Oil
25c
Phantom 011 w I
• 2034
Philadelphia pref WI
•
Photo Color N w I
*
754
Pollak Mfg
•
Roovers Bros pref
5
Saranac River Power
• 32
Scrugg Vandervroot____25 104
Seaboard Fire Ins
25
Seaboard Utilities Sits warr
Shamrock Oil & Gas
*
Sherri% Gordon Mines.. _1
Splitdorf Bethlehem
*
3
Swedish Ball Bearing _ 100kr 5434
Sylvo3tre Utilities Co A *
294
Trent Process Corp _ _ *
134
Union Cigar Co
10
Union Oil Calif deb Raw d
Util Hydro & Rails w w....•
94
Warrants
Venezuelan Hold
*
Wing Aeronautucal
10 12
BondsAPPalachian Power 5s.1941
Assoc Gas Gas & Elva 6s'99
European El deb 6 As wi'65
Gen Pub Util 614e_ _ _1956
Jer Cen P & L 54s.„1945
McKesson & Robb 548'50
New Eng Pow deb 514s '54
New On Gt Nor 5s_ _ _1955
Standard G & El 6s._ _1966
• No par value.
12
12
2
1
84
134
1.50
2934
so
9
.60
204
9935
74
14
354
264
104
16
ai
134
1.50
3
54%
2%
1
'ii
4
84
4
24
10
101
66
77
92
10215
95%
94
72
1004
Range Since Jan. 1.
Low.
High.
1,300 12 June
14
400 12
June
1234
300
34
14 June
2
1
200
June
84 June
200
9
2
200
134 June
1.50
1.50 June
200
3134 3,900 2934 June
400
hi June
sis
11
2,400
9 June
.60
500
.60 June
Apr
204 2,700 20
994
200 9934 June
74 15,600
734 June
14
100
14 June
100
3% Feb
354
32
Apr
2,700 20
104
100 104 June
164
Jan
200 15
4 2,200
4 Jan
15
400 1334 June
1.50
100
1.50 June
334 1.200
24 Feb
55
500 544 June
3
1,000
24 June
14 3,000
14 Jan
4 2,000
lit June
124
200
4 June
1.400
93.4
854 June
1
1,000
4 June
274
24 June
100
124
84 May
700
June
14
184 Apr
34 June
2.10May
1034 Apr
May
4
5.50 Jan
3434 June
lit June
134 Jan
.65 June
2234 May
994 June
7% June
24 May
434 Apr
32 JUDO
1034 June
20% Apr
14 Apr
Apr
28
3.12 June
534 mar
Apr
64
354 Apr
334 Feb
ai June
1234 June
1134 May
Apr
2
274 June
124 June
101
June 1014
81,000 101
66
1.000 66 June 88
77
7,000 75 June 77
92
10,000 92 June 934
1024 5,000 1024 June 1024
9574 10,000 9534 June 96
94
1,000 94
June 94
72
6,000 74 June 7431
100%
1,000 1004 Apr 102
June
Mar
June
Mar
June
May
June
Apr
Apr
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 Market for the
week beginning on Saturday last (June 21) anti ending the present Friday (June 27). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include very security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended June 27.
Stocks-
Indus. & Miscellaneous.
Acetol Prod cony A
Aero Supply Mfg Cl A__ •
534
seri) Supply Mfg CI11118 B.'
Aero Underwriters Corp...* 11
*
Agfa Ansco Co corn
Ainsworth Mfg com___10 18
44
ter Investors raim vs o__ •
Convertible preference.*
Warrants
Ala Gt South ordinary_ 50
50
Preferred
Alexander Industries
•
All Amer General Corp-2
0 17
•
Allen Mfg prof A
•
g
Allied Mills Inc
• 245
Aluminum Co corn
100 1064
Preferred
Aluminum Goods Mfrs. •
Aluminum Ltd
•
Preferred
Amer Beverage Corp
•
•mer Brit & Coot Corp- •
Amer Brown Boveri ElecFounders shares
•
Amer Capital Coro COrti IA •
•
$5.50 prior Prof
•
$3 preferred
Amer Cigar com
100
Amer ColortYPe Co
•
Amer Cyanamid corn 13..•
Amer Dept. Stores Corp_ •
American Eaultlee com„.•
Amer investors er B eem.
•
Warrants
Amer Laundry Mach_ •
Amer Mach & Fdy new___•
Amer Maize Products
•
Amer Mfg, coin
100
Amer Phenix Corp
50
Amer Salamandra Corp.25
5
Amer Thread pref
Amer Tobacco new w L _
Class B w I
7
28
1834
14
gsi
40
533.4
33s
112
11234
534 534
1934 1954
536 64
11
11
234 2315
19
16
34 434
1134 114
194
154
10234 10234
12836 129
2
2
17
17
8
8
84 94
212 250
1064 10614
18
184
150 150
994 994
635 7
4
4
714 8
74 84
61
61
31
31
70
67
284
28
174 1974
3
3%
1354 1434
74 84
334 354
534
50
4034
37
32
31
4714 48
284 29
533( 5435
334 33(
111
11234
1114 116%
74 834
Am Util & Gen B v t e..--•
84
4
Amer Yvette Co cont.....
2
4
zo
8%
Anchor Poet Fence corn_ •
2234
Anglo-Chile Nitrate Corp.
• 264 25
Arcturus Radio Tube__ •
9
8
13
13
Art Metal Works com____.
4
al
Associated Dyeing & Print*
Aseoc Elm IndustriesAmer dep rets ord sris_gl
5% 514
Associated Rayon corn__ •
23.4
23.4
6% cum cony pref.„100 3834 3834 43
11
11
A tlantic Coast Fish. con •
4
si
Atl Fruit & Sugar
•
Atlantic &cur Corp corn •
154
15
Atlas plywood Corp
15
1634
•
104 103.4
Atlas Utilities Corp coin. •
Warrants
334 4
436 54
Automat Music Instill A•
44
Automatic Voting Mach__•
44 5
10
10
Cony prior panic stk. •
344 43
aVtlit1012 Corn of the Amer* 43
Aviation Credit Corp. •
1434 1434
Aviation Securities Corp_'
153( 1534
122 125
Babcock & Wilcox Co_ _100
2.4 24
•
Bahia Corp com
254
24 24
25
Cum preferred
454 454
Bancomit Corp
•
9" 034
itellanca Aircraft com •IC'
34 34
Benson & Hedges coin_ -•
•
16
16
Bickford's Inc corn
- InI, 1°1,4 21
Is
Range Since Jan. 1.
Low.
High.
Friday
&CU
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. LOW, High. Snares.
Blue Ridge Corp com____•
Apr
Opt 6% cony pref....50
June Blumenthal (Sidney)&Co-*
Mir 'giallo% Inc
•
Mar Bower Roller Bearing__ *
Apr Bridgeport Mach com
*
Apr Brillo Mfg cons
•
Apr British-American Tobacco
Apr
Am dep rcts ord bear. .CI
May
Am den Ms reg shs_.C1
Mar British Celanese Ltd
Apr
Am dep rcts ord reg
Apr Buren Inc coin
•
May
6% cony pref with war 50
May
Warrants.
Feb isorma Corp Amer dep mu,
Apr Butler Brits
20
June .
'able Radio Tube v t rt.. •
Campe (The) Co com- •
1,200 18
June 2434 Apr Carnation Co common _...•
Jan 232
200 108
Anr Pekinese Corp of Am corn •
200 9914 June 99% June
7% 1st partIc pref._.100
300
5
Mar 1034 Apr
7% prior pref
100
100
3% June
8 V, Mar C.ientrifugal Plim Corp- •
Chain Stores Devel corn_..'
74 June 13
500
Apr Chain Stores Stocks Ino_.•
June 1314 Ale Charts Corp conimon__ *
1,100
7
100 604 June 80
Mar Chatham & Phenix Allied
100 31
June 40
Mar Chemical Nat Associate..•
250 67 June 90% Mar
600 204 Jan 334 Apr Chicago (The) Corp com.•
41,000 1754 June 37
Mar Chic Nipple'Mg el A_ .50
6
Jan
3
900
Feb Childs Co pref
100
5,200 124 June 22
Mar Cities Service common...
•
9,300
74 June 1034 Apr
•
Preferred
3,400
24 June
754 Mar
Preferred 13
•
300 50 June 75
Mar City Mach & Tool
•
3,300 34 June 5434 May Clark (D L) Co
•
June 404 Apr Clark Lighter Co cony A.•
200 31
125 42 June 6034 Mar Cleveland Tractor corn.. _•
May 48
300 25
Jan Cohn & Rosenberger con].
•
200 5336 June 624 Mar Colombia Syndicate
3 June
700
34 Feb Columbia Pictures com _ •
June 11214 June
300 111
Corn vot trust infs
•
26,100 11134 June 11654 June Consolidated Aircraft____'
Consol Automatic
74 June
1554 API
25.900
Merchandising corn v t o•
174 June
3,400
53.50 cum cony pref._ •
7% Jan
2,800
6 June 1454 Feb Como) Dairy Products.-•
4,400 154 Jan 4334 May
Conaol Instrument com-•
8 June 2334 Mar Como!Laundries corn_ _.•
2,000
June 2734 Feb Cone RetallSt's Inc com_ •
100 13
34 Mar
4 June
8% Prof with warr_ _100
700
Continental Chic Corp Pt*
Apr Contin't Shs cony pf_100
8
4,400
54 June
636 Mar
24 June
100
Preferred B
Apr
500 3854 June 60
Jun,. 2834 Feb 000P-Bessemer Corp coin •
100 11
slit APT Copeland Products 01 A-•
200
34 Feb
AM
Without warrants
June 26
400 15
Misr Cord Corp
JUno 26
500 15
5
144 May
Corporation Sec of Chic_•
600 1034 June
May Corroon & Reynolds com.
5
394 June
300
•
36 pref clam A
1,400
434 Juno
153-4 Feb
•
315 June
854 Feb Courtaulds Ltd
400
Am dep rots ord reg_11
934 Mar 1734 Feb
100
Apr Crocker Wheeler corn._ ..•
3,500 2454 Jan 55
Apr Crown Cork Internal cl A•
1,500 143.4 June 18
Apr Crown Cork & Seal pref_'
19
734 Jan
700
Mar Cuban Cane Products warr
Jan 141
50 122
614 Mar Cuneo Press corn
24 Feb
500
•
634% pref with warr_100
134 Feb64 Mar
100
600 454 June 5034 Feb Curtiss Airports Corp v t c•
2
00
AA Jai
may Curtisa-Wright Coro warr.
18)4
100
331 June
634 apr Davis Drug allot ctfs
Mar Dayton Airniane Eng nom •
100 14% Jan 21
1 Anil zIR
June 30% Feb Deere & Co new atm w i •
200
100
2,000
600
200
1,100
700
100
200
25
100
700
100
103
1,200
2,600
200
534 June
1934 June
54 June
10 June
Feb
19
16
June
34 Jan
114 Feb
134 June
1024 June
Feb
126
iss Feb
Jan
16
8 June
84 June
210
June
1054 Feb
13
1934
13%
2334
34
334
934
24
24
13234
141
44
234
10
154
356
10936
84
354
535
1134
4
734 84 17,800
11,300
3334 36
2514 2514
100
54 54 1.300
1134 12
30:
1,000
4
3
200
736 74
2554 26
2536 254
2
9
304
19
614
8236
454
10
174
1854
400
101
34
7
39
2
254
9
3
11
304
19
614
8274
64
n534
114
25
19
204
300
600
400
300
500
1,200
200
100
400
1,700
325
25
2,000
3,800
1,200
800
5,400
9,500
234
7
39
2
2
84
3
11
284
17
60
8234
64
434
10
25
1734
1774
Ran1I Bides Jas. 1.
High.
Low.
64
334
254
5%
1134
234
74
June
June
June
June
June
Jan
June
2534 June
254 June
1534
4434
444
II%
20
5
1634
27934 Jan
2834 Mar
24 June
54 Apr
June 1034 Apr
7
June 41
39
Jan
2
June it 33.4 Apr
2 June
334 Jan
834 June 1734 Jan
2% June
94 Mar
June 15
11
May
2634 Jan 33
May
17 June 35
Jan
69 June 90
Feb
794 May 90
Apr
44 Jan
854 Mar
2 s., Mar
834 Mar
Mar
17
954 June
204 June 3234 Mar
174 June 25
Apr
1774 June 2454 Apr
104 104 1,500 1034 June 17%
14 14
100
114
114 June
110 110
6
100 10 4 Jan 114
2634 2534 2734 199,200 244 June 4414
8834 8834 8974 2.600 88
Jan 9334
200
831 84
9
734 June
14
14
100 14
June
28 34
16
13
10
200 13
June 194
%
4
ai
200
14
34 Jan
19
15
15
1,400 15
June 3614
10
10
10
100 10 June 144
its
54
34 9,
4
100
sit Feb
33
34
400 24
Jan
5534
34
35
300 334 Apr
544
174 1734 184
400 15
Jan
2736
34
334
1354
24
254
11
12
7
z88
44
71
76
71
Mat
Apr
Feb
Apr
Apr
Mar
Apr
4 6,000
4 Jan
34
100
134 Jan
1495 2,100 1354 June
24
1,500
234 Jan
12
3,200 10
Jan
2791
7 June
800
88
- 90 488
June
44%
400 44 June
79
June
290 71
72
June
100 71
Apr
June
May
Apr
Apr
Apr
Mar
Apr
Jan
AM
Apr
Jan
Apr
Ayr
Apr
1
5
19
614
16
13
93
46
79
72
Mar
Mar
Jan
APr
Mar
Feb
Feb
June
June
June
57
May
4574 50
615
204
10
16
94
30
384
14
3
3%
91
1,200
28
734 74
64 7
1934 21
934 1034
72
67
400
6,500
2,500
2,100
700
5
6
1934
954
67
123.4
1734
274
2054
92
May
Apr
May
Apr
Apr
104
153.4
94
30
4
364
90
234
1%
3
34
83
100 104 June 134
3.800 15
June 34
500
934 June 1234
150 30
Feb 8554
1,800
sit Mar
1
Mar 514
1,900 34
200 854 Mar 95
24 Jan
100
64
4,900
134 Jun
4%
Jan
2
200
434
4,700
234 Jun
834
9,300 83 June 16254
Feb
Apr
May
Apt
Apt
Jum
Jur%
Apt
Ars
mat
Pet
Aug
1034
1734
104
30
71
3834
90
23(
2
3
4%
96
Jan
Jan
June
June
June
June
JUNE 28 1930.1
4589
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
eft0Cit
,
,, Aert
, ,
Sawa
Friday
Last Week's Range for
Week.
of Prices.
Sale
Pries. Low. High. Shares.
Range Since Jas. 1.
Low.
June
June
Jan
Jan
Feb
High.
Alm
8% Apr Marine Midland Corp_ _10 30
2% Jan
Apr
3% 3% 11,600
334
De Forest Radio com.---•
Marion Steam Shovel__ •
May
De Heelland Aircraft
Am _•
Mavis Bottlins Goof
8% May
6% Feb
200
6% 634
May
Amer dep rcts ord reg_ll
9 June Mayflower Associates Inc.* 61
4% June
4% 5% 5,700
May
5%
Detroit Aircraft Corp.-.
Mar Mead Johnson & Co corn.* 64
200 1634 June 27
16% 17
Detroit Gasket & Mfg_ •
4 June Merritt-Chapman & Scott
4 June
100
4
4
Feb
400 16% June 20
16% 17
Dictograph Products new
• 17
Common
June 22% May
1,300 16
17
214 Jan
16
1% Jan
600
Diesel-Wernmer-Gilbert. •
1% 1%
•
Apr Mesabi Iron Co
20 162% Feb 172
164 165
600 25% June 33% Apr
(Joseph) Crucible100
25% 26
Dixon
5
Apr Mosta Machine
9% June 23
3
Feb
934 11% 2,000
134 June
100
134 1%
Doehler Die-Casting sem_•
2,400 12% Jan 23% Apr Metrop 5 & 50c Stores A_
19
Mar
2
18
1 June
• 19
200
134
1
Douglas Aircraft Inc
•
Class B
Mar
400 60 June 65
60%
60
• 60
851 Jan 1634 May
Draper Corporation
1331 5.800
Jan 6614 Apr Metal & Min Mimes corn.* 1334 13
1,600 31
40
Jan
7 June 30
1034 1,400
7
Dresser(SR) Mfg Co cl A• 3734 37
734
400 3134 June 44% May Metrepol Chain iltorm___.
3234 33
• 33
Class B
17% 1834 1,300 13% Jan 24% May
Jan 10814 Am Midland Royalty 112 pref..
1,300 41
50% 56
Mar
_30
1634 1934 12,300 1514 June 22
Driver-Harris Co com_
98% June 10334 May Midland Steel Prod 2d pt_. 1934 24
10
9834 98%
100
Jan 29% Feb
100 22
7% preferred
24
4 June 13% Jam Midland United Co eom. •
3,100
4% 6
234 June '4 May
200
Dubllier Condenser Corp..
234 234
234
Warrants
7
Jan
234 June
2% 23( 17,700
Apr
2%
•
800 50% Feb 58
Durant Motors Inc
54
54
•
454 June Midvale Company
June
1
3% 1,200
2
2
300 26% June 3314 Mar
Durham Hosiery cl 13.- •
2634 29
Apr MWer (1) & Sons com____• 29
534 June 21
5% 734 1,800
•
Mar
8% June 15
100
Duval Texas Sulphur
9% 934
9%
•
7% Jan 12% Apr Monroe Chemical
2,800
8% 934
2% Feb
-3( June
8%
800
East Util Invest corn A---•
M
3.4
11ontecatlni M * Ater war
Educational Pictures
200 37 May 44% June
3934
38
Apr Moody's Invest panic pf..•
Jan 30
100 13
19% 19%
7% June 12% Jan
8% pref with wan_ 100
10,700
7% 8
8
Mar Nat American Co lira- __•
9% June 23
6,700
934 10
• 10
814 Jan 2114 Apr
Eisler Electric corn
934 1034 5,700
• 10
11,700 19 June $9% Apr Nat Aviation Corn
1934 22
50 10 June 33% Jan
Elea Power Associates eom• 21
10
10
Apr Nat Bancservice Corp_ •
2034 11,700 1634 June 27
• 1834 18
700 3334 June 51% Apr
Class A
Mar Nat Bond & Share Corp-• 3634 3334 3635
2,900 1514 Jan 22%
19
Feb
Else Shareholdings com • 1834 18
300 14% June 20
1434 14%
•
Apr Nat Container pref
Jan 108
700 82
92%
90
May
May 108
Cony pref with warr_ •
700 104
105 105
100 15 May 21% May Nat Derry Prod pre A_100 105
16
16
Mar
Electrographic Corp corn.*
12% 1334 1,800 12 June 20
som_ •
800 12% June 15% Feb Nat Family atom
12% 1234
Jan
Empire Fire Insurance-10
500 18 June 26
1831
18
5 June 1334 Jan
$2 prof with warranta_25
100
5
5
•
Feb
June 30
Empire Steel Corp
• 1231 11% 13% 6,100 11
22% Jan 30 May Nat Investors cam
10
25
25
234 Apr
1% Mar
Employers Reimer Corp 10
100
1% 1%
I%
10
Mar Nat Leather corn
1,600 12% June 23
12% 14
Europ El Corp Ltd el A_10 14
200 10 June 15% Feb
10
10
Mar Nat Mfrs & Stores Corp_ •
9
3% June
431 1,10
4
Warrants
400 14% June 2734 AR
14% 1634
Feb Nat Rubber Mach'y com..•
700 10% June 22
10% 11%
15% Jan 825( June
Ex-cello Aircr & Tool com•
30% 1,00
30
Jan
9% May Nat Screen Service
2
434 4% 2,400
12 May 14344May
Fabrice Finishing corn. •
13% 14% 2,70
14
Feb 68% Mar Nat Short Term See A _
48
3
4934 50
100
Jan 76% Apr
50
Fajardo Sugar
2,80
56
53
_ •
234 Apr Nat Steel without warr
34 Ma
500
May
3134
•
Jan 35
l'andango Corp corn
200 29
3034 3034
•
Jan 13
Feb Nat Sugar Refg
7
8% 1,000
8
834
3 May 10% Apr
Fansteel Products Inc___*
434 2,60
4
411
Jun
11% May Nat Union Radio com___•
854
300
934 9%
•
14% Air
8 Jun
Fedders Mfg class A
500
8%
8
8%
Apr Nebel (Near) Ins ate-.
9
5% Jun
700
531 6
•
Federal Bake Shops
400 13% Feb 26% Apr
16
1634
•
15 June Neet Inc class A
200 15 Jun
15
15
Apr
Federal Mogul Corp
*
700 16% Jan 26
18% 19
•
42% Apr Mehl Corp. corn
18% Jun
31% Feb
Federal Screw Work....... • 18% 18% 20% 2,200 50
100 2034 Jun
2034
20%
Jan 59% Apr Nelson (Herman)Corp---5
100
50
50
Feb 2234 Apr
100 17
Ferro Enamel class A- •
2034 20%
3234 Apr Neptune Meter class A. •
17 Jun
17
17% 1,100
Mar
49
Fiat. Amer de° receipts- 17
100 3034 Jun
31
31
6
Jan Newberry (J J) Co com •
2 May
200
2% 234
Feb
Jan 101
Financial Investing Corp.*
250 95
9734 99
100
7% preferred
19% 7,800 1334 Jan 34% Mar
Mar
42
Fokker Alla Corp of Am-• 18% 17
263( 4,900 22 Jun
• 2234 22
Apr Newport Co corn
Mar
5
9%
900
534
5
5
•
7% Feb
Foltis Fischer Inc corn....
3% Jun
700
3% 3%
New Mex & Arts Land.-1
May
Jan 18
8
Ford Motor Co Ltd9% 4,100
8
8
Buenos Aires AL'
Jan 1914 Max
Jan 21% Apr
Amer dep rcts ord reg_ el 1434 1434 15% 15,800 10% Feb $3% Apr N Y RioShare of Md.- 10 1331 1334 14% 3,500 12
Nieman
Ford Motor of Can 01 A---• 2934 2834 31% 5,600 28
4514 Mar
3,000 25% Jun
Jan 58
Jan Nilee-Bem't-Pond corn...' 2734 2534 28%
36
21% Mar
Class B
1134
500 10 Jun
10
1334 Jan 123( May Noma Elm) Corp corn ___• 10
Apr
Ma
5
Ford of Frame Am dep rcts 1034 10% 10% 1,600
2
4,200
2% 3
234
4
Apr 10% Mar No Amer Aviation warr A_
300
5
5
24
MAY
Foremost Dairy Prod corn •
100 14 Jun
15% 1534
454 June 24% Jan North & Sou Am Corp)._ •
400
4% 5
5
Foremost Fabrics com___•
800 2134 Jan 3134 Apr
2134 2234
Engineer cone... 22
Northwest
Feb
76
Foundation Co
50 65% Jun
•
66%
66
234 Jan' 754 Jan Ohio Brass class B
100
331 3%
Foreign she class A- -•
7% June 11% Apr
731 8% 1,400
•
234 Jan 17% Apr Olkstocks Ltd el A
8% 9% 13,700
8%
Fox Theatres class A tem.*
8% Feb 1134 June
400
9% 9%
•
211
Jan 33% Ape
Class 13
Mar
Garlock Packing com----• 22% 2034 22% 1,000
334 Jan 13
400
5% 7
6
6% Mar 14% May Outboard MotCorp OOM B•
900
9% 10
18% Mar
General Alloys Co
400 1014 Jan
12% 13
•
254 Mar
4% Jan
Cony pref class A
2% 2% 14,200
234
Jan 10734 May
Gin Baking Corp corn •
100 49
90
90
5,400 27 June 114)4 Jan Pacific Coast Biscuit prof *
29
• 2734 27
Preferred
300 11%,June 1454 Jan
113( 1131
Apr Pacific Commercial oorn-•
300 40 June 59
43
40
Gen'l Capital Corp corn..t
600 2434 June 27% June
24% 2734
26
Pacific Finance Corp
Gin Else Co of GS Britain
4 June 1.3% Jan
2,000
4%
4
4
Apr Paramount Cab Mtrt oom_•
11% 16,900 1031 May 14
American deposit rota-fl 1134 211
1,300 20 June 29% Mar Parke, Austin & Gipscomb
22
20
• 20
Apr
Gen'l Empire Corp
100 16 June 18
16
16
•
Cony panic pref
• 2734 27% 29% 1,500 2734 June 37% Apr
Apr
Gen Fireproofing corn
300 3234 June 41
3234 32%
•
5 May 10% Jan Parke Dave & Co
6% 1,900
5
Gen Laund Mach Corp_ _•
June 3534 Feb
50 11
15
15
3 June
5 June Fender (D) Grocery el 13.5
300
5
3
Gen Parts Corp cony pf_ _•
10% 11% 56,800 10% June 16% Feb
Ape Pennroad con)corn•t o • 11
Jan 86
1,800 21
Gleaner Comb Harvester • 2714 25% 29
F.b
530 85 June 105
Do
85
100 85
13,600 75 June 131% Jan Pepperell Otte
98
75
• 80
Glen Alden Coal
Mar
331 June 19
3% 534 1,500
10 June 16% Feb Perryman Elea Co Inc-.
10
1134 3,500
Globe Underwrit Exeh_ •
Apr
Jan
54
9-16 11 16 5,300
21% 49,900 18 June 46% Apr Phil Morris Con Inc corn.'
Heldman-Sachs Trading...* 2034 18
100 1334 tJan 21% May
16
16
134 June
Apt Philippe (Louis) corn B_ •
6
2% 2% 2,800
2%
Gold Seal Electrical Co_ -.•
200 2034 Lien 3534 Jan
32% 33%
Jan 39% May Pie Bakeries of Amer el A...
400 30
3134 33%
Gotham lre3 $3 pt with w_•
7%Pune 12% Mar
100
8
8
34 June
•
334 Feb Pierce Governor Co
34
% 1% 2,000
,
Gotham Knitbao Mach434 June lb% Apr
1,400
434 6
6
Pilot Radio & Tube el A-.
Gramaphone Co
1734 June 26% May Pitney Bowes Postage
80
17% 17%
Am dep refs ord reg._11
Jaa 20% Apr
11% 1214 2,400 10
Mar
•
1,100 29 June 44
32
29
Meter Co
•
Graymur Corp
Jan 25 May
500 13
16% 18
Jan PIttahurgh F01101181 Co..
11 115% Jan 122
117 118
Ot Atl & Pao Tea let pt 100
Apr
Jun 130
106
106 111% 1,65
Mar Pitts Sr L E RR
50
100 118 June 260
180 194%
•
Non vot corn stock
100 4514 June 59% Apr
46% 46%
31 June Pittsb Plate Glass com__25
1,600 26% Jun
• 2734 26% 28%
New when issued
r834 Jun
18% Ate
40
2854 9
20
Mar Pelmet Mfg
300 1034 Jun
1034 12
.•
Greenfield Tap &
100 49 June 5734 Jan
49
49
•
Pratt & Gambert Co
Die__Grier (3 M) Storm $7 pref
Feb
30
27 Jun
20
27%
27
55 May 55 May Prentice Hall panic stk • 27
10
55
55
with warrants
8% Jan 1514 Apr
38,00
9% 10%
14% Feb Prince &Whitely Trad eon)* 1034
11% 1,600 10 Jun
10
Grocery Stores Prod v t(3_0
Are
44
3634 2,700 35 Jun
• 35% 35
Apr
700 29 June 49
30%
prat A
29
113 eonv
Guardian Fire Amur._ __10
Jan
3
5% Apr Propper McCallum Hosiery
300
3% 3%
334
.•
Guardian investors corn.
Mar
20
714 Jun
100
734 7%
29
Jan
500 24% Jun
24% 2654
Mills common
(RUM RUM Lawn
Guenther
Apr
Jan 101
3. 93
100 10034
16
9 Jun
Jan Prudence Co 7% pref__100
100
93( 9%
Hall (C M) Lamp Co._.•
Mar
23
1834 May Prudential Investors corn.. 1334 1234 1454 5,700 12% Jun
100 14 Jun
14
14
Ilambleton Corp com_ •
Ltd
Public Utility Holding Corp
Handley-Page
27% Apr
19,100 15% Jun
234 Fe
334 Apr
200
2%
2
• 15% 1534 17
corn with warrants
Am dep rcts for prof-4 June
914 Apr
400
4
4
100 18% Jan 35
May
22% 2234
•
Warrants
Hazeltine Corp
Apr
75( June 19
600
731 8
3% June
73.4
100
7% Mu Pyrene Mfg corn
334 331
10
Helena Rubinstein Inc__ •
Mar
734 June 27
400
9
73-4
Hires (Chas E) class A...' 27% 27% 29% 1,500 24% Feb 3214 May Radio Prod Corp corn_ •
934 Apr
M 2,400 z5)4 June
May 21
5% t535
Feb Railroad Shares Corp- - •
100 15
15
15
Holt (Henry) panic cl A20
Feb 16% Apr
200
934 9%
Mar 31% Feb Ry & Util invest corn A.10
100 27
27
27
Hormel(Coo A)& Co corn•
6 June 14% Feb
6% 7m 2,500
900 35 June 46
Mar P.ainbowLuminous ProdA•
37
35
•
Horn & Hardart Co
7% Feb
3 June
3
3% 5,400
Apr
3531 3834 9,300 35% June 55
clam B--------3%
•
Common
Hydro-Eleo Sec corn
Jan 53 June
100 50
5134 5134
8% June 15 May Raymond Concr Pile pre:•
831 1034 1,100
Megrade Foocl Prod com..•
Apr
100 19% June 35
19% 19%
Raytheon Mfg corn v t c. •
Imperial Chem Industries
Feb
700 2554 Mar 30
5% June
2534 25%
7
200
Feb Reeves (Daniel) Inc
5% 5%
•
534
Am dep rcts ord reg..£1
1,200 12% June 20% May
12% 1431
Jan 29% Apr Reliable Stores Corn
•
Indus Finance oom v t 0_10 1734 17% 18% 2,600 17
Apr
600
7% June 16
Feb 733-i Apr Reliance Internet corn A..•
7% 8
150 tiO
734
63
64%
100
7% cum pref
3% May
2% June
•
2% 234 1,100
1,500 53% June 71
Feb
53% 55
Common class B
Insull Utility Investm __.• 54
9% June 26% Apr
9% 1131 1,600
2,400 63 June 8534 Mar Reliance Management...
68
63
• 1034
Insur Co of North Amer_10 66
214 Apr
700
14 Jan
ma, Repetti Inc
3.1 1
16
5
16% 2,400 15% June 23
-JO 16
Insurance Securities
814 May
4 June
4% 1,300
4
400 2131-4 June 23% Feb Reynolds Investing com_ •
• 14% 14% 14%
Intercoast Trading
Feb
25 7534 June 93
431 June
• 7534 7534 7534
8% Apr Richman Bros Co
4% 434 1,700
Internet Holding & Invest*
600 2654 Mar 30 3-4 Feb
234 June
28
28
434 2,500
4
7% Mar Rike-Kumler Co cam
•
435
Internal Products Corp..*
Feb
834 June 18
50
8% June 14% Mar Rolls Royce Incof Am p1.100
8% 8%
4,000
83( 9
834
Interstate Equitles corn--•
Apr Rolls Royce Ltd
June 46
38% 1,200 37
37
• 37
Convertible Preferred-100 1034 May 11% Mar
10% 1034
634 June 10% Mar
500
8
7
Am dep rots ord sh regil
Interstate Hosiery Mills_ •
Jan
5% Mar
2
200
234 3
% Jan 25% Apr Roosevelt Field Inc
1331 1434 1,600 12
•
Irving Air Chute corn
53( June 11% Apr
800
431 June
5% 7
100
•
4% 43(
934 Apr Roesler International
Warrants
300 50 June 64% Mar
50
22 June 44
50
500
•
Mar Royal Typwriter corn
22
27%
Johnson Motor Co corn._• 22
Apr
75 11034 June 147
110% 112%
100 15 June 19% Jan Safety Car eitg & Ltg-100
18
18
..
Klein(D Emil) Co corn. 5
100 6634 Jan 7134 Mar
71
71
9 June 20% Mar St LawrencePap Mills pf100
800
10
9
Klein(H L)& Co pref.-20
Apr
18% June 34
57,800
1834 23
Si Rests Paper Co oom__10 22
Hoister-Bmndes. Ltd
Jan 110% June
450 106
109 110
700
14 Jan
Apr
2
El
%
34
34
7% cum preferred_100 110
American shares
1,905 1434 June e15 June
14% e15
50 97
Mar el02% June Beret Co corn
•
100 10034
Hoppers(has .3( Coke p1 100 100
Mar
200 2034 June 34
24% 24%
800 35% Jan 43% Jae Schiff Co. corn.
•
4034 41
leckawarma Securities. •
534 June 14% Mar
1.300
4 June 12
5% 6
5%
Fen Schulte Real Estate Co....
4% 4% 1,200
4%
Lakey FdY & Makll corn-•-•
4% Apr
2% June
1,200
9 June 14% Mar filohulte-UnIted fe to $1 Elt•
2% 3
2%
100
•
9
9
Lake Superior Corp
Jan
4
2 May
100
2
2
2
1% Jan
200
4% Apr Schutter-Johnson Cand A •
2
2
•
Land Co of Florida
2,300
5% June 101( AM
534 6
5%
Seaboard Utli Shares.. __•
Landover Holding Corp
1,900 32 June 75% Apr
32
36
1% June
134 1% 1,300
1% May Securities Corp Gen'i new•
1
Class A stamped
400 36 June 42% Jan
36
36
200 21% Mar 36% Apr Seeman Bros common_ ___•
25% 2514
•
Lane Bryant Inc
May
9
5 June
5% 2,400
5
200 15
Feb 1534 Mar Segal Lock & Hardware. •
15
15
Lazarus (F&R)Jr Co corn *
600
554 June 1734 Feb
5% 6
534
1,700 13% June 2554 Mar Seiberilog Rubber corn ___•
13% 17
• 16
Realty Corp corn
Lefoourt
534 June 1214 Apr
5% 6% 10,200
6
400 27% June 37% Mar Selected Industries com-•
2731 29%
•
Preferred
900 64 June 84% Mar
30% 31% 3,100 30% June 50% Mar
Allot ctts 1st & 2nd paid 66% 6634 6834
Lehigh Coal & Nav
300 555( June 713( Alm
57
57
•
600 38% Jan 56
48%
Apr
•• 4834 43
Prior preferred
Lerner Storm Corp
354 June
93( Mar
334 431 2,800
414
100 11% June 27
Control__•
1331 13%
Apr Bantry Safety
Libby. McNeil & Libby 10
39% June
250 38%June
38% 40
1,200 1734 Feb 30% MAY Service Station class A___•
19% 2
•
Lily-Tulip Cup Corp corn.
Apr
9% June 21
200
934 931
•
934 3,400
8
3% Jan 2034 May Beton Leather corn
Loew's Ins @tot& purcttwarr
100 50 June 59% Feb
50
50
•
20 92 June 103 June Sheatfer(W A) Pen
100 100
Lord & Taylor 2d pret.100
Ape
8% Jan 20
9% 10% 3,400
23( 10,100
2 June
2
Jae Shenandoah Corp corn. •
234
6
& Expire_•
Louisiana land
Jan 4834 Apr
4,900 33
60 3634 36% 38
400 16
1634 1734
June 24% tan
6% cony pref
Mitelfarr Stores corn....'
2,300 15% June $4% Mar
15% 18
100 1434 Apr 17
14% 14%
Jan BMA Gel Corp corn v a_.• 1654
Manning Bowman & Co A•
110 456
Apr
June 560
456 470
100
4434
500 37
Fob 4934 June Singer Mfg
42
Mapes Cons Mfg
2934 30% 12,100
400
6%
6
1% 134 5,700
1,900
61
57
300
63
6454
2934
6
1
48
5534
474
1714
334
71%
73
4590
FINANCIAL CHRONICLE
[Vol,. 130.
Fridav
86148
Friday
Last Week's Range for
Sales
Range Since Jam 1.
Last Week's Range for
Sale
of Prices.
Week.
Range Since Jas. 1
Public Utilities (Con.)
Stocks (Consludtd) Per. Price Low. High
Sale
of Prices.
Week.
Shares
Low.
High.
Par Price. Low. High. Shares.
Low.
High.
Hato Financial Corp
•
19
20
3,100 1634 Jan 2534 Mar Cent A A States
Smith (A 0) Corp cora....• 196
Serv v t c..•
182 199%
34 44 1,100
470 1374 Jan 250
334 June
Apr
634 Jan
Cent Bud 0 & E rte new
South Coast Co corn _ _ _ ...,
134
134
5
4,500
134 June
1734 Apr
Common
Southern Corp corn
• 254 20
•
.
6
5
27
6
3,100
500 20
June 3634 Apr
434 June
8% Feb Cent Pub Saar eom
Southwest Dairy Prod-- •
• 30
30
4
30
100 264 Feb 4034 May
700
434
34 June 13
Mar
Class A
Spanish dr Gen Corp Ltd•
3134 9.400 2834 June 43 4 Apr
1
Cent &Soil West Uttl corn • 2934 29
Amer dee rem ord reg Ei
IX
21
1
224 1,100 2034 June 3134 Feb
14
700
4 June
2% Ate ''ent Stet Else
Spiegel May Stern pf__100 5434 5434 594
2034 234 25,900 19
300 5434 June 8234 Feb Cities Serv P & com____• 22
Jan 8934 Apr
Standard Holding A
L $6
•
90
90
16
17
100 844 Jan
600 16
June 22% Apr k 3elit`land Elee 111 Pi-- *
91
May
Stand Investing pref__ _•
5034 53
7434 744
150 704 Jan 824 Apr Corn'vrIth Edison corn_ .._•
1,000 5034 June 93
Apr
Stand Mot Constr__100
Co280 286
14 1% 8,100
134
50 234
4 Jan
Jan 3354 Apr
334 Apr Comm'wealth & Sou -100
Starrett Corp corn
• 10% 1534 203/
Corn1,900 14
June 374 Mar
s
Warrants
6% own preferred__ _50
.
34
3.4 334 89,800
30
33%
334 June
900 30
June 4834 Mar Community Water
634 Apr
Stein Cosmetics corn__ •
Serv • 1334 114 134 7.100
735
6
12,200
8
434 Jnue 2334 Apr
1134 June 194 Apr
Consa 0 Elk P Salt
Stein (A) 614% pref__ _100 86
85
87
351
4,600 9034 Jan 13634 May
81
Feb 87
June Consol Gas Utll cl A com_• 1004 10934 115
Stinnes(Hugo) Corp
*
•
2334 2334
7
7
200 2134 Jan 4434 Apr
200
7
May
10
Jan
Clasp B v t IT
Strauss-Roth Stores corn _•
•
12
14
734 9
1,100
400
934 Feb
734 June 1434 Mar
2234 May
Duke Power Co
Sluts Motor Car
100 15054 140 152
.
•
1%
134 234
700 140
1.400
1% June
June 209
44 Jae
Oriquense Gas Corp com_• 10
Air
Sullivan Machine
•
10
35
46
1134 2,500 10
251
35
June 52
June
17
Apr Eastern Gas & Fuel Alan •
May
Sun Investing common...•
304 30
13
134
3234 7,900 2554 Jan
300 13
June 23
42
Apr
Apr
6% preferred
$3 cony peer
100
•
944 91(4
3934 40
100
300 39
94
Apr 98
Jan
May
51
Apr
Eaat Starner Pow B com___• 27
Swift & Co_
244 2434 11.600 18% Jan 44
28
21
28
29
1,600 28 June 344 Jac
Apr
FAA UM AW40C corn
Swift International
• 39
3834 3931
It
3134 30
32
1.000 3834 June 4334 Apr
3,200 30
June 883.4 May
Convertible stock
Byrne Wash Mach B com_•
• 13
12
1334 2,300 12
6
6
6%
200
5% June
June 174 Mar
MAT
9
Elee Bond dr Sit Co eons_ •
Taggart Corp
• 20
7531 704 7834 680,000 7034 June
1834 204
1,300 184 June 2934 AP
Preferred
Technicolor Inc corn_ ...._• 2734 254 4234
• 10334 10334 10534 2.000 1034 June 1174 Apr
22,700 254 Julie 31654 Mar
10934 May
$5 cum pref w I
Tennessee Products corn__•
924
14
14
100 14
Jan
1634 June
June
Elec Pow & Lt 2nd pf_ • 1034 9234 934 4,800 924 June 34
Thatcher Securities
I
334
10314 1034
24 354 2,500
100 9934 Jan
234 June
Mar
01,1)05 warrants
634 Apt
Thermold Co pref
424 3934 4334 4,700 2834 Jul. 107
100 70
65
73
700 65
784 Apr
June 87
$6 preferred
Apr
Tishman Realty dr Conat_•
• 10034 100 1004
45
700 100
45
100 4334 Apr 4534 Jan
June 10034 June
Empire G & F 7% pref_100
Tobacco & Allied Stocks..•
8934 8934
334 3334
300 8634 Mar 98
100 24
Jan
43
Apr
May
Eillpire Pow Corp
Tobacco Prod Exports_,.*
part stk• 39
39
4034 1.700 39
134
154
200
June 60
34 Jan
24 Apr
Empire Pub Serf corn cl A•
Feb
Todd Shipyards Corp.__ _•
17
1934
463.4 4934
1,300 17
600 444 Jan 63
June 25
June Florida Pow & Lt $7 pf___* 101%
Feb
Transamerica Corp
1014 102
25
294 2834 3034 55,100 2834 June 4734 Fet Gen
401> 100
Jon 105
Apr
0 & E $0 pre/ li____• 85
Transcont Air Transp
79
•
85
634 7
SOO 79
1,700
June 9734 Apr
534 June
1014 Apr
Gen Water Wks* El A_ • 2834 274
Trans-Lux Piet Screen244 3,900 20
Feb 3034 June
Georgia Power $11 pref____
Class A common
•
10034
734 834 1,700
100, 9834 Feb 1034 May
434 Jan
1334 AM
lutercontinents Pow cl A_* 2034 2034 10034
TA-Continental Corp warr
4%
214 1,400' 204 May
44 534 2,800
4
Jan
2534 Apr
9
Warrants
AM
TA-Utilittee Corn
24 234
36
300
41
234 June
1.400 36
June 5814 Apr (nternat Superpower
3 June
$3 preferred
• 32
•
31
4634 464
3534 3,400 71
100 45
June 164 Mar
Mar 5834 Mar Internet Utilities class
Trues Pork Stores
A 5 42
• 22
3934 44
2134 224
1,600 344 Jan
600 214 June 26
5034 Apr
Jar
Clam It
Tublze-Chatillon Corp-* 1434 1234 15% 20.600
64 Ian
194 Apr
Warrant. _ _ .
Common 13 v 1 c
1-16 1-16
•
7
4 13.900
7
834 5.100
7
Iii June
June 224 Apr
44 Mar
New sub warrants
Tung Sol Lamp Works.__• 15
734
7
8
14
1.300
16
2,300 14
June
7
June 10
May
2834 Apr Italian Super Power el A..•
$3 cum cony pref
•
9
834 934 4,000
2834 3034
800 2834 June
84 June 18
3934 afar
APr
Warrenta..
Ulan & Co con'
•
44
434 44 1,800
2034 2134
44 June
500 174 Jan
94 Feb
27
May
Jet's Cent P & 17% pf_100
Ungerlelder Finan Corp__ •
109 109
214 2434 3,000 2134 June 3634 Fet
100 1004 Jan 109 June
Long island Ltg oom__._•
Union Amer Investing___.
38
4034 2,600 38
2334 27
1,000 2314 June 42
June 58
Apr
Apr
7% preferred
Union Tobacco nom.
100 109% 10934 11234
•
Si
34
120 10714 Jan 1124 May
34 4,200
4 June
1
.1 Lt.
Marconi Internet Marine
United Carbon Co pref_100
1064 10634
100 101
Jan 110
May
Commun Amer dep rts__
United-Carr Fastner corn.•
831
8
74 7%
834 2.300
8
June
100
13
Feb
7% Tune
164 Jae
Marconi Wire! T of Can...1
United ChernIcals pref....•
44
44 5
30
23,200
32
3 .4 Jan
1
700 30
June 44
934 API'
Feb
Mast [JAI Assoc
United Corp warrants__
vtc
1734
1534 1734 6.800 1274 June 3034 Apr
7
754
500
June 104 Apr
7
Memphis Nat Gas
United Dry Docks oorn__.•
• 134
434
1234 1334 2.600 104 Jan 2234 Apr
434 434
3,400
414 Jura
834 Jan
Middle Wrnt Utilcom
United Founders corn_ . • 19
• 2734 2531 2734 17,200 2434 June 38
1734 21
118,400 1734 June 44
Apr
Mar
A warrants
Unit Retell Chem A v t
-e_.
2% 234
200
he
54
'200
14 Jan
34 Mar
534 Apr
1
Feb
11 warrants
Preferred
•
4
8
534
834
500
700
34 Jan
734 Jan
8
Feb
934 May Midland Nat Gee cl
United Shoe Mach com_25
__ __ __ _
60
100 1334 June
60
100 60
1334 June
Jan 683.4 May
a114 West States Util A_- • 254 1334 1334
United Wall Pap Sac corn • 10
el A
24
26
10
900 24 June 2934 June
SOO 10
10
Jan
18
Am
Mohawk & Mud Pow 2d pf. 102
US Dairy Prod class A....•
102 102
65
65
25 102 June 0110
900 52
Feb
Jan 7234 Apr
Mtn States Pow 7% p1.100 99
Class 13
•
17
99
1894
99
400 1334 Jan
20 9614 Jan 100
Feb
2634 Apr
Nat Elm Power class A__•
US Finishing corn
• 1134 1134 15
2534 254
100 25 June 3634 Feb
1,500 1 134 June 30
Apr
Nat Pow & Lt $7 pref._.
Preferred
100
•
88
10934 1954
89
Inn 88
250 1084 Jan 11134 May
June 9534 June
$6 preferred
0 S Foil claw B
• 18
• 10134 10134 10134
18
19
6,500 1734 Jan 264 May
250 1004 Jan 103% June
Nat Pub Serr oorn class A.•
US GyPNIITII COIllmon._ _21
39
2134
1,100 214 June 264 Mar
3934 2.500 364 June 58
Apr
Nevada Calif Elec. _ __ _100 11534 11534 22
U 8 at Intern See Corp_ __•
3
11534
334
1,100
100 60
254 Jar,
Jan 14934 June
New Engl Pow Assn cum,.
8
AM
First pref with warr___• 5534 53
91
56
93
2.300 52
40 91
June 100
May
June 75
Mar
6% preferred
U S Lines prof
• 1234
100
1134 134 2,900 11
8931
ISO 8834 Jan
953.4 Apr
June 2054 Mar
New Eng Tel & Tel__ __100 8934 14534 9034
U S & Overseas with warr• 144
1434 1534 2,700 1434 Juin.. 23
14834
400 144
Feb 16034 Apr
NY Pow & Lt $6 pf
May
U B Radiator common_ .,
• 101
41
41
43
101
100(4
50 9634 Jan 102
300 41
Apr
June 56
Apr
N Y Tele") 534% prat_ _100
Common v t 0
•
43 . 43
375 11334 June 11735 June
100 42
Jan
55
Apr
Ntag & Hud Pr (new corp 11534 11334 116
U 8 Shame Financial Corp
Common
With warrants
10 1634 1534 174 81,900
6
7
1534 June 2434 Apr
600
6
June
Utility Equitie Corp_ __•
Class A opt warrants____
s
1234 114 13 34 3,900 1054 Jar, 1334 Apr
434
4
434 11.600
June
4
64 May
Ara
22
Class B opt warrants____ -----1111Ity & Ind Corp oom___• 1235
1234 134 6.200 1234 Julie 2334
1034 4,000
9
June 1534 Apr
9
'for Amer Lt dr Pow __ •
Fel
Preferred
• 21
63
207,4 2134 1,000 2054 June 954 Pei
66
700 63
Jur e 86
Apr
Nor Amer 11tH Sec corn_ *
an Camp Puri} log cont_.•
6
734
200
554
53g Jan
200
6
1034 Apr
May 18
NI.,
'40r States P Gortmom_100 1404 14034 54
Yeeder-Itoot Inc
•
3434 35
1424 2,200 130
June 1834 Feb
200 347,4 June 43
Mar
Vick Financial ^rim_ ___ 10
6% corn preferred...100 1004
634
10054 1003,4
63,4 7
20 9534 Mar 1004 June
1,800 64 June
kig a..
Ohio Bell Tel 7% pf_ _ _100
Waltt & Bond class A..._. 19
1144 116
19
,
511 111
Feb 116
300 15
June
Jan
21
Mar Okla Gas & Elm 7% pf 100
I374 20
Class
11334 11334
100 108% Jan 11434 May
734
200
74 June 14
Feb
Pacific Gas & Eliot pref _26 2634 26% 2714
Walgreen Co nommen_ ,• 34% 33
2,400 204 Feb 28
1,400 30 June 61
3431
June
JAI) Pacific Pub Serv cl A oom_• 2634 2334 2634 2,800
Walker(Hiram) Cooderham
2334 June 3934 Apr
Penin.sular Tel corn
& Worn;common
• 25
•
834
25
25
854 9
50 25
6,900
Apr 2834 Mar
24 54 Mar
1334 Apr
Pa Pow & Lt $7 pref
Watson (John W) Co____•
*
10934 10934
2
2
100 109
Jan 111
600
14 Jan
May
6
MIU
Penn Water & Power
Wayne Purist) common__ ,•
•
75
12
75
13
100 73
700
Jan
834 Jan
9534 Mar
19
June Peoplee 1.1k Pow corn
Welboldt Stores Inc
A.
30
25
264 30
25
1,400 2534 June 48
10 i 25
June 25
Mar
June Power Secur corn
Western Air Express___. II
•
21
32
3034 33
21
100 14 4 Jan
300 1834 Jan 4634 Apr
32
Feb
Pug Sound P & L 6% pf 100
Western aid 1st pref_ _100
101
9834 9834
101
20 90
60 9834 June 10134 Apr
Fel, 125
Mar
$5 preferred
West Tablet & Stat v t
*
8734 87%
-e__ •
30
304
50 87
300 30
Slay
June 3734 Apr fly & Light Secur
91
Slay
Williams (R C) & Co Inc_• 13
corn ___•
6334 69
124 14
1,400 1 254 June 20
150 6334 June 904 Apr
Jan Rochester Cent Pow corn _*
Wil-low Cafeterias
32
32
•
8
934 3,800
200 32
64 :Met
June 4034 Apr
15(4 May
Rockland Light & Power 10
Winter (Bend) Inc com _ _•
,
234 3%
1,000 19% Jan
200
254 June
634 Feb So Calif Edison 0% p113.25 2034 2034 22
MS APT
Worth Inc cony class A...
264 2874
14 134
1,600 24 34 Jan
100
131 June
274 Mar
34 Apr
534% pref dem C____25
Zontte Products Corp corn •
144 15
2474 2534
500 2234 Jan
300 1434 June 21
2634 Max
Apr Sou Cob Pow cl A
25 24
24
24
700 23
Jan
2634 Mar
Sou Wen Gas OM corn_ __• 1134
Rights1054 124
1,700
734 Jan
2034 Apr
Standard Power & Lt new.
Associated 0& El deb rta__ ---56
56
534 634 3,600
200 5534 June 8034 Apr
534 June 11% Mar
Flat, 1 -Class El new
54
I
134
56
1,300
700 54
June 80
1
June
Ape
3% Feb
Preferred
Fireman's Fund Ins w I_ _ ----•
104 104
4
34
.50 9934 Jan 107
100
1-16 May
34 June Swiss Amer Elm
Apr
Hudson Bay Min & Smelt_
pref
96
96
100 90
.
gt
1-32 June
Jan 984 May
irs 32,300
34 May
raulint Electric Co
Insur Co of No America_ _.
6234 6734 1,400 544 Jan 98
•
2% 3
1,500
24 June
44 May Tenn El Pow 7% 1st p1100
MaI
Internet Nickel of Canada_
10634 107
150 106% Jan 110
it.
34
34 35,800
34 June
Apr
7-16 June Twin States Nat Gas
Loew's Inc deb rights
CIA.'
1134 1134
30
200 114 June 1534 May
30
100 124 Jan 6434 May
Union Nat Gas of Can...
Lone Star 0814 W I
• 2634
2634 27
1%
200 25
174
234 32,100
17,4 June
Jan 35
May
434 May
United El Serv Am she....
Maryland Casualty
1634 1634
300 154 Jan
44 534
200
434 June
1754 Feb
8
May
Purchase warrants
Mo Kansa. Pipe line
sn
in
5-16
sn 40,600 1-32 June
34
900 5-16 June
1
Feb
24 May
tinned (las cow
White Eagle Oil& Ref_ _ _ _
• 22
2174 24
2% 2%
500 194 Jan 455,4 Mai
100
2% June
6
May
Certificates of deposit__
1934 224 1,200 1934 June 424 Apr
New corn
Public Utilities13
12
1354 116,100 12
June 284 Mar
Fret non-voting
Alabama Power $7 pref___• 11254 41234
• 935,4 9134 9334
1,900 9134 June 99
114
200 III
Jan 11534 June
June
Warrants
$6 preferred_ _ ____"
534
5
534 14,900
100 10134
125 100
5
June 1154 Mar
June 10134 Mar United Lt &
Allegheny Gas Corp com.•
Pew corn A • 37
344 3834 73,401
44 434 1,100
2714 Jan 66
Jan
4
May
954 Mar
0% corn let prof
Cities Pw & Lt et A..&) 36
Am
• 1044 10214 105
4,100 9714 Jan 11954 Apt
900 3554 June 40
3654 3634
Mar
Commo
Claw B
•
894 8934
• 16
15
100 82
1634 12,500 1234 June 2834 Apr it 5 Flee n class B
June 9934 Muir
Pow with warr__• 1234 1134 1334 21,200
AM Com'w'Ith P corn A
__• 2434
2154 2434 21.100 214 June 28% Mar
1154 June 224 PM
Warrants
Common B
434 434
• 4151, 39
900
434 June
414 2.700 344 Jan 5034 June
634 June
URI Pow A Lt corn
Warrants
• 1634
1534 1634 9,900 1434 Jan 28
1-32 4-32
34 52,700
ern June
Mar
5 4 Feb
Class 13 v t c
Amer & Foreign Pow wart'
*
3734 45
1,51)0 34
. 414 40
Jan 684 Apt
4434 10,100 3834 June 7634 Feb Western Power
Amer Gas & Elm cm__ _• 11334 104
pref___ _100
103 103
150 1004 Jan 10734 May
114
20.300 101
June 157
Apr
Preferred
• 1044
1,200 104% June tOust Mar
Former Standard 011
Amer L & Tr corn new w125 5654 1044 107%
5534 583., 3,300 5234 June 8934 Apr
Subsidiaries
6% preferred new
101
2834 June 2834 June Buckeye Pipe Line
Amer Nat Gan pont v t C..• 1354 2934 2934
50 6534 554 55
200 56 June 09
Jan
1034 1354
3,300
734 Jae
Chombrough Mfg
1954 Apr
Am States Pub Serv el A...•
25
14034 15034
300 1404 June 18474 Apr
1834 21
500 18
Jan 28
Feb Eureka Pipe Line
Amer Superpower Corp100 4234 4134 424
600 414 Jule 544 Jan
Galena MCorp is I
Corn, new
4
4
4
• 2234 21
200
24 Jan
7
Maa
2334 151,905 2054 June 3934 Arn
Humble 011 & ROnfIng__211 844
First preferred
8334 8834 11.200 78
•
Jan 119
98
99
1,700 94% Jan 19134 May Imperla1011(Cana)1a)____
API
Appalachian Gas rem....'
• 19
19
2034 16,100 1834 June 30
934
Apr
934 10% 7.500
814 June
1434 May
Reglatered
Arkansas P & 1.317 pref...• 106
•
19
1934
600 19
June 28
106 100
API
100 102
Jan 109
Mar
Indiana Pipe Line
Assoe Gall & El own
10 31% 317.4 33
• 3431 3614 39
500 3134 Junt 61
Jag
2.600 3634 June 514 Mar
National Transit___12.56
Class A
1734
1734 1734
2,10
15% Jun11 2234 Jan
3134 3034 317,4 24,400 304 June 4654 Jan
New York Transit
$8 Int bear allot ctfs ___
10 154 1534 1534
100 1034 Junc 214 May
100 102
225 97
June 147% API' Northern Pipe Lines
Assoc Telep Utilities_ .•
50
40
100 354 June 51
40
2034 22
Fat
400 19
June 2S14g Mar 01110 011
Bell Telep of Canada,.101) 1464
26 61
175 147
May 15734 Feb
6% cum pref new___100 10434 6234 0574 12,400 624 June 764 Jum
Breathier)Tr Le & Pow ord• 3934 147 1474
104 1044 2,400 103
Feb 108
38
May
413-4 33,700 3534 Feb 5534 Apr Penn Men Fuel
Buff NW* East Pr pf_ _25
2'
17
2034
1,100 17
Juac 32
2634 26% 1,200 24.34 Jan 264 May Solar Refining
Api
Cables & Wireless2' 15
15
15
100 15 June 33
Jar
Southern Pipe Line
Am dep rcts A ord ohs El
1634 1634
134
134 134 3,100
100 13
Jan
2034 Maa
1
Muir
34 Jan South Penn 011
Am dap rots B ord shit_ El
25
37
3734 2.100 35
Jun
45% Ma
34
X 2,500
H Juice
Sou West Pa Pipe Lines 50 37
Jan
2
Ant dim rem nret she. _.
4534 4534
50 4534 June 64
334 334
300
Jax
31 June
4
434 ten Standard 011 (Neb)
25
45
45
100 444 Jan
4834 Ap
Sales
Friday
Last Week', Range for
Former Standard Oil
Week.
of Prices.
Sate
Subsidiaries
Par. Price Low, High. Shares.
(Concluded)
Range Since Jan. I.
Bonds (Continued)-
High.
Low.
Standard 011 (Indlana)_25 494 4734 4931 53,100 4734 June 59% Apr
10,500 3031 June 4034 AM
10 3134 3035 32
Standard 011(KY)
June 1084 Mar
1,500 77
87
77
Standard 011(0) corn_ _ _25
Mar
40 11534 June 122
11634 118
100 118
Preferred
Feb
100
7 June 10
7
7
Swan Finch Oil Corp_ _25
25 8035 7734 8131 16,800 764 June 97% Apr
Vacuum 011
Other OH Stocks% May
% Jan
, 43,400
re
ti
31
Amer Conte 011 Fields____1
431 May
135 Jan
24
24 231 9,000
5
Amer Maracaibo Co
854 Jae
4
9% 10% 4,900
r63 Apr
914
Corp corn •
Arkann Nat Gas
834 June 164 AM
94 10% 40,300
•
9%
Class A
600
8% Apr
10
774
734 Feb
Preferred
774
31 Mar 1
Mar
600
34
Atlantic Lobos 011 corn_ •
4
14 Mar
300
131 Jan
PA
50
Preferred
134
ti Jan
2% Apr
ni 194 2,100
Carib Syndicate cots
84 Feb
34 June
800
3% 4
Colon Oil Corp. Corn
.
Apr
834 June 21
8% 1034 13,300
9
Colum 011 h. Gasol v t e....•
511 Jan
331 334
300
335 June
1
Royalty 011
Comm!
June 7414 Jan
4,300 32
38
• 3434 32
Goeden 011common
741 June
54 64 4.300
54 June
•
Creole Syndicate
596
1
Mar
14 Jan
31
100
34
Crown Cent Petroleum_ •
400 12
June 2134 May
134 1334
Darby Petroleum new corn.
Apr
434 Mar
11
300
•
6% 734
Derby Oil& Ref coin
175 30
Jan 60
Apr
40
*
50
Preferred
June 3734 Apr
314 1,900 30
3031 30
Gen Petroleum, new
1174 12434 12.400 11731 June 16634 Apr
Gulf OH Coro of Penna._ 25 120
June 274 Apr
14% 1614 33,000 13
/joust 011(Tex) new corn 25 1534
Indian Ter 111 011 el A ._
2831 2834 2834 2,400 2831 June 4731 Apr
• 2896 2834 2834 1,900 284 June 5334 Am
Class 11_
10,200
4 1
134 Mar
34 Mar
Intercontinental Petrol._10
1
24
Apr
• 174 1744 1814 16,300 1734 June
Internat Petroleum
1
Feb
14 10.000
434 Apr
131
Leonard 011 Develop_ __ _25
13.4
1.100 1E134 Jan
2834 Apr
Lion 011 Refining
• 234 2034 2331
7,600 3431 June 5514 Apr
• 3431 3431 38
Lene Star Gas Corp
35 Apr
4 440
4 Jun.
31s
31
Magdalena Syndicate_ __ _1
431 June 1134 Apr
2,800
431 6
Middle States Pen A v t e•
2% TUne
6
Apr
1,500
234 27-4
Class 13 v t e
june 3631 Jur e
23,200 15
Mo Kansas Pipe Line____5 2331 2131 25
May
June
6
1
1
14 5.600
131
Cl 13, vot Mist etfe ___ _ 1
34
4
400
14 May
94 Mar
Mountain & Gulf 011_ _ ..1
Jan 12% Apr
8% 2,800
g
8
Mountain Prod Corn___10
41% May
3034 334 3.400 2531 Jan
• 3134
Nat Fuel Gas
251 May
334 Mar
231
251 234 1,100
New Bradford 011 Co__ __5
1634 Jan
700 1034 Mar
11
NY Petroleum Royeity__• 124
1234
1134 Apr
6 June
1,600
631
North Cent Tex 011 Co__•
634
6
431 May
214 June
231 2% 4,700
231
North European 011
Pacific Western 011
•
Panden 011 Coro
•
Pantepee Oil of Venezuela •
Petrol Corp of Amer warr_
5
Plymouth 011 Co
Pure Oil Co ft% pref___100
•
Red Bank 011
Reiter Foster Oil Corp- •
25
Richfield Oil, pref
•
Ryan Consol Petrol
Salt Creek Consol Oil_ 10
Walt Creek Producers__ __10
Savoy 011 Corp
5
Southland Royalty Co„.•
R
Sunray Oil eon)
•
Taxon 011 & Land
Veneauela Petroleum__ _5
1
Woodley Petroleum
•
"Y" 011 & Gas Co
4
2
374
2635
97
831
331
934
10
514
14
354
Mining StocksBwana M'Kubwa Cop Min
American &at es
Carnegie Metals
10
4
Oonsol Copier Minee____5
Congo! Nev Utah Corp. 3
Copper Range Co
25
Cresson Consol G M
1
1
Crud Mexicana M thing_ _ _1
Evans Wallower Lead corn•
Gold Coln Mines new_ _ _
Golden Centre Mines_ -6
Goldfield Consol Minim_ I
31
Hecht Mining Co
9
25
Hollinger Consol G M_ _ _5
831
Bud Bay Min A- Smelt _ _.•
Mining Corp of Canada-5
131
Newmont Mining Corp.10 85
New Jersey Zinc
25
New Quincy Mining_ .10c
NY Honduras Rosario_ _10
Nlphysing Mthee
6
• 2196
Noranda Mines Ltd
1
Ohio Copper
4
1
Premier Gold Mining.. _.1
Roan Antel Cop Mmn Ltd__
Shattuck Henn M Ming.. _•
54
South Amer Gold & Plat_ _1
3
Teak Hughes_
United Verde Extension 50e 10
Unity Gold Mines
1
Utah Apex Slicing
5
Walker Mining
1
2
Wendel) Copper Mining_.I
31
Wright Hargreaves Ltd •
BondsAbbotts Dairies 6s _ _ __1942
Alabama Power 44e__Itai7
196)1
as
1956
as
Aluminum Co sf deb 50 '52
1941'
Aluminum Ltd be
Amer Corn'Ith Pr 65__ _1940
Amer CI & El deb 5s_ _2028
Amer Gas & Power 60.1939
American Power & Light-6s, without warn. .2016
.
Amer Radiator deb 434s '47
Amer Roll MH deb te_194x
Appalacbian El Pr lie. 1956
8
Appalachian Gas 6 ..1946
1941
Cony deb 6* 1<
Applachian Power 60_2024
Arkansas Pr & 14 As- 1956
Assoc Dyeing & PrintingOn with warranta_ _ _1938
Associated Eke 4350_1953
Associated Gas& Electric
Deb 44s without war '48
Without warrants_ ___
19441
451e series C
1968
58
1938
5Sis
1977
514s
Mooted Sim Hard 64111933
Assoc Telen UM 540.1944
Beacon 0116s with war 1936
Bell Tel of Canada 58_1957
tat al 50 series A_ .1955
5.9 series C May 1 1960
Berlin City Eire 60_1955
Bostnn Omani Ona 50_1947
4591
FINANCIAL CHRONICLE
Jmon 28 1930.]
13%
34
2
334
2374
964
834
296
1734
4
131
831
11
931
5
1234
2
4
134
1431 3,600
1
10.800
231 2,000
334 2,100
7,500
27
30
97
200
831
34 1,900
200
1831
400
4
100
1%
2,900
10
200
1
1031 4,000
551 3.30
3.120
14
231 3,000
800
44
300
14
3
334 2,100
64 74
2(1(1
331 431 8,500
500
34,
51.,
100
10
10
346 1,500
4
1,400
4 1
231 1,200
2
200
331 3%
34 6,700
3
he 4,200
31
9
9% 2,200
600
5% 6
84 15,100
7
800
134
131
79
931
4 9.100
653.4 6834 2,000
31 11,900
Si
300
9
9
300
131
131
8,900
2031 22
4
34 7,200
600
31 1
23
1,000
21
531 4,600
5
131
500
131
634 631
800
9% 1031 2,300
g
31
200
200
151
17-4
134 2
1,900
1,200
31
31
100
2% 2%
124
4
111
24
20%
964
831
24
1734
331
151
814
34
9
.5
894
2
2
31
Jan
June
Jan
Jun(
May
June
June
Mar
June
Jan
June
June
Mar
Mar
June
Fel‘
June
Mar
Jan
1935
24
44
534
27%
99
1034
534
2334
831
23.4
153.1
1
17
10
1534
435
5
234
Apr
Mar
Sim
Apr
Feb
June
May
Apr
Jan
May
Mar
AM
Mar
Apr
Apr
June
Mar
June
Apr
3
June
64 Mar
5
Jan
831 Apr
334 June
834 Feb
31 May
11, May
10
June 1631 Jan
Si May
31 Jan
31 June
2
Feb
June
2
6
mar
334 June
334 June
Jan
3
7
Feb
la Jae
Si Jan
June 14
9
Feb
5
Jan
7
Apr
7
Jun
1454 Feb
331 Feb
14 June
June 14114 Apr
75
4 531 June 9135 Mar
,
1
A Star
Jan
June 16
9
Jan
4 Ma
131 Mar
2031 J,im'e 4535 Mar
35 June
1% Jan
Si Mar
I 34 Jan
Jan
June 33
21
June
97
4 Jan
5
134 June
231 Feb
7(4 June
4: Jil II
3
851 June 1651 Mar
31 May
'lit Jan
I% June
331 Mar
131 June
44 Jan
,
4 la,
4 May
111 Slay
231 June
9834 984
964 9531 9651
10151 10134 1025-6
102% 1024
10234 10251 103
987-4 9836 9934
98
s97 n9931
9714 975-6 9854
,
914 92
81.000 97 Slay 100
Jan
91,000 1/0
Feb 9
734 Mar
Jan 10354 May
42.000 On
21,000 100
Jan 10334 Apr
41.000 10134 Feb el03
June
62.000 (1734 Var 100
Mau
174,00
97
June 1515 14 Mar
115,000 9394 is n 994 May
7,000 9131 June 984 Jan
10734 107 10754
98
98
0731 9734 n99
10031 9994 101
105
104 110
97
96
99
10534 10534
9734 9734 9831
127.000 105
10,000 9631
84.000 964
79,000 950,
4,300 9931
12,300 96
2.000 10551
67,000 9314
8431
9634
__
7251
84
8031
9114
9531
1034
103
10235
8474
10234
4,000
20
20
834 834 92,000
9611 9831 13 000
.
1,000
79
79
714 7574 97,000
84 237.000
82
804 81% 26,000
96
17.000
90
86
11.000
86
s93
9534 55,000
10374 103% 4,000
1024 103 101,000
102 10234 10,000
102 10234 7,000
84% 9031 237,000
10234 103
3,000
.lan
May
Jae
Jar
Mar
June
June
Jai
109
99
101
101
145
101
107
99
mar
Apr
Mai
mar
May
May
June
June
20
May
8331 June
20
90
Slay
Slay
124
9434
87
88
87
105
864
108
108
10334
10314
10231
91
Ina
Jan
Jan
Mar
Jan
Mar
Mai
Fee
p‘eb
Apr
Mat
June
June
Apr
June
96 34
79
7134
78%
804
90
86
92
103
100
100
102
841
4
10034
June
June
i kit,,.
Mar
June
June
Mar
June
Fen
Feb
Jan
June
June
Ken
Friday
Last Week's Range Sales
for
of Prices.
Sole
Price. Low. High Week.
Range Since Jan. 1.
Low.
High.
Boston & Maine Ea ser 2 55 9834 984 994 56,000 9731 June 10031 Mar
Mar
4 Jan 103
1933 10231 1024 1024 5,000 1001
633
7,000 1004 Jan 103 June
10231 103
Buffalo Gen Elec 5s _ _ _1956
Burmeister & Wain(CoPen)
Jan
Jan 101
1,000 98
100 100
1940
-year 6s
15
Apr I0*9( June
4
108 1083 35,000 107
Canadian Nati Ry 70_1935 108
June 9934 June
994 6.000 99
1955 9934 99
431s
Mar
23,000 9934 Mar 102
101% 102
Can Nat SS 58. _ _ _1955
Capital Admin deb 5s A '53
Jan 9434 Apr
5.000 83
90
90
With warrants
May
10134 10174 31,000 9834 Jan 103
Carolina Pr & Lt 5s_ _ _1956
Caterpillar Tractor 60.1035 10134 101 10231 93,000 9931 Apr 1054 May
9814 984 2,000 9834 June 9831 June
1934
Cent Ger Pow Os
Jan 84
Mar
6,000 71
7431 76
Cent States Elee 5s_ _1948 76
47.000 7214 Jan
77
8934 mar
75
Deb 535e.-Sent. 15 1954 75
Feb
Cent States P dr la 5355'53 874 8634 884 30,000 8614 June 91
Feb 8235 May
78
79 142.000 68
Chic Rye 55 cirri dep._1927 78
9131 Mar
13,000 8235 Jan
8531 88
1943
Childs Co deb 5s
Cigar Stores RealtyMar
6,000 6234 Jeri 89
864 87
1949 87
5348 merles A
June 994 Apr
34.003 97
97
97
Cincinnati St Ry On 13_1955
Jan
May 97
10.000 92
92
92
1952
531s series A
88% mar
4 Jer
45.000 02 1
1966 8331 8331 84
Cities Servfee 55
May
89951 101 1845000 s9934 June 128
1950 100
Cony deb 5s
8531 8634 64.000 8334 Jan 8834 Mar
Cities Service Gag 5401942 86
Jan 05' Apr
Mee Sere Gas Pipe L 60'43 9234 9231 9234 15,000 90
Jan 0434 Mar
Cities Sera P & L 5 451952 864 8534 8834 95,000 81
Jan 108
Jan
Cleve Elm Ilium deb 7s '41 1064 106 10634 8.000 106
Jan 105 June
5,000 101
104 10431
1954
Gen 5s series A
Commers und Private
Mar
91
1937 8934 813331 8934 53,000 8131 Jan
Bank 5345
Comavealth Edison 445'57 9731 974 9731 13,000 034 Feb 984 Apr
June
1,000 107 June 107
107 107
Conn Light & Pow 7s _1951
Consol G E L & P (Balt)Feb 1024 June
1,000 100
10231 10231
1st & ref 4348 G_ _ _1969
Jan 10734 June
10731 1074 5,000 106
1952
531e series E
9934 Mar
Consumers Power 434s_'58 984 9831 9834 87.000 9134 Fet
Mar
1958 8931 s8831 89% 72,000 844 Feb94
Conti0& El 5s
Max
Feb 98
87,000 94
Continental Oil 534e._ 193: 9551 9534 96
Crown Zeller bach 60..1940
Max
June 99
54,000 96
964 9634 97
With warrants
1940
Crucible Steel 5s
9834 9931 29,000 9834 May 9934 May
Mar
June 109
7.000 107
1074 10734
Cuban Team 7 4s_ _ _1941
Mar
9734 9734 9731 24.000 9544 Jab 99
Cudahe Pack deb 5%31937
June
...1946 10034 100 1004 3,000 (18% Jar 102
5e
Feb
96
Apr
3.000 •93
Delaware Nee Pow 531s'59
9334 94
Feb
June 85
65
Denv & Salt L Ry as_ _1960
6634 18,000 65
Jan
Feb 102
1950 10096 10051 10034 1,000 100
Os series A
Der City Gas 65 ger A.1947 10574 10574 10731 21.000 10434 Feb 107% June
June
10031 101% 20,000 974 Fel) 102
1st Is err li
1950
Mar
June 89
60
69% 21.000 60
Detroit Int Bdge 6%0_1952 60
Max
75
Jan
5251 55
13,000 50
1952
25-yr a f deb 7e
Dixie Gulf Gas 640_1937
Jae 9994 June
53,000 64
With warrants
9134 8914 n95
June 1094 Mar
88 n9934 76,000 88
Duquesne Ons 65
1945 88
East Utilities Inv re
Mar
June 87
64,000 69
69
76
1954 73
With warrants
Edison El (Boston)504933 1014 10134 10134 31.000 0531 Jon 1014 Mar
June 9434 Mar
9031 81,000 89
89
Flee Power dr Light 5s _2030 90
El Paso Natural Gas
May
Jan 116
1943 10134 100 10151 41,000 98
6%e Series A
May
Jan 120
104 107
6,000 98
1938
6%s
Mar
46,000 8314 Jan 89
Empire Oil & Refit 534e '42 8434 8434 86
Ereole alarelll El MfgApr
Feb 87
23,000 78
8134 82
63114 with warrants_1953
June 10114 Mar
95,000 84
1965 874 8534 88
European Elee 634a
Apr
Jan 91
87
884 23.000 83
Eur Mtge & Inv 75 C_ 1967
lsn 98
June
9634 9731
2,000 93
Fairbanes Morse Co 551942
Federal Sligai Ref 68_1933 7531 7534 7514 4,000 7,534 June 934 Jan
API
91
9431 16,000 Oil% Jati 97
Federal Water Sere 540'54 93
Finland Residential Mtge
Mal
844 29.000 71k) 1al' 88
83
1961
Bank Os
Aix
14,000 884 June 96
FlreetoneCot MI11858.1948 8835 8834 89
9034 9231 21,000 9031 June 9644 Mel
Firestone T & R Cal 501942
First Bohemian GI Works
Feb 84
Jar
80
8231 5,00
82
711 without warr__1957 82
7,000 364 June 7254 Fel
3631 37
1931 37
Flak Rubber 54e
'Jai,
92
Mai
8894 64,000 °2
Florida Power & Lt 58_14154 87% 84
Am
98 10031 8.000 944 Jan 110
Garlock Pack deb 6s__1939 98
9434 60,000 91
Feb 9734 Mel
Gatineau Power 5e._ _ 1956 9451 94
Mal
9831 9931 35,000 9436 Jan 101
1941
6e.
9874
June 9814 Juni
1041 9831 9831 9834 4,000 98
as series B
Jan 9834 AG
96
9634 95,000 90
GeLaenkirehen Min 60_1934 963
May 9714 Mal
53,000 96
9631
96
Gen Baking S lis W 1_1940 96
78,000 9534 June 99% Mai
9535 97
Gen Bronx Corp coot On '40 97
Jai
5.000 6931 Apr 90
70
70
Gen Indus Alcohol 6340 '44 70
4
May 661 Jun
45
4974 4.000 42
Gen Laund Mach 6%s 1937
June 9831 May
3,000 95
95
95
Gen Pub Utilities 68_1931
Gen Rayon Co LtdJan 80
Ma
12,000 57
69
868
(la series A
1948
General Vending Corp
Fel
May
34
204 21,000 20
20
6s with warr Aug 15 1937
(len Water Wits Gas & El
June e96
6,000 88
Ma:
88
Os aeries B
88
1944
Ma
3.000 1814 Jan 26
20
20
Georgia & Fla RR 60 A 1946
Georgia Power ref 5s _1967 100% 10031 101 200,000 9554 Jan 1014 Jun
Getifuerel deb Os
1953
June 9434 Ma:
90
9234 33,000 90
I with warrants
9034 924 14.000 9134 Slay 9234 Jun
Without warrants
9931 9951 30,000 9931 June 9951 Jun
Glidden Co 54s
1935
Ma
2,000 9931 Jan 101
101 101
Goodyear T & R. 5315_1931
Grand (F&W) Properties
Ma:
5.000 8731 June 93
874 89
Cony deb fle Dee 15.1948
Apr 10834 Ma
23,000 105
Gland Trunk lty 630_1936 1064 10635 107
Ap
994 Jan 103
Gulf Oil o fPa fie
1927 10134 10134 1014 30.00
Jan 10354 Ma
Sinking fund deb 50.1947
10034 1014 28.000 100
Ma
41,000 9234 Jan 99
(hal awe.. Utli 6*_ _ _ _1956 984 9754 99
Jaz 102
Ja
1.000 100
10134 10134
Elam Inert Meetric 70_1935
Ms
Hamburg El & Und 545'38 8431 8434 8534 7,000 8431 Jan 90
Jan 1004 Jun
9931 9934 4,000 97
Hanna (al A) Co 6s__ _1934
Jan 91
9.000 80
At
83
80
Hood Rubber 5310- _.1936
Ma
6,000 88 June 98
92
88
70
1936
Jun
Jae 100
9351 32.000 64
Houston Gulf Gas 634a '49 9114 90
28,000 6735 Jan n9834 Jun
93
90
6e
1943
Hudson Bay Mining &
June 108 Jun
1,000 105
105 105
1935
Smelting Os
Me
Jan
92
1,000 76
89
89
Hungarian Ital Bk 734s '63 89
6474 58.000 5811 Jail 714 At
60
60
Hygmde Food (is A_ _1949
Feb 6631 Al)
604 6031 1,000 59
1949
(is series B
Ell Pow & Lt 531e Der 13 '64 10134 101 10131 10,000 9734 Feb 1014 Jun
Ma
8834 Feb 95
92
9331 6,00
1957 92
Deb 5 4rs
101 10331 15.000 100
Feb 11034 At
Indep 011 & Gas deb 138 1939
9931 1004 63,000 9634 Jan 1004 Ms
End'polls 133 at L 5s ear A '57 100
103 105 101,00
9834 Jan 126
All
Inland Utilities 6_ _1934 103
Instill Utility Investment
9831 June 11374 Mt
6a ear B without warr '40 1004 994 10034 323,00
intercontinents Power Co
Jut
28,000 89 June 897
89
90
Deb 6s with warr_ _1948 89
June 9734 Jun
97
97
9774 5,000 97
New
,
9931 17,000 1334 F. 10134 Jut
98
(Pt Pow Bee 7e ear E.1957 98
7911 8214 33,000 7934 June 884 Ja
Internet Securities 5e_1947
87
8831 19.000 813
Fen 9334 MI
Interstate Power 58_1957 87
8731 8,000 8031 Jan 9254 Ms
1952 8734 86
00b88
Jan 92
At
P S 4 gs_ .1958 8855 8934 9134 6,000 88
Inter-State
Investment Bond & Share
1,000 88
Jan 9334 At
90
90
With warrants 5s.._ _1947
l mice. Co of Ain In A_1947
Mt
784 784 8034 10,000 769.4 Jan 82
Without warrants
Investors Equity 55_1947
77
7731 9,000 70
Jan 80
Mt
without warrants
95
9534 8,000 91% Mar 9834 Jut
Iowa-Nen I. & P fis___1957 95
•
4592
Bonds (Cortrtnued)-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Weak.
Range Since Jan. 1.
Low.
High.
Bonds (Continued)-
[Vol.. 130.
Friday
Last Week's Range Sales
Sate
Of Prima.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
Aaron Hydro Elec 79_ _1982 92
8934 9234 42,000 83
Jan 9414 Mar Stinnes(Hugo)Corp
Isotta Fraschini 7s.._ _1942_
7s 1948 without warrants 8134 • 80
84
Without warrants
23,000 76
Feb 8534 June
81
80
5,000 7534 Feb 89
Apr
Is Oct 1 '38 without warr
85
38,000 8214 Jan 903-4 June
87
Italian Superpower oi Del
Strauss (Nathan) 6s_ _1938
67
67
2,000 67
Dabs 6s without warr '63 6834 6834 71
June 81
Mar
37,000 69
Mar Stuta Motor Car 73-4s.1037 30
Jan SO
20
Jersey Cent P & L 58 B 1947 9834 9834 9835 8,000 98
41,000 19 June 50
30
Jan
May 100 June Sun Oil 5349
1939
10234 10234 7,000 100
554s series A
Jan 10234 Mar
1945
10234 10234 3,000 10234 June 10234 June Swift & Co 59 Oct 16 1932
10034 10034 100% 30,000 79% Jan 10134 Mar
Kansas Gus & El 6s_ _2022
106 10638 20,000 10034 Jan 10738 June
Tern! Hydro-Elec 631s '53 8534 8538
1st retire 4 As June 1 1980 9334 9314 94
Apr 87
8631 37,000 85
May
15,000 9338 may 94
May Texas Cities Gas 58. _1948
7938 7938 2,000 7938 June 1033'I Apr
Helvinator Co (Ss
1938
Texas Gas UM Os_ ._.1945 9534 94
Without warrants
9734 58,000
June 10734 Apr
8938 87
89% 15,000 6934 Jan 91
Aix Tuts Power & Lt 53.-1956 99% 9934 10034 64,000 94
Hoppers G & C deb 58_1947 98
95
Jan 10034 June
9734 99
21,000 9534 Jan /00% May Thermold Co Sew w__1934
89
89
90
4,000 8234 Jan 9834 Mar
530
1950 10238 10234 103
26,000 9934 Jan 103% June Pet UtMtles
82
Larlede Gas5
50,000 78
Mar
Jan 100
1935 101% 10134 10134 10,000 97% Jan 10334 Mar Men Co Os Corp deb 5s'79 80% 80
1944 91
91
Lehigh Pow Scour 08-.2026 10438 104 104% 46,000 102% Jan
91% 20,000 83
Ian 9434 Mar
10734 Mar Union Amer Inv 59_1948
80
Leonard Tietz 730_ __1946
8235 15,000 80
June 98
Apr
Union Gulf Corp 53 Jul 150 100
99 100 226,000 99 June 9934 June
Without warrants
99
9934 17,000 93
Mar UnEL&P5sBnew_1967
Feb 100
103 10334 11,000 102
Libby. kfeN & Libby 59'42 92
Apr 10338 June
90% 92
20,000 9034 June 95
A or United Ni Sambre 75-1950
Lone Star Gas Corp 881942
97
97% 8,000 9633 Mar 9914 Mar
With warrants
Los Angeles 0 & E 53_1961
99
9938 8,000 9834 Jan 10334 Apr
10134 102
4,000 97
May 102 June
Without warrants
Louisiana Pow & Lt 58 1957 9738 9634 98
85,000 92
Jan 9834 June antted Indus Corp 0140 '41 9334 9334 9534 35,000 5954 Jan 973.4 Apr
9034 9038 9134 103,000 84
Manitoba Power 530_1951
Jan 9214 Apr
99% 10,000 9834 Feb 10034 MaY
99
United Lt & Rys 530_1952 58
88
Mansfield Min & Sm 743'41
9034 54,000 8854 Jan 9434 Mar
89 series A
1952
With warrants
24,000 10038 Jan 104
10134 102
Mar
8634 8634 4,000 8634 June 96
Jan
United Ryv (Ray) 7141 '36
10238 10234 2,000 10034 Jan 107
Without warrants
June
86
86
5,000 86
May 95
May U 8 Radiator 5s A
_1938
84
84
Mass Gas Cos 530-1948 103
1,000 8234 Jan 8834 May
102% 10331 11,000 10134 Jan 105
Apr U 8 Rubber-53
1955 9834 97
9834 84,000 97 June 9831 May
Serial Oh% notes__1931
100 10035 39,000 9814 Jan 101
Mead Corp 63 with warr'45 97
Mar
97
38,000 97 May 9734 May
97
Serial 614% notes_ _1932
97
98
8,000 9514 Jan 100
Memphis Nat Gas 68A943
Apr
Serial 634% notes_ _1933 99
99
9938 10,000 94
With privilege
Feb 100
Apr
111
108 113
72,000 95
Jan 11934 May
Serial 638% notes_ _1935
9634 9634 1,000 94
Jan 100
Without privilege
Apr
93
93
93
5,000 93 June 103 June
Serial 634% notes_ _1937
94
94
Mid States Petrol 6148 1945
2,000 92
Jan 9834 May
6534 11,000 60 June 78% May
60
Serial 638% notes__1938 90% 90% 9238
3,000 9034 June 9634 Apr
Middle West ULU 430 1931
100 100
24,000 100 June 101
June
Serial 6 A % notes ..1940
95
93
14,000 9234 Feb 9731 Apr
Cony 5% notes_ _ _ _1932
100 100
11,000 100 June 100% June
Serial Os w I
1933
98
99 112,000 98
Cony 5% notes_ _ _ _1933
June 100
May
98% 98% 12,000 9834 June 99 June Valspar Corp cony 6s1940
9338 9736 62,000 9354 June • 100
Cony 5% notes_ .._ _1934
Apr
9834 983-6 5,000 9838 June 9834 June Van Sweyingen Corp 68.'35 95
97
s91334 97% 238,000 9638 June 10038 Apr
Minn Pow & Lt 4834...1978
92
93
9,000 8944 Jan 94
Mar Virginia Elec Pow 5.3._1955
10138 101% 25,000 9714 Jan 1013-4 Apr
MiseRlver Fuel 6sAugl5A4
Virginian By 11349 B._1962
98
With warrants
9834 19,000 9634 Apr 100
Mar
10538 11034 89,000 102
Jan 122
Mar
Wabash Ry 13s ser D__1980 100
9938 100% 64,000 99 June 10234 Mar
Without warrants
94
93
31,000 92% Feb 100
June Waldorf-Astoria Corp
Miss River Pow deb 551951
10134 10238 8,000 10138 June 10334 June
1st 7s with wart__ _ _1964 90% 9034 9234 78,000 88
Mo Poe RR be see H..1980
Jan 1033.4 Jan
99 10038 13,000 99
June 102
Mar
Wash Wet Pow 58 w 1-1960 102% 10134 103
52,000 9834 Jan 10334 May
Montreal L H & P col 5851
10034 100% 6,000 98% Jan 101% Mar
Webeter Mills 630-1933 9714 9738 973.4 30,000 8534 Jan 9738 Apr
5s Bering B
1970
10038 100% 2,000 10034 May 101% June
Wen Penn Elea deb 55.1930
88
June 9334
Morris & Co 7 As
8834 5,000 88
1930 10036 310034 10038 12,000 9934 Jan 101
Feb
West Texas Util 58 A _1957 91% 9134 9234 47,000 8934 Feb 9314 Mar
Munson SS Lines 630
Mar
Western Newspaper Union
with warrants
1937
90
90
1,000 85% June 103
Jan
Cony deb 68
1944 8836 85
June 0254 Mar
Narragansett Elec 6s A '57 101
86% 4,000 85
101
10134 56,000 97
Jan 101% June Westvaco Chlorine 530'37
10234 103,34 3,000 101
Feb 10334 June
Nat Pow & Lt 68 A_ 2026
105% 105% 27,000 104
Jan 10814 Mar
Wisconsin Pr & L 58 C '56
100 100
1,000 100 June 101
5s series B
June
2030 9138 91
9134 245,000 91
May 92
May
Nat Public Service 88_1975
75
45,000 74
76
Jan 8641 Mar
Foreign Government
National Tea Co 543.._ _1935
99
99
13,000 99
May 9938 June
and Municipa1itiesNebraska Power Os A_2022
e10834 10834 7,000 104
Jan 109
Apr
/MI(411646(e Bk Rep of Col
Neisi3er Bros cony 6s..1948
89
89
1,000 89
June 95
Mar
78 (J & J)
1947 8534 85
Newberry (.1 J3530 w L'40 9734 973( 9734 7,000 97
8538 2,000 7234 Jan 8938 Mar
June 9934 Apr
20
-year 7s____A&O 1946 8914 8934 89% 17,000 82
Mar 9438 Jan
NE Gas & El Assn 5e.1947 91
91
9138 37,000 85
May Baden (Germany) 75-1951 95
Jan 98
95
12,000 91
Jan 9838 June
58
_1948 91
91
91
39,000 85
Feb 0 / May Brisbane (City) 6s____1950 9814 96% 95
43
4
New Jersey PA L 543. _1956
56,000 9634 June 102
97
97 June
10238 10234 2,000 100
Apr 10238 June Buenos Alres(Prov) 73-4s'47 99%
9934 10134 36.000 9733 Jae
N Y & Foreign Invest
Apr
is
1962
96
9738 3,000 0434 inn 100% Aix
5348 A with warr _ _ _1948
85
86
14,000 79
Jan 90
Apr
8349 when Issued___1981 89
58,000 8838 June 96
NYP&LCorp 1st 4As'67 9434 94
88% 90
May
9.531 80,000 91
May Cauca Valley (Dept) Rep of
Feb 96
Niagara Falls Pow 643_1950 106
106 106
6,000 105
Jan 107 June
Columbia,8111. 51 711.'48 7434 73% 7435 6,000 08
Niagara Shares Corp (131(1)
Feb 89
APe
20 yr deb 530 May 1 '50 10138 101 10234 174,000 99% Apr 10554 May Cent Ilk of German State &
Pray Banks as B___1951 83
83
Nippon Elea Pow 61481953
23,000 76% Jan
82
863-4 Mar
9034 90% 28,000 88% Feb 94
Mar
let 65 series A
1952 83
83
99
6
83
8,000 77% Jan n8 xA MayMar
North Ind Pub eery 881960
10154 10234 16,000 9734 Jan 102%
Mar Cuba (Rep.) 5 hs w 1_1945 9414* 94% 95 265,000 89434 June
irs series D
1969 102
10134 102
18,000 9734 Jan
Danish Cons Manic 5%9'65 100A 10034 10034 51,000 0711 Jan 101
May
No Sts Pow eh% notes 33 10238 1023.4 1023.4 8,000 10014 Feb 10214 Mar
'
10234 May
5s
1953
Northern Texas Util 78 '35
93% 9634 14,000 9034 Jan 9738 June
10114 10134 1,000 97
Feb 105
Apr
Danzig P & Waterway Ba
Northwest Power 6s A 1960 9838 9834 99
10,000 9834 Jan 100
Mar
Ext1 it f 654s
1952 82
82
Ohio Power 430 ser D_'66 9434 9431 95% 43,000 91
9,000 7834 Jan 85% Mar
84
Jan 95% June German Cons Muni)75 '47 96%
49,000 91
be series 13
1952
9634 97
Jan 98% Mar
10134 10214 5,000 9834 Jan 10214 Apr
Os
1947 83
Ohio River Edison 58.1951
8234 8431 42,000 791
Mar
4 Jan 91
10134 10138 29,000 98% Feb 101% June Hanover
(City) 79 w I 1939 9738 9634 9734 16,000 0534 Jan 98% Mar
Osgood Co with warr 69'38 60
60
60
2.000 (30
June 82
Feb Hanover (Prey) 630_1949
Oswego Falls Co 65_1941
9234 9234 3,000 8634 Jan 905
80
80
2,000 78% AP
Jan Heisingfors (City)
80
Oswego Rh? Pow fls_..l931
9034 93
634s
30,000 90
Apr
Mar
101 10134 7,000 99
Jan 10134 June Indus Mtge of Finland *60 92
Pao Gas & El let 4348-1941
9534 95
0614 51,000 1.334 Feb 97
Mar
1st mugs coils f 7s._1044 89
Pacific Invest deb 5s__1948 79
9834 99
9,000 97
Jan 10034 Mar
79
79
1,000 79
Feb 8534 Apr Lima (City) Peru 63.0 1958
82
82
1,000 73
Feb
Pacific Western Oil 630'43 9334 9234 94% 56,000 Si
Jan 83
Jan 91134 Apr Medellin (Colombia) 79 '51
Park & TilIord (3s
89
3,000 76
89
Jan 9254 May
1936
89
89
1,000 85
May 91
Jan Mendoza (Pray) Argentine
Penn-Ohio Edison 6s__1956
Ext1 734s slat fund g '61
9034 92
7,000 85
Jan iMh Mar
Without warrants
10234 10134 103
35,000 99
Jan 10534 Apr Mortgage Beak of Bogota
530
1959 9835 9934 100
57,000 90
Jan 101% Mar
75 Issue of 1927
1947
80
80
1,000 71
May
Jan 83
Penn Dock & W 68 w w '49 9538 9538 96
5,000 934 Jan 9834 Mar
7s issue of 1927 new_1947
82
82
Penn P & L let & ref D '53 10234 10234 10234 2,000 9914 Feb
2.000 65% Jan 8234 Mar
103
May
Mtge Bank of Chile 66_1931 100
9934 10038 59,000 MA Jan 1204 June
let ref be series B___1952 102
0234
102 10234 11,000 9934 Feb 10234 Jan
Mtge Bk of Denmark 58'72 9734 9734 9838 12,000 98% Jan
Phila Electric 5As_ __1947 106% 10638 108
Jan
3,000 10538 Jan 108
June
94
94
June
2,000 94
June 97
mar
22 J e
5s
1960 10438 104% 104% 2.000 10234 Feb 10438 June Norway (Kingd)68 w 11970
Parana(State)Brazil 791958 74
75
21,000 65
Phil* Else Pow 530-197 105% 195% 106
Jan 8254
2
27,000 104% Feb 106% Mar Prussia (Fee State) 68_1952 86% 74
8534 90
Phlia Fc Suburban Counties
80,000 8154 Jan 0
M
AI
9
1:
2
Extl 634e(ol'2618eP 15'5)
9434 9534 34,000 8831 Jan
o & E 1st & ref 43481957
99
99
1,0^0 98% Mar 99
June Rio de Janerio 634s _ _ _1959 73
73
Pittsburgh Coal es_ _1949
74
6,000 67
Apr
Jan 85
100 100
11,000 9014 Jan 103
June Russian Govt.
Pitts Steel 68
194s 10234 10238 10238 18,000 10114 Jan 104
May
5 As
1921
438 434 52,000
Jan
4
8
Poor & Coes
May
1939
103 105
24,000 102
June 11054 Feb
634s etre
1919
334 33( 28,000
Potomac Edison 5e_ 1956 9931 9938 9934 28,000 9434 Jan
Jan
334 June
7
100% May Saarbruecken Is
1935
101 101
Potrero Sugar 748
1,000 98
Feb 10238 May
1947 70
70
7034 3,000 70 June 7814 Apr Sante Fe (City) Argentina
Pow Corp of Can 4 As '59 8834 8831 8934 36,000 81
Fe'
Mar
External 79
1945
8634 seg 5,000 88
Procter & Gamble 430 '47 9834 9734 9834 15,000 9534 Feb 90
Mar
Jan 94
9934 Jan Santiago (Chile) 7s..-.1949 93
93
95
2,000 9034 Jan 899
Mar
Puget3ound P & L 514s '49 10138 10134 10238 67,000 vvt4 Jan 103
Apr
78
1961
9234 93
ler & ref fis 0_ _ ...195e 9638 96
June
12,000 9238 June 97
35,000 953-4 May 9714 June Sydney (City of) New
97
Queens Borough G & EMuth Wale* 6149..1955 8734 8734 89
72,000 8
5As series A
734 June 9054 Mar
1952
10234 103
7,000 10034 Jan 10314 Apr
Remington Arms 534e 1930 97
97
97
3,000 97
Apr 99% Feb
Rochester Cent Pow fla *68 7456 7434 77
64,000 74.34 June a9
Mar
•No Par value. I Correction. at Meted on the Stook Exchange this week, where
Ruhr Gas 6349
1963 8534 84
8534 57,000 (.0
Jan 8934 Mar
Ruhr Housing Corp 638e'58 8635 8634 87% 20,000 80
Apr 8934 Apr additional transactions will be found. a Sold under the ruler 0 Sold for cash
St L Gas & Coke 6s_ _1947 60% 59
6614 76,000 59
June 83
Mar s Option sales. I En-rights and bonus. to When Issued.
y Ex-rIghte
San Antonio Pub Serv58'58 9634 9634 98
43,000 91
Jan 0838 June
e "Under the rule" sales as follows:
Sands Falls 1st 5s
1955
102 102
10,000 99% Mar 10234 May
Saxtet Co 1st cony (Is A '45
99
9938 7,000 99 June 9934 June Aluminum Co. of Amer. Is, 1952, Jan. 30, 51,000 at 10314.
Schulte Real Estate th 1935
Amer. Commonwealth 68, 1949. Jan. 22, 83.000 at 106(§3107.
Without warrants
7934 80
7,000 53
Jan 83 June
Scripps(E W) 33-....j943 93
9314 10,000 85
91
Jan 9334 June Associated Laundries, Feb. 17, 100 at H.
Shawinigan W & P4348'67
Blew-Knox Co.. Jan. 2, 58 shares at 31.
94% 95
16,000 98% Feb 9538 June
ihs series B
1968 9438 9438 95
14,000 90
Feb 955', May Burco Co., Jan. 20, 50 warrants at th.
1st 55 ser C when issued- 102
102 10234 24,000 98
Feb 10238 June Central States Elec., Feb.
0, 3,300 shares 6% pref. at 70.
Bhawsheen Mills 7s_..1931 101
100% 101
26,000 96% Jan 101
Mar
Sheffield Steel 5 4s...1948
100 101
13,000 07% Feb 101
June Donner Steel Feb. 27. 50 shares common at 33.
Sheridan Wyo Coal 138 1947
General Water Works & Elea. 09, 1944, Jan. 29, $1,000 51 9634
Jan
73
73
4,000 73 June 78
Simmons Co 58
1944 9514 9534 9535 1,000 9538 June 10134 Feb Gerrard (S. A.) Co.,
Jan. 2, 105 shares com. at 24.
Snider Peek 6.
7
13334 6338 9,000
Ian 75
Apr Gorham Mfg
corn v to. April 23, 1 at 4314.
South Carolina Pow 58 1957
9334 9334 1,000 93 June 9334 June
Southeast P L tls....202b
Happiness Candy Stores corn.. Feb. 3, 100 at 134.
Without warrants
105% 105 106
84,000 103
Feb 10831 Mar Houston Gulf Gas. Mar. 3. 2 shares at 19.
Sou -Nat Edison 5e___1951 102% 10234 10334 38,000 99%
Jan 103% Mar Hopper Gas & Coke pref., May 6, 25 at 10234.
Refunding 5s
1952 10334 10238 10338 32,000 99% Feb n10334 Apr
Gen 48 ref 5s
1944
10234 10338 8,000 10014 Jan 10334 June Mohawk & Hudson Power. Feb. 6, 76 shares 2d pref. at 112.
Sou Cal Gas 58
1937
9338 94
5,000 591
Jan 9414 Apr Nelsner Bros. Realty Os, 1948, Feb. II, $11,000 at 9314.
Se.
1957
9934 99% 3,000 9838 Apr 100% June Hove Drug Stores, May 18. 20 shares at 2
Sou Gas 830 with war 1935 105
105 105
Jan 100
1,000 97
May Russian Govt. 6545, 1921 etre.. Feb
Southern Natural Gas 643'44
7. $11,000 at 7.
With privilege
92
Apr Saxet Co., common, June 24, 5 at 1534.
9414 58,000 87
91
Jan ma
Without privilege
77
May 7834 June Singer Mfg., Ltd., Feb. 18, 100 shares at 8.
7831 17.000 75
So:New Engl Tel be_ _ _1970
June
10434 105
2,000 10334 June 105
s "Optional" sale as follows:
S'weet GA E 85 A____1957
9434 95
15,000 91
Mar
Jan 97
So'weet Nat Gas (3s___1945 97
95
June Del. Elec. Pow. 534s, 1959.
99 156,000 95
June 99
Feb. 19. $1.000 at 9214.
So'west Pow & Lt 6s__2022 10534 105% 106
Mar Montreal
28,000 103
Jan 10734
Lt., Ht.& Pow. Cons., Feb. 10, 100 shares at 138
Staley Mfg Co 1st 0e- _1942 9834 9834 99
14,000 97% Jan 9938 Apr
Stand Invest 5349____1939
8934 9034 12,000 8138 Jan 9334 Apr Patterson-Sargent Corn., corn., Jan. 8. 26 at 2514.
Se without warr_ __ _1937
8414 84% 5,000 84
May Railroad Shares Corp., common, June 26, 800 at 538.
Apr u87
Stand Pow &Lt Ca.__ _1957 97% 97% 9938 74,000 97% Jan 10034 Mar
Son Calif Gas as. 1937 Feb 111 11.000 at 11014
4593
FINANCIAL CHRONICLE
JUNE 28 1930.]
Quotations of Sundry Securities
*r.
811 hood Derma are "and Interest" except where marked
(Cone10.)
Railroad Equip.
Public Utilities
ad.
Par Bid
Amer Public OW com-100 77
12
7% prior preferred _ --100 9212 ii
96
100 92
Panic preferred
Appalachian El Pr I/ref-AO° 10712 10811
Associated Gas & IGeO97
*95
$5 preferred
(1)•
Cleve Elec 111 corn
100 112 11312
6% Preferred
0
10 •113 115
Col El Pow 7% Pi
39
Eastern Util Assoc com___t •38
14
•13
Convertible stock
8812
Gen Public UM $7 pref-t *86
_
Mississippi Riv Pow pf _100 107
_
First mtge 58 195I .J&J 102
97
MAN
Deb En 1947
National Pow & Lt $7 pref _ •109 111
•100 loll
$6 preferred
North States Pow 7% pref. 107 109
Ohio Pub Serv 7% pref_100 107 109
98
96
8% preferred
Pacific Gas & El let pref__25 *26'2 27
Puget Sound Pr & Lt $6 pf_t *98
90
*87
$5 preferred
let & ref 534s 1949_ _JAD 101 102
Say El & Pow 6% ei-100 90,2 92
_
Sierra Pac El Co 6% p1.1013 92
Stand Gas & El $7 pr p1.100 110 112
10912 108
Penn Elec Pow let pref 7%
100 100 102
8% Preferred
93
95
Toledo Edison 5% pret
105 10612
Preferred
6%
100 109 111
7% Preferred
_100 9812 100
Utilities Pow & L 7% pf.
Short Term Securities
Allis ChM Mfg 65 May 1937
Alum Cool Amer 68 May '52
Am Metal 534s'34_A&O
Amer Rad deb 434s May '47
Am Roll Mill deb 56.Jan '48
Amer Wat Wks 5s'32_ _ A&O
Bell Tel of Can 5s A.Mar '55
Baldwin Loco 534s 33 M&S
end Pkg deb 534s.Oct 1937
Edison El III Boston
__Nov 1930
434% canes_.
Fisk Rubber 5 kis_ _Jan 1931
General Motors Accept
5% eer notee_Mar 1931
5% ser notes_ Mar 1932
5% eer notes-Mar 1932
5% ser notes-Mar 1934
5% tier notes___Mar 1935
5% ger notes_Mar 1936
Gulf 011 Corp of Pa
Debenture 6&.. Dec 1937
Debenture 5s._ _Feb 1947
Koppers Gas & Coke
Debenture 5s_ -June 1947
Mae Pet 4 kie_Feb 1530-35
Marland Oil
Serial 5% notes Joe 15'31
Serial 5% notes Joe 1532
Mies Gas Cos 534s Jan 1946
Pacific Mills 5Sis_ _Feb 1931
Peoples Gas L & Coke
Dec 1930
434.
Proc & (lamb Cie July '47
Swift & Co
5% notee_-Oct 15 1932
Union 011 5s 1935_ ___F&A
United Drug 58 1932__A&O
Debenture 56 1933__A&O
4
1018 1021
4
1023 103
9612 97
9814 981
9712 973
4
-34
162 11(12
-14
8
101 1013
9712 98
100, 1003
s
8
3712
36
8
1003
10014
100
por,
99
4
983
10034
,
100 8
10012
10014
100
4
993
Minn SIP & SS M 434s & lis
Equipment 634e & 78-___
Missouri Pacific 13345
Equipment 6s
Mobile & Ohio 5s
New York Central 434. & as
Equipment tls
Equipment 75
Norfolk & Western 41413___.
Northern Pacific 7e
Pacific Fruit Express 711Pennsylvania RR equip En....
Pittab & Lake Erie 6348.....
Reading Co 434s & firi
St Louis & San Francisco As
Seaboard Air Line 534s& en
Southern Pacific Co 434e....
EQ1110113ent 7e
Southern Ry 43411 & 58
Equipment es
Toledo & Ohio Central 6s
Union Pacific 78
Bid I 4.1
0
5.2 ' 4.80
5.60 6.15
!
6.18 4.65
6.05 4.80
4.75; 4.50
4.65, 4.50
5.00: 4.70
4.75 4.80
0
4.6 4.45
6 70 4.70
4.80 4.60
4.60 4.41
4.85 4.80
4.60 4.41)
4.70 4.50
5.25 5.70
60 4.50
4.
4.80 4.60
4.65 4.50
5.00 4.70
500 4.75
4.80 4.6(
Aeronautical Securities
Aeronautical Ind without war
Warrant.
Air Investors common
Alexander Indus corn
8% participating pref_
American Airports Corp_
Aviation Corp of Calif
Bellanca Aireruft Corp
Central Airport
Cessna Aircraft new com
Consolidated Aircraft
Consolidated Instrument__ t
Curtiss Flying Service
Curtis. Reid corn
Curties-Robertson corn
Dayton Aire! Engine
Detroit Aircraft
Fairchild Aviation class A..
FederalAviation
Fokker Aircraft
Khmer Airpl A Motor
Lockheed Aircraft
Maddox Air Lines corn_
National Aviation
New Standard Aireraft.___
Sky Specialties
Southern Air TransPort- Swallow Airplane
Warner Aircraft Englne
Whitteleey Mfg
4
10114 1013
,
100 8 101 14
3
11,
4
13
n7
9
11412
1
212
Piss
178
89
112
12
12
612
4
$173
4
$218
812
5
40
312
4
53
n2
30
314
a
53
04
n4
24
21
112
511
n212 512
12
8
103
10
10
13
10
125
2
412
13312 5
1
3
weter Bonds.
93
Ark Wat 1st 58 A '56__A&O 91
Birm WW 1st 63isA'54 A&O 10012 10112
9714 08
lst M 5s 1954 tier B__J&D
95 100
City W (Chat)5 kisA'54 JA13 10014 10112
96
JAG 93
let M 5e 1954
1003
8
6612 City of New Castle Water
100 1JAG 92
543 Dec 2 1941
1023 103
4
Clinton WW 1st 58'39.F&A 93
Com'tv'th Wat 151 5kii3A'47 99 leo
Con'llsv W 5s Oct2'39 A&O 92
3
99 4
E St LA lot Wat 6.42 J&J 93 9412
971 98
J&J 100 101
let M 6s 1942
Huntington let 6e '54..M&S 102
10012 101
5s
1964 93
4
1003
10(94
92
Monm Con W lethe'56 JAI) 90
10014 101
97
Isionm Val W 5345 '50_J&J 90
10014 101
Muncie WW 580ct2'39 A &O 92
A&O 9212 94
St Joe Wat 5s 1941
Par
Tobacco Stock.
9(1
Shenango Val W 513.56_A&O 88
_
85
So Pitts Wet let 56 1960 J&J 93
American Cigar pref__. 100 70
F&A 9712 9812
2612
25
1st M 5s 1955
British-Amer Tobac ord_...51
II WW 6s '49 A_JAD 9912
LI •2412 2612 Terre
Bearer
let M 50 1956 Fier B _ FAD 92
24
22
Imperial Tob of G B & Irel'd
Wichita Wat let 68'49.MA8 9912
Int Cigar Machinery _ _100 107 120
let M 50 1956 ser B_F&A 93
65
Johnson Tin Foil & Met_100 55
114
Union Cigar
Chain Store Stocks.
4
Union Tobacco Co Class A. .2
Berland Stores units new- n80 90
Young (J S) Co oom----100 98
80
Bohack(H C) Inc nom_ -t 75
100 101
Preferred
100 102 106
7% 1st preferred
3
Butler (James) common-- n1
Indus. & Miscellaneous
30
100 n10
Preferred
39
37
42
Diamond Shoe common____
35
Aeolian Co prof
96 100
8
Preferred with wart
13
Aeolian Weber P & P---100
15
Edison Bros Stores corn.... 12
58
25 •53
American Hardware
n90 95
Preferred
100 .122 126
Babcock & Wilcox
40
20
•19
Fan Farmer Candy Sh pf_t *30
Bliss (E W) Co
16
20
Fishman (H M) Stores corn
50 •50
Preferred
95 103
Preferred
100 •109 114
Childs Corp prof
01 All & Pao Tea pref_100 110 119
Dixon (Joe) Crucible-..100 160 170
13
Fioworth-Snyder Co A
100 128 138
Safety Car Ht dr Ltg
65
Knox Hat
100 435 475
Singer Manufacturing
35
t 28
Kobacker Stores corn
Mfg Ltd
Singer
_100 n --- 80
Cum pref 7%
912 1014
Kress (El II) 6% prof
Railroad Equipments
Lerner Stores 634% pf w sr. 06 100
5.00 4.70 Lord & Taylor
1335 400
100.'
Atlantic Coast Line 68
4.80 4.60
First preferred 6%....J00. n95
Equipment 630
5.00 4.70
Second preferred 8%_100 11100
Baltimore & Ohio 68
97
Equipment 4145 & Se_..__ 4.66 4.50 Mealier Stores 7% pf w wi 93
Buff Roch & Pitts equip 68. 5.00 4.60 Melville Shoe Corp
92
1st prat 6% with warr_100 88
4.80 1.60
Canadian Pacific 4)55 & (13
5.00 4.80 Metropolitan Chain Stores
Central RR of N J (Ja
_ - 80
5.00 4.70
loci
New preferred
Chesapeake & Ohio
27
4.90 4.60 Miller (I) & Sons corn__ t 25
Equipment 6346
80
100
4.70 4.50
Preferred 654%
Equipment 5s
94
Chicago & North Well Oa- 5.00 4.70 Mock Judson & Voeringer pf 00
60
4.85 4.65 Murphy (G C) Co com-t *40
Equipment 634.
100 100 110
8% oum pref
4.66 4.50
Chic RI & Pao 434e & 58
4
6.00 4.80 Nat Family Stores Inc ware n1
Equipment 614
'II
16
5.25 5.00 Nat Shirt Shops corn.,....
Colorado & Southern fis
88
100 n 80
5.00 4.70
Preferred 87
Delaware & Hudson 6s
8
*5
4.90 4.65 Nedick's Inc cam
Erie eths & Si
5.10 4.80 Helium Bros Inc Prof 7%100 100 115
Equipment 68
5.00 4.70 Newberry (.1) Co 7% p1100 97 102
Great Northern 6s
19
4.65 4.50 N Y Merchandise com_ _..t •14
Equipment be
First preferred 7%-100 1190
94
4.65 4.50
Hocking valley 56
5.00 4.70 Piggly-Wiggly Corp
t 1:10
Equipment (is
Preferred 17
100 1185
Illinois Central 4345 & 66.. 4.65 4.50
98
5.00 4.70 Reeves(Danlel)pretetTed100 94
Equipment68
4.70 4.60 Rogers Peet Co 0orn.....100 113115 130
Equipment 78 &(Ms
5.00 4.80
Kanawha & Michigan
Kamm City Southern 634,.. 5.50 5.0(1
Louisville& Nashville 68.- 5.00 4 70
4.70 4.55
Equipment 6,46
4.60 4.40
Michigan Central fo
4.70 4 50
Equipment 66
•Per attars.
3 No per value
4 Basi.
Porch. also pays aorr. div.
AsA.I
Investment Trust Stocks'
23
and Bonds (Cona.) Par E(S. 4,4
86
General Trustee common___
40
New units
87
8% bonds
20
18
45
Greenway Corn oom
412
Preferred withwarr
51
46
Warrants
23
100 105
Guardian Investment
26
22
Preferred
Guardian Inventors
Oil Stocks
Standard
"6E" 75
3412 343
4
units
$6
25 5
Atlantic Ref corn
35
25
21
20
$3 unite
25 .
Borne Scrymeer Co
9()
57
$7 Preferred
..50 •54
Buckeye Pipe Line Co.
26
19
148
Incorporated Equities
Chesebrough Mfg Cons_25 .140
4712 50
1212 Incorporated Investors
•
Continental 011(Me) t o 10 *9
1914 Industrial Collateral Assn•19
Continental 011 (Del)
2312 28
4
Industrial A Pow Sec Co
(1) .53
Creole Petroleum
40
Im3uranshares CUs Inc
Cumberland Pipe Line..100 35
1641
44
Trust
Inter Germanic
Eureka Pipe Line Co_ _100
50
512 Int Sec Corp of Am corn A _ _
Galena Oil new common_ . .4
21
•301s 3012
Common B
wi
General Petroleum
Allotment certificates_ ..
25 *84.2 85
Humble 011£ Refining
100 300 315
7% Preferred
Illinois Pipe Line
20
.1 *19
634% preferred
Imperial 011
33
8% ()referred
10 *31
Indiana Pipe Line Co
8
Interstate Share Corp
International Petroleum... •177 18
1714 Invest Co of Amer corn.... 35 16.12.50 •17
National Transit Co.
94
90
17
13
7% Preferred
New York Transit Co_ _MO
714 8
43
Invest Fund of N J
Northern Pipe Line Co__100 38
,
9 8 Ws
•64 6414 Investment Trust of N Y
26
Ohio 011
23
Invest Trust Associates.... 19
100 104 105
Preferred
30
26 01712 1912 JointInvestors class A
Penn Mex Fuel Co
100 COIF
8
377
Convertible preferred.
25 •37
Prairie 011 & Gas
4
Keystone Inv Corp class A.
25 5443 48
Prairie Pipe Line
1510
ClassB
25 •13
Solar Refining
1014
30
17
Leaders of Industry
Southern Pipe Line Co__ _50 •15
s
433
41
363
Massachusetts Investors_ _ _
25 • 4 37
South Penn 011
4
4
563 593
52
Mohawk Invest Corp
Southwest Pa Pipe Line_50 •45
4
83 104
8
593 Mutual Invest
(California)__t 059
Standard 011
811, 87
s
4914 Nationwide Sec Co tr ctf B
O49
Standard 011(Indlana)_ _ _2
4 914
83
32
Nat Re-Inv Corp
Standard 011 (Refusa)_ _2b •30
_
4
3112 313 North Amer Mil Sec
Standard Oil (Kentucky)_10 .
*45
4512
Preferred
Standard OH (Nebraska)_2
3
-14 914
8
•637 64
North Amer Tr Shares
25 1
Standard 011 of N. J
3
1
s
25 •30.2 307 North & South Am Scorn...
Standard Oil of N Y
4612 511z
83
011 Share, unite
25 •78
Standard 011 (Ohlo)
12
Old Colony Invest Tr oom- 10
100 117 118
Preferred
88
15
8
1007 101
4
4 1 % bonds
Standard 011 Export pref.
43
Old Colony Tr Associates- 40
26 *714 10
Swan A Finch
2878 29
Overseas 543
1948
Co
Union Tank Car
8112 Pacific Invest Corp corn_ - *81
25
Vacuum 011
Preferred
Power & Light Secs Trust..
Investment Trust Stocks
PUblle Utility Holding
and Bonds
Common with warrant...
Admstr & Research A
Warrants
- Research Inv Corp corn.....
Amer dr Continental
64
-1-Units
Amer A For Sh Corp units_
712
- _ Royalties Management__ - Common
1938
534% cony debs
Seaboard Cont Corp Units
; 1- -3
11
Corp corn... - 3 - 3 4
Common
Amer Founders
92
Second Financial InvestCony preferred
44
Second Internet Sec Corp _ _
6% preferred
11
52
48
Common B
7% preferred
42
27c 31c
1-40ths
8% Preferred
17c 21c Second Nat Investors
1-70ths
4
Select Trust Shares
Warrants
Shawmut Bank Inv TrustAmer & General Sec 6% pref 41
22
1942 82 87
4Sis
Class A
90
6
1952 85
sa
Class B
1111112 - 4
1952 161
ea
Amer Insurance Stock Corp_
Southern Bond & Share
Amer & Overseas pref
Common A
Amer By Tr Shares
--S.
Common B
Astor Financial
Preferred
Atlantic Securities corn
Standard Collateral Trust
Warrants
45 2
4212 - - -1- Standard Corporation
Preferred
Standard Investing Corp...
Bankers Financial Trust--- _
11.4% pref with wart__ _ _
Bankers Inveetrnt Am
1012
Standard Oil Trust Shs___ _
Bankers Sec Tr of Am corn
Standard Utilities
Bankinstocks Holding CorpStand 011 She A-.
Trustee
Bankshares Corp of U S el A
Class B
Bankstocks Corp of Md el A
Trustee Trateportation_
Class B
United Peed Shs ser Y
Preferred
Buts Industry Shares-It)
712 814 United Founders Corp corn
912 11
l-70ths
British Type Investors
32
36
United Trust Shares A 2
Cent Nat Corp A
17
10
It S Elec Pow Corp
Class B
"fir
4
233 2434 II S Shares class A
Colonial Investor Shares
101 Ifs;
Class A 1
Commonwealth Share Corp_
101 1118
512 912
Class A 2
ContInenri Metropol Corp_
217
Class C 1
Continental Shansi corn_
221
Class C 2
Continental Securities Corp.
316 Ii4
74
70
Chin C 3
Preferred
157
Clam I)
Corporate Cap Corp units_
1512 174;
Clam F
Deferred stock
(1)
3
10 8 1114
Clam H
Credit Alliance A
6
8
67
US & Brit Internal class B.
Corporate Trust Shares
23
Class A
Crum & Forster Insur42
57
Preferred
ance shares corn
37 2
351 -- -1U S Flee Lt A Pow tr ctf A
100
7% Preferred
1011
91
1014
Trust ctfs ser 13
Depos 13'kshares set N Y.
8
93
Series B-1
1:1 S Overmas Corp corn
s
207
DIversified Trustee She A..
1818
Sugar Stocks
SharesB
50
100 45
Fajardo Sugar
Series C
712
25
t *23
Godchaux Sugars Inc
3
Domestic & Overseas
90
100 75
Preferred
Eastern Bankers Corp corn.
*4
9
Ilaytlan Corp Amer
Units
26
20
18
20
Holly Sags: Corp com____v
Equit Investing Corp units_
70
23
100 57
Preferred
Equity Invest Corp corn_
62
4
Units
National Sugar Ref.... .. _100 293 33
16
12
9
New Niquem Sugar __._100
Federated Capital Corp
85
v. *80
Savannah Sugar corn
New unite
98
100 90
Preferred
First Holding & 'Fred
14
8 9 5 Sugar Fatatee Oriente ot100
83
Fixed Trust 011 shares
,
9
26
Fixed Trust Shares el A _ _(t) 1814
Vertientes Sugar prat- - -100 20
16
Class B
Rubber Stocks (Cleveland)
Foundation See cum
812
Aetna Rubber corn
t
Preferred
4
Felix Rubber corn
1 •*5
Founders See Tr prof
91s
25
Preferred
Founders &Area
37
t .34
7
8
Faultless Rubber
A
General Equities
140
94
Gong Tlre & Rub nom._ _25
Oen Pub Bev 6% met
90
160 *80
Preferred
Goody'r T AR of Can pi.100 T10
5
17
v 010
India Tire A! Rubber
13
Moaawk Rubber
9
100
Preferred
100 -- -- 40
AelberlIng Tire & Rubber .3 0.512 612
30
100
Preferred
Chain Store Stocks Par
Schiff Co corn
Cum cony prat 7%.._100
Silver (Isaac) & Bros com-t
7% cum cony prof-- -100
Southern Store.6 unite
U S Stores
First preferred 7%..100
Young(Edwin H)Drug units
4 Last sale.
Ma
*21
1280
35
80
*
n Nomin.
s Ex-cliv
p Ex-rights.
r Canad tau quotations. s Bale pries
4594
Putestutent anti Sailroad, tztelliftencer.
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
-Crossfrom Railway -Net from Railway- -Net after Fazes
1930.
1929.
1930.
1929.
1930.
1929.
Florida East Coast
May
1,110.972 1.080,122
324.702
339,796
202,166
193,095
From Jan 1_ 7,159,125 7,795,838 2,925,482 3,572,550 2.281,900 2,854,701
NamGeorgia Railroad
May
393,795
Canadian National
443,622
34,177
25,489
77,582
62.068
3d
From Jan!. 2,001,134 2,213,179
254,014
386,432
328,381
209,422
Canadian Pacific
3d
Grand Trunk Western
Georgia & Florida
24
May
2,635,591 3,520,799
480,616 1,043.832
320,343
913,763
Minneapolis & St Louls
From Jan L12,585,657 16,521,568 2,738,492 5,437,739 2.027,737 4,803,332
3d
Mobile & Ohio
Great Northern System
24
May
Southern
8,754,775 11,009,885
24
*908,483 *2.744.478
From Jan 1.36,602,712 45,159,974
St Louis-Southwestern
*1,582,868 *7,876,944
3d
Lake Terminal
Western Maryland
34
May
108.984
131,040
34,539
28.114
45,966
41,643
From Jan 1_
344,260
423,394
We also give the following comparisons of the monthly
12,464
35,744 -19,661
11,324
totals of railroad earnings, both gross and net (the net before Lehigh Valley 5,548,643
May
6,410,394 1,446.602 1,894,794 1,091.354 1,541,993
the deduction of taxes), both being very comprehensive.
From Jan 1.25,457.231 29,064,229 4.859,221 7,031.221 3,406,184 5,524,757
Maine Central
They include all the Class 1 roads in the country.
May
1,686,911 1,592,681
*98,562
*77.515
From Jan 1_ 8,350,527 7.695,698
*523.840 *317,467
Cross Earnings.
Minneapolis & St. Louis
Utica of Road.
Month
May
1,033.107 1,084,707
51,991
92,059
-9,515
29,730
From Jan 1_ 4,958,714 5,582,419
Inc(+)0
362,247
623,528
55,553
310,586
1929.
1928.
Dec.(-).
1929.
1928
Mississippi CentralMo-Kan-Tex of Tex
s
$
Miles.
Miles
$
May
3,485,253 4,303,901
February
474,780,516 456.387.931
*80,207 *259,814
+18.292.585 242.884 242,668
From Jan 1_17,936,951 21,983,330
Mareh
5.6,134.027 505.249,550
*698.886 *2,145,118
+10,884.477 241,185 240.427
Missouri Pacific
April
513,076,026 474.784.902 +38.291,124 240.956 240 816
May
May
536.723,030 510,543,213 +26.120.817 241.280 240.798
9,911,661 10,913,252
*1.486.066 *1,423,352
From Jan 1_50.606,345 54,506,109
June
531.033.198 502.455.883 +28.577.315 241.608 241.243
*7,920,588 *8,009,157
July
556.706.135 512.821.937 +43.884.198 241.450 241 183
Mobile & Ohio
August
585.638.740 557.803.468
May
1,261,300 1,462,203
+27.835.272 241.026 241.253
201.478
303,313
118,597
222,260
September
565.816,654 556.003.64,8
From Jan 1_ 6,306,601 7,176,209 1,232,952 1.592,423
+9,812.986 241.704 241,447
802,946 1,165,038
October
607.584.997 617.475.011
-9 890 014 241.622 241,451
Monongahela Connecting
Nmfember
498,316.925 531.122,999 -32,806.074 241.659 241,326
May
192,149
246,477
43.963
69.045
34.825
December
56,063
4113,182.822 495.950.821 -27.767.999 241,864 240.773
From Jan 1_
912,918 1,093,942
215,962
318,216
171,262
281,368
1930.
1929.
1930
1929.
Newburgh & South Shore
January
450.526,039 486.628,286 -36,102,247 242,350 242,175
May
February.
139,403
182,450
427.231,361 475.265.483 -48,034,122 242.348 242,113
30.439
60,699
14.418
53,078
From Jan 1_
Mardi
603,790
775,427
260,229
196.319
452.024.463 516,620.359 -64,595,796 242,325 241,984
180,125
118,382
April
450.387.217 513.733.181 -63.195.964 242.375 242.181
New York Central
May
42,537,678 51,411,111
*5,850,7714.10.009,703
From Jan 1207071,153 240966,460
*25,796,195°41,380,251
Net Earnines.
Inc.(+1 OF Dec.(-1.
Month.
New York Chicago & St Louis
May
1929,
4,044,583 4,815,799
1928.
966,741 1,368,792
751,372 1,080.773
Amount,
Per Cent
From Jan 1_20,479,506 23,075,497 4,902,228 6,907.218 3,908,651 5,562,308
5
s
NYNH& Hartford
$
February
126,368.848
May
108.987,455
+17.381.398
10,519.643 12,027,078 3.453,330 3,741.634 2,767,426 3,059,307
+15.91
March
139.639,086
132,122.686
From Jan L50,628,395 55,524,694 16,107,598 17,470,640 12,671,502 13,947,100
+7,516,400
+5.61
April
136,821,660
110.884.576
+25,937.085
+23.81
N Y Ontario & Western
May
146.798.702
129.017.791
+17.754.091
+12.01
May
867,782
927,261
123,697
100.100
June
81,185
55,057
150,174.332
127,514.776
+22.659.557
+17.77
From Jan 1_ 4,111,775 4,375,024
436.194
445,104
232,221
July
211,122
168.428.748
137,625,367
+30.793,381
+22.37
N Y Susquehanna & Western
August
190,957.504
174,198.544
+16.758,860
+9131
May
September
413,957
181,413.185
434,808
123,177
136,104
104,548
92,124
178.800,939
+2.612,246
+1.41
From Jan 1_ 1,930,673 2.117,192
October
204.335.941
557,148
505,153
347,372
216.619.313
401,339
-12,183.372
-5.61
November
127.163 307
Norfolk & Western
157.192.289
-30.028.982
-19.11
December,.
1o(1,316 167
May
138.501,238
8,510,838 9,874,189 3,481.787 4,454,512 2,681,274 3.654,285
-32,186.071
-23.1:
1930.
From Jan 1_42,846,304 45,817,485 16,489,397 18,120,627 12,087,125 14,115,995
1929.
January
94.759,394
117.764.570
-23.005,176
-19.61
Northern PacifloFebruary
97,448.899
125,577,866
-28,128,967
-22 4(
May
6.667,880 8,154,373
911.182 1,656,823
218,702
994.106
March
101.494,027
139,756,091
-38.202,064
-27.41
From Jan 1_31,001,135 36,519,095 3,645,338 7,328,351
259,791 4,048,340
Api11107.123.770
141,939,648
-34,815,878
-24.54
Pennsylvania System
May
51,209,581 59.953.652
*9.393.964'13,158.749
Net Earnings Monthly to Latest Dates.
-The table
From Jan 1242916.774 272723,310
*38,186,388'52,783.591
following shows the gross, net earnings and net after taxes Pere Marquette
May
for STEAM railroads reported this week to the Inter-State
3.365,448 4.042.633
*382,506 *533,622
From Jan L16,311,125 18,899,539
*1,747,789 *3,906,127
Commerce Commission:
Pittsburgh dz Shawmut-Grossfrom Railway-- -Nei from Railway- '-'-Na after Taxes
May
101.498
128,650
26,978
26.208
25.611
24,862
From Jan 1_
1930.
1929.
538,872
706,408
1930.
135,130
184,018
128,550
1929.
1929
177,354
1930.
Pitts Shawmut & North
Akron Canton & Youngstown
May
140,440
150,208
23,712
35,369
20,880
32,181
May
268,692
From Jan 1_
372,023
707,178
770,027
91,768
204,464
166.897
152,509
188,700
73,309
189,469
158,807
From Jan 1_ 1,276,246 1,649,661
437.618
760.737
345.603
651.152 Reading Co
May
7.747.603 8,444,852
Baltimore & Ohio
*1,301,601 *1.433,538
From Jan 1_37,397,829 40,320.157
B & 0 Chic Terminal
*4,881,151 *7,045,251
May
344,942
Richmond Fred & Potomac
422,705
55.005
119,318
7,389
51,233
From Jan 1_ 1,631,245 1.794,569
May
941,101 1,120,078
171,665
208,608
293,810 -127,640
301,156
163,608
245,980
-8.123
From Jan 1_ 5,103,498 5,624,150 1,396,204 1,967,374 1,138,811 1,634,871
Bangor de Aroostook
Rutland
May
807,325
582,753
*282.439
149.702
May
466,365
548,605
93,298
128,280
From Jan 1_ 4.550,105 3,682,754
67,280
97,534
*1,629,552 *1,226.788
From Jan 1_ 2,205,598 2,489,109
293.629
424,827
186,119
295,353
Boston dr Maine
San Diego & Arizona
May
6,108,426 6,578,350
*1,021,912 *1,106,727
May
108.405
102,782
34.360
25,557
28,882
19,666
From Jan L29,351,819 31,280,291
*4,746,134 *5,173,299
From Jan 1_
522,870
574,511
149,214
171,096
122,245
141,655
Brooklyn E D Terminal
Southern Railway System
May
121,910
130,273
49.839
Southern Ry Co.
52,739
42,278
44.784
From Jan 1_
574,616
606,763
235,095
May
251,093
10,337,450 11,916,609 2,448,682 3,305,681 1,705,412 2,486,111
199,420
211,031
From Jan L52,638,265 59.171,020 11,904,146 16,280.077 8,071,380 12,415,777
Central RR of N J
Union RR (Penn)
May
4,745,961 4,971,490 1,335,871 1,354,074
778,333
800,078
May
From Jan 1_21.930,272 23,348,579 5,009,412 5,740,818 3.281,012 3,990,492
892.982 1,132,564
240.655
450,850
218,655
411,126
FromJanl. 3,531,030 4J084,459
583,534
956,442
Ones & Ohio Lines
796,718
393.734
May
12,117,015 12,514,896 4,692,907 4,376.792 3,866,000 3,550,738 Virginian
May
From Jan 1_56,700,687 59,670,944 18,814,923 19,421,907 14,686,596 15,295,191
1,351,149 1,690.801
*460,748 •760.895
From Jan 1_ 7.556,597 8,117,056
Chicago Great Western
*3,037,493 *3,527,682
May
1,893,981 2,085,372
*152.514 *135,334 Western Maryland
May
From Jan 1_ 9,221,075 9,961,622
1,525,813 1,545,016
*441.414 *415,673
*854,362 *478,000
From Jan 1_ 7,580,308 7,480,000
Chicago Mllw St Paul-Pac*2,261.446 *2.086,023
May
12,041,953 14,263,998 1,904,802 3,061,543 1,103,756 2,270.229
• After rents.
From Jan L58,069.475 66,298,969 10,135,899 14,952,710 6,141,583 10,946.112
Chicago River & Indiana
Other Monthly Steam Railroad Reports.
-In the folMay
525,291
594,465
263,772
230,652
188,014
223,556 lowing we show the monthly
reports of STEAM railroad
From Jan 1_ 2,654,229 2,898,084 1,087,042 1,249,713
880.529 1,046,490
companies received this week as issued by the companies
Delaware & Hudson
May
3,250,613 3,570,022
853,741
683,759
764,741 themselves, where they embrace more facts than are re560,705
From Jan 1_15,628,805 16,356,321 2,594,826 3,103,572 1,979,393 2,657,915
quired in the reports to the Inter-State Commerce ComDelaware Lack & Western
May
6,182,402 7,325,752 1,662,938 2,084.886 1,120,768 1,483,753 mission, such as fixed charges, &IL, or where they differ in
From Jan 1.29.146,894 33,856,022 6,479,219 9,377,870 4,071,629
6,547.382 some other respect from the reports to the Commission.
Detroit & Mackinac
May
110,705
150,292
20,622
Ann Arbor Ry.
27,043
36.329
41.319
From Jan!. 435,661
597,477
97,421
29,100
60,567
--2,567
-Month of May- -5 Mos.End. May 31Detroit Terminal
1930.
1929.
1929.
1930.
May
140,198
254,333
35.850
79.562
19.727
100,641
9
$
9
i
From Jan!. 695,991 1,247,782
183,989
102,743
471,386
363.898 Operating revenues
442,455
53
4,188 2,117,961 2,610,920
Dot & Tol Shore Line
Operating expenses
355,328
376.267 1,673,693 1,885.379
Net railway operating income
May
321,685
426,473
41,910
135,419
114.902
105,739
159,849
124.371
183,176
449,490
From Jan 1_ 1,883,731 2,377,643
43,260
979,555 1,256,783
109,286
197,540
826,109 1,067,019 Gross income
466.155
Net corporate Income
Dul Winnipeg & pacm,
7,699
71,725
25,558
277,788
May
146,353
217,483
7.622
6,131
5,415
-423
The Atchison Topeka & Santa Fe System.
From Jan 1_
843,250 1,037,722
79,325
136.145
35,402
189,045
Erie Railroad
-Month of May- 5 Mos. Ended May 31
May
8,234,955 10,090,736 1,604,138 2,372,252 1.205.794 1,862,859
1930.
19
1929.
30.
1929.
From Jan L39,926,262 46,301,912 7,061,451 10,187,243 5,066.514
9
9
9
7.971 147 Railway
9
.
operating revenues_17,477.174 20,175,246 88.893.612
Chicago & Erie
Railway operating expenses_15,100,660 15,147.129 74,368,621 98,509,463
May
1,266,047 1,279,207
565,518
71,260,463
507,325
531,045
474.650
From Jan 1 5.893,812 6,500.489 2,488,319 2,968,270 2,157.378 2.686,717 Railway tax accruals
1,170,108 1,423,994 6,188,223 7.570.107
Other debits
200.981 1,68.3,220
334,508
N.TecNYER553,040
May
123,035
135,765
17,333
14.068
12,993
10.853
Net railway oper.income-871,896 3,403,140 6,653,547 19,125,852
From Jan 1_ 593,158
634.043
58,132
57,075
36,413
36,519 Average miles operated
13.133
12,432
13,134
12.368
Period
Covered.
wk of June
wk of June
wk of June
wk of June
wk of June
wk of June
wIc of June
wk of June
Current
Year.
$
4,567,238
3,523,000
22,500
263,997
265,411
2,916,501
473,400
1.027,272
Previous Inc.(+1 OF
Year.
Dec.(-1
$
S
5,345,038 -777.800
4,137,000 -614.000
31,300
-8,800
314,124
-50,127
327,227
-61,816
3,508,679 -592,178
566.058
-92.658
1.107.361
-80.089
4595
FINANCIAL CHRONICLE
Operating revenues
Operating expenses
Boston & Maine RR.
1929
1930.
1029.
1930.
-Month of May- 5 Mos. Ended May 31
2
2
2
6,108,426 6,578,349 29,331.819 31,280,291
4,593,544 4.933.313 22,178,613 23,490,692
1,514,882 1,645,036 7,173,206 7.789,599
Net operating revenue
318,100 1,339,949 1,544,771
292,823
Taxes
3.766
3,912
102
501
Uncollectible ry. revenues.__
936,543
988.803
194,363
183,798
-Dr
Equipment rents
131,073
94.554
25,844
15,847
-Dr
Joint facility rents
Netrailway oper. income-- 1,021.912 1,106,727 4,746,134 5,173,299
13,107
14,186
433
308
Net misc, operating income532,336
495.247
97.605
94.971
Other income
1,117,191 1.204,765 5,255,567 5,718.742
Gross income
688,051 3,271.384 3,408.220
Deductions (rentals,int.,&c.) 692,311
424,880
Net income
Pere Marquette Ry.
-Month of Ma- 5 Mos. End. Aft 31.
1929.
1930.
1929.
1930.
2
2
2
2
Railway operating revenue.. _ 3.365.448 4,042,633 16,311,125 18,899,538
Railway operating expenses_ 2,605.773 3,042.681 13.000.188 13.089,161
Net rev, from ry. oper___ _
Net railway oper. revenue_
Other income, net
759.674
382.505
25,918
999.951 3.310.936 5.810.377
533.622 1,747,788 3,906,126
381,375
204.215
52,064
Bal. before deduct, of int_
Total interest accruals
408,424
226,460
585,686
212.451
1,952,003 4.287,502
1.077,985 1.079.366
181,963
373,235
874.044 3.288.136
Balance
Pittsburgh & West Virginia Ry.
-Month of May- fi Max. End. May 31
192.
1930.
1929.
1930.
516,714 1,984,183 2,310,522
365.087
221.486
Net railway oper. income_ 1,361.265 2,092.926 5,483,078 8,910.251
287,029 1,574,121 1,366,679
359,387
Non-operating income
1,720,652 2.379,956 7,057.200 10,276,930
Gross income
1,427,126 1,200.808 6,437,826 6.068,836
Interest, rentals, &c
293,526 1,179,148
Net income
619,374 4,208.094
Maine Central RR.
Freight revenue
Passenger revenue
Railway oper. revenues
Surplus after charges
-Month ofMay- 5 Mos. End. May 31.
1929.
1930.
1929.
1930.
2
$
2
2
1,334,228 1.209,475
213,307
197.238
1,686.911 1,592,681 8.350.527 7,695,698
523.840
98,562
317.467
77.515
441,230 1.633,089 $.158,591
249.578 1.067.994 1,138,212
143,601
184.390
10,999
191,652
233.562
4,701
565,095 1.020.379
670.625 1,109.996
37,623
64,651
195,389
20,853
238,264
23,225
735.276 1,147,619
117.668
106.809
174,536
Railway operating revenues_
Railway operating expenses_
-Month of May- 5 Mos. End. May 31.
Net rev, from ry. oper___ _
1930.
1929.
1929.
Netry. oper.inc.(aft. rentals)
1930.
2
2
Non.operating income
2
2
9,501,001 11.369,942 45,820.073 52,802,400
Operating revenues
Gross income
Operating expenses & taxes_ 7,787,883 9,032,432 38,596,182 42,144,536
Deductions from gross income
1,713.118 2,337,509 7,223,891 10.657,864
Operating income
Hire of equipment and joint
Net income
244.582 1,740.812 1,747,613
351,852
facility rents-Net debit
Erie Railroad.
215.038
628.466
1.029.951
-San Francisco Ry.
St. Louis
(Including Subsidiary Lines)
-Month of May- 5 Mos. End. May 31.
1929.
1939.
1929.
1930.
5,819
5,829
5,819
5,829
Operated mileage
4,769.309 5,584.475 24.946,207 26,988,526
900,871 3,774,217 4,387,858
736,779
601.134 1,080.978 2.722,029 3,239,927
Freight revenue
Passenger revenue
Other revenue
6,107,222 7.568,125 31.442.454 34.616,312
Total operating revenue
Maint. of way and structures 838.745 1.082.609 3.977.670
Maintenance of equipment 1,229,329 1.713,801 6,106,883
2,191.068 2.460.047 11.436,059
Transportation expenses
341,018 1.773.780
316,326
Other expenses
4.629.408
6,980.633
11.965.656
1,780.947
4,575,470 5,597,4'57 23.294,394 25.356.646
Total oper. expenses
7.451,824
May- 5 Mos. End. May 31. Net railway operating income 1,118.434 1,585,737 6.294.800
-Month of
1930.
1929.
1929.
1930.
interest 1,528,416 1,722,321 7,186.417 8,148,386
Balance available for
$
2
2
Railway operating revenues.10,519443 12,04,078 50,628,395 55,524.694
674,792 2,021,281 2,921,675
473,905
all charges
Railway operating expenses.. 7,066,313 8,285,444 34,520,799 38.054.054 Surplus after
-Decrease in "other revenue" due to 2400,000 back mail Included
Note.
Net revenue from ry. oper- 3,453,330 3,741,634 18.107,596 17,470.640 in May 1929 accounts,no corresponding credit in May 1936'.
681,000 3,430,000 3,514,000
685.000
Railway tax accruals
6.094
1,327
9,540
904
Uncollectible railway rev__ _
The New York New Haven and Hartford RR.
Railway operating income_ 2,767,426 3,059.307 12,671,502 13.947,100
864.921
204,198
777.894
-Dr..,. 184,727
Equipment rents net
327.912 1,985,104 1,811,018
-Dr.._ 466,952
Joint facility rent net
Net ry. operating income_ 2,115.747
2,527,197 9,821.477 11,358,188
New York Ontario & Western Ry.
Operating revenues
Operating expenses
-Month of May- -5 Mos. End. May 31
1930.
1929.
1929.
1930.
1
2
2
2
927,261 4.11 .775 4,375,024
867,782
827,161 3,668,670 3,938,830
744.084
plitNet rev,from ry. oper__ _ _
Railway tax accruals
Uncollectible railway revenue
123,697
42,500
12
81,185
Total ry. oper. income ... Eqpt. & it. facil.rents(net) -47,771
Net operating income
Other income
Total income
Deductions
Netincome
-Loss or deficit.
100,100
45,000
42
445,104
212,500
383
436.194
225,000
72
232,221
211,122
55,057
-59.090 -210,893 -259,465
33,414
32,663
--4,032
30,389
21,327
161.623
--48,342
153.193
66,077
128,535
26,356
122,526
182,951
638,222
104.850
610.444
--62,457
Railway oper. revenues..-- 8.510.835 9.874,189 42.846,304 45.817,485
Operating Expenses
Mahn. of way and structures 1,109.719 1,221,979 5,548,521 6,046,536
Maintenance of equipment_ 1,504,835 1,670.554 8,358.841 8,791.670
639,857
135,862
Traffic
126,142
593,828
Transportation-rail line---- 2.033,063 2,168,534 10,465.382 11.010,914
Miscellaneous operations..--22,798
20.732
151,483
103.792
General
245,056 1,262,957 1,200,810
245.270
Transp'n for investment-Cr
33,322
68.137
50,694
22.500
Railway operating expenses 5,029,048 5.419.677 26.356,906 27.696,858
3,481,786 4,454,511 16,489.397 18.120,628
Wet ry. operating revenues
800,000 4,400,000 4,000,000
800.000
Railway tax accruals
226
513
Uncollectible ry. revenues_ _ _
2,272
5.531
Railway operating income.. 2,681,273 3,654,284 12,087.124 14.115,095
205,763
211,138
Equipment rents (net)
991,060 1,228,884
--321
--1,237
Joint facility rents (net)
15.353 -32,347
Net ry. operating income.._ 2,885,799 3,865.101 13,093.538 15,311.631
217,143
983,221
Other income items (balance) 164,932
867,280
3.050.731 4.082,245 14.076.759 16.178,911
Gross income
409,146
399,346 2,076.847 2,016.138
Interest on funded debt
2,641.585 3,682,898 11,999,912 14,162,773
Net income
-Month of May- 5 Mos. Mut. May 31.
1929.
1930.
1929.
1930.
1,746
1,816
1,746
1,818
$
$
$
Railway operating revenues.. 1,853.880 1.985.413 9,776.481 10,467.072
Railway operating expenses_ 1,367,873 100767406 8,387.748
3? (40%) (80.13%)
Ratioofop.exp.toop.revs_ (73.78%)
Miles operated
59.09%
54.89%
61.52%
60.45%
23.89%
21.96%
24.43%
24.03%
398,430 2,209.074 2,079.324
464.768
452.694
88,511
Net rev, from ry. oper--- By. tax accruals & uncollec.
railway revenues
486,006
Railway oper. income__ _ _
Other railway oper.income
389,833
33,995
Total ry. oper. income_..-Deducs, from ry. oper.inc..-
423,829
199,977
Net ry. oper. income
Non-oper. income
223,851
28,260
309,919 1,756,380 1,614,585
174.982
173.411
34,866
344.786 1.929.792 1.789.537
668.158
855.465
135.576
209,210 1,074.326 1,121,379
121,929
71,050
18,847
Gross income
Deducs,from gross income
252.112
232.388
228.057 1.145.376 1,243.308
218.957 1.135,478 1,093,295
96.173
19.725
Net income
--98,169 --455,271 --505,594
Norfolk & Western Ry.
-Month of May- 5 Mos. Ended May 31
1930.
1930.
1929.
1929.
2,240 •
2,240
Average miles operated
2.240
2,240
$
Operating Revenues$
I
7,894,144 9,158,715 39.584.933 42,216,260
Freight
Passenger, mall and express.. 506,228
603,626 2,626,846 3,031,092
34.524
Other transportation
36,730
194,118
181.857
Incidental and joint facility
77,117
440.404
75,937
328.274
Prop'n of operating expenses
to operating revenues
Prop'n of transp'n expenses
to operating revenues
St. Louis Southwestern Lines.
9.898
9,100
150,012
Soo Line-System.
(M. St. P. & S. S. M. Ry. Co.)
Freight revenue
Passenger revenue
All other revenue
_Month of May- 3 Max. End. May 31
1929.
1930.
1929.
1930.
$
$
$
$
2,894,888 3,720.642 12,712.885 15.053,625
289.416 1.291,910 1,691.086
245.517
353.351 1,257,457 1,395,212
304,293
3.444.498 4,363,409 15,262,253 18.129,924
Total revenues
570.670 2,461.927 2,360.866
Maint. of way & struc. exp._ 623,023
768,010 3,453.141 3.681,156
Maintenance of equipment.... 671,271
387,165
402,944
86,078
86,216
Traffic expense
Transportation expenses...._ 1,260,163 1.440.569 6,368.402 7,187,599
661,411
710,677
142,085
141,082
General expenses
2,781,757 3,007,414 13.397,093 14.278,200
Total expenses
Net railway revenues
Taxes & uncoil. ry. revenues_
662,741 1,355,994
256.461
235,500
1,865.159 3.851,724
1.129.193 1.180,366
735.966 2,671,358
427,240 1.099.533
291,591
334,379
64.625
78,575
321.491
355,621
69,414
74.682
45,965 2,058.278
965,493
273,983
Dr1,033 Dr15,873 Dr48.496 Cr15.496
569,225 2.792,660 2.784.001
570,862
Dr297 912 Cr380.395Dr2795.192 Dr710,229
Net profit
Div. of net profit or def. between'
.245
Dr235,628 Cr184,297 Dr1419.886 Dr202
Boo Line
Dr62,283 Cr196.097 Dr1375.305 Dr507,983
W. C. By. Co
Net after taxes-Cr
-Dr
Hire of equipment
-Dr_
Rental of terminals
Net after rents-Cr
-Net
Other income
-Dr..
Interest on funded debt
Dr297,912 Cr380,395Dr2795,192 Dr710.229
System
Wabash Railway Company.
-Month of May- -5 Mos. End. May 311929.
1929.
1930.
1930.
Operating revenues
Operating expenses
Net rail. oper. income
Gross income
Net corporate income
5.459,291 6,464.191 27,312,482 30,829.915
4,242,677 4,979.024 21.329.876 22,817.778
893,427 2,907.428 4.921.037
583,247
710,539 1,049.618 3.728,991 5,867,888
775,934 2,593.110
426,975
90,163
4596
FINANCIAL CHRONICLE
Southern Pacific Lines.
-Month of May----1930.
1929.
Aver. miles ofroad operated13,839
13,618
Revenues$
$
Freight
16,465,685 19,339,035
Passenger
3.599,920 4,105,888
Mall
416,490
684,8137
Express
690.310
841,917
All other transportation
388.942
578,106
Inddental
471.220
611,106
Joint facility---Cr
23,088
27,412
Joint facility-Dr
114.040
115,688
Railway oper. revenues- 21,941,618
ExpensesMaint. ofway & structures
3,053,425
Maintenance of equipment._ 4,065,683
Traffic
657,148
Transportation
7.695,997
Miscellaneous
416,334
General
971,603
Transportation for invest-Cr 150.937
Railway oper. expenses
16,709.254
Income
Net revenue from ry. oper
5,232,363
Railway tax accruals
1,521.244
Uncollectible railway revs_
5,681
Equipment rents (net)
752,075
Jointfacility rents (net)
34,327
Netrailway oper.income
5 Mos. End. May 31.
1929.
1930.
13,841
13,614
79.096.290
18,626,544
2,042,081
2,603,889
2,110,429
2.746,025
127,860
585,201
91,544,583
20,227,555
2,363,928
3,193,154
3,583.971
3,156.292
147,899
582,992
26.072,667 106767,921 123634.383
15,099,870
20,810,506
3,192.284
37,944,391
2,062,762
4,957,688
709,172
3,275,560
4,807,487
669,227
8,569,011
456,701
982,488
107,834
16,092,215
22,772,998
3.160.447
42,081,551
2,219,054
4,792,450
546,627
18,652,643 83,358.332 90,572,089
7.420.024 23,409.588 33,062,294
1,886,932 7,743,425 8,955,794
40,243
28.004
6,766
616,243 3,085.136 3,009.841
7,626
17.339
48.087
2,919,034 4,892,741 12,504.934 21,048,788
Union Pacific System.
-Month of May
- Mos. End. May 31-5
1930.
1929.
1930.
1929.
Operating Revenues
Freight
Passenger
Mail
Express
All other transportation
Incidental
11.080,009 13,087,183 55,439,762
1,875.867 2,249,361 8,292.121
409.356
411,706 2,125,816
373,622
375,675 1,449,360
401,948
423,407 1,792,853
250,163
360,973 1,155,524
Railway oper. revenues--14,390,965
Operating ExpensesMaint. of way & structures
2,335,317
Maintenance of equipment.._ 2,941,311
Traffic
511,428
Transportation
4,454,195
Miscellaneous operations297,786
General
681,077
Transp. for investment cr.
64,631,036
9,926,220
2,139,722
1,440.354
1,894,868
1,510,699
16,908,305 70,255,436 81,542,899
2,989,152
3,241,963
511,243
4,793,102
413,974
710,199
9.378,576
14,586,631
2,071,366
22,885,660
1,331,230
3.359,137
11,610,054
15,858,850
2,022,091
24,675,743
1,663,525
3,442,358
2,230
Railway oper. expenses- _ -11,221,114 12,659,633 53,612,600 59,270,391
Income Items
Net rev,from railway opera
3.169,851 4,248,672 16,642,836 22,272,508
Railway tax accruals
1,317,654 1,348.536 6,726.757 6.734.651
Uncoil, railway revenues
1,121
1,452
3.580
5,564
Railway oper.income
1,851.076 2,898.684 9,912,499 15,532.293
Equipment rents
-390.972
377.808-1,841.073-1,693,613
Joint facility rents
--46,775
81,742 --242,854 -378.983
Nett ncome
1,411,329 2.439,134 7.828,572 13,459,697
Aver. miles of road operated..
9.878
9.858
9.878
9.858
Ratio of expenses to revenues 77.97%
74.87%
76.31%
72.69%
Western Maryland Ry.
-Month of May
-- 5 Mos. Ended May 31
1930.
Operating revenues
Taal operating expenses
Net operating: revenue_ _ _
Taxes
1929.
1930.
1929.
1,525,813 1,545.016 7,850,308 7,480,000
1,007.610 1,086,317 4,995,599 5,203.473
518,203
90,000
Operating income
428.203
Equipment rents
29,257
Joint facility rants-net.._- --16,046
458,699 2,584,709 2,276,527
80,000
440,000
400,000
378,699 2,144.709
54,189
200,599
--17,215 --83,862
1,876.527
295,732
--86,236
[VOL. 130.
Gross
Gross
Deductions Net Corp.
Revenue.
Income. from Inc.
Income.
$
$
Mar '30
461,704
170,121 -130,673
45,447
'29
531,869
177,132 -104,682
72,450
9 months ended Mar 31 '30 4,425,500
565,107 1,585,740 -1,020,633
'29 4,765,313
686,557 1,603.198 -916.641
New York Transit
Mar '30 3,182,984 1,168,887
591,751
577,136
'29 3,158,741
693,764
1,295,660
601,896
9 months ended Mar 31 '30 27,673,434 9,195,868 5,189,025 4,006,842
'29 26,623,452 9,062,818 4,945,921 4,116,897
South Brooklyn
Mar '30
75,457
16,050
13,045
3,005
'29
81,057
--12,341
16,780
4,439
9 months ended Mar 31 '30
790,086
205,167
77,139
128,028
'29
855,642
185,481
24,948
160,533
Steinway Rys
Mar '30
67,736
-1,745
3,621
5,366
•
'29
74,034
5,539
11,283
5,744
9 months ended Mar 31 '30
600,695
-52,444
-95,747
37,063
'29
614,809
-49.239
8,172
51,584
Surface Transportation Mar '30
169,888
11,371
-2,189
13,560
'29
156.861
-16,730
-26,849
10,119
9 months ended Mar 31 '30 1,470,077
-25,970
125,138 -151,108
'29 1,370,292 -105,944
94,482 -200.426
Third Ave System
Mar '30 1,252,562
220,962
--8,270
229,233
'29 1,347,229
225,679
--8,737
232,416
9 months ended Mar 31 '30 11,317,335 1,783,441 2,098,774 --315,333
'29 11,571,008 1,770,090 2,084,072 --313,981
- Deficit or loss.
CompaniesNew York Rys
Alabama Power Co.
(And Subsidiary Companies)
-----Month of May- 12 Mos. Mad. May 31
1930.
1929.
1930,
1929.
$
$
$
$
Gross earnings
1,460,876 1,502.580 18.042,247 17,744,497
Oper.exp.,inc. taxes & maint 641.032
529,327 7,386,316 6.469,744
Gross income
Fixed charges
819.843
973,253 10,655,930 11,274,753
4,034,935 4.265,969
Net income
Dividends on preferred stock
Provision for retirement reserve
6.620.994 7,008,783
1,905,023 1,873.579
907,460 1.020,000
Balance
3.808,511 4,115.204
• Note.
-The above figures for 1929 include operations of gas properties
sold May 1 1929.
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of May- 12 Mos. End. May 31.
1930.
1930.
1929.
1929.
$
$
$
$
Gross earnings
4.478,647 4,369,930 54,958,419 52.007,417
Oper. exps., maint. & taxes
2,305,417 2.215,739 27.642,014 26,270.525
'Gross income
2,173,229 2,154,190 27,316,404 25,736.891
LETS-Interest and amortization of discount of subsidiaries 8,426,083 8,014.106
Preferred dividends of subsidiaries
5,475,108 5,151,602
Minority interests
30,029
18,640
Total
_
Balance
Int. & amort.of disc. of A. W.W.& El. Co.,Inc
13,919,832 13.195,738
Balance
Reserved for renewals,retirements and depletion
12,012,874 11,230,431
4.285,225 4,283,362
Net income
13,396,571 12,541.153
1,383,697 1,310,722
7.727.648 6,947.068
Arkansas Power & Light Co.
(Electric Power & Light Corp. Subsidiary.)
-Month of May- 12 Mos. End. May 31.
1930.
1929.
1930.
1929.
$
$
$
$
Gross earningsfrom operation 632,599
592,374 8,678.904 7,580.841
Operating expenses and taxes 360.412
316,728 4,554,923 3,953,962
Net earningsfrom operation
Other income
272,187
46,389
275.646 4,123,981 3,626.879
22,029
386,153
227.805
Net railway oper.income-Other income
441,414
7.105
415,673 2,261,446 2,086,023
10,792
66,276
74,689
Total income
Interest on bonds
Other interest and deductions
318,576
134.184
11.807
297,675 4,510,134 3,854,684
109.184 1,360.210 1,249,387
346,167
9,520
153,193
Gross income
Fixed charges
448,519
289.821
426,465 2,327,722 2,160,712
248.380 1,451,333 1,245,025
Balance
Dividends on preferred stock
172,585
178,971
Netincome
158,698
178.085
876.389
915.687
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Balance
2,803,757 2,452,104
685,295
770,404
2,033,353 1,766.809
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies.)
-Month of April- 4 Mos. End. Apr. 30.
1930.
1929.
1930.
1929.
$
$
$
$
Operating revenues
2,504,344 2,764,647 10,978,856 12,519,860
1 et revenue from opecation
.
..
New York City Street Railways.
(incl. depreciation)
317.648
355,437 1,728,776 2,162,380
Gross income
392.947
451,242 2,056,398 2,520,743
Gross
Gross
Deductions
Net Corp. Interest,
rents and taxes_
187,627
855,552
209,396
814,562
Revenue.
Income. from Income. Income.
Companies
5
$
$
$
Net income
205.319
Brooklyn & Queens
241.846 1,241,835 1,665,190
Mar '30 1,901.936
356,281
124,626
231.655
29 2,012,922
293,354
244,567
48,760
Boston Elevated Ry.
9 months ended Mar 31 '30 16,918,206 2,900,549 1,147,717 1,752,832
-Month of May--'29 17,300,625 2,171,946 2,197,651
-25,704
1930.
1929.
Eighth & Ninth Avenues Mar '30
81,922
-4,745
7.747
-12,492
$
$
-3.394
'29
85,064
8,419
-11,813
Receipts9 months ended Mar 31 '30
731,358
99,728
561
-99,168 From fares
2.744.123 2.854.045
728,227
'29
90,286 -120,441 From oervina ca
2,068
operation
d s per
special cars, mail pouch service,
Fifth Avenue Coach
Mar '30
484,831
80,622
79,955
666
5,065
4,176
sta ad vcrtis
'29
543,218
107,609
1,024
106,585 Promdn m &aing in cars, on transfers, privileges at
9 months ended Mar 31 '30 4,454,307
634,711
628,820
5,890
64,479
95
,9 2
47
'29 4,659,307
17.171
709,332
692,160 From other ry. cos,for their use of tracks & facilities_
363,
Interboro Rapid Translt_Mar '30 4,806,900 2,059,308
4 524
53 5
:6
859,928
304,010 From rent of buildings and other property
5.109
(Subway Division)
'29 4,580,362 2,186,267
45,855
2,709
875,860 1,088,928 From sale of power and other revenue
9 months ended Mar 31 '30 39,762,379 16,939,287 7,912,832 2,887,694
Total receipts from direct operation of the math._ 2,824,925 2,978,446
'29 37,128,601 16,655,635 7,918,350 6,747,020
Interest on deposits,income from securities. &c
(Elevated Divislon)Mar '30 1,624,372
7,524
4.268
89,623
435,767 -271,525
'29 1,653,680
296,941
446,362 -174,801
Total receipts
9 months ended Mar 31 '30 14,249,922 1,728,324 3,931,103 -2,431,206
2,832,449 2,982,715
Cost of Service
'29 14,109,641
1,343,989 3,971,828 -2,856,266 Maintaining track, line equipment and
buildings243,760
232.291
Hudson & Manhattan Mar '30
780,242
547,479
212,760 Maintaining cars,shop equipment, &c
334,719
VIZI
367.599
'29
797,391
Power
545,006
336.061
208,945 Pow
187,217
1
9 months ended Mar 31 '30 6,702,280 4,723,228 3,009,735 1,713,492 Transportation
exps. (incl. wages of car service men) 934,233
936,269
'29 6,647,657 4,469,572 3,015.960 1.453.612 Salaries and expenses of general officers
7,520
7.623
Manhattan & Queens
Mar '31)
43,469
3,493
-6,870 Law expenses, injuries and damages, and insurance.. 104,353
10,364
126,532
'29
41,503
7,731
-2,300 Other general operating expenses
10,031
116,270
114,517
9 months ended Mar 31 '30
758.097
192,609
69.263 Federal, State & municipal tax accruals
147,965
125,347
135.225
'29
816,088
188,773
153.784
34.989 Rent for leased roads
260,897
261,328
Subway,tunnel & rapid transit line rentals to be paid
New York & Harlem
Mar '30
77,034
103,857
62,406
41,451
to the City of Boston
'29
92,138
197.816
187.631
107,276
60,724
46,552
9 months ended Mar 31 '30
671,081
334,305
---45,012 Cambridge subway rental to be paid to the Common379,213
wealth of Mass
'29
33,256
745,376
33,310
460,894
599,512
54,720 Interest on bonds
and
205,197
207,778
New York & Queens
Mar '30
77,629
1,873
--21,272 Miscellaneous items notes
23,146
4,745
5.893
29
78,630
14,044
--9,093
23,138
9 months ended Mar 31 '30
687,105
37,995
208,107 --160,109
Total cost of service
2,786.625 2,833,995
'29
672,781
87,507
208,669 --121,158 Excess of receipts over cost of service
45.824
148.719
4597
FINANCIAL CHRONICLE
JUNE 28 19301
Central Illinois Light Co.
Kansas City Power & Light Co.
(The Commonwealth & Southern Corp. System.)
-Month ofMay- 12 Mos. End. May 31.
1929.
1930.
1929.
1930.
$
$
$
$
407,586 5,252,630 4,902,154
425,104
Gross earnings
Operating expenses, incl.
243,265 2.998,131 2,882,524
taxes and maintenance_ _ _ 243,739
Gross earnings (all sources)__ 1,198.525 1,192,449 14,629,360 14,172.970
605,566 7.247.689 7,218,054
Oper. exps. (Inel. taxes)_ - 583.947
586.883 7,381,671 6.954,915
612,577
Net earnings
101,876 1,268,331 1,173,122
108,694
Interest charges
181,365
Gross income
Fixed charges
164,321 2,254,499
361,096
1,893,402
Net income
405.227
329.800
Dividends on preferred stock
Provision for retirement reserve
1,158,374
Balance
-Month of May- 12 Mos. End. May 31.
1929.
1930.
1929.
• 1930.
2,019,629
Balance
361.723 Amort. of disc. & premiums_
1,657.905
Balance
406,606 Divs. on 1st pref. stock
312,300
Surplus earns, available for
deprec.& coin.stk. divs_
938,999
503.883
15.429
485,007 6.113,339 5,781,792
185,149
185,149
15,429
488,454
20,000
469,577 5.928.189 5,596.642
240,000
240,000
20.000
468.454
449,577 5.688,189 5,356,642
Louisiana Power & Light Co.
Chicago Surface
Lines.
-Month of May
1930.
1929.
Gross earnings
Operating expenses renewals and taxes
5,012,190 5,354,248
3,986,513 4,157,362
Residue receipts
Joint account expenses Federal taxes, &c
City's
1,025,677 1,196,885
31.500
43,725
162.677
250,334
831,499
!Balance
902,826
Edmonton Radial Ry.
-Month of May- 5 Mos. End. May 31.
1930.
1929.
1929.
1930.
$
3
$
$
360,744
362,938
64,053
62,210
2,751
3,064
631
706
121
229
1,152
965
207
230
1,625
1,625
325
325
2,157
3,324
706
303
RevenuePassenger
Advertising
Special cars
Police
Mail carriers
Other revenue
Total
ExpenditureMaint. of track and overhead
Maintenance of cars
Traffic
Power
Other transportation exps_ _ _
General and miscellaneous
63,775
65,923
368,550
372,146
5,284
7,543
234
6,192
23,938
3,535
3,924
8.055
172
5.912
22,690
3.324
22,712
41,379
984
36,356
120,180
16,826
19,217
40,563
776
34,839
112,143
16,910
Total operation
Operation surplus
Fixed charges
Depreciation
46,729
17,046
17,227
2,500
44,079
21,844
18,348
2,500
238,439
130,111
86,795
40,000
224,449
147,697
91,740
40,000
-2,681
996
3,315
(Electric Power & Light Corp. Subsidiary).
-Month of May- 12 Mos. End. May 31
1929.
1930.
1929.
1930.
$
$
394,768 5,676,351 4,415,533
Gross earnings from oper _ _ _ _ 483,644
219,403 2,961,227 2,289,823
Operating exps. and taxes_ _ _ 261,658
Net earnings from oper _ _
Other income
221,986
7,914
175,365 2,715,124 2,125.710
141,563
85,776
12,399
Totalincome
Interest on bonds
Other int. and deductions_ --
229,900
52,083
12,500
187,764 2,800,900 2,267,273
504,996
625,000
52,083
249,313
108,865
7,718
Balance
Dividends on preferred stock
165,317
127,963 2,067,035 1,512,964
330,000
238.333
1.737,035 1,274,631
Balance
Minnesota Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month of April- -12 Mos.End. Apr.30
1930.
1929.
1929.
1930.
$
494,430 6,301,313 6,148,738
Gross earnings from oper____ 500,641
190,258 2,423,654 2,163.699
Operating expenses & taxes- - 197,761
15,956
Total surplus
Georgia Power Co.
(And Subsidiary Companies)
-Month of May- 12 Mos. End. May 31
1930.
1929.
1929.
1930.
$
$
$
$
2,212,441 2,019,430 22,826,070 24,053,699
Gross earnings
Oper. exp.,Inc. taxes & maint 1,055,080 1.027,890 10,873,831 11,423,082
1.157,361
Gross income
Fixed charges
991,540 11,952,238 12,630,616
3.679,333 4.334,819
8.272,905 8.295,797
4,906.525 4,634.332
1,019,466 1,151,226
Net income
Dividends on preferred stock
Provision for retirement reserve
Net earnings from oper__ _
Other income
302,880
2,844
304,172 3,877,659 3,985,039
197,142
92,867
13,654
Total income
Interest on bonds
Other interest & deductions_
305,724
128,202
7.156
317.826 3,970,526 4,182,181
128,292 1.538,840 1,548,193
66,102
73,525
4,883
Balance
Dividends on preferred stock
170,366
184,651 2,358.161 2,567,886
847,269
998,223
1,359,938 1,720,817
Balance
Mississippi Power Co.
(And Subsidiary Companies)
-Wonth of May- 12 Mos. End. May 31.
1929.
1930.
1930.
1929.
$
S
3
$
286,345
284,590 3,623,903 3,381,155
Gross earnings
195,858
176,930 2.345,463 1,982,458
Op.exp.,incl. taxes & maint_
107,660 1,278,439 1,398,696
90,486
Gross income
801,555
624,467
Fixed charges
653,971
Dividends on preferred stock
Provision for retirement reserve
597,140
288.724
103,109
Net income
290.914
80,059
226.166
262,137
Balance
2,346,912 2,510.238
Note.
-The above figures for 1929 include operations of gas properties
Balance
figures for 1929 include operatiots of gas properties sold May 1 1929.
-The above
Note.
sold May 1 1929.
Nebraska Power Co.
(American Power & Light Co. Subsidiary)
Gulf Power Co.
-Month of April- 12Mos. End. April 30
(The Commonwealth & Southern Corp. System)
1929.
1930.
1930.
1929.
$
$
$
$
-Month of May- 12 Mos. End. May 31,
480.456 6,169,607 5.517,110
1929.
Gross earnings from oper____ 539,287
1930.
1929.
1930.
257,221 3,082,458 2,841,449
Operating expenses & taxes.... 266,418
955.856 1,04,839
88,787
80,220
Gross earnings
223,235 3.087.149 2,675,661
Net earnings from oper-- 272,869
Operating expenses,including
215,839
626,938
200,773
18,651
18,276
56,037
48,680
691.706 Other income
taxes and maintenance_ _ _ _
Gross income
Fixed charges
32,750
Net income
Dividends on preferred stock
Provision for retirement reserve
328,918
170,075
406,133
197,400
158,843
126,073
28,703
31,539
Total income
Interest on bonds
Other interest & deductions--
291,145
67,250
20,781
241,886 3,302,988 2,876,434
807,000
807,000
67,250
199,540
18,101
242,237
208,732
124,985
33,877
Balance
Dividends on preferred stock
203,114
156,535 2,253,751 1.869.894
364,000
379,000
4,067
Balance
49,869
-The above figures for 1929 include operations of gas properties
Note.
sold May 1 1929.
Honolulu Rapid Transit Co., Ltd.
-Month of May- -5 Mos. End. May 311930.
1929.
1930.
1929.
$
$
$
$
88,382
432,827
88A37
442,981
Gross revenue from transp'n_
257,161
51,892
50,810
Operating expenses
255,608
304,381 2,945,219 2,963,086
179,217
145,372
9.840
Total income
Interest
282,689
121,848
314,221 3,124,436 3,108,458
123,844 1,484,672 1,473,565
Balance
Depreciation
160,840
61,707
190,377 1,639,763 1,634.892
58.578
633,258
624,874
Balance
99,133
8,009
'Asa.& exp. on secur.sold_Miscellaneous additions and
106,511
Dr33.329
deductions (net Cr.)
86.461
Surplus avail, for redemp84.794
t on of bonds diva., &c
131,799 1,006,505 1,010,018
97,583
8,350
96.310
37,501
1,012
175,666
6,524
187.372
5,600
Net revenue from oper-_-'Taxes assignable to ry. oper_
Interest
Depreciation
Profit and loss
Replacements
39,827
8,819
550
10,561
192
37,501
7.932
550
10,480
192
182,191
44,096
2,750
54.375
2,549
26
192,973
50,395
2,750
52,400
964
Total deductions from rev_
Net revenue
20,123
19.704
19,155
18,346
103.798
78,392
(The Commonwealth & Southern Corp. System.)
-Month of May- 12 Mos. End. May 31
1929.
1930.
1930.
1929.
$
$
S
$
218.711 2,930,329 2.819,609
221.639
Gross earnings
Open claps., incl. taxes &
150,096 1,878,640 1.803,344
146,997
maintenance
68,615 1,051.689 1,016,265
74,641
Gross income
385,925
382,536
Fixed charges
Dividends on preferred stock
Provision for retirement reserve
Balance
(And Subsidiary Companies)
-Month of May- 12 Mos. End. May 31
1929.
1930.
1929.
1930.
$
509,428 5,770,408 5,458,981
Gross operating earnings_ __ 542,285
205,046 2,825,189 2,495,895
Oper.& gen. exps.& taxes_-- 264,566
277,719
4,970
39,827
2,200
Net income
1,505,894
The Nevada-California Electric Corp.
Operating profits
Non-operating earnings (net)
Net revenue from transp'n.
Revenue other then transp'n_
Illinois Power Co.
1.874,751
Balance
665,763
633.729
232,784
150,000
230,898
150,000
282,978
252,831
109,156
63,705
125.946 1.019,351
976,141
2,497
Southern Indiana Gas & Electric Co.
(The Commonwealth & Southern Corp. System)
-Month of May- 12 Mos. End. May 31.
1930.
1929.
1930.
1929.
$
$
$
$
271.674
283.121 3.380,654 3,287,802
Gross earnings
Operating expenses,including
152,552
159,065 1.881,052 1,900,325
taxes and maintenance_ _ _ _
Gross income
Fixed charges
Net income
Dividends on preferred stock
Provision for retirement reserve
Balance
119,121
124,056
1.499.602 1,387,477
342.501
300,322
1,157,100 1,087,154
425,608
395,964
260,000
248,333
471,491
442,857
4598
[Vol,. 130.
FINANCIAL CHRONICLE
Orange & Rockland Electric Co.
Texas Power & Light Co.
Mos.
o
-191f.no th ofMay- 121910. End. May 31.
1929.
199.
$
$
(Southwestern Power & Light Co. Subsidiary)
-Month of April- 12 Mos. End. April 36
1930.
1929.
1929.
1930.
Operating revenues
696,676
56.381
55,711
736.922
Operating expenses,including
Gross earnings from oper__-- 774,242
0
7$1,784 9,897.524 9,581,802
taxes but excl. depreela'n
399,193 Operating expenses
33,113
31,150
414,207
& taxes__ 418,984
401.867 5.030,960 4,824,571
Balance
322,715
297,483
23,268
22,561
Net earnings
329,918 4,866.564 4,757,231
Depreciation
69,200 Other income from oper-.- 355,258
6,862
6.162
77,441
15,093
156,573
194.634
6,292
Operating interne
245,274
228,283
16,406
16,399
Total Income
370,351
336,209 5.023,137 4,951,865
Other income
11.670 Interest on bonds
466
15,379
1,378
157,521
157,521 1,890,250 1.889.139
Other interest & deductions
14,675
11,167
161.557
135,720
Gross income
16.865
260.653
17,784
239,953
Interest on funded debt
62,500
62,500
5,208
5,208
Balance
198.155
167,521 2.971,330 2,927.001
541,000
676,019
Balance
177,453 Dividends on preferred stock
11,657
198,153
12.576
Other interest
1.195
204
250
3.990
Balance
2,295,311 2,386.001
Balance
176,258
12,372
11,407
194,163
Amortization deductions_
12.721
15.160 The United Railways and Electric Co. of Baltimore.
1,033
1,052
-Month of May- 5 Mos. End. May 31.
Balance
161.098
181,442
10,374
11,320
1930.
1929.
1929.
1930.
!Zither deductions
6,367
334
4,277
334
Passenger revenue
1,444,332 1,444,619 7,100,709 6,930,802
Balance
177,165
154.731 Other revenue
10.986
10.040
12,848
18,745
62,748
83,416
Divs. accr. en pref. stock
70.000
69,279
5.833
5,688
Total
1.457,181 1,463,365 7,163.458 7.022,217
Balance
84,731
5,298
4,207
107.886
Operating Expenses
Fed. taxer Iasi. in'per. expo23.218 Way and structures
1,500
1.263
23.038
74,934
69,574
373,807
347,943
Equipment
70.126
70,458
378,628
363.188
Power
123,750
119,023
638.595
601,504
Conducting transportation
440,990 2,100,760 2,109,496
430,424
Portland Gas & Coke Co.
Traffic
22,904
17.373
43,417
37,873
(American Power & Light Co. Subsidiary)
General and miscellaneous
126,104
139.111
677,207
675.927
Transportation for invest.-Cr
415
8.047
29,446
1.488
-Month of April- 12 Mos. End. April 30
1929.
1930.
1929.
1930.
840,196
856,115 4,182.969 4.134.449
$
$
$
$
142,500
142,500
692.000
692,000
Gross earnings from oper---- 339,030
371.949 4,471,853 4,535,749 Depreciation
Operating expenses & taxes-- 225,496
246,015 2,879,457 2.936,967
Total expenses
982,696
998,615 4.874.969 4,826,449
Net earnings from °par.__
113,534
125.934 1,592,396 1,598,782 Net operating revenue
474,484
464,750 2,288,488 2,195,768
Other income
1.944
61.727 Taxes
6.645
39,941
706,664
142,669
132.666
685.703
Total income
115,478
132.579 1,632,337 1,660,509
Operating income
331,814
332.083 1,581.824 1,510.064
Interest on bonds
40,604
487,250
487.250 Non-operating
40,604
income
9,676
14,572
55,909
70.187
Other interest & deductions
51.127
4,550
4,116
58,377
Gross
346,656 1.637,734 1,580,251
341,491
Balance
1.122,132 Fixed income
70,324
87,859 1,086,710
charges
221.610
235,236 1,140,637 1.184,941
Dividends on preferred stock
381,056
381,665
Remainder
119,880
111,420
497,096
395,309
Balance
740.467
705.654
Interest on income bonds_ _ _
46,666
46,666
233,333
233,330
Net income
South Carolina Power Co.
(The Commonwealth & Southern Corp. System)
-Month of May--- 12 Mos. End. May 31.
1930.
1929.
1929.
1930.
Gross earnings
207,422
233,270 2,516.962 2.730,566
Operating expenses,including
taxers and maintenance_
103,854
119.197 1,265,678 1,429,296
Gross income
Fixed charges
103,568
Net income
Dividends on preferred stock
Provision for retirement reserve
114,073 1.251,283 1,301,270
619,771
611,633
639.650
204,796
110.300
681,4119
286,741
159,090
Balance
324.554
235.666
Note.
-The above figures for 1929 include operations of gas properties
sold May 1 1920.
The Tennessee Electric Power Co.
(and Subsidiary Companies.)
-Month of May- 12 Mos. End. May 31
1930.
1929.
1930.
1929.
$
•$
$
$
1,272,327 1,190,642 15.280,573 13.811,266
Grose; mumiese
Oper.exp..Ins. taxes lc maim 632.684 590.169 7,745,378 7,050.562
639.643
Gross income
Fixed charges (see note)
Net income
Dividends on preferred stock
Provision for retirement reserve
600,472 7,535,195 6.760.704
2.220,691 2,147,626
5,314,504 4,613,077
1.341415 1,336,970
1.206,078 1,041,364
Balance
2.766.909 2,234.742
Note.
-Includes dividends on Nashville Railway & Light Co. preferred
stock not owned by The Tennessee Electric Power Co.
Third Avenue Railway System.
Operating Roma,Transportation
Advertising
Rent'
Sale of power
-Month of May- 11 Mos. End. May 31.
1929.
1930.
1929.
1930.
$
$
$
$
1,252,018 1,349.615 15.429.400 13,885.727
12,500
137,367
137,500
12.473
272.710
246,881
26.388
24.855
552
528
5.821
6,062
Total operating revenue.- -- 1,291,409
Operating Expense.
Maintenance of way
171,745
Maintenance of equipment
124,796
Depreciation
22,231
Power supply
78.373
Operation of cars
413,794
Injuries to persons & prop
94,056
General & miscell. expenses
51,966
Total operating expenses
956,965
334,444
86,589
347,744 3,217,647 3,306,455
987,798
981,043
88.035
Operating income
Interest revenue
247,855
17,794
259.708 2,236,603 2,318.656
207.288
209,992
18,989
Gross income
265.649
DeductionsInt. on 1st mtge. bonds
42,756
Int.on 1st ref. mtge. bonds....
73,301
game
Int. on adj. mtge. bonds_ _ _ ..
Track Se term. privileges
1.416
Miscell. rent deductions
386
Amort. of dt. disc. & eXP.__
1.647
Sinking fund accruals
2.790
Miscellaneous
Cr19,351
Int. on series C bonds
2,164
278,698 2,446,596 2,525,944
Net income
64,753
161,976
263,763
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
June 7. The next will appear in that of July 5.
"Shell" Transport & Trading Co., Ltd.
-Year Ended Dec. 31 1929.)
(Annual Report
INCOME ACCOUNT YEAR ENDED DEC. 31 1929.
1926.
1927.
1928.
1929.
E201,058
£221,450
£148,495
e185,331
6.379,479 5,306,742 5,211.553 5,182,829
Interest received
Dividends received
Total income
Expenses
£6,527,974 £5,492,073 £5,412,611 £5,404,282
44,180
42,917
44.588
42.770
Profit
Prof. dividends (5%)
2d pref. divs.(7%)
Ordinary dividends
Rate paid
£6,483,386 £5,447,893 £5,369,694 £5,361,512
100,000
100,000
100.000
100,000
350,000
350,000
350,000
350,000
6,030,340 4,996,901 4,913,568 4,913,56$
(25%)
(25%)
(25%)
(25%)
Balance
Brought in
43.046
237.604
£992
236,612
£6,126
230,486
def.r2,050
232,542
Carried forward
£240,650
/237,604
£236,612
£230,482
BALANCE SHEET DEC. 31.
Assets1928.
1927.
1929
1926.
loans&c.)
Property(shares,£26,613.208 £26,684,875 £26,843.216 £26,902,725
Debtors and
103.213
121,908
137,442
119,383
Dividends due
6,250,704 5,293,512 4,829,309 4,637,854
x10,462,500 x6,627,101
2,748,031 5.183.083
Investments
Cash
132,131 2,522,492
1,158.482
235,386
Total
£44,588,109 £38,859,530 £37,080,492 47.078,439
Liabilities
Capital
431,121,361 126,987,607 £26,654,274 126,654,274
Reserve, &c
6,881,609 6,354,165 5,000,000 5,000,000
Creditors
65.857
77,224
69,849
63,946
Unclaimed dividends.1,387,522 13.845,300 14,276,172 Pref. dividend accrued...
25,000
25,000
25,000
25,000
2d pref. cliv. accrued...
145,833
145,833
145,833
145,833
215.217 2,206,922 2,236.025 Profit balance
6,270,990 5,234,505 5.150,180 5,144.050
121,698 1,390,793 1,302.164
705 Cr21.126 Cr65.193
Total
£44,538,109 £38,859,530 137,080.492 /37,078.439
911,384
929,485
80,636
x The investments, taken at market price or under on Dec. 31 1929,
458,396 4,719,016 4.853.296 include £147,404 Colonial Government railway and municipal stocks,
856,945 1,147,540 £7,970,972 Treasury bonds. 12,264,143 Exchequer bonds and £79.981
107,968
566.398 foreign Government and municipal stocks.
563,776
55,253
-V. 130, p. 4258, 3732.
1,039,778 10,627,653 10,969,717
Net operating revenue
Taxes
Total deductions
73,214
470.323
470,328
42.756
806.318
73,301
806,318
93,900 1,032,900 1,032,900
15.264
15,283
1,387
7,842
815
4,909
16,217
1,474
18,122
30.690
2,790
30,690
404,202
28,556
288,783
23,804
2,164
23.804
207.511
247,146 2,691,134 2,807,563
58,138
31,551 -244,537 -281,618
Pittsburgh & Lake Erie Railroad Co.
-Year Ended Dec. 311929.)
(51st Annual Report
President Patrick E. Crowley reports in substance:
Railway Tax Accruals.
-Railway tax accruals were $2,117,333. an increase of $78.456. Capital stock tax accruals in Pennsylvania increased
$77,079, due to change in basis of accruals and to adjustments applicable
to former years. State taxes on gross receipts increased as a result of increased revenues. Federal taxes decreased slightly, due to reduction from
12 to 11% in the rate of taxation, offset in part by the larger taxable income.
Property Investment Account.
-Changes in the property investment account for the year were as follows: Road, increase. $688,086; equipment
increase. $1,015.820; miscellaneous physical property, increase, $581:
total increase. $1,704,487.
Capital Stock.
-The outstanding capital stock of the company at the
beginning of the year was $43,182,720. It has been reduced by cancellation of $228 of scrip certificates, the conversion privilege having expired.
At the end of the year the amount authorized was $50,000,000 and the
amount outstanding $43,182,500.
-Company's advances to
Pittsburgh McKeesport A Youghiogheny RR.
Pittsburgh McKeesport & Youghiogheny RR.for additions and bettermente
JUNE 28 1930.]
and equipment amounted as of Dec. 31 1929. to $16,331.704, a reduction
of $35,143 resulting from the fact that retirements of road and equipment
during the year exceeded the additions thereto by that amount.
New York Central RR.
-The company lent to The New York Central RR.
on book account, with interest, the sum of $10.000,000.
OPERATING STATISTICS FOR CALENDAR YEARS.
1929.
1928.
1927.
1926.
231
231
231
Mlles operated__ -----231
TOM (revenue) freight-- 41,087,597 37,430.824 37.976.843 41,260,196
777.468
Company's freight
803,768
842.383
968.051
Revenue tons one mile._2564420,380 2434829,309 2479478,894 2517015,834
Company freight 1 mile_ 31,169,090 32,440.774 34,775,578 38.474,019
Bituminous coal
16,572,699 x15,537,408 15,651,355 14.562,689
1,146,775 x1.159,926
Coke
1.423,300
3.251,913
5,454,994 x4,388,296
4.625,667
5,374,319
Iron ore
4,506,754 x4,070,692
3.821,015 4,411,988
Stone, sand, &c
Passengers carried
4,584,245 4,846,919
5.327,989
5.518,279
Passengers one mile- -- _100,742,108 106,892,275 117,902,681 123,784,134
Earns. per ton per mile
1.19 eta.
1.15 eta.
1.13 ets.
1.20 eta.
Ton load (all)
1,603
1.713
1.730
1,538
$135.802
2137,440
Gross earnings per mile_ $147,599
$147.784
x New classification effective for 1928 makes comparison with 1927 impracticable.
OPERATING RESULTS FOR CALENDAR YEARS.
Earnings1929.
1928.
1927.
1926.
Freight
$30,533,377 227,938,315 $28,006.065 $30,087,882
Passainer
2,238,864
2,408,667
2,754.191
2,948,730
Mail,express, &c
818,951
750,855
738,317
829,218
Incidental, &c
543,912
308,979
287.246
340,148
Total oper. revenue--$34,135,108 $31,406,816 $31.785,820 $34,205,976
ExpensesMaint. of way & struc
$4,063,519 $4,235,851 $4.576,894 $4,793,837
Maint. of equipment_
11,924,609
9,903,424
9,936,360 10,667,714
Traffic expenses
354,222
336,180
311,957
282,975
Transportation expenses 10,978,383 10,137.409 10.442,720 10,745,070
990,125
1,052,382
1,056,445
General & misc.expenses 1,075.291
Total expenses
$28,396,025 225,602,990
Per cent exp.to earns__
(83.19)
(81.52)
Net railway revenue_ _ 5,739,083
5,803,826
Railway tax accruals_ - - 2,117.333
2,038,877
Uncollectible ry. rev_ _ _ _
165
1,905
Railway oper. Income_ $3,621,584 23.763,044
Equip, rents, net credit_ 4.332,974
4,061,015
Joint fac. rents, net debit
63.018
53,230
Net railway oper. inc. $7,891,540 $7.770,828
Other Income
Inc. from lease of road
2,653
Misc, rent income
54,120
50,845
443,477
512,397
Dividend income
314,691
Inc. from funded secure_
410,104
546.113
235,767
Inc.fr. unfd.sec.& accts.
10,863
6,566
Miscellaneous income
Total other income.__ $1.467,331 $1,120,267
9,358,872 8,891,097
Gross income
Deductions
620,559
622,943
Rents for leased roads
151,312
171,127
Interest on funded debt_
290,904
269.272
Int. on unfunded debt
713,073
625,552
transf. to other cos..
30,311
Other misc. charges,,,.-27,689
739.225
433.073
300,106
1.045.975
33,974
Surplus for year
$3,237,085 22,853,680 $2,653,553
Shares of capital stock
863,650
863,654
outstanding (par $50)863,654
Earn, per sh. on cap.stk.
$8.76
28.31
$7.66
766,227
475,698
220,594
1,231,473
36.455
$641,522
719,712
$10.89
GENERAL BALANCE SHEET DEC. 31.
1929.
1928.
1929.
1928.
Assets$
$
Liabilities$
$
Road & equip__ 75,029,622 73,325,716 Capital stock- 43,182.500 43,182,720
Inv.in MM.oos.:
. Prem.onstk.sold
285
285
Stocks
7,267,928 7,251,178 Funded debt.._ 2,569,138 2,922,993
599.773
599,773 Accts. dr wages_ 1,949,678 2,028,567
Notes
Advances.__. 33,179,102 23,067.667 Iins & Ms pay_
61.730
61,734
Bonds
2,500,000
2,500.000 Traffic bals. pay
559,319
624,088
2,456 Divs. declared__ 2,159,125 2,159,122
Other investm'ts
5.331
Misc. phys. prop
34,431
34,258 Taxes accrued__ 2,505,384 2,405,576
Cash
225
225
2,565,408 10.393,590 Int. matured.,..
Traffic bal. rec.
798,771
590.409 Miscellaneous_ _
677,827
684,975
Misc. accounts_ 1,276,420
1,332.920 Def.credit items
32,461
33,473
Accr. int., diva.,
Deprec. (equip.) 12,078,708 11,405,572
&It
245,370
324,218 P.McK.& Y.RR.
0th. curr. assets
10,327 De5.92,431 Accrued deprec.
Deferred assets_
47,065
46,261
equipment. 9,889,034 9,290,994
Toad). debits
880,631
1,012,919 Ins. &casly res.
34,605
23,640
Special deposits5,107
4,975 Unadjust.accts. 1,024,550
928,971
5,802
Loans & bills rec
Add'ns through
Agts. & conduc_
292,696
218,511
Inc.& surplus. 2.877,852 2,880,782
Mat'l & supplies 2,635,071 2,681,735 Profit and loss-- 47,769,696 44,667,584
127,379.264 123.294,160
American Car & Foundry Co.
(31st Annual Report-Year Ended April 30 1930.)
President W. H. Woodin June 24, says in substance:
The combined net earnings of company and of its wholly-owned subsidiaries, American Car & Foundry Securities Corp. and American Car
& Foundry Export Co., for the fiscal year ended April 30 1930, amounted
to $5,363,765, equivalent to the full 7% dividend for the year on the 300,000
shares of the preferred and to slightly over $5.40 per share on the 600,000
shares of the common stock,as compared with like net earnings of$2,715,174
for the preceding fiscal year. To permit of the payment of the usual full
dividend of $6 per share for the year on the common stock, the reserve,
originally set up in 1908 in the amount of $600,000 and added to at different
times thereafter, "for dividends on common capital stock, to be paid when
and as declared by the ooard of directors," was drawn upon in the amount
of $336,235, leaving available for the payment of common stock dividends
over $5,500,000 in such reserve.
Company at the beginning of the fiscal year just ended had equipment
orders on its books in number appreciably in excess of that which it had
at the corresponding period of the preceding year. There followed a period
during which the railroads did but little purchasing, but later in the year
there was a resumption of buying in fair volume, and the management is
glad to report that company entered upon the fiscal year now current with
a comfortable amount of business on its books.
There has been no relaxation of effort to increase and extend the operations of company in the manufacture and sale of miscellaneous products
of widely diversified kinds. Such is now a very important branch of the
company's activities. Both in volume and in profits the results of this
miscellaneous business for the year just ended were in excess of those for
the preceding year.
The year just closed has witnessed one of the greatest stock market
debacles of recent times-the logical and inevitable ending of a Protracted
period of speculation resulting in an unwarranted inflation of security
prices. Unfortunately, the crash was not limited to those securities which,
by mere speculation, had been put to a price-level not justified either by
inherent soundness or by demonstrated earning capacity. All securities
on the list, the sound as well as the unsound, have been affected in greater
or less degree.
Recovery from such condition is bound to be a slow and painful process
one of alternate advance and recession until the country and its industries
once more "find themselves." It is a trite but nevertheless a true thing
to say that the industrial condition of the country is basically sound.
Living costs and commodity prices are steadily lessening; money is plentiful
and cheap; while there has been perhaps too great an increase in the facilities
for production in certain lines, there is no evidence of over-production
to any considerable extent; we are assured by competent authority that
the figures of unemployment are decreasing: the new tariff law has finally
been enacted and commerce and industry thereby freed of the uncertainty
always a concomitant of tariff revision. The country and its industries
have lived through periods of depression much more severe than that of
the present, and there is no reason to believe that we shall not again, and
within a reasonably short time, get our soundings and attain a condition
of stable equilibrium.
The management cannot control the market quotations of company's
stock. It can, however, point to the soundness of the company's condition as shown by the balance sheet and to the record of its ears and
dividend disbursements during the 31 years of its existence, to justify
er
confidence in the inherent value of its securities, both preferred an common.
xRESULTS FOR FISCAL YEARS ENDED APRIL 30.
1929-30.
1928-29.
1927-28.
1926-27.
Earningsfrom all sources
after providing for tax $8.704,093 $5,665,854 $6,590.956 $7.837.528
y Renewals. repairs, &c_ 3,340.328
3,244,151
2,836,401
2,950,679
Net earnings
$5,363.765 $2,715,174 83.754,555 /4,593.377
Pref. dividends (7%)
2,100,000
2,100,000
2,100.000 2,100.000
Divs, on common ($6)-- 3.600.000 3,600,000 3,600.000 3,600,000
z Com,stock div.reserve Cr.336,234 Cr2.984.825 Cr1,945,445
Balance
Previous surplus
def$1106,623
40338,673 40,138,673 40,138,674 41.245.296
Total surplus
240,138,673 240,138,673 $40,138.674 $40,138,674
She.corn. oust.(no par)600,000
600,000
600,000
600.000
Earns. per share on com_
$5.40
$1.02
$2.76
$4.16
x Consolidated statement, including company. its wholly owned subsidiaries, American Car & Foundry Securities Corp. and American Car &
Foundry Export Co. y Includes renewals, replacements, repairs, new
$26,320,312 $27.546.039 patterns, flasks, &c. z Being common stock dividends paid from reserve
(82.81)
(80.53) applicable for that purpose.
5,465,507
6.659,937
CONSOLIDATED BALANCE SHEET APRIL 30.
2,004,955
2,152,571
1930.
1929.
1929.
1930.
3,371
404
Assets$
$
$
$3,460,148 $4,503,996 Cost of prop-- 72,420,834 72,422,334 Preferred stock- 30.000,000 30,000,000
4,620.608 4,812.384 Mater,on hand_ 8,765,083 10,537.910 Common stock_x30.000,000 30,000,000
Accts. pay., &c_ 9,569,314 10,093,132
75,462
169.576 Accts. and notes
receivable_ _ 23,208.219 18,135,211 Federal taxes.,.,.
556,080
199,565
Insur. reserve_ _ 1,500,000 1,500,000
$8,005,294 $9.146.804 Stocks & bonds
of other comFor gen. overh'd
lmpt.& maint.
panies (at cost
212,641
212,041
390
565
or less)
6,249,831 6,305,915 Reserve for dive,
43,895
31,157
on corn, stock 5,533,495 5,869,729
443,367
418,737 U. S. Ws. of inRes,for employ,.
80,276
debtedness &
62,208
534.701
509,975
Liberty bonds 3,288,953 7,474,171 Divs. pay.July 1 1,425.000 1,425,000
131.513
456,974
5,064,492 4,643,474 Surplus account 40,138,673 40.138.674
Cash
5,000
4,875
118,997,413 119,519,018
Total
Total
118,997,413 119,519.01$
$1,158,867 $1.422.285
9,164,162 10,569.089
z Represented by 600,000 no par shares.
-V. 129. p. 3638.
21,803,537 21.719,206 22,552,353 $2,730,447
Total deductions
7.555.335 7.171.890 6.611,809
Net income
7.838.642
Dividends
(10%)4,318,250(10)4318.210 3.958,255(20)7197,120
127,379,264 123,294,16 0 Total
Total
-V. 130. p. 3534.
4599
FINANCIAL CHRONICLE
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-The Brotherhood of Locomotive Engineers in
Engineers Bar Merger.
convention at Cleveland June 23 voted not to merge with the Brotherhood
of Locomotive Firemen and Enginemen. N. Y. 'Times" June 23, P. 29.
-Class I railroads on June 7 had 454.747
Freight Cars in Good Repair.
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was an increase of 13,244 cars compared with May 31, at which time there
were 441,503 cars. Surplus coal cars on June 7 totaled 155,223 cars, an increase of 6.350 cars within approximately a week, while surplus box cars
totaled 240,944 cars, an increase of 7,280 cars for the same period. Reports
also showed 29,580 surplus stock cars, a decrease of 521 below the number
reported on May 31, while surplus refrigerator cars totaled 15,479 cars, an
increase of 129 for the same period.
-Class I railroads on June 1 had 137.386
Freight Cars in Need of Repairs.
freight cars in need of repairs, or 6.2% of the number on line, according to
the car service division of the American Railway Association. This was an
increase of 5.451 cars over the number in need of repair on May 15, at which
time there were 131.935, or 5.9%. Freight cars in need of heavy repairs on
June 1 totaled 94,128. or 4.2%, an increase of 3,181 compared with the
number on May 15, while freight cars in need of light repairs totaled 43,258,
or 2%,an increase of 2,270 compared with May 15.
-Class I railroads of this country on June 1
Locomotives in Need of Repair.
had 7,798 locomotives in need of repair or 147 of the number on line. according to reports just filed by the carriers with the car service division of
the American Railway Association. This was a decrease of 827 locomotives
compared with the number in need of repair on May 15 at which time there
were 8,625 or 15.4%. Locomotives in need of classified repairs on June 1
totaled 4.450, or 8%,a decrease of 372 compared with May 15, while 3,348.
or 6%,were in deed of running repairs, a decrease of 455 below the number
in need of such repairs on May 15. Class I railroads on June 1 had 7.493
serviceable locomotives in storage compared with 7,101 on May 15.
--The
Average Speed of Freight Trains Reached New High Record in April.
average speed of freight trains, which represents the average per hour between terminals, including yard and road delays, no matter from what
cause, is now the highest ever attained by the railroads of this country.
The average for April, according to reports just filed by the carriers with
the Bureau of Railway Economics, was 13.8 miles, which is toe same as
tnat attained In March this year, but an increase of one-half a mile above
in ig2o April last year and an increase of 3.7 miles above the same month
that for
Due to improved methods of assembling trains, signaling and train
operation, improved motive power, better condidon of equipment and
reduction in the number of stops for fuel and water by use of larger tenders,
all of which have had an effect on reducing delays of 6rains between terminals and increasing somewhat the average speed while in actual motion.
the railroads have been bringing about a steady increase in the average
speed of freight trains for toe past ten years, so that now It is the higkest
ever attained.
The average daily movement per freight car in April this year was 29.6
miles compared with 32 miles for the same month last year, and 29.9
miles in April 1928. In computing the average movement per day,account
is taken of all freight cars in service, including cars in transit, cars in process
of being loaded and unloaded, cars undergoing or awaiting repairs and also
cars on side tracks for which no load is immediately availabie. The average load per car in April this year was 25.7 tons, including less than carload
lot freight as well as carload freight. This was an increase of one-tenth
of one ton above the average for April 1929 and also for that of April 1928.
Matters Covered in "Chronicle' of June 21.
-The New York Central
Annual Report, editorial, page 4307.
Beaumont, Sour Lake & Western Ry.-Final
See New Orleans. Texas & Mexico Ry. below.
-V.124, p. 2742.
Boston & Albany RR.
-Bonds Offered.
-J. P. Morgan
& Co., First National Bank and The National City Co. are
offering at 93 and interest (from Feb. 1 1930), to yield over
4% improvement bonds of 1928.
4.60%, $5,700,000 41
Unconditionally guaranteed both as to principal and interest
by endorsement by The New York Central RR.
Dated Aug. 1 1928; due Aug. 11978. Interest payable F. & A. in Boston. Red. as a whole, but not in part, at company's option, on Feb. 1 1939
or on any int, date thereafter at following prices and int.: Feb. 1 1939 to
Aug. 1 1968 incl. at 105; Feb. 1 1969 to Aug. 1 1973 incl. at 102 5i, and
thereafter at 100. Denom.c* of $1,000 and r* 51.000,55.000 and 010,000.
Legal investment for savings banks in the States of N. Y. and Mass.
4600
FINANCIAL CHRONICLE
130.
-S. O. dated gross operating revenues and net railway operating income for the
-Issue and sale of these bonds authorized by the I.
Issuance.
four months ended April 30 1930 amounted to $6,956,809 and 3933,505.
Commission.
-V. 129, P. 3468.
respectively, as compared with $7.952,539 and $1,594,879 for the same
period in 1929.
-Stock.
Boston & Maine RR.
Security.
-The general mortgage is to be secured by a direct second lien
-S. C. Commission June 13 authorized the company to issue not
The I.
exceeding $7,500,000 7% prior-preference stock (par $100), the stock to (subject only to the prior lien of the refunding and extension mortgage
be exchanged for its mortgage bonds at the rate of five shares of stock securing $28,978,900 bonds outstanding in the hands of the public and
$4.190,000 bonds now pledged, all maturing May 11935) on the following
for each $500 of bonds. The report of the Commission says in part:
The proposed prior-preference stock is to be issued for the purpose of property of the company: The entire 691 miles of standard gauge railroad
converting applicant's mortgage bonds, series Q, R. S. T, U. V. W. X. Y, owned in fee; the company's interest in 126 miles operated by the company
Z, AA, BB, CC, DD, ER, FF. and GG. By ow order of July 8 1926, under lease, contract or trackage rights; over 99% of the outstanding stock
we authorized the applicant to issue not exceeding $43,522.000 of these of the Fort Worth & Denver City Ry., owning and operating 454 miles of
bonds, of which $38,846,000 have been issued. Of the bonds issued $7.- railroad in the State of Texas; all of the outstanding bonds and stock (other
500,000 have been converted into prior-preference stock pursuant to the than directors' shares) of six other subsidiary railroad companies, owning
authority granted by our order of Oct. 311929, leaving $31,346,000 of the 269 miles of railroad (operated by the Wichita Valley By., one of such subbonds now outstanding. Under the terms of a collateral trust agreement sidiaries) in the States of Texas and Oklahoma; and 50% Of the outstanding
dated August 25 1926, between the applicant and the Old Colony Trust bonds and stock of the Trinity & Brazos Valley Ry. The mortgage is to
Co. and S. Parkman Shaw, Jr.. trustees, these series of bonds are, at the be secured also by direct first lien on the entire capital stock (except direcholder's option, convertible on and after Jan. 1 1930, and before Jan. 1 tors' shares) of the Fort Worth & Denver South Plains Ry., owning 205
1940, into applicant's 7% prior-preference stock at the rate of five shares miles of newly constructed unmortgaged railroad.
,
Fguity.-Company has outstanding 117,000,000 pref. stock and 131,000,of stock for each $500 of bonds. The amount of bonds convertible during
the years 1930 to 1933, inclusive, is limited to not more than $7,500,000 000common stock, of which $7.208,700 pref. stock and $25,497.500 common
-V. 130, IL
in any one year. The amount of stock for the issue of which authority is stock are owned by the Chicago Burlington & Quincy RR.
herein sought equals the quota of bonds that may be converted during 1931. 4412, 4229.
-V. 130. p. 3704, 3533.
Denver & Rio Grande Western RR.
-New Directors.
The I.
-S. C. Commission has authorized 0. P. Van Sweringen and
-Abandonment.
Cairo, Truman & Southern RR.
the same time holding
The I.
-S. C. Commission, June 12. issued a certificate authorizing the five associates to act as directors of this road while atthe Commission authpositions
company to abandon that portion of its line of railroad extending from orized to on other carriers. Other members which
act include Alva Bradley, George A. Thomlinson, Leonard P.
Truman southerly one mile, and including the terminal at Truman, all in Ayres, Darwin S.
Barrett Jr.. and John Sherwin Jr. The new officers were
Polnsett County. Ark.
also authorized to serve as directors of certain Missouri Pacific RR. subsidiaries.
-2% Extra Dividend.
Central RR. of New Jersey.
Permission to act as directors of the Denver & Rio Grande Western
The directors have declared an extra dividend of 2% payable July 15 to RR. is requested by William W. Reilley, of Buffalo, N. Y., and Henry G.
holders of record July 7. An extra distribution of 2% was also made on Dalton, of Cleveland, Ohio. Both are now acting as directors of the MisJan. 15 of this year.
souri Pacific RR.
-V. 130, p. 4412.
The directors also declared the regular quarterly dividend of 2% payable
Aug. 15 to holders of record Aug. 5.
Georgia Ashburn Sylvester & Camilla Ry.-Notes.-S. C. Commission June 16 authorized the company to issue not
The I.
Enters Motor Field.
exceeding $28,000 of promissory notes payable to the order of the Baldwin
-V. 130, p. 3150.
See Reading Co. below.
Locomotive Works in connection with the procurement of one freight
-V. 115, p. 2580.
-Intervention in Receivership Denied. locomotive.
Chic. & Alton RR.
Great Northern Ry.-I.-S. C. Commission Authorizes
Federal Judge George A. Carpenter at Chicago. June 23 denied a petition
of Charles Clay Briggs and the Alton Corp., St. Louis, Miss., stockholders Construction of Klamath Falls Line.
to intervene in receivership proceedings of the company.
-S. C. Commission June 9 issued a certificate (1) -conditionally
The I.
Contending that Eastern bankers had profited to the extent of$40.000,000
from the sale of Chicago & Alton bond issues since 1922. Briggs sought authorizing the Great Northern By. to construct and operate a line of railroad in Klamath County. Ore., and in Siskiyou. Modoc and Lassen Counthrough intervention to have ROM of the bonds voided.
Judge Carpenter held that lapse of years between the beginning of the ties, Calif., (2) authorizing the Western Pacific RR. to construct and operreason for refusing the ate a line of railroad in Plumes and Lassen Counties, Calif., and to operate,
receivership in 1922 and the present petition was one
Petition. Through his counsel Briggs announced he would take his plea under trackage rights, over a portion of the proposed line of the Great
Northern Ry. in Lassen and Modoc Counties, Calif., (3) authorizing the
-V.130, p. 3345.967.
to the United States Circuit Court of Appeals.
Great Northern By. and the Western Pacific RR. to jointly construct and
(or) acquire and jointly operate a line of railroad in Modoc and Siskiyou
Chicago Indianapolis & Louisville Ry.-Bonds.-S. C. Commission June 14 authorized the company to issue $1,- Counties, Calif. the Commission says in part:
The I.
The report of
000,000 1st & gen. mtge. 5% gold bonds,series A:to be sold at not less than
The Great Northern By. on Feb. 14 1929, filed an application for a
101.75 and int. and the proceeds used to reimburse Its treasury in part for certificate
public conveneince and necessity
capital expenditures heretofore made. (See offering in V. 130, p. 3874). require thethat the present and futureby it of an extension of its line of
construction and operation
-V. 130, p. 2571, 3874.
railroad from Klamath Falls, Ore., in a southerly direction approximately
80 miles to terminals to be located at or near Lookout, in Modoc County,
Chicago & North Western Rv.-Equipment Trusts.
Calif., which point would also be the terminus of the proposed extension of
-S. C. Commission June 19 authorized the company to assume the
The I.
Western Pacific RR.,all.in Klamath County, Ore., and in Siskiyou and
obligation and liability in respect of $1,425,000 equip, trust of 1929 certifi- Modoc
Counties, Calif.. and on Aug. 12 1929, filed an amended application
cates sedan X, to be issued by the United States Trust Co., New York, for
authority to extend the proposed line to terminals to be located at or near
at not less than
trustee, under an agreement dated Jan. 22 1929, and sold
increasing the construction originally
Bieb.r. in
99.68 and int. from Feb. 1 1930 to date of idelvery in connection with son,,ht to a Lassen County, Calif.,
total length of approximately 87.5 miles.
the procurement of certain equipment. See offering in V. 130, p. 4229.
The Western Pacific RR.on the same date filed an application for a certificate that the present and future public convenience and necessity reChicago Rock Island & Pacific Ry.-New Directors.
acquisition and operation by it of a line of
Charles S. McCain (Chairman of the Board of the Chase National Bank) quire the constrcution and (or)on its main line at or near Paxton or Keddie,
railroad extending from a point
has been elected to the Board. Mr. McCain is a director of the Louisiana & in
Plumas County, Calif., to a connection with the proposed construction
Arkansas Ry., an important line assigned the Rock Island in the I.-8. C. of the
Great Northern at or in the vicinity of Lookout, approximately 121
Commission's consolidation plan.
miles, all in Plumes, Lassen, and Modoc Counties, Calif.
Archibald B. Roosevelt, of Roosevelt & Son also was elected a director.
On Aug. 17 1929, and conditioned upon the granting of the authority
They replace temporary directors elected at the annual meeting on May 1.
sought in above applications the Great Northern and the Western Pacific
-V.130, p.4046.
files a joint application for a certificate that the present and future public
convenience and necessity require the joint construction and (or) acquisition
Chicago St. Paul Minneapolis & Omaha Ry.-Equip. and
a line of railroad extending in a westerly direction
-Harris, Trust & Savings Bank, First Union fromjoint operation of the proposed lines of the applicants at or near LookTrusts Offered.
a connection with
a connection with the McCloud River RR.
Trust & Savings Bank and First Detroit Co. are offering out, Modoc County, Calif., to County, Calif., a distance of approximately
at
4% equip. trust certificates of 1928, series H, 36 or near Hambone, Siskiyon
$390,000 43
miles.
The three applications taken together propose the construction of a conat prices to yield from :34% to 4.60%, according to manecting link about 200 miles long between the lines of the Great Northern
turity. Issued under the Philadelphia plan.
and Western Pacific, with a branch extending 36 miles west to a connection
Dated Oct. 11929; due in 15 equal annual intaliments of $26,000 each on with the McCloud River RE.;approximately 88 miles to be constructed and
the first day of October 1930 to 1944, incl. Denom. $1,000c*. Principal operated by the Great Northern and 112 miles by the Western Pacific, and
and div. warrants (A. & 0.) payable at City Bank Farmers Trust Co., the branch to be jointly constructed and (or) acquired and operated by the
N. Y. City, trustee.
two applicants.
These certificates are to be issued under the Philadelphia plan by the City
There is an understanding between the applicants that the proposed
Bank Farmers Trust Co., N. Y. City, trustee, against new standard equip- terminal at Bieber will be jointly owned and will be operated in alternate
$537,522. The equipment will consist of periods by each party. The applicants have also agreed on the terms of a
ment costing approximately
-ton steel gondola cars, and 4 gas-electric motor passengers cars. contract under which the Western Pacific will be permitted to operate its
100 50
-V. 130, P. 3346, trains over the proposed line of the Great Northern from the Bieber terminal
-Authorized by the 1.-S. C. Commission.
Issuance.
northerly about 10 miles to the turnout switch of the propsed branch line
2953.
construction.
The proposed line will connect the line of the Great Northern with the line
-J. P.
Colorado & Southern Ry.-Bonds Offered.
of the Western Pacific, which in turn connects with the Atchison, Topeka
Morgan & Co., First National Bank and the National City & Santa Fe By., at Stockton. Calif., thus forming a new route between
and points beyond, independent of and competitive
Co. are offering $20,000,000 gen. mtge. 434% gold bonds, California, Oregon,Southern Pacific system.
with the lines of the
series A at 9534% and int. to yield 4.75%.
-The line begins at a c:nnection with the existing
Line.
Description of
Dated May 1 1930: due May 1 1980. Interest payable M. & N. in line of the Great Northern at a point frquently referred to as Klamath
City. First National Bank, New York, trustee. Redeemable in Falls, but actually about 2.7 miles to the south. As located it lies generally
N. Y.
whole or in part upon 60 days' notice on any int, payment date at following about 50 to 60 miles east of the Southern Pacific's Sacramento Valley line
prices and int.: Until and including Nov. 1 1949. at 110; thereafter until from Tehama to Black Butte, Calif., and about 40 miles west of its Nevadaand incl. Nov. 1 1964. at 107: thereafter until and incl. Nov. 1 1974. at California-Oregon line between Wendel and Alturas, Calif. For the first
105, and thereafter at 100. Denom. c* $1,000 and $500, and VP $1.000. 50 miles south of Klamath Falls it parallels the Southern Pacific's Alturas
line at an average distance of about 2 miles, the distance nowhere exceeding
$5,000 and $10,000.
-S. C. Com- 6 miles. Farther to the south the lines diverge. At 60 miles the distance
-Issue and sale subject to authorization by the I.
Issuance.
to the nearest point on the Alturas line is about 10 miles, at 70 miles it is
mission.
18,and at 80 miles it is 24. For 35 miles south of Bieber the air line distance
Legal Investment for savings banks in the State of New York.
location roughly
Data from Letter of Frederick E. Williamson, President of Company. to the nearest railroad station is about 30 miles. The Co. for 15 miles
Parallels the logging road of the Fruit Grower's Supply
Property.
-Company (which is controlled through ownership of 68% north of Westwood Junction at distances from 2 to Smiles, closely parallels
in the aggregate of its capital stock, both preferred and common, by the the Southern Pacific's Fernely-Lassen branch between Westwood Junction
Chicago Burlington & Quincy RR.) and its subsidiaries, which are con- and Westwood for about 11 miles. the Red River Lumber Co's logging road
0
trolled through ownership of more than 997 of their capital stocks, con- south of Westwood for about 12 miles. and the Indian Valley RR. between
stitute the Colorado & Southern Lines. These lines, including those Crescent Mills and Keddie, 7 miles. For the entire line of approximately
operated under trackage rights between Denver and Pueblo, Colo., com- 200 miles, the average distance to other common carrier railroads will be
prise the southern stem of the greater Burlington System connecting the about 11.7 miles; to other railroads, including logging roads, about 7 miles.
Burlington proper with the Texas Panhandle and Fort Worth, Texas,
On the Great Northern line north of Bieber the rate of curvature will
and, through the Colorado & Southern Sty.'a half interest in the Trinity generally not exceed 3 deg., with maximum gradesed 0.8% compensated. In
& Brazos Valley Ry., having access to the Gulf of Mexico. The Colorado the mountainous country to the south the Western Pacific will have maxitrack& Southern Lines own 1,619 miles of standard gauge line and have
mum curves of 10 deg., with maximum grade, southbound, of 1.8% , and
age rights over 169 miles of other railroads.
north bound, 2.2%, compensated. The entire line appears to be well
Purpose.
-Bonds are being issued to reimburse the company in part for located,considering the character of the country, proposed operations, and
the retirement of $19,402,000 of its first mortgage bonds, which matured traffic to be handled.
Feb. 1 1929, and for expenditures in excess of $7,500,000 made prior to
Cost of
-The applicants estimate the cost of building and
-mile line of its wholly-owned sub- tquIPPingConstruction. lines as follows:
May 1 1930 in construction of the 205
the proposed
sidiary, Fort Worth & Denver South Plains Ry.
$9.824,660
revenues, income available Western Pacific,road
Earnings.
-The consolidated gross operating
241,507
do
do equipment
for fixed charges, total fixed charges and net income of the Colorado &
Southern Lines have been as follows for the five years ended Dec.311929:
$10,066.176
Net
Total Fixed
Income Avail.
Great Northern,road
3,294,620
Calendar
Gross Oper.
Income.
Charges.
do
for Axed Chges.
YearsRevenues.
do equipment
276.000
$3,665,939
$2,689,763
$6.355,702
$25,654,154
1925
4,848,037
2,594,361
7,442,398
28,172,806
$3,570,620
1926
3,278,605 Total. Keddie to Klamath Falls
2.452,453
5,731,058
27,240,652
13,636,796
1927
4,204.028 Proposed McCloud branch
2.422,429
6,626.457
25,657,734
500.000
1928
3,545,069 Rehabilitation, Bend to Chemult
2,410,466
5,955,535
26,116,202
1929
800,000
In the period covered by the above table, income available for flied
Total of projects
$14,936.796
charges averaged more than 2Yi times the amount required. Consoll-
JUNE 281930.1
FINANCIAL CHRONICLE
According to a witness for the Southern Pacific. who &mimes that additional locomotives and cabooses would be required in an average proportion to train miles, $3.420,000 should be added to the equipment cost estimates of the applicants. The latter's operating officials believe that, except as shown in their estimates, the equipment available on their lines will
be sufficient to take care of the added business, no additional train miles
being required on the main line of the Western Pacific. The total increase
In charges to road and equipment during the five years estimated by the
Western Pacific is $360.000. The Great Northern expects no material
additions and betterments.
Financing.—The Great Northern expects to finance construction from
current funds; the Western Pacific by the ISS110 of 5% debenture bonds or
notes in amount not exceeding $5.000,000, the remainder to be financed
from cash assets as available and by the issue and sale of its 5% first-mtge,
bonds; any necessary equipment to be financed from treasury funds to the
extent available and., if necessary, by equipment trust certificates and (or)
first-mortgage bonds.
Competition—Most favorably situated on the Pacific coast, the Southern
Pacific reaches from San Diego to Portland, while the Union Pacific serves
Los Angeles, Portland, and Seattle, and reaches practically all California
ports in connection with the Southern Pacific. Thus, it is claimed, these
lines have a distinct advantage over the northern lines, having access to the
coast both North and South, while the northern lines are confined to the
north coast. Moreover, under agreement and by our order, the Southern
Pacific is obliged to solicit routing of the maximum amount of traffic from
southern Oregon and most of California via Odgen and the Union Pacific
and is not in position to give equal treatment to other connecting lines.
The proposed construction would create routes competitive with the
Southern pacific lines in general, more directly affecting the lines north
of and including its main line from San Francisco to Ogden, and to some
extent would similarly affect the Union Pacific lines north, northwest,
and southwest of Utah junctions, and its main line to the east.
San Francisco and Portland are now connected directly by the rails of
but a single carrier. The California Railroad Commission points out that
this dependence upon the ability of a single rail carrier is without parallel
as between comparable agricultural and industrial centers anywhere in
the United States. It appears that two-thirds of the population of California, Oregon, and Washington reside in counties bordering on the Pacific
Ocean and adjacent waters and that two-thirds of the population west of
the Rocky Mountains is within 150 miles by rail from some Pacific coast port.
From San Francisco to Portland there are four steamship lines publishing through rates and maintaining regular service; to Seattle seven; these
with all-rail and rail-and-water combinations making 10 routes to Seattle
and 36 to Spokane, over all of which routes rates apply. From Los Angeles
to Portland there are four steamship routes, the Southern Pacific, and the
joint Santa Fe-Southern Pacific; Los Angeles to Seattle, seven steamship
and three rail routes, including the Union Pacific via Salt Lake City.
From Los Angeles to Spokane, including various combinations, 39 routes
are indicated.
Between Teharaa, Calif., and points south on the one hand, and on the
Other, Portland and beyond and all points beyond Chemult via Bend, the
Southern Pacific in 1928 handled approximately 782,000 tons of all commodities, while approximately 8,202,000 tons, 91% of the total, moved
by water between California and North Coast ports. This excludes
lumber and all other rail tonnage to or from points in Oregon south of
Portland, in which territory most of the Oregon lumber originates. A large
percentage of fruits and vegetables packed in California, canned goods,
and dried fruits, destined to points in Oregon, Washington. and Idaho,
move by water, reaching under joint rates points as far inland as Spokane.
About 90% of the oranges and lemons shipped to Portland and Seattle go
by water, the time consumed in transit being from four to seven days,
about the same as by rail. The applicants claim that regardless of the
amount of traffic which now moves by water the new line will handle a
large volume of traffic which is dependent solely upon rail transportation.
Generally speaking, the only part of California which now has the
benefit of rail competition to or from points in Oregon and Washington is
a small area around Los Angeles served by the Union Pacific. With the
construction of the proposed line this area would be extended to include
all points in California served by the Sante Fe and the Western Pacific.
The protestants exhibit charts showing many joint freight routes by
which rates apply from California to transcontinental territory. Access
to California is afforded by the Southern Pacific, Union Pacific, Santa Fe,
Western Pacific, and coastwise steamers; the multiplication of routes
shown being due to Interchange within the State and connections at various outside points. Thus between San Francisco and St. Paul, Mimi.,
the protestants claim there are 44 competitive routes over which rates
apply. These include routes over the northern lines via the Southern
Pacific and the northern gateways. The charts do not show what rates
greeahtaTi%rageaerndyt
:ogd
mItei Ults betro c
x c it mint• oSurates whge analr
i
by
h
iel
&e
cants show that many rates via the Missouri River gateways do not apply
-via Portland or Chemult, and that where they do they are not always
the same.
Representatives of the railroad or public utility commissions of Oregon,
Washington, Montana. Idaho, Colorado. Arizona, and New Mexico. and
a representative of Utah shipping interests stress the value of competitive
routes which the new line would afford. The protestants Point to many
competitive routes via which rates apply to various points in these States.
A number of witnesses testified as to the benefits of competition as to
the increase in population and development of Seattle following the coming of the Great Northern; Improvement in service on arrival of the Milwaukee and Union Pacific improvement in service following the construction of the Western Pacific across Nevada to Salt Lake and the arrival of
the Sacramento Northern and Western Pacific at Oroville and Marysville, Calif.' better service between Sacramento and Fresno. Calif.; better
stock cars in California and Nevada; improvement in car supply at
Eugene, Ore., and Evona, Utah; improvement in passenger service due to
competition of motor busses; rate adjustments, better hours for loading
fruit, and at Klamath Falls to date, rate adjustments, better service, and
more lumber mills.
Other witnesses testified that in its exclusive territory, the Southern
Pacific affords excellent service to California walnut growers and to shippers
of fruits and vegetables in Salinas and Pajero valleys. The remarkable
growth of the Imperial Valley, served only by the Southern Pacific, is
also cited.
Offers of the Southern Pacific and the Union Pacific.—Conclitioned on the
denial of these applications, the Southern Pacific offers to establish joint
through rates between Southern Pacific points in Oregon and northern
California, including McCloud, on the one hand, and Ogden and points
oast, on the other, via Flanigan and the Western Pacific; joint rates between
points on the Western Pacific and points on the Southern Pacific in Oregon
and beyond (including the Great Northern north of Chemult) on an equality with rates between common or opposite points on the Southern Pacific
and such northern points; rates on forest products between McCloud and
points on the Southern Pacific in northern California, including Westwood, on the one hand, and points on the Western Pacific In California,
on the other hand, which at points south and west of Stockton shall be
on an equality with rates to common or opposite points on the Southern
Pacific; rates between points on the Southern Pacific and connections south
and east of Klamath Falls and points on the Great Northern and connections east of the Cascades beyond Chemult no higher than rates via Portland in connection with other carriers; between points on the Southern
Pacific and connections south of Portland and (or) east of Klamath Falls
and points on the Great Northern and connections west of the Cascades.
The Southern Pacific would join the Great Northern and its connections
in the publication of transcontinental rates between points south of Portland and (or) Chemult to and including Colfax and Banning, Calif. (including points on the McCloud River RR.), on the one hand, and eastern
transcontinental destinations on the other, via Chemult and (or) Portland,
on an equality with rates via Ogden, Utah, including diversion and reconsignment.
The Southern Pacific would also join the Great Northern in the publication via Portland or Chemult or both of rates between points north of
Chemult or Portland on the Great Northern and connections in the Pacific
Northwest and eastern transcontinental destinations via Flanigan, Ogden,
Salt Lake City, and El Paso on an equality with rates via the Great Northern through Billings or Minnesota Transfer; the provisions of this and
the last paragraph being reciprocal. The above offers would apply to
other northern lines as well as to the Great Northern.
Similarly, on denial of the applications, the Union Pacific offers to
establish through rates via Butte, Mont., between points in both central
and southern California, on the one hand, and points reached by the
Great Northern and other northern lines in the northern tier of States as
far east as St. Paul and Duluth, on the other hand, making the Western
Pacific available for competitive routing in connection with the Santa Fe.
Regardless of the disposition of this case, the Southern Pacific offers to
tr
4601
establish an interchange at Flanigan and publish through rates between
points exclusively served by the Western Pacific and points on the Southern
Pacific and connections north and east of Flanigan. In these offers the
Southern Pacific waives its right to the long haul.
The protestants claim that if the through routes are in the public interest, they can be afforded by the Southern Pacific and the Union Pacific
as connections with or between the respective lines'of the applicants under
through joint rates through open gateways as outlined above, thus, in a
measure, protecting their earning capacity and at the same time offering
all the advantages in routes, service, rates, and diversion privileges that
have been proposed by applicants, but with shorter and superior routes,
and serving a greater number of people.
The position of the applicants may be summarized as follows: The
public benefits which are assured by the proposed construction can not
be obtained through the substitute proposals of the Southern Pacific and
Union Pacific. The interests of these opposing carriers will always be
adverse to the free use of the northern gateways. The preponderance of
the Southern Pacific position in California is so overwhelming and its
interest in its own long haul will always exert such a dominant influence,
that no appreciable volume of traffic could ever escape to rival rails through
Interchange at intermediate points. This has been demonstrated by the
Western Pacific's experience In California and the Great Northern's experience at Chemult, Oregon. Moreover, the program which they offer as
the price for the denial of these applications ignores the needs of the local
territory.
Benefits to the Denver et Rio Grande Western Railroad Company.—Local
business, i.e., traffic loaded locally, makes up the greater part of freight
business of this carrier, hereinafter called the Rio Grande, amounting to
75% of its freight revenues in 1922, this being reduced to 62% in 1928,
due in part to the reduced output of mines. This in turn is accounted
for by the displacement of coal by oil and natural gas. On the other
hand, bridge traffic has increased from 9.4% of freight revenues to 17.2%
in 1928. While Southern Pacific deliveries at Ogden have increased by a
substantial percentage, the extent to which the Rio Grande can participate in traffic through Utah junctions is limited. This is due in part to
the cancellation some years ago by the Oregon Short Line of joint through
rates on competitive business to the northwest. To enable the Rio Grande
to furnish adequate service and a reasonable return on its investments for
improvements, additional through traffic is considered necessary. As a
result of the proposed construction it is estimated that the Rio Grande
would handle about 13,000 additional cars, increasing its revenues by an
amount between $750,000 and 81.000.000 per year. Traffic would be
routed from Klamath Falls and other points on the Great Northern via
the Rio Grande to points south and east of Colorado.
Proposed Change of Line or Trackage Rights.—The Joint Railway Committee of Klamath County, representing the Klamath Irrigation District
and other interveners, favors the granting of the Great Northern's application, but asks that we withhold approval of the location of the first 40
miles south of Klamath Falls until we have made a further examination to
determinovhether it would not be more advantageous to the public and
the Great Northern to adopt the general location which the committee
advocates. Instead of commencing at the south end of the Great Northern's terminal at Klamath Falls, this would use or parallel the Oregon,
California "& Eastern Railway for about 8 miles, thence southeast about 9
miles to a point about 10 miles norhteast of Merrill on the Southern Pacific's
Alturas line, from which point it would veer to the south, crossing the
Alturas line about 30 miles from Klamath Falls. This proposal constitutes
a radical departure from the line proposed by the Great Northern.
The secretary of the Klamath Irrigation District advocates this change,
but if it can not be made, urges the joint use of the Southern Pacific line
for about 24 miles south of Klamath Falls. As stated in the applicant's
brief, if joint use of the Southern Pacific line for 24 miles south of Klamath
Falls is taken (which the Great Northern is willing to take under proper
conditions), it would seem safe to say that at least $800,000 in construction cost would be saved. No application for authority to operate over
the Southern Pacific line has been filed. If arrangements can be made
for such operation under trackage rights, upon reasonable terms, such
action should be taken, in which event a supplemental application may
be filed to modify the certificate issued herein accordingly.
Conclusions.—The principal importance of the proposed line is as a
bridge or connecting link between systems. This is true whether Judged
from the standpoint of prospective earnings or diversions of traffic from
other lines. Were the gap to be bridged but 1 mile wide and the cost of
construction negligible, the advantages of the connection would be controlling. A two-line haul is better than a three-line haul, and a direct
connection, without the interposition of a third carrier, would be clearly
in the interest of the public and the transportation system as a whole. .041
There remains to be considered the question of whether the disadvantages resulting from the length of the line, its cost, or other features, are
sufficient to outweigh the advantages of a direct connection between the
.4A11111
two systems.
The new line will aid in the development of a great timber area and
some considerable agricultural areas in northern California.
The new line would give to Klamath Falls shippers the advantage of
Competition to the south which they do not now enjoy, and to Westwood
Competition both north and south. It would greatly shorten the distance
by rail from Westwood to nearby points in the Sacramento Valley. and that
by a line which would be down grade or level all the way. The only material diversion of traffic from the Southern Pacific at points on the new
main line between Klamath Falls and Keddie would be lumber at Westwood, estimated at some 4,000 carloads the first year. This represents
about 10% of the Southern Pacific's estimated loss in freight revenues
from all 'diversions due to the construction of the line and its use in the
handling of bridge and other traffic.
The local traffic would probably be insufficient to justify a line built
to the standards here proposed; but considering all traffic available, the
applicants have reasonable prospects of earning a fair return on their
investments. Compared with the benefits which will accrue to the people
of the Pacific West and Northwest through the establishment of new
competitive routes, stimulating the interchange of products, the advantage
of a diversified car supply, additional passenger service, and the development of the local territory, the moderate capital expenditure here proposed
seems amply justified.
The diversion of traffic from other lines will be principally due to the
establishment of a direct connection between the systems of the applicants, and must be regarded as incidental to and a necessary consequence
of the removal of the bar to the unobstructed flow of traffic between them.
These losses may be overcome in a few years by the rapid growth of the
country and will not be sufficient to impair the ability of the protestant'
to perform their duty to the public.
The acquisition of the logging railroad between Lookout and Hambone
Is justified on similar 'grounds. Jointly operated as a branch by the
applicants, it will extend to the McCloud River Railroad and its shippers
the benefits of a direct connection with the lines of the applicants, eliminating the Southern Pacific as an intermediate carrier. The benefits of
competitive service in all directions which will be brought to Klamath
Falls and Westwood will thus be extended to the industry at McCloud
and other shippers on the McCloud River Railroad.
In our plan of consolidation the Indian Valley Railroad is allotted to
System No. 18—Missouri Pacific. In connection with these cases, which
were not brought for purposes of unification or consolidation, we think
it unnecessary in these proceedings to determine the terms and conditions
on which the line should be acquired.
Upon the facts presented we find that the present and future public
convenience and necessity require the construction and operation of the
lines of railroad described by the applicants in their separate applications
and the joint construction and (or) acquisition and joint operation of the
line of railroad described in their joint application.
Our certificate issued to the Great Northern will be upon the condition
that the Great Northern shall grant the Western Pacific on just and reasonable terms the right to operate over its proposed line between the
terminal at Bieber in Lassen County. Calif.. and the turnout switch of
the proposed joint line at or near Lookout, Modoc County, Calif.—V. 130.
P. 4230, 4412.
Houston & Brazos Valley Ry.—Final Valuation.—
See New Orleans. Texas & Mexico Ry. below.—V. 129, p.3630.
Louisiana Arkansas 8c Texas Ry.—Operation.—
The L-S. C. Commission June 11 issued a certificate authorizing-the
company to operate under trackage rights over the railroad of the St. Louis
Southwestern Railway of Texas between Greenville and Dallas, 61.1 miles,
all in Hunt, Colin, and Dallas Counties, Tex.
The report of the Commission says in part:
4602
FINANCIAL CHRONICLE
The applicant Is controlled by H. C. Couch. C. S. McCain, and Dillon,
Read & Co.. managers of a syndicate which owns its entire capital stock,
except director's qualifying shares. Its railroad extends in a general easterly
direction from McKinney, through Greenville, to the Louisiana-Texas State
line at or near Waskom, approximately 181 miles. From the last-named
point it operates over the Vicksburg, Shreveport & Pacific By. to Shreveport, La., where its principal connection is with the Louisiana & Arkansas
By., which operates to New Orleans, La., and Natchez, Miss. At Greenville, near its western terminus, the applicant's line connects with a line
of the St. Louis Southwestern Railway Co. of Texas (the Cotton Belt),
extending westerly to Dallas and beyond. The applicant now receives
from and delivers to connecting carriers a considerable volume of freight
originating at or destined to Dallas and points beyond. A large portion
of such freight is interchanged at Greenville.
Through the agency of the Cotton Belt, the applicant now proposes to
extend its operations over the Cotton Belt line between Greenville and
Dallas. Under the plan contemplated the applicant's entire freight business
between those points would be handled exclusively by the Cotton Belt.
It is alleged that the proposed plan would enable the applicant to share a
larger proportion of freight revenues than it now receives under existing
rate divisions. Interchange of traffic, so far as practicable, would then
be made at Dallas instead of Greenville. By the publication of single line
rates to and from Dallas and points on its line, the applicant expects to
Increase materially its freight business and thereby greatly reduce or possibly overcome heavy operating deficits which have recurred for several
years past. The applicant also expects much additional freight business
on account of the further development of Dallas and the southwest generally. It is estimated that for each of the first five years of operation
under the plan submitted the applicant will receive additional gross revenues
aggregating $161.574.72. Net railway operating income is estimated at
$55,756 on the basis of the above-stated figure. It Is clear that part of
the additional tonnage expected will be diverted from other lines, but it is
said that so far as the Cotton Belt is concerned, its loss through the diversion of such traffic will be compensated by the applicant's payments for
the use of the Cotton Belt's facilities.
Commissioner Eastman dissenting says:
I find It difficult to understand this curious arrangement. It purports
to boa grant of trackage rights. but It seems to be that only in a very theoretical, not to say metaphysical, sense. The Cotton Belt is to continue to
do all of the operation with its own engines and crews. Apparently the
concrete results are to be (1) the charging of single-line instead of joint-line
rates, where there is a difference between the two. and (2) the acceptance
of comparatively low compensation by the Cotton Belt for the service performed on a uniform per car basis regardless of the nature of the traffic.
But I take it that these carriers are not obliged to charge the higher joint
line rates, if they prefer the lower single-line rates for joint hauls. And
the divisions on joint traffic can be made, so long as we do not interfere,
whatever the carriers see fit to agree upon. It may be that the unusual
arrangement proposed will do no harm, but as far as I can see it is wholly
unnecessary, and I hesitate to approve the arrangement because I am not
clear as to its possible consequences as a precedent.
Louisiana Southern Ry.-Final Valuation.
[vol.. 130.
Orange & Northwestern RR.
-Final Valuation.
See New Orleans, Texas & Mexico By. above.
-V.120, p. 2682.
Penna. Ohio & Detroit RR.
-Proposed Abandonment.
The I.
-S. C. Commission June 10 denied the application of the company
for authority to abandon its Montgomery branch in Hamilton County.
Ohio, and the abandonment of operation of said branch by the Pennsylvania RR.
-V. 130. p. 1453.
Pennsylvania RR.
-Electrification Now Nearing Completion.
-An official statement, dated June 22, says:
Electrification from Broad Street Station to North Philadelphia was
completed some years ago in connection with changing over the Germantown and Chestnut 11111 suburban service to electric operation. The work
of continuing the electrification northward from North Philadelphia to
Trenton, a distance of nearly 28 miles, started approximately one year ago
and is now nearing completion, involving all four running tracks.
The Philadelphia-Trenton work is part of the great project for completely
electrifying the Pennsylvania RR's main line, for both passengers and
freight, from New York through Washington,so that electric operation will
be continuous from Hell Gate Bridge, above New York City, to Potomac
Yard, the great gateway to the South, just across the Potomac River from
the national capital. In addition, the low grade freight lines between the
Pennsylvania's eastern terminals and the Susquehanna River Valley will be
electrified. The entire project will cost over $100.000,000.
The work is being carried out in segments. The first to be completed
was the portion of the main line of the Southern Grand Division, between
Philadelphia and Wilmington. Electric passenger service for local and
suburban trains between these cities went into effect Sept. 27 1928. Work
on the main line of the New York division between New Brunswick and
Sunnyside Yard, Long Island, is well under way.
As part of the plans for its new Philadelphia passenger station, the
Pennsylvania RR. has also been electrifying suburban train service on the
branch lines coming directly into the city. When electric service between
Philadelphia and Trenton is established on June 29, the only suburban or
short distance steam trains coming into Philadelphia, on either main or
branch lines, will be those on the Schuylkill Valley branch, which is now
undergoing electrification as far as Norristown. This work, it is expected,
will be completed in the early summer.
The electric suburban service to be inaugurated June 29 between Philadelphia and Trenton, as in the case of that already established between
Philadelphia and Wilmington, will apply, for the time being, to passenger
service only. Operation of freight trains by electric power will be established
with the completion of the entire project.
Employees Oversubscribe Stock.
Employees oversubscribed their allotment of 360,000 shares of stock
under a recent off, according to a report by A. J. County, Vice-President
in charge of finance and corporate relations. He announced that 72,450
applications had been received for 580.097 shares. A maximum of seven
shares will be allotted to each subscriber, those who did not ask for more
than this number receiving full allotments.
Lease of Western New York cc: Pennsylvania Approved.
-V. 130, p. 4413, 4231.
- See latter company below.
New Orleans, Texas & Mexico Ry.-Final Valuation.
-S. C. Commission has just made public a report and order In
The I.
Pere Marquette Ry.-Operation Under Trackage Rights.
Valuation Docket No. 3, and related cases, wherein the New Orleans,
-V. 121, p. 1566.
See New Orleans, Texas & Mexico By. below.
Texas & Mexico Ry. and nine other carriers comprising the Gulf Coast
Lines were finally valued as of years ranging from 1914 to 1919. An
authorized synopsis of the Commission's findings as given in the "United
States Daily, follows In full text:
-Final value for rate-making purposes of the property of the New
"1.
Orleans, Texas & Mexico Ry.,owned and used for common carrier purposes,
found to be $7.655,000 as of June 30 1914. of the propoerty used but not
owned, $827,808, and of the property owned but not used 31,150.000.
-Final value for rate-making purposes of the property of the Lulsiana
"2.
Southern By., owned but not used, devoted to common-carrier purposes,
found to be $825,000 as of June 30 1918.
-Final value for rate-making purposes of the property of the St.
"3.
Louis, Brownsville & Mexico Ry.. owned and used for common-carrier purposes found to be $13,500,000 as of June 30 1919, of the property used but
not owned, $3,027, and of property owned but not used. $41,532.
-Final value for rate-making mimosa; of the property of the New
"4.
Iberia & Northern RR., owned and used for common-carrier purposes
found to be 2816,025 as of June 30 1918, and of the property used but not
owned $807,610.
-Final value for rate-making purposes of the property of the Iberia,
"5.
St. Mary & Eastern RR., owned but not used, devoted to common-carrier
purposes found to be $785.000 as of June 30 1918.
-Final value for rate-making purposes of the property of the Orange
"6.
& Northwestern RR., owned and used for common-carrier purposes, found
to be $842,550 as of June 30 1919, of the property used but not owned
243,800, and of the property owned but not used $156.
-Final value for rate-making purposes of the property of the Beau"7.
mont, Sour Lake & Western Ry., owned and used for common-carrier purposes found to be $2,287.474 as of June 30 1919.
-Final value for rate-making purposes of the property of the San
'8.
Benito & Rio Grande Valley RR., Co., owned and used for common-carrier
purposes found to be $661,100 as of June 30 1919, and of the property used
but not owned $15,150.
-Final value for rate-making purposes of the Houston & Brazos
"9.
Valley By., owned and used for common-carrier purposes found to be
$622.000 as of June 30 1917, and of the property used but not owned $72,776.
-Final value for rate-making purposes of the property of the Browns"10.
ville & Matamoros Bridge Co., owned and used for common-carrier purposes found to be $113,000 as of June 30 1919, and of the property used but
not owned $32."-V. 130, p. 4413.
-S. C. Commission June 10 issued a certificate authorizing the
The I.
company to operate under trackage rights over the line of the Erie RR.
between Suspension Bridge and East Buffalo, 23-22 miles all in Niagara
-V. 130, p. 3706, 3346, 3343.
and Erie Counties, N. Y.
Pittsburgh & West Virginia Ry.-F. E. Taplin Must
Tell Price Received from Pennroad Corp.for Pittsburgh & West
Virginia Stock.
-S. C. Commission has ordered F. B. Taplin of Pittsburgh to
The I.
disclose the price he receoved from Pennroad Corp. for the 222.930 shares
of Pittsburgh & West Virginia fly. stock which he sold last fall.
This information was refused by Mr. Taplin in hearing upon the Pittsburgh & West Virginia application to acquire contrrl of Wheeling & Lake
Erie and production of it was requested at the behest of the Nickel Plate,
which is opposing the Taplin proposal. The Nickel Plate also seeks to
acquire the Wheeling. Counsel for the Pittsburgh & West Virginia have
agreed to furnish the information in a letter to the Commission and In-V. 130. p. 4413. 4047.
terested parties.
-Extends Bus Operations.
Reading Co.
-continental motorcoach field covering 42
The company entered the trans
States and eastern Canada, according to an announcement made last week
by E. D. Osterhout. l'assenger Traffic Manaver.
The Reading Transportation Co., the motorcoach subsidiary, on June 17
concluded negotiations with the Colonial-Atlantic-Pacific Stage System and
connecting lines for motorcoach operation and interchange of passenger
traffic to and from all points on the Reading Co. now served by highway
motorcoaches and connecting with one of the largest motorcoach networks
in the country. The nation-wide service was placed in operation on June 18.
Announcement was made that the Reading Terminal will become one of
the largest motorcoach terminals and transfer points in the eastern part of
the country. Plans have been perfected for the immediate transformation
of a portion of the first floor of the terminal into a modern motorcoach depot
with waiting room for passengers and all facilities provided for comfort of
passengers and the dispatch of motorcoaches from within the building under
cover.
From this point all Reading Transportation Co. motorcoaches will be
dispatched, as well as frequent daily schedules maintained to transcontinental routes through 42 States. Additional stops will be made at the terminal of the Colonial stages at 1229 Filbert St. and
-New Treasurer. for coaches moving to the North and East. The at North Broad St.station
New York New Haven & Hartford RR.
new motorcoach terminal
T. F. Paradise. Asst. Treas., has been elected Treasurer to succeed of the Reading Transportation Co. will be in operation about July 1.
Augustus S. May, who will retire on July 1.-V. 130, P. 3706.
further was made that the traffic operating agreement
Announcement
include the Jersey Central Transportation Co.. a
had been
Northern Pacific Ry.-Committee Approves Plan to Halt subsidiary extended to RR.of New Jersey, in order that the same facilities
of the Central
Merger of Great Northern-Resolution Extending Power of 1.-S. and arrangements may be effective at points on that line.
point from agents at all stations and offices
Tickets may be obtained to
C. Commission is Amended to Forbid any Action Before March now included in the territoryany
served by the motorcoach system. A passenger may purchase a ticket at Atlantic City, Pottsville, Reading, Trenton.
4 1931.
-S. C. Commission to approve any con- New York, or like points for direct highway transportation to the Pacific
Prohibition of the power of the I.
solidation of the Northern Pacific and Great Northern roads will be provided Coast or intermediate territory. Throughout the day motorcoaches will
in an amendment to the resolution extending the power of the Commission leave Reading Terminal for seashore points, New York, Pottsville, while
to approving railroad mergers, following adoption by the House Committee other schedules will be maintained direct to Washington, D. C., Pittsburgh,
Chicago and mid-western cities connecting with routes as far as Miami,
on Inter-State and Foreign Commerce, June 25.
Although a report on the resolution was filed in the House June 24 by the Fla. and New Orleans, La., as well as to California lines via the Santa Fe
New York, Chairman of the Com- Trail and the Grand Canyon. The system covers the West Coast from
Committee, Representative Parker of
mittee, stated orally June 25 that the prohibitive amendment will be offered Vancouver, B. C.to San Diego. Calif., with large terminals in San Francisco
-V. 130. p. 4047.
and Los Angeles. ("Philadelphia Financial Journal.")
when the measure is up for consideration before the House.
The resolution, as it passed the Senate. provided for the suspension of
St. Louis Brownsville & Mexico Ry.-Final Value.
the power of the I.
-S. C. Commission in approving consolidation of railroads
-V.128,P. 1050.
See New Orleans, Texas & Mexico Ry. above.
until Congress would have time to enact further legislation relative to the
approval of mergers. The House Committee, however, rewrote the
Rio Grande Valley Ry.-Final Value.
San Benito &
-V. 130. p. 3870, 3155.
entire bill before reporting it to the House.
-V. 124. p. 3493.
See New Orleans, Texas & Mexico By. above.
-Order to
Oregon-Washington RR. & Navigation Co.
Build Oregon Railroad is Postponed-Court Asks Postponement
Because of Pending Appeal by Subsidiary of Union Pacific.
The order of the I.
-S. C. Commission requiring the company to build
180 miles of new line from Crane to Crescent Lake, Ore., at an estimated
cost of from $9,000,000 to 311.000.000, effective July 1 1930. has been
post-poned until Jan. 1 1931.
The postponement of the date on or before which the Union Pacific subsidiary was to have commenced construction of the line despite its oPPosition to the project, was made by the Commission at the request of the
United States District Court. District of Oregon.
The court's request for a postponement of the effective date of the Commission's order is due to an appeal from the Commission's decision now
pending in the court on behalf of the railroad.
The proceedings grew out of a complaint of the P. S. Commission of
Oregon against the Central Pacific and other railroads, wherein it was
charged that the railroads have refused to provide reasonable and adequate
facilities of transportation by rail to a large area within the State of Oregon.
The I.-S. C. Commission was urged to require the Construction in the
interest of the public, and this the Commission did by report and order in
the case made public Dec. 3 1929 (see V. 129, p. 3739).-V. 123, p. 2135.
-Abandonment.
Sunday Creek RR.
The I.-S. C. Commission June 9 issued a certificate authorizing the company to abandon, as to interstate and foreign commerce, its entire line of
railroad extending from a connection with the New York Central RR.
at Sayre. southeasterly to San Toy approximately 4.26 miles, all In Perry
County, 0., and the latter a similar certificate permitting abandonment
of operation thereof.
Texas Mexican Ry.-Operation.-
The 1.-S. C. Commission Juno 17 issued a certificate authorizing (1) the
company to opmate over tracks of the San Antonio & Aransas Pass By,,
and (2) the Texas & New Orleans RR. and the San Antonio & Aransas Pass
Ry. to operate over tracks of the Texas Mexican By.. in Nueces County,
Tex.
-V. 130, p. 619.
-Construction.
Western Pacific RR.
See Great Northern By. above.
-V. 130, P. 3700, 3535, 1652.
-Control.
West Jersey & Seashore RR.
The I.
-S. C. Commission June 20, upon further consideration of the
record and of further representations by the Pennsylvania RR., modified
FINANCIAL CHRONICLE
JUNE 28 1930.1
its original report and order (V. 130. p. 4231) as to certain conditions
previously prescribed. A supplemental report of the Commission says:
By order dated June 4 1930 in this proceeding, we authorized the Pennsylvania RR. to acquire control of the railroad properties of the West
Jersey & Seashore RR. under a proposed lease for 999 years from July 1
1930, subject to express conditions. among others, as follows:
(2) The rental based on stock of the carrier issued after July 1 1930, the
rate of which the proposed lease provides is to be fixed by agreement between the parties to the lease, shall not exceed 6% per annum.
(3) The provision for exclusion of $1,465 of unconverted stocks of constituent companies from equal participation in rentals under the proposed
lease shall be eliminated therefrom prior to execution of the lease agreement.
The record is again before us upon request of the applicant for elimination or amendment of these conditions.
As to the condition numbered 2, representations are made to the effect
that an absolute limitation upon the lease rentals based on stock of the carrier issued after July 1 1930 may adversely affect future financial arrangements, since financial and other/conditions cannot be foreseen for a period
so long as the term of the proposed lease. The applicant concedes that
our approval and authorization are prerequisite to any change in rentals
payable under the lease, and suggests that the condition in question be
modified by the addition of language intended to permit flexibility in fixing
the rental rates on future issues of the carrier's stock, subject to prior
approval by us.
With respect to the condition numbered 3, the applicant now represents
that it has been unable to locate the holders of the $1,465 of unconverted
stocks of constituent companies entering into the consolidation whereby
the carrier was formed. It is said that all rights of conversion of these
stocks terminated about 34 years ago, and that so long as the stocks remain unconverted the holders have no equitable or legal claim against the
carrier for dividends, &c. As stated in our previous report, conversion
of the stocks can now be effected only upon special authorization by the
carrier's directors.
It is urged that to include the unconverted stocks in the computation of
the rentals under the lease might impose unnecessary accounting burdens
during the years of the long term of the lease since these stocks, as such, are
not entitled to dividends. The applicant's representations appear satisfactorily to explain provisions of the proposed lease heretofore seeming
discriminatory.
Upon further consideration of the record and of the applicant's further
representations herein, we think the conditions In question may be modified
so as to remove exactions complained of by the applicant.
-V. 130, p. 4231, 4414.
Commissioner Eastman dissented.
Western New York & Pennsylvania Ry.-Control.-
The I.
-S. C. Commission, June 19, approved the acquisition by the
Pennsylvania RR. of control, under lease, of the railroad and properties
of the Western New York & Pennsylvania By.
The report of the Commission says in part:
Under the terms of the proposed lease the Pennsylvania RR. will pay as
rental a sum equivalent to 5% per annum upon the lessor's outstanding
5% non-accumulative preferred stock, amounting at par to $6.951.250;
6% per annum on the lessor's outstanding common stock, amounting at
par to $23.896,400; together with such further sum equivalent to such
respective percentages on any additional capital stock of the classes named
which may be issued in exchange for outstanding fractional shares or scrip,
having a total conversion value of $846.50. In the event the preferred
stock is called for redemption, the payment In respect thereof will cease.
Should additional stock of either class be issued, payment will be made of
a sum equivalent to such percentage as may be agreed upon by the parties.
The Pennsylvania RR. also will pay a sum sufficient to enable the lessor
to provide for and pay all installments of interest on its bonded and other
Indebtedness outstanding, including taxes thereon payable by the lessor,
and a sum sufficient to enable the lessor to maintain its corporate organization. The Pennsylvania RR. will pay all taxes, assessments. &c., levied
or assessed upon the demised premises, &c.; all sums due under lease,
agency, trackage or other operating contracts or agreements, and will
advance to the lessor sums sufficient to meet installments for sinking funds.
Our authorization and approval herein will be granted upon the express
conditions (1) that the rental based on stock of the lessor issued after July 1
1930, the rate of which the proposed lease provides is to be fixed by agreement between the parties to the lease, shall not exceed 6% per annum,
unless and until otherwise ordered by this Commission; and (2) that
the Pennsylvania RR.shall not hereafter sell, pledge, or otherwise dispose
of any stock of the Western New York & Pennsylvania without prior
authorization from us.
-V. 130. D. 3347. 2575.
Commissioner Eastman dissented.
4603
President Frank T. Hubswit on June 23 announced that the American
Commonwealths Power Corp. had entered into an agreement with the
American Utilities & General Corp. for the joint acquisition of the Dominion Gas & Electric Co. from the International Utilities Corp.
The American Commonwealths Power Corp. will control over 60% of
the Dominion Gas & Electric Co., which, organized under the laws of
Delaware, controls Canadian Western Natural Gas, Light, Heat & Power
Co., Ltd., Northwestern Utilities Ltd., Canadian Utilities Ltd., Union
Power Co. Ltd., Nanaimo Electric Light, Power & Heating Co. Ltd., and
certain miscellaneous investments. These companies produce, transport
and distribute natoral gas and (or) electric light and power to over 100
communities in toe Provinces of Alberta, Saskatchewan and British Columbia in Canada, having an estimated population of over 245,000.
The properties include natural gas reserves in the Bow Island and Viking
fields and contracts for tne purchase of natural gas from the Turner Valley
fields which, in the opinion of engineers, have total gas reserves amounting
to not less than 175 billion cubic feet, in addition to probable gas reserves
of prospective gas acreage near toe pipe lines of the system which should
develop additional reserves of several hundred billion cubic feet of natural
gas. Eight hundred and seven miles of main and distributing lines are
now in operation.
The electric subsidiaries generate and distribute electric light and power
In 83 communities in the Provinces of Alberta, Saskatchewan and British
Columbia and have over 860 miles of electric transmission lines in operaiton.
Gross earnings of this newly acquired company for the 12 montos ended
April 30 1930 were $4,100,000, and net earnings of over $2,100.000. Immediate extension of the system is contemplated, which should add substantial earnings to the system of American Commonwealths Power Corp.
Consol. Earns. 12 Months Ended May 311930.
1929.
Gross earnings-all sources
827.053.570 $20.15 9 8
17.7.
5
Operating exps., incl. maint. and general taxes
14,612,346 11.967.356
Interest charges
-funded debt
-sub.companies_ _ _ 4,501.493
3,561,640
Dividends-preferred stocks
-sub. companies_
1.752.028
1,518,103
Int. charges, funded debt, Amer. Commonwealths
Power Corp
943,299
755.000
Balance available for dividends and reserves_ --- $5,244,404 $2.355,659
Annual div. charges, 1st pref. stock, Amer. Com534.996
monwealths Power Corp
656.751
Annual div. charges, 2d pref. stock, Amer. Com95.977
monwealths Power Corp
95,977
Balance available for res., Fed. taxes & surplus__ $4.491,676 $1.724.688
Note.
-The above statements reflect the earnings for 12 months periods
of properties owned at the respective dates.
-V. 130, p. 4047. 3707. 3702.
3156.
American Community Power Co.-Consol, Earnings.
12 Months Ended May 31Gross earnings, all sources
Oper.expenses,incl. maintenance and local taxes
1929.
1930.
$9.795.465 89.126.379
5,299.356 5.137.561
Net earnings
Interest charges on funded debt of sub. cos
$4,496.109 $3.988,817
1.590.655
1.691.165
Balance
Dividends on preferred stocks of sub. cos
$2,804.944 $2.398.162
699.637
736.438
Bal. avail. for Am.Coro. Power Co.& for res'ves $2,068.507 $1.698.526
Annual int. requirement of $5.000,000 gold deben275,000
tures. 53i% series, due 1953
275.000
Balance available for dive. and reserves_ _____
$1,793.507 $1.423.526
Annual dividend requirement of 30,000 shares
1st pref. stock. $6 dividend series
$180.000
$180.000
-V. 130, p. 284.
-Listing.
American & Foreign Power Co. Inc.
The New York Stock Exchange has authorized the listing of 250,000
additional shares of $6 cumulative preferred stock (no par) on official
notice of issuance and payment in full, making the total amount of $6
preferred stock applied for 449,310 shares. See also V. 130, p. 4414. 4232,
4047.
-Earnings.
American Power & Light Co.(& Subs.).
PUBLIC UTILITIES.
12 Months Ended March 31.
1930.
Subsidiary Companies1929
$88,408,792 $84.193.389
Matters Covered in "Chronicle" of June 21: (a) Public utility earnings Gross earnings
42.815.936 41.647.191
during April, page 4308. (b) World-wide survey of power industry by Operating expenses, including taxes
Pynchon & Co.shows U. S. contributes 41% of total electricity generated
845,590.856 $42.546,198
Net earnings
Steady gain in world output. p. 4312. (c) American Gas Association re3.017.362
5,768.672
porta gain in gas utility sales in April. P. 4314. (d) Hornblower & Weeks Other income
survey of natural gas industry, p. 4315.
848.608.218 $48.314.870
Total income
American Commonwealths Power Corp.
-Submits Al- Interest to public & other deductions
15.589.793 17.340.160
6.048.907
5,475,423
Preferred dividends to public
ternative Plan for the Exercising of Warrants.
5.333.112
5,020.118
Renewal & replacement (deprec.) appropriations
President Frank T. Hubswit,June 21.in a letter to the holders of definitive Proportion applicable to minority interests
162.769
253.234
option warrants. says in substance:
warrant-holders find it inconvenient to exercise in full, at this time,
Many
$21.473,637 $20,225,935
Balance
their warrants which entitle them to subscribe to class "A" common stock
at $24 per share, providing payment is made in full on or before June 30 American Power & Light Co.: American Power &
Bal. sub. co. earns. applic. to
1930.
$21,473,637 820,22.5,935
& Light Co.(as shown above)
The executive committee, acting upon the request of many holders of
1.017.732
856.847
definitive option warrants, has directed the officers of the company to Other Income of American Power & Light Co
submit to warrant-holders an alternative plan for the exercising of such
$22.491,369 $21.082,782
Total Income
warrants, which all who desire to do so many avail themselves.
301,517
365.318
It must be understood that the plan which follows Is wholly optional, Exp.,incl. taxes of American Power & Light Co..
2.917,613
2,821.903
and does not in any way abridge the right of warrant-holders to pay in Int.& Disc.of American Power & Light Co
full on or before June 30 1930.
819.269.239 817,895.561
Balance
The alternative plan follows:
7.007.730
Divs,on pref.stocks of American Power & Light Co. 7,811.017
Warrant-holders desiring to exercise their warrants and not wishing to Divs, of corn.stock of American Power & Light Co.:
2.306.568
2.013.291
make payment in full, on or before close of business June 30 1930 may
Paid in cash
1.112.902
879.271
nevertheless deposit their warrants at any one of the following depositaries:
'Wald in common stock
American Commonwealths Power Corp. 1220 Grand Rapids National
,
$8.038,752 $7.995.269
Bank Bldg.. Grand Rapids Mich.: principal office of Guaranty Trust
Balance
Co.. 140 Broadway, N. Y. City.; or liontinental Illinois Bank & Trust Co.,
x In addition to the regular stock dividends on common stock, an extra
231 S. La Salle St., Chicago.
The deposit of warrants to be accompanied by payment in par exchange stock dividend of 1-10th of a share (10%) was paid in common stock In
surplus
Dec. 1929
of 1-10th of the cost. at $24 per share, of the number of shares of class "A" respective and Dec. 1928 the distribution being from1930 andand for the
82.459.561
periods above amounting to $2.810.052 In
common stock subscribed for.
in 1929.
Upon the deposit of warrants and the payment of 1-10th of the cost of
Balance Sheet March 31.
stock subscribed for. a transferable and negotiable receipt of this corpora1930,
1929.
tion will be isred therefor. This receipt will be exchangeable for fully
Msbiiates1929.
1930.
Assets$
$
paid class "A' common stock on or before Nov. 29 1930. providing an
.
additional payment of 34.80 (20% of cost) per share is paid at the office Investments - _ _238,574,696 239.822,640 :Capital stock _208.570.358 204,035.924
208,655 1,022,849 Gold deb. bonds 45.810,300 45.810.500
Cash
of the corporation. 1220 Grand Rapids National Bank Bldg., Grand Rapids
447,225
215.000
Contractual liab
Mich., on or before Aug. 30 1930 and the remainder of.
$16.80 (70% of Notes & loans
rec-subs...- 20,624,761 14,370,192 Divs.declared - _ 2.045.432 1,918,221
cost) per share is paid on or before Nov. 29 1930.
Notes & loans
No stock certificates will be issued in exchange for receipts until payment Notes dr loans
1.993.909
rec.-others_ 4,227.507
payable
has been made in full, at the rate of $24 per share, which may be made
226.758
499.658
Accts.rec.-subs 1,263,456 1,894,022 ACM. payable
at any time on or before Nov. 29 1930.
252.561
280.251
Accrued accts..Interest at the rate of 6% per annum will be allowed on all payments, Accts receivable
337.407
337,407
86,177
262,191 Reserve
-others
date of payment, and will be settled for in cash when final payment
from
8.399,322 8,884,329
Special dep____
856,109
729,542 Surplus
Is made and stock certificates are delivered.
The transferable and negotiable receipts are not entitled to any dividends Unamort. disc.
Tot.(ea .4de)267.878.737 262,185,823
4,037.379 4,084,387
expense
which may be declared or accrue on shares of class "A" common stock,
but holders of such receipts, as noted above, may anticipate payments at
March 31 1930.
March 31 1929.
x Represented by:
time and make payments in full on or before Nov. 29 1930 and thus Prof.stock,$6 cumul
any
792.455 shs.
792.884 shs.
obtain class "A" common stock which is entitled to dividends.
59 8-10 shs.
89 shs.
Pref.stock ($6) scrip equiv. toThe above alternative plan does not in any manner affect the right of Prof. stk. $5 series "A" cumul_ 978.410 shs.
972.752 she,
definitive motion warrant-holders to exercise their rights on or before Common stock
2,527,394 shs.
2,212.354 shs.
June 30 1930 and to subscribe to class "A" common stock at $24 per share, Corn. stk. scrip equivalent to
2,318 8-10 shs
1,676 92-100 ohs.
and make payment therefor in full at that time.
Option warrants for common
Warrant-holders making payment in full on or before June 30 1930 will
8,220 shs.
8,790 shs.
stock equivalent to
receive class "A" common stock certificates as promptly thereafter as is
-Each option warrant outstanding entitles the holder to purchase,
Note.
possible for the corporation to issue the stock, and they will be entitled to
the dividend of 1-40th of one share (2% %) payable in class "A" com- on or before March 1 1931, 10 shares of present no par value common.
stock upon surrender of such option warrant and the payment of $100 cash
mon stock on July 25 1930.
The gold debenture bonds, American 6% series, of the company will be
:
Acquires Joint Control Together With American Utilities accepted with such option warrants by the company at their principal
-V.130, P. 4047, 3347.
amount in lieu of cash.
Corp., of Dominion Gas & Electric Co.
& General
4604
FINANCIAL CHRONICLE
[VOL. 130.
American Light & Traction Co.-Divs. on New Stock.
-
any int. date on or after July 1 1932. Registrar, Old Colony Trust Co.,
Boston.
Legal investment for savings banks in Massachusetts.
Business.
-Company, chartered July 2 1894, in Massachusetts, owns
and operates a system of rapid transit and surface lines serving a territory
comprising the cities of Boston, Cambridge, Somerville, Malden, Everett
and Medford, the towns of Brookline, Arlington, Watertown and Belmont,
and portions of the cities of Chelsea and Newton, having a total combined
estimated population of about 1,500,000. Company operates under lease
the Cambridge subway, owned by the Commonwealth of Massachusetts,
various subways and tunnels owned by the City of Boston,
a combined construction cost of approximately $60,600,000,representing
and certain
less important linos.
American States Public Service Co.
-Further Expansion.
Security.
-In addition to the protection provided by the special Act of
Further expansion of this company,in accordance with announced policy, 1918,
these bonds are direct obligations of the company and rank equally
will shortly take place as the result of action by the board of directors in
authorizing acquisition of two additional electric properties in the northwest. with its outstanding bonds, aggregating, with this Issue, $51,270,000.
The properties to be acquired are located in Idaho and Montana. The There are no mortgage bonds outstanding and the company may not
mortgage its property without equally securing this issue. The funded
new units, according to officials, will greatly strengthen the strategic posi- debt
is
tion of the present network of American States properties in that territory. paid-in followed by preferred and common stocks with a par value, plus
premiums, of $51,454,005.
-V. 130. p. 2387.
Earnings.
-The following statement of earnings covers the 12 months
ended May 31 1930, and the fiscal years ended Dec. 31 1928 and 1929.
American Telephone & Telegraph Co.
-Listing.
The New York Stock Exchange has authorized the listing of 2,579,407
1930.
1929.
1928.
additional shares of capital stock ($100 par) upon official notice of issuance Gross earnings
$33,697,531 $34,096,623 $24,843,148
and payment in full. pursuant to offer to stockholders (V. 130, p. 2766) Operating expenses, taxes, &c
22,510,797 22,872,749 24,134,499
making the total amount applied for 18.453.662 shares.
Net earnings
$11,186,734 $11,223,874 $10,708,649
Capital Securities Outstanding as of May 23 1930.
Rental of subways, tunnels, &c
2,722.694
2,699,844
2,439,474
Common capital (par $100)
15,476,446 abs. Annual interest on funded debt
2,462,375
2,462,375
2,462,375
30
-year 5% coll, trust gold bonds, 1946
$69,402,000
20
-year sinking fund 534% gold debenture bonds, 1943
96,009,700
Balance
$5,185,069 $5,162,219 $4,901,849
35 year sinking fund 5% gold debentures, 1960
120,064,700 Times interest and rentals earned
2.16
2.17
2.18
35 year 5% gold debentures, due 1965
150,000,000 Balance
$6,001,665 $6,061,655 $5,806,800
Convertible 4% gold bonds, due 1936
2,589,000 Depreciation
2,884,565
2,878,054
2,671,142
Convertible 434% gold bonds, due 1933
1,899.400
Maintenance
-Company has followed the conservative
10 year convertible 41-4% gold debenture bonds, due 1939
13 657.900 policy of takingand Depreciation.
out of monthly earnings large amounts for maintenance and
Coll. trust 5% gold bonds of Western Tel. & Tel. Co., due 1932
depreciation, such charges amountng during 1929 to approximately 24%
(assumed)
9,969,000 of the total railway
revenue. As a result, the property and equipment
Balance Sheet (Company Only)
are in a high state of operating efficiency. In the ten-year period from
Assets
Mar. 31 1930. Dec. 31 1929. 1920 to 1929 inclusive the company charged off about $82.930,000 out
Stocks of associated companies
$1,734,249,909 $1,589,327,375 of earnings for maintenance and depreciation, or approximately 81% of
Stocks of other companies
138,158.953 the company's entire capitalization.
167,677,888
Bonds & notes of,& advances to.assoc. cos_ _ 227,243.279
305,783,933
Purpose.
-Proceeds will be applied toward refunding $1,604,000
Notes of, and advances to, other companies_
32,499,000 End Street Ry. Co. 43.4% bonds, which mature July 1 1930.-V.West
40.800,000
130.
Long lines plant and equipment
349,533,182 p. 4415, 3707.
372,309,059
Office furniture and fixtures
1,399,037
1,416,245
Accounts receivable
21.343.044
18,934,933
Canadian Hydro-Electric Corp., Ltd.
-May Output.
Temporary cash investments
115.869,363
20,591.188
The corporation produced 218,850,000 k.w.h. of electric energy in May,
Cash
20.795,948 a new high record for a single month, and 2% greater than the previous
22,654,891
high record for a month, established in April. The May output was 30%
Total
$2,703,563,679 $2,477.023,551 over May last year, and over 21-i times that of May 1928.
Liabilities
The output for each of the first five months of this year showed pro-Mar. 31 1930. Dec. 31 1929.
Capital stock
$1,396,168,600 $1,322,339,800 gressively higher percentages of increase over the corresponding months of
Capital stock installments
72,155.611 last year.
72.287,872
In the first five months of this year the output of the corporation was
Total bonds and debentures
521,445.700
607,850,500
Notes (sold to trustee of pension fund)
9,872,603 1,008,319,000 k.w.h., 21% over the output of the corporation in the first
9,872.603
Dividend payable
29.752,456 five months of 1929, and over double its output in the first five months of
31,296.818
Accounts payable
19,048,670 1929,and over double its output in the first five months of 1928.
24.564,249
The output of the corporation in the 12 months ended May 31 was
Interest and taxes accrued not due
16,707,972
17,373.768
Reserves for depreciation and contingencies_
114,652,403 2,275,481,000 k.w.h., an increase of 355 over the output in the 12 months
116,795,642
Surplus (incl. capital stock premiums)*____ 428,019,421
370.382,536 ended May 31 1929.-V. 130, p. 3876, 3157.
Total
$2,703,563,679 $2,477,023,550
Canadian Marconi Co.
-Earnings.
* Includes capital stock premiums of $69,335,421 as of Dec. 31 1929.
Calendar years1929.
1926.
1928.
1927.
and $122,357,226 as of March 31 1930.-V. 130. p. 3876, 3707.
Net profits
$46,556
$172,664
x$162,807
$24,363
x After deducting depreciation of $205,914 and $137,500 for patents and
American Utilities Co. (Del.).
patent rights write off.
-Tenders.
The Pennsylvania Co. for Insurances on Lives & Granting Annuities,
Balance Sheet Dec. 31.
trustee, will until July 11 receive bids for the sale to it of 1st lien & ref.
Assets1929.
1928.
Mairilittes-1928.
1929.
gold bonds, series A 6%, dated Dec. 1 1925. at the lowest price not ex- Prop., plants, a:0_51,250,194
54,554,882 54,554,682
ceeding 104 and int., to an amount sufficient to exhaust $120,120.- Pats. 5: pat. rights 2,298,750 $3,778,889 Capital stock
Mortgage
35.000
35,000
V. 129, p. 3633.
Cash
485,820
309,767 Accounts payable- 178,933
190,888
571,384
603.124 Surplus
444.373
281,588
American Water Works & Electric Co., Inc.
-Semi Investments
- Accts.receivable
100.000
100,000
Annual Stock Dividend.
Inventories
488.108
253,588
The directors have declared the usual quarterly dividend of 25c. per Deferred charges
Tot.(each sIde)-$5,212,987 $5,062,138
8,992
18,730
share on the common stock and an additional dividend of 234% payable in -V.129. p. 957.
common stock on the common stock, both payable Aug. 15 to holders of
distribution of like amount was paid on Feb. 15 last.
record July 25. A stock
Central Public Service Corp.
-New Construction.
The directors have also declared the regular quarterly dividend of $1.50
More
$6,000,000
w share on the first preferred stock, payable Oct. 1 to holders of record tion for than constructionof the $15,000,000 appropriated by this corporanew
in 1930 will be spent on the Pacific Coast, acSept. 11.-V. 130, p. 4415, 3707.
cording to Franklin T. Griffith, President of the Pacific Northwest Public
Service Co.. a subsidiary.
Associated Gas & Electric Co.
-Class A Dividend.
Most
The directors have declared the regular quarterly dividend on the class areas, of the new construction work will be done in Portland and Seattle
where the company now serves 78
A stock of 50 cents per share, payable Aug. 1 in class A stock at the rate together with transportation and gas. cities with electric light and power,
-V. 130, p. 4048.
of 1-40th of one share of class A stock for each share held of record June
30 1930. Scrip for fractional shares will not be delivered, but will be
Cities Service Co.
-Debentures Offered.
-Harris, Forbes
credited to the stockholder's account until a full share has accumulated.
Stockholders can purchase sufficient additional scrip to complete full shares. & Co., Halsey, Stuart & Co., Inc., Bonbright & Co., Inc.,
Payment in stock will be made to all stockholders entitled thereto who E.
H. Rollins & Sons, A. B. Leach & Co., Inc., Centraldo not, on or before July 15 1930. request payment in cash. This does
not apply to those who have heretofore filed permanent dividend orders. Illinois Co., Inc., Pearsons-Taft Co. and Henry L. Doherty
Consolidated Statement of Earnings and Expenses of Properties Since Dates of & Co. are offering at 100 and int. the unsold portion of
Acquisition.
-Increase- $118,115,600 5% convertible gold debentures. It is under%
Amount.
12 Months Ended May 311929.
1930.
stood that over $45,000,000 was subscribed for by over
Gross earns.& other income_ _$105,043,072 $57,140,821 $47.902.251
84
Op.exps., maint., all tax., &c_ 52,414.431 31.127,122 21,287.309
68 140,000 people on the recent offering of rights, and that of
the balance between $25,000,000 and $30,000,000 has been
Provision for retirement offixed
3.561,114
capital, &c
1,726,840
5,287.954
48 withdrawn from the public offering by members
The directors have declared a quarterly dividend of 2 % on the new
$25 par value common stock and the regular quarterly dividend of 1.34 %
on the new pref. stock of $25 par both payable Aug. 1 to holders of record
July 17. This is equivalent to the rate paid on the old common and Pref.
stocks of $100 par value which were split up on a 4 for 1 basis.
The stockholders on May 5 voted a change in the par value of both classes
of the shares of the company's capital stock from $100 to $25, and to split
the pref. and corn, stocks four to one. The present authorized capital stock
consists of 5,000.000 shares of pref. and awn, of the par value of $25 each,
of which 1,000,000 shares of pref. stock and 4.000,000 shares of common
stock are Issued. See also V. 130, p. 2203.
Netearnings
Underlying divs. & interest
Interest
$47,340.687 $22,452,585 $24,888,102
5,825,494
11.061,849 5.236,355
17,658,706
8,991.475 8,665,231
111
111
96
Balance
-V. 130, p. 4232, 4047.
$18,622,132 $8,224,755 $10,397,377
126
Associated Telephone Co., Ltd.
-Co-Agent.
The Bankers Trust Co. has been appointed co-agent with the Security
First National Bank, Los Angeles, Calif., for the payment of series A
coupons.
-V. 130, p. 3156.
Atlantic Gas & Electric Corp.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of 433( cents per share
on the class A stock, payable July 1 to holders of record June 25. Previously the company paid quarterly dividends of 8734 cents per share.
130, p. 4047. 3536.
Barcelona Traction, Light & Power Co., Ltd.
-New
Director,
de
Marquis do Foronda has been elected a director.
Reorganization of the company's capital structure has been completed,
leaving only one class of stock outstanding, it is announced.
The new power development at Gavet of 23.000 kilowatts, close to the
existing developments at Camarasa. will be completed in 1932 and should
held obviate the use of steam generation, it was stated. This latter item
was heavy last year, but so far this year water power has been adequate,
doing away with the necessity of using steam auxillaries.-V. 130, p. 2204.
Boston Elevated Ry.-Bonds Offered.
-Offering of
$1,200,000 10-year 5% gold bonds is being made at 993
and int., to yield 5.06%, by Brown Brothers & Co., Tucker,
Anthony & Co., F. S. Moseley & Co. and the Atlantic Corp.
of Boston.
Dated July 1 1930; due July 11940. Int. payable J. & J. at Old Colony
Trust Co., Boston, Coupon bonds of $1,000 denom. and registered bonds
of $1,000 and $10,000 denom., interchangeable. Red. at 101 and int. on
of the
original underwriting syndicate, which includes a large number of banks and dealers in various parts of the country.
Dated June 2 1930: due June 1 1950. Interest (from June 18 1930)
payable J. & D. at the agency of the company in New York City, or, at
the option of the holder, at the agency of the company in Chicago or in
Boston. Red. as a whole at any time, or in part on any int. date, upon
60 days' notice at 105 through June 1 1935: at 104 thereafter and through
June 1 1940: at 103 thereafter and through June 1 1945: at 102 thereafter
and through June 1 1948: and at 100 thereafter until maturity; plus int.
in each case. Denom. $100, 5500 and $1,000 c*. Chase National Bank,
New York, trustee. Company agrees to pay int. without deduction for
any Federal income tax not in excess of 2% per annum, and to refund Penn.
4 mills tax, Maryland 434 mills tax. Conn. 4 mills tax. Calif. 5 mills tax,
and Mass, income tax not exceeding 6% per annum, upon application as
provided in the indenture.
Convertible.
-Each debenture will be convertible at the holder's option
at any time from Dec. 1 1930 to Dec. 1 1935, inclusive, through surrender
thereof with all unmatured coupons attached, in payment at its principal
amount for common stock of the company at the following prices for the
stock,subject to the indenture provisions regarding certain stock dividends,
stock offerings, recapitalization, successor corporations, &c.:
$27.50 per share from Dec. 1 1930 through June 1 1931.
28.75 per share from June 2 1931 through Dec. 1 1931.
30.00 per share from Dec. 2 1931 through June 11932.
31.25 per share from June 2 1932 through Dec. 13932.
32.50 per share from Dec. 2 1932 through June 11933.
33.75 per share from June 2 1933 through Dec. 1 1933.
35.00 per share from Dec. 2 1933 through June 119:14.
36.25 per share from June 2 1934 through Dec. 1 1934.
37.50 per share from Dec. 2 1934 through June 1 1935.
38.75 per share from June 2 1935 through Dec. 1 1935.
Debentures called for redemption either prior to or during the conversion period may be converted up to and Including the date of redemption.
If called for redemption prior to Dec. 1 1930 they will be convertible at •
the initial conversion rate. Delivery of stock together with scrip in lieu
of any fractions due upon conversion will be made within 30 days after
surrender of debentures and interest accrued upon such debentures to the
date of record of the stock will be paid by the company. Such stock will
go of record on the books of the company on the date fixed for its delivery.
JUNE 28 1930.]
4605
FINANCIAL CHRONICLE
Data from Letter of Henry I.. Doherty, President of the Company.
-Controls, directly or indirectly through stock ownership,
Company.
more than 65 public utility companies rendering electric light, power, gas
and (or) transportation service in 20 states and the Dominion of Canada,
serving territories having a population estimated to be about 4,000,000.
and more than 45 companies representing an important system of oil
production, transportation, refining and marketing. The more important petroleum properties are located in what is commonly called the
Mid-Continent Field in Kansas, Oklahoma and Texas, and the natural
gas business is conducted principally in Kansas, Oklahoma, Missouri and
Arkansas.
Earnings.
-The consolidated earnings of company and subsidiaries for
the calendar years 1928 and 1929 and for the 12 months ended March 31
1930, irrespective of the dates of acquisition, are given below:
12 Months EndedDec.31 1928. Dec.311929. Mar.31 1930
Gross earnings
$170,294,409 $187,459,523 $199,538.939
Oper. exps., maint., taxes (except
Federal) and amounts applic.
to minority common stocks
105,512,928 117,317,556 122,861,117
Electric Power & Light Corp.
-Stock Increased.
-
The stockholders on June 24 increased the total authorized capitaPstock
from 4,020,000 shares to 7.020,000 shares without par value, the latter
figure divided into 800,000 shares of $7 pref. stock. 1,000,000 shares of $6
pref. stock, 1.000,000 shares of $5 pref. stock, 120,000 shares of 2nd pref.
stock, series A, 100.000 shares of 2nd pref. stock, series AA, and 4,000,000
shares of common stock.
With the consent of the holders of record of a majority of the shares of the
common stock outstanding, given at a meeting of the holders of the common
stock called and held as provided by the by-laws or given In writing without
a meeting, the directors may at any time authorize the conversion or
exchange of any of the preferred stock of any class then or thereafter to be
outstanding, with the consent of the holder thereof, into or for stock of any
other class at the time of such consent authorized but unissued, and may
fix the terms and conditions upon which such conversion or exchange may
be made.
Notwithstanding anything herein contained to the contrary, the board
may at any time and from time to time (1) authorize the conversion or
exchange of the whole or any particular share or shares of the outstanding
$7 pref. stock with the consent of the holder thereof into or for shares of $6
pref. stock at the time of such consent authorized but unissued in the ratio
Consol. net earns, before int.,
of 1-6th shares of $6 pref.stock for each share of$7 Pref.stock and thereafter
deprec., depletion and other
the shares of the $7 pref. stock so converted or exchanged shall become and
reserves, diva, &c
$64,781,483 $70,141,967 $76,677,822 be shares of $6 pref. stock according to the aforesaid ratio and certifs.
Annual int. & diva on funded debt and pref. stocks of subs.
for the shares of its $7 pref. stock so converted or exchanged may thereupon
($20.163.664)& annual int. requir. on funded debt of Cities
be exchanged for certificates for shares of the $6 pref. stock according to the
Service Co. to be outstanding after giving effect to this
aforesaid ratio, (2) authorize the conversion or exchange of the whole or
issue ($13,345,090)
33,508,754 any particular share or shares of the outstanding $7 pref. stock with the
The above earnings reflect only in part the application of the proceeds
of the holder thereof into or for
of $5 pref. stock at the time
from the sale in 1929 of additional common stock through the offering of consentconsent authorized but unissued shares ratio of 1 2-5ths shares of $5
in the
rights to common stockholders and through the exercise of warrants at- of such
pref. stock for each share of $7 pref. stock and thereafter the share of $7
tached to certain of the company's debentures, and, furthermore, such pref.
shall become and
earnings do not reflect the benefits expected to be derived from the pro- stockstock so converted or exchangedand certificates forbe shares of $5 pref.
according to the aforesaid ratio
the shares of the ET
ceeds of the sale of these debentures.
pref. stock so converted or exchanged may thereupon be exchanged for
Purpose.
-Entire proceeds will be applied to construction expenditures, certificates for shares of the $5 pref. stock according to the aforesaid ratio,
additional investments and extensions and additions to the properties of and (3) authorize the conversion or exchange of the whole or any particular
the company and subsidiaries and (or) to reimbursement for advances share or shares of the outstanding $6 pref. stock with the consent of the
already made for such purposes.
holder thereof into or for shares of $5 pref. stock at the time of such consent
Consolidated Capitalization Outstanding (Company ct Subs.) as of Mar. 31. authorized but unissued in the ratio of 1 1-5th shares of $5 pref. stock for
Cities ServiceCo.:
each share of $6 pref. stock and thereafter the shares of $6 pref. stock so
Common stock (no par value)
29,381,923 she. converted and exchanged shall become and be shares of $5 pref. stock ac5% non-cumulative stock ($1 par)
1,000,000 she.
cording to the aforesaid ratio and certificates for the shares of $6 Pref.
$6 preferred stock (no par)
1,125,931 she. stock so converted or exchanged may thereupon be exchanged for certificates
60c. preference B stock (no par)
296,470 she. for shares of 85 pref. stock according to the aforesaid ratio, provided, how$6 preference BB stock (no par)
63,073 she. ever, that any or all conversions or exchanges of shares authorized by this
5% cony, gold debentures due 1950 (this issue)
$118,115,600 paragraph may, with the consent of the holders of the shares to be converted
5% gold debentures due 1958, 1963, 1966 and 1969
129,586,193 or exchanged, oe made by the directors of this corporation in a different
6% purchase money notes due ser. during 1930, 1931, 1932
16,000,000 ratio from any of those specified above if the dividend reauirements of the
Subsidiary companies'
corporation with respect to its shares issued on any such conversions or
Funded debt and preferred stock (par or stated value)- -- $348,189,734 exchange made in such different ratio be not greater than the dividend
Minority common stocks (par or stated value)
8.892.817 requirements of the corporation with respect to its shares issuable had such
* This issue was offered for subscription by common stockholders of the conversion or exchange been made in one of the ratios specified above.
company of record May 29 1930.
See also V. 130, p. 4417.
Indenture Provisions.-Indenture provides, among other things, that
Definitive 5% Debentures Soon Ready.
the company shall not pledge any of its securities owned without equally
The Irving Trust Co., 60 Broadway, N. Y. City, will, on and after
and ratably securing these debentures, except in the case of purchase
money liens and except in the case of pledge of certain assets in the ordi- July 3 1930, deliver definitive 5% gold debentures, series due 2030, in
nary course of business to secure current borrowings: and that the inden- exchange for temporary debentures now outstanding.
-V. 130, p. 4417.
ture may be amended in certain respects with the consent of the holders
Georgia-Alabama Power Co.
-Calls Series A 63/28.
of not less than 85% of the outstanding debentures.
All of the outstanding 1st pref. mtge. sinking fund gold bonds, series A,
-Company agrees in the indenture to make available
Purchase Fund.
% due Feb. 1 1957 have been called for redemption and payment on
on June 1 1936 and semi-annually thereafter, funds sufficient to retire
% of these debentures then outstanding, if obtainable, during specified Aug. 1 1930 at the Mercantile Trust Co. of Baltimore.
The South Georgia Power Co. is successor to the Georgia-Alabama Power
periods, by purchase at or below 100% of the principal amount and acCo.
-V. 122, p. 882.
crued interest.
-V. 130, p. 4416.
Commonwealth & Southern Corp. (8c Subs.).
-Earns.
Earnings for 12 Months Ended May 31 1930.
Gross earnings
$147,247,920
Operating expenses
57,418,097
Taxes
14,534.503
-Balance Sheet
Great Lakes Utilities Corp.(& Subs.).
Dec. 31 1929.-
Gross income
$75,295,319
Fixed charges, incl. int., amort. of debt disc. & expense, and
earnings accruing on stock of subs, not owned by the Commonwealth & Southern Corp
35,257,106
Assets
prop., plant, rights, fran., &c.$5,185,054
675
Miscellaneous investments_
Special deposits
22,058
Debt disc.& expense in process
of amortisation
374,881
Prepd.accts.& deferred chrgs23,562
Current assets
240,308
Net income
Dividends on preferred stocks
Provision for retirement reserve
$40,038,213
7.115,946
9,014,035
Total
-V. 123, p. 842.
Balance
Common Dividends:
Cash (30c.)
Stock(23%)
$23,908,231
9,833,945
3,800,204
Balance, surplus
$10,274,082
Earnings and charges of companies and properties acquired since organization of the corporation are included from date of acquisition and dividends
on the corporation's preferred stock are included from April 1 1930 and
prior thereto on preferred stocks of subsidiary holding companies which
were eliminated by consolidation.
Consolidated Balance Sheet May 311930.
Liabilities
Property, plant, Invest.,&c..$997,589,093 Capital stock
b$305,547,646
Investments in and advances
Pref, stock of subs. co
204,836,373
to affiliated and other cos. 23,554,882 Min, stockholders' interest
Cash with fiscal agents and
in common stock of subs_
933,860
trustees
6,970,469 Funded debt
5464,720,300
Sinking funds and special
Equip. & purchase money
deposits
obligations
129,472
1,564,171
Bond discount, prem.& exp.
Matured bonds, int. & dive.
in process of anont
unpaid covered by deposits 8,970,469
20,983,752
Deferred charged and preDeferred liabilities
8,584,918
paid accounts
1,857,644 Accounts payable
4,371,532
Miscell. unadI. debits
2,021,618 Notes Payable
256,353
Contracts receivable
73.414 Accrued int., dive, and taxes 26.164,203
Cash and working funds
35,099,811 Res. for property reit*
47,840,043
U. S. Government securities
Other operating reserves_ _ _ 12,912,599
and certificates of deposit 10,990,898 Premium on pref. stock
99,480
Accounts receivable
18,329,559 Contributions for extensions
1,483,980
Notes receivable
1,253,249 Capital surplus
c40,854,421
Interest and divide. rec.__ _
329,389 Earned surplus avail for
common stock
Due on subscriptions to
8,569,335
capital stock
2,255,723
Materials and supplies
Total (each side)
11,470.908
21,133,709,684
a Includes $409,230,800 of subsidiaries funded debt and unsecured funded
debt assumed, viz.: Southeastern Power & Light Co., 100
-year 6% gold
debentures due Sept. 1 2025, $41,491,000: Penn-Ohio Edison Co. 6%
gold debentures, due Nov. 1 1950, $5,998,500 and Penn-Ohio Edison Co_
'
% gold debentures due Feb. 1 1959, $8,000,000. b Represented by
1.354,931 shares no par $6 prof. stock 34,010,902 no par shares common
stock and option warrants entitling holders to purchase 17,601,322 shares
common stock at any time without limit at $30 per share. c Consisting of
$26,464,672 surplus at date of control: $2,300.126 capital surplus of subsidiaries: $596,372,886 capital surplus of Commonwealth & Southern Corp.,
total surplus $625,136.885: less excess of par or stated value of Commonwealth & Southern Corp's securities or payables issued over par or stated
value of subsidiary companies' securities acquired $584,282,464: balance,
$40.854,421. V. 130, p. 4235, 3708.
Commonwealth Utility Corp. (Phila.).-Acquisition.-
The sale of the controlling interest in the St. Louis Water Co. to the
above corporation on June 25 for $3,500,000 was approved by the Missouri
-V. 124, P. 371.
P. S. Commission.
-Opening Nine Wells.
ILDuquesne Gas Corp.
$5,846,532
Liabilities
Capital stock & minority stock$993,331
holders' interest
3,909,000
Funded debt
21,353
Deferred liab. it unadj. credits
259,696
Current liabilities
244,351
Reserves
2,409
Contribution for extensions_ _416,396
Surplus
Total
$5,846,532
-Listing.
Hackensack (N. J.) Water Co.
The New York Stock Exchange has authorized the listing of 102,500
shares common stock (par $25) on official notice of issuance and payment
in full, pursuant to the offer to stockholders, making the total amount
applied for 308,500 shares.
The common stockholders of record June 3 have been given the right
to subscribe at par ($25 per share) for $2,562,500 common stock on or
before July 1 in the ratio of 1 new share for each 2 shares held.
Consolidated Income Accounts 3 Months to March 31 1930.
$919,744
Gross operating revenue
5,931
Gross non-operating revenue
Net earnings
Interest
Retirement
Federal taxes
$480,181
138,197
59,796
28.597
Income for period
Earned per share on common stock
-V. 130, 13. 4049, 3877.
$253,591
$0.91
-Extra Dividend.
Hartford (Conn.) Gas Co.
An extra dividend of 25 cents per share and the regular quarterly dividend
of 50 cents per share have been declared, payable June 30 to holders of
record June 16.-V. 129, p. 2069.
-New Officers.Illinois Bell Telephone Co.
. R. Abbott, formerly President. has been elected Chairman of the
board. succeeding B. E. Sunny, retired. Mr. Sunny will continue as a
director. F. 0. Hale, formerly Vice-President in charge of operations.
has been elected President and A. It. Mellinger,formerly General Manager
of the Chicago area has been elected to succeed Mr. Hale. U. F. Cleveland,
General Auditor, has been elected Vice-President in charge of finance
and accounts, succeeding B. S. Garvey, retired. W. 0. Kurtz succeeds
-V. 130. p. 3349.
Mr. Mellinger as General Manager of the Chicago area.
Illinois Power Co.
-Earnings.
Calendar Years1929.
Gross earnings
$2,903,606
Oper exp., incl. taxes &
maintenance
1.839,473
Fixed charges
383,014
1928.
$2,732,117
1927.
$2,637,187
1926.
$2,581,131
1,781,027
386,925
1,818,551
395,020
1,769,493
389,157
Net income
Dividend pref. stock_ _ _ _
Prov, for retire. reserve..
$681.119
230,929
150,000
$564,164
228,246
150,000
$423,616
228.738
150,000
$422,481
231,705
150,000
Balance
-V. 128, p. 2088.
$300,189
$185,918
$44,878
$40,776
International Utilities Corp.
-Sale of Dominion Gas &
Electric Co.
-V. 130. p. 4049.
See American Commonwealths Power Corp. above.
Indianapolis Water Co.-Pref. Stock Offered.
-The
In keeping with the continued expansion program of the corporation, Fletcher American Co. recently offered $214,000 5% cum.
Rine additional wells are being opened in western Pennsylvania which will
stock, series A, at par and div. Dated April 1 1928.
bring the company's total to 162 wells, according to President Walter 0, pref.
Company.
-Has been in continuous operation since its incorporation in
Krog. Riggings on two locations near Fayette, Pa., have been completed
While drilling near Westmoreland and Greene, Pa., is well underway. A 1881, and, under an indeterminate permit issued by The Public Service
operation near Armstrong, Pa., has been signed.
-V. 130. Commission of the State of Indiana,supplies water to the City of Indianapcontract for
olis, serving a population estimated at over 350,000.
P. 4238.
4606
FINANCIAL CHRONICLE
Earnings.
-Earnings of the company are as follows for years ended
March 31:
1930.
1929.
Gross earnings (including non-operating)
32,697.600 32.810.521
Operating expenses, depreciation and all taxes-- - 1,196,666
1.243.454
rvoL. 180.
Mr. Scott stated that a further program of expansion will be announced
shortly.
-V. 130, p. 3710.
Midland Natural Gas Co.
-New Financing.
-
Company is planning the issuance of $2,500,000 5
-year convertible 6%
gold debentures to provide funds to be used in part for the purpose of
Net earnings
31.500,933 31,567.067 acquiring
additional income producing properties consisting of more than
Income deductions, incl. all int. & amortiz. charges
617.552
592.998
23.000 acres of natural gas lands located principally in southwestern PennNet income
$949,515 sylvania and the adjoining counties of West Virginia. The acreage to be
$907,935
Net income available for dividends for the year ended March 31 1930 acquired contains 121 wells having a daily production of 6,019.305 cubic
was, accordingly, nearly 18 times the $52,745 annual dividend require- feet of gas. The financing will be handled by E. R. Diggs & Co.. Inc.
ments on the preferred stock to be outstanding upon completion of this V. 130. p. 3710, 3538.
fi
CapitalizationOutstanding.
Authorized.
Midland United Co.
-Increase in Subsidiaries' Business.
Funded debt
$12.412,000
x
Solos of electrical energy by subsidiaries of this company during the
Preferred stock
first four months of 1930 showed increases over the first four months of 1929.
Common stock (no par)
'shs.
s
500.'0150
500.'000 , hs.
Sales of electricity by the Northern Indiana Public Service Co. in the
x Additional bonds may be issued under certain conditions only with
the approval of the P. S. Commission of Indiana to refund outstanding first four months of this year totaled 101,663.667 kw .h.. 10.05% more than
bonds or for not exceeding 80% of actual cash cost of additions, better- in the corresponding period ofo1929. In April 1930 this company sold
25,665,669 kw. h., an increase of 12.68% over April of the previous year.
ments, and extensions to property.
The Indiana Service Corp.'s sales of electrical energy totaled 43,263,337
Purpose.
-Proceeds will be used to reimburse the company for improve- kw.h. In
ments and extensions to its property completed prior to March 31 1930. first four the first four months of this year, an increase of 6.45% over the
months in 1929. April sales of this company aggregated 11.223.-V. 130. p. 3709. 1274.
772 kw.h., 4.73% over the same month in 1929.
Operating subsidiaries of the Central Indiana Power Co. sold 119.527,569
Kansas Gas & Electric Co.
-Bonds Called.
All of the outstanding 1st mtge. sinking fund 6% gold bonds, series A, kw.h, in the period from Jan. 1 through April 30 of this year. 3.36% more
than
due March 1 1952, have been called for payment Sept. 1 next at 106 and groupwere sold in the corresponding period of 1929. April sales by this
totaled 30.258,997 k.w.h., an increase of 11.9% over April 1929.
Int. at the Guaranty Trust Co., 140 Broadway, N. Y. City.
The Chicago South Shore & South Bend RR. carried 1,091,043 revenue
The company will purchase any of the outstanding bonds with all un- passengers
in the first four months of this year, a gain of 7.91% over the
matured coupons attached thereto which are presented to it at any time
prior to Sept. 1 1930 at the Guaranty Trust Co. at 106 and int. to Sept. 1 total of the first four months of 1929. A total of 271,498 revenue pas1930 discounted at the rate of 4% per annum from the date of presentation sengers was carried in April 1930, a gain of 9.89% over April of last year.
to Sept. 1 1930. See also V. 130, p. 4417.
Build Superpower Distribution Centers.
Construction of two new large electric distribution centres and a 132,000
Los Angeles Ry. Corp.
-Tenders.
-volt steel-tower trnasmission line 82 miles long has been begun in northern
The Security-First National Bank of Los Angeles, trustee, Los Angeles, Indiana by the Northern Indiana Public Service Co. and the Interstate
Calif., will until June 27 receive bids for the sale to it of 1st and ref.mtge. Public Service Co., subsidiaries of the Midland United Co.
5% bonds, due Dec. 1 1940 to an amount sufficient to absorb $84,054
The electric distribution centres are being erected in Plymouth and
now in the sinking fund.
-V. 130, p. 287.
Monticello. The superpower line will extend from Now Carlisle through
Plymouth to Monticello and will be an extension of the Northern Indiana
Manhattan Ry.-Special Committee Formed to Safeguard Public Service Co.'s line which now runs from the Indiana-Illinois State
Interests of Company and Security Holders.
-The committee line to New Carlisle, a distance of 58 miles.
These
Co. subsidiaries' general
named below in a letter to the stockholders dated June 19 Program projects are part of the Midland United130, p. 3710.
of expansion and inter-connection.
-V.
states:
The time has come, in the judgment of the board of directors, for the
organization of a special committee of the board to observe developments in
certain important matters which may affect the company or its security
holders, to consider what further action, if any, consistent with the observance and performance of the company's obligations under the lease of
the elevated railroads to the Interborough Rapid Transit Co. and under
the plan of readjustment made in 1922, should be taken to protect the
rights of the Manhattan Railway and its security holders, and to consider
further what information of special interest to security holders should, from
time to time, be communicated to them, by the committee.
Among the present matters of special interest to security holders of the
company arc the following:
1. The decision by the Appellate Division of the Supreme Court, on
May 9 1930, on the appeal from the award made by Judge O'Malley in the
Proceeding to condemn the elevated railroad on East 42d Street. Judge
O'Malley awarded $25.000 for the franchise, $120,438 for the structure
in the street, and 3750,000 for the easements of light, air and access. The
Appellate Division has held that no compensation should be received for the
franchise, and none for the structure in the street, except the value which
It would have when taken down, that the amount paid by the company to
acquire the easements of light, air and access should be received, excluding
the amount it paid for past damages up to the time that the railroad company acquired the easements. The amount paid for the easements on East
42d Street, excluding the past damages, is substantially less than the
$750,000 allowed by Judge O'Malley. The Manhattan Railway will, as
promptly as possible, take the matter on appeal to the highest court.
2. The Proposed Condemnation of the Sixth Avenue Elevated Railroad.
Serious efforts are being made by certain committees interested in Sixth
Ave.and its properties to have the elevated railroads on that street removed
in a condemnation proceeding to be conducted by the city of New York.
A statute authorizing the city to institute such a condemnation proceeding
has been enacted. Authorization by the Board of Estimate and Apportionment with the approval of the Transit Commission is necessary before
such a proceeding may be brought. The Elevated railroad on Sixth Ave.
not only is operated at a profit, but it carries annually approximately
122.000,000 passengers and is one of the most important parts of the
elevated railroad system owned by the Manhattan Railway.
3. The Proposed Unification of Rapid Transit Lines -Efforts also have
been made by various parties to create a plan for the unification of transit
facilities in the city of New York which would include the elevated railroads
owned by the Manhattan Railway. In recent sessions of the Legislature
of this State bills designed to promote the unification ofsuch transit facilities
were considered but were not adopted. The Transit Commission has manifested an active interest in such a plan. A committee representing Interborough stock was recently formed for the purpose, primarily, as we
understand, to aid in the creation and adoption of a plan, and this committee has asked for the deposit of stock. A committee to represent stock
of the Manhattan company has also been formed for a similar purpose.
This latter committee has not asked for the deposit of stock. It is needless
to say that the officers and directors of the company have at all times been
diligent in the protection of the interests of the Manhattan stockholders
they see no present occasion for requesting the deposit of stock.
4. Current Dividend Rentals on Manhattan Stock.
-The dividend rental
on the stock of the Manhattan Railway which did not assent to the plan of
readjustment adopted in 1922 (approximately 7% of the stock did not
assent) has been currently paid in full. The dividend rental on the stock
which did assent to the plan of readjustment has been paid in full up to
July 1 1928. there is, as of April 1 1930, unpaid dividend rental on the
assenting stock amounting to approximately $7.95 per share or 34,424,005
on all the assenting shares. By the terms of the plan of readjustment the
Interborough company is required to apply annually to the payment of the
current annual dividend rental of 5% per annum on the assenting stock
and to the accumulated unpaid dividend rental thereon, the net earnings
either of the Interborough company, including subway and elevated railways, or of the Manhattan leased lines operated by the Interborough
company, (which are substantially the elevated railroads owned by the
Manhattan company with the improvements thereon made by the Interborough company at its own expense) whichever net earnings shall be
larger. The engineer of the Manhattan Railway estimates that the net
earnings for the fiscal year ending June 30 1930, which will be applicable
to the dividend rental on the assenting stock will be $680,000, or sufficient to pay 1.22% on the 5% annual dividend rental for that year. The
officers of the Manhattan company are examining Interborough accounts
In order to ascertain what, if any, additional dividend rental is now due
and payable for the period that has elapsed since July 11928.
Commillee.-A special committee of the board of directors of the companY
has accordingly been formed. The members of the committee are: Thomas
I. Parkinson. Pres. of The Equitable Life Assurance Society of the United
States, Chairman, Roulhac Anderson, representative of the Phipps interests. II. G. M. Kelleher, partner in Joseph Walker & Sons, Finley J.
Shepard, Alfred Skitt, former President of the Manhattan Railway, Frederick Strauss, partner in J. & W. Seligman & Co., and representing the
holdings of The Rockefeller Foundation, William Roberts, Pres. and
General Counsel of the company, will act as Counsel to the committee.
The committee invites suggestions from stockholders and bondholders
of the company, and will be glad to answer specific questions. P. V.
Trainque of 165 Broadway, the Secretary of the company, is the Secretary
-V 130. p. 3710. 1828.
of the committee.
Memphis Natural Gas Co.
-May Sales.
-
President II. G. Scott announces that the company sold 625,028,700
cubic feet of natural gas during the month of May, against 477,522,000
cubic feet for the corresponding month of last year. an increase of 31%•
Net revenues increased 39.3%, during this month. Total sales for the first
five months of the current year were 3,848,301,000 cubic feet, as compared to 1,876,540,000 cubic feet for the same period of 1929.
Municipal Telephone 8c Utilities Co.
-Extra Dividend.
An extra dividend of 25 cents a share on the class A common stock
has been declared payable Nov. 15 to holders of record Oct. 15 1930.
President Millard F. Cheek announced. Mr. Cheek states that this extra
distribution was in anticipation of a good second half year's operations
and is additional to the extra dividend of 1234 cents a share paid on this
stock June 14. The class A stock is on an annual 8714 cents dividend basis
thus making the total distribution already declared on these shares this
year $1.25.
Buys Kansas Properties & Forms New Subsidiary.
President Millard F. Cheek announces the acquisition of a group of
independent telephone properties in Kansas, which will form the nucleus
for a new subsidiary to be known as the Southern Kansas Utilities Co.
Properties just acquired serve a group of towns adjacent to Wichita and
Hutchinson, and include more than 1,100 stations and 112 miles of toll
line. Mr. Cheek stated that negotiations are now being made for additional
properties in this section of Kansas.
The Municipal company was formed as a holding company for a group
of telephone and utility companies operating in Arkansas. Oklahoma and
Missouri. Besides the new Kansas unit, subsidiaries now include Associated Utilities. Inc., of Arkansas: the Continental Telephone Co. of
Oklahoma, and the North Central Telephone and Inland Telephone companies of Missouri.
-V. 130, D. 4238.
-Earnings.
National Power & Light Co.(& Subs.).
12 Months Ended March 31Subsidiary Companies
Gross earnings
Operating expenses,including taxes
381.109.278 379,977.994
44,645.049 44,260.290
Net earnings
Other income
536.464.229 535.717.704
953.929
1.841.4103
1930.
1929.
Total Income
338,306.132 336,671.633
Interest to public and other deductions
12.655,162 12,250.182
5,122.510
Preferred dividends to public
5,667,678
Renewal and replacement (deprec.) appropriations 5,914.328
6,151.985
Proportion applicable to minority interests
115,379
90.617
Balance
$13.978,347 313.031.577
National Potter 8 Light Co.Bal. of sub. cos.' earnings applic. to National
Power & Light Co.( as shown above)
313,978.347 313.031.577
Other income
340.940
889,617
Total income
314.867,964 313,372.517
Expenses, incl. taxes, of Nat. Power & Light Co__ _
182.379
234.595
Interest deductions of National Power & Light Co..
650.526
726,423
Balance
$13,906,946 $12,539,612
Divs, on pref. stocks of Nat. Power & Light Co_ _
1,756,538
1.759.751
Divs, paid on com, stock of National Power &
Light Co
5,430.708
5,418.327
Balance
36.716.487 35.364.747
Balance Sheet March 31.
1929.
1929,
1930.
1930.
AssetsLiabilities$
8
$
Investments --_131,776.537 135,159.916 xCap. stock (no
Cash
par value) _ _ _124,386,422 124,013,847
206,028
233,814
Notes & ins. rec.
6% gold debs..
subsidiaries,., 9.717.827 2,753,025
series "A"___ 9,500,000
9.500.000
Notes & loans
Notes and loans
rec., others
payable
2,009,000 1.519,000
1,487.000 2,1110,000
Acets rec..subs.
1,002,823 Dividends dm'.
245,516
873,411
245,516
Accts. recely'le
63,224
Accts. payable_
50.339
others
81,426 Accrued Sects
237,769
117,969
270,724
Unamort, diso.
Stock subscrip.
and expense
125,000
688,849 (contra)
681,772
125,000
Stk. subscrip'n
Subscr. to pref.
rights(contra)
125,000 stks. of sub.
125,000
80,850
160.440
companies - _ 281,378
281.378
Reserve
Total(ea.stde)145,535,329 141,536,066 Serreus
9.028,510 4,808.482
x Represented by
Mar. 31 '30. Mar. 31 '29.
37 preferred stock
140,295 shs. 140,295 shs.
$6 preferred stock
129,665 shs. 129,554 she.
Common stock
5,437,828 shs. 5.421,754 shs.
Common stock scrip equivalent to
7.5 shs.
-V. 130, p. 4238, 3711.
New England Telephone & Telegraph Co.
-New Treas.
Oscar I. Ives has been elected Treasurer, succeeding John Balch, who
will retire on June 30.
The executive committee has authorized the expenditure of 32,742,790
for new construction and improvements in plant, necessary to meet the
demand for service. Including this authorization the specific commitment
of the company for plant expenditures this year is 332,474,040.-V. 130,
P• 3711.
New York Westchester & Boston Ry.-New President,
J. J. Polley, President of the New York New Haven & Hartford RR.
will become President of the above company, a subsidiary, on July 1. to
succeed Leverett S. Miller, retired.
-V.130. p. 2770.
Jura)28 1930.]
FINANCIAL CHRONICLE
4607
Bal. March 31 1929. 825.256,874, bal. of Income. 12 mos. ended March 31
1930, 319,246.870. Other credits, $740, total. $44.504,485. Pref. diva.,
1929.
1930.
$1.820,034: com. dim (paid by issue of 550.416 19-40 shs.) $5,504,164;
$6.589,254 86.509.967 undivided profits March 31 1930. $37,180,286: total surplus March 31
May operating revenue
223.826
181.178 1930. 868481,209.
May non-operating income (net)
1,382,777
1.251.030
May balance for dividends
Balance Sheet March 31 (Parent Company Only.)
33.109.250 33.850,989
Five months operating revenue
1929.
1930.
1929.
1930.
1,081.946
882.353
Five months non-operating income (net)
Assets
7.360.602 7.269.066
Five months balance for dividends
Stocks & bonds_136,262,365 110,734,423 Preferred stock_ 30,333,900 30,333,900
80,455.728
Twelve months operating revenue
Common
2,710.114 Loans & advs. 35.494,451 22,720,480 Corn. stk.stock_x57,302,470 y51,257,100
Twelve months non-operating Income (net)
0
scrip_ s135,770
Y112.52
to subs
15.855.999
Twelve months balance for dividends
2.853.600 17,705,855 Purch. ctfs. for
'Cash
- U. S. Govt. sec. 1,006,250
K,Wit. Generated dt Purchased. -Sales of Gas.(Cubic Feet).
sha.of com stk.
1930.
1929.
1929.
1930.
39,950
of company-Notes receivle_ 1,837,524 1,187,172
Month of May - 598,934,630 620,084,545 735.152,600 709,948,800 Accts. receivle_
839,650 Div. payable in
854,140
1st five months-3,048,904,770 2,954,171,588 3,654,787,300 3,398,001,600 Office turn. &
1,432,473 1,281,328
common
ended
12 mos.
1 Funds of subs.dc
misc. prop_...1
7,294,353,734 6,779,599,312 8,564,678,200 7,956,076,200
May 31
aft11. cos. dep.
-V.130, p. 4050.
for paym. of
570.633
533,909
coupons
Northern States Power Co.-Expansion.Due to sub. cos 18,904,252 16,949.523
4,252
530,505
Halford Erickson, Vice-President in charge of operation of the Byllesby
Accts. payable
455,008
455,008
Div.pay. on pfd.
Engineering & Management Corp. announces that authorization has been
20,557
21,155
granted for the installation by the Northern States Power Co. of 35.000
Divs. unclaimed
337,728 1,097.808
kilowatts of additional generating capacity at the Riverside steam electric
Reserves
station in Minneapolis. The installation will consist of one 35.000 kilowatt
Capital surplus_ 31,100,922 25,848,075
turbine, with necessary condensing equipment, boilers, and other auxiliaries.
Tot.(en. side)178,308,333 153,187,583 Undivided profs. 37,180,286 25.256,874
Four 600 horsepower. 250-pound pressure boilers will be removed, and
x Represented by 5,136,962 shares. y Represented by 5,743.824 shares.
the boiler room will be extended to provide space for three boilers, each
816,100,000, March 31 1930, 81.000,000.with a capacity of 200.000 pounds of steam per hour, to be installed in con- * Call loans: March 31 1929,
nection with the new turbine, as well as space for three similar boilers to be V. 130, p. 3879. 3711.
future. The
installed when necessity for additional capacity arises in the
-Proposed New Company to Transfer
Ohio Edison Co.
present equipment in Riverside station operates at a normal pressure of
-Board of
250 pounds, while the new equipment will be designed for operation at Transportation Business to Three Separate Concerns
400 pounds, in order to take advantage of the superior economies to be Directors.
obtained by the use of the higher pressure.
Application has been made for authority for the new Ohio Edison Co. to
Work on the substructure of the power house addition is scheduled to
start Nov. 1 1930 during the low-water stages on the river, and the project convey to the Akron Transportation Co., Northern Ohio Interurban Co.
is scheduled for completion in the fall of 1931. Upon completion of this and Canton Traction Co. its tracks, cars, buses and equipment used in
thus segregating
installation. the Riverside station will have a capacity of 107,000 kilowatts, furnishing city, suburban and interurban transportation,
and with other construction now in progress, the Northern States Power all the transportation properties owned in Ohio. All the stock of the traogenerating capacity of 436,060 kilowatts. tion companies will be owned by the consolidated company. A. F. Ayers,
Co. will have total installed
The directors of the consolidated Ohio Edison Co. will be:
-V.130, p. 4239.
W. H. Berthold, A. C. Blinn. B. C. Cobb, W. H. Foster, H. E. Freeman,
J. T. Harrington, T. A. Kenney, C. S. MacCalla. H. E. Miller, J. G.
- Robertson, L. G. Tighe and W.L. Winkle.
-To Extend Corporate Existence
North American Co.
Increase of Common Stock-New Pref. Stock To Be Created.
When the consolidation becomes effective, the directors will elect Perother corThe stockholders will vote Aug. 6 on approving the following proposals: manent officers of the company and its subsidiaries and decide
1. To extend and renew the corporate existence of the company for a porate matters.
See also Commonwealth & Southern Corp. in V. 130. p. 4235.-V. 130,
Period of 50 years commencing June 14 1940 and terminating June 14 1990,
with the effect that the company shall in all respects be deemed to be a P. 4239.
corporation organized and existing under the general corporation law of
-New Directors.
Pacific Gas & Electric Co.
the State of New Jersey. as at the time in force, with all supplements and
Edwin Gruhl and James B. Black of New York have been elected cline
amendments thereto which shall thereafter be made, and that the company,
-V. 130, p. 4418.
Its officers, directors and stockholders shall possess and exercise all the pow- tors.
ers and privileges contained therein so far as the same are necessary or
-Class A Dividends.
Pacific Public Service Co.
convenient to the attainment of the objects of the company, and shall be
declared
The regular quarterly dividend of 32% cents per share has beenof record
governed by the provisions and be subject to the restrictions and liabilities
stock, payable Aug. 1 1930 to holders
contained in such law and all such supplements and amendments thereto: on the class A common
contrary from
to
2. To change 1,393.322 shares of the authorized but unissued 6% cumula- July 10. This dividend, in the absence of instructions on thebefore July 10
or
tive pref. stock, par 850 each, into the same number of shares of serial the individual stockholders, received by the company
common stock
pref. stock, without par value (without so changing the 606,678 shares 1930, will be applied to the purchase of additional class A
of 6% cumulative pref. stock now outstanding), and to increase the serial or scrip certificates representing fractional shares at the price of $13 per
Pref. stock so authorized from 1,393,322 shares without par value, to 5,; share
A similar quarterly distribution was paid on this issue on May 1 last.
000,000 shares, without par value.
3. To increase the authorized common stock from 10,000,000 shares, -V. 130, p. 2208.
without par value, to 50.000.000 shares, without par value.
-Merger.
Pennsylvania Power Co.
It is also proposed to amend Article Fourth of the Certificate of OrganizaCo..
tion to read in part as follows:
In connection with the consolidation of the Pennsylvania Power
"That the total authorized capital stock is 55,606.678 shares, consisting Harmony Electric Co. and Peoples Power Co., it is announced that the
of 606,678 shares of6% cumul. pref. stock, par $50 each, 5.000.000 shares of Pennsylvania Power Co. will be the name of the continuing company.
serial pref. stock without par value, which may be issued from time to time The other two companies have no securities in the hands of the public.
in one or more series and 50.000.000 shares of common stock, without V. 130, p. 4051.
par value.
-W. C. Langley
"All shares of the 6% cumul. pref. stock and all shares of the serial pref.
Philadelphia Co.-Pref. Stock Offered.
stock shall be of equal rank in all respects without preference of either the
& Co. Ladenburg, Thalmann & Co., A. C. Allyn & Co,
6% cumul. pref. stock or the serial pref. stock over the other."
-Earnings, &c.-'
Niagara Hudson Power Corp.
Inc., 'Union Triist Co. of Pittsburgh, H. M. Byllesby &
President Frank L. Dame June 23, in a let er to the stock- Co., Inc., Harris, Forbes & Co. Lee, Higginson & Co.,
holders, says:
Hayden, Stone & Co. and J. Henry Schroeder Banking
The company, which is one of the oldest public utility holding companies
100,000 shares
in the United States, has just completed its 40th year. Its certificate of Corp. are offering at $9934 and div. per share
organization provides for a corporate existence of 50 years of which but $e cumulative preference stock (no par value).
10 years remain.
The history of the company has been one of constant and steady growth,
marked by adherence to the policies announced by it nearly 25 years ago,
some time before the advent of public regulation. Those policies, referred
to from time to time in reports to the stockholders, and the development
which they have made possible are the foundation upon which the outstann•
log position of the company in the public utility field rests. It is to the in
terest of all of the stockholders, as well as of the public and the large and
important territories dependent upon its subsidiaries for service, that the
company be enabled to carry on these policies and development. The
directors therefore recommend that the corporate existence of the company
be extended beyond 1940 and that provision be made, by amending the
certificate of organization, to facilitate the sound and adequate financing
which from time to time in the future will be essential to continued progress.
Accordingly a special meeting of the stockholders has been called to be
held on Aug. 6 1930, for the purpose of voting upon the extension of the
corporate existence of the company and upon other amendmentsto the certificate of organization. These other amendments involve no change in the
outstanding preferred and common stocks, but are designed to increase the
authorized amount of stock available for future issue, and to permit new
stock and security issues, when deemed desirable, to be made under conditions under which are most advantageous to the company.
President Dame also made the following statement:
-J. Red. all or part, at any time upon 30 days'
Dividends payable Q.
corn.
notice, at $110 per share and divs. Preferred as to diva. over the 6%
stock, but subject to the rights in dividends of the 5% non-cum. and and
$100 per share
Coin. pref. stocks. Preferred as to assets to the extent of stock, but subject
diva, over the 5% non-cum. pref. stock and the corn.
when
Non-voting
to the preference of the 6% cum. pref. stock arrears. No except
new class of
four quarterly dividend payments thereon are in
can be created without the
stock having prior preference over this issue
cum.
consent of the holders of at least a majority of the outstanding $6
Preference stock. Under the present Federal income tax law, dividends
therefore are entirely
on this stock are exempt from the normal tax and
exempt from all Federal income taxes when such stock is held by an individual whose net income is 810.000 or less. Dividends when received by
corporations are entirely exempt from all Federal income taxes. Under
present laws, this stock is free of the Penna. 4 mills tax. Company will
agree to refund, upon proper and timely application. Maryland securities
tax not In excess of 4;i mills per dollar per annum and Mass. income tax
not in excess of 6% per annum,to holders resident in those States.
comTransfer agents: Chase National Bank, New York, agencies of the43 ,
. cr
T
j ru ,
h go
ot
o o
anz cen ca T
ro in ChIralto andtPatsburp. Rrisrys: Guarant nion 84 Coi oZ Nevf
k
Pittsburgh.
Listins.-Appllcation will be made to list this stock on the New York
Stock Exchange.
There is no particular significance to be attached to my letter to the stock
holders announcing a special meeting to be held on Aug.6. At that meeting
Data from Letter of Frank R. Phillips, Senior Vice-Pres. of Co.
the stockholders will vote upon amendments to the charter of the company
in 1884 in Pennsylvania. Controls, through entire
Company.
-year extension of its corporate existence, increasing the com, stock -Organized Duquesne Light Co. which does all the electric
providing for a 50
ownership,
authorized common stock, limiting the 6% pref. stock to the amount now light and power business in the city of Pittsburgh and which supplies suboutstanding, and creating new preferred stock issuable in series from time to
all the electric light and power service in the surrounding bortime as may be most advantageous. The growth of the company during its stantially in the greater parts of Allegheny and Beaver Counties, Pa., an
oughs and
40 years, and particularly during the past 10 years. Indictees the necessity area of approximately 1,000 square miles. It owns or controls through subs.
of making substantial provision for its future development. Notwithstand
a gas distributing system in Pittsburgh and an extensive natural gas proing the fact that the company is not now required to do any financing, we ducing, transporting and distributing system in southwestern Pennsylvania
believe that provision for the continued development of the company and northern West Virginia and a substantial interest in the Kentuckyshould be made some time in advance of the expiration of the charter 10 West Virginia Gas Co. system, which systems supply the greater part of
years hence.
,
the gas consumed in Pittsburgh. Company also cont ols. through stock
ownership and long-term leases, directly or indirectly, the .lectric railway
Listing of Additional Common Stock.
of
In Pittsburgh and vicinity, and owns or controls ..11 of •
The New York Stock Exchange has authorized the listing on or after system
operations supplemental to the public utility btudness.
July 1 of 146,828 additional shares (no par) common stock, on official subs, engaged inof the territory served by the company som is over
The population
notice of issuance as a stock dividend, making a total of 6,609,415 shares
1,740,000.
applied for.
-The outstanding capitalization of the company, giving
Capitalization.
Income 'Statement 12 Months Ended March 31 (Parent Co. Only.)
effect to the changes therein now planned, including the issuance of 100,000
1930.
1929.
shares of $6 cum. preference stock, is as follows:
82,273,818 $2,143,396
360.000,000
Interest received and accrued
.secured gold bonds, due Dec. 11987
491.140 shs.
*17,555,569 13.136,453
Dividends
o cumulative preferred stock (par $50)
100,000 shs.
1,386,854
Other income
611,047 $ cumulative preference stock (no par value)
144,245 shs.
5% non-cumulative preferred stock (par $10)
x4,801,028 shs.
$21,216,242 815.890.897 Common stock (no par value)
Total,gross income
760.532
shares represented by scrip certificates.
and taxes
Expenses
617,949
x Including 658
1,208.839
Interest paid and accrued
1,191,852
Cash for the payment at maturity of $423,060 non-callable bonds has been
with trustees of indentures under which they are issued. Com$19,246,870 $14,081,094 deposited guaranteed diva, on pref. stock of a sub, amounting to $71,432
and surplus
Balance for dividends
pany has
* Includes $797,640 representing stock dividends of non-subsidiary annually and is contingently liable for rentals and securities of other
companies taken up at value at which stock was charged to surplus of controlled properties, said rentals and interest on such securities being
issuing company.
now earned by the properties concerned and Involving no present charge
-Balance,capital surplus March 31 1929,825.848.076. on the earnings of the company.
Surplus Statement.
al surplus arising from issue of corn, stock during 12 mos. ended
The subsidiary companies at April 30 1930, had outstanding with the
31 1930 (other than in payment of dive.). $5,231,649, other credits, public $96,823,460 of bonds and notes. preferred stocks aggregating $29,
$21,197, capital surplus, March 31 1930, $31,100,922, Undivided profits: 767,650 and common stocks aggregating $1,059,780.
67
=
O
4608
FINANCIAL CHRONICLE
[vou 130.
Consolidated Earnings of Philadelphia Co. and its Sub. Companies.
12 Months Ended April 30—
1930.
1929.
Gross earnings and other Income
564.086,884 565,184,359
Operating expenses, maintenance and taxed
32,820,262 32.177,714
The Public Utility Holding Corp. and Deutsche Bank jointly will have a
50% representation on the board of directors and in the management of
the Westphalian company, which is one of the largest producers and distributors of electric power in Germany and serves a territory of over 4.958
square miles in the western part of Germany, including most of the indusGross income
531,266.622 533.006,645 trial districts in the Ems,Lippe, Ruhr,Leune and Wupper valleys. Among
Interest charges, rentals, reserves, contract payments, amort•,
the cities served are Dortmund, Barmen and Muenster. In Jan. 1928 a
preferred dividends ofsubsidiary companies
11,294.147 group headed by Speyer dz Co. and including Harris. Forbes & Co.. Mar520.000.000 of 6% 1st mtge. gold bonds for the West
Balance
521,712,498 pkhetedallanancoimsspuaenoyf.
Provision for retirement (depreciation) and depletion reserves..
The Deutsche Bank and Harris, Forbes interests have been closely affili8,065.911
ated in respect to various German interests for some years, and in United
Balance before dividends on Philadelphia Co.stocks
$13,646,587 States & Overseas Corp., whose investments largely are in domestic and
Annual div. require. on all the pref. and preference stocks of
foreign public utility situations.
the company,including this issue
The Westphalian company in changing its capitalization to permit of
2,145,542
The balance of 521,712,498 shown above is more than 10 times the annual mixed or partly private ownership follows the trend of many German pubdividend requirements on all the pref. and preference stocks of the com- lic utilities which were formerly State or Government owned corporations,
pany to be outstanding upon completion of present financing. After toward either entirely private owned concerns or companies in which prideducting retirement (depreciation) and depletion reserves, the balance of vate financial interests are allowed to participate on an equal basis with ,
the German Government or State corporations. In the case of the West$13,646,587 amounts to over 6.3 times such dividend requirements.
Purpose.—Proceeds will be used by the company for investments in its phalian company the other 50% interest will be owned by the Province of I
Westphalia and a group of municipalities.—V. 130. p. 4240, 2771.
subsidiary companies and for other corporate purposes.
Stock Increase Proposed—To Split up Shares.—
The New York Stock Exchange has received notice from the company
of the proposed creation of 100,000 shares of $6 cumulative preference stock
and a change in the par value of the 5% non-cumulative pref. stock from
$50 to $10 and the common stock from $50 to no par. Each share of both
classes is to be exchanged for five new shares.
Notice was also received of a proposed increase in the authorized common
stock to an amount still to be determined.—V. 130. p. 4418.
Radio Corp. of America.—Grigsby-Grunow Co. Files Suit.
—See latter company under "Industrials" below.—V. 130,
p. 4240, 3712.
South Georgia Power Co.—Bonds Called.—
See Georgia-Alabama Power Co. above.
---V. 123, p. 1384.
Terre Haute Indianapolis & Eastern Traction Co.—
Philadelphia Rapid Transit Co.—Recommend AcquisiDeposit Agreement Amended.—
tion by City.—
An amendment to the deposit agreement dated May 11926, under which
the 1st & ref. mtge. 5% sinking fund gold bonds have been deposited with
Fidelity Trust Co. (now Fidelity-Philadelphia Trust Co.) depositary has
been made by committee. The general purpose of the amendment is to
confer upon the committee power to negotiate for a sale of the bonds or to
take action to enforce the bonds and the mortgage and any such other action
for the protection of the bondholders as may seem desirable in view of the
refusal of the Public Service Commission of Indiana to approve the plan,
dated July 1 1927, for the readjustment of securities consolidating Central
Public Service Co-ordinated Transport.—To Pay Bonds. Indiana Power Co. and subsidiaries, and Terre Haute, Indianapolis and
The $6,000,000 first consolidated mtge. 57 bonds of the Newark Passen- Eastern Traction Co. and certain subsidiaries into Indiana Electric Corp.,
ger Ry. due July 1 1930, will, upon presentation at the office of the Fidelity and its consequent abandonment, and the appointment of a receiver for the
Union Trust Co., Newark, N. J., be purchased at par, on or after July 1 company: also to enable the committee to assess the bonds not to exceed
1930 Coupons due July 1 1930, will be paid as usual upon presentation 2% of their face value in order to provide for such reasonable compensation
and expense incident to action which the committee may take for the
at the office of the trust company.—V. 130, P. I458•
protection of the bondholders subsequent to the abandonment of the plan.
Public Service Corp. of New Jersey.—Increase in Fare. These powers were not contained in the original deposit agreement because
Approval of a 63( cent token fare and 10
-cent cash fare on the corpora- no action was then contemplated except the proposed merger.
Committee.—Wm.P.Gest,Chairman,0.S.W.Packard,Henry G.Brengle.
tion a trolley cars and buses in New Jersey. instaed of the 5
-cent token
fare and 10
-cent cash fare now in effect, is asked in a petition filed with Thomas S. Gates with M. S. Atiemose, Sec., 135 South Broad St., Philathe New Jersey Board of Public Utility Commissioners by the Public Ser- delphia, Pa.—V. 130, p. 2964, 1459.
vice Coordinated Transport.
Toledo Bowling Green 8z Southern Traction Co.—
Under the plan submitted on June 24, four fare tokens would be sold for
25 cents, instead of 10 tokens for 50 cents, as at present. The company Seeks to Abandon Line.—
desired to have the new schedule become effective July 15, but Joseph
Application to abandon its 51-mile line has been made by the company
F. Autenrieth, President of the Commission, announced it would be suspended until Oct. 14. Hearings on the presnet fare system are scheduled to the Ohio P. U. Commission. The company seeks to operate only DA
for Sept. 25 and Oct. 6, 9 and 10. If these hearings are not concluded street car lines in Findlay. Bus and truck operations, it is stated, caused a
deficit of $57,438 in 1929 before taxes, while 51,000.000 is needed to make
by Oct. 14 the new rate will again be suspended.
The petition was filed at the opening of the adjourned hearing on the necessary improvements. Hearing will be held July 30.—V. 123, p. 983.
present faro schedule, which went into effect on Jan. 1, as an experiment,
Tr -Utilities Corp.—Notes Offered.—G. L. Ohrstrom &
without preliminary hearings. In a statement read to the Commission,
Bdmund W. Wakelee, Vice-President of Public Service Coordinated Co. are offering at 09M and int., to yield over 5%,
Transport, declared that in six years of a flat five-cent fare the company
had lost more than $5,000,000, in addition to earning no return whatever 85,000,000 one-year 5% gold notes.
Dated June 15 1930; due June 15 1931. Principal payable at Central
up::m approximately 550.000.000 of its capital stock.
This was a situation that obviously counid not continue," he said, Hanover Bank & Trust Co., trustee. Int. (J. & D.) payable at the offices
"and so the company filed the rate that is now in existence, namely, a of G. L. Ohrstrom & Co. In N. Y. City and Chicago. Denom. $1,000.
-cent 'cash fare, or the sale of 10
10
-tokens for 50 cents, each good for a Red. all or part at any time upon 30 days' notice: at 101 through Sept. 1930:
single ride, which fare went into effect on Jan. I last.
thereafter at a price decreasing ji of 1% each month through April 1931:
Mr. Wakelee went on to say that the token system, though helpful, and thereafter to maturity at their principal amount: in each case with
had fallen short of producing the necessary revenue and that the situa- accrued interest to the date fixed for redemption. Interest payable withtion was aggravated by the serious business depression which has cur- out deduction for normal Federal income tax not in excess of 2% per anum.
tailed revenues from local trnsportation all over the country.
Business.—Corporation owns all of the outstanding class B stock of Fed"The situation is critical," he continued, "and coordinated
eral Water Service Corp., all of the outstanding class B common stock
must have further roller it it is to continue to function This transport of Peoples Light & Power Corp. and a controlling interest in the outstandrate will
not produce the theoretical increase in revenue which the percentage of ing common stock of Southern Natural Gas Corp., and in the outstanding
Increase in unit fare indicates, but it should provide enough additional voting stocks of American Natural Gas Corp. and of Power, Gas & Water
money to enable the company to meet the reasonable demands of the Securities Corp. In addition thereto, the corporation owns convertible
public for local transportation and at the same time it is the minimum debentures and other income-producing securities of its subsidiaries. The
that will suffice,"
first four of these companies are important factors in the fields of electric
At the hearing. Edward A.Tuson, general auditor of Coordinated Trans- light and power, water service and manufactured and natural gas. The
port, said that in five months' operation of the token plan, the company combined assets of the corporation and Its subsidiaries exceed 5300,000.0011.
had experienced a decline in revenue of $1,510,893, as compared with the
Capitalization.—CapItallzation as of May 31 1930. based upon the issusame five months of 1929. Professor Henry C. Anderson of the University
of Michigan, as an expert for the company, placed its valuation for a ance of the maximum principal amount of these notes and the retirement
of52,500.0005% convertible gold debentures,series of 1979,as stated below:
rate base at $194,551,248. Under cross-examination, he said this inOutstanding.
Authorized.
cluded 535,464,289 for "going concern" value, in which was an item of
10,000 000
215,302.208 for the "value of consolidation" of Independent Bus Lines. 5% convertible gold debs., series of 1979
1-year 5% gold notes (this issue)
55,000,000
5,000,000
—V. 130, p. 4051.
Preferred stock (no par value)
500,000 abs.
Public Utility Holding Corp. of America.—Acquires
$3 series, with stock purchase privilege_ ___
65,000 abs.
.
$3 convertible series
82,391 shs
Interest in French Utility.—
Common stock (no par value)
b2,000,000 shs. c297,606 shs.
President F. S. Burroughs, on June 25, confirmed the report from Paris
a Limited by restrictions contained in the indenture. b 903,921 shares
that this company had acquired approximately one-third interest in L'Union
Electrique Rurale, an important public utility system in France. Mr. are reserved for stock purchase and conversion privileges and Obligations
Burroughs said that this acquisition is in line with the policy of the cor- to issue stock. c In addition non-dividend paying scrip aggregating
poration to obtain substantial minority stock interests in utilities where 267 76-100 shares is outstanding.
Purpose.—These notes, or the proceeds from the sale thereof, will be
such interests in conjunction with those of associates in the management
used to retire not exceeding S2,500,000 of 5% convertible gold debentures,
of the properties give a combined control.
In the case of L'Unlon Electrique Rurale. the corporation and the series of 1979, of which $12500,000 are now outstanding, and (or) to acquire
French interests with which it is associated in the management hold all additional income producing securities of subsidiaries. Corporation reof the 331.200 shares of outstanding "B" stock as well as a substantial serves the right to withdraw any of these notes from this offering at any
amount of the "A" stock. The "B" stock is to be absorbed into the "A" time and in such event it may allow to remain outstanding and (or) may
Issue in lieu thereof debentures of the series of 1979, and (or) any other series
shares, of which there are now outstanding 336,805 shares. •
The L'Union Electrique Rural operates properties in nearly every part of Which may hereafter be created. The total aggregate principal amount of
France and in French colonies. It has been active in extending its power debentures and of these notes which may be outstanding upon completion
lines into French rural distridts and, ac9ording to Mr. Burroughs. this of this financing shall not, however, exceed 515,000,000.
expansion program will be stimulated by the corporation's acquisition of a
Earnings.—The consolidated gross revenues of the corporation and Its I
one-third interest. At the end of 1929 the French dompany was serving more subsidiaries for the 12 months ended April 30 1930, irrespective of the dates
than 1,033 communities with a population of about 630,000. The company of acquisition of such subsidiaries, including annual income applicable to
has 5.400 kilometers of high tension lines and 4,360 kilometers of low and (or) to be derived from securities of subsidiaries now owned by the
tension lines.
corporation and to be acquired by the corporation with a portion of the
Norman Lewis and W.S. Hulse,representing the Public Utility Holding Proceeds from the sale of the maximum principal amount of these notes.
Corp., have been elected directors of L'Union Electrique Rurale. Mr. are over $37,400,000. After deducting all operating expenses, taxes,
Burroughs stated that this entrance into the public utility industry in maintenance and depreciation, interest and dividends paid and accrued
France would be followed by further foreign expansion in Germany and on obligations and preferred stocks of subsidiaries, and earnings applicable
other nations.
to class A stocks and to outstanding minority interests in subsidiaries, the
Through the South American Rys. Co., the corporation has a substantial balance is equal to over three times the annual interest charges on the entire
Interest in the terminal subway railroad which is being constructed in funded indebtedness of the corporation to be outstanding upon the issuBuenos Aires. In the United States it holds substantial minority interests in ance of the maximum principal amount of these notes.
Central Public Service, Associated Gas & Electric and other companies.
The above earnings do not include any return to the corporation on its
controlling interest in the common stock of Southern Natural Gas Corp.,
50% Stock Interest in Westphalia United Electric Power the properties of which recently began operation. Earnings applicable In
Corp. Acquired by Public Utility Holding Corp. and Deutsche the future to this common stock of Southern Natural Gas Corp. should
considerably augment the earnings of Tr -Utilities Corp.
Bank Jointly.—
preferred and common
Equity.—These notes will be
A further extension of the foreign investment activities of the Public having a present indicated valuefollowed by 519,000.000.—V. 130, stocks
in excess of
p. 4052,
Utility Holding Corp. of America was revealed and confirmed this week 2772.
by President F. S. Burroughs. The new deal follows closely upon the
heels of the disclosure that the Public Utility Holding Corp. had acquired
Union Power Corp.—Stock Increased.—
approximately a third interest in L'Union Electrique Rurale. one of the
The
Dover, Del., increasing the
has
important public utility systems of France, and involves arrangements for aulu or companyal 8t filed a certificate at
va the
l2
Ca1) p 208 from 614,000 shares to 714,000 shares, no par
9
. 5 Ck
3.
the purchase jointly with the largest bank in Germany of a 50% interest
—V.
In the equity of Westphalia United Electric Power Corp. of Germany,
until now a Government
-owned utility. Associated with the Public
United Corp.—Listing.—
Utility Holding Corp. in this transaction was the Deutsche Bank of Berlin,
The New York Stock Exchange
authorized the Hating of 710,000
who have arranged to acquire jointly the only publicly-owned stock re- additional shares of $3 cumulative has
preference stock (no par
sulting from the doubling of the Westphalian company s capital stock to :3,195,000 additional shares of common stock (no par value) value) and
on
120,000.000 RM. Mr. Burroughs stated that no loan in connection with notice of issuance in connection with the acquisition of additional official
shares
this acquisition is contemplated at the present time in this market.
of common stock of Columbia Gas az Electric Corp.
•
The transit conference, functioning under the supervision of Judge
McDevitt of Common Pleas Court at Philadelphia has recommended unanimously that the city acquire the companys transit system and transit
underliers. Informal price discussed was 5150.890.000, of which $45,000,000
would represent the price for Philadelphia Rapid Transit Co. Invitations
have been extended to representatives of underlying companies to join in
the conference for the purpose of discussing the proposition.—V. 130. P.
3160. 2962.
•
JUNE 28 1930.]
FINANCIAL CHRONICLE
4609
r On May 16 1930,the corporation offered to acquire shares up to an amount Inc., and Central Illinois Co. are offering $4,000,000 10
-year
not in excess of approximately 25% of the outstanding common stock of convertible 6% debentures at 973
and int.
Columbia Gas & Electric Corp. on such terms that there would be issued
Dated June 1 1930; due June 1 1940. Continental Illinois Bank &
by the United Corp. one-third of a share of its $3 cumulative pref. stock
bearing cumulative dividends accruing from July 1 1930. plus 11t shares Trust Co., Chicago, trustee.
Data from Letter of Nathan L. Jones, President of Company.
of its common stock, in respect of each share of common stock of Columbia
Company.
-Incorporated in Delaware. Will own all the outstanding
Gas & Electric Corp. acquired. In response to this offer, 2,100,000 shares
eif common stock of Columbia Gas & Electric Corp. were deposited under a common stocks of its subsidiaries, except directors' qualifying shares and
deposit agreement dated May 16 1930. The privilege of depositing was a small minority interest in one subsidiary. These subsidiaries will have
formally closed on June 17 1930. On June 19 the directors authorized the no other securities outstanding in the hands of the public except $225,000
Issuance of 700,000 shares of $3 cumulative preference stock and 3,150,000 Principal amount of mortgage bonds and 2196,450 par value of pref. stock.
Business.
-Company owns public utility companies operating in Misshares of common stock of the corporation for the purpose of this exchange.
The directors further authorized the issuance of all or any part of 45.000 souri, Kansas, Oklahoma and Texas; and the company is now expanding
shares of common stock and 10,000 shares of $3 cumulative preference stock these operations by adding to its system public utility properties in Iowa.
for the acquisition of shares of common stock of Columbia Gas & Electric Nebraska. Kansas and Colorado. Ice properties in the Southwest are
Corp. on the same basis as that of the above-mentioned offer.
also owned by subsidiaries and 9 well-established Pennsylvania ice properties in the area contiguous to Pittsburgh are being acquired in like manner.
Profit and LOSS Statement Jan. 1 1930 to Close of Business June 14 1930.
The subsidiaries will supply 250 communities with one or more classes
Credits
located as to permit economical opera$3,555,676 of service; and the properties are sopower will be furnished In 71, water in
Profit and loss surplus, Dec.31 1929
tion in groups. Electric light and
Dividends received
3,098,693
service in 160 communities. Electric
266,474 5, ice in 28, gas in 5, and telephone8 communities. The
Interest received
Profit on securities sold
1,038,380 Power is also supplied wholesale to telephone subscribers number of elecexceed 75,000,
tric, gas and water customers and
Total
$7,959,223 and the population supplied with one or more of these services is estimated
at more than 400,000.
.Debits
The electric light and power properties include 13 generating stations
Interest paid
$415
Dividends paid
1,334,525 and 840 miles of transmission lines. The telephone properties are concentrated in central Kansas and northern Oklahoma, in northern and
Current expenses
154,679
Missouri, and in
Nebraska
Iowa.
Reserve for Federal income taxes
141,000 western includes 2,708 miles eastern lines and a and western the localTheo
of toll
majority of
exsystem
changes occupy buildings owned by the subsidiaries. Long distance serProfit and loss surplus June 14 1930.as per statement above_ $6,328,603
vice with all parts of the United States and Canada is handled through
Annual Income Receivable.
inter-connections with lines of the Bell Telephone System and other com(Including income receivable on 2.100.000 additional shares of common panies under joint operating agreements.
stock of Columbia Gas & Electric Corp.)
The total estimated value of the properties owned and now being ac•Estimated annual dividends receivable on the basis of current
quired as appraised, plus the cost of subsequent additions and extensions
dividends on stocks held on June 14 1930
$18,368,259 to March 311930. less depreciation, is $17,597,598.
Annual div. on $3 cum.preference stk.issued & auth.for issuance 7.438,101
CapitalizationAuthorised.
Outstanding.
$5,937,000
let lien coll. 20-yr.6% gold bonds,series A & B415,000.000
Balance
$10,930,158 Convertible 6% debentures
10,000,000
4,000,000
* Exclusive of any estimate for stock dividends.
10,000,000
6% gold notes, due June 1 1931
5,135,000
10,000,000
x
6% and 7% pref. stock (par $100)
Pro Forma Balance Sheet at Close of Business June 14 1930.
250,000 she.
75,000 she.
(After giving effect to the acquisition of 2.100,000 shares of common stock Participating class A stock (no par)
Common stock (no par)
300.000 she.
200,000 shs•
of Columbia Gas & Electric Corp.)
x All of the 6% gold notes now outstanding will be retired through the
Assets
Mohawk Hudson Power Corp. pref. stock, 62,370 she
$6,673,590 issuance of securities and stock, which are shown above as to be outstanding.
Additional series of 1st lien coll, bonds may be authorized, under restricNiagara Hudson Power Corp. common stock, 1,673,250 shs.;
tions of the indenture. Of the authorized capital stock, 80,000 shares
cl. A option warrants entitling holders to purchase 752.460
of common stock and 80,000 shares of participating class A stock will be
she, of common stock; cl. 13 option warrants entitling holders
reserved for conversion of debentures.
to purchase 436,590 shs. of corn. stock; cl. C option warrants
Earnings.
-The combined earnings from the properties owned by subentitling holders to purchase 300,000 shs. of common stock
sidiaries and under contract to be acquired, in part with the proceeds from
and to purchase cl. A option warrants entitling holders to
purchase 100,000 she, of common stock
27,208,691 this financing, for the 12 months ended March 31 1930 (except certain
Public Service Corp. of N.J. common stock,959,921 she
76,061,755 properties for periods ended Jan. 31 to April 30 1930 inclusive) before
United Gas Impt. Co., common stock. 6,081,846 she
215,035,234 deducting depreciation and Federal income tax, are reported by independent auditors as follows:
Columbia Gas & Elec. Corp. common stock. 2,345,263 shs.;
Columbia Oil & Gasoline Corp. v. t. c., 49,052 3-5 shs
$3,457,421
136,718,193 Gross revenue, including other income
Commonwealth & Southern Corp., corn, stock, 1.798,270 she;
Oper. expense. maintenance & local taxes, and $25,839 annual
option warrants entitling holders to purchase 1,005,000 she.
2,138,219
int, on bonds & dive, on stocks of subs. held by public
of common stock
35,590,010
Electric Bond & Share Co. common stock. 88.776 7-200 she.... _
21,319,202
5,969,201
Net income before interest, depreciation & Federal tax
Consolidated Gas Co. of N. Y. coin. stock, 202,900 she
24.737,429 Annual interest requirement of entire funded debt to be outLehigh Coal & Navigation Co., capital stock, 33,105 she
596,220
1,735.186
standing upon completion of proposed financing
Miscellaneous investments
9,726,893
The above net income before depreciation and Federal income tax is
Cash on hand
129,414 more than 2.2 times the annual interest requirement of the entire funded
debt to be outstanding upon completion of proposed financing, including
Total
$539,585,596 this issue of debentures.
Liabilities
After deducting interest on the let lien coll, bonds, the balance of these
cumulative preference stock, 2,479,367 she
$123,968,350 earnings is more than 4 times the annual interest requirement of the 10
Common stock 12,332,515 shares
61,662,575 year convertible 6% debentures.
Option warrants entitling holders to purchase at any time withThe auditors estimate that savings totaling $103,069 will be reflected
out limit 3,732,059 she, of common stock at $27.50 per share
In future operations on account of net non-recurring expense and adjustPaid in surplus
346.101- . - ,923 ments. After deducting dividend requirements on the pref. and class A
Profit and loss surplus
6,328,603 stocks and taking into consideration such non-recurring charges, there is
Reserve for taxes
274,144 available for depreciation, Federal income tax, reserves and additional
Demand loan
650,000 dividends, $320,951.
Ontverston.-Each $1,000 debenture will be convertible after Jan. 1
Total
$539,585,596 1931 to the date of maturity at the option of the holder into 20 shares of
-V.130, p. 4418, 3880.
common stock and 20 shares of participating class A stock; and smaller
denominations in a proportionate ratio. An adjustment shall be made of
United Gas Improvement Co.
-Listing.
interest accrued upon debentures so converted to the date of such converThe New York Stock Exchange has authorized the listing of 523,314 sion, and of cash dividends accrued upon the participating class A stock.
additional shares of common stock (no par value) and 8,820 additional In event of redemption, the debentures will be convertible up to and
shares of cum. pref. stock (no par value), on official notice of issuance for including the 10th day next preceding the redemption date.
securities of other companies, making the total amount applied for 23,The indenture makes provision against dilution of the conversion rights
147,817 shares of common stock and 515,216 shares of pref. stock.
of the debenture holders through stock split-up, reclassification, exchange
In accordance with resolution of tho board of directors adopted at a or conversion of the common and (or) participating class A stock into any
meeting held May 28 1930, action was taken authorizing issuance of 523,314 other stock.
additional shares of the common stock and 8,820 additional shares of cum.
Purpose.
-Proceeds will be used to reimburse the treasury of the compref. stock in exchange for securities of other companies as follows:
pany for the cost of new properties, additions and extensions, and for
Shares of common stock:
.-V. 129, p. 3328, 3802, V. 130, p. 4419.
other corporate purposes
To be issued for 50.000 shares (no par) total issue of Atlantic
City Gas Co. common stock
Westphalia United Electric Power Corp. (Vereinigte
227,340
To be issued for 25.000 shares (no par) Peoples Gas Co. comG.m.b.H.), Germany.
mon stock
64,940 Elektrizitatswerke Westfalen
To be issued for 30,000 shares (no par) Wilmington Gas Co.
Stock Interest Acquired by Public Utility Holding Corp. of
common stock
192,948 America and Deutsche Bank.
-See Public Utility Holding
To be issued to provide for fractional denominations account
of above exchanges
-V. 127, p. 2686.
772 Corp. of America above.
To be issued in exchange for 31.712 shares of Philadelphia Electric Co. (no par) common stock
37,314
Shares of cure. $5 div. prof. stock to be issued in exchange for 8,820
INDUSTRIAL AND MISCELLANEOUS.
shares of Atlantic City Gas Co. 7% pref. stock
8,820
-The constitutionality of South Carolina's
Anti-Chain Store Legislation.
Enlarges Board.
chain store tax has been attacked in injunction proceedings instituted at
Clarence II. Geist and Edward Hopkinson, Jr., both of Philadelphia, Charleston by Southern Grocery Stores, Inc., which operates 73 stores in
have been elected directors, thus increasing the board from 14 to 16 mem- South Carolina. "Wall Street Journal" June 25, p. 6.
members.
-American Smelting & Refining Co. has reduced
Lead Price Reduced.
The executive committee was increased from 9 to 10 members by the
cents a pound. Boston "News Bureau,"
addition of Mr. Hopkinson who is a partner of Drexel & Co. and J. P. lead price 15 points to 5.25
June 24, p. 11.
Morgan & Co.
-V. 130, p. 4052, 3162.
De Forest Cuts Prices.
-De Forest Radio Co. has reduced prices on most
types of its transmitting aucllons. "Wall Street Journal" June 23, p. 3.
United Light & Power Co.(Md.).-Increased Sales.
- Rules Ice-Making Private Business.
-Federal District Judge decides
The company reports that April sales of electricity increased 8.69% Oklahoma law classing plants as utilities unconstitutional. "Wall Street
Journal" June 25. p. 7.
over sales for April 1929, compared with an increase of 0.9% for the electric
Matters Covered in "Chronicle" of June 21.-(a) $55,000,000 projects ant
industry as a whole during the same period.
-down of plants to permit employecs to
The company reported for the 12 months ended April 30 1930 earnings ordered by Ford-Two-week shut
take vacations at one time, p.4321. (b) Pennsylvania mine strike, p.4323.
of $2.37 per share on the average number of shares of class A and class
common stock outstanding during the period as compared with $1.71 for (c) American Brass cuts prices, p. 4324. (d) American investments in
Canada show 900% gain since World War, Pask & Walbridge report. page
the 12 months' period ended April 30 1929.-V. 130, p. 4052.
4333. (e) Total subscriptions of $2,398,792.000 received to offering of
$400,000,000 27 % Treasury certificates-Allotments $429,373,000. page
Utilities Power 8c Light Corp.
-Listing.
The New York Stock Exchange has authorized the listing of 35.000 4344.
additional shares of class A stock (no par value), on official notice of issuAbbott Laboratories.
-Earnings.
ance and payment in full by sale to stockholders in lieu of cash dividend.
1930.
1929.
Five Months Ended Mail 15making the total amount applied for 1,712,000 shares of class A stock.
$196,1711
the issuance of 35,000 shares Net profits after all charges,including Federal taxes $201,160
On May 22 1930 the directors authorized
$1.67
$1.63
of class A stock to continue the corporation's policy of offering for purchase Earns, per sh. on 120,000 she,com.stock (no par)..
such stock to class A stockholders to be paid for by cash dividend for the -V. 130, p. 4241, 2774.
current quarter of 50 cents per share, payable July 1 1930, such sale to
American Art Works, Inc., Coshocton, Wis.-Merger.
-V. 130, p. 4418, 3542.
be at the rate of $20 per share.
-V. 129, p. 2685.
See American Colortype Co. below.
-Correction.
Virginia Electric & Power Co.
Regarding the notice of the proposed change in capital stock, published
In June 21 1930 edition of the "Chronicle," page 4418, further notice has
been received that 250,000 shares of $6 pref. stock of no par value will be
-V. 130, p. 4418.
authorized instead of 260.000 shares.
American Basic-Business Shares Corp.
-Dividend on
Fixed Trust OikShares-Rights.The trustees of the Fixed Trust Oil Shares have declared a dividend of
62 cents per share payable to holders as of June 30. Rights will be given
to holders to subscribe to additional shares at 5% under the offering price
-New Director.
Westchester Lighting Co.
cents for each share now held. Rights to subscribe to
Col. Oscar H.Fogg has been elected a director to succeed the late Nicholas to the extent of 45 becomes effective July 1 and expires July 30.
the additional stock
-V. 126, p. 2478.
F. Brady.
Of the 62 cents to be distributed, 17 cents represents cash dividends restocks, and 45 cents represents interest on reserve
ceived on
-Debentures fund and the underlying sale of fractional stock dividends and shares sold
Western Power, Light & Telephone Co.
proceeds from
-V.130, p. 3543.
-A. B. Leach & Co., Inc., Halsey, Stuart & Co., as a result of market appreciation.
Offered.
4610
FINANCIAL CHRONICLE
American Bond & Mortgage Co.—Committee Reports
Progress—Several Foreclosure Proceedings Under Way.—
The committee for the protection of the holders of first mortgage bonds
sold through the company reports that satisfactory Progress Is being made
In respect to the various issues deposited. Last fall the committee obtained
deposit of the first mortgage bonds on 53 properties.
The committee, it is announced, is watching all of the properties which are
In any way in default and in cases where the default is serious, efforts are
being made to protect the Income or to foreclose the mortgaee on the Property involved. Oreanization of the committee was effected with the support
of substantial holdines of bonds and in many instances from 65% to 95%
of the bonds have been deposited. Each property Is being handled separately to avoid complications and better to protect the holders.
Thus far greatest progress has been made in the East, due to the fact
that in New York, for example, the committee is able to proceed more
rapidly because of the relatively shorter period necessary for foreclosure.
This requires from three to four months, compared with about 18 months
in Chicago and close to a year in Michigan. In Massachusetts the time required is less than a month.
The mortgage has been foreclosed on the former Alden Park Manor in
Brookline, Mass., through the committee's efforts and the property is
now known as Longwood Towers. A new loan has been floated and stock
In the new corporation together with cash shortly will be distributed to
holders of first mortgage bonds of the old company.
The committee soon will send to bondholders In the New York district
Plans of reorganization on three properties. Bondholders must approve
of these plans before the committee can proceed further. The three properties are the Carloyn Park Apartments in Mamaroneck, N. Y.: Bronzy!Ile
Commodore apartments, Bronxville and Sherman Square Apartments.
New York City.
Other foreclosures on property in New York are likely to be made shortly.
Plans are being submitted to those who have deposited their bonds. Under
the terms of the deposit agreement, holders who do not deposit their bonds
are not entitled to the benefits accruing under the agreement and through
efforts of the committee.
The members of the protective group include Craig B. Hazlevrood,
Vice-President of the First National Bank of Chicago: Frederick G. Curry,
Vice-President of the Bank of America: Dayton Keith, Vice-President of
the Chicago Trust Co.: Wallace T. Perkins, Vice-President of Chatham
Phenix National Bank & Trust Co., Frank AV. Blair, President of Union
Trust Co., Detroit: Joseph E. Otis, Pres. of Central Trust Co. of Illinois:
H. K. Hallett, Chairman of Atlantic National Bank, Boston: Walter J.
Sudgen, President of James Sudgen Co., Boston.
The Depositaries are the Chicago Title & Trust Co. and the Bank of
America.—V. 129, p. 2538.
[Voir.. 130.
The company recently announced a special $8 dividend payable on July 15
to holders ofrecord on July 1 according to a statement by President Roger D.
Lanham. The date given in the "Chronicle" of June 14 is erroneous.
In his statement, President Lanham said "Partly through liquidation of
various funds, arising out of war activities, the company has surplus current
assets considerably in excess of the present requirements." In addition
to a large fleet of freighters in inter-coastal trade, the company owns onehalf of the Oceanic & Oriental Navigation Co. operating lines to Australia
and the Orient and owns. outright, the Williams Line, which operates from
the Pacific Coast to Charleston, Baltimore and Norfolk.—V. 130, P. 4242.
American Ice Co.(& Subs.).—Earnings.—
Period End. May 31— 1930—Month-1929,
1930-5 Mos.-1929.
Net profit after int., but
before depreciation &
Federal taxes
$603,688
$521.358 $1,054.072 $1,201.129
—V.130. p. 3881. 3163.
American Machine & Metals, Inc.—Transfer Agent.—
The Chase National Bank of the City of New York has been appointed
transfer agent for the capital stock.—V. 130. p. 1656.
American Ship Building Co.
-51.25 Dividend.—The
directors on June 25 declared a quarterly dividend of $1.25
per share on the no-par common stock, payable Aug. 1 to
holders of record July 15. This compares with quarterly
dividends of 2% paid from 1923 to and incl. May 1 1930 on
the old common stock of $100 par value, all of which were
exchanged for an equal number of no-par shares plus $40
in cash for each $100 par share owned.—V. 130, p.3715.
American Solvents & Chemical Corp.—Acquisitions.—
The acquisition of the Rossville Commercial Alcohol Co. and the General
Industrial Alcohol Co. by the American Solvents & Chemical Corp. has
been effected by a transfer of all the assets to the latter. H. I. Peffer
resigned as President of the American company and was elected Chairman
of the board and Chairman of the executive committee. Victor M.
O'Shaughnessy of the Roseville Company becomes President of the enlarged
company, and Eugene O'Shaughnessy will be Vice President. The executive committee will be composed of Messrs. Peffer, Victor M. O'Shaughnessy, together with John Nickerson, C. 0. Cornell and F. A. Rogers.
The Rossville company will serve as the alcohol division of the American
company, except on the Pacific-Coast where the American Solvents &
American Colortype Co.—Stock Increased—Acquisition. Chemical Co. of California will function. The American Solvents &
The stockholders on June 23 increased the authorized common stock Chemical Co. will handle the molasses and chemical business of the company.
from 150,000 shares of no par value to 300,000 shares of no par value.
The quarterly dividend of 75 cents has been declared on the preferred
The increase in capitalization is to provide not only for the purchase of
Payable Aug. 15 to stockholders of record Aug. 1.
The American Art Works, Inc., but for further development and expansion stock. new directors ofthe company elected will consist of Eugene O'ShaughThe
of the American Colortype company as favorable opportunities may occur, nessy, Victor M. O'Shaughnessy, F'. A. Rogers, Leslie Vivian, I. J. Seskis,
and for other corporate purposes.—V. 130, p. 4242.
Siddey W. Sauers and G. W. Scott. J. E. Mahoney, a member of the old
American Composite Shares Corp.—Offering of Trust board, resigned. See also V. 130, p. 4243.
Shares.—J. A. Sisto & Co. and E. F. Gillespie & Co. are
forming a group to offer in the United States, Canada,
England, France, Italy, and Switzerland "American Composite Trust Shares," representing stocks of 40 leading
corporations, deposited under a fixed investment trust
agreement. Shares are priced at market, about $10 per
share.
The Chase National Bank of the City of New York, Trustee. American
Composite Shares Corp., Depositor. Dividends payable semi-annually
on June 30 and Dec. 31 of each year at the principal office of the trustee,
In New York or at any other duly designated paying agency in the United
States or in foreign countries. Coupon certificates registeraole (but not
as to coupons) at the option of the holder at the principal office of the
trustee, otherwise transferable by delivery. Certificate denoms. of 4,000.
1.000, 500, 100, 50, 25, 10 and 5 shares.
Deposited Stocks.—Each American Composite Trust Share Cumulative
Series, represents a 1-400th undivided beneficial interest in a unit consisting of the following shares of common stocks deposited with the trustee.
Railroads—
Shares.
Oils—
Shares.
Atchison, Topeka 6c Santa Fe-4 Standard 011 Co. of Calif
16
Atlantic Coast Line RR
4 Standard Oil Co.(N. J.)
12
Canadian Pacific Ry
4 Texas Corp
16
Delaware. Lack. & Western
8
Industrials—
Illinois Central RR
8 Allied Chemical & Dye Corp
4
New York Central RR
4 American Can Co
8
Pennsylvania RR
12 Am. Smelting & Refining Co
16
Southern Pacific Co
8 Borden Co
12
Union Pacific RR
4 Corn Products Refining Co
8
Public Utilities—
Du Pont(E. I.) de Nemours & Co
8
American Tel. & Tel. Co
4 Eastman Kodak Co.(N. J.)
4
Columbia GS9 & Electric Corp-12 General Electric Co
16
Commonwealth Edison Co
4 Ingersoll-Rand Co
4
8 International Harvester Co
Consolidated Gas Co. of N.
8
Cons.Gas. El Lt.&Pr.Co.of Balto
8 National Biscuit Co
.
16
4 Otis Elevator Co
Detroit Edison
12
Electric Bond & Share Co
8 Procter & Gamble Co
12
8 Union Carbide & Carton Corp— North American Co
12
Pacific Gas & Electric Co
16 United States Steel Corp
4
United Gas Improvement Co—.
24 Westinghouse El. & Mfg. Co
4
Oils—
Woolworth (F. W.) Co
16
2.0981 DIM& Co.
20
(N. Y.Shares).No Substitution.—No substitutions may be made for any of the deposited
stocks, except in the event of a recapitalization, merger (including conveyance), consolidation, reorganization, or exchange of shares on the conditions
set forth in the trust agreement.
Convertibility.—Holdera of American Composite Trust Shares may. upon
surrender thereof to the trustee, receive for 1.000 trust shares or multiples
thereof their proportionate share of the deposited stocks and accumulations thereon, and for less than 1,000 trust shares cash equal to the net market value of their proportionate share of the deposited stocks and accumulations thereon, all without penalty, as provided in the trust agreement.
Market
of the deposited stocks are listed on the New York Stock
Exchange with the exception of Consolidated Gas, El Light & Power Co.
of Saito.. Commonwealth Edison Co. and Electric Bond & Share Co.,
which are traded in on the New York Curb Exchange. In addition the
first two are listed on the Baltimore Stock Exchange and Chicago Stock
Exchange,
A market for American Composite Trust Shares based upon the aggrerespectively'
gate current market prices of the deposited stocks is quoted in leading
newspapers.
The Chase National Bank of the city of New York has been appointed
registrar of the common stock, no par value.—V. 130. p. 4053. 441.9.
American Tobacco Co.—Proposed Stock Split-Up—Extra
Dividend of 4%—To Pay 100th Consecutive Quarterly Dividend
on Common Stocks—To Initiate Quarterly Dividends at the
Annual Rate of 20% on New Shares.—The stockholders will
vote July 28 on approving a proposal to split up the shares
of common stock and common stock B on a basis of two new
shares for each share held, on reducing the par value of these
shares from $50 to $25, and on authorizing the issuance of
common stock B to employees. At last accounts there
were authorized $50,000,000 of common stock and $100,000,000 of common stock B,both of $50 par value, of which there
were outstanding $40,242,400 of the former issue and $76,933,000 of the latter issue.
President George W. Hill June 25 says:
The directors report that, notwithstanding the high record of last year
as reflected in the Treasurer's report submitted at the last annual meeting.
the company's business during the first five months of the current year
has surpassed all previous records for corresponding periods. The net
profits for the first five months of this year, as shown by the books of the
company, after allowing for bond interest and pref. dividends, show an
increase of more than 100% over the figures for the corresponding period
of last year, and the outlook for the remainder of the year 1930 is very
encouraging. This situation enables us to take those steps in the interest
of our stockholders which we predicted in 1929.
The directors have declared the advisability of a split-up of the shares
of common stock and common stock B on the basis of two new shares for
each present share, the new shares to be one-half the par value of the old,
and each of the new shares of common stock to be entitled to one vote:
in order to preserve the relative voting power of the pref. stock, the resolution provides for the increase ofsuch voting power from two votes per share
to four votes per share. These changes require an amendment of the comPanya certificate of incorporation, and a special meeting of stockholders
will be held on July 28 for the purpose of taking action upon these resolutions and the proposed amendment.
There will also be submitted to the stockholders at this special meeting
a plan for the issuance and sale of shares of common stock Ti to employees
and persons actively engaged in the conduct of the company's business.
On Sept. 1 1930 there will be paid to stockholders the 100th consecutive
quarterly dividend on its shares of common stock. It is the expectation
of the board of directors, if the program set forth above is approved by the
stockholders, to declare an extra dividend of $4 per share on the common
stock and common stock B now outstanding (the old stock), payable
simultaneously with such 100th consecutive quarterly dividend, and also.
commencing with the 101st consecutive quarterly dividend, to initiate the
regular quarterly dividends on the newly authorized shares of common
stock and common stock B at the annual rate of $5 per share.—V. 130.
D. 2584.
American Utilities & General Corp.—Acquires Kentucky
Gas Properties.—
Announcement was made on June 18 that this corporation, the MoodySeagraves Co. and the Hope Engineering Co. had added more than 400,000
acres to their holdings in the Eastern Kentucky gas fields, giving them more
chaic9eet
t u bn f 4
3 .000 acres. The group reports gas reserves there of 425,000,000,000
above.— verganpCom 2.
SeeAm
8
o .3 8monwealths Power Corp. under Public Utilities
.
American Zinc, Lead & Smelting Co.—To Change Par
(The) American Corp.—Dividend on American Invest- Value of Common shares.—New President, &c.—
ment Trust Shares.—
A special meeting of stockholders has been called for July 23 to consider
The largest cash distribution ever made by a fixed investment trust in
the United States for a 6 months' period, consisting of $1.59 per share,
will be paid June 3() to stockholders of American Investment Trust Shares
which was organized early this year by T. L. Chapman St Co. of Chicago.
More than fifty dealers are now distributing American Investment Trust
Shares in Illinois alone, according to T. L. Chapman of the Chapman Co.
Distribution of the shares has been qualified in practically every state.
Mr. Chapman stated the syndicate letter is being mailed this week to
dealers in these states just qualified.
The company has a fixed portfolio composed of shares of 20 leading
American corporations operating in the industrial, public utility, oil and
railroad fields. Number of shares of each of these companies in each unit
varies from five to twenty. No substitutions or eliminations are possible
except in the event of mergers or consolidations, or if any of the companies
fail to pay their dividends.
American Investment Trust Shares has been listed on the Chicago
Curb Exchange. The American Corp. Is depositor and the Central Trust
Co. of Illinois is trustee. See also IT. 130, p. 4242.
American-Hawaiian Steamship Co.—$8 Dividend.—
The New York Stock Exchange has ruled that the capital stock will not
be quoted ex-dividend of $8 a share until July 16.
the following: Changing the 200,000 shares of common from $25 par to no
Par value, and increasing the authorized common stock from 200,000 shares
to 1.000,000 shares of no par value: and also, authorizing the directors
from time to time to purchase shares of preferred for retirement at prices
to t exc
no s49
.
and dividends accumulated and unpaid (amounting
e5e(liaingshpaarre)(.1125)
Howard I. Young, who has been connected with the company for 22
Years and has been Vice-President and director in charge of mining and
smelting operations since 1928, has been elected President, succeeding
W. A. Ogg, who has resigned.
Frank Bailey (Chairman of St. Louis Southwestern By. and director of
several other companies including Bank of America, Bush Terminal CO.,
Paramount Publix Corp. and Title Guarantee & Trust Co.) was recently
elected a director and the following have Just been elected directors: William
C. Irwin (President and director of several companies in the middle west,
particularly Indianapolis), Thornton Emmons (for 15 years associated
with the Zinc company, who has also been elected Vice-President and Manager of gales) Charles M. Seymour,(Attorney of Knoxville, who represents
many large companies in Tennessee). and John Vanneck (President of
Equitable Holding Co. of New York). These five new directors succeed
the following, who have resigned from the board: W. A. Ogg, H. A. Wentworth, B. P. Bole, I. F. Freiberger and H. L. Smith.
JUNE 28 1930.]
An executive committee has been formed, consisting of the following
directors: W. H. Coolidge, O. M. Seymour, W. G. Irwin, Frank Bailey,
John Vanneck, H.I. Young and E. M. Hamlln.-V. 130, p. 3163.
-Dividend Rate DeAnaconda Copper Mining Co.
-The directors on June 26 declared a quarterly
creased.
dividend of 87Mc. per share on the common stock, par $50,
payable Aug. 18 to holders of record July 12. From May
1929 to and incl. May 1930, quarterly dividends of $1.75
per share were paid.
Chairman John D. Ryan, referring to the condition of
the copper industry, said:
In the recent months much has been said and written about the copper
Industry and considerable misunderstanding and confusion regarding the
state of the business has resulted. It is our opinion that In volume the copper
business is running at a somewhat better rate as compared with the average
of 1929 and previous years than most basic idustries, and that the current
rate of consumption of copper compares favorably with that of any other
period, excluding the peak years of 1928-1929.
We believe the best standard to gauge current consumption is provided
by the actual shipment of fabricated products from the manufacturing
plants of the Anaconda company direct to the consumptive market. For
the five months completed this year, these shipments have equalled 77%
of the average shipments for 1929 period. They are 8854% of 1928 and
97)(% of the average shipments for 1925, 1926 and 1927 combined,when
both production and consumption exceeded any previous like period in the
industry.
Metal production is coming in line with consumption, and no branch of
industry should respond more quickly or share more profitably in a general
resumption of good business than copper.
While stocks of the metal according to statistics are somewhat larger
than in normal times, there are much smaller stocks than normal in consumers' hands. Consumers do not hold their usual stocks in a time of declining prices, and the producers now hold virtually all of the available
copper stocks. In any pickup of business, consumers will take their normal
stocks, and a large part of the supply that appears visible In these statistics
will quickly be absorbed.
-V. 130. P. 3716.
-Smaller Dividend.
Anaconda Wire & Cable'Co.
The directors have declared a dividend of 37% cents on capital stock
payable Aug. 11 to holders of record July 12. 'Phe stock has been on a
$3 annual basis.
The company on June 20 purchased the Weill Barnfield Corp.'s plan at
Providence, R. I, The lacquer process department will be moved from the
-V.130.
Present plant to a new building. The plant employs 250 persons.
P. 3544.
-23% Stock Dividend.
Anchor Post Fence Co.
The directors have declared a quarterly dividend of 23.4% in stock on the
new no par common stock, payable July 1 to holders of record June 23. A
like amount was distributed on April 1. The company on Jan. 1 last paid
a quarterly dividend of 23.4% in stock or 50 cents in cash on this issue.
V. 130. P. 2032.
-Smaller Dividend.
Andes Copper Mining Co.
The directors have declared a quarterly dividend of 37M cents per share
on the capital stock, no par value, payable Aug. 18 to holders of record
July 12. The company had been paying quarterly dividends of 75 cents per
share since and incl. May 6 1929. A special distribution of 75 cents per
share was also made on Dec. 17 1928.-V. 130, p.3544.
-Preferred Dividend.
Anglo-Norwegian Holdings,Ltd.
A dividend of 3;4 Canadian dollars, or the equivalent in other currencies,
per preferred share, being a dividend at the rate of 7% per annum for the
half year ending June 30 1930, will be paid on June 30 to the preferred
shareholders of record June 23.-V. 130, p.,2012.
Archer-Daniels-Midland Co.
-Earnings.
May 31
Nine Months Ended1930.
Net profit after deprec. and Fed.taxes $1,159,752
Shares common stock outstanding-549,546
Earnings per share
$1.74
-V. 130, P. 2585, 138.
June 14
1929.
1928.
$950.382 $1,390.528
480,852
213,712
$1.54
$5.45
Arundel Corp.
-Earnings.
Period End. May 31- 1930
-Month-1929.
Net profit after depreC..
Federal taxes, &c__
$173,088
$221,196
Earns, per sh. on 493,500
she. corn.stk.(no par)
-V. 130, p. 3882, 2775.
4611
FINANCIAL CHRONICLE
1930-5 Mos.-1929.
$851.739
$617,493
$17.3
$1.25
-Associated Apparel Industries, Inc.
-Earnings.
Earnings for Six Months Ended luau 31 1930.
No stock in the portfolio list may be eliminated by the depositor unless
it is selling at or below the average cost thereof. This is intended to
assure the holder of these certificates that only the less desirable stocks
(likely to be selling below their average cost) will be sold, and the good
stocks retained.
The depositor has covenanted that no stock will be transferred from the
reserve list to the existing stock unit (portfolio list) without approval of
an independent investment counsel, and subject to the fixed investment
formula, provided in the trust indenture.
The portfolio list follows:
Speciallies-(Continued)Public UtilitiesContinental Can Co.
*American Gas & Electric Co.
Eastman Kodak Co.
American Power & Light Co.
American Water Works & Electric Co.
Steel
*Commonwealth Edison Co.
American Roiling Mill Co.
Columbia Gas & Electric Corp.
Bethlehem Steel Corp.
Consolidated Gas Co. of New York
*Consolidated Gas, Elec. Light dr Power United States Steel Corp.
Tobacco
of Baltimore
American Tobacco Co."B"
Detroit Edison Co.
Liggett & Myers Tobacco Co.
*Electric Bond & Share Co.
R. J. Reynolds Tobacco Co."B"
North American Co.
Metals
Pacific Gas & Electric Co.
American Smelting & Refining Co.
Corp.
Pacific Lighting
Kennecott Copper Corp.
Peoples Gas Light & Coke Co.
National Lead Co.
Public Service Corp. of New Jersey
BuddingUnited Gas improvement Co.
Amer. Radiator & Stand.Sanitary Corp.
RailroadsJohns-Mansville Corp.
Atchinson Topeka & Santa Fe Ry.
Otis Elevator Co.
Chesapeake 8, Ohio Ry.
Farm Implement
Chicago Rock Island & Pacific
International Ilarvestor Co.
New York Central RR.
J. I. Case Co.
Pennsylvania RR. Co.
MachineryUnion Pacific RR. Co.
Allis Chalmers Manufacturing Co.
FoodsIngersoll Rand Co.
Borden Company
Automotive
Corn Products Refining Co.
General Motors Corp.
General Foods Corp.
Packard Motor Car Co.
National Biscuit Co.
Auto EquipmentProctor & Gamble Co.
Goodyear Tire & Rubber Co.
RetailTimken Roller Bearing Co.
Drug, Inc.
Business Equipment
*Great Atlantic & Pacific Tea Co.
International Business Machine Corp.
R. H. Macy & Co., Inc.
Underwood Elliott Fisher Co.
Sears, Roebuck & Co.
Electrical EquipmentF. W. Woolworth Co.
General Electric Co.
ChemicalWestinghouse Electric & Mfg. Co.
Air Reduction Co., Inc.
Amusements
Allied Chemical & Dye Corp.
Loew's, Inc.
E. I. du Pont de Nemours & CO.
Paramount Public Corp.
Mathieson Alkali Works
DrugUnion Carbide & Carbon Corp.
'Parke-Davis & Co.
PetroleumCommunications
*Gulf 011 Corp. of Penna.
American Telephone & Telegraph Co.
Standard 011 Co. of Calif.
International Tel. & Tel. Corp.
Standard 011 Co. of New Jersey
Railroad EquipmentTexas Corporation
Pullman, Inc.
SpecialtiesPublication
American Bank Note Co.
Curtis Publishing Co.
American Can Co.
* Listed on the New York Curb Exchange.
existing
A unit of shares of common stock portfolio list) as above or as
from time to time, together with a cash reserve fund to equalize dividends,
substituted are deposited
and a surplus fund to equalize the cost of stock
with the trustee in trust for the bearer of certificates representing 2,000
Associated Union Trust Shares, series A.
-Omits Dividend.
Astor Financial Corp.
The directors have voted to omit the quarterly dividend of 873i cents
paid since
per share due July 1 on the class A stock. This rate had been
and including July 1 1928.-V. 126, P. 3301.
-Merger Planned.
Atlantic Natural Gas Co.
This company is to be formed by merging a group of about ten natural
including the Fritz
gas properites in Ohio, West Virginia and Kentucky.on June 21 by John
Oil & Gas Co. in Zanesville, Ohio, it was announced Inc., Public utility
of Abeles, Reynell & Campion,
F. Scheetz, President
engineers and bankers.
wells
Gas leases on more than 160.000 acres with about 250 producing
having and open flow capacity of approximately 100,000,000 cubic feet
daily will be owned by the company. Gas reserves as estimated by engineers will be in excess of 300.000.000,000 cubic feet.
The value of the consolidated properties will be about $7,700.000.
-Receives $1,016,567 Tax Credit.
Atlantic Refining Co.
company
An income tax credit of 11,016,567 has been granted to this
for 1918, the Internal Revenue Bureau announced.on June 24.
Net sales
$8,063.994
been determined in an amount which bears the
"The tax liability has
Net profit after charges and taxes
632.792 same ratio to the taxpayer's net Income as the average tax of representative
Earnings per share on 207,500 shares capitalstock (no par)
$3.05 corporations engaged in a similar trade or business hears to their average
-V. 130, p. 624, 291.
net income for the same year," Commissioner Lucas stated. of a proposed
pending an adjustment
A total
-Notes Offered.
Associates Investment Co.
-First De- deficiency of 2562,406 was withheld p. 4244.
in tax for 1920.-V. 130.
troit Co., Inc., Detroit, recently offered $250,000 collateral
trust gold notes on a 5% discount basis, net.
Dated May 6 1930: due serially Sept. 1 1930 to Jan. 15 1931. Denom.
$1,000 and $5,000, payable at the office of the First National Bank in
Detroit or at the office of Citizens Trust & Savings Bank,South Bend, Ind.
or Continental Illinois Bank & Trust Co., Chicago.
annpany.-Incorporated in 1917 for the purpose of financing the sale of
automobiles on the deferred payment plan. Company was organized with a
paid-in capital of $25,000. As of March 31 1930 capital stock, surplus and
undivided profits realized and deferred totaled $5,691,006. The company
purchases notes secured by passenger automobiles upon which a down
payment of at least 33 1-3% has been made, the balance being due in
equal monthly Installments. Between 65 and 70% of the company's
business is in the low priced car field. The main office of company is
located at South Bend, Ind. It also maintains 35 branch offices throughout the Middle West, the largest of which Is in Detroit.
-Notes are direct obligations of company and are secured by
Security.
115% of purchase money obligations secured, in turn, by motor cars upon
which initial payments of at least 33 1-3% have been made. Indenture
provides that the total amount of collateral trust notes outstanding at any
one time will not exceed three times the amount of capital and surplus of
Associates Investment Co.
-Net earnings for the year ended Dec. 31 1929, after all
Earnings.
charges except Federal income taxes, amounted to $1,142,079. Net income
for the same period after Federal income taxes amounted to 11.002.613.
For the three months ended March 31 1930, net profit, before reserve for
Federal income taxes amounted to $201,097.-V. 130. p. 2966. 977,
-Earnings.
Austin Nichols & Co., Inc.
12 Mos. End, Apr. 30. 15 Mos. End.
Apr. 30'27.
1928.
1929.
1930.
PeriodGross profits from sales.. $2,053.231 $1,993,591 $1,616,977 $2.859.232
120.412
88,715
36,501
7.788
Income from oth. sources
$2,061.019 $2,030.092 $1.705.692 $2,979.645
Total income
3.291.364
2,399.987
1,710.202
Selling & general exp_ _ 1,754.318
414.040
248.376
77.110
56.294
Interest
397.836
340.662
45,544
38.103
Depreciation
Loss on branches liquid.
421.097
durinl year
200.000
Prov. for conting
x20.000
Prov.for Federal taxes_
2,342,468
Loss on sale of cap. assets
156.690
Loss on sale of supplies.
120.000
Additional reserves
25,000
Organization expenses
27.535
Capital chgs. prior yrs_
306.565
Dividends on pref. stocks
Surp. for the year.......
Disc. on pref.stock
Previous surplus
Adj.appl. to prior years_
1212,303
$197.235 d13.975.030 df2.051 257
Cr71.266
1.697.211
Dr1.385.428
3464.705def3.975.030defl.668,208
Deficit end of year-sur$677.007 $3.777,795 $5,643.238 $1,668.208
x Reserve for additional assessments, 1920. y Contributed under plan of
recapitulation.
1929.
1930.
1929.
1930.
AssetsSmith, Hull & Co. Minneapolis, are offering "Associated Union Trust
7% cum. pref.stk. 3537.900 34.240,000
Shares. series A," r resenting certificates of ownership in common stock, Plant & equip. less $72,703
y1,110.630
$56.190 Prior A stock
depreciation....
which are listed on the New York Stock Exchange or the New York Curb
45,641 Common stock_._x119.425 1,770.455
53,112
Notes rec.(cur.)-.
Exchange.
1,501,500 1,500,415 Notes payable.-- 800.000 1,050.000
Bearer certificates in denom. of 10, 20, 25, 40, 50, 100, 200, 500. 1,000 Inventories
131.560
Accounts payable_ 150,202
and 2.000 Associated Union Trust Shares, series A. Distribution coupons Accounts ree., less 1,308,695 1,333.501 Special deposits_._
30.253
33.031
reserve
for the 6 months periods ending June 30 and Dec. 31 each year, payable
52.095
50,240
99.500 Res. for taxes-63,750
respectively Feb. 1 and Aug. 1 at the principal office of Guaranty Trust Notes receivable
420,446 Surplus
677,008
424.059
trustee, in New York, and at other designated paying Cash
Co. of New York,
13.844
Special deposits_
agencies. Associated Union Participating Shares Corp., depositor.
40.874
40.774
Deferred charges
Each Associated Union Trust Share, series A,represents a 1-2000th non- Deficit
3.777.795
unit of 150 shares of common stocks.
voting ownership in a group or stock
comprising 2 shares each of the 75 corporations in the portfolio list de$3,478,437 $7,274.363
83,478,437 37,274,363 Total
Total
posited with the trustee under the terms of a trust indenture dated as of
x Represented by 119,425 no par shares. y Represented by 37,021 no
Jan. 2 1930. Each trust share, irrespective of date of deposit or issuance
Is identical with all other trust shares and each possesses the same rights par shares.
-Dividends on preferred stock unpaid since Feb. 1 1927.-V. 130.
Note.
and reinvestment privileges and receives the same distributions and conp. 3717. 3165
version benefits.
Associated Union Participating Shares Corp.
Trust Shares Offered.
4612
FINANCIAL CHRONICLE
Auburn Automobile Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 3,618 additional shares of common stock (no par value) on official
issue,
a stock dividend, making the total amount applied for, notice ofshares.as
184.505
Consolidated Balance Sheet.
Nee. 2029. Feb. 2830.
Nos. 3029. Feb. 2830.
Assets
Liabilities
Cash dc certif. of
Notes payable____ 675.000 1,426,771
deposit
1,487,235 2,151,111 Accounts payable_ 1,833,685 1,289,179
U. S. Treas. notes 595,312
Dealers' deposits_
68.299
68,845
Accounts rec., less
Adv.on contracts_
14,403
reserves
1,765,248 2,414,602 Accruals
811,707
703,989
Time& sight drafts
Lycoming Mfg.Co.
on customers___ 381,428 1,107,396
7s
512,500
509,500
Notes receivable__ 298,583
308.620 Capital stock (no
Accrued interest...
11,510
8,959
7,993.082 x8,178,216
par)
Inventories
8,753,850 7,437,734 Capital, surplus__ 489,882
480,688
Life (neut. policies
33,695
35,850 Earned surplus___ 5,719,960 5,454,141
Prepaid expenses &
Min. stockholders
deferred charges 138,899
126,286
int. in capital
by, at book value
29,702
31,599
and surplus
Sinking fund cash_
20,987
12,702
Capital stook_.... 1,424,888 1,405,488
Fixed assets (net)_ 7,075,217 6,989,390
Capital surplus_
45,443
46,349
Goodwill
1
1
Earned surplus_ 1,094,906
940,370
Accr. dive, on prof.
Total (ea. side)_20,591,671 20,624,053
14,258
stock
14.399
x Represented by 173,385 shares.
-V. 130, p. 4054, 3545.
Berliner-Joyce Aircraft Corp.
-Merger Ratified.
The stockholders have ratified an agreement
company will pass to the North American Aviation whereby control of the
Corp.
-V.130, p. 4245.
B-G Sandwich Shops, Inc.
-SalesYear1930
1929
Increase
- 130. p. 4054.
17.
Four Weeks End.
June 20 1930.
8256,117
242.283
$13,834
Year to Date.
June 20 1930.
81,727,130
1,579.439
$147,690
Blue Ridge Corp.
-Initial Common Dividend.
-
The directors have declared an initial cash dividend of 20c. per share
on the common stock, payable Aug. 1 to holders of record July 5. This
dividend is intended to cover a six-months period, and is to be paid out of
cash income, taking no account therein of stock dividends received.
The directors have declared the regular quarterly dividend
tional 6% cony. pref. stock, series of 1929, payable Sept. 1 toon the opholders of
record Aug. 5, at the rate of 1-32 of one share of common stock per share
of such pref. stock, or, at the option of such holders, 75c. per share in
cash, provided written notice is received by the corporation on or before
Aug. 15. An initial distribution of like amount was made on Dec. 1
1929, followed by a similar payment on March 1 and June 1 1930.-V•
130, p. 3357. 3546.
(The) Borden Co.
-Listing,
The New York Stock Exchange has authorized the listing of 9.481
additional shares of capital stock (par $25) on official notice
issuance,
in connection with the acquisition of the entire assets and of
business of
Jessup & Antrim Ice Cream Co,and in connection with the acquisition of
certain assets and business of Cairns Creameries, Ltd., making the total
applied for 4.065,972 shares (par $25).
Pro Forma Consolidated Balance Sheet Dec. 311929.
(After giving effect to the stock dividend paid Jan. 15 1930 and
quisition of the properties and businesses of Dallas Milk Co., Inc., to acwhich
are included on basis of figures as of Sept. 30 1929; Boulevard Dairy Co.,
Inc., Collar City Creamery Co., Inc. and Certified Ice Cream Co., all on
basis of figures as of Oct. 31 1929: Hall Ice Cream Co., Inc., on basis of
figures as of Nov. 30 1929; Pure Milk Co.. Ltd., Hamilton Dairies, Ltd..
Willow Brook Dairy, Mitchell Dairy Co., Walkerside Dairy,
Windsor
City Dairy, Ltd., Ballantyne Dairies, Ltd., Hildebrecht Ltd.,
Co.,
Curran & Fox, Dairy Products Co., Johnson Dairy Co., Ice Cream Jane
Eight-five
Street Corp., Bagel Bros. Dairy, Inc., Lone Star Ice Cream Co., Home
Dairy, Huber Ice Cream Co. and Purity Ice Cream Co., all
figures as of Dec. 31 1929; Halls Limited, on basis of figures ason basis of
of
1930: and certain assets and businesses of W.T. Wesgate and C. E. Feb. 28
Rogers.
The net assets acquired from the aforementioned companies include property
valuations based on appraisals, partially completed, and are subject to
audit of the books of the companies now in progress.)
AssetsLtabIltttesProperty, Plant and equipMtges. & purchase money
ment (net)
x$106,674,691
notes assumed
$948,075
Cash
7,544,646 Notes and accts. payable_
23,847,638
Receivables-less reserves for
Income taxes(estimated)_
2,399,392
for doubtful accounts
18,953,381 Other accrued accounts._
4,117,361
Marketable securities (at
Deferred credits
428,456
market or less)
11,799,381 Capital stock
99,634,275
Inventories (at the lower of
Reserves for insurance, con,
of coat or market)
27,043,880
tingencles, &e
12,275.006
Prepaid items & miscell. asSurplus
736,426,614
sets and accounts awaiting distribution
1,060,837
Trade marks, patents and
good-will
7,000,000
[Tor.. 180.
Caterpillar Tractor Co.
-New President, &c.
-
The directors have elected B.0. Heacock. 1st Vice-President, to
ofPresident,succeeding R.0.Force, who has been Presidentsince the office
tion of the company, and who has been made Chairman of thethe formaexecutive
committee.
Mr. Heacock and 0. L. Starr, Vice-Presidents, will become members
of the executive committee. Mr. Force said action paves the way for the
new organization plan including the transfer
and the establishment of a research divisionof operating staff to Peoria. Ill.,
Calif. Of the
five tractor models in production at presentat San Leandro,models 60 and
only two sizes,
30, have been manufactured recently at San Leandro. These are to be
transferred to Peoria before the end of the year. Concentration of tractor
manufacture at Peoria will effect marked operating economies, through
quantity production, and will permit more
from Peoria to western dealers, it is stated.frequent direct carload shipments
-1/. 130, p.4421.
Celotex Co.
-Dividend Omitted-Correction.
-
The directors have voted to omit the quarterly dividend of 75 cents
share on the no par value common stock. From Dec. 30 1926 (not Oct. a
1
1926 as previously stated) , 1926 to April 1 1930 incl., quarterly distributions at this rate were paid.
-V. 130, D. 4247.
Central Airport, Inc.
-Earnings.
Total income
Total expenses
Depreciation
Earnings for Year Ended April SO, 1930.
$55,011
53,959
20,275
Deficit
$19,223
Balance Sheet April 30.
Assets1930.
1929,
Liabilities-1930.
1929.
Cash
$20,752
$23,577 Accts. payable__
$1,207
Savings acct.__
77,963
160,000 Accrued payroll_
$4,292
425
Call loan rec..
400,000 Res. for deprec20,275
Petty cash
100 Cap. stk. auth.
Accts & accr. hit,
500,000 shs. of
receivable, arc.
10,287
3,205
no par value,
Amount due_
27.000
issued 206,250
Fixed asseta
1,865,995 1,470,840 she
2,043,402 2,062.625
Deferred assets3,158
Organization &
develop. exp.
62,814
16,534 Tot.(es.side) 82,057,989 $2,084,257
-V.128, p. 3689, 1912, 1735.
Central Coal & Coke Co.
-Defers Preferred Dividend.
-
The directors have voted to defer the quarterly dividend of $1.25 per
share due July 15 on the pref. stock. The last distribution at this rate was
made on April 15 last.
-V. 130, p. 1834.
Cespedes Sugar Co.(Compania Azucarera Cespedes).
-Bonds Called.
The company has called for redemption Sept. 1 next $77,500 let mtge.
73a% sinking fund gold bonds at 105 and int. Payment will be made at
J. & W. Seligman & Co., fiscal agents, 54 Wall St., N. Y. City.
-V. 130.
D. 1281.
Childs Co.
-Groups Restaurants into Eight Divisions.
-
The company has grouped its restaurants throughout the United States
and Canada into eight geographical divisions. This arrangement, S.
Willard Smith, Executive Vice-President states, has been inaugurated for
the purpose of convenience in the operating end. The company thereby
will be better able to meet variations in eating habits existent in different
sections of the country. Furthermore, the grouping will be more convenient
for bookkeeping purposes and for inspection trips by the department
supervisors.
The metroplitan division, the largest group will include the units in
Manhattan, Brooklyn, Coney Island, Newark and Paterson.
the New
England division are four restaurants in Boston and one,each,inIn
and New Haven; in the middle Atlantic division are four units Providence
in Buffalo,
six in Philadelphia, two in Atlantic City, two in Pittsburgh and one, each,
in Albany, Trenton and Baltimore; in the southern division are the company's Washington, Norfolk. Miami and New Orleans restaurants.
The Childs units in Chicago, Cleveland, Louisville, Milwaukee and
St. Louis make up the central division, and those in Denver and Los Angeles
its western division. In the Canadian group are three restaurants
in
Montreal, one in Winnipeg and three in Toronto, which did a heavy business during the recent Shriners convention in that city. The eighth division
is made up of the company's subsidiary chain, Boos Brothers' Cafeteria
System, in Los Angeles, with a large unit in Avalon, on Catalina Island.
Modernizing Five Restaurants in New York City.
-
Five Childs restaurants are being modernized in an extensive improvement program of the nation-wide restaurant chain, it is announced by
S. Willard Smith, Executive Vice-President. At 157 West 33d St., on the
site of the demolished George W. Elliss building, a two-story structure is
being erected. The ground floor will house an extension of the Childs
around the corner of 425 7th Ave.: the second floor will rent as a loft.
At 196 Broadway, near the financial centre of the city, the spacious
interior and the ventilating system are being remodeled and a new furniture
scheme is being installed. At the newly leased quarters, 108 West 43d St.,
a modernistic extension to the abutting Childs restaurant at 109 West
42d
St. is being designed. At 285 Broadway. near City Hall, a limestone front
with arched window reaching to the third floor is planned, the improvement
to require several months. During this time the restaurant will
from July 4 possibly until Labor Day. On upper Broadway, at be closed,
103d St..
Childs "Dutch Room" is being altered to permit extensive plate glass
windows to be installed.
-V. 130. p. 4247. 3548.
Total
8180,076,817 Total
8180.076,817
x Values are based on cost or on field surveys by company's engineers,
supplemented where necessary by ndependent appraisals, with subseChrysler Corp., Detroit, Mich.
-May Sales, &c.
quent additions at cost, lass mortgage on Madison Avenue Office Building
Chairman W.P. Chrysler authorizes the following:
property of 81,400,000 and reserves for depreciation. y After deducting
Analysis of production and sales in the automobile industry which has
the stock dividend paid Jan. 15 1930.-V. 130. P• 3546. 2968.
just been compiled for the first five months of this year shows that during
this period this corporation not only increased from month to month
Brandon Corp., Granville, S. C.
-Defers Dividend.
its
The directors have voted to defer the semi-annual dividend of $3.50 per output and its deliveries of cars to the public, out also enlarged its share
of the total motor car business.
share which is due July 1 on the 7% Pref. stock-V. 127. p. 826.
The corporation's May sales for this year compared with last, exclusive
of cars in the lowest price bracket viz. Plymouth. Chevrolet
Bullock's, Inc.
-Retires Bonds.
and Ford,
The corporation has retired an additional $135,000 of secured sinking were the highest percentage of any of the large producers in the automobile
fund 6% bonds of 1947,the Citizens National Co.of Los Angeles announced. industry.
May car registrations are now available for 18 States and indicate that
This is in anticipation of the sinking fund provision due Sept. 15 1930.
Of the original issue of $4,000,000 offered in 1927, there has been retired automobiles are selling at retail at about 75% of the same month last year.
$380,000 principal amount,leaving outstanding on June 18 1930 33,620,000. The corporation's May sales account for 14.6% of the total automobile
business exclusive of Ford, compared with 13.2% last year. The foregoing
- 130, p. 4246.
V.
percentages are based on returns from Arkansas, Delaware, District of
Bunker Hill & Sullivan Mining & Concentrating Co. Columbia, Illinois, Maryland, North Dakota, South Carolina, South
Dakota, Utah, West Virginia, Wisconsin, Connecticut, Florida,
-Usual Extra Dividend.
Idaho.
Minnesota, Missouri, Montana and Rhode Island.
The directors have declared the usual extra dividend of 25c. a share,
In these States Chrysler Motors products
and the regular monthly dividend of 25c. a share, both payable July 5 units of which 2,413 were Plymouths, the registered in May totalled 7,967
balance of 5,554 cars being in
to holders of record June 26. Like amounts were paid on June 5 last.
- higher priced brackets and comparing with 7,392 cars for the same month
V. 130, p. 4246. 3883.
for the same States last year or 75.14%. General Motors registrations
in
the same States for the same period were 32,624 of which 23.008
were
Burke Grocery Co., Cincinnati, Ohio.
-Initial Div.
- Chevrolets leaving a balance
The directors have declared an initial dividend of 25 cents per share on priced bracket and comparingof 9,616 General Motors cars in the higher
with 15,412 for the same States during the
the class A common stock, no par value, payable July 15 to holders of same period last year or 62.39%
record July 1.-V. 128, p. 1402.
The corporation increased its output in May
compared with April,
and this without increasing the net number of8M%on hand with dealers.
cars
Butler Brothers, Chicago.
-Sub. Signs Add'l Leases.
- The automobile industry as a whole on the other hand shows an approxEleven new leases were signed in the last several days by Scott Stores, iate decrease in output for May of 7% compared with April Exclusive
of
Inc., wholly owned subsidiary, this bringing the total of leases to 94. The Ford production the industry's May production shows a decrease
of 7 %
new locations are: Carthage. Mo.; Yankton, S. D.; Moberly, Mo.; New for the balance of the industry.
-V. 130 p. 4055.
Orleans, La.: Jackson, Miss.; Chillicothe, Mo.: Tuscaloosa, Ala.; Iowa City,
City Ice & Fuel Co.(& Subs.).
Iowa; St. Cloud, Minn. and Chicago and Carbondale, 111.-V. 130, 3883.
-Earnings.
D•
Excluding certain subsidiaries acquired since Jan. 11930.
CaliforniaArt Tile Co.
-Omits Dividends.
5 Months Ended May 31The directors have voted to omit the quarterly dividends
cents Revenue
$9,092,628 $9,016,634
per share on the class A stock and 20 cents per share on the of 43M stock Expensesfrom sales
B
maintenance of property, ins., &c
6,860.297
6,878,418
which ordinarily would have been paid about July 1.-V. class
Ordinary taxes
129, P• 3969.
232.280
177,823
Interest
190,054
186,499
Carnation Co.
-Stock Dividend.
The directors have declared a dividend of 1% in common stock on the
Profit
81,810,017 $1,775,894
common stock outstanding, payable July 1 to holders of record June 20.
May profit was $896,291 after charges against 8759,47900 1929.-V.
130,
A similar stock distribution was made on Jan. 2 last.
p. 4421, 4248.
-V. 129. p. 3969.
JUNE 28 1930.]
4613
FINANCIAL CHRONICLE
-Extra Dividend.
g Cincinnati Union Stock Yards Co. $2 per share in addition
dividend of
The directors have declared an extra
to the regular quarterly dividend of 40 cents per share, both payable June 30
to holders of record June 21.-V. 122, p. 486.
-2% Stock Dividend.
Clorox Chemical Co.
The directors have declared a 2% stock dividend on both the class A and
B stocks, payable in class A stock July 30 to holders of record July 15. A
-V. 130. p. 3360.
similar distribution was made on Jan. 30 last.
chased by present holders for $81.000. An additional payment of $15,000
cash to the Consolidated Paper Box Co. will also be made. The sale will
reduce the company's bonded indebtedness by $135,000, resulting in an
annual saving in interes t of $9,450. The effect of the ratification of the
sale, according to Presi lent R. J. Gruenberg, will be to increase the net
worth of the company b., approximately $56,000 and will improve the company's cash position through the sale of raw materials and finished products
at the First Street plant. The plant is equipped to manufacture candy
boxes.
-V. 130, p. 805, 140.
Continental Investment Co.
-Smaller Dividend.
-
-Earnings.
-Collins & Aikman Corp. (8c Subs.).
Quarter Ended May 31Operating profit
Miscellaneous income
1930.
$1,119,170
36,142
1929.
$754,989
14,996
Total income
Interest paid
Reserve for depreciation
Reserve for taxes
Reserve for contingencies
Write-off of inventory to market
$1,155.312
$769,985
400
178,066
49,000
178,231
88,000
130.000
213,101
The directors have declared a quarterly dividend of 15 cents per share,
payable July 1 to holders of record June 20. Previously, the company
paid quarterly dividends of 30 cents per share.
-V. 129. p. 1747.
Corn Products Refining Co.
-2% Extra Dividend.
The directors on Juno 27 declared an extra dividend of 2%
(50c. per share) in addition to the regular quarterly of 3%
on the common stock, both payable July 21 to holders of
record July 7. The last previous extra dividend was 3%
paid on Jan. 20 1930.-V. 130, p. 3168, 1644.
Coty, Inc.
-Listing.
-
Net profit
Dividends paid on preferred stock
$759,081
167,693
$329,416
186.550
Balance to surplus
Shares common stock outstanding (no par)
Earnings per share
-V. 130, P. 2778, 627.
$591,387
587.633
$1.01
The New York Stock Exchange has authorized the
$142,866 additional shares of capital stock (without par value) on listing of 44,780
official notice of
591,833 issue as a stock dividend, making the total amount applied
for 1,537.435
$0.24
-V. 130, p. 4057, 3719.
shares.
Columbia Oil & Gasoline Corp.
-Registrar.
The Bankers Trust Co. has been appointed registrar for the common stock
and for voting trust certificates for common stock.
-V. 130, p. 3884. ,
4
Columbia Pictures Corp.
-Earnings.
Net profit of the company for quarter ended March 31 1930 was $253,750
after charges and Federal taxes. For nine months ended March 31 net
profit totaled $732,879.-V. 130, p. 4421, 4056.
Commercial Investment Trust, Inc.
-To Finance
Stewart-Warner Dealers-Listing.
-
Crew Levick Co.
-Tenders.
-The Pennsylvania Company for Insurance on Lives and Granting Annuities, successor trustee, Phila., Pa.. will until June 30 receive bids for
the sale to it on Aug. 1 1930, of $122,400 1st mtge. 6% s. f. gold bonds
at a price not exceeding 107 and int.-V. 126, p. 4087.
Cumberland Natural Gas Corp.
-Registrar.
The Hibernia Trust Co. has been appointed as registrar for the commou
and participating class A stock.
Curtiss Aeroplane & Motor Co., Inc.
-Earnings.
-
Calendar Years1929.
An exclusive contract has been signed by this corporation with the Sales
$8,303,706
Stewart
-Warner Corp. of Chicago whereby C. I. T. will act as the official Cost of sales
a7.213,940
financing organization for this manufacturer's dealers and distributors
throughout the United States and Canada covering sales made on the
Gross profit on sales__ $1,089,765
Installment plan.
1,136.450
The Stewart-Warner company has approximately 4,000 dealers and 150 Other incomecos
ofsub.
distributors throughout the country which will be serviced by the C. I. T. Profit from sale of stk. of
Profit
network of 140 branch offices located in the United States and Canada.
sub. company
The New York Stock Exchange has authorized the listing of 33,155 shares,
on official notice of issuance as a dividend on the common stock, payable
Gross profit
July I, making the total amount applied for 3,543.843 shares.
-V. 130, Sell., adm. & gen. exp.. $2,226,215
1,404,909
P. 4248, 3719.
Income taxes, interest &
special charges
Consolidated Film Industries, Inc.
-To Increase Stock. Extraord. mfg. develop. 232,136
The stockholders will vote July 11 on increasing the authorized common
exp.& Invent. adjust.
965,311
stock from 400,000 shares to 600,000 shares, no par value.
-V.130, p. 2778.
2587.
Net profit
$623,859
Previous surplus
1,069,255
Consolidated Hotels Inc.
-Notes Offered.
-California
Securities Co., Citizens National Co. and McCabo-Fewel &
Co., Los Angeks, are offering at 98 and int. $800,000
5
-year 6% gold notes (with accompanying stock purchase
warrants).
Dated May 1 1930; due May 1 1935. Principal and int. (M. & N.)
payable at California Trust Co., Los Angeles, trustee. Denom. $1,000 and
$5,000c*. Red. as a whole or in part on any int. date at the option of the co.
on not less than 30 days' notice, at 10234 and int. if red, on or before May 1
1931, the premium decreasing 3. of 1% for each 12 months or fraction
thereof elapsed thereafter. Company agrees to pay interest without
deduction for any Federal income tax not exceeding 2% per annum and to
refund, upon application, California personal property tax up to 4 mills.
Stock Purchase Warrants.
-Each $1,000 note ($500 denomination in proportion) will be accompanied by a warrant, entitling the holder thereof, to
purchase 26 shares of the common stock of Consolidated Public Service
Corp. for a period of 2 years from date of these notes at $21 per share,
and thereafter, for a period of two years at $25 per share, and thereafter,
until maturity of $30 per share.
Data from Letter of Ben Weingart, President of the Company.
Company. A Delaware corporation. Is engaged in the operation of
hotels and apartments under the percentage lease plan. At the present
time. the company holds under lease and operates in Los Angeles and
vicinity over 12,000 roons, representing 105 properties, widely diversified
in character of service and location and having an estimated realty value
in excess of $25,000,000.
Among the units in the consolidated chains are the Aloha, the Barclay,
the Belmont, the Berkeley, the Californian, the CM, the Dicksboro, the
Mayan, the Oviatt, the Sherman, the Stillwell, the Ter's, the Westchester
and the Woodward.
Equities.
-Notes will be a direct obligation of company, will be issued
under a trust agreement containing strong protective provisions, and will
be Issued under a trust agreement containilig strong protective provisions,
and will be followed by 50,000 shares no par value class A cumulative
preferred stock and 350,000 shares no par common stock, the latter being
owned 98% by Consolidated Public Service Corp.
The consolidated balance sheet of the company and its subsidiaries as
of Dec. 31 1929, after giving effect to this financing, indicates net assets
of $2,684,201 (before considering this note issue as a liability) equivalent
to $3,355 of assets for each 31.000 note of this issue. Current assets are
over 6.6 times current liabilities and net current assets totaling $748,693.80
are almost equal to the face amount of notes presently to be outstanding.
Earrzings.-Consolidated net earnings of the company and its subsidiaries
for the year 1929, before Federal income tax, but after all charges including
depreciation, and the elimination of certain income items, probably nonrecurring, in the amount of $31,036, were $234,991. or over 434 time,
maximum annual interest requirements on this issue of notes. These
figures do not give effect to the earnings from the proceeds of this financing.
Consolidated Public Service Corp.
-The warrants which will accompany
these notes extend to the holders thereof the privilege of purchasing the
common stock of Consolidated Public Service Corp. This corporation
owns approximately 98% of the outstanding common stocks of the Rome
Service Co., United Linen Supply Co. and Consolidated Hotels, Inc.
Gross assets of the three subsidiary companies approximate $12,000,000.
For the year 1929, consolidated net earnings were reported to be at the
rate of $1.55 per share on 226,719 no par common shares at present outstanding.
Sinking Fund.
-Indenture covering this issue of notes, provides that the
company must deposit monthly with the trustee, commencing May 1 1931,
sufficient funds to have retired prior to maturity, either through purchase
in the open market or call by lot at the prevailing redemption price $550,000
face value of notes.
-To provide funds to retire certain existing indebtedness of the
Purpose.
company and its subsidiaries and to enable the company to take advantage
of its present opportunity to acquire profitable leases on established hotels
and apartment house properties.
Consolidated Mining & Smelting Co. of Canada, Ltd.
-Extra Dividend of $5 per Share.
1928.
1927.
1926.
$5,958,234 $3.953,339 $3,667.556
4.837,243
2,905,844
3,121,869
$1,047,495
64.270
28.116
$545,687
134.974
4.873
$2,004,630 $1,139,882
254,987
199,814
$685.534
167,364
$1,120,991
151,081
732,559
220,860
145,920
104,854
$1,528,782
1,083,395
$794.148
465.864
$413,317
229.164
Total surplus
$1,693,114 $2.612,175 $1,260.012
$642,481
Divs. paid on pref. stk_
75,693(7%)176,617 (7)176.617
Guar. pref. divs
20,985
13,050
Common dividends
523,668
355,327
Prem. pd. on pref. stks.
retired
1.047,086
Exp. of recapitalization_
51.766
Sundry adjustments_
165,468
Surplus
$982,994 $1,069,255 $1,083,395
$465,864
25,231
25,231
Shs.pref.stk.out.(par$100)
Earned per share
a$9.54
a$7.97
Shs. corn. stk. out...stand.
(no par)
348,895
348,8951
See x.
Earns, per share
$1.73
$4.12!
x Earned per share under the participating provisions of the shares. In
1927 earnings per share on 218.060 shares of no par stock was $2.54, as
against $0.97 in 1926.
a Includes depreciation of $304,366 and amortization of patents, $59,592.
Earnings for Quarter Ended March 31.
1929.
1928,
1930.
1927.
$386.237
Net profit from oper
Ioss$61,450
$190,122
$99,058
Condensed Consolidated Balance Sheet Dec. 31.
1929.
1929
1928.
1928.
Liabilities
Assets$
Prop. accts. (net). 7,283,191 2,716,259 Common stock-x10,535,379 10,535,379
Notes payable_ --- 3,825,000
Patents and good882,533 Notes pay., due
will(net)
1.287,704
375,272 subseq't to 1930 300,000
Investments
1,050,733
4,581,921 Accrued salaries et
Call loans
wages. Stc
616,780
158.537
Mortgages me--._ 202,780
Inventories
3,699,941 1,594,624 Accts payable and
904,555 accrued interest 608,359
Accts. dr notes ree_ 1,451,571
740,403
Prey. for Inc. tax_
4'3,000
199,702
Marketable sec.__
20,787
Surplus
982,994 1.069.255
Interest receivable
6,083
289,274
Cash
402.768
126,833
Liberty bonds.
456,686
Deferred charges 1,067,710
Total
Total
16,453,269 12,544.740
18,453,26912.544,740
x Represented by 348,895 no par shares.
-V. 130, p. 2779, 2035.
-Earnings.
David & Frere, Ltd.
Earnings for Year Ended Dec. 311929.
Manufacturing profits
Selling and administrative expenses
$228,004
111.189
Operating income
Other income
$116.815
3.827
Net earnings
Balance Jan. 1 1929
$120,642
53,362
Total surplus
Income tax year 1928
Dividends paid
$174,003
8,057
51.750
Balance Dec. 31 1929
-V. 128. p. 1404.
$114,196
De Forest Crosley Radio Co., Ltd.
-Earnings.
15 Mos.End. Year Ended
PeriodMar.31 '30. Dec.31 '28.
Profit from operations after providing for all mfg.
costs, incl. deprec., and for selling & admin. exps. $239,995
$193,859
Profits on sale of securities
17.946
Total profit
$239.995
$211.806
16.001
16.391
The directors have declared an extra dividend of $5 per share and the Provision for Dominion and income taxes
Net profit
regular semi-annual dividend of $1.25 per share on the outstanding capital
$223.994
$195.414
stock, par $25, both payable July 15 to holders of record June 30. Like Shares capital stock outstanding (no par)
139.168
33,000
amounts were paid in January and July of 1927. 1928 and 1929 and also Earnimis per share
$1.61
$5.92
in January 1930. l'reviously the company paid 75c. per share semi- -V. 130, p. 1283.
annually. An extra dividend of $3 per share was also paid on July 15 1926,
Deisel-Wemmer-Gilbert Corp.
-Listed.
-Changes Par.
While on Jan. 15 1926 an extra disbursement of $5 per share was made. Of
The Board of Governors of the Detroit Stock Exchange has approved
time 312,675,300 stock outstanding, the Canadian Pacific Ry. owns
the application of the corporation to list 275,000 shares ($10 par) common
35,785,325.-V. 130. P• 3163.
stock. This listing takes the place of the no par value common stock
-Sells Plants.
Consolidated Paper Box Co.
which is being exchanged on a share for share basis and which is being stricken
The stockholders have approved the sale of the company's "B" Plant from the list.
The corporation manufactures and distributes cigars and tobacco byon First Street, Han Francisco, to Louis E. Raisin and Louis A. Thibault.
-V. 130, p. 4422, 2588.
It will be paid for in debentures of $135.000 par value, which were pus'- products.
4614
[Vol. 130.
FINANCIAL CHRONICLE
Detroit Aircraft Corp.
-Gets Contract from Navy.
-
The corporation has been awarded a contract by the Navy Department
for 32 bombing planes, President Edward S. Evans announces. The
bombers will cost approximately $830,000.-V. 130, P. 4422.
Devoe & Reynolds, Inc.
-Smaller Dividend.
-
The directors recently declared a regular quarterly dividend of 30c. a
share on the class A and class B common stocks, and the regular quarterly
dividends of 1 % on both the 1st and to pref. stocks. All payable July 17
to holders of record July 7. Previously the company paid quarterly dividends
of 60c. a share on both classes of common stock.
-V". 130, p. 1283.
between $25 and $26 per share for El Dorado stock. The company's
plant is at Berkeley, Calif. The letter asserts that, under terms of the
plan agreed upon, the Colgate-Palmolive-Peet Co. will take over the
entire properties, assets, good will and obligations of El Dorado on July 1
next. In exchange, the Colgate-Palmolive-Peet Co. will deliver certificates representing 25,000 shares of its preferred stock and 30,000 shares
of its common stock directly to stockholders of El Dorado Oil Works in
Proportion to their stock holdings in the last named company.
-V. 130.
p. 4423.
Eastern Steel Products, Ltd.
-Earnings.
-
[Including the A. B. Ormsby Co.. Ltd.1
Years Ended Nov. 301928.
1929.
$355.825
$385.936
The directors have declared a quarterly dividend of 25 cents per share. Gross earnings
43.257
46,707
payable July 15 to holders of record July 1. In the previous quarter the Provision for depreciation
Deferred charges written off
10.215
company deferred action on the dividend.
-V.130, p. 4422. 2971.
Provision for Federal income taxes
24,000
28,000
Dominion Stores Limited.
-Listing.
Net profits
$278,352
$3311,229
The New York Stock Exchange has authorized the listing of 5,446
749
360
additional shares of common stock (no par value) upon official notice of Discount received on capital stock redeemed
Issuance as a stock dividend making the total amount applied for 277,715
Net income
$279,101
$311,589
shares.
-V. 130. p. 4422, 3548.
Dividends on prior preference stock
39.497
38,155
Dividends on second preference stock
15,750
Dominion Textile Co., Ltd.
-Earnings.
Years End. Mar.31-- 1929-30.
1927-28.
1926-27.
1928-29.
Balance, surplus
$223,854
$273,434
Sales
$19,349,973 $21,262,400 $19,797.902 $20,392,708 Previous surplus
114.083
337.937
Profits
1,825.294
1,532,487
1.518,322
1,652,562
Interest received
371,346
276,692
561,610
324,105
Surplus Nov. 30
$337,937
$611,370
-V. 128. p. 3691.
Total income
$2,079,932 $1.976,667 $1,903,833 $2,101,986
Bond interest
310,320
310,320
304,515
311,220
Electric Household Utilities Corp.
-Dividend, &c.
Premium on bonds red.._
3,150
'the directors have declared the regular quarterly dividend of 50 cents
per.share on the common stock, payable July 22 to holders of record July 7.
Net income
$1,772,267 $1,665,447 $1,593,513 $1,791,666
Net profit of company for first quarter was substantially in excess of
Preferred dividends_ - 135,842
135,842
135,842
135,842
-V.
Common dividends
1.125,000 dividend requirements, according to Vice-President J. A. McCoy.
1,125,000
1,349.804
1,180,850
130. p. 4058. 2216.
Surplus
$530,824
$286,621
$332,671
$348.755
Ely & Walker Dry Goods Co. of St. Louis.
-Merger.
5,999,164
Previous surplus
7.211,415 6.862,659 6,529.988
See United Dry Goods Co. below.
-V. 130. p. 3885.
Profit and loss balance $7,498,035 37,211.414 36,862.659 $6,529,988
Ethyl Gasoline Corp.
(no par)
Shs.of com.outst.
-Contract Sined.270.000
270,000
225,000
225,000
Earns, per sh. on com__
See Rio Grande Oil Co. below.
$5.66
$6.47
36,06
$7.36
-V.130. p. 4423.
-v. 129, p. 1449.
Dictograph Products Co., Inc.
-25C. Dividend.
-
Dominion Trap Rock Co., Ltd.-Liquidation.Pursuant to a judgment of the Superior Court. Montreal, Canada,
dated Nov. 13 1929, the assets of this company have been sold to Max B.
McKee and Mark '1'. McKee, of Detroit, Mich., and the consideration
price will be paid, applied and distributed in accordance with the following scheme of arrangement:
(a) Privileged Claims.
-Payment in full.
(b) Creditors secured by liens on machinery to have the following options:
Option No. 1.-100% of claims in 7% 1st mtge. bonds ofa new company
to be formed.
Option No. 2.-50% of claims in cash and 50% in preference stock of
a new company.
(c) Ordinary creditors to have the following options:
Option No. 1.-10% of all claims in cash in full settlement.
Option No. 2.-100% of all claims in preferred stock in full settlement.
-All expenses, including liquidator's. inspec(d) Liquidation expenses.
tors' and solicitors' fees to be paid in full.
(e) Class A and class B shareholders.
-20.000 common shares of a new
company for distribution among the class A shareholders.
No distribution will be made to class B shareholders.
The purchasers agree to form a new company, Trap Rock Limited, to
carry on the business which is to be capitalized as follows:
1. An authorized issue of $500,000 1st mtge. 7% 15
-year sinking fund
bonds. It is contemplated that $375.000 will be presently issued to provide funds to recondition the plant and the necessary working capital.
2. An authorized issue of $200.000 preferred stock callable at any time
without previous notice at par. The amount authorized was limited to
the amount required for settlement with those creditors of the Dominion
Trap Rock Co., Ltd., who elect to take such preference stock, in the
event of a sale or liquidation the preference stock is to be paid in full before
anything is paid to the common shareholders. Further, out of the net
earned profits of the company there shall be set aside each year $25.000.
which is to be used to retire each year preference stock of a like amount.
callable by lot. No dividends are to be paid on the common stock in any
year until such sum of $25.000 has been provided and if in any year the
profits do not amount to a BUM sufficient to provide the said $25.000.
such deficiency shall be added to the sum to be provided in the next succeeding year or years. There will be issued $189.410.
3. An authorized issue of 300,000 shares of common stock.
-It became
necessary for the creditors secured by liens on machinery and the ordinary
creditors to state which of the optional forms of settlement they wished
to accept. According to the terms of the sale agreement, each creditor
not specifically optating was held to have elected to accept Option No. 1
in his respective class of creditors.
The stockholders and creditors on Feb. 28 approved a scheme of arrange-V. 126, p. 3455.
ment. briefly outlined above.
-Defers Dividend on Prior
Durham Duplex Razor Co.
Preference Stock-Correction.
A correction of the item published in last week's "Chronicle" (page
4423), follows:
Tne directors recently voted to defer the quarterly dividend of $1 per
share due June 1 (not July 1) on the $4 cumul. prior preference stock (no
per share was made on
Par value). The last quarterly distribution of
-V. 130, p. 4423.
this Issue on March 1 last (not in April).
-Omits Dividend.
Eagle-Picher Lead Co.
The company omitted the quarterly dividend of 20 cents per share on the
common stock due at tnis time. The regular quarterly dividend of $1.50
on the preferred stock was declared, payable July 15 to holders of record
June 30.
The shrinkage in inventory values occasioned by the decline in metal
prices during the past few months was given as the reason for the omission
of the common dividend. The inventory shrinkage during the past quarter
was between $150,000 and $200,000.-V. 130. P. 3720.
-Extra Dividend.
Eagle Warehouse & Storage Co.
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of $1.50 per share, both payable July 1
to holders of record June 26.-V. 129. p.3971.
-Earnings.
Eastern Dairies, Ltd.(& Subs.).
Earnings for Year Ended March 31 1930.
Profit for year
Bond interest
Depreciation
Proportion bond expenses
$724.986
158.096
200,000
839
Net income
Balance at credit March 31 1929
$3366,051
77.609
Total surplus
Income tax for 1928
Adjustments pertaining to prior periods
Dividends on preferred stocks
$443.661
6.946
3.591
279,682
Exchange Buffet Corp.
-Earnings.
Years End. Apr.301930.
Gross profits
$733,483
Deduct
-Depreciation 115,696
Interest
931
Prov. for Fed. inc. tax
61,343
Arn't set aside under prof.
shares plus
5,512
1929.
$685.502
103.428
1,104
72,576
1928.
$594,854
97.670
535
62,300
1927.
$565,822
93,511
266
67,720
Net income
Dividends
do
Rate
$508,393
375.000
($1.50)
$434.349
375,000
($1.50)
$4404,325
375.000
$1.50)
$550.000
375.000
($1.50)
$59,349
$29.325
Balance,surplus
$175,000
$133.393.
Earns. per sh. on 250,000
$1.62
shs.cap.stk.(no par)$1.73
$2.20
$2.03
Comparative Balance Sheet April 30.
1929.
1930.
LiabilitiesAssets1930.
1929.
Good-will & leasea Capital stock.. _$4,169,780 $4,169.780
12,739
12.991
holds
$2,280.675 $2,287,704 Empl. subscrip___
Equip. and fixtures 1,784.439 1,475.399 Federal tax reserve
65,354
72.090
392.060
591.780 Accounts payable_ 363.308
579.540
Mortgage bonds
Empl. subscrip....
639
839
86,839
41,776 Prepaid rents. &r.
Inventories
114.078
123,961 Bonuses pay. under
Accts. receivable__
5.512
prof shares plan
3.731
3.947
393,088
Cash
541,059
143,366 Surplus
259.288
Cali loans
300.000
72,712
Deferred charges..
69,799
35.158.391 85.040,645
Total
Total
$5,158,331 $5,040,646
a Represented by 250,000 shares of no par value.
-V.130, p.4249,3549.
-Earnings.
Fairbanks Co.(& Subs.).
Four Months Ended April 30
Gross profits from operations
Selling and general expenses
Reserve for bad debts
Interest on gold notes
Depreciation charged off
Estimated reserve for Federl income taxes
1930.
$270,997
151.715
1.984
23.000
42.937
6,700
1929.
3338.934
141.356
2,518
25.000
42.189
18,300
Net profit344.661 $109,572
3,155,412 3,492,168
Operating deficit at geginning of period
10.422
Charges to surplus
Operating deficit at end of period
43.121,175 $33,382.596
Surplus arising from appreciation of propertr to
1.482.415 1.482,415
appraised value
$1,638,760 $1,900,181
Deficit at end of period
$4.47
$10.96
Earnings per share on 10,000 shares 1st pref. stock
April 30.
Balance Sheet
Ltabfliffes1929.
1930.
1929.
1930.
Assets$1,001.189 $892.097 8% cum. 1st pref-$1.000.000 31.000.000
Cash
32.000 8% cum. pref..- 2,000.000 2,000.000
Serial notes much
181,339
237.177 Common stock... 1,500,000 1,500,000
Notes & accts. reo
189,301
730,907 Stock Fairbanks of
712,862
Inventory
Cuba
16.486
500
500
Prepaid expenses_
27.319
Serial gold notes
1,050,000 1,250,000
Land. bldgs., machinery, km.,.. 2,659,195 2,618.708 6% ser. gold notes
165,135 due Jan. 1
1st pref. sink. fund 165.134
100.000
Account, payable_
76,332
78,288
Contracts & good400.000 Credit balance
will
400.000
customers
1,794
2,081
Deficit
1,638,759 1,900,180
Prov, for foreign
taxes
4,851
Fed. taxes (prior
Years) and other
contingencies_ _ 166.594
188.527
Res. for deprec
1,044,430
918,892
Accrued Interest on
gold notes
28,750
31.250
Res. for Fed. taxes
current year.....,
18.300
Tot.(each side)38,975,101 $8,992,889
8,700
-V. 130. p. 4423, 2973.
-Sale.
Fairhaven Mills, New Bedford, Mass.
At New Bedford, Mass., on June 10, the Fairhaven Mills. with property
in that city and Fairhaven which was recently appraised at $1.900,000,
were sold at public auction for $191,600. The company which formerly
manufactured cotton goods, has been in process of liquidation for some
time.
-V. 130. p. 4058.
-Rights.
Fairchild Aviation Corp.
The corporation Is offering rights to stockholders of record June 20 to
subscribe to one additional share at $6.50 for each three shares held.
Rights expire on Aug. 11. The offering involves the Issuance of 180.413
shares.
The Aviation Corp. holds a controlling stock interest in the company.
Eastern Steamship Lines.
-Resignation.
-Andrew B. Sides, Vice-President of this company, with which he has -V.130. H.4423.
been associated for more than 28 years, has resigned, effective July 31
Farr Alpaca Co.
-Stock Decreased.
next, to join the Thompson's Spa organization on Sept. 1.-V.130, p. 3362.
The stockholders on June 25 voted to reduce the capital stock (rota
144.000 shares, par $100 each, to 140.000 shares. par $100 each, by the
El Dorado Oil Works.
-Proposed Sale.
President W. B. Reis annomced that, subject to their approval, the retirement of the 4,000 shares of capital stock now owned by the company
directors proposed the sale of this company to the Colgate-Palmolive-Peet and in its treasury.
-V.130,P.4423.
These 4.000 shares were purchased during this past year.
Co. The sale has tentatively been arranged at a price equivalent to
Balance at credit Mar.31 1930 before providing for income tax3153,442
$1.16
Earnings per share on 74,099 abs. common stock (no par)
-V.128. P. 3357.
JUNE 28 1930.1
FINANCIAL CHRONICLE
Fashion Park Associates, Inc.
-Net Sales.
-
• 4615
General Bronze Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 85,715 additional shares of common stock (no par), upon official notice of issuance
at any time or from time to time upon the exercise of the right of conversion
by the holders of the 10
-year 6% convertible gold debentures, and 50,000
additional shares of common stock, upon official notice of issuance and
payment in full pursuant to offer to officers and employees of the corporaFederated Capital Corp.
-Dividends.
-tion, making the total amount applied for 423,495 shares.
At special meetings of the stockholders and directors held May 26 1930
The directors have declared a dividend for the three months from June 1
1930 to Aug. 31 1930 at the rate of 6% per annum (37M cents per share) resolutions were duly adopted authorizing the issuance of $5,000,000 10
on the 6% cum. pref. stock, a dividend at the rate of 16% per annum year 6% convertible gold debentures, dated May 1 1930 and payable
(20 cents per share) on the common stock and a quarterly stock dividend May 1 1940. (V. 130. p. 3721.)
The corporation has set aside 50,000 shares of its common stock for purat the rate of 4% per annum on the common stock, all payable Aug. 31, to
stockholders of record Aug. 15 1930. Like amounts were paid on Feb. 28 chase by certain officers and employees on favorable terms for the purpose
of allowing them to participate in the profits of the corporation. A portion
-V. 130, p. 4249, 3549.
and on May 31 last.
of this stock is represented by warrants or options which have been given
Fidelity Investment Association.
-Record May Sales.
- to certain officers and employees entitling them to purchase a designated
This association reports sales for May at $3,946,000, establishing a new number of shares on terms stated therein. Additional shares may be
monthly record. This compares with $3,074,000 for May 1929, an in- allotted to officers and employees from time to time, and these shares may
crease of $872,000. Sales for the five months of the current year totaled be purchased at varying prices over certain periods. The latest date for
$18,872,000, compared with $12,760,000 for the corresponding period of the purchase of such stock is Dec. 31 1935.-V. 130. p. 4059, 3721,
last year. a gain of $6,112,000.
General Cable Corp.
-Dividends Deferred.
Resources of the association have reached a total of more than $22,The directors have reserved consideration of the $1 class A dividend
000,000 from a beginning of $62,934 in January 1912. The offices in
operation now total 26. New offices have been opened this year in Atlanta, Payable on Sept. 1 until an adjourned board meeting to be held on Aug. 12.
Ga.; Richmond,Va.;Saginaw, Mich.,and Youngstown,0.-V.130,p.3362. The last quarterly distribution at this rate was paid on June 1. The
regular quarterly dividend of $1.75 per share on the preferred stock was
(S. B. & B. W.) Fleisher Inc.
-Receivership.declared, payable Aug. 1 to holders of record July 15.-V. 130, P. 3363.
John Easier, former President of Manufacturers' Club, and Arthur A.
'
General Electric Co.
-New Chairman of Mfg Committee.
.
Fleisher have been appointed receivers in equity by Judge Thompson of the
U. S. District Court.at Philadelphia. The receivers are to try to work out
Vice President William R. Burrows, of Orange, N. J., has been named
a plan for the dissolution of the company on a basis satisfactory to the stock- chairman of the manufacturing committee of the company, effective July 1,
holders and bondholders, but are to take no steps for the present for a fore- according to an announcement by President Gerard Swope.
closure of the $2,000,000 first mortgage on the Fleisher properties, which was
He will fill the vacancy caused by the voluntary retirement of Cummings
the main purpose of an equity suit filed some time ago by a New York C. Chesney. who will continue as Vice President of the company.
bondholder and in which the receivers were appointed.
-V. 130. p. 4424,
Has 88,383 Stockholders.
3721.
The company has 88,383 stockholders, an Increase of approximately
Foundation Co. of Canada, Ltd.
-Earnings.
60% in the past year, according to figures released by the company. The
count was made on June 20, the record date for dividends to be paid in
1929.
Years Ended April 301930.
Operating profits
$227,760 July. In June 1929 the number of stockholders totalled 55,216.
$264,537
A tabulation for the last five years, giving the number of stockholders
Reserve for retirement of 1st pref. stock
•
9,597
Preferred dividend
49,175 at the four annual periods when counts were made for dividend payments,
follows:
Common dividend
84.600
1930.
1926.
1927.
1928.
1929.
Tax reserve
21,877
18,928
March
37422
44969
49740
53985
y72847
x38853
47384
49572
55216
88383
Net profit
$150,060 June
$158,060
44226
48867
50448
56383
---Sinking fund reserve
x40,000 September
46305
49841
51882
60374
---349,729
159,669 December
Previous surplus
x Change of each share of $100 par value common stock into four shares
1
Amount set up as goodwill
of no par value common stock, effective May 26 1926.
y Change of each share of no par value common stock into four shares of
Profit and loss, balance
$507.790
$349,729
Earned per share on no par common stock
$2.86
$2.50 no par value common stock, effective Jan. 24 1930.-V. 130, p. 3550,3172.
a After providing $124,245 for depreciation. x For redemption of 1st
General Electric Co., Ltd. (England).
-Earnings.
pref. stock previously charged to surplus account, and now written back
-V. 129, p. 135.
being no longer required.
Years End. Mar. 31- 1930.
1927.
1929.
1928.
Gross profit
£1,179,007 £1,084.077 £1,057,867 £1,030.853
Fox Film Corp.
-Estimates Sales for Season.
Debenture interest
222.380
232,516
207.951
229,190
The corporation officially estimates that total sales during the coming Depreciation
195,612
195,433
224,694
206.055
season will run between 845,000.000 and $50,000.000, a new high record Directors' remunera'n
4.575
for the organization. Of this total, the foreign sales department, which is Pension fund
18.344
27.182
24,661
21,405
retrten il in tv e uaIll n y statountry in the world, will contribute very
su s nttal
hirtcom mever y ces
£584.381
Net profit
4714.605
£630.981
£611,839
*
For the &weeks' period ended April 26 1930 net earnings amounted to Preferred dividends252.000
252.000
252.000
252,000
$5.722,000 as compared with 83.904,000 for the same period of 1929 or an Ordinary dividends
169.023
315,510
225.365
225.365
increase of 46%. The company points out that this increase was made Reserves
140.000
130,000
130.000
130,000
after liberal write-offs of approximately $7.000.000 on negative and positive
films for the year 1930.
Surplus
£17,095
£23.358
£4,474
43,616
Fox pictures will be shown throughout the leading circuits of the country, -V. 130, p. 4425. 4250.
operating more than 3,000 theatres, as a result of a contract just signed
with the Publix Circuit of Paramount whereby these theatres will utilize
General Laundry Machinery Corp.
-Sells Laundry
the entire Fox output.
It is pointed out that an unusual step in the motion picture industry Machinery Division-Changes Name.
The stockholders on June 27 approved the sale of the company's laundry
has been taken by the Fox Film management in definitely budgeting the
production over the coming five-year period for which $125,000,000 will machinery division to the American Laundry Machinery Co. and to change
be utilized. This huge outlay has been approved by President Harley L. the company's name to the Talhurst Corp. The acquisition is for an outClarke,General Theatres Equipment, Inc., which controls the Fox Film right cash consideration reported to be well in excess of $1.000.000. part of
which is expected will be used to retire the corporation's 614% gold notes,
Corp.
Economies aggregating more than $2,000,000 effected since the election states the announcement.
"The increasing demand for products of the Tolhurst division of the
of Mr.Clarke as president will be further increased through the consolidation
within the next 12 months of production activity in Movietone City. This company, which is the foremost manufacturer of centrifugal machines, has
move,it is stated, will bring additional savings of approximately $1.000,000. prompted the corporation to dispose of certain assets utilized in its laundry
machinery division in order that greater concentration may be applied
-V.130, p.4424.
to the Tolhurst division," states President I. F. Willey.
The additional working capital made available through this sale will permit
Franklin Process Co., Providence, R. I.
-Extra Div.
The directors have declared an extra dividend of 25c. per share in addi- the company to put into effect an expansion program to meet the increasing
tion to the regular quarterly dividend of 50c. per share, payable July I demand for centrifugal machines which are now supplied to the automobile,
to holders of record June 20. Like amounts were paid on April 1 last. textile, chemical,laundry, paper, wood pulp and metal industries in addition
During 1029 the quarterly dividends were 50c. regular and 50c. extra. to hundreds of institutions and government ndnts.
Substantial increase in earnings should result from the expansion of the
50% stock dividend was paid in Feb. 1930.-V. 130. p. 2218.
-V. 130. p. 4425.
centrifugal machine business, according to Mr. Willey.
Net sales for May were $1,790,734. This total is after elimination of
sales between companies reporting and does not include sales of those companies controlled but not entirely owned.
For the 5 months ended May 31,net sales totaled $11.142,051 on the above
basis.
-V. 130, p. 3721.
Freeport Texas Co.
-Earnings.
-
Period End. May 31- 1930-3 Mos-1929.
1930-6 Mos.-1929.
Gross sales
83.231.776 $3,705,809 86,829,269 $6,813,792
Net income after exp.,
deprec. & taxes
824.376 $1.136,482
1,832,160
1.873.519
Earns, per shr. on 729.844 she. com. stk. (no
par)
$1.13
$2.51
$1.55
$2.56
-V. 130. p. 3886. 2781.
Galena Oil Corp.-Bal. Sheet A pril 30 1930.-
General Motors Corp.
-Sells Jaxon Steel Products Co.
President Alfred P. Sloan Jr. announces that negotiations have been
completed whereby this corporation has sold to the Kelsey-Hayes Wheel
Corp. the plant and manufacturing facilities of the Jaxon Steel Products
Co., formerly engaged In the manufacture of wooden wheels and rims.
Incident to these negotiations, the General Motors Corp. has acquired
the necessary patent rights covering the manufacture of wire wheels and
the production ofsuch equipment will be set up in one of the other divisions
of the corporation, where it is believed it can be carried on to the best
economic advantage.
To Retire Pref. Stocks.
AssetsLiabilities
All of the outstanding shares of 7% pref. stock, 6% pref. stock and 6%
Plant account
$810,890 Capital stock
183,013,202
Cash
711.702 Bills bt accounts payable-125.260 debenture stock have been called for payment Aug. 1 next. The redemption
Bills St accts. receivable
876.795 Accrued expenses
87.454 price of the 79' pref. stock will be $125 per share, of the 6% pref. stock $110
Inventories
1,124.078 Mortgage
5.000 per share, and of the 6% debenture stock $115 per share. Stockholders
may convert their stock into $5 pref. stock up to July 21 1930, at the rate
Plant supplies
131.637
of 1.35 shares of the $5 pref. stock for each share of 7% pref.; 1.10 shares
deposit
Guaranty
50.000
25,814
Deterred charges
Total (each side)
83.230.916 of $5 pref. for each share of 6% pref., and 1.15 shares of $5 pref, for each
x After providing for operating losses from the inception of the corpora- share of 6% debenture stock. Stock may be surrendered for redemption
tion to date and to be represented by an estimated 277,000 no-par shares at the offices of J. P. Morgan & Co., 23 Wall St.. N. Y. City. (See V. 130.
which will be outstanding when the exchange of certificates of deposit. P.3171).
representing shares of Galena-Signal Oil Co. deposited under the latter's
Injunction Against Company in Taxi Case Dismissed.
plan and agreement of reorganization, is completed.
-V. 130, P. 3550.
On May 29 1930 the Yellow Taxi Corp., New York, plaintiff, commenced
2974.
an action in the Supreme Court, New York County. against General
Motors Corp.. Yellow Truck & Coach Manufacturing Co., Terminal
General American Tank Car Corp.
-Business, &c.
Cab Corp. and General Motors Truck Corp.. defendants, on account of an
The corporation's public terminal warehouse at New Orleans will show alleged conspiracy on the part of the defendants in obtaining franchise
an increase of 100% in volume of business for the first half of 1930, said to serve Grand Central Terminal, Pennsylvania Terminal, West Shore RR.
President Elias Mayer. The greatest increase at the terminal has been in Terminal and Furness Bermuda Line. The plaintiff secured an ex-parte
the volume of export shipments of gasoline and naphtha handled and in order enjoining the defendants pending the argument of the motion from
imports of cocoanut oil from the Philippines. "Business at the New the following
.
Orleans terminal for the first half of the year is expected to show a gain of
(1) From unlawfully inducing or attempting to induce the servants,
100% over the volume done in the first six months of 1929, and the outlook agents and employees of the plaintiff from leaving its employ.
half of the current year is no less favorable," Mr. Mayer said.
for the closing
(2) From interfering with any of the said servants, agents and employees
The New Orleans plant, which is the largest public liquid storage plant in in the performance of their duties.
the world, has tankage and facilities for handling prtroleum products,
(3) From interfering with the existing contract for taxicab service now
molasses, vegetable oils, cocoanut oil, &c.
in force and effect between plaintiff and the Furness Bermuda Line.
The corporation is now producing for the aeronautics division of the U.S.
(4) From threatening, coercing or intimidating the said Furness Bermuda
Navy Department special tank cars to be used in transporting helium gas, Line into abandoning the said contract between plaintiff and the Furness
President Elias Mayer announced. "We are working on these unique con- Bermuda Line by threatened withdrawal of shipments of freight over said
tainers in our shops," Mr. Mayer said, "with delivery of the first unit Furness Bermuda Line by the defendants and each of them.
scheduled for late August or early September. These cars will be used to
(5) From interfering by threats, promises or otherwise with the plaintiff
transport helium gas from the Amarillo, Texas, field to the naval air base and its use under its contract aforesaid of the premises and dock of the said
at Lakehurst, N. J. The corporation has pioneered in the development of Furness Bermuda Line and the furnishing of taxicab service to the patrons
high pressure tank cars and chemical containers for handling products of the said Furness Bermuda Line at the pier aforesaid.
such as chlorine, butane, and other volatile gases with dangerous expanding
(6) From entering upon and soliciting passengers at the premises, at
properties." The helium cars, Mr. Mayer explained, are a refinement the pier and dock aforesaid of the said Furness Bermuda Line and the furof the standard high pressure gas tank cars and are the largest and most nishing of taxicab service to the patrons of the said Furness Bermuda Line
expensive freight cars ever built. They weigh 200,000 pounds each and at the pier aforesaid.
are equipped with seamless tubes. Each car is capable of transporting
(7) From entering upon and soliciting passengers at the pier and dock
2,000 pounds of helium gas, under pressure of 2.000 pounds to the square aforesaid of the said Furness Bermuda Line or furnishing taxicab service
inch.
-V. 130, p. 4425.
thereat.
4616
FINANCIAL CHRONICLE
[Void. 130.
The plaintiff's motion to continue the above injunction pending the trial
Gray Processes Corp.
-Extra Dividend.
of the action was heard before Justice Richard P. Lydon at Special Term
The directors have declared an extra dividend of50c. a share,and regular
Part I, New York Supreme Court,on June 11. Mr.Justice Lydon's opinion
which appeared in the New York "Law Journal" on June 23 1930, is as semi-annual dividend of 50c. a share, both payable July 1 to holders of
record June 20. Like amounts were paid on Jan. 2 last.
-V. 129, p. 3642.
follows.
"Motion is denied. Injunctive relief should not be granted unless it
Granite City Steel Co.
-New President.
clearly appears that unlawful acts have been committed by the defendants
Hayward
and that their continuance is threatened. The papers do not show such President, Niedringhaus, formerly' Vice President, has been elected
a state of facts. Nor am I satisfied that plaintiff has established facts to President succeeding Alfred J. Kieckhefer. Mr. Kieckhefer (who is
of National Enameling & Stamping Co.) continues as a director
indicate any acts which establish that defendants have been guilty of of the Granite
City Steel Co.
-V. 130, p. 3363.
enticing or inducing the employees to leave plaintiff's employ. I find
nothing in the papers to establish that defendants have used any unlawful
Great Lakes Dredge & Dock Co.
-Contract.
means to obtain the contracts the subject of the action. Temporary
The company has secured two contracts involving about $750.000 for
Injunction vacated."
-V. 130. P. 4425, 4059.
the Buffalo plant ofthe Ford Motor Co. One contract is for about 1,000,000
Yards
the other is to build a slip and for dredging and
-Omits Divi- piling of sand filling and 3887.
General Outdoor Advertising Co., Inc.
work.
-V. 130. P.
dend.
-The directors on July 25 voted to omit the quarterly
dividend of 50 cents per share ordinarily payable July 15
on the no par common stock. This rate had been paid since
and incl. July 15 1926.-V. 130, p. 2974, 1837.
•
General Public Service Corp.
-Listing.
--
The New York Stock Exchange has authorized the listing of 18,939 shares
of common stock (no par), on official notice of issuance on account of payment of stock dividend, or in exchange for scrip so issued, making the total
amount applied for 781,231 shares.
-V. 130, p. 3722, 2781.
General Rayon Co., Ltd.(& Subs.).
-Earnings.
-Earnings for Year Ended December 31 1929.
Net sales
Cost of sales, administrative & general expenses (net)
Interest on 20
-year 6% gold debentures, series A
Amortization of bond discount
Income tax
07,167,529
6,172,613
312,188
21.729
35,416
$625,584
383.335
738
Net profits
Balance. Jan. 1 1929
Sundry direct credits (net)
Total surplus
Dividends paid on 7% cumulative preferred stock
$1,009,657
394,688
Balance Dec. 31 1929
Consolidated Balance Sheet Dec. 31.
1929.
1929.
1928.
Assets
-Liabilities
Cash
361,964 1,008,973 Accts. pay.& scar.
Notes & accts. ree_ 2,021.132 1,876,027
915,061
liabilities
Italian Goy.& other
0th. Ilab. due 1930 1,150,829
secur
1.074
32,269 Assocd. cos. sects_ 414,536
Inventories
1,857,368 2,219,762 MM. shareholders
Long term rec. inint. In sub. co.
vest, & miscall
umbra
Invest
893,046
20-yr.6% gold deb.5,085,000
Invest. In and.cos. 937,670
831,320 Preferred stock-- 5,638,400
Other assets & do
Common stock._ 8498.425
(erred charges-- 692,264 1,225,067 Initial surplus- 5,997,220
Land,bldgs.. mach.
Earned surplus__ 614,969
13,549,915 12,939.869
& equip
$614,969
1928.
$
1,845,912
342,105
26,316
5,400.000
5.638,400
500.000
5,997,220
383,335
Total
20.314.441 20.133,288
$20,314,440 $20.133,288
Total
-In stating the accounts of the Societe, Generale Itallana della
Note.
Viscosa and its subsidiaries in dollars, lire have been converted at the official rate of stabilization of lira, 19 Lire per dollar.
x Represented by 398,425 no par class A shares and 100.000 no par class
B shares.
-V.128. p.4012,2472.
General Stockyards Corp.
-25c. Extra Dividend.
The directors have declared an extra dividend of 25 cents per share on
the common stock in addition to the regular quarterly dividend of 50 cents
per share. The regular quarterly dividend of $1.50 per share on the $6
div. convertible pref. stock also was declared. Dividends are payable
Aug. 1 to holders of record July 15.
An extra dividend of01 per share was paid on the common stock on May 1
last.
-V.130. p. 2219.
Gilchrist Co.
-2% Stock Dividend.
-
Greene Cananea Copper Co.
-Dividend Rate Decreased from $2 to 75 Cents Quarterly.
-The directors on
June 26 declared a quarterly dividend of 75c. per share on
the outstanding $50,000,000 capital stock, par $100, payable
Aug. 11 to holders of record July 12. This compares with
quarterly dividends of $2 each, paid from April 1 1929 to
and incl. April 7 1930.-V. 130, p. 4251, 4060.
Grigsby-Grunow Co.
-Sues R.C.A.-Seeks $30,000,000
from Affiliated Group Charging Anti-Trust Violation.
-
In a suit for triple damages of $30.000,000 filed at Kansas City, Mo..
June 28. the company charges the existence of a vast illegal pool of radi•
patents created in violation of the Sherman Anti-Trust law.
The suit names the Radio Corp. of America, the General Electric Co.,
the Westinghouse Electric & Mfg. Co. and others.
The petition cnarges that the defendant companies illegally created the
patent pool and compelled payment of almost $6,000,000 in royalties by
the Grigsby-Grunow Co.
It seta forth that under the "tube clause" contained in the license agreement which the Chicago company received from the defendants it was
compelled tp buy radio tubes and was prevented from engaging in the
vacuum tube manufacturing business until the clause was declared illegal
by the U. S. District Court of Delaware. On this account, the petition
alleges the company was damaged in the sum of about $3,000,000 more,
which 'with other damages brings the total to 510.000,000.
Three times this amount is asked because the Clayton Act entitles a
plaintiff In such cases to recover threefold.
Other charres made in t...e petition are:
That while the Chicago company was compelled to buy tubes from the
Radio Corp., the latter failed to deliver an adequate supply, although
dealers and distributors selling radio receivers of the Radio Corp. received
sufficient tubes.
That the defendants entered into cross license agreements by virtue of
watch they allocated among thorns.Ives excluaive rights in tae radio and
vaeuurn tuJe fields not only under existing patents out all future patents.
Tnat they used more than 4,000 patents as a part of their common
plan and design to unlawfully restrain trade and commerce," and have
"collectively and in concert, and with a common understanding, and in cooperation with each other threatened to sue and did sue manufacturas,
joabers, dealers, distrioutors and other sales agencies engaged in handling or
selling radio receiving sets."
In another allegation the petition charges that toe Radio Corp. and its
affiliated companies required a minimum annual royalty from licensees
to limit unlawfully toe number of persons engaged In the business, and
that, in its effort further to control the business, it permitted the complaining company to manufacture receiving apparatus for home use only and
did not permit the sale of receiving sets for use in the communication field
for tolls,in the field for public use and to schools, hotels, churches or other
public institutions.
-V. 130, P. 4426, 2782.
-Defers Pref. Dividend.
Ground Gripper Shoe Co., Inc.
The directors have voted to defer the quarterly dividend of 75 cents
-V. 130, p. 4251.
Per share due July 15 on the preferred stock.
-New Vice-President, &c.
(W. F.) Hall Printing Co.
M.E. Franklin has been elected a Vice-President.
Pres. F. R. Warren stated that notwithstanding general business conditions, the company and its subsidiaries are experiencing normal volume of
business with satisfactory earnings, and that the future of company both
-V. 130,
with respect to volume of business and earnings was favorable.
P. 2592.
The directors have declared the regular quarterly dividend of 2% in stock
en the capital stock, payable July 31 to holders of record July 15. This
rate has been paid since and incl. Oct. 31 1929. Previously quarterly cash
-V. 130. p. 4426.
dividends of 75 cents per share.
-Initial Monthly Dividend.
Hamilton Watch Co.
-Perfects Device to Retard Formation
(B. F.) Goodrich Co.
of Ice on Airplane Wings.
-
Listing.
-
Toe directors nave declared an initial monthly dividend of 15 cents per
share on the new no par common stock, payable July 31 to holders of
record July 10.
-cent dividend paid monthly on the old $25
This is equivalent to the 30
Globe-Wernicke Co. of Cincinnati.
-New Director.
Par common which was exchanged one for two. The company also declared
H. H. Wittateln has been elected a director to succeed T. M. Conroy. a monthly dividend of 30 cents per share on the old $25 par common still
-V.129, P. 1921.
unexchanged. Payable on the same dates.
The New York Stock Exchange has authorized the listing of 400,000
shares no par value common stock, on official notice of issuance in exchange
Elimination of one of the greatest hazards in flying through the perfecting for outstanding common stock certificates of $25 par value. Stockholders
of a device to retard the formation of ice on airplane wings is predicted by on March 11 1930 increased and changed the authorized common stock
President J. D. Tow.
front 400,000 shares par $25 per share to 500,000 shares of no par value,
Mr. Tew states that the company's technical staff had developed an with a "stated capital" applicable to the common stock of $5,000,000; and
ice-removing device in co-operation with the inventor, Dr. William C. Geer, directed the officers to issue 2 shares of the new no-par value common stock
-V. 130, p. 4427. 4060
formerly Vice-President of the company. Three features are involved in for each share of the par value of $25 outstanding.
the invention-.a rubber surface, a special oil which does not deteriorate
-Resumes Dividends.
Hamilton Woolen Co.
rubber and which causes minimum ice adhesion when applied to the rubber
away thin ice
surface, and a mechanical arrangement to shatter and blow
The directors have declared a dividend of $1 a share, payable July 15 te
sheets which may form on the surface. The whole takes the form of a sort holders of record June 30. This represents the initial dividend since the
of overshoe applied along the front edge of the wing where ice ordinarily Payment of $1.50 a share on Jan. 10 1925.
forms. The pilot can start the mechanism as soon as ice begins to collect,
The dividend will be paid from earnings from operations during the six
- months ended May 31 1930
t is said, and may continue flying under weather conditions which hereto
-the first half of the company's fiscal year.
-V. 130, p. 4250.
tore have forced him to land within a few minutes.
Net earnings in this period after all charges including interest, depreciation
and reserves, amounted to $86.502. This is equivalent to $2.23 a share on
-Listing.
-38,775 shares.
(F.& W.) Grand-Silver Stores Inc.
The management states that the declaration of the dividend should not
The New York Stock Exchange has authorized the listing of 3.817
regarded as the adoption of a permanent dividend policy.
additional shares of common stock (no par value) on official notice of is- beIn the latest six months' period, cash increased from $248,000 to $447.000
suance in payment of a stock dividend making the total applied for 455,326 while inventories were reduced from 51.300.000 to $989,000. Bank loans
shares.
unchanged.
Income Acct.for the Period Commencing Jan. 1 1930 & Ending May 31 1930. remain company reports for 6 months ended May 31 1930 net profit of
The
Income:Cash divs. recd,from subs. cos.' charged against surplus
$272,702 $86,502 after interest, depreciation and reserves, equivalent to $2.23 a
earned after acquisition of common stocks
-V. 130, p. 296.
share on 38,775 shares of no-par stock.
$172,803
Cash dividends paid
Common stock div. of 1% payable June 25 1930 to
(M. A.) Hanna Co.-Pref. Stock Off List.
x83,144
stockholders of record June 2 1930
The 7% 1st pref. stock has been stricken from the list of the New York
$16,754 Stock Exchange (See V. 130. e.3552).-V. 130, p. 3888.
Balance May 31 1930
x This amount represents 1% of the book value ofthe common stock and
-Earnings.
Horn & Hardart Co.
capital surplus as shown by the books of the corporation at the close of
1928.
1929.
Calendar Yearsbusiness June 2 1930.
$17,436,155 $16,712,986
Gross operating revenue
Comparative Balance Sheets.
Material costs,salaries, wages,and other oper.exp. 14,066,703 13.318.551
Liabilities- Dec. 31 29 Mao 31 30. Maintenance and repairs
Dec. 31 '23. May 31 '30
Assets284,073
309,007
$20,047 5339,514
379,983 Due subs. cosCash In banks
Com.stk. city. Pay.
$3,060,444 $3,110,362
F. & NV. Grand 5Operating profit
83.144
June 25 1930.-93,024
10-25 Cent Stores,
173,665
Other income
Inc., corn. stk. a$4,546,735 86.304.301 Corn.stock Issued.c2,057,703 c2,786.986
Capital surplus_ __ 4,067,521 5.503,744
03,234.109 $3,203,386
Isaac Silver & Bros.
Total income
16,754
Earned surplus_
549,870
Co., Inc., com.
604,563
Depreciation and amortization
bl 578,490 b1,988 467
354,827
344,852
stock
New York State franchise and FederalIncome taxes
20.047
Total(each side) $6,145.273 $8,730,143
Organization exp59,392
$2,274,719 $2,308,664
Net income
a Represents 202,437 shares Dec.31 and 280,721 shares May 31. b Represents 79,361 shares Dec. 31 and 99,904 shares May 31. c Represented Demolition of buildings and Improvements to leased
246,928
246,836
property, written off, &c.(net)
by 281,798 shares as of Dec. 31 and 380,624 shares May 31.-V. 130,
196.000
196.000
Preferred dividends
p. 4060, 3552.
1.400,066
1,400.066
Common dividends
-Sales Higher.
Grand Union Co.
24 Weeks Ended June 14Store sales
-V. 130, p. 4251, 3173.
Increase.
1929.
1930.
516,662.406 $14,455,641 $2.206,765
Balance to surplus
Shares common stock outstanding (no Par)
Earnings per share
$431.725
560,024
$3.27
$465,762
560 004
$§.33
JUNE
28 1930.]
FINANCIAL CHRONICLE
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets$
Liabilities
11,393,407 10,075,435 Preferred stock---x2,800,000 2,800,000
Property
217,258 Common stock___ 3,501,440 3,501,440
Leaseholds
Patents
4,396 Real estate mtges- 2,207,000 1,959,750
Agreements,leases,
Current liabilities_ 1,879,972 1,295,033
2,000,000 2,000,000 Deferred credits_
8rc
61,055
75,356
Bonds and loans
51,000
45,000 Surplus
4,400,895 4,219,207
Current assets__ 1,300,432 1,383,625
125,071
Deferred charges- 105,522
Tot.(each side)A4,850,362 13,850,787
x Represented by 560,024 no par shares.
-V. 128, P. 2101, 739.
Household Finance Corp.
-Dividends Increased &c.
-
4617
Mr. Tuttle said that although sales and profits have been affected by the
general business depression, substantial operating economies are expected
to be reflected in the second six months of the year. These economies will
result largely in the consolidation of the former three sales organizations of
the old constituent companies of the International corporation. Net current
assets as of May 311930, Mr. Tuttle said, were $8.210,000 compared with
$8,076,000 on Dec. 31 1929.-V. 130, p. 4252, 3889.
International Arbitrage Corp.
-Earnings.
Total income
Total expenses
Earnings for Year Ended June 2 1930.
$30,337
12,762
Net income before Federal taxes
Dividends paid
$17,575
The directors recently declared a quarterly of 90 cents per share on the
12,023
class A and B common stocks, both payable July 5 to holders of record
Balance,surplus
June 17. This compares with quarterly dividends of 8734 cents per share
$5,552
paid in January and April last. (Due to a typographical error the previous Earnings per share on average net shares outstanding
$26.00
rate was given in our issue of June 14, page 4251. as $3 per share annually.). -V. 130, p. 3553, 2783.
A 10% stock dividend was also declared on both classes of common stock,
International Products Corp.
-Earnings.
payable on June 18 to holders of record June 17.
The participating pref. stock has been placed on a $4 annual basis,
Calendar Years1928.
1929.
against the $3 annual rate with an extra of 12Mc. heretofore paid, by the Profit from operations
$1,370,489
$943.049
declaration of a $1 quarterly dividend, payable July 15 to holders of record Interest earned
61,521
63,521
July 1.-V. 130. p. 4251.
Total income
$1,432,010 $1,006,569
Depreciation & depletion
194,672
199,573
Hudson Casualty Insurance Co., Jersey City.
-Pro- Reserve for Federal income tax
151,588
82,315
posed Merger.
-See Public Indemnity Co. below.
-V. 128,
Net income
$1,085,749
$724,682
p. 568.
Earns. per.on 532,116 shs.corn.stk.(no par)_ _
shr.
$1.48
$0.84
Surplus
-Dec. 31 1928
1,320.599
Humble Oil & Refining Co.
-To Continue Texas Oil Profit on purchase of preferred stock
89,145
Transfer of balance in reserve for general & Administrative exp_
6,620
Purchases.
Miscellaneous credits
.
181
The company on June 21 announced that it would recind its intention
of withdrawing as a crude oil purchaser in six Texas counties on July 1.
Total surplus
$2,141,227
According to President W. S. Parish the announcement of withdrawal Dividends on preferred stock
S430,178
was expected to bring forward another purchaser to take over these con- Legal expense of predecessor company assumed
15,000
nections. Failure of another buyer to appear however, has resulted in
the company's reversal of its position.
Surplus Dec. 31 1929
$1.696,049
Though this will cause the company to purchase some unwanted oil. -V.130, p. 1839.
he declared, it would rather reverse itself than leave these operators uncared for. The effort to shift purchases in those counties to some other
International Salt Co.
-Listing.
buyer, he said, was based on the belief that the oil should move North
The New York Stock Exchange has authorized the listing of 180,000
rather than to coast terminals.
shares of common stock (no par value) upon official notice of issuance in
The six counties involved are Wichita, Archer, Wilbarger, Carson,
exchange for present certificates representing the 60,000 shares of stock
Hutchinson and Gray.
-V. 130, P. 1838.
of the par value of $100 per share at present outstanding and listed in
exchange at the rate of three new
stock
I. G. Farben-Industrie Aktien-Gesellschaft (I. G. share with authority to add, 60.000shares of common stock for each old
shares of common
upon official
Dyes).
-Earningsfor Calender Year 1929.
notice of issuance pursuant to subscription and sale and payment in full,
making the total amount applied for, 240,000 shares. See also V. 130,
(All figures in Reichmarks)
Gross profit
256,480,519 P.4062, 4428.
Interest on debentures issued in 1928 '
14,982,408
International Security Management Co., Chicago.
Provision for depreciation
70,099,929
Taxes and duties
66,800,436 Rights-Consolidation Proposed.
The company has offered rights to its stockholders of record May 24
Net profit
104,597,746 1930 to purchase four additional shares of class A common stock, for every
Previous surplus
5.463,375 10 shares of class A common stock held, at $21.50 per share.
Waller Carson & Co.,84 Mason St., Milwaukee, Wis.,fiscal agents, have
Total surplus
110,061,122
rights.
The balance sheet was published in the advertising pages of last week's underwritten these Secretary.
Wailer Carson is
"Chronicle." See also German Dye Trust in V. 127, P. 3254.
See also Wisconsin Investment Co. below.
-Deposit Agreement Amended.
Illinois Coal Corp.
The committee for the 1st mtge. sinking fund gold bonds, series A. 7%
under the bondholders' agreement dated as of Sept. 1 1925 has announced
that the deposit agreement has been amended. The amendment provides
that there shall be added to the bondholders' agreement the following
Paragraphs:
16. The committee is authorized from time to time, and in such manner
as it may deem advisable, to carry into effect and (or) modify or to abandon
the agreement or any modification of the agreement dated April 25 1928
signed by George K. Reilly, as chairman of the committee, and C. S. Newhall, as chairman of the committee of the holders of the general mortgage
gold notes of Illinois Coal Corp., pursuant to which the properties of Illinois
Coal Corp. were purchased.
The committee is authorized to deal with and in respect of Jefferson Coal
Corp. and Lincoln Coal Corp. and the stock and securities of such corporations to which title was transferred to the properties of Illinois Coal Corp.
purchased at the receiver's sale by George K. Reilly,and with and in respect
of Jefferson Southwestern RR. and its stock and securities, the stock of
which was purchased by C. S. Newhall, in such manner as the committee
may deem necessary or advisable in the interests of the depositors.
The committee is further authorized, in its discretion, to liquidate, or
cause to be liquidated its interest in said corporations and (or) in their
stocks and (or) properties, and in respect of any or all other assets held by
or for the committee or in which the depositors are interested, in such
manner and to such extent as the committee may deem advisable, including
power to effect or consent to the sale of such stocks and (or) properties,
or any thereof, to such persons, at such prices and upon such terms as the
committee may deem advisable.
17. The committee is authorized to provide for the liquidation and (or)
refunding of its obligations, indebtedness and liabilities including advances,
compensation and expenses of the committee made or incurred or to be made
or incurred in such manner and at such times as it may deem advisable,
and in its discretion to invite the depositors to contribute not less than their
proportionate shares thereof, and to provide for the subordination in whole
or in part of the rights of non-contributing depositors to the rights of contributing depositors and (or) such other distinctive rights and privileges as
between contributing and non-contributing depositors as the committee
may deem just and as shall be stated in the invitation. To the extent that
contributions are not received from the depositors within 10 days after
invitation by the committee, the committee may accept contributions from
any other person or persons (whether or not depositors), and may accord
to them on account of such contributions and (or) advances heretofore
made or hereafter to be made the same (or, if so stated in the invitation,
greater or different) rights and privileges as are accorded to contributing
depositors.
18. No depositor shall, after June 23 1930, under any circumstances,
have any right to withdraw from this agreement or to receive any notice
of action by the committee except such notice as In its discretion is shall
deem practicable or advisable to give.
-V.129, p. 2693.
Indiana Limestone Co.
-Earnings.
6 Mos. Ended May 311930.
1929.
Net profit available for depreciation & interest _ _ - $1,025,925
$719,758
It is stated that sinking fund operations have retired $1,043,500 par
value first mortgage 6% gold bonds and $510,000 7% debentures since the
issue. -V. 130, P• 3889, 1838.
original
Earnings for Year Ended Dec. 31 1929.
Earnings from operation after deduction of all expenses
Miscellaneous income
$3,350,085
442,704
Total income
Provision for depreciation
Provision for Federal income tax
$3,792,789
864,950
314,964
Net income
Dividends paid
$2,612,874
2,089,550
$523,324
34.73
-Dividends, &c.
International Printing Ink Corp.
--
The directors have declared the regular quarterly dividends of 75 cents
Per share on the common and 81.50 per share on the pref.stock both payable
Aug. 1 to holders of record July 15. .
President John M.Tuttle said that deposits by stockholders for the merger
of this corporation and the dyestuffs and chemical division of the Newport
Co. have been porogressing satisfactorily, and that an announcement declaring the plan effective is expected within the next week or so.
PeriodNetsales
Costs,expenses,&c
Depreciation
-6 Mos.End. May31- -5 Mos.End.Apr.301930.
1929.
1927.
1928.
$51,741,105 $59,733,377 $45,153,183 $46,551,674
43,756,481 x52,170,295 x38,423,924 x39,947,809
825,820
Operating profit
Other income
$7,158,804 $7,563,082 $6,729,259 $6,603,865
657,784
Totalincome
Federal taxes
$7,816,588 $7,563,082 $6,729,259 $6,603,865
944,795
942,373
908.702
970,317
Netincome
$6,871,793 $6,620,709 $5,820,557 $5,633,548
Preferred dividends-- -300,000
300,000
250,000
250,000
Common dividends
5,640,000 4.700,000
3,760.000 3,255,000
Surplus
$931,793 81,620,709 81,810.557 $2,128,548
Shares common stock
outstanding (no par)
3,760,000
3,760.000
940,000
3,760,000
Earns, per share
$1.75
$1.48
$5.72
$1.68
x Includes depreciation and less other income.
Consolidated Balance Sheet May 31.
1929.
1930.
1929.
1930.
AssetsLiabilities$
$
$
8
Land, buildings.
6% Pref.stock_ _10.000,000 10,000.000
equipment,&c--27,751,762 27,655,044 Common stock__:75,200,000f89,946,405
21,088,9241
Cash
12,071,299 5,786,498 Surplus
Accts.& notes rec-17,785,693 21,982,145 Accounts payable_ 2,047,878 2,485,323
253,627
Inventories
33,127,341 29,688,425 Off. dc empl. depos 263,109
If.S.Govt.secure_ 4,104,444
2,020,000 2,050,000
Tax reserve
Empl. stock accta_ 7,679,228 2,598,852 Insur. reserve
411,739
340,583
Loans
50,000
50,000
8,000,000 17,000,000 Pref.diva. reserve_
Prepaid expenses
327,134
214,547
Investment
334,749
200,427 Tot.(each sIde)-111,081,650105,125.938
x Represented by 3,760,000 shares no par stock.
-V.130, p. 1290, 810.
-Earnings.
-Interstate Hosiery Mills, Inc.
Earningsfor Year Ended Dec. 31 1929.
Net profits after deduct., mfg.,sell. admin.& general expenses......$338,527
Provisions for depreciation
116,601
22,322
Federalincome taxes
Net income
Dividends paid
Balance,surplus
Previous surplus
Sundry adjustments
Total surplus
Earns. per share on 110,000 shares capital stock (no par)
-V.130, p. 2039.
$199.604
137.500
$62,104
419,220
23,729
$505.053
$1.81
-Report.
Investors Equity Co., Inc.
Interlake Steamship Co.
-Earnings.
-
Balance,surplus
Earns, per share on 552,200 shares capital stock (no par)
-V. 129, p. 3809, 1753.
International Shoe Co.
-Earnings.-
Operations of company for year ended May 31 1930 resulted in net profits
of $3.79 per share on the 600,750.3 common shares outstanding, according
to the report mailed to stockholders June 26. Total investments of the
company, showing a cost of $27,994,121, had a market or appraised value
of $24,972,661 on May 31, a depreciation of $3,021.460; but to offset the
shrinkage caused by the sharp market decline a reserve of $3,000,000 for
Possible loss on the sale of securities and contingencies has been set up
from surplus. "It will be the policy of the company," says John W.
Hanes of Chas. D. Barney & Co., President of Investors Equity. "to make
a full accounting of all losses charged against reserves, and of transfers to
and from the reserve account." All of the pref. stock previously outstanding has been called for redemption.
Assets applicable to the common stock, which is listed on the New York
Stock Exchange, inventoried at current prices, were figured at $26.36 per
share on May 31. Profits for the year, including interest, dividends,
profits from sales of securities and syndicate participations and miscellaneous income, were $2,582,034. Deducting interest on debentures. operating
expenses and amortization of discount, and allowing $88,000 for contingencies and $26,000 for Federal income tax, the net profit was $1,737,611.
These figures do not include approximately $537,000 earned by Motion
Picture Capital Corp. in that part of the fiscal year prior to its merger
with Investors Equity Co. Earned surplus on May 31, after $3.000.000
transferred to reserve and 81.099,520 dividends paid and declared out fo
profits. was $804,743.-V. 130, p. 2039, 632.
4618
FINANCIAL CHRONICLE
(you 130.
-New York Subsidiary Formed.
Investors Syndicate.
The Investors Syndicate of Minneapolislhas organized the Investors
Syndicate Title & Guaranty Co. to operate as its subsidiary in New York.
T
t
e si l rvis=f the New York State
The new company will be under thi aiew
Department of Insurance.
The New York company will offer Guaranteed Trusteed Participation
Certificates,. which represent a new departure in investment combined with
the old advantages of widely accepted types of securities, in guaranteed
amounts of from $1,250 to $125,000. Investors may make periodic
payments of as little as $8.80 on which interest is compounded. Holders
ofcertificates will receive 80% of the excess earnings over the guaranty of the
underlying trusteed securities.
"The underlying independently trusteed securities will at all times consist
of especially amortized first mortgages or first deeds of trust on improved
real estate, and prime bonds qualified for investment by title and guaranty
companies under the insurance laws of New York State," President J. R.
-V. 130, p. 984.
Ridgway states in his announcement.
Reidsville, N. C., and Blackstone. Va., by the First National Bank of
e dssille, alleging to be a creditor for $16,000 on a promissory note. The
complaint, filed through Bilder & Bilder, Newark attorneys, sets forth
that a financial statement of the company, dated April 1 1930, showed
assets of 21,300,000 and liabilities of $911,000. George L. Record, of Jersey
City, and Nathan Goldsmith, of Newark, were named equity receivers
for the company's assets in the New Jersey jurisdiction by Federal Judge
Guy L. Fake.
-To Acquire Interest in Van Camp
Jewel Tea Co., Inc.
-V. 130,
-See latter company below.
Packing Co., Inc.
p. 4252, 3553.
-Extra CashiDividend.Joint Investors, Inc.
Net profit
Surplus, Feb. 1 1929
Excess provision for January 1929, Federal income tax
-Earnings.
Kruskal & Kruskal, Inc.
Earnings for 13 Months Ended Feb. 28 1930.
Profitfrom operations
Other income
$104,696
8,906
Total income
Other deductions
Provision for Federal income taxes
2113,603
43,289
8,362
$61.951
,
140,931"
329
$203,210
Total surplus
125.001
Dividends paid
The directors have declared an extra dividend of 25 cents a share on the
78.209
Surplus, February 28 1930
addition to the regular quarterly dividend of
class A common stock, in
$0.82
50 cents a share, both payable July 1 to holders of record June 20. A com- Earns, per share on 100,000 shares capital stock (no par)
a. An extra cash dividend of 25 gents a share was paid on the class April 1 -V. 130, p. 634.
Oct. 1 1929 and on Jan. 2 and
mon stock on April 1, July 1 and
-Earnings.
(B.) Kuppenheimer & Co., Inc.
1930. A 400% stock distribution was made/on Dec. 20 1929.-V. 130, 11•
1927.
2403, 2039.
1928.
1929.
6 Mos. End. Apr.301930.
Net after all charges and
-Earnings.
Kawneer Company.
2305,229
2309,140
$270,427
Federal taxes
2190,334
Earns.per sh.on 100,000
Earnings for Year Ended Dec. 31 1929.
$2.52
$1.272,154
$2.63
$2.34
abs. corn. stk. (par $5)
$1.82
Gross profit from operations
47,728
The company has continued its policy of purchasing preferred stock for
Other income
retirement purposes and total amount of preferred stock now outstanding
21,319,881 has been reduced to approximately 7,500 shares.
-V.130. p. 133.
Totalincome
502.207
Selling expenses
252,822
-S3 Dividend.
Co.
& general expenses
Administrative
Lackawanna Securities
2,933
Interest
The directors have declared a dividend of 23 per share, payable Sept. 2
64.005
Provision for Federal income tax
of record Aug. 15. A similar distribution was made on Sept. 3 .
to holders
per
2497,914 1929 and on March 1 last a dividend of $1paid share was paid.
Net income
out of capital and part out
Part of the current distribution will be
328,396
Dividends paid or accrued
of earnings.
-V. 130, p. 984, 812; V. 128. p. 4332.
$169.518
Balance transferred to surplus
-Distribution on Liquidation..
Lake Copper Co., Boston.
$3.80
Earns, per share on 135,833 shares capital stock (no par)
The directors have declared a distribution in liquidation of 22 per share
-V. 130, p. 3553. 2594.
to holders of record July 15 1930. Further distribupayable Aug. 1 1930,
tion will be made after sale offixed assets, Treasurer Robert H.Gross states.
-Earnings.
Kaybee Stores, Inc.
1927.
1928
1929.
-Will Retire Notes.Years Ended Jan. 31-- 1930.
LancasterfMills Clinton, Mass.
18
22
26
39
Stores in operation
The management sates that on July 1 the remainder of 21,500.000
$950,072
$1,582,196 $1,283,759 $1.110,272
Net sales
& Co. then coming due,
80.867 notes of the corporation held by Amory, Browne have Veen paid. 2600,000
106,8.31
133,721
216,138
xNet earnings
win be retired. All except 2475,000 of the notes
Earns, per sh. on class A
Browne & Co. notified the corporation
$4.32 within the past month. Amory,
$5.71
$7.15
$11.56
stock
last January that it did not want to renew the notes on July 1. An aucx After setting up 9.6% of total annual charge sales as a reserve against tion sale will be held in the first week in August to dispose of the last of
and after deducting Federal taxes at current rate. the machinery, other equipment and stock not sold at private sale since
doubtful accounts
the middle of April.-V.t130. p. 1663.
-V. 130. p. 4429, 4062.
-Acquisition.
Kelsey-Hayes Wheel Corp.
-Earnings.
Lane Drug Stores, Inc.
-V. 130. p. 3726.
See General Motors Corp. above.
Earnings for Year Ended Dec. 31 1929.
-Earnings.
Corp.
$1,039,475
Ken-Rad Tube & Lamp
Gross profit from sales
955,596
Store expenses
Earningsfor Year Ending Dec. 31 1929.
51,673
$1,907,435 Warehouse expenses
Net sales
203.614
1,187,592 General & administrative expenses
Cost of goods sold
52.777
150.999 Advertising
General and administrative expenses
229,567
Selling expenses
$224.183
Grass loss from operations
12,173
$339,278 Miscellaneous income (net)
Operating profit
32,339
Other income
$212,011
Net loss
93,683
2371,618 Depreciation ofequipment& amortization of leaseholds & Impts..
Total income
34,040
Other deductions
$305,694
Loss for year
52,573
Income taxes
-V.130, p. 2222, 2086.
$285,005
Net profit
225,000
-Merger Ratified.
Lawbeck Corp.
Dividends paid
The stockholders of the Manhattan-Dearborn Corp. and Lawbeck Corp.
$60,005 have approved the plan of consolidation.
,
-V.130, p.11129.
Balance,surpfus
Dr.26.849
Surplus adjustments
-Mortgage Loans.
262,424
Lawyers Mortgage Co. New York.
Surplus beginning of year
Closing the second largest month in the mortgage loan market for the
$295,579 current year, the company accepted mortgages on New York City propSurplus end of year
$1.47 erties totaling $13,011,400 at the June 23 meeting of the executive commitEarns, per share on 175,000 shares combined A & B stock (no par)
tee, it was announced by President Richard M. Hurd. The amount repre-V. 130. p.2222.
40% over mortgages accepted at the May meeting
- sents an increase of by the April loans which aggregated $14,600,000.
-Business Increases.
and is exceeded only
Kent Garage Investing Corp.
loans in the amount of 22,308.000 contributed to 17.5% of all
the business of the first Kent
Building
President Milton A. Kent stated that
the first loans accepted, more than one-half of such loans on new construction being
Automatic Garage at 43rd St. and Third Ave., N. Y. City, during
was running over 40%
quarter of its second operating year ended June 1. additional units adding in Manhattan and The Bronx. month, $6,766,000, or 52% of the total,
Two
Of all mortgages accepted this
ahead of the first operating quarter last year. opened this year-Kent Colare secured by properties in Manhattan and The Bronx, the remainder
capacity for about 3,000 automobiles will be
Columbus Ave.. N. Y. City-com- Is divided as follows: Brooklyn, $2,867,700, 22%; Nassau and Queens,
umbus Circle Garage at 61st St. and
130, p. 4253.
pletion July 15 and Kent Newark Garage, Washington and Warren Sts., 32,480.000, 19%; Westchester, 2897,150. 7%.-V.
-completion about November. Plans call for construction
Newark, N. J.
-Earnings.
Leath & Co.
to start on additional units this year.
1927.
1929.
1928.
Calendar Years
Mr. Kent further stated:
installed in such
$439,474
2654,893
2583,170
operating profit
We are now manufacturing Kent Electric Parkers to be
and garage build- Gross
22,189
24.069
43,815
well-known combination office, hotel, department store the new Wabash Other income
ings as the $20,000,000 Carew Tower in Cincinnati and
$461,663
$678,961
$626,985
Total income
and Harrison Building in Chicago.
and
22,593
30.755
33,516
Business and profits of the Kent corporation from the manufacture of Depreciation
the first half
53,600
63,000
54,289
Federal taxes
sale of Kent Electric Parkers and engineering services for
61.616
93,554
62,443
1930 will be over 50% greater than 1929. negotiation indicate that after Interest bad debts, &c
contracts now under
Unfilled orders and
should ex2323,849
2491.653
2476,737
Netincome
dividends on the preferred are paid, earnings for the year 1930
139,140
177,803
-V.129, p. 3644.
Preferred dividends
ceed $3 Per share on the A stock.
105,646
Common dividends
-Earnings.
(& Subs.).
(I. B.) Kleinert Rubber Co.
$323,849
$352,513
$193,287
Balance
Earnings for Year Ended Dec. 31 1929.
99,833
99 833
105,646
Shs. com. stk. outstand'g (no par)
$2.08
Net income, after deducting manufacturing,selling, administrative$636,695 Earns, per share
$.5.3
$2.83
& general expenses
103,486 -V. 130, p. 1663.
Depreciation
52,696
Federal income taxes
-Earnings.
(P. T.) Legare Co., Ltd.
$480,513
Net income for year
1928.
1929.
Calendar Years
430,000
Dividends paid
$457.632
2163,006
Profits for year
59,400
58,389
250,512 Interest on bonds
Balance,surplus
42,000
42,000
$2.68 Interest on debentures
Earns, per share on average amount of coin, stock outstanding
112,389
113,410
Reserves for depreciation
-V.130, p. 3725.
$243,844
2249.207
Netincome
-Earnings.
42,000
43,134
Kobacker Stores, Inc.(& Subs.).
Preferred dividends
Earnings for Year Ended Jan. 31 1930.
$201,844
$206,072
2321,978
Balance,surplus
Net income
685,863
887.707
42,000 Previoussurplus
Provision for Federal taxes
$887,708
31.093.780
$339,978
Total surplus
Net profit
105,000 -V. 128, P. 3841.
Preferred dividends
2234,978
-Increases Capacity.
Lion Oil Refining Co.
Balance,surplus
$2.82
The company has deepened one of its wells in Winkler Co.. Tex., 200
Earns, per share on 83,243 shares common stock(no par)
feet, which has resulted in an increased flow of 2.400 barrels of crude oil
-V. 129, p. 3020.
a day, according to President T. H. Barton.
The well previously flowed 200 barrels daily and after it was deepened
-Receivership.
Klotz Silk Manufacturing Co.
maturing obli- It began to flow 2,600 barrels a day. Other wells are being deepened and
Solvency, but lack of ready cash with which to meet
it is expected that similar results will occur, which will greatly increase the
gations, is alleged in a bill in equity filed in the Federal Court, Newark, daily production of the company.
N. J., on June 11, against the company, with plants at Clifton. N.
JUNE 28 1930.]
FINANCIAL CHRONICLE
-Earnings.
Manhattan Shirt Co.
New Asphalt Plant Ready.
The company announces that its new asphalt plant in El Dorado, Ark.,
has Just been completed and is producing 6,500 barrels of asphalt daily.
According to Col. T. H. Barton, President, the entire output has been
contracted for and the present production will be maintained. The plant
-V. 130, P. 4253, 4063.
Is equipped to produce all grades of asphalt.
-Earnings.
Lindsay Nunn Publishing Co.
Earnings for 7 Months Ended Dec. 31 1929.
Gross revenue
Operating expense
Depreciation
Federal taxes
Interest
Netincome
Preferred dividends
Surplus for period
Earns, per share on 50.000 shares common stock (no par)
-V. 129. p. 1135.
$1.108,221
858,582
15,882
15.494
79.543
$138,720
46,667
$92.053
$1.84
-Omits Dividends.
MacMillan Petroleum Corp.
The corporation has voted to omit the quarterly dividends of 50 cents
in cash and 2% in stock due on the common stock at this time. A quarterly
dividend of 2% in stock and 50 cents a share in cash were paid on April 15
-V.130, p. 3367.
last.
(Including Solvay Dyeing & Textile Co.)
1928.
12929.
6 Mos. End. May 31- 1930.
5648.035
$507,842
$201,720
Net income
28.303
22,371
10,479
Preferred dividends_ _ _ _
283.323
279,436
281,442
Common dividends
1927.
8703.639
42,408
211,531
8449,700
$336,409
8206.035
def$90,201
Surplus
283,604
283,750
283.572
283,577
Shs.corn. outst.(par $25)
$2.33
$2.18
$1.71
$0.67
Earns. per share on com_
Balance Sheet May 31.
1929.
1930.
1929.
1930.
$
Liabilitiesi
$
Assets$
385,200
Preferred stock__ 299,400
Land, bidgs.,macb.,
&c., less deprec. 1,188,053 1,356,664 Common stock_ __ 7,049,216 7,090,173
Notes & accts. pay.
Trade name, goodwill & patterns_ 5,000,000 5,000,000 & accrued accts. 1,546,494 1,247,934
332,668 Applied to retiring
170,571
Investments
1,400,000
981,058 1,073,687
preferred stock_
Cash
Reserve for Federal
Notes & accounts
139,863
102,025
1,927,584 2,074,359
taxes
receivable
3,895,654 3,969,017 Profit and less___x4.906,059 3,655,267
Inventories
Corn.stk.subscrib.
by off. & empl_ 654,190
13,903.194 13,918,437
112,042
86.084
Total
Deferred charges__
x Includes 51,485,000 appropriated and used for retirement of preferred
-V. 130. p. 282.
stock.
-New Contract.
Mercantile Discount Corp. (Del.).
-Earnings.
McColl-Frontenac Co., Ltd.
Earningsfor Year Ended Jan. 31 1930.
$2.171,394
Profits from operations and income from investments
Reservefor accrued preferred dividend on Frontenac Oil Refineries
12,351
shares in hands of public
300,000
Reserve for depreciation
78,319
Reserve for bad debts
243,754
Interest
Net profit on operations
Surplus, balance at Jan. 31 1929
4619
$1,536,970
603,187
$2,140,157
Total surplus
Losses on realization of investments, adjustment of sales tax
113,022
and other charges affecting prior years
105,000
Provision for Dominion income tax for year ended Jan.31 1930
473,898
Preferred dividends
Common dividends
. 74,991
II
$1.373,246
Surplus, balance at Jan. 31 1930
-V. 129, p. 2398, 139.
-Listed.
McCrady-Rodgers Co.
The corporation has signed a contract to finance the time sales of dealers
handling products of the Brownell Co., manufacturers of stokers and
boilers. The Brownell Co. has been in business since 1855 and their products
-V. 130. p. 4253.
are sold throughout the world.
(& Subs.).
Merchants & Manufacturers Securities Co.
Earnings for Year Ended March 31 1930.
Earned income, after deducting credit losses and provisions for
$2,335,404
doubtful accounts
857,316
Discount on current loans
874.345
Operating expenses
73,745
Federal income tax (net)
Net profit
Preferred dividends
Common dividends
$529,999
70,000
215.508
$244.491
Balance,surplus
The above profit is equivalent to $3.01 a share on the average amount
-V. 130. P. 4064,
of class A common stock outstanding during the year.
3890.
-1% Stock Dividend-Listing.
Michigan Steel Corp.
The Pittsburgh Stock Exchange has approved for listing 13,000 shares
The directors have declared an extra dividend of I% in stock, payable
7% cumulative convertible preferred stock (par $50) and 144.353 shares Oct. 20 to the holders of record Sept. 20. A similar stock distribution,
Of no par value common stock.
together with a regular quarterly cash dividend of 62;4 cents per share,
Authorized. Outstanding. will be payable July 21 to holders of record June 30.-V. 130, p. 3555.
Capitalization13,000 she.
13,000 shs.
Preferred stock
The New York Stock Exchange has authorized the listing of 2,200 addi*250,000 shs. 144.353 shs.
Common stock
tional shares of common stock (no par) on official notice of issuance as a
$650,000
$650,000 stock dividend, making the total amount applied for 222,200 shares. This
1st mtge.6% convertible sinking fund gold bds_
• Of this amount a sufficient number of shares have been reserved to dividend will be capitalized out of earned surplus of the company at $15
provide for conversion of the 1st mtge. bonds and the 7% pref. stock.
a share.
Company was incorp. in Pennsylvania for the purpose of acquiring and
Earnings for Three Months Ended March 31 1930.
combining the assets and business of McCrady Brothers Co. and Rodgers Manufacturing profit before depreciation
$533.347
Sand Co. It will be the largest company in the Pittsburgh district supply- Selling, administrative and general expense
98,675
supplies.
ing sand, gravel and builders'
46,374
Depreciation
Combined Earnings of McCrady Brothers Co. and Rodgers Sand Co.
21,076
Interest paid and bond discount
1928.
1927.
1926.
Calendar Years1929.
44,940
Federal taxes
Profit from manufactur$648,961
$648,648
$508,752
ing or trading
$740.473
$322.281
Net profit
62,112
41,248
71,222
Selling expense
88,210 Earned per share on 220,000 shares
$1.46
212,685
200,938
239,107
General & admin. exp
236,234 Balance Jan. 1
3.668,690
$233.954
$338,631
Profit from operations $406,461
$416,028
$3,990,971
Total
65,492
45,853
35,982
Other income (net)
34,742 Dividends paid or declared
135.950
Excess of the sale price of 1.000 shares of treasury stock sold
$299,446
$374.614
5452,314
Net profit
8450.770
Cr.50.327
over the original paid-in value thereof
32.939
of 11% _
41.207
49.754
Fed, tax at rate
47,345 Additional Federal income taxes. 1929
Dr.734
Interest
20,360
$3.904.615
Balance, end of period
$266,507
$333.407
$402,560
Net profits
8383.065
Pro Forma Balance Sheet as of Dec. 31 1929.
-V. 130. P. 985
.
[After giving effect to (a) sale of $1,000,000 series B 6% debentures:
of $42,000 series A bonds: (c) transfer of $2,277,500 from
(5) retirement
-Listing.
Mack Trucks, Inc.
account to capital stock account.]
The New York Stock Exchange has authorized the listing on or after surplus Assets
July 1 of 8,500 additional shares of common stock (no par value) upon Cash and certificates of deposit (including proceeds from sale
official notice of issuance and payment in full, pursuant to subscriptions
of series B 6% sinking
made by employees, making the total amount of common stock applied Accounts receivable, lessfund gold debentures) accounts, dis- $2,069,356
allowance for doubtful
for 771,819 shares.
427,841
counts, &c
Consolidated Statement of Earnings for 3 Mos. Ended March 31 1930.
Raw materials, finished sheets and supplies at lower of cost or
$10.526.580
Sales
1,467,402
market
Net profit before depreciation and Federal income taxes
1,103.926 Cash surrender value of life insurance and miscellaneous acc'ts
8,795
Depreciation
550.216 Land, bldgs. and equip., less allowance for depreciation
3,466,145
Reserve for Federal income taxes
63.000 Unexpired ins. prems., prepaid taxes, bond disc. Sr exp., &c
156,481
Net profit available for common stock
Surplus at Dec. 31 1929
5490,709
25,309.440
$7,596,020
Total
Liabilities
$339,364
Accounts payable for purchases, expenses, &C
16,898
Accrued expenses
135,325
Dividends payable
201.168
Provision for Federal income tax
Balance
$24,655.170
20,248
Land contracts payable
Earnings per share
$0.64 6% sinking fund gold debentures
2,208,000
Consolidated Balance Sheet
(Sinking fund requirements, $77,500 semi-annually.)
Mar.31 '30. Dec.31 '29. LiabilitiesMar.31'30. Dec.31 '29. Common stock (216.520 shares)
3,283,825
Assets
1.391.189
2,414,487 1,899,368 Notes payable-- 4,000,000 2,000.000 Earned surplus
Cash
Accts.& notes rec.20,578.262 22,087,391 Accounts payable_ 3,237,891 2,805,512
$7,596,020
Total
21.961,170 20,306,232 Accrued accounts. 1,127,182 1,498,054 - 130. p. 3555, 3177.
Inventoriee
V.
Customers'deposits
75.427
Bal.rec.from em pl.
84,976
544,323 Res. for Fed. taxes 681,161
under stock allot 1,768,311
820.000
-Earnings.
Mock, Judson, Voehringer & Co., Inc.
650,973
assets_20,438,332 20,506,335 Res. for coining- 650,973
Total fixed
1929.
Calendar Years1928.
567,480 aSecured 6% notes
Sundry investmls 518,393
$412,086
3521.504
451,737
2,200,000 2,200.000 Net income after taxes & depreciation
377.820 series A
Deferred charges
Preferred dividends
70.000
70,000
Equity of minority
Licenses, pat't rts.
aud good-will- 2,438,365 2,438,365 stockholders In
Available for common
$342 086
$451.504
subsidiaries
6,891
6,891
$4.52
4.42
Capital stock
b3,943,762 3.900,265 Earns, per sh.on 100,000 shs,corn.stk.(no par)...._
Capital surplus-29,990,600 29,451.197 - 129, p. 1755. 977.
V.
side)_70,569,057 68,727.314 Earned surplus---24,655.170 25,309,440
Total(each
Moirs, Limited.
-Earnings.
a Of Mack Trucks Real Estate, Inc. b Represented by 788.440 shares,
-V. 130. p. 3554. 2040.
no par value.
Calendar Years1929.
1927.
1928.
$227.374
$244.196
Net earnings
$273.958
-Earnings.
Marmon Motor Car Co.
87,750
Bond interest
65,000
86,060
1930.
Depreciation
111.273
110,975
123,576
Quarter Ended May 311929.
1054145.720 $1,238,637
Net profit after charges
Net profit
$51,398
$64,322
$45.173
-V.130, p. 3890. 3873.
111,576
Previous surplus
60.179
156,749
Total
Dividends on common stock
$25,800.150
1,144,980
-Business Not Affected by Dis(Glenn L.) Martin Co.
approval of Soviet Orders.
•
Profit & loss surplus
$111,576
$156 749
$221,071
$4.26
Earns. per share on common stock_
$3.49
Discussing current operations of this company, President Glenn L.
130. P. 1292.
V.
Martin said that the State Department's disapproval of building military for the Soviet Government in no way alters the company's business
planes
-Earnings.
Monroe Chemical Co.
at hand. The only Russian order under discussion recently was for one
Earningsfor Year Ended Dec.31 1929.
flying boat, Mr. Martin explained, while the question of military plane
$477,134
was a hypothetical one which might have led to an actual Net income
construction
14.401
order two years hence. To avoid possible future complications Mr. Martin Interest
Depreciation
11,602
raised the question with the Navy Department.
50,641
Mr. Martin stated that the company is now working on a $4.100.000 Federal income tax
program involving the construction of 65 flying boats for the U. S. Navy.
Net profit
$400,.489
The company has a $6,000,000 program for next year and prospects of
$2,54
Earns,
some $8,000,000 of business for 1932. The present payroll comprises -v. per share on 116,173 shs.coin,stock. outstanding (no par)._
-V. 130. p. 4064
130. p. 1474.
men and there is no question of reducing it.
1.500
•
4620
FINANCIAL CHRONICLE
Monolith Portland Cement Co.
-Dividends Omitted.
The directors have voted to omit the semi-annual dividend of 40c. per
share on the common stock and to defer the regular semi-annual dividend
of 40c. per share on the preferred stock, which would ordinarily have been
payable July 1.-V. 130, p. 3728.
Monsanto Chemical Works.
-Listing.
The New York Stock Exchange has authorized the listing of 6,155
additional shares of common stock (no par) upon official notice of issuance
in connection with the declaration of a 134% quarterly stock dividend.
payable July 1 1930, to holders of record June 10. making the total amount
applied for 416,473 shares. The shares to be issued will be capitalized
at $16 2-3 per share.
Income Statement-Three Months Ended March 31 1930.
Gross profit (sales less cost of sales)
$1,013,540
General, administrative and miscellaneous expenses
358,135
Depreciation and obsolescence
222,589
Research expense
107,113
Net earnings
Interest, discount earned, royalties, &c
$325,703
44,703
Total income
Bond interest and discount
Other interest
Income taxes
$370,406
28,235
6,339
42,660
Net earnings
Dividends
$293,172
270,676
[VOL. 130.
both companies involved, as giving the National Supply Co. a rounded
line of their own manufacture and will give Spang, Chalfant & Co. an
outlet for its product."
The directors have formally approved an offer to exchange one-half share
of common stock and one-half share of National preferred stock for every
334 shares of Spang, Chalfant common stock. Bonds and preferred stock
of the Spang, Chalfant & Co are not involved in the merger.
-V. 130. 1?•
3729, 2404.
National Steel Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 2,149,687
shares (no par) capital stock, with authority to add to the list additional
shares as follows: 118 shares on official notice of issue from time to time in
exchange for shares of the capital stock of Weirton Steel Co. not yet exchanged for shares of the capital stock of the corporation, and 99.995 shares
on official notice of issue from time to time and payment in full upon the
exercise of outstanding warrants making the total amount applied for
2,249,800 shares.
Consolidated Balance Sheet (Without Audit) March 31 1930.
Assets
Liabilities
Current: Cash
$9,074,795 Accounts payable
$6,507,726
Call loans
547,172
1,500,000 Accrued items
Receivable
8,584,501 Federal income taxes
1,311,140
Inventories
17,303,259 Long term liab.&funded debts 10,325,611
Other assets
863.470 Reserves
2,560,827
Invest. In affird cos
11,657,280 Minority interests
402,065
Cap,stock subscrip. rec__ .
103,440 Capital stock
53,560,750
Property accounts
73,150,588 Surplus
48,415,708
Deferred assets
1,393,670
3
I
Total
Balance
$22,496
$123,631,003
Total
$123,631,003
Earnings per share on 404,254 shares stock
$0.72 -V.130, p. 4065, 3722.
Comparative Consolidated Balance Sheet.
National Trade Journals, Inc.(& Subs.).-Earnings.Mar.31'30 Dec.31'29
Mar.31'30 Dec.31'29
AssetsAccounts payable_ $609,913 $813,427
$
xEarnings for Year Ended Dec. 31 1929.
Cash & call loans_ - 874,149
Grosssales
615,532 Amt.due for perch.
$2,954,312
Marketable secure.
of new plant_
97,000 Direct operating expenses
2,640,996
at cost
477,662 1,023,381 Aecr. int., taxes,&c 133,307
36,022 Amortization of discount & expenses
31,378
Customers' notes
Due to vendors of
Interest paid
168,000
38,756
& accepts. rec..
Rubber Service
37,209
Customers' accts.
17,368
Laboratories Co.
16,620
Net earnings
3113.938
rec., less res_
1,241,595 1,199,878 Dividends payable 126,107
124,320 Earned surplus Jan. 1 1929
11,082
Miseell. accts. roc..
80,038 Res. for Fed. taxes 273,375
20,613
291,205
Due from officers,
Purch. money oblig 419,051
Totalsurplus
419,051
8125,019
stockholders, dm
38,978
2,992 1st M.S. f. 5MB_ 1,748,500 1,748,500 Sundry net adjustments applicable to operations in 1928
8,334
Inventories
4,038,082 3,873.059 Depr.& obsol. res.. 7,455,222 7,317,781 Loss during 1929 in the operation of the publications "Candy"
Miscell. invest'ts
73,380
73,265 Res. for containers
&"Cement Mill & Quarry" sold prior to the end ofthe year......
20.315
Capital assets_ _ _17,325,391 17,128,609
in hands of cust's
713,606 721,991 Dividends paid during 1929
68,749
0'd-will, proc., &c
2
2 Res. for insurance,
Deferred charges
256,343
299,195
419,877
&c__ _ _
426,739
Earned surplus Dec. 31 1929
827,621
x6,737,561 6,638,104 Earns, per share on 110,000 shares capital stock (no par)
Capital stock
$1.03
Capital surplus_
3,221,497 3,193,834
x
Tot.(each side)_24,384,953 24,333,164 Earned surplus...... 2,510,318 2,487,822 sold This statement does not include the gross income of the publications
during the year, the operating loss on which ($20,316) has been charged
x Represented by 404,254 shares (no par).
-V. 130, p. 3891. 3177.
to the surplus; nor does it include the net development cost (aggregating
$17,587) of "Outboard Motor Boat" or "Building Material Marketing"
Morison Electrical Supply Co., Inc.
-Earnings.
(publications inaugurated during the year), which amount has been added
to the good-will account.
Calendar Years-V. 129, p. 811. 140.
1928.
1929.
Sales
$2,245,127 81,382,506
(Herman) Nelson Corp., Moline, Ill.
-Earnings.
Net profits after Federal income taxes
113,566
179,878
-Nr. 130,P.4254,3555.
Calendar Years1927.
1928.
1929.
Net operating profit
$350,398
$419,495
$508,216
Mortgage Guarantee Co. of America.
-Balance Sheet Int., discounts and rentals earned_ _ _
16,186
11.898
26.721
Dec. 31 1929.-
AssetsCash
$68,998
201,582
Redemption deposits
:Certificates and mortgages.. 9,337,637
Other investments
199,394
Notes receivable
72.155
109,444
Other receivables
371,838
-due and accrued-Interest
19,226
Furniture and fixtures, &c..Unamortlzed discount, &e__
401,672
Notes deposited (contra)_--- 4,373,300
Liabilities
6% preferred stock
$926,800
8% preferred stock
162,000
Common stock
53,545
Notes payable
11,100
Mtge. note purch.14 accept_
26,447
Accounts payable
41,998
Accrued interest, &c
296,836
Prepaid interest
35,655
Deferred Income
1,408
Escrow accounts. &c
21,928
Guar. 1st mtge. bonds
8,960,000
First coll, gold bonds
131,100
Reserves
26,581
Guar. certificates (contra)..,. 4,373,300
Surplus
86,548
Total
$15,155,246
Total
$15,155,246
89,224,603.88 deposited to secure bonds and notes payable.
-V. 129.
P• 978, 645.
National Carbon Co., Inc.
-Balance Sheet Dec. 31.
[As filed with Massachusetts Commissioner of Corporations.]
1928.
1929.
$
AssetsLiabilities$
$
$
17,524,569 18,772.979 Preferred stock-- 5,600,000 5,600,000
Fixed assets
8,262.202 6,284,018 Common stock_.:18,037,138 18,037,138
Merchandise
Acc'ts receivable_ _ 5,322,M7 5,496,539 Acets payable_ --- 8,546,197 7,256,444
Cash
1,05,607 1,455,654 Res'ves & accrls_ 477,757
701,627 Reserves
Securities
1,207.*J64
1,498
485,979 Surplus
1,062,021 2,301,716
Miscellaneous_ _ _ _ :348,824
Total income
Depreciation
Loss on equip. retired
Reorganization expense amortized.._ Net cost of corp. life insurance
Provision for Federal income tax-Provision for doubtful accounts
Sundry charges
8534,937
Net income
Previous surplus
Adjustments
Prem. on sale of capital stock
Total surplus
Development expenditures, &c
Cash dividends
Stock dividends
Depreciation of appreciation
$435,680
11,549
323
4,780
921
51,175
$3362,296
9,587
8464,664
822,336
9,596
20,250
$368,930
626,401
Dr.157
54,375
$312,530
638,173
$1,316,846
*1,047.549
230.792
198,433
26,780
8950,703
174,603
124,248
25,450
$822,336
114,071
$3.21
3626,402
105,090
$2.97
59,687
7.977
2,609
4,780
944
34,455
1,235
Surplus as at Dec. 31
$1,084,819
Shs. capital stock outstand. (par $5)115,421
Earnings per share
$4.02
-V.128, P. 3526.
Neptune Meter Co.
-New Director.
Walter C. Brown of George H. Burr & Co. has been elected a director.
succeeding E. C. King,resigned.
-V.130. p. 4065.
New Hampshire Fire Insurance Co.
-Extra Dividend.
The directors have declared an extra dividend of 1% in addition to the
regular quarterly dividend of4%, both payable July 1 to holders of record
June 14.-V. 129, P. 3646.
Total
33,723,113 33,196,796
Total
33,723,113 33,196,796
NewYork Title & Mortgage Co.
-Resignation.
x Represented by 419,250 shares no par value, all owned by Union CarGerhard Kuehne has announced his resignation as Vice-President.
bide & Carbon Corp.
-V. 130, P. 813.
-V. 130, p. 1841.
-Sales Higher.
National Grocers Co., Detroit.
Fire Months Ended May 31Sales
-V. 130, p. 4432.
1930.
$7,542,126
1929.
$5,687,158
National Rubber Machinery Co.
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Operating profit, after deducting cost of goods sold, selling and
administrative expenses
$777.392
Depreciation
142,558
Interest, doubtful accounts & other deductions
120,022
Federal income tax
54,098
Net amount credited to surplus
Surplus Jan. 1 1929
$460,715
276,620
Total income
Dividends
Unamortized discount & premium paid on bonds retired
Federal tax paid at source
Organization expenses charged off
8737,335
220.330
79,347
217
8,881
Surplus Dec. 31 1929
Earns, per share on 113,420 shares capital stock
-V.129, p. 3646,2549.
$428.561
$4.06
-Plans Stk. Inc.
National Supply Co.(Del.).
-Merger.
New York United Hotels, Inc.
-Earnings.
Calendar YearsGross operating revenue
Total operating expenses
1938.
1929.
$4,602,009 $4,365,532
3,561,359
3,423,461
Net operating income
Other non-operating income
$1,040,649
51,007
8942,071
21,437
Total income
Other deductions
Interest on funded debt
Depreciation
Provision for Federal income tax
$1,091,857
113,496
319,8.50
324,852
21,000
8963,509
125,984
324,987
326,852
x
Net income
8312,459
8185,887
x Net income for 1928 is less than statutory net loss for Filler years and
therefore not subject to Federal income tax.
-V. 124, p. 1231.
Noblitt-Sparks Industries, Inc.
-Earnings.
Calendar YearsGross sales
Returned sales, discounts, &c
1929.
$5,362,158
414,709
Net sales
Cost of goods sold
Expenses chargeable to selling
Provision for depreciation
Provision for Federal and State taxes
$4,947.448 $2,686,682
4,145,9051 2.156.886
153,986
56,771
30,048
95,248
51,138
The company has notified the New York Stock Exchange of a proposed
increase in its authorized 7% cum. pref. stock from 80,000 to 200.000
shares and in the common stock from 340,000 to 500,000 shares.
Net income
The stockholders will vote July 17 on increasing the authorized capital- Miscellaneous income
(net)
ization and approving the acquisition of a controlling interest in the common stock of Spang, Chalfant & Co., Inc. There are at present authorized
Net profit
340,000 shares of 850 par common stock, of which 300,000 shares are Cash dividends paid on accrued
outstanding; and 80,000 shares of $100 par 7% pref., of which 30,872 shares
Balance, surplus
are outstanding.
In a statement in connection with the offer, the National Supply Co. Previous surplus
says: "Spang, Chalfant & Co., Inc., are large manufacturers of welded and Adjustment of Federal taxes prior years
seamless pipe which has the highest repute in the trade. Tubular goods
Total surplus
are one of the most important items handled by National Supply Co.. Shares common stock outstanding (no Par)
which heretofore it has had to obtain from sources not under its own con- Earns. per sh.on 60.000 shs.com.stk. outst.
(no par)
trol. This acquisition, therefore, is constructive and advantageous to -V. 130, P. 3729, 813.
1928.
$2,901.371
214.709
$649,523
26,177
$294,804
$675,700
295,075
$380,625
269,306
$294,603
165,000
$129,604
138,552
1,150
$269306
60,000
$649,931
75,000
.00
$4.91
a
JUNE
28 1930.]
4621
FINANCIAL CHRONICLE
-Merger Effective.
Niagara Share Corp.
The merger of the Marine Union Investors, Inc., and the Niagara Share
Corp. of Maryland has been declared effective. More than two-thirds of the
outstanding shares of Marine Union have been deposited for exchange for
Niagara Share stock.
The final date for deposit of Marine Union stock was June 25. Niagara
Share stock will be issued to Marine Union stockholders in the ratio of one
share of Niagara Share and an option warrant to buy one-tenth of an
additional share, for each share of Marine Union held.
The directors have declared a quarterly dividend of 1%, equal to 10c.
,per share on the common stock, payable July 15 to holders of record June 25.
An initial quarterly dividend of like amount was paid on this issue on
April 15 last.
Stockholders of Marine Union Investors, Inc., who have deposited
their stock on or before June 25 under plan and agreement dated May 29
1930 for exchange into common stock of Niagara Share Corp. of Maryland,
will be entitled to participate in this dividend.
A quarterly dividend of $1.50 per share was declared on the preferred
stock of Niagara Share Corp., payable July 1 to holders of record June 21.
See V. 130, p. 4066.
-Successor Trustee Appointed.
Osgood Co.
The Bank of Manhattan Trust Co. has been appointed successor trustee of the 10-year s. f. 6% gold debentures, dated June 1 1928, to succeed
-V. 128, p. 4335.
the Manhattan Company.
-Listing:
Owens-Illinois Glass Co.
The New York Stock Exchange has authorized the
on official
listing of 47,274
notice of issuance
additional shares of common stock ($25 par),
In connection with the acquisition of the entire assets of Berney-Bond Glass
Co.(Penn.) except certain natural gas properties, making the total'amount
-V. 130, p. 4066, 3178.
applied for 915,861 shares.
-Balance Sheet Dec. 31
Pacific Indemnity Co.
Lialililies$550,000 Reserve for unearned prems_ _$2,316,046
Real estate
(MP- 987,164
1,346.150 Reserve for losses & loss
Mtge,loans on real estate__
199.020
980,367 Reserve for taxes
Collateralloam
2,100,452 Reserve for commissions, exp.
Bonds
314,825
& other liabilities
589,107
Stocks
1,500,000
307,245 Capital
Cash
1,984,603
78,158 Surplus
Accrued interest
Nonquitt Mills Co.
-Balance Sheet Dec. 31
Premiums in course of collec1,250,911
tion, not overdue
LiabilUies98,367
bldgs.& machinery----$2,904,054 Accounts payable
Land,
$18,919 Due from reinsuring companies
$7,301,658
Total(each side)
900
Other admitted assets
478,572 Reserve for depreciation
Inventories
917,773
-V.130, p. 1476.
43,324 Surplus(rep.by 48.000shs. no
Accounts receivable
400,000
par common stock)
Notes receivable
3,255,532
-Balance
Pacific Mutual Life Insurance Co. of Cal.
60,342
Cash
305,932
Total(each side)
Land (bldgs.& mach.)
$4,192,224 Sheet Dec. 31 1929.-V. 130, P. 1475.
Liabilities
Assets
•
$135,394,631
$80,645,977 Reserves on policies
Loans on real estate
-Merger.
North American Aviation, Inc.
Loans on approved collateral_ 8,343,949 Reserve for claims approved 5,423,200
See Berliner-Joyce Aircraft Corp. above.
-V.130, p.4255.
1,611,161
26,663,320 Claims awaiting proofs
Loans to policyholders
809,177
30,349,900 Prem.& Int. paid in advance
Bonds
948,500
Northam Warren Corp.
-Earnings.
1,333,303 Res. for taxes pay. 1930
Preferred stocks
819,708
7,490,897 All other liabilities
Real estate
Earnings for Year Ended Dec. 31 1929.
4,400,000
2,258,952 Capital stock
Net income after Federal income tax
$727,901 Interest due and accrued_
Surplus set aside for future
Previous surplus
417,674 Outstanding & deferred premiums
4,199,902
dive,to policyholders_ _
3,313,218
Life department
8,680,085
779,755 Surplus unassigned
Total surplus
$1.145,574 Accident department
1,090,229
Preferred dividends
148,503 Cash
16,865
Other assets
Surplus Dec. 31
3997 071
3162,286,365
Total
$162,286,365
Total
Earns, per share on 192,500 shs. common stock (no par)
$.04
-v.130. p. 1476, 1294.
--V. 129. p. 2243.
-Earnings.
Pacific Tin Corp.
-Earnings.
Northern Paper Mills.
(Including Northern Electric Co., Tuttle Press Co.& Paper Service Co.]
Earnings for Twelve Months Ended Dec. 31 1929.
Gross sales
$5,464,959
Deductions
183,427
Cost of sales
3,402,276
General administration,selling & shipping exp. & cash discount_ - 838.174
Depreciation
290,569
Manufacturing profit
Non-manufacturing income
Balance available for common stock
Earnings per share on 68.658 shs. common stock (no par)
-V.130, p. 1475.
[Including Northwest Engineering Corp. of Wisconsin.]
Earnings for Calendar Year 1929
Gross profits from trading
$3,483,094
Sales and administrative expense
1,882,744
Interest, discounts and other income
Cr.226,678
Total income
Other expense
Interest on debentures
Reserve for taxes
$1,827,028
30,154
150,000
200,000
Balance carried to surplus
Dividends paid
$1,446,874
600,000
Net earnings carried to surplus after payment of dividends--- $846.874
Earns, per sh.on 300,000 shs. common stock outstanding (no par)
$4.81
-V. 126. P 1996, 883
.
-V.130. p. 3871.
See Standard 011 Co. of Indiana below.
-Earnings.
-Pantex Pressing Machine Co.,Inc.
Calendar YearsTotal Sales
Deductions
1928.
1929.
$2,088,63) $1,337,231
146.993
557.085
Net sales
Cost of goods
Other expenses
$1,531,545 $1.190,237
566,744
762,345
347,251
623,791
Net operating income
Other income
$145,408
37,915
$276,241
13,930
Total income
Miscellaneous expenses
$183,323
48,875
$290,172
22,046
Net profit
-V. 129, P. 3977, 980.
$134,447
$268,125
-Sale Approved.
Paragon Refining Co.
-Earnings.
Ontario Mfg. Co.
1929.
1928.
$1.949,892 $1,661,729
1,526,449
1.341,617
55,335
45,830
40,731
33,000
$327.375
587,828
275,100 ,
$1.190,303
28,620
151,185
$241.283
407.989
43,500
3,910
$696,682
21,000
87,854
Common stock and surplus Dec. 31
$1,010,497
$587,828
Shares common stock outstanding
59,558
51.305
Earnings per share
$5.01
$3.92
Balance Sheet December 31.
1929.
lass.
Assets
1929.
1928.
$178,207
$35,072 Accts. payable__Cash
$3,335
$53,481
223,684
197,550 Accruals,Incl. Fed.
Accts.receivable
484,109
414,083
income tax
Inventories
56,602
50.974
Dividends declared
Cash surr. value
49,593
7.478
8,650 Preferred stock
life insurance_
281.400
556,500
Common stockLand, buildings.
5593.600
318.500
499,765 Earned surplus_ 416,897
mach'y & equip_ 561,220
269,328
Deposit on com2,356
pensation insur_
7,004
7,777
insur.prem_
Prep'd
Enamortiz. portion
13,003
Tot.(each aide)-$1,401,428 $1,248,782
9,752
of reorgan• exp-V. 130, p. 3729.
9,558 no par shares.
x Represented by 5
-Earnings.
Ontario Silknit Ltd.(& Subs.).
Earnings for Calendar Year 1929.
Profit from operations
Depreciation
Income taxes
$311,360
66,740
33,202
Net profit- _ - Preferred dividends
$211,417
59,920
r Balance, surplus
Earnings per share on 40,085 shares common stock (no par)
-V.128, p. 2284.
$151,497
$3.77
$34,983
38.173
18
-Offer.
Pan American Petroleum & Transport Co.
Northwest Engineering Co.(Del.).
-Earnings.
-
Total surplus
Preferred dividends
Common dividends
Total income
General expense
Taxes
$3,208
Net loss
The foregoing statement has been prepared upon what is known as the
$795,830 "cash" basis. "accrual" basis the statement of income account for 1929
Made on the
32,375
323,542 is as follows'
$212,940
Income.Interest
8,963
9,560
3,000 Dividendsfrom miscellaneous Investments
8.748
Profit on sale of American Smelting & Refining Co.5% bonds
5,000
58,506
2231,248
Total
38,710
$364,445 General expense
18
Taxes
27,814
8192,520
Net accrued income year 1929
$336,631
$4.90 -V. 128, p. 4017. 3846.
Profit
Amount required for preferred dividends
Net profit for year
Common stock and surplus Dec. 31
Capital transferred thru conversion of pref. stock_
Adjustments increasing surplus
$16.675
9,560
8.748
$750,513
45,317
Total profit
Non-manufacturing expense
Interest and discount
Loss in disposal of assets
Increase in reserve for bad debts
Reserve for contingencies
Income tax provision
Calendar Years
Net sales
Cost of goods sold and commercial expense
Depreciation
Provision for Federal income tax
Earnings for Year Ended Dec. 31 1929.
Interest earned
Dividends from miscellaneous investments
Profit on sale of American Smelting & Refining Co.5% bonds
The stockholders on June 24 approved the sale of the company's assets,
not including cash and accounts and notes receivable, and majority stock
of the Valvoline 011 Co., to the Union Trust Co. of Pittsburgh. The Union
Trust Co., which is acquiring the Paragon company for the Gulf Refining
Co. is paying $10,000,000 for the properties.
The stockholders also approved the sale of 32,228 shares of common stock
of the Valvoline Oil to E. W.Edwards, President of Paragon and Valvoline
companies. Mr. Edwards is paying $199.59 a share, or $6,433,157 for the
Valvoline stock which is the same price at which the Paragon company purchased the stock several months ago. This amount represents 83% of the
-V. 130, p. 4066.
outstanding common of the Valvoline company.
-Dividend Dates.
Park & Tilford, Inc.
The directors have declared the regular guar. dividend of 75C. Per share
In cash and 1% in stock, payable July 14 (not July 1 as previously stated)
to holders of record June 30.
A year ago the company declared an annual dividend of $3 per share in
-V. 130,
cash and 4% in stock, payable in four quarterly installments.
9.2786. 4433.
-Retail Prices Adjusted to New
(J. C.) Penney Co., Inc.
Lower Levels.
Material reductions in the base prices of a wide variety of articles have
resulted in a general re-pricing of these items by our 1,450 stores, with
the new levels representing a substantial increase in the customer's buying
-V. 130, P.
power, according to a statement by President Earl C. Sams.
4256.
Pennsylvania Glass Sand Corp.
-Bonds Called.
Fifty-five ($55,000) 1st mtge. 6% sinking fund bonds due July 1 1952.
have been called for payment July 1 next at 105 and interest at any of the
following offices of Brown Brothers & Co.; 1531 Walnut St.. Philadelphia.
-V.129. p.3646.
Pa.,59 Wall St., N. Y. City;60 State St., Boston, Mass.
-Extra Dividend.
Permutit Co.
The directors have declared an extra dividend of $1 per share and the
regular quarterly dividend of $1 per share on the common stock, both
June 20. Like amounts Were paid on
payable July 1 to holders of
-V. 130, p. 2984re, cord1842.
April 1 last.
-New Common on Produce Exchange.
Photocolor Corp.
The new common stock has been admitted to trading on the securities
market of the New York Produce Exchange. corporation is one of the
leaders in the field of photographing and processing of motion picture film
In natural colors. The corporation owns and operates one of the largest
and most completely equipped film laboratories of its kind in the world,
located at Irvington-on-Hudson, New York, with a designed capacity of
3.000.000 feet of film weekly.
4622
FINANCIAL CHRONICLE
[Vex.. 180.
Corporation has produced a number of all-color pictures which have been
Prince & Whitely Trading Corp.
distributed by Columbia Pictures Corp. and has a contract for 20 addi-Report.
0. B. Van Sant, Treasurer, in a letter to stockholders June 26, says:
tional pictures for Columbia.
The fiscal year is from Sept. 1 to Aug.31; therefore the first three-quarters
Capitalization consists of an authorized outstanding issue of 100,000
of the year, which included only eight months and 14 days of operation
shares of no par value non-participating preferred stock and an authorized
issue of 600,000 shares of no par value common stock, of which approxi- from Sept. 17 1929, ended on May 31 1930. we are pleased to be able
mately 350,000 shares are distributed among some 881 stockholders.
- to report to stockholders the following profit and loss account for that period:
Income from all sources including dividends on pref.stock owned,
Photo Engravers & Electrotypers, Ltd.
-Earnings.
accrued but not declared,and including capital gain from giving
Years Ended Feb. 28effect to the purchase of a total of 60,000 shares of the corpora1930.
Sal
'
$830,592
tion's preferred stock at an average cost of $37.467 per share_ _$3,021,560
$905,982
Depreciation of plant and equipment
28,032 Expenses, including salaries and general expenses
29.324
57,721
Operating profit
105,922
104,841
Income taxes
11,231
Net gain before providing for Federal income tax for period
9,145
from Sept. 17 1929 to May 31 1930
$2,963,839
Net profit after all charges
$94.891 Prof. stock dividends paid Dec. 1, March 1, June 2
$95,696
631,555
Earnings per share on common stock
$3.16 Common stock dividend paid June 2
$3.19
214,000
Balance Sheet as of Feb. 28.
AssetsBalance
1929.
1930.
Liabilities-1929.
1930.
$2,118,284
Plant, mach.& delivThe total yearly dividend requirments on the 268,009 sharesof1; ef.
Capital
$550.000 $550,000
2
1 r 84
ery equipment_-__5209,467 $223,273 Accounts payable... 14,640
14.903 stock to be outstanding in the hands of the public after the purchase of the
Cash
115,250
7,415 60,000 shares above referred to amounts to $804,000.
57.797 Accrued wages
17,756
Accounts receivable_ 102,250
15,000
86,764 Div. pay. Mar. 1_ _ 15,000
The net gain for the first eight months and 14 days as above described,
Inventories
27.761
8,979 and after providing for estimated Federal income taxes, is in excess of three
40,770 Accrued charges_ _ _ _
9,146
Deferred charges
4,984
60,827 times the dividend requirements for an entire year on the pref. stock
4.673 Surplus
97,018
Invest,in subsidiary_ 243,848 243.848
so outstanding.
After deducting the dividends paid on the pref. stock during the period
Total
$703,561 $657,125
Total
$703,581 5657,125 under review, and after deducting estimated Federal income taxes, there
remained a balance of $2,136,499, or over $2.49 per share on the 856,000
x Represented by 30,000 shares of no par value.
-V.128, p. 4017.
shares of common stock outstanding.
Photomaton Incorporated.
As of May 31 1930 the corporation had investments at cost as follows:
-Earnings.
Preferred stock, $6,517,500; common stock, $8,471,000; bonds,$1,054,600;
Calendar Years1927.
1929.
1928.
arbitrage, underwritings and special investments, $4.400,900, and after
Net profit after operating expenses, deprec'n, admin. & gen. exp., &c___xioss$223,711
$107,088 paying the full purchase price of the 60,000 shares of its pref. stock so
$578,311
Reserve for accounts in litigation._
purchased, had cash, time and demand loans, and accrued interest and
13,000
Reserve for Federal taxes
7,498 dividends of approximately $3,700,000 after deducting 8415,000 cash in
67,863
bank to provide for payment of pref. and common dividends on June 2.
The market value on May 31 1930 of the investments which the corporaNet profit
$99,590
tdoss$223,711
$497,447
x Before depreciation, interest on debentures, amortization of under- tion then had in pref. stocks, common stocks and bonds showed an apprewriting costs, reserve for doubtful accounts, and license fee adjustments ciation above cost.
As of May 31, without taking into consideration appreciation in the
for prior years amounting to $189,851, which is also charged as a loss against
portfolio, the net assets of the corporation, after deducting estimated
surplus.
-V. 129, p. 2089.
Federal income taxes and after deducting the pref. dividend paid June 2,
totaled in excess of $89 per share on the 268,000 shares of pref. stock
Pilot Radio & Tube Corp.
-Earnings.
outstanding in the hands of the public. After deducting $13,400,000, or
Calendar Years1929.
1928.
1927.
Net sales
$857,172 $50 per share on the pref. stock and after deducting 25c. per share initial
81.830,526 $1,419,141
Net profit after all charges and taxes161,039 dividend on the common stock, which dividend was paid June 2, there
404,162
322,622
remained assets amounting to $12.29 per share on the 856,000 shares of
-V. 130, p. 4433. 3730.
common stock outstanding.
sincTehis sho7a a .2% increase in the book
sept. 1w l929
2
value of the common stock
Pilgrim Mills, Fall River.
-Smaller Dividend.
The corporation had no borrowings.
The directors have declared a quarterly dividend of $1 per share, pay-V. 130, p. 2786.
able June 30 to holders of record June 25. Previously the company paid
Process Corporation.
-Earnings.
quarterly dividends of $2 per share.
Calendar Years
-1928.
Balance Sheet Dec. 31.
Net sales
8 9.749 32.142,200
198 .
U, 2 2
Assets1929.
Cost of sales and operating expenses
1928.
Mobilities-1928.
1929.
1,864,958
1,757.232
Land, bldgs. an
Capital stock
$1,200.000 $1,200,000 Net miscellaneous items
Cr26,173
Dr7,952
machinery
$1,401,691 $1,387,152 Awls payable._ _ _
91,720 Depreciation
38,448
46,774
Supplies, &c
777,036
Federal taxes
850,578 Bills payable
150,000
13,750
34.649
Cash & accts. rec.
53,200
61.310 Res've for Federal
Miscell. securities. 105,400
Net income
105,400
income tax
13,391
7,895
$91.166
8234,639
Prepaid insurance.
14,278
15,352 Res've for deprec_ 958,775
778,125 Dividends
120.000
Prepaid interest
1,509
Surplus
136,554
Balance
def$28,834
234,639
Total
52,353,118 82.219.791
Total
52,353,118 52,219,791 Earns, per sh. 00 60,000 shs, com.stock (no par)_ _
$4.54
-V.128, p. 3699.
-V. 130. p. 302.
Pitney-Bowes Postage Meter Co.(& Subs.).
-Earnings.
Calendar YearsNet profit
Provision for equalization of meter val. reserve__ _
Federal taxes
1929.
8301,177
14,695
27,800
1928.
$150,366
13,313
16.800
Balance
Dividends paid
8253.682
145,882
$120,253
. 26.165
Balance, surplus
Shares common stock outstanding (no par)
Earnings per share
-V. 130, p. 3180.
3112,800
800.600
80.32
894,088
177,146
$0.67
(Thomas G.) Plant Corp.-Bal. Sheet Dec. 31
LiabiidlesNotes payable
51,382,500
Accounts payable
285,079
Accrued labor, taxes, &c
24,583
Mortgage notes against leasehold (subsidiary)
27,500
Debentures
800,000
1st preferred stock
2,300,60)
2d pref.& common stock
51,411,549
Total (each side)
$5,882,552 Deficit
149,25)
x Represented by 48,509 shares 2d preferred stock and 99.432 shares
common stock, both of no par value -V. 126, p. 3771.
Cash
Accounts dr notes receivable__
Merchandise
Prepaid & sundry items
Leaseholds
Real est.,fixed plant, mach.&c
Trade marks & goodwill
$240,297
867,900
1,892.411
72,773
115,027
1,444,144
1.250,000
Polymet Manufacturing Corp.
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Sales
Cost of sales and expenses
$3,476,275
2,559,754
Public Indemnity Co.
-Proposed Merger.$1.52
Chairman Arthur T. Vanderbilton June 25 announced that the executive
committees of this company and of the Hudson Casualty Insurance Co.
of Jersey City and the Georgia Casualty Co. of Macon, Ga., had recommended a merger of the three concerns under which the Public company
would absorb the other two retailing its head office in Newark, N. J.
The directors and stockholders of the companies and the Insurance
Commissioners of New Jersey and Georgia will have to pass on the plan.
The Public company operates chiefly in the Middle Atlantic, Middle
Western and Far Western States, the Hudson company in New England
and the Georgia concern in the South. The enlarged concern, operating
in 23 States, would have combined assets of more than $8,000,000, capital
of $1,000,000 and surplus over capital of about 33,000.000.
The combined premiums for the three companies for 1929 were reported
as more than $4,500,000.
The authorized capital stock of the Public company, it is proposed, will
be changed from 100,000 shares of $5 par stock to 400,000 of $2.50 Par.
One share of new stock would be given for each $12.50 net value in the old
companies.
-V. 128, p. 1069.
Railroad Shares Corp.
-Report.
Corporation reports net gain from interest, dividends and realized profits
for period July 3 1929 to June 14 1930 after deduction for Federal taxes
and expenses totals $381,103 including June 16 1930 dividend requirements
of $106,261. Total dividends declared to date are $225,011, leaving in
reserves and earned surplus $156.092. Liquidating value per share as of
June 14 1930 is $8.92.-V. 130, p. 4434, 3895.
(The) Randall Co.
-Initial Class B Stock.
The directors have declared an initial quarterly dividend of 25 cent
per share on the no par class B stock, Payable July 1 to holders of record
June 25.-V. 129, p. 2551.
Raybestos-Manhattan, Inc.(& Subs.).
-Earnings.-
Net operating income
Other income
$916,521
45,936
Total income
Depreciation & charges
Federal taxes
$962,458
83.607
110.773
Selling, administrative & general expenses
14..75196 28954
3 846,3122
2
Net income
Earnings per share on 180,000 shares capital stock(no par)
-V. 130. P. 4257, 2407.
5768.078
$4.26
Profits from operations
Other Income
$4,225,052
332,556
Total income
Provision for depreciation
Adjustments of inventories to market
Federal and State income taxes
$4,557,808
591,151
343.535
416,628
Net income available for dividends
Total dividends paid
$3,208,294
1,537,953
Porto Rico American Tobacco Co.-Listing &c.-
The New York Stock Exchange has authorized the listing of 203,854
shares class A stock (no par), on official notice of issuance, in exchange
for outstanding certificates for class A common stock. par $100 per share,
in the ratio of 2 new shares of class A common stock for each share of
class A common stock, par $100 per share. See also V. 130, p. 3730,4433.
Earnings for Year Ended Dec. 311929.
Net sales
Costou nt les allowances
Disc ofeaand
Balance, surplus
Premier Shares, Inc.
-Initial Dividends.
The directors have declared an initial dividend of 183 cents per share Earnings per share on 676.012shares common stock
,
1
-V. 130, p. 3372. 1296.
on the capital stock, payable July 15 to holders of record July 1.-V. 130,
p. 1842, 1477.
$23,047,511
$1,668,341
$4.74
Reece Folding-Machine Co.
-Earnings.
-
Pressed Metals of America, Inc.
-Earnings.
Earnings for Year Ended December 31 1929.
Surplus as at Dec. 31 1928
Operating profit for 1929
Profit (Detroit land contracts)
Profit on sale of metal
Expense reserve-not used
$214,171
191,168
1,810
962
548
Total surplus
Preferred dividend
Common dividend
Premium paid on pref. stock redeemed
Depreciation charges
eciation
Experiementarn
Written off organ
(1929) written off
Income tax on 1927 deductions not allowed
Provision for income tax 1929 (estimate)
$408,659
17,913
96,525
445
51.662
8,024
1,998
5,770
15,229
Balance at Dec. 31 1929
-V.129. P. 1756.
$211,090
Earnings for Year Ended Jan. 1 1930.
Total earnings
Total expenses
Reserve for depreciation
$78,298
21,603
35,470
Net income
Dividends paid
$21,225
20,000
Balance.surplus
Earns, per share on 100.000 shares capital stock (Par $10)
-V. 126. p. 3772.
RCA-Victor Co. Inc.-7'o Add 7,000 Employees.-
$1,.225
iu.21
The corporation will add about 7,000 employees to its payrolls before
'
July 1, it is stated. About 20,000 employees will be needed by Aug. 1 to
produce 9,000 complete radio sets daily, representing a new high record in
output. The company has leased the old Pavonia Car shops at 24th St.
and Sherman Ave., East Camden, N. J.
The latest unit in the company plant, building No. 3, will have an important part in this program. It will contain 154.000 sq. ft. of floor space
and will house the largest assembly plant of the corporation. The latest
JUNE 28 1930.]
423
FINANCIAL CHRONICLE
type machinery and tame saving devices will make it possible to turn out a
complete radio and loud speaker in less than two hours time. The best
time heretofore had been four hours -V.130, P. 1666.
-Earnings.
Reece Button-Hole Machine Co.
Earnings for Year Ended Jan. 1 1930.
Total earnings
expenses
Total
Reserve for depreciation
$724,041
369,751
246,730
Netincome
Dividends paid
$107.561
140,000
-Earnings.
(Elmer) Richards Co.
Earnings for Year Ending Dec. 31 1929.
Sales
Cost ofsale;
$2,317,676
1,163,408
Gross profit on sales
Miscellaneous income
$1,154,268
29,740
Total profits and income
Administrative, selling & general expenses
Interest paid
Amortization of reorganization expense
51,184.008
1,307.232
10,331
2,975
$136,529
Net loss for year
$32,439
$1.08 -V.130. p.629.
Deficit
Earns, per share on 100,000 shares capital stock
-V. 126. p. 3772.
--Contract.
Rio Grande Oil Co. (Del.).
-Listing.
Remington Rand Inc.
The New York Stock Exchange has authorized the listing of 147,163
additional shares of common stock (no par value) as follows: 100,000
shares upon official notice of issuance on the exercise of a certain option
granted to Kardex of Canada, Ltd.* 2,163 shares upon official notice of
'
issuance pursuant to the terms of a certain contract of employment with
one Harry Landsiedel, and 45.000 shares upon official notice of issuance
to
on the exercise of stock purchase warrants issued pursuant thethe terms
National
of a certain supplemental stock purchase agreement with
City Bank of New York as trustee, making the total amount of common
stock to be listed (after deducting authority to list 87,860 shares which Is
no longer subject to use under the provisions of the applications under
which it was obtained, and after giving effect to the correction of clerical
and typographical errors in a previous application, 1,64_,1 706 shares.
-An option has been granted to Kardex of Canada
Authority for Issue.
Ltd., to purchase not to exceed 50,000 shares of common stock at $27.50
per share and a like amount of stock at $30 per share on or before Jan. 1
1931, the option having been issued in exchange for an option held by
Hard= of Canada Ltd., which provides for the purchase of 50,000 shares
of the class A common stock of Rand Kardex Bureau Inc. The issuance
of the 100,000 shares of common stock upon the exercise of the option and
the payment of the consideration therein provided was authority by the
directors April 29 1927. The issue of 2,163 shares of the common stock
to Harry Landsiedel was authorized by resolution of the executive committee of the board of directors March 4 1930 and approved at a meeting
of the board of directors on April 1 1930, in full satisfaction of all claims
arising out of Harry Landsiedel's contract of employment with the corporation. On May 2 1927 a supplemental stock purchase agreement was
entered into by and between Remington Rand Inc. and the National City
Bank of New York as trustee, providing for the issue, upon the exercise
of stock purchase warrants, of an aggregate of not to exceed 45,000 shares
of the common stock of Remington Rand Inc. At a meeting of the board
of directors held May 23 1927 the issue of an aggregate of not to exceed
45,000 shares of stock was authorized upon the exercise of said warrants.
These warrants expire May 1 1937 and provide for the purchase of common
stock at $55 per share if purchased on or before Nov. 1 1929. 365 per share
If Purchased after Nov. 1 1929 and on or before May 1 1932. $75 per share
if purchased after May 1 1932 and on or before Nov. 1 1934 or $85 per share
if purchased after Nov. 1 1934 and on or before May 1 1937, subject,
however, to the terms of the supplemental stock purchase agreement.
At a meeting of the directors held on Feb. 25 1930, the time within which
the stock purchase warrants could be exercised at $55 a share was extended
from Nov. 1 1929 to Nov. 1 1930. The stocks to be issued under the
-V. 130,
employment contract will be capitalized at $13.23 per share.
p• 4411. 3895. .
-Extra Dividend.
Remington Typewriter Co.
The directors have declared an extra dividend of $3.75 per share and the
regular quarterly dividend of $1.25 on the common stock, both payable
July 1 to holders of record June 7. Remington Rand, Inc., owns more than
99% of the $9.996,000 common stock. Par $100, of the Remington Type-V.130. P• 3395.
writer Co.
A contract has been signed by this corporation with the Ethyl Gasoline
Corp. for the marketing of ethyl gasoline in California, Arizona, New Mexico and Texas, it was announced on June 21. The gasoline will be distributed in California beginning on July 1.-V. 130, p. 4434.
-Earnings.
Rollins Hosiery Mills, Inc.
Earnings for 54 Weeks Ended Jan. 4 1930 (Incl. Operations of Predecessor
Co.for 28 Weeks Ended July 6 1929.)
$5,214,520
Net sales
3.851,378
Cost of goods sold
794,473
Selling, adminstrative and general expense
64,182
(interest, bad debts, sm.) net
Other deductions
54,137
Federal income tax
$450,349
Net profit to surplus
Surplus Account.
Balance Dec. 24 1928 (Iowa Corp.)
Net profits Dec. 24 1928 to July 6 1929
$1,255,329
249.482
Total surplus
Dividends paid-Iowa Corp
Allocated to capital stock of Delaware Corp
$1,504,812
264,166
1,009,400
$231,246
200,867
Balance surplus
Net profits July 6 1929 to Jan. 4 1930
$432,113
Total surplus
36,000
Dividends on cumulative preferred stock paid to Nov.1 1929- - Balance Jan. 4 1930
Earnings per share on 40.000 shares common stock (no par)
-V. 129, p. 3337. 2245.
$3396.113
$7.66
•
-Earnings.
Rolland Paper Co., Ltd.
Earnings for Year Ended Dec. 31 1929.
Earnings for year after operating expenses
Bond interest
Allowance for depreciation
$440.479
137,500
72,000
Net profit
-Jan.1 1929
Balance profit & loss account
$230,979
80.196
• 5311.176
90.000
10.000
Total surplus
Preferred dividends
Proportion of organization expenses written off
Surplus Dec. 31
Earnings per share on 60,000shares common stock (no par)
-V.128. p.3700.
$211,176
V.18
-Hathaway & Co.,
-Notes Offered.
Rosemary, Inc.
Chicago, and Union Bank of Michigan, Grand Rapids,
-Two-Thirds of Expansion Pro- recently offered $950,000 guaranteed notes, 6% serial trusRepublic Steel Corp.
tee's certificates. Simmons Co. guarantees the principal
gram Completed.
Approximately two-thirds of the new installations Projected by this and interest of the collateral notes of Rosemary, Inc. decorporation, in connection with the merger recently effected, have been
'
trustee's
completed. The company has made public a summary of the moit im- posited with the trustee and against which these
portant of these developments, as follows:
certificates are issued.
Youngstown Division.
-The new electric welding pipe mill, with a
Dated April 1 1930; due serially from 1930 to 1934. Principal and int.
capacity of 30,000 tons, goes into operation this month. The total cost (A. & 0.) payable at Foreman-State Trust & Savings Bank, Chicago.
will be about $5,000,000.
Redeemable in whole or in part
and $500
-ton furnaces to trustee. Denom. $1.000 notice at 100 and int.
Remodelling of the open-hearth department from 85
c*.
at any time upon 10 days'
250 tons is under way. This work will cost about SI 000,000.
Scent-att.-These serial trustees' certificates are issued against the deposit
-A new electric welding plant for thin wall tubing has with the trustee of, and represent the entire beneficial interest in, an equal
Warren Division.
been practically completed.
Principal amount of collateral notes of Rosemary, Inc., a wholly owned
Remodelling of a large hot strip mill is being carried out. This work is subsidiary of the Simmons Co. created for the purpose of controlling allied
&both, one-quarter completed.
collateral notes of Rosemary, Inc., are guaranteed
The existing blast furnace of 750 tons Is being expanded to 1,000 tons companies. The
equal
principal and interest by the Simmons Co. and mature serially in which
at a cost of 00,000.
shortly before the maturity of these trustees' certificates,
-The sheet mills at Massillon have been changed to the amounts
Canton Division.
proceeds of the Rosemary, Inc., collateral notes.
which is practically completed, is are payable out of the secured by the several pledges of 27,386 shares.
double mill system. This change,
The notes are further
costing about $850,000.
a total issue of 40,000 shares, of the capital stock of the ConsoliThe capacity of the grinding and polishing department for stainless stee out of Furniture Companies, a holding company owning all the common
dated
is being increased and the work is three-quarters completed. This is stock of the Berkey & Gay Furniture Co.
costing about $530,000.
Listed.
-These certificates are listed on the Chicago Stock Exchange.
The cold strip department has been enlarged.
A new electric furnace costing $375,000 has been built at the Canton -V. 130. p. 2985.
-V. 130, P. 4434,
mill. A new water supply system has been installed.
Rotary Lift Co.(Mfrs. of Automobile Lifts for Service
-Net Sales.Reynolds Spring Co.-Consol. Balance Sheet March 31.- Stations).
Increased
1930.
1929.
Liabilities1930.
1929.
Assets$66,100
$74,893 $217,165 Pref. A stock-$110.600
Cash
8,000
712,243
619,039 Pref. B stock_ - Accts.& notes rec
105 xCom.stk.& surp. 5.568,686 4,71L322
752
Accrued Ult. res.1,705,092 1.536,223 Funded debt--- y815,500
Inventories
949.500
450,000
187.188 Mtge. payable Investments
200.977
458,134
5,576,718 4,714,445 Notes & accts.pay 438,259
Fixed assets
43.331
Accr'd wages,&c_
Patents, good-will
42,613
31,660
32,500
554,599 Accrued Int. payand developin't_ 733.532
68.255 Reserve for doubtDeferred charges_ 134.380
40,814
75,357
71,159
ful accts., &c_
14,811
Sinking fund
Depreen reserve- 1.751,593 1,510.984
30.000
Total(each side)39,213,945 $7,968,178 Res.for Inv.losses
z Represented by 742.830 no-par shares at stated value of $6,168,629;capital surplus. $102,835; total. $6,271,464, less earned deficit, $702.778; balance, $5,568,686. y First mtge. bonds of General Leather Co.
-V.130.
p. 3731, 4434.
-Earnings.
Richman Brothers Co., Cleveland.
1930-5 Mos.-1929.
$192,079
558,306 I $377,667
1930-Mov-1929.
$55,976
$114,282
Increase
$185,588
-Balance Sheet Dec. 28.Roxbury Carpet Co.
1929.
Assets$53,999
Cash
292.836
Accts. receivable
- 1,391.676
Inventories 11,375
Prepaid expense
350,000
Real est. & mach
179.795
Add to plant- --
1928.
143.819
347.979
1,588,597
11,784
350.000
154,289
$2,279,681 $2,496,463
Total
-V. 125, p. 401, 257.
1929.
LiabilitiesLoans payable-- $500,000
33,374
Accts. payableCapital stock --- 1.997,400
251,093
Deficit
Total
1928.
3745.000
92,873
1.997.4011
338,806
$2,279,681 $2,496,40
-Dividends.
Royal Typewriter Co., Inc.
The directors have declared a dividend of 1 3j% on the preferred stock
for each of the first two quarters of 1930 both payable July 17 to holders
of record July 16 1930. el semi-annual dividend. of $1.50 per share on the
common stock was also declared, payable July 17 to holders of record
July 10 1930.
On Jan. 17 1930 and extra disbursement of 50 cents per share was made
-V. 130, p. 3559.
on the common stock.
Calendar YearsManufacturing profit
Operating expense
1929. 1928.
$9,504,943 $7,985,953
5,041.893
4,131,510
Operating profit
Other income
54,463.050 $3,854,443
250,987
191,703
Total income
Federal taxes
$4,714,037 $4,046,146
506,000
475,000
Net revenue from operations
Other income
$413,479
132.875
Net profit
Dividends
$4,208,037 $3,571.146
1,634.780
1.187,121
Total income
Reserve for depreciation
Addition to reserve for Federal income taxes
$546,355
225.403
27.000
Net profit
Dividends on preferred stock
Dividends on common stock
$293,951
29,790
218.750
Profit for Year to credit surplus
Surplus Dec. 31 1928
345.411
3.266.331
$2,573,257 $2,384,025
Balance Sheet Dec. 31.
1929
1928.
1929.
1928.
Liabilities$
s
$
$
AssetsCash & U.S.smuts 6,770,775 5.299,693 Current liabilities- 1.303.532 1,331,029
40.510 Capitalstock
*991.131
63,828
989,831
Accounts, &c
12,136,054 9,551,597
3 202,118 2,810.094 Surplus
Inventory
Permanent assets- 3,498,626 2,881,417
Tot.(each skle)-14,430,717 11,872,457
840.743
895.367
Other assets
.
-V.129, p. 3487.
* Represented by 594,679 shares.
Surplus for year
-Earnings.'
St. Croix Paper Co.
'Earnings for Year Ending Dec.. 1929.
31
Surplus Dec. 31 1929
Earnings per share on 25,000shares common stock
-V.130, p.302.
$3,311,742
$10.56
4624
FINANCIAL CHRONICLE
St. Lawrence Corp., Ltd.
-Initial Dividend.
-
[Vol,. 130.
Selected Shares Corp.
--Dividend, &e.-
The directors have declared an initial quarterly dividend of 50 cents per
The second regular semi-annual dividend of 25 cents a
share on the class A cum. cony. pref. stock, no par value, payable July 15 on Selected American Shares as of June 30 1930. Thisshare will be paid
is at the rate of
to holders of record June 30.-V. 130, p.4434,3731.
6.17% upon the average price of the shares from Jan. 1 to June 20. The
average price during this period was 38.10.
St. Louis National Stock Yards.
-Earnings.
Despite the generally depressed condition of industry, nine of the 25
companies represented by Selected American Shares made special distribuEarningsfor Year Ending Dec. 31 1929.
Gross earnings
$1,697,623 tions during the present period. Rights, stock dividends, fractional shares
Expenses,including repairs
-tenths as much as regular cash dividends.
841,239 and extra cash contributed eight
The
Depredation
161,817 David following additional directors were recently elected to the board:
Copland (1st V.-Pres. and director of General American Tank Car
Interest charges
45,688 Corp.),
J. 0. McKinsey (Professor of Economics. University of Chicago).
Income before dividends
$648.879 and Conrad Poppenhusen.-V. 130, p. 3182.
Dividends received
30,000
Servel, Inc.
-Reduces Inventories.
Totalincome
$678,879 byReduction of inventories totaling more than $730,000 has been effected
the
Dividends paid
584,776 l'his corporation since April 1, Chairman H. H. Springford announced.
puts the company in a more flexible position and permits it to increase
Added to surplus
$94,103 its surplus cash reserve fund. In the last year and a half the corporation
Surplus Dec. 31 1928
$288,991 has been able to perfect a ten-day cycle of shop production with correspond:
Special charges to surplus (net)
-V. 130. p. 4068.
Cr.1.381 ing increases in turnover of materials.
Surplus Dec. 31 1929
-V. 126, p. 2982.
$384,475
Sangamo Electric Co.
-Earnings.
Earnings for Year Ended December 31 1929.
Net sales
Cost of sales & operating expenses
Depredation
$3.545,150
3,051,241
108,629
Net profit from operations
Div. and other income from subs., affiliated & other cos., after
extraordinary exp.,incl.experimental expense,doubtful accts.,
obsolescence of tools and equipment. &c
Interest, royalties, discounts earned, &c
$385,279
Total profit
Federal income tax
Shareholders Corp.
-Earnings.
Earnings for Period Jan. 15 to May 311930.
Income-Interest received
Dividends received
Proceeds from sale of dividend stock
Profit on sales
Total
Expense-Management fee
Organization expense
Interest paid
Transfer taxes
Provision for Federal income tax
$8,210
6,625
3,911
33,490
$52,236
3,512
2,773
576
287
4,630
$619,238
34,166
197.475
36,483
Net earnings for period
$40,458
Balance Sheet May 31 1930.
Assets
Cash in banks
Capital stock
x$1,200,500
Net profit for year
$585,072 Investments at cost (market $116,979 Securities purchased (not rec.)
17,140
Surplus. Dec. 31 1928
234,211
value $1,223,497.50)
1,149,261 Management fee accrued
3,512
Provision for Federal tax
4,630
Total income
$819,283
Total(each side)
$1,266,240 Undivided earnings
40.458
Additional assessment, Federal income tax, 1927
3,258
x Non-par value common, authorized 600,000 shares, issued and outPreferred dividends
70,000
-V. 130. P 4258, 3560.
Common dividends
250,000 standing 120,050 shares.
Divs,on preferred stock held in sinking fund
Cr, 1,059
(Frank G.) Shattuck Co.
-Stock for Employees.
The company on June 24 announced a plan to offer to its 5,000 employees
Surplus, Dec. 31 1929
$497,084 a limited
Earns, per shr.on 12,000 abs. corn.stk.(no par)
$4.12 for the number of shares of stock at $35 a share. Employees may pay
stock at the rate of $1 a month a share. The company will pay
Note.
-The above income account does not include earnings of subsidiary
Canadian and English companies. which for the year 1929, amounted to interest on deposited amounts at the rate of 4% a year, compounded
annually.
-V. 130, p. 3732.
$136,687 after taxes -V. 130, p. 4068.
Shawmut Bank Investment Trust.
-Earnings.
-
Schiff Company.
-Earnings.
Earnings for Calendar Year 1929.
Net sales
Cost of sales, operating expenses, depreciation, amortiz., &c..
$9,198,603
8,698,980
Net profit
Preferred dividends on old stock
Preferred dividends on new stock
Common dividends
$499,623
5,917
52,500
99,000
Balance, surplus
Previous surplus
$342,207
438,503
Total surplus
$780.710
Earnings per share on 99,000 shares common stock (no par)___.
$4.45
-v. 130, P. 4258. 3372.
Schletter & 2ander Inc.
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Gross operating profit
Administrative & general expenses
$1,093,061
215,737
Net operating profit
Other income & deductions (net)
$877,324
35.358
Profit before provision for Federal income tax
Estimated Federalincome tax
$912,682
100.546
Net profit for year
Surplus, adjusted Jan. 1 1929
Adjust,made during 1929 but applic. to prior periods (net)
$812,136
581,690
Dr.1,430
Total surplus
Preference dividends
Common dividends
Organization expense, written off
Surplus Dec. 31 1929
Earns, per share on 261.349 shares common stock (no par)
-V.129.P.3812,3338.
$870 237
$.51
The New York Stock Exchange has authorized the listing of an additional
3,120 shares of common stock (no par value) on official notice of issuance,
as a 2% stock dividend, making the total amount applied for 159,180 shares.
This dividend is charged against earned surplus at $2 per share.
Consolidated Balance Sheet.
AssetsMar 3130. Dec. 3129. Liabilities- Mar. 31'30, Dec. 3129.
Cash
$163,013 $117,489 Accounts payable_ $414,881 $523,962
Accounts receivable 815,323
595,796 Federal income tax
82,840
110,037
Inventories
798,858 Equip., contr. ma738,154
Investments
Luring beyond
41,686
43,197
Prepaid&def.items
one year
41,186
180,323
53,033
181,088
Cash with sin.fund
Res.for conting.,Sm 189,445
58,530
agent
37,242 Purch. money mtge. 50,000
16,540
50,000
Land, bldgs.,mach.,
151 mtge Os (Nova
&c
Scotia Wood Pulp
5.937,640 5,950,037
Goodwill, trade
367,000
& Paper Co.)._ _ 367,000
marks, patents1
1 7% pref.stock....... 1,861,900 1,861,900
590,000
6% Pref. stock__ _ 590,000
312,118
Common stock___ x312,118
Earned surplus___ 2,019,089 1,828,356
Other surplus_ __ _ 1,699,304 1,699,304
Total
$7,766,902 $7,582,299
$7,766,902 $7,582,299
Total
x Represented by 155,998 (no par) shares.
-V. 130, P. 4258, 3896.
Seaboard Dairy Credit Corp.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of 25 cents per share
on the no par value common stock, both payable July! to holders of record
June 30. This compares with quarterly dividends of 50 cents per share
paid on this issue from April 1 1929 to and incl. April 1 1930.-V.130,p.2787.
Seaboard Fire & Marine Insurance Co. of N. Y.
Earnings for Year Ended Dec. 31 1929.
Total income
Expenses
Net income
- 128, p. 747, 576.
V.
$337,487
117,709
$455,196
237,505
$217,691
Sears, Roebuck & Co. Chicago.
-Sales Decrease.Period
Ended June 18: 1930-1 Weeks
-1929. 1930-24 Weeks
-1929.
Salets
$31,475,143 $34.008,389$172,276,013$178,187,493
- .130. p. 3896, 2986.
V
Total income
Administration expenses
Interest accrued
Reserve for taxes
$84,896
151,066
$235.962
18.474
73,775
13,500
Net earnings avail, for surplus
$130,213
The liquidating value of the 75.000 common shares was $37.49 a share on
May 29 against $35.75 on Feb. 28.
Condensed Balance Sheet May 311930.
LiaMidiesInvestments
Y$6.304,797 Reserve for taxes
$84,063
Accrued interest receivable__
33,630 Accrued int. Day. on debs.
Cash in bank and on call__ __ 1,790,729
and note payable
73,775
Debentures and note payable 5,960,000
x1,000,000
Common stock surplus
Undivided profits
1,011,317
Total
$8,129,156
$88,129,156
Total
Condensed Classification of Investments Held May 31 1930.
% of total
Cost
Market
Mkt. Value
Bonds
$1,716,621
$1,683,240
18.92
Preferred stocks
241.666
218.618
2.46
Railroad common stocks
230,510
312,438
3.51
Public Utilities corn, stocks
752,927
1,131.946
12.73
Industrial common stocks
3,166,572
3,562,258
40.04
Miscellaneous investments
196,500
2.21
196.500
Cash in bank & on call
1,790,729
1.790,729
20.13
$1,392,395
117.628
392,024
Total
12,507 -V. 130.9. 2601.
Scott Paper Co.
-Listing.
-
Net premiums
Other income
Earnings for 3 months End.Map 31 1930
Income from interest & dividends
Net gain on securities sold
8,095.525
8,895,729
100%
1
Sheffield Farms Co., Inc.
-New Director.
-
Sidney J. Weinberg,of Goldman,Sachs & Co.,has been elected a director.
-V. 128, p. 3013.
Sheffield Steel Corp.
-To Dissolve.
-
The stockholders have approved the dissolution of this corporation in
connection with its consolidation with the American Rolling Mill Co.
-V. 130, p. 4435.
Shenandoah Corp.
-Preferred Dividend.
The directors have declared the fourth regular quarterly dividend on tho
optional 6% cony, preferential stock, series of 1929. Payable Aug. 1 1930
to holders of record July 5 1930 at the rate of 1-328 of 1 share of common
stock per share of such preference stock, or, at the option of such holders,
75 cents per share in cash, provided written notice is received by the corporation on or before July 15. A like amount was paid on Nov. 1 1929 and
on Feb. 1 and May! 1930.-V. 130, p. 3560.
Sherman Square Apartments, Inc., N. Y. City.
-Sale.
The bondholders' committee recently acquired on a bid of $1,200,000
the 15
-story apartment house at 281-85 Amsterdam Ave., northest corner
of 73rd St. The bid was the only one received by I. Lincoln Seide, the
autioneer. The sale was the result of foreclosure proceedings.
(L. C.) Smith & Corona Typewriters, Inc.
(& Subs.)
.-
Earnings for Calendar YearsNet earnings from operations
Depreciation
Federal income tax
Income of Miller-Bryant-Pierce Co
1929.
1928.
192.
$1,553,340 $1,155,880 $1.079,595
241,490
239,848
202,213
142,500
115,000
105.000
x44.648
Net income for year
$1.169,349
Previous balance
783,547
Excess of provision for 1926 Federal
tax over amount paid
$756,384
658.096
$772,382
430,504
20,063
Total
$1.952,896 $1,414,480 $1,222.940
Preferred stock
154.000
154,000
154,000
Common stock
484,203
466,203
410,853
Aden Federal income tax prior years_
84,382
Adjustments
78,618
10.730
Balance, surplus
$783,547
$1,151,693
$658,096
Shares of common stock outstanding_
161,401
161,401
149,401
Earned per share on common
$6.29
5.373
$4.13
x Applicable prior to period to date of acquisition..
Successor Trustee.
-
The American Express Bank & Trust Co. has been appointed successor
trustee of an issue of L. C. Smith & Bros. Typewriter, Inc. 1st mtge. bonds,
dated Nov. 1 1929, succeeding the Equitable Trust Co. of New York.
V. 128, p. 1924.
•
JUNE 28 1930.]
4625
FINANCIAL CHRONICLE
-Smaller Dividend.
Signode Steel Strapping Co.
Keeps Consistent Production Schedule.
The company continues to maintain its consistent production schedule of
six days a week, announces Col. E. S. Gond', President of the Stutz
company, who calls attention to the fact that the summer months are
always light in the automobile industry,and that few factories are operating
tollay on such a consistent schedule.
"Shipments for June are being maintained most creditably," went on
Colonel Gorrell. "Our shipments for the first half of the month were
-Defers Dividends.
Southern Ice & Utilities Co.
25% greater than the combined shipments for the first half of March and
The directors have voted to defer the quarterly dividends of $1.75 per the first half of April. Sales are also holding up well, and distributing
share due June 1 last on the pref. and partic.-pref. stocks of no-par value. channels are being strengthened in various parts of the country. We are
A quarterly distribution of $1.75 per share was paid on these issues in glad to announce that conditions are very favorable in all departments."
-V. 130, p. 4260.
March last.
-V. 130, p. 4259.
The directors have declared regular quarterly dividend of 12;ic. a share
in cash on the common stock, and the regular quarterly dividend of 62)c.
a share on the $2.50 cum. pref. stock, all payable July 15 to holders of
record June 30. In each of the three preceding quarters, a cash dividend
of 20c. a share and a I% stock dividend were paid on the common shares.
-V. 130. p. 2044.
-Extra Div.
Southern Weaving Co., Greenville, S. C.
The directors have declared an extra dividend of $1.50 per share on the
common stock in addition to the regular semi-annual dividend of $3.50
per share on both the common and pref. stocks. An extra of $1.50 Per
share was also made on the junior issue on Dec.31 1929.-V. 129. p. 3979.
-Proposed Merger.
Spang, Chalfant & Co., Inc.
See National Supply Co. above.
-V.130, P. 3897, 2409.
-Acquisition.
Spicer Manufacturing Corp.
The corporation has taken over the stocks, tools and patents of the
Superior Universal Products Corp. of Bowling Green, Ohio, connected
with its manufacture of universal joints and will consolidate the business
-V. 130, p. 3561.
in the Toledo plant.
•
-Extra Dividend.
Telautograph Corp.
The directors have declared the regular quarterly dividend of 30 cents a
share and an extra dividend of 5 cents a share, payable Aug. 1 to holders
of record July 15. Like amounts were paid on Feb. 1 and May 1 last.
Regular quarterly dividends of 25 cents a share were paid in 1929 with an
extra dividend of 5 cents a share on Nov. 1 1929.-V. 130, p. 3563.
-Dividend Decreased.
(John R.) Thompson Co.
The directors have declared a quarterly dividend of 75 cents per share on
the common stock, par $25, Payable July 1 to holders of record June 23.
Previously the company paid monthly dividends of 30 cents per share, the
last payment at this rate having been made on April 1. (It was erroneously
stated that the company had previously paid quarterly dividends of 90
-V. 130, p. 4260, 4437.
cents per share.
-Receives Orderfor Valves.
Thompson Products,Inc.
Standard Milling Co.
-Bonds Called.
The corporation's aeronautical division announces the receipt of an order
-year 534% gold bonds, for 2,000 aircraft valves to be used in 100 Bristol Jupiter engines being
All of the outstanding 1st & ref. mtge. & lien 20
due March 1 1945, have been called for payment July 25 next at 103 and built by the E. W. Bliss Co. of Brooklyn. N.Y.
-V.128,p.2824.
int.at the Guaranty Trust Co.,140 Broadway, N.Y.City.
To Resume Work on Canadian Plant.
Work on the Canadian plant located at St Catharines, Ont., will be
-Price Advanced.
Standard Oil Co. of Calif. (Del.).
within the next few days and carried on to completion, President
The company recently announced an advance in the price it offers for resumed
crude oil produced in the Santa Fe Springs Field, of from 75c. to 90c. per C.E.Thompson stated. Passage of the new Canadian tariff, which heavily
barrel, effective June 14 1930. These prices restore the schedule in effect penalizes automotive engine parts imported from the United States, and
prior to the reduction of May 17 1930 and bring the prices offered in this an improved outlook for Canadian business in general, makes it advanfield in line with those offered in other Southern California fields. See tageous to set the plant in operation at an early date, Mr. Thompson said.
Under the preferential arrangement of the tariff the company may ecoV. 130,P. 3733
.
-V.130.
nomically export its products to England and all British colonies.
-Renews Offer.
Standard Oil Co. of Indiana.
p. 4260.
The directors have voted to renew the offer of seven shares for six shares
-Par Value Changed.
Tobacco Products Corp.
of Pan-American Petroleum & Transport Co. for a period from July 1 to
The stockholders on June 25 approved a proposal to change the shares
Aug. 15 inclusive.
common stock of the par value of $20 each into a like
President Edward G. Seubert said the offer was made because of the of class A stock and
and common stock without par value,
many requests from Pan-American stockholders who were unable to ex- number of shares of class A stockto $5 per share the amount of the capital
and ratified a proposal to decrease
change their stock during the period of the previous exchange offer which
by its class A stock and common stock without
of the company represented
expired Nov.30 1929.
The Standard Oil Co. of Indiana now owns 93% of class A stock. 79% par value.
The maximum number of shares of the corporation shall be (a) 2,467.700
of class B and 83% of common stock of the Pan-American company.
value and (b) 5,000,000 shares of comAnnouncement was also made of a drive to retire fractional shares of the shares of class A stock without parthe minimum number of shares shall be
mon stock without par value, and
Standard Oil Co. of Indiana of which nearly 20,000 are outstanding on
common stock without par value.
which the cost of administration is out of proportion to their value. Such 60 shares of liquidation or dissolution or distribution of the assets of the
In case of
shares will be bought at the rate of $56 a share, or in case holders want to
of dividends, the assets and funds of the
buy enough to complete a whole share, fractions will be sold to them on the corporation, except by paymentratably among the holders of the class A
corporation shall be distributed
same basis.
-V. 130, p. 4259.
stock and the common stock without any preference or priority whatsoever.
-Transfer Offices Discontinued
Standard Plate Glass Co.
Judge E. W. Marshall in Common Pleas Court at Pittsburgh has signed
an order discontinuing the employment of the Fidelity Trust Co. of Pittsburgh and New York Trust Co. of New York as transfer agents. He
also discontinued employment ofthe Bank of Pittsburgh and Chase National
Bank of New York as registrars. The company is in receivership and
-V. 130, p. 3183, 2987.
he above actions are matters of economy.
-Split-up Approved.
Standard Utilities, Inc.
The stockholders on June 9 approved a proposal to triple the outstanding common stock by the issuance to each common stockholder of record
June 10 1930. of two additional shares of common for each share then
outstanding. The stockholders also approved an amendment to the
charter of the corporation (which provided that a dividend on the corn.
stock at the annual rate of $1.50 per share per annum shall be paid in
any quarterly dividend period before any dividends may be paid on the
class B stock in the same quarterly dividend period), so that the required
dividend on the common stock payable in any quarterly dividend period
shall be at the annual rate of 5(1 cents per share before dividends may be
paid on the class B stock in the same quarterly dividend period.
-V. 130,
p. 4068.
Stanley Co. of America.
-Earnings.
-The consolidated net profit of the company and subsidiaries (excluding
extraordinary profit arising from the sale of investments)after all charges,
for the 26 weeks ended March 1 1930 was $2,285,705. Warner Bros.
Pictures, Inc., owns in excess of 99% of the capital stock of the company
-1r. 130, p. 2987, 2789.
Resumes Dividend on Class"A" Stock.
The directors have declared a quarterly dividend of 20 cents on the new
class "A" stock of no par value, payable Aug. 15 to holders of record
July 25.
This compares with quarterly dividends of 35,cents per share paid from
Nov. 15 1922 to Aug. 15 1929 incl., on old class "A"stock of $20 per share,
which is now exchangeable for no par shares on a share for share basis.
Earnings for Calendar Years.
1926.
1929.
1928.
1927.
Net prof.(ind.divs.rec.)x$4,721,636 $8,786,963 $8,188,279 $10,789,528
400,000
300,000
147,000
400,000
Federal taxes (est.)
Net income
Class A dividends
Common dividends
$4,574.636 $8,386,963 87,888.279 $10,389,528
3,136,435 3,136.383
2,352,396
3,136,481
3,461,427 63,955,881 c4,120,680 4,615,103
def$1,239,187 $1,294,600
Balance, surplus
8.486,701
7,192,100
Previous surplus
Exc. prof. tax pref. yr
Contingency reserve_
Red.ofinv.in com.stock
of United Cigar Stores 4,018,678
Red.ofinv.in other cos- 1,198,399
1,067
Other charges
$631,163 $2.638,041
6,560,937 4,644,305
546,409
175.000
Total p. &I.surplus__ $2,029,370 $8,486,701 $7,192,100 $6,560.937
a659,330
a659,330
a659,330
Com.shs. out. (par $20) 3,296,652
$11.00
$7.21
$0.44
$7.96
Earns. per sh.on com__ _
a Par $100. la Includes two divs. of 1-10 shares common stock United
Starrett Investing Corp.
-Leases Property.
Stores Co. of America for each share of common stock represented
This corporation, acting with W. D. Luckett, have concluded nego- Cigar
per share
tiations with the Pioneer Real Estate Co., a subsidiary of the Lehigh by dividend certificates. c Includes three dividends of $1.75Stores Co.
Valley RR. to rent from them, for a period of 99 years, property located and one dividend of 1-10th share common stock United Cigar
dividend ceron the West Side of New York City, bounded by 26th and 27th Streets and of America for each share of common stock represented by Tobacco Co.,
by 11th and 13th Avenues. A building is to be erected on this property 15 tificates. x Arrived at as follows: Lease rental, American
stories in height; the ground floor to be a freight terminal for the Lehigh $2,500,000; diva. received in cash on United Cigar Stores Co. common
Valley FIR, and the other floors to be used for industrial purposes. The stock and on div. certifs., $3,037,944; int. received, $175,810; miscell.
structure, which will be the largest of its kind ever erected, will contain income, $1,128; total. $5,714,883. Deduct admin., exp., interest paid
approximately 25,000,000 cubic feet and upwards of 1,750.000 square feet loss on sale of United Cigar Stores Co. stock, &c., $993,247, balance.
$4,721,636.
of floor area.
-V. 130, p. 3183.
Balance Sheet Dec. 31.
Steel's Stores, Ltd.
-May Reorganize.
1929.
1928.
1928.
1929.
Liabilities$
t
The "Financial Post," Toronto, June 5 had the following:
Assetsi
$
Class A stock...1320,712,631 20,712,631
Extension of the interim receivership of company to July 7. with G..T. Brands, tr.-marks,
Clarkson continuing as interim receiver, was granted by the courts on
4,217,804 4,224,472 Common stock__c45,584,061 45,584,061
&c
Demand loans-- 1,150,000
Juno 2. It is understood that organization of Ontario-Quebec Stores in a Amer. Tobacco
1,342
progressing with the object of taking over the assets of Steel's Stores, Ltd.,
1 Accrued int. pay_
1
Co. lease
16,421
25,892
thereby segregating it from the parent company, Steel's Consolidated, Inc., Stocks In other cos.65,214,561 69,938,128 Accts. payable....
5,500,000
and paying off preferred and direct creditors whose claims total $236,192.
245,703 d3,893.239 Notes payable.Cash
1,318,630
Financing of Ontario-Quebec Stores, it is understood, may be accom- Ms& accts. rec._
7 3,000,498 Corn. dlr. payable
405,801
plished through offering of the stock to shareholders of Steel's Consol- Divs. receivable-967,909 Res. for taxes, dm_ 174,781
idated, Inc., of whom some 30% are Canadians. The capitalization of
Surplus undivided
2.029.389 8,488,701
the proposed company will consist of 20.000 shares of 7% cony. pref. stock
profit
Tot.(each side)_69,678,077 82,024,246
$25) and 75,000 shares of common stock (no par). Should the present
-year lease ($2,500,000 annually). 6 2.240.
a American Tobacco Co. 99
an of reorganization go through there would be no corporate connection 462% shares outstanding. c 3,296,652M shares outstanding. d Include
tween the new company and any other of the Steel enterprises, in- demand loans.
-V. 130, P. 4437, 4260.
cluding the parent company, unless the claim of the Steel's Consolidated,
-New Name, &c.
Tolhurst Corp.
Ltd., is paid with stock.
The Steel enterprises are controlled by Steel's Consolidated, Inc., with
See General Laundry Machinery Corp. above,
head office in Buffalo, N. Y. This company controls Steel's Stores, Inc
-Meeting Adjourned
Tonopah (Nev.) Mining Co.
which in turn controls Steel's Stores, Ltd., the Canadian merchandisini
The stockholders at the special meeting called for June 23 took no action
company. Steel's Stores, Inc., went into involuntary bankruptcy in
March 1930 and this precipitated the receivership of the Canadian company. on the proposed plan of reorganization and readjustment of the capital
The parent company, in addition to the merchandising units, controls structure. The meeting has been adjourned to Oct. 6.
President W. L. Haehnlen, stated that the proposed plan would require
Steel's Consolidated, Ltd., which owns all realty in Canada and rents to
Steel's Stores, Ltd. The parent company also owns other subsidiaries, further consideration and as a result the meeting was adjourned until Oct.6.
He told the stockholders that arrangements would be made for new subincluding Mary Lincoln Candy Co., Merrimac Coal Mines, &c. The
scription warrants to the Tonopah Corp. and under the plan the present
only public investment interest is in the parent company.
Incorporation of Ontario-Quebec Stores is one step in the plan of Major warrants expire Aug. 1.
In answer to a stockholder's question Mr. Haehnlen stated that none of
C. H. Mackenzie, Secretary, to segregate the Canadian assets into a comproperties at the present time are earning a dividend. (See
the
pany which would be administered independently of the Buffalo group.
- alsocompany 3898.)
V. 130, p.
130, p. 3183.
Earns.for Calendar Years- 1929.
1928.
1927.
1926.
$208.777
$263,064
$252,125
$375,683
Stutz Motor Car Co. of America Inc. Settlement.....
Net earnings
15,743
46,811
31.765
13,829
A despatch from Detroit had the following: "Creditors on open book Explor'n & devel. exp_
accounts of Stutz Motor Car Co. have agreed to accept 35 cents on the
$193,033
$343,918
$238,296
$216,253
Net income
dollar in settlement of claims for materials delivered, according to T. M.
(15%)150.000 (15)150,000 (15)150,000 (15)150,000
Simpson, Chairman of Creditors Committee, formed in connection with Dividends
reorganization. Checks totaling $238,000 are being mailed to creditors.
$43,033
Balance,surplus
$193,918
$88,296
$66,253
Contracts for undelivered materials will be carried out at full value.
2,627,995
"With this payment of $238,000, company wipes out a liability of $680.- Profit and loss,surplus_. 2,811.542 a2,768,508 2,616,291
for constructive policies of the management," said Earnings per share on
000 and clears the way
1,000,000 shs. cap.stk.
Mr. Simpson. "This action provides a splendid opportunity for Stutz
$0.19
$0.34
$0.23
$0.21
(par $1)
Motor Co. to go forward in the fine car field, and presages continued
progress by the company. The management has cooperated wholeheartedly
a After deducting $41.700 loss on sale of 835 shares of Tonopah & Gold-V. 130, P. 3898, 2231.
with the creditors' committee."
field RR.Co. pref. stock at $50 per share.
eear
4626
FINANCIAL CHRONICLE
Transcontinental Air Transport, Inc.
-Fares:
Following a year's experiments to determine the proper rates to
be
charged for passenger air travel, TAT-Maddux Air Lines has put into effect
a new rate basis of 7 cents per air mile. This basis, it is believed, will be
acceptable to the traveling public. The new rates are expected to become
the standard basis of charges for air travel.
The new rates are a slight increase over those which have been in effect
since Jan. 14, and which were the equivalent of rail plus Pullman travel,
-V. 130,
but they are only slightly higher than travel on extra fare trains.
p. 4070.
Transformer Corp. of America.
-Listing.
-
Approval was given June 11 by the Governing Committee of the Chicago
Stock Exchange to list the common stock, no par value, of the corporation.
Of the 150,000 shares authorized, 75,333 shares are subject of listing and
56,500 shares are subject of trading.
-V.130. p. 4260.
Trap Rock Limited.
-To Be Organized.
See Dominion Trap Rock Co., Ltd., above.
-Listing-Obituary.
Union Oil Co. of California.
The New York Stock Exchange has authorized the listing of 150,000
additional shares of capital stock ($25 par) on official notice of issuance
upon the exercise of warrants attached to temporary and definitive debentures due April 1 1945, making the total amount applied for 4,458,237
shares.
President W. L. Stewart, Sr., died in Pasadena. Calif., on June 21.V. 130, p. 4438.
-Initial Dividend.
United Business Publishers, Inc.
The directors have declared a dividend of $1.25 per share on the no par
value common stock, payable June 30 to holders of record June 20.-V.
130, p. 4070.
-To Increase Capitalization.
United Carbon Co.
The stockholders will vote July 17 on increasing the authorized common
-V.130, p.4070.
stock from 400,000 shares to 800.000 shares, no par value.
-Consolidation.
-United Dry Goods Co.
Purchase of Wyman. Partridge & Co., Minneapolis, Minn., one of the
oldest wholesale merchandising firms in the northwest, oy a new firm, the
United Dry Goods Co. was announced on June 9 by George H. Partridge,
President of the former company. Other firms consolidated in the new
United Dry Goods Co. include the Ely & Walker Dry Goods Co. of St.
Louis; Walton N. Moore Dry Goods Co. of San Francisco, and the Watts
Ritter Co. of Huntington, W. Va.
The sale did not include the manufacturing business conducted byWyman,
Partridge & Co. Mr. Partridge said. Ile indicated that the directors have
not yet determined the future course of that part of the business.
The purchase, however, included all of the business, accounts receivaole,
stock and other assets of the dry goods distributing organization. Present
stockholders of Wyman, Partridge & Co. retain the real estate, but have
made a long time lease on the property to the new owners.
The Ely & Walker Dry Goods Co. of St. Louis, operates an extensive
wholesale dry goods business and has 35 factories located in various parts of
the United States. The wholesale drygoods business of Wyman. Partridge
& Co. has been conducted in Minneapolis for the last 56 years.
The consolidation of the various firms is part of a comprehensive plan to
develop a nationwide system of wholesale dry goods and manufacturing
plants to operate as the United Dry Goods Company. The new organizetion will be the largest wholesale and manufacturing dry goods concern in
America, with total sales output of from 875,000,000 to 5100.000,000
annually.
Present officers of Wynlan,Partridge & Co. include George H.Partridge,
President; J. A. Vaughan, Vice-President and Treasurer, and Earl Partridge, Secretary.
United Electric Coal Cos.
-New Pref. Stock Issue.
The company proposes to create an issue of 104,000 shares of 6% pref.
stock, it is stated.
-V. 130, p. 4261.
United States Finishing Co.
-Omits Dividend
.III The directors have voted to omit the quarterly divkdend of 50
cents
per share on the common stock usually payable about July 15. The company on April 15 last paid a quarterly cash dividend of 50 cents per share
and a semi-annual dividend of 2% in stock on the common shares. The
regular quarterly dividend of $1.75 per share on the preferred stock, was
declared, payable July 1 to holders of record June 26.-V. 130, p. 3735.
United States Smelting, Refining & Mining Co.
Smaller Dividend.
-The directors on June 25 declared a
quarterly dividend of 25 cents per share on the outstanding
$31,028,238 common stock, par $50, payable July 15 to
holders of record July 3. Previously the company paid
quarterly dividends of 873/i cents per share on this issue.
The company issued the following statement:
"For the first quarter of the current year a dividend of 8734 cents per
share was paid on the common stock; but in view of the current low price
of all metals and having in mind the extremely low price of silver and the
uncertainty as to its future, it was considered wise to reduce the common
dividend for the present quarter to 25 cents per share.
The current asset position of the company is excellent. There is no bank
or bonded indebtedness.
1929.
1928.
Earns.5 Mos.End.May 31- 1930.
1927.
$2,856,400 $2,772,212 $2,500.442
Operating revenues
143.022
185,638
185,846
Interest
Balance
Reserves
$2,309,038 $2,713,378 $2,586,574 $2,314,596
756,330
861.423
845,433
907,091
Balance
$1,401,947 $1,957,048 $1,725,151 51,469,163
Preferred (dividends)-709,260
709,260
709,260
709,260
Balance for commonShs. corn. stk. outstand.
(Par $50)
Per share common
-V. 130, p. 2989.
$692,687 51,247,788 51,015,891
$759,903
351.115
$2.89
351,115
$2.16
620.562
$1.12
570.562
$2.19
United States Steel Corp.
-New Delaware Corporation
Formed to Conduct Pacific Coast Business.
-
[VOL. 130.
one preferred, into 172.788 shares of common stock of the corporation.
This amount, in addition to 314.596 shares to be issued in exchange for
present common and an additional 25,000 shares to be sold to Jewel Tea
Co.. Inc., will result in 512,384 shares of common stock to be outstanding.
Other than these changes, the capitalization will remain the same as in the
old company. The plan calls for the deposit of all classes of Van Camp
stocks on or before July 15 1930 with the Commercial National Bank &Trust Co. of New York., or the Indiana Trust Co. of Indianapolis, Ind.
The Van Camp company was formed in 1921 to take over the properties
j
and business of Van Camp Packing Co., established in 1861, and the Louisville Food Packing Co. Late in 1928 the Van Camp Milk Co. was organized and early in the present year the Van Camp 011 Co., Inc.. a $3,000,000
subsidiary, was formed to consolidate with the company's edible oil products
plant at Louisville the Pompeian Corp. of Baltimore and the Contadina
Corp. of New York. The company's products, with-National distribution.
are chiefly marketed under the well known Van Camp label and consist of
milk, pork-and-beans, vegetables, purees and other canned goods. In
addition the company handles salad and olive oils as well as other oil products.
-V. 130, p. 2990.
Venezuelan Oil Concessions, Ltd.
-20% Div..
The amalgamation of this company and the V.O.C. Holding Co., Ltd.,
has been effected, and the Holding company is now in process of liquidation. The accounts of the Holding company will be carried on from
Jan. 1 1929 to the date of the liquidation, March 24 1930, and the result
of the amalgamation will be reflected in the current year's accounts of
the Concessions company.
The profit and loss account shows that the amount credited there for
proceeds of oil and value of oil stock is £4,885,597. This is an increase
of £443,246 over the corresponding figure for 1928. While the net production increased from 5.084,580 tons in 1928 to 6,469,206 tons in 1929, the
average price per ton received for our production was 15s. id. per ton,
as against 17s. 6d. per ton in 1928.
The balance of profit brought forward from 1928 was £190.005, to which
the profit for the year 1929 has been added, £1,085.666 making a balance
at the credit of profit and loss account of £1,275,671. The directors
recommend payment of a dividend of 20% less income tax at 4s. 6d. in
the. on both classes of shares. Although the capital on the balance
sheet stands at £1,000,000, according to the special resolution passed on
March 24 1930, the shares which were issued by the company for exchange
with shares in the Holding company as entitled to participate in the profits
from Jan. 1 1929. The capital on which a dividend for 1929 fails to be
declared is therefore on preference shares numbered 1 to 999,665 and ordinary shares numbered 1,000,001 to 5,399,130 inclusive on the register of
members at the close of business on May 30 1930. absorbing £1,079,759,
leaving a balance of £195,912 to be carried forward to 1930.-V. 130.P.1670
Vesta Battery Corp.
-New President.
Chester M. Angell has been elected President to succeed Ward S. Perry.
-V. 130, p. 4072.
Vick Chemical Co.
-Stock Off List.
The common stock was stricken from the list of the New York Stock
Exchange on June 23. See also V. 130. p. 3907.
V. 0. C. Holding Co., Ltd.
-To Liquidate.
See Venezuelan Oil Concessions, Ltd. above.
-V. 130, p. 1670.
Warner Co.
-Receives Contract.
The company has been awarded a contract to furnish concrete for foundations for the Pennsylvania RR.'s new shop buildings and round house at
46th St. and Parkside Ave., Philadelphia. This is a part of the railroad
company's improvement program in connection with its new main station
In that city to be built on the west bank of the Schuylkill River.
-V. 130.
p. 4262.
Wheeling Mold & Foundry Co.
-Notes Called.
All of the outstanding 1st mtge. 7% ref. gold notes dated Sept. 1 1929
have been called for payment Sept. 1 next at 105 and int, at the Chatham
Phenix National Bank & Trust Co., 149 Broadway, N. Y. City.
-V. 130,
p.3737.
(J. G.) White & Co.
-To Split-up Shares-Increase in
Authorized Common Stock Proposed.
A proposal to split the common stock five for one, with the possibility
that the company may issue additional common stock to both common and
preferred stockholders with the purpose of retiring outstanding preferred
stock, was made in a letter sent to stockholders by President J. Dugald
White.
Readjustment of the capital structures of the company involving the
Issuance of five shares of common stock of $20 par value for each present
share of $100 par value and an increase in the authorized common stock from
30,000 to 500,000 shares,is proposed. A special meeting of the stockholders
will be held on July 21 to consider these proposals.
The letter states that the company may later offer additional stock to
Preferred and common stockholders at an attractive price and perhaps
redeem the present outstanding preferred stock.
The purpose of all the steps contemplated in the capital readjustment is
outlined in President White's letter, as folllws:
"This meeting has been called by the board of directors for the purpose,
among others, of voting upon proposed amendments to the company's
certificate of incorporation, whereby the number of shares of preferred
stock authorized would be reduced from 30,000 to 19,272 (the number
now outstanding), the number of shares of common stock authorized
would be increased from 30,000 to 500,000, the par value of such shares o
common stock would be changed from $100 each to $20 each, and the company would be given the right, under certain conditions, to repurchase and
resell its own common stock.
If these amendments are adopted, each common stockholder will receive
five of the new shares of $20 par value for each share of common stock o
$100 par value now held by him.
"The first object of these amendments is to effect a split-up of the present
shares of common stock into units of smaller value, which it is considered
will be advantageous to the common stockholders. The directors also feel
that the company may shortly find it to its advantage to simplify its
capital structure and obtain capital for future development and expansion
by the sale of additional common stock or by the issuance of additional
common stock in exchange for properties. In such event the directors may
determine to offer additional stock at some time in the future to preferred
and common stockholders at an attractive price, and perhaps to redeem
the present outstanding preferred stock, in order to place the capitalization
of the company on one basis.
"
New President, &c.
-
J. Dugald White has been elected President to succeed his father. J. G.
The properties, assets and business of the Columbia department of the White, who will become Chairman of the Board. J. Dugald White has
United States Steel Products Co., a subsidiary, have been acquired by been a Vice-President for the past 11 years.
-V. 130, p. 3566.
the Columbia Steel Co., a Delaware corporation, and also a subsidiary of
the Steel corporation. Effective July 1 the business heretofore conducted
Wisconsin Investment Co. (Del.), Milwaukee, Wis.by the Columbia department of the U. S. Steel Products Co., which included the operation of the properties of the former Columbia Steel Corp. Consolidation, Rights, &c.
The directors of tots company and of the International Security Manageacquired by the U. S. Steel Corp. last January, as well as the distribution
on the Pacific Coast of the products of other manufacturing subsidiaries ment Co. have approved the merger of both companies,subject to approval
of the stockholders at special meetings. It is proposed to make the conof the U. S. Steel Corp. will be conducted by the Columbia Steel Co.
Officials of the Columbia Steel Co. are: A. T. DeForest, President: solidation effective shortly after July 1. The amalgamated company will
L4F. Rains, Vice-President; W. A. Ross, Vice-President and Treasurer; use the Delaware charter of the International Security Management Co.,
H. F. Wilson, Secretary and Auditor. Offices are in the Russ Bldg., retaining the name of the Wisconsin Investment Co.
The boards of directors of the two corporations will be combined, making
San Francisco. Calif.
-V. 130. p. 4261, 3565.
a directorate of 22 members,as follows: Milton J. Carpenter, Waller Carson,
J. J, Davis, Harold S. Falk. Max A. Freschl, Samuel J. Gates, George G.
Van Camp Packing Co., Inc.
-New Financing,
A plan of reorganization is being submitted to stockholders whereby a Goetz, Robert J. Goll, Clyde Hudspeth, Myron Laskin, J. Victor Loewl.
corporation, to be named later, will own all the assets of the Van Camp W. K. McIntosh, George A. Morison. J. P. Pulliam, Charles B. Quarles, A.
company and will have received approximately $2,500,000 additional in Lester Slocum, Paul J. Stern, II. W.Story, George Uihlein, C. Gale Welch,
cash. The proposed capitalization of the corporation will consist of an Mackey Wells and John Arthur Wilson.
The Wisconsin Investment Co. has 212.342 common shares outstanding
Issue of $3,000,000 6% partic. cum. cony. pref. stock ($10 par), of which
amount 52,500,000 is to be outstanding. Of this amount the Jewel Tea and 55,551 6% curnul.preferred shares of $25-par value. The International
Co.. Inc., is to acquire $1,250,000 and its President. M. H. Harker, will Security Management Co. has authorized 500.000 no-par preferred shares,
become the principal executive officer of the corporation. The remaining 1,000,000 class A common shares and 250.000 class B shares.
As a part of the plan, the International Security Management Co. has
$1,250,000 will be underwritten by Lehman Brothers and Hitt, Farwell &
Co. and offered to depositors of the various classes of stock of the Van been brought up to the size of the Wisconsin Investment Co. The stockCamp company. In addition to the fixed dividend of 6%, the new part. holders of each company will receive an equal amount of stock of the new
pref. stock will be entitled to one-half of net earnings, after preferred divi- Wisconsin Investment Co. of Delaware. Prior to the exchange of stock.
dends, up to an additional 10% of its par value. The plan further calls the International company will issue approximately S1,400.0006% Preferred
for the conversion of the $1,000,000 04% prior preference (convertible) stock to its stockholders through a recapitalization in order to adjust its
stock into $1,000.000 6% cum. (cony.) 2nd pref. stock and the conversion capital structure so that it will conform to that of the present Wisconsin Inof 52.159.8507% pref. stock ($25 par) on a basis of 2 shares of common for vestment Co.
JUNR 28 1930.]
4627
FINANCIAL CHRONICLE
The stockholders of the Wisconsin Investment Co. of record June 5 may
subscribe for one new common share at $8.70 for each ten shares held. The
offering has been underwritten.
The Wisconsin Investment Co. was established in Milwaukee in Nov.
1924. It was one of the first three or four definitely planned British type
investment trusts in the United States, and the first Middle West or West
investment trust of this type. The sole business of the Wisconsin Investment Co. has been the investing of its funds in marketable securities. The
company does not underwrite securities for resale; promote, control or
manage enterprises; buy real estate; discount commercial paper, or make
any similar departure from its policy. It has grown in the past six years
from a company of some 520.000 of assets to well over $3,000,000. The
Wisconsin Investment Co. has more than 800 stockholders.
The International Security Management Co. is also a British type investment trust similar to the Wisconsin Investment Co. in operation. It was
incorporated in Wisconsin in Aug. 1925 as the Security Management Co.
and reincorporated in Delaware as the International Security Management
Co. in March 1929. This company has grown from 9 stockholders in 1926
to over 1,200 to-day,and through the issuance of rights now in the hands of
stockholders, will have a capitalization of $3,100,000. Offices of the company are at 10 South La Salle St., Chicago, Ill.
Both companies have carried out somewhat similar investment policies,
confining their investments largely to progressive industries. By far the
largest percentage in both companies is in public utility shares. Chemicals.
electrical equipment, food products, amusements, and insurance stocks
also, are among those in which a large percentage of the funds are invested.
At the present time neither company has investment in the agricultural
implements industry, textile industry, sugar refining, copper, meat packing, leather and shoes, lead and zinc, fertilizer, coal and coke, or apparel
Industries. The companies have only a fraction of 1% of their funds in
automobile, radio, aircraft and automobile accessories industries. Both
companies have relatively small holdings in railroad shares.
The Wisconsin Investment Co. balance sheet at the end of May disclosed
that it has reduced its investment ratio 10% prior to the severe June reaction.
"Minute detail is not required and a general statement offact is sufficient.
Less strictness in pleading facts is required when those in a fiduciary relation are claimed to have acted fraudulently toward their beneficiaries.
Without pointing them out specifically it is enough to say that if the
allegation of the petition bearing upon the allegedly fraudulent action of
the directors were segregated from the rest of the petition and tested by
demurrer they would, in the opinion of this court, be held sufficient to
state a cause of action. That being the case, the application of these
statutes of Ohio to the issue presented, is clear.
"Owing to the volume and number of books and papers specified the
court is of the opinion that the sustaining at this time of the motion that
the plaintiff be given an inspection and copy or permission to make copy
of the books and documents specified will sufficiently serve the purpose
of the plaintiff and the purpose of the law, so that it is ordered, reserving
for future determination, as the occasion may seem to require on trial,
the motion either in whole or in part for the production of books and
papers."
Steel Merger Trial Adjourned to July 8.—
Trial of the controversy over the merger of Youngstown Sheet & Tube
Co. with Bethlehem Steel Corp. which began June 25 was adjourned June
27 to July 8, following the tragic death of LeRoy A. Manchester, one of
the counsel of Youngstown Sheet & Tube, who was found dead in his office
at Youngstown.—V. 130. p. 4438. 4080.
CURRENT
NOTICES.
—The First National Old Colony Corp. has just published a comprehensive statistical and quotation pamphlet on "Preferred Stocks," which
lists approximately 450 separate issues. The pamphlet classifies the
various issues under the following groups: Public utility, industrial, telephone and railroad. It gives the dividend rate and the payment date
on each issue; the number of shares outstanding, the number of times
President G. Gale Welch, June 16, says in part:
in 1929, the balance after preferred diviAt a meeting of the board of directors of the Wisconsin Investment Co. preferred dividends were earned
held June 11 1930, a resolution was adopted authorizing the execution of a dend requirements (per cent of gross revenues), the price at which the
with stock is callable, the price range for 1929, the current bid and asked prices.
reorganization agreement providing for the merger of this corporation The
International Security Management Co., a Delaware corporation.
and the yield at current prices.
two companies have been closely associated in the past, particularly through
—Announcement is made of the formation of a co-partnership under
Waller Carson & Co., which has acted as investment counsel and fiscal
since their organization. Their policies as to investments the firm name of Wilson & Swain, with offices in both New York and
agent for both
and their security holdings are very similar.
The new firm will transact a general business in investThe agreement provides for the combined companies using the Dela- Newark, N. J.
ware charter and capital structure of the International Security Manage- ment securities. Both partners in the past were connected with the sales
ment Co. The name of the reorganized company will be Wisconsin Invest- organization of Edward B. Smith & Co. and with the Interstate Corp.
ment Co. The board of directors of the new company will include the 13 Mr. Wilson was Vice-President of the Interstate Corp. and Mr. Swain
directors of the present Wisconsin Investment Co. and 9 directors of the
Corp.
International Security Management Co. The present officers of Inter- was New Jersey Manager for the Interstate
national Security Management Co. will resign and the combined board
—Chas. D. Barney & Co. announce that effective July 1 the estate of
will elect officers after the consolidation becomes effective.
Horace Harding will retire as a limited partner; that Alan L. Corey
The directors believe that this plan has a number of advantages, among J.
will retire as a general partner and become a limited partner, and that
which the following major ones may be mentioned:
1. The size of the consolidated company will be substantially twice the Frederick E. Koechlein, William J. Woods, W. Edwin Williams, Joseph
Present size of the present Wisconsin Investment Co., resulting in econo- P. McCormac and Ivan C. Flitcraft will be admitted to the firm as general
mies of management and the earlier possibility of listing the stock on the
partners. The new partners have been associated with Chas. D. Barney
Chicago or some other stock exchange.
2. The corporation will operate under a Delaware charter, with conse- & Co. for many years.
quent advantages as to flexibility and a probable tax saving.
—Robert Campbell, formerly President of the Guarantee Title & Trust
The consummation of the contract is made contingent upon its being
Campbell Investagreed to by the holders of 85% of each class of the outstanding stock of Co., of Wichita, Kans., has formed the firm of Robert
this company. In order to carry it out, it is necessary that the stock- ment Co., with offices in the Beacon Building, Wichita, Kans., to handle
adopt a resolution ratifying the reorganization agreement as ap- municipal and corporation financing and to create local mortgage bond
holders
proved by the board of directors, including, if necessary, the transfer of
Robert Campbell.
the assets of the company in exchange for stock of the Delaware corpora- Issues throughout the Southwest. The officers are
tion, and also adopt a resolution changing the name of this corporation so President. and Robert S. Campbell, Secretary and Treasurer.
that the name Wisconsin Investment Co. will be available for use by the
—Love, Bryan & Co., members of the New York and St. Louis Stock
Consolidated company.
Exchange anThe reorganization will be effective as of June 30 1930, at which time the Exchanges and associate members of the New York Curb
net liquidation value of each company will be identical. As the result of nounced today (Thursday) an expansion of their private wire system.
reorganization the present owners of stock in each corporation will In addition to the private wires to St. Louis and Detroit, now in operathe
have identical holdings in the consolidated company.
Chicago, Indianapolis
The plan contemplates that each holder of pref. stock of this corporation tion, the firm will have direct wire connections to
will receive in lieu of his stock an equivalent number of shares of pref. and Grand Rapids.
stock of the reorganized corporation having the same preference in liquida—John L. Clark and Paul H. Ayes, both formerly with the bond detion and the same cumulative dividends, but having a call price of $28 per
Jacinto Trust Co. of Houston, have formed the firm
share instead of the present call price of $26.50 per share. The pref. stock partment of the San
of the reorganized corporation will have an additional advantage over the of Clark, Ayes & Co., for the transaction of a general investment busipresent company in a provision that future issues of ness, specializing in Texas municipals and investment trust issues, with
pref. stock of the
preferred stock ranking equally with this issue may be made only when at offices in the San Jacinto Trust Building, Houston, Texas.
leaat $150 of assets are back of each $100 worth of preferred stock issued.
—At a meeting of the board of directors of J. G. White & Co., Inc.,
Each holder of common stock of this corporation will receive his proportionate part of the common stocks of the consolidated corporation which held yesterday. J. Dugald White was elected President to succeed his
transferred in exchange for the assets of this company,so that each father, J. G. White, who has been head of the organization during the
will be
holder will have stock giving him the same asset value on his shares as the entire forty years of its existence. The elder Mr. White will become
stock he now holds.
For the purposes referred to above, the directors have called a special Chairman of the board of directors.
meeting of stockholders of Wisconsin Investment Co., to be held on July 2.
—Eastman. Dillon & Co. announce the admission to general partnership
Stock being purchased on installment payments will be voted in the of Loring Dam, H. Lawrence Jones and Winthrop Sargent. Jr. Mr.
name of the owner. Installment payments will continue on this stock and
Philadelphia office of the
When the payments have been completed the subscribers will receive stock Sargent and Mr. Dam will be associated with the
firm and Mr. Jones will be the floor member of Eastman, Dillon & Co.
of the reorganized corporation in lieu of the stock of the proiont company.
Wee also International Security Management Co. above.)
on the New York Curb Exchange.
—Dominick & Dominick have published the 12th annual edition of
Wood Chemical Products Co.—Omits Dividend.—
The directors have voted to omit the quarterly dividend of 25 cents per their booklet "Industrial Preferred Stocks." The booklet describes Preshare ordinarily payable July 1 on the class B stock. Quarterly distribu- ferred issues of 39 leading American industrial corporations, giving the price
tion of this amount was made on April 1 last.—V. 127. p. 1268.
range from Jan. 1 to June 1 1930, with income yield at the high and low
Prices for the year.
Worcester (Mass.) Woolen Mill Co.—Sale.—
—Jenks, Gwynne & Co., members of New York Stock Exchange anThe company, in liquidation, has sold all its realty In Worcester, comprising 11 buildings, assessed for $122,000 to the Standard Foundry Co, nounce the opening of a branch office in Toronto, Canada. at 320 Bay St.,
Worcester, a subsidiary of the Crompton & Knowles Loom Works, which under the management of E. H. Peeler. The opening of this office marks
plans to utilize some of the buildings for an expansion of its nearby plant.
the 12 branch office of this Stock Exchange House and their second in
York Ice Machinery Corp.—Shipments Increase.—
Canada.
The corporation reports that the nine months of the company's fiscal
—The other general partners are John W.Hanes,Henry E. Butler, Philyear ended with June will show an increase in shipments of 9% over the emon Dickinson, J. Ford Johnson Jr., Geo. Willing Jr., Edwin A. Fish.
corresponding period of the preceding fiscal year which was the largest
Biddle.
year in its history. Orders hooked up to June 20 were in excess of the Jay Cooke II, Charles B. Harding, John W. Castles and Alexander
record figures for the same period last year. Branch office expense shows The other limited partners are John P. Grier and Edward H. Levis.
11% as compared with last year. It is stated.
a decrease of
—W. L. Garey, formerly President of Royal Baking Powder Co. has
The directors have authorized the erection of an addition to the new
pipe shop, made necessary by the rapid increase in the company's fire- joined the banking and investment firm of Eastman, Dillon & Co., memwelding work.—V. 130, p. 3566.
bers of the New York, Philadelphia, Chicago and Pittsburgh Stock ExYoungstown Sheet & Tube Co.—Opponents to Merge changes and the New York Curb Exchange.
—The Brown-Crummer Co. of Wichita. Kansas, have recently opened
Get Permission to Examine Bethlehem Books.—
In a decision handed down June 20, Judge Jenkins of the Court of their 14th office in the Perrine Building, Oklahoma City, Okla. The new
Common Pleas of Mahoning County, Ohio, granted opponents of the office is under the management of Carl F. Matzen and T. Roger Upshaw.
Youngstown-Bethlehem merger the right to inspect the books and records
—Harriman Brothers & Co. announce that George H. Walker has reof Bethlehem, which had heretofore been refused them. The judge's tired from membership in their firm. Announcement is also made that
decision gives the Eaton-Otis forces, who are opposed to the merger, the
right to examine and inspect all of Bethlehem's books and records with a Harold D. Pennington has been admitted to the same firm.
view to determining the value of Bethlehem stock tendered in exchange
—The First National Old Colony Corp. has issued a special pamphlet
for Youngstown shares. The judge's decision in part is as follows:
listing 450 separate preferred stock issues, giving data relating to divi"The content of these books and documents are all allegedly necessary
to a determination of the actual and true worth of the shares of the Bethle- dends, earnings, yield, &c.
—Herbert C. Heller & Co., Inc., announce that Paul E. Krubel has
hem Company stock and their consequent bearing is claimed to be clear
on the bona fide of the action of the directors of the Youngstown company become associated with them as manager, in charge of their corporation
in proposing and securing confirmation by the requisite majority of the bond department.
stockholders of the latter company of an agreement entered into for the
—James Talcott, Inc., has been appointed factor for the Atlas Mills,
sale of the latter company to the former.
"The issue must tend to establish by its allegation either that the direc- manufacturers of broad silks, with selling offices at 200 Madison Avenue,
breach of their fiduciary duty toward New York City.
tors in what they did, were guilty of
the stockholders, did not act honestly, did not act with the sole interest
—T.Edward Prendergast has become associated with Herbert C. Heller
of the stockholders in mind as distinguished from their personal or private
bond department.
purposes and advantages, acted on a gross over-valuation or under valua- & Co., Inc., as manager in charge of their municipal
—Sutro & Co.. announce the retirement of Benton Buckwalter as a
tion of the properties concerned, or in an abuse of their discretionary
Does the plaintiff's petition on its face general partner in the firm.
powers. The question then is:
tender such an issue of fraud or betrayal of fraud or state such a cause of
—Theodore Prince & Co. have prepared a circular."The Outlook for
action in fraud as would require for its support a determination of the
Railroad Stocks."
Production and inspection of these books and papers?
4628
FINANCIAL CHRONICLE
(VoL. 130.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-ETC.
-WOOL
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately followint the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
bags. Final prices show a decline on Rio for the week of
21 to 36 points and on Santos of 2 to 31 points.
Rio coffee prices closed as follows:
Spot unofficial-I September-_7.16(4) _ March
6.83 ® --July
December --6.98 ©nom I May
7.16©
6.71
Friday, June 27 1930.
Santos coffee prices closed as follows:
COFFEE on the spot was dull and weak, or nominal at Spot unofficial ____ I Sept
11.29 ©nom I March
10.15 ® --12.29 ®nom I Dec
13 to 133/2e. for Santos 4s,9c. for Rio 7s, and 8c. for Victoria July
I May
1O.47(
10.00 ©nom
7-8s. Fair to good Cucuta, 14 to 1434c.; prime to choice,
COCOA to-day advanced 12 to 24 points with sales of
15 to 160.; washed, 1534 to nye.; Colombian Comma, 14 to 285 lots; July ended at 8.28c.; Sept. at 8.36e.; Dec. at 8.57c.,
143/zc.; Bucaramanga, natural, 14 to 15c.; washed, 163% to and March at 8.800. Final prices show a decline for the
week, however, of
17e.; Honda, Tolima and Giradot, 163 to 170.; Medellin, York since June 142 to 48 points. Arrivals of cocoa at New
%
totaled 169,862 bags, against 142,689 a
1834 to 183%c.; Manizales, 163 to 17c.; Mexican washed, year ago. Stock of cocoa in warehouses on June 25 totaled
1734 to 1834c.; Surinam, 1234 to 133443.; Ankola, 24 to 251,014 bags, against 426,883 last year.
300.; Mandhelling, 26 to 35c.; Genuine, Java, 27 to 28c.;
SUGAR.
-Some 30,000 bags of Cuban raw sugar ex-wareRobusta washed, 13o.; Natural, 932 to 10c.; Mocha, 22 to house Norfolk to be delivered in Philadelphia sold on the
2234c.; Mono, 193 to 203c.; Abyssinian, 1534 to 16c.; 23d inst. at 3.240. delivered. Holders later asked 3.27c.
%
Guatemala, prime, 17 to 1734c.; good, 153 to 163c.; Bour- On the 23d inst. futures declined 2 to 5 points below Friday's
%
bon, 14 to 14340. On the 24th inst. cost and freight offers closing with sales of 755,000 tons including 29,000 tons exfrom Brazil were few and unchanged to slightly higher. changes. The decline was on the eve of July notices of
delivery through September.
On the 24th inst. futures
They included Santos Bourbon 2-3s for prompt shipment was ended unchanged to 1 point higher with sales 52,000 tons
133% to 13.90c.; 3-4s at 12.80 to 13.3504 3-5s at 113 to including 14,500 tons in exchanges. Covering of July offset
%
123/20.; 4-5s at 12.05 to 1230.; 5s at 11.55 to 12c.; 5-6s at liquidation in that mojath. About 6,600 tons of prompt
4
9.00c.; 6s at 10.45c.; 6-7s at 8% to 103c.; 7-8s at 6.90 to Philippines sold at 3.24c. A cargo of 150 tons Porto Rico
8.55c.; Santos Peaberry 4-5s at 113%c.; Part Bourbon 3-5s clearing July 9 sold at 3.27c. and 4,100 tons Porto Ricos
for second half August first half September
at 11340. and 5-6s at 10340. On the 26th inst. cost and 3.25c. There will be a meeting to-day of the shipment at
Santa Clara
freight offers from Brazil were scanty and unchanged to Producers' Association with a view to devising means, if
slightly lower. For prompt shipment, Santos Bourbon 2-3s possible, to lift Cuba out of her deplorable condition. One
were here at 12.40 to 13.85c.; 3s at 12.90e.;3-4s at 13 to firm said: "Exports from Cuba to the United States in the
13.35c.; 3-5s at 11.40 to 1234c.; 4-5s at 11.70 to 123%c.; week ended June 21 reached the exceptionally low figure
soon will
5s at 1134 to 123c.; 6s at 10.550.; 6-7s at 9.90c.; 7-8s at of 5,600 tons. It is obvious that larger shipmentsto expect
be needed from Cuba, and it seems reasonable
8.35 to 1134c.; Santos rain-damaged 7-8s at 8.000.; Rio 3-5s refiners to raise their bids in the near future to a level, which
were here at 83s to 8.80c.; 7s at 7.60 to 8.1004 7-8s at 7.40 will attract a resumption of selling by Cuba to this market."
Receipts at Cuban ports for the week were 32,476 tons,
to 7.90c.; Victoria 7s at 7.05c.; 7-8s at 6.85 to 7.00c.; Rio
Peaberry 3s were here at 9.70c.; 6s at 9.15c. For Aug. ship- against 50,278 a week previously; exports, 40,647 tons,
ment, Santos Bourbon 3-4s were offered at 113%c.; 5-6s at against 66,318 a week ago; stock (consumption deducted),
1,650,910, against 1,371,317 a week ago; centrals grinding,
1034c.; for July-Dee., Santos Bourbon 4-5s at 10.70c.; for 3, against none a week ago. Destination of exports: Atlantic
July-Sept. Bourbon 2-3s at 12.05 and 4s. at 11.10c. On the ports, 2,142; New Orleans, 1,114; interior United States,
27th inst. cost and freight offers from Brazil early were 2,114; Europe, 34,977; Panama, 30. Receipts at United
unchanged to slightly higher. They included for prompt States Atlantic ports for the week were 35,240 tons, against
shipment, Santos Bourbon 2-3s at 12.40 to 13.85e.; 3-4s at 35,008 in the previous week and 52,387 last year; meltings,
58,825, against 51,985 in previous week and 66,710 same
1234 to 13.35e.; 3-5s at 11.40 to 12.20c.; 4-5s at 123%c.; week last year; importers' stocks, 194,091, against 234,091
6s at 10.5504 7-8s at 8.35 to 9.90c.; Rio 3-5s at 8.60c.; 7s at in previous week and 389,520 last year; refiners' stocks,
7.70c.; 7-8s at 7.40 to 734o.; Victoria 7s at 7.05c. and 7-8s at 270,090, against 253,675 in previous week and 308,412
last year; total stocks, 464,181, against 481,766 in previous
6.85c.
One firm said: "On June 1 stocks in interior warehouses week and 697,932 last year. There was a sale of 6,200 bags
of Porto Ricos due next week at 3.30c. Refined
in Sao Paulo amounted to 21,833,000 bags, a decline of with pretty good withdrawals, but little new was 4.60o.
business.
only 534,000 bags during May, aod indications are that on On the 24th inst. it was first July notice day and 37 notices
July 1 the carryover will be fully 22,000,000 bags as com- were issued. London on the 24th inst. opened easy for new
pared with 16,500,000 bags figured on when the £20,000,000 contracts and unchanged to %d. off. Old contracts were
to 13/sd. lower. Liverpool opened unchanged to %d.
loan was negotiated by the State of Sao Paulo a few months
higher.
ago. In other words, there will be about 4,500,000 bags
On the 24th inst. early London cables reported a dull and
which are not included in the terms of the loan, but which, easy market for raw sugars. On the 23d inst. parcels for
of course, must sooner or later find a market along with July shipment sold at 6s. 534d., while on the 24th inst. that
current crops, and the yearly proportion of the surplus to be position was held at 6s. 6d. Aug. shipment could also be
liquidated which liquidation starts July 1, when the loan bought at the same price while Sept. was held at 6s. 734d.;
becomes effective." According to cables to the Exchange Oct. at 6s. 9d. Parcels afloat sold at 6s. 434d. and a cargo of
/
here, the Santos stocks were reduced 40,000 bags, being Mauritius crystals for Oct. shipment on a parity of 6s. 63 td.
Government coffee withdrawn to prevent the stocks from Late cables on the 24th inst. reported that the weather
exceeding the limit of 1,200,000 bags. Futures on the 23d continued generally hot on the Continent, but that there
inst. declined 4 to 17 points with total sales of 51,000 bags. has been some rain in Germany where it was badly needed
The trade sold near months freely, especially Rio, as July 1 as has been the case elsewhere for some little time. On the
draws near when a new policy as to coffee support will 130 25th inst. there were 24 notices, but for all that futures ended
unchanged on July and 2 to 3 points up on other months.
inaugurated in Brazil.
Futures on the 24th inst. advanced moderately on buying The sales were 41,900 tons nearly 25% exchanges. On the
by Brazil, local and European interests, partly owing to a 26th inst. futures were more active closing 1 to 2 points
rise in Santos Exchange. The ending was 7 to 22 points higher with sales of 31,500 tons. Eighteen July notices
higher on Rio and Santos with sales of 50,000 bags. On appeared and were promptly stopped. There was some
the 25th inst. a decline in Brazilian Exchange caused a outside buying.
London was quiet and steady on the 26th inst. Parcels
drop here of 17 to 27 points. Europe sold. Brazil bought
to some extent on a scale down. On the 26th inst. futures of July shipment sold at 6s. 6d., equal to 1.27c. f.o.b. Not
were irregular with July under pressure of liquidation. The much was offered, but trade was slow. Some look for a
close was 10 points lower to 6 higher with sales of 43,500 rally on the better technical position. To-day 3.38e. debags. There were four July notices of Victoria and one of livered or 1%e. c.ezf. was paid for 7,200 tons of Porto Ricos
Bahia. This caused selling of July. A Comtelburo cable for late July-early August arrival. It was reported that
to the Exchange here said that the Rio Centro de Cafe now 3.35c. delivered was paid on two cargoes of Porto Rican for
estimates the quantity of the 1930-31 crop exportable via July shipment. To-day prices ended 2 to 4 points higher
Rio at 2,000,000 bags. To-day firmer Brazilian exchange with sales of 61,250 tons. Final prices show a rise for the
and more covering caused an advance. Rio futures ended week of 3 to 5 points. Closing quotations follow: II
2 to 4 points higher with sales of 22,000 bags and Santos Spot unofficial _ - 1 7-16IDecember _ _ -1.51 ®1.521March
1.60041.61
July
May
January
i.33@
_ _1.53 ®
1.67(
was 5 points lower to 4 points higher with sales of 30,000 September _ _1.42
.4%
FINANCIAL CHRONICLE
JUNE 28 1930.1
• LARD on the spot was dull and weak; prime Western,
9.90 to 10c.; refined Continent, 103,e.; South America,
/
10%e.; Brazil, 113se.; later refined fell %c. Cash lard
on the 23d inst. was weak at 9.85 to 9.950.for prime Western.
Futures on the 21st inst. declined 8 to 15 points with new
lows in grain and cash lard lower. Futures declined 17 to
35 points on the 23d inst., but rallied and ended 5 to 8
points net lower, the ups and downs of prices being largely
due to the movements of the grain market. Futures on
the 24th inst. closed unchanged to 5 points higher. Late
in the day packers bought. Hogs closed generally 25c.
lower. Receipts of hogs at all Western points were 111,000,
against 112,000 a year ago. Liverpool lard was 6d. to is.6d.
lower. Clearances of lard from New York to European ports
largely were 1,397,000 lbs. Cash lard was firmer. Prime
Western, 9.90 to 100.; refined Continent, 10e.; South
America, 103c.; Brazil, 113c. On the 25th inst. futures
closed unchanged to 10 points lower with hogs weaker.
Total Western receipts of hogs were 93,300, against 114,500
a year ago. Chicago had 21,000. Clearances from New
York were 891,000 lbs. to France and Germany. A decrease
of about 6% in the spring pig crop of 19311from that of 1929
for the United States as a whole was shown by the June
pig survey of the Department of Agriculture covering about
72,000 farms. The decrease in the 11 corn belt States was
about 3%. On the 26th inst. futures advanced 7 to 15
points in response to the rise in grain. To-day futures ended
unchanged to 3 points higher. Final prices show a net
decline for the week of 7 to 10 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
9.40
9.55
9.37
July
September
December
Mon.
9.35
9.45
9.30
Tut's.
9.40
9.52
9.30
Wed.
9.32
9.42
9.30
Thurs.
9.42
9.57
9.37
Fri.
9.45
9.60
9.37
PORK quiet. Mess, $31.50; family, $33.50; fat back,
$21.50 to $25. Ribs, 13.75e. Beef firm; mess, $24; packet,
$23 to $25; family, $25 to $26; extra India mess, $42 to
$44; No. 1 canned corned beef, $3.10; No. 2, $5.50; six
pounds, South America, $16.75; pickled tongues $70 to $75.
Cut meats steady, but quiet; pickled hams, 10 to 20 lbs.,
%
1914 to 203/ac.; pickled bellies 6 to 12 lbs., 193( to 213c.;
bellies, clear, dry salted, boxed, 18 to 20 lbs., 1614c.; 16
to 18 lbs., 170. Butter, lower grades to high scoring, 26 to
34e. Cheese, flats, 18 to 26c.; daisies, 18 to 25e. Eggs,
medium to extras, 203' to •253/2c.; closely selected, 26
to 273/se.; extra fancy white, 1 to 234c. more.
-Linseed was quiet but steady at 14c. for raw
OILS.
oil in carlots cooperage basis. Cocoanut, Manila Coast
tanks, 53/c.; spot, N. Y. tanks, 6% to 6%c.; China wood,
5
%
%
N. Y. drums, spot, 93. to 93 c.; tanks,83c.; October-June,
9e.; Pacific Coast, tanks, July-Sept., 8 to 81443.; Oct.
-June,
%
83.c.; soya bean, tanks, coast, 93c.; domestic tanks, cars,
f.o.b. Middle Western mills, 814 to 9c.; edible olive, 1.85
to 2e. Lard, prime, 133,e.; extra strained winter, N. Y.,
lie. Cod, Newfoundland, 60c. Turpentine, 45% to
513.e. Rosin, $6.60 to $8.60. Cottonseed oil sales to-day,
including switches, old, 9,900 bbls.; new, 5 contracts.
Prices closed as follows:
Spot
July
September
October
December
NEW.
OLD.
November
8.20@
8.22
Bid December
8.50 8.49 January
8.50
February
8.40 8.39 March
April
7.9015 8.00
7.95 8.00
UM
8.15
8.20
KB
8.25
8.40
PETROLEUM.
-Bulk gasoline was somewhat unsettled.
Rumors were heard of price shading, both locally and in
New England, but refmers generally quoted 9 to 10e.
Some smaller sellers, it was reported however, would accept
8
840. on a firm bid. There was a report that the New
Jersey tank wagon price would be advanced le. shortly
after July 4. Export demand was fair. Heating oils were
in fair demand and steady. Kerosene was rather quite
at 7 to 714e. for 41-43 water white in tank cars at local
refineries. Bunker oil was steady at $1.15 for grade C
refinery. Diesel oil remained at $2 refineries.
Tables of prices usuallyappearing here will be found on an earlier page in
our department of"Business Indications," in an article entitled "Petroleum
and Its Products."
-On the 21st inst. the trading was down to
RUBBER.
125 tons closing with new contract unchanged to 10 points
lower and the old 5 points lower to 3 higher. A London
opinion was that there seems to be little hope of immediate
recovery in the market position owing to the world's general
economic position even though prices have fallen to a point
at which only the very best estates can produce without
loss, and this may have a bearing on the Anglo-Dutch
neogtiations for renewed restriction. There was to be a
meeting of the Dutch and British growers on Thursday to
consider further measures of restriction. New contracts
closed on the 21st int. with July 11.850.; Dec., 12.70 to
12.720.; Jan., 12.86e.; old contract, July, 11.70 to 11.80e.;
Sept., 12 to 12.10e.; Dec., 12.60 to 12.700.; Jan., 12.70o.
Outside prices: Ribbed smoked spot and June, 11% to
117se.; July, 113 to 113/se.; spot first latex, 12 to 1214c.;
/
%
4
thin pale latex, 123 to 1230.; clean thin brown No. 2,
113' to 118sc.; rolled brown crepe,.8% to 830.; No. 2
/
/
%
amber, 113 to 115 c.; Paras, upriver fine spot, 14 to
%
14%e. London spot, June and July 6d. Singapore July,
5 11-16d. On the 23d inst. prices declined 5 to 10 points to a
new low then rallied and closed unchanged to 30 points
higher on covering. The sales were 280 tons of new contract
4629
and 485 of old. In London on June 21 the stock totalled
78,888 tons, against 78,104 tons at the close of the previous
week, an increase of 784 tons. In Liverpool the stook
totalled 27,354 tons at the end of last week, against 26,646
tons at the close of the preceding week, a further increase of
708 tons. New contract July closed at 11.92c.; Dec., 12.870.;
Jan., 13.050.; old contract, July, 11.800.; Sept., 12.10 to
12.20e.; Dec., 12.70 to 12.8004 March, 13.20 to 13.30e.
Outside prices: Ribbed smoked spot, June and July, 12 to
-Sept., 1214 to 123c.; Oct.
%
1214o.; Aug.
-Dee., 123. to
1214c.; spot, first latex, 1214 to 12%e.; thin pale latex,
123/ao.; clean thin brown No. 2, 1114 to 113e.;
12% to
speeky crepe, 10% to 11%c.; rolled brown crepe, 8% to
4
814e.; No. 2 amber, 113' to 1130.; No. 4 amber, 1014 to
lie.
On the 24th inst. prices advanced at first, then fell 25 to
35 points on active selling and liquidation. Wall Street
covering helped to check the decline. The sales were 1,000
tons of new contract and 590 of old. Declines in stocks,
cotton and grain had a weakening effect on rubber. New
contract closed with July 11.92 to 11.95c.; Dec., 12.92 to
12.95c.; March, 13.45e. Old contract closed with July
11.800.; Sept., 12.20c.; Dec., 12.800.; March, 13.400.
Outside prices: Ribbed smoked spot and June, 1214 to
-Sept., 1214 to 1214c.;
1214c.; July, 12 to 1214e.; Aug.
4
spot first latex, 1214 to 1230.;thin pale latex, 12% to 1214c.;
clean thin brown No. 2, 11 to 11140.; rolled brown crepe,
4
8% to 87 3.; No. 2 amber, 1114 to 113/2c.; No. 4 amber,
%
%
103 to 103c.; Paras, upriver fine spot, 14 to 143c.; coarse,
7 to 73je.; Acre fine spot, 1434 to 1434c.; Caueho BallUpper, 7 to 714c. London spot and July, 63gd.; Singapore,
/
July, 53sd. Rubber invoiced for shipment to the United
States for the week ended June 21, according to vise figures
of the Department of Commerce, totaled 8,438 tons against
8,218 last week and 9,458 two weeks ago.
On the 26th inst. prices were irregular, closing 10 points
lower to 10 higher on old contracts and unchanged to 12
off on the new. At the meeting of British and Dutch industries a complete agreement .ivas reached on certain recomi
mendations which would be. mmediately submitted to their
respective associations. This was a bit delphio and did not
brace the market. The sales were 795 tons of old contract
and 200 of new. New contract ended at 12.05e. for June,
12.55 to 12.62e. for Sept., 13.05 to 13.12e. for Dec., and
13.60 to 13.62e. for March. Old contract: July, 12c.;
Sept., 12.40 to 12.500.; Oct., 12.600.; Nov., 12.700.; Dec.,
12.90 to 13e.; March, 13.50e. Spot ribbed smoked, 12 to
121 e. In London spot and July, 6 1-16d. Singapore
%
%
July, 53 d. London cabled the Exchange here on the
26th inst.: "Meeting at 10:30 this morning of the AngloDutch Rubber Growers' laiason committee, utmost secrecy
being observed as to the duration of the trend of discussion
but believe that further restriction is the main view."
To-day prices closed 15 to 23 points higher on new contract with sales of 27 lots. Old contract ended 10 to 30
points up with sales of 234 lots. Some 90 notices were
issued. London closed 1-16d. to Hd. higher; spot-July,
634d.; July-Sept., 614d.; Oct.
-Dee., 6 7-16d.; Jan.
-March,
6 11-16d. Singapore closed 1-16 to 3-164. lower; July,
5 11-16d.; July-Sept., 5 13-16d.; Oct.
-Dec., 6 1-164.; No. 3
ambercrepe, spot, 43/sd., or %d. lower. Final prices show
a rise for the week of 50 to 60 points. It was stated to-day
that British producers propose a 25% restriction on output
throughout the whole industry. Influential quarters say
that unless restriction is made compulsory it has no prospect
of success. They admit, however, that the Dutch attitude
now is more favorable than during the Stevenson scheme.
-On the 21st inst. prices fell 15 to 25 points
HIDES.
with sales of 1,160,000 lbs. That was active trading for a
half day. July ended on that day at 13e.; Sept. at 13.65
to 13.71c.; Dee. at 14.70 to 14.75e., and May at 15.75c.
Packer hides sold more freely recently than for months
past. It is estimated that well over 300,000 hides were
sold in the West with prices unchanged to Me.lower. City
packers were also in rather better demand. Prices were
somewhat steadier. Common dry hides are said to have
been in better demand, but offerings were small. On the
23d inst. prices declined 10 to 20 points to new lows. • Sept.
closed at 13.65 to 13.71c.; Dec. at 14.70 to 14.75o.; Jan.,
14.90 to 14.95e.; Feb., 15.15e.; May, 15.75c. Recent sales
were reported of 20,000 city packer at 15e. for native steers,
1434c. for butts and 14e. for Colorados; also sales of 13,000
Argentine steers at 14% to 14 7-16e.
On the 24th inst. prices were at first unchanged to 50
points lower closmg 1 point net lower to 25 points higher
with sales of 180,000 lbs. In the outside market 10,000
frigorifico steers June sold at 133 e. against the last previous
%
sale at 14 7-16e.; 4,000 frigorifico light steers, June, sold at
1314e. a drop of Vic.; also 3,000 extra light native steers,
June, sold at 1334c. and 6,900 butt brands, and Colorados
June take-off at 1434 and 14e. respectively unchanged from
previous sales. Futures on the 24th inst. closed with July,
12.60e.; Sept., 13.20c.; Dec., 14.38 to 14.40e.; Jan., 14.70e.;
Feb., 14.95 to 14.99c.; March, 15.150.; May, 15.66e. On
the 26th inst. prices fell 9 to 15 points net with sales of
2,080,000 lbs. Also 12,000 June frigorifico sold it seems at
1334c., a decline of Me. July closed at 12.400.; Sept. at
12.95 to 12.990.; Dec., 14.01 to 14.02e.; Feb., 14.55e.
;
March, 14.75e. Common dry Cucutas, 1534c.; Orinocos,
Central America, Maracaibo Ecuador and La Guayra,
14o.;
4630
FINANCIAL CHRONICLE
13c.; Savanilas, 123/c.; Santa Marta,13Mc.;Puerto Cabello,
2
1234c. To-day prices ended with July 12.35c.; Sept., 12.89
to 12.91c.; Dec., 13.95 to 13.98c.; Feb., 14.30 to 14.35c.
with sales of 54 lots. Final prices show a decline for the week
of 105 to 110 points.
OCEAN FREIGHTS were dull at the recent decline in
rates. Later merchandise markets advanced.
(VOL. 130.
spot standard advanced £2 17s 6d. to £139 10s; futures up
£3 to £141 10s; sales 10 tons spot and 490 futures. Spot
straits advanced £2 17s 6d. to £141 12s 6d. Eastern c.i.f.
London ended at £140 7s 6d. on sales of 350 tons. At the
second London session on that day standard advanced 10s
on sales of 5 tons of spot and 420 of futures. To-day sales
were 135 tons with July closing at 30.60c.; Sept. at 30.80c.;
CHARTERS.
-Grain-Black Sea to Continent, 108. 3d., full options: and Oct. at 31c.
35,000 qrs. Montreal late June-early July. Mediterranean. 10,
4c.; 35.000
8
LEAD buying was of a hand-to-mouth nature. Prices
qrs. middle July. Gulf to Rotterdam, 10c.; Black Sea to Continent, 10s. 3d.,
full options; 30.000 qrs. Montreal to Stockholm, 1334c.; 32,000 qrs. Mont- were unchanged at 5.250. New York and 5.15c. East St.
real July 25
-Aug. 10, Mediterranean, 11c.: 35,000 qrs. Montreal late Louis. The ore price is down to $62.50 in the tri-State
June-early July, Bristol Channel, is. 9d.; 41.000 qrs, first half August,
Gulf to Antwerp-Rotterdam, 10c. Grain bookings included four loads district. .The depression in other metals, commodities,
Boston to London at is. 6d. Tankers
-Clean, Gulf, August, Villequier and securities is making itself felt. In London on the 25th
and Rouen, two ports, 12s. 6d.; Gulf, French Atlantic, one discharge, 20s.
6d.; clean, July, Black Sea to U. H.
-Continent, 19s.; clean, August. Gulf to inst. prices sagged Is. 3d. to £17 18s. 9d. for both spot
La Paine° or Rouen, 21s.: July, Gulf to north of Hatteras, 27c.; clean. end and futures.
June, Constanza-North Africa and French Mediterranean, and also thereafter Constanza to Cette, 13s. 9d.; and also thereafter Constanza to Italy, . ZINC declined to 4.25c. East St. Louis. There was
16s. Time
-West Indies round, prompt, north of Hatteras, 90c.: prompt little or no business reported. In London on the 25th inst.
West Indies round, first week July, $1.65. Sugar-July. Cuba to U. K. spot
fell 2s. 6d. to £16 2s. 6d. for spot and £16 13s. 9d. for
Continent. 12s. 3d.; Barbados. Aug. 10-25, Montreal, 104c.
futures; sales, 500 tons futures.
TOBACCO has been duller than usual at this time of
-Bars, plates, shapes, sheets and nails are lower
year. Farm reports are favorable from Ohio, Pennsylvania, in STEEL.
dull times. Bars, plates and shapes are again on a price
and Wisconsin. Planting seems to have been practically
finished. Prices are called unchanged. Figures released parity of 1.65 to 1.75e. Good-sized orders are filled, it is
by the Internal Revenue Bureau show a drop in withdrawals stated at 1.65c. Wire nails are selling at $2.05 to $2.10 in
of both cigars and cigarettes during the month of May, contrast with the previous open price of $2.15. Galvanized
as compared with the same period last year. Cigar with- sheets have been sailing at 3.15c. Pittsburgh,as against the
drawals in May totaled 523,776,163, against 572,412,549 regular price of 3.20c. Chicago rail mills are operating at
in May last year. April withdrawals were 469,968,598. only 50% of capacity as against 80 early this year. The
Withdrawals by classes follow; Class A, 307,027,260 in Santa Fe has increased its rail inquiry from 40,000 to 60,000
May 1930, against 313,510,440 in May 1929; class B, 37,- tons. The largest recent order was of 40,000 tons by the
820,713, against 51,865,643; class C, 166,145,792, against Norfolk & Western. Steel makers, it is significant, are
191,391,960; class D, 11,249,959, against 13,834,170, and trying to prevent third quarter prices from dropping under
class E,1,531,439, against 1,810,336. Cigarette consumption those now current. Steel sales in the East are smaller than
dropped to 10,300,767,513 last month from 11,168,406,693 last month, though the volume is fairly steady. Tin plate
in May 1929. The April 1930 figure was 9,535,460,463. mills are working at 75%. Pittsburgh reported trade in pipe
.
Little cigars withdrawn last month amounted to 36,954,000 smaller. That in oil material and tubes is on only a fair
as compared with 40,670,506 in the same month last year. scale. Mill operations are still at 75% of capacity. ConMay withdrawals of large cigarettes were 625,994, against tracts have been generally renewed through third quarter
951,594 in May 1929. Withdrawals of manufactured to- at 73 off list for bolts and nuts at 2.90c. base, Pittsburgh,
bacco in May amounted to 29,145,241 lbs., against with- for rivets. Fabricators who made their own rivets in 3.10e.
drawals in the same month last year of 30,128,326 lbs. market are now expected to buy at 2.90c.
Snuff was the only tobacco product to gain in consumption
PIG IRON was dull here and without features of interest.
last month, the figure totalling 3,433,759 lbs., against 3,- In Cleveland, it is said, business has increased and that
231,800 in May 1929.
last week sales there were 15,000 tons. Birmingham shipAmsterdam cabled: "About 850 bales Sumatra bought ments have fallen off. Iron has remained quiet in this section
for America at sale on the 20th inst. Market high for fine and in New England trade has also been very slack. The
goods." Havana cabled the "United States Tobacco Jour- West made no better showing than the East.
nal": "Week's sales, 6,903 bales. Consumption in May
Australia lower. Bosin Cuba was 14,722,325 cigars and 28,534,242 cigarettes, ton wired:was weaker with prices in in Sydney where 30,000
against 17,799,725 cigars and 27,677,952 eigaretes in May bales are "Thus in the sales current prices are quoted on
being
1929. For the first five months of this year it was 64,100,625 the equivalent offered in four days, Boston, for the best
clean in bond at
cigars and 118,422,585 cigarettes, against 76,749,300 cigars 64-70s at aboutbasis,and for the best 64s combing at about
57c.
and 117,535,125 cigarettes in the corresponding period last 55c. These prices are at least 4c. a lb., clean basis, below
year
-a big drop in cigars and a slight gain in cigarettes. the level prevailing
advance
Reported transactions for the week of 6,903 bales include in the tariff from 31at the recent top. With the on these
content,
to
5,560 of tobaccos from Pinar del Rio Province, 722 from fine wools, the market 34c. a lb., clean
this
is about equalized so far as .
the Habana Province (Partido tobaccos) and 621 bales from country is concerned, with the prices which were prevailing
the Santa Clara Province (Remedio tobaccos)." The re- three or four weeks ago in Australia. There was a sale in
cent hot weather in New England hurt business. The Perth on the 24th inst. when 13,000 bales were offered.
Government is to grade Georgia markets. The new tariff The selection was fairly good and demand good. Prices
went into effect on Wednesday, June 18. It includes were hardly changed. France was the chief buyer." A
173'c. on imported wrapper tobacco. The new rates of Government report of the 26th inst. said: "Recent interest
82.2734 per lb. on unstemmed wrapper tobacco and 82.293 in 56s quality domestic wools has developed into a sizable
•on stemmed tobacco, compared with previous rates of $2.10 volume of sales of both fleece and territory lines. Only a
and $2.75, respectively. The rates of duty on filler tobacco few houses have as yet participated in the recent business,
remain unchanged at 35c. for unstemmed tobacco and 50c. but the movement has involved a very substantial weight
on stemmed and 35c. on scrap. All other tobacco manu- of this grade of wool. Ohio and similar strictly combing
factured or unmanufactured, not especially provided for, 56s fleeces are bringing 29 and 300. in the grease. Strictly
continues to pay a rate of 55c. per pound. Cigars and combing 56s territory wool is bringing 60 to 63c. scoured
cigarettes are still dutiable at $4.50 per lb. and 25% ad basis." Tops fdeclined, according to another report. Fine
valorem. Snuff and snuff flour and tobacco stems remain grades 973e. in Boston. Ohio and Pennsylvania fine deat their old rate of 55c.
blood,
3
laine 30 to 31
34 blood; % blood, 29 to 30c.;
COAL has been quiet. Trans-Hudson buyers are taking 30 to 31e.; Territory, clean basis, fine staple, 75 to 770.; fine
blood staple,
7c.5
less anthracite and more bituminous. Screenings, Eastern, medium, French combing, 70 to 75e.;
to.
Western and Southern, reported to be firmer. Southern 70
Imports of raw wool through Boston, Philadelphia and
smokeless nut and slack have been lately sold, it seems, at
the West at a price not very much under that for second New York during the week ended June 7 totaled 1,468,346
to the best quality of smokeless run of mine. Trade later, lbs. actual weight, against 2,932,275 the preceding week,
on the whole, was dull and prices were generally unchanged. according to the Department of Commerce. Receipts by
ports were: Boston, 537,322 lbs., against 1,491,238 lbs.;
COPPER was quiet, but firm at 120. for domestic delivery Philadelphia, 521,788, against 506,477, and New York,
There was no shading of prices 409,236 lbs., against 934,560. Entries of carpet wool durand 12.30c. for export.
reported, but concessions are expected to be made soon if ing the week totaled 982,203 lbs. against 1,525,595 the prethe demand does not improve. The American Brass Co. is ceding week, with 258,063 entering at Boston, 332,068 at
said to be selling its products on a basis of 123'c. for refined Philadelphia and 392,072 at New York. Receipts of clothmetal, but in the Chicago district sales are said to have been ing wool amounted to 331,132 lbs., against 215,809; 156,650
made at 120. Export sales on the 25th inst. were 700 to 800 at Boston and 174,482 at Philadelphia. Imports of combtons. In London on the 25th inst. standard fell 7s. 6d. to ing wool totaled 122,780 lbs. against 1,167,480, including
£48 10s.; sales 50 tons spot and 500 futures. Electrolytic 91,198 at Boston, 15,238 at Philadelphia and 16,344tat
was unchanged at £54 10s. bid against £56 10s. asked. New York. In Liverpool on the 20th inst. offerings 111
There was no trading in futures on the exchange, all positions bales of Baires slipe and 120 bales of Montevideo wools,
being 11.75c. nominal. July to Feb. inclusive ended to-day met with good buying at firm prices. Of the 2,300 bales
at 11.75c.
of Peruvian wools offered the bulk was withdrawn.
At Sydney, Australia, on the 23d inst. the market was
TIN recently advanced. Straits tin spot 31c';July,31.10c.
.
August,31.20 to 31.25c.; Sept.,31/c.;Oct.,3134c. Rumors fairly steady on last week-end's closing rates, except that
that an important announcement was about to be made coarser wools are slightly eaiser again. Advices from San
about mine shutdowns on the part of British, Dutch and Angelo, Tex., are to the effect that the pool of eight months'
Billiton tin interests received little attention. Futures on wools there of between 5,000,000 and 6,000,000 lbs. has
the Exchange here on the 25th inst. advanced 65 to 80 been consigned to the co-operatives on an advance of 220.
points with sales of 220 tons. In London on the 25th inst. per pound, which would mean, if 90% of the value in Texas,
virgoL
a clean landed cost at Boston approximating 70c., assuming
a shrinkage of 61%.
SILK to-day advanced 7 to 10 points with sales of 1,240
bales. July ended at $2.95 to $2.98; Sept. at $2.90 to $2.95;
and Dee. at $2.91 to $2.92. Prices show a decline for the
week of 20 to 24 points.
COTTON
Friday Night, June 27 1930.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
32,659 bales, against 36,511 bales last week, and 31,419 bales
the previous week, making the total receipts since Aug. 1
1929, 8,141,499 bales, against 8,974,983 bales for the same
period of 1928-29, showing a decrease since Aug. 1 1929 of
833,434 bales.
Sat.
Receipts at-
Wed.
Tues.
Man.
Thurs.
Fri.
Total.
Galveston
Texas City
Houston
Corpus Christi_..
New Orleans_ Mobile
Pensacola
Savannah
Charleston
Lake Charles--Wilmington
Norfolk
New York
Boston
337 2,092
336
.671
483
137
128
82
82
406 4,075
373
835
554 1,691
216
47
92
26
--------5
14
968 1,373 6,610
766 1,562 1,
770
25 1,260
183
3
694
288
67
200
------------250
50
57 8,269
1
1,496 1,:i; 5 3,887
564 1.562 8.672
765
763
176 4,542
262
262
- - --4
8
-4
14
138
19
175
4
114
---- 1,098
39
__
437
508
14
--
Totals this week_
3,438
7,896
8,861
4,798
4.251 32,659
3,415
The following tab e shows the week's total receipts, the
total since Aug. 1 1929 and the stocks to-night, compared
with last year:
1929-30.
Receipts to
June 27.
Totals
Stock.
1928-29.
This Since Aug This Since Aug
Week. 1 1929. Week. 1 1928.
dalveston
Texas City
Houston_ -......
Corpus Christi_Port Arthur,SicNew Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles- - -Wilmington
Norfolk
N'port News, &c..
New York
Boston
Baltimore
Philadelphia
2,092 1,747,683
82 137,858
4,075 2,621,011
92 387.476
15,111
---6,610 1,668,480
1929.
3,715 2,775,515 208,141 127,902
582 179,886
3,402
4,958
1,628 2,845,398 600,795 234.989
---- 256,123
6,673
17,060
---2,595 1,567,323 389,065 136,872
598
274 288,404
12,984
19,952
-12,950
---186
867
674
787 377,090 94,953
22,424
2,306 172,566
58,853
14,352
__-5,505
70 125.904
6.809
7,654
196 232,280
52,446
46,475
129
50
51.268 231,617 168.078
60
3,471
6,411
2,052
61,222
733
1,533
1,083
105
94
5.206
4,451
1,260 409,095
250
32,658
534
8,269 515,080
--_7,094
872 241,614
12,070
262
8 92,215
175 160,705
____
1,098
56,881
14
2,118
33,063
753
32,659 8.141,499 13.090 8.974.983 1,679,755
791.916
Receipts at- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
Galveston---Houston*_ --New Orleans_
Mobile
SavannahBrunswick _
Charleston-Wilmington
Norfolk
N'port N., &c
All others--
2,092
4,075
6,010
1.260
8,269
3,715
1,628
2.595
274
787
8,392
5,719
8,430
1,264
2,854
5,190
2,581
13,850
685
6,836
9,021
13,629
14,852
740
7,689
3,395
4,725
4,389
467
586
8,372
8
175
2,306
70
196
942
473
1,349
2,505
404
1,439
2,471
54
2,481
2,169
308
1,076
1,798
1,519
1,422
3,353
1,817
1,399
Tot. this week
32,659
13,090
30,851
36,843
53,126
18,514
Since Aug.1-- 8,141,499 8.974.9838,227,656 12550654 9.456.366 9.091.015
*Beginning with the season of 1926. Houston figures include movement
of cotton previously reported by Houston as an interior town. The distinction between port and town has been abandoned.
The exports for the week ending this evening reach a
total of 44,103 bales, of which 9,289 were to Great Britain,
2,242 to France, 4,678 to Germany, 706 to Italy, 18,231
to Russia, 7,171 to Japan and China and 1,786 to other
destinations. In the corresponding week last year total
exports were 77,781 bales. For the season to date aggregate exports have been 6,448,322 bales, against 7,729,180
bales in the same period of the previous season. Below
are the exports for the week.
Exported to
Week Ended
Great
Ger- Britain France. many.
Exports from
Japan&
Russia. China. Other. Total.
June 27 1930.
706
349
4,248
108
2;&ii
3,781
200
300
92
2,250
850
250
911
4,678
773
be
2,210
4.770
18,231
191
708 18,231
225
891
170
-lie
3,265
11,951
408
262
375 25,008
800
150
250
- 1,684
50
425
-ion
Total
9,289
2.242
7,171
1,786 44,103
Total 1929
Total 1928
5,091
7.737
671 8,620 15.023 21,329 18,071
1,915 10,414 14,262 17,100 4,650
8,976 77,781
2.439 58.517
Exported to-
From
Aug. 1 1929 to
June 27 1930.
Great
Gee- Britain. France.I many.
Exportsfrom
196,274268,035
224,054 345,218
26,737 15,338
102.221 71,931
3,332 3.853
318
383
260,959 82,304
91,992 8,287
291
5,69
146.826 1:058
7,094
183
58,398
12,987
53,11
,079
3.796 9
100
868
1,140
72
.
43,806 6.244
5,250
500
8,563
Galveston_ ___
Houston
Texas City__ Corpus Christ
Beaumont_Lake Charles_
New Orleans_
Mobile
Jacksonville._
Pensacola....
Savannah....
Brunswick
Charleston. _
Wilmington _
Nerlolk
New YorkBoston
Baltimore_ Philadelphia_
Los Angeles- San Diego _ _
San Francis •
Seattle
Portland. Ore.
Total
Japafkb
Russia. China.
Total.
346,372180,056 8.123 294,511,277,47211,570.843
460,291 183,77 12,521 356,513218,93511,801,307
-___ 3,151 12,0681 95.379
35,552 2,533
364.493
54.111 36,51 41,521 27,731 30,45
15,111
___, ____ 3,191
3,721 1,01
10.130
82
--_' ----,
4,977 3,64
225,812 179.103 34,106 209,027 104,969 1,096.780
177,508 9,0901 --_ 21,48/ 6.6601 315.024
291
55 33,058
____ 1,000,
26,109
2001
---- 12,500, 5.936 381.965
210,115 5,53
7,094
-I
66.300
420
---- 40,405 13,412 179.118
-2,000 72.168
12.2711 44.910- ---- 85.049
____
30.98
24.003 5,817
---- 2.497 9.370 54.362
5,654
, 4,2
----- ----------1,262
122
229
----- -----------:
157
796
772, 2.14
____
47,000 1.361")
8,150
2,900,
64.577
200
--__ 51,286' -iii
3,500
34,245
24,245: ____
4.237
4,2371 --._
1 252,692814,108 1,729,292653.970 96,271 1208912693,07715,448,322
Total 1928-29 1,830,856 788,990 1,888,795 690,981 277,408 1474838 777.312 7.729,130
Total 1927-28 1.390,595865.8622,105.648 657.51)5 350.198 1003150 851.2827.224.240
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
Leaving
Other CoastGerGreat
Britain. France. many. Foreign wise. Total. Stock.
184,641
3,200 3,000 3.800 12,000 1,500 23,500 367,167
Galveston
300 21,898
1,209 2,025 2,676 15.688
New Orleans
Savannah
58,853
_
_
____
____
_
Charleston _ _ _ _
11.208
,'i70
4.56 1--------286
1,060
Mobile
52,446
___
Norfolk
____ 20,1HW 843,313
2,866 it.60
1,000 1,866
Other ports*
June 27 at-
Total 1930
Total 1929
m.....1 10951
6,409 6,525 8,976 42,974
9,514 4,958 6,432 34,902
la 497 in 547 18.458 33.998
2,290 67,174 1,612,581
4,936 69,742 731,174
2.200 77.660 814,345
* Estimated.
1930.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Galveston
Houston
Corpus Christi
LakeCharles.New OrleansMobile
Pensacola
Charleston
Norfolk
New York
4631
FINANCIAL CHRONICLE
J UNE 281930.]
Speculation in cotton for.future delivery has been on a
other
fairly liberal scale, but liquidation of July and
months, partly because of declines in stocks_ and grain,
the
has caused some net decline in cotton, though of late
tone has been stronger, partly because of the ease with
which the July notices of 100,000 bales were handled. On
the 21st inst. prices declined some 37 to 43 points, owing
to fine hot weather, depressed Liverpool cables, a new
low for silver, a sharp break in stocks, and, to cap the
climax, a weaker technical position. Bad trade and a
rankling resentment of the tariff legislation were regarded
as other causes of the decline. Goods were dull and declining. Hot weather stimulated growth of the belt. Some
laid the most stress on the more favorable weather. Texas,
Arkansas, Mississippi, Alabama, Louisiana, Tennessee, and
Georgia had 100 to 101 degrees. That helped growth. Stop
orders were caught on the way down. There was a rally
of 10 points from the low of the "day, owing to covering
of shorts and trade buying on a scale down. On the 23rd
Inst. prices fell 30 to 35 points, with stocks and wheat,
and July liquidation in cotton the main factors. Some
of the decline was recovered later as wheat and stocks
rallied. There were complaints of drought in Alabama,
Mississippi, Louisiana, and Tennessee, with temperatures
of 100 to 104 degrees, injuring young cotton.
On the 24th inst. prices ended 10 to 27'points lower, with
the weather mostly good and July liquidation on the eve
of the notices to be issued on the 25th. A decline of 1 to 6
points in stocks and 4c. In wheat were also factors in the
decline. Silver was at a new low in London. Print cloths
2
1
/
38 -inch 64x60's sold, it is said, at 5% to 5%c. Manchester
was dull, with a new low price for silver, making bad worse.
The Cotton Exchange Service said: "Domestic cotton consumption this season will probably be around 6,250,000
bales, against 7,091,000 last season and 6,834,000 two seasons ago. Consumption during this season to the end of
May was 644,000 bales below that in the same portion of
last season, and consumption is still running at a low rate
and probably will continue to run at a low rate during the
summer." But hot dry weather continued in the central
belt. In the belt quite generally temperatures were as
high as 100 to 108 degrees. On the 25th inst. prices declined
at first. July notices amounted to 98,800 bales, but were
evidently increased later. The total at all delivery points
was stated at 140,000 bales. They were speedily stopped.
Some had estimated 150,000 bales for New York. The actual
total fell well short of that. Early prices, however, with
stocks lower, fell 10 to 15 points, including 13 on July. The
weather was considered, in the main, good. And so was
the weekly report; in fact, that was better than had been
expected. But later contracts became scarce. July rallied
38 points from the early low, and later months moved up
15 to 20 points from the early level. Stocks rallied. One
theory was that the Farm Board was "long" of 300,000
bales and had 123,000 bales tendered to it here and out-oftown, leaving Europe, as it was figured, about 180,000 bales
short to the Board. In any case, the technical position was
better. July liquidation had been an incubus for weeks,
4632
FINANCIAL CHRONICLE
[Vol,. 130.
It stopped. The price rose naturally. It was still hot, i.e.,
NEW YORK QUOTATIONS FOR 32 YEARS.
100 to 108 degrees, at about 100 stations of the belt stretch- 1930
13.60c. 1922
21.75c. 1914
13.25cl.1906
10.80c.
1929
19.50c. 1921
11.50c. 1913
ing from Texas to the Atlantic Seaboard. But the weekly 1928
9.50c.
1905
22.65c. 1920
38.25c. 1912
11.60c. 1904
11.25c.
report was considered, in the main, promising. The sum- 1927
16.75c. 1919
34.75c. 1911
14.90c. 1903
13.35c.
1926
18.70c. 1918
31.95c. 1910
15.000. 1902
mary said: "The warmer weather during the week was 1925
7.25c.
24.60c. 1917
27.40c. 1909
11.80c. 1901
mostly favorable for the cotton crop, and cultivation made 1924
30.25c. 1916
13.10c. 1908
11.60c. 1900
8 02 ..
68 c
96 .
..
.
8
6
28.55c. 1915
9.45c. 1907
13.00c. 1899
good advance rather generally, with mostly fair weather 1923
prevailing. Rain is needed, however, especially for late
MARKET AND SALES AT NEW YORK.
planted cotton in some central sections of the belt. In Texas
the weather was generally favorable, with improvement
Futures
SALES.
Spot Market
Market
reported from most districts, but the crop is still late, though
Closed.
Closed.
Spot. Confect* Total.
early planted is fruiting well. The first bale was marketed
Quiet,35 pts.dec
Steady
------in this State on the 21st. In Oklahoma progress was mostly Saturday___ Quiet,20 pts.dec Steady
Monday ___
------very good, with some early plants forming squares. In Tuesday _-_ Quiet,25 pts. dec..... Barely steadi
----__
_Wednesday_ Steady, 25 pts. adv. Steady
most of Arkansas advance was very good to excellent, a few Thursday __ Steady, 35 pts. adv. Steady
Quiet, 20 pts. dec.. Barely steady
blooms being reported. In .
other central sections of the Friday
200
::::
-Ho
belt rain is needed in a good many places, especially for Total week_
200
____
200
late planted cotton. In the Atlantic Coast States there was Since Aug. 1
1571,11 762,500 919,611
too much rain in parts of the north, but in general the
FUTURES.
-The highest, lowest and
weather was favorable, with progress of the crop mostly New York for the past week have been as closing prices at
follows:
good. Cotton shows improvement in all sections of Georgia,
Tuesday, Wednesday, Thursday,
Saturday, Monday,
with squares appearing in the extreme northern part."
Friday,
June 24.
June 25.
June 21.
June 23.
June 26, June 27.
Goods were still dull at home and abroad.
On the 26th inst. prices advanced about 40 points on very June
Range..
13.38
hot weather over the belt at 135 stations, i.e., 100 to 111
Closing. 13.5013.38
degrees, scarcity of contracts, a rise in stocks and grain, and July
Range._ 13.51-13.76 13.25-13.48 13.08-13.47 13.00-13.38 13.39-13.71 13.45-13.82
covering of shorts. The trade bought. July was noticeably
13.13-13.16 13.33-13.34 13.70-13.71 13.52 -Closing_ 13.6013.40strong. It was 111 degrees in Oklahoma, 110 in Texas, 107 AugustRange-In Mississippi and the Memphis district. Spot markets were
Closing - 13.2012.7512.9013.0513.2512.97 -up 35 points, and the basis was said to be higher, with 22 Sept.Range-points on July bid for middling in the Carolinas. The ConClosing. 13.3013.1512.8613.0013.3513.07 -tinent and Bombay bought in Liverpool. Most foreign mar- OctoberRange__ 13.16-13.40 2.93-13.17 12.96-13.17 12.85-13.05 13.11-13.42 13.1543.45
kets were higher. Washington wired that in all probability
Closing- 13.26-13.27 3.12-13.13 12.99-13.00 13.01-13.04 13.3813.21-13.22
the Cotton Stabilization Corp. will withhold from the market Oct.(new) 12.85-13.07 2.64-12.90 12.67-12.90
Range__
12.55-12.80 12.82-13.13 12.87-13.18
all cotton that it takes over from the co-operatives on which
Closing- 12.97-12.98 2.85-12.86 12.79-12.7112.73-12.74 13.09-13.10 12.95it has loaned money similar to the action of the Grain Nov.(old)
Range
Stabilization Corp. This should account for about 1,000,000
Closing_ 13.3413.2013.0613.1013.4413.28 -bales of the 1929 crop, as Chairman Legge stated some time Nov. (new)
Range__
ago that the co-operatives were holding about 1,000,000
Closing.. 13.05- 12.92
12.7712.8213.1413.03 -bales. This attracted some attention. The crop in the main Dec. (old) 13.34-13.56 3.11-13.33
Range-13.13-13.34 13.00-13.21 13.31-13.58 3.37-13.60
Closing. 13.43was believed to be making good progress, but there were
13.2913.1313.1913.5413.38 ---some fears that the great heat might be damaging young Dec. (new) 13.04-13.25 2.83-13.06 12.84-13.06
Range__
12.71-12.95 12.99-13.30 3.05-13.30
Closing. 13.14-13.17 2.99-13.00 12.85-12.87 12.92cotton in some parts of the belt.
13.26 -- 3.11-13.12
To-day prices early in the day were moderately higher, Jan.old '31 13.38-13.55 3.12-13.33 13.18-13.35
Range...
13.01-13.20 13.28-13.58 3.57-13.59
Closing. 13.50- 3.28-13.29 13.18-13.20 13.16but they reacted later owing to reports of cooler weather
13.5313.43in some parts of the belt and a decline in stocks. Moreover, Jan. (new) 13.06-13.25 2.85-13.08 12.87-13.08
Range__
12.75-12.96 13.02-13.33 3.1043.36
technical position was weaker, after a good deal of
Closing_ 13.17-13.18 2.99-13.01 12.88the
12.92-12.93 13.28-13.30 13.18recent covering. Final prices show a decline for the week Feb.
Range__
Closing. 13.28- - 12.98
of 33 to 42 points. Spot cotton ended at 13.60c. for middling,
13.0913.0413.3813.28March
a decline since last Friday of 45 points.
Range__ 13.28-13.46 13.05-13.28 13.08-13.28 12.99-13.18 3.23-13.65
13.34-13.57
The weekly report of the Dallas, Texas, "News" to-day
Closing. 13.3913.2013.09-13.10 13.1613.4913.39-13.40
said that approximately one-half of the Texas cotton belt Aprilrhuige__---- ---- 13.26
reports the crop as below normal for the week ending June
Closing_ 12.45 ---- 13.26 ---- 13.15 ---- 13.23 ---- 13.59 ---- 13.49ay
26, with the eastern third drying out rapidly and much of /IfRange.. 13.45-13.6113.20-13.35 13.22-13.42 13.15-13.31
3.41-13.74 13.53-13.77
13.31-13.32 13.22-13.23 13.30-13.31 13.69-13.59-13.61
northwest Texas in similar condition. The handicap of late
Closing_ 13.52planting and months of unseasonably cool wet weather,
Range of future prices at New York for week ending
causing shallow rooting of the plant, are not being overcome June 27 1930 and since trading began on each option:
by the sudden arrival of extremely high temperatures and
Range for Week.
Range Woe Beginning of Option.
hot winds. Mercury touching 108 and 100 degrees has be- Option forcome common throughout the States Much of the State June 1930-- 13.38 June 23 13.38 June 23 13.38 June 23 1930 18.87
Oct. 24 1929
July 1930- 13.00 June 25 13.82 June 27 13.00 June 25 1930 20.00 Sept. 3 1929
would benefit from a general slow rain.
Aug.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
July 3 1930.
15-16
Inch.
1-Inch &
longer.
.28
.28
.28
.28
.27
.24
.23
Differences between grades established
for delivery on contract July 3 1929.
Figured ffom the June 26 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
.69
.69
.69
.67
.68
.52
.50
Middling Fair
White
1.01 on
Strict Good Middling
do
.86
Good Middling
do
.71
Strict Middling
do
.50
Middling
do
Basis
Strict Low Middling
do
.71 off
Low Middling
do
1.75
*Strict Good Ordinary- do
2.93
*Good Ordinary
do
3.95
Good Middling
Extra White
.71 on
Strict Middling
do do
.50
Middling
do do
Even
Strict Low Middling__ do do
.71 oft
Low Middling
do do
1.75
.28
.67
Good Middling
Spotted
.23 en
.05
.27
Strict Middling
do
.05 off
.53
Middling
.24
do
.72 off
*Strict Low Middling__ do
1.70
*Low Middling
do
2.83
.24
.50
Strict Good Middling-Yellow Tinged
.08 off
.24
.50
Good Middling
do do
.55
.50
Strict Middling
.24
do do
1.06
*Middling
do do
1.88
*Strict Low Middling__
do do
2.40
*Low Middling
do do
3.30
. .50
Good Middling
.23
Light Yellow Stalned_1.30 off
*Strict Middling
do do do
1.88
*Middling
do do do
2.55
.50
Good Middling
Yellow Stained
.23
1.55 off
*Stria Middling
do do
2.40
*Middling
do do
3.23
.53
Good Middling
Gray
.24
.85 off
.50
Strict Middling
do
.24
1.20
Middling
do
1.68
Good Middling
Blue Stained
1.75 off
Strict Middling
do do
2.50
Middling
do do
3.28
*Not deliverable on future °entracte.
Mid.
do
do
do
Mid.
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
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 21 to June 27Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
13.70 13.50 13.25 13.45 13.80 13.60
12.75 June 18 1930 18.34 Nov. 22 1929
1930-Sept. 193012.75 June 18 1930 16.20 Apr. 2 1930
Oct. 1930- 12.86 June 25 13.45 June 27 12.85 June 18 1930 18.56 Nov. 20 1929
Oct.(new). 12.55 June 2513.16 June 2712.55 June 25 1930 15.87 Apr. 4)930
Nov. 1930-12.97 June 18 1930 17.78 Dec. 16 1929
Nov.(new).
12.78 June 18 1930 14.90 Apr. 15 1930
Dec. 1930__ 13.00 June 25 13.60 June 27 12.96 June 18 1930 18.06 Jan. 13 1930
Dec. (new). 12.71 June 25 13.30 June 27 12.70 June 18 1930 18.28 Apr. 4 1930
Jan.
1931 13.01 June 25 13.59 June 27 12.98 June 18 1930 17.18 Feb. 1 1930
Jan. (new). 12.75 June 25 13.35 June 27 12.73 June 18 1930 16.03 Apr. 4 1930
Feb. 1931
16.09 Feb. 20 1930 16.65 Feb. 15 1930
Mar. 1931_ 12.99 June 25 13.57 June 27 12.92 June 18 1930 16.20 Apr. 1 1930
Apr. 1931 13.26 June 23 13.26 June 23 13.28 June 23 1930 13.34 June 18 1930
May 193I 13.15 JUDO 25 13.77 June 25 13.05 June 18 1930 15.00 June 2 1930
THE VISTRLE SIIPPLY OF COTTON to-nirflit na rnn.rin
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 27Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1930.
bales_ 729,000
1929.
824,000
1928.
1927.
758.000 1,292,000
127,000
95,000
856,000
919,000
830,000 1,444,000
333,000
209.000
8,000
82,000
41,000
313,000
184,000
10,000
52,000
27,000
422,000
211,000
11,000
103,000
44,000
72,000
623,000
243,000
15,000
118,000
35,000
673,000
586,000
791,000 1,034,000
Total European stocks
1,529,000
Indian cotton afloat for Europe
137,000
American cotton afloat for Europe 100.000
EgyptBrazil,&c.,afloat for Europe 98,000
Stock in Alexandria, Egypt
502,000
Stock in Bombay.India
1,240,000
Stock in U. S. ports
al679,755
Stock in U.S.interior towns
a665,467
U. S. exports to-day
1,505,000
116,000
178,000
124,000
285,000
1,172,000
a791,916
a303,805
1,621,000 2.478,000
163,000
71.000
273,000 251,000
102,000 127,000
281,000 363,000
1,192,000 669,000
a892,005a1,223,823
a437,661 0
471,669
Total visible supply
5,951,222 4,475,721 4,961,966 5.654.492
Of the above, totals of American and other descriptions are as
follows-
JUNE 28 1930.]
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
Si. S. ports stocks
U. S. interior stocks
U. S. exports to-day
Total American
1930.
1929.
1939.
1927.
281.000 458.000 521.000 955,000
53,000
64,000
52,000 129,000
573,000 506,000 734.000 984,000
100,000 178.000 273,000 251,000
01679,755 0791,916 a892,005a1,223,823
0665.467 0303,805 0437,961 0471,669
3.352,222 2,301,721 2,909,966 4.014,492
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
Indiana afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
4633
FINANCIAL CHRONICLE
448,000
366,000
237,000
337,000
74.000
31.000
20,000
100.000
80,000
57,000
137,000 116.000 163,000
98,000 124.000 102,000
502,00J 285,000 281,000
1,4..,u00 1,172.000 1,192,000
23,000
50,000
71,000
127,000
363,000
659,000
2.599,000 2,174,000 2,052,000 1,640,000
3,352,222 2,301.721 2.909,966 4,014,492
Total visible supply
5,951,222 4,475,721 4,961.966 5,654,492
Middling upland, Liverpool
7.74d. 10.33d. 12.49d.
7.11d.
Middling uplands, New York__ - _ 13.60c.
18.65c.
22.80c.
17.10c.
Egypt, good Sakel, Liverpool
13.75d. 17.30d. 22.55d. 18.00d.
Peruvian, rough good, Liverpool_
14.50d. 14.25d
11.00d
Broach, fine, Liverpool
5.50d.
8.60d. 10.85d.
8.35d
Tinnevelly, good, Liverpool
6.85d.
9.75d. 11.75d.
8.80d.
a Houston stocks are now included in the port stocks; in previous yewo
they formed part of the interior stocks.
* Estimated.
-1929-30-- --1928-29
Since
St=
Week.
Aug. 1.
Week.
Aug. 1.
32,659 8.141,499
13,090 8,974.983
Receipts at ports to June 27
2,081
1,324
Net overland to June 27
735,452
609,269
Southern consumption to June 27- 85.000 4,805,000 116,000 5.338,000
/n Sight and Spinners'
Takings.
Total marketed
119,740 13,681,951
Interior stocks in excess
*22,514
455,873
Excess of Southern mill takings
over consumption to June 1
_--459,864
130,414 14,922,252
*20,770
49,454
468,194
Came into sight during week- - 97,226
Total in sight to June 27
14.597,688
North'spinn's'takings to June 27- 10,350
109,644
15.439,900
19,052 1.369,265
1,169.291
* Decrease.
Movement into sight in previous years:
Bales.
Week-
1928
-July 1
-July 2
1927
1926
-July 3
Since Aug.1-
Bales.
122.825 1927
130,954 1926
106,273 1925
13,941,952
19,033.190
16,114,689
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week Ended
June 27.
Saturday. Monday. Tuesday. Wed'day Thursd'y. Friday.
13.15
13.00
12.50
12.75
12.75
12.95
Continental imports for past week have been 53,000 bales. Galveston
12.36
12.63
12.85
12.85
12.66
New Orleans- - - 12.81
The above figures for 1930 show a decrease from last Mobile
12.70
12.40
12.50
12.40
12.60
12.26
12.81
12.44
12.62
12.50
12.70
week of 140,000 bales, a gain of 1,475,501 over 1929, an Savannah
13.00
12.63
13.31
13.13
13.19
13.00
Norfolk
increase of 989,256 bales over 1928, and an increase of deltimore
13.25
13.20
13.50
13.40
12.80
13.65
12.31
12.50
12.88
12.75
12.56
12.75
Augusta
296,730 bales over 1927.
12.45
12.35
11.90
12.10
11.65
11.85
Memphis
12.85
12.60
12.35
12.60
12.95
12.80
Houston
AT THE INTERIOR TOWNS the movement-that is, Little Rock-- -- 11.92
12.10
11.92
11.55
11.75
11.80
12.10
12.40
12.15
12.55
12.40
12.60
the receipts for the week and since Aug. 1, the shipments for Dallas
12.10
12.55
12.40
12.40
12.15
the week and the stocks to-night, and the same items for the Fort Worth-corresponding periods of the previous year, is set out in
-The closing
NEW ORLEANS CONTRACT MARKET.
detail below:
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Movement to June 27 1930, I
Movement to June 28 1929.
Towns.
Receipts.
Week.
Season.
I
Ship- 1 Stocks
Receipts.
meats June ,
iVeek.
27. 1 Week. Season.
Ship-
meats
Week.
Ala., Birm'ham
111 112,422
248 7,586
68
55.634
849 1,068
Eufaula
19 4,603
6
20.036
32
15,352
247 2,014
Montgomery.
675
63,856 1,003 18,710
19
58,113
506 6,423
Selma
6
73,946
29
458 15,646
57.689,
625 3,238
Ark.,Bly theyille
11,838'
127,896
217,
1
88,025;
212 4,995
Forced City
6
133, 6,030
30,998
28.7071
184 2,269
Helena
2 61,819
174 9,3211
57,050
208 3,450
Hope
11
19
808
86,70
57,083
12
338
Jonesboro_ _
15
23 1,637,
39,848
33.272
34
850
Little Rock_ _
90 128,91
838 8,940
67 118,939
414 4,946
Newport- 1.264
51,406
47,798-'
295
Pine Bluff
64. 189,223
285 16,003
142,73
4,140
Walnut Ridge
---55,904
---- 3,0471 ---39,11
66
334
Ga., Albany
6,482
2,494'
3,712
____ 1,543
Athens
32
43,325
600 13,936
3
29,51
550 4,740
Atlanta
874 183,776 1,814 53,612
518 134,36
1,641 12,718
Augusta - - 1,113 317,293 1,081 52,851
7
249,383 2,168 40,549
Columbu.s_
21
2001 1,0/2
25,691
300
52,946
300 8,295
Macon
9,345 90,312 5,662 12,93
156
53.804
373 2,319
Rome
23.376 2,301 9,616
35,94
1,500 12,555
La.. Ehreveput
254 146,596 1,225 39,69
106 145.674 1,086 9,451
81 192,817
810, 17,29
146.61
655 5,922
Columbus_ _ _
8
29,182
50 3.402
1
19
31,30
90
243
Greenwood_ _
60 233,257 1,8971 41,81
7
23
190.650 1,324 11,221
Meridian___ _
87 53,447
212 3,969
19
49,839
156
764
Natchez _ _
1
3.490
25,673
33,82
...__ 1,183
Vicksburg _ _
71 33,183
323 5,234
24.93
59
3.2
Yazoo City
151 41,83
158 5,062
2
39,34
124 1.883
Mo., St. Louis_ 3,737 320,658 4,161 7,963 1,56
472,019 1,655 13,140
N.0.,Greensb'o
109 22,419
236 8,185
17
26,60
376 10,951
Oklahoma
15 towne_
31 751,475
274 33,866
17
772,76
278 5,309
LG., Greenville
838 189,898 3,2
26,199 3.000 227,02; 4,000 30.115
Tenn.,Mein phis 4,049 1,964,286 13.421 189,794 2,750 1,797,78
7.893 84,383
Texas, Abilene_
3 29,032
3
305
54,788
216
671
Austin
3
11,497
1
571
8
48,609
36
358
Brenham _
35
21 2,639
11,343
20
35,56
23 2,554
Dallas
457 118,341 1,124 11,506
14
144,281
529 2,950
Paris
57
75,99
27 1,701
7
91,166
77
88
Robstown_ _
32,703
34
663
...__
14,921
100
San Antonio.
48
24,02
239
663
43,113
---- 1,932
Texarkana
9 61,0.0
51 2,487
28
985
Waco
193 106,815
234 6,135
2
146,54
65,834"
ino 2,411
561
Total, 56 towns 22,4326,178,761 42,834 665,467 11,2675,962,94
*Includes the combined totals of 15 towns in Oklahoma.
Saturday,
June 21.
Stocks
June
28.
29,177303,545
June
July
August
September
October _ _
November
December_
January
February March_ April
May
June
Tone
Snot
Monday,
June 23.
Tuesday, Wednesday, Thursday,
June 24.
June 25.
June 26.
Fr
Jw
27.
13.0612.74-12.76 13.0313.20-13.23 13.11
13.21 12.7213.8912.79 -13.58-13.11 12.9/ -12.98
13.0013.13-13.15 13.02-13.04 12.88-12.89 12.95-12.96 13.25-13.28 13.11 13.14
13.11
13.15 Bid. 13.02-13.04 12.90 Bid. 12.97 Bid. 13.3213.20-13.21 13.08 Bid. 13.15 Bid. 13.48 Bid. 13.31
13.39-
Quiet.
Steady.
Quiet.
Quiet.
Quiet.
Quiet.
Ste
Steady.
Pteadv.
St-adv.
Steady.
Bid.
Ste
-The New
FIRST BALE OF 1930 COTTON SOLD.
York "Times" of June 25 reports the sale of the first bale of
the 1930 crop as follows:
The first bale of cotton of the new crop was auctioned at New Orleans
on June 24 at the Cotton Exchange and brought $1.50 a pound. The bale
weighed 448 pounds.
ACTIVITY IN THE COTTON-SPINNING INDUS-Persons interested in this report will
TRY FOR MAY.
find it in our department headed "Indications of Business
Activity," on earlier pages.
NEW YORK COTTON EXCHANGE FIXES LIMITS
-The Board of Managers of
ON FUTURE CONTRACTS.
the New York Cotton Exchange Wednesday, June 25 prescribed the maximum limit of interest on futures contracts
for delivery in any one month by any member of the Exchange, firm or corporation and his or its affiliations, as
follows:
In July and August 1930, 150,000 bales.
In September 1930, 250,000 bales
In October 1930 and in all months up to and including
June 1931, 1,000,000 bales.
The above totals show that the interior stocks have
Exchange provide that the maximum interest in
The
decreased during the week 22,514 bales and are to-night futures by-laws of themay be held in any one month may be fixed by the
contracts that
that meetin,s to
at
any
361,662 bales more than at the same time last year. The Board of Managers at shalltimeheld its discretion, butJuly to December
each month from
be
consider
receipts at all the towns have been 11,165 bales more than inclusive this limitation after the publication of the Department of Agriwithin five days
culture acreage or condition reports during these months.
the same week last year.
The 1.000.000 bale limitation fixed for October 1930 and the eight sucOVERLAND MOVEMENT FOR THE WEEK AND ceeding months is the largest ever prescribed by the Board of Managers.
SINCE AUG. 1.
-We give below a statement showing the
-Reports to
WEATHER REPORTS BY TELEGRAPH.
overland movement for the week and since Aug. 1, as made
evening denote that
up from telegraphic reports Friday night. The results for us by telegraph this generally favorable; the weather during
temperatures have
the week and since Aug. 1 in the last two years are as follows. the week has been
been higher and there has been very little rainfall. Rain is
-1929-30-- 1928-29-needed in some central sections of the cotton belt. The
June 27Since
Since
Shipped
Week. Aug. 1.
Week.
Aug 1. crop as a rule made good progress.
Via St. Louis
4,161 321.824
1,655 458.535
Via Mounds, &c
660
69,815
-The weather during the week, as a rule, has been
Texas.
165
84,244
Via Rock Island
56
3,827
100
5,673 favorable and the crop genesally has shown improvement.
Via Louisville
130
33,580
372
44,563
Via Virginia points
3,000 232,241
3,827 221,828 The crop is still late, though early planted cotton is fruiting
Via other routes, &c
8,149 625,317
4.863 619.996 well. The first bales were marketed on June 21.
Total gross overland
-The weather continues very dry and very
16,156 1,286.604
Mobile, Ala.
10,982 1,434,839
Deduct Shipments
hot. Cotton plants need rain for growth. Plants are healthy,
Overland to N. Y., Boston, &e..... 1,112
97,797
937 118,394
395
18,i 82
Between interior towns
379
21,320 but small. Blooming has started. There have been light
12,568 434.5i3
Inland, &c.,from South
8.342 685,856 soattered showers in the interior.
-It has been dry and extremely hot all
14,075 551,152
Total to be deducted
Memphis, Tenn.
9,658 825,570
week. Hain is badly needed.
Leaving total net overland s_ - 2,081 735,452
1,324
* Including movement by rail to Canada.
609,269
The foregoing shows the week's net overland movement
this year has been 2,081 bales, against 1,324 bales for
the season to date the
the week last year, and that for .
aggregate net overland exhibits an increase over a year ago
of 126,183 bales.
Galveston. Texas
Abilene, Texas
Brenham, Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta, Texas
Kerrville, Texas
Rain. Rainfall.
dry
dry
dry
2 days 0.50 in.
2 days 0.05 in.
dry
dry
dry
Thermometer
high 91
high 100
high 96
high 1*2
high 90
high 100
high 104
kigh 96
low 75 mean 83
low 68 mean 84
low 70 mean ei
low 74
mean 83
low 74 mean 82
low 72 mean 66
low 70 mean 87
low 56 mean 76
FINANCIAL CHRONICLE
4634
Lampasas, Texas
Luling, Texas
Nacogdoches, Texas
Palestine, Texas
Paris. Texas
San Antonio, Texas
Taylor, Texas
Weatherford. Texas
Ardmore, Okla
Altus, Okla
Muskogee, Okla
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.0
Columbia,8.0
Conway, S. C
Charlotte, N.0
0
Newbern,N.
Weldon N. C
Memphis,Tenn
Rain Rainfall.
dry
dry
dry
dry
dry
1 day 0.10 in.
dry
dry
dry
dry
1 day 0.92 in.
1 day 0.57 in.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.05 in.
1 day 0.15 in.
4 days 1.47 in.
3 days 0.87 in.
3 days 0.22 in.
2 days 0.03 in.
2 days 0.04 in.
2 days 0.33 in.
3 days 0.9210.
3 days 0.76 in.
3 days 1.20 in.
2 days 0.35 in.
2 days 2.38 in.
2 days 1.62 in.
2 days 1.06 in.
1 day 0.10 in.
Thermometer
high 100 low 66 mean 83
high 98 low 72 mean 85
high 98 low 68 mean 83
high 98 low 72 mean 85
high 102 low 72 mean 87
high 96 low 72 mean 84
high 100 low 70 mean 85
high 102 low 66 mean 84
high 99 low 70 mean 85
high 110 low 66 mean 88
high 95 low 64 mean 80
high 99 low 66 mean 83
high 102 low 67 mean 85
high 101 low 71 mean 86
high 99 low 71 mean 85
high 98 low 67 mean 83
high 104 low 73 mean 87
high 102 low 67 mean 85
high __ low __ mean 86
high 101 low 75 mean 88
high 106 low 65 mean 65
high 105 low 63 mean 84
high 104 low 68 mean 86
high 100 low 74 mean 87
high 104 low 67 mean 86
high 103 low 70 mean 87
high 102 low 71 mean 87
high 95 low 70 mean 83
high 99 low 73 mean 98
high 97 low 70 mean 84
high 105 low 68 mean 87
high 102 low 70 mean 86
high 104 low 70 mean 87
high 95 low 70 mean 83
high 102 low 67 mean 85
high 100 low 66 mean 83
high 97 low 67 mean 82
high 102 low 67 mean 82
high 97 low 66 mean 82
high 97 low 62 mean 80
high 98 low 68 mean 83
[Vor,. 130.
two weeks late but with ideal conditions can made a good crop. Acreage
is about the same. Need and are having dry, hot weather.
-Heavy showers Saturday; need dry, hot weather.
Lockhart.
Teague.
-Cotton made good progress last week; some boll weevil
are showing up. Fleas are doing damage; general rain is needed.
Alvarado.
-Weather past week favorable; crop is doing nicely, older
cotton is blooming. Need two weeks dry weather to work out late
crop.
Glenroae.-No rain last week; cotton progressing nicely.
Brownwood.-Past weeek perfect cotton weather; partly cloudyto-day.
EAST TEXAS.
Palestine.
-Crop on time and is making good progress; hot and dry
weather is favorable; moisture sufficient; plant looks better and is growing. Chopping about completed. Stands are good, plant squaring.
Little insect damage.
-Hot winds are doing some damage; plant is small, no tap
Jefferson.
root; thermometer 100; clear and hot.
-Cotton is showing some better growth since nights became
Longview.
hot, but we do not expect it to fully recover and get full growth after
early setback. Rain during the next week would help. Land is well
cultivated, but some acreage has been abandoned. Condition about
60%.
-Crop continues to improve, cultivation is good, no insects.
Marshall.
Rain this week would be beneficial.
Bryan.-Condition maintained with excellent weather all week; If
continued,lateness will be overcome. A few weevils are showing up now.
SOUTH TEXAS.
San Antonio.
-Crop prospects In,this section continue to be as near
perfect as can be.
-Shower Saturday afternoon and cloudy weather to-day is
Seguin.
causing uneasiness in regard to cotton crop. Plant large and well developed but fruiting slowly.
Sinton.-Weather and crops improved over last week but still showerThe following statement we have also received by telePersonal inspection
graph, showing the height of rivers at the points named at ing. account of grass and of the county reveals at least 25% abandonweeds. With normal weather movement will
ment
8 a. m. of the dates given:
start on time; if showers keep up the crop will be 15 days late and poisonJune 27 1930. June 28 1929.
ing for leaf worms will be inevitable. Weevil or fleas damage is small
Feet.
Feet.
18.0
5.0
Above zero of gauge_
New Orleans
except around timber.
20.9
13.6
Above zero of gauge_
Memphis
San Marcos.
-Weather favorable, crop progress is satisfactory and
14.0
7.2
Above zero of gauge_
Nashville
plants are fruiting well. Need warm, dry weather.
10.8
14.9
Above zero of gauge_
Shreveport
64.3
Bartlett.
-Cotton is growing and fruiting satisfactorily, the late planted
21.2
Above zero of gauge..
Vicksburg
will be chopped by the end of this week, fields are generally clean and
well worked, weather is ideal. A few have reported weevil.
Dallas Cotton Exchange Weekly Crop Report.
week have been favorable. Doll
Cameron.
each week publishes a very weevil talk-Conditions during past
The Dallas Cotton Exchange
is getting more frequent.
elaborate and comprehensive report covering cotton crop
OKLAHOMA.
conditions in the different sections of Texas and also in
Mangum.-Weather is ideal, conditions are nesr perfect.
Oklahoma and Arkansas. We reprint this week's report,
-Need rain; weather hot and dry; no rain since May.
Hugo.
which is of date June 23, in full below:
-Weather during past week has been favorable; showers
Marietta.
TEXAS.
would be beneficial. On account of increased acreage of June corn
WEST TEXAS.
-Past week has been very favorable to cotton and it is
• Lubbock.
acreage is the same as last year, or there may be a slight
growing good;
decrease account of lateness caused by heavy rains, and some hailed
spots have been mostly all replanted to feed.
-Cotton doing nicely; some plants small but growing and
Abilene.
looking healthy; not needing rain, but rain always helps in West Texas.
Little decrease in acreage. Crop depends on August rainfall.
-Dry, hot weather continues; cotton is making very little
Stamford.
progress; rain is badly needed. Farmers are becoming more indifferent
cotton on account of low prices.
toward
Quanah.-Needing rain in this section; bad weather past week; it
has been dry and hot with high, drying wind. Plant is holding up
fairly well but we are going to need rain very badly this week.
Lamesa.-Plenty moisture and cotton is growing nicely; the crop is
10 days late; stands perfect and crop is all up. Crop as a whole looks
very favorable.
-Cotton making improvement account of better growing
Haskell.
weather.
-Last few days hard on crops; high winds have been damPaducah.
aging. Rain is badly needed, subsoil moisture not sufficient to sustain
crop over a long period.
Vernon.
-Past week favorable for cotton. Plants are growing fine,
conditions are excellent.
P/ainview.Last week favorable for growth of cotton. Everything
looking very nicely; prospects are fair for a good crop in this country.
Abilene.
-Cotton has made good prospects during the past week;
fields are clean, 40% chopped. Need ten days warm, dry weather.
NORTH TEXAS.
Sherman.
-Past week has been favorable for cotton; fields are in good
state of cultivation. Plant growing rapidly and from 6 to 18 inches
high; some early cotton showing blooms; plenty moisture for the present,
no insects as yet. General conditions 90%.
Greenville.
-Weather clear and warm, crop doing well, rain would be
very beneficial.
Gaineaville.-Weather ideal, crop responding satisfactorily, some older
cotton has begun to bloom, some young cotton yet to chop. Acreage
reduced 10%.
McKinney.
-Dry and warm weather, past week ideal, all early cotton
blooming and fruiting well, young cotton will need rain this week, crop
fairly clean, plants are healthy.
Turkey.
-Weather continues hot and dry with high winds during
past week. Cotton has made good progress but general rain is needed.
Small portion of late planting doubtful, early seed suffering from dry
weather, later planting of seed doing good.
CENTRAL TEXAS.
-Past week has been favorable for cotton; no insects;
La Grange.
plants are growing and fruiting nicely.
-Cotton crop in this territory is rather spotted,60% upland
Navasota.
needing rain but generally clean; replanted area river land not germinatwell; will need rain to bring seed up; plant has only a fair tap root.
ing
No weevil reports. Prospects are not so good.
-Good general rain needed in this section as early cotton
Brenham.
is beginning to show effects of high temperature. Fields are clean and
cultivated. Boll weevils are showing up in places but not as numerwell
ous as at this time last year.
-Past week very favorable for cotton except some localities
Rosebud.
need rain badly. Scattered reports of Insects.
-Crop as a whole is making satisfactory progress. Some boll
Taylor.
weevil and worms are showing up.
Hillsboro.-Cotton in this territory all planted and up to good stand.
ranging from 2 to 8 inches high; fields clean and well cultivated. Crop
planting the cultivation of cotton is being somewhat neglected.
ARKANSAS.
Magnolia.
-Excessive heat and continued dry weather is stopping
growth of cotton, which made slow progress during the past week; need
cooler temperature with rain to revive crop. Condition generally very poor.
Ashdown.
-About five weeks without rain. To-day's temperature
around 100. Cotton is making poor growth;about 70% of early planting
to be chopped;some of late planted is not up;plant is entirely too small.
Texarkana.
-Past week has been warm and dry and cotton has made
fair progress, but would have done better with rain; some replanted will
not come up without rain.
Pinebluff.-Temperature 72 at night, 92 to 96 during day. No rain
since May 18. Plants are very small, fields are clean, stands good.
Crop 2 to 3 weeks late. No weevil have shown up yet. Average condition is 55.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Receipts at Ports.
1930.
Mar.
14_
21_
28_
Apr.
4-11_
18_
25__
May
2_
9_
16_
23_
30_
June
6_
13_
20_
1929. 1928.
Stocks at Interior Towns.
1930.
1929. 1928.
44,919 106.3.' 73.2341,228,666 814,522 916.248
44,415 97,085 76,637 781.667 1,202,943 887.170
46,906 78,041 88,4731.163,170 752.959 863,788
49,351 59,884 80.23 A 1,113,592 711,349 835,361
47,498 48.659 73,019 1.066,544 679,205 803.203
46,693 57,351 72,882 1.024.125 646,881 773,381
60.2391 56.917 92.378 980,279 695,322 737,026
50,024
49,161
74,760
64,642
36,228
42,838
31.419
36,511
32.659
51,241 109.891
40.13 110,912
27,001 84,323
31,129 59,759
30,429 54.183
24,358 37,809
17,318 38,902
18,46 26,44
13.09 30.851
940,995
893,425
843,575
809,649
778.788
740,002
714,860
687,981
665,467
ipisfrom Plantation.,
1930. 1929.
1928.
17,510 71,677 48,435
20,692 64.230 47.567
7.133 49.333 65,091
Nil
450
4,274
6,393
18,274
16.515
25.027
25,358
51.805
40,861
43.060
59.006
64.089
68.977
55,354
27.199
25.309
_-__ 2,083
___ 9,535
765
10.740
1.691 --24,910 -_30,716 ____
5,367 2,319
564,846
512,890
481,162
446,703
418,598
691,224
649,289
620,320
587,760
558,886
381,208
352,656
324,575
303.805
523,060 4,368
493,693 6.277
463,240
9,6327.
437,961 10,145
_ ___
5,572
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 8,577,599 bales;
in 1928 were 8,973,199 bales, and in 1927 were 8,271,507
bales. (2) That, although the receipts at the outports the
past week were 32,659 bales, the actual movement from
plantations was 10,145 bales, stocks at interior town
having decreased 22,514 bales during the week. Last year
receipts from the plantations for the week were nil
bales and for 1928 they were 5,572 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
4635
FINANCIAL CHRONICLE
JUNE 28 1930.]
Bales.
CHARLESTON
-To Liverpool
-June 26-Novian, 95
95
To Manchester-June 26-Novian, 678
678
-To Liverpool-June 18-Nevisian, 3,370: addiNEW ORLEANS
tional, 142
3,512
6,091.449
4.683,910
Visible supply June 20
To Bilboa-June 25--Sapinero, 175
175
3,735,957
4,175,480
Visible supply Aug. 1
To Manchester-June 1'8-Nevisian, 249
249
97.226.14,597,688 109.644 15,439,900
American in sight to June 27.-_
To Marseilles-June 18
-Istria, 200
200
49,000 3,180,000
28.000 3.412,000
Bombay receipts to June 262,250
To Bremen-June'18-Raimund, 2,250
767,000
Other India shipls to June 26__
8,000
6,000
638,000
To Gothenburg-June 20-Lampa, 200
200
400 1,679,800
400 1,600,800
Alexandria receipts to June 25-..
18,231
To Murmansk-June 21-Skramstad, 18,231
6,000
685,000
Other supply to June 25*b
5.000
588.000
To Japan-June 21-La Plata Mario, 191
191
-West Moreland.92-To Bremen-June 26
92
Total supply
6.231,07524,877,445 4,853,954 25.622,180 LAKE CHARLES
-West Moreland, 170
To Ghent
-June 26
170
Deduct
50
-West Zeda. 50
supply June 27
5,951,222 5,951.222 4,475,721 4,4752.21 PENSACOLA-To Hamburg-June 19 200
Visible
To Bremen-June 23-Veerhaven,
200
-To
-June 23
-Cripple Creek. 108- - 108
279,853 18,926,223 378,233 21,146.459 CORPUS CHRISTI 23Liverpool
Total takings to June 28_a
To Bremen-June -West Chatala, 300
300
Of which American
199.453 13,009,423 270,833 15,279,659 HOUSTON-To Havre-June 20-Waban, 1,474June 23
Of which other
80.400 5.916.800 107.400 5.866.800
Cuba, 518
1,992
To Ghent
-June 20-Waban, 441
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
441
To Rotterdam-June 20-Waban, 450
450
a This total embraces since Aug. 1 the total estimated consumption by
To Japan-June 21-Steel Voyager, 3,600
Southern mills, 4.805.000 bales in 1929-30 and 5.338,000 bales in 1928 -29
3,600
takings not being available-and the aggregate amounts taken by Northern
To China-June 21-Steel Voyager, 1,170
1,170
-Cuba,50
50
To DunicIrk-June 23
and foreign spinners, 14.121,223 bales in 1929-30 and 15.808.459 bales in
To Liverpool-June 23
-Cripple Creek, 2,951
1928-29, of which 8,204,423 bales and 9,941,659 bales American.
2.951
To Manchester-June 23
-Cripple Creek, 1,297
b Estimated.
1,297
MOBILE-To Bremen-June 21-West Zeda, 650
650
INDIA COTTON MOVEMENT FROM ALL PORTS.
-June 21-West Zeda, 150
To Ghent
150
20
-St. Louis, 225
225
The receipts of India cotton at Bombay and the shipments NEW YORK-To Hamburg-JuneColon, 200
-Cristobal
To Gijon-June 25
200
from all India ports for the week and for the season from NORFOLK-To Manchester-June 24-Cold Harbor, 50
50
-June 25-Sundance, 900
CHARLESTON-To Bremen
900
Aug. 1, as cabled, for three years, have been as follows:
To Hamburg-June 25-Sundance, 11
11
Cotton Takings.
Week and Season.
1929-30.
Week.
1929-30.
June 28.
Receipts at
-
1928-29.
Season.
Week.
1928-29.
1927-28.
Since
Aug. 1.
Since
Week. I Aug. 1.
Season.
Since
Week. Aug. 1.
28,000 3,412,000 49,000 3,180,000 34,09013,331.000
Bombay
Since August 1.
For the Week.
Exports
from-
Great
Great Conti- Japan&
ritain. neat. China. Total. Britain.
Bombay
1929-30._
1928-29__
1927-28__
Other India
1929-30__
1928-29__
1927-28_ Total all
1929
-30-1928-29-1927-28._
3,000 12,000 9,000 24,000
4,000 12,000 13,000 29,000
12,000 25,000 37,000
3;656
Conti- Japan &
Total.
China.
nent.
79,000 783,0001,482,0002.314,000
65,000 764.0001,637.0002.466.000
86,000 844,0001,221,0001,951,000
8,000 151,000 618,000
6,000 107,000 631,000
19,000 108,500 519,000
8,000
6,000
16,000
787,000
638,000
827,500
3,000 20,000 9,000 32,000 230,0001,399,000 1.452,0003,081,000
4,000 18,000 13,000 35,000 172,0001,295,000 ,637,000 3,104.000
3,000 28.000 25,000 56,000 194.5001.163,000 1,221,000 2.578.500
Total
44,103
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool .454.
Manchester .45e.
.450.
Antwerp
.310.
Havre
Rotterdam .450.
Genoa
.500.
500
Oslo
Standard.
.80o.
.80e.
.600.
.46c.
.60c.
.650.
.80e.
High
Density.
Stockholm .00c.
.50e.
Trieste
Flume
.50c.
Lisbon
.450.
Oporto
.80c.
Barcelona .30e.
Japan
open
Standard:
.75e.
.85e.
.85c.
.130c.
.75c.
.45c.
open
High
Density.
Shanghai
open
Bombay
.420.
Bremen
.454.
Hamburg .450.
Piraeus
.750.
Salonica
.754.
Venice
.500.
Standard.
oven
.570.
.600.
.60c.
.900.
.90c.
.654.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &e.,at that port:
June 6. June 13. June 20. June 27.
16.000
23,000
7,000
15,000
5,000
11,000
2,000
5,000
2,000
2,000
2,000
44,000
48.000
16.000
31.000
739.000 737.000 742.000 729.000
302.000 298.000 293.000 281,000
28,000
24.000
12,000
54.000
10.000
3.000
3,000 . 11,000
103,000 111,000
81.000
91.000
23,000
21,000
13,000
18.000
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
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
21,000 bales. Exports from all India ports record a decrease
The tone of the Liverpool market for spots and futures
of 3,000 bales during the week, and since Aug. 1 show a
each day of the past week and the daily closing prices of
decrease of 23,000 bales.
have been as follows:
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We spot cotton
now receive weekly a cable of the movements of cotton at
Saturday. • Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
Alexandria, Egypt. The following are the receipts and
A fair busishipments for the past week and for the corresponding week Market,A fair bug- Quiet.
Dull.
ness doing. Quiet.
12:15 I Quiet. ness doing
P.M.
of the previous two years:
Alexandria, Egypt,
June 25.
•
1929-30.
1928-29.
1927-28.
Receipts (contars)This week
Since Aug. 1
2,000
8,389,261
2,000
8,066.814
6,000
6,065.352
To Liverpool
To Manchester,&c
To Continent and India
To America
7.640
4.000
7.47d
2,000
7.64d.
4,000
7.74d.
3,000
Quiet,
Steady,
Fair,
Futures...! Barely st'y Barely st'y Quiet.
Market
2 to 5 pts. 14 to16 pts 5 to 6 pts 7 to 9 pts 710 8 pts. 15 tol7Pts.
advance,
decline,
decline,
advance. advance.
decline,
opened
_-_ 140,697 3,000 177,554 6,250 154,926
____ 162,840
-174,491
2,000 147.985 5,000 444,557 6,000 472,769 3.750 392.108
- 101,905 ---- 179,102 4,250 113.807
Prices of futures at Liverpool for each day are given below:
d. a. d.
d.
d.
8.05 15 @MS 13 5
8.84 15%01-834 13 4
8.44 15%010S 13 4
8.85 133401534 13 8
8.76 15%018% 13 2
8.61 153401634 13 2
8.74 15 @is 13 0
a. d.
013 7
013 7
013 7
d.
10.77
11.10
10.98
Tues. I
Wed.
i Thurs.
17r1.
.cleciqc!,-*caN
vnt:rit.:nntsr:tb:
a. d.
e. d.
10 2 010
10 4 011 0
10 4 011 0
834 Lbs. Shirt Cotton
Ina*. Common Al
to Finest.
ripre•
Mon.
12.15 12.30 12.15 4.0012.15 4.00,12.15 4.0012.15 4.0012.15
p. na. p. In. . . .
d. I d. I d.
d. 1 d. 1 d.
d.
d.
New Contract. d.
7.19 7.19 7.02 7.04 7.191 7.15
7.27 7.12
June
7.14 7.051 6.97 6.99 7.141 7.10
7.22 7.07
July
7.05 6.951 6.88 6.90 7.02 7.01
7.12 6.98
August
7.00 6.91 6.84 6.86 6.98 6.97
September
. __ 7.07 6.93
_
6.95, 6.871 6.80 6.82 6.94 6.94
7.03 6.89
October
6.96' 6.87 6.79 6.81' 6.93 6.93
November --------7.04 6.89
6.97; 8.891 6.80 8.83 6.95 6.95
-- -- 7.05 6.90
December
7.00, 6.91 6.83 8.85' 6.97 6.97
Jan. (1930 -------7.08 6.93
7.031 6.94, 6.86 0.88' 7.00 7.00
7.11 6.96
February
7.07, 6.99 6.91 6.93, 7.04 7.04
7.16 7.01
March
7.09 7.01! 6.93 6.95' 7.07 7.07
7.18 7.03
April
7.22 7.08
May
7.13 7.05 6.97 6.99 7.10 7.10
7.15 7.071 6.99 7.01 7.12 7.12
7.24 7.10
June
•..C10000.0©
1929.
1930.
834 Lbs. Shire. Couon
tags, Common middrg 32s Coy
to Finest.
Uprds. Twist.
Sat.
June 21
to
June 27.
v1,4-000460concom
-Our report, received by
MANCHESTER MARKET.
cable to-night from Manchester, states that the market in
yarns and in cloths is quiet. Demand for both yarn and
cloth is poor. We give prices to-day below and leave those
of previous weeks of this and last year for comparison:
d.
d.
11%012%
11%013
12 013
7.570
4,000
Quiet.
Easy,
Market, f Barely st'y Quiet, Barely st'y Steady,
4
610 10 pts. 20 to21 p18.3 to 4 pts 5 to 8 pts 11 to12 pts 2 to 3 pts.
advance. advance.
advance,
decline,
decline,
P.M. I decline,
Total exports
7,000 835.144 9,000 1003916 14.250 823,681
-A eantar is 99 lbs. Egyptian bales weight about 750 lbs.
Note.
This statement shows that the receipts for the week ending June 25 were
2,000 canters and the foreign shipments 7,000 bales.
Mar.
-
7.76d.
2,000
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
32s Coy
Twist.
Mid.Uprds
Sales
4.00
d.
7.17
7.12
7.03
7.00
6.98
8.98
8.98
7.00
7.03
7.07
7.09
7.63
7.15
BREADSTUFFS
Friday Night, June 27 1930.
Flour was quiet late last week, but export trade in doApr.
mestic and Canadian flour was more active. The world in
12%013% 10 4 §11
013
10.78
013 4
general was buying, especially Europe and South America.
12%013% 10 4 011 0
10.89
013 4
11% 01234 10 1 010 5
10.89
The demand from the West Indies lagged. Large export
ys,13 2
12 013 10 1 010 5
10 23
sales were reported later, and a better demand at St. Louis.
:M ay10 1 010
14,4§1544 12 7 01'i
8.65
12 §13
1.0.02
Later on home and foreign trade was quiet and prices
8.83 1434@155( 12 7 01.31
11%012%4 10 0 @104
10.08
8.54 14%015% 12 7 013 1
113401234 10 0 010 4
weakened. Still later prices advanced somewhat, and fur10.20
8.87 143401534 12 7 013 1
113401234 97 010 3
10.11
ther export sales were made.
8.58 1414015% 12 7 013 1
11%012% 97 010 3
10.20
Wheat shows a moderate net decline for the week owing
. June
8.34 143(01534 12 7 @131
11%012% 97 @103
10.27
to good weather, favorable crop reports, and, as a rule, only
7.98 14%01514 12 7 013 1
10.33
113401214 96 010 2
7.81 14%015% 12 7 013 1
95 010 1
/
1
10.23
a small export demand. On the 21st inst. prices ended 12
11 012
7.74 14N015/4 12 7 013 1
95 010 1
11 012
10.35
/
1
2
to 2c. lower at Chicago, and 2 to 3e. at Winnipeg, despite
-As shown on a previous page, the better cables. But export demand was lacking. That hurt;
SHIPPING NEWS.
exports of cotton from the United States the past week have also good weather. Hard winters were offered freely abroad
reached 44,103 bales. The shipments in detail, as made at 6d. decline, and Manitobas at 3d. to 9d. off. Favorable
rains fell in Alberta and Saskatchewan, Canada, and the
up from mail and telegraphic reports, are as follows:
Bales. forecast was for showers in all provinces over the week-end,
-Cripple Creek, 67
4:1ALVESTON-To Liverpool-June 19
67
-Cripple Creek, 282
282 with lower temperatures. Private crop reports from North
To Manchester-June 19
-West Elcasco, 706
706 Dakota were satisfactory. There were increased offerings
To Genoa-June 18
China-June 21-Steel Voyager, 230
To
of new wheat from Illinois to Chicago for September ship-La Plata Meru. 1.980
To Japan-June 23
21
4636
ment. The weekly weather forecast was favorable. The
carryover was estimated at 27,000,000 bushels for the United
States. Cash houses and Chicago sold at Winnipeg. Cash
markets were weak.
/
1
2
On the 23rd inst. prices rallied 2 to 3c. in an oversold
market, from the early low ending %c. net lower to lc.
higher. Chicago followed Winnipeg upward. That market
rallied 2% to 3c. The United States visible supply is 109,635,000 bushels against 92,149,000 a year ago. Liverpool
closed 2% to 3d. lower, and weak. There were considerable
offerings of hard winters and Manitobas in both the United
Kingdom and Continental markets. Export demand was
small. The weather was hot and favorable over the Continent. World's shipments were smaller than last week.
They were 10,686,000 bushels, of which North America supplied 4,728,000 bushels. Since July 1 1923 world's shipments were about 298,000,000 bushels below the same per'od
2
for the like period last season. They reached 600000,000
bushels. Excellent harvesting weather prevailed in the
Southwest. New wheat was beginning to move in volume.
At four points, Fort Worth, Texas; Hutchison and Wichita,
Kansas, and Enid, Oklahoma, receipts were 1,116 cars of
new wheat, and the reports indicated a good quality and a
high prote'n content. Wall Street was a seller, and Eastern
houses also sold. Chairman Legge announced that the
Farmers' National Grain Corp. Is expected to handle 300,000,000 bushels of wheat during the 1930-31 season.
On the 24th inst. prices declined 3% to 4e. at Chicago
/.
and 31 to 4c. at Winnipeg. Covering fell off. Stocks
declined. The crop movement in the Southwest was increasing. Export demand was poor, but it is argued prices
are getting down to a point where a larger export demand
would not be surprising. Liverpool failed to follow the
3
4d.
advance of Monday and closed / to %d. lower, due to
pressure of United States winters. A Winnipeg line elevator house reported the condition in Alberta at 83% against
87% a week ago, while Saskatchewan was unchanged at
87%. Pretty steady rains, it is said, will be necessary to
produce a good crop there.
On the 25th inst. prices fell to new lows, and then rallied
about 2c. on covering in a short market, buying by Wall
Street, and a sharp rally in stocks. The ending was % to
%c. net higher. Export sales were stated at 700,000 to
1,000,000 bushels, including some new crop hard winter.
Shipping sales at Chicago were the largest in some time.
Also the demand for flour was said to be better. St. Louis
reported sales of flour to Liverpool. Wires from the Southwest claimed that Kansas City prices were somewhat higher
than those at the Gulf. Liverpool closed 1% to 1%d. lower,
with pressure of hard winters reported. But there was
some buying abroad on reports of damage by rain in Greece
and abnormally hot weather in Russia. Harvesting was
progressing rapidly in the Southwest. The principal markets there received 950 cars of new wheat, and there was
some apprehension that the storage situation in the Southwest might be found inadequate. Further beneficial rains
occurred in the American Northwest, with a few scattered
showers in Canada, but the forecast was for fair weather
on both sides of the line.
Montreal wired: "During the five weeks ended June 6
the Canadian visible supply of wheat decreased by more
than 35,000,000 bushels, according to the reriew of the
Royal Bank of Canada. If the movement continues at this
rate until the end of July the carryover into the new crop
year will be less than 100,000,000 bushels. In the face of
foreign estimates that the carryover would exceed that figure by 50%, the recent movements may be considered good
news."
On the 26th Inst. prices ended 2% to 3%c. lower in a short
market, with a good demand to cover. World's shipments
were falling off. Russia exported nothing and the shipments from the Black Sea and Argentina were smaller.
Winnipeg's strength helped Chicago. Liverpool was higher
/
3
4c1. Heavy shipthan due, and closed at a rise of % to '
ments were made from Chicago to Buffalo. Crop reports
were good. but they were offset by the technical position
and the cables, even though the export demand was of only
far size. The Federal Farm Board stated that the grain
trade need have no apprehension of competition from wheat
held by Grain Stabilization Corp: during the coming months
when farmers will be moving the 1930 crop to market unless
In the meantime prices rise to the level at which purchases
were made.
The Canadian Government report, issued late on the 26th
inst. at Ottawa, Canada, said that conditions continued
favorable In Manitoba. Warm weather, with showers, has
prompted the growth of grains. Early wheat is in shot
blade and in Southern Manitoba many fields are heading.
Some damage by hall is reported from Central and Southeastern districts. Cut worm damage is decreasing. Pastures are good and live stock are improving. During the
past week heavy rains brought about a general improvement in crop growth in northern and eastern Saskatchewan.
In the rest of the Province rain is badly needed. On the
whole, crops in this Province are rather ..ckward, considering the early seeding. Central, NortherA and Western Al-
[VoL. 130.
FINANCIAL CHRONICLE
berta received heavy rains during the past week, which have
materially improved crop prospects.
To-day prices ended % to %c. higher, with cables good
and export sales yesterday said to have reached 2,500,000
bushels, largely Manitoba. Most of this foreign business was
done in Canada. The buyers were England, Italy, France,
Germany, and Denmark. Canadian crop reports are rather
conflicting. The tone in the end was more friendly to the
bull side. Final prices show a decline for the week of
% to 2c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard
943( 9434 9734 98
9834 98
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
9254 9234 88R 88% 9134 9134
9234 95M 9534
September
9534 9534 91
December
100
9734 100% 101
10034 97
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
July
96;4 102H
97
100$ 97M 98
94
97M 98
10134 102;4
October
100% 100
10334 1043-i
December
102M
993
93.
Indian corn declined a fraction, with the receipts and
crop movement small, and the cash demand of late better,
these features offsetting the influence of a decline in wheat.
On the 21st inst. prices declined % to 1%c., owing to the
depression in Wheat. On the decline, however, there was a
pretty good demand. On the 23rd inst. prices rallied 2 to
2 c. and closed % to lc. net higher. Hot weather was
/
3
4
predicted. Some bad crop reports were received from parts
of Iowa and Missouri. The United States visible supply
decreased last week 976,000 bushels, against an increase
of 330,000 last year. The total is 8,543,000 bushels against
12,058,000 last year.
4
On the 24th inst. prices ended 1%c. lower, under the
influence of lower prices for wheat, desp'te dry weather in
Illinois or the bids for cash corn made by some outside
markets, which were noticeably higher than those of
Chicago. On the 25th inst. prices declined 1%c. to a new
low for December, with good weather, favorable Argentine
crop reports, and stop orders caught. Iowa and Illinois
had beneficial rains. Shipping demand was only fair, but
cash demand in the main was good, and the basis steady
to 1%c. higher compared with July. Later prices rallied
3
4
1 to 13 closing at a net decline of / to %c. On the
/
4c.,
26th inst. prices closed % to 'The. higher, in sympathy with
wheat. Beneficial rains fell in Illinois and Missouri,
but there was a good cash demand and country offerings
and the crop movement continued to be small. To-day prices
ended / to %c. net higher, showing a rally from the early
3
4
low of % to 11
/ The weather in the main was favorable,
4
c.
but the cash demand was excellent. Some fear complaints
about the crop because of hot weather in some parts of the
Southwest where rain is needed. Final prices show a
decline for the week of % to %c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9174 923-4 92
9194 9294 9234
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
75
76
7434 743-1 7594 75
July
7394 7474 73M 7331 74
74
September
6854 7034 6874 6834 6834 68
December
Oats declined only a fraction despite the decline in corn
and selling by the Northwest as cash interests were steady
buyers. On the 21st inst. prices decline % to %c., in sympathy with other grain. On the 23rd inst. prices advanced
V2c. net, rallying % to 4ie. from the early low, with other
grain. The United States visible supply was 11,687,000
-bushels against 7,550,000 a year ago, showing a decrine for
the week of 803,000 bushels against 355,000 a year ago.
3
4
On the 24th inst. prices- fell / to %e., paying no great
attention to the decline in other grain. On the 25th inst.
prices were IA to %c. higher. Cash interests bought. Harvesting is in progress in the Southwest, but oats resisted
pressure. On the 26th inst. prices ended unchanged to %c.
higher, braced by the rise in other grain. To-day prices were
% to %c. lower on scattered liquidation, and little demand
from the shorts. Final prices show a decline for the week
to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
4734 4834 4934 4934 4934 4934
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
3531 353-1 3534 353-1 3531£ 35%
September
3634 36% 3634 3654 36% 3634
December
393-4 40
3934 3954 3951 3934
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Werl. Thurs. Fri.
July
4534 4634 4531 4574 4634 4534
October
443-4 453-4 449-4 4434 4594 45
December
4334 4334 4234 4234 4334 4351
Rye shows a small net advance despite the decline In
wheat though some have been buying rye against sales
of other grain. On the 21st inst. prices were 1% to 1%c.
lower, owing to good weather and the decline in wheat.
On the 23rd inst. prices ended % to %c. net higher, in response to a rally in other grain. There was a decrease last
week of 127,000 bushels in the visible supply of the United
States against 52,000 last year. On the 24th Inst. prices
declined 2%c. in sympathy with the drop in wheat. On the
25th inst. prices declined -% to %c., bat rallied and closed
Jura)28 1930.]
FINANCIAL CHRONICLE
4637
M to 1
3
4c. net higher. Aft deliveries sold early at new lows
The visible supply of grain, comprising the stocks in
on the crop, but rallied on spreading operations and local granary at principal points of accumulation at lake and
buying. But there seems no hope of export business. Russia seaboard ports Saturday, June 21, were as follows:
was said to be offering rye c.i.f. Rotterdam below the
GRAIN STOCKS.
Chicago July price. On the 26th inst. prices advanced 2c.
Wheat,
Corn,
Oats,
Barley,
Rye,
United Statesbush,
bush,
bush.
bush,
bush.
in response to a rise in wheat. To-day prices ended 1 to
New York
593,000
43,000
188,000
53,000
23,000
1%c. higher, with fair buying orders from commission Boston
142,000
4,000
1,000
350,000
8,000
91,000
26,000
4,000
houses and buying by spreaders, who were selling other Philadelphia
857,000
17,000
41,000
19.000
119.000
grain. Final prices were unchanged to %c. higher for Baltimore
Newport News
412,000
New Orleans
1,770,000
104,000
2.000
70,000
171,000
the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
44% 4434 4634 48
4634 47
September
50% 5134 4834 4934 5134 52
December
57
57% 55. 5534 5734 58
r`
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
No.2 red,f.o.b.. new
No. 2 white
1.1234
4934
No.2 hard winter,f.o.b____ 98
No.3 white
4634
Corn, New YorkRye, New York
No.2 yellow, all rail
No.2 f.o.b
9234
5834
No.3 yellow all rail
91% Barley. New York
Chicago, cash
46@45
FLOUR.
Spring pat, high protein.$5.55 $5.90 Rye flour, patents
$4.20034.50
Spring patents
5.15
5.55 Seminola, No. 2, pound
3
Clears,first spring
5.15 Oats goods
4.75
2.401 2.45
Soft winter straights_
4.90 Corn flour
4.50
2.50 2.55
Hard winter straights
4.65
5.10 Barley goods
Hard winter patents_ _ _ 5.10
Coarse
5.60
3.25
Hard winter clears
• 4.35
Fancy pearl, Nos. 1.
4.65
•
Fancy Minn. patents- _ 6.55 7.95
2, 3 and 4
6.1558 6.50
City mills
7.00
7.70
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
5ls.196155.bush,60 lbs.bush.56 lbsbush.32 lbs. bus. 48 lbs. bus.56 lbs.
Chicago
229.000
105,000 1,129,000
278,000
30.000
8,000
Minneapolis-.
1,214,000
194,000
167,000 151,000
60,000
Duluth
621,111
32,00
59,000
15,000
13,000
1 ,$ $ $
Milwaukee
18,000
113,000
57,000
185,000
8,000
Toledo
137,000
16,000
36,000
1,000
Detroit
26,001
8,000
10,000
Indianapolis74,111
452,000
146,000
St. Louis__...
133,001
839,000
579,00
329,000
19,000
1,000
Peoria
51.1 I
42,001
397,000
90,000
44,000
Kansas City_
897,000
540,00
100,000
Omaha
178,000
370,000
144,000
St. Joseph_
47,000
106,000
22.000
Wichita
348.161
653,000
Sioux City12,000
32,111
147,00
2,000
Total wk.193
Same wk.1929
Same wk.1928
Since Aug. 1
1929
1928
,..,
431,
437,000
401,
4,558,0 I
6,266,001
2,887,000
4,736,000
6,284,00
4,003,000
1,470,000
2,050,000
1,447,000
446,000
709,000
571,000
91,000
163,000
136,000
G.Q.LIA.VW‘GII.VII,UVUAVV,0.14.1A11/ 110.21[1"."1,11n5.a55.in10
.
New York__
Philadelphia ..
Baltimore....
NewaOrleans
Galveston -Montreal __
Boston
rot!
Flour.
Wheat.
Corn.
Oats.
Barley.
98,011
2,306,000
78,0001
2,388,000
13,000
372,000
50,000
1,571,000
4,000
840,000
13,000
41,000
226,000
110,000
3,000
4,000
30,000
12,000
2,000
3,395,000 6.367,000
169,000
353,000
239,000
99,000
1,773,000 3,456,000
681,000
3,304,000
985,000 3,129,000
86,000
11,000
167,000
36,000
12.000
9,000
46,000
180,000
31,000
123,000
108,000
24,000
30,000
10,000
97.000
35.000
Note -Bonded grain not included above: Oats-New York, 49,000 bushels:
Philadelphia, 4,000; Buffalo, 70,000; Duluth, 5,000; total, 128,000 bushels, against
490,000 bushels in 1929. Barley
-New York, 456,000 bushels; Buffalo, 1,898.000;
Duluth, 75,000; total, 2,429,000 bushels. against 3,617,000 bushels in 1929.
Wheat
-New York, 1,036,000 bushels; Boston, 1,225,000: Philadelphia, 2,482,000;
Baltimore, 2,741,000; Buffalo. 5,120,000; Buffalo afloat, 1,844,000; Duluth,98,000:
on Lakes,562.000; Canal, 1.794,000; total, 16,902,000 bushels, against 23.869,000
bushels in 1929.
Canadian
Montreal
7,157,000
639,000
1,015,000
566,000
Ft. William & Port Arthur43,021,000
1,512,000 4,960,000 13,982,000
Other Canadian
12,488,000
932,000
2,014,000 1,095,000
Total June 21 1930.,...62,668.000
4,541,000
Total June 14 1930.__60,724.000
4,917,000
Total June 22 1929._ 63,674,000
9,850,000
Summary
109,635,000 8,543,000 11,687,000
American
Canadian
62,666,000
4,541,000
6,623,000 15,553,000
6,520,000 15,597,000
2,239,000 5,251,000
12,002,000 4,934.000
6,823,000 15,553,000
Total June 21 1930...172,301,000 8,543,000 16,228,000 18,625,000 20,487,000
Total June 14 1930.._ _173,053,000 9,519,000 6,166,000 18,669.000 20,728.000
Total June 22 1929.__155,823,000 12,058.000 17.130,000 8,831.000 10,600.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, June 20, and since July 1 1929 and 1928,
are shown in the following:
Wheat.
Corn.
Al,WA AMU
Rye.
bbls.1981bs.bush.60 Or fah.56 lbs. bush. 32 lbs. bus. 48 lbs.' S.56 lbs.
230,0001
780,111
46,000
33,000
3,000
36,0001
16,011
2,000
14,000
15,0001
3,i • 1
20.000
11,000
1,000
42,000
75,111
30,11$
12,000
4. It
77,000 2,238,001
13,000
74,000
29,000
8,000
wk.193 o
429,000 3.116,1 • i
Since Jan.1'31 11,934,000 49,065,001
453,000
2,020,000
122,000
8,063,000 1,885,000
70,000
1,719,000
25.000
119,000
20,000
12,805,000 2,325,000
568,000
367,000
24,777,000
47.000
25,752,000
136,000
134,000
112,000
2,016,000
187,000
18,347,000
562,000
578,000
3,000
846,000
23,000
2,157,000
823,000
2,000
18,000
785,000
880,000
3,431,000
555,000
690,000
254,000
159,000
27,000
Total June 21 1930..„109,635,000 8,543,000 11,687,000 12,052,000 4,934,000
Total June 14 1930_ _ _112,329,000 9,519,000 12,490,000 12,179,000 5,131,000
Total June 22 1929.... 92,149.000 12.058,000 7,550.000 6,592,000 5,349.000
19,720,011 343,794,000242,973,000 129,140.00062.582,00023.038,000
22,314.001 457,424,000251.198,000 134,121,00090,309,00025,340,009
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 211930, follow:
Receipts at-
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
IndianaP011s
Omaha
On Lakes
On Canal
78,000
388,000
Week 1929___
495,000 6,112,001
173,000
770.0001 1,312,000
334,000
Since Jan.1.129 12,944,000 85,167,00 14,698,000 10,360,000
15,195,000 2,677,000
• Receipts do not include grain passing through New Orleans for foreign
ports
on through bills of lading.
Exports
-
North Amer.
Black Sea_ -Argentina___
Australia
India
0th,countr's
Total
Week
June 20
1930.
Since
July 1
1929.
Since
July 1
1928.
Week
June 20
1930.
Since
July 1
1929.
Since
July 1
1928.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
4,728,000312.398,000,533.947.000
40,000 3,509,000 33.556,000
160.000 25.323,0001 2.632.000 2.347.000 32,278,000 1,827.000
2.639.000160,361.000 208.140,000 2,331,000 168,143,000 243.641.000
1,840.000 63.677.000109,633.000
224.000
712.000 1.112,000
1,096,000 44,156,000 43,724,000
391.000 30.288.000 29,075.000
10.687,000606,627,000899,188,000 5,109,000234.218.000 308,099,000
'
WEATHER REPORT FOR THE WEEK ENDED
JUNE 24.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended June 24., follows:
At the first of the week there were general rains in the more Eastern
States and during the middle and latter portions showers were rather frequent in the Northwest, the Northeastern States and in the extreme Southeast. Fair, sunny weather was the rule in south-central districts. Cool
weather for the season prevailed during the first part of the period, but
high temperatures obtained nearly everywhere east of the Rocky Mountains during the latter part, with maxima in the nineties rather generally, except in the extreme North, and a number of stations reporting
100 degrees, or higher, from the Central Gulf districts northward.
ExportsfromWheat.
Corn.
Flour.
Oafs.
Rye.
Barley.
Chart I shows that the week, as a whole, was warmer than normal in
Bushels, Bushels. Barrels. Bushels. Bushels.
nearly all central and eastern sections. especially in the lower Mississippi
Bushels,
Valley and west-central Great Plains where the weekly mean temperatures
New York
896,000
55,450
were 4 to 6 degrees higher than the seasonal average. Temperatures averBoston
40,000
1,000
aged slightly below normal in some Appalachian Mountain sections, the
Philadelphia
8,000
2,000
Baltimore
extreme Southeast and the lower Rio Grande Valley. while west of the
146,000
6,000
Rocky Mountains the weekly means were mostly from 2 degrees to as much
New Orleans
6,000
3,000
40,000
6,000
Galveston
as 5 degrees subnormal.
24,000
19,000
Montreal
2,238,000
Chart II shows that
77,000
74,000
13,000 and extreme Southeast,rainfall was substantial to heavy in the Northeast
Houston
58,000
while moderate to rather heavy falls were reported
1,000
from most places in Northern States westward through the Great Plains.
Total week 1930_ 3,414,000
Moderate falls occurred in the Ohio and Missouri Valleys and over a con3.000 201,450
6,000
74,000
13,000 siderable area of the
Same week 1920...,. 5.574.000
38,000 221.633 765.000 283.000 1.491 ono
Southeast, but from the lower Mississippi Valley westward the week was practically rainless.
The destinat'on of these exports for the week and since
The warmer weather that prevailed over the central and eastern portions
of the country the latter part of the week was favorable for the rapid adJune 21 1929 is as below:
vance of crops wherever there was sufficient moisture. Showers were
beneficial rather generally over the northern portion of the country and also
in the middle Atlantic area, but further heavy rains in much of Florida
flour.
Wheat.
Corn.
Peninsula were detrimental.
Exports for Week
Week
and Since
Since
Week
Since
In the Ohio Valley showers were helpful in many places, but most upper'
Week
Since
July 1 to-21
June
July 1
valley districts are still too dry, while a good rain is now badly needed in
June 21
July 1
June 21
July 1
1929.
1930.
many south-central sections of the country. Farm work made generally
1930.
1929.
1930.
1929.
good advance during the week, with very little interruption by rainfall,
Bushels.
Barrels. Barrels.
and wheat harvest progressed northward to the central portions of Indiana
Bushels.
Bushels. Bushels.
United Kingdom.. 73,535 3,674,588 1,065,000 53,749,000
and Illinois, north-central Missouri and in eastern Kansas nearly to the
34,000
border.
Continent
103,915 4,176.244 2,309,000 92,696,000
6,000 Nebraska
The exports from the several seaboard ports for the week
ending Saturday, June 21 1930, are shown in the annexed
statement:
So.& Cent. Amer_ 16,000 1,015.300
West Indies
998,100
7.000
Brit. No.Am.Col
40.500
Other countries.-- 1.665
629,493
J.. "1
4
Total 1930
MOM
Total 1929
6,000
743,000
44,000
34,000
1,161,000
201,450 10,534.225 3,414,000 148,393,000
221,633 10,931,020 5.574,000 283,745,418
2,000
1,000
53,000
277,000
3,000
370.000
38,000 28,857.322
SMALL GRAINS.
-Winter wheat harvest has progressed northward
past the central parts of the Ohio Valley States, as well as to north-central
Missouri and northern Kansas. Cutting is expected to begin in Nebraska
next week, while the crop is turning in Iowa and some adjacent sections.
Gathering winter wheat was generally favored in the Southwest. Copious
rains were beneficial in Washington and parts of Oregon, and,in the former
State, moisture is now apparently sufficient to mature the crop, except
FINANCIAL CHRONICLE
4638
in South
some fields on light soils which are beyond help. Good rains
heading, but
Dakota materially aided the spring wheat crop, which is now
uncertain. Slow
the extent of recovery in the previously dry areas is
Spring Wheat Belt,
growth was reported from some northern parts of the
but the crop is clean and of good color.
although
very short in the southern Ohio Valley area,
Oats are heading
in eastern Miscutting has begun locally, while rain is urgently needed winter wheat in
souri. Harvest of oats is advancing almost as fast as
in parts.
the Southwest, with results somewhat better than expected
moisture would
Rice was damaged locally by dryness in Louisiana, while Dakota, while
Some early rye is ripening in North late and some
be helpful in Texas.
the crop Is heading generally. Flax is doing well, but is
reseeding was necessary in North Dakota.
part of the week,
CORN.—The reaction to warmer weather, after the first the belt. The
was favorable for the growth of corn rather generally over
conditions
crop made good to excellent progress in most places, while
dry in some
were generally favorable for cultivation, though it is still too
eastern Missouri.
sections, especially in parts of the Ohio Valley and in
conditions generally
The corn crop Is still late in the western belt, but
clean. In Iowa
have been favorable for cultivation and fields are mostly with early corn
the weekly progress of the crop was generally excellent, normal. Rains
average condition about
in the south waist-high, and the
Appalachian
were helpful in the Atlantic States, but were insufficient in
districts and in many south-central sections. week was mostly favorable
the
COTTON.—The warmer weather during
generallY,
for the cotton crop and cultivation made good advance rather especially
however,
with mostly fair weather prevailing. Rain is needed,
of the belt.
for late-planted cotton in some central sections
improvement reIn Texas the weather was generally favorable, with
though early-planted
ported from most districts, but the crop is still late
State on the 21st. In
Is fruiting well: the first bale was marketed in this early plants forming
Oklahoma progress was mostly very good, with somegood to excellent: a
squares. In most of Arkansas advance was very
few blooms were reported.
good many places.
In other central sections of the belt rain is needed in a
Coast States there
especially for late-planted cotton. In the Atlantic
weather was
was too much rain In aprts of the north, but in general the
Cotton shows
favorable, with the progress of the crop mostly good.
squares appearing to the
Improvement in all sections of Georgia, with
extreme northern part.
of
The Weather Bureau furnishes the following resume
the conditions in the different States:
favorvery
under
Virginia.—Richmond: Good progress in crop growth needed. Pastures
able weather conditions, except in southwest where rain crops in good conand meadows improved,though still short. All growing
generally favordition. Wheat harvest continued and reports on crop were
able.
part, otherNorth Caron/mt.—Raleigh: Too much rain in northeast first fair to good
wise favorable. Progress of cotton poor to fair in north, but to excellent.
good
In south. Advance of corn, sweet potatoes, and truck by heavy rains in
Most tobacco made good growth, though some damage
hay.
east. Latter half of week favorable for harvesting wheat and weather, with
South Carolina.—Columbia: Generally warm, sunshiny
and
very favorable, and corn, tobacco, truck, on
only scattered showers,
principally
lesser crops much improved. Corn planting continues, grain threshed.
stubble land, roasting ears on market. Considerable small small in north,
Cotton progress and condition good, though plants rather
early crop blooming freely.
caused very good
Georgia.—Atlanta: Hot weather, especially since 19th,
in all sections.
progress of cotton, with general condition greatly improved
fruiting well over
squares appearing in extreme northern Counties and
south
Progress of corn very good, laying by over
southern two-thirds.
and central. Cutting and curing tobacco active, quality good.
very good in
Florida.—.JacksonvMe: Progress and condition of cotton Apalachicola
west, rain needed on uplands. From Columbia County to division still
River, corn, cane, and melons are mostly good. Western
satsumas
droughty, but local showers improved corn, cane, and melons. uplands
most
dropping. In east and south of Columbia County to Dade
flooded. Truck
too wet, all of Everglades and some districts nearest coast Okeechobee and
ruined and cane, corn, and citrus damaged, high water in
tributaries menacing.
moderate first
Alabama.—Montgomery: Mostly rainless, temperatures and moisture.
part, but high thereafter. Vegetation needs moderate warmth Harvesting
unknown.
Corn mostly fair progress, effects of extreme heat
coast section,
oats continues. Truck and vegetables doing fairly well in of cotton poor
elsewhere mostly poor to only fair. Progress and conditionnearly finished,
to good, plants mostly small and stands irregular, chopping
crop blooming locally in south.
and progMississippi.—VIcksburg: Warm, dry weather unfavorable fairly good.
ress of late cotton rather poor to only fair, but early-planted
Rain needed throughout. Progress of corn,
good progress in cultivation.
gardens, pastures and truck generally poor.
unfavorable for most
Louismna.—New Orleans: Warm, dry weather
condition mostly
crops. Growth of cotton slow: plants rather small, but
Corn firing,
fair to good, cultivation good, crop blooming extensively. to only fair.
in many sections, condition poor
with considerable damage
Rice damaged locally by drought,sugar cane retarded. scattered showers
except
Texas.—Houston: Rather warm and mostly dry,
rapid progress.
In south,favorable for harvesting small grains. which made corn and rice
crops,
Progress and condition of pastures, truck, citrus, feed
which improved
rain locally. Favorable for cotton,
mostly good, but need
mostly clean and
In most districts, all late plantings need moisture, crop is
condition averaged
early fruiting well, first bale marketed on 21st, general
fairly good.
and dry, except moderate to
Oklahoma.—Oklaboma City: Clear, hot,harvest advanced rapidly and
heavy showers in north. Winter wheat Progress and condition a corn
northwest.
now under way in extreme
laid by, much in silk
generally very good, fields mostly clean and early
generally good and
and tassel stage. Progress and condition of cotton
and late being chopped in
mostly well cultivated, early forming squares
west. Oat harvest well advanced.
to excellent due to
Arkansa4.—Little Rock: Progress of cotton good
clean and well
warm, dry weather, chopping about completed and crop
improving rapidly.
squares and a few blooms, cropmany other portions
cultivated, many
very poor in
Progress of corn poor in north, fair or
few localities and
due to hot, dry weather, some early nearly made in aoats, hay and pomuch laid by. Very favorable for harvesting wheat,
tatoes.
except in extreme
Tennessee.—Nashville: Warm and generally dry,east and cotton imeast. Progress and condition of corn very good in and western uplands
proved. Condition and progress of corn on central recent warmth, crop
fair, but on lowlands poor. Cotton improved by harvesting progressmostly clean, needs rain. Winter wheat, rye and oat
ing, spring oats fair.
showers in central, but inKentucky.—Loulaville: Moderate to heavyrenewed in central and west.
sufficient to thoroughly moisten soil, growth showery conditions favorable
in east. Cloudy,
Drought becoming worse
to very good, progress
for tolaacco transplanting. Condition of corn fair except in east. Wheat
very good in central and west and much improved, east, shocks dry.
in north and
harvest finished in south and proceeding
THE DRY GOODS TRADE
New York, Friday Night, June 27 1930.
to
With the net change in textile conditions amounting
practically nil during the current week, there was a noticeable difference in the tenor of sentiment as expressed at
the beginning and in the latter part. This difference may
be assumed to be mainly psychological. Pronounced weakness in the commodity and security markets loaded the general bus:ne:,s atmosphere with gloom over the week-end,
and only when wheat and cotton began to have a steadier
aspect in the past couple of days, with the stock market
offering better resistance, and finally achieving an improving tendency, did the sentiments of more optimistic factors
find audible voice. Coinciding with predictions of a turn
[VOL. 130.
in general business emanating from varions more or less
authoritative sources in the past few days, a more favorable view is being taken of the outlook for dry goods. The
extreme slackness which has characterized textile business
for some three months must soon give way to better buying,
it is now maintained, and in view of the fact that public
consumption has apparently not declined in the same proportion as has the distribution of textile products there seems
to be reason in the contention. Confidence, it is pointed
out, is what is needed as much as any other single factor,
for the restoration of generally normal conditions, and while
it remains quite possible that commodities and stocks may
temporarily resume their downward courses, again overclouding the outlook, the silver lining is latent in the fact
that there must be a bottom somewhere. That that bottom
has been closely approached is indicated by the fact that
the technical and statistical conditions of the present business depression compare very favorably with those of corresponding periods in the past. Sooner or later, it is reasonably maintained, with the present emphasis on the
sooner, bare shelves, cheap money, and the natural wealth
of the country will stimulate a steady recovery—textiles
not excluded.
DOMESTIC COTTON GOODS.—The cotton goods situation continues much the same essentially as it has been
for the past several months. The protracted nature of the
period of abnormal business slackness through which it is
passing continues to bring adverse developments of a more
or less important character in each successive week. Continued weakness in the raw market early in the week,
together with the acute lapse in buying interest, brought
about further sagging in gray goods, 38%-1nch 64x60's constructions changing hands in small lots at the low price
of 5c. per yard. The actual cost of production of the cloth
in point, calculated on the basis of the price of raw cotton
on the same day that the goods concessions were recorded,
was estimated in one source to be about 12% above the
selling price quoted. While the meager lots which comprised transactions on the new low basis might indicate,
under certain conditions, that it was not a true price, the
fact that virtually nothing seems capable of strongly stimulating buying at this time and that such business as is being
done in dry goods is almost universally on the same severely
curtailed scale as that reported above, would appear to
make it an accurate price for the time being at least. One
contention is that the new concessions were offered merely
in an effort by some mills to get rid of a portion of their
cumbersome stocks in preparation for the midsummer inventories. It is hardly likely that such an action would
improve the situation unless curtailment of production continues to be observed on an intensive scale for many months
to come. That such regulation during the coming few
months is not only desirable but very necessary is obvious
In the face of the feeble resistance which represents the
best that the trade as a whole can oppose to current buying
lethargy. With this view of the situation still growing,
if the concensus of reports is to be believed, plans for
curtailment on a wholesole scale after July 19 for an indefinite period, which have already been adopted by Southern mills, bid fair to be observed by the trade as a whole
in a more or less strict manner. Print cloths 27-inch 64x60's
-inch 64x430's construcconstruction are quoted at 4c., and 28
4c. Gray goods, 39-inch 68x72's construction are
tion at 41
quoted at 64c., and 39-inch 80x80's at 8c.
WOOLEN GOODS.—Positive betterment for woolens and
worsteds business remains mainly in promise for the future,
with the advantage that prospects are more definitely outlined in a number of instances than they are in the case of
other textile divisions. General and reiterated predictions
in retail quarters of a broad fall demand from the public,
particularly in women's wear, are proving a source of real
encouragement to producers. Retailers' expectations are
based on the good volume of business already transacted
in crepe broadcloths, suedes and in various sports wear
fabrics. On the strength of this business several manufacturers have revised prices on an upward scale, and there
are instances on record of mills having been forced to
refuse orders on account of capacity bookings. 'Unlike cotton goods, May production of which exceeded sales, despite.
well organized and executed curtailment, Wool Institute
statistics show a substantial margin of bookings in excess
of production for that month. At the same time, stocks
in practically all quarters are relatively light, with the
result that producers have been able measurably to improve
a depressed price-scale in the past 10 weeks or so.
FOREIGN DRY GOODS.—Generally inactive, with a
fair demand for towels and crashes, sums up the week's
linen market. Replenishment orders from department
stores, together with a continuance of the demand from
such sources as hotels and steamship lines, account for
the superior performance of the latter. Moderate business
of a fill-in character chiefly was done in dress goods and
specialty lines. Better huffiness is anticipated in July, when
fall demand should get under way. Burlaps were quiet,
registering further recessions. Light weights are quoted at
4.60c., and heavies at 6.10c.
JUNE 28 1930.]
FINANCIAL CHRONICLE
*tate anti(atm gievartuxent
NEWS ITEMS
Cisco, Texas.—Bondholders' Protective Committee Issues
Statement on Bond Default.—In a statement issued on June
12 which again stresses the need for immediate deposit of
the outstanding defaulted bonds of the above named city
(V. 130, pp. 831 and 3577) the Protective Committee sets
forth the present status of the bond situation and seeks to
give a brief but concise outline of the steps which are being
taken to arrive at a satisfactory settlement of the matter.
The text of the statement reads as follows:
To the Holders and Depositors of the City of Cisco, Texas:
Since this Committee was formed and commenced to function under the
Bondholders' Agreement of Jan. 3 1930, it has been actively at work soliciting the deposit of bonds .under this Agreement and to date it represents
approximately $1,500,000 or about one-third of the total indebtedness of
the City.
After careful investigation it selected Messrs. McBride, O'Donnell &
Hamilton of Dallas, Texas, as its Texas counsel and they, in co-operation
with Messrs. Caldwell and Raymond, New York City, general counsel of
the Committee, have been endeavoring to make progress in the collection
of past due interest and principal and to obtain information for the Committee. Thus far the Conirnittee and its counsel have been unable to
obtain any payment on account of the bonds and coupons deposited with
it and it has only very recently seen a copy of the audit for the period
ended Oct. 31 1929, which was made for the City several months ago. The
Committee is now attempting to have this audit brought up to date and
Obtain further facts with a view to ascertaining wherein the operating
expenses of the City can be reduced and its income increased.
In view of these facts and upon advice of counsel,the Committee,through
its Texas counsel, has taken legal action to compel the City to make good
its defaults and to furnish complete information about its affairs. This
legal action consists of filing in the Abilene Division of the District Court
of the United States for the Northern District of Texas an equity suit
(No. 782) and a law suit (No. 1008), wherein the members of this Committee are plaintiffs and the City of Cisco, is defendant. The suit in
equity requests appointment under authority of a Texas statute, of a
receiver to take charge of the affairs of the City. The law suit requests
the Court to grant a judgment in favor of the Committee and against the
City for past due interest and principal represented by the Committee.
These suits were to come up for hearing on May 30 1930. at Amarillo,
Texas, but due to a congested Court calendar the hearing has been postponed until sometime later in June. The Committee hopes the Court will
grant its request and thereby place the Committee in a position through the
Court to more speedily adjust this matter. These suits will be pressed with
the utmost diligence by the Committee's counsel and you will be advised
from time to time of any important developments.
In the meantime representatives of the City have indicated a desire to
confer with the Committee and the Committee is not averse to such a
conference provided it can be had under satisfactory terms and conditions.
At an election recently hold in Cisco, three members of the Board of
City Commissioners were replaced by new men and shortly thereafter the
Mayor and City Treasurer of Cisco were indicted by the Grand Jury for
alleged false certification of taxable values.
It may interest the bondholders to know that the City has reduced the
assessed valuation of property for the purposes of taxation to under
$7,000,000, as against a former assessed valuation of nearly three times
that amount. This is of particular concern to the bondholders because
of the limited taxing power of the City provided by the Texas Constitution.
The audit reveals a serious current financial condition. It shows a bonded
and warrant indebtedness of $4,638,000 which carries an annual interest
charge of over $275,000 without providing for retirement of principal.
The defaulted interest and principal up to May 1 1930 was approximately
$350,000. While the City officials have evidenced a desire to pay their
indebtedness, yet certain taxpayers attacked the validity of certain bond
issues of the City and in the City's answer to the pending Court action
referred to above, the City sets up a similar defense with respect to the
validity of certain bond issues.
In view of these facts, the very widely scattered ownership of the
the uncertainty of early payment, the probability of early definite bonds,
Court
action and of early negotiations between the Committee and representatives of the City, the Committee renews its request for the deposit of
bonds as promptly as possible that its position may be strengthened by
the deposit of sufficient bonds to give it a clear majority of all outstanding
bonds.
Non-depositing bondholders should realize that the activities of this
Committee are solely in the interests of the bondholders who have deposited
their securities with the Committee and non-depositing bondholders take
the risk of not sharing in the expected benefits of this Committee's action
The Committee therefore, again urges the immediate deposit of the
remaining bonds.
Dated New York, June 12 1930.
Charles P. Bullard, Chairman,
Henry E. Poor,
John R. Brandon,
Robert D. White.
Michigan.—Taxation of Bank Shares.—Important Case
Won by Bankers.—On May 15 Circuit Judge Allan Campbell
handed down a decision of importance to Detroit banks in
holding that Section 8 of the general tax law, as amended by
Act 322 of the Michigan Public Acts of 1922, is invalid and
unconstitutional. Section 8 provides that shares in banks
and trust companies shall be assessed on the basis of the
computation of their cash value, after deducting the assessed
value of all real estate and does not permit deduction from the
list of taxable items, mortgages and land contracts on which
the mortgage tax has been paid. The official opinion as
given by Judge Campbell, reads as follows:
4639
panies harmonizes with the provisions contained in the mortgage tax law
itself.
On behalf of the Equitable & Central Trust
t is claimed that this
law is unconstitutional, as being in contravention
Co.,Of Section 16, Article 2,
of the State Constitution, in that it deprives the plaintiff of its property
without due process of law,and further as being in contravention of Section
3, Article 10 of the State Constitution, which empowers the legislature to
"provide by law a uniform rule of taxation."
In the case of the First National Bank of Wyandotte, the claims set up
in behalf of the Equitable Trust Co. are reiterated, and a further objection
is raised to the constitutionality of said Section 8, as amended, in that the
power of the State to tax national banks is expressly limited by Act of Congress, being Sectlion 548, Title 12, oft ie United States code, to such taxation as shall not be at a greater rate than is assessed upon other moneyed
capital in the hands of individual citizens of the State coming into competition with the business of national banks.
It appears to the court that the contention of both plaintiffs is to be sustained, and that therefore. Section 8 is invalid and unconstitutional, both
as contravening the State Constitution, and further as being an attempt to
exercise a greater taxing power upon national banks than is permitted by
the Federal law.
It remains to consider the contention of the defendants, the Common
Council and the Board of Assessors of the City of Detroit with relation to
the question of the power of the court to issue a mandamus after the tax roll
has been made up. Without going into the provisions of the Charter in
this respect, it appears that the relative time within which the petition has
been filed and within which the Court may issue its writ, is substantially
the same as that involved in the case of the Union Trust Co. vs. Common
Council, 170 Michigan, page 692; and the Detroit Trust Co. vs. Common
Council, 170 Michigan, page 701. In both of these cases mandamus issued.
It is therefore the conclusion of the court that a writ of mandamus may
issue as prayed, directing the Board of Assessors to make such a computation as will secure a uniform rate in this respect, by allowing deductions for
Items represented by assets on which the specific mortgage tax has already
been paid.
Supreme Court Considering Validity of 1929 Drains Laws.—
In response to our query regarding the present status of a
case that involves the question of the validity of the 1929
amendments to the drainage laws of Michigan, recently
given a favorable decision by Circuit Judge Spier, we are
advised as follows by Attorney Alvin A. Wolfson, Macomb
County Drain Counsel, in a letter dated June 12:
Mount Clemens, Mich, June 12 1930.
Editor,"Commercial & Financial Chronicle,'
N.Y. City, N. Y.
Dear Sir:
I am in receipt of your letter of recent date in regard to litigation concerning the validity of the 1929 Amendments to the Michigan Drain Laws.
The cases which Involve two points, viz., first whether the Amendment
to the Title of the Act and to the Section defining the word "Drain" where in
the Act provides that sewers are included in the defination is constitutional;
and second, where two or more known connecting drains can be treated
in the same proceedings. Both of these questions were determined by the
Supreme Court in the negative in the case of Clinton vs. Spencer, 250
Michigan 135. Since that decision, however, the New Drain Amendments
went into effect. The present case will determine the validity of the
Amendments.
This case was started by a Writ of Certiorari brought by the Township
of Warren against Bert Engelbrecht, Drain Commissioner of Macomb
County. After a hearing in the Circuit Court on the matter the Circuit
Judge dismissed the Writ holding that the amendments involved were good.
From this Decision the plaintiff by their Attorney, Clifford A. John,
appealed to the Supreme Court.
The matter has been submitted on'the Record and Briefs to the Supreme
Court and we are now awaiting their decision. This decision, I believe, will
be an extremely important one as drain work throughout the State is
being held in abeyance awaiting its outcome.
Sincerely,
ALVIN WOLFSON,
Attorney for Macomb County Drain Commissioner.
New Jersey.—Special Legislative Session Called to Amend
Bond Law.—A special session of the State Legislature has
been called by Governor Larson to convene on July 1 in
order that a 1930 legislative enactment dealing with the
limitation of bond issues may be amended. The law in
question (Chapter 181 of the Laws of 1930) was sponsored by
Senator Leap of Salem County and it is said that the pro-visions embodied therin are too narrow to embrace a large
number of municipalities.
New York State.—New Deputy Bank Superintendent
Appointed.—Joseph A. Broderick, State Superintendent of
Banks, issued the following statement on June 26:
Superintendent of Banks, Joseph A. Broderick, announces the appointment of James T. Heenehan, as Deputy Superintendent of Banks of the
State of New York in charge of the legal division of the Banking Department, effective July 1 1930. He is a resident of the City of New Rochelle,
County of Westchester, State of New York, and has practiced law for
several years in the City of New York.
Mr. Heenehan has been Opinion Clerk in the Banking Department since
May 11930. He Is a graduate of Dartmouth College, A.B. 1914; Boston
University Law School, L.L.B. Cum Laude 1916, and Is a member of the
Bar both of the State of New York and of the Commonwelath of Massachusetts.
Sanford, Fla.—Time for Deposit of Defaulted Bonds
Extended.—In a public notice appearing on June 25 it was
revealed that about 75% of the outstanding bonds of the
above city have already been deposited with the Bondholders' Protective Committee (see V. 130, pp. 495 and 832).
The notice urges further deposits of defaulted bonds and
calls attention to a certain provision of the city charter
limiting the time for filing claims against the community.
The official statement reads as follows:
State of Michigan
In the Circuit Court for the County of Wayne
In Chancery.
Equitable & Central Trust Co., and Harry Allen, Plaintiffs,
The City of Sanford, Fla., defaulted in the payments of principal and
—vs—
interest
outstanding bonded indebtedness due on July 1 1929. 'FollowCommon Council of the City of Detroit, Board of Assessors No. 152,634 ing this on its
default the undersigned consented to act as a Bondholders' Proof the City of Detroit, Defendants.
tective Committee and about 75% of the bonds outstanding in the hands
The First National Bank of Wyandotte. Luther Trowbridge,
of the public are now deposited with them under the provisions of a Deposit
Administrator of estate of John J. Harris, Plaintiffs,
Agreement dated Aug. 15 1929.
The committee
—vs—
call the
No. 152.639 provisions of the wishes toof the attention of bondholders to the following
Common Council of the City of Detroit, Board of Assessors)
Charter
City of Sanford:
"Section 135. Every claim against the City of Sanford, Fla. whether
of the City of Detroit, Defendants.
liquidated or unliquidated, shall be presented to the City Commission within
Opinion.
one year from the time said claims accrued or became due, and shall be
These two cases were argued together, without having been
and unenforcible if not
consolidated. barredbelieve it is important so presented."
We
This opinion is therefore made in the same manner. Both cases involve
to call attention to this
an The Committee through suits or other appropriate provision at this time.
action on the part of the Board of Assessors of the City of Detroit in promeasures is taking steps
ceeding to assess the stock of the respective trust company and bank in to protect the interests of all holders of bends deposited with it
While the time for the acceptance of deposits has expired the Committee
accordance with Section 8 of the General Tax Law as amended by Act 322
is continuing to accept deposits except in those instances where, in the
of Public Acts of 1929.
Section 8 provides that shares in banks and trust companies shall be opinion of the Committee, the best interests of all depositors would not be
assessed on the basis of the computation of their cash value, after deducting served by such acceptance. Bondholders are accordingly urged to send
the assessed value of all real estate, &c., and also providing for certain de- their bonds with July 1 1929 and subsequent coupons attached to either
ductions to cover securities of a municipal character. This amendment is of the depositaries of the Committee so that steps may be taken promptly
claimed to be a departure from the rule requiring uniform rate of taxation, to protect their interet(s.
for the reason that other companies, not included in the category of banks R. I. WHITE, Secretary,
C. T. DIEHL,
and trust companies, but who do a financial business, are permitted to deRoom 1620,
KENNETH M. KEEFE,
duct from their list of taxable items, all mortgages and land contracts on
120 Broadway, New York, N.Y. ALBERT C. MITTENDORF,
which the mortgage tax has been paid. The rule as applied to those comNATT T. WAGNER, Committee.
FINANCIAL CHRONICLE
4640
-Thomson. Wood & Hoffman. L'Engle and Shands. Fleming,
Counsel.
Hamilton, Diver, Lichliter and Fleming.
-Central Hanover Bank & Trust Co., 70 Broadway, New
Depositaries.
York, N. Y. The Provident Savings Bank & Trust Co., Cincinnati, Ohio.
BOND PROPOSALS AND NEGOTIATIONS.
ABERDEEN,Brown County, S. Dak.-BONDSALE.-The four issues
of bonds aggregating $100,900,offered for sale on June 23-V.130, p.4275
were jointly purchased by the First National Bank, and the Aberdeen National Bank, both of Aberdeen, as follows:
$57,500 street improvement, special assessment bonds. Due in from 1 to 9
116,600 eTteraeresiimprovement,special assessment bonds.
years.
Due in from 1 to 9
2,800 straet improvement,special assessment bonds. Due in from 1 to 9
years.
The above bonds were awarded as 5s,for a premium of $710, equal to
100.92, a basis of about 5.057
0.
a
1.24,000 street Improvement, city's portion bonds were awarded as 5s, forin
premium of $240,equal to 101.00, a basis of about 4.81%. Due
from 1M to 934 years.
-The follow-BOND SALE.
ADAMS COUNTY (P. 0. Decatur) Ind.
ing issues of 43% bonds aggregating $9,280 offered on June 25-V. 130,
-were awarded to the First National Bank, of Decatur, at par plus
P. 4458
a total premium of $166 ($83 above par for each issue), equal to 101.78, a
basis of about 4.13%:
Due
$4,640 J. 0. Steiner, North Point Road. Wabash Twp. road bonds. 1940
$232 on July 15 1931; $232 on Jan. and July 15 from 1932 to
Inclusive, and $232 on Jan. 15 1941.
4,640 J. U. Amstutz, Wabash Township road bonds. Due $232 on July 15
$232
1931:$232 on Jan. and July 15 from 1932 to 1940 inclusive, and
on Jan. 15 1941. Each issue is dated June 15 1930. Bids received
were as follows:
$4,640
$4,640
J. U. Amstutz J. C. Steiner
Bonds.
Bonds.
Premium.
Premium.
Bidder$37.00
$37.00
American Co.,Indianapolis
Fletcher
71.00
71.00
City Securities Corp.,Indianapolis
82.00
82.00
Fletcher Savings & Trust Co., Indianapolis__ _
81.00
Co.,Indianapolis
J.F. Wild Investment
81.go
85.00
Inland Investment Co..Indianapolis
83.00
83.00
First National Bank, Decatur, Ind
-ADALAMO HEIGHTS (P. 0. San Antonio),Bexar County, Tex.
improvement
-The $233,000 Issue of permanent
DITIONAL DETAILS.
f San Antonio
ref. bonds that was purchased by Van H. Howari &
Co.,,Denom. $1,000.
-Is dated May 1 1930.
-V. 130, p. 3753
as 5s at par
Int. payable on May and Nov. 1.
-The $140,000
-BOND SALE.
ALAMOSA, Alamosa County, Colo.
issue of paving District No. 1 bonds offered for sale on June 6-V. 130,
-is reported to have been taken over by the contractor. Dated
P. 3919
Aug. 1 1930. Due on or before 1950. (The contractor is the Driscoll
Construction Co. of Pueblo.)
-Lawrence J.
-BOND OFFERING.
ALBANY, Albany County, N. Y.
Ehrhardt, City Comptroller, will receive sealed bids until 2 p.m. (Daylight
on July 2 for the our-base of the following issues of coupon
Saving time)
or reg. bonds aggregating $5,490,000, to bear int. at a rate not to exceed
or 1-10th of 1%:
%, expressed in multiples of
$3,300.000 water bonds. Due $82,500 on June 1 from 1931 to 1970. incl.
1,180,000 public improvement bonds. Due on June 1 as follows: $57,000
from 1931 to 1940. incl.: $58,000 from 1941 to 1950. incl., and
$3,000 from 1951 to 1960, incl.
545,000 local improvement bonds. Due on June 1 as follows: $77,000
from 1931 to 1935, incl., and $32,000 from 1936 to 1940, incl.
325,000 school bonds. Due on June 1 as follows: $7,000 from 1932 to
1940, incl.•. $8,000 from 1941 to 1948, incl., and $9,000 from
1949 to 1970. incl.
140,000 municipal equipment bonds. Due on June 1 as follows: $26,000
from 1931 to 1933, incl.: $24,000 in 1934: $9,000 from 1935 to
1938, incl., and 31,000 in 1939 and 1940.
All of the above bonds are dated June 1 1930. Denom. $1,000. Herewith we show the total amount of bonds due each year: $242,500 in 1931:
$249.500 in 1932 and 1933: $247,500 in 1934: 3232,500 in 1935: $187,500
from 1936 to 1938, incl.: $179,500 in 1939 and 1940: $148,500 from 1941 to
1948,incl.: $149,500 in 1949 and 1950:$94,500 from 1951 to 1960. incl., and
$91,500 from 1961 to 1970,incl. Prin. and semi-ann. Int.(J.& D.)Payable
the City,
in Albany. A certified check for $109,800, payable to the order offurnished
must accompany each proposal. The successful bidder will be
with the opinion of George A. Reilly, Corporation Counsel. Albany, and of
Reed, Hoyt & Washburn, of New York, that the bonds are valid and
binding obligations of the City of Albany.
Financial Statement as of May 31, 1930.
$ 15.791,050.00
General city debt
9,393,500.00
Water debt
3.434,700.00
Local improvement debt
$ 28,619.250.00
Gross debt
Sinking funds (including $726,655.00,
levied for 1fM for bonds other than
32,384,734.87
Water bonds
11,778,234.87
9,393,500.00
Water debt
(Vol- 130.
trict for the year 1930. is $4,308.740. and said School District has an
outstanding bonded indebtedness of $55,000. Said School District includes
an area of 29 sq. miles, and the estimated population is 4.500.
ALTUS SCHOOL DISTRICT (P. 0. Altus), Jackson County, Okla.
-BOND DESCRIPTION.
-The $200,000 Issue of coupon or registered
school building bonds that was purchased by the Brown-Crummer Co., of
Wichita-V. 130. p. 2268
-Is more fully described as follows. $185,000 as
5s, maturing on April 1, as follows: 310,000, 1935 to 1952, and 35,000 in
1953, and $15,000 maturing on April 1. as follows: $5,000 in 19.53, and
$10.000 in 1954. as 4j% bonds. Dated April 1 1930. Principal and
interest (A. & 0.) payable at the Oklahoma fiscal agency in New York
City. Legal approval by Chapman & Cutler, of Chicago.
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Little-A $23,000 issue of 414% school
ton), Colo.
-PRE
-ELECTION SALE.
building bonds has been purchased by Bosworth, Chanute, Longbridge &
at a price of
Co. of Denver, subject to an election to he held on July
100.17, a basis of about 4.49%. Denom.3500 and $1,000. Due on July 1,
as follows* $500, 1931 to 1940, and $1,000, 1941 to 1958, all incl. Prin.
and semi-ann. int. payable in New York,
-TEMPORARY LOAN:
ARLINGTON, Middlesex County, Mass.
The Bank of Commerce & Trust Co.. of Boston, recently purchased a
$100.000 temporary loan at 2.59% discount. The loan is dated June 26
1930 and is payable 350.00000 May 15 1931 and June 191931,respectively.
-The
-BOND SALE.
BALDWINSVILLE, Onondaga County, N. Y.
$442.000 coupon or registered street improvement bonds offered on June 23
-V.130. p. 4276
-were awarded as 456s to Barr Bros. & Co.,of New York,
at par plus a premium of 3222.18, equal to 100.529, a basis of about 4.44%.
The bonds are dated June 1 1930 and mature on Jun' 1 as follows' $2,000
from 1931 to 1948 inclusive, and $3,000 in 1949 and 1950.
Bids for the issue were as follows:
Premium.
Int. Rate.
Bidder
$222.18
Barr Bros.& Co.(Purchaser)
First Trust & Deposit Co.,Syracuse
91.31
4
George B. Gibbons & Co., New York
40.74
Manufacturers & Traders Trust Co.,Buffalo4 %
285.18
5%
Marine Trust Co.,Buffalo
4 %
Lincoln Equities, Inc., Syracuse
9
78 2
423..78
5
Edmund Seymour & Co., New York
336.00
4 %
Batchelder & Co., New York
294.00
4?/4 %
Rutter & Co., New York
BATH TOWNSHIP SCHOOL DISTRICT (P. 0. Mixerville), Ind.
% school bonds offered on June 7-V.
-The $30,000
BOND SALE.
-were awarded to the City Securities Corp., of Indianapolis,
130, P. 3920
4.15%.
at par plus a premium of $701.70, equal to 102.33, a basis of abouton June
The bonds are dated May 15 1930 and mature as follows: $1,000
and Dec. 15 from 1931 to 1943, incl., and $2,000 on June and Dec. 15 in
1944.
-The following
-BOND SALE.
BEACON, Dutchess County, N. Y.
Issues of coupon or registered bonds aggregating $442,000 offered on June 25
awarded as 4;is to H. M. Byllesby & Co., and
-were
-V. 130, p. 4459
2
E. .
4. 3%0oulon & Co.. both of N. Y. City,jointly. at 100.269, a basis of about
g
4,
from 1937 to
3280.000 water bonds. Due on June 1 as follows* $5,000 in 1949 and
1943 Incl.: $10,000 from 1944 to 1948 incl.: $20,000
from 1951 to 1954 incl., and $35.000 in 1955.
1950; $30.000
in 1935:
162.000 street paving bonds. Due on June 1 as follows* $7.000
$5.000 from 1936 to 1943 incl.; $15,000 from 1944 to 1948 mod.;
320,000 in 1949 and 1950.
Each issue is dated June 1 1930.
-C.0. Smith, Clerk
-BOND CALL.
BELOIT, Mitchell County, Kan.
the
of the Board of Education, has announced the exercise of option on
following bonds:
$16,500, issued July 11914,
Bonds No. 18 to 50, both incl., aggregating
and due on the 1st day of July 1939. with interest at 5% per annum, pay.
able semi-annually, being all the bonds of said Issue outstanding and
Bonds No. 1 to 400, both incl., aggregating $125,000, issued July 11919.
and due on the 1st day of July 1930, with interest at. 5% per annum, payable
semi-annually, being all the bonds of said issue outstanding. same could
That in accordance with a provision in each of said bonds that
be called for redemption and payment after ten (10) years from their date.
The Board of Education of the City of Beloit, of the State of Kansas, has
1st
exercised the option to call in the aforesaid bonds for payment on the
day of July 1930: that said bonds are declared matured and on and after
that upon the presentation
said date all interest upon said bonds shall cease
and surrender of said bonds and all interest coupons thereon the 1st day of
July 1930, at the office of the State Treasurer at Topeka, Kansas, said
of
s and the matured interest coupons will be paid to holder or holders
thereof.
-The $13,268
-BOND SALE.
BENTON COUNTY(P.O.Fowler),Ind.
6% drain and ditch construction bonds offered on May 3-V. 130. p. 3828
The
were awarded at a price of par to the First National Bank of Fowler. 1931
1930 and mature $1,326.80 on May 10 from
bonds are dated April 7
to 1940 incl.
-The $6,590
-BOND SALE.
BENTON COUNTY (P.O. Fowler), Ind.
43 % Sherman N. Geary at al., road construction bonds offered on June
of
-were awarded to the Fletcher Savings St Trust Co., of
V. 130. p. 4276
101.77, a basis
Indianapolis, at par plus a premium of $117. equal to mature as follow:
are dated June 2 1930 and
about 4.02%. The bonds
to 1935 Weiner_
$659:n Nov. 15 1931: $659 on May and Nov. 15 from 1932follows: inclusive, and $659 on May 15 1936. Bids for the issue were as
Premium.
31941167...400000
Fletcher Savings & Trust Co. (Purchaser)
$ 16,841,015.13 Fletcher American Co., Indianapolis
Net debt
Parker A. Fair, local investor
Real estate, equalized Assessed Valuations, 1930, incl.
5.00
$221,094,422.31 A. E. Kyle, local investor
$6,598,448 special franchises
1,022.000.00
Personal property valuations, 1930
-The
-BOND SALE.
BENTON HARBOR, Berrien County, Mich.
$222.116,422.31 $180,000 special assessment public improvement bonds offered on June 16-were awarded as 414s to Stranahan, Harris & Oatis, Inc..
V.130, p. 4276
Population. 1925 census, 124,296.
to 100.54, a basis of about
does not include the bonds now offered for sale. of Toledo, at par plus a premium of 3975, equal mature $20,000 on June 1
Note: The above statement
The bonds are dated June 1 1930 and
4.40%.
County, N. Mex.-BOND SALE.- from 1932 to 1940 inclusive.
ALBUQUERQUE, Bernalillo
for sale on
coupon bonds aggregating $768,000, offered New York,
The six issues
Tid
0hefoLlowing is a list of the bids submitted for the issue:
-were awarded to Darley & Co. of
June 25-V. 130, p. 3920
Int. Rate. Premium.
Bidderbasis of about 4.65%, on the
for a premium of $111, equal to 100.014, a
$975
4
ire nahan IIcols
Strat petrolt arr & Oath:, Inc.(Purchaser)-0
bonds divided as follows:
653
4
inel.
324
4
$155,000 storm sewer bonds. Due on July 1 1933 to 1950 1950 incl.
H.M.Byllesby & Co
76
4
315,000 sanitary sewer bonds. Due from July 1 1933 to
Industrial Co. of Grand Rapids
The above issues were awarded as 4%'% bonds.
$100,000-1932-1936 at 4
Braun, Bosworth & Co
$55,000 public park bonds. Due from July 1 1933 to 1950 incl.
380,000-1937-1940 at 4
Braun, Bosworth & Co
5
1 074
2: 31
4
185,000 water works bonds. Due from July 1 1933 to 1950 incl.
Otis & Co
39,000 fire protection bonds. Due from July 1 1933 50 1950 incl.
O. W. McNear & Co
19.000 street and alleys bonds. Due from July 1 1933 to 1950 incl.
The latter four issues were awarded as 43.s.
BENTON HARBOR SCHOOL DISTRICT, Berrien County, Mich.
-The _3200,000 4 % school building construct on bonds
-The $40,000 BOND
ALDERSON, Monroe County, W. Va.-BOND SALE. was voted in offered SALE. 23-V. 130, p. 4276
-were awarded to the Harris Trust &
issue of 5iej% semi-annual water works system bonds that by the State Savingson June Chicago. at par plus a premium of $1,232, equal to 100.61,
Bank,of
-has since been purchased at par
-V. 130, p. 1508
February
a basis of about 4.37%. The bonds mature $20,000 annually from 1931 to
to 1964.
of West Virginia. Dated April 11930. Due from Jan. 1 1931
1940 inclusive.
-BOND OFFERING.
ALLEGHANY, Cattarugus County, N. Y.
-BOND SALE:A 3264.000
BESSEMER, Jefferson County, Ala.
B. 0. Green, Village Clerk, will receive sealed bids until 7 p. m. (Eastern
% coupon ref. bonds has recently been jointly purchased by
Standard time) on July 2. for the purchase of $104,000 5% coupon or regis- issue of
Ward, Sterne & Co., and Steiner Bros., both of Birmingham. Denom.
tered sewer bonds. Dated July 1 1930. Denom. 31,000. Due on July 1
from July 1 1933 to 1060. incl. Prin.
as follows' $2,000 from 1932 to 1941, incl., and 33,000 from 1942 to 1969, 31.000. Dated July 1 1930. DueCentral
in gold
-Hanover Bank & Trust Co. of
& J.) payable at the
incl. Principal and semi-annual interest (Jan. and July) Payable $2,000, and int.
New York. Legality to be approved by Storey. Thorndike, Palmer &
A certified check for
at the First National Bank. Allegheny.
proposal. The Dodge of Boston.
payable to the order of the Village. must accompany each
approving opinion of Clay, Dillon & Vandewater, of New York, will be
Financial Statement (As Officially Reported on June 12)•
Value of taxable property as determined for purpose of taxation_317,888.888
furnished to the successful bidder.
10.733,333
(P. 0. San Assessed valuation, assessed by law at 60% (1929)
ALLISON-SPRING VALLEY SCHOOL DISTRICT
14, 5 190
7
0 :2 0
92 4
-Sealed bids Total bonded debt,including this issue
-BOND OFFERING.
Diego), San Diego County, Calif.
Less Cash sinking funds
June 30, by J. B. McLees, County Clerk,
will be received until 11 a. m. on
*1,623.850
is not to Net bonded debt, Incl. bonds pay. primarily from assessments
for the purchase of a $38,000 Issue of school bonds. Interest rate
Population. 1920 census, 18,674: 1930 census, 20,695.
exceed 5%, payable semi-annually. Denom.$1.000. Dated May 19 1930.
(Preliminary Government report.)
Due $2,000 from 1936 to 1942, and $3,000, 1943 to 1950, all incl. Principal
* Included in the net bonded debt shown is 3677,000 of bonds issued for
and interest payable at the office of the County Treasurer. The approving public improvement purposes which are payable primarily from the proceeds
opinion of Orrick, Palmer & Dahlquist, of San Francisco, will be furnished.
of assessment liens on the property benefited. The city has on hand a cash
.
A certified check for 3% must accompany the bid. (This report supple- sinking fund (which Isincluded in the sinking fund shown above) of $137,207
menta that given in V. 1.30, p. 4459.) The following statement accomthese bonds.
the offering notice: The assessed valuation of said School Dis- to apply towards the retirement of
panies
a
-56
JUNE]28 1930.]
FINANCIAL CHRONICLE
4641
BIG HORN COUNTY (P. 0. Hardin), Mont.
-BONDS CALLED.
- for a premium of $1,852, equal to 100.926. a basis of about 4.58%. Due
We are informed that interest is to cease July 1 on the $75,000 issue of from 1936 to 1945.
Ind. Optional after 1936.
5;4% road bonds, dated Oct. 1 1919, optional in 1929 and due in 1939.
CASS COUNTY (P. 0. Logensport) Ind.
These bonds will be redeemed at the Northwestern National Bank in
-BOND OFFERING.Herbert D. Condon, County Treasurer, wilireeeive sealed bids until 2 p.m.
Minneapolis.
on July 12 for the purchase of the following issues of 4.44% bonds aggreBOISE CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Boise), gating 990000:
Ada County, Ida.
-BOND CALL.
-A call has been issued by Edna L. $80,000 bridge construction bonds. Dated July 1 1930. Denom. $1,000.
Rice. District Clerk, for the payment and retiring of the following bonds
Due $4,000 on Jan. and July 1 from 1931 to 1940, Incl. Int. Is
on July 1*
payable semi-annually on Jan. and July 1. Bids will also be con$125,000 high school annex manual arts building bonds, dated July 1 1920.
sideredfor the bonds
275,000 central unit high school building impt. bonds. dated July 11920. $10,000 bridge constructionto bear int. at either 4 or 434%.
bonds. Dated July 15 1930., Denom. 9500.
Payment of the above bonds, with int. coupons due on July 1 1930. will
Due $500 on July 15 1931; $500 on Jan. and July 15 from 1932 to
be made at the Chase National Bank in New York.
1940,incl.,and $500 on Jan.151941. Int.is payable semi-annually
on Jan. and July 15. Bids will also be considered for the bonds to
BOLTON FIRE DISTRICT (P.O. Bolton), Warren County, N. Y.
bear interest at either 4 or 43.4 %.
BOND OFFERING.-WIlllam Schlott, Chairman of Board of Fire ComPrin. and semi-ann. int, of each issue are payable at the office of the
missioners. will receive sealed bids until 2 p.m. (Daylight Saving time)
on July 5 for the purchase of $8,000 coupon or reg. fire apparatus purchase County Treasurer,
bonds, to bear int. at a rate not to exceed 8%, expressed in a multiple of
CATAHOULA PARISH CONSOLIDATED SCHOOL DISTRICT
M or 1-10th of 1%. Dated May 1 1930. Denom. $1,000. Due
NO.9(P. 0. Jonesville),
-OFFERING DETAILS.
-The $8,000 issue
on May 1 from 1931 to 1938, incl. Prin. and semi-ann. int. (M.$1,000 of school bonds scheduled La.be offered
& N.)
to
on July 1-V 130, P. 4460
-is
payable at the Bolton National Bank, Bolton. A certified
for $500, more fully
payable to the order of the District, must accompany check proposal. annually. described as follows: Int. rate is not to exceed 6%. payable semieach
Denom.$500. Dated June 1 1930. Due on June 1 as follows:
The approving opinion of Clay, Dillon & Vandewater, of N. Y. City,
will $500, 1931 to 1944, and $1,000 in 1945. Prin. and int. (J. & D.) payable
be furnished to the successful bidder.
at the Chase National Bank in New York or at some place to be designated
by purchaser. Legal approval will be furnished to the purchaser of ChapBOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
L. Dolan, City Treasurer, on June 25 awarded a 95,000,000 -Edmund man & Cutler of Chicago and B. A. Campbell of New Orleans. A $240
temporary certified check, payable to the President
loan to Salomon Bros. & Hutzler, of Boston, at 2.08% discount,
of the School Board, must accomplus a pany the bid.
premium of $29. The loan is dated June 26 1930 and is payable on Oct.
3
Official Financial Statement.
1930. Bids for the loan were as follows:
Assessed valuation for
BidderDiscount. Bonded debt (including1929issue)
Salomon Bros. & Hutzler, plus $29 premium (purchaser)
this
$522 000
000
2.08
Floating debt
First National Old Colony Corp., plus $31 premium
N
2.13
Barr Bros. & Co., plus $19 premium
Area of district: 48,640 acres.
2.34
Population: Estimated, 1,000.
Shavrmut Corp
2.39 o
CELI NA, Mercer County, Ohio.
BOYCEVILLE, Dunn County, Wis.-BOND SALE.
-BOND OFFERING.-August
-The
Issue of 534% semi-ann. community building bonds offered for $12,500 Behringer, Village Clerk, will receive sealed bids until 12 m. (Eastern
sale on Standard time) on July M for the purchase
May 31-V. 1.30, n.1020
of $4.900 6% property owners'
-was purchased by Kent, Grace & Co.,of Chicago,
portion improvement bonds. Dated March 1 1930. Due on March 1 as
for a premium of $76, equal to 100.60, a basis of about 5.15%.
Dated follows: $LOW from 1931 to 1934, Incl.,
May I 1930. Due from May 1 1931 to 1943, incl.
and $900 in 1935. Int. is payable
semi-annually. A certified check
BRAZORIA COUNTY SPECIAL ROAD DISTRICT NO. 29 (P. 0. must accompany each proposal. for 5% of the amount of bonds bid for
Angleton). Tex.
-BOND ELECTION.-lt is reported that a special
CHARDON, Geauga County, Ohlo.-BOND OFFERING.
election will be held on July 19.for the purpose of passing upon the
-A. D.
Issuance of $1.300,000 in road bonds. Scott Gaines is the County proposed Austin, Village Clerk, will receive sealed bids until 12 m. on July 3 for the
Judge.
purchase of $11,760 544% special assessment street improvement bombs.
BRODKLINE, Norfolk County, Mass.
-TEMPORARY LOAN.
-The Dated June 1 IMO. One bond for $260, all others for $500. Due on Oct. 1
$500,000 temporary loan offered on June 23-V. 130, p.4460
-was awarded
to Salomon Bros. & Hutzler, of Boston, at 2.34% discount. The loan is as follows: $1,260 in 1931; $1,500 in 1932: $1,000 in 1933: $1,500 from 1934
dated June 23 1930 and is payable on Nov. 5 1.930. Bids for the issue to 1936. incl.; $1,000 in 1937 and 1938. and $1,500 in 1939. Int. is payable
semi-annually in April and Oct. Bids for the bonds to bear hit, at a rate
were as follows:
other than 544% will also be considered, provided, however, that where a
Bidder
Discou; fractional rate is bid such fraction shall be M or 1% or a multiple thereof.
23 n .
.
4
%9
Salomon Bros.& Hutzler (Purchaser)
2.3
4
A certified check for $1,000,Payable to the order of the Village, must accomBank of Commerce & Trust Co
pany each proposal.
First National Old Colony Corp.(Plus $2.75)
2.75%
CHATHAM CONSOLIDATED
BUTLER, Butler County, Pa.
-BOND SALE.
-The 9110,000 434% Jonesboro) Jackson Parish, SCHOOL DISTRICT NO. 15 (P. 0.
La.
-BOND OFFERING.
-Sealed bids
coupon street improvement bonds offered on June 24-V. 130, P. 4276
were awarded to the Union Trust Co. of Pittsburgh, at par plus a premium will be received by W. C. McClendon, Secretary of the Parish School
of $1,735.80, equal to 101.57, a basis of about 4.13%. The bonds are Board, until 10 a.m. on Sept. 4, for the purchase of a $40,000 issue of
dated July 1 1930 and mature on July 1 as follows: $5,000 from 1937 to school bonds. Interest rate is not to exceed 6%, payable semi-annually.
1939,incl.;$5,000 from 1941 to 1944,incl.;$5,000 in 1949, and $10,000 from Denom.$1.000. Dated Aug.11930. Duefrom 1930 to 1945,incl. Payable
at the place or places to be agreed upon by the purchaser and the said
1950 to 1956, incl.
School Board. The approving opinion of Chapman & Cutler. of Chicago,
The following is a complete list of the bids submitted for the issue:
will be furnished. A $2,000 certified check, payable to the School Board.
liidderPremium. must accompany the bid.
Union Trust Co.,Pittsburgh (Purchaser)
$1,735.80
Glover, MacGregor & Cunningham
CHICAGO SANITARY DISTRICT (P. 0. Chicago) Cook County,
1,422.85 III.
Guaranty Trust Co. (Butler)
-$6.000,000 BONDS AWARDED.
-The following issues of 4M%
1,067.00
Mellon National Bank
1,293.60 coupon bonds aggregating $6,000,000 offered on June 26-V.130.P.44l'
J.H.Holmes & Co
1,136.00 were awarded to a syndicate composed of the Guaranty Co. of New York.
M.M.Freeman & Co
1,452.00 N. Y.•. ForemanState Corp. and Ames, Emerich & Co., both of Chicago,*
W.H.Nevi bold's Son & Co
1,022.89 Chatham Phenix Corp. and Stone & Webster and Blodget. Inc., oth of
National City Co
New York; First Detroit Co., Inc., Detroit, Central-1111nols dn.. Inc.,
1,022.89 Chicago, and the First
Edward Lowber Stokes & Co.,Inc
Wisconsin Co. of Milwaukee, at a price of 98.25, a
210.10 basis of about
4.73%1
CALDWELL PARISH ROAD DISTRICT NO. 1 (P. 0.
Columbia). $3,000,000 West Side sewage treatment bonds.68th issue. Due $150,000 on
La.
-MATURITY.
-The $45,000 issue of semi-ann. road bonds that
July 1 from 1931 to 1950 incl.
purchased by the Whitney-Central Savings Bank of New Orleans. as was
5Ms
3,000,000 West Side intercepting sewer bonds, 69th issue. Due $150,000
at par
-V. 130. P. 4276
-is due on June 1, as follows: $1000, 1931 to 1933;
on July 1 from 1931 to 1950inclusive.
$2,000, 1934 to 1943; $3,000, 1944 to 1949 and $4,000 in 1950. Denom.
The $6,000,000 bonds are dated Jan. 1 1930 and are being reoffered by
$1,000. Dated June 1 1930. Prin. and int. (J. & D.)
,payable at the
Chase National Bank in New York. Legality to be approved by Chapman the successful syndicate for public subscription at prices to yield 3.50%
for the 1931 maturity. 4.00% for the 1932 maturity, 4.10% for the 193
& Cutter of Chicago.
maturity, 4.20% for the 1934 maturity, 4.30% for the 1935 maturity.
Financial Statement (As Officially Reported).
4.40% for the 1936 maturity, and 4.50% for all of the bonds maturing
Assessed valuation for taxation, 1929
$1,104,310 from 1937 to 1950 incl. A statement of the financial condition of the
Total bonded debt (this issue only)
45.000 District was published in our issue of June 2I-V. 130, p. 4460. Previous
Population, present estimate, 2,500.
district award: The current sale of long-term bonds by the District Is
CALIFORNIA, State of (P. 0. Sacramento).
-LIST OF BIDS.- the first of Its kind since Sept. 12 1929,on which date a total of $10,650,000
444% long-term bonds were awarded to a syndicate headed by the ConIn connection with the sale of the $900,000 issue of 434% California
Tenth tinental Illinois Co. of Chicago, at a price of 93.89, an interest cost basis
Olympiad semi-ann. coupon bonds to Weeden & Co. of San Francisco
at
106.064, a basis of about 4.08%-V. 130. P. 4460
-we are now in receipt to the District of about 5.41%.-V. 129. p. 1774.
of the following official list of the other bids:
CHILDRESS COUNTY (P. 0. Childress), Tex.
-BONDS REGISTERED.
Name of Bidderserial ref., series of 1929 bonds, was
-An issue of
Premium. registered on June 19 $100,000 534%
Dean, Witter & Co.,& Associates
by the State Comptroller.
$54.270.00
National City Co.of Calif
-BOND SALES AUTHORCINCINNATI, Hamilton County, Ohio.
50.579.10
American Securities Co.,& Associates
49,068.00 IZED BY CITY COUNCIL.
-At a meeting held on June 18 the city council
Anglo London Paris Co.,& Associates
48,600.00 authorized the sale of the unsold portions of various bond issues approved
California National Co., & Associates
48,056.00 by referendum vote. The securities are for various improvement purposes
Halsey, Stuart.& Co.. & Associates
46,800.00 and were listed in the June 19 issue of the Cincinnati "Enquirer" as follows:
Harris Trust & Savings Bank, of Chicago & Associates
43,651.00 "Two of the issues, one for $312,500 and another for $115,000, are intended
Bankers Trust Co. of N. Y., & Associate
s41,841.00 for new buildings and equipment at the University of Cincinnati. A bond
Guaranty Co. of N. Y., & Associates
40,779.00 issue of $75,000 was authorized for the installation of additional traffic
CAMDEN,Knox County, Me.
lights by the Department of Public Utilities; for the Columbia Avenue im-BOND SALE.
-The two issues
coupon bonds aggregating $65,000 offered on June 23-V. 130, p. of 4% provement an issue of $80,000 is allowed; $35,000 for construction of bridges
4460
- and $50,000 for the Locust
were awarded to Harris, Forbes & Co. of Boston, as follows:
-Calhoun Street extension."
$35,000 road improvement bonds sold at 98.80, a basis of about
CLARKE COUNTY (P. 0. Grove Hill), Ala.
-BOND SALE.
-A
Dated July 11930. Due on July 1 as follows: 92,000from4.16%.
1931 to $200,000 issue of 534% coupon funding bonds has been jointly purchased by
1947. incl., and ELMO in 1948.
30,000 school Improvement bonds sold at 98.86, a basis of about 4.18%. Steiner Bros. and Ward, Sterne & Co.. both of Birmingham. Denom.
51.000. Dated April 11930. Due on April 1, as follows: $5,000, 1933 to
Dated June 1 1930. Due $2.000 on June 1 from 1931 to
1945,incl. 1948, and $10,000, 1949 to 1960, all incl. Principal
The following is a complete list of the bids subraitted fsues e Issuesi Bid. payable at the Chase National Bank In New York and interest (A. & 0.)
Isor th
City. Legality to be
Ba
Bidderapproved by Storey, Thornclike, Palmer & Dodge, of Boston.
Rates
Harris. Forbes & Co.(Awarded both issues)
J$35.000
935 000
3: 0
9
8.80
Financial Statement.
98.86
As officially reported.
Graham,Parsons & Co
35,000
9523 Actual value of all taxable property, estimated
036
$2
30,000
Value of taxable property as determined for purpose of taxation.. 12,563.036
98.65
Beyer & Small (Portland)
35.000
Assassed valuation 1929 (assessed by law at 60%)
98.45
7,537,822
30.000
Total bonded debt, Including this issue
98.65
207.000
Atlantic Corp. of Boston
35,000
Population, 1920 census, 26,409.
97.964
30,000
98.094
E.H.Rollins & Sons
COLORADO (State of).-BOT D RETIREME1VT.-The Mate TreasI 35,000
98.70
30
urer is reducing the de.it incurred for highways, reports a Denver dispatch
Fidelity Trust Co., and Ireland & Co., jointly 35.000
97.489 to the "United States Daily" of Juno 9, which reads as follows:
(both of Portland)
"The State Treasurer has lust retired $680.000 of the 1923 state highway
30,000
97.667
bond issue. The issue of $6,000,000 was authorized in 1923 and $1.500,000
CANTON, St. Lawrence County, N. Y.
-BOND OFFERING
.
I. Ellwood, Village Clerk, will receive sealed bids until 2 p. m.on-Frank issued during each of the years 1920. 1924, 1925 and 1926. The bonds now
June 30 redeemed were some of those issued in 1925. Tnere are still $300,000 of
for the purchase of $15,000 434% paving bonds. Dated July 1
1930.
Denom. $1,000. Due $1.000 on July 1 from 1931 to 1945 Incl. Bidders tde 1925 bonds to be retired when the money is availaple later tuts year.
'The remaining $1.500.000 issued in 1926 can not be redeemed until
must satisfy themselves as to the legality of the issue before bidding, as no
opinion will be furnished. A certified check for $100 must accompany each 1936 under the law, altaough the money prooaoly will be on hand before
that time. Tao bonds were issued to raise funds for State highway conproposal.
struction and bear 5% interest. One half tne revenue of the State motor
CANYON COUNTY (P. 0. Caldwell), Ida.
-BONDS CALLED.
- vehicle license fees are used to retire the bonds."
We are informed that a call has been issued for 6% building bonds, numbers
COLUMBIA HEIGHTS, Hennepin County, Minn.
-BOND OFFER1 to 75, incl., interest to cease on July 11930.
-Sealed bids will be received until 8 p.m. on July 8, by Hazel A.
ING.
CARROLL COUNTY (P. 0. Carroll), Iowa.
-BOND SALE.
-The Trucker, City Clerk, for the purchase of a $7,000 issue of ref. bonds. Int.
$200,000 issue of ann. primary road bonds offered for sale on June 24- rate is not to exceed 6%, payable semi-annually. Dated July 1 1930.
-was purchased by the Iowa-Des Moines Co., of Des Due $1,000 from July 1 1933 to 1939, Incl.
V 130, p. 4277
hioines, as 4 Ms for a premium of $2,006, equal to 101.003, a basis of about
BOND SALE.
-A $49,000 issue of 6% semi-annual refunding
0
4.58%. Due from 1936 to 1945, incl. Optional after 1936.
recently been purchased at par by Mr. David Kirk of St. Paul. bonds has
-BOND SALE.
CASS COUNTY(P.O. Atlantic),lows.
COLUMBUS, Columbus County, Wis.-BOND SALE.
-The $200.000
-A $45,000
issue of annual primary road bonds offered for sale on June 24-V. 130, issue of paving hands is reported to have been taken over by
various city
-was purchased by the White-Phillips Co., of Davenport, as *is, funds.
IL 4460
4642
FINANCIAL CHRONICLE
CONEJOS COUNTY SCHOOL DISTRICT (P. 0. Capulin),Colo.-The following two issues of ref. school bonds have recently
BOND SALE.
been purchased by the United States National Co. of Denver:
$5,500 4 X % Distict No. 8 bonds. Due in 20 years and optional in 10
years.
4,000 5X% District No. 18 bonds. Due In 20 years and optional in 10
years.
Dated Sept. 11930. Prin. and semi-ann. int, payable at the office of the
above-named company.
CRANBERRY TOWNSHIP SCHOOL DISTRICT (P. 0. Oil City),
-E. H. Rollins & Sons of Phila-BOND SALE.
Verzango County, Pa.
delphia on May 23 were awarded an issue of $27,500 4)4% coupon, registerable as to principal, school bonds at par plus a premium of $278.58,
1
equal to 101.013, a basis of about 4.33%. The bonds are dated Juneas
1
1930. One bond for $500, all others for $1,000. Due on Junesemi1937 and 1940. Prin. and
follows: $7.500 in 1934 and $10,000 in
ann.Int.(J. & D.) payable at the Citizens Banking Co., Oil City. Legality
to be approved by Townsend, Elliott & Munson of Philadelphia. The
purchasers are re-offering the bonds for public investment priced to
yIeld 4.15%.
Financial Statement.
51,848.740
Assessed valuation (1929)
1,950,000
Estimated real valuation
27,500
Bonded debt (including this issue)
Present population (estimated), 12,000.
-BOND SALE.
CRAWFORD COUNTY (P. 0. Denison), Iowa.
The $300,000 issue of registered annual primary road bonds offered for
-was purchased by the White-Phillips
sale on June 24-V. 130. p. 4277
Co. of Davenport, as VXs, for a premium of $2,875, equal to 100.95, a
basis of about 4.57%. Due from 1936 to 1945, incl. Optional after 1936.
The other bids (all for 4)s) were as follows:
Premium.
Bidder
$2:850
Carleton D.Beh Co
2,835
Iowa-Des Moines Co
2,635
A.B. Leach & Co
1,600
Geo,M.Bechtel & Co
0. Crescent), Logan County,
CRESCENT SCHOOL DISTRICT (P.
offered
-The $22,500 issue of coupon school laonds
-BOND SALE.
Okla.
-was purchased by R. J. Edwards,
for sale on June 10-V. 130. p. 4277
Inc., of Oklahoma City, at par as follows' 820.000 as 5343 and $2,500 as 5s.
Due $1,500 from 1933 to 1947, incl. The other bids were as follows:
Price Bid.
Names of GtAer Bidders.
520,000©534 $2,500@5%
Calvert and Canfleld
22.500g06% $50 Prem.
Bank of Crescent
13.5001g5X 9,000©534%
C. E. Hammel]
5X & 54 adv.
Piersol Bond Co
21 00@534 1,00005%
Brown Crummer Inv. Co
22,500%
First Trust Oklahoma City
22.500(86% $680 prem.
C. Graff
-Sealed bids
-BOND OFFERING.
DALHART, Dallam County, Tex.
10 a. m. on June 30, by Sam Marks, City Secretary,
will be received until
for the purchase of three issues of bonds aggregating $50,000, divided as
follows: $20.000 street improvement; $20,000 funding, and $10,000 sewer
extension bonds. Due serially in 40 years. (This offering is subject to an
election to be held on July 21.)
-At a
-TAX INCREASE PASSED.
DALLAS, Dallas County, Texas.
city
meeting of the City Commission held on June 3, an Increase in toebond
of aoout 10% was agreed upon in order to carry on the Ulrickson
taxes
• News"of June 4:
program. We quote as follows from the Dallas
a
"The present basis of taxation is 45% of actual valuation, in w.,ich by
$2.43 per 3100 rate is levied. By increasing the tax basis to 50% and by
increased
reducing the tax rate to $2.41, tax revenues this year will to
around 1750.000. Out of this increase the general fund will receive about
of
$200,000. or suffident to finance tne issuance of necessary number
llirickson program an sanitary sewer bonds."
-The $500,000
-BOND SALE.
DALLAS COUNTY (P.O. Adel), Iowa.
issue of annual primary road bonds offered for sale on- June 25-V. 130. P•
pre-was purchased by A. B. Leach & Co. of Chicago as 4Xs,for aMay
4278
mium of $4,000, equal to 100.80 a basis of about 4.62%. Due from
after May 1 1936.
1 1936 to 1945, incl. Optional
Other bids (all for 44s) and bidders were as follows:
Premium.
Bidder
$33:690095
Carleton D.Beh Co
Irving Trust Co
3,275
Iowa-Des Moines Co
3,250
Geo. M.Bechtel& Co
-The
-BOND SALE.
DANSVILLE, Livingston County, N. Y.
offered on June
$37,000 coupon or registered street improvement bonds
-were awarded as 045 to the Marine Trust Co. of
25-V. 130, p. 4462
Buffalo, at 100.53, a basis of about 4.43%. The bonds are dated June 1
1930 and mature on June 1 as follows: $2,0100 from 1931 to 1948,Ind., and
$1,000 in 1949.
-BOND OFFERING.
DAWSON COUNTY (P. 0. Glendive) Mont.
County
Bids will be received until 10 a. m. on Juir 26, by L. T. Elliott, series B
Clerk, for the purchase of an issue of $165,000 county high school,
bonds. Interest rate is not to exceed 5%. Dated June 1 1930. Amortizathe
tion bonds will be the first choice and serial bonds the second choice of the
County Commissioners. If amortization bonds are sold and issued
entire Issue may be put into one single bond or divided Into several bonds as
they will
the Board may determine. If serial bonds are issued 1 1940, or become
on any
payable on Jan. 1 1950, and will be redeemable on Jan.
interest payment date thereafter. Principal and interest (J. &. J.) payable
the County Treasurer's office. The bonds will not be sold for less than
at
their par value. A certified check for 5% of the bonds, payable to the
County Treasurer, is required.
DAWSON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glendive),
Mont.
-BOND SALE.
-The $60.000 issue of coupon school bonds offered
-Was awarded to Mr. John Buttleman,
for sale on June 9-V. 130, P. 3922
of Glendive. as 5s, for a premium of $300, equal to 100.50. The other bids
were as follows:
Premium.
Rate.
Bidder5 o (amortiz.) None
State of Montana
5
First SecurityCorp. of St. Paul
5
Mayer of Toledo
Seasongood
?
3
53°62
5
Wells-Dickey Co. of Minneapolis
-BOND SALE.
Ind.
DECATUR COUNTY (P. 0. Greensburg),
bonds offered
The $8,800 414% John Worming et al., road improvementof Greensburg,
-were awarded to C.J. Erdman
on June 21-V.130, p.4278
4.18
at par plus a premium of $167.50. equal to 101.90, a basis of about July%•
15
The bonds are dated June 15 1930 and mature as follows: $440 on Jan. 15
1931;$440 on Jan. and July 15 from 1932 to 1940,Incl., and $4440 on
1941. Bids for the issue were as follows:
Premium,
Bidder$167.50
O.J.Erdman (Purchaser)
157.25
es
Inland Invtment Co.,Indianapolis
154.00
Union Trust Co.,Indianapolis
147.70
Fletcher Savings & Trust Co., Indianapolis
676..0000
9
Merchants National Bank,Indianapolis
Campbell & Co.,Indianapolis
DELTA COUNTY SCHOOL DISTRICT NO. 1 (P.O. Delta), Colo.-We are informed by Bosworth, Chanute,
BOND REDEMPTION NOTICE.
Loughridge & Co., of Denver that $8,000 of a total issue of $84,000 534%
school building bonds called for payment. interest to cease on Feb. 15 1930,
have not yet been presented for redemption. The bonds are dated Jan. 1
1930, optional Jan. 1 1930 and due on Jan. 1 1940.
-ADDITIONAL DETAILS.
DODSON, Phillips County, Mont.
The $15,500 issue of coupon water bonds that was purchased on June 1 by
-is dated Oct. 1
-V. 130, p. 4278
E. Lindstrom of Billings, as 6s at par
1929. Due in 20 years. Interest payable on Jan. and July 1.
DISTRICT NO. 49 (P. 0. Farmerville),
DOWNSVILLE SCHOOL
-In con-OFFERING DETAILS.
Union and Lincoln Parishes, La.
nection with the offering scheduled for 11 a. m. on July 1, of the $21,000
now informed as follows:
-we are
-V. 130, p. 4469
issue of school bonds
Int. rate is not to exceed 6%, payable semi-annually. Denom. $500.
Dated July 1 1930. Due on July 1, as follows• $500. 1931 to 1948, and
11,000, 1949 to 1960, all incl. Principal and interest (J. & J.) payable
the
at the Chase National Bank in New York or other place designated by and
purchaser. Approving opinions of Chapman & Cutler, of Chicago,
[Vol,. 130.
B. A. Campbell, of New Orleans, will be furnished to purchaser. A $630
bid.able to the President of the Parish School Board, must
certified check, pay
accompany the
Official Financial Statement.
None.0 916
$220,916
Assessed valuation for 1.929
ng
Floating debt
-this issue.
Bonded debt
Population, 1,000 (estimated). Area of district, 25,000 acres (approximately).
-H. C. Smith
-BOND OFFERING.
DUNDEE, Yates County, N. Y.
Village Clerk, will receive sealed bids until 2 p. m.(Eastern Standard time)
on July 10, for the ;purchase of the following issues of coupon or registered
bonds aggregating $185,000, to bear interest at a rate not to exceed 6%.
expressed in a multiple of g of 1%•
$110,000 water bonds. Due on Feb. 1, as follows' 33,000 from 1931 to
1960, incl., and $2,000 from 1961 to 1970. incl.
75,000 sewerage system bonds. Due on Feb. 1, as follows' $2,000 from
1931 to 1965, incl., and 51,000 from 1966 to 1970, incl.
Each issue is dated Feb. 1 1930. Denom. $1,000. Principal and semiinterest (Feb. and August), payable in gold at the Dundee State
annual
Bank, Dundee, or at the Irving Trust Co., New York. A certified check
for $4,000, payable to the order of the Village, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater, of New
York City, will be furnished to the successful bidder.
-A 365.000 issue
EAST POINT, Fulton County, Ga.-BOND SALE.
of city hall bonds is reported to have recently been purchased by the First
National Co., of Atlanta.
-The
-BOND SALE.
EAST WILLISTON, Nassau County, N. Y.
offered
$30,000 series No. 2 coupon or registered street improvement bowls & Co.,
-were awarded as 4345 to Batchelder
on June 24-V. 130, p. 4278
0
of New York, at 100.06, a basis of about 4.74.7. The bonds are dated
July 1 1930 and mature $3,000 on July 1 from 1931 to 1940, incl.
-BONDS REGISTERED.
ECTOR COUNTY (P. 0. Odessa), Tex.
On June 20 the State Comptroller registered an issue of $140,000 534%
bonds, Due serially.
road, series of 1930
-We are informed that three
ELKO,Elko County, Nev.-BOND SALE.
Issues of bonds aggregating $54,000, have recently been purchased by the
Central Trust Co.of Salt Lake City. The issues are as follows' $24,000
funding, $20,000 s'ewer and $10,000 airport bonds.
-TEMPORARY LOAN.EVERETT, Middlesex County, Mass.
William E. Emerton. City Treasurer, on June 26 awarded a 5500,000
loan to the First National Old Colony Corp. of Boston, as
temporary
follows: $300,000 due on Feb. 4 1931 at 2.22% discount; $200,000 due on
Dec. 24 1930 at 2.175% discount. Both issues are dated June 27 1930
Denems. $25,000, $10.000 and $5.000. Validity approved by Ropes.
Gray, Boyden & Perkins of Boston.
-John J.
-LOAN OFFERED.
FALL RIVER, Bristol County, Mass.
Quirk, City Treasurer, received sealed bids until 11 a.m. (Daylight Saving
time) on June 27 for the purchase at discount of a $500,000 temporary loan.
The loan is divided as follows: $250,000 dated June 13 1930 and due on
Feb. 11 1931: 5250,000 dated June 30 1930 and due on March 16 1931.
Denoms. $25,000, $10.000 and $5,00. Payable at the First National
Bank of Boston, or at the First National Old Colony Corp., Boston.
Legality approved by Ropes. Gray,Boyden & Perkins of Boston.
FAYETTEVILLE SCHOOL DISTRICT (P. 0. Fayetteville) Wash-Sealed bids will be received
-BOND OFFERING.
ington County, Ark.
until July 10, by the Secretary of the Board of Education, for the purchase
of an issue of 5175.000 school bonds.
-LIST OF BIDDERS.
FRANKLIN, Williamson County, Tenn.
In connection with the sale of the $75,000 issue of coupon water works
extension bonds to the American National Co. of Nashville, as 434s at par
V. 130. p. 4462
-we are now in receipt of the following statement of bids
from Mayor Park Marshall:
Price Bid (Premium)
Names of Other Bidders
0
1 850
$11406
J. C. Bradford & Co. at 5%
Caldwell & Co
te
Little. Wooten &
1,685
Commerce Union Co
1,680
Joseph Hutton & Estes Co
1,038 less $1,312 expense
Bank of Commerce & Trust Co
Par leas 3.200 expense
Well, Roth & Irving Co
Bidders on basis of 4X% American National Co.; par, and to pay town's
to be
expenses for legal opinion, printing bonds and all other expenses same.
-which is about the true amount of
repaid to them-all fixed at 3285
J. C. Bradford & Co.same basis, but expense estimate $290. Par.
Caldwell & Co.same basis, par, expense estimated $300.
-The
-BOND ,SALE.
FRANKLIN COUNTY (P. 0. Malone), N. Y.
20-V. 130,
$425,000 coupon or reg. court house bonds offered on JuneNew York at
-were awarded as 4.20s to Dewey, Bacon & Co. ofabout 4.19%.
P. 4099
par plus a premium of $170, equal to 100.04, a basis of
.2
1 sfollows: $20.000
The bonds are dated April 1 1930 and mature on April4 ao%
from 1e31 to 1940,incl., and $25,000 from 1941 to 1949, incl. Bids for the
Bidd9r
issue were as follows:
Int. Rate. Premium.
$
.
pewey B & son
Eooseveitacon sz Co. (Purchaser)
:N
215
1,170 W
4.40%
1,230.38
4.257
Manufacturers & Traders Trust Co
1,826.33
4.40
Gibbons & Co
George B. Gib
2,630.75
4.404,
Marine Trust Co
722.50
4.30%
H. M. Byllesby & Co
-BOND OFFERING.
(P. 0. Columbus) Ohio.
FRANKLIN COUNTY
-Fred L. Donnally, Clerk of the Board of County Commissioners, will
receive sealed bids until 10:30 a.m. (Eastern Standard time) on July 16 for
the purchaae of the following issues of 5% bonds aggregating $88,830:
others
$43.374 Rosslyn Ave. improvement bonds. One bond for $374, allSept. 1
for $1,000. Due as follows: $1,374 on March 1, and $2,000.
1931; $2,000 on March and Sept. 1 from 1932 to 1936 incl., and
$2,000 on March 1 and $3,000. Sept. 1 from 1937 to 1940 incl.
40,054 Kanawha Ave. Improvement bonds. One bond for $1,054, all
Others for $1,000. line as follows: $1,054 on March 1, and $3.000
and $2,000 on March and Sept. 1 from 1932 to 1940
I ue
Sept.
Inclusive,
5,402 Chambers and Withers Ayes. improvement bonds. One bond for
$402, all others for $500. Due on Sept. 1 as follows: $402 in 1931;
$500 from 1932 to 1939 incl., and $1,000 in 1940.
All of the above bonds are dated Aug. 11930. Principal and semi-annual
Interest (March and Sept.) payable at the office of the County Treasurer.
Bids for the bonds to bear interest at a rate other than 5% will also be
considered, provided, however, that where a fractional rate is bid such
fraction shall be X of 1% or a multiple thereof. A certified check for 1%
of the par value of the bonds bid for, payable to the order of the Board of
County Commissioners, must accompany each proposal. A complete
transcript of all proceedings had relative to the ala0V0 bonds will be furnished the successful bidder at the time of the award, and bids conditioned
on the acceptance of bonds only upon approval of said proceedings by the
to
attorney of the bidder will be considered. The bonds will be delivered be
made et purehgnate
an y bank desieser
Columbus; delivery outside of Columbus to
designated
expense.
-BOND SALE.FREEBORN COUNTY (P. 0. Albert Lea), Minn.
ss les30a.
The
iv.u three issues of bonds aggregating $156,000 offered for sale on June 12.
e 15
P 3,4dedwere aw we
, 67 7- as fellearled to Paine, Webber & Co., of St. Paul. The
$130,000 judicial ditch No. 4 bonds. Due from July 1 1939 to 1943.
12,000 judicial ditch No. 17 bonds. Due from July 1 1937 to 1949.
14,000 county ditch No.25 bonds. Due $2,000from July 1 1933 to 1929.
These b°ndswero2warded as 4345,for a premium of $350,equal to 100.22,
ebeet 4 a2
a basis of
-W. P.
-BOND OFFERING.
GALLIPOLIS, Gallia County, Ohio.
Kling, City Auditor, will receive sealed bids until 12 m. on July 12 for the
purchase of $15,000 6% road impt. bonds. Dated July 19 1930. Denom.
$1,000. Due $3,000 on Oct. 1 from 1931 to 1935 incl. Int. is payable
semi-annually in April and Oct. Bids for the bonds to boar int, at a rate
other than 6% will also be considered, provided, however, that where a
fractional rate is bid, such fraction shall be 34 of 1% or a multiple thereof.
A certified check for 10% of the amount of bonds bid for, payable to the
order of the Village Treasurer, must accompany each proposal.
-The $295,-BOND SALE.
GARDEN CITY, Nassau County, N. Y.
000 coupon general improvement bonds offered on June 23-V.130, D. 4279
JUNE 28 1930.]
FINANCIAL CHRONICLE
were awarded to Roosevelt & Son, and E. H. Rollins & Sons. both of New
York, Jointly, at 100.018, for the bonds as 4Hs and 4%s, a net interest cost
basis of about 4.32%. The purchasers took $170,000 bonds as &Hs,
maturing July 1 as follows: $17,000 from 1938 to 1940 inclusive: $13,000 in
1941 and 1942: $12,000 in 1943 and 1944; $9,000 in 1945; $4,000 from 1916
to 1950 inclusive, and $2,000 from 1951 to 1970 inclusive, and $125.000
bonds as 41
-is, maturing on July 1 as follows: $17.000 in 1931, and $18,000
from 1932 to 1937 inclusive.
GARDNER, Worcester County, Mass.
-BOND OFFERING.
-Frank
B. Edge11, City Treasurer, will receive sealed bids until 11
saving time) on July 2, for the purchase of $20,000 4% a.m. (daylight
coupon sewer
bonds. Dated July 1 1930. Denom. $1,000. Due $1,000 on July
1
from 1931 to 1950, incl.. Principal and semi-annual interest (January and
July) payable at the First National Bank, of Boston, which will supervise
the engraving of the bonds and will certify as to their genuineness.
is to be approved by Ropes. Gray, Boyden & Perkins, of Boston. Legality
Financial Statement June 18 1930.
Net valuation for year 1929
$24,801,796.00
Debt limit
601,319.28
Total gross debt, including this issue
782,950.00
Exempted debt
-Water bonds
$69,000.00
Sewer construction bonds
68,500.00
Town Hall bonds
62,250.00
School Loan Act of 1925 bonds
319.000.00
518,750.00
'Net debt
$264,200.00
Borrowing capacity June 18 1930
5337,119.28
GARFIELD HEIGHTS, Mahoning County, Ohio.
-BOND SALE.
The $93,521.12 special assessment road improvement bonds offered on June
19-V. 130, p. 4099
-were awarded as 5s to Mitchell, Herrick & Co., of
Cleveland, at par plus a premium of $86, equal to 100.09, a basis of about
4.99%. The bonds are dated July 1 1930 and mature on Oct. 1 as follows:
$8,521.12 in 1931; $9,000 in 1932: $8,000 in 1933; $9,000 in 1934; $10,000 in
1935; $9,000 in 1936; 310,000 In 1937; $9,000 in 1938; $10,000 in 1939, and
19,900 in 1940. The following Is a list of the bids submitted for the issue:
BidderInt. Rate Premium.
Mitchell, Herrick & Co. (Purchaser)
5
$86.00
Otis & Co., Cleveland
57.00
Davies-Bertram Co., Cincinnati
654.00
Guardian Trust Co., Cleveland
509.00
Ryan. Sutherland & Co., Toledo
5i%
641.00
GATES COMMON SCHOOL DISTRICT NO. 4 (P. 0. Coldwater),
Monroe County., N.Y.
-BOND OFFERING.
-Chester Field, Sole Trustee,
will receive sealed bids until 7.30 p.m.(Eastern Standard time) on June
30
for the purchase of $79,425 coupon or reg. school bonds, to bear int, at a
rate not to exceed 6%. to be expressed in multiples of
or 1-10th of
Dated July 1 1930. One bond for $425, all others for $1,000 and 1%.
Due on July 1 as follows: $925 in 1931: 31,500 from 1932 to 1937,$500.
incl.;
$2,500 from 1938 to 1945, incl.: $3,500 in 1946: $3.005 from 1947 to 1950,
incl.; $4,000 from 1951 to 1956. hid.,and $5,000 in 1957 and 1958. Prin.
and semi-ann. int. (J. & J.) payable in gold at the Genesee Valley
Trust
Co., Rochester, or at the Guaranty Trust Co., New York. A certified
Check for $1,600, payable to the order of the above-mentioned Trustee,
must accompany each proposal. The approving opinion of Clay, Dillon
&
Vandewater of New York will be furnished to the successful bidder.
BOND OFFERING.
-The Trustee will receive sealed bids at the same
time for the purchase of $25,000 coupon or registered school
bonds,
bear interest at a rate not to exceed 6%, expressed in a multiple of H to
or
1-10 of 1%. Dated May 11930. Denom. $1,000. Due $1,000 on
Nov. 1
from 1935 to 1959 incl. Principal and semi-annual interest (May
Nov.) payable in gold at the Genesee Valley Trust Co., Rochester. and
or at
the Guaranty Trust Co. New York. A certified check for
to the order of the Trustee, must accompany each proposal. $500, payable
The
ing opinion of Clay. Dillon & Vandewater of New 'York will be approvfurnished
to the successful bidder.
GEARY, Blaine County Okla.-BONDIOFFERING.-Sealed bids
will
be received until 8 p.m. on July 1 by T.J. Stephenson, City Clerk,
purchase of two issues of bonds aggregating $77,000, as follows: for the
$37,000 sanitary sewer bonds. Due $1.800 from 1933 to 1951. and
$2.800
In 1952.
40,000 water work; system bonds. Due $2,000 from 1933 to
1952, incl.
The int, rate is to be named by the bidder. A certified check
for 2%
.of the bid is required.
GEAUGA COUNTY (P. 0. Chardon) Ohio.
-BOND OFFERING.
Ethel L.Thrasher, Clerk of the Board of County Commissioners, will
-sealed bids untU 1 p. m.(eastern standard time) on July 14 for the receive
purchase
of $17,971.50 5% special assessment road improvement bonds.
dated as of date of sale. One bond for $971.50. all others for $1,000. To be
Due
on Sept. 1 as follows: $1,971.50 in 1931: $2,000 from 1932 to 1934
$1,000 in 1935: $2,000 from 1936 to 1939 inclusive, and $1,000Inclusive;
in 1940.
Interest is payable in Mar. and Sept. Bids for the bonds to bear interest at
a rate other than 5H% will also be considered, provided, however,
that
where a fractional rate is bid such fraction shall
-thereof. A certified check for 5% of the amountbe g of 1% or a multiple
of bonds bid for, payable
to the order of the County Treasurer, must accompany each
proposal.
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND SALE.
59.000 4H% coupon Harry Pollard et al., road construction bonds -The
offered
on June 21-V. 130, p. 4278
-were awarded to the
National Bank of Princeton at par plus a premium of Peoples American
$176.50, equal to
101.96, a basis of about 4.10%. The bonds are dated June 15
1930 and
mature $450 on July 15 1931: $450 on Jan. and July 15 from 1932
Incl., and $450 on Jan. 15 1941. Bids for the bonds were as folpto 1940.
lows ium.
rem
:
Bidder
Peoples American National Dank (Purchaser)
$176.50
Fletcher Savings & Trust Co., Indianapolis
167.70
City Securities Corp. Indianapolis
147.00
Campbell & Co., Indianapolis
69.00
Merchants National Bank, Muncie
101.00
Union Trust Co. Indianapolis
16742..0000
Fletcher Americrin Co., Indianapolis
Inland Investment Co., Indianapolis
155.75
GIBSONBURG, Sandusky County Ohio.
-BOND SALE.
-The
16,800 coupon street impt. bonds offered 'on June 16-V. 130.
3757_
were awarded as 554s to Spitzer, Rorick & Co. of Toledo, at P.
premium of $28, equal to 100.41, a basis of about 5.41%. Thepar plus a
dated April 1 1930 and mature $680 on April 1 from 1931 to bonds are
1940 incl.
Bids for the loan were as follows:
BidderInt. Rate.
Premium.
Spitzer, Rorick & Co.(Purchaser)
5r
$28.00
-Spitzer, Rorick & Co
108.00
Banc Ohio Sec. Corp., Columbus (conditional
%
-Gibsonburg Bank
6 /0
305..068
GIRARD, Trumbull County, °Mo.-BOND SALE.
-The following
Issues of coupon bonds aggregating $20,096 offered on June 16-v.
130, p.
-were awarded as 5s to the Banc Ohio Securities Corp., of
3923
Columbus,
at par plus a premium of $44, equal to 100.21, a basis of about 4.92%:
-$13,008 property owners' portion paving bonds. Due as follows:
$2,608 in
1931, and $2,600 from 1932 to 1935 inclusive.
7,088 property owners' portion paving bonds. Due as follows:
$1,488 in
1931, and $1,400 from 1932 to 1935 inclusive.
Each issue is dated June 1 1930. The following is a list of the bids
submitted:
BidderInt. Rate Premium,
Banc Ohio Securities Corp. (Purchaser)
$44.00
Season -rood & Mayer, Cincinnati
Mitchell, Herrick & Co.. Cleveland
5%
2
1R
Ryan, Sutherland & Co.. Toledo
5%
43.00
Spitzer, itorick & Co., Toledo
Slier, Carpenter & Roose, Toledo
54/ %%0
5
4552..0203
-BOND SALE.
GLASGOW, Valley County, Mont.
-The $7,500
of coupon airport bonds offwed for sale on June 16-V. 130, P. 4279 issue
--was
purchased by the State of Montana, as Os, at par. Dated June 16 1930.
Duo in 20 years.
GLOUCESTER, Essex County, Mass.
-BOND SALE.
-Wilmot A.
Reed, City Treasurer, on June 25 awarded the following issues of 4%
coupon bonds, aggregating $400,000, to the Cape Ann National Bank of
Gloucester, at a price of 101.634, a basis of about 3.79%.
a.
111:88
4643
$380,000 water bonds. Due $19,000 on July 1 from 1931 to 1950 incl.
20,000 water main bonds. Due $4,000 on July 1 from 1931 to 1935 incl.
Each issue is dated July 11930. Denom. $1,000. Prin. and semi-ann.
Int. (J. & J.) payable at the First National Bank of Boston, which will
supervise the engraving of the bonds and will certify as to their genuineness.
Legality is to be approved by Storey, Thorndike, Palmer cc Dodge of Boston.
Financial Statement June 17 1930.
Assessed valuation for year 1929
$41.472,754
Total bonded debt (including those issues)
2.372,375
Water debt (Included in total debt)
962.000
Sinking funds
None
Population, 23,811.
GOODING HIGHWAY DISTRICT (P. 0. Gooding) Gooding
County, Ida.
-BOND CALL.
-Interest is to cease on July 1 on 6% bonds
numbered 1 to 100, dated May 1 1920, of the above named district, redeemable in 1930.
BOND EXCHANGE.
-We are informed that an issue of $100.000 5H%
highway bonds will be delivered to the First National Security Bank of
Gooding on July 1, in exchange for the redeemed bonds. Dated July 1 1930.
GRAND RAPIDS, Kent County Mich.-BOND OFFERING.Jacob Van Wingen, City Clerk, will receive sealed bids until July 7 for the
purchase of the following issues of 454% bonds aggregating $130.000:
5110,000 street impt. bonds. Due 511,000 on July 1 from 1931 to 1940 incl.
15,000 street impt. bonds. Due $3,000 on July 1 from 1931 to 1935 incl.
3,000 sewer construction bonds. Due $300 on July 1 from 1931 to
1940 incl.
2,000 sewer construction bonds. Due $4400 on July 1 from 1931 to
1935 incl.
All of the above bonds are dated July 1 1930. Denom. $1.000. $400 and
$300. Prin. and semi-ann. int. (J. & J.) payable at the office of the City
Treasurer. A certified check for 3% of the amount of bonds bid for,
payable to the order of the City Treasurer, must accompany each proposal.
No bids will be considered for less than par and accrued interst.
Financial Condition June 18 1930.
The city has no floating debt.
Assessed valuation of city. 1930
$274,678.717.00
Value of sinking funds: Water works, $1,079,324.02:
general, $974,912.20; special assessment, $1,510,544.16;
cemetery trust funds, $623,983.68; total
4,188,764.06
Cash on hand exclusive of sinking fund
954.071.22
Cash value of assets of city (including water works value
of $6,905,486.60)
46,413,866.63
Recapitulation of Bonded Debt June 18 1930.
Sewage disposal general taxation
4,080.000.00
Cemetery. paid by general taxation
150,000.00
T. B. Hospital, paid by general taxation
255,000.00
Bridge bonds, paid by general taxation
560,000.00
Park bonds, paid by general taxation
100,000.00
Flood protection, paid by general taxation
957,000.00
Water works, paid by water revenue
3,626.000.00
School bonds, paid by general taxation
4,772.250.00
Street improvement bonds, paid by special assessment__
4,741.700.00
Sewer construction bonds, paid by special assessment
907.600.00
*West Side Library bonds
155,000.00
$20,304,550.00
Less-Generalsinking fund cash and securities, 5974.912.20:
water works bonds, $3.626.000; street and sewer bonds.
$5,649,300
10.250.212.20
Net bonded debt payable by general taxation
$10,054,337.80
Population, census of 1930, 168,234.
•Serial bonds all held in sinking fund.
-Street improvement and sewer construction bonds are only a
Note.
temporary obligation, being issued for from one to ten years, and their
payment Is provided for by special assessment on the property directly
benefited: but are a direct city obligation.
GRANT COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Silver City),
N. Mex.-BOND SALE.
-The $10,000 issue of school j)onds offered for sale
on June 14-V. 130, P. 3404
-was purchased by the State of New Mexico,
as 5s, at par. Dated June 1 1930. Due $1,000 from June 1 1933 to 1942
incl.
GRAND SALINE, Van Zandt County, Tex.
-BONDS REGISTERED.
-The 555,000 issue of 5% school bonds that was approved by the Attorney
General's Department on June 4.-v. 130, P. 4279
-was registered by the
State Comptroller on June 18. Due serially.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND .SALE.
-The
532,000 5% Sherman Shelton et al. gravel road construction bonds offered
on June 24-V. 130, p. 4463
-were awarded to the Inland Investment
Co. of Indianapolis at par plus a premium of $1,305.75, equal to 104.08.
a basis of about 4.16%. The bonds are dated June 15 1930 and mature
o
$1,600 on May and Nov. 15 from 1931 to 1940 incl. Five bids were
submitted for the issue.
GREENSBURG, Decatur County, Ind.
-BOND SALE.
-The 510.000
434% coupon street impt. and sewer repair bonds offered on June 23-were awarded to C. J. Erdman of Greensburg at par plus
V. 130, p. 4463
a premium of $197.50, equal to 101.97. a basis of about 4.11%. The
bonds are dated July 1 1930. Due $500 on July 1 1931; $500 on Jan. 1
and July 1 from 1932 to 1940 incl., and $500 on Jan. 15 1941. The following is a complete list of the bids submitted for the issue:
BidderPremium.
C. J. Erdman (purchaser)
$197.50
Fletcher Savings & Trust Co., Indianapolis
168.00
Inland Investment Co., Indianapolis
174.50
Thomas D. Sheerin & Co.. Indianapolis
190.00
Peoples State Bank, Indianapolis
155.00
City Securities Corp., Indianapolis
171.00
Breed, Elliott & Harrison, Indianapolis
175.00
GUTHRIE COUNTY (P. 0. Guthrie Center), lowa.-BOND SALE.
-The $300,000 issue of annual primary road bonds offered for sale on
June 25-V. 130, p. 4463
-was purchased by A. B. Leach & Co. of Chicago
as 4)4s for a premium of $2.005, equal to 100.668, a basis of about 4.63%.
Due from 1936 to 1945 incl. Optional after 1936.
The other bids (all for 4)4s) were as follows:
Bidder
Premium.
White-Phillips Co
$2.000
Carleton D. Beh Co
1,700
Geo. M. Bechtel & Co
1.550
HAMBURG (P. 0. Hamburg), Erie County, N. Y.
-BOND OFFERING.
-George B. Abbott, Town Supervisor, will receive sealed bids until
8 p. m. on July 8 for the purchase of $335.000 coupon or registered Mount
Vernon Sewer District bonds, to bear interest at a rate not to exceed 5%,
expressed in a multiple of )4 or 1-10 of 1%. Dated July 1 1930. Denom.
$1.000. Due on July 1 as follows: $9,000 from 1933 to 1968 Incl., and
$11.000 in 1969. Principal and semi-annual interest (January and July)
payable at the Peoples Bank of Hamburg or at the Marine Trust Co..
Buffalo. A certified check for $7,000, payable to the order of the Supervisor, must accompany each proposal. The approving opinion of Clay.
Dillon & Vandewater of New York will be furnished to the successful
bidder.
HAMBURG,Erie County, N. Y.
-BOND SALE.
-The $35.000 coupon
or registered sewer bonds offered on June 23-V. 130. p. 4463
-were
awarded as 4)4s to Rutter & Co., of New York, at par plus a premium of
$224, equal to 100.64, a basis of about 4.66%. The bonds are dated July
15 1930 and mature on July 15 as follows: $2.000 from 1931 to 1940, incl.,
and $3,000 from 1941 to 1945, incl. Bids for the issue were as follows:
BidderInt. Rate.
Premium.
Rutter & Co. (Purchaser)
4H.%
$224.00
Bank of Hamburg
4)4%
185.50
Peoples Bank of Hamburg
45i%
201.60
Batchelder & Co
4)4%
206.50
A. C. Allyn & Co
5%
283.50
George B. Gibbons & Co
5%
153.09
HAMILTON, Butler County, Ohio.
-BOND SALE.
-The following
issues of coupon bonds aggregating $26,050 offered on June 25-V. 130.
p. 3923-wtre awarded as 4)4s to Breed, Elliott & Harrison of Indianapolis
at par plus a premium of $5, equal to 100.01, a basis of about 4.49%:
4644
FINANCIAL CHRONICLE
819.000 improvement bonds. Due on Nov. 1 as follows: $2,000 from 1931
to 1939 incl., and $1,000 in 1940.
4.000 improvement bonds. Due $400 on Nov. 1 from 1931 to 1940 incl.
3.050 improvement bonds. Due $305 on Nov. 1 from 1931 to 1940 incl.
Each issue is dated May 1 1930. Bids submitted were as follows:
Int. Rate. Premium.
Bidder
$5.00
4
Breed, Elliott & Harrison (purchaser)
175.00
130.39
Provident Savings Bank it Trust Co
156.47
4
Taylor. Wilson & Co
93.60
,,
BancOhio Securities Co
OFFERING.
-BOND
HANCOCK COUNTY (P. 0. Findlay), Ohio.
a. m.
G. R. Morehart, County Auditor, will receive sealed bids until 10bridge
%
$32.300
(eastern standard time) on July 2 for the purchase of
bonds. Dated June 1 1930. One bond for $300, all others for 51,000.
Due on Dec. 1 as follows: $3,300 in 1931: $4,000 in 1932 and 1933. and
& D.)
$33.000 from 1934 to 1940. incl. Prin. and semi-annual int. (J.to bear
payable at the office of the County Treasurer. Bids for the bonds howbe considered, provided,
Interest at a rate other than 54% will also
of 1% or
ever, that where a fractional rate is bid such fraction shall be
a multiple thereof. A certified check for $500 must accompany each proDempsey. of Cleveposal. The approving opinion of Squire. Sanders &
and, will be furnished to the successful bidder.
-At the
-BONDS DEFEATED.
HARRIMAN, Roane County, Tenn.
issue
special election held on June 10, the voters defeated the proposal toof 54
$75.000 in 54% coupon high school building bonds by a count
"favoring" and 292 "against."
(These are the bonds that were purchased on May 13 by Caldwell & Co.
of Nash ville.-V. 130, p. 3757.)
HARRIS COUNTY RURAL HIGH SCHOOL DISTRICT NO. SI
-The $120.000 issue
-BONDS REGISTERED.
(P. 0. Deer Park), Tex.
of 5% school bonds that was offered for sale on May 15-V. 130. p. 3405
on June 17. Due from April 10
was registered by the State Comptroller
1934 to 1960.
-BOND
HARRISON (P. 0. Harrison), Westchester County, N. Y.
-The $93,339.18 sidewalks Districts Nos. 1 and 2 bonds offered on
SALE.
to Phelps, Fenn & Co.
-were awarded as 4.20s
June 20-V. 130. p. 4279
of
of New York. at par plus a premium of $26, equal to 100.027, a basis as
The bonds are dated July 1 1930 and mature on July 1
about
4.19%.
follows: 318,339.18 in 1931; $18,000 in 1932. and $19,000 from 1933 to
of the bonds is being made at prices to yield
1935. incl. Public
3 to 4.05% according to maturity.
HARRISON COUNTY (P. 0. Corydon), Ind.-110ND OFFERING.
John K. Morris, County Treasurer, will receive sealed bids until 10 a. m.
% Neal Lethcoe et al. road
15 for the purchase of $14,090
on July
construction bonds. Dated July 15 1930. Denom. $352.25. Due
$352.25 on July 15 1931, $352.25 on Jan. and July 15 from 1932 to 1950
inclusive, and $352.25 on Jan. 15 1951. A certified check for 3% of the
amount of bonds bid for must accompany each proposal.
-Sealed
HAVELOCK, Lancaster County, Neb.-BONDS OFFERED.
bids were received by Esther P. Shipman, Secretary of the Board of Education. until June 27,for the purchase of two issues of coupon bonds aggregating $107,500, as follows:
$70,000 school district refunding bonds. Int. rate is not to exceed 6%.
payable semi-annually. Due in 30 years.
37,500 refunding bonds. Int. rate is not to exceed 6%, payable semiannually. Due in 30 years and optional in 5 years.
Proposals on type of bond, payment bases and denom. of bonds may be
submitted with bid. Prin. and int, payable at the County Treasurer's
office. Legal approval and printed bonds to be furnished by Purchaser•
-BOND SALE.
HAWKINS COUNTY (P. 0. Rogersville), Tenn.
The 8117,000 issue of 5% coupon road bonds offered for sale on June 21
-was purchased by Caldwell & Co. of Nashville for a
-V. 130. p. 4463
premium of $1.400, equal to 101.196, a basis of about 4.88%. Dated
July 1 1930. Due $13,000 from July 1 1941 to 1949 incl.
HILLSBOROUGH SCHOOL DISTRICT (P. 0. Redwood City),
-The following is a
-LIST OF BIDDERS.
San Mateo County, Calif.
Complete list of the bids received for the $35,000 issue of 5% semi-ann.
school bonds that was purchased by Dean Witter & Co. of San Francisco,
at a price of 105.08, a basis of about 4.41%-V. 130, p.4279:
Premium.
BidderNational Bankitaly Co
81586193
Anglo London-Paris Co
R.H. Moulton & Co
316
1584
Heller, Bruce & Co
1780
*Dean Witter & Co
1137
& Camp Co
Freeman,Smith
038
11313
American Securities Co
Weeden & Co
•Successful bid.
-BONDS OFFERED.HILLSIDE COUNTY (P. 0. Hillside), Mich.
L. A. Rainey, Chairman of the Board of County Road Commissioners,
(Central standard time) on June 27for the
received sealed bids until 9 a. m.
Purchase of $60,000 road assessment District No. 25 bonds, to bear Int, at
a rate not to exceed 6%. Dated July 1 1930. Due on May 1 as follows:
$14,000 in 1932: 315,000 in 1933 and 1934, and 516.000 in 1935. Int. is
payable semi-annually. A certified check for 2% of the amount of bonds
bid for, payable to the order of the above-mentioned Chairman, must
accompany each proposal.
-ADDITIONAL INFORMATION.HOBART, Lake County, Ind.
The $33,000 5% funding bonds sold to the City Securities Corp. of Indianapolis, at par plus a premium of $631, equal to 101.91-V. 130, p. 4463
are dated March 1 1930 and mature $3,500 from 1931 to 1939 incl.. and
In $500 denoms. Int. Is payable in Jan.
$1,500 in 1940. Coupon bonds
and July. Award was made on June 14. Int. cost basis to city about
4.57%.
-The $42,000
-BOND SALE.
HOPATCONG, Sussex County, N. J.
coupon or registered improvement bonds offered on June 23-V. 130,
p. 4279
-were awarded to the Newton Trust Co., of Newton,at par plus a
premium of $175, equal to 100.41. Rate of interest not stated. The
1,onds are dated June 1 1930 and mature on June 1 as follows: $2,000 from
1931 to 1943, incl., and $3,000 from 1943 to 1948, incl.
HOPKINS COUNTY (P. 0. Madisonville), Ky.-BONDS AUTHOR-On June 16 the fiscal court adopted an order providing for the
IZED.
issuance of 3140,000 in bonds for a jail, an almshouse and for court house
improvement purposes.
-Sealed bids
-NOTE OFFERING.
IDAHO, State of (P. 0. Boise).
will be received until 10 a. m. on July 10, by Byron Defenbach, State
of a $500,000 issue of gasoline tax anticipation
Treasurer, for the purchase
notes. Dated June 16 1930.
-Faxon,
-TEMPORARY LOAN.
IPSWICH, Essex County, Mass.
Gade & Co. of Boston, during June purchased a $30,000 temporary loan,
due in about nine months, at 2.98% discount. The First National Old
Colony Corp. of Beaton, the only other bidder, offered to discount the loan
at 2.99%.
JACKSON COUNTY(P.O.Independence), Mo.-BOND OFFERING.
-Sealed bids will be received by Harry A. Sturges, County Treasurer,
until noon on July 1, for the purchase of a 32,000,000 issue of 434 or 44%
road and bridge bonds. Denom. $1.000. Dated July 15 1930. Due as
follows: 3100,000, 1936 to 1938: 3120,000, 1939 to 1942; S145,000. 1043 to
1946,and $160,000, 1947 to 1950, all incl. Prin. and int. (J. & J.) payable
at the Commerce Trust Co. of Kansas City, or the Guaranty Trust Co.,
New York. The legal approval of B. H. Charles of St. Louis will be furnished. The County Treasurer will furnish the required bidding forms.
A certified check for 1% of the par value of the bonds bid for, is required.
-An Issue
-BOND SALE.
JACKSONVILLE, Cherokee County, Tex.
of $100,000 paving bonds is reported to have recently been purchased by
Caldwell & Co. of Nashville.
-WARRANT
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
SALE.
-An $80.000 issue of 5% coupon refunding warrants has recently
been jointly purchased by Ward, Sterne & Co. and Steiner Bros., both of
Birmingham. Denom. $1,000. Dated June 15 1930. Due on June 15
1935. Prin. and semi-ann. int, payable at the County Treasurer's office
or at the Central Hanover Bank & Trust Co. in New York. Legality
lg
utgovett aglay, Dillon & Vandewater of New York, and W. K. Terry
[Vox.. 130.
Financial Statement (As Officially Reported on June 11930.)
Value of taxable property as determined for purpose of taxation$616,885,135
370,131,081
Assessed by law at 60% of value, 1929
10,627,824
Total indebtedness of every character (incl. this issue)
398.698
Less: Cash sinking fund
9,863,356
Net debt
Population 1910 census, 226,476: 1920 census. 310,054; 1930 census,
429,301. (Preliminary Government report)•
-The
-MATURITY.
JEFFERSON COUNTY (P.O. Beaumont),Tex.
two issues of 5% semi-annual bonds aggregating $198,000, that were sold
recently-V. 130, p. 4280
-mature as follows:
$162,000 intercoastal bridge bonds mature $4,500 from April 10 1930 to
1965, incl., giving a basis of about 4.99% •
36,000 intercoastal right of way bonds mature 31,000 from April 10
1930 to 1965, incl., giving a basis of about 4.98%•
-A
-NOTE SALE.
JOHNSTON COUNTY (P. 0. Smithfield), N. C.
$50,000 issue of revenue anticipation notes was purchased on June 24 by
Bray Bros. & Co. of Greensboro.
KAWEAH SCHOOL DISTRICT (P. 0. Visalia), Tulare County
Calif.
-The $10.000 issue of 5% semi-annual school bonds
-BOND SALE.
-was purchased by the Freeoffered for sale on June 17-V. 130, p. 4100
man, Smith & Camp Co., of San Francisco, for a premium of $116, equal
to 101.16, a basis a about 4.89%. Due from 1940 to 1949, incl.
KEANSBURG, Monmouth County, N. .L-BOND OFFERING.
Richard A. Jessen. Borough Clerk. will receive sealed bids until 8 P. m•
(daylight saving time) on July 15 for the purchase of $58,000 coupon or
registered general improvement bonds to bear interest at a rate not to exceed 6%,expressed in a multiple of Wi of 1%. Dated July 11930. Due on
July I as follows: $3,000 in 1931 and 1932: $4,000 from 1933 to 1945, incl.
Prin. and semi-ann. int. (Jan. & July) payable at the Keansburg National
Bank. Keansburg, or at the Chase National Bank, New York. No more
bonds are to be awarded than will produce a premium of$1,000 over $58,000.
A certified check for 2% of the amount of bonds bid for, payable to the
order of the Borough Treasurer, must accompany each proposal.
KIRTLAND HILLS (P. 0. Mentor, R. F. D.), Lake County Ohio.-Arland R. Booth, Village Clerk, will receive sealed
BOND OFFERING.
bids until 12 m. (Eastern Standard time) on July 9 for the purchase of
55,500 6% road improvement bonds. Dated July 1 1930. Denom. $500.
Due $500 on Oct. 1 from 1930 to 1940, incl. Prin. and semi-ann. int.
(A. & 0.) payable at the Cleveland Trust Co., Painesville. Bids for the
bonds to bear int. at a rate other than 6% will also be considered, provided,
however, that where a fractional rate is bid such fraction shall be Si of 1%
or a multiple thereof. A certified check for 5% of the amount of bonds
bid for, payable to the order of the Village Treasurer, must accompany
each proposal.
-The
-BOND SALE.
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
following issues of 434% bonds aggregating $67,400 offered on June 23-were awarded to the Union Trust Co., of Indianapolis,
V. 130, p. 4280
at par plus a premium of $1,329, equal to 101.98, a basis of about 4.11%:
on
04,600 C. M. Kissinger et al., road construction bonds. Due $2,730
July 15 1931: 52.730 on Jan. and July 15 from 1932 to 1940, incl..
and $2,730 on Jan. 15 1941.
Due
12,800 R.E. Gunter et al.,road construction bonds. 1940,$640 on July 15
incl., and $640
1931: $640 on Jan. and July 15 from 1932 to
on Jan. 15 1941.
15 1930.
Each issue is dated June
-The
-BOND SALE.
LAKE COUNTY (P. 0. Painesville), Ohio.
offered on June 9
following issues of coupon bonds aggregating $119,114.35& Mayer, of Cin-were awarded as 4345 to Seasongood
-V. 130, p. 3758
cinnati, at par plus a premium of $657. equal to 100.55, a basis of about
4.34%:
1 1930. Due as
$107,460.01 road construction bonds. Dated June on April and $3,000
follows: $2,460.01 on Oct. 1 1930: 32.500
$2,500 on April and Oct. 1
on Oct. 1 from 1931 to 1933 ,Incl.:
In 1934; 52,500 on April 1 and $3,000 on Oct. 1 from 1935 to
1937,incl.;$2,500 on April and Oct. 1 in 1938:32,500 on April 1
and $3.000 on Oct. 1 from 1939 to 1941, incl.; $2,500 on April
1 from
and Oct. 1 in 1942;$2,500 on April land $3,000 on Oct. $2,500
1943 to 1945. incl.; $2,500 on April and Oct. 1 in 1946;
on April 1 and $3,000 on Oct. 1 from 1947 to 1949, incl., and
$2,500 on April 1 in 1950.
1
11,654.34 special assessment road improvement bonds. Dated Julyon
1930. Due as follows: $1,000 on April 1 and $1,654.34 on
April and Oct. 1 in 1932: $1,000
Oct. 1 in 1931; $1,000 on
April and $1,500 on Oct. 1 in 1933; 51.000 on April and Oct. 1
in 1934, and $1.000 on April 1 and $1,500 on Oct. 1 in 1935.
LAMAR PAVING DISTRICT NO.3(P.O. Lamar),Prowers County,
-Sealed bids will be received until July 10 by
Colo.
-BOND OFFERING.
A. J. Davey,City Clerk,for the purchase of an issue of $150,000 5% paving
check
bonds. Dated July 1 1930. Due on or before 22 years. A certified
for 10% must accompany the bid.
DELANGLADE COUNTY (P. 0. Antigo), Wis.-ADDITIONAL purTAILS.
-The 00.000 Issue of memorial hospital bonds that was
chased by H. M. Byllesby & Co., of Chicago, at a price of 100.34-V. 130.
-bears interest at 434%,payable on June and Dec. 1. Due $10,000
p. 4280
from June 1 1931 to 1939, Incl., giving a basis of about 4.42%.
Union
LAPPATUBBA DRAINAGE DISTRICT (P. 0. New Albany),or reg.
-The $18,500 issue of 6% coupon
-BOND SALE.
County, Miss.
-was
on June 13-V. 130, p. 3280
semi-ann. drainage bonds offered for sale
Purchased by Mr. V. L. Harris, at par. Due in from 1 to 30 years.
-A
-BONDS AUTRORIYED.
LAWRENCE, Douglas County, Kan.
$79.920 issue of paving and resurfacing bonds has recently been authorized
by the City Commission.
-An
LEBANON, Laclede County, Mo.-PRE-ELECTION SALE.
$80,000 issue ofsewer bonds has been purchased by an undisclosed investor.
subject to an election scheduled for July 29.
-The $8,000 issue
LENNOX,Lincoln County, S. Dak.-BOND SALE.
of coupon street improvement bonds offered for sale on Juno 16-V. 130.
as 5s.
-was purchased by the Exchange National Bank of Lennox,Dated
P. 4280
for a premium of $60, equal to 100.75. a basis of about 4.87%.
June 11930. Due in 15 years and optional after 5 years.
-John H.
-BOND SALE.
LEXINGTON, Middlesex County, Mass.
Kane. Town Treasurer, on June 24 awarded an issue of $30,000 4% coupon
water bonds to the First National Old Colony Corp. of Boston at 100.63.
a basis of about 3.87%. The bonds are dated July 1 1930 and mature
annually from 1931 to 1940,incitudve. Bids for the issue were as follows:
Rate Bid.
Bidder100.63
First National Old Colony Corp. (purchaser)
100.56
Harris, Forbes & Co
100.12
Trust Co
Lexington
100.10
(Boston)
Bank of Commerce & Trust Co.
100.08
Estabrook & Co
LIGONIER TOWNSHIP (P. 0. Ligonier), Westmoreland County,
5% township bonds offered on June V
Pa.
-BOND SALE.-Tho $14,000
(V. 130, p 4280) were awarded to the Ligonier National Bank. The bonds
are dated July 1 1930 and mature on July 1 as toilette: $1,000 from 1932 to
1935. inclusive; $1,000 from 1937 to 1941, inclusive; $1,000 in 1943 and
1944, and $1.000 in 1946, 1948 and 1950.
-The
LINCOLN COUNTY (P. 0. Merrill), Wis.-BOND DETAILS.
$61,000 issue of 5% coup. bridge, 2nd series bonds that was purchased by
Lincoln County Bank of Merrill, at a price of 103.19-V. 130,J?. 4280
is due on May 1 as follows- $5,000. 1931 to 1942. incl, and $1,0001 in 1943,
giving a basis of about 4.
59%. Denom. $1,000. Int. payable on May
and Nov. 1.
LINVILLE SCHOOL DISTRICT NO. 8 (P. 0. Farmersville), Union
-In connection with the offering of
Parish, La.
-OFFERING DETAILS.
the $20,000 issue of school bonds scheduled for 11 a. m. on July I-V. 130,
p. 4469
-we now learn that the int. rate is not to exceed 6%, payable semiannually. Denom. $500. Dated July 11930. Due on July 1, as follows:
$500. 1931 to 1950, and $1,000, 1951 to 1960, all incl. Prin, and int.
(J. & J. 1) payable at the Chase National Bank In New York,or at the place
designated by the purchaser. The purchaser will be furnished with the
approving opinions of 13. A. Campbell of New Orleans, and Chapman &
Cutler of Chicago. A $600 certified check, payable to the President of the
Parish School Board, must accompany bid.
JUNH 28 1930.]
FINANCIAL CHRONICLE
Official Financial Statement.
$244,712.00
Assessed valuation for year 1929
None
Floating debt
This issue
Bonded debt
Population 1.000 (estimated); area of district 25,000 acres (approx.)
4645
1955 to 1964, incl. Prin. and semi-ann. int. (J. & J.) payable ta the
First National Bank, New York. A certified check for $10,000. payable
to George B. Marshall, District Treasurer, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York will be
furnished to the successful bidder.
MAPLE HEIGHTS (P. 0. Bedford), Cuyahoga County, Ohio.
LOGAN COUNTY (P. 0. Russellville), Ky.-BOND SALE.
-The
-C. C. Taylor, Village Clerk, will receive sealedbids
$100,000 issue of 434% coupon road and bridge bonds offeredlor sale on BOND OFFERING.
-was purchased at par by Caldwell & Co. of until 12 m.(Eastern Standard time) on July 16 for the purchase of $121.000
June 18-V. 130. p. 4464
6% special assessment road construction bonds. Dated June 15 1930.
Nashville. Due in from 5 to 30 years.
Denom. $1.000. Due $12,000 on Oct. 1 from 1931 to 1940. incl. Prin.
(A. & 0.) payable at
-BONDS RE
LORAIN, Lorain County, Ohio.
-OFFERED.
-The and semi-ann. int.for the bonds to bearthe Central United National Bank,
int. at a rate other than 6% will
portion river widening bonds originally scheduled to have Cleveland. Bids
$50,000 5% city's
where a
been sold on May 8-V. 130, p. 3036-are being offered to be awarded also be considered, provided, however, that thereof. fractional rate is bid
a multiple
A certified check for
on July 7. A. M. Pollock, City Auditor, will receive sealed bids until such fraction shall be X or 1% or for, payable to the order of the
3% of the amount a bonds bid
Village
12 in. (Lorain city time) on July 7. The bonds are dated March 15 1930.
Denom. $1.000. Due $5.000 on Sept. 15 from 1931 to 1940. incl. Prin. Treasurer. must accompany each proposal.
semi-ann. int. (M.& S. 15) payable at the office of the Sinking Fund
and
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), Essex County
Trustees. Bids for the bonds to bear int. at a rate other than 5% will also N. J.
REOFFERED.
-The $312.000 434% coupon or registered
be considered, provided, however, that where a fractional rate is bid such sewer-BONDS
bonds awarded on June 17 to J. S. Rippel & Co.of Newark at
fraction shall be Bi of 1% or a multiple thereof. A certified check for 2% a basis of about 4.30%-V. 130. P. 4465-are being re-offered by 102.604,
the sucof the amount of bonds bid for must accompany each proposal. The sue- cessful bidders for public investment at prices to yield 3.75% for the 1931
ceesful bidder will be furnished with a complete transcript of the proceedings maturity; 4.00% for the 1932 and 1933 maturities; 4.11W. for the 1934
had relative to the above bonds.
and 1935 maturities; 4.15% for the 1936 and 1937 maturities, and 4.20%
bonds due from 1938 to 1970. incl. The securities are stated to be
LOWELLVILLE, Mahoning County, Ohio.
-BOND SALE.
-The for the
legal investment for savings banks and trust funds in New Jersey. A
$26,587.45 534% coupon special assessment street improvement bonds statement of the financial condition of the Township appeared in our
offered on June 18-V. 130, p. 4281-were awarded to the Lowellville Issue of June 14.-V. 130, P. 4281.
Savings & Banking Co., of Lowellville, at par plus a premium of $528.06.
equal to 101.90, a basis of about 5.10%. The bonds are dated May 1
-BOND ELECTION.
-A special
MARION, Williamson County, Ill.
1930 and mature on Oct. 1 as follows $3,000 from 1931 to 1938, incl.. and election has been called for July 15 to permit the voters to express their
$2,587.45 in 1939. Bids for the issue were as follows'
of Issuing $450,000 in bonds
Int. Rate. Premium. opinion as to the advisability is said to have shown that theto cover the
Biddercity governLowellyllle Savings & Banking Co.(Purchaser)
5%7
$528.06 city's indebtedness. An audit
the grade school district $150.000, and the high
ment
Blanchet, Bowman .St Wood,Toledo
534 0
23.93 schoolowes $180.000:
district $120,000.
Co., Toledo
R. L. Durfee &
67.00
534%
Spitzer, Rorick & Co., Toledo
534%
136.00
-BOND SALE.
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-The
Ryan.Sutherland St Co..Toledo
534%
177.00
three issues of 5% coupon bonds aegregating $27,400 offered on June 20-were awarded as follows.
-BOND SALE.
-The $300,- v. 130, p. 4282
LUCAS COUNTY (P. 0. Toledo), Ohio.
To Breed. Elliott & Harrison, of Indianapolis:
460 sewer construction bonds offered on June 23-V. 130, P. 4101-were $13,500 Absalom Miller et al., highway improvement bonds sold at par plus
awarded as 434s to C. W.McNear & Co. of Chicago, at par plus a premium
a premium of $605, equal to 104.48, a basis of about 4.08%. Due
of $2,434, equal to 100.81, as basis of about 4.34%. The bonds mature
semi-annually from July 15 1931 to Jan. 15 1941.
on Nov. 15 as follows' $30,460 in 1931: $30.000 from 1932 to 1940, incl.
10,400 Edwin Vorels et al., highway improvement bonds sold at par plus a
premium of $465, equal to 104.47, a basis of about 4.08%. Due
The following is an official list of the bids submitted for the issue:
semi-annually from July 15 1931 to Jan. 15 1941.
-Premium
Bidder4 %
To the Inland Investment Co., of Indianapolis:
534%
Ryan, Sutherland & Co., Toledo
$1,329,00
3.500 Henry S. Grube et al., highway improvement bonds sold at par
plus a premium of $114,75. equal to 100.42, a basis of about 4.92%.
First Detroit Co., Detroit, Braun, Bosworth & Co.,
Due semi-anndally from July 15 1931 to Jan. 151941.
2,013.00 $15,133.00
Toledo
Otis & Co., Cleveland, BancOhlo Securs. Co., Colum. 962.00
All of the above bonds are dated June 3 1930. The County Treasurer
M. M.
Freeman & Co., New York
958.47 15,470.69 makes not mention as to the disposition of the two issues of 6% ditch conPrudden & Co., Toledo, Seasongood & Mayer, Cinstruction bonds offered on the same day. The following is a list of the bids
cinnati, Assel, Goetz & Moerlein, Cincinnati
13,617.00 submitted for the three highway improvement bond Issues:
$3.500.00 $13,500.00 $10,400.00
Mitchell Herrick & Co., Cleveland
Bidder. •
•
-Premium-2,434.00* 16,514.
O. W.MeNear & Co., Chicago
00
$50.00
958.00
Geo. Lemler, Plymouth
Central Illinois Co., and Lawrence Stern & Co., Chi.
$390.00
Halsey, Stuart & Co.. Chicago
15,233.00 Inland Investment Co., Indianapolis_ _..114.75 -- $479.50
605.00
4b5.00
Breed, Elliott & Harrison, Indianapolis
551.00
424.00
McGEHEE SPECIAL SCHOOL DISTRICT (P. 0. McGehee), Desha The Union Trust Co., Indianapolis
560.00
442.00
-Sealed bids will be received until Thos. D. Shemin & Co., Indianapolis
-BOND OFFERING.
County, Ark.
408.00
528.00
July 2 by the Secretary of the Board of Directors, for the purchase of a Fletcher Say. & Trust Co., Indianapolis 107.70
422.00
City Securities Corp. Indianapolis
2.00
555.00
$30,000 issue of 534% semi-ann. school bonds.
391.50
51.50
521.50
Campbell & Co., Indianapolis
MACHIAS TOWNSHIP SCHOOL DISTRICT (P. 0. Trenary), Fletcher American Co.. Indianapolis
_ 11.00
497.00
388.00
-BONDS OFFERED.
-M. G. Kiser, Secretary of
Alger County, Mich.
the Board of Education,received sealed bids until 3 p.m.(Eastern Standard
MARSHALL COUNTY SCHOOL DISTRICT NO.1 (P.O. Oakland),
time) on June 27 for the purchase of $30,000 not to exceed 5% school bonds. Okla.
-BONDS OFFERED.
-Sealed bids were received by W.B. Marshall,
Due $6,000 on April 1 from 1931 to 1935. incl. Int. is payable annually District Clerk. until 2 p.m. on June 24, for the purchase of a $10,000 issue
on April 1. The District has an assessed valuation of $496.225.
of school building bonds. Int. rate Is to be named by the bidder. Due
$1.000 from 1935 to 1945.
-BOND OFFERING.
MADISON, Lake County, Ohio.
-E. Rose,
Village Clerk, will receive sealed bids until 12 m. on July 15 for the purMARSHALLTOWN, Marshall County, Iowa.
-BOND OPFERING.chase of $4,100 6% fire engine apparatus purchase bonds. Dated July 1 Sealed bids will be received until 7:30 p. m.on June 30, by Anne McMahon,
1930. One bond for $100, all others for $3zoo. Due on Oct. 1 as follows: City Clerk, for the purchase of two issues of coupon bonds aggregating
$600 in 1931. and $500 from 1932 to 1938. incl. Interest is payable in $9,900, as follows:
April and October. Bids for the bonds to bear interest at a rate other than $5,000 sewer bonds. Denom. $500. Due on Nov. 1. as follows: $500..
6% will also be considered, provided, however, that where a fractional rate
1931: $1,500, 1932; $500, 1933 to 1935, and $1,500 in 1936.
is bid such fraction shall be h' of 1% or a multiple thereof. A certified
4,900 funding bonds. Denom. $500, one for $400. Due on Nov 1, as
check for $250, payable to the order of the village, must accompany each
follows: $2,400 in 1932, and $2,500 in 1933.
proposal.
1 19terest rate is not to exceed 5%, payable semi-annually. Dated July
In o.
3
-BOND SALE
.-11 W.Pressprich &
.
MADISON, Morris County, N. J.
Co. of New York, bidding for $270,000 bonds of the $275,500 434% coupon
-BOND SALE.
MARTIN COUNTY (P. 0. Shoals), Ind.
-The two
or reg. general improvement issue offered on June 23-V. 130, p. 4281
- issues of 434% bonds, aggregating $13,300 offered on June 23-V. 130. p.
were awarded the securities, paying $273.377.77. equal to 101.25, a basis 4282
-were awarded to the Fletcher Savings & Trust Co. of Indianapolis;
of about 4.32%. The bonds are dated June 1 1930 and mature on June 1 as follows•
as follows- $14,000 from 1931 to 1935,Ind.;$18,000 from 1936 to 1942,incl.; $7.500 Ralph King et al., Halbert Township road construction bonds sold
$19,000 from 1943 to 1945, incl., and $17,000 in 1946. Bids for the issue
at par plus a premium of $138.80, equal to 101.85. a basis of about
were as follows:
4.11%. Due $375 on July 15 1931; $375 on Jan. and July 15 from
No. Bands
1940, incl., and $375 on Jan. 15 1941.
Bid For. Amount Bid.
Bidder5,800 Jonathan Hildum et al. Perry Township road construction bonds
270
R. W. Pressprich & Ce. (Purchaser)
$273.377.77
sold at par plus a premium of $105.60. equal to 101.82, a basis of
270
M. M. Freeman & Oo
273.199.99
about 4.12%. Due $290 on July 15 1931; $290 on Jan. and July 15
270
C. A. Preim & Co
272.572.65
Biddeim 1932 to 1940, incl., and $290 on Jan. 15 1941.
f
r
271
Lehman Bros
272,804.95
Each issue is dated June 23 1930. Bids submitted were as follows.
271
H. L. Allen & Co
273,222.23
Premiums.
Guaranty Company of New York
272
273,225.07 Fletcher Savings & Trust Co.(awarded both issues)
$138.80
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND OFFERING.
Marcia H. Barton, County Treasurer, will receive sealed bids until 10 a.m.
on July 8for the parch see of the following issues of434% bonds aggregating
$194,000:
$114,000 W.E. Cartwright et al., county road construction bonds. Denom.
$1,140. Due $5,700 on May 15 from 1931 to 1950, incl.
68,000 R. E. Cooper et al., county road construction bonds. Denom.
$1,700. Due $6,800 on May 15 from 1931 to 1940, incl.
12,000 Webb Pascal et al., Lafayette Township road construction bonds.
Denom. $600. Due $600 on July 15 1931; $600 on Jan. and July
15 from 1932 to 1940, incl., and $600 on Jan. 15 1941.
Each issue is dated July 16 1930. To enable the immediate delivery of
bonds on day of sale the transcript will have attached to it a written opinion
of the examining attorney, cost of same to be paid by the purchaser in
addition to the amount of his bid.
Martin County Bank,Shoals
City Securities Corp.,Indianapolis
51.62
107.00
Inland Investment Co., Indianapolis
114:75
7
Fletcher American Co., Indianapolis
192 2
05..40
5
68.00
First National Bank, and 'Fri-State Loan & Trust Co., Jointly, 50.00
both of Fort Wayne
35.00
-John
-NOTE SALE.
MASSACHUSETTS, State of (P. 0. Boston).
W. Haigis, State Treasurer,on June 25 awarded an issue of $2,500,000 notes
to Lee, Higginson & Co. of Boston, to boar int. at 2.15%. payable at
maturity. The notes are dated June 27 1930 and are payable on Nov.
17 1930.
MAMARONECK (P.0. Mamaroneck), Westchester County, N. y.
The following is a list of the bids submitted for the loan:
-The following issues of coupon or reg. bonds aggregating
BOND SALE.
Discount.
Bidder
$210,000 offered on June 16-V. 130, p. 4281-were awarded as 4.30s Lee, Higginson & Co. (purchaser)
to Phelps, Fenn & Co. of New York for a premium of $147,equal to 100.07, First National Old Colony Corp. (plus $40 premium)
25
2..16
about 4.29%;
a basis of
Salomon Bros. & Hutzler (plus $27 premium)
214
$180.000 highway improvement bonds. Due $9,000 on June 1 from 1931 Shawmut Corporation
2.40
incl.
to 1950,
2.50
S. N. Bond & Co
30,000 Town Park District No. 1 bonds. Due $1,000 on June 1 from
MATADOR INDEPENDENT SCHOOL DISTRICT (P. 0. Matador)
1931 to 1960,incl.
-BONDS REGISTERED.
-The $60,000 issue of 5%
Each issue is dated June 1 1930. The successful bidders are offering the Motley County, Tex.
bonds that was recently sold-v. 13CI,
-was
bonds for public investment at prices to yield 3 to 4.20% according to semi-annual school16 by the State Comptroller. Due from p. 3584
registered on June
1931 to 1960.
maturity. Bids for the issues were as follows:
Int. Rate, Premium. Inclusive.
Bidder4.30%
$147.00
Phelps, Fenn & Co. (Purchaser)
MECICLENBURG COUNTY (P. 0. Charlotte) N. C.
-NOTES
4.40 .
.
Batchelder & Co
168.00
-Sealed bids were received until June 28. by
4.40
925.00 OFFERED. Board of County Commissioners, for the ' F. M. Gresham,
George B. Gibbons & Co
purchase of an issue
4.40
504.00 Clerk of thenotes.
Roosevelt & Son
4.50%
2,559.90 of $100,000
Larchmont National Bank
4.40%
275.00
Marine Trust Co
-BONDS OFFERED.
MEDFORD, Norfolk County, Mass.
-John J.
4.40%
417.90
Lehman Bros
until 10 a.
4.40%
693.00 Ward. City Treasurer, received sealed bids following m. (daylight saving
Dewey, Bacon & Co
issues of 4% coupon
time) on June 27, for the purchase of the
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. bonds aggregating $290,000: bonds. Due on July 1, as follow.:
$8,000
-BOND OFFERING.- $115.000 Elementary School
Mamaroneck), Westchester County N. Y. bide
from 1931 to 1940, incl., and $7.000 from 1941 to 1945, incl.
until 8 p.m. (DayK. G. Van Myer, Town Clerk, will receive sealed
100,000 school bonds. Due on July 1, as follows: $7,000 from 1931 to
for the purchase of $500,000 series A coupon
light Saving time) on July 1
1940, incl., and $6,000 from 1941 to 1945, incl.
excceed
or reg. Schoot bonds, to bear int, at a rate not to1 1930. 6%,expressed in
75,000 High School addition bonds. Due $5,000 on July 1 from 1931 to
July
Denom. $1.000.
&multiple of ji or 1-10th of 1%. Dated to 1954,incl., and
1945, lad.
$20,000 from
Due on July 1 as follows* $15,000 from 1935
4646
FINANCIAL CHRONICLE
Each issue is dated July 1 1930. Principal and semi-annual interest
(Jan. and July), payable in Boston. The bonds will be engraved under
the supervision of and certified as to their genuineness by the Old Colony
Trust Co., Boston. Legality approved by Ropes, Gray, Boyden &Perkins,
of Boston.
Financial Statement June 20 1930.
$81,068,883.00
Assessed valuation 1929, net
4,380,900.00
Total debt (present loans Included)
410,000.00
Water debt, included in total debt
80,338.51
Sinldng funds other than water
Population, 59,700.
-The two issues
MIAMI COUNTY (P. 0. Peru), Ind.
-BOND SALE.
of 4%% coupon bonds aggregating $22,600 offered on June 25-V. 130,
--were awarded as follows:
P. 4282
$12,400 Frank Musselman et al. road construction bonds were sold to
Thomas D. Sheerin & Co. of Indianapolis at par plus a premium
of $251.50, equal to 102.02, a basis of about 4.10%. One bond is
due each six months commencing July 15 1931 arid terminating
Jan. 15 1941.
10,200 James H. Deck et al. road construction bonds were sold to the
First National Bank and the Tri-State Loan & Trust Co., both of
Fort Wayne, jointly, at par plus a premium of $201.20, equal to
101.97, a basis of about 4.11%. One bond is due each six months
commencing July 15 1931 and terminating Jan. 15 1941.
Each issue is dated June 15 1930. An official list of the bids submitted
for the issues follows:
Premiums.
Bidder$245.00
First Tri-State National Bank, Fort Wayne
201.20
213.00
Campbell & Co., Indianapolis
161.00
251.50
Co.,Indianapolis
Thomas D. Sheerin &
j
196.75
236.00
J. F. Wild Investment Co., Indianapolis
194.00
211.50
Inland Investment Co., Indianapolis
192.75
Citizens National Bank, Kokomo
J 124.00
102.00
217.00
Wabash Valley Trust Co., Peru
181.00
Fletcher Savings & Trust Co., Indianapolis
J 110.70
192.00
Fletcher American Co., Indianapolis
J 203.40
165.15
-BOND OFFERING.
MILLVILLE, Cumberland County, N. J.
Wilbert J. Sinunerman, Director of Revenue and Finance, wil receive
sealed bids until 2 30 p.m. (eastern standard time) on July 11, for the pur.
chase of the following issues of 5% coupon or registered general improvement bonds, aggregating $223,000:
$193,000 series A bonds. Due on July 1 as follows: $6,000 from 1931 to
1947. incl., and $7.000 from 1948 to 1960, incl.
30,000 series B bonds. Due on July 1 as follows: $2,000 from 1931 to
1939, incl., and $3,000 from 1940 to 1943, incl.
Each issue is dated July 1 1930. Denom. $1,000. Principal and semiannual interest (January and July) payable at the Millville National Bank,
Millvllle. No more bonds are to be awarded than will produce a Premium
of $1,000 over the amount of each issue .A certified check for 2% of the
amount of bonds bid for, payable to the order of the City Treasurer, must
accompany each proposal. The opinion of the City Solicitor as to the
legality of the bonds will be furnished to the successful bidder.
MISSOLUA COUNTY (P. 0. Missoula), Mont.
-BONDS AND
-We are informed that the following bonds and
WARRANTS CALLED.
warrants have been called and are to be presented for payment, interest to
cease on July 1 1930:
6% Road bonds, dated Jan. 1 1920, numbers 1 to 7 called last January.
General Fund warrants registered prior to April 26 1930.
District Court General Fund warrants, all.
Poor Fund warrants registered prior to Sept. 1 1929.
Road Fund warrants registered prior to Mar. 1 1930.
Fair Fund warrants, all.
School District No. 3 warrants, all.
School District No. 7 warrants, all.
School District No. 11 warrants, all.
School District No. 23 warrants, all.
School District No. 25 warrants, all.
School District No. 27 warrants, all.
School District No. 29 warrants, Nos. 264 and 265.
School District No. 31 warrants, all.
School District No. 37 warrants, all.
School District No.39 warrants, all.
School District No. 40 warrants, all.
Refunding bonds, issue of March 1 1912, Nos. 81 to 100, incl.
County High School bonds, issue of May I 1918, Nos. 36 to 40, Incl.
School District No. 41, No. 5.
School District No. 1 bond, Nos. 61 to 71, incl., issue of April 1 1920,
July 1 1930 at Continental Illinois Bank & Trust Co., Chicago.
MISSOULA COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Missoula),
-The $6,000 Issue of school bonds that was purMont.
-MATURITY.
-V.
chased by the State Board of Lands and Investments, as 6s, at par
130, p. 4282
-is due in 10 years and optional in 5 years.
MOBEETIE INDEPENDENT SCHOOL DISTRICT (P. 0. Mobeetie)
-The $40,000 issue of
-BONDS REGISTERED.
Wheeler County, Tex.
5% semi-annual school bonds that was purchased on April 22-v. 130, p.
Due from 1931 to 1970 inclusive.
-was registered on June 18.
3760
-BOND OFFERING.
-Sealed
MOBILE COUNTY (P. 0. Mobile), Ala.
bids will be received until 10.30 a. m. on July 21, by E. C. Doody, Clerk
Road Commissioners, for the purchase of a
of the Board of Revenue and
$65,000 issue of road and bridge bonds. Interest rate Is not to exceed
5%, payable semi-annually. Bidders are requested to submit bids at
different rates of interest, and the bonds will be sold to the bidder whose
bid will result in the lowest net interest rate to the County, said bonds will
0
,
be sold at not less than 957 of their face value and with maximum interest
of 5%. Denom. $1,000. Dated June 1 1930. Due on June 1 as follows:
$2.000, 1933 to 1952: $3,000, 1953 to 1959, and $4,000 in 1960. The
purchaser is required to furnish blank bonds. The approving opinion of
Chapman & Cutler. of Chicago, will be furnished. These bonds were
authorized at an election held on Sept. 17 1929. A certified check for
$1,000 must accompany the bid.
-The
-BOND SALE.
MONROE COUNTY (P. 0. Monroe) Mich.
First Detroit Co. of Detroit. on June 25 was awarded the following issues of
basis of about
bonds aggregating $241,100 as 460 at a price of 100.02, a
4.49%
$102,600 Road Assessment District No. 67 bonds.
72.300 Road Assessment District No. 68 bonds.
66,200 Road Assessment District No. 69 bonds.
Successful bidder agreed to pay for the printing of the above bonds and the
opinion establishing their legality.
MONTGOMERY COUNTY SPECIAL CONSOLIDATED SCHOOL
-The $50,000 issue of
-BOND SALE.
DISTRICT (P. 0. Winona), Miss.
-was purchased by
school bonds offered for sale on June 2-V. 130, p. 3760
for a premium of $830, equal to
J. B. Tigrett & Co. of Memphis as 5Ms
101.66, a basis of about 5.13%. Due In 25 years.
MOREHOUSE PARISH ROAD AND BRIDGE DISTRICT NO. 4
(P. 0. Bastrop), La.
-BOND .SALE.
-The $165.000 issue of semi-annual
-was
road and bridge bonds offered for sale on June 24-V. 130. P. 3925
purchased by Caldwell & Co., of Nashville. Dated April 1 1930. Due
from April 1 1931 to 1950, incl.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT, Allegheny
County, Pa.
-BOND SALE.
-The $440,000 464% coupon bonds offered
-were awarded to Prescott Lyon & Co., of
on June 23-v. 130, p. 4102
Pittsburgh. at par plus a premium of 315,967.60, equal to 103.629, a basis of
about 4.21%. The bonds are dated April 1 1930 and mature on April 1 as
follows: $60,000 in 1935; $70,000 in 1940 and 1945; $80,000 in 1950, 1955
and 1960
MULTNOMAH COUNTY (P. 0. Portland) Ore.-BOND SALE.'
The $300,000 issue of 5% coupon road, series E bonds offered for sale on
-was purchased by Halsey,Stuart & Co., of
June 23-V. 130, p. 4102
Chicago, paying a premium of $115, equal to 100.038, a basis of about
[VOL. 1301
4.28% on the bonds divided as follows: $72,000 maturing $12,000 from July*
15 1936 to 1942, incl., as 430, and $228,000 as 4 Ms, due $12,000 from
July 15 1943 to 1960, incl.
NEW CASTLE WATER DISTRICT NO. 1 (P.O.Chappagua), Westchester County, N. Y.
-The $320.000 coupon or regis-BOND SALE.
tered water bonds offered on June 25-V. 130, p. 4466
-wore awarded as
4.30s to Lehman Bros. of New York, and the Manufacturers & Traders
Trust Co., of Buffalo, jointly, at par plus a premium of $476.80, equal to
100.149, a basis of about 4.28%. The bonds are dated July 1 1930,
mature $20,000 on July 1 from 1935 to 1950 inclusive, and are being reoffered by the successful bidders for public investment at prices to net
4.10 to 4.20%.
Financial Statement.
Valuations
Real estate and special franchise, 1929
$26,042,392
Actual valuation, 1930 (estimated)
35,000,000
Debt
Total bonded indebtedness, including this Issue
1,273,300
Water district bonds, included above
Net bonded indebtedness will be about 3 1-10% of the assessed valuation
upon the issuance of these bonds.
Population-1925 State census, 5,899; 1930 (estimated, 7,000.
NOBLE COUNTY (P. 0. Albion) Ind.
-BOND OFFERING.
-Edwin
Smith, County Auditor, will receive sealed bids until 2 p.m. on July 12 for
the purchase of $13,886.10 6% drain construction bonda.Denora. /6555.44.
Due $2,777.20 on Nov. 15 from 1931 to 1935 incl. Interest is payable semiannually on May and Nov. 15.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-BOND SALE.
-The
$80,0004% coupon Tuberculosis Hospital bonds offered on June 24-V.130.
p. 4466
-were awarded to Harris, Forbes & Co. of Boston, at 100.63, a.
Oasis of about 3.75%. The bonds are dated April 15 1930 and mature $16,000 on April 15 from 1931 to 1935, incl. Bids for the issue were as follows:
BidderRate Bid.
Harris Forbes & Co. (Purchaser)
100.63
Atlantic Corp. of Boston
100.19
R. L. Day & Co
100.559.
Eldredge & Co
100.62
Estabrook & Co
100.33
First National Old Colony Corp
100.40
F. S. Moseley & Co
100.261
Stone & Webster and Blodget,Inc
100.09
-TEMPORARY LOAN.
NORTHBRIDGE, Worcester County, Mass.
-Salomon Bros. & Hutzler of Boston purchased a $75,000 temporary loan
at 2.61% discount. The loan is dated June 19 1930 and is payable on
Nov. 3 1930. Bids received were as follows:
BidderDiscount.
2.61%
Salomon Bros. & Hutzler (Purchaser)
2.695
First National Old Colony Corp
2.825
Bank of Commerce & Trust Co
2.87 0
Faxon, Gade & Co
-BOND SALE -The followNORTH CANTON,Stark County. Ohio.
ing issues of bonds aggregating $64,222.35 offered on Juno 24-V. 130. p.
4466
-were awarded as 4 Ms to Ryan, Sutherland & Co., of Toledo,.at par
plus a premium of $61, equal to 100.09, a basis of about 4.73%:
$35,989.37 special assessment paving bonds. One bond for $489.37, all
others for $1,000 and $500. Due on Sept. 1, as follows: $3,500
from 1931 to 1938,incl.: $4,000 in 1939 and $3,989.37 in 1940.
13,948.91 village portion paving bonds. One bond for $448.91, all others
for $1,000 and $500. Due on Sept. 1, as follows: $1,000 in
1931 and 1932; $1,500 from 1933 to 1939, incl., and $1,448.91
in 1940.
10,000.00 general street improvement bonds. Denom. $1,000. Due on
• Sept. 1, as follows: $1,000 from 1931 to 1938, Incl., and $2,000
In 1939.
4,284.07 special assessment sanitary sewer bonds. One bond for $1,084.07
all others for $800. Due on Sept. 1, as follows* $800 from
1931 to 1934, incl., and $1,084.07 in 1935.
All of the above bonds are dated June 1 1930. Bids received were as
follows.
Int. Rate. Premium.
Bidder$61.00
4 M%
Ryan, Sutherland & Co. (purchaser)
129.45.
Spitzer, Rorick & Co
5%
46.00
Braun, Bosworth & Co
5%
330.005
Seasongood & Mayer
25.60
4m
13ancOhio Securities Co
557.00
5%
McDonald, Callahan & Co
-BOND OFFERINO.-It is reOAKLAND, Alameda County, Calif.
ported that sealed bids will be received by the City Clerk, until July 3,.
for the purchase of a $500,000 issue of 4A % harbor bonds.
-Walter B.
-BOND OFFERING.
ORANGE, Essex County, N. J.
Savage, Director of Department of Revenue and Finance, will receieve
(daylight saving time) on July 8, for the purchase
sealed bids until 2 p. m.
of the following issues a 46.6% coupon or registered bonds aggregating$471,500:
$404,000 general improvement bonds. Due on July 1, as follows: $16,000
from 1932 to 1940, inol.; $20,000 in 1941, and $24,000 from 1942
to 1951, incl.
67,500 school bonds. Due on July 1, as follows: $2,000 from 1932 to
1959, incl., $1,000 from 1960 to 1969, incl., and $1,500 in 1970.
Each issue is dated July 1 1930. Principal and semi-annual intoner
(Jan. and July), payable in gold at the Orange National Bank, Orange.
No more bonds are to be awarded than will produce a premium of $1,000.
over the amount of each Issue. A certified check for 2% of the amount of'
bonds bid for, payable to the order of the City, must accompany each
proposal. The approving opinion of Reed, Hoyt & Washburn, of New
York City, will be furnished to the successful bidder.
ORANGE COUNTY WATER WORKS DISTRICT NO. 4 (P. 0.
-Sealed bids will be received
-BOND OFFERING.
Santa Ana), Calif.
until 11 a. m. on July 1 by J. M. Backs, County Clerk, for the purchase
of a $3,750 issue of 6% water works system bonds. Denom. $750. Dated
Feb. 1 1930. Due on Feb. 1 1948 and 1949. Prin. and semi-ann. Int.
payable at the office of the County Treasurer. A certified check for
3% of the bonds must accompany the bid.
P. 0. East
ORVILLE WATER DISTRICT (Town of De Witt), -Walter E.
-BOND OFFERING.
Syracuse,Onandaga County, N. Y.
Lansing, Town Clerk, will receive sealed bids until 8 p.m. on July 7 for the purchase of $60,000 coupon or registered water bonds, to bear hit, at a
rate not to exceed 6%,expressed in a multiple of M of 1%. Dated July 15
1930. Denom. $1,000. Due $4,000 annually from 1935 to 1949, Incl.
Prin. and semi-ann. int. (J. & J. 15) Payable in gold at the Syracuse Trust
Co.,Syracuse, or at the Guaranty Trust Co., New York. A certified check
for 2% of the amount of bonds bid for, Payable to the order of the Town
of De Witt, must accompany each proposal. The approving opinion of
Hawkins, Delafleld & Longfellow, a Now York, will be furnished to the
successful bidder. The offering notice states that these bonds are_payable
in the first instance from a tax levied only upon the property in the District,
and not from a general town tax, which, however, may be levied if there is a shortage in the primary fund.
-BOND OFFERPALATINE BRIDGE, Montgomery County, N. Y.
Pan.
ING.
-Raymond Nellis, Mayor, will receive sealed bids until 7 water
507
(Daylight Saving time) on June 30 for the purchase of $10.000
works bonds. Dated July 15 1930. Denom. $500. Due $500 on July 15
from 1931 to 1950 incl. Interest is payable semi-annually. A certified check
for 5% of the amount of bonds bid for, payable to the order of the Village
Treasurer, must accompany each proposal.
-BOND BALE.PALO PINTO COUNTY (P. 0. Palo Pinto), Tex.
An issue of $140,000 ref. bonds Is reported to have recently been purchased
by the Dallas Bank & Trust Co. of Dallas.
-CERTIFICATE SALE.
PARK RAPIDS, Hubbard County, Minn.
The $59,000 issue a coupon certificates of indebtedness offered for sale on
June 17-V. 130, p. 4466
-was purchased by the First National and State •
Bank, of Park Rapids, as 5s. Due from July 1 1931 to 1950, incl. There
were no other bidders.
-BOND OFFERING.
PARKE COUNTY (P. 0. Rockville), Ind.
Edgar Teague, County Tfeasurer, will receive sealed bids until 1 p.m. on
Reserve Township road construcJuly 8 for the purchase of 325,500 464%
tion bonds. Dated July 8 1930. Denom. $1,275. Due $1,275 on July 15 •
1931; $1,275 on Jan. and July 15 from 1932 to 1940, incl., and $1,275 on ,
Jan. 15 1941. Int. is payable semi-annually on Jan. and July 15.
JUNE 28 1930.] •
FINANCIAL CHRONICLE
PASSAIC, Passaic County, N. J.
-m. M. Freeman &
-BOND SALE.
Co., of Philadelphia, bidding for $611,000 bonds of the $621,000 coupon
-were
or registered improvement issue offered on Juno 24-V.130, p. 4283
awarded the securities as 434s, paying $621,626.66. equal to 101.76, a basis
of about 4.29%. The bonds are dated July! 1930 and mature on July 1 as
follows:
$30.000 from 1932 to 1940 inclusive; $45,000 from 1941 to 1947 inclusive,
and $26,000 in 1948. A statement of the financial condition of the
City appeared in
-V.130, p. 4467. The following is a list of the
bids submitted for the issue (all for 434% bonds):
No. Bonds
Bid for
BidderAmt. Bid.
M. M. Freeman & Co.,(Purchaser)
611
$621,626.66
First National Bank of New York
621,832.90
615
,
Guaranty Company of New York
614
621,041.95
H. M. Byllesby & Co
612
621,742.48
A. B. Leach & Co.
616
621,300.00
Darby & Co.
617
621,426.00
Phelps, Fenn & Co
616
621,628.40
Bankers Company of New York
615
621,825.89
City Trust Co. of Passaic
612
621,848.10
PATERSON, Passaic County, N. J.
-NOTE SALE.
-R. W.
Pressprich & Co., of New York, on June 19 are reported to have purchased
$502,000 notes, comprising a $400.000 issue, dated June 20 1930, and a
$102,000 issue, dated June 30 1930, at 3.15%, plus a premium of $39.
Both issues mature on Oct. 28 1930.
PECOS COUNTY (P. 0. Fort Stockton) Tex.
-BONDS VOTED.
-At
a special election held on June 14, the voters approved the issuance of
$1,000,000 in road building bonds by a count reported to have been 733
"for" to 69 "against". We are informed that the bonds will bear interest
at 534% and will mature as follows: $75,000 each year for 10 years and
$50,000 each year for the next 5 years.
PERRY COUNTY (P. 0. Cannelton), Ind.
-BOND SALE.
-The
$15,000 5% coupon J. Henry Francis et al., road construction bonds offered
on June 17-V. 130, P. 4284
-were awarded to the Fletcher Savings &
Trust Co., of Indianapolis at par plus a premium of $581, equal to 103.87.
a basis of about 4.20%. The bonds are dated June 15 1930 and mature
as follows: $750 on July 15 1931;$750 on Jan. and July 15 from 1932 to 1940
inclusive, and $750 on Jan. 15 1941. Bids for the issue were as follows:
BidderPremium.
Fletcher Savings & Trust Co.(Purchaser)
$581.00
Fletcher American Co., Indianapolis
548.00
Inland Investment Co., Indianapolis
547.75
City Securities Corp., Indianapolis
505.00
Campbell & Co., Indianapolis
429.00
J. F. Wild Investment Co.. Indianapolis
455.00
PHELPS, Ontario County, N. Y.
-BOND SALE.
-The $63.000 5%
-were awarded
registered water bonds offered on June 20-V. 130 p. 4284
to Batchelder & Co. of New York, at 103.38, a basis of about 4.74%. The
bonds are dated July 1 1930 and mature on July 1 as follows: $1,500 from
1935 to 1952 incl., and $2,000 from 1953 to 1970 incl. Bids for the issue
were as follows:
Rate Bid.
Bidder103.38
Batchelder & Co. (Purchaser)
102.323
Sage, Wolcott & Steele, Rochester
Edmund Seymour & Co., New York
101.329
George B. Gibbons & Co., New York
101.07
Marine Trust Co., Buffalo
100.867
PORTAGE COUNTY (P. 0. Stevens Point), Wis.-BOND OFFERING.
--Sealed bids will be received until 11 a.m. on July 7, by Gladys
Gordon, County Clerk,for the purchase of an issue of$138,000434% coupon
highway bonds. Denom. $1,000. Dated June 1 1930. Due on April 1
as follows: $35,000, 1931 to 1933, and $33,000 in 1934. Prin. and int.
(A. & 0.) payable in Stevens Point. A certified check for 1% must accompany the bid.
PORTAGE TOWNSHIP SCHOOL DISTRICT NO. 1, Houghton
-Herman W.Fesing, Secretary of the
-BOND OFFERING.
County, Mich.
Board of Education, will receive sealed bids until 12 m. on July 1 for the
Purchase of the following issues of 5% bonds aggregating $55,000;
$40,000 school bonds. Dated Jan. 1 1930. Denom. $1,000. Due $5,000
on Jan. 1 from 1933 to 1940 inclusive.
15,000 school bonds. Dated Sept. 1 1930. Denom. $1,000. Due on
Sept. 1 as follows:$3,000 in 1931,and $2,000 from 1932 to 1937 incl.
Separate bids must be submitted for each issue.
-BOND SALE.
PORTO RICO (Government of).
-The $4,000.000
issue of 434% loan of 1930, series A to J, coupon semi-ann. funding bonds
-was purchased by a syndicate
offered for sale on June 24-V. 130, p. 4103
composed of Hallgarten & Co.,the Chase Securities Corp.,the BancamericaBlair Corp., and Hornblower & Weeks, all of New York, at a price of
101.3499. a basis of about 4.21%. Dated July 1 1930. Due from July 1
1931 to 1940, incl. These bonds are now being re-offered to yield from 3
to 4.10%, according to maturity. The following is an official list of the
bids received:
Name of BidderAmount Wanted. Price Bid.
*Hallgarten & Co.; Chase Securities Corp.;
Bancamerica-Blair Corp., and Hornblower &
Weeks
All or None
101.34999
Harris, Forbes & Co.; C. F. Childs & Co.: Hayden, Miller & Co.; Gas. B. Gibbons & Co.;
Stranahan, Harris & Ostia and Schaumburg,
Rebhann & Osborne
All or None
101.109
Ames,Emrich & Co.; First Detroit Co.: M. M.
Freeman & Co.; BancOhio Corp.and Banc
Northwest Corp
All or None
100.963
Bankers Co.of New York; Guaranty Co. of New
York; Estabrook & Co.;Kean, Taylor & Co.;
Hannahs,
& Lee; W. H. Newbold's
Son & Co.; Fletcher Savings & Trust Co. and
Merrill, Hawley & Co
All or None
Riggs National Bank
All or None
* Successful Bid.
188:11
POTTAWATTAMIE COUNTY(P.O. Council Bluffs), Iowa.
-BOND
SALE.
-The $500,000 issue of coupon annual primary road bonds offered
for sale on June 23-V. 130. P. 4467
-was awarded to Geo. M. Bechtel &
Co. of Davenport as 43.4s, for a premium of $101.00, equal to 100.0202, a
basis of about 4.49%. Due from 1936 to 1945, incl. Optional after 1936.
The following is a complete list of the other bids andRad rs: Premium.
bltede
'Adder
Iowa-Des Moines National Co
4
$100.00
White-Phillips Co
4
4,875,00
City National Bank
4
4,200.00
A. B. Leach & Co
3,800.00
Carleton D. Bob Co
43(
2,100.00
PRESIDIO COUNTY (P.O. Marfa), Tex.
-BOND SALE.
-An issue of
$150,000 534% semi-annual road bonds has recently been purchased by an
undisclosed investor for a premium of $2.000, equal to 101.33, a basis of
about 5.41%. Due in 30 years. (These bonds are reported to be Part of a
$450,000 issue that was voted on April 10.)
PUEBLO COUNTY SCHOOL DISTRICTS (P. 0. Pueblo), Cob.
-The following two iSst108 of school bonds aggregating
BOND SALE.
$18,000 were recently sold:
$10,000 School District No. 19 building bonds to Joseph E. Grigsby dr Co•
of Pueblo.
8,000 5,4% School District No. 36 ref. bonds to the Pueblo Savings and
Trust Co. of Pueblo. Due $1,000 from 1931 to 1938, incl.
PUTNAM COUNTY (P. 0. Greencastle) Ind.
-BOND SALE.The four issues of 434% bonds aggregating $47,260 offered on June 20-wore awarded as follows:
V. 130, p. 4467
To the First National Bank, Greencastle:
$25,760 C. W. Daggy et al., Greencastle Township road construction
bonds sold at Par Plus a premium of $487, equal to 101.11 a basis
of about 4.27%. Due $1,288 on July 15 1931 $1,288 on Jan. and
July 15 from 1932 to 1940 incl., and $1,288 on Jan. 15 1941.
10.000 Sylvia A. Hurst et al., Jefferson Township road construction bonds
sold at par plus a premium of $210, equal to 102.10, a basis of
about 4.07%. Due $500 on July 15 1931;$500 on Jan. and July 15
from 1932 to 1940 incl., and $500 on Jan. 15 1941.
To Breed, Elliott & Harrison, of Indianapolis:
4647
$7,500 Everett Wallace et
Cloverdale Township road construction
al.,
bonds sold at par plus a premium of $145, equal to 101.93. a basis
of about 4.10%. Due $375 on July 15 1931: $375 on JanlancL
July 15 from 1932 to 1940 incl., and $375 on Jan. 15 1941.
To Solomon Suchranscki, of Greencastle:
igq Arm
14,000 Lee 0. Eastham et al., Floyd Township road constructign bonds
sold at par plus a premium of $160, equal to 104.01, a basislof
about 3.63%. Due $200 on July 15 1931;$200 on Jan. and Julyj15
from 1932 to 1940 incl., and $200 on Jan. 15 1941.
1111$
All of the above bonds are dated June 15 1930. An official list of the bids.
submitted for the issues follows:
Bidder& Premiums- $25,760.
$10,000.
$7,500.
$4,000.
First Nat. Bank, Greencastle
*$487.00
41210.00
$138.50
$67.80
Fletcher American Co..
Indianapolis
423.40
177.70
121.40
53.00,
Elliott & HarriBreed,
son, Indianapolis_
475.00
190.00
*145.00
Central National Bank,
Greencastle
206.00
132.00
108.75
63.60.
Citizens Bk., Bainbridge
407.00
195.00
111.50
59.00
,
Inland Investment Co..
Indianapolis
279.50
107.75
81.75
First National Bank,
Cloverdale
126.00
S. Suchranski, Greencastle
*160.00,
* Successful bids.
PUTNAM COUNTY (P.O. Greencastle), Ind.
-BOND OFFERING.
Gilbert E. Ogles, County Treasurer, will receive sealed bids until 11 a.m..
on July 1 for the purchase of $7,340 434% Samuel Chadwick et al., road.
construction bonds. Dated July 1 1930. Denom. $367. Due $367 on
July 15 1931; $367 on Jan. and July 15 from 1932 to 1940, incl., and $367
on Jan. 15 1941. A certified check for 5% of the amount of bonds bid formust accompany each proposal.
QUAY COUNTY SCHOOL DISTRICTS (P. 0.Tucumcari), N. Mex.
-BOND SALE.
-The following two issues of school ref. bonds aggregating
$80,000, were reported to have been purchased by the U. S. Bond Co. of
.
Denver: $45,000 District No. 33 bonds and $35,000 District No. 34 bonds..
Dated Sept. 1 1930.
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND OFFERING.
Sealed bids will be received until 2 p. in. on July 14, by Geo. J. Reis,.
County Auditor,for the purchase of an issue of $1,000,000 road and bridge,
series J bonds. Interest rate is not to exceed 4 %,Payable semi-annually.
r.
Rate of interest to be in multiples of 34 of
, and bids for the bonds.
must bear one rate of interest. Denom. $1.0)0. Dated Aug. 1 1930.
Due on Aug. 1 as follows: $32.000, 1931: $33,000, 1932; $35,000, 1933:
$36,000, 1934: $38,000, 1935; $40,000, 1936: $42,000, 1937 $43,000, 1938;
$45,000, 1939: $47,000, 1940; $50,000, 1941: $52,000, 1942 $54,000, 1943;
$56,000, 1944; E59,000, 1945; $62,000, 1946; $64,000, 1947 $67.000. 1948:
$71.000 in 1949 and $74,000 in 1950. The County will prepare and furnish at its own expense the bonds and attached coupons. The approving
opinions of Wm. F. Hunt of St. Paul and Thomson, Wood & Hoffman,
of New York, will be furnished. Delivery of the bonds will be made to
the purchaser at such place as he may designate at the purchaser's expense.
Authority for issuance: Chapter 116, 1929 Session Laws of Minnesota,
this issue being a portion of a total authorized issue of $6,000,000, of
which $3,000,000 have been sold. A certified check for 2% of the bonds
bid for is required.
RANDOLPH, Tremont County, lowa.-BOND SALE.
-The $16,600.
issue of5% water works bonds offered for sale on June 20-V.130, p.4467
-was purchased by the First National Bank of Shannon City at par. Dated.
July 1 1930. Due from July 1 1931 to 1940, incl. Int. payable on Jan.
and July 1.
RIDGEWOOD TOWNSHIP SCHOOL DISTRICT (P. 0. Ridgewood), Bergen County, N. J.
-FINANCIAL STATEMENT.
-In connection with the offering on June 30 of $490.000 434% coupon or registered
school bonds, which appeared in our issue of June 21-V. 130, P. 4468
we are in receipt of the following:
Financial Statement of the Village of Ridgewood and the School District of the
Township of Ridgewood, Which Are Coterminus But Separate Corporations,
Indebtedness.
Gross Debt
Bonds (outstanding)
*$3,083.500
Floating debt (incl. temporary bonds outstdg.)264,000
$3.347.500
Deductions
Water debt
874.000
Sinking funds, other than for water bonds
t127,355
1,001.355.
Net debt
2,346.145
Bonds to be issued:
School district bonds,000
Floating debt to be funded by such bonds
490
/
490.000
Net debt,including bonds to be issued
$2.836,145.
* This amount includes $877,000 school district bonds. t Of this amount
$22,500 are funds of the school district.
Assessed Valuations.
Real property including improvements 1930
$271 5:060.
1 07 024
3
Personal property, 1930
Real property, 1930
27,837,024
Real property, 1929
24.910.933
Real property,192823,063,528.
Population: Census of 1930, 7,580; estimated, 1930. 12,046.
Tax Rate Fiscal year, 1930. $39.50 per thousand.
.
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND OFFERING.
Willard N. Voss, County Treasurer, will receive sealed bids until 10 a.m.
on July 7 for the purchase of $8,000 434% Charles Fellerman et al., Jackson
Township highway construction bonds. Dated July 7 1930. Danom.
$200. Due $400 on July 15 1931; $400 on Jan. and July 15 from 1932 ta
1940,incl., and $400 on Jan. 15 1941. Int. is payable on Jan. and July 15.
ROANE COUNTY (P. 0. Spencerville), W. Va.-BOND SALE.
-A,
$62,500 issue of 534% semi-ann. road bonds is reported to have been purchased at par by the State Sinking Fund Commission.
ROCHESTER,Olmsted County, Minn.
-BOND SALE.
-The $35,000
issue of 434% semi-ann. fire station bonds offered for sale on June 23V. 130, p. 4285
-was purchased by the Sinking Fund Commission, at a
price of 101.41. a basis of about 4.25%. Dated Feb. 1 1930. Due from
Dec. 1 1931 to 1940, incl. Only one other bid was received,an offer of $180
premium by the Wells-Dickey Co. of Minneapolis.
ROCK VILLE CENTRE, Nassau County, N. Y.
-BOND OFFERING.
-George S. Utter, Village Clerk, will receive sealed bids until 8 p.m.(Daylight Saving time) on July 7 for the purchase of $64,000 series "E" coupon
or registered sewer bonds,to bear int. at a rate not to exceed 5%,expressed
in a multiple of g or 1-10th of 1%. Dated March 1 1930. Denom.
$1,000. Due $2,000 on March 1 from 1935 to 1966,incl. Prin. and semiann. int. (M. & S.) payable in gold at the First National Bank, Rockville
Centre. A certified check for $1,000, payable to the order of the Village.
must accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater, of N. Y. City, will be furnished to the successful bidder.
SAGINAW, Saginaw County, Mich.
-BOND SALE.
-The following
issues of 434% bonds aggregating $250,000 offered on June 10-V. 130,
-were awarded to the City Treasurer at par plus a premium of
p.4104
$862,50, equal to 100.34, a basis of about 4.13
$200,000 street impt. bonds. Due $40,000 on July 1 from 1931 to 1935 incl.
50,000 sidewalk bonds. Due $10,000 on July 1 from 1931 to 1935 incl.
Both issues are dated July 1 1930.
The following is a list of the bids submitted for the issue:
Bidder
Premium.
City Treasurer (Purchaser)
$862.50
Second National Bank, Saginaw
25.00
Harris Trust & Savings Bank,Chicago
212 W
5
:N
First Detroit Co., Detroit
126.00
Northern Trust Co., Chicago
455.00
Halsey,Stuart & Co., Chicago
125.00
Braun, Bosworth & Co., Toledo
165.50
SAINT EDWARDS, Boone County, Neb.-BOND SALE.
-A $27.000
issue of 434% paving ref. bonds has recently been jointly purchased by
Ware, Hall & Co., and the First Trust Co., both of Omaha:
4648
FINANCIAL CHRONICLE
-BOND SALE.
-The $26,700
ST. JOSEPH, Berrien County, Mich.
special assessment paving and sewer bonds offered on May 19-V. 130.
-were awarded as 434s to the Industrial Co. of Grand Rapids, at
P. 3587
par plus a premium of $26, equal to 100.09, a basis of about 4.48%. The
bonds mature on Oct. 15 as follows: $2,800 from 1931 to 1937 incl.; $3,300
in 1939, and $3,800 in 1940.
-We are now informed
-BOND SALE.
SALEM, Marion County, Ore.
that the $50,000 issue of 434% semi
-animal bridge bonds that was unsuc-has since been purchased
cessfully offered on May 19-V. 130. p. 3927
by Ladd & Bush of Salem at a price of 98.45, a basis of about 4.69%•
Dated May 15 1930. Due from May 15 1931 to 1950 inclusive.
SAN DIEGUITO SCHOOL DISTRICT (P.O. San Diego), San Diego
-BOND SALE.
-The $6,000 issue of school bonds offered
County, Calif.
for sale on May 26-V. 130, p. 3763
-was purchased.by Mr. W. W.Brown,
of San Diego, as 5s for a premium of $5.00. equal to 100.083, a basis of
about 4.98%. Dated April 28 1930. Due $1,000 from 1933 to 1938, incl.
Other bids were:
Premium.
Rate,
Bidder$145.00
W. W. Brown of San Diego
534%
12.50
534%
Freeman, Smith & Camp Co.
IVoL. 139.
tificate of Squire, Sanders & Dempsey, of Cleveland, approving this issue of
bonds will be furnished to the successful bidder.
STAMFORD(Town of), Fairfield County, Conn.
-LOAN OFFERED.
-Harold S. Nichols, Town Treasurer, received sealed bids until 12 m.
(daylight saving time)on June 27for the purchase at discount of a 3150.000
temporary loan. Dated July 11930. Denom.325,000, 810.000 and $5,000
Payable on Nov. 3 1930. Legality approved by Ropes, Gray, Boyden &
Perkins, of Boston.
STAMFORD (P. 0. Town of), Fairfield County, Conn.
-ADDI-1n connection with the
TIONAL INFORMATION.-Bords Reoffered.
report of the award on June 19 of$192,000 434% bonds to H.L. Allen & Co.,
of Boston, at 100.80. a basis of about 4.16%-V. 130, p. 4469
-we learn
that Darby & Co.. of New York, were associated with the aforementioned
Investment house in the purchase. The successful bidders are reoffering
the bonds for public investment at prices to yield from 4.00 to 4.05%.
R. L. Day & Co., of Boston, second high bidders, offered 100.689 for the
Issue. A complete list of the bids submitted for the issue follows:
Rate Bid.
H.L.Allen & Co.,and Darby & Co..jointly
100.80
R. L. Day & Co.
100.689
Eldredge & Co.
100.41
F. Breln- H. M.Byllesby & Co
-C.
-BOND OFFERING.
100.316
SANDUSKY, Erie County, Ohio.
ing, City Treasurer, will receive sealed bids until 12 m. on July 14 for the Estabrook & Co
100.267
Purchase of $14,350 5% city's portion sanitary sewer construction bonds.
Financial Statement May 15 1930.
Dated June 30 1930. One bond for $350, all others for $1.000. Due on Grand list of the
3141.628.063.00
town
Dec. 1 as follows: $1,350 in 1931: $1,000 from 1932 to 1934, incl., and Total debt,
not
3,938.500.00
$2,000 from 1935 to 1939, incl. Int. is payable In June and Dec. Bids Sinking funds including present loan
388,841.69
for the bonds to bear Ent. at a rate other than 5% will also be considered,
provided, however, that where a fractional rate is bid such fraction shall
Net debt of town
$3.548,658.31
payable
be 34 of 1% or a multiple thereof. A certified check for $300,
Grand list of the city
112,221,861.00
to the order of the city, must accompany each proposal.
Total debt
2,649,000.00
SAN JOSE HIGH SCHOOL DISTRICT (P. 0. San Jose), Mason Sinking funds
345,535.26
Bank of San Jose, on
-BOND SALE.
-The San Jose State
County, III.
Net debt ofthe city
$2,303,564.74
June 1 purchased an Issue of 350,000 5% coupon school building construcNo water debt, town or city. Population, estimated, 60,000.
tion bonds at par plus a premium of$888,equal to 101.77. The bonds are
dated June 1 1930. Denom. $1,000. Due in from 3 to 12 years. Int.
-BONDS OFFERED.
STEUBEN COUNTY (P. 0. Angola), Ind.
Is payable semi-annually in June and December
Frank 0. Watkins, County Treasurer, received sealed bids until 10 a. m.
-The on June 28 for the purchase of the following issues of 434% bonds aggregat-BOND SALE.
SCARSDALE, Westchester County, N. Y.
$181,000 offered on ing $17,200:
following issues of 434% coupon bonds aggregating
-were awarded to Lehman Bros., of New York, $10,800 Ottomer Chasey et al., Steuben Township road construction bonds.
June 29-V. 130. p. 4285
at par plus a premium of $50, equal to 100.027, a basis of about 4.24%:
Denom.$540. Due $540 on July 151931:$540 on Jan. and July 15
$121.000 Post Road bonds. Due on June 1 as follows: $6,000 from 1931
from 1932 to 1940 incl., and $540 on Jan. 151841.
to 1949, incl., and $7,000 in 1950.
6,400 Samuel Noll et al., Salem Township road construction bonds.
60,000 water bonds. Due $2,000 on June 1 from 1935 to 1964, incl.
Denom.3320. Due $320 on July 15 1931:8320 on Jan. and July 15
Each Issue Is dated June 1 1930. The accepted tender was the only
from 1932 to 1940 incl., and $320 on Jan. 15 1941.
one received.
Each issue is dated June 2 1930. Interest is payable semi-annually on
-A $61.0000 issue Jan.and July 15.
SCHUYLER, Colfax County, Neb.-BOND SALE.
of 434% semi-annual refunding bonds has been purchased by Wachob.
-OTHER BIDS.
-The followSTORY COUNTY(P.O. Nevada),Iowa.
Bender & Co., of Omaha. Denom. $1,000. Dated May 1 1930.
ing is a list of the other bids received for the 3250,000 issue of registered
SCOTS BLUFF COUNTY SCHOOL DISTRICT NO. 66 (P. 0. annual primary road bonds that was purchased by Wheelock & Co., of
Scotts Bluff), Neb.-BOND SALE.
-A $21,000 issue If 414% refunding Des Moines, as 444s, at 100.76, a basis of about 4.61%-V. 130, p. 4469:
bonds Is reported to have recently been purchased by the U. S. Bond Co.
$1,895 Prom,
4
Iowa-Des Moines Co
of Denver. Due in 20 years and optional after 5 years.
1,300 Prem.
4
Geo. M.
-E. P. Rudolph, Carleton Bechtel & Co.
-BONDS OFFERED.
SHAKER HEIGHTS, Ohio.
1,005 Prem.
D.Beh Co.
Village Clerk, received sealed bids until 12 m. on June 24 for the purchase A. B.Leach &
1,020 Prem.
of $46,300 431% improvement bonds. Dated July 1 1930. One 13ond for White Phillips Co
995 Prem.
4
,
4
Co.
$300, all others for $1,000. Due on Oct. 1 as follows: $4,300 in 1931
-The
-BOND SALE.
SUMMIT COUNTY (P. 0. Akron), Ohio,
34.000 in 1932; $5,000 in 1933 and 1934; $4,000 in 1935; $5,000 in 1936
1938; $5,000 in 1939 and 1940. Prin. and semi-annual $225,000 ditch improvement bonds offered on June 18-V. 130, p. 4105
and 1937: $4,000 in
int. (A. & 0.) payable at the office of the Village Treasurer. Bids for the were awarded as 434s to Stranahan, Harris & Oat's, Inc., of Toledo, at Dar
bonds to bear interest at a rate other than 434% will also be considered. Plus a premium of $765. equal to 100.34, a basis of about 4.41%. The
provided, however, that where a fractional rate is bid such fraction shall bonds are dated June 1 1930 and mature on Oct. 1 as follows: $33,000 in
be 3i of 1%, or a multiple thereof. A certified check for 5% of the amount 1931;$32,000 from 1932 to 1937 inclusive.
of bonds bid for, payable to the order of the Village Treasurer, must ac-BOND OFFERING.
SUMMIT COUNTY (P. 0. Akron), Ohio.
company each proposal.
J. P. Riddle, Clerk of the Board of County Commissioners, will receive
SHALLOWATER INDEPENDENT SCHOOL DISTRICT (P. 0. sealed bids until 1 p.m.(Eastern Standard time) on July 2 for the purchase
-The of $155.000 5% sewer mains improvement bonds. Dated June 1 1930.
-BONDS REGISTERED.
Shallowater), Lubbock County, Tex.
State Comptroller on June 19 registered a $55,000 Issue of 5% serial school Denom.$1,000. Due on Oct. 1 as follows:$15,000 in 1931:$16,000 In 1932:
$15,000 In 1933: $16,000 in 1934: $15,000 in 1935: 316,000 In 1936: $15,000
bonds.
Prin. and
- In 1937: 316.000 in 1938; 315,000 in 1939, and $16,000 in 1940. Treasurer.
SHEBOYGAN, Sheboygan County, Wis.-BOND OFFERING.
the office of the County
p. in. on semi-ann. int. (A. & 0.) payable atrate other than 5% will also be conSealed bids will be received by Erwin Mohr, City Clerk, until 2
Bids for the bonds to bear int, at a
July 7, for the purchase of a $250,000 issue of 59' coupon high school
where a fractional rate is bid such fraction
building bonds. Dated July 15 1930. Due $25.000 from July 15 1933 sidered, provided, however, that thereof. A certified check for 5% of the
shall be 34 of 1% or a multiple
to 1942. incl. Interest payable on Jan. and July 1. A certified check for amount of bonds bid for, payable to the order of the Board of County
$12,500, payable to the City, must accompany the bid.
Commissioners, must accompany each proposal.
SIERRA COUNTY SCHOOL DISTRICT NO,6(P.O. Hot Springs),
SUMMIT TOWNSHIP SCHOOL DISTRICT NO.8, Jackson County,
-The $21,500 issue of school bonds offered for Mich.
N. Mex.-BOND SALE.
-BOND SALE.
-The $68,500 5% addition to school building con-was purchased by Peck, Brown & Co. struction bonds offered on June 9-V. 130, p. 4105
sale on June 18-V. 130. p. 3927
-were awarded to
premium of $21.50, equal to 100.10, a basis of about Stranahan, Harris & Oatis, Inc., of Toledo. at par plus a premium of $251,
of Denver as 6s for a
5.99%. Dated June 1 1930. Due from June 1 1933 to 1950, incl. No in 1al t. 100.36, a basis of about 4.965%. The bonds mature on June 15,
equ956o
other bids were received.
as follows: $1,500 from 1931 to 1937, incl.: 32,500 from 1938 to 1945, inch.;
SOUTHAMPTON UNION FREE SCHOOL DISTRICT NO. 9 (P. 0. $3,500 from 1946 to 1950, incl.; $4,000 from 1951 to 1955, incl., and $500
-BOND SALE.
-The $250,000
Southampton), Suffolk County, N. Y.
-coupon or registered school bonds offered on June 23-V. 130, p. 4285
-James
-BONDS OFFERED.
SWAMPSCOTT, Essex County, Mass.
were awarded to George B. Gibbons & Co. at 100.035, for the bonds as W. Libby, Town Treasurer, received sealed bids until 8 p.m. (Daylight
4.30s and 58, the net interest cost to the District being about 4.40%. The Saving time) on June 27 for the purchase of the following issues of 4%
successful bidders took $98,000 bonds as 5s, maturing on March 1 as follows: coupon bonds aggregating $88,000:
$2,000 from 1931 to 1935 incl.; $3,000 from 1936 to 1941 incl.; 34,000 from $72,000 sewer and surface drainage bonds of 1930. Due 83.000 on July 1
1942 to 1946 incl.; $5,000 from 1947 to 1951 Incl.: $6.000 from 1952 to 1954
from 1931 to 1954, incl.
incl.' $7,000 in 1955, and $152,000 bonds as 4.305, maturing on March 1
16,000 street bonds of 1930. Due $4,000 on July 1 from 1931 to 1934,Incl.
as follows: $7,000 in 1956 and 1957; $8,000 in 1958 and 1959: $9,000 from Each Issue is dated July 1 1930. Denom. $1,0100. Prin. and semi-ann.
1960 to 1962 Incl.; $10.000 in 1963 and 1964; $11,000 in 1965; $12,000 In int. (J. & J.) payable at the First National Bank of Boston. Legality to
1966 and 1967; $13,000 in 1968 and 1969: 314,000 in 1970. All of the be approved by Ropes, Gray, Boyden & Perkins of Boston.
securities are dated July 1 1930 and are being reoffered by the successful
Financial Statement, June 20 1930.
bidders as follows: those bearing 5% interest are priced to yield 4.40% Le.sTVoaltual: lva for year 1929 lees abatements
$24,058,086.00
bondea
tlon
yr
and those beating 4.30% interest are priced at 100 and Interest.
690,117.00
Debt limit
846,350.00
-BOND
Sewerboternbdosnds (including these issues)
debt
SOUTH BEND SCHOOL CITY, St. Joseph County, Ind.
$75,500.00
SALE.
-The $300,000 434% school bonds offered on June 24-V. 130.
14434:040500..0000
of South Bend, at
-were awarded to the Citizens National Bank
P• 4468
Tuberculosis Hospital bonds
par plus a premium of $16,616, equal to 105.53, a basis of about 3.99%.
262,950.00
The bonds are dated Feb. 1 1930 and mature $30,000 on July 1 from 1940
to 1949 incl.
583,400.00
Net debt
$106,717.00
The following is a complete list of the bids submitted for the issue:
Premium. Borrowing capacity
BidderPopulation: 10,328.
$16,616.00
City National Bank (purchaser)
-The $300,000
SALE.
-BOND
12,710.00
TAMA COUNTY (P.O. Toledo), Iowa.
Continental Illinois Co. Chicago
A.B.Leach & Co.and Central Illinois Co.,jointly,both of Chicago 12,086.40 Issue of annual primary road bonds offered for sale on June 16-V. 130. ro•
14,513.65 4286-wasjointly purchased by the Boatmen's National Co. and the
Fletcher American Co., Indianapolis
13,333.00 Mississippi ValleyCo. both of St. Louis. Dated July 1 1939. Due from
Ames,Emerlch & Co.,Chicago
1936 to 1945, and optional after 1936.
Foreman State Corp. and Northern Trust Co., jointly, both of
13,008.00
-The
-BOND SALE.
Chicago
0. Bedford), Iowa.
TAYLOR COUNTY
14,480.00 $300,000 issue of annual(P.
Harris Trust & Savings Bank, Chicago
primary road bonds offered for sale on June 25
(V. 130. p. 4469) was purchased by Geo. M. Bechtel & Co. of Davenport
-BOND SALE.
SOUTHBOROUGH, Worcester County, Mass.
of about 4.63%•
Harris, Forbes& Co. of Boston recently purchased an issue of 8270,0004% as 434s for a premium of $1.950, equal to 100.65. a basis 1936.
1
water bonds at a price of 101.95, a basis of about 3.83%. The bonds are Due from 1936 to 1945, inclusive. Optional after May
dated July 1 1930 and mature annually from 1933 to 1960 Inclusive.
TECUMSEH SCHOOL DISTRICT (P. 0. Tecumseh), Pottawat-Sealed bids were received
-BONDS OFFERED.
-Sealed omie County, Okla.
SOUTH BOSTON, Halifax County, Va.-BOND OFFERING.
the purchase
Treasurer, until 8 p. m.on July until 10 a. in. on June 24, by W. D. Fox. District Clerk, for to 1948.and
bids will be received by J. L. Hardy. Town
semi-annual of a 825.000 issue ofschool bonds. Due as follows:$1,500, 1934
7, for the purchase of an issue of $100,000 431. 431 and 5%
named by the bidder.
town bonds. Due 35,000 from July 1 1933 to 1952, incl. A $4,000 certified $2.500 in 1949. Interest rate to be
-BONDS REGISTERED.-The followcheck, payable to the Town, must accompany the bid.
TEXAS,State of(P.O. Austin).
ing weekminorbres fne 2Is were registered by the State Comptroller during
en ing
boncl
SPRIGG TOWNSHIP RURAL SCHOOL DISTRICT,Adams County,
June
-BOND SALE.
-The State Teachers RetirementSystem, of Colum- $2,000
Ohio.
Consolidated
serially.Deton County Coolidated School District No. 21 bonds.
bus, on April 22 purchased an issue of $25,000 5% coupon school building
Due
bonds at a price of par. Denom. $1,000. Interest payable semi-annually
800 D5%ue serially.Red River County Consolidated School District No. 87 bonds.
in April and Oct. Due on April 1 1955.
-Forest
-BOND OFFERING.
800 D5% Cherokee County Consolidated School District No. 78 bonds.
SPRINGFIELD, Clark County, Ohio.
serially.
E. Counts, City Auditor, will receive sealed bids until 12 in. on July 10 for
on July
3,000 534% Cottle County road. series A bonds. Due serially. 10 1948.
city share street and sewer improvement
the purchase of $240,000 431%
6.000 535% Quitaque funding, series 1928 bonds. Due
bonds. Dated March 1 1930. Denom.$1,000. Due $24.000 on March 1
-The $500,from 1932 to 1941 inclusive. Principal and semi-annual interest (Mar. and
-BOND SALE.
TENNESSEE, State of (P. 0. Nashville).
Sept.) payable at the agency of the City of Springfield in the City of New
Issue of coupon University of Tennessee Building bonds offered for sale
York. Bids for the bonds to bear Interest at a rate other than 434% will 000
purchased by a syndicate composed o
-was
Juno 29-V. 130, p. 4286
also be considered, provided, however, that where a fractional rate is bid on
Kean, Taylor & Co., Ames, Emerich & Co., and C. . Childs & Co., all of
such fraction shall be 34 of 1% or a multiple thereof. A certified check for NewYork, as 430,for a premium of $11,450, equal to 102.29, a basis of
5%_of the amount of bonds bid for must accompany each proposal. Cer-
JUNE 281930.]
FINANCIAL CHRONICLE
4649
Bidder0
about 4.287. Dated July 1 1930. Due in 15 years from date. Interest
Discount.
payable on Jan. and July 1.
Union Market National Bank (purchaser)
2.21 %
-OFFERED.
-The successful bidders are now offering the Salomon Bros. & Hutzler, plus $1
BONDS RE
2.44 %
above bonds for public subscription priced to yield 4.20%. They are re- Bank of Commerce & Trust Co
2.4755
ported to be legal Investments in New York, Massachusetts and ConnectiWARREN,Trumbull County,Ohio.
-FINANCIALSTATEMENT
cut. The following is an official list of the other bids:
In connection with the report of the scheduled sale on July 7 of two issues
Names of Other BiddersPrice Bid. Int. Rate. of 5% bonds aggregating $44,800,which appeared in
-V. 130, p. 4469
-we
Halsey, Stuart & Co., Chicago
.
$511,435.00 4%% are in receipt of the following
Guaranty Co. of New York and Third National Co.
Financial Statement.
of Nashville
511,195.00 4% % Total Assessed Valuation for 1930 (Estimated)
Harris Trust & Savings Bank,Chicago
Real Estate
509,885.00 4%%
$58,165.960.00
American Trust & Bank Co., Chattanooga and ContiPersonal Property
20.739.650..00
nental Illinois Co., Chicago
510,810.00 4%%
Lehman Bros., New York and Caldwell & Co., Nash$78,905,610.00
ville
510,695.00 4%% Indebtedness:
National City Co.. New York and J. C. Bradford &
General Bonded Debt
1,961,352.68
Co., Nashville
509,049.50 4
% % Special Assessment Debt Water Works Bonds and ExtenBankers Co. of New York and Commerce Union Co.,
sion including this issue (Self-sustaining)
1,098,400.00
Nashville
Cash balance and investments in Sinking Fund $295.718.44. Population
510.495.00 43. %
Stranahan. Harris di Oatis. Toledo and Saunders &
1930 census,41,054.
Thomas & Co., Memphis
506,595.00 4
% %
WARREN COUNTY (P.O. Monmouth), Ill.
-BONDS DEFEATED.
E. J. Coulon & Co., New York; H. L. Allen & Co.,
At an election held recently the voters rejected a proposition calling for the
New York, Joseph, Hutton & Estes, Nashville
509,395.00 44% Issuance of
$800,000 in bonds for the purpose of improving the county's
First Detroit Co., Detroit and Little, Wooten & Co.,
Jackson
508,350.00 4%% secondary road system. The measure is said to have been defeated by a
vote of 4 to 1.
And two split bids as follows:
WASHINGTON COUNTY (P.O. Hagerstown), Md.-BOND OFFERHarris Trust & Savings Bank, Chicago bid $500,011 for $200,000 at 4%
ING.
-The Board of County Commissioners will receive sealed bids until
interest and $300,000 at 4%% interest.
Little, Wooten & Co., Jackson, Tenn. bidding jointly with First Detroit 2 p. m.on July 15 for the purchase of $150,000 434% school bonds. Dated
Co., Detroit. bid $500,050 for $185,000 at 4%% and $325,000 at 4%% July 1 1930. Denom. $1,000. Due on July 1 as follows* $6,000 in 1935.
and $8,000 from 1936 to 1943 inclusive. Principal and semi-annual interest
interest.
County Commissioners. A
at
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 39 (P. 0. Neha- (Jan. and July) payablethe the office of the bid for, payable to
certified check for 2%
amount of bonds
the order
lem), Ore.
-WARRANT OFFERINCL-Sealed bids will be received by of the Commissioners, of
must accompany each proposal.
E. C. Allen, District Clerk, until 8 p. m. on July 9 for the purchase of a
WATERTOWN, Litchfield County, Conn.
-BOND OFFERING.
$30,000 issue of school warrants. Dated June 27 1930. (A similar issue
Carrie A. Bush, Town Treasurer, will receive sealed bids until 7 p.m.(dayof school bonds was offered on June 21 (V. 130, p. 4469.)
light saving time) on July 1 for the purchase of $200,000 not to exceed 434%
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-BOND SALE.
- int. coupon funding bonds. Dated May 1 1930. Denom. $1,000. Due
The $75,000 5% coupon bonds issued to finance the construction of a $20,000 on May 1 from 1931 to 1940, incl. Prin. and semi-ann. int.(M.&
Children's Home, offered on June 23 (V. 130, p. 4105), were awarded to N. 1) payable at the First National Bank of Boston, which will supervise
the Union Trust Co. of Indianapolis at par plus a premium of $3,316, the engraving of the bonds and certify as to their genuineness.
Legality
equal to 104.42. a basis of about 4.09%. The bonds are dated May 24 to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
1030. Due $3,750 on July 15 1931; 33,750 on Jan. and July 15 from
Financial Statement, June 4 1930.
1932 to 1940,inclusive, and $3,750 on Jan. 15 1941. Bids for the issue were Last
grand list, Oct. 1 1929
$12,469,984.00
as follows:
Bonded debt (water bonds
334,000.00
BidderPremium. Town debt (present loan toof fire district)
retire $200,000)
263,652.50
Union Trust Co. (purchaser)
$3,316.00
City Securities Corp., Indianapolis
3,075.00
Total debt
$597.652.50
Fletcher American Co., Indianapolis
2,854.60
fire district water debt
334,000.00
Fletcher Savings 'Sz Trust Co., Indianapolis
3,067.00 Less
First-Merchants Co., Lafayette
2,750.00
Net debt after present issue
$263,652.50
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND OFFERING.
Population: 8.175.
David H. Thomas, Clerk of the Board of County Commissioners, will
WEBSTER COUNTY (P. 0. Fort Dodge), Iowa.
-BONDS OFFERED
receive sealed bids until 2 p.m. on July 11 for the purchase of the following
-The $500,000 issue of primary road bonds that was
FOR INVESTMENT.
issues of 4A% bonds aggregating $88,000:
$54,900 road improvement bonds. One bond for $900,all others for $1,000. purchased by Geo. M. 13echtel & Co., of Davenport. as 4As at 100.3502,
-is now being offered for public
Due semi-annually as follows: $3,900 on April 1 and $3,000 on a basis of about 4.68%-V. 130, P. 4469
Oct. 1 1931; $3,000 on April and Oct. 1 from 1932 to 1937, incl.; subscription at prices to yield 4.40% to optional date and 4.75% thereafter.
Due from 1936 to 1945, incl., and optional on or after 1936. Prin. and int.
$2,000 on April and Oct. 1 from 1938 to 1940, incl.
17,600 road improvement bonds. One bond for $600, all others for (may 1) payable at the County Treasurer's office. Coupon bonds registerable
$1.000. Due semi-annually as follows; $2,600 on April 1 and as to prin. These bonds are reported to be eligible for Postal Savings
$1 000 on Oct. 1 1931; $1,000 on April and Oct. 1 from 1932 to Deposits.
Financial Statement (As Officially Reported by the County Auditor).
198, incl.
15,500 road improvement bonds. One bond for $500,all others for $1.000. *Value of taxable property
$65,360,838
Due semi-annually as follows: $2,500 on April 1 and $2,000 on Total debt (this issue included)
1,177,000
Population* estimated, 40,132; 1920 census, 37,611; 1910 census, 34.269.
Oct. 1 1931; $2,000 on April and Oct. 1 1932; $2,000 April 1 and
* The constitutional debt limit is 5% of the value of taxable property.
$1000 Oct. 1 1933; $1,000 on April and Oct. 1 in 1934 and 1935.
Each issue is dated July 1 1930. Prin.and semi-ann. int.(A.& 0.) payable The Supreme Court of Iowa defined this to be 5% of the actual value of
at the office of the County Treasurer. Bids for bonds may be presented taxable property as returned by the assessor and as equalized.
based upon a different rate of int. that herein specified in accordance with
Section 2293-28 of General Code of Ohio. A certified check for $1,000, A WEBSTER SPRINGS, Webster County, W. Va.-BOND SALE.
of street paving bonds is reported to have been purchased
covering each issue, payable to T. D. Harkelrode, County Treasurer, must at$30,000 issue
par by the State of West Virginia.
accompany each proposal.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-ADDITULSA, Tulsa County, Okla.
-PRICE PAID.
-In connection with TIONAL CERTIFICATES OF INDEBTEDNESS SOLD.
-Barr Bros &
the sale of the eight issues of coupon bonds aggregating $1,820,000 that Co.,of New York, are reported to
have purchased on June 20 an additional
were purchased on June 13 by a syndicate headed by the First National Issue $1,975,500 2.73%
of
certificates ofindebtedness at par plus a premium
Co. of Tulsa as 4%s and 4As
-V 130, p. 4469
.
-we are now informed of $28. The certificates are dated June
26 1930, mature on June 5 1931
that the bonds were awarded at par.
and are being offered for public investment priced to yield 2.50%. Issue
TULSA, Tulsa County, Okla.
-BONDS OFFERED FOR INVEST- is stated to be legal investment for savings banks and trust funds in New
MENT.
-The six issues of coupon bonds aggregating $1,310,000, that York.
were purchased by a syndicate composed of the First National Bank of
WESTFIELD, Chautauqua County, N. Y.
-ADDITIONAL INFORTulsa, the Mercantile Commerce Co. of St. Louis, the Exchange National MATION.
-In connection with
Co. of Tulsa, the Prescott, Wright, Snider Co. of Kansas City, R. .1. bonds to the National Bank of the report of the sale of 521.600 5% ref.
Westfield, for a premium of $324, equal to
Edwards, Inc. of Oklahoma City, the Brown-Crummer Co. of Wichita.
--we learn that the award was made on June 14
101.50-V. 130. p. 4469
and 0. Edgar Honnold of Oklahoma City
-V. 130, p. 3232
-are now
being offered for public subscription by the successful bidders as follows: and that the bonds are described as follows: Dated July 1 1930. One bond
$125,000 as 43s, due on May 15 as follows: $23,000, 1951 to 1953. and for $600, all others for 51,000. Due on July 1 as follows: $6,600 in 1931.
$56.000 in 1954 and $1,185,000 as 4 As, maturing on May 15 as follows: and $5,000 from 1932 to 1934, incl. Prin. and semi-ann. bat. (J. & J.)
$66,000, 1935 to 1950 and $43,000, 1951 to 1953, all incl., at prices to yield payable at the National Bank of Westfield. Int. cost basis to Village
about 4.39%.
4.50% on all maturities. Denom. $1,000. Dated May 15 1930. PrIn
and int. (M. & N.) payable at the Oklahoma fiscal agency in New York.
WESTFIELD, Hampden County, Mass.
-LOAN OFFERING.
Legal approval of Chapman & Cutler of Chicago.
R. P. McCarthy, City Treasurer, will receive sealed bids until 11 a. m.
(daylight saving time) on July 8 for the purchase at discount of a $200,000
Financial Statement (As Officially Reported April 30 1930).
temporary loan. Dated July 8 1930. Denoms. $25,000. $10,000 and
Estimated actual value all property
$342.341,695 $.5.000. Payable on Oct. 6 1930 at the First National Bank of Boston,
Assessed valuation
136.936.678 which will certify as to the genuineness and validity of the notes, under
Total bonded debt, incl this issue
$14,774,408
advice of Ropes, Gray, Boyden & Perkins of Boston.
Waterworks bonds
$6,661,000
Sinking fund
1,471,848 8,132,848
WEST WINFIELD, Herkimer County, N. Y.
-BOND OFFERING.
Donald S. Fairbanks, Village Clerk, will receive sealed bids until 8 p. m.
Net bonded debt
6.641,560 (Eastern Standard time) on July 3 for the purchase of $31,000 5% coupon
Population, 1930 census, 140,531.
or reg. highway bonds. Dated July 1 1930. Denom. $1,000. Due on
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Valparaiso), July 1 as follows: $2,000 from 1931 to 1945, incl., and $1,000 in 1946.
Prin. and semi-ann. bit. (J. & J.) payable in gold at the West Winfield
Porter County, Ind.
-BOND SALE.
-The $42,500 5% school
building National Bank, West Winfield. A certified check for 6500, payable to
construction bonds offered on June 4-V. 130, p. 3410
-were
the Fletcher Savings & Trust Co of Indianapolis, at par plus awarded to the order of the Village, must accompany each proposal. The approvfng
a premium opinion of Clay, Dillon & Vandewater of New
York will be furnished
of $2,268, equal to 105.33, a basis of about 4.19%. The bonds are
dated to the successful bidder.
May 15 1930 and mature as follows: $500 on May 15 and $1,000 on Nov.
15
1931; $1,500 on May and Nov. 15 from 1932 to 1944, incl.; 62,000 on
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN.
May 15 1945.
The First National Old Colony Corp. of Boston recently purchased a
$100.000 temporary loan at 2.49% discount, plus a premium of $1.80.
UPPER LAKE UNION SCHOOL DISTRICT (P.O. Lakeport),
Calif.
-hoN.O SALE.
-The $35.000 issue of 5A% coupon school bonds offered The loan is due on Feb. 25 1931. Bids for the loan were as follows:
Bidderfor sale on June 10-V. 130, p. 4105
-was awarded to the National BankDiscount.
Italy Co., of San Francisco, for a premium of $1,689, equal to 104.825, a First National Old Colony Corp., plus $1.80 (Purchaser)
2.49%
Bank of Commerce & Trust Co
basis of about 4.77%. Dated July 1 1930. Due from July 1 1931 to
2.60f,
1950, Faxon, Gade & Co
incl. The other bids were: Dean Witter & Co.,$1,580, and Weeden & Co..
2.62
Salomon Bros. & Hutzler
$727.
2.71 s
WEYMOUTH, Norfolk County, Mass.
VIRGIL, HARTFORD LAPEER AND CORTLANDVILLE
-BOND OFFERING.
-John
CENTRAL SCHOOL DISTRICT NO. 2 (P. 0. Hartford), Washington H. Stetson, Town Treasurer, will receive sealed bids until 11 a. m. (day-BOND OFFERING.
County, N. Y.
-Lyman G. Bouton, Clerk of the light saving time) on July 3 for the purchase of the following issues of 4%
coupon bonds aggregating $170,000:
Education, will receive sealed bids until 8 p. m.(Eastern
Board of
standard
time) on July 7 for the purchase of $85.000 coupon or registered school $120,000 Bicknell School Addition bonds. Due 56.000 on July 1 from
1931 to 1950 inclusive,
bonds, to bear interest at a rate not to exceed 6%,expressed in a multiple
50.000 fire engine house bonds. Due $5,000 on July I from 1931 to 1940
of h or 1-10 of 1%. Bids will be received at the residence of Arthur D.
inclusive.
Carpenter, President of the Board. The bonds are dated July 1 1930.
Each issue is dated July 1 1930. Denom. $1,000. Prin. and semi-annual
Denom. $1,000. Due on July 1 as follows: $1,000 from 1931 to 1935 incl.;
.$2,000 from 1936 to 1940 incl.; $3,000 from 1941 to 1950 incl., and $4,000 interest (Jan. and July) payable at the First National Bank, of Boston,
1951 to 1960 incl. Principal and semi-annual interest (Jan. and which willsupervise the engraving of the bonds and will certify as to their
from
July) payable at the International Trust Co., New York. A certified check genuineness. Legality is to be approved by Ropes, Gray,Boyden & Perkins,
for $1,400 must accompany each proposal. The approving opinion of of Boston.
Financial Statement June 14 1930.
Caldwell & Raymond of New York will be furnished the successful bidder
Net valuation for year 1929
$45.174,802
-BONDS REGISTERED.
WACO, McLennan County, Tex.
Debt limit
-The
1.221,780
four issues of 434% semi-annual bonds aggregating $370,000, that were said. Total gross debt, including these issues
1,202.000
-were registered by the State Comptroller on Exempted debt: water bonds
on May 6-V. 130, p. 3410
5134.000
Due from 1931 to 1970,incl.
Other bon,ds
June 20.
8.000
142.000
WALTHAM, Middlesex County, Mass.-TEMPORAR Y LOAN.
-H.
Net debt
W. Cutter. City Treasurer, on June 26, awarded a $100,000 temporary Borrowing capacity
$1,060,000
loan to the Union Market National Bank, of Watertown, at 2.21% dis$161,780
count. The loan is dated June 26 1930. Denoms. $25,000, $10,000 and
WHITTIER, Los Angeles County, Calif.
-BOND OFFERING.55,000. Payable on Jan. 15 1931. Validity approved by Storey. Thorndike, Sealed bids will be received until 9 a. m. on July 9 by Debbie E.
Boston. Bids for the loan were as follows:
Palmer & Dodge, of
City Clerk, for the purchase of an issue of $150,000 water works Allen,
bonds
4650
FINANCIAL CHRONICLE
Int. rate is not to exceed 6%. Denom.$1,000. Dated June 1 1930. Due
on June 1, as follows: $8,000, 1931 to 1948, and $6,000 in 1949. Prin. and
int. (J. &D.) payable in lawful money at the City Treasurer's office or at
the Chase National Bank in N. Y. City. The approving opinions of
Bordwell, Mathews & Wadsworth of Los Angeles, and Thomson, Wood &
Hoffman of New York, will be furnished. A certified check for 3% payable
to the City Auditor, must accompany the bid.
(These bonds are part of a $310.000 issue voted on April 30.)
-The three issues
-BOND SALE.
WICHITA Sedgwick County, Kan.
of 43i% semi-ann. internal improvement bonds aggregating $542,213.56.
-were purchased as follows:
offered for sale on June 23-V. 130, p. 4469
$200,000 fire station bonds. Due in from 1 to 20 years.
150,000 park bonds. Due in from 1 to 20 years.
The above bonds were purchased by the First National Bank of Wichita,
for a premium of $7,135.20, equal to 102.03, a basis of about 4.25%.
$192,213.56 paving and sewer bonds were also purchased by the above
bank for a premium of $2,327.67, equal to 101.21, a basis of
about 4.25%. Due in from 1 to 10 years.
The following is an official list of the bidders and their bids:
Premium.
$200,000.00 $4,250.00
3,200.00
1 150,000.00
Continental Illinois Co., Chicago, Ill
1.604.00
192,196.17
200,000.00 4,031.20
150,000.00 3,104.10
*First National Bank, Wichita, Kan
2,327.67
192,196.17
200,000.00 3,980.70
3,041.20
150,000.00
Fourth National Bank, Wichita, Kan
192,196.17 2,170.62
City Bank & Trust Co., Kansas City. Mo.: 200,000.00
a
Northern Trust Co., Chicago, and Chatham 150.000.00
192,196.17
Phenix, Corp., New York
Stranahan, Harris & Ostia, Inc., and Brown 200,000.00}
150.000.00
h.,_Crummer Co., Wichita, Ran
192,196.17
Central Trust Co., Topeka, Kan., and Harris 200,000.001
150,000.00f
Trust & Savings Bank, Chicago
192,196.17J
200,000.00,
Guarantee Title & Trust Co., Wichita, Kan- 150,000.00;
192,196.17J
Branch-Middlekauff Co., Whichita, Kan.; Ames, 200,000.00
Emerich & Co., Chicago, and First Union 150,000.00
192,196.17
Trust Co.. Chicago
Stern Bros. & Co., Kansas City, Mo.; Mercantile 200,000.00 3,242.00
Commerce Co., St. Louis Mo., and A. B. 150,000.00 2,506.50
917.76
192.196.17
Leach & Co., Chicago, Ill
g17.985
200,000.00
g18.48
150,000.00
Prescott, Wright, Snider Co., Kansas City, Mo
g7.67
,00(1
* Successful bid. a Premium of $12.60 per each $1 . of issue, plus
accrued int. 13 Par, accrued int. and a total premium of $3,325for
three issues. c Par, accrued int, and a premium of $1.36 for each $100
of issue. d Par, accrued int, and a total premium of $7,461 for three
issues. e Par, accrued int, and premium of $14.70 Per $1,000. f Par,
accrued int. and premium of $6 per $1.000. g Premium per $1,000.
-The $15,000
-BOND .SALE.
WINONA, Winona County, Minn.
issue of'4la,% coupon water works refunding bonds offered for sale on June
-was purchased at par by local banks. Dated July
23-V. 130. p. 4287
1 1929. Due on July 1 1948 and 1949. Optional after July 1 1934. There
were no other bidders.
-An issue
-NOTE SALE.
WINSTON-SALEM, Forsyth County, N. C.
of $1,000,000 tax revenue notes has recently been purchased by the Chase
Securities Corp. of New York, at 3.00%, plus a premium of $30. Dated
June 24 1930. Due on March 24 1931.
-The
-BOND .SALE.
WORCESTER, Worcester County, Mass.
following issues of 4% coupon or registered bonds aggregating $990,000
were awarded on June 26 to Harris, N'orbes & Co., and the First National
Old Colony Corp., both of Boston, Jointly, at a price of 101.34, a basis of
about 3.71%;
$600,000 Ellsh School bonds. Due $60.000 on April 1 from 1931 to 1940
Inclusive.
140,000 street widening and extension bonds. Due $14,000 on April 1
from 1931 to 1940 inclusive.
100,000 municipal memorial auditorium bonds. Due $10,000 on April 1
from 1931 to 1940 inCi.
100,000 water supply bonds. Due on April 1 as follows' $7,000from 1931
to 1940 inch, and $6,000 from 1941 to 1945 incl.
50,000 water mains bonds. Due $10,000 on April 1 from 1931 to 1935
inclusive.
All of the above bonds are dated April 1 1930 and are being reoffered by
the purchasers for public investment at prices to yield 2.50 to 3.70%•
Denom. $1,000. Prin. and semi-annual int. (April and October) payable
at the First National Bank, of Boston. Bonds will be certified by aforementioned bank; legal opinion by Ropes, Gray, Boyden & Perkins, of
Boston.
Debt Statement and Borrowing Capacity June 21 1930 (inclulding this Offering).
$358,992,630.00
Assessed valuation 1929
Aver.val.less abatem'sfor 1927,1928 it 1929 $344,416,160.00
$8.610,404.00
Debt limit 23i% of thesame
$11,639,900.00
Total bonded debt
Exempt
Abolition of grade cross. debt $100,000.00
250,1100.00
Park dent
375,000.00
Sewer debt
100,000.00
Memorial auditorium debt
780,000.00
Water debt (funded)
5,118,900.00
3,513,900.00
Water debt (serial)
7
$6,521,000.00
$1,506,963.48
Total sinking funds
-Less
Abol. gr. cr. fd_$100,000.00
Park loan fund_ 250,000.00
Sewer loan fund.. 375,000.00
05
Water loan fund- 665,866.0511,390,866.
$116,097.43 $6,404,902.57
$2,205,501.43
Borrowing capacity within debt limit
(The total bonded debt includes $25.000 water debt not exempt).
Population 1930, State census 196,837.
prohibits
-Worcester is operating under a debt restricting Act which
Note.
and which
borrowing for things of yearly recurrence and of short usefulness
This Act became effecplaces the city on a practical pay-as-you-go basis.
been reduced
tive in 1915 and largely because of it, debt charges have
1929.
from 20% of total expenditures in 1915 to 13% of total expenditures in
-Charles E.
-NOTE SALE.
YONKERS, Westchester County, N. Y.
Bros. & Hutzler
Stahl, City Comptroller, reported that on June 20 SalomonThe award comof New York, were awarded $1,250,000 notes at 2.57%. 17 1931. S. N.
issues, dated June 24 1930 and due on Feb.
prised two
Bond & Co. of New York, the only other bidders, offered to Purchase the
notes at 2.75%•
-The $79,000
-BOND SALE.
YORKTOWN, De Witt County, Tex.
-has
4106
Issue of refunding bonds offered for sale on June 11-V. 130, p.from 1936
been purchased by local investors. Dated June 1 1930. Due
to 1965, incl.
CANADA,its Provinces and Municipalities.
-ADDITIONAL $4.000,000
BRITISH COLUMBIA, Province of.
-In connection with the report of the recent
TREASURY BILLS SOLD.
4% one-year Treasury bills to a syndicate headed ny
sale of $4,000,000
Gillespie, Hart & Co., of Victoria, at 99.617, a basis of about 4.40%-V.
-we learn that a group composed of A. E. Ames & Co..
130, 13• 4470
Bank of
Dominion Securities Corp., Wood, Windy & (Jo., and the RoyalTreasury
Canada, subsequently purchased an additional $4.000,000 4%
to the Province of 4.25%. The current issue of bills
bills at a cost basis
mature in nine months.
-The W. Ross Alger Corp. of
-BOND SALE.
EDMONTON, Alta.
'
Edmonton, is reported to have recently purchased an issue of $30,000 5%
[VoL. 130.
Public School Board bonds at 97.27, a basis of about 5.25%. The bonds
mature in 30 years. A list of the bids submitted for the issue follows:
iaaer-Rate Bid.
W. Ross Alger Corp
*97.27
Canadian Bank of Commerce
96.295
Gairdner & Co
96.047
I). M. Duggan Investments, Ltd
96.31
Bank of Montreal
96.11
E. C. Pardee & Co
95.85
Royal Financial Corp
95.64
* Accepted bid.
-A syndicate comEDMUNSTON TOWNSHIP, N. B.
-BOND SALE.
posed of J. M.Robinson & Sons, Royal Securities Corp., and the Eastern
Securities Co., all of St. John, on April 4 purchased an issue of $300,000
5% coupon municipal electric system improvement bonds at 94.60 and
accrued int. a basis of about 5.36%. The bonds are dated Feb. 1 1930.
Denoms. $1,000 and $500. Due on Feb. 1 1960. Int. is payable in
February and August.
NELSON, B. C.
-The Royal Financial Corp., of Van-BOND SALE.
couver, is reported to have recently purchased an issue of $75,000 5% bonds
at a price of 98.25, a basis of about 5.14%. The bonds are dated June
30 1930 and mature in 20 years.
-J. E. Lindon, Town
NEWCASTLE, N. B.
-BONDS OFFERED.
Treasurer, received sealed bids until June 25, for the purchase of $50,000
5% bonds. Dated July 1 1930. Denom, 11.000. Due in 20 years.
NEWFOUNDLAND,Government of.
-$5,000,000 BONDSEXPECTED
TO BE SOLD TO CITIGENS.-The "Financial Post" of Toronto in its
issue of June 26, had the following to say in reference to an effort by Government officials to sell a new issue of 15,000.000 4% bonds at par direct
to the citizens instead of soliciting tenders from investment houses for the
loan:
"The Government of Newfoundland is receiving applications direct from
citizens of the Dominion desiring to invest in the forthcoming $5,000,000
issue of 5% bonds constituting the 1930 loan. The new bonds will be
exempt from income tax and death duties and part of the proceeds will be
used to retire $2,885,000 of 4% bonds which come due on June 30. As
at June 13, Hon. P. J. Cashin, Minister of Finance and Customs,reported
that requests had been received to exchange old bonds for the new to the
amount of approximately $1,000,000 and that it was anticipated that this
would be increased to some $2,000,000.
"it was stated that the entire amount of'the new issue might be sold
to investors in the Dominion at par since many requests have been received
by the Government. The amount of money at present in the savings
banks amounts to some $26,000,000, of which $10,000,000 is out on loans
leaving $16,000,000 to finance interests outside the country. The Minister
of Finance and Customs suggested in the House of Assembly that it would
be to the benefit of the people to subscribe for the new loan and the interest
on the bonds would be kept in the Dominion.
"The proceeds of the new issue will be used in part to retire $2,885,000 of
outstanding bonds due June 30 1930. Some $509.000 will be used to cover
the deficit of the Newfoundland Hotel Facilities, Ltd., and $375,000 will be
used to cover the deficit on the Newfoundland Government Railway and
$120,000 to build new railway shops at the dock and install machinery,
Highways have been allotted 31,000,000."
-In connection with the reNEW GLASGOW, N. S.
-OTHER BID.
port of the award on June 6 of $9,000 5% coupon highway bonds to the
Eastern Securities Co. of St. John, at 98.13, a basis of about 5.14%-V.
1130, P. 4470
-we lean that 13. Oodden, a local investor, the only other
bidder, offered 97.65 for the issue. The bonds mature in 20 years.
-H.R. Bain & Co.
ST. CATHERINES, Ont.-BONDS REOFFERED.
of Toronto, are offering $237,683.14 5% bonds for public investment at 100
and accrued interest, to yield 5.00%. The bones mature serially on June
16 from 1931 to 1950 inclusive and are part of an issue of $274,683 sold on
June 17 at 98.52,a basis of about 5.28% •
Statement.
$24,146,850
Assessed value for taxation Financial
4,409,993
Gross debenture debt
2,706,398
Net debenture debt
25,347
Population
-The following is a list of the bids
THOROLD, Ont.-LIST OF BIDS.
received on Juno 17 for the purchase of the $55,000 5h % funding bonds
4 oe t 111... Rp.. 4470.& Co. of Toronto, at 100.46, a basis of about
5 w vx
a. ard
. 30
-V.
Rate Bid.
Binder
100.46
H,R. Bain & Co.(purchaser)
100.39
R.A.Daly & Qn
100.172
Gairdner is; Co
100.17
Buckle, Clark & Co
99.37
C.Et. Burgess & Co
99.177
Matthews & Co
99.08
Dyment,Anderson & Co
-In connecTHREE RIVERS, Que.-FINANCIAL STATEMENT.
of 5 %
tion with the report of the award on May 19 of various issues and Fry,
bonds aggregating $2,377,600 to McLeod, Young, Weir & Co. the suD& Co.,jointly, at 98.60, a basis of about 5.63%,and to yield
Mills, Spence
sequent reoffering of the securities for public investment at prices receipt
maturity (V. 130, p. 4287), we are in
f
5 0and30%,according to ma
0 the folwing:.2
Financial Statement as of May 15 1930.
(Submitted by the City Treasurer.)
Assessed value of taxable property for 1930
152 835.480
(includea in above there is partial exemption in certain In- '
city. churcu
dustrlal properties for various periods on U0,9118,700.)
15,400,425
property
school and government
$68,235,905
Total assessed value
$7,932,000
General debenture debt (including present issue)
$1,417,100
Less
-Waterworks
79,000
share)
Bridges (Government
172,900
Ferry
Sinking fund on other than the foregoing de1,314,444
auctions
$2,983.444
6
4
19 8 5 0
:8 0
$4 9 5:95
Net debenture debt
Ratepayers'share of local improvements incl. in gen. deb. debt_ 9,442,001)
Value of municipality's assets
Present population. 39.000: population, 5 years ago, 30,000; area. 5
square miles.
Results of Public Utilities for 1929.
Net
Operating
$P2r.o04J116.
Profits.
$95,074
Waterworks
31,538
Ferry service
OX the total issue, $1,350,300 is for waterworks, drainage and paving
services for wnich nearly tne whole property assessment of $08,235,903
pays its snare of fixed charges, and $72,90u is tor the ferry service which is a
are
self-supporting utility. Fixed charges on tne remaining *954,400
taken care of oy general revenue.
industrial property, $26.908.700 is partly exempt
Of the assessed value of
from.taxation. in 1931 the exemption expires on $5.000,000 of property,
In 193o it expires on over $2,000,000 and by 1944 It will have expired on the
total amount of industrial property presently exempt.
The total sinking fund on hand as of may 15 1930, amounted to $1,584,of
307, which is a surplus of $173,635 in excess of tile accumulated amount
$1.410,672 requireu by law as at 1/0C. 31 1929.
Improvement
-The $187,300 5 la
VICTORIA, B. C.
-BOND ,SALE.
-were awardea to tne Bank of
bonds offered on June 23-V. 130. p. 4470
are
Montreal, of Montreal, at 99.28, a oasis of about 5.06%. The bonds to
July
pn. Juiy 21, as follows: $4,700 from 1931
mature
dated t cl 21
ljo p, i ii . n4 4,4,0
The following is a list of the bids submitted for the issue:
id er
Bank of Montreal
A.E.Ames & Co.and Branson, Brown & Co
Harris, McKeon & Co
Dominion Securities Corp
Dyment, Anderson & Co
Wood,Gundy a Co.and Pemberton & Son
Fry,Mills,Spence & Co
Rate Bid.
98.77
98.39
98.08
98.08
96.771
97.637
@FedFRASER