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VOL. 132.
SATURDAY,JUNE 6 1931.
financial Chronicle
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/
The Financial Situation.
The New York Federal Reserve Bank, under date
of June 1, gave out a statement which will probably
excite no adverse comment, being taken as a matter
of course, but which deserves close examination.
The statement is merely to the effect that our Federal Reserve Banks have accepted participation in
the banking credit to be extended to Austria. The
precise form of the statement is of importance, and
we accordingly quote it in full as follows: "The
Federal Reserve Bank of New York, in association
with other Federal Reserve Banks, has agreed to
participate with banks of issue and with the Bank for
International Settlements in a credit arrangement
in favor of the Austrian National Bank. The participation of the Federal Reserve Banks in the
arrangement takes the form of an agreement to purchase prime commercial bills."
There can be no doubt regarding the meritoriouS
character of this arrangement. Austria is in need
of banking accommodation, and this need is apparently urgent, but is it the province of the Reserve
Banks to go out of their way to aid in extending such
a credit? We may go further and ask whether, indeed, the Reserve Banks have authority to enter into
transactions of that kind. We can find nothing to
support the contention, and to us it seems to lie outside the proper sphere of action of the Reserve
Banks. We raised the point when the Reserve Banks
extended a credit of $200,000,000 to the Bank of
England back in 1925, and there were, of course,
graver objections in that case because of the immense
size of the credit. Since then the Reserve Banks
have extended bank credits to numerous other and
minor countries like the one now extended to the
Austrian National Bank.
As already stated, there can be no question as to
the merit of the transaction per se, nor can there be
any doubt that the credit is amply secured. It may
NO.3441.
surely be taken for granted that every precaution
in that respect has been taken. But that does not
settle the point as to the power of the Federal Reserve institutions to engage in commitments of that
kind. The notice, as we have quoted it above, takes
care to say that the participation takes the form of
an agreement to purchase commercial bills. The Reserve Banks are clearly authorized to engage in the
buying and selling of commercial bills, but in the
present instance, as in other instances, it is necessary to look beyond the mere form of the transaction
to get at its substance and purpose.
What reason have the Reserve Banks for wanting
to purchase Austrian commercial bills outside of
the desire to place a fund at the disposal of the
Austrian National Bank with a view to helping Austria out of its present troubles? Evidently none.
We do not wish to be misunderstood. We do not
oppose the idea of extending a credit to the Austrian
Bank, and we do not think that American capital
should be withheld when it is so certain to be beneficial, especially in a time of emergency like the
present, but that is a matter for our private banking
institutions, which have funds in overwhelming
abundance available and whose operations extend to
all parts of the globe. Even in the case of the $200,000,000 credit to the Bank of England it was supplemented by a private credit of $100,000,000 from an
American banking syndicate headed by J. P. Morgan & Co.
It was certainly never contemplated by the framers of the Reserve Act that the Reserve Banks should
cast about for opportunities to extend aid to outside
countries and to outside sources. And if it had been
thought that there was any likelihood of the Reserve
Banks undertaking to engage in such transactions,
express prohibition against anything of the kind
would have been incorporated in the Act itself.
Grave dangers attend practices of that kind, and
for that reason it would have to be opposed even if
clear authority existed for the action, which, however, is not the case. The sole justification that can
be offered for anything of the kind is the permission
granted by the Reserve Act to engage in the purchase
and sale of commercial bills, but it was never contemplated that this should be or could be made a
cloak for extending a foreign credit secured by commercial bills. The Reserve Banks carry all the cash
reserves of the member banks, these latter not being
required to hold a single dollar of reserve in their
own vaults, and the utmost precaution should at all
times be taken to prevent the use of the reserves held
by the Reserve Banks for any purpose other than
that designed by the Act. Nor should any transactions ever be entered into likely to jeopardize such
reserves.
In the present instance the amount involved is
presumably small, though no information on that
4112
FINANCIAL CHRONICLE
point is vouchsafed, but in the case of the English
credit of $200,000,000 in 1925, which was never
availed of, there was grave danger that in event of
an emergency the reserves of the Reserve Banks
might be seriously entrenched upon, especially as it
was a revolving credit, and the credit had to be
kept constantly good. It is the principle that must
be kept in mind and not the amount involved in any
particular case. If authority really existed to engage in transactions of that kind it would have to be
viewed with grave apprehension.
As already stated, the Reserve Banks hold all the
reserves of the member banks, and they can only
make these reserves available for loaning or extending credit by putting out Reserve notes. Now, what
is the character of these Reserve notes? The Reserve
Act describes them as: "Obligations of the United
States which shall be receivable by all National and
member Banks and Federal Reserve Banks, and for
all taxes, customs and other public dues." What
right or power have the Reserve Banks to issue notes
in this country which are declared to be obligations
of the United States for the purpose of making loans
or extending credits to foreign countries? The question answers itself.
Another point is worth noting. It was never contemplated that the Federal Reserve Banks should
partake of the character of a central bank or act as a
central bank. Any suggestion of that kind would
have been frowned upon if made during the discussions in Congress regarding the powers to be conferred upon the Reserve institutions. Yet for a long
time the Reserve Banks have been acting, or at least
the New York Reserve Bank has been acting, in the
capacity of a central bank in fixing its rates of discount and fixing, likewise, its buying rates for bankers' acceptances. Now we have another illustration
going to show that in the matter of extending credits
to foreign banks they are acting in the capacity of
central banks. The announcement of the Reserve's
participation in the Austrian credit is careful to
state that it is acting in connection "with other banks
of issue," the Federal Reserve Banks being banks
of issue, and, what is more, that it is acting jointly
with the Bank for International Settlements.
Not so long ago it was supposed that the Federal
Reserve Banks had agreed to hold entirely aloof
from the Bank for International Settlements except
that they would maintain relations with them the
same as they have with other central banks. But the
New York "Journal of Commerce," in describing, on
June 2, the process that will be followed by the Reserve Banks in acquiring the Austrian commercial
bills which they mean to take over, took occasion
to say:
"In the actual purchase of the bills the officials
of the Bank for International Settlements will act
as agents of the Reserve Banks,examining the acceptances to be purchased and taking care of other details
necessary to the carrying out of the terms of the
credit. The bills and documents will be held in trust
in the vaults either of the Bank for International
Settlements or of the Austrian National Bank. . . .
"As the bills are purchased they will be carried
on the weekly statement of the Federal Reserve
Board under the heading 'Bills bought in open
market.'"
In view of all this, how complete may we assume
is the disassociation of our Federal Reserve System
from the Bank for International Settlements?
[VOL. 132.
Great success attended the offering this week by
the United States Secretary of the Treasury of
00,000,000 Treasury bonds due in 1949 but redeemable at the option of the United States at par and
accrued interest on and after June 15 1946. Though
the rate of interest in the bonds is only 31 8%,
/
the subscriptions exceeded $6,000,000,000. These
bonds are not exempt from the surtaxes, but only
from the ordinary taxes, Congress having refused the
request of Secretary Mellon that all future issues of
Government obligations be made exempt from the
surtaxes as well as the ordinary normal income
taxes, and the success attending the sale in this
instance is clear proof that no adventitious aid of
that kind is necessary for the floating of United
States obligations.
Candor, however, compels the statement that the
Secretary did extend some valuable special privileges and did try in every way to add to the attractiveness of the offering. One of these distinct advantages was the further reduction made in the rate of
interest Which the depositary banks are obliged to
pay on Government deposits growing out of the proceeds of the sale. In preparation for the new offering he reduced the rate of interest which the depositary banks must pay on such deposits from 1% to
12 of 1%. The Secretary also gave notice that he
/
would follow the same practice in the case of this
issue of bonds that he had so long been pursuing in
the case of sales of certificates of indebtedness,
namely, to let the proceeds remain on deposit with
the depositary banks through whom or for whom the
subscriptions are made. These Government deposits, as so frequently pointed out in these columns,
are desirable for two distinct reasons. In the first
place, the banks are not required to carry any reserves against the same, differing in that respect
from the ordinary commercial deposits, which do
require the keeping of reserves, and if the depositary
banks undertake to loan them out they stand to make
the difference between the 12% they have to pay the
/
Government and the rate they are able to obtain for
the loans. However, this is an advantage only to
the banks themselves, and with total subscriptions
aggregating in excess of $6,000,000,000, the advantages named could not have been much of a consideration with the greater portion of the subscribers.
In the last analysis it is the plethora of loanable
funds that is responsible for the superb success of
the offering. But while it is gratifying to find it so
easy to float Government obligations at a time when
resort to the investment and money markets is found
so frequently necessary by the Government, there
are some qualifying considerations to bear in mind.
These are referred to by former President Calvin
Coolidge in one of his daily talks as printed in the
New York "Herald Tribune" on Thursday morning
of the present week. Mr. Coolidge possesses an
unusual amount of hard common sense and he does
not hesitate to express views quite at variance with
those commonly prevailing. Our Federal Reserve
banks,in the carrying out of their easy money policy,
have reduced interest rates to the point where in the
New York Federal Reserve District the rediscount
/
rate is down to 13 2% per annum and the bill-buying
rate down to only 1%,and we are asked to look upon
this as the acme of perfection in the conduct of a
great banking system. But Mr. Coolidge, with his
usual perspicacity sees the reverse side of this picture. Without referring directly or indirectly to
JUNE 61931.]
FINANCIAL CHRONICLE
this policy of the Federal Reserve System, but merely
discussing the huge subscriptions obtained by Secretary Mellon for his new Government loan, he goes
on to give his own idea of what this means.
He says that it indicates a -very la* amount of
idle capital in the country, and this, he observes, is
a good foundation, but not enough. "Money is beneficial mostly in proportion to its profitable use.
Evidently capital is very timid. Faith and courage
are also needed." He then adds the following pregnant truths:
"No doubt the Government should borrow as
cheaply as possible. But if fair wages and prices
are to be maintained a fair price for money should be
paid. The savings of the people in banks and insurance companies cannot make an adequate return
with interest rates too low. Fair earnings for savings are an important factor in the purchasing power
of the people."
Mr. Coolidge had evidently in mind the reduction
in the interest rate by the banks on thrift deposits
which followed the recent action of the Federal Reserve Banks in reducing their bill rate to the abnormally low figure of 1%. It were to be wished that
these truths could be pressed home upon our Federal
Reserve authorities and they could be made to see
that they would be well advised if they stopped from
meddling with the money market and with banking
credit, and could also be induced not to engage in
foreign,financial operations such as the credit just
announced in favor of the Austrian National Bank,
that being better left to the care of private bankers
or home central banks.
The death of Mortimer L. Schiff, the head of the
eminent banking firm of Kuhn, Loeb & Co., is occasion for sincere regret. Mr. Schiff was still a comparatively young man, having died on the eve of his
54th year, and he inherited all the excellent traits
which commanded for his father, the late Jacob H.
Schiff,such a prominent place in the financial world.
Mr. Mortimer L. Schiff was quiet and unassuming,
and always kept out of the limelight. He nevertheless was active in the business of his firm and was
held in high esteem in the banking and financial
world. On the few occasions when he ventured to
appear in print he gave expression to views that commanded universal respect and showed great breadth
of mind and a keen understanding of the problems
which from time to time have so greatly disturbed
the economic and financial world. His partners in
the firm, Messrs. Felix M. Warburg, Otto H. Kahn,
and Jerome J. Hanauer, will, we are sure, miss his
sound and wise counsel.
The rebound in the stock market this week, and,
still more, in the bond market, is evidence that it is
possible to carry gloomy views too far. After further sharp downward plunges in the early part of
the week, the stock and bond markets on Wednesday
completely reversed their course and spurted upward with the same rapidity as they had previously
been plunging downward. The rally is declared by
market observers to have been the most pronounced
which has occurred since the stock market crash in
the autumn of 1929. A particularly encouraging
feature was the way in which bond prices advanced,
the recoveries in some instances reaching 10 points.
These advances have been retained and were further
improved upon during the rest of the week. It is
4113
quite possible, however, to carry the jubilation too
far. There need be no hesitation about saying that
at least in the case of the bond market the decline
had proceeded to the point where all gloomy forebodings and possible adverse developments for a
dozen years to come had been discounted, and it is
a point gained to have that fact pressed home.
At the same time, however, it must be borne in
mind that underlying conditions have not changed.
That was clearly shown in the action of our grain
markets. The Farm Board, in accordance with previous announcement, at the end of last week withdrew its support from wheat, and that put an end to
the artificial prices which had been so long maintained in the old crop options and more particularly
the May option. The July option and the later ones
had long been selling at normal prices in accord with
the markets of the rest of the world. Unfortunately,
however, all the options for the new crop have this
week suffered further severe declines, the June
/
3
4
option falling from 72c. June 1 to 64 c. June 4, but
/
with the close yesterday at 671 2c. The July option
/
tumbled from 59%c. June 1 to 5678c. June 4, with
the close yesterday at .60c. The Farm Board,
through its subsidiary, the Grain Stabilization Corp.,
is supposed to be carrying 200,000,000 bushels, and
no one knows what is to become of it. Cotton, another staple in which the Farm Board has acquired
large amounts, also took a further plunge downward.
Spot cotton in New York during May dropped from
10c. a pound on May 8 to 8.65c. on May 28, and sold
at 8.75c. May 29. • On Tuesday of this week, June 2,
there was a further decline to 8.35c., with the price
yesterday 8.60c.
Accounts regarding the steel trade also continue
unfavorable, the steel mills being now reported as
engaged to only 42% of their theoretic capacity
against 44% last week, 45% the week before, and
57% at the end of March, while prices for steel
products have also further declined. Copper likewise has shown renewed weakness, some sales of the
metal having been reported at as low as 8c. for delivery in Connecticut. But Rome was not built in
a day, and perhaps from now on slow improvement
can be expected.
Brokers' loans in the regular return of the Federal Reserve Banks for the week ending Wednesday
night show a further contraction in amount of $35,000,000, following reduction of $275,000,000 in
the six weeks preceding, making a total contraction
for the seven weeks of $310,000,000. This week's
decline has extended to loaning in all the different
categories, loans for own account of the reporting
member banks having dropped from $1,191,000,000
to $1,169,000,000; the loans for account of out-oftown banks from $207,000,000 to $199,000,000, and
the loans "for account of others from $176,000,000
to $171,000,000. The grand total of the loans is now
down to $1,539,000,000, Which compares with $4,101,000,000 12 months before on June 4 1930.
The Federal Reserve Banks have finally succeeded
in moderately enlarging their holdings of acceptances the present week, the amount now (June 3)
being reported at $134,155,000 against $124,501,009
a week ago on May 27. But perhaps this includes
some foreign bills purchased as part of the credit
extended to the Austrian National Bank. The discount holdings also stand somewhat larger, being
reported this week at $172,826,000 against $152,-
4114
FINANCIAL CHRONICLE
852,000 last week. The holdings of United States
Government securities remain virtually unchanged.
The result is that total bill and security holdings,
which constitute a measure of the amount of Reserve
credit outstanding, are some $30,000,000 larger than
a week ago, being reported at $907,016,000 against
$876,489,000. Federal Reserve notes in circulation
have increased still further, rising from $1,551,808,000 to $1,583,574,000. Gold holdings have remained virtually unchanged, standing at $3,259,110,000 this week against $3,259,273,000 last week.
Insolvencies in business lines during May continued more numerous than a year ago, and though
the liabilities were still quite heavy, there was a
reduction from the amount reported in May 1930.
The records of R. G. Dun & Co. show 2,248 commercial failures in the United States for the month just
closed, with a total indebtedness of $53,371,212.
These figures compare with 2,386 similar defaults in
April, for which the liabilities were $50,868,135, and
2,179 in May last year owing a total of $55,541,462.
The increase in the number of failures for the past
month over a year ago was partly among manufacturing concerns, as well as among traders, but as to
the indebtedness it was almost wholly due .to some
heavy defaults in the trading division. Failures in
the class embracing manufacturers numbered 552
last month, with liabilities of $18,506,051; trading
defaults, 1,570 for $25,069,472, and brokers and
agents, 126 owing $9,795,689. In May 1930 there
were 501 manufacturing defaults, with $23,133,319
of indebtedness; 1,530 trading failures for $21,285,493, and 148 of the third division, owing $11,122,650. For the five months of 1931 insolvencies
have been unusually heavy. There were for this
year to date 13,117 commercial failures reported,
involving in the aggregate $318,841,721 of liabilities;
for the same period of 1930 11,745 similar defaults
occurred with an indebtedness of $273,958,321. The
increase in the number of failures so far this year
over a year ago was 11.7%, and as to the liabilities
16.4% increase. For the month of May this year
the increase in the number of failures over May of
last year was only 3.1%, while the indebtedness
reported shows a reduction this year of 6.1% from
a year ago.
The increase in failures in the manufacturing
division for May is almost wholly in the section embracing iron foundries and allied lines; for manufacturers of clothing; for furs, bats and gloves;
printing and engraving, and bakers. On the other
hand,quite a notable reduction appears for the large
lumber class; for machinery and tools, and for glass
and earthenware. Trading failures were much more
numerous in May this year for general stores; dealers in dry goods; in furniture; in drugs, and among
jewelers. There was also some gain for the grocery
division; for dealers in hardware, and for furs, hats
and gloves. While some large hotel failures were
reported last month,the number for that class, which
includes restaurants, shows a decrease. A reduction also appears for the large clothing division,
although the number and liabilities in that section
were heavy. Take it altogether, the May failure record is somewhat better than for any preceding month
this year.
The stock market this week abruptly ended its
long-continued -decline, but this was not until after
[VOL. 132.
further startling breaks on Monday and Tuesday,
when it seemed that the bottom was about to fall
completely out of the market, so large were the further losses on these two days. The upturn came,
however, with great suddenness and appears to have
been wholly unexpected. In many cases prices at
the opening on Wednesday were several points
higher than at the close on Tuesday, and during the
day advanced several points more. As a few conspicuous instances New York Central showed a net
gain for the day of 5% points; Union Pacific a gain
/
/
/
of 778; Southern Pacific, 634; Western Union, 714;
/
United States Steel, 51 2; Norfolk & Western, 8; In/
gersoll Rand, 9; Consolidated Gas of N. Y., 614;
Allied Chemical & Dye, 8%; American Can, 6%;
American Tel. & Tel., 7½; Atchison Topeka & Santa
Fe, 6%; Rock Island, 6, and Auburn Auto, which
always fluctuates widely and wildly, an advance for
the day of no less than 42 points. This happened
at a time when July wheat in Chicago, as a
result of the termination of Federal Farm Board
control, touched 56%c., or the lowest level since
1896.
Two main circumstances were mentioned as responsible for the sudden reversal of the course of the
market. The first was the fact that many banking
institutions had fixed 20% as an adequate margin
against collateral loans as compared with 25% previously and 30% or more in 1929. The influence,
however, of that circumstance was doubtless exaggerated and the real reason for the sudden great rise
was no doubt that operators for a decline had overshot their mark and were now scared into covering
on a very extensive scale. The second reason for
the sharp rise was that the St. Louis-San Francisco
RR. had definitely arranged for taking care of certain underlying bond issues due the first of July.
This unquestionably was responsible for the big recoveries in the prices of all the different St. LouisSan Francisco issues, stocks and bonds.
It is to be noted that the recovery in the bond
market has been quite as noteworthy, and in many
cases more noteworthy than the recovery in the stock
market. We may give as illustrations: Chic. Milw.
St. Paul & Pac.5s, which sold at 50 on June 1, closed
at 57% on June 5; Chic. R.I.& Pac.Ry.ref. 4s, which
sold at 8518 on June 3, closed yesterday at 93%;
/
Missouri-Kansas-Texas RR. 5s sold on June 3 at 80
and closed yesterday at 90; Missouri Pacific gen. 4s
sold at 54 on June 2 and closed yesterday at 57%;
/
Penn. RR. deb. g. 41 28 sold at 90% on June 2 and
closed yesterday at 94, and St. Louis-San Francisco
/
con. 41 2s series A, which had sold down to 40 on
June 2, closed yesterday at 56%. Much was also
made of, the fact that the Rock Island RR., which
/
4%, now
had reduced its dividend from 134% tà 11
declared a quarterly dividend of 1% when no dividend at all had been expected.
Many unfavorable dividend Changes were announced during the week. American Car & Foundry
Co., on June 2 declared a quarterly div. of 25c. a
sh. on the common stock, as compared with 75c. a sh.
on April 1 last; Kennecott Copper Co. on June 1
declared a guar. div. of 25c. a sh. as compared with
50c. a sh. paid in each of the three preceding quarters; Utah Copper Co.on June 1 declared a quar. div.
of $1.50 a sh. on the capital stock, par $10, as against
$2 a sh. paid in each of the four preceding quarters;
Youngstown Sheet & Tube Co. declared a guar. div.
of 50c. a sh. on the common stock as compared with
JUNE 6 1931.]
FINANCIAL CHRONICLE
$1 in the preceding quarter and $1.25 a sh. each
quarter previously;'Chicago Rock Island & Pacific
By. on June 3 declared a div. of $1 a sh. on the common stock as compared with a quarterly distribution of P.25 a sh. three months ago; Associated Oil
Co. declared a guar. div. of 35c. a sh. as against 50c.
a sh. three months ago; Phelps Dodge Corp. declared
a quar. div. of 25c. a sh. on the common stock as compared with 50c. a sh. quarterly previously; Tide
Water Oil Co. declared a guar. div. of 15c. a sh. on
the common stock as against 20c. a sh. each quarter
previously; American Steel Foundries declared a
guar. div. of 25c. a sh. as compared with 75c. a sh.
previously; Endicott-Johnson Corp. declared a quar.
div. of 75c. per sh. on the common stock; previously
this issue has been receiving P.25 a sh. each quarter.
Wednesday's recovery was not only maintained
on Thursday and Friday, but was carried still further, though some shading of prices occurred at the
close on Friday.
Call loans on the Stock Exchange throughout the
whole week did not deviate from 112%. In the fur/
ther break on Monday and Tuesday many new low
records for the year were established, and a few
more occurred on the !lays when the general market
moved sharply upward. Altogether 583 stocks
touched new low figures for the year during the week.
Trading was on a greatly increased sale. Saturday
was Memorial Day and a holiday. The sales on the
New York Stock Exchange on Monday were 3,102,380 shares; on Tuesday, 3,316,848 shares; on Wednesday, 3,305,717 shares; on Thursday, 3,170,180
shares, and on Friday, 2,846,070 shares. On the
New York Curb Exchange the sales on Monday were
662,122 shares; on Tuesday, 624,611 shares; on
Wednesday, 599,490 shares; on Thursday, 549,408
shares, and on Friday, 393,050 shares.
As compared with Friday of last week, prices are
higher all around, notwithstanding the prodigious
breaks early in the week. General Electric closed
yesterday at 39% against 385 on Friday of last week;
%
Warner Bros. Pictures at 7 against 61%; Elec. Power
& Light at 343 against 333; United Corp. at 20%
ex-div. against 193/g; North American at 643% ex-div.
against 639; Pacific Gas & Elec. at 42 against 42;
Standard Gas & Elec. at 613/ against 583/; Con2
solidated Gas of N. Y. at 903/ against 863 ;Columbia
4
Gas & Elec. at 24% against 25; International Harvester at 41 against 433/2; J. I. Case Threshing Machine at 71% against 653/2; Sears, Roebuck & Co. at
503 against 4932; Montgomery Ward & Co. at 173
4
4
against 17%; Woolworth at 665 against 66; Safeway
%
Stores at 493/ against 481%; Western Union Telegraph
5
at 1073/ against 99/s; American Tel. & Tel. at 1683
%
against 164%; Int. Tel. & Tel. at 24% against 241 ;
%
%
American Can at 995 against 95; United States
Industrial Alcohol at 303 against 283 ; Commercial
4
Solvents at 13 against 11 8; Shattuck & Co. at 193/
2
against 183/2; Corn Products at 65 against 5732, and
Columbia Graphophone at 7 against 73 .
,
Allied Chemical & Dye closed yesterday at 113
against 105 on Friday of last week; E. L du Pont de
Nemours at 80 against 743 ; National Cash Register
4
at 22 against 205 ; International Nickel at 113
%
%
against 103/2; Timken Roller Bearing at 34 against
373/2; Mack Trucks at 273/i against 223 ; Yellow
%
Truck & Coach at 732 against 63/2; Johns-Manville
at 51 against 43%; Gillette Safety Razor at 253.(
against 233/2; National Dairy Products at 333/ against
343 2; National Bellas Hess at4% against 5;Associated
/
4115
Dry Goods at 20 against 181% bid; Texas Gulf
Sulphur at 333 against 353/2; American & Foreign
Power at 251% against 237s; General American Tank
/
Car at 57% against 56; Air Reduction at 78 against
743 bid; United Gas Improvement at 277 against
%
267 ; Columbian Carbon at 64 against 62; Universal
%
Leaf Tobacco at 303/ bid against 293; American
Tobacco at 1075 against 104; Liggett & Myers at
%
643/ against 66; Reynolds Tobacco class B at 49
against 473%; Lorillard at 143 against 133 , and
%
4
Tobacco Products class A at 11 against 113'.
The steel shares have been conspicuous in the
recovery. U. S. Steel closed at 923 yesterday as
against 91 on Friday of last week; Bethlehem Steel
closed at 441%, against 40%; Vanadium at 303 ,
%
4
against 26%; Republic Iron & Steel at 123 , against
3
111/, and Crucible Steel at 383, against 33%. In
g
the motor stocks Auburn Auto closed yesterday at
1
167, against 1574 on Friday of last week; General
7
/
Motors at 34%,against 34; Chrysler at 161 2, against
16; Nash Motors at 253/s, against 241 ; Packard
%
1
Motors at 65 , against 6%; Hudson Motor Car at
%
131 , against 127 , and Hupp Motors at 7, against
%
%
6%. In the rubber stocks Goodyear Tire & Rubber
closed yesterday at 353 , against 331% on Friday of
4
last week; U. S. Rubber at 121 8, against 10%, and
/
the preferred at 22, against 20.
The railroad stocks have been leaders in the upward movement. Pennsylvania RR. closed yester3
day at 49%, against 44% on Friday of last week;
Erie RR. at 183 , against 15; New York Central at
4
811%, against 77%; Baltimore & Ohio at 52, against
50; New Haven at 721%, ex-dividend, against 65;
Union Pacific at 1581%, against 150; Southern Pacific
at 77%,against 721%; Missouri Pacific at181 ,against
4
183,; Missouri-Kansas-Texas at 13%, against 111 ;
4
St. Louis-San Francisco at 181%, against 111%;
Southern Railway at 311%, against 29%; Chesapeake
& Ohio at 34, against 30; Northern Pacific at 381%,
/
against 33, and Great Northern at 531 2 against 461%.
,
The oil stocks have been laggards owing to the
demoralization of the crude oil mtrket. Standard
Oil of N. J. closed yesterday at 34, against 33 on
Friday of last week; Standard Oil of N. Y. at 14%,
against 153 ; Standard Oil of Calif. at 34%, against
4
34; Atlantic Refining at 131%, against 12%; Texas
Corp. at 20 ex-dividend, against 191%; Richfield Oil
3
at 11%, aganist 13 ;Phillips Petroleum at 5%,against
%
7
3 against 5%.
5%, and Pure Oil at 5%,
The copper shares have not moved upward with
the rest of the list, because of the further decline in
the price of the metal. Anaconda Copper dosed
yesterday at 21, against 22% on Friday of last week;
Kennecott Copper at 169's, against 161%; Calumet
& Hecla at 6, against 5%; Calumet & Arizona at
2
51% bid, against 27; Granby Consolidated Copper
at 111 2, against 11; American Smelting & Refining
/
at 29, against 273 , and U. S. Smelting & Refining
4
at 147 , against 15.
%
Stock trends on the exchanges in the important
European financial centers showed much the same
tendencies, this week, as the New York market. Declines were general at London, Paris and Berlin in
the early sessions, but when reports of the sharp
recovery at New York were received improvement
set in everywhere. Share prices at London were reported at their record low points since 1922 early
this week, while Berlin prices also provided record
lows for some years. Paris prices also were sharply
4116
FINANCIAL CEMONICLE
[Vol,. 132.
depressed, notwithstanding the plethora of money session. The scale of transactions also was much imavailable for investment in the French market. Ex- proved, buyers operating heavily. Dealings were on
treme pessimism prevailed early this week at Brus- a more modest scale yesterday, but prices remained
sels and Stockholm, both markets reporting "black firm.
days." Political unsettlement, the lack of industrial
Prices on the Berlin Boerse were lower in a dull
progress and the prevalence of unemployment on a session Monday, as uncertainty prevailed generally
huge scale in all the industrial countries, are the regarding the outcome of the Chequers conversations
chief factors preventing any material improvement in England this week-end and the home political situon the European stock exchanges. The growing be- ation. Some of the selling was attributed to interlief that Germany will apply soon for a moratorium ests affected by the plight of the Austrian Kreditanon postponable annuities under the Young plan adds stalt. Some improvement appeared late in the day
to the current uncertainty, while evidences of finan- on intervention by the Berlin banks. Tuesday's dealcial distress in Australia, Brazil and Austria are ings witnessed further recessions at Berlin, with
anything but helpful. Indications of business gains foreign selling an important factor. Swedish Match
are awaited everywhere with growing anxiety, but and Karstadt Department Store shares were in heavy
they remain difficult to discern.
supply and large recessions resulted. Virtually all
The London Stock Exchange was dull and lower groups dropped, with German bank shares less afin the opening session of the week. Renewal of fected than most others. A better tendency was reforced liquidation from Glasgow was reported, and ported Wednesday, owing to such developments as
prices in most sections receded. British Government improved reports from other markets, diminished
funds dropped with the rest on a movement of French foreign selling and easier money conditions. After
exchange against London. International stocks were a somewhat lower opening the atmosphere improved
lower on depressing week-end reports from New and most stocks closed the day with gains. A strongly
York, while British industrial issues also fell with optimistic session followed, Thursday, in consea few exceptions. Dealings Tuesday were similar quence of the reports of a rlsing market at New
to those of the preceding session, with weakness at York. Trading was small and confined largely to
New York,further salesfrom Glasgow and disturbed professional circles, but the activities were all on
foreign exchanges all exerting a depressing influence. the constructive side and advances were general. A
International issues were especially weak. A bright small volume of foreign buying orders also was respot appeared in Anglo-Persian Oil shares, which ported. Some stocks gained four to seven points,
advanced on declaration of a final dividend of 10%, while the general market level was up about two
12%. After a hesitant points. The gains were maintained in quiet dealings
as against expectations of 7/
opening Wednesday, prices tended to improve yesterday, with some stocks showing further adslightly. Gains were small, however, and business vances.
exceptionally dull owing to the absence of many
brokers who left the City for the Derby. British
• Announcement by Secretary of State Henry L.
funds provided the brightest feature, all issues stag- Stimson that he would spend his summer vacation
ing a sharp rally. Thursday's session was decidedly in Europe,incidentally conferring with high officials
better, owing chiefly to the favorable overnight re- of several countries, has aroused much speculation
ports from New York. Practically every'section of on both sides of the Atlantic. Mr. Stimson made
the Exchange improved, with Anglo-American favor- known in Washington, Wednesday, that he would
ites showing thetreatest gains. British funds were depart at the end of June, accompanied by Mrs.
quiet but firm, while almost all British industrial Stimson, and return at the end of August. Although
stocks registered advances. The gains were extended he emphasized that his mission would not be politiin the dealings yesterday, both the gilt-edged and cal, Mr. Stimson admitted, Washington reports
stated, that he wanted to become better acquainted
industrial sections advancing moderately.
The Paris Bourse reflected the uneasiness now with the situation in Europe and would visit Italy,
prevalent throughout Europe regarding the political France, Germany, and Great Britain. The journey
situation at the opening Monday. Prices moved is to be informal and official ceremonies will be
down throughout the list, with a slight recovery in avoided. "Although Europe is confronted with the
the final hour wiping out only a small portion of the Russian situation, the projected Austro-German cusrecessions. The monthly settlement was effected toms union, reparations and war debts, it was underwith money at / officially, but funds were avail- stood," a Washington report to the New York
34%
able as low as a sixteenth of 1%, dispatches said. "Times" said,"that Mr. Stimson will probably direct
Tuesday's opening on the Bourse was very weak, as such confidential talks as he may have with Eurothe overnight reports from New York and the sur- pean officials primarily to the prospects of the disveys of the international political position were un- armament conference which is scheduled to convene
settling. Many issues dropped to new low levels at Geneva next February." Reports from Europe
for the movement in the early hours, but a wave of later this week indicated that the leading capitals
buying developed later in the day and brought prices found the announcement of intense interest. The
back close to the previous close. In a few instances comment of the Paris correspondent of the "Times"
net gains were recorded. After an uncertain start, was that Mr. Stimson is "showing the courage of
Wednesday, prices continued to move forward in Daniel in coming to Europe at this moment." All
modest fashion under the leadership of French bank the troubles of Europe will probably be poured into
stocks and the electrical and coal groups. Foreign his ears, it was suggested. In Berlin the visit was
securities were neglected, with the general tone regarded as significant of a reawakening of Amerrather soft. The tone of Thursday's dealings was ican official concern for Europe's troubles.
set by the overnight dispatches from New York.
Conversations at Chequers, near London, this
Stocks were Sharply higher at the opening and the
week-end between Chancellor Henrich Bruening and
advancing tendency was continued throughout the
JUNE 6 1931.]
FINANCIAL CHRONICLE
' ,4117
Foreign Minister Julius Curtius of Germany, and assumed that their primary purpose," a report to
Prime Minister Ramsay MacDonald and Foreign the New York "Times"said,"is to 'unroll' the reparaSecretary Arthur Henderson of Great Britain, have tions issue in the Chequers conversations by way of
occasioned an immense amount of preliminary press a prelude to the more formal action which, it is bediscussion, with extremely little actually known of lieved in political quarters and financial and industhe plans of the respective Government leaders. Ar- trial circles, the German Government cannot escape
rangements for the conversations were made early in the near future." In a further report to the same
in April, and were formally announced at London journal, it was remarked that whatever the outcome
and Berlin April 8. The meager official announce- of the conversations, a formal step by Germany for
ments merely indicated that the British Government the revision of her present reparations commitments
had extended invitations to Chancellor Bruening may be looked for within the next six weeks. "Such
and Dr. Curtius for a friendly week-end visit at the action, it is stated in competent quarters," the discountry residence of British Prime Ministers. The patch reported,"would automatically have to follow
visit, it was added, would be for the purpose of dis- the proclamation of Chancellor Bruening's new
cussing questions of interest to both countries, and emergency levy and economy plans,which the Governit was further stated that no subject had been ruled ment is convinced will not be accepted by the Gerout of the discussion. At the time the invitations man people unless they are accompanied by some
were extended, the questions of disarmament and of parallel undertaking in the direction of forcing an
the Austro-German customs union proposal were early revision of the reparations obligations." Diploforemost in the public eye, and it was assumed that matic circles in Berlin, a dispatch to the "Herald
the visit would deal mainly with such matters. It Tribune" said, do not expect Dr. Bruening to return
was also suggested by unofficial observers that the from London with a revised reparation plan in his
question of reparations might form an important pocket, but rather with some ray of hope for the
part of the discussions. In the press forecasts of the German taxpayers to compensate them for their
past week, all emphasis has been placed on repara- added burdens.
tions and there seems to be ample reason for assumAlthough the current meeting is taking place on
ing, in the absence of offieial statements, that this the invitation of the British Government, comparaquestion will, indeed, be prominent in the Chequers tively little was said in London this week regarding
conversations.
the discussions. "Those in official circles profess
The two German Government heads left Berlin not to know what requests the Germans will make
Wednesday night for Hamburg, where they em- at the week-end conferences," a London report of
barked next day on a liner for Southampton. They Tuesday to the Associated Press said, "but it is
arrived at the British port yesterday. The plans pointed out that under the Young plan Germany can
include a dinner on their arrival at London, conver- ask for postponement of certain conditional paysations at Chequers to-day and to-morrow, and cere- ments for a two-year period in times of distress.
monies in their honor at London Monday. Before Such a request for postponement must be made on
leaving Berlin, Chancellor Bruening placed before 90 days' notice, after which a committee of experts
President Paul von Hindenburg the draft of an would be set up to study the claims." In France it
emergency decree which is believed to impose drastic was considered certain, a Paris report of Wednesday
new taxes and economies in Government, such meas- to the "Herald Tribune" said, that Chancellor Brueures being necessary for the balancing of the budget. ning and Foreign Minister Curtius will raise the
Their departure from the Reich coincided with grave question of a moratorium under the Young plan, or
rioting in Berlin and Hamburg by Communists and else revision of the plan. "As was to be expected,"
groups of unemployed. A meeting of the foremost the dispatch relates, "Paris refuses to consider a
industrialists of the Rhineland, which took place moratorium or reduction of any size without the
at Duesseldorf, demanded at the same time that a proviso that the United States shall make a propordirectory be formed with dictatorial powers to rule tionate concession as regards the Allied war debts."
Germany with the aim of securing financial reforms, Equally important,it is added,is the French official
cessation of reparations payments and foreign finan- insistence that Germany's economic situation is not
cial aid. Also indicative of German sentiment was a justification for any immediate change in the
the opening of a campaign at Dresden by Dr. Hjal- Young plan.
mar Schacht, former President of the Reichsbank,
against further reparations payments. These inciRecommendations for a sharp decrease in British
dents and others were cited in Berlin dispatches as unemployment insurance payments, as well as inevidence of the economic crisis through which Ger- creased contributions by employers, the employed
many is passing. German necessities, thus illus- and the State, are made in the survey of the operatrated, are believed to insure that reparations will tion of the State scheme by the Royal Commission,
be a leading topic at Chequers. "The economic published in London Thursday. The study by the
crisis, unless relieved, threatens to lead the Reich to Commission, which was appointed by the Labor GovBolshevism or Fascism by next winter," a Berlin ernment, was due to the heavy strain occasioned by
dispatch of Wednesday to the New York "Herald the scheme on the national exchequer. Although
Tribune" stated.
designed to be self-supporting, the huge total of
In these circumstances great hopes have been British unemployed has necessitated an outflow durpinned on the Chequers conversations throughout ing most of the current economic depression of about
Germany, with frequent allusion made to the fact $5,000,000 a week more than the income, with the
that the meeting will be the first of its kind between British Exchequer making up the deficit. The Fund
British and German representatives since the World is thus some $400,000,000 in debt. Suggestions now
War. Advice and counsel were showered upon the made by the Royal Commission would reduce the
two German leaders in great profusion before their payments by about $165,000,000 annually, while condeparture, Berlin dispatches remarked. "It is tributions would be increased by $45,000,000. De-
4118
FINANCIAL CHRONICLE
[Vork 132.
spite such measures, the Fund will not balance on provide direct personal contact, Francis Rodd, highthe present average of about 2,500,000 unemployed, est British official of the B. I. S., had departed for
but the deficit might be reduced to about $35,000,000 Vienna, it was added. No indication was given of
a year, the Commission report states. It is esti- the amount of the credit, nor were the names of the
mated, moreover, that the scheme might again be- 10 central banks disclosed. It was made plain in
come self-supporting if the total of unemployed falls New York last Monday, however, that the Federal
to 1,750,000.
Reserve Bank of New York,in association with other
Changes recommended by the Commission, of banks of the system, had agreed to participate in
which Justice Holman Gregory is Chairman, appar- the arrangements, such participation taking the
ently relate entirely to the operation and not to the form of an agreement to purchase prime commercial
underlying principle of the scheme. Insurance bills. The possible extent of the participation was
premiums are at present paid by employers, em- not revealed. The Austrian National Assembly
ployees and the State in approximately equal propor- granted the Government authority of surety, last
tions. An adult man,for instance, pays 14c. weekly week, for all credits which foreign banks may grant
into the fund, his employer 16c., and the State 15c. the distressed Kreditanstalt after May 28.
If the insured becomes unemployed, he received 17s.
($4.13) a week. The Commission now recommends
Trade of the Soviet Government of Russia with
that payments to the unemployed should be based other countries remains a subject of absorbing inon payments to fully insured male adults of 15s. terest in all lands, with almost equal attention being
($3.85) a week, while it is further suggested that paid currently to the progress within Russia of the
each of the three contributing parties pay 18c. five-year plan of industrialization, which is apparweekly. Corresponding increases are recommended ently to be succeeded by a second five-year plan and
in the smaller premiums now paid in behalf of possibly a third and fourth. In the British House
women and junior workers and corresponding de- of Commons further attacks on the Labor Governcreases in the benefits receivable when unemployed. ment's Russian policy were reported last month,
The changes are justified, it is held, by the increased with Sir Austen Chamberlain, Foreign Secretary in
purchasing power of the benefits. Both employers the preceding Conservative Cabinet, leading the deand workers are criticized in the report for taking bate. It was reported in a London dispatch to the
advantage of the scheme, and certain measures are New York "Times," at the same time, that protests
suggested to tighten its administration. The Com- in Great Britain against Russian "dumping" are
mission recommends the decrease or the abolition chiefly partisan and emotional, without much comof relief payments to casual, intermittent or sea- mercial or popular backing and without any sign
sonal workers and their abolition for certain classes of action on the part of the Government. French
of married women. Differentiations are also sug- imports of Russian commodities, a Paris dispatch
gested between workers coming under the scope of to the same journal states, have decreased considthe insurance scheme proper and those receiving erably since last October, when the French Govern"transitional" benefits, although they have never ment, by decree, instituted a system of control over
made any contributions to the Fund. It is indicated imports from the U. S. S. R. Sixteen principal Rusin London reports that these recommendations of sian commodities are permitted entry into France
the Royal Commission will clearly prove distasteful only by special license, it is noted. German trade
to the more radical members of the Labor Party. with the Soviet Government continues to expand
Prime Minister MacDonald, therefore, may find his under the system of Government guarantees of
party badly split if he accepts the report. If he does credits extended by German exporters, and this
not accept it, he faces the possibility of a Conserva- method also is employed in Austria. Soviet-Italian
tive-Liberal coalition for his defeat, as the Liberal trade is fostered by a special agreement between
party is committed in advance to acceptance of the the two Governments, and the two countries are now
report.
considering raising the limit of annual exchanges
from 350,000,000 lire to 600,000,000 lire, an AssociThe financial storm that swept over Austria after ated Press dispatch reports. The attitude of the
the announcement early in May that Government aid new Republican Government of Spain toward Soviet
would have to be extended the Kreditanstalt fur trade may be assumed from the recent agreement
Handel und Gewerbe has moderated in the past week, wherein Russia was given a monopoly of the Spanish
owing largely to concerted credit arrangements in oil market. Czechoslovakia imports from Russia
favor of the National Bank of Austria, effected by only those products which do not compete with home
the Bank for International Settlements and 10 lead- products. Rumania, Yugoslavia and Hungary do
ing banks of issue. Reports last week indicated that little business with the Soviets.
the crisis in Austria was rapidly becoming acute,
Reports from independent observers in Russia
with heavy withdrawals continuing notwithstanding indicate that the five-year plan is almost certain
the extension of aid by the Austrian Government and to be realized on paper in the amount of goods proprivate banking interests. Arrangements where- duced. It has been remarked on more than one occaunder credits in an unannounced amount would be sion, however, that quality has been sacrificed to
• made available immediately for use of the Austrian the quantitative demands of the plan, with a further
central bank were completed at Basle May 29. In a difficulty encountered through the tendency of many
statement issued by the B. I. 5., it was remarked plants to produce only the roughest products with
that the arrangements discussed at the preceding the idea of rolling up high production figures. AlBoard meeting had been completed. "Ten of the though the plan takes in the period to the end of
largest central banks,in addition to the B.I. S.itself, 1932, it is reported that plans are already being
have agreed to put at the disposal of the Austrian drawn for a second five-year plan to begin in 1933.
National Bank foreign exchange credits for use as In a Moscow dispatch of last Sunday from Walter
required," the communication stated. In order to Pura,nty, the well-informed correspondent of the
JUNE 6 1931.]
FINANCIAL CHRONICLE
New York "Times," it was indicated on the basis of
an official outline that the new plan will proceed
along the three chief lines of a greater provision of
electrical power, the construction of "agricultural
industrial plants," and chemical development. The
agricultural industrial plants, it was explained, will
undertake canning and other forms of food preparation and conservation on a gigantic scale both for
home consumption and for export. The chemical
development will have for its aim the improvement
of land both for crops and cattle, not only by fertilization but by irrigation and other means. That
the acute shortage of merchandise has been overcome to a degree was shown last month by discontinuance of the card ration system on everything
but food and fuel. Further augmentation of the
food and commodity supply is visualized, moreover,
in an announcement late last month that taxes on
petty independent producers are to be reduced onethird and encouragement given such production in
other directions. Social progress, of which the
Soviet Government may justly be proud, is shown
by reduction of the number of homeless waifs in
Russia to about 4,500 as compared to the 750,000 who
roamed throughout the country 10 years ago.
Thought-provoking, on the other hand, are the continued difficulties with the Russian workers, who
are accused of stupidity, carelessness and lack of
skill. Troubles of this nature are especially apparent, it is said, in the production of machinery, large
quantities being damaged or destroyed by carelessness or actual sabotage. It was reported Tuesday by
Mr.Duranty that a prize competition is to be inaugurated in the railway repair shops in an effort to overcome such "Socialist devils of bureaucracy, inertia
and lack of individual initiative."
Incidents of increasing gravity in the dispute between the Fascist Government of Italy and the Holy
See were reported over the last week-end, with an
open rupture considered more than a possibility for
a while. The troubles arose out of Fascist allegations that high officers of Church organizations were
fostering hostility to Fascism. Fascist students precipitated minor riots, which finally ceased on the
express order of Premier Mussolini. The latter inervened more definitely and in unexpected fashion
last Saturday, when he ordered the disbandment
throughout Italy of the lay society known as the
Catholic Action. The police at the same time closed
all Catholic clubs in Rome, as well as several playgrounds financed by the American Knights of Columbus. Pope Pius countered by placing the Catholic Action under the direct tutelage of the bishops,
which meant that the Holy See assumed responsibility for the organization and its acts. It was stated
at the Vatican, last Sunday, that the series of incidents brought directly into question the Lateran
Treaty and the collateral Concordat between the
Holy See and the Italian State, and that an appeal
had been made under these documents. The Fascist
decree dissolving all organizations of Catholic youths
in Italy was formally promulgated Monday, but at
the same time action was taken for softening the dispute. An order was issued by the Vatican for discontinuance of the anti-Fascist editorial campaign
in the semi-official "Osservatore Romano," while an
Italian Government order was issued simultaneously
to Fascist papers to stop publishing anti-Catholic
editorials. Rome reports stated, early this week,
4119
that closely guarded diplomatic negotiations for settlement of the difficulty were in progress.
Changes in Canadian tariff schedules that are
expected to affect more than one-third of the annual
United States exports to that country were announced by Prime Minister R. B. Bennett in his
annual budget speech before the Ottawa House of
Commons, Monday. Rates were reduced in a few
instances, but most of the revisions were upward.
Excepting in a few instances, an Ottawa dispatch
to the Associated Press reported, alteration in rates
is confined to the intermediate and general tariffs,
the latter affecting imports from the United States,
while British preference tariffs were little altered.
The changes were not general, the Prime Minister
told the Commons, but were confined to such schedules as would assist in a downward adjustment of
unemployment. The measure is also one of a number announced by Mr. Bennett to increase Canadian
revenues. Budget figures, as reported in the address,show total revenue for last year of $356,213,000
and ordinary expenditures of $394,000,000. Computation of revenue from all sources and expenditures
for all purposes revealed a deficit of $75,244,973 for
the year. Also of importance in the budget statement is a provision for farm aid on export wheat by
means of an adjustment of freight rates. The Dominion Government will absorb, in this fashion, five
cents a bushel on the cost of transporting to the seaboard wheat produced in Western Canada. The
tariff, apparently aimed in no small degree against
the United States, will be supplemented by subsidies
for the coal industry in the Maritime Provinces and
Western Canada to the extent of $1,800,000 a year.
A study of the Canadian tariff changes by Commercial Attache Lynn W. Meekins at Ottawa, made
public by the Department of Commerce in Washington Tuesday, indicates that the revision will affect
174 items out of a total of about 800 items in the
Canadian schedule. The changes,it is remarked, are
predominantly upward, although a number of lower
duties are provided, particularly on producers' materials. The British preferential rates are only
slightly altered, with the changes mainly in the intermediate rates, applying to foreign countries having
commercial treaties with Canada, and in the highest
or general rates, which are those applicable to products of the United States, Germany, and other nontreaty countries. Of the commodities of particular
interest to American exporters,the increase in duties
include foodstuffs of various types, especially prepared foods, coal, automobiles valued over $1,200,
certain structural materials and steel products; particular classes of machinery, household linen, toys,
watches and clocks. Unofficial estimates by Government economists, reported in Washington dispatches, indicated that more than $200,000,000 out
of last year's American exports of *659,000,000 to
Canada will be affected by the tariff changes. Secretary of State Henry L. Stimson indicated Wednesday that the United States would not protest to
the Ottawa Government against the changes, as the
tariff is regarded as purely a domestic concern.
Widespread discussion of the tariff issue in this
country was El prompt aftermath of the increase in
Canadian rates, with the suggestion freely made that
the Canadian revision is, in a sense, a retaliatory
measure. Most such discussions, unfortunately, are
based on party preferences rattle': Oan 011 the rc-guitil
4120
[VoL. 132.
FINANCIAL CHRONICLE
of dispassionate study like that embodied in the protest against the Hawley Smoot rates made by more
,
than 1,000 American economists before the present
rates were placed in effect. In European and South
American countries, also, tariffs are at present the
subject of much thought and agitation, with the
high United States duties occasioning frequent and
bitter comment. The European Union Commission
at Geneva devoted a large part of its discussions,
last month,to the question of tariffs, while the International Chamber of Commerce meeting in Washington adopted a resolution urging removal of "obstacles
to trade." It is now reported in a Buenos Aires dispatch to the New York "Times" that the tariff question will be one of the most prominent topics both
at the Pan-American commercial conference in
Washington next October, and the general PanAmerican conference in Montevideo next May.
"Chile seems determined to bring up the tariff question," the report states. "Although its proposal will
be for an inter-American tariff union, it is certain
that the question cannot be brought before the PanAmerican conferences without resolving itself into
South American criticism of the United States
tariff."
The National Bank of Bulgaria on June 4 reduced
its rate of discount from 9% to 812%. Rates are 6%
/
in Spain; 5 % in Hungary and Italy; 5% in Ger/
1
2
/
many and Austria;
in Norway; 312% in Den/
1
2
mark and Ireland; 3% in Sweden; 2 % in England
and Belgium,and 2% in France, Holland, and Switzerland. In the London open market discounts for
/
Short bills on Friday were 2 1/16@21 8% against 2@
/
21/16% on Friday of last week, and 21/16@21 8%
for three months bills, the same as the previous Fri/
1
4
day. Money on call in London on Friday was 1 %.
At Paris the open market rate remains at 178%,and
/
in Switzerland at 1 %.
/
1
2
The Bank of France statement for the week ended
May 30, shows a gain in gold holdings of 1,410,156
francs. The total of the item now stands at 55,634,060,503 francs, in comparison with 43,808,866,426
francs the corresponding week last year and 36,596,432,580 francs the year before. Credit balances
abroad declined 221,000,000 francs while bills bought
abroad gained 224,000,000 francs. A large increase
appears in note circulation, namely, 1,355,000,000
francs. The total of circulation is now 78,180,848,335
francs, as compared with 73,078,813,845 francs last
year and 64,316,379,190 francs two years ago.
French commercial bills discounted and advances
against securities show increases of 845,000,000
francs and 36,000,000 francs, while creditor current
accounts decreased 166,000,000 francs. Below we
furnish a comparison of the various items for the
past three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
Changes
for Week.
May 30 1931. May 311930. June 1 1929.
Francs.
Francs.
Francs.
Francs.
Gold holdings----Inc.
1,410,156 55,634,060,503 43,808,866,426 36,596,432,580
Credit bals. abed_Dec. 221,000,000 5,430,436,816 6,872,939,901 7,805,025,728
French commercial
bills discounted.Inc. 845,000,000 6.162,052.300 7,611,581,761 5,742,760,652
Bills bought abed_Ine. 224.000,000 20.764,619,507 18,654,405,451 18,387,473.298
Adv.agst.securs_ _Inc. 36,000,000 2,806,568,476 2,540,750.876 2,443.807,581
Note circulation__Inc. 1,355.00000 78,180,848,335 73,078,813.845 64,316,379,190
Cred. curr. 8cets_Dec. 166,000,000 22,609,576,954 15,425,372,652 18,607,585,016
of £1,511,000 in note circulation, reserves fell off
£655,000. The Bank's bullion supply now aggregates £152,934,078 in comparison with £156,879,085 a year ago. Public deposits decreased
£10,903,000 from £17,449,000 a week ago to £6,546,000 now, while other deposits increased L17,548,483. Other deposits consist of bankers accounts
and other accounts. The former rose £17,448,573
and the latter £99,910. The reserve ratio is now
50.19% compared with 53.96% a week ago and
48.84% last year. There was an expansion of
£7,281,000 in loans on government securities and
of £38,673 in those on other securities. Other
securities include 'discounts and advances which
increased £280,974 and securities which decreased
£242,30181- Below we compare the different items
for:Jive years:
BANK:OF ENGLAND'S COMPARATIVE STATEMENT.
1928
1927
1929
1930
1931
June 6.
June 8.
June 5.
June 4.
June 3.
Circulation_ a
356.371.000
Public deposits
6,546,000
Other deposits
106,129,666
Bankers' accounts 72,209,262
Other accounts— 33,920,404
Govt. securities
38,495,684
Other securities
35,416,843
Disct. & advances 7.106,070
Securities
28,310,773
Reserve notes & coin 56,563,000
Coin and bullion-152,934,078
Proportion of res've
to liabilities
50.19%
Bank rate
2y.5%
359,798,602
8,877.942
107.990,702
71,081,853
36,908,849
58,380,547
19.192,897
6,476.057
12.716.840
57,080,483
156,879,085
361,576,772
8,511,444
106,292,485
70,346,971
35,945,514
43,106,855
27,215,003
6,215,102
20,999,901
62,274,358
163,851,130
48.84%
3%
54.25%
54%
135,661.835 137,333,090
8,852,638 12,549,965
110,272,764 102,389,238
36.187,006 52,585,975
52,578,969 45,605,940
48,188,130 34,527,601
164.079,965 152,110.691
401%
4%%
30%
4%%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of Germany in its statement for the
last week of May shows an increase in gold and
bullion of 19,907,000 marks. Owing to this gain
the item now aggregates 2,390,327,000 marks, in
comparison with 2,591,135,000 marks the same time
last year and 1,764,529,000 marks the year before.
Increases also appear in bills of exchange and checks
of 385,934,000 marks, in advances of 100,112,000
marks and in other assets of 69,223,000 marks.
Note circulation expanded 547,727,000 marks raising
the total of the item to 4,298,122,000 marks. Circulation the same time last year stood at 4,812,469,000 marks and two years ago at 4,606,388,000
marks. Decreases are shown in reserve in foreign
currency of 10,383,000 marks, in silver and other
coin of 25,353,000 marks, in notes on other German
banks of 15,736,000 marks, in investments of 13,000
marks, in other daily maturing obligations of 21,112,000 marks and in other liabilities of 2,914,000
marks. The item of deposits abroad remains unchanged. A comparison of the various items for the
past three years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
May 30 1931. May 31 1930. May 31 1929
for Week.
Reichamarks.
Reichsmarks. Reichamarks. Reichsmark*.
Assets—
Inc. 19,907,000 2,390,327,000 2,591.135,000 1,764,529,000
Gold and bullon
207,638,000 149,788,000
59,147,000
Of which dopes.abed. Unchanged
Res've in torn cum—Dec. 10,383,000 186,181,000 350,844.000 299,147,000
Bills of exch. & checksInc. 385,934,000 1,816.432,000 1,958,223,000 3,004,819,000
Silver and other coin_ _Dec. 25.353,000 174,315,000 128,610,000 108,100,000
1,582,000
4,132,000
5,120,000
Notes on oth. Ger.bks.Dec. 15,736,000
Advances
Inc. 100,112,000 187,182,000 187,748.000 254,776,000
92,899,000
Dec.
Investments
13,000 102,897,000 101,067,000
Other assets
Inc. 69,223,000 541,489,000 596,393,000 458,695,000
LfabflfUes—
Notes in circulation_ _Inc. 547,727.000 4.298,122,000 4,812,469,000 4.606,388,000
Oth.dally matur.oblig.Dec. 21,112,000 353.282.000 401,088,000 628,170,000
Other liabilities
Dec. 2,914,000 244,018,000 210,670.000 307.593,000
Money rates in the New York market showed no
The Bank of England statement for the week movements of any consequence this week, while
Call
ended June 3 shows a gain of £856,051 in gold hold- dealings also were dull in most departments.
/%
Stock Exchange were 112 for all
ings but as this was accompanied by an expansion loans on the
JUNE 6 1931.]
loans, whether renewals or new transactions. There
was a substantial overflow into the unofficial
"Street" market every day, and trades were reported
in all sessions at 1%, or a concession of 4% from
the official figure. Demand was small and the supply more than adequate. Time loans also remained
at earlier figures, with dealings unimportant. Of
much interest throughout the market was the Treasury offering, announced Monday, of $800,000,000, or
/
thereabouts, in 31 8% bonds due 1949 and callable
1916. Indicative of the plethora of investment funds
in the United States capital market was the extremely heavy oversubscription, some $6,000,000,000
being offered. Two compilations of brokers' loans
against stock and bond collateral were made public
this week, and both showed ample recessions. The
Stock Exchange tabulation for the entire month of
May reflected a reduction of $216,444,474 in that
period, while the report of the Federal Reserve Bank
of New York for the week to Wednesday night
showed a drop of $35,000,000. Gold movements reported by the Reserve Bank for the same period consisted of imports of $1,430,000 and exports of $10,000.
There was no change during the week covered in the
amount of gold held earmarked for foreign account,
but the daily statement for Thursday reflected a
decrease of $1,000,000, which is equivalent to an
import of the metal.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no
deviation at any time from the figure of 11 2%, this
/
having been the quotation both for new loans and
for renewals. Time money is still inactive, and
there is no demand for this class of accommodation.
Rates all week have been 1@11 2% for 30 days,
/
11 1@11 2% for 60 days, also for 90 days and for
/
/
four months, and 11 2@13
/
/ for five and six months.
4%
Prime commercial paper remains active, but business
is limited by an acute shortage of paper. Rates for
choice names of four to six months' maturity remain
at 2(g21 4%. Names less well known and shorter
/
4%.
/ 3
choice names are still quoted at 21 2@2/
The demand for prime bank acceptances was fairly
active during the week, but dwindled down to the
minimum on Thursday and Friday. An ample supply of paper to meet the requirements of the market
is now available. Rates remain unchanged. The
quotations of the American Acceptance Council continue at: For bills up to 90 days, 1% bid, 78%
/
asked; for four months' bills, 11 8% bid, 1% asked;
/
for five and six months, 1%% bid and 114% asked.
/
The Federal Reserve Banks increased their holdings
of acceptances during the week from $124,501,000 to
$134,155,000. Their holdings of acceptances for foreign correspondents further declined from $381,570,000 to $375,331,000. Open market rates for
acceptances also remain unchanged, as follows:
Prime eligible bills
Prime eligible bills
4121
FINANCIAL CHRONICLE
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days
-Bid. Asked.
Bid. Asked.
Bid. Asked.
I%
131
—90 Days—
Bid. Asked.
1
ji
134
114
—80 Days—
Bid. Asked.
1
31
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible nets-member banks
13
1
—30 Days—
Bid. Asked.
1
134
bid
134 bid
There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on June 5.
Dale
Established.
Previous
Rate.
2
134
3
234
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept. 12 1930
May 21 1931
May 8 1931
May 22 1931
214
2
334
3
334
334
3
3
4
334
334
3
a
3
234
234
831
3
3
234
Sterling exchange is irregular, but displays on the
whole a firmer tone than last week. Sterling was
especially in demand and firm on Monday and Tuesday. Thereafter the market quieted down and rates
receded slightly although the undertone continued
firm. The range this week has been from 4-86k
to 4.865 for bankers' sight bills, compared with
4
4.861% to 4.86 7-16 last week. The range for cable
%
transfers has been from 4.863/ to 4.863 , compared
with 4.863 to 4.86 9-16 a week ago. Sterling cable
%
transfers on Tuesday were quoted as high as 4.86%,
a new high for the year. This compares with parity of
about 4.865 plus. This new high has not been equaled
%
since the end of the seasonal period of strength in the
closing days of last August. At the same time, however, a large supply of sterling futures seems to be in
the market and to have driven the future rate down
to a discount around 7-16 for one month, while threemonths sterling has sold at a discount of %. About
a week ago one-month futures were quoted at M.
discount and the wide spread now being quoted has
confused the market. Foreign exchange traders
state that it is. evident that a bear position is being
built up in futures, but the resulting hedge is driving
the rate for cable transfers up and in some quarters
a cable rate of 4.87 is looked for in the near future.
The present discount on futures is sufficient to make
the London bill rate unattractive to New York funds.
A large part of the firmness in sterling exchange
arises from transactions in European and other world
centres than New York. In addition to sterling,
Antwerp belgas, Swiss francs, Holland guilders, and
Swedish crowns moved up this week to a premium
on New York.
Bankers stress the point that the firmness in these
units is due, not so much to the easy money in New
York as to conditions on the Continent, plus seasonal
strength in sterling, which usually has a firming
influence on the major European currencies. Sterling
has been highly irregular during the week with
respect to French francs and the London check rate
on Paris was several times quoted as low as 124.12,
which compares with 124.21 on Friday of last week
and with 124.38 on Friday two weeks ago. However, the London rate on Paris recovered to 124.29
on Thursday and Friday. The comparative weakness of sterling with respect to the French franc and
also the fact that Switzerland this week took £400,000
of gold from the London open market is believed
to preclude all possibility of a reduction in the
Bank of England rate, which was hinted at a week
ago by some bankers. Early this week London
open market bill rates were quoted a shade higher,
with 90-day bills at 2 1-16@2%%, compared with
the recent low of 2 1-32%. This week the Bank of
England shows an increase in gold holdings of
£856,051, the total standing at £152,934,078, which
compares with £156,879,085 on June 4 1930. On
4122
FINANCIAL CHRONICLE
Saturday the Bank of England bought LH,749 in
gold bars and received £78,000 in sovereigns from
abroad. On Monday the Bank bought £111,000
in gold bars, received £84 in sovereigns from abroad,
and exported £3,000 in sovereigns. On Tuesday
the Bank bought approximately £600,000 of South
African gold in the open market at a price of 84s.
101 d. There was approximately £1,000,000 South
4
African gold available, of which £400,000 was taken
for account of Switzerland. In addition, the Bank
of England bought on Tuesday £136 in foreign gold
coin, exported £4,000 in sovereigns, and set aside
£200,000 in sovereigns. On Wednesday the Bank
bought £583,908 in gold bars, sold £13,995 in gold
bars, received £8,000 in sovereigns from abroad,
exported £14,000 in sovereigns, and released £200,000 in sovereigns. On Thursday the Bank exported
£4,000 in sovereigns. On Friday the Bank bought
£4,139 gold bars and £13 foreign coin and exported
£5,000 sovereigns.
At the Port of New York the gold movement for
the week ended June 3, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$1,430,000, of which $1,292,000 came from Cuba
and $138,000 chiefly from other Latin Ameican
countries. Exports were $10,000 to Germany.
There was no change in gold earmarked for foreign
account, but on Thursday, the day following the
Federal Reserve Bank's weekly statement on the
gold movement, there was a decrease of $1,000,000
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended June 3, as reported by the Federal
Reserve Bank of New York, was as follows:
-JUNE 3,INCLUSIVE.
GOLD MOVEMENT AT NEW YORK,MAY 28
Exports.
Imports.
$10,000 to Germany
$1,202,000 from Cuba
Latin
138,000 chiefly from other
American coun'ries
$1,430,000 total
$10,000 total
Net Change in God Earmarked for Foreign Account.
None
On Friday $2,541,000 of gold was received in
New York from Argentina, while approximately
$477,000 gold was received at San Francisco from
China.
Canadian exchange continues at a discount, despite the fact that seasonal influences should normally
•
develop a firmer rate on Montreal. Once or twice
this week Montreal funds were quoted as low as
5-64 of 1%, which compares with 1-32 of 1% on
Saturday last. The discount on Monday was 3-64
of 1%, on Tuesday and Wednesday 1-16 of 1%,
and on Thursday and Friday 5-64 of 1%.
Referring to day-to-day rates, on Saturday there
were no quotations it being a holiday (Memorial Day)
in New York. On Monday sterling was in demand
and firmer. The range was 4.863@4.86 9-16 for
bankers! sight and 4.863/2@4.86 21-32 for cable transfers. On Tuesday sterling continued to advance.
Bankers' sight was 4.86%@4.86%; cable transfers,
4
4.86%@4.863 . On Wednesday sterling, while still
firm, was off slightly. The range was 4.86 7-16@
4.86 9-16 for bankers' sight and 4.86 11-16 for cable
transfers. On Thursday sterling was steady. The
range was 4.86%@4.86 9-16 for bankers' sight and
4.86%@4.86 11-16 for cable transfers. On Friday
sterling was easier, the range was 4.86 5-16@)4.863/
for bankers'sight and 4.86 9-16@4.96 19-32 for cable
transfers. Closing quotations on Friday were 4.86 7-16
for demand 4.86 9-16 for cable transfers. Commer-
[you 132.
-day bills at
cial sight bills finished at 4.86 5-16; 60
-day bills at 4.833/2; documents for pay4.84%; 90
ment(60 days) at 4.843 ,and seven-day grain bills at
A
4.86 1-16. Cotton and grain for payment 4.86 5-16.
Exchange on the Continental countries has been
dull and irregular. German marks and some of the
other Continentals have shown decided ease. The
weakness in mark exchange forced the Reichsbank to
sell foreign exchange in the last several days and in
order to maintain its holdings of foreign exchange at a
strong figure, the Reichsbank sold approximately
40,000,000 marks gold which is held under earmark
in Paris. This was part of the metal which was
shipped to Paris last fall following the exchange
troubles resulting from radical gains in the elections
at that time. It was found that not all the metal
shipped was actually required for exchange purposes,
and the Reichsbank therefore kept the gold in the
vaults of the Bank of France against future needs.
For the past few weeks there seems to have been a
considerable withdrawal of foreign funds from Berlin,
especially by French, Dutch, and Swiss interests.
A large part of the weakness in the mark is due to
uncertainties arising out of the delicate situation
caused by the losses suffered by the Austrian Kreditanstalt, as there is a close financial and political
affiliation between Germany and Austria.
German bankers deny that there is a large movement of funds from Berlin owing to this cause, but
the movement, whether large or small, has served to
depress mark exchange to such an extent that during
the greater part of this week the mark was quoted in
2
New York around 23.743/, a new low for the year,
while on Friday it moved still lower. Another cause
of the weakness in marks is found in the fact that
the Anglo-German conversations to be held at
Chequers Court in England will probably bring farreaching results. Official Germany has long recognized the necessity for either a revision of the Young
Plan or at least a postponement of annuities, but
thus far has hesitated to ask for a reopening of the
question in deference to popular demand for fear of
damaging German credit abroad. The point has
now been reached, however, where the Government
feels the step necessary and many economists feel
that if the reparations burden can be lifted or lightened or at least postponed, Germany's position will
be greatly strengthened. It is believed in banking
circles that the weak undertone of marks may continue until these issues become clarified. At present
quotations the mark rate is close to the export point
of gold from Berlin to New York. However, it is
hardly expected in banking circles that gold will
move from Germany to New York unless the rate
were to fall considerably below the gold point. Meanwhile, the changed prospect for mark exchange seems
to preclude all possibility of a reduction in the Reichsbank's rediscount rate although the rate is so clearly
out of line with other major central bank rates.
The Austrian situation should no longer be a
source of weakness to mark exchange, as owing to
prompt measures taken by the Central banks and by
private bankers to defend Austrian exchange and to
extend credit to the Austrian National Bank, there
is every chance now that Europe will weather successfully the storm which was produced by what has been
described in responsible banking quarters as the
biggest bank failure in history. The chief central
banks of the world through the Bank for International
;NNE 6 1931.]
FINANCIAL CHRONICLE
4123
Settlements have joined in a credit arrangement in Antwerp belgas finished at 13.933 for checks and
favor of the Austrian National Bank, negotiated in at 13.93 for cable transfers, against 13.923 and
order to strengthen the position of the Austrian 13.93. Final quotations for Berlin marks were
Central Bank.which was threatened by the difficulties 23.723 for bankers' sight bills and 23.729 for cable
of the Kreditanstalt. Advices from Vienna early transfers, in comparison with 23.74 and 23.743,
in the week stated that the Austrian National Council Italian lire closed at 5.23 5-16 for bankers' sight
had voted to guarantee foreign credits and reorganize bills and at 5.233/ for cable transfers, against 5.23
the Kreditanstalt. This decision by the Council, in and 5.23 9-16. Austrian schillings closed at 14.053,
addition to the stand taken by the Bank for Inter- against 14.053/2; exchange on Czechoslovakia at
national Settlements and the central banks, is con- 2.963/, against 2.963/8; on Bucharest at 0.59 7-16,
8
sidered of far reaching importance and was well against 0.59 9-16; on Poland at 11.20, against 11.20,
received in New York banking circles, as it relieves a and on Finland at 2.51/, against 2.51/. Greek
situation regarded as extremely disturbing.
exchange closed at 1.293/2 for bankers' sight bills
French francs are on the whole relatively steady, and at 1.293 for cable transfers, against 1.293/i and
%
although the rate fluctuated rather more than usual 1.29 11-16.
this week, owing primarily to transactions taking
place abroad. As noted above, the franc has been
Exchange on the countries neutral during the war
somewhat firmer with respect to sterling exchange, has been irregular and dull, with Swedish crowns,
with the result that London bankers are convinced Swiss francs, and Holland guilders showing decided
that the London-Paris rate renders impossible any firmness. The Spanish peseta has fluctuated widely.
lowering of the rediscount rate of the Bank of Eng- The action of the neutral currencies this week has
land. There has been a considerable flow of French been affected primarily by movements taking place
funds from England to France, with a resultant in Europe, rather than by transactions originating in
decline in the London check rate on Paris. The New York, although a greater demand for tourist
Bank of France still adds to its goki holdings and accommodation is also doubtless helpful to these and
for the week ended May 29 reported an increase in other European rates. Bankers are convinced that
gold of 1,410,156 francs. This increase in gold much of the firmness in Stockholm and Amsterdam,
holdings, like all the small increases for the past few and especially in Swiss exchange, is due to the flight
weeks, is due to the return of hoarded gold to be of capital from Spain and to some extent from Gerexchanged for franc notes, a movement which has many and Austria. As noted above, approximately
been under way since the stabilization of the franc £400,000 gold was taken from London this week for
in 1928. Some detailed figures relating to this Swiss account. The market is discussing the possimovement were published here last week. Current bilities inherent in the sudden rise in Swiss francs,
gold holdings of the Bank of France are 55,634,- which on Monday advanced in New York six points
060,503 francs, which compares with 43,808,866,426 to 19.403. Par of the franc is 19.30. The gold
francs on May 31 1930. In the present condition export point to Switzerland is estimated at approxiof the Paris money market the banks are unable mately 19.41, although it is doubted here that metal
to find full employment for their resources and are will move from New York. With the uncertainty
therefore often obliged to leave important balances existing in various international centres, Switzerland
with the Bank of France, although that institution has resumed the role of haven; where foreign balances
pays no interest on such deposits. Despite the fact may be kept with the greatest security, As a result
that money is so plentiful in Paris, firmness of the there is a plethora of short-term funds in that country.
franc, especially with respect to European coun- Switzerland, it is thought, does not wish additional
tries, is due to some extent to the transmission of gold and a bank rate cut is therefore deemed a
funds from other centres on account of the flight probability. The present rate of 2% has been in
of funds caused by disturbed political conditions effect since Jan. 22. Much the same considerations
and governmental decrees interfering with the free apply to the firmness in guilder exchange.
flow of commercial and other credits.
Spanish pesetas have fluctuated rather widely this
Italian lire, while reflecting the general irregu- week. On Friday of last week the peseta cable rate
larity of exchange this week, are on the whole steady. closed at 8.95, and on Monday went as low as 8.30,
Recent dispatches from Rome, commenting on
r successful renewal of 4 billion lire in Treasury the recovering on Friday to 9.58 The advance was
bonds due to the energetic efforts made by the Spanish
due next October, which has given the State Treas- Finance Minister to control the exchange. Acury more than 3 billion lire of new capital, point cording to Paris dispatches on Wednesday, the Bank
out that the success of the loan indicates the great of Spain is studying the question of localization of
abundance of money in Italy. The industrial situ- its gold reserves and is believed to have utilized
a
ation, the dispatch states, continues greatly de- part of the £3,000,000 which has been.held in London.
pressed. Nevertheless the industrial inactivity at An early return
to stability is doubtful. A Paris
home has had at least one good result in improving dispatch on Saturday stated that the Finance Ministhe foreign trade balance through the curtailment of ter of Spain had telegraphed Governors of all the
importations. Excess of imports over exports dur- Provinces, ordering all merchants and exporters posing the first four months amounted to 983,000,000 sessing important sums of sterling to turn it into
lire, as compared with 1,945,000,000 lire in the pesetas under penalty of imprisonment and concorresponding period of 1930.
fiscation. As a consequence Spanish exporters are
The London check rate on Paris closed at 124.29 asking buyers to deposit purchase monies in native
on Friday of this week, against 124.21 on Friday banks of the importers' country. A recent Madrid
of last week. In New York sight bills on the French dispatch states that the Finance Minister has ordered
centre finished at 3.91 7-16, against 3.913; cable all National and foreign banks operating in Spain
to
transfers at 3.913/, against 3.91 13-16, and com- give within 48 hours sworn statements of funds
2
and
mercial sight bills at 3.91 5-16, against 3.913. bullion held to their credit in foreign banks.
They
4124
FINANCIAL CHRONICLE
were also required to report before Saturday on all
imports and exports of capital in the last three years.
"If any of these are found to be false," Finance
Minister Prieto said, "it is quite probable that some
members of the bank boards will be sent to jail. A
period of stern measures has begun." A Paris dispatch on Monday stated that the new Spanish exchange restrictions include prohibition of purchase
of foreign securities which are not quoted in Spain,
or acquisition and retention of foreign currencies.
At the same time banks cannot export sums exceeding 5,000 pesetas, make postal transfers above
1,000 pesetas, or open peseta credits against gold.
Forward trading on merchandise has also been forbidden. Authorization by the exchange office is
necessary for the acquisition of property abroad,
collaboration of Spanish capital in foreign undertakings, opening peseta credits abroad and retention
of exchange obtained through exports, &c. The
Bank of Spain on May 30 reported gold holdings of
2,424,000,000 pesetas, discounts 2,540,600,000 pesetas, and circulation of 5,196,500,000 pesetas.
Bankers' sight on Amsterdam finished on Friday
at 40.22, against 40.21 on Friday of last week;
cable transfers at 40.233., against 40.223, and
commercial sight bills at 40.20, against 40.18.
Swiss francs closed at 19.38% for bankers' sight
bills and at 19.393 for cable transfers, against
19.34% and 19.353g. Copenhagen checks finished
at 26.78 and cable transfers at 26.79, against 26.773./
and 26.783/2. Checks on Sweden closed at 26.793/
,
2
and cable transfers at 26.803/ against 26.80 and
on Norway finished at 26.78
26.81, while checks
and cable transfers at 26.79, against 26.773/i and
26.783/2. Spanish pesetas closed at 9.57 for bankers'
sight bills and at 9.58 for cable transfers, against
8.94 and 8.95.
[VOL. 132.
Chilean exchange closed at 12 1-16 for bankers' sight
A
bills and at 121 for cable transfers, against 12 1-16
and 12/. Peru at 27.80, against 27.85.
Exchange on the Far Eastern countries presents no
new features. Silver prices have been again ruling low,
having been quoted in New York on Saturday last at
2
26 cents per fine ounce and later ruling around 263/e.
compares with what was thought
per fine ounce, which
to be a probably stabilized low figure a few months
ago around 29c. per ounce. As a consequence the
Chinese currencies are ruling low. Japanese yen are
relatively steady. The steps taken by Japan on Jan.
11 1930 to return to gold parity are, of course, the
chief factor in the firmness of yen. In important
circles it is thought that nothing short of a crisis of
the magnitude of the world war is likely to cause the
present Japanese authorities again to foresake the
gold standard. This policy removes much of the
speculative uncertainty enclosing future commitments with the Japanese, and the fact that the present government appears to be firmly established in
power may possibly be taken as an assurance that
exchange fluctuations will, for the present at least,
be restricted to fairly narrow limits. Closing quota4
tions for yen checks yesterday were 49.34@ 93/2,
on Friday of last week. Hong
against 49.36@49.50
Kong closed at 23%@23 11-16, against 23M@
A
%
23 7-16; Shanghai at 283 @29, against 28%@291 ;
Manila at 49%, against 49%; Singapore at 563'@
56%, against 56.25@56%; Bombay at 363, against
363., and Calcutta at 363, against 363I.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
Exchange on the South American countries is week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
unchanged in all important respects. Argentine
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 30 1931 TO JUNE 5 1931. INCLUSIVE.
pesos have shown an undertone of weakness. A
Argentine Government contemNoon Buying Bate for Cable Transfers in New York,
rumor that the
Value in United States Money.
of exchange was denied by Country and Monetary
Unit
plates official control
May 30. June 1. June 2. June 3. June 4. June 5.
President Casal of the Bank of the Nation on Wednes- EUROPE$
$
s $
s
$
.140470 .140475 .140481 .140465 .140472
day, who declared that his recent request that pri- Austria,schilling
.139284 .139276 .139254 .139295 .139271
Belgium, belga
.007181 .007172 .007169 .007169 .007109
vate bankers co-operate to prevent speculative oper- Bulgaria, ley kron
029620 020826 029620 029625 .029622
Czechoslovakia,
.267800 .267876 .267904 .267859 .267839
krone
ations was designed to avoid such control. Action Denmark,pound
England,
4.865553 4.866880 4.866383 4.866390 4.865654
sterling
of such a description would, he said, "be taken only Finland, ruarkka
.025168 .025171 .025170 .025163 .025162
.039198 .039102 .039176 .039165 .039145
France, franc
co-operation was proving Germany, reichstuark
in the event that such
.237482 .237497 .237474 .237404 .237298
.012946 .012953 .012953 .012953 .012950
Greece, drachma
.402475 .402468 .402517 .402402 .402322
ineffective." A crop of unfounded rumors which Holland, guilder
.174357 .174405 .174384 .174129 .174410
in Buenos Aires and Hungary, Dengo
.052340 .052343 .052345 .052347 .052346
has recently been spread both
Italy, lira
.267775 .287844 .287890 .287880 .267842
Norway, krone
.112004 .111927 .111927 .111895 .111031
abroad was mainly responsible for a slump in ex- Poland, zloty
.044939 .044720 .044245 .044266 .044260
Portugal. escudo
.005947 .005947 .005944 .005948 .005948
Rumania,leu
change and a fall in the quotations for certain Spain, peseta
.086860 .092638 .095675 .095555 .095803
.288097 .288144 .288102 .268052 .268007
issues, according to Argentine Sweden, krona
Argentine bond
.193966 .193976 .193940 .193971 .193886
Switzerland, franc,predicted prompt recovery following Yugoslavia, dinar__ HOLI- .017641 .017680 .017865 .017883 .017685
bankers, who
DAY
ASIAthe heavy export of grain and other products. China tael
.296666 .298958 .208125 .298125 .297291
Cherry)
.291406 .293750 .292812 .292812 .291875
Hankow
while weak with respect to par, Shanghaitael
Brazilian milreis,
.285089 .288214 .288714 .286785 .286250
tael
.301041 .30333
.302500 .302500 .301666
the last conversion rate being 11.96, are nevertheless Tientsin tael
.230625 .232984 .232410 .232857 .232142
Hong Kong dollar
.208562 .208437 .207812 .208125 .207500
dollar_
quoted around Mexican or ...._
firmer than in several days and
Pelya
Tientsin
.209583 .211666 .210833 .211250 .210416
dollar
7.15. The market is flooded with rumors regarding Yuan dollar
.206250 .208333 .207500 .207916 .207083
India,
.360875 .360808 .360808 .360808 .360520
economic problems. Japan,rupee
the possible solution of Brazil's
yen
.493771 .493834 .493821 .493790 .493771
.560125 .560416 .580416 .560416 .560416
The exchange question has become acute because of Singapore (OS.) do
NORTH AMER.
Canada, dollar
.999485 .999395 .099321 .999268 .999206
to foreign lenders Cuba. peso
the heavy interest payments
.999218 .999218 .999218 .999185 999217
.491400 .490066 .491400 .400066 .490000
Mexico, peso
which more than overbalances a consistently favor- Newfoundland, doll
.990812 .998875 .996781 .0966613 .996768
SOUTH AMER.
able trade balance.
.690530 .686981 .682905 .687288 .688935
Argentina, peso (gold)
.068187 .070444 .072928 .071464 .071684
Brazil, mIlreis
.120735 .120804 .120800 .120833 .120880
pesos closed at 30 3-16 for checks, Chile, peso
Argentine paper
.587745 .804025 .590117 .591930 .597503
Uruguay, peso
.965700 .965700 .263700 .985700 .965700
against 30 3-16 on Friday of last week and at 3034 Colombia, peso
for cable transfers, against 303. Brazilian milreis
The following table indicates the amount of bulare nominally quoted 7.10 for bankers' sight bills and
lion in the principal European banks:
7.15 for cable transfers, against 6.75 and 6.80.
JUNE 6 1931.]
FINANCIAL CHRONICLE
June 41931.
June 5 1930.
Banks of
Gold.
Ma'.
Gold.
Silver.
Total.
E
E
£
£
152,934.078156.879.08
England__ 152,934,078
156,879.085
France a..445,072,4
445,072,484350,470,939
08)
350,470,939
(d)
c994 600110,129.050122.067,35
Germany b 109.134.4 I
994,60 123:061,950
00
Spain ____ 96.945,000 27.805,000124,750, 0 98,815,000 28,706,000127,521,000
57.460.000 56.279,000
57.460,000
Italy
56,279,000
37395,001, 2,975,000 40,470,000 35.993,000 2,235,
Neth'Ian
38,228,000
41,334,000 34,194,000
Nat.Selg.. 41,334,000
34,194.000
25,713,000 23,153
Switeland. 25,713,0
23,153.000
13,303,000 13,511
Sweden _ _ _ 13,303,000
13,511,000
9,552,000 9,567,
Denmark _ 9,552.0
9,567.000
8,133,000, 8.144,000
Norway __ 8.133,000
8,144.000
Total week 997,076,018 31,774.6061,028850612909.073.374 31,935,600941,008,974
Prey. week 993.107,6211 32,222,6001,025330221909.972,558 31,625,600941,598.158
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 £10,380,900. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
Goodwill and Competition—The Chequers
Conference and the Canadian Tariff.
The announcement on Monday of extensive
changes in the Canadian tariff, followed by the departure Wednesday night from Berlin of Chancellor
Bruening and Foreign Minister Curtius on a visit
to Prime Minister Ramsay MacDonald at'Chequers,
affords a striking illustration of the way in which
international good will and sharp international
competition continue to run side by side. The days
of World War animosities and calls for vengeance
seem remote when leading officials of the German
Reich go to England to confer with the British
Premier and be received by King George. We shall
know later whether the persistent reports that the
reparations issue is to be the principal subject discussed are well founded, but it is certain that the
conversations, whatever the matters that may be
talked about, will go on in an atmosphere of friendliness and cordial mutual understanding. It is the
typical British way of letting by-gones be by-gones,
and sitting down to talk things over when new difficulties arise, that is being illustrated at Chequers,
and with that spirit Germany honorably falls in.
The Canadian tariff, on the other hand, points to an
acute economic controversy among the nations
which for months has been growing more intense,
and which to many observers seems to be doing more
than any other one thing to keep national feelings
stirred up and retard the business recovery of which
the world is so desperately in need.
The Canadian tariff changes which were announced by Premier R. B. Bennett on Monday are
not general in the usual sense of that term, the items
affected numbering only 174 out of a total of about
800 in the tariff schedule. Directly or indirectly,
however, the operation of the changes is wide. The
increases of duties particularly affecting American
products apply, according to a statement issued by
the Department of Commerce, to "foodstuffs of various types, especially prepared foods; coal, automobiles valued over $1,200, certain structural materials and steel products, particular classes of
machinery, household linen, watches and clocks and
toys." Magazines and periodicals, other than religious, scientific or educational publications, are
made dutiable at 15 cents a pound (a rate which it
is feared by some American publishers may be
almost prohibitive in the case of periodicals of large
circulation), and substantial increases are made in
the rates on a number of articles covered by what
are known as "basket clauses," providing for duties
on articles not specifically mentioned. The sales
tax on domestic as well as foreign transactions is
increased from 1% to 4%, and an additional excise
tax of 1% of the duty-paid value is provided for all
imports over $25 in value. Considerable reductions
4125
are also made in the list of exemptions from the sales
tax. Of the three classes of duties, namely British
preference, intermediate and general, the increase is
smallest in the preference group, larger in the intermediate group, applicable to countries which have
commercial treaties with Canada, and highest in the
general group, applicable to non-treaty countries. It
is to this third group that the products of the United
States belong.
The new tariff contains a number of interesting
features intended, apparently, to give flexibility to
the customs system and check abuses, and at the
same time permit either bargaining or retaliation.
Excise duties, for example, are to be imposed upon
the products of a manufacturer who, being protected,
uses the tariff to raise prices to consumers. Duties
on imported goods may be reduced by order of the
Governor in Council in return for reductions made
by foreign countries on Canadian goods, and considerable discretion appears to be given the same authority in determining what are or are not religious,
educational or scientific periodicals. A provision
for the forefeiture of goods imported from a country
which is not a signatory of the Treaty of Versailles,
while in terms applicable to the United States, is believed to be directed at the Soviet Union, although
other safeguards against dumping are also provided.
Included in the budget, and affecting the operation of the new duties, are substantial subsidies to
the coal industry of the Maritime Provinces and
western Canada, expected to move 1,870,000 tons of
coal a year, and a provision whereby the Government will absorb 5 cents per bushel of the freight
rates on wheat from western Canada.
Any increases of foreign tariffs may, of course,
be regarded in this country as retaliatory, especially
in view of the widespread resentment which the
Smoot-Hawley tariff has occasioned. There seems
little reason to believe, however, that retaliation is
the motive of the Bennett Government, but that the
new tariff is intended primarily to embody the high
protectionist principles to which the Government is
committed,to meet a Treasury deficit, and to relieve
unemployment. In presenting the budget of which
the new duties form a part, Mr. Bennett pointed out
that the revisions are not general"but were confined
to such schedules as would assist adjusting unemployment," and that only such items as required
such adjustment had been dealt with. The budget
deficit of $75,244,973, he said, was mainly due to the
business depression, customs receipts having fallen
off $48,000,000 and the receipts from the sales tax
having declined to less than half those of the previous year. "On the expenditure side," he explained,
"comparatively little advantage could be taken of
declining commodity prices" for the reason that
"fixed and uncontrollable charges constitute so large
a proportion of the expenditures. The interest on
the national debt was over $121,000,000, war pensions amounted to $46,000,000, and other uncontrollable expenditures absorbed an additional $36,895,000." Contracts under unemployment relief
measures amounted on March 31 to $69,690,948, representing employment for 248,000 persons.
Early estimates of the probable effect of the new
duties on American trade with Canada indicated
that not less than one-third of the total American
exports to that country would be adversely affected.
In a statement issued on Wednesday, however, Dr.
Julius Klein, Assistant Secretary of Commerce,
4126
FINANCIAL CHRONICLE
[VOL. 132.
stated that the new tariff "definitely imperils ap- the Conservative leader, champions it as the sovproximately 25,000,000 of American exports," or ereign remedy for unemployment and other economic
slightly less than 4% of the total American exports ills; exclusion of foreign products for the benefit of
to Canada in 1930. The statement, which is under- domestic producers is at the bottom of the long list
stood to have been submitted to President Hoover of recent tariff changes in Europe and Latin Amerbefore it was issued, made clear that the Adminis- ica; and the latest Briand plan of European union
tration did not regard the new tariff as retaliatory, has as one of its cardinal features a scheme of preferbut rather as a natural development by Canada of its ential tariffs under which the grain of the Danube
protective policy. "It is obvious from a study of countries and the manufactures or other products of
the commodities involved," the statement declared, western Europe are to be exchanged.
"that a considerable portion of the increases have
Those, accordingly, who believe that international
been made in preparation for the forthcoming con- trade must be reciprocal if it is to exist at all, and
ference on reciprocal tariffs among the British that countries cannot buy unless they can also sell,
Dominions, which is to take place next fall (the hold- will certainly view the action of Canada with deep
ing of this conference being one of the recommenda- concern. The concern will be the greater because it
tions of the Imperial Conference last year). Canada is impossible to think that the action of the Bennett
is, obviously and quite naturally, putting herself in Government, however slight may be the evidence of
a favorable position for these negotiations. It should a retaliatory purpose on its face, has not been mabe remembered that Canada, like all economically- terially influenced by our own tariff excesses. There
new lands, has for years been using high protective is already suggestive evidence of a growing revolt
tariffs to develop a more evenly balanced economy. against the Smoot-Hawley rates, notwithstanding a
Her excessive seasonal variation makes such a policy partisan demand here and there that those rates be
inevitable as a means of equalizing employment ir- still further advanced, and that protection is likely
regularities."
to be one of the leading issues in the approaching
Whether natural or retaliatory, the effect of the presidential campaign. The Administration is doubtnew tariff is bound to be considerable. Increased less wise in declining to see retaliation in the new
duties can have no object, aside from that of reve- Canadian budget, since to do so would be to admit
nue, save to increase the proportionate consumption that retaliation was to be expected, but it can hardly
of Canadian products at the expense of imported escape its share of responsibility for a protectionist
ones, and any diminution of imports will affect par- movement which is contributing drastically to retard
ticularly the United States, since it is from the world recovery.
United States that the larger proportion of Canadian
"Master Planning."
imports have come. The new tariff meets the demand of coal producers in the Maritime Provinces
Modernizing, methodizing, standardizing, "busiand the West for greater protection for Canadian ness"—promise alleviation of economic ills in times
coal, of Canadian wheat-growers for a more advan- of "depression." The whole world is now stirred,
tageous position in the wheat markets of the world, by "conditions," into a veritable furore of theories.
of Canadian farmers for larger domestic use of Cana- It is averred we ought never to have allowed this
dian-grown meats and fruits, and of Canadian manu- "debacle" to creep upon us; must certainly prevent
facturers for greater protection against the products another in the future. And if we will admit that
of American factories. To the extent to which it war was the primal and progenitive cause the way
stimulates a further flight of American capital to of prevention is easy—stop all wars! Alas, in the
the Dominion and the establishment of branches of midst of peace we are still preparing for war,
American industries there, it will offer more em- although we have solemnly promised each other, as
ployment to Canadian labor and less to labor in this nations, that we will never again resort to arms to
country. Whether, on the other hand, it will in- settle international disputes. So that any and all
crease the opportunities for Canadian markets cures for disordered economics must take into acabroad is not so clear. The action of the New Zea- count the unbridled passions of peoples. These, no
land Government on Monday in transferring all but doubt, have a remote influence on industry and
a few Canadian imports from the British preferen- trade; grow, in some degree, out of competitive protial list to the general list, because of the failure of duction and exchange; but, in our efforts to bring
negotiations for reciprocal duties, strikes a heavy harmony into our endeavors, we lose sight of the
blow at Canadian trade with New Zealand by tax- intrusion of war and base our calculations on peace
ing Canadian imports at the same rates as foreign as if it were a fixture in the future lives of peoples.
We can do no other than this, it is true, but we argue
goods bear.
There is no mistaking the world significance of to little purpose if we do not recognize that one war
the action which Canada has just taken. The new caused the most of our present trouble and that that
tariff is the most substantial impetus yet given,since war is with is yet—a fearful weight to be lifted,
the enactment of the Smoot
-Hawley tariff in this deadening bur efforts and disordering our thoughts
country, to the high protection movement which has and acts.
One of the chief methods proposed for the cure
been sweeping over the world. Not less than 25 countries have now changed their tariffs since the Smoot- and prevention of future "depressions" is the co-ordiHawley measure became law,and most of the changes nation of all industry and commerce. It is the "big
have been upward. Canada joined the protection idea" of to-day! Somehow, and by someone, there
ranks in August 1930, when the Bennett Government is to appear a Master Plan. Production and concame to power, and it was the protection issue, more sumption are to be made to counterbalance each
than anything else, that made the deliberations of other. The load of distribution is to be equalized
the Imperial Conference fruitless of important re- everywhere, all the time. Supply and demand are
sults. Tariff protection continues to be a live politi- to dovetail into an exact equation. Prices, profits,
cal issue in Great Britain, where Stanley Baldwin, wages are to be uniform—never running into con-
JUNE 6 1931.]
FINANCIAL CHRONICLE
41.27
flict. There is to be fair weather and swift sailing, ing exportable surpluses against deficiencies on the
unbroken by calms and storms. The idea is as benign principle of the 'balanced load' and straight line enas it is colossal—Utopia is to ensue! For, it is gineering. We called into being a mining and power
alleged, we work now without a "plan." We over- center in the lignite fields of Northern Dakota; a
produce and underconsume. We try to force eco- .woolen manufacturing center in the sheeplands of
nomics into a straight-jacket of law, rule, custom— Montana, where water power was abundant," &c.
creating general diversity and disparity, with conse- Then this, in conclusion: "I am confident that the
quent stock smashes, unemployment,low prices, high Northwest Project etched the final goal of economic
and low wages alternately, and all the evils of a planning, but more pedestrian steps must lead to it—
helter-skelter "business" on a go-as-you-please basis. granting that the Republic ever elects to go in that
No wonder, it is argued, there are cycles, ups and direction at all. With seven million workless men
downs, inflation and deflation, prosperity and ad- on the streets, overproduction and underconsumpversity. Each man for himself, and the "devil take tion rampant, purchasing power falling ever more
the hindmost," cannot be expected to constitute a seriously behind technical capacity to produce, and
smooth-running machine, albeit labor is the law of costs of distribution mounting steadily in the chaos
life, and love the law of labor. We need (and "we" which stretches between factory door and ultimate
means all workers of the world) a "plan"—then no consumer; with the waste of natural resources ever
labor will be lost, no waste result, no poverty remain, more appalling, and the business cycle running unno cycles, depressions, debacles, come—all will be checked in a wild orbit of its own as remote from
well in the best of all worlds.
human control as a lunar eclipse—the necessity of so
Stuart Chase, an "engineering economist," eluci- electing seems reasonably plain."
dates this whole idea of a "plan" in the June "AtlanWe have neither space nor time to follow Mr.
tic Monthly" in a lengthy article under the engaging Chase's interesting article further. He outlines histitle, "Harnessing the Wild Horses of Industry." toric examples in economic planning—that of the
He begins by telling of a young man's dream of co-or- Incas of Peru; that of Egypt in the empire of the
dinating the industries of the "Northwest," namely, Nile; of the craft guilds and mercantilists in the
of the States of Wisconsin, Minnesota, North and Middle Ages; of the downfall of all—"from about
South Dakota, Montana,Idaho and Washington. He 1800 to 1910,free competition had its heyday,spreadwrites:"The population at the time of our study was ing over the domain of the machine like bacteria in a
approximately ten million. These ten millions, we culture. About the only economic functions left to
argued, needed food,shelter, clothing,and reasonable central authority were the issuing of currency, the
comforts. In what tonnage and quantities? Our collection
of taxes, and fiddling—most ineptly—
first task was to prepare a budget of minimum re- with
tariffs. Germany under Bismarck was, of
quirements cast in physical terms—pounds of flour, course, exception." Then came,in course of time,
an
pairs of shoes, suits of clothing, tons of fuel—based the Supreme Economic Council of the Allies in the
on the health and decency schedules of the Bureau World War, supplemented by the War Industries
of Labor statistics. These consumable goods were Board in
the United States. Follows the New Ecothen converted into producers' goods—bushels of nomic Policy
in Russia and the Five-Year Plan.
wheat, beef cattle, cotton, wool, lumber, coal, hydro- "Meanwhile," the article continues, "the drive
electric power. We also made side excursions into toward industrial co-ordination—as distinguished
labor hours required to convert and distribute these from master planning—has accelerated steadily in
staples." . . . "With requirements in hand, we the last decade. Its chief manifestation in the
proceeded to estimate the productive plant and United States has been the merger movement, and in
capacity of the seven States, in respect to both de- Europe the rationalization movement."
veloped natural resources, including farm lands, and
But we can go no further in outlining the article.
manufacturing establishments. What is now pro- Including the paper dream of the author's Northwest
duced ; what can be produced if the present acreage Project
all experiments have failed or been superand plant are operated at capacity; what could be seded by other movements. The "nature of things"
produced under a scientific rearrangement of eco- still obtains and asserts its power. We are attracted
nomic factors? In the latter category the chase be- by the vastness of this conception of orderliness,
came—for young idealists—violently exciting. We prosperity, progress—for ultimately, especially ungave modern engineering a free hand and proceeded der modern inventions, political economies, social
to build up the living standards of the heavy-footed
theories, it must embrace the whole world. But
Scandinavians of those steppes by leaps and bounds." Utopia and the abolition of poverty are'far away.
. • • "Productive powers were balanced against What
gigantic changes are involved! Where is the
requirements, and surpluses and deficiencies struck. master mind, the master force to direct the co-ordiHow far was the region self-sustaining?"
nation? A benevolent despot (God) might do it
"What did it lack, and what had it to exchange?
not Mussolini or Stalin, but evidently he did not
In North Dakota, for instance, there was—and is—
choose to do so. Where in the scheme is man himself,
a vast surplus of Wheat above the requirements, not
in "attributes" how like a god? What of territories,
only of the State but of the whole region, offset by a
migrations of men, intermixture of races, inherent
deficiency of lumber and water power. In Washingscattered resourees; what of necessary industries
ton there was a surplus of lumber; in Wisconsin a and agriculture; what of the reactions of letters,
surplus of dairy products and a deficiency of wool science, art? What can, ever centralize the co-ordiand cotton. In the whole area no sugar at all was nating power to harmonize the efforts of free men,
produced. So, item by item, the score of the major with initiative, enterprise, and love of their fellows?
staples was told." . . .
A task supreme! But where the task master?
"Finally came the Olympian task of reorganizing
On the other hand, is there somewhere in the creathe economic framework—building up self-suf- tion a Supreme Purpose, that,inlastening upon man
ficiency to the line of diminishing returns; arrang- the edict of earning bread in the sweat of brow,furn-
4128
FINANCIAL CHRONICLE
ishes a solution in the activities of "things as they
are"? What of man and the machine? Who can
foreshadow an unbroken harmony while the individual remains free? If not in a small territory, how
in a whole earth divided into separate States, sundered by oceans, and indentured by continents? Is
it not, even now, in a most imperfect way, that the
State rules—a political entity having little or no
relation to an economic entity? The problem staggers the imagination! Can a dictator like Mussolini
or Stalin lead the way? How preserve the man and
provide the means?
If the Infinite Purpose can not be trusted, how
can the State or the Leader or some future Progressive? Can there be a New Earth without a New
Man? What a long evolution lies in producing the
New Man! Can States ever be unified, while petty
tariffs, repugnant systems of taxation, strange and
fertile chauvinisms, prides in race and perfervor in
accomplishments continue to exist, while wars brew
and peace comes not? We would,each of us,that the
world might wake, some fair morning, to an ideal of
love, justice, and truth—without the chains of rule
and the selfishness of personal greed! But alas, to
combine and co-ordinate all intent and effort in an
earth divided against itself—and among men innately different—cannot be brought about by political theory, social reform, or even economic essay,
led by a tyrannical ruler or a dominating idea!
Meanwhile, if we are ever to approach concord, it
will be necessary to make distinctions between wants
and needs, between extravagance and frugality,
propagated by men themselves and procured by the
States they have erected. We do not now do the
little that we can. It is possible to disarm utterly
and thus banish war, with its enormous expense, forever—we will not do it. We love theories more than
practices! We are so enamoured of the star that
we will not see the flower at our feet. We are so
filled with egotism that we refuse the good of
neighborly love.
We want to rule by masses and refuse to help our
own selves. We fall into the trough of "depression"
and refuse to bask in the sunlight of the glory of
work for its own sake. And we will never succeed
until we right-about-face and rule over the little
things. The whole of mankind is in a frenzy of'
relief and reform, praying for a "leader," and dreaming dreams of magic human welfare, when we live
only in the present and die into a new existence.
Our minds are larger than our powers. We make
machines and are devoured by them. We use the
gifts of nature and forget God. Oh, we are Gargantuan schemers and plotters to make a New
World—and Lilliputians in the only world we have!
The Rich Man's Son.
Pointing a moral, by the career of Charles Chaplin
as an example, a big-type editorial, speaking to
young men with reference to the careers open to
them, says: "For your comfort remember this: If
Chaplin had started in the big house with a rich
father instead of starting in a little house with
nothing he would never have been heard of, in all
probability. His chances of success, •born in the
little house, were at least ten thousand times as
great as they would have been if he was born in the
big house." . . . "He who does not know this
knows little."
[von. 132.
We are willing to concede that Chaplin is one of
the great mimetic actors of all time, but we think
his career is a faulty example when it is intended to
show, as in the case of this editorial, that the poor
man's son always has a better chance to succeed than
the rich man's son. For the fortune, very large,
which this actor has accumulated is due to the advent of the moving picture. If his work had been
confined to personal appearances in single theaters
no such fortune could have been acquired. A circumstance quite extraneous to acting gave him his
opportunity. That he seized it and consistently followed it, is to his credit. A rich man's son would
have had the same chance. Possessing a fortune at
the outset would not, or need not, have deterred him.
The idea, however, that the rich man's son, because
of his wealth, is almost certain to become a ne'er-dowell is not new. Is it true?
We presume there are no reliable statistics on
this subject, and we must doubt them if there are.
It is almost proverbial that the minister's son is
sure to be a scapegrace. Is this true? Is it not the
contrast between a pious father and a dissolute son
which gives rise to the thought? Even so, a parallel
is not found in the fortune-making career of the poor
young man. The poor boy must work whether he
will or not. Work develops character. Character
builds a fortune. But the rich young man has the
same Chance to work and build character, if he will,
with the added advantage of possessing capital with
which to make a fortune. It is easy to leave a son
poor; hard to leave him rich. And in so far as
heredity affects character the rich young man has
the advantage. In the nature of things, wastrels are
not bred by rich fathers. Inherited fortunes are
often squandered by young men who yield to the
allurements of the world, but it need not be so. Two
striking living examples of worthy and competent
sons of rich fathers will occur to every reader.
Counting noses, however, is not worth while.
There are other phases of this problem that are worth
consideration. If it is true that fortunes destroy
the sons of successful fathers, is it wise to spend a
lifetime in the building of a business and the accumulation of property? Altruistic love of mankind is,
of course, worth while. But parental and filial love
are natural incentives in all lives. At least, the
rich father, as far as riches go, sets a good example
to his son. If the son is a "chip off the old block"
he will not fail because he starts out with a full
purse. The theory that a boy must start poor in
order to get rich is false. He starts with many handicaps. Swimming against the current of constant
obstacles, he acquires character. Yet the rich man's
son, by the mere care of property, by the mere education of business ready to his hand, may also, and
often does, acquire character. He builds a fortune
out of a fortune, and he is entitled to the respect
of mankind. .
In forming our Government, the framers of the
Constitution prohibited primogeniture and titles.
They put all sons on an equal footing. And they
recognized wealth and the bequeathing thereof.
They did not put a premium on poverty. They did
not laud the poor man's son. They left the way
open that the poor may become rich. They provided
for inheritances. Nor did they conceive the idea of
confiscating estates by taxes at death. No one would
take a jot from the worthiness of the young man who
succeeds despite his lack of wealth at the beginning
JUNB 6 1931.1
FINANCIAL CHRONICLE
4129
of his career. But to make his unfortunate condition
Industry Sets Examplejar Fa mers.
a basis for praise, as if he were better off because
One of the difficulties in extending aid to the
poor is to deny the rich man's son his due when he,
wealth. Not only is inherited capi- farmers, or even in instructing the farmers how to
too, increases his
tal a boon to any man who uses it worthily, but it is help themselves, arises from the old trouble of lack
a help he cannot at the time adequately measure. of organization among the farmers themselves.
There have been such tremendous improvements
It is not necessary to be born poor to achieve riches,
and,in this sense, it were better all men be born rich. both in means of travel and communication that a
In saying this we realize that there is danger of concerted effort to apply modern methods to the
misunderstanding. All men are born rich who are farms may bring about a wonderful change in the
born to the opportunities of a progressive civiliza- conduct of the business of men who gain their living
tion in a free government. Always, some will be by tilling the soil.
Heretofore isolation has been the great obstacle
born rich in property; some poor. Endless varying
circumstances make this certain. But to try to in- which the farmer could not overcome. Even the railculcate the benefits of being born poor is to preach roads, so helpful in the transportation of crops, did
a false doctrine. That the poor young man rises not solve the problem of bringing the farmers closer
above circumstances is to his credit, and his oppor- in touch with each other. But with good highways,
tunity to do so is a fortune in itself. Necessity, motorcars, buses, and airplanes distance may be
nevertheless, is a stern teacher, not a fond parent. quickly overcome, making it comparatively easy and
It would be a calamity for all men to be born poor, not costly for farm dwellers to assemble at some
or rich, in the sense of original ownership. It is not central point frequently to compare notes, receive
"ten thousand times" better to be born poor than advice, and come to an agreement respecting the
rich, nor any computable number of times. Millions conduct of their business.
The calling of such a meeting is no longer denever overcome poverty. They have neither the will
nor capacity. Many of these are not born in the right pendent upon what is now regarded the slow process
period or place. Many turn sour and hate the world of the mails. Not only is the telephone a part of
which they say owes them a living—a living often the equipment of nearly every household, but it has
desired without work. The poor son must work; the been supplemented by the radio. In communication,
rich son may work. When life is done, who can say distance has been almost annihilated, and as to time
which one deserves the most credit?
required for travel that has been greatly reduced
Riches and poverty are comparative terms having and the cost lessened.
little specific meaning. There are a few billionaires;
In the days when the Grange was most active such
hundreds of millionaires; thousands in the hundred conveniences were not dreamed of, and that organizathousand class; tens of thousands scaling all the tion, aside from creating good fellowship, accomway down to a few thousand dollar class—literally plished little of practical value for those whom it
hundreds of thousands who have nothing. It might was created to serve.
be better if the contrasts were not so sharp and exThe time is ripe for the American farmer to become
treme. But how can opportunity be preserved with up-to-date.
other than present conditions? How can environIndustry, long possessing the advantage of cenment and human nature be changed? If a poor -tralization, has shown cultivators of the land the
young man can climb,so can a rich young man r The way to become prosperous. Manufacturers have
very uncertainties of endeavor preclude equality. their local organizations, their State associations,
Poverty is not a boon—it is an inevitable condition. and their national chambers. Meetings are held
No poor young man could rise were there no rich annually at which problems are submitted, disyoung man. Life—business life—without the motive cussed, and remedies recommended. All through
of accumulation for sons and daughters, would lose the year every new phase of business is set forth in
much of its zest, would become stale, flat and un- detail and submitted to members for consideration
profitable—to either the rich young man or the poor. in order that recommendations may be obtained by
Let us not be deceived by the profligate son of the officers in authority to act. Following the suggesrich man; there are probably more profligate sons tion of the present Administration, almost every
of poor men I
sort of industry has its "institute" designed to supHe who uses his talent to the best advantage ac- ply practical information to its members and to help
cording to circumstances and opportunities is wor- their business within legitimate lines.
thy of praise, be he poor or rich. On the ethical and
The farmer also needs an "institute." Such a
spiritual side, the rich young man has the advantage. central authority should be located in each section
He has inherited and acquired wealth to use for the of the United States where resident farmers have
benefit of his fellow-man. Countless educational certain interests in common—cotton and tobacco in
and eleemosynary institutions testify to this truth. the South; wheat, corn, sheep and cattle in the East
Beyond the comforts of a competence the rich young and West Central belt; spring wheat in the Northman is on a par with the poor young man in like west; fruits all along the Pacific coast and in
condition. Therefore the responsibility of the rich Florida.
young man is greater than that of the poor young
Such an organization might well take its cue from
man. Culture is open to each alike. Success is not any one of a number of industries. Oil was origiin saving, spending, or rising in the scale of riches; nally developed for illumination and lubrication.
it lies in using the things of life for the benefit of When its use as an illuminant was diminished by
others. In this, according to character, the poor electric current and gas, the great petroleum comyoung man may be rich and the rich young man poor. panies established laboratories, equipped them with
Poverty is a spur, not a crutch. Wealth is a staff, the best apparatus that science could supply, and
not a spur. The chances of true success are even in engaged expert chemists and scientists to discover
and perfect new uses for the "liquid gold." Gasoline
the long run.
4130
FINANCIAL CHRONICLE
now heads a long list of products derived from crude
petroleum which perhaps has thus earned the name
of "liquid diamond." Tank cars, long used to transport petroleum and its many products, are giving
way to pipe lines for distribution. Natural gas, a
sister of petroleum, has been developed and marketed with equal skill and enterprise.
Development of the steel industry since 1901, when
the U. S. Steel Corp. was formed, is another notable
example of the splendid results obtainable through
organization and the application of business methods to a worthy enterprise. The modern blast
furnace has very little resemblance to the "iron
furnaces" of the Mahoning Valley in use in the nineteenth century. In those days hundreds of boys
used to feed strips of iron into nail machines, but
an automatic feeder displaced the boys. Laboratory
and research work is in constant progress devising
new products and new methods of manufacture.
Every well-equipped industrial plant to-day has its
well-equipped laboratory.
If the agriculturists would organize and thoroughly support an efficient organization financially,
the benefits they might derive have great possibilities. Discoveries could be protected through the
patent office at Washington.
Nearly all that has been discovered and devised
which helps the farmers is due to industry. Progress in milling has been an industrial development.
Schumaker, of Akron, Ohio, was a pioneer who gave
Americans oatmeal and, Post, of Michigan, taught
the public the merits of certain food products, thus
aiding farmers. The field for uses of farm products
is perhaps only barely scratched. Let the farmers
get in step with modern methods and perhaps they
may yet find diamonds under their vast acreage, as
Doctor Conwell might have put it.
Margin Requirements Reduced by Guaranty Trust-Co.,
Other Banking Institutions and Stock Exchange
Houses.
Believing that the decline that has taken place in the
security markets during recent weeks has carried quoted
values of most stocks to a level justifying a liberal attitude
in the matter of bank loans, some of the leading banks have
announced reductions in margin requirements on regular
Street loans to 20% from 25%, it was noted in the "Wall
Street Journal" of June 3, which further said:
Guaranty Trust Co. was the first to notify customers and brokers to::
this effect and Chase National Bank, National City Bank, Chatham Phenix
National Bank & Trust Co., Corn Exchange Bank Trust CO. and Commercial National Bank & Trust Co. immediately took similar action. A
number of other banks have the matter under advisement and are expected
to follow suit.
Reduction of margin requirements on Street loans applies to regular
day-to-day loans to brokers made on the floor of the Stock Exchange or
direct and is not confined merely to customers of the bank who are always
subject to special consideration.
The custom of requiring a 25% margin has been in force for a number of
years, except on extraordinary occasions, so that a departure from this
rule at the present time is regarded as significant. Before the World War,
it was the practice to differentiate somewhat as to margin requirements
on certain loans, those of the highest type of mixed collateral being taken
on occasions as low as 20%. During the break in the market in 1929 the
margin on brokers' loans was very generally marked up to 30%. Since
then, however, regular diversified Street loans have been uniformly taken
at 25% margin.
Present move is in marked contrast to the attitude of the banks in 1929,
when, besides the larger margin requirements, they drastically marked
down the loan values of collateral.
Guaranty Trust Co. officials stated that the company took this action
because it considered that the market had approached a level of quoted
values which made the 20% loan margin conservative.
A number of other banks, while refraining from making any announcement in this respect, are known to have decided upon a more liberal attitude
in their loan requirements. They wish to avoid any particular announcement to that effect, preferring rather to act upon individual cases.
Reduction in loan margin requirements had a generally stimulating effect
on the stock market and substantial advances resulted.
The following is from the same paper of June 4:
Brokers Cut Margins.
Following the lead of several of the leading banks in reducing margin
requirements on regular Street loans to 20% from 25%, a number of
brokerage houses have also liberalized their requirements to customers. In
many instances the reductions by brokers correspond to those of the banks.
[Vox,. 132.
that Is, a 5% drop to 20%. In a number of instances, also, brokers are
announcing their intention henceforth to carry on margin listed stocks
selling as low as $5 a share, as against the general practice heretofore of
requiring outright purchase of issues selling below $10 a share. Some
brokers likewise have liberalized their margin requirements in respect to
Curb Exchange stocks.
Hernblower & Weeks have reduced marginal requirements on stocks
above $25 a share to 20% of selling price. Below $25 a share, the margin
has been cut to $5 a share. The firm announces that it will carry on margin
any active stock above $5 a share listed on the New York Stock Exchange.
Eastman, Dillon & Co. have reduced marginal requirements to 20%
from 25%.
W.E. Hutton & Co. and J. H. Brooks & Co. also have reduced margins
to 20% from 25%.
Bank of America N. A. has reduced the margin requirement on Street
loans to 20% from 25%.
Abbott, Hoppin & Co. announce minimum requirements on stocks listed
on the New York Stock Exchange selling above $25 a share will be 20%
of market value; on stocks selling from $25 to $10 a share 5 points are required, and on stocks selling between $10 and $5 a share, 50% of market
value. For Curb stocks, miniratun requirements will be 25% of market
value on stocks selling above $25 a share, and below $25 down to $10 a share,
5 points.
Steiner, Rouse & Co. have reduced marginal requirements to 25% from
33 1-3% of the debt balance, with a minimum requirement of 5 points.
The firm also will carry on margin all listed stocks selling above $5.
Jenks, Gvrynne & Co. have reduced margins to 25% from 30% of debit
balances.
Louchheim, Minton & Co. are requiring 20% for stocks selling above
$25 a share, and 5 points for stocks from $7 to $25.
Cassatt & Co. have reduced margin requirements to 20% of market
value on acceptable stocks selling at 20 and above, and to 164 per share on
acceptable stocks selling between $5 and $20
Henry Clews & Co. have reduced margins to 20% from 25%.
New York Stock Exchange Recalls Questionnaire of
May 25 Calling for Information as to Short Selling—
New Questionnaire Does Not Require Names of
Customers Having Short Position.
Yesterday (June 5) the New York Stock Exchange made
public a new questionnaire sent to members on June 4
to take the place of the one dated May 25 (calling for information regarding short selling) which has been recalled
by the Committee on Business Conduct of the Exchange.
The May 25 questionnaire was given in our issue of May 30,
page 3982. The new questionnaire in asking for a list
showing the total short position in each stock listed on the
New York Stock Exchange specifically states that the names
of the customers having these short positions are not to be
included. The June 4 questionnaire follows:
NEW YORK STOCK EXCHANGE.
Committee on Business Conduct.
New York, June 4 1931.
To Members of the Exchange:
The Committee on Business Conduct recalls its request of May 25 1931
with regard to borrowed and loaned stocks, &c., and in lieu thereof directs
that members submit the following information to it. the first report to
cover the situation as of the close of business June 4 1931. similar reports
to be submitted as of the close of business each day thereafter:
A list showing the total short position In each stock listed on the New
York Stock Exchange. the names of the customers having these short positions not to be included.
The dates referred to above are blotter, ledger or delivery dates.
Di) not include as short positions the following:
(1) Sales for "cash" with stocks not yet received from the seller.
(2) Sales or "short" positions against "long" positions In the same stocks
where instructions have been given to deliver other certificates.
(3) Sales or "short" positions where it is actually known, without further
inquiry, that the seller has the same long stocks in his possession or has an
off
-setting position against his short sales in the same stocks.
First Report.—The foregoing information as of the close of business
June 4 1931. must be filed with the Committee not later than Monday noon.
June 8 1931, by members not more than one day's distance by mail from
New York,and by other members not later than noon Tuesday,June 9 1931,
Subsequent Reports.—Subsequent reports must be furnished from day
to day thereafter.
Envelopes.—The envelopes containing the foregoing information are to
be addressed to the Committee on Business Conduct, Room 609, 11 Wall
St., N. Y. City.
Wire houses are requested to co-operate with the Committee by transmitting this circular over their wires to their out-of-town member correspondents and forwarding the replies of the latter to the Committee.
ASHBEL GREEN, Secretary.
Paterson (N. J.) Clearing House Reduces Rate on
Savings Deposits.
Following other financial institutions, the Paterson Clearing House Association, of which all banks in that city are
members, announced on May 28 that interest rates on savings deposits would be reduced from 4% to 3%% on July 1.
Bristol (Conn.) Trust Co. Cuts Interest Rate on
Savings Accounts.
The following is from the Hartford (Conn.) "Courant"
of May 29:
Bristol Trust Co., of Bristol, has reduced the regular interest rate on
savings accounts from 5% to 41%, following action common to savings
/
2
banks because of the difficulty of security investments legal for savings
banks to assure the higher rate. The new rate is effective June 1.
JUNE 6 1931.]
FINANCIAL CHRONICLE
4131
The New Capital Flotations During the Month of May and for the
Five Months Since the First of January
Our record of the new capital flotations for the month of
May reveals the same characteristics as that of other recent
periods. Indeed, these characteristics are really more
strongly in evidence and more pronounced than in other
recent periods. The first point is that the new financing
consists to an unusually large extent of obligations put out
by States and cities—in other words, municipal financing.
There is now, as is well known, an exceedingly keen demand
for municipal issues, these standing in a higher class than
the securities of private corporations and, not being subject
to the vicissitudes to which corporate issues are liable, being,
in short, government issues dependent for the payment
of principal and interest upon taxes, and hence resting
upon the credit and standing of the municipality putting
out the obligations. Public revenues are their source of
support, not business conditions or profits. They always
command special favor and particularly so in times of trade
depression, like the present, when uncertainty exists concerning the probable earnings and profits of the companies
engaged in floating the corporate obligations offered for
sale. During the month of May municipal financing was
on an exceptionally large scale, as we shall presently see.
The second of the characteristics which stand out so
strikingly at the present time is that financing on behalf of
corporate entities is exceptionally light, quite the reverse
of municipal financing; and it is for that reason that
the total of the capital flotations reaches such relatively
small proportions, notwithstanding the extra large contributions to the total by States and ordinary municipalities.
Business depression, involving the undermining of corporate
profits, is obviously not favorable to the bringing out of
new corporate obligations except those of the highest type.
New stock issues at such a time are completely taboo because of the uncertainty concerning profits for the immediate future and also because the shares generally rule much
below par—this last being conspicuously true on the present
occasion, when stock prices for the last twenty months or
more have suffered depreciation to an unparalleled extent.
There are several other distinctive features of corporate
financing to which previous reference has been made here
and which should not escape notice. One of these features
is that the new financing on behalf of private corporations
in quite considerable part represents issues brought out to
take up or refund existing issues, and hence cannot be regarded as strictly new capital. Another feature is that the
financing is being done in large blocks by the bigger corporations rather than consisting of numerous offerings of
small or moderately large amounts. Finally, it is to be
said that foreign financing, except for Canadian Government
and corporate issues, has almost entirely disappeared.
Our compilations, as in preceding months, include the
stock, bond and note issues by corporations, by holding,
investment and trading companies, and by States and municipalities, foreign and domestic, and also farm loan emissions.
The grand total of the offerings of securities in this country
under these various heads during May aggregated $425,652,922. This compares with $590,091,926 in April, with
$698,780,382 in March, but with only 8221,497,956 in
February, with 8648,635,186 in January, with $394,889,991
in December, with $267,743,332 in November, with $449,357,451 in October, with $496,256,737 in September, with
$290,999,219 in August, with $585,629,585 in July and with
778,180,103 in June.
At $425,652,922 the total of all classes of financing for
May 1931, compares with $1,181,454,314 in May 1930 and
with $1,513,250,087 in May 1929. As indicating the part
played by municipal financing in swelling the totals of new
capital flotations, our tables show that the awards by municipalities (including of course State issues) during May
reached $172,818,922; this compares with $104,621,238 in
the previous month (April) and with $144,872,096 in May
1930. Here also, as in the case of corporate financing, the
prominence of the larger issues attracts attention. New
York City alone contributed $52,000,000 to swell the
aggregate for the month, having disposed of that amount of
four year bonds or corporate stock. In addition, Detroit,
Mich., made awards totaling $19,337,000; Westchester
County, New York came to market with $15,547,000; San
Francisco City and County with $10,400,000; Newark,
N. J. with $10,187,000 and Nassau County, New York
with $5,000,000. Thus these six municipalities alone are
responsible for $112,471,000 out of the total municipal
awards for the month of $172,818,922. No foreign government issues of any kind were brought out in this country
during the month, nor any foreign corporate issues except
in both cases those on behalf of Canada and these Canadian
amounts were really of inconsequential extent, comprising
one single corporate issue for ,000,000 and $2,144,000 of
Canadian municipal obligations placed in the United States.
The total of the corporate issues of all kinds which found
.
their way to market in this country during May (including
,000,000 for Canadian account) was only $250,590,000
and as indicating how relatively small this is it is only
necessary to say that in May 1930 the corporate offerings
aggregated $927,376,218, that in May 1929 they were
$1,313,893,306 and in May 1928 $782,231,775. Moreover
out of the total of $250,590,000 of corporate offerings
1,230,000 represented refunding operations, leaving only
$169,360,000 representing strictly new capital as against
64,042,218 of new capital appeals in May 1930 and $923,045,666 in May 1929. Of the total of $250,590,000, $190,065,000 consisted of bond and note issues, $47,225,000 was
in the shape of preferred stocks and only $13,300,000 in
shape of common shares.
As illustrating the part played by pieces of financing done
in large blocks by corporations with prominence, it is only
necessary to say that the Consolidated Gas Co. of New
York alone contributed $60,000,000, that the Consolidated
Gas Electric Light & Power Co. of Baltimore contributed
$18,000,000,the Dominion Gas & Electric Co.,Co.„000,000; the Nebraska Power Co., $16,500,000; the Puget
Sound Power & Light Co., $16,000,000; the Cleveland
Terminal Bldg., $8,000,000; the Illinois Central Railroad,
$20,000,000; the Staten Island Edison Corp., $7,500,000;
the Midland United Co., $13,300,000; the Public Service
Electric & Gas Co., $31,050,000; the Public Service Corp.
of New Jersey, $14,925,000. These 11 issues account for
$213,275,000 of the whole amount of the corporate flotations for the month of $250,590,000.
As remarked by us in our comments upon the figures for
April the point of most importance in any broad consideration of the subject is that the floating of a few issues of
unusual size now accounts for the bulk of the new financing
from month to month. In other words borrowing is on
behalf of strong and powerful undertakings and organizations and holding, for one reason or another, exceptionally
favored situations. As yet there is little indication of any
widespread or general appeal to the investment markets
notwithstanding the superabundance of loanable funds seeking investment at exceedingly low rates of interest. Possibly also these issues of exceptional size are pre-empting
the field, leaving correspondingly less room for appeals on
behalf of the moderate class of borrowers seeking capital
for developments and extensions.
As to the offerings by investment trusts and by trading
and holding corporations, so prominent before the panic,
these are no longer a feature, their contribution to the total
for May having been nil and even in May 1930 having been
no more than $2,110,000, but in May 1929 footed up $78,206,200 and in May 1928 reached $108,739,325.
However, the investment trusts, as previously explained
in these columns, have by no means disappeared. These
trusts, now, however, are not of the type that was so prominent in 1928 and 1929. They do not consist of large new
capital issues offered for public subscription in the way
common prior to 1930 and in the way always done by public
utility, railroad, industrial and other corporations. The
practice now is to gather blocks of securities of one kind or
another and to issue participating interests in the same,
split up into small units. These units are then disposed
of over the counter by distributing groups or syndicates.
Excepting two or three instances, however, no information
of the extent of these sales is forthcoming, and being sales
over the counter it is impossible to make estimates regarding their amount.
Of course, in magnitude the disposals of this character
over the counter do not anywhere near approach those in
4132
the old form and yet they can- hardly be treated as entirely
insignificant, even though trust participations of this kind
have no proper place in compilations of new capital issues.
At all events, however, nothing definite is available as to
the extent of the sales of these investment trusts, or fixed
trusts as they are commonly termed. In this state of things,
the only way to indicate the presence of these trusts is to
enumerate the offerings made from month to month. In
the following table we show the different offerings made in
May:
NEW FIXED TRUST OFFERINGS DURING MAY 1931.
Diversified Trustee Shares,series D,offered by Brown Bros. Harriman
& Co. at market.
Grizzard Trusteed Investment Shares, offered by General Distributors, Inc., of Illinois at market.
Income Trust Shares (a fixed trust of the maximum distribution type),
4
offered by Pirnie, Simons & Co., Inc., at market, about $47 per share.
United American Trust Shares, offered by United American Shares
$4.26 per share.
Corp., New York, at market, about
One feature of the old method of financing,continues to
be followed to some degree. We allude to the tendency
to make bond issues and preferred stocks more attractive
by according to the purchaser rights to acquire common
stock. This applies on the present occasion, however, to
bond issues alone. In the following we bring together the
more conspicuous issues floated during May of the present
year containing convertible features of one kind or another,
or carrying subscription rights or warrants to subscribe for
or acquire new stock. In the detailed enumeration of all
the issues which were brought out during the month of May,
given at the end of this article, we have put in italics the
part relating to the right of conversion or subscription in
all cases where such rights exist, italic type being used to
designate the fact so that it may readily be detected by
.
the eye. 1811510414K,
'CONSPICUOUS ISSUES FLOATED IN MAY WITH CONVERTIBLE
FEATURES OR CARRYING SUBSCRIPTION RIGHTS
OR WARRANTS.
$8.000.000 Dominion Gas & Electric Co. 1st lien & coll. 645s, 1945,
each $1,000 bond ($500 denomination in proportion) accompanied by a non-detachable warrant entitling holder to purchase
15 shares of common stock at $10 per share at any time prior
to July 1 1940.
2,000,000 The Saxet Co. 1st lien coll. cony. 6s A, 1945, convertible at
principal amount Into common stock at prices ranging from
$12 to $30 per share.
550,000 Pittsburgh-Erie Saw Corp. cony. deb.630,1946,each $1,000
debenture convertible at any time into 50 shares of corn. stock.
Continuing with our analysis of the corporate offerings
during May, we find that public utilities accounted for
$210,025,000, or about 84% of the corporate total of $250,590,000. This total for utilities compares with $305,660,888
for April. Railroad financing totaled $22,500,000 in May
against only $6,000,000 in April, while industrial and miscellaneous issues aggregated only $18,065,000 in May as compared to $145,016,800 during April.
Total corporate offerings of all kinds during May were,
as already stated, $250,590,000, and of this amount long-term
bonds and notes, including $8,000,000 Canadian, accounted
for $159,785,000; stock issues, all domestic, totaled $60,525,000, while short-term bonds and notes, all domestic,
amounted to only $30,280,000. The portion of the month's
financing raised for refunding purposes was $81,230,000,
or over 32%. In April the refunding portion was $189,206,500, or about 41%; in March the amount for refunding
was $132,199,200, or about 32%; in February it was $13,975,000, or about 16% of the total, and in January it was
$180,858,000, or somewhat over 31% of the month's total.
In May of last year the amount for refunding was $63,334,000, or nearly 7 0 of the total.
0
There were two large refunding issues during May,
namely, 300,000 shares Public Service Electric & Gas Co.
$5 cum. pref. stock involving $31,050,000 to be used entirely
in retiring an issue of preferred stock, and $18,000,000 Consolidated Gas, Electric Light & Power Co. of Baltimore 1st
ref. mtge, 4s 1981, to be used entirely for refunding.
The total of $81,230,000 raised for refunding in May consisted of $40,450,000 new long-term bonds and notes to
refund existing long-term; $9,000,000 new long-term to
refund existing short-term; $730,000 new short-term bonds
and notes to refund long-term, and $31,050,000 new stock
to replace existing stock.
Foreign corporate financing in our market during may
comprised $8,000,000 Dominion Gas & Electric Co. (properties in Canada) 1st lien & coll. 6%s 1945, priced at 96, yielding 6.90%.
There were, as already stated, no foreign government
Issues offered here during May. It was announced during
the month, however, that Speyer & Co., National City Co.,
[VOL. 132.
FINANCIAL CHRONICLE
and J. & W. Seligman & Co. had purchased from the Greek
/
Government $7,500,000 of its one-year 51 2%0 secured treasury notes due May 5 1932. It is reported that the notes
have been placed privately.
Among the domestic corporate flotations during May the
largest was $60,000,000 Consolidated Gas Co. of N. Y. deben/
ture 412s 1951, offered at 101, to yield 4.42%. Other important utility issues were: 300,000 shares Public Service
Electric & Gas Co. $5 cum. pref. stock, offered at $103% per
share; $18,000,000 Consolidated Gas Electric Light & Power
Co. of Baltimore 1st ref. mtge. 4s 1981, issued at 95%, to
yield 4.21%; $16,500,000 Nebraska Power Co. 1st mtge. 4%s
1981, sold at 102%, to yield 4.37%; $16,000,000 Puget Sound
Power & Light Co. 1st & ref. mtge. 4%s D 1950, priced at
94%,to yield 4.95%, and 150,000 shares Public Service Corp.
of N. J. $5 cum, pref. stock, offered at $99% per share.
Railroad financing during May comprised $20,000,000
Illinois Central RR. Co. three-year 4%% notes, June 1 1934,
placed privately at 99%, to yield 4.64%; $1,500,000 Chicago
& Alton RR. 4%% receivers' certificates due April 4 1932,
sold at par, and $1,000,000 Western Pacific RR. Co. 1st mtge.
5% bonds, taken by Western Pacific RR. Corp. at 97%.
There was only one sizeable industrial issue during May,
and that was a loan of $8,000,000 by the Cleveland Terminals
Building Co., taken entirely by Metropolitan Life Insurance Co.
The financing during May included a joint stock land
bank issue of $100,000 at a price to yield 4.75%.
There were two issues in May not representing new financing. They involved $6,056,666, and, as pointed out by us in
previous months, this is not included in our totals of new
financing. The issues are shown, however, in tabular form
following the details of the actual new capital flotations in
May. See page 4136.
The following is a complete summary of the new financing
—corporate, State and city, foreign Government, as well as
farm loan issues—for the month of May and for the five
months ending with May:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1931.
New Capital. Refunding.
MONTH OF MAY—
Corporate—
Domestic—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes
Short term
Preferred stocks
Hommon stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
Municipal, States, Cities, &c
United States Possessions
$
102,335,000
29,500,000
16,175,000
13,300.000
169,360,000
2,144,000
el
Grand total
Grand total
49,450,000
730,000
31,050,000
8,000,000
5 MONTHS ENDED MAY 31—
Corporate—
Domestio—
Long term bonds and notes
Short term
Preferred stocks
Common stooks
Canadian—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
Municipal, States, cities, &o
United States Possessions
i
Total.
$
151,786,000
30,280,000
47.225,000
13,300,000
8,000,000
81,230,000
250,590,000
2,144,000
100,000
171,544,922
1,274,000
100,000
172,818,922
343,148,922
82,504,000
425,652,922
689,940,100
139,797,350
93,198,667
119,523,594
512.360,200 1,202,300,300
49,058,500 188,855,850
31,050,000 124,248,657
119,523,594
87,500,000
87,500,000
50,000,000
5,000,000
1,179.959,711
41,922,000
29,600,000
719,107,316
1.970.589.027
50,000,000
6,000,000
597,468,700 1,777,428,411
41,922,000
11,000,000
8.693,000
40,600,000
727,800,816
617.161.700 2,587,750,727
In the elaborate and comprehensive tables on the succeeding two pages we compare the foregoing figures for 1931 with
the corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all different classes of
corporations.
Following the full-page tables we give complete details
of the new capital flotations during May, including every
issue of any kind brought out during that month.
YEARS.
LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF MAY FOR FIVE
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM
1927.
1928.
1929.
1930.
Total.
1931.
New Capital. Refunding.
Total.
MONTH OF MAY.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
3
$
New Capital. Refunding.
$
$
$
$
$
Corporate$
$
$
$
$
0 103,833,000 298,405,000 267,912,050 248,109,450 516,021.500
$
194,572,00
$
Domestic297,707,000 103,266,000 400273,000
39,275.000
25,834,000 401,199,500
17,200,000
22,075,000
375,365.500
21,772,000
4,246,200
49,450,000 151,785,000
17,525,800
25,648,900
1,100,000
Long term bonds and notes.. 102,335,000
24,548.900
92,536,250
71.300,000
28,000,000
170,000
71,130,000
64,536,250
30,280,000
51.215,800 171,744,450
730,000
120,528,650
29,550,000
39.427,090 137,463,450
Short term
98,036.360
51,114,000
59,705.095
310,000
51,114,000
59,395,095
47,225,000
2,682,240 135,590,325
31,050,000
16,175,000
132,908,085
Preferred stocks
478,480,059 247,054,550 725,534,609
9.500,000 365,626,468
356,126,468
13,300,000
13,300,000
Common stocks
22.663,000
22.663,000
23,000,000
23,000,000
18,000,000
18,000,000
Canadian
8,000.000
8,009,000
Long term bonds and notes_
29,000,000
10,000,000
19,000,000
Short term
13,000,000
13,000,000
5,320,000
5,320,000
Preferred stocks
Common stocks
7,500,000
7,500,000
93,400,000
2,500,000
90,900,000
foreign
Other
Long term bonds and notes_
Short term
2.109.375
2,109.375
4.000.000
4,000.000
6,273,347
6,273.347
Preferred stocks
3.900.000
3,900,000
0
Common stocks
607.754,535 174,477,240 782,231,775 452,784,520 265,789.450 718,573,97
923,045,666 390,817,640 1,313,893,306
1,235,000
63,334,000 927,376.218
1,235,000
864.042.218
20,000,000
0
81,230,000 250,590,000
20,000,000
169,360,00
23,000,000
23,000,000
Total corporate
27,000,000
4.000,000
23,000.000
23,000,000
23,000,000
82,885,000
2,144.000
82,885,000
2,144,000
Canadian Government
79,781.000
2,500,000
1,500,000
2,500,000
78,281.000
4.000,000
4,000,000
Other Foreign Government__
1,000.000
3,184,500 216,463,588
1,000,000
100.000
2,718,000 154,707,953 213,279,088
100,000
151,989,953
1,621.093 176,356,781
174,735.688
Farm Loan Issues
4,517,500 144,872,096
6
140.354.59
3,075,000
1,274,000 172,818,922
171,544.922
3.075,000
Municipal, States, Cities, &c
1,425.000
1,425.000
8
United States Possessions_
869.704.488 177,195,240 1,046,899,728 692,798.608 268,973,950 961.772,55
73,351,500 1,181,454,314 1,120.781,354 392,468.733 1.513,250.087
82,504,000 423.652.922 1.108,102.814
343,148.922
Grand Total
Total.
$
129.225,000
163,583,000
1,200,000
49,650,000
70,600,000
35,520,000
60,000.000
650,000
9,000,000
26.756,500
546,184,500
22,750,000
1,300.000
3,000,000
800,000
3,865,000
1,000,000
5.560.000
39,275,000
arlOINOIIHO
YEARS.
ISSUES IN THE UNITED STATES FOR THE MONTH OF MAY FOR FIVE
CHARACTER AND GROUPING OF NEW CORPORATE
1927.
1928.
1929.
1930.
1931.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Neto Capital. Refunding.
Total.
New Capital. Refunding.
Total.
OF MAY.
MONTH
$
New Capital. Refunding.
3
$
$
$
$
$
3
$
61,524350
3
67.700.550
28,601,000
$
23,409,000
3
5,192,000
3
64,200.000
$
8,000,000
56,200,000
60,435,000
Long Term Bonds and Notes76,982,000
60,435,000
86,601,000
1,000,000
56,648,000 117.459.000
60,811,000
1,000.000
75,250,000 256,445,000
181,195,000
274,152,000
Railroads
25,834.000
120,000
1,080,000
248,318,000
6,500,000
2,800,000
3.700,000
47,650.000 142,250.000
94,600,000
14,000,000
Public utilities
14,000.000
6,350,000
Iron,steel, coal, copper. &c
6,350,000
250,000
250.000
manufacturers
Equipment
20.640,000
29.010,000
52,400,000
3,500,000
48,900.000
9,560,000
9,560,000
11,850.000
Motors and accessories
26,240,000
44,360,000
11,850,000
10,000.000
4.250,000
6,011,000
1,500,000
3,989,000
2,750,000
25,000,000
15,016,000
9,984,000
Other industrial and manufacturing
1,618,000
33,902,000
2,000.000
78,850,000
7,511,000
71,339,000
2,000,000
22,868,000
22,868.000
3,812,500
Oil
60,000,000
3,812,500
500,000
9,485,000
500,000
300,000
9,185,000
30,000,000
Land, buildings, &c
650.000
30,000,000
Rubber
9,000,000
15,500,000
15,500,000
Shipping •
985,000
25,771,500
6.454,000 104,745,000
98,291.000
40,900,000
5,000,000
35,900.000
600.000
Inv. trusts, trading, holding, &c600,000
800,000
800,000
308,472,000 106,333,000 414,805,000 298,075,050 248,109,450
Miscellaneous
315,707,000 103,266,000 418,973,000
25,834,000 401,199,500
375,365,500
49,450,000 159,785,000
110,335,000
Total
Short Term Bonds and Notes
17,200,000
5,550,000
14,570,000
21,500,000
3,500,000
530,000
11,070,000
20,970,00
3,200,000
1,100,000
2,100,000
2,750,000
Railroads
1.300,000
2,750,000
7,500,000
7,500.000
Public utilities
•
Iron, steel, coal, copper. &c
3,000,000
1,000,000
Mquipment manufacturers
800,000
1,000,000
972,000
172,000
800,000
500,000
500,000
61,400,000
Motors and accessories
12,000,000
5,000,000
49,400,000
574,200
600.000
4,425,800
600,000
Dther industrial and manufacturing
4,865,000
505,000
505.000
20,348.900
20,348,900
3,536,250
311
3,536,250
680,000
200,000
480.000
15,000,000
Land, buildings, &c
15,000,000
111
Rubber
1,000,000
311Ipping
5.560.000
725.000
725.000
1.600,000
1,600.000
8,850,000
inv. trusts, trading, holding, &c1.000.000
7.850,000
17,200,000
22,075,000
21,772,000
4,246,200
17,525,800
25,648,900
Miscellaneous
1,100,000
24,548,900
92,636,250
28,000,000
64,536.250
30,280,000
730,000
29,550.000
Total
41,107,700
41,107,700
Stocks
68,711,560 , 170,000
47,614,600 109,667,700
62,053,100
83,273,500
36,992,090
46,281,410
Railroads
573,750
9,000.000 327,583.649
11,837,110
318,583,649
1,000,000
60,275,000
10,837.110
31,050,000
29,225,000
71,254,105 246,877.700 318.131.805
31,709,375
Public utilities
31,709,375
copper, &c
Iron, steel, coal,
1,478.400
1,478,400
8,151.470
8,151.470
310,000
Equipment manufacturers
26,454,160
78,113,200
12,670,000
65,443.200
926.850 122,871,767
121,944,917
28.535,690
Motors and accessories
500,000
4,500,000
28,035,690
628,750
628,750
11.102,064
11,102,064
23,931.754
Other industrial manufacturing_
1,125,000
23,931,754
2,897,500
2,897.500
5,640,000
5,640,000
250,000
011
250,000
250,000
2,203,200
250,000
2,203,200
Land, buildings, &c
Rubber
17,827,500
93,239,325
93,239,325
78,206,200
78,206,200
2,110,000
Shipping
13,442.500
2,110,000
47,792,790
2.613.440
45,179,350
1.685,000 198,583.700
196,898,700
19.520,000
by,trusts, trading, holding, &c19,520.000
480,000
5 132.634,470
63,898,040 345,654,77
Miscellaneous
582,789,766 286,481,640 869,271,406 281,756,735
433,640,468
9,500,000
424,140,468
60,525,000
31,050,000
29,475,000
Total
61,524,450
67,700,550
28,601,000
23,409,000
5,192,000
0
8,000.000 105,307.70
97,307,700
60,435,000
Total94,352,000
241,696,700 160,862,560
60,435.000
22,500,000
530,000
21,970.000
229,576,410 113,342,090 342,918.500 133,934,100 107,762,600
120,000
Rallrcads
2,953,750
34,834.000 604,485,649
18,337,110
569,651,649
3,800,000
14,537,110
78,700,000 210,025,000
131,325.000
71,254,105 246,877,700 318,131,805
45,709,375
Public utilities
45.709.375
6,350,000
Iron, steel, coal, copper, &c
3,000,000
6,350,000
1,728,400
1,728,400
8,151,470
ers
8,151,470
1,000,000
Equipment manufactur
20,950,000
56,264,160
1,000,000
16,342,000 131,485,200
926,850 132,931.767 115,143,200
132.004,917
Motors and accessories
26,240,000
48,860,000
12,500,000 101,785,690
15,628,750
89,285,690
6,585,200
4,850.000
9,043.550
1,500,000
36,102.064
15,016,000
3,350,000
21,086,064
23.931,754
1,618,000
Other industrial and manufacturing
39,892,000
23.931.754
82,252,500
7,511,000
2,000,000
74,741,500
48,856,900
2,000,000
48,856,900
7,598,750
60,000,000
Dil
500,000
7,508.750
10,415,000
500.000
500,000
2,203,200
9,915,000
2,203,200
45,000,090
650,000
Land, buildings, &c
15.000,000
30,000,000
Rubber
27,827,500
108,739,325
78,206,200 108,739,325
78,206,200
2,110,000
985.000
Shipping
44.774.000
2,110,000
9,067,440 153.262.790
6,685,000 241.083,700 144.195.350
234.398,700
28.970,000
Inv, trusts, trading, holding, kc_
1.000.000
27.970,000
800.000
800,000
174,477.240 782.231.775 452.784.520 265,789.450
Miscellaneous
923,045,666 390.847.640 1.313.893.306 607.754.535
63,334,000 927,376,218
864,042,218
81.230.000 250,590,000
169.360.000
Total corporate securities
68,881,560
573,750
26,764,160
4,500.000
1,125,000
17,827,500
13.442.500
133,114,470
129.225,000
255,214,560
3,073,750
3,000,000
77,214,160
75,100,000
41,510,000
60.000.000
650,000
27,827,500
45.759.000
718.573,970
ga.
SUMMARY OF
FIVE MONTHS ENDED MAY 31.
Corporate—
New Capital.
Domestic—
$
Long term bonds and notes_ 689.940,100
Short term
139.797.350
Preferred stocks
93,198,667
Common stocks
119,523,594
Canadian—
Long term bonds and notes..
87,500,000
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes50,000,000
Short term
Preferred stocks
Common stocks
Total corporate
. 1,179,959,711
Canadian Government
41,922.000
Other Foreign Government..
Farm Loan Issues
29,600,000
Municipal, States, Cities, &c_ __ - 719,107,316
United States Possessions_
Grand total
1,970,589.027
CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING FOR THE FIVE
MONTHS ENDED MAY 31 FOR FIVE YEARS.
1931.
1930.
1929.
1928.
Refunding.
Total.
New Capital. Refunding.
1927.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
$
New Capital. Refunding.
$
Total.
$
$
$
$
$
512.360,200 1.202.300,300 1,654,118,660 148,194,250 1.802.312,910
$$
$
$
1.082.946,840 374,205,260 1,457,152,100 1,053,168.200 886,706,600
3
49,058,500 188.855,850
221,759,250
1,940.674.800 1,324,124,090 760,495.910 2.084,620,000
49,813,000 271,572,250
91,668.900
21,097,500 112,766.400
31,050.000 124,248,667
84,712.200
232,397.946
34,082,300 118,794.500
232,397,946
68,590,000
25,816,000
680,471,946
94,406,000
92,502,040 772,973,986 454,353.706 167,242,600 621,596,306
119,523,594
835,153,652
10,753,500 845,907,152 1,887,260,287 358,482.161 2,245,742,448
367,479,275
33.385,250 400.864,525
413,917,811
96,266,410 510,184,221 304,670,148
27,213,300 331,883.448
87,500,000
73,888,000
18,000,000
91,888.000
84,100.000
84.100.000
53.330.000
18,792,000
72,122.000
67,288,000
67,288,000
13,000,000
2,000,000
13,000,000
10,400,000
2,000,000
10,400,000
22,000,000
26.000,000
48.000.000
1.000.000
15,558.900
1,000,000
15,558,900
5,320,000
5,320,000
50,000,000
163,655,000
4,000,000 167,655,000
91,010.000
2,000,000
93,010,000 224,781,500
5.000,000
5,000,000
22,118,500 246,900,000 139,350.000
17,000,000
17,000,000
600,000
139,350,000
600,000
6,000.000
6,000,000
8.000,000
100,827,200
8,000,000
100,827,200
9,850,000
10,060,000
9,850,000
10.060,000
28,823.347
28,823,347
25,681,750
597,468,700 1,777.428,411 3,221.032,508 230,760,750 3.451.793,258
25.681,750
5,015,625
5.015.625
4,073,667.420 848,286,961 4,921,954,381 2,353,915,167
41,922,000
1,251,208,4103.605,123,577 2.287,517,138 846,910,460 3,134.427,598
44,142,000
7,158,000
51,300,000
24,750.000
8,000,000
32,750,000
28,840,000
265,956,000
28,840,000
5,500,000 271,456.000
38,510,000
28,969,000
35,750.000
67.479,000
11,000,000
35.750,000 361,330,500
40,600,000
91,593,500 452,924,000 326,378,800
23,000.000
23.000,000
29,500,000 355,878,800
8,693,000 727,800,316
10,000,000
600,029,589
10,000,000
13,867.412 613.897.001
48,000,000
92,800,000 140,800,000
512.470,195
7,210.526 519,680.721 629,281,270
19,331,689 648,612,959 707.355,401
4.175,000
4.175,000
16,603,000 723.958,401
1,495,000
1,495,000
4.185,000
617,161.700 2,587.750.727 4.158,335,097 257.286,162
4,185.000
1.910.000
1,910.000
4.415.621.259 4.648,132.615 863,497,487 5,511,630,102 3,387.551.937
1,362,133,599 1.749,685,536 3.409,671.339 1,014.782.460 4.424.453,799
CHARACTER AND GROUPING OF NEW CORPORATE
ISSUES IN THE UNITED STATES FOR FIVE MONTHS
ENDED MAY 31 FOR FIVE YEARS.
1931.
1930.
FIVE MONTHS ENDED MAY 31.
1929.
New Capital. Refunding,
1928.
Total.
New Capital. Refunding.
1927.
Total.
New Capital. Refunding.
Totajp
Long Term Bonds and Notes—
New Capital. Refunding.
Total.
$
New Capital. Refunding.
$
$
Total.
$
$
Railroads
$
$
$
242.126,300 145,895,700 388,022.000
$
486,124.250 112,443,750 598,568.000
$
$
$
Public utilities
$
175,147,240 112,143,760 287.291,000 101282,500 205,797,500
$
364,176,000 354,988,000 719.164,000
915,676,500
49,605,500 965.282,000
Iron. steel coal, copper, &c
381,304.500 228,390,000 609,694.500 405,955,500 499,464,300 307,480,000 202352,290 200.540.710 402393.000
102,939,800
6.062,500 109,002,300
17,500,000
905,419,800 465.856,200 367,339,800 833,196,000
17,500.000
Equipment manufacturers
69,063.500
3,186.500
11,970.000
72.250.000
82,707,700
11,970.000
60,757,300 143,465,000
7,750.000
7.750,000
6,597,000
Motors and accessories
5.103,000
1,150,000
11,700.000
1.15o.00g
4,816,000
4.816,000
5.195,000
Other industrial and manufacturing
5,195,000
65,667,000
1.500.000
5,020,000
67,167,000
140,080,910
780,000
5.800.000
105,000 140,185.910
50,000.000
011
133,928,000
50,000.000
575,000 134,503,000 150,974,700
2.000.000
2,000,000
48,101,300 199,076.000 193,514.000
80,050,000
6,950,000
87.000.000
Land, buildings, &c
55,558,000 249,072,000
18,584,000
15,416,000 34.000,000
25.625,00'
1,220,000
4.489.000
26.845.000
26,011,000
81.180,000
30,500,000 199,716,600
70,000
81,250,000
46,683,400 246.400.000
Rubber
204,834,600
3,289,000 208.123.600 276,570.000
30.000,000
53,997.000 330.567,000 237.475,500
30.000.000
Shipping
12,086,000 249361.500
1,000,000
1.650,000
1.000,000
1,300,000
1.650,000
10,000,000
1,300,000
10,000,000
Inv. truSts, trading, holding. &c60,000,000
3,100.000
60,000,000
6,000,000
9.100,000
75.000.000
2,360,000
75.000,000
85.000.000
Miscellaneous
2.360.000
11.286,000
85,000.000
69.388,000
2,694.000
1,012,000
13.980.000
48,300,000
70.400,000
1.020,000
49,320.000
36,500,000
184.945.000
36,500.000
7,205.000 192.150.000 229,176.300
Total'
31,696,700 260,873,000 131,195.500
827,440,100 512,360,200 1.339,800,300 1,891,661,660 170,194,2502.061,855,910
13.185.000 144.380,500
Short Term Bonds and Notes—
1,258,056,840 376,205,260 1,634.262,100 1,332,079,700 927,617,100
2,259,696,800 1,530,762,090 760.495,9102,291.258.000
Railroads
24,970,000
2,530,000
27,500,000
12,000,000
2,500,000
14,500,000
Public utilities
1,500,000
61,037,500
1,500,000
15,337,500
13,500,000
76,375.000
17.000,000
61,622,000
30,500.000
13.128,000
74,750.000
Iron,steel, coal, copper, &c
20,009.000
19,181.000
39.190,000
33.025,000
3,900,000
23,000,000
36,925,000
26,700,000
23.000,000
19,700,000 46,400,000
Equipment manufacturers
400,000
12300.000
400,000
12.000,000
2.300,000
Motors and accessories
2.300,000
2,600,000
2,600,000
1,200.000
Other industrial and manufacturing
500,000
1.200,000
21,385,000
500,000
1,200,000
33.500,000
54,885.000
70,155,000
1,200,000
16,900.000
3,000,000
87.055,000
Oil
9,500,000
3,000,000
5,649,000
9,500,000
3,983,900
791,000
6,440,000
2,488,100
3,150,000
6,472.000
600.000
3,750.000
9,150.000
Land, buildings, &c
4,450,000
13,600,000
6,655,850
1,400,000
6.505.800
8,055,850
40,932.250
10,694.200
17,200,000
685.000
200,000
41,617,250
37,656,400
Rubber
200,000
37.656,400
10,572,500
800,000
10,572.500
15,000,000
18,005,000
15,800,000
Shipping
1,666.000
19.671,000
Inv. trusts, trading, holding, &c...
500.000
500.000
1,000,000
125.000
1,000,000
Miscellaneous
125,000
20,100.000
400,000
20.100,000
11.500,000
400,000
1.000.000
1,000.000
12,500.000
23.103.500
1,000.000
1,916,500
25,020,000
Total
21,125,000
21,125.000
139,797,350
54.058,500 193.855,850
16,910,000
238,759,250
16.910,000
49,813,000 288,572,250
Stocks—
92,268,900
21,097,500 113,366,400
90,712,200
34,082,300 124,794,500
78,590,000
25,816,000 104,406,000
Railroads
27.750.000
27,750,000
71,107,700
Public utilities
71.107,700
178,863,511
34,097,650
31,050,000 209,913,511
97,796,400 131,894,050
579.156.761
9,000,000 588,156,761
15,096,200
Iron, steel, coal, copper, ,Itc
514.234.950
15,096,200
51.457,090 565,692,040 271,861,217 109,170,548 381,031,765
115,879.875
416,801,305
115,879,875
28,620,000 445,421,305
Equipment manufacturers
138.229.385 263,020,200 401,249,585
38,200,581
2,200,000
40,400,581
723.750
Motors and accessories
723,750
1.920,000
4,132,662
1,920.000
4,132,662
Other industrial manufacturing---_
51,151,322
5,511.852
13,256,250
56,663,174
3,965,900
1,250.000
13,256.250
5,215,900
138,520.031
25,000,000
1,371,500 139,891,531
Oil
461,677.414
25,000,000
82,492.220 544,169,634 170,325,414
2,052,500
2.052.500
57,632.422 227,957.836
81,698,463
74,557,385
81,698.463
Land, buildings, &c
13,896.300
37,878.244
88,453.685
41,751,939
79,630.183
1,282,500
4,055,640
1,282,500
12,265.000
4,055,640
11.062,500
12,265.000
101,192,330
Rubber
11.062,500
408.500 101,600.830
37,631.533
1,346,000
38,977,533
17.125,000
100,000
Shipping
54,233,534
17.225,000
54,233.534
11,362.975
1,042,400
12,405,375
2,701.675
Inv. trusts, trading, holding, &c-- _
23,178,000
2,701.675
23,178,000
2.300.000
6,212,500
2,300,000
6,212,500
69,097,344
69,097,344
771,060.338
Miscellaneous
771.060,338 180,408.768
14.967.500
14.967.500
180,408.768
62.111.462
44,073,228
382,000
62.493.462
499,398,463
44,073,228
6,342.400 505,740.863 171.081,089
Total
19,071.240 190,152,329
212,722,261
31,050,000 243,772,261 1,090,611,598
71,024,005
17.982.250
89,006,255
10,753,500 1,101.365,098 2,723,341,680 450.984.2013,174,325.881
Total—
931,123,267 289,509,010 1,220,632,277 678,165,048
60,598.550 738,763,598
Railroads
267.096.300 148,425,700 415.522,000
525,874.250
247,754,940 112,143.760 359,898.700 149,280,150 320,593,900
Public utilities
604,077,011 401,375,500 1,005,452,511 1,556.455.261 114.943.750 640,818,000
469,874,050
71,733.500 1,628,188,761
Iron,steel, coal, copper, &c
915,548.450 299,028,090 1,214.576.540 710.841,717 612,534,848 1,323,376,565 217,448.490 200.540,710 417,989,200
102.939.800
6,062,500 109,002,300
156,379.875
909,357.505 415,659,800 1,325,017,305
156,379,875
Equipment manufacturers
207,292,885 266,206,700 473,499,585 121.308.281
11,970,000
62,957.300 184,265,581
11,970,000
19,750,000
9.620.750
19,750,000
5,103,000
1.150,000
14,723,750
Motors and accessories
1.150.000
6,736.000
6.736,000
6.732.662
6,395,000
6,732,662
Other industrial and manufacturing 100,308,250
51,651.322
6,395,000
5,511,852
57,163.174
10,185.900
35,000,000 135.308.250
2,030,000
12.215,900
348,755,941
78,000,000
18,376.500 367,132,441
Oil
605,105.414
78.000,000
83,067,220 688,172,634 325.284,014 108.221,822 433,505,836
9.701,500
791,000
10,492.500
164,898.463
277.221,385
7,550,000 172,448,463
73.904,300 351,125,685
56,462,244
Land, buildings, &c
57,167,939 113,630.183
16,050,440
33.563.350
2,620,000
36,705,200
36,183,350
51.755,640 210.979,100
134,377.250
755,000 135.132,250
46.683,400 257,662,500
343,683.330
3,697.500 347.380.830 324.774,033
Rubber.
55.343,000 380,117,033 272.605,500
30.800,000
15,000,000
13,852.000 286.457,500
45,800,000
55.233,534
Shipping
55,233,534
1,650,000
12,662,975
1,042,400
1.650.000
13,705.375
10.000,000
2.701.675
60,000,000
10.000.000
26.278.000
62,701,675
Inv. trusts, trading, holding, &c--6.000,000
32.278,000
6,212,500
2,300,000
500,000
2,800.000
6,212,500
145,097,344
2,485,000
145,097,344
2,485,000
856,060,338
Miscellaneous
856,060,338 250,196,768
46.353,500
2,694,000
1,012,000 251,208,768
49,047,500
121.911,462
2.402.000 124.313.462
--------81,573,228
707,446,963
15.463.900 722.910.863 421,382.389
Total corporate securities
50,767,940 472,150,329 219.129.505 1.179,959,711 597,468.700 1,777,42.8.411 3.221.032.508 230.760,750
81,573,228 31.167.250 250,296,755
3,451,793,258 4,073.667.420 848,286,961 4.921.954.381 2.353.915.167
1,251,208.410 3,605.123.577 2,287.517,138 846,910,460 3,134.427.598
coa
4135
FINANCIAL CHRONICLE
JUNE 6 1931.]
DETAILS OF NEW CAPITAL FLOTATIONS DURING MAY 1931.
FIVE YEARS).
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN
Amount.
Purpose of Issue.
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
% Western Pacific RR. Co. 1st M. 5s.
Railroads
1,000,000 General corporate purposes
97
Public Utilities
2,500,000 Additions and improvements
93A
Purchased by Western Pacific RR. Corp.
E. II. Rollins & Sons, Inc.; Halsey.
5.50 Central Pow. & Lt. Co. (Mass.) let M. 55, 1956. Offered by
Stuart & Co., Inc.; A. B. Leach At Co., Inc.: Tucker, Anthony & Co., Hill, Joiner & Co.. Inc..
and Chemical Securities Corp.
Co.
101
4.42 Consolidated Gas Co. of N. Y. Deb. 410. 1951. Offered by National City
60,000,000 Additions and extensions
M. 43, 1981. Offered by Aldred
95;5
4.21 Consolidated Gas Electric Light & Power Co. of Balt. 1st Ref.
18,000,000 Refunding
Securities Corp.; Guaranty Co. of N. Y.; Brown Bros.
& Co.; Lee, Higgin.son & Co.; Chase
Harriman & Co.; First National Old Colony Corp.; Alex. Brown & Sons; Jackson & Curtis;
Spencer Trask & Co., and Minsch, Monett & Co., Inc.
(Each 51,000 bond-5500 deacon. in pro6.90 Dominion Gas & Electric Co. 1st Lien & Coll. 634s, 1945.
8,000,000 Acquisitions; other corp. purposes. 96
shares of comportion-iv accompanied by a non-detachable warrant entitling holder to purchase 15
time prior to July 1 1940.) Offered by Ilalsey, Stuart & Co.,
mon stock at 810 per share at any
and E. H. Rollins & Sons.
Inc.; G. E. Barrett & Co., Inc.; Chandler & Co., Inc.,
1955. Offered by E. II. Rollins & Sons,
92
5.60 Eastern Shore Public Service Co. 1st M.& 1st Lien 58 B,
1,250,000 Acquisitions:other corp. purposes_
Inc.; Halsey, Stuart & Co., Inc.; Hill, Joiner & Co., Inc.; Blyth & Co., Inc.: Stroud & Co., Inc.;
Eastman, Dillon & Co., and A. B. Leach & Co., Inc.
Stone & Webster and Blodget.
94
4.88 Gulf States Utilities Co. 1st M. & Ref. 430 B, 1961. Offered by
2,500,000 Capital expenditures
Inc.; Chase Securities Corp.; Bancamerica-Blair Corp., and Brown Bros. Harriman & Co.
& Co.
98;4
5.14 Iowa Ry. & Lt. Corp. lot & Ref. 5s B. 1946. Offered by Harris, Forbes
500,000 Extensions and additions
& Co.
100
5.00 Kansas Power & Light co. lot M. 55 B, 1957. Offered by Harris, Forbes Harris, Forbes & Co.
1,000,000 Refunding; other corp. purposes
by
102
4.37 Lincoln Telephone & Telegraph Co. 1st M. 4345 A. 1961. Offered
other corp. purposes
3,500,000 Refunding;
and The Atlantic Corp. of Boston.
Co., Inc.; Harris, Forbes
95
4.26 Metropolitan Edison Co. 1st M.4s E, 1971. Offered by Halsey, Stuart &
5,000,000 General corporate purposes
& Co.; Brown Bros. Harriman & Co.: Field, Glore & Co.; Edward B. Smith & Co.; E. II. Rollins
chemical Securities Corp.; B. B. Robinson & Co.. Ltd.,
dr Sons, Inc.; Graham, Parsons & Co.;
and General Utility Securities, Inc.
Coffin & Burr, Inc..
4.37 Nebraska Power Co. 1st M. 4945, 1981. Offered by Harris, Forbes & Co.;
10234
16,500,000 Refunding, additions, &c
and Bonbright & Co., Inc.
Inc.; Harris,
102
4.37 New Jersey Power & Light co. lot M.4301, 1960. Offered by Halsey, Stuart & Co.,Ar. Co.; E. H.
6,000,000 Refunding, Improvements, &c_
Forbes & Co.; Brown Bros. Harriman & Co.; Field, Glore & Co.; Edward B. Smith
Rollins & Sons, Inc.; Graham, Parsons & Co.; Chemical Securities Corp.; B. B. Robinson & Co..
Ltd., and General Utility Securities, Inc.
A. B.
4.96 Public Service Co. of Oklahoma 1st M. 55 D, 1957. Offered by Halsey, Stuart & Co., Inc.;
10034
1,250,000 Extensions and additions
Leach & Co., Inc., and Hill, Joiner & Co., Inc.
Puget Sound Power & Light Co. 1st & Ref. M. 430 D, 1950. Offered by Stone & Webster and
94;4
4.95
16,000,000 Refunding; additions
Blodget, Inc.; Lee, Higginson & Co.; Chase Securities Corp.; Harris, Forbes & Co.; BancamericaBlair Corp.: Brown Bros. Harriman & Co., and Estabrook & Co.
Price on applic. Washington Gas & Electric Co. lot M. 5s, 1955. Offered by Harris, Forbes & Co.
250,000 Extensions and additions
142,250,000
Other Industrial & mtg.2,200,000 Acquire Art Color Prinrg Co., &c_
90
1,500,000 Refunding
Price on amine.
550,000 General corporate purposes
Fore6.50 W. F. Hall Printing Co. 1st M.& Coll. Tr. 534s A, 1947. Offered by Lee, Iligginson AL Co.;
man-State Corp., and A. G. Becker & Co.
Minnesota Tribune Co. and Manistique Pulp & Paper Co. (Joint Issue) lot M. 510 A, 1932-41.
Offered by BancNorthwest Co.; First Securities Corp., and Wells-Dickey Co.
debenture conrertible at
6.55 Pittsburgh-Erie Saw Corp. Convertible Deb. 694s. 1946. (Each 51,000
any time into 50 shares of common stock.) Offered by John A. Beattie Az Co., Pittsburgh.
99}4
4,250.000
Oil
2,000,000 General corporate purposes
Land, Buildings, &c.
350,000 Retire indebtedness
200,000 Real estate mortgage
8,000,000 Real estate mortgage
300,000 Refunding
75,000 Real estate mortgage
115,000 Retire curr, debt; construction
265.000 Additions and improvements
60,000 Real estate mortgage
120,000 Real estate mortgage
stock
6.45 The Saxet Co. 1st Lien Coll. Cony. es A, 1945. (Conrertible at principal amount into common
at prices ranging from $12 to $30 per share.) Offered by G. E. Barrett & Co., Inc.
Market 96
Los Angeles.
100
7.00 Abbott Kinney Co. 1st M. 7s, 1941. Offered by California Securities Co.,
Price on applIc. Board of Christian Service of the Lutheran Minnesota Conference of the Augustana Synod
Minneapolis.
1st M. 5s, 1934-41. Offered by Wells-Dickey Co.,
Placed privately Cleveland Terminal Bldg. Co. bonds. Entire issue sold to Metropolitan Life Insurance Co.
100
5.50 Colorado Bldg. (Southern Colorado Investment Co.) 1st Al. 5940, 1933-47. Offered by Amoe
C. Sudler & Co., Denver.
100
5.50 Congregation of Sons of Immaculate Heart of Mary 5345, 1932-41, Offered by Festus J. Wade
Jr. & Co., St. Louis.
100
5.25 Corporation of the Catholic Bishop of Seattle lot M. 545, 1934-46. Offered by Seattle Co.
Price on applic. Olin Hotel (Denver, Colo.) 1st M. 65, 1932-41. Offered by The International Co.. Denver.
by The
4.50-5.00 St. Joseph's Roman Catholic Church (Thibodaux, La.) lot M. 5s, 1932-43. Offered
Whitney Banks, New Orleans.
Louis, III.) 1st M. 58, 1934-41. Offered by
100
5.00 St. Patrick's Roman Catholic Church (East St.
Festus J. Wade Jr. & Co., St. Louis.
9,485,000
Miscellaneous
100,000 Working capital
100
700,000 General corporate purposes
101
6.00 Union Loan & Finance Co. Participating Deb. Os A. 1941. Offered by Investors Supervisory
Bureau, Inc., and Paul Eerfoot & Co.. St. Paul.
4.4 Union Stock Yards Co. of Omaha. Ltd., lot M.00, 1946. Offered by Hancl'Corthwest Co.
800.000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Railroads
1,500.900 Refunding; pay taxes, Arc
20,000,000 Capital expenditures
Price.
To Yield
About.
100
9944
Company and Issue, and by Whom Offered.
4.50 Chicago & Alton RR. 434% Receivers Ctlis., due April 4 1932. Sold to Union Trust & Savings
Bank, Chicago.
Kuhn, Loeb & Co.
4.64 Illinois Central RR. Co. 3
-Year 430, June 11934. Placed privately by
21,500,000
Public Utilities
7,500,000 General corporate purposes
100
3.00 Staten Island Edison Corp. 1-Year 3% notes June 15 1932. Offered by Field, Clore& Co.: Harris,
Forbes & Co.; Halsey. Stuart & Co., Inc.; Spencer, Trask & Co., and General Util. Securities. Inc.
Other Industrial & mtg.600,000 General corporate purposes
100
6.00 Houston Post Dispatch-Houston Printing Co. 1st Mtge. Os, 1931-1936. Offered by Republic
National Co., and Mercantile Securities Corp., Dallas, Texas.
Land, Buildings, &c.
300.000 Refunding; additions
80,000 Provide funds for loan purposes_ _ _
100
100
150,000 Provide funds for loan purposes
100
150,000 Provide funds for loan purposes__ _
100
5.50 Columbia Hospital (Milwaukee) 1st Mtge. 594s, May 1 1936. Offered by First Wisconsin Co., Milw.
6.00 Federal Corp. (Richmond, Va.) 6s "00Q," June 1 1932-36. Offered by Union Bank & Federal
Trust Co., Richmond, Va.
6.00 Notting First Mortgage Corp. 1st Coll. Trust 68 "CF," April 11932-36. Offered by Frederick E.
Nolting & Co., Inc., Richmond, Va.
6.00 Notting First Mortgage Corp. 1st Coll. Trust 6s "CG." May 1 1933-36. Offered by Frederick E.
Notting & Co., Inc.. Richmond, Va.
680,000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Public Utilities
5
1,000,000 Additions, extensions, Arc
•700,000shs General corporate purposes
•150,0005hs Acquisitions; other corp. purposes_
.300,000shs Retire 6% pref. stock
(a) Amount Price
To Yield
Invoiced. per Share. About.
1,000,000 100
13,300,000 Mkt
-19
14,925,000 99;4
31,050,000 10334
60,275,000
Land, Buildings, &c.
10,000 sits. Working capital
250,000
Company and Issue, and by Whom Offered.
5.00 Kings County Lighting Co. 5% Cum. Pref. Offered by W. C. Langley & Co.
Midland United Co. Common. Offered by Utility Securities Co.
hr.(55 Public Service Corp. of New Jersey $5 Cum. Pref. Offered by Drexel & Co., and
Donbright tir Co., Inc.
4.83 Public Service Electric & Gas Co. $5 Cum. Pref. Offered by Drexel & Co.. and
Bonbright & Co., Inc.
&
Realty Investors Corp. of California 654% Pref. Offered by LIttlepage, Sheehy
Co.. San Francisco.
25
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
100,000 Fletcher Joint Stock Land Bank 50, Nov. 1
10034
1933 (provide funds for loan purposes)
To Yield
About.
4.75 Fletcher Trust Co. of Indianapolis.
Offered by
4136
FINANCIAL CHRONICLE
[VOL. 132.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No. (a) Amount
of Shares. Involved. Price.
977 aim
6,000,000
56.666
6,000,000
8,056,666
53
9551
To Yield
About.
Company and Issue, and by Whom Offered.
Keystone Telephone Co. of Philadelphia $4 Preferred. Offered by company.
Pennsylvania Electric Co. 1st & Ref. Mtge. 4s "F," 1971. Offered by Harris, Forbes & Co.; Halsey, Stuart & Co., Inc.;
Chase Securities Corp.; Continental Illinois Co.; Field, °lore & Co.; Edward B.Smith & Co.; E.H. Rollins & Sons, Inc.;
Cassatt & Co.; J. G. White & Co., Inc.; Chatham Phenix Corp.; B.B. Robinson & Co., Ltd.&
Util. Securities, Inc.
• Maar.* of no par value.
a Preferred stocks of a stated par value are taken at par, while Preferred stocks of no par value and all classes of Common stock are computed at their offering prices.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 6 1931.
One bright feature of the week has been a rally in stocks
with marginal requirements reduced 5%. But as regards
trade there has been some falling off in retail business despite
the warm weather. The slackening is expected to prove
more or less temporary, for prices are low and there is every
incentive to buy certain lines of goods. The National Cotton
Week has from all accounts had satisfactory results. In
fact, some reports indicate that it has been a big success.
Meanwhile, wholesale and jobbing trade is dull. The
demand for sporting goods is remarked upon and also that for
household hardware. Iron and steel have been quiet. In
steel, pipe and structural material sell the most readily.
Pig iron has been distinctly dull and the output has fallen off.
Cotton has latterly advanced $3 a bale under the stimulus
of a sharp rise in the stock market, heavy covering of shorts
and a strong technical position. The output of automobiles
was smaller in May than in April and it is therefore not
surprising to learn that the automobile industry is not buying
much steel. Cotton and silk goods have been in fair demand.
But 383/2 inch 64x60 print cloths have declined to 45sc.,
/
a drop of %c. For the most part the crops are in good condition. Rains in the Western grain belt have had a distinctly
beneficial effect. June wheat broke 10c. a bushel at Minneapolis and Duluth in a single day when it was made plain
that the Farm Board had withdrawn its support from cash
wheat at Minneapolis. But later months have risen, at
times sharply on covering of shorts, partly under the stimulus
of a rising stock market. Commodity markets in general
have been more or less under the influence of the stock market. But to-day the wheat market acted more independent
of stocks and actually closed over a cent higher, largely
because of the Canadian drouth, and the expectation of a
bullish crop report from Winnipeg to-morrow. Some would
not be surprised if it should show a decrease in the Canadian
crop of 100,000,000 bushels. That might have much effect
at home and abroad. Corn has been a minor grain market
during the week, with the cash demand dull, and the weather
favorable for the crop. In oats, there has been some business for export, but it was in Canadian and not American
oats. A moderate amount of barley has been. taken for
Europe. At one time, there were some reports of an export
business in Canadian rye. The trouble is that American
markets get none of this business. Lard advanced nearly
Yie. on good cash buying and the rise at times, in grain and
stocks, while the receipts of hogs at Western points have been
smaller than at the same time last year.
Coffee has advanced 15 to 25 points with the Brazilian
cables stronger and shorts covering. Europe and Brazil
have been the chief buyers. The National Coffee Council
had bought up to May 26 a total of 1,480,000 bags of surplus
coffee for destruction, financing this with the proceeds of
the export tax of 10s. per hag and it is said that during the
past week 40,000 bags have actually been thrown into the
sea. The dominating feature othervise in coffce is the
fluctuation in Brazilian exchange. Sugar has decliLad one
to two points but the arrival of warm weather suggests an
increased demand for refined sugar and invisible supplies
are supposed to be unusually small. Besides, duty free
sugars are not being pressed so eagerly on the market.
Cuba is the principal remaining source of supply and does
not appear anxious to sell. Rubber has acted very well the
net decline for the week being only two to four points,
evidently owing to an able dezrease in production in the
Far East due to low and apparently unprofitable prices.
Menwhile, however, the available supply of crude rubber
is large and advances may be difficult to establish until the
statistical position improves and with it the demand from
manufacturers. Hides have advanced 15 to 20 points on
covering of shorts and here, as in other commodity markets,
the influence of a rise in securities has not been wanting.
Silk declined three to four points. Cocoa advanced 23 to
24 points.
Less trading is seen in the shoe industry, which was recently active. Men's furnishing goods are not in active
demand. At the South despite some falling off in the retail
trade the big stores have benefited more or less by the
"Cotton Week." Favorable reports have conic from Atlanta
and other southern cities. Here and in Boston by the way
department stores have reported a notable increase in the
sales of cotton goods under the stimulus of "Cotton Week"
and low and tempting prices.
One of the items noticeable, however, is an increase in
retail failures during the week. Copper has been declining.
The leather trade has been quiet. Building materials as a
rule have been slow of sale though paints are reported in
excellent demand. The building industry is less active than
it was a year ago. In the wool market at Boston some increase in activity is reported. At the Wool Top Exchange
here or Wool Associates, as it is called, there has been a steady
decline in prices. Lower quotations for wool tops have also
prevailed in Roubaix and Antwerp. The recent wool
auctions abroad have not been altogether satisfactory. The
wholesale coal trade has been quiet; a cool May did not offset
the effects of a warm April in the coal business. At Newark
the insulated copper factories have been running on full time.
Reports from clothing manufacturers are not satisfactory.
They seem to be booking only a few orders for fall delivery.
Collections have been very slow.
The stock market on the 3rd inst. became restive under the
prolonged hammering and what looked like senseless prices,
often so low as to defy public opinion as to real values, and
suddenly turned on the shorts and ran up 3 to 9 points and
closed in most cases at the top quotations. Fifty stocks made
an average net rise of nearly 8 points. The industrials rose
1254 points, and railroad stock 3%. The trading beginning
on Monday had mounted to 3,100,000 shares and on Tuesday
to 3,200,000, suggesting that a storm was brewing for the
short interest. On Wednesday it was again some 3,200,000
shares and shorts covered precipitately. Bond sales were up
to $12,300,000, of which about 25% foreign issues. Stocks
on the 4th inst. showed their teeth to the shorts in a net rise
of 3 to 11 points as commission houses followed the load of the
banks and reduced margin requirements from $25 a share to
$20. That accounted very largely for the sharp rise as
nervous and overcrowded shorts hastily covered. Bonds
took their cue from stocks and also advanced sharply.
Trading in stocks increased to 3,200,000 shares. Railroad
stocks which had been conspicuously weak were strong.
United States Steel blazed the trail upward with a rise of 39/2
points. Auburn Auto began with a drop of 10 points but
rallied and closed at a net advance of 2 points. IngersollRand rose 11 points net. International Business Machines,
83/2; National Lead, 103/2; Peoples Gas, 63/2; Air Reduction,
294; American Tel. & Tel., 43/2; Atlas Powder, 6; Brooklyn
Union Gas, 49/2; J. I. Case, 7%; Corn Products, 494, and
Eastman Kodak, 83s. Fifty stocks showed an average rise
of $4.32.
Stocks to-'day advanced and closed at something of a net
rise, though in the later trading there was a noticeable
reaction from the top, owing to profit-taking, the trading
dropped to about 2,800,000 shares. Bonds also continued
to rise. Foreign exchange showed a declining tendency.
Call money was 13/2%. Railroad shares, after being the
fag end of the market early in the week, took the lead and
to-day advanced from 1 to 10 points. The greatest rise was
in Santa Fe., Union Pacific and Delaware & Hudson, followed by Lehigh Valley, New York Central, Pennsylvania
and New Haven. Public utilities were irregular. There
JUNE 6 1931.]
FINANCIAL CHRONICLE
4137
with respect
electric power, showed favorable movements during the month
was a good demand for motor shares. Chrysler advanced to changes usually expected at this time of the year.
occurred in tire and rubber
over 2 points. Higher prices
In detail, the number of passenger cars and trucks put out in the United
348,000 units, a 21% increase
shares, notably Firestone. Cash Register advanced at States and Canada in April is estimated at is normally 5%.
increase
or more. Westinghouse was strong. over March's output; the seasonal
one time 4 points
Building and engineering contracts awarded in 37 States during April
Vanadium and Case acted well. Some think higher freight amounted to $336,900,000, a 9% decline under the March level, contrasting
rates will come in due course. The weather has been favor- with a 9% normal seasonal increase. Residential contract awards declined
10%
to a total of $95,900,000, falling 5% from the March level, while a
able for the grain crops and also for cotton.
gain is usual.
in April
Washington wired that various reports which the DeSteel ingot production averaging 105,500 gross tons per day
off
in
partment of Commerce collects at regular intervals indicate was 9% under the average daily output registerediron March, falling the
production, on
of 5%. Pig
more
that business has been steadily improving since January. other than the normal monthly decline daily output of 67,320 gross tons, a
hand, moved up to an average
Fall River's trade was light. Mill reports from New Hamp- gain of 8% over the March average, while a 1% increase is usual. Unfilled
At Lockhart, S. C. the Lockhart orders with the United States Steel Corp. at the end of April amounted to
shire were favorable.
they were a month previous.
decline
plant of the Monarch Mills is on full time. At Cartersville, 3,898,000 gross tons, a 2%is 7%. under what
the Cartersville Mill is now maintaining an operating The usual National decline in April amounted to 28,450,000 net tons, regisGa.,
Bituminous coal mined
force of 200. Charlotte, N. C., wired that retailers are tering a 16% decline from the March level, while a 22% decline is usual.
hours per
Electricity consumed in April averaged 1,635 million kilowatt
having a distinct increase in sales of cotton merchandise as
the average week in March, whereas
promotions and especially in connection week, reflecting a 1% decline underwas continued in May to date.
a result of recent
a 2% decline is usual. The decline
with National "Cotton Week." Manchester says that cloth
The general distribution of goods by freight reflected in total carloadings
business has been disorganized by raw cotton weakness and moved upward to an average weekly level of 752,800 cars, reflecting a 2%
change is usual between these two months.
over March,
buyers are more inclined than ever to adopt a waiting policy. increase shipments ofwhereas no and miscellaneous commodities averaged
merchandise
Freight
Paris cabled: "The Belgian textile workers have accepted 529,800 cars per week in April, gaining 6% over the March level, as against
the recommendation of their unions that they return to work a normal increase of 8%.
stores, and mail
Sales at retail by department stores, five and ten cent
in the Roubaix-Tourcoing districts next week. As noted
April
order houses showed larger gains than are seasonally normal between
over 100,000 textile operatives are out on strike in the and March. Values traded in department stores in April gained 11% over
northern France textile region against wage reductions."
March, while a 7% increase is seasonal. Five and ten cent store sales
Mail order sales moved
Men's wear worsted mills report a steady flow of duplicate increased 11%, as against a 2% normal increase.
2% gain is usual.
fall merchandise. Estimates on the business done Upward 11%, whereas a at wholesale continued on their downward course in
orders on
Prices of commodities
to date by men's wear mills vary, but general opinion is that recent weeks. Between the last week in March and the last week in April
A further decline of 1%
sales totals are at least 25% above this period last year, says a decline of 3% was registered. of farm products received was registered
by producers
Commerce." Lawrence, Mass., wired June by the middle of May. Prices of March and the middle of April.
the "Journal of
middle
employees on the pay- remained firm between the manufacturing industries showed a 0.4% decline
1st that with approximately 5,200
Finally, employment in
rolls now and the addition of many hundreds more in the from March to April, while total payrolls in all industries decreased 1.6%.
in manufacturing industries in April were
earnings
near future seen, operations at the Arlington Mills here have Per capita than theyof employees
were in March.
1.2% less
attained a maximum not reached for many months back.
On the whole, business conditions during the month of April, while showmonth, continued
There is enough work ahead to keep the operatives on full ing improvement over what they were during the previous f
either way rem the present
positive
time all summer. The plant's top mill is being operated day to furnish no evidence of future. movement
nar
and night, while more than 30 sorters are working in the depression level in the
surpassing wartime operations. Chicago rewool shop,
Cleveland Trust Co. to Discuss
ported that business operations last week were about steady Colonel Ayres of Index"—To Be Principal Speaker
"New Industrial
in that area as compared with the previous week and that
at Special Libraries Association Convention
the advent of much warmer weather, together with the
June 10-12.
approach of the holiday week-end, brought a rush of buyers
"A New Index of Industrial Activity" will be discussed
to the retail stores for summer apparel and sporting goods.
F. W. Woolworth & Co.'s sales for May are reported to by Colonel Leonard P. Ayres, Vice-President of the Cleveof the twenty-third
have totalled $24,117,367, a decrease of 4.71% from last land Trust Co., at the opening session
of the Special Libraries Association to
annual convention
year.
Hotel Cleveland. Other
To-day was a hot humid day here despite the prediction be held in Cleveland June 10-12 at
was 66 to 82 degrees, with humidty speakers will be Lewis B. Williams, President of the Cleveof cooler weather. It
who will discuss"Museums
of 54 to 69 degrees. Boston temperatures were 68 to 96; land Museum of Natural History,
to 84; Portland, Me., 66 to 82; Chicago, and Their Libraries."
Philadelphia, 70
At the second session John Love,Industrial Editor Scripps56 to 82; Cincinnati, 62 to 84; Cleveland, 60 to 76; Detroit,
"The Steel Industry in
62 to 76; Milwaukee, 54 to 74; Kansas City, 72 to 88; Howard Syndicate, will speak on
Louis,66 to 90; Los Angeles, 58 to 72; Relation to General Conditions." 0. S. Powell, statisSt. Paul, 52 to 74; St.
Minneapolis, will discuss
Portland, Ore., 46 to 76; San Francisco, 54 to 64; Seattle, tician Federal Reserve Bank of
econoHamilton, Bermuda, 64 to 76; Montreal, 66 to 82; "The Agricultural Situation," and David C. Elliott,
54 to 74;
forecast to-night is fair and cool mist of Midland Bank, Cleveland, will analyze "The Money
Winnipeg, 48 to 70. The
Market and Its Relation to Business." At the third sesweather Saturday and Sunday.
sion Whiting C. Williams, author and consultant, will
ent." Other features of
Business Conditions as Viewed by Conference of discuss "Labor and Unemploym
special
s in Industry—Slight Improvement in the convention are the group meetings at which
Statiscian
discussed.
problems are
April and Early May.
The monthly summary of business conditions prepared by
New York Federal Reserve Bank on Business Profits in
the Conference of 'Statisticians in Industry, under the
First Quarter of 1931-56% Smaller than in Same
Industrial Conference Board, reauspices of the National
Period Last Year.
cords business activity in April and early 'May as showing
Although only a small number of companies relative to
"slight aggregate improvement over conditions in March,
country make public quarterly earnings
after due account is taken of seasonal changes that usually the total in the
industrial and mercantile concerns,
of the year in various industries." statements,reports of 287
take place at this time
segregated into 20 main groups of industry, have been
"In general, business showed no tendency to relinquish gains
Reserve Bank of New York for the
registered in three consecutive months since the beginning compiled by the Federal
first quarter of 1931. We quote the foregoing from the
of the year," says the summary. The latter, issued under
Monthly Review, June 1, of the Bank, which in making
date of May 20, continues:
available its indexes of business activity, also says:
in important major
industries, outrunning seasonal
Gains in production
expectations, more than balanced declines in others. The distribution of
showed gains. Retail trade, as measured by the
commodities by freight
dollar value of transactions, revealed definite improvement in April, as
compared with March. Commercial failures, measured by both number
and total liabilities incurred, declined more than the usual seasonal amount
during the month. Wholesale prices moved downward during the month of
April and the first half of May.
The facts of production reveal a more than seasonal increase in the
number of automobiles manufactured in April as compared with March,
continuing the upward course begun at the close of last year. The value
of building and engineering contracts awarded declined more than a usual
amount at this time of the year. With the exception of steel ingot output,
which moved downward more than a usual seasonal amount, other significant indicators of production, such as pig iron, bituminous coal, and
The net profits of this list of corporations during this period were 56%
than
smaller than in the corresponding period of 1930 and were 66% less
in 1929. These figures represent the net earnings that remain after deductof any
payment
ing all fixed charges including bond interest, but before
dividends on preferred or common stocks.
of supplying food and food products
Companies engaged in the business
business depressions.
exhibited the best resistance to the influence of the
first quarter of
showing a reduction of only 8% from the net return of the
reporting paper companies
1930 and 9% from the 1929 first quarter. The
had a reduction of only 11% from 1930, and showed an increase over 1929.
The tobacco companies were another group that made a comparatively
in the printing and
good showing and chemical concerns and companies
profits than the average
publishing business suffered much less shrinkage in
The motion picture companies, one of the
for all industrial corporations.
most favorably situated groups for the year 1930. reported 41% less profits
4138
FINANCIAL CHRONICLE
In the first quarter of this year than a year previous, although the total was
only 10% smaller than in 1929. Net profits between 40 and 60% below a
year ago were reported in the coal and coke, office equipment, automobile,
realty, miscellaneous mining and smelting, and electrical equipment groups.
Reductions of 60 to 70% occurred in the net returns of companies manufacturing automobile parts and accessories, railroad equipment, and machinery. The most severe declines were in the steel industry. the net profits
of which were only 12% of those in the first quarter of 1930: in the copper
companies, which showed profits only 3% as large as a year previous; and
in the oil and building supply groups. where deficits occurred.
As the first part of the accompanying diagram [this we omit-Ed.1 indicates, Industrial and mercantile profits during the initial quarter of 1931
were somewhat above the low level of the final quarter of 1930, in accordance with the usual seasonal tendency. In 1930. first quarter earnings
were lower than in the last quarter of 1929.
Net operating income of Class 1 railroads, shown in the other parts of
the diagram, dropped to the lowest level for the first quarter pf any year
since 1921. The 1931 first quarter net income showed a reduction of 39%
from the comparable period of 1930 and of 59% from 1929. The net
return of telephone and other public utility companies continued to be
relatively well maintained. Net operating income of the telephone companies was approximately the same as in the first quarter of 1930. and was
down only 3% from 1929. while net earnings of other public utilities for
which reports are available showed a reduction of 16% from 1930 and of
8% from 1929.
(Net profits in millions of dollars)
Total 20 groups
Telephone (net operating Income)
Other public utilities (net earnings)
Total public utilities
Class 1 railroads (net operating Income)
1930.
w...v.....-.mow.c.ol
0;-.03;- WWW
,
IA :
1929.
1931.
36.5
6.2
1.4
13.4
6.6
10.0
0.9
2.3
28.8
1.6
....
0
o—,
N
36
9
5
16
8
6
7
6
17
6
C4 t
w
ow.mcowtotow
14
7
29
7
17
15
8
22
9
43
W .il,WWW4,W6ba
w
•
Food and food products
Paper
Tobacco
Chemical
Printing and publishing
Motion picture
Coal and coke
Office equipment
Automobile
Realty
Mining and smelting (excluding copper,
coal and coke)
Electrical equipment
Automobile parts & accessories (excl. tires)
Railroad equipment
Machinery
Steel
Copper
Oil
Building supplies
Miscellaneous
287
437.4
339.6
104
40
70.0
68.5
67.6
72.3
3.8
7.8
4.6
2.9
2.9
7.1
0.2
def.6.2
def.0.4
18.7
148.0
67.8*
61.1
144
136.5
139.9
128.9
171
259.3
176.5
'7ini 1
• March estimated.
New York Federal Reserve Bank's Indexes of Business
Activity.
The New York Federal Reserve Bank's indexes of the
distribution of goods and of general business activity continued in April to show no decided tendency toward either
recovery or decline. According to the June 1 "Monthly
Review" of the Bank which goes on to say:
Perhaps the two most favorable factors were increases of more than
seasonal proportions in car loadings of merchandise and miscellaneous
freight, and in sales of department stores. There was also a substantial
decline in the number of business failures. Car loadings of bulk freight
declined no more than usually in April. and the number of new corporations formed in New York State showed about the average seasonal contraction. Merchandise exports showed little change other than seasonal,
but imports declined considerably more than usually in April.
Other
reductions, after seasonal adjustment, were shown in advertising and in
sales of new life Insurance.
During the first half of May car loadings of merchandise and rniscelaneous freight declined slightly from the April level.
Adjusted for Seasonal Variations and Usual Year to-Year Growth.)
April
1930.
Primary Distribution
Car loadings, merchandise and miscellaneous_ -- 96
Car loadings, other
93
Exports
81
Imports
102
Panama Canal traffic
78
Distribution to Consumer
Department store sales, Second District
102
Chain store sales, other than grocery
90
Life insurance paid for
103
Advertising
91
General Business Activity
Bank debits, outside New York City
98
Bank debits, New York City
130
Velocity of bank deposits, outside of N. Y. City 111
Velocity of bank deposits, New York City
150
Shares sold on Now York Stock Exchange
306
Postal receipts
99
Electric power
95
Employment In the United States
94
Business failures
103
Building contracts
83
New corporations formed in New York State.-- 86
Real estate transfers
67
"Sieneral price level*
174
:iomposIte Index of wages.
226
ost of living*
168
2)Preliminary. r Revised. * 1913 average = 100.
Feb.
1931.
March. April
1931, 1931,
78
75
65
77
63
77
73
65
82
57
97
86
84
80
99
80
85
81
102
88
82
78
83
103
91
97
197
80
80p
80
114
72r
90
58
157
219
151
85
103
90
99
188
87
82
91
91
87
242
86
81
80
115
68
85
61
157
218
152
80
74
68p
77p
61
80
108
59
89
55
155
217
149
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" weekly index of wholesale commodity
prices fell to 100.4 on June 2, compared with 101.0 a week
before and 132.3 for the corresponding week last year.
The "Annalist" adds:
This week marks the twelfth week of consecutive decline, and brings
the index to within 0.4% of the 1913 level. The decline was caused by
further losses in the farm and food products and metals groups, with
the textile products and miscellaneous groups participating to a less etxent.
TUE ANNALIST WEEKLY INDEX OF WF1OLESA LE COMMODITY PRICES
(1913=100)
June 2 1931. May 261931. June 3 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
*Revised.
.87.1
108.2
•95.6
125.1
102.3
119.1
99.8
85.8
101.0
86.3
107.0
95.4
125.1
101.3
119.1
99.8
85.7
100.4
127.0
137.2
123.2
155.1
113.4
148.8
108.0
108.0
132.3
Real Estate Index Moves Slightly Upward.
The regular monthly index figure computed from realty
deeds recorded in 64 cities by the National Association of
Real Estate Boards for April is 62.0. The March figure was
61.7. These figures are based on the normal 100 used for
deeds recorded in the year 1926.
First Quarter.
No.
of
Cos.
ob. W. ..2.—. NN ,
,
...
WW...000.4WNN
Corporation Group.
[VoL. 132.
Farm Real Estate Taxes Decline Slightly for First
Time in 17 Years.
Average taxes per acre on farm real estate declined slightly
in 1930 compared to 1929, the first decline in the 17 years of
record, according to the Bureau of Agricultural Economics,
United States Department of Agriculture. The not decrease
for the United States averaged one point in the index or
approximately 40 cents per $100 of tax. The index figure
is placed at 249 for the year 1930, compared with 250 in
1929, the year 1913 being used as a baso of 100.
t. The Bureau points out, however, that because prices of
farm products and values of farm real estate have gone
down more than taxes in the past year, farm real estate
taxes are relatively higher than they were a year ago. Tax
changes for last year ranged from an average decline of 12
points in the East North Central States to an increase of
seven points in the New England States.
The Bureau under date of May 28 also says that in 1913
the average farm tax rate was 68 cents on $100 of full valuation; i.e. the probable market value of the land. In 1924
the tax rate was $1.22 on full valuation; in 1927 it was $1.37;
in 1928, $1.43; and in 1929, $1.46. Because of the 8%
decline in land values, taxes in 1930 wore materially more
than $1.50 on $100 of full valuation.
The following table shows tax changes by principal
geographic divisions:
Geographic Division.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific.
TTnItall Rtefaa
1913. 1924. 1925. 1926. 1927. 1928. 1929. 1930.
100
100
100
100
100
100
100
100
100
242
185
210
241
220
232
189
350
361
244
191
215
238
228
236
189
361
364
255
191
217
240
244
240
186
358
371
263
193
222
243
246
240
195
368
382
269
194
221
248
251
246
202
372
397
273
195
224
251
256
251
208
383
395
280
196
222
255
249
248
213
382
400
100
234
235
238
242
246
250
249
Loading of Railroad Revenue Freight A Little Higher.
Loading of revenue freight for the week ended on May 23
totaled 75F,071 cars, the Car Service Division of the American
Railway Association announced on June 2. This was an
increase of 7,339 cars above the preceding week this year, but
a reduction of 174,535 ears under the corresponding week
last year and a reduction of 307,017 ears below the same week
two years ago. Further details follow:
Miscellaneous freight loading for the week of May 23 totaled 298,441
cars, a decrease of 3.630 cars below the preceding week this year and 65,556
cars below the corresponding week in 1930. It also was a reduction of
120,895 cars under the same week in 1929.
Grain and grain products loading for the week totaled 36,581 cars, an
increase of 90 cars above the preceding week this year but 2,189 cars under
the same week last year and 2,787 cars below the corresponding week two
Years ago. In the Western districts alone, grain and grain products loading
amounted to 24.802 ca.s, a decrease of 380 cars compared with the Elaine
week last year.
Forest products loading totaled 33,643 cars, a decrease of 231 cars below
the preceding week this year as well as 17,592 cars under the same week in
1930 and 35,456 cars below the corresponding week two years ago.
Ore loading amounted to 20,730 cars, an increase of 8,855 cars above the
week before but 36,556 cars below the corresponding week last year and
52.755 cars under the same week In 1929.
Loading of merchandise loss than carload lot freight totaled 222,300 cars,
a decrease of 1.946 cars below the preceding week this year and 23,973 cars
below the same week last year. It also was a decrease of 39.937 cars under
the same week two years ago.
Coal loading amounted to 116.733 cars. 5,345 cars above the preceding
week but 23,142 cars below the corresponding week last year and 43,775
cars under the same week in 1929.
Coke loading amounted to 6.625 cars, an increase of 76 cars above the
preceding week this year but 2,743 cars under the same week last year and
6.004 cars below the corresponding week in 1929.
JUNE 6 1931.]
FINANCIAL CHRONICLE
Live stock loading amounted to 20,018 cars, a reduction of 1.220 cars
below the preceding week this year and 2,784 cars below the corresponding
week last year. It also was a decrease of 5,408 cars below the same week
two years ago. In the Western districts alone, live stock loading amounted
to 15,743 cars, a decrease of 1,781 cars compared with the same week last
Year.
All districts reported reductions in the total loading of all commodities
compared not only with the same week in 1930 but also with the same week
In 1929.
Loading of revenue freight in 1931 compared with the two previous years
follows:
1931.
1930.
1929.
Five weeks in January
3,490,542
4,246,552
4,518,609
Four weeks in February
2.835,680
3,506,899
3,797,183
Four weeks in March
2.939,817
3.515,733
3.837,736
Four weeks in April
2,985.719
3,618,960
3.989,142
Week of May 2
775,291
942,674
1,051,935
Week of May 9
747,449
932,346
1,048,960
Week of May 16
747.732
928,759
1,046,594
Week of May 23
755,071
929,606
1,062,088
Total
15,277,301
18.621,529
20,352,247
New York Federal Reserve Bank on Building
Conditions.
From the June 1 Monthly Review of the Federal Reserve
Bank of New York we take the following:
During April a decline of 9% from the previous month occurred in the
total volume of building contracts awarded, according to the F. W. Dodge
Corporation survey of building activities in 37 States. April usually marks
the seasonal peak of building contract awards, and as a result of the onseasonal decline, this bank's April index of total contracts dropped to a
new low level for recent years. All The major classifications of contracts
were smaller than in Mardi of this year or in April of 1930. In the case
of residential contracts a decline of 5% from the previous month and of
22% from a year ago occurred. Ordinarily residential building is more
active in April than in March, and consequently this bank's seasonally
adjusted index receded further in April, though it remained higher than
in December or January. Contracts awarded for public works and utilities
showed a loss of 12% from the previous month and of 20% from a year
ago, while other non-residential work was 8% lower than in March and
nearly one-half less than in April of last year, due to large declines in
commercial and factory construction. The total volume of contracts was
30% below that of April 1930.
During the first four months of the current year total contracts were
26% smaller than a year ago, and declines were shown by all the major
types of construction. In the first three weeks of May, the average daily
volume of contracts dropped 7% below the April level, which is slightly
more than the usual seasonal decline, and continued to be far below the
level of a year ago.
In Metropolitan New York and vicinity, residential building contracts
during April were 31% above the level of a year ago. While all types of
residential construction except hotels participated in the increase over
last year, the most important gain was in dwellings erected by housing
development companies. Contracts for public works and utilities, however,
were 44% below the volume placed in April 1930, and other non-residential
contracts in the aggregate were 26% lower, so that total building and
engineering contracts in the Metropolitan area showed a net loss of 17%
from last year's figure.
4139
During May, as in April, the contrast between the trend of business, as
measured by indexes of production and trade, and the course of the stock
and commodity markets, as measured by prices, has been marked. Taking
the two months as a whole, business has gained in volume rather than lost,
but prices have almost continuously found new lows. Repeated price declines, with the serious difficulties that they create, supply the most
rigorous test to which business morale can be subjected, and are mainly
responsible for further deferring hopes of improvement.
The accompanying diagram [This we omit.—Ed.] represents four authoritative indexes of the volume of business. They are composites of data on
production and trade, properly weighted to make the resultant average as
accurate as possible a measure of conditions. Lacking final figures for
May, the chart carries the record down through April. In that month,
when pessimism created by the markets was acute, all of the indexes actually
turned upward, extending the advance which began about the first of the
year. The amount of expansion that is normal to the season is eliminated
from these indexes, and the gains shown are therefore over and above the
usual "spring rise." With the exception of the Federal Reserve Board's
index, the figures are also corrected to allow for the long-time trend, which
is upward at the rate of 3 or 4% a year; thus the gains are likewise in
addition to any accounted for by that trend. If, after this good showing
in April, the promise of preliminary data is borne out, and it develops that
May, which has had to bear an even greater burden of depression caused
by cumulative price declines, has nearly or entirely held its own, the record
will support the diagnosis that necessary replacements will require a
fairly steady volume of trade during this readjustment period.
National City Bank of New York Finds Necessity of Reducing Costs Paramount Consideration of Executives—
Wage Reductions Increasing Since First of Year.
Discussing the question of lowering costs of production
and selling prices the National City Bank of New York in
its May bulletin refers to the tendency to avoid or defer
wage cuts. The bank says: "While we do not wish to
take any general stand either for or against wage cuts
we consider it desirable to point out that a broad view of
the situation must take account of many factors besides
the wage rate." The bank notes that "the disparity between costs and competitive selling prices is compelling
an increasing number of those with relatively high unit
labor charges to reduce them." The comments by the
bank on the subject follow:
General Progress in Reducing Costs
Throughout industry the necessity of reducing costs of production and
selling prices of the product has been the paramount consideration of
executives during the past several months, and the progress made in that
direction continues notable, and is one of the encouraging features of the
situation. The methods by which this reduction is being accomplished are
varied; they include lower prices of raw materials, economies in organization, increases in productive efficiency, and salary and wage reductions.
In many cases the economies achieved in other directions have enabled
manufacturers to reduce costs and selling prices substantially without resort to general horizontal wage cuts, and the tendency to avoid such cuts,
or defer them as long as possible, is a matter of common observation.
However, the number of reductions announced has increased since the
first of the year, and whereas the largest number reported by the DepartResidence Building in New York City Shows Gain— ment of Labor in any month of 1930 was 133 in August there were 335 in
Plans for 211 Structures to Cost $33,271,984 Are January this year, 228 in February, and 175 in March.
The use in the newspapers of the word "conspiracy" in connection with
Filed in First Quarter of Year.
wage reductions is so manifestly extreme that it can be dismissed. They
The following is from the New York "Times" of May 29: can be no more an outcome of conspiracy than the declines in, say, commodity prices and dividends have been. It is evident that employers genMore than twice as many plans for new residence buildings were filed
erally are approaching the question with a deep sense of social responsiIn the first quarter of 1931 than in the corresponding period last year, as
bility and a sobering realization of the broadness and importance of the
shown by the quarterly report made to Mayor Walker by Major William
principles involved. Those who have the financial strength to carry
F. Deegan, Tenement House Commissioner.
through dull times, and in whose unit costs labor bulks relatively small,
The plans call for the construction of 211 buildings costing $33,271,984,
will
compared with 93 buildings costing $19,136,400. The boroughs, number year doubtless make every effort now, as they have done during the past
or more, to carry on without cutting wage rates. On the other hand,
of buildings for which plans were filed and estimated cost were:
the disparity between costs and competitive selling prices is compelling an
Bronx, 67 buildings, $10,523,000; Brooklyn, 62 buildings, $7,897,300;
increasing number of those with relatively high unit labor charges to reQueens, 67 buildings, $6,811,184; Manhattan, 13 buildings, $7,745,000; duce
them. In many instances the ensuing reduction of selling prices is
Richmond, two buildings, $295,000.
permitting operations that otherwise could not be conducted, and to that
The report detailed also that since Jan. 1 20,000 orders have
been extent keeping up the amount of wages actually disbursed.
served for violations of the Multiple Dwellings law, an increase of
more
than 6,000 from those in the same period last year. The violations were
Maintaining Buying Power
concerned principally with needed alterations and repairs and fire protection.
The problem of maintaining the buying power of the population is one
of preserving the balance between the different groups of producers and
consumers, What is wanted is a price level for commodities that will enNational City Bank of New York on Business Con- able goods to exchange freely in the markets. If the price of labor, or
ditions in May—Gain in Volume in Past Two any other item entering into the cost of manufactured goods, is too high in
terms of what large groups of consumers such as farmers and producers
Months But Prices Seen at New Low Levels.
of raw materials (who have suffered heavy declines in purchasing power)
Discussing the trend of business in May and April, the can pay, the mechanism of exchange is thrown out of gear, production
National City Bank of New York, in its "Monthly Bulletin" slows down, people are thrown out of work and purchasing ability everywhere is curtailed. In other words, while we do not wish to take any genfor June, states that "taking the two months as a
whole, eral stand either for or against wage cuts, we consider it desirable to point
out that a
business has gained in volume rather than•lost, but
situation must take account of many factors
view
prices besides the broad rate. of the the simplest statement of buying power
wage
Perhaps
is
have almost continuously found new levels." We
quote that it is the product of hourly wage rates multiplied by hours of employbelow the bank's comments at greater length:
ment, divided by prices of the things bought. The desirable high quotient
must be sought through equitable adjustment of all three elements. It is
The month of May usually marks the passing of business from
a period of as
spring expansion into one of irregular contraction, and this
necessary to keep the man at work and to sell him goods cheaply as it
year
no exception. Some tapering down of basic industrial activity has been is to pay him a high nominal wage scale. Adjustment of these factors will
has been vary in
different industries. In practice the problem is being worked out
reported, but after allowance is made for seasonal influences it is not
clear carefully by manufacturers with the facts of cost sheets before them, and
that the losses for the month have been abnormal. In some lines,
including the decisions thus
textile and automobile production, the upward tendency
reached are likely to be wise regardless of which theories
characteristic of they square
with,
spring was maintained longer than usual, and there are other
gains on the
The reduction of costs through increasing individual productivity is what
balance sheet for the month which offset declines in the metal
industries, makes possible high money wages and low selling prices. This producbuilding, and elsewhere. It is doubtless little consolation for men
whose tivity is a compound of many factors including personal efficiency of labor,
business is falling off to reflect that the decline is seasonal, but
only in technical competence of management and the aid supplied by capital in the
exceptional years are the forces of improvement strong enough to
overcome form of equipment and machinery. It is universal testimony that output
summer dullness, and a moderate recession in activity during
June and per workman rises in times like these. We have already given some inJuly will not necessarily indicate a basic downward trend, nor
supply a valid teresting examples of this rise in discussing building costs. This
increase
reason for fresh pessimism.
in output is a good argument for maintenance of wage scales, but it also
4140
[VOL. 132.
FINANCIAL CHRONICLE
The quantities given in the tables are based on the operation of all power
plants producing 10.000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads generating electricity for traction, Bureau of Reclamation plants, public
works plants, and that part of the output of manufacturing plants which
is sold for public use. The output of central stations, electric railway and
public works plants represents about 98% of the total of all types of plants.
The output as published by the National Electric Light Association and
the Electrical World Includes the output of central stations only. Reports
Fears for the Standard of Living Baseless
the total capaicty. The
the ex- are received from plants representing over 95% of
The formula for buying power stated above supplies a key for
do not submit reports is estimated: therefore
rates endanger the American output of those plants which
amination of the statement that lower wage
as reported in the accompanyis temporarily the figures of output and fuel consumption
standard of living. We think it correct to say that what
ing tables are on a 100% basis.
standard is not cuts in wage rates in reasonable proportion
affecting that
The Coal Division, Bureau of Mines, Department of Commerce, co-employers,
to declines in the cost of living, but the inability of American
and selling prices operates in the preparation of these reports.i
who are unable to reduce costs (including wage costs)
Standto the market's requirements, to give work to American workmen.
of dollars per hour or Building and Real Estate Conditions in Philadelphia
ards of living are determined not by the number
with the total
day a man is paid for working, but by what he can buy
Federal Reserve District.
a counter in an exnumber of dollars he receives. The dollar is merely
fairly well understood in
The Philadelphia Federal Reserve Bank reports that "the
change of labor for goods and services. This is
familiar; it has
this country, where the term "real wages" is generally
has changed little in the month. The
and requires no real estate situation
been discussed at length previously in these letters,
demand for houses and apartments remains comparatively
at this time.
further exposition
the maintenance of quiet and there has been a further concession in rents."
There would be more occasion for concern over
reason to believe that
American standards of living if there were any
The Bank likewise says:
and the creation of new
than
technical progress in the production of old goods
Some of the reports indicate that rent collections were better In April
contrary is the case. Laboratories are being
has come to an end. But the
in March. Less expensive dwellings also seemed to have been in more
engineers and other scientists are more numer- active
number of real
extended, not abandoned;
demand for renting as well as buying purposes. The
less. Out of their work
ous and able, and managers more efficient, not
recorded in Philadelphia decreased;
in living standards. estate deeds and the value of mortgages
on the
will come in the future, as in the past, the chief gains
both were also lower than in April 1930. Foreclosures continued
which are achieved by reductions in costs.
Increase, reaching in May the second highest level In 12 years.
conditions, the Bank in its "Business ReAs to
illustrates the wasteful laxness of productive efficiency that accumulates
necessity
in boom periods. We do not hold a fatalistic attitude as to the
for depressions, but we recognize that they are the most effective enemies
be combatted
of the wastefulness and unproductiveness which can seldom
whether
when they are at their worst, i.e., during the up-swings. Decision
the necessity for wage
the increase in labor efficiency is sufficient to avert
basis of
reductions must be made, we repeat, by each manufacturer on the
the actual conditions he faces.
United States During
Electric Power Output in the
Month in 1930.
April 4% Below That for the Same
building
June 1 states:
"
view dated
•
Building and Real Estate.
more than
Construction and contracting activity increased somewhat
of Power Resources, Geological seasonally in April, and this has been well maintained, although the present
According to the Division
than in recent years. Both employSurvey, electric power produced in the United States by rate of operations is still much lower
but
ment and wage payments showed sharp gains from March to April,
the month of April 1931 amounted they remained noticeably below those of last year. Construction costs,
public utility plants during
kwh., a decrease of about as estimated by the "Engineering News Record," declined further, owing
to approximately 7,656,739,000
at
to lower prices of the leading building materials; they are
4% as compared with the same month a year ago when pro- principally lowest since 1922.
the
ely 8,018,759,000 kwh. Of the presentproposed expenditure under building permits issued in 17 cities of
duction totaled approximat
The
cities sharing
total for April 1931 there were produced by fuels 4,544,186,- this district increased greatly during April. most of the larger lower.
this gain. But in comparison with a year ago it was 34%
water power 3,112,553,000 kwh. The in The trend in the value of building contracts awarded has been steadily
000 kwh. and by
in April
Survey's statement follows:
upward following the low point reached in January. The gain
for commercial buildings and for
Y FOR PUBLIC USE IN UNITED STATES was due to sharp increases in awards
PRODUCTION OF ELECTRICIT
public works and utilities: contracts for factories and residential buildings
(IN KILOWATT HOURS).
showed considerable drops. The dollar volume of awards in the first four
recent
months of this year was materially smaller than in the same period of
Change in Output
the
from Previous Year. years, as is indicated by the accompanying chart. At least part of
and Water Power.
Total by Fuels
decline reflected the influence of lower prices. Comparisons for selected
March. April.
April.
March.
February.
cities follow:
+2%
538,099.000
+3%
521,913,000 584,771,000 1,847,782,000
New England
-4%
Per Cent Change from
2.092,674.000
1,943,883,000
Middle Atlantic_
1,756,264,000
-8%
Four Months 1931.
Contracts Awarded.
East North Central_ 1,678,955,000 1,846.890.000 466,526.000
1926-29 Avge.
1930.
-7%
478,592,000
West North Central_ 454,203,000 890,188.000 925,609,000
-9%
780.972.000
South Atlantic
-76.0
-73.9
321,334,000
+2% Philadelphia
$19,710,000
East South Central_ 317,341,000 350,309,000 354.746,000
-89.4
-22.1
-13% Reading
779,000
350,875,000
West South Central_ 340,840,000 267,885,000 262,725,000
--75.3
-75.8
-15% Scranton
338.000
238,104,000
Mountain
-50.3
980,000
+5% Camden..
1,032,833.000 1,083,654,000
883,671.000
--66.4
Pacific
-29.8
714,000
--55.6
-4% Trenton
-61.0
-4%
1,167,000
Wilmington
7,159,882,000 7,874.817,000 7,656,739.000
Total for U.
electricity for public use in the United
Total Philadelphia Federal
The average daily production of
-61.0
-53.7
$63.037.000
larger than the daily output
Res. Dist., incl. all cities
States in April was 255,200.000 kwh.. 0.5%
F. W. Dodge Corp
Source.
for March.
for the first four months of
The average daily production of electricity
little, If any, of the usual seathis year indicates that there has been but
for public use for this period. Improvement of Slightly More Than Seasonal Nature
sonal decrease In the production of electricity
1930. the average daily proDistrict.
Based on the 11 years of record from 1920 to
in Boston Federal Reserve
about 3% less than in January.
duction of electricity in April is normally
production was only .4% less than
"Monthly Review," June 1, of the Federal ReFrom the
In April of this year the average daily
indicate a tendency toward
the January average. These figures apparently
serve Bank of Boston, it is learned that "further improvefor electricity.
recovery in the demand
by the use of water power ment of slightly more than seasonal nature took place in the
The average daily production of electricity
22% for the United States level of New England business activity in April as compared
shows a marked increase from March to April,
water power in April was 41% of
"although there has not
Si a whole. The output by toe use of
March. The following table with March, and," says the Bank,
the total, which Is comparable with 34% for Marcia to April by tne use of
been a sharp recovery from the low point reached in Decemchange in output from
shows the percentage
'United States:
ber, nevertheless a distinct increase occurred during the
water power in the different divisions of the
and April.
Change in Output by Use of Water Power-March
year." The Bank further says:
Per Cent. first four months of this
Per Cent. DivisionDivision-9
As a result, the aggregate lecel of industrial activity in this district was
+68 East South Central
New England
6
July 1930, but substantially below
+17 West South Central
Middle Atlantic
+ 8 higher in April than in any month since
+26 Mountain
East North Central
+19 the average month of the past five years. An improvement has been evident
Pacific
+27
West North Central
one important industry, building, has failed
in many lines of activity, but
+39
South Atlantic
the more nearly normal to gain during recent months. In April the total value of building contracts
This increase in water power output, due to
decrease in the use of fuels. awarded in New England was approximately 30% less than in the correprecipitation in April, produced a marked
occurred in May will tend sponding month a year ago, and was also considerably lower than in March.
The further Increase in precipitation which has
When allowances for customary seasonal changes had been made, there was
to Increase the output by water power.
practically no variation in the volume (square feet) of residential conPRODUCTION OF ELECTRICITY BY PUBLIC
TOTAL MONTHLY
struction during the prat four months, but that of commercial and industrial
AND 1931.
POWER PLANTS IN 1930
UTILITY
building declined in April to a new low level. The textile industry in this
district has shown a gradual improvement month by month since the first
Produced by
of the year, and in April the amount of raw cotton consumed was larger
Water Power.
1930
1931
Under
than in any month since April 1930; wool consumption by New England
Under
1931.
1930.
1931.
1930.
1929.
1930.
mills was greater than in any month since October 1929. On the other
KW.Hours. KiV. Hours.
hand, silk machinery activity declined materially between March and April,
30%
34%
55%
8%
_ _
January _ . 8,663,208,000 7.946,778,000
and in the latter month was at about the same level which prevailed during
30%
6%
3
a3%
8%
February -__ 7,626,574,000 7,159,882,000
34%
40%
a%
4%
April a year ago. New England boot and shoe production in April was
8,186,894.000 7,874.817,000
March
41%
41%
a2%
4%
about 4% larger than in the corresponding month last year. Although
8.018,789,000 7,656,739,000
April
8,063,776,000
May
the production of boots and shoes was considerably less in January this
----7,783,762,000
June
37%
-2%
year than in the corresponding month of 1930, increases during the follow7,899.144,000
July
32%
-5%
ing three months of this year about offset the January decline. According
7,905,978,000
August
29%
-3%
September... 7,791,702,000
28%
to the Massachusetts Department of Labor and Industries, there was an
-6%
October ____ 8,195,499,000
29%
-7%
increase of four-tenths of 1% in the number of wage-earners employed in
November._ 7,692.979,000
29%
-5%
in Massachumore than 1,000 representatives manufacturing establishments
December___ 8,107,814,000
setts during April as compared with March, but aggregate weekly earnings
--.. --1.5%
34%
AA ORR 1107 11110
TnEal
---person employed decreased
declined 1.5% and average weekly earnings per
a Increase 1930 over 1929
JUNE 61931.]
4141
FINANCIAL CHRONICLE
1.9%. Call for workers at three public employment offices in Massachusetts
during April increased from March by less than the usual seasonal change.
The fact that total value of sales of more than 100 reporting New England
retail stores in April had fallen below the value for that month a year ago by
only about 636%, while sales for the first four months this year were about
5% less than in the corresponding period of 1930, would seem .to indicate
that at least as much merchandise has been distributed to consumers as at
any previous time. Retail prices are reported to have declined considerably
during the past year.
More Than Usual Seasonal Increase in Trade Shown
in Philadelphia Federal Reserve District.
According to the Philadelphia Federal Reserve Bank,
"trade and industry in April again showed somewhat more
than the usual seasonal gain in activity, even though the
general level remained lower than in several years." The
Bank, in its further survey of conditions in its district, says:
In early May business conditions generally reflected the recessionary influences characteristic of the season. The output of manufactures has increased
steadily for three consecutive months, so that our seasonally adjusted index
in April was about 6% above the exceptionally low level in January. Daily
production of anthracite coal mines also increased more sharply than in
recent years. Construction and contracting, too, showed more than seasonal
rise in awards during April, and there has been some further expansion
in operating schedules during May, as is usual.
A small further decline during the past month in loans to customers is
reported by member banks in leading cities of the District, and their investments show a substantial reduction since April 22. Borrowings from the
Federal Reserve Bank show only a slight increase, and the reserve ratio
continues high.
Manufacturing.
The demand for manufactured products shows a seasonal letdown, except
for some lines which ordinarily have larger sales in late spring. Save for
building materials, paper, and some of the wool products, unfilled orders
have declined, as is to be expected; they continued noticeably smaller than
a year ago. Stocks of finished manufactures in the aggregate declined
further in the month and were lower than in the middle of May last year.
Reports .,are almost uniform in showing a further recession in wholesale
prices, which up to the middle of May declined nearly 21% as compared
with the level of a year ago.
Factory wage payments and working time in Pennsylvania increased
about 2% from March to April, while employment dropped one-tenth of 1%,
which was a smaller decline than the average for the past eight years. The
employment situation was relatively more favorable than that in the country
as a whole or in some of the Eastern industrial States, which showed
recessions in both employment and wage disbursements. In comparison
with April 1930, however, employment remained 17% smaller, while wage
payments were almost 30% less.
Productive activity in this district in April increased more than was to
be anticipated, continuing the upward trend for the third successive month.
Our preliminary index, which makes allowance for seasonal changes, rose
4% as against an advance of 1% shown by the national index. Five out
of nine manufacturing groups shared in this gain. In comparison with a
year ago, production remained 16% smaller, declines varying from 3% in
textiles to 35% in building materials.
The increase in the metal group was due mainly to a greater output of
steel works and rolling mills and electrical apparatus. Operations of plants
making radios and musical instruments also showed more than usual gain,
and this likewise was true of the production of automobile parts and bodies.
Railroad repair shops were more active in April than for some months before.
Barring seasonal influences, the output of textile products has shown a
fairly consistent rise from an exceptionally low level reached in January,
so that our index for April, adjusted for seasonal variation, is only 3%
below that of a year earlier and is at the highest point during the past 12
months. Gains in the month occurred in the output of knit underwear,
hosiery, cotton goods, clothing, and to some extent in broad silks. Woolen
and worsted mills in this district increased their takings of wool fibers
by 13% over March as against a gain of 20% for the country; deliveries
of wool to local carpet mills also rose 16%, so that total wool takings
exceeded those of a year ago for the first time this year, even though they
continued to be smaller than in any month of the five years prior to 1930.
Textile prices have declined further and were, in the middle of May, 27%
lower than the year before.
In the food group, the output of ice cream, canning and preserving, and
slaughtering of sheep showed somewhat more than the usual increases in
the month, the remaining five items registering declines. Cigar plants
maintained their operating schedules at about the same rate as in March,
while output of manufactured tobacco and snuff was larger than usual.
Daily production of shoes decreased less than 1% in contrast with a
rise of 3% in the country; but when the necessary correction for seasonal
changes is made, our index shows a rise of about 5%. The market for
hides and goat skins has held fairly well, although lately the usual quiet
of the season has been in evidence. Price fluctuation has been somewhat
less pronounced than in former months.
Activity in both the paper and printing and chemical groups declined in
the month, although unfilled orders for paper were larger than a month
earlier. Forwarded business and the output of paints and varnishes also
showed more than seasonal upturn, reflecting improvement in building
conditions. Receipts of crude petroleum by local refineries were one-third
larger in April than March but were 11% less than a year ago.
The demand for such building materials as cement, lumber, slate,
structural materials, and electrical supplies has been more active and production
in most lines in April was larger than a month before, though not as large
as was to be expected. Shipments of Portland cement were almost twice as
heavy in April as in March, but remained 7% smaller than in April 1930;
stocks increased in the month but were 4% lower than a year ago. Shipments of brick also increased further and stocks were again reduced somewhat. Prices of building materials continue to show weakness, although
they have been relatively more stable than most of the other manufactured
commodities; in early May they were about 14% lower than a year ago.
manufacturing employment and payrolls which obtained
during February and March, says the Chicago Federal
Reserve Bank of Chicago in reviewing industrial employment condition in its"Monthly Business Conditions Report,"
issued May 31. The Bank continues:
In non-manufacturing phases moderate gains were recorded-the first
In number of men since last August and in their earnings since September.
In the aggregates of all groups employment remained practically the
same, while payrolls increased slightly.
The movement in manufacturing and non-manufacturing aggregates
and in the individual groups corresponds roughly to the trend recorded in
April of last year. indicating an interruption of the spring expansion in
factory employment schedules coinciding with the seasonal upturn in other
Industries, particularly construction and the utilities.
Of the six manufacturing groups which reduced both number of men
and payrolls, the most significant declines were chemicals, metals and
textiles. Food products recorded the ninth successive monthly decrease,
paper and printing the third, and lumber products changed its recent
upward trend. Coal mining was the only non-manufacturing group which
reduced operating schedules.
The vehicles group made its third successive gain in April, stone, clay,
and glass also increased, and rubber products had a larger number of
men but smaller payroll aggregate. The leather industries, operating
more hours, increased payrolls but reduced employment slightly. Expansion in construction, the utilities, and merchandising effected the gain
in the non-manufacturing totals
The ratios of applicants to positions available at free employment offices
were lower in April in all fog' States reporting the data. This represents
continuous improvement theng several months in Illinois. Indiana, and
Wisconsin, while in Iowa the highest ratio of the depression period was
reported for March. The operations of these offices are largely in nonindustrial placements, with a high proportion of odd-job and temporary
work, and are not an indication of the general employment situation.
•
REGISTRATIONS PER 100 POSITIONS AVAILABLE AT FREE
EMPLOYMENT OFFICES.
Illinois.
Indiana.
Iowa.
Wisconsin.
215
228
190
209
Month.
108
116
118
136
447
513
300
329
172
197
159
177
1931-April
March
1930-Anril
henrell
The Department of Agriculture reported a further reduction of the
large farm labor surplus between April 1 and May 1 in Illinois, Indiana,
and Michigan, while in WiSC0111319 and Iowa practicaly no change occurred.
During the same period of 1930 9 reduction in the ratio ofsupply to demand
took place in Michigan and Wisconsin only, the other three States increasing
their surplus.
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
Week of
April 15 1931.
No. of Number
Repyrpg of Wage
Firms. Earners.
Industrial Group.
Metals and products a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Lumber and products
Chemical products
Leather productsRubber products_b
Paper and printing
676
154
155
375
136
313
87
77
9
318
Total manufac'g, 10 groups
Merchandising_c
Public utilities
Coal mining
Construction
2,300
187
79
31
192
489
Total non-manufacV,4groups
184,664
218,210
30,900
53,558
11,254
31,916
13,697
14.657
6,403
42,475
Changesfrom
March 15.
Wage
EarnEarnings. Earners. lags.
%
%
34,528,000
6,389,000
557,000
1,340.000
279,000
593,000
433,000
289,000
179,000
1,264.000
-2.1
+1.7
--1.1
-1.4
+0.3
-1.1
-9.1
-0.5
+2.8
-1.0
-3.9
+4.5
--13.7
-0.5
+0.2
-3.6
--10.7
+6.0
-2.2
-2.9
607,734 515.851,000
31,937
804,000
3,229,000
96.503
7,490
144,000
232,000
8,466
-0.6
+1.4
+1.3
-2.3
+15.3
-0.6
+0.4
+5.1
-21.0
+21.7
+1.9
+3.9
144,396
4,469,000
fetal, 14 groups
-0.1
+0.3
2,789 752,130 $20.260,000
a Other than vehicles. b Michigan and Wisconsin. e Illinois and Wisconsin.
Further Increase in Wholesale and Retail Trade in
Chicago Federal Reserve District.
The Federal Reserve Bank of Chicago, in its Monthly
Business Conditions Report issued May 31 has the following
to say regarding wholesale trade in its District:
Wholesale trade in April expanded further in most reporting groups.
The gains over March of 4, 734 and 4% shown in drug, dry goods, and shoe
sales, respectively, were contrary to seasonal trend, while in hardware
the increase of26% was considerably larger than usual. Declines from a year
ago in drugs, dry goods, hardware and electrical supplies were smaller than
had been recorded in the corresponding comparison for March. For the year
through April, however,sales data compared unfavorably with the same four
months of 1930 the grocery trade declining 1034%. drugs 1334%,dry goods
24%, hardware 26%, shoes 22% and electrical supplies 3134%. Prices,
which continue a downward trend, are partly responsible for the losses
shown. Stocks on hand in the majority of groups declined further between
March 31 and the end of April and in general were much smaller than at the
sarne period of 1930.
WHOLESALE TRADE IN APRIL 1934
Per Cent Change
From Same Month Last Year.
Commodity.
Net
Sales.
GroceriesHardware
Dry goods
Drugs
Shoes
Electrical supplies
Stocks.
Accounts
Outstancrg
-11.6
-15.9
-21.8
--13.5
--30.8
-36.3
3.7
-18.5
-34.4
-15.1
-21.0
5.9
-8.2
14.9
28.8
-5.7
11.2
35.0
Ratio of
Aces. Outstanding to
Collections. Net Sales.
-8.0
26.2
21.7
-12.6
-24.4
-34.4
90.8
222.6
299.9
155.5
400.7
158.9
Industrial Employment Conditions in Chicago Federal
Reserve District
-Moderate Gains in Non-ManuThe Bank states that sales during April of 107 reporting
facturing Groups.
department stores in its District increased 16% over the pre-
April data of reporting Seventh [Chicago] district estab- ceding month, or in about the same amount as did March
lishments disclosed a reversal of the slight upward trend in trade over February. Continuing the Bank says:
4142
FINANCIAL CHRONICLE
The later date of Easter in 1930, however, made a more favorable showing for April of that year. so that sales this April totaled 12% smaller
and for the first four months of 1931 were 10% less than in tile same period
of 1930. In the comparison with March this year, soles by department
stores in Chicago gained 13%.in Detroit 18%,Indianapolis 7%,Milwaukee
203 % and by stores In other cities 25%. As will be noted in the table.
sales by Milwaukee and Indianapolis stores declined to a lesser degree in
the year ago comparison than did those by Chicago and Detroit firms.
A further slight increase took place in stocks between the end of March
and April 30, but the amount on band on the latter date totaled nearly
15% under April 30 last year.
The retail shoe trade again expanded seasonally in April. sales of reporting deklers and department stores totaling 18% larger than n March.
As compared with last April, however, sales were 16% smaller, bringing
the total for the year to date to 8% below the corresponding period of 1930.
Practically all reporting dealers and most of the department stores shared in
the gain over a montn previous and in the decline from a year ago. Stocks
increased slightly on April 30 over the end of March and totaled only 4%
less than on the same date of 1930.
shown for April over the preceding month in the retail
The gain of 17% %
furniture trade was somewhat smaller than usual for the season, that in the
previous four years averaging 23%. Installment and total sales by reporting
dealers increased to a greater degree than did department store sales offurniture and house furnishings. Little change was shown at the end of April
from a month previous in stocks on hand which totaled 173i% smaller
than a year ago.
A slight decline in the number of units operated by 20 chains reporting
to this bank effected a larger increase for April in their average sales per
store than in their aggregate sales. The average-per-unit sales gained 10%
over March, while aggregate sales increased only 9%. Grocery chains were
In exception in the general expansion shown over the preceding month.
%
As compared with April last year, average sales per store declined
while the total dollar volume sold was less by 3%. the number of units
chains again showed larger sales in the
being 3% greater this April. Drug
year ago comparison, but other reporting groups which include groceries,
five-and-ten-cent stores, cigars, furniture, shoes, and men's and women's
clothing, experienced continued declines.
Fou 132.
St. Louis Federal Reserve Bank Finds Favorable
Business Conditions About Balanced by Unfavorable Factors.
Summarizing conditions in its District, the Federal Reserve Bank of St. Louis, in its "Monthly Review" of May 29,
says:
Reports relative to general commercial and industrial conditions in this
district during the past 30 days reflected rather sharp contrasts. There
were a number of favorable factors tending to improve the status of business,
against which were opposed certain detrimental developments calculated
to slow down the upward trend which commenced in February and reached
its peak in March. Taken as a whole, the favorable features about balanced
those of a reverse character, with the result that no striking change was
noted at the end of the period as contrasted with the similar one immediately
preceding. Moderate improvement in sentiment has taken place, most pronounced in the agricultural sections, where favorable weather and mainly
good crop prospects obtained. In the drouth areas conditions have undergone considerable betterment, farmers in many sections having achieved
substantial gains since March. There was moderate improvement in the
general employment situation, due chiefly to seasonal causes and expansion
in certain lines of industrial production.
As was the case in March, distribution made a relatively better showing
in April than production. There was a recession in activities in iron and
steel, also in some other industries producing goodso f the heavier and more
permanent sort. Reports covering the first half of May indicated a further
slowing down In these lines. New business is being conservatively placed,
and universally manufacturers are disposed to hold down their commitments
on raw materials to an absolute necessity basis, and to make up only such
goods as they have orders for. Distribution of automobiles declined in
April, both as compared with the preceding month and a year ago. There
was further curtailment In operations in the lead and zinc mining areas,
due to the sharp drop in prices of these metals, and no improvement took
place in the dull conditions which have existed for many months in the
bituminous coal industry.
Trade activity was rather spotted and irregular; both with reference to
DEPARTMENT STORE TRADE IN APRIL 1931.
the different lines and localities. Certain wholesaling and jobbing lines
failed to hold the gains of the preceding month, while others considerably
Ratio of AUTO
P.C.Chanps
Per Cent Change
Collations
bettered their records, and for the first time in many months reported a
1,1 4 Mos.
April 1931
to Accounts
1931 from
heavier volume of sales than during the corresponding period a year earlier.
from
Outstanding
Same
April 1930.
Notable among these was the boot and shoe industry, in which the reporting
March 31.
Period 1930
Locality,
firms showed an increase in April sales of one-fourth over March, and of
Net
23.0% over April 1930. Groceries, hardware, stoves, electrical supplies,
Stocks End
Net
1931.
1930.
Sales.
of Month.
Sales.
meat packing, fire clay and some less important lines reported heavier sales
in April than March, while declines were recorded in clothing, men's hats,
31.5
29.4
-11.2
-15.1
--15.1
Chicago
35.4
38.1
-11.7
drugs and chemicals, furniture, farm implements, and dry goods.
-13.9
--15.3
Detroit
39.0
40.8
-5.0
-21.6
-7.3
Indianapolis
April sales of department stores in the principal cities of the district
-6.8
-8.6
Milwaukee
-4.7
were 16.5% larger than in March, but 12.7% smaller than in April 1930.
35.3
35.8
-7.7
-16.9
Other cities
-6.0
Combined sales of these stores for the first four months of this year were
36.4
35.1
-10.0
-14.7
Seventh District
-12.3
smaller by 12.9% than in the corresponding period in 1930. Total April
sales of all wholesale and jobbing firms reporting to this bank were 11.5%
greater than in March. For the first four months this year combined sales
of these firms showed a decrease of 15.6% under the corresponding period
Federal Reserve Bank of Chicago on Midwest Dis- In 1930. The dollar value of permits let for new construction in the five
twice
tribution of Automobiles Furniture Bookings largest cities of the district during April was more than 1930. as large
Charges
as in March, and represented the highest total since April
Fall Off.
than in the preceding
to checking accounts in April were slightly larger
Chicago reports that "dis- month, but 10.0% less than in April a year ago. The amount of savings
The Federal Reserve Bank of
3.0% between April 1 and May 8, and on the latter
tribution of new automobiles in the Middle West, both at accounts increasedless
date was slightly
than a year ago.
to show.improvement during
wholesale and retail, continued
The volume of traffic handled by railroads operating in this district
April, with the percentage gains over March much larger continued to run below that of a year and two years earlier. The usual
fruits and vegetables from the
than in previous years, although sales totaled considerably seasonal increase in the movement of earlyother classifications. Additional
monthly "Business Con- South was more than offset by decreases in
smaller than a year ago." In its
declines were noted in tonnage of merchandise and miscellaneous freight
hauled. For the country as a whole loading of revenue freight during the
ditions Report," issued May 31, the Bank also says:
ears, against
Stocks fell off, as is usual for the period, and continued to average well first 18 weeks this year, or to May 2, totaled 13,027,049
below the 1930 level. The trend In used car sales and stocks followed that 15,830,818 cars for the corresponding period last year and 17,194,605 cars
payment sales to total in 1929. The St. Louis Terminal Railway Association, which handles interIn new car distribution. The ratio of deferred
retail sales of dealers reporting the item declined slightly in April from changes for 28 connecting lines, interchanged 174,668 loads in April against
March and 040 from last April. an average off 44% for 32 dealers com- 192,150 loads in March and 211,707 loads in April 1930. During the first
nine days of May the interchange amounted to 53,434 loads, against 53,784
paring with 48% a month previous and 46% a year ago.
loads during the corresponding period in April and 61,545 loads during the
MIDWEST DISTRIBUTION OF AUTOMOBILES.
first nine days of May 1930. Passenger traffic of the reporting lines
Changes in April 1931 from Previous Months.
decreased 11.0% in April as compared with the same month last year.
Estimated tonnage of the Federal Barge Line between St. Louis and New
Per Cent Change From
Orleans in April was 82,500 tons, against 82,970 tons in March and 101,122
Companies tons in April 1930.
March 1931. April 1930. Included.
The general status of collections in the district developed no marked
change as compared with the preceding 30 days. Considerable irregularity
New ears:
Wholesale
and spottiness exists, both with reference to the several lines and locations.
--29.4
27
A-32.6
Number sold
In the agricultural areas backwardness is complained of by both merchants
27
--37.0
A-27.3
Value
and the banks. However, in areas where tobacco and rice are the principal
Retail
--31.5
55
A-39.7
N umber sold
crops payments have improved since marketing of these productions. Whole--30.3
55
A-48.5
Value
salers in the large centers of population report May 1 settlements fully
On hand April 30
--28.1
58
up to expectations. Strong accounts are meeting their bills promptly, but
--18.5
Number
56
--22.6
--14.9
Value
there is an increasing number of requests for extensions and actual losses.
Used cars:
Unusual spottiness is reflected in reports of retail merchants in the urban
--7.9
56
A-23.2
Number sold
centers. Questionnaires addressed to representative interests in the several
Salable on hand
--45.2
56
---4.4
Number
lines scattered through the district showed the following results:
--41.0
56
--1.5
Value
Poor.
Fair.
Good.
Excellent.
23.8%
63.1%
13.1%
April 1931
As to furniture manufacturers' bookings, the Bank says:
27.3%
60.1%
12.8%
March 1931
22.6%
12.4%
63.5%
April 1930
1.5%
FURNITURE.
Commrcial failures in the Eighth Federal Reserve District in April,
Orders booked by furniture manufacturers in this district fell off moder- according to Dun's, numbered 153, involving liabilities of $2,916,962 against
ately in April, the decline from March totaling 10% as compared with 144 failures in March with liabilities of $2,969,521 and 128 defaults for a
an average March-to-April recession of 12%. Shipments, moreover, total of $4,114,163 in April 1930.
were only 3% under those of the preceding month, in comparison with
an average recession for the month of 15%; therefore, despite a very low
-less than half those of a month previous- a Seasonal Gains in Trade in Atlanta Federal Reserve
volume of cancellations
moderate decrease took place in the aggregate of unfilled orders outstanding
District.
at the close of the month. These,on Apri130, approximated 76% of orders
In its May 31 Monthly Review the Federal Reserve Bank
booked during the month. Comparisons with a year ago are still unfavorable. Orders and shipments were 19 and 16%, respectively, under of Atlanta
states that "there were further seasonal gains
the April 1930 totals on which our index numbers, based on 1923-1924-1925
monthly averages, amount to only 61 and 69, both of which are a full 20 in April in the volume of trade in this district, and in most
points under the four-year average for the month. Production during April of the series of figures indicating industrial activity, but a
was maintained at about 51% of capacity. Just under the rate of a month
further decline in loans and discounts by weekly reporting
previous and seven points below that of a year ago.
JUNE 6 1931.]
FINANCIAL CHRONICLE
member banks, and in discounts by the Federal Reserve
Bank." The Bank's summary of conditions in its District
further states:
Following an increase of about 26% in March over February, department
store sales registered a further gain of 8% in April, but were 10.2% less
than in April last year. For the first four months of 1931 the decrease,
compared with that part of 1930, also averages 10.2%. Wholesale trade
increased 0.2% in April over March, but was 21.0% less than in April a
year ago.
Total building permits issued during April at 20 reporting cities were
more than double those in March, due to some large permits issued at New
Orleans and Nashville, and for the first time in more than two years were
greater than for the corresponding month a year ago. Residential contracts
awarded in the district increased 24% over March, but the total of all
contraCt awards declined 28.5%. For the first four months of 1931 contract
awards have been 12.9% smaller than in that part of 1930. Consumption
of cotton in the United States was 3.7% greater than in March, and 4.4%
less than in April a year ago. Consumption in Georgia increased 6.2%,
and in Alabama 3.6%, over March, and in Georgia was 5.4%, and in
Alabama 3.3%, less than a year ago. Production by reporting cloth and yarn
mills also increased further in April.
Production of pig iron in Alabama increased 7.8%, and the daily
average output increased 11.4%, over March, but was 20.3% less than In
April last year. Output of coal declined seasonally, and was leas than a
year ago.
Weather conditions have afforded ample opportunity for farm work, but
temperatures have averaged lower than usual and this has delayed germination of seed and growth of planted crops.
Discounts by the Federal Reserve Bank declined slightly between April 8
and May 13, but holdings of purchased bills and securities increased. A
further decline in loans by weekly reporting member banks during this
five week period was only partly offset by an increase in investments.
Borrowings by these banks from the Federal Reserve Bank of Atlanta
continued at a low level.
Details of wholesale and retail trade in the District are
given as follows by the Bank:
Wholesale Trade.
There was a further fractional increase in the volume of wholesale distribution in the sixth [Atlanta) district in April as compared with March.
Wholesale trade declined each month from the fall peak in October through
February, and in March increased 9.6% over February. The gain In April
over March was only 0.2%, and April sales were 21.0% smaller than in
April last year. The small increase in total volume over March is due to
gains reported in sales of dry goods, hardware and shoes, the other five
lines reporting decreases. Stocks and accounts receivable for April declined
from March and were smaller than a year ago, and collections increased 1.7%
over those in March but were 24.5% smaller than in April last year. Cumulative sales for the first four months of the year averaged 25.8% less than
In that period of 1930, the comparison for each line being indicated in the
figures below.
These comparisons are all of dollar figures and make no allowance for
the difference In the prevailing level of prices.
Comparison of Sales
January-Aprt1 1931
Compared wtth Same
Period in 1930.
Groceries
-23.3%
Dry goods
-29.4%
Hardware
-298%
Furniture
-28.1%
Electrical supplies
-27.1%
&meg
-32.6%
Stationery
+2.5%
Drugs
-17.3%
Total
-25.8%
Retail Trade.
There was a further seasonal increase in the distribution of merchandise
at retail in the sixth district during April, reflected in sales figures reported
to the Federal Reserve Bank by 41 department stores in 23 cities of the
district. Stocks on hand show a larger decrease than sales, however, compared with corresponding months a year ago, and the rate of stock turnover
Is higher than it was a year ago.
Department store sales in April averaged 8% greater than in March,
despite the fact that most of the Easter buying came in March, and were
10.2% smaller than in April last year. The increase from March to April
was shared by all of the cities shown in the statement except Birmingham,
while the small increase of 0.5% at Atlanta is the only gain reported over
April last year. Cumulative sales for the first four months of 1931 also
average 10.2% smaller than during that period of last year. Stocks on
hand declined 1.3% from March, and were 17.3% smaller than for April
1930. These comparisons are in dollar figures and make no allowance for
any difference in prices.
Accounts receivable at the end of April declined 1.9% compared with
March, and were 6.2% smaller than a year ago, and April collections increased 5.2% over those in March, but were 5.7% smaller than in April
1930.
The ratio of collections during April to accounts receivable and due at
the beginning of the month, for 33 firms, was 32.3%, compared with 30.2%
for March, and with 31.8% for April last year. For April the ratio of
collections against regular accounts for 33 firms was 34.7%, and the
highest ratio since January 1930, and the ratio of collections against
Installment accounts for 12 firms was 17.9%, the highest since October
1929.
New LowIllrice Level for Majority of Commodities in
Kansas City Federal Reserve District During
April-Increase in Wholesale and Department
Store ,Trade.
The Federal Reserve Bank of Kansas City, in its "Monthly
Review," June 1, states that April witnessed a new low price
level for a majority of Tenth [Kansas City] District commodities. The "Review" also says:
Agricultural products showing declines were cattle, hogs, sheep, poultry,
eggs, milk, butter, wool, corn, oats, and rye. Fed wooled lamb prices
Increased somewhat and wheat and hay prices were slightly higher than in
4143
March. Flour prices remained steady but millfeed prices declined. In the
mineral industries, zinc ore and lead ore prices declined to new low levels
and quotations on bituminous coal and petroleum products were lower than
in March.
Farm work and plant growth were retarded somewhat in April and early
May by frequent rains and cold weather, but crop prospects continue good.
Some warm, fair weather is needed at this time for the completion of crop
planting and to aid seed germination. Corn planting was half completed
and the Ozark strawberry movement was well under way by May 21.
Department store trade was larger in April than in March, but the dollar
volume was 7.3% under April 1930. Wholesale trade was slightly larger in
April than in the preceding month but 18.8% smaller than in the corresponding month last year.
There was a slight seasonal increase in building activity during the
month, but the volume was substantially under that of April 1930. Production in all lines was less than one year ago.
Regarding trade conditions, the Bank says:
Retail Trade.
Thirty-seven department stores in this District reported their April sales
as 11.2% larger than their March sales. This increase compares with an
Increase of 7.8% in April 1930 and decreases of 5.8% and 3.1% in April 1929
and 1928, respectively. Compared to April 1930 the dollar volume decreased
7.3%, all but one of the reporting cities sharing in the decrease. Dollar
sales during the initial four months of the current year were 6.6% smaller
than in the corresponding four months of 1930.
There was a slight decrease in stocks between March 31 and April 30,
and the total as of the latter date was 11.6% smaller than one year earlier.
Wholesale Trade.
Contrary to the usual beasonal trend, there was an increase in wholesale
trade in April compared to March, as measured by the combined dollar sales
of five representative wholesale lines. The combined sales of the five wholesale lines, drygoods, groceries, hardware, furniture, and drugs, were 2.7%
larger in April than in March, but 18.8% smaller than in April 1930.
Furniture was the only one of the five lines reporting smaller sales in April
than in March, and all lines reported their April sales substantially under
sales in April last year.
Each of the five lines reported a slight decrease in stocks for the month
and a substantial decrease for the year. The average decrease for the
month, all lines combined, was 1.4%, and for the year 14.3%.
Collectione.
Collections reported by department stores during April on accounts outstanding at the close of the preceding month averaged 38.6% as compared
with 37.8% in March, and 40.6% in April of last year. Total outstanding
accounts at the close of the month increased by a slightly greater percent
than collections during the month, but the total for both items was slightly
under that of a year ago.
All reporting wholesale lines reported collections larger in April than
in March, but substantially under April 1930.
Michigan Business Holding Up Well According to
Union Guardian Trust Company of Detroit.
On the basis of data available, May industrial output in
Michigan may be expected to show a gain well in excess of
the normal seasonal increase, according to Dr. Ralph E.
Badger, Executive Vice-President, and Carl F. Behrens,
Economist, of the Union Guardian Trust Co., Detroit, a unit
of the Guardian Detroit Union Group, Inc. On May 31 they
also state:
Automobile output is currently estimated at 370,000 units for May, which
compares with 348,000 in April, a gain of more than 6%. Replies to the
May 15 questionnaire received from business leaders throughout the State
indicate that other manufacturers may have experienced gains in business
somewhat similar to those of the automobile group, a fact which might
naturally be expected, however, since so many of them supply parts and
accessories to the motor manufacturers. . . •
Industrial activity in the southeastern section of Michigan, including
such cities as Saginaw, Lansing, Jackson and Detroit, continues to give
greater evidence of recovery than do the other sections of the State. Employment as of the middle of May is reported to be increasing in eight out
of 13 cities in this area from which replies to the trust company's questionnaire have been received, and in only two cities, Lansing and Alma, is employment decreasing. As to the trend of manufacturing during the next
month, it is of interest to note that only one report (that from Lansing)
out of 12 on this phase of business indicates a possible recession during the
last year of May and the first two weeks of June. The building situation
in the southeastern area is still very unsatisfactory, and, unfortunately,
no hope is held out for an early improvement in this field of activity.
Agricultural conditions in this part of Michigan are reported good in a
large proportion of the returns. On the basis of the condition report of
the State Departtnent of Agriculture, the leading crops, winter wheat, rye,
hay and pasture, are better in this area than in any other part of the State.
A slight increase in retail trade is evident but collections still remain
only fair.
Second only to the industrial southeastern section of Michigan in respect
to the outlook for manufacturing activity during the next month is the
area including such cities as Battle Creek, Kalamazoo, South Haven, Grand
Rapids, and Muskegon. A third of the reports received from the southwestern district indicate improvement ahead in the next four weeks. While
none of the reports suggest the possibility of a falling off of manufacturing
activity, little change in the employment situation Is expected. A slight
improvement in the building situation is expected at Holland, Ionia, and
South Haven. Crop prospects are exceptionally good and a substantial
increase in retail trade is expected soon. Collections remain poor to fair
in nearly all cities.
The tourist season will soon add to the Income of residents of Northern
Michigan and the Upper Peninsula. Such cities as Cheboygan, Grayling,
Traverse City, Marquette, and Menominee, each of them located in delightful
summer resort areas, are among the cities which expect increases in retail
trade in the near future. Crop conditions in Northern Michigan are good.
In the Upper Peninsula they are only fair, due to relatively severe frosts
which have occurred recently. The drop of copper prices to levels obviously
below production costs of the Upper Peninsula mines casts a shadow over
business prospects in the Keeweenaw peninsula area.
4144
FINANCIAL CHRONICLE
New Automobile Models.
The Hudson Motor Car Co. announces a new brougham
deluxe model listing at $1375 f. o. b. Detroit. This brings
the number offered in the Hudson line to 14. Six-wire
wheels with white side tires are regular equipment, the spare
tires being protected by metal covers. Selective freewheeling is optional.
The Lincoln Motor Co. announces a new sport phaeton
on the 145
-inch free-wheeling chassis listing at $4,400, and
with tonneau cowl and windshield $4,600.
2
The Reo-Motor Co. is introducing a new 13/-ton fourcylinder speedwagon priced at $625 for the chassis, and a
new six cylinder at $725 f. o. b. Lansing, Mich. Both are
furnished in 136-inch wheelbase with 160-inch available at
slightly higher prices.
Ceylon Reduces Export Duty on Rubber.
The Ceylon Government has reduced the export duty on
crude rubber 13 cents per pound, says a cable to the Rubber
Exchange of New York, Inc., received on May 29. This,
it is stated, is equivalent to a little over M cent in terms of
United States currency. Shipments which have been held
in anticipation of a reduction were only moderate, the cablegram adds.
Rubber Scheme Being Drawn Up at Instance of Dutch
Government.
Dutch rubber growers and the Government:met on May 19
at The Hague for the purpose of working out a rough scheme
for the improvement of the rubber industry in the Dutch
East Indies, a cable to the Rubber Exchange of New York,
Inc., reported. The plan is in the hands of a sub-committee
of the growers organized at the instance of the Colonial
Minister, and must prove acceptable to the Dutch East
Indian Government. A meeting of rubber'growers specially
convened by the Dutch Prime Minister was held on May 15.
Dr. Bernhard, Chief of the Department of Agriculture,
Industry and Commerce, in the Netherlands East Indies,
was also present. Following the conference, it was decided
to appoint the sub-committee for the purpose of drawing
up an exhaustive report on the rubber situation for submission to the Colonial Minister. The President of the
Sub-Committee is Prof. DeBussey, Department Chief of the
Amsterdam Colonial Institute. The Colonial Department
of the Government is represented by Dr. Van der Waals.
Dutch Rubber Shipments in April Below Those of
March.
The Dutch East Indies exported a total of 21,637 tons of
rubber during April, as compared with 24,178 tons during
March, and 24,090 tons during April 1930, according to a
cable to the Rubber Exchange of New York, Inc., received
May 27. It is also stated:
A feature of the April exports was the smaller totals from native-growing
sections of Borneo and parts of Sumatra. The East Coast of Sumatra,
with both European and native estate production, also exported less.
The sections of Java and Madoera, dominated largely by European-owned
rubber estates. increased their exports over the previous month.
More Rubber Shipped to United States During May.
Of the total of 44,281 tons of rubberlexportediby Malaya
In May, 31,014 tons were destined for UnitediStates ports,
as compared with 29,021 tons shipped to this country in
April, and 33,010 tons during May 1930, the Rubber Exchange of New York was informed in a cable on June 1.
Smaller quantities were exported during the month to the
United Kingdom and to Japan; larger totals were reported
to all other countries. Malaya also imports rubber from
other territories, chiefly Dutch Colonial, for trans-shipment.
Such imports amounted to 10,479 tons during May, compared with 9,977 tons in April.
Wage Cut Voted by Theatre Unions—Workers Agree on
10
-Week Drop of From 5 to 732% as Aid to Picture
Houses—A Salary Loss of 840,000—Six New York
Locals Included in 575 Groups That Ballotted on
Voluntary Reduction.
A voluntary wage cut of $450,000,Thas been voted by
members of the International Alliance of Theatrical Stage
Employees and Motion Picture!MachinelOperators, it was
announced in New York on Juner,4 byjWilliam Canavan,
International President of theiUnion. The New York
"Times" from which we quote also said:
[Vol,. 132.
The money is to be taken from the pay envelopes of individual union
members during a 10
,
-week period at rates which mean 5% to 755% reduction of individual salaries. The vote was taken to help the large operators of
motion picture houses—such as Paramount-Publix, Loew's, R-K-0, and
Warner Brothers—through a period of financial difficulty during which
the majority of the union members felt that they should co-operate, Mr.
Canavan said.
At the end of the 10
-week period, which is to begin on June 8, the rate
of pay is to be restored to the present level, according to the terms under
which the vote was taken.
Included in the local unions which voted to accept a wage reduction were
all of the six locals in New York City, It was announced. The vote began
with the week which ended yesterday, and the returns were forwarded
to the headquarters of the union at 1,440 Broadway to be compiled. Taking part in the balloting were 575 locals in various parts of the country,
431 of them expressing themselves in favor of the reduction and 144 voting
In the negative.
There is no legal way in which the decision of the majority can force
those unions which voted against it to accept the cut, Mr. Canavan said.
and therefore it would probably not be completely effective. The $450,000
estimate, it was said, was made with this fact in mind.
This figure represents the rebate by 9,000 men of about $5 weekly.
The scale of rebates is determined by salary, members who receive less
than $60 a week being asked to surrender 5% and those who receive more
than $60 being asked for 75'5%.
"The vote was ordered in the belief that it is a desirable extension of the
co-operation in meeting the depression which has been carried out by other
groups in the motion picture industry," Mr. Canavan said. "We believe
that because of this sort of co-operation, the motion picture industry
will be one of the first to regain a strong position after the slump is ended.
Very few legitimate theatres would be affected by the reduction. Mr.
Canavan said, because the summer was their closed season. Besides the
other companies named. Universal entered into the negotiations with the
union before the vote, although it is not a large operator of theatres.
Retail Lumber Sales Increased During May.
Sales of lumber by retail dealers showed an increase during
May of from 5 to 10% over April, the June 1 issue of "The
Lumber Market," monthly business review and forecast of
the National Lumber Manufacturers Association, states.
There will be a similar increase in June retail movement, at
slightly lower prices, however, according to the consensus
opinion of two thousand reporters, consisting of lumber retailers, wholesalers, manufacturers, banks, building and loan
institutions and other informed sources. "The Lumber
Market" also goes on to say:
Sales of lumber to retailers showed a 1 to 5% decrease during May in
the face of an expected increase, and prices paid by retailers dropped
from 5 to 10%, although only from 1 to 5% of this drop was passed on to
customers during the month. A very slight increase in sales to retailers is
expected during June. A rather substantial increase in softwood sales to
industrials, but no improvement in hardwood movement,is forecast for June.
On May 16 manufacturers' stocks were 5% below those held on May 18
1930. Dealers'stocks increased substantially during May over April of this
year and there was a slight decrease in stocks held by industrials.
Residential building fulfilled expectations, showing a 5 to 10% increase
in May over April, though a slowing down of this ratio for June is anticipated. Building money is reported "ample, but difficult to procure" in
most localities, due to rigid credit requirements.
Lumber Orders Again Approximate Production.
After several weeks showing unfavorable ratios, lumber
orders received at the mills during the week ended May 30
returned to a level approximating production, it is indicated
in telegraphic reports from 758 leading hardwood and softwood mills to the National Lumber Manufacturers Association. These reported new business as 1% under a total
production of 226,826,000 feet. Shipments were 8% above
this figure. A week earlier orders received by 814 reporting
mills were 10% below and shipments were 1% above a combined production of 244,792,000 feet. Comparison by identical mill figures for the latest week with the equivalent
period a year ago shows—for softwoods,447 mills, production
29% less, shipments 19% less and orders 21% less than for
the week in 1930; for hardwoods, 199 mills, production 35%
less, shipments 14% less and orders 10% under the volume
for the week a year ago.
Lumber orders reported for the week ended May 30 1931,
by 561 softwood mills, totaled 203,014,000 feet or 2% below
the production of the same mills. Shipments as reported
for the same week were 222,765,000 feet, or 7% above production. Production was 207,564,000 feet.
Reports from 214 hardwood mills give new business as
21,085,000 feet, or 9% above production. Shipments as
reported for the same week were 22,001,000 feet, or 14%
above production. Production was 19,262,000 feet. The
Association, in its statement, further reports:
Unfilled Orders.
Reports from 476 softwood mills give unfilled orders of 648,780,000
feet, on May 30 1931, or the equivalent of 14 days' production. This is
based upon production of latest calendar year-300
-day year—and may
be compared with unfilled orders of 500 softwood mills on May 23 1931,
of 677,993,000 feet, the equivalent of 14 days' production.
The 414 identical softwood mills report unfilled orders as 634,227.000
feet on May 30 1931, as compared with 890.839,000 feet for the same
week a year ago. Last week's production of 447 identical softwood mills
was 196,767,000 feet, and a year ago it was 276.100,000 feet; shipments
were respectively 212.890,000 feet and 264,072,000; and orders received
195,124.000 feet and 246,737.000. In the case of hardwoods, 199 identical
JUNE 6 1931.1
4145
FINANCIAL CHRONICLE
mills reported production last week and a year ago, 18,575.000 feet and
28,437,000; shipments 21,265,000 feet and 24,717.000; and orders 20.213.000 feet and 22377,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following now business, shipments and unfilled orders for 220 mills reporting for
the week ended May 30:
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Feet,
Feet.
Feet.
Coastwise and
Domestic cargo
cargo
Domestic
delivery__ 47,900,000 delivery_ ___181,900,000 intercoastal__ 53,574,000
22,237,000
105,103,000 Export
17,431,000 Foreign
Export
93,984,000 Rail
41,379,000
32,727.000 Rail
Rail
10.389,000
Local
10.389,000
Local
127,579.000
380,987,000 Total
108.447,000 Total
Total
Production for the week was 112,830,000 feet.
For the year to May 23, 165 identical mills reported orders 4.8% above
production, and shipments were 5.3% above production. The same
number of mills showed a decrease in inventories of 5.5% on May 23, as
compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 122
mills reporting, shipments were 21% above production, and orders 28%
above production and 5% above shipments. New business taken during
the week amounted to 41,475,000 feet (previous week 33,726,000 at 138
mills); shipments 39,396,000 feet (previous week 36,435,000); and production 32,434,000 feet (previous week 35.481,000). Orders on hand at the
end of the week at 103 mills were 79,254,000 feet. The 106 identical mills
reported a decrease in production of 28%, and in new business an increase
of 1%, as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland. Ore., reported production from 89 mills as 34,002,000 feet, shipments 28.676,000
and new business 26,570.000. The 60 identical mills reported production
36% less and new business 29% less than for the same week last year.
The California White & Sugar Pine Manufacturers Association, of San
Francisco, reported production from 24 mills as 16,732.000 feet, shipments
17.122,000 and orders 18.707,000 feet. The same number of mills reported
production 41% less and orders 7% more than for the same week last year.
The Northern Pine Manufacturers of Minneapolis. Minn., reported production from 7 mills as 3,851,000 feet, shipments 2,322,000, and new business 2.388,000 feet. The same number of mills reported a decrease of 19%
In production and a decrease of 42% in orders, compared with the same
week of 1930.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 17 mills as 1.903,000 feet, shipments 1,235,000 and orders 1.001,000. The 15 identical mills reported a
5% decrease in production and a 1% increase in orders, compared with
the same week of 1930.
The North Carolina Pine Association, of Norfolk, Va., reported production from 82 mills as 5.812,000 feet. shipments 6,435,000 and new
business 4,426.000. The 41 identical mills reported a 30% decrease in
production and a 25% decrease in new business, compared with the same
week last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 197 mills as 17,154.000 feet, shipments 20.288,000 and
new business 19,632,000. The 184 identical mills reported production
36% less and orders 12% less than for the same week in 1930.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 17 mills as 2.108.000 feet, shipments 1,713,000 and orders 1,453,000. The 15 identical mills reported a
23% decrease in production and a 48% increase in new business, compared
with the same week last year.
CURRENT RELATIONSHIP OF sHIPMENT8 AND ORDERS TO PRODUCTION FOR THE WEEK ENDED MAY 30 1931 AND FOR 21
WEEKS TO DATE.
consumption, accompanied by a further decline in raw silk
prices and little reduction in surplus stocks on hand, it is
pointed out in a review of textile conditions contained in
the current issue of the "Textile Organon," published by the
Tubize Chatillon Corp. The rayon market, on the other
hand, it is noted, continues strong and active. The review
says:
"Silk prices declined during May, reaching a low in the week of May 16
and showing a slight rally in the following week. Among the causes of this
decline was the decline in the securities market, a serious decline in the
April silk deliveries as described before, and a general heaviness due to the
large world stocks of raw silk.
"These visible world stocks on May 1 are estimated at 200,000 bales as
compared with 157,000 bales on the same date in 1930 and 97,000 bales
on May 1 1929. More than this entire increase from 1930 to 1931 has
occurred in Japanese silk stocks, the stocks of other raw silk actually
having declined by about 16,000 bales.
"The disposal of the idemnified Japan silk is still a problem. Although
there has been no official announcement, it is understood that negotiations
for the rationing of this silk to American interests are now under way.
Such a plan might involve delivery of the silk at a predetermined monthly
rate over the period of a year at an upset price. In any case, this raw
silk does not improve in quality by keeping it in storage. Even the pro- •
ducers of artificial silk can testify to that in view of their experience
last year.
"Based on the above survey, we expect that silk consumption will increase
extra-seasonally in the near future, if it has not already done so. This
Increase will be predicated principally upon the current low silk prices.
Further, we anticipate that silk prices will tend to be somewhat weaker
during the next two or three months; however, we would not expect silk
prices to long remain below a possible level of $2.10 per pound based on
crack double extra, 13-15, Japan, the present price level for this grade
•
being $2.22@$2.40.
"Sales of rayon yarn in May by the producers has shown no signs of
rates of the first quarter of this year, and many
letdown from the high
numbers in various producers, lines are oversold. Demand for yarn from
the hosiery and underwear trades and the weaving industry continues to
be very good, with especial emphasis on the latter industry. This composite
demand has carried the selling season for the rayon producers at least four
weeks beyond the normal time of tapering off, and the present prospects are
that demand will hold up to current levels at least until the middle of June.
The period of seasonal slowness in sales this summer is expected to be of
shorter duration, and of less magnitude, than usual.
"The stocks of rayon at the end of May are probably somewhat lower
than the 15,000,000-pound stock at the end of April, in view of the sales
just described and because the general rate of productive activity has not
increased out of proportion to the demand.
"Earlier this year we indicated that a rise in rayon prices NM not
inconceivable. At that time rayon stocks amounted to about 25,000,000
Pounds. With current stocks down to a thoroughly normal basis, with
demand good, and with production schedules moderate for the industry
as a whole, it is perhaps opportune to note that the statistical position
of the industry is more conducive to a price advance now than was the case
earlier in the year, in spite of the current low level of silk prices."
Flour Output Continues to Decline.
General Mills, Inc. on June 2 summarized the following
comparative flour milling activities as totaled for all mills
reporting in the milling centres as indicated:
PRODUCTION OF FLOUR (IN BARRELS).
Association,
Southern Pine
Week-122 mill reports
21 weeks-2,883 mill reports
West Coast Lumbermen's:
Week-220 mill reports
21 weeks-4,671 mill reports
-Western Pine Manufacturers
Week-89 mill reports
21 weeks-1,927 mill reports
Calif. White & Sugar Pine
Week-24 mill reports
-480 mill reports
20 weeks
Northern Pine manufacturers
Week-7 mill reports
-147 mill reports
21 weeks
Northern Hemlock & Hardwood
(Softwoods):
Week-17 mill reports
-572 mill reports
21 weeks
Northern Carolina Pine
Week-82 mill reports
21 weeks-1,832 mill reports
Produolion
M Ft.
Shipmanta
M Ft.
P. C.
of
Prod.
Grand total
Week-758 mill reports
21 weeks-16,885 mill reports
P. C.
of
Prod,
39,396 121
849.660 109
41,475 128
847.623 109
112.830 127,579 113
2,236,181 2,350,535 105
108,447 96
2,405,248 108
34,002
555,977
28,676 84
599.977 108
26,570 78
578,832 104
16,732
176,831
17,122 102
313,882 178
18,702 112
329,589 188
3,851
54,239
2,322 60
59,157 109
2,388 62
58,348 108
1,903
45,796
1,235
29,841
65
65
1,001
30,419
53
66
6,435 111
147,447 120
4,4213
114,785
76
93
32,434
779,524
5,812
122,886
Softwoods total
207,564 222.765 107
Week-561 mill reports
3.971,434 4,350,499 110
21 weeks-12,492 mill reports
Hardwood Manufacturers Institute..
20,288 118
17,154
Week-197 mill reports
370,985 438.277 118
21 weeks-4,393 mill reports
Northern Hemlock & Hardwood
1,713 81
2,108
Week-17 milt reports
59,604 65
92,397
-572 mili reports
21 weeks
Hardwoods total
Week-214 mill reports
21 weeks-4,965 mill reports
Orders
M Ft.
203,014 98
4,362,844 110
19,532 114
444,173 120
1,453
58,177
69
83
22,001 114
497,881 107
21,085 109
502,350 108
228,826 244,786 108
4,434.816 4.848,380 109
224,099 99
4,885,194 110
19,282
463,382
Increased Demand for Rayon Affects Silk Prices
Stocks of Latter Unusually High-Silk Supplies
Aggregate 200,000 Bales Against 157,000 Last
Year and 97,000 Two Years Ago-Increase All in
Japan.
Increased demand for rayon on the part of weavers and
knitters has resulted in a sharp curtailment of raw silk
Production Production Cumulative Cumidative
Four Weeks Same Period Production Production
Since
Sams Period
Year
Ended
June 1930, 1929-1930,
Ago.
May 29.
1,397,406 1,639,814 20,410,063 21,218,234
Northwest
1,680,734 1,987,494 23,020,058 24,099,599
Southwest
Lake Central and Southern.- 1,766.307 1,964,760 23,538,168 23,840,158
278,080
313,096
3,935,929
4,256,260
Pacific coast
5.157.543 5,870.128 70.904.218 73.414.351
Grand total
Note.-Thls authoritative compilation of flour milling activity represents approximately 90% of the milig in principal flour producing centres.
Fall Rug Opening in New York-Prices on Linoleums
Raised 5 to 10% by Producers-Soft-Surface Lines
Unchanged.
Soft-surface rug and carpet lines were opened for fall at
unchanged prices in the New York market on June 1, but
hard-surface floor coverings producers surprised the trade
by joining in the opening and advancing the popular lightweight felt base and linoleum products from 5 to 10%.
The attendance of buyers was estimated at 50 to 70% of
normal. The New York "Times," from which this is
learned, added:
-surface price situation and expressed
Buyers found no fault with the soft
the belief that the firmer tone would be reflected this season in more profitable retail activity. They expressed satisfaction over the emphasis placed
on style and indicated they would be ready to place orders for summer
delivery later this week. Little actual buying was done in the market
yesterday.
The Bigelow-Sanford Carpet Co., Inc.,and other mills opening yesterday
agreed to give buyers a sixty-day stock protection clause in sales contracts.
The clause affords protection against any price reductions which might
be made by the Mohawk Carpet Mills,Inc.,or W.& J. Sloane,sales agents
for other mills, whose openings are scheduled for Aug. 3.
The possibility of price cuts in August was regarded as slight in the trade.
Buyers, confident that the market has firmed, pointed to the fact that for
the first time since the depression many mills are refusing to insure goods
ordered for later delivery against a price advance.
Congoleum-Nairn, Inc., at the opening of their hard-surface lines yesterday, announced they have started manufacturing linoleums for use as
wall coverings. Model rooms in which both floors and walls were covered
4146
FINANCIAL CHRONICLE
[VoL. 132.
with standard linoleum were exhibited. Held to be as serviceable as other
types of wall covering, the linoleum is said to be much cheaper.
in licensed New York warehouses amounted to 204,957 bags
compared with 379,376 bags on May 1st 1930.
Regarding the sales on the second day, the "Times" said:
On Friday, May 8, an analysis of the supply situation
Limited buying by the trade marked the second day of the floor coverings
fall opening here yesterday. Although the ranks of buyers already in disclosed the., stocks in licensed U. S. warehouses amounted
town were swelled by a score of additional visitors yesterday, the volume to
199,697 bags compared with 382,752 bags a year ago.
of purchasing was well below that of the December opening. Those in
the trade attributed the lack of activity to caution on the part of buyers On March 31 stocks in Great Britain amounted to 43,60
who were anxious to shop the market thoroughly before making selections. tons compared with 51,450 tons at the same time in 1930.
In the hard-surface market buying was also restricted.
Thomas L. Chadbourne in Address Before Bond Club
of New York Says Decline in Sugar Price, Despite
Stabilization Plan, Is Unexplainable.
Thomas L. Chadbourne, Chairman of the Sugar Stabilization Commission, who returned from abroad on May 17, following the signing at Brussels, on May 9, of the international sugar restriction agreement, was a speaker before the
Bond Club of New York on May 28. Discussing the agreement, and noting the fact that the price of sugar continues
to drop, Mr. Chadbourne declared that "It is inexplainable
to me." His remarks, In part,follow:
This thing (the sugar stabilization plan) began 11 months ago. We
started for Java, the place where so many of these things, and particularly
the last two attempts, had broken down, because we felt that as they
produced three million tons a year and, next to Cuba, were the biggest
producers In the world, we had better visit them first, and see whether
we could reach an arrangement with them before calling the other five
export nations together. We had an invitation to go to Java before we
started, something that had never been done before, showing that they
felt the press of necessity.
That invitation read:
?Mt you will visit Amsterdam, we will agree to segregate our surplus sugars as
you have done and agree to discuss with you restriction of future exports."
I returned with the conviction that all I had to do was to draw a provisional agreement, have it signed on the dotted line. Well, gentlemen,
when I returned I found that I had navigated a ship from the European
shores to the Ambrose Channel lightship, which is the easiest navigation
known to man, but the amount of work that I had to do to get a final
agreement with teeth in it signed was to navigate that ship from Ambrose
Channel lightship through the crowded Ambrose Channel up the crowded
New York Harbor, into dock, and it took me just two and a half months
to do so. I had estimated to my friends it would take me three weeks.
I would never have been able to do it had the provisional agreement not
been followed by legislation in four of those countries.
Cuba had already passed her legislation. Four of those countries worked
for legislation, scene of them with very strong internal political battles.
So, gentlemen, the agreement was finally signed and I returned home
with my chest out, only to find that the 11 months had taught me nothing.
I found that I had stabilized an industry by reducing production from
last year four million tons; segregating Three million tons to be sold over a
Period of five years. Therefore, I bad put out of the way four million
tons plus two million four hundred thousand tons, and sugar kept going
down.
It is unexplainable to me, and that is the reason I say that I have learned
nothing in 60 years.
I know that the agreement is going to be enforced because the countries
have passed legislation that makes its enforcement imperative, and that is
the difference between this and any other international agreement that
has ever been tried. Most of them have been for the purpose of segregation,
o be sold over a period of years, without reduction of production. Some
have been for reduction and not segregation of surplus. Now, we have
segregated surplus, so it could be sold over a period of years; reduced the
crops; and got the Government teeth into the situation, so that the business men, whether they like it or not, have to live up to the agreement.
Gentlemen, I was very tired. I had to talk in English and then listened
to two translations, and I must say that that was the only rest I had,
because, not understanding those two languages, I rested while the
Interpreters were talking, and I finally went to Brussels to have the
agreement signed.
Hawaii Harvesting Record Sugar Crop.
record Hawaiian sugar production of 958,000 tons is
anticipated for the current year, according to revised
Hawaiian trade estimates received in the Commerce Department from the Honolulu Chamber of Commerce. In making
this known, the Department on May 28 said:
A
Of this amount shipments of 916,000 tons of raw sugar are estimated.
About 60% of the crop is now harvested. The Olowalu Co., a three thousand
ton plantation in West Mau, was recently sold to the Pioneer Mill Co.,
making the fourth small plantation absorbed by larger corporations during
the past 12 months.
Prices of Cocoa on New York Cocoa Exchange at
Lowest in History in May—Volume of Trading
In May Exceeds Previous Months.
Lowest prices in the history of the cocoa industry were
created on the New York Cocoa Exchange during the month
of May, according to the review of the month issued by the
Exchange on June 2. The Exchange says:
A record low quotation of 4.50 cents a pound for the July delivery was
established. It was the lowest quotation ever recorded on the Cocoa
Exchange. Spot cocoa was also quoted at a record new low of 4 cents
a pound.
The volume of trading for May amounted to 1,915 lots or 26,661 tons, an
increase over the April volume of sales, which was 1,832 lots or 24,549 tons.
Arrivals of cocoa beans in the United States in May amounted to 369,209
bags, compared with 315,387 bags in April and 145.041 bags for May 1930.
May exports from the Gold Coast Colony totaled 9,874 tons, compared
with 14,038 tons last year.
Russia's Wheat Policy—British Grain Trade Hoping
for "More Considerate Marketing."
The following from London, May 29, is taken from the
New York "Times":
The absence of any definite results from the wheat conference has left
unsolved the problem of Russia's intentions in regard to "dumping." From
the statement issued here on or before the Soviet delegation to the conference, the grain market infers that Russia will be more considerate in its
marketing policy.
Czechslavia Acts to Reduce Rye Shortage.
Under date of May 31 the Department of Commerce at
Washington said:
In order to relieve considerable rye shortage, the Government decreed
effective May 18: Rye bread may contain 25% wheat flour instead of 15%
mixing ratio of domestic with imported flour reduced to 50-50 for wheat
flour, and 10% domestic to 90% imported for rye flour; the same ratio
applies to mills grinding imported grains.
Palestine Grain Tax to Be Cut 20%—New • Reduction,
Added to That of Last Year, Lowers Total Payments by One-Half.
An item regarding the agreement appeared in our issue
The following cablegram, June 1, from Jerusalem, is from
of May 23, page 3797.
the New York "Times":
---
to Establish Headquarters for Chadbourne Sugar Control System at The Hague.
Francis Powell, President of the International Sugar
Council, arrived at The Hague on May 22 to establish headquarters for the carrying out of the Chadbourne sugar control system, according to advices to the New York "Times."
He was reported as stating that the project had already
Stabilized prices. Mr. Powell's participation in the sugar
restriction plan was noted in our issue of May 16. page 3622.
Francis Powell
Increase in Turnover of Business on New York Cocoa
Exchange in April.
The New York Cocoa Exchange reports a sharp increase
n the turnover of business for April when compared with
March although the volume was under that of April 1930.
Total sales for April 1931 amounted to 1,832 lots or 24,549
tons compared with 1,217 lots or 16,308 tons for March.
The turnover in April 1930 amounted to 2,087 lots. Arrivals
of raw cocoa beans into the United States during April
totaled 315,187 bags compared with 165,656 bags in April
1930.
Warehouse stocks in New York showed an increase of
17,872 bags for the month. On May 1st 1931 total stock
Welcome relief is afforded Palestine farmers by the High Commissioner's
measure reducing by 20% the tithe tax on grain for the 1930 crop, which
with the 30% reduction of last year, makes a 50% cut. The measure also
decreases the tax on the 1931 crop 50%•
The measure will be published in a special issue of the "Official Gazette"
to-night. The reduction in taxes does not affect oranges, but applies only
to cereals. The High Commissioner also is reported to be considering tax
relief for farmers having crops affected by recent plagues, field rats and
locusts. Relief for land damaged by flood also is contemplated.
The action will considerably alleviate conditions for both Jewish and
Arab grain farmers, particularly in the valley of Jezreel, where pests
have been eating crops and where much suffering has resulted from the
abnormal world grain prices. These difficulties have been the subject of
several memorandums by farmers and also were mentioned in the recommendations of the Johnson Crosble report.
Sir John Robert Chancellor, the High Commissioner, has returned to
Jerusalem after a short holiday in London. According to the Arab Press,
he brought back a proposal for a $12.500,000 development loan as formulated with the Colonial Office. It Is stated that the proposal will be submitted for the consideration of the Arab Executive.
Petroleum and Its Products—Crude Price Cut in Mid
Continent to East Texas Levels as Proration Fails
—Pennsylvania Schedules Lowered—Sinclair Sees
Low Prices as "Foundation for Improvement."
The effect of overproduction in the East Texas field resulted this week in a reduction of crude oil prices in MidContinent and Pennsylvania to prices which Harry F.Sinclair
regards as "a firm foundation on which to build upwards."
JUNE 61931.]
FINANCIAL CHRONICLE
4147.
prices
The new schedules bring Mid-Continent crudes to the same purchasers of East Texas crude reduced their posted
barrel for 30c. a barrel, bringing 40 gravity down to 37e. a barrel.
levels prevailing in East Texas, namely, 25c. per
being
less than 29 degrees gravity, with a lc. advance for each Approximately 400,000 barrels of crude per day is now
for 40 degrees and above. The sold throughout the Mid-Continent field, including East
degree up to 370. per barrel
High
out in Pennsylvania crude was 25c. per barrel in Bradford Texas, at about half what we have been pyaing.
fields, with the new price $1.75 per barrel, gravity crude is being freely offered in East Texas at less than
and Allegheny
for our raw
announced by the Tide Water Pipe Co., Ltd., while on 200. per barrel. We cannot go on paying more
Existing
Pennsylvania-grade crude in other areas the South Penn material than is paid for by our competitors.
of 25e. per barrel, with the new low prices are the result of current overproduction, and, in
Oil Co. made a reduction
ceases."
schedule $1.50 per barrel on oil in National Transit lines, our opinion, will continue until that overproduction
Price changes of the week follow:
$1.35 per barrel in South West Pennsylvania Pipe Lines Co.
June 1.-Stanolind Crude 011 Purchasing Co., subsidiary of Standard
lines, $1.25 in Eureka lines and $1.00 in Buckeye lines.
Oil Co. of Indiana. reduces Mid-Continent crude prices to new levels as
Corning crude was reduced 15c. a barrel to 65e.
follows: 25c. per barrel for below 29 gravity with lc. advance per gravity
In addition to the drastic price cuts which threw the in- to 37c. on 40 gravity and above.
New
June 2.
-Magnolia Petroleum Co., subsidiary of Standard Oil of
dustry into a turmoil, the East Texas field was banned by
new
York, meets Stanolind crude price schedule in Mid-Continent, the
two large buyers, Humble Oil & Refining Co. and the schedule applying to Oklahoma. Kansas and Texas,except East Texas and
Texas Co., both of whom withdrew their posting of prices Panhandle. For below 29 gravity, instead of Stenolind's flat 25c. Per
barrel price, Magnolia quotes: Below 22 gravity, 22c. per barrel; 26 gravity,
for products of that field. The East Texas field production 23c. per barrel; 27 gravity, 24c. per barrel; 28 gravity, 25c. per barrel.
schedule
for bringing crude prices to their lowest
is held responsible
June 2.
-Effective as of June 1, Sinclair Refining Co. meets price
of Stanolind for Mid-Continent crudes.
level in about 20 years.
and Humble 011 & Refining Co withdraw
June -The
The Stanolind Crude Oil Purchase Co., subsidiary of posting 3. prices Texas Co.
in East Texas.
of
northern
to take the price-cutting step
Standard of Indiana, was first
June 3.
-The Texas Co. posted new prices in Oklahoma,
Texas, as follows: Carson and
in Mid-Continent, and they were quickly followed by other Louisiana, northern Texas and central35 gravity to 27c. for 40 gravity
Hutchinson counties, 21c. for less than
gravity
operators in the territory affected.
and
Gulf Coast B 44c. for less than 25 gravity to 60c. for 40
reduc- and above: Gray County. 24c. for gravity below 35 to 30c. for 40 gravity
The Texas Co.'s schedule also brings about radical
above;
Crane and Upton counties, and
Texas area of
tions in Carson and Hutchinson counties, where the price is or higher. In'WestMexico, a flat Winkler. 25c. per barrel prevails; Darst
price of
to 270. for 40 gravity and Lea County. New Smackover crudes are 37c.
now 21c. for less than 35 gravity
Creek, Markham and
PennsylJune 3.
-Tide Water Pipe Co., Ltd., announced reduction in
above. Gulf Coast B is quoted 44c. for less than 25 gravity
Allegheny fields of 25c. per barrel, new
vania
40 gravity and above. In Gray County the new Price crude oil in Bradford and
to 60e. for
being $1.75 per barrel.
on oil in
price is 24e. for gravity below 35, to 30c. for 40 gravity and
June 3.
-South Penn Oil Co. announces reduction of 25c.
West Pennhigher. In the West Texas area of Winkler, Crane and National Transit lines, quoting $1.50 new price on oil in South lines, $1.25;
lineS$1.35; new price on oil in Eureka
Upton Counties, Texas, and Lea County, New Mexico, a sylvania Pipe Lines Co. Corning crude was reduced 15c. a barrel to 65c.
and in Buckeye lines, $1.00;
price of
flat price of 25c. per barrel prevails. Darst Creek, Markham
June 4.-Effeccive June 2 the Ohio Oil Co. reduced market
barrel; Lima, 20c..
Illinois. Princeton and western Kentucky crudes 25c. a
and Smackover crudes are 37c. per barrel.
The Sinclair Refining Co. met the new Mid-Continent Wooster, 26c. and Indiana, 150
Prices of Typical Crudes per Barrel at Wells.
schedule, effective June 1. June 2 Magnolia Petroleum,
(All gravities where A.P.1. degrees are not shown.)
$0.37
of Standard of New York, met the prices with Bradford, Pa
subsidiary
$1.75 Smackover, Ark., 24 and over
.67
.65 Eldorado, Ark., 40
.67
the exception of east Texas and the Panhandle district. Corning, Ohio
Rusk, Texas, 40 and over
1.05
abell, W. Va
.75
.55 Urania, La
Magnolia quotes 22c. for 22 gravity, 23c. for 24 gravity, IllinoIs
•61
.50 Salt Creek, Wyo., 37
1.55
as compared Western Kentucky 87
Sunburst, Nlont
.37
24e. for 27 gravity, and 25e. for 28 gravity,
Mideontinent. Okla.,
and over .35
Hutchinson, Texas,40 and over.... .27 Santa Fe Springs, Calif.,40
.72
with the flat price of 25c. for oil below 29 gravity established SPipdletop, Texas, grade A
.80 Huntington, Calif., 26
1.50
.60 Petrolia, Canada
Spindletop, Texas, below 25
by Stanolind.
.25
Winkler, Texas
The immediate result of the price slashing was a meeting
AND BUNKER FUEL OIL PRICES
of about 100 Kansas producers in Wichita, where Thurman REFINED PRODUCTS-DIESEL
RAPIDLY
-GASOLINE STEADY IN FACE OF
REDUCED
Hill, member of the Kansas Public Service Commission,
RISING CONSUMPTION-KEROSENE DULL.
declared that "this sounds the death knell of the owners of
Reductions of be, per barrel in prices of Diesel oil and
small production. The Public Service Commission does not bunker fuel oil were made by the Standard Oil Co. of New
intend to sit idly by and let thousands of Kansans be ruined Jersey this week,following continued unsettled conditions in
so a few major oil companies may dominate the market. the refined products markets. Gasoline held unchanged
We will request the Attorney General of the United States through the week, in spite of sharp cuts in crude prices in
and the Attorney General of Kansas to bring immediate Mid-Continent. The strength was due to rapidly increasing
action against the oil trust, which is apparently violating consumption as the hot weather becomes a daily occurrence.
with impunity the laws governing monopoly, price fixing
The Diesel oil cut was announced Thursday, Standard reand restraint of trade." President Hoover has been urged ducing quotations to $1.55 a barrel at New York, Boston,
by Oklahoma officials to call a special session of Congress Baltimore, Norfolk and Charleston. Bunker fuel oil new
to investigate the "unmerited reductions, and stabilize the prices follow: at New York,Boston,Baltimore, and Norfolk,
oil industry."
85c. a barrel; at Charleston, S. C., 90c. a barrel; at Gulf
In commenting upon the reductions, Harry F. Sinclair ports, 70e. It is believed that the new prices represent the
declared: "I have always been of the opinion that things lowest level evcr reached by bunker fuel, the highest being
would not get better until we had a firm foundation on which $2.90 a barrel on June 111920. The reduction on bunker
to build upward. So long as we had nothing better than fuel oil also applies to San Juan, Panama Canal, Trinidad,
shifting sands under our feet we could get nowhere. If Ponce, St. Thomas and Kingston. U. S. Motor gasoline
there is a bottom, we are close to it now, if not there. As is remains at 53 to 6c. per gallon, tank ear, at nearby refin4
the case in the stock market, buyers have been scarce because eries. Kerosene is dull and unchanged. Domestic heating
prices. An upturn is due oils are
everybody feared still lower
weak as an aftermath of the crude price reductions.
because things have gone to the extreme on the down side."
While consumption of gasoline throughout the metropoliThe East Texas oil field, despite the fact that it is but six tan area is showing normal seasonal increase, competition
months old, now has 735 producers, as compared with three between distributors is so keen that it is doubtful whether the
producing wells four months ago. The excess production greater consumption will result beneficially as far as they are
of this field, in constant violation of proration allowances concerned. The retail field is considered "glutted" with
set by the railroad commission, has precipitated the present outlets, with as many as a dozen stations on one block in
situation in the industry. Aside from continuing full certain districts.
production schedules contrary to the commission's orders, 14
Whether or not the cut in crude prices made this week will
producers are involved in legal suits contesting the com- be reflected in gasoline quotations remains to be seen. It
mission's authority to establish allowable production in the is doubted in come quarters, as it is believed that the crude
first place. R. R. Penn, vice-president of the American market will adjust itself quickly, making unnecessary an
Petroleum Institute, Wednesday urged the formation of a adjustment of refined products prices.
•
corporation for the joint management of the East Texas field.
Price changes follow:
June 4.
-Standard Oil Co. of New Jersey announces reduction of 10c. a
He estimated that the industry is suffering a daily loss of
$1.55 at New York, Boston, Baltithe new price
$960,000 as a result of depressed prices brought about by barrel in Diesel oil,Charleston. being
more. Norfolk and
production.
the East Texas
-Standard OH Co. of New Jersey announces reduction of 10c. a
June 4.
86c. a barrel at New York, Boston,
fuel oil,
In announcing the action of Stanolind in leading the way barrel in bunkerNorfolk;new prices being Charleston, S. C.; 70c. a barrel at
90c. a barrel at
it was stated by President Baltimore, and
in price cutting in Mid-Continent,
Gulf Ports. Reduction also applies at San Juan, Panama Canal, Ponce,
R. S. Ellison for the company that "during the past week St. Thomas and Kingston.
4148
Gasoline, U. S. Motor, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)
N. Y.8.04-.043e
Arkansas
Stand. Oil, N. J-$0.5ee
California
Colonlal-Beaeon--$0.6
05- 07
*Stand. Oil, N.Y. .06
Sinclair Ref
,
1
.0634 Los Angeles,ex .043 -.07
• Tide Water Oil Co .06
Crew Levick
Gulf Coast, ex .0434-.05
Richfield 011(Cal.) .07
Texas
.0534 North Louisiana .04-.0454
Warner-QuInenCo .06
.0634 North Texas_ .03%-.0314
Gulf
Pan-Am.Pet. Co_ .05)e
Oklahoma- .0314-.04
Continental
Shell Eastern Pet- .06
Chicago
.0334-.0341 Pennsylvania-.0534
New Orleans,ex- .04)4
•Plus freight.
Gasoline, Service Station. Tax Included.
New kork
$.149
$.153 Cincinnati
$.16 Kansas City
Atlanta
20 Cleveland
.162
16 Minneapolis
Baltimore
.159 Denver
.18 New Orleans
.118
Boston
.14
.13 8Philadelphia
155 Detroit
Buffalo
158 Houston
.12
18 San Francisco
Chicago
14 Jacksonville
19
Kerosene, 41 43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)$.0534-.05)4 I Chicago
2.0234-0334 I New Orleans, ex----$0.5
North Texas.. .0234-.03 I LosAngeles,ex. .001-.06 I Tulsa
.6431-.0334
Fuel 011, F.O.B. Refinery or Terminal.
New York (Bayonne)Gulf Coast "C" - S.65-.70
1 California 27 plus D
Bunker "C"
2.75-1.001 Chicago 18-22 D_ .4234-.50
8.85
Diesel 28-30D
90
-"C
1.55 New Orleans
Gas 011, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)I TulsaChicago=plux---$.0434-.0534 I 32-36D Ind_$.01 X-.02 I 32-36D Ind.$.01K-.02
• Crude Oil Output in United States Again Rises.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended May 30 1931, was 2,462,150 barrels, as
compared with 2,437,150 barrels for the preceding week, an
Increase of 25,000 barrels. Compared with the week of
May 31 1930 of 2,609,450 barrels per day, the current
figure represents a decrease of 147,300 barrels daily. The
daily average production east of California was 1,933,750
barrels for the week ended May 30 1931, as compared with
1,900,450 barrels for the preceding week, an increase of
33,300 barrels. The following are estimates of daily average
gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedMay 30'31. May 23'31. May 16 '31. May 31'30,
Oklahoma
574.050
Kansas
106,550
107.800
106,800
135,050
Panhandle Texas
59,250
61,250
61,800
112,700
North Texas
55,750
50,950
56.500
82,950
West Central Texas
25,800
25,750
26.400
58,650
West Texas
211.100
207,450
210,600
307,350
East Central Texas
63.400
55,900
55,600
38,100
East Texas
303.750
257,450
350,900
Southwest Texas
59,650
61,000
60,550
69,000
North Louisiana
38,900
39,800
38,600
37,100
Arkansas
46,650
46,750
46,250
53,100
Coastal Texas
156.450
156,600
150,500
183,400
Coastal Louisiana
30.800
30,700
29,900
22,450
Eastern (not Including Michigan)
103,000
102.150
102.800
126,000
Michigan
8,300
MOO
8,200
10,400
Wyoming
42,950
42,250
42,800
54,550
Montana
8,450
8,100
8.650
9.650
Colorado
3,950
4,150
4,050
4,650
New Mexico
43,400
43,400
45,700
18,200
California
536,700
536,000
528.400
605,100
Total
2,462,150 2,437,150 2,426,800 2,609,450
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, North. West Central,
West, East Central, East and Southwest Texas, North Louisiana and
Arkansas, for the week ended May 30 1931, was 1.541,700 barrels, as
compared with 1.503,500 barrels for the preceding week, an increase of
38,200 barrels. The Mid-Continent production, excluding Smackover
(Arkansas) heavy oil, was 1,510,400 barrels, as compared with 1.471,950
barrels, an increase of 38,450 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-Week EndedOklahoma
Southwest Texas-Aray30. May23.
Bowlegs
14.900 15,600 Chapman-Abbot
Bristow-Slick
12,800 12,750 Darst Creek
Burbank
13,000 13,000 Luling
Carr City
13,150 14,500 Salt Fiat
Earisboro
19.400 19.300
North LOUfgana
East Earlsboro
17,900 19,250 Sarepta-Carterville
South Eariaboro
5,300 6,100 Zweite
Konawa
8.950 9,250
Arkansas
Little River
24.800 25,150
East Little River
5,750 6,000 Smackover, light
Maud
2,500 2,550 Smackover,heavy
Mission
8.900 9,600
Coastal Texas
Oklahoma City
133,000 143.400 Barbers Hill
St. Louis
22.950 22,850 Raccoon Bend
&aright
4,350 4,600 Refugee County
Seminole
13,950 14,150 Sugarland
East Seminole
1,750 1,800
Coastal Louisiana
Kansas
East Hackberry
Ritz
6,600 5.200 Old Hackberry
Sedgwick County
16,550 17.100
Veshell
Wyoming
18,200 18,200
Salt Creek
Panhandle Texas
Montana
Gray County
45,600 35,600
Hutchinson County--9.650 8,800 Kevin-Sunburst
North Texas
New Mexico
12.100 12,000 Hobbs High
Archer County
8.850 8,900 Balance Lea County
North Young County
California
10,050 10,300
Wilbarger county
Elwood-Goleta
West Central Texas
South Young County.-- 3,300 3,300 Huntington Beach
Inglewood
Weal Texas
Crane di Upton Counties 23,500 23,700 Kettleman Hills
7.700 7.300 Long Beach
Ector County
29,200 29,350 Midway-Sunset
Howard County
18,950 18,450 Playa Del Rey
Reagan County
44,400 45,100 Santa Fe Springs
Winkler County
71,300 71,300 Seal Beach
Yates
Balance Pecos County.. 3,250 3,500 Ventura Avenue
Pennsylvania
East Central Texas
45,000 42.550 Allegany
Van Zandt County
Bradford
East Texas
Kane to Butler
Husk County:
123,800 118,000 Southeastern Ohio
Joinertleld
156,100 124,250 Southwestern PennsKilgore
Gregg County,Longview 71,000 61,500 West Virginia
[VoL. 132.
FINANCIAL CHRONICLE
East Texas Oil Prices Entirely Withdrawn.
Practically all the major purchasing companies have now
withdrawn their prices for crude oil in the east Texas field,
where production is running far in excess of proration
allowables. This is the first time in the recollection of
oil men, says the "Wall Street Journal," that a major field
has been without a posted price schedule by the large
companies. The last posted prices in the field ranged
from 25 cents on the low gravities to 37 cents on the top
grades, but the oil is being sold at considerably below these
levels, contracts being made at as low as 15 cents a barrel.
The New York "Evening Post," in discussing the situation in its issue of June 4, said:
Formation of a corporation for joint management of the east Texas
oilfield was urged by R. R.
Penn,Vice-President of the American Petroleum
Institute. A daily loss of nearly $600,000 is now suffered by the industry
because of depressed prices due to overproduction attributed largely to
the east Texas field, where he said proration had failed.
Bunker Price Cut.
Bunker fuel at Atlantic Coast and Gulf points has been reduced 10 cents
a barrel by Standard Oil Co. of New Jersey. The new price is 85 cents
a barrel at New York, Boston, Baltimore and Norfolk; 90 cents at Charleston. S. C., and 70 cents at Gulf ports.
These prices are believed to be the company's lowest on record for
bunker oil. The previous low point was 9234 cents a barrel at New York
In 1921, after a great flush production in the California fields. The company's highest price at New York was $2.90 a barrel in June 1920.
Ohio oil has reduced the market price of Illinois, Princeton and western
Kentucky crude oils 25 cents a barrel. Lima 20 cents, Wooster 26 cents
and Indiana 15 cents. United States motor gasoline rules at 234 to 334
cents In the Chicago district, but large amounts of material are available
at 234 cents.
Conservation of California oil was a step nearer to-day through signing
last night by Governor James Rolph Jr. of a bill creating a State commission of five members.
The bill provides the commission may decide whether there is an =necessary waste in production,and Ilse. may establish proration designating
the amount each oil district or field may produce. The commission's
orders are subject to review by the State Director of Natural Rseources.
The price of Canadian crude oil has been reduced 20 cents a barrel to
$1.55 for petrolia and 51.62 for offsprings.
Natural Gasoline Production Resumed Downward
Trend in April-Inventories Again Increase.
• According to the United States Bureau of Mines, the
downward trend in natural gasoline production was resumed
in April when the total output amounted to 160,600,000
gallons, or a daily average of 5,350,000 gallons, as compared with a daily average output of 5,480,000 gallons in
March and with 6,200,000 gallons a year ago. Production
in California, the leading producing State, fell off, although
the output of the Kettleman Hills field continued to climb.
The Oklahoma City field registered a gain in output, but
the output of the majority of the other fields in the MidContinent was lower. Production in the Eastern States
declined as the demand for natural gas decreased. Stocks
of natural gasoline continued to increase and amounted to
42,254,000 gallons on April 30 as compared with 37,115,000
gallons on hand at the beginning of the month. The Bureau's statement also shows:
PRODUCTION OF NATURAL GASOLINE(THOUSANDS OF GALLONS).
Rocks End ofMo.
Production.
Jan.
April
1931.
April
1931.
March
1931.
4,250 4,250
31.300 31,550
Appalachian
Illinois. Kentucky, ,to
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
8,100 31,700
3,900
1,100
53,800 167,300
3,000 11,000
40,200 154,100
6,000 19,100
2,700 10.100
4,500 21,300
66,600 238.500
5,574
543
15,505
2,477
11,473
1,159
254
1,016
4,253
5,608
ne.565
12,399
2.336
10.876
1,016
243
992
3,080
26,000 28,850
7.950 8,250
29,600 30,300
11,200 11,600
Total
160,600 170,000 186,000 657,000
Dally average
5,480
6,200
5,480
5,350
Total (thousands of bbls.).
4,428 15,643
4,048
3,824
Daily average
130
148
131
127
42,254
37,115
1 660
.
,
884
-Week Ended
May30. May23.
3,500
20,000 19,600
8,650 8,600
12,500 12,200
1,200
7,550
1,450
750
1,150
7,900
1,650
750
4,400
34,200
21,000
16,000
37,800
85,500
51,600
30,000
72.300
13,500
42,400
7.100
22,050
7.200
7,150
3,400
13,400
March
1931.
6.800
800
41,600
2.800
37,200
4,700
2,500
5,500
58.700
8,400
1,000
43,700
2,900
39,400
4,900
2,600
5,300
61,800
April
1930.
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
4,400 for the
week ended May 30 1931,from companies aggregating
moo 3,571,200 barrels, or 95.7% of the 3,730,100 barrel estimated
4,350
daily potential refining capacity of the United States in34,300 dicate that
2,474,600 barrels of crude oil were run to stills
21,400
15,800 daily, and that these same companies had in storage at
43.300
86,700 refineries at the end of the week, 44,795,000 barrels of
51,600
28,600 gasoline and 129,463,000 barrels of gas and fuel oil. Reports
72,300 received on
the production of gasoline by the cracking
15,100
42,500 process indicate that companies owning 94.4% of the
7.450 potential charging capacity of all cracking units manufactured
21,600
7,400 3,233,000 barrels of cracked gasoline during the week.
6,900 The complete report for the week ende I May 30 1931,
3,400
13,750 follows:
24,800 25,850
38,800
4,350
April
1931.
FINANCIAL CHRONICLE
JUNE 6 1931.]
AND FUEL OIL
CRUDE RUNS TO STILLS. GASOLINE STOCKS AND GAS
STOCKS, WEEK ENDED MAY 30 1931.
(Figures in barrels of 42 gallons each.)
District.
Per Cent
Potential
Capacity
Reportno.
Total May 31 1930_.
Daily average
95.8
3,477,000
676.000
2,273,000
1.932.000
4,028,000
1,233,000
337,000
3,366,000
,
001 000t.CM.o
100.0
East Coast
93.8
Appalachian
Ind., Illinois, Kentucky 97.5
Kans., Missouri_ 89.4
Okla..
91.9
Texas
98.3
Lou!skins-Arkansas
93.1
Rocky Mountain
98.8
California
Total week May 30_ 95.7
Daily average
Total week May 23_ _ 95.7
Daily average
Crude
Runs to
Stills.
Per Cent
OPer.
of Total
Capacity
Report.
Gasoline
Stocks.
8,267,000
1,600,000
6,386.000
3,645,000
7,840,000
2,383,000
1,905,000
12,769,000
Gas and
Fuel OR
Stocks.
8,738,000
1,140,000
3,784,000
4,264,000
9,880,000
2,427,000
843.000
98,387,000
17,322,000
2,474.600
17,092.000
2,441,700
69.3
44,795.000
129,463,000
68.4
45,449,000
128,555,000
17,964,000
2,566,300
72.8
72.8
y52,715,000 y137,593,000
4149
Zinc At 3.20 Cents.
from the "Wall Street Journal" of June 3:
The following is
cents a pound, East St. Louis.
Prime Western zinc has been sold at 3.20
decline of five points from
This is the lowest price since the '90s and is a
Tuesday.
Pittsburgh Scrap Price Reduced.
" of June
Pittsburgh advices to the "Wall Street Journal
3 said:
been reduced
district has
Heavy melting steel scrap in the Pittsburgh
material sold 50 cents lower
25 cents a ton to $10.50 to $11. Blast furnace
at $7 to $7.25 a ton.
-Decline Below
Prices of Tin Slump on London Market
Prevented.
£100 a Ton is
New York
Under date of May 29 a cablegram to the
"Times" said:
grades opened quiet, improved
In the rubber market to-day plantation
spot sold at 3Hd. a pound value,
and closed dull. Smoked sheet
slightly
value, October-December at 331d.
June 331d. value, July-September 331d.
at 331cl. value, crepe spot
-March at 3 WI. value, April-June
value, January
C. 1. f. New York. Para
at 331d. Smoked sheet June-July sold at 331d. 454d. sellers. Stocks In
at
quiet. Hard fine spot was quoted
grades were
decreases of 600 tons and 300
London and Liverpool are expected to show
tons respectively on Monday next.
tons sold at E103 10s. C. I. f., a
In the tin market the East reported 225
and New York,depressing
fall of40shillings. Easy advicesfrom Singapore
realizing sales resulted in an easy tenreports from the tin-plate trade, and
plentiful offerings of three months at
dency here at the opening. With
of, and a momentary improvement of5s.
Level-Large Producers £102,about 200 tons were disposedmarket was less active but about steady.
-Cent
Good Copper Call At 8
was not held. In midsession the
were made to prevent prices falling
Out of Market-Lead, Zinc, Tin Quiet.
while in the late trade strenuous efforts
on
close was consequently steadier, though
the non-ferrous metal below the £100 level. The months were 15s. lower. Sales totaled 1,200
Copper was again the feature of
balance both cash and three
6d., June at
12s.
market this week, free offerings by both custom smelters tons. Cash sold at £100 10s., £100 17s 6d. and £100 6d., three months
125. 6d.and £102 2s.
and producers driving the price down to a new all-time low £101; August at £102 12s.6d., £101 2s. 6d., £102 5s. and E102 2s. 6d. The
at £102, £102 5s., £102 7s. gd., £102
2s.
of 8 cents, delivered Connecticut. "Metal and Mineral settlement price was £100 15s. In the late trade cash sold at £101 7s. 6d.,
6d.,
three months at £102
reports, adding:
Markets"
£101 15g., early June at £100 17s. 6d.. for calls and £10 for puts and
paid
declined to a new low for the present century, the price touching .C102 5s., £102 10s. Options of £5 were
Tin
at £101 15s. Shipments from
22.35 cents yesterday; in 1899 the price dropped slightly below 20 cents. calls. English common time was quoted
to 1,191 tons, against 1,164
Lead, silver and zinc were substantially unchanged in price though trading Batavia from April 26 to May 25 amounted
was dull.
tons in the preceding month.
A good tonnage of copper was sold at 831 cents, delivered, last Thursday.
and that price also prevailed the next day on very meager business. No
Tin Output Cut to 105,845 Tons.
interest at all was shown by consumers on Monday and business was done
"Times"
In a small way as low as 814 cents. Effective Tuesday, June 2, the export
From The Hague June 3 advices to the New York
price was reduced from 9.025 cents, c.i.f. to 8.775 cents, which led to the
buying of 2.700 long tons in the foreign market, but on the same day selling said:
16 asked participating governpressure was renewed in the domestic market with the result that after a
The International Tin Committee on May
as soon as possible. The
fairly good tonnage was sold at 831 cents, even more was marketed at ments to reduce their production by 20,000 tons
that all have agreed to reduce the
8 cents.
President of the Committee now states
yearly.
tons
Yesterday, all copper sales reported were at 8 cents, though the large total production from June 1 to 105,845 long
producing groups were out of the market, as they have been all week.
entirely, or even principally, responsible
Custom smelter copper was not
y
for the pressure on the market,some small producers evidently being anxious Progress Toward Rationalization of Tin Industr Shown
to raise cash. Canadian copper was freely sold.
in Annual Report of Tin Producers' Association.
ted 14,000 tons, and by
Total sales of copper for the week approxima
In
far the largest proportion of this was for fourth-quarter shipment.
A survey of the progress made during the past year towards
for current red
other words, consumers seem well supplied with copper
the rationalization of the tin producing industry is containe
nt, and are merely
quirements, their orders having shown no improveme
is deep.
of the Tin Producers' Association,
in the first annual report
buying for far-forward shipment because the metal
availnot inForeign consumers are buying from hand to mouth, but are
which has just been received in this country,•and made
is above domestic parity, which is most of
terested when the export price
able June 1.
the time.
on of tin output, which
6,977,000
6,642,000
82.8
3,069.000
z Texas Gulf Coast.-- 100.0
1,491,000
2,226,000
80.3
829,000
z Louisiana Gulf Coast_ 100.0
x In all the refining districts indicated except California, figures in this column
represent gasoline stocks at refineries. • In California they represent the total
reporting
Inventory of finished gasoline and engine distillate held by refineries, companies
water terStates (stocks at
wherever located within continental Unitedincluding products in transit thereto).
minals and all sales distributing stations,
due to change in California. z Included above in table for week ended
3' Revised
May 30 1931.
Crude
-All figures follow exactly the present Bureau of Mims definitions.
Nate.
In California, stocks of
oil runs to stills include both foreign and domestic crude. the heading "Gas and
heavy crude and all grades of fuel oil are included under
Fuel Oil Stocks."
Copper At 8 Cents a Pound-New Low Record
Second-Hand Product Reduced, but Official Domestic Price Stands At 834.
The following is from the New York "Times" of June 4:
yesterSales of copper at 8 cents a pound, a new low record, were made
unday. The official domestic price, as quoted by producers, remained
the metal at 831 cents,
changed at 83.5 cents, but custom smelters offered
and second-hand copper was sold at 8 cents. The export price, which
8.775
was reduced a quarter cent a pound on Tuesday, was unchanged at
cents, c. I. f. European base ports.
vigThe decline in the price of copper was ascribed to the absence of a
orous domestic demand, and to the forthcoming copper statistics for May,
are expected to show
which are to be announced in a few days and which
an Increase in stocks of the metal to a new high record.
-Wire
-New Low Level
Price of Copper At 83i Cents
and Cable Prices Cut.
The price of copper for export was reduced on June 2
a quarter cent a pound by Copper Exporters, Inc., to
8.775 cents a pound, c. i. f., European base ports, a new
low record. On June 4 a further reduction by Copper Exporters, Inc. brought the price of export copper to 8.5234
cents a pound, a new low figure. From the new York
"Evening Post" of June 4 we take the following:
It was estimated that approximately 3,500,000 pounds of the metal were
engaged this forenoon for shipment abroad at the new price, which comThe foreign price, however.
pares with a negligible tonnage sold yesterday.
as the metal is still available
Is still quarter of a cent above domestic parity,
to the end of October.
In this market at 8 cents a pound delivered
Prices were reduced to-day by National Electric Products Corp. and
Anaconda Wire & Cable Co. on all copper and wire cables to levels equaling
copper.
831 cents a pound for refined
American Brass Reduces Prices.
The Boston "News Bureau" of June 3 said:
American Brass Co. has reduced prices of brass products 5.6 cent a pound
and bronze and copper products 31 cents a pound.
The scheme of voluntary regulati
was adopted by the members of the association in November
1929, achieved a considerable measure of success, the report
states, but owing to the steady decline in tin consumption
during 1930, the voluntary measures proved to be inadequate.
It became apparent that, to be effective, the scheme must
In
cover all producers in all the countries concerned.
ce of Malayan,Bolivian and Dutch
October 1930, a conferen
ent
producing interests advocated a comprehensive Governm
quota scheme, to include Malaya,
enforced international
s
Nigeria, Bolivia and the Netherlands East Indies, countrie
about 90% of the world output. This plan
responsible for
was approved by the council of the Tin Producers' Association and formed the basis of the scheme which was eventually
adopted by the governments of the four countries concerned.
The quadilateral government agreement provided for the
regulation of production and exports, with effect as from
March 1 1931.
The Council, the report states, "has always recognized
that the necessary corollary of rationalization is research, in
order to widen the existing markets for tin, to create new
consuming industries, and to examine competitive metals."
A summary of the work done by the Tin Research & Ins'
dustrial Applications Committee of the Tin Producer
in view is given. It is hoped, the
Association with this end
report adds, that, to enable this work to continue and expand,
the governments of the tin-producing countries will establish
a small levy on the export of tin ore.
The report shows that membership of the association has
increased 196 members in April 1930 to 202. During the
period from September 1929 to December 1930, Senor
Antenor Patino R., R. J. Richardson, C. V. Stephens and
Richmond Temple were elected ordinary members of the
4150
FINANCIAL CHRONICLE
[VOL. 132.
Council, while Don Simon I. Patino and Sir George Maxwell
were elected honorary members.
Pig Iron Daily Output 434% Lower in May.
Daily average output of pig iron in May is figured at
64,325 gross tons, a decline of 4.44% from
International Committee Would Reduce Annual Out- in April, according to the "Iron Age" of the 67,317 tons
June 4. This
puts the May figure below that for March but above the
put of Tin to 125,000 Tons.
figures for February, January, December and November
The decision of the International Tin Committee, meeting
last. It is the
at The Hague on May 16, to recommend an additional cur- when 39,394 smallest May daily rate since that of 1921,
tons was made. The "Age" also announces:
tailment of 20,000 tons annually in the production of tin,
Coke pig iron production in May was 1,994,082 tons, the figures
having
was favorably received in both the London and New York been gathered largely by telegraph on June 1 and 2. This Contrasts with
2,019,529 tons in April and 2,032,248 tons in March. Except for these
markets, it is stated. The proposed further cut is equivalent two months, the
May production was the largest since last October.
to 15.9% of the present quota, or a total restriction of 33%
In five months a total of 9,466,746 tons
of pig irons has been made.
on the 1929 production, as compared with an existing rate This contrasts with 15,327,183 tons in the first five months of 1930. The
loss, compared with last year, is about
39%. The current total is the
of 22%. An announcement in the matter also says:
smallest for the first five months since that of 1921,
when 8,363,333 tons
The International Committee was unanimous in its decision and an- was made. The 1931 figure,
however, was only slightly below that of
nounced that recommendations would be made to the participating govern- the first five months of 1922, when
production was 9,689,655 tons.
ments that the new curtailment be made effective as soon as regulations
Net Loss of Eight Furnaces.
could be enforced. The recommendation now needs only formal adoption
Five furnaces were blown in during May and 13 were blown
out, leaving
by the governments concerned and as the Committee is composed of official
a net loss of eight. Thus there were 105
stacks active on June 1, comrepresentatives of these governments, it is expected that the new quotas pared
with 113 on May 1, and a recent high of 116 on April 1. The loss
will be adopted without delay.
of eight stacks reduced the gain since the first of the year
to 10, as there
The result of the new quota plans would reduce the total world output to
were 95 furnaces active on Jan. 1.
125,000 tons annually, compared with the present world total of 145.000
Furnaces in blast June 1 are estimated to have been making iron on
tons and a 1929 output of 188.280 tons. Cable messages from London said
that date at the daily rate of 61,085 tons. This contrasts with 66,980
that tin circles there believed the new cut in production would be more than
tons a day for the 113 active furnaces on May 1.
sufficient to equate supplies with demand and in addition to reduce subIt is noteworthy that the drop of 27,500 tons in total output from May
stantially the visible stocks now overhanging the market.
to June is accounted for wholly by a decline of 40,000 tons in the Chicago
A previous item in the matter appeared in our issue of district. There was a drop of 23,000 tons in western Pennsylvania, and
of 9,000 tons in central and northern Ohio. To offset this, there were
May 23, page 3804.
gains of 10,000 tons each in the Pittsburgh district and the Now York
and Massachusetts group. of 9,000 tons in the Wheeling district, and of
17,000 tornIn the miscellaneous group stretching from Michigan to Colorado
Governments of Four Chief Tin-Producing Countries
Furnaces Changes in May.
Agree to Reduction of Output by 20,000 Tons
Of the five furnaces blown in in May, one belongs to the Steel Corp.,
Annually.
two to Independent steel companies, and two to merchant companies.
Of the 13 blown
Governments of the four countries participating in the steel companies,out, seven belong to the Steel Corp., two to independent
and four to merchant companies, one being a furnace
international tin agreement-Federated Malay States, making ferromanganese.
Those blown in include a Port Henry, N. Y., furnace of Witherbee,
Bolivia, Dutch East Indies, and Nigeria-have agreed to
Sherman & Co.; furnace F, Edgar Thomson Works, Carnegie Steel Co..
a reduction of 20,000 tons in their tin output, according to Pittsburgh district;
a Haselton furnace of the Republic Steel Corp. at
an announcement made in London on June 3 by the British Youngstown, replacing (in advance) a furnace due to go down for relining;
a furnace of the Colorado Fuel & Iron Co., Pueblo; a Detroit (Zug) furnace
Colonial Office. The reduction takes effect from June 1.
of M. A. Hanna & Co.
The announcement of the Colonial Office said:
Furnaces blown out include the Standish furnace of the Chateaugay
At its meeting at The Hague on May 16 the International tin committee Oro & Iron Co. in northern New York; a Clairton furnace of the Carnegie
decided to recommend that the four participating Governments should Steel Co., Pittsburgh district; furnaces J and K, Edgar Thomson Works;
reduce their output of tin by 20.000 tons from the earliest date from which No. 1 Monongahela furnace of the National Tube Co.; a furnace of the
It was administratively possible. The four Governments have now Pittsburgh Steel Co. at Monessen, Pa.; a Cambria furnace of the Bethaccepted that recommendation and agreed to the reduction with effect lehem Steel Corp. at Johnstown, Pa.; a Central furnace of the American
from June 1. The quotas of the four countries, as from June 1, will ac- Steel & Wire Co. in Ohio; No. 9 and No. 11 furnaces at the Gary Works,
cordingly be as follows: Bolivia, 28,818 long tons per annum; Malaya, Illinois Steel Co.; a Federal furnace of the By-Products Coke Corp.,
45,355 tons; Netherlands East Indies, 25,159 tons; Nigeria, 6,513 tons: Chicago; the Jisco furnace, Jackson Iron & Steel Co. in southern Ohio:
total, 105,845 tons.
and the Oriskany furnace of the Lavino Furnace Co., making ferroman
ganese.
As a result of these changes in furnaces in blast, the Steel Corp. has
Ingot Production Off in May.
six furnaces fewer in operation than a month ago, independent steel companies stand in the same position as a month ago, having put two furThe American Iron and Steel Institute, in its regular
naces in and two out, while the merchant stacks,
monthly report of steel ingot production, calculates the show a net loss of two furnaces, with two in andincluding ferromanganese,
four out.
output of all companies during May as 2,505,485 tons. PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
This is 216,994 tons less than in April, when the output
was 2,722,479 tbns. In May 1930 3,982,915 tons were produced. Average daily production for the 26 days in May
1931 was 96,365 tons, while in April, in which month there
was the same number of working days, daily production
approximated 104,711 tons. May 1930, with 27 working
days, averaged an output of 147,515 tons. Below we
show the figures as given out by the Institute back to
January 1930.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1930 TO MAY
1931-GROSS TONS.
Reported far 1930 by companies which made 95.21% of the Open-hearth and
Bessemer Steel Ingot Production In that year.
1930.
Ian
Feb
March_ _ _
April
May
5 mos
rune
luly
tug
3ept
pa
Nov
Dee
Total
1931.
ran
zeb
darch
Writ
day
OpenHearth.
*3,157,761
*3,335,428
*3,513,269
*3,405,671
*3,265,353
Bessemer.
441,572
508.618
539616
509.234
528,968
Calculated No.of
Monthly
Monthly WorkOutput
Companies Output AU inp
Reporting. Companies. Days.
*3,599,333
*3.844,046
*4,052.885
*3.914.905
*3.794.321
x3,778,215
*4,035,111
x4,254,331
x4,I09,492
x3,982.915
27
24
26
26
27
16,677,482 2,528,008 19,205,490 20,160,084 130
*2,849,079
*2,430,128
*2.541,367
*2,275,910
*2,165,341
•1,807.133
•1,659,026
407.586
353.723
374,467
429.975
399,704
3003,337
*226,788
*3,256,665
*2,783.851
*2,915,834
*2,705,885
*2,565.045
*2.107.470
*1,885,814
x3,418,535
12,922,220
x3,060,763
x2.840,379
i2,682.539
z2,212,220
x1,979,547
Approx. Per
Daily
Cent,
Output OperaAll Cos. lima
:139.935 169.89
1168,130 7
:83.98
x163,628 181.73
1158,057 178.95
x147,515 173.68
155,078
77.46
x136,741
x112,393
x117,722
x109,245
z99,724
z88,489
z76,136
25
26
26
26
27
25
26
x68 30
x56.14
z58.80
154.56
149.81
:44.20
x38.03
*32.405.466 *5,020,588 *37,426.054 139.286,287 311 1126,322 163.09
2,044,298
2,085,529
2,504,060
2,275,404
2,083,833
296,620
296.974
346,137
316,668
301.639
2,340,918 *2,458,689
2 382 503 *2.502,366
2:850 197 *2993,590
:
2,592.072 2,722,479
2,385,472 2.505,485
'toto top,to
CO CO ea .ta.
Month.
*91,063 *42.86
*104,265 *49.08
*115.138 *54.20
104,711 49.29
96,365 45.36
I
5 mos
10.903.124 1 AAR ma 10 KK1 Tao 1.'as one 190 192.191 48.10
•Revised. z Adjusted.
a The figures of "per cent of operation" In 1930 are based on the annual capacity
as of Dec. 31 1929, of 62,265,670 gross tons for Bessemer and Open-hearth steel
Ingots; and In 1931 are based On the annual capacity as of Dec. 311930. of
66,069,570
=Oen tons for Bessemer and Open-hearth steel Ingots.
Total Pig Iron
Spiegel and Ferromanganese.
Ferromanganese.x
1929.
1930.
1931.
January
February
March
2,651,416
2.498,901
2,959.295
2,214,875
2,284,234
2.600,980
3 months
April
May
Juno
8,109,612
2,826,028
3,105,404
2.999,798
7,100,089
2,564,681
2,613,628
2,304,223
1931.
1929.
1930.
1,422,382
1,389,304
1,676,316
28,208
35,978
24,978
27,260
21,310
23,345
14,251
19.480
27,899
4,488,002
1,615,375
1,584,511
79,164
22,413
25,896
33,363
71,915
27,777
30.296
27,327
61,630
25,456
23,959
Half-year
July
August
September
17,040,842 14,582,621
3,039,370 2,075,414
3,065,874 2.010,572
2,862,799 1,870,269
160,836 157,325
31,040 17.728
28,461 20,909
27,505 21,181
9 months
October
November
December
26,008,885 20,538,876
2,902,960 1,791,421
2,498,291 1,491,927
2,112,074 1,269,529
247,842 217,143
31,108 24,480
28,285 18,619
28,564 16,288
Year
33.522,840 25.101.753
335,799 276,530
Includes output of merchant furnaces.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS
Steel Works.
Merchants.*
1929-January
85,530
25,514
February
89.246
25,261
March
05,461
24,361
April
95,680
26,407
May
100,174
25,571
June
99.993
23,915
July
98,044
24,056
August
98,900
22,251
September
95,426
21,159
October
93.644
22,101
November
83,276
22,771
December
68,152
23,361
-January
1930
71,447
19,762
February
81,850
19,810
March
83,900
20,815
April
85,489
20,573
May
84,310
19,973
June
19,921
77,883
July
18,197
66.949
August
64,857
16,560
September
13,548
62,342
October
57,788
12,043
November
49,730
12.507
December
11,780
40,952
1931-January
45,883
9,416
February
11,332
49,618
March
11,481
54,075
April
53,878
13,439
May
51,113
13,212
• Includes pig iron made for the market by steel companies.
Total,
111,044
114,507
119,822
122,087
125,745
123,908
122,100
121,151
116,585
115,745
106,047
91,513
91,209
101,390
104.715
106.082
104.283
97,804
85,146
81,417
75,890
69,831
62,237
53,732
55,299
60,950
65.556
67,317
84,325
JUNE 6 1931.]
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1926-GROSS TONS.
1926.
1927.
1928.
COO COO DID tC—,. CO CCC DCCC
0000000=000,.0.
60.6 C,";
IL;gZ;°"Ai2g8=2,Sg4
Ouici er;
M.1,0.W.,00.0M000 ,
M00
NN.C.,0000M,M.-,A=0
...0MOMC.1.0 e0ONC C4
4,
,
106,974
104.408
111,032
115,004
112,304
107.844
109,660
103,978
103.241
104.543
107,553
107,890
99,712
107.043
00—,
, —.000C,00000003M
January
February
March
April
May
June
First six months_ _ _ _
July
August
September
October
November
December
19 rnnnthsi nvprftee _ _
.
1929.
1930.
111,044
114,507
119.822
122.087
125,745
123,908
119.564
122.100
121.151
116.585
115,745
106.047
91,513
115.851
91,209
101.390
104.715
106.062
104,283
97.804
100.891
85,146
81,417
75.890
69.831
62,237
53.732
86.025
1931.
55,299
60.950
65.556
67,317
64.325
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
-GROSS TONS.
BEGINNING JULY 1 1928
1930.
1931.
1928.
1929.
1930.
1929.
Jan___ 3,442,370 2,827,464 1,714,266 July. _ 3,071,824 3,785,120 2,639,537
Feb___ 3,206,185 2,838,920 1,706,621 Aug __ 3,136,570 3,755,680 2,523,921
Mar_ _ 3,714,473 3,246,171 2,032,248 Sept__ 3,062,314 3,497,564 2,276,77(1
Apr___ 3,662,625 3,181,868 2,019.529 Oct___ 3,373,806 3,588,118 2,164,768
May._ 3,896,082 3,232,760 1,994,082 Nov _ 3,302,523 3.181,411 1,867,107
Dec __ 3,369,846 2.836,916 1,665,690
June__ 3,717,225 2,934,129
J.
yr_21,640,960 18,261,312
Year*.37,837,804 42,285,769 31,399,105
• These totals do not include charms, pig iron. The 1930 production of this
Iron was 96,580 gross tons, as compared with 138,193 gross tons in 1929 and 142,960
gross tons in 1928.
Steel Production Declines Further-Price of Finished
Steel and Steel Scrap Lower.
Seasonal influences and a fresh wave of pessimism, engendered by the performance of the securities markets, are
having their effect on iron and steel demand, states the "Iron
Age" of June 4. The fact that production is still declining
is not surprising; the impressive feature of the current situation in the steel industry is that the recession in output is
so gradual. The "Age" goes on to say:
Apparently there is little remaining margin between current consumption
and rock bottom requirements, and meanwhile exaggerated caution is
resulting in the piling up of deferred needs which, when released, should
tend to make the eventual upturn in demand more pronounced. While
the attitude of buyers is now mainly a reflection of Wall Street gloom, it
may later respond to what appears to be definite change in the policy of
sellers. Having become reconciled to a low rate of operations, producers
have abandoned hope of the economies that come from volume and are
more determined in their efforts to obtain prices in keeping with costs.
Finished steel prices, as measured by the "Iron Age" composite price,
now average 2.102c. a lb., or only $2.08 a ton above the low point reached
in the last severe depression (1.998c. a lb. on Feb. 28 1922). And, if one
takes into account the amount of business booked in recent months that is
represented by large construction projects, usually subject to rather sharp
concessions, it is likely that net average returns per ton are no higher than
they were nine years ago.
Pig iron production in May showed a decline of 43-i %. While this was
the first reduction in output since December, it was foreshadowed by the
downturn of steel ingot production in April and the continued recession of
steel works operations during the past month. Current ingot output is
estimated at 42%,ascompared with 44% a week ago. Pittsburgh, Chicago,
Cleveland and Buffalo operations have given further ground, while there
has been a moderate recovery in the Valleys. In some instances lower
production is accounted for by tardy resumptions following holiday suspensions.
A prime cause of the present decline in steel production is the slackening
of activity in the motor car industry. Automotive demand for steel this
month is expected to show further curtailment, since retail sales of cars
have been adversely affected by the recent stock market slump. The
Chevrolet company, which is credited with a production of close to 115.000
cars and trucks in May,is reported to have cut its schedule to 82,000 units
for June.
Rail mill operations continue to taper, now averaging 35% at Chicago,
and tin plate output has receded from 70 to 65% of capacity. Plants
making line pipe, structural steel and reinforcing bars are making the best
showings.
Structural steel awards, including 37,000 tons of welded plate work for
the Hetch 'botchy pipe line in California, total 81,500 tons, placing the past
week among the best of the year. The Hetch Hetchy pipe will be fabricated
by the Western Pipe & Steel Co., while the steel will be supplied by the
Tennessee Coal, Iron & RR. Co.
Oil and gas line demand is featured by the placing of 8,000 tons by the
Magnolia Pipe Line Co. with the A. 0. Smith Corp. and the award by the
Humble Pipe Line Co. of 6,500 tons, of which 2.090 tons went to the
National Tube Co. The Milwaukee fabricator has divided orders for
about 36,000 tons of skelp between Chicago mills.
Scrap prices at Pittsburgh have undergone a general decline of 25c. to
50c. a ton, the leading grade, heavy melting steel, having receded 25c. a
ton. In most other markets prices are largely unchanged, although at
St. Louis several advances are reported and at Chicago cast iron car wheels
have gone up 50c. a ton following a rise of 750. a ton in the previous week.
Pig iron production in May was 1,994,082 tons, or 54,325 tons a day,
compared with 2,019,529 tons, or 67,317 tons daily, in April. Thirteen
furnaces were blown out and five were lighted, a net loss of eight, leaving
a total of 105 active stacks, compared with 95 on Jan. 1.
The "Iron Age" composite price for finished steel has declined from
2.114 to 2.102c. a lb., following a change in the discount structure for steel
pipe. Steel scrap has receded from $9.75 to $9.67 a ton, the seventh
decline in eight weeks. Pig iron is unchanged at $15.63 a ton. A comparative table follows:
Finished Steel.
IBased on steel bars, beams, tank elates.
June 2 1931, 2.102o. a Lb.
wire, rails, black pipe and sheets.
2.1140.
One week ago
2.1140. These products make 87% of the
month ago
One
United States output.
2.214o.
One year ago
High.
Low.
2.142c. Jan. 13
2.102c. June 2
1931
2.362c. Jan. 7
2.121c. Dec. 5
1930
2.4120. Apr. 2
2.362c. Oct. 25
1929
2.391c. Dec. 11
2.314o, Jan, 3
1928
2.453o. Jan. 4
2.293c. Oct. 25
1927
2.4530. Jan. 6
2.403o. May 18
1926
2 5600. Jan. 6
2.396o. Aug. 18
1936
4151
FINANCIAL CHRONICLE
Pig Iron.
Based on average of basis Iron at Valley
June 2 1931, $15.63 a Gross Ton.
815.631 furnace and foundry irons at Chicago,
One week ago
Philadelphia, Buffalo, Valley and Bir15.79
One month ago
17.501 mingliam.
One year ago
1931
1930
1929
1928
1927
1926
1925
Htoh.
815.90 Jan. 6
18.21 Jan. 7
18.71 May 14
18.59 Nov. 27
19.71 Jan. 4
21.54 Jan. 5
22.50 Jan. 13
Low.
515.63 May 26
15.90 Dec. 16
18.21 Dee. 17
17.04 July 24
17.54 Nov. 1
19.46 July 13
18.96 July 7
Steel Scrap.
Based on No. 1 heavy melting steel quoJune 2 1931, $9.67 a Gross Ton.
tatlons at Pittsburgh, Philadelphia
$9.75
One week ago
10.33
and Chicago.
One month ago
13.50
One year ago
Low.
Mph.
$11.33 Jan. 6
89.67 June 2
1931
11.25 Deo, 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
14.00 June 1
17.25 Jan. 5
1928
15.08 May 5
20.83 Jan. 13
1925
After rising for four consecutive months the daily rate of
pig iron production turned down in May, daily output averaging 64,355 gross tons, compared with 66,986 tons in April
and 104,564 tons in May 1930, says "Steel" of June 4. The
monthly total in May, 1,995,000 tons, compares with 3,241,477
tons in May last year. For the first five months this year
production stands at 9,460,125 tons, down 38.5% from the
15,370,106 tons in the like period of 1930. During May five
stacks were blown in and 13 were blown out, the net change
being a decrease of eight. As of May 31, therefore, 105
stacks were active, compared with 113 April 30 and 116
March 31.
The decline in the daily rate of pig iron production foreshadows a decrease in the output of steel ingots for May,
to be disclosed next week. This week the steelworks operating rate for the entire country is down fractionally to just
above 40%, within a few points of what some steel executives
forecast will be the low for the summer. "Steel" further
States:
As in a majority of weeks thus far in 1931, structural requirements are
outstandingly large. Bids will be taken, for example, on June 15 for 30,000
tons for a bridge at Ilenderson, Ky.; on June 17 for 103,000 tons for the
Golden Gate bridge at San Francisco, and early August for 22,500 tons
of structural steel and 3,500 tons for reinforcing bars for the Union Inland
Terminal for the Port of New York Authority,
The Treasury Department architect at Washington has plans under way
for 50 Federal structures, of which eight or 10 should be placed in June.
Reflecting the influence of Government stimulus in public work, demand for
sheet piling is unusually brisk. Four Milwaukee fabricators have offered
to provide 6,500 tons of steel for a local viaduct at cost to provide work.
This week structural awards at 27,184 tons compare with 34,106 tons a
week ago, and exceed the 21,285 tons in the corresponding week of 1930.
Steel pipe demand is more active, awards for the week amounting to
72,500 tons, including 40,000 tons for the Hetch Hetchy project, San Francisco, placed with the Western Pipe & Steel Co. The Humble Pipe Line Co.
awarded 9,000 tons to the National Tube Co., Pittsburgh, and the Magnolia
Pipe Line Co. 10,000 tons to the A. 0. Smith Corp. Sixty-five hundred
tons was placed by the Memphis Natural Gas Co. with Republic Steel Corp.
Three thousand tons for the Phoenix Utility Co., and 4,000 tons for the
Pennsylvania RR. station, Philadelphia, were divided among several sellers.
Probability that the May output of passenger cars and trucks in the
United States approximated the 335,708 produced in April fails to overcome the feeling of pessimism at Detroit concerning a recession in June.
Retail sales of automobiles have been declining and most manufacturers'
commitments for materials in June show a moderate reduction from those
of May.
For the 160 electric locomotives ordered by the Pennsylvania RR. comparatively little rolled steel will be required. The Lackawanna RR, has
purchased 13,000 tons of rails, taking 3,000 tons immediately.
Neither producers nor consumers display noteworthy interest in third
quarter requirements, and except for bolts, nuts and rivets, on which second
quarter prices have been extended, there has been no determination of
prices for that period. Because pig tin is lower there is some expectation
that the tin plate price for the last half year will be reduced.
While strictly valley producers of basic iron stand upon $17 as their
market, the willingness of steelworks in nearby districts to accept less to
move surplus is having a weakening effect on pig iron in those districts.
By-product foundry coke has been reduced 25 to 50c. a ton in the East.
Purchases by a Gary producer appear to have stabilized heavy melting steel
at $9 at Cliicago.
Reinforcing billet bars are down $1 a ton at Chicago. One moderate size
consumer of steel is reported to be replenishing stocks, believing current
levels about represent the bottom, but this movement is not general and
consumers' inventories as a whole continue negligible.
Due to the softness in basic iron at Pittsburgh, in black sheets, wire
and semi-finished steel. "Steel's" composite is down 30c, this week
to $31.03.
Steel ingot production for the week ended Monday (June 1)
is estimated at slightly under 41% of theoretical capacity,
reports the "Wall Street Journal" of June 3. This compares
with 43% in the preceding week and better than 44% two
weeks ago. The "Journal" further adds:
The U. S. Steel Corp. is down to 42%. against 44Si% a week earlier and
under 46% two weeks ago. Leading independents are slightly under 40%.
contrasted with 42% in the previous week and 43% two weeks ago.
In the corresponding week a year ago operations of U. S. Steel came
down 5% to 70%, while independents dropped about 2% to 67%, and the
average was oft nearly 3% to 71%. In the same week of 1929 U. S. Steel
was still slightly in excess of capacity, with independents at 92%, and the
At the beginning of June 1928. U. S. Steel
average a shade over 95%
4152
FINANCIAL CHRONICLE
[VOL. 132.
was running at 8234%, independents at 76%,and the average was nearly
79%.
BITUMINOUS COAL.
Production of bituminous coal decreased slightly in the week ended
May 23 1931. The total output, including lignite and coal coked at the
mines, is estimated at 6,637,000
output
Carnegie Coal Co. Executive Bars Coal Miners' Union
- in the preceding week, this shows net tons. Compared with theProduca loss of 146,000 tons, or 2.2%.
Cites Competition from South.
tion during the week in 1930 corresponding with that of May 23 amounted
A Washington (Pa.) despatch June 2 to the New York to 8,272,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
"Times" said:
1930
1931
Representatives of 1,800 miners striking against the wage scale paid by
Cal. Year
Cal. Year
Week Endedto Date.a
Tfe k.
Week.
to Date.
the Carnegie Coal Co. at Atlasburg, Cedar Grove and McDonald, were
6,715,000 140,720,000
8,285,000 170,988.000
told to-day by C. C. McGregor, Vice-President in charge of operation, May 9
Daily average
1,553,000
1,381,000
1,279,000
1,119,000
that his company would not consider recognition of a miners' union until May 16
6,783,000 147,503,000
8,169,000 179,167,000
Daily average
the miners In the Southern field have been thoroughly organized.
1,543,000
1,362,000
1,131,000
1,272,000
8,272,000 187.429,000
6,637,000 154,140,000
"It is impossible for us to compete against the non-union fields of the May 23_b
Daily average
1,535,000
1,106,000
1,379,000
1,263,000
South," he said. "We will try to give you a living wage."
a Minus one day's production first week in January to equalize number
He stated the maximum that would be paid by the company was a scale
of days in the two years. b Subject to revision.
of 42 cents a ton for loaders, 734 cents a ton for cutters, and that all day
The total production of soft coal during the present calendar year to
men would have to take a cut of 15%.
May 23 (approximately 122 working days) amounts to 154,140,000 net
tons. Figures for corresponding periods in other recent calendar years
Wage Reduction at Vesta Coal Mines in Pennsylvania. are given below:
1930
187,429.000 net tons11928
190,729,000 net tons
Pittsburgh accounts to the "Wall Street Journal" of May 1929
207.712,000 net tons11927
227,917,000 net tons
1922
163,507,000 net tons
18 said:
As already indicated by the figures above, the total production of soft
A wage reduction of $1 a day affecting 3,200 miners has been announced coal for the country as a whole during the week ended May 16 is estimated
by the Vesta Coal Co., operating mines at California, Richey'lle, Enblo at 6,783,000 net tons. Compared with the output in the preceding week,
and Vestaburg, Pa. The previous scale was $6 a day. Company officials thisshows an increase
of68.000 tons,or 1%. Thefollowing table apportions
said the reduction was in line with cuts made by other companies in the the tonnage by States and gives comparable figures for other recent years:
district.
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
May 1923
Utah Miners' Wages Cut 25 Cents.
SlateMay 16 31. May 9 31. May 1730. May18 29. Averape.a
Alabama
278,000
249,000
333,000
248,000
398,000
The following is from the "Wall Street Journal" of June 1: Arkansas
11,000
8,000
13,000
7,000
20,000
Colorado
112,000
82,000
109,000
78,000
168.000
Wages in Utah metal mining camps have been cut 25 cents a day. At -Illinois
757,000
757,000
813,000 1,292,000
771,000
Utah Copper, nearly all men are on a part-time basis already and are Indiana
260,000
217,000
299,000
245,000
394,000
48,000
43,000
probably not averaging more than 60% of normal earnings. The cut at Iowa
56,000
49,000
89,000
29,000
33,000
30,000 '
38,000
75,000
the underground mines reduces pay for machine work to range of $4 to $5 Kansas
Kentucky
daily and for shovelers to a range of $3.25 to $4.25.
777.000
579,000
Eastern
834,000
607,000
679,000
161,000
132,000
193,000
Western
132.000
183,000
37,000
36,000
42,000
Maryland
32,000
47,000
Michigan
4,000
2.000
14,000
2,000
12,000
Co. Says Company Missouri
President of Colorado Fuel & Iron
48,000
60,000
48,000
41,000
56,000
43,000
47,000
Montana
30,000
31,000
42,000
Is Opposed to Wage Cuts at This Time.
34,000
46,000
New Mexico
29,000
57,000
31,009
12,000
12,000
17,000
14,000
Under date of June 1 Associated Press accounts from North Dakota-- 17,000
452,000
389,000
Ohio
351,000
385,000
860,000
Denver said:
23,000
36,000
Oklahoma
16,000
17,000
46,000
Arthur Roeder, President of the Colorado Fuel & Iron Co., advised the Penna. (bitum.)_ 1,815,000 1,851,000 2,378,000 2,685,000 3,578,000
85,000
95,000
85,000
Tennessee
83,000
121,000
State Industrial Commission to-day that his company is opposed to any Texas
12,000
18,000
11,000
22,000
7,000
52,000
45,000
37,000
reduction of wages of mine workers at this time. He said any reduction Utah
42,000
74,000
181,000
230,000
184,000
204,000
250,000
of wages and consequent lowering of the costs of coal would not materially Virginia
38,000
39,000
Washington
25,000
44,000
24,000
improve the output of Colorado mines. Chairman Annear of the Corn
West Virginia-mission expressed himself as being pleased with the company's stand.
Southern_b
1,339,000 1,328,000 1,629,000 1,873.000 1.380.000
628,000
686,000
483,000
Northern_c
862,000
479,000
84,000
96,000
Wyoming
81,000
110,000
80,000
2,000
3,000
1,000
Other States_d
5,000
1,000
Production of Bituminous Coal and Pennsylvania
Anthracite During Week Ended May 23 1931 Below
That of Corresponding Period Last Year.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended May 23 1931 a total of 6,637,000 net tons of bituminous coal and 1,264,000 tons of Pennsylvania anthracite,
as compared with 8,272,000 tons of bituminous coal and
1,280,000 tons of Pennsylvania anthracite in the week
ended May 24 1930 and 6,783,000 tons of bituminous coal
and 875,000 tons of Pennsylvania anthracite during the
week ended May 16 1931.
During the calendar year to May 23 1931 the output of
bituminous coal amounted to 154,140,000 net tons as
against 187,429,000 tons in the calendar year to May 24
1930. The Bureau's statement follows:
Total bitum's_ 6,783,000 6,715.000 8,169.000 9,102,000 10,878.000
Penn. anthracite. 875,000 1,021,000 1,140,000 1,389,000 1,932,000
Total all coal-- 7,658,000 7,736,000 9,309,000 10,491,000 12,810,000
a Average weekly rate for the entire month. b Includes operations on
the N. & W., C. & 0., Virginian, and K.& M. c Rest of State, including
Panhandle. d Figures are not strictly comparable in the several years.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite In the State of Pennsylvania during
the week ended May 23 Is estimated at 1,264,000 net tons. This shows an
increase of 389,000 tons, or 44.5%, over the output in the preceding week
which, however, was the lowest recorded since April 4. Production during
the week In 1930 corresponding with that of May 23 amounted to 1.280,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930a
1931Daily
Daily
Week.
Avge.
Week EndedWeek.
Avge,
170,200
1,381,000
May 9
1,021.000
230,200
145,800
1,140,000
May 16
875,000
190,000
1,280.000
210,700
May 23
1,264,000
213,300
a Figures for 1930 revised slightly to insure comparability with 1930.
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 3, as reported
by the 12 Federal Reserve banks, was $924,000,000, an
increase of $33,000,000 compared with the preceding week
and a decrease of $111,000,000 compared with the corresponding week in 1930. After noting these facts, the Federal
Reserve Board proceeds as follows:
viously included in the condition statement, such as monetary gold stock and money in circulation. The Federal
Reserve Board explanation of the changes, together with
the definition of the different items, was published in the
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended June 3, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 4193 and 4194.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
June 3 1931 were as follows:
On June 3 total Reserve Bank credit amounted to $938,000,000, an
Increase of $52,000,000 for the week. This increase corresponds with
Increases of $39,000,000 in money in circulation and $8,000,000 unexpended capital funds, &c., and decreases of $39,000,000 in Treasury
currency, adjusted. and $2,000,000 in monetary gold stock, offset in part
Increase (+) or Decrease (-)
by a decrease of $36,000,000 in member bank reserve balances.
Since
June 3 1931. May 27 1931.
Holdings of discounted bills increased $14,000.000 at the Federal Reserve
June 4 1930.
Bills discounted
0
$
Bank of San Francisco, $3,000,000 at New York and $20,000,000 at all Bills bought
173,000,000 +20,000,000
-67,000,000
Federal Reserve banks. The System's holdings of bills bought in open United States securities
134,000,000 +9,000,000 55,000,000
market increased $9.000,000 and of United States bonds $15,000,000, Other Reserve bank credit
598,000,000
+54,000,000
33,000,000 +23,000,000
while holdings of Treasury certificates and bills declined $15,000,000.
+2,000,000
TOTAL RES'VE BANK CREDIT._
Monetary gold stock
938,000,000 452,000,000
-65.000,000
Beginning with the statement of May 28 1930, the text Treasury currency adjusted
4,793,000,000 -2,000,000 +270,000,000
1,748,000,000 -39,000,000 statement of the Federal Money in circulation
accompanying the weekly condition
34,000,000
Member bank reserve balance
4,673,000,000 +39,000,000 +197.000,000
Reserve banks was changed to show the amount of Reserve Unexpended capital funds,
non-mem-2,389.000,000 -36,000,000
-23,000,000
bank credit outstanding and certain other items not preher deposits, dm
417,000,000 +8.000,000
-4,000.000
JUNE 6 1931.]
FINANCIAL CHRONICLE
4153
Returns of Member Banks for New York and Chicago this previous week, namely the week ended with the close of
business on May 27.
Federal Reserve Districts—Brokers' Loans.
•
The Federal Reserve
statement of weekly reporting
Beginning with the returns for June 29 1927, the Federal member banks in leadingBoard's condition shows decreases for the week of
cities on May 27
Reserve Board also commenced to give out the figures of $110,000,000 in loans and investments. $132,000,000 in net demand dethe member banks in the New York Federal Reserve District posits. $13,000.000 in time deposits and $26.000,000 in Government
as well as those in the Chicago Reserve District, on Thurs- deposits.on securities declined $59,000,000 at reporting member banks In
Loans
days, simultaneously with the figures for the Reserve banks the New York district. $7,000,000 In tho Cleveland district and $53,000,000
themselves, and for the same week, instead of waiting until at all reporting banks, and increased $12,000,000 in the Chicago district.
"All other" loans declined $59,000,000 in the New York
and
the following Monday, before which time the statistics 439,000.000 at all reporting banks, and increased $19,000,000district Chiin the
covering the entire body of reporting member banks in the cago district and $11,000,000 in the Cleveland district.
Holdings of United States Government securities increased $36,000.000
different cities included cannot be got ready.
in the New York district and $16,000,000 in the Chicago district, and
Below is the statement for the New York member banks declined $33,000,000 In the St. Louis district. $16,000,000 in the Dallas
and that for the Chicago member banks for the current district. $8,000,000 in the Boston district and $10,000,000 at all reporting
banks. Holdings of other securities Increased $36,000,000 in the St. Louis
week as thus issued in advance of the full statement of the district, and declined $27,000,000 in the New York district, $22,000.000
member banks, which latter will not be available until the In the Chicago district and $8,000.000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
coming Monday. The New York statement, of course, also
Banks aggregated
27,the principal change for
includes the brokers' loans of reporting member banks. being an increase$29,000,000 on Maythe Federal Reserve Bankthe week
of San
of $3,000,000 at
Since Dee. 11 1930 the totals are exclusive of figures for the Francisco.
A summary of the principal assets and liabilities of weekly reporting
Bank of United States in this city, which closed its doors
member banks, together with changes during the week and the year ended
on that date. The last report of this bank showed loans May 27 1931, follows:
Increase (-I-) or Decrease (—)
and investments of about $190,000,000. The grand aggreMay 20 1931. May 28 1930.
May 271931.
gate of brokers' loans the present week records a decrease
Loans and investments—total---.22,596,000,000 —110,000,000 —128,000,000
of $35,000,000, the total on June 3 1931 standing at $1,14,813,000,000
—92,000,000 —2,024,000.000
539,000,000. The present week's decrease of $35,000,000 Loans—total
—53,000,000 —1.493,000.000
6,928,000,000
On securities
follows a decrease of $57,000,000 last week and a decrease
—39,000,000 —531,000,000
7,885,000,000
All other
of $218,000,000 in the five preceding weeks. Loans "for
7,785,000,000
—18,000,000 +1,896.000,000
Investments--total
own account" fell during the week from $1,191,000,000 to
U.S.
3.937,000,000
$1,169,000,000, loans "for account of out-of-town banks" OtherGovernmentsecurities.-- 3,848.000,000 —10,000,000 +1,126,000,000
—8,000000 +770,000,000
securities
$199,000,000, and "loans for account
from $207,000,000 to
+13,000,000 +105,000,000
Reserve with Federal Res've banks 1,847,000.000
of others" from $176,000,000 to $171,000,000. The total Cash in vault
+3,000,000
228,000,000
—9,000.000
of these loans on May 27 1931 at $1,539,000,000 is the lowest Net demand deposits
13,625,000.000 —132,000.000 +237.000,000
7,396,000,000
—13,000.000 +237,000,000
Time deposits
since July_ 9 1924, when the amount was $1,527,481,000.
—26,000,000
38,000,000
—13,000.000
Government deposits
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 3 1931. May 27 1931. June 4 1930.
Loans and Investments—total
7,804,000,000 7,815,000,000 8,134,000,000
Loans—total
5,107,000,000 .5,152.000,000 6,122,000,000
On securities
All other
2,920,000,000 2,969,000,000 3,753,000,000
2,187.000,000 2,183,000,000 2,369,000,000
Investments—total
2.697,000,000 2.663,000,000 2,012,000,000
U. S. Government securities
Other securities
1,525,000,000 1,505,000,000 1,066,000,000
1,172,000,000 1.158.000,000 946,000.000
Reserve with Federal Reserve Bank_.
Cash in vault
792,000,000
44,000,000
867,000,000
48,000,000
784,000,000
46,000,000
Net demand deposits
Time deposits
Government deposits
5,775,000,000 5,818,000.000 5,641,000,000
1,215,000,000 1,251.000.000 1,377,000.000
2,000,000
9,000,000
10,000,000
Due from banks
Due to banks
100,000,000
78,000,000 101,000,000
1 189,000,000 1,178,000,000 1,027,000,000
Borrowings from Federal Reserve Bank_
22,000,000
Loans on secur. to brokers & dealers
1,169,000,000 1,191,000,000 1,911,000,000
For own account
199,000,000 207,000,000 995.000,000
For account of out-of-town banks
171,000,000 176.000.000 1,195,000,000
For account of others
Total
On demand
On time
Loans and investments—total
1 539,000,000 1,574,000,000 4,101,000,000
1,190,000,000 1,234,000,000 3,469,000,000
349,000,000 340,000,000 632.000,000
Chicago.
1,935,000,000 1,941,000,000 1.904,000.000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1,328,000,000 1,337,000,000 1,518,000,000
759.000,000
569,000,000
768,000,000
569,000,000
926,000,000
593,000.000
607.000,000
604,000,000
386,000,000
352,000.000
255,000,000
341,000,000
263,000,000
156,000,000
229,000,000
178,000,000
14,000,000
170,000,000
15,000,000
182,000,000
13,000,000
1,193.000.000 1,219,000,000 1,271,000,000
664,000.000 *648,000.000 554,000,000
1,000,000
2,000,000
1,000,000
172,000,000
336,000,000
195,000,000
333.000,000
1,000,000
1,000,000
126,000,000
343,000.000
•Revised.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
1,732,000,000
3,632,000,000
29,000,000.
+8,000,000
—38,000,000
+595,000,000
+834,000,000
+1,000,000
—38,000,000
-Co.
Death of1Mortimer L. Schiff of Kuhn, Loeb &
Mortimer L. Schiff, senior member of the banking firm of
Kuhn, Loeb & Co., and its Stock Exchange member, died
suddenly in his home at Oyster Bay, L.I., early in the mornin-, of June 4. Mr. Schiff would have been 54 years old on
.
June 5. His death was sudden, and was caused by a heart
attack, which he had apparently suffered during the night,
his body having been found resting in a chair near a window,
when his butler went to his room about 7 a. m. to awaken
him. Mr.Schiff had left his offices on William St. at 3 p. m.
the previous day, and he had planned to be in New York
early on the following day. Mr. Schiff had been under
treatment for heart disease, by Dr. Leo Kessel, who had also
treated Mr. Schiff's father, the late Jacob H. Schiff, who
likewise, on Sept. 2 1920 had died of heart disease.
Mortimer L. Schiff was born in New York, June 5 1877,
the son of Jacob Henry and Therese (Loeb) Schiff. He had
his preparatory training in private schools and attended
Amherest College in the class of 1896, receiving an honorary
degree of A.M.in 1906. The New York "Times" in sketching his career said in part:
Upon leaving college he studied railroading with the New York Ontario
& Western RR.and the Great Northern RR.,after which he spent two years
In Hamburg and London studying European banking methods.
la
When he returned to this country he joined his father's banking concern, Kuhn, Loeb & Co., of which he was a senior member at the time of
his death. His connection with Kuhn, Loeb & Co. dated from Jan. 1 1900.
He became a director of many industrial and financial enterprises and a
leader in the field of philanthropy in accord with the traditions established by his distinguished father.
Pioneer in Boy Scout Movement.
The Boy Scouts in America were, perhaps, his main interest in his social
welfare work. He was a charter member of the National Executive Board
of the Boy Scouts of America and had been active in scouting since its
establishment in the United States. The movement claimed him as one
of its founders. In May 1931 in recognition of his long services, he was
elected President of the Boy Scouts of America at the twenty-first annual
meeting of the National Council in Memphis, Tenn. .
Active in Jewish Charities.
.As a philanthropist Mr. Schiff was the second largest subscriber to the
Federation for the Support of Jewish Philanthropic Societies, in whose
work he took a direct and active part.
It was Mr. Schiff's gift of $50,000 which in 1923 helped purchase the
Elkan N. Alder Library for the Jewish Theological Seminary of America,
of which library Mr. Schiff was a trustee. He was himself a great lover
and collector of books and an authority on book bindings. He was also
a collector of majolica.
Mr. Schiff performed many valuable services during the World war,
both in co-operation with the Government and in relief and social service
activities. Ile was a member of the executive and finance committees of
the War Work Council of the Young Men's Christian Association as well
as a member of the executive committee and Chairman of the finance
committee of the Jewish Welfare Board, both of which organizations he
represented in France. One of his most important war services was as a
member of the Committee of Eleven for the Coordination of Army Service
Agencies. Be was a member of the board of directors of the United War
4154
FINANCIAL CHRONICLE
[Vol,. 132.
The Austrian Government could not borrow from the World Bank beWork Campaign and served on the Liberty Loan, War Savings and Capital
cause the statutes of the World Bank prohibited lending to governments:
Issues Committees in this district.
Mr. Schiff was Vice-President of the Chamber of Commerce of the State but Dr. Basch, President of the Austrian National Bank, hurried to Basle
of New York, trustee of the Provident Loan Society of New York. the New and laid the situation before the directors of the member nations who then
York Foundation, the Baron de Hirsch Fund, the New York Zoological were assembled for the first annual meeting of the World Bank. Some
Society, the New York Botanical Garden. President of the Jewish Board of of these directors represented the nations which had guaranteed the AusGuardians of New York, and Vice-President and director of the Chattel trian reconstruction loan of 1922. and were particularly anxious to prevent
Loan Society of New York.
any disturbance of Austrian stability.
The desperateness of the situation was indicated by the almost overNotable Business Affiliations.
night rapidity with which the consent of the guaranteeing nations was
His business affiliations, besides his own concern, included directorships obtained and the intervention of the World Bank was brought about.
in the Chemical Bank 84 Trust Co. of New York, Western Union Telegraph This action resulted although France wished, as a preliminary, to require
Co., American Railway Express Co., Wells Fargo Co., Pacific Oil Co., Austria to abandon the projected customs union with Germany which still
United States Safe Deposit Co., New York Foundation. United States remains a matter of politico-economic dispute, and although the directors
Mortgage & Trust Co., Los Angeles & Salt Lake RR., and the American were simultaneously drawing up a general public resolution that "the
& Continental Corp.
complexity and dangerous nature of the [European] credit field renders
Besides his wife, Mr. Schiff leaves a son, John M. Schiff, anything but short-term credits out of the question."
Mr. Fraser said that the offer of $21,000,000 was made to the Austrian
and a daughter, Mrs. Richard B. W. Hall.
National Bank by the World Bank with the participation of the central
banks of ten nations, including the United States. By lending to the
Actions Brought by Bank of France Against Chase Austrian National Bank the World Bank avoided the prohibition against
lending to any government, even though the national bank immediately
National Bank and Equitable Trust Co. To Recover applied the money to taking up the treasury obligations issued by the
Russian Gold Shipments Decided in Favor of Austrian Government. The World Bank, however, sent the Dutch expert, Dr. Bruins, to Vienna. In an advisory capacity to supervise the
Defendants.
operation.
Bank of France against the
The actions brought by the
"It is very important to preserve the distinction between lending to the
Chase National Bank and the Equitable Trust Co. of central bank and not to the government," said Mr. Fraser. would be sucHe was asked if he thought this "emergency support"
New York for the surrender of shipments of gold received cessful in stabilizing the Austrian situation, or if it had only deferred a crisis
Soviet Russia, was
for the account of the State Bank of
"It is all a matter of confidence," he said. "It was the purpose and the
situation; but I have been
loan would
decided yesterday (June 5) by Judge Caffey, who gave his expectation that the situation forclear up thehave not the full facts now."
a week and
out of touch with the
issues therein in favor
decision in each of the cases on the
He was asked about Russian operations as a factor in the world depresof the defendants and directed judgment dismissing the sion, but he declined to discuss them. He said the World Bank did not
handle Russian transactions because the Russian currency was controlled
complaints on their merits, with costs. In the course of by government decree, whereas the regulations of the World Bank proannouncing his decision, Judge Caffey stated at some hibited it from dealing in any currency not on a gold basis.
length the grounds on which he based the same. He held
first that the question as to whether the plaintiff had ac- London Stock Exchange Prices at Lowest Since March
quired such title to the gold bars claimed to have been
1922.
deposited by it with the Imperial State Bank of Russia
The New York "Times," in its issue of June 1, reported the
in 1915 as to support an action for replevin was governed
by the Russian law as it existed at the time of such deposits, following from London, May 28: securities on the London Stock
The index number of 365 representative
and that the plaintiff had failed to establish title to such Exchange, drawn up by the "Bankers' Magazine" and based on their average
prices with 1921 as 100, works out at 108 as of April 20. This average
gold either under Russian law or otherwise.
ago. It is the
Secondly, he upheld the defendants' contentions with compares with 111.9 a month before and with 121.9 a year 1929, following
lowest since March 1922. With the exception of November
international law defenses.
respect to all of the so-called
the crash in 1Vall Street, the depreciation in security values here during the
Finally, Judge.Caffey held that the plaintiff's theory of past month was the severest for many years.
Some idea of the scope of the decline which has occurred in British railthe tracing of its gold was untenable.
fact that the total market
from
A fuller account of the decision will be given in these way ordinary shares can be gatheredstands the £62,900,000 compared with
value of all stocks in that group now
at
columns another week.
£247,000,000 soon after the grouping of companies in 1922.
Chinese Loan Payments—J. P. Morgan & Co. to Meet
Two Members of London Stock Exchange Fail—
Interest on Hukuang Railways Issue.
Amounts Involved Small.
The following is from the "Wall Street Journal" of last
A cablegram, as follows, from London, May 26, is taken
night (June 5):
from the New York "Times":
On and after June 15, following interest on the Chinese Government 5%
Hukuang Railways loan of 1911 will be paid by J. P. Morgan & Co.:
Coupon 33. due Dec. 15 1927, on bonds of the American, British and French
series and on unredeemed bonds of the American. British and French series
drawn for redemption June 15 1926, and June 15 1927; coupon 32. due
June 15 1927, on bonds of the German series, and on unredeemed bonds of
the German series drawn for redemption on June 1 1925,and June 15 1926.
No provision has yet been made by China for payment of principal of
any bonds of the American, British and French series drawn for redemption
by sinking fund after J11110 15 1925, or of the German series after June 15
1924; nor has China arranged to pay interest due between Dec. 15 1920,
and June 15 1924, on bonds of the German series, which prior to 1924 were
In arrears.
The sound of the hammer was heard unexpectedly twice en the Stock
Exchange to-day when it was announced that two members had been declared
in default. It was first announced that Stafford Sidney had been "unable
to comply with his bargains," and later a similar announcement was made
concerning Walter Granville Morrison.
Word "Armistice" for Nov. 11 Dropped by British
Legion—"Remembrance Day" New Designation.
From the New York "Times" we quote the following from
London, May 25:
The British Legion decided taday that the public should be educated to
Arrival in United States of Leon Fraser, American speak of "Remembrance Day" and not "Armistice Day" when referring
Director of Bank for International Settlements— to Nov. 11.
Another
Says Europe Awaits Signs of Recovery Here— the opinionresolution unanimously adopted at the annual conference expressed
there should be no lessening of national services on Remembrance
Situation.
Discusses Austrian Banking
Day. To remember the experiences of the World War, the resolution held,
Leon Fraser, American director and alternate President would be the best method of insuring peace. Hence the conference agreed
curtailment by the Government of
to protest emphatically
of the Bank for International Settlements, arrived in New official ceremonies at the against any
Cenotaph each Nov. 11.
York on June 2 on the steamer Ile de France for a month's
"The backbone of the British Legion," one legionnaire declared, "rests
vacation. Mr. Fraser is quoted as saying: "Europe is with the word 'remembrance.' If we ever forget, as the war gets more
shall go back
will be
waiting on developments in the United States. The feeling distant, itall saw very bad indeed for ex-service men. We in absolute to
what we
just before the war—Crimea veterans
and
is unanimous there that further recovery is dependent on terrible poverty."
the United States
A proposal that Nov. 11 should be observed as a national bank holiday
advance here. All of Europe looks for
to make the first step. They are disappointed that it has was defeated on the ground that it would destroy the spirit in which the
day is now kept.
not occurred sooner. Seen from Europe, there seems to
be no improvement in the United States; but I hope, while
I am here, to hare the benefit of a closer look." According League of Nations Report Says Nominal Wages Have
Changed Little—Holds United States Shows
to the New York "Times," Mr. Fraser was questioned about
Greater Cuts Than Germany or Great Britain.
the action of the Bank for International Settlements within
the past tw weeks in helping the Austrian banking system
The nominal wages of factory hands up to January have
out of difficulties by a $21,000,000 loan. That paper went been reduced less in Germany and Great Britain than in
on to say:
the United States, according to figures cited in a study of
"It was the first emergency support given to any central bank since the depression made by the League's Economic section. A
the World Bank was organized a year ago." Mr. Fraser said.
He verified the reported difficulties of the Austrian banking system cablegram from Geneva, May 31, to the New York "Times"
• which started with the announcement that losses had wiped out the capital from which we quote also continued the following advices:
of the Austrian Kreditanstalt. a private institution which finances about
250 of the leading Austrian industries, representing about two-thirds of
the economic organization of the nation. The Austrian Government and
the Austrian National Bank came to the immediate rescue of the Kreditanstalt, but themselves were strained by the operation.
It says that the nominal wages of manufacturing workers remained
almost unchanged in most countries. In Great Britain the index number
shows a drop of 2%. On the average, weekly earnings had declined by
about 10% up to January 1931 but the reduction in nominal wages, of
caurse, was lees. In Germany. where wages rose rapidly between 1926 and
• JUNE 6 19311
FINANCIAL CHRONICLE
4155
Geneva by the Austrian control committee, composed of the governments
which are guarantors of the League's 1922 Australian reconstruction loan.
When the idea of floating these bonds abroad first was raised, World
Bank officials doubted that the Bank could subscribe, since the statutes
forbid it advancing money to governments. The way for it to help has been
found by having it put a foreign exchange credit at the disposal of the Bank
Paris Financial Writer Lists French Loans in Reply to of Austria.
There is reason to believe—although it could not be confirmed at the
Attack—Asserts France Has Not Faced Europe with bank—that the arrangements include the appointment of a special foreign
Monadviser to the Bank of Austria, who begins his functions in Vienna on
"Empty Hands."
mention
day, if possible. The talk of those considered for the post Includes
correspondent May 29 the New York of Charles Rist of Paris, who helped to survey the Austrian financial situaFrom its Paris
"Times" reported the following:
tion for the League before the 1922 loan, and the Dutchman. Myntieer
Banks under the Dawes plan.
An energetic refutation of the criticism sometimes heard in world financial Broen, who was Commissioner of
markets that France has faced post-war Europe with "empty hands" is
Withdrawals Blamed.
American
contained in an article in to-day's Paris "Midi." The writer—A. J.
American credits from Austria. together with the repercussions of this
Jenne, a well-known financial observer—gives a list of 16 long-term loan
operations carried out in Paris since the war for the benefit of European on sterling, are considered to be among the reasons causing the World Bank
and South American nations. The list, M. Jenne asserts, proves France and ten central banks to show themselves to-day so forcefully behind the
Bank of Austria.
has done her full share In the effort for financial rehabilitation.
"If the financial reconstruction of Europe is not advancing as it should,
Preceding to-day's communique there have been four days of unusual
French money has nevertheless played a decisive role in the situation," activity at the World Bank. During the whole period President McGarrah
and Manager Quesnay, when not conferring with each other and other
says M.Jenne.
high officials of the bank, have been engaged in long telephonic conferences
Recalls Briand's Warning.
the governors of the Banks of
Before Foreign Minister Briand went to Geneva, M. Jenne points out. with big European centres, particularly with
the only city to which the
he warned his countrymen that if France desired to pursue a really com- England. France and Austria. To-day about
York—and it was expecting a call from
prehensive European policy it would be necessary to do something more bank had not telephoned was New
than "merely walk among the Central and Eastern European States with there this evening.
Mr. McGarrah, M. Quesnay and a number of the staff are working at
a smile on her face but with empty hands."
"These few words seemed to contain the whole financial policy and the bank late to-night.
The participation of the Federal Reserve Banks in the
Yesterday in the Chamber of Deputies'debate this policy did not emerge
from the fog in which it was enveloped." comments the writer.
credit arrangement is referred to under another head in
"Here is a simple enumeration of the operations upon the French market
cablegram to the"Times"
for foreign account since the armistice It proves that French effort is this issue of our paper. Besides the
without parallel in the realm of European finance."
quoted above, that paper, in its May 27 issue, printed a
The following loans are then described:
Vienna cablegram dated May 26 which said in part:
Rumanian 45. 1923. £16,500,000.
It became known only to-day that the Austrian Government's original
Belgian 630, 1923. 400.000.000 francs.
wardaction to support the Kreditanstalt (Credit Bank) succeeded only in
Austrian 634s. 1923. 170.000.000 francs.
ing off the danger of an Immediate disastrous run and did not suffice to put
Bulgarian Oils. 1923, 40.000,000 francs.
the institution beyond all danger.
German 75, 1924, Dawes loan, £3,000,000.
Kreditanstalt had
Although a large run on the bank was avoided, the
Hungarian 634s. 1924. 96.000,000 francs.
such a need for ready money that the Government was compelled to proPolish 75, 1927, 52.000.000
double object—to persuade foreign
ceed with a second action having a
Bulgarian 734s. 1928, 130,00".000 francs.
persuade foreign
creditors to retain their confidence in the bank and to
Rumania= 7s, 1929. 561.000.000 francs.
its liabilities
bankers to provide liquid funds that would enable it to meet
German 6s. Young loan, 1930. 2.158.000 francs.
at the end of the month.
Chile 68, 1900, 172.000.000 francs.
necessity of placing shares of the
This emergency was distinct from the
Finland 5s, 1930. 300.000,000 francs.
and
bank, which the Government National Bank had agreed to take over,
Poland 7ta: 1930, 25.000.000 francs.
sanctioned by
the consequent need of placing treasury bonds issued and
Rumanian 7;is. 1931. 575.000.000 francs.
schillings:
the Control Committee of the League of Nations for 150,000,000
Yugoslavia 7s, 1931, 675.000.000 francs.
Polish 60, 1931, 400.000.000 francs.
(821.000.000).
Large Sums Paid to Creditors.
-Term Operations.
Also Short
The Kreditanstalt already has paid large sums to anxious depositors. InIn addition to the foregoing, the writer reminds his readers there also
are still
Is a long list of short-term operations and purchases of foreign securities cluding long-term depositors, even though large foreign credits
standing and it is not certain that these will be renewed.
on the French exchange.
Ministry of Finance. Dr. ReissenThe head of the credit section of the
"We can at least read these figures to those who charge France with
German
following a policy of financial egoism and ignoring the direct connection berger, was sent to Berlin to-day in an endeavor to interest the
Government and German banks in supporting the Kreditanstalt.
between French gold and the economic development of Europe," says
The Government issued to-day a communique which said that a director
M Jeune in conclusion. "M Herriot. in an article written after the
consultation on plans for rescuing
Austro-German customs union project, was announced, explained that of the Amsterdam Bank, called in for
the Kreditanstalt, expressed himself as convinced after a day and a half's
the best way of assisting Austria was to aid her chief customers. Poland.
were adequate to ensure
Rumania and Yugoslavia. Within three months France has extended examination, that the measures taken and proposed
institution on a sound basis.
large loans to these three countries. At no time since the armistice has continuance of the Kreditanstalt as a financial
'endeavoring to call to life is
What the Government National Bank Is
French money ceased to be at the service of Europe and peace."
a financial consortium, at the head of which would stand the Bank of
England. represented by the Anglo-International Bank; Lazare Freres of
Paris, German
a large Dutch bank and Rothschild's of London.
Bank for International Settlements Grants Credit to This would not banksprevent withdrawal of foreign credits but would put
only
Austria—Ten Central Banks Join It in Move to a considerable sum of money at the hank's disposal to meet all eventualities.
-1% in some Industries, and
1929, the reduction since then has been small
none in others.
The report adds that "in the spring of 1931, the tendency towards wage
cuts seams to have gained strength in several countries."
Avert Financial Disturbance in Vienna—National
Bank Now Has Backing for 100,000,000 Schilling&
in Foreign Exchange at Basle—Arrangements Incident to Difficulties of Kreditanstalt.
Supplementing the item given in our issue of May 30,
page 3976, regarding the action of the Bank for International
Settlements in concluding arrangements whereby the ten
largest Central Banks and the International Bank will place
at the disposal of the National Bank of Austria, credits when
needed, we quote the following further information contained in a cablegram from Basle May 29 to the New York
"Times":
References to the Credit Bank appeared in these columns
May 16, page 3810; May 23, page 3809; May 30, page 3976.
Federal Reserve Banks to Participate With Central
Banks and Bank for International Settlements in
Credit Arrangement in Behalf of Austrian National
Bank.
In an announcement issued June 1, the Federal Reserve
Bank of New York, indicated that it, along with the other
Federal Reserve banks would participate in the credit
arrangement in behalf of the Austrian National Bank. The
announcement by the New York Reserve Bank follows:
The World Bank announced this afternoon that it and ten big central
banks had agreed to stand behind the Bank of Austria and that it was conThe Federal Reserve Bank of New York, in association with other,
fident the Austrian hank would continue to assure the stability of the &chil- Federal Reserve banks, has agreed to participate with other banks of issue
ling. It Issued this communique:
and with the Bank of International Settlements in a credit arrangement in
The Bank for International Settlements announces that arrangements favor of the Austrian National Bank. The participation of the Federal
discussed at the time of the last meeting of the board of directors at Basle
arrangement takes the form of an agreement to
when the Austrian situation, arisen out of the difficulties experienced Reserve banks in the
by the Creditanstalt, were considered, have now been completed and can purchase prime commercial bills.
brought into force at any time.
be
Further details regarding the credit arranged by the Bank
Ten of the largest central banks. In addition to the Bank for International
Settlements itself, have agreed to put at the disposal of the Austrian National for International Settlements are given in another item in
Bank foreign exchange credits to be used as required.
The Bank for International Settlements has confidence that with these this issue. The arrangements result from the difficulties of
resources, in addition to those already at the disposal of the lAuatrian
we have referred in previous
National Bank and the support of other central banks, the Austrian Na- the Kreditanstalt, to which
tional Bank will continue its normal functions of ensuring the convertibility issues.
Besides the participation above, the New York
and stability of Austrian currency.
Close contact is maintained between the Bank for International Settle- "Journal of Commerce" of June 2 stated that it is learned
ments and the Austrian National Bank and in order to provide direct
have issued
personal contact a representative of the Bank for International Settlements that commercial banks and private bankers who
is on its way to Vienna.
credits to the Kreditanstalt have reached an informal agreeThe representative is Francis Rodd, who, as head of its central basking
departments, is the highest British official of the World Bank. He left by ment to grant extensions on the maturing paper of the bank
airplane.
whenever it is possible to do so. The paper quoted went
To Absorb 100.000.000 Schillings.
It is understood that the banking arrangements Include an agreement on to say:
to absorb 100.000,000 schillings of Austrian treasury bills, the emission of
According to the statements of prominent private bankers yesterday no
which was necessitated by the Austrian Government and the National Bank credit to the Austrian Government is expected. However, it was thought
having had to advance this amount to help Vienna's biggest bank. the that a large Austrian Government loan would be floated abroad. France
Creditanstalt, on which some 250 Austrian industries depend. This loan taking the major portion of it. The sale of Austrian bonds in the domestic
Plus 50,000,000 echillings more if necessary, was authorized last week at market will not be attempted, It was said.
4156
FINANCIAL CHRONICLE
Contract Signed Here.
The credit to the Austrian National Bank arises out of the failure of the
Kreditanstalt and the proceeds will be used to aid the huge Austrian bank.
Such aid is now being extended by the Central Bank of Austria by means of
the credits opened abroad. Negotiations to extend the credit were carried
out in Basle, which is the home of the Bank of International Settlements,
and the meeting place of the European central bankers who govern its
policies. No representative of the Reserve System was present and agreement was reached by cable and transatlantic telephone. The contract
forms were sent across the sea by steamer and signed by Reserve officials
here.
The participation of the Reserve banks in the international credit will
take the form of purchasing commercial bills indorsed by the Austrian
National Bank. Other Central banks are permitted under their charter
provisions to extend loans directly, and in some cases will do so, usually
against acceptance collateral, according to the opinions of informed bankers
yesterday.
In the actual purchase of the bills the officials of the Bank of International
Settlements will act as agents of the Reserve banks, examining the acceptances to be purchased and taking care of other details necessary to the
carrying out of the terms of the credit. The bills and documents will be
held in trust in the vaults either of the Bank of International Settlements or
of the Austrian National Bank.
Authority for Credit.
The authority of the Reserve banks to enter into a contract to purchase
foreign acceptances is based upon the section of the Reserve Act which
permits the banks to buy and sell bills which pass the tests of eligibility "at
home or abroad, either from or to domestic or foreign banks, firms, corporations or individuals." In 1925, when a similar credit was extended to
the Bank of England in order to aid in the stabilization of sterling exchange.
it was held that if the banks could purchase bills abroad they could also
contract to do so.
As the bills are purchased they will be carried on the weekly statement of
the Federal Reserve Board under the heading "Bills bought in open market." In the monthly review issued by the Federal Reserve Board the
volume of foreign bills purchased is also indicated in a footnote to the
statement of condition. This item, which is now at a minimum, will be
closely watched The credit contract itself will not appear.
In banking quarters it was pointed out that the existence of the Bank for
International Settlements facilitates the extension of international credits
by the Central banks. At the monthly meetings of the Board which is
composed of central banking heads, such credits when needed can be
easily arranged while various difficulties might have intervened in the past.
[VOL. 132.
Announcement of the desire to hold the silver conference in abeyance
follows receipt ofadvices by the Departments of State. Commerce and Treasury that privately expressed opinions among officials in many foreign capitals were in opposition to the plan to consider means for stabilizing silver
prices, it was stated orally June 3 at the Department of Commerce.
In its account from Washington June 3 the New York
"Times" said in part:
Japan has been the prime mover in the informal discussions among the
nations referred to by the President The understanding is that the chief
reason for the failure of the move for a conference was the reluctance
of Great Britain to take part in one. It was felt that a parley would not
accomplish anything if the British Government was not a party to it.
Conditions in India are credited with being responsible for the attitude
of Great Britain. As the crux of the situation appears to be the action
of the British Government for India in demonetizing silver and
dumping
a large amount of that metal on the world market, the London Government felt, according to the understanding here, that it would not be well
to take up the problem internationally, especially at a time when political
conditions In India are so delicate.
The expectation is, however, that the informal discussions, now suspended, will be resumed ultimately, and some of those interested in the
question believe a conference will ultimately be held.
In March informal inquiries were made in London by the United States
with a view to ascertaining how the British Government felt about an
International conference. The attitude of the MacDonald Cabinet then
was that it was so engrossed with the question of the Franco-Italian naval
accord and the political situation in India that it was unable to give adequate
consideration to the silver problem.
After what seemed to be a reluctant attitude, the Japanese Government
began sounding out the nations concerned. The resulting exchanges were
the "informal discussions among nations" to which President Hoover
referred in his telegram to Senator Smoot.
The Hoover Administration, responding to Japan's overtures, maintained
Its previous attitude that some outstanding Power more vitally concerned
than the United States should call the conference, but indicated that
It would accept an invitation to a parley if one was Issued. The British
Government is understood to have felt, however, that it could not take
part in a conference, mainly because of its intimate application to the
situation in India.
The reluctance of the United States to assume responsibility for calling
a conference was due to several reasons. It felt that its production of
silver metal was so limited that It was not qualified to be the prime mover
In the proposal for an international adjustment. Another consideration
was that none of its outlying possessions use silver to such an extent, as
compared with the use in other countries, that the United States was deeply
Interested.
Should it call the conference the Administration felt it would be confronted at the outset by a proposal to reduce silver production and asked
to what extent it would be willing to curtail the production of its own silver
mines.
It was noted in the New York "Times" of June 2 that the
credit is similar in form to those granted at various times to
the Bank of England, the National Bank of Belgium, the
Bank Polski, the Banca d'Italia and the National Bank of
Rumania, has been opened in co-operation with the Bank for
International Settlements and nine other important Central
banks. The "Times" also said:
Senator Smoot Proposes That International Chamber
Neither the amount nor the length of time the credit is to run was disof Commerce Call Conference on Silver.
closed by the Federal Reserve Bank. Previous credits of this type have
generally run for a year. Bankers believe the Austrian arrangement may
Associated Press advices from Salt Lake City, Utah, June
be of even shorter duration, possibly for only six months.
are taken as follows from the New York "Times":
The present instance is
first in which
said to be the
the Federal Reserve
Bank has extended help to a foreign Central bank to tide it over domestic
troubles. Other credits of this nature had been in connection with stabilization measures.
The most recent foreign Central bank credit granted by the Federal
Reserve was an agreement in February 1929, to run 12 months, to purchase
up to $4.500,000 of bills endorsed by the National Bank of Rumania.
The
credit expired without having.been used.
In extending a credit of $200,000,000 gold to the Bank of England for two
Years in April 1925, the Federal Reserve Bank undertook to purchase
eligible sterling commercial bills guaranteed by the Bank of England. In
recent years the Reserve has from time to time purchased such bills as a
measure of support to sterling, without, however, entering into any published agreement.
Former Foreign Credits.
The credits entered into with the Banque Nationale de Belgique in 1928
for an amount up to $10,000,000, the Bank Polski in 1927 up to $5,250,000
and the Banat d'Italla in 1927 up to $15,000,000 were all agreements to
purchase prime commercial bills "If desired." They were all of one year's
duration, but the Polish credit was renewed for one year upon expiration.
The identity of the other Central banks participating in the Austrian
credit was not announced, but as 10 of the largest banks of issue are involved, it is assumed that the Bank of England, the Bank of France and
the Reichsbank are among those participating.
After making public the telegram from President Hoover, revealing
that other nations oppose an international conference on silver, Senator
Smoot said to-day:
"As a number of Governments do not appear to desire themselves to be
directly represented by such a conference. I suggest that we should call
upon the International Chamber of Commerce to call a non-official informal
conference of representative men.
"This non-official conference should consist of delegates representing the
different countries of the world. There is no possible accomplishment
to be made in the stabilization of silver except by the co-operation of India,
China, the British Dominions, France, Japan, Italy and other principal
Continental nations.
"I have no doubt that the United States will co-operate. . . . Such
a conference could recommend definite plans and methods which Governments would then take cognizance of for official action."
Edouard Dolleans of International Chamber of Commerce Says Latter Will Consider Suggestion for
Silver Conference.
Associated Press advices from Paris June 4 said:
Edouard Dolleans, Secretary of the International Chamber of Commerce, said to-day that the Chamber would consider
suggestion for
an international silver conference when it meets again in July.
France, it is said, is willing to participate in any movement to relieve
the silver situation, although the only French money on a silver basis is the
piastre of Indo-China, which is now stabilized.
the
President Hoover Advises Senator Smoot That Nations
- Oppose Holding of International Silver Conference
'- Now.
Senator Pittman Predicts Conference on Silver Within
In a message to Senator Smoot, President Hoover indicates
Three Months.
that the holding of an international silver conference is
opposed among nations at this time. The message was In Shanghai on June 4 Senator Key Pittman of Nevada
predicted that ther& would be a conference of the world's
made public at the White House on June 3 as follows:
principal nations on silver and allied questions within the
THE WHITE HOUSE.
next three months. The Associated Press accounts from
Washington, June 2 1931.
Shanghai on that date also said:
Hon. Reed Smoot. Salt Lake City, Utah.
.I am now able to inform you that informal discussions among nations,
Senator Pittman is In China to study the silver question. He said
some of whose participation is vitally necessary, develop the fact that they about forty of the world's Governments already had indicated they desire
do not consider this a proper time to call an international conference on such a conference.
silver and would oppose holding such a conference now.
"Therefore," he said. "the conference is assured and the American
HERBERT HOOVER.
Government or any other Government with interests involved cannot afford
to stay out of the parley when it convenes. Great Britain and France are
From the "United States Daily" of June 4 we quote the probably the
principal objectors, for reasons peculiar to them, but when
the conference opens, rest assured they will be represented."
State Department View.
.The Department of State. it was announced orally on behalf of the Department June 3, maintains its previously expressed attitude that the Mexican Treasury Expert Advocates Fixed Silver
United States is quite prepared to enter such a conference If called by another
System---Bases Plea on Gold Held by France and Us.
nation.
are
.In its previous statement it was announced by the Assistant Secretary of
State. William R. Castle. Jr.. that the matter is one which does not affect
the United States as deeply as it does some other Governments, and thereThe fact that 85% of the world's minted gold is held by France and the
fore the initiative should be taken by others.
United States necessitates a return to a generalized silver monetary system
following:
Associated Press advices from Mexico City May 25
taken from the New York "Times":
JUNE 6 1931.]
FINANCIAL CHRONICLE
at a fixed ratio of exchange, Constantino Perez Duarte, treasury expert,
said in a statement published to-day.
One of the basic causes of the present business depression, he said, was
the depreciation in the buying power of silver, upon which most of the
world must rely for its purchases.
He added that the decrease in silver production in Mexico was a principal
reason for the economic crisis in this country, pointing out that production
of metals here last March fel/ $8,500,000 below the value of metals mined
In March of last year.
Banks in Mexico Import Gold Dollars—Act in Move to
Stabilize Peso—Embargo on Re-Exportation of
Foreign Gold Removed.
Under date of May 31 a message from Mexico City to the
New York "Times" said:
The importation of American gold dollans by Mexican banks in accordance
with the Government's progratn to stabilize the peso has begun, the Bank
of Montreal here importing during the past week three shipments of $200,000 each, with more shipments pending.
The Canadian Bank of Commerce was also among the importers of gold,
although officials of the bank refused to disclose the amount. The National
City Bank of New York has not imported gold but is ready, if necessary,
to do so up to $1,000,000 from the United States.
In adopting this policy to stabilize the peso the Government has lifted
the embargo on the re-exportation of foreign gold. Heretofore American
gold coin, which was not exportable, has been worth only its intrinsic
value here.
The silver peso, which a few weeks ago sank rapidly, has been steadier
during the past week following Government measures to meet the problem.
The gold peso is now almost on a par with the dollar.
Extension of Canadian Silver Coinage to Include $1
and $2 Recommended by Former Prime Minister
to Relieve Silver Decline.
As a means of alleviating the silver decline phase of the
current world depression, the Right Honorable Arthur
Meighan, former Prime Minister of Canada, recently
recommended an extension of Canadian silver coinage to
include $1 and $2 pieces and an increase in the silver content
of subsidiary coins, according to advices received in the
Commerce Departmentfrom Trade Commissioner Harvey A.
Sweetzer at Ottawa. The latter's announcement of this
May 13, also said:
4157
For the fiscal year ended on March 31 the income tax in Canada was
about $70,000,000. It was expected, owing to the business depression in
1930-31, that there would be a decrease of nearly $20,000,000 in collections.
but returns to date indicate that the decrease may not exceed $12,000.000.
No Army, No Navy, No Deficit in Iceland, and Few Are
Idle.
Associated Press advices as follows from Washington
May 31 are taken from the New York "Times":
Little Iceland, with no army and no navy to burden taxPayers. Was
said by the Department of Commerce to-day to have maintained a sound
financial condition despite the world-wide depression. There was virtually
no unemployment in the past year.
Although the Island was affected by the lower prices for fish, its principal
product, a modern hospital was built at Reykjavik, the capital and a large
radio station, a number of school buildings and a system whereby water
from a hot spring about two miles from Reykjavik is forced to the capital
and utilized for heating several public buildings, were completed.
New Diamond Quotas.
London advices as follows are taken from the "Wall
Street Journal" of May 27:
The production quotas fixed under the new diamond agreement between
the government of Union of South Africa and chief producers give DeBeers
54.4% of total syndicate sales, Premier Diamond Mines 10.6%; New Jagersfontein 10% and Consolidated Diamond Mines of South Africa 25%•
Dr. Schacht, Former President of German Reichsbank,
Demands Reparations Halt—Suspension Is Only
Way for Germany to Maintain Credit, He Says.
The only way Germany can maintain her credit in the
world is by suspending reparations payments as quickly as
possible, Dr. Hjalmar Schacht, former President of the
Reichsbank, said here in an address at Dresden on June 3
to the Executive Committee of the United Industrial and
Commercial Leagues of Germany. Payments may be resumed again at such a time as the national economy shows a
surplus, he added, according to a cablegram to the New
•
York "Times", which continued:
Coming on the eve of the departure for Chequers of Dr. Heinrich Brawland at time
ing, Chancellor, and Dr. Julius Curtius, Foreign Minister, be doneaabout
will have to
when it is an open secret here that something
if a collapse is to be avoided. Dr.
Mr. Meighan pointed out that while the drop in the world price of silver reparations in the very near future
the "facts we are facing, whether We
was but one factor in the depression he believed that a greater use of the Schacht's vigorous presentation of
like them or not," awakened widespread attention.
metal would habe a highly salutary effect.
"The sorry condition of the national budget is the inevitable result
He stated that the purchasing power of the Chinese had been reduced
been pursued in the last dozen years and
nearly 60% during the past five years and that, as their wage level drops of the tribute policy which has
breakdown of the nation's industry,"
the production of labor becomes cheaper and threatens western com- which has produced a complete
cannot be put in order by any arithmetical
petitors In world markets. He traced a connection between present dif- he asserted. "The budget
ficulties in India and China and the decline In the price of silver used for tricks."
"It is dangerous to make revision dependent upon a sound internal finanexchange in these countries.
cial situation, for instead of concentrating upon fundamental economic
the
factors one would likely lose one's self in a welter of bargaining over
size of the future tribute figures," he explained.
Siam to Sell Silver From Treasury Reserves.
the German
Schacht sees no occasion to examine
Furthermore,
Surplus silver currency which has accumulated in the capacity to pay. Dr.
Rather, he said, one ought to investigate the extent to
the increasing use of paper money, Which the creditors have fulfilled their own Young plan obligations.
Siamese Treasury with
export surplus from which to
"Every German attempt to create an
is to be disposed of and gold or gold exchange securities are meet
have been
the reparations obligations as foreseen in the Young plan
policies," he declared
with the proceeds, according to the terms
to be purchased
to naught by the opponents of the tariff
Currency Act, passed by the bitterly.
of an amendment to Siam's
who
Fear Is paralyzing national initiative, according to Dr. Schacht,
Government, the Commerce Department is informed by ridiculed the prevalent notion that a calling of all short-term loans would
Attache Charles E. Brookhart at immediately follow an intimation of Germany's inability to continue to
Acting Commercial
Bangkok. The Department on May 15 also reported:
Pay annuities.
to call loans whenever
"Banks in hard times don't expect to be able
For some time past the silver currency in circulation has been gradually
for better
a pronounced prefer- they choose," he said. "They know they must wait without fear
replaced with paper notes, and the people now show
time they will get their money without loss."
ence for the paper money. As a result, there has been a considerable accu- conditions, at which political violence from abroad, Dr. Schacht disposed
As for the fear of
mulation of silver coins in the treasury, where they are practically useless,
of this with the observation that "violence doesn't bring in money." Gersince it is not intended to reissue them.
reparation
manyent
paym he.asserted, has no choice In the matter of suspending
The amendment to the Currency Act authorizes the Minister of Finance
to dispose of this accumulated silver and to purchase gold or gold exchange
her bare existence, threatened as she is
"Germany is fighting to-day for
securities with the proceeds. Such an operation must be carefully transoppression from abroad," he shouted amid applause.
acted in view of the sensitive nature of the world's silver market at this by exploitation and
time. A statement issued by the Minister of Finance regarding the new
act, states:
German Reichsbank Intervenes To Aid Mark Exchange.
The silver market is at present in a very sensitive condition, and His
Majesty's Government accordingly proposes to proceed with caution and
A cablegram as follows from Berlin, June 2,is taken from
deliberation when effecting its sales of surplus silver so as to avoid undue
the New York "Journal of Commerce":
perturbation in the market.
Reichsbank was comOwing to further withdrawals of foreign funds, the
market to-day to prevent
pelled again to intervene in the foreign exchange
London Treasury Bill Rate Lowest Since 1923.
gold would leave the country.exchange from dropping to a point where
were made.
The following is from the London "Financial News" of Sales of S500,000 in foreign bills sell gold out of its earmarked holdings in
The Reichsbank Is planning to
mark, through obtaining
May 23:
Paris this week in order to further strengthen the
f35,000.000 of Treasury bills offered for tender yesterday were further exchange holdings in this way. Actual shipments of gold will thus
The
placed at an average rate of only £1 19s. 11.95d. per cent., compared with be made unnecessary.
to both withdrawals of
The present weakness in the mark is attributed
/2 2s. 7.99d. per cent,last week. This is the lowest rate since June 8, 1923,
further export of capital. The
foreign funds, especially French, and some
when the figure was fl 19s. 9.92d. per cent., and Bank rate stood at 3%.
decrees is held chiefly responsible
The latest rate, which is nearly 9-16% below that recorded three weeks imminence of the new Bruening financial
conferences, and above all the
ago, was rather lower than had generally been expected on Thursday. but for the latter. The course of the Chequers
chief factors which will influence the
yesterday It was thought that the discount market had secured all the bills French reaction to them, are held the
coming weeks.
course of mark exchange over
that it required.
Nevertheless, rates weakened sharply, and at the close the competitive
three months' bank bills was not much over 2%.
figure for
ce Minister
exchanges was again favorable. The dollar depreciated Huge Italian Loan Oversubscribed—Finan
The trend of the
17-32, and the franc by 2c., to 124.39. The
Announces 7,000,000,000 Lire Offered on 4,000,000,by a further 1-32c., to 4.86
closing at 20.43
against 20.42k, but the
Berlin rate was also higher,
000 issue.
both appreciated quite sharply.
Dutch florin and Swiss franc
The Italian Government internal bond issue to refund
$209,000,000) of Italy's debt due
in Its Income Tax Less Than Canada Expected. 4,000,000,000 lire (about
Decrease
to the New York "Times" in November has been oversubscribed 75%, Finance Min30
A dispatch from Ottawa May
ister Mosconi announced to the Senate on May 29, it Was
said:
4158
FINANCIAL CHRONICLE
[vol.. 132.
stated in a Rome cablegram (May 29) to the New York State Bank of Portugal
To Protect Portuguese Ex"Times" which also said:
-Year Concession in
change—Institution Gets 30
The revelation that 7.000,000,000 (about $360,000,000) had been offered
Connection with Stabilization Decree.
to the Government was made at the conclusion of a discussion of the budget
and evoked thunderous cheers from the Senate.
Lisbon advises as follows June 2 are taken from the New
The success of the loan. Senator Mosconi asserted, ought to set at rest
reports which have persisted abroad that Italy has been vainly seeking York "Times":
foreign loans. The truth is, he declared, that spontaneous offers of loans
had been made to Italy by foreign bankers, but they had been refused.
J. P. Morgan & Co., he said, had indicated their readiness to assist Italy
financially.
The Italian deficit. Senator Mosconi announced in discussing the budget,
Was the equivalent of $68,000.000 at the end of April, and he believed
it could be reduced to $45.000.000 by the end of the fiscal year. The
deficit, he asserted, has been decreasing each month.
For the next financial year, which begins on July 1, he forecasts a revenue
of $1,000.000.000 and a deficit of 523.000.000. He does not think the
deficit will be larger because both revenue and expenditure have been
calculated with great prudence. In any event, the Government has firmly
decided that It will not again take recourse to cuts In salaries of State
employees to correct the budget. He remarked that Italy. on the whole,
was better off than other countries, where deficits have been very much
larger.
"Progress has been made," continued Senator Mosconi, "in the amortization of Italy's public debt. as State securities amounting to more than
$65,000,000 have already been purchased and destroyed. This progress,
however, is not likely to be as rapid in the future owing to a decrease in
the revenue of the tobacco monopoly, which pays part of its earnings to
the funds."
A sum of $8,700.000. he declared, has been used to amortize foreign
loans, notably that known as the Morgan loan.
The foreign trade balance also shows a fairly healthy condition for
Dec. 31 1930, the excess of importation over exportation for the year
having been some $65.000.000 lower than on the same date the year before. It is true that both imports and exports decreased very considerably, but the decrease was more apparent than real, being chiefly due
to the fall In prices. If the tonnage of foreign trade was considered instead
of its value, importations decreased by 1,000,000 tons, while exports
actually increased by 23,000 tons.
Speaking finally of the monetary situation, the Finance Minister said
the Bank of Italy's gold reserves, although slightly decreased in 1930,
still were far above the limit set by law for cover of more than 56% of
circulation. Circulation now amounts to $737,000.000, he said, which
some persons believe Is too low. Senator Mosconi, however, dissented
from that opinion, since circultion is proportionately greater than before
the war. In any event, that the Italian monetary situation is perfectly
sound, he asserted, is proved by the behavior of the Italian lira on the
foreign markets.
After the stabilization of the Portuguese escudo on July 1 at approximately 22.62 to the United States dollar, the duty of maintaining the exchange value will revert from the State to the Bank of Portugal. The
bank will have the privilege of issuing notes against metal reserves, which
are expected to be 34% of the notes.
The Minister of Finance states that $5,000,000 to 512,000.000 in gold will
be sufficient to maintain the rate of stabilization. The quantity of new
gold notes will be determined by the Bank of Portugal and the State as
economic necessity requires.
The concession to the bank is to run 30 years from the date of the decree.
An arbitration clause provides for the settlement of disputes.
The decree does not legalize the inunediate free circulation of capital or
end the present restriction on dealings in exchange for exports and imports.
The Government and the hank will decide later when the bank is to
exchange outstanding notes for gold or gold notes.
Lisbon Authorized to Negotiate Loans Up to $50,000,000
to Stabilize Escudo.
Under date of June 2, Associated Press advises from
Lisbon said:
Under its decree for stabilization of the Escudo, the Government is authorized to negotiate gold loans up to approximately $50.000,000.
The money would be used for payment of the State debt to the Bank of
Portugal for reinforcement of reserves and execution of the stabilization
plan.
Proposed Czechoslovakian Loan.
From the weekly summary of conditions abroad issued
May 31 by the U. S. Department of Commerce, we take
the following:
The Czechoslovak Government has submitted a bill to Parliament
authorizing the $50.000.000 loan offered by the Banque de l'Union Parisienne and Lazard Freres, Paris, but dropping the $20.000.000 loan negotiated with the American group. The approval of Parliament is expected
before May 28 1931.
The "Wall Street Journal" of May 25 reported the folUnder date of May 31, Associated Press advises from
lowing from Paris regarding the loan:
Rome stated:
Premier Mussolini announced to-day that instead of accepting the full
7,000,000,000 lire subscription to the 4.000.000,000 lire internal loan, he
would take only 5,000.000.000. returning 2.000.000.000 in cash.
The Chamber of Deputies at Prague has approved a 350.000.000 Czechoslovakian conversion loan which will be retirable at par after five years.
The cost to Czechoslovakia will be about 634% compared with 8% In the
1922 financing and it is estimated that the conversion operation will save
the country about 24.000,000 crowns a year.
San Paulo Coffee Valorization Loan—Results of Eleventh Month of Operation of Plan.
Jugoslavia Moves To Stabilize Dinar—Effort Made To
Speyer & Co. and J. Henry Schroder Banking Corp.,
Steady Currency at 26.5 Miligrams Gold as 40-Year
Fiscal Agents for the State of San Paulo 7% Coffee RealizaLoan Is Offered.
tion Loan, have received the results of the Coffee RealizaIn its issue of June 1 the "Wall Street Joutnal" printed
tion Plan of San Paulo for May, the 11th month of the plan's
operation. Receipts from the sale of pledged coffee for the the following from Belgrade:
milligrams gold was undertaken in
Stabilization of the dinar
11 months totalled $8,921,916 for the sinking fund (of which mid-May coincident with theat 26.5offering in six European countries of
public
$4,866,500 were used for the April 1 1931 redemption and the the major portion of the 40-year 340.000.000 7% 1931 "stabilization"
signed by the King May 11
balance is applicable to the Oct. 1 1931 redemption) and loan. Legally the gold dinar law Which was In fact stabilization has been
does not become operative until June 28, but
$446,096 for the reserve account for the whole loan. It is in practice since the summer of 1925. Since that time the currency has
never fluctuated more than 0.05% from the old parity of gold.
further stated:
Spain Abolishes Titles.
The Provisional Government of Spain has abolished titles
of nobility because "Spain has entered a new regime of
liberty and democracy." Associated Press a,dvices from
Madrid reporting this on June 2 said:
Paper dinars to be issued by the National Bank of Jugoslavia are to be
convertible at par into gold and are to have a legal cover of 35% In sight
obligations, of which at least 25% must be in gold. Free flow of gold
across the country's borders completes the stabilization program.
Jugoslavia has 13,500.000 inhabitants, of which 75% are farmers: lumbering is the second industry. Foreign commerce in 1930 amounted to
13.740.000 dinars or 11.4% below 1929, with Imports and exports falling
in equal proportions.
The budget for 1931-32 totals 13,210.000.000 dinars, a reduction of
138.000,000 from the preceding fiscal year. Jugoslav budgets have been
balanced since 1925. The public debt charges accounted for In the current
budget amounts to 1.220.000,000 dinars, or slightly less than 10% of
budgetary expenditures.
The Cabinet has issued a decree placing members of the aristocracy on
virtually the same basis as Preach nobility. They may use their titles
privately, but must sign their names to legal documents.
About 2.000 aristocrats are affected by this move. There were approximately 1,310 Marquises, 900 Counts, 145 Viscounts. 148 Barons and 97
Dukes who were entitled to retain their hats in the presence of the King.
It Is estimated that the Government thereby will lose about $300,000 a
year in title taxes.
Despite the Government's abolition of titles, many Spanish aristocrats
have decided to continue to use them socially. Apparently the Government will not interfere with this custom, although it intends to abolish
all noble decorations.
Up to the present. Republican Cabinet Ministers have appeared at
official functions without formal dress, leading to the belief that all civil
and diplomatic uniforms will be done away with by the next Parliament.
Bonds of Republic of Finland Drawn for Redemption.
The National City Bank of New York, as fiscal agent,
announces to holders of Republic of Finland 51 external
/
2
%
loan sinking fund gold bonds, due Feb. 1 1958, that $119M00
aggregate principal amount of bonds of this issue have been
selected for redemption at par on Aug. 1 next. Drawn bonds
should be surrendered, with all unmatured interest coupons
attached, at the head office of the fiscal agent, 55 Wall
Street, New York, on Aug. 1, from and after which date
Interest will cease.
The interest on the bonds is provided for by a special tax on all coffee
transported for export from any point within the State of San Paulo. The
receipts from this special tax for the 11 months equalled $9.104.788. as
against actual Interest requirements for the loan ofapproximately $6,188,566
for this period.
Ana
Finance Ministry of Portugal Orders Stabilization of Drawing of Bonds of
State of San Paulo for Sinking
Escudo at About 4 2-5 Cents.
Fund.
From Lisbon, Portugal, June 1, Associated Press advises
Speyer & Co. and J. Henry Schroder Ranking Corp. ansaid:
nounce that the sixth drawing for the sinking fund of the
The Minister of Finance issued a decree to-night ordering the stabilization of the Purtuguese escudo at 110 to the pound staling (about 4 2-6 State of San Paulo 40-year 6% sinking fund gold bonds of
1928 has taken place, and that the $54.500 bonds so drawn
cents). effective July 1.
From that time notes of the Bank of Portugal will be convertible in
will be payable on and after July 1 1931, at par, at either
gold. All notes 2%, 5 and 10 escudo denominations will be withdrawn
of their offices.
and superseded by silver coins of the same value.
FINANCIAL CHRONICLE
JUNE 6 1931.]
Funds Available:for Purchase of Argentine Bonds for
Sinking Fund.
4159
regarding the temporary postponement of interest on some foreign loans
will have no effect without the consent of bondholders.
The Government has funds to meet all payments, but the present low
exchange value of the Uruguayan peso will cause the Government to lose
40% on any sterling or dollar remittances. For this reason it has sought
the consent of holders of certain foreign bonds to postpone interest payments until the exchange improves or a loan is negotiated abroad.
The Chase National Bank of the City of New York, acting
for the fiscal agents, announces that $214,746 in cash is
available for the purchase for the sinking fund of so many
Government of the Argentine Nation external sinking fund
6% gold bonds of 1924, series B, due Dec. 1 1958, as are Lima Orders Moratorium on Bonds in New York Pending Improvement in Finances.
tendered and accepted at prices below par. Tenders of such
bonds, with coupons due on and after Dec. 1 1931, must be
Press advices from Lima (Peru),June 1, stated:
Associated
The Lima Junta to-day decreed a moratorium on the payment of Lima
delivered at the trust department of the Chase National
City Council bonds placed in New York by the Grace National Bank and
Bank, 11 Broad Street, before 3 p. m. June 11.
Republic
of Chile]Railway
for
Refunding
Bonds Drawn
E. H. Rollins & Sons.
The moratorium will last, the decree said, until "the country's financial
situation becomes normal."
Redemption.
Bolivia Gets Road Loan—$1,000,000 Project Will Give
The National City Bank of New York, as fiscal agent, has
Jobs to Miners and Aid Farmers.
notified holders of Republic of Chile railway refunding
A La Paz (Bolivia) cablegram, June 3, to the New York
sinking fund 6% gold external bonds, due Jan. 1 1961, that
"Times" said:
$274,000 aggregate principal amount of these bonds have
The government obtained a S1,000.000 loan from local banks to-day and
been selected for redemption at par on July 1. Payment will use the entire amount to construct a highway linking mining and
will be made upon presentation and surrender of the bonds agricultural districts.
This will
work to unemployed tin miners and at the same time th
so designated, with subsequent coupons attaehed, at the agricultural give
districts of Bolivia will be able to sell their products in the
head office of the National City Bank of New York, 55 Wall mining regions, which at present obtain their food by foreign importation
Street, on July 1 1931, after which date interest on the
designated bonds will cease.
Brazilian State Legalizes Gambling.
The following Sao Paulo account, June 2, is from the New
Redemption of Bonds of Republic of Colombia Through York "Times":
Sinking Fund.
The Provisional Government of Sao Paulo to-day legalized gambling
The press is divided over the issue, several papers
State.
Hallgarten & Co., and Kissel, Kinnicutt & Co., fiscal agents hroughout the decree. The State expects a large profit, because It will be
enouncing the
for the $25,000,000 Republic of Colombia 6% external sink- dhe only place on the east coast of South America permitting gambling.
ing fund gold bonds, dated July 1 1927, due Jan. 1 1961,
announce that the Republic of .Colombia has delivered to Brazil Moratorium Denied by Sir Otto Niemeyer—
London Rothschilds Get Cablegram That Reports
them $241.500 principal amount of bonds, which have been
Have No Foundation.
redeemed through the sinking fund, leaving $23,599,500 par
value of bonds outstanding.
The following from London, May 30, is from the New
York "Times":
N. M. Rothschild & Sons, fiscal agents in London of the Brazilian
Bonds of Municipality of Medellin (Republic of ColGovernment, received to-day from Sir Otto Niemeyer a cable contradicting
ombia) Retired Through Sinking Fund.
in the name of the Brazilian Minister of Finance reports that Brazil is
Hallgarten & Co. and Kissel, Kinnicutt & Co. announce going to declare a moratorium. foundation for the reports.
The telegram adds there is no
that they have retired for the sinking fund $149,000 principal
Sir Otto's denial of the reported plan for a Brazilian
amount of Municipality of Medellin, Republic of Colombia, moratorium follows a cable dispatch from Rio de Janeiro,
external 634% gold bonds of 1928, due 1954, leaving out- published in the New York "Times" on May 28,and which we
standing $8,378,000 par value of bonds.
re ublished from the "Times" in our issue of May 30, page
31)78.
Payment of Coupons on Bonds of Municipality of
Medellin (Republic of Colombia).
Organized Support in South American Bonds is ReHallgarten & Co.,fiscal agents for the 25 year external 7%
ported—Bankers Said To Be Anticipating Sinking
secured gold bonds of 1926, due Dec. 1 1951, of the MuniciFund Payments—More General Stabilization of
pality of Medellin, Republic of Colombia, announce that
Market to Restore Confidence Also Discussed.
coupons on these bonds due June 1 1931, will be payable on
The following is from the New York "Journal of Comand after that date at their New York office.
merce" of June 2:
Hallgartm & Co. and Kissell, Kinnieutt & Co., fiscal
Organized support has begun to make its appearance in the South Ameragents for the external634% gold bonds of 1928 of the Munici- ican bond list, explaining in part the sharp rebound in quotations of a
two trading sessions, according to
number of
pality of Medellin, Republic of Colombia, due Dec. 1 1954, reports in such issues during the past This support, it is reported, is
Wall Street banking circles.
announce that coupons on these bonds due June 1 1931, will taking the form of purchases of bonds by bankers in anticipation of the
be payable on and after that date at their New York offices. receipt of sinking fund moneys here.
American issues at the end of last week was
Bonds of Municipality of Medellin (Republic of Colombia) Retired Through Sinking Fund.
Hallgarten & Co., fiscal agents for the Municipality of
Medellin, Republic of Colombia, 25-year external 7% secured
gold bonds of 1926, due 1951, announce that there have been
retired through the sinking fund $59,000 principal amount of
bonds, leaving $2,644,000 par value of bonds outstanding.
Uruguay Makes Known Intention to Maintain Interest
Service on Public Debt.
The Guaranty Trust Co. of New York on May 29 received
the following cable from Banco de in Republica 0 del Uruguay, the Government bank of Uruguay:
"The management of the Banco de la Republica Oriental del Uruguay
has been officially authorized to have it made known in the large financial
centers abroad that it is the irrevocable intention of the Government to
maintain in full the interest service for the public debt and that as regards
the negotiations which are being made at the present time with respect to
the temporary suspension of the redemption service of some of the foreign
debts the authorization will not be given in any case without first having the
consent of the respective committees of bond holders."
Montevideo (Uruguay) advices, May 29, to the "Times"
said:
The board of directors of the Bank of the Republic had addressed a note
to leading financial centers abroad saying they have been officially authorized
to state the Government is irrevocably determined to maintain service payments in full on the public debt and that the negotiations are under way
The sharp rebound in South
accompanied by reports of the organization of a pool to stabilize the market
In obligations of the stronger countries and their administrative subdivisions. The loss of confidence of American investors in South American
bonds,following the Peruvian and Bolivian defaults and revolutions in other
countries, has led to a demoralization of the market here with perpendicular
declines in a number of issues where, bankers here believe, possibilities of
default are remote.
Argentines Lead.
Evidence of support is most marked in the Argentine issues. Rebounds
in these have averaged about 10 points in the past two trading sessions.
Colombian and Chilean issues have also enjoyed firm markets from 10 to
20 points above last week's lows, while several Uruguay descriptions gained
sharply yesterday.
In view of the general deflation in the security markets, bankers are
reported to be quite hesitant about making major commitments for the
it is reorganized support of foreign bonds. However, for the time being,
ported that where evidence clearly points to the maintenance of interest
by the bankers,
and sinking fund payments, the latter are being anticipated
who thus furnish buying power with which the market can be maintained
through what is hoped is merely a flurry of selling. Development ofsupport
for the foreign bond market on a larger scale is held a possibllity for the
future.
Nanking Ready to Pay $12,500,000 on Loans—AmortizaWill Be Met
tion and Interest on Five Bond Issues
This month.
Shanghai advices May 31 to the New York "Times" said:
The month of June will see disbursements of nearly $12,500,000 by the
Nanking Government toward the amortization and interest on five domestic
loans. The amortization of the five bond issues covers the seventh year
of the long-term rehabilitation loan, the 17th year of the military expenditure loan. the 18th year of the famine loan, and the 19th year of the customs
revenue loan, totaling $3,250,000. On June 30 the Government will pay
4160
FINANCIAL CHRONICLE
[VOL. 132.
the interest on these issues, totaling more than $3,100,000. plus more than
$1,000.000 interest ou the consolidated loan of 1921,secured by the canceled
Austrian indemnity.
Japanese Government Aids Real Estate Financing.
Governmental aid in real estate financing is being given
renewed attention in Japan in connection with a study of the
New Chinese Inheritance Law Seen as Aid to Lazy— financial necessities of the agricultural and small industrial
Compels Brothers and Sisters To Support Those classes, according to advices received in the Commerce
Department's Finance and Investment Division. Under
Who Have Been Improvident.
31 we take the fol- date of May 28 the latter adds:
From the New York "Times" of May
In discussing the subject of real estate financing before a recent Japan
lowing special correspondence from Shanghai May 4:
the Japanese Finance Minister stated in part:
Clearing House Convention,
China's new inheritance laws, which become effective to-morrow by
"Financing of real estate is a risky proposition. Capital is apt to become
Government mandate, are inefficient, unjust and "place a premium on tied up. Such loans in Japan now total more than 6,000.000.000 yen.
of China's noted The Government has established the Real Estate Mortgage Debenture
laziness." in the opinion of Judge Loo Hsing-yuan, one
attorneys, and who was formerly President of the Shanghai Provisional System to facilitate real estate finance. (Editor's note This system allows
Court.
borrowers to issue bonds on real estate with the assistance of trust comThe new laws, Judge Loo points out, differ from those of any other panies. These bonds may be transferred without registration). As soon
sisters to support as the public learns to use this system it will be found very convenient.
country In the world In that they force brothers and
Other brothers or sisters who may be chronically lazy or Improvident. The The Government has recognized these real estate trust bonds as security
matter of provision for brothers and sisters he believes should be a moral for loans by the Hypothec Bank of Japan. the Industrial Bank of Japan
obligation instead of a principle of law. The new statute, he thinks, will and the Hokkaido Colonial Bank.
foster indolence and will prove a great hardship on the industrious and
"At first the Government limited such real estate bonds to the big cities.
thrifty members of families. He cites many Instances in which brothers Later, however, it revised the law to allow rural communities, as well.
shared equally in an estate and then one or two of them to rake advantage of its provisions. It should benefit all banks which have
and sisters have
have squandered their inheritance on high living, gambling or opium. made loans on real estate by allowing them to pass the loans on to the
The new law will make it compulsory for the well-behaved members of general public and thus get control of their money once more."
families to support such wastrels.
The fact that the new inheritance laws limit the powers of testators is
also criticized by Judge Leo. Under the new statute, for instance, a man Service of Sydney (Australia) Metropolitan Water,
with only one child, and that one a worthless son or daughter, is forced
Sewerage and Drainage Board Bonds Reported
to bequeath at least half his property to this offspring or the will may
Assured by Revenues Already Collected.
severely condemns the provision of the new law
be nullified. Judge Loo
under which a man may not will to his wife a share of his estate larger than
Official advices reaching New York on May 28 from the
that received by any of his children.
Shanghai Wage Losses Drop.
its issue of May 31 the New York "Times" published
In
the following from Shanghai:
Wage losses in Shanghai factories last year, because of strikes of laborers,
totaled only $488,000, or about one-fourth the losses chargeable to similar
causes the year before, according to official figures published. This sum
Is equal to about $110,000 in American gold, but the buying power of the
total is vastly greater in China.
Shanghai Silk Industry Depressed—To Receive Assistance Through Government Loan.
The silk industry and trade of Shanghai is still facing rather
severe difficulties with little prospects of immediate relief
from a national revival of trade, states Assistant Trade
Commissioner Paul F. Kops at Shanghai in a report to the
Department of Commerce. It is stated further that in
view of the pressing need of the industry for assistance, the
Government silk loan authorized in the amount of $6,000,000
(Mexican dollar equals about 23 cents) has finally been
amended as of April 18, calling for an increase to ,000,000.
In making this known June 2, the Department also said:
The regulations attached to the loan provide that one-half of the total
amount is to be applied to the encouragement of the export of Chinese raw
silk and the relief of the silk industry, one-fourth for the installation of
improved machinery in silk filatures, and the remaining one-fourth to the
improvement of sericulture in the Provinces of Chekiang and Mangan.
The funds for the loan are to be obtained through the imposition of a
entire loan is to be re$30 levy on every picul of raw silk exported. The
deemed within 7% years by semi-annual drawings.
suffered especially heavy losses during
Silk filatures are said to have
the first quarter of 1931; many being forced to close because of the squeeze
occasioned by high priced cocoons and low priced raw silk. The season's
crop of cocoons moreover was reported to be of poor quality, six and seven
piculs ofcocoons being required to produce one bale ofsilk. Filature owners
are asking 950 Shanghai teals per bale for white steam filatures, but are
finding no buyers. Recent purchases for export have been made at prices
ranging between 920 and 930 taels. The value of the tael is fluctuating
between 30 and 33 cents.
Present stocks of raw silk in Shanghai are estimated at 6,000 bales, with
sufficient cocoons on hand to yield an additional 9,000 bales. New crop
cocoons will be available the first of June. Raw silk stocks are deemed
of cocoons is said to
quite adequate to meet the demand but the supply
be too small to occupy even the reduced number offilatures now operating.
Manchuria Starts Match Monopoly—Limits Number To
Be Brought in by Tourists.
The New York "Times" of May 31 carried the following
fom Mukden, May 3:
Metropolitan Water Sewerage and Drainage Board of Sydney, Australia, are said to disclose that the Board has already
collected upwards of 98% of the rates fixed for the year
ending June 30 of this year. In response to inquiries as to
whether current financial problems of the State of New South
Wales would affect interest and sinking fund payments on
the funded obligations of the Board, T.B. Cooper, President
of the Board, pointed out that it is an autonomous body with
its own fiscal administration and with its revenues procured
through its own powers of taxation. The assessed value of
property subject to taxation by the Board was in excess of
$175,000,000 in 1930. Rates for the ensuing financial year,
Mr. Cooper states, have been adjusted to permit the fulfillment of all obligations. "The board's bankers," he continues, "have heretofore offered every facility for remitting
interest and sinking fund to New York and there is no doubt
they will continue to do so."
The outstanding principal of a bond issue of $7,500,000
floated by the Water Board in New York in April 1930
through a banking group headed by Bancamerica-Blair
Corp.,E.H. Rollins,Inc.and Halsey Stuart & Co., has since,
it is stated, been reduced to $7,450,000 by the operation of
sinking fund provisions.
Pay Cuts and Tax Rise Urged on Australia—Economic
Committee Submits Plan to Premiers Expected to
•
Produce $140,000,000.
From Melbourne May 25 a cablegram to the New York
"Times" said:
Drastic cuts in expenditure and heavier taxation were among the proposals submitted to the conference of Australian State Premiers to-day by
the Copeland economic committee. The economies and taxation are expected to produce $140.000,000.
Total economies of $65.000.000 would be effected by pension reductions
of $21.000,000 and economies in departments and public utilities amounting
to $44,000,000. while a total of $75,000,000 would come from increased
taxation, of which the sales tax would produce $28,000,000, the customs
$12.000,000. direct taxation $10,000,000, increased income for Victoria
and West Australia $10,000,000 and the conversion of government loans
515.000,000.
Prime Minister Scullin declared that the banks which have been supporting the State governments had reached their limit, and he appealed
to the assembled Premiers,among whom was J. T. Lang,extremist Laborite
from New South Wales, to deal strongly with the problem, which was
"becoming more acute weekly."
"The fundamental weakness of the Copeland plan is that it contains no
definite proposal for immediately absorbing a portion of the unemployed.
now numbering 360,000," Mr. Scullin said, "and we cannot afford to wait
to rehabilitate ourselves for the next two or three years."
Nevertheless most of the Premiers in their speeches held that the Copeland plan was the most concrete yet placed before their governments.
Starting May 1 the Government of three Manchurian Provinces instito protecting
tuted a rigid monopoly for the sale of matches "with a view
use or sale of
the native industry against foreign competition" and the
matches other than those sold by the Government bureau will hereafter
will hereafter purchase outright Cut Internal Debt Costs of Australia—Payments Rebe prohibited. The Government bureau
factories in Manchuria, and until
the entire output of Chinese owned match
duced 22% on Decision of Premiers' Council.
adequate to supply the demand
such time as the native production becomes
From the New York "Journal of Commerce" we take the
will itself import matches from abroad.
the bureau
expected to arise from the monopoly the
following from London, May 28:
In addition to the profits which are
largely from the new stamp tax. Hereitself, the Government will profit
Through the forced conversion of its internal bonds the COM/11011W C it it
every box of 100 matches a special revenue
after there must be affixed to
of Australia will scale down in payments on internal indebtedness by 22
stamp costing one-fifth of one cent.
must hereafter register This proposal was recommended by the sub-committee of toe Australian
factories already operating in Manchuria
Match
continue in business and companies Loan Council and has now been decided at the conference of the State
and obtain special licenses in order to
will be required to apply for Premiers of Australia.
proposing to establish new match factories
It is reported that this reduction in payments on internal debts was a
revenue will be obgained from
permits and special licenses. Additional
condition set down for the raising of a loan for the ComMonwealth in
dealers who wish to carry matches in stock.
wholesale and retail
will not be permitted to bring London. It is possible that a large Australian Ion will be issued here
Hereafter travelers entering Manchuria
those found guilty of smug- There would be no attempt to Impose the reduction of payments on the
with them more than ten boxes of matches and
external debt of Australia. Nevertheless, agitation for a similar form or
$50.
Ming will be subject to fines ranging from $10 to
JUNE 61931.]
FINANCIAL CHRONICLE
4161
conversion of the external bonds of the Commonwealth by the holders of
internal bonds is to be expected.
The committee recommended various drastic reductions in the expenses of
the Government and in the allocation of taxes. These are held essential
and the huge Governmental deficit is to be reduced. Some of the measures
would be likely to arouse serious opposition. The large pension payments
of the Commonwealth would be cut and various new indirect taxes imposed.
According to the estimate reported by the committee, the deficit of the
commonwealth and ofsome, but not all, of the States is £31.000.000 for the
current year. A deficit of £30,000,000 for the succeeding year is predicted.
The measures of the committee, it is held, would reduce the deficit by
£11.000,000.
It is generally admitted that Australia will find herself in a very serious
position should the price of wheat and wool fail to improve within the next
couple of years and the Commonwealth and States continue to be unable
to balance their accounts. A foreign loan, if obtainable, might relieve the
situation temporarily but additional borrowings could hardly be expected
to offer a permanent remedy for present ills. A vital aspect of the situation.
the question of reducing internal prices, is fortunately receiving careful
study and It is hoped that action along this line will prove constructive and
assist in restoring the National economy to a sound basis.
The action taken by the Commonwealth Government in providing for
the payment of the matured coupons of New South Wales seems to justify
the general interpretation of the debt agreement that the failure of any of
the States to pay the Commonwealth their portion of the service charges
Australia Drafts Conversion Plans—State Premiers would not necessarily mean that the Issue or issues would be defaulted by
the Commonwealth.
Hope to Reduce Interest 23% by Freeing Loan
The seriousness of the repudiation policy of New South Wales should
not be overestimated. The group behind this extreme program is underfrom Surtax—Banks Approve Measure.
stood to be relatively small, and the public support, which carried Mr.
Stating that the conference of Australian State Premiers Lang to office in the last election, is said to be waning. The petition
discussed at Melbourne on May 26 the details of the pro- made by 150 delegates of all of the northern districts of New South Wales
posed 4% conversion loan agreed upon yesterday to rescue to the Commonwealth to approve the formation of these districts into a
new State appears to be indicative of the trend of public opinion within
the Commonwealth from its financial troubles, a Melbourne the State. Well informed opinion also appears to consider that the political
cablegram on that date to the New York "Times" added:
difficulties confronting Australia to-day have been exaggerated in reports
In the conversion of Commonwealth and State securities held in Austra- abroad and that a majority of the people realize the plight they have
lia, an adjustment will be made to save 2Yi% on the interset bill. Tne brought on themselves and will support the National Government in its
interest on the new securities will be free from the present Commonwealth endeavors to untangle its financial skein.
The initiative taken by various industries in attempting to bring down
surtax of 73i% and any now Commonwealth or State taxation, but will
production costs, the recent success of the internal conversion loan of
be subject to other existing Commonwealth and State taxation.
The loan will run forty years with a Government option to redeem all £28,000,000, favorable crop prospects as well as the firming tendency in
or part in ten years. An additional income tax will be imposed on all wool prices are favorable trends which it is hoped may prove the beginning
of the solution of Australia's many problems.
securities not converted into the new loan.
Other Interest Cuts Planned.
The conference also planned a reduction of interest rates on loans of
-government bodies. Interest rates on bank
local authorities and semi
deposits of all kinds and on bank loans, overdrafts and advances are to
be reduced.
Bank representatives indicated to-day that on approval of the general
plan credit facilities should be provided for industry, resulting in greater
employment.
It was agreed to arrange for co-operation between the Government
and financial institutions to create confidence in London preliminary to
funding tne snort term debt, to obtain long term credit and to crcte
easier conditions for future conversions on the overseas market.
The Premiers decided to remain in session until the whole economy plan
Is adopted with short intervals to enable the Governments to legislate on
the various proposals.
The banks insist that any plan involving them shall form part of the whole
involving the Governments and the rest of the community. The bank
says that debt conversion on the lines proposed can be successfully undertaken lilt forms part of a general plan.
General Support for Move.
Being "Australian made" there is general support for the project outside political circles.
The Conservative Melbourne "Argus" says the Scullin Ministry is facing
Its last opportunity to decide for sanity instead of "a Fabian policy of
drift, blind blows struck at Import trade and the crippling of private industry by heavy taxation in a vain attempt to sustain extravagant standards
of public spending."
The proposed conversion loan, it adds, "involves a dramatic and unprecedented appeal to patriotism."
Foreign Money in Australia.
The "Wall Street Journal" of May 27 reported the following from Melbourne:
Premier Scullin announced that the Premiers' Conference has agreed that
special provision must be made to meet difficulties which might arise through
the accumulation of foreign business funds in Australia. Owing to the exchange position these have been invested in short-term government securities. It is proposed that these funds should not be tied up in long-term
loans such as the projected conversion loan, since the money is not actual
investment funds, but business receipts whidh normally return to foreign
countries.
Kansas City Joint Stock Land Bank Reported Sold to
A. C. Stewart.
Associated Press accounts from Kansas City yesterday
(June 5) said:
The assets of the Kansas City Joint Stock Land Bank have been sold
at auction for $26,750,000 to A. C. Stewart, Pacific Coast financier, and
his associates.
The Phoenix Joint Stock Land Bank will succeed the institution, which
was placed in receivership in 1927 with the filing of Government charges
of mismanagement against its head, Walter Cravens.
E. C. Aidwell, a Pacific Coast Land Bank manager, has been chosen to
manage the reorganized institution. The sale yesterday ended the receivership of Herman M. Langsworthy, which began in February 1928.
Senator Brookhart Proposes Amendment of Intermediate Credit Act to Provide for National Co-Operative Reserve Bank.
Describing the Federal Land and Intermediate Credit
Banks as "in the control of Wall Street representatives",
Senator Brookhart, Republican, of Iowa, suggested on May
20 that farmers be allowed to establish a banking system of
their own. Associated Press advices from Washington on
that date indicating this went on to say:
Such a move, he said, in an address over the National Broadcasting
system, would lay the foundation for success of efforts to bring agriculture
out of the depression, "an established institution since 1920."
The Board which now controls the Federal Land and Intermediate
Credit Banks, Brookhart asserted, should be abolished and the institutions
turned over to the Farm Board. Then the latter should be authorized
to develop a complete co-operative banking system, he added.
"When this is organized and developed it would supplement the necessity
for Government money and enable the farmers to finance their own cooperative propositions," Brookhart said. "At present they have no permission even to organize such a Bytom under either the laws of the States
or the United States. The big financial interests have watched these laws
and kept all such authority from them."
He blamed the Federal Reserve Board for having done "more to bring
about the agricultural depression than all other causes combined," and said
if the Farm Board "does not want to be abolished" it should back legislation
for an "efficient and nation-wide co-operative banking system."
The simplest way to establish the system, he said, would be "to amend
the Intermediate Credit Act and change that bank into a national co-operative Reserve Bank with all the powers of the Federal Reserve Bank.
including the power to issue co-operative reserve notes as currency upon the
same security as the Federal Reserve Bank itself."
"As our banking system is now controlled," Brookhart contended,"even
the surplus credit and deposits of the farmers themselves are sent away to
New York to be loaned to brokers in stock gambling at a low rate of interest,
as low as 1%,while farmers must pay from 6 to 12% for loans to produce the
food of life itself."
Australia's Present Difficulties Due Partly to Debt
Expansion for Public Works, Says A. Iselin & Co.
—Majority of People Expected to Support National
Government in Constructive Policy.
The principal difficulty confronting the Commonwealth
of Australia and its component States is the problem of
meeting service charges on internal and external debt in the
face of declining revenues and a drastic fall in foreign exchange, according to A.Iselin & Co., who have just completed
an exhaustive study of the situation. It is pointed out that
since 1914 indebtedness has increased almost 225%, mainly Drouth Relief Advances Total $47,064,319—Loans Made
for the construction of railways,irrigation projects and public
Thus Far to 400,000 Farmers from $57,000,000 Relief
utility enterprises and other public improvements. The
Funds—Government Moves to Protect Itself from
firm quotes the British Economic Mission appointed in 1928
Failure of Some Borrowers to Repay Money.
as authority for the opinion that Australia mortgaged her
A total of $47,064,319 from the combined drouth relief
future prosperity and resources too heavily in carrying out appropriations
of $57,000,000 made available for aid to indithis program. The Iselin analysis, issued May 23, says:
vidual farmers had been lent up to and including May 26.
service requirements on the indebtedness of the country constitute
The
now a very heavy burden on the people. As long as capital was easily The money has been advanced to about 400,000 farmers,
obtainable abroad, no dicciculties were encountered in meeting these charges. said the New York "Times" in its Washington advices on
In 1929, however, due to the reluctance of London and New York bankers the date
indicated. It also had the following to say:
to grant further loans and partly to market conditions, additional
funds
were very difficult to obtain abroad. This factor, coupled with the drastic
fall in the price of the country's principal export commodities, resulted in a
substantial reduction in the funds available for the overseas obligations
of the Commonwealth and brought it race to face with the necessity of
relying on its own resources to meet the emergency.
After analyzing the various phases of Australian economic
life, the Iselin firm concludes:
The appropriations, made by the last Congress, included one of $45,000,000
for feed and seed loans; another of $20,000,000 for general agricultural
rehabilitation, of which the department allotted one-half for individual
loans and the other half for loans exclusively to joint stock credit corpora.
lions, and $2,000,000 to be used in Southeastern States which had
suffered
the drouth on the heels of disastrous floods.
Individuals in Arkansas alone received $7,680,000 from the
feed and
seed fund and $1,612,000 from the rehabilitation funds, a total of
$9,292,000.
4162
FINANCIAL CHRONICLE
It was learned to-day that the Department of Agriculture has found it
necessary to seek legal advice on unusual technical conditions which have
arisen through the loans.
One of these points, announced from the Department of Justice as having been referred to it, dealt with the question of what the Government could
do to protect its interests when a fanner finds his seed loan, deposited in a
bank until he makes his purchases, attached by creditors.
A decision was asked as to the rights of the Government, as technically
the Government's security for such a loan is the crop which would be
number
raised from the seed purchased with the loaned money. No great
Department of
of such cases have been reported, but it was said at the
Agriculture that isolated instances of that nature have arisen in almost
every State and ocunty where loans have been made.
crops and
The drouth has net shown indications of recurring this year,
Senator
gardens being reported as thriving in areas which were hit worst.
in his
Robinson, of Arkansas, recently reported almost ideal conditions
poorer element of
State, particularly in gardens from which much of the
the population derives a large part of its support.
Federal
High praise of some of the farmers Who obtained
drouth relief loans this spring was voiced by Secretary of
Agriculture Arthur M. Hyde, on June 3, when he announced
that many of these borrowers have already paid back their
loans in whole or in part. The New York "Journal of Commerce" also reports him as saying:
"A most commendable attitude is evident. In many instances farmers
have paid off their Government loans with the proceeds of early fruit and
vegetable crops on which the Government held no lien.
"Not only have they thus shown their good intentions and fundamental
Integrity, but they have also displayed good business sense. Several thouof the loan
sand borrowers have found they do not need the full amount
approved and have turned back our checks for second or later installments.
will receive
Of course, those who pay the loans before the maturity date
Interest rebates."
Creation of Putnam Agricultural Foundation for Advancement of New Hampshire Agriculture.
Associated Press advices from Concord, N. H., said:
advancement of
Creation of the Putnam Agricultural Foundation, for
George IL Putnam,
New Hampshire agriculture, was announced to-day by
Federation and founder of
President of the New Hampshire Farm Bureau
the newly created organization.
[VOL. 132.
350,000,000 bushels have gone into domestic consumption at equal to or
higher than the stabilized price."
Mr. Milnor is quoted as follows:
"On account of Decoration Day and Sunday, the market for May futures
wheat contracts expired Friday, closing at 83% cents a bushel Chicago.
"Last November, the Federal Farm Board decided that owing to bad
economic conditions and general depression, there was serious danger of
wheat prices in this country declining to unnecessarily low levels in sympathy witn prices in foreign markets. Markets in Winnipeg, Liverpool
and Buenos Aires were weak and declining. There were many evidences of
panicky selling and unloading of wheat stocks in our own domestic markets,
which unless curbed, would in all probability have demoralized prices and
forced wheat down to the lowest level on record.
"On Nov. 17, the market for May wheat in Chicago was 76% cents, in
Winnipeg 67% cents, in Liverpool 75% cents and in Buenos Aires 59% cents.
On authority of the Farm Board, the Grain Stabilization Corporation
Immediately acted to support the price of wheat in domestic markets.
Heavy purchases were made daily, with the result that the decline was
stopped and shortly the price of Chicago May wheat had advanced to 81
cents a bushel. This price was reached on Nov. 24. Since then such
purchases as were necessary have been made in order to maintain the minimum price of 81 cents Chicago, and corresponding prices in other principal markets; for example, 73 cents in Kansas City, 76% cents in
Minneapolis, ete.
"The price of cash wheat also has been maintained on a comparative
level with the futures. Thus Grain Stabilization Corporation has just completed the maintenance of minimum prices for nearly seven months. During
that period more than 360,000,000 bushels of wheat have gone into domestic
consumption at equal to or higher than the stabilized price.
"Since last November, the price of No. 2 hard cash wheat has advanced
in Chicago to 84 cents a bushel from 76 cents. These prices in turn have
been reflected throughout the entire country, with the result that farmers
and others have been able to liquidate their wheat holdings at an average
price of from 20 to 30 cents a bushel above world level prices, which declined to Winnipeg 52% cents, Liverpool 60% cents and Buenos Aires
45% cents.
"During the summer and fall banks throughout the entire country had
made many loans based on the then prevailing prices of wheat, and maintenances of minimum prices during the winter and spring have permitted the
orderly liquidation of such loans. The debt paying and purchasing powers
of producers have thus been tremendously increased.
"The question of what the Grain Stabilization Corporation will do with
the accumulated stocks is one that is frequently asked. In a statement
Issued Mar. 23, the Federal Farm Board said 'stabilization supplies of
wheat will be handled in such a way as to impose the minimum of burden
upon domestic and world prices.'
"It is believed that acreage reductions throughout the world and average crop and weather conditions will cause an adjustment of production
to more nearly a normal basis. Stocks held in this country at the end
of the year will be slightly, if any, larger than those of a year ago. It is
too early to predict the size of the 1931 crop. If there is a marked acreage
reduction in winter wheat next fall, as is confidently believed will be the
case, there is no reason why the present holdings cannot be marketed in an
orderly manner at satisfactory prices.
"The Grain Stabilization Corporation is well satisfied with the results
that have been accomplished, and it is felt that any hardship that has
been caused speculators and COMIllifie011 men has been offset many times
over by the benefits to producers, bankers and business in general throughout the country."
WheatjBuyingiby Federal Farm Board Ends—Government Agencies Said to Hold More Than 200,000,000
Bushels of Grain—Statement by George S. Milnor
of Grain Stabilization Corp.—Price Declines to
New:LI-ow Levels.
Federally financed purchases of wheat incident to the
government's stabilizing aCtivities toward farm relief begun
In February 1930, came to an end on Friday May 29 in
The decline in the price of wheat to new low levels occuraccordance with previous announcement with the closing red at the various markets on June 3; Associated Press
of the day's operations on the Chicago Board of Trade. accounts from Minneapolis on that date stated:
Noting that the holdings of Government agencies reach over
Wheat prices for the June option dropped 12% cents a bushel to 64 cents
200,000,000 bushels, a Chicago dispatch, May 29, to the New In an hour on the Minneapolis Grain Market to-day as offerings for the
spot month found no
The drastic slump was attributed to withYork "Times" had the following to say relative to the action drawal of Farm Boardbuyers. from the market.
agents
its buying operations:
of the Board in discontinuing
June wheat opened unchanged to 6% cents lower when trading began
Grain StabilizaFederal Farm Board announced on March 22 that the
tion Corporation would cease purchases in the open market with the cessation of trading in the 1930 crop.
The closing left Government agencies in possession of more than 200,000,000 bushels of grain. At the close of the July deliveries, it was estimated here, the Government's loss would be about $90,000,000, with
monthly carrying charges of $4,000,000 to be added until some disposition
is made of the largest holdings of wheat any Governmental agency has
ever had in times of peace.
In addition, the Farm Board's stabilizing activities in cotton were estimated to-day to have added over $50,000,000 in losses through a decline
of 9 cents per pound in this commodity since 1,300,000 bales were taken
over. Here also must be added a carrying charge of several millions.
Final Transactions Orderly.
The Stabilization Corporation, traders pointed out, had in its power this
week, if officials had so willed, to effect a "corner" and send prices skyrocketing when "shorts" needed grain to fill their May contracts.
Final sales to-day, however, were few and orderly in the grain exchanger
throughout the nation.
Efforts made this week by officials of grain Exchanges and by farm leaders
to obtain a commitment from James C. Stone, Chairman of the Farm
Board, as to whether the wheat would be sold in competition with the
new crop or held for a year, were unavailing. Audiences with President
Hoover for the purpose of obtaining, if possible, some declaration of policy
were likewise fruitless.
"In the face of the largest carry-over of wheat in American history,
the sixth year of mounting surplus, selling of the stabilization stocks now
would be disastrous to farmers and banks; as well as the administration's
farm relief program," declared the spokesman for a group of Chicago
grain merchants who met to-day to discuss the situation.
George S. Milner, President of the Stabilization Corporation, issued a
statement after the close of the market calling attention to the fact that
the final quotation on May wheat was 83% cents a bushel, higher than the
81 cents at which the Corporation had "stabilized" the crop. Present
holdings, he said, could be marketed "in an orderly manner at satisfactory prices" if there is a marked acreage reduction in winter wheat
next fall.
Reviews Government's Efforts.
Mr. Milnor said that American wheat prices had been stabilized well above
world levels for seven months, a fact which had aided banks holding loans
against wheat to liquidate them. During this period, be added, "more than
and by 10 o'clock prices had slumped to 64 cents bushel, 12% cents below
yesterday's close at 76% cents.
Prices dropped steadily, losing from one to two cents at a time, July wheat
futures also were down 4% cents one hour after the opening. July closed
yesterday at 65% cents.
In its advices from Chicago, June 3, the New York "Times"
said:
Grain values declined to-day to world quotation levels and even below
them as a result of a sudden and unannounced withdrawal of the Federal
Government's artificial price props in the wheat pits of the United States.
July wheat, closing at less than 57 cents a bushel, was the lowest Chicago quotation since 1896. Declines of 10 to 13 cents a bushel sent traders
scurrying to cover in all American markets. Other grain values also were
deflated.
While the Federal Farm Board's stabilization buying of wheat futures
ended last Friday, farmers and dealers had been led to believe that the
market would be supported by intermittent cash purchases to make the
decline gradual during June.
The downward movement started in Minneapolis, when for the first
time since the Government began its program of stabilization last November, the "pegged" price was broken down. Other markets followed suit,
but not until nearly noon was word issued by Chairman Stone of the
Farm Board in Washington that all its wheat buying had ceased.
Government Keeps Selling Price.
George S. Milner, President of the Grain Stabilization Corporation, who
was in Minneapolis, also said that the Governmental agency was through
buying wheat in any market. He added that the Corporation's selling
price, or its selling policy for the wheat it holds, was unchanged. Under
this policy, the Corporation had advised farmers and grain merchants that
the stabilization of cash prices would continue until June 30 on a scale
of gradually increased prices for Government holdings.
The present selling level on this basis would have been 85 cents in
Chicago to-day, far above quotations for actual sales in the pit.
At the Farm Board headquarters it was said that the early and heavy
movement of the new wheat crop from the Southwest had prompted the
sudden withdrawal of government support. Mr. Stone and Mr. Milnor
were reported to have agreed on the move by telephone last night, when
heavy shipments from Texas began to arrive at terminal markets.
Officials intimated That the "Corporation should not be expected to
buy Texas wheat" to maintain the "pegged" price, at the expense of
Kansas farmers, who begin to harvest in a few weeks.
JUNE 6 1931.]
FINANCIAL CHRONICLE
Heavy Loss on the Old Crop.
That farmers as well as grain men would suffer heavy losses was indicated in a report of Nat Murray, statistician. He estimated that farmers
still hold 43,000,000 bushels of the old crop on farms, a course urged upon
them earlier by the Farm Board. An additional 52,000,000 bushels is estimated to be in storage, mostly unhedged, in country mills and elevators.
Farmers holding corn, oats and rye were losers in to-day's market, with
declines of a cent a bushel or more being quoted in
aiicago.
President Minor, of the Farmers' National Grain Corporation and President of the Grain Stabilization Corporation, the Farm Board Agencies, refused, on June 3, to go into
detail as to their withdrawal from buying cash wheat. A
dispatch from Minneapolis to the New York "Times," authority for this, added:
"We are out of the market to-day and that is all I can say," Mr. Milnor
declared.
About 100,000,000 bushels of wheat is stored in terminal elevators of
Minneapolis and Duluth and Superior, but this already is owned by the
Farm Board. Mr. Milnor explained that only a limited volume of wheat
is held on farms and in country elevators in the Northwest remaining to
be sold.
"We figure that there will not be enough wheat coming in during the
rest of June to meet the requirements of flour mills," he said. "They
will have so have spring wheat for millings, and so they will have to come
to us for spring wheat.
"The minimum selling price of the Grain Stabilization Corporation's
wheat is 82 cents a bushel. This will be in effect for eight more days,
until June 11, then it will be increased one-half cent to 82%. After another ten days, there will be another advance to 83, and that price will
hold to the end of the crop year on June 30."
Under no circumstances will the Stabilization Corporation dispose of
any wheat at less than the fixed price of 82 cents, Mr. Milnor said.
W. F. Schilling Re-Appointed to Federal Farm Board—
Charles C. Teague Tenders Resignation as Member
of Board—Latter Holds Stabilization Operations
on Wheat and Cotton Justified.
On May 29 President Hoover reappointed William F.
Schilling as a member of the Federal Farm Board. The
reappointment is for a term of six years from June 15, when
Mr. Schilling's present term will expire.
With the announcement of Mr. Schilling's reappointment
it was also made known that Charles C. Teague had tendered
his resignation to President Hoover, effective June 1. Mr.
Teague had been Vice-Chairman of the Board. In his letter
submitting his resignation Mr. Teague referred to the
Board's stabilization operations on wheat and cotton,
"which," he said, "were entirely emergency operations, undertaken to meet emergency conditions, and which I believe
are entirely justified and which will have resulted in benefits to agriculture and business generally for outweighing
any cost to the Treasury. However, in my judgment, the
greatest benefit will come through another type of stabilization of markets, which will come through the long-time
projects of developing a system of co-operative control of
agricultural products, which will effect a better control of
production and a better control of distribution and thus
have
an important influence in the stabilization of
markets."
Mr. Teague's letter to the President follows:
Dear Mr. President: When I accepted appointment on the
Board it was with the understanding that it was to be for a -Federal Farm
year, or during
the organization and policy formation period of the Board. At
your request
I have continued as a member of the Board, and you have
been good enough
to accept my resignation, effective on June 1 of this year, in
order that I
may return to my personal affairs and the affairs of
organization which
I have handled for many years and which would not permit
of my continuing longer on the Board.
In retiring from the Federal Farm Board permit me to say that
it has
been a privilege to participate for the past nearly two years in the
administration of the Agricultural Marketing Act. It was, indeed,
fortunate,
during the present serious economic condition through which the country
has been passing, that the farmers of the country have had this
important
legislation, with adequate finances and administered by a group of men of
your selection, who have had sudi a deep and sympathetic attitude
toward
the problem of agriculture. In the time that I have been on the
Board I
have never observed any action influenced by section or politics.
The
Board has always sought for the most helpful solution of any
of the
problems that have been presented. They have brought to these
problems
broad business experience and a thorough knowledge of
agriculture and
co-operative marketing.
It has, of course, been impossible to be helpful under these most
difficult
and trying conditions without at times taking some chances of loss to
the
revolving fund. Had it been administered as a banking trust or fund
it
would have been of little help to agriculture under existing conditions.
I am frank to say that when I accepted your request to become a member
of the Board I had some misgivings as to the possibility of too much importance being attached to the revolving fund and the loan provisions of the
Act, as I had the very definite conviction that the greatest benefits would
come from Federal sanction and assistance in the developing of a co-operative marketing system for agriculture.
There are two distinct methods of stabilization of markets. Probably the
one that has been emphasized most in the publicity relating to Farm Board
action has been the stabilization operations on wheat and cotton, which were
entirely emergency operations undertaken to meet emergency conditions and
which I believe are entirely justified and which will have resulted in
benefits to agriculture and business generally far outweighing any cost to
the Treasury. However, in my judgment the greatest benefit will come
through another type of stabilization of markets, which will came through
4163
the long-time projects of developing a system of co-operative control of
agricultural products, which will effect a better control of production and
a better control of distribution, and thus have an important influence in the
stabilization of markets.
Of course no one could foresee the conditions brought about by the
world-wide depression and its effect upon all business, including agriculture.
Had it not been for the revolving fund a large number of the co-operatives
that have performed a very definite and valuable service to the farmers of
this country would have perished through the inability to finance themselves
and to adjust their business practices to the changed conditions brought
about by unprecedented declines in values; so, I say without hesitation that
many of these co-operatives owe their continuing existence to the assistance
given them by the Board. As these facts become better known and understood by agricultural producers and the public, I believe they will recognize
the importance of rallying to the support of the Board and of the Agricultural Marketing Act. I am firmly convinced that during the last two years
more progress has been made in co-operative marketing than has been made
in any previous 10-year period in our history. This perhaps cannot be
demonstrated by an inventory of the increased membership of co-operatives
but in appraising this gain there should be taken into consideration the
great advance that has been made in the bupport of educational institutions,
national farm membership organizations, and by broad gauge business men
and the public generally.
I am retiring from the Board in no spirit of discouragement but with the
definite feeling that the time I have spent on the Board and such contribution
as I have been able to make have been distinctly worth while. Permit me
at this time to extend to you assurance of my continued respect and regard.
CHARLES a. TEAGUE, Vice-Chairman.
President Hoover's letter accepting Mr. Teague's resignation follows:
My dear Mr. Teague: I beg to acknowledge your letter of May 22 on
completion of your term with the Federal Farm Board. I greatly regret
that your personal situation is such that you cannot continue on the Farm
Board for the present.
I wish to take this occasion to express my appreciation, and the appreciation which I know the whole agricultural industry holds, for the great
service you have rendered and the devotion you have shown in the difficult
times of the past two years.
HERBERT HOOVER.
It is stated that another vacancy on the Board will be
created on June 15 when the term of Samuel R. McKelvie,
grain member, expires. Mr. AicKelvie has been in London,
where he attended the International Wheat Conference; he
expects to retire to his Nebraska farm and edit a farm paper.
Chairman Stone of Federal Farm BoardiDenieslUnited
States Is Responsible for Failure of,Worla Wheat
Parley.
The failure of the London International Wheat Conference
was not caused by the attitude of the United States toward
an export quota for exporting countries or an international
marketing organization, James E. Stone, Chairman of the
Federal Farm Board, said on May 28 in answer to reports
to that effect said to have originated in Russia. Reporting
this from Washington May 28, the correspondent of the
New York "Journal of Commerce" further quoted Mr. Stone
as follows:
"I do not place the blame for the failure of the conference on any one,
as I have received no information from Mr. McKelvie," said Mr. Stone,
adding that he thought Russia was as much to blame as this country as "we
had one idea and they had another. Russia believes that it is entitled to
her prewar export market, according to the Farm Board chairman.
Told that other European countries have indicated they might collaborate
on an export quota plan, and asked what effect it would have if this country
were left out, Mr. Stone said that he had not beard of the plan, but if it
were true, any large exporting country left out of the agreement could
"upset the applecart."
The Farm Board Chairman thinks that a reduction of 20% in wheat
acreage in this country by next year is not "too optimistic." He said
that he did not believe that wheat growers anywhere in the world can
produce wheat profitably at the present price.
"New agriculture crops are being produced at a much cheaper cost than
last year," Mr. Stone remarked.
"You will find this summer that there will be many more gardens and
considerable more food crops produced," he said. "When that condition
exists in large areas of the country your production costs are much lower
and will be much lower than they have been. Farm labor at present is
cheaper."
Stone admitted that this might hurt the purchasing power of the country
to some extent, "but it will put agriculture in a healthier condition, or at
least not place farmers deeper in debt and, perhaps, will give them some
cash."
The general commodity structure should improve, Mr. Stone believes.
He said that the indicated improvement in agriculture prices "will have
a lot to do with the improvement, will have to come first In agriculture
and then be reflected in industry, be said, adding that this is one reason
that industrial leaders are giving more attention to the farm situation.
Mr. Stone believes that the cotton situation would clear up if cotton
acreage were reduced long enough to absorb the accumulation of cotton
stocks due to the decreased consumption of cotton fabrics.
Federal Farm Board Nears End of Its Plans to Dispose
of 35,000,000 Bushels of Wheat Abroad—Europe
Buys 25,000,000 Bushels—Sales to Be Finished by
July 1—Price Above World Rate.
About 25,000,000 bushels of the 35,000,000 bushels of
-of
so-called out -position wheat originally designated by the
Federal Farm Board for export has been sold abroad, principally in countries of Continental Europe, Chairman Stone
4164
FINANCIAL CHRONICLE
[voL. 132.
announced on May 28, said a dispatch to the New York
"Times" from Washington which added:
Around 5,000,000 bushels, mostly bread wheat, was taken over in the
Twin Cities, and 3,000.000, mainly durum, in Duluth-Superior, according
to Harry F. Shepherdson, Northwest manager of the Farmers National,
The remaining 10,000,000 bushels, he said is expected to be sold by July 1.
Announcement was made by the board about two months ago that the
35,000.000 bushels were stored along the Atlantic and Gulf Coasts and
could not be moved inland without entailing substantial losses from transportation charges. Hence it was decided to find markets abroad.
Associated Press advices from Minneapolis in noting the
payment of $7,000,000 for about 8,000,000 bushels said:
It was the second such deal in a month, tho same corporation having
paid $18,000,000 for 23,000,000 bushels on May 1.
Harry F. Shepherdson, Northwest manager of the Farmers' National,
said that organization had planned to accept delivery of 14,000,000 bushels
to-day, but only 8,000,000 bushels were transferred to its credit. The
remaining 6,000,000 are expected during the month.
Withdrawal by Grain Stabilization Corp. of Buying
Support From Wheat—Statement by Chairman
Stone of Federal Farm Board--Board to Receive Dairymen's League Co-Operative Association, Inc.,
$100,000,000 of Revolving Fund, July 1.
Receives Permission to Borrow $4,000,000 from
The Grain Stabilization Corp. has withdrawn its buying
Federal Farm Board.
support from wheat, in view of the arrival at market of
Under date of May 27 Associated Press advices from Utica,
considerable wheat of the new crop which is now being N. Y., said:
harvested in the Southwest, it was stated orally at the
The Dairymen's League Co-Operative Association. Inc., has received
Federal Farm Board June 3 when a decline in wheat prices permission to borrow $4,000,000 from the Federal Farm Board to acquire
in cities where It now sells
that day was called to the attention of Board. The fore- additional marketsJustice Dowling yesterday its products. permission for
granted the
Supreme Court
going is from the "United States Daily" of June 4, which the league to mortgage real estate, machinery and equipment to cover
also was made avail- the loan. The league plans to issue bonds of $150,000 each except one
added that the following information
for $100.000 for the $4,000,000 loan with the Bank of Manhattan Trust
able at the Board's offices
Co. as trustees and the United States of America through the Federal
Policy of Board.
The corporation has dealt only in wheat of the old crop, and the Board
announced last March 23 that it would not permit the corporation to make
stabilization purchases from the new crop. The policy has been to support
the price of the old crop until the new crop began to come on the market
lo considerable volume, and the Board feels that this time has now arrived.
On the night of June 2, George S. Milnor, President and General Manager
of the Grain Stabilization Corporation, talked to Mr. Stone by telephone
from Chicago, and it was agreed that the time had come to stop purchases.
Mr.Stone recently had stated orally that he was under the impression that
an effort would be made to maintain the stabilized price of wheat until
the present crop season ends July 1, but he was uncertain as to the likelihood of purchases during June. The Corporation, he had said, will not
sell wheat below the price basis which it recently established for the wheat
it holds, which at present is about 85 cents a bushel with an additional
half cent added every 10 days.
Little Old Wheat Left.
He had expressed the view that there is not a great quantity of old wheat
still to be marketed, and that any wheat which comes into the market
besides that held by the Corporation probably would sell at quotations
somewhere near the Corporation's price.
Mr. Stone stated some time ago that when the Corporation withdrew its
support of the market prices might be expected to tend downward toward
the world, price level.
Normally the price at Chicago should be about 12 cents a bushel lower
than the Liverpool price to provide for transportation costa to Liverpool.
July wheat at Chicago sold June 3 at 563i to 57 cents and at Liverpool at
6134,according to advices received in the Department of Agriculture, wnich
is a spread of only about 5 cents.
"Defending the withholding of government funds from
support of the wheat market on June 3, and the consequent
10-cent decline in domestic wheat prices, Chairman James C.
Stone of the Federal Farm Board declared (we quote from a
Washington account, June 4 to the New York "Times")that
such action gave no one any license to say they had been
'double-crossed' by the Board or by the Grain Stabilization
Corp." The "Times" dispatch continued:
Mr. Stone said that although he had previously announced the Board's
intention of "pegging" prices through June by purchases of cash wheat
from the old crop, it had been made clear such action would continue only
as long as the new crop was not a factor in the market. This factor developed yesterday, it was pointed out, with receipts of sizable wheat shipments from the Panhandle district in Texas.
He was asked what was the condition of Farm Board finances.
"We have never announced the condition of our finances," he replied.
"except in the annual report to Congress, and such information will not
be given until all holdings have been disposed of.
"There are too many people who are not in sympathy with the policies
of the Farm Board for us to place our economies in their hands."
Mr. Stone was asked concerning the quantity of wheat now held by the
Board.
"I don't think it would be to our advantage to make the figures public at
this time," he replied. He has taken the position on previous occasions
that publication of such information would react only to the benefit of
unscrupulous speculators.
Mr. Stone expressed the opinion that domestic prices must eventually
get down to the world level, as reflected by prices at Liverpool. This, he
said, would place the latter market from 13 to 15 cents above Chicago, the
difference resulting from transatlantic transportation charges.
He maintained his usual optimistic tone to-day despite yesterday's sharp
break in prices on July futures, which declined from 66M to 57 cents a
bushel. "Being an optimist," he said, "I continue to believe that chances
for improvement in the general (world) level of wheat prices are three to
one against a further decline."
Other officials of the Board, in order to dispel any impression that the
Board was in financial straits, pointed out that the Board will receive on
July 1 another 8100,000,000 of the original $500,000,000 revolving fund.
It was stated that, in addition to that amount, the Board has on hand more
than $50,000,000 with which it could make further stabilization purchases,
if necessary.
Farm Board.
Mrs. Willebrandt Blacklists Missouri as Sales Territory
for Her Grape Juices—Federal Farm Loan Planned.
The following (Associated Press)from Washington May 19
is from the New York "Sun":
Mrs. Mabel Walker Willebrandt has blacklisted Missouri as sales territory for her California grape concentrate clients.
The former Assistant Attorney-General and prohibition prosecutor
said to-day she had advised Fruit Industries, Ltd., "to stay away from
Missouri" in their Nation-wide sales campaign.
"I was uncertain as to the scope of the State law there," she explained.
'The sale of grape concentrates is not illegal under the Federal law, but
Missouri had a very stringent statute covering fruit juices. Consequently,
Fruit Industries has not so much as advertised its products out there."
Mrs. Willebrandt joined Donald C. Conn, Managing Director, in
announcing the California group has no connection with the concern
under prosecution in Kansas City for violation of the Volstead Act. She
added that her clients plan to ask the Federal Farm Board for another
$3,000,000 loan for expansion purposes.
Argentine Commission Opposes Foreign Bid on Grain
Elevators—Holds Construction Should Be Done by
Citizens—Long-Term Loan Advised—Recommends
Chain of Depositories as Way to Stabilize Prices.
Foreigners should be allowed no part in the construction
or operation of grain elevators in Argentina, according to
a recommendation made to the Minister of Agriculture by a
technical commission which he appointed several weeks ago
to study the subject and advise him. We quote from Buenos
Aires advices, June 3, to the New York "Times," which also
had the following to my:
The question came up as a result of a proposal by a large Canadian company to construct 600 elevators and operate them at a small fee for a period
of years and then turn them over to the Argentine Government. While the
Government accepted the proposal in principle, it requested detailed plans
and specifications and an explanation of how the undertaking would be
administered.
The proposal was vigorously opposed by Argentine rural organizations,
and an Argentine corporation was quickly organized to present a competing
bid to the Government with a petition that the construction be awarded
to Argentinians.
The technical commission's report to the Minister of Agriculture says
the construction of a vast chain of elevators is urgently required and that it
would reduce production costs by eliminating transportation and handling
charges. The report also says it would do away with costly middlemen and
permit the production of a standard type of grain to facilitate the financing
of crop movements by means of warrants.
Moreover, the report continues, the elevators would permit regulation of
the amount of grain offered on the market at any one time and would
prevent the depression of quotations and abolish the present method of sale
at prices fixed later at the pleasure of exporters. The construction of the
elevators, however, the report holds, should be undertaken by the Government and financed by a long-term loan.
Such construction should be done by Argentinians, and foreign organizations should receive no part in the administration, says the report. The
commission recommends that the financing and construction be entrusted
to a special commission, including representatives of the National Government, the State railroads, the Stock Exchange, the grain market and banks
which lend money to fanners and rural organizations. It recommends the
use of Argentine labor and Argentine materials.
Outstanding Brokers' Loans on New York Stock
Exchange on May 29, $1,434,683,650—Drop of
$216,444,474 in Month.
The May 29 total of outstanding brokers' loans on the
Farmers National Grain Corporation Said to Have
Paid About $7,000,000 for About 8,000,000 Bushels New York Stock Exchange reached a new low level, the
amount being reported as $1,434,683,650. These figures
of Wheat.
The following is from the St. Paul "Pioneer Press" of represent a decline of $216,444,474 since April 30, when the
total was $1,651,128,124. On May 29 the demand loans
June 2:
The Farmers National Grain Corp. paid to-day $7,000,000, including stood at $1,173,508,350 compared with $1,389,163,124 on
$4.000,000 in the Twin Cities and $3,000,000 in Duluth,for about 8,000,000 April 30; the time loans at the latest date are $261,175,300
bushels of wheat, cleaning up the contracts made by the Grain Stabilization
against $261,965,000 on April 30.
Corp. to accept delivery at the two markets prior to June 1.
JUNE 6 1931.]
FINANCIAL CHRONICLE
4165
The May 29 figures were made public as follows by the Philadelphia Brokerage House of Henry & Kirkbride
Stock Exchange on June 2:
Fails—Fidelity-Philadelphia Trust Co. Appointed
Total net loans by New York Stock Exchange members on collateral,
Receiver.
contracted for and carried in New York as of the close of business May
29 1931, aggregated $1,434,683,650.
On Tuesday of this week, June 2, the Philadelphia firm
The detailed tabulation follows:
Demand Loans. Time Loans. of Henry & Kirkbride; stock brokers, with offices at 1430
Net borrowings on collateral from New York
$1,045,171,178 $248,027,300 South Penn Square, filed a voluntary petition in bankruptcy
banks or trust companies
Net borrowings on collateral from private
in the U. S. District Court, and later in the day the Fidelity
bankers, brokers, foreign bank agencies,
128,337,172
13,148,000
or others in New York City
Philadelphia Trust Co. was appointed receiver. The Phila$1,173,508,350 $261,175,300 delphia "Ledger" of June 3, from which the above informa$1,434,683.650
Combined total of time and demand loans
The scope of the above compilation is exactly the same as in the loan tion is obtained, furthermore said:
report issued by the Exchange a month ago.
The compilation of the Stock Exchange since the issuance
of the monthly figures by it, beginning January 1926,follows:
Demand Leans.
Time Loans,
Total Loans.
$2,516,960,599
2,494,846,264
2,033,483,760
1.969.869,852
1,987,316,403
2,225.453,833
2,282.976,720
2.363,861,382
2,419,208,724
2,289.430,450
2,329.536,550
2,541,682.885
5966,213,5.55
1,040.744,057
966.612,407
865,848.657
780,084,111
700,844,512
714,782,807
778,288,686
799.730,286
821,746,475
799,625,125
751,178,370
53,513,174,154
3,536.590,321
3.000,096.167
2.835,718,509
2,767,400,514
2.926,298,345
2.998.759,527
3.142,148,068
3,218,937,010
3,111,176,925
3,129,161.675
3.292,860,253
1927—
Jan. 31
Feb. 28
Mar.81
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
2,328,340,338
2,475,498.129
2,504,687.674
2,541,305.897
2,673,993.079
2,756,968,593
2.764,511,040
2,745,570,788
3,107,674,325
3,023.238,874
3.134,027,002
3.4.30,779.821
810,446,000
780.961,250
785,093.500
799,903,950
783,875,950
811,998,250
877,184.250
928,320.545
896.953.245
922,898,500
957,809,300
952.127,500
3,138,786,338
3,256,459,379
3,289,781,174
3.341,209,847
3,457,860,029
3.568,966,843
3.641.695,290
3,673,891,333
3.914.627,570
3,946,137,374
4.091.886.303
4.432,907,321
1928—
Jan. 31
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec 31
3.392,873,281
3,294,378,654
3,580.425,172
3.738,937.599
4,070,359.031
3,741.632.505
3,767,694.495
4,093,889,293
4,689,551,974
5,115.727,534
5,614,388.360
5.722,258,724
1.027,479.260
1.028,200,260
1,059,749,000
1,168,845,000
1,203,687,250
1.156,718,982
1,069,653.084
957,548.112
824,087,711
763.993,528
777,255,904
717,481.787
4,420,352,514
4,322,578,914
4.640.174.172
4,907.782.599
5,274,046,281
4.898.351,487
4,837.347.579
5,051,437.405
5.513.639,685
5,879.721,062
6,391,644,264
6,439.740,511
1929—
Jan. 31
Feb. 28
Mar. 30
Apr. SO
May 31
June 29
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 81
5.982,672,411
5,948,149.410
6,209,998,520
6.203.712,115
0,099.920,475
6,444,459,079
6,870,142,664
7.161,977.972
7,831,991,369
5,238,028.979
3,297,293,032
3,378,420,785
752,491,831
730,396,507
594,458,888
571.218,280
565,217.450
626.762,195
603,651,630
719,641,454
717,392,710
870,795,889
719.305.737
613,089,488
6,735,164,241
6.678,545,917
6,804,457,108
6,774,930,395
6,665,137,925
7.071,221.275
7.173.794,294
7.881,619,426
8,549,383,979
6,108,824,868
4,016,598,769
3,989,510.273
1930—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug.30
Sept.30
Oct. 31
Nov.30
Dee. 81
3,528,246,115
3,710,583,352
4,052,161,339
4,362.919.341
3,966,873.034
2,980.284,038
3,021.363,910
2,912,612,666
2,830,259,339
1,980,639,692
1,691,494,226
1,519,400.054
456.521.950
457,025,000
604,141,000
700,212.018
780.958,878
747,427,251
668,118.387
686.020,403
851.193.422
569,484.395
470,754,776
374,212.835
3,984,768,065
4 167.588.352
,
4.656,302,339
5,063,131,359
4.747,831,912
3,727,711,289
3.689,482,297
3.598,633,069
3,431,452,761
2.556,124,087
2.162,249,002
1,893.612.890
1931—
Jan. SI
Feb. 28
Mar.31
Apr. 80
May 29
1,385,582,515
1,505.251,689
1.629,863394
1.389.163,124
1,173,508,350
354,762,303
334,504,369
278,947,000
261,965.000
281,175,300
1.720,345.318
1,839,756.058
1,908.810.494
1,651.128,124
1,434,683.650
1926—
Jan. 36
Feb. 27
Mar. 31
Apr. 30
May 28
June 30
July 31
Aug. 31
13%4.30
Oct. 31
Nov.30
Dec. 31
Prince & Whitely Failure—Federal Grand Jury Returns
Two Indictments Against James M. Hoyt, Former
Senior Partner in the Firm, Superseding Previous
Indictment.
On May 28 the Federal Grand Jury returned two indictments against James M. Hoyt, former senior partner in the
defunct New York Stock Exchange firm of Prince & Whitely,
to supersede the indictment which was voted against the
defendant several weeks ago. The New York "Times" of
May 29 from whose account of the matter we have quoted
above, went on to say:
Hoyt who is charged with mail fraud, now faces forty-one counts.
The indictment relates to allegedly false answers made by Hoyt to a
questionnaire of the Stock Exchange answered on Jan. 31 1931, and also
to false answers submitted by the defendant to the Michigan Securities
Commission in June'1930.
Milton E. Giles & Co. Suspended from Los Angeles
Stock Exchange.
The Los Angeles Stock Exchange has suspended the firm
of Milton E. Giles & Co. of that city, under Agreement 51,
Article 16, of the constitution and bylaws of the Exchange,
which provides that members be suspended when insolvent,
according to a dispatch from that city June 2 to the "Wall
Street Journal," which furthermore said that similar action
had been taken by the Los Angeles Curb Exchange.
The firm's petition was filed by Herman N Schwartz, attorney, representing Patrick Henry and Richard Arnold, partners in the firm. The
case was referred to Henry W. Braude, referee in bankruptcy, who appointed the trust company receiver. No schedule of assets or liabilities
was given. Following the filing of the petition, the firm was suspended
from membership on the Philadelphia Stock Exchange.
Pennell C. Kirkbride was a member of the firm until his death here last
March, from wounds received in the war. Mr. Kirkbride had been a
member of the exchange since 1907. After his death the membership was
transferred to Mr. Arnold.
Brokerage Firm Good Will Held to Be of Value—Court
Dispels Impression of Street in Finding Dyer Entitled to Accounting.
From New York "Herald Tribune" of June 3 we take
the following:
A popular Wall Street impression, due to an erroneous interpretation of a
Court of Appeals decisions handed down a few years ago, that the good will
of a stock brokerage firm did not have value, was shattered yesterday by
the announcement of a decision by the Appelate Division in the case of
H. W. Dyer & Co., sugar economists and brokers, against Lamborn.
Hutchings & Co., stock brokers. The court confirms in effect that there
is a good will value in the business of a stock broker, in sustaining the decision of Supreme Court Justice Glennon that Mr. Dyer was entitled to an
accounting from Lamborn, Hutchings & Co., of which firm Mr. Dyer
was a partner for several years.
Mr. Dyer was senior member of B. W. Dyer & Co.. which merged with
Lamborn, Hutchings SZ Co., Much of the testimony had to do with the
Point whether Mr. Dyer withdrew from the firm or whether the partnership
had dissolved by time limitation. He denied withdrawing from the firm,
although there were differences between the partners. Mr. Dyer alleged
he was excluded from the business and profits to which he was entitled.
The Appellate Division wrote no opinion in affirming the decision of
Justice Glennon, but the latter, in deciding the point, said in part: "That
for excluding the plaintiff and for appropriating and seizing to themselves
all assets, including possession of the offices and records, and the firm name
and good will of the co-partnership. the defendants should be compelled
to account to the plaintiff for the value of the firm name and good will.
records, fixtures, the leases and other assets, at the value to defendants as a
going concern, of such properties."
President Hoover Requested by Representatives of
American Farm Bureau Federation to Name Commission to Inquire Into Stabilization of Dollar.
President Hoover was urged June 1 by a delegation representing the American Farm Bureau Federation which called
on him at the White House to appoint a commission to study
and report upon the stabilization of the purchasing power of
the dollar. This is learned from the "United States Daily"
of June 2, which added:
The delegation consisted of Chester H. Gray, Washington Legislative
E. Hearst
Representative of the American Farm Bureau Federation: E.
President of the Iowa Farm Bureau Federation: C. R. White, President of
the New York Farm Bureau Federation, and W. R. Ogg, Assistant to Mr.
Gray.
"We asked the President," said Mr. Gray following the conference. "to
set up a committee or commission to make a study with regard to stabilizing
the purchasing power of the dollar or stabilizing the gold with the commodity dollar to prevent so much fluctuation in commodity prices.
"The request was made in pursuance of a resolution adopted by the American Farm Bureau Federation at its last annual convention held in Boston.
"It was our suggestion to President Hoover that if such a commission were
and
created that it be made up of farmers, bankers, lawyers, railroad men
intrested in the
economists, together with any of the groups that might be
and the gold dollar."
relation betwren the commodity
Warning Against Unauthorized Solicitation of Contributions to Boys' Club of New York.
A warning has been sent to the contributors and friends
of the Boys' Club of New York by Charles H. Sabin, President of the Club, stating that solicitation of contributions
by telephone by any one purporting to be an officer or
trustee of the club is not authorized by the officers and
trustees of the organization.
- - --- —
J. C. Auchincloss Elected President Better Business
Bureau of New York.
James C. Auchincloss, a Governor of the New York Stock
Exchange, and member of the firm of Auchincloss & Mills,
has been elected President of the Better Business Bureau
of New York City for the fifth term. Other elections to
the Bureau are: Van Rensselaer Halsey, partner in the
firm of C. lD. Halsey & 00., Vice-President; and Sherman B.
Joost, member of the Exchange and partner in the firm of
Joost, Patrick & Co., Treasurer. It is also announced that
H. J. Kenner has been reappointed General Manager.
4166
FINANCIAL CHRONICLE
[vol.. 132.
community. As a citizen he owes it to his borne towdto combat the wasteful and ill-judged methods of conducting such financing pursued in many
cases in the past. While small towns and villages have suffered most
from unwise financing methods, the larger cities and even states are not
Immune and several still follow old-fashioned and uneconomic practices
that the investment banker can rectify.
"The entrance of the banker into the local political field may bring him
certain burdens and responsibilities, but the administration of municipal
financing unquestionably would benefit from his official interest as well
as from his professional advice. Unless he participates actively in the
such sergovernment of his city or village, however, the opportunity for
vice may not present itself.
"Through his knowledge of the investment markets and the trend of
financing
money rates, the banker is frequently in a position to suggest
same
plans which will effect material savings for the community. At the
importance of maintime he has learned, through long experience, the
governments
taining a borrower's credit, a factor which many small town
are inclined to neglect. I think the adoption of certain fundamental rules
New Low Established by New York Bank Stock Average to guide municipal financing would occur to the average banker and that
materially.
the community which firmly adhered to them would benefit
During May.
Some of these might be enumerated as follows:
1. Pay as you go.
Leading New York City bank stocks continued their downand a
2. Adopt annual budget of expense, including debt servcie
ward trend during the month of May, and as a result the
capital budget.
average of 16 of the larger institutions dropped to a new
3. Let bidders name interest rate.
4. Sell serial bonds maturing in round amounts.
low record for the current year to date, and also to the
5. Consolidate financing of various projects under way.
assessment freed of
lowest levels in several years, according to records com6. Adopt tax roll based on scientific method of
piled by Holt, Rose & Troster. They state:
Political influence.
use of bank
7. Accumulate small financing operations through
The weighted average started the month at 88, from which level there
can be made
credit until such time as consolidated offering
was acme recovery to an average of 92 on May 8. From the latter point,
to the best advantage
however, there was a general drop, and the average closed the month at 79,
issuing bonds.
8. Secure expert financial and legal advice before
which was the low level. The decline was in sympathy with the weakness
9. Utilize certificates of deposit.
in the securities markets in general.
10. Stimulate interest in bidding.
The insurance group, which is made up of 20 leading issues, also declined
has been in the
"For several years the total of municipal financing
with the bank stock group, dropping from a high level of 59 on May 8
annually. How much of this total has
a low of 49 for the month on May 27. The average of the last business neighborhood of $1.500,000,000 taxpayers is an interesting question that
to
of the
day of May was 51. The recovery late in the month was due to renewed been to the best interest
taking more
will never be answered, but it is certain that taxpayers are
demand for the Hartford group of stocks, but all ended the month subever before. The
interest in what they get for their money now than
is in a posistantially below the high levels.
banker who is willing to contribute his time and knowledge
tion to be of service to his fellow citizens."
Election and Appointments to Committees of New
York Stock Exchange.
The appointment of E. H. H. Simmons and Bertrand L.
Taylor, Jr., to the Conference Committee of the New York
Stock Exchange was reported to the Governing Committee
at a meeting on May 27. The election of Robert W. Beelips
to the Arbitration Committee to fill the vacancy caused by
the resignation of Herbert L. Mills, and the election of
James B. Mahon as Chairman of the Gratuity Fund and of
William Strother Jones as Secretary and Treasurer of the
Gratuity Fund, were also reported.
Involuntary Petition in Bankruptcy Filed in Maine
$800,Offering of 33s% Treasury Bonds to Amount of
Against American Bond & Mortgage Co.
Closed—Subscription Over $6,000,000,000—Books
Associated Press advices from Portland, Me., on May 25
000,000—Allotments Approximately $800,000,000.
said:
made
the American Bond and
An involuntary petition in bankruptcy against
A heavy oversubscription resulted from the offering
Mortgage Co., alleging liabilities of more than $5,000,000, was filed in on June 1 by the Treasury Department to a new issue of
United States District Court to-day.
of $800,000,000 or thereThe company was organized under the laws of Maine and its head offices Treasury Bonds, to the amount
are in Chicago. A bill in equity, charging fraud and mismanagement, abouts and bearing interest at 3%%. The subscription books
and asking for the appointment of a receiver, was filed in the Maine
were closed at the close of business on June 3, but it was
Supreme Court Aug. 13 1930.
the Federal ReThe bankruptcy petition charged that the 7% cumulative stock of the announced that subscriptions received by
corporation was "worthless," that the mortgages on hotels and business serve Banks and Treasury Department through the mails
blocks in various parts of. the country had failed to yield expected returns,
up to 10 A. M. on June 4 would be considered as having been
and that the assets could not be turned into cash without sustaining
received before the close of the subscription books. Total
"unwarranted losses."
reports from the
Title & Trust Co. as subscriptions, according to preliminary
The appointment of the Chicago
Reserve Banks aggregated over $6,000,000,000, said an anreceiver for the American Bond & Mortgage Co. was noted
of the Treasury Mellon;
in our issue of May 23, page 3814. In its Chicago advices nouncement on June 4 by Secretary
It was indicated that the allocation will be approximately
May 22 the New York "Times" said:
Earlier this year (in March), the
The Chicago Title and Trust Company, which for two years has been the $800,000,000 offered.
engaged in a plan for reorganization of the company, was named the Treasury put out an issue of $500,000,000 of Treasury Bonds
receiver following equity proceedings against the failed company yesterday of 194143, carrying 3%%, and the total subscriptions in
on behalf of Harley T. Clarke, utility capitalist, and other creditors. The
that case (as noted in these columns March 14, page 1916)
receivership was regarded as a friendly action.
At the same time, however, an involuntary petition in bankruptcy was were $2,111,871,309. It was indicated by the Treasury
filed against the mortgage company by another group of creditors alleging
Department on June 1 that a further Government bond
insolvency and the transfer of assets. This petition was continued for one
Issue is likely to be placed on the market later this year.
week by Judge Wilkerson.
The law firm of White & Hawxhurst, which filed the involuntary bank- This week's offering it was noted in the "Times" is the
ruptcy petition for the Jackson Towers Building Corporation and other largest
Issue since the war, and the rate of interest it bears
creditors, estimated the company's liabilities at more than $7,000,000.
The lawyers said no approximate estimate of the company's assets could (33%) is a record low interest rate for the post-war period.
be made because of its numerous equities in various buildings whose bonds Secretary Mellon, in announcing on May 31 the new issue of
have been in default.
said that "about $589,000,000 of Treasury
Joseph A. Struett, Assistant United States Attorney, said to-day the $800,000,000,
company's activities also have been under investigation for some time by Certificates of Indebtedness, and about $90,000,000 in interpostal inspectors. He did not indicate the nature of the postal investigation. est payments on the public debt become due and payable on
Separate receivership proceedings against the company are pending in June 15
1931." From the "United States Daily" of June 2
the courts at Augusta, Me., in which State the company is chartered.
H. E. Ambler, counsel and secretary of the mortgage company told news- we take the following:
papers his company had consented to the equity receivership in the belief the
best interests of all parties would be served in this manner. William J.
Moore is President of the Company.
Robert E. Christie Jr. of Dillon, Read & Co., Urges
Bankers to Interest Themselves in Financing of
Their Communities.
Investment bankers are urged to participate more generally in the financial administration of their own communities
by Robert E. Christie Jr. of Dillon, Read & Co., who, as
Mayor of Scarsdale, N. Y., for several years, applied his
knowledge of banking to municipal problems. Writing in
the June issue of "Investment Banking," the official publication of the Investment Bankers Association, Mr. Christie
states that in few activities outside his business can the
banker put his training and experience to more helpful use
than in the municipal financing of his community. He says:
"At this time, when municipal construction projects are providing relief
for widespread unemployment, the banker's advice and aid in the imam/ of securities to finance such work may prove of great value to his
Large maturities of bills and certifications of indebtedness now outstanding, between July 1 and Dec. 31, it was declared, likely will motivate
the Treasury in offering another bond issue. Easy money conditions, now
prevalent, it was added, are expected to continue.
The following additional information was made available:
The Department does not plan to accept subscriptions to the $800,000,000 issue of 3% bonds beyond the sum found necessary on June 15,
when the issue is placed on the market. This plan will be followed in
order that a month's interest may be saved.
While the funds on hand, together with proceeds from the new issue
probably will be adequate to refinance operations through the middle of
July, there is the possibility of a small Treasury bill issue during this
month. Approximately $590,000,000 in securities must be retired June
15, and the balance from the new issue will be approximately $210,000,000.
Other bill issues falling due in July and August may be adjusted by
issues of the same nature of securities, arranged with a view to refunding
into bonds at a later period in the year, under the present plan.
During September and December outstanding certificate maturities will
be heavy, the total maturity of bills and certificates between July 1 and
Dec. 31 being $1,622,251,000. Consequently, it is probable that the new
bond issue will be offered at one of these two periods.
Past experience has shown that Treasury bond issues have been oversubscribed several times, and it is expected that the new issues will be
accepted in the same way. The last preceding bond issue, in March, was
oversubscribed fourfold.
JUNE 61931.]
FINANCIAL CHRONICLE
There has been no deviation from the expressed Treasury plan for refinancing the First and Fourth Liberty Loan bonds on their call dates in
1932 and 1933, respectively. To carry out this plan, consolidation of the
short-term debt of $3,287,175,950 has been arranged.
Appreciable change in interest rates during the next year is not foreseen,
and easy money conditions conceivably can continue for even longer a
period, depending upon the general business situation. Thus, a large amount
of interest could be saved in refinancing the two Liberty issues, the first
bearing 3%, 4 and 41 % interest, and the Fourth 4%%.
4
The new $800,000,000 bond issue will be dated and bear
Interest from June 15 1931; it will mature June 15 1949,
and will be redeemable at the option of the United States
at par and accrued interest on and after June 15 1946. Interest will be payable June 15 and Dec. 15. The bonds will be
Issued both in bearer and registered form, in denominations
of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000. The
registered bonds will also be issued in the $50,000 denomination. The bonds will be exemptfrom all taxation except estate
or inheritance taxes, and graduated additional income taxes,
known as surtaxes, excess-profits and war-profits taxes.
The Treasury announces that it will accept in payment for
the new Treasury bonds, at par, Treasury certificates of
indebtedness of Series TJ-1931 and TJ2-1931, both maturing
June 15 1931. Subscriptions for which payment is to be
tendered in certificates of indebtedness maturing June 15
1931, will be given preferred allotment up to $325,000,000.
Secretary Mellon's announcement of May 31 follows in full:
The Treasury is to-day offering for subscription, at par and
accrued
Interest, through the Federal Reserve Banks, an issue of 3%% Treasury
bonds of 1946-49. The bonds will be dated and bear interest from June 15
1931, will mature on June 15 1949, and will be redeemable at the option
of the United States on and after June 15, 1946. The amount of
the
offering is $800,000,000 or thereabouts.
Applications will be received at the Federal Reserve Banks. The
Treasury will accept in payment for the new Treasury bonds, at par,
Treasury certificates of indebtedness of Series• TJ-1931 and TJ2-1931 both
maturing June 15 1931. Subscriptions for which payment is to be tendered in certificates of indebtedness maturing June 15 1931, will be given
preferred allotment up to $325,000,000.
The Treasury bonds will be issued both in bearer and registered form, in
denominations of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000.
The registered bonds will also be issued in the $50,000 denomination.
These bonds will be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or any
of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income taxes, canmonly known as surtaxes, and excess-profits and warprofits taxes, now or hereafter imposed by the United States, upon the
income or profit of individuals, partnerships, associations, or corporations.
The interest on an amount of bonds and certificates (but not including any
certificates of indebtedness issued after June 17 1929, because they were
on that date made exempt from all taxation except estate and inheritance
taxes) authorized by the Act approved Sept. 24 1917, as amended, the
principal of which does not exceed in the aggregate $5,000 owned by any
individual, partnership, association or corporation, shall be exempt from
the taxes provided for in said clause (b) above.
About $589,000,000 of Treasury certificates of indebtedness and about
$90,000,000 in interest payments on the public debt become due and payable on June 15 1931.
In making known the total subscriptions received, Secretary Mellon issued the following statement on June 4:
Secretary of the Treasury Mellon announced that subscriptions for the
offering of 31f
/3% Treasury bonds of 1946-49 closed at the close of business
last night, Wednesday, June 3. Subscriptions received by the Federal
Reserve Banks and the Treasury Department through the mails up to 10
o'clock this morning will be considered as having been received before
the close of the subscription books.
Preliminary reports received from the Federal Reserve Banks show
that total subscriptions aggregate over $6,000,000,000. Announcement of
the actual amount of subscriptions and of the basis of allotment will be
made within a few days, in all probability for publication Saturday morning, June 6.
4167
Description of Bonds.
The bonds will be dated June 15 1931, and will bear interest from that
date at the rate of 3%% per annum, payable semi-annually, on Dec. 5
1931, and thereafter on June 15 and Dec. 15 in each year until the principal
amount becomes payable. The bonds will mature June 15 1949, but may
be redeemed at the option of the United States on and after June 15 1946,
In whole or in part, at par and accrued interest, on any interest day or
days, on four months' notice of redemption given in such manner as the
Secretary of the Treasury shall prescribe. In case of partial redemption
the bonds to be redeemed will be determined by such method as may be
prescribed by the Secretary of the Treasury. From the date of redemption
designated in any such notice, interest on the bonds called for redemption
shall cease. The principal and interest of the bonds will be payable in
United States gold coin of the present standard of value.
Bearer bonds with interest coupons attached will be issued in denominations of $50. $100, $500. $1.000, $5,000, $10,000, and $100,000. Bonds
registered as to principal and interest will be issued in denominations of
$50. $100, $502, $1,000, $5,000, $10,000. $50,000. and $100,000. Provivision will be made for the interchange of bonds of different denominations
and of coupon and registered bonds and for the transfer of registered bonds,
without charge by the United States, under rules and regulations prescribed by the Secretary of the Treasury.
The bonds shall be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or any
ofthe possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes. and excess-profits and war-profits
taxes, now or hereafter imposed by the United States, upon the income or
profits of individuals, partnerships, associations, or corporations. The
interest on an amount of bonds and certificates (but not including any
certificates of indebtedness issued after June 17 1929) authorized by said
act approved Sept. 24 1917, as amended, the principal of which does not
exceed in the aggregate $5,000, owned by any individual, partnership,
association, or corporation, shall be exempt from the taxes provided for
in said clause (b) above.
The bonds will be acceptable to secure deposits of public moneys, but
do not bear the circulation privilege and are not entitled to any privilege
of conversion. The bonds will be subject to the general regulations of the
Treasury Department, now or hereafter issued, governing United States
bonds.
Application and Allotment
Applications will be received at the Federal Reserve Banks, as fiscal
agents of the United States. Banking institutions generally will handle
applications for subscribers, but only the Federal Reserve Banks are
authorized to act as official agencies.
The right is reserved to reject any subscription, in whole or in part, and
to allot less than the amount of bonds applied for and to close the subscriptions at any time without notice; the Secretary of the Treasury also
reserves the right to make allotment in full upon applications for smaller
amounts, to make reduced allotments upon, or to reject, applications for
larger amounts, and to make classified allotments and allotments upon a
graduated scale; and his action in these respects will be final. Allotment
notices will be sent out promptly upon allotment, and the basis of allotment will be publicly announced.
Payment.
Payment at par and accrued interest for any bonds allotted must be made
on or before June 15 1931, or on later allotment. After allotment and upon
payment Federal Reserve Banks may issue interim receipts pending delivery of the definitive bonds. Any qualified depositary will be permitted
to make payment by credit for bonds allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing
deposits, when so notified by the Federal Reserve Bank of its district.
Treasury certificates of indebtedness of Series TJ-1931 and TJ2-1931,
both maturing June 15 1931, will be accepted at par in payment for any
Treasury bonds of the issue now offered which shall be subscribed for and
allotted, with an adjustment of the interest accrued, if any, on the bonds
so paid for.
General Provisions.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to
the Federal Reserve Banks of the respective districts.
Any further information which may be desired as to the issue of Treasury
bonds under the provisions of this circular may be obtained upon application to a Federal Reserve Bank. The Secretary of the Treasury may at
any time, or from time to time, prescribe supplemental or amendatory rules
and regulations governing the offering.
A. W. MELLON;
Secretary of the Treasury.
TREASURY DEPARTMENT
Office of the Secretary.
June 1 1931.
Department Circular No.438
(Public Debt)
Many banks subscribed heavily to the bond issue, making bids in excess To the Investor:
of their actual requirements with the objective of obtaining allocations that
Almost any banking institution in the United States will handle your
subscription direct
they really desired. These bank subscriptions usually are to meet the re- subscription for y'ou, or you may makespecial attention is to the Federal
invited to the
Reserve Bank of your district. Your
quirements of customers as well as on their own account.
terms of subscription and allotment as stated above. If you desire to
The oversubscription, it is believed by Treasury officials, will be the larg- Purchase, at the market price, bonds of the above issue after the subany outstanding issue, you should apply to
est on record. The intention has been to allocate only the
$800,000,000 scriptions close, or bonds of
offered, despite the great demand. Of the proceeds,some $330,000,000 will your own bank, or if it can not obtain them for you, to the Federal Reserve
Bank of your district, which will then endeavor to fill your order in the
be allotted as exchange for $589,314,000 in 27 and 1 y, certificates which
market.
mature June 15. The remainder will be allotted for cash and together
with
proceeds of the income tax and foreign debt interest payments due June
15, Eugene M. Stevens of Federal Reserve Bank of Chicago
will be employed in paying off the balance of the maturing security issues,
Urges Corporations to Distribute Cash Surplus to
and for the ordinary expenses of the Federal Government until the end of
the fiscal year on June 30.
Shareholders to Aid Recovery.
According to the "United States Daily" the following
additional information was made available on June 4:
The following is the text of the Treasury circular offering
A proposal that corporations with excess cash balances
the bonds:
redistribute them to shareholders in the form of special
Stevens,
UNITED STATES OF AMERICA 33-% TREASURY BONDS OF dividends was advanced on May 27 by Eugene M.
1946-49.
Chairman of the Federal Reserve Bank of Chicago. This
Dated and bearing interest from June 15 1931. Due June 15 1949. Re- is indicated in the Chicago "Journal of Commerce" of May
deemable at the option of the United States at par and accrued
28 which further stated:
and after
interest on
June 15 1946. Interest payable June 15 and Dec. 15.
of the Treasury invites subscriptions, at par and accrued
The Secretary
interest, from the people of the United States, for 33g % Treasury bonds
,
of 1946-49. of an issue of gold bonds of the United States authorized by
the Act of Congress approved Sept. 24 1917, as amended. The amount
of the offering will be $800,000,000, or thereabouts.
Mr. Stevens, addressing the weekly luncheon of the Chicago Association
of Commerce at the Hotel La Salle made it clear that he was not speaking
as an official representative of the Reserve System. In developing his
Proposal he said that the large cash surpluses of corporations had led to
distortion in the credit structure, whereas, if turned back to stockholders, these funds would help individuals to liquidate their obligations or put
the money to work elsewhere.
4168
FINANCIAL CHRONICLE
Blames "Bootleg" Loans.
Pointing to the tremendous volume of "bootleg" loans, or loans by industrial and other non-banking institutions in the call money market, during
1928 and 1929 as a cause of the inflation back of the current depression,
Mr. Stevens said:
"I question very seriously whether corporations engaged in manufacture
and commerce are exercising their proper functions and meeting their obligation to their stockholders when they go into the business of loaning
money. The stockholders have a right to expect that their investments
in such corporations will be used for the purposes for which the corporation
is organized and that the stockholders' money in excess of needed working
capital will not be held in excessive cash blanaces or short-term loans."
Hold Large Reserves.
Mr. Stevens said that many corporations, which were financed on the
basis of highly inflated production, large high cost inventories and an
abnormal volume of business during the favorable market for securities in
the "boom" period, may now find themselves in a working cash capital
position substantially in excess of sound needs.
"If this is true," he stated, "it Is a question if it might not be better
to return this excess cash capital in the form of special dividends to stockholders, many of whom have borrowed money to acquire such stocks,
thus enabling them to use their capital more advantageously In their own
affairs."
Looking toward the future Mr. Stevens presented as one of the major
problems to be overcome by business in climbing back to prosperity the
elimination of waste in distribution and merchandising which has crept
in during the last 15 years, while efficiency in production has been carried
to its present high level.
Must Step Up Distribution.
It is now necessary to match efficiency in distribution with that already
obtained in production, according to Mr. Stevens.
Saying that the small change shown by the business index from other
than seasonal influence leads to the hope that the drastic declines have been
checked and business is now dragging the bottom, the speaker added:
"I venture to assert that the day will come, and is not far distant, when
we will look back on the present inertia in the use of money and credit
with much the same wondering criticism we now apply to the hysteria of its
misuse a few years ago."
Treasury Deficit of $900,000,000 or More at End of Fiscal
Year Forecast
-$500,000,000 Increase in National
Debt.
In a statement issued at the White House on June 2, it
was indicated that the Treasury deficit at the end of the
current fiscal year will reach $900,000,000 or more. The
statement follows:
In reply to inquiries from the presfrthe following information in round
numbers has been furnished by the Director of the Budget as to the economies made during the past year and the probable fiscal situation upon
July 1.
Present indications are that the financial transactions of the Government
for the fiscal year ending June 30 1931, will show an increase of about
$500,000,000 in the national debt. The deficit is from about $900,000,000
to $950,000,000, of which about $440.000.000 wilLbe due to the statutory
redemption of the debt.
The deficit is principally due to a falling off in receipts of the Treasury,
from taxes and other sources caused by the depression which will apparently
be about $840,000.000 below the fiscal year ended June 30 1930. Added
to this is the additional burden of about $50,000,000!all in postal receipts.
There have also been large increases in expenditures for construction work
and agricultural relief and for veterans services amounting to about $540,000,000 above that of the last fiscal year.
These figures alone
-a reduction of $890,000,000 in receipts and increase
of nearly $540,000,000 in expenditures in the above items
-would indicate
the the Government would be over $1,430,000,000 worse off this year than
last.
However, deferments and reductions in expenditures in other parts of
the Government largely due to the economy drive last summer amount to
about $180,000.000. During the fiscal year ended last June the debt was
reduced by $305,000,000 in excess of statutory amount, while this year
it is held to the legal requirements. These two sums make a difference in
the situation of about $485,000,000 and result in a final deficit of about
$900,000,000 or $950.000.000.
As stated, of this deficit of $900,000,000 or $950,000,000, about $440.000.000 will be expended in the statutory redemption of the public debt
so that the net increase in the debt for the fiscal year will probably be
about $500.000.000.
The Administrator of Veterans' Affairs reports that the loans so far made
upon bonus certificates now total $1,093,947.000 to 1,971,966 individuals,
of which $284,481,000 has been furnished from insurance and other funds,
about $60,000,000 from the banks, and 5754.466,000 from sale of Treasury
obligations.
[Vox,. 132.
4. That in respect to fiscal periods not coincident with the calendar
year the return of income and payment of the tax may be made within four
months from the close of the fiscal period and if not so made and paid,
interest on the tax payable t erefrom shall be paid to the 30th day of
April in the next succeeding calendar year at the rate of 6% per annum
or to the time of the filing of the return and payment of tax, should such
filing and payment be made before the -aid April 30, but in any case the
return must be made on or before the 30th day of April in the next succeeding
calendar year;
5. That income by way of dividends, rentals, interest, royalties or
other like income not disclosed by the taxpayer in his return of income
shall be added to the other income of the taxpayer in double the amount
and the whole taxed under the provisions of the Act;
6. That net dividends from Canadian companies liable to corporation
tax to the extent of one-half of the taxable income of a taxpayer, shall
be exempt from tax up to $10,000 thereof, provided that the exemption
shall be allocated, in calculating the tax payable, $500 to each successive
tax rate as in the first schedule to the Act provided, commencing with the
lowest rate and bracket of income of 1%, until like successive allocations
ofthe dividend income,or fraction thereof,shall have exhausted the dividend
exemption provided for;
7. That a tax of 2% be collected at the source on dividends payable to
non-resident shareholders, such deduction to be effected by the companies
paying the dividend or trustees receiving the dividend for or on behalf of
non-resident persons. The tax shall be deducted at the time of the paying
of the dividend by the company or on receipt of the dividend by the truste
and within 30 days thereafter paid to the Receiver-General of Canada.
Failure to remit the tax deducted shall render the company or trustee
personally liable to interest for the tax which should have been deducted,
together with interest thereon at 6% per annum until paid;
8. That when the assets or shares of a company, having on hand undistributed income as at the end of 1929 are sold directly or through an intermediary to a company, which company issues shares, bonds, notes or other
like documents as fully paid up by capitalizing the said undistributed income.
then on the redemption of such documents the company redeeming shall
pay a tax or 4% on the amount of such documents redeemed.
9. That in respect of the income for the year 1931 and each year thereafter the rates of tax at present imposed on individuals be repealed and
the following substituted in lieu thereof:
"On the first $1,000 or any portion thereof, 1% on the amount in excess
of 51,000, but not in excess of $2,000,2%."
And so forth to
"On the amount in excess of $24,000 . . .
25%."
10. These resolutions shall be applicable to the income of the taxation
period 1931, with the exception of resolution numbered 7, which shall
come into force on the first day of July 1931.
Rates of tax applicable to persons other than corporations and joint
stock companies:
On the first $1,000 or any portion thereof, 1%.
On the amount in excess of $1,000, but not in excess of $2,000, 2%.
On the amount in excess of $2,000, but not in excess of 53,000, 3%.
On the amount in excess of $3,000, but not in excess of $4,000, 4%.
On the amount in excess of $4,000, but not in excess of $5,000, 5%•
On the amount in excess of $5,000, but not in excess of $6,000, 6%.
On the amount in excess of $6,000, but not in excess of $7,000, 7% •
On the amount in excess of $7,000, but not in excess of $8,000, 8%.
On the amount in excess of $8,000, but not in excess of $9,000, 9%.
On the amount in excess of $9,000, but not in excess of $10,000, 10%•
On the amount in excess of $10,000, but not in excess of $11,000, 11%.
On the amount in excess of $11,000, but not in excess of $12,000, 12%.
On the amount in excess of $12,000, but not in excess of 513,000, 13%•
On the amount in excess of $13,000, but not in excess of $14,000, 14%.
On the amount in excess of $14,000, but not in excess of $15,000, 15%.
On the amount in excess of $15,000, but not in excess of $16,000, 16%.
On the amount in excess of $16,000, but not in excess of $17,000. 17%•
On the amount in excess of $17,000, but not in excess of $18,000, 18%.
On the amount in excess of $18,000, but not in excess of $19,000, 19%•
On the amount in excess of $19,000, but not in excess of $20,000, 20%.
On the amount in excess of $20,000. but not in excess of $21,000, 21%.
On the amount in excess of $21,000. but not in excess of $22,000, 22%.
On the amount in excess of $22,000, but not in excess of $23,000, 23%.
On the amount in excess of $23,000, but not in excess of $24,000, 24%.
On the amount in excess of $24,000, 25%•
Increased Canadian Tariffs and Taxes Provided in
Premier Bennett's Budget Message-United States
Products Affected by New Duties.
Extension changes in Canada's tariffs, most of them upward revisions, were announced in the annual budget message of Prime Minister Bennett, presented to Parliament
on June 1. Many of the new duties, it is stated, affect
products derived in large quantities from the United States.
In addition to the changed tariffs, increased income taxes,
.
postage rates, etc. are among the proposals put forward by
Canadian Income and Other Taxation Changes Prothe Premier. The Associated Press accounts from Ottawa
posed in Premier Bennett's Budget Message.
on June 1 indicate as follows the revisions:
Elsewhere we refer to the increased tariffs proposed by
The revisions, the Premier said, were not general, but were confined to
Prime Minister Bennett of Canada, in his budget message such schedules as would assist adjusting in unemployment. Only those
presented to Parliament on June 1. From the Montreal Items which required to be changed, he said, had been dealt with.
Almost all schedules were affected, however, in regard to. certain of
"Gazette" we quote as follows the resolution introduced
their items, the total number of rate-bearing
in the resolutions
by the Prime Minister to provide for the various changes offered being nearly 200. Excepting in a fewitems cited alteration in rates
instances,
Is confined to the intermediate and general tariffs, the latter affecting
in taxation:
Income War Tax Act.
The amending resolutions read:
expedient to amend the Income War Tax Act and to
Resolved, That it is
provide:
1. That the rate of income tax applicable to the income of corporations
and joint stock companies for the year 1931 and thereafter, be increased
from 8% to 10%•
Resolved, That It is expedient to amend and consolidate the Income War
Tax Act and to provide:
1. That the consolidated act be known as the Income Tax Act (1631)
Consolidated;
2. That the exemption for persons presently entitled to $3,000 be raised
to an exemption of 53,500.
3. That the provisions relating to family corporations and personal
corporations be repealed;
imports from the United States, while British preference tariffs were
little altered.
The revisions include particularly automobiles, coal, coke, food and
utility products delivered in cartons; live hogs, fresh meats, bacons, hams
and shoulders; canned fruits and vegetables, raisins and oranges, as well
as numerous other foods and food products.
Duty on Foreign Magazines.
A new duty of 15 cents a pound on foreign magazines and periodicals is
expected to effect the circulation of magazines from the United States and
to result in more advertising by American manufacturers in Canadian
publications.
In his budget figures, Mr. Bennett, who is Finance Minister as well as
Premier, reported that total revenue for last year was $356,213,000, a
decrease of about $90,000,000, and ordinary expenditures were $394,000,.
JUNE 6 1931.]
FINANCIAL CHRONICLE
4169
000, an increase of about $36,000,000. Computation of revenue from
all
sources and expenditures for all purposes showed a deficit of $75,244,973 Canada, shall be taxed 15% of the grass premiums they have paid during
for the year. Total liabilities of the Dominion on March 31 were $2,610,- the preceding calendar year, on and after Oct. 1 1931.
788,917 and the total net debt was $2,261,788,516.
Postage Rates Increased.
The Premier announced a number of measures destined to make up
In order to meet the deficit in the Post Office Department of
the
nearly
$75,244,973 deficit in the budget. These measures included: (a) A special $6,000,000, the one-cent
war tax on stamps, which has always applied to
excise tax of 1% on imported goods. (b) An increase in income tax
drop leters, will now be imposed on all letters. This makes the rate on
of 8
to 10%. (c) An increase in sales tax from 1 to 4%. (d) An increase
in the ordinary letter 3c. instead of 2c., although intra-city mail will
postage rates on letters from 2 to 3 cents.
remain at 2c.
The special excise tax of 1% effective to-day, is imposed on
The rate on newspapers and periodicals, formerly in. a pound, will now
all goods
Imported into Canada, "payable by the importer or transferee who
takes be lc. a pound only on newspapers having a circulation of 10,000 copies
the goods out of bond for consumption at the time when the
and less, and on circulation in excess of that 1340. a pound will be
goods are
Imported or taken out of warehouse for consumption."
charged.
The increase in income tax is applicable to the income of
corporations
Deficit in Budget.
and joint stocks companies. The increase will be applicable this
year.
The Premier said the period of sluggish business was
Insurance companies, other than life and marine insurance
companies responsible for the deficit of $75,244,973 in the budget. in large measure
and fraternal benefits societies, will be taxed 1% on their net
Be explained that
premiums the apparent deficit between total expenditures
received by the companies in Canada.
of $440,060,657 and total
receipts of $356,215,000 was more than $83,000,000. He said he did not
Farm Aid on Export Wheat.
consider that figure fair, however, as more than $8,000,000 was brought
The budget statement provides farm aid on export wheat by an
adjustment about by the writing down of soldier land settlement loans advanced in
of the freight rates, by which the Dominion Government will
absorb 5 cents previous years. Customs revenues were down $48,000,000 and sales tax
a bushel of the cost of transporting all the wheat produced
in Western receipts were less than half those of the previous year.
Canada.
Other highlights of the budget speech were:
The tariff against the United States will be supplemented by
New $250,000,000 Canadian conversion loan subscribed to the stun of
subsidies
for the coal industry in the Maritime Provinces and Western
Canada to $639,816,500.
the extent of $1,800,000. A sliding scale of bonuses, depending on
Total net debt, March 31, $2,261,604,316.
the
distance shipped, will be paid on coal from Nova Scotia and New
Total liabilities, March 31, $2,610,788,917.
Brunswick
shipped to Ontario and Quebec. The proposals, Mr. Bennett said,
Penitentiary expenditures increased by $676,000 (increase in penitentiary
aimed
at a movement of nearly 1,870,000 tons of coal a year at a cost
population, 527).
to the
government of less than $2,000,000.
Contracts initiated in consequence of unemployment relief measures passed
The tariff change& are noticeable as against imports from the
United at special session amounted March 31 to $69,690,948, and at end of March
States. In the automobile group the schedules set up three groups
for 248,000 persons were employed.
duty purposes: Cars valued up to $1,200, from $1,201 to $2,100 and
Canadian National Railways failed to earn their fixed charges to the
above
$2,100.
public by $29,219,738.
No change in the duty of the first classification is made, but
Details regarding the income tax changes proposed are
on the
second group the general tariff is raised from 271 to 30%, and
/
2
%
on the given elsewhere in this issue.
third, the intermediate and general rates are increased to 30 and
40%,
respectively.
Automobiles in the third classification no longer will be privileged
to
a drawback of duty for home consumption. Drawback on the two lower- Julius Klein, Assistant Secretary of Commerce, Says
priced groups will not be paid on a specified list of made-in-Canada
Increased Canadian Tariffs Imperils $25,000,000
parts
Entry of used automobiles is prohibited unless as settlers' effects
or as
of American Exports.
travelers' vehicles.
Duties of 40 cents and $1 a ton, respectively, are imposed on
A statement discussing the effect of the increased Canadian
anthracite
coal and coke under the general tariff. The rates on bituminous coal screen- tariffs,
details of which are given elsewhere in these columns
ings are raised to 75 cents, general tariff, and rates on charcoal
are set at to-day was issued as follows on June 3 by Julius Klein,
$7.50 a ton.
The leather schedule calls for increased rates under all tariffs,
the altera- Assistant Secretary of Commerce at Washington:
tions affecting kid upper leathers, solid leathers, East India kips,
The increased Canadian tariff has definitely imperiled approximately
belting
leather and belting, glove leathers and leather garments.
$25.000,000 of American exports. This represents slightly less than 4%
of the total of our exports to the Dominion in 1930.
Magazines and periodicals are made subject to a specific duty
of 15 cents
It is obvious from a study of the commodities involved that a considerable
a pound, under the general tariff, except in the case of such
as may be Portion
of the increases have been made in preparation for the forthcoming
placed on an exempted list by order in council.
conference on reciprocal tariffs among the British dominions, which is to
Tariff Changes on Iron and Steel.
take place next Fall. Canada is obviously and quite naturally putting
Tariff changes affecting iron and steel include increases on steel
plate, herself in a favorable position for these negotiations.
wire netting, machinery, safes and miscellaneous manufacturers
of iron
It should be remembered that Canada, like all economically new lands.
and steel, with decreases on green saw steel, hot-rolled strip steel
for cold- has for years been using high protective tariffs to develop a more evenly
rolling, various kinds of steel wire and Bessemer steel billets.
balanced economy. Her excessive seasonal variations make such a policy
Formerly the $7 per ton duty was only applicable to steel plates 40
inevitable as a means ofequalizing employment irregularities. Incidentally.
inches or less in width. Under the new tariff it is applicable to
plates for a comparatively new country, her unemployment problem has in recent
up to 60 inches in width. Machinery not otherwise named in
the tariff months been of serious proportions which again suggests one reason for the
has a duty increase from 30 to 35%. This includes road making and
like new tariff rates.
machinery and the total imports are about $24,000,000 worth. Another
The Canadian tariff, even before the recent changes, yielded a ratio of
import of $10,000,000 of steel and iron wares not classified has
the same customs revenue to total imports of nearly 15%, as against 13.5% in the
increase in duty. These classes come chiefly from the United States.
case of the United States in 1929. Furthermore, as an aditional measure
of Canada's protective policy. it may be noted that her receipts of dutiable
Agriculture Products Affected.
In the agricultural and other food products classification there are many imports per capita in 1929 was $78.49, as compared with $12.71 for the
changes. Under the intermediate or general tariff, or both, the more notable United States. American investments in Canada now total between $3.
800.000,000 and $3,900,000.000. which affords some measure of our stake
Increases concern live hogs, fresh meats, bacons, hams and shoulders;
shell In the stability and strength of the Canadian economic situation. British
eggs, cheese, hops, powdered milk, peas, Indian corn and hay; field,
root holdings in the Dominion total about $2.300.000,000.
and garden seeds; canned fruit and vegetables, raisins and oranges.
The "United States Daily" of June 4 said:
Wood products share in the revision, with increases on furniture (including metal furniture)' veneers, plywood, clothspins, golf clubs, tennis
These tariff rates, which took effect June 2, according to information
racobtained at the Department of Commerce, affect 174 items of a total of
quets,
Changes in the textile schedules are limited, the most significant being about 800. They were proposed by the Canadian Prime Minister. Richard
B. Bennett.
Increases on linen fabrics and articles (except in damasks) and
for the next fiscal year, but were made effective
fabrics of ProvisionallyIn his budget
pure silk, with decreases on mohair yarns.
pending parliamentary action.
Prepared roofing', wallboards, insulating materials, etc., are
In a Washington dispatch June 3 to the New York "Herin rates, as are wall papers and containers. Building stone of increased
all kinds, ald-Tribune" it was stated that Henry L. Stimson, Secretary
both rough and finished, as well as building brick, magnesite
and ground of State, let
it be known on June 3 that the United States
feldspar, will bear higher rates than formerly.
The tariff on clocks and watches is increased and provision
made for Government will not protest to Canada against the new
increases on window glass and laminated glass.
tariff. Mr. Stimson is reported as saying the United States
New Rates on Coal.
New tariff rates on coal were detailed as: Coal, anthracite
or lignite,
N. P. M. per ton—British preferentrial, free;
intermediate, 40 cents;
general, 40 cents. Coke per ton—British preferential,
free; intermediate,
$1; general, $1. Coal, N. 0. P., including screenings of
coal dust of any
kind per ton—British preferential, 35 cents; intermediate,
75 cents; general,
75 cents. Charcoal per ton—British preferential, free;
intermediate, $7.50;
general, $7.50.
A feature of the amendments is the provision for the
collection of duty
on containers in the case of many goods which enter Canada
packaged and
ready for the merchants' shelves, such as cheese, powdered
milk, macarino,
dried fruits and soap.
There are several amendments to administrative sections of
the Tariff
Act, including:
Provision for imposition of excise duties upon the products of
a manufacturer who uses the customs tariff rates to increase the
prices of his
product to the consumer.
Provision for the forefeiture of goods imported from a country
not a
signatory to the Treaty of Versailles.
Provisions enabling the Governor-in-Council to reduce customs
duties on
any goods imported, in return for reductions which may be granted
by other
countries in respect of Canadian products.
Provision of further safeguards against dumping of foreign products.
A new tax clause, which is expected to affect insurance companies
in the
United States, provides that Canadian property owners, who
have insured
their property with British or foreign companies which are not
licensed in
regards the tariff as a purely domestic question and added
that he had not studied the rates
U. S. Magazines Held Barred by Canadian Tariff—
Dealers Declare 90% of Their Number Will Be Put
Out of Business by New Rates—Loophole Suggested—Ottawa May Admit Many as "Educational"
It Is Said.
Ninety per cent of Canada's magazine stores will be
forced to close under the Bennett "Canada first" budget
duty of 15 cents a pound on United States periodicals, dealers
and distributors declared on June 2, according to Ottawa
advices on that date to the New York "Herald-Tribune,'
which further says:
All over Canada they have raised protest, which vies with the approval of
Canadian magazine publishers.
Submitting the claim that nearly 1.000 news dealers in Toronto will be
forced out of businefs and that distributors will be compelled to make an
80% cut in payrolls and truck fleets, Canadian distributors of American
periodicals will wait on the Commissioner of Customs here on Friday
to
protest against the Bennett tariff revisions, which provide for the doubling
and almost trebling of American magazine costs to Canadi-a
readers.
FINANCIAL CHRONICLE
4170
to seek no
Agents of the Curtiss Publishing (Jo. received orders to-day
Post," "Ladies
further Canadian subscriptions for "The Saturday Evening
dealers said they exHome Journal" and "Country Gentleman." Magazine
pected similar orders from other American publishing houses.
method of
It was suggested here to-day that the new duty was7a subtle
would be
banning unwanted periodicals, that the ordinary run of magazines
free entry to
exempted under the qualifying clause of the budget allowing
character," but keeping out
those of "educational, religious and scientific
obscene and immoral sheets.
printing their magaThere is the possibility of United Stateepublishers
must be overzines in Canada to escape the taxation, but many difficulties
Major Hugh MacLean,
come before that can be effected. On the other hand,
that the budget in
of the Hugh C. MacLean Publications, was of the opinion
encourage
time would promote the circulation of Canadian periodicals and
PPM
Canadian artists and writers.
"Scribner's," "The Atlantic
Dealers think "The American Mercury."
other periodicals
Monthly" and "Harper's" might be exempted. Among
to 25 cents, or as
affected are: "The Saturday Evening Post," now 10 cents
to 10 cents each;
high as 50 cents; "Liberty" and "Colliers," each 5 cents
"McCall's, 10 cents to
"Ladies Home Journal," now 10 cents to 40 cents;
Book," 30 to 40
32 cents; "Pictorial Review," 10 cents to 32 cents; "Blue
25 to 40 cents;
cents; "Delineator," 10 to 25 cents; "Current History,"
35 to 50 cents;
"Good Housekeeping," 25 to 50 cents; "College Humor,"
25 to 50 cents; "Cos"Physical Culture," 25 to 40 cents; "American,"
cents; "Forum," 25 to
mopolitan," 25 to 50 cents; "Red Book." 25 to 40
"Judge," 15 to 20
40 cents; "Woman's Home Companion," 10 to 25 cents;
•.
cents;"True Story,"25 to 40 cents.
The new tariff schedules affecting newspaper and perioicals
are given below:
Canada's Financial Position.
Deficit for fiscal year 1930-31, $75,244,973.
to the sum
4250.000.000 new Canadian Conversion Loan subscribed
of $639,816,500.
Total net debt on March 31, $2,261,608,316.
Total liabilities on March 31. $2,610,788,917.
Expenditures for fiscal year, $440,060,657.
Revenue for fiscal year, 1356,215,000.
Cash in bank at credit of Receiver-General, $44,500,000.
$5,658,142.
Old age pension payments increased from $1,537,173 to
accounts
War pension payments increased by $5,558,000 and after-care
by $1,280,000, total over $55,000,000.
since outbreak of
Total European war pension payments by Dominion
hostilities, $460,000,000.
soldiers,
Total payments to date for treatment and after-care of returned
$182,000,000.
administration;
Total sundry expenditures—soldier land settlement
outbreak
battlefield memorials. Imperial War Graves' Commission since
of hostilities—$29,000,000.
measure
Contracts initiated in consequence of unemployment relief
and at
passed at special session amounted on March 31 to $69.690,948;
end of March 248,000 persons were employed.
of March,
Of the $20,000,000 unemployment money provided at end
$4,431,000 was "actually paid."
charges to the public
Canadian National Railways failed to earn its fixed
lines and of accruing
by 529,219,738—exclusive of operations of eastern
Government to company
interest on cash advances of $604.000,000 made by
In previous years.
Farm Loan Board
Total capital furnished by the Government to Canadian
in fiscal year 1930-31 was $3,099,839.
schedules the number
In the following new items in the Canadian tariff
schedule. Then comes
at:the start of each is the number it will take in the
erence, with the
the articles covered. The first rates are the new Britise,pref
rate, applicable to
old British preference in parentheses. The intermediate
ment, comes next
all foreign nations with which Canada has a trade7agree
final rate is the general
with the old intermediate rate in parentheses. The
general rate in parenrate applicable to United States followed by the old
theses.)
unbound, tailors', mil184—Newspapers and weekly literary papers,
in single copies
liners' and mantle-makers' fashion plates, when imported
free (no change).
In sheet form with periodical trade journals, free; free;
or the French language,
184A—Periodical publications, in The English
bound. per Pound.
consisting of magazines or fiction, unbound or paper15 cents, only under general tariff, formerly free.
time to time by orderProvided, that the Governor-in-Council may from
the periodical
in-council exempt from the duties specified in this Item such of
the Governor-in-Council
publications herein referred to as are deemed by
to be of a religious, educational or scientific character.
this item shall not
Provided, further, that the rates of duty specified in
have force or effect until July 1 1931.
affect in any way the
Provided, further, that nothing in this item shall
tariff.
provisions of Item 1201 of schedule 0 to the customs
Outstanding Proposals in Budget Speech of Prime
Minister Bennett of Canada—Old-Age Pension
Payments Increased—Canada's Financial Position.
While details are given elsewhere in our issue to-day of
the new tariff and taxation proposals embodied in the budget
message of Prime Minister Bennett of Canada, some of the
outstanding changes proposed in the budget are indicated
In the following appearing in the Montreal "Gazette" of
June 2:
pension scheme increased
Dominion Government contribution to old-age
to 75% instead of 50%. provinces to provide the other 25%•
bushel of the cost of
Dominion Government will absorb five cents per
transportation of exported wheat.
British Columbia coal.
Subsidies provided for Maritime, Alberta and
Taxation and Tariff Changes.
Sales tax increased to 4% from 1%•
Postage three cents on all letters, except "drop" letters.
on circulaPostage on newspapers and periodicals 1H cents per pound
tions above 10,000. The former rate was one cent per pound.
Two-cent tax stamp on all checks irrespective of the amount.
For individuals,
Income tax on corporations increased to 10% from 8%.
on each taxable
previous exemption of $3,000 increased to $3.500, with 1%
all taxable income
$1.000 or portion thereof up to $24,000, and 25% on
which tax on incomes
over $24.000. This wipes out the rising scale by
49%, with 50%
between $25,000 and $500,000 began at 22% and rose to
on all incomes over $500,000.
into Canada,
Special excise tax of 1% imposed on all goods imported
"payable by the importer or transferee."
insurance companies
Insurance companies, other than life and marine
and fraternal benefit societies, are taxed 1% on their net premiums received
by the companies in Canada.
British
Canadian property-owners who have insured their property with
or foreign companies, &c., which are not licensed in Canada. are taxes
15% of the gross premiums they have paid during the preceding calendar
year on and after Oct. 1 1931.
fruit produces, inIncreased duties on a number of agricultural and
cluding live hogs fresh meats, bacon and hams, shell eggs, cheese, hops,
hay, seeds, canned fruits, vegetables and oranges.
$1,200. Import of
Increased duties on automobiles priced at more than
used cars for sale banned.
with decreases on
Increases on certain manufactured steel products,
rs.
semi-manufactured products used by Canadian manufacture
and periodicals.
Specific duty of 15 cents per pound on magazines
furniture, veneers, golf
Increased duty on wood products, including
clubs, tennis racquets, &c.
leather, watches and clocks,
Increases on linen and pure silk fabrics,
tea, and other goods.
products of a manuProvision for imposition of excise duties upon the
prices to the confacturer who
the Customs tariff rates to increase
Uses
sumer.
a country not a
Provision for the forfeiture of goods imported from
signatory to the Treaty of Versailles.
Customs duties
Provisions enabling the Governor-in-Council to reduce
on any goods Imported, in return for reduction which may be granted by
Other countries in respect to Canadian products.
Prz/vision of further safeguards against "dumping" of foreign products.
[VOL. 132.
Federal
United States Supreme Court Limits Power of
Case of Advertising—Absence
Trade Commission in
of Unfair Competition Held to Prevent Action,
The Supreme Court of the United States decided on May 25
that the Federal Trade Commission does not have the
authority, in the absence of unfair competition, to prohibit
on
advertising and sale of products found by the Commissi
not to be in the public interest. The "United States Daily,"
in reporting this, said:
In its unanimous opinion, written by Mr. Justice Sutherland, the Court
declared that the Commission has jurisdiction of only such matters involving competition in inter-State commerce. The Federal Trade Commission
Act, it was determined, requires competition as a condition of the power
of the Commission to issue cease and desist orders.
"Competition," it was explained, "imports the existence of present or
potential competitors, and the unfair methods must be such as injuriously
affect the business of those competitors."
The decision was reached in the case of Federal Trade Commission v.
of
Raladam Co., No. 464, involving the advertisement by the Raladam Co.
"Marmola," a claimed remedy for obesity.
The Commission had issued a complaint in 1928 charging the company
sale the
with the use of unfair methods of competition in offering for
"Marmola Prescription Tablets" as a cure for overweight. The complaint
which was
alleged that one of the ingredients was the drug "thyroid,"
administered under
claimed to produce radical changes in the body unless
the direction of a competent physician.
that
The Circuit Court of Appeals for the Sixth Circuit found, however,
remedy. The only
there was no legitimate competition in the sale of the
and physicians. The
competition it found was the competition of doctors
Supreme Court affirmed the ruling of the lower court.
order on the ground that the
The Commission based its cease-and-desist
not in the public interest,
advertising of the tablets "as a safe product" was
prescribed by a physician.
It concluding that the remedy was not safe unless
No Evidence in Support.
finding nor evidence from
The Supreme Court declared there was neither
drawn that the advertisements
which the conclusion legitimately could be
business of any competitor, or
substantially injured or tended to injure the
legitimate Or not.
of competitors generally, whether
Commission had no jurisdiction
In the absence of injury to competition, the
court. The power of the Comto issue the orders, in the opinion of the
extended beyond the terms and
mission, the opinion states, cannot be
created it.
necessary implications of the Act which
Valley
President Hoover's Memorial Day Address at
Forge—Says Nation Is Going Through Another
Valley Forge—From It Must Come Courage and
Wisdom To Strengthen Nation for Future.
In a Memorial Day address, delivered on May 30 at
Valley Forge, Pa., President Hoover cited the trials of
Washington and his little band of patriots who at the historic spot "kept alive the spark of liberty in the lowest hours
of the revolution" and "met the crisis with steadfast fortitude." "This peculiar significance of Valley Forge in our
American annals" said the President "should strike us all
national
with especial force in this particular moment of our
life. "The American people" he went on to say "are going
through another Valley Forge at this time. To each and
trial."
every one of us it is an hour of unusual stress and
reviews the past and realizes the
"No one" he said "who
vast strength of our people can doubt that this, like a score
of similar experiences in our history, is a passing trial.
From it will come a greater knowledge of the weaknesses
of our system, and from this knowledge must come the courage and wisdom to Improve and strengthen us for the future."
The President further said: "Valley Forge met such a
challenge to steadfastness in times and terms of war. Our
JUNE 6 1931.]
FINANCIAL CHRONICLE
test is to meet this challenge in times and terms of peace.
It is the same challenge. It is the same test of steadfastness
of will, of clarity of thought, of resolution of character, of
fixity of purpose, of loyalty to ideals and of unshaken conviction that they will prevail." In full the President's
address follows:
We are upon the eve of the celebration of the 200th anniversary of the
birth of George Washington. It is, therefore, appropriate that our observance of Merorial Day should this year be at this place so intimately
associated with the moral grandeur of the Father of Our Country.
This national shrine needs no description; the events enacted here require
no recounting to the American people. The very name, Valley Forge, swells
within us a pride of nationality. These peaceful fields hold a glory
peculiarly their awn. The sufferings of Washington's army in that dreadful
winter of privation have made this place famous among all men.
It was not the glory of battle for which these fields are remembered.
No great battle was fought here. It was not the pomp of victory, for no
martial triumph was won here. It was not the scene where peace was signed
by which independence of a great nation was won. It was not the tombs
of courageous men who, facing the enemy, gave the supreme sacrifice for
their country to which we bow in reverence. A thousand other fields mark
the courage, the glory, the valor, the skill, the martial triumph of our race.
Yet the instinct and the judgment of our people after the abrasion of the
years has appraised this place as a foremost shrine in the War of Independence and in our nation. It is a shrine to the things of the spirit and of the
soul.
It was the transcendent fortitude and steadfastness of these men who in
adversity and in suffering through the darkest hour of our history held
faithful to an ideal. Here men endured that a nation might live.
IVashington and Hi Men Met Crisis With Fortitude.
George Washington and his men at any moment could have accepted
the counsels of an easy path to an easy end of their privations!. They
could have surrendered their ideals to the widespread spirit of despair and
discouragement. They could have abandoned their claims to freedom. They
could have deserted their hopes and forsaken their faith. Instead they
chose the harder way of steadfast fortitude and for many of death.
Here Washington and his little band of hungry and almost naked patriots
kept alive the spark of liberty in the lowest hours of the Revolution. They
met the crises with steadfast fortitude; they conserved their strength;
they husbanded their resources; they seized the opportunity, which, with
the turn and the tide of war, led on to victory. It was a triumph of character and idealism and high intelligence over the counsels of despair, of
prudence, and material comfort.
This was one of those moral victories that are the glory of the race.
Without such victories the life of man would descend to a sheer materialism,
for "Where there is no vision the people perish." Lacking these high
Inspirations mankind could claim no distinction higher than the beasts of
the field, that sing no songs, dream no dreams, inspire no hope, and grasp
DO faith.
It is this high spirit that we commemorate when we pay our yearly
tribute of reverence to those who in all wars have stood steadfast and those
who have died in the service of our country. Our citizens in every war
have flocked to arms at the call of the country. They have responded
willingly, because in every emergency they have had up before them an
Ideal of liberty and the freedom of their country.
Some wars in history have been instigated by old and cynical men for
cruel or selfish reasons. Some wars have been fought for power and
possessions. The ends of same wars could have been more nobly won and
more wisely won by patience and negotiation. But war for liberty has
endowed the race not alone with the most precious possessions of freedom
but has inspired every succeeding generation with that idealism which is
the outpouring of man's spiritual nature.
An ideal is an unselfish aspiration. Its purpose is the general welfare
not only of this but of future generations. It is a thing of the spirit. It
is a generous and humane desire that all men may share equally in a common
good. Our ideals are the cement which binds human society. They provide
the mainspring of progress.
Idealism was forged into the souls of the American people by the fires
of the Revolution. It is this quality of spirit which has made possible
the success of our great democratic experiment. It has tempered our
acquisitiveness, has strengthened our sense of civic responsibility, and has
made service to fellow-man a part of our national character.
Significance of Valley Forge.
This peculiar significance of Valley Forge in our American annals should
strike us all with especial force in this particular moment of our national
life.
The American people are going through another Valley Forge at this
time. To each and every one of us it is an hour of unusual stress and trial.
You have each one your special cause of anxiety. So, too, have I. The
whole nation is beset with difficulties incident to a world-wide depression.
These temporary reverses in the march of progress have been in part the
penalty of excesses of greed, of failure of crops, and the malign inheritances
of the great war and a storm of other world forces beyond our control.
Their far-reaching effects have fallen heavily upon many who were in
nowise concerned with their causes. Many have lost the savings
of a
lifetime, many are unemployed, all know the misgivings of
doubt and
grave concern for the future.
No one who reviews the past and realizes the vast strength
of our people
can doubt that this, like a score of similar experiences in our
history, is a
passing trial. From it will come a greater knowledge of the
weaknesses of our
system, and from this knowledge must come the courage and
wisdom to
improve and strengthen us for the future. Numerous are the
temptations
under the distress of the day to turn aside from our true national
purposes
and from wise national policies and fundamental ideals of the
men who
builded our Republic. Never was the lure of the rosy path to every
panacea
and of easy ways to imagined security more tempting.
For the energies of private intiative independence, and a high
degree of
individual freedom of our American system we are offered an
alluring
substitute in the specious claim that everybody collectively owes each of
us individually a living rather than an opportunity to earn a
living, and
the equally specious claim that hired representatives of a hundred million
people can do better than the people themselves, in thinking and planning
their daily life.
The Revolution, of whiah Valley Forge was the darkest but perhaps
the most glorious moment, was fought not alone for nationl
independence
but to retain our freedom to continue unhampered the most
promising
social experiment in all humane history. Our American ideals had already
4171
been in process of development for a century when the War for Independence
began. Our government was an experiment in securing to a people the
maximum of individual freedom. Amazing success has proved it is no
longer an experiment. Under it has grown a social and economic system
new in the world and distinctly our own.
Human initiative has been inspired, human energies released, local cooperation has solidly knit together communities into self-governing democracies, and the human spirit has blossomed in an atmosphere of a new
independence and self-respect. It brought America to a greatness unparalleled in the history of the world.
We must ever continue that fight. Amid the scene of vastly growing
complexity of our economic life we must preserve the independence of the
individual from the deadening restraints of government, yet by the strong
arm of government equally protect his individual freedom, assure his fair
chance, his equality of opportunity from the encroachments of special
privileges and greed or domination by any group or class.
Still Fighting War of Independence.
We are still fighting this war of independence. We must not be misled
by the claim that the source of all wisdom is in the government. We know
that the- source of wisdom is in the people; that the people can win anew
the victory. But that wisdom is not innate. Rather is it born out of
experience, and most of all out of precisely such experience WI is brought
to us by the darkest moments—the Valley Forges—of our individual and
national careers. It is the meeting of such moments that are born new
Insights, new sympathies, new powers, new skills. That is precisely why
the wisdom of the few instead of the many fails to build an enduring
government or an enduring people. Such battles as we are in the midst
of to-day cannot be won by any single stroke, by any one strategy sprung
from the mind of any single genius. The necessary multitude of individuals
and group adjustments to new conditions is altogether too vast and too
complex for that. Rather must we pin our faith upon the inventiveness,
the resourcefulness, the initiative of every one of us. That cannot fail
us if only we keep the faith in ourselves and our future, and in the constant
growth of our intelligence and ability to co-operate with one another.
Sirens still sing the song of the easy way for the moment of difficulty,
but the common sense of the common man, the inherited tradition of an
independent andoelf-reliant race, the historical memory of Americans who
glory in Valley Forge even as they glory in Yorktown—all these tell us
the truth for which our ancestors fought and suffered, the truth which echoes
upward from this soil of blood and tears, that the way to the nation's
greatness is the path of self-reliance, independence, and steadfastness in
times of trial and stress.
Valley Forge met such a challenge to steadfastness in times and terms of
war. Our test is to meet this challenge in times and terms of peace. It is
the same challenge. It is the same test of steadfastness of will, of clarity
of thought, of resolution of character, of fixity of purpose, of loyalty to
Ideals and of unshaken conviction that they will prevail.
We are enduring sufferings and we are assailed by temptations. We,
too, are writing a new chapter in American history. If we weaken, as
Washington did not, we shall be writing the introduction to the decline
of American character and the fall of American institutions. If we are
firm and farsighted, as were Washington and his men, we shall be writing
the introduction to a yet more glorious epoch in our nation's progress.
We have seen many precious fruits of the sturdy pioneering virtues that
have made our country first free and then strong and now proudly in the
forefront of the world. If, by the grace of Cod, we stand steadfast in our
great traditions through this time of stress, we shall insure that we and
our sons and daughters shall see these fruits increased many fold.
Valley Forge Symbol in American Life.
Valley Forge has come indeed to be a symbol in American life. It is
more than the name for a place, more than the scene of a military episode,
snore than just a critical event in history. Freedom was won here by
fortitude, not by the flash of the sword.
Valley Forge is our American synonym for the trial of human character
through privation and suffering, and it is tife symbol of the triumph of the
American soul. If those few thousand men endured that long Winter of
privation and suffering, humiliated by the despair of their countrymen, and
deprived of support save their own indomitable will, yet hold their countrymen to the faith, and of that holding held fast the freedom of America, what
right have we to be of little faith?
God grant that we may prove worthy of George Washington and his
men of Valley Forge.
United States Supreme Court Denies Citizenship to
D. C. Macintosh, Yale Professor and Marie A.
Bland War-Time Nurse—Action Based on Refusal
to Take Oath of Allegiance and Bear Arms.
Professor Douglas Clyde Macintosh, member of the faculty
of the Divinity School at Yale University, and Marie A.
Bland, a war nurse, both of whom are Canadians, were
denied American citizenship by the Supreme Court of the
United States on May 25. The Washington account to the
New York "Herald Tribune," from which we quote, went
on to say:
Refusal to promise to bear arms for this country in event of war constituted the reason for the court's action. The decision, however, was by a
divided court, five of the associate justices, led by Justice George Sutherland, taking the position the applicants for citizenship should not be permitted naturalization, and four, headed by Chief Justice Charles Evans
Hughes, declaring for their admission as citizens.
Both cases have attracted nation-wide attention and have been before
the courts for many months. In both instances the Court of Appeals of the
second circuit ruled the two Canadians should be naturalized.
Sutherland Voices Majority Opinion.
Justice Sutherland in the majority opinion, stressed the fact that no native
citizen of the country is constitutionally free from the obligation to bear
arms, though Congress has seen fit to relieve conscientious objectors. He
based his opinion largely on the views of the court in the case of Rosika
Schwimmer, Hungarian writer and linguist, who was refused citizenship
because she would not take an oath to fight for this government. Justices
James C. McReynolds, Owen J. Roberts, Willis Van Deventer and Pierce
Butler joined in the majority opinion.
Chief Justice Hughes, who was joined by Justices Louis D. Brandeis,
Oliver Wendell Holmes and Harlan F. Stone said Congress, in setting ferth
4172
the requirements for naturalization, had not included a requirement that
the applicant must promise to bear arms. He held that religious scruples
against bearing arms should not bar persons from citizenship and pointed out
there was a field of activity for those opposed to bearing arms. He said
that the naturalization oath is similar to the oath for Federal officeholders
and there has never been a suggestion that an officeholder must promise to
bear arms when taking the oath.
In delivering their opinions before a crowded courtroom, both Justice
Sutherland and Chief Justice Hughes were more than ordinarily emphatic.
Justice Sutherland especially stressed the duties of the citizen.
Hughes Praises Macintosh.
In the course of hl dissent Chief Justice Hughes dwelt on the career of
Professor Macintosh, his services at Yate and his services with the Canadian Army and otherwise at the time of the war and took the position he
had shown himself highly desirable as a citizen. In the Bland case he
dwelt on the applicant's service as a nurse caring for American soldiers in
war time.
In the Macintosh case the effect of the decision to-day was not only to
reverse the decree of the Court of Appeals but to affirm the Federal District Court for Connecticut, which denied naturalization to the Yale Professor on the ground that, since he "would not promise in advance to bear
arms in defense of the United States unless he believed the war to be morally
justified," he was "not attached to the principles of the Constitution."
After quoting from various statements made by Professor Macintosh
before the court Justice Sutherland said:
"These statements of the applicant fairly disclosed that he is unwilling
to take the oath of allegiance except with these important qualifications:
That he will do what he judges to be in the best interests of the country
only in so far as he believes it will be in the best interests of humanity
In the long run; that he will not assist in the defense of the oountry by force
of arms or give any war his moral support unless he believes it to be
morally justified, however necessary the war might seem to the government
of the day; that he will hold himself free to judge of the morality and
necessity of the war, and, while he does not anticipate engaging in propaganda against the prosecution of war, declared and considered justified
by the government, he prefers to make no promise even al, to that, and that
he is convinced that the individual citizen should have The right to withhold his military services when his best moral judgment impels him to
do so."
War Power Discussed.
Justice Sutherland said that, thus stated, the case comes under the principle laid down in the Rosika Schwimmer case. He then discussed the
breadth of the warpower. He said:
"From its very nature the war power, when necessity calls for its
exercise, tolerates no qualifications or limitations, unless found in the
Constitution or in applicable principles of international law. In the words
of John Quincy Adams, 'this power is tremendous; it is strictly constitutional; but it breaks down every barrier so anxiously erected for the protection of liberty, property and of life.'
"To the end war may not result in defeat, freedom of speech may, by
an act of Congress, be curtailed or denied, so that the morale of the people
and spirit of the Army may not be broken by seditious utterances; freedom
of the press may be curtailed to preserve our military plans and movements
from the knowledge of the enemy; deserters and spies put to death without
Indictment or trial by jury; ships and supplies requisitioned; property of
alien enemies theretofore under the protection of the Constitution seized
without process and converted to the public use without compensation and
without due process of law in the ordinary sense of that term; prices of
food and other necessities of life fixed or regulated; railways taken over
and operated by the Government, and other drastic powers wholly inadmissible in time of peace exercised to meet the emergencies of war.
"These are but illustrations of the breadth of the power, and it necessarily results from their consideration that whether any citizen shall be
exempt from serving in the atmed forces of the nation in time of war is
dependent upon the will of Congress and not upon the scruples of the
Individual,
Bearing Arms Declared Duty.
"The conscientious objector is relieved from the obligation to bear arms
In obedience to no constitutional provision, express or implied; but because, and only because, it has accorded with the policy of Congress thus
to relieve him. The alien, when he becomes a naturalized citizen, acquires
every right possessed under the Constitution by those citizens who are
native born ; but he acquires no more. The privilege of the native born
conscientious objector to avoid bearing arms comes not frees the Constitution but from the Acts of Congress."
Justice Sutherland, after referring to a previous decision of the Court
under which the individual would be required to defend his country,
continued:
"The applicant for naturalization is here unwilling to become a citizen
with this understanding. He is unwilling to leave the question of his
future military service to the wisdom of Congress, where is belongs, and
where every native born or admitted citizen is obliged to leave it. In
effect, he offers to take the oath of allegiance only with the qualification
that the question whether the war is necessary or morally justified must,
so far as his support is concerned, be conclusively determined by reference
to his opinion.
"When he speaks of putting his allegiance to the will of God above his
allegiance to the Government It is evident, in the light of his entire statement, that he means to make his own interpretation of the will of God the
decisive test which shall conclude the Government and stay its hands. We
are a Christian people, according to one another the equal right of religious
freedom and acknowledging with reverence the duty of obendience to the
will of God. But also we are a nation with the duty to survive, a nation
whose constitution contemplates war as well as peace, whose Government
must go forward upon the assumption, and safely can proceed upon no
other, that unqualified allegiance to the nation and submission and obedience
to the laws of the land, as well to those made for war as those made for
peace, are not inconsistent with the will of God."
Justice Sutherland added:
Fig"It is not within the province of the courts to make bargains with those who seek
naturalization. They must accept the grant and take the oath in accordance with
no
the terms fixed by law or forego the privilege of citizenship. IsThere is for middle
others,
cholee. If one qualification of the oath be allowed the door opened
contusion as the probable final result."
With utter
Hughes Dissents on Opinion.
Chief Justice Hughes pointed out what the requirements for naturalization are as laid down in the statutes.
[VOL. In.
FINANCIAL CHRONICLE
"Among the specific requirements as to beliefs." he said, "we find none to
-the
effect that one shall not be naturalized If by reason of his religious convictions he
is opposed to war or is unwilling to promise to bear arms. In view of the questions
which have repeatedly been brought to the attention ot the Congress In relation to
such beliefs, and having regard to the action of the Congress when its decision as of
mmediate importance In the raising of armies, the omission of such an express
requirement from the naturalization statute Is highly significant."
Justice Hughes said that no applicant could appear to be more exemplary
than Professor Macintosh, and added: "A Canadian by birth, he first
came to the United States as a graduate student at the University of Chicago,
and in 1907 he was ordained as a Baptist minister. In 1909 he began to
teach in Yale University, and is now a member of the faculty of the Divinity
School, chaplain of the Yale Graduate School and Dwight professor of
theology. After the outbreak of the great war he voluntarily sought appointment as a chaplain with the Canadian army, and as such saw service at the
front. Returning to this country, he made public addresses in 1917 in
support of the Allies. In 1918 he went again to France, where he had
charge of an American Y. M. C. A. hut at the front until the Armistice,
when he resumed his duties at Yale University.
"It seems to me that the applicant has shown himself in his behavior and
character to be highly desirable as a citizen, and if such a man is to be
excluded from naturalization I think the disqualification should be found
In unambiguous terms and not in an implication which shuts him out and
gives admission to a host far less worthy."
In effect, Chief Justice Hughes held that Professor Macintosh was qualified to meet the terms of the naturalization oath as prescribed by Congress.
He did not regard the decision in the Schwimmer case as requiring a reversal.
Justice Hughes- held that the question before the Court was not whether
"Congress may in its discretion compel service in the army in time of war,
or punish the refusal to serve." Nor was it, he said, one of "the authority
of Congress to exact a promise to bear arms as a condition of its grant of
naturalization."
He said this authority might be assumed and that the question is whether
Congress has exacted such a promise. He added:
"That the Congress has not made such an express requirement is apparent. The question is whether that exaction is to be implied from certain
general words which do not, as it seems to me, either literally or historically
demand the implication. I think that the requirement should not be
implied, because such construction is directly opposed to the spirit of our
institutions and to the historic practice of Congress."
The Court also refused naturalization in the case of the United States,
petitioner, versus Marie Averil Bland. The case was brought before the
Court on certiorari to the Court of Appeals for the Second Circuit. The
decree of the Court of Appeals was reversed by the Supreme Court to-day
and that of the District Court, which had denied naturalization, was
affirmed. The opinion was also by Justice Sutherland.
The respondent, an applicant for citizenship, was a native of Canada and
came to the United States in 1914. She refused to take the oath of allegiance
prescribed by the statute, to defend the Constitution and the law of the
United States against all enemies, except with the written interpolation of
the words "as far as my conscience as a Christian will allow." The only
difference between the position she took and that taken by Professor Macintosh was that in addition to refusing to bear arms in defense of the
United States, she required an actual amendment of the oath instead of
reserving the point by parole. Following the ruling in the Macintosh case,
Justice Sutherland held that the application for citizenship should be
denied.
In this case, also, Chief Justice Hughes, with Justices Holmes, Brandeis
and Stone, dissented. Chief Justice Hughes held that what he had said in
the Macintosh case applied also to this case.
"The petitioner," said the Chief Justice, "is a nurse who spent nine
months in the service of our Government in France, nursing the United
States soldiers and aiding in psychiatric work. She has religious scruples
against bearing arms. I think that it sufficiently appears that he unwillingness to take the oath was merely because of the interpretation that had
been placed upon it as amounting to a promise that she would bear arms
despite her religious convictions."
Trend of Employment in United States During April-.
Per Capita Weekly Earnings.
In addition to the item appearing in our issue of May 23,
page 3791, showing the trend of employment in the United
States during April, we give the following data supplied
by the United States Department of Labor,covering employment conditions by geographic divisions, per capita weekly
earnings, &c.:
Employment increasit 0.2% in April 1931, as compared with March
1931. and payroll totaliklecreased 1.5%•
The industrial groups surveyed, the number of establishments reporting
in each group, the number of employees covered, and the total payrolls
for one week, for both March and April. together with the per Cent of
change in April, are shown In the following summary:
SUMMARY OF EMPLOYMENT AND PAYROLL TOTALS, MARCH AND
APRIL 1931.
Employment.
Est,,
April
MTh- March
1931.
'nerds. 1931.
P. C.
of
Ch'ge
Amt.of Pay Roll (1 Wk.)
March
1931.
April
1931,
P. C.
of
Ch'ge.
Indust. Group
.
Manufacturing. 14,633 2,967.762 2,966,475 a-0.4 372.286,472 571,637.447 a-1.6
1,534 327,325 324,611 -0.8 6,8811.149 6,630,4111 -3.7
Coal mining
Anthracite
162 112,281 116,616 -1-3.9 2.834,904, .
+5.4
Bituminous
1,372 215,044 207,995 -3.3 4,051,245 3,642.06 -10.1
Met'ferous minlngI 324 41,827 42,121 +0.7 1,055,916 1,028,132 -2.6
Quarrying & no
765 30,268 32,897 +8.
metallic mining_
671,646
722,01 +7.5
Crude petroleum
producing
571 28,503 27,553 -3.3 1,064,472
964,46 -9.4
Public utilities_ _ _ _ 12,297 701,307 700,982 -b 22,083,075 21,345.528 -3.3
Telco.& teleg
8.061 314.231 312,244 -0.6 9.386.611 9.103,687 -3.0
Power, It. & wat. 3,708 241,307 242,29' +0.4 7,954,852 7,583.183 4.7
Eleo railed over.
& maint., excl.
of car shops_
528 145,76 146.439 +0. 4,741,613 4.658.658 -1.7
Trade
11,666 375.459 383.
+2.1 9,581,847 9,548,880 -0.3
Wholesale
2,31
69,331 69.353 -I- • 2,236.760 2,138.723 ".4.4
Retail
9,351 306.129 314,151 +2.6 7,345,087 7.410.157 +0.9
Hotels
2,081 155,334 153.051 -1.3 c2,584.059 c2,471.230 -4A
Canning & preser'
547.289
826 32,19
620,930 +13.5
36.216 +12.,
Laundries
615,344 +1.4
606,603
374 32,075 32,432 +1.1
Dyeing & cleaning_ 156
114,773
131,116+14.2
5,172
5,628 +8.8
Total
45 2254 507 2224 ms 470 4-0 2117 482.301115.715.549 -1.A
JUNE 6 1931.]
FINANCIAL CHRONICLE
RECAPITULATION BY GEOGRAPHICIDIVISIONS.
Employment.
I
Amt. of Pay Rolla Wk.)
&stablist- I March I APril
1931.
merge. 1931.
Geographic Dio'n.
New England d___
Middle Atlantic e_
East. No. C,entml./
West No. Central g
South Atlantic h_ _
East So. Central
West So. Central J.
Mountain k
Pacific 1
*
P. C.
of
Ch'ge.
5,4481 488,095 490,118
7,3401,399,9451,397.328
9,9851,302,996 1,307,967
4,865 297,764 298,146
+0.4 11,745,070 11.875,819 ---0.6
-0.2 36,787,949 36,189.984 -1.6
+0.4 34,646,293 34,338,316 --0.9
+0.1 7,358,267 7.216,720 -1.9
9.172,389 --2.9
---0.8 3,494,370 3.401,279 -2.7
---10.3 4,421,390 4,245,109 --4.0
---0.3 2,308,711 2,311,985 +0.1
4.2.6 7,272.862 7.163,949 -1.5
2,424 195.990 194,411
3,379 182,460 181.976
1,663 86.854 86,622
5,477; 284,323, 271,254
March
1931.
April
1931.
P. C.
or
Ch'ge.
45,2254,697,2224,705,470 +0.2117.482,301115,715.549 -1.5
All divisions
a Weighted per cent of change for the combined 54 manufacturing industries,
repeated from Table 2, page 7, pamphlet report, the remaining per cent of change,
including total, are unweiahted. b Less than 1-10th 01 1%. c Cash payments only,
see note.% page 27, pamphlet report. d Connecticut, Maine, Massachusetts, New
Hampshire, Rhode Island, Vermont. e New Jersey, New York, Pennsylvania.
f Illinois, Indiana, Michigan. Ohio, Wisconsin. g Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota. h Delaware, District of Columbia,
Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West
Virginia. I Alabama, Kentucky, Mississippi, Tennessee. J Arkansas, Louisiana,
Oklahoma, Texas. k Arizona, Colorado, Idaho, Montana, New Mexico, Nevada,
Utah, Wyoming. 1 California, Oregon, Washington.
The per cents of change shown for the total figures represent only the
changes in the establishments reporting, as the figures for the several
industrial groups are not weighted according to the relative importance
of each group.
Increased employment in April was shown in 10 of the 15 industrial
groups: Anthracite mining. 3.9%; metalliferous mining, 0.7%; quarrying
and non-metallic mining. 8.7%; power, light and water. 0.4%; electric
railroads, 0.5%; wholesale trade, less than 1-10th of 1%; retail trade,
2.6%; canning and preserving, 12.5%; laundries, 1.1%, and dyeing and
cleaning, 8.8%.
Decreased employment was shown In April in the remaining five groups:
Manufacturing. 0.4%; bituminous coal mining, 3.3%; crude petroleum
producing, 3.3%; telephone and telegraph, 0.6%, and hotels, 1.5%.
Payroll totals were greater in April than in March in six of the 15 industrial groups, namely, anthracite mining, quarrying, and non-metallic
mining, retail trade, canning and preserving, laundries, and dyeing and
cleaning. The remaining nine groups showed decreased earnings over the
month interval.
The Pacific geographic division showed an increase in employment of
2.6%. the New England and East North Central divisions reported increases of 0.4% each, and the West North Central division increased 0.1%.
The remaining five divisions reported decreased employment, the East
South Central showing the greatest loss in employment, 0.8%. Decreased
payroll totals were shown in each geographic division, with the exception
of the Mountain division which reported a slight increase over the month
interval.
PER CAPITA WEEKLY EARNINGS IN APRIL 1931, AND COMPARISON
WITH MARCH 1931 AND APRIL 1930.
Per Capita
Weekly
Earnings in
April
1931.
indrutriai Group.
Manufacturing
Coal mining:
Anthracite
Bituminous
Metalliferous mining
Quarrying and non-metallic mining
Crude petroleum producing
Public utilities:
Telephone and telegraph
Power, light and water
Electric railroads
Trade:
Wholesale
Retail
Hotels (cash payments only)a_
Canning and preserving
Laundries
Dyeing and cleaning
Per Cent of Change April
1931, Compared with
March
1931.
April
1930.
824.12
-1.2
-10.2
25.63
17.51
24.40
21.95
35.00
1.5
-7.1
.2
-1.0
-1.0
-21.2
-18.7
-15.8
-48
--2.4
29.16
31.30
31.81
--2.2
3.1
--1.4
--2.2
30.84
23.59
16.15
17.15
18.97
23.30
-4.3
-1.7
-2.9
0.9
0.3
5.0
-3.1
-2.2
-6.5
-1.3
(b)
(b)
24.59
Total
-1.7
(b)
a The additional value of board, room, and tips can not be computed. b Data not
available.
Percaplta earnings for April 1931. given in the preceding table must
not be confused with full time weekly rates of wages: they are actual per
capita weekly earnings computed by dividing the total number of employees
reported into the total amount of payroll in the week reported, and the
"number of employees" includes all persons who worked any part of the
period reported-that Is, part-time workers as well as full-time workers.
Comparisons are made with per capita earnings in March 1931, and with
April 1930, where data are available.
For convenient reference the latest data available relating to all employees. excluding executives and officials, on class I railroads, drawn
from Inter-State Commerce Commission reports, are shown in the following
statement. These reports are for the months of January and February
1931, instead of for March and April 1931. consequently the figures can
not be combined with those presented in the foregoing table.
4173
fight of nearly two years by the Supreme Court decision, refused to make
an unqualified promise to bear arms. Fie said he would bear arms only if
he felt the cause was morally justified.
Professor Macintosh, a native of Scotland, served as chaplain with the
honorary rank of captain with the Canadian forces during the World War.
A decision denying him citizenship was handed down in the District
Court in New Haven, Jan. 9 1930. With John W. Davis, Democratic
nominee for President in 1924, as his counsel, he carried the case to the
Circuit Court of Appeals, where the decision was reversed, and citizenship
granted on June 29 1930. United States attorneys then carried the case
to the Supreme Court.
Presidents of Western Railroads Approve Report of
Traffic Heads Calling for Increase in Freight Rates.
Presidents of Western railroads meeting in Chicago on
June 1 adopted a resolution approving a tentative report of
Vice-Presidents in charge of traffic calling for a horizontal
increase-in rates in Western territory, so that after the necessary adjustments on certain classes of freight have been
made, a yield of approximately 10% more revenue will
accrue. In its advices in the matter the New York "Evening
Post" reported the following from Chicago June 2:
The presidents also voted to form a committee of seven to confer at a
later date with a similar committee which the Eastern roads have appointed
for study of the rate situation. The Southeastern roads also probably will
be included in this conference.
On the basis of 1930 freight revenue of about $1,600,000,000 in western
territory, an increase of 10% would mean 8160,000.000 additional revenue
annually. Freight revenue in the West in the first quarter of this year,
however, was off about 10% from a year ago, and barring any defatite
improvement in freight traffic and after allowing for goods milled or manufactured in transit which could still move under the former rates, an increase in freight rates designed to yield 10% more revenue might well
result in a figure not much above the 8110,000,000 which statisticians
estimate is required to return net railway operating income of western roads
to the 1930 level.
A previous item regarding the rail rate study of traffic VicePresidents of the Western roads appeared in our issue of
May 30, page 3992.
Brotherhood of Railroad Trainmen Vote to Limit Hours
to Aid Unemployed.
The Brotherhood of Railroad Trainmen voted on May 29
at their convention at Houston, Tex., to limit members'
working hours so that 10,850 men now out of work may receive employment. The Associated Press dispatches said:
The resolution, which is tantamount to an order to all
members, limits working hours in yard service to 26 days,
or 200 hours, a month; in freight service to 3,500 miles, or
its equivalent, and in passenger service to 5,500 miles, or its
equivalent.
According to A. F. Whitney,President of the Brotherhood
it is expected that the resolution will be in full effect on every
railroad system in the United States and Canada within the
next 30 days and on some roads within the next 10 days.
He is quoted as saying:
"This resolution is a human action on the part of the brotherhood to aid
in alleviating the present unemployment situation among its members and
a step toward ending the economic depression. The brotherhood now has
about 41.000 idle members and action toward relieving the situation was
imperative.
Brotherhood of Railroad Trainmen Proposes Conference of Officers with Federal Officials to Discuss
Economic Situation.
Associated Press accounts from Houston, Tex., May 30
said:
The Brotherhood of Railroad Trainmen, in national convention here, today adopted a resolution calling on its officers to seek a conference with
Federal officials, business leaders and the public in an effort to bring about
an improvement in the economic situation.
The convention also voted to observe the fiftieth anniversary of the
founding of the brotherhood in September, 1933, at Oneonta, N. Y., the
organization's birthplace.
President A. F. Whitney said two of the original members were alive.
EMPLOYMENT AND PAY-ROLL TOTALS, CLASS I RAILROADS.
New York Court of Appeals Ruling on Dunmore Labor
Law-Railroads Lose in Attack on "Prevailing
-Own Employes
Wage" for Grade Crossing Work
Excepted-But Roads Must Accept Supervision
1,317,817 1,300.580-1.3 8182.908,075 $168,126,650-8.1
Class 1 railroads
With State Aid, Says Ruling.
The total number of employees included in this summary is about 6.000.000 whose combined earnings in one week amounted to approximately
Where the Dunmore labor law of New York State does not
8158.000,000.
conflict with Federal regulation of railroads it is constitutional
"My Position Unaltered," Prof. Macintosh Asserts. and enforceable, the Court of Appeals ruled at Albany on
Associated Press advices, as follows, from New Haven, June 3, according to a dispatch on that date to the New
which further indicated the Court's concluConn., May 25, are taken as follows from the New York York "Times"
sions as follows:
"Herald Tribune":
The Act requires railroads engaged in the elimination of grade crossings
Dr. Douglas C. Macintosh, Dwight professor of theology In the Yale to pay laborers the prevailing local scale. An eight-hour day is demanded.
Divinity School, to-day said "My position is unaltered," when he received
The bill was enacted in 1930. Railroads immediately attacked it in the
Employment.
Industry.
P. C. Amt. of Pay Roll Ergire Mo.P. C.
of
of
Jan. 15 i Feb. 15 Ch'ge January
February Crepe
1931,
1931.
1931.
1931.
word that he had been denied American citizenship by a Supreme Court
decision. He declined to comment further.
Insisting in his citizenship application, and later in court hearings, that
his,first allegiance was to the will of God, Professor Macintosh, who lost a
courts. Application for an injunction against the State Department of
Labor was made to Supreme Court Justice Ellis .7. Staley of Albany on
stipulated facts. Direct employes of the railroad. Justice Staley ruled, are
not within the jurisdiction of the Legislature because control of interstate
4174
FINANCIAL CHRONICLE
commerce Is vested by thelFederal Constitution in the Federal Government.
Employes of contractorslwho are not regulated by Congressional statutes,
Justice Staley decided. may be regulated by the State authorities.
The Long Island Railroad and the Delaware. Lackawanna & Western
Railroad appealed in behalf of other lines as well. The principal contention
of the roads was that interstate commerce was paramount, and that the
Dunmore Act constituted a restriction. The statute, they contended,
was vague in its phrase "prevailing scale of wages." Encroachment on
"freedom of contract" also was alleged.
The sustaining decision of the Court of Appeals was unanimous. Judge
Irving Lehman vrrott the opinion. Judge Crane wrote a concurring memorandum, in which Judge Hubbs concurred.
Judge Lehman said that the State, through its highway and police powers, may order the elimination of grade crossings and turned to the reasonableness of regulating hours and wages of labor so engaged.
The Dunmore law, Judge Lehman held, would attract a higher class of
workers and result in more efficient performance, and the importation of
workers from other localities with consequent unrest would be avoided.
Since the railroads, he added, "have elected to accept the benefits"
of the constitutional amendment which authorizes the State to assume
half the cost of elimination, they must subject themselves to the State
supervision, in which hours and wages play parts.
The railroads' contention that the statute is vague was dismissed by
Judge Lehman with the statement that "when reliable data has been obtained, the prevailing rate can be calculated with exactness."
Grade separation. Judge Lehman ruled, is "not in itself interstate commerce," but the Dunmore Act may not be applied "where the carrier is
directed to perform work by its own employes."
May Head Louisville Trust.
W. J. Rahill, Assistant Secretary of the Chemical Bank
& Trust Co., who was offered the Presidency of the Louisville Trust Co., may accept the post if certain conditions
are met, it was learned this week. The offer was entirely
independent of his connection with the Chemical. It had
previously been reported that the proposal had been made
to him as head of a commission formed by the Chemical
Bank. According to reports in informed quarters, no such
commission has been formed.
Opening of Fiduciary Trust Company of New York-Pierre Jay, Chairman of Board.
The new Fiduciary Trust Company of New York had its
initial opening on June 3. It is located on the thirtieth
floor of No. 1 Wall Street. The office of the company has
few of the physical characteristics of a bank. There are no
grille cages out in the open, no counters, no check desks,
no marble columns. Instead, the atmosphere is that of a
professional man's office. This difference in arrangement
reflects the trust company's difference in operation. Its
purpose, according to Pierre Jay, Chairman of the Board, is
"to meet present day personal trust and investment needs
of men and women of means." In order that it may concentrate on this work, the company does no corporate trust
work, no commercial banking, no security business. Its
attention is devoted to the management of estates, trusts
and investment funds. Checking accounts and time deposits are accepted from individuals, firms and corporations,
but only when they do not involve commercial lines of
credit. The announcement regarding the company also says:
In order to preserve continuity of this policy, special arrangements have
been made to prevent control of the company from being purchased either
by interests not in sympathy with its present independence—or for purposes of merger.
The third distinguishing characteristic of the Fiduciary Trust Co. is
that it reaches its investment decisions only after considering the judgment
of outside independent investment counsel, based upon extensive research.
As investment counsel, it has retained Scudder, Stevens & Clark, the first
firm of investment counsel to advise investors upon a purely professional
basis.
Neither the company,nor its officers, directors or its investment counsel,
engage in the merchandising of securities.
The capital of the Fiduciary Trust Company is $1,000,000
and it has a surplus of $1,000,000.
The Chairman of the Board, Mr. Jay, for 12 years served
as Chairman of the Federal Reserve Bank of New York,
and later, for three years, as Deputy Agent General for
Reparation Payments, in Berlin. Other directors are:
Thomas H. Blodgett, President, American Chicle Co.;
F. Haven Clark, Scudder, Stevens & Clark;
Grenville Clark, Root, Clark & Buckner, Attorneys;
Robert Hallowell Gardiner, Trustee;
David F. Houston, President, The Mutual Life Insurance Co. of New
York;
DeLancey K. Jay, Attorney;
Daniel W. MacCormack, President;
Charles N. Mason, President, Electrical Securities Corporation;
Frederick Pope, President. Nitrogen Engineering Corporation;
David H. McAlpin Pyle, the Pyle Estates;
Elihu Root, Jr., Root, Clark & Buckner;
Theodore T. Scudder, Scudder, Stevens & Clark;
Henry L. Shattuck, Treasurer, Harvard College;
Car11 Tucker;
William B. Warner, President, McCall Corporation;
William H. Wheelock, President, Brown, Wheelock, Harris, Vought &
Co., Inc.
Harold C. Whitman, Vice-President, Clarence Whitman & Sons, Inc.;
Bronson Winthrop, Winthrop, Stimson, Putnam & Roberts. Attorneys.
Colonel MacCormack, President of the Fiduciary Trust
Company, recently organized and directed the receivership
[VOL. 132.
DepartmentioathellrvingiTrust/Company,1 which is the
standing receiver of the Federal Court in the Southern
District of New York. For five years helwas a member of
the American financial mission charged with the reorganize,
tion of Persian finances. Other principal officers are:
David H. McAlpin Pyle, of the Pyle Estates, Secretary;
Duncan M. Spencer, Vice-President.
Items regarding the Fiduciary Trust Company appeared
in our issues of Aug. 9 1930, page 866; Sept. 6, page 1513;
April 4 1931, page 2517, and May 23, page 3825.
Mercantile Bank & Trust Co. of New York Opens for
Business—New Institution Takes Over Assets of
Chelsea Bank & Trust Co.—Howell M. Stillman,
President.
Formal opening of the Mercantile Bank & Trust Co.,
of this city, at Eighth Ave. at 36th St., and its four branch
offices took place on June 4. Howell M. Stillman is President. Organized to succeed the Chelsea Bank & Trust Co.,
the new institution begins business with a paid-in capital of
$900,000 and surplus of $600,000; its directorate includes
some outstanding leaders in their respective fields. The
new Mercantile Bank has been designated as a member of
the Federal Reserve System.
The announcement of the opening of the bank by Mr.
Stillman reveals that the Brooklyn branch and the 45th St.
branch at Madison Ave. have been discontinued. The four
branches which opened simultaneously with the main office
and the officers in charge are: Seventh Ave. & 48th St.,
Joseph R. Wilson, Jr., formerly Assistant Cashier, National
City Bank of New York; Seventh Ave. at 135th St., Charles
G. Rapp, who has been in charge of the Harlem office since
its establishment in 1912; Madison Ave. & 109th St., Edwin
D. Fraser; Third Ave. at 171st St., Harry Weiss.
The Mercantile Bank inaugurates operations, Mr.Stillman
states, with entirely new capital in the amount of $1,000,000,
a strong board of directors and a complete banking service
designed to meet the "needs of the medium size businesses
in the areas served by the main offices and its branches."
Mr. Stillman, who recently resigned as Vice-President
of the Chase National Bank of New York City to assume
the Presidency of the new institution, has been actively
engaged in banking in this city since 1905, when he bcame
associated with the Hanover National Bank. A former chief
examiner of the Federal Reserve Bank of New York, Mr.
Stillman was named Executive Vice-President of the Interstate Trust Company upon its organization. He became an
executive of the Chase Bank through merger of these two
institutions. Mr. Stillman is also a director and a member
of the finance committee of Public Fire Insurance Co. and
Public Indemnity Co. of Newark, N. J. William A. Lobb,
Vice-President, has been connected with the Mercantile
Bank and its predecessor since its organization in 1903.
Starting as a junior clerk, he was successively promoted
until he was named Vice-President in 1912. Harry S. Groh
is Secretary-Treasurer. The complete list of directors, as
announced this week, follows:
J. E. Brulatour of Eastman Films, Chairman of the Board of directors
of Paramount Publix Corp.
Benjamin Goetz, Vice-President and director of Consolidated Film
Industries.
T. A. Hardy, attorney, Hardy & Hardy.
William A. Lobb, Vice-President.
Ernest L. Nye, banker, a senior partner of Freeman & Co.
Robert E. Connolly, Treasurer of Illinois Central System and Secretary'
Treasurer and director of Concord Casualty & Surety Co.
Louis Golds, merchant, S.(bide & Sons.
George Kern, retired, real estate.
John T. Madden, President of Alexander Hamilton Institute, dean of
School of Commerce, Accounts & Finance, New York University and
Director of Institute of International Finance.
Ernest K. Satterlee, banker, former President Franklin Savings Bank
and director of Morris Plan Co. of New York.
Howell M. Stillman, President.
The closing of the Chelsea Bank & Trust Co. occurred on
Dec. 23 1930 as was noted in our issue of Dec. 27 1930, page
4156. From the "Times" of June 4 we take the following:
The Chelsea Bank was closed to conserve assets after runs on its various
branches, inspired, it was said at the time, by Communist propaganda.
The night before the bank was closed two men were arrested as rumormongers outside the branch at 7th Ave. and 48th St. Watson Washburn,
then Deputy Attorney-General in charge of the Bureau of Securities, conducted an investigation into the spread of malicious rumors detrimental
to banks. However, no definite evidence was adduced and eventually
the charges against the two men arrested were dismissed.
Opposition to Reopening Failed.
Immediately after the closing of the Chelsea Bank a movement for
its reorganization and reopening as a new institution was begun, Mr.
Hardy taking a prominent part. Duo to various delays, however, the contract between the reorganizers and Mr. Broderick, whereby the new
organization was to purchase the assets and to assume all liabilities of
the closed bank, was held up temporarily.
•
JUNE 6 1931.]
FINANCIAL CHRONICLE
4175
Bank & Trust Co., according to the Raleigh "News & Observer" of June 2. The new institution has a paid-in capital
of $100,000 and a paid-in surplus of $25,000. It will take
over the building, the assets, and part of the liabilities of the
defunct National Bank of Greenville (which closed Dec. 10
1930), it was'announced. The paper mentioned furthermore
stated that directors and officers of the new bank would
be chosen in the near future.
In the State of Kentucky. Federal Judge Charles I. Dawson on May 29 set June 22 as the date for assembling a
special grand jury to hear further evidence in regard to the
the new institution appeared in our issues closing of the National Bank of Kentucky of Louisville,
Items regarding
of Feb. 21, page 1348; March 7, page 1736; March 14, page according to the Louisville "Courier Journal" of May 30.
Impaneling of the special grand jury for that date, it was
1926; March 28, page 2320 and May 30, page 3992.
said, was suggested by United States District Attorney
Thomas J. Sparks and James E. Wharton, special prosecuBanking Situation:InISouth and Middle West.
,
In the State of Mississippi, Associated Press advices on tor from the Attorney General's office at Washington. The
June 2 from Hattiesburg, Miss., reported that a notice Louisville paper continued, as follows:
When Judge Dawson asked Mr. Sparks when he wanted to try the indictposted at the Commercial National Bank of Hattiesburg
ments already returned against James B. Brown, President, and Charles
on that day stated that its affairs had been placed in the P. Jones, Vice-President of the bank, he replied that he desired to wait
hands of J. S. McClaine, a National bank examiner. The on the action of the grand jury. Before Court, however, Mr. Sparks indiheld in September.
directors were quoted as saying that the suspension was cated the trial probably would abe
question by Judge Dawson, said that the
Mr. Wharton, in reply to
of insufficient business and recent heavy special grand jury should be able to complete its work in three days, unordered because
withdrawals. Deposits were announced as $752,096, the less one contingency arose in which event it would require five days. Be
did not elaborate on the statement.
dispatch said.
Judge Dawson further indicated that petit jurors to try Mr. Brown and
In North Carolina, a dispatch by the Associated Press Mr. Jones would be selected from counties in the jurisdiction of the
from Asheville on June 1 stated that a verdict of "not guilty" Court's district, outside of Jefferson County, because of the strong feeling
defendants here.
was returned in the Buncombe Superior Court on that day for and against the of the district do you think the jury should comet"
"From what part
in the trial of Wallace B. Davis, former President of the Judge Dawson asked. Mr. Wharton said that he didn't think it made any
"so
the
defunct Central Bank & Trust Co. of Agheville (which difference, but Judge Dawson commented that can case had been froe
get a jury here
that I was wondering if we
generally
closed its doors in November 1930); Newton M. Anderson, from such discussed
influences. I am satisfied in my own mind that the jury ought
former Chairman of the Buncombe County Board of Com- not to come out of Louisville," Judge Dawson said.
Mr. Sparks gave the opinion that lie was inclined to think that it would
missioners, and L. L. Jenkins,former Treasurer of Buncombe
grand jury here, but he was not so certain
former President of the American National be all right to impanel thejury.
County, and
about selection of the petit
Bank of Asheville, a subsidiary of the Central Bank &
When the Court convened, Mr. Sparks referred to the investigation ty
the
Trust Co., which also closed its doors in November. The Department of Justice agents and added, "We thinkbe matter is of such
called. If we subthat a special grand jury should
three men were charged with conspiracy to pervert the grave importance to the regular grand jury in October, the defendant will
mit the evidence
county's credit to aid the defunct Central Bank & Trust not have time to get ready to have the case tried at the regular term a
Co. The verdict, closing a trial which had lasted more than Court."
Re then suggested June 22 as the date for the grand jury to convene
two weeks, came slightly more than four hours after Judge and 'Mr. Wharton added that he would be ready on that date.
M. V. Barnhill completed his charge to the jury at noon.
Mr. Brown and Mr. Jones were indicted in February by the Federal
grand jury on charges of willful misapplication of bank funds. The
The dispatch furthermore said in part:
Approval of the contract was fought by attorneys representing a small
Gavegan, on
group of stockholders of the citsed institution, but Justice
May 19, handed down a decision approving the sale. The minority stockdecision,
holders at that time announced their intention of appealing the
but failed to do so.
The Chelsea Bank was incorporated in 1903 as the Chelsea Exchange
Bank
Bank with a capital of 8100,000. It changed its name to the Chelsea
& Trust Co. on Nov. 18 1929. Edward S. Rothchild was President of the
The last quarterly statement, issued Sept. 24
institution when it closed.
of
1930, showed a capital of $2,500,000 and surplus and undivided profits
..
52.306.000. Gross deposits were given as 518.801.000. .
opening
All depositors of the old bank have been notified by letter of the
of them,
of the Mercantile Bank, Mr. Stillman said, and the vast majority
including all the large depositors, have pledged themselves to continue
to do business with the institution.
To-day's verdict marked the close of the first special term of Court
to try more than a score of criminal cases growing out of bank failures
here last fall.
One other case was tried during the term, which opened April 27. In
it Davis was convicted of making and publishing a false report. Sentence
on him is to be passed to-morrow morning (June 2). The maximum
penalty would be ten years imprisonment and a $10,000 fine.
Another term is expected to be called in July to clear away other cases.
Luke Lea, Tennessee publisher, financier and politician, is expected to go
to trial then, charged with conspiring to defraud the Central Bank of
approximately $1,300,000.
Indicted with him are Wallace Davis, Luke Lea, Jr., and E. P. Char.
let, officials of his publishing concern. J. Charles Bradford, former
Cashier of the bank, is also under indictment in this; case, but he sought
to commit suicide, is confined to a Philadelphia hospital for mental disorders, and Solicitor Zeb V. Nettles has indicated he does not plan to
attempt to try him.
Officials of the Biltmore-Oteen Bank and the Commercial Bank of
Black Mountain are also indicted for State banking law violations.
Former city commissioners were also indicted in a similar case to that
closed to-day (June 1), but Solicitor Nettles indicated to-night he would
ask the Court to nol-pros it to-morrow morning. This case has been materially weakened, the Solicitor indicated, by the suicide of former Mayor
Gallatin Roberts and to-day's verdict.
Whereas in the first case tried the audience clearly indicated its bitterness against Davis, to-day's court room scene was entirely different.
Congratulations spread so quickly and so loudly that Judge M. V. Barnhill held up final announcements for several minutes.
charges resulted, according to the indictment, from a transaction Oct. 3
1929, involving $46,777.50 through the purchase of Van Camp Packing Cc.
stock through Wakefield & Co., brokers.
In the State of Virginia, a dispatch from Lynchburg on
June 1 to the Baltimore "Sun" reported that Arnold P.
Talley, former President of the People's National Bank of
Brookneal, Va., which closed last September, had been indicted by the Grand Jury in the Federal District Court on
that day in three counts, two of which charge misapplication
of the bank's funds.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The Central Hanover Bank and Trust Co. of New York
announces the appointment of Anton H. Schefer as Assistant
Vice-President.
John F. Schmid, until recently Vice-President of the
Bankers Trust Co., of New York in charge of its foreign
department, has been elected Vice-President of the American
Express Bank & Trust Co., according to an announcement
made June 1 by Medley G. B. Whelpley, President. Mr.
Schmid joined the Bankers Trust Co. in 1909, at which time,
with Fred I. Kent, he organized and since then has participated actively in the development of its foreign banking
and commercial departments. In 1916 he was promoted to
the office' of Assistant Treasurer, and four years later, at
the age of thirty-four, he became Vice-President. Mr. Schmid
is a native New Yorker. In his new post Mr. Schmid will
devote his time both to commercial banking and to the expanding operations of the American Express Bank in the
acceptance field. Although the bank began operations only
a little over a year ago with a paid-in capital and surplus
of $15,000,000. in the last report of the American Acceptance
Council, It was numbered among the first forty banks in
the United tates in the volume of its acceptance business.
The last published statement of conditions on March 25
1931 showed total resources of $54,520,000.
Associated Press advices from Asheville on June 3
Asheville on May 28 non-suits were ordered in the case of
four of the seven original defendants in the trial which
closed June 1. These defendants •were: C. N. Malone,
formerly County Bond Attorney; Russell C. Davis, formerly
a Vice-President of the Central Bank & Trust Co. of Asheville, and J. 0. McElroy and James Grimes, former County
Commissioners.
Associated Press advices from Asheville on June 3
stated that on that day Wallace B. Davis, former President
of the Central Bank & Trust Co. of Asheville, had been sentenced to serve from five to seven years in the State prison
for making and publishing a false report of the condition
of the Central Bank & Trust Co. while he was Its President.
Later the defense served notice of an appeal, and Mr. Davis
was released under a $10,000 bond, the dispatch said.
On June 1 announcement was made by Gurney P. Hood,
Robert E. Dowling, President of the City Investing Co.
Commissioner of Banks for North Carolina, of the charter- was elected a director of the City Bank Farmers Trust Co.
ing of a new bank at Greenville under the title of the State of New York at the regular meeting of the board on June 9.
4176
FINANCIAL CHRONICLE
During Governor Glynn's administration, Mr. Dowling was
appointed director of the Compensation Commission and
organized that body and served as its Chairman during the
workingman's compensation agitation several years ago.
At the present time he is Chairman of the Mayor's Taxation •
Commission. Mr. Dowling, who is 65 years old, has always
played a prominent part in real estate legislation, often
appearing at Albany to participate in discussions of various
measures when they came up for consideration. Mr. Dowling was born in California, but came to New York at an
early age, receiving his education in the New York schools.
He is a trustee of the East River Savings Bank and a member
of the Board of Governors of the New York Real Estate
Securities Exchange.
[VOL. 132.
has taken over the Lincoln Trust Co. of Paterson. Control
of the Lincoln Trust Co. was obtained from a group of
Paterson men. The transfer was sanctioned by Frank H.
Smith, State Commissioner of Banking and Insurance for
New Jersey. Paterson advices on May 28, appearing in the
Newark "News" from which the above information is obtained, furthermore said:
Mr. Dobler, who lives in Ridgewood, will be associated in the new company
with John Grimshaw Jr., Assistant United States District Attorney; John
P. Hudson, former head of the Wagaraw Silk Dyeing Co.; Charles F.
Lynch, City Counsel of Paterson; James Madden, insurance broker; Charles
G. Neil, hardware merchant and active in the American Legion; Dr. Emil
Roetheli, chief chemist of the United Piece Dye Works and Henry C. Speer,
head of the Spear Press, Inc.
Under reorganization, $120,000 has been added to the original capital
of $100,000 and surplus of $50,000.
Mr. Dobler organized the Merchants' Trust Co. of this City and the
People's Bank of Hawthorne, N. J.
Percy H. Johnston, President of the Chemical Bank &
H.
Trust Co. of New York, gave a luncheon on June 3 at The
On June 1 stockholders of the Broadway-Merchants Trust
Recess in honor of his friend, Frederic M. Sackett, AmCo. of Camden, N. J., approved the transfer of its business
bassador to Germany, to meet the following prominent New
to the Camden Safe Deposit & Trust Co., as recommended
York bankers:
by the directors of the company on April 29, according to
Thomas W. Lamont of J. P. Morgan & Co.
the Philadelphia "Ledger" of June 2. It is expected that
Mortimer L. Schiff of Kuhn, Loeb & Co.
Charles E. Mitchell, Chairman of the Board. National City Bank.
the transfer will become effective on or about June 15.
Henry J Cochran, President, Bankers Trust Co.
Former United States Senator David Baird, Jr., President
Edwin G. Merrill, President, Bank of New York & Trust Co.
Paul M.Warburg,Chairman of the Board,International Acceptance Bank. of the Broadway-Merchants Trust Co., made announcement
Jackson E. Reynolds, President, First National Bank.
of this action through the following statement:
Board, Chase National Bank.
Charles S. McCain.
Chairman of the
George W. Davison, President, Central Hanover Bank & Trust Co.'
Harry E. Ward. President, Irving Trust Co.
Edward C. Delafield, President, Bank of America National Association.
General Samuel McRoberts, Chairman of the Board, Chatham Phenix
National Bank & Trust Co.
James G. Blaine. President, Marine Midland Trust Co.
Walter E.Frew,Chairman of the Board.Corn Exchange Bank & Trust Co.
Herbert P. Howell, President, Commercial National Bank & Trust Co.
Joseph W. Harriman, President, Harriman National Bank & Trust Co.
Chanes Hayden of Hayden. Stone & Co.
William C. Potter, President, Guaranty Trust Co.
Frank K. Houston, First Vice-President, Chemical Bank & Trust Co.
Arthur J. Morris has become Senior Vice-President and
Trust Officer of the Fulton Trust Co. of New York, and
John Brooks has been appointed Assistant Trust Officer.
Charles M. van Kleeck has retired as Vice-President, effective June 1 1931, after 38 years' service with the company.
The executive committee of the National City Bank of New
York at its regular meeting appointed Charles C. Hilliard
an Assistant Vice-President.
Henry A. Koelsch Jr., Assistant Vice-President of the
National City Bank of New York, sailed last night (June 5)
on the Olympic to take charge of the institution's two London
branches. Mr. Koetsch has been affiliated with the bank
since 1909 and for six years was manager of the West End
Branch in London. He is a graduate of Dartmouth College
and bas served the National City Bank of New York as
manager at Petrograd, Moscow and Vladivostock. Since
1928, when he was transferred to Head Office from London,
he had been associated with the activities of the European
Division in the Head Office.
The merger of the Brownsville Savings Bank with the
East New York Savings Bank of Brooklyn, N. Y. was
announced on May 20. The Brooklyn "Daily Eagle" of
that date said:
"The stockholders of Broadway-Merchants Trust Co. to-day (June 2)
approved the transfer of its business to the Camden Safe Deposit and
Trust Co., as recommended by the Board of Directors some weeks ago, and
Camden is to be congratulated on this constructive move, though retirement
of Broadway-Merchants as an independent organization is to be regretted.
"The plan provides that the assets of Broadway-Merchants are to be
administered by Camden Safe, the checking and savings accounts being
assumed by and becoming Camden Safe accounts, with any surplus from
the administration going to present stockholders of Broadway-Merchants."
The paper mentioned continuing said:
Camden Safe Deposit 8: Trust Co. will make no changes in or additions
to its officers or directors, but most of the officers and employees now
connected with Broadway-Merchants will find places with the Camden
Safe organization. Camden Safe expects to maintain as branches the
present offices of Broadway-Merchants Trust at Broadway and Walnut
Street and 2614 Federal Street, Camden.
The Citizens National Bank of Jenkintown, Pa., which
reported total resources of $871,000 in its statement on
March 25 last, failed to open its doors on June 2, according
to advices from that city on the day named to the New York
"Times", which went on to say:
Continued withdrawal of deposits, difficulties in collections and frozen
assets were given as the cause.
William 13. Baker, a national bank examiner, took charge after the
directors had held a meeting which lasted until midnight. An officer said
there would be no loss to depositors. The bank was established about
seven years ago.
Harry E. Ford, a Vice-President of the First National
Bank of Baltimore, Md., died in that city on May 28 of
sleeping sickness. Mr. Ford, who was forty-six years of
age, entered the employ of the Citizens' National Bank of
Baltimore twenty years ago and was its Vice-President
three years ago when the institution was merged with the
First National Bank. The deceased banker was born in
Baltimore, but went to Maine with his parents as a boy.
After a short career in Wisconsin he returned to Baltimore.
4_
The merger, approved by the boards of trustees of both banks and by
the State Banking Department, will become effective early next month.
Edward A. Richards, President of the East New York Savings Bank, will
head the merged institutions.
The Brownsville bank will be continued as a branch of the East New
York institution. "This merger," said the announcement, "means more,
better and greater savings bank service to Brownsville and its vicinity.
It brings to them a strong, virile, progressive institution with combined
resources of more than $66,000,000."
•
From the Washington "Post" of May 27, it is learned
that the following changes were made in the personnel of
the Park Savings Bank of that city, at a meeting of its
directors held May 26: William S. Strauss, heretofore First
Assistant Cashier, promoted to the Cashiership; Russell A.
Houser, formerly an Assistant Cashier, advanced to First
Assistant Cashier, and H. M. Herndon, heretofore note teller,
promoted to an Assistant Cashier. Mr. Strauss, as Cashier,
The following is from the Brooklyn "Daily Eagle" of
succeeds in that capacity Robert S. Stunz, formerly
ExecuMay 15:
tive Vice-President and Cashier of the 'bank, who
Agreements have been executed by the boards of trustees and approved
continues
Home Savings as Executive Vice-President. The "Post"
by the State Banking Department for the merger of the
went on to say:
Mr. Strauss, a former accountant, came to
Bank into the Green Point Savings Bank, it was announced to-day in a
the
joint statement issued by Marshall W. Gleason, President of the former,
and George W. Felter, President of the latter bank.
"Owing to their proximity and to the fact that the lease held by the
Home Savings Bank of its banking premises is about to expire, such merger
will conserve the best interests of both banks," the joint statement said.
"It is the intention of the Green Point Savings Bank to continue to use
the present site of the Home Savings Bank as one of its branches."
Mr. Felter, President of the Green Point Savings Bank since 1918, will
continue as president of the merged institution. Three of the trustees of
the Home Savings Bank will be invited to become trustees of the Green
Point.
bank 15 years ago as
junior clerk. Mr. Houser, formerly head teller,
has been in the employ
of the bank 12 years and was promoted to
Assistant Cashier approximately
three years ago. Mr. Herndon has also been in
the service of the bank
12 years, coming to it from the Franklin
National Bank.
On May 28 Lawrence H. Whiting announced his retirement as President of the Boulevard Bridge Bank of Chicago,
according to the Chicago "Journal of Commerce" of that
date. Mr. Whiting will devote all of his time in the
future
to the Indiana Limestone Co. of which he is
Chairman of
Harry R. Dobler, President of the Merchants' Trust Co. the Board. He will be succeeded in the Presidency of the
of Paterson, N. J., on May 28 was appointed President of bank By J. DeForest Richards, Senior Vice-President. The
the newly organized Security Trust Co. of that city, which Chicago paper went on to say:
uNn 6 1931.]
FINANCIAL CHRONICLE
Mr. Whiting explained his action by saying that his duties with the
Indiana Limestone Co. required more of his time than he was able to give
while serving as President of the bank.
It was reported that Mr. Whiting has disposed of his stock in the bank
to interests headed by William Wrigley, Jr. Mr. Wrigley is a director of
the Boulevard Bridge Bank.
4177
the marble ledge. In the center of the room are commodious check desks,
also of marble, and seats provided for customers use. All the furniture
and fixtures to be installed are new and designed to harmonize with the
interior construction.
To the left are the officers' quarters, benefiting by the southern exposure
and the high windows which provide a maximum of light. In these Is a
rubber tile floor, and the paneling is in American walnut. The banking
room is actually two stories in height, with mezzanine floors at the East
/
2
and West ends, and is 451 by 90 feet in dimension. The lobby is 70 feet
long by 221 feet wide. Private offices adjoin the officers' space, both
/
2
front and rear.
R. R. Reeder, Jr., Vice-President of the Central Trust Co.
of Illinois, Chicago, has resigned to become a partner of
James 0. McKinsey & Co., accountants, engineers and business consultants, according to the Chicago "Journal of
The new organization, which is an affiliate of the First
Commerce" of June 2.
Bank Stock Corporation with headquarters in St. Paul and
The River Rouge Savings Bank, River Rouge, Mich., was Minneapolis, is capitalized at $300,000 with surplus and
recently taken over by the Peoples Wayne County Bank of undivided profits of $450,000 and has total resources in
Detroit. The acquired bank was capitalized at $200,000 excess of $10,000,000. The officers are as follows: A. C.
with surplus, undivided profits and reserves of $52,520, and Johnson, Chairman of the Board of Directors; T. A. Marlow,
President; T.0.Hammond,Frank H.Johnson,Fred Heinecke
had total assets of more than $3,000,000.
and Ford Johnson, Vice-Presidents; L. S. Hazard, Cashier;
It is learned from the Michigan "Investor" of May 30 that L. H. West and George E. Stadler, Assistant Cashiers, and
the Iron National Bank of Ironwood, Mich., failed to open its Walter Brutsch, Secretary. Mr. Johnson the Chairman of
doors for business on May 25 after heavy withdrawals which the Board for about fifteen years past was President of the
followed the death of Fred H. Burrell, Cashier of the institu- American National Bank. Besides his banking interests,
tion, who was found fatally injured in the wreckage of his he is Chairman of the Board of Directors of the Montana
automobile near Kimball, Wis., May 21. A notice posted on Life Insurance Co., of which he is one of the founders. Mr.
the bank's doors stated that the institution was closed by Marlow, the President of the new bank, was previously
order of the Board of Directors. The "Investor" continuing President of the National Bank of Montana and the Montana
said in part:
Trust & Savings Bank, and has been actively identified
An inquest into Burrell's death was ordered when surgeons reported
with the financial life of Montana for the past 48 years.
discovery of a bullet in
cashier's
the
head. It was previously reported he
was injured when his automobile crashed into a bridge.
No statement regarding the financial condition of the bank was forthcoming. Reports of Burrell's death precipitated a run on the bank which
continued through Friday and Saturday.
Burrell, former resident of Minnesota, had been Cashier of the bank for
eight years.
B. A. Morgan is President of the institution.
Detroit advices to the "Wall Street Journal" on June 2
stated that the First National Bank in Detroit has absorbed
the People's State Bank of Redford, Mich., as of May 29
1931 and will operate it as its Redford branch. The dispatch added:
The Redford State Savings Bank was acquired by the First National
Bank on May 5 1931.
Announcement was made r- ecently of the proposed consolidation of the Walcott Savings Bank at Walcott, Iowa,
and the Farmers' Savings Bank of that place, according to
the "Commercial West" of May 30. The new organization
which will be known as the Wal6ott Trust & Savings Bank,
will be the largest banking house, it is said, in Scott County
outside the City of Davenport. It will be capitalized at
$50,000 with 'surplus of $20,000 and will have deposits of
$1,250,000.
The New First National B- ank & Trust Co. of Helena,
Mont., formed (as noted in our issue of May 30, page 3995)
by the union of the National Bank of Montana, the American
National Bank and the Montana Trust & Savings Bank,
opened for business on May 25. The previous Saturday,
May 23, the new bank building of the consolidated institution, said to be one of the finest banking homes in the
Northwest, was opened for public inspection. The new
building, a four-story structure of reinforced concrete and
steel, occupies a site between Main Street, Sixth Avenue
and Fuller Avenue. The exterior finish includes a
highly
polished black granite base, with superstructure of
light
green tapestry brick with Nile green terra cotta
trimmings
to match. The basement, which is below the
street level,
is devoted to the safe deposit department, the
first and
second floors to the banking quarters, and the
third and
fourth floors to rentable office quarters.
The entrances
(two) are trimmed with black granite, and
the doors and
their frames are of bronze. The interior
is finished in
marble and walnut. A description of the
interior of the
banking quarters says in part:
Upon the banking room proper, with its spacious
lobby, the entire design
has been focused. Entering from Main Street,
the
Into a rectangular vestibule that leads to the grilled double doorway opens
doorway of the bank.
A rarely beautiful banking room, remarkable for the
entire absence of
pillars, has been attained by the skillful use of marble,
bronze and American
walnut and the adoption of new low-type counters that
eliminate the cages
so long associated with bank construction. The floor
is of art mosaic
marble in a modernistic design, the wainscoting of beautiful
Larado-Chario
marble, imported from Italy, with a base of red Lavanto
marble, and the
walls and ceiling are decorated in metal and pastel colors, also in
style. Some Tennessee marble has been used, but most of modernistic
thia material
was imported.
To the right of the lobby is the tellers' screen with its 14
compartments.
The tellers' quarters are separated from the main banking
room by a
marble counter, with bronze trimmings and an 18-inch glass
screen above
From the St. Louis "Globe-Democrat" of May 27, it is
learned that a liquidating dividend of $1,200,000, or $40 a
share, to 1,200 stockholders of the old Mercantile Trust Co.
of St. Louis, payable on June 2, was announced yesterday
(May 26), by George W. Wilson, President of the Mercantile
Liquidating Co. The liquidating company was organized to
acquire such assets of the old Mercantile Trust Co. as did not
go into the consolidation of that company with the National
Bank of Commerce on May 20 1929, to form the MercantileCommerce Bank & Trust Co. The paper mentioned continuing said:
Upon the payment of the new dividend, which is the third, the stockholders Of the Mercantile Liquidating Co. will have received $100 a share,
two prior liquidating dividends of $30 each having been distributed. Total
disbursements under the three dividends will be $3,000,000.
4
--
William W. Sutcliffe, Jr., Cashier of the Canal Bank &
Trust Co.of New Orleans since 1925,on May 20 was appointed
a Vice-President of the institution, and Dale Graham, formerly a Second Vice-President of the Chase National Bank
of the City of New York, was named Cashier in lieu of Mr.
Sutcliffe, according to an announcement by A. D. Geoghegan,
Chairman of the Board of Directors of the Canal Bank &
Trust Co. Mr. Geoghegan also announced the appointment
at the same time of Harry G. Thompson of Memphis as a
Vice-President of the bank. The New Orleans "TimesPicayune" of May 21, from which the above information is
obtained, had the following to say regarding the newly
appointed officers:
Mr. Sutcliffe began his banking career more than 20 years ago as a
runner and bookkeeper for the Germania-American National Bank. He
later was made Assistant Cashier of the Canal-Louisiana Bank and in 1925
became Cashier of the Canal Bank & Trust Co. He is a native of New
Orleans and a graduate of Warren Easton High School.
Mr. Graham, who will remove his residence to this city from New York,
began his banking career in Illinois over 16 years ago and, prior to going
to New York, was Assistant Vice-President of the Missouri Valley Trust
Co. of St. Louis.
Mr. Thompson was at one time President of the Memphis Cotton Exchange.
Until his election as Vice-President of the Canal Bank be was secretary
and Treasurer of W. A. Gage tz Co., Memphis cotton factors.
-a-
Supplementing our item of May 30, page 3996, with reference to the consolidation of the Columbia National Bank of
Portland, Ore., with the American National Bank of Portland of that city, we are advised by G. S. Hinsdale, President of the enlarged American National Bank of Portland, that at the close of business May 16 the American
National took over the deposit liability of the Columbia
National Bank with assets sufficient to cover said deposit
liability, and the balance of the assets of the Columbia National was purchased by the American National Corporation.
The additional deposits give the American National llarik
a deposit liability of approximately $8,000,000. The major
interest in the American National Bank and its affiliates,
was purchased Sept. 16 1929, by Julius L. Meier (who has
since become the Governor of the State of Oregon) together
with Mr. Hinsdale and other associates. Since that time
the American National has enjoyed a steady growth,
and
4178
this addition to the deposits wakes It Oregon's fourth
largest banking Institution.
The American National Corporation, which owns the
American National Bank, also owns the United States National Bank of Eugene, Ore., and the National Bank of
Commerce of Astoria, Ore.
The appointment of W. R. Fawcett as President of the
Hollywood National Bank of Los Angles, at Hollywood,
Cal., to succeed N. W. McMillan, resigned, was announced
on May 15. George Lounsberry continues as Chairman of
the Board of Directors. The Los Angeles "Times", from
which we have quoted above, furthermore said:
Mr. Faucett as of the 1st inst. resigned as Secretary and Treasurer of
Pacific Clay Products to assume the Presidency of the bank. He remains
a director of Pacific Clay Products and is also a director of Western Air
Express and has been actively associated with several other Los Angeles
corporations.
Roy Lacy,former Assistant Secretary of Pacific Clay Products. succeeds
Mr. Faucett as Secretary and Treasurer of that company.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock Market during the forepart of the week suffered
further sharp declines. Railroad shares were particularly
hard hit on Monday and Tuesday, but improved as the week
progressed. United States Steel also was down during the
early part of the week, as a result of heavy selling, and on
Tuesday sunk, to a new low level at 833%, but improved
slightly before the close. On Wednesday the market completely reversed itself and staged one of the sharpest rallies
that has occurred in several months and gains ranging up
to 10 or more points were registered before the close. The
rally extended over Thursday and Friday and much of the
losses of the past few weeks were regained. The weekly
statement of the Federal Reserve Bank published after
the close of business on Thursday showed a further reduction
of $35,000,000 in brokers' loans in this district. This is the
seventh consecutive reduction during the past two months
and brings the total of brokers' borrowings down to $1,539,000,000. Call money renewed at 13%% on Monday, remained unchanged at that rate throughout the week.
Fresh heavy selling carried prices downward to new lows
as the market opened on Monday after the two-day holiday.
Railroad shares were particularly weak, Atchison dropping
about 10 points, followed by New York Central, which fell
off 43% points, and Baltimore & Ohio with a recession of 5
points. Other weak stocks in this group were Chesapeake &
Ohio, 23j points; Central RR. of New Jersey, 13 points;
Chicago & North Western, 23% points; Colorado Southern,
10 points; Southern Pacific, 4% points, and Union Pacific,
5% points. United States Steel, selling ex-dividend, showed
a loss amounting to nearly 5 points, and stocks like American
Can and Amer. Tel. & Tel. ranged downward from 2 to 3
points. Some of the outstanding recessions were American
Tobacco "B," 3 points; A. M.Byers Co., 33% points; Columbian Carbon, 5 points; Crown Cork & Seal, 63 points;
4
Detroit Edison, 93 points; International Business Machine,
5 points; Youngstown Sheet & Tube Co., 10 points and
Peoples Gas & Coke,8 points. The stock market was somewhat confused on Tuesday, but the trend of prices, on the
whole, was downward. In the early trading considerable
pressure on the market was in evidence, but this eased off
somewhat and in the closing hour prices of a few stocks
were up from 1 to 3 or more points above the finals of the
preceding day, though the main body of stocks were off
on the day. The changes in the railroad group on the side
of the decline included Atchison, 33% points to 100%; New
%
York Central 15 points; Southern Pacific, 1. point; Union
Pacific, 43% points; Reading, 1 point and Del., Lack. &
West., 4% points. United States Steel got down to 833/s,
and closed at 835 , with a loss of 1% points on the day.
%
Toward the close, the market began to show signs of improvement, but the 'gains were not sufficiently large to
make any impression on the final prices.
Urgent short covering was in a measure responsible for
the spectacular rally on Wednesday when many of the market
leaders turned abruptly upward and registered gains at the
close ranging from 2 to 10 or more points. The advance
was the widest in 18 months and most of the active issues
regained much of the losses of the past few days. Railroad
shares led the upswing, Union Pacific jumping ahead about
8 points, followed by Santa Fe with a gain of six points.
Other strong stocks in this group included New York Central, 53% points; Bait. & Ohio, 43% points; Southern Pacific,
%
63 points; Southern Railway, 43% points; Ches. & Ohio,
& Hud.,
35% points; Del. Lack. & Western, 33j points; Del.
[Vol,. 132.
FINANCIAL CHRONICLE
4 points; Rock Island,6 points; and St. Louis-San Francisco,
5 points. United States Steel following its recent drop of
about 30 points to 833% moved ahead to 87, and Auburn
Auto which got down to 135 on Wednesday shot ahead to
better than 152. The top price of this stock was 295 before
the market turned weak. Other stocks standing out sharply
in the day's advances included such market favorites as
General Motors, 33% points to 35; General Electric, 3 points
to 393%; American Can,63 points to 993%; Allied Chemical
%
& Dye, 83 points to 113%; Amer. Tel. & Tel., 73/i points
to 1653(; New York Central,53/i points to 77; Air Reduction,
5 points to 763/2; American Tobacco, 63( points to 106;
Int. Business Machine, 11 points to 128; and Ingersoll-Rand,
9 points to 84. Public utilities also enjoyed sharp advances,
the list including among others American & Foreign Power,
23% points; American Power & Light, 35% points; Brooklyn
Union Gas Co., 4 points; Columbia Gas & Electric, 2%
points; Consolidated Gas, 63. points; Detroit Edison, 3
points; Electric Power & Light, 35% points; Pacific Gas &
%
Electric, 23 point; Public Service of New Jersey, 6 points;
4
and Standard Gas & Electric, 43 points.
Prices again moved upward on Thursday, and while some
profit taking was in evidence from time to time, the final
quotations were, in most cases, on the side of the advance.
As the market pushed steadily ahead, railroad stocks continued to hold the leadership and many gains ranging from
two to six or more points were recorded in this group. The
principal advances were Atlantic Coast Line 53% points to
85; Atchison, 53% points to 453%; Baltimore & Ohio, 33%
points to 51 8; Rock Island, 4 points to 34; New York
4
4
Central, 3 points to 80; New Haven, 53 points to 723 ;
Southern Pacific, 3 points to 77; Union Pacific, 7 points to
152; and Wabash, 13% points to 113%. Other noteworthy
advances were Amer. Tel. & Tel. 43% points to 1203; J. I.
Case Threshing Machine, 73% points to 723%; Inter. Business
Machine, 83% points to 1363%; Eastman Kodak, 83% points
to 1323'; National Lead, 103% points to 983%; Peoples Gas &
Electric, 63% points to 1993.; Ingersoll-Rand, 11 points to
%
95; and Brooklyn Union Gas, 43% points to 1093 . Stocks
again moved forward on Friday and many active issues extended their gains which in some instances reached new
highs. Substantial offerings in the opening hour were in
evidence, but many of the pivotal issues displayed strong
resistance and most of the active stocks were able to hold the
gains of the preceding day. The strength of the railroad
issues was again the outstanding feature of the trading, most
of the active shares closing on the side of the advance. Some
of the gains in this group were Atlantic Coast Line 6 points
to 91, Atchison 23% points to 148, Bangor & Aroostook 3%
4
points to 523 , Central Railroad of New Jersey 3 points to
173, Delaware & Hudson 5 points to 123, Norfolk & Western
4
33 points to 159, and New York Central 13% points to 81.
United States Steel common dipped more than a point, but
subsequently made this up and closed with a net gain of
2 points. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
June 5 1931.
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday.—
Thursday
Friday
Total
3,102,380
3,316,848
3,305,717
3,170.180
2,346,070
Railroad,
& Attic.
Bonds.
State,
Municipal ce
Porn Bonds.
Holiday— Memorial D ay
$933,000 $13,262,000
17,826.000 54,503,000
1,622,600 14,484,500
8,944,000, 3,918,000
494,000 12,291,000
8,141,000, 3,656,000
195,000 12,101,000
3,127,000
8,779,000
233,000 10,274,000
7,117,000, 2,924,000
15,741,195 $40,807,0001 518,128,000
1931,
Stocks—No,of shares_
Bonds.
Government bonds_
State di foreign bonds.
Railroad az misc. bonds
Total bonds
i
1930.
33,477,500 562,412,500
Jan. 1 to June 5.
Week Ended June 5.
Sues at
New York Stock
Exchange.
Total
Bond
Sales.
UnUed
States
Bonds.
1931.
1930.
15,741,195
9,703.060
289,090,861
425,798,520
53,477,500
18,128,000
40,807,000
51,860,500
10,665,000
29,098,000
$76,650,550
334,331,600
800,559,000
549,430,500
297,168,000
931,876,500
562,412,500 541,623,500 51,211,541,150 51,278,475,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
June 5 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia
Baltimore
.
Shares. Bond Sales. Shares. 'Bond Sates. Shares. Iliond Saks
HOLI DAY
HOLIDAY
$36,000
48,454
$4,000 a66.730
10,200
48,433
29,000 a78,8881
52,130
17,000, 64,802.
54,636
34,000
4,100 a53,618!
41,980
1,610,
13,000:
6,482
,
199985
567,100, 265,648; $132,330
}LOLL DAY
4,906, 515,000
32,600
3,715i
21,100
2,9931
3,000
1,8821
12,000
1,231
14,7271
$83,700
586,000
18,218
584,000 193,1431 5240,300
173,497
a In addition, sales of rights were: Monday, 100: Tuesday, 500; Thursday, 200.
Sales of warrants were: Monday, 200; Thursday, 300.
Prov. week revised
4179
FINANCIAL CHRONICLE
JUNE 61931.]
30 June 1 June 2 June 3 June 4 June 5
May
THE CURB EXCHANGE.
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
2,900 2,885 2,945 2,990
to new Saint Cobln, C.& C
Continued liquidation again carried many issues
1,425
1,425
1,450 1,385
Schneider & Cie
2,490 2.490 2,545 2,595
low records on the Curb Exchange this week. On Wed- Societe Lyonnais
935
935
938
936
HOLTSociete Marsellialse
decided improvement in the oil shares, Tubize Artificial Silk, pref
nesday, however, a
220
209
196
188
DAY
1,004 1,003
1,001
1,001
1,001
due to the withdrawal of the Government's opposition to Union d'Electricitie
500
500
500
500
500
Union des Mines
240
236
234
237
the Vacuum-Standard Oil of N. Y. merger, affected the Wagons-I-its
market generally and caused substantial improvement in
many stocks. Vacuum Oil dropped from 28 to 223 then
PRICES ON BERLIN STOCK EXCHANGE.
for the reason,above stated ran up to 35% and closed to-day
Closing quotations of representative stocks 9n the Berlin
at 33%. Humble Oil & Ref. weakened at first from 51%
by cable each day of the past
to 49% and recovered finally to 54. Standard Oil (Indiana) Stock Exchange as received
%
to 193', sold up to 233 and finished week have been as follows:
eased off from 213
May June June June June June
b.
4.
3.
2.
30. 1.
to-day at 23. Gulf Oil of Pa. declined from 42 to 38 then
Per Cent of Pan
advanced to 45, closing to-day at 44. Among utilities Allg. Deutsche Credit (Ada) (5)
87
87
88
88
89
105 105 105 105
105 .
Electric Bond & Share, coin. after a drop from 35 to 31% Berlin Hendels Gee.(8)
101
101
101
101
101
Bank (7)
made a good gain to 37%, the close to-day being at 35 Cotnmerz-und-Privat
117
117 117
117
117
Nationaibank (8)
Amer. & Foreign Power, warrants after a loss Darmstaedter u. Disconto Ges. (6)
100 101
ex-dividend.
101
101
101
Deutsche Bank U.
101
101
101
101
101
of 13/i points to 11 sold up to 153. and ended the week at Dresdner Bank (6)
127
129
130
128
128
1434. Amer. Gas & Elec., corn. fell from 523/3 to 483/8, Reichsbank (12)
64
5931 58'.4 5934 63
Algermeene KunstzlIde (Aku) (0)
86
sold finally at 55%. Commonwealth- Allg. Eiektr. Gee. (A.E.G.) (7)
87
86
85
85
recovered to 57, and
57
56
56
55
58
Edison moved down from 230 to 205, Northern States Power, Deutsche Ton- u. Steinzeugwerke (11) ---190 182 180
190
190
4
corn. on few transactions improved from 1143 to 1183 . Ford Motor Co., Berlin (10)
62
83
61
61
Holt- 61
Gelsenkirchen Bergwerk (8)
92
92
90
Peoples Light & Pow., class A broke from 143/i to 123/3. Gesfuerel (9)
88
day 90
47
48
48
48
48
The company omitted its usual dividend. Tampa Electric Hamburg-American Line (Hann) (6)
105 105 104 104
104
41% to 383( and at 39 finally. The Hamburg Electrio Co. (10)
Co. sold down from
50
52
50
48
50
Harpener Bergbau (6)
86
86
84
83
84
industrial and miscellaneous list showed some wide advances. Hoteibetrieb (10)
131 *120
127 129
129
Mead, Johnson & Co. after early weakness from 773/i to 76 I. G. Farben Indus.(Dye Trust) (14)
32
33
33
32
33
sold up to 86 and closed to-day at 84. Aluminum Co. of Karstadt (12)Tubes (7)
57
60
63
62
63
Mannesmann
48
50
49
49
50
Amer., corn. advanced from 90 to 123, reacted finally to North German Lloyd (6)
45
45
46
46
45
4
113. Parker Rust Proof corn. declined from 923' to 863 , Phoenix Bergbau (414)
127 126
124
121
121
sold up to 98 and finished to-day at 923'. Insull Utility Polyphonwerke (20) (R.W.E.) (10)
109 106
105 104
105
Rheln-Westf. Elektr.
77
80
80
79
79
Investments, corn. dropped from 28 to%to 22 recovered Sachsenwerk Licht U. Kraft (734)
140 139
135 137
135
closed to-day at 2434. Glen Alden Coal moved Siemens & Halske (14)
to 253. and
44.
45
44
44
45
Stahlwerke (United Steel Works) (4)-down from 33 to 29 then up to 3234, the close today being Ver.Ex-d vidend.
•
at 32.
A complete record of Curb Exchange transactions for the
week will be found on page 4214.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
Bonds (Par Value).
Stocks
(Number
us, based upon telegraphic advices from the chief cities of
Foreign
of
Foreign
Week Ended
the country indicate that for the week ended to-day (SatDomestic. Oovernmerrit. Corporate.
Shares).
Total.
June 5 1931.
urday, June 6), bank exchanges for all the cities of the
- Memorial Day
Holiday
Saturday
$189,000
682,122 $3,821,000
5190,000 $4,200,000 United States from which it is possible to obtain weekly
Monday
156,000
624,611 4,124,000
235.000 4,515,000
Tuesday
corresponding
212,000
599,490 3,735,000
137,000 4,084.000 returns will be 4.0% below those for the
Wednesday
104,000
155,000 3.648,000
549,408 3.389.000
Thursday
year. Our preliminary total stands at $11,176,130,000
120,000 3,412,000 week last
393,050 3,162,000
Friday
against $11,633,737,105 for the same week in 1930.
$791,000
$837,000 519,859,000 595,588,
2,828,881 818,231,000
Total
At this center there is a loss for the five days ended Friday of
Jan. I to June 5.
Week Ended June 5.
Sales at
1.9%. Our comparative summary for the week follows:
Course of Bank Clearings.
New York Curb
&change.
1931.
1930.
1931.
1930.
4,295,600
2,828.681
Stocks-No. of sharesBonds.
818.231.000 $13,205,000
Domestic
823.000
791.000
Foreign Government
790,000
837,000
Foreign corporate- -- •
8409,107,0001
12,525,0001
18,295,0001
$404,081,000
12,557,000
18.248,000
519,859,000 814,818,000
5439,927.000
3434,886.000
Total
57,849.916
59,316,835
-In the above tables we now give the foreign corporate bonds separately.
Note.
Formerly they were included with the foreign government bonds.
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:
1
2
Clearings-Returns by Telegraph.
Week Ended June 6.
1931.
1930.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$6,539,545,069
435,681,881
410,000.000
389,000,000
78,570,628
104,600,000
135,406,000
No longer will
130,275.454
120,681,216
97,981,108
83,521,915
32,495,629
-1.9
86,689,000,000
534.683,481 -18.5
-9.9
455,000,000
345,000,000 +12.8
103,028,032 -23.8
-4.9
109,400,000
-8.2
147,508,000
report clearings
-8.8
142.531,107
-4.4
128,836,445
115,400,626 -15.2
+1.8
82,021,314
+5.7
30,751,242
Twelve cities, 5 days
Other cities, 5 days
$68,557,108.900
840,054,090
$8,883.340,247
906.879,445
-3.5
-7.3
-3.8
89,397.162,990 59,770,219.692
Total all cities, 5 days
-4.5
1,863,517,413
1,779,432,598
June
June 3 June 4 June 6 All cities, 1 day
May 30 June
__4n
all 17R ROA FAR all aaa 7:17 1 as
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
15,900 16,000 16,200 16.600 16.600
Bank of France
Complete and exact details for the week covered by the
060
•
Banque Nationale do Credit-2,060 2:17
2„060
111
2,130 foregoing will appear in our issue of next week. We cannot
Banque de Paris et Pays Bas--Banque do Union Parisienne--week ends to-day
Canadian Pacific
725 furnish them to-day, inasmuch as the
14,100 14,200 14,300 14,600 14,400
Canal do Sues
.
(Saturday) and the Saturday figures will not be available
Cie Distr. d'Electricitie
lenerale d'Electricitie
2.480 until noon to-day. Accordingly, in the above the last day
320
312
Cie Ole. Trans-Atiantique
580
580
Citroen B
580 of the week had to be in all cases estimated.
1,520 1,530 1,550 1,560
Comptoir Nationale d'Escompte
1,530
530
In the elaborate detailed statement, however, which we
530
530
530
530
CotY, inc
815
810
825
Courrieres
899
present further below, we are able to give final and complete
1,020 1.009
1,010
Credit Commerciale de France__
1,050
HOLT- 2,310 2,270 2,300 2,410 2.350 results for the week previous-the week ended May 30.
Credit LyonnaLs
2,490 2,500 2,550 2,590 2,570
DAY
Eaux Lyonnais
805
795
803
853
For that week there is a decrease of 21.3%, the aggregate
Itnentle Electrique du Nord_
1,200
1,204
1,229
1,250
Enerale Electrique du Littoral
being $6,631,615,676,
193
180
181
198
188 of clearings for the whole country
Ford of France
320
310
310
340
330 against $8,429,471,047 in the same week of 1930. Outside
French Line
120
110
110
110
110
Gales Lafayette
880
880
890
890
890 of this city there is a decrease of 21.3%, the bank clearings
Gas 1.0 Bon
530
520
520
540
530
Kuhlmann
We group the cities
850
860
880
890
890 at this center recording a loss of 5.9%.
L'Air LIquide
1,480
1,480
1,480
1,480
Lyon (P. L. M.)
Reserve Districts in which
2,010 2,010 2,020 2,070 2,050 now according to the Federal
Nord Ity
157
155
154
157
Pathe Capital
they are located, and from this it appears that in the New
1,780 1.780
1.830
1,880
1.860
Pechiney
89.10 89.10 89.40 89.30 89.30 York Reserve District, including this city, there is a loss of
Rentee 3%
136.30 136.50 136.70 136.70 136.80
Rentes 6% 1920
District of 2.9% and in the
103.30 103.30 103.30 103.30 103.30 21.8%, in the Boston Reserve
Rentee 4% 1917
102.40 102.60 103.30 103.10 103.30 Philadelphia Reserve District of 17.0%. The Cleveland
Rentee 5% 1915
102.00 102.00 102.20 101.90 101.90
Rentes 6% 1920
2,030
1,980
1,990 2,030 2,050 Reserve District suffers a loss of 25.1%, the Richmon
Royal Dutch
1:11g
LIB 1.02 LAIR LIB
UgggIg :24Cie
N N
Ng glg
4180
[Vcu. 132.
FINANCIAL CHRONICLE
Reserve District of 14.8% and the Atlanta Reserve District
The volume of transactions in share properties on the
of 17.8%. Ia the Chicago Reserve District the totals show New York Stock Exchange each month since Jan. 1 for the
a contraction of 24.0%, in the St. Louis Reserve District of years 1928 to 1931 is indicated in the following:
39.5% and in the Minneapolis Reserve District of 23.7%.
1928.
1929.
1931.
1930.
In the Kansas City Reserve District the decrease is 28.9%
No. Shares. No. Shares. No. Shares. No. Shares.
and in the San Francisco Reserve District 26.0%. The
42.503,382 62,308,290 110,805,940 56,919,395
Dallas Reserve District records a gain but it is trifling, being Month of January
February
64,s81,838 67.834,100 77.968,730 47,009.070
March
65,658,034 90.552,040 105,661,570 84.973.869
only 0.1%.
' First quarter.-- 172,343,252 226,694.430 294,436,240 188,902,334
SUMMARY OF BANK CLEARINGS.
Week End, May 30 1931.
1931.
Federal Reserve Dists.
$
let Boston ____12 cities
388,589,316
2nd New York__12 " 4,362,192,000
3rd Phliadelpla 10 "
361.813,895
4th Cleveland__ 8 "
256,336,826
5th Richmond. 6 "
114,449,363
6th Atlanta___11 ••
104.227,715
7th Chicago
20 "
517,906,538
8th St. Louis__ 8 "
115,348,234
9th Minneapolis 7 "
68,885,433
10th KansasCity 11 "
104,470,161
11th Dallas
5 ••
45,230,125
12th San Fran 14 "
192,165,570
Total
124 cities
Outside N.Y. City
Canada
32 cities
1930.
3
400339649
6,575,323,863
436,209,330
342,126,393
134,318,148
126,862,375
681,1234,320
190,526,140
90,294,567
148,893,244
45,215,213
259,530,805
Ine.or
Dec.
1928.
1929.
$
3
%
457,900,238
614,120.487
-2.9
-21.8 7,659,610,225 7,801,433.150
552,829.597
607,399,959
-17.0
379,397.662
386.413.336
-25.1
160.758,039
141,086,749
-14.8
155.946,294
147,902.562
-17.8
843.257,740 1,048,831,843
-24.0
195,132,320
200,437,597
-39.5
111,464,939
101,936.181
-23.7
165,706,667
171,394.500
-28.9
59.728,908
66.496,432
+0.1
334,923,535
306,951,927
-26.0
6,631,615,676 8,429,471,047 -21.3 10,969,794.336 11,491.266,551
2,372,473,597 2,844,147,184 -16.6 3,476,594,979 3,855,015,349
,
510,913,400
378,239,400
334.384.856 27.9
322.268.814
Month of April
May
54.346,836 111.041.000
46.659.525 78.340.030
80,478.835
82,398,724
82,600,470
91.283.550
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
May and the five months of 1931 and 1930 are given below:
Five Months.
Month of May.
Description.
1931.
1930.
Stock, number of shares_ 46.659,525 78,340.030
Bonds.
$
Railroad & miscell. bonds 161,647,003 166,062.700
State, foreign, &c., bonds 62,823.100 47,490.500
U. B. Government bonds 14,237,900
6.879,000
Total bonds
1931.
1930.
273.349,666
416,075,460
759.752,000
318,203,600
73,173.050
902,778,500
285,602,500
47,569,400
$238,708,000 $220,432.200 $1,149.128.650 31,235,950.400
The following compilation covers the clearings by months
We also furnish to-day a summary by Federal Reserve
Districts of the clearings for the month of May. For that since Jan. 1 in 1931 and 1930:
month there is a decrease for the entire body of clearing
MONTHLY CLEARINGS.
houses of 21.9%, the 1931 aggregate of the clearings being
Clearings Outside New York.
Clearings, Total AU.
837,978,311,309 and the 1930 aggregate $48,594,599,595. Month.
1931.
1930.
1931.
1930.
are smaller
In the New York Reserve District, the totals
by 20.8%, in the Boston Reserve District by 18.8% and in Jan__ 39,779.233,608 50,568,328,394 -21.3 14,478,773,431 18,537,023,844 --2I.9
15,619,879,001
the Philadelphia Reserve District by 23.2%. In the Cleve- Feb.__ 33,024,413,114 41,607,527,908 -20.6 11,801,139.522 17,372,856,606 --24.4
--23.9
13,222,507.190
land Reserve District the totals have dropped 24.3%, in Mar.. 39.390,892,172 51,137,914,733 -23.0
let qu_ 112194538,894 143313771,035 -21.8 39,502,420,143 51,529,759.451 --23.3
the Richmond Reserve District 18.7% and in the Atlanta
17.232,403,124 --22.8
-21.3
April
Reserve District 24.6%. The Chicago Reserve District May__ 39.946,774,818 50,768.541.656 -21.9 13,565,966,654 17.165.681,675 --24.1
13,034,702.426
37,978,311,309 48,594,599,595
shows a decrease of 26.5%, the St. Louis Reserve District
The course of bank clearings at leading cities of the country
of 31.0% and the Minneapolis Reserve District of 22.2%.
The Kansas City Reserve District shows a contraction of for the month of May and since Jan. 1 in each of the last
28.8%, the Dallas Reserve District of 16.6% and the San four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
Francisco Reserve District of 23.9%.
May
1931.
Federal Reserve Mts.
let Boston ____14 cities
206 New York__13 "
3rd Philadelp'M 14 ••
4th Cleveland__15 "
1511 Richmond .10 "
6th Atianta____16 "
7th Chicago --28 "
8th St. Louis_ _10 "
9th hfinneapolls13 "
10th KansaaCity 14 "
11th Dallas
11 •
12th San Fran__24 "
May
1930.
Inc.07
Dec.
May
1929.
May
1928.
$
$
$
%
3
1,811,111,143 2,230,087,325 -18.8 2,389,848,811 2668.019,887
25,515,869,486 32,195.783,637 -208 37,590,553,054 37,454.684,311
1,888,808,321 2,459,884.684 -23.2 2,671,173,686 2,724,788,625
3.848.775
1,387,797,972 1,833,522,755 -24.3 2,058,338,736 1,95
801,091,159
760,227,391 -18.7
846,133,093
617,753,802
815,272,843
837.821,219
721,357,280 -24.6
543,905,374
2,953,483,336 4,016,137,647 -26.5 4,540,869.640 5,190,727,318
963,732,007
992,623.859
885,690,836 -31.0
610,614,198
651,622,863
558,768,801
528,925668 -22.2
411,443,850
977.655.268
716,092,496 1,005,983,260 -28.8 1,011,176,629
532,417,963
497,656,572
434,350,197 -16.6
362,255,916
1,159,195,415 1,522,648,915 -23.9 1,040,225,186 1,833,522,373
Total
182 cities 37,978,311,309 48.594,599,595 -21.9 55,610,710,853 56,536,250.099
Outside N. Y. City
13,034,702,426 17,165,681,675 -24.1 18,828,771.261 19.831,263,232
Canada
32 cities
1.693.136.490
1.844.778.652 -8.2 2,181,297,463
2,358,714,739
We append another table showing the clearings by Federal
Reserve districts for the five months back to 1928:
5 Months
1931.
5 Months Inuor 5 Months
1929.
Dec.
1930.
Federal Reserve Diets.
$
$
185 Boston ____14 cities 9,218,462,377 11,323,780,465
2nd New York__13 " 126,993,959.830 160,422,147,593
3rd Philadelpla 14 "
9,234,417,807 12,693,517,793
4th Cleveland__15 ••
7,254,031,582 9,031,802,517
6th Richmond _10 " 3,169,434,252 3,856,962,858
6th ;.Atlanta____16 " 2,860,025,843 3,728,457,337
7th AChleago _-_28 " 14,547,217,293 19,529,101,066
8th 1St. Louis..11) ••
3,150,401,174 4,425,908,121
9th,Minneapolial3 ••
2,082,834,452 2,509,973,938
3,808,161,838 5,137,324,038
10th,KansaaCIty 14 "
11th Dallas
11 "
1,908,751,095 2,333,340,815
12th San 1"ran 24 "
5,893,907,711 7,684,595,745
ik..t I8.4.4 11.4
,
Total
182 cities 190,119,625,021 242,676,912,286
Outside N. Y. City
66,103,089,223 85,927,844,250
0
Canada
7.358 gas 843 0.414.633.033
32 citl
$
%
-18.8 12,108,271,089
-20.9 197,808,757,896
-27.3 13,826,437,604
-19.7 10,046.542,948
-17.8 3,997,311,847
-23.3 4,215,173,345
-25.5 23.550.728,797
-28.8 4,938,592,895
-17.0 2,740,965,838
-25.9 6,621,460,806
-18.2 2.806,089,616
-23.3 8,318,272,166
5 Months
1928.
$
12,732,964,077
65,503,126,080
13.041,911,818
9,205,352,378
4,082,735,113
4,212,228.243
23,124,578,572
4,806.180,399
2,675.950.350
5,382326,456
2,531,090,305
8,478,292,510
-21.6 289,978,604,847 255,861.586,303
-23.1 96,046,848,973 93,795,297,879
-12.6 10.167.072.405
9,697,613.988
Jan. 1 to May 31May
1930. 1929. 1928. 1931. 1930. 1929. 1928.
$
$
$
2
2
$
2
31,429 36,782 36,705 124,017 156,749 193.932 162,060
2.849 3,614 9,317 12,646 15,370 15,899
2,585
1,979 2.099 2,342 8,214 10,062 10,657 11,300
2,303 2,491 2,532 8,568 11,918 12,917 12,121
3,110
640 2,054 2,688 3.076
548 • 616
3,826
845 3,062 3.855 4,134
851
801
888 1,062 3,147 4.292 4,460 4,824
827
1,668 2.065 2,143 2.248
471
433
399
1,645
1,660
1,409
333 1,253
330
274
1.918 2,682 2,895 2,803
568
588
521
3,214 2,704
2,248 2,881
571
673
582
1,704 1,626
343 1,335 1,646
354
351
1,141
1.248
1.046
901
248
206
193
2,906 3,913 4,879 3,911
877
823 1,030
837
840
845
496
166
170
155
968
938
942
770
193
187
200
341
308
358
244
75
60
73
734
285
660
525
180
135
136
1,298 1,120
1,128
861
249
262
241
621
639
439 - 503
124
108
104
709
810
725
526
147
145
163
524
498
476
377
107
112
101
949
918
927
734
185
189
178
430
475
448
275
86
87
76
865 1,096
1,038
687
220
176
220
383
391
375
308
74
82
76
351
434
424
255
100
67
80
(000,0008
onsitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolts
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford
1931.
2
24,944
1,916
1,618
1,748
400
581
613
327
242
350
430
273
163
559
92
150
47
114
163
80
109
78
142
50
130
58
46
Total
Other cities
35.423 45,342 52.051 53,057 177,105 226.196 271,638 238,547
2,555 3,253 3,560 3.479 13,000 16,481 18,341 17.315
37,978 48,595 55,611 56,536 190,120 242,677 239,979 255,802
Total all
Outside N.Y.CIty-13,035 17,186 18,829 19,831 66,103 85,928 96,647 93,795
We now add our detailed statement showing the figures
for each city separately for May and since Jan. 1 for two
years and for the week ended May 30 for four years:
CLEARINGS FOR MAY, SINCE JANUARY 1, AND FOR "WEEK ENDING MAY 30.
1931.
1930.
Week Ended May 30.
Five Months Ended May 31.
Month of May.
Clearings al
Int.or
Dec.
1931.
1930.
Inc.or
Dec.
1931.
1930.
Inc. or
Dec.
1929.
1928.
$
First Federal Rese eve District Boston
2.966.381 --12.1
2,607,687
-Bangor
Me.
17,512,007 --24.3
13.267,116
Portland
1,618,215,007 1,978.933.906 --18.2
-Boston
Mass.
5.167,618 --23.0
3,977,075
Fall River
2,525,023 --11.9
2,225.495
Holyoke
4,338,616 ---51.7
2,094,305
Lowell
4,263,293 -12.3
3.739,963
New Bedford
20,928,830 --7.9
19,260.637
Springfield
15,722,413 --22.6
12.160,618
Worcester
67,272,408 -32.1
45.661,202
Conn.
-Hartford.
30,874,665 -15.6
31,092,290
New Haven
10,877,400 -24.7
8.183,700
Waterbury
59,603,000 -22.0
46,521,800
-Providence_ - _
R. I.
3,101,765 -32.2
2,104.248
-Manchester..
N. R.
12.755,991
13,394.253 ---4.7
66,546,950
82.856.374 -19.7
-18.4
8,214,202.957 10,061,691.990 21,296,431
-I8.8
26,213.018 12,428.440 11,434,742
-8.0
10.207.493
21,599.359 ---52.8
-19.1
18,364.468
22,682,696 98.711.321
-5.8
104,809,135 62.331.068
76.575.167 --18.6
350.941.903 255,100.001
-27.3
177,816,927 --I5.8
149.709,843
39,561,600
48,824.700
19.0
243.843,400
307,757,500 -20.8
12.416,112
16.189.003 --23.3
441,233
2,364,296
305,000,000
704,112
1,811,111,143 2,230,087,325 -18.8
9,216,482,377 11,323,780,465 -18.6
388,589,316
Total(14 cities)-
441,881 --0.1
496.571
3,098,641 --23.7
3,742,781
360,000,000 -15.3 407,000,000
868,968 -19.0
1.010,807
643,182
3.925,019
453,000,000
1.924,467t
350,558
654,123
3,256,212
2,292,017
8,969.066
5,641,940
864.479
717.267
3,962,152
2.610.768
10,888,626
6,100,063
--39.5
--8.8
--11.0
--I2.2
--17.7
--7.5
1,023,532
1,081,076
5,036,727
3,083.908
14,511,529
7,583,125
1,089.311
860.293
5,439,893
3,242,380
17,013,153
11,707,207
8,520,000
395,759
10,171,400 -17.2
615,404 -35.7
12,651.600
678,582
14,547,600
728,182
-2.9
457.900,238
$14,120,487
400,339.649
JUNE 6 1931.1
4181
FINANCIAL CHRONICLE
CLEARINOS-(Continued.)
Month of May.
Clearings al
1931.
1930.
Week Ended May 30.
Fire 11onths Ended May 31.
Inc. or
Dec.
1931.
1930.
Inc. or
Dec.
%
$
$
%
$
$
Second Federal Re serve District -New York32,698.274
29.510,396
N. Y.
-Albany
6,142,663
4,806,496
Binghamton
241,062,703
163.315,324
Buffalo
4,628,054
4,331,608
Elmira
5,775.782
3.965,736
Jamestown
24,943,608,883 31,428,917,920
New York
51.358,712
43,853,449
Rochester
26,393,480
22,087,390
Syracuse
16.273,475
1onn.-Stamford
13
.510 186
.
3,600.014
2,905,405
-MontclairN. J.
163,025,688
128,751,512
Newark
208,178,879
148.161,153
Northern N.J
7,729,988
7,081,948
Oranges
-9.7
147,400,342
139.385.066
29.721,261
25,394,258
-21.8
-32.2
860,790.228 1.128,330.101
-6.4
22,958,472
22,098,600
21,461,796
-31.3
27,888,033
-20.6 124,016,535.798 158,749.060,036
-14.0
213,258,469
267,386.928
-18.3
123,348,928
106,481,338
-18.9
69,621,756
87,344.652
-19.3
18,970,221
15,539,404
-14.9
662,048,968
763.805,128
807,543,215 1,022,648,292
-28.8
-8.6
32.961,864
36,136,571
-5.6
-14.6
-23.8
+3.9
-23.0
-20.8
-20.2
-13.7
-20.2
-8.4
-13.3
-11.3
-8.8
1931.
1930.
$
..;...sr 3
1
8,457,975
4,071,068
1,146,977
776.558
43,056,793
32,741,794
1,296,915
21 836,010
1,248,258
596,139
4,259,142,079 5,429.258.102
9,528.619
6,790.964
6,035,295
2.996,061
4,181.347
2 3,013,131
644.400
548.883
30.520,944
25.015,010
41,348,238
25,668,303
0^
Inc. or
Dec.
1929.
1928.
%
1
$
5,883.068
5,315.034
-37.0
1.122.020
1,056,118
-32.3
49.440.523
53,181.506
-25.0
1.061,602
1,132.545
-35.5
1,256.948
1,315,483
-52.2
-21.5 7,493.199,357 7,636.251.202
18.039.809'
13,309,167
-38.7
9,501.917
6,073.908
-50.3
3.249.571
5,307,763
-28.9
1,531.649
771,754
-14.8
33,128,903
37,127,226
-18.1
42,986,438
41,520,366
-37.9
----
Total(13 cities)._ _ 25,515,869,486 32,195,783,637 -20.8 126,993.959,630 160.422,147,593 -20.9 4.362.192,000 5,575,323,863 -21.8 7,659,610.225 7,801,433.150
Third Federal Res erve District- -Ph!ladelphia6,050,844 -50.1
3.017,854
Pa.
-Altoona
18.365,672 +2.3
18.799.473
Bethlehem
5,128.869 -23.7
3,915,976
Chester
20,211.544 -26.0
14.969,361
Harrisburg
8,443,653 +27.7
10,786,825
Lancaster
3,148.152 -21.7
2,464,864
Lebanon
3,241,359 -10.6
2,897,867
Norristown
1,748,000.000 2,303,000.000 -24.1
Philadelphia
17,259.532 +3.0
17.769,235
Reading
20.277.044 -12.9
18,524,643
Scranton
15,818.330 -18.1
12,794,880
Wilkes-Barre
9,386,685 -22.0
7,318.343
York
10,046.000 -26.5
7,383.000
N.J.-Camden
19,707.000 +2.3
20,166,000
Trenton
18,714,291
29,214,803 -35.9
72.851,018
101,614,247 -28.3
19,964,322
21,921,207 -8.9
76,113.761
96,090.234 -20.8
49,941,277
45,519,278 +9.7
12,031,650
15,103.861 -20.3
13,979,481
16,045,546 -12.9
8,568.000,000 11,918,000.000 -28.1
66,858,031
80.441,721 -18.9
94,649,859
105,211,499 -10.3
87,962.885
74,349,484 -8.6
39,399.756
44.440.357 -11.4
40,322,878
49.074,556 -17.8
93.628,600
96,491,000 -3.0
Total(14 cities).- 1.888,808,321 2.459,884,684 -23.2
9,234,417,807 12,693,517,793 -27.3
Fourth Federal Re serve District .-Cleveland.
22,011.000 -37.9
13,682,000
Ohio-Akron
18.631,609 -21.0
14,711.606
Canton
273.813.510 --11.5
242.357,204
Cincinnati
581.739,610 -26.0
430.286,052
Cleveland
68,040,800 -15.5
57,478,900
Columbus
3,123,606 -2.1
3,100.075
Hamilton
1.457.473 -10.4
1,306,547
Lorain
8,901,229 -27.0
6,495,831
Mansfield
23,832.222 -38.5
14,864,502
Youngstown
1,913,431 -23.6
1,462,584
Pa.
-Beaver Co
686,893 -8.1
644,869
Franklin
6,056.166 -41.6
3,535,563
Greensburg
801,449,655 -27.5
581,133,033
Pittsburgh
5,620.089 -18.9
4,554-.786
Ky.-Lexington
w,vit.-wheeling_
16,245,456 -23.8
12,403,820
72,590.000
73,183,123
1,253,367,299
2,217,787,331
286,478,700
17,192,116
6,305,476
32,477,038
82,674.323
7.423.878
3,111,633
18.780,751
3,062.063.409
27,872,592
62,723.913
104.577,000
94,392,200
1,409.371.640
2,881.472.599
343,114,200
21,167,240
7,668.555
41,011,054
117.331,308
9,504,25
3.908.06
21,443,39
3,855,375,71
41.162.22
80.313,07
Total(15 cities).-- 1,387,797,972 1,833,522,755 -24,3
7,254 031,
,
582
9,031,802,517 -19.7
-51.9
-9.1
-25.1
-31.2
-22.9
-6.6
-18.1
-22.5
-24.4
-0.6
14,134,826
74,967.550
734,368,525
37,347.372
38,206.505
47,404.407
1,687,881,102
8,537.128
11.847,102
534,679,705
24,302.220
90,726.252
948.997,500
48,735,981
45,525,855
50,234,386
2,064.997,547
10,055,843
13,317,812
559,969,862
760,227,391 -18.7
3.169,434,222
3,856,982,858 -17.8
Fifth Federal Rese rve District.- Richmond.
2.494,597
5,184,923
W.Va.-Huntinton15,803,886
Va.-Norfolk
17,312,561
188,907 678
141,501.491
Richmond
11,224,233
7,720,385
-Raleigh
N. C.
9,512,482
7,335,400
-Charleston- - S. C.
10,531.660
11.277,951
Columbia
326.554,773
398,958,442
Md.-Baltimore.-2,084,868
1,615.024
Frederick
2,709.238
2,049,850
Hagerstown
113,055,037
102,346,950
-Washington
D.C.
Total(10 cities)
617,753,802
Sixth Federal Rese rye District.- -Atlanta.11,358,000
*7,000,000
Tenn.-Knoxville
103,730,238
51.885,007
Nashville
203,419,548
164,869,524
Georgia-Atlanta7.188.148
5.770,814
Augusta
4,539.363
3,062,424
Columbus
8.212,886
3,433,739
Macon
62,582,604
55,736,471
Fla.-Jaek'nville
7,772,668
6,680.801
Tampa
92,080,583
61.104,036
Ala.-Birmingliam
8,248,009
• 5,962,446
Mobile
3,684,852
3.008.191
Montgomery
6,190,000
4,754,000
Miss.
-Hattiesburg- 7,794.818
5.786.750
Jackson
2,820,689
1,490,453
Meridian
754,986
850,340
Vicksburg
192,979.288
162,708,378
La.
-New Orleans_
Total(16 cities).- _
543,905,374
-38.3
-50.0
-19.2
-19.7
-32.5
-44.7
-10.9
-14.0
-33.6
-27.7
-28.4
-23.2
-25.8
-47.2
-13.9
-15.6
45,500,000
292,074,536
808,682,507
30.163.318
15,949,842
18,101,421
234,412,332
35,011,495
309,963,671
31,550,268
16,371.607
27,201.000
33,418.581
8,883,885
3.315,682
901,445,668
721,357,280 -24.6
2,860,025.843
Seventh Federal R eserve Distric t-Chicago
1,082,859
755,140
Mich.
-Adrian
3,894,346
3,191,668
Ann Arbor
823,387.628
558,678,016
Detroit
13,341.549
9,302,381
Flint
25,004.780
18,921,282
Grand Rapids
4,289,778
3,202,893
Jackson
14,727,925
13,728,292
Lansing
16,304,393
12,354,940
Ind.
-Ft. Wayne
17.243,481
25.097:213
Gary
101,325,000
77,614,000
Indianapolis
12,410.683
10.384,332
South Bend
21,933,988
18.781.587
Terre Haute
10,800,447
10,487,856
Wisconsin-Madison134.759,888
114.262.197
Milwaukee
3.372,015
2,623,258
Oshkosh
13,063,388
11,101,457
Iowa-Cedar Rapids_
60,822,30
50,953,795
Davenport
39,724,80
Des Moines
29,858,067
2,148.28
1.731.876
Iowa City
28,835,29
Sioux City
17.550.479
6,759,72
Waterloo
3,295.988
4,954,19
Illinois-Aurora
3.865,833
8,831,03
Bloomington
6.898.635
1,916,096,21 2,585.321,91
Chicago
4.214.165
5,910,02
Decatur
23.130,32
15.980,089
Peoria
11,064,277
14.840.46
Rockford
0.543,138
12,264,82
Springfield
Total (28 cities)
-41.9
-17.4
-22.6
-21.2
-6.1
-5.5
-19.2
-15.1
-11.0
-4.9
610.614,198
1,087,493 +140.4
4,815,908 -14.4
890,499 -16.3
1,183.726
5.065,251
1.165,815
1.524.379
4.945,736
1,152.098
2,014,305
1.543,710 +30.5
1,764,265
1.586.985
340,000,000 414.000,000 -17.9
2.911,422 -20.7
2,309,292
3.585,837 -6.2
3,363,165
2,682,708 -21.3
2,109,760
1,717,753 -24.3
1,300,000
479,000.000
3.967,550
5.422,205
3,677,907
2,005,614
520.000,000
4.180.150
5,986,455
4,117,932
2,258,327
-1 7.9
7
4,147,826
7,077,542
436,209,330 -17.0
507,399,959
552,829,597
-35.5
-21.2
-13.1
-31.7
-33.0
6,388,000
3,729,655
65,533,572
120,117.032
18.021,900
6.250.000
3,389,964
64,370,084
116,689,717
16.508.900
1,389,084
3,807,400
1,797,887 -22.7
8.360,211 -40.1
1.532,7971
5,593,01
1,484.820
4,983,571
114,144,488
147,739,278 -22.7
165,497,370
165,687,806
3,238,008
361,813,895
3,226,000
2,474.062
45,403,768
77,164.808
8,726,900
2,974,000
4,999,000
3,140,241
52,234,000
112,837,976
13,017,800
---256.336,826
342,126,393 -25.1
386,413,336
379,397,662
375,575
2,308,148
28,590,352
957.057 -60.8
2,951,780 -21.8
37,043,000 -22.8
1,155,643
4,459,457
35,130,000
1,248,824
4,707,215
36.791.000
1,533,008
64,534,002
-9.8
*2,000,000
1,875 402
71,546,492 -10.0
74,871,964
90,944,349
*1,700,000
17,108,278
20,119,819 -15.0
23,469.685
25.131,449
114,449,363
134,318,148 -14.8
141.086,749
160,758,039
-29.3
-39.4
-19.1
-21.0
-30.9
-43.4
-16.6
22.0
-37.3
--25.4
39.2
-16.1
-23.5
-45.1
-26.6
-13.8
1.300,000
8,966,717
33,587,584
1.129,298
1,712,504
16,033,721
38,357,021
1,510,784
-24.1
-44.1
-12.4
-25.2
2,570.245
18,439,822
46.399,542
1,818.464
3.019.210
18.752.918
43,945.269
1.637,828
748,495
11,733,899
1,220,275 -38.7
10,582.004 +12.8
1,318.435
13,555,685
1,816.068
14,963.882
12,382,747
1.241,267
17.734,801 -.-30.2
1,740,196 -28.7
20,527.245
1,616.564
21.912,808
1.669.366
1,196,306
1.364,630 -12.3
1,503.000
1,214,000
98,745
31,842,657
122,716 -19.6
36,483.723 -12.7
223,174
39,930,368
316,891
46,698,258
3,728,457,337 -23.3
104,227,715
126,862,375 -17.8
147,902.562
155.946.294
118,316
640.007
109,186,025
176,703 -33.0
810,375 -21.0
144,517,896 -24.5
211,861
866,652
190,475,116
223,023
1,132,631
183,398,177
3,370,342
4,447,000 -24.2
6,126,212
7,852,126
1,907,554
1.759.340
2,285.033 -16.5
2,700.982 -34.8
3.440,000
3,126,880
2,933,023
3,035.213
12,403,000
1,512,538
, .
3121559
17.151,000 -27.7
1,797.370 -15.9
815 -14.6
,
3646,
20,261,000
2,492,521
4,191.671
19,379.000
2,845,600
4,262.435
16,385,819
23,385.899 -29.9
29,051,295
35,562,303
2.163,027
2,647,608 -18.2
2.499,204
2,793,565
4,670,000
5,724,932 -18.4
9,105,292
8.415.398
2,941,519
486,152
4, - 487079 -1075
9
989.476 -50.9
5,825,417
1,368,307
6,296.095
1,372.208
1,641,435 -28.7
2,057,994
1,170,844
349,148.802 455,375,586 -23.7 550.855,054
891,845 -10.1
1.099.471
801,883
3,916,112 -37.3
4,798.340
2,456,962
2,732,466 -30.7
3,642,954
1,894,1338
2,049.708 -13.8
1,762.699
1,770,213
1,565,726
755,519.415
1,366.139
4978.944
3,418.192
2.484.634
64.347,544
481,948.485
997,584,658
38.170,494
23,072.774
31,414.400
341,241,436
44.886,604
493,957,238
42,282,690
26.913.803
32.435.000
43.700,538
16,175,886
4.521,977
1.045,803,830
3,754,470
4,984,188
18.452,784
20,544,864
2,905,970,109 3,913,317,933
49,835,090
66,604,252
101,456,316
123,245,832
18,287,151
31.488,987
82,028,304
78,190.510
54.461.618
74,095.322
82,382,982
114,373.038
370,710.000
475,722,000
47,177,938
58,438,309
97,408,883
. .
113657067
53,176,150
61.335,750
524,838,496
859,553,187
14,521,522
17,158,294
57,663,696
66,920,708
247,827,519
275,549,140
149,895,336
214.405,942
8,550,935
10.404,432
85,929,538
137,683.02
18.355.717
32,997,43
19.408.311
24,320.35
34,269,904
40,600,85
9,317.250,504 12 645,601,14
.
20.471,059
27.151,99
74,408,048
110,110,42
52,552,775
72,600,81
58,045,28
50.173.559
-24.7
-10.2
-25.8
51.1
-17.7
-41.9
-20.7
-20.5
-28.0
-20.8
-19.1
-143
.
-13.3
-20.4
-15.3
-13.8
-10.1
-30.1
-17.7
-37.6
-44.4
-20.2
-15.6
-28.3
-24.6
-32.4
-26.8
-13.6
2,953.483.336 4,018,137,647 -26.5 14,547.217.290 19,529,101,066 -25.5
Eighth Federal Re serve District -St. Louis
19,233.603
22,671,000
-Evansville
Ind.
1,120.732
690,491
New Albany
400,366.525
547,772,109
Mo.-St. Louis
92.243,639
169,689,892
Ky.-Loulsville
910.522
1,286,664
Owensboro
0.571.768
9,717,664
Paducah
50,445.050
Tenn.-memenis
75,961,235
34,705.760
51,017,885
Ark.
-Little Rock-724,157
991,803
ILL-Jacksonville--4,292,442
5,892,093
Quincy
Total (10 cities).-
-21.0
-18.1
-32.2
-30.3
-24.3
-23.0
-6.8
-24.2
-31.3
-23.4
-16.4
-14.4
-3.0
-15.1
-22.2
-15.0
-16.2
-24.9
-19.3
-34.6
-01.3
-24.0
-22.3
-25.9
-28.7
-30.9
-25.5
-22.2
-30.6
-22.5
-11.1
-22.0
-16.5
-18.3
-17.8
-20.8
-29.5
-21.9
-20.4
-12.6
-20.6
-32.3
-21.9
2,613.323
4,120,828
745,304
-14.9
+62.3
-28.9
-45.8
-29.2
-32.5
-33.6
-32.0
-27.0
-27.2
90,086,710
5,648,777
2.054.433,204
495,869
.181
7.159,372
30,798,113
274,803,271
165,208,373
3,493,216
16,902,957
98,759,768
3,474,243
2.687.898.137
840.469,321
10.480.851
48,096,800
429.693,705
272,244,815
5.127,190
29,663,291
885,690,836 -31.0
3,150,401,174
4,425.908,121 -28.8
-2.7
-37A
-23.5
-38.3
-31.8
-36.0
-36.0
-39.3
-31.9
-43.0
517,908.538 681,834,320 -24.0 843,257,740 1,048,831,843
2,783.775
3,536,764 -23.0
4,357,585
4,224,010
80,059,113
16,301,141
141.162
129.700,000 -38.3
33,940,291 -52.0
211,076 -33.1
132,100.000
29.269,614
292,726
138.400.000
29,187,236
294,877
-31.6
-24.0
-18.7
-42.9
15.777.390
11,766,105
286,734
1,202,166
15,917 895
10,776.552
308,462
1,328,760
190,528,140 -39.5
195.132.320
200,437,597
8,816.598
6,729,244
94.523
643,178
115,348,734
12.984.790
8,859.998
116.276
1,126.945
.
[Va... 132.
FINANCIAL CHRONICLE
4182
CLRA RI ArGS-(Conelucted )
II
Month of May.
Clearings al
1931.
1930.
Inc. or
Dec.
1931.
$
Inc. or
Dec.
1930.
S
99,130,025
1,646.042,520
12,360,403
503,092,780
43,066.017
32,321,000
8,107.820
21,513,379
43,789,433
13,338,281
22.320,886
63,153,159
1,038,235
528,925,668 -22.2
2,082,834,452
y-40.9
-33.8
-16.5
-20.1
+3.6
-14.5
-32.5
-59.5
-32.9
-29.9
-42.1
-19.0
-24.8
-25.9
6,011,951
8.567,719
64,259.603
769.646,892
47,352,176
61,828,165
114.754.170
11,219,962
1.918,337,355
92,805,003
139,955,367
21,258,061
525,540,531
26,624,783
_
ww..
1:4;DiDat.lioOb
83,321,054
1,334.622,101
7,153.295
438,91,9,169
41,228,426
29,215,000
6,127,777
18,456,281
36.983,577
11,705,549
16,967,582
56,838,870
1,305,771
411,443,850
1931.
3
%
$
$
Rath Federal Res erve District -Minneapoli s
19,853,723 -23.3
15,233,616
am-Duluth
351,092,627 -22.2
273,256,486
fInnespolis
2,583,445 -44.1
1,445,487
Gochester
103,596,049 -23.0
It. Paul
79,763,030
9,228,358 -14.3
7,909,830
D.
-Fargo
6,886,000 -17.3
5,695,000
Mand Forks
1,885,405 -31.0
1,300,000
Boot
4,314,239 -16.9
3.586,232
D.- A berdeen--- 8,809,532 -20.7
6,968,177
lour Falls
2,787,520 -18.4
2,274,742
nt.-Billings
4.641,910 -23.8
3.536,790
Meat Falls
12,836,083 -11.4
10,201,910
Felons
410,877 -33.4
273,550
owistown
'otal(13 cities)._
Week Ended Mat 30.
Flee Months Ended May 31.
1930.
Inc. or
Dec.
$
%
1929.
S
1928.
$
5,927,589
68,995,137
6,481,568
72,281,239
14,052,777
1,404,373
19,467,067 -27.8
1,474,408 -4.7
20.869.937
1,657,742
26,586,107
1,646,000
648,694
839,394 -22.7
1.077,590
1,148,003
387,293
515,743 -24.9
536,186
494.022
1,940,858
2,468,390 -21.4
2,872,000
2,828,000
2,509,973,933 -17.0
68,885,433
90,294.567 -23.7
101,936,181
111.464,939
-23.1
-24.4
-17-3
-18.3
-2.7
-13.4
-25.2
-49.8
-28.5
-31.4
-35.4
-17.9
-25.9
-21.2
236,033
252,428
.
2,059 322
25,381,906
269,734
*450.000
2.414.879
34,035,249
-12.5
-43.9
-14.7
-25.4
333,365
539,006
2.988,868
37.065.981
341.905
491,251
4,041.683
36,397,262
2,278,994
3,820,226
2.333,680 -2.4
6,191,754 -38.3
2.444,466
8,327,403
2,910.394
8,639,662
65,120,538
3,702,688
93,087,095 -30.7
5,215,319 -29.0
109,045,131
4.796,508
111,295,302
5,553,350
857,261 -2.7
833,978
aa
1,135,293 -30.9
784,048
674,782
a
1.511,157
500,724
s
1,213.967
146,890,244 -28.9
165,706,667
171,394,500
t!jJ
_
3,207,720
47,243,918
4,035,068 -20.3
61,494,497 -23.2
,
'enth Federal Res erve District -Kansas Cit
1,731,876
Net).
1,230.167
-Fremont
2,455,469
1,830,213
fasting
14.926,197
12,468,766
incoln
, .
187 230 388
triaha
149,533,641
8.954,241
30411.
9,185,0_0
-Kansas City
12,564.330
10,745,288
'opeka
30,171,261
20,354,567
, ichita
4,281,739
Mo.-Joplin
1,954,413
521,154,536
11lamas City
349,773,008
24,189,347
16,956,000
t. Joseph
41,512,534
Olda.-Tuisa
24,037,353
5,467,520
Col).-Colo. Springs_
4,424,127
144,516,178
len ver
103,750,392
6,827,644
5,049,511
ueblo
otal (14 cities). _ _
716,002,406 1,005,983,280 -28.8 +3.808,161.838
leventh Federal Reserve DIstr let-Dallas6,283,777
6,537,493
as-Austin
7,696,000
6,293,000
eaumont
169,373,000
150,839,900
alias
28,997.196
19,785,407
I Paso
42,272.299
ort Worth
30,106,867
11,347,000
9,200,000
alveston
134.543,333
115,004,389
ouston
3,059,263
OR Arthur
1,930,895
1,833,335
1.600.408
exarkana
8.333,000
4,482,000
lehita Falls
20,611,994
16,649,557
-Shreveport
OM (II Mt's:1)_ _
362,255,016
+1.2
-18.2
-37.6
-31.8
-38.2
-18.0
-14.5
-36.9
-12.7
-46.2
-19.3
31.871,421
34,553,931
777,509,834
107.001,493
168,311,111
55.715,000
607,955,802
10,461,072
7,866,979
27,989,000
81,015,452
434,350,197 -16.6
9
. .
1 908 751.0 5
7.819,96
11,327,866
77,730,529
90,118,537
48,657.206
71,422,758
153,511,313
22,345.657
2,681,599,393
135.529,193
216,648,285
25,895,321
708,935.622
33.784,390
5,137,324,038 -25.9
34,140,513
43.361,000
918,541,686
138,604,515
235,606,925
75,220,290
696,611,647
15.851,164
11.566,261
46.589,000
117,241,814
-6.6
-20.3
-15.4
-22.8
-29.2
-25.9
-12.7
-34.0
-32.0
-39.9
-31.0
2,333,340,815 -18.2
-San Fran isco.- woifth Federal It eserve Distric t.
14.793.000
20,992 000
4,336,000 -30.8
Wa,h.
*3,000,000
-Bellingham
686,652,937
865,113,929
178,400,985 -28.5
129,648,509
8 ,attle
196,564,000
232.357,114
46,604,167 -24.3
34,848,000
SiNnicane
19,089.059
24,460,331
4,144,999 -18.3
aklma
3,386,453
27,064,006
27,415,09
5,739,603 -10.2
5,155,950
10-Bolse
6,494,000
9,308,875
1.999,200 -26.7
Ore ton-Eugene
1,465,000
600,528,827
743,409,637
169,047,228 -19.9
Inland
135,338,803
23,734,470
33,418,109
6,289,956 -35.2
UtaJ5
-Ogden
4,074,749
307,749,516
382,753.641
75,726,556 -22.7
SIill Lake City
57.745,184
95,282.000
72,253,000
18,430.000 -14.5
Arizono-Phoenix
15,751,000
21,391,020
35,587,750
7,719.162 -49.4
Cal -Bakersfield3,902,707
101,504,411
82,053.503
20,358,211 -14.9
Bimkeley
17,325,014
160,051,711
127,527,692
-26.7
31,808,853
LImg Beach
23,323,245
LI58 Angeles
No longer will report clearing 8.
21,401,680
12,645,028
4,356,513 -46.3
odesto
2,341,000
133,708,571
113,210,813
25,377,982 -18.5
madena20,676,959
23,945,347
19,417,873
5,387,028 -22.0
RI
4,194,282
iveraide.
148,843,279
148,596,663
28,414,860 +9.9
30.915,164
Icramento
124,529,900
101,980,426
24,536,054 -24.3
SI60 Diego
18,585,897
826,717,382 -25.9 3.146,745,872 4,232,059,772
SI6n Francisco
812,950,992
61,936,941
53,580.195
12,320.333 -21.2
8 tri Jose
9,714,350
43,590.616
40,004.287
9,052.032 -16.2
7,584.654
Barbara
6nta
42,338,189
36.738,844
8.475,474 -22.3
So4nta Monica
6,548,827
10,313,380
10,261,033
1,989,257 +84.0
,nta Rosa
3,660.876
47,345,500
34,779,400
8,017,100 -12.2
Stockton
7,038,700
5,893,907,711 7,684,595,745
Mal(24 cities).- 1.159,175,415 1,522,848,915 -23.9
4
_21.9190.119,625,021 2 2,676,912,286
Grasi010tal(182 cities) 37.978.311,309 48,594.599,595
. 50
-24.1 66.103.089,223 85.927.844 2
Out. ide New York-.13,034,702,426 17,165,881,675
-29.5
-20.6
-15.4
-22.0
-1.3
-30.2
-19.2
-29.0
-19.6
-24.3
-39.8
-19.2
-20.3
-
104,470,161
6,357,493
899,621 -29.3
1,287,230
1,660,594
28,890,000
29,050,271 -10.2
38,316,812
38,166,164
6.727.958
1,900,000
8.536,983 -21.2
1,823,000 +4.2
0.456,534
3,259,000
11.161,126
4,528,139
3.978.338 -15.7
4,196.856
4,212,885
+0.1
56.496,432
59,728.908
22.860.538
6.784.000
582,988
32,865,010 -30.4
18.890,000 -64.1
782,674 -25.5
43,416,807
19,179.000
1,222,553
45,108,080
11,915,000
1,336,273
21,999,118
29,239,715 -24.8
32,198,843
33,823,783
10,994,927
15,032,457 -26.9
15,772,206
15,882.097
5,770,026 -22.4
4,476,125
No longer will report clearin gs.
8,415,226
6,229.398
3,354,674
45.230.125
45,215,213
-40.9
-15.3
-18.9
-0.2
-18.1
-28.7
-17.5
-8.9
-13.2
+0.5
-26.6
6,341,008
2.886.850
106,421,074
1,612.571
1.351,684
1,123,419
-23.3
3,938,724 -15.9
5,247,126
5,186,467
*4,000,000
3.533,712
139,339,145
1,868.485
1,357,621
1,473,236
4,365,238
4,679.929
166,848,996
2,343,896
1,473,477
1,739,130
4,265,224
4,144,612
199,656,000
2,411,261
1,294,778
1,901.212
1,420,600
+58.5
-18.3
-23.6
-13.7
-0.4
-23.8
- -1,440,000 -1.4
2,049,500
1,669,400
192,165,570
259,530,805 -28.0
306,951,927
334,923,535
3,310,688
11491266.551
21.6 6,631,615.676 8.429,471,047 -21.3 10969794,336
3.476,594.979 3,865,015,349
.372,473,597 2,844,147,184 -16.6
-23-1 2
WEEK ENDING MAY 28.
CANADIAN CLEARINGS FOR MAY, SINCE JA NUARY 1, AND FOR
1931.
Canada'Footrest
Toronto
".•Innipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
I ethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
Yew Westm Inster__ -Medicine Hat
Peterborough
1terbrooke
Kitchener
A'indsor
Prince Albert
Moncton
{Weston
l'hatham
larnia
ludbury
Total(32citles)
3
644.510.482
538,977,036
193,221,535
67,328.728
30,479,883
25,410,019
14,430,001
22,900,450
28,230,437
10,298,935
8,358,430
13,120,219
15,976,685
14,580,553
1,685.410
1.739,771
7,960,994
3,909,758
4,256,092
2.999.310
2,553.755
982,306
3,165,927
3,721,488
5.324,971
13,797,702
1,682.391
3,281,434
2,934,141
2,218,860
2.202,369
3,096,438
$
2,662,040,368
2.396,21s,876
768,138,362
333,650,052
134,123,499
117,899,823
63,555.008
105,474,457
138,883,305
50.316,280
40,501.014
61,635,926
93,754,420
70,590.727
8,391,716
8.340,370
36,381,583
17,213,679
21,024.307
12,709.577
12,939,666
4,669,806
15,789,322
15,850,542
23,310,593
68,884,08*
8,700,829
15,576,131
13,048,416
12,197.750
11,366,518
16,251,838
5
2,912,667,792
2,625,686.528
948,277,058
428,815,506
154,783,097
133,489,716
68.881,156
131,924,082
194,905,013
51,573,617
51,874.142
69,036,450
124,280,469
94,614,054
10,267,148
10,424,853
45,004,179
25.674,152
23,898,777
17,099,279
18,064.935
0,674,004
18,588.189
19,774.573
26,270,855
101,466,399
9,034,812
19,920.496
16.496,006
13,342,546
15,726,732
25,365,493
-8.2
7,358,935,843
8,414.632,033 -12.5
a Na longer reports weekly clearings. *Estimated.
Inc. or
Dec.
Inc. or
Dec.
1030.
--%
$
653,945,548 -1.4
585,166.486 -4.7
214,601,642 -10.0
86,372,018 -22.1
34,337,783 -11.2
31,643,278 -20.0
14,876,253 -2.9
27,355.402 -18.3
35,920,945 -27.0
11,75.5,436 -12.4
11,269,763 -25.8
15,040,029 -12.8
27,441.963 -41.8
20,101,019 -27.5
2,184,102 -22.9
2,440,182 -28.7
9,600,888 -17.1
7,860,388 -50.3
4,989,573 -14.7
695 -23-5
3,919.
45 -33.8
3,859,9
1,376,926 -28.6
4,067,781 -22.2
4,523,795 -24.4
5,324.917 +0.1
23,128,099 -40.6
1,855,388 -9.3
4,564,557 -28.1
3,494,149 -16.0
2,684,749 -17.4
3,518,189 -34.6
5,557,764 -44.3
1.693.136.490 1.844.778,652
Week Ended May 28.
Fire Months Ended May 31,
Month of May.
Clearings at-
1931.
1930.
%
-8.6
-8.7
-18.5
-22.2
-13.3
11.7
-7.7
-20.1
-29.8
-2.4
-21.9
-10.9
-24.6
-25.4
-18.2
-20.0
-19.8
-33.0
-12.0
-25.6
-31.4,
-30.0'
-15.1
-19.8
-11.2
-32.3
-3.7
-21.8
-14.9
-8.6
-27.7
-39.9
• 1930.
Inc. or
Dec.
5
123,621.660
96,412,163
42,477,240
13,420,421
4,697,243
4,430,436
2,433,941
5,195,583
4,625,983
2,088,893
1,532,953
2,393,668
4,478,586
2,624.667
307,874
344,415
1,332,023
525,161
830,771
501,334
442,810
172,996
557,831
675,891
711.908
2,406.656
305,524
609,702
547,831
448,166
427,160
683.344
$
107,328,353
106.739,598
43,823,533
0
10,168,44
5,179,880
4,182,875
2,504,297
5,262,513
6,550,271
2.138,800
2,160,589
2,622.779
4,758,083
3,866,516
375,820
592,628
3,962,648
1,647,833
910,891
931,082
778,139
234,370
781,460
796,069
1,098,793
5.262,513
348,505
803,656
631,718
460,167
523,612
947,425
%
+15.2
-10.7
-3.1
-16.9
-7.4
+5.9
-2.8
-1.3
-29.4
-2.3
-29.1
-8.7
-5.9
-32.1
-18.1
-41.9
-66.4
-68.1
-8.1
-46.7
-43.1
-26.2
-28.6
-17.4
-35.2
-54.3
-11.8
-24.1
-13.3
-2.6
-18.4
-27.9
8
118,664,761
119,5,8,121
49,607.115
21,438,380
6,020,725
6.680,519
3,833.985
5,954,828
10,468,380
2,740,542
2,369,939
2,566,583
5,127,013
6,066,180
553,845
359,406
2,098,061
1,059,335
1,555,250
730,841
837,137
331,944
816.659
854,540
1,229,116
5,616,456
365,575
813,411
697,679
672,574
360,517
8
164,144,770
158,210,040
77.602,570
19,353,034
7,322,985
8,978,123
3,561,187
6,548,655
25,351,554
3,294,263
2,317,504
3,639,129
6,439,442
4,815,429
557,035
790,123
2,426,237
1,255,756
1.344,135
969,465
879,484
452,331
886,266
943,548
1,370,400
5,250,672
398,431
1,033.563
1.067,802
872,249
601,407
322,268,814
334,384,856
-3.6
378,239,400
510.913.075
1931.
1929.
1928.
JUNE 6 1931.]
4183
FINANCIAL CHRONICLE
-The statement of condition of the National banks under the CompCondition of National Banks March 25 1931.
troller's call of March 25 1931 has just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including March 27 1930 are included.
24 AND
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON MARCH 27, JUNE 30, SEPT.
AND DEC. 31 1930 AND MARCH 25 1931.
Resources
Loans and discounts (Including redIscounts)_a
Overdrafts
United States Government securities owned
Other bonds, stocks, securities. Sze.. owned
Customers' liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash In vault
Due from banks
Outside checks and other cash Items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with endorsement
Securities borrowed
Other resources
x
Mar. 27 1930 June 30 1930 .Sept. - 4 iv.su Dec.31 1930. marat:ea 1931.
7.316 Banks. 7.252 Banks. 7.197 Banks. 7,038 Banks. 6,935 Banks.
$
$
$
$
$
14 A48,75.9.000 14.887.752.000 14.653.078.000 14.362,039.000 13,722,072,000
7.037,000
11.128,000
7.388.000
9,452.006,
9.943.000
2,817,155.000 2.654,836.000 3,192,718,000
2.722,84:1.000 2,753.94 1,
3.832.829.006 4 134.230,000 4,307,096.000 4,437.230,000 4,469.659.000
539.284,000
475,549,000
613,635.000
509.433.000
519.530.060
810,789,000
811.980.000
793.808.00fJ
787.750.000
705,800,000
124,662.000
120,722,000
129.471,000
124.58-1.000
125.823.000
ii
1.363.651.000 1,421,676.000 1.432,892,000 1.460.365,000 1,441,387,1
334.122,161
409.084,000
339,839,000
342,507,000
350,611.000
3,579.892.000 2.888.481,000 3.338,017.000 2,942,432.000
2.507,770.000
32,304.000
63.131.000
36,741.000
71,264.000
45.106.000
32.427,000
32,671.000
32,768.000
32.821.000
33.025.000
203.966.000
18.000.000
200.752.000
244,100.000
17,596.000
199.541.000
228,527,000
16.505.000
215,645.000
244,489,000
15.803,000
228,294,000
215.326,000
14,910,000
247.338,000
27.318,498.000 29,116.539.000 28.378.683,000 28,799.684,000 28.126,467,000
Total
LiabiliiiesCapital stuck paid in
1.704.40R.000 1,743.974.000 1.745,125,000 1,722.159.000 1,716,254.000
Surplus fund
1.553.544,000 1.591.339.000 1.592.814,000 1,548,364.000 1,529,896.000
532,759,000
515,973.000
586.430,000
profits
545.873.000
-net
Undivided
541.195.000
113,668.000
108.507.000
83.813.000
94.962,000
Reserves for dividends, contingencies, &c
79.467.000
82.145.000
64,495.000
95.619,000
Reserves for interest, taxes, and other expenses accrued and unpaid
79,129.000
98.750.000
645,523.000
642,902,000
652.260.000
National bank notes outstanding
652.339.000
649.703,600
3.282.226,000
Due to banks_b
2.762.093.000 3.418.148.000 3.184,919,000 3.342.406,000 10,046,037.000
Demand deposits
10.163.225.000 10,926.201.000 10,334.688.000 10.638.790.000 8,711,402,000
Time deposits (including postal savings)
8.514,864.000 8.752,571,000 8.798.252.000 8,727,430,000
304.501,000
163.020,000
163.428,000
United States deposits,
171.964.000
200,796.000
22,344,166,000
Total deposits
21,640,978.000 21,258.134A,000 22,481,317,000 22,871,648,000
13,857.000
33,073.000
11,954.000
Agreements to repurchase United States Government or other securities sold
8.173.000
10,123.000
194.466,000
255,606,000
219.850,000
Bills payable and rediscounts
229.033,000
225.651.000
or drafts mold with inAcceptances of other banks and bills of exchange
215,326.000
244,489.000
228.527.000
dorsement
244,100.000
203,966.000
554.866.000
625.478.000
487.102,000
Acceptances executed for customers
511.007.000
523.194.000
8,627,000
8,242.000
9,830,000
15.544,000
Acceptances executed by other banks tor account of reporting banks
11,304.000
14.9 0,000
15.803.000
16.505.000
Securities borrowed
6
17.596.00
18,000.000
160.104,000
142,947,000
167,537.000
Other liabilities
114.586.006
98.203.000
28.126,467,000
Total
0
27,348.198.000 29.116,539. 00 28378.683,000 28,799,684.000
Details of Cash in Vault
13,651,000
14,088,000
Gold coin
14,963.000
14.748.000
14.762.000
36.300,000
42.652.000
Gold certificates
33.505.0(10
34.373.000
32.695,000
284,171.000
352.344.000
All other cash in vault
291.371,000
293,386.000
303,184,000
Details of Demand Deposits
Individual subject to check
8.844.610.000 9,455.422.000 9.135.670,000 9.315.685.000 8,679.422.000
130,095.000
137.357.000
Certificates of deposit
149,036,000
143.511.000
133.641.000
984,168,000 1.105,744.000
State, county and municipal deposits
907.183,000
1,060.117.000 1,153.701,000
130.776.000
Other demand deposits
201.580,000
102.799.000
173.567.000
124.857.000
Details of Time Deposits
378.057.000
412.820.000
State, county and municipal deposits
434,178.000
437,819.000
388.178.000
1.348.567.000
Certificates of deposit
1.334.398.000 1.357.461.000 1.375,493,000 1,339,463.000 6.097,531.000
6.166,360.000
Deposits evidenced by savings pass book
6.041,191.000 6.070.683,000 6.048,765.000
509.604,000
453,626.000
Time deposits, open accounts, Christmas saving accounts. &c.
627,940.000
499.517.000
57-1.847,000
184,491,000
146.349.000
Postal savings
110,172,000
100.880.000
107.980.000
91.621,000
79,236.000
Deposits of other banks and trust companies located in United States_ _
74,252.000
94.762.000
88,405.000
101.531,000
129,576.000
Foreign countries
121,452,000
55,935,000
115.346.000
Percentages of Reserve-11.17
11.227
Central Reserve cities
10.91%
10.93%
10.997,.
7.01%
7.01
Other Reserve cities
7.12%
7.14%
7.157
8.62e
All Reserve cities
8.46%
8.527
8.57%
8'53w
4.80
4.82%
Country banks
1
4.83,
4.97%
4.87%
6.57,
6.93%
11 F14 ,..,
Total United States
il Snot.
a Includes customers' liability under letters of credit.
b Includes certified and cashiers' checks, and cash letters of credit and travelers checks outstanding.
THE ENGLISH GOLD AND SILVER MARKETS.u:q3n.pfts
£121,228
Britisli West Africa
t
10,474
reprint the following from the weekly circular of other countries ca
Other
13,663
Co. of London, written under date of
Samuel Montagu cir
£145,365
May 27 1931:
veLN)_DIAN
GOLD.
The Bank of England gold reserve against notes amounted to £150,173,380 on the 20th instant (as compared with £148,976,873 on the previous
Wednesday), and represents an increase of £2,547,758 since Dec. 31 1930.
The shipment of bar gold which arrived from South Africa this week
was only about £241,000 which, together with £45,000 from West Africa,
was available in the open market to-day. There was only a small demand,
trade requirements being about £40,000, and the price was fixed at 84s.
9%d„ per fine ounce. The Bank of England secured £236.000 at the
statutory buying price.
.
Movements of gold at the Bank of England during the week have re
sulted in a net influx of E683,816. Receipts totaled £703,818, of which
£443.334 was in sovereigns from Argentina and £260,484 in bar gold.
Withdrawals consisted of £13,000 in sovereigns taken for export and £7,002
in bar gold.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 18th instant to mid-day on the 23rd instant:
Exports
Imports£1,116,700 Germany
British South Africa
£7,400
443,354 France
Argentina
10,278
Switzerland
Straits Settlements and
21,300
47,990 Austria
dependencies
6,090
4,089 British India
Other countries
11,166
Other countries
409
£1,612,133
£56,643
SILVER.
Prices have fluctuated during the past week but the tone continued
weak. Some support has been given by China, although salmi were also
made by this quarter following a fall in the Shanghai exchange, but the
pressure has been mainly from Indian Bazaar selling to cover bull commitments. The quotation had fallen to 12 5-16d. for both cash and two
months' delivery by the 23rd instant, a level which attracted buying from
both China and Indian Bazaar boars, causing a slight reaction. America
has again baton disposed to sell for near delivery but showed less inclination at the lower rates.
Prices were quoted level on the 22nd and 23rd instant, but 1-16d. premium
on cash delivery was re-established yesterday.
The following were the United Kingdom imports and exports of sliver
registered from mid-day on the 18th instant to'mid-day on the 23rd instant:
Exports
l3ritish India
Other countries
£47,879
23,024
£70,903
'
RETURNS.
y
Mat' 22. May 15.
15t bt
.. 15371
12610
12671
Mag 7.
_ (Its tars of rtt
15660
IN otes in circulation
12549
Silver coin and bullion in India
of India
Silver coin and bullion out
:1§1.
i
., b
1986
Gold coin and bullion in India
Gold coin and bullion out of India
720
-114
Securities (Indian Government)
Securities (British Government)
I.-3,390,000
The stocks in Sbanghai.on the 23rd instant consisted of about
bars, as compared
°nacos in hYcee, 156,000,000 dollars and 3,460 silver
with about 84,000,000 ounces in sycee, 155.000,000 dollars and 3.720 sit ver
bars on the 16th instant.
Quotations during the week:
-Bar Silver Per Oz. Std.- Ear Got Per
Oz. Fine.
2 Mos.
Cash.
84s. 9)jd.
12%d.
y
12 13-1d.
Ma 21
84s. 9%d.
1244d.
1214d.
22
84s. 9%6.
125-164.
12 5-156.
23
S-is. lid.
127-164.
12%d.
26
84s. 9%6.
125-164.
12%d.
27
84s. 10.0d.
12.4876.
Average for above five days__ _ . _ _12.525d.
The silver quotations to-day for cash and two months' delivery are each
%d. below those fixed a week ago.
uit
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, dm., at London,
as reported by cable, have been as follows the past week:
Mon.,
Sat..
41at' 30. June 1.
Sliver, P. ez_d. 12 3-18
12%
Gold. p.fine oz.843.9%d. 843.9%d.
,
Consols.2 s__ .59 ).1,
59%
British 5s _____ -- -102%
British 4%ti _ -- --- 101%
French Rentes
89.20
In Paris)-fr. --- French War L'n
102.60
In ParLs)_ fr.
-
Fri.,
Thurs..
Wed.,
Tues.,
June 5.
June 4.
June 3.
June 2.
1214
12 5-16
125-16
12%
4d.
84s.10%d. 849.10%d. 84.3.11)4d. 848.11,
59%
59%
59%
59)4
103
103
103
102%
101%
101%
101%
101%
89.10
89.40
89.30
69.30
102.60
103.30
103.10
103.30
The price of silver in New York on the same days has been:
Silver in N.Y., per es. ets.):
26%
Foreign _____
26%
26%
26%
26%
4184
[VOL. 132.
FINANCIAL CHRONICLE
Preliminary Debt Statement of the United States
May 1931.
The preliminary statement of the public debt of the United
States May 31 1931, as made upon the basis of the daily
Treasury statement, is as follows:
Consols
2% Consols of 1930
2% Panama's of 1916-36
2% Panama's of 1918-38
8% Panama's of 1961
8% Converslon bonds
23i% Postal Savings bonds
3599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
22,834.660.00
$776,154,790.00
First Liberty Loan of 1932-4785i% bonds
$1,392,241,350.00
4% bonds_
5,003,950.00
4S'i% bonds_
536,286,000.00
31,933,532,300.00
6.268,222,950.00
4$t% Fourth Liberty Loan of 1933-38
8,201,754,250.00
4S1% Treasury bonds of 1947-52
4% Treasury bonds of 1944-54
33i% Treasury bonds of 1946-56
384% Treasury bonds of 1943-47
3;§% Treasury bonds of 1940-43
334% Treasury bonds of 1941-43
3758,984,300.00
1,036,834.500.00
489.047,100.00
493,037,750.00
359,042,950.00
594,230,050.00
3,731,216,650.00
Total bonds
Treasury Notes
834% Series C-1930-32, maturing Dec.15 1932
4% Civil Service—Series 1931 to 1935
4% Foreign Service—Series 1933 to 1935.....-
312,709,125,690.00
$451,710,450.00
161,400,000.00
1,247.000.00
Treasury Certifies:au234% Series TJ-1931, maturing June 15 1931_
14(% Series TJ2-1931, maturing June 15 1931
254% Series TS
-1931, maturing Sept. 15 1931
134% Series TS2-1931, maturing Sept. 15 1931
134% Series TD-1931. maturing Dec. 15 1931
134% Series TD2-1931, maturing Dec.15 1931
2% Series TM-1932, maturing Mar.15 1932....
$429,373,000.00
159,941,000.00
334,211,000.00
300,176,000.00
268,381,000.00
275,118,000.00
623,891,500.00
4% Adjusted Service, maturing Jan. 1 1932_
$2,391,091,500.00
165,500.000.00
614.366.450.00
2,556,591,500.00
Treasury Bills (Maturity Value)—
Maturing July 1 1931
Maturing July 2 1931
Maturing July 17 1931
Maturing July 27 1931
Maturing Aug. 3 1931
Maturing Aug. 10 1931
Maturing Aug. 17 1931
$50,417,000.00
50.428,000.00
50,102,000.00
53.510.000.00
60,100,000.00
50.000.000.00
50,000,000.00
$346,681,016.00
156,039,088.03
$190,641,927.97
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency-- Thrift and Treasury savings stamps, unclassified sales, &c
33,210,905.00
2,042,294.51
229,299,359.51
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Aug. 31 1919
May 31 1930
When War Debt Was
A Year Ago.
at Its Peak.
326,596.701,648.01 $16,399.460,495.51
Gross debt
1,118.109,534.76
Net balance in general fund
104,609,500.71
25 $16,294,850,994.80
Gross debt, less net bal. in general fund_ 325,478,592,113.
April 30 1931
May 31 1931.
Last Month.
$16,655,379,119.
72 816.527,128,569.77
Gross debt
330,797,827.35
41,060,313.95
Net balance in general fund
292 37 $16,486,068,255.82
Gross debt, less net bal. in general fund-_$16,324,581, .
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
May 29 1931 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of May 29 1931.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
Gold coin
Gold bullion
8
798,180,498.99 Gold ctts.0utstanding-1.698,612,539.00
2,868,151,452.11 Gold fund, Fed. Reserve
Board (Act of Dec. 23
1913,as amended June
1.760,532,277.86
211917)
156,039.088.03
Gold reserve
Gold in generalfund.... 51,148,046.21
498,498,257.00
Total
Net gold cobs and bullion.
No I egiVtT coin and bullion
Net United States Doles
Netnational bank notes__
Net Federal Reserve notes
Net Fell Res. bank noted
Net subsidiary silver
Minor coin, As
210,049,947
14,153,877
2,559,307
18,038,808
1,281,245
7.114
6,893,897
5,308,950
213,220,953
13,558,690
3,468,022
16,417.496
1,018,580
23,801
6,441,850
5.448,997
209,526,569
15.539,433
2,754,399
19,136,376
1,000,255
40.981
6,656,039
5,590,172
258.293.154
156,039,080
259,598,389
156,039.088
260,244,224 *256,936,940
156.039,088 156,039,088
Cash balance In Treaa'y
Dep.In apeo'l depositories,
account Troaa'y bonds,
Treasury notea and certificates of indebtedness
Dep. In Fedi Res bank
Dep. In national banks:
To credit Treas. U. S__
To credit did). of!leers_
Cash In Philippine islands
Deposits In foreign dents _
Dep.In Fed'! Land banks
102,251,006
103,559,301
104,205,136
100,897,852
100,271,000
37,501,282
475,081,000
55,570,762
276,270,000
45,784,638
12,435,000
25,075,400
6,696,186
20,517.616
916,067
2,175,734
7,962,468
19,278.336
512,440
1,788,467
7,511,134
18,536,269
876,293
1,545,410
7,176,928
19,599,718
892,595
2,832,744
270,331,951
119,934,271
663,732,774
121,304,177
454,728.880
123,93lip
168,910,237
127,849,923
498,498,257.00
207,187,134
15,656,889
3,059,069
18,190,898
1,288,100
26,644
6,282.726
5,245,390
41,060,314
Available rash balance
150,397,680 542,428.597 330.797,827
* Includes June 1 311,084,054 silver bullion and 34,605.889 minor. dm. Mil
not included in statement "Stock of Money."
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for May 1931
and 1930 and the eleven months of the fiscal years 1930-1931
and 1929-1930:
Eleven Months
----AlonthofMay--1930-1931.
1929-1930.
Receipts—
1930.
1931.
$
Ordinary—
$
$
$
Customs
27,463,104 51,722,274 349,368.279 514,830,575
Internal revenue:
Income tax
28,700.678 34,297,751 1,564,628,882 1,884,543,041
Miscell. internal revenue... 47,207,167 56,474,828 518,111,882 570,747,576
Miscellaneous receipts:
Proceeds Govt.
-owned securities:
Foreign obligations—
781,112
31,625,608
Principal
214,000
51,847,820
239,320
92,601.598
Interest
231,000
70,576,388
16,521,538
Railroad securities
11,019,323
70,359 5,675,883
All others
131,945
10,452,898
2,496,742
7,773,343
Trust fund receipts (reappropriated for investm't) 4,644,718 5,340.950
54,337,733
42,137,603
Proceeds sale of surp. prop.
623,572
249,645
2,646,906
7,392,317
Panama Canal tolls, Arc
2,056,364 2,315,064 • 24.775,564
26,166,392
Other miscellaneous
11,070,833 15,640,064 139,268,834 187,412,360
Total ordinary
3,666,331,951.10
Total
3,666,331,951.10 Total
Note.—Reserve against $346,681.016 of U. S. notes and $1,240.150 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
SILVER DOLLARS.
$
Liabilities—
Audi—
$
Sliver dollars
498,498,257.00 Silver ctts. outstanding. 492,685,272.00
Treasury notes of 1890
1,240,150.00
outstanding
4,572.835.00
Silver dollars in gen.fund
Total .
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury
at the beginning of business on the first of March, April,
May and June 1931:
Net cash in Treasury
and in banks
Deduct current liabilities_
3,404,232.03
316,527.128.569.77
Total gross debt
168.910,237.13
Total
168,910,237.13 Total
Note.—The amount to the credit of disbursing officers and agencies to-day was
1373,310,881.30.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations to-day was $33,210,905.
$997,400 in Federal Reserve notes and 318,143,142 In national bank notes are
In the Treasury In process of redemption and are charges against the deposits for
the respective 5% redemption funds.
Total cash in Treasury
Lase gold reserve fund_ _
31,639.970.26
4,080,500.00
6,676.200.00
20,700.00
1,244,400.00
36,681,650.00
1,679,900.00
12,000.00
1,143,250.00
53,178.570,26
Debt Bearing No Interest—
United States notes
Leas gold reserve
GENERAL FUND.
Liabilities
51,148,048.21 Treasurer's checks out
509,605.98
standing
4,572,835.00
3,059,069.00 Depos. of Gov. officers.
4,342,216.88
Post Office Dept
1,288,190.00
26,644.00
Board of Trustees,
Postal Say. System.
18,190,898.00
5% reserve, law6,282,725.66
11,811,947.72
4,605,888.68
ful money
1,298,195.32
Other deposits-11,014,054.41
Postmasters, clerks of
courts, disbursing
639,500.63
48,041,120.84
officers. do
25,075,400.20 Deposits for.
Redemption of F. R.
notes(5% Id.. gold) 32,613,538.13
Redemption of nat'l
12,435,000.00
bank notes(5% Id..
28,142,539.59
lawful money)
1,166,260.31
Retirement of add'I
eirculat'g notes. Act
1,666,482.64
1,350.00
May 30 1908
7,176,928.49 Uncollected items, ex1.089,408.72
changes, &o
19,599,718.18
127,849,923.18
41,060,313.95
892,595.22 Net balance
Holdings its U.S. Treasury Mar.1 1931. Apr.1 1031. Map 1 1931. Attie 1 1931.
364 567,000.00
—
116,244.850,640.00
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to Apr.1 1917
Second Liberty Loan bonds of 1927-42
Third Liberty Loan bonds of 1928
334% Victory notes of 1923-23
% Victory notes of 1922-23
Treasury notes
Certificates ef indebtedness
Treasury bills
Treasury savings certificates
Assent—
Gold (see above)
Silver dollars(see above)
United States notes....
Federal Reserve Dotes..
Fed. Res. bank notes..
Nationalbank notes.....
Subsidiary silver coin__
Minor coin
Sliver bullion
Unclassified. collections,
&a
Deposits in Federal Reserve banks
Deposits In special depositariee acct.of Balm
of ate.of indebtedness
Deposits in foreign den.
To creditofTreas.U.S.
To credit of other Government officers- _Deposits in nat'l banks
To creditofTreas.U.S.
To credit of other Government officers.....
Dep.in PhilippineTreas..
To creditotTreas.U.13.
124,404,610 173,242,763 2,804,339,722 3,374,446,738
Excess of total expend,chargeable against ordinary receipts over ord. receipts._.161,486,964 57,754.544 1.040.458,092
202,906,416
Expenditures—
Ordinary—
(Cheeks Sc warrants paid, Ac.)
General expenditures
214,122,943 177,837,733 2,159,510,564 1,975,902,496
Interest on public debt_a
17,659,526 15,739,873 517,406.070 560,777,994
Refund of receipts:
21,340,416
Customs
19,631.808
1,388,900 2.401,893
62.608,737 114,429,102
Internal revenue
5,706.814 ' 6,474,682
75,074,871
Postal deficiency
15,000,000 10,000,000 119,017,315
10.573,337
Panama Canal
8,717,831
907.794
447,627
Operations in special accts.:
84,855,324
8239,701
Railroads
5204,449
25,457
559,727
56,773
War Finance Corporation_
1,701
796
22,559,171
23,823,600
Shipping Board
2,073,019 2,701.964
Agricultural marketing fund
(net)
9,918,639 211,806,828 113,119,799
24,805,531
993,245
1,136,217
Allen property funds
98.287
15,892
Adjusted service certif. fund591,506 225,242,992 112,122,533
1,043
20,507,454
20,417,163
Civil service retirement fund5115,954
9,308
JUNE 6 1931.1
FINANCIAL CIIRONICLE
--Month of May
Expenditures.(Concluded.) 1931.
1930.
Ordinary$
5
Investment of trust funds:
Government life insurance.. 4,365,382
3,301,894
Dist. of Col. teachers' retire
39,684
69,300
Foreign Service retirement_
910,000
914,300
General railroad contingent
1,999,372
210,030
Eleven Months
1930-1931.
1929-1930.
53,188,436
570,582
294,930
578.715
39,239,342
486,389
299,282
2,411,872
Total ordinary
285,891,574 230,997,307 3.423,705,314 3,064,922,252
Public debt retirem'ts chargeable against ord. receipts:
Sinking fund
391,660,000 388,368,950
Purchases & retirein'ts from
foreign repayments
29.265,450
9,682,500
Rec'd from foreign Govts.
under debt settlements_
Received for estate taxes__
Pur. & retiremls from fran.
tax receipts (Fed. Res. &
Fed Interm. Credit bks.)
Forfeitures, gifts, cicc
109,790,850
73.100
91,400
75,650
421,092,500
Total
4,455,000
60,503
512,430,903
Total expend, chargeable
against ord. recelpts____285,891,574 230,997,307 3.844,797,814 3,577,353,155
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $35,997.68 and for the fiscal year 1931 to
date $385,339.75 accrued discount on war savings certificates of matured series,
and for the corresponding periods last year the figures include $44,376.72 and
$483,317.26, respectively.
S Excess of credits (deduct).
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, May 30 to June 5, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks-
Allegheny Steel
•
Allegheny Trust Co_ _100
Aluminum Goods Mfg_ *
Amer Fruit Growers pf _100
Arkansas Nat Gas Corp--•
Preferred
10
•
Armstrong Cork Co
Bank of Pittsburgh
50
*
Blaw-Knox Co
*
Clark(D L) Candy
Columbia Gas & E:lec.---•
Crandall Melt &Henderson
Devonian 011
10
Hachmeister Lind Corp_ _*
Preferred
•
Harbison Walker Ref _ _ --*
Horne (Joseph) Co
*
Independent 13rewing_ -.50
Koppers Gas & Coke p1100
Lone Star Gas
*
McCrady Rodgers pref__50
•
McKinney Mfg
Mesta Machine
5
Nat Fireproofing pref._ _50
Peoples Say & Trust__ _20
Pittsburgh Brewing
50
50
Preferred
Pittsb Plate Glass
25
Pittsb Screw & Bolt Corp._
5
Plymouth Oil Co
Shamrock Oil & Gas
•
Standard Steel Spring_ __ _*
United Engine & Fdy----•
Westinghouse Air Brake_ _*
Unlisted
Leonard Oil Developmt _25
Lone Star Gas pref._ -100
Mayflower Drug Stores_ *
Western Pub Serv v t 0-_•
334
1934
1734
26
5
1734
2734
16
3
27
31
11
22
3234
2334
7
Bonds
Clark(DL)Candy 63_1944
Pitts)) Brewing gs
1949
Low.
High.
May
June
June
May
May
May
May
Apr
June
Jan
June
May
May
Jan
Mar
June
Mar
June
June
Apr
May
June
June
May
May
June
Apr
June
June
May
Apr
June
June
June
4634
330
16
7234
694
7
30
120
2934
1334
35
15
10
2034
73
44
32
3
10234
29
48
5
37
33
135
6
12
44
1534
1934
1234
31
38
35
Feb
June
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
May
May
Feb
Feb
Jan
Jan
Mar
Feb
Apr
Feb
Apr
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Mar
Feb
Mar
500 500
100 100
134 2
6
714
June
134
Apr 108
Jan
2
June 1434
Apr
Mar
June
Feb
98
June
98
RO
May
COIL
June
3,700 50o
50 100
630
1
6,635
6
$2,000
4.000
Wheat.
Flour.
Affty
•No par value.
Oats.
Corn.
Barley.
Rye.
bbls.196Ibs.lbush.6019s.bush.58 Ths.lbush. 32195.bush.48Ibs.'bush.561bs.
New York__
17,000I
66,000
404,000'
175,000 1,160,000
,
50.000
12,000
Philadelphia....
36,000
19,0001
80,000
51,000
1,000
15,000
18,00
Baltimore....-Norfolk
1,000
24,00
New Orleans *
9,0001
105,000
48,00
3,000
Galveston..
85,000
503,000 1,743,000,
61,000
Montreal -81,000, 2,909,000
12,000
41,000
1,000
Boston
30,000'
I
Sorel
911,000
Total wk.1931
386,00011 5,238.000
Since Jan.1'31 8,772,000 55,747.000
48,000
1,506,000
697,000 2,239,000
3.696,000 9,461,000'
63.000
642,000
Week 1930.__
434,0001 4,148,000
Since Jan.1'30 10,581.000 37,778,000
63,000
2,070,000
63.000
2,122,009
17,000
330,000-
123,000
285,000
* Receipts do not include grain passing through New Orleans for foreign port
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 30 1931, are shown in the annexed
statement:
Exports fromNew York
Philadelphia
Baltimore
Norfolk
Sorel
New Orleans
Galveston
Montreal
Houston
Quebec
Wheat.
Flour.
Corn.
Bushels. Bushels.
984,000
200,000
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
254,000
48,595
20,000
10,000
9,000
3,000
1,000
911,000
310,000
56,000
2,909,000
38,000
19,000
3,000
81,000
1,000
1,000
503,000
61,000 1,743,000
154.595
205.173
Total week 1931._ 5,408,000
Sam....6 logo
A202000
Range Since Jan. 1.
155 30
30
30
10 330
330 330
150 1034
1034 1134
22 65
67
67
550
334
334 315
435
534
534
534
1734 1934 1,454 16
100 100
7 100
1,193 1634
1634 18
10
1034
445 10
26
26
200 28
5
5
5
10
434 434
100
434
17
1834 1,595 10
65
65
18 65
27
910 27
2734
30
30
50 29
1
1
1
130
9634 97
230 9634
1434 1634 12,117 1434
47
100 47
47
234 3
234
200
25
27
1,330 25
26
26
10 25
93
95
386 90
234 3
140
234
8
8
20
8
2834 3134 1.825 2834
10
11
150 10
365
634 7
634
100
534
534
5
20
22
530 21)
540 3234
3234 33
320 20
20
2334
98
98
7044 SO
Receipts at
-
4185
536,000
6.000
81,0002,006,000
103.000
17.000
The destinat'on of these exports for the week and since
July 1 1931 is as below:
Flour.
Exports for Week
Since
and Since
Week
July 1 toMay 30 July 1
1930.
1931.
Wheal.
Week
May 30
1931.
Since
flay 1
1930.
Corn.
Week
May 30
1931.
Bushels.
Bushels.
Bushels.
Barrels. Barrels.
United Kingdom_ 48,642 3,555,484 1,181.000 44.173,000
74,453 4,132,763 4,224,000 131,361,000
Continent
1,886.000
So.& Cent. Amer_
4,000 1,222,910
87,000
3,000
West Indies
9,000 1,181,050
2,000
21,800
____
Brit. No. Am.Col.
3,161,000
428,799
Other countries..._ 18,500
Total 1931
logo
Tnt21
154,595 10,542,806 5,408,000 180,670.000
o 72A 228 5.202.000 136.398.000
ens 172
Sines
Julp 1
1930.
Bushels.
90,000
114,000
4,000
79,000
287,000
355.000
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE APPROVED.
Capital.
$400,000
May 26-4
1
'irst National Bank in Meridian, Mississippi
Correspondent: L. Rothenberg, Meridian, Miss.
CHARTER ISSUED.
25.000
May 21
-The First National Bank of Ethan, S. Dak
Conversion of Security State Bank,Ethan, S. Dak.President: IIenry Zeier. Cashier: C. L. Breckenridge.
$100.000
May 27
-The National Bank of Fitzgerald, Georgia
President: J. J. Donniny.
TITLE AND LOCATION.
CHANGE OF
May 29 The First National Bank of Canby, Clackamas County.
Oregon, to "First National Bank in Aurora," Marion
County, Oregon.
CONSOLIDATION.
May 29
-The Farmers National Bank of Shelbyville, Tennessee_ _$100,000
50,000
May 29
-The Citizens Bank, Shelbyville, Tennessee
Consolidated to-day under Act of Nov. 7 1918, as
Feb. 25 1927 tinder the charter of The Farmers
amended
National Bank of Shelbyville. No. 10785. and under
the corporate title of "First National Bank of Shelbyville," with capital stock of $100,000.
Mammydaland Wisceliatterins news
-Among other securities, the following
Auction Sales.
not actually dealt in at the Stock Exchange were sold at audtion
Breadstuffs figures brought from page 4270.
-All in New York, Boston, Philadelphia and Buffalo on Wednesthe statements below regarding the movement of grain
- day of this week:
-are prepared by us
receipts, exports, visible supply, &c.,
By Adrian H. Muller & Son New York:
$ per EN
from figures collected by the New York Produce Exchange. Shares. Stocks.
$ per Sh. Shares. Stocks.
240 Sadowsky Costume Co., Inc.,
2000
7 Fifth Ave. Bank of N. Y
First we give the receipts at Western lake and river ports 11 First Nat. Bank of N.Y
$2 lot
common
3205
Franklin Process, Ltd., par
for the week ending last Saturday and since Aug. 1 for 10 Merchants Refrigerating Co., 40 100 Merco Holding Corp.. pref.,Li;
no
2
common
par; 1 Merco Holding Corp.,
each of the last three years:
500 Clark Fibre Products Corp.
Flour.
Receipt., atChicago
Minneapolis
Duluth
Milwaukee....
Toledo
Detroit
Indianapolis..
St. Louis
Peoria
Kansas City....
Omaha
St. Joseph _
Wichita
Sioux City-
Wheal.
Corn.
Oats.
I Barley.
Rye.
bbls.1961bs. bush.60 193 bush. 56 lbs.lbush.32193. bush.48Ibs bu5h.561bs.
708.000
238,000
157,000 1,421,000,
64.001)
7,000
146,000
1,179,000'
83,000
203,000
57,000
732,000
3.000
8,000
56,000
2,000
13,000
66,000
605,000
19,000
135,0
12,000
42.000
92,00
5,000
24.0
18,000
13,000
4,000
164,000
123.000
104,000
128,000
574.000
359,000
182,000
12,000
38,000
86,000
88,000
36,000
44,000
67,000
2,584,000
304,000
42,000
081,00
156,000
52,000
117,000
64,000
14.000
318,000
18,000
5,000
7,000
9,000
22,00
Total wk.1931
Same wk.1930
Same wk.1929
336,000 8,834,000
310,000 3,839,000
445,000 4,564,000
2,061,000
4,512,000
2,862,000
910,000
2,530,000
2,372,000
532,00
667,000
631,00
137.000
602,000
276,000
Since Aug.118,025,000 387,431,000 177,895,000 98,441,00044,824.000 19.851,000
1930
18,444,000 33l.009,000227,522,000 123,471,000 60.863.000 22,713,000
1929
20,964.000 440,115,000 237,038,000 128,417,00087,848,00024.761.000
1928
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 30 follow:
common, no par; 20 Sopum Soap
Co., Inc., pref., par $50; 20
Sopura Soap Co., Inc.. common,
no par; $3,000 United Fuel & Sunply Co., 10-yr. 6% notes, dated
April 15 1926, ett. of deposit___$52 lot
$1 lot
(Del.), par $1
40 Barre Trading Corp., common.
$2 lot
no par
50 Eastern Food Corn
$14 lot
2 Triplex Safety Glass of N. Am__$1 lot
2 Triplex Safety Glass of N. Am 810 lot
By H. L. Day & Co., Boston:
g per Sh.
Shares. Stocks,
100 Federal Nat. Bank, par $20___ 60
40 12-20 Federal Nat. Bank, par $20 60
20 Central Trust Co., Cambridge,
4134
par $10
10 Malden Trust Co.. par $10
30
109
6 Sagamore Trust Co., Lynn
10 Associated Textile Cos
35
5 Associated Textile Cos
3634
2 Naumkeag Steam Cotton Co___.. 70
Shares. Stocks.
$ Per 57i
300 Maligns Real Estate Trust__ 1
12 Saco Lowell Shops, 1st pref.... 14
Per Cent.
Bonds$1,000 Toronto 6s, July 1943_111% & int.
55,000 State of Jalisco 6s, Feb. 1930,
coupons Aug. 1913 & sub on__$30 lot
-1
$3,000 Associated Pune Utilities
Corp., 1st 5s, July 1947,ser. A_50 sr ins
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
65
5 First Nat. Bank, par $20
35
5 Associated Textile Cos
35
5 Associated Textile COS
1334
50 IN ashawena 91111s
3634
5 Associated Textile Cos
1 Connecticut & Passumpsic Rivers
105
RR. preferred
20 Amer. Constitution Fire Assur.
15
Co.. par $20
20 Amer. Home Fire Assur. Co.,
15
par $20
$ per M.
Shares. Storks.
3
1011. F. Staples Co
3 Standard Stores. Inc., cons. A;
1 Standard Stores, Inc., pref.,
$2108
par $50
38
50 Amer. Glue Co., common
100 Chapman Valve Mfg. Co., cornmon, par $25
27
10 Boston Woven Hose & Rubber
Co., common
52 ex-dlv
65 Western Mass. Cos
5 -52H
,
20 units Thompsons' Spa, Inc
6234
4186
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Ph.
30 Phila. Nat. Bank, par S20
100
25 North Broad Nat. Bank, par $10 74
26 First Nat. Bank, Media, Pa_ _200
10 Mitten Men & Mgt. Bk. & Tr.
Co., par $50
47
30 First Camden Nat.Bank & Trust
Co., Camden, N. J., par $2580
17 First Camden Nat.Bank & Trust
Co., Camden, N. J., par $25
80
50 Continental-Equitable Title dr
Trust Co., par 55
23
25 Real Estate
-Land Title & Trust
Co., par $10
26%
15 Real Estate-Land Title & Trust
Co., par $10
26%
100 Pa. Co. for Ins. on Lives, &o.,
1 par $10
65
[VOL. 132.
FINANCIAL CHRONICLE
$ per Ph.
Shares. Stocks.
100 Central Trust & Says. Co.,
10
par $10
4 John B.Stetson Co., pref., par 525 30
24 Camden Fire Ins. Co., par $5_ _ 163
119 Camden Fire Ins. Co., par 85-- 16%
3 Lumbermens Ins. Co., par $25.... 85
100 Fire Assn. of Philadelphia-- 16%
158 Bankers Securities Corp., pref. 14%
46 Bankers Securities Corp., corn143
mon v. t. c
Per Cent.
Bonds$1,000 McCallum Manor 1st M.6s,
Class B, March 25 1930 (unex80 flat
tended), registered
$1,000 Huntingdon & Broad Top
Mt. RR. & Coal 3d consol. 55,
5
extended to April I 1940
By A. J. Wright & Co., Bt ffalo:
Shares. Docks.
$ per Ph. Shares. Stocks.
40 Youngstown Cold Storage Co.,
5 Zenda Gold Mines, par $1
Inc
$1.25 1,000 Area Mines, par $1
10 Internat. Rustiess Iron, par $1... 59c.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Southwestern Gas & Elec., pref. (guar.) "1% July 1 "Holders of roe. June 15
Southwestern Light & Power, pref. (qu.) '134 July 1 *Holders of rec. June 15
Springfield (Mo.) Gas dr El. pf. A (qu.)_ - $1.75 July 1 Holders of rec. June 15
June 1 "Holders of reo. June 1
Tampa Gas, corn. (guar.)
8% preferred (guar.)
June 1 *Holders of rec. June 1
*2
7% preferred (guar.)
'134 June 1 *Holders of reo. June 1
Telephone Bond dr Share, corn.(quar.)_ _ *z50e. July 15 'Holders of rec. June 25
Preferred (guar.)
1% July 15 Holders of rec. June 25
Toledo Edison Co.,7% pref.(mthly.).. 58 1-3c July 1 Holders of rec. Juno 15a
6% preferred (monthly)
50e. July 1 Holders of tee. Juno 15a
5% preferred (monthly)
41 2-3c July 1 Holders of rec. June 15a
Twin City R.T., Minneap., pf.(qu.)134 July 1 Holders of rec. June 12
vsi
t
Union Passenger Ry
July 1 *Holders of rec. June 15
United Lt.& Pow., com. A & B (guar.)._
250. Aug. 1 Holders of rec. July 156
$6 preferred (guar.)
$1.50 July 1 Holders of rec. June 15a
Virginia Public Service,6% pref. (guar.) 1)4 July 1 Holders of me. June 15
7% preferred (guar.)
154 July 1 Holders of rec. June 15
17
$ Per Ph. West Penn Electric Co., Cl. A (guar.).-- $1.75 Juno 30 Holders of rec. June
West Penn Power Co.,7% pf.(quar.)154 Aug. 1 Holders of rec. July 6
$1101
6% preferred (guar.)
1% Aug. 1 Holders of rec. July 6
le.
West Philadelphia Pass. Ry
*$4.25 July 1 *Holders of rec. June 15
West Texas Utilities, pref. (guar.)
*$1.50 July 1 *Holders of rec. June 15
By Baker, Simonds & Co., Detroit, on Friday, May 29:
Bonds
$ Per Ph.
Per Cent. Shares. Stocks.
11,167 International Oils Let., Inc.,
$2,000 Finsterwald Furniture Co.,
$10 lot
1st leasehold coll. tr. 6s. July 1
1932
$1,340 lot
-
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Albany & Susquehanna
Topeka & Santa Fe., pre:
Atch.. Creek (guar.)
Beech
Chic, Rock Ifild. & Pao., common
7% preferred
6% preferred
Colorado dr Southern, 1st prof
Detroit Hillsdale & Southwestern
Lehigh Valley, corn. (guar.)
Preferred (guar.)
Little Schuylkill Nay. RR. dr:Coal
Morris dr Essex
N. Y.& Harlem, common & preferred
ST. Y. Lackawanna dr Western (guar.).Old Colony RR. (guar.)
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
"434 July I "Holders of rec. June 15
*234 Aug. 1 "Holders of rec. June 26
50c July 1 Holders of rec. June I50
June 30 "Holders of rec. June 12
"1
*334 June 30 *Holders of rec. June 12
Juno 30'Holders of rec. June 12
"3
June 30 Holders of rec. June 16a
2
July 6 Holders of rec. June 20a
2
6234CJuly 1 Holders of rec. June 13
$1.25 July 1 Holders of rec. June 13
$1.1 July 15 June 13 to July 15
51.76 July 1 Holders of reo. June 6a
$2.50 July 1 Holders of rec. June 15a
134 July 1 Holders of rec. June 15a
*134 July 1 *Holders of reo. June 13
Public Utilities.
Amer.& Foreign Power, $7 pref.(qu.).- '$1.75 July 1 "Holders of rec. June 15
$6 preferred (guar.)
"$1.50 July 1 *Holders of reo. June 15
Amer. Gas & Electric, common (quar.)_
250. July 1 Holders of rec. June 11
.Corn.(one-fiftieth share corn. stock)_ - (f) July 1 Holders of reo. June II
Preferred (guar.)
$1.50 Aug. 1 Holders of reo. July 8
Amer. Public Service, pref. (guar.)
•i84 July 1 *Holders of reo. June 15
Amerprefcteed lauar.)eS rv., corn. A (qu.) "450. July 1 'Holders of reo. June 20
$6 . Starrs rublle
"$1.50 July 1 *Holders of rec. June 20
Arkansas Natural Gas, pref. (quar.)
*15o. July 1 'Holders of rec. June 15
Biringham Electric Co., $7 prof. (guar) $1.75 July 1 Holders of reo. June 9
$6 preferred (guar.)
141.50 July 1 Holders of reo. June 9
British Columbia Power. el. A (qu.)
r 50c July 15 Holders of rec. June 30
Carolina Power & Light, $7 pref. (guar.) $1.75 July1 1 Holders of rec. June 9
$1.50 July 1 Holders of rec. June 9
P $6 preferred (guar.)
Central & S. W. UM., corn. (quar.)---- 11% July 15 *Holders of rec. June 30
"$1.12 July 1 'Holders of rec. June 19
Cincinnati dr Sub. Bell Telep. (guar.)Columbia Gas &
corn.(guar.).- • 50e. Aug. 15 Holders of rec. July 20
6% preferred (guar.)
134 Aug. 15 Holders of reo. July 20
Elec..
134 Aug. 15 Holders of rec. July 20
5% Preferred (guar.)
Community Telephone, panic. stk.(qu.) v5pe. July 1 *Holders of tee. June 19
Consol. Gas of N. Y., pref. (quar.)-$1.25 Aug. 1 Holders of roe. June 300
n
June 30 Holders of rec. June 15a
Cuban Telephone, corn. (guar.)
2
Preferred (guar.)
134 June 30 Holders of rec. June 15a
Denver Tramway, pref. (quar.)
•37340 July 1 *Holders of roe. June 15
Diamond State Tel., 634% pref. (qu.).
c.134 July 15 *Holders of rec. Juno 20
Eastern Gas & Fuel Assoc., pr. pf. (qu.) 134 July 1 Holders of rec. June 15
6% preferred (guar.)
134 July 1 Holders of reo. June 15
Electric Power & Light
$7 prof. allot. ctfs., full paid
$1.75 July 1 'Holders of rec. June 6a
$7 prof. allot. Ws.. SO% paid
$1.40 July 1 Holders of rec. June 6a
Federal Pub. Serv., 834% prof. (quar.) . 134 July 15 'Holders of rec. June 30
0
Federal Water Service, $6 prof.
July 1 *Holders of rec. June 15
(guar.)- "$1.50
July 1 'Holders of rec. June 15
$4 Preferred ((puar.)
*S1
$6.50 preferred (guar.)
$1.625 July 1 'Holders of reo. June 15
• v51.75 July 1 "Holders of rec. June 15
$7 preferred (guar.)
Georgia Power Co., $6 pref. (quar.)... $1.50 July 1 Holders of rec. June 15
$5 preferred (guar.)
$1.25 July 1 Holders of rec. June 15
Hackensack Water, clad; A (guar.)
"433(0 Juno 30 *Holders of rec. June 16
Indianapolis Pr. & Lt., 634% pref.(gu.) 134 July 1 Holders of rec. June 6
6% preferred (guar.)
134 July 1 Holders of rec. June 5
Iowa Electric Co., 7% pref. A (quar.)- "134 June 30'Holders of reo. June 20
(94% preferred B (guar.)
*134 JUIM 30 *Holders of reo. June 20
Iowa Ry. & Light, pref. A (quar.)
"IA June 30 *Holders of rec. June 15
Preferred B (guar.)
"134 June 30 *Holders of reo .June 15
Preferred C (guar.)
"134 June 30 "Holders of rec. June 15
Kentucity Securities Corp., corn. (guar.) 4.134 July 1 *Holders of rec. June 1
Preferred (guar.)
'134 July 15 *Holders of rec. June 20
Lone Star Gas, corn. (guar.)
*22c June 30'Holders of reo. June 15
Mackay Companies, pref. (guar.)
July 1 Holders of reo. June 12
1
Michigan Elec. Power, 7% pref. (guar.) "134 July 1 'Holders of rec. June 15
slm July 1 *Holders of reo. June 15
6% preferred (guar.)
Minnesota Pr. & Lt., 7% pref.(quar.)
134 July 1 Holders of rec. June 15
$6 preferred (guar.)
$1.50 July 1 Holders of reo. June 15
National Public Service Corp.. p1. A(cP1.) 134 July 1 Holders of rec. June 10
New England Investment & SccuritY
July 1 "Holders of reo. June 20
2
New York Wat. Serv., Pref.(QUar.)-134 June 15 Holders of roe. June 5
Ohio Edison Co.$5 pref.(quar.)_-__ _ $1.25 July 1 Holders of rec. June 130
$6 preferred (guar.)
$1.50 July 1 Holders of rec. June 130
81.65 July 1 Holders of rec. June 130
$6.60 preferred (guar.)
$1.75 July 1 Holders of rec. June 13a
$7 preferred (quar.)
$1.80 July 1 Holders of rec. June 13a
r $7.20 preferred (guar.)
Orange & Rockland Elec. 7% pref. (qu.) '134 July 1 *Holders of roe. June 25
'134 July 1 *Holders of rec. June 25
6% preferred (guar.)
1
.
Pacific Telep. & Teleg., corn. (quar.).... . 134 June 30 "Holders of no. June 20
'134 July 15 *Holders of rec. June 30
Preferred (guar.)
Peoples Light dr Power, class A-Dividen d omit ted
Power Corp. of Canada 6% pref. (guar.) 134 July 15 Holders of rec. June 30
75e. July 15 Holders of rec. June 30
Participating preferred ((rear.)
Public Service of N. H., $6 pref. (guar.) 111.50 June 15 *Holders of reo. May 29
*$1.25 June 15 'Holders of reo. May 29
$5 preferred (guar.)
*$3
,
July 1 'Holders of reo. June 15
Ridge Ave. Pass. Ry., Phila. (quar.)_
50c. July 15 Holders of rec. June 20
Southern Calif. Ed. Co., orig. pf.(guar.)
3434 July 15 Holders of rec. June 20
53.4% preferred series C (guar.)
134 July 15 Holders of rec. June 20
Southern Canada Power,6% pref. (qu.)_
Southern Union Gas
July 1 *Holders of rec. June 20
Common (quar.) (in common stock)-- 112
*50e. July 1 *Holders of roe. June 20
Preferred A (guar.)
•433(c July 1 *Holders of tee. June 20
7 Preferred (guar.)
%
Banks.
Bank of America (guar.)
50c
Bancamerica-Blair Corp.
-Dividend del erred.
Chase National (quar.)
Si
Chatham & Phenix Nat. Bk. Sr Tr.(qu.) "SI
National City Bank
National City Co
1E1
City Bank Farmers Trust Co
July
Holders of tee. June 20
July
July
Holders of tee. June 12a
*Holders of rec. June 15
JUIY
Holders of rec. June 6
Trust Companies.
Bankers Trust (guar.)
Bronxville Trust
Guaranty (guar.)
Manhattan Co.(guar.)
United States (guar.)
Extra
750
*6
5
$1
15
10
Fire Insurance.
Bowls Insurance Co. of Amer.(guar.)
"550 July
July
June
June
July
July
July
•
1 Holders of rec. June
15 'Holders of reo. June
30 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
11
1
5
15a
19
19
1 *Holders of rec. June 16
Miscellaneous.
62%0 July 1 Holders of rec. June 18
Abbott Laboratories (guar.)
'62% July 1 *Holders of rec. June 20
Acme Steel (guar.)
Amer. Brown Boveri Elec., pref. (guar.) c,1% July 1 *Holders of rec. June 20
25e. July 1 Holders of reo. June 15
American Car dr Foundry, corn. (quar.)1% July 1 Holders of reo. June 15
Preferred (guar.)
American Cigar Co., pref.-Dividend em itted.
'37%c June 15 *Holders of rec. June 5
American Fork dr Hoe, corn.(guar.)
"134 July 15 'Holders of rec. July 3
Preferred (guar.)
75o July 1 Holders of rec. June 115
American Snuff, common (guar.)
134 July 1 Holders of reo. June ho
Preferred (guar.)
American Steel Foundries, corn. (guar.). *250 July 15 *Holders of rec. July 1
*154 Juno 30 *Holders of rec. June 15
Preferred (guar.)
Anglo-Norwegian Holdings, Ltd., pro!.. 334 June 30 Holders of rec. June 23
*350 June 30 *Holders of reo. June 13
Associated Oil (altar.)
SI July 1 Holders of reo. June 20
Auburn Automobile (guar.)
July 1 Holders of tea. June 20
e2
Stock dividend
*80e July 1 'Holders of rec. June 15
Axton Fisher Tobacco, class A (quar.)-'134 July 1 *Holders of rec. June 15
Preferred (guar.)
154 July 1 Holders of rec. June 15
Barker Bros. Corp., pref. (guar.)
July 1 *Holders of tee. June 15
*$1
Beatrice Creamery, common (quar.)_
*134 July 1 'Holders of rec. June 15
Preferred (guar.)
300 July 1 Holders of rec. June 20
Bickford's, Inc., common (guar.)
62340 July 1 Holders of rec. June 20
Preference (guar.)
Boots Pure Drug, Ltd.
ipone June 24 *Holders of rec. May 29
Am. dep. rots, for ord. reg. sharesJune 15 'Holders of reo. June 5
"2
Boston Investment Co
Boston Personal Property Trust (quar.)_ •250 June 30 'Holders of reo. June 15
Bunker Hill & Sullivan Min. & Con*250 June 5 "Holders of rec. May 29
struction (monthly)
•114 Aug. 1 'Holders of rec. July 15
Byers (A. M.) Co.. Prof. (guar.)
*500 July 1 *Holders of rec. June 20
California Ink class A dr B (guar.)
Canadian Bakeries, pref. (guar.)
*Si
Canadian Celanese, Ltd., pref
334 June 30 Holders of rec. June 13
66 2-3c July 1 'Holders of ree. June 15
Canadian General Invest. Trust
*40e. July I *Holders of tee. June 18
Cannon Mills (guar.)
June 30 *Holders of recs. June 26
•53
Canton Company
June 30 *Holders of reo. June 26
"$1
Extra
Celanese Corp. of Amer., 7% pf. (qu.).. 1% July 1 Holders of rec. June 13
3% June 30 Holders of rec. June 13
First partie. pref. (guar.)
July 1 Holders of roe. June 156
Century Electric Co.(guar.) (in stock).... el
*3734c July 1 *Holders of rec. June 20
Chain Store Products, pref.(guar.)
Chase Brass & Copper pref. A (guar.)- *$1.50 June 30 *Holders of rec. June 20
Chicago Transf. & Clearing 6% pf. (qu.) '5134 July 1 *Holders of reo. June 16
*50c. June I *Holders.of reo. May 15
Cincinnati Milling Mach. (guar.)
Claude Neon Genl. Adver., pref.(qu.)
.134 June 15 'Holders of tee. May 31
on tat en.
Cleveland-Cliffs Iron, common
-No sell
.51.25 June 15 *Holders of rec. June 5
Preferred (guar.)
Cliffs Corporation, common-Dividend passed .
Clifton Oil & Gas, preferred-Dividend a ctlon d eforred.
Cluett, Peabody & Co., Inc., Prof. (au.) 1% July 1 Holders of rec. June 20
*380. July 1 *Holders of rec. June 12
Colt's Patent Fire Arms Mfg.(guar.)
Columbia Broadcasting Co.(stock div.). *e15 June 15 'Holders of rec. June 10
*$1 June 26 *Holders of rec. Juno 22
New stook (No. 1)
50c. July 1 Holders of rec. June 17
Conde Nast Publications, corn. (quar.)_
25c. July 2 Holders of rec. June 15
Consol. Bakeries (Canada) (guar.)
Consolidated Cigar Corp corn. (guar.). $1.25 July 1 Holders of rec. June 15a
July 1 'Holders of rec. June 15a
Continental Baking Corp., prof. (guar.) "2
Cooper-Bessemer Corp.. pref. (guar.)--- •750. July 1 "Holders of reo. June 10
"50e. July 1 *Holders of rec. June 20
Cream of Wheat Corp. (guar.)
*250. July 1 *Holders of rec. June 20
Extra
Cuban Tobacco, corn -Dividend omitte d.
2% June 30 Holders of rec. June 15
Preferred
*25e. July 1 'Holders of reo. June 15
Curtis Manufacturing (guar.)
* 33 1-3c July 1 "Holders of tee. June 20
Curtis Publishing, corn. (monthly)
June 1 "Holders of rec. June 1
*$1
Dempster Mill Mfg., common
"85e. June 30 "Holders of rec. June 20
Detroit Bankers (quar.)
20o. July 1 Holders of rec. June 1
Detroit & Cleveland Navigation (au.)_.
Dominion Envelope & Cartons, 1st pref. -Divi dend o mitted
350. July 1 Holders of rec. June 15
Dominion Stores, corn. (gnat,)
July 1 Holders of no. June 15
2
Duplan Silk Corp.. prof. (guar.)
Lines, corn.(guar.)-_ *50o. July 1 *Holders of rec. June 19
Eastern Steamship
v1,4 July 1 *Holders of ree. June 19
First preferred (guar.)
'87%c July 1 "Holders of rec. June 19
Preferred (guar.)
"10c. June 10 *Holders of rec. May 21
Eastern Malleable Iron (alum)
6o. July 1 Holders of rec. June 10
Ecuadorian Corp., Ltd., oom. (guar.)._
334 July 1 Holders of reo. June 10
Preferred
Electric Auto-Lite Co., corn. (quar.)_._ *E1.50 July 1 *Holders of reo. June 15
'134 July 1 *Holders of reo. June 15
Preferred (guar.)
Emerson Bromo Seltzer, Cl. A & B (qu.)_ 4.500. July 1 *Holders of tee. June 15
*50o. July 1 *Holders of rec. June 15
Preferred (guar.)
18
Endicott Johnson Corp., 60M. (quar,). "75c. July 1 *Holders of rec. June
'154 July 1 *Holders of rec. June 18
Preferred (qUM%)
July 1 Holders of rec. June 15
Fanny Farmer Candy Shops, COM. (au.) 250.
600. July 1 Holders of rec. June 15
Preferred (guar.)
v134 July I 'Holders of reo. June 8
Federal Bake Shops, pref. (guar.)
Florence Stove, common-Dividend oml tted
French (Fred. F.) Investors. pref.-Divi dead o mitred
1 Holders of rec. June 156
iS5.3,
General Mills, pref. (guar.)
*Holders of rec. June 16
July
1
General Printing Ink, common (quar.)- *62
Gene
16
•$1.50 July 1 'Holders of reo. June
Preferred (guar.)
General Theatres Equip., $3 pref.-Div idend d eferred.
Glanzstoff Co.-DIvidends omitted
30 "Holders of roe. June 15
'500
Granite City Steel (guar.)
.25c. July 1 "Holders of reo. June 15
Graymur Corp. (guar.)
"500.
'500, July 1 *Holders of reo. June 18
Gray Telep.
Pa
y Station (guar.)
*50o. July 1 "Holders of reo. June 18
JUNE 61931.1
Name of Company.
.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Continued).
Greening (B.) Wire, pref. (guar.)
4
.1.11 July 1 *Holders of rec. June 15
Gurd (Charles) Co., Ltd., corn.(qu.)_
50e. July 2 Holders of rec. June 15
Preferred (guar.)
131 July 2 Holders of rec. June 15
Hahn Department Stores, pref. (guar.). 134 July 1 Holders of rec. June 22
Halord Co., corn. (guar.)
*250. July 1 *Holders of rec. June 15
Preferred (quar.)
*1M July 1 'Holders of rec. June 15
Ilammermill Paper, pref. (guar.)
'114 July 1 *Holders of rec. June 20
Honey Dew, pref. (guar.)
$1.75 July 2 Holders of rec. June 15
Huron dc Erie Mortgage (guar.)
2
July 2 Holders of rec. June 15
Hydro-Elec. Secure. Corp., corn.(qu.)
35c. June 19 Holders of rec. June 3
*1.% July 15 *Holders of roe. June 15
Insull Utility Investments, corn. (qu.)
preferred (guar.)
$5.50 prior
*$1.38 July 1 'Holders of rec. June 15
Insumnshares Ctrs. Corp., corn.(qu.)
*10c. June 15 *Holders of rec. June 12
Interlake Iron Corp., com.-Dividend o miffed
Internat. Homes1te, prof.(guar.)
*$1.75 June 1 *Holders of rec. May 21
International Nickel, pref.(guar.)
1% Aug. 1 Holders of rec. July 2
Internat. Pulp Co., pref. (guar.)
•1% July 1 'Holders of rec. June 18
International Shoe, corn. (guar.)
.75c. July 1 Holders of rec. Juno 15
Preferred (monthly)
500. July 1 Holders of rec. June 15
Preferred (monthly)
*500. Aug. 1 *Holders of rec. July 15
Preferred (monthly)
*500. Sept. 1 *Holders of rec. Aug. 15
Preferred (monthly)
*50o. Oct. 1 'Holders of rec. Sept. 15
Preferred (monthly)
*500 Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*50c. Dec. 1 'Holders of rec. Nov. 15
Interstate Department Stores, com.(qu.)
500. June 30 Holders of rec. June 20
Investors Corp. of R. I., lot & 2d pf.(qu.) *1.3.4 July 1 Holders of rec. June 20
Convertible pref. (guar.)
'134 July 1 'Holders of rec. June 20
Irving Air Chute (guar.)
*250. July 2 *Holders of rec. June 15
Kennecott Copper Corp.(guar.)
250. July 1 Holders of rec. June 11
Kirsh Co., corn -Dividend omitted.
Preferred (guar.)
•
45o. July 1 *Holders of rec. June 16
Koplar Co., pref.-Dividend omitted.
Kreuger & Toll, American Shares
*51.61 July 1 *Holders of rec. June 8
Lambert Company,co e. (guar.)
$2
July 1 Holders of rec. June 17
Lawyers Mortgage Co.(guar.)
700. June 30 Holders of rec. June 18
3
Lawyers Title Guaranty Co.(quar.)__
July 1 Holders of rec. June 20a
Lehman Corp. (guar.)
*750. July 3 *Holders of rec. June 22
Lerner Stores Corp., corn.(guar.)
500. June 16 Holders of roe. June 5
Leasing's, Inc. (guar.)
35c. June 30 Holders of rec. June 11
Loose-Wiles Biscuit, COM. ((Mar.)
*650. Aug. 1 'Holders of rec. July 17
Common (extra)
*100. Aug. 1 *Holders of rec. July 17
Preferred (guar.)
.
1151 July 1 'Holders of rec. June 18
Lorillard (P.) Co., pref. (guar.)
134 July 1 Holders of rec. June 15
MacBeth-Evans Glass Co.(guar.)
*75e. June 30 *Holders of rec. June 20
Mack Trucks, Inc., corn. (guar.)
750. June 30 Holders of rec. June 15
Mandel (Henry) Development. pref-DI vidend omitte d.
Mead, Johnson & Co., corn. (quar.)-*750. July 1 *Holders of roe. June 15
Common (extra)
"50c. July 1 *Holders of rec. June 15
Preferred
*350. July 1 *Holders of rec. June 15
Merchants Refrigerating (guar.)
*50o. June 30 *Holders of rec. June 22
Metal Textile Corp., partic. pt. (quar.)_ 81340. Sept. 1 Holders of rec. Aug. 20
Morris Finance Co., el. A (guar.)
'134 June 30 *Holders of rec. June 20
Class B (guar.)
•27340 June 30 *Holders of rec. June 20
Preferred (guar.)
•15.1 June 30 *Holders of rec. June 20
Morristown Securv. Corp., corn.(qu.)__ _ 1214c. July 2 Holders of rec. June 15
Preferred
2% July 2 Holders of rec. June 15
Morris Plan Bank (Baltimore)
"300. June 30 'Holders of rec. June 21
Mortgage Bond dr Title Corp., com.-DI vidend passed
Prior preferred
"234 June 30 *Holders of rec. June 22
Mountain Producers (guar.)
250. July 1 Holders of rec. June 15a
Mutual Chemical. pref. (guar.)
' June 29 *Holders of roe. June 18
134
National Automotive Fibres, pref.-Div Mend passed
National Battery, pref. (guar.)
*550. July 1 'Holders of rec. June 15
National Sewer Pipe, corn.(guar.)
'50o June 15 *Holders of rec. May 30
$2.40 pre A (guar.)
*600 June 15 *Holders of rec. May 30
National Standard Co. (quar.)
"750 July 1 *Holders of roe. June 19
National Steel Car Corp., corn. (qu.)
*50o July 2 "Holders of rec. June 17
National Tea,corn.(quar.)
"25o. July 1 *Holders of rec. June 15
Nelson Baker dr Co., corn. (guar.)
*150. June 30 *Holders of rec. June 27
Common (extra)
•
500. May 20
250. June 30 Holders of rec. June 12
Nevada Cense'. Copper Co. (quar.)
3
New York Investors, Die., 1st prof
July 15 Holders of rec. July 6
25e. June 30 Holders of rec. June 20
-Pond Co.(guar.)
Niles-Bement
$1
Norwich Pharmacal Co. (guar.)
July 1 Holders of rec. June 20
Nunn-Bush-Weldon Shoe, coin. (quar.)_ *250. June 30 *Holders of rec. June 15
First preferred (guar.)
•134 June 30 *Holders of rec. June 15
Second preferred (guar.)
'13.4 June 30 'Holders of rec. June 15
*150. June 15 *Holders of rec.
Oahu By.& Land (monthly)
4.134 duly 1 *Holders of rec. June 12
Ohio Seamless Tube, pref.(guar.)
June 15
Peoples Collateral Corp., corn
"$1.75 June 30 *Holders of rec. June 20
8% preferred
June 30 *Holders of rec. June 20
"52
.$1.75 June 30 'Holders of rec. June 20
7% preferred
Phelps Dodge Corp. (guar.)
"250. July 1 'Holders of rec. June 18
30. July 2 Holders of rec. June 12
Pioneer Gold Mines
Pittsburgh Thrift Corp., 7% pref. (qu.) *1% June 20 *Holders of rec. June 10
Pittsburgh Steel Foundry, pref. (guar.). '134 July 1 *Holders of rec. June 24
Porto Rican Amer. Tobacco. el. A (Q11.) *500. July1 10 *Holders of rec. Jupe 20
"500. July 2 *Holders of rec. June 15
Price Bros. di Co., Ltd. (gear.)
' duly 2 *Holders of roe. June 15
Preferred (guar.)
1 34
Reliance Mfg.of III., prof.(guar.)
' duly p. *Holders of rec. June 19
1 34
•1,4 July
Remington Arms, 1st pref. (quar.)
1 *Holders of rec. June 20
Reynolds (R. J.) Tobacco
Corn, and corn. B (guar.)
75c. July 1 Holders of rec. June 18
Rice-Stix Dry Goods, 1st & 2d pfd.(qu.) 134 Ally 1 Holders of rec. June 15
Rossia International Corp. (No. 1)--- •100. Juno 29 *Holders of rec. June 16
*50e. July 1 *Holders of rec. June 20
Roes Gear & Tool, corn. (quar.)
Ruddy Mfg., pref. (guar.)
134 June 15 Holders of rec. May 30
July 1 *Holders of rec. June 13
Safety Car Heating di Ltg. (guar.)
*
$1
St. Louis Rocky Mt. dc Pacific Co.
"250 June 30 'Holders of rec. June 15
Common (guar.)
• 3.‘ June 30 'Holders
1
Preferred (guar.)
of rec. June 15
July 1 *Holders of roe. June 12
Schulte Retail Stores Corp., pref. (qu.). *2
200. July 1 Holders of rec. June 15
Second Internat. Securities, corn. A (qu.)
750. July .1 Holders of rec. June 15
First preferred (guar.)
750, duly 1 Holders of rec. June 15
Second preferred ((mar.)
Segal Lock & Hardware (guar.)
*1214c June 18 *Holders of rec. June 12
Shattuck (F. GO Co. (guar.)
*25c. July 10 *Holders of rec. June 20
2
South Porto Rico Sugar, pref. (quar.)
July 1 Holders of rec. June 12
South West Pa. Pipe Linea (quar.)... $1
July 1 Holders of reo. June 15
500. June 30 Holders of rec. June 15
Sparta Foundry Co. (guar.)
Spencer Trask Fund, Inc. (guar.)
*25c. June 30 *Holders of ree. June 10
Standard 011 (Ohio), corn. (guar.)
37340 July 1 Holders of reo. June 15
I% July 15 Holders of rco.
Preferred (guar.)
June 30
Starrett (L. T.) Co., corn. (guar.)
'Soc. June 30 *Holders of
•1yi June 30 *Holders of rec. June 18
Preferred (guar.)
rec. June 18
State Theatre (Boston), pref. (quar.)- - *
2
July 1 *Holders of rec. June 20
Stein (A.) & Co., pref.(guar.)
13.4 duly 1 Holders of rec. June 15
Supertest Petroleum, corn. dr ordinary....
25e. July 1 Holders of rec. June 12
Preferred A (quar.)
134 July 1 Holders of rec. June 12
Preferred B (quar.)
37140 July 1 Holders of rec. June 12
Taylor Milling Corp., common (quar.) 8210, July 1 Holders of rec. June 10
Thompson's Spa, 100., $6 prof. (guar.)
*51.50 July 1 *Holders of rec. June 10
87140. July 1 Holders of rec. June 11
Thompson-Starrett Co., pref. (quar.)
*M.June 3 *Holders of rec. June 13
Tide Water 011, common (guar.)
Tide Water Associated Oil, pref.(quar.)_ *134 July 1. *Holders of roe. June 13
"w8
July 3 *Holders of roe. June 26
Tietz (Leonard), Amer. dep. rots
$1.50 July 1 Holders of roe. June 15
Toronto Mortgage (guar.)
*75c. July 1 *Holders of ree. June 15
Torrington Co. (guar.)
*6234c July 1 *Holders of roe. June
Trico Products Corp. (guar.)
10
134 July 1 Holders of rec. June
Tr -Continental Corp..6% Pref.(quar.)_
(4 July 1 *Holders of rec. June 16
Tri-Utilities Corp., corn. (War.)
15
Tuckett Tobacco. pref. (guar.)
134 July 15 Holders of rec. June 30
12340. July 1 Holders of rec. June 150
U. EL Foil, corn. A & B (guar.)
134 July 1 Holders of rec. June 15a
Preferred (guar.)
51.10 July 1 Holders of rec. June 15
U. S. Tobacco, common (guar.)
134 July 1 Holders of rec. Juno 15
Preferred (guar.)
4.134 June 30 *Holders of rec. June 15
Universal Crane, prof. (guar.)
$1.50 June 30 Holders of rec. June 12
Utah Copper CO.(guar.)
*200. June 30 *Holders of rec.
Waitt & Bond, class B (guar.)
al% July 1 *Holders of roe. June 15
Walgreen Co., 634% pref. (guar.)
June 20
July 1 *Holders of rec. June 15
Waukesha Motor Co. (quar.)
Name of Company.
4187
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Wellington 011
*20. June 15 'Holders of rec. May:29
Wentworth Radio & Auto Supply, pref.
dend passed.
West Coast Oil, pref. (guar.)
•$1.50 July 1 *Holders of rec. June 26
West Boyieston Mfg., pref. (quar.)June 1 *Holders of roe. May 26
*2
West Side Securities CO., eartie. Pref3
June 15 June 11 to June 14
Wheeling Steel, pref. A (quar.)
"2
July 1 *Holders of rec. June 12
Preferred B (guar.)
*214 July 1 *Holders of rec. June 12
Will & Baumer Candle (quar.)
10c. Aug. 15 Holders of rec. Aug. 1
Young (L. A.) Spring & Wire (quar.)--- *750. July 1 *Holders of rec. June115
Youngstown Sheet dr Tube, coin. (guar.) *50c. July 1 *Holders of rec. Junc113
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Whets
Per
Cent. Payable.
Books Closed.
Days Inclusios.
Railroads (Steam).
Alabama Great Southern. ordinary
$2 June 29 Holders of rec. May 25
$1.50 June 29 Holders of rec. May 25
Ordinary (extra)
Preferred
$2 Aug. If, Holders of rec. July 10
Preferred (extra)
81.50 Aug. 15 Holders of rec. July 10
01 r.,c Aug 20
*434 Sept 1
Atlanta & Charlotte Air Line Ry
Atlanta & West Point
June 30 Holders of rec. June 20
4
•$2 50 June 10 Holders of rec. May129
Atlantic Coast Line Co.(guar.)
314 July 10 Holders of roe. June112a
Atlantic Coast Line RR., common
Bangor & Aroostook, corn.(guar.)
870. July I Holders of rec. May 29]
134 July 1 Holders of rec. May 294
Preferred (guar.)
Boston & Albany (guar.)
234 June 30 Holders of rec. May 29
Boston es Providence (guar.)
234 July 1 Holders of roe. June 20
Quarterly
*234 Oct. 1 •Holders of roe Sept. 19
Boston & Maine.7% prior pref. (qua:,)
13( July 1 Holders of rec. June 10
First preferred, class A (guar.)
134 July 1 Holders of rec. June 10
First preferred, class 13 (guar.)
2
July 1 Holders of rec. June 10
ti July 1 Holders of rm. June 10
First preferred, class C (
guar.)
234 July 1 Holders of rec. June 10
First preferred, class D (guar.)
134 July 1 Holders of rec. June 10
First preferred, class E (guar.)
6% preferred
134 July 1 Holders of rec. June 10
Buffalo & Susquehanna, preferred
June 30 *Holders of rec. June 15
*2
Canadian Pacific. ordinary (guar.)
3134c June 30 Holders of rec. June la
75o. July 1 Holders of rec. June 8a
Chesapeake Corporation (guar.)
Chesapeake & Ohio, corn. (guar.)
623.40 July 1 Holders of rte. June 8a
Holders ,d re June 80
334, July
Preferred (guar.)
Chicago Burlington & Quincy
June 25 Holders of rec. June 18a
5
June 30 Holders of rec. June la
1
Chicago & North Western, coin
134 June 30 Holders of rec. June to
Preferred(Alan)
(
Cin. N.0.dr Texas Pacific, corn.(qua:.) •4
June 2 "Holders of rec. June 5
• anclutiati Union Terminal. pref.(qu.)-. 011( July
*Holders of roe. June 20
•134 Oct. 1 *Holders of rec. Sept. 19
Preferred ((Pier.)
Preferred Muer 1
'134 .teTi.l'3J •fiolders of roe Dee. 19
Columbus & Xenia
Junedl *Holders of rec. May 25
'31
Holders of rec. June 10a
Consolidated Railroads of Cuba, p1.(OIL) 134 Jule
Delaware & Hudson Co. (guar.)
234 June 20 Holders of rec. May 286
Delaware RR
*Holders of rec. June 16
*31 July
Detroit Hillsdale & Southwestern
*Holders of rec. June 20
*32 July
Erie RR.. first preferred
June 30 Holders of rec. June 15
2
Erle & Pittsburgh (guar.)
*8013 June 10 'Holders of rec. May 29
Special guar. (guar.)
•87340 June 10 *Modes of rec. May 29
Georgia RR.& Banking Oluazd
231 July 15 Holders of rec. July 1
July 1 Holders of rec. June 11
Illinois Central. leased lines
Lackawanna RR. of N. J. ((Mar.)
June 8 *Holders of rec. July 1
•1
Little Miami. special guar. (guar.)
•50e. June 10 *Holders of rec. May.
26
Original guar. (guar.)
*$1.10 June 10 *Holders of rec. May 26
LouLsville & Nashville. common
234 Aug. 10 Holders of rec. July 150
Maine Central, common
75e. July 1 Holders of rec. June 15
Mill Creek & Mine HM Na,,& RR
"$1.20 July 9 *Holders of rec. July
Missouri
-Kansas-Texas. prof A (qu.)... 131 June 30 Holders of rec. June 5a
Missouri Pacific, pref. (qua:.)
134 July 1 Holders of rec. June 12a
Mobile & Birmingham, prof
July 1 Holders of rec. June la
2
N. Y. Chic. dt St. Louis. corn, & Pf.(On.) 134 July 1 Holders of rec. May 150
N.Y.N. H.& Hartford, cons. (guar.).- 13.4 July 1 Holders of rte. June 5a
154 July
Holders of rec. June 50
Preferred (guar.)
Holders
Norfolk & Western,common (guar.).
234
- 03H June 19 'Holders of rec. May 290
'forth Carolina RR.. 7% guar. stock.
Aug. 1
of rec. JUIY 20
Pere Marquette. pf. and prior pt. (qu.) 1% Aug. 1 Holders of rec. July 8a
Reading Co., 2d preferred (guar.)
50e. July 9 Holders of rec. June 180
St. Louis-San Fran isco,6% pref. (qu.). 114 AU . 1 Holders of rec. July la
,
6% Preferred (war.)
114 Nov. 2 Holders of rec. Oct. la
Southern Pacific Co. (qua:.)
134 July 1 Holders of rec. May 286
1.01 Aug. 1 Holaere of rec. July le
Southern By.common (guar.)
Southwestern RR.of Oa
•234 July 1 *Holders of rec. June 1
Tennessee Central. preferred
•3% July 1 *Holders of rec. June 20
Texas & Pacific Ry., corn.(guar.)
134 June 30 Holders of rec. June 12a
Union Pacific. common (guar.)
234 July 1 Holders of roe. June la
United N. J. RR.& Canal Coe.(guar.)- "23.4 July 1 *Holders of rec. June 19
Valley RR.(N. Y.)
*Holders of rec. June 18
"2Y4 July
Western Railway of Alabama
4
June 3 Holders of rec. June 20
Public Utilities,
21.76 July 1 Holders of rec. June 15
Alabama Power,$7 pref.(guar.)
36 preferred (qua:.)
$IM July 1 Holders of rec. June 15
$5 preferred (quar.)
81.25 Aug. 1 Holders of roe. July lb
tmerlean Cities Pow, Ar
Claas B (in class B stock)
Aug. I Holders of roe. July 3
p5
Amer. Electric Power, $7 pref. (quar.).. 81.75 June 15 Holders of rec. May 29
Amer.Superpower Corp., 1st prof.
- $1.50 July 1 Holders of rec. June 15
$6 preference (quar.)
51.50 July 1 Holders of roe. June 15
Amer. Telep. & Teleg. (guar.)
231 July 15 Holders of rec. June 20a
Amer. Water Wks.& Elea.. 0071 (qu.). The. Aug. 1 Holders of rec. July 104
750. Aug. 1 Holders of roe. July 10
Common(guar.)
86 first preferred (qua:.)
$1.50 July 1 Holders of rec. June 180
•2
Arizona Power. 8% pref. (guar.)
July 1 *Holders of roe. June 24
7% preferred (guar.)
'134 July 1 'Holders of rec. June 24
Arkansas Power & Light, $7 prof. (quar.) 51.75 July 1 Holders of rec. June 15
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 15
Associated Gas dr Elec., orig. pref.(qu )'87340 July 1 *Holders of rec. May 29
65 preferred (qua:.)
81.25 June 15 Holders of rec. May 15
$7 preferred (guar.)
"$1.75 July 1 'Holders of rec. May 29
$8 int. bearing allotment Ws
July 1 *Holders of ree. May 29
*34
$1.60 int, bearing allotment ctfs
*31.60 July 1 'Holders of rec. May 29
Associated Telep. & Teleg., class A (qu.) •61
July 1 *Holders of rec. June 16
Class A (participating dividend)
•500. July 1 *Holders of rec. June 16
7% preferred (guar.)
•134 July 1 *Holders of rec. June 16
Associated Telep. Utilities, corn.(qu.)-. f2
July 16 Holders of ree. Jane 30
57 prior preferred (qua:.)
81.75 June 15 Holders of rec. May 30
Ea prior preferred(qua:.)
51.50 June 15 Holders of rec. May 80
86 eon,. preferred (quar.)
$1.50 July 1 Holders of rec. June 16
Bangor Hydro-Elec.7% pref.(guar.)*134 July 1 *Holders of rec. June 10
6% preferred (guar.)
•131 July 1 *Holders of rec. June 10
Bell Telephone of Canada (guar.)
July 15 •Iielders of roe. June 23
*2
Bell Telephone of Pa..63 % prof.(qu.). 134 July 15 Holders of rec. June 202
4
Binghamton Light, Heat & Power
86 preferred (qua:.)
•$1.50 July 1 *Holders'of roe. May 29
$5 preferred (quar.)
29
'81.25 July 1 *Holders of rec. May .
Birmingham Water Works, pref.(qua:.) *134 June 15 *Holders of rec. June 1
Brazilian Lt., True. & Power, pref.(qu.) '134 July 2 *Holders of rec. June 15
Bridgeport GSA Light(qua:.)
*60o June 30 *Holders of rec. June 1
Bridgeport Hydraulic Co. (guar.)
•400 July 15 "Holders of rec. June 30
Brooklyn Union Gas(guar.)
$1.25 July 1 Holders of rec. June la
Buff. Niagara & East. Pow., pref. (qu.) •400 July 1 *Holders of roe. June 15
First preferred (guar.)
'51.25 Aim 1 *Holders of rec. July 15
Butler Water Co.. 1st pref.(guar.)
*111 June 15 *Holders of rec. June 1
California Elea. Generating. pref. (qu.) •134 July 1 *Holders of roe. June 5
Central Public Sem% Corp..el. A (qua: s435yc June 15 Holders of rec. May 26
)
87 preferred (qua:.)
51.76 July 1 Holders of rec. June it
86 preferred (guar.)
51.50 July 1 Holders of rec. June ii
84 preferred (gust.)
July 1 Holders of rec. June 11
81
4188
Name of Company.
[VoL. 132.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Public Utilities Concluded).
New Engl. Gas & El. $5.50 pt.(qu.)... $1.375 July 1 Holders of roe. May 29
Canada Northern Power. corn. (guar.)
- 20c. July 25 Holders of roe. June 30
411.75 July 1 *Holders of rec. May 29
$7 second preferred (guar.)
1% July 15 Holders of rec. June 30
Preferred (guar.)
New England Public Service
Central Ills. Pub. Sem.6% met.(qu.)_ '1(.4 July 15 *Holders of rec. June 30
$7 prior Ben pref. (guar.)
*$1.75 June 15 *Holders of roe. May 29
July 15 *Holders of rec. June 30
*$1.50
$6 Preferred (guar.)
*$1.50 June 15 *Holders of rec. May 29
$6 prior lien pref. (quar.)
July 1 Holders of rec. dun*, 5
Central states Elec.. com.(In oom elk.) 15
New England Telep.& Teleg.(quar.)... 2
June 30 Holders of roe. June 10
1% July 1 flowers of ree June 5
7% preferred (guar.)
N. J. Power dr Light. $6 pref.(quar.)„.. *V 50 July 1 *Holders of roe. May 29
Holders of roe. June 5
1% July 1
6% preferred (guar.)
*81.25 July 1 *Holders of rec. May 29
$5 preferred (guar.)
Cony. pref. opt. series. 1928 (qua?.).. (o) July 1 Holders of roe. June 5
New Jersey Vat. Co.. 7% Pt.(guar.)... 131 July 1 Holders of rec. June 20
Cony. pref. opt. series. 1929(quar.).. (o) July 1 Holders of roe. June 5
N. 'Y. Central Electric, Prof. (guar.)
*144 July 1 *Holders of roe. May 29
Cent. States Power & Light, $7 pfd.(qu.) $1.75 July 1 Holders of rec. June 5
N.Y.Power & Light Corp..7% pt.(qu.) I% July 1 Holders of roe. June 15
Central States Utilities. $7 pref.(quar.). 81.75 July 1 Holders of roe. June 10
$6 preferred (guar.)
$1.50 July 1 Holders of roe. June 15
June 15 Holders of rec. June la
Cities Service Pow.& Lt. $T IL (mt1111.) 581-3e
500. June 15 Holders of roe. June la N. Y. & Queens Elec. Light dr Pow.
$6 preferred (monthly)
Common (guar.)
*$1.50 June 15 *Holders of roe. June 5
41 2-30 June 15 Holders of rec. June la
$5 preferred (monthly)
$1.75 July 1 Holders of rec. June 15a
58 1-3o July 15 Holders of rec. July la New York Steam Corp., $7 pt. (qu.)
$I fuel. (monthly)
$1.50 July 1 Holders of rec. June 15e
$6 preferred (quar.)
500. July 15 Holders of rec. July la
$6 preferred (monthly)
1% July 15 Holders of rec. June 20
2-3c July 1 Holders of roe. July la N. Y. Telephone. pref. (guar.)
41
$5 preferred (monthly)
Niagara Fells Power (guar.)
*750. June 30 *Holders of rec. June 15
Citizens Water of Washington, Pa.
-100. June 30 Holders of rec. May 254
Niagara Hudson Power Corp..com.(gu
1% July 1 Holders of reo. June 20
Preferred (guar.)
North American Co., oom.(In com.stk.) f234 July 1 Holders of rec. June 5a
*114 June 1 *Holders of rec. May 25
Coast Counties Gas & El., 1st pt.(qu.)
Preferred (guar.)
The. July 1 Holders el rec. June 5a
Com'wealth dr Sou. Corp.. $6 pf.(qu.)... 21.50 July 1 Holders of roe. June 54
Northern Ontario Power Ltd.,corn.(qu) 50e. July 25 Holders of rec. June 30
CommonwealthUHL, corn. A & B (qu.) *37140 June 30 *Holders of rec. June 20
6% preferred (guar.)
.$1.75 July 1 *Holders of rec. June 20
134 July 25 Holders of rec. June 30
Preferred A (guar.)
Northport Water Works, pref. (quar.)- 134 July 1 Holders of roe. June 16
*21.50 July 1 *Holders Of roe. June 20
Preferred B (guar.)
Northwest Utilities, prior lien (qua?,)... *15,/ July 1 *Holders of roe. June 15
Community Wat. Boy., corn.(qu.)(No.1) 1214c June 15 Holders of roe. June 1
Northwestern Telegraph
$1.50 July 1 Holders of rec. June 16
Compagnie Generale D'ElectriciteOhio Public Service, 7% pref. (mthly.). 58 I-30 July I Holders of rec. June 15a
- (m) June 16
American dep. Ms.Ior A bearer ohs
500. July 1 Holders of roe. June 15a
June 15 *Holders of rec. June 5
6% preferred (monthly)
*4
Concord Gas
5% preferred (monthly)
41 2-3c July 1 Holders of roe. June 150
Connecticut Elec. Service, corn. (guar.). *75e. July 1 *Holders of roe. June 15
June 15 Holders of rec. May RS Ohio Cities Water Corp_ 86 pref.(qua - *81.50 July 1 *Holders of rec. June 20
Consolidated Gas of N. Y.. corn. (guar.) $1
Oklahoma Gas dr Electric,6% pref.(qua 13-4 June 15 Holders of rec. May 29
Consolidated Gas El. Lt. & Pr., Bait.
7% preferred (guar.)
134 June 15 Holders of rec. May 29
*900. July 1 *Holders of roe. June 15
Common (guar.)
•13i July
Penn Central Light & Power $5 pf.(qua $1.25 July 1 Holders of rec. June 10a
1 *Holders of roe. June 15
5% preferred Series A (guar.)
.1 1% July
,
700. July 1 Holders of rec. June 10
1 *Holders of rec. June 15
$2.80 preferred (quay.)
6% preferred. Series D (guar.)
Pennsylvania Gas & Elec.,$7 pref.(au.) 41.75 July 1 *Holders of rec. June 20
*144 July 1 *Holders of zee. June 15
534% preferred, Series E (guar.)
7% preferred (guar.)
*134 July 1 *Holders of rec. June 20
144 July 1 Holders of roe. June 15
Consumers Power, 7% pref. (quar.)..
Pennsylvania Water dr Power (guar.).
1.65 July 1 Holders of rec. June 15
- 750. July 1 Holders of rec. June 12
6.6% preferred (guar.)
Peoria Water Works, prof. (guar.)
1% July 1 Holders of rec. June 20
1% July 1 Holders of roe. June 15
6% preferred (guar.)
35e. July 31 Holders of roe. July 1
Philadelphia Co.. corn.(guar.)
21.25 July I Holders of tee. June 15
$5 preferred (guar.)
$1.75 July 31 Holders of rec. July la
Common old, ($50 par) Mara
500. July 1 Holders of roe. June 15
6% preferred (monthly)
$1.50 July 1 Holders of roe. June la
$6 preferred (guar.)
55e. July 1 Holders of roe. June 15
6.6% Preferred (monthly)
$1.25 July 1 Holders of roe. June 1
$5 preferred (guar.)
$1.10 July 1 Holders of roe. June 12a
Continental Gas & Elec., corn. (quar.)
1% July 1 Holders of rec. June 12a Philadelphia Elec. Power,8% p1.(quar.) 500. July 1 Holders of rec. June 10
Prior preference (guar.)
$2.50 June 30 Holders of rec. May 29a Pub. Soy. Co. of Col.. 7% Pt.(ulthb%) 58 I-3o July 1 Holders of rec. June 15a
Continental Passenger Ry Phi's
500. July 1 Holders of roe. June 15a
0% preferred (monthly)
July 15 Holders of rec. June 20a
2
Detroit Edison Co.(guar.)
41 2-3o July 1 Holders of roe. June 15a
5% preferred (monthly)
1% July 1 *Holders of roe. June 15
Duke Power, corn. (guar.)
Pub. fiery. Co. of N. J., corn.(quay.)... 850. June 30 Holders of rec. June la
134 July 1 Holders of roe. June 15
Preferred (guar.)
June 30 Holders of rec. June la
2
8% preferred (quar.)
Duquesne Light.5% first pref.(quar.).. 134 July 15 Holders of roe. June 15a
7% preferred (guar.)
134 June 30 Holders of rec. June la
144 June 15 Holders of rec. May 30
East Kootenay Power, pref. (quar.)
$5 preferred (guar.)
$1.25 June 30 Holders of rec. June la
Electric Bond & Share, common (guar.). f1;4 July 15 Holders of rec. June 5
6% preferred (monthly)
500. June 30 Holders of rec. June la
$1.50 Aug. 1 Holders of roe. July 6
26 preferred (guar.)
July 1 June 21 to July 1
Public Service Co. of Okla., corn.(guar.) 2
81.25 Aug. 1 Holders of rec. July 6
85 preferred (guar.)
134 July 1 June 21 to July 1
Electric Power & Light Corp..$7 pt.(qu.) $1.75 July 1 Holders of roe. June 6a • 7% prior lien (guar.)
6% prior lien (guar.)
1% July 1 June 21 to July 1
$1.50 July 1 Holders of roe. June 6a
$6 preferred (guar.)
50c July 1 Holders of rec. June 15a Public Serv. Elec. dr Gas,7% pt.(an.).. 141 June 30 Holders of rec. June 1
Empire Dist. El. Co., 6% pf. (mthly.).
6% preferred (guar.)
134 June 30 Holders of roe. June 1
Empire Gas & Fuel Co.,8% pf.(mthly.) 66 2-3o JulY 1 Holders of rec. June 15a
62)40 July 15 Holders of rec. June 25
58 1-30 July 1 Holders of rec. June 15a Quebec Power (quay.)
7% preferred (monthly)
541-60 July 1 Holders of roe. June 15a Queensboro Gas & Elec.,6% Pr. (qu.).. 4.1A July 1 *Holders of roe. June 19
634% preferred (monthly)
July 1 *Holders of rec. May 29
50c July 1 Holders of rec. June 15a RochesterCentral Power, 6% pf. (qua
6% preferred (monthly)
San Joaquin Light& Pow.,prior pf.(qua *144 June 15 *Holders of rec. May 29
$1.50 July 1 Holders of rec. June 16
Empire Power Corp.,$6 pref.(quay.)
*1M June 15 *Holders of roe. May 29
Prior pref. series A (guar.)
560 July 1 Holders of rec. June 16
Participating stock (guar.)
Preferred A (guar.)
*144 June 15 *Holders of roe. May 29
Engineers Public Service, corn.(quar.).. 500 July 1 Holders of rec. June lea
*1% June 15 *Holders of roe. May 29
Preferred B (quar.)
81.25 July 1 Holders of rec. June I6a
$5 convertible preferred (guar.)
July 1 *Holders of rec. June 1
M.375 July 1 Holders of rec. June 16a Second & 3d Sts. Pass. Hy., Phila.(qua *s3
$5.50 preferred (guar.)
81.50 July 1 Holders of roe. June 16a Shawinigan Water & Power,corn.(guar.) 62)10 July 10 Holders of rec. June 15
$6 preferred (guar.)
Southern Calif. Edison
Feather River Power. prof. A (quay.)... •134 July 1 *Holders of roe. June 5
7% preferred, series B (guar.)
433de June 15 Holders of roe. May 20
Federal Light & Traction, corn. (guar.) 37340 July 1 Holders of ree. June 13a
0% preferred, series B (guar.)
July I Holders of rec. .June 13a
37)40 June 15 Holders of roe. May 20
Common (payable in common stock). /1
Southern Colorado Power,7% pt.(qu.). 144 June 15 Holders of roe. May 29
Frankford & Southwark Phila. Pass,fly.
Springfield City Water, pref. A (quar.).. *31.75 July 1 *Holders of rec. June 20
414.50 July 1 *Holders of rec. June I
(guar.)
Preferred A (guar.)
*$1.75 Oct. 1 *Holders of rec. Sept. 20
Gas & Elec. Securities Co.. com.(mthly.) 500. July 1 Holders of rec. June 154
June 15 Holders of roe. May 29a
Corn.(pay. In corn. stock (monthly).. 15( July 1 Holders of rec. June 150 Standard Gas dr Eleo., $4 pref. (guar.).- $1
58 1-3c July 1 Holders of roe. June 15a Taeony-Palmyra Bridge, corn. (qua?.).. *75e. June 30 *Holders of rec. June 10
Preferred (monthly)
75e. June 30 Holders of roe. June 10
Preferred A (guar.)
July 1 Holders of roe. June 15a
Gas Securities Co., corn,(monthly)
0)4
50e. July 1 Holders of tee. June 15a Tenn. Elec. Power Co.,5% 181 pfd.(qua 13.1 July 1 Holders of rem June 15
Preferred (monthly)
1% July 1 Holders Of roe. June 15
6% first preferred (guar.)
General Gas ds Elec., corn. A (qua?.)... 17%0. July 1 Holders of rec. May 29a
7% first preferred (guar.)
1% July 1 Holders of tee. June 15
1150. July 1 Holders of roe. May 29a
Common B (guar)
1.80 July 1 Holders of tee. June 15
7.2% first preferred (guar.)
$1.50 June 15 Holders of rec. May 15a
$6 pref. ser. A & B (guar.)
60e. July 1 Holders of roe. June 15
8% first preferred (monthly)
$1.75 July 1 Holders of rec. May 29a
(guar.)
$7 preferred
60e. July 1 Holders of res. June 15
Holders of rec. May 29a
7.2% first preferred (monthly)
uly 1
$2
$8 preferred (guar.)
Union Natural Gas (Canada) (qua?.)... 250. June 10 Holders of roe. May 30
Gt. Western Pow.of Callf.7% pf.(qu.)_ '13.4 July 1 *Holders of roe. June 5
$1.50 July 1 Holders of rec. June dee
Union Traction of Philadelphia
•134 July 1 *Holders of rec. June 5
6% preferred (guar.)
United Corporation, common (quay.)... 18440 July 1 Holders of rec. June 5a
Greenwich Water & Gas Sys., pfd.(qu.). 114 July 1 Holders of rec. June 20
75e. July 1 Holders of rec. June 5a
Preferred (guar.)
$1.50 July 1 Holders of rec. June 20
GulfPower Co..$6 pref.(quar.)
United Gas & Elec. Corp.. pref. (guar.) 154 July 1 Holders of rec. June 16
*V .50 June 15 *Holders of rec. June 1
Gull States Utilities. $6 pref.(qua
30e. June 30 Holders of roe. May 29a
United Gas Impt., common (guar.)
21.375 June 15 *Holders of roe. June 1
$5.50 pref. (quay.)
21.25 June 30 Holders of roe. May 2 a
$5 preferred (guar.)
560. July 1 Holders of roe. June 15
Haverhill Gall Light (guar.)
•
$1.50 July 1 Holders of roe. June
Utah Power & Light, 35 pro!.(quar.)
June 30 *Holders of roe. June 29
*2
Illinois Bell Telephone (guar.)
$1.75 July 1 Holders of roe, June
$7 preferred (guar.)
Illinois Power Co..6% pref. (quar.)---- I% July 1 Holders of roe. June 15
Utilities Power & Light, corn.(guar.)--- e25o. July 1 Holders of roe. June
,
7% preferred (guar.)
134 Jilt 1 Holders of roe. June 15
0500. July 1 Holders of roe. June a
CMS A (guar.)
Illinois Power & Light,6% pref. (guar.) •Isi July 1 *Holders of rec. June 10
e25c. July 1 *Holders of tee. June
Class B (quar.)
*21.50 Aug. 1 *Holders of roe. July 10
$6 preferred (guar.)
July 1 Holders of roe. June
1
Holders of roe. May 29
Preferred (quar.)
Indiana Hydro-Elec. Power. pref. (qu.) 1% June 15
. June 20 Holders of rec. May
1% July 1 Holders of rec. June 124 Virginia Elec.& Power,$6 pref.(quar.)- $1 50 June 15 *Holders of roe. May 2 a
Indianapolis Water. pref. (guar.)
2
Washington Water Power.$8 pt. (qti.)._.•$1.50
June 15 *Holders of rec. June 1
International Power Securities, $6 pt. A 11.3
Weetmoreland Water. $6 pref. (guar.)._ $1.50 July 1 Holders of roe. June 2
250. July 1 Holders of roe. June 16
Internat. Superpower (guar.)
13.4 July 1 Holders of roe. June
Winnipeg Electric Co.. pref. (quar.)
*25e. June 15 *Holders of roe. June 5
Interstate Natural Gas
Wisconsin Mich. Power, 6% pref. (qu.) '134 June 15 *Holders of rec. May 2
$1.75 July 1 Holders of rec. June 5
Interstate Power. $7 pref. (guar.)
Wisconsin Power & Light,7% pref.(Qua •1% June 15 *Holders of roe. May 3
$1.50 Jule 1 Holders of rec. June 5
$6 preferred (guar.)
'13.4 June 15 *Holders of rec. May 30
6% preferred (guar.)
2 Holders of rec. June 15
Jamaica Public Service, common (guar.) 25e. July
Wisconsin Public Service. 7% pref.(qu.) 1% June 20 Holders of rec. May 29
1% July 2 Holders of roe. June 15
7% preferred (guar.)
14S June 20 Holders of roe. May 29
634% preferred (guar.)
Jersey Cent. Pow.& Light.7% pfd.(qua 1,‘ July 1 Holders of rec. June 10
134 June 20 Holders of rec. May 29
6% Preferred (guar.)
1% July 1 Holders of rec. June 10
6% preferred (guar.)
Kansas City Pow.& Lt.. Ist pf. ll(qu.)- $1.50 July 1 Holders of roe. June I5a
Banks.
KAMM Gas & Elec.,7% pref.(guar.)--- 1M July I Holders of rec. June 22
July 1 *Holders of roe. June 15
Commercial Nat. Bk.& Tr. Co.(qua-- *2
$1.50 July 1 Holders of rec. June 22
$6 preferred (quar.)
Public Nat Bank & Trust Co (guar.).
- *Si July 1 *Holders of roe. June 20
*Holders of roe. June 15
700. July
Keystone Pub. Sow., $2.80 pref. (qu.).. .
*Holders of roe. June 18
Kings County Lighting, corn.(qua?.)... *81.50 July 1
Trust Companies.
*I% July 1 *Holders of roe. June 18
7% preferred (guar.)
30o. June 15 Holders of reo. June 5
Continental Bank & Trust (quar.)
•134 July
1 *Holders of roe. June 18
6% preferred (guar.)
June 30 Holders of roe. June 30
3
June 15 Holders of rec. June la Federation Bank & Trust (gum.)
2
Laclede Gas Light, common (qua?.)
Sept.30 Holders of roe. Sept.30
3
Quarterly
214 June 15 Holders of rec. June la
Preferred
3
Doe. 31 Holders of rec. 1)ec. 31
Quarterly
1 Holders of roe. June 16
Long Island Lighting, 7% pref. (quar.) 1% July
400. JUly 1 Holders of roe. June 2
Irving (guar.)
1)4 July 1 Holders of roe. June 16
6% preferred series B (guar.)
4314c June 25 Holders of rec. May 29a
Louisville Gas & Eleo., el. A dr B (quar.)
Insurance.
41.75 July 1 *Holders of roe. June 20
Marion Water Co., pref. (guar.)
50e June 10 Holders of roe. June 1
North River Ins.(quar.)
150 July 15 Holders of rec. June 30
Memphis Natural Gas, corn. (quar.)500 Sept.10 Holders of tee. Sept. 1
Quarterly
Holders of roe. June 20
$1.75 July 1
Preferred (guar.)
Memphis Power dr Light,$7 pref.(quar.) $1.75 July 1 Holders of rec. June 13
Miscellaneous.
$1.50 July 1 Holders of roe. June 13
$6 preferred (guar.)
Abitibi Power & Paper,7% prof.(qUa -- 131 July 2 Holders of roe. June 20
JulY I *Holders of roe. May 29
Metropolitan Edison, corn. (quar.)__..
25c June 30 Holders of rec. June 130
Adams Express, common (guar.)
411.75 JulY 1 *Holders of rec. May 29
$7 preferred (guar.)
Preferred (guar.)
1% June 30 Holders of roe. June 13a
*31.50 July 1 *Holders of roe. May 29 .Addressograph-Multlgraph Corp.
$8 preferred (guar.)
*81.25 July 1 *Holders of roe. May 29
$5 preferred (quar.)
Common (guar.) (No. 1)
350 July 10 Holders of roe. June 220
Middle Western Telephone, el. A (quay,) *431(c June 15 *Holders of rec. June 6
Aetna Rubber, pref.(guar.)
I% July 1 Holders of roe. June 15
(1 3.4 June 24 Holders of roe. June 1
Midland United Go., common (quar.)
Agnew Surpass Shoe Stores. Pt.(qu,)... 134 July 2 Holders of rec. June 15
750. June 24 Holders of roe. June 1
Pre( A (cash or 1-40th share corn.stk.)
.
*Holders of rec. May 30
AlleghenySteel, coin. (monthly)
Monongahela West Penn Public Service
*1*.i 3ept. 1 *Holders of foe. Aug. 15
Preferred (guar.)
43140. July 1 Holders of roe. June 15
7% preferred (guar.)
*1- 7 1 *Holders of roe. Nov.13
Preferred (guar.)
0.
.
n
$1.75 July 1 Holders of rec. June 20
Miss.Power Co..$7 prof.(guar.)
ept
Alliance Realty Co., preferred (quar.)
.8714 j e 1 Holders of roe. Aug 20
*134 itm .18
15
:
$1.50 July 1 Holders of roe. June 20
$6 preferred (quay.)
Holders of roe Nov. 20
Preferred (guar.)
1%
Nassau & Suffolk Ltg.. pref.(quay.).... 144 July 1 Holders of roe. June 10
Jl
Allied Chem.& Dye Corp.. pref.-(qu.).. 14( july 1 Holders of roe. June lla
30 Holders of rec. June 10
450. June
National Electric Power, corn. B (qua
*Holders of rec. June 15
Allied Laboratoriee, cony. pref.(quar,)
1% July 1 Holders of rec. June 10
7% preferred (guar.)
Alpha Portland Cement, pref.(qua
*144 June 15 *Holders of roe. June 1
I% July 1 Holders of roe. June 10
6% preferred (guar.)
Aluminum Manufacture',Inc.. oom.(qu) *500. June SO *Holders of tee. June 15
400. June 15 Holders of roe. May 27
National Public Service. corn. A (quay.)..
*500. Sept.30 *Holders of roe. Sept.15
Common (guar.)
June 10 *Holders of rec. May 30
*El
Newark Telephone (Ohio) (guar.)
*500 Dee. 31 *Holders of roe. Dee. 15
Common (guar.)
*134 July 10 *Holders of roe. June 30
6% Preferred (guar.)
'134 June 30 *Holders of roe. June 15
Preferred (guar.)
New Engl. Power Assn.. corn.(quar.).. *500. July 5 *Holders of rec. June 30
'13.4 Sept.30 *Holders of reo. Sept.15
Preferred (quar.)
*81.50 July I Holders of roe. June 10
$8 preferred (quar.)
.
0134 Dec. 31 *Holders of roe. Dee. 15
Preferred (quar.)
*50e. July 1 *Holders of rec. June 10
$2 preferred (guar.)
JUNE 6 1931.]
Name of CornerMY.
When
Per
Cern. Payable.
Bo,ks Closed
Days Inclusive
Miscellaneous (Continued).
*37345 June 15 "Holders of rec. May 29
Aluminum Industries (quar.)
*$3.50 July 15 *Holders of rec. June 15
Amalgamated Laundries, pref
American Bakeries, class A
*75c. July 1 *Holders of rec. June 17
*141 July 1 *Holders of rec. June 17
7% preferred (quar.)
American Bank Note, corn.(quar.)
50e July 1 Holders of rec. June 10a
75a July 1 Holders of rec. June 10a
Preferred (guar.)
American Can. pref. (guar.)
134 July 1 Holders of rec. June lea
American Chain,7% prof.(qua?.)
134 June 30 Holders of rec. June 20a
American Chicle (guar.)
*e0e. July 1 'Holders of rec. June 12a
*25e. July 1 *Holders of ree. June 120
Extra
Amer. ColortYPe, Common (quar.)
200. June 80 Holders of rec. June 12
American Envelope, 7% pref. qular.)
•134 Sept. 1 *Holders of roe. Aug. 25
•I 44 Dec. 1 *Holders of roe Nov.25
7% preferred (quar.)
American Factors, Ltd. (monthly)
*160. June 10 *Holders of rec. May 30
Amer. Furniture Mart Bldg., pi. (qu.)
144 July 1 Holders of rec. June 20
Amer. Hawaiian Steamship, (Guar.)
50c. June 30 Holders of roe. June 15a
Quarterly
25e.Sept. 30 Holders of roe. Sept. 15a
Quarterly
260. Dee, 31 Holders of roe. Dee. 16a
Amer. Home Products Corp.(monthly).
35e. July 1 Holders of roe. June 150
American Locomotive, common (quar.).
25e. June 30 Holders of rec. June 12a
Preferred (qua?.)
154 June 30 Holders of roe. June 12a
Amer. Manufacturing Co.. corn. (quar.) 1
July 1 Holders of roe. June 15
Common (quar.)
1
OM. I Holders of roe. Sept. 15
Common (guar.)
I
Dec. 81 Holders of rec. Dec. 15
Preferred (guar.)
134 July 1 Holders of roe. June 15
136 Oct. 1 Holders of roe. Beet. 15
Preferred (Clam.)
Preferred (quar.)
I% Dec 31 Holders of rce. Dee. 15
American National Finance, pref
*50e. June 15 *Hollers or roe. June 1
American Optical Co., 1st prof. MAO- 134 July I Holders of req. June 201
First preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 160
First preferred (quar.)
134 Dee. 81 Holders of Fee. Dee. 201
Amer. Pneumatic Service, 1st pref.(qu.) 8734c June 80 Holders of reo. June 20
Am. Radiator & Stand. Sanitary Corp..
15e. June 30 Holders of rec. June lla
Common (quar.)
Amer. Safety Razor (guar.)
$1.25 June 30 Holders of rec. June 100
American Stores Co.(quar.)
50e. July 1 Holders of roe. June 15a
Amer. Sugar Refg., corn.(quar.)
134 July 2 Holders of rec. June 54
Preferred (guar.)
134 July 2 Holders of rec. June 54
61
Amer. Surety Co. (quar.)
June 30 Holders of roe. June 130
American Thread, preferred
1234c July 1 Holders of rec. May 300
American Tobacco. pref. (guar.)
134 July 1 Holders of rec. Juno 10a
American Yvette. corn.(No. 1)
"25e. June 15'Holders of rec. May 15
Amoskeag Company. common
•$1.50 July 3 *Holders of rec. June 20
Preferred
*82.25 July 8 *Holders of roe. June 20
Anchor Cap Corp., corn. (quar.)
No. July 1 Holders of roc June 20a
$1.625 July 1 Holders of rec. June 200
Preferred (guar.)
$1
June 12 Holders of rec. June 2
Andlan National Corp
June 12 Holders of coup. No. e
Bearer shares
21
1 44 July 1 Holders of rec. June 20e
Apex Electrical Mfg.. pref. (quar.)
Armour & Co.(of Del.), pref. (guar.).
- 13.1 July I Holders of rec. June 10a
.25e. July 1 *Holders of rec. June 18
c.
Armstrong Cor.common (quar.)
Arnold Print Works, 1st & 2d pf. (qu.).... "144 July I *Holders of roe. June 20
Associated Breweries of Can., corn.(qu.)
25e. June 30 Holders of roe June 15
134 July 1 Holders of re • June 15
Preferred (guar.)
Associate.; Investments Co., corn. (qu.). $1
June 80 Holders of rec. June 20
Preferred (quar.)
134 June 30 Holders of rec. June 20
Atlantic Gull dr W.1.8.5. Linea. pl.Om.) 134 June 80 Holders of roe. June lea
Preferred ((Mara
134 3ept.30 Holders of rec. Sept. 10a
Preferred (quar.)
114 Dec. 30 Holders of tee. Dec. 10a
Atlantic Refining. corn. (quar.)
25e. June 15 Holders of rec. May 21a
Atlas Powder. corn.(quar.)
81 June 10 Holders of rec. May 290
Babcock & Wilcox Co.((Mara
13.4 July 1 Holders of rec. June 200
Backstay Welt Co., common (quar.)...., "25e. July 1 *Holders It ree. June 20
Balaban dr Katz Corp.. COM.(quar.),...
0760. June 2 *Holders of rec. June 15
Preferred (quar.)
*141 June 27 *Holders of ree. June 15
Baldwin Co., preferred A (quar.)
*134 June 15 *Holder of ree. May 29
,
Baldwin Locomotive Works, preferred.. 334 July I Holders of rec. June ea
Baldwin Rubber, class A (quar.)
*37340 June 30 *Holders of rec. June 20
Bankers Investment Trust of America
*15o. June 80 *Holders of rec. June 15
Debenture stook (quar.)
*15o Sept.80 *Holders of reo. Sept. 15
Debenture stook (quar.)
0150. Dee. 31 *Holders of roe. Deo. 15
Debenture stook (guar.)
"25e. July 1 *Holders of rec. June 30
Beaton & Caldwell Mfg.(monthly)
Beech-Nut Packing, corn.(qua?.)
750. July 1 Holders of rec. June 12a
Belding Canteen!, Ltd., common (guar.) 13.4 Aug. 1 Holders of ree. July 15
Preferred (quar.)
134 Juno 15 Holders of rec. May 30
Bendix Aviation Corp.(quar.)
25e. July 1 1 Holders of rec. June 10a
Beet & Co. (guar.)
50o June 15 Holders of rec. May 25a
Aug. 15 Holders of rec. July 184
Bethlehem Steel, corn.(quar.)
$1
144 July 1 Holders of roe. June 50
Preferred (quar.)
Bliss (E. W.) Co.
e2
July 1 Holders of Fee. June 90
Common(payable in common stook)
Oct. 1 Holders of roe.Sept. 20
Common(Payable In common stock) - f2
.
*3734c Aug. 15 *Holders of ree. Aug. 10
Bloch Brea. Tobacco, corn.(quar.)
Common (quar,)
*3734e Nov. 16 *Holders of rec. Nov. 10
*114 June 30 *Holders of roe. June 24
Preferred (quar,)
•134 Sept.30 *Holders of roe. Sept. 24
Preferred (quar.)
Preferred (Guar.)
'134 Dec. 31 *Holders of rec. Dee. 24
Blumenthal(Sidney)& Co..Pref.(qu.)
144 July 1 Holders of rec. June I3a
Bohn Aluminum & Brass, corn. (guar.). 37340 July 1 Holders of rec. June 15a
Bon Aml Co., common A (quar.)
*81 July 31 *Holders of rec. July 15
Common A (extra)
. 81 July 31 *Holders of rec. July 15
1
.
Common B (extra)
*50o July 1 *Holders of rec. June 19
Common B (extra)
*50o Jule 1 *Holders of rec. June 19
Borg-Warner Co., coin. (quar.)
25e July I Holders of rec. June 15a
•1% July
Preferred (quar.)
I *Holders of roe. June 15
Boston Wharf
336 June 80 Holders of reo. June 1
Boston Woven Hose & Rub.,corn.(qu.) $1.50 June 15 Holders of rm. June 1
Preferred
June 15 Holders of roe. June 1
8
•250 June 15 *Holders of roe. June I
Bounols. Inc
Brandram-Henderson,Ltd., pref.(quar.) PIM July 1 *Holders of rec. June 1
Brennan Packing class A (quar.)
11 Sept. 1 *Holders of rec. Aug. 20
4
Claes A (qar.)
. 1 Dee. 1 *Holders of rec. Nov.20
11
Class B (quar.)
*250 Sept. 1 *Holders of roe. Aug. 20
Class B (Guar.)
,1250 Dee. 1 "Holders of roe. Nov.20
Briggs & Btraton Corp. (quar.)
50o June 80 Holders of roe. Juned20a
Brillo Mfg.. common (quar.)
July 1 Holders of roe. June 15a
Class A (quar.)
50o. July 1 Holders of rec. June 154
British American 011. reg. shares
June 14 to July I
Coupon shares
20e. July 2 Holders of ooup. No.6
British-Amer. Tobacco, ord. reg. stook
(interim) A (quar.)
(a) June 30 See note VD.
Ordinary coupon stock (interim)
(a) June 30 Hold, of coup. No. 140
British United Share Muhl.% Ltd
Amer. dep. rots, for ord. reg. shares.... vyyi June 6 *Holders of roe. May 22
BuckeyePipe Line (quar.)
June 15 Holders of rec. Apr. 27
$1
Bucyrus-Erie Co., corn. (quar,)
260. July 1 Holders of reo. June I8a
7% preferred (quar.)
154 July 1 Holders of rec. June 18a
Convertible pref.(quar.)
132)4e. July 1 Holders of rec. June 18a
Budd Wheel, common (guar.)
25e. June 30 Holders of ree. June 10a
Participating preferred (guar.)
144 June 30 Holders of reo. June 103
Participating pref. (extra)
750. June 30 Holders of rec. June 10a
Building Products, Ltd., cl. A (qu.)
50e. July 2 Holders of roe. June 15
. 1 July 1 *Holders of rec. June 15
Burger Bros., 8% pref.(quar.)
11
oil July 1 *Holders of rec. June 16
8% preferred (qua?.)
*S1 Oct. 1 *Holders of roe. Sept. 15
8% preferred (guar.)
I3urmah 011, Ltd.
*12% June 18 *Holders of roe. May 20
Am.dep.receipts for ord.reg.shs.
144 July 1 Holders of reo. June 15a
Burns Bree., pref. (quar.)
5144 June 15 Holders of rec. May 29a
Preferred (acct. accum. dive.)
'6234e Aug. 1 *Holders of roe. July 10
Bush Terminal, corn. (guar.)
•1,4 July 15 *Holders of
Debenture stock (quar.)
rec. July 1
July I "Holders of rec. June 12
Bush Terminal Bldg's.. Pref.(quar.)pref.(No.1)
*8714c July 1 *Holders of ree. June 15
Ital Corp 7%
500. June 15 Holders of reo. May 29a
California Packing (guar.)
134 June 80 Holders of roe. may 30
Canada Cement. pref. (guar.)
$1
June 15 Holders of rm. May 31
Canada Wire & Cable, class A (guar.)
SI
Sept.15 Holders of rec. Aug. 31
Class A (quar.)
Dec. 15 Holders of rec. Nov.30
SI
Clair A (qua?.)
43340 June 15 Holders of roe. May 31
Class B (quar.)
1% Juno 15 Holders of tee. May 81
Preferred (qar.)
4189
FINANCIAL CHRONICLE
Name of Corn pang.
When
Per
Cent. Payable
Books Close.
Days Inclusive.
Miscellaneous (Conitnual).
July 2 Holders of roe. June 15
3
Canada Permanent Mtge.(qua:.)
$1. June 15 Holders of roe. May 31
Canada Wire & Cable, common A
43 Mo.June 15 Holders of rec. May 31
Common B
1% June 15 Holders of rec. May 31
Preferred
1235c. July 2 Holders of rec. June 15
Canadian Canners, corn. (qua?.)
20e. July 2 Holders of rec. June 15
Convertible preferred (quar.)
134 July 2 Holders of rec. June 15
First preferred (quar.)
44e. July 10 Holders of rec. June 25
Canadian Car & Fdy.. pref.(quar.)
Canadian Cottons, Ltd., pref. (qu.)__._ 1% July 4 Holders of rec. June 20
Canadian Fairbanks-Morse corn. (guar.) .50e. June 15 *Holders of roe. May 30
July 1 Holders of rec. June 13
Canadian General Electric, corn. (quar.) 1
8714e. July 1 Holders of rec. June 13
Preferred (quar.)
July 1 Holders of roe. Juner20
2
Canadian Oil, preferred (quar.)
13.4 June 30 June 20 to June 24
Canfield Oil, com. & pref. (qua?.)
•13t July 1 *Holders of roe. Juno 20
Carnation Co., pref.(quar.)
•15.i Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
•134 Jan 2'32 *Holders of ree. Dee. 21
Preferred ((Mara
*$1.75 June 30
Carolina Dis o Int pref. (quar.)
Carreras, Ltd.
June 19
*15
Am. dep. rcts. for ord. A reg
June 19
*15
Am, dep. rete. for ord B reg
114 June 15 Holders of roe. June 10
Carter (Wm.) Co.. prof. (guar.)
134 July 1 Holders of rec. June 12
Case (J. I.) Co., com. (guar.)
114 July 1 Holders of rec. June 12
Preferred (guar.)
15c. Aug. 15 Holders of reo. Aug. 6
Centrifugal Pipe (quar.)
150. Nov. 16 Holders of roe. Nov. 6
Quarterly
2
Get. 2
Century Co
Champ. Ctd. Pap., pf. & spec. pf.(qu.). '134 July 1 *Holders of rec. June 20
•15( July 1 *Holders of roe. June 20
Champion Fibre, 1st pref.(quar.)
."144 July 1 *Holders of rec. June 20
Chatham Mfg.7% pref.(quer.)
Oct. 1 *Holders of roe. Sept.20
7% preferred (qua?.)
;
0134 July 1 'Holders of roe. June 20
8% Preferred (guar.)
'134 Oct. 1 *Holders of roe. Sept.20
6% Preferred (qua?.)
Cherry-Burrell Corp.. pref. (guar.).- *134 Aug. 1 *Holders of rec. July 15
$1
June 30 Holders of rec. June 9a
Chesebrough Mfg. Consol. (quer.)
50e June 30 Holders of roe. June 9a
Extra
$1.75 July 1 *Holders of roe. June 20
Chicago Daily News, pref.(quar.)
July 1 Holders of rec. June 19a
Chicago Yellow Cab (monthly)
25o.lAug. 1 Holders of rec. July 20a
Monthly
25o. Sept. 1 Holders of rec. Aug. 20a
Monthly
50o. June 10 Holders of roe. May 22a
Childs Company,common (qua:.)
114 June 10 Holders of rec. May 220
Preferred (guar.)
37340 June 29 Holders of rec. June Sc
Chile Copper Co. Plum,/
. June 30 Holders of rec. June la
Chrysler Corp., common (guar.)
*35e Aug. lb *Holden of roe. Aug 1
Churngold Corp.(quar.)
*350 Nov.16 *Holders of roe. Nov. 1
Quarterly
Cincinnati Advertising Products (quar.) *75e. July 1 *Holders of rec. June 20
*750. Oct. 1 *Holders of rec. Sept.19
Quarterly
*75e. Jan 1'32 *Holders of roe. Dee. 19
Quarterly
Sept.15 *Holders of roe. Sept. 1
"3
Cincinnati Land Shares
11.14 June 15 *Holden of rec. June
Cincinnati Rubber Mtg.. 6% prof. WO .
'1)4 iept.15 *Holders of roe. Sept. I
6% preferred (quar.)
.134 Dec. 15 *Holders of rec. Deo. 1
6% Preferred (qear.)
Cincinnati Tob. Warehouse(annual).... 81 June I *Holders of ree. June 6
214e. July 1 Holders of rec. June 150
Cities Service, common (monthly)
Corn.(payable in corn.stock)(mthly.) /14 July 1 Holders of ree. June 15a
50. July 1 Holders of ree. June 154
Preference B (monthly)
50e. July 1 Holders of roe, June L5a
Preferred and pref. BB (monthLv)---"250. July I *Holders of reo. June 80
City Union Corp., corn.(quar.)
*25e. Oct. 1 *Holders of rec. Sept.30
Common (qua?.)
*25o. Jan WS *Holders of rec. Dee. 31
Common (quar.)
50e. June 15 Holders of reo. May 29a
Clark Equipment Co., COM.((Juan)
'$1.75 June 15 'Holders of reo. May 29
Preferred (quar.)
*40e. July 1 *Holders of rec. June 20
Claude Neon Elec. Prods.,Cora.(M.).
•350. July I *Holders of reo. June 20
Preferred (guar.)
Clifton Manufacturing
July 1
$2
Coate (J. & P.) Ltd
evenly,July 7 Holders of rec. May 22
Am. dep. rcpt. ord, reg. she.
25e. July 15 Holders of roe. July 3
Coca Cola Bottling (quarterly)
26e. Oat. 15 Holders of roe. Oct. 5
Quarterly
$1.75 Ally 1 Holders of roe. June 12e
Coca-Cola Co.,corn.(guar.)
25e. July 1 Holders of rec. June 120
Common (extra)
$1.50 July 1 Holders of rec. June 12a
Class A
3)4 July 1 Holders of rec. June 12a
Coca-Cola Internat. Corp., corn.(au.)
50o. July 1 Holders of rec. June 12a
Common (extra)
July 1 Holders of rec. June 12a
Class A
$3
Colgate-Palmollve-Peet Co., pref. inn.). 134 July 1 Holders of rec. June 10a
Commercial Credit of Balk.. corn.(qu.)
*2.0e. June 30 Holders of rec. June 10
4354c June 30 Holders of rec. June 10
7% first preferred (qua?.)
1% June 30 Holders of me. June 10
634% first preferred (guar.)
50e. June 30 Holderslot roe. June 10
6% Preferred, class B (qua?.)
*75e. June 30 *Holders of rec. June 10
23 class A cony.stock (quar.)
500. July 1 Holders of rec. June 5a
Commercial Invest. Trust, corn. (qu.)
7% first preferred (quar.)
154 July 1 Holders of rec. June 5a
134 July I Holders of rec. June ba
634% first preferred (guar.)
Cony, pref. opt, series of 1929 (guar.) n$1.50 July 1 Holders of rec. June 54
25o. June 30 Holders of roe. June 104
Commercial Solvents,corn.(qua?,)
Compressed Industrial Gases (guar.)... *50e. June 15 "Holden of rec. May 29
25c. July 1 Holders of roe. June 15a
Consolidated Laundries, corn. (quar.)
• $1.875 July 1 "Holders of rec. June 15
Preferred (quar.)
Conlin.
Co., corn, (qu.) 250. June 30 Holders of rec. June 150
-Diamond Fibre
"1.54 July 1 *Holders of rec. June 18
Continental Steel, pref. (guar.)
1
June 15 Holders of ree. May 30
CooksvIlle, Co. Ltd., pref. (gear.)
Corporation Securities Co.. Corn.(qu.)_. 1134 June 20 Holders of rec. May 21
Crane Co., corn.(quar.)
*25e. June 15 'Holders of ree. June 1
*144 June 15 'Holders of tee. June 1
Preferred (quar.)
Cresson Cons. Gold Mln.& Mill(qua --*lc. July 10 'Holders of rec. June 30
*75e. June 24 'Holders of rec. June 13
Crowell Publishing, con/. (quar.)
*50o. June 30 "Holders of rec. June 10
Crowley Milner & Co., coM.(qua?.)
Crown Cork dr Seal, common (qua?.)
60e. June 18 Holders of rec. May 29a
68e. June 15 Holders of rec. May 29a
Preferred (quar.)
Crown Willamette Paper, 1st
July 1 Holders of rec. June 134
pref. (qu.) $1
Crucible Steel, pref. (guar.)
134 June 30 Holders of rec. June 150
Crum & Forster. pref. Guar.)
June 30 Holders of rec. June 20
2
'33.4 Aug. 3 "Holders of rec. Aug. 3
Cruoden-Martto Mfg
50c. June 15 Holders of rec. May 29
Cumberland Pipe Line (guar.)
Ouneo Press, preferred (quar.)
*134 June 15 *Holden of rec. June 1
$1.75 July 1 Holders of rec. June 204
Curtis Publishing, pref. (guar.)
Dairy League Co-Operative Corp., pfd
111.75 July 1 'Holders of rec. June 15
DavidFrere, Ltd., class A (guar.).
- *57c. June 15 *Holders of rec. May 30
'154 July 1 *Holders of rec. Juno 20
Davidson Co., pref. (quar.)
. 154 Oct. 1 *Holders of rec. Sept.20
1
.
Preferred (guar.)
.
1,154 Jan 1'82 "Holders of rm. Dee. 20
Preferred (quar.)
Decker (Alfred) & Cohn. pref. ((1uar.).- "134 Sept. 1 *Holders of reo. Aug. 20
Deere .4 Co.. old common (guar.)
$1.50 July 1 Holders of rec. June 150
New common (quar.)
30e. July 1 Holders of rec. June 154
De Long Hook & Eye, corn. (qua?.).,.. *50o. July 1 *Holders of tee. June 10
Denver Union Stock Yards (quar.)
July 1 *Holders of rec. June 20
*51
Detroit Gasket & Mfg.,corn.(ad). div.)- *26e. June 18 *Holders of rec. June 3
Detroit Mich. Stove, pref. (qua?,)
4,133 June 10 "Holders of rec. June 1
250. July 1 Holders of rec. June 20
Distributors Group, Inc.(Qum.)
Dr. Pepper Co.,common (quar.)
30o Sept. 1 Holders of rec. Aug. 15
Common (qar.)
30e. Deo. 1 Holders of rec. Nov.15
Doehler Die-Casting, 7% prof.(2660
8734e. July 1 Holders of rec. June 20
37 preferred (qua?.)
$1.75 July 1 Holders of reo. June 20
Dome Mines, Ltd
25e. July 20 Holders of rec. June 30a
Dominion Bridge, corn. (quar.)
75o. Aug. 15 Holders of rec. July 31
Common (guar.)
75o. Nov. 14 Holders of rec. Oct. 31
Dominion Glass Co., Ltd., corn. (oust,) 133 July 2 Holders of rec. June 15
Preferred (guar.)
134 July 2 Holders of rec. June 15
Dominion Textile, Ltd., corn.(guar.). 81.25 July 2 *Holders of rec. June 15
*144 July 15 *Holders of rec. June 80
Preferred (quar.)
$1
Draper Corporation (quar.)
July 1 Holders of roe. May 80
June 15 Holders of rec. May 28a
DuPont (E.I.)deNem. & Co.,com. (qu.) $1
134 July 25 Holders of rec. July 10a
Debenture stock (quar.)
Early & Daniel Co., corn. (guar.)
•500. June 30 *Holders of rec. June 20
"1.14 June 30 *Holders of roe. June 20
Preferred (guar.)
Eastern ULU. Invest., $5 prior of. (qu.). $1.25 July 1 Holders of roe. May 29
Eastman Kodak, corn. (guar.)
$1.25 July 1 Holders of rec. June 5a
Common (extra)
Mo. July 1 Holders of recs. June Sc
134 July 1 Holders of rec. June Sc
Preferred (Mara
(
Name of Company.
When
Per
Crnt. Payable.
Books Mien.
Days Manatee.
Miscellaneous (Continued).
*80 July I "Holders of reo. June 10
Ecuadorian Corp., Ltd., ordinary
•32e July 1 "Holders of rec. June 10
Preferred (quar.)
*14 June 15 *Holders of rec. May 30
Edison Bros. Stores, pref.(quar.)
'37140 June 15 "Holders of rec. May 29
El Dorado 011 Works (quar.)
June 20
Electric Controller & Mfg., corn. (quar.) "S1.25 July 1 "Holders of rec. June 8a
Storage Battery, corn. & pf.(qu) $1.25 July 1 Holders of reo.
Electric
15 Holders of rec. June 1
25e. June
Employers Group Associates (quar.)
'2% June 30 *Holders of rec. June 20
Equitable Mtge. de Title Gurtruntee
'1% June 30 *Holders of reo. June 20
Extra
*33 1Stock dividend
621.6c. July 1 Holders of rec. June 154
Equitable Office Bldg., corn.(quar.)-July 1 Holders of rec. June 15
Preferred (guar.)
•75c. July 1 "Holders of reo. June 15
Equity Corp., preferred (qua?.)
*35 June 15 "Holders of rec. May 31
& Loan (Cleve.)
Equity Savings
*59 June 15 "Holders of tee. May 31
Extra
Ever-Ready Co.(Great Britain)
w•25 June 6 *Holders of rec. May 15
shares
Amer. dep. rots, for ord. reg.
*60o. Aug. 15 *Holders of reo. Aug. 5
Ewa Plantation (guar.)
'I% Aug. 1 *Holders of rec. July 20
Coe & Gregg, pref. (guar.)
Faber,
*lee Nov.1 *Holders of rec. Oct. 20
Preferred (qua?.)
*I% Feb 1'32 "Hold, of rec. Jan. 20'32
Preferred (quar.)
. June 30 Holders of rec. June 12a
Fairbanks-Morse & Co.. corn.(quar.)
500. June 27 Holders of reo. Jtme 5
Famous Players Canadian Corp.(guar.)6240 July I June 16 to June 17
Faultless Rubber. corn. (qua?.)
"500. June 15 *Holders of reo. June 1
Fear (Fred) & Co. ((uar.)
lee June 15 Holders of reo. May 25a
Federal Mining dr Smelt., pref. (quar.)
"10e. July 1 *Holders of rec. June 20
Federal Motor Truck (guar.)
June 15 Holders of reo. June 5
*2
Federal Terra Cotta (quar.)
13( July 1 Holders of reo. June 10
Feltman & Curme Shoe Stores. V.(qu.)
160. June 29 Holders of reo. June 12
Fifth Avenue Bus Securities (quar.)
• 1% July 1 Holders of reo. June 20a
Filene's(Wm.) Sons, pref. (quar.)
622eo July 1 Holders of rec. June 5a
First National Stores, Inc., corn.(qu.)
"14 July 1 *Holders of reo. June 5
First preferred (guar.)
200. July 1 "Holders of tee. June 5
•
8% preferred (quar.)
500. July 1 *Holders of reo. June 20
First Security Corp.(Ogden) A & B(qu.) •
*let June 30 *Holders of reo. June 20
First State Pawners Society (quar.)
12e July 1 Holders of rec. June 180
Florshelm Shoe, 6% prof.(guar.)
*$1.50 June 15 *Holders of rec. May 30
Follansbee Bros. Co.. pref.(guar.)
Food Machinery.626% pref.(mthly.)_. 0500. June 15 *Holden of reo. June 10
•500. July 15 *Holders of rec. July 10
% preferred (monthly)
*50c. Aug 15 *Holders of roe. Aug. 10
64% preferred (monthly)
•500. Sept.15 *Holdere of rec. Sept.10
64% preferred (monthly)
60e. June 20 Holders of rec. May 29
Ford Motor of Canada, class A & B
we. July 1 Holders of rec. June 12a
Fester Wheeler Corp., corn.(quar.)
51.75 July 1 Holders of reo. June 120
Preferred (quar.)
"14 June 15 *Holders of tee. June 1
Foundation Inv. Co.,6% pt.(quar.)-10a
of reo.
Fuller (George A.) Co., prior pref. (qu.) 51.60 July 1 Holders of rec. June4
June 100
$1.50 July I Holders
Second preferred (guar.)
Sept. 1 *Holders of rec. Aug. lb
87341
Galland Mercantile Laundry (guar.).
-•
*8724e Dec. 1 *Holders of roe. Nov.15
Quarterly
51.25 June 15 Holders of reo. June 50
Gamewell Co., corn. (qua?.)
$1.50 June 15 *Holders of rec. June 5
•
Preferred (guar.)
300. July 1 Holders of reo. June 15
Garlock Packing, corn. (quar.)
Holders
July
Gen'l Amer. Investors, pref. (guar.).
- 21.50 July 1 'Holders of reo. June 196
of rec. June 13
1
*el
General Amer. Tank Car (guar.)
750. June 15 Holders of rec. June la
General Asphalt, core.(guar.)
50e. July 1 Holders of reo. June 20
General Baking Co., corn. (qua?.)
July 1 Holders of reo. June 20
$2
Preferred (quar.)
400. July 25 Holders of rec. June 280
General Electric, common (quar.)
150. July 25 Holders of rec. June 264
Special stock (qua?.)
75e. June 12 Holders of rec. May 18a
General Motors Corp., corn.(quar.)_..__
$1.25 Aug. 1 Holders of rec. July 13a
Preferred (quar.)
General Public Service, $6 pref.(quar.) "f1.50 Aug. 1 "Holders of rec. July 10
•$1.375 Aug. 1 "Holders of reo. July 10
$5.60 preferred (qpm.)
General Railway Signal, corn. (quay.)... $1.25 July 1 Holders of rec. June 10a
134 July 1 Holders of reo. June 100
Preferred (quer.)
"no July 1 *Holders of reo. June 20
Gibson Art Co., common quar.)
"650. Oct. 1 *Holders of rec. Sept. 19
Common (quar.)
•650. Janl'32 *Holders of ree. Dec. 19
Common (qua?.)
let July 1 Holders of reo. June 18a
Glidden Co., prior pref (quar.)
Globe Discount & Finance, corn.(qua?.).. "25e July 15 *Holders of rec. July 1
8740 June 15 *Holders of rec. June I
•
Preferred (quar.)
250. July 1 *Holders of rec. June 20
•
Globe Grath & Milling corn.(quar.)
•4334c July 1 *Holders of reo. June 20
First preferred (quar.)
*No, July 1 *Holders of toe. June 20
Second preferred (quar.)
•350. July 25 *Holders of roe. July 7
Globe Knitting Works pref
*35e July 1 "Holders of tee. June 15
Goderlch Elevator & Trans. (quar.)
•3734e July I *Holders of rec. June 10
Goldblatt Bros.. corn.(quar.)
- if11i July 1 "Holders of rec. June 10
Corn. (payable in common stock).
.
$1.50 June 30 Holders of rec. June 17a
Gold Dust Corp., pref. (quar.)
"40e. June 10 "Holders of roc. May 31
Golden Cycle Corp. (guar.)
"750. June 30 "Holders of reo. June 30
Goodman Manufacturing (guar.)
134 July I Holders of reo. June la
Goodyear Tire & Rubber. 1st pt.(qu.)_
*750. July 1 *Holders of roe. June 20
Gorton Pew Fisheries(quar.)
•134 July 1 *Holders of reo. June 15
Graham-Paige Motors, 1st pt. (quar.)
*12250 June 30 *Holders of roe. June 20
Grand Rapids Varnish (quar.)
250. July 1 Holders Of rec. June 120
Grant(W. T.) Co.(quar.)
*400. July 31
Grant Lunch Corp., corn
"20c. June 30 *Holders of rec. June 29
8% preferred (quar.)
*200. Sept.30 *Holders of tee. Sept. 30
8% preferred (qua?.)
20e. Dec. 31 "Holders of reo. Dee, 15
•
8% preferred (quar.)
"1. 26 June 30 'Holders of rec. June 15
Great Lakes Towing, corn.(quar.)
•134 July 1 *Holders of roe. June 15
Preferred (quar.)
"let July 1 *Holders of roe. June 25
Great Lakes Transit, pref.(quar.)
June 25 Holders of rec. June 5
St
Great Northern Iron Ore Properties
June
134
' July 1 "Holders of reo. Aug. 15
Great Western Sugar, pref.(quar.)
1
*300. Aug. 15 *Holders of rec.
Greenway Corp., cons
•30e. Aug, 15 *Holders of tee. Aug. 1
Common B
*Holders of rec. Aug. 1
"21.50 Aug. 15
Participating preferred
*50o. Aug. 16 *Holders of tee. Aug. 1
Participating preferred (extra)
400. July 1 Holders of rec. June 15a
Greif Bros. Cooperage, corn. A (quar.)
'134 Aug. 1 *Holders of rec. July 29
Omen Watch, prof (quar.)
25e. July 1 Holders of rec. May 206
Habirshaw Cable & Wire (quar.)
*10o. June 16 "Holders of rec. June 1
Hall (H. C.) Lamp (guar.)
May 30
of
Hamilton Unit. Theatres. Ltd., pfd.(qu.) lee June 30 Holder, of rec. June fee
rec.
$1.75 June 20 Holders
Hanna (M. A.) Co., pref. (guar.)
July
Harbison-Walker Rem.. pref.(quar.)- 1% July 20 Holders of rec. June 106
15
*lee July 1 *Holders of rec.
Harnischfeger Corp., pref.(quar.)
Aug. 31 "Holders of rec. Aug. 15
*1
Hart, Schaffner & Marx, corn. (quar.)
Nov.80 *Holders of rec. Nov. 14
*1
Common (quar.)
Hathaway Bakeries, Inc.. pf cl. B (qu.) 250. July 15 Holders of tee. Juno 30
*50o. July 1 *Holders of rec. June 18
Hazel Atlas Ohm (guar.)
•250. July 1 "Holders of rec. June 18
Extra
"250. July 1 "Holders of reo. June 18
Special
"100. June 15 *Holders of reo. May 15
Reda Mining
$1.25 July I Holders of reo. June 10a
Helme (George W.) Co., corn.(quar.)
14 July 1 Holders of tee. June 10a
Preferred (quar.)
200. July 1 Holders of reo. June 20
•
Hercules Motor. corn. (quar.)
750. June 25 Holders of rec. June 12a
Hercules Powder, corn. (quar.)
July 1 Holders of rec. June 20
*2
Hewitt Brae. Soap, pref. (guar.)
Oct. 1 Holden; of rec. Sept.20
2
*
Preferred (qua?.)
anl'32 Holders of tee. Doe. 20
2
*
Preferred (quar.)
Spencer Bartlett & Co.(mthly.) 25e. June 26 Holders of recs. June 19
Hibbard
July 1 Holders of rec. June 15a
622ec
Holland Furnace, coin. (guar.)
"32e July 1 Holders of rec. Juno 15
Preferred
Sc. Juno 17 Holders of rec. June 3
Hollinger Consol. Gold Mines
*250. June 10 Holders of rec. May 29
Honolulu Plantation (monthly)
*51.25 June 30 Holders of rec. June 15
Hotel Steller Co., cont. (quar.)
•3720 June 30 Holders of roe. JUDO 15
8% preferred (quar.)
June 30 Holders of rec. June 15
7% preferred (quar.)
"6240 July I Holders of rec. June 20
Houdaille-Hershey Co., 01. A (qUar.)
*lee July I "Holders of rec. June 20
Howes Brea., 7% preferred (qua?.)
*let Oct. 1 *Holders of reo. Sept. 20
7% preferred (qua?.)
"lee Dec. 31 *Holders of rec. Dec. 20
7% preferred (qua?.)
*114 July 1 *Holders of rec. June 20
(quar.)
6% preferred
.01H Oct. 1 *Holders of rec. Sept.20
03% preferred (quar.)
"1 4 Dee. 31 "Holders of rec. Dec. 20
6% preferred (qeer.)
25e. July 1 Holders of rec. June ha
Hudson Motor Car (guar.)
,July 1 *Holders of rec. Juno 1
*50o.
Humble 011 & Refg. (guar.)
*50o.'June 30 *Holders of reo. June 15
Mfg. Co.. pref. (quar.)-Humphreys
3
Imperial Tobacco of Canada. ord. (qu.) 8eto. June 30 Holders of rec. June
[VOL. 132.
FINANCIAL CHRONICLE
4190
134
'
Name of Company.
When
Per
Cent. Payable.
Boats Closed,
Days Inctustoe.
Miscellaneous (Continual).
30e. July 15 *Holders of rec. July 3
•
Illinois Brick (qua?.)
•300. Oct. 15 *Holders of tee. Oct. 3
Quarterly
$1.75 July 1 'Holders of rect. June 20
Imperial Sugar,$7 pref. (guar.)
•
$7 preferred (guar.)
•31.75 Oct. 1 *Holders of rec. Sept. 20
•$1.75 Janl'32 'Holders of reo. Don. 20
$7 preferred (guar.)
"25c. July 15 *Holders of reo. June 18
Incorporated Investors (guar.)
Stock dividend
214
' Oct. 15 'Holders of ree. Sept.21
"25c Sept. 1 *Holders of tee. Aug 1
Industrial & Power Securities (quar.)_
•25c Dec. 1 *Holders of rec. Nov. I
Quarterly
July 1 Holders of rec. June 22a
Industrial Rayon (quar.)
$1
July 1 Holders of rec. June 8a
3
Ingersoll-Rand Co., prof
Internat. Business Machines, corn. (au.) $1.50 July 10 Holders of rec. June 20a
1220 July 1 Holders of roe. June 166
International Carriers. Ltd. (quay.)
June 30 Holders of reo. June 110
Internat. Cement (quar.)
SI
International Harvester. corn.(quar.).- 62240 July 15 Holders of rec. June 20a
June 30 Holders of rec. June la
150.
Internat. Nickel of Can.,corn.(qu.)
25e. June 15 June 1 to June 15
Internal Petroleum, reg. stock (quar.)-Coupon stock (quar.)
25o. June 15 Holders of coup. No. 29
International Proprietaries, Cl. A (qu.)_. 650. June 15 Holders of rec. May 25
International Salt (guar.)
75o. July 1 Holders of reo. June 156
134 July 1 Holders of tee. June 120
International Silver, pref. (quar.)
July 1 "Holders of tee. June 15
2
*
Intertype Corp., first pref. (quay.)
•3
July 1 'Holders of rec. June 15
Second preferred
Ivanhoe Foods, Inc., $3.50 pref. (qu.) '8740 July 1 *Holders of rec. June 20
•500. July 1 *Holders of rec. June 15
Jefferson Electric Co. (guar.)
July 15 Holders of rec. July 1
Jewel Tea. me., corn. (guar.)
$1
75o. Julyd15 Holders of rec. June 290
Johns-ManvIlle Corp., corn. (quay)..
154 July 1 Holders of rec. June 106
Preferred (quar.)
1% July 1 Holders of rec. June 120
Jones & Laughlin Steel. prof. (quer.)
8220. July 1 Holders of rec. June 19
Kalamazoa Stove (Var.)
*the. June 3(1 '(Colder, of rec. June 20
Isammaauo Vegetable Parchment (qu.)_
*leo. Sept.30 "Holders of reo. Sept. 19
Quarterly
150. flee. 31 "Holders of ree. Dec. 21
•
Quarterly
50o. June 15 Holders of reo. May 29
Katz Drug,corn.(quar.)
$1.625 July 1 Holders of rec. June 15
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quay.)... 14 July 1 Holders of ma. June 10
20e. June 30 Holders of rec. June 156
Kellogg (Spencer) & Bons (qua?.)
Ke.nper -Triennia Co., own. (quar.)...,.. •750. July 1 "Holders of reo. June 20
•75o. Oct. 1 *Holders of rec. Sept.20
Common (quar.)
*750. J'n 1'32 *Holders of reo. Dec. 20
Common (quar.)
*1% Sept. 1 *Holders of reo. Aug 20
Preferred (guar.)
'l 44 Deo. 1 *Holders of roe Nov 20
Preferred (oliar.)
82240 July 1 Holders of rec. June 12a
Klmberly-Clark Corp., corn. (quar.)
1
• 34 July
1 *Holders of reo. June 12
Preferred (quar.)
25e. July 1 *Holders of reo. June 20
•
Klein (1). Emil) Co., core. (guar.)
"124 JUIY 1 "Holders of rec. June 11
Koppers Gas & Coke, pref. (guar.)
400. June 30 Holders of rm. June 106
Kresge (S. B.) Co., corn. (guar.)
lei June 30 Holders of rec. June 10a
Preferred (guar.)
MS 1 "Holders of rec. June 20
Kroger Grocery & Baking. 1st Pf.(go.).
134
' Aug. 1 *Holders of rec. July 21
Secondpreferred (guar.)
30e. June 15 Holders of reo. June I
Lake Shore Mines, Ltd. (guar.)
300. June 15 Holders of reo. June 1
Extra
4,111
June 30 *Holders of rec. June 13
Lend Title Bldg. Corp.. Phila
75e. Aug. 15 Holders of rec. Aug. 6
Landis Machine, common (guar.)
75e Nov. 15 Holders of tee. Nov.
Common (quar.)
'154 June 15 *Holders of reo. June
Preferred (gear.)
'134 Sept.15 *Holders of roe. Sept.
Preferred (qua?,)
134
' Dee. 16 *Holders of reo. Dec.
Preferred (guar.)
26e. July 1 Holders of reo. Juno 1
Lane Bryant, Inc., corn. (quar.)
July 1 *Holders of tee. June 2
Larus & B.Co.. preferred (quar.)-.... *2
*Holders of reo. Sept.2
Oct.
Preferred (guar.)
June 30 *Holders of reo. June 1
Lawrence Portland Cement(UMW.)
Lehigh Portland Cement, pref. (quar.)- let July 1 Holders of tee. June 1 a
750. July 1 Holders of rect. June 1 a
Lehigh Valley Coal Corp., pref. RM.)
900. June 30 June 11 to June 3
Lehigh Valley Coal Bales (guar.)
*50o. June 18 *Holders of tee. June
Lerner Stoma Corp., corn. (guar.)
•350. June 30 "Holders of rec. June 1
Lessing's. Inc. (quar.)
334 July 1 Holders of ree. June 1
Libby, McNeil & Libby, let prof
Jule 1 Holders of reo. June 1
3
Second preferred
•3
July I *Holders of rec. June 1
5% preferred
*3H July 1 *Holders of rec. June 1
7% preferred
1% July 1 Holders of reo. June 1 a
Liggett & Myers Tob.„ pref.(quar.)•17240 Juno 10 *Holders of roe. June
Lindsay Light, preferred (guar.)
Lily Tulip Cup Corp., corn. ((Mar.).
-'37140 June 15 *Holders of rec. June
el% June 30 *Holders of rec. June
Preferred (guar.)
•660. June 30 *Holders of rec. June 3
Lock Joint Pipe Co.,item.(mtble.)
July 1 *Holders of rec. July
•2
Preferred (guar.)
Oct. 1 *Holders of roe. Oct.
*2
Preferred (gust.)..
Doe. 31 *Holders of rec. Dee. 3
Preferred (quar.)
76e. June 30 Holders of reo. June 1 a
Loewe, Inc., corn. (quay.)
750. July 1 "Holders of rec. June I
•
Loudon Pecking (guar.)
'234 July 1 *Holders of rec. June 1 a
Lord & Taylor, common (guar.)
'37140 June 15 "Holders of reo. June
Lunkenheimer Co. (guar.)
1
• h July
1 *Holders of reo. June 20
Preferred (guar.)
134 Oct. 1 *Holders 9? rec. Sept-21
'
Preferred (gust.)
' Jan 1'32 *Holders of rec. Dee. 22
134
Preferred (guar.)
Magnin (I.) & Co., common (quar.)--- *3734° July 16 *Holders of rec. June 30
*let Aug. 15 "Holders of rec. Aug. 6
6% preferred (guar.)
*14 Nov. 15 *Holders of reo. Nov. 5
6% preferred (guar.)
134
' July I *Holders of reo. Tune 20
Manischewitz(B) Co.. pref.(quar.)
"75o. July 1 'Holders of rec. June 15
Mapes consolidated Mfg. (gust.)
*25o. July 1 *Holders of rec. June 15
Extra
Marathon Moor Blade,Ina.(monthly) •
32.60. June 15 "Holders of reo. June 1
Monthly
*340. July 15 *Holders of rec. July 1
Monthly
"11240. Aug. 15 "Holders of reo. Aug. 1
Monthly
324o. Sept.15 *Holder, of tee. Sept. 1
*
Monthly
*3Ho. Oct. 15 "Holders of rec. Oct. I
Monthly
•3244). Nov. 15 *Holders of roe. Nov. l
'5140. Dee. 15 *Holders of reo. Dec. 1
Monthly
30o. June 30 Holders of reo June la
Marine Midland Corp. (quay.)
200. June 30 "Holders of reo. June 20
M. dr T. Securities, common (GUar.)---- •
50a. July 1 Holders of reo. June 12a
Mathlecon Alkali Works, corn.(quar.)-.
14 July 1 Holders of recs. June 12a
Preferred (goat.)
May Department Storee, corn.(quar.)_. 624e Sept. 1 Holders of rect. Aug. 15a
"50o. June 15 *Holders of reo. June 1
Mayflower Associates (guar.)
150. June 15 Holders of rec. May 16
McColl Frontenac 011, corn. (quar.)...
McCrady-Rodgers Co., pref. (guar.) -'8740 June 30 "Holders of rec. June 20
.
SI July 1 Holders of rec. June 10a
McKeesport Tin Plate (quar.)
500. July 1 Holders of reo. June lfla
• Extra
250. June 15 Holders of reo. June 5a
(guar.)
(14
oM cleesson&Robbins, d.)corn.
87140. Juno 15 Holders of rec. June 5a
Preferred (quar.)
$1.50 July 1 Holders of reo. June 20a
McLellan Stores Co. (guar.)
*2
July 1 "Holders of reo. June 25
Meletio Sea Food (quar.)
2
July 1 Holders of Fee. June 17
Merck Corp.. preferred (quay.)
5o. July 2 Holders of tee. June 15
Mercury Mills, corn
60. July 2 June 18 to July I
Mercury Oils, Ltd., corn. (qua?.)
$1.50 June 30 Holders of roe. June 342
Mergenthaler Linotype (guar.)
•50c. July 1 "Holders of tee. June 15
Mesta Machine,corn.(quar.)
$1 July 1 Holders of rec. June 10
Metal Package Corp., common (quar.)
Metro-Goldwyn Pictures, pref. (quar.) 474c. June 15 Holders of reo. May 29a
Metropolitan Paving Brick, Prof.(guar.) 114 July 1 June 16 to June 30
Mickelberry's Food Product.
Common (payable In cone stock)___. V234 Aug. 15 *Holders of tem. Aug. 1
Common amiable In corn. stook)-.-
41)4 Nov. 16 *Holders of rec. Nov. 2
•3
Midland Grocery, pref
July 1 *Holden] of reo. June 20
Midland Royalty,$2 prof.(guar.)
*5042. June 15 Holders of reo. June 4
Midvale Co.(guar.)
$1 July I Holders of rec. June 16
Miller & Hart, Inc., pref. (quay.)
*400. July 1 *Holders of rec. June 15
Minnesota Valley Can. Pref. (quar,)..,,_,, "let Aug. 1 *Holders of rec. July 20
Preferred (quar.)
134
' Nov. 1 *Holders of rec. Oct. 20
Febl'32 *Holders of reo. Jan.2033
Preferred (guar.)
Monroe Chemical, pref. (guar.)
8740 July I *Holders of rec. June 15
'
Monsanto Chemical (qua?.)
31140 July 1 "Holders of rec. June 10
'
Montgomery Ward OC Co., class A (ore_ •
$1.75 July 1 *Holders of tee. June 20
12e June 15 Holders of reo. May.I30
Montreal Cottons, Ltd., corn. (quar.)
Preferred (guar.)
134 June 15 Holders of reo. May 30
750. June 15 Holders of rec. May 31
Montreal Loan & mtge.(guar.)
75o. June 15 Holders of rec. May 280
Morrell (John) & Co., Inc.. com.(qu.)
June 29 Holders of rec. June 22
1
mortgage-Bond Co. (guar.)
pfd. B 234 June 30 Holders of reo. June 22
-Bond & Title Corp.. pfd.&
Mtge.
500. July 1 Holders of rec. June 19
Motor Products (gust.)
JUNE 6 1931.]
Name of Company.
4191
FINANCIAL CHRONICLE
Wiles
Per
Coal. Payable.
Books Closers.
Days Inelustee.
Name of Compand.
Per
Cool
When
Payable.
Books Closer..
Days!mimeo.
leeell neous (Continued).
Miscellaneous (Continued).
10e. July 1 Holders of rec. June 10a
25c. June 10 Holders of rec. May 20a Reo Motor Car (guar.)
Motor Wheel Corp., com.(guar.)
75c. Oct. 15 Holders of rec. Oot. 1
50c. Sept. I Holders of rec. Aug. 14a Republic Supply Co. (guar.)
Munsingwear Corp., corn. (quar.)
'144 June 30 'Holders otter. June 15
500. Dec. 1 Holders of rec. Nov. 16a Rich's. Inc.. 614% pref. (guar.)
Common (guar.)
55e. July 1 Holders of rec. June 15
$1
June 15 Holders of rec. June 5
Hike-Humbler Co.. com.(quar.)
Muskogee Company, common
'134 July I *Holders of rec. June 23
50c. June 30 Holders of rec. June 150
Preferred (guar.)
Myers(F. E.) & Bros.. common (quar.)_
25c. July 1 Holders of rec. June 8a
(quar.)
134 June 30 Holders of rec. June 15a Royal Baking Powder, com.
Preferred (guar.)
14 July 1 Holders of rec. June 8a
70c. July 15 Holders of rec. June 19a
Preferred (guar.)
National Biscuit, corn.(guar.)
June 15 Holders of rec. June 1
$1
25c June 15 Holders of rec. June 1
Ruberold Co. (guar.)
& Share (guar.)
National Bond
"81.25 July 1 *Holders of rec. June 8
40c. July 02 Holders of rec. June 15
Safeway Stores, Inc., corn.(guar.)
National Breweries, corn. (guar.)
'I'% July 1 'Holders of rec. June 8
0410. July 02 Holders of rec. June 15
7% preferred (guar.)
Preferred (guar.)
"134 July 1 *Holders of rec. June 8
*300. June 15 *Holders of rec. May 29
6% preferred (guar.)
National Casualty Co. (Detroit) (qu.)
25c. June 20 June 10 to June 21
65c. July 1 Holders of rec. June 3a St. Joseph Lead Co.(guar.)
National Dairy Products. corn.(quar.)-25c. Sept.21 Sept. 11 to Sept.21
•I ei July 1 "Holders of rec. June 3
Quarterly
Preferred A & B (guar.)
250. Dec. 21 Dec. 11 to Dec. 21
50c. Aug. 1 Holders of rec. July 15a
Quarterly
National Distillers Products, corn. (9.17.)
*50e. July I *Holders of rec. June 20
*3740 June 12 *Holders of rec. May 20
S. M.A.Corp.(guar.)
National Electric Products (guar.)
"20c. June 15 *Holders of rec. June 7
June 10 *Holders of rec. May 31
San Carlos Milling (monthly)
Industrial Loan Corp.Wittily.) •el
National
Sept I *Fickle, of tee. Auc. 15
"50 July 10 *Holders of rec. June 30
Saranac Pulp & Paper. stork dividend.. *05
Monthly
1,14 Aug. 15 *Holders of rec. Aug. 1
14 June 30 Holders of rec. June I2a Savage Arms, 2nd pref. (guar.)
National Lead, common (guar.)
500. June 15 Holders of rec. May 30
14 June 15 Holders of rec. May 250 Schiff Co., corn.(guar.)
Pre erred A (quar.)
134 June 15 Holders of rec. May 30
Preferred B (guar.)
134 Aug. 1 Holders of tee. July 17a
Preferred (guar.)
350. June 30 Holders of rec. June 16a
' July 1 *Holders of rec. June 15
1%
National Mfrs.& Stores, class A (quar.)_
Scott Paper, corn. (guar.)
j2 June 30 Holders of rec. June 160
"14 July 1 *Holders of rec. June 15
First preferred (guar.)
Corn.(payable in common stock)
*50c. July1 *Holders of rec. June 15
July 1 *Holders of rec. June 20
"51
National Oil Products, core. (quar.)
Scoville Mfg. (guar.)
*50c. July 1 "Holders of rec. June 20
Common (extra)
Selected Indus., Ins., 5534 pr. stk. (qu.) $1.375 July 1 Ilolders of rec. June 16
40c July 2 Holders of rec. June 15
"$1.75 July 1 *Holders of rec. June 20
$7 preferred (guar.)
Service Station, Ltd., cl. A & B (quar.)_
14 Aug. 1 Holders of rec. July 15
50c. June 10 Holders of rec. May 29a
National Steel Corp.(guar.)
6% preference (guar.)
1 Holders of rec. June 1
500. July
'134 Aug. 1 *Holders of rec. July 15
National Sugar Refg.. corn. (guar.).
6% preference, series A (guar.)
Sept 15 'Holders of tee Sept
•$1
50c. July 1 Holders of rec. June 18a Shearer (W. A.) Pen Co., common
National Surety (guar.)
"2
July 20 *Holders of tee. June BO
*250. June 15 *Holders of rec. May 29
National Transit (guar.)
Preferred (guar.)
*2
Oct. 20 *Holders of rec. Sept 315
'1% Sept. 1 *Holders of rec. Aug. 20
Nelman-Marcue Co., pref. (guar.)
Preferred (guar.)
•I te Dec 1 *Holders of rec. Nov. 20
114 July 1 Holders of rec. June 10a
Shell Union Oil Corp., pref. (guar.)
Preferred (guar.).
June 15 Holders of roe. June 1
500.
Neptune Meter, commor. A & B (quar.)_
Sherwin Williams Co. of Canada
2
40e. June 30 Holders of rec. June 16
Aug. lb Holders of rec. Aug. it
Preferred (guar.)
Common (guar.)
lei June 30 Holders of rec. June 16
Nov. 15 Holders of rec. Nov. la
2
Preferred (guar., _
Preferred (guar.)
*274c July 1 *Holders of rec. June 16
Newberry (J. J.) Co., com.(guar.)
Singer Mfg. Co., Ltd.
"to6 June 13 *Holders of rec. May 15
New England Grain Prod.
Amer. dep. rets, for ord. reg. she
Aug. 1 *Holders of rec. July 14
Sorg (Paul A.) Paper Co., pref.(guar.)-- '134 July 1 "Holders of rec. June 15
Cora.(1-100 share in pref. A stock)
*25c. June 30 *Holders of rec. June 15
FebV32 *Hold. of tee. Jan. 14'32
Com.(1-100 share In pref. A stock)
South Penn Oil Co. (guar.)
50c. July 15 Holders of rec. June 300
.
$1.75 July 1 *Holders of rec. June 20
Spalding (A. G.) & Bros.. com. (guar.)
$7 preferred (guar.)
(guar.) 134 July 1 Holders of rec. Juue 150
1 *Holders of roe. Sept. 20
•$1.75 Oct.
Huang, Chalfant & Co., Ine.. Pf•
$7 preferred (quar,)
*4
July 1 *Holder, of re-. June 20
•$1.75 Jan2'32 *Holders of rec. Dee, 20
$7 preferred (guar.)
Spartan Mills
75e. July 15 Holders of rec. July la
$1.50 July 15 *Holders of tee. July 1
.
Preferred A (guar.)
Spicer Mfg., pref. A (guar.)
30c. July 1 Holders of rec. May 29a
•$1.50 Oct. 15 *Holders of tee Oct
1
Preferred A (guar.)
Standard Brands, Inc., corn.((NUJ-134 July I Holders of rec. May 29a
•$1.50 Ja15'32 *Hold, of rec. Jan. 2'32
Preferred A (guar.)
Preferred (guar.)
June 26 Holders of rec. May 26
51
15e. July 15 Holders of roe. June 26
New York Transit (guar.)
Standard Chemical, Ltd
10c. July 15 Holders of rec. June 26
Extra
Standard Coosa Thatcher, com.(quar.).. •50c. July 1 •Holders of rec. June 20
'134 July 15 *Holders of rec. July 15
*500. June 27 *Holders of rec. June 12
New York Transportation (guar.)
Preferred (guar.)
62440. June 15 Holders of rec. May 16a
"20c. Aug. 1 *Holders of rec. July 25
Niagara Arbitrage Corp.(No. 1)
Standard 011 of Calif. (guar.)
•500. June 15 *Holders of rec. May 16
Northern Discount. pref. A (mthly.)_'66 2-3c July 1 *Holders of tee. June to
Standard 011 (Indiana) (guar.)
• 662-3c Aug. 1 *Holders of rec. Ally 15
"400. June 30 *Holders of rec. June 15
Preferred A (monthly)
Standard 011 (Ky.) (guar.)
50c. June 20 May 29 to June 20
•66 2-3c Sept. 1 'Holders of rec. Aug. 15
Preferred A (monthly)
Standard Oil (Nebraska)(guar.)
25e. June 15 Holders of rec. May 16
• 662-3c Oct. 1 *Holders of rec. Sept. 15
Preferred A (monthly)
Standard Oil(N.J.).$25 Par (guar.)---He. June 15 Holders of rec. May 16
* 662-3c Nov. 1 *Holders of rec. Oct. 15
Preferred A (monthly)
$25 par stock (extra)
1
June 15 Holders of rec. May 16
•66 2-3c Dec. 1 *Holders of tee. Nov. 15
Preferred A (monthly)
8100 par stock (guar.)
1
June 15 Holders of rec. May 16
* 86 2-3c Janl'32 "Holders of rec. Dee. 15
Preferred A (monthly)
$100 par stock (extra)
•1
July 1 *Holders of rec. June 15
40e. June 15 Holders of roe. May 80
Preferred C (monthly)
Standard Oil, New York (guar.)
"1
Aug. 1 *Holders of reo. July 16
234 June 30 Holders of tee. June 9a
Preferred C (monthly)
Standard Oil Export Corp., pref
•1
Sept. 1 *Holden, of tee. Aug. 15
750. July I Ilolders of rec. June 15
Preferred C (monthly)
Standard Steel Construe., pref. A (go.) *1
Oct. 1 *Holders of rec. Sept.15
Preferred C (monthly)
Starrett Corp..$50 par. pref.(guar.)- -- •750. July 1 *Holders of rec. June 15
tet
Nov. 1 "Holders of rec. Oct. 15
Preferred C (monthly)
(quar.)_ *300 June 30 "Holders of rec. June 20
Stearns (Frederick) & Co., com.
*1
Dee. 1 "Holders of rec. Nov.15
*14 Juno 30 *Holders of rec. June 20
Preferred C (monthly)
Preferred (guar.)
01
J'n 1'32 *Holders of roe. Dee. 15
Preferred C (monthly)
'43340 June 30 *Holders of rec. June 15
5th Baer & Fuller. pref. (guar.)
10c. July 15 Holders of tee. June 25
•4340 Sept.30 'Holders of too. Sept. lb
Niagara Share Corp. of Md.(quar.)_....
Preferred (Mum)
.4354e Dec. 31 *Holders of rec. Dec. 15
$1.50 July 1 Holders of rec. June 20
Preferred (guar.)
Preferred (guar.)
750. July 15 Holders of rec. Jene 16
Nineteen Hundred Corp., Cl. A (guar.)._ •50o. Aug. 15 "Holders of rec. Aug. 1
Stone & Webster, Inc. (guar.)
•50c. Nov. 15 'Holders of roe. Nov. 1
250. June 15 Holders of rec. May 250
Class A (guar.)
Sun Oil, ocnn. (guar.)
500. July 1 Holders of rec. June 10
North Amer. Provision, pref. (guar.)... '114 July 1 *Holders of rec. June 10
Swift & Co. (guar.)
14 July 1 Holders of rec. June 10
2e. June 30 Holders of rec. May 29
North Central Texas 011 (guar.)
Sylvanite Gold Mines, Ltd
$1.50 July 1 Holders of rec. June 12
•50c. June 15 *Holders of rec. June 10
Northern Pipe Line Co
Tenant Finance. corn. (guar.)
50c. July 1 Holders of rec. June 12
"87340 June 15 *Holders of rec. June 10
Extra
(guar.)
Preferred
121.4c June 15 Holders of rec. May 29
434 July 10 June 20 to Jely 10
Northern Securities Co
Tennessee Corporation (guar.)
•100 June 15 *Holders of rec. June 6
50c. July 1 Holders of rec. June 56
Oahu Sugar (monthly)
Texas Corp. (guar.)
•20c June 15 *Holders of rec. June 10
750. June 15 Holders of rec. June la
Ohio Electric Mfg. (guar.)
Texas Gulf Sulphur (guar.)
1,25c. June 30 *Holders of rec. June 100
'114 June 15 *Holders of rec. May 16
Ohio 011, preferred (guar.)
Texon Oil & Land, common (quar.)
40c. July 1 Holders of rec. June 20a
2
July 1 Holders of rec. June 12a Thatcher Mfg.(guar.)
Omnibus Corp., pref. (guar.)
"114 June 15 "Holders of rec. June 10
Oneida Community, common (quar.).._' 0124c June 15 "Holders of rec. May 29
Thew Shovel, prof. (guar.)
*81. June 20 *Holders of rec. June 5
'43'4e June 15 *Holders of rec. May 29
Preferred (guar.)
Todd Shipyards (guar.)
40e. July 15 Holders of rec. July la
"20c June 20 *Holders of rec. June 10
Onomea Sugar (monthly)
Uleu & Co., coot. (guar.)
34 July 1 Holders of rec. June 20
July
Ontario Tole-wee Plantations, pref. (qu.) 1
Preferred
of rec. June 126
Oct. __
1
Preferred (quarterly)
Underwood Elliott Fisher Co.. corn•(MO 31.25 June 30 Holders of rec. June 120
1
ian.'32
134 June 30 Holders
Preferred (quarterly)
Preferred (guar.)
July
65e. July 1 Holders of rec. June 2a
*Holders of rec. June 19
Otis Steel, prior pref.(guar.)
Union Carbide & Carbon (guar.)
75c. July 1 Holders of rec. June 10a
Owens Illinois Glass preferred (quar.) - 14 July 1 Holders of rec. June 15
United Aircraft & Transport, p1.(qu.)of rec. May 31
Pacific Southwest Discount A & B (qu.)- •10c June 15 *Holders of rec. June 1
United Amusements,Ltd..cLA & H (au.) *500. June 1 *Holders
"Holders of rec. June 1
eel
July 1 *Holders of rec. June 20
Package Machinery, corn.(extra)
United Artists Theatre Circuit. Pf.(elu - '134 June 15 *Holders of rec. Aug. 15
10e June 12 Holders of rec. May 150 United Biscuit of America, corn. (qU.)-- "500. Sept. 1
corn. (guar.)
Packard Motor Car,
•14 Aug. 1 *IIolders of rec. July 16
'1(4 July 1 'Holders of rec. June 20
Page Hershey Tubes, com. (guar.)
Preferred (guar.)
Holders of rec. July 10a
"14 July 1 *Holders of rec. June 20
Preferred (guar.)
United Clear Stores of Amer., pref. (gti.) 14 Aug. I
June 27 Holders of rec. June 17
$1
154 Nov. 2 Holders of rec. Oct. 90
Paraffin° Coe., Inc., cern.(guar.)
Preferred (guar.)
lei July 1 Holders of rec. June 120
Paramount Public Corp., corn.(quar.) 6234c.June 27 Holders of rec. June 5a United Dyewood. pref. (guar.)
40c. June 24 Holders of rec. June 10
*250 June 30 "Holders of rec. June 19
Parke, Duvis & Co. (guar.)
United Elastic Corp. (guar-)
July 1 Holders of rec. June la
51.
•I0c June 30 *Holders of rec. June 19
Extra
United Fruit (altar.)
'114 June 15 *Holders of rec. May 30
Paton Mfg., Ltd., pref. (guar.)
Corp., corn. (in stock) "e5 June 15 *Holders of rec. June 1
United Guaranty
*e5 June 15 *Holders of rec. June 1
'i's June 30 'hollers of rec. June 30
Peabody Engineering, pref. (quar.)- Class A (payable in stock)
50e Aug. r Holders of roe. July 156
'114 Sept.3(1 "Holders of rec. Sept.20
Preferred (guar.)
United Piece Dye Works. coin. 6,131 )
(
.
Filc Nov. 1 Holders of rec. Oct. 156
'114 Dee. 31 *Holders of rec. Dec. 30
Preferred (quar.)
Common ((Mar.)
June 15 Holders of rec. June la
14 July 1 Holders of rec. June 20a
250.
Penick & Ford, Ltd.(quar.)--_.
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 19a
600. June 30 Holders of rec. June 20a
Penney (J. C.) Co., corn. (guar.)
Preferred (guar.)
114 Jan 1'32 Holders of rec. Dee. 19a
14 June 30 Holders of rec. June 20a
Preferred (guar.)
Preferred (guar.)
June 15 Holders of rec. May 29a
$1
'
Pennsylvania Bankshares & Sec. pf.(CPI.) 6214c Sept. 1 *Holders of rec. Aug. 15
United Stores Corp., pref.(guar.)
.250 July 1 'Holders of rec. June 1
'62140 Dee. 1 *Holders of rec. Nov. 15
Preferred (guar.)
U. S. Capital, class A (guar.)
200. July I lIolders of rec. June 8a
*1(4 July 15 *Holders of rec. June 15
Peoples Drug Stores. corn. (guar.)
Class A (special)
40e. June 30 Holders of rec. June lba
14 June 15 Holders of rec. June la U.S. Gypsum, corn. (quar.)
Preferred (guar.)
14 June 30 Ilolders of rec. June 154
50o. July 1 Holders of rec. June 20
Perfect Circle (guar.)
Preferred (guar.)
"15e. June 15 "Holdere of rec. June 1
134 July 1 Holders of rec. June 10a
Personal Banking Service, el. A (qu.)
U. S. Leather, prior pref. (guar.)
5e July 20 Holders of tee June 30a
14 July 1 Holders of rec. June 10
Pet Milk, preferred (guar.)
Halted States Pipe & tedy., com.
50e Oct. 21) Holden! of tee. Sept.30a
"25c June 15 *Holders of rec. June 2
Petroleum Exploration (guar.)
Common (guar.)-50e Jn26'32 Holders of roe. Dee. 3Ia
Petrol. Landowners Corp.,Ltd.(mthly.) O25c June 15 "Holders of rec. May 31
Common (guar.)
30e July 20 Holders of rec. June 30a
Phoenix Finance Corp., prof.(guar.)_
- .500. July 10 'Holders of rec. June 30
First preferred (guar.)
*500. Oct. 10 *Holders of rec. Sept.30
30e. Oct. 20 Holders of rec. Sept. 30a
Preferred (guar.)
First preferred (guar.)
30c. Jn20'32 Holders of rec. Dec. 31a
•50o Jr)10'32 *Hoidens of rec. Dee. 31
Preferred (guar.)
First preferred (guar.)
'62140 July 1 'Holders of tee. June 20
*500. July 1 'Holders of rec. June 10
Pittsburgh Plate Glass, com.(quar.)
8. Playing Card (guar.)
50c. June 15 Holders of rec. May 160
Powdrell dr Alexander. pref. (quar.)__ '114 July 1 "Holders of rec. June 15
U.S. Realty & ImPt.(guar.) ,
Prairie Pipe Line (guar.)
29 Holders of roe. June la
750 June 30 Holders of tee. May 29a United
States Steel Corp., com.(au)..-. 154 June 20 Holders of rec. May 29
50c. June
Pressed Steel Car, pref. (guar.)
lei June 30 Holders of rec. June la Vacuum
011 (guar.)
51.50 June 17 Holders of rec. June 13
Procter & Gamble Co.,5% pref.(qu.).-- 14 June 15 Holders of rec. May 257
common (guar.)
Valvoline Oil,
"2
July 1 'Holders of rec. June 18
Producers Royalty. corn.(guar.)(In stk.) 1214 July 15 Holders of rec. June 30
Preferred (quer.)
Public Investing (guar.)
*50o. June 30 *Holders of rec. June 20
200 June 15 Holders of rec. May 25
Vanadium Alloys Co.(guar.)
75c July 1 Holders of rec. May 29
Public Utility Holding, $3 pref. (qu.)
'134 June 10 'Holders of rec. June 1
Vapor Car Heating. prof. (guar.)
*80e July 1 *Holders of rec. June 20
Publication Corp., corn. (guar.)
•134 Sept.10 *Holders of tee. Sept. 1
Preferred (Oust.)
Original pref. (guar.)
*14 July 1 *Holders of rec. June 20
'114 Dee. 10 'Holders of rec. Dee. 1
Preferred (guar.)
014 June 15 *Holders of rec. June 5
0600. June 15 *Holders of rec. June 1
7% preferred (guar.)
Viking Pump, pref.(guar.)
134 July 1 Holders of rec. June 10
24 July 1 Holders of rec. June 130
Pure 011. 5 Si% Pref. (quar.)
Virginia Iron,Coal & Coke, prof
•250. July I 'Holders of rec. June 15
14 July 1 Holders of rec. June 10
6% preferred (guar.)
Vogt Mfg. (guar.)
*51)0. July 1 *Holders of rec. June 20
2
July 1 Holders of rec. June 10a Vortex Cup Co., com.(Var.)
8% preferred (guar.)
"51 July 15 *Holders of rec. July 1
'6234e July 1 'Holders of rec. June 20
Quaker Oats, corn. (guar.)
Preferred A (guar.)
July 20 Holders of tee. July Ta
*14 Aug. 31 *Holders of tee. Aug. 1
Preferred (MUM)
(quar.)....... 1
Vulcan Detinning, common
114 July 20 Holders of tee. July Ta
Radio Corp. of Amer.. pref. A (guar.) _ 874c July 1 Holders of rec. June la
Preferred (guar.)
134 July 1 Holders of rec. June 20
$1.25 July 1 Holders of rec. June 10 Wagner Electric Corp., pref. ((Mari
Preferred (B)(guar.)
July 1 Holders of rec. June 20a
100. June 15 Holders of reo. May 25
Railroad Shares Corp.(guar.)
Waldorf System, Inc., com. (gust.).. - 37340. July 1 Holders of rec. June 13
20c.
•500. June 15 *Holders of rec. June 1
Rapid Electrotype (guar.)
Preferred (guar.)
Raybestos-Manhattan, Inc. (guar.)._
650. June 15 Holders of roe. May 29a Walker(Hir.)-Gooderham & Worts (gli.) 12440 June 15 Holders of rec. May 22
bOe July 1 Holders of tee. June 22
Real Silk Hosiery Mills
Waltham Watch. 6% Pref. Mar./
*50c Oct. I *Holders of rec. Sept 2
,
Cora.(guar.) (Payable In corn. stook). 2)4 JUly 1 Holders of tea. June 19a
6% preferred (guar.)
114 July 1 Holders of tee. June 17
(payable In Wm.stook). 234 Oct. 1 Holders of row. Sept. 13a Ward Baking Corp., pref.(ouar.)
Corn.(guar.)
25c. July 15 Holders of rec. June 30a
Corn.(gust.)(payable In own.stock). 24 Jan l'32 Holders of tee. Dee. 18a Warner Co., common (guar.)
$1.75 July 1 Holders of rec. June 150
*37 Mc June 15 'Holders of tee. Slay 29
Reeves (Daniel) Inc., corn. (guar.)
First and second preferred
50e. July 1 Holders of rec. June 15a
*14 June 15 *Holders of rec. May 29
64% preferred (guar.)
Warren Foundry & Pipe (gust.)
500 July 1 Holders of rec. June 15a
14 June 15 Holders of rec. May 31
Reliance Grain, Ltd., pref. (guar.)
Wesson 011 & Snowdrift. corn. (Quar.)
1 4 Aug. 15 Holders of rec. Aug. 1
1St July 1 Holders of rec. June 9a
pref. (qu.)._
((NJ- Remington Rand, Inc.. let
Weet Va.Pulp & Paper.6% Pref.
14 Nov. 16 Holders of rec. Nov. 2
2
July 1 IIolders of rec. June Pa
Preferred (quar.)
6% preferred (guar.)
4192
Per
When
Cent. Payable.
Name of ComPanV.
Books Closed'
Days Inclusive.
Miscellaneous (Concluded).
Western Canada Flour Mills, pref.(qu.)_ 114 June 15 Holders of rec. May 30
Western Exploration (quar.)
June 20
Western Maryland Dairy, pref. (quar.) 41.75 July 1 *Holders of reo. June 20
Westmoreland, Inc.(guar.)
30e. July 1 Holders of rec. Juno 15
Weston Elec. Instrument. corn, (guar.). 25o. July 1 Holders of rec. June 19
500. July 1 Holders of rec. June 19
Class A (quar.)
*1M June 16 *Holders of rec. June 15
Weyenberg Shoe Mfg., pref. (quar.)
250. June 30 Holders of rec. June 120
White Motor Co.. common (quar.)
White Motor Becur. Corp.. pref.(Mi./— 1lf June 30 Holders of rem June 12
July 1 Holders of rec. June 19a
White Rock Mineral Springs Co., com
$1
1,1 July 1 Holders of rec. June 19
First preferred (quar.)
July 1 Holders of rec. June 19
5
Second preferred (quar.)
July 1 Holders of rec. June 15
2
Will & Baumer Candle. pref. (quar.)
562Mc June 30 *Holders of rec. June 20
Wilcox-Rich Corp., class A (quar.)
*500. June 15 *Holders of rec. May 29
Worthington Ball, class B
Worthington Pump & Mach'y, pf. A(qu.) 114 July 1 *Holders of rec. June 100
114 July 1 *Holders of reo. June 100
Preferred B (quar.)
*2 rs Aug. 1 *Holuere of roe. July 15
Winsted Hosiery, com.(guar.)
*2 M Nov. 1 *Holders of rem Oct. 15
Common (guar.)._
25e. July 1 Holders of rec. June 200
Wrigley (Wm.) J. Co.(monthly)
*1 M July 1 *Holders of rec. June 20
Wartime's (Rudolph). pref. Omar.)
500. July 1 Holders of reo. June 100
Yale & Towne Mfg. (quar.)
Make Renewing Shoe Corp., corn.(qu.)- •lMo. July 2 *Holders of roe. June 15
Cl Ile. Oct. 2 *Holders of rec. Sept. 5
Common (quar.)
*3c. July 2 *Holders of rec. June 15
Preferred (guar.)
*30. Cot. 2 *Holders of rec. Sept.15
Preferred (guar.)
250. June 10 Holders of rec. June 2a
Zonite Products Corp.(quar.)
•From unofficial sources. f The New York Stock Exchange has ruled that
stock will not be quoted ox-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
Correction. o Payable in stock.
I Payable In common stock. g Payable In scrip. I On amount of accumulated
dividends. jPayable in preferred stock.
I Dividends on common A & B stocks will be applied to the purchase of com. A
stock at the rate of $5 per share unless written nodes is given prior to June 10 of
the stockholders' desire to take cash.
m Dividend is 37.651 francs less deduction for expenses of depositary.
n Commercial Investment Trust convertible preferred dividend will be paid In
common stock at rate of 1-52d share unless holder notifies company on or before
June 16 of his desire to take cash.
o McKesson & Robbins, Ltd., common stock dividend reported in our Issue of
May 2 as payable in either cash or stock was incorrect. Dividend was paid in cash
only.
V American Cities Power d Light class A dividend will be paid In class B stock
at rate of 1-32d share, unless holder notifies company by April 14 of his desire to
take cash. 75c.: class B dividend is payable in class B stock.
fro British American Tobacco interim dividend is 10 pence for each £1 unit of
ordinary stock. Transfers received In London on or before June 6 will be in time
for payment of dividend to transferees.
s Central Public Service Corp. class A dividend Is payable In class A stock at
rate of 1-40th share for each share held.
o Utilities Power & Light common stock dividends will all be paid in stock as
follows: Corn., 140th share corn,stock; class A,1-40th share class A stock; class B.
1
-40th share class B stock. Stockholders desiring cash must notify company on or
before the close of business on June 13.
x TB-Utilities Corp. dividend Is one-twentieth share participating stock, first
series, subject to authorization at stockholders' meeting June 16.
y Segal Lock & Hardware dividend is 1214e. cash or 214% in stock.
t Telephone Bond & Share dividend is 50c. cash or one-fiftieth share of class A stk.
w Less deduction for expenses of depositary.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $180,737,000
to the net demand deposits and $105,455,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
MAY 30 1931.
ASSOCIATION FOR THE WEEK ENDED SATURDAY.
Clearing House
Members.
• Capital.
*Surplus and Net Demand
Deposits,
Undivided
Average.
Profits.
Time
Deposits,
Average,
a
$
a
$
14,766,000
63,953,000
14,368,800
6,000,000
Bank of N. Y.& Tr.Co.
283,180,000
56,410,000
54,517,900
22.250,000
Bk.of Manhattan Tr.Co.
132,973,000
46,816.000
33,423,200
36,775,300
Bank of Amer.Nat.Ass'n
National City Bank__ 110,000,000 114,744,200 01,038,700,000 216,215,000
240,551,000
31,530,000
43,709,800
21.000,000
Mem.Bk.& Trust Co_
90,000,000 208,066,600 5926,377,000 167,596,000
Guaranty Trust Co
156,522,000
33,614.000
18,528,000
16,200,000
Chat.Ph,N.Bk.&Tr.Co
431,794,000
78,443.000
88,207.800
Cent. Han.Bk.at Tr. Co
21,000.000
177,404,000
38.361,000
32,579.200
15,000,000
Corn Exch. Bk.Tr.Co
262,658,000
35.013,000
10,000,000 115,830,900
First National Bank
381,768.000
53.347,000
85,285,400
50,000,000
Irving Trust Co
12,267,000
1,270.000
11,341,900
6,000,000
Continental BkakTr.Co.
Chase National Bank
148,000,000 210,812,700 e1,381.551,000 194,365,000
25,393,000
2,636,000
3,897,100
500,000
Fifth Avenue Bank
74.803.000
87,395,200 4459,266,000
25,000,000
Bankers Trust Co
36,082,000
2,018,000
24,988.800
10,000,000
Title Guar.& Trust Co
48,875,000
8,061.000
9,551,400
10,000,000
Marine Midland Tr. Co.
16,831,000
2,792,000
4,526,500
3.000,000
Lawyers' Trust Co
183,359.000
48,232,000
36,051,800
12,500,000
New York Trust Co.....
5.964,000
49,813.000
10,013,800
7,000.000
Dom'l Nat. Bk.& Tr. Co
27,382,000
6,479.000
2,642,200
2,000,000
Harriman Nat.Bk.& Tr.
35,803,000
39,747.000
13,805.400
8.250.000
Public:N. B.& Tr.Co
140.990.000
69,652,000
23,947,700
Manufacturers Trust Co. 27,500,000
Mewing Non-Member.
Idea. Tr. Co., Bayonne
909.700
500,000
2.654,000
5,288,000
140 000 6.520.090.000 1,227,474,000
• As per official reports: National. March 25 1931; State, March 25 1931: trust
companies. March 25 1931.
Includes deposits in foreign branches: (a) $279,252,000, GO $123,179,001:4
(o) $127,222,000, (d) $57,319.000.
VoMola
FoL. 132.
FINANCIAL CHRONICLE
A64 A7S
Inn 1
967
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending May 29:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 29 1931.
NATIONAL AND STATE BANKS—Average Figures.
Loans,
Disc. and
Invest.
OtherCash Res. Dep., Dep, Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Manhattan— •
Bryant Park Bk_ 1,372.300 45,700
Grace National._ 18,969,238 2,100
Brooklyn—
Brooklyn Nat'l__ 8,893,900 18,100
Peoples Nat'l_ __ 6,830,000 5,000
$
1,179,600
443,900
68.000
72,713 2,107,390 2,784,824 19,318,310
150,600
104,000
540,500
476,000
447,200
61,000
6,445,400
6,720,000
TRUST COMPANIES—Aversge Figures.
Loans,
Disc. and
Invest.
Cash.
Res. Dep., Dep. Other
N. P. and Banks and
Elsewhere. Trust Cos.
8
$
Manhattan—
$
230,710
698.121
Bank of Europe St Tr 13,210,300
80,906,300 *4,177.200 7,778,300
Empire
83,075 1,154.176
16.833.957
Federation
521,200
20.066,200 *2,247,300
Fulton
United States
71,617,180 4,300,000 13,794,837
Brooklyn—
Brooklyn
118,006,000 2,743,000 35,449,000
30,698,023 2,307,390 4,469,863
Kings County
Bayonne, N. J.—
814,957
273,898
8,328,075
Mechanics
Gross
Deposits.
$
$
12.619,700
2,769.800 79.853,600
292,906 16,531,654
169,200 18,058,500
60,089,572
2,460,000 133,910,000
30.844,902
324,132
8,318,709
*Includes amount with Federal Reserve bank as follows: Empire, $3,541,500;
Fulton, $2,070.700.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended Changesfrom
Previous
June 3
Week.
1931.
Week Ended
May 27
1931.
Week Ended
May 20
1931.
$
$
$
$
94,075,000
94,075,000 Unchanged
94,075.000
Capital
97,216,000
97,216.000 Unchanged
97,216,000
Surplus and profits
Loans, disc'ts & invest'ts_ 1,004,914.000 —8,411,000 1,013,325,000 1,008,597,000
623.346,000 +6.374,000 616,972,000 618,727.000
Individual deposits
150,671.000 +1,645,000 149.026,000 150,742,000
Due to banks
272.136.000 —5,781.000 277,917,000 277.368.000
Time deposits
4.547,000
1,161,000 —3,386,000
9,242,000
United States deposits—.
16,013,000
24.600,000 +8,587,000
18,036.000
Exchanges for Clg. House
115,092,000 +13.075,000 102,017,000 117,398,000
Duo from other banks
—102.000 82,550,000
82,448.000
80,791.000
Ree've in legal depositles
—438.000
6,404,000
5,966.000
6,202,000
Cash In bank
Ttswvil in PXPPAA in P.R..Bk
3.630.000
—84.000
8.714.000
3.373.000
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under.
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposit? and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
May 9
1931.
Changesfrom
Previous
Week.
1Veek Ended
May 23
1931.
Week Ended
May 16
1931.
83,202,000 Unchanged
83,202.000
Capital
83.202,000
258,561,000 Unchanged
258.561,000 258,561.000
Surplus and Profits
—29,000 1,496,900,000 1,500,707,000
Loans, discts, and invest,, 1,496,871.000
36.151,000 +4,721,000
31,430,000
for Clearing House
33,072,000
171,617,000 +9,884,000 161,733,000 174.562,000
Due from banks
251,104.000 +7,593,000 243,511,000 244,088.000
Bank deposits
760.509,000 +2,832,000 757,677,000 776.550,000
Individual deposits
438,063,000
—991,000 439,054,000 440,5730 0
Time dale:alto
0
1,449,678,000 +9.434,000 1,440,242,000 1,461,191,000
Total deposits
Reserve with F.R.Bank. 121,558,000 —2,062,000 123,620,000 124,314,000
JUNE 6 1931.]
.4193
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Juno 4,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 4152 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABIL1T110$ OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 3 1931.
June 31931. May 27 1931. May 20 1931. May 13 1931. May 8 1931. Apr. 291931. Apr. 22 1931. Apr. 15 1931. June 41930.
$
$
RESOURCES.
$
$
$
$S
$
;
$
1,778,164,000 1,792,364,000 1,790,864,000 1.757,864,000 1,774,714.000 1,782,314,000 1,782,614,000 1.760.114,000 1,603,714,000
told with Federal Reserve agents
32,529,000
37.856.000
32,529.000
32.614,000
32,529.000
Mid redemption fund with U. S. Treas
32.514.000
32,514.000
32,624.000
32.623,000
001
Gold held exclusively agst. F. R. notes j,810,778.00&1.824,878.000 1,823,378.000 1,790,487,000 1,807,338.000 1,814.843.0 1.815.143.000 1.792.643.000 1,641.570,000
;old aettlement fund with F. R. Board__ 585,115,000 579,154,000 583,418,000 604.223.000 578.498,000 553.543,000 557.493,000 523,304,000 623,375.000
laid and gold certiticatee held by btuiks_ 863,217,000 855,241,000 816.491,000 815.899,000 786,441,000 806.323.000 790,187.000 825,911,000 795,634.000
3,259,110,000 3 259.273,000 3.223.287.000 3,210.609.000 3,172.277.000 3,174,709,000 3,162,823,000 3,141,858.000 3,060,579.000
Total gold reserves
.
167,948,000 173,241.000 176,615,000 178,275,000 172,704,000 177.359,000 183,527,000 176,015,000 164.710,000
teaerves other than gold
3,427,058,000 3.432,514,000 3,399,902,000 3,388,884,000 3,344.981,000 3,352,068.00013,346.350,000 3,317,873.000 3,225,289,000
Total reserves
66,396,000
76.178,000
72.118,000
70,730,000
67,930,000
70,673,000
75,046,000
Iron-re8erve cash
68.033,000
71,461.000
Illis discounted:
91,207,000
44,415,000
40.336.000
50.489,000
67,140,000
61,468.000
49,875.000
Scoured by U. S. Govt. obligati000
58,297,000
48,832,000
91,668,000 148,431,000
90.835,000
105,680.000 102.363,000
93,683,000
99,001,000
Other bill, discounted
91,905.000
96,072.000
Total bills discounted
Mlle bought in open market
7. S. Government securities:
Boods
Treasury notes
Certificates and bill.
172,829,000
134,155,000
152,852,000
124.501,000
148,876,000
131,007,000
144,904,000
153,108,000
150,202,000
193,869,000
155,151,000
169,765,000
135,250,000
151,611,000
132,004,000
131,479,000
239.728.000
189,240,000
73.715.000
52,228,000
472,405.000
59,085,000
52,227,000
487,056.000
59,171,000
52,231,000
487,134,000
59,015,000
52.228,000
487.171,000
59,080,000
52.227,000
487,044.000
60,457,000
52,229.000
485.620,000
65,711.000
52,232.000
480,586.000
85.722,000
52,229.000
480,684,000
50,050,000
232,774,000
261,010.000
Total U.S. Government securities____
2Sher securities (see Isola)
598,348.000
1,687,000
598.368,000
768,000
598,306.000
350,000
598,529,000
598,635,000
543,834,000
5,850.000
Total Mlle and securities (see note)
Due from foreign banks (see wale)
Federal Reeerve noted of other banks
Unoollected item a
Bank premises
ill other resouroes
907,016.000
698,000
15,121,000
547.349,000
58,585.000
21.340.000
876.489,000
699,000
15.463,000
451,
313,000
58,580,000
19,393,000
598,536.000 598,414,000 598,351.000
767.000
1,118,000
1,100,000
879,186,000 897,544,000 943,522,000
699,000
697,000
698.000
16,492.000
15.202.000
15.478,000
512.172.000 542.396.000 491,987,000
58,580,000
58,424,000
58,482,000
19,130.000
18,351,000
18.760.000
923,572.000
697.000
15,302,000
469,010,000
58,420,000
17,102,000
885,390.000
697,000
16,159.000
523,411,000
58.420,000
16,741,000
862.118,000
697,000
15,981,000
598.488,000
58.417.000
16,963,000
978,652,000
709.000
22,064,000
609,194.000
58,671,000
12,495,000
5,045,097,000 4.925,181,000 4,961,207.000 4993703000 4941197000 4906844000 4,919,286,000 4.946,715.000 4.973,470,000
, , ,
, , ,
, , ,
Total resources
LIABILITIES.
F R. noted in actual circulation
.
Deposits:
Member banks-reserve account
Government
Foreign banks (see no(e)
Other deposits
Total depoalte
Deferred availability Items
Capital paid in
Burping
All other liabilities
Total liabilities
silo of gold reserves to deposits and
F. It, note liabilities combined
Italic of total reserves to deposita and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
1,583.574,000 1,551,808,000 1,551,458000 1528310000 1540783000 1527740000 1,526,511,000 1,515,716.000 1,457,317,000
,
, , ,
, . .
, , ,
2,388.535,000 2,424.670.000 2,410,799,000 2,420,793,000 2,417.734.000 ,407,529,000 2,379,785,000 2.356.415.0002,4i1,730.000
58,905.000
27,246,000
18,859.000
29.638,000
19,267,000
15,445,000
31.037,000
24,716.000
36,200,000
5,489,000
5,183.000
5.495.000
7,396,000
6,542,000
5,727,000
5,683,000
5,575.000
5,819,000
30,379,000
20.874,000
19,772,000
20.054,000
25,733.000
20.553,000
18.591,000
23.515,000
20.369.000
2.484.361.000 2.471,105,000 2,452,524,000 2,483,181,000 2.471,540,000 2,462,840 000 2,435,792,000 2,406.190,000 2,464,519,000
517,116,000 442,526.000 497,812.000 622.909,000 469,628,000 457,272.000 498,113,000 566.027.000 584,850,000
168,419,000 168.428,0001 168,476.000 168.453,000 168.590.000 168.612.000 168,690,000 168,738,000 170,572,000
274.636,000 274,636.0001 274.636,000 274,636.000 274,636,000 274.636.000 274,636.000 274,636.000 276,936,000
19,276.000
15,408,000
16.991,000
15.544,000
16.678,000
16,301,000
15,744.000
16,020,000
16,214.000
-5,045.097.000 4.925,181,000 4,961,207,000 4,993,703.000 4,941.197.000 4,906,844,000 4.919,288,000 4,946.715.000 4,973,470,000
Malurtly Distribution of Bills and
Short-Term Securities1-15 days bills bought to open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
1640 days bills bought In open market
10-80 Gays bills discounted
16-80 days U.S. certif. of Indebtedness
16-30 days municipal warrants
81-60 days bills bought In open market
81-80 days Ma discounted
111-80 days U.S. certif, of indebtedness._
81-60 days municipal warrant.
61-90 days bills bought In open market
61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness
61-90 days municipal warrants
Over 00 days bills bought In open market
Over 90 daye bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
80.1%
81.0%
80.5%
80.0%
79.0%
79.5%
79.8%
80.1%
78.0%
84.2%
85.3%
84.9%
84.5%
83.4%
84.0%
84.5%
84.6%
82.2%
375,331,000
381,570.000
383,698,000
394,907,000
402,752.000
410,076,000
422.880,000
424,148,000
464.439,000
$
$
$
3
3
33
$
62,110.000
107,615,000
22,352,003
46,582,000
86.762,000
50,995,000
83,721,000
'i4.812.000
83,371,000
19.200.000
105.496,000
92.593,000
19.200.000
101,395,000
98,316,000
5,000,000
95,439.000
78,833.000
6.000.000
69,331,000
73.825,000
$
116,554,000
143.410,000
26,091.000
33,242,000
14,893,000
39,300,000
30,805,000
13,313.000
65.375,000
36.368,000
14.460,000
81,866,000
36,598,000
13,926,000
34,172,000
12,246.000
27.321,000
12,065.000
10,200,000
29,167,000
12.564,000
19,200.000
35,916,000
14,367,000
5,000,000
30,334,000
23,492,000
34,418,000
21,324,000
35,500,000
42.768,000
23,513,000
52,300,000
35.799,000
22,806,000
51.300.000
32.877,000
21,722,000
133,207,000
38,183,000
20,613,000
129,166,000
22,301,000
19,123.000
89,716,000
13,097.000
19.451,000
91,716,000
14,432,000
19,640,000
29,422.000
33,890,000
30,563,000
44,500,000
4,008,000
12,185.000
56,030,000
37,000
377.000
16,779,000
316,203,000
3.848,000
12.864.000
57.550.000
18.000
498,000
16,400,000
831,000
7,233,000
12,573,000
56,550,000
17.000
612,000
15,316,000
297,418,000
8,584,000
11,929,000
30,850,000
15 680,000
11 6'5,000
:
30:85°0,000
18,440.000
13,143,000
45,300,000
13,800.000
12,333,000
40,300,000
11.661.000
12,291.000
122,794,000
7,126,000
19,962.000
60,689,000
237,000
13,956,000
303,914,000
18,000
338,000
13,095.000
307.828,000
308,000
12,504,000
826,404,000
108.000
12,069,000
324,370,000
139,000
11,881.000
23,468,000
1,336,000
22,301,000
129,730,000
FED. RESERVE NOTE STATEMENT.
F. It. notes received from Comptroller...
F.R.notee held by F. R. Agent
1.964.821.000 1,957.003.000 1.955,838,000 1
1,929,937,000 1,779,033,000
Issued to Federal Reserve Banks
.934,945,000 1,940,192.000 1,932.278,000 1.939,247,000
.
0
Security for
Collateral Held by Agent as
Notes Issued to Bank
608.384.000 616,884.000 616,884,000
620,134.000 402,008,000
By gold and gold certificate,
616,884,000 610,434,000 612,034.000 620,134,000
Gold redemption fund
1,169,780,000 1 75.480.000 1,173,980,000 1 14
.1
Gold fund-Federal Reserve Board
, 0,980,000 1,164,280,000 1,170.280,000 1,162,480,000 1,139,980,000 1,201,706,000
284,062,000 267,779.000 269,780.000
By eligible paper
276,288.000 311,017.000 300,969.000 261,546,000 254,107,000 421,180,000
-.. 2,062,226.000 2.060,143,000 2.090.644 000 2034 10, non., noK .rsi non 9 neft 2R3 000 2.044,160,000 2,014,221,000 2,024,894,000
Total
-Beginning with the statement of Oct. 7 1925, two new items were added In order
NOTE.
to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption."Ad other earning assets," previously mado up of Foreign Intermediate Credit Bank debentures, was changed to "other
the total o. shu dls
securities." and the caption. -Fetal earning assets" to "Total bills and securities," The latter
Item waa adopted aa a more accurate deaoriptIon of
counts,acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act which. It was stated, are the only items Int:andel I nfreln
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 3 1931
Iwo wawa tow oinsuect.
Total.
Boston. I New York. Phila. Cleveland, Rtatmond Atlanta, Mayo. St. Louis, Matte:sp. Kan.Ctty. Dallas. Son Fran.
Federal Reserve Bank ofRESOURCES.
$
$
8
$
$
5
$
$
$
$
$
$
$
3018 with Federal Reserve Agents 1,778,164,0 147,917.0, 386,919,0 160,000,0 197,550.0 65,070,0 125,100,0 291,900.01 67,730,0 44,615,0 58,000,0 22.600,0 210,763,0
3 .614
2
.0 1,136,01
663,0 1,339.0 1,058,0 4,424.0
3old redo fund with U.S.Tres&
13,092,0 1,004,0 2.460,0 1,015,0
960.0 3,958,01 1,505.0
I
Gold held excl. agst. F.R.note,1,810,778,0 149,053.0 400,011,0 161,004,0 200,010,0 66,085,0 126,060,0 295,858,0, 69,235,0 45,278,0 59,339.0 23,658,0 215,187,0
3oldeettle't fund with F.R.Board 585,115,0 39,152,0 185,562,0 08,010,0 47,428,0 11,665,0 9,169,0 112,827,01 30,846.0 16.327,0 22,464,0 11,919,0 29,746.0
3old and gold Mfg,held by bank& 863,217.0 33.733.0 571,207,0 24,460,0 66,378.0 5.420,0 8,115,0 81,380,0, 11,354,0 5.000,0 10.278,0 4,400.0 41,492.0
Total gold reserves
Eteaerve other than gold
3,259.110 0 221,938,0 1,156,780,0 253,474,0 313,816.0 83,170,0 143,344,0 490,065,01 111,
435,0 66,605.0 92,081,0 39,977,0 288,425,0
167.948,0 11,486.0
99,647,0 6.805,0 16,231.0 10,909,0 7,005,0 19,451.0 8,516,0 3,635,0 7,068.0 8.152.0 9.043,0
3,427,058.0 233,424,0 1.216.427.0 260,279,0 330,047,0 94.079,0 150,349.0 509,516,0 119,951,0 70.240,0 99,149.0 48,129.0 295,468,0
Total reserve,
67,930,0 7.444,0
Non-reeerve cash
17,562,0 6,109,0 4,140,0 4,060,0 4,207,0 8,237,0 4,712.0 1,922.0 1.584,0 3,091,0 4,862,0
Bills discounted:
67.140,0 3,541,0
928,0
314,0 17.806,0
703,0
Bea. by U.S. Govt. obligations
16.686,0 7,914,0 5,728,0 4,776,0
622,0 5,570,0 2,552,0
105,686,0 6,329,0
Other bills discounted
13,241,0 11,798,0 8,180,0 14.252,0 11,876,0 6.772.0 5.523,0 3,490,0 9,904,0 9,114,0 5,207,0
Total Mlle discounted
Ma bought In open market
172,826,0 9,870,0
134,155,0 15,675,0
29,927,0 19.712,0 13.908,0 19,028,0 12,498,0 12,342,0
41,633.0
106.0 15,753.0 2.865,0 8,625.0 16,376,0
8,075,0
7,498,0
4,193,0 10,832,0
4,913,0 6.854,0
9,428.0 23.013,0
4,209,0 9,648,0
4194
[VoL. 132.
FINANCIAL CIIIiONICLE
rwo ciphers (oo) ovistna.
Total.
Boston.
New York.
Philo
s
$
$
s
Cleveland Richmond AtinnM. Chicago. St, Louts 314nnecip. Kan.etty. Dallas. ScinFrans
$
$ I
$
$
$
$
s
$
RESOURCES (Concluded)U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
73,715,0 2,715,0
52,228,0 1,501.0
472.405,0 41,965,0
17.566,0 2,229,0 2,272,0
2,285,0
950,0 22,201.0 1,380,0 8,137,0 1,502,0 10.848,0 1,630,0
11,380,0 4.607,0 11,549,0
490,0 3,874,0 1,972,0 3.976,0
623,0 10,545,0
601.0 1,110,0
116,209,0 42,517,0 48,869,0 27,208,0 15,991,0 56.938,0 20,086,0 16,849,0 31,168,0 17,768,0 36,817.0
Total U. S. Govt. securities
Other securities
598,348,0 46,181,0
1,687,0
145,155,0 49,353,0 62,690,0 29,983,0 20,815,0 81,131,0 25.442,0 25,587,0 33,780.0 29,239.0 48,992,0
1,650,0
37,0
907,016,0 71,726.0
52,0
698,0
270,0
15,121,0
547,349,0 63,161,0
58,585.0 3,458,0
578,0
21,340,0
218,363,0 69,171,0 92.351.0 51,876,0 41,938,0 109,849,0 41,015,0 34,730,0 51,466,0 42,876,0 81,653,0
229,0
69,0
71,0
28,0
48,0
21,0
25,0
20,0
16,0
94,0
25,0
4.441,0
175,0
906,0 1,621,0
943,0 2,187,0 1,020,0
316,0 1,760,0
839,0
643,0
154.859.0 51,554,0 52,131,0 42,044,0 13,029,0 63,366,0 24,783,0 9,922.0 26,718,0 18,327,0 27,455.0
15,240,0 2,614,0 7,319,0 3,504,0 2,573,0 8.061,0 3,635,0 1,926,0 3,803,0 1,831,0 4,621,0
6,410,0 1,176,0 1,974,0 1,691,0 3,533,0
972,0
561,0 1,048,0
'085,0 1,203,0
801,0
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
All other resources
Total resources
5,045,097,0 380,113,0 1,633,539,0 391,147,0 488,939,0 193,903,0 216,597,0 702,695,0 196,346,0 120,200,0 184,140,0 115,639,0 410,839,0
LIABILITIES.
F. R. notes in actual clreulation
1,583,574,0 137,556,0 288,508,0 149,195,0 191,749,0 74,207,0 127.317,0 235,470,0 73,710,0 47,477,0 63,243,0 27,426,0 167,716.0
Deposits:
Member bank-reserve amount 2,388.535.0 144,092,0 1,003,345,0 147,977,0 195,617.0 60,585,0 57.308,0 336,372,0 76,258,0 50,653,0 80,051,0 54,005,0 179,272,0
39,105,0 1,771,0 1,305,0 1.355,0 1,228.0 4,717,0 1,005,0 1,127,0 1,107,0 1,152,0 3,532,0
Government
58.905,0 1,501,0
Foreign bank
1,335,0
768,0
582,0
784,0
310,0
6,542,0
279,0 1,018,0
528,0
233,0
225.0
272,0
178,0
12,823,0
820,0 3,656,0
357,0
Other deposits
543,0
30,379,0
165,0 2,555,0 2,033,0
70,0 0,327,0
356,0
674.0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,484,361,0
517.116,0
168,419,0
274,636,0
16,991.0
146,532,0 1,056,608.0
62,498,0 137,445,0
65,504.0
11,838,0
80,575,0
21,299,0
4.899,0
390,0
151,336,0 201,362,0 65,793,0 58,980,0 344.692,0 79,568,0 52,314,0 82,057,0 55,460,0 189,659,0
46,288,0 49.800,0 40,123,0 12,060,0 60,440,0 26,319.0 9,459,0 25,319,0 18,67.6,0 28,709,0
16,775,0 15,742,0 5.692,0 5.195,0 19,899,0 4,822,0 3.012,0 4,225,0 4,281,0 11,434,0
27,0115,0 28,971,0 12,114,0 10,857,0 39,936,0 10,562,0 7,144.0 8,702,0 8,936,0 18,475,0
488,0 1,315,0
974,0 2,188,0 2,258,0 1.365,0
846,0
880,0
591,0
794,0
Total liabilities
5,045,097,0 380.113,0 1,633.539,0 391,147,0 488,939,0 198,903,0 216,597,0 702,695,0 196,316,0 120,200,0 184,140,0 115,639,0 416,839,0
Memoranda.
90.4
86.6
Reserve ratio (per cent)
82.2
82.7
84.0
67.2
84.2
58.1
68.2
70.4
80.7
78.3
87.8
Contingent liability on bills pur°hailed for foreign oorrespondls 375.331.0 28.158.0 123,414.0 37,168.0 37,919,0 15,017.0 13.516.0 50.684.0 13.140.0 8.635.0 10.888,0 11,263,0 25,529.0
FEDERAL RESERVE NOTE STATEMENT.
Federat Reserve Agent at-
Total.
New York.
Boston.
Two Ciphers (00) omUtect.
Federal Reserve notes:
Issued to FR bk. by F.11. Agt. 1,964,821,0 160,765,0
Held by Federal Reserve bank_ 381,247.0 23,209,0
3
$
414,765.0 173,445.0 221,533,0 83,411,0 145,600,0 300,841,0 81,602.0 52,470,0 117,379,0 33,519,0 225,422,0
130,257.0 24,250.0 29,784,0 9.234,0 18,283,0 65,371.0 7,892,0 5,002,0 4.136,0 6,123,01 57,706,0
288,508,01149,195,0 191.749.0 74,207,0 127.317,0235,470,0 73,710,0 47,477,0 63,243,0 27,426,0 167,716.0
In actual circulation
1.583,574.0 137,556,0
Collateral held by Agt. as security
for notes Issued to bank:
Gold and gold certificates
608,384,0 33,300,0
Gold fund-F. R. Board
1,169,780,0 114,017,0
Eligible paper
284,062,01 25.486,0
Total collateral
C'leveland, Richntend Atlanta. Chicago. St. Louis. .11 Inneas.I Kan.City. Dallas. San Frau.
3
351,919,01 38,700,0. 12,550,0 10,070.0, 9,900,0, 73,900,0 13,930,0 6,815.0
7,300,0, 50,000,0
35,000,0 121,301.0 185,000,01 55,000,0 115,200,0 218,000.0 53.800,0 37,800,0 58,000,0 15,300,0 160,763,0
55,783,01 15.980,01 28,548,01 21,534,01 20,975,0i 28,484,0 15.065,0 /1,961,0 17,354,0 13,380.0' 32,512,0
442,702.0 175,980,0 226,098.0 86.604,0 146.075,0 320,384,0 82,795,0 53,576,0 75,351.0 35,430.0 241.273,0
2,062,226,0 173,403,0
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 figures for the latest week appears in our department of "Current Events and Discussions," on page 4153, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
figures
exclude "Aeooptances of other banks and bills of exchange or drafts sold with endorsement, and InBeginning with the statement of Jan. 9 1929, the loan
:hale 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 Ris3erve is not any more subdivided to show the amount secured by U. S. obligations and those secured
by commercial DaVer, only a lump total being given. The number of reporting banks is now omitted: in Its place the number of cities Included (then 100 was for a time
given, hut beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank In the San Francisco district with loans and Investments of 3135,000,000 on Jan. 2 1929 which had then recently merged with a non-member bank. The figures are now given in round millions instead ot in thousands
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 27 1931 Go millions of dollars).
Federal RUM/ District
-
Total.
Boston. New York
Pluto.
I
1,354
993
5,944
826
1,390
421
372
2,298
428
231
369
301
1,230
390
603
3,331
2,013
422
404
644
746
160
261
116
266
1,107
1,191
170
258
57
174
101
208
92
209
338
892
7.785
462
3,080
528
848
209
167
970
243
134
265
127
752
3,937
3.848
207
255
1,662
1,418
ON
ON
NM
462
386
92
117
81
86
539
431
51
192
64
70
114
151
71
56
388
364
OOO ,
ONPM.C,
O...MO
•..C4
Cleveland. Richmond Atlanta, Chicago. Si. Louis Minneap. lean.City Dallas. SonFron.
$
S
$
a
$
$
S
S
II
428
634
1,982
2,238
365
630
671
549
3,268
a
9,024
140
27
1,113
1.017
3
16'
400
g
32
7
269
147
3
113
114
1
110
18
738
1,076
3
212
269
3
Loans and investments-total
S
22.598
a
1,455
Loans-total
14,813
6,928
7.885
On securities
All other
Investments-total
0.6. Government securities
Other securities
Reserve with F. R. Bank
1,847
Cash In vault
226
Net demand deposits
13,625
Time deposits
7,396
Government deposits
38
Due from banks
1,732
Due to banks
3,632
Borrowings from F. R. Bank
•Exclusive of figures for one bank in New York
54
25
49
249
5
11
7
36
444
207
386
1,793
204
153
249
1,350
1
1
3
178
87
80
315
219
89
132
489
2
,
City, closed Dee. 11. Last report of bank showed loans and Investments of about 8190,000.000.
95
14
861
522
4
99
141
925
61
0,394
1,783
9
146
1,270
40
15
330
263
3
97
121
C
38
9
304
227
4
03
118
0
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 3 1931,
m comparison with the previous week and the corresponding date last year:
June 3 1931. .May 27 1931. June 4 1930.
June 3 1931. May 27 1931. June 4 1930
Resources (Concluded)S
$
3
229.000
231.000
231000
386,919,000 386,919,000 258,594,000 Due from foreign banks(see note)
15,006,000 Federal Reserve notes of other banks...
4,441,000
13,092,000
4,772,000
7,754,000
13.092.000
154.859,000 125,136.000 170,748.000
Uncollected Items
15,240.000
16,240.000
Gold held exclusively agst. F.R.notes_ 400,011,000 400.011.000 273,600,000 Bank premises
15,664,000
6,416,000
5,929,000
Gold settlement fund with F. R. Board_ _ 185,562,000 224,10:1,000 167.751,000 All other resources
4,660,000
Gold and gold ctfs. held by bank
571,207,000 568,217,000 483,368,000
Total resources
1.633.539.000 1,624,0935000 1,507,124,000
Total gold reserves
1,156,780.000 1,192,331,000 926,719,000
Liabilities-54.369.000
61,543,000
Reserves other than gold
59,647,000
Foil Reserve notes in actual circulation 288,508,000 273,231.000 185,381,000
Total reserves
1,216,427,000 1,253,874,000 981,088,000 Deposits-Member bank, reserve acct._ 1,003,345,000 1,065,960,000 999.538,000
Government
17,024,000
3,967,000
18,538,000
Non-reserve cash
39,105,000
17.562,000
2,465,000
Foreign bank (see note)
1,802.000
Bills discounted
1,335,000
3,634,000
32,553,000
Other deposits
8,870,000
14,567,000
Secured by U. S. Govt. obligations...
16,686.000
12,823.000
9,442,000
16,017,000
12,432,000
13,241,000
Otherbills discounted
Total deposits
1,056,608,000 1,081,501,000 1,014,177,000
48,570,000 Deferred availability Items
26,999.000
Total bills discounted
29,927,000
137,445,000 118,537,000 154,814,000
74,653,000 Capital paid In
66,252,000
27,454,000
Bills bought in open market
65.456,000
65,504,000
41,633,000
80,001,000
80,575.000
U.S.Government securities
Surplus
80,575,000
7,857,000 All other ilabilitles
6,499,000
15,023.000
4,793.000
17,566,000
Bonds
4,899,000
68,205.000
11,380,000
11.380,000
Treasury notes
Total liabilities
1,633.539,000 1,624,093.000 1,507,124,000
116.209,000 118,767,000 106,818,000
Certificates and bills
Resources
Gold with Federal Reserve agent
Gold redemp.fund with U.S. Treasury-.
182.880,000 Ratio of total reserves to deposit and
81.8%
3,850,000
Fed'I Reserve note liabilities combined_
92.6%
90.4%
Contingent liability on bills purchased
for foreign correspondents
Total biPs and securities (see note)
123,414.000 123,777.000 152,792,000
218,305,000 200.373.000 309,953,000
NOTE.
-Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount of paleness held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
The tatter term was adopted as a mere accurate description 01 106 total of the discount,
securities." and the caution. "Total earning assets" to "Total bills and securities."
acceptances and securities acquired under the provlsloas of Sections 13 and 14 of the Federal Reserve Act. which. It was stated, are 1110 only Items Included therein.
Total 15.5. Government securities
Other securities (see rude)
145,155,000
1,650,000
145.170,000
750.000
4195
FINANCIAL CHRONICLE
JUNE 6 1931.]
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish It daily record of the transactions in Liberty
Wall Street, Friday Night, June 5 1931.
Loan and Treasury certificates on the New York Stock Ex-The review of the change. The transactions in registered bonds are given
Railroad and Miscellaneous Stocks.
in a footnote at the end of the tabulation.
Stock Market is given this week on page 4178.
The following are sales made at the Stock Exchange this
Daily Record
U. S. Bond Prices.IMay 30 June I. June 2)June 3.IJune 4.'June 5.
week of shares not represented in our detailed list on the ------of ------102tin 1022411 102'sn' 102"ss 102"ss
(High
First Liberty Loan
pages which follow:
102"ts 102"ss' 102"ss 1021.ss 10211as
1923-47_ -4 Low34% bonds of
102I•ti 102"ss' 1021,,,t 102,0ss' 102"ss
(Close
vaulters'
STOCKS.
Week Ended June 5.
Sales
for
Week.'
lJ
azette.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. I Highest.
Par. Shares.' $ per share. I $ per share. $ per share.S per share.
RailroadsJune 112% Apr118% May
June 3115
20 115
.100
Allegheny & West.
June 165
May 230
June 1175
800 170
Feb
Central RR of N J__100
Juno 2 107
June 106
Jan 110
Jan
20 107
&
C C C Eit L pref._100
75 June' 80% Mar
June 2 75
June
10 75
Cleve & Pittsburgh.. 50
4414 May; 4434 May
20 4431 June 2 44% June
50
Special
51
June
June 5814 Mar
June 3 51
20 51
Col & Sou 26 pref ..100
3031 June' 44
Feb
40 3031 June 2 3034 June
Cuba RR pref
100
June , 534 May: 20
June 5 8
20 8
Feb
Havana El Ry pref_100
June 31 6814 Apr 78% Feb
June 3 70
200 68
Hud & Manhat pref 100
June 3 6131 May 78
June 3 62
Jan
10 62
Ill Cent leased Ilne_100
June 41 20
May; 32% Feb
500 2034 June 4 22
Inter Rap Tmn ctfs 100
June 5, 30
June 5 30
10 30
May. 55% Feb
Int Rys Cent Am p1100,
June 2; 50% Apr; 61
June 2 57
Feb
90, 52
Manhat Elev guar .100,
100 631 June 3 634 June 3' 631 June 1034 Feb
Market St fly pret.100,
34 June 41
34 Mar 1 14 Feb
% June 4
80;
Nat Rys Mex 1st pf 100,
N 0 Tex & Mex_106
so, 94 June 2 94 June 2 94 June 145 Feb
June 4 105
Ja6110 June
N Y Lack & West_ _100
30,10534 June 4 110
Kt 9034 June 2 9034 June 21 8534 Feb' 9034 June
Northern Central _50
June 4 20
May' 20
l
June 4 20
May
10 20
Phila. Rap Transit_ __50
June 2' 1814 May 3114 Feb
June 2 19
106 19
Rutland RR pret.....100
June 31 54 June 76
Jan
June 3 54
100; 54
Sou fly M & 0 ctfs..100
Jan
10' 6914 June 1 69% June 1 6934 June 94
Wheel & Lake Erlo 91100
Indus. & Miscell.
Allegheny Steel
*
Alliance Realty
*
Am Agri° Chem(Del).*
Am Beet Sug pref__100
Amer Chain pref....100i
20
American Coal
Amer Express
100
American ice pref 10
*
American News
Am W W & El ctfs•
Archer Dan Mid pf_100
Art Metal Construc_10
Assoc D Gds lat pf_100
2d preferred
101
Austin Nichols prior A *
Budd (E G) pref_100
City Stores class A....*
Col Gas & El pf B100
Columbia Graph ctfs__
Comm Cred pref(7)_25
Comm Inv Tr pf (7).100
Consol Cigar prof (7)1
1
Cense! Laundries
Crown Cork de Seal pf_•
Cuban Dom Sugar_ __ _*
Cushm Sons pf(7%)1
1101 2834 June 3 30
June 1 48
10 48
4,200 1134 June 3 1714
June 5 9%
160 7
June 1 68
200 67
June 3 50
10 50
June 5 200
10200
June 3 68
211 66
2 4814 June 2 4834
June 3 41
38
1,8
June 3 98
3 98
14
June 1 1434
2
311 9334 June 2 93%
8014 June 1 80%
1
38 18% June 3 20%
June 2 50
170 47
June 2 13
80 13
ill 89% June 2 89%
6
June 3 7,4
.
17
June 2 22%
270 22
50 1083' June 2 10834
2 7534 June 1 75%
3,111 1134 June 2 12%
29% June 2 30
4
34
211
% June 5
June 2 107
260 106
Juno 5 28% May 46%
Juno 1 48
May 60
June 5 1114 Jun 2
931
June II 7 Jun 17%
June 1
June, 88
June 3 50 June' 60
Juno 5l82
Jan 200
June 2 66 June 7
734
June 2 48% Jun 5734
June 5 38 Jun 80%
June 3 98
May 102
June
14 Jun 20%
June 2 85
Ja 98
June 1, 80
Jan 84
June 1 18% Jun 24%
Ap 4914
June 2 35
June 2 1234 May 25
June 2 89% Jun 9734
June 4 6 Jun
8%
June 2 20
Jan 23%
June 2 1083' Mar
June 1 64% J1 80
June 5 1134 Jun 1534
June 1 2
934 June 3434
34 May 1%
June 2
June 2 100
Jan 112
June 1 105
Duplan Silk pref.....1
160 104
June 2 21
4 21
Durham Hos Mills pf 1
June 1 6
6
Emporium Capwell._ _*
3
Eng Pub Scrv pf 6%. *
June 5 10
90
1
Fash Park Assoc pfd foo
June 2 13
40 13
411 30% June 2 35
Federal Nfin & Smeltl
•
Food Machinery
411 17% June 5 19
General Baking
5 10,311 1734 June 2 1934
114% June 2116
General Cigar pref.._1
Gen Gas& Elea pf A(7)•
1 681( June 2 sag
June 2 85
20 83
Preferred A(8)
•
Class B
June 3 10
2'' 10
General Print Init....*
June 1 18
630 15
Preferred
13 59% June 5 6234
Gen fly Signal preLl
June 3 107
107
111107
Gold Dust Prof
• 1,200 10434 June 3 109
Hackensack Wat pf A25
17 2831 June 3 2934
Hamilton Watch
June 4 33
8 28
•
June 2 734
Houston Oil new_
15,800 6
June 1 61
Internet Silver preLl
0 80
Kresge Dept Stores- --*
June 2 6
130 6
2011134 June 4 113
Kresge (S 8) Co pf..100
June 5 103
Feb 105
June 2 21
M1 23
June 1 6 Jun 10
June 5 90 June 98
Juno 2 13
June 25
June 1 30% ftla 11::54
i)
t
June 4 16
June 1 1734 Jun 25%
June 110734 Jan 11634
June 2 ssq June,' 90
June 2 75
Jan? 92
Anil 10
June 3 4
June 5 15
May, 31
June 5 5934 June' 76
June 310434 Jan 114
June 1 104
Jan
June 2
j
11far'13 H
7
10
June 2 28 .un4 .14
.1
1u
, 4
June 5. 6
Juno 1 58% May. 9034
!
June 2 434 Jan gsi
June 3 107
Jan 113
Laclede Gas pref...100
10 100
Loose-Wiles131sIstpti
2 123
Lorillard Co prof__ 1
50019434
MacAndrews ForPreferred
50185
100
McLellan Stores pf 100.
moj 50
Novanda Mines
- • 21,2001 1534
Omnibus Corp pref 1
2001 70
Outlet Co pre
100]1063.1
"1
Pao Tel dr Tel pref_.1
16 12914
Peoples Drug Stores Dt
1601 973,4
1,500 5814
Pierce-Arrow Co 91_1
Pitta Termite Coal pfl
801 20
Common
200 234
1
Procter & Cam pf 100
30 108
Public Ben E & pf w I 1,100 103%
,
Rand Mines
2614
•
Reo Motor Car offs...10
100 6
Rhine Westpha El Pr_•
2414
1
Scott Paper
90 47
•
Shell Transp 'Pre&£2
360 19
Southern Dairies el A.*
10014 1214
Spear dc Co
1
234
United Business Pub -•
100 6
United Dyewood_ _ -100
50 3
Utah Copper
10100
10
Van Raalte
20 10
Va Ir Coal & Coke pf100
70 30
Vulcan Detinning pf 100
530 95
100 93
Walgreen Co pref....100
130 55
Webster Eisnlohr pf 100
200 24%
5
Wilcox-Rich class A..
1
Youngstown &
500 35
Certificates (blue)_ _ _
1 4,600 11
Zonite Products
Feb
May
Feb
Jan
Jan
Mar
June
Jan
Feb
Feb
Jan
Jan
May
Feb
Mar
Jan
Feb
May
May
Jan
Apr
Apr
Mar
Feb
Jan
Mar
June 2,100
June 2 100
June 4123)4 June 4 118
June 2 9034
June 2 95
Jan1101 14 May
Jan 126 14 Jan
Jan 101% May
1
June 1 85 June 10014 Apr
June 1 85
June 1 42
'
May 6834 Mar
June 1 50
June 2 1734 June 4 1534 May, 293.4 May
June 2 68
Jan' 85
June 2 75
Mar
June 2 106
Feb 110
June 2 107
Mar
Jan 131% Apr
June 313031 June 11 124
June 31 9914 June 11 9634 Feb 103
Apr
63% June 1 5814 June 7234 Feb
June
June 51 2014 June 4 20 June' 28
Feb
June sI 23.4 June 51 23,4 Juno 5
Mar
Feb 112
June 1 108 14 June 3 107
Mar
June 4 104% June 4 10334 June 10434 June
June 1 2634 June 1 2634 June 34% Apr
June 1 434 May: 8% Feb
June 1 6
May 3234 Mar
June 1 2434 June 1 24
June 1 40
Jan' 50
June 1 47
Apr
June 2 20% June 5 19
June' 34
Jan
June 2 12% June 2 1234 June' 1634 Mar
June 4 2% Juno 4 234 June 4
Feb
1 634 June 1 5
June
Feb 11
Jan
Jan 33.4 May
June 2 3 June 2 2
June 2 100 June 2 9831 May 12434 Feb
10
June 3 10
June
Feb 14
Jan
June 2 30% Juno 1 22
Jan 34
Apr
June 4 9534 June I 90
Apr 9534 May
June 2 90
June 2 93
Feb 94
Mar
June 3 55 June 60
June 5 56
Jan
June 2 2431 June 2 20
Jan 30
Mar
1
June 3 40
June 4 35
June 40 June
June 2 1234 June 4 11
June 1334 May
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
(AU ricer dollars per share)
Mawr*.
June 15
June 15
Elept.15
Sept.15
1931...
1931.19311931--
Rota.
214%
,
1549
Pt%
154%
his.
Maturity.
Bid. Asked.
--Oat, 15 1931.-- 134% 100111ss 100"11
0
10
Mar. 15 1932 .. 2%
100
100un
'n 101 nn
100"n 100"n Deo 15 1931-34 34% 1011
11Xt'n 10011
Asked.
Rate.
22
----
.3;s;
103
103"as
1.03"32
38
-104asi
10411 1
104"ss
58
114
114
114
70
10911n
109'n
109'ss
14
;
-1
103
,
103 as
103'ss
1
103"ss
102"ss
102"ss
20
102"n
102"ss
102"ss
20
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
104 112 to 104"15
71 4th 4349
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.86 5-16©
Commercial on
4.8634 for checks and 4.86 9-16©4.86 19-32 for cables. ©4.84 54; ninety
banks, sight, 4.86 1-16©4.86 5-16: sixty days, 4.833.4
Cot.
©4.84%
days, 4.8234©4.833.4; and documents for payment, 4.83
1-16, and grain for payment, 4.86 1-16.
r
111:n ton for payment. 4.86actual rates-for Paris bankers' francs were 3.914 ©
To-day's (Friday's)
Jan
bankers' guilders were 40.22©40.23.
Mar 3.9134 for short. Amsterdam 124.29; week's range, 124.29 franca high
Exchange for Paris on London,
Mar and
124.12 francs low.
'
,
F pr
i eb
The week's range for exchange rates follows:
Cables.
CheCkS.
Apr
Sterling, Actual4.863.1
4.86%
May High for the week
4.86%
4.86%
Feb Low for the week
Mar
Paris Bankers' Francs3.92 1-16
May Illgh for the week
r
3.92
3.9134
Mar Low for the week
3.91%
Jan
Germany Bankers' Marks
Mar
23.75%
23.75%
May High for the week
23.72%
23.72%
Low for the weak
Amsterdam Bankers' Guilders
e
Feb
40.253.
40.25
High for the week
40.2334
40.22
Mar Low for the week
Jan
June
• No par value.
Jag.
(First 314)
90
61
316
86
Total sales in $1,000 units...
---102
0u
Converted 4% bonds 001140)
---102ust
1932-47 (First 43).....-{ Low---.
1021.1a
(Close
3
Total colell in $1.000 units...
--6
103"1: 101- ; 103as; 103a;
Converted414% boods High
103"ss 103"ss 103"n 103"ss
of 1932-47 (First 4341)41.0W
, 10311,1
103"ss 10311
103
Close
41
31
26
Twat sales en $i,000 units...
Second converted 4 14 %1111gb
bonds of 1932-47 (First Lou Close
Second 434s)
Total rain 01 $1.000 units...
--1
-- -1is; 104as; 104 ;s; 104asf
104
Fourth liberty IA an
j High
104un 104"st 104"ss! 104"ts
434% bonds of 1933-38._ Low104"ss 104"st 10417121 10417n
Close
(Fourth 4 ne)
42
2541
111
211
Total sales In $LOW units-.
11442 114tss 114Iss 114tss
{High
Treasury
1131cas 113"n 113"11 114'ss
Low.
4%4a, 1947-52
S
114"ss 113"n 114'ss I 1142n
Close
25
34
58
62
Total sates in $1,000 units- HOLI1 10911,1
{High DAY 10912n 1091.11 1091
ss 109'ss I
109"ss 109uss 109'
Low_
4a. 1944-1954
109"ss 109"ss 109tss 109141
Close
3
1
75
15
Total Mks in 81.000 units-.
107"ss 107"st
(High
107"ss 107'n
Low.
3,4s. 1946-1956
1071,
n
Close
260
10
Total sales In $1.000 units,
,
10201ss 103 ss 103"ss 103 1;
(High
,
102,11ti 102"n 103 ss 103'n
{Low.
3)4s. 1943-1957
103"as 103'n
102"ss 103
(Close
10
30
15
185
Total sates in 61,000 units_
---102"n 102"st
i 11 lel,
1021
'n 102uss
41.0w
81.4s, 1940-1943
-102"s.
102"st
!Close
185
Total sales in 8..000 ulna.-- "Vs 102'rss
-102"ss 102"ss 102
fIllge
102"ss 102"ss 102uss 102"ss
(Low.
394e. 1941-43
102"ss 102uss 102"sr 102"n
(CIeue
8
15
430
122
Total salts in 81.000 units
-
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 4179.
A complete record of Curb Exchange transactions for the
week will be found on page 4214.
CURRENT
NOTICES.
Irvine has been elected
W. E. J. Luther of the firm of Craig. Luther &
succeeding F. S. Mathewson,
Chairman of the Montreal Stock Exchange
who has held the office for the past year.
office in Boston
-P. Murphy & Co., announce the opening of an
-G. M.
under manageto render a complete investment and brokerage service,
ment of Arthur L. Devens.
ewis (:). Hoag has joined the sales department of Lord, Westerfield
-L
firm in its
& Co., Inc., and John P. Longbotham is associated with the
trading department.
is now assoAlexander Elguezabal, formerly with Graves & Gilson,
York, in their
ciated with Frank II. Crehore & Co., 50 Pine St., New
trading department.
has been apAlbert It. Erskine, President of the Studebaker Corp.,
Association.
pointed a director of the American Manufacturers Export
Co., Inc.,
Announcement is made of the formation of Hugh Maher &
to deal in investment. securities with offices at 11 Broadway.
Co., has become
Edward E.Smith,formerly with Montgomery,Scott &
associated with the Lisman Corp.. 42 Broadway, N. Y.
general partner in the
John Henry Stevenson has been admitted as a
firm of Ward & Co., 120 Broadway, New York.
the Cayuga Textile
-James Talcott, Inc. has been appointed factor for
Co., Now York City, manufacturers of silks.
firm name has been
-A. D. Braham & Co., Inc., announce that the
changed to Braham, West & Co., Inc.
Street.
Abner S. Werblin announces.the removal of his offices to 99 Wall
-Martin Perls & Co. have removed their offices to 39 Broadway.
Emanuel & Co., have issued a list of investment suggestions.
-
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
May 30.
Monday
June 1.
1
Tuesday 1Wednesday
June 2. ,
June 3.
Thursday
June 4.
Friday
June 5.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Highest.
Lowest.
Highest.
$ per share
1323
4June 2
10012June 2
78 June 3
4312Juno 2
6512Juno 4
47 June 2
4June 3
993
32 June 4
712June 2
5134May 4
537 Apr 29
8
8532 Jan 21
3 May 27
4June 2
213
27 June 2
34June 2
34 Jan 2
4 June 2
4June 3
153
312June 2
43
4June 2
25 June 2
89 June 4
2212June 3
50 May 29
50 May 29
2June 1
243
25 June 3
10712Juno 3
4514Juno 2
8June 3
115
134June 2
/
1
25 June 3
1712June 1
4318June 3
8June 5
137
51 2 Feb 10
,
8June 1
337
4112June 3
37 May 25
1912June 2
2.5 June 3
40 June 2
3714June 1
6114Juno 3
30 May 2
12 June 3
14 Apr 18
5 Juno 1
38 June 1
972June 3
4June 3
393
14 June 3
50 June 2
471:June 4
14May 28
7112June 2
53 51aF 9
.50 June 2
1471 2June 2
63 June 2
10514Juno 3
5 8 Jan 2
3
' June 5
7
2413day 25
/
1
139 June 2
89 Jan 8
3012May 18
114June 1
.1mm 2
/
4
421
4 May 1
35 May 27
50 June 1
50 May 28
8June 4
497
80 8 Apr 27
3
37 Juno 3
41 May 29
9 June 2
15 2June 1
,
7 May 27
16 May 27
381'.lay 21
52may 21
67' June 1
27 Juno 2
53 Juno 3
90 Mar 11
512 Apr 29
/
1
4
6 June 5
3518June 1
137 June 2
8358 Jan 5
8 June 1
$ per share
/
1
4
203 Feb 21
10814 Apr 13
120 Jan 23
8774 Feb 24
8012 Feb 27
4
663 Feb 26
11312Mar 9
66 Feb 20
101 Mar 3
/
4
583
4June 5
69 Mar '2
/
1
4
9414 Feb 11
9 Feb 10
/
1
4
453 Feb 24
8
464 Feb 10
/
1
23 Jan 12
4
11 Jan 12
/
4
Ts Feb 10
263,. Feb 25
/
1
4
8 Jan 23
16 4 Feb 10
3
4512 Feb '24
116 Mar 18
6512 Jan 27
101 Mar 24
90 Jan 28
48 Jan 9
/
4
421 Feb 24
1571 Feb 25
/
4
102 Jan 8
453 Feb 10
4
39 4 Feb 24
3
4512 Feb 27
4012 Jan 5
69 4 Feb 24
3
2714 Feb 17
75 Jan 9
444 Feb 17
89 Feb 24
61 Jan 23
34 Mar 2
15 Feb 26
64 Feb 9
61 Jan 9
111 Feb 9
39 Feb 28
22 Feb 18
3 Jan 12
4
114 Feb 10
45 Mar 11
264 Jan 20
/
1
85 Jan 16
4
423 Feb 18
107 Feb 11
80 Feb 25
II Jan 5
13214 Feb 24
88 Feb 11
04 Mar 9
227 Feb 24
4
947 Feb 24
119 Feb 24
/
1
4
10 June 3
2 Feb 27
814 Jan 9
217 Feb 26
93 Mar 81
60 Jan 27
/
1
4
7 Mar 23
64 Feb 10
/
1
4
9 Jan 9
85 Feb 10
/
1
4
92 Feb 25
80 Jan 8
88 Jae 9
97 Feb 11
/
1
4
46 Jan 5
47 Jan 16
62 Jan 27
/
1
4
76 Jan 27
334 Jan 9
/
1
60 Feb 24
/
4
11 Jan 12
24 Ja" 12
/
1
1094 Feb 1 1
65 Feb 10
/
1
4
83 Feb 10
100 Jan 14
10 Mar 6
1774 Feb 17
62 Feb 9
2051a Feb 24
87 Slay 18
26 Jan 9
S per share
168 Dee
100 Dec
9514 Dec
554 Dec
/
1
/
1
704 Dee
5018 Dec
10614 Dec
44 Dee
618 Dec
53 May
551 Dec
/
4
83 Dec
/
1
54 Nov
351 Dec
/
4
323 Dec
2
/ Dee
1
4
14 Dec
434 Dec
12 Dee
414 Dee
7 Dec
/
1
4
2813 Dec
101 Dec
6514 Dee
92 Dec
81 Dee
4018 Dec
30 Dec
1301 Dec
/
4
691 Dec
/
4
3518 Dee
2218 Dec
27 Dee
26 Dee
51 Dec
1018 Nov
554 Nov
/
1
347 Dee
8
653 Deo
4
58 Dec
2032 Jan
34 Dec
53 Dec
40 Nov
84 Dec
24 June
13 Dec
14 Oct
81 Dee
/
4
41 Nov
144 Dec
/
1
60 Dec
19 June 4
9 June 2
914June 3
4 June 2
1012May 2'
51 Jan 9
19 Feb 24
/
1
4
20 Feb 24
1474 Feb 9
3152 Feb 24
$ per share
2424 Mar
1083 Bern
4
17514 Mar
122 Ma/
/
1
4
8454 July
8414 Mar
/
4
1161 June
112 Feb
11,May
6612May
784 Mal
/
1
984 Sept
/
1
83 Ape
/
1
4
521 Map
/
4
511 Sept
/
4
10 Apt
104 Apt
/
1
173 Mal
4
524 MAY
/
1
2658 Het
4614 Vet
89 Pet
/
1
4
1404 June
/
1
1254 Pet
/
1
1103 Mal
8
10414 Mal
95 Pet
62 Am
181 Fet
153 Fit
80 Mai
63 Pet
/
1
4
67 Yet
/
1
4
821 Yet
/
4
102 Mai
4614 Pet
9814 Mai
534 Mal
/
1
/
4
1361 Api
77 Ma/
3912 Mai
853 Ma
4
70 AP
844 Mat
1381 Api
/
4
4212 Sept
2514 Pet
214 Ari
35 Yet
5914 Pet
661 Arn
/
4
1084 Mai
/
1
9814 Mal
141512 Mal
132 Mal
114 Jul,
1921 Yet
/
4
144 Vet
110 Mal
/
1
4
324 Pet
1281 Mal
/
4
13512 Mal
1714 Mai
Cs Jar
8314 Fel
265 Pet
9214 OM
97 Yet
197 AP
1
861 Mai
/
4
241 Mai
/
4
16414 API
101 Ma]
99 API
1214 Het
1414 Hot
53 Pet
57 Fe
1187 Mal
4
101
Are
763 Ma
4
944 Juli
/
1
124 Yet
/
1
28 Fe!
127 Fel
1384 Jaz
/
1
101 Mai
145 Ap
1514 Ms:
311 Jal
/
4
79 Tel
2423 Ma
4
83 Set)
/
1
4
674 AD
8914 AD'
36 Ma
38 Ma
11014 Ma
5314 Ma
Industrial & Miscellaneous
Abitibi Power A Paper_No par
3125fay 21 1414 Feb 26
Preferred
10(1 15 June 3 52 Feb 26
Abraham A Straue____No par 25 Jai. 22 3812MaY 13
Preferred
1011 100 Jan 8 10612May 4
Adam, Exprees
No car
/
1
1112June 3 234 Feb 24
Preferred
100 8312 Jan 5 92 Apr 6
Adams Millis
2
NO Par 2218 Jan 14 333 Apr 1
Addreosograph Int CorpNo par
18 Apr 28 3312 Feb 2
Advance Rumely new No par
8
412June 3 113 Mar 17
Preferred
1112 Jan 29 2014 Feb lit
104
Ahwatyla Lead
le Feb 27
I
1,Juno 4
Air Reduction 100,.
.....No par 701aune 1 1093 Feb 21
4
Air-way Elea ApplianeeNe par
8
312 Apr 30 103 Feb 24
Ajax Rubber Inc
/ Jan 5
1
4
N. pa
14 Jan 2
Alaska Juneau Gold Min_..10
7 Jan 2 2018June 4
• Bid and asked prices; no sales on this day. a Ex-dividend and ex-rights. e BO% stock dividend paid. x Ex-div ,lend. y
PER SHAItli
Range for Previous
Year 1930.
Lowest.
$ per share $ per share $ per shareiS per share $ per share $ per share Shares
Railroads
Par
/ 134 14032 13812 14712 14312 155
1
4
13518 140
13234 139
34,600 Ateb Topeka A Santa Fe.. _100
104 105
/
4
4
10013 10212 1003 1011 10218 10212 1023 103
2,300
4
Preferred
100
8518 91
91
/ 85
1
4
80
79
80
79
78
2,100 Atlantic Coast Line RR
80
100
4414 4712 4312 4.53
53
513 55
8
4 4412 4818 47
39,800 Baltimore & Ohlo
100
671 6714 .63
6512 68
/
4
6612 6612
/ 67 .633 67
1
4
4
400
Preferred
100
*47
4812 47
53
52
4812 4878 4912 *50
523
4 1,000
Bangor A Aroostook
60
•____ 100 •____ 100
4
993 100 .101 106 *100 106
40
Preferred
100
32
*35
*31
32
45
40
40
*35
*31
200 Boston & Maina
45
100
107
8 10
8
8
84
/
1
103
8 3.500 Brooklyn A Queens Tr _No par
712 7
/ *712 8
1
4
5712 58
*53
5412 55
54
581 1,500
/
4
5212 5214 54
Preferred
No par
5614 5712 55
/ 502
1
4
2 55 582
/
1
4
8 5812 6034 5858 5912 8,600 Bklyn-Manh Tran v t e No par
901 9014 90
/
4
91
91
.9012 9114 *9118 92
400
90
Preferred vs 0
No par
314 3 4
3
318 314
/ 314
1
4
3
4
/ 3S1
1
4
414 1,100 Brunswick Ter& Ry See No par
22514 2614 243 2512 25
4
277
8 2612 2814 2714 2812 42,300 Canadian Paciflo
25
2712 29
4
/ 27
1
4
283
4 2814 3112 313 3412 3314 36
50,600 Chespeake & Ohio
25
1
1
*3
4
118
*3
4
11
/
4
*34 112
500 Chicago A Alton
3
4
3
4
100
zo
1
7
8
1
*3
4 1
4 1
*3
200
•1 1
/
4
Preferred
100
412 514
418 412
5
412
4
4
41
/
4
514 5,900 Chicago Great Weetern
100
1612 1612 16
19
1918 2012 3,100
4 18
4
1612 153 153
Preferred
100
4
/
1
4
3
/ 418
1
4
4
412 5
/
1
4
31 3
314 4
/
4
18,100 Chicago Milw St Paul & Pee-51 6
/
4
/
1
4
43
514 64
618 7
4 6
6
/ 8 42,400
1
4
/
1
Preferred
22514 2718 25
4 297 33
2712 313
8
2512 28
26
10,000 Chicago & North Weetern_100
.851 90
/
4
/
4
9018 *80
95
•851 90
*85
89
90
200
Preferred
100
234 25
/
1
/ 25
1
4
23
2212 30
3012 34
3352 3514 18,300 Chicago Rook Isl & Paelfle_100
66
51
54
*68
66
54
54
63
60
73
1,300
100
7% preferred
60
60
50
60
56
50
60
50
50
53
1,200
6% preferred
100
244 2452 244 245 *2014 36
*2014 36
/
*2014 3018
1
/
1
8
200 Colorado A Southern
100
26
26
/
4
28
2814 281 *26
28
27
2812 2,100 Consol RR of Cuba prof
25
100
11412 11612 10812 114
12012 12314 9,200 Delaware A Hudson
10712 11212 11314 119
100
4712 5214 5212 55
4614 49
50
5212 4534 50
9.000 Delaware Leek & Weetern_100
1154 15
1412 1412 18
13
15
13
15
20
2,800 Deny A Rio Or West pref_100
/
4
1514 1612 181 173 194 10,000 Erie
144 1518 1312 144 14
/
1
4
/
1
/
1
100
2518 2818 2812 2914 30
*25
27
25
27
28
800
First preferred
100
20
20
20
1712 20
20
20 .16
/ •15
1
4
20
500
Second preferred
100
5114 5014 5412 12,400 Great Northern preferred., 100
441 46
/
4
4312 4418 4312 4712, 49
15
•____ 15
/
1
4
.51 15 I *10
13
/
4
/ 13
1
4
15
.2
100 Gulf Mobile A Northern
100
45 ,* ___ 46 •___- 46
.--__ 47 *___ 46 .
Preferred
100
/
4
33
/ 3511 34
1
4
4
344 3418 34141 -351 3614 *353 38
/
4
/
1
3,700 Hudson & Manhattan
100
81 4312 49
424 461 411 423
/
1
/
4
/
4
47
8 4112 443
4914 11,700 Illinois Central
100
Stock
3912 *39
*37
39
303 *37
393
4
4
393 *3514 39
4
20
RR Sec stock eertificates__
/ 223
1
4
8 20
20
2012 1912 204 1912 2012 20
/
1
2118 4,500 Interboro Rapid Tran vi c_ Ill
Exchange •293 31
2818 30
27
30
4
273
4 25
26
304 2,800 Kansas City Southern
/
1
100
40
*40
40
40
43
46
40
43
*43
45
300
Preferred
100
Cloocd
4
3714 3712 3712 3712 373 373 *4212 44
39
4
4114 2,400 Lehigh Valley
50
65
65
65
65
8 6114 63
637 637
65 65
8
900 Louisville & Nashville
100
Memorial
324 3212 32
/
3212 3412 3312 343
1
33
32
33
8 5,500 Manhat Eiev modified guar100
13
13
12
12
12
14
13
•12
*13
14
400 Market St Ry prior pre/ _100
Day
3,
*1
/
4
13 .
14
3
8
*14
35
•14
*14
3
8
Minneapolis & St Loids
100
6 *7776
.....53
6 .
4 *312 6 •-,25
500 Minn St Paul & El S Marla_100
38
*25
39
39 .25
397
38 .25
8 38
39
130
Leased lines
100
1018 1114 10
8
/ 145 16,600 Mo-Kan-Texas RR____No par
1
4
4
97 1212 113 1412 13
104
/
1
8
44
461 24612 4714 5,700
/
4
43
44
40
/ 4112 393 44
1
4
4
Preferred
100
161 16
173
/
4
4 18
15
163
2 1452 16,
2012 8,400 Misaourl Pacific
2 14
100
5612 58
56
51
57
5312 50
5212 51
59
3,200
Preferred
100
4714 513 *52
52
4
52
•47
52
50
5:5
50
60 Nash Chatt A St Louls
100
13
*14
*14
12
*14
*14
12
12
Nat Rys of Merlon 2d pref_100
*14
,
2
75
/ 8112 79
1
4
7214 7614 7112 7512 7214 77
8312 144,300 New York Central
100
*35
50
50
50
*35
*35
•35
*35
50
50
NY Chic & St Louts Co...100
65
50
65 .45
*45
50
5312 5812 50
50
400
Preferred
10(1
160 164
169 174
/
4
150 15114 14712 15014 *1501 156
400 N.Y.& Harlem
50
6712 6714 7234 27114 7412 15.800 N.Y. N. H A
/ 64
1
4
64
63
6318 65
Hartford_ _100
10612 10612 1064 108
10514 10514 10612 10612 *105 108
/
1
1,600
Preferred
4
912 93
61 714
718 714
/
4
712 10
8
918 4,900 N.Y. Ontario & Western_ _100
/ 1
1
4
.7
*7
0
8
1
1
•
•
/ 1
1
4
7
8
7
8
200 N. Y. Railways prof__No par
31
. 312 4
*3
4
*23
*23
'24 4
4 4
400 Norfolk Southern
100
148 15514 15712 159
14112 154
139 14412 14612 150
4,300 Norfolk & Western
100
4
/
8
4
90
/ 904 905 9052 9014 903 .903 911 *90
1
4
58 9118
/
1
8
360
Preferred
100
373
4 3512 393 14,600 Northern Pacific
4 35
4
32 4 34
,
32
/ 3218 343
1
4
32
100
114 11 *114 3
3 / 3 I *112 212 *112 3
.11
4
/
4
400 Pacific Coast
100
423 4412 4218 43
4
/ 4214 45
1
4
/ 4512 4952 4738 5214 75,000 Pennsylvania
1
4,
50
6
414 414 *4
*33
/
4
4 414 .31 412 .212 4 1
100 Peoria & Eastern
100
.25
*25
50
4812
*25
333 .25
4
31
*25
34
Pere Marquette
100
50
50
*5014 60 .5014 60
*57
70
57
57
90
Prior preferred
100
50 50
*35
50
50
*35
*35
50 .35
50
70
Preferred
100
•30
51
50
8
*35
49
/ 497 *35
1
4
44 .42
49
100 Pittsburgb & West Virginia 100
74
62
*64
6212 62
734 2,400 Reading
*66
72
/
1
*64
63
50
.40
*3914 42 2 *40
451 *35
/
4
,
37
100
40
37
4212
First preferred
50
*41
41
4118 42
41
41
4434 1,100
*41
41
42
Second preferred
50
1714 1812 11,800 St Loula-San Francisco____100
18
103 12
15
8
14
9
1014 10
2831 2818 3114 7,901
1512 17
1514 18
20
25
24
First preferred
100
3 11
912 113
1314 4,200 St.Louis Southweetern
*712 8
*712 8
912 913
100
*17
21
21
•15
*15
21
21
*16
*15
21
100
12
13
12 1,700 Seaboard Air Line
12
12
12
12
12
12
12
No par
•ss
1
*5
8 1
3
4
200
3
4
*3
3
4
4
1
31
Preferred
100
4 76
8012 38,201) Southern Pacific Co
7114 773
6714 72
6714 691 67
/ 74
1
4
/
4
100
8 3118 343 13,600 Southern Railway
343
2714 29
4
27
2714 3112 30
28
100
.48
*5518 5812 *53
53
53
5812
*4810 53
53
100
Preferred
100
95
95
*48
*26
*40
95 .20
90
*21
95
Texas A Pacific
100
8 1,800 Third Avenue
8
/ 87
1
4
9
/
1
4
7
8
8
/ 8
1
4
712
/
4
*712 81
100
84
,
*7
65
8 7
8
73
Vs 714 *7
4 8
1,000 Twin City Rapid Trartalt....100
3518 36
45
*35
*36
45
40
*36
45 1 40
90
Preferred
100
149 16014 21,700 Union Pacific)
214112 14414 137 142
14312 155
137 145
100
86 .85
85
/ *85
1
4
86, 864 8512 8614. 85
4
/
1
86
5,700
Preferred
100
1112 1114 1212 4,500 Wabash
4 10
8
8
10
8
8
814
100
22
/ 21
1
4
015
19
20
*15
20 I *17
21
2212 2,100
Preferred A
100
4 11
103 113
.1
94 10
/
1
10
1214 16,700 Western Maryland
9
9
91
/
4
100
912 952 *93 12721
4
8
914 914 1312 1312 *1018 123
500
Second preferred
100
512 512
4
5
0412 53
*514 612
4 *518 7
500 Western Pacific
100
11
134 1312
/
1
8
1112 103 103
8 1114 1114 117 13
4
900
Preferred
100
3
/ 4
1
4 4
4
8
35
33
8 35
314 31
/
4
312 3
/ 7,10
1
4
1613 1614 1614
16
15
18
18
1614 1614 15
000
33 .30
364 *30
/
1
/ 32
1
4
3412
/ 29
1
4
3018 3018 29
500
107 *10314 107 .10314 107
*10314 107 *10314 107 *10314
131
1312 14
/
4
1112 1214 1114 111 1118 1252 13
18,700
*85
85
88
*85
8518 85
88
8513 *85
10
•85
*21
/
1
30
23
23
/ *204 25
1
4
100
*2014 29
a___ 30
4
4
1812 1812 183 193
800
4
*18, 19
4
181 18, *1814 19
/
4
6
6
6 12 1,200
6
/
1
4
414 4
.314 7
514 6
_
-__- ---- ---- ---- - ____ __ _ ____ __ _
18
-14
-18 17,400
Is
/
1
4
14
2,
3
ss
14
I-1
4
/
1
707 73 I 7214 764 751, 7912 7714 813 42,100
s
703 7414
4
*412 5 I
3
/ 412
3
1
4
/ 3
1
4
4 2 412
,
500
/ *412 538
1
4
_ ___ ____ ___..1 ____ ___ ___
8
4
164 1814 1814 Ma 1873 204 i87- 193 300,800
1612 18
,
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
202 Dee
3
79 Deo
70 Dee
14 Dec
10512 Dee
73 Dec
75 Dee
162 Deo
67 Dec
/
1
4
1001 Dee
/
4
83 Dec
4
1
Oct
/
4
41 Dec
18114 Dec
83 Feb
42 Dec
/
1
4
3 Dec
/
1
4
53 Dee
414 Dec
7612 Dee
90 Dec
9112 Oct
6814 Dee
73 Dec
441 Mar
/
4
46 Dee
/
1
4
39 Dec
62 Dee
/
1
4
17 Dec
/
1
4
85 Dec
/ Dec
1
4
14 Dec
88 Deo
4614 Dec
76 Dec
85 Deo
a Dec
7 Oct
/
1
4
1143 Dee
4
16614 Deo
8214 Jan
1114 Dee
39 Dec
10 Dec
1114 Dee
714 Dee
29 Dec
8 Deo 424 Al)
/
4
116 Nov 861 AD
21 Dec66 Ap
102 Nov 11014 Ate
1414 DeC 871 Ma
/
4
/
1
804 Dec94 Sep
Oct33 Ma
II
a Dec843 Jun
4
10 Dec 4114 Is'
14 Deo
154 Ma
4
14
87 Dec 1563 Jun
614 Dec 38 Ma
14 Dec
24 Ja'
Va June
94 la.
New York Stock Record-Continued-Page 2
4197
Foe sales duelag the week of stocks not recorded here, see second page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday I Monday I
May 30.
June 1.
Tuesday
June 2.
Wednesday
June 3.
Thursday
June 4.
Friday
June 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share MU.
Lowest.
Highest.
PER -SHA.,8t
Range for Previous
Year 1930.
Lowen.
Highest.
Per share
Per share $ per share $ per share $ per share $ per share
Per Share Shares Indus. & Miscell.(Con.) Par I per share $ per share Spa share
84 Feb 10
No par
5 June 3
6 Dec 1512 Feb
5
6
5
6
*53
4 618 1,400 A P W Paper Co
514 53
4
58 58
41
No par
418June 2 1234 Feb 24
5
578
1
5
618 55,400 Allegheny Corp
5 4 Dec 3514 Mat
4
34
3
418 43
414 5h
364 Dee 10712 Feb
22
2214 2414 2,400
Fret A with $30 warr__-100 2012June 3 5912 Feb 25
201 2012 22
/
4
2212 221s 2112 22
874 Dec 9914 Apr
15
21
21
32
15
*2212 2412
400
Pref A with $40 warr__100 15 June 3 59 Feb 11
2134 218 *15
14 14 •197 21
Pref A without warr_ _ _100 14 June 3 5512 Feb 25
84% Oct 9614 Feb
*17
28
32 I 15
16
300
•15
4
10234 10612 103 10612 10312 11112 10814 1143 10912 11812 70,500 Allied Chemical & Dye-No par 10234June 1 1825 Feb 24 1704 Dee 343 Apr
4
100 122 Jan 8 128 Apr 7 1203 Dee 12614 ADP
400
Preferred
12212 12212 12215 12212 12214 12214 *12212 12412 12212 12212
sJune 3 42% Feb 26
111; Dee 68 Mar
,
4 2014 2258 2214 24 16,100 Allis-Chalmers Mfg-No PM 183
41 1912 20 4 18% 203
2014 203
8 May 27 1872 Feb 9 111s Dec 4214 Mar
914 9 4 *91z 10
,
10
10
800 Alpha Portland Cement No For
818 812' 818 814
164 Dec 314 June
16
1612
1612 1612 5,800 Amerada Corn
No Par 1512June 2 23 Mar 21
153 1612 1512 1531 1512 16
4
10 3434June 3 62% Feb 13
454 Nov 97% Mar
343 3615 3614 3634 37
4
37 37
353 36
8
3712 3,400 American Bank Note
6014 Nov 6634 Jan
/
4
57
58
54
5512 *56
61
*60 62 *521 62
100
Preferred
50 54 June 4 8614 Feb 26
212 Dee 12 Jan
4% Jan 9
238 238 *214 3
2 May 27
•158 238 •15
8 23
*15
8 238
100 American Beet Sugar-No Par
257g 2614 261 26 2 2612 2615 271 2714 277 28
80 Dec 544 Ma,
/
4
/
4
,
1,500 Am Brake Shoe & Fdy-No Par 2574 M ay 27 38 Feb 24
100 115 June 1 124's Mar 10 118 July 128 Feb
115 11518 115 115 11514 11712 *115 120 *115 120
270
Preferred
3 7,300 Amer Brown Boverl 113-No par
54 Oct 21% Api
614 63
6
7
34 6
3
sJune 3 1212 Feb 24
55
8 612
4
68 73
53
5834 60
100 31 Apr29 67 June 5 88 Oct 84 Sept
52 5318 5738 59
6112 67
5012 54
570
Preferred
4
25 9214June 1 1293 Mar 28 104% Dec 15612 AP?
9214 953k 9214 947
9 9258 99% 9734 10112 9918 10312 388,900 American Can
1483 1483 148% 14818 *14818 151 *14818 15012 *14818 151
4
4
100 145 Feb 4 15212 Apr 30 11014 Jan 150% Oct
200
Preferred
2412 Dec 8312 Feb
15
16
17 17
1634 18
1414 1512 14
1618 .6,000 American Car & Fdy--No par 14 June 3 38% Feb 24
70 Dee 116 Jan
4
60 60
100 5934June 3 86 Mar 18
6412 6412 *50 634 593 60
*50 65
403
Preferred
15
15 *18
27 Dee 6972 Apr
*16
1678 15
16
20
18
No par 15 June 2 43% Feb 24
18
700 American Chain
85 Dee 5114 Apr
/
1
3918 39'i 417 414 42 42
3914 4012 3914 40
2,800 American Chiole
No Par 334 Jan 2 48% Mar 20
*11
1572 Dec 22 Oct
1114 *11
1112 11h 1112 1112 107 11
No par 10%June 3 214 Feb 27
700 Amer Colony Pe Co
1114
9 Nov 83 Jan
572 Apr 29 1412 Feb 16
688 6%
712 712
6% 7
712 818 4,400 Am Commq Aloohol-No Par
7
/ 714
1
4
8 Nov 30% Mar
- 6
612
51sJune 2 16 Mar 2
514 51
•512 6
8114 6814
318 518
800 Amer Encaustic Tiling-No Par
17 Dec 59% Mar
4
19
19's 193 2014 2014 2014 1,400 Amer European Secs-No For 1812June 1 3312 Feb 24
181z 19 •17
18
241 26'5 2514 2738 154,000 Amer & For'n Power-No Pa
/
4
25 Dee 101% Apr
2114June 3 51% Feb 24
2114 247
4
2214 2414 213 24
881 8834 8714 8812 8612 863 *8614 93 *8614 93
84 Dec 11112 Apr
1.300
No Par 854 Jau 3 100 Mar 20
Preferred
6312 Dec 1003 June
453 5219 511z 5112 2,900
4
4612 48
4
49 49
4814 49
2d preferred
No par 4612June 3 7912 Feb 25
73 Dec 101 May
*7414 76
74 Jan 8 90 Feb 26
75
754 7418 7412 •7414 76 *7414 76
/
1
600
$6 preferred
No Fa
512 Dec 831 Mar
2
71
*71 7
/
4
64 Apr 27 10% Jan 9
/
1
10
,
400 Am Hawaiian S S Co
712 71
6s 714 *7
*7h 712
514
5
•4
8 Mar 31
5
14 Dec
7 Apr
5
14 Jan 7
*312 5
*4
27
4
300 Amer Hide & Leather_ No Da
20
812 Dec 34% APT
1613 181z 20
1934 193
1618 18
1618 17
100 1012 Jan 8 30 Apr 6
4 1,000
Preferred
4612 Dec 69% Mar
55
3
5412 56
50
531s 4588 493
4 467 501s 52
12,303 Amer Home Products-No Par 454June 2 64 Mar 20
2314 2315 2312 1.800 American Ice
2412 Dec 41% Mar
/ 23
1
4
1814May 20 31% Feb 9
21
21
21
2114 2188 22
No pa
16 Dec 8512 Apr
1218 12
9
14 111s 11
914June 3 26 Feb 28
1014 12
9% 103
4
13% 20,900 Amer Internal Corp-No Pal
31
58
58
/
4
12
/
1
4
12
/
1
4
*12
Is Dec
4 Apr
Wane 1
l's Jan 9
pa
88
600 Am I. FranoedtFoamite_No
47
47
412May 1 12 Jan 9
7 Dec 85 Feb
*5
12
•5
12
478
*3
478 *41
10
100
Preferred
151 16
1814 Dec 105 Jan
1534 1684 2,900 American L000motive_No VW 134June 3 3034 Feb 26
1414 1412 14
1418 1318 15
70 *70
6814 Dec 11812 Mar
70
70
7088
.70
200
100 70 May 7 84% Mar 8
7019 *70 7058 70
Preferred
29% Dec 45 Sept
29 3173 2814 2912 28 3018 3014 3188 301z 3214 12,200 Amer Mach & Pdy new-No Par 28 June 3 4314 Mar 19
7 Mar 2
3 Dee 1412 July
3
3
27
4 278
2 May 27
3
3
288 2 4 *212 3 4
300 Amer Math & Metals-No Par
•288 3
2 3,500 Amer Metal Co Ltd-No Par
012 93
/
1
4
134 Dec 5112 Feb
3 23% Feb 24
812
819 9
81.4.1une
818
8% 9
8% 9
80 Dec 116 Feb
/
1
4
81
*521 7719
/
4
5312 53 *52
300
100 5312May 21 894 Feb 5
*52 81 *52 81
Preferred(6%)
77
20 Dec 95 Mar
6
5 May 29 8972 Jan 20
514 5
714
5
/ 6
1
4
8
400 Amer Nat Gas Pref--N°
5
6
g
34
3812 3412 368 17,800 Am Power & Light__ _No Par 30%June 2 647 Feb 26
3612 Dec 119% Apt
3214 3712 3019 3314 3119 35
trar
9118 911 1,300
/
4
90 Dec 107 Mar
90 90
90
93
88% 89
8988 90
No Par 8878June 2 102 Afar 27
Preferred
764 7612 *7638 80
/
1
7412 Deo 87 2 Sept
7
764 *7658 80 •761a 80
7612June 4 84 Apr 9
765
8
300
Preferred A
No Par
*7812 77
751s 76
74% Dec 894 Sept
757 76% 757 7618 7588 753
8
1.800
Prat A stamped
No par 7512June 4 85 Apr 4
2
11, 123
15 Dec 3954 Apr
s 1218 1234 1214 1234 32,800 Am Red & Stand Sen'y-NO Par 1112June 1 2112Mar 20
1112 1214 1112 12
512 Dee 37 Mar
6
/ •5
1
4
6
51
: 5
6
5 API'27 12% Feb 27
5
5h
6
6
1,100 American RepubllosNo par
1588 1812 1712 187
28 Dec 100% Feb
151 16
/
4
8 1712 187 18,000 American Rolling Mill
1614 17
25 1512June 2 (ass Feb 20
8
41312 47
46
4988 4914 4919 4918 4958 3,200 American Safety Reser..No For 46 June 3 66 Feb 26 524 June 674 Apr
4714 481
9 Feb 13
4
4
•4
5 Dec 264 Feb
ct
51
5
*4
5
4 June 2
*4
5
100 Amer Seating v 1 o__No par
•12
8
4
*12
58
*12
32
12
12
12
sa 2,90' Amer Ship A Comm___No Par
12May 29
13 Feb 27
2
8% May
is Dee
32
31
31
*32
35 Dec 5412 June
Stock
32 32
*31
35
31
32
31 June 3 42 Jan 6
28 Amer Shipbuilding haw_No pa
2419 263
4 2714 2813 2888 30 27,900 Amer Smelting & Refg-No Pa
26
2788 25 27
3712 Dee 7912 Apt
8June 3 584 Feb 24
243
Exchange 1184 1184 11814 11814 118% 11818 11814 1184 *11818 120
/
1
/
1
/
1
600
Preferred
100 117125153' 14 1334 Mar 27 181 Dec 141 Apr
*8212 85 *8212 8312 *8213 8312 8312 8312
85 85
93 Dee 1033 Aug
12
2
300 6% cum 20 pref
100 8312June 5 10288 Mar 12
Closed
3572 Dec 437 Jan
2
36 36
3612 37
3612 3612 3514 36
3514June 3 424 Mar 10
36
36
2
1,100 American Snuff
4
*10518 110 *105 1094 104 105 *1037 10934 *10358 1093
104 June 3 1091 Mar 13 1004 Jan 112 Sept
20
100
Preferred
•11z 2
13
1% *112 2
44 Feb 16
Memorial
2
2
*112 2
2 Dec 224 Mar
1%June
1,000 Amer Solvents & Chem_No For
1112 Feb 24
3% 31
*314 4
*3
4
4
*3
5% Oct 8314 Mae
318.1une
*3 4 4
,
10
Preferred
No pa
1134 131z 1312 1488 14
314 Feb 20
1112 123
4 1118 12
Day
1112June
234 Dee 5214 Mir
1488 8,200 Amer Steel Forthdrles-No Pa
1031 102% 1025 1021i 1033 10012 102 *10214 104
8
20 110 Dee 115 Feb
4
113 Feb
1021
:
23
Preferred
100 10012June
3978 40 40
39
39 40
8612 Dec 554 Am
40
40
3988 4014 1,900 American Stores
No Par 87 Jau 7 484 Mar 10
447 47 z48
424 44
/
1
42 441
4412 451
3914 Dec 69% Mar
48
2,30 Amer Sugar Refining
100 42 June 2 60 Mar 25
10018 1001 *9918 1001
99% 100 •9918 100
95 No 110 AM
99% 1001
80
100 96 Jail 2 10812 Mar 16
Preferred
7
71
71
5 No
26% Feb
688 688 *7
6%June 3 1112 Feb 13
714 71
719 77
1,60 Am Sumatra Tobs000--NO Par
15 De
2712 Feb
Amer Teleg & Cable Co,. 100 1514 Jan 12 2312 Feb 18
4
.1
if 290.317 Amer Telep & Teleg
i"
15915 164% iLii; ufiv,i 137'4 1153100 15612June 2 2018 Feb 26 170% De 2741 Apr
1054 10712 10712 10834 10,000
984 Dec 127 Sept
4
8
9812.1tine 2 1283 Apr 14
981s 1013 101 106
993 104
4
84 109 11134 1101: 11334 43,500 American Tobacco new WI 25 1024June 2 132 Apr 14
994 Dee 13072 Sept
8
4
10258 1073 10218 1053 1033 110
4
Common oleas B new w 1_25
/
4
'
1
/
4
*13014 13112 13114 1311 13012 13012' 13014 1311 130 13084
400
Preferred
100 1244 Jan 3 132 May 5 120 Fe 129 Sept
58
58 *55 6018
95 No 141% Apr
55
*53 65 •53 60 *40
200 American Type Founders100 58 June 4 105 Jan 16
86
86
8518 8512
,
•861s 871: 85 86 •8512 86
70
100 85 June 2 110; Feb 28 10312 Nov 114% Jul)
Preferred
4714 21,100 Am Water Wks & Elec-No Par 403
47% Dee 124% AM
437 4788 45
8
4318 4514 43 441s 403 437
2June 3 8014 Feb 26
/
4
98 Nov 10812 Oct
*____ 101
*95 100 *____ 100 *981 100 *10034 10178
10114 Jan 29 107 Mar 19
1st preferred
61s 7
l's Nov 2014 Feb
5
/ 64
1
4
/
1
/ *7
1
4
714 3,500 American Woolen
514June 3 11% Jan 12
6
6 12
5h 6
100
248 26
151 Nov 4472 Feb
1
26
20% 2212 20% 25
26
21% 25
5.400
Preferred
100 2032June 2 3912 Mar 23
9 May
*lh 2
Jan 23
112 Dee
*112 2
*112 178
14 Apr 29
cz 2
•112 2
Am Writing Paper Otte-No Par
15
1012 Dee 4143 Feb
4
15 •10
*10
10 *10
*10
10
15
15
100
oertificates__100 10 June 2 18 Feb 20
Preferred
8% Feb 26
3% Dec 17 2 Feb
7
*4
4; a4
414 *4
4
3% 4
338Mae 26
4
700 Am Eine Lead & Smelt-No Par
488
28
28 *27
28
263 Dec 79% Jan
4
28
*2812 30
281z 2812 28
800
28 26 Jan 10 4014 Mar 11
Preferred
2012 2288 21
25 Dec 8112 Apr
4
191e 21% 183 23
4June 3 4314 Feb 27
2138 23
2312 229.100 Anaconda Copper Mining-50 183
19 Dee 534 Feb
21
*2012 203
4 2012 2012 201z 2012 2014 2012 21
1,100 Anaconda Wire & Cable No Da
, 2014June 4 2514 Mier 10
24 Dee 5114 Air
23 *22 2
4; a2114 23
20
1912June 2 86 Feb 21
2112 1918 20 *21
1,500 Anchor Can
No vat
.918
*9
16
/ 914 *8
1
4
11
04 1()
/
1
9
10% Dee 87 4 Apr
1
914June 2 194 Feb 27
400 Andes Copper Mining-NO Par
9h
1814 Dee 2914 Apr
912 *914 10
9
8 May 18 18 Feb 4
8 4 8%
,
812 9
3,200 Amber Daniels MMI'd_No par
8% 814
36
2
3214 3214 36
38
38
36
40
32 33
1,300 Armour & Co.(Del) pref-100 32 June 2 72 Jan 7 60 Dee 827 June
ii2May 29
214 Nov
84 Mar
138 1%
412 Jan 0
13
4 184
112 1%
112 112
13
4 17g 5,600 Armour of Illinois(gess A__25
Ds
1
118
118 114 6.100
4% Mar
1
2% Jan 7
112 Nov
1
1
1
1 May 28
1
Clam B
25
111 123
/
4
254 Nov 65 June
1014 103s 1018 1014 1018 1014 1012 12
2,700
100 104June 2 47 Jan 6
Preferred
514
5
312 Dec 13% AM
4% 41
5
74 Apr 4
44 41l
5
3% Jan 2
4
1,900 Arnold Constable Corp-No ear
419
67
it% Dee ems Ape
8 7
67
8 *67
V* 614
*6% 7
200 Artloom Corp
5 Jan 18 104 Feb 26
•67
8 7
No par
784 714
20 Nov 464 Mar
6
/ 834
1
4
612
514 Apr 24 9872 Feb 10
614
615 7'
3,700 Associated Apparel Ind_No Par
6% 714
187 2088 19
8
19 Dec 5012 Apt
2014 7,100 Assoc Dry Goode
1714 18
161z 174 1614 18
No par 1614June 3 29% Mar 20
80 Dee 51 June
*201g 25
40 Associated 011
201s 201s *2012 25 •20% 25 *201.1 25
25 20 May 26 81 Feb 18
18
177 171
80% Jan
1814 18
171
1715
1812 18
*18
800 Atl 0& W I S S Line-Ne Var 1712June 5 39 Jan 7 33 D
37 •33
48 Dee 6514 Feb
37 *33 35 *33
37
*33 37 *33
100 34 May 26 5312 Jan 21
Preferred
13 8 1414 131 14 25,200 Atlantic Refining
4 11% 13
,
16% Dee 51% AM
1112June 2 23% Feb 24
117 128 1118 113
28
35
361 37
32% 35
42 Dec 106 Mar
321z 3212 30
3212 33
2,700 Atlas Powder
No Par 30 June 3 54 Feb 11
895 8988 *86
8
86 86
87 90
90
97 Nov 106 Mar
90
•88
150
Preferred
100 86 June 3 99% Jan 16
4 73
4 *8
7
/ 714
1
4
73
73 Dee 87 May
4
7
7
7
7
8%
7 Mai29 134 Feb 10
700 Atlas Stores Corp
No par
3
3
*2
*2
•2
3
212 Oct
84 Mar
84 Jan 5
2 May 15
*112 3
Atlas Teak
No Per
167 188 148.300 Auburn Automobile
14114 158 135 15012 137 180 167 191
60% Nov 963; AIR
10112 Jan 14 29512 Apr 14
-No Par
1h 111
7 May
/
4
114 Apr 29
2 Mar 30
14
14 Dec
*11 112 *11 Vs *114 112 *184 112
/
4
100 Austin Nichols
No par
1
1
*1
115
*1
1
72 Dee 10% Ma?
1
1
118
2% Feb 16
1
500 Anti:tales Corp
1 Jan 2
No par
2
3%
2
•2
358 *2
358 *2
5 Feb 27
*17
8 388
12 Dee 25 Mat
150
2 Apr 28
Preferred
ao
31
319 312
319
312 312
3% 319
64 Mar 2
2% Dec
9% Alfl
312 312 17,800 Aviation Corp
I Jan 2
No par
91 1078
918 10
8
/
4
3
988 1014 103 118 111 13 14,400 Baldwin Loco Works-No Far
19 2 Jun
33 Feb
91sJune 2 2772 Mar 19
80
75
80 • _ _ 83
85 85 *____ 85
-84 Dec 116 Jan
June 4 1944 Mar 19
410
100 75
Preferred
•103 105 10212 10412 10212 10212 *10212 105 10212 10212
240 Bamberger(L)& Co pref_100 1014 Apr 3 107 Feb 11 103 Dee 11012 Feb
*3
4
3
4
27
27
*4
418 *4
412
10 Jan 2
8 Nov 20% MAf
110 Barker Brothers
2 8June
7
No par
*3518 50 *3518 50 *35
50 *35
50 *35
60 Mar 10 58 Dee 91 Mar
50
Preferred
100 39% A pr 3
6
612
33
4 63
8
57
618
6% 688
64 63 24,400 Bernsdall Corp elms A
144 Feb 26
4
8 1 Dee 34 Mar
1
534June
95
23
23 *2212 23 *2212 2312
•23 3312 23 23
23 Nov 68 Feb
330 Bayuk Cigars Ina
N. par 22 Apr 27 33 Jan 19
84 84
83 84 *84
85
84 84
*84
85
220
90 Mar 6 89 Dec 101 July
First preferred
100 83 June
5412 58
53 613
53
/ 57
1
4
61
543 59
4
63 12,700 Beatrice Creamery
62 Dee 92 Apr
81 Mar 19
80 5312June
4
10814 10814 *-- 1073 *105 1073 1073 1073 103 103
4
4
4
30()
Preferred
100 106 Ian 1 111 Mar 16 1011 Mar 10914 Sept
4512 4512 4714 4714 *43
45 4614 441 451
54
2,303 Beeob-Nut Packing Co____20 4412June
62 Apr 9 66% Nov 704 Jan
*2
214
6% Jan
*13
4 212
2
2
24 Dee
14 2
214 214 1,100 Belding Hem'way Co--NO Pat
4 Jan 30
4June
13
79
78
761s Dec 8512 Mal
7814 *771 891s *7814 7914
8312 *78
•78
300 Belgian Nat Rye part pref -. 78 MIS
5014 Jan 22
/
1
4
144 Nov 57
8 147 16; 1014 1718 1612 17 26300 Bendix Aviation
14% 153
16
15
2512 Feb 24
8June
N. par 147
_3412 3458 36
3314 3114 34
34
301% Dee 56; Apt
6614 Mar 19
4 32
331 343
/
4
6,200 Best & Co
No par 3114June
yos Feb 26
47% Dec 11014 AD?
s
4 417 4518 44
4634 196,300 Bethlehem Steel Corp AM par 3812June
3912 40% 3858 401z 3988 423
8
19714 9934 7.700
1237 Mar 6 113% Dso 134 Mu
2
10814 1063 102 10814 101 102 100 101
108 100 June
Preferred(7%)
23 Oct 414 Atli
17
17
1814 1712 18
8 16
174 1714 2,000 Blaw-Knox Co
16% 187
No par 16 June ' 29 Feb 21
164 Dee 29 2 AP?
7
thso Mar 25
•1818 25 *18% 25 *1818 30 *181 25 *Ms 25
Bloomingdale Brothers_No par 1612 Jan
165 Jan 9 95 Dec 104 Oct
94 *91
94 *91
94 .91
94 *92
94
100 SA May 1.
•01
Preferred
74 Feb 90 AM
/
4
8212Malr 11
634 651 63 63 *___. 85 *---- 85
/
1
•6518 85
100 Blumenthal & Co prel._100 63 June
18% Nov 69 All
4012 Apr 9
254 24
/
1
27
27
2988 29 304 8.500 Bohn Aluminum & Br....No par 20 4 Jalt
4 24
25 263
3
•B14 and asked prices; no sales on this day. s Ex-dividend. I Ex-rigbts.
4198
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES.PER SHARE, NOT PER CENT. I Sates
. for
Saturday 1 Monday , Tuesday , Wednesday Thursday 1 Friday 1 the
May 30. I June 1. I June 2. I June 3. I June 4. I June 5. I Weelc.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share 3 per share $ per share $ per share $- share
per
72 *6218 64
•
*61
65 1 *013 72 1 *613 72 1 *82
8
8
*114 2
*114 2
13
8 13
8
*114 2
*114 2
*57 15
8
*53 15
8
*558 15
*538 15
*558 15
47
/
4
5138 49 517
8 5114 5578 541 5612 5534 5818
8 1612 18
1514 161 144 154 15
161 1612 173
/
4
/
4
/
1
/
1
114 *1
*1
11 *1
/
4
114 *1
11 *1
/
4
1 14
9
101 4 9
/ 1013, *1014 1118
1
4
812 914
814 918
15
16 I 1514 16.,4 16
20
1518 15
15 , *15
218 238
214 214
*21 213
/
4
214 214 *214 212
19
*11
19 1 1112 1113 *11
20 1 *11
20 *11
299 10014 1003 101
/
4
10014 105 108 1091 10712 100
8
39
39
39
*38
39 I *38
38 *38
39
38
81,
818
818 81
/
4
8
*812 912
818 9
8
8
1214 1234 113 1214 1134 1212 1312 1412 135 1333
4
8
23
23 . 2118 2278 2013 21 1 225 2414 2314 2414
/
4
11034 1103 *10914 110 •9612 110 *951 110 *9613 110
4
338 312
213 3
/
1
4
2
/ 31
1
4
7
314 314
/
4
27
8 38
812
8
81 812
/
4
7 8 758
5
7
/ 758
1
4
78 78
3
7
833 8
4 914
918 914
858 9 ' 81
/
1
4
8% 9
/
4
9
9 t 88 9 2
1012 1012 1234 1012 1111
7
83
,
,
*1212 15
1212 1212' *1012 1612 *1012 1613 *1012 1012
Shares Indus. & Miscell.(Con.) Par
Bon Ami class A
No par
300 Booth Fisheries
No par
lit preferred
100
81,300 Borden Co
25
23,700 Borg-Werner Corp
10
Botany Cons Mills class A__50
43,000 Briggs ManufacturIng_No par
800 Briggs & Stratton
No par
409 Brockway Mot l'ruok_No par
Preferred 7%
10
100
8,700 Brooklyn Union Gas-No par
909 Brown Shoe Co
No par
2,000 Bruns-Balke-Collender_No par
10,000 Bucyrus-Elie Co
10
Preferred
3,700
10
Preferred (7)
100
4,250 Budd IX 0) Mfg
00
No par
2,809 Budd Wheel
No par
2,100 Bulova Watch
No par
3,390 Bullard Co
No par
100 Burns Brea new elAnewNo par
New class B com„...-No Par
-I
I Preferred
;r416, ;ii4 16" ;i;4 'fl ;.ii ii- .5iI4 65 I
.
100
234 211 23 I 14,500 Burroughs Add Maoh...No par
/
1
/
4
1918 2034 1918 197
1934 2178 22
21
21 i 3,200, Bush Terminal
20
20 , 1938 193
4 1912 20 i 20 • 21
No par
72
7212 721
/
4
72 *70
60; Debenture
7112 7112 70 70
*70
100
10012 10012 100 101
901 Bush Term Bides Pref
*100 101 1 100 100 101 101
100
3
4
*3
4 1
1,2001 Butte & Superior Mining_10
3
4
3
4
3
4
3
4
34
3
4
3
4
11
*118 114 1,3001 Butte Copper & Zino
11
511 11
/
4
*1
/
4
114
114
114
5
1018 11
914 10
10
/
1
4
1,800; Butterlok Co
938 9
10 I
9
93
4
No par
3018 29
334 63,100; Byers & Co (A M)-__Ne par
2418 2612 23 25
/ / 2438 2838 27
1
4
1
4
85 *8018 85
10; Preferred
*80 85 . 80 80
*80 85 I *80
100
23
23
23
23
2134 22 I 2114 2112 21
22
2,300 California Packing-No Par
58,
84
3
4
500; Callahan Zino-Lead
10
3
8
3
8
*3
4
3
8
*54
7
2611 `254 2912 3,400' Calumet & Arizona MInIng_20
/
4
/
1
2618 2613 23
/ 26
1
4
2312 25 I 25
5
/ 6
1
4
6.290 Calumet & Heels
/
1
41
512 61 5
5
/ 5
1
4
25
514
5
/ 513
1
4
1034 11
1,100 Campbell W & 0 Fdry.No VIZ?
1012 1012 1012 1133' 1118 11141 p.
14
371a 39
364 37
.
/
1
/ 3612 38 I 39
1
4
4013 39 4978 17,200 Canada Dry flinger Ale No par
19141
19 8 20
,
8 1934
1,300 Cannon Mills
20 2018 1978 20
193 197
4
No Par
*1233 1314 1233 133
14
13 . 13 *1318 1418 *13
1,100 Capital /Wrote& el A-No Pew
33 1 3312 3312
33
34
200
*29 33 ,•_ 34 *30
Preferred A
50
6134 6614' 6214 653
8.401,100 Case(21 Co)
8 6912 6514 614 7312 69'8 773
100
'
20
Preferred aertifteates_100
100 100 *100 104 *100 105 I 10412 1041211 100 105
8
4 233 241 21,400 Caterpillar Traotor____No Par
4
/
4
2118 2212' 227 243
22 2314 2114 22
218
2
80 Cavanagh-Dobbe Ino_No par
2
/ 2
1
4
/
1
4
2
/ 214 *218 2141'23 2*,
1
4
15
Preferred
100
*1012 15 1 *1012 15 •1012 15 I *1012 10
*1015 11
0
5
1,900 Celanese Corp of Am-No Par
4 912' *9
9% *8% 9% *83
*
9
7
6
/ 618
1
4
6 1 *6
6
600 Celotex Corp
*612 7 , 512 6
No par
5
358 5
514
412 4
5
5
2,000
/
1
4
Certificates
33
4 412
No par
19 *12
1934
4
10
14
14 *1218 193 *1214 183 *12
Preferred
No par
4
19
184 194 1,600 Central Aguirre Asso_No par
/
1
41 19
/
1
8
18
19
18
1814 177 183
4 412 *33
4 *33
4 414
4
4
*334 434 *334 43
100 Century Ribbon MIlls_No par
I *5118 30 *5114 go
54
100
54 .50
51 1 *51
Preferred
*50
1414 141 15
/
4
1511 1558 1414 15 I 14
13
14 8,000 Cerro de Pasco Cooper.No par
15
4
3 2 313
4
4
312 312
4
8
358 35
1,000 Certain-Toed Produets_No par
14
3112 311 3134 3113 3112 3,600 City Ice & Fuel
*3018 32 I 3012 321 31
No Par
8
/ *81313 84
1
4
3
8
Stock
Preferred
8338 8338 84 84
833 83 8 833 83
120
100
912 10
784 10
9 8 9 4 10,900 Checker Cab
,
738 938
734 8
3
No par
3512 335 37 24,000 Chesapeake Corp
34
8
30
Exchange
2814 2912 2712 2912 29
No par
/
4
8
814 81
83* 2.300 Chicago Pneumat Tool_Nozar
7
7 1
78 7
7
/
1
4
612 63
4
17 *16
17
Closed
Preferred
1612 167
8 1513 1512 *1513 17 •16
300
No a?
- -- 20
Chicago Yellow Cab....No par
20 ,*__ 1912 *__ 1914 ---- 20
10
*10
10 1 10
1112 1,600 Chickasha Cotton 01/
Memorial *104 12 I 1014 1012 10
/
1
10
1812 1912 19
*1734 1914 1758 184 1738 19
21
/
1
3,000 Childs Co
No Par
/
4
Day
5133 1618 1212 1412 1312 1514 1434 1618 151 1814 318,800 Chrysler Corp
4
No par
3
21
213 21
3,000 City Stores new
238 2121
2
238' 218 2141
No Par
1412 1412
*1413 15 I *1412 15 I 1412 1412 *1412 15
300 Clark Equipment
NO For
2512 .254 2613
/
1
700 Cluett Peabody & Co No par
2514 2514' 25 2512 2512 2512 25
____1 101 101 410012 _ _
10
60
Preferred
100
•101__.,--1 101 101
8
13888 1393 13812 138 I 133 137 ' 13711 1391 13978 14214 20,000 Coca Cola Co
8
No Par
5312 534 5312
/
1
Class A
900
*53
5312 *53 5312 *534 53131 53
_ No par
4512 46
431 4334 40
4418 4534 46
3,300 Colgate-Palmolive-Peet No par
43 ' 4214
103
103 103
6% preferred
500
*1024 10314 *10234 103I 103 103 I 103
100
1234 5,500 Collins & Alkmart
1018 1112, 1112 1314 12
1012 10 4 10
11
3
No Oar
/
4
4 77
78
78 I 701 773
1,990
Preferred non-votIng___100
75
75 I 743 743
4
4 78
*71
85
8 *713 858 3,500 Colonial Beacon Oil Co_Nn par
81
8
814 814
818 8
/
1
4
/
4
984 10'8 11
/
4
11 I 111 111 1212 1212 2,600 ColoradoFuel& Iron new No pot
101 12 I
/
4
664. 6312 68 20,200 Colombian Carbon v s o No par
/
1
5614 61 I 55
533
/ 634 61
1
4
4 56
4
2234 24 I 20
/ 2238 203 23781 2314 2613 2458 2614 111,500 Columbia Gas & Elee_No Par
1
4
/
1
,
2,200
Preferred
101 10112 99 10098 9814 98 4 984 9814 100
I
100
Columbia Graphophone
78*
/ 7'8 3,800
1
7
6
17314 Jlz 174 184 17 61,000 Commercra Credit_ ---NO Par
54
151 16 1 1314 15
/
4
15
6
7
6
7
31
324 33
/
1
31
ChM A
1,600
/ 31
1
4
31
31
30
_ 50
31
31
24
*22
24
150
Preferred B
*2212 24 *2212 24
/ *22
1
4
2212 22
28
*804 82
/
1
let preferred (6 /4 %)___100
/
4
130
/
1
4
8212 8212 82 82
80
/ 80 *801 89
1
4
8
/
1
2218 2414 2318 263 22514 264 22,500 Corn Invest Trust____No par
221 23
/
4
/ 221 23
1
4
/
4
8612 286 86
1.600
Cony preferred
844 8412 83 84
/
1
83
/ 8413 *85
1
4
/
1
4
No par
4 *312 434 1,300
4
/ 478
1
4
43
41 *414 48
Warrants stamped
412 47
8 *4
1314 49,000 Cotrun Solvents
107 113* 108 1114 11% 12781 1214 1318 13
4
No Par
73
4 8 37,400 Commonw'ith & Sou-rn No Dar
73
8
/
1
6711 741
64 718
/
1
7
/
1
4
7
95 29413 95
2,600
93
/ 94
1
4
86 preferred series,,.. No par
93 9318 9212 93 I 93
33
33 .31
1,000 Conde Nast Publica___No par
*31
33
3033 •31
31
31
30
10
103 22,000 Congoleum-Nairn Ino_No par
4
918 10
812 8
/
1
4
8
/ 9
1
4
812 03
8
*22
21
2912 1,000 Congress Cigar
20 20
1812 20 *1812 20 *20
No Par
304 33
/
1
/ *3912 3334 2,300 Consolidated Cigar. _,., No par
1
4
30
301 2834 3112 2912 31
/
4
62 6212,
6112 63
580
Prior preferred
6312 6513 63 6412 6213 61
100
412 4341 4.900 Cense' Pilm Indue---NO par
4
41 43
/
4
41 412
/
4
3
/
4
/ 418
1
4
3
/ 41
1
4
1218 123
4 1214 14 I 7,000
12
Preferred
111 13 4 1012 1114 11
8
No Par
9112 90
/
4
921 159.700 Como! Gas(NY)
/
4
83 864 831 86
/
1
4
/
1
8312 911 3334
/
4
NO Par
/
4
/
4
Preferred
104 10434 10312 10414 10312 104 10414 1041 10118 1041 3,400
No Par
3
4
3
4 3.100 Consolidated Textile_ No Day
3
4
5
8
5
8
5
8
5
8
12
5
8
13
3
3
909 Container Corp A vot_No par
3
34
3
3
*3
334
3
3
/ 314
1
4
/
4
600
Clam B voting
113 11 11,8 114
*118 112
/
4
118 14
118 11
No Par
111 9.100 Continental Bak' al A_No par
/
4
4 11
914 104 1038 1012 1038 113
9 8 103*
5
/
4
1 12 158 10,300
113 11
Class B
114 158
112 112
138 134'
No Dar
4,500
53 I 5412 5613 5434 57
Preferred
50
5112 5012 52
491s
100
4812 71,500 Continental Can Ine_Ne par
4712 45
4413 4513 411 45
/
4
403 4612 45
s
93
4 93
914 1014
4 3,800 Conti Diamond Fibre-No Par
812 10 I
812 918
818 9
41
391 4114 8.401 Continental Ins
/
4
39
4
34
343 37 I
3678 3418 35
10
21 212 7,200 Continental Motors_No par
/
4
212 212
/
1
4
214 2
213 213
213 212
51 6 36.500 Continental Oil
/
4
533
55
8
N par
514 5
5
/
1
4
434 518
47
8 512 11,700 Continental Shares___Ne Par
/
1
4
/ 4
1
4
4
43
4 5
/
1
4
414 4
6714 31,000 Corn Prod eta Refining_25
/ 6311 64
1
4
8
56
5738 553 587
8
8 553 6038 59
12
80
Preferred
14934 14934 14918 14918 14918 14918 *14918 15) 14018 15012
100
8
81
/
4
714 83 11,600 Cory Ine
8
/ 814
1
4
6
No Dar
614 73
4
613 7
29
/
4
2,200 Cream of Wheat
/
4
2714 273
2714 261 2613 2814 281 23
8 27
No Par
1418 1438
400 Crex Carpet
1214 1234 *114 16
134 134 *1213 16
100
*43* 512
412 4
/ 1,300 Crosby Radio Corp ___No pa*
1
4
458 458 *414 6
438 438
2212 2213 3,200 Crown Cork & Beal_..No par
184 2612 2012 21
2114 22
20
20
24
/
1
23
4 27
8 2.000 Crown Zellerbach
2
*214 3 ' 25
No per
*24 34
2
21
39 10,900 Crucible Steel of Ameries.1
/
4
37 I 3412 391 37
33
32 3413 3038 34
89
90
89
320
80
Preferred
81
100
81
8714 83 83
goo Cuba Co
378
*3
3
3
318
3
No par
3
3
3
/
1
4
*3
11 3.800 Cuba Cane eroduots_No par
/
4
1
7
8
7
8
3
4
3
4
3
4
/1
1
4
5
8
/
1
4
27
3
3/ 3
1
4
/ 8,000 Cuban-American Sugar...AO
1
4
2% 234
218 234'
238 234
19
19
19
270
Preferred
*
1912 1912 19
18 •17
18
100
19
3314 3714 38
2.200 Cudahy Packing
33
38
37
60
37
36
38 I 3612
7012 71
71
4,300 Curtis Publishing Co-No par
70
72
70
731 74 1 70
/
4
73
Preferred
No par
11114 1144 *11414 11412 114 11414 114 11114 11612 11613 1,000
/
1
23
4 34 83,300 Cu:Hee-Wright
/
1
/
4
No par
213 21
21 2
/
4
/
1
4
214 2
/
1
4
218 213
Clue A
4
413
41 4
/
4
/ 10.900
1
4
/
1
4
314 3
100
3
384
3
/ 338
1
4
107
8' 20
20
1,300 Outler-ilammer Mto......Na par
20 20 , 1712 19 I *1712 1912 *19
4 1013 1114 6,000 Davison Chorales!
/
1
No oar
10 ; 104 101
10
10
1014
9
/ 10
1
4
•Bid and asked prices; no sales on this day.
Ex-dividend. y Ex-dividend and ex-rights.
PER SHARE
Range Since Jan. 1.
Os basis of 100-share lots.
Highest.
Lowest.
per share
60 Jan 6
lir Jan 2
512may 18
47 June 1
1412June 2
114Nlay 22
814June 2
15 June 1
2 Jan 2
1013 Apr 22
299 June 1
32% Jan 22
8 May 4
4June 2
113
2012June 3
1103
4May 25
212June 1
74 Apr 29
85atme 3
812June 3
1212June 2
212May 11
22 Mar 17
19'8June 1
17 Apr 23
70 Ape 23
954 Apr 29
34May 7
DAME*. 7
9 June 2
23 8June 2
5
80 June 2
2012MaY 1
68 Jan 8
2312June 2
5 June 2
1012June
8
397 Jan 19
173 Jan 2
.2
94 Jan 8
29 May 18
5912June 3
95 May 14
2118June 3
2 June 5
2018 Apr 29
818May 20
54 Apr 24
Patine 3
14 June 1
17%Jwie 3
212 Jan 8
50 May 28
14 June 3
34 Jan 2
/
1
304 Apr 29
774 Jan 14
7%June 1
2712June 2
612 Ape 29
1512June 2
20 Mar 2
10 June 3
174June 3
/
1
121aune 2
2 JUDO 2
141zJune 3
24 May 19
05 Jan 28
133 June 3
504 Jan 2
40 June 2
4
1013 Apr 21
9 Jan 30
71 Apr30
8 June 3
914June 2
55 June 2
2058June 2
98 June 3
6 June 2
13 May 27
30
/
1
4June 3
2112 Jati 20
764 Jan 29
22 May 26
82 Jan 20
372 Jan 7
1014June 2
678June 2
g112 Jan 2
30 June 3
8
67 Jan 2
1812.rune 2
334 Jou 8
55 Jan 2
Mune 3
1012June 2
824 Jan 2
1014 Feb 27
14 Jail 9
3 June 3
118MaY 29
91June 2
/
4
114June 3
443 Apr 30
2
403aune, 3
/
1
84June 2
31 June 1
214June 3
5 JUDD 2
312May 21
8June 2
651
146% Jar 6
4J000 1
6,
2612June 3
1214June 1
412 Jan 2
1814June
2 June 2
30 2June 2
3
80 June 4
3 May 19
%June 1
21g Apr 30
18 June 3
3534May 21
70 June 2
1134 Jan 16
24June 2
/
1
3 June 2
1712,June 2
91June 2
/
4
$ per share
26614 Apr 15
3 Feb 20
IN Feb 20
761a Mar 20
303 Feb 27
4
2 Mar 18
/
1
4
4
223 Mar 25
2412 Mar 24
51 Mar 2
/
4
26 Feb 17
1294 Mar 19
40 May 13
/
1
4
15 Feb 13
204 Feb 19
/
1
34% Feb 10
114 Apr 21
1952 Feb 25
13 Feb 27
15 4 Jan 30
3
23 Feb 26
1212June 2
10 Jan 7
85 Jan 20
3214 Feb 9
31 Feb 24
104 Jan 33
113 Mar 17
1% Feb 20
2 Jan 29
2052 Feb 26
6934 Feb 20
10672 Feb 24
53 Feb 16
13
2Mar 2
33% Mar 17
11% Feb 24
1658 Mar 25
43 May 6
25 Mar 24
16 Feb 26
36% Feb 25
1311: Feb 24
116 Mar 21
524 Feb 17
4 Feb 27
26 Mar 7
16 Feb 25
141 Mae 2
2
13 4 Mar 21
3
374 Mar 21
24% Jan 9
614 Feb 21
70 Feb 2(1
8018 Feb 24
74 mar 23
37% Feb 25
90 Apr 21
3314 Feb 7
5418 Feb 24
1518 Feb 26
85 Feb 26
23 Jan 9
12 4 Mar 30
3
3344 Feb 10
2534 Mar 9
418 Feb 11
22% Mar 25
3412 Feb 17
102 Mar 4
170 Feb 24
5312June 4
504 Mar 18
104 Feb 16
17% Feb 26
78 May 18
1014 Jau
153
4May 20
Ill% Feb 25
4538Mar 19
1091291or 151
1614 Mar 13
2314 Feb 26
35% Feb 26
3413 Mar 18
3
85 4 Mar IS
34- Mar 19
90 Jan 26
g Feb 27
314 Feb 24
12 Feb 24
1003 Mar 16
2
3414 Feb 16
1284 Mar 27
3034 Mat 10
374 Mar 12
73 Mar 19
15 Feb 17
in Feb 17
10933 Mar 19
1053
8MaY 9
11 Mar 18
/
4
811 Jan 9
8 Jan 12
30 Feb 26
s
33 Feb 2
774 Feb 27
6234 Mar 26
161 Fob 27
/
4
/
1
514 Feb 24
412 Feb27
12 Feb 13
12 Feb 24
8658 Feb 17
15212 Apr 2
18 Fee 27
344 Mar 11
19% Apr 11
8% Feb 25
3814 Feb 24
67 Jan 12
4
63 Feb 11
106 Jan 3
5% Jan 8
/
1
4
2 Jan 8
5% Mar 24
35 Jan 9
48% Mar 19
100 Feb 7
113% Mar 5
5 Feb 27
/
1
4
git Mar 2
41 Jan 7
23 Feb 24
PER SW ARS
Range for Prelims
l'aar 1930.
Lowest.
Highest
$ per share $ Per shore
5913 Oct 78 AD,
1 Oct
5 Mat
514 Deo 8314 Jae
6018 Jan 90', May
15 Nov 5012 Mar
5 Mao
3 Dec
4
124 Oat 2532 July
154 Nov 3512 Apr
I% Dec 224 May
13 Dec 85 AP
,
9818 Dec 1784 Mar
3334 Nov 42 Feb
10 Dec 3052 Mat
114 Dec 3172 Mar
21 Dec 43 Mar
10784 Jan 117 Sept
3 Deo 1633 Apr
634 Oct 145* Feb
84 Dee 43 Mar
ra Dec 74 Apr
8 Dee U Apr
7134 Dec 100 Feb
1838 Dec 517k Mat
214 Deo 4812 Mal
97 Nov 110 Mat
108 Oot 118 Ain
72 Dec
514 Jar
138 Dec
414 Fet
10 Nov 29% Feb
331a Dec 1123i Apr
106 Dee 114 Jar
4114 Dec 7711 Mat
52 Dec
24 Feb
2852 Dec 8972 Jac
70 Dec 8333 Jae
10 Nov 80 Mat
3012 Dec 7533 Mat
1612 Dec 3414 Mai
712 Dec 2834 API
3913 Dec 42 Mai
8312 Dec 36234 API
113 Dec 132 May
22 Dec 7054 Apt
112 Dec 137k Jae
24 Dee 75 Jan
94 Dee 20% Oct
3 Dec 60 Mat
3 Dec 12 Sept
1214 Dee 84 Apr
/
1
4
18 Dec 8012 May
34 Dec
84 Mar
51 Feb 697 July
21 Dee 6532 Ja13
2 Dec 157k Feb
82% Dec 49 Fee
79 Oct 98% Peb
143 Dec 677g Mat
8
3214 Dec 824 Mar
71g Nov 87 Mat
234 Nov 657 Mar
2012 Dec 82 Mar
1012 Dec 3212 Apr
227 Dec 675* Jona
1418 Dec 43 Apr
24 Dec 1814 Apr
1612 Dec 444 Apr
21 Dec 00 Apr
914 Jan 106 Apt
13314 Jan 191% June
4812 Jan 63 Mar
44 Dec 64% Mee
97 Mar 104 Dee
12 Oct 854 Feb
73 Jan 92 Mal
8% Dec 20% Apr
--__ -.664 Dec 891 -- ;
fs
4
3052 Dec 87 Apr
99 Nov 110 Apt
718 Dec 8733 Apr
1512 Deo AO% Apt
304 Deo 44 Apt
/
1
4
204 Dec 28 Apt
7614 Jan 954 Sept
2134 Dec 55 Mat
80 JUDO 37 mat
24 Dee
6 Or
14 Dee 83 Ai.'
74 Dec 204 APT
864 Dec 10414 Jobe
314 Dec 57 Mat
55 Dec 193* Mar
8
184 Sept Ws Mat
2452 Dec 6933 Mar
58 Dec 80 Mat
77 Dec 27% Mar
124 Dec 284 Jan
7814 Dec 13672
9912 Jan 10512 Sept
l4 Dec
2 JaL
54 Dec 3212 Feb
2 Dec
84 Feb
163 Deo 524 Feb
4
2 Deo
7 Feb
4
62 Dec 941 Feb
434 Deo 71% Mat
95 Dec 87% APT
3714 Dec 771 Mao
312 Nov
81 Feb
4
7% Dee 80 Apr
13
81 Dec NJ% Apt
95 Dee 1115. Am
140 Feb 1514 Oct
7Ia Deo 83 Feb
3
354 Jan 358 Mar
1. Jan 2914 Mar
IN Dec 22 Jail
0
,
31 Dee 59 Apr
434 Dec 1813 Feb
2
6012 Dec 935 Mar
1014 Dec 117 Mat
24 Dec 1913 Mar
/
1
Oct
7 Mat
1
9 Feb
2 Dec
3
20 Dec 661 Feb
384 June 48 Jae
85 Dec 1264 May
112 Dec 12118 Mai
a
184 Deo 147 Apr
8 Deo 191.5 Apr
13
35 Deo 90 Mat
10 Dee 435s Me,
4199
New York Stock Record-Continued--Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. I Sales
for
Friday
the
Saturday
Monday
Tuesday 'Wednesday , Thursday
Week.
May 30.
June 3. 1 June 4. I June 5.
June 1. I June 2.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
-share lots.
On basis of 100
Highest.
LOWER:.
PER SHARE
P.ange for Procter!
Year 1930.
Lowest.
Highest
$ per share $ Per share 8 per share I $ per share $ per share $ per share Shares Indus. & Miscall. ((Yots.) Ear 5 per share $ pot share I"'share $ per"a"
91 Dec 80 Apr
/
4
614May 25 121 Jan 28
300 Debenham Securities____6 &A
8
4
4
8 *63 10 I *63 10*63 10
612 63
*63 10 i
4
20 June 241jMay
8June 3 22 .14.a 5
20 197
8
8 197 20 I 197 1972 1,800 Deere &Co pref
8
8
20 1 197 197
20
2018 20
A
100 14014June 2 196 Feb 1 1 161 Dec 255i Mn
143 145 1'146 14912 *14434 150
1,300 Detroit Edison
145 152 1 1403 143
4
4
1112 Doc 623 Ma.
12
12
12
12
*1212 13
400 Devoe & Raynolds A-No par 12 June 2 1918 Feb 18
12
12
13
*12
23 Mar 6
8
---- -No par 147 Jan
171 1818 1714 18
8,700 Diamond Match
164 72
/ 178 1618 1714 1614 18
1
243 .190 7 26 Feb 24
8
25
4
4' 253 26
4
1,030 Preferred
26
26 1 253 253
*253 26
4
26
26
63 Jan 108 Seri
4
8
81 Jan 2 2131/afar 31
/
4
1312 1211 13
4
NO Par
1112 1212 113 1212 12
85,500 Dome Moo; Ltd
1114 13
12 Nov 30 Alt
/
1
4
No par 1418 Jan 2 24 Apr 13
16
161 1612 17 I 1714 19 1 1814 1918 3,200 Dominion Storm
/
4
17
17
2
57 Dee 8732 Mai
/
1
4
Cl'; Jan 2 783 Mar 20
No par
625 6712 663 71781 683 7058 53,800 Drug Inc
8
4
4
6314 6514 6214 65
81 Mar 19
5 Dee 4312 Apt
5 June 1
5
5
5
5
5 I
5
5
5
*5
618 1,000 Dunhill lnternational_No par
4
13
Oct 19 Born
1212 12
12
*11
_ioo 11 June 3 143 Feb 9
par
1314
*1012 1314 *1212 1314 11
500 Duplan Silk
Jan 106%002
4June 3 100
102 Jail 5 I063
es
8
4
4
8
__
*10612 10712 *10612 1073 1063 1063 *10512 1073 *10612 1073
8
200 Duquesne Light 1st preiNo
614 Dee 2512 Jai)
42une 1 1314 Mar 2
63
No par
61 7 1 *63
/
4
4 8
8
003 Eastern Rolling Mill
*63
4 8 1 *7
73
81 *7
/
4
3
/
4
12712 118 1243 1254 133 x12712 133
par 118 June 3 185 4 Feb 24 1421 Dec 2551 Apr
125'8 1204 1203
4
4
/
1
74,010 Eastman Kodak Co
No
8
1284 la:. 8 134%Mar 23 1207 Feb 134 Nov
133 133 *12812- *12812 13012 *12812
_ *127
_
10 6% cum pre!
1152 Dec 3714 Feb
914June 3 2178 Mar 19
103 11 1 10 -I0
8
- .14
914 1014 1012 -- -14, 10% - 12 13,000 Eaton Axle &Spring-No 10 r
11
11
1.a
0
80(2 Dee 14514 Afar
71 June 3 107 afar 19
7812 76
7114 7112 7118 733
4 71
80 1 773 83 237,600 E I du Pont de Hem
4
4
4
12218 122% *12014 12114 12014 121 ,•121 1223 *121 123
100 1183 Jan 9 124 Apr 9 11412 Feb 123 Sell)
600 6% non-vol deb
/
4
212 Oct 10% Feb
34 Jan 2 111 Feb 17
713 712
75
8 *712 8 1 *713 8 I
500 Eitimfon Schlld
No par
758
712 712
400 Preferred 614%
100 3512 Jan 5 69 Feb 18 I 35 Nov 12 Fab
56% 5658 5512 5512 *5518 6378 *5318 03 1 *5318 61
83
Oct 1147 Mat
2
4 3914 4312 41
433 85,163 Electric Autollte
343 36
4
8
No Par 3118.june 2 74%alar 10
3418 373
4 3514 403
100 10() May 29 110 Jan 7 10312 Oct11058 Jar
*____ 10712 *____ 10712 *____ 10812 •____ 10812 *__ -- 10312Preferred
218 Dec
9 4 Mu:
,
4 May 22
May 7
2
23
4 24
4
318 4 1
33
8 3%
3
3 12 6,900 Electric Stoat
No par
212 23
342 Dee 10312 AP
3
,
3018 324 3018 3234 3178 3514 3458 3512 3414 3612 104,800 Electric Power k La__..Na per 30'8June 1 60 4 Pelo 26
99 Dec 112 API
9812 9912 9934 2100 100 1 1,203 Preferred
100 10014 993 10018 98
No par 98 June 3 1081s Mar 20
4
84 4 Dee 102 Sept
,
86 Jan 3 9814 Mar 17
87 i 8312 89 1 *8514 89 I 1,300 Preferred (6)
*8614 88
8712 8712 86
47 Nov 7914 Pet-/
1
4
57
55
563
4 5514 5514 4,200 Else Storage Battery_No ppart; 4918June 2 66 Mar 19
No
497 5214 4918 4958 51
8
5 Mat
/
1
4
% Dee
43
a
*3
3
.3
8
3
*'
3
4
1% Feb 26
*3
3
4May 15
Elk Horn Coal Corp___No par
3
/ Dec
1
4
.3
4
2 4 Mar 25
3
112
34 Apr 29
*34 112
103 Emerson-Brant 01 A _ _No par
3
4
*3
4
112
*7
9 112
3
4
9
n
364 De
/
1
57% Jar
39 I 33
3373 1,500 Endloott-Jobnson Corp____50 30 N(h 10 41 Jan 7
3118 3112 31
3112 3112 32 I 34
/
1
1
10412 10412 *10412 110 *10412 110 1*10412 110 •10112 110100 Preferred
__100 10212 Apr 15 115 Feb 10 1074 la 116 Nov
807 Nov6712 Apr
8
4
809 Engineers Public Serv NO Par 2812June 3 49 Mar 12
3018 32
30
3012 2812 2812 30 30 I *303 35
80,2 Del 107% May
*7718 82
100 Preferred $5
/
4
No par 7314June 3 87 Jan 47
*78
82
*78
82
781 781 *7718 82
/
4
/
4
891 Dee 1041 Apr
/
4
8418
8318 *8114 84% *81
100 Preferred(6)4)No POt 84 June 2 itl afar 12
*84
8418 84
*81
81
8
85% Dee' 50114 June
29
/ 27
1
4
/ 30 I 3014 3112 4,030 Equitable Office Bldg No par2712May 8 353 ..12.11 12
1
4
28
29
*28
2712 29
6% 0
011 43% Mat
*618 612
618June 2 12% Mar 17
6% 618 *613 7
209 Eureka Vacuum Clean_No par
*6
7
618 618
4
Oeti 3058 Fet
858 Feb 24
414 *411 4141
5
4 June 2
4% *4
400 Evans Auto Loading
412 412
4
414 *4
2158 Dee1 27 2 Set”
,
20 Exchange Buffet Corp-No fm
2
*177 2112 *1778 2112 *1778 20 I *1778 20 I 1812 1812
8
177 AM 28 25 Jan 7
97 Jar
8
1% .10171
3 Mar 20
1 Jan 3
212 *1
2 2 *1
,
Fairbanks Co
2
212
*14 212 *1
*11 212
812 Dem 393 Jar
4
4
412 Felt 25 1 1, at ar 20
Preferred
*4
612 *414 6 1 *412 6 1 *412 6 I *112 6 1
100
...
17 I *1512 17 1
sVia e A 19
i ny
*1512
700 Fairbanks
trair n
prb
15
163 17 , 154 18 1 16
4
/
1
16
No fli; 917
c
)" ; ec
Z194 lef)
: a
101
2 1 r4rti 1N1" at;
2r
94
*____ 94 *____ 94 *____ 94 *___ _ 91 *__
mredMorse
I
1
612 Feb 24
21j Dee 2714 Feb
8
414
414
35 Jan 21
300 Fashion Park Assoc____No par
4 412.
,
33
4 3 41 *33
*33
4 412
; 4
4
497 Feb 26
8
43% Dee 901 Mar
ns 35 *2314 40 I *2914 40 1 *30 40 . 205 Federal d ht dr Tra0
30
30 1
g
85 Deo 9884 Apr
r 9
TaY 2
y 26 92 Mar 25
91
*85
01 I
94
*85
94
*85
*83
Preferred
*83
94
No
,
512 Nov 1214 Feb
53
4 53
4
53
4 6 I *578 6 I 1,800 Federal Motor Truck_
53
4 534
758 1 e1) 24
53
4 53
4
Ap 8
o pa
10 De, 251 Sept
818 *412 6 I *312 8%
5 May 22 1512 1 eb 24
*412
512 512
100 Federal Screw Works_ No pa
*412 10
1712 Dec 48 Mar
1938' 193 2114, 1912 20 I 5.800 Federal Water Serv A_ _No par 18 June 3 30 Jan 81
4 18
4
1312 19
1818 183
Apt
1212 Dec 86
20
20
207 207 *207 24181 .20
8
8'
8
2014 21
2418 1,100 Federated Dept Storm_No par 1512 Jar. 6 26 May 12
6214 Dec 8944 Mar
37
37 I 39
44 I 43
3712 393
4 3614 373
43 1 3,203 Fidel Phen Fire Ins N Y __ _ _10 3614June 2 6614 Feb 24
4712 912 4712 913 *75
8 912 .77
9 Feb 21
67 Deo 1012 Apt
2
8 912 *75
8 913
Fifth Ave Bus
858 Jan 16
No par
16 Dec 4012 Jan
•1718 26 1 17
17 •____ 26 I*____ 22 1*____ 22 1
100 Filene's Sons
Na par 16 Jun 27 22 Feb 25
89 Dec 10014 Sept
101 May 12
Feb
*993 103
*9958 101
*995 101
8
*995 100
8
100 100
100 Preferred
1558 Oct 3318 Jan
1618 16
10
1612 16
163
4 17
17
1714 2112 6,000 Fireetone Tire & Rubber-10 8514 Apr 27 1934 Feb 25
0 13 A• p 1°
10
534 Oct 871 Mar
/
1
63 Jan 8
/
4
577 59 I 5712 5818 5318 5912 5912 6018 6058 621
8
. 3,100 Preferred
11858 Dec 01% Jan
48
48 I 467 473
8
4 4714 4912 49
j
51 I 251
51 -I 4,500 First National Stores__No 17ar 41, a : 22 58 Mar 2
5614 . 8
1• 1 9
A7
No p r
p
12
512 Apr
12
12
12 Dee
12
7 Feb 24
2
12
Stock
12
12
12
12
12' 7,000 Flak Rubber
Apr
Feb 7
114 Dee 21
114 1,
4 *114
13
4
114 114
112
112
13
4 13
41
70 lst preferred
/
4
114 Dec 211 Apr
3 Mar 8
/
1
4
•13
8 23
4 *18 231 *1 8 24 *13
Exchange
33
25
lot pref convertible
1 8a 117 1185
13 5180
7
*158 23
100
4
2
30 Dee 52, Mat
22
24
2414 22
233 24 1 *21
4
Juno 2 3512 Jan 3
2412 *24
2412
600 Florsheirn Shoe class A _No par 22
94 Dee, 1001; Oct
99 I *96
Closed
*9613 99
99 i *96
9612 984 *96
99 I
80 Preferred 8%
100 9612May 28 10212 Mar 18
12 Dee 50% Mar
*8
10%
8
8
8 12 812 *84 1018 *9
wit 200 Follansbee Bros
8 Juno 2 1934 Feb 25
No var
8412 Feb 24
3712 Dee 10413 June
4
Memorial
22
2514 213 2412 2112 2614 25
2814! 2614 297 21.900 Foster-Wheeler
n
17
19
8
;(tr ,
A /
No ,a, 212JLae
312 Dee 281 Apt
/
4
1612 Mar 9
•
6
7
7
7
7
7 I
73
4 78
4 *7 4 73
4
4 0 Foundation Co
'1
No
1914 Dec 50
API
23
23
2012 2118 21
2312 2312 233
Itay
21
22
4 4,400 Fourth Nat Invest W W
1
2012June 2 322 Feb 24
2
1518 Jan 573 Apr
2
11-581‘fay 21 383 Feb 17
1312 1558 1353 1614 15 8 161 161 1813 13)5,400 Fox Film class A
143 16
4
,
/
41
/
4
No Pa
2412 Dee 5512 Apt
26341 25 2 264 29,400 Freeport Texas Co __ _ _No Pa
4 25
22
233
4 22% 253
24
25
22 June 2 4314 Max 23
,
75 Dee 951 Met
/
4
__ __
Fuller Co prior pref___.No pa
75 Jan 5 85 Apr 6
_
7312
212 Nov 1114 Apr
6% Feb 25
3 May 7
3% 3141 •3
412
3
3
3
3 1 *2% 314
500 Gabriel Co (The) el A __No Pa
60
Oct 80 Mar
44
45
45
42
4712 4712
42
45
500 Gamewell Co
42 June 2 80 Feb 26
45
45
No Pa
1 Nov
7% Feb
2% Mar 23,1
52May 2
3
3
34
58 58
5
34 34
, 34 1,200 Gardner Motor
1
*34 7
8
77 Mar 19,
31z Dec 1011 Far
412 Jau 15
1,700 Gen Amer Investors_ __No pa
43
4 5
434 43
4
47
8 47
8
Dec 106
Apr
*70
80 I *7014 8T4
80
400 Preferred
74 Juno 1 89 Mar 12174,
*73
82 I *73
74
77
10
8
7318 Feb 26,1 6318 Dec 11172 Apr
5778 5712 587 32,800 Gm Amer Tank Car___No pa
8
8
4 535 5612 56
5312 56
527 543
17
187
81 18
1958 15,000 General Asphalt
8
15 4 u e 1
5217 .lunne 2 97 Mar 261 2258 Dec 7112 Apt
216
No pa
18581 1514 16 I 15% 17
518 Dec 3812 Feb
9% Feb 161
6
612 2,400 General Bronze
558 1
514 558
518
514
5 June 3
5
8
No par
558 53
012 Dec 3412 Mai
314 may 26 13 Feb 24;
4 5
*33
900 General Cable
4 5
43
4 43
4' *33
1 *33
No pa
4 5 I
33
4 33
88 87
7 Juno 3 2512 Feb 241, 13% Dec 74% Feb
8 1,500 Class A
7
7
8
8
812 812
8
812
No Pa
26 85 Jan 1211 36 Dec 10958 Apt
*273 30
4
*273 30
*273 30
4
7% cutn pref
*273 3412 02778____ •
4
100 2712May
34
34
*32
35
2,300 General Cigar Inc
31 June 2 4812 Feb BPI 30 Dec Cl Mar
3112' 3112 33
33
31
No pa
32
/
1
4
/
4
8 38% 4058 3933 42 296,700 General Electric
36 June 2 543 Feb 261 411 Dec 954 Apt
373
4 3612 395
3614 3858 36
No Pa
1114 Oet 12 Aug
1118 Apr 29 1218 Jan 27
1114 1138 1114 115 *1114 1138 11% 1114 1114 1138 10,900 Special
1
44% Dee 6114 Mal
,
4414 74,900 General Foods
43 June 1 56 Apr 13
4412 4333 4612 4512 4858 47
43
4414 43
No Da
3 Dec 183 AP'
/
1
4
8 Feb 21
/
1
4
2
8
43
4 48
43
4 48 32,200 Gen'l Gas & Elm A
VA Jan 2
4'* 47
418 458
414 47
8
No Pa
38 Dee 1061s Apt
4
60
60 I 57
54 Jan 2 763 Mar 20
59
57
1,300 Cony pref set A
6014 58
6014 6212 60
No Pa
284 DOC 44* Feb
/
1
54
Gen Hal Edison Eleo Corp-- 23 afay 16 35 Mar 6
*27
2912 *2612 28 I *2612 2812 *2614 30 1 *2718 29
4018 June 5958 Apr
33
3812 *3712 3912 3,800 General Mills
37
36
3718 38 I 3618 375
No Par 36 June 3 50 Mar 21
89 June 98% Dee
97 . 9512 9612
9712 97
97
500 Preferred.
*9712 9812 *9712 93
100 913 Jan 191 100 Apr 15
81% Nov 6414 Apr
35 I 343* 36 851,000 General Motors Corp
4
3118June 2 48 Mar 21
8 313 3518 34
it
3112 34181 3118 325
/
4
917 Der 100% Sept
14
10118 10112 1003 101% 100 10012 99% 10) 100 10312 6,500 $5 preferred
4
No P0! 95 Jan 2 1031 Mar 21
205 Dee 41 14, Apr
,
1612 1614 .1614
*15
1418June 2 28 Jan 28
700 Gen Outdoor Adv A
No pal
1458 145
8 1418 1412 1412 15
4
5 Sept213 Apr
518June 3 1014 Feb 25
53* 6
*512 5's *512 57
6
64
2.600 Common
614 63
8
No Par
23 Feb 26
1114 1012 1114 6,900 Gen Public Service
1258 Dec 52% Apr
4 10
83 103
4
818June 2
812 11 1
818 9
No par
Oct10672 Mar
58
4 4512 4712 471 2 50% 50% 53
4,300 Gen Ry Signal
46% 493
*493 50
4
Naps' 4812June 3 8418 Mar 2
/
1
4
312 Dee 19 Apt
94:Mar 6
/
1
312 37
24June 2
/
1
234 33
2% 312
32
4 37s 5,803 Gen Realty & Utillties_No Pat
312 334
49 Dec 100 Apt
/
4
39
39
*4112 45
*3312 54
37
34
900 86 preferred
35
40
No Par 31 June 2 741 Mar 10
39 Dec90 Mat
2
2914 3012 315 3312 3312 31
34
8,500 General Refractorlea
34
35
29
No Par 29 June 2 573 Feb 26
80 Dec 101 Mat
*35
40 1 *35
40
*35
40
Gen Steel Cast $6 prof_No Par 40 Slay 18 85 Apr 9
40
035
40
*35
511 Dec 10 Dee
/
1
4
4 4
33
3 Ayr 27 154 Feb 18
/
1
4
3% 4
44 35,000 GenTheatreaEqutp v t o No Par
33
4 4
35
8 37
8
18 Dec 10614 Jae
4May 11
2514 2712 63.100 Gillette Safety Razor .No par 2112 Jan 2 383
244 27
4
21% 24
213 2312 2218 26
8May 26
5614 Dec 7034 Nov
71
0713 747g 73
4
73
4
7012 71
700 C011r preferred
100 623 Jan 21 767
705 74
8
70
73 Feb 18
4% Dee 207 Apt
8
4
414
414 414
4141
412 458 6,400 Gimbel Broa
4
4 June 2
414 44
No par
39 Dec 821; At;
38
33 I *36
3658 36% *353 3618; 3612 3612 *37
500 Preferred
100
3612June 3 68 Feb 24
8
7 Dec 88 Mat
8
858
812 811 4,800 Glidden Co
73
4 812
4June 3 1818 Feb 20
858'
812 87
2
8
73
No par
6312 Dec 10818 Mat
78 Jan 16
64
65 I 64
64
66
64 I 64
647 65
8
130 Prior preferred
64
WO 98 alay 4
21) 3 Dee 19 Fe,,
5
5 1
971451a2 9
4
5
412 43
5% 3.900 Globe!(Adolf)
4
43
2 47
8
4 Jan 2
44 43
No pa
Deo 471 Apr
/
4
2738 51,900 Gold Dust Corp vs 0....No Pa
21
221 4 21 8 24 I 2212 2512 2438 2612 26
,
21 June 1 9218 Mar 20
1514 ()et 6812 Mar
/
1
91 1012 1014 111 4 14,550 Goodrich Co 03 F).....-No Pa
4June 2 204 Feb 21
83 914
83 10 1
8
814 83
4
81
*10
50 I 050
*35
M
40
*35
6212
3712 35
200 Preferred
.10
( 35 Apr z7 68 Feb 10 I 62 Dec 10412 Mn:
301 332
4 3512 363 33,300 Goodyear Tire & Rub__No pa
3312 331s 363
303 3212 31
3058June 2 5212 Feb 21 1 3514 Oct 967k Mel
4
81
274
74
72 I *74
*77
71
80
1.4(10 let preferred
7312 72
71 June 2 91 Feb 25 I 7814 Oct 102% Apr
Na pa
3% Dec 287 Mar
8
0
9
9
9
9
9
9
81
. 53
11
3,200 Gotham Silk Boa
Vs Jan 6. 1334 Apr 11 1
No par
8212 Apr
80
*70
80
70
7014 70
70 1 *70
*70
80
260 Preferred
100 60 Jan 26, 72 Apr 28 I GO Nov
8
4 Dec 153 Apr
/ *212 23
1
4
4
83 Feb 5'1
8
212 212
23
4 2
/ *212 2
1
4
212 212
214 Apr 29
30 Gould Coupler A
No par
8 Dec 1358 Apr
31 4 3$4
334 4 I
4
4 14
612May 5 1
4
4 14 5,800 Graham-Palge Motore_No par
314June 2
358 4
10% AV
43 Feb 9
4
3 Nov
12
_
818 Fen 28
Certificates
No par
7
-112
"iii.2 If- -iiir.i 1672 -iii- 1634. -io" 11 2 -iii2 Iiii --- 700 Granby Cons M Sm & Pr too 10 June 3 2258 Feb 2412 Nov 6978 Apr
4
:
4
16
15 I 1419 15 I 153 16
16 I 3,100 Grand Silver Stores
15
1612 14
No par 14 Juno 2 25% Mar 24 I 16 Dee 62 Apr
1478 1414 1512 153 163
4
4 1618 1614 0,109 Grand Union Co
14% 14%. 14
Jan 16 1878 Ma.24 , 10 June 20% Feb
No par 10%
40% *40
4014 3712 3812 3714 38 1 39
4034' 1,600 Preferred
Jan
30
No par 36 Ja 151 46 May 13 ', 31 Dec 44 Aug
3
1912 187 19
8
19
1918 193 193
4
8.1une 3 2914 Feb 25 I IS Deo 50 8 Apr
1912 IA 19
4 2,100 Granite City Steel
No par 187
Mat Deo 43 3II9
8 343 3512 353 353
4
36
3458 347
3612 8,900 Grant(W T)
343 35
8
No par '454. in 21 3012May 13
,
1216 Dee 26 8 Mar
19 I 1858 19
x13
1912 18
1814. 10,00001 Nor Iron Ore Prop_No par
18 June 3 2312 Apr 9
1912 2018 19
7 Dec 3412 Jan
s
718 712
714 758
73 758 .
7% 714
718Juno 11 117 Jan 8
753 8 I 1,200 Great Weetern Sugar
No par
80 Dee 120 Mar
No 100 80,,m8,y 28, pais fan s
pa,
*8012 81 I 80 8 80% *81
)
81
85
81
83
250 Preferred
*31
, Fn8
ue6
,
81
2% 311
,34
2% 27
314 318' 14,100 Grigaby-Grunow
23s%J. n 8: 8 a t 8)
e 3
3
318
27
8 3 I
Dec
Jan
Jan
3
8
*I
3s
*11
%
Guantanamo SugarNo par
13
13
*14
*14
15 Dec 80 Feb
1114' 1214 13
121* 1313 3,000 Gulf States steel
No par 10 81027 2 8712 Feb 24
11
12% 1012 11 , 11
8314 Dee 109 Apr
*3714 33 1 *3714 38
3714 374
100 3714June 5I SO Mar 4
20 Preferred
3712 3712 *3714 38
, ly
,
2g,2 Jan, T1,4 .7:,Ipr
, ar
*2512 267
24,8Jne 1.; 342 Nar N
812
j e
8 2518 2072 1,100 Hackensack Water
27
2714 n612 2814 *2812 27
8
512
412 5 1
43
2 514
512 6 I 6,000 Hahn Dept Stores.___ No p2aar
5
58 57
9
4512 Doe 8812 Apr
54 8 55
,
55
7 54 1 *533 5412 54
_100 50 Jan 31 637 Mar 30
*5434 5534' 1,200 Preferred
4
53
,
le
Dee 31 4 Mar
4
10 12 May Cl 1958 Mar 21
127
8 1212 128 123 1234 13
13 I 1,700 Hall Printing
12
13
1
1
I
--y Ex-rights.
x Ex-dividend.
h. Ex-dividends
• Bid and asked prices: no sales on this day.
. 1.12
5
„
p1, 0
4200
New York Stock Record-continued--Page 5
Poe sales dudes the week of stocks nor recorded here. ere forth parts preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 30.
Monday
June 1.
Tuesday
June 2.
Wednesday Thursday
June 3. I June 4.
Friday
June 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
8 per share $ per share $ per share $ per share 8 per share $ per share Shares Indus. & Miscall.(Con.) Pa
•9813 101 I 9812 9812 .___ 98121 983s 9812 ._ ___ 9812
40 Hamilton Watch pref____100
*88
897
8 88
87 87
430 Hanna prof new
88 I 88
88
88
88
No pa
27
27 I 27
2712 28
28
2814 1,100 Harbison-Walk Refrao.No pa
28
27
27
3
3
3
3 12 *24 312 1,100 Hartman Corp class B.No pa
25
8 23
4
24 25
8
412 412 *3
6 1 *5
6
6
*4
200
Class A
518 518
No pa
24 3
23
4 24
212 25
8
23
4 23
4 *3
33
8 1,800 payee Body Corp
No par
*8012 85
90
81
81
90
*81
*8012 90 I *81
200 Helms(0 W)
2
117
8 1012 1012 1012 104 1,500 Hereulea Motors
94 10
1012 1018 *10
No pa
*43
44
*43
44
44 I 44
46
46
46
*43
400 Hercules Powder
lo par
•____ 116 •____ 114
*95 116
114 *____ 116
Hercules Powder $7 cum p1100
8318 873
91
4 837 85
8912 895 92
93
8
87
8
7,500 Hershey Choeolate____No pa
98
98
984 9612 9712 9614 97
9712 98
99
1,700
Preferred
No pa
*5
5
*1
5
*3
5
6
100 Hoe (R) & Co
5
5
No ye
*267 28
8
2812 2812 2812 2812 1,300 Holland Furnace
2712 2712 273 28
No pa
12
1412 1412 14
14
13
12
13
1212 13
2,700 Hollander & Sons(A) No pa
*90
91 I 90
8512 90
86
88
90
•87
91
1,300 Ilomestake Mining
100
53 10,400 Honda!Ile-Hershey 01 B No pa
5
518' 412 47
13
8 43
4
43
4 5
5
61
5814 593
4
900 Household Finance part p1.60
59 591si 5812 5912 593 593 *59
4
33
275 29 I 27
8
3018 34
3514 9,100 Houston Oil of Tex tern otfe 100
30
288 27
15
144 1414 154 1558 16
1512 14
15
13
6,600 Howe Sound
par
1314 1278 138 27,800 Hudson Motor Car
11
113
4 1118 1214 13
N9 par
No
1258 11
53
4 6%
718
7
7 14
7
75 20,600 Hupp Motor Car Corp____10
8
53
4 618
6
214 214
218 214 1,300 Indian Motooyele
2
2 18
210 218• *212 24
No par
218 218 1,700 Indian Refining
218 213
218 218
218 218
218 218
10
23
8
2112 27 I 257 2714 2612 2734 8,700 Industrial Rayon
28
233 28
4
No par
95
9212 933
84
7712 79
84
4 4,000 Ingersoll Rand
75
77
79
No par
40
41
4112 41 12 398 42
41122,400 Inland Steel
4 40
393 393
8
par
558 53
4
418 514
418 48' 47
8 53
4
55
8 57 • 6,400 Inspiration Cons Copper_o_
8
N
613 612 *638 612
8 6% *614 638
(
63
63
8 63
8'
400
Ctrs Ino_No par
514 534
5
5
47 • 5
8
512' *43
4 5 I
5
2,000 Bur uranaharoe Corp_ No par
2
2
3
*2
3
*13
4 2
13
4 13
4 *2
1,100 Intorcont'l Rubber
No par
7
7
6
641
613 012
63
4 63 11,800 Interlake Iron
4
64
5
No par
' *15
8 2
153 17
8
*13
4 214 1.000 Internet! Agrioul
158
15
81
15
8
No per
1612 *16
17
*15
1612
Prior preferred
17
1612 17 I
300
*10
17
100
1193 1243 117 1207 11912 12812 128 13612 132 139
4
4
,3'
10,700 Jilt MAGMA Meobines_No par
7
7
7
y
7
7 I
7
73
2 *714 73
4 2,600 Internet Carriers Ltd__No Par
2814 2914 273 29
3214 32
30
3212 6,300 International Cement_No per
28
30
4
112
114
114 18
18 15 12,900 Inter Comb Eng Corp_No par
114
113
114
112
*13
137 14
8
15
1378 14
14
15
15
*13
1,200
Preferred
100
4014 4318 41
393 4212 3912 4014 3858 41
4
4312 35,500 Internet Harvester____No par
137 138 I 137 137 I 137 137
13514 13514 *13514 137
1,200
Preferred
193
4 19
18
18 I 17
19
193
4 9,600 Int Hydro-El SYS el A_No 10
1712 164 19
pa?
5112 55
54
.62
5514 10,700 International Match prof ___25
52
54
50
51
51
1014 10
9
10
812 9
812 9
8
812 87
1,400 Int Mereantile Marble 002_1 0
1 )0
(0
Z97 1014
117
8 1118 113 190,000 Int Nickel of Canada _No par
912 1214 11
4
912 10
115 115 *115 116
•113 114
113 113
Preferred
112 113
1,200
*22
25
*22
25
23
23
23
20
2352 18
330 Internet Paper prof (7%)_100
413
413 412
*4
*43
4 54
4
412
4
4
500 Inter Pap & Pow el A No par
314 *3
314
*3
4
212 212
212 212 *3
600
No par
2,900
C14a: C11
17
8 218
2
2
144
13
4 11
/
4
11 13
/
4
4
17
8 2
-No Per
223
4 223 223
*20
4
23
4 2,100
2018 213
4 1812 20 I 21
Preferred
100
712 734
7
712 *7N 812 *712 914 *713 914 1,100 Int Printing Ink Corp No par
6212
6212 *58
58 I *53
58
30
Preferred
58
68
58
58
100
3014 3014 2914 30
2914 294 3012 3012 3012 3112 2.800 International Salt
100
47
47 47
47
4714 4714 1,800 International Shoe__ _No per
47 47
47
47
•18
25
*15
25
25
*15
*15
25
*15
25
International Silver
100
Stock
2214 2418 2053 2312 213 2412 2414 258 2412 26 214,900 Inter Telep & Teleg _ No par
3
1153 127' 1112 123 *11
12 I 1214 1358 13
1418 2,500 Interstate Dept Storee_No par
4
Exchange *593 60
5914 594 593
4
4
4
5914 593
4 593 593 *59
70
Preferred ex-warrants... _100
4
11
117 12
8
11
11121 1112 12
*11
103 11
4
1.300 Intertype Corn
No par
Closed
4 412
418 418 3,900 Investors Equity
37
8 4
358 334
33
4 37' 33
No par
2312 2313 20
22 I *2312 26
233 233
4
1141
20
22
4
600 Island Creek Coal
1
Memorial
4012 413
3818 40
3618 38% 3618 4012 3912 41
5,200 Jewel Tea lb°
No par
4218 4414 4258 443
8
8
4 433 4914' 475 5112 4918 5312 128,000 Toting-Manville
No par
Day
*9912 118
'
8
*9912 118 1100 118 1.106 118 *106 1187
20
Preferred
100
118 11912 11818 11818 11818 118181 11814 11914 .119 1193
8
2801 Jones & Laugh lateel pref 100
Jordan Motor Car
Ne par
4iThi' --:- 4iThi, :::: 4.1 Hi ::::1•Hir .2 -_-_ .1.16T8 1_ - ------ K C l' At Lt
s
. a
8
-_
lot of ser 11 No par
3 I *3
27s - g •27
27
3
V
8 314
*23
4 314
400 Karstadt(Rudolph)
4 133 14
4
*1212 1334 2.300 Kaufmann Dept Storeo_812.60
*1212 13
1212 1212 1212 123
11
11
1013 107
8 1012 1241 1112 1212 12
1218 4,100 Kayser GB Co vs e__--No Par
39 •____ 39 I.-- 39 *__ 39
• _
39 •
Keith-Albee-Orpheurn
__100
80
8212 *61
*61
80
•6
.0
70
8112 *60
*60
Preferred 7%
100
112 112
15
8
13
8 1121
134 4,900 Kelly-Springfield Tire_No par
153 15
8
112 15
8
12
12 I *10
12
12
12
12
12
12 I *10
270
8% preferred
100
*23
29
32
28
28
3212 3212 *28
*28
32
320
6% ()referred
100
97 10
912 11
814 914
814
8
8,300 Kelsey Hayeir Wbeel___No par
812 912
97
93
83 103 33,700 Kelvinator Corn
8
814 912
8
818 84' 84 912
/
1
45
*4612 59
4
100 Kendall Co prof
45
4612 .423 45 I 4212 424 *40
8 1518 1614 1638 173 89,500 Kennecott Copper
8
1553 1638 143 153
8 143 157
8
8
N par
No ppa
N2V
3718 *33
37
*323 374 3218 324' 3218 321s *32
8
400 Kimberley-Clark
No par
19
19 I *14
*14
19
•14
19
*14
19 I *14
Kinney Co
No par
24
243
4 253 253
26
26
25
s
26
26
25
8
350
Preferred
100
Holster Radio Corp____No p43
--------------Certificates
4 2614 264 17,000 Kresge (5 5)Co
-26r8 - -1- -2618 264 26121 2612 2614 263
.
26 4
10
*42
45
42 I 424 4214 4314 4314
*42
4514' 42
300 Krees Co
No par
1912 204 19
4
8
1934' 1912 2012 203 2118 2018 205 77,700 Kreuger & Toll
28
2312 2612 2318 254' 2412 27121 2612 2818 27
48,90 Kroger Grol & Bak____No par
663
4 64
603 637
4
673 19,300 Lambert Co
4
64 I 62
8 603 6214 56
8
No par
1212 *10
Lane Bryant
*10
124 *10
1212 *10
No par
1212 *10
1212
8 3
*27
8 3
3
3
27
8 3
3 I *27
800 Lee Rubber & Ture
3
No par
11
*1012 12
10
10
97 10
3
914 914' 10
900 Lehigh Portland Centent___60
94
*90
94
Preferred 7%
*94
9612 94
9612' 94
110
100
94
*94
4
4-58 43
8
44 47
8
43
45
8 43
14 47
4 48
7
8 1,200 Lehigh Valley Coal____No par
4
20
8
Preferred
50
2014' 2018 2018 4,2014 207 *2014 2058 203 21
1,200
55
50
52
463o 4878( 45' 47 I 453 51
534 22,800 Lehman Corp (The)__No par
4
25
258 2512 26
24
25
225 244 234 25
8
/
1
4,300 Lehn & Fink
No par
8 1714 17
1814 9,00 Libby Owens Class __ _No par
143
138 1412 1214 14 I 1212 14
64
65
6412 6412 1,200 Liggett & Myers Tobacco_25
69
60
6212 6214 65 ! *65
4
6512 67
8 643 68
Series B
25
6012 6718 *6212 6412 65
677
27,700
4
/
1
4
100
14318 14318 *14218 14514 *14218 1434 014218 1433 *14212 1433
100
Preferred
2212 21
217o 4,00 Lima Locomot Worke__No par
2134 2212 193 2114 1914 1912 21
8
2438 2438 2312 244 23
23 I 228 227 *223 23
8
4
70 Link Belt Co
No per
2514 2612 2614 283
8 8,800 Liquid Carbonic
8 2018 2412 2012 24
No Par
2458 257
41141 40
3612 377
4312 81,0(Y Loevre Inoorporated_ No Dar
8 3618 373
4 36, 3958 39
2
87 1 8712 8712 8712 8712 1,60
No par
83
85
8412 85 • •85
Preferred
I
Prof ex-warrants - No par
-- -Ili --.
C
0
--5; --,- --512 22,800 Loft Incorporated
5
is
No par
*184 3
4 4
4
4
*IN 4 I .14 4 I *13
100 Long Bell Lumber A No par
4614 4512 4612 8,40 Loose-W1lee Biscuit
42 I 44
26
403 415
8
8 4058 414• 41
1
25
1414 13
4 144 15141 143 1512 62,400 Lorillard
4
13
133
4 1318 143
No par
.3
4
1,400 Louisiana Oil
24
210 218
218 218' 0238 4
2
100
Preferred
8
*3838 40 I *383 40
3858 383$
10
0383 40
8
*383 40
8
27
273
4 27
2712 7,000 Louisville 0 dr El A___No par
25
26
25% 26
2513 26
No par
11
5,800 Ludlum Steel
03 10
8
818 914
Vs 93
3
93 1012 10
4
No par
*22
38
Preferred
*22
38I *22
38
39
*22
38
*20
*14
19 1 01612 18
16
16
1,100 MacAndrews de Forbee_No par
17
17
16
17
No pat
12,200 Mack Trucks Inc
/ 2112 2312 24N 2614 2612 27141 2612 23
1
4
215 22
8
No pat
4 7413 7612 14,400 Macy Co
/
1
8 674 73N 7312 743
71
6614 693
68
*618 65
8 *61
65
900 Madison Elq Garden_No par
55s 6
4
4 *54 53
54 53
117 114 1214 1214 2,703 Magma Copper
8
No par
1012 1112 1014 11
1112 13
2181 *2
218
100 Mallison (T1 R) & Co No par
8 218 *2
8 *15
15
8 15
.15
8 258
70 Menet'Sugar
100
2
112 112 *1 12 212
2
01 12 2
*112 2
20
Preferred
100
47
8 *33
4 441 *33
4 414
3 *31
34 37
8
*37
8 47
6
6
200 Mariael Bros
No par
*512 6
314 314 *314 6
*314 6
700 Manhattan Shirt
8N 83 1
8
912 953
814 814
25
84 814
8N
8
101 Maracaibo Oil Explor_ _No par
112 112
112:
*114 112 5114 112 *114
*114 2
81 1958 195
3 7,900 Marine Midland Corp
10
4 1958 1912 193$ 193
1914 193
2193 20
8
1,000 Marlin-Rockwell_ ... _ _No par
20
19 I *19
8 19
/
1
188 184 184 187
18% 19
6,100 Marmon Motor Car __No par
33
4 4
4
3
318
318 34
3
314 3
/
1
4
273
4 4,600 Marshall Field & Co_ _No par
2 2618 2813 27
8
2514 2512 247 2514 2412 247
Martin-Parry Corp___No par
2
*112 212 *112 212 *112 212 *112 212 *112 2,
1
• Bid and asked prices: no sales on WA day. s Ex-dividend. y Ex-rigas
--ec, --8- --ici --Lis
PER SHARE
Range Since Jan. 1,
On basis of 100
-share tote.
Lowest.
Higbee:.
$ per share
983
8June 4
87 June 51
27 May 121
25yJune 2
412June 11
212June 3,
81 June 2
sJune 11
97
4 May 7
116 May 9,
83'sJuno 11
93 Jan 2,
5 June 2
26 Jan 31
533 Jan 2
81 Jan 6
44 Jan 2
5814June 5
27 June 2
13 June 3
11 June 1
5 June 1
/
1
4
2 May 28
2 May 15
7412Jua e 28
21 m ny 3
I
394June 2
418June 2
(1 1sJune 3
47
8June 5
11 Apr 21
/
4
5 June 3
15s May 21
1612June 3
117 June 2
7 May 25
4May 21
273
1
13 May 28
384June 3
131 Jan 2
4June 3
163
50 June 2
8'sMay 26
912June 2
112 June 2
18 June 3
4 June 2
212 A pr 30
4June 2
13
1812June 3
7 June 2
54 Feb 11
2914June 2
47 Jan 10
26 May 27
183 Jan 2
4
1112June 2
58 Jan 26
10 May 25
VsJune 2
20 June 2
3518June 2
8May 27
403
11712May 18
118 May 28
14MaY 8
11314 Mar 17
8June 1
27
1212May 19
1012June 2
80 May 9
138 Jan 2
912 Jan 5
28 June 5
8 June 3
818June 2
20 Jan 6
sJune 3
113
4
303 Apr 29
11 May 5
4May 2
233
12 Mar 31
18 Apr 16
25 Ian 29
42 June 3
19 Juno 2
18 Jan 2
56 June 3
10 Apr 27
24 Apr 28
914June 3
94 May 28
4125tay 14
18 Mar 31
8June 2
453
224June 2
1114 JaIl 28
60 Juno 1
6012June 1
137., Jan 7
191 1June 3
224June 4
20 8June 2
3618June 2
83 May 15
83 Jan 2
214 Jan 2
212May 18
4018June 1
111 Jan 2
/
4
2 May 22
384June 5
25 June 1
8:2June 2
3, Jan 3
16 June 1
21 12June 2
6614June 2
5 Jun 3
10'4June 3
112 Apr 25
/ Jan 2
1
4
84 Jan 2
314June 2
714 'nil 2
1 5fay 22
18145lay 27
1834June 3
2 May 18
1:318 Jan 21
314 Jan 15
PER SHAMS
Range for Profane
Year 1930.
Lowell.
Highest.
per share 3 Per share
8 per share
99 Jan 10518 Oot
103 Jan 6
Jan 98 Apr
85
94 Feb 19
38 Dee 724 Apr
4114 Feb 16
214 Dee 20 Feb
11 Feb .14
/
4
714 Dee 234 May
103 Feb ,
2
2N Nov 17% Apr
8 Mar 6
8
774 Dee 923 Feb
100 Feb 18
1312 Dec 31 Apr
18 Mar
50 Dec 86 Jan
258 Mar 24013
11912Mar 10 11612 Nov 1234 June
Jan 109 May
70
1033 Mar 27
4
8312 Jan 108583,100
104 Mar 27
4 Dee 2514 Feb
812Mar 3
2614 Jan 4114 Mar
37 Feb 27
8
5 June 123 Jan
1918 Apr 8
72 July 83 Sept
104 Mar 31
4 Dee 29 Feb
9 4 Mar 10
3
19 Mar 684 Oct
65 Mar 17
2
294 Dee 1167 Ain
6812 Feb 24
8
20 Nov 417 Fel)
Feb 24
2912
18 Nov 624 Jan
26 Jan 3
8
712 Dec 265 Apr
1312 Feb 24
2 Nov 17 Mar
/
1
4
4 Feb 27
3 Dee 284 Mar
Vs Feb 11
Jan
Oct 124
81
j
,e 3
185 'b 2
8
2 1 a8 4
1474 Nov 239 Apr
58 Nov 98 Mar
71 Feb 27
64 Dee 307 Feb
2
114 Feb 24
5 Dee 134 July
94 Feb 24
4 Dee 17 Mar
/
1
4
SU Feb 25
712 Apr
11 Doe
/
4
412 Feb 21
1114 Doe 287 Ape
2
15 Jan 28
8N Deo
812 AM
54 Feb 24
424 Oct 6714 Apr
5114 Feb 24
Oct 19718 Map
179 4 Feb 24 181
3
8, Dee 194 Mar
1238 Feb 24
6012 Dee 754 Apr
624 Feb 10
14 Dee 1412 Mar
4 Feb 2
13 Dee 78
Apr
39 4 Feb 16
1
/
1
454 Dee 1154 Apr
6012 Mar 2
14312Mat 21 133 Dee 14612 Sept
184 Dee 54 Apr
81 Feb 26
524 Dec 92 Apr
7314 Mar 20
Nov 33 AM
1612 Jan 5
441 Apr
/
4
123
54
2012 Feb 24
123 Mar 31 1.14 Dec 123 Apr
86 Anr
42 Mar 26
8118 Mar
1014 Feb 26
224 API
J11:126
18 Apr
412 Feb 26
Dc
: Dei 86 Mar
223 DID eeet
2
0
8
1
4312 Mar 27 : l
584 Apr
184 Feb 26
Apr
55 Dee 101
6912May 6
/
4
Oct 451 June
31
42 Feb 9
62 Jan
48 Jan 23
/
1
4
119 Feb
61 Mar 10
774 AM
884 Feb 24
4 D
376:3 l 40 Feb
2,8,De
143 Doe
18 DDe
211 Fob 20
4
80 Aug
6712 Mar 24
12 Dee 82 Apt
1812 Feb 24
29 F813
914 Feb 24
Oct 43 Mar
25
81 Jan 14
5713 Feb 11
37 Des 664 Apr
1483 Feb
2
8034 Mar 19
s
1
126 Apr 10 14 r Dee 1231 Nov
12312 Mar 21 118 Dec 12312 Apr
94 Apr
14 Oct
114 Feb 21
116 Nov
11512 Apr 9
08 jan
7 Jan 6 11418 Dee 1312 Jan
204 mar
/
1
Doe
18 Fob 16
4
24'3 Doe 411a Jan
243 Mar 19
8
Jan 45 Apr
n
8
Jan 150 Apr
II
10112 Feb -15
61 Apr
/
4
1 Doe
8 Mar 20
/
1
4
29 Dec 42
Jan
26 Mar 21
17 Deo 65
Jan
45 Mar 24
9 Oct 3912 Apr
/
1
4
29 Feb 25
14
8
271 Nov 263 Apr
/
4
1512 Mae 19
25544 Deceo 89 Mar
331 )
:0c
60 Apr 6
2012 Dec 62 Feb
/
1
4
3112 Feb 24
59 Mar
41 Jan 9
4012 June
204 Jan 9
51 Dec 97 Apr
70 Jan 21
2 Feb 25
/
1
4
812 Apr
Dec
3 July
las Feb 26
261184
t 364 Jan
/
1
29 May 8
39 Nov 70 Jan
55 Feb 24
203 Dee 854 Apr
2
451er 25
/
1
273
irt2 Dec 481 Jan
/
4
s3.512M2Y 8
7014 Nov 113 Apr
8
877 Mar 19
17 Dec 2312 Oct
1718 Jan 6
34 Nov 11 Mar
4
43 Mar 26
Dee 42 Apr
11
183 Feb 26
4
983 Doe 10812 May
8
1011 Feb 3
/
4
414 Dee 1712 Mar
84 Jan 14
147 Dec 8712 Mar
2
2212May 1
514 Deo 974 Apr
694 Feb 24
21
Oct 86 Apr
343 Feb 27
4
1018 Nov 3112 Mar
2074 Apr 16
4
7612 Deo 1133 Apr
91 Feb 7
7814 Dec 1143 Apr
911 Feb 24
/
4
8
116 May 13 12718 Dee 146 Sept
181s Oct 4914 Feb
843 Feb 26
.4
28 Dec 453 Feb
83 Feb 11
2
5518 Feb 24
30 Deo 317 Mar
5
6312 Feb 15
411 Dee 904 may
/
4
99 Mar 19
8
3
853 Jar 1123 June
98 Feb 7
783 May 99 4 Oet
2
3
612 Apr 24
212 Dec
63 Feb
2
4 Jan 6
8 Dec 154 Mar
/
1
544 Mar 25
4014 Dee 7014 AM'
2018 Mar 19
83 Dee 2818 Mar
4
44 Feb 10
3 Dee 12 Apr
/
1
4
55 Jau 15
60 Dee 90 BaPt
3552 Feb 26
26 Dec 5114 Apr
2
19 Mar 19
914 Dec 447 Mar
30 Dee 9914 Mar
4
624 Feb 17
25 Feb 24
20 Dec 8934 Apr
2
83 Dee 58' Mar
/
1
4
487 Feb 24
2
811 Dec 15914 Feb
/
4
10614 Feb 27
8
418 Dec 153 June
712 Mar 24
4
1914 Dec 521 Jan
273 Feb 24
2
lao 1)oe 13 July
43 Mar 2
4
Is Dec
8
Jan
5 Mar 25
Jan
54 Dec 50
124 Jan 8
Jan
6 Deo 18
6 Feb 14
612 Dee 241 Jan
/
4
12 Feb 26
11 Dee 1032 Mar
/
4
/
1
4
3 Feb 14
173 Doe 3212 Aug
4
2414 Feb21
2114 Dec 55 Feb
2
823 Feb 24
2
414 Dee 307 Apr
10 Feb 26
24 Dee 484 Apr
325 Feb 24
8
8
214 Dec
Oct
314 Jan 80
4201
New York Stock Record-Continued-Page 6
Pr., wee during the week of stocks not recorded bars see sixth peas pracedloss
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 30.
Monday
June 1.
I
Tuesday 'Wednesday
June 2.
June 3.
Thursday
June 4.
Friday
June 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100 chars
Lowest,
I
IltoArst.
PER sHAFer,
Range for Prestos.
Year 1930.
Lowest.
8 per share $ per share! $ per share 1 $ per share 1 $ per share $ per share Shares Indus. & Miscall.(Con.) Par 2 per share 3 per share $ per share $ per shall
301e Dee 5138 Mao
/
4
8 19
1828 19 1 175 1812 175 192
8
197
8 1918 19b 11,200 alathieson Alkali Workallo par 17)8June 2 311 Jan 3
8
Jan 136
Oot
8Mar 24 111
Preferred
100 112 Apr 29 1253
114 114 *114 123 i*114 123 ,*114 123 *114 123
50
*
4
273 Dec 611 Jan
3014 293 3112 30
8
25 28 May 27 39 Mar 2
2812 3012 29
3212 3112 3312 22,700 May Dept Storm
45
612 s5
6121 *5
612 *5
613 *5
5 Nov 23 Mal
612
5121May 19
8% Feb 13
Maytag Co
No par
8Mar 21
144 Nov 604 Ape
4
8
4
4
4
Preferred
No par 143 Apr 29 243
143 15
4
*143 15 I 142 147 *143 18
*1454 173
4
400
631 Dee 8413 Mar
65 I *65
7.3
*65
75
Prior preferred
No par 65 Slay 2 714 Mar 24
65
6.1
65
*65
75
200
83 Dec 60 Apr
25
2312 24 I 23
24
263 2618 27
8
No par 23 June 3 103 Jan 7
26
27
1,900 McCall Corp
Jan
37 Dec 74
4
4214 4214 *42
44
*42
*4214 70
434 *42
44
100 McCrory Stores elms A No par 34 Jan 24 513 Feb 17
Jan
33 Dec 70
14
37
39
40
40 1 40
40
*37
Class It
463 *37
4
45
140
No par 35 Jan 19 515* Feb 18
78
Oct 97 Mar
844 842 *____ 85 *____ 85
3
85
Preferred
100 76 Jan 22 9312Mar 30
*82
85
100
27 Dec 44 ADf
*25
27
25
25 I *24
25
*24
25
*24
25
300 McGraw-IIIII Publican No par 25 May 9 29 Feb 26
144 Jan 20 4 Dee
4
3
2012 203
8.May 27 2812 Mar 31
203 21
4
4 204 2114 215 215 *215 22
8
8
8
2,100 aleIntyre Porcupine Mines__5 197
61
Jan 8912 June
74
752
4 7314 753
4 7314 783
4 77
81
79
81
111aKeesport Tin Plate_No par 7112 Jan 2 10312 Apr 2
24.500
1011 Nov 3711 Apr
/
4
10
1118
8
718 104
812 934 x9
712June 3 17 Jan 30
838 107
10
11,000 McKesson & Robbins_ _No par
2511 Oct 4914 Apr
/
4
3013 31
28
293
8
4 2612 27 I 27
27
x263 203
4
50 2612June 3 373 Fel)26
4 1,400
Preferred
6 Dec 2014 Jan
6
6
514 52
4
414 514
414June 3 1012Mar 6
514 5%
4 614 2,600 McLellan Storm
No par
53
25 Nov 42 Apr
2618 2618 2618 2618 *2618 27
*26
28
26i8 293
4
200 Melville Shoe
No par 2614June 1 34 Mar 5
/
1
5 Dee 234 Mar
318 318
318 4
812 Feb 24
*318 4
313 4
*34 4
318June 2
500 Mengel Co(The)
No par
23 Dec 264 May
/
1
23 23
*2314 26 I *254 257 *24
3
257 *2514 252
8
4
100 Metro-Goldwyn Pio prof_ _ _27 22 May 29 27 Apr 10
I 1212
234 Nov 87 Apt
4
105 1112 1038 1113 1118 12.43'
8
1338 125 143 36,550 Mexican Seaboard OIL_No par 104 Jan 2 203 Apr 11
/
1
8
8
3
7 Dee 337 Feb
5
5
43
4 5
413 5 I
412 412
5
412June 3 10,58 Feb 24
5
2,600 Miami Copper
5
11 Dec 53 Apt
183 Jan 8
4
614 738
64 612' 612 75
52
4 614
8
8
714 77 15,100 Mid-Cont Petrol
311 Feb 24
154 Nov 63 Feb
/
4
15
1512 1412 1412 1353 143 1 147 1512 16
4
8
', ;un
8
16
2,900 Midland Steel Prod
:
O
ro a; 13 4un:
74 Nov 110 Feb
6714 6714 6614 57
70
6614 66141 70
71
71
100 6614June 2 94 Feb 26
700
8% cum 1s1 pref
4
/
4
87 Dee 763 Mar
*33
40
38
38
*38
41
*37
42
42 42
200 Minn-Honeywell Regu_No par 38 Apr 22 581 Feb 0
314 314
74 Feb 10
/
1
314 Dee 28% Mar
3 June 1
3
3 18
3
3
3
3
33
8 33
8 1,300 Minn-Moline Pow Impl No par
44 Dee 9314 May
_ 35 *____ 35
a 14 48 Mar 2
3y
*20
25
*20
25
*20
25
Preferred
par
Jan
5a
9 Dee 40
213 Mar 10
2
*-1214 1214 1214 123
8 1214 1212 *1212 1314 1314 1314 2.103 Mohawk Carpet Mills_No°
207T'
18 3 1
21 Jan
N
4
1838 Dec 631 Am
19
2118 22
20
20
2113 22
20
2,350 Monsanto Chem Wks_ _No par 1813 Apr 28 264 !star 21
IS 's 19
1512 Dec 4973 Jan
1612 173
4 16
8
173
8 1612 1812 1753 1834 175 1918 145.200 Mont Ward Co Ill Corp No par 154 Jan 2 2914 Feb 26
/
1
4
487 Oct 72 Feb
39
58 Feb 16
39
38
*3712 40
3S
373 38
4
3712 3712
600 Morrell (.2) & CO
12
12
Jan
*3
8
12 Dec
2
12
its Feb 20
*38
12
12
81u
12
3
8
1o4r
;
3
12 1,300 Mother Lode Coalition: ° 1 °1. 37' u ne g
14 Oct 1138 Apr
418 Mar 26
1
218
2
2
17
8 2
2
8June 4
2
218
2
3,000 MotoMeter Gauge& Ea No par
17
25 Dee 81
Apr
257 26
8
2612 2613 2,303 Motor Products Corp No par 23-8June 2 47% Apr 6
8
237 257
8
8 237 2512 255 26
8
1414 Dec 39 Mar
912 10
1018 11
4June 2 19% Feb 18
9,2 10
83
4 914
9
97
81
6,100 Motor Wheel
83
No par
014 Nov 203 Feb
4
1514 1618 1518 1513 15
21
19
2014 213
17
4 7,100 Mullins Mfg Co
83 Jan 2 36% Mar 26
8
No par
/
1
4
35 Deo 64% Jam
*42
50
42
41
4518 47 47
42
401 42
/
4
200
Preferred
Ns par 36 Feb 10 7212 Mar 5
2518 Dec 5313 Feb
1814 1814 1814 183
18
18
18
*18
22
8 18
800 Mumingwear Inc
z r arr 18 June 3 3114 Jan 26
a. o paar
300
9 Nov
2614 Apr
183 Mar 10
4
61 7 I
/
4
618 6
63
8 7
714 73
4
77
8 812 11,100 Murray Body
/
1
4
/
1
4
34
Oct 49 Mat
367 367
8
45 Mar 26
/
1
4
8 364 363
36
*364 37, *3614 3714
4
4 36
600 Myers F & E Bros
/
4
2114 Dec 581 Jan
225 24 I 20
8
8
34,200 Neal) Motors Co
1
,011uniiee
2312 2118 24% 2412 25% 2412 25
par 1 Juu ne i 407 M:Ir 20
5l
514
518 51
63 Dec 2814 Feb
4
/
4
53
2 512 *514 3 2 2,700 National Acme stamped__ __ l0
4
538 514
47
,
8MaY 8 103 Mar 6
N°
6 Dec 39 AP
/
1
4
*7
12
*7
12
*7
12
*7
12
*7
12
Nat Air Transport
par
No
811 Jan . 13 Mar 29
214 Dec 20 AP
5
5
47
8 5
42
4 5
43
4 5
4% 5
2,300 Nat Hellas Hess
814 Jan 2 10 Fob 26
No pa
1313 Dec82 Jan
*3
25
*81 25
/
4
*8Is 25
*818 25
*814 30
Preferred
100 17 Jan 3 32 Feb 27
6838 Nov93 May
65% 5712 50.600 National Biscuit new
4
3
59
6112 5912 6112 595 6513 643 67
8
10 59 June 1 83 4 Fah 24
Ool
1424 Jan 152
*15018 15014 15018 15018 150 15018 *1504 152 *15018 152
400
7% rim pref
146 Jan
/
1
193 2013 184 20(4 1513 197
3
4R?;
2738 I)ec 834 Fab
8 197 2158 215 25
8
: A
11 24
8
72.400 Nat Cash Register A w INo 100
par
85 J)ec 62 June
263 3318 2712 3114 x293 335
4
4
8 3338 34% 3314 343 223,100 Nat Dairy Prod
/
1
4
4June 1 50 Mar 25
4
tnl: 263
r
3
3
43
312 *3
313
313 312 *312 4
3 Dee 2412 Feb
/
1
4
300 Nat Department Stoma N
A
*30
Jan
39
*30
60 Dec 90
39 I *30
en
)
39 I *30
0
39
*30
39
preferred
3 i r
9 1a
0
. 2 t pY 1(1 674 Li 2
0
231g 2334 22
2278' 2234 2314 2338 25
1818 Dec 3912 Feb
8
2478 2512 4,100 Nat Distil Prod etts____No par 194 Jan 6 383 Feb 24
/
1
•1812 1913 18
17 June 331 Mar
/
1
4
1812 *17
20
1912 21
21
22
900 Nat Enarn & Starn ping
100 18 June 19 27% Feb 20
8713 8912 85
883
4 8612 88
9112 10014 99 10212 12,200 National Lead
100 85 June 2 132 Jan 9 114 Dee 18911 Feb
140 140
140 140 I 140 140
143 143
14014 14014
410
Preferred A
100 136 Jan 2 143 June 4 135 Dec 144 Sept
113 118
118 118 1*118 121
Jan 120 Nov
113 118 *118 121
360
Preferred B
100 118 Ja n 8 120 Jan 14 116
Stock
2012 22
2014 2114 2012 23 4 225 243
30 Nov58 4 Apr
3
,
8
8 235 2518 68,900 National Pr & Lt
/
1
38
No par 2014June 2 444 Feb 24
*4 .1 •.;
14
14
411 Jan
*18
12 Dee
4
l's Feb 3
*4
4
*Is
100 National Radiator
12May 29
4
*18
28
No par
Jan
Exchange
•14 218
11 Dec 11
/
4
*14 21
/
4
*14 2ts
5,
4 212
Preferred
r
*38 218
Nato()
2 au i
33
35
3318 34
AI Nov 62 July
3312 3514 353 3714 357 303 19,600 Nat Steel Corp
4
4
par 33 June 1 5818 Feb 27
28
2814 28
Closed)
28
x281 2818 2913 2912
26
28
/
1
60 Dec 1244 AM
14
900 National Supply
50 26 June 3 70 Feb 27
75
79
79
79
*78
10612 Aug 116 July
84
*79
80
P 1/43**3
34
*79
84
40
Slay 28
Preferred
31
Memorial
3218 35
3214 3112 3414
35
s
3614 3512 3613 4,000 National Surety
lab
35 Pee 983 Mar
2 1g131t e r 2;
2
1( l 37
i
,
15
151 13
/
4
1414 1318 15
16
/
4
16
1413 16
8
18 Dec 411 Feb
June 2 217 Mar 24
2,800 National Tea Co
13
No 1,
Day
12
143
8
1312 *12
17
*12
16
•12
20 Dec 54 Apr
16
1,200 Ne1snros
e: B
11 June 2 2514 Feb 9
No par
I
9 Dec 82% Jab
7 2 7%
,
618 712
614 712
64 74
818 838 28,700 Nevada Consol Cooper_No par
6'sJune 1 1414 Feb 24
1513 Dee 171 Dee
4
•1214 14 I 1013 1218 1158 112 *117 134 *1178 1312 1,100 Newport Co
4
8
8
No par 10 2June 2 207 Mar 21
30 Dea 85 Star
4314 4314 *413 47
*413 47
4
*413 47
4
4
41
4134
3
300
Class A
47 June 5, 53 Mar 24
1
718 712
714 714
7
714
712 81
111 Dec 58 Apt
/
4
/
4
24 Feb 20
9
9
1.300 Newton Steel
50
No par
2113 Doe 67 Feb
*1258 14
13
4
1213 123 .1213 14 I *1213 14
13
400 N Y Air Brake
12 May 27 25 Jan 23
No par
22 Dec 48 AM
14
14
/
1
4
*818 20
*81 10
/
4
9
10 I 14
14
400 New York Dock
8 May 2S 37 Jan 29
100
77 Dec 8812 Apr
/
1
4
no 70 *20 60 *20 60 *20 60 *20 60
Preferred
100 32 Apr 27 80 Jan 26
94 Dec 32 Apr
514 514
/
1
6
6
57
8 54 1,100 NY Investors Inc
514 558
4
52
4 52
5 MaY 8 1218 Jan 27
No par
98 Dec 10612 Sept
105 105 I 1043 1043 1041 105 1 105 10514 *105 10614
/
1
4
4
/
4
170 N Y Steam pref (6)___ _No Par 100 JUD 7 1074 Mar 12
1084 Dec 117 Aug
/
1
115 1157 114 1143 114 115 *11514 ____ *116
8
4
____
180
let preferred (7)
1
57 Dec 1327 Apr
/
1
4
/
1
/ 6114 663 x633 653 185,800 North American Co
1
4
8
9
4
181 APb 2
/
4
6014 63 1 5678 6112 564 62
4
par 16 1 uan
No p r 151314J1 ne 3 100 Fe 228
Jan 57 June
51
56
x557 557e
8
5518 5514 553 503 *55
56 I *55
4
4
400
Preferred
414 Dec 14% Apr
Apr 13
Fl l'ar'
714 7%' 7
714 8
74 818 31,500 North Amer AvlationNo par 5, .Jrn
65
8 712
72
8
14
3 j
5r
9914 Dec 10518 Oet
10412 10412 *10312 10414 1033 1033
4
105 105 I 10412 105
4 1,400 No Amer Edison prof __No par 102 Jan 2 10614May 6
/
4
7
8
23
287 Dee 561 June
2318 23,
*22
23
21,
47
,
s 23 4 2314 212 23I 23
3
2? 8532 Z 5
,
4
700 North German Lloyd
4111 Dec 6042 Mat
44
44141 *44
*44
45
*44
45
45
*44
45
20 Northwestern Telegraph___50 4231'41Juanne
11 Dee
.3
4
1
*78
1.
118
*3
*34
3
4 Mar
118
Janett
N I, b I:
i r,
*3
4
I
Tire &
__10
le Dee 82 Aug
4
73
8 9
8
8 7 19,900 10')holow0allkl
8
C
712 758'
7
7 12
714 73
Ju
7 j an ' 1 5,
"j ne 2
Rubber_io par
2
2
2 14 214
214
*214 25
8
5
1142
2
214 *2
500 Oliver Perm Equip New No par
2 u
12% Dec 90 May
/
1
4
12
12 I 10
101 1018 •1118 1413
/
4
10
*10
12
403
Preferred A
10 June 2 26 Jan 12
No Par
82 Mat
e
4
4
2% Oct
4
418 418 5,400 Omnibus CorP
418
33
4 4
612 Mar 27
4
4
3% Jan 8
par
22 Dee 56 Apr
*2114 24 I .2114 26
21
*20
2712 *20
26
21
100 Oppenbelro Coll & Co_ No
21 June 3 2812 Feb 28
60 Dee 997a Apt
40
*35
50
43
43
40 1 *255 45
50
8
*30
40 Orpbeum Circuit Inc pref _100 40 June 1 72 Mar 11
6814 Nov 80 3 Mal
/
1
353 3712 10,800 Otis Elevator
4
2
345 3518 3213 35
8
8June 3 5812 Jan 12
317 334 3414 36
No par 317
1181 Jan 1284 ReP1
8
____ *127
_
/
1
•127 ____ •127 ____ *127
__ *127
1o
n
,
Preferred
8,4j ne
12458 ' b
8
913 Dec 387 Mar
8
8
8 14 ITb N
814 1,300 Otis Steel _ _..._ _ ..._ No 'fry
1!
NZ l'
614 61
/
4
612 63
4
614 612
42
*3018 44
75 Dee 99 Apr
g8 ,4 Feb 2
,2
1;
3512 3512 30
,, g
3518 3518 3518 *32
00
Prior preferred
100
1
/
1
4
83 Dee 607 Feb
283 283
4
2312 2512 27 ' 2612 27% 2634 2714 5,800 Owens-Illinois Glass Co____26 3212:Itnne g
,.417: mar,,
4 23
ui
003 Dec 74% Mar
4234 42
10
40
4112' 41
427 19,600 Paelflo Gas & Electric
4214 333 4014 38
8
4
25 38 June 3 a 1
5118 5314 5014 51
7
211
48 Dec 107 2 Mar
495 5014 4812 50
8
2
4812
5,800 Pacific Ltg Corp
No par 4813June 28
23
15 Dee 30 Feb
*153 17
15
4
.
15
17
*15
164 15
/
1
2614 Mar 23
May
200 Pacific, Mille
51 1 *15
12112 122
1144 Dec 178 Feb
118 118
11614 11612 123 124
11614 117
380 Pectin, Telep & Teleg
8
74 Nov 2133 Mar
/
1
"2
,1
r
55
8 618
6,
4 63
4
514 53
4
5% 618
65* 67 97,625 Packard Motor Car__ __No 108 118 A 2 1 1?1.:: Te, 4
6147
_15r 13 m% 2
pa
80
*24
30
4
42 Nov 841 Stay
*25
40
*20
25
40
25
*24
30
100 Pan-Amer Petr & Trans_
0 25 Slay 26 3518 Jan 29
25
23
*2518 29
/
1
4
25
30 Dec 67 May
25
25
24
*1618 24
1,900
Clam B
Cl
2458June
5 Jan
11 12 1,51 '
1 . 1r 1g
4
/
4
5 Dec 851 Apr
*53
4 7
,
4 6
*53
*53
4 7 2 *53
4 714 *53
4 6
Park & Tilford Inc
No p5a9r
212 2% *25
8 23
212 212
2% Dec 28% Mar
4
212 212
212 212
900 Parmelee Tramporta'n_No Par
7
12
4
, 1y
2
114 11)r N : Jan 21
4
153 1% *114
13 Dec 123 May
4
•11 2
/
4
3113 11 *112 13
4
/
4
113
100 Panhandle Prod & Ref_No par
217
8 197 21% 2014 2212 2214 24
172238 2514 105,800 Paramount Publix
14
843 Dec 7714 Mat
4
8June 2 50 Feb 24
No par 195
*118
114
1
118
118
1%
1
als Apt
118 118
11 1,300 Park Utah 055
/
4
112 Dec
214 Mar 12
114
1
118
1
118
1
1'2
9 Apr
113 Dec
138
14
13
8 3,400 Pathe Exchange
3 4 F eb 20
7
Slay 26
314 3%
3 2 3%
,
7:
3 2 3,2 2,400
71
2% Dec 1538 Apr
314 3%
3
33
2
Clam A
8
8 14
7
8
6
6 12
s
r
2
813 Dec 337 Feb
7
7
2,800 Patine Mines & EntreprNN°e__i Ti
15 2 a 21
(
1113
ne
g ''
__ Pi
1 JI''''1g
*27
8 3
2% 23
4 *23
4 27
8
2% 2%
3 Nov 14 Feb
27
8 318 2.100 Peerless Motor Car
/ reb
1
42
50
238June 2, 41 rel1 Tit
17283 2912 2812 2913 32
4
33
321 3218 6,200 Penick & Ford
32 I 32
/
4
Apr
2818 Jan 55
2812June 2 48
No par
303 32% 2914 303
8
8
33
4 2812 31%' 315 33
333 20,600 Penney(JO)
4
27% Deo 80% Jan
No par, 2818 Jan 2 395 Feb 17
1
96
9
8
06
92 Dee 10184 Bei)*
96
953 952 *9512 97
4
4
9512 95 2
,
600
Preferred
Jan
2
2
2
2
*214 22
8
24
,
213
212 212' 1,400 Penn-Dixie Content_ _ _.No part 92 Slay 29 952 M a227
54 Feb10
91
/
214 Dec 12 Mar
8 2\ 3. 8
•11
14
)
11
11
*10
11
1114 1114 *11
15 Dec 561 Mat
18 I
500
June
Preferred
•2712 35
27
/ 27
1
4
/ *28
1
4
30 , *243 32
4
*2713 30
2114 Dee 6018 Apr
29 ja
105 People's Drug Storm_ -3 o 18 231
2 3511 Mar 31
/2ar 1
18514 19234 190 19914 19513 1991 18,200 People's CI L &0(Chle)_ _100 18314June 2 ,
18412 192
18314 192
/
4
ael Feb 16 18514 Dee 825 May
*10
14
*10
13
1013 1012 131s 13131
*1212 15
17 Dec 2211 Aug
200 Pet Milk
1g12.1,unn .
ppaarr
5 Dee 2714 June
6.2 6.2
6.4 6 4
,
6
7
/
1
4
618 64
3' :ie32 1€1 N
1
614 612: 9,000 Petroleum Corp of Ate_21 o
June : .713 .2)
1V
i
1212 13
11
12
13
13
12
1338 1312 1313' 4,100 Pbelps-Dodge Corp
194 Dec 448a Apt
/
1
26 11 June 3 255* Feb 24
•100 200 *100 200 *100 200 *100 200 *100 200
Oct 248% Apr
21 170
Ph11adelroria ed (PItUb)___60 150 May 21 150 May
8% pph errCo
5313 533 5418
4 5312
4
4
533 5334 533 533 *5312 533
4
4
Sell
5014 Jan 577. Sept
Jail
700
50
61 Dec 2518 May
/
4
6% 6
/
1
4
614 7
6,
2 712
712 73
r
4
2
'
ar E
71/4 77
9:000 Phil,& Read C & I_ _ _ No par 51T.sz
10
10
10
10
*10
10.4 *10.4 1014 1,300 Phillip Morris & Co Ltd__ _10
814 Jan 154 Mar
10
40
12 Mar 26
ft Jon 6
.
1412 *11
131 *11
/
4
12
•11
1412 *11
*13
1313
1014 Dec 2778 Feb
Phillips Jones Corp__ __No par 11 Jan 6 1218M ar IS
*4814 497 *4514 497 *4814 498 *4814 497 *4314 495
.,
os Lan 7 52 Dec 75 Feb
uge
*
Phillips Jonee pref
4314j r 1 v :
15 A
47
514 578
/
1
4
57
8
1112 Dec 44 Apr
538 5%
43
4 51/4
538 618 31,300 Phillips Petroleum
No p10a0r
10 I *512 10
7 Dec 2018 Apr
10 I*7
*7
10
*7
*5
9 Feb 14 1014 Apr 6
812
Phoenix Hoelery
5
16 Dec 33 Apr
*14
1512 *14
15 I *1314 15
*1412 ____
14
274 Feb 11
1658
1,860000 Pierce-Arrow clam A___No par 14 June 2
12
12.
12
2 Mar
12
/
1
4
12
12
/ Dec
1
4
12May 26
112 Feb 28
25
1,
12
12
*2
1
Pierce 011 Corp
712 Dee 62 May
6 2 7 2;
,
63
8 7 I
612June 3 32731/4 Feb297
712 812
9
100
9
94 912 1,200
/
1
Preferred
13
138 Deo
13
8
8 Feb 27
/
1
4
7% AD!
114 1%
118
1
114
112 14.100 Pierce Petroleum
114 is
1 June 2
par
pa
25% Dec 873 API
4
4
2738' 252 27121 2714 2814 2778 277
Mar
ni4JuJune
273 273
4
4 25
8 4,100
NA
Isbury Flour, Ills
M
y
3011 Dec 507 Pet
'
8
2 393 Mar 5
4
s
*2812 3014 28 4 2814 284 285' *2814 3014 *2914 3014
,
300 Plrelll Cool Italy
PtI
1
1
• Illd and asked prices; no sales on this day. 0 Ex-dlvIdend and ex-rights r Ex-dividend. y Ex-rights.
4202
New York Stock Record-Continued-Page 7
For sales during the week of stock. not recorded here. see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 30.
Monday
June 1.
Tuesday 1Wednesday
June 2.
June 3.
Thursday , Friday
June 4. I June 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Highest,
Lowest,
PER SHARI.
Range for Prologs
Year 1930,
Higkest,
Lowest.
per share $ Per share $ per shore
per share
Per share $ Per share! $ per share 1$ per share $ per share $ per share Shares Indus. & Mignon.(Cos.) par
18 Dec 7818 JAB
Pittsburgh Coal of Pa
3018 •16
3018
100 113 May 27 284 Jan 12
*16
301s *16
3018 *16
30's *16
Preferred
6218 *55 62%
100 64 May 18 80 Jan 27 66 Dec 110 Jan
627s *55
---_ 62's ____ 62 8, *55
7
134 Dec 2372 Feb
1014 1,800 Plttsb Screw & Bolt___No par 10 June 5 1514 Feb 24
11
11 I 1012 107131 1014 103 *1014 104 10
4
844 Dec 103 Jan
240 Pitts Steel 7% cum pref___100 45 June 2 87 Jan 15
58
*48
58
*55 58 I 45 55 I *46
53 *48
11 Deo 194 Oct
100 Pittsburgh United
*414 7
*44 8
4 May 27 15 Feb 27
25
*418 84 *448141
44 44
9113 Dec 103 Oct
Preferred
80
80
8014 8014
80
100 7412June 2 100 Apr 24
*7413 8014 7412 744' *7413 80
1814 Dec 22% Apr
200 Pittston Co
8June 4 184 Jan 6
No par 137
1438 1452 *137s 153 *137 144 134 137 *1338 1558
e
8
1018 Dee 3454 May
800 Poor & Co class B
3 74
6 Apr 28 1354 Jan 10
No Par
618 658! 618 618
612 74 *63
*65
8 74
1454 Dec 805 July
8
11
1012 1053 1013 10121 11
117 124 1214 1334 2,600 Portoltlean-AmTob cIA--.100 10 May 22 27 Feb 28
8
Class IA
334 34 2,200
4 Oct 274 Mar
2 41une 2
3
8 Feb 27
No par
312 34
3
3
2 4 2 81
3
7
2 2 34
7
21
21
20 Des 103 Jan
1,500 Postal Tel & Cable 7% pre! 100 18 Apr 29 3912 Jan 9
23
21
*18
19 I 18
1812 1834 20
84 8% 9,600 Prairie 011 dr Gas
1114 Dec 54 Apr
612Juno 2 2038 Feb 26
25
812 812
74 832
612 7 4!
3
7 4 814
3
1653 Dec 6018 Feb
25 1458June 3 21112 Feb 26
1512 18 1 143 1534! 1458 163
4
4 1514 1613 1614 1658 10,300 Prairie Pipe Line
314 1,100 Pressed Steel Car
•3
84 Nov 161 Feb
*
3
234May 29
74 Feb 19
3
No par
8 3
4 3 1 *27
3
23
3
30
30 *27
26 Dec 7618 Feb
Preferred
100
100 25 May 19 476 Feb 19
27 27 *27
*2514 30 *26
30
4
60
6212 6214 623 15,800 Procter Gamble
5254 Jan 78% June
No par 56 June 3 7114 Mar 10
60
5618 5712 56
5614 60
17
4
4 2,909 Producers & Refiners Corp.
*218 214
17aune 3
6 Feb 27
1. Deo 117 Mar
,.50
2
214 23
241
218 238
2
Preferred
612May 7 16 Feb 27
1112 Dec 40 Mar
30
*612 1018 *612 1012
612 6% *612 104 *64 1012 1,110
4
4 78 801 45,900 Pub Ser Corp of N J___No par 72 Jan 15 9818 Mar 19
55 Dec 12338 Apr
7814 801
4 733 80
27312 7612 7318 743
91114 June 100 Oat
703
$5 preferred
No par 95 Jan 2 10212May 16
x9958 100 . 993 993 *9914 994 9912 9912 9912 9958
4
4
100 1094 Jan 3 11818May 19 1004 Dec 117 &VI
8
600 0% Preferred
x115 115 ! 116 116 *1147 11578 •114% 1157 11553 1154
Jan 1354 Oct
203
7% preferred
4
100 1284 Jan 3 13754 Apr 9 111
13518 1354 *135 1363
*13334 13612 136 136 1*135 136
54
203
9% preferred
•15414 154k
100 148 Jan 8 157 51ar 26 142 Dec 168 Juno
155 155 •154 1543
x15318 15313 *150 2 156
1,200 Pub Sore Elea & Gas pref-100 1094 Jan 5 1124 Apr 22 10714 Feb 112 May
4
Z1093 1093 1093 1104 *1097 110 •1003 110
4
4
4
4
47 Dee 89% Jan
33
33
343 -333 35 25,409 Pullman Inc
4
No par 28 June 2 584 Feb 27
31 I 29
30
3012 28
•2
84 It.,,
Is
4 Oct
500 Punta Alegre Sugar
ls
2 Jan 9
12
50
5
8
58
•12
3
5
8
38 Jan 8
12
4
57
512 Apr 28 117 Jan 5
8
738 Deo 274 Apr
514 6 24,303 Pure 011 (The)
25
538 57
3
54
4
5 4 6 ; 512 53
3
904 Dec 1144 Apr
8
170
7214 74
72
/
1
4
8% preferred
72
100 66 May 27 1017 Jan 8
72
7178 718 6912 714 72
36 Dec 88% Feb
No par 2414June 2 5514 Mar 17
4 23% 3018 2913 3034 13,400 Purity Bakeries
8
244 28 I 244 2514 245 273
1138 Deo 6953 Apr
8
14% 1613 1533 161 445,260 Radio Corp of Amer...No par 12 Jsu 2 2713 Feb 25
1334 1453 1358 1438 1233 15
47 Dec 67 APT
400
59
5012 •45
Preferred
50 4514J1ne 2 654 Mar 26
*4918 5012 4514 4918 *45 49 •45
8118 Deo 88 Apr
Preferred B
37
3912 4.003
No par x3112.1une 1 60 Mar 21
4 3454 40
333
x3112 36
32
3212 33 I
1453 Dec 50 APT
1114 12
1258 137
8 134 1412 127,300 Radlo-Keith-Orp al A__No par 1114June 1 2412 Mar 21
1114 124 1114 13
1673 Dec 58% Apr
3,000 Raybestoe Manhattan-NO Per 1712June 3 291251ar 25
4 1834 2018 1934 20
19 20
1878 1712 183
18
2
13
324 Dec 647 Mar
8
13
10 10 June 41 307 Feb 10
1314 4.000 Real 1611k Hosiery
10
12
13
13
1234 13 I 11%
Preferred
100 60 May 28 90 Feb 3 83 Dec 100 Mat
6912 •____ 6912 *_--- 69 *____ 69
4.7, 1
.7
8 1
/
1
4
Is Jan 5
17 Jan 8
8
58 Deo
5 Feb
ars 114
Reim (Robt)& Co
.7
4 14
No Par
.7
8 14
8 Nov 37 Jan
First preferred
100 11 Jan 8 13 Apr 22
*812 24
•812 24
*812 24
*813 24
*84 24
144 Nov 4618 Apr
5 8June 2 1938 Feb 27
7
57
No Dar
57
64 734
74 814 13,700 Remington-Rand
64
64
64 714
/
1
4
41une 4 88 Jan 7 84 Nov I00 Mar
First preferred
55
200
100 493
4
493 495 *52
4
55
50 ! *45
5178 51% *48
95 Jan 104 JUIS
,
Second preferred
69
100 65 May 27 98 Jan 6
69 •_ _ _ _ 69
69 ,•____ 69
6 May 21 1018 Feb 1.1
/
1
4
738 Dec 14 Mar
10
67
8 64 12,103 Roo Motor Car
1314 7
6
6
614
6 1
6
6
104 Dec 794 Apr
4 1214 134 15,300 Republic Steel Corp-No Per 10 June 2 21518 Feb 24
1112 123
12
1012 10
10
1014 10341
28 Des 9518 May
Preferred oonv 6%
100 2714June 3 M Feb 19
3112 1,800
274 294 30
274 28
28
28
281s1 28
614May 8 13 Jan 2
51 Dec 30 JAB
4
100 Revere Copper lc Braes No Per
4 88
,
4 84 *73
712 713 *73
9
*713 8%
*8
34 Dec 72 Jan
No par 27 . Jen 6 30 Jon 6
Class A
.612 25
*612 25
25
*7
*613 25
•612 25
8
10 Dec 841 Apr
9,100 Reynolds Metal Co
124 13% 1378 137
No Par 11 June 3 225, M ar 10
13
11
1218 1258 1112 12
818 pet; 18 1814 Mar 12
9
9
400 Reynolds Spring new._No par
*712 9
7
7
*7
84
9
"7
40 Dec 5853 Mar
4918 53,100 Reynolds (181) Tob class B_10 4032 Jan 2 53 Mar 19
47 4812 48
4538 4738 43 4614 454 4714
70 June 80 Jan
Clam A
70
250
10 70 Jan 13 754 Feb 19
70
71 •70 .71
70 *70
70
70
70
44 Dec
9 Bee
44
lig 133 10,609 Richfield Oil of Callf-NO Par
1 June 1
853 Jan 5
14 114
Ps
1
114
1,
114
1
4
5 Dec 251 Apr
Mauna 2 1014 Feb 24
No par
37
8 38 8,800 Rio Grande OH
37
34 4
314 313
8
318 37
44
253s Dec 5938 Feb
2234 223
300 Ritter Dental Mfg
No par 20 May 21 4184 Mar 2
22 *2012 25
*19 4 22
3
204 201s *20
4
1414 Dec 484 Mar
2,700 Roasts Insurance Co
10 1534June 1 20 Feb 24
3 1853 193
4 1078 20
173
16
17
1534 1612 16
8June 2 4253 Feb 10
8638 Dec 5618 Apr
8 2614 2714 2658 2714 17,900 Royal Dutch Co (N Y shares) 247
2513 2614 2478 2614 2514 263
1914 Dec 5714 Feb
10 1438June 3 3053 Feb 20
8
4 143 151z 1438 1514 6,900 St Joseph Lead
8
1412 148 143 143
1518
16
49
8854 Dec 12238 Jan
49
52 11,300Safeway Stores
43
8
No par 885 Jan 15 6514 Mar 24
8
455 49
454 46
Stock
45 48
2
84 Dec 997 Feb
40
Preferred (6)
100 86 Jan 19 90 Mar 20
89 89 *88 93
90
91
89
90 *89
*90
95 Oct 109% Mar
10812 10812
140
100 98 Jan 21 107 Apr 15
Preferred (7)
*105 107 11105 107
Exchange *105 107 105 1064
1614 2,000 Savage Arms Corp
134 Dec 3114 Apr
No par 1214 Apr 24 2014 Feb 27
14
157
3 16
133 14
4
1312 13% 133 14
11 Dec 134 Jan
54 58 4,000 Schulte Retail Stores__No par
512 6
4 Jan 13 1118 Mar 30
514
5
6
Closed
5
512
5
35 Jan 75 Jan
48
Preferred
48 *40
100 604 Jan 22 65 Mar 27
50 *40 48 .40
54 *45
*40
614 *414 614
.4
4
5se Dec 1414 Mar
100 Beagrave Corp
312May 28 11 Feb 27
No par
4
412
*4
44 *4
Memorial
4311 Dec 1003* Jan
4914 517
8 5014 5238 77,000 Sears, Roebuck & Co-No Par 4472 lap 2 0314 Feb 26
60
4 46
4714 4912 457 433
64 Feb 27
214 Dec 23 Feb
*3
4
200 Second Nat Investors
•3
212May 27
338
1
3
3
Day
2 4 234 *314 4
3
5818 Feb 27
85 Dec 8238 Mal
1 33 June 2
35 .36 40141
Preferred
35
34
700
33
35
36
14 37
33
84 Jan
3
4
34
3
300 Seneca Copper
1 Dec
154 Feb 11
12May 26
No par
*52
3
4
8
*5
5/
3
58
3
3
4
84 Nov 1318 Apr
75
4 9
4 Jail 2 113 Apr 9
/
1
4
84 912 59.400 Serval Inc
No par
8% 914
73
4 818
812
8
204 Nov 52 Apr
No par 1614June 1 294 Feb20
1614 1814 1612 1712 1713 191s '18% 2013 1912 2014 12,000 Shattuck (F 0)
9 Dee 3214 Feb
/
1
4
612June 1 13 Feb 18
1,100 Sharon Steel Hoop
No par
• 8
8
8
8
3
751/
7
7
64 7
/
1
1113 Dec 374 Mar
1138 • Ills 1112 1112 2,200 Sbarp & Dohme
No par 1018June 3 21 Mat 25
11
11
1013 10% 1018 11
54 Jan 838 Mar
4
100
60 *5518 60
Preferred
No par 5314 Jan 23 6112 Mar 25
5
55 553 *55 60 *55
60
'55%
2513 Apr
5 D
/
1
4
412May 15 1014 Jan 12
No par
4% 6 10,700 Shell Union 011
4 5
43
44 438
45
478
44 5
3
65 Dec 10514 Apr
311
2,700
3012 30% 3034 31
Preferred
100 2512Ma7 8 78 Feb 17
29
15314 35
3012 31
44 Nov 35 Apr
1434 Mar 6
3 Apr 23
318 312 1,700 Shubert Theatre Corp_No par
314 34
314 34
38
,
34 312
11 Nov 94% Jan
5
Ye par 1018June 3 23 4 Feb 28
12
133
4 1214 1313 21,400 Slmmorui Co
8 104 12
11313 1112 1038 113
55 Dec 87 Mar
8
514June 1 11 Feb 23
10
514 54 *514 618 *514 618 2,000 Simms Petroleum
514 514
514 514
614June 2 15 Feb 26
/
1
4
938 Dec 8
Ala
8
8% 78.100 Sinclair Cons 011 Corp_No par
8
64 6%
7
64 6%
613 74
86 Dec 1124 Apr
100 7712-rune 3 103 Mar 14
500 Preferred
88 *79 90
7712 80 *80
*8212 95 I 79 81
1
1018 Dec 42 Apr
318June 3 127 Jan 7
25
414 3,200 Skelly 011 Co
4
312 313
34 338
313 38
3
34 4
42 Dec 9934 June
Preferred
20
20 *13
100 10 May 28 62 Jan 8
20 *11
20 *11
*11
20 1 *11
412may 19
4% Feb 18
118 Nov
8 Jan
200 Snider Packing
'112 2
*112 2
No par
*14 2
*112 2
14 11
8 Dec 8838 Fsb
6 May 19 1538 Feb 18
300
No par
*
6
10
Preferred
6
6
6
6
6
114 15.5
"
5
901 Dec 12118 Apr
4
Solvay Am Inv Trait prat _100 81 May 1 95 Mar 19
83 *60 85
*
68 85 *60 85 *60 85 *60 4 912
18
104 Dec 30% Jan
53
714June 1 17 Jan 8
938 18,600 So Porto Rica Sugar---No Par
9
714 913
713 84
7 8 83
5
8
30
9912 116
Preferred
100 964%ier it 112 Jan 8 103 Aug 12) :an
*103 110 103 103 100 8 1004 .0012 115 .
,
4018 Dec 72 Apr
39
41
35,100 Southern Cant Edison
25 36 Juno 3 544 Feb 28
3952 42
39
40
4112 38
3912 36
312 Jan
5 Mar 12
9 Maa
3 Apr 18
Southern Dairies el B.
*5
28 5
*212 5
-No Per
*24 5
*212 5
*218 5
2212 23
Elplm .gefed
alillg Bros
No par 21 June 3 38 Jan 6 82 Dec 45 Ma
24 •2213 25
•25 27
21
22 25
111 Jaf113 115 2May 7 108 Jan 115 Aug
,
113 *113 115
*113 115
113 113 113 113 113
1978 Jan 8738 June
Spans Chaltant&OoIne No
Nova? 2214 Apr 18 2718 Feb 17
25 •15
25
25 *15
26 *15 25 *15
92 Jan 96
ari
Preferred
100 90 Apr 27 924 Jan 21
80
80 •75
e____ 80 *____ 7812 *____ 80 *75
8 Dec 80) Apr
6 June 2 1358 Mar 16
74 8% 7,500 Sparks Withington_ _No pa
613 7
618 613
64 67
612
8
6
838 Deo 25 Apr
400 Spencer Kellogg & Sone No Par 10 Jan 3 1812 Mar 25
12
12
12
12 4
1114 1114 12
*11
,1111 12
/
1
4
758 Dec 364 Feb
8 Apr 22 1754 Feb 21
9s 94 2.000 Spicer Mfg Co
No pa
912 912 *953 10's
94
9
s01 1014
:
2412May 22 834 Feb 20
25 Dec 451 Mar
/
4
300
Preferred A
26
No pa
26 *25
25 25
2412 2412 2412 2412 *25
418 Dec 52 Feb
514 Jau 13 174 Mar 24
1,800 Spiegel-May-Stern Coe_No par
8
7
7
53
4 6
7
6
57
8 6
6
1418 Noy 2914 Feb
8June 2 204 Feb 25
17 81,000 Standard Brands
No par 147
15
1514 16
iSis 14% 1653 1618 1714 16
:war 118 Jan 5 1234 Apr 8 114 Nov 1214 Sept
100
Preferred
*1204 122 *12012 122 *12012 121 I 122 122 *122 124
4 Feb 10
212 Dec
714 Feb
212May 12
300 Stand Comm Tobaceo-re
*212. 3
2
212
, 24 *212 3 I •212 3
534 Dec 1294 Ara
881u Mar 10
4 5812 6238 6014 84 30,700 Standard Gsa & Elm CoNe par 5518June 2 64% Mat 23
5514 603
564 5812 5512 53
55 Dec 67 May
5081, Jun 8
584 59 59
4,400
Preferred
58 I 58
59
5914 57
5912 56
9214 Dec 104 Sept
$6 cum prior pref
No par 9218 Jan 15 101 Ma 23
N
97
*92
9814
*9284 974 *924 9414 *87 93 ! *87
.
37 CUM prior pre_ No par 1011 Jan 10 10934 Mar 6 9312 Dec 11414 Sept
209
10314 10314 *10312 105
105 105 *10234 106 *104 106
414 Feb 13
154June 2
114 Nov 1518 Mar
1,000 Stand Inventing Corp_No par
21
4 212 *2
•13
212
2
24
134 2 1 *2
98 Feb 106% Oen
8June 3 10514 Apr 13
1,603 Standard Oil Export pret-100 997
997 101 , 10114 10114 10212 1021
10312 10313 101 103
/
4
6218 Dec 76 API
314 33 I 3314 3412 3412 353 38,500 Standard 01101 Callf--No Par 3118June 2 511 Feb 13
333 354 314 33 4
a
4June 3 19 Jan 5
83
1453 Dec 40 Mk
11
28
.9
2,600 Stand Oil of Kansas
i
3
94 9l
*918 9,4
4312 Del 84h Apr
4 3318 3453 176,700 Standard Oil of New Jersep 25 304June 2 5212 Feb 24
8
8
3178 3318 3058 32 1 305 3318 321 343
1938 Dec 40118 Apr
141s 15 202,800 Standard 01101 New York 26 1378June 3 26 Feb 10
3
1453 15
8
137 15
1512 144 15
15
1.120 Starrett Co(The) LEI....No per 16I8June 2 8414 Feb 24
19 Deo 671 App
4
174 18
18
1612 1758 164 1613 1612 17 . 18
57 Feb 10
212May 27
25 Dec 2018 Mat
1,700 Berlins Seeurltles 01 A-No Par
3
3
38
,
3
4
24 23
212 253
212 2121
5 June 2
Ni par
ereferred
14 us
938
NovDeo 48h Mat
400
*54 614
" 4 7
53
5
541 *518 6
54 54
Jonvertible preferred....64,) 291zJune 3 40 Mar 2
'e 18
900
3112 *31
34
804
51
/
3113 3113 3014 314, 294 2912 31
8 May 27 217 Mar 10
8
1484 Dec 67 Apr
85 104 1012 11% 13,000 asewart-Warner 89 Corp__10
2
8%
8
818 812
7
84 8 8
No par 2512June 2 5413Mar 21
874 Dec 1181a Apr
8 23,300 Stone & Webster
2534 30
2512 27141 2533 2912 2312 304 2913 307 21,900 Studeb'r Corp(The).
1818 Nov 474 Feb
17
-No Per 1418June 2 26 Mar 28
1318
15
1633 14's 15141 1413 1515 1618 174 *111 112
05 :
Preferred
6 litJan 125M14
100 110185Janlny 20 11844 Aprur5%
2
11111 112
'11014 112 1.
*110 112 *11014 112 15
Mat
Dec
Submarine Boat
No par
89 Dec 70 Apr
No par 31 June 2 4514 Feb 25
. 35
- 1 *311 36 ;51 9634 939 Sun 011
14-1
;ai"
-317
8
Preferred
50
100 94 May 18 1044 Feb 3 9738 Den 10815 Sept
974 9634
967 96731 904 964 97
8
97 97
...No par 30 Apr 16 403 r b7 80 Nov 45% July
14 FebF 19
33
3312 45,900 Superheater Co(The)
/J e 2
1
4
33
32 I 31
31
30
3012 30
!
30
54 Dec
9% May
7
8
74 1,109 Superior 011
7
8
7
3
r
No Par
3
re
%
7
3
rs
8
514 Dec 291 Mar
500 Superior Steel
6 May 27 1878 Mar 5
100
73
4 73
4
4 634
4. 63
/
1
4
614 6
/ *614 63
1
41
61 6
/
4
2
818 Jan 157 Mar
909 Sweets Co of Maeda&
14
60 117a Jan 7 1848 Feb 20
2
11 *I11 1tia *13
12 123
4 1214 12181 1212
7 Apr
14 Dec
318 Feb 2
100 Symington
1 Feb 4
No par
1,
2
*1
14! 2
*1
1
1
4 Dec 17118 Apt
Class A
212June 2
64 Jan 38
900
213 212
No par
23
4 24
112
3
212 3 I *1
152
4
151 Jan 361 Apt
1
/
4
18
1,000 Telautograph Oorp__--No par 161June 3 2111Mar 6
4 18
4
4
17 *17
1814163 1714 173 173
17
512 512 2,100 Tennessee Corp
No par+
54 54
514 54
54 514
54 5181
7814 ee 174
28 4 1 3ft 60 MID
a
971 Jao 7
8 Ju
2012 48.800 Texas Corporation
25 154j ne 2 35 j n 5
20 x19
1912 19
18
1913 18
19
19
s
4014 Dec 073 Mar
Texas Gull Sulphur_.-No par 2915June 3 5534 Feb 24
4
0
x337 35
2
2953 3313 294 31 1 31% 3 , 3314 3414 47.800 Texas Patifte Cosi
4 Dec 144 Mat
84 Jan 9
24June 2
& Oil..__10
312 312 3,909
3
314
212 2 41
3
3
10 Dec 8218 Mar
Vanua 1 173* Feb 13
1
83
4 9 4 19,400 Texas Pao Land Trust
,
914
838
7 4 813
3
5
72 8 I
5
74 8 8
vs
)
•Bld and asked prices; no sales on this day. z Ex-dividend. V Ex-rights.
e...
New York Stock Record-Concluded--Page ts
page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
May 30.
Monday
June 1. I
4203
aa one en. week or esocess coo recorded Isere. see eighth
Tuesday 'Wednesday 1 Thursday 1
June 4.
June 3.
June 2.
Friday
June 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
I
Range Since Jan. 1.
On basis of 100-share tots.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Higheit.
pet share
Per share
i Per share $ per share l$ per share'$ per share It per share! $ per share Shares Indus.& Miscell.(Coad.) Par $ Per share2 $22 Feb 27 $ Per share $86% al r
1213 Dec
914June
No par
2,200 Thatcher Mfg
12
11 1 12
/ 11
1
4
93* 9
914 1112
1114 12
35 Dee 48 Mar
43une 3 41 Mar 6
No par 333
Preferred
36
900
35
35
4
35 1 333 35 I *34
34
3578 357
No par 1814June 2 23 Jan 9 2114 Dec 82 Jan
500 The Fate
/
1
/
1
*1814 184 1814 1814 184 1814 *184 184 *1814 20
100 100 May 12 1064 Feb 26 102 Jan 110 Feb
Preferred 7%
10
100 100 ,•100 104 1 *99 104 1 *99 104 I *99 104
sMaY
334 Dec 267
9 Feb 13
45
4 May 29
*414 47
458: *4
No Par
900 Thermold Co
4
4
4' 4
4
154 Dee 4614 Apr
/
1
1 16 June 2 27 Feb 21
/ 1,500 Third Nat Investors
1
4
1712 174 1838' 1712 17121 1712 17
16
1612 18 I
23 Dec 4712 Mar
18 June 2 35 Mar 2
25
300 Thompson (J Ft) Co
22
1818 18181 1818 18181 *19
18
18
23
*18
10 Nov 89% Apr
914June 1 18 Feb 24
1012 1034. *104 1214 1,200 Thompson Products InoNo par
10
10
9% 10
93
4 9%
313 Dec 18% Mar
832 Mar 7
312June 2
4
33
4 33
38 418' 418 414 1,600 Thompson-Starrett 0o_No par
34 4
418
4
2338 Deo 4053 Mar
No par 2412 t. eb 4 344 Mar 19
33.50 oum prof
200
30
32 i *2512 32 I *25
25 *25
25 I 25
25
5% Dec 174 Apr
9 Jan 7
4 June 2
-No par
414 458 21,900 Tkiewarer Assoc 011
4
412' 418 412
438
4
414 434
3
53 Dec 89 4 Mat
100 38 June 2 68 Jan 8
Preferred
3
40
38
393
38
41 I 40 4 4112 1,900
40
40 i 38
12 Dee 81 Apr
100 1012 Jai. 31 18 Mar 16
Tide Water 011
*5
15
15
*5
*412 43
15
4
*5
15 I *5
4
68 Dec 047 Apr
100 54 June 4 83 Feb 26
Preferred
55
54
54 *41
100
*__ __ 55 ,*____ 55 i s _-_ 55
8 Oct 214 Apr
4June 2 12 Feb 20
63
10
678 712
8 7
73*
73* 4,300 Timken Detroit Axle
6% 7 1 - 67
7
71
/
4
/
1
4
AO% Dee 89 Apr
3518 333* 3678 3312 3714 59,800 'Timken Roller Bearing_No par 32 June 3 59 Feb 17
3412 363
4 3214 364 32
64 Jan
2 Dec
3 4 Apr 9
3
138June 3
214
214
158 2
214 214 5,200 Tobacco Products Corp No par
13
4 218
8
2
23
74 Jan 134 July
8
No par 103 Jan 14 14 Apr 10
11
11
1114 4,100
Class A
10% 1118 1038 104 *1014 104 11
3
1011 Dee 25 4 Sept
s
7 June 2 18 Feb 26
25
734 8
7
8 I
738 8 59,200 Tranaamerioa Corp
7
714
7 8 74
3
3
61 Nov 2834 Jan
/
4
Vs Jan 3 1712 Mar 6
*912 127
8 1,200 Transue & Williams MIN° par
914 10
8
8341
84 812
9
9
538 Deo 2014 Apr
Jan 2 114 Feb 24
612
714 73*
Vs 8 14,540 Tr -Continental Corp_-No par
73
4 8
7
74
714 7 8
5
8914 Apr 9613 Sept
11)0 39214 Mar 16 94 Feb 25
94
94 94
6% preferred
8,500
4
4 94
4 933 933
933 933
4
4 9334 933
2614 Oct 41% Men
9,700 Trice Products Corp___No par 2818June 1 CS% Feb 27
2818 3218 2814 3014 304 314 3114 3334 3338 343
9 Dec 22 Mat
/
1
4
5 June 2 10 Jan 20
No par
*5
6
*5
6
300 Truax-Traer Coal
*5
6
5
5
/
1
4
51 5
/
4
204 Nov 8738 Mar
14
14
10 12 June 2 24 Feb 24
14
12 *13
1,900 Trusoon Steel
1212 12
1238 138 12
1414 Dec 24 Sept
912May 29 214 Afar 10
1012 1012 1,800 Olen & Co
10
10
10
No par
10
10
10
*10
11
3
4512 5,700 Under Elliott Fisher Co No par 40 June 2 75 4 Feb 27 49 Dec 188 Mar
43 4538 45
41
43
43 4412 40 43
838 Dec 1914 Sept
912 912
91, 10
814June 3 1312 Mar 27
900 Union Bag&Paper Corp No par
814 9
*9
912
*9
10
524 Deo 106118 Mar
/
1
497 131,300 Union Carbide & Carb_No par z4312June 2 72 Feb 24
444 474 4638 494 4734
/
1
44% 4512 z4312 45
25 14 Apr 28 26% Feb 13 204 Dec 50 Apr
173* 17
16% 17
1612 16
173* 7.700 Union Oil California
16
164 17
23 Dee 884 Apr
No par 20 Apr I 251g Jan 8
201g 2012 2014 2012 1,200 Union Tank Car
20 2012
20
211 20
/
4
*20
183 Dec 99 Apr
3
8
8June 3 387 Mar 26
4 2312 2614 2412 2634 264,500 United Aircraft & Tran_No par 207
8
235 264 224 24% 207 243
8
/
1
4138 Dec 7738 Apr
5278 5318 3,100
60 46 Jan 2 59 Mar 26
4
Preferred
/
4
-51
5212 501 5112 493 51 I 5118 52
8
1518 Dec 547 Feb
274 Mar 2
*13
15
17
100 United Am Bosch Corp No par 10 May 28
*1214 13 I *13
12
12
*12
19
8213 Dec 588 May
4
4
No par 31 June 2 413 Mar 26
3278 3212 3512 3512 3512 3512 3512 4,800 United Biscuit
33
3534 31
14
113 Feb 2 122 Mar 23 115 Oct142 May
I*114 117 *114 117
100
80
Preferred
114 114
*114 117 114 114
84 Apr
143 D
8
14 I 1312 1412 1414 1414 5,800 United CarbonNo par 13 June 2 V%DecFeb 11
13
/ 13
1
4
13
1338 14
812 June
314 Dec
712 Apr 9
4 Jan 2
47
8 47
434 47
8
6,900 United Cigar storee_No par
4
43*
412
4
44 47
26 Jan 68 June
6334
200
Preferred
100 5218May 29 s76 Apr 10
8
*5118 59 *513 59 *524 59 i 557 56 *56
13% Dec 52 4
.
14
4 2018 2158 z2012 213 374,600 United Corp
No Dar 164 Jan 2 3114 Mar 19
4 1818 203
18
1914 174 183
x48
4
49
49
7,70
4
Preferred
No par 443 Jan 2 524 Mar 26 634 Dec 5312 Apr
4812 473 4814 48
48
48
49
8
24 Dec 197 Feb
3 Jan 2 12 Fob 27
6
6
5
5
2,800 United Electric Coal___No par
438 412
412
4
/
1
4
4
/ 4
1
4
4612 Dec 105 Jan
5134 5312 6.100 United Fruit
No par 4814June 2 6738 Feb 27
4938 4958! 5112 53
z4858 5212 4814 50
2414 Dec 4938 May
2834 2758 284 76.100 United Gas & Improve_Ne par 2538June 2 374 Mar 17
/ 27
1
41
/
1
2512 27
2538 26
254 27
97 Jan 1044 Ott
4May 18
Jan 30 1053
*10334 104 *104 10414
/
1
No par 984
700
Preferred
4
10334 104 1033 103% 1034 103g
212 Dec 14 Mar
34 Jan 7
212 Apr 27
*218 3
*218 3 I *218 3
United Paperboard
100
*218 3
*212 3
2
2018 Deo 327 Air
24% 2538 3,500 United Piece Dye Wks_No par 21 May 27 314 Feb 19
41 23% 25
8
8 233 233
*2112 25'2 214 235
2
Os Jan 147 Jute
33
9
94 Apr
4
/
1
41
412 438 3,500 United Stores cl A____No par
44MaY 19
43* 438
418 414
414 41
15% Jan 5034 July
41) *3775 40
1,300
4
Preferred class A____No par 3518MaY 28 52 Apr 9
361 *353 37 1 *37
/
4
3612 371 36
/
4
197 Aug 39 Mar
*304 3212 1.400 Universal Leaf Tobacco No par 28 Jau 2 4112 April
31
294 31
29
284 29
29
291
27 Dec 76 May
31
120 Universal Pictures let pfd_100 24 May 6 42 Mar 21
31
30 *2614 30 I •2614 31
/
1
4
27
*2614 31
9 Air
2 Dee
4 Feb 9
114May 26
/
4
138 113 *114 11 *114 112
500 Universal Pipe & Rad_ _No par
135 l'z
5138 12
1
181 Jan 8814 Air
2112. 2134 23
2234 2338 21,500 U. S. Plpe & Fde
2118 22't 204 2112 20
20 20 June 3 3712 Mar 26
1538 Jan 21 May
1812 *18
400
184
/
1
184 1818 18181 *18
1st preferred
1818 181 *18
No par 1714 Apr 29 204 Mar 26
7 Dec 3038 Jan
8June 2 10 Mar 20
•8
8
7
73
4
714 712
/ 7
1
4
4,800 US Distrib Corp
6
7
7
67
No par
418 Apr
3 Dec
4
138 Jan 7
*78 1
*7
2 1 I
*78 1
1 Jae 7
U S Express
*7
2 1
100
*7
s 1
1613 Dec 103 Apr
jj.18 ill8 1114 1112' •1318 1711 *13
1114 121
173
4 1,700 II SFreIght
Stock
No par 1014/81ay 27 3012 Mar 24
67 Dec 327e Mar
73
4
/
4
June 1 121 Feb 24
634 08
612 612 *7
6
618
41,700 U 8& Foreign Seour-No par
6
7
6
73 Dec 101 Mar
80
76
7618 *75
76
79
79
76
700
78 78
Preferred
Exchange
No par 76 June 2 90 Feb 17
37
37
4
3814 3,600 U Et Gypsum
33 3312 333 3418 36
34
35
go
20 33 Jane 2 50 Mar 27
6 Dec 304 Mar
/
4
57 Jan 2 121 Apr 1
9
9
9
*8
9
9
818 818
1,100 il S Hoff Mach Corp-No par
81 838
/
4
(Closed
5012 Dec 139 s Jan
3
/
1
4
/ 2812 274 304 293 3034 3014 3214 16,100 U a Industrial Aleohol No p&l 25 May 22 77% Feb 25
1
4
2758 28's 27
no
314 Dec 1511 Apr
53
4
5
/ 512 *614 7 1
1
4
4
/ 51
1
4
/
4
3 Jan 2 103 Max 19
/
1
4
1,700 USLeather
51
53
4
518
Memorial
No pan
4
514 Dec 26 Apr
2
9
91g 918 1,100
912
712 9
8
8
Class A
7 4 73
3
No par1 7 Jan 2 157 Mar 19
8518 *79
854
100
Prior preferred
*80 85's 80 80 *79 8518 *79
Day
1001 WI Jan 7 854May 5 6414 Dec 94 June
25 Dec 783* Mar
17 12,200 US Realty & Impt-- _No par 1312June 1 3614 Feb 26
1514 1638 16
1414 15
8
1312 1518 143 15
11 Oct 85 Apr
1278 14,400 United States Rubber....No par 10'sJune 2 2038 Mar 20
/
4
10
/ 1088 1018 101 1018 1138 1134 1214 12
1
4
100 17 June 2 36's Mat21
1913 Dec 63% AP,
2134 2211 4,300
19 I 1934 21
1st preferred
1812 18
17
1814 20
174 July 3613 Jan
8
8
3 3,300 U S Smelting Ref & Min_ _ _50 1314June 3 255 Mar 10
1418 147 147
/ 1412 1314 13% 14
1
4
1414 144 13
/
1
4
40 Dee 53 Jan
40 I *4012 4212 *38
4212
300
4012 4012 40
Preferred
60 40 May 22 47 Apr 1
41
41
4 9114 9434 670,700 United States Steel Corp__100 8318June 2 15218 Feb 26 13438 Dec 19834 Apr
23488 883
4 8318 8614 8312 88% 8712 923
13978 14078 14,600
13638 138 1 1384 140
Preferred
100 13612June 2 150 Afar 20 140 Jan 15114 Sept
13711 13814 1364 137
59 Dec 68 Feb
/
1
4
s
/ *63
1
4
/ 69
1
4
300 II S Tobacco
/
1
4 631/1 634 63 63 *6234 69
No par 603 Jan 6' 717 Mar 11
*63 663
1914 Dec 4538 Apt
1912 214 2118 2314 4134 2234 60,600 Utlllee Pow & LS A
No par 1912 Apr 27 31 Feb 28
/
1
204 22 I 194 21
/
1
74 Mat
4 Oct
2 Feb 26
May 29
No par
4 34 1,200 Vadsoo Sales
3
4
84
5
8
5
8
3
4
4
3
41
5
8
/
1
4
1212 Dec 69 Apt
18
*14
18
18 1 *14
18 *14
Preferred
100 14 May 19 28 Feb 16
18 *14
•14
44% Nov 14314 Apr
4
2 768 Mar 25
/
1
4
2612 3014 293g 33 130.000 Vanadium Corp
/ 2714'
1
4
No par 234June
2358 263
4 2318 2512 23
8 2 Am
7
138 Dec
114
114
3 Feb 20
/
1
4
11
/
4
114 112 2.500 VIrgInia-Caro Chem
1
1 June 3
/
1
No par
ls 14
•112 lh
9 Dec 3414 Apr
4 9
712 718 *73
6% preferred
1,700
71aune 4 17 Feb 19
712 712
100
3
7
/ 74
1
4
2
100 5013may 27 7138 Jan 7 6713 Dee 8218 Apr
*5914 60
1
7% preferred
200
60 6018 *59 60*5912 60
*60 61
150 Virginia El.8 Pow pf(6)No par 9814 Jen 2 109 May 12 100 Deo 10712 Oct
10538 10538 10412 10412 105 105 105 10512 *10514 106
3618 Dec 156 Mar
40 443
4 4138 4934 2.320 Vulcan Detinning
384 41
100 3812June 1 7138 Feb 24
383 40
4
384 44
4
21% Dec 313 Apr
26
253
2 25
18,100 Waldorf System
2314 2312 2314 2418 24
No par 21 Apr 29 2772 Feb 17
2314 24
8
104 Dee 623 Ayr
/
1
6
61s 7
6
4.000 Walworth Co
6 June 1 15 Feb 18
54 51
/
4
54
par
5
538
No
5
*618 12
1218 Dec 56 May
/
4
500 Ward Bakeries class A No par
614 Apr 29 2712 Mar 12
*94 12 I 091 12
/
1
'
0912 12
10
9
8
8 Dec 153 Apr
8 Jan 80
/
1
4
312 33
4
33
2 33
4 4,000
3 June 1
318 314
Class Et
/
1
318 34
No Par
3
338
45 Dec 774 AP
*35
40
4
1,200
/
1
10a 24 Apr 29 5712 Jan 30
Preferred
33 334 343 3434 03512 45
32 34
934 Dec 8014 Ma
8
4May 19 203 Feb 17
63
4 713 99.300 Warner Bros Pleturee__No vas
4 738
43
63
53
4 714
8
54 63
8
6a
No par 1034May 22 2012 Jan 9 31 Dec 7014 Mar
161 161 1612 1734 *1418 18381 17 19 20 20 1.000 Preferred
78 Feb 4
414 Dec 27 Apt
*218 212
2
8June 2
2
15
NO par
600 Warner Quinlan
11 188 *134 213
/
4
11 lSi
/
4
2638 Dec 631s Apt
2014 22
4' 204 22
1814 203
20,700 Warren Bros new
1514 171
No Par 1412iune 1 4638 Feb 27
1412 171
4
4013 NOV aa SW
3212 3338
370
30 314' 3214 33
Cony pref
No par 30 June 3 497 Feb 27
•---_ 371 *-- 35
324 Deo 4313May
26
25
25
2,700 Warren Fay & Pipe___ No par 23 June 2 3.2 Feb 20
2314 24 I 26
24
24
24'4 23
94 Mat
24 Dee
6 Feb 24
2
2
2 June 5
*118 3I *14 2
800 Webster Eisenlohr
No por
278 3
3
335
19111 Dec 2978 MN
2,800 Wesson Oil& Snowdrift No par 1738May 26 2614 Mar 20
184 1838 *1612 234 *1912 21
8 1814 19
19
193
5012 Jan 5913 Apr
52
June 2 574 Feb 11
5212 5212 2.800
52
5112 5112
No par 51
521
Preferred_
523 51'z 51
4
9618 10013 9618 10412 10214 10712 107 1087a 16,600 Western Milne Telegraph-100 8618June 2 15038 Feb 24 1224 Dec 219% Feb
9818 101
8114 Dec 52 Feb
23
2312 2334 6,600 Weetingh•se Air Brake_No par 20 June 1 8618 Feb 21
2014 2112 2035 22 I 22
20
22
884 Dee 20112 Apt
8 6118 6612 648 69 246.500 Westinghouse El & Mfg---50 5618May 27 10784 Feb 26
5818 6014 5812 623
5718 593
50 87,s Apr 30 11913 Feb 27 10758 Nov 197% AV
9114 9114 904 92
151 0114 92
1s1 preferred
810
92
9218 92
92
1713 Dec 4878 Mar
213 *17
20 *17
5 June 2 28 Feb 21
*16
1778
600 Weston Elea Inetruml-No par
18
1818 15
33 Jun
36 Jan
*323 34
4
33 33 *323 34
Class A
No par 33 Jan 5 3614 Jan 5
200
34
*323 35 *33
4
95 Dec 110 Apt
/
1
96
96
96 *9518 102
120 West Penn Elea class A-No Par 9512June 2 1054 Apr 22
*9518 9512 954 954 96
100 103 ian 30 112 Mar 27 102 Nov11212 Sept
8
480
10418 105 104 104 1033 10318 104 10418
105 106
Preferred
90 Dec 104 July
/
1
4
92
92 I 93
92
95
180
Preferred (6)
100 92 Rine 3 103 Mar 19
943 954, 95 95 I 92
1164 11612 11612 1164 117 117
450 West Penn Power pref_100 114 Jan 5 120 Feb 17 1134 Jan 11813 June
11614 1161 116 116
/
4
/
1
4
110 no 1 110 11018
30
110 110 110 noita 110 no
6% pref rred
100 1034 Jan 2 1124 Apr 1 103 Dec 1114 Saps
20 Oct 50 Met
20
203 *20
4'
21
204
70 West pair;Prod el A_ _No par 1712June 2 4413 Feb 20
1712 1712 *19
20
20
412 Nov 2418 Apt
4S4 Jan 2 12% Mar 25
No pa
6
6
4 6 I
538
2,20
5l
Class 111
514 535
Ma 58
18 Dec 594 Feb
/
1
/
1
19 i 184 184 1978 20'4, 2214 2214
*18
900 Westvaco Chlorine ProdNo par 18 June 2 40 Mar 16
2234 18
12
h
412
12
12
h
12
Ts Dec 21 Jan
2 8 Jae 8
8
%Mal 29
,
•/ /
1 1
4 4
12
300 Wextark Radio Storee_No par
2131 Dec 63 Air
1512June 3 2614 Jan 12
16121 1512 157
16 I 154 16 I 16
16
16 I 16
2,500 White Motor
No par
2
13 Dec 547 Mar
37
/ 377
1
4
,1 38 38
38
38 3812 374 3712 37
1.10 White Rook Min Spring otf-50 37 June 3 474 Mar 20
5 Apr 6
218 Dec 1372 Mar
314 *234 314
/ *3
1
4
24 Jan 3
/ 2
1
4
2h 234' 2
24 234
500 White Sewing Machine_No par
4 Dec 3972 Apr
Apr 13
618
612 55
612 *5
512 *5
•
5
612 *5
Preferred
NA
3 j
: 612.jua 5 199: Mar 2(i
p
64 Dec 21 AP1'
312 412
nne 3
4
5
*47
8 5
1,900 Wilcox Oil .8 Gas
85 Oot 11 Aln
8 Mar 19
37
418 5
4June 2
33
4 412
33
4 4
4 I
5
33
434 512 27.800 WIllys-Overland (The)
4513 Nov 85 Apr
4914 4914' 49
49
4318 49
100 444 Jan 30 5814May 9
49
4858 49
.
49
1,100
Preferred
7% Mar
178 Dec
4 Feb 10
118June 1
178 17
134
11 114
/
4
8
14 13
134 3,300 Wilson & Co Ina
118 112
No par
44 Nov 13 Mar
4
4'3June 1 103 Feb 17
418 418' 418 418
41 44 1,300
/
4
418 418
/
1
44 4181
No par
Close A
85 Dec 544 Mar
2214 24 I *2214 25
23
24
26
400
*22 234 •22
100 21 May 25 51 s4 Jan 12
Preferred
2
511 Dec 723 JILD
/
4
8May 13
634 664, 6238 6514 6318 6714 6658 683 663* 6312 105,600 Woolworth (F W)Co
90I
10 543 Jan 2 725
47 Dec 169 Apr
404 3814 4438' 4214 4818 45
38
49 64,000 Worthing P.8 M
/
1
4
3718 41
100 3718J1ne 1 10672 Feb 24
88 Jan 107 Apr
75 *60
75 I *60
*70 90 *60
75
100 70 Apr 29 95 Mar 7
*60
Preferred A
68 Dec 93 Mal
100 65 may 8 8358 Mar 9
64 .44 64Preferred B
*54 64 *54 64 *54 64 *54
104 Dec 59% Mar
9
918 *10
17
9 June 3 27 Feb 25
*11
16
230 Wright Aeronautleal___No pat
1212 1212 1012 10'2
66 Dec 80 July
11Mar 4
Jan 2 803
71
7212 10,200 Wrigley(Wm)Jr (Del)
674 69's 6714 71 I 7034 72
.No Par 604
68
7012'
25 Dee 77 Mat
*20
21
21
21
21
26 21 May 28 30 Jan 23
2212 21
1,000 Yale & Towne
*21
84 Nov 32% Apr
/
1
4
8June 2 15 NI ar 20
538 618
512 63
4
53
57
2 65
67
2
73* 8 37.200 Yellow Truett & Coach 41 B_ 10
2 8
60 Dec 105 Apr
43 I 42
42
491 *40
42
*40
100 42 June 4 76 Mar 19
42
51
160
Preferred
50
19 Oot 47 Mar
1612 17
1514 16
141sMay 29 29 Feb 24
20
193 20
4
174'15
4,700 Yenng Spring & Wire_ _No por
691s Dee 155 Ape
*44
45
45
44 I 44
44
1,200 Youngstown Sheet & T_No par 3912June 2 78 Feb 28
40 I 3912 44
40
2 Dee 163 Jur 2
4
514 Feb 27
212 25' *212 3
24 Jan 2
2
212 238
24 24 1.400 Zenith Radio Corp____Ne par
212 2s
i
sl
• 1114 and oiled prim: no sales on this day. s Ex-dividend. it Ex-tights.
4204
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly •
Jan. 1 1909 ad Exchange method of molts° bonds was Clanged and races are now "and isteessi"—except for incense and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended June 5.
Price
Friday
June 5.
Week's
Range or
Last Sale.
a
g
;4
U. S. G00000mint.
Bid
High No.
Ask Low
!fret Liberty Loan
814% 01 1932-47
2
J D 102142 Sale 182%12:::: 575
Cony 4% of 1932-47
J D
3
Cony 414% of 1932-47
.1 D 155 11 Sale 1031081031in 104
-17
2d cony 434% of 1932-47
Jan'31
J D
_ 102
Fourth Liberty Loan
434% of 1933-38
AO 104242 Sale 10434,10430n 886
Conversion On coupon
_ 100 Sept'30
J J
Treasury 434a
421143n 227
1947-1952 A 0 N.,- Sale- 1133
Treasury 45
108
1944-1954 J 13 1094, Sale 10941 109
Treasury 3345
1948-1956 M S 1077.210711u 1071,, 107"n 270
T
Treasury 3ka
1943-1947 .3 D 10341 Sale 10213n 103.31 241
Treasury 3,46 June 16 1940 1948.8 D 102"a3 Sale 1021312102.°n 605
_ 1021 32 102".2
.
Registered
2
Treasury aka
194i-1943M B 102 .s: Sale 102 4,102"n 585
,
,
Panama Canal 3a
- 9814 Sept'30
1981 Q M
State and City Securities.
NYC 014% Coro st—No• 1054 MN
92 Nov'30__._
924 Apr'31 _
3348
1955 M N
45 registered
__-- 10012 Apr'31
1936 M N 101
9912 Jan'31 _
de registered
1955 M N
4% corporate stock
102 May'31 _
414 corporate stock
107 Apr'31
109 May'31
434% corporate stock-._ _1957 MN
4% corporate stock
1958 M N 1004 _- 10012 Apr'31
4% corporate stock
8
1005 __-- 10012 Apr'31
44(% corporate atock
4
19 0 I" N 9814 __-- 1003 Mar'31
969 MS
5
1023 Nov'30
Aka
4
1964 PA S
10814 Nov'30
434% corporate /dock 1971 J D
10614 Dec 30
432% corporate stock1983 M S
534% corperate nook
1 - 3- 10512 Dec'30
-1168
1965 J D
414% corporate stock July 1987
1074 Nov'30
J
New 'York State canal Imp ts 1961 J J
101 June'30
Ake
Jan'31
112
1963 M S
1SN it,11:1
Persian Govt. & Municipals.
Agri° Mtge Bank f 613
1947 F A 63 Sale 5914
Sinking fund fla A __Apr 15 1948 A
6212 Sale 591,
rkershus (Dept) ext 5s
96 Sale 96
1983 M
48
50
45
Antioquia (Dept) col 78 A 1945
External a t 7saer 13
1945J .1 48 Sale 46
45
External a f 78 ser C
5512 4818
1945.1
49
45
4.,
External, f 7s ser 13
1945
30
45
35
External f 78 let ser_ —1957 A
41 Sale 37
External sec a 1 7s 2d ser_1957 A
38
40
37
External sec e I 78 3d eer.1957 A
10114 Sale 10012
Antwerp (City) external 58_1958
Argentine Govt Pub Wks 58_1980 A 0 764 7612 733
4
Argentine Nation (Govt 4)—
Sink fund (la of June 1925_1959 JD 79 Sale 7358
7318
Esti a f fis of Oct 1925_1959 AO 794 Sale
Sink fund Be series A
1957 M S 7012 Sale 734
External 88 series B._ Dec 1958 J O 78 Sale 7318
4
Esti f (ts of May 1926..1960 MN
7612 Sale 733
External et 85(State Ry)_1960 M S 7934 Sale 734
7934 Sale 73
Esti Ba Sanitary Works_ _ _1961 FA
Extl 68 pub wks(May'27)_1961 MN 80 Sale 7312
Public Works esti 5141_1962 P A 6014 Sale 63
Argentine Treasury 58 E___ _1945 M S 69 Sale 69
Australia 30-yr fra- _July 15 1955
J 56 Sale 524
563 Sale 52
4
External 5a of 1927_Setlt 1957 M
External g 410 of 1928_1956 MN 4312 Sale 4814
4
Austrian (Govt) 5 t 78
1943 J D 10718 Sale 1063
International
7,
1957 5'. 8614 Sale 8514
Bavaria (Free State)6 ka___194: P A
Belgium 25-yr eat]6142
1941 MS
Externals 16.
1955 J J
External 30
-year a t 7E1_1955 J D
Stabilization loan 7e
1956 MN
Bargen Norway)—
Esti sink fund 5a—Oet 15 1949 AO
External sink fund 5e_ .._ _1960 MS
Berlin (Germany) a f 6)48_1950 AG
External Bing fund 68
1958 J D
Bogota (City) esti 81 85_ _ -1945 AO
Bolivia (Republic of) esti 88_1947 MN
External securities is Ulan' J J
58
External 8 t 7s (11(0)
1989 M
Bordeaux (City of) 15-yr 55_1934 MN
Brasil(U S of) external 88_1941 J D
External a f ks of 1936 _ _1957 A0
Esti s f 6 ka of 1927
1957 AO
a (Central Railway)
1952 ID
734s (coffee secur) (flat) 1952 AO
Bremen (State of) esti 78._ _1935 MS
Brisbane (City) 8 f Prei
1957 MS
Sinking fund gold 55
1958 P A
20
-year a 168
1950 J D
Budapest (City) esti a f 65_ _1962 J D
Buenos Aires(City)614s 2 B 1955 J J
External a f Par ser C-2
1960 AO
External 5 t 89 ser C-3__ _1960 AO
Buenos Airct (Prov) ext1 88_1961 MS
Exit s f eke
1961 FA
Bulgaria (Kingdom) e I 75 1967• J
Stabiln a I 7148 Nov 15 '68
63
6212
963
4
49
49
49
49
374
41
39
10212
79
36
64
37
12
26
4
15
8
12
10
10
22
79
794
7912
78
7612
793
4
793
4
80
6914
69
56
563
4
5014
10818
90
50
74
89
37
50
86
Ill
15
48
8
136
120
44
171
217
7814
11012
104
116
11014
15
75
82
67
64
9634 98
97
9812
98,18 9812 08
9832
777
74 Sale 74
8
70
68 Sale 8712
65
65 Sale 5614
19
1712 - -- 15
14
14 Sale 13
14
1318 Sale 1212
1053
4
105 Sale 105
57
56 Sale 49
45
4314 Sale 3414
44
43 Sale 32
47
45 Sale 36
9018 Sale 99
9914
911,
9212 9112
40
4212 40
40
41
4014 4212 41
54 May'31
47
52
703
4
Salo 0818
69
80 Bale 68
75
75 Sale 70
69
69 Sale 69
60
8
594 Sale 525
5978 gale 50
60
61
60 Sale 60
73
sg Bale 69
12
18
27
51
20
26
16
96
20
258
231
135
62
23
1
29
1
_
83
22
10
2
186
43
5
13
7814
10912
104
1153
4
1097
8
Sale
Sale
Sale
Sale
Sale
75
10912
10312
11512
10912
587
8 50
CaIdas Dept of(Colombla)7148'48 ii 56 Sale 45
9612 133
Canada(Domln of) 30-yr 40_1980 AO 98 Sale 96
s 10718 38
Ii
N 1065 Sale 1063
8
1952
103
16
s
434,
1936 FA 10212 Sale 1023
4
Carlsbad (City) a t 88
1954 J J 106 Sale 10512 106
52
19
Cauca Val (Dept) Colom 714a '46 A0 52 Sale 4512
Central Agric Bank (Germany)—
85
85
4
Farm Loan a I 7s_Sept 15 1950 M S 81 Sale 793
73
144
Farm Loan a f Ba_July 15 1960 JJ 72 Sale 694
73
231
4
Farm Loan, I fia_Oet 15 1960 AO 723 Sale 0012
823
8 83
Farm Loan Bs ger A Apr 161938 AO 82 Sale 794
7312 37
7312 7112
73
Chile (Rep)—ext s 1 78
1942 MN
8012 92
External sinking fund 66_1960 AO 6012 sale 57
Si
601
6012 Sale 58
External a f 68
1981 FA
80 8 54
5
Ry ref esti •f Oa
1961 JJ 60 Sale 59
601
98
Exit sinking fund 68)
1961 MS 6012 Salo 57
605
8 19
Esti sinking fund 68
1952 MS 6012 Sale 60
801
55
Esti sinking fund 138
1963 MN 604 Sale 58
60's 54
Chile Mtge Bk 854s June 30 1957 JD 584 Sale 55
63
48
53 I 614s of I926__June 30 1961 JD 61 Sale 571,
5
5714 70
Cluar I 68 o
Apr 30 1981 AO 57 Sale 53 8
54
58
Guar f 68
1962 MN 57 Sale 5412
22
55
8
Chilean Cons Munk 7s
1960 MS 55 Bale 523
193
4
7
4
Chinese (Hukuang Ry) 58_1951
243 1434
20
8
2
8 1025
Chrlatianla (Oslo) 30-yr 8165 '54 MS 1025g 10314 1025
21
75
Cologne(CityGermany 6548 1950 MS 73 Sale 73
123
63
8
63 Sale 595
Colombia (Republic) 8s
1961
635s 174
Externals I 8a of l928._1961 AO 833 Sale 80
s
22
53
Colombia Mtg Bank 8145 of 1947 AO sus Sale 4812
583
4 17
4
Sinking fund 7s of 1926-1946
N 583 Sale 5218
25
58
Sinking fund 78 of 1927_1947 FA 58 Sale 55
1004 64
Copenhagen (City) 5e
1952 JD 1004 Sale 100
9618 58
0512 Sale 054
25-yr g 414s
1953
26
47
Cordoba (City) extl s f 78-1957 FA 46 Sale 424
55 May'31
77
External t is.... _Nov 15 1937 MN 45
19
68
62
70
Cordoba (Prov) Argentina 78 '42 5.8 65
18
59
Costa Rica (Repub) esti 78_1951 MN 584 Salo 55
9418 13
034 Sale 034
Cuba (Republic) 5s of 1904_1944 MS
12
97
97
External 56 01 1914 ser A.19
97
90
83 May'31 ____
External loan 4 ka ser C_ .1949 F A
a OPtlen sale.
Cash sale. •On the baals of $5 to £sterllng.
Range
Since
Jan. 1.
tr.
BONDS
N. Y. STOCK EXCHANGE.
b
Week Ended June 5.
.44
E3
z
Price
Friday
June 5.
Week's
Range or
Lean Bale.
Rang.
Since
Jan. 1.
High
Bid
Ask Low
lifah No. Low
High
Cuba (Republic)(Concluded—
10114110211n
Sinking fund 514s Jan 15 1953 J J 9312 Sale 9012
944 65
904 99
.n102,,
Public wks 554, June 30 1945 J O 603 Sale 6012
1.021
i1
6112 71
4
604 81
102..1 103".1 Cundlnamarca (Dept) Colombia_
Externals t 6145
102 102
4938 45
1959 MN 49 Sale 451g
45 6918
Czochoelovakla (Rep of) 88_1951 A0 1093 Sale 10912 10978 23 10912 111
4
10214,105'11
Sinking fund 86 ear B
1952 A0 1093 Sale 10934 110
17 109 8 1104
4
3
Sale 10538
1947 1071
,
10614
JRhid; ffii. Denmark 20-year esti 85-1942 .1.8 10612 Sale 1004 10134 70 1001, 1024
External g 5145
22
1955 P A 10118
10531.10913,,
External g 4 ka_ _Apr 15 1982 A0 98 Sale 97
134
9338 98
93
1041040713n Deutche Bk Am part CU 0_1932 M S 9914 Sale 99
96 1001s
9912 119
10051.10314, Dominican Rep Cut Ad 510 '42 MS ____ 883 90
57
88
96
91
4
let ser Oka of 1926_ _ —1940 A0 91 Sale 86
10011.1011.11
19 .86
91
91
102103002."
2d aeries sinking fund 514s 1940 A0 91 Sale 8712
84
94
91
32
101
101"13 Dresden (City) external 78_1945 MN
84
84
84
85
8
794 96
Dutch East Indies Intl 68_1947• J 1014 Sale 10114
10112
7 1(.07 1024
s
40-yr external 88
1982 M
4
101 14 10112 10114
10114 27 101 1021
30
-Yr external 5545
1953 MS 10114
10138 May'31
100 4 10318
5
I2 4
230-yr external 6548
4 1003 1023
1953 MN 10138
1004 102
4
4
10012 100'2 El Salvador (Republic) 88-1948 J J 1007 Sale 1004 10214 23
8
99 107
¶1Q1 ¶lQ1 Estonia (Republic of) 78_
1967 J
615
8 18
52
72
19
5914 59
102 102
Finland (Republic) esti 68_1945 MS
88
1
84
86
97
10612 1075
8
External sinking fund 713.1950 MS 90 Sale 8712
871s 99
9018 30
1071, 109
External oinking fund 654s 1956 at
8018 Sale 8012
1
8012 DO
8012
10012 10012
External sinking fund 51451958 P A
77 Sale 7134
112
713 884
77
4
100 10012 Finnish Mun Loan 6145 A 1954 A0 793 Sale 7934
4
3
80
793 94
4
10014 1003
External 634s stiles B _ _1954 A0 81
4
88 86
88
3
28
934
---- Frankfort (City of) 5 t 810-1953 MN 6818 Sale 664
69
19
e614 87
8
---- ---- French Republic ext 734s_ 1941 J D 1253 Sale 12538 12512 219 124 127
External 7801 1924 _ — 1942 3D 118 Salo 118
---- ---11814 135 117 1217
a
---German Government Internattona I —35-yr 5%sot 1930-1965 J D 8918 Sale 6772
66
84
70
773
German Republic ext1.78-._1949 AO 993 Sale 97 4
112 112
,
4
997 295
8
973 10515
4
Graz (Municipality) 88_ _A954 MN
_ 9,04 95
97
7
95 1011,
at Brit & Irel(UK of) 550_1937 FA i6i3,1 Sale 10714 108
11'2 105 le8
45
75
FA
107
107
Registered
1 107 107
45
7312
84% fund loan opt 1900_1990 MN 893 Sale 893
93
3 8854 94 4
3
85% War Loan E opt 1929_1947 3D 100 Sale 5100
9412 97
100
12 8983 10114
4
43
69
Greater Prague (City) 7145_1952 MN 10314 Sale 10318
10312
103 106
43 86912 Greek Government s f ger 78 1964
N 9712 Sale 9712
9914 26
974 10234
43
68
Sinking fund sec 6s... 1968 P A 8214 Sale 82
843
82
30
8815
43
68
Haiti (Republic) s f 68
1952 AO 84 Sale 80
84
18
79
97
35
664 Hamburg (Sare) 05
92
8912 38
1946 A0 81 Sale 81
79
37
67
fieldelberg(Germany)ext1 7146'50 J J 88
937 96 May'31 _
9212 981,
8
37
65
37
8014 914
HelsIngtors(City) eat 610..1980 A0 82
82
8414 28
9614 10212 Hungarian Munk Loan 7145 1945 J J
7712 56
75
944
774 Sale 75
67
Externals I 78
2
983e
72
874
7514 Sale 75 4
Sept 1 1946 J J
,
7514
Hungarian Land M lust 734,'61 MN 75
4
SO
83
8612 80
9.5
58
9818
4
7812 944
80
Sinking fund 7348 fier B__1961 MN 80 Sale 7812
62
9812 Hungary (Kingd of) a f 7%8_1944 P A 10014 Sale 991g
10014 26
994 102
62
984 Irish Fret State esti s I 5s_ __1980 MN 10612 107 106
10612 84 10111 1067
s
62
984 Italy (Kingdom of) esti 7s_1951 J O 0934 Sale 9612
1401
927
99 4 1001
,
66
984 Italian Cred Consortium 75 A '37 MB 95
96
9214
94 4 15
,
9214 9912
65
983
4
External sec 817,ger B _1947 MB
98
85
9312 91 4
,
94 4 35
,
681a 981s Italian Public Utility esti 78_1952
94
86
97
8912 Sale 88
78
85
983 JapaneeeGovt30-year e t 61431954 FA 10812 Sale 1055
s
4
8
1063 163 1024 1063
4
60
92
Esti sinking fund 5348.1965 MN 9612 Sale 9513
4
918 973
4
973 123
4
69
88
Jugoslavia (State Mtge Bank)—
5212 70
Secured,I g 7e
83
86
1957 AO 804 Sale 78
7614 8511
52
75
Leipzig (Germany)a t 78
1947 P A 86 Sale 86
4
8812 12
773 95
4812 693 Lower Austria (Prov) 734t._1950 J O
4
_., 97
1
90 10014
9712
9712
1033 10818 Lyons(City of) 15
4
-year 68...1934 MN 105 Sale 105
1053
4 15 1033 196 3
4
'
85 4 9712
,
Marseilles(City of) 15-yr 68.1934 MN 105 10512 1053
8
4 23 1037 1071s
2 1053
75
8712 Medellin (Colombia)634s_.1954 J O 43 Sale 42
40
75
44
16
1073 111
8
Mexican Irrarat Asian 4148_1943
7
7 May'31
84
1015 105
8
Mexico (US) eati fd of 1899 E '4/ Q
_• _ Apr'30
- 26
1104 11618
s
818 812 9 May'31
Assenting 5a ot 1899
194/
1073 111
4
Assenting 58 large
11
11 Feb'31
114
814 30
5
5
Aaaenting 4,01 1904
10
10
4 2 614 5
,
95 100
Assenting 4s of 1910
55 1114
55 May'31
8
8
1
944 994
6
6
Assenting rla of 1910 largo----101
4
7018 91
43
4
8
28
_
43
Assenting 48011910 small
4 95
4
812 May'31
Trees 6a of'13 assent(large)'33 i"
66 084
815 134
54
812 May'31
92
8
Small134
15
87
302
543 Milan (City. Italy) earl 6148 1952 AO 86 gale 8412
4
755 91
4
125 364 Minas Gems(State) Brazil—
8
2512
2914
2312 65
19
1112 34
263 35
4
External a t 6 ka_1958 M
2714
35
234 65
30
25
10334 106
Ertl sec 6 Me aeries A ___1959 51 S 26
5212
80
49
6012 29
50 92
92
Montevideo (City of) 7e_ _ _1952 JD 51
3
33
57
45
701a
844
External.1 Os series A_ _ _1952 St N 56 Sale 55
10412 26 1034.810614
32
70
pricev)_ -1972 MS 1044 Sale 104
Netherlands 68
43
47
36
39'4 11919
784 New So Wales(State) esti 58 1957 P A 424 Salo 404
44
40
4214 31)
99 105
40
External sf68
Apr 1958 A0 42
881,
1063
4 42 1041251(84
90
1943 P A 10612 Sale 106
994 Norway 20
-year esti (la
1074 72 10454 10714
395 724
8
20
-year external 88
1944 FA 10714 Sale 10614
Sale 1024 1027
8 21 1014 103
397 89
8
30
1952 AO 10218
-year external Os
8
4434 83
10312 55 1014 1087
40
-year s t 530
1985 1 D 1033 Sale 10318
8
64
78
External 5 1 55..„Mar 15 1963 MS 10114 Sale 1014 101% 64 10018 1017
2
10012 15
84
95
Municipal Bank extls t 58 1907 J O 100 10012 100
997 1014
2
103 -- -- 103 May'31
70
1001s 10314
9612
Municipal Hank extls t 58_1970
FA 61 Sale 60'x
9
69
6012 83
9314 Nuremburg (City) e431 613
1952
494 8312 Oalo(City) 30
-year sf 68--- _1955 MN 10314 Sale 10314 10414 26 10012 10
412
10114 11
494 854
994 102
Sinking fund 554s
1948 P A 101 Sale 101
10312 103
10312
2 1004 10315
60
77 Panama (Rep) esti 5541-- 1953 .8 2) 103
81
8
Esti a f Par ger A May 15 1963 MN 81 Salo 78
75
69
85
9314
18
18 Sale 1612
14
Pernambuco (State of) esti 78'47 M
164 67
31
17
40
25
76
Peru (Rep of) external 75
1959 MS 28 Salo 25
0014
13
4
100
Nat Loan esti a 16, 1st ser 1960 J O 173 Sale 16
9418 97
15
404
1712 75
Nat Loan esti s 65 2d ser _1901 A0 17 Sale 1615
10312 10814
164 40
68
34
Poland (Rep of) gold 63-1940 AO 68 Sale 65
10015 103
OA 724
4
70
269
103 16912
Stabilization loan 5 f 75...1947 A0 723 Sale 71
71
83
79
149
External sink fund g 8s...1950 J J 75 Sale 74
4512 7718
73
90
354
Porto Alegre(City of) 88
8
1961 J O 3514 Bale 28
28
82
22
781, 95
2712
2
Ertl guar sink fund 7145_ -1988 J J 2512 35
211s 71
8
80
84
25
68
Prussia (Free State) ext1 634e '61 51 S 767 Sale 76
724 8714
754 59
1952 AO 734 Sale 71
684 83
External 5 f 6s
54
6815 83
7012 21
76
89 4 Queensland (State) esti s f 73 1941 AO 704 Salo 70
3
69
99
25
-year external 65
1947 P A 55 Sale 5212
87 100
683
4 17
5014 875
s
46
Rio Grande do Sul esti f 814.1948 AO 40 Sale 4114
484 86
11
35
881s
External sinking fund 64_1968 J D 2514 Sale 22
49
88
2514 45
213 554
4
4
External a t 7a of 1926.-1966 MN 353 Sale 29
50
811
353
4 26
29
65
37
External a f 7s mimic loan-1967 J D 23
27 May'31
b'0
87
27
64
-year of 86_1946 AO 464 Sale 44
Rio de Janeiro 25
86
51
48
45
44
875s
2912 Sale 22
External a f 6145
1953 P A
50
88
3012 69
22
68
Rome (City) esti 614s
1952 AO 86 Bale 8414
54
88
8714 290
78
914
Rotterdam (City) esti 65-1984 MN 1034 10412 104
90
54
10514
8 103 106
Roumania(Monopolies)78-1959 P A
85
73 Sale 73
50
83
73
744 16
Saarbruecken (City) 65
1953 3 J 80
5114 85
84 84
81
89
84
3
50
3912 93
864 Sao Paulo(City)a f 8s__Mar 1952 MN 40 Sale 394
40
17
Enamel 8 f 654,of 1927-1957 MN 3112 Sale 273
144 28
254 847
3112 22
4
s
100 1033 Ban Paulo (State) esti of 83_1936
'
5 4212 Sale 3812
8
38
424 11
93
724 8914
External see sf88
25
1950
39
J 36 Sale 25
36
8414
External sf7s Water L'n-1958 M
42
78
444 18
254 761,
4434 Sale 30
External 5 f 85
2018 587
414 78
2412 27
1968 J J 244 Sale 2312
a
604 105
Secured 8 f 78
4814 73
65
88
1940 AG 69 Sale 65
83
Santa Fe(Pro? Are Rep)71_1942 51 S 683 Salo 61
61
LO
90
094 27
8
22
84
10
7815 98
784 Saxon State Mtge Inst 78.-1945 J O 803 Bale 823
4
4
74I 09334
794 sale 7914
Sinking fund g654,_ _Deo 1946 J
9612 101
7914
5
9314 9612 Seine, Dept of (France)ext1 78'42
J 10718 Sale 10718 10714 50 1064 108
98
84
75
87
Serbs, Croats & Slovenes 80_1962 MN 87 Sale 84
40
93
80
181
78
92
External sec 78 ser B
55
844
1962 MN 80 Sale 70
40
42
8
4112
60
8814 Sydney (City) a f 654,
70
4212 45
1955 P A
5614 Sale
5614 49
5214 59
55
53
794 Mesta (Prov of) esti 7s
1958 J D
60
6612 10
Silesian Landowners Assn 68.1947 P A 6612 Sale 65
98
93
80
98 100
10734 43 103 10814
Solasons(City of) esti 613— —1938 MN 1074 Sale 10712
91
7
85
85
91
80
875 Styria (Prov) external 7s_ _1946 P A 80
951s
4
Low
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 5.
dee
Price
Frtaay
June 5.
Wales
Range or
Lae) Sale.
Ask Low
Foreign Govt. & Municipals.
so
Sweden external loan 594e..1954 MN 105 Sale 10418
8
Switzerland Govt eiti 5149_1946 A0 1057 Sale 10518
81% Sale 81%
Tokyo City 5s loan of 1912_1962 NI
External 8 f 544e guar_ ___1961 A0 95 Sale 94
Tolima (Dept on ext1 78_.__)947 MN 49 Sale 4812
4
Trondbjem (City) let 540_1957 MN 9912 993 9912
3D 10012 Sale 100 4
Upper Austria (Prov) 7e._
,
9014 90
External of 644s June 15 1057• D 90
8
Uruguay .Republic) ext1 8s.1946 FA 847 Sale 7512
1960 MN 85 Sale 55%
External a f 68
4
May 1 1964 MN 63 Sale 583
Extl f Os
/
4
Venetian Prov Mtge Bank Te '52 A0 1001 Sale 9918
4
803 Sale 853
4
Vienna (City of) esti a f 68_ _1952 MN
Warsaw (City) external 7e. _1958 FA 53% 5414 515a
Yokohama (City) eat! 68._.1961 3D 5412 Sale 994
Ran,,
Since
Jan. 1.
High
106
106
8214
9518
49
99%
1005
8
90%
847
8
68
63
10014
8718
65
9954
Railroad
104
104
4
Ala Gt Sou let cone A bs____1943 J O 1023
94 May'31
98
1943 .1 D 90
let cons 4e eer B
93 9214 May'31
Alb & Susq let guar 3445_1946 AO 89
0014
Alleg & West isle gu 4s___.1998 A0
90 4
,
9912 May'31
Alice Val gen guar g 45
1942 MS 98 100
7012 72
7112
Ann Arbor let g 4e.._July 1095 Q
7112
Fe-Gong 40_1995 AO 1007 Sale 994 1007
8
Ateh Top & S
8
9812
AO
Registered
9812
957
8
Adjustment gold 4s_ July 1995 Nov
96
12
Stamped
97
July 1995 MN 9612 Sale 95
MN 9318 ____ 9412 May'31
Registered
4
4
Cony gold 48 of 1909
963
4
1955 ID 963 Sale 963
974 9618
Cony 48 of 1905
96,
8
1955 3D 95
4
8
Cony g 48 issue of 1910
1960 3D 947 973 9414 Apr'31
Cony deb 414s
1948 J D 113 Sale 11112 11312
9612
964 977 9612
8
Rocky Mtn Div let 45_ .1985 J
993 May'31
9918 100
Trans
-Con Short L lot 4e.19514 J
4
Cal-Aria let & ret 494s A_1962 MS 1044 106 1043 May'31
4
Atl Knots & Nor let g 50 1946
D 1023 ____ 10312 Feb'31
,
99
ABA Charl A L 1st 444a A 1944 3, 99 10012 99
8
let 30
-year 58 series B
1944 33 1003 10412 10314 10314
9414 89 May'31
91
Atlantic City lot cons 48_1051 ,f
97
AEI Coast Line let eons 4e July 52 M S 97 Sale 95
___' 9212 May'30
Registered
MS 91
10014
9912 101 100
General unified 43.4e ---1964
87
L & N coil gold 4a __Oct 1952 M N 8612 Sale 8612
AtIA Dan let g 48
4212 49, 4178 May'31
2
19483
40 May'31
204e
19483
70 May'31
A ti & Tad lot guar 48
1949 A 0 6214 77
Austin & N W let gu g 68
1941 J J 100 105 104 May'31
98%
Bait & Ohio bog 48__ July 1948 A 0 9814 Sale 97,
97
July 1948 Q J 97 Sale 9514
Registered
89% Sale 98
10014
20-year cony 494e
1933 M
993 Dec'30
4
M S
Registered
1013
4
Refund & gen 5a series A 1995 J D 101 Sale 100
103 Mar'31
D
Reglatered
10612 10712
let gold 58
July 1948 A 0 1117
D 107 gale 10512 108
_.b951
Ref & gen Os series C
98%
PLE& W Va Sys ref 45-1941 M N 98% Sale 9712
1950 J .1 10314 Sale 10212 10312
Southw Div let 58
Tol & Chi Div let ref 45 A_1059 J .1 8414 Sale 8414
85
10014 Sale 100
Ref & gen Ss aeries D__2000 M
10114
1060 F A 8912 Sale 86
Cony 414e
897
a
4 - - 105 May'31
Bangor & Aroostook let 5a 1943 J J 103,
92
1951 3 J 9114 - - 91%
Con ref 4e
92
71 Feb'31
_
Battle Crk & Stur let gu 34_1989 J D
100 May'31
ioo
Beech Creek 1st gu g 4e
1938 J
1936
2d guar g ba
J 10012 ---- 100 Jan'30
88 Mar'31
Beach Crk ext let g 31 a
1051 A 0
/
4
_
Belvidere Del cone gu 394o.l94SJ J 89
/ 88
1
1944 J D 954 - .7g -0712 May'31
Big Sandy lot 48 guar
9812
Boston & Maine let be A 0.1987 M S 0712 Sale 97%
4
99
1955 M N 98 Sale 943
lot ra 5s series 2
8412 8318 May'31
Boston & N Y Air Line let 48 1955 F A 83
____ 9814 May'31
J 98
Brune & West 1st gu g 48_1938
Buff Roth & Pitts gene 58_ A937 M $ 10314 10412 10314 May'31
7312 Sale 7312
1967 M
Consol 43.48
7414
102
Burl C R & Nor let & Coil 68_1934 A 0 10118 Sale 100
No. Low
High
41 1043a 108
33 1037 197
8
5
7712 83
110
8812 06
2
4018 76
12
974 10014
23
c104
/
4
981
6
87
91%
30
70 104
118
49
88%
9
5114 814%
36
933 10 8
8 07
151
835 89
8
97
51% 70
83
95 100%
2
1
212
1
6
54
2
2
384
5
3
23
_
28
7
12
86
11
351
94
27
142
22
65
26
53
175
-
7
-__-
Cinada Sou cone gu 58 A___1962 AG 10712 10812 10712 10712
102
Canadian Nat 4/
1
4ELSept 15 1954 MS 101 Sale 101
101 Sale 101
30
1013
1057 J
-year gold 41
4
/
4s
102
Gold 43.4e
1968• D 100% 1014 101
8
1067
Guaranteed g Se._ __July 1969 3, 10618 Sale 106
Sale 106
Guaranteed g be -_Oct 1969 AO 10618
107 2
,
1970 FA 10612 Sale 10612 107%
Guaranteed g fte
104
/
4
Guar gold 411a-June 15 1955 J D 1031 Sale 103
4 113
Canadlan North deb a f 7e 1940• D 1127 Sale 1123
8 120
25-year e t deb 8448
120 Sale 1197
1946
-- 11314 Jan'30
Registered
____ 103
10312
10-yr gold 41
/
4s___Feb 15 1935 FA 153
88
Canadian Pao Ity 4% deb stock.. J 3 8718 Sale 85
4
Col tr 41
995 Sale 9812
8
992
/
4a
1946 M
1063
s
So equip It ate
1944 3, 106 Sale 106
10314
102
Coll tr 2 56
J o
Dee 1 1954
Collateral trust 4545
1960 ii 9912 Sale 9914 100
-98% Oct'30
Carbondale & Shaw let g 48_1932 MB 96
Caro Cent let rouse 4e ..1949 33 ___ - 8 68 Mar'31
697
10318
Caro Clinch & o lot 30-yr5a_1938 3D 1031 104 103
8
10814
let Jr con g (te set A Deo 15 '52 J o 108 Sale 108
_ 92 Apr'31
Cart & Ad let gu g 48
1981 3D
1;2% 78 May'31
Cent Branch U P tote 4a
1948 ID 91109%3
Central of Ga let g ba_Nov 1945 FA
2 -_ 10312 May'31
98
8
Consol gold be
1945 MN ____ 977- 95
MN ____ 100 100 Feb'30
Registered
88
__ 877 86
Ref & gen 5/ series B___1959 AO
1
413
87 May'31
Ref & gen be aeries C
78
1959 AO
Chatt Div pur money g 48.1951 J D 8614 ____ 8712 May'31
101 May'31
Mao & Nor Div let g 58_1946'.1
Mid Ga & Atl Div pur m Sell 33
__ 10112 10212 Sept'30
10112 Apr'31
Mobile Div let g 50
1946 ii
Cent New Keg let gu 4a__ _ _1961 3 3 ____ 8714 87
87
9612 96 May'31
Cent RR dcBkg of Ga coil Se 1937
N
Central of NJ gen gcad5a
114
1987 33 114 Sale 114
_ 11212 May'31
Registered
1987
• 3 11238
General 413_
1987 .1 .1 96
9714
9S2 8714
Cent Pao let ret gu g 4a
9814
1949 ISA 98 Sale 9614
Reglatered
FA 94
93
95 May'31
Through Short L let gu 45 1954 AG 9612
963
8
968
Guaranteed g ba
1980 F A 100% gale 993
4 1013)
Charleston & Say'h let 711_1938'.1 110 111 109 Mar'31
Cbes & Ohio let cone be
1939 MN 10618 ____ 107 May'31
Registered
N 104
1939
____ 1034 Mar'31
General gold 4148
1992 MS 10512 Sale 105
10014
MS 10212 ____ 1023 May'31
Registered
8
A993 0 1015 ____ 10012 102
8
Ref & Inapt 444s
__1995.1' 1017 Sale 10012 1017
8
Ref & Inapt 44414 ser B
8
Craig Valley lot 5. May 1940 3' 105 106 10312 May'31
Potts Creek Branch let 15_1946 J J 9518 _ _ 9412 Mar'31
j
975 10914 c102 May'31
8 - R & A Div 1st con g 48-1989
1989 33 9213 _
93 Mar'31
26 consol gold 48
Warm Suring V let g 58._1941 MS 10213 ____ 10434 May'31
Cneep Corp cony lie_May 15 '47 MN 954 Sale 883.,
958
693 6812
8
Chic & Alton RR ref g 313..1949 AO 60
6938
60
71
07
Ctt den stpd Apr I 1031 Int_
67
4
/
48___ _1950 33 793 Sale 793
4
Railway first lien 31
793
4
/
4
Ohio Burl& Q-III Div 3348_1949.1, 9118 Sale 911
9112
_ 91
J
Registered
Jan'31
-55" 100-14 9978 100
1949 J
Minot, Division 40
987 100
8
9914
1958 M
100
General 4e
1977 FA 10312 Sale 10214
101
/
4a
let & ref 41 eer B
8
let & ref 5tieerlea A ----1971 FA 108% 111 11095
C Cash eale
a Option sale.
____
41
.54
20
19
4
18
39
46
46
42
13
40
86
37
17
108
30
21
38
58
BONDS
N. Y. STOCK F.XCLTANGE.
Week Ended June 5.
E•4
4205
Price
Pridcw
June 5.
Ask Low
High
945 99 May'31
8
31
32
33
101312 106 May'31
Sale 53
62
10614 10614 May'31
Apr'31
987 101
8
Apr'31
9314 91
70
74% 75 May'31
747 87 Mar'31
8
933 May'31
4
8
10012 -- 1005 May'31
81
823
4
4
813 84
_ 84
Oct'30
8
703 717 7314 May'31
8
9512 90
92
91,
4
93 May'31
94
92
9612
9512 Sale 95
5912
5714 Sale 50
1912 Sale 15
2012
79
79 Sale 7514
7912 Mar'31
70
80
88%
87
8912 87%
87
9212 88 May'31
10112 103 10112 c10312
10612 Sale_ 10612 107
10512 July'30
i5iT2 Sale 10112 10112
99
99
107% 108
94
91
813
81
4
813
4
81%
____ 81% St
72
70 Sale 65
Lila
Chicago & East III lot 8e..1934 AO
C & E III Hy (new co) eon be .1951 MN
Chic & Erie let gold 5s
1982 MN
Chicago Great West let 4s 1959 M
Chic Ind & Louley ref 8s._ 1947 J J
Refunding gold 5s
1947 J J
Refunding 4s series C__1947 33
let & gen be serlea A
1968 MN
let & gen 8saer 11. Mar 1966
'
3
Me Ind & Sou 50-yr 4s
1050 J J
Chic L S at East bet 440_1069 ID
J
Ch M & St P gen 4sA_May 1989
Registered
Q
Gen g 31 Fier B__May 1989 J J
/
4a
Gen 444a series C .,.May 1989 33
Gen 4 4Seserles E____Nlay 1989 j .1
Gen 4/ series F _ _ _ _Ntay 1989 3 3
1
4e
Chic 14111w St P & Pao 5E1_1975 FA
Cony adj156
Jan 12004) AO
N
Chic & No West gee g 31
/
48_1987
Q F
Registered
1987 MN
General 40
Stud 40 non-p Fed Inc tax '87• N
Gen 41 stud Fed Inc tax.1987 MN
/
4e
Gen 5s stud Fed Inc tax_1987 MN
MN
Registered
Sinking fund deb Is
1933 MN
MN
Registered
15
-year secured g 6348
1038 MS
1st rot g 5a
May 2037 J I)
lot & ref 41
May 2037 3D
/
48
let & ref 41 ser C May 2037 J
/
4e
Cony 41 series A ____1949 MN
/
4e
;Vest's
Range or
Lan Sale.
3014
106
6112
1055
8
Ral,ge
Since
Jan. la
No. LotO
HI,')
99 10112
47
30
50
10418 108
175
58
60 4
3
104% 110
100% 1023
4
91
93
34
75
9.J14
87 100
9318 96
9958 10118
44
793 87%
4
80
11
356
1023 105
4
94
91
675
891 9214
/
4
44
86
9014
44
087 9912
8
7112 8014
17
975 101
8
99
21
96
9312 97%
94
2
9812
9318 9411
913 963
4
4
6
9414 0715
9414 914
40
11112 122
933 97
4
267
05
9918
102 106
903
4 30
4
Chic R I & P Railway gen 48 1988 J J 903 Sale 80
Jan'31
_
10312 10312
112
91
J J
Registered
97% 993
933 328
4
4
Refunding gold 48
1934 A 0 -93% Sale 8518
10212 105
0614 Apr'31
A 0
Registered
86
81
39
9418
Secured 41 eerie! A __1952 M S 81 Sale 75
/
4a
95
7212 146
08
Cony g 4/
1960 M N 72% Sale 6512
1
4
8
10414 May'31
CI) St L & N 0 beAune 15 1951 J D 100
"55- 102
102 N1ar'30
Registered
8013 9234 Gold 314E4
8512 Nlay'31
Juno 16 1951
40
52
/
4
____ 911 9112 May'31
Memphis Div let g 4a____1951
30
40
1017 Mar'31
8
Ch St. L & P let cons it 58
1932 A 0 10118 --__ 101
Feb'31
65
75
17.agistered
8 31. ..i5
'
10114 10414 Chic T 11 & So East lot 55...1980• D 6512 6912 6412 May 3 .
96
e 10334
o 51
98%
Inc gu 56
Dec 1 1960 81
927 97
8
10412
Sale
5
Chic Un Sta'n let gu 41 A _1963
8
/
4
98 101%
8 100%
3
1st Is aeries B
S 1°56 z ____ 1063
3 0134
J
1963
10514 19
1944 J 0 10514 Sale 10514
Guaranteed g 50
97% 1043
4
4 116
16
4
let guar 611e aeries C _1963 J J 1143 115% 1143
103 103
91
52
Chic A West led con 411
J 91 Sale 89
1952
105% 109
8 1044 19
let ref 51 eerier' A
/
4
8
1962 M S 10414 Sale 1003
105% 1101 Choc Okla & Gulf cons 56.-1982 M N --------103 Apr'31
/
4
'2
95% 99
9918 May'31
Cln H & n 2d gold 4/
1
4s_
1937 J J
10018 10512 CI St LarC1et g 4e_Aug
9 2 May'31 ---8
2 1936 Q F
83
9818 Apr'31
86%
Registered
Aug '2 1936 Q
May'31
90 1048 CID Leb & Nor let con
4
N 9314 05
gu 48- 1942 M F. 93
86 c99
Sale 10514
Cln Union Term let 440_2020 JJ 10514
105% 7
103 105
984A pr'3
1
_
Clearfield & Mall let gu 5s__1943 j
861: 9212 Cleve Cin Cla & St L gen 48_1993
933
4
i
D 628 gale 92
1J 4
71
71
110 Feb'31
General 58 series B
1993 J D 102
9712 100
10455 104%
2
_
1941
ltef&Impt6oeorC
8
Ref & leapt 5s 8PC D
1963 J J ioi Sale 10312 10414
855a 88
974 38
Ref & front 43-48 set E
1977 J 3 9714 Sale 9614
10112 Jan'31
When issued
- 1.
0/ 2
9912
7
Cairo Div let gold 4s____1939 • j og%9814
9718 I0314
9312 14
Cin W & M Div let g 48..1991 J J
543 10314
4
St L Div let coil tr g 4s-90
7
1909 3i N -99-01 11. 083 Feb'31
m
81
5
85
9023 A p31
0954
Spr & Col Div 1st g 4s...1940 N I 0 6-22 99_71
98
98 4
,
W W Val Div let g 4E1_1940
10112 10314 CCC&I gen eons g 66-.1934
0 1(144 ____,10418 May'31
.1
723 90
4
4
Clev Lor & W eon let g 69__1933
10155 ___-!10113 Apr'31
110 102% Clevel & Mahon Val g 6s___1938• j 101
____110118 May'31 _
CI & NIar ist gu g 4/
1
414
1935 M N 10018 101% 10012 May'31
105 10812 Cleve & P gen gu 444a eer 8_1942 A 0 10155 -...1 98 Dec'30
98 10214
Series 13 31 8
/
4s
1942 A 0 917 ____ 87 Mar'29
9714 10212
Series A 4 41s
110114 Nov'30
.1 10018 1942
. Serles C 394a
2
9711 1021
a y 31
825I NJen: 8
9 4
6
8 38
8
N N
1948 iel A 89
104 10814
Series D 31
/
4a
1950
103% 10814
Gen 414s ser A
4
1977 F A 1033 ____.105 May'31
104 1073 Cleve Shot Line let gu 41
4
/
48_1961 A 0 10312 Sale 10312 10312
1003 104
8
4
Cleve Union Term let 51
1103
4
/
49.1972 A 0 11055 111 110%
11018 113
3
let 8 f 15s aeries B
8
1973 A 0 1065 1074 106% 106%
11612 1201
/
4
lot s f guar 4%8 series 0_1977 A 0 104% Sale 1023
4 10418 18
Coal River Sty let gu 4s___ _1945 J D 955 ____ 92 Apr'31
8
IOUs 1141- Colo & South ref & ext
1
101 Sale 99
10112 94
4448-1935 M N ____ 90
85
8914
Genl rn 4/
90 May'31
1aser
4
1980 MN
9812 10112 Col dr II V let ext A
8
A 0 94 ____ 967 May'31
g 443
1948
102 107
Col de TO bet ext
9512
9
97 2 9512
,
1955 F A 94
101% 10512 Conn & Passum 48
____ 90 Dec'31) _
Riv 1st 48_1943 A 0
9818 100
Consol Ry non-cony 42 4
• J 723 804 7258 Nlay'31
1954
72%
4
8
deb 4s
1955 J J 7255 744 725
-55" 7E- Non-cony deb 48
Non-cony
1055 A 0 72.4 ____ 7214 Apr'31
102 104
Non-cony debenture 48_19511 J 3 7212 75
73 May'31
107% 10912 Cuba Nor
39
43
Ity let 514e
1942 J D 3712 Sale 3712
ill
92
Cuba RR let 50-year 5a g
52
50
59
7
40
1952 J 1
78
83%
let ref 71 aeries A
7412 37
/
48
1936 J 0 7212 Sale 7212
101 103.2
1st lien & ref (le ser B _1936 .1 0 65
8
65
65 5
8
70
95 1024
Del & Hudson
N
"id" 166- 30-year conylet & ref 45_1943 AO 9814 Sale 9714 984 57
4
103
103 10312 103
1935
ba
8612 95%
15
106
21
4
-year 51
/
4s
1937 MN 105 1053 105
87
88
D rot & Bridge let gu g 4s_ _1936 FA 9512 ____ 100 Apr'31
100 102
Den & KG let cons g 4s__ _ _1936 .1 .1 8912 Sale 8914
91,2 153
95
1
95 95
Cense! gold 444e
1936
1-615- Den & RU West gen ba_Aug 1955 33 52 Sale 42
8
39
52
F A
85
89,4
65
Ref &
71
15
70
AG 65
9512 991, Des 81 &inapt Se eer B_Apr 1978 3' 6
8 Apr'31
_
20
Ft D let gu 4e_ _1935
11218 115
5
5
2
5 Sale
Certificates of deposit
10912 11412 Des Plaines Val let gen 410_1947 MS
94 Mar'30
_
/
4
87% 9812 Det & Mao let
8 Apr: 1
____ 35 Dec330
• D 30
lien g 48
1955
95% 99
Gold 4s
1995 3D
95
97
Detroit River Tunnel 4448_1901
103
30
N 10118 ____ 102
9514 98% Dul MIssabe & Nor gee 5s 1941
____ 10318 Dec'30
J 104
99% 10516 Dul & Iron Range lot 5s_
1937 AD 10314 104 10318 May'31
109 109
Dui Sou Shore & All g
_
45 May'31
44
' 43
3
_1937
104% 10712 East Sty Minn Nor DivIs.... '43 AO 963 ____ 97% May'31 _
4
let 4e
101 10312 East T Va & Oa Div bet 5s 1956 MN 107% 110 10714 May'31
10318 1087 Elgin Joliet & East
8
10414
1
58_1941 MN 10414 ____ 10414
102 102% El Paso & 8 W lst late
1063
4
7
1985 AO 104 Sale 104
5a
9812 10318 Erie let cony g 45 prior
35
863
4
88
1996 .1 J 8714 88
9912 1023
4
91
86 May'31
Registered
1996 33 84
10214 10312
let consol gen lien g 4e _ A996 3' 72 Sale 70
7212 80
94% 9412
68 Dec'30
Registered
1996 3J
9314c102
Penn eon trust gold 45 _1951 FA 095 Sale 995
8
995
8
924 94%
50-year cony. 4s series A 1953 AO 7012 Sale 694
70% 36
104% 1043
4
51
70
Series 13 _
1953 AO 6912 Sale 68
8834 101%
Gen cony 4saerlea D
1953 AO 72% ____ 7312 May'31 _ _ _
6712 73
772
222
218
66
512
Ref & impt Ss
1967 MN nis sale 6
87
70
Ref & inlet Saul 1930__ 1975 AO 72 Sale
79% 793
4
Erie & Jersey Isle t 6s _1955
' mkt ____ 11112 11214 34
3
89
92%
ly 1
4
103
1103 11412 10354 ma 1033
4
Genesee River 1st a 1 6a 1957 J
91
91
.1
/
4s
Erie& P1104 cog 31 ear 15 1940
96% 10014
857 Oct'29 _ _ _
8
.• 1
1940
Series C 314e
06 2 100
,
Fla Cent & Pen let cons g be '43 J J ____ 8778 85 May'31
100 10412 Florida East Coast let 4348_1959 In 6718 75
70 May'31
1073 110
4
8
18
20
let & ret 55 aeries A
1974 NI 5 18 Sale 175
-
8
16
17
7
26
79
27
39
100
256
4
2
2
13
4
23
10
16
6934 7584
90
9612
8812 9813
95 101
50
78
15
35
751 81
/
4
771 7912
:
91
88
8612 91
10218510112
108 11012
100" 1(12%
99 10112
10714 10912
94 103
81% 96
81
95%
65
93
86
96
91
91
83
9912
9814 9812
95%
75
6512 92 2
,
10312 10414
8.4% 8511
911
:
90
101 101%
101 101
88%
80
51
73
102% 105
1045 1004
8
10338 105 4
3
8
4
1145 1161
/
4
871 92
8
14 0% 1057
:
4
1013 1031
98 100
tig
99
9818 9818
93
96
103 106
9814 9814
112
97
1095 110
8
1033 105
8
10311 105
9614 101%
4
100 1013
97
9911
94
91
931,
90
9514 95
34
9518 9518
103% 104 4
,
101% 1011
/
4
101 101%
1001: 101
92¼ 8255
101 105
10214 10412
10814 11114
10518 1C913
4
10118 1043
92
RN
99 10218
89% 973
4
92
96%
93% 91 2
,
"6914
68
70
68%
3712
60
70
59
7414
72%
74
47
70
12
8018
705
8
9514 9914
100% 105%
10312 10612
961 100
:
894 99
95 101
42
83
65
85%
8
8
5
6
"5/1
85
fOiti
jai" 164
3612
96
14
104%
104
102%
841
4
82
70
60%
9712
108
104%
106%
89 4
3
8711
791
4
681 161%
. 4
6812 78.12
68
787
:
7012 7312
6512 84%
66
84
109 11214
168118 11413
93 8 935
,
8
Ri
93
871 80
/
4
1718 31
4206
New York Bond Record—Continued—Page 3
BONDS
11. 'Y. STOCK EXCHANGE
Week Ended June 5.
Fonda Johns& Gloy 151 414e 1952
Fort St 11 D Co lat g 414s-1941
Ft W & Den C let g 51i8-1961
Frem Elk & Mo Val let fts_ _1933
OH&SAM&P 2d ext 58 gu '31
Oalv Holm & Hand let 6e_ _ _1933
Oa & Ala Ry let cons Se Oct 1945
Oa Caro & Nor let gu g 55'29—
Extended at6% to July 1_1939
Georgia Midland let Is
1946
Gouv & Oewegatclale 156 58..1042
Or R & I ext let gu g 4190_1941
Grand Trunk of Can deb 7e-1940
1936
15
-year f 6a
1947
Grays Point Term let be
Great Northern gen 7e set A-1936
Registered
ist & ref 43(s series A __ __1961
1952
General 5348 series B
1973
General &s series C
1976
General 414s series D
1977
General 4149 aeries E
Green Day & West deb oils A---Debentures ars B
Greenbrier Ry let go 4e.__.1940
Gulf Mob & Nor let 5148-1950
1950
let M Sa series C
Gulf & 41 1st ref & ter 5s_Feb '52
Hocking Val 1st cons g 434s1999
1999
Registered
Housatonic Ry cons g 5e _ _ 1937
H & T C lst g 5s int guar_ 1937
newton Belt & Term 1st 58_1937
Houston E & W Tex let g 58_1933
1933
lst guar 55 redeemable _
Flud & alanhat let 5s ear A_1967
AdjustmentIncome 5s Feb 1957
1111nola Central 1st gold 49 —1951
1951
let gold 3he
Registered
Extended let gold 334e---1951
1951
1st gold as sterling
1952
Collateral trust gold 4s
1965
let refunding 45
1962
Purcnased lines 3Mo
Collateral trust gold 4e_ _1953
1955
Refunding 5e
15-year secured 6hog — 1936
40
-year 4s
Aug 1 1968
1950
Cairo Bridge gold is
Litchfield Div 1st gold 3s-1951
Loulav Div & Term g 33481953
Omens Div 1st gold Bs__ _ _1951
St Louis Div & Term g 88-1951
1951
Gold 3he
Springfield Dly 1st g 3349_1951
Western Lines let g 48 - — 1951
III Cent and Chia St L & N 0—
1963
Joint lst ref Esser's§ A
let dr ref 4 he series C
1983
fed Bloom & West let ext 4a_1940
Ind Ill& Iowa 1st g 45
1950
Ind & Louisville 1st gu 4s
1956
1965
Ind Union Ry gen baser A
1965
Gen& ref to aeries B
1952
Int& Grt Nor let 6a eer A
Adjustment 6e eer A _July 1952
let &series B
1956
let g 6e series C
1956
Ent Rye Cent Amer let 5e
1972
1941
lstcolltr6% notes
let Hen & ref 6348
1947
Iowa Central 1st gold Ss_ _1938
Certificates of depoalt-----1951
Refunding gold 413
lames Frank &Clear let 48- _1969
1938
KaeA & G R let gu g 58
Kan & M 1st gu g 4e
1990
K C Ft 5.8 M Ry ref g 45_1936
Kan City Sou let gold 3s
1950
Ref & impt 68
Apr 1950
Kansas City Term 1564s _ ___1960
Kentucky Central gold 45_ _1987
Kentucky & Ind Term 9343-1961
1981
Stamped
1961
Plaln
Lake Erie & West let g 5a- - -1937
1941
2d gold 5e
Labe Sh & Mich So g 3Ms- — 1997
1997
Registered
Leh Val Harbor Term gu 58_1959
,
Leh Val N Y ist gu g 4 he. 1940
Lehigh Val (Pa) cons g 42003
Registered
2003
General cons4He
Lehigh Val RR gen be serles_2003
Lela V Term By let gu g 5e_1941
Lehigh & N Y 1st gu g 43—...1945
Lax & East let 50-yr Es gu- —1 85
9
Little Miami gen 48 series A_1962
1935
Long Dock consolg6s
Long 55.4 1st con g Es_ _July 1931
1st consol gold 4e____July 1931
1938
General gold 45
Gold 4e
1932
Unified gold 4e
1949
1934
Debenture gold 611
20
-year pm debee
1937
Guar ref gold 4s
1949
Nor Sh B let con gu 5s Oct'32
Loulsiana & Ark ist 5a ser A_1968
L01118 &Jeff Bdge Co gd g 418_1945
Louts-vine 42 Nashville 5e
1937
Uoified gold 4e
1940
Registered
Collateral trust gold 58_ _.193l
let refund 534s Relies A- _2003
bit& ref &series B
2003
let & ref 4 he series C
2003
Paducah& Mem Div 4e_ —1946
St Louie Div 2d gold 3s
1980
Mob & Montg
4He 1045
South By Joint Monon 40_1952
All Knoxv & Cin Div 0_1955
Loulsv Cln & Lax Div g 434531
Mahon Coal RR 1st Es
Manila RR (South Lines)48-19 9
1934
1959
lst ext4a
Manitoba SW Coloniza'n 6e_1931
Man GB & NW 1st 3 he-1941
Mex Internal let 43 smut_ 1977
Mich Cent—Mich Air L 48-1940
Jack Lane & Sag 3
--1951
1952
let gold 334s
Ref & impt 4 hs eer C.._ _1979
c Cash sale.
Standing.
Price
PHdalt
June 5.
Weel's
Range or
Lag sate
Range
Since
Jan. 1.
BONDS
N, Y. STOCK EXCHANGE,
Week Ended June 5.
High
High No Low
Au Loto
BM
6
17
1713
1712 Sale 173
e
2812
95
9712 9618 Aug'30 — -3 10578 1 W1106
( 4
1057 --- 106
10318 10512
105 104 May'31
104 89912 100 4
8
100% 10014 May'31
9912 9934 Mar'31
_
9612 100
3 30 57%
3014
5E04 40 30
4
86
86
73 Jan'31
10312 Apr'31 _1
1018
8 10128
17
11212 113
8
10818 108 8 56
96 Nov'30 _ _
1054 gific 10814 1103t 254
10912 May'31 -9912 Bale 9912 100 44
36
8
1077 Sale 10734 109
27
104
1018 Sale 101
8
9813 74
9778 Sale 9538
977 149
8
9714 Sale 9528
5018 75 6712 Apr'31 _ _
1412 Apr'31
1119 12
9614
_ 95% Mar'31
_
_ 16 97 Mar'31
8712 88
io Sale 80
s
10113 - 1037 May'31 ---8 24
10314 1068- 10312 1037
- 4
10012 Apr'31
1003 -- 10078 May'31
4
10114 -- 10114 May'31
3
102
102 -- 102
10118
- 10114 May'31 -10112 102 10113 May'31 -9912 202
99 Sale 9812
7712 108
77 Sale 7628
87
67
--lOarz10112
11284 Sale
10814 Bale
86
_
9434 May'31
8512 Apr'31 _
8614 June'31 _ _
8512 May'31 70 Mar'30 _
8574 21
85 Sale 8478
84
38
82 Sale 81
8412 8814 85 May'31
34
Sale 73 ' 80
80
3
97
9984 97
97
1077
8 19
10778 Sale 106
7513 47
Sale 7112
7512
_
92 Mar'31
91
90
-- 7728 May'31 ---79 8418 May'31 76%-73
71% - -- 76 Apr'31
3
7518
79 7518
7212 84
1
8412 84
81
85 Feb'31
2
893
4
892 Sale 89%
t
943
4
-8814
80
8018
90
40
99 Sale 89
8012 92 May'31
80
9212 ---- 9138 Jan'31 _
95
2
9478
8612 Feb'31
4
2
1.02% Sale 10284 1022
102%- 10212 May'31
82
18
-1 e
£3
.
80 9 - 79
50
77
4
498 Sale 47
73
10
7112 78 71
72
20
7112 7812 71
6712 17
Sale 6712
6714
10
66
5712 6812 66
59
2
__ 5788 59
1214 May'31
12
1312 12 May'31
_
-2
47
8 3 May'31
_
9312 9612 96 May'31
103 May'31 _ _
103
8934
1
89%
35%
39
92
92 Sale 87
7834 54
7514 sale 73
24
89
89 Sale 73
97% 46
9712 sale 97
2
938
8
93%
9314 .--2
93
93
93
87. 92 9112 May'31
86 89 Apr'30
.
4
4
4 1013
10112 ---- 1013
100 4 May'31
8
8512
7
85% Sale 83%
_
8412 May'31
1
10512 10712 10512 10512
28
100
99
101
99
8514 124
8
85 Sale 837
4
813 90 83 May'31
4
9918
4
983 Sale 988
4
1
8
10312 103% 10328 1038
1
102
102 105% 102
1
9914
9414
9214 95
5
109
4
107% 1138 109
9112 May'31
9118
-- - 10618 May'31 _ _
106- - 1004 May'31 _ 10018 101
8
4
10018 1008 987 Sept'30
98
,- 98 Apr'31
19 9878 Apr'31
93
9512 May'31
- - 10112 May'31 15
10214
102
100%- 102 10212
95 4
3
8
95% Sale 9514
1021z 10113 May'31 -- -50
62
48 Sale 39
95 9414 May'31
93
103%
- 103 May'31
8 56
998
99% Sale 9912
9412 Nov'30 - _
iooit 302 10118 May'31 - 11
10413
s
10312 1047 104
6
____ 104% 103% 104%
9818 43
9812 Sale 97
95 Dec'30 _ _
8
5
6814
698
-ar7E2
-lova ---- 10134 May'31 --14
89
Sale 89
89
9613 May'31 -4
4 100%
100% - -- 1008
2
102
102
102%
4
78 743 Apr'31
70
69 68 May'31
100
5
85
187- Bale 9912 Apr'31
9012
212 Dec'30
16" 9914 May'31 0728 081,
79 May'26
9028 May'31 - -"ioit
100 111-34- 10112 May'31
Mid of N J lst ext Se
1940
Mil & Nor let ext 4345(1880)1934
1939
Cone ext4 he(1884)
Mil Spar & N W lst gu 4e- - _1947
Milw & State Line 1st 33411- _1941
Minn & St Louis let cone 58-1939
CUs of deposit
1939
let & refunding gold 48_1049
86 95
Ref di ext 50-yr ros ear A-1962
73 73
Certificates of deposit
10318 105
M St P.858 M con g4s Int gu'38
1stcona 58
1938
4
99% 1013
11018 11318
let eons es gu as to Int — _1938
10
10514 10E04
-year coil trust Oho— - _1931
let.8 ref(is series A
1946
lC8's 112
25-year5he
1949
109 110
letref 5 hs ser B
1978
99 102
let Chicago Term s f 4s — _1941
107% 111
101 9108
1949
Mississippi Central let 5e
95% 100
Mo-Ill RR let Se ear A
1959
95
9978 Mo Kan & Tex let gold 49
1990
6713 6713 Mo-K-T RR pr lien 5e ear A-1962
1418 21
40
1962
-year 4s series B
95% 95 s
Prior lien 4146 ser D
3
1978
8
9618 997
Cum adjust 5e tier A_Jan 1967
80 92
Mo Pao lst& ref Esser A
1966
10314 104 4
8
Oenerai4s
1975
10118 1067
lst& ref 5s series F
1977
8
10012 10012
let&refg5sserG
1978
99 10114
Cony gold 534s
1949
let ref g 5s seriesH
1980
100 10112
10014 103
1981
1st & ref 6a ser I
100% 10114 Mo Pao 3d'beat at4% July 1938
100 10188 Mob & Blr prior lien g 58— - _1945
98 10214
Small
74
79%
1st M gold 98
1946
Small
9318 96
Mobile di Ohio gen gold 48._ _1939
85 84522
Montgomery Div let g 68-1947
8614 8614 Ref.8 impt434s
1977
8512 87
1938
See 5% notes
1991
Mob & Mal let gu gold 4s
- - 7896
i
1
1937
MontC let gu 6e
81 93
1937
let guar gold toe
Ri/ 83 Morris& Essex lia gu 3he 2000
19
73 90
1955
14
Conetr M Se ear A
97 106
1956
Colmar M 4 ha see B
106 110
Nash Chatt& StL 4eser A-1978
7112 100
1937
901a 93
NFla&S lstgu Es
75% 7812 Nat Ry of Mex pr lien 4 he- -1957
82% 8514
July 1914 coupon on
7512 78
Assent cash war rct No.4 on
7518 73
Guar 4s Apr'14coupon-1877
8113 8414
Assent cash war rct No. 5 on
55 85
Nat RR Mex or Hen 414e Oct'26
89% 93
Assent cash war rct No.4 on
1951
bat consol4e
89 10214
Assent cash war 1st No 4 on
98
82
1959
Naugatuck RR let g 48
91% 918 New England RR cons 59-1945
8
9488 9711
1945
Consolguar 413
8484 8818 NJ Juno RR guar 1st 49_ _ _ _1986
1023 10338 N O&N E let ref & impt 410.4'52
8
102% 10412 New Orleans Term 1st 4s_
1953
78 90 N 0Texae & Mex ns)Dm 58_1935
37 65
1954
let 68 series B
65 81
1956
let 58 series C
66 8012
1956
1st 4 he series D
66
78
1954
lst 512s series A
66 8314 N & C Edge gen guar 4 hs_ __1946
7312 NYII&MBIstcong 50_1936
59
12% 16
12
15
Y Cent RR cony deb fie. __1935
8
6
1998
Conso148 series A
94 9678
Ref &!rapt 430series A 2013
103 103
When issued
84 9212
Ref&impt 5a series C _ _ _2013
.
87 9918 NY Cent & Bud Riv M 310 1997
73 81%
Registered
1997
83 102 4
3
1939
Debenture gold 4s
9314 97%
30
1942
-year debenture 48
Lake Shore coll gold 3148..1998
91% 94 4
3
1948
Registered
Mich Cent coil gold 334s_ _1998
88's 04
93 93
Registered
1998
N Y Chic & St L let g 411- —1937
10118 10314
Registered
1937
10014 1003
6% gold notes
1932
4
8388 8718
Refunding 534snries A_1979
83 85
Ref 434e series C
1976
10312 10712 N Y Connect let gu 414e A 1953
1953
99 10112
1st guar Es series B
9378 9018 N Y & Erie let ext gold 4e_ 1947
1933
83 86
3d ext gold 410
9678 100%
102 106114 NY&OreenwLgug5s1945
101% 10418 N Y & Harlem gold 3he_ _ _2000
NY Lack & W let Cc ref 5058'73
84 96
let & ref gu 419s ser B__ _1972
108 110
1932
9118 9312 N Y &Jersey lst 5e
NY & Long Branch gen 48_ _1941
104 108
NY &NEBoetTerm4e1939
10018 101
1947
NYNFI&Hn-cdeb4s
Non-conv debenture 33.0_1947
95 98
Non-conv debenture 310_1954
9812 98%
Non-cony debenture 4e —1955
90% 9518
Non-cony debenture 4e---1956
181 102
1956
Cony debenture 3 hs
9815 10214
1948
Cony debenture 68
92 953
4
Registered
10015 101%
1940
Collateral trust6e
39
76
1957
Debenture 4e
94 9714
let & ref 434e Der of 1927 _ _1967
103 10318
Harlem R& Pt Ches let 481954
8
9715 1007
ioi"
NYO& Wrefg 43June —.1992
102
1955
General9s •
10152 106%
NY Providence & Boston 4.6 1942
10318 106
96% 10214 N Y & Putnam let con gu 48_1933
N Y Swig & West let ref 5e-1937
1937
2d gold 454e
1940
General gold Es
100% 1018
4
1943
Terminal let gold Es
88 95
4
891 96% N Y W'ettes & B bat ear I 4 he'46
Nord Ry ext'l sink fund 634e 1950
100 101
Norfolk South 156.8 ref A 68.1961
Norfolk & South let gold 56.1941
10114 102
737 7714 Nort& West RR impt& ext es'34
8
7212
New River let gold 6s.__ _1932
87
N & W Ry 1st snug 4s.-.1996
9818 100
Registered
1,9
9012
90
Rift let Hen & gang 48..1949
Pocalt C & C joint 45
1941
Ws 9914
North Cent gen & ref 58 A_ _1974
1979
Ws 4658 Gen & ref 414 ger A
1008 10888 Narth Ohio let guar g 68-1945
8
-or
Prise
Priddi
June 5.
Ask
Bid
80 90
10112 Sale
97 Sale
94
_
gi
"fi
24
13
312 4
8
8 14
8
13014 8212
7278
90
_
9212 Sale
72%
62
70
9238 Bale
9428 _ _ _ _
Wars
Range or
Lasi Bak1.
8818 May'31
53 May'31
88
89
8218
9014
811g
77%
91 May'31
6912
7212
80
83
54
5814
7612
83
8318
7612
60
70
7634
83
7612
831z
97 May'31
100 Mar'30
9914 96 May'31
90
894 -- 89% Apr'31
7812 1712 80 Apr'31
93 80 May'31
967 9912 Apr'31
8
8
____ 547 6712 Apr'31
-698 80 May'31
7
1 ____ 90% 90%
109 May'31
lo872
8
104 _ _ 1037 Apr'31
85
8312 Sale 8312
10618 10714 107 May'31
1013 102 10012 10218
8
95%
9514 9613 9512
104%
- 10384 Apr'31
- -- 18 July'28
- 12% July'28
--218
212 2
2
3 Mar'31
2
3
412 318 May'31
4
---- 3512 July'28
2
4
4 Bale
- -- 22 Apr'28
2
2
2 Sale
_ 86 Apr'31
101 10313 01 May'31
86-- 8912 92% 9078 May'31
92 Mar'30
75 95 85 May'31
9314 85
90
84
____ 90 9878 Mar'31
65
65 Sale 68
8
64 Sale 637 ' 64
50
53 66 50
69
69 Sale 62
97% 100 8714 Feb'31
191% -- 101 Apr'31
104 Sale
8
858 Sale
84 Sale
10138 Sale
9812 Sale
8284 838
4
76
8413
8514
84
8212 84
99 Sale
93 Sale
85% 89
72 Sale
101(2
104
9712 _---
0312 104
93
9614
9412
98
9378
978
4
0112 10512
84
85%
84
84
01
10112
9812
9812
9278
8314
81 May'31
84
84
8212 Mar'31
9834
9914
9314 Mar'31
88
93
8478
90
69
7212
03 May'31
0512 May'31
0288 Mar'31
10 June'30
9614 Feb'31
88
88
below.
037 Mar'31
8
0138 10112
10132 621e
94 Apr'31
88% -- _ 7514 July'29
87%
- 87%
8312
87%- i 8312
80 8
7378 80 8012May '31
8613
8512 88 85
8614
8618 Sale 8412
79
79 Sale 79
114%
11212 Sale 110
11112 Apr'31
i( 8i4/1612 10514 105%
)
73 Sale 718
4
73
9312
9313 Sala 91%
9414 96 95
9518
36
47
14
iio
3
195
232
48
138
92
563
4812
51
42
42
96 Mar'31
95 May'31
Ws 74 72
72%
s
- 697 75 Mar'30
40
ao
so so
101 May'31
loots
e
al gita-- 77% 91
107
107 Sale 106
1914
193
8
1918 20
738 76 85 Apr'31
8
104
104 Sale 104
10138 103 10214 May'31
10013
100 10013 100
9714 Jan'31
9914
99 9912 9914
99
9814 99% 99
10612 ---- 107 Nov'30
103
103- 103
1912 9414 Apr'31
----
88 97
63 6114
87 92
8218 1004
7778 92
91
98
6912 96
80 100
51
76
7613 9912
76% 99
60 101
7684 99
7612 95
8s
9513 99
IF 91
4
19
27
8838 92
AS
79
80 83
9918 102
67% 69%
73 90 4
8
88 9314
105 10914
10214 103%
83% 86
1061 10884
:
100% 103
12
91% 95
84
10218 1038
4
4
—2- -1%
3
8
34 6
2
2
7
2
414
86 87
3
99 4 10114
88 93
"iti"
18
.11
85 93
148 100%
58
948
4
8
14
6378 9478
50 72
1
29 62 101%
96 100
101 1013
4
2
4 1031s 1073
4
921e 971
126
1
13 9412 104
519 93 841003
7
s
128 1011s 109
25 8334 8714
5 84 85%
4
156 100 1018
7
2
9784 98 8
8218 85
19
78 821s
17 8214 85
80 34
9712 10012
184
10
105
-i13- 102
8
847 107
68 93
102 1038
4
104% 10612
9288 92%
96
86
_948
5
R612 _ —
See Note •
102_
5018 Sale
37 42
91%
Range
Since
Jan, 1.
High
Lots
High No Low
8713 87%
8712 May'31
16
9712 102
10112 102
97
9813 13 97 100
94 May'30
9214 95
90 Apr'28
15 May'31
16 May'31
4 May'31
8 May'31
10 Nov'30
3 -8134 8114
8278
85
_
7412 8412
7412 May'31
5 83 9412
83
8518
35 90 10012
90
93
89
81
81 Apr'31
10 62% 67
92
93
21
91
948
4
9238
93
9588 Dec'30
_ _ 8912
____ 54
89 Sale
90 Sale
78 Sale
79
9078
7214 Sale
83 Sale
57% Sale
83 Sale
83 Sale
6912 Sale
8312 Sale
8212 Sale
9512
102 105
9378 Sale
9712 Sale
18
101
04
97 4
8
88
10378 1037
8
100Ia 10214
89 09
11 -gra 10
1
;
3 81 84
73 8113
10
83 98
31
S012 8718
1
70 83
97 110 118 4
8
11112 11512
18 104% 1061s
7
7111 777
8
81
8
8
90 3 95 4
4
891 95%
4
36
3
2
87
3118
96
924
70
8
527
44
96
9t14
78
5 "iii" 81
9812 101
7718 8712
48
38 105 108
46
3 19
77
811
4 104 105
10214 102%
34 96 100%
84
9612 9714
97% 100
8
3 96 100
1
iidis 103
90
97
should have been ref. 4343 of 1973. No bonds of the let & ref. 15e of 1973 bale out
Option sale. •Sale at 10314 reported on March 10 was an error,
New York Bond Record -Continued-Page 4
't 3
2
BONDS
N. Y. STOCK EXCHANGE. t
Week Ended June 5.
Lt.
Week's
Price
I
Range of
Frtdar
Last Sale.
June 5.
a
E7,
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 5.
4207
Price
Friday
June 5.
Week's
Range or
Lass Sale
Ask Low
Bid
High No
High
Low
High No Low
712
7
712 Sale
9
Seaboard All Fla let gu 68 A-1935 FA
9213 97
933
4
95
85
7 May'31
7
95
1935 FA
Series B
91
93 May'31
90 Nov'30
_
96
6514 6914 Seaboard & Roan let 5s extd 1931 J
673
4
683 111
4
102
Oct'30
67
S & N Ala cons gu g 5s
65
1936 FA io2i3
66 May'31
110
12
2
Gen cons guar 50-yr be_ _ _ _1963 AO 110 110 110
94 101
9412 10
9412 963 94
4
93
93 Sale 9212
16
4
4 110
108'12 Sale 1073
67 1073 11312 So Pac coil 45(Cent Pac coil) P40 J
10012 138
10014 Sale 9814
lst 4 35e3(Oregon Lines) A.1977 M
9814 10512
9934 Sale 9814 102
26
10314 10
1934 J D 10318 Sale 103
20-year cony. Os
10012 11 lull 10512
100 Sale 100
92
917 Sale 90
8
25
105 19633
Gold 439s
1968 M
10638 110 10638 May'31
93
110
1023 1033
3
8
10333 Mar'31
1969 MN 9212 Sale 88
Gold 4399 with war
104
91 1018
(30 77
1981 MN 9012 Sale 8512
Gold 439s
697
8
60
8
97
4
56
97
973
4
07 May'31
San Fran'rerm let 45
9618 100
1950 AG 963 Sale 9614
10318 May'31
l0318
1017 1023 So Pac of Cal let con gu g bs 1937 M
3
3
10238 Mar'31
103
4
-- 96 June'30
102 103
103 May'31
So Pac Coast let Cu g 4s _._.1937• .1 973
1023
4
9714 60
93
973 So Pac RR 1st ref 4s
4
1955 ii 97 Sale 95
97
97 Sale 9614
18
9512 Mar'31
107 10925
10812 110 109 May'31
Registered
J J
9213 May'31
10914 -- 10914
10914
Stamped (Federal tax)_1955 J
2 107 10914
9213 98
955 Sale 94
8
96
83
4 4'
1063 Sale 10618 1063
4
Southern By 1st cons g 158.... 1991 J
10512 May'31
30
60
Pacific Coast Co let g 5s_ _1946 J I
12
14
30 May'31
J J
Registered
79
84
78 4 Sale 7514
,
9518 08
Pao RR of Mo let ext g 48-1938 FA 963 9814 963
4
4
963
4
3
Bevel & gen 433 series A ___1956 AO
102
58
101 102
1938 J 1 10178 ___ 102 Mar'31 _
2d extended gold 58
Deedl & gen Os
1956 AG 102 Sale 100
106
57
10018 10153
Paducah & Ills let ef g 4 As_ _1955 J 1 10118 ____ 10158 Apr'31
1956 AO 106 Sale 10414
Develop & gen 6355
8
3
Paris-Lyons-Nled BR esti(35 1968• A 10413 Sale 10412 1043
4 84 104 1067
Mem Div 1st g tgi
1990 J J 1013 106 102 May'31
8
9012 31
10614 10714
Sinking fund external 75_ _1958 M S 1063 Sale 1063
8
8
107
2
St Louis Div let g 45
1951 J 2 0013 Sale 887
993 Feb'31
4
_
Paris-Orleans RR eat 63413-1968 MS 1013 ____ 10134
1017
4
8 19 10113 105
East Tenn reorg lien g 58_ _1938 7,1 S 10018
85
167- 94 May'31
97
8414 85 May'31 _ _ _ _
Paulista By let et rote f 733_ _1942
70
Mob & Ohio roll tr 43
1938 NI 5
35 May'31
973 987i3 Spokane Internal let g 68_ _ _1955 ii -55" 40
4
-8
Pennsylvania RR cone g 433_1043 MN 997 ____ 987 May'31
8
87
Oct'30
973 101
3
Coneol gold 48
52
1948 MN 10012 100) 9912 101
Staten Island fly lst 43.9s_ _ _1943 J D
9714 Apr'31 _ _ _ _
98 1003 Sunbury & LewLeton let 45_1936 .1 .1 "6/
8le sterl stpd dollar_May 1 1948 MN 9734 10014 9914 May'31
55
85 May'31
I
10614 106
Consol sink fund 4398_19(30 , A
1063
8
5 105 C10714 Tenn Cent let Os A or IL _ _ _1947 AO
102
1
Term Assn of St L let g4 W-1939 AO i5'2 103% 102
General 439e serlea A
1966 J D 101 sale 10058 10112 45 100 105
General (Is serlee 13
109
32 10714 11114
1968 J o 108 Sale 10714
lst cons gold 5s
1944 P A 10514 10618 10514 May'31 _ _ _ _
94
9414
12
9914 94
F A 10912 Sale_ 109
15
11014 104 1074 11012
Gen refund s f g 48
-year secured 03is
1936
1953 J J
983
3
10914 10914 Texarkana & Ft Ei 1st 5 X9 A 1950 FA 967 Sale 96
FA
8
10914 Feb'31
4
Registered
100 10312 10012 Feb'31
4
40
-year secured gold 58_ _ _1964 MN 15428 Sale 10212 105
27 10214. 1063 Tex & N.0eons gold &Lam(1943 J
_
9014 9913 Texas & Pac let gold 55
9413 240
AO 9414 Sale 9014
Deb g 4 Ms
1970
2000
D 10412 10812 110 May'31
95 Mar'29
0434 98
2d Inc5s(Mar'28 eponiDec2000 Mar
4
1981 AO 963 Sale 95
963 303
4
Oen 4315 ser D
91
94
91
19
Pa Co gu 339e coll tr A reg-1937 131 S 9414 ____ 94 Apr'31
Gen & ref be merles B
AG 91 Sale 8812
1977
9018 9112
89
29
Guar 339e coll trust ser 13.1941 FA
9112 Mar'31
Gen dr ref 53 series C
9113 96
1979 AG 8818 Sale 8412
91
37
9728 9738
Guar 3398 trust etre C
8
1942 J O 9014 ____ 973 Jan'31
Gen dr ref Os series D
1980 SD 91 Sale 89
8
J O 9014
893 9313 Tex Pac-510 Par Ter 5393_ _ _1964 NT S 102 104 10212 May'31
Guar 339 trust ars D
9312
9312
1
1944
10158 May'31
8
92
95
Guar 4e ser E trust ctfs_ _ _1952 MN 9438 98
rot & Ohio Cent let(CU Os. _1935 J J 1013
95
1
95
10014 Mar'31
N 10034 Sale 10012 10112 74 100 10213
Flecured gold 4!is
1963
Western Div let g 55
1935 AO
4 1003
13
4
99 102i2
3
-4
Pa Ohio de Bet let & ref 434eA'77 AO 100 1013 99 8
8
3
10012 44
Gen gold 5s
I) 1171113- 1E 1003
_1935
90 May'31
80
90
88
Peoria & Eastern let cone 4s_1940 AO 843 Sale 843
5
4
Tol St I- & W 50-yr g 48
4
843
4
1950 AO 88
13
13
100 1003 100 Mar'31
4
20
13 Mar'31
5
April 1990 Apr
Income 45
1931 2J
To1WV&Ogu43.9sA
Peoria di Pekin Un let 6348-1074 FA 1023 10312 1023
1 100 10312
4
4 1023
let guar 4345 series B
4
1933
J 9918 - - 10018 Apr'28 _ _ _ _
8618 10514
Pere Marquette let ser A 68_1956
92 Sale 8618
92
let guar 48 serifs C
40
1942 MS 96313 -- 9618 Apr'31 _ _ _
87
8
953 Toronto Ham & Buff 1st g 4s 1946 J I) 943 ____ 9412 May'31 _ _ _
3
76
81
89 May'31
1956
1st 4e series 13
79 10112
1980 MS 8512 Sale 79
latg4j4eeerleeo
8513 74
90 8 Jan'31
5
947 100
8
Phila Ball & Wash let g 48-1943 MN 9818 ____ 100 May'31
Ulster & Del 1st cons g 5s_ _ _1928 .213
1974 FA 10812 ____ 109 May'31
109 10912
8412 65 May'31 _
General 58 series 13
SW as to Dec'28 & J'ne '30Int
7312 Feb'31
_
1977 J J 10314 Sale 10314
Genl g 439sser C
let cons be Ws of dep
1035
5 104 104
8
53
44
Jan'31
__
2218 237 22 May'31
2118 20
PhIluppme By let 30-yr a t as '37 J J
8
let refunding g 4s
1952 AO 24
1025 1023 Union Pao 1st Mt dr Id gr 4s_1947 J J 101 Sale_ 10018 c102
9
4
Pine Creek reg let 6s
1932 J O 1023 ---- 10234 Apr'31
150
4
9912 May'31
PI*ts& W Va let 4 Me ser A _1958• D
93 951z
93 May'31
Registered
2J
let M 439s series It
9713 35
1)212 9514
1959 AO 90
92
94 May'31
let Ilen & ref 45
June2008 MS -553 "11824 9718
8 102
1st M 439e series C
8
92
19611 A 0 93
17
95711
9312 9312 May'31
Gold 43413
.1 1013 Sale 1015
1967
C C & St L gu 4 Ms A
8 11114
11012 Sale 1103
6
101 103
1940 AO 10114
lst lien & ref 58
10212 May'31
June2008 Si
Series B 43433 guar
99 103
1942 AG 10113 103 103 May'31
943
4 90
4
40
-year gold 45
1968 J D 943 Sale 9312
9818 Mar'31
Series C 4398 guar
99
1942 MN 93 Sale 93
93 102
N J RR &Can gen 4s
93
1
1944 MS 98
100 Sept'30
Series D 9e guar
1945 SI N
951 98
3
Utah & Nor 1st ext 4e
98 Apr'31
1933 J J
Series E 33.03 guar gold .1949 FA 913 ____ 95 June'30
9514 _- 96 May31
4
Vandalia cons g 4s series A _ _1955 P A
Series F 4 guar gold -..1953 J O
"FA, 975
9738 Apr'31
Cons a f 4a serle.s 13
51 N 9514 -- 98 Mar'31
1957
314 12
Serles 0 4s guar
3
1957 SON
212 3
9812 10114 Vera Cruz & P assent 4395....1934
993 ---- 10114 May'31
4
Series 11 cons guar 45
9734 ____ 97 Nov.30
11160 FA
15
Virginia Midland gen 58
1936 MN 101 ---- 10112 102
10012 May'31
1963• A
Series Icons guar 4(,4s
103 iiiE" Va & Southw'n let gu be_ -- 003
_ 105 Mar'31
_
2
50
100 4 10512
52
Series -I cons guar 439e-1964 MN lcilia 1161210513 May'31
51
,
21
let cons 50-year on
1958 AO 49
D 108 Sale 108
1033
8 27
3
General NI be series A_ _ _ _1970
10812
4 108 1103 Virginia By let be serial A_ _1962 MN 1033 Sale 102
4
10014
3
Gen mtge guar Os eer 13.-1975 AO 10718 1093 10712 10824
4
let NI 439e series 13
12 1071z 11012
1962 MN 10014 Sale 99
1013
4 17
9914 1023 Wabash RR let gold 55 ..,...1939 MN 1003 Sale 100533
gen 439eserles C
4
8
3
1977 J J 1013 Sale 10012 1017
3 37
__
____ 977 9912 May'31
1023 103
8
103 Apr'31
Pitts NIcK & Y let go 6s _ _1932 J
4
2d gold Os
1939 FA
67
13
74 60
2d guar 631
1033 104
8
104 Mar'31
1934 J J 103
Ref dr gen sib W err A.. _ _1975 MS 64
9818 May'29 _ _ _ _
Pitts Sh & I. E let g 60
101 1031.3
____ 103 May'31
1940 AO 103
Deb Os series; 13 registered_1939 J J
8612 Feb'31
J J 10314 ____ 1003 Aug'29
_
let consol gold 58
4
1943
let lien 60-yr g term 4s.__1954 J J
1017 May'31
8
N
__
923 NIar'30
Pitts Va & Char let 45
4
1943
Del& Chle
1941 J
-1")E3 9228 Des Moinesext let bs 4s_ _1939 J J 82 108 8818 Apr'31 _ _ _ _
84 923 Jan'31
78
Pitts Y dr Ash let 45 ser A _ _1948 J D
Div let g
82 May'31
10511 10512
92 10512 Apr'31
82
let gen 5e series 13
1962 FA 90
Omaha Div 1st g 339e_ _ _ _1941 AO 79
_
let gen Os series C
9312
1074 J D 93
To!& Chic Dly g 4/3
1941 MS 9014 95 90 May'31
5612
5914
4
57
56
76
68 2
Providence Secur deb 48_ _ _ -1957 MN 6614 ____6813
1 -Eirz Wabash Rs ref & gen be B
.1A
1976
57
28
874 8912
8912 May'31
Providence Term 1st 4s _ -1956 MS 8812 01
1978 AO 57 Sale 5512
Ref & gen 4398 series C
70 May'31 _
95
67
97
98
9613
Reading Co Jersey Con coll 48 '51 AO 94
9612
Ref dr gen Se series I)
1980 AG 59
81 Nov'30
J 101 Sale 10012 101
__
Gen dr ref 4398 series A _ 1997
39 100 10318 Warren let ref gu g 3(45,.. _2000 P A
0 142
0
833 Feb'31
8
Gen & ref 4398 'wiles 13-1997 .1 .1 101, sale 10012 10112 24 1(1014 103
Wash Cent Ist gold 48
1948 QM
9238 May'31 _ -113
Oct'30
9212 94
1941 MN
Rensselaer & Saratoga 6e
Wash Term let gu 3398
P A
1945
9514 9812 87 May'32 _ _ _ _
Rich & Meek 1st g 48
- 8 7013 Sept'30
7671948 MN
let 40-year guar 4e
1945 ▪ A
Melon Term rep let go 58-1952 J J 1 '01- ____ 103 Sept'30
77
30
Weet'n Maryland let 4s
,.1952 AO 76 Sale 76
82
51 100
100 May'31
Rio Grande Jund 1st gu 55-193 J O
87
10
let & ref 539s series A
9
1977 J J 87 Sale 10418
-_
Rio Grande Sou let gold 48_ _1949 J J
2
214 West N Y & Pa 1st g 633
214 -- -_
May'31
214
214
1937 ii 10414
712 Apr'28
214 _
9712 97
Guar 45 (Jan 1922 coupon)'40 J J
97
1
Gen gold 4s
1943 AG 97
J J 90 -545 Viz". Weetern Pac let 58 ser A __ 1946 MS 70 Sale 70
92
93 May'31
Rlo Grande West let gold 48_1939
7012 70
80
8112 -1
807 8112
8
8812 West Shore lot 48 guar
let con & coil trust 45 A _ _1949 AO
9112 Sale 9112
9331 77
J
2361
•S 9318 Sale 813
RI Ark & Louis ler 43.4e_ _ _1934
813 10114
4
4
89
931.3 43
2361 J J 8714 90 89
Registered
69 May'31 _
69
75
_1949 J J
973
4
3
Rut-Canada let gu g
Wheel ALE ref 4(9e set A _ _1966 M S 9731 Sale 97
J
9113 Apr'31
8214 92
10014
Rutland let con g 439e_ _ _ _1941
10038
10014
5
13___ _1066 M
Refunding 55 series
91
91
2
9018 92
RR let consol 45
1949 NI
877 93
8
St Joe & Grand Tel let 45._1947 J J 03 Sale 93
93
4
18
463 4513
.3
Wilk & East let go g55
453
4
1942 J D 45
95 101
98 95
St Lawr & Adlr let g 5s __-1996 J J 90
95
10214 May'31
2
Will& SF 1st gold be
8
1938 J D 102,
AO 00 101 100 May'31
26 gold 65
100 103
1996
10
97
1960 J ) 06 Sale 96
Winston-Salem S B let 45
St Louis Iron Mt & Southern
54
51
51
Who Cent 50-yr let gen 48_ _ _1949 J J
5213
6
N 96313 Sale 88
88 1003
9638 111
1933
RP,& CI Div let g 48
8
503 577 60 May'31
8
8
Sup& Duldly & term 1st 4536
N
5018 8912 Wor & Conn East let 434s_ _1943 .8 .1 7418 9034 80 Mar'31
St L-Han Franc pr lien 45 A _A950 J J 66 Sale 5018
66
297
.
40
Con M 439e series A
86
1978 MS 0614 Sa_..1e_ 6490,8
755
J O
Mar'31
693 693
Registered
3
8
INDUSTRIALS.
73 Sale 59
59 102
1950 I J
Prior Ilen 55 series B
7418 93
4812 47
Abitibi Pow dr Pap let 513____1953• D 46 Sale 4412
983
St Louis de San Fr Hy gen 69_1931 J J 997 100
8
4
97,4 10118 Abraham & Straus deb 5393_1043
1
983
4
J J 100 Sale 99
1931
General gold 55
100
45
9714c10212
8
10014 23
With warrants
AO 9914 Sale 987
106 103 Mar'31
103 10873 Adriatic Elec Co esti 7s
St L Poor & NW 1st gu 58._1998 J 1
8
99)4 10
1952 A0 987 Sale 9812
MS 55 100 09
St Louis Sou 1st gu e
99
99
99
30
873 863
8
8
8712
3
Adams Express coll tr g 9s_ A948 MS 86
7112
St 1.8W let g 4e bond ctfe.1989 SIN 7018 75
73
7112 877 Ajax Rubber let
14 Feb'31
16
1
14
8
JO
15-3781 81- 1938
52
26 g 4s lee bond etre Nov 1989 J J 52
72
62 . 4
52
10 Mar'31
714 10
783 Alaska Gold NI deb Os A___ _1925 MS
4
62
Congo] gold 45
71
6812 14
65
1932
6012 10013
Cony deb 68 series 13
•S
714 ---- 6 Mar'31
1926
lst terminal & unifying 63_1952 J J 45 Sale 4478
45
15
747 9713 Albany Perot Wrap Pan 68- -1948 AG 56 Sale 55
8
11
58
9418 13
St Paul et NC Sh List 430_1941 FA
9418 Sale 8438
843 9812 Allegany Corp col tr bs
3
65
123
6512 Sale 5718
1944 P A
St Paul & Duluth 1st 5a_
8
1931 FA 10012 101 1003 Apr'31
3
100 1003
Coll& cony 6s
6212 76
D 61 Sale 51
1949
1st consol gold 40
93 May'31
1968 ID 9214 99
93
89
Coll & cony ba
105
59
1950 AG 58 Sale 50
St Paul E Or Trk let 4398_ _1947 .22
9913 Aug'30
Allis-Chalmers Mfg deb 55_ _1937 MN 10118 Sale 10012 10133 60
St Paul Minn & Man con 43_1933 J J 155"
10012 102
14
9811 102
76 Sale 76
797
8 11
Alpine-Montan Steel lat 75_ _1955 M
ma%
1933 J J 10428 Sale 10412
let consul g (38
7 10311 1051 Am Agile Chem let ref 3f 71.4e '41 FA 10318 Sale 10318
:
104
19
1933 J J 10014 102 1003
6!reduced to gold 43913
4 102
24 1003 102
4
Amer Beet Sug cony deb 68._1035 P A
25
30 May'31
30
J J
Registered
100 Apr'31
100 100
17
8
8
American Chain deb a f S9.__1933 AG 987 Sale 987
100
1937 J
9914 Sale 9914
Mont sit let gold 4s
9914
97
9912 Am Cyanamid deb Os
3
38
1942 AO 87 Sale 87
_ 96 May'31
Pacifle ext guar 45 (eterling)'40 2) 9412
93
Am& Foreign Pow deb 58
96
208
77
2030 MS 7814 Sale 74
8 11113 11 10918 11112 Amer Ices f deb be
St Paul Un Pep let dr ref 58_1972 .2 .1 11112 Sale 1103
2
75
'
7712
13
1953
_1943 .22 95 Sale 9112
05
S A & Ar Pane let gu g 4s-__
03
30
967 Amer 10 Chem cony 5345..1949 MN 97 Sale 9612
8
9934 142
10314 May'31
Santa F's Prea & Phen let 58_1942 NI $ 102
10218 10514 Am Internal Corp cony 534s 1949 J
8712 141
8514 Sale 85
4
10412 Mar'31
Bay Fla & West let g Os._ _1934 AO 1043 _ _
3
106
104 1043 Am Nlach & Fdy A f (3e
4
4
1939 AG 1053 106 106
1934 AO 102---- 1013 Apr'31
4
8212 14
let gold 58
10013 1013 Amer Metal 539% notes__ _1934 AO 79 Sale
4
9713
98
Scioto V & N E let gu g 48-1989 MN 9734 100
5 91 9812 Am Nat Gas 6348(with war) 1942 AO 1412 Sale 7878 1413 5
1012
AO 2412 ____ 2513 May'31
Seaboard Air Line let g 48-1950
4 1027
8 73
2512 5412 Am Sm & It 1st 30-yr 58 ser A '47 A 0 1013 Sale 1013
4
1960 AO 25 Sale 23
25
28
Gold 4e stamped
14
23
1937 J J 10378 Sale 10312 104
643 Amer Sugar Set 5-yr Bs
4
,
214 312 312 May'31
Oct1949 1 A
10212 12
Adjustment 5s
Am Telep & Teleg cony 45.... _1936 MS 10212 Sale 10214
2
8
AO
1959
83 10
4
101
912
107
10
8
Refunding 4s
1946 J o 1065 Sale 106
30-year coil tr 631
013 2012
9
10
97
3
4 10812 182
10
8
Certificates of depeeit
1910 J J 1083 Sale 1073
35 yrstelebbe
9
1118
1012 Sale . 03
259
4
1013 79
1943 St N 11012 Sale 11012 111
let & COn9 Os series A _ _ _1945 isi-g
93 19 . 20-year 3 tb34e
4
913
10 Sale
97
4 132
97
8 17
1939 J J 132 Sale 1263
Certificates of deposit
9
Cony deb 4 tis
1413
45
42
42
1965 P A 108733 Sale 10712 10914 267
Atl& 13irm 30-yr 1st g 48.41033 MS 41
5
46
35
-Year deb 68
61
20
1940 AO 100 Sale 9912 1001
Am Typo Found deb 68
North Pacific prior lien 43_1997 Q .1
Q
Registered
Gen lien ry & Id g 38_Jan 2047 Q F
Jan 2047 Q F
Registered
Ref & lmpt 43913 series A_ _2047 ..3
Ref de'met 65 series B____2047• J
Ref dr Inapt be series C _ _ _ _2047 J J
Ref & impt Os series D _ _2047 J
Nor Pao Term Co let g 68_1933 J J
Nor By of Calif guar g 69_ A938 AO
Og &j1.. Chem 1st gu g 48_1948 J J
Ohio Connecting By let 4s__1943 M
1936 J D
Ohio River RR lot g be
1937 AG
General gold be
Oregon RR dr Nay con g 413_1946 J D
Ore Short Line let cons g 58_1946 J J
1946 J J
Guar stpd cons be
1961 J J
Oregon-Wash let & ref 4
Ad
Bid
943 Sale
8
97
68 Sale
C Cash sale. d Due May. k Due August.
a Option sale.
Range
Since
Jan. 1.
Low
High
6
124
618 12
10919 c1 1 1-- 2
92
97
9814 1023
8
102 1033
4
40
9918
88 100
8512 1947s
9212 97h
103 0067
,
95
99
3
953 97,
3
10512 111
1054 10812
7514 883
4
100 11314
10414 1177e
10018 102
88 8 113
5
983 9914
4
93
961s
35
47
-9714 9714
85
92
9912 102
10484 1053
8
9118 95
96 1063
4
10013 10214
10812 113
"8823 100
8312 100
89 101
10073 107
10013 1033
8
100 10014
101114 102
88
94
100 100
951z 9618
89
97
90% 90%
797
61
s
7312 76
63
60
96 1024
9612 9934
9312 983
4
993 1023
4
8
110 113
921a 95
97 4 9813
3
-55" 96"
9613 98
214 43
8
97 103
Ms 1001s
50
77
102 10814
988 102
4
10018 105
9913 10212
60 10213
801t 9413
1017 102
8
88
91
82
90
90
927
8
5612 901s
5512 8912
70
90
-85,7
8
904 9238
87
963
8
76
84
82
983
3
1023 10414
3
0213 97%
70
97
9012 9414
893 93
8
90
99,
3
993 10214
4
80 9311
427. 6314
10214 10214
92
97
47
6612
58'8 80
80
80
4112 78
93 101
86 10012
8338 89
8
14
514 1U
614 C
50
78
57,s 87 3
,
51
8812
50
86
10014 1023
4
94
76
10318 1051s
30
47
98 102
87
96
74
158
75
85
9812 102
85
953
4
10414 103
787 95
8
818 5112
1013 10412
4
103 105
99 103
14
105 10814
love lows
10714 111
12013 135
10514 10914
991s 106
4208
BONDS
N. Y. STo( K FXCHANGle.
Week Ended June 5.
New York Bond Record-Continued--Page 5
E3
Prize
Prtdati
June 5.
Week's
Range of
Lan Sale
Range
Since
Jan 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended June 5.
E3
PrIes
Friday
June 5.
Wesk's
Bangs or
Last Bak.
Rano
Sines
Jan I
Htos
415 Low
Low
BM
MO
814
High No LOtr
415 Low
Am Wat Wks& El coll tr 5s-1934 *0 1024 Sale 102
104
55 101 10412 Federated Metals f 73
89
9
9812
90
1936 ID 89
99
4
89
,
9511
Deb g Caserta§ A
104
10 102 10612 Fiat deb 78 (with warr)
1975 MN 1035 Sale 10318
8
10
4
88
824 Sale 793
793 93
J
4
am Writ Pap let gde
7
55
80
58
77
57
1947 J2 57
93
Without stock punch warrants.
837 Sale 80
8
88
79
/ 924
1
4
64
23
Anglo-Chilean afdob 78_ _1945 MN 63 Sale 60
60
87
Flak Rubber 1s1 t 88
2138
22
6
22 Sale
1941
21
371
e
15
8
Azalea(Comp Asue)711e- _1939 J2 15
10
20
15
20
Framerican Ind Day 20-yr 7)0'42• J 105 Sale 00
77 140 109
105
Ark & Mem Bridge& Ter 68-1964 MS 9812 101
97 1017 Francleco Bug let e I 734e-1942 MN
9712 May'31
8
1
4018 57 45
45
45
69
/
1
4
46
Armour & Co (111) 434e
70 92
76
1939 in 74 Sale 70
Gannett Co deb Os
73
7
75
73
1943 P A
75
33
tO)
J . 65 Sale 53
116
Armour & Co of Del 534 -- -1943
65
53
804 Gas & El of Berg Co cons g 681949 in 106
_ _ 0312 Apr'31
- 10312 10518
934
D 9312 Sale 93
7
Armstrong Cork cony deb 5a 1940
98
91
Gelsenkirchen Mining 68_1934 111 S 873 Sale 87
8812 60
8
8518 94
/
1
4
Associated 0110% gold notes 1935 M S 1023 Sale 10212 1023
26 Ii)? 104
8
8
Gen! Amer Investors deb 58.1952 A 8618 89
86
864 13
/
1
83
9112
8
1 10338 1033 Gen Baking deb if 8He
1947 1 I) 103 -___ 1033
Atlanta Gas L lstos
8
s 1033
98
69
1940 AG 98 Sale 9712
934 984
4
1 Nov'30
Atlantic Fruit 7e etre dee--1934 JO
Gen Cable let f 510 A
11
66
1947 Ji 6514 75 65
924
65
J
123 May'28
8
Stamped Ws of deposit
Gen Electric deb g 314s
98 May'31
1942 FA 9912
95
98
65
54
Atl Gulf & WI BS Leon tr 561959 ii 54 Sale 52
50
68
Gen Elec(Germany)78Jan 15'45 j
9218
9212 95
9218 10
91 104
29 10012 10314
Atlantic Refit deb 58
1937 ii 1011 102 10112 102
/
4
St deb 634e with ware_ _.1940 JO ---- 95 4 91 Dec'30
,
2 10814 i 074
Baldw Loco Werke let 55- 19411 MN 107 1073 107
8
1073
8
Without warets attach1
0411, 08
/
4
1-1940 Jo
953
4
9614 22
20
48
Baragua (Comp As) 7He_ _ _1937 J J 20
20 May'31
38
20
-year a f deb 65
80 Sale 79
84
26
1948 MN
79
92
J 9418 Sale 94
9212 964 Oen Mot Accept deb 6s
9438 88
Batavian Pete guar deb 4148 1942
1937 FA 103 Sale 10212 103
/ 95 1014 11454
1
4
gm, 9212 Genl Petrol let e I 5e
Beidlng-Heingwayda
9212 83
8
1938 J2 9212 Sale 913
1940 P A 10212 Sale 10212 103
15 102 1034
Bell Tele')of Pa 56 series B._1948 J2 10912 Sale 10912 1094 19 107 11012 Gen Pub Bert deb 634e
,
1939 ii 9312 94
934
9412 14
93
96
ter .4 ref Se neriegC__
AO 11312 115 113
115
10 1104 115
Gen Steel Cast 554e with warn '49
80 Sale 80
84
35
80
98
98 2 9812 Oen Theatres Equip deb 68.1940 A 0 33 Sale 23
,
BeneficialIndus Loan deb 6s 1946 MS 9812 Sale 9812
9812 35
174
34
23
74
Mae 824.8 Good Hope Steel & I sec 7e1945 A 0 8012 Sale 8012
74
113
8
[WWI k.ity Liect,e deb 0.28s 1951 JO 7212 Sale 713
22
82
2012 98 4
3
884 863 Goodrich(3 1)Co let6148_1947
74
18
Deb sink fund OM
4
1959 FA 7118 Sale 7118
3
934 Sale 9312
9512 51
9312 10212
8414 8078
Deb6
1955 AO 67 Sale 6518
6838 30
Cony deb tki
59 Sale 5312
1941
59
125
50
78
AO 7014 Sale 701s
8814 8512 Goodyear Tire & Rub 1st 511.1957 aa
72
19
Berea Flee El & Undg 6348.-1956
85 Sale 85
8714 125
1 41
15
96
1043
8 36 10214 108
Beth Steel 181 Os ref be guar A '42 MN 1027 Sale, 10214
Gotham Bilk Hosiery deb 68_1938
8
25
8112 Sale 8112
71.
87
90
30-yr p in & imptsI be_ _1936 J J 103 Sale 103
103
/ 60 1014 104
1
4
Gould Coupler lit t 88
1
57
A
1940
57
/ 57
1
4
,
57
683
77
2
Bing & Bing deb 6 He
77
1950 M
834 Gt Cons El Pow (Japan) 78_1944
77
85
77
8
A 993 Sale 994
9:,34 hilIli
993
4 79
23
3
Botany Cons M1086118
25
35
23
1934 AO
23
lat &gen f 830
9312 Sale 993
4
1950
8115 gist,
9312 83
_
May'31
94 105
1934 MB
Bowman-Bilt Hotels 75
_ 85 94
Gulf States Steel deb 5348_1942
20
53 Sale 53
56
90
53
7
48
7
B'way & 7th Ay let eons 5s._1943 JD
34 611
4
5
4
4
4
4
312 ____ 4 Mar'31
Certificate° of deposit
tlackenaack Water let 48...1952
8
933
4
- 935 May'31
887 93
8
/
1
4
Brooklyn City RR let 5e _ _ _1941 J J
81
87
_
8
Harpen Mining 68 with etk purch
787 81 May'31
Bklyn Edison Inc gen 58 A -.1949 ii 1063 Sale 108
106 4 21 10514 10712
3
4
war for corn stock or Am sbe'49 I 1 60
77 May'31
83
8411
77
983 1024 Hansa SS Lines 68 with wan _1939 A 0 65 Sale 62
4
Bklyn-Manb B T sec 68
1908 J J 1014 Sale 1007
s 1013 396
4
/
1
663
4 35
807
2
62
62
65
Bklyn Qu Co & Sub con gtd 5e'41 MN 6214 69
_
62 May'31
Havana Elec conitol g 58......1952 F A 44 Sale 44
45
13
38
6314
let 5s atamped
6012 6612
1941 J
6612 Jan'31 _
Deb 514s Bence of 1926
1212 May'31
1951 M S 1312 19
1212 aoi2
Brooklyn R Tr let cony g 4.it 2002 .1
9212 June'28
Hoe(R)& Co 1st 6348 tier A.1934 A 0 40
47 40
45
10
40
68
85 "iff, Holland-Amer Line Os(flas)_1947 M N
Bklyn Union El let g 4'58_ _1950 FA "kis
9018
013
4 62
55
60 56
as1
/
Bklyn Un Gm let cone g 58_ _1945 MN 111 11212 111
112
88 10714 112 Houston 011eink fund 514e-1940 M N 8914 Sale 89 May'31 18 894 86
9018
94
MN 11918 __ 1211e
let Hen & ref(le series A _ _ _1947
12118
3 11712 1214 Hudson Coal let s f 5s ear 4.1902 J 13 5812 Sale 56
57
48
51
65
218 218
J
Cony debg 5He
1936
_ 220 218 Jan'31 _
Hudson Co Gas letgsa
2 104 8 107
107
1949 MN 10712 10812 107
7
Cony deb 58
1950 in 10512 Sale 105
105
/ 61 10212 106
1
4
Humble Oil& Refining 530.1932 J J 1025 Sale 101
/ 122 101 c10411
1
4
8
102
Buff & Stem Iron let et5e._ -1932 in 941s ____ 944 May'31
9418 90
/
1
Deb gold 511
67 10014 1023t
4 101
101 10112 1003
Bush Terminal let 45
83
93
1952 *0 91
90 May'31
93
1111110t8 Bell
108 Sale 10512 1064 44 105 107
/
1
A
82 10114 Illinois SteelTelephone 58 A996037 J 0 10418 Sale 103
J J
Consol5a
1955
8
813 82 May'31
/ 10418 38 1001s 10412
1
4
deb 4148
1940 A
9312 1031s Header Steel Corp mtge 6s 1948 F A 65 Sale 65
Bush Term Ilidgs Cal gu tax-ex '60 A0 944 Sale 9312
9
9514
69
14
82
65
Buff Gen El 414 tier B
8
135 101 1073 Indiana Limestone let f 61 1941 MN 3712 Sale 38
107
1981 PA 107 Sale 106
3814 12
33
69
By-Prod Coke let 534s A.
98 104
I945 MN ____ 99
6
100
/ 98
1
4
Ind Nat Gas & 0115a
1 1001s 1003
1936 M N 1003 -- 1005
4 100
/
1
4
4
4
Cal Ok E Corp unit & ref 56_1937 MN 10514 Sale 1054 105 4
2 103 10514 Inland Steel let 4 He
,
74
3
1978 A 0 947 Sale 93 4
8
95
93
/ 97),
1
4
89 4 100
3
Cal Pack cony deb 56
1940 J J 93 Sale 9214
let m
9312 19
4348 set B
1981 F A 913 Sale 91
4
9312 78
91
963
4
8214 987 Inspiration Con Copper 6148 1931 M $
CalPetroleum cony deb e 1 581939 VA
6
85
s
8214 Sale 8214
100 Feb'31
119 100
89 101
Cony deb e f g He
1938 MN 89 Sale 89
17
89
Interboro Metrop 4148
912 Jan'31
19513 A 0
912 20
912 91
,
15
Camaguey Bug let e f g 7s_1942 A0 25
45
1
25
25
28
Ctte of deposit
94 94
912 Jan'31 _
49
Canada SS L let & gen 68- _1941 AO 49 Sale 49
70 8 Interboro Rap 'Fran let 58-1966 J J 67 Sale 6414
3
49 ____
163
6731
6414 751a
105 106
Cent Diet Tel 1st 30-yr 58_1943 J D 1053 ---- 1054 106
Stamped
6
4
J
67 Sale 6414
674 204
8414 75
Cent Foundry last 138 May 1931 PA 62
33 s 701
3
/
4
3
65
59
72
10
-year 6.
1932 40 57 Sale 5114
2312 644
35
58
/
1
Cent Hud G & E 5aJan 1957 M S 1051e ____ 10518 10518
3 1044 106
10
-year cony 7% note.. 1932 111 5 903 Sale 9012
4
904 63
894 95
MN 10112 Sale 1011 10212
10112 114
Central Steel let g e f8e...
1941
/
3
4
lot Agri Corp let 20 yr 50_1932 MN 983
8
_ 984
5
983
8
8
981* 60
3114 4414
3714 26
Certain-teed Prod 534. A._ _1948 MS 3714 Sale 35
Stamped extended to 1943_ MN _ _
. 751 65
4
05
761
/
4
65
59
Cespedes Sugar Co let f 714a '39 MS 1014 44
59
Jan'31
59
lot Cement cony deb 58.._.1948 MN 82
8012
/ 84
1
4
8212 22
P012 100
371 45
/
4
Chic City &Conn Rye 5e Jan 1927 A0
28
3712 Apr'31 -Internal Hydro El deb 68_1944 A0 0714 Sale 67
71
76
65
93
/
1
4
J 106 Bale 106
Cb L& Coke let gu g 5e1937
1 1031a 106
106
Internet Match e t deb 5e1947 MN 871 Sale 85
/
4
88
/ 73
1
4
85
9912
Chicago By. let 58 Med rets 15%
Cony deb 58
1941
J 9214 Sale 90
9278 179
90 100
60
74
principal and Aug 1930 int-. VA 63
63
6412 61
37
Inter Mercan Marines f 68_ _194 I 40 76
76
81
79
51
97
76
70 83
Childs Co deb 58
1943 AO 68
70
70
71
Internet Papers.ear A & B_1847 1
33
65 Sale 62
65
62
77
Chile Copper Co deb 5e_-_1947
79
.1 8312 Sale 79
95 4
3
51
86
Ret I 6e series A
1965 M
4212 Sale 40
43
69
40
69
/
1
4
Cin & E let M 4s A
91
1968 *0 9814 Sale 9712
983 Int Telep & Teleg deb 84348 1952 ii 7112 Sale 66
4
983
4 86
72
74
66
808
Clearfield Bit Coal let 48_1940 ii
77 Dec'30
74
Cony deb 434e
19 9• J 8412 Sale 8212
111 36
11
208
87
81
96
Colon 011 cony deb fle
ii 5412 Sale 5314
70
1938
Deb 58
5431 111 -37
A 801 Sale 713
8012 148
4
/
4
713 9014
4
Colo F & I Co gen s f 5e
90
993 Investors Equity 193 A
2
1943 FA
90
90 May'31 _
80
3D 70
77 70
70
36
70
75
Col Indus let & coil 58 gu
9412
80
15
1934 VA
80
SO Sale 80
Deb 55 net B with warr_ _194 40 70
75
70
8
7012
70
76
Columbia G & E deb Se May 1952 MN
9412 1013
8
9718 182
Without warrants
97 Sale 9412
1942. 40 70
71 May'31
79
75
71
Debentures 5a.---Apr 15 1952 *0 9612 Sale 9512
954 1014
9718 11
C Pow & Lt let 4148 ear BA95 • J 10412
3 11 112 11512
- 10412 10412
744 100
Debenture 58
965 202
Jan 15 1961 .1 .1 9612 Sale 944
8
1st M 4148
196 P A !OBI! Sale 105
/ 10612 64 103 107
1
4
/
1
4
954 994 Kansas Gas & Electric 4348.11
Columbus(Jas let gold be___1932 ii
8
9814
98
0 98 Sale 9712
/
81
/
1
4
983 160
4
9312 99
/
1
4
Columbus Ry P & List 434.1957 ii idi- gale 100
94 101
31
101
Karstadt (Rudolph) 68
1943 MN 59 Bale 59
6012 75
59
754
97 101
Commercial Credit at (11_-1934 MN 10012 Sale 10012 10012
5
Keith (B F) Corp let 68_ _1948 M
62
62
88
62
1
62
7812
934 981g Kendall Co 634e with warr _11148 MS 47
Col tr s f 514s notes
5
1935 J J 9612 967 9612
964
/
1
8
50
/ 60
1
4
51
10
315
6814
9112 10012 Keystone Telep Co 1st 58-1935• 1
Comml Invest Tr deb 5148_1949 VA 993 Sale 98
993 325
4
4
75
_
7812 74
3
70
82
Computing Tab-Rec at 6e_ _1941 .1
4
5 10518 1063 Kings County Elk P g 5s._.1937 A0 105 --- 1053 May'31
e
10512 108 10614 1063
4
1034 1053
4
994 9914
J 102
Conn Ry & L 1st& ref g 4He 1951
Purchase money 6a
/
4
____ 991 Feb'31
1997 A0 138
- 139 Apr'31 - _ 134 139
9918 1033 Kings County Elm let g 4_ _1949 FA 82
4
Stamped guar 434e
5
19111 J2 102 Sale 102
102
19 7
,
85
9
843 84
4
78
8511
07
83 8 Kings County Lighting 58_ _1954 ii 10712 -- 10712 May'31
3
Coneol Agricul Loan He__ _1958 ii
129
72
/
1
4
8
703 Sale 69
10414 10712
Consolidated Hydro-Elec Works
First and ref 634e
1954• J 11812 -- 11914 May'31
11818 120
82 93 3 Kinney(CR)& Co 734% notes'34) J
3
of Upper Wuertemberg 78_1958
8912 11
__- 8912 86
751 95
4
753
2
4
753
4
724 904
/
1
244 481 Kresge Found'n roll tr 4ta
/
1
/
4
Cone Coal of Md 1st & ref 61_19b0 Jo 324 Sale 267
193P • D 10114 Sale 101
s
323
4 20
10212 81 101 103
Cons.: nag(NY)dob 5Hs_ _1945 FA 1063 Sale 108
4
1083 118 103 10812 Kreuger & Toll see a f 58 _195
B 90 Sale 8912
4
917 274
e
88
944
4
Deb 434s
1951 ID 10112 Sale 101
1013 486 101 1013
4
Consumers Gas of Chic gu Os 1930 J
_ 10318 10412 Lackawanna Steel let Be A _ _1954 MS 10314 1035 103 May'31
8
10414 108 1044 May'31
1013 10454
4
8
Consumers Power let 5/3_-.1952 MN 1064 Sale 10612 1067
8 17 111.3 1087 Lae Gas of St L ref & ext 58_1934 A0 1033 Sale 10312 10418 43 1014 10412
4
50 85
Container Corp let (18
14 51 Sale 50
9
Col & ref 5349 eerie. C1953 A 101 Sale 1005
534
/
1
1946
8 10114 27 100 1037
8
20
64
15-yr deb Is with Warr_ ---1943 ID 23
11
Coll & ref 5345 ser D
21
20
198 FA 10114 Bale 101.
35
7 1007 1034
10114
8
95 1011 Lamar° Nitrate Co cony (Se_1954
/
4
Copenhagen Teiep 58 Feb 16 1954 FA 10014 Sale 994 101
26
Corn Prod Refit 1st 25-yr 815e 34 MN 105 ..105
Without warrants
1 102 105
105
J
40 Sale 34
40
103
34
7512
90
99
Crown Cork & Seal a f( -1947 Jo 93 Sale 0
Lehigh C & Nav n 1 4 Hs A..1954 J J 10014 10114 10014 1003
94
/
1
4_
6
90
8
8
984 101
70
963
4
Crown Willamette Pap 64-1951 J J 85 Sale 814
Cons sink fund 414e ser C.1954 J J 10014 -- -- 10014 101
13
85
/
1
1
985 101
8
85
60
Lehigh Valley COal 1st g M-1933 1
Crown Zellerbach deb 6e w w 1940 MS 6012 62 60
20
61
1021 Sale 10218 102
/
4
/ 18 100 10258
1
4
Cuba Cane Sugar cony 78-1930
let 419-yr gu tat red to 4% 1933
J
J
41 Mar'30
9912 May'31
984 99 4
3
Cony deben stamped 8%A930
J
let& ref sf be
1934 F A 10012 -8
/277 Dec'30 -10012 Apr'31
994 1003
4
--a 11
Cuban Cane Prod deb 68-1950
J
let &ref 6158
1944 F A
65s 32
697 7512 Apr'31
8
83
4 8
5
75
/ 78
1
4
7
16
Cuban Dom Hug 181 7 /411-- -194 MN
1st & ref ti f 5s
1954 F A
934 8 May'31
7
4212
47
/ 60
1
4
4
4212
1
4212 52
Stpd with purch war attached
2
/ 17
1
4
let & ref et 58
1964 F A ____ 54
10 May'31
13
7
/ 52 Apr'31
1
4
50
55
Comb T & T 1st & gen 58-1937 j
4
--j 10512 Sale 10512 10512
2 1023 108
let & ref tfie
1974 F A
4978
4978
1
497 57
e
Cuyamel Fruit let e t 8s A _ -1940 *0 1043 Sale 10414
4 12 10212 10512 Liggett & Myers Tobacco 78_1944 A 0 122 Sale 122
1043
4
124
18 1183 125
8
Denver Cone Tramw 1st 58-1933 40
Dee'29 _ _ _ _
58
26
1961 F A 108 -- 108
10818 26 1044 10814
Den Gas & EL 1st & ref at 5e'61 MN 103 Sale 1033
5 100 104
Loew's Inc deb Os with warr _1941 A 0 953 96 100 Mar'31
/
1
4
4 103
/
1
4
4
100 11012
Stamped as to Pa. tax_ _ 1951 MN 10312 Sale 10312 10312
993 1033
8
4
2
Without stocks purcb warrants A 0 96 Sale 953
8
96
59
94
99 4
3
Dery(D 0)Corp late f 78._1942 M
_ .
312 20
Oct'29
61
Lombard Elec let 7e with war '52 J D 87 Sale 88
88
10
76 8 9511
0
20 7e etpd Sept 1930 coupon_
8
8
8 May'31
Without warrants
84
5
1 D 8012 Bale 84
88
19
95
75
Detroit Edison let coil tr 199.1933 JJ 104 10414 104
10414 19 102 1044 Lorillard (P)Co 7e
1944 A 0 11212 114 1121 113
/
4
19 102 114
/
1
4
Gen & ref re aeries A
4010812
1949 40 1077 Bale 1073
8 19 1043
8 1077
8
68
1951 F A 9114 Sale 9012
911 23
/
4
82
9511
Gen & ref te series B
1955 ID 1081g Sale 1081e
4
10318. 106 10818
Deb 614e
19371
94 Sale 93
95
53
867 983,
e
Gen & ref Is series C
FA 1074 1094 110 May'31
1054 119
1962
Louisville Gm & El(Hy)68 1952 M N 10714 Sale 10718 10712 51
103 108'
/
1
4
(lank ref 4 Hs series D1961 VA 10512 Sale 1043
4
994 ii,53 Lower Austria Hydro El Pow
4 1054 84
Dot United tat con g 4148_1932 JJ 993 Sale 9912
97 100
/
1
4
4 41
993
4
let ef6149
48 41 J D 77
1044 F A
82
78
78
3
87
/
1
4
76
Dodge Bros deb 68
1940 MN
8212 913 McCrory Storm Corp deb 5
4
8612 Sale 844
8612 239
9812 99
9912
7
983
4
93 s 100
7
Dold (Jacob) Pack let68._ _1942 MIS 53
55
704 McKesson & Robbins deb 5143'50 M N 63 Sale 6212
8
59
65
57
624 mu
683
8 95
Dominion Iron & Steel 59_1939 MS 85
90
90
90 Mar'31
Menet' Sugar let t 710_ _1942 A 0 2114 22
2114 May'31
2114 40
Donner Steel let ref 74
1942 ii 95 Sale 95
90 101
Stmpd Apr 1931 coup on_ _1942 A 0 __- 1912 20 May'31
5
95
35
20
Duke-Price Pow let 68 ear A..1906 MN 103 10414 103
104
11 102 10612 Manhat Ry(NY)cone g 4e _1090 A 0 54
55
5312
55
5712
103
60
Duquesne Light let 4 Hs A _ _1907 *0 10512 Bale 10514
3
12
2448
10512 28 102 105 4
20131 D 48
1
45
48
50
5712 48
at Cuba Bug 15-yr erg 714s'37 MS 26
42
20
Manila Eleo Ry & Lt at 5e-1963 M S 96 Sale 96
27
20 May'31
2
95 100
98
Ed El Ill Bkin Bacon 6 48_ _1939 J J 1003
9711 1004 Mtrs Tr Co ctfe of panic In
4
8
_ 1004 Apr'31
/
1
Ed Flee(N Y, let COOP4 58-1995 ii 122 130 12312 May'31 -- 1154 12312
Al Namm & Bon let 68-1943 I D 923
2
92
923
4
9412
/
1
4
4
4 92
Edith Rockefeller McCormick
Marion Steam Shovel ef6a.1947 A () 3612 973 3812
85
43
47
3612 10
J J
100 102
101 May'31
Market St Ry 7e set A _April 1940 Q .1 93 Sale 92
Trwit coil Ic 6% note.
1934
92 98
93 4 31
3
B "ii"
7214 89
75
7214
9
Mead Corp lst Oa with wam /946 A 0 70 Sale 70
Elec Pow Corp(Germany)614850
72
9
70
90
1953 0 75 Sale 75
71
871 Merldlonale Elec 1st 78 A -1957 A
/
4
13
76
tetsf11548
84 101
993
/
1
4
4 16
987
8
0 9812 99
50 81
80 May'31
let" Rd let st ref 6e set 0_1953 J J 10514 10538 10514
80
56
Elk Horn Coal let & ref 6148 1931 J
105% 11 10218 10558
8012 Oct'30
Istg 4 Hailer D
)
Deb 7% notes (with warn 1931 JO
5
9914 1043
2 10212
102 Sale 1017
8
1013
4 1013
tletrop Wat fiery & Dr6 He_19
4 14 101- 108
Eqult Gt. Light let con 58_1932 MS
19
60A O
42
47
15
99MS 42 Sale 42
75
1fetr West Side E (Chic) 48.1938 F A 70 Sale 70
Ernero Breda Co let in 78._1954
1
68 8 77
70
7
65¼ 76
6512 28
Wag Mill Mach 7e with war 19561 D 6614 67
warrant.) VA 844 Sale 6414
With st tek purchase
77 May'31
75
77
911 98
/
4
2
98
Without warrants
98
97
Federal idea & Tr let 5a-1942 MS 95
15
621a 347
D
863
4
67
a
97
92
2
Widen!. Bt & 0 eon tr f
95
95 Sale 95
1942 M
let lien a 1 5e stamped
193(1 M B 102 Sale 102
8 81 100 103 8
1027
/
1
4
7
99 10312 1111w El Ry & Lt let Be 8_19041 I D 10312 Sale 10318
1942 M
9612 100 100 May'31
let lien fie stamped
99 1047
/
1
4
78
104
8
90 100
let mtge 58
4
90
90
94
_ .1954 Jo 00
45 in:Is. 1044
30-year deb (le series
104
1971 1 J 103 Sale 10354
/
1
4
gia-e
Cash sale. I Option sale.
4209
New York Bond Record-Continued-Page b
BONDS
Ns Y4 STOCK EXCHANGE
Week Ended June 5.
13
Price
Fridete
June 5.
Week's
Range or
Lass Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended June 5.
Price
Friday
June 5,
Week's
Range at
Sale,
14341
co,
Q
Range
Sines
Jan. 1
Ask Low
HOPI
Ask Low
Hte5 No. Low
High No Low
Bid
Bid
High
8 1053
6518 19
4
8
03
4 15 103 1063 Rhine-Ruhr Wat Per 63-1953 ▪ J 645 Sale 64%
4
783
Montana Power let 50 A1943• 1 1053 Sale 1053
4
4
1944 MN 30 Sale 263
10218 12
30
60
243 67
Richfield 011 of Calif fis
99 104
4
1962 J D 10218 Sale 10218
Deb be series A
34 May'31
34
25
601,
Certificates of deposit
Monteeatini Min & Agrie914 1004 Rime Steel let e 1 7s
8
2
997
s 39
__
1955 FA 7714 843 82 May'31
4
1937 .1 J 983 Sale 983
fOls 884
Deb 7s with warrants
/
1
9738
8 10614 12 1051,, 10712
9912 50
• J 9812 99
4
92
99 8 Rochester Gam & El 79 ser 13.1948 MS 1053 Sale 1055
3
Without warrants
1
1061
9978
9934 101
8
667
8
5 105 1073
..... 10612 10612
9812 1013
1948 M
Gen mtge byes aeries C
4
Montreal Tram let & ref 50_1941 J
0014 95
9314 May'31
10214 1023 1023
96
4 1023
9912 10312
4
4
5
Gen & ref f Se aerie,' A_..-1955 * 0 93
Gen mtge 4 Ha series D1977 M
94 May'31
85 Dec'30 ---9312 94
90
1955 * 0
Roch & Pitts C&I pm 50_1946 MN 82
Gen & ref a f 5s (ger B
8718 Mar'31
377 -87
89
8
8718 8718 Royal Dutch 4s with warr_1945.40 887 Sale 88
/
1
4
Gen & ref et 494s ser C 1955 *0
9178 983
9714 9312 May'31
4
Gen & ref f 5s eer D___ _1956 AO 93
23
69
96
30
4
83
1941 MN 95 Sale 95
65
05
97
St Joseph Lead deb 5)48
Morris ds Co let s t 4 Hs__ _1939 5, 653 Sale 65
974 101,
9812
99
12
73 June'30
44 jus ny Lt B a Pr tot bs_1987 MN 9812 99
80
Mortgage-Bond Co 4s ser 2_1966 AO 70
5012
5112
3
4
1932 ii 993
46
993
4 13 -5/ 154 St L Rock Mt & P 5s atmpd_1055 J J 5014 51
4 - - - 993
57
10-25 year ba aeries 3
88
94
88
23
1934 JD 94
9518 94
St Paul City Cable cons 5s...1937 .1 J
10
92
87
/ 98
1
4
/ ie2
1
4
Murray Body let 6les
2
88
88
___ 88
10212 10912
Mutual Fuel Gas let gu g 50_1947 MN 1083 - - - 109 May'31
4
88
92
1937 .1 3
Guaranteed 5s
3 10312 1094
' l0712 10812 10812 1083
3
N 10312 10414 10314 May'31
4
1023 10314 San Antonio Pub Serv let 61_1952
2
Mut 17n Tel gtd 6cc est at5% 1941
39
79
81
75
79
78
/ 93-,
1
4
Saxon Pub Wks(Germany) 75'45 FA
Namm(Al)& Son_ _See Mfrs Tr
717
8 31
61
8614
1951 MN 68 Sale 67
Gen ref guar 6 He
491
4712
4714 49
13
Nassau Elec guar gold 4s_A951 .1 .1
604 15
474 6314 Schulco Co guar 5348
60
75
1946 J J 60 Sale 60
94
93
2
Nat Acme let It 6,1
93
3
82
70
1942.1 D 93
70
93
60
9612
9114
Guar f 8 Hs wiles B__ -1946 AO 60
7
102
98
4
Nat Dairy Prod deb 5145._1948 F A 100 Sale 98
70
70
70 Sale 70
98 1013 Sharon Steel HOOD f 540-1948 FA
904
1412 151 1414
141
Nat Radiator deb files
1947 F A
8212 82
6
114 257s Shell Pipe Line a f deb 5s-1952 MN 8212 Sale 79
73
023
4
10018 Apr'31
Nat(Reel f deb bs
1941J J
96 1001, Shell Union 011m f deb 65_1947 MN 6512 Sale 6212
6613 159
6212 Ms
6712 155
- -12
Newark Consol Gas cons 59_1948 J 11:1 loiTs 168 10838 May'31
104 10812
6412 90
-..194g A0 6712 Sale 6412
Deb 51) with war,
8512
89
9
90
Newberry (J Ji Co 534% notes'40 A 0 86
923
4 56
8512 95
9214 Sale 8812
7612 9314
Shinyetsu El Pow let 6les-1962 J
11112 22 108 1111 Shubeit Ihestre 6s_June 15 1942
27
812
New Eng' Tel & Tel bs A.._ _1952 .1 n 1111s Sale 110.
10
D
834 10
/
1
4
/
4
7
25
1981 M
24 103 10712 Siemens & Halske If 7a
/
1
4
4 10014 16
led a 4 les etertes B
107., Salo 11
95 104
1935 J J 100 Sale 993
4
S le 144 1023
,
NJ Pow & Light let 4tell-1960 A 0
9112 83
8 32 10134 104
8
8618 1004
1951 MS 883 Sale 8412
Deb a f 6 les
21:. Sale 9134
9212 19
3 102 10514
New On Pub Serv 1)158 A _ _1952 A 0
55
943 Sierra & Ban Fran Power 50_1949 FA 105 Sale 10412 105
4
9212 18
6812 May'28
65
933 silesia Elec Corp s f 850.-1946 FA 62
4
First & ref 50 seriag B
85
67
8118
_1955 J D 9212 Sale 90
74
7412 944 Silesian-Am Corp coil tr le 1941 FA
75
7514
3
3
N Y Dock 50
66
65
130
65 Sale 65
-year 1st g 40_1951 F A
85
63
14
60
Serial 5% notes
86 Sale 833
833 10014
4
867,. Sinclair Cone Oil 15-yr 76_1937 M
4
1938 A C 5812 6012 60
898 135
NY Edison lat & ref 6 Hs A _1941 A 0 116 Sale 11538 116
lt 11212117
797
8 36
1938 ID 794 Sale 78
78
let lien 634s series B
9812
let lien & ref 56 series B _ _1944 A 0 10512 107 107
10719 14 l047 10714 Sinclair Crude 0115 lesser A_1938 ii 102 Sale 102
10212 131
8
997 1024
8
/ 10018
8 11214
1
4
N Y Gas El Lt H & Pr g 5s_ _1948 J D 111 1123 1117
11 1074 1121, Sinclair Pipe Line cc f 55
9
2
8
/
1
1942 .40 997 Sale 99
9)4 101
1011
Purchase money gold 49_ _1949 F A 10112 Sale 10138
45
37
971a 10112 Skelly Oil deb bles
41
1939 MS 42 Sale 41
84
100 112 Sept'30
NYLE&W Coal & RR 5les'42 M
103
53 102 1034
Smith (.40) Corp let 6 He..1933 MN 102 Sale 102
NYLE& W Dock & Imp 59'43 J .1 100 101 100 Mar'31
too- foil.
N Y Rya 1st R E & ref 45._ _1942 J J
9418
96
67
98
M
93
94
- -- 4318 Oct'30
984
Solvay Am Invest 65
40 Dec'30
4 10614 29 10412 10614
4050
Certificates of deposit
40
1 '4 1
South Bell Tel & Tel 10t s f 50942• 3 los% low 1053
14 2
212 Dec'30
4 1071
30-year adj Inc 50_ _Jan 1942 A 0
6 105 10712
S'a est Bell Tel let & ref ba_..1964 FA 10712 Sale 1063
14 --- 1 Juiy'29
1033
17 101 106 4
Certificates of depoelt
4
1033 Sale 101
3
southern Colo Power 6s A_ _1947 J
. __ _ _
214
N Y Rye Corp Inc 6a__Jan 1966 Apr
13
4
134
134 414 stand 01101 NJ deb fe Dec 15'46 P A 10312 Sale 1027
2
8 1031 193 10218 1064
5014
5012
Prior lien 65 series A
991 156
45
55
504 57
/
1
4
1965 J J
9812[102
stand 011 of N Y deb 4 94s-1951 3D 983 Sale 9734
N Y Richt') Gas 1st 60 A_ _195i MN 10612 1071 107 May'31
.1 50 Sale 50
106 10712 Stevens Hotel 1st 60 ser A..-1945
505
8 20
50
88
N Y State Rya lst cons 4 Hs_1962 MN
4
8
7 May'31
9 May'31
111 sugar Relates (Oriente) 71).._1942 MS
,
9
7
10
2
50
6 Dec'30
Registered
1111
1 10538 11118
MN
syracuse Lighting let g 58-1951 J D 11118 1121 11118
4
712 7 May'31
1073 May'31
8
Certificates of deposit
J
7
9
1114 107 s
105 -Tenn Coal Iron & RR gen 56.1951
3
8812 99
5/2 8
67
8 7
50-yr let eons6Hs aerleall 1982
9
612 12
-14
8812 Sale
2
I enn Cop & Chem deb 68 B.1944 M
51 1045, 108
/
1
1 enn Elec Power let 69
1947 3D 10614 Bale 1054 1071
10918 10912 109
N Y Steam 1st 25-yr 6sser A 1947 MN
10914
917 281
1074 1094 texas Corp cony deb 150-1944 AO 9014 Sale 8812
/
1
8812 102
let mtge be
111 100 8 105
3
1961 MN 105 Sale 10438 105
5214 57
5138 Sale 50 •
45
third Ave Ity let ref 4s__ _1960 .1
5214
N Y Telco 1st & gen s f 4 Hs_194/ MN 105 Sale 105
10512 8: 10112 10512
347 190
8
25
3618
960
d1 Inn 585e tax-ax a 58 Jan 1937 A0 34 Sale 3112
Rtr et
i
30
-year deben f 6s_ _Feb 1949 F A 11012 Sale 11012 110 8 8: 11012 1121,, third Ave
3
5978 33
5' 997 Sale 99
8
93 100
30
-year ref gold 69
1941 A 0 106 Sale 106
10614 8: 100 108
8 21
8
9112 1007
i'oho Mee Power let 79
1
1956 MS 1003 Sale 10014 1003
N Y Tray Rock let 00
19465 D 95 Sale 95
9712 2(
.95 10012
10012 101
997 Sale 997g
8
9818 1004
1932 J
6% gold notes
Niagara Falls Power let 56.1932 1 J 10112 102 1015
8 1013
8
101 1035 rokyo Elm Light Co, LId8
Ref & gen 68
. Jan 1932 A 0 10118 10214 10218
10218
ID 87 Sale 8218
205
87
1011 103
/
4
8218 9134
let ils dollar series
!Hag Lock & 0 Pr let 5s A _195: A0 105 1053 105
4
toe 1084
105
10312 1077s
10612 10712 10618 Apr'31
9459
0 A El lets 150_ _ _19 3 M
Niagara Share deb 5.195ll RI N
9234 Sale 91
45 May'31
93
31
893 983 Truax-Traer Coal cony 6140_1943 MN 48
45
50
4
72
4
Norddeutache Lloyd 20-yr sf 85'47 M N 80 Sale 787
8012 31
8
90
7
787 87
8
85 100,
3
19411 MN 88 Sale 88
Trumbull Steel let cci 68
Nor Amer Cem deb 654e A19411 M S 303 35
8
30
4
20 Apr'31
30
30
65
20
5612 twenty-third 8t fly ref 54_1962 33 20
264
North Amer Co d eb 59
9912 Sale 983
1961 F A
9912 2511
4
15
9714 993 tyr,, sec o- 7 eo Pow 7)0_1955 MN 924 99 92
4
95
oc,1 H ydre tE1
92 100
r
,
No Am Edison deb be aer A 1957 M P 10234 104 10312 104
3 10014 105
887 9112
8
9512 14
8714 Ms
1952 FA
Deb 5 He ser 13___Aug 151983 F A 10334 Sale 1033
8 104
35 1011 1041
/
4
/
4
Deb 50 sertee C _ Nov 15 1969 MN 102 Sale 10114
10214 71
97 10212 tifigawa Else Pow ef 7e....1945 MS 10114 Sale 10114 10112 15
9838 102
Nor Ohio Tree dr Light (3s_ _1947 M II 107 Sale 1008 107
IS 103 108
5 1011 103
4 1023
8
4
Union Elec Lt & Pr(Mo)6S-1932 MS 1023 1023 1023
4
/
4
Nor States Pow 25-yr 5s A..1941 A 0 10312 Sale 10312 10412 24 102 105
1 101 10312
103
Ref & ext be
1933 MN 103 10314 103
let d, ref b-yr 60 ser B _ _ _1941 A 0 107
_ 107
8
1073
1043
2 17 10512 1073g Un EL& P (111) beta 6 He A 1954
8
9 10212 1042
' 10414 - - 10414
3
North W T 1st fd g 4 H5 gtd-1934 J J 101
__ _ _ 10114
1013
8
4 10018 1013 Union Elev Ry (Chic)5e
8
Apr'31
_ _ 767 71
8
6934 73
_1945 A0
Norweg Hydro-El Nit 6940_1957 MN 9912 Sale 98
9912 35
104
30 10012 108
9734 10114 Union Oil 30-yr 6sA _ _ M ay 1942 FA 10114 Sale 10114
Ohio Public Service 7 les A 1946 A 0 11012 Sale 11012 11112
7 110 11217
9912 10
9712 101
1st Hen s f ba aer C_ -Feb 1936 AO 9912 Sale 9818
let & ref 7e, series B
1947 F A 11112 114 11012 1101,
81
24
3 11012 115
79
97
Deb 66 with wart__ _Apr 1945 3D 81 Sale 79
Ohio River Edison let 6s_ _1948 J J
10218 Fett'31
4 100 105
101 12 10212 United Biscuit of Am deb 69_1942 MN 10414 1044 104
10418
/
1
Old Ben Coal let 60
31
31 May'31
20
30
1944 F A
20.5
5014 United Drug 25-yr be
4
96 s 10212
3
1953 MS 993 Sale 9812 101
Ontario Power N F let 5s
10512
40
4212 18
5 10314 106
1943 F A 10512 Sale 10512
40
45
62
/ United Eye St L let g 4s_ _1934 5' 40
1
4
°ovule Power Serv let 5 Ha _1950 J J 7818 Sale 78
7812
7
4
904 101%
78
N 1004
4
9475 United ss Co 15-yr Se
/
1
-- 100114 1003
1637
Ontario TrittIBUliffli01:1 let 50.1945 MN 1033
8
8
- 1033 May'31
100. 10417 tin Steel Works Corp 6343 A_1951 • D 6812 Sale 6814
6814 837
707
2 69
,
9912 Sere 9918
Oriental Dove! guar 6s
100
95
1953 M
95 101
66
7012 27
833
4
Sec s f tiles series C
1951 JO 6838 Sale 66
Esti deb 5%e
4
943
4 911
31
19514 MN 9412 Sale 913
69
8818 96
'
3 66 Sale 66
834
h6
1947
SIdebfilesserA
Oslo Gas & El Wka esti _
9812 9914 9814
987
8 26
9514 100
M
United Steel Wks of BurbachOtis Steel let M 6s ser A_ _1941 M
88 Sale 88
893
4 29
6314
88
10512 40 1034 108
/
1
993
4
1951 * 0 6814 69 102
Esch-Dudelauge a f 7e_
764
/
1
6512 141
62
4e
US Rubber it& ref 5s ser A 1947 33 66 Sale
13
Pacific Gas & El gen dr ref 58 1942
10538 35 1023 10517 Universal Pipe & Rad deb 681936 Jo
4
5112 Apr'31
.1 105 Sale 10434
5112 514
Pacific Tel & Tel let 5s
Sale 10514
106
8
8
1937
J 1057
17 1037 10012 Unterelbe Pow & Lt Os
14
76
83
69
1953 * 0 7512 Sale 75
Ref mtge ba series A
108
12 106 R812 Utah Lt & Tree let d, ref 50_1944 AO 100 Sale 99
1952 M N 108 Sale 10734
94 101
10012 60
Pan-Atner P & T cony f 6E1_1934 MN 102 1021 10138 10214 43 10112 103
1031
80 100 104
Utah Power de Lt let 50_ _ _1944 FA 103 Sale 102
Pan-Am Pet Co(of Caliconv 80'40 J
31 Sale 30
32
24
30
78
111 112 10651May'31
104 1064
/
1
Utica Elec L & P let e f g 5s 1950
4
Paramount.-Irway 11415 Ha_ _1951 J J 1013 Sale 10012 1013
4 26 1 014 105
1123
8
9 10632 11312
8
Utica Gas & Elec ref & ext be 1957 5' 1113 113'2 11214
81 Sale 74
81
Paramount-Fam4-Lasky 60_1947 J
63
74
97
D 703 Sale 68
72
45
4
CBI Power & Light 5les ___1947
68
84
Paramount Publix Corp SW 1950 F A
74
73 Sale 67
36
67
89
133
65
Deb be with warrants ____1959 FA 64 Sale 5812
5812 HA
Pack-Len let leasehold 6 Ha_1953 J J 4012 49
40
40
21
40
15217
P A
Without warrants
Parmelee Trans deb tls
25
29
11)44 A 0 25
26
10
25
38
2812
6 -55- 45
32
28
Vertlentes Sugar let ref 7s__1942 J D 28
Pat & Passaic0& El cons 5s 1949 M 13 107 _- 10712 10712 10 105 10715 Victor
32 Mar'31
19535 J
22
24
22
Fuel lat f 511
Pathe Etch deb 78 with warr 1937 M N 8214 Sale 794
8212 79
5014 89
‘,a iron Coal & Coke let 56 1949 M
6
85
75
Penn-Dixie Cement 6,4 A _1941 M S 55 Sale 55
55
21
55
80 4 Va Ry & Pow let & ref bs_1934 J
3
66 1011 105
/
4
io5i8
Poop Gaa & C let cone g 08_1943 A 0 11638
11612 May'31
1124 1164
Refunding gold 58
10912 11 1 1415 111112 Walwortb deb 6 lea with war 1935.4 0
1947 M S 10914 Sale 10914
60 May'31
60
85
Registered
M a 102 109 106 May'31
106 106
53
3
5012 90
52 Sale 52
Without warrants
Phila Co aec bs ser A
8
1021
D 10212 Sale 1017
1967
98
9814 10312
30
45
40
let sink fund Oa series A _1945 A 0 45 Sale 40
79
Phi% Flee Co let 434e
4 105
1967 MN 105 Sale 1043
20 10214 10512 Warner Bros Pict deb 613_1939 M S 4012 Sale 3412
4012 320
25
7414
let de re( 4s
8
9938 144
1971 F A 993 Sale 9812
9278 9912 Warner Co let 6s with warr_1944 A 0 ____ 887 93 May'31
83
8
97
773
Phil& & Reading C & 1 ref 68_1973 J
74 Sale 7214
7214 85i4
32
A 0
_
95 Mar'31
91
96
97
Without warrants
62 Sale 56
Conv deb 8e
63
1949 M
76
56
83
7 10012 10 /
10412 Sale 10412 10478
Warner Sugar Refin 1s1 70_1941 J
64
Phillifie Petrol deb 514e
D 5712 Sale 5011
59
1939
106
5012 921 Warner Sugar Corp lat 7a-1939
,
J
1018 1212 10 Apr'31
10
1712
103 1081 103
Pierce 011 deb f 8s..-Dee 15 1931 J D
103
1 103 10312
12 Apr'31
_
612 10
1014 23
Stanified Jan 1 1930 coup on'39 --Pillsbury Fl Mills 20-yr 6e._1943 A 0 104 1041 104
105
6 10314 1054 Warner-Quinlan deb 68---1939 M 8 4218 Sale 4218
4338 17
4218 69
Pirelli Co (Italy) cony 7e_ _ _1952 M N 10112 1031 10138 103
18
94 104
104 Apr'31
Wash Water Power s I 55_1939 J J 10414
_ 103 105
9034
4
Pocalx Con Collieries let a I 50'57 J
903 91
91
18
9012 95
8
8
_ 1087 May'31 -- 10512 10912
Westchester Ltg be etpd gtd_1950 J D 1087
1041 10138 Apr'31
Port Arthur Can & Dk 159 .4_1953 F A
100 106
West Penn Power ear A 5g._19411 M
/
1
8
10512 _ _ -- 1054 1055
9 1033 10314
4
1st M 68 aeries B
103 104 Mar'31
1963 F A
.. 102 164
4 11114 18 10518 11114
1st 4s series E
1963 10 S 11114 Sale 1093
Port Gen! Rice 18t 41-0 ear CI96( St S 90 Sale 8834
90
101
86
9218
let 534s series F
1983.4 0 11018 11212 10612 May'31 -- 105 1074
Portland R.L& P 1st 7 He A1943 MN 107 1073 107
8
107
7 1063 108
4
let sec 5e aeries C
4 106
4 1044 1064
/
1
1950 J D 105 Sale 1053
Portland Gen Cleo tat 4e. _ _1935
10418
J 10418 Sale 10418
4 10112 1047 Western Electric deb 6e
8
/
4
1944 A 0 1061 Sale 10612 10718 50 10418 10718
Porto Rican Am 3'ob cony 881942 J J 60 Sale 51
62
30
51
79
J 10312 104 10312 10412 29 lolls 105
Western Union coil trust 59_1935
Postal Teleg & Cable coil 5a.1953 J J 5312 Sale 50
6414 118
60
74
/
1
4
Fund & real est g 4%0_1950 M N 99 Sale 9714
69
9714 102
100
Preesed Steel Car cony g 6s.1933 J J 84 Sale 834
86
22
74
KR
15
3
1936 F A 10712 Sale 10713 1083
4 39 104 4011012
-year 694e
10512 May'31
Pub fiery El & Gaa lat & ref bs'66 1 D
10218 10614
25
1951 .1
10014 Sale 10014 10112 101 1.10 104
12
-year gold tis
1f 53 glice 10514 106
- 8
& ref 4 Hs
)
let
1967 J D
15 1014 1( 6
1980
30
100 Sale 9912 10012 113
99 10414
-year be
1970 F A 10518 Sale 105
1st & ref 4 les
10512
5 10112 11512 Weetphalla Un El Pow 65_1953 .1 J 63 Sale 60
7912
63
54
1971 A 0 9912 Sale 9814
lst & ref 4a
9912 211
93
/ 99 4 Wheeling Steel Corp let 532s 19485 J 86 Bale 853
1
4
3
8
87
5
86 8 103
3
1
9
7 Apr'31 ---Punta Alegre Sugar deb 7s 1937 J J
121y
7
let & ref 4348 series B__ _ _1953 A 0 75
4
75
92
75
7812 5
6 May'31
Certificates of dePoalt ______
6
12
White Eagle Oil& Ref deb 540'37
1937 F A 77 Sale 75
-notee
Pure 011 f 5
7718 28
75
96
With stock pure)) warrants- m 311 1023 1027 1023
8
8 102
/ 27 102 103
1
4
8
1940 M S 7812 Sale 75
S f file% notes
933,, White Sew Mach 88 with warn'36 J 3 36
7812 45
74
32
40
40 May'31
40
9418 Sale 92
9412 80
9404 cyg4
Purity llakerels e f deb 58_1948 J
J J 36
6
29
463
8
36
37
38
Without warrants
8
797
8
Remington Arms let s f 09..1937 M N 797 Sale 7972
1
797 9511
2
.
8
224 4418
1940 M N
35
34 Sale 34
Particsfdeb6s
4
70
6434 994 Wickwire Span Sri let 7s
70
Rem Rand deb 594e with war '47 M N 70 Bale 643
8
74 10
10
10 MAr'31
1935 J 3
99
s f _ _1940 A 0 96 Sale 9212
48
Repub 1 & 10-30-yr bs
024 10214
814 Apr'31
6
7
12
8
/
1
4
Ctf del)Chase Nat Bank _
J 7512 Sale 74
76
26
74
Re d, gen 594s series A_ .,1953
96
8 May'31
7s(Nov 1927 coup on)Jan 1935 MN
7
26
7114 104
7
76
8
65 101
Revere Cop & Br 6a_ _ _July 1948 NI 13 75 8 Sale 75
7 May'31
7
68
6
CU dee Chase Nat Bank_ _.
8
81
8512 Jan'31 ____
80
87a, WIllys-Overiand s f les
Rheinelbe Union 7e with war 1946 .1 I 80
9
99
95 10012
1933 M S 9812 Sale 98
813 Sale 7812
8
.1946
83
43
7812 9338 Wilson & Co let 25-yr a f 66_1941 A 0 90 Sale 883
Without elk purch war?.
4
49
90
88 101
/
1
4
90
1
90
93
/ Winchester Repeat Arms 730'41 A 0 50 Sale 484
1
4
Rhine-Main-Danube 7s A1950 M 5 90 Sale 90
50
9
26
8,.1
4
983
4 19
RbIne-Westphalla El Pow 7e 19541 MN 983 Sale 95
90 1011,
7
50
50
6939 50
Certificates of deposit
284 50
7812 Sale 78
1952 M N
8212 30
75
Direct entire 6e
112
97 10312
8914 YOUTIRtit0Wel Sheet & Tube 6e '75 3 J 98 Sale 97
98
76
22
74
8714
Cons M 6s of'28 with war_1953 F A 74 Sale 74
98
173
1970 A 0 9712 Sale 97
lStmeIbeeerB
97 101
_ 75
82 May'31
F A
741
87
Without warrants
7,
1,
71
74,
A n -- 7 ,.
21
^5.
Con re Rant 1010
1g2 ig`g% 134
Cash mks. 4 °Non Selo
4210
FINANCIAL CHRONICLE
[VoL. 132.
Outside Stock Exchanges
of transactions at
the Boston Stock Exchange, May 30 to June 5, both inclusive, compiled from official sales lists:
Boston
Stock
Exchange.
-Record
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Railroads
Boston & Albany
100 180
Boston Elevated
100 87
Preferred
9934
100 111
let preferred
100
ad preferred
Boston & Maine
100
Pr. pref.geld
East Maas St Ry Co8
ln preferred
NYNH & Hartford__100
100
Old Colony
Pennsylvania RR
50 5035
179
85
99%
11034
9931
180
87%
100
111
10034
100
101
634 8
72
63
135 137
423( 52
Range Since Jan. 1.
Low.
High.
129 17335 Jan 185
Mar
1,359 8214 Apr 8835 May
200 7634 Apr 101
May
303 98% Jan 11134 May
Apr 101
1,673 82
May
165 100
Jan 108
Mar
4% Apr 10
110
365 83 June 92%
Jan 140
27 125
2,282 42% June 68;5
Jan
Feb
Mar
Feb
Miscellaneous
American Founders Corp...
3
2% 3
Amer& Conti Corp
9%
9
Amer Pneumatic Set
Common
2
2
104) 169% 15631 172%
Amer Tel& Tel
735
Amogkeag Mfg Co
7
Aviation Sec of N E
334 3%
Bigelow Sanford Carpet..
• 21
20% 23
Boston Personal Prop Trust 17% 17% 17%
Columbia Grapbophone.
635 735
Crown Cork & Intl
5
44 5
East Boston Land
10
2
2
1
East Gas & Fuel Assn
1835 18% 19%
434% preferred
100 85
84% 89
100 90
6% preferred
90%
90
Eastern SS Lines Inc.. _25 19%
1934
17
1st preferred
95
95
95
Economy Grocery Storm..
16%
16
EdisonElec Illum
100 237
225 237
Empl Group Assoc T C---1534 16
General Capital Corp
26
25
Gillette Safety Razor
21% 26%
Hathaway Bakeries
Class A
27g 30
1234
Class B
12%
11
88
Preferred
88
Hygrade Lamp Co
2735 28
90
Preferred
85
Internal Buttonhole Mach.
9
9
Internet Hydro-Electric...
1635 1935
4
Jenkne Television
4
4
Mass Utilities Assoc v t o
4%
4
4
78
Mergenthaler Linotype
77
70
450
98
130
64
45
300
15
2,549
110
Nat Service Co corn ohs....
2%
134
N Engl Pub Serv cone (new)
15
New Engl Tel & Tel_ _100 134
129
Pacific Mills
100 1635
15%
Public Utility Holding_._.
335
Hallway& Light Sec
30
Reece Buttonhole Mach_
1535
Shaw ntut AMU TO
1234
1235
Stone & Webster
25%
Swift& Co,new.
25
•
Torrington Co_
• 40
39
Union Twist Drill
18
United Founders Corp core
4%
535
United Shoe Mach Corp.25 47% 47
31
Preferred
U S Elec Power Corp
3%
Warren Bros Co new
21% 14%
234
17
135
16%
4
32
1535
1331
3055
2535
40
18%
6
4935
31%
4
22
134 Apr
560
334
174 15 June 21
1,018 129 June 142
262 15% June 25%
33 June
,
1
170
735
100 30 June 50
15 14% Jan 1515
1,623 1135 Apr 16
1,885 2535 June 54%
1,126 25
June 30%
June 47
575 39
May 30
685 18
435 June 1034
1,293
2,559 47 June 58
Jan 3235
370 31
334 may
150
8
4,558 14% June 4614
Jan
Feb
Mar
Mar
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Feb
Mar
Jan
May
Mar
Feb
Mining
Arizona Commercial
5
Calumet & Hecht
25
Copper Range
25
Hancock Consol
25
Island Creek Coal pref_100
Isle Royal Copper
26
LaSalle Copper
25
Mohawk
28
NeppessIng Mines
5
North Butte
235
P 0 Pocahontas Co
Quincy
25
St Mary's Mineral Land__
Utah Apex Mining
Utah Metals & Tunnel
850
535
5
50o
105
334
50c
16
1)4
1%
10
435
6
880
30o
1,000 um
255
5%
435
1,138
100 500
5 105
3
330
100 950
1,170 1534
1
1,120
1
3,57.5
9
405
3%
1,725
4
1,620
450 750
200 250
Apr
135
June 1135
June
834
Feb
1
Feb 105
6%
May
Jan 50e
June 21
May
1%
Jan
535
June 1534
June 1034
93(
May
June
135
Jan 590
Feb
Feb
Feb
Feb
Feb
Feb
May
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Feb
850
535
43.4
50c
105
3
3
soa
1535 1534
1
154
9
934
436
3%
6
4
88o
750
30c
260
5%
BondsAmoskeag Mfg Co____1948
Jct Ry & U S Yds 55194
New England Tel & Tel'82
581
395
234 June
9 June
5% Mar
1514 Feb
2
Jan
4
50
Feb
9,113 156% June 201% Feb
Jan
7
14
827
Mar
235 Jan
200
534 Mar
226 2015 May 33
Jan
200 1714 June 2134 Feb
6% June 16)4 Mar
248
4% June
175
8
Mar
May
1
1,240
235 Jan
624 17% Jan 2734 Mar
Jan 89 June
319 77
Jan 95
242 89
Jan
June 28% Mar
1,135 17
Jan 98
69 94
Apr
June 26
200 16
Feb
1,089 225 June 266% Feb
200 1535 June 20
Mar
280 25 June 3954 Apr
1,033 21% Jan 38% May
2734
11
87
19
85
735
16%
235
3%
77
May
Feb
May
Jan
Feb
Jan
June
Jan
Jan
June
34
1535
96
28
90
9
30%
6
5
89
Fob
Jan
Jan
Mar
Mar
Apr
Mar
AD!
Feb
Jan
Feb 81
Mar
71;5 72% 34,000 71
103 10335 4,000 101% Jan 10335 May
102% 102% 2,000 100% Jan 10235 May
• No par value. I Ex-dividend
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, May 30 to June 5, both inclusive
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Butler Brothers
20
Canal Constr Co cony Df.*
Castle& Co(AM)corn __b
Cent Illinois Sec Co ctfri_.
Central Ill P 8 pref
•
Central Ind Pow pref..100
Cent Pub Ser Corp A....'
CentPub Ser (Del) com__•
Cent 8 W Util eon) new..'
Preferred
•
Prior lien pref
•
Cent States Pr & Lt pref *
Cent West PS B pret____•
Chicago City & Con RyParticipating pref
Panic share common...*
Chicago Flex Shaft com.5
Chic Investors Corp cow.'
Convertible pref
•
Chic N Ak M ilwPreferred
10'
Prior lien pref.__
Chicago Towel Co cony I
Chicago Yellow Cab Inc..
Cities Service Co com___*
Club Aluminum Uten Co.'
Coleman Lamp & St corn _•
Commonwealth Edison_100
Comm'ty Tel Co cum pf..*
Comm'ty Water Serv coin *
Colmar Marl Corp corn_ __•
$3
preferred
•
Consumers Co
Common
5
6% prior prof A
100
7% preferred
100
V t c pur warrants
•
Cont Chicago Corp
Common
•
Preferred
•
Cord Corp
5
Corp Sec of Chic allot ctf_•
Common
•
Crane Co corn
25
Preferred
100
Curtis Light Inc corn..--•
Curtis Mfg Co common-5
Davis Industries Inc A_ •
Decker (Alf) & Cohn Inc.'
Eddy Paper Corp (The)..'
El liouschold Utl Corp...10
Emu Gas & Fuel
6% preferred
100
7% preferred
100
8% preferred
100
Federal Elec Co Inc com •
Fitz Simmons & Connell
D eeD corn
Foote Bros G & M
4%
12%
14
15
90
96
35
10
23-4
^0
Low.
Low.
High.
435
8
2134
2031
92%
78
1335
14
1535
92
9715
55
75
1,850
160
250
4,400
500
130
4,350
50
2,600
600
356
20
10
4
534
20%
20
91
77%
111(
11
13%
88
945(
55
75
74 Mar
June
Jan
12
Mar
Apr 3434 Feb
Apr 026534
Jan
Mal
May 84
Mar
June 19% Mar
Apr 1774 Apr
,
June 24% Feb
June 26% Apr
Jan 104% Jan
June 8 4 Jan
8
5
Juno
J une
mar
300
150
50
750
800
2%
34
934
231
26
June
Jan
Apr
Jan
Jan
3- Mar
)4 Jan
Jan
13
435 Feb
Apr 60 % bies
4
4
4
20
Feb
9
55
5-1
70 51 June
Jan 85
30 80
cO% 8134
Jan
400 1914 June 2334 Mar
34 20
11 ;.
1131 38,300
994 May
Mar
2
250
2
3
May 2°4%
b
330
514
534 Apr 12% Jan
53-s 0
202% 2303-4 41,700 202)4 June 25534 Feb
204
May 203( Feb
11
11
50 11
100
Jan
10
9
10
Apr
12
5)4 June 1034 Jan
100
511 531
Apr 3234 May
250 23
2634 28
30
234 2%
34%
30
20
20
)1
%
4%
3434
7
44
13%
3434
10934
535
141.5
35
4
8
2034 1734
534
35
83-4
4635
1534
35
50
135
Gardner-Denver Co cam.* 20
Gen Theatre Equip
Common new
•
431
Gleaner Corn Hare cons •
,
135
Godebaux Sugar Inc B •
Goldblatt Bros Inc corn_• 16
Great Lakes Aircraft A.....•
354
Great Lakee D & D
20%
Greyhound Corp common•
Grigsby Grunow Co com_•
3
Hall Printing Co corn...10 13
IIarter-Carter Co cony pt.•
6%
Hormell & Co(Geo)corn A • 24
Houdallle-Hersbey Corp A• 14
•
Class B
Illinois Brick Co cap...
.25
Inland UM Inc part A__•
Insull Utll Invest Inc....' 24%
Prior preferred
•
• 72
2d preferred
Interstate Pow Co $7 pf-•
Iron Fireman Mfg COY to' 14)4
Jefferson Electric Co corn.*
Kalamazoo Stove com_ •
Katz Drug Co corn
1
Kellogg Sw'bd & Sup com10
Preferred
100 60
Ken-Had Tu St L'p corn A •
Ky Util 1r cum pfd
50 50
Keystone Steel& Wirecom•
Preferred
100 so
La Salle Ext linty com__10
Lawbeck Corp 6% pre 100
Leath & Co cum pref....* 10
Libby McNeill& Libby_10 11
Lincoln Printing corn....' 1935
7% preferred
50 40
•
Lion Oil Ref Co corn
Loudon Packing Co
• 353(
McCord Had & Mfg A__ .•
McGraw Electric coat_
•
cQuay-Norris Mfg
*
McWilliams Dredging Do•
High.
Majestic Household UM
•
Common
8934 Mar
4114 Feb Manhattan-Dearborn com•
Marshall Field & Co corn.*
1315 Mar
331 Jan Mat'l Service Corp com_10
•
31
Apr Meadow Mfg Co com_
36
Feb Men & Mfrs Sec Co A corn'
7534 Feb Metrop Ind Co allot ctf...*
73( Feb Mickelberry's Food Prod
Common
1
04
Feb
134 Feb Mid-Cont Laund Inc A..•
634 Mar Midland Nat Gas part A •
534 Apr Middle West Tel Co corn..'
sy, Feb Middle Went Utilities new •
$0 cum preferred
834 Feb
Warrants A
Warrants B
70
Mar
8834 Mar Midland United Co corn--•
Warrants
2534 Feb
•
•
Preferred
88
May
Midland Util24
Feb
e% crier lien
100
8015 Mar
2534 Feb
6% pref class A_ _100
7% prior Hen
100
934 Mar
100
8034 1.80 • 7% pref class A
9734 Apr Miss Vail URI Inv $7 pref*
•
$O prior lien pref
734 Feb
Mo-Kan Pipe Line com_.5
•
20
Feb Modine Mfg com
2534 June Mohawk Rubb Co com •
Monroe Chemical Co pref•
Mar Morgan Litho common..'
3
Mountain States Pow pfl00
Foto
i I.
4
7
2034
20
91
77%
1115
14
13%
88
96
55
75
Range Since Jan. I.
2,1 334
%
%
10
10
2% 2%
27;5 30
20%
92)4
1
10
Range Since Jan. 1.
Jan
350 35
Abbott Laboratories cons_• :____
37%
35
June
750 25
Acme Steel Co cap stk_ _215 _ ____
25
27
May
7
400
Ainsworth kite Corp com10 - __ _ _
7
7
May
1
250
Allied Motor Ind Inc com.• -- im
134 134 1,500 16 June
A illeo Prod Corp A
1834
16
• 18
June
80 26
Altorfer Bros cony pref..' 26
293-1
26
June
30 62
62
Am Com Pow $634 pf A..' 62
62
334 May
250
Amer Equities Co cons_• .. _____
335 334
130 8935 June
92
Amer Pub Serv pref_--100 . 91
8934
34 May
50
Am Radio & T Stores...'
34
3.5
2 June
10
Amer Service corn
•
2
2
Jan
1
200
Amer-1, vette Co Inc corn •
235 234
4 June
43%
300
Appalachian Gas com___*
43-4
4
354 Jan
1,400
Art Metal Wks Inc corn..'
4
434
434
Assoc Tel de Tel
Feb
220 65
:
Class A6634 67%
40 8434 May
88
$6 preferred
87
Assoc Tel Urn Co cons22
2434 6,450 203-4 Apr
• 24
50 ssx may
• 8614 8631 863-4
$7 cumul pref
June
550 14
17
14
Bastian-Blessing Co com.25 17
100 56 June
56
Beatrice Cream corn. -50
50
13,200 14% June
Bendix Aviation corn____• 16
1434 1734
650
May
4
Sinks Mfg Co A cony pt. •
5
5
Borg-Warner Corp com.10 17
1434 18
28,550 1434 May
Jan
300 88
96
100
95
7% preferred
135 June
200
135 135
Bonin Vivitone Corp pref *
Brown Fence & Wire
150 1334 Apr
• 1434 1434 15
Class A
Bruce Co (EL) common.
• 24
18
2534 4,800 1334 May
Burnham Tried Corp
June
1
200
Common
1
135
•
154
414 June
100
Convertible pref
•
434 434
rrsaay
uates
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
24
3)4
1034
27
2134
18
21
16
19
83
95
435
2235
4
90
48
60
71
26
100
150
140
500
2%
30
20
%
Apr
June
June
Jan
4% Mar
453443
4% June 1034
5% 13,800
1A
3535 2,700 3434 June 45
10%
Jan
6
9% 63,550
June 60
2,050 44
50
16X 16,000 13% June 2134
Apr 4014
510 34
35
40 108% Apr 119
110
5% May
170
6
754
10 1334 Apr 18
1435
)4 Jan
50
35
94
Mar
4
3
150
7
8 June 10%
200
8)4
2035 1,900 17)4 June 21/35
48
58
71
31
23
22
135 234
50
300
50
100
150
5,000
48
50
71
26
Juno
June
June
June
20% May
1% May
20
June
JanJan
Jan
Feb
Feb
Abe
Feb
Feb
Jan
Feb
ja
Jan
June
Jan
Mar
Feb
65
80
92
37
Jan
Jan
Jan
Mar
29
4%
Jan
Jan
35
Jan
15
054
103-4
20
534
28)4
6
64
Feb
20
20
3%
1
4
15
234
17%
535
23-4
1235
6%
24
1234
49.4
12
1
21
73
70
7514
11%
1634
1934
20%
354
60
3
48
1014
60
1
67
10
10%
1935
36%
3
3535
41
,
1
450
134
1,550
40
434
100
16
334 8,050
2115 5,250
200
515
335 9,050
1,500
1336
,
700
71
,
4
450
24%
14% 2,650
5% 5,050
1214 . 1,950
134
250
2934 109,900
73
50
74
750
20
75%
14%
650
950
18
100
20
50
20%
1,100
335
60
50
500
3
230
50
103( 1,250
40
65
400
1
20
67
10
10
11% 10,150
500
20%
40
850
200
3
230
36
3% Apr
Feb
1
3 May
13% Jan
1% Jan
17% June
3% Apr
2% Jan
1234 June
Apr
5
24 June
11% Jan
4% June
June
12
June
1
21 June
73 June
June
70
753-4 June
10% Apr
Apr
14
19% June
1634 Jan
815 June
,
Jan
50
235 May
48
June
1034 Mar
80 June
15 May
Apr
67
10 June
934 May
1954 Jan
3635 June
2% May
Jan
35
2
131 Mar
Api
42)4 Jan
Jan
642% Apr
10
10
37
22
10
10%
37%
24%
30
210
200
800
10
10
35
22
June
June
Feb
May
216544
Jan
40
Mar
81% Mar
3
10%
24%
2035
2
16
36%
3%
11%
28%
21%
2
18
36%
650
300
1,000
150
50
4,100
20
2%
1015
23%
1735
135
16
3015
Jan
June
Jan
Jan
Jan
June
June
9:5
1
34
21
143(
9435
1
135
18)4
%
37S4
100
935
1
250
100
%
21
50
1635 130,800
96
900
1% 1,450
1%
100
19% 7,100
800
%
450
39
935
1
yi
17
14%
94%
1
135
18%
44
36
June 143-6 Jan
454 Jan
June
Jan
3
May
Feit
263
Jan 2
June
Mar3-4
June 100% APT
Feb
May
Feb
5
May
Apr 23
Jan
1)4 Jan
May
Apr 68)4 Feb
40
40
80
10
100
100
4,200
100
250
20
100
60
79
79)4
95
88%
88%
85
334
2234
3%
22
234
90
Jan 90% Feb
Mar 85
Mar
Jan 100
Feb
Jan 94% Apr
June 9 )4 Apr
Apr 9034 Ape
June 10% Mar
June
Mar
June
Jan :
388 1n
N
3May
9
Feb
May
My
June 93
83
80
95
9234
88%
88
334
22%
3%
27
234
90
83
80
90
92%
88%
8854
435
23
4
28
234
90
80
M ar
jaa
Feb
Apr
Feb
mu
Jan
Mar
11931
29
1834
935
1631
4
49%
93
Feb
Mar
Mar
Jan
Jan
Feb
Feb
924
92
224(
23%
84
25%
734
75
Mar
Apr
Feb
Mar
Jan
Mar
Mar
Apr
53-451
MFearb
1334 Mar
Jan
80
83114
Feb
Mar
18
20
731 Feb
jan
32% Feb
25% Apr
234 mar
2
jan
42
Mar
Sales
Friday
Last Week's Range for
Week.
of Pried.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Muskegon Motor Spec,
•
Convertible A
Nachman Springtilled corn'
National Battery Co pret-•
Nat Elec Power A part__ _•
100
7% Preferred
Nat'l Family Storm oom.•
National Leather corn. 10
Nat Pub Ser $334 cony pf.•
Natl Rep Inv Tr allot Otis'
Nat Scour Invest Co corn.'
100
6% cum pref
-_ •
Nat'l Standard com
Natl Term Corp part pref•
Nat Union Radio Corp--..•
Norma-Sparks common _ _•
North Amer car corn__ _•
North Amer Gas& Eleo A•
No Am Lt & Pr Co corn_ _•
N & S Am Corp A eons.- •
Northwest Bancorp com..E.0
Northwest Eng Co corn--•
Northwest tftii100
Prior lien pref
100
7% preferred
11%
22;4
4%
40
22
29
5%
1455
11
63%
11
6
20
21%
904
335
%
40
2155
3%
62
26
5%
2
32
14%
11
63%
6
2734
10
12
6
22%
23
9034
5
%
42
24
4
65
294
5%
2
3854
14%
11%
65
654
28%
10
Low.
450
100
120
2,050
20
4,700
50
20
600
1,650
LON
2,550
100
50
650
300
300
4,900
300
350
50
9554 9534
84;5 86
BOW
"May
Last Week's Range for
Wed.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shard.
Range 81/1C4 Jan. 1.
High.
Jan
10
June
6
Mar
20
2134 Juno
8734 May
May
3
55 Jan
40 June
2155 June
335 June
62 June
2534 Jan
554 June
1 55 Jan
Apr
32
1434 June
Feb
10
Jan
61
6 June
2751June
May
10
1534
1134
2551
26
95
6
1
47
31
75-4
78
3414
8
5
473-4
31
1334
7034
1134
37
1855
8951 Jan 102
8155 June 98
13
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Apr
Jan
Feb
Jan
Mar
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Star
Feb
Feb
10
144
14 May 2434 Jan
14
10
Parker Pen Co corn
10
2
Feb
5
3
May
3
•
Peabody Coal B corn_
12;4
450
Feb 1334 May
8
• 1234 12
Penn Gas & Elec A COMMar
850 2434 Apr 36
28
27
Perfect Circle (The) Co- •
May 2234 Apr
500 12
15%
13
Pines Winterfront corn_ __•
2
Jan
015 Mar
2% 1,400
2
251
Pelmet Mfg Corp corn..'
50
Mar
535 June 13
5% 5%
Potter Co(The) common.*
554 mar
100
335 Apr
4
4
•
Process Corp corn
775 20054, Jan 282
Feb
215 220
Pub fiery of Nor III cons. •
200 2
Feb
216 230
0034 Jan 265
100
Common
so 12214 Jan 137 Mar
KM 12555 125% 127
6% preferred
50 12934 Jan 147
Feb
100 13834 13811 139
7% preferred
2,850
515 Mar
1
may
1
1
1
Q R S De Vry Corp corn...*
Quaker Oats Co
Jan
860 11835 June 170
11815 125
• 125
Common
Jan 12031 May
300 113
117 120
100
Preferred
600
5
211 June
Feb
2% 3%
3%
Railroad Shares Corp corn•
315 June 1534 Mar
900
355 5%
5%
Raytheon Mfg Co corn--•
so 234 May 8 Mar
2% 251
Reliance Internal Corp A *
50
Apr
5
734 Jan
615 615
Reliance Mfg Co com__10
Apr 80
10 El)
Apr
80
80
100
Preferred
Jan
1,050 1934 June 26
194 1934 20
Ryerson & Son Inc corn..'
50 1731 June 2655 Feb
174 18
Sangamo Electric Co com • 18
834 Mar 1334 Apr
9
9
9
Beset Co common
Seahoar(IPS Co
180 404 May 48
Feb
• 44% 44% 444
Convertible prof
PH Jan
354 354 2,350
34 Jan
3%
Seaboard Util Shares Corr,*
350
7
515 Apr
Apr
64 6%
6%
SegailLock & Hdw Co eons*
Sigma Steel stray
30 134 May 20
Jan
134 134
Cumulative preferred_30 1314
50 19
19
Jan 24
Mar
19
So Colo Pow Eleo A corn _25 19
1,850
551 June 12
Feb
511 7
7
South'n Union Gas oorn •
95;5
160 9335 May 9834 Mar
94
So'weet Gas & El 7% Dt 100 94
10 8754 Jan 944 Jan
88
88
Southwest Lt & Pr Co Pf• 88
40 6934 Apr 70 June
70
70
• 70
Nat /Mk Yds
SUL
Standard Dredge
414 515
415 June 16
750
Jan
5
•
Convertible prof
10 7815 June 80
May
7815 7855
•
Stand Teleph prof
1
51 June
Feb
55 1.950
Si
Bi
&Mint° Radio Co
634 June 14
10
654 6%
Apr
6%
Storkline nun cony pt_25
200
334 Mar
15( 2
111 June
14
Studebaker Mall Order A-•
100
4
Feb
4
7
34 May
Super Maid Corp common*
29% 3251 8,750 2934 June 4034 Apr
15 32
Swift International
8,600 2
24% 26
434 June 3055 Jan
25 26
Swift& Co
Tele Bond & Share
100
1st preferred
R) oom-25
Thompson
•
12th Street Stores A
Unit Corp of Amer prof..'
United Amer ULU Unicorn•
Class A
•
United Gaa Co corn
United Pub Util $6 prof..'
20
HYPeum
U
100
Preferred
Ei Radio& Telev com___•
Utah Radio Prod oom_ •
Util & Ind Corp com____•
Convertible preferred__'
Utilitiee Power & Lt Corp
Common non-voting...*
•
Class A
Viking Pump Co oom_
•
•
Preferred
Vorelone Corp part pref--•
•
Vortex CUD CO
•
Chute A
S
Wahl Co common
Walgreen Co emu
Waukesha Motor Co corn.'
Wayne Pump Co
Convertible preferred--•
West Con UM Inc A
•
Western Pow Lt & Tel ci A•
Wextark Radio Storescorn'
•
Wleboldt Stores Inc
Wisconsin Bank She oomll.
Wolverine Port Coment_10
Yates
-Amer Mach part Pf•
Zenith Radio Corp oom--•
Bonds
1060
Brit Col Tel 58
Chicago City Ry 58..1927
Ctfs of deposit..._1927
Chic Ra lway1st rntge 53
1927
58 series B
1927
lot nitg 5s Mfrs of dp1927
1940
(mull UM Inv
Kresge(S /3) & Co 58_1945
Motr West Side Bleat 43'38
1938
lot 4.s
Northern Util Co 6558 1943
Northwestern Eiev 58.1941
Peoples0 L & C ref 58 1947
20
34
64
50
3754
18
1551
735
1734
134
184
16
2114
34
534
61
60
97 100
20%
18
855 9
354
3
315 455
1055
10
434 611
50
50
37%
33
132% 134
1214 1954
2%
2
434 6
16
15
97 June 104
11
300 18 June 34
855 June 11
20
3 May 12%
150
g
334 May
1,300
100 10
Apr 18
43-4 June 115-4
2,400
May 65
50
7
33 June 49
2,47
200 11651 Jan 134
9,800 124 June 344
1,500
63.4
2 Almay
434 June
4,550
954
Jan 1951
1,550 15
7;4
2034
9%
26
1
16%
24
1
16
42
250
734
100
20%
120
9%
150
2634
50
1
650
1751
550
254
1% 1,450
23,500
19
40
44%
16
6
20
16
8
21%
15
10%
554
234
2%
255
34
10%
5
2
25(
255
100
61
60
100
61
60
120
300
470
1,450
100
4.55
15
50
600
7
2034
a
25
1
17
24
1
16
42
Ape 14%
June 3055
Feb1234
Jan 29
Jun
815
June 23
June 29
June
June 2954
June 73
10
6
20
35
1055
5
2
234
24
Apr
June
June
May
May
May
Apr
May
Jan
16
16
Blue Ribbon Corp corn- • 16
36
3E,
50 36
655% Pre
16
16
Brantfort Cordage lot p125
15
Brazilian T L & Pr corn... 1434 12
344
• 3334 33
B C Power A
•
1054 1055
B
1655 18%
•
Building Products A
2934 30
25 30
Burt F N Co com
35( 4
,
311
•
Canada Bread corn
9;5 1051
• 10%
Canada Cement corn
89% 90
100 90
Preferred
15%
15
Can Steamship Lines pt 100
21
21
Canada Wire & Cable B -• 21
851 85(
81i
Canadian Canners com---•
8% 10
• 10
Cony pref
88
88
100 86
lot prof
1055 1055
Candn Car & Fdry cora - •
19
19
25
Preferred
2615
Candn Dredg & Dock corn' 26/5 24
82
60
Elec prof 50
Candn General
2
2
Candn Indus Alcohol A.-.'
9% 10
•
Canadian Oil coal
100 100
100 100
Preferred
2811
.25 2755 25
Candn Pacific Railway.
5%
5
555
•
Cockshutt Plow corn
735 8)i
8
Consolidated Bakeries_ _ -*
54
A
Cons Food Prod corn....'%
5
7151 851
Cons Mining & Smelt _ _ _25 84
183 1844
100 184
Consumers Gas
5
5
Cosmos Imper Mills corn.*
75
75
100
Preferred
1654
16
Consolidated Industries_ _• 16
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Mar
Mar
June
Mar
Feb
Feb
Feb
28
22
23%
8
14%
64
4
211
9
5%
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Apr
Mar
Feb
6114
18
604
75
82
100
68% 68;5
6851 68%
67
76
76
108%
18
Feb
Jan
Apr
Jan
Jan
Jan
Apr
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Mar
May
Mar
June
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange My 30 to June 5, both inclusive, compiled from official sales lists:
Friday
Sales
1,ast Week's Range for
Wed.
of Prices.
Sale
Par. Price. Low. High. Shares.
3%
3;6
Abitibi Pr & Paper porn *
18
100
6% preferred
4
8%
Barcelona T L & Pr
•
12
Beatty Bros corn
60
100
Preferred
100 130% 128
Bell Telephone
3%
18
855
12
6015
131
Range Since Jan. 1.
Low.
435
314
15 15
20
845
60 12
35 60
230 127
Range Since Jon. 1.
High.
Low.
Mar
12
Feb
30
May
15
12 June
33 June
May
10
163-4 June
2945 June
334 May
851 May
8934 June
15 June
20 May
834 June
834 June
86 June
May
10
19 June
24 June
5935 Jan
155 May
May
9
100 June
2,51
25 June
434 May
28
755 June
1,76
5
,
35 June
714 June
31
11 18031 Jan
5 June
1
50 75 June
June
175 16
18
32
25
5.409
205
55
150
945
215
735
115
25
105
145
1.885
231
175
20
655
2
10
12
Apr
20
May
38
2234 Jan
2834 Mar
4215 Mar
154 Star
Feb
26
444 Feb
735 Jan
1855 Mar
9636 Apr
Feb
27
3055 Mar
1315 Feb
Jan
14
9251 Jan
2334 Mar
2534 Mar
3635 Feb
633-4 Apr
551 Jan
2335 Jan
Jan
1213
454 Feb
Jan
10
123-4 Feb
Jan
3
Mar
187
Apr
187
Mar
9
Jan
93
173-4 May
Jan 13.40 June
Dome Mines Limited. ---• 12.50 11.50 13.40 16,335 9.20 Jan 24% Apr
602 14
Dominion Stores corn _ ....-• 1835 16% 19
Apr
15 97 June 100
97
97
97
Eastern SU Prod pr 0.100
Mar
,
951 June 18
140
9% 10
•
Fanny Farmer corn
Mar
Jan 34
30 28
3255 32%
*
Preferred
1851 2,549 1414 May 2934 Mar
Ford Co of Canada A---• 1755 16
755 Jan
234 Stay
100
3
3
Frost Steel & Wire A_ _100
83 98 June 10755 Feb
9955
98
100 98
Goodyear T & Rubb pf
755 June 12% Jan
465
755 851
Gypsum Lime & Alai:est.*
Feb
Jan 12
4
50
815 854
Hayes Wheels & Fore corn*
8.70 Apr
985 6.25 Jan
Hollinger Cons Gold 5110.5 0.90 6.50 6.95
Jan 2315 Mar
18
19
19
•
Hunts Limited A
Star
98 June 103
2
99
98
Internal Stilling 1st pt.100
934 June 2034 Star
9% 1155 18.56
International Nickel nom.* 1115
Apr
3311 Jan 45
18
International Utilities A..' 3331 33% 3551
1
454 May 10% Feb
554 6
•
B
Mar
5
40
314 Jan
4%
3%
355
KelvInator of Canada corn'
Star
66 7311 May 79
78
75
100 78
Preferred
174 Feb
35 10 Jun
10
10
Lake of Woods Mill corn --•
Jan 28.50 Apr
190 23.00
1 25.75 25.75 26.0
Lake Shore Mines
Feb
48
90 33 Jun
35
33
Laura Seeord Candy corn.' 35
May 14% Mar
964 11
1111 12
1134
Loblaw Groceterias A _ _.-*
5
Jan 141 Mar
277 10
• 10% 1015 11
13
Jan
Apr 32
1 30
31
31
com100 31
(M)
Loew's Theatres
Mar
10 25 June 40
25
25
Maple Leaf Mill pref._ _100
355 June 10% Jan
536
4;4 4
4
Massey-Harris common..'
75 20.00 May 26.30 Apr
20.75 22.00
McIntyre Procupine Min _ 5
285 1155 June 1711 Jan
Stoore Corp common_ _ _ -• 1151 1155 12
50 99 June 10854 Jan
99 100
100
A
Jan
13 108 June 126
108 108
100
II
351 Feb
2 June
60
2
2
Muirheada Cafeterias corn *
Mar
May 21
30 15
16
16
Ont Equit Life 10% pd.100 16
Apr 60 May
26 50
52
52
Orange Crush 1st pref. J00
5% Mar
4 June
145
4
4
4
•
2d preferred
627 68 June 9255 Feb
70%
• 7034 88
corn.Page
-Hersey Tubes
Jan 28% Mar
80 18
Photo Engravers & Elec. _* 2236 2254 2215
Feb
854 June 16
185
815 10
Pressed Sletals common_ _* 10
Jan
9 June 16
395
10
9
Riverside Silk Mills A. •
Jan
5 8754 June 95
8734 8751
Russell Motor prof _ _ _ _100
June
1
June
1
140
1
•
1
1
St. Lawrence Corp
9234 Jan
120 73 Jun
7315
73
73%
Slmeeon's Ltd
931 Star
34 Jun
205
314 4
354
Stand Steel Cons cam-- -s
Be
406 25 May 42% Feb
2654 2535 27
Steel Co of Can corn
36% Feb
60 29% Jun
30
2951
25
Preferred
Jan
13
655 Jun
300
6% 754
636
•
Tip Top Tailors corn
Apr
90
40 77 Jun
78
77
100 77
Preferred
1255 Jan
95 10% Jun
1055 11
20 11
TraYmore Ltd prof
Feb
17
7 Jun
10
7
7
Twin City Rap Tr corn _100
8% Feb
451 May
7,215
455 5
451
Walkers-Gooderh Worts-.-'
1715 Jan
8 Jun
165
8
8
West Can Flour Mills corn •
Mar
96
82 Jun
82
82
100
Preferred
Mar
Jan 45
155 30
38
37
Weston Ltd Geo corn-- •
Apr
15 80 June 90
80
80
100
Preferred
20 11% June 2055 Mar
1111 1151
Winnipeg Electric corn- •
$5,000 100 Jun 100 June
1,000 60
May 72
Mar
1,000 5955 May 72
% Mar
64% 23,000 6134 May 7434
1,000 18 Jun
32
18
4,000 80
Apr 73%
63
94
8255 293,000 75 Jun
5,000 954
101
100
4 .1t•
68;4 1,000 6815 June 75
69% 8,000 68% June 77
1,000 67
67
May 67
6,00
76
73% Jan 81
108% 2.000 10715 Mar 10834
• No par value. s Ex-dividend. y Ex-rights.
Stocks-
4211
FINANCIAL CHRONICLE
Jura; 6 1931.]
High.
June 13% Feb
Apr 50
Feb
June 24
Star
June 20
Jan
June 80
Jan
May 151% Feb
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Poyal
Toronto
100
100
100
100
100
100
100
203
208
204
23944
289
237
Loan & Trust
Huron & Erie Siert_ _ _ _100
•
20% paid
• No par value.
200
208
201
239
284
235
219
203
208
204
2423-4
290
23751
222
148 148
2834 28w.
144
135
100
68
81
255
62
199
205
201
239
284
235
217
May
May
June
June
June
June
Jan
1 148 Jun
2 28% Jun
231
224
225
302
325%
291
238
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Apr
150
2951 May
-Record of transactions at the Toronto
Toronto Curb.
Curb May 30 to June 5, both inclusive, compiled from
official sales lists:
Stocks-
Ames
I Friday
I Last Week's Range for
Week.
of Prices.
Said
Par, Price. Low. High. Shares.
Beath(W D)& Son A____*
Bissell(T E)Co pref-- _100
•
Canada Malting Co
•
Can Pay & Supply com
Canada Vinegars corn--_.•
•
Canadian Wineries
Caned Wire Bound Box A •
•
Carling Breweries
Consolidated Press A....-'
Cosgrave Export Brew_ _10
Distillers Corp Seagrams-*
*
Dominion Bridge
Dom Power & Trans stubs*
Dufferin Pay & Crushed
*
Stone cona
100
preferred
Durant Mot of Can com_10
English Elec of Canada A.•
Goodyear Tire & Rub corn•
Hamilton Bridge corn__ _ _*
•
Honey Dow prof
Imperial Tobacco ord.---5
Montreal L II & P cons..-'
Power Corp of Can com__•
Robert Simpson pref-100
•
Rogers Majestic
,.•
Service Stations com A.7;
re e
6
9%
12
1
1434
334
9
1
25
154
855
28
10
6
10
1234
234
16
4
10
1
26
1%
9
2914
1354
4
71
4
30
70
76
7
851
54
54
9
3935
43
4035
42
106
106
1015
1031
1155 10
at
4
7155
515
30
80
811
54
9%
4351
4251
106
1051
1235
AR
6
10
1251
1
1515
9
81-6
2915
71
515
Range Since Jan. 1.
Low.
.
High.
12
131.4
1611
534
20
6
16
3
31
2.10
1255
5511
14
Feb
Apr
Feb
Star
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Apr
715
3 May
105
Apr 80
45 70
4 June 1134
120
15 30 June 40
132 70 June 119
7 June 20
130
May 59
5 50
9 June 1031
80
950 3851 May 6811
207 409-4 June 63'4
Feb 109
5 104
May 1615
85 10
,
915 May 36%
557
May 9014
In 54
Mar
Feb
Mai
Mat
Mal
Slat
May
Mal
Mar
Mai
Am
Mal
Fel
has
5
650
410
42
465
105
285
25
80
70
260
.55
313
6
831
1011
1
1414
,
215
9
1
25
111
8
28
10
June
Jan
Stay
June
June
May
June
June
June
May
May
June
June
4212
FINANCIAL CHRONICLE
For.. 132.
•
Fftday
Bates
Last Week's Range for
Sale
of Prices.
Week.
Stocks(Concluded) Par. Price. Low. High. Shares.
Shawinigan Wat dc Pow--• 3834 35
3831
278
Stand Pav & Mater cam *
715 8
50
Preferred
100 70
69
70
20
Tamblyns Ltd(0)pret.100
1034 104
17
Toronto Elevators corn. *
11
11
20
Waterloo Mfg A
•
335
335 334
50
Oils
British American Oil
*
9%
84 915 5.064
Crown Dominion Oil Co-*
3
3
3
220
Imperial Oil Ltd
• 11
10
1115 3,528
International Petroleum •
9
814 936 3.700
McColl Frontenac Oil cam* 1034
94 1054
410
Preferred
100
6934 695(
20
Superta t Petroleum ord__• 1615 1415 1635
,
895
Common
•
14
14
50
Preferred A
100 9815 9854 9834
25
Union Natural Gas Co---•
955 10
137
Unlisted
Coast Copper
Noranda
Sherritt Gordon
Sudbury Basin
Teck Hughes
Wright Hargreaves
.
•No par value.
3
3
1700 1595 1775
53
53
46
49
50
875
650 705
270
264 275
Range Since Jan. I.
Low.
35
7
69
101
91-4
2
8
3
10
83-1
9%
6935
124
14
98
956
High.
June 59
Mar
May 16
Mar
June 80
Jan
Jan 1044 Mar
Jan 15
Mar
May
73( Feb
May 1615
June
64
June 1834
June 1515
June 2234
June 80
May 3215
June 31
May 105
June 16
Jan
Mat
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
110
24 May 1015
2,725 1400 Jan 2965
1,600 53 June 125
200 49 June 75
1,800 630 May 865
2,250 194
Jan 318
Feb
Mar
Feb
Mar
Apr
May
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Ca Porto Rican Sug corn.* 20
20
20
120
Union Trust Co
50 5355 52
175
5331
S Fidelity & Guar new.
.10 234 21
2334 3,106
West Md Dairy Inc pref..*
98% 98%
50
Western Natl Bank
20
33
94
3335
Bonds
Baltimore City Bonds
4s Sch house
1961
10455 10435
$800
43 School
1961
1044 104% 1,400
4s Second schoolloan1938
102 102
300
4.9 Waterloan
1958
104% 104%
200
4s Paving loan
1951
10434 10415
400
Consol GE L 55P 4%.1981
9715 9715 10,000
Finance Coot Am 6101934
102% 102% 1,000
Lord Belt Hotel Gen 634%
80
80
5,000
North Ave Market6s..1940
83
83
1,000
Santee Timber
1941
89
89
1.000
Un Porto Ric Sug 6158 1937 50
50
504 13,000
United Ry & b: 1st 4s_ _1949 44
434 44
6,000
Income 43
1949
174 18
4,000
Funding 58
1936
33
33
1,000
1st 61
1949
50
5014 28,000
Wash Balt & Annap 58_1941
12% 124 2,000
• No par value.
Range Since Jan. 1.
Low.
5
52
21
94
33
High.
Mar
Jan
June
Jan
Apr
10414 June
99% Jan
102 June
100% Jan
1004 Jan
9715 June
98
Feb
80 June
83 June
89 June
Mar
50
4215 Jan
17% Jan
33 June
50 June
12 May
20
62
37
9914
38
June
Jan
Feb
May
Jan
1043( June
115 May
102 June
1053( may
105 May
9735 June
102% June
Apr
89
Jan
88
89 June
Apr
87
5035 Feb
Mar
26
44
Feb
Jan
65
Jan
35
Pittsburgh Stock Exchange.
Philadelphia Stock Exchange.
-For this week's record
-Record of transactions
at Philadelphia Stock Exchange, May 30 to June 5, both of transactions on the Pittsburgh Exchange,see page 4185
inclusive, compiled from official sales lists:
Cleveland Stock Exchange.
-Record of transactions at
Friday
Sales
Cleveland Stock Exchange, May 30 to June 5, both inLast Week's Range for
Range Since Jan. I.
Sale
of Prices.
Week.
clusive, compiled from official sales lists:
StocksPar. Price. Low. High. Shares.
Low.
High.
Amer Foreign Securities22% 254
American Stores
* 4055 3815 4055
Bankers Secure preferred... 20
15
20
Bell Tel Co of Pa pret--100 11715 117 11734
Budd E G) Mfg Co
•
234 335
Preferred
45
50
Budd Wheel Co pref
7
8
Camden Fire Insurance.-- 18
164 18
Electric Storage Battery100
59
5634
Empire Corporation
55 1
1
Fire Association
10 1734 164 174
Horn & Hard(Phila) cam.*
155 155
Horn & Hard(NY)corn.*
3831 384
Preferred
100
1034 10435
Insurance Co of N A---10 51
45
51
Lake Sup Corp ctfs of den..
211 415
Leh Coal & Nay new wt.-- 214 1934 2115
Lehigh Valley
3734 3734
Mitten I3k See Corp pref.815
834 831
Pennrond Corp
415 51-4
Pennsylvania RR
50
424 4934
Phila. Dairy Prod pref.-25
0334 9334
Phil& Elec of Pa $5 met- 10515
10534
Phila Elec Pow pref.---25 3334 10434 3334
334
Phil& Rapid Tran 7% pf-50 27
2015 2734
Phil & Rd Coal & Iron....
6% 734
Philadelphia Tractlon-50
3855 3934
Reliance Insurance
10
41-4 54
Scott Paper
4614 4734
734 A
102 102
Seaboard Utilities Corp
354 315
Shreve El Dorado Pipe L 25
215
24 214
Tono-Belmont Devel--1
%
35
15
Tonopah Mining
%
1
35
Union Traction
40 27
25
27
17nited Gas Impt com new * 2734 2534 284
Preferred new
•
1034 104
U S Dairy Prod class A.--•
59% 5934
Common class B
8% 11
Victory Ins Co
555
434 515
Warner Co
•
2115
20
West Jer &Seashore RR-50
5914 60
York Railways pref
32
32
Bonds
Del El Pow 5%a
1959
874 88
Bloc & Peoples tr ate 4s'45
4035
33
Ctfs of deposit
32
32
Lehigh Nay corn 448.1954
100 100
Lehigh Power & Light 138.-101 102
Lehigh Valley annuity 65-130 130
Penn Cent L & P 435s9634 97
Pennsylvania RR 4qa 1981
95
964
Peoples Pass tr ctLs 4s_1948
42
42
Phil El(Pa) let 448ser'67
10434105
1st lien & ref 58
1971
9834 9934
1st 5s
1965
10834 109%
Pub Serv El & Gas 4s w ill
993 9934
Reading Terminal 5a
106 106
Strawbridge & Cloth Se '48
9535
95
York Railways tat 5s1987
tnntc innsc
•No par value.
Friday
Sales
531-i Feb
Last Week's Range for
Range Since Jan. 1.
483,4 May
Sale
of Prices.
Week.
Stocks25
Mar
Par. Price. Low. High. Shares.
Low.
High.
11834 Mar
515 Feb Apex Electrical Mfg
*
714 7.4
15
735 June 1234 Ma
Preferred
51
Jan
100
65
65
6 70
Mar 7234 Feb
1215 Feb Canfield Gil corn
100
85
85
5 85
Feb 90
Jan
2935 Mar Central United Nat
20
5154 5114
21 5114 May 63
Feb
Chase Br & Cop pf ser A100
6555 Mar
1041-4 10434
20 102% Jan 106
Apr
235 Mar City Ice & Fuel
• 31% 3115 31%
106 31
May 3735 Feb
Preferred
244 Feb
100
841-4 8434
10 7714 Jan 894 Apr
182
Mar Cleve Electric 1116% 0100 112
11115 1124
128 11114 Jan 114
Apr
444 Apr Cleve Railway ctfs dep.100 68
67
182 67 June 84
88
Mar
10435 May Cleve Securities P L pf_ •
114 135
943
135 Apr
24 Jan
6334 Mar Cleveland Trust
100
279 280
79 279 June 325
Jan
9
Jan Cleve & Sand Brew pt--100
234 254
37
24 June
6
Feb
2714 Feb Dow Chemical corn
•
3435 39
962 3434 June 5115 Mar
55
Preferred
Feb
100
103 103
35 10115 Feb 1054 Jan
Faultless Rubber corn----* 35
35
35
690 35
Jan 37
Feb
1.100
615 Apr 1315 Jan Firestone T & R 6% pf_11541 62
58
62
210 58
May 62 June
16,800
415 June
815 Feb Foote-Burt corn
•
731
7
715
506
7 June 16 Mar
12,906 4235 June 64
Feb Gen Tire & Rubb com-25
80
80
15 80 May 140
Mar
216 884 Jan 95
•
May Geometric Stamping
355 351
355 May
1
214 Mar
goo 101
Feb 10534 June Cadman Shoe corn
•
5
5
150
5 May
811 Jan
3,800 324 Jan 3334 Mar Grief Bros Cooperage cl A• 19
19
1934
95 19 June 22
Feb
1,280 16
Apr 384 May Harbaner corn
* 17
17
1755
155 164 Apr 19
Jan
400
834 June 1234 Mar Harris-Seybold-Pott corn.*
1
1
10
1 (June
4
Feb
803 2934 Feb 404 May Higbee 2d prof
100
82
82
80 82 June 9734 Jan
400
415 June
734 Mar India Tire & Rubb com--* 12
12
12
220
84 Feb 1315 Feb
40 424 Feb 5034 Apr Interlake Steamship corn.*
38
40
134 38 June 60
Jan
5 994 Jan 102 June Jaeger Machine corn
•
954
934 931
260
934 June 1535 Mar
400
351 May
10
515 Feb Kaynee corn
22
23
25 21
May 26
Jan
Metrop Pay Brick pf_ -100
700
1% Jan
5
Feb
100 100
32 100
Jan 105
Mar
300
35 May
1
Apr Mohawk Rubber corn. •
4
5
410
3
Feb
8 I Mar
100
4 Jan
1
Apr Myers F E & Bros
• 36
36
37
115 36 June 45
Mar
1,125 20
Apr 3134 May National Carbon pref._100
1303-4 1301-4
100 13034 June 138
Jan
49.018 2554 Jan 3755 Mar National City Bank_ -100
312 315
10 310
Apr 327
Jan
600 9815 Jan 108 May National Refining corn--25
17
17
31 17 June 2215 Jan
Preferred
400 5834 May 624 Apr
100 129
129 129
13 129 June 135
Jan
835 June 15
4,700
Feb Nestle-LeMur corn
*
234 215
345
Mar
2
3
Feb
200
44 Jan
734 Apr North Amer Sec cl A.......•
3
3
85
3 May
3 May
1,100 20 June 3234 Feb Ohio Brass B
•
40
42
385 40 May 71
Feb
135 5935 June 62 May Paragon RefiningCi B 2d pymt end
16 32 June 34
Feb
•
1
1
700
1 June
134 May
Patterson Sargent
• 24
24
24
260 2235 May 2814 Feb
Republic Stamp & En '57
52
59
719 52 June 6215 Feb
52,000 8735 June 95 may Selberling Rubber com- •
9
843
8
4% Jan 1035 May
9
Preferred
Jan 45 May
3,100 30
50
65 32
50
Feb 50 May
Selby Shoe corn
30 3134 Jan 351-1 Feb
•
12
240
1234
954 May 161-4 Feb
8,000 9755 Mar 101
Mar Sherwin-Williams corn_ _25 59
52
59
1,238 52 June 6814 Mar
AA preferred
Feb 1064 Apr
5,000 101
100
10534 10615
100 104
Apr 109
Jan
Jan 130
3.000 128
Mar Thompson Products Inc_.'
954 10
934 June 17'; Feb
660
14,000 95
Apr 9754 Apr Union Metal Manfg corn.' 22
20
22
120 20 June 34'j Mar
Union Trust
29,000 8731 May 9834 May
25 59% 58
59%
705 58 June 75
Jan
Jan 50
Jan West Rao Inv Corp
1,000 40
6% prior pref
Mar 105 May
8,000 93
100
50
102 50 May 70
50
Mar
White Motor Sec pret--100
25,000 944 Mar 994 May
98
20 98 Juno 104
98
Jan
10,700 1074 Jan 110 May Youngstown B Jr T prel 100
86
86
75 86 June 1011-i Jan
4,000 9434 Mar 9955 May
Bonds
1.000 10154 Apr 10834 May
2.000 9314 Jan 98
Jan Cleveland Railway 58.1933
32,u00 100
100 100
Apr 10014 Mar
1.000 9755 Jan 101
Apr
•No par value.
360
2,800
1.300
500
4.700
198
1,400
2,100
285
1,100
1,200
30
1.300
260
1,900
2,300
3,900
5
2234 June
37
Jan
15 May
11515 Jan
255 June
35 May
7
Apr
1634 June
50 June
4 May
1535 May
142 May
3434 Jan
100
Jan
45 June
234 June
1934 June
3734 June
100
.Cincinnati Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, May 30 to June 5, both in- Cincinnati Stock Exchange, May 30 to June 5, both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Arundel Corporation
• 364
Baltimore Trust Co
10 314
Baltimore Tube prat__ _100
Black & Decker com
*
Preferred
Cbee & Pot Tel of Dal pf100
Coml Credit pref
25
Preferred B
25
Consol Gab E L & Power--• 85
6% prefser D
100
5% preferred
100 106
Davison Chemical cam_ _ __ ______
Eastern Rolling Mill
*
Emerson Bromo Selt A wt. 28%
Empire 38th St Corp 0_100
Fidel & Guar Flre Corp--10
Fidelity & Deposit
50 137
Finance Serv cam A
10
First Nat Bank wi
Houston Oil pref (old).- ______
Preferred (••••)
Mfrs Finance 1st pref-25
2d preferred
25
Maryland Cas new w L.-. 26
Maryland Tr Co new w IMonon W Penn PS pref 25 2434
Mt Vern-Woodb M pref100
New Amsterdam Cu Ins-- 30
Penn Water & Pnwer
• 57
344 364
30
3134
35
33
81-4 834
20
20
11615 11634
22
22
22
2234
79
85
11215 1124
105% 106
10
10
7
7
2835 29
35
35
21
24
130 137
7
7
38% 3935
68
68
154 17
1114 12
614 7
22
26
2934 3.
2415 2415
52
5234
30
3034
52
57
2,440
1,868
80
396
15
29
50
101
1,04.8
5
110
400
15
60
35
83
87
200
226
100
175
271
445
1,433
281
75
100
811
73
Range Since Jan. I.
Stocks-
Low.
High.
3434 June
30
Jan
33 June
035 May
20 June
113 May
Jan
21
2134 Jan
79 June
Jan
110
10234 Jan
10 June
Apr
7
2854 June
Jan
30
21 June
130 June
Jan
6
3834 June
68 June
Jan
15
1014 may
431 Jan
22 June
294 may
Jan
24
52 June
30 May
53 June
42
Feb
3234 Feb
3715 Jan
15
Feb
244 Feb
11815 Feb
23
Apr
244 Feb
1104 Feb
11215 June
116 June
10 June
12
Feb
3234 Jan
40
Jan
32
Feb
165
Mar
10 May
BO
Feb
68 June
19
Feb
15
Jan
8
Feb
36
Feb
Jan
32
2535 Apr
6134 Apr
3615 Feb
70
Feb
Friday
,sates
Last Week's Range for
Week,
Sale
of Prices.
Par, Price. Low, High. Shares.
Aluminum Indus corn_ •
Am Laundry Mach com.20
Amer Rolling Mill com._25
Am Thermos Bottle A.......*
Central Trust
100
Champ Coat Paper corn 100
Special preferred_ -100
Chrungold Corp
•
On Gas & Elec pref. _100
Cincinnati Street Ry---50
Cmn de Sub Tel
50
Cin Union Term pret__100
Crasley Radio A
•
Dow Drug common
•
Preferred
100
Eagle-Picher Lead com--20
Formica Insulation
•
Gerrard S A
•
Gibson Art common
•
Gruen Watch prof
100
Hattield-Campbellpret_100
Hobart Mfg
•
JUllall & Kokenge
•
Kahn participating
40
Kroger common
•
Newman Mfg Co
•
Proc& Gamble corn new •
Pure 0116% prof
100
Randall A
*
Richardson common
•
29
1834
6
3634
99
5
5
22
534
33
25
2714
20
6231
60
12
12
2635 29
15% 1831
6
7
266 285
200 200
105 105
5
5
102% 10334
35% 31334
98
99
109 109
435 5
10
1015
9334 9334
434 5
22
23
5
534
33
33
100 102
50
50
33
3434
854
8
25
25
2234 284
20
2215
56
63
60
63
13
13
10
10
117
2,230
400
110
105
60
15
100
100
379
147
83
135
125
5
1.305
45
76
15
4
5
220
300
20
1,890
100
2,740
30
110
25
Range Since Jan.].
Low.
High.
12 June
2615 June
1534 June
8 June
265
Jan
200
Apr
1014 Feb
4 May
10035 Feb
3554 June
96
Feb
10815 Jan
4% June
935 Jan
9334 June
44 Feb
22 June
435 Mar
323-i may
100 June
20 May
33 June
Jan
8
25 June
1834 Jan
20 May
60 May
80 June
13 May
Apr
10
1955 Feb
45
Jan
37
Feb
10
Jan
266
Feb
200
Apr
1054 May
143-4 Jan
10434 May
Jan
40
10314 Mar
10951 May
855 Feb
144 Jan
Jan
100
Mar
7
2911 Mar
Mar
8
39
Jan
Jan
109
50 June
41
Jan
10
Jan
3015 Apr
35 May
25
Jan
71
Mar
85
Jan
15
Jan
16
Jan
JUNE 6 1931.]
4213
FINANCIAL CHRONICLE
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Sees
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
5% Jan 1034 Apr
Ansa Imp Diesel Eng A_
5,4 534
345
1,560 11% Apr 20 June
Alaska Juneau
1731 20
Jan
Bank of California
195 195
20 195 June 250
535 June 1015 Feb
200
Bond de Share
5% 534
7% Feb
3 May
584
Byron Jackson
351 351
Jan
100 13% Feb 16
1414 14%
-Record of transactions at Calamba Sugar 7% pref
St. Louis Stock Exchange.
Mar
Feb 27
100 18
20
California Ink A
20
St. Louis Stock Exchange, May 30 to June 5, both inclusive, California Packing
Feb
4,327 2054 May 52
24
2315 21
Apr
Jan 94
120 85
9135
91
Calif Water Serv pref
91
compiled from official sales lists:
Feb
Caterpillar
23% 21% 2415 18,606 21% June 52
Friday
Sales
352 15 June 22% Feb
16
15
Clorox Chemical A
Last Week's Range for
Range Since Jan. 1.
47 98% Jan 10235 May
Cst cos G & E 6% 1st pref. 101% 10134 101%
of Prices.
Week.
Sale
150 17 Slay 23% Mar
17
ConsChem Indus A
17
Par. Price. Low. High. Shares.
Low.
StocksHigh.
May 5434 Jan
153 19
Crown Zeller pref A
2034 2034 21
5 Jan
May 531
105 19
21
20
Preferred B
21
Bank and Trust Stocks
67-4 Jan
235 May
'Voting trust cgs
234 2% 1,214
255
Boatmen's Nat Bank-_100 170
170 170
35 170 June 180
Feb
Apr Eldorado Oil Works
10% 12%
450 10% June 15
First National Bank-- _ _20 60
60
225 60 June 70
63
Mar Emporium Capwell
6% Jan 10% mar
245
7
7
Mercantile-Corn Bk&Tr100
Feb
169 170
97 168 June 198
Jan Fireman's Fund Ins
362 72 June 90
75
72
75
St Louts Union Tr Co. 100460 467
60 460 June 490
Apr Food Mach Corp
Feb
1,172 15
may 36
9
2
310
1734 161: 3110
Miscellaneous
Jan 3915 Feb
110 27
Galland Merc Laundry.
A S Aloe Co pref
20
50 92
98
98
Feb 98 June Golden State Milk ProdJan 22% Mar
11
63
Berry Motor
12
• 12
99 12 June 12 June Golden State Co Ltd capital 14% 15% 15
12
14% June 15 June
52
4
Brown Shoe corn
131 33% Feb 41
100 3834 38
May Haiku Pine Co Ltd pref. -----May 21% Apr
15
3
4
9
Burkart Mfg pref
Feb
25
9
10
*
Apr 12
10
Apr
33 June 45
15
33
33
Hawaiian C & S Ltd
Century Electric Co _ __100
1 62 June 85
62
62
Jar
0 i‘lay 2481341i
5 JUne
2
83
12
2535
Hawaiian Pineapple
25
Coca-Cola Bottling Co_ _.1 27
230 25
Jan
May 43
26
Jar
27
13
Honolulu Oil Corp Ltd_
10
13
Cons Lead & Zinc A
345
1% June
131
3
134
Mai Hunt Bros A
•
815 June 1534 Feb
10
6
%
6 % 84
Jan
93i
,
Como Mills Co
170 21% Apr 2435 Mai Hutch Sugar Plant
22
23
* 23
634 June
40
Apr
Dr. Pepper corn
5 27 June 3234 Mai
9
27
27
• 27
2% Feb
100
Leighton Ind A
250 14
14
Elder Mt; MI)
14
*
151 Mar
Ji ne 17
Jar
115 Mar
20
6
135 6135
A
128 58
May 60
58% 59
Ma3 Leslie Calif Salt
100
6 June 11% Mar
250
6
6
6
100 12
Ely & Walker D G oom _25
June 18
12
12
355 Mar
Jar
.
194 Jan
7.779
135 2
Magnavox
2
20 110 June 115
Feb
Globe-Democrat pref_ _100
110 111
18
Jun
Mai
853, 2,030 11
12
81
15
Magnin
130
Feb
4 June
Hamilton-Brown Shoe_25
7
4
Fel
434
68 85 June 94
6% preferred
434 June
298
Apr
Huttig S ,k D corn
*
455 4%
4%
4% Jun,
100 13 June 20
13
13
Market Street Ry pr pref.._
13
765 47 June 49
International Shoe corn_.• 47% 47
Jai
47%
43-5 Apr1234 Feb
800
No American 011
25 105% Jan 109
Preferred
Mar
100 108% 10835 108%
Mai
28
100 15 Jun
5
5
14% 15
Olivir United Filters A_ - 425 25
Johnson S-S Shoe
Jan 37
jai
%
27%
*
6 May 1615 Feb
160
6
6
Key Boller Equipt
100 13% June 25
13% 13%
Jai
• 13%
634 Apr 11% Apr
Pao Pub Serv new corn wi.
7% 834 2,366
8
250 25
Apr
Laclede Steel Co
20
2555 25%
May 35
Ma
1,755 1514 June 21
10%
mg 1534
New pret w I
Landis Machine corn----25 24
105 24 June 30
Feb
Ma
25
24
8,252 18% June 28
A
1834 18% 20
239 3531 Feb 3931 Ma
McQuay-Norrls
36
38
•
42% 26,647 38 June 5435 Mar
Pacific Gas
4134 38
Mo Portland Cement.- _25 22
712 20
Apr29% Ma
2135 22%
834 May
2855 3,353 2631 Feb 2
6% 1st prof
:28
124
0
8
Nat Candy corn
*
790 17% June 22
17% 18
Ma
25% 25% 2534 3.073 2434 Feb 2634 May
51-4% pref
535 5%
Apr
5
180
Rice-Stlx Dry Goods corn.*
815 Ja:
23% 4,034 4835 June 6855 Mar
18
5051 142% 152
Pacific Lite COM
*
6
170
6 June
Scullin Steel prof
9
Ja
6
6
30 10055 Jan 105% Mar
1041-4104%
6% prof
85 26
May 31
Securities Inv corn
162 116% Apr 13134 Mar
Fe
• 2735 2635 27%
Pacific Telephone
173 117% Jan 122
Souwestere Bell Tel pf _100 121% 121% 121%
Ma
138 12031 Jan 13134 Apr
12935
129%
6% prof
735 11
Sift Baer & Fuller corn_ --• 13% 13% 1455
Jan 15
Fe
2.161 3335 June 5094 Mar
Paraffine Co
37% 33% 39
100
St Louis Pub Serv com
1
135
1%
May
*
4
Fe
5 June 1531 Feb
324
5%
5
Phillips Pete
827 12% May 19
Wagner Electric corn _ _100 13% 13% 14
June
63% Jan
1
700
Ma
134
1
Richfield
Street Railway Bonds
136 Jun
9% Jan
565
7% prof
1% 151
134
96% Jan 98
East St L & Sub Co 5s_1932 9734 9711 9735 $35,00
Mar
Al
230 115% Jan 124
%
San J L& Pow 7% pr pref. 10
4
0
0
0
0
24,4 1284% 11024084
may
40% June 62% Ja
United Railways 43-.1934 41
40% 42% 19,00
Jan 100
41 102
6% prior pref
Miscellaneous Bonds
4% May 1034 Feb
2,075
Shell Union
4S5 5
5
43
9.000 60 June 9215 Ja
65
Mar
Scruggs-1
60
1-B 7s
May 55
30 41
Sherman Clay pr pref
sall',1
an
an
1 nnn
an
,Inn
RAIZ XT.
Mar
185 11
Stay 15
So Pac Golden Gt A
1134 1131 11%
Apr 1035 Feb
9
884
9%
9
g3i
•No par value.
Spring Valley Water
16,641 3155 June 5134 Feb
Standard 011 01 Calif
3435 31% 35
854 Feb
Los Angeles Stock Exchange.
4 June
-Record of transactions Tide Water Assoc
4% 2,630
4
4%
386 3934 June 69% Jan
3955 41
6% pref
41
at the Los Angeles Stock Exchange, May 30 to June 5,
Feb
6% June 18
85.04
635 8
Trans
-America Corn
7%
both inclusive, compiled from official sales lists:
Union 011 Assoc
1474 16% 1.682 1335 Apr 2431 Feb
14% Apr 2634 Feb
17% 4.05
Union 011 Co of Calif
16
17
Friday
Sales
43-4 mar
13.5 June
110
114 155
Union Sugar Co coin
Last Week's Range for
Range Since Jan. 1.
Apr
Apr 21
20 17
17
17
7% pref
of Prices.
Week.
Sale
Jan
45 2315 June 275
Wells Fargo Bk & Un Tr
230 230
230
Low.
StocksPar. Price. Low. High. Shares.
High.
4,356 143,5 Jan 2831 Apr
2135 24
Western Pipe Steel
22%
100 1535 June 21% Mar
15%
Assoc Gas & El A
•
1534
New York Produce Exchange Securities Market.
700
Bolsa Chlea Oil A
5% June 2251 Jan
554 6
10
100 75
California Bank
May 9434 Feb Following is the record of transactions at the New York
25 74% 7434 75
70 7235 May 94
Central Investment Co_100
7255 73
,
Jan
Securities Market, May 30 to June 5,
350 71
73
Citizens Nat Bank
71
J ne 90
20
Mar Produce Exchange
10
16% 2,300 1435 Jan 2335 Mar
Claude Neon El Prod_ ___*
from official sales lists:
..
100
Comm'l Discount corn.
7
7
.25
Sales
100 1235 Jan 2355 Mar
Friday
Douglas Aircraft Inc-- •
17% 1794
Range Since Jan. 1.
500 16% Jan 18% Apr
Last Week's Range for
18
Gilmore Oil Co
18
Week.
of Prices.
219 13% Apr 20% Jan
Globe Grain & Mil com.25 13% 13% 13%
Sale
High.
Low.
Stocks-.
95 66
Par Price. Low. High. Shares.
Jan 80
Goodyear T & R prof.. 100
7234
72
Feb
30 84% Mar 89
89
Goodyear Textile pref _100
86
June
.50 Apr
.20 May
.23 .25 11,000
10 .4
.25
May
Hal Roach 8% prof
5
5
5
25
Jan Admiralty Alaska Gold_ __1
55 June
55 June
300
55
55
3.6
Hancock 011 common A_25
6% June
834 Feb Amalgamated Laundry..
6% 7% 1,600
200
35 June
54 Mar
%
35
700 22
May 32
Internet Ito-loser Corp_10 23
22% 23
Jan American Corp warrants_ - -----2% June
194 May
134 234 2,900
si
2%
35
American Sealcone
140
55 5Iar
1
Lincoln Mtge common_ _* -- 34
55 Mar
434 June
451 June
100
4% 4%
262 10294 Jan 110
Los Ang Gas & El pref_100 109
107% 109
May Amer Utilities gen A
.44 Max
.11 Feb
.12 1,000
.12
531
Loa Axes Invest Co
5
1,600
Apr 10% Jan Andes Petroleum
5
10
Max
2
200
% June
55
1
55
Assoc Dyeing v to
255 May
900
MacMillan Petroleum 25
•
6
234 3
Feb
3355 June 4034 Feb
200
3355 34
300 1034 Apr 1631 Feb Atlas URI $3 pref
Pacific Finance Corp comb0
"
11% 11%
1.48 Feb
.50 June
.51 1,200
.50
.50
600 1131 June 11% June Bagdad Copper
11% 11%
1
Common new
10
Fet
7
435 June
100
4% 4%
250 1155 June 11% June Basic Industries SharesA preferred new
11% 11%
10
Jar
7
May
2
100
435 435
9% Jan 11% Apr British Can Shares
11% 113% 3,500
Preferred series A___10
•
Feb
50 60% June 102
6094 6151
Chase Bank
Jan
8%
20
8%
Series C
8.31
50
10
9% Apr
55 Mal
400
35
% May
35
935 9%
955 Jan 10
350
Series D
10
Apr Comm'l Credit toad warr_
.90 Api
.05 Feb
.30 .52 15,000
900 3994 June 5435 Mar Como Mines
Pacific Gas & El com_ _25
I
39% 4234
696 Fet
435 June
600
455 47-4
400 27
4%
1st preferred
Feb 2855 May Corporate Trust Shares__
25 2854 28% 2855
Mar
734 Mal
3
100
435 45-4
200 25% Ma
555% preferred
25% 25%
25% May Detachable Bit
25
Feb
4
1% June
1% 254 6,200
100 5255 Jan 6735 Mar Detroit & Canada Tunnel•
Pacific Lighting common_*
23'
5294 5251
100 1155 JUne 1431 Apt
1194 11%
400 50
Apr 58% Jan Diversified Tr Shs 13
50%
Pacific Mutual Life Ins_10
50
654 Ma
4% Jun
1,200
4% 451
1,500 1854 Ja
C
20
455
Pacific Pub Serv A corn.-. 1951
19
2735 Feb
3.25 Mal
1.60 Mar
500
3.00 3.20
8% Apr 10% Apr Eagle Itlrd Mines
8% 834
100
3.15
New
1
•
5% Afr
2% May
700
4
3
1535 16
Preferred new
•
18% Apr General Leather
300 1534 Jun
255 Jan
57-4 Fel
100
316
,
1,100
33
Pacific Western Oil Co_ •
555 May 1555 Feb Hamilton Gas
531 531
*
1.55 Ma:
1.00 Apr
1,000
1.27 1.27
134 May
1% 1%
600
Republic Petroleum Co_10
2% Mar Homestead 011 & Gas_ __I
151
1.20 Fel
.41 May
.54 10,600
.48
May
700
135
.50
1
135
Richfield 011 Co com6% Jan Internet Rustleis Iron___1
53.4 At,
2% Jan
1,000
3%
3%
1% 1%
•
33
1% June
10
Preferred
9% Jan Jenkins Television
25
6% Apr 1034 Jun
Rio Grande 011 com__25
1094 10% 1,700
434 8,900
3 June 10% Feb Jencks Manufacturing
3
5
374
154 Fel
June
1
100
1
1
128 115
San I L P 7% pr pf_100
120% 120%
Kane Stores A
Jan 124
•
Mar
1.75 Jun
1.14 Apr
1.70 1.75 3,700
3 10194 Jan 10635 May Keystone Consol Mine_ __1
6% prior pref
1.74
1034 103%
100
994 Ma
535 June
10 3755 Jan 4131 June Kildun Mining
Seaboard Nat Bank_ _._25 41% 41% 41%
7%
54 7% 5,100
•
435 Fe
100
1% Apr
2% 2%
20 39
43
Seaboard Nat Sec Corp_25
42
Apr 43 June Kinner Air
•
.56 Ap
.24 May
.30 10,500
.26
Security 1st Nat 13k L A.25 7335 7155 75% 2,050 7115 June 9555 Feb Macassa Mines
.30
1
Ar
Jan 20
100 15
18
So Calif Edison corn_ _ _25 39% 3655 4155 1,400 3814 June 54% Feb Macfadden
18
*
Jan
831 Ma
4
100
5
Original preferred_ __ _25 52
337 50 Jun
52
5
50
•
60
Feb Metal Textile
955 Me
100
634 June
634 63.4
25 29% 2935 29% 1,400 2935 Jun
7% Preferred
30% May National Liberty Ins_ _5
534 Jun
7% Ms
6% preferred
400
25
27% 2754 2,000 2634 Jan 28% May Nation Wide Securities B__
534 594
5%
734 Ma
53.4% preferred
535 May
600 2455 Jae 27% May New York City Airport--S
6% 2,200
25
2634 2634
6
654
% Ja
3-16 June
400
So Cal Gas 6% pref-___2
4 25% Ma
!
New York Rio warrants__
3-16 3-16 3-16
;1 2656 2656
2634 Apr
6% Fe
4% Jun
300
Stand 011 of Calif
4% 4%
4%
3134 3555 13,000 3155 Jun
51
Feb North American Trust Shs
3.25 Fe
1.10 June
400
Superior 011 common___25
16
300 15
15
1.25 1.10 1.25
Jun
23
Mar North Butte Mining_$2.50
735 Ja
355 June
1,200
Taylor Milling Corp
17
*
100 17
17
335 5
Jun
24% Feb Petroleum Conversion--•
% Ja
21
.15 June
.25 2,000
35,500
634 8
756
Trans
.15
-America Corp___25
634 June 18
*
Feb Photo Color
.45 Ma
.40 June
15
500
.40
Union 011 Associates. _.25 1574
.40
16% 3,900 1394 Apr 2435 Feb Powell 11 1in Properties___1
.40
.
1755 5,400 1435 Apr 26
25 17
16
200 99% June 9955 Ma
Union 011 of Calif
99% 99%
Feb Pub Serv N J pr XD wt..*
BOO 1355 Feb 18% MI
325 325
9 325
Union Bank & Tr Co_100
Jan 325
jail Railways
* 153-4 14% 133.4
834 854
100 2934 June 343-4 Ja
100
834
834 June 20
2935 2936
Weber Showcase dr F pf..•
Jan Reliance International pf •
455 Fr
2% June
201)
2% 2%
2%
Rhodesian
581w.
4 No par value.
.
Seaboard Utilities warr___ -----51
% May
% Mt
51
500
394 Al
23,600
134 Feb
-Record of transactions Shortwave & TelevisIon__1 2% 2% 23.4 1,000 1 June 355 Ja
San Francisco Stock Exchange.
1
Splitdorf
19.4
•
7% Fr
555 May
100
554 5%
53
at San Francisco Stock Exchange, May 30 to June 5, both Super Corp A
100 3634 June 4834 M,
3635 3655
Swedish Ball Bearing 100 kr
inclusive, compiled from official sales lists:
1.50 Ai
1.00 June
400
1.00 1.02
Tom Reed Gold
1
6% Fl
4% May
100
5
5
Trustee Stand 011 A
5
Sales
Friday
7% Ji
5 May
100
534
53.4 534
B
Last Week's Range for
Range Since Jan. 1.
8% 11,1
555 Jun
200
5% 6%
6%
US Elm Light Power B _
of Prices.
Week.
Sale
14 F,
% June
900
31
Si
URI Hydro warrants
Low.
Par. Price. Low. High. Shares
StocksHigh.
Bonds6234 Jun
c2.000
62% Ju
15555 157%
IGO 15534 June 17934 Jan
Anglo London P NI 11k.
4
4
290
234 Apr
Assoc Ins Fund
5
May
• No par value.
U S Playing Card
10
U S Print & Litho corn new*
Preferred new
50
• No par value.
38
10
33
40
10
33
120
176
25
37
10
33
May
Apr
June k
50
15
38
Jan
Jan
Jan
4214
[VOL. 132.
FINANCIAL CHRONICLE
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (May 30) and ending the present Friday (June 5). It is compiled entirely from the
daily reports of the Curb Exchange itself, and is intended to Include every security, whether stock or bonds, in which any
dealings occurred during the week covered.
•
Friday
Sales
Week Ended Jane 5.
Last Week's Range for
Week.
Sale
of Prices.
Poore
StocksPar. Price. Low. High. Shares.
Indus. & Miscellaneous.
•
Aern Underwriters
9
Affiliated ProductsInc • 17,4
Agfa Ansco corn
•
Preferred
100
Ainsworth Mfg com
_10
Air Investors pref
•
All America Gen'l Corp_20
Allied Aviation Industries
With warrants
Allied Mills Ina
•
Aluminum Co corn
• 113
6% preferred
100 99%
Aluminum Goods Mfg_ •
Aluminum Ltd corn
•
6°,i, cum pref
100
Series A warrants
Series C warrants
Series D warrants
Amer Arch Co corn
•
Amer Austin Car com_
•
Amer Brown Boverl Elec
Founders' shares
6%
Amer Capital 55.50 Df.- •
American Cigar common... 534
American Corporation
34
Amer Cpanamid corn B__•
711
Amer Dept Stores Corn- •
American Equities corn.-•
34
Amer Fork & Hoe com_ •
Amer Founders Corp.---•
334
Amer Investors cl B corn.•
5
Amer Laundry Mach_--20 27,4
Amer Meter Co
•
Amer Paper Goods
28,4
Am Pneumatic Sem corn 25
,
Amer Thread pref
5
Am CBI& Gen cl B v t c.-•
24
American Yvette Co corn.'
3
Amsterdam Trading Corp-American shares
Anchor Poet Fence com_ •
Anglo-Chilean Nitrate- •
Arcturus Radio Tube.-•
5
Armstrong Cork corn_
•
Art Metal Works com
•
Assoc Elec Industries
Amer dep rots ord shs_31
Associated Rayon corn
*
Atlantic Coast Fish corn...*
31.4
Atlantic Fruit & Sug com _1
Atlas Plywood Corp
•
Atlas Utilities Corp com •
5
Warrants
Automatic Voting Mach_*
-ZGentr Prior Dartle stock •
814
Aviation Securities Corp_•
Axton-Fisher Tob corn A 10 37
Babcock & Wilcox Co__100
Babla Corp corn
•
Bethune Aircraft vtc-- •
Beneficial Indus Loan ___•
Bickford's Inc corn
•
Preferred (quar.)
Bigelow Sanford Carpet- •
•
Alias iai W)Co corn
Blue Ridge Corp com
•
Opt 6% sow, prof_ ___50
Blumenthal(Sidney) & Co*
Schack (ii C) Co of___100
Botany Cons Mills
•
Bourjois, Inc
•
Bridgeport Mach corn. •
Brill Corp class A
•
Ciaas B
•
Brillo Mfg class A
•
British Amer Tobacco
Am dep rats ord bear.£1
Bruce (E
•
Co
Bulova Watch pref
•
Buren. Inc corn
•
Burmah corpAm dep nets reg. SheButler Bros
20
Cable Radio & Tube v t 0•
Carnation Co corn
Carrier Corp con
•
Celanese Corp. prior p1.100
Centrifugal Pipe Corp..._'
Chain :7 1,re, Devel
,
Chain Stores Stocks Inc...*
Charts Corp tom
•
Obatham & Phenix Allied •
.
Childs Co pref
100
Cities Service common___ •
Preferred
•
City Machine & Tool__ _•
City Says Bank(Budapest)
American shares
Claude Neon Lights corn_ 1
Cleve Tractor common__ _•
Cohn 3c Rosenberger corn •
Colt's Pet Fire Arms Mfg25
Colombia Syndicate
Columbia Pict Corp corn •
Common v t 0
•
•
Consol Aircraft-coin
Conrad Automatic
Merchandising corn v t c.
Cons& Dairy Prod nom •
Continental Chl Corp corn*
ContIn'l Roll & Steel FdYCont'l Shares cony pref_ 100
100
Preferred sec B
Cooper-Bessemer corn- _•
$3[wet A with warr 100
Cord Corp
5
Corporation Sec of Chic...
•
Corroon & Reynolds corn.•
$6 preferred A
•
Crane Co pref
100
Crocker Wheeler corn..._•
Crowley Milner & Co corns
14%
30
134
34
324
31
54
31
164
134
1134
0134
1334
44
4
1034
74
21
2861
274
631
8%
154
34
39
94
174
Low.
High.
1,000
7,300
200
200
1,100
100
600
64
1131
5
65
7
64
94
Feb
Jan
Feb
June
June
Feb
Jan
12
2234
1916
87
13
9
11
Apr
Apr
Apr
Apr
Feb
Mar
Mar
100
100
8,350
700
400
100
200
600
34
44
90
97
11
4034
75
17
15
17
224
June
Apr
514
June 224
June 109,4
June 16%
May 102
May 9294
May 60
June 60
June 60
June 29
May
154
Feb
Jan
Mar
Mar
Mar
Mar
Feb
Afar
Mar
Mar
Jan
Jan
6% 1,000
5
500
65
65
1,825
5334 65
311 4
800
611 7% 18,100
600
134 1,4
34 34 4,400
100
19
19
24
604
5334
3%
64
134
3%
19
Apr
Feb
June
June
Apr
Mar
May
May
614
654
82
531
12%
3
74
23
May
Mar
Apr
May
Feb
Apr
Feb
Jan
234 3,i 7,000
44 54 28,900
475
264 28
100
3714 374
200
284 284
100
2
2
1,600
336
3
17
4 24 6,100
1,000
24 3
234
4%
28
37
2834
14
3
134
I
May
Jac
May
May
June
Jan
June
May
Jan
514
714
45
51
2834
234
364
5
8
Mar
Feb
Jan
Feb
June
Feb
Mar
Jan
Apr
13
13
34 34
511 611
44 5,1
1711 19
44 411
200
600
1,600
1,100
1,400
100
12
314
534
44
1594
434
May
June
June
Jan
Mal
Jan
1734
tiN
15
10
264
84
Mar
Feb
Mar
Apr
Jan
Feb
4,4
24
334
400
100
300
300
900
15,900
1,200
700
1,000
1,600
300
414
%
3
N
6
3%
134
234
8
104
3414
May
Jan
Apr
Jan
June
Jan
May
June
May
Jan
May
514 Mar
4
Feb
8
Mar
Jan
144 Mar
834 Mar
211 Mar
8,4 Feb
Feb
16
1634 Mar
4134 Apr
9
94
15
1734
7
84
66
65
7
734
634 634
934 934
4%
90
97
114
45
75
17
15
17
2234
431
234
334
34
44
123
100
1131
45
75
17
15
17
2234
84
54
131
131
231 3
84
8
11% 13
364 37
6
100
500
100 0034 June 110
9034 9031
May
1
214
400
114 14
2,4 Apr
200
3
3
900 13% June 19
134 144
100 15,4 June 1811
154 1554
100
30
30
300 204 May 31
22%
21
June 164
800 13
1336 13,4
June
3
04
3% 6,000
3
June 3814
15,600 27
33
27
100 114 June 2034
1131 1111
75 100 June 104
100 100
31 June
%
200
31
31
44 Feb 10,1
200
54 534
N may
300
294
34
34
Jan
3
6
300
431 44
N Feb
600
134
31
14
Apr 214
300 20
204 20,1
164 174
234 23.,4
184 20
5
5
14
34
54
1,1
94
Range Since Jan. 1.
134
434
2,200
200
1,000
200
200
400
16%
2336
18%
4
June
June
June
Jun
14 June
34 June
213
4
2314
31
6%
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Feb
May
May
Mar
Feb
Feb
Mar
Mar
Jan
June
Feb
Apr
2% Mar
7
Jan
100
134 14
400
22
23
100
1414 144
150
714 72
54 2,400
5
134 3,000
2,900
94 10
300
22
21
13
1314 5,100
100
90
90
931 11% 206,000
6131 6394 2,700
500
11
1331
N
22
1414
6851
.5
1
7
204
3
85
94
6131
756
Jan
June
May
Jan
June
Jan
14
,
Jan
June
May
May
June
Apr
24
26
25
80
814
431
1114
2414
17
108
2051
3431
15
Apr
Feb
Feb
Mar
Feb
Mar
Feb
Apr
Feb
Jan
Feb
Feb
May
394 39%
334 4%
4,1
634 63i
20
5,500
80
100
394
34
4
634
June
June
June
May
403
4
104
03i
84
Apr
Feb
eel.
Feb
1234 1234
34
4
10
11,4
104 114
334 34
100
800
300
1,00
100
May
N May
10 June
May
10
234 Apr
12
700
14
34
34
64 711
1,000
100
5,4 534
534
21
100 21
21
975 204
29
27
300 21
27,4 28
100
634
634 634
400 18
20
18
5'
4
931 55,400
7
400 114
144 154
600
34
3
234
200 38
38
38
25 107
107 107
7
934 2,600
8
400 17
1794
17
22
Feb
34 Jan
23
Feb
22
Feb
ION Jan
Mar
e3j
Feb
11,4
June 101,.
June 21
Apr 544
May Si
June 23%
June 364
Jan
15
June 22
614
May
June 51 4
June 107
Jan
14,4
1811
May
Jan
Mar
Feb
June
Jar
Jar
Feb
Jan
Apr
Feb
Mar
Jan
June
MA,
May
Sales
Friday
Last Week's Range for
IT'rek.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares
5
34
34
Davenport Hosiery corn....
• 1436
Dayton Airplane Eng cam•
34
Deere de Co common
• 2236
De Forest Radio corn._•
4
Delsel-Wemmer-Gilbert. *
Detroit
*
14
De VlIbiss Co pref
Aircraft10
Doehler Die-Casting com •
Douglas Aircraft Inc
• 1734
Dow Chemical common. •
Dreamer al R,MN Co el A • 30
Class A ctfs of deposit... -----Class B
•
Driver-Harris Co com_10 184
Dubilier Condenser Corp_•
Durant Motors Inc
134
•
Duval Texas Sulphur....,'
131
Fairchild Aviation corn...*
Fairy Aviation Amer shares
Fajardo Sugar Co
100
Fandango Corp corn
•
Fansteel Products
•
Federated Capital com__.5
Federated Metals
•
Ferro Enamel class A_
•
Fiat Am dep receipts
Fire Assn of Pills
10
Flintkote Co corn A
•
Foltis Fisher corn
•
Ford Motor Co Ltd
Amer dep rote ord reg_f.
Ford Motor of Can al A •
•
Fordass B of France
Ci Motor
American deposit rctsForemoat Dairy Prod aom •
Foremost Fabrics corn_ _.•
Foundation Co
Foreign shares class A- •
Fox Theatres class A corn.'
Franklin(H H) Mfg corn.
Low.
High.
34
12
1114
13%
136
34
22%
33-1
34
84
914
1114
414 5
he
34
6
6
30
30
844 844
14 131
34
31
600
2,900
100
100
100
200
600
44
34
6
273
4
84%
111
31
June
Feb
Apr
Feb
June
June
June
834
N
6%
36%
90
234
A
Mar
Jan
Jan
Star
Apr
Jan
Mar
14
34
20
334
124
14
8N
43-4
164
34
30
30
1814
16,6
314
14
14
144
44
234
4,4
124
154
84
534
17%
35
3034
30
18%
1814
3,1
134
134
200
5,800
4,900
9,600
200
7,700
100
300
1,500
1,700
000
300
200
600
1,300
8,700
900
12,4
14
20
134
12
13-4
834
44
124
31
27
294
184
1634
3
14
134
Jan
May
June
1714
234
44%
834
17
314
8%
7,11
2334
51
3951
3234
274
4134
434
33,1
351
Apr
Jan
Feb
Mar
Mar
Feb
June
Mar
Mar
Jan
Feb
Apr
Mar
Feb
May
Mar
Jan
24
64
Crown Cork Internet .•
Cuban Cane Prod warrants
ACuban Tobacco corn v t c•
Cuneo Press common......'
634% pref with warr 100
Curtis Flying Serv cam. •
Curtiss-Wright Corp warr _
Eastern Util Inv corn A. •
Edison Bros Stores corn...'
Educational Pictures
8% pref with warr__100
Maier Electric common •
Elea Power Assoc com
•
•
Class A
Klee Shareholdings corn_.•
$6 cum pref with warr..'
Empire Corp corn
•
Empire Steel Corp com_ _•
Employers Reinsurance 10
Ex-cello Aircraft & Tool_ •
Range Since Jan. 1.
234
04
100
100
224 25
314
z3
1231
11
114
10% 134
7031 72
114
34
3es
31
224 224
54 5,4
50
3,100
1,900
6,800
4,100
800
2,800
2,500
100
200
1814
z1
11
934
9
7031
3-4
Si
22
54
331
3
2,4 2%
21
25
A 3-16
534 531
2
2
714 851
2134 2134
934 934
164 17
634 614
161
131
1,000
100
120
300
200
200
1,100
300
600
400
400
200
1,4
214
204
34
5
111
734
2134
934
164
634
134
3
3
7
10
Jan
Feb
Jan
May
June
June
tat,
June
May
June
Jan
May
39
N
22%
22)4
18
8831
2%
34
25
10
Jan
Mar
Feb
Feb
Mar
Feb
Mar
Jan
Jan
Feb
Jan
June
May
June
Jan
May
June
May
June
June
May
Jan
5
24
42
11
II%
5
104
43
1334
24
12
3
Mar
Apr
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Mar
Mar
Jan
29-4 May
Feb
6
731 12
25,800
15
184 5,000
223( 26
150
1111 May
1434 May
2231 June
1914 Jan
2934 Mar
62,1 Feb
500
4,868
5,100
654 June
Si June
14 June
104 Mar
334 Jan
634 Mar
1,300
12,000
500
214 Jan
24 May
3
MAY
5 Feb
64 Jan
734 Feb
6,4
11,
JfIri
Jan
June
June
June
Jar
June
May
May
May
June
Apr
lar
June
734
34
34
334
24
3
3
3
•
Garlock Pack corn
400 1314 May 1811
1314 14
General Alloys Co
4
800
June 104
4
44
434
•
General Aviation Corp_ -..•
4 June 12
4
554 7,500
5,4
34 June
General Cable Corp wan'
334
200
N
Gen Elea Ca of CR Britain_
Am dep rcta for ord reg El
84 May 114
8,1
8% 831 3,000
18
General Empire Corp_
200 1434 Jan
164
16
•
Gen't Fireproofing corn_ •
May 25
200 20
21
20
3
General Rayon A
3 June
100
3
3
3
Gen Theatre Equip pref.*
54 June 11134
634
5% 651 7,900
Apr 35
Gilbert (A A) Co prof....'
300 32
32
32
Glen Alden Coal
2,700 29 June 30
33
29
32
9
Globe Underwrit
Jan
7
2,500
714 8
731
••
May 15
Golden State Co Ltd
100 15
17
17
Goldman-Sachs TratlIng •
434 June 1134
4,1 6,4 36,600
6
•
fi May
Gold Seal Electrical Co. •
14
2,500
N
1
Gorham Inc
$3 pref with warr
June 2334
450 16
16
1634
31 Apr
Gotham Knitbac Mach_ •
46
200
Si
Si
Gramophone Co Ltd
May 1434
7
Am dep rcts for ord reg L
200
744 74
Orem ur Corp
June 204
224 1,700 19
•
19
Gray Telep Pay Station. •
1,650 56 Pam, 734
56
58
at Atl & Pao Tea
Non vot corn stock...-. 186
210 16734 Jan 260
1804 190
7% first preferred. .100
Feb 1224
50 117
120 120,1
4
Grier (S M) Stores cora- •
334 June
100
314 3%
J.3,
64
3
Grocery Stored Fred v c_•
200
34
3S6 334
Happiness Candy fits corn•
Hazeltine Corp
•
Hambleton Corp $3 pref...5
Hoyden Chemical
Hires (Chas E) Co corn A •
Born & Harden COM-- •
7% preferred
100
Iluyler's of Del corn
ilydro-Elec &cur corn....
Elygrade Food Prod cam_•
Imperial Chem Indust,-.
Am dep rcts for ord rcg
Imperial Tob of Can
5
Industrial Finance v t c_10
Insult Utility Investment.
•
pref with warr
Imam Cool North Amer_ 0
Insurance Securities... _10
Interlake Steamship
•
Internal Cigar Mach corn.•
Internat Prod common. •
Interstate Equities com _•
Convertible preferred •
Interstate Hosiery Mills_ •
Irving Air Chute corn....
5
Warrants
1
Klein (D Emil) Co cora. •
Knott Corp corn
•
Kolster Brandes Am atm El
Lackawanna Securitiee. •
Lawrence Portl Cement 100
Lefcourt Realty com
•
Lehigh Coal & Nay
•
111
114
1634 164
24% 24%
9
9
9
324
32
32
37,4 3714
10334 103%
3
3
1551 154
24 34
334
131
514
214
524
1034
44
21
3,400
Si
100 14
100 2411
9
200
800 294
100 3531
100 100
3
100
400 154
234
2,500
Mar
Feb
Mar
Feb
Feb
Mar
Jan
June
Feb
Mar
Jan
Apr
May
Mar
Feb
Jan
Jan
Mar
Mar
Feb
Apr
Mar
Jan
Max
2
Jan
May 234
June 25
June 13
May 304
Jan 434
Jan 104
4
May
May 30
634
June
May
Feb
Apr
Jan
May
Mar
May
Jan
Feb
Apr
34
84
54
22
73
45
54
36
35
2
114
2434
434
831
54
334
8%
534
284
73
5211
6
36
351i
236
134
2511
434
104
1,4
200
100
600
5,800
50
1,800
1,100
25
800
900
100
800
100
1,700
600
24
84
5
22
73
45
RN
36
35
2
114
24%
434
74
34
May
June
May
June
June
June
May
June
June
June
June
MAY
June
Jan
June
416
10
11
4964
85
8334
941
56
48
44
111
35
7
11
2
Apr
Mar
Jan
rob
Mar
Mar
Feb
Jan
Mar
Mar
Apr
Mar
Jan
May
May
13
11,4
1
29
44
611
194
13
1134
1,4
31
44
614
21
200
100
9,400
2.200
100
600
2.900
1234
9,‘
yi
29
44
634
1931
Feb
Apr
Jan
June
June
June
June
14
14
IN
37
5111
124
274
Apr
Feb
Apr
Jan
Feb
Mar
Feb
JUNE 6 1931.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
23
77
11
2114
34
50
50
600
300
2,500
20
76
10
184
11
May 38%
May 81%
Jan 144
Jan s2454
2
Jima
Mar
Apr
Mar
Feb
Jan
414 7
7
MacMarr Stores Inc
•
37
39%
•
Mapes Conan' Mfg
254
10 2514 25
Maryland Casualty
1% 24
214
Mavis Bottling class A-5
25
30
Mayflower Associates- •
May Hosiery Mills
18
184
34 pref with warrants_ •
76
86
Mead Johnson & Co coin_• 84
23
23
Mercantile Stores com___* 23
16
17
Merchants & Mfrs Sec A.°
611 7
Merritt, Chapman & Scott*
•
54
Mesabi Iron Co
2454 26
Mesta Machine corn
6
1%
14 14
Metal de Mining His com_•
g 1%
Met. Chain Stores
•
14
114
Met 5-500 SW lact
94 9;4
Mickelberry's Food Prod_l
11
10
Midland Royalty pref.._ •
Midland Steel Prod 2d cd.• 154 1554 1514
z37% 37%
Midland United pref A_ *
54% 55
Midvale Co
Minneapolis Honeywell
84% 86
Regulator pre(
100 86
54 54
Miss River Fuel warr
34
Montecatini Min & Agr war
34
34
24%
23
Moody's Investors Pref.- •
3834
37
Murphy (0 C) Co Coin •
1,000
500
200
1,400
1,300
44
32%
25
1%
25
June
Jan
June
June
June
1114
41
31
54
50
Feb
Apr
Apr
Apr
Mar
Lerner Stores Corp corn •
634% prat with warrants
Libby McNeil & Libby._
•
Lily-Tulip Cup Corp
Louisiana Land & Explor_•
•
Naehman-Spgf Corp
Nat American Co Ina-- •
Nat Aviation Corp__ •
Nat'l Baking prof
100
Fiat Bond de Snare Corn •
Nat Cash Credit Assn p110
National Cash Credit
Nat'l Dairy Prod peel A 100
Nat Family Stores com_.•
National Food Products
Class A with war?
Nat Investors cam
•
National Leather corn.-_10
•
Nat'l Mfrs & Stores
Nat Rubber Mach'y com_•
•
Nat Screen Scrv
Nat Service Cos com- •
Nat Short Term Sea AU...
•
Nat Sugar Refg
Nat Union Radio corn.-•
Nehl Corp corn
100
Nelsner Bros prat
11
23
77
1014
20%
5(
6
6
254 234
4% 514
554
4314 43%
26% 29%
4
414
4
1
134
105% 106
3% 454
4%
90
200
1,100
400
300
25
314
2634
9234
23
534
63
Mar
Feb
Feb
Mar
Jan
100
1034 Mar
6 Jun
1,500
44 Jan
23.4 May
3,100
Mar
454 Jan 10
25 4354 Jun
Feb
50
600 2614 Jun
394 Mar
8 May
200
3 May
1
200
Jun
1 14 June
800 105% Jur 1094 May
2,300
334 June
5% Jan
200
10
300
1,100
100
1,800
1,100
700
2,000
100
2,300
400
200
60
400
May
Jan
June
May
May
May
June
Apr
Fee
100
1,200
200
14
5
300
200
2%
200
8
100
9
2,500
25
334 2,600
700
264
3,400
98
234
50
20
50
514 39,000
130
69
100
264(
40
1
1%
434
2
7
9
17%
2%
26
81
23
19%
434
63
25
May 70
Feb
Jun
Mar
5
Jun
314 Jan
Jar
Feb
6
Jun
Feb
6
Jun
14
Mar
May 12
Feb
Jan 30% Apr
Apr
5
Feb
May 305( Jan
Mar 10914 Mar
May 2834 Mar
Feb
Jan 30
854 Feb
June
Apr
June 79
Apr 34% Mar
34
404 40%
5
91
10%
14
32
41
15
234
5
114
22
5%
1414
454
14
29
54
7
6
115
36
1534
25
5
154
22
7
15
554
51
34
14
7
8
125
39%
1%
434
2
7
9
184
234
2654
86%
23
20
4%
63
2654
Fe)
May
Jan
Jun
Jan
Jan
June
June
Jan
June
June
June
Jan
May
Apr
June
Apr
Neptune Meter Co el A. 1554 154
25
Newberry (J J) Co com_ •
New Haven Clock corn__ _•
5
New Mexico & Ariz Land 1
114
New Yk Hamburg Corp_50
22
..10
64
Niagara Share of Md.
6%
Nlles-Bement-Pond corn..'
14%
Noma Elec Corp com____•
434
4%
Norrion Corp Ltd eom__.5
1%
54
Northan Warren pref. •
34
Nor Amer Aviation ware A
1
54
6
6
No & So Amer Corp Cl A.•
Northwest Erwin's com.._•
7
8
115
Northwestern Yeast_ .100
Novadel Agana Corp corn_' 39% 36
114
82
4
4
23
3534
3
354
34
5
334
194
154
154
27
134
84
5814
514
34
19%
2%
1814
29
2%
813
68
4
54
300 16
Apr 2034 Feb
2,800 76 June 11314 Mar
Jan 30
300 20
Jan
Mar
500 16 June 23
700
64 June 1434 Jan
1,600
134 Mar
31 June
400 244 June 3614 Apr
400
34 Jan
2% Apr
1% June
600
4% Feb
Jun
114 Apr
200
94 June 1114 Apr
100
May 14% Jan
200 10
Jan 18
600 14
Mar
100 x37% June 42
Feb
1,000 54% May 68
Mar
100
2,400
1.360
200
300
100
800
4,700
400
900
100
12
714
4
754
3%
54
534
33.4
1954
1%
18% 17%
29
4854
214
2%
834
854
634
Ohio Brass class B
•
Oil Stocks ltd class A ----•
Outboard M ot Corp cony B•
•
Class A cony pre
Overseas Securities
•
Pacific Finance
10
Parke Austin & Lips ptd_ •
tPan American Airways..'
Paramount Cap Mfg cum •
•
Parke Davis dr Co
Parker Rust-Proof Co._•
Patterson Sargent Co corn •
Pender(D) Grocery A.. •
Pennroaci Corp corn v e_•
Pepperell Mfg
100
Perfect Circle
•
10%
74
1
7%
534
24
34
194
3414
5%
13
80
Mar
Feb
Feb
Feb
Feb
Feb
Mar
May
Mar
Feb
Jan
Feb
23
264
13%
3
29'i
1 1%
224
64
%
40
Jan
la,
24
May 1114
Jun
1814
Jun 150
Jun
81%
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Feb
Mar
Apr
Feb
134 234
Perryman Elea Co oom...-•
234
14 114
Phoenix tiecur Corp corn.
•
114
224 23
Preferred A
•
10
10
Philip Morris corn A_..25
Pilo, Radio & Tube Cl A...' 11
10% 124
Pitney Bowes Postage
•
6
6
5
Meter Co
84
85
Pitt,& Lake Er RR corn 50
2934 31
Pittsburgh Plate Glass-.25 31
2% 214
•
2%
Polyrnet Mfg corn
254 334
•
Potrero Sugar
2914 30
Powdrell & Alexander_. •
33
35
•
Pratt & Lambert
65
65
Prudence Co 7% pref.-100
851 10
Prudential Investors corn' 10
81% 81%
•
$6 preferred
Public Utility Holding Corn
34 334
331
Corn without warrants •
•
27
28
$3 cum pref
54
54
Warrants
34
11614 118
Quaker Oats 6% pref_ _100
2,100
2,100
1,500
200
5,700
1
154
22;4
10
34
Jan
June
June
Jan
Jon
3,600
200
200
1,800
400
200
200
25
8,600
15
5
84
29%
I%
214
2434
33
65
85,4
80
June 10
Mar
June 109
Apr
June 421 4 Jan
Jan
64 Mar
May
5
Jan
Feb 30 June
June 40% Apr
May 91% Feb
1su
14
Mar
May 91
Apr
3,900
354
400 27
7,200
14
50 1164
June
734 Fen
June 3614 Feb
May
1,4 Jan
Apr 120
Afar
214
134
55
3
34
2
34
54
26
134
314
27
x3554
200
200
100
1,100
1,000
2,200
400
625
200
600
3,000
400
300
Railroad Shares corn
•
Rainbow turn Prod A _
Reliable Stores common...*
Rehauce Internat corn A..•
Reliance Manterem•nt corn'
Reybarn Co Inc
10
Reynolds Invest corn'
•
Richman Bros
Rite-Rustler common__•
•
Roosevelt Field
•
Rossla International
Royal Typewriter corn_ *
•
Ruberoid Co
2%
1
53,4
5%
214
3
2
2
34
521.1
254 25%
14
3%
2%
22
x35
St Regis Paper Co cam__ 1 o 11% 10%
8054
Savannah Sue Ref pref_100
74
•
8%
Saket Co corn
31
Schulte-United Sc to $1 St •
314
Seaboard Utll Shares__ _•
16
Securities Corp Celli corn •
26%
Beeman Bros common----• 31
654
534
Segal Lock & Hard ware_ _•
8
Selberling Rubber com--•
11%
•
Selby Shoo corn
214
Selected Industries corn' 231
40
•
354 prior stock
42%
Allot Ws full pd unstP(1•
.1
Sentry Safety Control__ •
al%
SheaffeC(IV A)Pen
4215
FINANCIAL CHRONICLE
2% June
May
5% June
2% Jan
3
Jan
1% Apr
4 May
5254 June
22
Jan
1.54 June
234 Jan
22 June
34
Jan
12% 16,900 104 June
10 8011 June
80%
87
% 7,000
614 Jai
900
%
34 Jan
37
%
600
3.4 ha
16
300 16
June
31
3,200 26% June
7
16,700
4
Jan
8
200
44 Jan
11%
300 10 May
3
234 Jog
10,900
43
300 40 June
600 42% June
45%
Apr
1
14 2,300
31%
200 z3134 June
4
2
28
1251
23%
414
4
94
6
7%
5
I%
7314
26
311
534
38
42
AIR
Feb
Apr
Mar
Apr
Mar
Jan
Jan
Feb
Feb
Feb
Jan
Mar
June
Mar
Feb
Jan
Mar
21% mar
8031 June
134 Apr
1
Jan
54 Feb
3054 Feb
37% Mar
7)4 Mar
10
May
16
Feb
414 Feb
70
Mar
7054 Mar
314 Feb
42
Jan
Sales
Friday'
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
434 54
5%
Shenandoah Corp corn..'
50 30% 294 31
6% cony pref
52% 5651
Sherwin-Wats Co (Ohio._
14
54
Signature Hosiery v t a_ •
4
554
5
Silica Gel Corp corn v t •
240 248
Singer Manufacturing_100 247
111 11154
Smith (A 0)Corp corn_ •
134 154
South Amer Air Lines_
•
234 3
•
Southern Corp corn
14 1%
Southwest Dairy Prod_ •
911 954
7% prof with warr-100
Spiegel May Stern pret_100 1654 15% 17%
5
5
Standard dredging Dna- *
54
•
54
Stand Motor Coma
34
34 414
•
414
Starrett Corp coin
14
10
6% prof with privilege 50 13
1334 13%
•
Stein (A) & Co corn
34
34
15
Stranso-Roth Stores corn.'
12
12
Strom berg-Carlson Tel....°
534 6%
Stroock (S) dr Co
22
20
Sluts Motor Car Co.--- • 22
25% 244 26
Swift a. Co
it 324 29% 32%
Swift International
4
434
Syracuse Wash Mach B_ •
Range Since Jan. 1.
Low.
High.
3.j Jan
6.628
8,4 Mar
eb
Jan 18
8,200 30
200 52 May 6634 Star
1% Feb
500
34 June
4% May 10% Feb
900
110 230 May 342
Jan
June 192
30 111
Mar
234. Jan
14 June
100
234 May
4% Feb
1,000
114 June
24 Mar
200
Feb
734 May 17
10
Mar
Jan 37
175 13
5 June
5 June
100
Jan
1
14 May
100
34 June 124 Jan
400
2,600 10 June 25% Feb
100 1334 June 1714 Feb
Jan
6
200
34 June
100 12 June 18% Jan
5% June 1114 Mar
600
Mar
1,800 1814 Jan 28
3,700 2154 June 3034 Jan
3,500 29% June 40% Apr
Mar
4
Jan
8
500
•
554
Taggart Corp corn
•
7
Technicolor Inc corn
Thatcher Securities CorP-I
Tobacco Prod Exports •
• x44
Todd Shipyards
Torrington Co of Me. •
6%
Transcont Air TransP-- •
Trans Lux Pict Screen
•
614
Common
Tel-Continental Corp wart
334
Tr Utilities Corp com_ •
Triplex Safety Glass Ltd
Am dep rats for ord reg.
Tubise Chatillon Corn.
534
Common Byte
•
Tung Sol Lamp Wks com.•
• 26%
$3 cony prof
414 5,34
334 734
2;4 234
54
34
44
44
37% 37%
554 654
1,000
7,700
2,300
700
400
25
3,500
454
3%
234
34
44
3714
3%
554 6%
334 4%
1454 15
4,900
4,300
200
554 June
2)4 JAI'
1454 June
554
100
6% Stay
814 Feb
4
53.4
754 8%
2651 2634
3,300
1,200
1110
3% Jan
754 Jan
26% Feb
Feb
18
12
Feb
2631 Feb
Ungerlelder Financl Corp•
Union Amer Invest com_ •
•
Union Tobacco corn
United-Carr Fastener__ •
•
United Chem cony
$3 cum partic prat
•
United Dry Docks Corn..'
United Founders corn...
•
United Profit
-Sharing corn.
United Retail Chem 7f- *
United Shoe Mach'y com25
Un stores Corp corn v t c•
US Dairy Prod class
MRS B
•
U S Finishing corn
•
2714
1814
34
44
10
16%
1
454
1%
6
43
111
59%
9
454
28% 2,100
300
19
34 3,500
44
600
100
10
40
1711
6,90
2
38,400
6
500
15(
100
6
100
49
900
154
800
593.4
1,500
11
100
454
21%
17%
54
4
10
16
11
4
454
114
554
48
14
59
9
454
Jan
Jan
June
Jan
Feb
Jan
June
June
Ma
Jan
Jun
Jan
May
Jun
May
2
6%
56%
24
8514
15
854
4
154
33
234
16
3814
8
17
34
5
15
454
6716
6
14
35.
234
16
40
8
17
Si
54
1.534
514
69%
3,900
1,700
2,400
700
100
200
100
100
100
700
1,300
2,100
550
4
154
31
234
12
32
8
17
34
5
1414
44
674
Jun
Jan
Jr'.
Apr
Jan
May
June
June
May
May
Jan
June
June
Mar
10
3% Feb
50
Feb
614 Jan
20
Feb
49 Pan
Jan
20
Mar
33
15( Jan
9% Mar
194 Feb
913 Feb
78
Apr
41
41
5%
4
551 7
554 554
854 8%
1734
15
1534 18
2
6,800
400
1,400
10
200
300
41
214
3
5
814
13
154
June
Jan
Jan
Jan
June
Jan
June
48%
75.4
9
7
1214
19%
294
Jan
Mar
Mar
Jan
Feb
Mar
Mar
454
54
40%
20
8
14%
3%
20
34
85
3,100
700
12
100
300
800
800
200
300
70
44
"is
4054
20
8
1454
3
12%
56
85
May
8%
Apr
2
June 524
25
Jun
14%
Jun
22%
Jun
Jan
614
Jan 33%
Jun
13.4
Jun 101%
Feb
Feb
Jan
Apr
Mar
Jan
Mar
Mar
Jan
Jan
U 8 Foil class B
•
S & Internat See corn- •
First Drat with warrants'
U 8 Lines pref
•
U 13 Overseas com w w •
US Playing Card corn _.i0
U S Radiator corn
•
U S Radio & Television...'
US Shares Financial w W.
Utility & Indus Corp COM..
34
1731
534
154
5%
134
35
254
16
53.4
Preferred
Utility Equines eon,corn.•
Priority stock
•
Van Cam!)M ilk
100
7% Pref w w
Van Camp Pack com____•
7% prat
Vick Financial COrD----10
Vogt Mfg
•
Waits & Bond al A
•
•
Walgreen Co coin
Walker(Hiram)Gooderham
•
& Wortscommon
Watson(John Warren) CO*
Welch Grape Juice coal...
Western Tab de Stat v t c_*
Williams (R C) & Co. •
•
Wilson-Jones Co
WII-low Cafeteriascorn__•
*
Preference
Winter (Ben)) Inc corn. •
Youngstown S & T pf-.100
5
6954
41
534
7
534
18
5
54
4
20
8831
554
5
54
41
20
8
15
4
20
34
89
June
June
Jan
June
June
June
Jan
Public Utilities
100 112
112 112%
Alabama Pow $7 prat_ •
15(
100
134 134
Allegheny Gas Corp coin •
%
317 32
500 31%
Amer Cities Pow & L el A
554
64 74 11,600
Class B
•
73'
10,200 10%
Am Corn•wlth Pow corn A• 11% 10% 12
•
194 2011 1,000 17
Common class B
25 1104
Am Dist Tel NJ 7% Pf-100 11154 111% 1114
1514 28,400 11
Amer & Foreign Pow wary. 14% 11
41,400 48%
Amer Gas & Dec corn.• 554 4834 57
900 102%
• 108% 10834 109
Preferred
344 3714 2,600 34%
2b 37
Amer L & Tr corn
2
214
200
2
234
Amer Natural Gas
-•
3
11
200
Am States Pub SerSees'comA• 11
10
own.854
834 11 164,200
Am Superpower Corp com• 1014
sS214 9234 1,500 8354
First preferred
• 91
84% 8534 1,100 8254
$6 preferred
•
1854
1414
3%
154
50
42
814
Mar
Mar
Feb
Jan
Feb
Jan
May
1834 Mar
6% Mar
29% Mar
29%
22
14
7
13
2834
34
04
Feb
Mar
Mar
Feb
Apr
Mar
mar
mar
Jan
Jan
Mar
Feb
Mar
Feb
Mar
Jun 11554 Mar
Apr
34 Feb
38% Feb
Jun
Jan 10
Feb
17
Mar
Jun
Apr 2914 Jan
Mar
Feb 112
June 3154 Feb
June 86% Feb
Jan 11054 Max
June 6414 Feb
5% Mar
May
Apr 20% Apr
June 19% Mar
Mar
May CO
Jan 894 Mar
854 Feb
4 May
4
4% 15,900
Appalachian Gas corn...414
34 May
34 May
400
Warrants
54
54
3.4
2 103 May 10914 May
Arkansas P dr L 7$ pref_-*
10754 107%
Feb
Jan 30
200 15
Assoc Gas & Elea cm_
154
15
•
20,000 15% June 2314 Mar
Class A
• 167
4 1534 17
50 65 May 3954 Apr
65
$5 Preferred
•
65
48 Int-bear allot ctfs_
500 6714 Jan 9154 Feb
84%
78
Feb 21% May
800 19
2214
Allotment certificates-. 214 21
Jan
1
54 Apr
7-1
Warrants
1,100
14
7-16
Jan 2554 Star
Assoc Tel Util cornmon-• 2334 224 24
1.000 22
Bell Telep of Pa 614 %pf100
Brasillan Tr Lt & Pr ord.
• 1454
Buff Niag & East Pr pf. _25
•
First preferred
Cable & Wireless Ltd
Am dap rata A ord ohs El
Am dcp refs B ord shs El
Carolina Pow & Lt $7 pf-• 109
Cent Hudson CI&Evt a."
Cent Ind Pow 7% prtf.100
Cent Power & Lt 7% pt 100
Central Pub Serv cl A....' 1254
• 66
$6 preferred
Cent Souweet utli com--• 1494
•
$7 preferred
Cent States Elea coin---• 574
6% peel without ware 100
Cities Serv P & L $6 pref *.
Cleveland Elea Ill corn__ -•
54
11734
1214
26%
10234
25 115
117%
1554 12,900 12%
2654 1,800 25%
100 9834
102%
Jan 12014 Mar
284 Mar
Jun
Mar
Jae 27
Jan 1035( May
Si
Si
109
17%
774
102
1134
66
14%
88
634
57
70
45
400
14
94
400
31
Si
50 109
109
1835 1.000 1734
10 7731
7751
50 102
102
13% 9.600 1111
75 66
66
500 144
1514
200 88
9011
614
8% 55,200
300 54
57
70
50 70
700 45
464
114
Jun
54
May
Jun 109
31
Jun
814
Jun
May 104%
19%
Jun
Jun
7034
Jun
2451
96
Jun
Jun
1214
Feb 685(
Jun
82
Jun
5254
Afar
Feb
June
Mar
Afar
Apr
Apr
May
Feb
Apr
Mar
Feb
Apr
Mar
1504438
ri,day
Last Week's Range for
Week.
Public Utilities
Sale
of Prices.
(Concluded)
Par. Price. Low. High. Shares.
Sales
Friday
Former Standard 011
Last Week's Range for
Week.
Subsidiaries
of Prices.
Sale
(Concluded)
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
1,825 205
Com'w'Ith Edison Co. 100 205
205 230
Com'wealth & Sou Corn
13-5
135 1% 102,400
Warrants
11.4
8
Community Water Serv--• 10%
9% 10% 5,700
Gomel0E1& P Balt com_• 85% 77
8533 3,300 77
300 , 9
Consol Gas Mil el A
9
934
*
200
4%
6
ClassBytc
6
75 9731
Corirl G & E 7% pr 15_100
102 102
350 9631
nuke Power Co
100
96% 10011
15-4
1% 235 4,100
DnOnesne Gas common_ •
2
1,400 17
East Gas & Fuel Assoc___* 1834 18% 19
50 8834
6% preferred
100
88% 89
High.
June 258,5 Feb
234
June
Jan 1235
June 101
June 1735
8
May
Jan 10334
June 145
May
6%
Jan 27
June 94
Mar
Apr
Feb
Mar
Mar
Apr
Feb
Feb
Mar
Mar
Mar
81( June 24
East StatesPow corn B __• 11
8% 11% 5,600
Eastern UM Assoc corn..' 3134 2935 3155 1,800 2911 June 3515 Mar
•
811 Jan
5 June
p Convertible stock
5
731 5,300
634
Feb
Elea Bond & Sh Co corn-• 35
3134 3734 370,600 3134 June 61
1,600 10154 June 1083f- Mar
$8 preferred
10135 104
• 103
Mar
100 89% Jae 97
$5 cum pre
91% 91%
•
Mar
100 85 June 101
Elec P & L 2nd pref cl A.*
85
85
Warrants
16% 14% 17% 7,000 1434 June 3735 Feb
300 52 June 79% Apr
Emp Gas & Fue17% Pf-10
56
52
0 52
350 68 June 89% Jan
8% preferred
71
100
68
200 3034 June 52% Feb
Empire Pow Partin Stock.*
30% 31%
7% Jan
35 May
1,900
Empire Pub Serv corn A •
% 1
34
Mar
Jan 13
7
100
European Elec Corp cl A 10
734 735
4
Mar
1% Jan
3,000
1% 2
la Option warrants
2
Mar
Apr 104
700 99
Florida P & L $7 corn pref•
100 100
Mar
650 6034 Jan 78
Gen Gas& Eleo $6 pref B.
57% 62%
58
Apr
30 75 May 83
Gen Pub Serv $6 pref_ •
75
75
200 9514 June 100% Mar
Georgia Power $6 pref..*
95% 96
6
Apr
315 June
Hamilton Gas Co corn v t
3% 3% 1,400
335
60 86% Jan 94% Apr
91
=nolo P & L $6 pre
90
•
25 100% Jan 107% Mar
Ind'polis P & L 616% P1100
105 105
Apr 33% Mar
21% 1,800 20
Internet Superpower
20
• 21
Feb
600 34% Jan 45
Internal lJtll cl A
•
34% 35%
a 3i Jan 10% Feb
,
5,50
Class B
5% 6
•
6
Feb
200 90 June 99
Panic pref
92
90
4% Feb
1% June
40
Warr for Class B stock..
1% 24
Mar
10 76 June 88
76
Interstate Pow $7 prof...'
76
1055 Jar,
214 Jan
Italian Superpower corn A
3% 3% 4,800
311
3% Mar
700
% Jan
Deb rights
135 135
1%
50 106% Jan 110 June
Jer Cent P & L 7% p/__100
110 110
Apr 11554 May
100 111
Kings Co Ltg pref B. _100
115 115
5,800 2934 Apr 364 Mar
Long Island Ltg corn_
31
30
•
90 10t'-' Jar` 112% Mar
up% 110%
7% preferred
100
50 10031 Jan 107 May
106 106%
6% Preferred eer B_ _100 106
4
alai
I 1 Jar
Marconi Wirel T of Can_ _1
231 2% 15,400
234
4% Mar
37-4 Jan
600
Mass Util Asso corn v to.'
4
43.4
4
300
8% May 12% Feb
Memphis Natural Gae- •
8% 8%
Mar
May 99
200 96
Met Edison $6 pi ser C_-*
97% 09
Middle West Unicorn... • 16
1435 16% 40,400 14kt-June 25% Mar
Feb
1,600 14% June 25
Mid-West States Ut11 al A • 17
14% 17
Apr
Feb 109
10 107
Miss River Power prel_100
108 108
200 1004 Jan 107% Apr
Mohawk & Hod Pr let rif..• 107
106% 107
May 69% Mar
250 38
39% 44
Montreal Lt Ht& Pr com.
•
Feb
6
400
3% May
Municipal Service
4% 5
•
Apr
Nat Elec Power el A
* 22% 21% 23ii 1,200 2134 June 26
Jan
25 88% Jan 91
89
89
P 7% preferred
100
700 97
Jan 104% Apr
NatPow & Lt $6 pref....• 9951 98% 100%
1,200 1234 May 2135 Mar
Nat Pub elervcorn cl A-.• 17
1634 18
Apr 87)-I Mar
150 81
82%
81
100
7% Preferred
Feb
100 40% June 44
40% 4055
$3.50 cony pre/
•
May 103
Jan
50 101
Nev Call/ Elec$7 pref... •
102 102
Feb
10 79 June 86
NewEngl Pow Ann pf_100
79
79
New England Pub Serv
Jan
100 9534 June 99
95% 95%
t $7 prior lien pref
Mar
950 13034 May 141
New Eng Tel & Tel- -100
130% 133%
75 109% Jan 114% Apr
Y Pow & Lt 7% pre/.100
114 114%
200 4634 Jan 89% Mar
N,Y.Steam Corp cora. •
584 61
200 11334 Jan 11835 Mar
Y Telep 655% Pref...100
116 117
935 June 16)4 Mar
76,000
935 11
Niagara Bud Pow com_10 10%
334 Mar
% June
1% 2% 19,700
Class A opt warrants
2
415 May
8% Mar
4% 514 2,200
Class S opt warrants 555
50 63% Feb 65% Mar
Nor Amer Lt & Pow corn.'
83% 63%
Apr
50 80 June 85
80
80
k $6 preferred
•
4% Mar
2,5 June
100
2% 255
Nor Amer CHI Sec C.5111 •
235
Apr
Jan 105
97
12
Nor Ind Pub Serv6% pf 100 103
103 103
May 152% Mar
200 114
11434 118%
Nor States P Corp cram-100
Mar
95,5 Feb 101
7
13, preferred
97
e,
9835
100
6 June 16% Feb
200
Northwest States Utll
6
6
6
10431
10311
15%
254
8
18
8
1555
103
10Sq
52%
6
32%
103%
201
98
8335
32
14
Jan
June
May
Mar
Feb
May
June
June
ieb
Jan
June
June
Mar
June
Jan
Feb
Jan
June
May
110
10714
29
26%
13%
2854
11%
19%
106%
111
70%
25%
34
101%
258
104%
87
50
1814
May
Apr
May
May
May
Feb
Apr
Apr
May
Mar
Mar
Feb
Mar
May
Feb
May
May
Feb
Mm
Ohio Power 8% pref. _100
Ohio Pub Serv 7% p/ A 100
Paul/10G &E6% 1st pref 25 28%
8% 1st pref
25
Pa Gas Sr Elec class A....'
Pacific Pub Serv class
19%
New common w 1
New preferred w 1
Pa Pow & Lt $6 pref____•
k: $7 preferred
• 110%
• 5555
Pa Water Sr Power
Peoples Lt & Pow clan A *
Phila El Power 8% pref-25
Pub Serv El & Gas $5 pf--•
Pub Serv of Nor Ill corn'
_•Pub Ser of Okla 7% p 1.100 104
Puget Sound P&L 25 Pref• 85
Ry .3. Light &cur com_-•
Rockland Light dc Pow-10
106% 106%
103% 10335
82751 28%
25% 25%
11% 12
18% 20%
8
8
15% 17
10555 10551
110% 110%
52% 5531
6
1435
33
33%
103% 104%
216 216
104% 104%
85
86%
3235
32
14,5 15
20
1
3,000
100
200
1.000
200
400
75
100
700
2,100
200
600
25
25
100
75
700
Shawinigan Wet & Pow- •
So Cal Edison 8% pffl 25
5% original preferred_25
315% pre! OWN 0......25
1 7% pre/ A
25
Southern Nat Gee corn_ •
S'west Bell Tel 7% pf__100
Sou'west G & E
pf _100
So'west Gas Utll com--•
Stand Power & Light com •
Common class B
•
Preferred
•
Swiss Am Flee pref
Tampa Electric common.*
36
36
27% 27%
51
51
2634 27
29% 29%
5
6%
121 121
9631
95
2% 3
30
30
33
33
9735 98
80
80
38% 4135
Mar
100 38 June 80
May
2,400 25% Jan 29
100 51 June 51 June
700 2435 Jan 27% May
200 z2914 Jan 3014 Feb
Mar
9% Aar
5
1,300
50 11sti Jan 121% Mar
Fob
Jan 97
200 94
6% Feb
2% June
300
Mar
100 30 June 50
Feb
100 3154 May 50
Mar
200 9734 June 101
Mar
200 sia June 95
Feb
1,700 38% June 61
2734
33
39
9
Union Nat Gas of Can_ _•
9%
United Corp warrants
7%
834
United El Serv Am ohs_
8)4
United Gas Corp corn....'
4%
6
• 75% 74%
Prof non-voting
Warrants
1%
214
United Lt & Pow corn A--• 1934 1755
Common clams 13
47
•
Uliconv let pret
• 8634 8414
United Pub Serv cora
6
•
U Elm Pow with ware-.
334
43-4
Utah'Pow & Lt $7 Prof..'
107
104
Utica Gas Jr El 7% pt 100
UM Power & Light com--• 5734
7
21
Class B vot tr etre
•
Va Pub Serv 7% pref_ _100
100
West Massachusetts Cos.*
5434
Former Standard 011
Subsidiaries
Borne Scrymser Co
25
Buckeye Pipe Line
50
[Vor.. 132.
FINANCIAL CHRONICLE
4216
9
% 1,100
711
855 8,800
84
100
SA
4%
65,700
6%
2,700 74%
79
)4
2% 4,600
2031 33,700 17%
200 47
49%
87% 2,300 8435
6
100
6
334
8,300
5
50 105
107
15 103%
105
681
8% 9,90
22% 1,400 10
9834
7
100
100 5335
54%
7
7
42% 4331
100
300
June
June
June
June
June
MAY
June
June
June
Jan
May
Jan
Feb
Apr
Apr
Jan
Jan
831 May
Jan
40
1.714
1535
12
11 34
94
4.•
3414
691*
1(14
7
e%
106
105
1415
arm
100
62%
Jo
Mar
Feb
Jan
Mot
/
Jan
.4,
Jan
Feb
Mar
Apr
T..*
Mar
Feb
Feb
12% Jan
Mar
Si
Chesebrough Mfg Consol 25
Cumberland Pipe Line_ 50
Eureka Pipe Line
100
•
Galena 011 Corp
Humble Oil& Refining. _26
1111 perlal OH (Can) coup- •
Registered
Indiana Pipe Line
111
National Transit....12.50
New York Transit
10
Northern Pipe Line_
_50
Ohio 0116% cum pref._100
Penn Mon Fuel Co
25
Solar Refining
25
Southern Pipe Line
10
South Penn 011
26
Standard 011 (Indiana).
-25
Standard 011(KV
10
Standard 011(Neb)
25
Standard Oil(0) corn _ _22
Vacuum Oil
26
34
%
2
1
2
%
23.1
2%
13
38
10
9%
%
851
%
35
14%
g
4
235
51
3%
3.4
3%
National Fuel Gas
• 18
New Bradford 01100.-5
1
North European OH Corp
1
Pacific Western 011
•
PaAdeni 011 Corp
Pantepec 011 of Venezuela*
3-4
Patrol Corp of Ara warr__
35
Plymouth Oil Co
6
Producers Royalty Corp.
135
Pure 011 Co 6% Pref.-100
Reiter-Foster 011 Corp. _•
Royalty Corp of Am pre/ 10
Ryan Consol Petroleum •
Salt Creek Producers_ _ _10
4%
Southland Royalty Co_..
•
4
Sunray Oil
5
1,5
Texan 011 Sr Land Co. •
Union 011 Associates-- 25
Venesuela Petroleum_ _ 6
34
Woodloy Petrol Corp
••Y" 011 & Gas Co
16% 18
1
1
% 1
5
5%
31
Ili
%
%
34
34
6% 7
135 134
63
63
34
55
114 1%
11; 154
4
4%
395 4
134 155
751 8
1511 15%
%
34
214 2%
14
%
3,300
2,500
7,100
700
2,200
1,800
2,200
400
1,500
10
1,300
100
200
6,500
1,600
6,700
1,200
300
40
40
20
2531 29%
Ohio Copper
Pond Creek Pocahontas •
Premier Gold Mining. _1
Quincy Mining
25
Roan Antelope Copper
American shares
Shattuck Dann Mining-_•
South Amer Gold Sr Plat...1
Tedlt Hughes Gold Min-1
Tonopah Mining
United Verde Extens'n-50e
Wright Hargreaves Ltd..*
Yukon Gold Co
5
Rondo
Alabama Power 4358_1987
15t ref 55
1958
let Sr ref es
1968
Aluminum 00s deb 5s'52
Aluminium Ltd 5s. _1948
Amer Conflth Pr 85_ .1940
Am El Pow Corp deb as '57
Amer 0 Sr El deb Is..20211
Amer Gas Sr Power 58_1953
Amer Pow Sr Lt 6s....2018
Amer Radiator deb 4gs'47
Amer Roll Mill deb 58_1948
41 % notes_ __Nov 1933
5
Amer Seating Os
1936
Appalachian El Pr 55_1956
Appalachian Gas 60_1945
Goer deb Os ser B 194s
Appalachian Pow 6.4_2024
Arkansas Pr Sr Lt 58 1956
Associated Elea 4144.-1953
Associated Gas Sr Electric
414e series C
1949
55
1950
55
1968
594s
1938
514s
1977
Deb 4155 with warr_1948
Assoc Rayon deb 50_195
Assoc T Sr T deb 515s A '55
Awe Telen Util 5101.1944
2%
7g1
716
6%
334
28%
815
6%
534
315
3
5%
Mar
Feb
Feb
Jan
Mar
Feb
Mar
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
gen
Feb
Jan
JIM
Feb
Mar
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
16% inn
1
Apr
15 inn
5 June
94 Jai
34 Jun
% June
6% May
115 June
62% May
% June
1% Feb
1% June
4 June
3% May
114 May
754 May
1334 May
44 May
1% Jan
34 May
26,4
1%
5%
16
%
2
115
19
4),
834
54
3%
2%
7%
Feb
Jan
Mar
Feb
Apr
Feb
Jan
Feb
Jan
Jan
Ape
Jan
Feb
JIM
J111)
Feb
Feb
Jan
Jan
Feb
May
37
25% June
53
Feb
30
1,600
2,00
3,900
3,30
200
3,100
2,800
500
400
1,300
9,100
100
3,600
200
200
1,202
55 June
7-111 Feb
2 May
5-16 Jab
,4 Jar,
g Mar
44 May
lie Feb
% Jar
4 Jun
6% Jan
314 June
3.4 May
23% June
Apr
36
10,5 Feb
she Jun
1%
%
355
85
14
134
315
35
2
8
8%
64
umi
5814
61
12
1%
Jan
Feb
Jan
Mar
mu
Mar
Feb
Feb
Feb
Mar
Apr
Mar
Apr
Feb
Jan
Mar
May
14
1434
1%
5
Feb
Mar
Apr
Apr
%
14
2
5-4
35
35
35
35
34
lir
35 1
4
434
6% 6%
3% 4%
51
31
23% 28%
35
35
10% 10%
15,5 1
tie
31 62,600
200
935 9%
liii
100
l6
200
5
5
834 834
3
314
1% 234
834 7
54
%
5% 855
234 s235
%
sie
955
%
5
Jun,
June
Jan
Apr
8,5 June
800
3
Jan
2,300
2,300 15-16 Jan
5% Jan
7,200
9-4 Jan
400
535 June
3,300
1 /4 Jan
200
35 Feb
300
9955 9811 99% 166,000
10334 103 104% 21,000
8,000
103% 104
104% 1047-410534 121,000
9535 82,000
95% 94
6715 137,000
60
67
61
9,000
60
61
98% 9735 98% 148,000
66
29,000
62
102% 101% 10355 108,000
5,000
9931 100
76
67,000
7435 74
93
17,000
9131 93
6331 639.1 1,000
10355 102% 103% 79,000
48% 57 125,000
56
57,000
54314 48
48
1,00
105 105
10051 9934100% 127,00
89% 8931 90% 84,000
63
June 129% Apr
Mar
June 27
Apr
June 31
1% Feb
June
Feb
June 72
May 1394 Jan
Jan
June 18
June 2134 Feb
June 1734 Mar
May 1414 Jan
Feb
Fe), 30
June 102% Jan
Apr 1514 Jan
Mar
8
June
Apr
Jan 17
May 23% Jan
.1111143 38% Jan
May 23% Feb
June 38% Jan
June 6214 Jan
May 5934 Feb
35 ran
131
6%
315 June
05(
3 June
7
514 May
1
)4 Feb
2%
% Jan
334
% June
74
2 June
3%
1
Apr
3%
2 May
g May
%
5
2 May
2% May
13 June 30
38 June 75
10 June le%
9% June 16%
% May
35
831 June ill.:
Si May
154
15 Apr
1.11
14% May • 29
4
34 JAI
6
$14 Jan
494
2tt Jan
135
% Jun
11
3% Jun
55
ti Jan
3% June
5%
34 3,000
3% 5,200
3% 16,400
800
6
500
3,600
3,200
1
11,600
3
500
135
235 6,100
200
3-6
10
2%
500
2%
1534 5,300
9,400
45
900
1035
400
1035
34 1,700
9% 58,200
200
%
% 1,600
16% 7,100
4,600
500
414
400
255
% 1,200
4% 11,000
5-4 1,000
335 2,200
54
54
2%
71
High.
Low.
200 101
101 105
100 21%
21% 21%
50 24
24
24
1
200
1
1
18,300 49%
49% 54
54
034
9% 1155 7,700
11
400 10
10%
10
934
400
915 10
1334 11% 13% 1,200 1135
7%
300
7% 8
100 28
29
29
100 80
80
80
8
300
8%
8
8
3%
400
331 4%
11% 11%
300 10
1235 13
2,200 12%
13
1935 23% 12,300 1934
23
1735 1535 1735 11,500 15%
200 1936
1931 20
4015 1,150 35
35
3334 2235 34% 110,500 z28
Other Oil StocksAmer Maracaibo Co
•
54
Ark Nat Gas Corp corn_ _ •
334
Class A
355
•
Preferred
10
6
Atlantic Lobos Co corn.
Carib Syndicate
7-4
Colon 011 Corp corn
1
•
Columb Oil Sr °gaol v t c_•
235
*
Cowden 011 Co earn
135
Creole Petroleum Corp...'
235
Crown Cent Petrol Co_ •
Darby Petroleum
Derby Oil Sr Ref from_ •
General Petroleum Corp.........
Gulf(MCorp of Penna-26 44
Indian Ter Ilium 011 CIA'
Class B
•
Intercontinental Petrol-5
55
Internat'i Petroleum
9
•
Kirby Petroleum
Leonard 011 Develop_ _ _25
3-4
Lone Star Gas Corp
• 15%
Magdalena Syndicate_
Mersey 011 Corp
Mid-States Pet cl A vto.-•
23-4
Clam B v to
•
M110-10038u Plpe Line corn 5
435
Class B vot tr etre_ _1
Mountain Prod Corp....10
314
Mining Stocks
/Rinker Hill Sr Sullivan_ _10
Bwana M'Kubwa Copper
American shares
Comstock Tun & Drain 10(
Control Copper Minee
Cresson Cone (.1
& 111_1
Cue Mexicana Mining---1
Engineers Gold Ltd_
-5
grans Wallower Lead com•
1
Falcon Lead Mines
Golden Center Mines.....6
Redo Mining Co
254
Hollinger Cons Gold
6
Had Bay Mln & Smelt_ _•
Moss Gold Mines ltd.
...1
Newniont Mining Corp _11
New Jersey Zinc
__ 25
N Y & Hond Ronde...10
NIpissing Mines
5
Range Since Jan. 1.
96% Feb
101% Jan
10) 36 Jul,
1031
4 Ian
91 June
00 June
80 June
Jan
9?
82% June
101% June
May
98
74 'June
8915 May
Jan
58
99% hi"
48% June
513% June
Feb
101
9514 Feb
Jan
66% 66
7031 226,000 463 15
7415 140,000 88s
871
72
70% 869,1 7415 189,000 6894
54,000 04
66% 71
68
79
80% 18,000 79
87635 77% 21,000 z72
50% 5334 45,000 5034
52
86 .88% 58,000 54
88
07.000 z7634
8035 z7615 83
Jat
Jan
Alm
AD
Jun
Jan
Jun
Jal
Jun
534
12%
24%
3%
135
18% Mar
Mar
6
24 May
9
Apr
11,8 Apr
1374 Mar
e:i
May
7g Apr
g954
1045(
504%
0654
101
03
7054
1004
70
)09
10234
97%
ia835
70
104.4
ay
75
106%
10234
ge
Jan
May
May
Apt
AM
Jan
AV
Mar
May
Apr
AP
,
Feb
Apr
Feb
May
Feb
Feb
May
May
Mar
3
Mar8706%4 J
0g FebE t
86,4 l bi
82
6094
Mar
A prn
J
Mar
JUNE 6 1931.]
Bonds (Continued)
4217
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. 1150.
S
5,000
21,000
Range Since Jan. 1.
Low.
45
09
High.
Bonds (Continued)
Mites
Fr!day
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
I
June z8036 Mar
Mar
June 102
High.
Gobel Adolf) Inc 645
Feb
60
6134 2,000 60 June 82
1935
With warrants
0934
11,000 10534 J0(1 10011 May
108% 109
Grand Trunk It,648-1036
Jan 10434 Slay
Mar (St Western Pow 1st 501946 104% 10434 10435 4,000 102
4,000 102
Jan 110
105 107
May Guardian Invest Corp 5848
13,000 1024 Jan 107
1013% 1064 107
MI
Mar
Jan
13,000 z45
49
50
60
With warrants
10755 10535 10755 39,000 103% Jan 107% June
Jan
Mar 35
27% 62,000 20
Guantanamo West 68_1958 2615 26
10611 107% 51,000 103!1 Jot. 50734 May
Pot,
May ;OA
1037 10034 100 10034 108,000 .0o
Mar 9734 May Gulf 011 of Pa be
96
9614 16,000 94
96
Feb
May 104
15% Jan 10018 Mar
Sinking fund deb bit_1947 10031 100 100% 106,000 1170
98
99% 53,000 17
99
Fut) my, Mar
Jan 10555 June Golf State, 11t11 be._ .1956 100% 984 10055 65.000 90
5.000 103
1054 105% 1054
4
May 941 May
11,000 94
94
94
Jar,
1961
454e series 11
102% 10251
9,000 1004 Jan 103
Jan RIO% Mar
98
9054 95 110,000 90% June 99% Mar Hamburg Elec deb 7E3_1935
Mar
June 85
52,000 75
73
75
Feb 105% Apr
1,000 103
Eldt Und 534.1 .3
10555 10555 10555
0 75%
Feb 10134 May
5100401004 2,000 98
Hanna(M A)deb 68_1934
June 8015 Jan
31,000 50
54
50
3,00 100 June 101
100 100
1936
Jan flood Rubber 7s.
44,000 42% June 6915 Mar
4214 51
10-yr 5,35a_Oct 15 1936 51
Jan
May z4il
26,000 75
77
75
Mar Houstoa Gulf Gaa 68_1943
9751 June 102
Canada Cement 515s A '47 974
98% 6,00
Feb
11,000 z78% June 92
11034 11035 23,000 106% Jar 1114 May
a713% 80
Deb gold 635s Apr 1 1943
Canada Nat Ry 78...A935 11034
Mar 09% May
98 34 Jar id:I% May
101% 65,00
25 yr guar 4 48_ _1956 10131 101
Houston Lt A Pr 414e 1978 9874 08% 98% 60,000 95
May
103 10345 2,000 102% may .104
1064 10745 2,000 103
Canada Net SS 58___ 1955
Jai 107% June
1953
let 58 Ser A
1,000 105
June 1054 May
105 105
Capital Adruln deb 55 A '53
lot lien & ref 6s B_._1953
6,000 65 June 3731 Jan
65
65
Without warrants
Feb 8635 May Llud 13ay Min & Sm 6s 1935
8655 9,000 81
864 83
Apr
Jan 90
2,000 77
80
80
Carolina Pr A LA
25,000 10119 Ja1 1(15
Hung Hal Ilk 7158----1943
May
...195e 1034 1033-4104
Mar 5415 Apr
50
5034 17,000 40
CaterpillarTractor 58.193b
9851 994 89,000 9576 Felt 10114 Yet. Flydgrade Food 6s set A '49
May
10455 10155 2,000 103% Mar 10'4
%
1601 101
3,000 941% Apr 111114 NI:II' Idaho Power 1st 53.-1947
Cent Ariz 1,1 & Pr 5s_ _1960 101
9635 35,000 944 Ma
96% Mny Ideal Cement 5s
964 96
Cent III El & Gas 5a _ 195i
1943 10034 10011 10041 2.000 100% June 10054 June
3,000 100% Jell 101 June
102% 104
9915 101
Cent III Pub Sec (1 1968
Ill Nor 11511 1st
20,000 994 Apr 102% May
ref 5,7'57
Apr
Apr 105
111 Pow & L lot 134 se A '53
10445 1014 33,000 104
let & ref 4148 set E.1967 9331 091% 93% 49,000 914 Apr 944 May
Apr
Apr 10154 June
1st di ref 555.3 ser 13-1954 102% 1023.1 10355 34,000 9855 Jan 1(15
100 10455 13,000 99
Cent Maine Pow 44a E '57
1
.
51,000 9255 May 90. sta. • 1st & ref As set C._1956 98% 9755 98% 60,000 96s, May 994 May
Cent Pow A L 1st bs_ _1956 9334 9255 94
12,000 8034 Jan 944 Feb
92
93
Cent Pub Serv 5519 1949
f deb 5.48.-Ma 1957
,
Jan
7355 21,000 72% May 100
Mat (mien Oil & Gas Os...19311
With warrants
7355 73
7334 5733.4 74 190,000 7051 Mar 81
Jan
714 Si,,,
59 112,000 no
Cent States Elec 5s_ __1948 5834 58
10451 1044 3.00 10414 Islay 10511 Slay
58
6155 132,000
June 77
Slat Ind& Mich El lstAref 5s'55 104%
Deb 555e-Sept 15 1904 614 53
May SS% Mar
3,000 St
85
85
June s75ri Mar
Cent Slates I' A: I, 514e
6755 28,000 63
Indiana Service 5s.._ _ _1050
6411 63
10355 10355 5,000 10355 June 10355 June Ind'polla P & L 6a set A'S? 10434 10335 1044 92,00 :9954 Feb 104% May
Cent Vermont.Pub_S 5.5 '59
Basun CHI Invest 68_1940
Feb
Feh 944 Mat
81% 7555 82% 244,000 7535 June 95
Chic Dist Elea Gen 4358'70 934 9154 9315 47,000 90
With warrants
Jar,e 102% Apr
Deb 5%e. __Om 1 1935
1014 102% 20,000 99
intercontinente Puw as' 4s
00
Max
7,000 28
35
85
Slay 9576 Jan
10,00
Chic Pneurn Tool 534s.1942
85
85
With warrants_ ..... ...... 34
9731 70,000 7494 Jai 50094 Mar
95
Apr 73
Chle Rya .55 otis dep__1923 6335 60
Slat
6355 35,000 60
Weimar'Pow See 78 E '57 96
,
Cigar Stores Realty HoldColl trust 654s 13„.1954 1013-4 1014 102% 19,000 1013.4 'Jun 103% May
684 Feb 77% Apr
903-1 35,000 87 iJuna 9251 May
Deb 548 aeries A___1949 7051 70
7255 22,00
1955 8755 87
854s series C
Mar
1,000 80
Feb S5
83
83
2,000 8051 June 904 Jan International Salt 55...1951
Cincinnati St fly 555s A '52
80% 804
784 Feb
754 44,000 6844 Jan
7,000 85)5 Jun( 964 Feb Internal Securitlea 55_1947 7576 075
1st 6s seriee B
1955 8531 8515 86
Mar
Apr S9
Cities Service 55
Jan Interetate Power 55...1957 8355 8355 87 113,000 z79
1966 63% 6035 63% 73,000 :094 May 76
June 84% Mar
7134 11,000 71
Cons- deb 55
Debenture 65
1950 6355 60% 644 2013000 57% May 824 Mar
.1952 7134 71
Fro 113% Mar
9051 9131 19,000 88
34,000 6334 May 83
67
Interstate P9 454e F_I958
Jan
Cities Sere Gas 54s_ _1992 86651 66
924 0251 17.000 9251 May 9214 Slay
48,000 784 June 89
7831 80
Cities Serv Gas Pipe L 68'43 70
Jan Interstate Tele') 55 A_1961
7151 73% 37,000 7151 June 89
Cities Sere P & L 54s 1952
Jan
Invest Co of Amer 58_1947
Mar
Slay S3
6,000 76
76
76
4,000 1034 May 10351 May
105 105
Cleve Elea III lot 55_1939
With warrants
Apr
16,000 7451 Mar 79
77
76
77
105% 10555 12,000 105% Jan 107
Deb 75
Jan
1941
Without warrants
1
Commera nod Privet
lowa-Neb L & P 613_1957 954 394% 9535 31,000 914 Jan 97Si Apr
81
36,000 795( Jal
30
1937 81
Bank 534s
9631 9531 9634 34,000 934 May 96% May
Mar
As series B
8754
1961
29,000 90
Jan 96% May
Com'wealtn-Edison95% 96
Iowa Pow & Lt 415e A 1951'
1084 109
1st As
AP 109
19,000 107
June 1 1943
100% 10034 4,000 10051 June 10150 May
May Iowa Pub Service 5548 1959
11554 11515 4,000 114% Apr 116
let mtge (3s_ _June 1 1943
9876 987-4 16,000 9334 afar 9335 June
Apr
1st Si Os
1957 9835
Mar
Jan 95
let mtge 434. ger 0_1956 10551 105 10541 35,000 101
Fe
105% June Isarco Hydro-Elec 78..1952
79% 8331 11,000 64
lst ta 44s Der D____1967 105
104 10554 21,000 1004 Jai 4054 May Isotta Fraschlni 7s _1992
Jan 79% Apr
lot St 4 4,88er E_ _ .1961, 1024 102 10255 48,000 t14144 Jat 1034 May
6831 68% 10,000 58
With warrants
Consol Gas El Lt & P(Balt)
67
6834 73,000 5976 .1515 784 Apr
Without warrants
1st & ref 554sser E.1952
1074 10741 6,000 10731 Jan 108% Slay Italian Superpower of Del66,000 5544 Jan 774 Mar
lot & ref •14s ser 0_1969 105
105 105
Jan 10555 Apr
1,000 104
fiche Cs without warn '63 6551 6534 67
tel & ref 4 45s ser II 1970 104% 1044 10434 4.000 102
Jan 101% Slay
Jan 104% May
lot ref a t 4.5
1981
9844 277,000 074 June 98% May Jersey C P & L 655s A 1945 103% 1033-410434 43,000 101
9855 9711
Conan! Gas HUI Co
103% 13034 41,000 0854 Jan 10314 May
let & ref Sc err 13_ _1947 103
Slay
May 100
59
Deb 64e with warr_1943
1,000 105
1,000 59 June 85
59
10615 10634
Mar Kansas City Gas 89... _1942
Jan 10841 May
let & coil es eer A 1943 66
1,000 104
z6354 0754 43,00 z0355 June 68
10814 10S55
Star Kan Gas & El deb 66._2022
Consol Publishers 6518 1936 9931 97
Feb 1013.4 May
9951 4,000 z9551 Apr 100
11,000 94
98 100
Jan
Kansas Power as A _ _1947 98
Mar
19,000 9055 Jan 93
10415 105
Consumers Power 4.558 '611 105
93
20,000 9938 Jaa 1054 May KelvInator Corp 6s...1936 93
91
98
Jan 1014 May
99 100% 6,00
Kentucky UM 151 58_1961
1958 8255 8055 83 184,000 R0( Jar, 883,4 Mar
Jan 1004 May
Cont'l 0 & El 58
10054 10054 29,000 93
1st 5s series I
1969
Feb 1024 Mar
Continental Oil 531s_ -1937 8331 83
834 20,000 1824 May 95
.555,t Koppers0& 0 deb be 1947 10035 10055 10055 21,000 911
Crane Co 10-yr s f 58_1940 1024 3102 10231 23,000 00
103
Sink fund deb 548_1950 10335 10351 10355 20,000 1014 Feb 10335 Max
Apr
.194p
Crucible Steel deb as..
6.000 OR7s is.. 103% Fab
93
May 10119 Mar Kresge(SS)Co let Is 1945 994 9951 101
9341 7.000 92
Cuban Tobacco 5s___1944 5031 504 5051 7,00
1,000 994 May 10141 May
45
Jan 5011 June
1004 10055
Certificates of deposit_
Jan 1014 Jan
Cuban Telep 74,--1941
6,030 09
103 10454 15,000 100
Jan 107
10044 c101
Mar Laclede Gas 5348
1935
Cumber'd Co It & L4158'56 984 9831 98% 88,00
63,000 100% Jan I OA Si Apr
97
103
Apr 0851 June Lehigh Pow Occur 68..2026 1014 101
04% I., 109
Apr
Cudahy Panic deb 5451931 9535 9441 957 38,00
Jan 96
2,000 84
92
91
Feb I eonard nets 7158.-1945 92
Apr
Sinking fund 58_ _1946 10251 10215 10245 6,00 10014 Jan 103
Feb 96
2.000 91
96
96
Feb Lexington CHI 5s
1952 96
Deny at Salt Lake fly Os'60 45
45
45
9,000 50
Juin
934 26,000 9014 .bat, 44655 Apr
93
73
Jan Libby MeN & Libby As '42
IatM0soerA
1950 10415 10454 1044 3,000 99
May 10415 .1une Lone Star Gas 5s
9754 974 30,000 984 Feb 1004 Mar
1942
Det City Gas Sc set A.1941 106% 106 106% 30.000 105 7s Ja, !ilC36 may Long Island Leg 138.. 1945
10655 10655 2,000 1024 Jan 10615 May
Slay
1st 58 series 13
1950
104 10455 3,000 100
Jan '0451 Apr Louisiana Pow & Lt 551957 102
101 1024 120,000 9634 Jan 103
Detroit Int Bilge 6.48-1952
1514 Pet
30
13n
2
25
June 9514 Jan
-year deb 73 -1952
5,000 89
255 3
3,000
Jan
90
5
8914 89
Mar Manitoba Power 548 A '51
Dixie Gulf Gas 6158
Mansfield Shin & Smelt
',
With warrants
77
1937 88
8915 4,000 83
Jan 924, Apr
38
Jan 95
7734 783-1 3.00
Mar
7s with warrants_ _ _1941
Apr
Duquesne tins 1st 64_19411 2654 264 2935 17,000 25
Jan 92
2.000 77
Ma
78
77
71db
2.1,
7s without warrants 1941
May
106
Cone 64% notes...1935
22
May
22
2,000 22
10494 10534 4,000 iti2
63% Feb Mass Gas Cos 5 n
1946
East Utilltice Investing
Sink fund deb Os_ ._1955 10144 1004 101% 69,000 9731 Feb 10251 May
1954
bs with warr
5445 s5355 5731 81,000 53
May
Jar, McCord Rad & Mfg 6s
71
Feb
Edieon El(Boston)58_1933
Jan z57
14,000 50
10335 10335 11,000 01 4 Jat 1114;4 May
51
50
With warrants
Nov 1 '32
4% notes _
10135 102%
10414 10455 5.000 1014 Jan 10414 May
1,000 100
Jo 10231 June Memphis Pow & Lt 5s A' 3
1948
9
4
Else Power & Lt 68_2030 8255 79. 8255 173,000 79 Jun
Mat
911
1st A ref 4174 ser C_1973 9741 09714 9774 11,000 964 Apr 0751 June
98
El Paso Nat Gas 6455_1938
98
Slay 107
15,000 98
96,000 9155 June 95% May
Feb Metro') Edison 1st 4s E 71 9455 9434 95
Mar 944 June
554 57
Empire 011 A 'tete 54ti '42 57
46,000 4914 May 804
94
9474 3.0(11) 94
Sikh Assoc Telep 58..1961
May
Ercole Marelli El Mfg
Jan 54
2.000 44
50
50
Mid States Petrol 6481945
Wills warrants 645_1953 7355 7155 74
15,000 a63% Jan 83
10034 10034 19,000 9855 Jan 100% Star
Mar Mido , tnUte. 193
dn 1Vz oti1 5 19 3
2
ie 6
3
Jan 9934 Apr
59515 97
European Flee 640._1965
26,000 93
97
Cony
7251 50.100 653,4 Jan
Without warrants
6955 68
053.4 9534 3,000 9234 Jan .2734 mar
84
Mar
1034
Cony 5% notes
Ian
81
79
Eur Mtge A Inv 7.0_1067
21,000 79
17,000 *112 76 Jan
00
Apr
Cony 50,3. notes. _1935 0574 944 96
10555 1054 15,000 101% Jan 105% May
1,00
„,1a1
mn 99% May Milw Gas Light 455s._1967
9955 9955
1950
7545 eerles A
May
25,000 894 Feb n5
Mluncap (las 1.t 4 07_1950 934 934 94
,
May
45.000 914 Jan 98
Fairbanks Morse Co 591042 954 9514 9554 10,000 95
Jan
71171
lx,
Mtnn Pow & Lt 445_1978 9655 951 07
75
1,000 73
89,000 93% Jan 9854 alio
75
Farmers Nat Nftge In.a 78'63
Feb 81
Mar Miss Power & Light 5141957 9645 9451 97
71
57,000 66 June 914
66
Federal Water Sera 034859 69
Miss River Fuol6RAug 15'
44
June 108% Feb
94% 22,000 94
94
Finland Residential Mtge
With warrants
75
43.00
82
6,000 1024 Jau 105% May
1961
Bank Os
82
104% 105
Jar' 823.4 May Miss RI,Power let be 1951 105
May
0
Fast Bohemian Glass Wks
May 101
9934 9915 3,000 9
Monon W P 550 B_ _ _1953
3.0(1
80
80
77
1st a f 7s____Jan 1 1957
Jan 8211 Apr Montreal L HAP Con
Jan 105% May
Firestone Cot Si Uhl 5e_1041, 81
8055 82% 52.000 79
4 5,000 102
10455 1047
Apr an
jab
1st & ref 55 set A___1951
46,00
May
Firestone T & Ii 5s__ _1942
88
10,000 102% Jan 10(1
83
87
106 106
Stay SS% May
1st Os series 13
1070
Fisk Rubber 555s- _ _ _1031
12,000 12
12% 13
May 273-4 Feb
13
Florida Power & Lt 5..1954 8034 8235 87 131,000 824 Juno 9134 Apr Narragansett Elea As A '57 103
May
103 10335 24,000 1014 Jan 104
slat
24,000 69 June 77
71
Nat'l Elec Power 58_._1978 6915 69
33,000 1.04 1s1i 10736 Apr
Garlock Packing 6s_.1939
90
55,00
88
104
85
Jan 95
Apr Nat Pow & Lt 6s A..2026 10135 101
Unt,Ineau Power lot As 1956 86% 854 87% 69,000
Mar
76,000 84 June 03
87
84
May 9114 in.,,
2030 87
ta series B
Mar
Deb gold fis June 101941 7154 6911 73% 50,000 694 June 95
78
Mar Nat Public Service 58.1073 6851 6734 69 104,000 te1:4 Jaa
Deb& aer B__A&O 1941 73
694 734 29,000 6954 June 924 Jan Nat Steel Corp 1st 56.1958 9851 098
987,4 143,000 9754 Apr e99% May
WU 35 !slay
Gen Bronze Corp conv6S411 5835 5834 5931 16,000 '76
9955 9935 7,000 96(4 Jan
Ja, 65
Apr Nat Tea Co 51 May 1 1935
Jan
103 103
Apr 90
1,000 102
1,000 60
62
General Cigar serial Gs 1932
62
Stay 103
June Neisner Realty 69
1648
1933
103 103
1,000 102
3314 7sn
Serial 6s
8834 893-4 18,000 8836 May
Slay 103
June Nevatla-Callt F.15, 55.1900
1934
103 103
1,000 102
9,000 108
Jan 1114 May
11041 111
Mal 103
I Serial 68
2022
June Nebraska Power (39
1935
103 103
1,000 102
Serial Os
Stay 103
June
434s when issued_ _19111 103% 10255 103% 97,000 10255 May l03'4 June
Slay
Gen Motors Accept Corp
N E Gan & El Assn 58_14)47 9355 39051 9334 148,000 4050 Jan 91
‘1,,t
1932
10134 10151
2,000 10114 May 10134 May
93% 44,000 5814 Jan .5
5% serial notes
1943 9354 93
Cons deb 5.
Slay
Inn 94
101% 10135 2,000 10174 June 102% May
59054 9351 250,000 411
5% serial notes.....1933
Cony deb be
1950 93
1935 102
May 944 Apr
101% 102
11,000 101% Slay 10234 slaY New Eng Power 545_1954 884 874 8854 72,000 87
5% serial notes
May 81451 May
7974 807-4 89,000 76
1948 80
5% serial notes.....1936 10155 101% 10114 2,000 10155 May 102% May
58
834 88
8,001
105% 1055
80
Mar z83
4 1,000 1024 Jan 10514 Apr
Gen Pub Serv cone 5353 88
June New Jersey P L 58--1956
45
45
1948 45
18,000 4455 May e.53
Gen Rayon 68
Jan N /rle.tils Pub rliery 4 S4s'35 9534 9434 9555 33,000 III 44 Mar 9,34 Slay
99% 42,000 99
May 1004 star New York A Foreign Inv
General Refract 58_ 1933 99)4 99
Mar
7755 14,000 78
Jan 32
76
5558 with warrants_1948 76
Gen Vending Corp 65
99 100 202,000 11314 Feb 1004 May
1.000
73-8 758
1937
755 June 1451 Jan N YPAL corn 1st 4 48'67 100
With warrants
1064 10651 8,000 1054 Jan 4084 May
Niagara Falls Pow 68_1950
Gen Wat Wka G & E
?an 9034 May
4,000 3474 June 69
Jan Nippon Elect Pow 8481053 9251 91% 924 102,000 94
Cony deb Os ser B 1944 34% 3435 35
May
1,000 10014 June 10015 May \Tor Cont 13111514s car A'48 6111 6134 6135 3,000 61
75
Jan
Georgia Car Power 59.1952 100% 10055 10055
Georgia Power ref 55_ .1067 102% 10155 10245 111,000 9834 :a, 10234 May Nor Texas Utilities 75 1935
109 109
Ian 95% May
1,000 10415 Mar 114
Mar
With warrants
Gillette Safety RIMY be '40 9411 0934( 954 129,000 81
142
82
1,000 /31
1,000 95
97
1035
97
June 93
Jan z100
Without warrants
Jan
Mar
Glidden Co 53511
Atlas Plywood deb 5358'43
Baldwin Loco WM.54 e '33
4
Bates Valve Bag Corp
6s with warrants _ _ _1942
Bell Tel of Canada fis_195,
let M 513 series A _ _ _1955
1960
let M 5s aer C
Birmingham Elec 4444106Birmingham Gas 181 be 'Mr
Boston Consol Gat. 5s_1947
Boston & Maine 11.1t Os '33
1961
44.
Buffalo Gen Elec 58_ _ .1956
Burmesiter & Wain(Copen)
1940
15-yr a f 69
45
99
45
100
0731
may
4
8
._
4218
Bonds (Continued)
North Ind Pub Baty 581966
let & ref 5149er 11_
69
lit & ref 414s sex It 1970
Nor Ohio Pr & Lt 53451951
Nor Ohio Tr & Lt 5e....1956
No Elts Pow 64% notes 33
54% notes
1940
Ref 414s
1961
Ohio Edison let 5s-1980
Ohio Power 5s B
1952
4348 series D
1951'
Ohio Pub fiery 5se& D1954
Okla Gas & Elea 5s....1950
Osgood Co deb 6$____1938
With warrants
Oswego Riv Power 51_1931
Pat Gee & El lst 448_1957
lot tts series 15
1941
let & ref 534m C_ -1952
1st & ref 4 A s F.......198ft
Pao Invegt deb be A._I948
Pao Pow & Light 58_ _1955
Pacific Western 0116548'43
With warrants
Penn Cent L & P 445_1977
Penn-Ohio Edison 6s__1950
Without warrants
Deb 54 Per 13- - - - 195°
Penn Dock&Wat 65W w '49
Peon-Ohio P & L 691s A'54
Pa Eke 1st & ref 4s___1971
Pennsylvania Power & Lt
lst & ref 5s ser B___195%
1s1 454,5
Apr 1 1981
let & ref 58 ser D-1953
Penn Telep baser 0_1960
Penn Wat & Pr 448B 1968
Peoples Lt & Pow 513_1979
Phila Elec Pow 534e1972
Piedmont Hydro-El Co
let & ref 646 el A__196()
Pittsburgh Coal deb 615 '49
Pittsburph Steel 68.....1948
Potomac Edison 58_1958
lit 434s ser F
1961
Potrero Sugar 7s
1947
Power Corp of NY 534s'47
Procter & Gamble 4481947
Prussian El Os
1954
Pub Ser of N Ill 445_1980
let & ref 58 C
1966
let & ref 4346 Der 13.1978
lit & ref 43.45 ser F_1981
Pub Serv N H 434s B_1957
Pub Serv of Okla 55_1957
Puget Sound P & L 5144'49
let & ref 5e sec C___1950
lot & ref 434e ser D_1950
Queens Borough Gas & El
534e series A
1952
Ref 415s
1958
Reliance Managem't 6e '64
with warrants
Remington Arms 6%9_1933
Rochester Cent Pow 5s '53
Ruhr Gas 634s
1953
Ruhr Chemical 6s
1948
Ruhr Houeng Corp 648'60
St L Gas& Coke 6s_._1947
San Antonio Pub Seto bs'58
Banda Falls 1st 58.-1955
Saxet Cu let cony Os A '45
Saxon Pub Wks 56_1932
Stripy.(E W)54e...1943
Shawinigan W & P 434e'67
let &co1144eser B.1968
let 5s aer C
1970
414.3 ger D
1970
Shawsheen Mille 7i..1931
Sheffield Steel 548_1948
Snider Packing 6e____1932
Southeast P & L 155.....2026
Without warrants
South Carolina Pr 5e...1057
Sou Calif Edison 58..__1951
Refunding 5e
1952
Ref Mtge 58 June 1 1954
Gen & ref 55
1944
Sou Cal Ciao Corp Si _ _1937
Sou Calif Gag tie 443.1961
1st & ref 5s
1957
Southern Gas lst 648_1935
Ragthern Natural Gas68'45
With privilege
Witnout privilege.- _ _
Sou N E Talon 5s. __ _1970
S'western Assoc Tel 58 1961
'Newest Dairy Prod 634.
'38
Southwest & E 58 A_1957
S'west Lt & Pow 5s A 1957
So'wein Nat Gas 6.._ _1945
Elo'weat Pow & Lt 68_2022
Stand Gas & Else fla...1935
Cony 89
1935
Debenturets
1951
Debenture tto Dec 1 1986
Stand Invest deb 58.„1937
634.
1939
Stand Pow & Lt
Stand Telep 535e ear A 1943
Stinnes(Hugo)Corp7.5 Oct 1 '36 without warr
10 without warn._ _.1946
Stutz Motor Car 7348-1937
1939
Sun 011 del, 610,
Sun Pipe Line 5s
1940
Super Pow of No Ill 448'70
1st 448
1968
Swift & Co let m •f 58_1944
5% notes
1940
Tenn Elec Pow Si. _195A
Tenn Public Service 581970
Tern! Hydro-Flee 614e '53
Texas Cities Gas 11a...1948
Texas F.lec Service 53_1960
Teue ORS UM (U.__.1945
Terse Power & Lt 55_ _ 195e
2022
debentures Os
'Fri Utilities Corp deb 58'79
Olen Co eon, deb 6e....1944
tin Amer Invest 58-1948
With warrants
Un El L & P es ser 13._1987
Union Gulf Corp 55 Jul 1 Si'
United Elee Service 761955
With warrants
Without warrants
[VoL. 132.
FINANCIAL CHRONICLE
ermay
Jairdt
Last Week's Range for
Week.
of Prices
Sale
$
Prim!. Low. High.
Range Since Jan. 1.
21,000
103 104
1044 1014 12,000
984 96% 984 56,000
1044 28,000
1044 3104
10114 101% 6,000
1034 1034 1034 11,000
43,000
102% 102% 103
9934 984 99% 421,000
62,000
103 n104
104
1054 104 105% 30,000
10014 1014 15,000
101
25,000
10134 104
103% 103% 66,000
101
9734
101%
113)5
106%
10154
6734
9954
10334
1004
614
3104%
944 94
104
10235
61%
104%
95
56 June
9231 Jan
844
83
91
90
95
9534
95
102% 102% 104
3964 97
97
40
40
98
974
10154
1004
10214
9934
9434
11,000
8,000
23,000
55,000
68,000
2,000
67
May
Apt
May
Mal
May
Mn'
May
May
June
June
May
May
May
Jan
Apr
Jan
Jab
Mar
June
Feb
May
May
May
May
Jan
Mar
8454 Jan
98 June
Apr
May
Jan
Apr
May
105%
r9834
105
1034
100
7454
10734
June
May
Mar
mar
May
Mai
May
Jar. 88
Apr 9954
MAY 102
Jan 114
Apr 97%
Juno 60
71
90
95
99
96
40
Mat
Jan
Jan
June
May
Feb
Jan 974 Apr
1,000 90
43
93
1044c10614 13,000 1004 Jan 10634 June
7,000 6834 June e7934 Apr
6834 69
May
9734 984 16,000 4494 Pen 09
104 10434 5,000 10234 May 1044 June
12,000 54% Feb 09
May
9734 98
964 9834 308,000 964 June 984 May
101% 1014 21,000 994 Mar 102 May
Feb 1014 May
10034 10034 26,000 98
Fri. 1044 Apr
10234 64,000 100
101
43,000 0514 lan 101
May
s08M 100
944 9434 35,000 9434 May 944 May
1044 103% 1044 17,000 1014
7,000 100
103 103
90
67
7054
105
10454
99
105
102
104
1034
9034
105
10534
101%
1034
10494
17,000 10034 Jac 1044
19,000 0734 Jan 104
1,000 61% June 83
17,000 10244 Jar. 105
161,000 94 June 954
1044 1044 1054 5,000 102
9635 9834 713,000 96%
98
104% 1044 8,000 102
102% 1034 33,000 9534
7.000 971£
984 100
31,000 45
49
45
45
107 10731 8,000 105)4
107
88%
Jan
Jan
Jan
Jan
Jai,
Jan
Jan
Ape
Jai,
Feb
Jay
June
Jarl
118,000 964 Feb 1024
9,000 1094 Jan 11314
6,000 1044 Jan 10654
Feb 102
88,000 97
12,000 67 May 7534
98,000 5954 Jan 100
64.000
195,000
53
56
964 98
102
99)4
99
904
984
93
10154
99
975(
99
101
96
10134
100
Feb
4,000 5534 June 67
Jan 10134 Feb
3,000 100
5534 56
101 101
101% 100)4
113%
106
101% 31004
67
99
9731
High.
Low.
834
90
67
70%
6534
67
884 10,000
9,000
91
19,000
70
7314 47,000
1,000
65)4
69% 9,000
3534
33
35
100% 99 10034
104)4 105
105
92
85
92
95
92
92
884 894
89
964 974
97
974
9654 96
104% 1024 1014
96% 95% 974
10114 10134 1014
90
90
38)4 42
75
90
eo
89
634
67
Jan 106
Jan 103
Apr
June
Jan
May
Jan
Juno
May
Apr
8834
ift
764
854
834
8214
June
Feb
May
Mar
Mar
Apr
49.000 32 MAY 13234 Jan
17,000 94
tan 1024 Mar
Jan 105 June
9,000 102
NA Jab 106
15,000
Ape
Jan 964 Apr
24,000 90
18,000 35
Jan 90
Mar
47,000 9254 Jan e9834 May
,
13,000 93
Jan 98% May
61,000 1004 Jan 105)4 Mat
95,000 9354 Jan 97% May
18,000 10014 Jan 10134 Feb
May 10334 Mar
1,000 90
14,000 354 Jan 6414 Mar
1024
91)4
106
10515
1054
10354
102% 104
914 93
105% 106
105)4 105%
105% 105%
10354 10434
934 94%
964
964 95
102 103
103
100 100
105,000
2,000
47,000
12,000
29,000
64,000
6,000
67,000
21,000
2,000
994
90
103
103
1034
1024
5094
914
994
9711
Jar.
Feb
Jan
Feb
Apr
Jan
Jan
May
Jan
Jan
106
9.5
106
108
10(1
10514
954
9834
10354
100
Apr
Mar
Apr
May
May
May
May
May
May
June
504 58
544 5434
1104 11034
93
93
93
594 594 5914
96%
964 96
944 95
38
38
38
102 103
100
994 102
99% 1014
100
944 98
96
964 95% 98
7034
70
z70 z70
924 9434
94
7736 78
19,000
16,000
1.000
16,000
10,000
22,000
9.000
5,000
5,000
73,000
32.000
47,000
32,000
2,000
5,000
48,000
2,000
50)4 June
5434 June
1104 June
May
93
Jan
55
Jan
.93
9051 Jan
38 June
Ja
101
984 Jan
99% June
944 June
95)4 June
70 June
Jan
377
9214 June
734 Mar
89
8114
110%
944
.974
974
72%
10736
1024
102%
1014
1014
8514
864
100
824
Mar
Apr
June
May
Jan
Mar
Mar
Feb
May
Mar
Mar
Mar
Mar
Mar
Apr
Mar
May
5414
66
754 78
644 66
55
55
9834 101
984 994
9034 914
90% 92
103 103)5
100 1014
4,800 84
44,000 BO
5,000 z65
25,000 9814
6,000 984
54,000 8914
17,000 90
29,000 10234
65,000 9934
Jan
Jan
Jan
June
Apr
Feb
May
Jan
Jan
864
80
82
1024
100
934
934
101
1,,236
Apr
Mar
Mar
May
Jan
Mar
May
May
Mar
104
1034 1044
99
9734 99
75
734 7834
61
59
61
10054 9934 10034
49
46% 49
102
10134 10214
109 11014
109
20
24
32
69
70
19,000 9814
21,000 9454
52,000 73
4,000 59
119,000
10,000 464
73,000 984
36,000 108
103,000 20
16.000 69
Jan
Jau
Jan
June
Jan
June
Jan
Feb
June
June
1044
9954
87
71
1014
80
103
1104
64
85
June
May
Mar
Mar
May
Feb
May
June
Jan
Mar
7534
644
99%
9134
92
1034
1004
814 8114 15,000 z80
Jan 3864 Mar
104% 10454
1,000 103
Jan 1044 Jan
1024 102 102)4 100,000.1004 Jan 103 May
85
85
87
89
10,000
11,000
8034
Si)
Jan
Jan
9214 Mar
92
Apr
Bonds (Concluded)
United Lt & Pow 88_1976
Deb 634s
1974
let lien & eon 530..1959
Un Lt & Rya 68 ser A_1952
let ser 53,
1932
Deb 5348
1952
United Rys (Havana)
716s
1935
U S Rubber
3
-year6% notes____1938
Serial 634% notes 1932
Serial 834% notes1933
Utah Pow dr IA let 55_1944
Van Camp Packing 6.3_1948
Vanadium (Amer)58_1941
Van SwerIngen Corp 68.35
Virginia Elea Power 591955
vs Public Serv 534e A.1948
let ref 55 ser B
1950
0'On Os
154r'
Ward Baking Co 69-1937
Waldorf-Astoria Omelet 7e with warr. _1954
Warren Bros cony 69.1941
Wash Wat Pow
. 1960
Weft Penn Elec deb15s 2030
ba_West Texas Utll be A_1957
Western Newspaper Union
Cony deb Os
1944
Westvaco Chlorine Prod-10
-year 530_1S:far 1 1937
Wit, Pow & Lt 59 F_-_1958
let dr ref Esser E_1958
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sate
Price. Low. High
$
Range Sines Jan. I.
Low.
9234 9154 9234 57.000 9134
9934 994 9935 16,000 98
1024 10154 10236 29,000 91
5,000 9734
106
10535 106
10134 1004 10134 19,000 1004
8934 74.000 80
894 89
38
3634
3,000
36
High.
Jan
Jan
Jan
Jan
Jan
Jan
974
102
1024
10611
10134
9134
June
80
May 91
33,000 81
8414 86
9734 974 13,000 804 Jan 98
Jan 91
10,000 75
90
89
90
Jan 9854
4,000 94
98
98
Jan 60
48
50
3,000 45
77
72
78 202,000 72 June 1083*
60
52
61 136,000 52 June 85
10454 1044 2,000 10214 Jan 105
9514 9536 9634 21,000 9234 Feb 9734
88
8954 9,000 88 Jun.. 9134
9234 9,000 28814 Jan 394
92
92
103
103 10434 27,000 994 Jan 1044
85
5234 52
8334 644
1054 104
8634
8654 86
42
42
Mar
M"
June
May
May
Mar
Jan
Mar
Mar
Mar
May
Feb
Mar
Jan
May
MAY
May
Mar
June
Feb
24,000 52 June 74
54
84 111,000 644 June 10034 Mar
1054 6,000 310234 Jan 1054 May
Mar
Feb 93
3,000 85
87
Jan 9134 Mar
8734 49,000 86
43
4,000
42
June
6831
Jan
Jan 10434 Feb
4,000 101
103 103
20,000 10136 Mar 1034 May
102 103
Jan 10334 May
10234 10254 2,000 101
Foreign Government
And Municipalities
-Agri° Mtge Bk (Colombia,
20
-year s f 76
7334 12,000 55 May
1948 724 64
20.year 7/1 Jan 15..1947 734 7035 734 70,000 56
May
Baden (Cons) 75
June
24,000 71
1951
78
71
Buenos Aires(Prey)746'4" 7234 614 7254 91,000 5754 May
Ext 71. April
16,000 56 June
67
1952 67
56
Cauca Valley 78 June 1 '48 44
May
5,000 38
44
40
Cent Bk of German State A
Prov Banks Os B__ _1951 7534 7534 78
Jan
29,000 65
Danish Cons Munic 5148'55 101
22,000 9914 Jan
10054 101
55
7,000 96 3,4 Jan
1953 100
993.4 100
June
German Cons Muni° 78 '47 774 76
814 129,000 76
6e
1947 7154 704 73% 117 00
. ° 614 fat,
Hanover (City) 75......1039 82
May
824 14,000 80
81
Hanover (Prov) 648.1949 6934 8934 71
00,000 8934 June
Indus Mtge Ilk of Einian6
let mtge coils f 7e...1944 92
Apr
14,000 90
92
90
Mendoza (Prov) Argentine
External s f g 748_1951
14,000 3354 June
334 37
Mortgage Bank (Bogota)
75 issue 01'27(MAN)'47
4,000 54 June
54
54
7s Issue of oat 1927_ _1947
May
534 2,000 52
52
Mtge Bank of Chile 68.1931
944 90
9434 81.
000 87 1Ha.,
n0
,y
n
Mtge 13k of Denmark 58'72 99
99 10054 16,
000 .°
"""
Netherlands (Kingd) 63'72
1.000 10314 Mar
104 104
Parana (State) Brazil 78'58 23
May
32,000 18
2034 27
Rio de Janeiro 648_1959 28
234 3034 30,000 224 May
Russian Government
634e certifleates___ _ 1919
154 Jan
24
2
24 6,000
Saarbruecken (City) 75 '35
1.000 994 Jan
103 103
Saar Basin Consol 7s--1935
Jan
1,000 92
9934 9936 994
Santa Fe (Argentina) 7s '45
6334 26,000 5734 May
62
Santiago (Chilli 7g___ 1040 57
4016 57
24.000 494 Juno
8834
78
90
974
9015
75
Jan
Mar
Mar
Mar
Mar
Apr
8034
11214
10034
90
824
9514
844
Mar
May
May
Mar
Apr
Mar
Mar
s96
Mar
78
Mar
80
75
Mar
Mar
,A9191,1
2
- - ""
10534
64 36
68
Mar
Jan
Mar
Mar
3
103
103
853.4
88
Mar
Mar
May
Mar
Mar
•No par value. 1 Correction. n Sold under the rule. o Sold for cash. S Option
sales. f Ex-rights and bonus. w When issued. z Ex-dividend. o Ex-r1110111
t Formerly Aviation Corp. of Amer., name changed as above,
e See alphabetical list below for "Under the Rule" sales affecting the range for
the year.
Chicago District Electric. gen.
$2,000 at 1034.
deb. 5% . 1935. May 13,
8
Conan'. Automatic Merchandising, cora. v. t. a., March 9 100 at 6-16.
Cumberland Co. P. & L. 434e, 1958, May 26, 81.000 at 100.
General Rayon deb. 6s, 1948. Feb. 3. $3.000 at 55.
Illinois Power & Light 6% pref., March 23. 18 at 973.4
Iron Cap Copper Co. March 16. 100 at 14.
National Baking, corn., Jan. 18, 100 at 5.
National Steel Corp. 58, 1958, May 6. 431,000 at 0934•
Northern States Power 7% pref.. March 20. 50 at 11034.
Prussian Elec.85 1954, April 21, 44,000 at 804.
Shawinigan Water & Power 155 4358, sec. A 1067, May 18. $6.00 at 954•
0
Wright 4z Hargreaves Mines June 3. 100 at 534.
a See alphabetical list below for "Option" sales affecting the range for the year.
Appalachian Gas 6s series B 1945, June 3, $1,000 at 43.
Arnold Print Works 13s 1941, Jan. 22. $1,000 at 83.
Associated Gas & Elea.. deb. 434e. 1949. Jan. 2. $3,000 at 83.
Associated Gas & El. deb.434s, w. w., 1948, May 4,11,000 at 894.
Associated Telephone Utilities, cony. deb. 514e, 1944, June 3, $5,000 at 70.
Cities Service deb. 55, 1966, May 22, $5,000 at 584.
Columbia Gae & Electric deb. 5s, 1981. Feb. 2, 85,000 at 964.
Consol. Gm Utli. Ils A, 1943, June 3, $3,000 at 63.
Consol. Publishers 1340, 1936. March 9, 11,000 at 954.
Continental 011 deb. 554e, 1937, May 16. $5,000 at 824.
Eisler Electric June 4, 100 at 24.
Ercole Marelli El. Mfg. 6348. 1953, w. w.. Jan. 7. 41.000 as 634.
Gen. Pub. Serv. deb. 55. 1053, Apr. 4, $2,000 at 9331.
Guardian Investors 5s, 1948 with warrants. Jan 28, $1,000 at 403,4.
Heels Mining, May 20, 100 at 434.
Houston Gulf Gas 634s, 1943, Juno 4, $2,000 at 784.
Houston Lt. & Pow. Is, tier. A, 1953, May 14, $2,000 at 104.
Indianapolis Power & Light let 5s. 1957, Feb. 3. $2,000 at 994.
Industrial Mortgage Bank of Finland let mtge. 7s, 1944, Feb. 4, 81.000 an pc.
Interstate Power, 1st 5e, 1957, Jan. 20. 83.000 at 764
Middle West Utilities. 5% notes, 1935, Jan. 2, 1000 at 92.
Mortgage Bank of Chile 85, 1931, Feb. 24. $2,000 at 100.
Nat. Public Service, deb. 65. 1978. Jan. 2, 3,000 at 86.
National Trade Journal 6s, 1938. Feb. 20, $2,000 at 15.
Northern Texas Utilities 78, 1935, April 15, $1,000 at 10034.
Pacific Power & Light 55, 1955, March 10, 55,000 at 90.
Public Service of Nor. Ill. deb. 5s, 1931, April 27,$1,000 at 994.
Sheaffer(W. A.) Pen. June 3, 100 at 30.
Southern California Edison 7% pref. A, Jan .9, 200 at 29.
S'west G.& E. let 55, 1957,Jan. 2,85.000 at 91; May 7.81,000 at 10054.
Standard Invest, Corp. 534s, 1939, June 2. 53,000 at 70.
Stutz Motor Car 714e. 1937. Jan. 13.11,090 at 58.
Truaeon Steel, pref. April 22,25 at 100.
Union Amer. Investing. 5a, 1948 with warrant. Jan. 6. 41.000 al 79.
Union Amer. Invest. deb. 55. 1948, with warranto. March 19. 42,000 al 87.
Union Gulf C,orp., 66. 1950. Jan. 2. 41.000 at 10034
U.S. Radiator 55 A, 1938, Marcb 6. $3,000 at 88.
Virginia Pu bile Serv ice Co.6.1. 1946, Jan. 15. 52,000. at 88; March 11.85.0)8)at 9454,
Washington Water Power 1st & rel. 58.1960. Jan 24 81.000 at 1024,
JUNE 6 1931.]
4219
FINANCIAL CHRONICLE
Quotations for Unlisted Securities
Industrial Stocks.
Public Wiley Stocks.
Ask
Par ! Bid As!
Ask
Par ftg
Ask
Bid
4 114
•
Adams Millie 57 rd w wPa•r 19491 95 Liberty Baking eon)
—
112 114 Metro Edison $7 pref B___• Imo
Preferred
100 d 8
13
d 1
Aeolian Co $7 pref80 a 30 d50
99
$6 preferred C'
• 97
33
29
15
4 locomotive Firebox Co...' 11
67uss River Power pref —100 los 10912 Aeolian Weber P&P corn 100(2
20
. Macladden PublictMs corn 5 17
Preferred
92
MMo Public Service 7% pi 100 87
107 106 • 52
54
$6 preferred
108 4 2
Alpha Port) Cement pf_100 4118 120 3
8
Aountain States Power_ __•
5012 53
6
Am
d
95
9912 102
AmalgamatedeiaBo Laurnnd co
u
la 212 Maxweld Corp corn
100 90
7% preferred
88
Merck Corp 18 pref----100 72
76
Book
105
easter & Suffolk pref
100 4 102
)
80
• 70
2. 312 National Casket $4
Amer Canadian Properties.•
84
85 'Mt Pub Secs 7% pf A.100 80
82
• 108 111
70
17 preferred
American Clear pref--7 83
00
gebraeka Power 7% pref 100 109 iii
95
92
38
Amer Hard Rubber $4....100 ioi 30 National Licorice corn_ _100 33
___ gewark C011801 Gas_ ..100 102
1081
40
37 National Paper dr Type Co.
25 31
American Hardware
99
,
few Jersey Pow & Lt $6 Of • 96
___ '
119
32 New Haven Clerk pref _100 ____ 70
AmerMfg 4% co
er
corn
100 24
New Orleans P S 7% pt_100 99 101
85
81
50 60 New Jersey Worsted pref.-- 17
preferred
108 110
u Y & Queens E L & P pf 100 102
1842 33 40
American Meter new
Nor N Y
pref.- _ -100 107
85.
Northwestern Yeast---100 100 120
261 if Nor States Pow (Del) corn A 114 liO
1
5
Nye Incinerator corn
Babcock & Wilcox 7%--100 90 94
Preferred
105 108
20
Units
14
3blo Pub Serv 7% oref_100 105 10612 Baker (J T)Chemical cern.* 10
Carolina Pow & Lt $7 pref..• 108'2 110
14
1512
10 Ohio Leather
5
Bancroft(J)&Sons$1.20oom•
___ Okla Gas & Ei 7% pref.
_100 105 109
Cent Ark Pub Serv prof _100 97
99 104
73
tel pref
7% preferred
100 68
.25 2712 2812
Cent Maine Pew 6% profit))) 95 97 PaC Claw & El 11.50 prof.
89 91
2nd pref
. _100 106 108 Poe Northw Pub Serv pr pf_
76
Bliss (E W) $4 let prof _50 56 60
7% preferred
Okonite Co 37 pref
100 83
9
10
241 preferred B
75
Cent Pow & I.t 7% prat _100 102let preferred
18
Parker Wylie Mfg Co corn.. 15
Bohn Refrigerator 8% p1100 68
fiPreferred
60
Cent Pub Serv Corp pref • 74
84
• 80
35
17 preferred
Bon Ami C,o B corn
•
Cleve El Ilium 6% pref _ _100 11112 11312 Par Pow & Lt 7% pref _100 102
9
6
12 1 Petroleum Derivatives
Bowman-Biltmore Hotels..
111 112
108
___ Pa Pow & Lt 70/s prat
Col RY.P & L 6% let['Lie°
10 Pick (Albert) prof with warr ---_ 35
let preferred
100
43
6t4% Preferred B____100 10812 ___ Piedmont Northern Ry _100 n 35
53
3
4 Poole Eng & Mach class A-20 preferred
100
42 Pub Sere Co or Col 7%pf lop 102 104
Consol Traction N 2_ _ _100 40
2
81
Clan B
Brunsw-Balke-Col $7 Pref.* 79
87
Connumere Pow 6% Orel 100 105 10612 Puget Sound Pow & Lt pr pf 83
53 Publication Corp $3.20 corn*
Bunker Hill & Bull 13 corn 10 48
100 10514 10612
6.60% preferred
103
100
48
17 1st preferred
_
Burden Iron pref
___ Rochester G & E 7% pf B 100 102 104
Dallas Pow & Lt 7% pref 100 1093
Remiug'e Arms 17 let pf 100 83
88
100 96
99
Dayton Few & Lt6% PL 100 10912._. 6% preferred C
12
10
12 Riverside Silk Mills
9
...
Moux City G & E 7% p1_100 1021 10412 Canadian Celanese corn.
Derby Gas & Else 17 pret--• 86 90
85
60 66 Robinson (1)P) let $191100 75
Preferred
78
_
2
2 12 Somerset Un Mel Lt- --100 78
Detroit Canade Tunnel__ _
38
25 Rockwood & Co $4 eem___• 33
Carnation Co $1.50 corn_ • 23
29
24 South Calif El 11.50 pref _25 28
Erie Railways
•
100 65
$8 preferred
87 preferred
filo 10212
26 291 3012
3711
51.75 preferred
100
7% preferred
2 Rolls-Royce of Amertes____
2012 Chestnut Smith corn
25 19
io Colo Pow corn A
F.sser-Iludson Gaa
100 157
100
15
Preferred
7
d 5
Preferred
100 1011
&foreign Id & Pow units __-- ---- 70
7% Preferred
88 Rory Theatres unit
101 1212
Childs Co $7 prat
South Jersey Gas & Elec-100 164 168
Common
% 122
10
/12 6
Clinchfield Coal Corp__ _ 182 d 8
& Eleo of Bergen _ —100 99
1014 12
Preferred A
75
17 preferred
100 d 62
Tenn Elee Pow 6% prof.
(00 101 103
20
Gen Gm & El part etre
212 Rubel Coal & Ice Co corn___
72 812
Color Pictures Inc
100 1081 110
7% preferred
Hudson County Gas_...100 157
14 114
25
29
Preferred
Columbia Baking corn...'..
eners Pow & Lt 7% pref 100 112_
109 110
Idaho Power 7% prof
100 35
38
6 Ruberold Co $4
•d 3
let preferred
eoledo Edison pref A. -100 lO9'z 11(114
Illinois Pow dr Lt 6% pf_100 90 92
12 2
2 I preferred
,
(Conn) Of 100 93
Mired G dr E
93
63
Inland Pow & 1,1 7% of.100 58
70
15 Safety Car Heat & Ltg_100 60
81
United G & E (N J) 01100 74Colts Pat Fire Arms Mfg_25 12
Interstate Power $7 prof -• 78
SenvIll Menu tacturIng ___25 25'I 2712
3
6- Congeleurn-Nalm $7 1/1 100 99
20
Jamaica Water Supp of-50 521 5412 United Public Service pref._
18
23
Shippers Car Line
11
Utah Pow & Lt $7 Pref. -.
105'2 107Cruse & Blackwell corn__ __
Jersey Cent P & L 7% PI-100 108 110
58 Singer Manufacturing. _100 225 245
Crowell Pub Co $3 corn new 51
112 Utica Gas & El 7% pref_100 10212 Hanna City Pub Service...•
87 preferred
104 109 Smith (A 0) Corp N D $2• 111 120
10 Util Pow & Lt 7% pref _100 8412 88
•
7
Preferred
Solid Carbonic Ltd
7'z 912
Kansas Gas & El 7% 14_100 109 111
1
3
35 sputdort Beth Elec
Deep Ilk 011&Ref 87 p1101) d 25
100 100 125
Virginian Ry eon)
Kentucky Sec Corp cora _100 325
100 --- 75
3 Standard Screw Co
465De Forest Phonefilm Corp_ 1
891 91
100
Washington Ry dr El corn100
6% preferred
2
ig-j2
20 Standard Textile Prod __100
111, 67
6% preferred
Dictaphone Corp corn— • 17
corn.,...
wings County Lts 7% Pt 100 114 116
100
30
17 class A
98 102
58 preferred
Western Power 7% Drat/0 102 104
Lake Sup Dist Wat SuPP pf. 99 102
0
100
15
55 011485 B
Dixon (Joe) Crucible 58.100 126 132
Winnipeg Elea corn
LongIsland Lt pre' A..100 109 111
• Ira 12
Stetson(J B)Co $6.25 com_• 25 30
65
Deshler Die Can 7% pf 5
100
Preferred
Los Ant Gas & E16%p 1_100 108 110
0 16
25 25
•
30
$2 preferred
4912
57 preferred
Douglas Shoe $7 pref._100 35 45
'.50com • 1912 21%
Draper Corp $4
. 39 Taylor Mill Corp l2
100 37
7
4
Taylor Wharton Int St corn'
74
Driver Harris $7 pref_..100
100 15
25
Preferred
Dry-Ice Holding Corp
32
27
Investment Trusts.
Tenn Products Corp $4 pf 50 3312 35
12
9 Trent Process Corp
%
Eisemann Magneto cam_
4
42
Tubisse Chatilion 57 pf B 100(236
87 preferred
85
too
418 518 Investors Trustee Shares
AB C Trust Shares ser
8% 9%
6
7
Franklin Ry Supply $4.—• 50
55 Unexcelled Mfg Co 70c_10
6% 73 Jackson&Curtis Inv Tr A/380* 3418 3718
Series E
65
Fuel 011 Motors Corp oom_ _
212 4 United Business Pub 17pf100
7% 78 Jackson&CurtisS Corp pf100 95 100
All America Investors A
75
Gen Fireproofing 87 pf_100 104 103 United Publishers $7 pf.100
55 Leaders of Industry A
Amer Brit dr Cent $6 Pf--• d 50
614
55
4 U B Mining $7 prej___100 45
53
4 614
4% 18 Graten & Knight corn_ •
1Amer Composite Tr Shares.
Walker Dishwasher com___•
7'z 9
$7 preferred
ioo 25 30 Welch Grape Juice corn_ _• 40 46
AmerFounders Corp—
414 434
Great Northern Paper $3_25 24
26
Convertible preferred.... 74
Low Priced Shares
55
8
100 93 100
$7 preferred
3812 41 -6% preferred
55 W Va Pulp & Paper $2 oom • 28's 30
412 518 Herring-Hall-Mary Sate 100 d 35
43 46
Weldor Corp Shares
7% Preferred
100 9622 100
56 preferred
9
Howe Scale
5
• 2612 2819
6c 10c Mass Investors Trust
1-dOthe
Wheeling Steel $4 com--100 17
21
29
100 25
Preferred
6c Mohawk Investment corn_• 4012 4214
Sc
I-70tbe
100
96
$8 preferred A
3
Hudson River Nay corn_
a 1
Warrants
1-16 -_- Mutual Inv Trust class A__
314 414
100
100
510 preferred B
45
d 30
Preferred
Amer & General Sec corn A. 1312 -__ Mutual Management corn.'
23
4 Industrial
5 White Rock MM Spring
Accept cm__ •
912 1014
National Trust Sharers
1
Common B
100 102 106
$7 bet preferred
$7 preferred
ilip " - 52
ii
Nation Wide Securities Co__
$3 pref
373
4
512 6
100 200
320 20 preferred
16
100 14
514 Internal Textbook
5
714 Nat Industries Shares A.__
Amer Insuranstocks Corp.*
4
43
g6Willcox & Gibbs 35 com____ 40
4
Karl-Keen Mfg Co B
9
11 5 Y Bank Trust Shares....
Amer & Continental Corp.•
63
8 718
100 22
27
35 Woodward Iron $4
d 30
47
514 No Amer Trust Shares
458 518 King Royalty Co corn
Assoc Standard 011 Shares..
100 87 92
$7 preferred
100 d 85 90 Worcester Salt $5
Northern Securities
all & Pao Intern Corp units 23
26
95 103
Ioo 97
Lenten MonotyPe MIS 100 89 95 Young (J s) co com
214 314 North & South Amer B corn
J2*MMOL1 with warrants._
3
8 1% Lawrence Portl
Preferred
100 102
cern $4 100 42 47
1812 2012
Preferred with warrants__
35 Oil Shane Inc units
12
16
Atlantic Securities Corp Pf• 30
14 112 Old Colony Trust Assoc Sh• 25
Warrants
27
25 Old Colony Invest Trust corn
7
Bankers Nat Invest'it corn • 19
9
Telephone and Telegraph Stocks.
6
Petrol & Trad'g Corp al A 25
Bandon% Corp
8
13
47
8 52* Power de Rail Trustee Shared,
•
Basic Industry Share)
73
4 83
4 Am Diet Tel
N Y Mutual Tel
100 21
24
87
of N J 84
42
51 Public Service Trust Shane
.
•
British Type Invest
614 63
4
77 preferred
100 11012 11212 Northw Bell Tel tid 631_100 108
Representative Tr She
12% 13%
Pao & At Teleg L1 (3 I% —25 1412 1712
Bell Tel(Can)8% pref 100 129 131
2
3 Second Internal See Corp A
Chain & Gaul Equities Inc•
13
Peninsular Teleph $1.40—• 2012 23
Bell Tel of Pa 635% pref 100 116 118
Common B
d 51
55
1
6(4% preferred
Cmn & Sub Bell TeleP----5
99
7% Preferred A......100 10212 10412
3
6% preferred
0 97
Chain Store lily corp....
*
373
4
Porto Rem TeleP
(285
Cuban Telephone 8%6110
100 d _
50 Securities Corp Gen $6 pref 83
Preferred
88
- -85 Roca Telep 16.50 let pf_100 109 111
d 80
7% Preferred
4
412 5
Chain Store Shareown Inc. 133 1412 Selected AmericanSharoo___
25 18
20
Empire & Day State Te1.100 57 62 Bo & AU Teleg 51.25
12 Selected Income Shares....
Chartered Inveetore corn... 10
6
612 Franklin Tette
100 157 160
44 So & N E Telee 8%
82.50_ _100 a40
Selected Management
78 80
Preferred
100 121 12212
Int Ocean Tel 6% _100 85 92 SW Bell Tel 7% pref
Trunce She
3
1
Caelsee Exchange Corp A..
678
Lincoln Tel dr Tel8%
-- Trl-dtates Tel & Tel $6.--• 4150
d120
%
% Shawmut Bank Inv Trust.'
ClanB
6
8
8.60 preferred
10 101s f(1
Mtn State* Tel & Tel
7
;
144 147
• 2012 2134
42* 5% Spencer Trask Fund
Corporate Trust Shares....
Wissortsin TeleD 7% 114-100 112
_
Standard Amer Trust Shares • 538 618 New England Tel & Tel_100 134 136
Crum& Foster Ins Sh—
10 30
33 Standard Collet Trust She__
Common B
755 8%
100 99 101 State Street Inv Corp
Preferred
5912 6112
33Super Corp of Am Tr She A
.
Crum & Foster Inc corn B-- 30
5% 6
Chain Store Stocks.
105
8% preferred
5% 53
4
Cumulative Trust 8bares—
6% 1
12 0
918 93
8
Melville Shoe Corp—
Deposited Bank Shares __—
8% 918 Bohack (H C) Inc.
let prof6% with warr_100 85
53
4 612 Trust Shane of America__
7% lit preferred
Series N Y
90
5
100 101. 105
512
47
512 Trustee Stand Inveetment C
Depos Bank She NY err A _ _
2 Metropol Chain pref---_100 -322 33
4 Butler(Jams)common....
1418
Miller (I)& Sons pref.. _100
Diversified Trustee Shares A
Preferred
_
45
25
100
314 33
8
1112... Trustee Standard Oil She A
85 Mock Juds&Voehungerpf100 13- 60
Diamond Shoe prof with war
412
4% 578
B
Edison Bros Stores pref _100 465 80 Nfurphy (S. C.)8% pf--100 495 110
4%
Corp coal
4 Trusteed Amer Bank Shares
Equity
27
283
4 Fan Farmer Candy Sh pf.' .
•
5
7
614 63
. 33 Nat Shirt Shope Cern
30_ 16
Preferred
40
42 Trusteed NY City Bk She..
Preferred 8%
100 —__ 70
8
812 Fishman(H M)Stores corn.
412 418 20111 Century Fixed Tr She_
Equity Trust Shares A
•
Preferred
12 114
47
•
90 Nedlek's Inc corn
522
•
73 Two-Year Trust Shares_
67
First American Corp
Newberry (J) Co.7% p1100 493
98
1714 183
4
614 63 United Fixed Shares
4
5
512 GI All & PAO Tea pref_ _100 118 2 121 N Y Merchandise 1st p1_100 70
Five-year Fixed Tr Shares..
85
4v 6,2
• 1212 ___ Unit Founders Corp 1-70the
Kobacker Stores Prof..-100
Plirgly-Wlggly Corp
10
Fixed Trust Shares A
d 5
6c 10c
• 10%
United Bank Trust
0
1()_ 8 3 Reeves(Daniel)preferred 100 98 102
1. 16 4
Kress(S H)6% pre:
10
II
5 8 622 United Ins Trust
7
Lerner Stores 6SS% Pref w w
Fundamental tr Shares A..
Rogers Peet Co arm---100 a so
6e8 67 US dr Brit Internal class A.
8
Lord & Taylor
70
100 60
Shares B
100 4100 250 Schiff Co prat
9_ _ _
Clan 13
212 4
First preferred 67
70
General Equity elan •-10
--- Silver (Isaac) & Bros pf_100 60
._-__100 494
1
___
Preferred
2$
3754
Second preferred 8%_-100 97
Southern Stores 6 units—
Granger Trading Corp.-.-' 10
1J El Eleo
61& Pow Shares A
47
oude-winmis Trad Corp.* 25
74
S Stores let pref 7%.-100 44
2714 2 -4 MacMarr Stores 7% pf w w
614 6%
Incorporated Inveetere—• 2912 3122 UniversalTrust Shares
512
5
412 612
Ineorp Investors Equities—
1412
Int See Corp of Am corn A__
Sugar Stocks.
1
Bonds.
Common B
8312
Int Scour Trust of Amer-613% Preferred
77%
Secured gold 6s
1933
6% preferred
30 Sugar Estates orients Id 100
Fajardo Sugar
100 21
Secured gold 64
33
8 4
1943
Independence Trust Shares_
Haytian Corp Amer
5
10
112 3 United Porto Rican corn....
Secured gold In
1933
• 60 65
Invest Trust Asseelatee--Preferred
Savannah Sugar corn
13
18
812--Secured gold 5s
612 714
1943
Investment Trust of N Y-84
7% preferred
100 lit
Par
Alabama Power $7 pref-100
Amer Eleo Sec partio pf__20
Arizona Power 7% ere --100
Ark Pow & Lt $7 pre,- ---•
AII800 Gas dr El °rig prof_ -•
$6.50 preferred
87 preferred
)
Associated Tel UM $6 pf-(1
(1)
$7 preferred
Atlantic City Elea $6 Prel-•
Bangor Hydro-El 7% Pt10
0
Binghamton L.H & P $6 et•
Birmingham Elec 7% Pret•
Broad River Pow 7% pf _100
Buff Niag & E pr prat — _25
*No
ter value.
4 Lan reported market,
INew stock,
I Ex-dividend
Ex-dIvidend of $65.
a Es-rights
4220
FINANCIAL CHRONICLE
[VOL. 132.
Quotations for Unlisted Sacurities-Concluded-Page
New York Bank Stocks.
Insurance Companies.
Pat 814 Art
Par Bid Ask
America
25 40
43 Lafayette National
29
25 24
American Union
100 31
39
Lebanon
100
30
Bank of United States units
22
20
;
3
4 23 Liberty Nat Bk & Tr
Bank of Yorktown
100 60
80
74
Manhattan Company_ _20 71
Brooklyn National
50 37 42 Merchants
100 85 95
Bryant Park
20 12
16 Midtown Bank
12
29
7
Chase
20 6912 7212 Nat Bronx Bank
70
80
Chatham-Ph Nat Bk A Tr 20 5612 5912 National Exchange
25
30
City (National)
20 27212 7512 Nat Safety Bk A Tr
16
-100 11
Columbus Bank
100 160 180 Penn Exchange
100 53
60
Comm'l Nat Bit A '17_100 240 255 Peoples National
100
275
Fifth Avenue
100 1900 2100 PublicNat Bank dr Trust 25 453 483
4
4
First National of N Y100 3280 3480 Queensboro National.--100
170
Flatbuth National
100
if 76
95 Seward Nat Bk & Tr-100 Globe Bank & Trust Co_100 70
80 Sterling Nat Bk & Tr_25 17
21
Grace National Bank__ _100 400 600 Strauss Nat Bank & Tr_100
105
Harbor State Bank
25
16 45
65 Textile Bank
Harriman Nat Bk & Tr_100 1500 1600 Trade Bank
100
135
Industrial Bank
100 100 115
50
Washington Nat Bank 100
KIngsboro Nat Bank
75
100 118 128 Yorkville(Nat Bank 011.100 65
Trust Companies.
American Express
100 195 210
Bence Comm Itallana Tr 100 212 220
Bank of Sicily Trust
25 2612
Bank of Europe -Cruel-25 48
58
Bank of NewYork A Tr_100 500 520
Bankers
10 8812 9112
Bronx County
34
20 29
Brooklyn
100 395 410
Central Hanover
20 218 223
Chemical Bank A Truat-10 3912 4112
Clinton Tru.d
82
100
Continental Bk A Trual_10 x1712 2012
Corn Each Bk A Trust-20 91
95
()aunty
25 3212 3412
Empire..
46
20 43
Fiduciary Trust
105 107
Button
100 300 350
Guaranty
100 x423 428
;00 110 120
Hibernia Trust
20
International Madleon_-_25 15
20 11
International Trust
14
10 293 313
4
4
Irving Trust
100 2450 2650
Kings County
Lawyers Title A Guar-100 198 204
25 39 4 413
3
4
Manufacturer,
18
21
Mercantile Bk it Tr w I
100 60
70
Midwood
Mutual Trust of W.......100 325 ,400
25 136 141
New York
20
4
6
Times Square
Title Guarantee & Tr-20 12012 12512
100
150
Trust Co of N A
26 18
22
Underwriters Trust
100 2650 2850
United States
100 900 1000
Westchester
Weetehoster Title & Tr __2() 100 110
Chicago Bank Stocks.
Central Trust Co of 111.106
Continental IU Bk A Tr_100
First National
100
Forman National
100
Barrie Trust A Savings-100
162 165
282 285
384 388
225 235
440 450
Nat Bank of the Republic 20
100
Northern Trust Co
Peoples Tr A Say BanIc_100
Strauss Nat Bank & Tr_100
Union Bank of Chicago_100
4014 4114
416 420
285 295
150 160
132 136
Par
Aetna Casualty & Surety.10
Aetna Fire
10
Aetna Life
10
Agricultural
26
American Alliance
10
American Constitution
American Equitable
5
American Hosea
American of Newark
a
American Re-Insurance.
American Reserve
10
American Surety
25
Automobile
10
Baltimore Amer Ineurance_5
Bankers & Shipper'
"5
Boston
1(10
Bronx Fire
25
Brooklyn Fire Insurance..6
Carolina
10
Chicago Fire A Marine...10
City of New York
100
Colonial States Fire
10
Columbia National Life.100
Connesticut General Life_10
Consolidated Indemnity--Constitution
10
Continental Casualty....10
Cosmopolitan the
10
Eagle
5
Eames Insurance
5
Federal Insurance
10
Fidelity A Deposit of M(1_60
Firemen"
20
Firemen's Fund
25
Franklin Fire
5
General Alliance
Germanic Insurance
10
Glens Falls Fire
10
Globe Insurance
10
Globe A Rutgers Fire...100
Great American
10
Great American Indem'y.10
Halifax Insurance
10
Ilanditon Fire
50
UMW&
10
Harmonla
10
Hartford Flre
10
MeV Steam Boll Ins&Inn IC
Horne
1.
Home Fire A Marine_ _1.)
Home Fire Security
Homestead
II,
Hudson Insurance
10
Importers A Exp of N Y_25
independence
I
Independence Indemnity-1c
Industrial and Railroad Bonds.
Adams Express 46,1947J&D 80
83
Amer Meter 68.1946
___
d102
Amer Tobacco 4s, 1951 FAA
__
91
km Type Fdra 68.1937 MAN 100 102
Debenture 65, 1939.MAN 100 103
km Wire Fabrice 151'42 M&S d 80
90
Bear Mb -Hudson River
Bridge is. 1953
A&O 93 95
Witmer° Comm 78 '34 MAS 100 102
Bos A Alb RR 58 Oct'63 Jac.) 107
-__
Boa A Me RR ile 1933.J&J 10112 103
Chicago Stk Yda 5e, 1961_ 82
85
ConsolCoa1430,1934 MAN 60
69
Conseil Mach Tool is, 1942 35
45
Conant Tobacco 45, 1951-- 90
-_
Continental Sugar 75. 1938.
11
4
Equi Office Bldg 5e, 1952- 86
8812
Plek Tire Fabric 8148, 1935 ____ 30
Minim Corp 8s 1938
26
21
Hoboken Ferry 5e,'46 MAN 9112 ___
Internal Salt 6e, 1951_A&O 8212 8512
fournal of Comm 6141. 1937 d 89
93
Kansas City Pub Sere 634e. 42 45
Little (A E) 75. 1942-A&O d ....
Loew's New Brd Prop
JitD 92
as. 1945
Mallory Steamship 58,'33.1&J 99
Nferchante Refrig 601, 1937_ 95
Middle States 0117% notes_
8
N 0 Or No RR ba, '58 FAA 40
N Y & Hob Ferry 5s,'46J&D 89
NY Shipbidg Es. 1946 MAN 89
Pledmont&NoRy 58.'54 J&J
78
Pierce, Butler A P 63 '42 -4a.
Realty Assoc Sec 68.'37 J&J ____
Securitlee Co of N Y 45--- 40
61 Broadway 514s,'50 Adt0 86
Bo Indiana Ry 45, 1981 FAA 61
Stand Text Pr 6348.'42 MAS 40
Struthers Wells, Titus
80
ville, 6345. 1943
Tol Term RR 4355.67 MAN 9612
114
US Steel 5e, 1951
Ward Baking 68.'37 JAD 15 10212
Witherbee Sherman fie, 1944 23
Woodward Iron 194.•52-..J&J 76
Bid Ask
Par Bid
Ask
65 Industrial of Akron
60
6
11
42
44 Kansas City Life
100 800 900
4212 4412 Knickerbocker corn
17
6 13
24
85 95 Lincoln Fire
10 19
22
25 Lloyds Casualty
8
10
1512 2012
6
8
Voting trust motifs-10
12 Majestic Fire
9
10
314 61.t
29
1512 1812 Maryland Ca/malty
25 25
15
16 Mass Bonding & Ins
78
25 70
34
37 Merchants Fire Assur corn 10 49
54
23
28 March A Mfrs Fire Newark 5
812 1112
51
54 Missouri State Life
18
10 17
24
28 Morris Plan Dm
100 120
912 1012 National Casualty
16
10 14
100 110 National Fire
10 4412 4612
440 465 National Liberty
a 634 734
44
54 National Union Fire
85
6 75
914 12 New Amsterdam Cathaity10 29
31
21
23 New Brunswick
10 1912 2112
6
25
9 New England Fire
10 20
200 225 New Hampshire Fire. ...10 45
50
7
45
10
New Jersey
20 40
230 240
5 1812 22
New York Fire eon;
10 30
83 88
34
North River
4
82
25 72
6 Northern
3
92 102
7 Northwestern National_ __ _
19
10 17
2614 2814 Occidental
25 110 120
6
8 Pacific Fire
1 112 1212 Peoples National Fire
a 412 512
4
6 Phoenix
-10 54
56
20 32
60 Preferred Accident
55
37
130 140 Providence-Washington._10 4012 4212
6
193 203 Public Fire
4
4
514 714
76 Public Indemnity
70
(formerly HudtionCas'Ity)
22
24
112 312
17
19 Reliance Ins. of Phila
4
6
10 12
8 Republio Dallas
17
6
10
42
44 Republic (Pitts)
13
9
10 17
10
22
14 Rhode Island
490 540 Rochester American--.21 40
50
223 233 St Paul Fire A Marine-2f 145
4
55
4
13
16
10
19 Seaboard Fire A Marine- _.
It
1412 1612 Security New Haven
3012 3211
95
200 300 Springfield Fire A Marine 21
85
51. 100
27
29 Standard Accident
50
21
45
20
22 Stuyvancul
37
:
101 1025 1125
5012 521 Sun Life Assurance
54
59 Transportation Indemn'y 10
612 81:
7
9
233 243 Transportation Insurance 10
4
4
105 710
60
28
33 Travelers Fire
2/ 44
49
512
612 it 8 Casualty
143 163 U S Fidelity & Guar'y Co 10 23
2
26
5
10 40
20
25 U S Fire
43
30
34 U S Meech & EthiPpers_100 250
75
10
6
8 Victory
8
5
4
7 Virginia Fire at Marine-25 78 88
IC
35
Westchester Fire
32
40
95
_
98
15
48
_
si40
88
50
89
64
45
90
98
--28
79
Realty, Surety and Mortgage Companies.
Bond A Mortgage Guar_20 8014 8314 1
Empire Title A Guar-100 100 110
Franklin Surety
10
12
Guaranty Title A Mortgage 200 225
Horn- Title In3urance___25 39
44
International Germanic Ltd_
15
20 3314
Lawyers Mortgage
Lawyers Was Mtge & Ti..109 145
National Title Guaranty 100 35
100 60
State Title Mtze
20
4014
165
41
70
Aeronautical Stocks.
Alexander Indus8% pref...
American Airports Corp...
AviationSec of New Eng-Centre Airport
Cessna Aircraft corn
Curtiss Reid Aircraft corn..
Federal Aviation
General Aviation let pref.--
21:
1
1
a
16
2
50 Khmer Airplane A Mot new.
12
4
Lockheed Aircraft
1
41: Maddox Air Lines
4
5 Sky Specialties
21 Southerr. Air Transport....43
:
2 SwallowAirplane
(1
12
5 Warner Aircraft Engine
114
18 Whittelsey Manufacturing
3
2
8
8
6
21a
214
13,
Quotations for Other Over-the-Counter Securities
Short Term Securities.
LOts Chal Mfg 54 May 1937
Alum Cool Amer 58 May '52
Amer Metal 514s 1934 A&O
Amer Rad deb 434, May '47
Am Roll Mill deb 55.1511 '48
Amer Wet Wks 65 1934 A&O
Bell Tel of Can 5. A Mar '55
Baldwin Loco 530 '33 HAS
Cud Fkg deb 5348 Oct 1937
Mem Else Ill Barton
334% note Novl '31 MAN
4% notes Nov 1 '32 MAN
5% note; Jan 15'33_-J&J
Gulf 011 Corp of Pa
Debenture 5a-Dee 1937
Debenture ae---Feb 1947
Railroad Equipments.
Bid Ask
Bid Ask
10114 10118 liners] Motors Aeria84
3
5% ser notes-Mar 1932 1018 10214
1041 104 4
s
-Mar 1932 10112 10214
5% ser notes.
827
8
100
5% ear notes-Mar 1934 10112
8
75
5% ser notes-Mar 1935 1013 16i102 1(52 2
7
5% ear notes.--Mar 1936 10112 102
107 10712 &oppose Gas A Coke
8
7
Debenture 5a-June 1947 1001 100 s
9912 10012
Mag Pet 430 Feb 15 '30-'35 101
9412 96
Marland 011
Serial5% noted June15'32 981: 100
100 4
3
Uwe Gail Co.534. Jan 1946 10412 10515
1013
4
10314 161- proo & Gamb 4345 July 1947 10412 105
Sloes-Sheff S A I 4301_1931 993 100
8
-FAA 9818 98Is
10018 10012 Union 011 58 1935
4
10014 100 4 United Drug 55 1932-A&O 1003
3
Debenture Si 1933.-A&0 1003
4
Water Bonds.
Alton Water Lis 1956...A&O
Ark Wat let be A *56__Ait0
Ashtabula W W lie'58.A&O
AtianticCoWat 5858 A M&S
Birm W W let 534eA'54A&O
1st in 58 1954 ear 13_ _JAD
1st 5e 1957 eer C_ __FAA
Butler Water 56 1957_ _A/40
City W(Chat) be B '54_JAD
1st he 1957 ser C....MAN
Commonwealth Water
1st 55 '56 B
FAA
let m 55 '57 ser C_ _FAA
Davenport W Se 1081.J&J
St L & lot W 5s '42_J&J
let m es 1942 sec B J&J
let 55 1960 ser D
F&A
9312 941 Hunt'ton W let 68 '54_MitEl
:
-NUS
let m 58 1954 ear B.
98
931' 6S- Joplin W W Is'57 ser A MAS
93
94 Kokomo W W Is 1958_JAD
1021: 10
312 Mown Con W let 58'56J&D
1001: 1011: Monon Val W 534s '60-1AJ
10018 100: Ricbm'd W W let 511'57MAN
94 96 St Joseph Wat 5e '41..A&0
10112
South Pitts Water Co
10112
1st 58 1955
FAA
1st A ref 56 '60 see A_JAJ
1011:
let A ref 5560 tar BAJO
1011
:
Terrell'te WW Cs'49 A J&D
951: id
1st m 551956 ser B_J&D
98
Texarkana W let 58 58 FAA
102
Wichita Wat let as '49.1)1.43
let m 55 '56 ser B F&A
9514
let m Ss'60 ser
102
99
93
9312
9412
100
95
9914
94
95
9513
Atlantic Coast Line 6s
Equipment 6345
Baltimore A Ohio 68
Equipment 454. &
Buff Roth A Pitts equip 68.
Canadian Pacific 448 A fla.
Central RR of N J 61
Chesapeake & 0111065
Equipment 6342
Equipment Si
Chicago & North West Os...
Equipment634.
Chic R I & Pao 4345 A 58
Equlement 65
Colorado A Southern 6e..._
Delaware& Hudson 65
Erie 4341 A is
Equipment 6.1
Great Northern Oa
Equipment 5e
Hocking Valley Si
Equipment 68
Illinois Central 449 A fgt.__
Equipment Ile
Equipment 7. & 834s....
KanawhaA Michigan 6....
Amer Bank Stk Tr Shares-614 --american A Continental__
11
9
Amer Invest Trust Shares__
43
8 5144
Bankers Nat Invest corn A_
19
25
Beneficial Indus Loan pref_
36
42
Deutz"' National Corp A--- 15
.
20
Class B
2
7
Colonial Inventor Shares... 1812 1712
Commonwealth Tr Shares.61a 618
Continental Matron Corp A -- 212
Continental Secur Corp-• ---. --Preferred
50
58
DAvanahlrot Inv....tin
•No par value. it And dividend. 4 Last reported market. x Ex-div dend,
Ask
Par
3.70 Kansas City Southern 654s.
3.85 LouisvilleA Nashville Be__
3.70
Equipment 6348
3.80 Michigan Central 55
3.80
Equipment fie
4.20 Minn SIP A138 M 434s & 5a
3.70
Equipment 6348 A Is
3.80 Missouri Pacific) 6348
3.80
Equipment 65
3.80 Mobile A Ohio 55
3.80 New York Central 4345 A 5
3
3.80
Equipment as
3.85
Kauthment 75
3.70 Norfolk & Western 434
4.00 NorthernPacific 76
3.70 Pacific Fruit Express 7s....
4.10 PennsylvaniaRR *quip 5...
4.20 PittsburghA Lake Erie 5348
3.70 Reading Co 434s & Is
3 80 St Louie & San Francisco 55
3.80 Seaboard Air Line 530 A 68
3.70 Southern Pacific Co 43.4s...
3.70
EquipmentIs
3,70 Southern Sty 43:5 & 55
Equipment aa
3.80
3.70 Toledo A Ohio Central 68...
Union Pacific 75
Rid
4.40
4.00
4.00
3.75
4.00
4.40
4.40
4.40
4.00
4.30
4.00
4.00
4.00
4.00
4.10
4.00
4.00
4.00
4.00
4.10
6.00
4.00
4.00
4 00
4.00
4.00
4.00
Ask
4.00
3.70
3.80
3.25
3.50
4.00
4.20
4.00
3 80
4.10
3.80
3.70
3 80
3.70
3.90
3.80
3.75
3.80
3.75
3.90
5.25
3 80
3.80
3.80
3.70
3.70
3.80
Investment Trust Stocks and Bonds.
98
00
100
0012
10012
1001
:
102
98 66
93
102
9612 98
9513 98
Bid
4.00
4.05
4.00
4.00
4.10
4.40
4.00
4.10
4.00
4.00
4.00
4.10
4.10
4.00
4.25
4.00
4.40
4.60
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
stEx-rigi ts.
nnm
an
R9
16
Inter Germania Trust
71(1
Invest Fund of N I
48
,
North American Trust SheColony Inv Tr 434% hda 70
Old
Sbawmut Association corn.. 1212
6
Shawmut Bank Inv Trust1942 70
434s
1952 70
Ea
1952 110
(Ss
618
Standard Corporations
43
s
Standard 011 Trust Shares A
414
Class B
Ilnek flIntarA (Inn)
163;
19
83
4
5'8
13
8
75
75
715
47
8
lel:
Current Camino
111
ant*,
uartertp anb Ifiatt
earl?.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthlyi
quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
it is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index,however,is not confined to the returns which have come to hand the present week.
It includes those given in our issues of May 30, May 23 and also some of those given in the issue of May 16. The
object of this index is to supplement the information contained in our "Monthly Earnings Record," which has
been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly
Earnings Record" was absolutely complete up to the date of issue, May 15, embracing every monthly,semi-annual
and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the May number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplementary index in
the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week—an absolutely unique service.
A further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earning.
Record," there is a reference line showing by data and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle.
When Published Page
Name of Company—
May 23_-3863
Ahumada Lead Co
May 23--3873
Akron Canton & Youngstown RR
May 30_4046
Alabama Great Southern RR
May 30_4038
Alabama Power Co
May 30_4038
Alabama Water Service Co
June 6--4245
American Beet Sugar Co
June 6_ _4223
American Encaustic Tiling Co
June 6_4215
American Service Co
June 6.4216
American Ship & Commerce Corp
May 30__4059
American Steel Car Lines
May 16...3716
American Toll Bridge Co
Amer. Water Wks. & Elec. Co., Inc_June 6_.4223
May 16_37I6
Andes Copper Mining Co
May 30__4046
Ann Arbor RR
June 6__4223
Edison Co
Arizona
May 30._4038
Armstrong Cork Co
May 23_.3869
Arkansas Power & Light Co
May 23__3888
Art Metal Works, Inc
June 6..4223
Arundel Corp
Associated Breweries of Can.. Ltd_May 23_3888
June 6__4235
Associated Electric Co
Associated Gas & Electric System. May 30__4039
May 30_4038
Associated 011 Co
May 23__3888
Associated Quality Canners, Ltd
May 23._3868
Associates Investment Co
June 6__4235
Associated Telep. & Teleg. Co
June 6. 4226
Atch. Topeka & Santa Fe
May 30_4045
Atlanta Birmingham & Coast
June 64226
Atlanta & West Point
May 30._4045
Atlantic City
May 30__4045
Atlantic Coast Line
Atl Gulf & West Indies SS Lines—May 30-4038
Slay 23_3888
Sugar Refineries, Ltd
Atlantic
May 23_3838
Automatic Voting Machine Corp
May 23__3888
Arton.Fisher Tobacco Co., Inc
May 23.3888
Backstay Welt Co
June 6..4246
Balaban & Katz Corp
May 30_4045
Bait. & Ohio Chicago Terminal
Slay 30..4045
Baltimore & Ohio RR
May I6__3717
Banca Commerciale Italians
June 6__4226
Bangor & Aroostook
Barcelona Tract., Lt. & Pr. Co., Ltd_June 6._4223
May 30-4039
Barnet Leather Co., Inc
June 6-4223
Baton Rouge Electric Co
May 30__4060
Baxter Laundries, Inc
June 6__4226
Beaumont Sour Lake & Western.
May 16-3687
Bell Telephone Co. of Pa
May 30..4060
Bellanca Aircraft Co
May 6__4226
Belt Ry. of Chicago
May 30_-4039
Bend's Aviation Corp
Beneficial Industrial Loan Corp.__ .May 30__4060
May 30 4045
Bessemer & Lake Erie RR
May I6__3717
Bing & Bing, Inc
May 30 _ _4039
Birmingham Electric Co
May 30--4039
Blackstone Vail. Gas & Elec. Co
May 30._4039
Boston Elevated Ry
May 30_4061
Boston lieraid.Traveler Corp
May 30_4046
Boston & Maine RR
Brazilian 'frac., Lt. & Pr. Co., Ltd_ _May 23_3369
May 23..3889
Brill Corp
June 6__4247
British Columbia Packers, Ltd
May 30_4045
Brooklyn E. I). Terminal
Brooklyn-Manhattan Transit Syst_May 23_-3869
May 23_3869
Brooklyn & Oueens Transit Syst
June 6_4223
Brown Shoe Co
Brunswick Term & Ry Securities Co.May 30__4039
Buffalo Rochester & Pittsburgh__ June 6__4226
May 30 -4045
Buffalo & Susquehanna RR
May 23_3889
Bullocks. Inc ,
June 6_4247
Bulova Watch Co., Inc
June 6__4226
Burlington-Rock Island
May 30_4061
Calaveras Cement Co
June 6..4223
California Oregon Power Co
May 23.3889
Packing Corp
California
May 30._4039
California Water Service Co
May 23__3369
Callahan Zinc Lead Co
Canada Founders & Forgings, Ltd May 30_4061
May 23_3890
Canadian Canners, Ltd
May 23_3890
Canadian Consol. Felt Co., Ltd
May 23_3890
Canadian Cottons. Ltd
Dredge & Dock Co., Ltd May 16__3718
Canadian
Canadian Gen. Invest. Trust, Ltd_May 16_3918
Canadian Ilydro-Electric Corp., Ltd.May 23__3869
May 16_3718
Canadian Investors Corp
June 6-.4226
Canadian Nat. Lines In N. Engl
Issue of Chronicle
Name of Company—
When Published Page
Canadian National Rys
May 30_4046
Canadian Pacific Lines in Maine__ June 6__4226
Canadian Pacific Lines in Vermont June 6__4226
Canadian Pacific Ry Co
May 30_4046
Canadian Vickers, Ltd
May 23_3890
Carman & Co., Inc
May 30_4061
Castie-Trethewey Mines, Ltd
June 6_4243
Ceiotex Company
May 23__3869
Central Gas & Electric Co
May 30__4052
Central of Georgia RR
May 30__4043
Central Illinois Light Co
June 6_ _4223
Central Maine Power Co
May 30__4039
Central Public Service Corp
May 30..4052
Central RR.of New Jersey
Slay 30..4045
Central States Edison Co
May 30__4039
Central Vermont Ry
May 23..3373
Central West Public Service Co
June 6__4223
Charleston & West Carolina RR
May 30__4045
Cherry Burrell Corp
May 30__4039
Chesapeake & Ohio Lines
May 23__3873
Chester Water Service Co
May 30_4039
Chicago & Alton RR
May 30...4045
Chicago Burlington & Quincy
June 6..4226
Chicago & Eastern Illinois RR
May 30__4045
Chicago & Erie RR
May 30_4045
Chicago Great Western
June 6__4226
Chicago & Illinois Midland
May 30_4045
Chicago Indianapolis & Lou isville_May 30__4045
Chicago Mil. St. Paul & Pacific
May 30_4045
Chicago Nipple mfg Co
June 6__4248
Chicago & North Western Ay
May 30__4045
Chicago River & Indiana
June 6_4226
Chicago Rock Island Gulf
June 6__4226
Chicago Rock Island Pacific
June 6_ _4226
Chicago St. Paul Minn. & Ornaha
May 30_4045
Chicago Surface Lines
May 23..3869
Chile Copper Co
May l6..3703
Cincinnati Gas & Electric Co
May 16_3697
Cinc, New Orleans & Texas Pacific May 30..4046
Cities Service Co
May 23_3869
Citizens Water Service Co
May 30__4039
City Stores Co
May 16..3719
Claude Neon Electrical Prod. Corp_.May 23_3869
Clinchfield
May 30_4045
Coca-Cola Company
May 23..3869
Cohn & Rosenberger, Inc
May 30__4062
Colorado & Southern
June 6.4226
Columbia Gas 8c Electric Corp
May If,. _3698
Columbia Pictures Corp
May 23..3869
Columbus & Greens
May 30__4045
Columbus Del & Marion Electric Co_May 30..4039
Commercial Credit Co.. Baltimore_Stay 16_3707
Commonwealth & Southern Corp
June 6__4238
Community Power & Light Co
May 23..3869
Conemaugh Black Lick
Stay 2 _ _3873
Connecticut Electric Service Co__ May 23_3869
Connecticut Power Co
June 6_ _4223
Consolidated Automatic Merchandising Corp
May 30_4063
Consolidated Gas Utilities Co
June 6_ _4223
Consolidated Okla. Sand & Gravel
May 30_4063
Consolidated RR. of Cuba
June 6..4227
Construction Materials Corp
May 23_3891
Consumers Power Co
May 30_4039
Continental Chicago Corp
May 23_3891
Cosgrove-Meehan Coal Corp
May 23..3892
Coty, Inc
May 16_3698
(Wm.) Cramp & Sons Ship & Engine
Building Co
June 6_4248
Creole Petroleum Corp
May 30..4063
Crosby Radio Corp
May 23.3892
Crown Cork International Corp.
...May 16.3720
Crown Cork & Seal Co
June 6_4223
Cuba Company
June 6..4223
Cuba Northern Rys
June 6__4227
Cuba RR. Co
June 6..4227
Cuban Tobacco Co., Inc
May 23_3892
Cuban Telephone Co
May 30_.4053
Cumberland County Power & Light
Co
May 30..4040
Curtiss Aeroplane 8c Motor Co
May 30..4040
Curtiss Wright Corp
May 30_4040
Dallas Power & Light Co
May 23..3869
Darby Petroleum Corp
June 6-4223
Issue of Chronicle.
Name of Company—
When Published Page
De Forest Crosby Radio Co., Ltd_ __May 23..3892
May 30._4064
De Long Hook & Eye Co
Delaware & Hudson
June 6_4226
Delaware Lack. & Western RR
May 30_4045
Denver & Rio Grande Western
June 6_4226
Denver & Salt Lake
June 6__4226
Derby Oil & Refining Corp
Stay 30..404i5
May 30__4064
Detroit Gasket & mg Co
Detroit Edison Co
May 16..3693
Detroit & Mackinac Ry
May 30_4045
Detroit Stgeet Rys
May 23__3869
Detroit Terminal
June 6__4226
Detroit Toledo & Ironton RR
Stay 30_4045
Detroit & Toledo Shore Line
Slay 30_4045
Diamond Match Co
June 6_4223
Dictograph Products Co., Inc
May 23..3893
Dominion Engineering Works, Ltd_May 30_4065
Duluth Missabe & Northern
June 6__4226
Duluth South Shore & Atlantic
June 6__4226
Duluth Winnipeg & Pacific Ry
May 30__4045
Dumbarton Bridge Co
June 6_4249
Eastern Manufacturing Co
May 30...4065
Eastern Massachusetts Street Ry.
._May 30--4040
Eastern Minnesota Power Corp
June 6_4223
Eastern Shore Public Service Co
May 30__4040
Eastern Steamships Lines, Inc
June 6..4224
Eastern Texas Electric Co
June 6__4223
Eastern Utilities Associates
May 30__4040
Economic Investment Trust, Ltd
May 23..3893
May 30_4065
Eddy Paper Corp
Edmonton Radial Ry
May 23__3873
Electric Boat Co
May 23_3893
Electric Household Utilities Corp..
.May 30..4065
Electric Shovel Coal Corp
May 16__3721
El Paso Electric Co
June 64224
Elgin Joliet & Eastern
May 30._4045
Engineers Public Service Co
June 6__4223
English Electric Co. of Canada, Ltd_May 30__4065
Equitable Office Bldg. Corp
June 6__4249
Erie RR
May 30_4046
Fairchild Aviation Corp
May 30__4040
Fall River Gas Works Co
May 30__4040
Federal Electric Co., Inc
Slay 30__4066
Federal Light & Traction Co
June 6_ _4224
Federal Water Service Co
May 30_4040
Federated Department Stores, Inc_May 16__3721
Federated Utilities, Inc
May 30_4053
May 30__4066
Ferro Enamel Corp
Firestone Tire & Rubber Co
June 6_4224
First National Stores, Inc
June 6..4250
(I.) Fishman & Sons
May 23_3894
Florida East Coast
May 30__4045
Florida Power Co
May 30__4040
Fonda Johnstown & Gloversv. RR. May 23__3873
Foote Bros. Gear & Machine Co
June 6_.4250
Foote Burt Co
May 30_4040
May 16._3721
Ford Motor Co. of Canada, Ltd
June 6__4226
Ft. Smith & Western
June 6_4226
Ft. Worth & Denver City
June 6__4226
Ft. Worth & Rio Grande
May 30__4067
Foster Kleiser Co
Foundation Co. (Foreign)
May 23_3894
Foundation Company
June 6_4224
June 6__4229
Fox Film Corp
Galveston Wharf
May 30_4045
May 30_4040
Gatineau Power Co
May 30_4068
General Box Corp
General Motors Corp
May 30__4040
General Outdoor Advertising Co
May 23-3870
May 30.-4068
General Paint Corp
May 23..3895
General Printing Ink Corp
May 30..4068
General Rayon Co., I.td
May 30__4068
General Stockyards Corp
General Theatres Equipment Co
May 23_3874
May 30_4069
General Vending Corp
Georgia & Florida RR
June 6__4227
Georgia Power Co
May 30_.4040
Georgia Power & Light Co
May 30__4040
Georgia RR
May 30_4045
Georgia Southern & Florida Ry. Co_May 30_4046
German Credit & Investment Corp May 16..3722
Gilchrist Corp
May 16..3722
Glidden Co
May 30_404(
(Adolf) Gebel, Inc
May 16.3698
4222
FINANCIAL CHRONICLE
[VOL. 132.
Issue of Chronicle
Issue of Chronicle
Issue of Chronicle
Name of Company-Name of CompanyWhen Published Pape
When Published Page
Name of CimipanyWhen Published Page
Globe Automatic Sprinkler Co. of
Mobile & Ohio
May 30..4045 St. Joseph & Grand Island
May 30-4046
the United States
May 30__4045 St. Louis Brownsville & Mexico
June 6-4226
May 30_-4069 Monongahela
Goodall Worsted Co
May 304045 St. Louis-San Francisco
June 6._4226
May 23.._3895 Monongahela Connecting
Goulds Pumps,Inc
May 23__3873 St. Louis-San Francisco of Texas
June 6-_4226
May 30__4069 Montour
Grand Trunk Western
June 6.4224 St. Louis Southwestern
May 30__4047
May 23_3874 Mountain States Power Co
Granger Trading Corp
May 30__4077
June 6._4224 Mount Vernon.Woodberry Mills, Inc.May 30__4074 St. Paul Union Stock Yards Co
Great Britain & Canada I nvest.Corp.May 23-3895 Mountain Producers Corp
May 30__4077
May 30__4074 Saco-Lowell Shops
Great Lakes Laundries, Inc
June 6__4226
May 30_4041 San Antonio Uvalde & Gulf
May 30--4069 Municipal Service Co
May 23__3871 San Diego & Arizona
Great Northern Iron Ore Properties_May 23_-3877 (F. E.) Myers & Bro. Co
May 30__4046
Great Northern Ry. Co
May 30_ _4074 San Diego Consol. Gas & Electric Co.June 6.4225
May 30-4048 Nashawena Mills
Greif Bros Cooperage Corp
May 30__4077
May 30__4041 Nashville Chattanooga & St. Louis_ May 30_4015 Sangamo Electric Co
June 6_4225
May 23_3871 Savannah Electric & Power Co
Green Bay & Western
May 30__4045 National Air Transport, Inc
May 16_3728 Schiff Co
Greene Cananea Copper Co
May 30__4078
May 23__3895 National Bond & Share Corp
Green Mountain Power Corp
May 233902
June 6__4224 National Brick Co. of Laprairie, Ltd.May 23. _3899 Scotten Dillon Co
May 23._3899 Scovill Mfg Co
Greyhound Corp
May 23..3902
May 16...3723 National Radiator Corp
May 23..3899 Scranton Spring Brook Water ServGrigsby Grunow Co
May 23_3870 National Refining Co
Gruen Watch Co
May 16.3728
ice Co
June 6_4225
May 30__4069 National Service Companies
Gulf Coast Lines
June 6_4224 (E. W.) Scripps Co
May 16_3733
May 30_4046 National Standard Co
Gulf Colorado & Santa Fe
May 16_3700 Seaboard Air Line
May 30..4046
June 6_4226 National Supply Co. (Del.)
Tile Co
Gulf Mobile & Northern RR
May 30__4074 Seaboard Public Service Co
May 30--4045 National
May 23-3872
June 6-_4254 Second Canadian General InvestGulf Power Co
June 6__4224 Nauheim Pharmacies, Inc
May 23__3871
Gulf & Ship Island
June 6_4226 Nebraska Power Co
May 16__3733
ments, Ltd
Gulf State Utilities Co
June 6__4224 (The) Nevada-California Elec. Corp_May 30_4042 Second Southern Bankers Corp
May 16_3733
Slay 16_3700 Segal Lock & Hardware Co Inc
Gypsum, Lime & Alabastine
May 23__3896 Nevada Consol. Copper Co
May 23-3902
Nevada Northern
(W. F.) Hall Printing Co
June 6__4226 Seiberling Rubber Co
May 23__3896
3 e 23 3288
8
May 64 72
Hamburg American Line
May 23__3873 Selby Shoe Co
May 30__4070 Newburgh & South Shore
Hamilton Watch Co
June 6__4241 Selfridge & Co., Ltd
May 23__3896 New England Gas & Elec. Assn
May 30_4078
Hammond Clock Co
May 23._3896 New England Power Association_ _May 16_3737 Serve! Inc
May 23__3872
Hancock Oil Co. of California
May 30-_4078
May 30-_4041 Seton Leather Co
May 23._3870 New England Public Service Co
June 6__4255 (W A) Shaeffer Pen Co
Hathaway Bakeries, Inc
May 23__3870 New Haven Clock Co
May 23_3902
May 30__4045 Shell Union Oil Corp
Haverhill Gas Light Co
May 16_3734
May 30__4041 New Jersey & New York RR
Hawley Pulp & Paper Co
May 30__4078
June 6__4226 Sherman Clay & Co
May 30__4070 New Orleans Great Northern
Hecla Mining Co
May 23__3872
May 16_3699 New Orleans & Northeastern RR_ _May 30-4046 Sierra Pacific Electric Co
Hinde & Dauch Paper Co
May 30__4043
May 23..3871 Signal Oil & Gas Co
May 30__4070 New Orleans Public Service
June 6__4258
Holland Furnace Co
May 30_4046 Skenandoa Rayon Corp
June 6..4231 New Orleans Terminal
Hollinger Consol. Gold Mines. Ltd-May 16.-3724 New Orleans Texas & Mexico
May 30__4078
June 6._4226 Skinner Organ Co
Holly Development Co
May 30__4070 New York Central RR. Co
May 30__4045 L C Smith & Corona Typewriters Inc May 23.3903
Holly Sugar Corp
May 23..3903
May 30_4045 (Howard) Smith Paper Mills Ltd
May 16__3724 New York Chicago & St. Louis
Holt. Renfrew & Co.. Ltd
May 30_4047
May 30__4045 Soo Line System
May 30.4071 New York Connecting
Honolulu Rapid Transit Co.. Ltd_May 30_4041 New York Hamburg Corp
May 23__3900 South Bay Consolidated Water Co May 30__4043
Hotel Governor Clinton, Inc
Mayo 23 4!
6__387
2
.
May 30__4071 N. Y. N. H. & Hartford RR
May 30_4047 Soothe,n California Edison Co
Houston Lighting & Power Co
May 30__4041 N. Y. Ontario & Western Ry
May 30__4047 South Carolina Power Co
Hudson & Manhattan RR. Co
6 32 5
May 23-3873 N. Y. Susquehanna & Western
i 4
May 30__4045 Southern Canada Power Co., Ltd...May 16 -473 •
Hunt Bros. Packing Co
May 30-A057
May 30__4071 New York Water Service Co
May 30__4041 Southern Cities Public Utility Co
Ideal Cement Co
Slay 30_4072 N. V. Westchester & Boston Ry- .May 30__4042 Southern Colorado Power Co
.1flaan 6_ _4 43
Illinois Central System
June 6-.4226 (The) Niagara Falls Power Co
32745
Southern Indiana Gas & Elec. Co_i48 u ye 2330___480_ 2
Illinois Power Co
May 30_4042 Southern Natural Gas Corp
June 6__4224 Nineteen Hundred Corp
Slay
Illinois Power & Light Corp
Slay 30_4046
June 6__4224 Noma Electric Corp
May 23__3900 Southern Pacific Co
Illinois Terminal Co
June 6__4226 Norfolk Southern
May 30__4045 Southern Pacific Lines
May 30__4046
Illinois Water Service Co
May 30__4041 Norfolk & Western Ry
June 6__4227 Southern Pacific SS. Lines
Imperial Oil, Ltd
May 30_4046
May 16__3724 North American Edison Co
May 30__4042 Southern Ry
May 30_4043
Independent Pneumatic Tool Co
May 23__3897 North American Light & Power Co._May 23__3871 Southern Union Gas Co
Indiana Harbor Belt
May 16--2700
June 6__4226 North Central Texas Oil Co
May 23__3871 Southland Realty Co
Indian Motocycle Co
May 30._4043
June 6__4224 North German Lloyd
May 23__3900 Spicer Mfg Corp
Industrial Acceptance Corp
May 30__4072 Northern Alabama Ry
June 6__4227
May 30__4046 Spokane International
Industrial Financial Corp
June 6__4227
May 16_3725 Northern Pacific
May 30...4045 Spokane Portland & Seattle
Insuranshares Corp. of Del
May 16_-3734
May 16_3725 Northern States Power Co
June 64224 Standard Cap & Seal Corp
_
May 30__4078
Insuranshares & Gen'l Manage. Co....May 16__3725 Northwestern Pacific
June 64226 Standard Dredging Co
_
Ohio Edison Co
Interborough Rapid Transit
May 23_3870
May 30..4042 Standard Gas Equipment Co
May 30-4078
International Coal & Coke Co., Ltd_May 30..4072 Ohio Electric Power Co
May 23__3871 Standard Motor Construction Co. May 30__4079
International Hydro Elec System
May 30__4041 Ohio Oil Co
May 30__4042 Standard Oil Co.(Indiana)
May 16-3704
International Match Corp
May 30_4049 Ohio Water Service Co
May 30__4042 Standard Oil Co. of New Jersey
May I6__3703
Intercontinents Power Co
May 23__3870 011 Shares Inc
May 30_4042 Standard Oil Export Corp
May 30_4079
Oklahoma City Ada Atoka
International Great Northern
June 6._4226
May 30__4045 (The) Starrett Corp
May 23_3872
International Paper & Power Co
May 23.._3870 Oklahoma Gas & Electric Co
June 6__4224 Staten Island Rapid Transit
May 30__4046
International Rys. of Central Amer_May 23__3875 Oliver United Filters Inc
May 23_3900 Stern Brothers
May 23__3903
Liternational Tel & Tel Corp
May 30-_4049 Orange & Rockland Elec Co
May 23._3871 (S. W.) Straus & Co., Inc
May 16__3735
Investment Bond & Share Corp
May 16..3726 Oregon Short Line
May 30_4046 Stromberg-Carlson Telco. Mfg. Co_May 30__4079
Iowa Public Service Co
May 16__3699 Oregon-Wash. RR. & Nay. Co
May 30__4046 Struthers Wells-Titusville Corp
May 23-_3903
Jamaica Public Service Ltd
June 6__4224 Oregon-Wash. Water Service Co
May 30__4079
May 30-_4042 (B. F.) Sturtevant Co
Jersey Central Power & Light Co
May 23__3870 Pacific Clay Products
May 23__3872
May 30__4075 Stutz Motor Car Co
Kansas City Southern
June 6.4226 Pacific Gas & Electric Co
May 30__4079
Slay 30__4042 Submarine Signal Co
Kansas Electric Power Co
May 30_ 4041 Pacific Power & Light Co
May 23..3903
May 23__3871 Sullivan Machinery Co
Kansas Oklahoma & Gulf
May 30_4045 Pacific Public Service Co
May 30-_4079
May 23__3871 Sundstrand Machine Tool Co
Katz Drug Co
May 30._4072 Pacific Northwest Pub. Serv. Co_
May 23_3903
May 30__4056 Superheater Co
Kellogg Switchboard & Supply Co May 23__3897 Pan Amer Petroleum & Transp Co_May 23_3874 Superior Oil Corp
32 8
Maty 39 4043
i y 2 3 04
Kentucky Rock Asphalt Co., Inc
June 6__4252 Park & Tilford, Inc
May
May 16__3730 Superior Steel Corp
May 23_3904
Keystone Public Service Co
May 30.-4041 Parker Pen Co
May 23__3900 Swedish Ball Bearing Co
:1ay 3
4 y 3 97
Keystone Telephone Co. of Phila..
4
.May 16__3713 (The) Pawtucket Gas Co
May 23__3871 Syracuse Washing Machine Corp__ 1. 20234009
Keystone Watch Case Co
May 30__4072 Penn Bankshares & Sec. Corp
May 16__3731 Taggart Corp
Key West Electric Co
May 30__4043
June 6__4 24 Penn Central Light & Power Co_
May 30_4042 Tampa Electric Co
May 16__3701
Laclede Steel Co
May 23--3897 Penn Alex Fuel Co
May 16_3730 Telau togra ph Corp
May 30_4046
Lake Superior 8c Ishpeming
June 6__4226 Pennsylvania Co
May 30._4047 Tennessee Central
May 30__4043
Lake Terminal
May 30-4045 Pennsylvania Gas & Electric Co- -May 30_-4042 Tennessee Electric Power Co
May 30_4046
Lamson & Sessions Co
June 6__4232 Pennsylvania Industries, Inc
May 16_3730 Term. Ry. Assn. of St. Louis
May 30_4045
Lanson & Hubbard Corp
May 30__4073 Pennsylvania Power & Light Co_ -May 30__4042 Texarkana & Ft. Smith
June 6__4227
Lanston Monotype Machine Co
May 23__3897 Pennsylvania RR
May 30_4047 Texas & Mexican
June 6_4226
Lawrence Cement Co
May 30_-4075 Pennsylvania RR Regional System-May 30_4000 Texas & New Orleans
May 23__3872
Lee Rubber & Tire Co
June 6__4224 Peoples Light & Power Corp
Pacific Coal & Oil Co
May 23_3871 Texas
May 23--3904
Lehigh & Hudson River
May 30_4043 Peoria & Pekin Union
May 30__4045 Texas Pacific Land Trust
June 6..4227
Lehigh & New England
May 30_4045 Pere Marquette
May 30__4045 Texas & Pacific
May 23-3872
Lehigh Valley
May 30_4045 Pet Milk Co
May 16__3700 Texas Power & Light Co
June 6--4225
Libby-Owens-Ford Glass Co
May 30__4041 Philadelphia Co
Texas Public Service Co
June -May 30_4043
(C. W.) Lindsay & Co., Ltd
May 30__4073 Philip Morris & Co., Ltd
May I6__3727 Third Ave Ry System
May 23__3872
Lion Oil Refining Co
June 6_4224 Pierce Oil Corp
June 64225 Thompson Products Inc
May 23_3872
Long Island
May 30__4045 Pierce Petroleum Corp
June 6_4225 Tide Water Associated Oil Co
May 23-3872
Los Angeles & Salt Lake
30__4045 Pilot Radio & Tube Corp
May
May 23_3901 Tide Water Oil Co
May 30__4043
Louisiana & Arkansas
June 6_4226 Pirelli Co of Italy
May 23-_3901 Tide Water Power Co
May 30__4080
Louisiana-Arkansas 8c Texas
June 6__4226 Pitney Bowes Postage Meter Co
May 30-4076 Tip Top Tailors. Ltd
May 30-.4080
Louisiana & North West RR
May 16_3710 Pittsburgh & Lake Erie RR. Co
June 6-_4228 Todd Shipyards Corp
June 6__4227
Louisiana Power .Sc Light Co
May 23__3870 Pittsburgh & Shawmut
May 30__4045 Toledo Peoria & Western
June 6_ _4227
Louisville Gas & Electric Co
June 6..4224 Pittsburgh Shawmut & Northern_ _May 30-4045 Toledo Terminal
y 302408
30 408
0
Louisville & Nashville RR
May 30_4045 Pittsb. Suburban Water Service Co_June 6__4225 Tonopah Mining Co. of Nevada
May
Lowell Electric Light Corp
June 6_4240 Pittsburgh & West Virginia
J
TrIco Products
n
11la y 2324989
4
Ludlow Mfg. Associates
May 30__4073 Pittston Co
May 23__3901 Triplex Safety Glass Co of No Am Inc3u.6 320
Lynch Corp
May 23__3898 Plymouth Oil Co
May 23__3871 Tuckett Tobacco Co
May 30__4043
Lyon & Healy, Inc
June 6__4253 Ponce Electric Co
Rapid Transit Co
June 6__4225 Twin City
Slay 30_4044
MacAndrews & Forbes Co
May 23_3870 Porto Rico Telephone Co
May 23_3885 Twin States Gas & Electric Co
May 30_ _4046
McCall Corp
May 16_3700 Postal Telegraph & Cable Corp
June 6._4225 Ulster & Delaware
Prairie Pipe Line Co
McGraw Electric Co
May 30..4080
May 30_ _407£
May 23_3871 Union Metal Manufacturing Co
May 30._4046
McIntyre Porcupine Mines, Ltd
June 6__4253 Price Bros & Co Ltd
May 23_3901 Union Pacific
May 23_3874
Mahoning Coal RR
Slay 23__3874 Public Service Co. of New Hampsh May 30...4043 Union Pacific System
May 30_4046
Maine Central RR
May 30_4047 Public Service Corp. of New Hamp-May 16_3714 Union RR.(Penn.)
Maine Gas Companies
May 30__4044
May 30__40.54 Public Service Corp of New Jersey May 23-3883 Union Water Service Co
Marcus Loew's Theatres, Ltd
23 5228
821905
May 30__4073 Puget Sound Power & Light Co
May 23..387l United Business Publishers Inc-Marine Elevator Co
May 16._3727 Pure 011 Co
May 16__3705 United Carbon Co
Market Street Ry
May 30-4014
Slay 23__3870 Pyrene Mfg. Co
United Electric Coal Cos
May 30_-4076
Massachusetts Util. Associates
May 30__4044
May 30__4054 Quaker City Cold Storage Co
May 30_-4076 United Gas Corp
Massey, Harris Co.. Ltd
May 23-3902 United Light & Power Co
June 6_4225
May 23..3898 Quebec Pulp & Paper Corp
Mead Corp
23_3898 Quincy Market Cold Storage & Ware.
May 30_4044
May
United Rys. & Elec. Co. of Balt
house Co
Memphis Power & Light Co
May 30_4041
May 30-4076 United States Diary Products Corp_May 23__3905
Merchants & Mfrs. Securities Co.__.May 23__3898 Quebec Telephone & Power Corp
May 16__3715
June 6.-4242 United Securities, Ltd
Quincy Omaha & Kansas City
Merrimack Mfg. Co
June 6..4226 United Steel Works Corp.(Germany)May 16-_3735
May 30__4074
Metro Goldwyn Pictures Corp
May 30_4044
June 6__4257 Universal Pipe & Radiator Co
May 30...4041 Radio Securities Corp
May 23-3905
Mexican Petroleum Co., Ltd
May 16_3700 Utah-Idaho Sugar Co
May 23__3898 Railroad Shares Corp
Express Agency, Inc
May 30_4081
Mexican Seaboard Oil Co
June 6_ _4225 Utah Metal 8c Tunnel Co
May 23__3870 Railway
June 6__4227
Mexican Telephone & Teleg. Co...
May 30_4043 Utah Ry
.May 30_4051 Raybestos Manhattan Inc
June 64225
Michigan Electric Power Co
May 30__4045 Virginia Electric & Power Co
Slay 30__4041 Reading
May 30_4047
Michigan Public Service Co
May 23_3884 Reece Button Hole Machine Co
June 6__4257 Virginian
May 23__3872
16.3727 Regent Knitting Mills, Ltd
June 6_4257 Virginia Public Service Co
Middle States Petroleum Corp
May
May 30_4047
M
Midland Valley
May 30_4045 Rhode Island Public Service Co
Wabash
May 23__3872
Middlesex & Boston Street Ry
May 23__3870 Richmond Fredericksburg & Potom_May 30-4045 Walworth Co
May 23__3872
(I.) Miller & Sons, Inc
May 23_3871 Warner Brothers Pictures Inc
June 6__4254 Rio Grande 011 Co
May 30_4044
Minneapolis & St. Louis
May 30_4045 Ritter Dental Mfg. Co
May 30-_4077 Webster Eisenlohr Inc
June 6-_4227
June 6_ _4243 Western Air Express Corp
Minneapolis St. Paul & S. Ste. Marle_June 6_4226 Rochester Gas & Electric Co
Juno 64227
Mississippi Central
June 6__4226 Rochester & Lake Ontario Water
Western Maryland
May 30__4044
Service Co
May 30__4043 Western New York Water Co
June 6__4224
Mississippi Power Co
June 6__4225
Rocky Mountain Motor Co
June 6._4257 Western Pacific
Mississippi Power & Light Co
May 23__3871
May 16__3708
May 30_4077 Western Pacific RR. Corp
Missouri Illinois
June 6__4226 Rossfa Insurance Co
June 6_4227
May 30__4049 Western Public Service Co
May 30_4046 Royal Dutch Co
Missouri-Kansas.Texas Lines
June 6__4225
May 30_4045 Western Ry. of Alabama
Missouri & North Arkansas
May 30__4045 Rutland
June 6..4258 Weston Electrical Instrument Corp_May 30-4044
Missouri Pacific RR
May 30_4045 Ryan Car Co
May 30..4044
Croix Paper Co
May 30-4077 West Virginia Water Service Co
Missouri Public Service Co
May 23.-3884 St.
2
JUNE
6 1931.]
FINANCIAL CHRONICLE
Issue of Chronicle.
Name of CompanyWhen Published Page
Wheeling & Lake Erie
May 31..4046
Wichita Falls & Southern
June 6..4227
Wichita Valley
June 6_ _4226
White Rock Mineral Springs Co
May 23_3906
(Wm.) Whiteley. Ltd
May 30.4081
Whitton Can Co., Ltd
May 30..4081
Issue of Chronicle. 1Issueof Chronicle.
Name of CompanyWhen Published Page
Name of CompanyWhen Published Page
(H F) Wilcox 011 & Gas Co
May 23..3872 Wisconsin Public Service Co
June 6.-4226
Wilcox Rich Corp
June 64225 Wisconsin Valley Electric Co
June 6._4226
Wilson Line. Inc
May 30..4081 Wright Aeronautical Corp
May 30_4044
Winn & Lovett Grocery Co
May 30..4081 Yazoo 8c Mississippi Valley
June 6__4226
Winston-Salem Southbound Ry. Co_May 16_3711 York Railways Co
May 30_44144
Wisconsin Hydro Electric Co '
June 6..4226 Yukon Gold Co
May 21.-3906
American Encaustic Tiling Co., Ltd.
Quarter Ended March 311931.
1930.
Net loss after all charges and depreciation
$124,715 prof.$2,011
iZ'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2119
Arundel Corp.
Period End. Apr. 30- 1931-Monlh-1930,
1931-4 Mos.-1930.
Net income after deprec.
and taxes
$239.985
$234.309
$646,124
$629,764
rO"Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1034
Central West Public Service Co.
12 Months EndedGros.; earnings
Operating expenses and taxes
(And Subsidiary Companies)
-Month of April- -12 Mos.End. Apr.3°1931.
1930.
1931.
1930.
Gross earnings
$4,291,477 $4,547.543 $52,839,075 854.849,142
Oper. exp., maint. & tax 2,168.763
2,282,362 27.309,877 27,551.777
Gross income
$2.122,714 $2,265,180 $25,529,197 $27.297.365
Less-Interest and amort. of disc. of subsidiaries_
8,799,395
8.380,655
Preferred dividends of subsidiaries
5,627.737
5,438,068
Minority interests
2,664
20,562
$14,429,797 $13.839.286
Balance
$11,099,400 $13,458.078
Int. and amort. of disc. of Amer. Water Works
& Electric Co.,Inc
1,289,961
1388,891
Balance
$9.809,439 $12.069.187
Reserved for renewals, retirements & depletion._.
3,692,545
4.250.404
Net income
$6.116.893 $7318,782
Preferred dividends
1,200,000
1.200,000
Balance for common stock
$4,916.893 $6.618.782
Shares of common stock outstanding
1.750.888
1,698,511
10
-Last complete annual report in Financial Chronicle Mar. 14 '31, p. 1983
Crown Cork & Seal Co., Inc.
(And Subsidiaries)
Earnings for Month of April 1931.
Net profit after deprec., int. & Fed. taxes
$105.852
larLast complete annual report in Financial Chronicle April 18'31, p.2972
Cuba Company.
And Subsidiary and Affiliated Companies).
Period End. Mar.31- 1931-3 Mos.-1930.
1931-9 Mos.-1930.
Net profit after taxes. int.,
& deprec.. but. bef. subs,
pref. divs. Sz tnin, in t _loss$300.66S $1,570,749
$183.039 $2.295.351
Consolidated income account for the quarter ended March 31 1931 follows:
Gross revenues, $5,326,429: expenses, interest, taxes, depreciation, &c.,
$5.627.097:loss before subsidiary pref. divs. and minority interest ,$300,668,
compiete annual report in Financial Chronicle Sept.20 '30, p. 1888
Darby Petroleum Corp.
Earnings for Quarter End. March 31 1931.
Gross income
8312.860
Net loss after deprec., deplet., cancelled leases, abandoned
wells & retire, of phys. prop
$74,917
arLast complete annual report in Financial Chronicle Mar. 28 '31, p. 239
Arizona Edison Co.
12 Months Ended Aprit
1931.
1930.
Gross revenues
$1.856,000 $1 857.321
Operating expenses, maint. & taxes, other than
Federal income taxes
1.169,625
1,035.035
Gross income
$686,376
$822,286
Barcelona Traction, Light & Power Co., Ltd.
April- -Jan. 1 to April 301930.
1931.
1930.
Pesetas.
Pesetas.
Pesetas.
8.804,838 38,227,835 37.581,110
2,684.551 12,995,402 11,925.549
Net earnings
5,624 673
6,120.287 25,232,433 25,655,561
arLast complete annual report in Financial Chronicle July 5 'SO, p. 108
Baton Rouge Electric Co.
-Month of April- -12 Mos. End. Ap-il 301930.
1931.
1931.
1930.
Gross earnings
$121,997
$113.299 $1,396.555 $1,310.760
Net operating revenue
44.871
45.951
485.965
464,782
Surplus after charges
312,656
353.313
farLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1794
Brown Shoe Co., Inc.
6 Mos. End. Apr.301930.
1931.
1929.
1928.
Net sales
$12,507,931 $14,045,976 $15,830,887 $15.554.899
Exps., deprec., int., &c. 11.863.928 13.378.705 15,188,218 14,892,002
Federal taxes
69,000
76.000
82,000
106,000
Net income
$598.271
$560.668
$568,003
$556.897
Preferred dividends-.
137,630
132.301
143.334
148,127
Common dividends
378,000
378.000
315.000
315.000
Surplus
$82,641
$102,334
$57.702
$93.770
Earns. per sh.on 252,000
shs. corn. stk.(no par)
$1.83
$1.73
$1.65
$1.62
arLast complete annual report in Financial Chronicle Dec. 6 '30, p. 3705
California Oregon Power Company.
12 Months Ended March 31Gross earnings
Net earnings
Other income
•
1931.
1930.
$3,934.914 $3,510,742
2.161.660
2,099.517
5.231
13.222
Net earnings including other income
$2,166.891 $2,112,739
OrLast complete annaul report in Financial Chronicle May 2 '31, p. 3334
Central Illinois Light Co.
(The Commonwealth & Southern Corp. System)
-Month of April- _%
s. End. Apr.301930.931.
1931.
1930.
Gross earnings
$447,638 $5,167.577 *5.235,112
$434.846
Oper. °spa., incl. taxes
and maintenance
251.369
233.527
2.827.672
2.997.657
Gross income
Fixed charges
$201.318
Net income
Dividends on preferred stock
Provision for retirement reserve
$196.269 $2.339,905 52.237,455
355.995
360,255
$1.983.909 $1.877.199
408.657
405.253
339,600
328.400
Balance
$1.235.652 $1.143.546
igrLast complete annual report in Financial Chronicle Mar. 11 '31, p. 2190
Connecticut Power Co.
(Not a Consolidated Statement.)
12 Months Ended March 311931.
earnings
Gross
$1.155.885 511
1717:552
Operating expenses and taxes
.
561.433
612.626
Interest charges and lease rentals
35.795
39.339
Balance for res.. diva. & surplus
$558.657
$528.586
tarLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1029
Consolidated Gas Utilities Co.
Apri130'31. Dec.31 '30.
12 Months EndedGross earnings from all sources
$2.904.017 $3.091.887
Net earnings after nperacinns. ex pa. & gen. taxes
1.527.166
1,672,51.5
Bal. avail, for res • Federal taxes and dialdends.__
636.904
782,106
la'Last contplete annual report in Financial Chronicle Mar. 14 '31, p. 1989
Apr. 30 '31. Dec. 31 '30.
,035,691 53,002.490
1,857,973
1,869,045
Net earns, before int. deprec. & Fed.Inc. taxes__ $1,177.718 $1,133,445
Net earnings from operations before deduction for interest, deprec., &c..
for properties owned in tho month of April this year increased more than
14.6% in the month of April this year over such net earnings for the same
properties in the same months of the year 1930.
MPLast complete annual report in Financial Chronicle May 16 '31, p. 3712
American Water Works & Electric Co., Inc.
-Month of
1931.
Pesetas.
Gross earns,from oper-- 8.734,885
Operating expenses_ _ _ _ 3,110.212
4223
Diamond Match Co.
(And Subsidiaries)
Quarter Ended March 31Operating income
Federal taxes, &c
Depreciation
Net profit
Preferred dividends
Common dividends
1931.
$957,435
161.721
123,751
1930.
8998.886
154.682
134.068
$671,963
260,737
$710,136
340.000
Surplus
$411.226
$370.136
Earns. per sh. on 1.050,000 shs. com.stk. now outstanding (no par)
$0.39
$0.42
arLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2179
Eastern Minnesota Power Corp.
12 Months Ended April 30-Gross revenue
Oper. exp., maint.& taxes other than Fed.inc. tax_
Gross income
1931.
$357.029
187.032
1930.
$299.969
154.352
$169,996
$145,617
Eastern Texas Electric Co.
-Month of April- 12 Mos. Ended April 30
1931.
1930.
1931.
1930.
Gross earnings
$769.629 $10,012.238 $9.993.977
$702.835
Net operating revenue
303.234
224.579
3.830,617
4.198.841
Surplus after charges
1.607,365
2.247.655
1a-Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1795
4
Engineers Public Service Co.
(And Constituent Companies)
-Month of April--12 Mos.End. Ayr.3019:10.1930.
1931.
Gross earnings
$4,221,352 84.262.570 352,935.516 $51.634.176
Operation
1.751.748 23.123,001 22.135,420
1.813.343
Maintenance
260.810
299.265
3.273,786
3.741.944
Depreciation of equip_
17.8:18
14.904
216.9:12
182.958
Taxes
328.985
342.416
3.839.215
3.482.224
Net operating revenue $1.786.944 $1,867.665 $22.482.580 $22,091,629
Inc. from other sources_
90.933
82.395
1,013.286
880.348
Balance_ _
_ _ _ ___ $1.877.878 $1,950,060 $23,594.866 522.971.977
.
Interest & amortization_
681.139
631,641
7.760.492
7.124.272
Balance
51.196.739 51,318.419 515.735.374 $15.847.705
Dividends on pref.stock of constituent cos. (ricer.)
4.436.881
4.087.005
Balance
511.298.493 511.760.700
Amount applicable to common stock of' constituent companies in hands of public
69.891
99.943
Balance applicable to reserves and to Engineers
Public Service Co
511.228.601 $11,660,756
Consolidated Surplus Statement.
-12 Mos.End. Apr.301931.
1930.
Prior earned surplus excluding surplus of constituent cos. accumulated prior to date of acquisitiona$7.783.711 $5.503.263
Balance after interest and amortization
15.735.374 15.847.705
Total
523.519.086 $21.350.968
Retirement reserve x
4.699.489
4.699.489
Balance
$18.819.596 516,651,479
Net direct charges
435.810
301.664
Balance
.518.383.786 516.349.814
Dividends paid or declared:
Constituent companies-Preferred
4,436.791
4.078.618
Constituent companies
-Common
88.936
74.342
Engineers l'ublic Service Co.:
Preferred
2.081,001
1,911.502
Common cash
4.582.314
1.761.743
Common stock
718.528
Earned surplus
$7.194.743 57.805.080
Amount set aside by the directors of constituent companies during the
12 months' period. a After deducting $21.368.43 for pre-acquisition surplus
applicable to shares of constituent companies acquired during the 12 months'
period ended April 30 1931.
A ote.-The- above consolidated surplus does not include surplus of
constituent companies accumulated prior to acquisition in an aggregate
amount of 38.975.191.68 (1930-58.953.823.25).
larLast complete annual report in Financial Chronicle Feb. 58 'SI, p. 1805
[VOL. 132.
FINANCIAL CHRONICLE
4224
Illinois Power & Light Corp.
Eastern Steamship Lines, Inc.
Month of April--4 Mos. End. Apr.301930.
1931.
1930.
1931.
$910,634 $2,748,411 $3,137,977
$806,961
3,097,354
2,795,093
851,648
762,449
Operating revenue
Operating expense
Operating income__ _ _
Other income
Other expense
$44,512
5,001
56,479
$46,682
23,899
226,524
$58,986
8,684
57,281
$40,623
35,154
233,561
El Paso Electric Co.
Month of April- 12 Mos. Ended April 30
1930.
1931.
1930.
1931.
$297,603 $3,630,003 $3,592,532
Gross earnings
$284,597
1,556,858
1,631,087
134,356
125,193
Net operating revenue
1,275,804
1,178.253
Surplus after charges
r. 'Last complete annual report in Financial Chronicle Mar. 7' 31, p. 1796
Federal Light & Traction Co.
-Month of April- -12 Mos. End. Apr.301931.
1930.
1930.
1931.
$701,048 $8,348,735 $8,450,356
$689,516
4,861,497
386,329 4,767,295
383,604
Gross earnings
Oper., admin. expenses
and taxes
$305,912
107,589
$314.719 $3,581,440 $3.588,859
1,289,225
1,313,495
109,210
$205,509 $2,267,945 $2,299,634
Net income
$198,323
Preferred stock dividends:
104,851
104,860
Central Arkansas Public Service Corp
1,377
1,558
New Mexico Power Co
69,888
70,023
Gas & Electric Co
Springfield
$2,091,504 $2,123,518
Balance after charges
Las complete annual report in Financial Chronicle Mar. 7 '31, p. 1796
It: -
Earnings from operations
Other Income
Rentals
$16,818,870 $17,187,554
572,572
678.146
Dr1,035,664 Dr869,704
Total net earnings
Int, on bonds,&c.& amort.of debt discount
$10,389 def$249,307 def$157,784
Net income
def$6,966
Last complete annual report in Financial Chronicle May 16 '31, p. 3720
Total income
Interest and discount_ --
(And Subsidiaries.)
1930.
1931.
12 Months Ended April 30-$36,320,738 $37,610,686
Gross earnings from operations
13,693,225 14,468,076
Operating expenses
3,482,950 3,766,746
Maintenance
2,188,310
2,325.687
Taxes-(Local and Federal)
$16.461,357 $16.890.421
7,271.829 6,942,886
Net Inc. avail,for diva. & deprec. reserves
Dividends on pref. stocks ofsubsidiaries
Divs, on pref. stocks of Illinois l'ower & Lt. Corp
Appropriations for depreciation reserves
$9,189,528 $9,947,535
690,358
747,481
2,706,763
2,805,750
2,497,402
2,102.328
33.533,969 34,053,012
Bal. avail,for com,stock divs. & surplus
1grLast complete annual report in Financial Chronicle April 11 '31, p. 2760
Jamaica Public Service, Ltd.
-Month of April- -12 Mos. End. April 301930.
1931.
1930.
1931.
$798,580
$845.748
$70,756
Gross earnings
$68,968
324.147
354,638
28,788
Not oper. revenue
28,572
249,499
245,330
Surplus after charges
'31, p. 3145
Last complete annual report in Financial Chronicle Apr. 25
Key West Electric Co.
Gross earnings
Net operating revenue
Surplus after charges
-Month of April- -12 Mos. End. April 301930.
1931.
1930.
1931.
$226,942
$218.998
$19,319
$17,058
86,225
91,221
8.109
7,366
57,811
63.103
Lee Rubber & Tire Corp.
Firestone Tire & Rubber Co.
(And All Subsidiaries)
1930.
1931.
6 Months Ended April 30$2,908,553 $2,320,118
xNet profit
2,239.860
2,154,861
Shares common stock outstanding
$0.23
$0.56
Earnings per share
x After depreciation, interest, Liberian development expenditures, Federal
taxes, &c.
Last compkte annual report in Financial Chronicle Dec. 13 '30, p. 3870
l"
1929.
1928.
1930.
6 Mos. End. April 30- 1931.
$2,769,713 $4,211,461 34,868.479 $5.244,722
Net sales
4.630,934 x5,158,512
4,269,125
2,978,034
Expenses, deprec., &c
$86.210
3237.545
def$208,321 def$57,664
Operating profit
y68,429
50,075
51,025
37,779
Other income
Foundation Co.
$91,148
$227,270
Net profit
loss$193.201 loss$64.614
293,261
300,000
300,000
Shs.com.stk.out.(no par)
$0.31
$0.76
Nil
Nil
Earnings per share
x Includes reserves for rebates. y Includes profit from sale of securities.
Chronicle Jan. 10 '31, p. 305
iO'Last complete annual report in Financial
.
1931.
Quar. End. Mar.31xloss$13,127
Gross income
139,202
Exps., ordin. tax, &c _
1930.
$115,312
146,358
1929.
$268,324
269.073
1928.
$286,564
286,284
$749
prof.$280
$31.046
$152,329
Net low
x Loss on contract operations less other income.
Financial Chronicle May 2 '31, p. 3350
arLast complete annual report in
Granger Trading Corporation.
Earnings for Quarter Ended April 30 1931.
Dividends received
Interest received
Miscellaneous income
$4,514
3,105
100
Total income
Interest
Operating expense
$7,718
373
4,226
Net operating profit
Depreciation of portfolio (all securities valued at the market)
Profit on closed transactions
$3.119
24,808
Cr.7,199
$14,489
Net loss
fgrlast complete annual report in Financial Chronicle April 11 '31, p. 2781
Green Mountain Power Corp.
1930.
1931.
12 Months Ended April 30-$1,888.609 $1,924,934
Gross revenues
709,887
723.968
Fed. inc. tax
Oper. exp., maint. & taxes other than
31.164,640 $1,215.047
Gross income
Gulf Power Co.
(The Commonwealth & Southern Corp. System)
-Month of April- -12 Mos.End. Apr.301930.
1931.
1930.
1931.
$964,423
$77,006 $1,020,210
$82,515
Gross earnings
Oper. exp., incl. taxes
634,294
665,222
49,777
52,021
and maintenance
Gross income
Fixed charges
Net income
Dividends on first preferred stock
Provision for retirement reserve
Balance
3354,988
152,243
$330,129
172,317
$202,744
66.759
30,455
$157,811
60,670
28,785
$105,528
$30,493
$27,229
$68,355
Gulf States Utilities Co.
Total income
Interest
def$170,542
22,659
$287,620
60,350
def$6,639
57,975
$154,639
63,491
Lion Oil Refining Co.
Earnings for 3 Months Ended March 31 1931.
Gross income
Expenses, incl. interest & cost of products sold
Depreciation, depletion and leases written off
$1.372,820
1,248,196
335,809
$211,185
8,688
Deficit for period
Deficit applic. to min. int
$202,497
Net deficit
'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2403
N'
Louisville Gas & Electric Co.
12 Months Ended March 31Gross earnings
Net earnings
Other income
1930.
1931.
$10,679,647 $10,340,371
5,311,285
5,640,010
552.093
277,636
$5.917,6413 55,863,378
Net eatnlngs including other income
Last complete annual report in Financial Chronicle May 2 '31, p. 3335
CGEr
Mississippi Power Co.
(The Commonwealth & Southern Corp. System)
-Month of April- -12 Mos.End. Apr.301930.
1931.
1930.
1931.
$279,240 $3,491,562 33,544,019
$276.650
earnings
Gross
Oper. exps., incl. taxes
2,233,810
2,225,705
184,146
171.287
and maintenance
Gross income
Fixed charges
3105.362
895,093 31,257,751 $1,318,313
622,894
695,917
Balance
$561,834
264,291
72,000
$695.418
252,262
73,070
$225,542
Net income
Dividends on first preferred stock
Provision for retirement reserve
$370,086
Mountain States Power Co.*
12 Months Ended March 31Gross earnings
Net earnings
Other income
1931.
1930.
$3,443,754 $3,406,679
1,199,385
1,316,376
191,956
62.752
Month of April- 12 Mos. Ended April 30
1930.
1931.
1930.
1931.
$533,902 $6,976.275 $6,920,674
$470,789
Gross earnings
3,144,029
2,884.831
230,626
160,460
Net operating revenue.. _
2,093,233
1.862,908
Surplus after charges
Mar. 21 '31, p. 2192
i0 Last complete annual report in Financial Chronicle
$1,391,341 $1,379,128
Net earnings including other income
* Figures for each period are for properties now comprising the system.
Net earnings of properties sold are included in other income.
rarLast complete annual report in Financial Chronicle May 2 '31, p. 3335
Illinois Power Co.
1931-7 Mos.-1930.
Period End. April 30- 1931-Month-1930.
Net inc. after taxes &
3283,008
$325,014
$66,196
$75,473
all charges
150,000
146,536
Shs. coin. stk. outstand_
$1.89
$2.21
Earns, per share
report in Financial Chronicle Dec. 27 '30, p. 4225
1
"
10 Last complete annual
National Standard Co.
(The Commonwealth & Southern Corp. System)
Month of April- -12 Mos. End. Apr.3°1930.
$1931.
1930.
1931.
$236,789 $2,891,129 $2,927,401
8238.380
Gross earnings
Oper. exp., incl. taxes
1,881,738
1,709.719
156,987
138.833
and maintenance
Northern States Power Co.
$79,801 $1,181,410 $1,045,663
$99,547
income
Gross
1930.
385,550
360,340
1931.
12 Months Ended March 31Fixed charges
333,381,013 $32,934,465
Gross earnings
$660,112 Net earnings
$821.070
16,666,845 16,797.979
Net income
524,819
231,604 Other income
239,673
250,220
Dividends on preferred stock
150,000
150,000
Provision for retirement reserve
$16.906,518 $17,322,798
other income
Not earnings including
$278,508
$420,849
'Last complete annual report in Financial Chronicle April 25'31, p. 3137
ajar
Balance
Chronicle May 2'31, p. 3335
Last complete annual report in Financial
ar
Indian Motorcycle Co.
1930.
1931.
2 Mos. Ended April 30-$776,952
$591.581
Sales
46,396 1oss168,825
Net profits after charges
loss was $33,408; March
Net loss in January 1931 was $42,383: February
making the net loss for four
Profit was $17,160: April profit was 329,236,
$29,304.
months ended April 30,
Chronicle Feb. 14 '31, p. 1234
.larLast complete annual report in Financial
Oklahoma Gas & Electric Co.
12 Months Ended March 31Gross earnings
Net earnings
Other income
1930.
1931.
$13,608,905 $14,429,089
6,732,529
6,234.376
430,667
99,070
$6,333,446 $7,163,196
Net earnings including other income
May 2 '31, p. 3336
Last complete annual report in Finacial Chronicle
JUNE
6 19311
FINANCIAL CHRONICLE
Philadelphia Company.
12 Months Ended March 31Gross earnings
Net earnings
Other income
Southern Colorado Power Co.
1931.
1930.
$60.527.092 $63,376.205
29.976.508 31.125,081
1,479,559
1,682,884
Net earnings including other income
$31,456,067 $32,807,965
Ka:Last complete annual report in Financial Chronicle Apr. 18 '31,
P. 2952
Pierce Oil Corp.
$110.342
387
Total income
$110.729
arLast complete annual report in Financial Chronicle May 2 '21, p. 3357
$161.459
2,139
Total Income
enses
Expenses (incl. $6,450 for franchise tax of Pierce Oil Corp and
4,369 for transfer agents and registrars of stock of Pierce
Petroleum Corp. and Pierce Oil Corp
$163,598
Net Income
Surplus, Dec. 31 1930
New York State tax refund
$145,424
563.273
1,299
Total surplus
Contact filtration settlement
Dividend paid Feb. 16 1931
$709,997
15.303
250.000
Pittsburgh Suburban Water Service Co.
1930.
$327.763
143,545
1929.
$308,403
136,335
Gross corporate income
$189,714
$184,218
$172,068
ri"Last complete annual report in Financial Chronicle April 14'31, p.2765
Ponce Electric Co.
-Month of April- -12 Mos.End. Apr.301931.
1930.
1931.
1930.
Gross earnings
$32.671
$33.212
$408,688
$312.112
Net operating revenue._
13,994
15,440
166,254
139,851
Surplus after charges
165,338
133,657
tarLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1799
Postal Telegraph & Cable Corp.
1931.
1930.
1929.
$8,864,166 $9,624,541 $10,065,451
8,509,653
8,645,247
8,693,946
6,625
202,533
53,560
633,378
633.378
626,051
Not income
loss$285,490
Dividend on 7% non-cum. prof. stock
$143,383
$691,894
534,266
531.841
Balance, deficit
$285,490
$390.883 pf.$160,053
Capital Surplus Account March 31.
-Deficit March 31
paid-in surplus March 311931, $11,058,072; capital surplus 1931. $285,490;
March 31 1931,
$7,618,462; total surplus March 31 1931, $18,391,044.
a'Last complete annual report in Financial Chronicle March 7 1931, p.
1799 and March 14 1931, p. 1991.
Railway Express Agency, Inc.
-Month of March--3 Mos. End. Mar.311931
1930
1931
1930
Charges for transporten_$18,093,106 $21,498,912 $47,812,416 $58,401,559
Other revenue & income..
284,693
311,579
796,255
895,959
Total revenue & inc_ _818,377.799 521,810,521 548,608,671
$59,300,519
Operating expenses
$9,572,069 $10,787,691 $28,031,996 $32,016,382
Express taxes_ _____
115,261.
114,978
362,933
364,409
Int. & disc,on fund. debt
145,724
144,709
436,158
425,109
Other deductions
1,437
1,377
4,654
4,104
Total deductions
$9,834,492 $11,048,755 $28,835,743 $332,810,006
Payments to rail & other
carriers-express priv_ _ $8.543,306 $10,761,765 $19,772,928
$26,190,512
CrLast complete annual report in Financial Chronicle May 9 '31, p. 3544
San Diego Consolidated Gas & Electric Co.
12 Months Ended March 31Gross earnings
Not earnings
Other income
1931.
1930.
$7.413.584 $7,248,926
3,800,651
3.436,457
3,972
31.565
Net earnings including other income
$3,801,623 $3,468,022
IgrLast complete annual report in Financial Chronicle April 25'31, p.
3148
Savannah Electric & Power Co.
-Month of April- -12 Mos.End. Apr.
30-1931.
1930.
1931.
1930.
Gross earnings
$174,105
$186,895 $2,149,763 $2,205,059
Net operating revenue
82,519
86,891
1,000,540
1,024,399
Surplus after charges
572,745
585,269
:/"Last complete annual report in Financial Chronicle Feb. 28
'31, p. 1619
Scranton Spring Brook Water Service Co.
12 Months Ended April 30Gross revenues
Total operating expenses
1931.
1930.
1929.
$5,208,580 $5,458,091 $5,245,002
1,682,121
1.779,395
1,703.972
Gross corporate income
$3,526,459 $3,678,696 $3,541,030
parLast complete annual report in Financial Chronicle April
11 '31, p. 2767
South Carolina Power Co.
(The Commonwealth & Southern Corp. System)
-Month of April- -12 Mos.
End. Apr.301931.
1930.
1931.
1930.
Gross earnings
$211,046
$217,122 $2,477,208 $2,548,410
Oper. exps., incl. taxes
and maintenance
107,813
108,807
1,302.318
1.286,621
$103,232
Gross income
$108,314 $1.174,890 $1.261,789
Fixed charges
669,880
610,039
Net income
$505,010
Dividends on first preferred stock
130,746
3612521:752496
Provision for retirement reserve
120,000
117,9. 0
Balance
$254,263
$111.272
(The Commonwealth & Southern Corp. System)
-Month of April- -12 Mos. End. Apr.301931.
1930.
1931.
1930.
Gross earnings
$277,245
$268.021 $3,315.605 $3,392,101
Oper. exps.. inel. taxes
and maintenance
151.490
149.490
1,789.653
1.887.564
L
$118,531
$125,754
$1,525,952 $1,504,536
353.892
337,993
Net income
Dividends on preferred stock
Provision for retirement reserve
$1,172.059 $1,166,542
464.191
423.267
273,275
259,730
Balance
$434.592
$483,545
larLast complete annual report in Financial Chronicle May 2'31, p.3338
18,174
Surplus as at March 31 1931
5444,694
liarLast complete annual report in Financial Chronicle May 2 '31, p. 8357
3 Months Ended March 31Earnings
Oper., gen. exp., taxes and deprec
Gen. int. and charges of assoc. cos
Interest on collateral trust 5s
1931.
1930.
$2,224.771 $2,282,924
1.022.092
1,077,841
8.919
30.525
Net earnings including other income
$1,031,011 $1,108,366
10 Last complete annual report in Financial Chronicle May 2 '31, p. 3338
-
Gross income
Fixed charges
Pierce Petroleum Corp.
Earnings for Quarter Ended March 31 1931.
Dividends received
Interest received
1931.
$344,916
155,202
12 Months Ended March 31Gross earnings
Net earnings
Other income
Southern Indiana Gas & Electric Co.
Earnings for Quarter Ended March 31 1931.
Dividends received
Interest received
12 Months Ended April 30-Gross revenues
Total operating expenses
4225
Texas Public Service Co.
12 Months Ended April 30-1931.
1930.
Gross revenue
$1,679.340 21.206.996
Operating expenses, maintenance, and taxes other
than Federal income taxes
1,044,415
789,268
Gross Income
$634,925
$417,728
Union Carbon Co.
(And Subsidiaries).
3 Months Ended March 311931.
Oper. profit after deduct. mfg., sell.,
gen. & admlnis expenses
$184.733
Other Income
45,143
Total income
Depreciation and depletion
Bond interest and discount
Provision for contingencies
Provision for Federal income tax_ _
1929.
$821,554
80.397
$736,169
387,858
$229,876
207,618
$901.951
384.914
24,149
20,000
60.000
50.000
35,000
Net profit
Balance, Jan. 1
Sundry adjustments-prior years
Total surplus
Preferred dividends
Common dividends
Premium on pref. stock bought, &c_
1930.
$650.810
85.348
$22,258
1,551.406
Dr.5,623
$1,568,041
$263,300
1.791,141
$112.887
1,349,305
16,701.
$2.054,441 $1,778.893
73,743
187,709
198.943
91.129
Balance per balance sheet
$1,568,041 $1,657,627 $1.591,184
Shares com. stock outstand. (no par)
397,885
397,885
212.564
Earnings per share on 212,561 shares
common stock (no par)
Nil
$0.41
$0.65
C4 Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1827
-
United Light & Power Co.
(And Subsidiaries)
12 Months Ended April 30-1931.
1930.
Gross earnings of subs. & controlled companies
(after eliminating inter-company transfers)- _$92,297,378 $96,907,630
Operating expenses
37.576,808 40,496,886
aintenance,charged to operation
5,320,338
6,293,349
Taxes,general & income
7,980,592
8,047,800
Depreciation
8,616,123
7.808,052
Inttrest on bonds,notes, &c
11,281,829 11,212,776
Amortization of bond & stock discount Sc expense__
485,923
922.476
Dividends on preferred stocks
4,280,445
4.066.109
Proportion of earnings, attributable to minority
common stock
4,193,282
5,184.064
Equity of United Light & Power Co. in earnings
ofsubsidiary & controlled companies
812,262.036 $12,876.117
Earnings of United Light & Power Co
716,584
1.271,759
Balance
Expenses of United Light & Power Co
$12,978,620 $14,147,876
125,232
179.440
Gross income of United Light & Power Co_ _ _ _$12.853.388 $13,968,436
Holding company deductions:
Interest on funded debt
2,906,839
2.910,430
Other interest
19.051
966
Amortization of bond discount & expense
335,577
116,989
Balance available for dividends
$9,591,921 810,910,050
Class A preferred stock
205,944
Class B preferred stock
58.900
$6 cumulative convertible 1st preferred stock__ -- 3.600,000
2,922,417
Balance available for common stock dividends__ 55.991,921 27.752,788
Average number of conunon shares outstanding
during period
3,468.679
3,265.277
Earnings per average share outstanding
$1.73
$2.37
Capitalization (No Par).
Class A common stock,
shares 2,405,993
2,391,010
Class B common stock.
shares 1,067.930
1,060,000
1:21...ast complete annual report in Financial Chronicle May 9 '31, p. 3514
Virginia Electric & Power Co.
-Month of April- -12 Mos. End. Apr.301930.
1931.
1931.
1930.
Gross earnings
$1,435,226 $1.435,850 $17,096,571 $17,142,115
Net operating revenue
671,032
650,759
7.707,965
7.772.508
Surplus after charges
5.995.612 6,012,281
W Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1801
-
Western Air Express Corp.
Earnings for Quarter Ended March 31 1931.
Grass revenue
Expenses and depreciation
Assets abandoned or written down
Net loss of Aero Corp.of Calif., including losses on sale of equip.
$334,009
257.148
40.060
21,678
l'rofit before Federal taxes
512.123
faT'Last complete annuco report in Financial Crlionicle Apr. 4 '31, p. 2606
Western Public Service Co.
Gross earnings
Net operating revenue__
Surplus after charges
-Month of April- -12 Mos.End. Apr.301931.
1930.
1931.
1930.
$190,936
$175,788 $2,452,038
872,819
61,683
59.861
429,692
Wilcox Rich Corp.
Quarter Ended March 311931.
1930.
Net profit after Fed. taxes & diva, on class A stock $139.644
'
$271,637
fO
-Last complete annual ri port in Financial Chronicle Mar. 28 '31, p. 2411
Wisconsin Hydro-Electric CO.
1931.
$760,456
12 Months Ended April 30-Chins revenues
Operating expenses, maintenance, and taxes other
than Federal Income taxes
1930.
$728,992
388,531
301.340
$371,924
Gross income
$427.652
Wisconsin Public Service Corp.
1930.
1931.
$5,546,060 $5,567,652
2,386.527
2,282,992
18,013
19.390
12 Months Ended March 31Gross earnings
Net earnings
Other Income
$2,302,382 $2,404,540
Net earnings including other income
larLast complete annual report in Financial Chronicle May 2 '31, p. 3339
Wisconsin Valley Electric Co.
1930.
1931.
$2,297,220 $2,022,814
881.476
911,470
26,186
19.324
12 Months Ended March 31Gross earnings
Net earnings
Other income
$907,662
$930.794
Net earnings including other income
10'"Last complete annual report in Financial Chronicle May 2 '31, p. 3340
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Previous Inc.(+)or
Dec.(-).
Year
3
$
6,248,671 -1,592.914
4,885,000 -1,272,000
26,500
-250
271.280
-47.003
-79,061
280.134
2,992,362 -470,831
576,245
-52.545
351,505
-50,574
Current
Year
i
4,655,757
3,613,000
26,250
224,277
201,073
2,521.531
523.700
300,930
Period
Covered.
Name4th wk of May
Canadian National
4th wit of May
Canadian Pacific
3d wit of May
Georgia & Florida
Minneapolis dc St Louis__ __4th wk of May
3d wk of May
Mobile & Ohio
Southern
3d wk of May
St Louis Southwestern ___ 4th wit of May
2d wk of May
Western Maryland
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Length of Road.
Gross Earnings.
Month.
January
February
March
Inc.(+)or
Dec.(-)•
1929.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
[Vol.. 182.
FINANCIAL CHRONICLE
4226
488.628.286
475.265.483
516.620.359
513.733,181
537.575.914
531.690.472
657.552.607
586.397.704
566.461.331
608.281.555
498.882.517
468,494,537
1930.
450.731.213
427.465.369
452,281,686
450.526.039
427.231.361
452.024.463
450.537.217
462.444.002
444.171 625
456.369.950
465.700.789
468.828.791
482.712.524
398.211.453
377,473,702
1931.
365.416,906
336.137.679
375.588.834
-36.102.247
-8.034.122
-69.595,796
-83.195,964
75.131.912
-87.518.847
101.152.657
120.896.915
-99.634.540
125,569.031
-100.671.064
91.220.835
85,314.308
-91.327.690
76,672,852
-
1930.
--
$
January
February
March
April
May
June
July
51111ust
September
October
November
December
January
February
March
94.759.394
97 448.899
101.494.027
107.123.770
111,387.758
110.244.607
125,495.422
139.134.203
147 231.000
157.115,953
99.628.934
80.419.419
1931
71.952.904
64 618.641
84.648.242
1929.
Miles.
242.175
242.113
241.964
242.181
241.758
241,349
242.979
242.444
242.322
241.665
242.625
242.494
1930.
242.332
242.726
242,42?
Inc.(+)or Dec.(-).
Net Earnings.
Month,
1930.
Mlles.
242.350
242.348
242.325
242.375
242.158
242.320
235,049
241,546
242,341
242.578
242.616
242,677
1931.
242.057
242.660
242,566
1929.
Amount.
$
117.764.570
125.577.866
139.756.091
141 939.648
147.099.034
150.199.509
189.249.159
19 i.197.599
183.488.079
204.416.346
127.125.694
105.987.347
1930.
94.836.075
97.522.762
101.541.509
$
-23.005,176
28,128.967
38.202.064
34.8115.858
-35.711.276
-39.954.902
-43.753,737
-52.063,396
-36.255.079
-47,300.393
27,598,760
-25.587.928
19.55
22.40
27
- 46
24.54
-24 22
28.58
-25.85
-27.21
-19.75
-23.13
-32.35
-24.08
-22.883.171
-32.904.121
-18.893.287
-24.13
-33,76
18.66
-
Per Cent.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfrom Railway- -Net from
1931.
1931.
1930.
$
i
I
Atch Topeka & Santa Fe
April
844.288 1.197,768 -23.311
290.617
From Jan 1_ 3.346.035 4.886,976
Gulf Col 3c Santa Fe
4,829
April
1,385,834 1,877.758
192.685
From Jan!. 5.351.805 7,766,198
Atlanta & West Point
27,603
April
170.033
219,735
74.417
From Jan 1_
662,279
860.925
Bangor & Aroostook
April
350,555
789.388
893.386
From Jan 1_ 3.309,202 3,742,780 1.458.959
Belt Ry of Chicago
147.250
April
452.409
603,308
From Jan 1_ 1.815.505 2.380.411
805.127
Buff Rochester & Pitts
April
135.530
1.026.334 1.231.387
From Jan 1_ 4.179.916 5.161,815
443,755
Burlington Rock Island
99,423
April
143,015 -18.307
From Jan 1. 430.386
602.559 -32.897
Canadian Nati Lines in N EAprIl
198,342
161.770 -39,645
From Jan 1. 537.070
758,163 -109.604
Canadian Pac Lines in Me
April
215,415
51.023
296.258
From Jan 1_ 1,002,618 1,160,967
212.114
Canadian Pan Lines in lit105.932
191,880 --21,789
APAI
From Jan 1.. 453.119
838.066 -57.909
Railway- -Net after Taxes
1931.
1930.
3
$
$
-80.256
82,464
--63.294
171,241
92.085 -93.154
320.952 --197,839
-4,615
--82.529
39,181
184.404
15.838
27.888
25.487
108,686
384.640
1.724.993
279.671
1,172.932
303.272
1.420.240
170.254
663.885
71,827
358,343
114.640
441,680
182.769
771.021
115.529
363.337
142,766
610.955
-11.361
380.781
--114,571
-352.384
--24.310 --122.381
-64.742 -384,317
-49.576 --54.555 --65.328
-48.125 -170.879 --111.692
47.174
288,308
39.023
164.114
36.674
210.306
19.444
12.874
--25.809
-73.989
15,424
-3.206
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1931.
1930.
1930.
1931.
1931.
1930.
,S
$
$
Chicago Burl & Quincy
April
9,442,326 11,713,530 2,659,795 3.489,655 1,800.240 2,524.811
From Jan L38,508,985 45,730,394 12,140,211 14,669.359 8,594.74.2 10.781,207
Chicago Great Western
335,440
390,353
418,997
474.003
April
1,674,080 1,910,411
From Jan 1_ 6,475,514 7,327,094 1,964,186 1,687,411 1,621,381 1,341,539
Chicago River & Indiana
167,737
159,349
208,383
April
209.371
480.997
528,084
692,515
656,666
856,390
From Jan 1_ 1.879,420 2,128,938
814,881
Chic R 1 & Paciflc
April
7,992,355 9.981.869 1,787,333 2,707.023 1,175.501 2,074,612
From Jan 1_31,599,184 39,278,379 7,121,826 8,441,118 4,933,776 6,176,944
Chic R 1 & Gulf143,260
112,710
AprIl
173.331
135,541
434,812
549.470
544,000
546,496
From Jan I_ 1,849.213 2,173,882
626,403
646,583
Colorado & Southern
65,235
April
135.599 -12,014
55,765
603,161
790.969
542,281
From Jan 1_ 2,653,421 3,494,622
198,660
822,709
468,237
Ft Worth & Denver City
131,833
82.928
164,346
April
115.394
521.815
743,917
571,969
419,298
From Jan 1_ 2,219,673 3,160,748
731,688
562,749
Wichita Valley
8,871
15,962 -10,528
April
-3,849
74,951
43.513
36,152
64,648 -11,497
From Jan 1. 183.546
16,696
301,439
Delaware & Hudson
314,003
437,325
331,671
April
409.137
2,696,104 2.911,309
725,880 1,418,688
From Jan L10,535,548 12,378,192 1.104,517 1,911,067
Denver & Rio Grande
328,464
241,329
493,555
407,210
April
1 768 928 2,071,705
From Jan!.. 7,534,789 9,136,172 1,843.870 2,285,678 1,182,740 1,569,702
Denver & Salt Lake
--I -38,502
15,999 --24,453
April
133,111
122,615
272,183
102,846
328.240
166,858
From Jan 1_ 606,667
970,967
Detroit Terminal
23,953
43,644
12,362
25.430
April
145,878
101.410
83,016
148,139
39,573
93,813
From Jan 1_
555,793
382,841
Dui Misabe & Northern
April
170.041 --680,710 --648,107 --895,274 -741.042
149,907
737,709-2,326,657 -268,394-2.573.522-2,697,832
From Jan 1_
508,021
Dui So Shore & Atlantic
38.910
11,288
69.919
40.297
April
333,130
259,421
107,024
34,669
231.370
157,692
From Jan 1. 1,007,177 1,354.367
Ft Smith & Western
-3,976
-4.853
253
-1,232
91,911
April
58,920
47,010
8,149
65,422
From Jan 1_
22,599
464,574
286,338
Georgia & Florida
--4.507
6,357
4,193
April
13,857
124,664
131.311
--9,783
28.068 --14,867
From Jan 1_
15,135
506,528
506,436
Gulf & Ship Island
12.084
44,333 -18,377
April
11.825
181,374
253,484
99,093
227.757 -154.378
From Jan 1_
629,031 1,085.693 -34.324
Illinois Central System
A prIl
10.276,970 13,028.191 1.859.305 2,563,062 1,033,032 1,667.169
From Jan 1_40.203,170 53,387,402 6,110,514 11.162.440 2.824,302 7.392.411
Yazoo & Miss Valley
330.765
498,080 -83.635
A prIl
1 349,621 2,126.495
81,202
From Jan 1_ 5.544,884 8.518.438
464.786 2,087,143 -188.829 1,415.780
Illinois Terminal Co
174.653
152.677
200,862
April
183,272
643.099
547,992
642.195
546,089
747.034
From Jan 1_ 2.124.353 2.513.774
670.497
International Great Northern
112,654
488.258
156,189
April
531,635
1,957.685 1,289,405
412,558
586.401 1,283.098
From Jan 1_ 6,070,621 5.118.925 1,446,464
Kansas City Southern
249,505
363.452 • 165,693
267.213
April
1,037.959 1.387.182
From Jan 1_ 4.401,458 5,574.855 1,424,396 1.655,615 1,055.346 1,200,377
Lake Superior & Ishpeming
April
80,294 -22.700 -18.028 -39,839 -30.895
52,949
From Jan 1_
203,860
267,939 -133,078 -100,617 -201,637 -152.269
Loulsana & Arkansas
131,083
104.709
178,096
151,656
April
642,844
473,816
329.604
747.093
565,920
514,783
From Jan 1. 1,739,654 2,499,905
Louisiana Arkansas & Tea
-9,405
-218
3.817
-5.842
April
86,409
56.943
-3.909 -30,577
11.983 -14.506
335,838
From Jan 1_
249.976
Minn St P & S S M
118,899
441.819
213.762
300.239
April
2,514.635 3.164.686
157.597
308.725
990.841 1,202.419
From Jan L 9,518,504 11,817,755
Mississippi Central
4,468
32.308
23,632
10.120
127.495
A pill
76.903
28.994
113,499
51.682
82,455
499.545
From Jan 1_
335,453
Missouri
nois22.752
41,892
41,692
25.445
160.553
A pill
110.357
161.573
64.632
86.827
136,973
808.817
From Jan 1_
429,514
Nevada Northern6,721
18,920
26.975
14,335
67.040
AprIl
47,327
11.181
127.358
41.078
92,672
285,861
From Jan 1_
179,254
New Orleans Gt Northern
45,760
99.588
56,114
83.277
270,209
April
182.832
168,086
330,042
268,592
209.584
From Jan 1_
721,790 1,034.329
New On Tex & Mexico
40.572
95.296
74.308
61,389
299,150
218,468
April
84.577
319.527
167.889
235,637
792.091 1.113.487
From Jan 1_
Beaumont So Lake & W
78,644
122,538
126,398
74.305
309.982
323,542
April
242.169
371.245
258.471
354,011
937,661 1,229.195
From Jan 1_
St L. Browns & Max
339.979
425.437
363.098
403.257
811.797 1.023.253
April
987.995 1,516,229
From Jan 1_ 2,856.274 3.826,716 1,081.277 1,604,544
New York Central
Indiana Harbor Belt
237,227
291,719
338.630
202.452
976,479
April
804,814
792.092 1.051.744
854,039
620,891
From Jan!. 3.230.161 3.764.780
Pacific
Northwestern
434.145 -42.548 -12.222 -78,680 -48.078
April
322.742
From Jan 1_ 1,188,878 1.580,812 --285.815 --147.802 --409.818 --292.947
Pittsburgh & West Viz
114,197
April
50.567
141,184
80.124
280,238
361.717
314,462
171.603
From Jan 1 _ 1,047,614 1,268.002
421,494
263.576
Quincy Omaha &K
City
April
-7.302 -16,390 -12.005
35,122
54.594 -11,630
From Jan!. 138,312
-4.308 -51.965 -23.088
205.662 -32.944
St Louis San Francisco
April
4,849,794 6,078,078 1,373,658 1,669.735 1.004,062 1.324.987
From Jan 1_18,734.793 24,332.631 4,916.841 6.553.774 3.537.684 5,268.694
St L San Fran of T10.849
14,875 -11.213
A rpll
-7.053
100.386
139,908
56.165
72.792 -37,128
From Jan 1_
405,182
560,618 -20,265
Ft Worth & Rio Grande
April
72,288 -19.339 --18,819 --23.815 --21,285
58,273
From Jan!. 192,806
279,486 -98.993 --55.728 --117.694 --73.884
San Ant Uvalde & Gulf
April
163.534
133,665
From Jan 1_
610,463
635,257
Southern Pacific System
Texas & New Orleans
3.825.489 5.857.853
From Jan 1_15,543,680 20,755,600
23,967
196.370
51.522
204.388
519,626
1.083.527
884,922
3,789.863
19.250
177.720
46.437
185,137
231.371
582,424
1.010.516 2,563.334
JUNE 6 1931.]
4227
FINANCIAL CHRONICLE
-crossfrom Railway-- -Na from
1931.
1931.
1930.
$
$
$
Spokane International
8,469
77,123
April
63,771
31,115
From Jan 1_ 245,985
297,615
Spokane Port & Seattle
647,264
165,232
April
498,251
541,977
From Jan 1_ 1,897,242 2,502,230
Texas & Pacific
April
2,825,337 3,398.389 1,005,578
From Jan L10,356,645 13,039,299 3,176,791
Texas Mexican
103,805
103,442
18,357
April
370,065
17,084
From Jan 1_ 351,408
Toledo Peoria & West
April
141,546
173,595
28,898
From Jan 1_ 529,639
663,101
104,995
Toledo Terminal
April
94,592
107,445
22,485
From Jan 1_ 383.285
429,322
107,005
Utah
April
78,905
87,484
15,058
From Jan 1_ 486,167
616,783
155,175
Western Maryland
April
1,285,717 1,460,816
409,121
From Jan 1.. 5,221,657 0,054,495 1,793,986
Western Pacific
April
1,060,432 1,101,012 --81,765
From Jan L 3,842,473 4,388,683 -104,328
Western Ry of Alabama
April
251,448
28,679
186,670
From Jan 1_ 711,874
80,242
967,684
Wichita Falls & Southern
April
6,668
47,696
95,128
From Jan 1_ 194,194
19,461
327,153
Railway- -Nafater Taxes
1930.
1931.
1930.
I
$
$
17,571
39,779
3,431
10,956
12,488
19,371
188,991
719,841
79,268
198,066
101,879
371,376
1,188.281
844,893 1,002,014
3,835,817 2,638,728 3,092,129
14,162
37,244
13,353
--2,986
9,158
17,219
44,471
106,305
21,808
84,359
36,768
87,817
17,171
107,809
8,787
50.786
1,863
46,001
9,228
195,604
11,597
117,244
4,665
154,374
499,715
334,121
409,715
2,066,506 1,493,986 1,716,506
-108,855 --172,875
--168,743 -479,125
208,948
574,908
60,312
208,417
14,719
30,049
43,985
147,284
32.715
84.901
2,454
1.433
27,631
63.841
Other Monthly Steam Railroad Reports.
-In the following we show the monthly returns of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Consolidated Railroads of Cuba.
Period End. Mar.31- 1931-3 Mos.-1930.
1931-9 Mos.-1930.
Net income after exp.,
depreciation, &c
$613,750
$834,835 $1,844,234 $2,135,774
Earns, per share on 400,$1.53
000 abs. 6% pref. stk.
$2.08
$4.61
$5.33
The combined net income of the company and its subsidiaries for the
quarter ended March 31 1931, was $704,550 or $1.76 a share on the
preferred stock.
12§'Last complete annual report in Financial Chronicle Sept.20'30, p.1889
Cuba Northern Rys.
Period End. Mar.31- 1931-3 Mos.-1930.
1931-9 Mos.-1930.
Net income after int.,
deprec., Fed.taxes, &c $192,401
$534,837
$200,923
$309,293
Earns per sh. on 140.000
shares capital stock
$1.37
$3.82
$1.43
32.21
-Stock all owned by Consolidated RRs. of Cuba.
Note.
larLast complete annual report in Financial Chronicle Sept. 20'30, p. 1889
Cuba Railroad.
FINANCIAL REPORTS
Rutland Railroad Co.
(Annual Report-Year Ended Dec. 31 1930.)
President Patrick E. Crowley says in substance:
The Year's Business.
-The company moved 1.931.950 tons of revenue
freight, a decrease compared with 1929 of 131,734 tons or 6.38%. The
tons carried one mile were 198,057,010. a decrease of 21,618,787 or 9.84%.
There was a decrease of 127,083 in tons received from connecting carriers
and a decrease of 4,651 tons in tonnage originating on the company's road.
Passengers carried were 545,342, a decrease of 123,824. There was a
decrease of 47,396 in interline, 71,430 in local and 4.998 in commutation
passengers.
-Railway tax accruals were $274,297. a decrease
Railway Tax Accruals.
of $63,446, largely due to a reduction In Federal income taxes because of
less net income, and to a refund received from the State of New York
on account of taxes paid in previous years.
Flood Cost.
-The cost of restoring the property damaged by the flood
in November 1927 has amounted to $734,163, of which $8,969 was expended during the year.
-Motor bus service was operated regularly
Rutland Transportation Corp.
between Bennington, Vt., and Chatham, N. Y. throughout the year.
carried, a decrease of 1,334, and total revenue
8.866 passengers were
received was $2.715, a decrease of $66. Operating expenses were $9,726.
resulting in a deficit, including taxes and interest. of $7,307. During the
Year the railroad company contributed $5,628 to the transportation corporation to make good its cash deficit from operations. The net saving
for the year to the railroad company made possible by the substitution
of bus service for mixed train service between Chatham and Bennington
was $17,925.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1929.
1928.
1927.
1930.
Tons rev, freight carried 1,931,950 2,063.684 2,257,259 2,188.964
Tons rev. fr't carr. 1 m-198.057.010 219,673,797 238,911,608 237.683.948
Tons rev, freight carried
531,885
578.464
575.492
479,522
1 mile per mile of road
Total freight revenue..- $3,132,730 $3.531,144 $3,737,799 83.599,201
Average amount received
$1.71
$1.64
$1.62
$1.65
for each ton of freight_
1.565 cts. 1.514 cts.
Aver.rev. per ton per m_ 1.582 cts. 1.607 eta.
669,166
780,701
714,299
545,342
Rev. passengers carriedRev, pass. carried 1 mile 26,620,004 29,668.502 37.647.787 34,974,928
Rev,passengers carried 1
72,856
91,155
84,683
mile per mile of road.65,367
Total passenger revenue $884,611 $1,024,542 $1.230,299 $1,139,719
Average amount received
81.53181,576
81,596
$1.62
from each passenger.3.45 eta.
3.27cts.
3.26 cts
3.32 cts.
Av.rev. per pass. per m_
ACCOUNT, CALENDAR YEARS.
CORPORATE INCOME
1928.
1929.
1927.
1930.
$3,132,730 $3.531,144 $3,737.799 $3,599,201
Freight revenue
1,024,542 1,230,298 1.139,719
884,611
Passenger revenue
1,525.035 1,383,639
1,661,258
1,216,319
Mail, express, &c
133,150
59,738
74.547
52,526
Incid. and joint facilityTotal ry. oper. rev--- $5,286,186 86,276.680 16,626.282 $6,197.106
Operating Expenses1,483.601
1,312,382
952,734 1,164.389
Maint. of way & struc_ 1,209,275
1,221,136
1,185,231
1,045,559
Maintenance of equip
129,635
136,834
131,465
136,185
Traffic expenses
Transportation expenses 2,132,326 2,330.405 2,472.798 2.542.983
21,129
24.091
21.436
23.210
Miscellaneous operations
171.207
194,993
205,026
200,951
General expenses
1,193
360
2,441
6.474
Transp. for invest.-Cr.
Total 17. oper. exps $4,484,491 $5,035,512 $5,361,874 85,556,639
640.467
1,264,408
801,695 1,241.171
Net railway oper. rev337.744
260,570
336.667
274,297
Railway tax accruals.109
55
51
446
Uncollectible ry. revs$927,690
Dr.51.098
64.291
$379,842
Dr.7,233
62,491
3997.011
5940,882
Net ry. oper. Income-$606,140
Non-Oper. Income29.018
22,383
27,452
Miscell. rent income
15,000
15.005
15,000
Dividend income
4,000
4,000
22,279
Inc.from funded secur_ _
Income from unfunded
Georgia & Florida RR.
56,797
87,673
41,970
securities & accounts.
-Month of April--4 Mos. End. Aprit30Incomefrom sinking &
•
1930.
1931.
1931.
1930.
893
893
892
other reserve funds--$4.193
Net from operations
$15,134
$13.857
$28.068 Miscellaneous income
789
935
1.007
8,700
7,500
30,000
Railway tax accruab3
37,834
1
Uncollectible ry.revenue
15
$714,741 $1,127.894 $1.047.385
Gross income
19,000
19.000
19,000
Rent for leased roads
--$4,506 --$14,867
$6,357
Railway oper. income
-$9.782 Miscellaneous rents---425
1.899
1,857
Cr.3,485
Equip.rents(netdeb.bal.)
4,589
2,200
Cr.8,330 Sep. oper. prop. loss_
5,674
5,954
5.629
2.545
10.229
2,565
Jt.fac.rents(net deb.bal.)
10,575 Interest on funded debt..
414,741
421,420
411,991
4,240
1,575
Cr 904
-43,566 -829.685 -812.026 Int. on unfunded debt-$1.591
Net ry. oper. IncomeAmort, of discount on
1,804
1,700
6.503
Non-operating income-6,405
1,509
876
969
funded debt
11
19
178
Maint. of by. organize_
-$1,761 -$23,181
$3.291
Gross income
--$5,621 Macon. income charges-1,594
3,009
1,799
1,161
1.162
4,581
Deductions from income
4,546
$592,095
$681.938
8274.521
Net income
-$2,922 -427,762 -810.168
$2,129
Surplus applIc. to int..
Preferred dividends.---(4%)358,500 (2)179,250 (1%)89,623
8435,100
Period End. Mar 31- 1931-3 Mos.-1930,
.
1931-9 Mos.-1930.
Net income after int.,
deprec. Fed.taxes,&c $498,447 $1,412,481 $1,387,942 $2,633.098
Earns.per sh.on 100,000
$14.12
$4.98
she.6% pref. stock_ _ $13.87
$26.33
Note.--Common stock all owned by Consolidated RRs. of Cuba.
report in Financial Chronicle Sept. 20'30, p.1888
rarLast complete annual
Norfolk & Western Ry.
-Month of April--4 Mos. End. Apri1301930.
•
•
1930.
240
2,242
,237
Average mileage oPer--2,240
Operating Revenues
$5,772,653 $7,526,164 $23,909,183 $31,690,789
Freight
504,391
381,333
Passenger, mail& express
1,532,014 2,120.618
37.257
27,481
Other transportation_
112.816
159,593
55,723
99,810
Incidental & joint tacit
233,166
364.466
Railway oper. revs... $6.237,192 88.167,623 $25,787.179 134.335,468
Operating Expenses
770.823 1,131,408 3,162,958 4.438,801
Ma nt. of way & structMaint. of equipment__ 1.361,232 1,613,795 5,436.788 6,852,006
132.351
Traffic
120.458
484,108
503.994
Transportation, rail line 1,725.348 2,014.928 7,097.877 8,432.319
23,030
Miscellaneous operations
18,809
91,185
128,685
252,206
259,690
General
1.016,388
1,017,686
11,843
Transp'n for invest.-Cr.
20,746
53,422
45,637
Railway oper.expenses $4.228,133 $5.163,361 $17,235.884 $21,327,858
Net ry. oper. revenues__ 2,009,058 3,004,261
8,551.295 13,007,610
675,000
900,000 2.850.000 3,600,000
Railway tax accruals-94
290
Uneollectible ry. revs...
1,331
1,759
Railway oper. Income_ $1,333,963 $2,103,971 85,699,963 39,405,851
102,786
127.804
Equip. rents (net)
494,908
785.297
8,185
27,074
Joint fact'. rents (net)
3.995
16,590
income_ $1,428,564 $2.258.849 $6,190,876 $10,207,739
Net ry. oper.
296,179
211,571
Other inc. items (bal.)._
822,453
818.288
$1.724,743 $2,470,421 $7.013,329 111.026.027
Gross income
403,951
416,058
1,618,264
Int. on funded debt....
1.667,700
81,320,792 52,054,363 85,395,065 89,358,327
Net income
Proportion of oper. exP.
to operating revenues_
67.79%
63.22%
66.84%
62.12%
Proportion oftransp.exp.
27.66%
24.67%
to operating revenues_
27.52%
24.56%
arLast complete annual report in Financial Chronicle Mar. 28 '31, p. 2417
Railway oper.income- 8526.952
Cr.15,553
Equipment rents
63,635
Joint facil. rents, net Cr..
$903.317
Cr.36.334
57.380
26,217
15,008
4.000
58,654
893
794
$540.667
19,000
230
5,234
448,201
298
2,212
20
2,128
$63,344
Surplus for year car$502.472
$63,344
$502,688
ried to profit & loss- def.$83,979
89.623
89,625
89 (323
89 625
standing (par $100)16.66
$7.66
$6.71
2.08
Earned per share
Note.
-1930 dividends charged to surplus.
BALANCE SHEET DEC. 31.
GENERAL
1929.
1930.
1929. 1
1930.
$
I Ltabtlittes$
Assets
$
117.800
Inv.in rd.&equtp_28,894.885 26,541,142 Common stock.... 117,800
Preferred stock-- 4,962,500 8,962,500
Boer. on leased rY.
550,000
20,327 Equip. obligations 495,000
Property
20,892
Mortgage bonds-- 9,216,000 9.216,000
Dep,ira lieu of mtg.
19,708 Traffic & car serv20,708
property sold
69,033
90,493
5,475 Ice balances _ _ __
Misc. phys. prop_
5,475
I Audited accts. and
Inv. In atm. cos.:
320,798
581,240 wages payable-- 286,815
581,200
Stocks
6,680
8,*96
100,000 Misc. accts. pay _ _
100,000
Bonds
195.865
238.000 Int. mat'd unpaid_ 196,065
Notes
211,000
7,411
8,159
74.575 Divs. mat*d unpd_
Advances
79,375
es
Funded debt maOther investmls._ 713,174
1,000
1,000
Cash
719.885 1,627.833 lured unpaid__
2.292
2,062
29,660 Unmet. int. accr'd
Special deposits_ _ _
30,296
5,917
5.917
Unmet,rents racer_
Traffic & car serv4,148
3,463
ice balances_ _ _ _
91,765 Other current nab_
76,520
6,007
10,380
Agts. & cond. bats.
23,544
21.260 Other def. liablls_
82:454773
112,443
159,496
liability
190.217 Tax
Miscellaneous__. 157,660
4,517
633.421 Basun & cas. res._
Marl & supplies__ 623,909
11,486 Accr.deer. equip.) 2.275,407 2,102,663
dlve. rec.....
17,081
_ __
167 Other unadjusted
Rents receivable.
167
102,129
142,887
706 credits
239
Other cur. Wets_
.
883 Appropriated sur383
Working fund adv.
2,045,696 2,044,735
20,353 plus
20,353
def th funds
&o aisets..
.
889 Profit endless, balOther
992
insu .
8,232,840 6,322,107
SUM
Rents & ins. prem.
641
pald In advance4,574
3,698
Met.on fund. dl.
51,070
56,108
0th. urutdj. debits.
Total
-V. 132,
p.
30,157,967 30,264,710
3710.
Total
30,157,967 30,264,710
4228
FINANCIAL CHRONICLE
Western Maryland Railway Co.
•
(22nd Annual Report
-Year Ended Dec. 31 1930.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1928.
1927.
1929.
1930.
Miles of rd. oper. (aver.)
804.44
862.14
895.43
875.18
No. pass. car, earn rev-733,653
599,284
521,789
306,023
No.pass. car. 1
-- 6,423,457 14,182,868 15,929,286 20,145,944
No. pass. car. 1mile_mile per
33,470
26,514
mile of road
23,839
10,817
$503,282
Total passenger rev- - -- $171,605
$375,379
$319,843
Av,rev. rec. fr. ea. pass_ 56.076 cts. 61.297 cts. 62,638 cts. 68,600 cts.
Av.rev,per pass, per m_ 2.672 cts. 2.255 cts. 2,357 cts. 2.498 cts.
No. tons car, of freight
earning revenue
16,271,788 18,485.706 19,063,383 20,825,003
No.of tons car..1 mile 2025749792 2128838,390 2160534,284 2565016,755
No.tons car. 1 m.per m.
3,188,574
of road
2,432,458 2,506,013
2,262,321
Total freight revenue_ _ _$16,599,264 $17,953,440 $17,626,032 $20,636,903
Av.rev.rec.for each ton
80.99097
$0.92460
offreight
$0.97120
81.02013
$.00805
$0.00816
$.00843
Av.rev, per ton per mile
$.00819
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1928.
1929.
Operating Revenues1930.
Freight--Coal & Coke__ $8,211,798 $8,333,718 $8,532,381 $11,263,758
9,373,145
9,619,722 9,093,651
8,387,466
Miscellaneous
503,282
375,379
319,
Passenger
171,605
83,803
88,905
138,566
Mail
94,669
101,107
74,519
76,188
Express
55,873
118,667
100.656
87,354
Milk
57,350
156,891
106,376
137,862
Other revenue
125,948
Total transport,rev- 417,104,711 $18.713,253 318,371,868 $21,600,655
124,557
173.578
Grain elevator
161.030
561,437
95,670
90,948
110,966
Other incidental rev_ _ _ _
126,321
461
989
Joint full. ger.rev
458
225
Total oper.revenues-417,792,694 $18,985,707 $18,592,557 $21,866,171
Operating Expenses2,859.265 3,289,672
MaInt. of way & struc
2,580,968 3,041.864
Maintenance ofequip_ _ - 3,303.822 3,640,116 3,653.259 4,552,230
473,848
502,784
Traffic expenses
511,239
521,677
5.040,077 6,076,838
Transportation expenses 4,656,479 4,954,666
114.784
138,941
' Miscellaneous operations
106,494
131,740
557,940
528,678
499.780
General expenses
562,186
Cr96,158
Cr22,676
Cr67,016
Transp. for investment_ Cr118,310
Total oper.expenses- _--$11,638,562 $12,687,143 $12,676,171 $14,993,312
5,916,386
6,872,858
Net rev.from ry. oper _ _ 6.154,132 6,298,564
983,478
1,180,026
Tax accruals
1,055,073
1,013,593
1,703
1,098
1,429
Uncollec. railway rev_ - 618
Total oper.income_ _ - $5,139,922 35,242,062 $4.931,204 $5,691,733
Income Items
23,453
21,147
28,979
Joint facility rent income
30.017
Jt.facil.rent deduct _ _ - _ Dr226.864 Dr247,947 Dr208,757 Dr214,031
504,720
632,743
801.489
Hire ofequip.(net)
310.164
Net oper. income_ _ _ - $5,253.239 $5,824,583 $5,250,619 $6,131,593
Other Income
37,690
40,174
42,475
Miscellaneous rents- 38,829
44,283
44,002
44,602
Misc. non-oper. prop.. _ _
44,564
Dr38,960
Dr42,892
Dr22,5 .3
0
Net Inc. fr. misc. prop- _
6.222
82
1,548
Dividend income
1.549
1,350
1.350
7,444
Inc.from funded secs- - _
8,158
91,276
155,285
111 R?2
:
Inc.fr. unf.sec.& accts_
61,386
6,125
5,110
Inc.from sink. funds..
7,339
2,391
3,077
4.591
Miscellaneous income__ _
1.813
$144,236
$207,656
$194.903
Total other income_ _ - $169,862
5,394,855 6,339,249
6,019,486
Gross income
5,423,101
Deducts.from Gross Inc.
85,130
89,130
89,130
Rents for leased roads
89,130
4,906
4,906
129,156
Miscellaneous rents_
529,872
2,602,308 2,605,267 2,590,931
Int. on funded debt_
2,599,516
290,992
357,517
255,115
Int.on equip. ctfs
220.409
3,692
317
2.296
Int, on unfunded debt-214
12,191
14,410
12,882
Amort.of dis. on fd. dbt.
12.157
11.272
13,177
10.776
,income charges-- 10,828
Misc
[Vol,. 132.
Cost of maintaining equipment decreased $4,112,139 compared with
1929. Locomotive repairs decreased $297.567, 114 locomotives having
received classified repairs as compared with 174 in 1929. Locomotive
retirements decreased $143,569, only one locomotive having been retired
as compared with 26 in 1929. Freight train car repairs decreased 53,036,644, 2,178 cars having received extensive repairs as compared with 6,721
the previous year. Freight train car retirements decreased $457,764,
there having been 1,654 fewer units retired than in 1929. General business
conditions resulted in considerable curtailment in the use of freight cars,
the company having had an average of 9,022 serviceable cars in storage.
Passenger train car repairs decreased $72712, 19 cars having received
extensive repairs as compared with 76 cars in 1929. Passenger train car
retirements decreased $88,117, there having been no retirements during
the year.
Transportation expenses were 39.319,353, a decrease of $1,659,031,
which was attributable to the falling off in traffic and which reflects decreases in nearly all of the accounts as shown in detail in the appended
statement of railway operating expenses. Notwithstanding the decrease
in freight tonnage, the average train load was increased from 2,805 to
2,962 gross tons. Fast freight schedules were consistently maintained.
Railway Tax Accruals.-Rallway tax accruals were $1,693,586, a decrease
of$423,747. Capital stock tax accruals in Pennsylvania decreased $304.991
due to an adjustment for over accruals in former years and reduction in
market value of capital stock. Federal income taxes decreased $135.418
due to adjustment of taxes paid in former years and to the decrease in income. Increases in property taxes of $32,712 due to adjustments and to
additional property acquired were partly offset by a decrease of $16,069
in taxes on gross receipts.
Equipment Rents.
-The net credit to equipment rents was $3.391.537.
a decrease of $941,438.
A decrease of $869,658 in the net credit for hire of freight cars is due to
the decrease in business, there having been an average of 4,500 fewer
owned cars per day on foreign lines and 3,403 fewer foreign cars per day
on the company's line.
The decrease of $64,452 net credit for rental received for locomotives is
due to a decreased use of the company's locomotives by other companies.
Joint Facility Rents.
-The net debit to joint facility rents was $134,839,
an increase of $71.821. The amount received for the use of joint facilities
decreased $25,273. while the amount paid increased $46,548. both principally due to adjustments applicable to former years for the use of various
facilities at Youngstown, Ohio,
Non-operating Income.
-Non-operating income amounted to $1.280,642,
a decrease of $186.689. Income from funded securities increased $130,351,
resulting from interest received upon loans to the New York Central RR.,
while income from unfunded securities and accounts decreased $318,273,
due to less funds in interest
-bearing deposits, offset in part by increased
credits for interest during construction.
-Deductions from gross income were
Deductions from Gross Income.
$2,143,563, an increase of $340.026.
Interest on funded debt decreased $19,815, resulting from a reduction in
the principal amount of equipment trust certificates outstanding.
Interest on unfunded debt increased $210,851, principally on account of
payment to the New York Central RR. of 3193.406. representing interest
In connection with adjustment of the accounts with that company incident
to the handling of Federal income taxes of the Pittsburgh McKeesport &
Youghiogheny RR, for the years 1924 to 1929 inclusive.
Income transferred to other companies increased $183,927 as a result of
Increased payments to the New York Central RR. on account of its proportion (one-half) of the net return from operation of the Pittsburgh McKeesport & Youghiogheny RR,
Net Income.
-The net income of the company was $6,510,199, a decrease
of $1,045,136.
Surplus.
-After charges for sinking and other reserve funds aggregating
$727, there remained a surplus for the year of $6,509,472 which was carried
to the credit of profit and loss.
Property Investment Account.
-Changes in the property investment account for the year were as follows: Road, increase, $349,067; equipment.
increase, $264,192: miscellaneous physical property. increase. ;3,384:
total increase, $616,644.
Pittsburgh McKeesport & Youghiogheny RR.
-The company's advances
to Pittsburgh McKeesport & Youghiogheny RR. for additions and betterments and equipment amounted as of Dec. 31 1930 to 316,440,715. an
increase of $109,010.
Partial Payment Received on Loan.
-01' the loan of $10,000,000 made to
the New York Central RR. during 1929 $5,000,000 was repaid during
the year.
OPERATING STATISTICS FOR CALENDAR YEARS.
1928.
1927.
1929.
1930,
231
231
Miles operated
231
232
41,087,597
37,430,824
37,976,843
Tons (revenue) freight.-- 34,702,515
777,468
803,768
842,383
Company's freight
708,585
Revenue tons one mile_ _2,143,888,598 2,564,420,380 2,434,829,309 2,479,478,894
32,440,774
Company freight one mile 31,069,402
31,169,090
34,775,578
16,572,699 x15,537,408
Bituminous coal
15,651,355
15,702,228
x1,159,926
1,146,775
Coke
738,559
1,423,300
x4,388,296
5,454,994
Iron ore
4,219,777
4,625,667
4,506,754
x4,070,692
Stone, sand, &a
3,492,742
3,821,015
4,584,245
4,846,919
Passengers carried
3,811,861
5,327,989
Passengers one mile
84,038,382 100,742,108 108,892,275 117,902,681
1.15 cts.
Earnings per ton per mile
1.19 cts.
1.13 cts.
1.15 cts.
1,603
1,713
Ton load (all)
1,668
1,730
$135,802
Gross earnings per mile
$147,599
$117,845
$137,440
x New classification, effective for 1928, makes comparison with 1927 Impracticable,
Total deductions
$3,462,126 $3,101,664 $3,019,669 $3,064,171
2,375,185 3,275,078
Net income
2,917,822
1,960,974
Sbs. com.stk. outst'nd'g
517,971
508,640
523,696
(Par 100)
529,690
$1.06
$3.32
$2.67
Earnings per share
$0.89
GENERAL BALANCE SHEET DEC. 31.
1929,
1930.
1930.
1929.
$
LiabilitiesAssets$
$
Common stock_ 52,969,098 52,369,598
Cost of property
owned
166,492,872 163,640,734 1st pref. stock- 17,742,050 17,742,050
. 6,456,000 7,055,500
Cash
1,716,075 1,877,936 2d pref. stock_ 62,263,866 61,699,866
Time drafts and
Funded debt_ -_
OPERATING RESULTS FOR CALENDAR YEARS.
deposits
300,000 1,000,000 Equip.tr. oblig- 3,772.500 4,393,600
1928.
1929.
Earnings1930.
1927.
Special deposits..
19,451
24,903 Traffic & car ser$24,689,907 $30,533,377 $27,938,315 $28,006,085
354,099 Freight
366,187
pay..
Traffic& careervice bal.
2,408,667
2,238,864
Passenger
1,780,485
2,754,191
vice bal. rec
65,613
188,918 Audited accts. &
818,951
750,855
Mail, express,
568,763
738,317
wages payable 1,536,135 1,951,541 Incidental, dm &o
Net balance reo.
302,042
543,912
308.979
287,248
31,327
23,139
from agents &
Misc. accts. Pay
416,893
412,556
conductors._
367,332 Int. matured- -378,361
Total operating revenue $27,341,198 $34,135,108 $31,406,816 831,785,820
514,730
508,731
Misc,sects. rec_ 1,165,337 1,194,402 Unmat.Int. seer
Expenses
Mat'l & supplies 1,826,201
1,584,545 Fund debt mat.
$4,063,519
$4,235,851
$4,576.894
3,100 Malin. of way & struct- $2,893,072
2,000
unpaid
Int.& dies. rec.
3,853
7,459
7,812,470
11,924,609
Maint. of equipment _ _
9,903,424
9,936,360
0th. curr. assets
102,459
121,345 Unmatured rents
354,222
430,726
336,180
Traffic, expenses
311,957
1,625
2,030
Word. td. advs.
accrued
13,768
10,775
10,978,383
10,137,409
9,319,352
10,442,720
25,960
29,354 Transportation expenses_
curr. nab_
Disc,on fd. debt
436,000 Other
423,888
1.075,331
1,075,291
990,125
General& mIscell.expenses
1,052,382
56,729
57,627
laser. premiums
0th,derd nab-862,944
981,149
paid in adv_ _ _
38,857 Tax.liability- -80,137
Total expenses
$21,530,952 $28,396,025 325,602,990 $28,320,312
315,640
307,000
O
Other unadjust.
Oper. reserve..._
(78.75)
Per cent exp, to earnings(83.19)
(81.52)
(82.81)
debits
1,118,370 1,300,177 Acor'd depreo'n
5,810,246
5,739,083
Net railway
5,803,826
5,485,507
equipment _ _ _ 2,785,202 2,508,871 Railway taxrevenue __ _
accruals_
1,893,588
2,117,333
2,038,877
2.004,955
Depr. & depl. of
Uncollectible railway rev_
165
238
1,905
404
prop. W. Va.
C.& P.Ry.Co. 1,046,366 1,039,910
Railway ()per. Income_ $4,116,422
$3,621,584
$3,763,044
$3,480,148
0th. unad). cred 3,158,489 2,946,215 Equip, rents, net credit
3,391.537
4,332,974
4,061,015
4,620,608
Profit and loss- 19,399.771 17,392,322 Joint fact'. rents, net debit
134,839
63,018
53,230
75,462
173,703.393 171,796,377
Total
Total
173,703,393 171,796.377
Net railway oper. ino
$7.373,119
$7,891,540
87,770,828
88,005,294
-Y. 132. p. 1218, 1027.
Other Income
Income from lease of road
1,327
2,653
390
Pittsburgh & Lake Erie Railroad Co.
Miscall. rent Income__ _
64,598
54,120
43,895
50,845
Dividend income
444,372
443,367
443,477
512,397
(52d Annual Report
-Year Ended Dec. 31 1930.)
Income from fund. secure.
534,701
540,455
410,104
314,691
Inc. fr. unto. sec. & accts.
President Patrick E. Crowley reports in substance:
131,513
227,841
546,113
235,767
727
The Year's Business.
-During the year the company moved 34,702,515 Inc. fr.sk. & 0th. res. fds.
5,000
6,566
1,323
10,863
All classes of corn- Miscellaneous income_
tons of revenue freight, a decrease of 6,385,082 tons.
modites showed a substantial decrease, with the exception of products of
Total other income_ .._ .. $1,280,642
$1,120,267
$1,158,887
$1,467,331
9,164,162
agriculture, animals and animal products. Passengers carried totaled Gross income
8,891,097
8,653,761
9,358,872
3,811,861, a decrease of 772,384. Interline Passengers decreased 79,710.
Deductions
622,943
739,225
local 281,756 and commutation 410,918.
Rents for leased roads.-590,315
620,559
result of the general Interest on funded debt.The decline in the volume of traffic handled was the
171,127
433,073
151,312
131,497
business depression which prevailed during the year 1930, and is reflected Interest on unfunded debt
269,272
300,106
290,904
501,755
in the operating revenues, which were $27,341,198, a decrease of $6,793.911. Inc. trans(. to other co's_
1,045,975
625,552
713,073
897,001
Freight revenue amounted to $24.689,907, a decrease of 85,843,470.
30,311
33,974
Other miseell. charges.27,689
23,994
Passenger revenue was $1.780,485, a decrease of $458,379.
$2,552,353
$1,719,206
$1,803,537
Total deductions
$2,143,563
Mail revenue was $90.800, a decrease of $28,134. This decrease, how- Net income
7,171,890
6,611,809
7,555,335
6,510,199
ever, was due to the inclusion in the 1929 revenue of $32,304 of adjusted Dividends
3.958,255
(20%)8,636,500 (10)4.318,250 (10)4,318,210
mail pay earned in previous years.
$2,853,680
$2,653,553
Surplus for year
$3,237,085
def$2,126 301
Other classes of revenue also showed substantial decreases.
On account of the decreased volume of traffic, expenditures for mainte- Shares of capital stock
863,654
863,654
863,650
outstanding (par $50)
863,650
nance of way and structures were substantially reduced during the year,
$8.31
$7.68
$8.78
87.54
the decrease being distributed throughout the various accounts. Mainte- Earns. per sh. on cap.stk.
NOTE.
-Dividends in 1930 were charged to accumulated surplus.
nance of the property, however, was adequate.
JUNE 6 1931.3
FINANCIAL CHRONICLE
GENERAL BALANCE SHEET DEC. 31.
1930.
1929.
1930.
1929.
Assets$
Road & equip__ 75,642,882 75.029,622 Capitalstock__ 43,182,500 43,182,500
Inv.in MM.cos.:
Prem.on stk.sold
285
285
Stocks
7,267,928 7,267,928 Funded debt__ 2.215,281 2,569.138
Notes
599,773 Accts. & wages_ 1,235,565 1,949,678
599,773
Advances_
28,254,875 33,179,102 Loans& bias pay.
61,720
61,730
Bonds
2,500,000 2,500,000 Traffic bats. pay.
449.333
559,319
Other investmls
5,331 Divs.declared- 2,159,125 2,159,125
5,331
Mise.phys.prop.
34,839 Taxes accrued-- 1,790,306 2,505,384
38,224
Cash
4,568,712 2,565,408 Interest matured
225
225
Traffic bale.ree
649,172
798,771 Miscellaneous- _
442,140
684.975
Misc. accounts _ 1,197,230 1,276,420 Def.credit items
129,458
32,461
Accrued interDeprec.(equip.) 13,510,586 12,078,708
est, diva.. &c_
245,370
245,370 P.McK.&Y.RR.:
3,666
Other curr.assets
10.327
Accrued de82,113
Deferred assets _
47,065
prec.equip_ 10,846,312 9,889,034
645.377
Unadjust. debits
880,631 Ins.&cas'ltyres.
53,715
34,605
5,148
Special deposits _
5,107 UnadJust. wets_
887,332 1,024,550
Loans & bills rec.
4,176
5,802 Add'ns through
Agents&conduc.
172,387
292,696
Inc. & surplus 2,877.885 2,877,852
Mall & supplies 2,295,680 2,635,071 Profit and loss__ 44.335,665 47,769,696
Total
124,177,434 127,379,264
-V. 132, p. 3710.
Total
124,177,434 127,379,264
Fox Film Corporation.
(Annual Report
-52 Week Period Ended Dec. 27 1930.)
Harley L. Clarke, President, May 27, wrote in substance:
Results.
-Although the earnings ofcorporations were in general very much
lower in 1930 than they were in 1929, both the total income and the not
profit of company, before non-recurring expenses. were greater last year
than in the preceding year. A profit and loss statement for the past two
years on a comparative basis is given in the following table:
Comparative Profit and Loss Statement 52 Weeks Ended.
Dec.27 30. Dec.28 29.
Totalincome from all sources
$102,004,009 $83,184,112
Operating expenses
54,563.268 42,739,674
Write off offilm costs, Scc
27.305,357 24,158,544
Depreciation
3,873,560
2,678,761
Interest on funded debt
1,548.330
1,672,652
Net profit applicable to minority interests
790,057
1,199,430
Interest on one-year gold notes
2,290,250
Discount on one-year gold notes
1,133,106
Provision for Federal taxes
248.254
1,266,000
Net operating profit
10,251,827
9,469,051
Non-recurring expenses
1.046.392
The non-recurring expenses in the profit and loss statement for 1930
include a considerable number of items which the management has completely disposed of during 1930. Some of these charges could have been
written off at the close of the preceding year. The largest item ($382622)
consists of the cost ofcancelling unprofitable theatre leases. The remainder
is made up of such items as organization expenses, salaries in discontinued
departments, contract settlements of prior years, &c. The reduction in the
amount set up for income taxes is due to the fact that large legal and financing expenses, which were incurred early in 1930 and reflected back in
reserves for contingencies, are deductible for income tax purposes.
The net operating profit before non-recurring expenses amounted to $4.06
per share on the 2,525,660 shares of stock outstanding at the close of the
period. The earnings per share after the deduction of $1,046,392 of nonrecurring expenses amounted to $3.64 per share.
The increases in total income and net profit during 1930 were due in part
to the acquisition of additional properties, but much more to the fundamental stability and steady growth of the motion picture industry. Even
though the industrial depression was an important adverse influence, it
was not sufficient to offset the normal growth company has maintained
over 16 years.
Summary of Film Production Costs and Rentals for 16 Years.
Cost of
No. of
*Gross
RatioofCosts
Pictures. Negatives.
Year.
Rentals.
to Rentals.
$53,250
4
1914
$272,401
19.5%
36
767,243
1915
3,208,201
23.9%
52
1,289,785
1916
4,244,658
30.4%
2,964,696
70
1917
7,118,172
41.6
3,212.684
73
1918
7,300,301
44.0
2,929,069
1919
69
9,380.883
31.2
4,317.403
71
1920
12.605,725
34.2
4,783,210
65
1921
13,715,000
34.9
4,350,083
1922
66
12,327,957
35.3
4,821,456
1923
51
11,242,629
42.9
3,610,433
46
1924
9,926,025
36.4
5,226,809
1925
43
11,750,515
44.5
8,328,252
1926 '
51
14,274,234
58.3
8,558,101
46
17,012,875
1927
50.3
10,379,365
55
1928
22,626,747
45.9
16,142,216
30,803,974
53
1929
52.4
$81.734,055 $187,810,297
851
Total
43.5%
* Gross rentals includes all rentals from pictures released during the respective years. regardless of the fact that these rentals were received over a
period of about two years. The table cannot include the pictures released
in 1930 because they are still being exhibited. In fact, on the date of this
report 20 pictures had not been released in foreign countries,from which 33%
total gross rentals are received.
-In recent years company has had an even
Increase in Theatre Receipts.
more rapid increase in theatre receipts than it has had in film rentals. The
theatres owned or controlled range from the do luxe houses of which the
receipts per theatre exceed 81,000,000 per year to the smaller neighborhood
houses which, in the aggregate, do the major part of the motion picture
business.
The following table gives an outline of the growth of this part of the
business of company,so far as it relates to American theatres,and measures
its magnitude at the present time:
Year.
No. Theatres. Or.Receipts.
Year.
No. Theatres. Or.Receipts
$2,054,700 1929
455
1927
2
39,90,044
33,923,783!1930
532
249
1928
51.414,002
The second column gives the number of theatres controlled by company
at the close of the respective years, but does not include the theatres operated by Fox Theatres Corp., an affiliated company. The last column includes the receipts only from the dates of control of the various theatres
and hence not necessarily the total receipts of the theatres during the year.
Budget System and Economies.
-During the youth of a rapidly growing industry extravagances and wastefulness are common, and so it has been in
motion pictures. The iaroblem of putting the operations of company and
its subsidiaries on an efficient business basis has been seriously pursued and
Is continually pressed. It will be obvious that there are many practical
,
difficulties in the application of the methods of efficient business in the
In spite of all the difficulties and the necessity of
"land of make believe.
doing nothing that would impair the quality of the product, a budgetary
system has been put into effect with the hearty co-operation and support
of the production officers and directors. This budget will save more than
$3.000,000 a year in operatingeosts. That these economies are an actuality
and not merely a hope is proved by the fact that the operations have now
been carried on for more than five months in strict harmony with this budget.
The resultant savings are so recent that they do not affect the period covered
by this report.
There have been other improvements in operation not related to the
budget. For example, the total cost of administration and the distribution
of films has been a steadily declining percentage of film rentals with the
lowest relative costs last year in the history of company. In 1930 the •
administration and distribution costa were more than 45% lower in comparison with film rentals than they were in 1925.
It is not meant to imply that the present budgetary system is the final
step in the direction of efficient management. The operations of company
involve every phase of a very complex and rapidly developing industry,
and careful investigations are being pursued for the purpose of effecting
continual improvements in operations.
Inventory ofCompany.-In view ofthe fact that there has been considerable
semi-public discusslion of the inventory of company, its officers desire at
this time to make a full and frank statement of the subject.
4229
In the production of feature pictures the principal cost is in the negatives.
When a picture Is released it has an active life of about two years, but upon
the expiration of 52 weeks after its domestic and foreign release dates company treats it as valueless in setting up its assets. A picture continues,
however, to bring in rentals for a considerable time after the expiration of
52 weeks, particularly if it is re-issued. Pictures which record notable
events or the appearance aid speech of celebrated persons are of historic
value. The company's library of film is found to be an important source of
scenes and records useful in the productiion of new pictures. In spite of
these substantial values, it is now the practice of company to write off completely the cost of all feature pictures at the close of 52 weeks after their
domestic and foreign release dates.
There has recently developed some diversity of opinion respecting the
details of the method of writing off the cost of pictures, the discussion having
arisen primarily because of the advent of sound films. Previous to sound
films, company wrote off its picture costs according to a schedule prepared
by Price, Waterhouse & Co., in 1926. According to this schedule, part of
the gross rentals received from a picture were set aside each week to amortize
its cost. In the early weeks after the release of a picture the percentage of
cost was large and it gradually decreased over a period of 78 weeks. Though
this schedule proved fully satisfactory in experience, the present method of
write-off ofcompany is more drastic. In fact, the actual write-off for the
52 weeks ended Dec. 27 1930, and made a part of this report, exceeds by
$1.487,176 that which would have been written off under the schedule
of 1926.
At the close of 1929, an exceptional situation arose in connection with the
Inventory as a consequence of the introduction of sound pictures at the
beginning of that year. A considerable number of silent pictures had become obsolete, though their normal life had not been run. On the advice of
Touche, Niven & Co., who are the regular auditors of company, all costa
whatever the
incurred in connection with the production of silent pictures,,
date of their production, were completely written off as of Dec. 28 1929.
These write-offs, amounting to $4,764,30. included the costs of negatives,
positives, advertising,scenarios, road show equipment, &c. The remaining
film inventory of company established at that time included only sound
pictures.
With respect to the sound pictures released in 1929,it was agreed, on the
advice of the auditors, to set aside weekly 50% of the rentals for writing of
their costs. Consequently, at the close of 1929, that is, at the beginning of
the period covered by this report, the situation stood as follows: The costs
of all silent pictures had been entirely written off, whatever the date of their
release; the costs ofsound pictures released during the year had been in part
written off by applying to their amortization 50% of all tho gross rentals
received from them; and the inventory of the company as of Dec. 28 1929.
had been established by Touche, Niven & Co., the auditors of company.
with the concurrence of Price, Waterhouse & Co., who represented banking
interests in connection with certain financing and who were consulted with
rspect to the inventory, as well as with respect to all other questions pertaining to the balance sheet and the statement of profit and loss. Company
accepted this inventory and this audit in full. It was a part of the report
filed by company with the New York Stock Exchange; it was printed in its
annual report for the 52 weeks ended Dec. 28 1929; it was the basis for the
financing in April 1930; and it has been made the basis for all subsequent
Interim reports issued by company. Company continued to write of its
inventory during 1930 in exact harmony with the method recommended and
accepted by the auditors for the sound films released in 1929.
In connection with the recent refunding of maturing notes of company,
Price, Waterhouse & Co. were invited to make a special audit for an interim
report as of Sept. 27 1930. In this audit they ignored the inventory which
had been established as of Dec. 28 1929 (which included the write-off of all
silent pictures, amounting to $4,764,362), and determined one for an
earlier date (Sept. 28 1929) which is inconsistent with it. Moreover, their
calculation of write-off were on the basis of a new schedule which was made
retroactive for 52 weeks to Sept. 28 1929, or to a date three months prior to
the period that had been closed in the audit of Dec. 28 1929. This new
schedule amortizes film costs much more rapidly than any heretofore used;
according to it, more than 93.5% of the domestic allocations of negatives
costs are written off in 26 weeks.
The new proposed write-off schedule was based on the rental history of
the first 29 sound pictures released, four of which were originally planned
as silent pictures and were only partially dialogue pictures. At the beginning of 1929 there were only 1,046 theatres in the United States and Canada
that were equipped with sound reproducing apparatus, and a much smaller
number were equipped in foreign countries. Consequently, the early sound
pictures were a novelty, and being shown largely only in de luxe theatres
had a relatively short life. But by August 1930, there were 12,534 theatres
In the United States and Canada equipped for sound reproduction, which
the normal number of positive prints can serve only in the course of many
months,and consequently since that time the revenue life of a film has been
greatly prolonged by its exhibition in second-run and third-run theatres.
Moreover, there has been a corresponding prolongation of the life of films
exhibited in foreign countries.
The position taken by company is that 29 pitcures, four of which were
not original sound pictures, are too few to provide a solid statistical basis
for an amortization schedule, and that the results for these few pictures do
not justify abandoning the Price, Waterhouse & Co. schedule a 1926, and
Ignoring and contradicting the experience of company in producing and releasing 8.51 pictures over a period of 16 years. Moreover, it is the position
of company that the first sound pictires produced do not furnish a valid
statistical basis, because they were released during the exceptional conditions in which theatres were in the process of being wired for sound reproduction. A write-off schedule based on films now being released would
undoubtedly approach the Price, Waterhouse & Co. amortization table of
1926,for sound pictures have taken the place of silent pictures, being distributed by the same producers, exhibited in the same theatres, and viewed
by thesame public.
As a consequence ofthe lack of unanimity of opinion respecting the matter
of treating the write-off of film costs, company asked its auditors Touche.
Niven & Co., to determine its film inventory as of Dec. 27 1930. This
Touche, Niven SD Co. have done in a certified report which company accepts
and includes in its balance sheet. The basis of the write-off is as fellows:
Since 67
of current film rentals are from domestic sour es and 33% are
from foreign, 67% of feature picture costs are written off from domestic
en
rtals an 33% from foreign. Fifty per cent of the gross domestic rental
received from each film is set aside for amortization for 52 successive weekS
following its first release. If the amount thus set aside exceeds 67% of the
cost of the film, a credit for the difference is taken Into the income account.
If it falls short of 67% of the costs, the deficiency is at once charged against
the income account of the company. All subsequent rentals from a completely amortized film are taken into the general income of the company.
The portion allocated to amortization from foreign rentals is treated in the
same way after making allowance for the later release dates and for the fact
that these positives are produced in foreign countries.
It follows that the cost of every negative film is necessarily completely
written off in 52 weeks after its domestic and foreign release dates, instead
of in 78 weeks after the domstic release date as under the 1926 write-off
schedule of Price, Waterhouse & Co. Of the 76 sound pictures which so far
have been released, the domestic portion of the costs of 22 were entirely
written off before the expiration of 52 weeks after their release and several
were completely amortized much earlier. For example, the entire domestic
allocation of cost of one picture was completely written off in less than five
weeks, but company continued to set aside 50% of the rentals received from
It up to the end of the 52nd week, at which time more than twice its cost
had been amortized. The average percentage of cost written off in 26 weeks
for all sound pictures that have had both domestic and foreign rentals for
this period is 73.5. If the four pictures are omitted which were not original
sound pictures, the percentage written off in 26 weeks is 77.6. As has been
stated, the recently proposed Price, Waterhouse & Co. schedule writes off
more than 93.5% of domestic allocation of costs within 26 weeks.
During the 52 weeks covered by this report, company released 53 feature
pictures, all of which were entirely sound dialogue, as compared with 49
sound pictures and 4 re-naade silent pictures in the preceding year. At the
beginning of this period company's inventory stood at $17,712,351. The
costs incurred during the year for negatives and positives,including scenarios
purchased for future productions, and also advertising materials. aggregated
$31,220,182. During the same period, company wrote off its film costs to
the extent of $27,305,357, thus-leaving an inventory of $21,627,176. At
the beginning of the period there were in Its inventory 72 feature pictures.
including those that were in the process of production, and 91 at its close.
,
This increase in feature pictures largely accounts for an increase in inventory
during the year of $3,914,825.
write-off table of Price, Waterhouse & Co. were used,
C the proposed new
the difference between the amortization obtained and that set up by the
company, as determined and certified to by Touche, Niven & Co. would be
$894,261 for the 52 weeks ended Dec.27 1930, and the net profit of company
for the period would be reduced by this amount. It is to be noted, however,
4230
FINANCIAL CHRONICLE
that the effect of the change would be simply to add to the write-off against
the income during the past year and to decrease by the same amount the
write-off to be deducted from the income ofsubsequent years.
EARNINGS FOR 52 WEEKS ENDED DEC. 27 1930.
(Including wholly owned subsidiary,controlled and (or) affllated companies.]
Gross inc.from sales & rentals offilm & literature & theatre rec.:196,446,346
1.469,828
Income from rental of stores & offices
2,147.925
Dividendsfrom investments: Low's,Inc
291.144
Other
1,648,767
Other income
8102,004,009
Totalincome from allsources
Operating expenses of theatres & exchanges, head office & adx54.563,268
ministration expenses, &c
Amortization of production costs, including participations__ _ _ 27.305,357
3.873,560
Depreciation
1,548.331
Interest
790,057
Minority interests'shares of theatre subsidiaries' profit
2.290,250
Interest requirements on one-year 6% gold notes: Interest_ _ _ _
1,133.106
Amortization of discount & expenses
248,254
Provision for Federal income taxes
1.046,392
Less non-recurring expenses
Net profit for year
Balance, Dec.28 1929
$9.205,434
11,603.511
$20,808,946
Total income
Adjustments in respect ofreserves: Appropriation from surplus
for possible reduction in normal expected return on picture
2,000,000
inventories
Excess provision for indeterminate liabilities & contingencies
Cr.1,650,000
returned to surplus
738,263
Settlement of contracts entered into in prior years
10,102,240
Dividends declared
$9,618,442
Balance, Dec. 27 1930
x Rentals offilm to subsidiary theatre operating companies not eliminatedRESERVEFOR CONTINGENCIES(52 WEEKSEND.DEC.271930.
$11,576,298
Balance, Doc.28 1929, per annual report to stockholders
Less charges during the year:
Extraordinary expenditures incurred during the period of
financial readjustment, less portion assumed by associated
company:
Proposed financing pursuant to the terms of the Ban748,246
america-Blair plan, not consummated
257,851
Authorization of additional 4,000,000 shares of capital stock
1,322.722
Additional compensation & bonus paid to employees
2,038.712
Legal fees
168,282
Accounting fees
Outlays in connection with acquisition of British properties,
1,286,291
not capitalized
Cost of proposed acquisition of British properties, not con177,872
summated
Outlays in connection with "Grandeur" film experiments,
previously in dispute, & sundry
settlements of royalties
489.426
non-operating charges
Outlay on repurchase of "A" stock of Fox Theatres Corp.
437,500
from Case interests
Amount of reserve considered excessive-restored to surplus- - 1,650,000
Balance, Dec.27 1930, carried to balance sheet
$2,999,396
COMPARATIVE BALANCE SHEET.
Dec. 27 '30. Dec. 28 '29.
Dec. 27 '30. Dec. 28 '29.
$
8
LiabilitiesASSetiInventories ____ 21,627.178 17,712,351 Notes payable__ 1,429,370 10,223,342
accts.receivable 5,650,834 2,203,814 Accts.PaYA ac__ 7,987.169 4,482,481
crued
Cash
5,308,943 2,492,599
920,560
Notes receivable
1.000,000 Dividends pay.- 2,525,560
Res. for Federal
Land. bkigs.,ena225,267 1,119,641
Income tax_ __
ehinerY,equip 253,681,978 37,563,876
Inv. in 0th. cos_110,015,475 59,529,235 Amt.due asso.cos 1,515,932
Sundry Inv.,&c_ 1,202,599
906,984 Def.cred.& sundry long-term
Leaseh. dr rental
710,358
iiabilitiis _
deposits
618,397
852,206
Llab. to be reCash surr.val, of
financed_ -_-c 85,000,000
life ins.policles
489,828
292,269
46,000
Pref.stk. of sub
Prepaid expenses 1,118,725
Deferred charges 1,624,269 1.726,832 Liab. in respect
to acquis. of
14,173,975
investment-6% gold notes,
12,000,000
Apr. 1 '30
due
Adv. paym'ts for
335,929
film sem.. dro..
Funded debt._ _ 18,518,983 15,202,980
Res. for contlag.
& indetermin.
liabilities ____ 2,999.398 3,250,000
Capital stock_ _b 90,780.000 42,805,000
11,818,442 19,929.808
Surplus
201,354,478 124,243,718
Total
Total
201,354,476 124,243,718
a After depreciation and amortization of S13,771,892. b Consisting of
and
2,425,660 shares of class A no par va ue (4,900,000 shares authorized)due.
100,000 shares of class Boo par value stock. c Secured 6% gold notes
April 15 1931. $55,000,000; note payable of Wesco Corp.secured by capital
stock of Fox West Coast Theatres, $10,000,000. These liabilities have
since been liquidated -V.132. p. 3721.
Royal Dutch Co. for the Working of Petroleum Wells
in Netherlands Indies.
-Year Ended Dec. 31 1930.)
(Annual Report
The report, presented by the Managers to the Board of
Commissaries, says in substance:
-The year 1930, during which
Production and Restriction in United States.
the petroleum industry found itself placed in the very difficult position
brought about by the enormous production of 1929, was characterized in
most oil-producing countries by an endeavor to restrict production. This
effort was already noticeable in the United States of America in the last
quarter of 1929, as the following figures show:
Average Daily Production in United States of America (Barrels).
December,
November.
September.
October,
2,610,000
2,625,000
2,915,000
2,853.000
for 1929 exceeded that of 1928 to no
Nevertheless the total production
small extent:
Production 1929.
Production 1928.
1,007,323,000 bbls.
901,474,000 bbls.
United States
99.507,000 bbls.
84.704,000 bbls.
Russia
377,621,000 bbls.
338.555.000 bbls.
Other countries
1,484.451,000 bbls.
1,324,733,000 bbls.
Total
The consequences manifested themselves in the figures for the stocks held
compared with those at the close
in the United States at the end of 1929, as
of 1928:
Dec. 31 1929.
Dec. 31 1928.
540,851,000 bbls.
491.847,000 bbls.
Crude oil stocks
43.261,000 bbls.
33,092,000 bbls.
Gasoline stocks
104.182.000 bbls.
95,456,000 bbls.
Other products
During the past year the policy of conservation has been systematically
pursued in the United States as is evidenced by the following figures showing the average dally production for each month in 1930:
[Vol,. 132.
Average Daily Production in United States of America During 1930 (Bids.).
_2,469,0001Oct- - --2.345,000
Jan_ __ _2,572,0001April---2,573.000 July
Feb- _ _ _2.652,000May- -2,592,000 Aug----2,415.000 Nov----2,272,000
March -2.503,000 June- __2.564,000 Sept..- -2,366,000 Dec--2,161,000
These figures show clearly that the loyal producers in America did what
they could to improve the statistical position of the oil industry. They
took a heavy burden upon themselves in curtailing production so much and
the effect was that they indeed succeeded in improving these figures,
although consumption did not increase to the same extent as in former
years. owing to the world crisis. The following is a comparison of the
stocks in the United States on Dec. 31 1930, and on Dec. 311929:
Dec. 31 1930.
Dec. 311929.
512,797,000 bbls.
Crude oil stocks
540.851,000 bbls.
40.541.000 bbls.
43.261,000 bbls.
Gasoline stocks
112,017,000 bbls.
104,182,000 bbls.
Other products
There is, therefore, no reason at all for any feeling of panic in regard to
over-production in America. Not only is pessimism out of place in regard
to the petroleum industry-the greatest supplier of energy in the world
but there is also too marked a tendency to show insufficient interest in
which the leaders
and to pay too little attention to the earnestness with
of that industry apply sound ideas in practice.
Thanks to the Initiative of the Standard Oil Co. of Calif.. the largest
holder of oil-land in the Kettleman Hills, and with the co-operation of
nearly all other holders of oil-land (including the Shell Union), the first
step was taken there towards a joint exploration and exploitation of that
gigantic oil field.
We have every reason to expect that in the interests of the whole American petroleum industry this association will tend to counteract largefluctuations in a possible decline of production elsewhere and at the same time
prevent this large reserve being misapplied to make the over-production
still greater, so that if ever a large decline elsewhere should lead to too
high prices it will be possible to meet all demands at a reasonable price.
fTahuearweed
signs that this good example of co-operation will be
up.
Hut
But even if production were in fact to assume the greatest imaginable
proportions, say twice or more than twice the present production, still
this would not be so alarming for the petroleum industry as for the coal
industry. At the moment the production of coal is still 1.200.000.000 tons.
If the production of petroleum were to be doubled or even more, then fuel
oil would become so cheap that coal would be ousted almost entirely and
would have to give place to the say 600,000,000 tons of oil. But the
possibility of the present oil production being doubled in the near future
is to be considered as practically precluded. It is to be regretted, however.
that so many in the oil industry do not realize that every over-production,
great or small, has the same effect: in other words, no matter whether the
over-production is 10% or 50% the result is the same: the market is unable
for the time being to absorb the surplus and prices fall very low.
The most serious consequence of such a forced production would be,
however, that the reserve oil layers, of which there will be urgent need in
course of time, would be badly encroached upon and not only would the
future be seriously menaced for those who seek a temporary existence from
abundant production, but the whole Industry would receive a severe shock
when it suddenly realizes that these reserves have been so grossly attacked.
There are many who are not yet sufficiently impressed with the fact that
the greater the production, the greater must be the percentage of reserve:
in other words, if we have a daily production of say 100,000 tons, a 10
years reserve of the same amount is safe, but when Production is forced
up as it is now to say 400,000 tons per day there should be a reserve for a
much larger number of years. As a matter of fact, a consequence of large
production is that oil finds a much more extended use in social life and
obviously a much larger reserve has to be held to meet the demand later
on when production begins to decline.
Royal Dutch Policy of Restriction.
In Roumania.
-The policy of restriction in 1930 was not confined to
America, but was in fact adopted by all other countries (with the exception
of Russia). although by some only terniporary. In the plea for conservation our group played a leading part. In January, 1930, proposals to this
end were made by us to the other producers in Venezuela, which, alas,
were not accepted until November of that year.
In Roumania, too, we led the way in advocating a policy of conservation. As a result of certain proposals made by us to the other Roumanian
producers, conservation was started in Roumania in the second half of
July 1930. Under that proposal we undertook to buy regularly considerable
quantities of oil products from the other Roumanian producers at prices
well above the local export market price. The result of the application of
conservation is apparent from the following figures:
1930 Production in Roumania (Metric Tons).
5
2 0
5 1 18
410:3 8
512,8021July
January
rl;
1 1 91
445:215 ma
r
5.34,803 x August
February
513.577 September
.
492,804 June
a eh
MxrConservation
The beneficial effect which conservation had upon the local export
market prices is apparent from the table given below, which shows the
difference between the f.o.b. Constanza prices and the f.o.b. world market
equivalent prices.
During periods of normal production and consumption local considerations have resulted in there being a margin between prices prevailing in the
two markets. By "world market equivalent prices," therefore, is meant
the f.o.b. Gulf prices increased or reduced, as the case may be. by such
margin.
Margin Between F.O.B. Constance Prices and World Market EquivalentPrices,
Kerosene.
Heavy Benzine.
Light Benzine.
Constance Prices. Constance Prices. Constance Prices,
Below
Above
Below
Above
Below
Above
World
World
World
World
World
World
Market Market Market Market Market Market
: v.
li ed
Equiv. Equiv. Equiv. Equiv. Equiv. Eg :
Cs
21s. 6d.
January 1930
February
13s. 6d. 69. 6d.
6s. 6d.
4s. 6d. 8s. 6d.
March
6d.
3s. 6d. 4s. 6d.
m a i1
A pry
Is.
4s.
3s.
8s.
4s. 6d.
13s.
108.
13a.
15e.
July
june
8d.
Is. 6d.
August
3s. 6d.
115. ed.
88. 6d.
September
As regards kerosene, it is necessary to explain that prior to the introduction of conservation, stocks of this product in Roumania were abnormally high; until these stocks had been depleted, the effect of conservation
on the price of kerosene was therefore delayed. Even under normal conditions this product is subject to considerable fluctuations in Its price, and
this factor, naturally accentuated by the abnormal conditions which had
prevailed in Roumania, together with the fact that the product is one in
which there is a variation in demand during various seasons of the year,
renders the figures apparently less indicative of the beneficial effect of
conservation.
It was an absolute necessity for most of the Roumanian oil companies to
get more reasonable prices and certainly necessary for all the smaller
companies to get a better price for their products in order to get out of their
financial difficulties, prices having dropped below the cost price of most
of the Roumanian Companies.
In October 1930. the Steaua Romans nevertheless gave notice of termination of the conservation agreement. We did all we could to prevent this
notice being given. We were at all times prepared to consider suggestions
to improve the application of the conservation agreement, but we are sorry
that we must add here that no other company made any suggestions of a
constructive nature to that effect. Notwithstanding our advice that it
would be a catastrophe, not only for the Roumanian oil industry, but for
Roumania itself if a period of reckless over-production should set in-and
this was bound to happen if conservation came to an end--and that if
discussions were considered necessary for an improvement of the conditions
of the conservation agreement, these conditions should not be made more
difficult by first bringing the conservation agreement to an end, the Stoma
Romanis gave notice to the Agreement, and thus conservation came to an
end Dec. 1 1930. Immediately a very considerable over-production set
in, as may be seen from the following figures:
Production in Roumania (Metric Tons) End of 1930.
January (1931)
*December.
October.
November.
604,831
637,661
388,396
419,405
* End of conservation.
The effect on the local export market prices is equally striking:
JUNE 61931.]
FINANCIAL CHRONICLE
4231
Margin Between F.O.B. Constance Prices and World Market Equivalent Prices. Of course
they would have been much lower. The fact that conservation
,
Light Benzine.
has not resulted in bringing prices to a satisfactory level
Heavy Benzine.
Kerosene.
Constance Prices. Constance Prices. Constance Prices. the over-production and the accumulation of stocks hasonly proves that
been so serious
Below
Above
Above
that even a year of conservation could not result in a reasonable price for
Below
Above
Below
World
World
World
crude oil and its products. Why should large slIMB be expended on the
World
World
World
Equiv. Equiv. Equiv. Equiv. Equiv. Equiv.
drilling of wells in order to get increased production when the accumulated
1930—
stocks and the yearly production are sufficient to meet all consumption
October
16s.
20s. 6d
for a number of years?
Is,
November
6s. 64.
Moreover the fact must not be lost sight of that the technical side of the
6d.
8s. 64.
December
19s.
4s
3g. 64. crude oil production business has made rapid strides during the last few
1931—
years. We can drill much deeper wells in a shorter time than we could in
January
33s.
I8s. 64.
the past. The geological methods also have been improved enormouslY,
2s.
February
43g.
29s.
and the result Is that we find oil where we
Is
there would be
We want to add here that the conservation agreement which was in any, and once we know that there is oil in anever thought we can
certian place
develop
effect from the second half of July 1930 to Nov. 30 1930, certainly worked a field very rapidly.
more to the advantage of some companies than of others, but there was
On the
danger for the future
no
fields that
company to whose advantage it worked so little as the "Astra Romano" are found other hand the be left to discover inis that the more exhaustion
now
the future, and
(our company), and we consider that there was no justification whatsoever is going on. the less will
to any of the Roumanian companies to endanger, not only the Roumanian
We really had no right to expect that this development in the technical
oil industry, but economic life in Roumania by giving notice to the agree- side of the oil business would synchronise perfectly with the increasing
ment. The future will prove whether this opinion of ours is right or wrong. demand. Of course it would have been too much good
luck
Whilst we are writing this, discussions to put into effect a new conserva- fact, we all know that it did not synchronise, and thereforeif it had. In
we have the
tion agreement are being held in Roumania, but the results are
not yet present slump, but there is no reason to be unduly pessimistic about the
known.
consumption of the future.
Russia alone is holding aloof from the policy of restriction adopted
Compared with other industries the oil industry has considerable adby all
oil-producing countries in the past year. The following are
vantages. The technical improvement of a large number
industrial
(taken from Soviet publications) for the production in Russia:the figures processes and the normal development of modern life tend of create an
to
Oct. 1 1927 to Sept. 30 le. t•, 12,285,046 metric tont.
ever-increasing demand for petroleum products in more and more varied
Oct. 1 1928 to Sept. .01 1C29, 14,167,600 metric tons.
forms. Consumption in the future will, we are convinced, always be very
Oct. 1 1929 to Sept. 30 1930, 17,209.000 metric tons.
large. Up to the present motor traffic has been limited in most countries
World Production.—Notwithstanding Russia's attitude, the
owing
aviation and the use of Diesel engines
production of crude oil in 1930 was about 11 million tons less than world's and so to lack of good roads, &c.: to the petroleum industry
many other factors open up
that of
such market1929. The figures for the various countries are as follows:
ing prospects that to anyone versed in these matters the feeling inspired
cannot be other than optimistic. The industry must take care, however.
1930
Metric Tons. Metric Tons. that equilibrium is maintained between production and consumption by
United States of America
126,686,041
141.992,032 voluntary and friendly co-operation. If all pull together, the near future
Venezuela
20,191,270
20,367.105 will be a good one and the further future bright, but should there be a
Russia (according to Soviet statistics which
lack of co-operation, then the near future will be very dark for many,
cannot be verified)
18,695.500
14.645.857 whilst the more distant future will have to bear the consequences of the
Mexico
6,044,544
6.821,707 damage about to be done. Co-operation in the restriction of production
Persia
5.797.095
6.022,092 will help the industry to tide over the most difficult period it has yet known
Roumania
5,744,000
4,827,278 and will bring it forth healthy and strong into a future that can be nothing
Dutch East Indies
5.332.218
5,100,000 but a bright one for the petroleum industry. Side by side with curtailment
Columbia
2.8.30,626
2,836,371 of production there must be retrenchment in production expenses. Such
Peru
1,683,842
1,811,596 cutting down of costs is in fact stimulating, and those producers who by
Trinidad
1,450,080
1344,833 applying effective methods on sound principles are successful in reducing
Argentina
1.273.730
1,259,302 their production costs to the minimum, whose management has been
British India
1.112,277
1.170,374 judicious also in the past and who are not burdened by old liabilities, will
Sarawak
701,518
760.166 enter the future much stronger, no matter whether restriction is conPoland
662.763
693.018 tinued or not. Co-operation and continued restriction are more v Sal
Egypt
281,997
271,520 conditions for the existence of the weak than of the strong.
Japan
279.045
287.636
Other countries
Report of Royal Dutch Companies.
1.010,854
835,146
According to the latest figures available the production was:
199.777,400
211,046,033
1930.
1929.
Although, therefore, the 1930 production was well below that
Metric Tons.
of 1929.
prices in 1930 fell considerably below the 1929 level and at the
4,806,640
moment of Dutch East Indies
4,746,426
compilation of this report the decline is continuing. To our
Sarawak
701.518
minds it
760.166
cannot be denied that the main cause of these unsatisfactory
281,997
Prices must Egypt
271.520
be under-consumption and not over-production. This
Roumania
1,034,042
852,372
under-consumption is not by any means confined to the phenomenon of Mexico
oil
284,749
jCorona
363,361
a matter of fact it is to be seen in the case of all commodities. industry: as
1,553,258
The world's
'Aguas
1,689,564
consumption has greatly diminished.
3.072,084
Caribbean
2,330.341
Chief Causes of Under-Consumption.—The result has been that
5.878,186
6,469,206
producers Venezuela IV.00
could not sell part of their products, and, consequently,
705,261
Colon
market for production material to the extent they had beenwere not in the Trinidad
128.240
102,800
Thus the vicious circle began which gradually slowed accustomed to. United States (Shell Petroleum Corp.)
2,873,908
3.602,835
down the whole
world production process, caused unemployment on an
(Shell 014 Co.)
2.650,164
3.980,717
and—if it is allowed to go on—will ultimately assume unheard-of scale, Argentina
9.980
15.079
still much more
serious proportions.
Now what is the reason for this serious slowing-down of demand?
23.980.027
25,184.387
There
are two major causes of this phenomenon to which we would
The figures for the first half and second half of 1930 are as follows:
call special
attention.
1st Half
2nd Half
The first is Russia.
1930
1930
In that country 160,000,000 people have been forced by
m Metric Tons
regime into the service of their five-year plan. Their living the Bolshevik Dutch
2,501,212
conditions are
East Indies
2,305,428
such as no other people have ever been subjected to. Their working
366,665
con- Sarawak
334,853
ditions are largely those of forced labor. Freedom of movement
134.089
147.908
speak of freedom of thought—no longer exists, and the Soviet --not to Blain
570,072
Govern- Roumania
463,970
ment has, moreover, decreed a drastic reduction in consumption
,I Corona
and an
144,756
139,993
unheard-of lowering of the standard of living, in order to start dumping Mexico lAgulla
832,188
721.070
large quantities of all sorts of commodities in foreign markets,
1,511.807
so
1,560,277
acquire the necessary funds for their expensive five-year plan. We as to Venezuela Caribbean
3,003.111
2,875,075
IV. 0. C
therefore see that, as consumers, 160,000.000 Russians have practically
345,108
360,153
Colon
appeared from the market, even agriculturists not being permitted to dis- Trinidad
use
55,730
72.510
their own production as they wish, and the Soviets have
1,584,728
appeared as United States (Shell Petroleum Corp.)
1,289,180
suppliers of a number of commodities in competition with other producers
(Shell Oil Co.)
1,398,137
1,252,027
who are already hard hit by the practical disappearance of
Russia as a Argentina
748
9,232
consumer.
The second reason for the drop in world consumption which we
. 12,448,351
would
11,531,676
mention here is the silver problem.
These figures demonstrate what has been achieved by our wholehearted
This is not the place to go into any details in this matter,
of a number of measures taken by several Governments is but the result co-operation towards conservation, in respect to curtailment of production
of silver expressed in gold has been dropping over a period of that the value and increase of reserves. Otherwise the production would have been much
years, and this larger, at least 29,000,000 tons. The reduction was not solely a result of
drop cuhninated in 1930 during which silver lost not less than
40% of its the shutting in and pinching of producing wells, but it was the beginning
already very seriously reduced value.
When buying one has ultimately to settle the account by rendering of a drastic curtailment of drilling.
During the past year negotiations were continued with the Standard-I. G.
services or by delivering goods in exchange. One can pay
Production, i.e., credit, or with the cash accumulation of past with future combine with a view to co-operating in the field of hydrogenation. tilk
production.
In the beginning of 1931 these negotiations led to the formation of a
Now two huge countries—China and India—have in the past
an enormous stock of silver. This silver stock has, during accumulated new company, the International Hydrogenation Patents Co., Ltd. in
the last few which various large chemical industries are interested and particular; of
years, gradually declined in value, but not in volume, and
the same stock is at the present day worth considerably lessconsequently Which have already been published.
than it was
As regards our fleet
tankers, at the close of the year our Group bad at
say three years ago. Of this decline a very large part occurred
in 1930. its disposal 2,261,903 of
tons carrying capacity, including chartered 'vessels
It is, therefore, not surprising that China and India. with a
of 800,000,000, have lost purchasing power. To that extent population and the fleet of the Eagle Oil & Shipping Co., Ltd. (formerly the Eagle 011
they had to Transport Co., Ltd.). During the year under review about 19,911.250
disappear from the market as purchasers of European and
American tons of cargo were transported, of which 2,661,250 tons for account of the
products, in consequence of which production in Europe and
America had Eagle Oil & Shipping Co., Ltd.
to be reduced, thus again reducing the purchasing power of such
In pursuance of a resolution of the extraordinary general meeting of
and American producers, and here again we see a vicious circle European
of smaller shareholders held on Dec. 1 1930, subsequently approved by the Minister
demand resulting in smaller production, and such
again resulting in smaller demand for other products. smaller production of Justice on Feb. 17 1931, the Articles of Association have again been
altered. On that occasion, in connection with the redemption on Nov. 1
Of course there have been other important reasons for
of the economic development of the world, such as civil the slowing down 1930, of all outstanding priority shares not yet exchanged for 5% debentroubles in India, the settlement of War-debts and war in China, the tures, the company's share capital of f1,000.000,000 was divided into two
War
import duties, and so on, but it may be sufficient here to -Indemnities, classes only. viz., 1.500 preference shares and 098,500 ordinary shares of
mention those f1.000.—each.
cited above.
In April 1930, through the intermediary of Dillon, Reed & Co. of New
If the silver problem is to be satisfactorily solved, the
bi-metallic standard York, 4% debentures were issued to an amount of 40 million dollars in
will have to be reinstated, thus bringing the silver value
up to where it bonds of $1,000.—each, redeemable at any time after previous
belongs. This is practically quite possible and all the
notice, but
more desired now not later
that there are, practically speaking, not sufficient
than April 1 1945. and carrying the option to purchase under
the actual gold requirements of every country for ansupplies of gold to meet certain conditions 15 so-called American shares, equivalent to five subeffective gold standard. shares.
Moreover, there has been no over-production of silver
In view of the low interest we are at present able to make on our large
for its fall. Statistics show that since the year 1493 theas would account
world
of silver has been 14 times as large as the gold production, and production available funds (on an average not even one-half of the 5% interest on
during the the debentures) it has been considered more economical to redeem the 5%
last five years the proportion between silver production and
gold produc- debentures at l023%.
tion has been practically the same; still, during these last
five
It is undoubtedly a great advantage to have still larger funds at one's
value of silver expressed in gold fell from 32 pence per ounce to years, the
per ounce, and in 1930 it fell from 21% Pence to 143 pence per 14% Pence disposal, but when in these difficult times it involves a loss in interest of
ounce.
about 3%, or some.1600,C00.—per year on the outstanding f20.000,000.From these figures it follows that the reason for the drop in the
silver has not been over-production, but the fact that the use value of 5% debentures, such a premium. as it were, to assure more facility in
that was working, must
considered too heavy, the more so seeing that when, in
made of silver as currency has been destroyed by an almost
general exclusive February 1931,be resolution to effect this economy was taken, there was
the
adoption of the gold and only too often the paper standard. The
done to the silver producing countries, and to those countries damage little likelihood of an increased demand for money. The hopes were enterthe course of years, have accumulated enormous silver stocks, which. in tained in this respect in November 1930 were destroyed. Since that date
has been the position has become even worse and not only have interest rates fallen
largely responsible for the slump of 1930.
still farther but in times of crises such as the present the investment of
The way out of the present world depression can in our opinion
found in a considerable increase of consumption. While waiting only be large sums is not entirely free of risk.
10
• Mi
With the more than ample cash resources of all our affiliated companies
times, however, and seeing prices falling in spite of his voluntaryfor better
in restricting his production, it is quite understandable that the oil sacrifices there need be no fear of any of them making a call upon us for an increase
producer of capital. (The total of the cash funds of our subsidiary companies—
should become impatient and lose faith in the beneficial effect of
conserva- which are invested apart from the holding companies—is more than
tion. In our opinion, however, it is wrong to plead that conservation
should .1100.000.000.—, whilst in addition they have a very large amount In
cease, and those who are doing so are looking at things in the
wrong light. unencumbered oil stocks and packing material.)
It Is true that prices have not improved during this period of
conservaThe working results of our business in the difficult year just past Were
tion, but what would they have been if there had been no
conservation? naturally not so satisfactory as in previous years, but nevertheless
the net
4232
FINANCIAL CHRONICLE
[Vou
132.
Drilling activities were curtailed wherever possible and the throughput
profit for 1930 amounted to.1'90,836,414, and this, after an interim dividend
accumulation of surplus
of 10% had been declared in January. allows of a final dividend of 7%. of the refineries was regulated so as to avoid any
-on the priority stocks of ready products.
after payment of4% on the preference shares and.f762.612.
In this way and by purchasing very considerable quantities of crude oil
shares.
and products, our companies actively assisted towards keeping the total
Particulars in Regard to the Principal Sections of Royal Dutch Industry.
stocks in the United States within reasonable limits.
At the same time these companies continued to acquire new fields wherChamber of the
-On March 10 1931 the Second
Dutch East Indies.
and their geological and exploration
State General passed the Bills, authorizing the East-Indian Government ever the prospects appeared favorable,
with the Bataafsche Petroleum work did not fail to yield fair success.
to enter into several working agreements
Consequent upon the striking of rich oil production in New Mexico a
Maatschappij on the basis of Art. 5a of the Indian Mining Act in respect branch pipe line 60 miles long was laid, jointly with other parties, between
of a number of fields in the Dutch East Indies.
New Mexico and the pipe line completed last year from West Texas to the
The crude oil production amounted to:
Houston refinery.
1929.
1930.
whilst at Boynton
- At Fall River an out-of-date plant was dismantled, use for the storage
Metric Tons
taken into
1,138,068 Beach a new installation was completed and
1,348,892
Sumatra
1,621,626 and distribution of lubricating oil.the natural gas coming from the wells
1,562,741
Borneo (excl. Tarakan)
In view of the benzine content of
1,171,700
1,057,808
Tarakan
was built there, for joint
620,988 in New Mexico, a large gasoline-extraction plant has been put into opera557.079
Java
45,172 account with third parties, and in the meantime
47,657
Ceram
tion, with satisfactory results.
232,463
148,872
N. I. A. M.fields
The building of the installation at Wood River for the application of the
was almost completed in 1930, and in
4,746,426 True Vapor Phase cracking process up for trials.
4,806,640
the meantime it has been started
Expansion of the distributing organizations of the various companies
The progress made on the N.I. A. M.fields is apparent from the figures
given above, whilst our activities on some of the fields in respect of which was continued, marketing companies being taken over. to expansion of
The development in aviation in the United States led
the Indian Mining Act
contracts were concluded on the basis of Art. 5a of
direction, and in this they
have also met with success; the production from these "5a contract" fields the outlet of the various companies also in thisof a number of aeroplanes
were effectually supported by the acquisition
metric tons in 1929.
was 398,444 metric tons as against 130,411
the Dutch manned by highly experienced pilots.
In view of the general depression, expansion of our business in
Under the unfavorable economic conditions prevailing, the repeated
East Indies has been temporarily restricted and we hope to be able to reduce
constitutes a bar to a further
our expenses in the Indies in 1931 to two-thirds of the already considerably raising of gasoline taxes in several of the States prices generally ruling for
low
reduced amount for 1930. Nevertheless, during 1930 a sum ofj30,000,000 increase in consumption, in spite of the
E. Indies for extensions and new constructions, gasoline.
was expended in the D.
refining of the
Naturally the financial results of the companies for the year 1930 were
including, 1. a.. the building of an Edeleanu plant for the of the erection
on the
adversely affected by the above-mentioned factors. Dividendsquarters
kerosene produced at Pangkalan Brendan, the beginning
contact system at Bank Papan,and ordinary shares of the Shell Union Oil Corp.for the third and fourth in the
of a new sulphuric acid factory on the
a not inconsiderable reduction
had to be passed, whilst there was
a number of facilities for the selling organization. Indian
installations undistributed balance of the previous year. The Shell Union has, however,
On Dec. 31 1930 there were employed in our East
policy of writing off depre2,900 Europeans and about 41,000 natives, whilst another 5,000 natives adhered also for 1930 to the same conservative
dation as followed in previous years.
were in the employ of our contractors.
been slightly reduced as from Jan. 1
Mexico-The taxes, which had
this
N.I. A. M.(Nederlandsch Indische Aardolie Maatschappif.)
1930 underwent a further small reduction in the beginning of Februarybear
Year. Although this is a step in the right direction, taxes continue to
The crude oil production amounted to:
far too heavily on Mexico's petroleum industry.
1929.
1930.
The Aguila's total production (including that of the Corona, which
Metric Tons126,629 company was taken over by the Aguilla in 1929). amounted in 1930 to
186,434
Djambi fields
22,243 1,838,007 metric tons, as against the joint production of the Aguilla and
39,797
Aroebeei fields
Corona in 1929 of 2,052.925 tons.
6,232
Boenjoe
The Tonala field (Isthmus) alone produced 1,002,065 tons during 1930.
In the Tampico-Tuxpam district production was partially shut in,
232,463
148,872
leaving a quantity which, together with the purchases of light crude oil,
Sarawak.
-The production for 1930 amounted to 701,518 metric tons was sufficient to meet the possible demand.
(760,166 metric tons in 1929).
Filisola (Isthmus) continues to yield about 4,300 barrels per day, without
Egypt.
-During 1930 a crude oil production of 281,997 metric tons was new wells having to be drilled.
Tampico and
in 1929.
During the year under review the working results of the modernization
obtained, as against 271,520 metric tons
continued
-The total production in 1930 reached the record figure, for Minatitlan refineries have been satisfactory; the
Roumania.
over the year 1929. This of the installations has led to considerable economy as regards fuel oil
Roumania,of 5,744,000 tons, an increase of 19%
deposit had been
Increase was largely due to the fact that a very rich oil and that a fierce consumption and also in other respects. Mexico City, with the coast by
It was decided to connect up the capital,
found in what is called the third Meotic layer (Moreni) most companies.
the
laying a 10
-inch pipe line and to build in that city a refinery to work this
campaign of exploitation of this layer had been started by
,of
had rapidly and continuously increased since the oil pumped there. This work is expected to be completed in July
As a result production
production at the beginning of year. As a result, a considerable saving in freight will be obtained and
commencement of the year, and the daily
on the plateau
1929. This
July was about 35% above the average daily production ofconsumption the company will be in a better position to extend its trade
rapidly increased production came at a time when not only theas a result of of Mexico.
to the Aguila's application
The Government decided favorably in regard
in Roumania a natural markets had been adversely affected
zone of the
to oust Roumania from
the world crisis, but also the Soviets were trying considerably decrease of for concessions in Tabasco (east of the present productive exploitation
the market. This, accompanied as it was by a itself, had a disastrous Isthmus): concessions were granted them for exploration and
at Jalpa and to the south of that place.
consumption of petroleum products in Roumania
in
Roumanian peAruba.
effect on the marketing possibilities and on the prices ofadopted almost
-Regular deliveries were taken of the crude oil purchased
troleum products, and this led to conservation being of July. Con- Venezuela by the Canadian Eagle. totaling about 7,193,000 barrels, which
unanimously by Roumanian oil producers in the monthto an end at the was treated in the Arend Petroleum Co.'s refinery.
servation only lasted for a period of four months, coming
Curacao.
-Various works of extension taken in hand in previous years
beginning of December.
were completed in 1930, among which was the extension of the cracking
conservation the total production of the country and Trumble plants.
During the period of
was maintained at a level only slightly above the average production of
The benzine installation at Bullenbay was taken into use and answered
1929.
be such that the expectations.
end of
The situation of the country's finances continued to industry's burden e
l Phl% off in the world's consumption which set in at the for exa
the
Government not only found it impossible to reducetaxation.
the year induced us to postpone the execution of certain projects
decided to impose additional
of taxation but even
as tension.
producers in VeneThe production of Astra Romans in 1930 was 1,034,042 metric tons.by
As a result of the arrangement between the principal
compared with 852,372 metric tons in 1929; the total meterage drilled
zuela we were able to reduce the number of our tankers in service by four,
55,555 metres in 1929.
markets of our concern.
Astra was 47.206 metres as against
Roumanian for which employment was found in other
With this production Astra continued to be at the head of the as well as
produced
-The Caribbean Petroleum Co. crude oil production was:
Venezuela.
oil industry, both as regards the quantity of crude oiladequate and timely
1929,
1930.
Having made
the quantities treated in their refinery.
Metric Tons
oil production,
arrangements for the treatment of their increased crude
2,330.341
x3.072.084
all these quantities by their own means,
and being also able to transport
x Of which 2.406,205 tons were produced in the first nine months of 1930
heavy conAstra Romana did not contribute in any respect to the very
and after the and only 665.879 tons in the last three months.
gestion which prevailed in the Roumanian industry before on the prices
The Venezuelan Oil Concessions, Ltd., production in 1930 was 5,878,186
a very serious effect
Period of conservation and which had
metric tons: 1929, 6,469,206 metric tons.
of Roumanian crude oil.
the
In the course of the year the V. 0. C. Holding Co. was absorbed in the
In spite of the unfavorable conditions which prevailed throughout
able to earn the satisfactory profit V. 0. C., and with a view to providing the necessary funds for further
Industry in 1930, Astra Romana were
efforts which had exploitation the V. 0. 0.'s capital was increased to £7,200,000.
of more than 484,000,000 Lei, mainly the result of theof the company in
The Concepcion district, which had been shut in since March 1927 was
been continuously carried on to improve the efficiency
arrangeNew wells were drilled with unexall its technical and administrative imanches, and of the favorable products reopened in the beginning of 1930. of the increased production in this
pected success, so that, on account
ments under which the company were able to dispose of all their
part, additional storage and pumping facilities had to be provided.
available for export at reasonable terms.
Roumanian industry
The total of the first year's production (1930) of Colon Oil Corp. was
In view of the very difficult position in which the
and, moreover, 705,261 metric tons.
finds itself as a result of the general petroleum situation,
of conservation in RouAt the end of January 1931 the first tanker was loaded at the pipe line
under the conditions created by the termination
good financial results terminal with oil from the Colon district. The hopes entertained remania, it was felt advisable in spite of the company's
fully confirmed. The
than 6% for the year 1930, the re- garding the productivity of this field have been is 3,000 tons per day,
to distribute a dividend of not more
production at the present moment (April 1931)
mainder of the profit being carried to special reserves.
production is obtained
oil production of the com- whilst more than 1,000 tons is shut in. The entire
-The gross crude
United Slates of America.
from 12 wells.
panies belonging to our Group amounted to:
1929.
1930.
-1930 production was 128.240 metric tons; 1929. 102,800
Trinidad.
- metric tons.
Metric Tons
3,602,835
2.873,908
Systematic exploration and an improved method of drilling enabled the
Shell Petroleum Corp
3,980,717 production to be appreciably increased. Towards the end of the year
2,650,164
Shell 011 Co
under review it was necessary to shut in some of the producing wells, on
7,583,552 account of insufficiency of outlet for the increasing production.
5,524,072
Total
-The erection of the refinery at Buenos Aires proceeded at
Argentina.
These production figures were strongly influenced by the restrictive measures full speed and it is gratifying to be able to report that just before going to
dictated by the conditions prevailing, the companies belonging to our Group press with this report it was put into operation.
ability.
having co-operated towards restriction to the best of their United States,
Pending the completion of the Buenos Aires refinery there could be no
The enormous potential production of the oilfields in the
question during last year of any exploitation of the Comodoro Rivadavia
the enormous visible stocks of crude oil there, the almost unbridled drilling fields, so that there was no crude oil production of any significance, this
discovery of still other exceptionally
campaign-which by the way led to the
among other being confined to a quantity of about 10,000 metric tons obtained during
rich oilfields-and finally the sharp competition resulted, crude oil and the retesting of wells.
things, in unprecedented low prices being quoted both for
There is now a stock of some 60,000 tons in readiness for the refinery to
quotations also resulted in the
its derivatives. These low home market
be started up at once at full capacity.
measures for the control of export prices as intended by the Petroleum
It is hoped that the moment will soon arrive when our enterprise in the
Export Association falling through in November 1930 atter a struggling Argentine can be fully developed.
existence of about 22 months.
Our usual comparative income account and balance sheet
The general situation of the petroleum industry in the United States led
to drastic measures of economy being taken by our companies both in were published in V. 132, p. 4049.
regard to new constructions and exploitations.
Oenerat Corporate anb 3inbefstment
STEAM RAILROADS.
-Western railroad heads approve
Want 10% Increase in Freight Revenue,
report of traffic men calling for rate advances. "Wall Street Journal"
June 2. p. 2.
Offer More Plans To Curb Buses.-Ralkoads and unions _present briefs
to 1.-S. 0. Commission urging need to relieve rivalry. New York "Times"
June 3, p.4.
Dunmore Labor Act Sustained by Court.-Rallroads lose in attack on the
"Prevailing wage" for grade crossing work; own employees excepted.
but roads must accept supervision with State aid, says Appeals Bench
'
ruling. New York "Times June 3, p. 20.
-Brotherhood adopts resolution
Trainmen's Union To Aid Unemployed.
Providing work for about 11,000 through limiting hours. "Wall Street
Journal" June 2, p. 9.
-Record in case before L-S. 0.
City Ends Testimony for Free Lighterage.
Commission fills 7,000 typed pages; New Jersey rebuttal begins July 9.
New York "Times" June 4. P. 54.
-Made two-year inquiry
-S. C. Commission Completes Truck Survey.
I.
Into bus business; next Congress to get report. Several groups are opposed
highways. "Sun" June 4, p. 9.
to U. S. regulation of
1
JUNE 61931.1
FINANCIAL CHRONICLE
4233
Surplus Freight Cars.
-Class 1 railroads on May 15 had 608,671
freight cars in good repair and immediately available for service, surplus concluded negotiations for the purchase of this road which extends between
the car Longview
service division of the American Railway Association announced. This was company Junction, Wash., and Ryderwood, 29 miles. The stock of the
is all now owned by the Long-Bell Lumber Co.
-V.131. p. 2060.
an increase of 7,341 cars compared with May 8, at whicn time there were
601,330 surplus freight cars. Surplus coal cars on May 15 totaled 246.272,
Maine Central RR.
-Asksfor Authority to Acquire Outright
a decrease of2,181 cars within a week whilesurplus.box carstotaled 292.879,
Lines It Now Controls.
an increase of 7.999 for the same period. -Reports also showed
'
30,003
surplus stock cars, an increase of 1,206 cars above the number reported on
The company has asked the I. 0. Commission for authority to acquire
-S.
May 8, while surplus refrigerator cars totaled 16,081. a decrease
of 339 outright, properties and franchises of the Upper Coos RR., operating in
for the same period.
New Hampshire and Vermont and the Coos valley RR., all of which it
Matters Covered in the "Chronicle" of May 30.-(a) I.
-S. 0. Commission now controls through stock ownership. The company will acquire the
not to undertake inquiry into railroad situation-Petition of
properties by purchase for
in behalf of Eastern railroads, p. 3391; (b) Committee Daniel Willard ties aggregating $1,358,000a nominal price of $1 and assumption of liabilifor the lines to be acquired.
appointed by
Eastern railroad executives adopts resolution referring matter of freight
The proposed acquisition will eliminate the inter-corporate relations
rate increases to traffic and other committees, p. 3992: (c) Increase in between the company and its lessor corporations,
simplify the Maine
rail rates opposed by National Retail Dry Goods Association, p.
3992: Central's corporate structure and improve its financial position, the Com(4) Supreme Court Authorizes transfers of assets of Chelsea Bank & Trust mission was told. The total mileage aggregates 55 miles.
-V.132, p. 3879.
Co. to Mercantile Bank Sr Trust Co.
-Reorganized bank to open shortly.
P. 3992.
Minneapolis Northfield & Southern Ry.-To Extend
Baltimore & Ohio RR.
-Seeks More Time To Dispose of Bonds.
The L-S.
Western Maryland Stock-Seeks To Operate Controlled Roads.
- for a period 0. Commission
The company June 5 asked the I.
-S. C. Commission
Jan. 13 1932 to dispose of its holdings in the Western to be given until
Maryland.
Commission previously had extended the time until July 13 1931. The
The
Baltimorb & Ohio in its petition said the depression made it inadvisable
to attempt to dispose of the stock at this time. The B. & 0. was
cited
under the Clayton Anti-Trust Law for its ownership of Western Maryland
stock. Two postponements have been granted previously in the effective
date for divestment.
The B. & 0. also moved to bring about closer co-ordination of its lines
by applying to the Commission for permission to operate the Buffalo,
Rochester & Pittsburgh and the Buffalo & Susquehanna railroads. The
parent company owns 99% of the capital stock of the two roads.
Two applications were filed. One asks permission for the Buffalo,
Rochester & Pittsburgh to operate the Susquehanna and the other asked
that the Baltimore & Ohio be permitted to operate the,Buffalo, Rochester
& Pittsburgh, including the Susquehanna.
-V. 132, p. 3878.
Big Sandy & Cumberland RR.
-Abandons Part of Line.
The I.
-S. C. Commission May 22 issued a certificate authorizing the
company to abandon that part of its line of railroad, called the Matney
segment, extending from Hurley, via Matney, to Grundy, 15.7 miles, in
Buchanan County, Va. The company is a subsidiary of the Norfolk &
Western Ry.-V. 129, P. 3468.
Chaicgo & Eastern Illinois Ry.-New Chairman, &c.
-
The Van Sweringen interests reorganized the board of this company on
June 3, replacing the Chairman and three other members with their
nominees. Kenneth D. Steere, who has been on boards of other Van
Sweringen lines, was elected Chairman, succeeding Thomas C. Powell.
C. T. O'Neal, who became President on Jan. 1, and all others officers
except Mr. Powell were re-elected.
Besides Mr. Powell, directors who resigned were : William C. Potter,
President of the Guaranty Trust Co.; Joseph R. Swan, President of the
Guaranty Co., and Thomsd D. Heed of Colvin & Co. They were replaced
by Michael J. O'Brien and Hugo E. Otte, Vice-Cahirman of the National
Bank of the Republic of Chicago, and C. Hyatt, Vice-President of the
Continental Bank & Trust Co. Mr. Steer° is a partner in Paine, Webber
& Co. and Mr. O'Brien is the firm's resident partner in Chicago.
The Chesapeake & Ohio Ry. holds an option to buy 69% of common
and 29% of the preferred stock of the 0. & E. I. but has made no appli-S. 0. Commission for control of
cation to the I.
line. The Commission allocated the C. & E. I. to the Chicago North Western Ry., but the
trunk line presidents agreed to its assignment to the C.& 0. Ry.-V.132,
p. 2958, 2574, 844.
May 22 authorized the company to extend
of not less than one nor more than five years from Sept. 1 1931,
the maturity date of not exceeding $250,000 of 5
-year convertible 6% gold
notes.
-V. 123, p. 2892.
Missouri Pacific RR.
-Commission Conditions Unification-Withholds Final Approval Pending Acceptance.
The I.
-S. C. Commission June 2 issued a supplemental report in connection with the unification plan, wherein it is set forth that this road must
comply with certain conditions before a final order would be issued pera e thit to take over and operate by lease the 23 Southwestern roads
mfttlg
i
The two principal conditions prescribed are that the railroad shops of
the International-Great Northern RR. at Palestine, Tex., be maintained
and a guarantee given that the Missouri Pacific would not change and
would maintain existing through routes of traffic and joint rates unless
authorization for change was granted by the Commission.
A large number of petitions for reconsideration of the commission's first
opinion were filed, and all were considered in the instant case. The Kansas
City Southern and Missouri-Kansas-Texas protested against issuance of
authority by the commission for the Missouri Pacific unification without
requiring the maintenance of existing routes, inasmuch as the commission
had denied their application for union with the Cotton Belt (St. Louis
Southwestern). The commission said:
"Although the applicant (Missouri Pacific) now has stock control of all
of the carriers whose lines it seeks to lease we are of opinion that under
section five (2) of the act we have authority to prescribe conditions on its
acquisition of the further control which it now seeks. We know that in
many instances through routes of great importance to shippers have been
secured with difficulty and after long continued efforts. The cancellation
of such routes might seriously disturb business unless other routes not
much longer and equally advantageous were available. The record now
before us affords no basis for the determination of individual cases and
each case will necessarily depend upon its merits. The applicant indicates
that it has no present plans to change existing routes and we do not deem
unreasonable a requirement that it obtain our approval before closing any
route. If therefore, we issue our order authorizing the acquisition of control herein sought such order will require that before it becomes effective
the Missouri Pacific shall file its consent to and acceptance of a condition
that, until we otherwise order, it maintain existing through routes of traffic."
The commission was rather closely divided, Commissioner Porter being
of opinion that the commission had Jurisdiction over general offices, shops
and stations. Commissioners Eastman, McNanamy, Mahaffie and Atchison all dissented in part.
-V. 132. p. 4051. 3879,
New Orleans Texas & Mexico Ry.-Time for Exchange
Chicago Rock Island & Pacific Ry.-Dividend Rate
Again Decreased.
-The directors on June 3 declared a divi- of Bonds Extended.
The time within
bonds may
a like
dend of 1% ($1 per share) on the common stock, par $100, principal amount ofwhich 5% income series B, hasbe surrendered for Oct. 1
been extended to
1st mtge. bonds,
payable June 30 to holders of record June 12. This com- 1935. The right is reserved to terminate the period within which such
13xc0 37
06
-V. 132. P.
pares with a quarterly payment of $1.25 per share on 371hrge may be made at any time without further notice.
March 31 last and with quarterly distributions of 13 %
4
New York Central RR.
-Seeks Authority to Issue $3,094,($1.75 per share) made on this issue from March 30 1929
000 Car Trusts.
to and including Dec. 311930.-V. 132, p. 3878, 3709.
The company has asked the I.
-S. C. Commission for authority to issue
Chicago Springfield & St. Louis Ry.-Sale.$3.094,000 equipment trusts of 1930, 43i% certificates, in connection
This road extending from Springfield, Ill., to Lock Haven, will be
sold at public auction June 25 at Springfield, Ill. in accordance with a
decree issued by Judge Fitzilenry in the Federal District Court at Springfield on May 21. The minimum bid which will be considered for the
right of way, rolling stock and other equipment, has been set at $200,000.
William St. John Wines, as special master, will conduct the sale.
-V. 132.
P. 4050.
Consolidated Railroads of Cuba.
-Earnings.
-
For income statement for 3 and 9 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2188.
Cuba Railroad Co.
-Earnings.
For income statement for 3 and 9 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132. p. 2188.
Cuba Northern Rys. Co.
-Earnings.
For income statement for 3 and 9 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2188.
Delaware Lack. 8c Western RR.
-Hearings Ended.
-
The joint hearing before the I.
-S. C. Commission and the New Jersey
State Board of Public Utility Commissioners, on the application of
the
road for approval of an increased commuattion fare schedule, was concluded June 1. Briefs will be filed by June 15.-V. 132, P. 2755.
Fort Smith & Western RR.--Receivership.Federal Judge F. A. Youmans June 1 named Louis la Barry Jr., VicePresident and General Manager of the company, receiver. The action
was taken on application of the Central United National Bank of
Cleveland which stated it held mortgages on the properties securing
$1,500,000
of indebtedness. Another debt is a government loan of
ties for which are held by the Mellon National Bank $140,000, securiof Pittsburgh.
-V. 128. p. 880.
Houston Belt & Terminal Ry.-Tenders.-
The Central Hanover Bank & Trust Co., as trustee, is notifying
holders
of 1st mtge. 5% bonds, due July 1 1937. that it will receive
sealed proposais for the sale of those bonds at a rate not to exceed 105 and
total offer not to exceed thesum of $50,671. Sealed proposals will int , the
be .
at the office of the trustee at noon on June 91931.-V.127, p.679. opened
International Great Northern RR.
-Has Land Producing Oil-Right of Way Leased for Drilling.
The following is from the "Wall Street Journal":
International-Great Northern expects to derive considerable
benefit
oil production. Seven miles of its right-of-way in East Texas have from
leased on a royalty basis to a drilling corporation, and the first well, been
estimated to produce 12,000 barrels a day was brought in on May 4. Nearly
a scoare of additional drilling locations on this property are in the 'various
development. Derricks have been erected on several of
stages of
and rigs moved on to several others. While the extent of benefits them
from
the development is, of course, problematical, it may amount to as much
-V. 132. D. 3517. 3332. 1792.
as several hundred thousand dollars.
Little Schuylkill Navigation, RR. & Coal Co.
-Div.
--
The directors have declared a semi-annual dividend of $1.11 per
on the outstanding $2,487,850 capital stock, par $50, payable July share
15 to
holders of record June 12. This compares with a semi-annual distribution
of $1.13 per share made on Jan. 15 last.
-V. 128, p. 4151.
Longview Portland & Northern Ry.-Purchase Negotiations Concluded.
-
With the procurement of new equipment costing $3,315,000.
The certificates will be sold at competitive bidding and mature in 14
equal installments on May 15 from 1932 to 1945 incl. The issue is a supplemental one under a trust agreement providing for the maximum issue of
$15.000,000. Of this amount $10,965,000 has been issued.
Obituary.
Loren F. Vosburgh, Vice-President in charge of passenger traffic, died
on May 31 at Mt. Vernon, N. Y.
-V. 132. P. 3879.
-Utilization of Dollar in 1930.
Pennsylvania RR.
Employees of the Pennsylvania RR. were paid nearly half of the entire
nmme of the company last year, according to an analysis of the company's
1930 revenues made public on June 3. Wages for Pennsylvania RR.
workers required 45.49 cents out of every dollar earned by the railroad last
year. The analysis further shows:
Passenger and freight receipts on the entire Pennsylvania RR. system,
plus all revenues from all sources, amounted to $640,401,141 for 1930.
Of this sum, $616,638.650 came in ever the ticket and freight agents'
counters for transportation and incidental service provided for shippers and
Passengers. Investments and other sources of income were responsible
for the remainder of the year's receipts.
Wages had the firstcanon the company'sincome,and aS in previous years.
the 166,000 employees of the l'ennsylvania received more than two-fifths
of the railroad's entire income. This wage item alone amounted to almost
65% of the railroad's total expenses in 1930,reflecting the importance of this
coun meu and their families and in helping to preserve the prosperity
thetry
of the
item to
The second largest single item, after payment of employee wages, covers
materials and supplies used in new construction, replacements, and renewal
of the railroad's physical property. This item also formed an important
contribution to preserving the prosperity of the country and giving widespread employment in other industries. The railroad expended 15.01
cents
g
dollar of income to maintain its road and property in
condition,
With exception of interest charges and dividends, Federal, County, State
and municipal taxes constituted the next largest expenditure for the year,
constituting another important contribution to National prosperity.
The proportion of income expended for taxes again increased in 1930. the
Pennsylvania RR. paying 6.37 cents out of every dollar of income for
Government upkeep. This figure compares with 5.98 cents in 1929. 5.85
cents in 1928,5.29 cents in 1926 and 4.21 cents out of every dollar in 1916.
The itemized distribution of each dollar of income follows:
Cents.
To employees, for wages
45.49
To the mining industries, for locomotive fuel
3.75
To manufacturers and dealers, for materials and supplies
15.01
To Federal, State, County and Municipal Governments, for taxes-- 6.37
To other companies, for rentals of equipment and joint facilities_ - - 2.74
To claimants, for loss, damage, &c
2.03
To bond and mortgage holders, and others for fixed charges
7.53
To reserves, for depreciation and retirements
3.60
To stockholders, for dividends
9.09
To miscellaneous payees, for all other expenditures
1.84
Leaving available for surplus
2.55
Total
100.00
Although gross income for the year was reduced by $118,000,000 due
to the depression which affected all lines of business, especially in the last
six months of 1930, efficiency and economy of operation and management
resulted in a fair surplus, after payment of wages and all other expenses,
interest charges and dividends.
New
Placed in Service.
Equipment
It was recently reported that the Chicago Milwaukee St. Paul & Pacific,
Final deliveries were made this week by the Pennsylvania RR. on
the Great Northern. the Northern Pacific and the Union Pacific have $5,000,000
-foot steel gondola cars, work on which the
order for 1,500 65
was
4234
FINANCIAL CHRONICLE
[Vol.. 132.
begun early last winter in the railroad's own shops at Pitcairn in the Pitts-San Francisco Ry.-To Issue $9,342,000
St. Louis
burgh district, at Enola near Harrisburg and at the Altoona Works.
There have already been placed in service on the Pennsylvania 1,470 of Bonds for Refunding.
In preparation for financing a maturity of 89.342,000 of bonds due on
these exceptionally long gondolas and the 30 to be turned out of shop this
steel and July 1, the company has applied to the I.-8. C. Commission for permisweek will complete the order. More than 93,000,000 pounds of
sion to convert about $18.000,000 of unissued 41i% bonds into 6% bonds.
steel products were used in building the new cars. •
The new 65
-foot gondola, the longest ever built in railroad history, is If it obtains Lae permission of the Commission, the company plans to sell
designed to handle long structural shapes such as steel bars, sheets, pipes sufficient of these converted bonds as a series of the consolidated issue to
and rails. As fast as the new gondolas have come out of shop they have carry a 6% coupon and mature within five years, to meet the $9,342,000
-year 6% bonds would be
been dispatched to the important mill districts and industrial centers of maturity. The approximately 810.000,000 of 5
Pennsylvania, particularly in and about Pittsburgh, where the demand is placed with insurance companies and other institutions. They would
not be offered publicly.
greatest for the long car body.
It Ls stated that Chase Securities Corp. and Dillon. Read & Co. will
The new gondola, known as class 0-26, has a length over the couplers
of 70 feet 3 inches. The inside body length Is 65 feet 6 inches and the head the syndicate that will carry out the financing. Speyer & Co. and
equipped with drop ends J. St W. Seligman & Co. have previously been bankers for the company.
inside body height is 3 feet 6 inches. The car is
and is built to accommodate a normal load of 140,000 pounds with a load
Third Well on Test.limit of 148,000 pounds.
Tne"Wall Street Journal" June 3 says: Well No. 3 on leased property
of the St. Louis-San Francisco Ry. at Oklahoma City was brought in
New Heavy Steel Rails Being Laid.
The first stretch of the heaviest steel rails ever laid in the main line at a depth of 6,369 feet. The well was allowed to flow for an hour and
track of any railroad in the world were placed in service on the Penn- produced at the rate of 35,000 barrels of oil and 62.000,000 feet of gas a
-V. 132, p. 4051. 3710.
sylvania RR. near Tyrone, Pa., on May 20. The rail is the first of an day.
experimental order recently announced by the Pennsylvania to meet the
-Refused Application To DisconSumpter Valley RR.
requirements of sustaining 100,000 pound axle loads at speeds of 100 miles
per hour. Present maximum needs require rail which will sustain axle tinue 20 Miles of Line.
to 80 miles an hour.
loads of 80,000 pounds at a speed up
The I.
-S. C. Commission has denied the application of the company to
The new rail, which weighs 152 pounds to the yard as compared with the
miles of its line extending from the Middle Fork of the John
Pennsylvania's present heavy rail of 130 pounds to the yard, was rolled by abandon 20at
Bates. to Prairie City. Grant County, Ore. The railroad
will be placed in service Day River
the Bethlehem Steel Co. at its Steelton plant. It
report, which
the
at two different locations on the Pennsylvania's main line between Pitts- abandonment policy was discussed in -mileCommission's line in Eastern
narrow gauge
and also on the heavily travelled lines between involved an unprofitable portion of an 80
burgh and Harrisburg, Pa.
Oregon.
New York and Philadelphia.
-V. 132. p. 4051, 3333.
The Commission stated it was the duty of a carrier, before abandoning a
is largely dependent upon
-Denies B. & M. Purchase-President railroad serving a substantial community whicheffort through all practical
Pennroad Corp.
it for transportation, to make every reasonable
Lee Says Corporation Has Not Acquired Any New Stock in economies to continue operation of the line. "We believe that the section
of railroad in question should be retained in common carrier service a little
New England Railroads Since May 7.
longer, in order to give the interests and communities served a further
The Philadelphia "Financial News" May 29 had the following:
can be developed to
with respect to state- opportunity to demonstrate whether sufficient traffic
Upon Inquiry being made of the Pennroad Corp.
statement. "A proper reducments appearing in the newspapers and attributed to George L. Crooker, support the railroad."said the Commission's
City, which might develop submembership of the Mew England Railroad tion in the rates on lumber from Prairie
Chairman of the Rhode Island
protestants, would perhaps aid in tke
Committee, concerning rumored additional purchases of Boston & Maine stantial traffic, as suggested by
o-day made the demonstration."
stock, Henry H. Lee, President of Pennroad
Denial of application was without prejudice to its renewal after three
May
on Corp.,.7 last of the Railfollowing statement: "Since the publication
that the situation has not materially improved.
years, if
road Committee's Report to the Governors, the corporation has acquired The case it can be shown by division four of the Commission composed of
was disposed of
no stock in any New England railroad except a limited number of preferred
with the last
which had Commissioners Meyer, Eastman and Mahaffie, abandonment. named
shares of the Boston & Maine RR. commitment to purchase
authorization of the
been previously made. Further, ihe report is untrie which has been dissenting in favor of outright railroad abandonment policy, the report
Continuing its discussion of
past few days that the corporation
appearing in the newspapers during the
a long series of abandonment
has acquired a block of about 4,000 shares of common stock of the Boston observes that the case added another to
cases, which should serve as both an illustration and a warning. "That
& Maine RR."
-V. 132, p. 4051.
every community is entitled to use those means of transportation which it
prefers cannot properly be questioned by anyone we think," says the report.
Peoria & Eastern Ry.-Earnings."Those who prefer a steam railroad and can support it have a right to their
1928.
1927.
1929.
Calendar Years1930.
choice. Those who prefer a line of motor trucks have the same right.
$2,913,621 $3,287,824 $3,254,741 $2,962,631 Similarly, those who prefer still other forms of transportation also have
Freight
579,041
464,200
413,922
Passenger307,914
has at its disposal, as many as
229.153 this right. However, when a community
239,929
324.128
Mail and express
240,611
most communities have,several means of transportation and it has exercised
98,125 its choice in
88,698
85,292
Other revenue
66.007
the form of patronage, it must realize that those means of
24,801
19,935
19,453
16.339
Incidental
eliminated from patronage may not
7.560
8,995 transportation which its choice has
10,544
Joint facility
10,408
be able to continue to exist without such patronage and that abandonment
must follow as a last resort. A community which can support every known
Total ry. oper. rev
83,554.900 $4,141,164 $4.075,064 $3,902,748 means of transportation is unquestionably entitled to them all; but a comExpensesupon the retention of
527,480
537,898 munity which can support only one cannot insist not sufficient to enable
518,339
482,383
Maint. of way & struc
is
811,219
724,665 two if the patronage accorded to the least favored
859,330
784,814
Maint. of equipment
to
71.062
69,865 it "Itlive.
72,278
Traffic
86,537
to provide reasonably adequate
is
1,659,804
1,606.152 service. the duty of a railroad company one. However, when its ability
1,671,469
1,527,020
Transportation
This cannot be challenged by any
200
674
137
Miscellaneous operations
company owes the further duty to
155,970
175,017 to continue to serve is threatened, the to avoid crippling or destroying
166.401
General
164,091
power
1,199
607 undertake whatever is within Its whose resources have been exhausted
1,037
Transp. for invest.-Cr_
242
service. A railroad company
that
due to loss of traffic to other agencies cannot continue to serve. OperatTotal ry. oper. exp
$3,044,741 $3,286,781 $3,224,536 $3,113,664• ing expenses cannot be paid out of an empty pocket," the report concludes.
850,527
789,084
854,383
Net rev,from ry. oper
510.159
276,141
218,696 -17. 127, p. 258.
244.976
Railway tax
230,431
_
833
641
924
520
Uncollectible ry.revenue
Western New York & Pennsylvania Ry.-Acguisition.146,785
136.255
142,213
171,337
Equipment rents (net)
The New York Stock Exchange May 20 Issued a certificate authorizing
72.050
53,668
58.164
Joint facilities rent (net)
73,865
(a) the company to acquire, and (b) the Pennsylvania RR. to operate, the
Railroad Company's railroad properties. incl.0.31 mile
$379,824 Connecting Terminal miles of sidings, a total o(2.91 miles of all tracks,
$354,716
$408,105
Net ry. oper. income..
$34,006
269.001 of main tracks and 2.6 N. Y.
250.129
249,652
Non-operating income
252.941
-V.132. P. 1793.
all in the city of Buffalo,
$648,82$
$604,845
$657,757
Gross income
$288,947
429.652
404,933
426,590
Int.on fd. & unfd. debt.. 417,668
17.179
20.256
16.871
Other deductions
17.484
PUBLIC UTILITIES.
$226,713
$154,937
$214,296
Net Income
def$148,205
5.437
5,422
5,422
Sink. & other res. funds_
5,422
-Exchange Offer.
Foreign Power Co., Inc.
American &
128,284
104,626
116,517
Invest.in physical prop_
The company has offered to acquire shares of 7% pref. stock (par $100
$21,229
$116,649
$92.360
Balance, surplus
def$153.627
Northern Mexico Power & Development Co., Ltd., and to
each) of the
deliver in exchange for each share of such 7% pref. stock one share withComparative Condensed GeneralBalance Sheet, Dec. 31.
out par value of cum. $7 pref. stock of Empresas Electricas Moxicanas.
1929.
1930.
1930.
1929.
Inc.. a Delaware corporation. (See latter company below.) pref.
$
$
LiabilitiesAssets$
$
stock
The number of issued and outstanding shares of cum. $7
9,994,200 9,994,200
Inv.In road& equip21.373,338 21 2811,077 Capital stock
pur5,000 of Empresas Electricas Mexicanas, Inc. will not be increased for the Inc.
5,000
Sinkingfunds --_
13.564 '13,017 Stock liab.for cony
as Amtrican & Foreign Power
Misc,physical prop
Fund,debt unm'td13,786,000 13,791,000 poses of this exchange inasmuch the issued and outstanding cum. $7 pref.
15,664
15,684
Co.,
Is the owner and holder of all of
Inv.in affil. cos__ _ 5,179,651 5,184,651 Non-negotiable dt.
1,440,510 1,157,309 stock of Empresas corporation.
to MM.roe
Deferred assets__ 1,340
1,340
The cum. $7 pref. stock of Empresa.s Electricas Mexicanas, Inc. is
Fund, debt mat'd
Retirement & deon liquidation 100
1,000 redeemable at 110 and diva., and is entitled to receivestock and common
1,000
unpaid
335,970
Prec. of equip- - _ 457.001
and diva, before. distribution is made to $7 2nd pref.
Accrued depree.The
622,271 stock of Empresas Electricas Mexicanas, Inc. year) initial quarterly divi712,747
equipment
was paid on the outdend of $1.75 per share (at the rate of $7 per
Add. to property
standing $7 pref. stock of Empresas Electricas Mexicanas. Inc. on Oct. 1
through income
quarterly
1930. Subsequent dividends of $1.75 per share have been paid dividends
1,649,455 1,649,455
& surplus
199,982
194,560 since that date. The quarterly periods for the payment of
Sinking fund res
& Development
de1748,335 de1596,075 upon the 7% pref. stork of the Northern Mexico Power Electricas MexiProfit & loss
Co., Ltd. and the cumulative $7 pref. stock of Empresas
of accumulated dividends
Total27,040,55926,818,720 eanas, Inc. are the same, therefore no adjustment
27,040,559 26,818,720 Total
will be necessary in making this exchange.
-V.130, p. 4413.
stockholders desire to accept this offer they
If Northern .Mexico prof.
before July 15 1931 forward certificates for shares of 7%
.-B. C. Commission Gets should on orto Montreal Trust Co., depositary, at any ot its following
Piedmont & Northern Ry.-I
pref. stock,
- offices. 61 Yonge St., Toronto, Canada; 511 Place d'Armes, Montreal,
Permanent Injunction Against head from Extending Its Line.
The company was permanently enjoined from extending its lines in Canada; or 2 Dank Buildings, Princes St., London, E.C., 2, England.
North Carolina and South Carolina in an order filed in Federal Court for V. 132. p. 3711.
the Western District of South Carolina at Greenville, S. C., May 24.
-Dividends.
American Gas & Electric Co.
The injunction, sought by the I.
-S. C. Commission and seven intervening
The directors have declared the following dividends on the common
railroads of the Southeast, was granted by Judge J. Lyles Glenn.
the regular quarterly cash dividend of 25c. per share, and (2) a
Although no definite statement of intention of the Piedmont & Northern stock: (1)
to continue its fight was made. 0. F. Haynesworth of defense counsel, regular semi-annual extra dividend of 1-50th of a share in common stock.
stand that in all probability the case would be taken to the United States These dividends are payable July 1 to holders of record June 11. Extra
dividends of 1-50th of a share of common stock have been paid semiCircuit Court of Appeals.
The opinion set forth that the Commission had jurisdiction over the annually since July 1924, and in addition the company in January 1925
Piedmont & Northern in that the road is a carrier of sectional importance paid a special extra dividend of 5% in common stock, one of 409' in
20% in January 11931.
and despite the claim of the P. & N. that the road is of interurban nature January 1927,000 of509' in January 1929,and one ofdividend of $1.50 per
Tho directors also declared the regular quarterly
purely.
preferred stock, payable Aug. 1 to
Litigation followed the request of the Piedmont & Northern in 1926 for share on the unstamped no par value
a certificate of public convenience and necessity. This request was refused holders of record July 8.-V. 132, p. 1615, 1408.
-Earnings.
by the Commission and an appeal was made to a three-judge Federal Court
American Utilities Co.(& Subs.).
on the grounds that the Commission was without jurisdiction. The court
1929.
1930.
Calendar Yearsruled that the electric carrier came under the terms of the transportation
$2,097,685 $2,121,095
appeal to the U. S. Supreme Court it was ruled Operating revenues
act of 1920. After an
1,389,273
1,705,339
Operating expenses & maintenance
that the three-judge court was without jurisdiction.
,
141828
145,121
The Piedmont & Northern then proceeded to start construction of its Provision for retirement offixed capital
92,
489
91,753
-S. C. Commission Taxes
line from Spartanburg, S. C., to Gastonia. The I. in
it was granted District Court.
asked for a temporary restraining order and territory then
$497,505
$155.471
Operating income
intervened as cosoutheastern
Seven railroads serving the
9,067
Dr6,622
held in
plaintiffs in the case. A hearing was grantingSpartanburg last December Other income(net)
a permanent injunction.
before Judge Glenn on the question of
$508,571
$148,849
the three-judge
of
Gross Income
423.193
In the opinion Judge Glenn concurred in the decision intended to give
446,366
29,240
court that "congress in the transportation act of 1920 the nature, char- Interest on funded debt
58,586
Interest on unfunded debt
u
the 1.43. C. CommissionJ risellction over a railroad of
Cr9.227
Cr24,449
Interest during construction
63,967
acter and history of the Piedmont & Northern.
50,001
Piedmont & Northern had sought to make Amortization of debt discount & expense
The extensions which the
were between Spartanburg and Gastonia and between Charlotte and
603
5381,655
Net loss
-V. 131, p. 3207.
Winston-Salem.
JUNE 6 1931.]
FINANCIAL CHRONICLE
4235
Consolidated Balance Sheet Dec. 31.
Atlantic Public Service Associates, Inc.
-Reorganiza1930.
1929.
1930.
1929.
tion Plan Declared Operative,
Assets-Proposed Sale.
$
Liabilities$
$
3
Plant & property. 9,145,771 9,437,546 $7 cum. pref.stockx1,519,700 1,519,700
See Atlantic Public Utilities, Inc. below.
Investments
22,250
22,450Common stock-- y882,353
882,353
Clarence A. Southerland, Ralph J. Ritchie and Willits H. Sawyer.
Cash &spec. dep.- 174,799
229,207 Funded debt
7,029,500 6,887.300 receivers, will sell at public auction to the highest bidder at the County
Notes receivable__
2,621 Notes & accts. Pay.
11,156
Court House, Wilmington, Del., on June 12, all of the right, title and int.
Accts.receivable.. 329,394
365,377 to affiliated cos. 346,064
727,615 of the receivers and of the corporation,in and to the assets of the corporation,
Materials &suppl.
191,075 Notes payable_ _
47,765 subject, however, to all now existing liens, pledges, offsets and charges
95.714
Unamortis, debt
Accounts payable. 179,940
232,734 thereon or relating thereto.
discount & exp.
105,295 Unred. Ice coupons
1,715
State Street Trust Co., trustee under indenture dated Feb. 1 1928,
PrePaYments
51,032 Accrued taxes. _ _
30,562
17,355
27,258 securing the first lien and secured 534% gold bonds, series A, of Atlantic
Misc. suspense
180,735
182,093 Mat.& accr. int._
64,679
54,265 Public Service Associates, Inc. (formerly Atlantic Public Service Corp.)
Other accruals....
21,291
15,283 will cause to be offered on June 24, at the Boston Real Estate Exchange,
Consumers' dep
82,254
78,609 7 Water St., Boston, at public auction for sale as a whole to the highest
Reserves
434,386
371,544 bidder or bidders, the entire right, title and interest of the trustee, in and
Surplus
def588,854 de1257,730 to all the property now constituting the trust property. R. L. Day & Co.,
auctioneers, will conduct the sale.
-V. 132, p. 2960.
Total
9,990.382 10,586,696
Total
9,990,382 10,586,696
x Represented by 15,197 shares no par). y Represented by 87,441
-Plan of Reorganization
Atlantic Public Utilities, Inc.
shares (no par).
-V. 131, p. 3527.
Declared Operative,
-Proposed Sale.
-
Arizona Edison Co.
-Earnings.
-
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 2960.
Associated Electric Co.(& Subs.).
-Earnings.
-Calendar YearsOperating revenue
Electric
Gas
Miscellaneous
1930.
1929.
1928.
1927.
$16,746,819 $15,236,241 $16,329.452 $17.065,560
4,072,528
1,096.4481 3.744.375
4.398,397
2,611,891j
5.814,473
Total revenue
$26,633,820 $18,944,581 $20,073,827 $21,463,987
°Per.erns.. maint.& tax 15,162.882 9,947,757 10.406.866 11.523,230
Operating income...411,470,938 $8.996,824 $9.666,961 $9,940.757
Other income
236.879 3,498,626
463.303
1,196,158
Gross income
$11,707,817 $12,495,449 $10,130,264 $11,136.916
Fixed charges and other
deductions of underlying companies
773,220
754,023
886,985
1,261,207
Assoc. Elec. Co. int. on
funded debt
1,505,559
3,111.299
1,962,394
3,552,565
Prov.for retire, renewals
and replacements_ _ _ _ 1,600.376
1,238,511
1,268,579
1,286.642
Bal. avail.for Fed.inc.
taxes, int. on advances from stockholders, divs.& surp $6,242,119 $8,978,159 $6,012,306 $5,036.502
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets-Liabilities$
5
$
Plants, props.,
Assoc. Elec. Co.
franchLses,&c:191.621,164 171,547,436
common stk._y65,000,000 40,000,000
Investments ___ 4,470,538
627,295 Sub, cos. pref.
Cash & special
stock
151,700
203,040
deposits
1,515,648
840,355
Common stk. z1,229,939 1,416,275
Sink. to. deposit
97,826 Adv. from affil.
Notes receivable
328,374
29,125
cos.& capatk.
Accts.receivable 3,403,247 2,624,462 subscribed
Mat'.& supplies 2,195,436 2,209.936 Funded debt__ _112.347,800 36,474,999
91,816,850
Prepayments_ _ _
291,974
280,945 Notes payable_
51,015
Unamort. debt
Accts. payable. 1,084,804
990,553
discount & exp 9.709.714 9,020,213 Accr. taxes, int.
Miscellaneous
508,559
812,102 & dividends
2,970,593 1,128,234
Consumers' dens
667.594
643,663
Reserves
14,960,458 10,551,297
Surplus
15.631,767 4.813,768
Total
214,044,656 188,089,695
Total
214,044,656 188,089,695
x Stated at reproduction cost plus subsequent net
additions at cost.
650,000 shares no par value and includes 250,000 shares subscribed
at
Dec. 31 1930 and Issued Feb. 7 1931. z Includes
9.377 shares Clarion
River Power Co. participating stock. Par value
$100.-V. 132, P. 3143.
The plan, dated March 20 1931. for reorganization of Atlantic Public
Utilities, Inc.and subsidiary companies (incl. among otheis. Keystone
Water Works. Electric Corp.. North American Water Works & Electric
3t
Corp. and Atlantic Public Service Associates, Inc.) has by the reorganization Committee been declared operative as to all classes of securities, obligations and claims for which provision is made in this plan. The depositaries under the plan are the Chase National Bank of New York and
Continental Illinois Bank & Trust Co.. Chicago. (Compare plan in V. 132,
P. 2960.)
Clarence A. Southerland and Ralph J. Ritchie. receivers will sell at public
auction to the highest bidder at the County Court House Wilmington, Del.,
on June 12, all of the right, title and interest of the receivers and all of the
right, title and interest of the corporation. in and to the assets of the corporations, subject, however, to all now existing liens, pledges, offsets and
charges thereon or relating thereto.
Arrangements Concluded for Acquisition
Electric Power Co.
-
by
National
The reorganization committee has,in accordance with the plan,concluded
arrangements with National Electric Power Co. whereby that company
will acquire control of Atlantic Public Utilities through purchase o the
entire issue of 104,600 shares of common stock of the new Parent Holding
Co. at $25 a share cash, or a total of $2,615,000, together with $4,500,000
of first lien and collateral trust 5,ti % bonds of another holding company,
designated as the First Holding Co., all of whose common stock is owned
by the Parent Holding Co.
These bonds will be purchased by National Electric Power Co. for an
amount somewhat under par.
-V. 132, P. 2960.
Boston Elevated Ry.-Slockholders to Vote June 30 on
-The directors have called a
Accepting Public Control Act.
stockholders' meeting for June 30 to vote on acceptance of the
Public Control Act.
The Act, signed by Governor Ely May 19 and entitled
"An Act revising and extending the term of the lease to
the Commonwealth of the properties of the Boston Elevated
Railway Co. and continuing public management and operatton thereof," follows:
Sec.l. Public management and operation of the floston Elevated ity..
under the provisions of Chapter 159 of the Special Acts of 1918, as heretofore and hereby amended,shall continue until July 1 1959. and thereafter.
unless terminated on said date or thereafter, in the manner provided in
Section 12 of said Chapter 159.
Section 2. Dividends payable upon the common stock, of the Boston
Elevated By, hereinafter called the company, and included in the cost of
the serViCe under said Chapter shall be reduced from 6% to 5% upon the
par value thereof from the time this Act takes effect so long as public
management and operation continues.
Section 3. If at any time while publlc management and operation continues a deficit shall occur of whidi notice is given to the Treasurer and
Receiver General of the commonwealth under Section 11 of said Chapter
159, the trustees of the Boston Elevated Ity.. hereinafter called the trustees
Associated Telephone & Telegraph Co.(& Subs.).
the
- of tile company, shall at the same time give like notice to of trustees of
the metropolitan transit district created by Chapter 383
the Acts of
Consolidated Income Account Year Ended Dec. 31 1930.
'
1929 who shall forthwith call a meeting of the metropolitan transit council
Gross earnings
$14,236,760 created by said Chapter 383 to consider whether or not the fares and
Non-operating revenues
963,595 charges for service shall be increased. If said council so determines, the
trustees of the company shall within 60 days after receipt of written notice
Total earnings
$15,200,356 of such determination put into effect such higher rates of fare and charges
•Operating, maint.,selling az general caps., taxes &
depreciation_ 10,251.905 for all or any services furnished or operated as in their judgment will be
sufficient, or best adapted to prevent thereafter a further deficit to be
Net earnings
$4,948,450 assessed upon the cities and towns in which service is operated. The
Interest & other deductions
2.708.049 trustees of the company shall also notify the department of public utilities
whenever such a deficit shall occur. Upon receipt of such notice said doBalance ofincome avail,for dive. of Associated Tel.& Tel. Co
$2,240,401 Partment shall carry on such investigation as it may deem advisable of
Balance Jan. 1 1930
2,152,649 the operations and the expenses of the company, and shall make a report
Sundry direct items(net)
Dr25,368 to the Governor and the members of the metropolitan transit council in
writing of its findings, together with any recommendations, whereby future
Totalsurplus
$4,367,682 deficits may be avoided or reduced.and the service improved. Such reports
Appropriations for pension fund & general reserves
102,860 whenever made shall be made public. From the time this Act takes effect
1st preferred dividends
407,124 so long as public management and operation continues, the operation of
Preference dividends
177.316 Section 10 of said Chapter 159, as amended, shall be suspended.
Class A dividends
621.884
-Common dividends
Section 3A. The acceptance of this Act by the company shall constitute
941,037 an agreement upon its part that, upon execution and delivery to it prior to
Jan. 1 1934, by the transit department of the city of Boston acting under
Balance, Dec.311930
$2,117,460 the authority hereinafter given, of a contract between the City of Boston
Consolidated Balance Sheet Dec. 31, 1930
and the company extending the terms of all existing leases and (or) contracts
Assets
Liabilitiesbetween said company and the City of Boston for the use of all subways.
Plant, property, rights,
Preference stocks
fran$14,545,724 tunnels, stations, rapid transit facilities, and alterations, extensions.
chises,&r,
$47,798,403 Common stock
1,838,630 appurtenances. and equipment thereof and connections therewith now
Patents, trade-marks, goodNon-controlling pref. & parexisting or under construction, for a term extending to July 1 1962. and
will &e,
7,540,444
ticipating stocks of subsidithereafter unless and until terminated on July 1 1962. or July 1 in any
Invest. in telephone operating
ary cos. held by public.... 12,047,694 year thereafter by prior notice in writing given as provided in the respective
cos., manure°. cos.,
5,677,586 Minority Interests in conleases and (or) contracts for use, or extensions thereof, under the existing
Debt discount & expense in
trolling stocks of subsidiary
rentals as contained in said leases and (or) contracts for use as heretofore
process of amortization.... 1,783,230
cos. & applicable surplus
extended and on the same terms and conditions contained in said leases
9,142,277 and
Prepaid IICC011/48 & deferred
Funded debt
(or) contracts for use or extensions thereof at present in force, all such
18,118.320
charges
921,308 Deferred liabilities
468,610 leases and (or) contracts for use and extensions thereof shall thereby be
Due from affiliated companies 4,950,115 Due to affiliated
extended as aforesaid and the company shall be bound thereby as fully
companies._
186,440 as
Cash
83,399,130 Notes & loans payable
though such contract were executed and delivered by it. The transit
3,662,400
Acets.,notes & loans ree.(net) 4,244,995 Accounts payable
2,147,743 department of the City of Boston, acting in the name and on behalf of
Costs on installation contracts
Advances
the City of Boston, is hereby authorized to extend the term of all said leases
475,346 and
not billed
876,433 Liability on uncompleted In(or) contracts for use and extensions thereof and to execute and to
Merchandise & materials &
stallation contrata (net).deliver
926.509 section to the company a contract therefor as herelnbefore provided. This
supplies
7,406,402 Accrued interest & dividends
shall not take effect unless accepted on or before July 1 1933, by
872.739
Accrued taxes
816,464 vote of the city council of the City of Boston,subject to the provisions of its
Reserves
16.792.251 charter, and, in the determination of any question as to constitutionality.
Capital surplus
439,436 shall be deemed to be separable from the remaining provisions of this Act.
Surplus since dates of acquis_
Section 4. At any time and from time to time after this Act takes effect,
2,117.460 the
trustees of the company shall have authority,In the name and on behalf
$84,598,049
Total
Total
$84,598,049 of the company, and without further authorization than herein contained.
In addition to the bonds, coupon notes or other evidences of indebtedness
-V.132. p. 4052.
payable at periods of more than one year after the date thereof which the
bonds of the company
otherwise lawfully issue, to
Associated Telephone Utilities Co.
-No. of Telephones. company may not exceeding $30.000,000. issue proceeds of such bonds
to an amount
The
The number of telephones served by the Associated Telephone
shall be
stocks of the
system increased 66,847 during the first quarter of 1931 to a total of Utilities pany as used for the retirement of the existing preferred all amounts comprovided in this Act including the payment of
found
511.004.
President Marshall E. Sampsell announced. This total, he
due under Section
for damages paid or recovered under Section 12
sents approximately 11% of all the independently served said. repre- and not otherwise.14 and bonds shall bear interest
at the rate of 6% per
the United States. The system operates 909 central offices telephones in annum, and shall beSaidthe term of 40 years.
for
serving 1,938
communities in 25 states.
The payment of interest as it accrues on said bonds shall be deemed
The number of telephones served in Indiana by companies of the Asso- part of the cost of the service as defined in section 6 of said Chapter 159.
Said bonds, both as to principal and income. are hereby made exempt from
ciated system was increased 5% by the addition of new subscribers
in a
special four-week's selling effort recently concluded, it was announced. all taxes levied under authority of the commonwealth and shall contain a
recital to such effect.
Of the new stations added, more than 2,000 had not previously
Said bonds shall be subject to the priority of bonds, coupon notes or
subscribers of the companies. Similar sales campaigns are under waybeen
and other evidences
indebtedness issued for the purposes and under the
planned in other States served by the Associated system.
au-V. 132. p. 3880, thority specifiedof section 18 and shall be
in
sold only to the metropolitan
4236
transit district, which shall retain the same In its treasury until surrendered
for cancellation as provided in Section 7.
Section 5. The trustees of the metropolitan transit district in the name
and on behalf ofsaid district shall from time to time upon and in accordance
with the request of the trustees of the company purchase the bonds issued
under authority of the preceding Section at the face value thereof, and
shall procure the funds necessary therefor by the issue of notes and bonds
of the district under and In the manner provided in Section 10 of Chapter
383 of the Acts of 1929. and the provisions of said Section shall apply
thereto in the same manner and to the samo extent as if such notes and
bonds were specifically authorized in said Chapter. Said bonds may be
Issued on either the sinking fund or serial payment plan, and if issued on
the serial plan, the trustees of said district shall endeavor so to arrange the
maturities thereof that the bonds maturing each year will be met by the
amounts available from interest upon the bonds purchased and from
the special compensation tax to be paid by the company as provided in
the following section. All amounts received by the district from said interest
and special compensation tax shall be applied in payment of interest and
principal of the notes and bonds issued under this Section as and when duo
and any balance shall be accumulated in a sinking fund to be used for such
purpose. Said fund may be invested by the trustees of the district in any
bonds or coupon notes of the company or in other securities which are legal
investments for savings banks in this commonwealth and all income accruing therefrom shall be added to the fund.
Section 6. The company shall annually on the first day of February
pay to the metropolitan transit district, for the benefits conferred by this
Act, a special compensation tax of an amount which, when added to the
interest payable to the said district during the preceding calendar year upon
the bonds of the company acquired under Section 5, shall be sufficient to
all interest upon the notes and bonds of the district issued to provide
P
funds for such acquisition and payable during said preceding calendar
year increased by an amount which shall be computed at the rate of 2%
on the amount of bonds of the company held by the district for the time
while held during said year.
Section 7. Upon the retirement of all bonds and notes of the district
issued under the provisions of Section 5 including all notes or bonds issued
to refund the same, or upon the accumulation of a sinking fund sufficient
to pay the same with interest to maturity, the district shall surrender to the
company for cancellation the bonds of the company purchased under
said section and receive in exchange therefor a "certificate of indebtedness"
of the company in the total amount of the par value of all bonds of the company surrendered to the company by the district under the provisions
of this section. Said "certificate of indebtedness" shall not be entitled to
receive interest and shall be payable only in liquidation or in the event
of a sale of substantially all the assets and franchises of the company and,
in liquidation, only after payment of all other indebtedness of the company.
Section 8. The company shall, within 60 days after the passage of this
Act hold a stockholders' meeting especially called for the purpose of determining whether or not the company will accept this Act. If this Act is
accepted at said meeting, or at any adjournment thereof within 90 days after
Its passage, by vote of the holders of not less than a majority in amount
of the entire capital stock then outstanding, as well as of the holders of
not less than a majority in amount of all the classes of preferred stocks
combined then outstanding, a certificate evidencing such acceptance shall
forthwith be filed by the clerk of the company with the State Secretary
and as speedily as possible thereafter the clerk of the company shall fibo
with the State Secretary a further certificate containing a list of all stockholders who voted in favor of such acceptance either in person or by proxy
and as to each the number of shares of each class of stock so voted. Such
certificates or duly certified copies thereof shall be admissible as evidence
of the facts so certified.
A vote to accept this Act cast by any holder of any share or shares of
any of the classes of stocks of the company either common or preferred,
whether cast in person or by proxy, shall constitute an assent and agreement on the part of such stockholder to surrender for cancellation at the
prices and on the terms and conditions stated in Section 9 all the preferred
stock of all classes held by him or registered in his name on the books of
the company and to accept all the provisions of this Act. Such a stockholder
shall be known as an "assenting stockholder." Such assent shall bind all
asignees and all subsequent owners and transferees of such stock, any provisions of general or special laws to the contrary notwithstanding. The
filing of said certificate of acceptance shall constitute a taking by eminent
domain by the company of the preferred stock of all classes not owned by
"assenting stockholders."
Section 9. Dividends upon all classes of preferred stocks of the company
shall cease when this Act takes effect, and all "assenting stockholders"shall
be entitled on or after such date not more than seven months thereafter
as may be fixed by the trustees of the company to present their certificates of
such stock to the Treasurer of the company, or to such bank or trust company as may be designated by the said trustees, for the purpose of surrender
and cancellation and shall be respectively entitled to receive payment for
their said stock, duly endorsed to the company, on the following basis: for
each share of first preferred stock, $110; for each share of second preferred
with the
stock,$102;for each share of the pref. stock,$100,togetherthe last accrued
dividend
dividends at the rate fixed for each of said classes from takes effect
Act
and
date thereof to and including the day on which this date
dividends cease
annum from the
with interest at the rate of 5% per
for presentation.
as hereinbefore provided to the date so fixed which .hall not be stamped
Owners of preferred stock of all classes,
"non-assenting" as provided in Section 10, shall be entitled to surrender
their said stocks on the basis hereinabove provided. West End Street By.
Any owner of common or preferred stock of the
whose stock has not been exchanged under the provisions of Chapter 740
company
of the Acts of 1911 may surrender the same duly endorsed to the he would
and receive in payment therefor the amount in cash to which
have been entitled if such exchange had been made.
Such provision for cases of stock certificates lost or destroyed may be
made as the trustees of the company shall determine. stockholders of any
The trustees of the company shall permit preferred
class, who fall to take any action necessary to preserve their rights under
valuation
this Act, to surrender their stocks for cancellation on the basis of
be
set forth above or such lower valuation as the trustees shall determine to
equitable or just.
preferred stocks
Section 10. Any holder or owner of shares of any of the
any stock of
of the company who did not vote, either in person or by proxy, of this Act
any class either common or preferred In favor of the acceptance with the
may, within a limit of 6 months after this Act takes effect, file
by the
clerk of the company or with the bank or trust company appointed him,
held by
company as the transfer agent of the class or classes of stock acceptance
declaring his opposition to the
a writing addressed to the company
number
of this Act and stating the number of shares held by him and the
and shall
or numbers of the certificate or certificates evidencing the same,
said bank or trust company the
at the same time present to said clerk or
to be stamped
certificate or certificates of stock evidencing such sharespreferred shares
with the word "non-assenting" and the holder of any such
except as provided in the last
of any class so stamped shall not be entitled,
paragraph of the preceding section, to surrender the same for cancellation.
under the provisions of said Section.
stocks of
Section 11. The holder or owner of any shares of any preferred certifithe
the company who does not within said limit of six months cause
-assenting" as provided in
cates evidencing the same to be stamped "non
period, be
the preceding Section shall, at the expiration of said six monthsso stamped
deemed to be an "assenting" stockholder and all certificates noton the same
and
within said period shall be surrendered in the same manner
basis as provided in Section 9.
Section 12. A person who is subjected to loss by reason of complying
with the requirements of Section 10 in presenting his stock certificates for
stamping shall be entitled to recover indemnity therefor under Chapter
be brought
79 of the General Laws provided that proceedings therefor shall date this
only in the Superior Court and only within 10 months from the
Act takes effect.
Section 13. Any person accepting a certificate or certificates of any stock
of the company issued after the date this Act takes effect which Is not
stamped "non-assenting" shall be deemed to be an "assenting" stockholder
and to have accepted and assented to all the provisions of this Act.
Section 14. Any stockholder of the company who owns any share or
shares of any class of its preferred stocks, the certificates evidencing which
provided
are duly and properly stamped "non-assenting" as hereinbefore stamping
may, not later than six months after the limiting date for such
preferred
as set in Section 10, request that his said shares of any class of a petition
stocks be valued In the manner following: The stockholder may file
in the Supreme Judicial Court within and for the County of Suffolk, setting
forth the material facts and asking that the value of his said shares be determined. Thereupon, and upon such notice to all parties concerned as it may
deem proper,the Court shall pass an order requiring the certificate or certificates evidencing such shares,duly endorsed, to be deposited with the clerk of
[VOL. 132.
FINANCIAL CHRONICLE
the court, and shall appoint three commissioners to ascertain and report
the value of the shares.
In order to avoid multiplicity of trials of the same issues or for any other
reason in its discretion the court may postpone the appointment of commissioners or order for trial by jury as hereinafter provided, until the period
of limitation for filing petitions hereunder has expired.
The report shall be made to the Court as soon as it is practicable, and,
after duo notice to the parties in intermit, shall be confirmed by the Court
unless some error of law be made to appear upon the face of the report,
in which event it shall be recommitted to the commissioners with such order
as the Court may make. If a trial by jury is claimed by either party
within 20 days of the filing of the petition the Court shall upon final confirmation of the commissioners' report order the question of the value of the
shares as to which trial by jury is claimed to be tried and determined by a
Jury in the Superior Court in the same manner in which other civil cases are
tried in that Court. The commissioners' report shall be admitted in evidence with like force and effect as an auditor's report in an action at law.
The company shall be liable for and shall pay all sums found due and payable to all holders of shares In the proceedings aforesaid, including interest
at the rate of 4% per annum from the date this Act takes effect which
shall be deemed to be the date of taking of said stock by the company
by eminent domain, and such costs as the Court may order, and if the
Court determines that justice so requires shall likewise furnish such security for the said payment as the Court may order. For the purposes of this
Section the value of the shares shall neither be increased nor diminished
by reason of the provisions of this Act or the extension of the lease of the
properties of the company to the commonwealth hereunder or the extension
authorized by section three A.
Upon payment, or tender or deposit with the clerk of the Court of the
value of said shares fixed as aforesaid, such "non-assenting" shares and the
certificate or certificates thereof shall be delivered to the company whose
right and title to receive the same and to hold possession thereof may be
enforced by the Court by any appropriate process, and the company shall
upon receipt of such certificates cancel the same.
Exceptions may be taken to any ruling or order of said Court, to be heard
and determined as in other civil cases. The Court may make all such orders
for the enforcement of the rights of any party to the proceedings, for consolidation of two or more petitions and their reference to the same commissioners, for the consolidation of claims for a trial by jury and framing
of issues therefor, for deposit of money in Court, and for the payment of
interest upon the value of the stockholders' shares as determined and the
payment of costs by one party to the other, as justice may require. The
attorney general, in behalf of the commonwealth shall be made a party
to such proceedings and shall appear and be heard therein.
Any stockholder of the company who owns any shares of any class of its
preferred stocks the certificates evidencing which are stamped "nonassenting", who does not within the period of limitation hereinbefore
provided file an original or intervening petition requesting that his shares be
valued, shall not thereafter have the right to have them valued, but shall
be entitled to surrender the same as provided in Section 9.
Section 15. The trustees of the company in the name and on behalf of the
company shall within 30 days after this Act takes effect, give notice of
that fact to all registered holders of preferred stock of each class, enclosing
therewith a copy of this Act and calling their attention especially to the
provisions of Sections 9 to 14, inclusive.
Section 16. All notices to stockholders required by this Act,or by Chapter
79 of the General Laws for the purposes of this Act, shall be given by registered mail addressed to each stockholder as his address appears upon the
records of the company, and by publication in each of two daily newspapers
published in the City of Boston, once each week,for three successive weeks,
any stock of any class shall not be invalidsbut the taking or retirement
nor shall the time within which stock may be presented to be stamped
"non-assenting" nor the time within which any petitions for damages may
be filed be extended by reason of any defect therein nor by failure to give
or receive such notice.
Section 17. The acceptance of this Act by the company shall constitute
an agreement upon its part that in no event after termination of public
management and operation shall dividends in excess of 6% per annum
be declared or paid upon its common stock.
Such acceptance shall also constitute an agreement by the company
to sell to the commonwealth or any political sub-division thereof or any
to
corporation specifically authorized by the commonwealth and purchase
operation
the same, at any time during the period of public management the
assumpfranchises as a going concern upon
its whole assets, property and
tion by the commonwealth or such political subdivision of all its outstanding
liabilities, and the payment of an amount in cash equal
indebtedness and
to any amount paid in in cash for stock hereafter issued and also an amount
In cash equal to $105 per share for all common stock at present issued and
then still outstanding decreased by one half of any sums hereafter assessed
under the provisions of said Chapter 159 of this Act upon cities and towns
served by the company which have not been repaid to the commonwealth
provided however that such decrease shall not reduce the amount payable
of $85
on account of said common stock below the amount work a per share.
dissolution
A sale by the company under the foregoing option shall
of the company subject to the provisions of Sections 51 and 52 of Chapter
155 of the General Laws.
by the company
Such acceptance shall also constitute an agreement
the commonwealth
that none of the provisions of this Act shall preclude
thereof from taking the property and franchises
or any political subdivision
of the power of
of the company at any time through the exercise compensation toeminent
domain and that in the event of such a taking the by reason of the be paid
passage
enhanced or diminished
to the company shall not be
of this Act or of any amendments thereof. contract between the comparly
Such acceptance shall also constitute a comrany, by which it
agrees
and the commonwealth, binding upon the
it shall be
that after termination of public management and operation, service subto be
such regulation and determination of
ject to and bound by
of rates and charges
furnished or operated and such regulation and fixing
for service as the general Court or the department of public utilities or any
other board or commission to which such powers may be delegated by the
general court shall thereafter prescribe, provided that such powers shall
not be exercised so as to reduce the income of the company below an amount
necessary to enable it to earn and pay dividends of6% per annum upon the
par value of its common stock in addition to the dividend requirements for
with
any preferred or special stock hereafter issued in accordance or law.
In general
Section 18. Notwithstanding anything contained department of special
public
company, subject to the approval of the or other
laws, the
utilities, may issue and reissue bonds, coupon notes from theevidences of
date thereof
indebtedness payable at periods of more than one year
coupon notes, or
for the purposes of paying or refunding any such bonds, Act takes
effect:
other evidences of indebtedness outstanding when this
and subject to the approval of the department of public utilities may issue
additional bonds, coupon notes Or other evidences of indebtedness, payable
at periods of more than one year after the date thereof, to an amount
equal to the cash paid in upon additional stock issued after this Act takes
effect. Bonds,coupon notes or other evidences ofindebtedness issued under
authority conferred by this Section shall be entitled to priority in payment
both as to principal and interest over bonds issued under the authority
of Section 4 and shall not be subject to the limitations contained in Section
29 of Chapter 161 of the General Laws,
Section 19. None of the provisions of this Act or of said Chapter 159
shall be construed to constitute a contract binding upon the commonwealth
other than (a) the provisions of Section 1 of this Act which define the term
of public management and operation herein and therein provided for, (b)
the provisions which define the terms and conditions under which during
said term of public management and operation the property owned.leased or
operated by the company shall be managed and operated by the trustees
of the company,(e) the provisions of sections 4 and 18 of this Act providing
priorities of certain bonds, coupon notes or other evidences of indebtedness
of the company and (d) the provisions of Section 13 of said Chapter 159.
which provisions shall constitute a contract binding upon the commonwealth.
Chapter
Section 20. This Act shall be regarded as amendatory of saidshall, for
Chapter
159 of the Special Acts of 1918. and this Act and said as one Act.
and construction, be treated
purposes of interpretation
and behalf of the
Section 21. The trustees of the company in the name
under Chapter 70 of the
company may take by right of eminent domain outstanding not exceeding
End By.still
General Laws any stock of the West
in all a total par value of $10,000.
which this Act must be
Section 22. Until the period of 90 days within
the operation of Sections
accepted as provided in Section 8 has expired, increase in fares and payan
10 and 11 of said Chapter 159 which authorize suspended and no such payment of deficits by the commonwealth shall be
This Section shall take effect
ment shall be required in the current year.
directors of the company,
Upon its acceptance by vote of the board of
a
I
JUNE 6 1931.]
FINANCIAL CHRONICLE
Section 23. When all the second preferred stock of the company has been
retired, the special trust fund established under the provisions of Section
9 of Chapter 740 of the Acts of 1911 shall, to the extent necessary therefor,
be converted by the trustees of the company Into cash and the same shall
thereupon be applied to repay to the commonwealth all amounts which,
prior to the effective date ofthis Act, have been assessed under the provisions
of Chapter 159 of the Special Acts of 1918 upon the cities and towns served
by the company and which have not been previously repaid to the commonwealth, and the Treasurer and Receiver General of the commonwealth shall
thereupon distribute the same to such cities and towns as provided in said
chapter. Any balance remaining in said fund shall be applied as provided
in said Chapter 740.
Section 24. Section 8 of this Act shall take effect upon its passage,
and Section 22 thereofshall take effect upon acceptance as provided therein.
The remaining provisions of this Act shall not take effect unless said section
22 is accepted as therein provided before June 30 1931, nor unless this
Act is accepted and certificate filed as provided in Section 8, but shall take
effect upon such filing provided that said Section 22 is accepted as aforesaid
before said June 30 and provided that Section 3A shall not take effect as
to the City of Boston unless accepted as therein provided.
-V.132,P.3880.
Broad River Power Co.
-Earnings.
-Calendar Years1930.
1929.
Operating revenues
$2,836,734 $2,713,604
Operating expenses
858,512
672,264
r
Maintenance
95.570
144,734
Provision for retirement of fixed capital (replacements, renewals. &c)
242.065
127,173
Taxes (incl. prov.for Federal income taxes)
319,997
296.348
Operating income
$1,320,590 81,473,085
Other income
45,116
97.647
Gross income
$1,365.706 81,570.732
Interest on funded debt
653.703
661.673
Interest on unfunded debt
88.457
81,406
Amortization of debt discount and expense
67.381
70.065
Interest during construction
Cr18.248
Cr40,289
Net income
$574,413
$797,878
Preferred dividends
266.735
266,735
Common dividends
216,470
216.470
Balance
$91,208
$314,673
Balance Sheet Dec.31.
1930.
1929.
1930.
1929.
AssetsLiabilities$
$
$
8
Plant & property _24,495,315 21,582.819 Cap. stock & cap.
Investments
25,365 surplus
25,005
x8,405,079 8.139.900
Sinking & 0th. Ms543,760 Adv.ft'. &RH.cos 1,433,634
723.664
Cash & spec. deps_ 173,110
62.104 Funded debt
11,975,000 12,876,800
Notes receivable
8,400 Accts. payable...
7,200
45.594
89,917
Accotmts recelvle. 543,518
241,982 Accrued taxes165,254
171,693
Materials & suppl. 166,268
201,659 Accrued interest
163,427
164,005
24,225 Other accruals
Misc. curr. assets15,813
29,173
Consumers'deps
18,492
Prepayments
65,038
42,051
Miseell. suspense_
Reserves
26,751
2.014,119
614,690
Amort. dl. disc. &
Surplus
1,172,702 1,080,412
1.221,990
expense
Total
25,455,659 23,912,305 Total
25,455,859 23,912.305
x Represented by 38,105 shares of cum. pref. 7% stock (par $100) and
43.294 shares of common stock (par $100).-V. 132, p.3522.
Brooklyn Bus Corp.
-Gets Franchise for Operation in
Brooklyn-Three Lines in Queens.
The Board of Estimate May 29 awarded to the Brooklyn Bus Corp,
a subsidiary of the B. M. T., a 10
-year franchise for the operation of 17
bus lines in Brooklyn and three in Queens. The Boards action marked
the end of nine months of hearings on the matter.
The franchise calls for payment to the city by the company of 5% of
gross revenues from operations, or a minimum of $100.000 a year. Company estimates place gross revenues at a minimum of $2,000,000 annually.
Before the company can begin operation, the Transit Commission must
Issue certificates of convenience and necessity for the operation of the
routes applied for. The Commission already has Informally approved
many of the routes, and will rush action on the remainder, it is said. It
Is hoped that buses may be in operation on many of the lines within a
month. Company will need approximately 250 additional buses to carry
on the service.
Brooklyn Edison Co., Inc.
-Subscriptions.
The Bank of America National Association has been appointed agent of
the above company, to issue warrants and receive subscriptions for 250,000
additional shares of its capital stock.
See also Consolidated Gas Co. of New York below.
-V.132, p. 1988.
Brooklyn-Manhattan Transit Corp.-Subsidimy Gets
Bus Franchise for Operation in Brooklyn-Three Lines in
Queens.
--See Brooklyn Bus Corp. above.
New Nassau Street Loop Opened.
-
4237
The subsidiary companies together operate over 590 miles of pole line
and 4,300 circuit miles of wire. All overhead and underground construeHon throughout the system is exceptionally well maintained.
Capitalization.
Authorized. Outstanding.
-year 514% first lien sink,fund gold bonds--$575,000
25
Common shares (no par value)
10,000 shs. y10,000 shs.
x Additional bonds may be issued only under the restrictions of the
trust indenture. y To be owned by Canadian Public Service Corp., Ltd.
Earnings.
-The books and accounts of the companies to be acquired
show that consolidated income for the seven-year period, Jan. 1 1921 to
Dec. 31 1927, was as follows:
Operating*
Gross
Net
Income,
Expenses.
Income.
December 31 1921
$142,435
377,606
564,828
December 31 1922
153,231
79,923
73,308
December 31 1923
146.022
82,930
63,092
December 31 1924
145,888
74,792
71,095
December 31 1925
148,764
73,806
74,958
December 31 1926
158,823
80,318
78,504
December 31 1927
164,331
80,226
84,104
Net income, available for interest,
depreciation and dominion income taxes, seven year average$72,841
$509.892
* Including maintenance, municipal and provincial taxes.
For the three-year period commencing April 1 1928 Barrow, Wade,
Guthrie & Co., accountants and auditors, certify that the consolidated
earnings were as follows:
March 31 1929
$180,857
$85,463
$95,394
March 31 1930
187,911
90,315
97,595
March 31 1931
196,156
95,821
100,334
Net income, available for interest,
depreciation and Dominion in$97,774
taxes, three-year average
$293.324
Average annual net earnings, therefore, available for depreciation and
interest on the 5)i% first lien sinking fund gold bonds to be presently
outstanding (amounting to $31,625 per year) for the 10 year period were
$80,321 or more than 234 times the interest requirements, and for the last
three years have averaged more than three times such interest requirements.
The above figures do not provide for the interest of the minority shareholders which for the past three years have averaged less than $1,550 a
year.
Security.
-Secured by a first lien on the stocks of the subsidiary companies above described, which companies will have no outstanding indebtedness except current indebtedness and indebtedness pledged as security
for these bonds.
Sinking Fund.
-A sinking fund with provisions for the deposit of $12.000
on July 15 1932, and 26,000 on the expiration of each six months period
thereafter until the maturity of the bonds, will be created to be used for
the purchase or redemption of the outstanding bonds of this series.
Purpose.
-Proceeds from the sale of these bonds will be used to pay in
part for the acquisition of the shares of the subsidiary companies referred
to above.
Management.
-The management of the operating companies will be in
the hands of Arthur B. Godfrey, who has acted In this capacity for many
Years. Supervision of the management will be under the direction of the
Canadian Engineering Co., Ltd.
Pro Forma Consolidated Balance Sheet as of March 31 1931.
[After giving effect to the acquisition of certain common shares of the
Proposed subsidiary companies, and the financing thereto.]
AssetsLiabilUiesCash In bank and on band
$5,278 Account payable
$1.001
Accounts receiv. subscribers.
Accrued city and provincial
--Ins reserve for uncollectible
taxes
4,046
accounts
10,450 Accrued Dominion taxes
1.054
Inventories
20,451 Mlscell. accrued liabilities1.518
Subscr. to capital stock of
Funded debt
575,000
subsidiary
445 Reserve for depreciation
183,161
Fixed assets
1,198.877 Deferred credits
7,107
Deferred charges
9,960 Subscrlp. to capital stock of
of subsidiary
700
Capital stock (10.000 abs. no
par)
3114,715
Subs. cos. stock in hands of
W
public
9,600
Surplus
67.557
Total
$1,245,463
Total
$1,245,4011
Central & South West Utilities Co. X% Stock Div.
-13
-
The directors have declared on each share of common stock outstanding
at the close of business June 30 1931,a dividend of 1M% payable in common
stock (being at the rate of 7-400ths of a share) on July 15 1931, to holders
of record June 30. A similar payment was made on April 1 last. On
July 15 and Oct. 15 1930, quarterly distributions of
% in stock were
made, while on Jan. 15 1931, a special stock dividend of 6% was paid.
New Unit.
-
Over 200 carloads of material will start rolling this week into Eagle
Pass, Texas, to go into the building of a $1,000,000 hydro-electric development which will eventually open up more than 60,000 acres of arid land
to irrigation in southwest Texas, according to President James 0.Kennedy.
The Nassau St. subway loop, built by the city for the B. M. T. was
The project is under the direction of
opened to the public May 30, as well as the 14th St. Eastern line, Man- sidiary. the Central Power & Light Co. the company's south Texas sub-V. 132. p. 3712, 3145.
hattan,from its present terminus at 6th Ave. to 8th Ave.
-V.132, p.3880.
3522.
Central States Electric Corp.
-Subsidiary Formed.
The CentralStatfs Electric Co., a new subsidiary (announced in last
California-Oregon Power Co.
-Earnings.
-week's "Chronicle,' page 4052) was incorporated in New Jersey on May
For Income statement for 12 months ended March 31 see "Earnings De- 19 with an authorized stated
capitalization of 62,000,000.-V. 132.P.4052.
partment" on a preceding page.
-V. 132, p. 4052.
Central West Public Service Co.
-Earnings.
-Canadian Western Telephone Co.,Ltd.
-Bonds Offered.
For income statement for 12 months ended April 30 1931 see "Earnings
-Pemberton & Son Vancouver, Ltd., are offering $575,000 Department" on a preceding page.
-V.132. p. 3881.
25
-year 534% 1st lien sinking fund gold bonds, series A,
Chesapeake & Potomac Telephone Co. (D. of C.).
at 97.35(with int. adjusted to July 1).
Increases Stock.
-
Dated July 1 1931; due July 1 1956. Denom. $1,000 and $500 co. Int.
payable July 1 & Jan. 1. Principal and int, payable in Canadian currency
at any branch of the Bank of Nova Scotia in Canada. and any branch of
the Royal Bank of Canada in British Columbia, and in United States
currency at the Bank of Nova Scotia, New York. Redeemable as a whole
or in part at the option of the company on any interest date on 60 days
notice at 105 and int. up to and hid. July 11936; at 104 and int. from Jan.
1 1937, up to and incl. July 1 1941; at 103 and int. from Jan. 1 1942 up
to and incl. July 1 1946; at 102 and hit. from Jan. 1 1947. up to and'
July 1 1951; and at 101 and int. thereafter until maturity. Londonincl.
and
Western Trusts Co., Ltd., Vancouver, B. 0., trustee.
Legal Investment for life insurance companies under the Insurance Act
of Canada.
Data from Letter of President R. E. Wilsey, Dated May 16.
-Company will be organized under the laws of the Province of
Business.
British Columbia and will acquire over 97% of the outstanding common
shares of the Okanagan Telephone Co. and the Summerland Telephone
Co., Ltd., and 100% of the outstanding common shares (except directors
qualifying shares) of the Solar Telephones, Ltd.
Through its subsidiaries the company will provide telephone service,
without competition, to various cities and communities in the Okanagan
Valley and adjacent territory, chief of which are: Kelowna, Penticton
Peaclaland, Summerland, Vernon, Armstrong, Enderby, Salmon Arm and
Revelstoke. The total population served is in excess of 30,000. The subsidiary companies have been in continuous successful operation for 20 years.
The Canadian Western Telephone Co., Ltd., wlll be a wholly owned
subsidiary of Canadian Public Service Corp., Ltd., which through another
subsidiary, to be acquired by it, (the West Canadian Hydro Electric Corp.,
Ltd.), provides electric light and power service to the cities and communities of Vernon, Armstrong, Salmon Arm, Enderby and surrounding
territories.
-The Okanagan Telephone Co., together with the Summer
Properties.
land Telephone Co., operates eight exchanges, and, with but one exception,
owns the buildings in which these exchanges are operated. Solar Telephones, Ltd.serves the City of Revelstoke and vicinity and owns the building in which the exchange is operated.
The company has filed a certificate at Albany, N. Y., Increasing its
authorized capital stock, from $15,000,000 to 125.000.000, par $100.
All of the stock is owned by the American Telephone & Telegraph Co.
-V. 132, P. 1794.
Clarion River Power Co.
-Earnings.
Calendar YearsGross earnings & other income
Operating expenses, maintenance & taxes
1930.
$336,101
88,685
1929.
$665,278
112,850
Gross income
Interest on funded & unfunded debt
$247,417
459.035
$552.428
456.780
def$211,618
31,570
$95,648
60,821
Net income
Prov,for retirement offixed capital
Balance
def$243,188
$34,826
Balance Sheet Dec.31 1930.
Assets
Liabilities
Plant, prop.,franchises, &c--$11,648.654 Capital stook & capital sure-44.703,000
Accounts receivable
286 Advances from affiliated cos- 7,859.721
Undistributed debit items- _
25.059 Reserves
258,048
Corporate surplus (deficit).- 1,146,742
Total
Total
111.674,028
$11,674,028
x Represented by 650 shares of common stock (par 2100) and 44.530
shares of participating stock (par $100).-V. 132, p. 1220.
Consolidated Gas Electric Light 8r Power Co. of
Baltimore.
-Bonds Called for Redemption.
All of the outstanding series F 5% 1st ref. mtge,sinking fund geld bonds,
have been called for payment July 22 next at 105 and int. at the Bank of
Manhattan Trust Co. in the City of New York, or at the banking house of
Alex. Brown & Sons in Baltimore, Md., or at the Midland Bank. Ltd.,
in London, England at the holders' option.
-V. 132. v. 3881.
4238
--Earnings
Consolidated Gas Utilities Co.
For income statement for 12 months ended April 30 1931 see "Earnings
-V. 132, p. 1989.
Department" on a preceding page.
-Annual Report.
Commonwealth & Southern Corp.
B. C. Cobb, Chairman, and T. W. Martin. President, state in part:
Property Additions and Improrements.-A total of 574.297,893 was expended during 1930 for additions and improvements to property. Approximately 86% of this amount was for the electric department,6% for the gas
department and the remaining 8% was divided among the other departments of the business and for general purposes.
Approximately 150,000 kilowatts of installed generating capacity was
added to the system during the year. The more important installations
were 60.000 kilowatts in the Atkinson steam station near Atlanta, Ga.;
50,000 kilowatts in the Lower Tallassee hydro-station on the Tallapoosa
River in Alabama, and 35,000 kilowatts in the Saginaw River steam
station in Michigan.
Large expenditures also were made during the past year for the construction of transmission lines, substations, distribution lines, gas main
pipe line extensions and for the installation of gas and electric meters to
provide service to new customers.
Financiat.-The 1930 financial requirements were in a large measure
provided for by the sale of pref. stock. In July 1930, pursuant to plan
for consolidation of the Ohio electric properties, holders of 46.000 shares
of Ohio River Edison Co. 7% pref. stock were offered in exchange for each
share, one share of corporation's pref. stock, $G series and $10.25 in cash.
A total of 17,290 shares was issued and exchanged under this offer and 28,710
of
shares were issued and sold for cash. The entire outstanding issue on
Ohio River Edison Co. 7% pref. stock was redeemed and cancelled
Oct. 1 1930. In August 99,068 additional shares of prof. stock were
Issued and sold for cash.
proThe 1930 financial requirements of the subsidiary companies were temthrough
vided for largely by the sale of bonds and pref. stock andthe subsidiary
made by corporation. During the year
porary advances
and $18,834,500 of
companies Issued and sold $40,000,000 43% bonds ownership plan was
5% bonds. The sale of pref. stock on the customer resulting in a net
subsidiary companies,
continued during 1930 by the
end of the year.
Increase of 148,605 shares of pref. stock outstanding at theannum. At the
The stock sold bears dividends at $5 or $6 per share per paid for on time
were being
end of the year 30.926 shares of pref. stock
payments by subscribers in the territory served.
In connection with steps taken to simplify the corporate structure and
principal amount
through operation of various sinking funds, $21.401,202 ininterest from 5%
of subsidiary companies' bonds bearing various rates of The major issues
treasury account.
to 7% were retired or purchased for
thus retired included $6,553,500 1st mtge. sinking fund 6% bonds, due
River
July 11948, and $3,779,000 of 5% bonds, due June 11951. of Ohio
-year 6i'% debentures, duo Jan. 1 1941, of
Edison Co.; 52.129,500 15
-year 6%
Northern Ohio Traction & Light Co.; $2,700,000 15 Co., anddebentures,
$1,343,000
.clue July 11939, of Pennsylvania-Ohio Power & Light
Electric Light Co.
1st mtge. 5% bonds, duo July 1 1930, of Georgia were owned by 20.187
-Stocks of corporation
Number of Stockholders.
State in the
preferred and 140.721 common stockholders residing in every
In
Union, the District of Columbia, Hawaii and 38 foreign countries.
subsidiary companies is owned by 111.439
addition, pref. stock of the
the localities served.
stockholders, most of whom are residents of to 514.002.057. Approxi-Taxes for the year 1930 amounted
Tares.
the not earnings of the
mately 10% of the 1930 gross earnings or 18% of
for retirecorporation and its subsidiaries (before taxes and after provision the gross
paid in taxes. In other words, approximately are paid
ment reserve) was
of one year in five
earnings of one year in ten or the net earnings
for taxes.
Earnings for Year Ended Dec. 31 1930 (Company Only).
Income from subsidiary companies
328.035,998
Dividends on preferred and common stocks
3,336,756
Interest on bonds, notes and advances
Income from outside sources
113,430
Dividends
1,054,444
Interest
$32,540.628
Total income
665.560
General expenses
223,528
Taxes
2,942,823
Interest on funded and unfunded debt
$28,708,717
Net income carried to surplus
3,393,441
Surplus balance Jan. 1 1930
subsid. holding cos. merged
Surplus since date of control of
4,316.743
7 1930
during 1930 pursuant to plan dated Jan. credits
201.920
Tax adjustments and other miscellaneous
536,650.821
Total surplus
7,512,023
Cumulative preferred dividends
20,032,897
Common dividends
$9,105,901
Surplus balance Dec. 31 1930
Balance Sheet Dec. 31 1930 (Company Only).
Liabilities
Assetsx$320,055,052
Capital stock
Capital stocks, bonds and
55,489,500
debt
notes of subsidiary co's-3900,229,308 Fundedsubsidiary and elfinDue to
Secured 6% gold notes at par 6.683,200
24,624
companies
ated
58,130
Miscellaneous investments__
Accrued int. on funded debt 1,073,138
Due from subsidiary co's_ _ _ 63,321,690 Accrued dividends
2,349,973
913
Special deposits
124,394
104,949 Accrued taxes
Accrued int. on other invest_
21,609,023
5,369 Contingency reserve
Accounts receivable
1,475
reserves
13,081,182 Miscellaneous
Cash
575,609,701
1,876,657 Capital surplus
U. S. Govt. securities, &c._
9,105,901
surplus
101,383 Earned
Suspense, unadjusted accts_
$985,442,782
Total
3985,442,782
Total
series, no par value (prex Represented by pref. stock, cum. voting 56
issued and
at 5110 per share),issued and
ferred in dissolution to $100 and redeemable
stock, no par value,
outstanding, 1.500,000 shares; common
the
shares; option warrants entitling $30
outstanding, 34,011.010 581-1200
of common stock at
holders thereof to purchase a like number of shares outstanding. 17,601,and
per share at any time without limit, issued
375 973-1200 warrants.
31 1930.
Account for Year Ended Dec.
Consolidated Income
Subsidiary Cos.I
'Commonwealth & Southern Corp. and
5104,096,610
operating companies-Electric
Subsidiary
19,848,143
Transportation
10.111,515
_
Gas___
' '
3 695 568
s
iricea
ffcdnneou
Eteagani
Water, i
598,376
Non-operating revenues
3,306,318
income
Other
$141,656,531
Total income
54,970,356
Operating expenses
14.002.057
Taxes, including Federal income tax
subsidiaries- 23,558,805
&
Interest on funded and unfunded debt of corp.
13:157,627
subsidiaries
Dividends on preferred stocks of
864,153
Amortization of debt discount and expense
132,581
interest
minority corn. stockholders'
Miscellaneous, including
Cr.3.312,676
Interest charged to construction
9.548,370
Provision for retirement reserve
528.735.257
Net income carried to surplus
9.129,826
present subsidsBalance Jan. 1 1930 of Corn.& South. Corp.&
537,865.084
Dr.746,798
Total surplus
Direct surplus charges
Cr.692.023
Direct surplus credits
537,810.309
Cr.48,332
income
Minority common stockholders' interest in net
Dr.29,449
stockholders
Dividends paid to minority common merged sub, holding cos.:
x Divs. of Com.& South. Corp. and
58,179.889
On cumulative preferred stock
20.101,047
On common stock
stock31 19.30, incl. $35,298 minority
Surplus balance Dec.
59.548.255
holders' interest
sub, holdings cos. which
x Includes dividends paid to public on stock of plan dated Jan.71930.
pursuant to
were merged with Corn. & South. Corp.
[VOL. 132.
FINANCIAL CHRONICLE
Consoadated Balance Sheet Dec. 31 1930.
(Commonwealth & Southern Corp. and Subsidiary Cos.)
Liabilities
Asset
• x$320,055,052
Capital stock
Property, plant & equipment
$1,032,252,068 Sub. cos.-Pref. stock_ _ __ 212,342,378
810,037
Minority corn. stkhldrs.
Investments in and ad55,489.500
Corp. funded debt
vances to affiliated and
Other companies
24,054,765 Subsid. cos.' funded debt_ 428,016,400
1,484,883
Special deposits
14,328,400 Equip.& purch. mon.oblIg.
Bonds & debs. being reDebt discount, premium
tired, incl. Int., &c.,
and expense in process
13,198,228
covered by dep.(contra)
of amortization
17,410,099
6,296,454
Deferred liabilities
Deferred charges and pre229,983
paid accounts
2,464,173 Notes payable
4,350,131
payable
Cash
22,214,678 Accounts
5,241,085
Accrued Interest
U. S. Government securi10.819,732
ties & Ws. of deposit__
16,186,616 Accrued taxes
3,109,013
Other marketable secure_
2,182,763 Divs, accrued or payable_
Accounts receivable
17,378,611 Contracts payable and
624,635
.
miscellaneous items,_ _
802,678
Notes receivable
44,743,736
Int. & divs. receivable_
382,535 Retirement reserve
28,903,176
Due on subsc. to p1. stock
1,928,037 Contingency reserve
3,217,772
Materials and supplies___
10,781,207 Other reserves
Miscell. current assets_ _ _
350,653 Contrib. for ext. & prem.
1,820,022
on pref. stock
Capital & special surplus_ y12,406,812
9,548,255
Earned surplus
$1,162,717,284
Total
31,162,717,2841 Total
x Represented by cum. voting pref. stock 56 series, no par value (preferred in dissolution to $100 and redeemable at $110 per share), issued and
outstanding, 1,500,000 shares, common stock, no par value, issued and
outstanding, 34.011.010 581-1200 shares; option warrants entitling the
holders thereof to purchase a like number of shares of common stock at
$30 per share at any time without limit, outstanding, 17.601.375 973-1200
warrants. y Capital surplus balance of sub. cos., $43,515,329; surplus
balance of present sub, cos. as of dates of control. $23,394.739; capital surplus balance of Commonwealth & Southern Corp., $575.609.701; total,
$642,519,767. Less excess amount at which cub, co. securities are carried
by parent company over the par or stated value of such securities of sub.
cos., 5630,112,957.-V. 132. p. 3334.
-Reservoirs Full.
Community Water Service Co.
An danger of drouth is believed definitely past and the necessity of
emergency construction projects to assure a plentiful supply of water in
reservoirs no longer exists according to a bulletin issued by this company,
one of the three largest privately-owned water systems In the country.
"The backbone of the drouth, which was general throughout the country
last year, apparently was broken definitely last March." says the bulletin,
"and the reservoirs of our 50 operating companies, which serve a population
of almost a million in 124 communities in 11 States, are either full or
practically so. Since January there has been a general increase in rainfall,
more than one-half the country getting in excess of its normal share during
March. In May conditions have beon unusually favorable from a waterstorage standpoint, and the country generally is bettor off than at this
time last year.
"Despite drouth conditions and the fact that most industries showed
radical decreases In revenue during 1930. it should be pointed out that
business of water companies was comparatively unaffected," continues the
article. "A year of generally adverse conditions thus proved that waterservice companies, supplying a basic human need, render a service that is
absolutely indispensable to the growth, health and prosperity of modern
life, the demand for water continuing practically undiminished in good
times and bad."
-V. 132, p. 3523.
Cornpania Hispano-Americana de Electricidad, $. A.
("Chade").-Dividends.At the general ordinary meeting which was held on May 28, It was voted
to distribute among the shareholders of this company, a supp!ementary
dividend in respect of the fiscal year 1930. at the rate of 50 gold pesetas per
share on its series A. B and C shares and 10 gold pesetas per share on its
series D and E shares.
The dividend will be paid in pesetas at the rate of exchange of gold on
the date of payment to the Spanish holders. Foreign holders may choose to
receive payment of their dividends in gold, as ind!cated above, in other
equivalent currencies. In order to calculate the equivalent amount of gold
pesetas there will be taken as a basis the parity of 5.18 gold pesetas per
dollar and the rate of exchange which in relation to the dollar may prevail
on the date of the payment for the currency in which the dividend is to be
paid. In order to collect the above dividend, shareholders should, on or
after May 29 1931, present and surrender coupon No. 20 at the Guaranty
Trust Co.. 140 Broadway, N. Y. City, or at any of the banks indicated
below: Madrid, Banco Espanol de Credito; Banco Urquljo; Banco de Vizcaya; Barcelona-S. A. Arnus-Gari; Bilbao-Banco de Vizcaya; Brussels
Banque de Bruxelles; Cassel & Co.; Antwerp-Banque Centrale Anversoise;
a Luxembourg; Berlin and other
Luxembourg-Banque International
German cities-Deutsche Bank und Disconto Gesellschaft; Frankfurt s-81
-Deutsche Bank und Disconto Gesellschaft Filiale Frankfurt; Zurich
and other Swiss cities-Credit Suisse: Amsterdam-Mendeissohn & Co.
Amsterdam; Nederlandsche Handel-Maatschappli N. V.. Deutsche Bank
und Disconto Gesellschaft Finale Amsterdam, Handel Maatschappij H.
Albert do Bary & Co. N. Y.; London-Midland Bank, Ltd.; Barclays Bank,
Ltd.; J. Henry Schroeder & Co.; Baring Brothers & Co.; Buenos Aires
offices of the company.
The dividend payable on E shares, as represented by "American shares"
certificates issued by Guaranty Trust Co. of New York as depositary under
deposit agreement dated Sept. 21 1928. will be paid June 4 1931 to holders
of record May 28 1931. See also V. 132, p.3712.
-Earnings.
Connecticut Power Co.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 311931.
(Not a Consolidated Statement.)
mammies
Assets
$12,201.668
Property. plant, &o
304,513
Cash
29,582
Notes receivable
460,065
ACCOOMS receivable
150,281
Interest & dividends mole_ _
208,318
Material & supplies
16,141
Prepayments
8,959,571
Invest. in affiliated cos
Miscellaneous investments__ 3,290,984
18,340
Sinking funds
40.796
Unamort. debt, disc. & exp.
200,966
Unadjusted debits
Total
-V. 132, p. 1029.
$25,879,225
Common stock
$16,492,475
Premium on common stock__ 3,129,693
-The Conn Pow. Co__ 2,265,500
Bonds
The New Lon. G.& El. Co.
375,500
The Berkshire Power Co__
61,000
Notes payable
100,000
149,065
Accounts payable
Accounts not yet due
55,688
Taxes accrued
194,459
Retirement reserve
1,269.455
Miscellaneous reserves
16,817
Contrib. for extensions
47,113
Unadjusted credits
5,699
Profit and loss
1,716,763
Total
$25,879,225
-New Trustee.
Consolidated Gas Co. of New York.
George F. Baker Jr. has been elected a trustee to fill the vacancy created
by the death of his father, George F. Baker.
Subsidiaries Increase Capitalization.
Notices of increase in capitalization of various subsidiary companies were
filed with the Secretary of State at Albany, N. Y., on May 28, viz:
1. Brooklyn Edison Co., Inc., from $100,000,000 to $140,000,000.
par $100.
2. New York St Queens Electric Light & Power Co., from 300,000 to
700.000 shares of common stock of no par value. There is no increase in
the 12,500 shares of preferred stock at $100 par.
3. New York Edison Co. from 5.208,080 to 5,408.080 no par value
common shares.
4. United Electric Light & Power Co. from 873.942 to 1,073.942 no par
value common shares.
5. Westchester Lighting Co.from 700,00010 1,000,000 shares of common
-V. 132, p. 4052.
stock of no par value.
-Earnings.
Eastern Minnesota Power Corp.
For income statement for 12 months ended March 31 see "Earnings
-V. 132. p. 2759.
Department" on a preceding page.
JUNE 6 1931.1
FINANCIAL CHRONICLE
4239
•
new development will provide for an ultimate generating capacity of 20,000
Elmira Natural Gas Corp.
-Acquisitions.
-A deal has just been closed whereby the newly formed Elmira Natural kw. and will be developed in several stages.
7. Compania de Luz Electrica y Fuerza Motriz de Orizaba, S.A., purGas Corp. has acquired from Chester Ashton and others their interest in the
famous Ashton wells located at Farmington Township, Tioga County, Pa. chases part of its electrical energy from Puebla Tramway, Light & Power
Co. and generates the remainder at its own hydro-electric plant. The
This well is conservatively estimated as a 10,000,000 cubic feet per day
producer and is one of the outstanding wells in the Pennsylvania district. companies supplies electric power and light service in Orizaba and six other
he corporation has approximately 2,000 additional acres under lease and communities. Total population of the territory served is estimated
at 69.000.
other wells will be drilled.
S. Compania Electrica de Cordoba, S.A., purchases its electrical energy
from Campania de Luz Electrica y Fuerza Motriz de Orizaba. S.A.. and
Empire Gas & Electric Co.
-Earnings.
supplies electric power and light service in the city of Cordoba and three
Calendar Years1930.
other communities. The total population of the territory served is esti1929.
Operating revenues
$3,274,851 $3,300,149 mated at 21,000.
Operating expenses
1,636,771
9. The Vera Cruz Electric Light, Power & Traction, Ltd.. purchases its
1,471.090
Maintenance
291,218
316.356 electrical energy from Puebla Tramway, Light & Power Co. and supplies
Prov. for retirement of fixed capital
230,975
264.015 electric power and light and transportation service in Vera Cruz. The
Taxes(including provision for Federal income taxes)
270,972
270.034 population of Vera Cruz is estimated at 68,000.
10. Compania de Electricidad de Merida, S.A., operates an oil-burning
Operating income
$844,915
$978,654 steam turbine generating station and supplies electric power and light serOther income
20.283
7,322 vice in the city of Merida, capital of the State of Yucatan. The population
of Merida is estimated at 91,000. The company is installing an additional.
Gross income
$865,198
$985,976 1,500 kw. in its plant which is expected to be in operation during 1931.
Interest on funded debt
11. Campania Nacional de Electricidad, SA., operates steam electric
274,506
282,196
Interest on unfunded debt
146,528
104.461 generating stations near Torreon, State of Coahuila, and at Aguascalientes.
Amortization of debt discount & expense
26,851
26,430 State of Aguascalientes, and local Diesel electric generating stations at
Miscellaneous amortization
10.000
20,287 Durango, Saltine and Zacatecas. The company has recently placed in
Interest during construction
Cr.55,462
operation near Torreon a new modern steam-electric generating station with
an installed capacity of 27,000 kw. It supplies at wholesale the electric
Net income
$462,775
3552,601 Power requirements of Ferrocarril Electrico de Lerdo a Torreon, S.A.,
Preferred dividends
190,913
190.937 which in turn supplies electric power and light and transportation services
in the adjoining cities of Torreon. Coahuila:and Gomez Palacio and Lerdo,
Balance
$271,862
$361,664 both of which are in the State of Durango. The total population of the
territory served is estimated at 138.000. Campania Nacional de Elec.
Balance Sheet Dec. 31.
tricidad, S.A. has also recently constructed and placed in operation extenLlabflittes-1930.
1929.
1930.
1929.
sive transmission and distribution systems throughout the so-called Laguna
AssetsCapital stock &
3
$
$
3
commercial centre. These systems
Plant & property_21,443,207 12,982,548
capital surplus_ x12,398,889 5,588,800 cotton district, of which Torreon is the
61.892 Adv.from affil. cos 2,070,022 1,267,411 now supply 76 large cotton plantations with an aggregate of approximately
Investments
67,893
10.200 h.p. for irrigation pumping in connection with the cultivation of
Cash
143,947
129,090 Funded debt
4,930,000 5,189,000 cotton, and
the operation of cotton gins, cottonseed oil mills and other
Amts.receivable
691,479 Notes payable__
674,688
300,000 cotton industries. Companla Nacional de Electricidad, S.A., also supMaterials & supp. 413,364
434,628 Accounts payable_
71,540
364,422
the electric power requirements of the large custom ore smelter at
Prepayments
5,565 Accrued accounts_ 142.896
24,689
78,786 Torreon. In addition, the company also operates a high-tension transUnamortized debt
Consumers' dep
51,248
45,379 mission line 184 miles in length, which interconnects the property of the
disc. & expense_ 353,476
380,327 Reserves
2,407,722
878,035 company with the system of Compania Agricola de Fuerza Electrica del
Misc. suspense_ _ _ 117,695
171,735 Contrlbs. for ext.
131,639 Rio Conches, S.A., in the State of Chihuahua, and affords the means for
Surplus
1,166,643 1,013,793 Interchange of
power between the two companies. The city of Torreon
Is one of
and rapidly growing cities in the Republic of
Total
23,238,960 14,857,265
Total
23,238,960 14,857,265 Mexico. the most progressive railroad centre and has among its many inIt is an important
x Represented by 28,968 shares of preferred stock (par $100) and 26,920 dustries cotton mills, flour mills, custom ore smelting plants and soap
shares of common stock (par $100).-V. 131. p.935.
factories.
At Durango, capital of the State of Durango, Campania Nacional de
Empresas Electricas Mexicanas, Inc. (Del.).
-Com- Electricidad, S.A., operates a Diesel electric generating station and supplies
pany's Preferred Stock Offered in Exchange for 7% Pref. Stock the electric power and light in the city and vicinity. Total population of
city is estimated at 33,000.
of Northern Mexico Power et Development Co., Ltd.
At Zacatecas, Compania Nacional de Electricidad. S.A.. operates a new
-See
Diesel electric generating station which,in addition to supplying the electric
American & Foreign Power Co., Inc., above.
•
Power and light requirements of the city of Zacatecas through an affiliated
A descriptive circular shows:
company, supplies the power requirements of metalliferous mining operaEmpresas Electricas Mexicanas, Inc.-Incorp. in Delaware In June 1930. tions in the vicinity. Zacatecas is the capital of the State of the same name.
Has acquired indebtedness and securities, formerly owned by American It is the centre of one of the oldest silver mining districts in Mexico. The
& Foreign Power Co., nc.. of a number of companies which directly or population of the city is estimated at 16,000.
through subsidiaries Own and operate Important electric power and light
At Saltine), Compania Nacional de Electricidad. S.A., operates a Diesel
and other public utility properties throughout Mexico. As a result of the electric generating station and supplies electric power and light service
acquisition of these securities, the company controls Mexican Utilities Co., in the city. The population of the city is estimated at 42,000. To pro-kw. Diesel unit has recently
Compania Nacional do Electricidad, S.A., the Northern Mexico Power & vide for additional demands, a new 1,000
Development Co., Ltd. Campania Electrica Parralense, S.A., Compania been placed in operation in the company's plant.
Electrica de Tampico.
the Vera Cruz Electric Light, Power & TracAt Aguascalientes, Campania Nacional de Electrididad. S.A., operates
tion, Ltd.. Puebla Tramway, Light & Power Co. and Campania de Elec- a steam electric generating station and supplies electric power and light
Welded de Marida, S.A., as well as several other smaller companies. service to the city. The population of the city is estimated at 70.000.
These subsidiaries supplied at March 31 1931 electric power and light and(or) An additional 1,500
-kw. steam generating unit has been recently placed
other public utility service to a total of 115 conununities, serving a popu- in operation. Within a few miles north a the city of Aguascalientes there
lation estimated at 1.464.000. In addition, the company's subsidiaries is located the large irrigation project (known as the Calles development)
supply large amounts of power for extensive industrial operations located of the National Irrigation Commission of Mexico. This project when completed will make available large amounts of water for irrigation purposes
outside of these communities.
The principal subsidiaries and the service of operating companies at and will place under cultivation substantial acreage in the immediate
March 31 1931 were as follows:
vicinity of Aguascalientes. The storage dams have already been com1. Mexican Utilities Co. controls, directly or indirectly, the Guanajuato pleted, and it is expected that the project will be placed in operation within
Power & Electric Co., Central Mexico Light & Power Co., the Michoacan a short time.
Power Co. Compania Hidroelectrica Guanajuatense, S.A.. and Campania
Capitalization as of April 30 1931.
Authorized.
Outstandino.
Ilidro-electirica Queretana, S.A. These companies operate an inter70.000 abs.
connected group of hydro-electric generating plants in the States of Michoa- $7 cum. pref stock, no par value
1
230.000 abs..
can and Queretaro. The transmission lines of the controlled companies $7 cum.2nd pref.
no par value Ix3.000,000 shs.
2.000.000 she.
extend from the northwesterly boundaries of the State of Michoacan, Common stock, no parvalue
stock.
where connection is made with the lines of the Campania Electrica Chapala, 6% 5
325.000.000
-year notes, due April 1 1936
BA. (from which some power is purchased at wholesale), easterly through
x Of this amount tae directors have authorized 70,000 shares to be
Portions of the States of Mizhoacan, Guanajuato and Queretaro to the city Issued as $7 pref. stock. 230.000 shares as 37 2nd pref. stock and 2,000.000
of Queretaro, and northerly to the Charcas mining districts. approxi- shares as common stock. The balance of 700.000 shares may Pe authorized
mately 70 miles north of the city of San Luis Potosi, in the State of San as common stock or as one or more series of pref. stock or 2nd pref. stock
Luis Potosi and connect with the local distribution systems in the communi- as may be determined by the board prior to the issuance thereof.
ties served. The total population of the territories served by this group Consolidated Statement of Income of Subsidiary Companies (Inter-Company
of companies is estimated at 592 000.
Items Eliminated).
Important contracts with responsible interests involving an increased
Afar.31 '31. June 30'30.
12 Months Endedload of about 5,200 kw. have been negotiated by the Mexican Utilities Co.'s Subsidiary companies.
group of properties and in connection with this additional service construc__ $9.177.266 $8.922.600
Gross earnings
tion has been commenced upon a new hydro-electric project to be known
5.213,302
Operating expenses, maintenance and taxes- 5.232.497
as the Potesina development. about 100 miles east of the city of San Luis
Potosi,which is to be equipped with an initial installed generating capacity
$33.944,769 $3,709.298
Not earnings
of 16,000 kw. In addition, there will be constructed a transmission line
127.171
Other income
54,997
which will connect the new plant with the extensive transmission system
of the group at San Louts Potosi.
34.071.940 $3,764.295
Gross corporate income
2. Abastecedora Luz, Fuerza, Agars. S.A. operates a Diesel electric
deductions....
671,140
720.203
Interest to the public and other
generating station and supplies electric power *
and light service to the city
231.089
238.227
Preferred dividends to public
of Mazatlan and water service in Mazatlan and two adjoining communities.
515.458
464.175
Renewal & replacement (depreC.) appropriations
The total population of the territory served is estimated at 31.000.
3. The Northern Mexico Power & Development Co., Ltd., controls
32,654.253 $2,341.690
Balance
Compania Agricola y de Fuerza Electrica del Rio Conches, SA. The
10,816
Portion applicable to minority interests
60.366
latter company owns and operates two hydro-electric generating plants
on the Rio Conches in the State of Chihuahua. In connection with the
32.643,437 32,281,324
Balance
operation of these generating plants, the company owns Lake Toronto Consolidated
Statement of Income of Empresas Electricas Mericanas. Inc.,
at Boquilla, one of the lareest artificial lakes in the world, which has a
and Subsidiary Companies for Nine Months Ended March 311931.
water storage capacity of 680 billion U.S. gallons. The company is completing a third hydro-electric generating plant at Rosetilla. below the junc- [Adjusted to give effect to (a) 9-12ths of the annual renewal and replacement (depreciation) appropriations by subsidiary companies: OA the
tion of the Conches and Florid° rivers, which will have an installed capacity
exchange of all publicly owned pref. stock of the Northern Mexico
of 10,000 kw. Compania Agricola 9 de Fuerza Electrica del Rio Conches,
Power & Development Co.. Ltd. for $7 pref. stock of Empresas EiecS.A.. serves the large mining, milling and smelting operations of subsiditrims Mexicanas, Inc.. and (c) the deduction of earnings applicable
aries of American Smelting & Refining Co.. of Howe Sound
to minority interests as existing on March 31 1931.1
In Chihuahua and the San Francisco Mines of Mexico, Ltd., all Mining Co.
in the State
of Chihuahua, and supolies at wholesale the electric power requirements Balance of subsidiary companies* earnings for tee period applicable to Empresas Electricas Mexicanss, Inc
32.173.658
of Campania Electrica Parralense, S.A. Its system is inter connected by
means of a 184-mile transmission line with the large steam electric generat- Other income
577,530
ing station of Campania Nacional de Electricidad. S.A., near Torreion,
Coahuila.
Total
32,751.188
150.761
4. Campania Electrica Parralense, S.A., supplies electric light and gen- Expenses, incl. taxes, of Empresas Electricas Mexicanas. Inc.__
eral power service In the cities of Chihuahua, Parral and Santa Barbara Total int. to public & other deduct.of Empresas Elec. Mex.,Inc. 1.218.722
and two other Communities. The total population of the territory served
Balance
51.381.705
by Campania Electrica Parraiense, S.A, Is estimated at 81.000. in
addition to being centres of the extensive metal mining and smelting oper- Dividend requirements for nine months on 70,000 shares of $7
Prof. stock of Empresas Electricas Mexicanas, Inc
367,600
ations in northern Mexico, these cities contain many small industries.
5. Compania Electrica de Tampico. S.A., operates an oil-burning steam
31.014.205
Balance
turbine generating station and supplies electric power and light service in
Tampico and vicinity and transportation service between Tampico and
Note.
-The Mures shown in the above statements were obtained by
Ciudad Madero. The total population of the territory served is estimated converting Mexican pesos into United States dollars at varying rates of
at 92,000. Tampico Is the centre of the extensive Panuco oil district and exchange. For the month of July 1929. an exchange rate of $.60 was
the site of large oil refining operations. It is one of the two most important used; for the period between Aug. 1 1929 and Nov. 11529, an exchange
seaports on the Mexican Gulf Coast and a port of entry for most classes rate of $.48 was used; and each manta thereafter the conversions were
of cargo.
made at the average New York cable rate for the respective month.
Of the subsidiary companies' gross earnings for the 12 months ended
6. Puebla Tramway, Light & Power Co. operates interconnected hydroelectric generating plants and supplies, directly or indirectly, through asso- March 31 1931. as shown above, approximately 92% was derived from
ciated companies, electric power and light service in 12 communities in- electric power and light service, 7% from transportation service and 1%
cluding the city of Puebla, capital of the State of Puebla. Through an ex- from water service and the manufacture of ice. Approximately 20% of
tensive transmission system operated by the company, power is supplied the total gross earnings of subsidiary companies for the last 12 months
at wholesale to the Vera Cruz Electric Light. Power & Traction, Ltd., and was derived from service to mines, mills and smelters.
Compania de Luz Electrica y Fuerza Motriz de Orizaba, S.A. To take
Statistical Data -The estimated population, total number of communicare of the growing load, the company has under construction an additional ties and customers served by subsidiaries of Empresas Electriess Meat15,000
-kw. unit in its Tuxpango hydro-electric plant, and in addition started canes, Inc., and the physical equipment of their properties as of March
work on:an'entirely new project known as Las Minas development. This 31 19b1, together with the output for the 12 months ended on that date.
4240
VOL. 132.
FINANCIAL CHRONICLE
as compared with similar statistics for the years 1930 and 1929, are indicated in the following tabulation:
Mar.31 '31. Dec.31 '30. Der. 31 '29.
1,278.000
1.412.000
Population served
1.464.000
Communities served
106
109
113
With electric power and light
6
6
6
With transportation
3
3
3
With water
108
111
115
Total communities
Number of customers served87,666
x87,222
87,764
Witn electric power and light
4,201
x3.857
3,800
With water
91.867
x91,079
91,564
Total customers
Passengers carried during 12 months- 19,045,286 19,072.414 16,442.922
112.197
141,777
143.277
K.w. gonerat. station capac. installed
55.500
49,840
48,240
K.w.generat. capac. under construct..
Kw.h. generat. station output (incl.
power purchased) for 12 months_ _422,711,000 414,004,000 421,091.000
Miles ofelectric lines (11,000 volts and
over) in operation irrespective of the
1.790
.2,419
2,459
number of circuits carried
Mlles of electric lines (less than 11,000
1,201
1,284
1,295
volts) in service
Total miles ofelectric lines in operation
2,991
3,703
3,754
irrespect. of no. of circuits carried..
Miles ofelectric line.(11,000 volts and
234
257
119
over) under construction
Milts of electric railway (single track
44
44
44
equivalent)
34
34
34
Miles of water mains
x Apparent decrease reflects reclassification of customers.
A substantial part of the physical property of the operating companies
has been constructed within recent years, and all of it Is maintained in
efficient operating condition.
Control and Supervision.-Empresas Electricas Mexicanas, Inc. Is controlled thrJugh ownership of all outstanding securities by the American
& Foreign Power Co., Inc. Upon the exchange of $7 pref. stock of Emproses Electricas Mexicanas, Inc., for certain stocks of that company's
subsidiaries, the American & Foreign Power Co., Inc. will own all outstanding securities, except the $7 prof. stock of Empresas Electricas Maxi
canes, Inc., o exchanged.
& Share Co. supervises (under the direction and control
Electric ilond
.of the boards of directors of the respective companies) the operations of
the American & Foreign Power Co., Inc., and Emprosas Eloctricas Mexicanas. Inc., and their subsidiaries.
-Initial Dividend.
Federal Water Service Corp.
The directors have declared the regular quarterly dividend of $1 per
share on the new no par value $4 cum. pref.stock, payable July 1 to holders
of record June 15.-V. 132, p. 4053.
and to the assets of the corporation. subject,however, to all now existing
liens, pledges, offsets and charges thereon or relating thereto.
The Guaranty Trust Co. announces that it will offer for sale at public
auction June 27 at the Exchange Salesroom, 18 Vesey St., New York,
shares of capital stock, bonds, notes and other obligations pledged under
the trust agreement dated Dec. 1 1927 of Keystone Water Works & Electric
Corp. (formerly Keystone Water Works Corp.), securing the let lien 514%
gold bonds, both series A and series B, of which $10,467,500 are now outstanding.
-V. 132, p. 2066.
-Earnings.
Louisville Gas & Electric Co.
For Income statement for 12 months ended March 31 see "Earnings Department" on a preceding pago.-V. 132, ri• 3883.
Louisville Ry. Co.
-Earnings.
Calendar YearsRevenue from transportation-cars
Revenue from transportation-buses
Other operating revenues
1929.
1930.
$4,109,372 $4,416,844
224,487
268,334
179,571
184,052
Total operating revenues
Operating expenses-cars
Operating expenses
-buses
$4.561,758 $4.820,902
2,978.130 3.255,371
210,322
229,793
Net revenue from operations
Taxes
$1,353,834 $1,355,209
461,000
469,500
Not operating income
Non-operating income
$884,334
46,575
$894,209
89,666
Grossincome
Interest on bonds & notes
Miscellaneous debits
$930,910
579,598
957
$983.875
633,750
5,970
$350.355
Balance available for dividends on stock
Condensed General Balance Sheet Dec. 31.
1930.
1929.
1930.
3
LiabilitiesAssets$
Road & equipment18,765,856 22,339,517 Pref. stk.. 5% cum 3,500,000
Common stock- 8,323,600
Invest.in Mill. cos.:
Fund, debt, bonds 9.035,000
Louisville & Ine e
tTlps
terurban RR_ 4,060,639 4,060,605
Funde
d
136,500 Fund, debt,
Ky. Carriers,Ino 136,500
198,630
trust notes
75.000
1
Peoples Tr. Co_
26,524 Current liabilities_ 1,083,710
Other investments
26,524
1,887
Current assets_ ___ 1,278,317 1,390,624 Deferred liabilities
157,000 Unadjusted credits 1,633,332
Deferred assets_ _ 147,000
418,308 Corporate surplus- 977,789
Unadjusted debits 339,110
-Earnings.Green Mountain Power Corp.
Total
24,753,947 28,604.078
For income statement for 12 months ended April 30 see "Earnings
-V.132, p. 2964.
-V. 132, p. 2192.
Department" on a preceding page.
-New Chairman.
Hackensack Water Co.
Henry L. De Forest has been elected Chairman of the board, to succeed
.his father, the late Robert W.De Forest. Mr.De Forest is a Vice-President
-V. 132. P. 38 .
.and a director.
83
--Earnings.
Illinois Power & Light Corp.
For income statement for 12 months ended April 30 see "Earnings De-V. 132, P. 3713.
partment" on a preceding page.
-ForeIndianapolis & Martinsville Rapid Transit Co.
closure.
$750,000 on property of the
Permission to foreclose a mortgage of
.company was asked in a suit filed by the Union Trust C.). and the Security
J. Ryan
Trust Co. In Superior Court at Indianapolis before Judge RussellMartinsand
May 28, The 27-mile interurban line between Indianapolisof the
Public
ville abandoned operations Oct. 1 1930. with permission was not paid
Service Commission. Semi annual interest of $18,750
-V. 131, p. 2695.
suit charges.
-July 1 1931 or Jan. 11931. the
Inland Utilities, Inc.-Reolganization Plan. that
It has
The class A stockholders' protective committee announces
approved a plan of reorganization. The plan provides for the formation
.of a new corporation known as Southeastern Gas & Water Co., incorp. in
Delaware, and for the merger of the new corporation with Inland Utilities
upon the consummaInc. North American Gas & Electric Co. has agreed,lien gold bonds of the
tion of the reorganization, to purchase $1,000,000 first
interest at the rate of 6%. maturing In 1941, the
new corporation bearing
Inland
proceeds of which will be used to pay purchase money obligations of
Utilities, Inc. mortgages and loans secured by capital stock of subsidiaries
$747,000. interest on debentures of
of Inland Utilities. Inc. aggregating
reorganization.
Inland Utilities, Inc., and provide for the expenses of the
general
The present debentures of Inland Utilities, Inc. will be exchanged for As an
maturing in 1944.
lien gold bonds bearing interest at a rate of 6%.
Inc.
Inducement to exchange, the holders of debentures of Inland Utilities,
for each $1,000
.are offered 30shares ofcommon stock of the new corporation debentures are
If
debenture of Inland Utilities, Inc. so exchanged. goldall
bonds of the new
exchanged, there will be $2,354,000 of general lien
corporation outstanding.
of 177,691 shares of
The new corporation will have an authorized issuecumulative dividends
class A participating stock. This stock is entitled to
redeemable at $15 dollars
after July 1 1933 at the rate of 15 cents per share;voluntary or involuntary)
Per share and in the event of liquidation (whether distribution is made upon
before any
or dissolution, entitled to receive $15
common
the common stock. This stock Participates equally with holders of have no
will
stock in any further distribution of dividends This stock
arrears and unpaid for eight
voting rights unless dividends shall be in
quarterly periods.
of Inland Utilities,
Holders of each share of class A participating stock participating stock
Inc. will receive in exchange therefor one share0class A of the new corpoand one share of the common stock
of the new corporation
participating stock of
ration. In addition holders of each share of class A $100 first lien gold
for
Inland Utilities, Inc. will be entitled to subscribe price for each 20 shares
offering
bonds at a price not in excess of the public
not less than
of new stock to be received, and to receive in addition theretofirst lien gold
each
three shares of common stock of the new corporation for
bond so purchased.
750,000 shares of
The new corporation will have an authorized issue of to holders of comcommon stock of no par value. This stock will be issued
of one share of commmon
mon stock of Inland Utilities, Inc. in the ratio
of common stock Inland
stock of the new corporation for 4 6-10ths shares Inland Utilities, of who
Inc.
Utilities, Inc., to the holders of debentures of
forth, and to
assent to the plan of reorganization, in the ratio above set
North American Gas & Electric Co.
for a period
A majority of the common stock will be Placed in a voting trust committee.
of the
of five years. One of the five trustees will be a nominee
consummation of the reorganization will
The new corporation, upon the
enter into a management contract with Loeb & Shaw, Inc.
In view of the fact that it was necessary to raise a large amount of money
been
to take care of obligations prior to the debentures, that default had the
made in the payment of interest on the debentures, and the earnings of
the depression, committee, which
company have been greatly reduced by
has unanimously approved of the plan of reorganization, urges the holders
of class A participating stock to approve of the plan of reorganization. the
The consummation of the plan of reorganization is conditioned upon
deposit of 90% of the debentures of Inland Utilities, Inc. Inland Utilities.
rhe time for the deposit of class A participating stock of
Inc. will expire on June 111931.
Deposits may be made at Hibernia Trust Co., New York, or Continental
Illinois Bank & Trust Co.. Chicago, depositaries.
Committee: R. S. Link, Chairman: Wm.A. Smart, Waite H. Stephenson
and Donald B. Adams. Compare also V. 132, p.3524, 3335.
Total
$344,155
1929.
$
3,500,000
8,323,600
:
705 00o
12,030 000
267,440
:12
23 5
503 37
2,267,249
1,005,327
24,753.947 28,604,078
-Earnings.
Lowell Electric Light Corp.
Calendar YearsGross operating revenue
Other income
1929.
1930.
$2,006,889 81,960,600
55,096
63,576
Total income
Operating expenses
Maintenance
Depreciation
Taxes
$2,070,466 $2,015,696
788,201
773,021
125,726
120,094
117,000
125,000
319.934
342,948
Net earnings before interest charges
Interest charges
$709,401
1,730
$664.834
2,143
Net earnings
Dividends paid
$707,671
435,385
8662.691
423,666
Balance
Refunds of overassessments of Federal income taxes
for 1924 5c 1925
$272,285
$239,025
14,749
$287,034
Increase In surplus for year
Comparative Balance Sheet Dec. 31.
1929.
1930.
Assetst41,i57
40
L
itl
8206,066 $167,496 Aeets.Upa;able--Cash
80,080
323,019 Accr. taxes-Fed..
Accts. & notes rec. 328,251
49,036
165,252 Consumers' dep'ts
Materials & suppl. 180,074
8,619 Res. for deprec- 1,060,961
7,391
Prepaid expenses_
2,035
Plant & properties 8,227,177 8.020,223 Other reservee....-Suspense creditsCons, work orders
9,966
Contrib. for extens
88,936
In progress
119 Common stock... 4,186,400
Securities owned.
Prom. on stock___ 1.891,265
1,716,415
Surplus
$9,037,898 58,684,727
Total
-V. 126, P. 1507
.
Total
$239,025
1 41 71
5
;
: 21
75.555
45,979
1,004,815
531
8,085
4,186,400
1,891,266
1,429,380
$9,037.898 $8,684,727
-Acquires Control of
Mackay Radio & Telegraph Co.
Kolster Radio Corp.
President Clarence H. Mackay announced on June 4 that this company
holds a controlling Interest in the Orange Securities Corp., which recently
purchased the assets of the Holster Radio Corp.. including control of the
Federal Telegraph Co. of California. He announced that a now company,
Holster Radio, Inc.. had been formed to carry on the manufacture of broadcast receiving sets, with offices and factory at 250 Thomas St. Newark,
'
N. J., and an office in tho International Telephone & Telegraph Building,
67 Broad St., New York,
Franklin Hutchinson has been elected President of the new company,.
and Frank Hohnstrom and St. George Lafitte, Vice-Presidents, Mr.
Mackay announced. Holster Radio, Inc., will succeed to the good will.
trade-marks, patents and manufacturing facilities of tho old Holster company and will market new sets to be known as Holster international Radio
Receivers.
Through affiliation of the Federal Telegraph Co., the Mackay Radio
& Telegraph Co. acquires many inventions, including the Holster Radio
compass. The Mackay company, which was organized in 1927 also obtained
many patents that will be developed In connection with its point-to-point
-V. 132, p. 3335.
and international radio telegraph. (Now York "Times")
--Earnings.
Metropolitan Edison Co.(& Subs.).
1929.
1930.x
Calender Years$12,192,866 $12,643,305
Operating revenues
5,262,902
4.947,001
Operating expenses & maintenance
1,479,806
Prov.for retire. offixed capital-depreciation,&c- 1,756,151
777.259
650,678
Taxes (incl. provision fcr Federal income taxes)- - Operatingincome
Otherincome
$4,839,036 $5.123,339
138.101
y138,867
-Plan of
Keystone Water Works & Electric Corp.
Reorganization Declared Operative-Proposed Sale.
$4.977,904 85.261.440
Gross income
1,491,009
1,464,214
Interest on funded debt
105.327
52,160
Interest on unfunded debt
Cr75,345
Cr104,127
during construction
Interest
121,522
121.190
Amortization of debt discount & expense
22,121
Net earn,of merged prop,prior to date of merger-14,663
1.222
Miscellaneous deductions
$3,421,123 $3,604,264
Netincome
1,089.073
1,061,089
Dividends on preferred stock
1,623.510
1,307,832
Dividends on common stock
See Atlantic Public Utilities, Inc. above.
Clarence A. Southerland. Ralph J. Ritchie and Z. E. Merrill, receivers.
will sell at public auction to the highest bidder at the County Courtof
house, Wilmington, Del.. on June 12 all of the right, title and interest in
the receivers and all of the right, title and interest of the corporation
$708,540 $1,235,343
Balance
x Includes full 12 months operations of all properties now owned by
Metropolitan Edison Co. y Adjusted to exclude interest earned on advances on open account now credited to Surplus.
4241
FINANCIAL CHRONICLE
JUNE 6 1931.]
Consolidated Balance Sheet Dec. 31.
1930.
1929.
Rf.1930.
Liabilities$
$
AssetsNd, $
Capital stock &
Plant, prop., frau- ,
surplus
x53,159,494
85,369,718 64.074,990
1, chises, &c
Funded debt
31,497,100
Invest. dr advances 6,310,433
Adv.from Mill. cos
• Sinking & other
76,599 Accounts payable. 352,174
I. funds
426,325 Dividends payable 306,032
CashI'dr special dep 922,061
Accrued taxes.-- _ 1,181,415
Consumers accts.
928,2881 1,309,813 Accrued interest- - 598,541
received
Other accruals_ __10,354
Misc.accts. rec.- 783,5301
Material & suppl- 803,848 1,078.052 Consumers' dep.- 301,954
80,187 Reserves
7,732,852
Misc, curr. assetsIJnamortized debt,
4,236.907
discount dr exp.
debit
UndLstrib.
90,025
22,049
Items
1929.
$
-Proceeds will be applied principally toward the retirement on
Purpose.
July 1 1931 of the entire mortgage debt (83,817,000) and the coupon notes
(8762,000) of the company now outstanding.
30,554,846
31,590,100
1,267,070
549,058
976,076
344,180
119,740
275,158
5,758,671
Total
95,139,914 71,432,900
95,139,914 71,432,900
Total
x Represented by 10,786 shares $7 cum. pref. stock (no par); 186,462
shares of 86 cum. pref. stock (no par); 5,865 shares of 85 cum. pref. stock
-V. 132, p. 4054.
(no par) and 360,780 shares of common stock (no par).
-Earnings.
Mountain States Power Co.
For income statement for 12 months ended March 31 see "Earnings De-V. 132, p. 3713.
partment" on a preceding page.
-Bonds Called.
Narragansett Electric Co.
-year 5% 1st mtge. gold bonds, series A, dated
A total of $141,000 of 30
Jan. 1 1927, have been called for payment July 1 next, at 10236 and int. at
,
the Rhode Island Hospital Trust Co., trustee, Providence, It. 1.-v. 132,
p. 2966.
Bonds and Notes Called for Redemption on July 1 Next.
The company has called for redemption on July 1 at 105 and int., its
$3,817,000 outstanding 5% 1st mtge. bonds due In 1938 and at 102 and int.,
-year couopn notes.
the outstanding $762,000 of 5
An offer will be made shortly by New England Gas & Electric Association,
the controlling company,to exchange its own 5% convertible debentures for
the New Bedford bonds and notes.
The notes will be redeeiked at the First National Bank, Boston, Mass.,
-V.132,P. 125,
or at the Safe Deposit National Bank, New Bedford, Mass.
-Earnings.
New Jersey Power & Light Co.
1928
1927.
1929.
Years Ended Dec. 31- 1930.
$4,286,212 83,199.006 82,885,703 $2,717.860
Operating revenue
1,581,131
1,528.859
1,894,206
Operating exps. & maint 2,123,882
357,050
465.792
481,308
639.792
Taxes & depreciation.._
$947,751
90,165
$838,781
148,357
8707,693
99,238
$1,582,951 $1,037,915
Totalincome
299,404
317,484
Interest on funded debt190,318
360,494
Other deduct.from Inc- Credit for interest during
Cr249,144 Cr197,510
construction
8987,138
300,000
32,434
8896,931
307,867
32,240
8745,703
203.258
284,375
8654,704
197,841
296,875
8466,824
178,204
Operating Income-- $1,522,539
60,412
Other income
81,154,116
Net income
203,565
Dividends on pref. stock
262,500
Divs. on common stock_
Balance,surplus
National Gas Co., Inc. (Del.).-Aeguisitions.This company, incorporated recently in Delaware, has acquired all of
the capital stock of the Lyons Gas Co., Inc., and the Austin Gas Co.,
Inc., of Louisiana, which gives the former company control of about 7,000
acres of gas lands in the Monroe, Waskom, Spencer and Richland fields
in Louisiana and Texas, with 30 producing wells. A half interest has been
•
acquired In 31,000 acres of gas land in Warren County, Miss.
-Earnings.
New England Gas & Electric Association.
[Income of companies acquired during the period is included only from
the approximate dates of acquisition.]
1930.
1929.
Calendar Years$14,740,528 89,082,847
Total operating revenues
8,361,148
5,346,119
Operating expenses & maintenance
1,304,409
754,718
Provision for retirement of fixed capital
781,045
Taxes (incl. provision for Federal income taxes).- 1,454.316
$3,620.654 $2,200,963
461,543
28,429
Operating income
Other income
$4.082,198 $2,229,392
Grossincome
cr.8.155
355,836
Fixed charges, &c.,deduct.:subsidiary companies1.722,493
1,144,050
Interest on funded debt of Association
68,551
25,816
Interest on unfuncipd debt to public of Association
$1.935,317 $1,067,680
Balance
Surplus Account Dec. 31 1930: Balance, Jan. 1 1930, 81,757,977; balance
for 1930. 41,935,317; other credits. 873,613; interest on advances by shareholders, $951,564; dividends on pref. shares, 8870,660; additional provision
for depreciation, $25,934; balance, Dec. 31 1930, $1,918,748.
Consolidated Balance Sheet Dec. 31.
1929. 1
1930.
1930.
1929.
$
LiabilitiesAssets-$
$
Fixed capital-101,254,189 97,887,959 Capital shares &
surplus
51,074,252 34,924,470
Investments - - _ 5,287,034 5,346,380
1,819,611 Adv.from shareCrush & spec. dee 1,105,062
holders
10,175
11,478
1,535.130
Notes receivable
Accts.receivable 2,248,233 2,020,624 Adv. from Mill.
companies
28,192,520
Mat'ls & supplies 1,358,445 1,570,564
Funded debt- - 47,569.500 27,584,500
Undistributed
277,884 Notes payable__
131,879
810,000 7.445,422
debit items...
Accts. payable...
522,992
653,045
Divs.declared..
293,835
213,896
Accr. taxes dr tat
725,294
543,892
Other accruals__
75,146
52,464
Consumers' dep.
493,544
472.758
Misc.unadl.cred
74,783
119,281
Reserves
8,398,538 8,532,459
I
1930.
Assets
Plant dr property _27,115,117
2,001
Investments
Cash & special dep 218,503
3,053
Notes receivable.,.
754,481
Accts. receivable
181,377
Materials & suppl_
Misc. curr. assets.
UndIstrib.
debit
17,838
items
$159,987
8258,070
$688,051
Balance Sheet Dec. 31.
1930.
1929.
Liabilities$
$
19,348,643 Capital stock dr
surplus
x14,035.970
10,201
7,970,900
152,754 Funded debt
2,353 Advances from at
Misted ens
2,796,548
406,935
120,920 Notes payable_
192,648
334 Accounts payable_
53,074
Accrued taxes_ _ _ ..
178,529
286,734 Accrued interest
Other aceppab3.-42,929
Consume' dep. &
advance by consumers for exten241,162
sions
2,758,608
Reserves
$288.620
1929.
6,870,599
5,972,400
4,207,800
1,000,000
457,047
63,083
124,425
34,035
220.511
1,573,175
28,270,389 20,328,874
Total
28,270,389 20,328,874
Total
x Represented by 33,060 shares of $6 pref. stock; 1,041 shares of $5 pref.
-V. 132.
common stock, all without par value.
stock and 87,500 shares of
P. 4055.
-Earns.
New York Central Electric Corp.(& Subs.).
Calendar YearsElectric
Gas
Steam heating
1930.
1929.
83.777.078 $3,694,505
1.031,357
1.078.425
51,218
53.584
$4,859,653 $4,826,515
Total operating revenues
3,017.500
2,583,794
Operating expenses and maintenance
310,897
305,298
Prov. for retirement of fixed capital-deprec., &c..
371.476
417.285
Taxes (incl, prov. for Federal Income taxes)
Operating Income
Other income
$1.159,779 $1.520,137
46,253
8,954
Gross income
Interest on funded debt
Interest on unfunded debt
Interest during construction
Amortization of debt discount and expense
Miscellaneous amortization
$1.206,032 $1,529,091
460.570
469,532
423,017
173,887
Cr137,922
Cr545
39.921
42,030
84.594
94,921
$335,852
$749.264
Net income
-Balance, Jan. 1 1930.
Consolidated surplus account Dec. 31 1930.
income, 1930. $335.852; total. $1,198,549; dividends on
8862,696; net
Preferred stocks, $485,867; unamortized debt discount and expense on
accounting adjustment applicable to prior years,
Total
111,373,020 108,734.506 called bonds, 8173,027;31 1930, $485,813.
111,373,020 108,734,506
Total
$53.840; balance, Dec.
-V. 132, p. 3713.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
-Notes Offered.
- AssetsNew Bedford Gas & Edison Light Co.
1 Liabilities$
$
$
$
7% cumul pref.stk. 4,888.100 4.688,100
Harris, Forbes & Co., Halsey, Stuart & Co., Inc., the First Plain, Property,
franchises, &c_32,Q88,576 20,460,115 Common stock___x2,000,000 2,000,000
National Old Colony Corp., E. H. Rollins & Sons, Inc., Investments
178,981 Empire Gas & Elee
79,889
Co. pref. stock_ 2,896,800 2,896,800
213,766
F. S. Moseley & Co., Coffin & Burr, Inc., and General Cash
227,141
50,125
107,949 kltges. payable__
161,589
Utility Securities, Inc., are offering at 100 and int. $4,500,000 Special deposits... 1,022,653 967,239 Adv.from Mill. cos
2,032,928
Accounts recelv.3% gold notes.
654,887 Adv.from stockhds 5,446,375
Materials dr suppl_ 500,394
8,295,225 8,558.400
21,178 Funded debt
33,581
Dated June 15 1931; due June 15 1932. Interest (J. & D.) and principal Prepayments
791,292
Notes payable_
payable at the office of Harris, Forbes Trust Co. in Boston, Mass., or at Unamort. debt dis954.484
697,893 Accounts payable_
98,077
628,248
of the company in New York. Callable, in whole or
count & expense
the office or agency
277,021
Accrued accounts_ 464,001
In part, at any time at 100 and int. on 30 days' notice. Denom. 85,000. Suspense to be
109,572
950,692 1,153,591 Consumers' deposits 127,775
amortized
Legal investment for savings banks in Massachusetts.
3,015,009 1,300.199
192,257 Reserves
Misc. unadj. debits 117,698
Data from Letter of Frank H. Golding, Vice-President of Company.
146,216
Contrib. for ext..
862,697
8,781,097
Company.-Incorp. in 1850 in Massachusetts. Does the entire electric
Surplus
light and power and gas business in New Bedford, Fairhaven, Dartmouth,
Total
35,790.459 24,647,884
Acushnet, Freetown and Mattapoisett and wholesales electricity in Ware35,790,459 24,647,834
Total
ham and to tbe Cape & Vineyard Electric Co. (an affiliated company)
-V. 131. p. 936.
x Represented by 200,000 shares (no par).
serving Cape Cod. Over 41,000 electric customers and more than 33,000
gas customers are served in a territory having a population estimated in
-Bonds Called.
New York Telephone Co.
'excess of 150,000. The steam power station, located at Tidewater, has a
-year sinking fund 6% gold debenture bonds,
All of the outstanding 30
generating capacity of 92,000 kw. with boiler capacity of over 22,000 h.p. -due Feb. 1 1949, have been called for payment Aug. 1 next at 110 and
The capacity of the gas generating equipment is in excess of 16,000,000 Interest, at the Guaranty Trust Co., 140 Broadway, N. Y. City.
cubic feet per day. New Bedford Gas & Edison Light Co. is an Important
operating subsidiary of the New England Gas & Electric Association, affiliExpenditures Approved.
ated with the Associated Gas & Electric System.
The expenditure a 81.830,120 for new construction was authorized by
Capitalization to Be Outstanding Upon Completion of This Financing. the directors at the regular monthly meeting held May 27, according to an
o gold notes (this issue)
$4,500,000 announcement by President J. S. McCulloh. This brings the total approCapital stock (par 825)
213,696 shs. priations during the first five months of the year to $23655,265. of which
Earnings 12 Months Ended April 30 1931.
$19,207,265 has been provided for the extension of facilities in the metroCross earnings and other income
$4473553 politan area.
-V. 132. P. 4055.
Oper. exp., maint. & taxes (except Federal taxes)
2,789,104
Net earnings before Interest, deprec., dividends, &c
81,684,759
Annual interest on total debt (this issue)
135,000
Provision for retirement of fixed capital (depreciation)
410,500
Net earnings as above, after provision for the retirement of fixed capital
<depreciation), were over 9.4 times the above annual interest charges.
99% of the gross earnings and other income for the 12 months ended
April 30 1931 was derived from the sale of electricity and manufactured
gas and 72.4% was from sale of electricity alone.
-The reproduction cost, new, of the company's property,
Valuation.
based on an independent appraisal as of June 30 1929, plus subsequent net
additions at cost to April 30 1931, is more than $33,000.000.
-Notes will be the direct obligations of the company
Provisions of Notes.
and the company will covenant that, except in the case of (a) purchase
money mortgages or pledges to secure all or any part of the purchase price
-of property thereafter acquired, and (b) pledges in the usual courze of business as security for temporary loans maturing not more than one year from
their date of issue and not exceeding an aggregate of 83,000,000 at any
one time outstanding, the company will not mortgage or pledge any of its
property, or issue any additional indebtedness under any existing mortgage
.or pledge, without by such mortgage or pledge securing the due and punctual
payment of the principal of and interest upon said notes ratably with any
and all obligations secured by such mortgage or pledge.
-Earnings.
New York State Electric & Gas Corp.
Calendar YearsElectric
Gas
Steam heating
1929.
1930.
$11,471,499 $6,575.136
741.341
1,122,589
178,174
46,777
Total operating revenues
Operating expenses
Maintenance
Provision for retirement of fixed capital
Taxes (incl. prov. for Federal income taxes)
$12,772.263 $7.363,256
6,364,486
3,795.710
455,133
629.739
664.071
331,777
768,110
359,483
Operating Income
Other income
$4,345,856 $2,421.153
85,536
50,847
Gross Income
Interest on funded debt
Interest on unfunded debt to public
Interest during construction
$4.431,392 $2.472.000
886,020
335,480
44.209
20,915
Cr268,486 Cr167.835
83.769,650 $2,283,441
Balance
-Balance, Jan. 1 1930. $270.717; balance
Surplus account Dec. 31 1930.
1930. 83.769,649; miscellaneous credits (net), $7.351; total surplus, $4,.
4242
[vol.. 132.
FINANCIAL CHRONICLE
047,718; deductions: Interest on advances from affiliated companies,
$2,031.008; transfers to stated capital, $1,440,021; amortization of debt
discount and expense, $138,786: dividends on preferred stock transferred
to stated capital. $293.188: dividends on common stock, $9,200: amortization of suspense accounts,$58,825; balance, Dec. 31 1930,$76,688.
Balance Sheet December 31.
1930.
1930.
1929.
1929.
Assets3
Liabilities8
$
5
Plants, properties,
Capital stock and
franchises, Sic_ _75,564,170 72,727,639
capital surplus_x37,007,209 23,899,696
Investments
36,841,000 13,537,700
319,779
Funded debt
Cash & special dep. 629,331
32,819,383
from affil cos.
951,209 Adv.
Notes receivable...
5.680
Accounts payable_ 477,034 1,400,946
Accounts recoil,. __ 2,213,331 1,815,786 Accrued accounts_ 993,832
646,898
Materials & suppl_ 689,696
756,873
900,261 Consumers' dep.. 632.825
51.291
Prepayments
108,535
141,468 Unadjusted credits
3,914,273 3,921.203
Suspense
412,340
524,633 Reserves
See y
76,688
Surplus
Total
79,912,862 77,063,995
79,942.862 77,063,995
Total
x Represented by 41,884 shares of preferred stock (no par) and 4.600
shares of common stock (no par). y Included in capital stock and
capital surplus.
-V. 132. p. 2966.
-Sale of Plant.
Niagara Lockport & Ontario Power Co.
The City of Jamestown, N. Y., will purchase all the electric distributing
system of the above company in that city, the villages of Falconer and
Celoron and a large part in the town of Ellicott if the New York P. S.
Commission approves the plans.
A contract for the purchase has been approved by the City Council
and the Board of Public Utilities. The price was placed at $750,000.
The contract provides also for the purchase of the city lighting plant from
the corporation.
-V. 132, p. 3336.
All the outstanding $7,233,000 1st mtge. & ref. 5% gold bonds of the
Philadelphia Suburban Gas & Electric Co., due Feb. 1 1960 have been
called for redemption on Aug. 1. The bonds will be paid off at the office
of the Girard Trust Co. at 105 and int.
The $206,500 1st mtge. 30
-year 5% sinking fund gold bonds of the
Chester County Public Service Co., dated June 1 1911, were called for
redemption as of June 1 at 105 and int. I'ayment is being made at tho
Chester County Trust Co., West Chester, Pa.
Funds for the retirement of these issues have been provided for by the
sale in January 1931 of $40,000,000 Philadelphia Electric Co. 1st & ref.
4% gold bonds of 1971. The bonds already redeemed through the proceeds
of this issue include all of the outstanding 1st mtge. 5% 50
-year gold bonds
of the Merlon & Radnor Gas & Electric Co. at 105 on May 1; Counties
Gas & Electric Co. general 5s of 1962: 56.900,000 of Philadelphia Electric
Co. 5;is of 1947 at 107. 4 on June 1: and $225,000 of Huntingdon Valley
/
1
Light & Power Co. 38
,
-year 1st mtge. 5s of 1947 at 10235 on June 1.-V.
132, p. 4056.
-Bond Call.
Philadelphia Suburban Gas & Electric Co.
See Philadelphia Electric Co. above.
-V. 124, p. 3354.
Postal Telegraph & Cable Corp.
-Transfer Agent.
-
Notice has been received by the New York Stock Exchange of the
appointment of this corporation as transfer agent for its 7% non-cum.
pref. stock, effective June 5 1931.
Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 4056.
Public Service Co. of Indiana.
-To Issue 55,000 Shares
$6 Preferred Stock at $90.
-
Authority to issue 55,000 shares 36 cumulative prior preferred stock
at not less than $90 a share to yield $4,950,000 is asked by the company
In a petition filed with the Public Service Commission of Indiana.
The purpose of the issue, the petition declares, is to reimburse the company's treasury for capital expenditures of $3,649.095 already made and
See Atlantic Public Utilities, Inc. above.
to provide for a part of the $2,180,172 required for capital expenditures in
receivers, will sell at the company's current program.
Clarence A. Southerland and Ralph J. Ritchie,
public auction to the highest bidder at the County Courthouse. Wilmington,
Public Service Co. of Indiana, which is a subsidiary of the Midland
Del., on June 12 all of the right, title and interest of the receivers and of United Co. has been carrying on an extensive construction and expansion
the corporation in and to the assets of the corporation, subject, however. program adding to facilities for providing electric, gas and other services in
to all now existing liens, pledges, offsets and charges thereon or relating a number of communities served throughout southern and central Indiana.
thereto.
Within the past year. the company has made extensive additions to its
-year 6% convertible system of gas transmission lines in southern Indiana. Development of
City Bank Farmers Trust Co., as trustee for the 10
secured gold bonds series A will sell at public auction to the highest bidder this system was begun in 1929 with the laying of a line between Martinsville
June 27 at the Exchange Salesroom, 18 Vesey St., N. Y. City, all securities and Bloomington. Since then, Bedford and Mitchell have been interPledged under the bonds.
-V. 132, p. 2967.
connected with Bloomington, while Franklin, Edinburg, Columbus and
- Seymour have been interconnected with Martinsville. extension of elecNorthern Mexico Power & Development Co., Ltd.
The company's present construction program includes
Holders of 7% Preferred Stock Offered in Exchange Empresas tric and gas distribution lines as well as erection or improvement of electric
transmission lines and substations.
-V.132. p. 3337. 3148.
-See American
-Plan
North American Water Works & Electric Corp.
of Reorganization Declared Operative-Proposed Sale.
Electricas Mexicanas, Inc., Preferred Shares.
& Foreign Power Co., Inc., and Empresas Electricas Mexicanes, Inc., above.
President L. P. Hammond, May 21, in a letter to Hon. W. D. Ross,
Chairman of the board of directors, says:
"The accounts of the Northern Mexico Power & Development Co., td.,
and its operating subsidiary, Cia. Agricola y de Fuerza Electrica del Rio
Conches, S. A.,for the year 1930, have been examined by Price, Waterhouse
de Co., and the annual audit is now in process. The certified consolidated
balance sheet for publication in the annual report to stockholders is not yet
available, but on the basis of the accounts of the company and Preliminary
advices of the auditors it appears that the profits for the year 1930. before
providing for bond interest, depreciation and Mexican income taxes, will
be $247,446, in comparison with $743,632 for the year 1929.
The directors of the Cia. Agricola y de Fuerza Eiectrica del Rio Conches,
S. A. made no appropriation for depreciation for the year 1930. whereas
240,000 was so appropriated in 1929. After deducting from the profits
for the year 1930, interest, discount on bonds, and Mexican income taxes,
there remained $169,682. The corresponding figure for the year 1929
(after deducting depreciation as aforesaid) was $398,499.
"Dividends on the 30,000 shares of 7% preferred stock of the Northern
Mexico company outstanding in 1930, amounted to $210,000."-V. 131.
p.1712.
-Earnings.
Northern States Power Co.
For income statement for 12 months ended March 31 see "Earnings Department" on a preceding page.
132, p. 3714.
-V.
-Tenders.
Northwestern Utilities, Ltd.
The Trusts St Guarantee Co., Ltd., Toronto, Canada, will until June 15
-year sinking fund gold
receive bids for the sale to It a 7% 1st mtge. 15
bonds, to an amount sufficient to absorb $28,000. V. 132, p. 2584.
-
-Earnings.
Oklahoma Gas & Electric Co.
For income statement for 12 months ended March 31 see "Earnings Department" on a preceding page.
-V. 132. p. 3714.
--1
Pennsylvania Electric Co. (& Subs.).-Earnings.
Calendar YearsOperating revenues
Operating expenses
Maintenance
Provision for retire. offixed capital
Taxes incl. prov. for Fed. inc. taxes
1929.
1930.
$11,007,199 $10,876,477
4,953,625
5,468,796
661.158
526.432
542,234
732.438
296,281
212.930
Operating income
Other income
$4,498,423 53,991.358
141.960
98.996
Gross income
Int. on funded debt
Int, on unfunded debt to public
Leas: Int. during construction
$4,640,383 $4,090,354
712,512
776,854
8,521
8.588
cr88,730
cr120.874
$3,975,883 $3.457,984
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1930.
1929.
$
5
Assets
LiabilitiesPlant & property_69,115.689 88,578,841 Capital stock dc
Investments
capital surplus _ x26.788,490 18.257,888
36,971
26,156
Cash & spec. deps_ 512.332
352.704 Adv.from stkhold's 3,275.422 52.680.087
Notes receivable
136.618
28,883 Erie Lighting Co.
28,844
Accts. receivable.. 1,544,677 1,341,167
preferred stock_
35,018,000 13,007,500
Materials & supple 403.963
599,722 Funded debt
262.533
Other curr. assets_
Accts. payable... 234,435
7,239
74,563
61.125
UnamorLdebtdisc.
0th. curr. nabs-.
237.581
367.203
disc. & expense_ 1,121,352
Accrued taxes
425,789
503.651
Prepayments
108.641
218,481 Accrued interest
79,183
79.967
Suspense
Ilse. accruals....
84,772
510,000
Divs. declared-227.357
Consumers depose 242,341
68,226
Misc. def. credits5,134.515 5,299.055
Reserves
1.354.451
Surplus
Balance
73,072,254 91,145.953
Total
73,072,254 91,145,953
Total
-V. 132, p.
x Represented by 850,000 shares no par) common stock.
4055.
-Omits Dividend.
Peoples Light & Power Corp.
The directors have voted to omit the quarterly payment ordinarily made
about July 1 on the class A common stock. Previously, the company paid
-V.132, p. 3885.
quarterly cash dividends of60 cents per share on this issue.
Philadelphia Co.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 3885.
Philadelphia Electric Co.
-Bond Retirements.
-Earnings.
Public Utility Investing Corp.
Calendar YearsCash dividends
Stock dividends
Interest on investment bonds
Other interest
19
0..
$158,841
$284,126
329,530
300,839
44,505
102,220
9,710
24,939
1928.
$140,714
117,172
24,718
3,918
Gross operating income
Expenses & taxes
$712,123
15,117
$542,587
33,568
$286,523
36,521
Net operating income
Int. on collateral trust 5% gold bonds
$697.007
100,000
$509.019
100,000
$250,001
66,111
Balance
Interest on $5.50 int. bearing allotment ctfs. to be exchanged for $5
div. prof. stock
Int. on notes & accts. payable
$597,007
$409.019
$183,890
66,412
29,110
64,167
16.914
31,469
Balance
Divs, on preferred stock
$501,484
43.673
$327,939
60,000
$152,421
90,000
Balance of current income for com$457,811
mon stock divs. & surplus
def119,548
Non-recurring income
$267,939
330,175
$62,421
286,781
$598,114
$338,264
Coniparatiee Balance Sheet Dec. 31.
1930
1930,
1929.
$
LiabilitiesAssets$
$
Investments ____*14,019,487 11,425,035 Corn stock & surp.x5,934,354
1,196,600
.
Cash
938,335 Pref. $5 stock_ •
360,195
$5.50 allot. ctfs. to
Accts. & notes reo. 163,015
be changed for $5
Int. & dive. reo--21,954
49,986
803.400
pref. stock
2.000,000
Coll. trust 5s
Notes payable.... 605.000
Accts. payable_
53,329
Accr. Int. & diva
For depr. of Inv 4,000,000
Misc. reserves_
Balance
1929,
5
8,197,376
2,000,000
2,000,000
10,400
52,500
125,048
14,592,684 12,385,324
Total
Total
14,592,684 12,385,324
* The investments had a market va ue at the date of this report (Feb. 24)
in excess of $11,683,000, of which $8.863.853 were free and unpledged.
Similarly the market value of the securities pledged under the collateral
trust indenture was approximately $1,409 for each $1,000 bond and the
market value of the net tangible assets exceeded $479 per share of allotment certificates and $5 dividend series preferred stock combined.
-V. 130, p. 2042.
x Represented by 89,500 shares.
-Earnings.
Quebec Telephone & Power Corp.
Consolidated Income Account for Year Ended Dec. 31 1930.
$182,912
Telephone operating revenues
8,221
Other revenues
$191,133
103,566
Total revenues
Total operating expenses
Gross income
Deductions
$87.567
54,922
Net profits
Dividends
532.644
29,440
Balance
$3.204
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
Assets$1,396,517 Funded debt
Fixed, Sze. assets
55,087 Misc, accts. payable
Investments & rights
Difference in book value of
Bills payable
427 Accr interest on bonds
system corporations'stock_
Cash & deposits
6,755 Divs. decl., pay. Jan. 11931.
Accounts receivable
15,632 Other accrued charges
Materials & supplies
28.529 Other liabilities
Prepayments
2,997 Res. for deprec. on permanent
Unamort. debt disc. & exp..
assets
96,852
Minority equity in surpluses
of system corporations.-Divs. payable & to be deci.
to minority stockholders of
system corp
Capital stock
Cap, stock of minority shareholders
Surplus
The company will redeem on July 1 all of its $11,906,500 1st lien & ref.
Total
mtge. gold bonds, 5% series (due 1960) at the office of the Girard Trust
-V. 132, p. 3337.
Co. at 105 and int.
$349,202
81,802,797
Total
$246,700
6.967
196,599
7,057
7,257
2,417
4,674
269,997
2,848
1,443
768,089
34,355
54,391
$1,602,797
JUNE 61931.1
FINANCIAL CHRONICLE
Public Service Corp. of New Jersey.
-Director of
Publicity.
Walter F. Allen has been appointed director of publicity to succeed the
late Harlow C. Clark.
-V. 132. p. 4057.
4243
San Diego Consolidated Gas & Electric Co.
-Earns.
--
For income statement for 12 months ended March 31. see "Earnings
Department" on a preceding page.
-V. 132, p. 3337.
Sixth Avenue RR.
-Agrees to Suspend Trolley Service
Public Service Electric & Gas Co.
-Stock Approved.
- When Subway Is Started-Possibility of Bus Operation Provided For.
-
The application of the company for the issuance of 194,094 :Maras of
no par value preferred stock was approved by the New Jersey Board $5
of
Public Utility Commissioners on May 29.
In approving the application the board canceled a certificate issued
Feb. 17 1927, approving the issuance of 41,736 shares of $5 no par value
preferred stock.
Under an arrangement similar to that now in effect in the Holland Tunnel,
this company and the United Electric Light de Power Co. of New York.
will each furnish half of the electric energy for illuminating the new George
Washington Bridge across the Hudson River. The new span will be
lighted by 230 lamps of 500
-watt capacity each, spaced on opposite sides
of the roadways on the bridge proper. The approaches on the New Jersey
side of the bridge will be Hood-lighted from equipment mounted on the
of two ornamental flood-lighting towers which are to be 100 feet in
top
height. These towers will be needed on account of the width of the roadway leading out from the bridge proper. In addition,
cables which
support the bridge will be lighted by 200 lamps of 50 thecapacity
-watt
each
suspended from the up-stream and down-stream cables.
intended to show the general curve of the cables at night These lights are
so that aviators
may avoid them. On the top of each of the two
there will be installed two Department of Commercetowers on the bridge.
air beacons.
-V.132,
p. 4057.
The Committee of the Whole of the Board of Estimate approved May
26 a contract between tho Board of Transportation and the Sixth Avenue
RR. under which surface car operation will be suspended on Sixth Avenue
between Fifty-ninth Street and West Third Street during construction of
the new Sixth Avenue subway. In a communication transmitting the
contract for approval John H. Delaney, Chairman of the Board of Transportation, declared that the city would save about 1250.000 if it removed
and replaced the tracks, conduits and other equipment of the company
instead of constructing the new subway in such a manner as to have surface car operation continue.
The contract names no date for suspension of the trolley service, but
provides that it shall become effective whenever subway construction
starts on any part of Sixth Avenue between West Third and Fifth-ninth
Streets. The Board of Transportation plans to let contracts for part of
the work south of Thirty-fourth Street before Fall. Work north of that
point has been postponed for about 18 months to permit completion of the
deep rock water tunnel now under construction.
The contract to which the New York Railways Corp., owner of most
of the surface car company's stock, is a party, also provides that if a 25
year bus franchise is granted for the Sixth Avenue surface car route, the
company will surrender its perpetual trolley franchise. The Committee
Rochester Central Power Corp.(& Subs.).
blanket
of the
-Earnings. zation Whole now has under consideration athe New application for motoriYork Railways Corp.
of the entire surface car system of
Calendar Years1930.
1929.
If a bus franchise is granted while surface car operation is suspended
Operating revenues
$22,475.289 $22,372,174 the city will save the cost of replacing the tracks and equipment.
Operating expense and maintenance
10.654.705
9,892,721
Under the contract the Sixth Avenue RR. agrees to apply at once to
Provision for retirement of fixed capital (renewals.
the Transit Commission for permission to suspend surface car operation.
replacements, &c.)
1.659,802
1,469,710 The city agrees to remove and store the tracks and conduits and to replace
Taxes (incl, provision for Federal income taxes).- 2,296.853
2,398,222 them at its own expense after subway construction is finished and the
street surface restored.
Operating income
$7.863,929 $8.611.520
The contract relieves the company from liability for accidents due to
Other income (net)
139.458
40.224 the presence of tracks in the highway in the interval between suspension
Gross income
$8,003,387 $8.651,744 of service and their removal by the city. It also relieves the company
Interest on funded debt of subsidiaries
2,506,581
2,523,182 from the obligation to pay that part of the franchise tax apportioned to
Interest on unfunded debt of subsidiaries
628.063
-V.130.
322.095 the section of its Sixth Avenue line on which operation is halted.
Interest on funded debt of company
1,125,000
1,124.996 P. 1115.
Interest on unfunded debt of company
284.841
269,868
Less: Interest during construction
cr317,321
-Subscriptions.
Southern California Edison Co., Ltd.
cr46.061
Dividends on preferred stocks of subsidiaries
1,981.540
1.980.725
The stockholders have subscribed to 98.91% of the new issue of $7,800,Dividends on minority common stocks
1,898 000 $25 par value common stock recently offered the original preferred
Balance
11.796.883 $2,475.040 and common shareholders on a basis of one share of the new stock at par
Amortization of debt discount and expense
205.896
214,902 for each ten shares held. This subscription percentage compares with
Balance for dividends in preferred stocks,&c
99.01% of common
11.8g8..8t14 st2 0 44
3
0 :1 same basis in 1930. stock subscribed to when rights were offered on the
2
Dividends on preferred stock
Chairman John B. Miller states that a total of 311,335 shares were
Balance for dividends on common stock & surplus $510,987
in the last
Comparative Consolidated Balance Sheet Dec. 31. $1.180.138 available for subscription shares were offering, and that 307,929 shares
purchased by 24,212 individual
were subscribed. These
1930.
1929.
buyers, an average of approximately 13 shares per person.
1030.
1929.
Assets$
Liabilities-$
The compilation of previous offerings of rights and the percentage sub$
$
Plant, property.
Common stock _140,000,000
franchises, &c.174,306,208 169,671,669 Pret. 8% stock_ 18,000,000 40.000,000 scribed follows:
Ratio of
Per Cent
18,000,000
Investments ___
559,322
557,886 Agreement to deOffering.f
No,
Subscribed.
Record DateCash & spec. dep 1,355,872 1,752,618 liver pref. 6%
to 12
1
92.44
April 9 1927
Notes receivable
68,884
53,573 stock
1 to 10
2
96.46
Mar 30 1928
.
Consumers accts.
Sub. cos.pref.stk 24,518,800 1,118,000
1 to 10
98.34
3
Mar. 29 1929
31,321,900
receivable_ _
1,670,625 1,651,534 Minority Int. In
1 to 10
99.01
4
Feb. 28 1930
Misc. accts. rec.. 2,178,952 1,703,980
coin. stocks &
1 to 10
98.91
e.
Mat'ls & supplies 1,622,002 1,849,665 surp. of subs_
140,016
A new feature of the 1931 offer of rights was a provision for time pay46,752
Mdse. held on
Notes to .4 adv.
ments by subscribers who exercised rights, which expired April 20. The
consignment _
243,429
from stckhldrs 19.179,788
number of subscribers purchasing stock on the instalment plan totaled
Prepaid expenses
82,326
121,881 Funded debt _- 68,543,225 5,462,899 2,225. The plan
69,285,739
also provided for an initial payment of not less than $5
Misc. items In
Notes payable..
4,409.343 a share, and payments of four installments at $5 each.
suspense
2,686,508 2,858,707 Accts. payable
757,473 3,405,492
The company now has approximately 125,000 stockholders, owning
Unamort. debt
Matured bonds,
stock of a par value totaling 1200,709,797. "The market value of this
disc.& expense 4,341,214 4,549,178
bond int., &c39,617
441,055 stock of course is much larger," Mr. Miller continued in commenting on
Int., dlv. & mi.,the distribution of shares.
average holding of each Edison stockcell. accruals_ 1,918,067 1,489,953 holder now is $1,605, and of"The
the stochkolders, 66,584 are men, 54,277 are
Taxes accrued_ 809,832
777,117 women, 2,759 are children and 1,380 are estates. Residents of California
Accts. payable,
predominate in the total of Edison shareholders. Of the total stockholders
consign. mdse
243,429 more than 85% are residents of the territory in southern and central CaliConsumers' deps
964,429
995,206 fornia served by the company. The local ownership reflects the success
R. retire, of
for
of the company's customer ownership plan of operation instituted in 1917.
fixed capital
Employee ownership of Edison stock is likewise at a high figure, with 90%
(replace.. reof the regular employees owning shares."
•
newels, &c.) 10,226,991 5,516,011
Funds realized through the sale of the new $7.800,000 stock issue will
Contingencies
788.836
389,564 be utilized in the company's development program for this year. The
Other reserves.. 11E13
0
8
0
985,284 company now has under way the extension and reinforcement of transSurplus
1,148,176 mission and distribution lines, and is constructing an additional 134,000
h.p. generating unit in its Long Beach steam-electric station. The comTotal
188,871,912 185,013,918
Total
188,871,912 185,013,918 pany announced a construction budget in excess of $28,000,000 for this
x Represented by 1.800,000 shares no par).
year. (See also V. 132. pp. 1413 and 1223.1.-V. 132, p. 2388.
-V.132, p.4067.
Rochester.Gas 8c Electric Corp.-Earning8.-12 Months Ended Dec. 31Electric department revenue
Gas department revenue
Steam department revenue
Total operating revenues
Operating expenses
Retirement expense
Taxes
1930.
1929.
$9.627.606 $9,556,693
4,468,869 4,3623 2
4
843,322
810,463
$14.937.798 $14,729,498
7,220,956 6,047800
1,038,599
975:280
1,617,786 z1,889,164
Operating income
$5.060,456 $5 817 253
Other income
121,589
59:851
Gross income
15.182.046 $5,877,104
Income deductions
1,633,166
1,65530
3
Net corporate income
$3,548.879 $4,221,800
Surplus first of year
2,733,685
2.708.372
Total surplus
$6,282,565 $6,930 172
Dividends & appropriations
4,953.226 4,163'093
Net deductionsfrom Burning
439,836
33:394
Total surplus at close of year
$859,502 $2,733 685
x Includes adjustment for underaccruals in prior
.
years.
Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assetsi
i
Fixed cap-cornCapital stock38,2t0,308
32,7730,308
pleted
68,435,518 65,819,123 Cap,stock ciet r
i ui :29.grl
l
s:000 29.5
4000
Uncompleted construction
1,647,313 2,478,129 Notes payable-305,949
900,000
Cash
286,768
654,315 Accounts payable_
Notes receivable
915,441
450,000 Consumers' dep__ 1,024,799 51,724,907
136,926
Accts. receivable__ 2,618,872 2,054,626 Mat.int. unpaid_ 143,539
12,405
289,821
Material & supplies 952,685 1,002,059 Taxes accrued_ -....
551,469
198,964
Prepaid insurance36,777
50,193 Interest accrued__ 641,892
343,387
100,213
Investments
100,213 Misc.am.liab
Special deposits__ 344,160
352,864 Retirement res- -- 3,21 118
4 7 2,622,294
Unamortized debt
Casualty & himdiscount & exp. 1,032,129 1,084,858
aim reserve_ __ 118,443
125,871
Other suspense- 789,333 1,024,235 Contributions for
extensions
845,364
780,755
Reserve for diva_ 122,769
bible. reserves.. _ 207,132
152,993
MIsc.unadJ.credits 918,142
558,70S
Approp. surplus
,,,,,, 1.2_., ,,,„
90 000
,
Free surplus
859
'
"""' '. "Mao
Total
77,159,209 74,870.818
Total
77,159,209 74,870,818
x Includes $5,523 shown in 1929 annual report as dividends
declared,
-V.132, p. 3148.
Southern Colorado Power Co.
-Earnings.
For income statement for 12 months ended March 31. see "Earnings
Department" on a preceding page.
-V. 132, p. 3527.
-Domestic Sales Higher.
Southwest Gas Utilities Corp.
The corporation reports an upturn in domestic sales of 5.4% and 13.5%
respectively, for the months of March and April over the same months of
1930. The recovery in industrial business is proceeding at a slower pace
than domestic sales, butit is estimated that Mayfiguresfor industrial business
will be normal. Important economies have been effected and have already
been reflected in operating profits, which for March were 9.9% above
March 1930 and for April were 14.3% above April 1930.-V. 131. p. 1258.
-Bonds Offered.
Staten Island Edison Corp.
-An issue
of $7,500,000 3% 1-year notes is being offered by a banking
group comprising Field, Glore & Co., Harris, Forbes & Co.,
Halsey,Stuart& Co.,Inc., Spencer Trask & Co.and General
Utilities Securities Corp. at 100 and int. The notes, which
mature June 15 1932, will be a legal investment for savings
banks in Massachusetts and New Hampshire.
Dated June 16 1931; due June 15 1932. Int. (.r & D) and principal
payable at the office or agency of the corporation in New York. Callable.
In whole or in part, at any time at 100 and int. on 30 days' notice. Denom.
11.000 and authorized multiples thereof, registerable as to principal and
fully registered notes in denominations of $1,000 and authorized multiples.
Company.-Incorp. Feb. 14 1923 in New York. Does the entire electric
light and power business in Richmond (Staten Island), N. Y. City. Electricity is furnished to over 41,000 consumers in all parts of Staten Island.
The total population served is estimated at 158.000. Corporation is an
operating property of the Associated Gas & Electric System.
Capitalization to Be Outstanding.
3% 1-year gold notes (this issue)
17,500.000
1st and coll. trust purchase-money 4% bonds
*1,028,000
Capital stock no par)
362,725 abs.
* Excludes 3769.000 of bonds pledged with trustee of refunding & impt.
mortgage. No bondssecured by therefunding and inapt. mtge. are outstandlag with the public.
Comparative Earnings 12 Months Ended April 30.
1930.
1931.
Cross earnings & other income
33,808,232 34,000,332
Operating exp., maint. & taxes (except Fed. taxes) 1,836,157
1.791.884
Net
a isa
before in nd deabt andivis., &
n tutal fut. .d prec., uL i,c ue)
$1,972,075 $2,2 8
26
0
6
An
l int. c;
earns
:
4
1P0
Provisionfor retirementoffixed cap.(deprec.)
305.482
Such net earnings were before and after depreciation respectively, 8.29
timas and 7.15 times the above annual interest charges.
96.5% of the above gross earnings were derived from sales of electricity.
Valuation.
-The reproduction cost, new, of the property based on an
appraisal as of Dec. 31 1922 plus subsequent net additions at cost to April
30 1931.18 320,016.488.
FINANCIAL CHRONICLE
4244
Indenture Prorisions -These notes will be direct obligations of the
corporation and will be issued under an indenture, limiting the authorized
amount of this issue to $7,500.000 and containing a covenant by the corporation to the effect that, except in case of (a) purchase money mortgages
or pledges to secure all or any part of the purchase price of property thereafter acquired, and (b) pledges in the usual course of business as security for
temporary loans maturing not more than one year from their date of Issue
and not exceeding an aggregate of 52,500.000 at any one time outstanding,
the corporation will not mortgage or pledge any of its property, or issue any
additional indebtedness under any existing mortgage or pledge, without by
such mortgage or pledge securing the due and punctual payment of the
principal of and interest upon said notes ratably with any and all obligations secured by such mortgage or pledge.
Purpose.
-Proceeds will be used to repay advances heretofore made to
the corporation from time to time for new construction, and for other
corporate purposes.
•
Growth of Properly.
-Annual EarningsSales.
(Ezcluding Other Income)
K. W. H. Customers.
Net*.
Gross.
13,590
5515,452 27,446,979
51,214,658
1920
16,614
712,901 30,094,085
1,486,733
1921
19.634
788,298 28,773,244
1,514.234
1922
23,822
912,261 33,422,433
1,682,556
1923
27,574
871,501 48.057,475
1,930,315
1924
30.041
1,065,381 66,259,829
2,311,318
1925
33.884
1,276,141 90.408.051
2,919,212
1926
35,190
1,288,989 96,269,031
3.134,262
1927
37,340
1,546.473 105,664,478
3.397,551
1928
39.348
1,829.090 115,540,543
3.647.250
1929
41,081
2,124,011 128,642.544
3,944.795
1930
-V.132. p. 4058.
taxes.
* Before depreciation and Federal income
-Regular Dividends.
Telephone Bond & Share Co.
The directors have declared the regular quarterly dividends of 50 cents
class A
per share in cash or 1-50 of a share of class Pi common stock on thepayable
common stock and $1.75 per share on the preferred stock, both
July 15 to holders of record June 25.
An extra of 25 cents per share in cash was made April 15 last on the
class A common stock.
-V. 132, p. 3339.
Terre Haute Indianapolis & Eastern Traction Co.Sale.
Elmer W. Stout,
[VOL. 132.
Note.
-In addition to the above, $1,000.000 of notes of the company
are held by North American Gas Si Electric Co.. which owns all outstanding
common stock of Washington Gas & Electric Co.
-For the 12 months ended March 31 1931 the consolidated
Earnings.
earnings of the properties owned by company and subsidiaries, irrespective
of dates of acquisition, and Including earnings of certain recently acquired
properties computed on the basis of present contracts, were as follows:
$2,229,674
Gross earnings(including other income of$12,424)
1,173,780
Operating expenses,maintenance and local taxes
1,055,894
Net earnings before int., deprec.& Federal income taxes
Annual int, requirements on 1st mtge. gold bonds (Ind. this
Issue) & annual dive. on pref. stock of sub. outstanding in
$360.74
hands of public
Net earnings, as shown above, were more than 2.9 times the above
combined annual interest and dividend charges. Net earnings, similarly
computed,from properties owned by the company,exclusive of any earnings
of or income received from subsidiaries, were $777,952. or more than 2.1
times annual interest requirements on all 1st mtge, gold bonds to be presently outstanding, including this issue.
Of the gross earnings, as shown above, over 59% was derived from the
sale of electricity, 30% from gas and the balance of less than 11% from
water, steam and other sources.
-Proceeds will be used to reimburse the company in part for
Purpose.
extensions and additions heretofore and now being made. a modern,
-The electric properties directly owned consist of
Property.
well-maintained steam-electric generating station and the substations,
to
transmission and distribution lines and street lighting system andprovide
nearby
complete electric light and power service in the city of Longview
at LongThe power plant, located near the Columbia Riverincreased
communities.
kw.. which can be
view, has an installed capacity of 24,000
to an ultimate capacity of not less than 50,000 kw. Timber scrap or waste
prices. Is
("hog fuel"), purchased under a long term contract at favorableof electric
used as fuel in this plant, which Is one of the lowest cost producers standby
energy in the country. The boilers are equipped with oil burners forserve an
and emergency use. The distribution system has been designed to
ultimate population far greater than that served at the present time, this
providing for greatly increased facilities with small capital expenditures.
requirements at its
The Utah subsidiary generates most of its electric
four hydro-electric generating stations. An oil engine plant is maintained
hydro-electric and oil engine capacity
for standby purposes, and the total
Is 4,750 kw. The Canadian properties are all electric and the power plants
have a total installed capacity of 5,175 kw., including a new 2,000 kw.
the
steam-electric generating station recently coMpleted. During 1929, line
company completed the construction of a 33,000 volt transmission
towns of Shaunavon and Assiniboia, Sask.
135 miles Meg between the
Power is supplied from both ends of the line, which serves 15 intermediate
towns.
The aggregate output of electric energy of the above properties for the 12
menthe ended March 31 1931, was In excess of 100.000,000 kwh., this
output being distributed by means of 366 miles of transmission lines to more
than 12,500 customers.
The gas properties consist of manufacturing plants located at Tacoma,
Everett. Aberdeen and Chehalis, with distribution systems in those cities
and in Hoquiam,Centralia, Olympia and other communities in Washington.
The aggregate daily capacity of the manufacturing plants is 7,190,000 Cu.ft.
with storage capacity of 2,480,000 cu. ft. During the year ended March 31
dis1931, more than 717.000,000 cubic feet of gas were produced and The
tributed through 480 miles of mains to more than 16,700 customers.
property of the water department comprises a water purification, pumping
and distribution system in Longview, Washington, and adjacent territory,
serving more than 2,200 customers.
Management.
-Company is controlled, through ownership of all of its
common stock by North American Gas & Electric Co. General supervision
of the company's properties, is under the direction of Loeb & Shaw, Inc.
V. 132, p. 2968.
Sale of all the remaining property of the company by
receiver, after 21 days of notice to the public and on terms finally to be
approved by the court, was ordered May 21 by Judge Russell J. Ryan in
Marion County (Ind.) Superior Court.
Bids will be received at the end of the 21-day period, which will be
Ameriapproximately June 15, at the office of the receiver in the Fletcher10% of
for
can National Bank, to be accompanied by a certified checkin securities.
the court, or the equivalent
the minimum upset price fixed by
The highest bidder on the property will be required to pay a cash price
for the remaining equity in the physical property of the traction company,
to make
according to the terms of the decree, and will assume obligations
have been
settlement of the $6,319_,046 of creditors' claims which already and other
questions of whether tort claimants
allowed by the court. The
of
to the
general creditors are to be included among or added through$326,880
subsequent
preferred claims allowed by the court will be settledof sale proceeds are
distributions
hearing's before the court and before
ordered, Judge Ryan said.
mortgage
Instill interests of Chicago, who are the largest holders of
I.
bonds and who recently bought $700,000 of stocks, which the T. it. to
-time loans, are expected
& E. Co. had posted as collateral for short
advertised by the receiver as the highest
appear on the sale date to be
are higher
bidder, since their investments in the equity of the property
than those of any other interests.
April 21 1930, 211 miles of the
Since the receivership was instituted
railways have been
-Tenders.
Washington Water Power Co.
company's formerly extensive system of interurban Service Commission.
The City Bank Farmers Trust (Jo., as trustee, announces that it has
abandoned with permission of the court and the Public abandonment of 61
Commission for
of the 1st ref. mtge. 5% bonds
for the quarterly purchase
A petition still is pending before the
-V. 131, $62,335 to Invest and will receive offers until noon, June 10. Proposals
of 1909, due 1939,
more miles of interurban between Indianapolis and Richmond.
should be delivered to the office of the trustee, 22 William St., N. Y. City.
P. 2696.
-V.132, p. 1801.
-Earnings.
Texas Public Service Co.
De-Fare Increase Authorized.
Westchester Electric RR.
For income statement for 12 months ended April 30 see "Earnings
-cent fare on the
The New York P. S. Commission has authorized a 10
-V.132, p. 3886.
partment" on a preceding page.
company's line operating through Mount Vernon, Pelham and North
-Common Dividend Payable in Parti- Pelham, N. Y. The present fare is five cents.
Tr -Utilities Corp.
The Commission also authorized the substitution of buses for trolley
cipating Stock, First Series.
-V. 132, p. 1033.
quarterly dividend on the common cars on the line.
The directors have declared a regular
stock,
-New Contract.
• Western Union Telegraph Co., Inc.
stock at the annual rate of one-fifth of a share of participating majorstock by
units
subject to authorization of this16. Thea
1st series. This action is
Through a contract Just signed, air passenger reservations for allin the
common
Union officers
called for June
at all Western
ity' of common stockholders, at a meeting
June 15 1931. Here- of United Air Lines will be offered
dividend is payable July 1 1931, to holders of record the rate of 1% in United States.
Transport
Under this contract reservations can be made on National Air-Chicago
tofore, quarterly dividends on the common stock at been paid regularly
-New York to Chicago, and Dallas; Boeing Air Transport, Inc. Varney
common stock and 30 cents in cash per share have
-Seattle to San Diego; and
Pacific Air Transport
since April 1 1930.
cumulative divi- to San Francisco;
The participating stock, 1st series, will be entitled to
-Salt Lake City to Seattle and the Pacific Northwest. addition
quarterly on the first Air Lines
-hour coast-to-coast plane service, in
These routes provide a 28
dends at the rate of $1 per share per annum, payable
October, after payment of dividends on to strategic lines linking the Great Lakes area to the southwest, Pacific
days of January, April, July and
on the common
the preferred stock but before any dividend may be paid to participate northwest to the Rocky Mountain region and coastwise service on the Pacific
Lines are now flying approximately 12,000,000
stock. The participating stock, 1st series, will be entitled
calendar year, share Coast. Planes of United Air fleet of 120 airplanes including 32 tri-motored
a
to the extent of an additional $1 per share, for any
declared for such miles annually, and operate132, p. 2969.
-V.
and share alike with the common stock, in any dividends per annum (Pay- passenger transports.
share
calendar year, after dividends at the rate of $2 per
have been paid on
-Earnings.
Wisconsin Hydro-Electric Co.
able in cash and (or) participating stock, 1st series)
share per annum
For income statement for 12 months ended April 30 see "Earnings
the common stock. Such dividends at the rate of $2 perthe option of the
-V. 132, p. 3149.
cash and (or), at
page.
preceding
on the common stock may be paid in
rate of one-fifth of a Department" on a
corporation, in participating stock, 1st series, at the
-Earnings.
Wisconsin Public Service Corp. March 31,-- "Earnings
-V. 132, p. 3339, 1800.
share per annum.
see
ended
For income statement for
-Defers Dividends on Department" on a preceding 12 months 132, p. 3528.
-V.
page.
Twin City Rapid Transit Co.
Common Stock Until December.
dividends on the comThe directors have voted to defer consideration of
paying common
mon stock until December 1931. The company has been in secured divisemi-annually, payable
dividends at the rate of $2 a share
bearing interest at
dend notes in denominations of $100, $500 and $1,000,
certificates (gm V. 131,
6%. payable semi-annually, and fractional scrip
P. 3712).
quarterly dividend of $1.75
The directors, however, declared the regular holders of record June 12.
per share on the preferred stock, payable July 1 to
-V. 132, p. 4058.
-Earnings.
United Light & Power Co.
April 30, see "Earnings
For income statement for 12 months ended 3528. 3514.
-V. 132, p.
Department" on a preceding page.
-Bonds Offered.
Washington Gas & Electric Co.
C. Allyn
Harris Trust & Savings Bank, Chicago, and A. issue of
& Co. Inc., Chicago, are offering an additional Bonds
1955.
$250,000 1st mtge. gold bonds, 5% series of
and mature Nov. 1 1955.
are dated Nov. 1 1930
Exchange.
Listed.
-Bonds are listed on the Chicago Stock
Shaw, New York, May 25.
Data from Letter of Pres. Phillips B.
retail manu-Company supplies directly at other comBusiness and Territory.
Aberdeen and
factured gas in Tacoma.. Everett, Olympia,
electric light and power in Longview
munities in the State of Washington,
water in Longview.Through
and Morton,Wash.,and adjacent territory and
supplied in Vernonia, Ore., in 18
subsidiaries, electric light and power is
in the southern part of the
communities in Utah and in 28 communities population served is estitotal
Province of Saskatchewan, Canada. Thegas,electric and water customers
mated to exceed 270,000and the number of
in excess of 31,400.
Effect to This Financing).
Capitalization Outstanding with Public (Giving
80,000 shs.
Common stock (no par value)
51.991,606
Cumulative preferred.7% series($100 par) -shs.
$5 preferred (no Pat)
Subsidiary company
3,200,000
series due 1960
Mist1100 021(1 general mtge. gold bonds.67lnet. thisissue)
3,250.000
-5% series of 1955
First mtge.geld binds
1,900,000
% series of 1953
1,677,000
5)4% series of 1947
-Earnings.
Wisconsin Valley Electric Co.
For income statement for 12 months ended March 31, see "Earning t
-V. 132, p. 3528.
Department" on a preceding page.
e,
INDUSTRIAL AND MISCELLANEOUS.
-Leading sugar refiners have advanced
Price of Refined Sugar Advanced.
the price of refined sugar 10 points to 4.45 cents basis, effective at the
opening June 3. Philadelphia "Financial Journal," June 2, p. 2.
-Copper for domestic shipment sold at a new low
Price of Copper Reduced.
record price of 8 cents a pound. New York "Evening Post," June 3, p. 18.
,
-Copper Exporters, Inc. cut the price
Copper for Export Reduced Again.
of the red metal for sale abroad to 8.77 cents a pound, c.i.f. European
base ports. "Sun," June 2. p. 37.
American Brass Reduced Prices -American Brass Co. has reduced prim
of brass products )4 cent a pound and bronze and copper products ji cent
a pound. Boston "News Bureau," June 3, p. 15.
Coal Miners Strike.
-More than 5,000 miners were on strike in the
bituminous fields of western Pennsylvania and West Virginia. Low wages,
working conditions and failure to have union check weighmen at the
poor
coal tipples were among the charges labor leaders made against the operators.
"Wall Street Journal," May 29, p. 7.
-Wages in Utah metal mining camps have
Utah Miners Wages Cut.
been cut 25 cents a day. "Wall Street Journal." June 1.
-A controversy between bricklayers and conAccept Cut.
Bricklayers
tractors of the Youngstown district ended with the bricklayers organization agreeing to a wage reduction of $1 a day. "Wall Street Journal,"
June 3, p. 15.
Sears, Roebuck
Matters Covered in the Chronicle of May 30.-(a) Many in midsummer
-average decrease of 11.4% shown Indiana Chain
prices back to 1913 level
relative to
flyer catalogue against year previous-Statement
)Textile
Store Tax, p. 3963; (b) Montgomery Ward prices cut, p. 3963; d)Pequot
mills in New Hampshire working on increased schedules, p.3968:
(e) Oxford Paper
_p. 3968;
Cotton Mills at Salem, Mass, on four-day week.Price of export copper reMill in Maine reduces wages 10%. p. 3968: (I)
copper prices also reduced.
duced )4-cent to 9.02ye cents a pound-Wire 3971; (h) A. G. Spalding &
p. 3971;(g) American Egress reduces prices, p.
-Wages also replant
Brothers reduces working time at Massachusetts reopen, p. 3971.
duced, p.3971;(i) Youngstown Sheet & Tube mills
JuNn 6 1931.]
FINANCIAL CHRONICLE
4245
0) Copper hits new low on larger offerings
-Good tonnage booked
-Year Ended March 31 1931.
Summary of Consolidated Surplus
Lead sales moderate
-Zinc, tin weaken p. 3971;(k) St. Louis cement prices Surplus, April
1 1930 incl. $2,624,444 excess of book value of
cut. p. 3971; (I) Tin sells at 22c.
-Lowest Price this century, P. 3971:
Amalgamated Sugar Co. common stock over investment
(in) Armour & Co. plant on five-day week, p.3971;(n)800 men recalled to
value at acquis
$5,712,906
work at Youngstown, Ohio, p.3971;(o) Renewal of wage contract between
Western Sheet and tinplate manufacturers and amalgamation and asso- Surplus credits, being the excess of paid- in values over acquis.
cost of treasury securities, deducted from outstanding-carciation of iron,steel and tin workers, p.3972;(P) West & Co.failure
-Montried at March 31 1930 as assets at cost
284,412
gomery,Scott & Co. plan to take over firm's accounts-approximately 1,400
accounts involved, p 3980: (q) Dividends of Standard Oil companies as a
Total
$5,997,317
group drop $5,558,339 for second quarter of year-compilation by Carl H.
Net loss for the year
2,360,785
Pforzheimer & Co., p. 3981.
Net surplus debit arising from inventory revaluations, deprec.
adjustments, and sundry prior period items, &c
468,167
Acme Steel Co., Chicago.
-Shows Improvement.
-
President R. H. Norton stated:"Every month since last December ass
shown an increase in sales over the preceding month and in the judgment
of directors, prodts are sufficient to justify declaration of the July 1 dividend."
-V. 132, p. 1033.
Adams-Millis Corp.
-May Shipments.
-1930.
1931
-May
$639.861
$727,229
-V. 132, p. 2587. 1993.
Decreased 1931-5 Mos.-1930.
$87,368[$2,925,256 $3,069,242
Decrease.
$143,986
Advance-Rumely Corp.
-Sale of Certain Assets to AllisChalmers Mfg. Co. Approved.
-The stockholders on May 29
approved the proposed sale, exchange and disposition of
certain of the corporation's assets to Allis-Chalmers Mfg.
Co., and the proposed contract between the AdvanceRumely Corp. and Advance-Rumely Thresher Co., Inc.,
of the one part, and Allis-Chalmers Mfg. Co., of the other
part, covering said sale, exchange and disposition of said
assets, effective as of Juno 1. For details,see V.132, p. 3887.
Ahumada Lead Co.(Del.).
-To Suspend Operations.
-
President 0. R.'Whitaker in a letter to the stockholders, says:
"For some time the properties of this company have been operated at
a loss in order to carry on a development campaign toward opening up
the meet promising unexplored areas.
"The results of this work have been disappointing and no new ore bodies
have been opened up, though the area to the east still has fair promise.
The main ore body continues in full size below the water level and we
estimate that there is in excess of 50,000 tons of ore between levels seven
and eight. This ore, however, is not available for extraction on account
of the heavy flow of water.
"The current ore production has been coming from the old stopes above
the water level. Since there are no measurable ore reserves in these areas,
a gradual decrease in the grade and quantity of ore is shown and no profit
can now be made from this source.
"The unfavorable metal market has caused an increase in the operating
loss to such an extent that the finances of the company are practically
exhausted.
"In view of these conditions, it has been decided to suspend operations
and close the property June 30 1931."-V. 132, p. 3887.
All-America Investors Corp.
-28c. Semi-Annual Distribution.The corporation announces that the second semi-annual distribution
covering the 6 months period ended May 31 will be made on June 15 to
-America Investors Accumulative Trust Shares, at the rate
holders of All
of 284 cents per share. At the current offering price, this semi-annual
payment is at the rate of over 74% annually. The total distribution per
unit amounts to 5285.16, of which more than $216 was derived from regular
and extra cash dividends on underlying stocks.
In connection with the semi-annual distribution, Ross, Pratt & Batty,
Inc. sponsors of the trust, offer holders of All-America Investors Trust
Shares the right to re-invest the entire proceeds in the shares at 57 below
'
0
the asked price. This privilege may be exercised for a period of 15 days
dating from June 15.
The semi-annual coupons are payable at the Central Hanover Bank &
Trust Co., New York City; Wells Fargo Bank & Union Trust Co., San
Francisco; and the California Trust Co., Los Angeles.
-V. 132. p. 2198.
$3,168,365
Surplus. March 31 1931
Condensed Consolidated Balance Sheet March 31 1931.
(Including Amalgamated Sugar Co. and Its Subsidiaries.)
Liabilities
Assets
$9,470,000
$1,096,985 Loans payable
Cash
950,599 Accts. payable
424,398
Accts. receivable
112,603
11,573 Accr. interest on funded debt
Notes receivable
13,939,634 Other accruals-payrolls,
Inventories
taxes, &c
237.847
Adv.acct, crops on co.owned
5,578,600
farms
126,789 Funded debt
28,908
Other long term liabilities
Frt. paid on sugar & dried
3,781,703
199,511 Min. stkholders of sub cos
Pulp to market stor. points
232,789
945 Res. for insur. & muting
Cash of sink, fund trustees
Preferred stock
4,840,000
Corp. aka., bonds, land sale
yI4,500,697
387,388 Common stock
contracts, &ri
Surplus
3,163.305
Factory, farm & railroad
bldgs., mach.,equip.,&c_ _x19,984,981
Farm lands, water rights, &c_ 5,298,233
379,274
Deferred charges
Total
$42,375,912
$42,375,912
Total
x After reserve for depreciation of $11,424,412. y Represented by
shares of which 5,851 are held in the treasury.
-V. 130.
364,017 no par
p.3881.
-Acquires Certain Assets of
Allis-Chalmers Mfg. Co.
-See that company above.
Advance-Rumely Corp.
As ofUnfilled orders_
-V. 132, p. 3715, 3529.
May 31 31. Apr.30'31. Dec. 31 '30.
$9.e13,000 510.972.000 $13,002,000
-To Vote on
American Brown Boveri Electric Corp.
Sale of Electrical Unit.
The corporation has called a special meeting of holders of founders stock
for June 17 to vote on the proposed sale of its electrical business to the
Allis-Chalmers Manufacturing Co. Such assets include those of the Anionlean Brown Boyer' Co., Inc., (the electrical subsidiary) and the capital
Brown
stock of Condit Electrical Manufacturing Corp., and the electrical patents
and certain other electrical assets of the corporation, for cash and stock of
Allis-Chalmers Manufacturing Co., and the assumption by Allis-Chalmers
of the liabilities and contracts of American Brown Boveri Co.,Inc.
If the sale is consummated, it is proposed to terminate the agreement
of the American company with Brown Boveri & Co., Ltd., of Baden.
Switzerland, relating to patent licenses, &c., in consideration of the surrender to the corporation of the shares of its founders' stock now owned or
controlled by Brown Boveri & Co., Ltd., and to change the name of American Brown Boveri Electric Corp. to the New York Shipbuilding Corp.
It is further proposed to retire 87,170 shares of the founders stock to be
surrendered by Brown Boveri & Co., Ltd., upon the termination of said
contract and to reduce the outstanding shares of such stock to 212.830 from
300,000.
The directors have declared the regular quarterly dividend of $1.75
per share on the pref. stock, payable July 1 to holders of record June 20.V. 132, p. 3887, 3715.
-Smaller Common DiviAmerican Car & Foundry Co.
dend.
-The directors on June 2 declared a quarterly dividend
of 25c. per share on the outstanding 600,000 shares of common stock, no par value, and the regular quarterly dividend
American Agricultural Chemical Co. (Conn.).
- of $1.75 per share on the outstanding $30,000,000 7% nonBonds Called.
cumulative preferred stock (par $100),both payable Jtily 1 to
All of the outstanding 1st ref. mtge. 74% sinking fund gold bonds,
April 1 a quarterly payment of
series A dated Feb. 1 1921, have been called for payment Aug. I next at holders of rocord June 15. On
1024 ;Ind int. at the offices of Lee. Higginson & Co. in New York. Boston 75c. per share was made on the common stock. Previously
or Chicago.
the company made quarterly distributions of $1.50 per share
Holders of bonds may anticipate such payment by presentation of their
-V. 132, p. 1802.
bonds at the office of the American Agricultural Chemical Co., 420 Lexing- on the latter issue.
ton Ave. N. Y. City, on or before July 25 1931, and will receive, upon
sucn presentation, 1024 and interest to the date of payment to them.
-The
-Defers Preferred Dividend.
American Cigar Co.
V. 132. p. 851.
directors have voted to defer the quarterly dividend of 1M%
due July 1 on the $10,000,000 6% cum. pref. stock, par
-Earnings.
-American Beet Sugar Co.
Earnings for Year Ended March 31.
$100. The last regular quarterly disbursement on this
(Excluding Amalgamated Sugar Co.)
issue was made April 1 1931.-V. 132, p. 1803.
1930.
1931.
1929.
1928.
-Earnings.
Net inc.from sugar oper.loss$917,631
American Encaustic Tiling Co., Ltd.
$526,546 $1,080,317 $1,207,965
Other income
368,113
986,464
592,472
514,851
Gross income
loss$549,518 $1,513,010 $1.672,789
Int.& disc. &c
418,595
501,205
473,585
Rent.(East Grand Forks
plant)
Sundry expenses
Depreciation
773.760
714,237
670.975
$1,722,816
468,187
124,212
81,870
584,691
Net income
$320,654
loss$1,764,961
$528,228
Shs. corn. stk. outstanding (no par)
358.166
362,882
303,000
Earns, per share
Nil
Nil
$0.59
Consolidated Balance Sheet March 31.
(Excluding Amalgamated Sugar Co.)
1931.
1930.
1931.
Assets$
Liabilities$
$
Factories, lands,
Common stock-y14,500,697
equipment, .U.19,001,910 19,196,537 Preferred stock-__ 4,840,000
Cash
666,799 1,022,064 Loans & notes pay 7,175,000
Treasury debent_
2,849,365 Accts. payable___
300,224
Stks., bonds, land
Am. local taxes,
sale conting., &c 2,709,649
28,910 Interest, &c____ 239,034
Unsold sugar (cost) 8,431,543 7284.499 D r3rred liabilities
,
Accts.receivable-- 630,843 631.318 i% debentures___ 2,925,000
15 yr.6% gold bds 1,030,000
39,968
Farm products__
Comm'l live stork_
40013 Res. for conting s_
Material & supple 520,835
'V 416 Sure.res. for work- 203,406
Freight prepaid._ 107,272
42.827
ing capital
1,313,898
Cash in hands of
433
sink.fund trustee
81.1
Advanced farm &
137.452
land expense- 121,377
368,701
'
Deferred expenses_ 21..4 7
$463,857
-Earnings.
American Service Co.
Income Account for Year Ended Dec. 31 1930.
Net sales
Total operating expenses
Operating profit
Non-operating income
$4,383,737
3,403,008
$980.729
38,712
150,000
$0.76
Total revenues
Other deductions
1930.
Net income before depreciation, bond interest and Fed. taxes
Aggregate interest on funded debt
Depreciation
$950.029
680,854
195,555
Net income
Balance Jan. 1 1930
Adjustments applicable to prior years
Excess of appraised value over cost of properties acquired
during 1930
Conversion of debentures to common stock during 1930
$73,620
3,188,305
Dr56,705
14,703.530
5,000,000
4,625,000
269,977
272,712
28,138
3,027,000
1,090,003
168,206
3,187.073
32.527,257 32.372,538
Total
Total
32,527,257 32,372,538
y Authorized 425,000 shares of no-par value; outstanding 358,166 shares
.
Earnings for Year Ended March 31 1931.
(Including Amalgamated Sugar Co. and Its Subsidiaries.)
Net operating loss from sugar sales
.3769.008
Net oper. inc.from other sources,incl. co.farms, by-products, &c 376.053
Net operating loss
$392,955
Interest, discount &c. (net)
704,449
Depreciation applicable to sales
1,263,379
Net loss for the year
For income statement for quarter ended Marcn 31 see "Earnings De-V. 132, p. 4059.
partment" on a preceding page.
$2.360,785
Total
Provision for extraordinary losses
Dividends declared and paid on preferred stock
$1,019,441
69,411
131,208
6,500
$3.342,928
60.000
251,143
53,031,784
Balance, Dec. 31 1930
Consolidated Balance Sheet Dec. 31 1930.
LIabilitiesAssets
Plant and property accounts_216,986,414 15-year 1st mtge. 6% gold
bonds
43,129
$7,000,000
Investments
-year 635% cony, gold deb_ 2,931,000
221.381 5
Cash
-year 7% cony, gold notes_ 1,000,000
555,191 3
Cash due from bankers
249,542 7% preferred stock
Notes and accounts recelv_
3,594,300
107,556 Common stock and surplus__ x3,031,734
Inventories
26,369 Notes and accounts payable_
Prepaid insurance premiums.
558,576
22,500 Unredeemed ice coupons__ _ _
27,415
Advances to subs. companies
1,460 Accrued liabilities
Special deposits
75,390
27,868 Escrow deposits
Escrow deposits
28,306
75,669 Res. for extraordinary losses_
Deferred charges
42,009
Other reserves
28,310
$18,317,083
Total
Total
818,317,083
x Represented by 226,380 shares (no par).
-V. 132, p. 2200.
4246
-Annual Report.
American Ship & Commerce Corp.
President, R. H. M. Robinson, says in part:
The balance sheet has been adjusted to give effect to the sale of the
shares of the subsidiary corporations of Cramp-Morris, Industrials, Inc.
The shares of such subsidiary corporations, prior to their acquisition by
Cramp-Morris Industrials, Inc., had been pledged by the William Cramp
& Sons Ship and Engine Building Co. as security for a loan in the sum of
$3,850,000 dated Dec. 1 1926 which matured April 4 1927 and was extended
from time to time to May 8 1931. American Ship & Commerce Corp.
held a participation of $950,000 in this loan but at maturity was not in
position to take over the balance of $2,900,000 to prevent the sale of the
collateral which took place on May 8 1931.
The only assets of Cramp-Morris Industrials, Inc. remaining after the
of note
sale of the shares of the subsidiary corporations consist Co. of receivable
$1.000,000
from William Cramp & Sons Ship & Engine Building
and an option agreement to purchase within three years from May 14
1931, land and buildings of Cramp Brass & Iron Foundries Co., subject
to Cramp-Morris Industrials. Inc. paying certain carrying charges during
option period.
Provision has been made for probable loss of interest accrued on the
principal amount of $2,075,000. The William Cramp & Sons Ship &
Engine Building Co. general mortgage 6% bonds held by the American
Ship & Commerce Corp. The principal of such bonds became due on June
1 1930 but was not paid and the bonds are now in default. Ship & Engine
Investments in the shares of the William Cramp & Sons
Building Co. and Cramp-Morris Industrials, Inc. have been written down
to the nominal value of $1 each.
Comparative Income Account for Calendar Years.
1927.
1928.
1929.
1930.
$610.332
$628.020
$735,272
$403.765
Total income
94,010
92.198
100,554
49.657
General expenses
473.968
508,375
542,992
407,483
Interest
$42,353
$27,446
$91,726
loss$53,375
General Balance Sheet Dec. 31 1930.
[Adjusted to give effect to reduction to nominal value of investment in
Cramp-Morris Industrials, Inc. and closing out of participation in loan to
William Cramp & Sons Ship & Engine Building Co. resulting from sale
of the shares of the subsidiary corporations of Cramp-Morris Industrials,
Inc. as of May 15 1931.]
Assets
$223,707
Cash
Marketable Securities at Cost:
purchase money notes, maturing
Hamburg-American Line 7%
2,500,000
serially to 1937
(par
Hamburg-American Line capital stock 35,096 shares 1931
of shares May 15
value 300 marks) (market value
3,323.839
$1,328,102)
92,067
Notes Receivable: Win.Cramp & Sons Ship & Engine Bldg.Co.
43,733
Accrued interest (net)
Investments in Affiliated Corporations at Adjusted Book Value:
Wm.Cramp & SODA Ship & Engine Building Co., gen. mtge. 1,958.600
-at cost
fis. due June 1 1930
Wm. Cramp & Sons Ship & Engine Building Co., 93,845
1
-at nominal value
shares (61.59%) of total capital stock)
Cramp-Morris Industrials, Inc., 131.427 shares (87.62% of
1
nominal value
-at
total capital stock)
198
-at cost
Miscellaneous investments
528
(net of reserve)
Furniture and fixtures
$8,142,674
Total
Liabilities
$2,006,800
-Secured
Notes payable to banks
3,492,000
-Secured
Notes payable to others
160,218
Accounts payable
127,793
Accrued interest
Capital account at Dec. 31 1930 (represented by 591,271 shs.
x2,355,863
of no par value)
Net profit
$8.142,674
Total
x After surplus adjustments as below.
Surplus Adjustments.
Charges
To reduce to nominal value investment in shares of CrampMorris Industrials, Inc. and loss on loan participation result$4,436,534
ing from sale of the shares of their subsidiary corporations
To provide reserve for probable loss of interest on William
& Sons Ship & Engine Building Co. gen. mtge. 6%
Cramp
308.373
bonds
Adjustment to nominal value of the shares of William Cramp
9,999
Co. held by the corporation- & Sons Ship & Engine Building
Total Charges
Credits
Retirement of Harriman Building Corp. preferred stock
Other credits-principally final settlement of claims
$4,754.905
211,759
123,710
$44,419,436
Net charge to surplus
Note.
-Marketable securities and investments in affiliated corporations
and substantially all general investments are pledged to secure notes
payable.
-V. 131, p. 1259.
-Proposes Refinancing
American Steel Car Lines, Inc.
Plan to Holders of Its Equipment Trust Certificates.
The company, operator of railroad tank cars used principally for transholders
porting oil and other liquid commodities, has addressed a proposal to serially
of its series A,B. C,D and E equipment trust certificates, maturing
from 1929 to 1940, whereby they will be exchanged for new series of 5%
certificates due from 1932 to 1946. The new certificates will be secured.
as is the case with the 5% outstanding series, by the company's present
all-steel tank cars of 8,000 and 10,000 gallon capacity, title
fleet of 1
of which is vested with the trustee. Old Dearborn State Bank.
The trustee has also addressed a letter to certificate holders recommending adoption of the refinancing plan and deposit of present certificates with
the depositary, the Chicago Bank of Commerce.
According to Charles E. McSweeney,President of the company, the new
which may
Plan will enable the company to avoid any of the difficulties certificates,
occur under the present schedule of redeeming the outstanding
which calls for too heavy rentals of cars under the prevailing depressed
business conditions. He said that the new plan would put the whole
financing program of the company on a sound basis. The company has
not defaulted in any of its interest payments to certificate holders but has
not, since Feb. 28 of this year, made any of its "rental" payments which
are applied by the trustee toward the payment of dividend warrants and
certificates.
"Despite the fact that the business depression during the last two years
has taken an unusually heavy toll from businesses such as ours due to the
great drop in railroad carloadings and the depressed state of the oil industry,
we are enieriencing a decided upturn at the present time," Mr. McSweeney
said. "During the first four months of 1931 the company s canoadings
amounted to 6.499 as against 3,898 ears in the last four months of 1930."V. 132, p. 4059.
-Dividend Rate Decreased.
American Steel Foundries.
The directors on June 4 declared a quarterly dividend of
25c. per share on the outstanding 993,020 shares of common
stock, no par value, payable July 15 to holders of record
July 1. From 1925 to and including April 15 1931 the
company made regular quarterly disbursements of 750.
-V. 132, p. 4059.
per share on this issue.
-Final Dividend.
Oil Co., Ltd.
Anglo-Persian
on the ordinary shares of
The directors have declared a final dividend July 31, making a total
10% per annum, less income tax, payable about
for the year 1929.
for the year 1930 of 15%, as compared with 20% paid
-V. 131, p. 3713.
-Earnings.
Arundel Corp.
For income statement for month and 4 months ended AprIII30 see
-V. 132, p. 2391.
*Earnings Department" on a preceding page.
[VOL. 132.
FINANCIAL CHRONICLE
-The direc-Dividend Rate Reduced.
Associated Oil Co.
tors have declared a quarterly dividend of 35c. per share on
the outstanding $57,260,300 common stock, par $25, payable
June 30 to holders of record June 13. From Sept. 1927 to
and incl. March 1931, the company made regular quarterly
distributions of 50c. per share, as against the previous rate
-V.132, p.4060,
of 500. regular and 40c. extra each quarter.
1791.
•
-Acquires General Management
Atlas Utilities Corp.
Trust.
This corporation, through an exchange of assets of the Power & Light
Securities Corp. of cOlich it acquired control early this year, has assumed a
dominant interest in the General Empire Corp., a general maangement
trust with $2,500.000 net assets.
The board of directors of tae General Empire Corp. on June 4 was
reduced from nine to five members, three members of the new board.
L. Boyd Hatch. John W. Donaldson and 0. L. Johnston, representing the
Atlas Utilities Corp. The two other directors are Janson Noyes and Stanton
Griffis (Presiduit of the company).
The deal was consummated through the issuance by General Empire of
112.852 of its shares In return for the assets of the Power & Light Securities
Corp. The merger creates a trust with assets of between $5,000,000 and
$6,000.000.-V. 132, p. 2970.
-2% Stock Dividend.
Auburn Automobile Co.
The directors have declared a 2% stock dividend and the regular quarterly cash dividend of $1 per share, both payable July 1 to holders of record
June 20. Like amounts were paid in each of the 14 preceding quarters.
Previous stock distributions were 5% each made on Aug. 1 and Nov. 1
1928.
May Shipments Higher.
May shipments of Auburn and Cord cars combined total 6,717, an increase of 714 cars over the preceding month. Combined shipments for the
firstfive months of 1931 totaled 24,438 units or 10.745 cars more than during
the entire year 1930.
The company added 193 new dealers to its retail organization during May.
V.
- 132, p. 41360, 2970.
-New Service.Austin Finance Co. Cleveland, Ohio.
A financing service for a Wiled number oflaundry owners contemplating
a new plant or reconstruction and additions to present facilities has been
announced by the Austin Co., engineers and builders, through its subsidiary, the Austin Finance Co.
The financing will be available to firms whose volume averages about
$2.500 or more a week and who have been established for at least five years.
- 130. p. 3164.
V.
-Earnings.
Balaban & Katz Corp.(Sc Subs.).
Years EndedDec. 27 30. Dec. 27 29. Dec. 28 28. Jan. 1 28.
Net open income
$3,860,405 $3,777,990 $2,705,747 82,777.584
297,032
615,536
727,738
218,133
Miscellaneous income_ _ Total income
$4,078,538 $4,505,728 $3,321,283 $33,074,616
185,835
336,813
393,846
387,995
Interest charges
593,057
865,361
1,063,318
Deprec.and amortiz_ --- 1.090,007
274,631
258,310
298,323
Federal tax reserve
311,274
Net income
$2,289,263 $2,750,241 $1,860,798 $2,021,092
199,591
199,591
199,591
Preferred dividends_ - _
199,591
792,618
792,618
792,618
Common dividends
792,618
3868,589 31.028,883
Surplus
$1,297,054 81.758,032
5,161,115 4,124,526
6,904,147
Profit and loss surplus_ 8,201,201
Earns. per sh.on 264,206
$6.89
$6.28
$9.65
$7.91
corn.stock (par $25)..
Consolidated Datance Sheet Dec. 27.
1929.
1930.
1929.
1930.
$
Assets$
$
Theatre prop's-x19,165,310 18,458,148 Preferred stock-- 2,851,300 2,851,300
Common stock--y6,605,150 6,805.150
Despoils to secure
641,813 514% sec. g. notes 4,400,000 4,700,000
676,617
contracts
790.500
1,875,832 1,207,880 614% let M.bonds 697,800
Investments
612,667
7% 1st M.bonds- 494,833
Advances In respect
186,919
28,236 Accounts payable_ 318,288
of construction_
Cash
1,258,572 1.735,480 Open accounts of
82,715
58,804
24,800 affil. companies_
37,355
Working funds._
31,414
50,406
439,700 Pur, money oblige_
499.371
Adv. to atm. ece
684,361
Accr. gen.taxes Int 692,855
Mina.accounts &
203,676
158,113 Accr. Fed. Inc. tax 311,274
notes receivable 183,539
12,028
48,318
14,878 Res, for conting__
Ott. dc empl. sects_
57,864
62,827
443,174 Advance payments
Deferred charges... 389,527
8,201,201 6,904,148
Surplus
884,678
884,677
Good-will
24,769,101 23,838,698
Total
24,769,101 23,838,698
Total
x Less reserve for depreciation and amortization of $3,938,128. y Repre-V. 132. p. 1227.
$25 par.
sented by 264,206 shares,
Barbizon Plaza (Park Sixth Avenue Corp.), N. Y.
City.
-Foreclosure Suit.
Suit was filed in New York Supreme Court May 27 against the Park
Sixth Avenue Corp. to foreclose a mortgage of $525,000 on the Barbizon
-story structure at the northwest corner of 58th St. and Sixth
Plaza, a 38
Ave., with a frontage on Central Park South. The suit was brought by
Ida Levine, as trustee.
The complaint recites that the mortgage was given by the Park Sixth
Avenue Corp. to the Allterton Fifty-Ninth Street Corp. on Feb. 6 1929,
assigned by the latter corporation to Charles Korn as trustee on Feb. 19
1930, and assigned by Horn to the plaintiff Levine on Dec. 30 1930. On
Aug. 15 1930 the mortgage was reduced $100,000 and there is now due
$425,000. Failure to pay an installment of interest duo Nov. 5 1930 is
the basis of the foreclosure.
-New President, &c.
Bastian Blessing Co., Chicago.
Lewis G. Blessing, formerly Vice-President and General Manager has
been elected President to succeed Charles L. Bastian who has been made
Chairman of the board. Andrew C. Krein has been elected Secretary and
will retain his office of Treasurer. Edward N. Krein, formerly Secretary
was made Vice-President in charge of production. Carl J. Palmer,formerly
Vice-President of the Liquid Carbonic Co. was made 1st Vice-President
-V. 132, p. 3343.
and General Sales Manager of Bastian Blessing Co.
-Balance Sheet Dec.31.Bellanca Aircraft Corp.
1929.
1930.
Liabilities$94,710
Accounts payable.. $52,629
4,392
6,098
accounts_
Accrued
113,465
40,487
Customers' depos_
Reserve for contin9,465
gent commis'ns_
108,142 Capital stock and
x1,456,087 1,780,228
434,968 surplus
$1,584,767 $1,992,794
Total
51.584,767 $1,992,794
Total
x Represented by 168.495 no par common shares valued at $1,889.375
and includes deficit of $433,288.
Our usual comparative income account for the year ended Dec. 31 1930
was published in V. 132, p. 4060.
Assets
1930.
Cash
219,342
Loans on call
200,000
Bills dc sails rec..72,420
445,521
Inventories
Defd experimental
& dev.exps., &c. 174,958
Land, bidge. & eq. 452,526
1929.
48,845
800,000
55,401
545,437
Binks Mfg. Co.
-Bond Issue, &c., Authorized.
At a special meeting of class A and class B stockholders held on June 1,
-year 635% debentures
the directors were authorized to sell $300,000 of 5
and to issue 20,000 shares of class B common stock. These shares increase
60,000
the authorized class 13 stock to 140,000 shares. There are class A shares
stock.
of class B stock held in reserve for possible conversion of the
The funds will be used to increase working capital and to liquidate current
Iebt.-V. 132, p. 3717.
JUNE 6 1931.]
FINANCIAL CHRONICLE
British Columbia Packers, Ltd.(& Subs.).
-Earnings.
Years Ended Feb. 281931.
Net profit
loss$897,377
Maintenance,renewals & depreciation
315,803
Interest on funded debt
27,858
Provision for Dominion and Provincial
income and packing taxes
25,000
Additional two months expense incurred through change of fiscal year
from Dec. 31 to Feb. 28
Net income
loss$1,266,038
Cumulative preferred dividends
207,669
Gross Packing Co., Ltd., pref. div
1,181
3634,275 81,285.999
338,922
329,953
29,854
38.902
35,000
110,000
$230,499
205,422
$690,182
116.962
Balance, surplus
loss$1,057.188
$25,077
$690,182
Consolidated Balance Sheet.
Feb.28'31. Feb.27'30.
Feb. 28'31, Feb. 27'30.
Assets
$
$
Inventories
4,086,719 2,587,203 Bank loans
3,042,000 1,235,000
Prepaid Insurance
Bills payable and
Premiums, &c._
54,618
50,047
accrued interest 830,735
Bllis and accounts
Sundry Creditors.. 372,593
210,606
receivable
324,426
558,372 Res,for accr. liab_
50,000
Cash
19,278
18,789 Res,for inc. taxes_
22,765
156,523
Deferred charges... 143,124
129,950 Res, for coating
29,968
Investment in and
Pur, money obligs_
34,945
adv. to allied co_
29,608
28,692 Interest of minority
Land, bldg., plant
abholders in subs
31,736
49,036
and equipment.x7,038,795 7,142,717 1st M. (Is of WalDeficit
759,629
lace Fisher's Ltd 409,900
447,200
Preferred stock
3,934,200 3,916,900
Common stook- 3,730,300 3,730,300
Surplus
715,259
Total
12,454,197 10,495,769
Total
12,454,197 10,495,769
x Less reserve for depreciation of 32,221.263.-V. 132, p. 3153.
Brown Shoe Co., Inc.
-Earnings.
-
For income statement for 6 months ended April 30 see "Earnings
Department" on a preceding page.
Balance Sheet April 30.
1931,
1930.
1931,
1930.
Assets$
Liabilities
$
-3
Land, bides., &c a2,823,288 2,878,011 Pref. stock
3,719,700 3,873,100
Lasts. less deprec
1
1 Common stook_ - _63,433,535 3,433.635
Ins.. licenses, &c__
1
1 Notes payable..1,450,000
Good-will, trade
Accts.pay.& accep 1,027,025 1,246,316
•
name, &c
1
1 Res. for taxes &
Other assets
784,839
745,861
contingencies...
78,000
89,000
Cash
1,701,984
723,887 Earned surplus_ _ 8,383,626 8,087,061
.
Accts. receivable 8.244,842 6,949,459
Prepaid charges
34,353
31,618
Inventories
5,060,897 6,830,473
Total
16,849,986 18,159,112
Total
16,849,988 18,159,112
a After allowance for depreciation. b Common stock and
surplus
represented by 252,000 shares, without par value.
-V.132, p. 3717.
Bulova Watch Co., Inc.(& Subs.).
-Earnings.Period Ended March 31Gross profit
Expenses
-12 Months- -15 Months
1931.
1930.
$3.698,456 34.433.002
x2,187,995
2,290,612
Operating profit
Other income
Totalincome
Interest
Depreciation
Federal taxes,&c
Other deductions
81.510.461 $2,142,390
127.306
99,077
$1.637,767 82,241,467
111.369
69,006
see x
52,007
87,527
191,128
647,410
371,095
Net profit
Preferred dividends paid
Common dividends
$791,521 $1,558,231
175,000
172,803
721.875
412,500
Deficit
Earns, per sh. on 275,000 shs. corn,stock (no par).
x Includes depreciation.
-V. 132, p. 1228.
$105,354 sur.$972,928
$2.24
$5.04
Cadillac Motor Car Co.
-Shipments.
--
According to this company, Cadillac
-La Salle shipments for the
months of 1931 show an increase of 5% over those in the same first five
year. May shipments of 1.777 units brought the 1931 totalperiod last
to 9,572.
This compares with 9.052 for the first five month of 1930.
There were
2.219 Cadillac and La Salle cars shipped in May last year.
-V.132, p. 3331,
3345.
Canada Housing Corp.
-Bond Interest Passed.
-
Interest on the 61. % first mortgage bonds of the company,
of Canadian Terminal System, Ltd., which was payable on a subsidiary
May 1, has
been passed.
Canada Housing Corp. owns 76 houses in Toronto, of which 75
reported to be rented at the present time. The funded debt of the are
company consists of 634% first mortgage bonds due May 1 1943,
of whch
there is 3139,000 outstanding; 6% first mortgage bonds,
of which $240,000 is outstanding, and held by Canadian due Feb. 11948,
Terminal System,
Ltd., or its subsidiaries, and 6% debentures, due March 1 1948, of
8150,000 is outstanding. Interest is in arrears on the debentureswhich
since
March 1.
Canada Power & Paper Corp.
-Reorganization Plan.
The securities protective committee (Chas. A. Dunning, P.C.
Chairman), June 21 announced a plan of reorganization for
the company and its constituent companies. In brief the
plan provides for the formation of a new company with two
classes of securities, viz.: First mortgage bonds and one
class of stock, which will be exchanged for existing securities.
No new money is being asked for.
The committee consists of Hon. Chas. A. Dunning, P.O.
R. H. Collis, of latest & Aitken, London, Engl; Norman J.
Dawes Pres
Montreal Board of Trade; H. D. Lockhart Gordon, C. A., Chairman.'
Clarkson,
Gordon, Dilworth, Guilfoyle & Nash, Toronto; Strachan
Johnston, K.C.'
Tilley, Johnston, Thomson & Parmenter, Toronto; Stewart
Kilpatrick:
Govett, Sons & Co.. London, Eng.; E. A. Macnutt,
Assurance Co. of Canada; John J. Rudolf, A. Iselin & Treas., Sun Life
Co.. New York;
Gordon W. Scott, C.A., P. S. Ross & Sons, Montreal, is
Secretary; with
J. L. Ralston, K.C., of Mitchell, Ralston, Kearney & Duquet,
Montreal,
Counsel.
The depositaries are Bank of Montreal and the Royal Bank of
The holders of securities and sharer of the following constituent Canada.
companies
are involved: Canada Power & Paper Corp., the Anticosti Corp., neigo
Canadian Paper Co., Ltd., Laurentide Co., Ltd., Port Alfred Pulp &
Paper
Corp., St. Maurice Valley Corp. and Wayagamack Pulp & Paper Co..
Ltd.,
Anglo Canadian Pulp & Paper Mills, Ltd. is not included.
The committee, in a circular letter to the security holders,
June 2, says:
-The members of the securities protective
Present Position.
committee
and the above-named constituent companies and representing
investors
Who hold, in the aggregate, large amounts of all classes of securities
and
shares of these companies, having completed an intensive examination
of
the corporation's affairs in the light of conditions now prevailing
in the
newsprint industry.
This examination has convinced the committee that, under existing conditions and having regard to volume of newsprint consumption and selling
Prices, it will be impossible, for some time, to pay any interest or dividends
to holders of any of the securities or shares of the above-named
companies.
4247
The whole system Is severely handicapped by lack of working capital.
The acquisition of capital assets, potentially valuable but at present nonproductive, and the recent maturing of obligations assumed in that connection have very seriously depleted the current asset position and have produced an acute situation which must be promptly and effectively dealt with.
Apart from other consequences it has become extremely difficult to finance
ordinary manufacturing operations. The committee is convinced, therefore, that the financial structure of the entire group must be radically
revised. The burden of interest and dividend commitments must be
drastically reduced, Fixed warps must be practically eliminated for a
period of years and working capital must be built up.
The committee has studied the respective positions of holders of each
Individual class of security concerned and has arrived at the unanimous
conclusion that any separation which would involve liquidation of any
constituent company would result in serious loss to the holders of that
company's securities and would jeopardize the prospects of a sound reorganization.
The Plan.
-After carefully studying and considering all relevant factors,
the accompanying plan of reorganization has been prepared. This plan
has been designed to meet the present difficult situation and to assure to
each class of present security holders an equitable share in future earnings.
The plan, briefly, is to form a new company, with a capitalization of first
mortgage bonds (including first mortgage sterling debenture stock) and one
class of shares, which will take over the undertakings and assets of the
above-named companies. The new bonds and debenture stock will be on
an income basis for five years. These new securities will be made available
for exchange for the existing securities on the basis set out in the plan.
No new money is being asked for.
Reduction in Capital.
-The authorized capitalization of the new company
will consist of $100,000,000 first mortgage bonds, including first mortgage
sterling debenture stock, and of 2,000.000 shares without par value. Of
the bonds, $65,000,000 will be authorized for immediate issue as 30
-year
% bonds and sterling debenture stock which will be on an income basis
for five years but will bear fixed interest thereafter.
The issued capitalization of the new company on the carrying out of the
plan will compare as follows with the existing capitalization:
Present Capitalisation May 1 1931 (Excluding Anglo).
x Bonds
844.365.566
Debentures
35,466,700
Preferred
24,000,000
Total
8103,832.268
Common-1,521,750 no par value shares.
Estimated Capitalization New Company (Excluding Anglo).
x Bonds
851.058.522
y Wayagamack News Co
1.431,774
z Ha,Ha.Bay Co
137.300
Total
$52.627.596
Capital stock-1.547,141 no par value shares.
x In addition to the above bonds, a further 98,000,000 (approximately)
of new bonds will be issued in exchange for a like amount of Laurentide
1st mtge. bonds now pledged as collateral to bank loans.
y Guaranteed British Treasury, bonds not exchanged.
z Bonds not exchanged.
The committee will have power to sanction the issue of additional first
mortgago bonds of the 30
-year 534% Issue, provided that the total is not
to exceed $65,000,000 and of such additional shares as may be considered
necessary.
The committee has deemed it unwise to have the new company assume
the obligations of Canada Power & Paper under the contract for the acquisition of a controlling interest in Anglo Canadian Pulp & Paper Mills, Ltd,
and therefore that company is not included in the present plan.
Distribution to Present Security Holders.
-The plan provides that holders
of existing first mortgage securities will receive first mortgage securities of
the new company and, as compensation for loss of accrued interest and
foregoing fixed interest for the first five years. will receive shares of the
capital stock of the new company. Holders of Laurentide and Wayagamack series of Canada Power & Paper debentures will receive a percentage
of new first mortgage bonds together with shares of the capital stock of
the new company. Holders of existing preferred and common shares will
receive shares of the capital stock of the new company.
Table of Exchange of New for Old Securities.
Will Receive
-Existing SecuritiesOutstanding.
Bonds.
Corn. Stocks.
Beigo Canadian Paper Co 6s
38.240,500 310,300.625
82,405 she.
Each $100
$125
1 sh.
5,000,000
150,000 abs.
7% PlaccrerhrSed100
3 shs.
Wayagamack Pulp & Paper 6s.--. a3,527,600
4,409,500
35,276 shs.
Each $100
'
$12
1 sh.
Port Alfred loo& Paper 5s
Eachil p
614,999,667
14,999,667 149,997 shs.
$100
1 sh.
7% preferred
6,000,000
90.000 shs.
Each $100
1;i shs.
St Maurice Valley Corp 6s
I 68,836,2251 10,836,225 108,362 she.
5Ms
1 2,000,000f
Each $100
lab.
$100
7% preferreded
10,000,000
150,000 shs.
Each $100
154 shs.
Anticosti Corp. 6s
51,925 shs.
5,192,500
5,192,500
Each $100
lab,.
$100
7%
3,000,000
45,000 shs.
Pref Se100
Eac
r
1% shs.
Canada Power & Paper Corp.:
Laurentide deb. 534s
28,800.0001 5,320.005 532,000 shs.
Wayagamack debs. 5345
6,666.700!
Each $100
815
1 ti shs.
Common (no par)
1,521,750 shs.
152.17.5 shs.
Each 10 shs
lab.
Note.
-Small amounts of common stocks are outstanding in the hands
of the public and these will be exchanged for shares of the new company
on the following basis: For each of the 150 common shares of Beige, 2
-5th
oft share of new company;for each of the 104 common shares of St. Maurice.
Xth of 1 share of new company; for each of 383 shares of Pert Alfred, Xth
shares of new co
of l share of new
for each of 57 shares of Wayagamack, 1 1-10th
mpanyn
e°mPay;
.
a Exclusive of 308.300 held in company's treasury. b Includes registered
debenture stock. Each registered debenture stock holder receives £20
of new 1st mtge, sterling debenture stock and 1 share of now stock for each
£20 of present 1st mtge. registered debenture stock.
This scale of distribution is based not only upon a careful analysis of the
assets and earning power represented by each existing security, but upon
such other important factors as inter-company obligations (including leases),
the effect of separation upon operating costs, existing newsprint contracts
and the advantage of maintaining a well-established selling organization.
Management.
-The committee recognizes that holders of securities who
forego fixed charges for five years will expect assurance as to management,
especially during the period in which their right to receive interest depends
on earnings and current assets. The plan provides, therefore, that the
committee will nominate a majority of the new board of directors to serve
for five years.
Co-Operation of Important Interests.
-The plan has been submiteed to the
bankers of the corporation (the Bank of Montreal and the Royal Bank of
Canada) who have expressed their willingness, if the reorganization plan is
carried out, to make banking arrangements with the new company which
the committee considers will be satisfactory.
Holders of large amounts of all classes of the securities have assured the
committee that they will support the plan.
Prospects.
-While it is not possible to forecast accurately the operating
results of the new company, the committee believes that the plan provides
the foundation for success, first by creating a capital structure which will
not involve burdensome fixed charges in the earlier years during which
conditions will be most difficult, and secondly by permitting the accumumotion of working capital.
The unknown factors in the situation include the percentage of mill capacities for which markets may be found and the prices which will prevail,
but, given prices on any fair basis and assuming the fulfillment of existing
newsprint contracts, the committee feels warranted in expecting results
which will be advantageous to those participating in the plan.
The committee believes that no group of properties in the newsprint-will
be better balanced for economic production or will possess more favorable
prospects than the new company, providing a reorganization is arranged
along the lines indicated.
-V. 132, P. 2590, 2394.
FINANCIAL CHRONICLE
4248
Fox,. 132.
operating expenses
"The assets of the company are in good shape and
volume of business."
hare been brought down in proper ratio to the current
a quarterly dividend
The directors have declared
-V. 132. p. 3707.
cum. pref. stock, placing this issue on a $4 annual basis, against $7 prior
-Decreases Common Stock.
Congoleum-Nairn, Inc.
to Dec. 15 1930 on which date the preferred dividend was passed -V. 131,
dation of
The common stockholders on June 3 approved a recommen
p. 3714.
shares of common stock. This
the directors to retire and cancel 251,026 outstanding from 1,641,026 to
decreases the number of common shares
Canadian Celanese .1...W.-Pref. Div. No. 2.on
authorized common stock (1,750.000 shares)
The directors have declared a semi-annual dividend of $3.50 per share13. 1,390,000 but the amount of
Is not affected.
June 30 to holders of record Juno
at a profit.
the $7 cum. partic. pref. stock payable
was paid.
stated that the company is now operating
President Hawkes
Six months ago an initial semi-annual dividend of like amount
-V. 132. p. 4063, 3719.
V.132. p. 3154.
-Preferred Dividend.
Canadian Bakeries, Ltd.
of $I per share on the 87
-Extra Dividend.
Canton Co. of Baltimore.
in addition
The directors have declared an extra dividend of $I per share
June 30
to the regular semi-annual dividend of $3 per share, both payable
to holders of record June 26.-V. 132, p. 2774.
-Earnings.
Castle Trethewey Mines, Ltd.
1931.
$245,902
229,271
37,337
1930.
$418,741
302,449
37.885
1929.
8570,499
328,547
36,232
6,594
loss$20,706
Net profit
669,187
Previous surplus
Adjust, applicable to previous year -
$78,407
674,293
4,665
$199,125
533,970
$648,481
$757,365
57,247
30,930
$733,095
56,275
1,217
1,309
Years Ended March 31Total revenue
Operating costs
Administrative general costs
Reserve for Dominion income taxes
Total surplus
Depreciation
Develop. undistributed written off
Adjust. applic. to prey. years oper--
5,849
8674,293
$669,187
$642,632
Balance Sheet March 31.
1930.
1931.
Liabilities
1930.
1931.
Assets$5,299
$1,473
890,427 Payrolls payable__
$133,075
Cash
11,687
4,414
100,681Accounts payable_
Est. net recoveries55,841
713,699 Prey. for sundry
Market. securities 708,380
7,465
10,838
accruals
7,059
1,142
rec
Accts. & int.
35,238 Res. for Dominion
20,531
Supplies
6,660
Income taxes_
Mining properties,
2,709,002 2,709,002
Capital stock
ind, discount on
669,187
642,633
.
share capital_ _ 2,141,661 2,141,583 Surplus
&
Buildings, plant
142,779
x146,138
equipment
Adv,for power line
25,634
10,983
construction._
145,522
Develop. undLst'd. 145,522
6.876
5,107
ts
Oper. prepaymen
$3,368,360 $3,409,301
Total
$3,368,360 $3,409,301
Total
4055
x After reserve for depreciation of $238,869.-V. 130. P.
Surplus, March 31
-Stock Dividend of 1%.
Century Electric Co.
of 1% in common
The directors have declared a quarterly dividend of record June 15.
1 to holders
stock on the common stock, payable July The company paid $I quarterly
A like amount was paid on April I last.
and including January
In cash on the common stock from January 1930 to
1931.-V. 132, p. 2204.
-Earnin -Chicago Nipple Manufacturing Co. 1930. gs. 1929.
Calendar YearsOperating profit
Depreciation
Interest paid
loss$23,259
52,550
3,059
$22,000
51,790
4,180
-Officials Convicted of
Consolidated Factors Corp.
Conspiracy in Sale of Stocks.
Treasurer, were found
Oscar Greenstein, President, and Leon S. Pelz, the sale of stock of the
in
guilty of conspiracy to use the mails to defraud
in Federal Judge William I3ondy's
corporation, in a verdict June 1 by a jury
Court.
on a joint capital of
The defendants, who began a partnership in 1922 of which $2,000,000
$16,000,000,
31.000, are alleged to have taken in aboutthrough the sale of stock and the
public
was said to have been lost by the
transfer of stock in the corporation. 1930, owing $4,363,000 to stockholders
The corporation failed on April 26
four months later following
and banks. Pelz and Greenstein were indicted
n of Credit Men. The
an investigation begun by the National Associatio statement on Dec. 31
defendants issued a false
indictment charged that the
assets of $7.913,465 and
n had
1928, to make it appear that the corporatio
liabilities of $4,734,311.
s, who were formerly heads
The Government alleged that the defendant of that concern to Consoliof the Pelz GreensteinCorp., changed the name
and sold
which were at 200 Madison Avenue, purpose.
dated Factors, offices of
they organized for this
stock through A. J. Roberts & Co., whichwhich borrowed against fictitious
s used dummy corporations their corporation. Greenstein
Phe defendant
accounts to bolster up the book assets of
accounts receivable from dummy
and Pelz, it was charged, padded their
132. p. 3346.
concerns to the extent of $1,500.000.-V.
-Sales.
Lithographing Corp.-Pref. Div.
Consolidated
quarterly dividend of $1.75 per
The corporation has declared a regular holders of record May 29.
1 to
share on the pref. stock, payable June 31 1931 showed an increase of 5%
Jan. 1 to May
Orders and sales from
p. 3211.
over those of the same period in 1930.-V. 131,
-Notes Called.Publishers Inc.
Consolidated
10-year gold notes dated
A total of $400,000 of 6)(% sinking fund 1 at 1013 and int. PayJuly
July 11928 have been called for payment
Lohman Brothers,fiscal agents, 1 William
ment will be m'ade at the office of
-V. 132. P. 2591.
St., N. Y. City.
-Answers Filed to Three Suits
Continental Shares, Inc.
•
Brought by Stockholder.Charles S. Wachner, a stock-
Answers to three of the suits brought bydefendants have been filed in
holder against Cyrus S. Eaton and other
Ingalls and Phillip Wick,
Common Pleas Court at Cleveland by David S.
Continental Shares, through its
former directors of the company, and by
new chairman George T. Bishop.
which Mr. Wachner charges
The answer by Continental is to a suit in
company to Otis & Co.
an illegal loan of $500,000 had been made by the been paid May 22 1931,
the balance of $250,000 had
The answer said that
the second cause of action in
and asked that the suit be dismissed. In
company had bought
the same suit, on which Mr. Wachner charged the 8203,710, the answer
stock unnecessarily from Otis & Co. paying Otis protect the company s
court
knowledge e that the
alleged lack
a
ten
rights iak of
aledin any
to this suit.
Messrs. Wick and Ingalls both filed similar answers return of $3,321,141
In the suit filed by Mr. Wachner, in which he asks they acted in good
Wick and Ingalls declare
to Continental by Otis & Co.,
al to Otis.
faith and believed the sums wore owed by Continent Mr. Wachner's cross
demurrers to
Both Mr. Ingalls and Mr. Wick filed Korach attacking a loan made by
petition in a suit brought by Sigmund
the loan was secured by
Continental to Mr. Eaton of $2,087,480. It said
.-V. 132, p. 4063, 3891.
Eaton's note and collateral valued at $480,000
$33,969
878.868
Comparative Balance Sheet Dec. 31.
1929.
1930.
LiabilUies1929.
Assets1030.
$63.455
$19,001 Notes payable- $25,898
Cash
Dividend.
53,267
13,392
Accts.receivable_ -French Affiliate Reduces declared a dividend of 50
Coty, Inc.
Cash sum val. life
13,349
7.853
Accr. gen. taxes.11,568
Car,Societe Anonyme (French company) has francs for 1929.-V. 132.
Insurance
6.415
903
4,856 Accr. interestfrancs per share for the year 1930 as against 60
1.908
Notes receivable...
77,874 Res. for stk. contr.
nese
P. 3720, 3347.
Accts.receivable._
41,733
obligation
8,273
625
Tray.funds & adv.
Engine Building Co.
326,976 Pur, money oblige.
(William) Cramp & Sons Ship &Ended Dec. 31.
267,829
Inventories
48,500
42,000
due In 1931.Invest. In & adv.
Profit and Loss Account for Years
1928.
2,272,500 .2,500.000
525,495 Class A stock
521,084
to subs
2,025,000 2,025,000
$11,949,426
7
19 98
707,495 Class B stock
71
19 04
813,23 . 74 812,72 , 36 Dr.14.442
:655,205
Properties
260,652 Balance, deficit, Dec. 31
187,483
Cr.167,494
6,250 Surplus
Cr.114.397
Notes receivable__ y6,250
Adjustments applie. to prior period
950,000
Treas,stock issued z735.000
Liquidating loss, fixed charges and
763,968
711.132
363,211
2,694
11,050
eferred charges__
other expenses
$13,520,287 813,271,474 $12,727,836
Goodwill pats., &c 2,330,154 2,330,154
Profit and loss, deficit
90,866$4,970,639
Balance Sheet Dec. 311930. by shares of subTotal$$4,970,639
$4.590,866 4,5 Total
out of loan secured
if, as and when back divi[Adjusted to give effect to closing s. inc.)
x After depreciation of $373,919. y Payable stock and 7.500 shares of
of Cramp-Morris Industrial
sidiaries
dends are declared. z 7,200 shares of Class A
Matt:MiesAssets
$32,119
-V. 131. p. 634.
Class B stock.
$338 Accounts payable
Cash
92,066
125 Notes payable
.
-Stocks Get Nothingnew company called Accounts receivable cos
taxes and penalty
t-Erias, Ltd.
Clean-i
23,006 Property
a
339,912
1928-1929-1930
The company, whose assets have been sold to pay off preferred cred- Due from associated assets
to
sale of
81
Clean-it-erias Co., Ltd., has received sufficient Toronto. A substantial Proceeds
153,580 Accruals
(pledged)
itors claims, according to the "Financial Post ,
Notes payable, Cramp-Morris
claims of ordinary creditors, Gen. mtge.8% bonds held in
1,000,000
InC
payment, it is said, will also be made on the 131,p. 1426.
125,000
treasury (pledged)
-V.
4,703 203
but there will be nothing for shareholders.
5.029.189 Past due obligations
Land
4,032
Ground rents, cat. principal_
-Omits Common dividend .
Bides..
24,772
Cleveland-Cliffs Iron Co. omit the quarterlyDividend which Prepaid'mots.. mach. & tools z2,549,379 Reserves
2,857
insurance premiums.
15,232,500
The directors on June 3 voted to
22,189 Capital stock
common stock. On March 20 Prepaid interest
13,520,287
ordinarily is payable about June 20 on theshare was made on this issue as Insurance claims
2,754 Deficit
last a quarterly distribution of 25 cents per
against 81 previously each quarter.
dividend of $1.25 per
quarterly
The directors have declared the regular
holders of record June 5.$7,908,399
share on the $5 pref. stock, payable June 15 to
Total
$7,908,399
Total
V. 132, p. 1997.
130, p. 3548.
After reserve for depreciation of 81,818,811.-V.
Net loss
-Omits Dividend.
Cliffs Corp.
quarterly dividend ordinarily
The directors on June 3 decided to omit the
March 20 last made a quarterly
payable about June 20. The company on
65 cents per share on Dec. 20
distribution of 25 cents per share, as against from Sept. 20 1929 to and
1930 and quarterly dividends of 81 per share
incl. Sept. 20 1930.-V. 132, p. 1997.
-15% Stock Dividend
Columbia Broadcasting Co.
Cash Distribution of $1 a Share. Paramount-Publa Corp..
Initial
the
This company, which is 50% owned by amounts to 8825,000. payable
has declared a 15% stock dividend, which
$1 per share has also been
in stock at 50. An initial cash dividend of holders of record June 22.
declared o,1 the new stock, payable June 26 to of record June 10. The
holders
The stock dividend is payable June 15 to income.
dividends have been declared out of current
-Extra Dividend:
(The) Cream of Wheat Corp.
cents
regular
The directors have declared the 25 cents quarterly dividend of 50July 1
per share, both payable
of
per share and an extra dividend
1931 to holders of record June 20. share was also paid in January last and
An extra dividend of 25 cents per
in January and July 1930.-V. /32, p. 2776.
-Earnings.
Crown Cork & Seal Co., Inc.
For income statement for month of April 1931 see "Earnings Depart-V.132. p. 4064.
ment" on a preceding page.
-Earnings.
Cuba Co.
see
For income statement for three and nine months ended March 31
-V. 132, p. 2205.
"Earnings Department" on a preceding page.
-Shares Withdrawn from
Cuban Canadian Sugar Co.
-Affiliated ComColumbia Graphophone Co., Ltd.
Trading.
on the Monpany Reduces Dividend.
Shares of the company have been withdrawn from trading
reduced Its dividend
has
Carl Lindstrom, A.G., an affiliated company,
for 1930 from 20 to 12%.-V. 132, p. 4062.
and $4.000,000
treal Stock Exchange. There is $5,000.000 of common stock
bonds and $1.000,of8% pref. stock issued, in addition to $1,500,000 of6%
-Earnings. 000 or 6% general mortgage bonds.
were around 2
Commercial Credit Co., Baltimore.-Divs. dividends on
The last available quotations on the pref, and common
regular quarterly
for the common.
pref. and
The directors on May 28 declared the
d
class"B"ref. and $3 class "A" for the company has published no financial statement since 1927.-V. 125.
The
the (”i% and 7% 1st pref. stocks. 8% a share vidend on the common
cony, stocks, and also the regular 50 cents
p. 2942.
of record June 10 1931.
stock, all payable June 30 to holdersdeclarations, the following statement
-Omits Common Dividend.
Cuban Tobacco Co., Inc.
In connection with tne dividend
common voting trust
was authorized b Chairman A E Duncan: and February, usually the
The directors have omitted the dividend on the 31 1930, as compared
January
Dec.
per share on
"Although the operating results in
expected, only small earnings for certificates, which paid 50 cents
and December 1929 and in June 1930.
poorest months in any year showed, as
and April was substantially with $1 per share each in Juneregular semi-annual dividend of $2.50 per
the common stock, the net income for March common stock. As a censeThe directors declared the
of record June 15.the
in excess of the $2 annual dividend rate onstock for the first six months is share on the preferred stock, payable June 30 to holders
quence, the net income on the common annum.
V 132, p. 3892.
share per
expected to be in excess of $2 per
JUNE 61931.]
FINANCIAL CHRONICLE
Curtis Manufacturing Co., St. Louis.
-Smaller Div.
The directors have declared a quarterly dividend of 25 cents per share,
payable July 1 to holders of record June 15. This places the stock on a $1
annual basis, against $2.50 previously.
-V.131, p. 277.
Darby Petroleum Corp.-Ram/rings.For income statement for quarter ended March 31 1931 see "Earnings
-V. 132, p. 2398.
Department" on a preceding page.
Dayton Airplane Engine Co.
-Stock Increased.
The company on May 29 filed a certificate at Dover, Del., increasing the
authorized capital stock, no par value, from 400,000 shares to 1,000,000
shares.
-V.132, p. 3892.
-Diamond Match Co.
-Earnings.
For Income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 132. p. 4065.
Distributors Group, Inc.
-New Vice-President.
--
Dean Langmuir, well-known economist, has been elected a vice-president
in charge of research of Distributors Group, Inc., sponsors of North American Trust Shares, largest investment trust of the fixed type, and affiliated
sponsors of Cumulative Trust Shares. Mr. Langmuir is a Vice-President
of Cumulative Shares Corp., depositor corporation of the latter investment
trust.
-V. 132, p. 4065.
Distributors Guild, Inc.
-Changes in Portfolios.
--
Trust shares of America, a fixed investment trust, has eliminated from
its portfolios all holdings in the International Harvester Corp. and the
Westinghouse Electric & Manufacturing Co.under the terms of its indenture
providing that if Moody's rating of any holdings be reduced below that at
the initiation of the Trust, they must be eliminated. The net proceeds,
amounting to $215.96 a unit of 1,000 shares, will be distributed with the
regular No. 3 coupon payment on Nov. 15.-V. 131, p. 944, 794.
Dodge-Foote Corp.
-Proposed Merger.
See Foote Bros. Gear & Machine Co. below.
Dome Mines, Ltd.
-May Production.
Month ofMay 1931. May 1929.
Value of output
$300,390
$409,518
The mine did not operate In May of last year due to the destruction
of its mill.
-V. 132, p. 3349.
Dominion Envelope & Cartons, Ltd.
-Defers Dividend.
4249
-Smaller Dividend.
Endicott Johnson Corp.
-The directors on June 4 declared a quarterly dividend of 75e. per
share on the outstanding $20,268,000 common stock, par
$50, payable July 1 to holders of record June 18. The
company from Oct. 1 1920 to and incl. April 1 1931 made
regular quarterly disbursements of $1.25 per share on this
issue, and in addition paid a 20% stock dividend on Feb. 15
1923.-V. 132, p. 1423.
-8%•Divi(L. M.) Ericsson Telephone Co., Sweden.
dend-New Directors.
The shareholders on May 30 approved the board's proposal that out of
the amount of 8,755.098 kronor at the disposal of the meeting, a dividend
of 8%. or 4 kronor, per share, absorbing 4,839,904 Isonor, be paid to the
shareholders; 889,582 kronor be transferred to the reserve fund, and the
balance, 3,025.611 kronor, be carried forward to the profit and loss account
for 1931.
The following were elected new members of the board of directors: Ivar
Kreuger, Chairman of the Kreuger & Toll Co., Stockholm; Andre Meyer
of the banking house of Lazard Freres. Paris, and Erik Sjostrom, a director
of the Krouger & Toll Co. The addition of these new directors recalls the
fact that in 1930 Kreuger & Toll acquired control of the L. M. Ericsson
-V. 130. p. 2216.
Telephone Co.
-Earnings.
Equitable Office Bldg. Corp.
1929.
1928.
1930.
Years Ended April 30- 1931,
$5,996,755 $5,791,726 $5,384,346 $5.208,764
Rentals earned
503,348
541.064
379,842
400,636
Miscellaneous earnings.Total earnings
Operating expense
Depreciation
$6,397,390 $6,332,790 $5,887,694 $5,588,605
1.155,448
1,142,182
1,135.049
1,044,500
300,681
302.766
293,154
300,025
Net operating profit-- $4,955,183 $4,874,576 $4,451,965 $4,250,951
101,213
82.418
61,870
75,863
Other income
$5,031,046 $4.975,788 $4,534,382 $4,312,820
Total income
2,171.419
2,204,561
2.175.575 2,187,129
Int.,real est. taxes, &c
312,600
340,000
288,000
287.500
Federal income tax
76,221
93,502
Res, for addit-1 deprec_
$2,392,984 $2,415.548 $2,070,807 $1,838.191
Net profit
4.900
2,546
1,011
33,785
Preferred dividends__
2,232.732
1.780.800
1,500.429
2,460,669
Common dividends
5180,270
$285,107
$303,977
def$68.696
Balance, surplus
Shares corn, stock outDominion Stores, Ltd.
-Sales and Earnings Higher.
892.160
893,584
221,696
895,464
standing (no par) _ ..
At a meeting of the directors held on June 1, President William J. Pent- Earnings per share
$2.71
$2.31
$8.14
$2.67
land stated that sales and earnings for the first four months of 1931 showed
an increase compared with the corresponding period last year; also that
Condensed Consolidated Comparative Balance Sheet April 30.
sales and profits thus far in May were showing a substantial increase com1931
1930.
1930.
1931.
pared with last year and also when compared with April.
Liabilities
$
Assets$
$
The regular cash dividend of 30 cents per share on the common stock, Land & bldg. (less
preferred stock- -6,700
30,200
payable July 1 to holders of record June 15. was declared at this time.
depreo. res.) __x32,578,512 32,869,787 Common stock_ -y 9,333,300 9,309,800
V. 132, p. 3534.
26.282 Equit. Life Assur.
Miscell. equip_ _ _ _
21,437
Soc. mortgage-19,081.595 19,229,878
Rights, priv., tenDouglas Aircraft Co., Inc.
-Sales-Unfilled Orders.
35,000
6% gold mtge. bds.
35,000
ancies & going
Six Months Ended May 31value
4,390,000 4,390,000 35-yr. 5% Sink.
1931.
1930.
fund debenture_ 8,327,000 8,537,000
Sales;
$2.184,456 $2,046,003 Premium paid for
Unfilled orders on hand on May 31 last, totaled $2,486.355, against
107,143 Accts. pay., taxes
85,715
cancel. of lease
$3,387.500 on Dec. 1 1930.-V. 132, p. 2398.
211,470 Interest. &e____ 1,514,969 1,493,557
Sinking fund dope_ 222,157
Rents received in
Invest, held for acDumbarton Bridge Co.(San Francisco).
73,288
75,898
134,388 advance. &c____
count of employ. 155,298
-Earnings.
-Employ., retirem't
Dep.on N.Y.EdiCalendar Years1930.
1929.
1928
fund reserves_ __
87,795
47,598
22,870
son
Tolls
$166,400
$162.404
$215,173 Cash contract.
49,189
49,189
1,503,502 1,376,702 Approp. surplus__
Operating expenses
90,404
91.585
93,793 Accts.
238,475
129,505 Additional dep. rec 329,977
95,521
receivable
General & administrative expenses
11.985
11,026
8,555
Surplus
1,553,930 1,619,183
Int. & amort. on bonds, &c (net).58.546
62,195
64.918 Eqult. office bldg.
52,612
corp. corn.stk.. _ 558.500
Provision for Federal income taxes
643
6,429
Temp.investments 640,424 1,189,678
Net profit
$4,822 def.$2,402
$41,478 Inventories
42,905
38,933
Comparative Balance Sheet Dec. 31.
133,307
81,873
Deferred charges
LiabilitiesAssets1929.
1930.
1930.
1929.
40,392,744 40,663,780
Total
Total
40,392,744 40,663,780
Cash
815,572
816,596 Accts. payable$4,665
$3,752
Notes receivable
40,029 Accrued
15,006
1,477
x Alter deducting $5,449.184 depreciation reserve. y Represented by
1,316
Accts.receivable
1,728 let mtge. 61.1%
2,076
-V. 132, p. 2777.
895.464 shares of no par value.
Dep. with trustee
gold bonds
833,000
895,000
for retire. of bds.
-To Dissolve.
Reserve
Everett (Mass.) Mills Co.
9,288
6,920
mat. Jan. 1
25,000
25,000 Deferred income4,425
The stockholders at the annual meeting voted that the company dissolve,
Other assets
4,341 Capital stock
6,047
2,391.670 2,391,670 and authorized the officers and directors to take necessary action.
Permanent
1,930,929 1,075,546 Surplus
5,781
It was also voted to fix the total capital represented by the 21,000 shares
24,878
Sinking fund
165
of common stock of no par value at $210; and that a liquidating dividend of
Deferred
1,255,677 1,260,128
$1 a share be paid as soon as necessary arrangements can be made. It was
further voted that any balance remaining after the aforesaid payment be
Total
83,250,307 83,323,533 Total
-V. 130.
33.250,307 $3,323,533 distributed to the stockholders in proportion to their shares.
-V. 131, p. 1721.
P. 294,
The directors recently voted to defer the quarterly dividend of 1%
duo June 1 on the 7% cum. red. 1st pref. stock, par $100. Distributions
at this rate were made from Sept. 1 1928 to and incl. March 1 1931.V. 127, p. 1258.
-Balance Sheet March 31 1931.
Fairchild Aviation Corp.
Du Pont Cellophane Co., Inc.
-Expansion.
The company is about to start expansion on its Buffalo, N. Y. plant
representing an expenditure of about $2,000,000. Several hundred additional workers will be employed upon the completion of the project.
The expansion will make the Buffalo unit one of the largest cellophane
manufacturing centres in the world. Du Pont operates other cellophane
plants at Richmond, Va., and Old Hickory, Tenn.
It is understood that a good proportion of the output of the Buffalo
plant will be devoted to moisture-proof cellophane, a patented product
-V. 131. p. 3213.
manufactured exclusively by du Pont.
-Dividend Outlook.
Eastman Kodak Co.
Chairman George Eastman states that the company does not anticipate
any change in its dividend policy during the present year in view of the
fact that, based on the results of the first five four-weekly periods, sales
for 1931 are estimated to approximate those for 1928.
Mr. Eastman announced: "Our business this year is good, perhaps
even better than might be expected during a depression. Our sales in this
country, while naturally not as good as they were In 1929 and 1930, the
two banner years, are substantially the same for the first five four-weekly
periods of this year as they were in 1928. Our export sales during the same
period this year exceeded those for the same period in 1930. While there
have been some reductions in selling prices, these have been offset by
savings in manufacturing costs due principally to lower cost ofraw materials.
"While no one can accurately forecast the business for the balance of
the year. I see no reason to be unduly concerned. Based on our record
for the first five-weekly periods of this year, we estimate that our total
sales for 1931 will approximate those for 1928. Accordingly we do
not
anticipate any change in our dividend policy during the present year."
-V. 132, p. 3720, 2754.
Edison Bros. Stores, Inc.
-Sales Increase.
1931-May-1930.
$482,285
$734,052
-V. 132, p. 3535, 2776.
Increase.' 1931-4 Mos.-1930.
$251,7671$2,354,897 $1,651,122
Increase.
$703,775
Electric Auto-Lite Co.
-Regular Quarterly Dividends.
-
The directors have declared the regular quarterly dividends of $1.50 per
share on the common and $1.75 per share on the preferred stock, both payable July 1 to holders of record June 15.
President C. 0. Miniger commenting on the dividend action, said:
"Indications are that we will earn our dividend for the first half year."
-V. 132, p. 3156.
Assets
Cash
Accts. receivable
Deposits on contracts
Inventories
Investments & advances....
Lands, bldgs., mach.& equip
Deferred & prepaid expenses
Goodwill
$207,888
48,189
1,010
274,429
424,866
270,793
7,543
1
Liabilities
Capital stock
x$1,066.480
Accts. payable
15,485
Acct,exp. commissions. &c
5,202
Deposits on sales
21,851
Mortgages payable
8,000
Min. equity in cap. stk. of
sub
49,083
57,609
Capital surplus
Earned surplus
11,027
$1,234,717 Total
Total
-V. 132.
x Represented by 213,296 no par shares.
81,234,717
p. 4066.
-Net Sales.
Fashion Park Associates, Inc.
Decrease.
Decrease. 1931-4 Mos.-1930.
1931-April
-1930.
5463,334157,
475,234 $9,351,316 81.876.082
$1.793,816 52,257.150
These net sales are after elimination of sales between companies reporting
and does not include the sales of those companies controlled but not entirely owned.
-V. 132. P. 3536. 3349.
-Bondholders' Protective
Federal Sugar Refining Co.
Committee.
-
As a result of the default in the payment of interest due May 1 1931 on
the 10-year 6% sinking fund gold bonds, due May 1 1933, a bondholders'
protective committee composed of Horace Havemeyer, Chairman; Robert
L. Clarkson and T. Johnson Ward has been formed and is calling for deplaits of bonds under deposit agreement dated Juno 1 1931, under which
The Chase National Bank of the City of New York has been designated
depositary.
Holders of these bonds are requested to deposit them promptly with
The Chase National Bank of the City of New York (trust department,
corporate agency division, 11 Broad St.) In order that the committee may
be in a position effectively to act in the bondholders' behalf. Karl A.
Panthan,60 Cedar St., Is Secretary of the committee and Milbank, Tweed.
Hope & Webb are counsel.
-V. 129, p. 2544.
-Record Sales.
Fidelity Investment Association.
April sales of Fidelity annuities amounted to $6,708,000, making the
month the largest in the company's history of20 years. Thisfigure compares
with $3,984,000 in April 1930 and exceeds the sales of September 1930
which was the previous high record.
-Receives Submarine Contract.
Electric Boat Co.
For the first four months of 1931 sales totaled $20,404.000, compared
This company on June 2 received the contract from the Navy Department with $14,948,000 in the corresponding period of last year, a gain of 55,486,for constructing the fleet submarine Cuttlefish at a cost of $3,297,000. 000.-V. 132, p. 3536.
The only other bidder was the New York Shipbuilding Co. of Camden,
N. J.. when offers were opened on May 19.
-Earnings.
Firestone Tire & Rubber Co.
-The submarine is to be built on hull and machinery designs of the Navy
For income statement for six months ended April 30 see "Earnings DeDepartment and delivered at the New London (Conn.) submarine base partment" on a preceding page.
In 30 months. The craft is to be of 1,150 standard tons.
-V. 132, p. 3893.
Harvey S. Firestone, President, says: "With raw materials, finished
3349.
Product, and commitments inventoried at market prices at the beginning of
the fiscal year and with subsequent purchases made at favorable prices, no
-V. 132. p. 319.
further inventory adjustments were considered necessary."
-Earnings.
First National Stores, Inc.
Years EndedStores
Sales
Costs & expenses
Operating profit
Depreciation
Federal taxes
Mar. 28'31. Mar.2930. Mar.31 '29. Mar.31 '28.
2,002
1,717
2.549
2,548
$108,196,686 $107635,216 $75,884,639 564,445.962
102,235,605 101,742,211 71,971,583 62,327,729
2.118,233
3.913,056
5,893,005
5,961.082
353,000
456.197
603.363
807.405
213,313
408,821
553,586
607.738
$4,545,939 $4,736.057 $3,048.038 51.551,919
Balance
a41,439
Dr43,153
37,389
Profit sale capital assets.. Dr.66.830
100,000
Inventory reserve
Net income
Preferred dividends..
Common dividends
LvoL. 132.
FINANCIAL CHRONICLE
4250
$4,479,108 $4,773,446 $2,904,884 $1,593,358
347,9321 1,239.196
346,812
349,880
904.020J
1,609,186
2.051,188
$2,078,040 $2,817,448 51.652,933
Balance,surplus
1,717,200
3.237,133
5.456,132
Previous surplus
Prov. 7% pref. sink. Id_ Dr224,000 Dr239,000 Dr133,000
$354,168
1,387,091
Dr21,500
Total
$7.310,172 $5,815,581 $3,237,133 $1,719,759
288.463
Goodwin charged off.2,559
Prior years taxes, &cUnamort. bal. of lease70.986
holds charged off
Adjustment of cost to
102,963
market quotations-- _
Profit & loss surplus-- $7.207.209 $5,456,132 $3,237,133 $1,717,200
628,616
595,000
827,634
827,634
Shs,corn. outst.(no par)
$4.07
$2.09
$5.39
$5.03
Earnings per share
a After deducting Federal taxes thereon of $6,367.
Consolidated Balance Sheet.
Afar. 28'31 Mar.29'30
Mar.28'31 Mar.29'30
Liabilities$
Assets$
$
7% pref.stock........ 5,000,000 5,000,000
Fixed assets, less
depreciation___11,486,885 10,445,064 Common stock ._ - x6,977,422 6,977,422
1,500.000 1,596,800
Cash
2.445,292 2,581,294 Funded debt
550,000
Notes payable....
U.S. securities_ __ 1,024,658
308,042
346,568 Accept. payable.. 215,027
Accts.receivable_ 352,857
2,836,918 2,801,350
9.619.429 10,437,393 Accts. payable_
Inventories
767,145
631,140
615,512 Empl.Inv. ctfs_ _ _
Investments
921,599
563,888
372,536 Prey.for Fedtaxes 615,532
Deferred charges._ 433.236
1,164.701
913,594
1 Reserve
Good-will
1
7,207,210 5,458,132
Surplus
Statement of Surplus Accounts as at Dec. 311930.
Earned
Capital
Together.
Surplus.
Surplus.
$939,903 $2,478,765
Balances at Dec. 31 1929
$1,538,863
Surplus of Western Gear Co. not con8,151
8.151
solidated at that date
Together
Dividends paid during 1930:
Preferred
Common (cash)
Common (stock)
$1,538,863
$948,054 52.486,917
37,090
71,495
60,139
37.090
71,495
60,139
$779,330 $2,318.192
Balance
$1,538,863
Provision for Federal income tax for
13,848
13,848
prior years not required
Paid-in surplus in connection with issue and sale of 60,000 shares of
510.000
common stock at $15 per share_
510,000
Excess of net assets of A. Plarnondon
Co. over consideration therefor
erroneously credited to earned surplus now transferred to cap. surplus
139,665 def139,665
Total
$2,188,528
Operating loss for the year 1930
Book loss on sale of -Western Gear Co.
properties, &e
Special provisions against inventories
at Dec. 31 1930 in respect of obso24,841
lete and excess stocks, &c
Idle plant expense, excessive manufacturing costa arising from subnormal production, and expenditures in connection with redesigning
and development of tractors, &c-Special prov. against receivables, &e_
Special expenses in connection with
13,718
acquisition of road mach. business_
Adj. of treasury stock to par value......24,940
$653,513 52,842.041
$772.073
$772,073
109.942
109,942
159,815
184,656
652,386
82,723
652,386
82,723
13,718
24,940
-55c. Dividend.
Fourth National Investors Corp.
$2.125.029d31.123,426 $1,001,603
Balances as at Dec.31 1930
Consolidated Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
Assets1930.
$69,473 Notes payable-- $800,000 $623,968
Cash
$107,702
498.550
13,848 Acc'ts payable-- 182,368
Val.of life Ins.pols.
18,820
788,083 Accrued wages,
Notes & wets rem.. 419,251
41,727
78.582
Inventories
939,599 1,651,303 taxes, &c
Sinking fund PayPrepaid expenses__
31.269
110,000
ments
U.S. Treas. Dept.
22,225
5,313 Commissions paytax over-assess't
21,460
Accrued Interest..
Accrued Interest on
52,991
7.806 Accrued taxes..
notes receivable..
4.208
Other curr. Rabe_
Cash with trustee.
47
Long term indebt_ 894,540 1,145,500
Due from officers
732,000
7% pref.stock- _-- 693,100
& employees___
4,869
Com.stk.(310,991
Subecr.to cap.stk.
600
1,554,973 1,200,000
shares)
Treasury Stock......
3,320
Non-oper. prop's_
Capital surplus__ 2,125,028 1,538,863
22,476
Other assets
275,166 Def. on oper. ace't 1,123,425 sur939,902
Prepayments and
107,696
deferred charges
Land, bidgs.. machin'y & equip 3,767,208 3,902,715
1
Good-will
1
-Proposed Merger
Foote Bros. Gear & Machine Co.
$5,315,167 $6,821,395
Total
-V. 132.9. 1626.
26,283,956 24,798,368
Total
Total
26,283,956 24,798,368
-V. 132, P. 3721.
x Represented by 827.634 no par shares.
-Sales Increase.
(M. H.) Fishman & Co., Inc.
1931-May-1930.
$209,954
5227.335
-V. 132, p. 3536, 2777.
Increased 1931-5 Mos.-1930.
$635,259
$17,381 5785.700
Increase.
$150,441
-Earnings.
Foundation Company.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 132. p. 3536.
-V. 132, p. 2593.
See National Investors Corp. below.
Plans have been disclosed for the consolidation of this company and the
Dodge Manufacturing Corp., into a $10,000,000 Dodge-Foote Corp. that
would represent one of the largest unit In the world engaged in the manufacture of machinery for the mechanical transmission of power.
Consolidation would be effected through the exchange of stock and
the assumption of liabilities of both companies, requiring no public financing, according to a letter to the stockholders outlining the plan. Incident
to the merger, a funding arrangement would be concluded for the Foote
Bros. obligations to banks totaling some $800,000, it was also disclosed.
The directors of both corporations have approved the plan and stockholders are asked to subscribe to it by depositing their shares with designated committees.
The Dodge Manufacturing Corp., is a large manufacturer of mechanical
power transmission machinery, with plants in Mishawaka, Ind., and
Oneida, N.Y. The Foote Bros. Gear & Machine Co. is an important agency
in the manufacture of gears and speed reduction units with its main plants
in Chicago. Their activities supplement rather than duplicate each other,
it was pointed out in outlining the advantages of consolidated operations.
it is planned to transfer the gear manufacturing business of Foote Bros.
to the Mishawaka plant of Dodge where it can be accommodated by
present facilities, thereby effecting factory economies. Further economies
are anticipated in administrative expenses and in sales costs, particularly
in regard to the latter, because the sales representatives of the consolidated
company can present a complete lino of transmission machinery.
Stock of the Dodge-Foote corporation would be offered in exchange
for the common stock of the present companies on the following basis:
Three-tenths of a share of new common for each of 310,697 shares of Foote
Bros. $5 par common;and 134 shares of now common for each of the 32,090
no par common shares of Dodge Manufacturing Corp.
Preferred stock of both companies would be treated identically, being
offered one new share of Dodge-Foote partic. pref. and two shares of its
Common stock for each share of outstanding pref. stock and accumulated
dividends. The new panic. pref. stock would be entitled to $2 non-cum.
annual divs. ahead of the common stock and would participate equally
with the common shares in any further distributions. it would also carry
preference in liquidation to the amount of $50 a share.
Obligations of the constituent companies assurned by the Dodge-Foote
corporation would include $1,630,200 1st mtge. 7% bonds of Dodge Manufacturing Corp. due in 1942, $94.700 1st mtge. 7345 of the Northwestern
Steel & Iron Corp., a Foote subsidiary; and 5892,000 debenture 6s of Foote
Bros. Gear & Machine Co. due in 1937. Holders of the latter debentures
would be asked to forego the sinking fund provisions for a period of three
years in consideration for which their obligation would be given a mortgage
Hen on the assets of Foote Bros. going into the consolidation.
In addition there would be created an issue of $800,000 debenture 6s
maturing serially 1934-1936, which the bank creditors of Foote Bros. have
agreed to accept in lieu of its outstanding notes.
Combined transmission and gear sales of the two companies in 1930
were $4,731,560. An operating loss of $615.720 and a net loss after all
charges of $853,675, where shown on combined income accounts for the
Year. A pro-forma income account issued in connection with the consolidation plan, based on an equivalent volume of sales but giving effect to
anticipated economies, estimates a net income of $244.528 for the first
year of consolidated operations.
Among the directors of the corporation are: F. N. Bard, as Chairman
of the Board, also Chairman of General Water Treatment Co.; G. C. Miller,
president President of Dodge Manufacturing Corp., who will be President
of the new corporation; James C. Cox, Vice-President and Treasurer of
William Wrigley Jr. Co.; J. L. Kimbrough, President of Indiana Bridge
Co.;.1. F. Griswold, present President of Foote Bros. Gear & Machine Co.;
Ralph M. Shaw of Winston, Strewn & Shaw, Attorneys; E. VV. Thomas,
Vice-President of A. C. Allyn & Co. and Temple Williams, Secretary and
Treasurer of the new company.
Earnings ,for Calendar Years.
1928.
1927.
1929.
1930.
Net income after depre$308,997
$252.843
$612,618
elation and taxes_ ___loss$772,073
53.594
52,372
51,392
37.090
Preferred dividends_ _ _
108,000
144,000
286,587
Common diva. (cash)_ _
71.495
Common dlvs. (stock)__
60.139
$91,249
$112,625
$274,639
Balance, surplus
def.$940,796
120.000
120,000
240,000
Shs.com.stk.out. par $5)
310,991
$1.66
$2.14
$2.34
Nil
Earnings per share
Taal
$5.315,167 $6,821,395
-Patent Suit.
General Electric Co.
The company has filed a suit in the U. S. District Court at Philadelphia.
Pa., against It. E. Tongue & Brothers Co., Inc., charging infringement
of 1)r. Irving Langmuir's patent for improvements in the manufacture of
incandescent electric lamps.
The bill of complaint asks the court to issue an injunction to restrain
to
the Tongue company from committing any further infringement andthe
award the General Electric damages on profits from infringements in
patent is the same one in which General Electric has, according
past. The
to the bill, obtained injunctions against other manufacturers in New York,
New Jersey and elsewhere.
Pension Payments.
The company had 1,287 pensioners on Dec. 31 1930, as revealed by a
letter sent to President Gerard Swope, by Samuel L. Whitostone, Chairman
of the pension board. During 1930 a total of $903.905 was paid to pensioners. The number of pensioners on Jan. 1 1930 was 1,038.
The pension plan of the General Electric Co. was announced in 1912.
and during the succeeding year $3,691 was paid in pensions. The General
Electric pension trust at the close of 1930 bad assets amounting to $16,505.000.-V. 132, p. 4067.
-New Control.
General Empire Corp.
-V. 132, p. 860.
See Atlas Utilities Corp. above.
-New Canadian Affiliate.
General Foods Corp.
The corporation's Canadian affiliate, General Foods, Ltd., has organized
a now subsidiary, the Minute Tapioca Co., Ltd., with headquarters at
Montreal. The new unit, which will take care of the company's tapico
requirements for the Dominion, will not affect production or employment
at the main tapioca plant at Orange. Mass., it is stated.
General Foods, Ltd.. also has opened new divisional headquarters at
Winnipeg, Manitoba, to direct distribution of all General Foods products
in western Canada.
Affiliates of General Foods, Ltd., now operate factories in Windsor,
-V. 132. p. 3722.
Toronto. Cobourg and Montreal.
-Registers Additional Stock.
General Leather Co.
The Bank of Manhattan Trust Co., registrar for the common stock of
the above company, has been authorized to register an additional 40,000
shares of said stock.
-V. 132, p. 4068.
-Debentures Called.
General Motors Acceptance Corp.
J. P. Morgan & Co., as sinking fund trustees, has notified holders of
-year sinking fund 6% gold debentures, duo Feb. 11937. that $2,941,000
10
of debentures have been called for redemption Aug. 1 next, at 10234.
Holders of such debentures are required to present them for payment at
the office of .J. 1'. Morgan & Co.. on Aug. 1, as the interest on the debentures so called ceases on and after that date.
-V. 132, p. 3722.
Glidden Company.
-Balance Sheet April 30.1931.
Assets$
x Property & equip14,703,476
Good-will, trademarks,&c
3,048,006
Inventories
6,879,938
Cash
2,394,733
Notes & accts.rec- 4,186,102
Misc, accounts ree 124,611
Other assets
2,094,899
Deferred charges.... 766,712
1931.
1930.
$
14,892,979 7% prior stock- ___ 7,444,300
Common stock-y 3,476,130
3,021,557 Com.stock scrip- 9,961,587 6% pref. stock NI
500,000
1,155,521
Ref. Co
5,150,031 Bond. debt of subs. 250,000
6,000,000
62,980 Notes payable
1,539,411 Acceptances nay
145,145
803,380 Drafts
Mtge. for Pron.
purchase
Accounts payable. 621,189
Accrued accts. pay 435,262
Federal tax reserve 138,898
Res.for conting.&cs
15,187,553
Surplus
1930.
7,444,300
3,475,340
1,376
500,000
285,000
4.850,000
1.441,513
150,000
1,063,934
333,964
170,742
163.391
16,707,380
34,198.477 36,587,446
Total
Total
34,198,477 36,587,446
-V. 132.
x After depreciation. y Represented by 695,226 no par shares.
p. 4069.
JUNE 6 1931.3
FINANCIAL CHRONICLE
General Printing Ink Corp.
-New Chairman-Earns.
-
Perry D. Richards has been elected a director, succeeding John Richardson, resigned. Albin K. Schoepf has been elected Chairman of the board
in place of Albert J. Ford, resigned.
While sales for the first four months of the current year have decreased
as against the same period of last year, the percentage of profit to sales
did not decrease in proportion to the sales decrease, owing to economies
instituted during 1930. Earnings on the common stock for the first four
months of 1931 were reported to be $1.05 per share after providing for pref.
dividends, depreciation and Federal taxes.
-V. 132. p. 3895.
General Public Service Corp.
-Tenders.
The corporation will receive until June 23 proposals for the sale to it of
5% convertible series gold debentures due 1953 and 556% convertible
,
series due 1939.-V. 132. p. 3895, 2780.
4251
Grizzard Trusteed Investment.
-Financing.
A combination investment plan, known as the Grizzard Trusteed Investment with multifold protection. designed to apply the law of averages
for the protection of the purchaser in estate building through the medium
of investment trust and insurance, is being offered by General Distributors
Inc., of Illinois, subsidiary of General Securities Corp. of America.
Two trusts have been chosen to fulfill the investment phase of the program. These are North American Trust Shares; and Cumulative Trust
Shares. The insurance feature consists of a newly designed contract
underwritten by old line companies fitted to the investment program and
dove-tailing with it throughout the entire life of the investment.
The General Securities Corp. of America will shortly organize additional
distributing companies in various other states to market the investment,it
s stated.
Hamilton Watch Co.
-To Pay Dividends Quarterly Instead
General Theatres Equipment, Inc.
-No Div. Action.
- of Monthly, as Heretofore.
-
No action has yet been taken on the quarterly dividend of 75 cents per
share on the $3 cum. cony. pref. stock, no par value, payment of which
was due about June 2. An initial distribution at this rate was made on
March 2. An official statement probably will be made within a few days.
It was stated.
-V. 132, p. 4069.
Golden State Co. Ltd. (Calif.).
-Reorganization of Old
Company Effective.
-gee Golden State Milk Products Co.
Proposed Merger With National Dairy Products Corp.
The stockholders of the Golden State Co., Ltd.. will meet on Aug. 10 to
ratify the agreement entered into by the directors of the company to merge
with the National Dairy Products Corp. by an exchange of stock on a basis
of two shares of Golden State for one of National Dairy.
As of Doc.31 last, Golden State had total current assets of $3,686,193 and
total current liabiltles of $1,523,608, a ratio of 2.4
-to-1. Following announcement of the proposed merger plan the stock of the National Dairy
Products Corp. was admitted to trading on the San Francisco Curb Exchange.
-V. 131,p. 1572.
Golden State
Effective.-
Milk
Products
Co.
-Reorganization
Bazrotary K.F. Keefer, May 29, in a letter to the stockholders, says in
part:
"The reorganization of this company, through the medium of the Golden
State Co., Ltd.a Delaware corporation, approved by the stockholders
at
a special meeting held Aug. 6 1930, has been authorized by the
California
Corporation Commissioner, and will be completed, effective as of June 2
1931, by the distribution to stockholders of the 485,440 shares of
stock of Golden State Co.. Ltd., to which the entire property and common
assets of
company (except a reserve fund of $500) have been transferred. Such distribution will be at the rate of one share of stock of Golden State
for each share of stock of this company held of record June 1 Co., Ltd.,
1931. The
stock of Golden State Co., Ltd. has been listed on the San Francisco Stock
Exchange."
-V. 132, p. 3895.
Graham-Paige Motors Corp.
-May Output.
Month ofMay 1931. April 1930. May 1930.
Production (No.ofcars)
4.005
2,554
4.797
Comparative Balance Sheet.
Mar.31•31. Dec.31'30.
Mar.31'31. Dec.31.
31.
Assets
$
talent & equip___12,628.721 12,906,394 7% preferred stock
1,589,300
Cash
2,749,414 1,906,085 7% 2d pref. stock_ 3,553,700 1,631,200
3,553,700
U.S. Govt.secure.
1,089,080 Com.stk.& Burp 611.584,125 11,859,792
Collection drafts
539,082
124.742 Accts.& notes pay. 2,942,877 1,695,508
Dealers & oust.
Sund,credit bals__ 295,437
237.927
accts.dinotes rec. 579,463
491,005 Accrued payroll.
Sundry receivles_
175,233
118,522 taxes, &o
303,559
287,879
Inventories
6,442,796 5,429,687 6% 8. f. gold debs. 140.000
225,000
Advs. to assoc.cos. 564,986
593,857 6% ser. g. notes
50,000
50.000
Prepaid accounts_ 391,828
460,008 Land contract
50,000
50,000
Stke. & 0th. Inv66.526
92,819 Operating reserves 413,960
485,766
Imprints to leased
Prov. for dive. on
Property
56,353
2nd pref. stock_ 870,657
803.467
Deferred charges
446,139
465,922 6% sk. fd. deb.
(not current)
1,950.000 1,950,000
6% ser. gold notes
(not current)-- 350,000
350,000
Land contr. (not
current)
275,000
275,000
Equity of mln.stk.hldrs. of sub.cos. 215,578
262,086
Employees' subs_
12.149
Total
24,584,193 23,734.474
Total
24,584,193 23,734,474
a After depreciation. b Represented by 1,728.301 no par shares.
V. 132, p. 3722.
Granger Trading Corp.
-Earnings.
-
For income statement for quarter ended April 30 1931 see "Earnings
Department" on a preceding page.
President Jeffrey S. Granger says:
The securities held in the portfolio April 30 1931 were valued at
the
close of the market April 30 1931.
As of April 30 1931 the shares of this corporation, purchased in the
open market and hold in the treasury, were officially retired by
unanimous
vote of the board of directors. This action reduces the number of shares
outstanding to 16,294, and thereby creates a capital surplus of $42,534.
As of the end of the first quarter the liquidating value at the market was
$24.80 per share, compared with $25.79 per share at the beginning of the
Period. Including $2.40 paid in dividends, the total decline in the book
value from Feb. 1 1929 to April 30 1931 has amounted to 17.3%. compared
with a drop of 54.7% in the value of all listed issues. The actual dollar
loss, therefore, of this corporation has been approximately one-sixth
that
of the general market.
-V. 132, p. 2781.
The directors on May 29 voted to discontinue the payment of common
dividends in monthly installments. It was decided that hereafter dividends
will be paid in quarterly installments on the first of September, December,
March and June. From July 31 1930 to and incl. May 29 1931 the company Paid common dividends on the present stock at the rate of 15 cents
per share monthly and an additional dividend of 15 cents per share at
Jan. 311931.-V. 132, P. 3896.
-Extra Dividend.
Hartford (Conn.) Fire Insurance Co.
The directors have declared a regular quarterly dividend of 50 cents a
share and an extra of 40 cents a share, both payable July 1 to holders of
record June 15. The extra dividend comes from the Hartford Accident &
Indemnity Co., a wholly owned subsidiary.
A similar extra payment was made on July 1 1930.-V. 132, p. 3157.
-Financial Repo'it.Holland (Mich.) Furnace Co.
The fiscal year has been changed to close at March 31 each year, to correspond with the natural close of company's operating season.
The net profits for the 12 months ended March 31 1931 aggregate $1_,676.403. which amount is after all charges, including Federal taxes. This is
equivalent, after payment of preferred dividends, to $3.65 per share and
compares with the net profit reported for the 12 months ended Dec.31 1930.
of $1,655,029.
Earnings for Year Ended March 31 1931.
Net sales
$17,085.956
Cost of sales
7.597.597
Selling, advertising, general & administrative expenses
7,276.734
Operating profit
Other income (net)
$2,211,626
64,065
Total profit
Interest paid
Depreciation
Provision for Federal income tax
$2,275,690
234,324
137,192
227,772
Net profit
Profit & loss-Surplus at April 1 1930
$1.676,403
2.962,242
Total surplus
Preferred dividends
Common dividends
Provision for possible allowance on stock sold to employees
$4.638.645
97,517
1.188.539
5.217
Profit & loss-surplus March 31 1931
$3,347 372
Earnings per share on 432.196 DO par common shares
4.65
Comparative Balance Sheet.
31'31.Dec.31'30.
Mar.31'31. Dec.31'30.
Mar.
LiabilitiesAssets$
$
S
$
Cash
1,078.844 1,019,119 Notes payable_ ___ 900,000
800.000
Accts. receivable
9,246,666 11,067,620 Accts. Day.. accrd
expenses, &o.,_ _ 849,257 1,187,994
Inventories
1,735.030 1,685,194
Cash surr, value of
Fed. Inc. tax. 1930 139,745
186,326
264,230 Sink.fund 6% gold
life insurance_. 277,340
debentures
Agts. & salesmen's
2,571,000 2,571,000
conting
lies. for
accts. di adv, to
496,403
576,206
612,129 Preferred stock_ _ _ 1,366,150 1,387,050
employees,&o_ _
595,717
507,864 Common stock_ -y 4,321,960 4,321,960
Invest.& advances 549,016
Treaeury stock ___
141,954 Capital surplus_ - _ 1,534,165 6,109,721
33,103
Due from employ.
Profit & loss surP- 3,347,3721
on stock purch.
26,679
agreement
155,979
Real eet, not used
in operations...
28,695
43,959
65,711
Miscellaneous accts 30,203
Land, bldgs, and
x1,520,459 1,489,735
equipment
1
Patents
1
231,325
Deferred charges
259,735
Total
Total
15,526,057 17,140,257
x After reserve for depreciation of $780.154.
no par shares.
-V. 132. p. 4070.
15,526,057 17,140,257
y Represented by 432,196
Hudson River Navigation Corp.
-Night Line Moves.
-
Col, Edward C. Carrington, President of the Hudson River Navigation
Corp., operators of the Night Line steamers to Albany and Troy, recently
announced that as of June 1 the Night Line will be operated from Pier 52,a
municipally-owned pier just south of 14th St., New York City.
Removal of the Night Line from Pier 32, which it has occupied for more
than 100 years, follows condemnation by the city of the property and the
establishing of a price of $2,000,000 for it to be paid the Night Line by the
City of Now York. This price was set by Supreme Court Justice Schmuck
following condemnation proceedings brought before him after the Night
Line and the city had failed to agree on the terms of purchase. The pier
Was one of the few privately-owned properties on the North River.
The old pier, which played an important part in the history of New York
of the past century, will be replaced by a 1,000-foot structure on the site
of Piers 31 and 32, and has been leased to the North German Lloyd at a
Granite City Steel Co.-Snzaller Dividend.
rental of about $350,000 per year. In earlier days the pier was the point
The directors have declared a quarterly dividend of 50 cents per share. of embarkation for many horse-drawn vehicles bound for the Saratoga
payable June 30 to holders of record June 15. A quarterly dividend
of races and of recent years the company has carried many thousand auto75 cents per share was paid in each of the two preceding quarters.
-V. mobiles each year of tourists to the various Adirondack and Berkshire
132. p. 3351.
resorts. Autos will now be taken on at Pier 52. Tee company's uptown
landing at 132d St. will be confined to foot passengers -V.132, p. 1628,665.
(W. T.) Grant Co.
-Sales Increase.
-
1931-May-1930.
$6,605,996 $6,152,588
-V. 132, p. 3537, 2781.
Increase.
1931-5 Mos.-1930.
Increase.
$453,408 1$26,799.109 $24,543,585 $2,255,524
I
Greif Bros. Cooperage Corp.-Bal. Sheet April 30.-
Assets1931.
1930.
1931.
1930.
Land, bides., mach
Corn.stk. & sur...x$3,961,455 $4,135,771
& eq., &c., less
10-yr. 6% skg.
depreciation --_$1,744,222 $1,916,145
gold notes
1,133,500 1,316,000
Cash
165,838
216.808 Cap.stk. of subs_ 33,487
30,904
Customers'notes &
Notes payable for
782,814
accts. receivable 651,609
money borrowed,
1,879,297 2,155,287
Inventories
Porch. of prop.,
Officers, employ.
&c
379,201
743.195
St misc. notes &
Accts. pay,for our.
89,989
112,604
accts. receivable
expenses, &c
62,465
70,214
Inv.in oth.cos., &o
64,752
59,853 Accr.taxes,int., &c
33,223
65.782
291,123 Other liabilities_
Invest's (affIl.cos.) 294,423
Y8,500
Notes & accts. rec.
Accts. payable (to
409,770
(a/filleted cos)._ 366,823
affil. cos. pertly
524,261
owned)
Timber properties_ 495,717
24,302
5,523
1 lies, for conting..
1
Good-will
48,182
57,079
&c
Deferred charges
173,221
149,857
Hupp Motor Car Corp.
-May Shipments.
-
Month of
Shipments (no. of cars)
-V. 132. p. 3352, 3158.
May 1931.
2,154
April 1931. May 1930
3,139
3,348
Indian Motorcycle Co.
-Earnings.
-
For income statement for two months ended April 30 see "Earnings
Department" on a preceding page.
-V. 132, p. 3724.
India Tire & Rubber Co.
-New Director.
-
F. J. Andre, President of the Tellings Belle Vernon Co., has been elected
a director to fill the vacancy caused by the death of A. T. Kingsbury.
-V. 130, p. 983.
Insult Utility Investments, Inc.
-Regular Dividends.
-
The directors declared the regular quarterly dividends of 134% in common
stock on the common stock and 51.3734 on the 534% pref. stock. The
common dividend is payable July 15 to holders of record June 15 and
the pref. dividend on July 1 to holders of record Juno 15. Like amounts
were declared on the respective stocks three and six months ago. The company on Oct. 15 last paid two dividends of 134% each in common stock on
the common stock -V. 132, p. 1628.
International Automatic Supply Co., Inc.
-Contract
--
$5,800,854 $6,525,746
Total
Total
$5.800,855 $6,525,746 A cquisition, d:c.Tho corporation will shortly begin the manufacture of a metal device
x Represented by 64,000 shares of class A cumulative common stock and
54,000 shares of class B common stock, both of no par value, of which for automatically vending safety razor blades, designed for use in hotels,
clubs, Pullman
and steamships. The company has entered into an
4687.766 surplus since Oct. 31 1925, $782,576 unearned surplus and agreement with cars Gillette Safety Razor Co.,
the
to supply blades for the
$2,491,113 capital surplus. y Not maturing within one year from date.
- new machine. The company has acquired the former
plant of the J. A
V. 132, p. 4069.
Zurn Mfg. Co.at Erie. Pa.. which it is remodeling. Bee also
V.132.P.4072..
4252
[VOL. 132.
FINANCIAL CHRONICLE
-Omits Common Dividend.
Interlake Iron Corp.
The directors have voted to omit the quarterly dividend which ordinarily
would be payable about June 25 on the common stock, no par value. A
quarterly distribution of 15 cents per share was made on this issue on March
251ast as compared with 25 cents each quarter during 1930.-V.132,p.3352
-President Says
International Mercantile Marine Co.
-New Directws.Company Is Practicing Economy
Kidder, Peabody & Co.), J. W. Lewes (Deputy Treasurer of Harvard
University), W. Rodnum Peabody of Peabody, Brown, Rowley & Storey.
attorneys), J. L. Richards (Chairman of the board of the Massachusetts
Gas Co.), F. E. Snow (of Gaston, Snow, Saltonstall & Hunt, attorneys),
Bentley W. Warren (of Warren, Garfield, Whiteside & Lamson,attorneys),
E. S. Webster Sr. (Vice-Pros, of Stone & Webster, Inc.), all of Boston,
and Coils Mitchum (President of Hitchum, Tully & Co., investment
-V. 132, p. 1629.
bankers), of San Francisco.
-Officers.
Ltd.
Kinner Airplane & Motor Corp.,
The outlook for the shipping industry is less favorable than a year ago,
President; B. L. Graves as Vice-President.
Robert
P. A. S. Franklin, President. stated. June 1, at the annual meeting of the and Roy Porter has been elected asurer.
-V. 132, p. 3726.
D. Bayly as Secretary-Tre
company. He added that his company was hopeful of improvement. Continuing he said:
-Sales Decrease.(G. R.) Kinney Co., Inc.
doing
"We are putting into effect economies wherever possible and are
Decrease.
1931-Mav--1930, Decrease.I 1931- 5 Mos.-1930.
our utmost to reduce operating expenses, but always keeping before us
$236.955185,833.717 $7,139,667 $1.305,950
$1,528,831 $1,765.786
the importance of not in any way impairing the highest possible standard -V.
132, p. 3538, 2976.
of service."
Consolidation of the I. M. M.company with the Roosevelt Steamship
-Bonds Of(Abbot) Kinney Co., Los Angeles, Calif.
Co. has been completed and is working satisfactorily, stockholders were
fered.-Publie offering was made May 19 by California
Informed,
Securities Co. of $350,000 1st mtge. 7% sinking fund gold
New Directors.
Donald Symington, Chairman of the Baltimore Trust Co. and President bonds at par and int.
of the Baltimore Mail Steamship Co.. has been elected a director,succeeding
Dated April 11931; due April 1 1941. Principal and interest (A. & 0.)
F. W. Scott, resigned.
Payable at California Trust Co.. Los Angeles, trustee. Denom. $1,000
Phillips, Treas.have been added to the board. and $500. Redeemable at the option of the company on any interest date
J. M.Perry and Horace G.
-V.132, p. 3330. 504.
upon 30 days' notice at par and interest, plus a premium of 3% if redeemed
less
and, thereafter, plus a
or
- on 1% before April 1 1932,year or fraction thereof,premium of 3% be pain
-Proposed Expansion
no premium to
International Utilities Corp.
for each succeeding
of
at maturity. Company agraes to pay interest without deduction for the
on.
To Increase Capitalizati
tax not exceeding 2% per annum. Exempt from
Four investment trusts of the management type, the largest of which normal Federal income California.
personal property tax in
has assets of $12,000,000. will be acquired by this corporation, it was
Data from Letter of Sherwood Kinney, President of Company.
reported on June 2.
-Company. a California corporation, was organized in 1904
As a preliminary step, the stockholders will vote at an adjourned meeting byBusiness.
Abbot Kinney, the founder of Venice, Calif. (now a part of the City
to be held on June 10 on proposed capital changes which will make the of Los Angeles). Company owns a large amount of real estate in Venice,
acquisitions possible. Changes in the capital structure, call for the au- well diversified as to location and utility, from which, for over 25 years, it
thorization of 2,500,000 shares of class B stock, compared with 1,345,292 ownaecelved aKin ty fam n.ome. All of the company's capital stock is
has rd by the subgeantialilyc
shares now outstanding, and the creation of an issue of 1,000,000 no par
preferred shares.
Security.
-These bonds will be direct obligations of the company and
as prior preferred
The $7 preferred now outstanding will be redesignated
will be
a trust indenture constituting a closed 1st mortgage on
stock and the authorized amount is to be increased to 600,000 shares. Stock all the secured by real estate held in fee, and upon its leasehold interest.
company's
the new issue will be designated as the
now outstanding will be called and
expiring 1946, in tidelands and submerged lands, upon a part of which
second series and will carry an annual dividend of $3.50.
Company's interest in 21 lots heretofore sold
It is proposed that holders of the present class A stock may convert the Venice Pier is located. the lien of the trust indenture.
on contract is excluded from
initial series on
their shares into the new preferred stock of the preferred plus the basis
The real estate and improvements to be mortgaged as security for these
one-fourth
of one share of class A for each two shares of
bonds were in fee
La sow n appraised on Apri 117 1931, by H. F. Metcalf Co., as follows:
share of class B stock.
$1,917559:040000
owned
The class B stock of the International Utilities Corp. and cash will be
it is
will be offered in exchange for the four companies to be acquired,value Improvementsthereon
450,000
Totai
Pierceand other leasehold improvements
be governed by the liquidating
understood, the terms of exchange to
of the trusts will
$2,584,400
of the shares of the trusts. Holders of preferred stocks liquidating value.
stocks of the new issues, based upon
additional security
be offered preferred
In addition, the company owns and will pledge as
It is understood that the portfolios of the trusts to be acquired will be for these bonds, all of the capital stock, except directors' shares, of the
liquidated in part and that the capital will be reinvested in a more suitable Venice Hotel Corp. and 80% of the capital stock of the Windward Avenue
-V. 132. p. 2782.
new management.
manner in the judgment of the
pmproveme tenoce.
Iroperv inny Ci. These companies own 3 parcels of improved business
-Dividend-Earns. Increase.
Irving Air Chute Co., Inc.
Purpose.
-Proceeds from the sale of these bonds will be used to yetire
present bonded indebtedness of the company maturing June 1 1931. in
the amount of $329,500, being the final instalment of a $1,000,000 issue
dated June 1 1926, and for other corporate purposes.
-The indenture securing these bonds will contain
Release of Property.
appropriate release provisions under which any of the mortgaged property
may be released upon payment to the trustee of a fixed release price in
-Sales Lower.
Jewel Tea Co., Inc.
money
of this issue. Any money so received will be used by the
-1930. trustee or bonds bonds of this issue.
-1930. 1931-20 Weeks.
Period End. May 16- 1931-4 Weeks
to retire
$1,094,448 $1.254,320 85.448.937 86,205,940
Sales
-Company's income is from diversified sources, including rentals
Income.
1,226 of
1,291
1,239
1.303
Average no.of routes_
business and other property. Net operating income for 1930, including
net interest earned, available for bond requirements, before charging
-V. 132. p. 3538.
annum
depreciation, amounted to $55,030. and has averaged $84,713 per
-50c. Extra Dividend.
for the 5 years ended Dec. 31 1930. Such amounts of income are equiva(Mead) Johnson & Co.
the maximum
declared the regular quarterly dividend of 75 cents lent, respectively, to approximately 2.2 times and 3.4 times
The directors have
-year
addition, during the 5
per share on the common stock and in addition an extra dividend of 50 annual interest charge on these bonds. In
from the sale of real
cents a share, making a total quarterly payment of $1.25,_payable July 1 period, the company realized a substantial income reduction of bonded
e and other
Like amounts were paid on Oct. 1 1930 and inda btedries h assets which was largely applied to
est et a
to holders of record June 15.
on Jan. 1 and April 1 last. An extra dividend or 25 cents per share was
which
-Indenture will provide for a sinking fund into
Sinking Fund.
paid in January, April and July 1930.-V. 132. p. 2003, 1817.
or
the company may from time to time deposit such amounts of money
but in no year less than
(Rudolph) Karstadt, Inc.(Rudolph Karstadt Aktien- bonds of this issue as may be deemed advisable, indenture. All money
25% of its annual net earnings as defined in the bonds of this issue.-Omits Dividend.
gesellschaft), Hamburg, Germany.
v. 12 , p d543ll
ae dersite2 wi be used by the trustee to retire
.
regular annual dividend for 1930,
The directors have voted to omit thecompany's shares. In each of the
about July 1 on the
ordinarily payable
was made. The "American"
-Omits Common Dividend.
Kirsch Co.
two preceding years a distribution of 12%
-V. 132,
dividend which ordinarily
The directors have voted to omit the quarterly From April 1 1930 to and
shares on July 1 1930 received a dividend of $1.03 per share.
stock.
is payable about July 1 on the common
p. 2597.
incl. April 1 1931, the company made regular quarterly distributions of
-Sales Imcrease.-;
Kaybee Stores, Inc.
30 cents per share on this issue.
been declared
1931-5 Mos.-1930. Increase.
The regular quarterly dividend of 45 cents per share has
-1930. Increase.
-May
1931
$88,102 on the preference stock,payable July 1 to holders ofrecord June 16.-V. 132,
$713,185
816,00418801,287
$182,981
$198,985
p.2403.
-V. 132, p. 3538. 3159.
The directors have declared the regular quarterly dividend of 25c. a
15.
share, payable July 2 to holders of record June net earnings, after taxes,
Chairman C. J. McLeod announced that
for the first four months of 1931 showed a 20% increase over the corre-V. 132, p. 3538.
sponding period last year.
-The direc-Smaller Dividend.
Kennecott Copper Corp.
tors on June 1 declared a quarterly dividend of 25c. per share
on the capital stock, no par value, payable July 1 to holders
of record June 10. This compares with quarterly dividends
Jan. 2
of 50c. per share each paid on Oct. 1 1930 and on July 1
paid on
and Apr. 1 1931, a dividend of 75c. per shareper share each
1930 and quarterly distributions of $1.25 1930.-V. 132,
made from July 1 1929 to and incl. April 1
p. 3538, 3140.
-Earnings.
Kentucky Rock Asphalt Co., Inc.
Calendar Years
Net operating profit
Other income (net)
Total income
Interest on 1st mortgage bonds
Depreciation & depletion
Income taxes accrued
Net available for dividends
Preferred dividends
1930.
$562,364
36.091
1929.
$520,760
31.187
$526,273
66,605
109.595
. 43.000
$489,573
67.307
106,804
34,258
$307,073
91.322
$281,204
91.322
$189,882
$215,751
Not available for common stock
126,793
126,819
Shares of common stock outstanding (no Par)
$1.49
$1.70
Earnings per share
31.
Condensed Balance Sheet Dec.
1929.
1930.
Liabilities-1929.
1930.
. 850.000
Assets168,610 Notes payable_ ___ 850,885
$158,425
Cash
48,505
Accts. payable-390,057
5.679
Accts.& notes reo_ 357,928
5,100
422,824 Accr. int. payable276.741
34,258
Inventories
43,982
318,922 Res. for Inc. taxes- 941,500 1,035,500
379,903
Exp. Paid in adv
Si bonds
1st mtge.°
200,000
Depin Bk. of Tenn 200,000
200,000
2,658 6% notes due 1931 1,304,600 1,304,800
3.033
Sink.fd.unInveeted
4,876,025 5,093.889 Preferred stock- 3,156,674 3.156,299
Fixed assets
stock.5,138 Common
5,138
465.410
Organization exp.
Undivided profits_ 531,081
21,849
23,392
Barge ins. fund...
$6,257,194 86,322,099
Total
$6,257,194 88,322,099
Total
-V.132, p. 666.
-New Directors, &c.
Kidder Participations, Inc. Participations, Inc. No. 2.
Kidder
and
Kidder Participations, Inc.,
investment trusts managed
Kidder Participations, Inc. No. 3, the three
announce the election of Roger Amory of
by Kidder, Peabody & Co.,
organizations.
Boston as President and director of all three
trusts,in addition to Mr. Amory
New directors of the three investment Mfg. Co.), Chandler Revery of
are: F. C. Dumaine (of the Amoskeag
-Sales Increase.
Kline Brothers Co.
Mos.-1930.
1931-May
-1930
8428,796
$501,616
-V.132, P. 3538, 2783.
Increase.' 1931-5
$72,820i$1,894,191
$1,646.117
Increase.
$248.074
(The) Koplar Co., St. Louis, Mo.-Defers Dividend.
of
The directors recently voted to defer the regular quarterly dividend no
cum. cony, preference stock,
$1.10 per share due June 1 on the $4.40rate was made on March 1 1931.
6
2 . p. 1he last distribution at this
lue. T 6n
l
.va
-V.
-30% Dividend.
Kreuger & Toll Co.
At their annual meeting held on May 30 the shareholders approved the
of 30% be paid for the
proposal of the board of directors that a dividendparticipating debentures
year 1930. Accordingly, the interest rate on the
Distribution of this
of the company will also be 30%, payable July 1. certificate representInterest, which is equivalent to $1.61 per American be made July 1 to
company, will
ing the participating debentures of the
holders of record June 8, by Lee, Iligginson & Co. A similar distribution
was made a year ago on the stock for 1929.-V. 132, p. 3353.
Kroger Grocery & Baking Co.-Sales.
-xi930. 1931-20 Weeks-1930.
Period End. May 23- 1931-4 Weeks
y820,470,422 $20,493,922 8100371,774 5103639,863
24. y This is a decrease of 1-10 of 1% and represents
l
x Period ended May
Saes
the smallest decrease in dollar sales reported since January 1930. 'hie two
preceding smallest decreases having been shown in April and March of
this year when the company reported sales declines of 0.58% and 1.82%
r o a ely.
resprtivvera
ge number of stores in operation for the fifth period of 1931
was 5,003 as compared with 5,316 for the corresponding period of 1930, or
decline of 5.88%•
a
Retail food prices declined 18% between April 15 1931 and April 15 1930
according to the Bureau of Labor Statistics of the United States Depart-V. 132, p. 3897.
ment of Labor.
-Earnings.
Lamson & Sessions Co.(& Subs.).
1929.
Calendar Years
Operating profit
Allowance for depreciation
Other charges, including interest
Federal taxes paid and provided for
Not profit
Previous surplus
0
15.3,.
e393210 $1.745,139
306,929
340,468
19,058
96,851
158,934
loss$84,110 $1,260,219
1,919.863
2.247.469
$2,163.359 $3,180.081
Total surplus
909,748
464,648
Dividends paid
22,864
on pref. stock purchased and other adjust..
Prem.
449,845
Prov. for anticipated losses, &c
Cr.18.769
Reduction of res. for liability insurance
$1,267,634 $2,247.469
Surplus Dec. 31
Nil
14.31
Earns, per sh.on 277.862 she.com.stock (no par)-
Condensed Consolidated
1929.
1930.
Assets
845,609
$15,498
Cash
768.144
Market. securities 214,656
665,999
Notes & accts. reo. 511,758
1,349,111 1,893,426
Inventory
x51,091
Treas. stk., coin
Mlscell. receivables
134,722
& investments
75,339
Lan. bidgs.,mach.,
equipment, &o_ 5.214,981 4,783.758
38,393
24,053
Prepaid expenses_
4253
FINANCIAL CHRONICLE
JUNli 6 1931.]
Balance Sheet Dec. 31.
Liabilitte.s1930.
1929.
Notes payable_ _
$265,000 $320,000
262,302
Accounts payable_ 167,747
245,317
Accrued accounts- 103,222
Dividends payable
16,099
Land contract pay. 37,500
1st mtge. 6s bds__
386,000
390,000
Res.for anticipated
losses, &o
400,000
Res. for liability
6,248
25,728
ins. dr conting7% preferred stock 950,800
950,800
Common stock_ _ _y3,872,337 3,872,338
1,267.633 2.247,469
Surplus
Total
$7,456,490 $8,330,052
$7,456,490 88,330,052
Total
x 1,793 shares (at cost). y Represented by 277,862 shares of no par
value..
-V. 132. p. 1818.
-Regular Common Dividend.
(The) Lambert Co.
At the regular meeting of the board on June 4 the directors declared the
regular quarterly cash dividend of $2 per share on the common stock.
payable July 1 to holders of record June 17 1931. A like amount has been
paid each quarter since and including April 1 1929.
In previous years the directors have met for dividend action the first
Wednesday in March, June, September and December. This date was
changed this year to conform with other regular meeting dates, and in
future dividend meetings will be held the first Thursday in March, June,
September and December. The record and payment dates remain unchanged.
-V. 132, p. 3726.
-Preferred
Laura Secord Candy Shops, Ltd., Toronto.
Stock Now Totally Converted.
pref. shares now remain outstanding. On
It is pointed out that no
March 31 five shares of pref. stock were still in existence, but since that
time they have been converted, and the capitalization consists entirely
of common shares.
The original issue of $750,000 of 7% cum. cony, sinking fund preference
stock was issued in 1926 by A. E. Ames & Co., Ltd. The convertible
privilege permitted the holders to receive three shares.of no par value
common stock in exchange for each share of preference stock, and when
the common dividend was raised to $3 a share in 1929 the major part of
-V.132, p.3538.
the preference stock was converted into common stock.
-Earnings.
Lee Rubber &Tire Corp.
For income statement for six months ended April 30 see "Earnings
-V. 132, p. 2977.
Department" on a preceding page.
-To Retire Treasury Stock.
(The) Lehman Corp.
The stockholders, at a special meeting called for June 24 1931, are to
vote on the retirement of all of the shares of the capital stock of the corporation owned by it at the time of the meeting.
The shares now owned, which were purchased in the open market during
the last year and a half, number 117,700 shares, a letter to the stockholders states, average cost to the corporation having been $66.30 a share.
The net asset value of the capital stock as of yesterday, after giving effect
to the retirement of the shares now owned, was approximately $70 a share.
-V. 132, p. 303.
-Earnings.
McIntyre Porcupine Mines, Ltd.
1928.
1930.
1929.
Years End. March 31- 1931.
$4,633,324 $4,457,001 $4,212,625 $3,987,635
Bullion recovery
2,200,022
2,431,164 2,324,912
2,547.274
Operating costs
Operating profit
Other income
$2,086,048 $2,025,837 $1,887.712 $1.787,612
130.755
91,786
168,661
206,496
Total income
Taxes
$2,292,545 $2,194,498 $2,018,468 $1,879,398
79,035
122,198
115,154
158,168
Net income
Previous surplus
Sundry adjustments.-
$2,134,376 $2,072,300 $1.903,314 $1,800,363
4,158,140 3,809.536 3,563.555 3,200,908
3,688
$6,292,516 15,881.836 85.470,557 83.001,271
Totalsurplus
798,000
798,000
798,000
798.000
Dividends
5,931
12,889
5,202
Sundry deductions
283,873
230,960
254,502
42,287
Devel. written off
349.911
355.098
258,305
355,570
Depreciation
Work. e,ompens. spec.
assessm't for 1927, re
25,949
37,833
solicosis
251.012
400.000
400,000
Amt.trans. to gen. res
Profit & loss surplus_ - $4,653,623 $4,158,140 83,809.536 $3,563,555
Shares of capital stock
798,000
798.000
798.000
798,000
outstanding (par $5). _
$1.82
$1.94
$2.27
$2.67
Earns, per sh.on cap.stk.
Balance Sheet March 31.
1931.
1930.
1930.
1931.
$
Liabilities-$
Assets$
$
3,990,000 3,990,000
Capital stock
Mining property.
47,143
plant & eq., Sec. 9,160,160 7,884,410 Accounts payable.. 231,592
84,525
65,432
Payrolls
Oper. & adm. exp.
176,817
30,634 Prov. for taxes-- 226,493
34,337
prepaid
25,718
30,341
184,371 Sundry liabilities_
Cash
36,178
400,000
138,618 General reserve.... 400,000
Bullion
243,332
3,907,427 3,559,319
700,000 Depreciation
Call loans
4,653,623 4,158,140
Marketable seems. 2,829,215 2,331,378 Surplus
853,493
864,993
Investments
28,895
22,521
Accts. & in recle
333,262
270,770
Supplies at cost
Total
13,523,999 12,422,570
-V. 132, p. 667.
Total
13.523,999 12,422,570
-Earnings.
Maverick Mills.
Calendar YearsGross sales
Cost of sales
Depreciation
1928.
1927.
1929.
1930.
$1,924,339 $2,360,305 $2,512,054 $ 2,099,925
2,260,817
1,866,448
1,808,848 2,089.015
100,000
73,000
100,000
100,000
Operating profit
Other income
$15,491
49,354
$171,290
54.434
$151,237
37,437
$160.477
35,822
Total income
Int. and other charges
Reserve for taxes
$64,845
57,014
2,638
$225,724
131,908
22,479
$188,674
65.646
30.867
$196,299
104.942
24,867
$92,161
$71.337
$66.490
$5.193
$14.20
$18.36
$13.23
$0.97
31.
Balance Sheet Dec.
1930.
1929.
LiabilitiesThe company has declared an 8% dividend on the common bearer
1929.
Assets1930.
35.800
$5,800
"American" depositary receipts, less tax and expenses of depositary, Plant
$1,757,597 $1,749,809 Preferred stock-- _
500,000
Common stock- _ 500,000
payable July 3 to holders of record June 26. A year ago, a distribution of Cash and accounts
1,050,000 1,050,000
10% was paid for the year 1929.-V. 132, p. 4073.
698,042 Bonds
receivable
305,979
45,373
109,573
368,774 Accounts payable_
113,809
Inventories
I Investments---- 1.222,547
-Earnings.
542,313 Depree'n reserve_ 1,211,000 1,111,000
Lion Oil Refining Co.
582,565
587.759
Surplus
For income statement for 3 months ended March 31 1931. see "Earnings
Department" on a preceding page.
Total83,399,932$3.358,938
83,399,932 $3,358,938 Total
F. H. Barton, President, says:
-V. 130, p. 4430.
An item of $191,000 pertaining to royalties dating from Oct. 1 1929 is in
x Includes treasury bonds and sinking fund.
these figures, and only $21,000
dispute and has not been considered in
-Receivership
Mayflower Hotel Co., Washington, D. C.
of this amount could be applicable to first quarter of 1931.
The oil industry is One of the few lines of business which has experienced Set Aside.
an increase in domestic consumption over the first quarter of 1931 compared
The temporary receivership ordered in the Supreme Court of the District
to the same period of 1930. However, refined and crude oil prices have
been exceedingly unsatisfactory. Should efforts which are now being of Columbia May 23 on the petition of Attorney Mabel Walker Wineexerted toward improvement in proration in production of crude oil mate- brandt, representing five persons holding second mortgage bonds on the
rialize, it is anticipated that improved prices will prevail in the near future. property, was set aside June 3 by the District of Columbia Court of Appeals,
Low crude oil prices and reduced operating expenses, together with which held that the receivership was "improvident" because the defendant
advantageous prices received for asphalts and heavy products, has caused companies had not received due notice. dismissed by the ruling, but simThe petitioners' bill, however, was not
earnings for the month of April to show a decided improvement over the
ply remanded back to the lower Court for further action, after all parties
months of the first quarter.
The management carried out its program of reducing crude oil stocks to the suit have been properly served with notice.
On May 23 Justice Jennings Bailey of the District of Columbia Supreme
and at the close of 1930 only minimum working stocks remained on hand.
This program resulted in added advantage when crude reductions were Court appointed Thomas P. Littlepage and Joshua Evans Jr. temporary
made shortly after the first of the year necessitating only small inventory receivers on charges by Mabel Walker Willebrandt that bond interest paywrite-offs. The company now is in position to take advantage of prevailing ments have not been kept up and that a pending financial reorganization
lower crude prices. Your company owns crude production equivalent to of the Mayflower Hotel would "freeze out" dissenting bondholders.
Mrs. Willebrandt told the Court a reasonable market value of the propor greater than its requirements for refinery operations.
Company has materially reduced its operating costs in all departments. erty in March, 1928, was $6,300,000, while the bond issues and other inLion petroleum products are meeting with public favor in constantly cumbrances now amount to $9.900,000. She said a pending financial
enjoy.rganization would remove safeguards that holders of certain bonds
increasing volumes, this being particularly true of its anti-knock gasoline
and Arkalite Asphalts. It would seem conservative to estimate that the now
The Court was informed the hotel's losses had been $760,000 in two
be satisfactorily sold without difficulty.
year's manufactured products will
themCompany reduced its total liabilities during the first quarter by more than Years: that the defendants are accused of floating loans to enrich room,
$550,000, and at the present time has no current bank loans.
-V. 132. selves, and that the bonded indebtedness on the hotel was $9.537 a
exclusive of public rooms.
P. 2403.
Leonhard Tietz Aktien-Gesellschaft, Germany.
-
Net income
Earns.per sh.on com.stk.
Committee Enters Mayflower Hotel Plea.
Lomas Realty Co. Inc.-Foreclosure Suit Filed.Eugene F. Kinkead (Chairman), Lawrence B. Elliman and Frank 0.
The New York Title & Mortgage Co. has filed suit in the New York Ferguson, all of New York, who are acting as a protective committee to
'
Supreme Court to foreclose a mortgage of $1,100,000, on which there is conserve the rights of owners of second mortgage bonds of the Mayflower
now due $930,000 on the property 300-302-304 West 85th St. and 511 to Hotel Co. May 25 asked the District of Columbia Supreme Court for
519 West End Ave., a 15
-story apartment house, owned by the company. leave to intervene in the receivership suit.
The complaint recites that on Nov. 16 1925 the 515 West End Ave.,
Inc.. gave the mortgage to the 135 Broadway Holding Corp.; that the mort- Proposed Reorganization Plan.
The holders of second mortgage bonds under date of March 25 last
gage was subsequently reduced to $1,050,000. and on March 3 1926 the
New York Title & Mortgage Co. became the holder of the mortgage. were in receipt of a circular letter advising them that the world-wide busiThe foreclosure is predicated upon the failure of the mortgagor to pay an ness depression has been reflected In a serious decrease in business at the
installment of $15,000 and interest of $27,912.-V. 132. p. 4073.
Mayflower Hotel, and has resulted in such a reduction of the earnings
from the hotel that it is apparent a readjustment of the present second
otorr o porn: issue on the property is required. The letter further
moi Fe bot d
-Extra Common Dividend.
Loose-Wiles Biscuit Co.
The directors have declared an extra dividend of 10e. per share in addition
To effect this reorganization a new company has been formed by the
to the regular quarterly dividend of 65c. per share on the outstanding
$13,707,575 common stock, par 825, payable Aug. 1 to holders of record principal stockholders of the corporation that now owns the property,
July 17. Like amounts were paid in each of the five preceding quarters. and it requests holders of second mortgage bonds of the Mayflower Hotel
From Aug. 1 1927 to Feb. 1 1929 incl. quarterly dividends of 40c. per share Co. to join in this reorganization, believing that only through reorganizawere paid on this issue, while from May 1 1929 to Feb. 1 1930 quarterly tion can the interests of the second mortgage bondholders be properly
protected. The plan of reorganization will adequately protect your invest-V. 132, p. 3160.
distributions of 65c. per share were made.
pren ailingat thditions time enable the property to meet its obligations under
me vt and con e same
.
-Earnings.
-Lyon & Healy Inc.
The operating profit from the hotel after payment of all expenses, including taxes and maintenance but before depreciation and interest on its
indebtoon: for each of the years since its opening in March, 1925. are
f ued oess
o
as
8630.488
1928
1925
366,255
780.551
1929
296,408 '
1926
602.709
1930
506.229
1927
These figures show that through 1929 the history of the hotel was one
of uninterrupted progress. Not only do those figures represent an increase
In patronage during each of these years, but likewise reflect improved
operating efficiency, for each year a larger proportion of gross income
has gone to operating profit.
$5,168,524
Total
the financial condition of this property is much better than many
35,168.524
Total
hotel or real estate properties is best indicated by the fact that all taxes
tel
4015.
-V.128, p.
through 1930 have been promptly paid and all interest coupons which have
come due through 1930 on both the first and second mortgage have been
-May Sales.McCrory Stores Corp.
met. Furthermore, all funds to meet interest due April 1 on the first
1931-5 Mos.-1030,
1931-Mav-1930. Decrease.1
Increase, mortgage bond issue have been deposited and sufficient first mortgage
8176,3411816.344,855 $16,198.525 $146,330 bonds have been purchased to meet the sinking fund requirements on that
$3 411,679 *3.588,020
-41. 132. P. 3510, 2783.
issue for the year 1931. However, due to the reduction in income during
Consolidated Income Account Year Ended Dec. 31 1930.
Gross deficit
$154.877
Fixed charges
196,225
Charged to surplus account
$351,102
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
Assets$3.829,516 Current liabilities
Current assets
$930,590
dr def. charges._ 1,339,008 Reserves and funded debt__ 1,285,961
Fixed assets
Net worth
2,951,973
4254
[VoL. 132.
FINANCIAL CHRONICLE
the past six months, funds are not available to meet in full the payment of
interest due on the second mortgage on April 1 1931.
The reorganization plan provides for the substitution of outstanding
bonds for bonds of a new issue of the same principal amount. The terms
of the income bond which provide for the payment of interest when earned,
relieve the company of fixed charges in the event earnings do at any time
fall temporarily below a specified interest rate. For the bondholders the
new trust deed will secure the application of substantially all the income
above the requirements of the first mortgage in both good and bad years,
either in the payment of interest or in retirement of the bonds, until the
bond issue has been reduced to $1,600,000.
In consideration of the second mortgage bondholders agreeing to this
plan, the principal stockholders of the Mayflower Hotel Co., who have
an investment of approximately $3,000,000 in the property, and who have
never received dividends of any kind on either the preferred or common
stock, have agreed to the simplified capital structure for the new company
by eliminating the preferred stock with Its fixed cumulative dividend.
The new company will have but one class of stock, namely, no par value
common stock. This will simplify the financial structure and will eliminate
the accumulation of unearned and unpaid dividend obligations that have
accumulated on the present preferred stock. The fixed charges against
the property for interest and sinking fund requirements on the first mortgage bond issue will total approximately $455,000 in 1931 and $535,000
in 1932. The income for the past year indicates that even under present
conditions the property should have no difficulty in meeting this fixed
chargé.
-Sales Decrease.
Montgomery Ward & Co.
Decrease.
1931-May
Decreased 1931-5 Mos.-1930.
-1930.
$18,547.245 $25,050.304 $6,503.0591$88,572,030 $106,195,803 V7.623.773
-V. 132, P. 4074. 3540,
Mont Hope Bridge Co.
-Receivership.-
. F. Haffenreffer of Bristol, R. I., has been appointed temporary
receiver. Superior Judge Blodgett sot June 16 as date for hearing on
the question of appointing a permanent receiver.
The petitioners for the receivership comprised a committee representing
holders of $1,300,000 in 7% debenture bonds and a stockholder. The
petition set forth that the company did not pay interest on the debentures
but did pay interest at 6
on the first mortgage of $2,850,000. I stated
that the company could be conserved only through reorganization of the
company or sale of the bridge.
-V. 132, p. 3899.
-May Sales.
Morison Electrical Supply Co., Inc.
1931
-May
-1930.
$158,760
$154,716
-V. 132, p. 3511, 2784.
Increase. 1931-5 Mos.-1930.
$859,977
$4,0444794,386
Decrease.
$65.591
Mortgage Bond & Title Corp.
-Omits Common Div.
The directors have voted to omit the usual quarterly distribution ordinarily payable about June 30 on the common stock. From Sept. 30 1930
to and incl. March 31 1931, the company paid regular quarterly dividends
of 15 cents per share on this issue.
Second Mortgage Bondholders Protective Committee Object to
The regular semi-annual dividend of $2.75 per share on the prior pref.
stock has b3en declared, payable June 30 to holders of record June 22.
Plan.
-V. 132, P. 323, 141.
The protective committee for the second mortgage bonds (Eugene F.
Kinkead, Chairman), in a recently published notice said:
M. & T. Securities Corp.
-Capital Decreased.
On behalf of the holders of bonds who have already deposited, this comThe company has filed a notice with the Secretary of State at Albany
mittee feels that it should, to encourage others to deposit promptly their decreasing its authorized capital stock from $10,000,000 to $5,000,000.
the letter and the reorganization
bonds with it, state its chief objections to
Company was organized in New York in 1929 as an investment trust.
plan.
During 1929 it acquired through exchange of stock the assets, &c., of
(1) We do not approve a waiver for the full term of the bonds of a 6%% Western New York Investors, Inc., and Mohawk Share Corp.
beginning 1933, and in any
interest rate for a rate that assures only 4%
event definitely waives one-half of 1%, since a maximum of only 6% will
-Plans Expansion Program.
Mullins Mfg. Corp.
ever be paid on the secured income bonds.
It Is announced that the company plans an improvement and expan(2) We do not approve any plan in which there exists a possibility that sions program to cost $150,000. An enameling furnace, press equipment,
no interest will be paid until May 11934. particularly so when no right of and sand blasting units will be installed.
-V. 132, p. 3541.
action is meantime given the bondholders. Such a plan gives less rights
than an ordinary creditor has.
-Petition for Receiver.
Municipal Service Corp.
We do not approve a plan that puts a premium on redemption of
(3)
Supremo Court Justice Valente May 29 reserved decision on a motion
bonds at a loss to interest obligations. In other words, all available earn- for the appointment of a temporary receiver for this corporation, controlled
ings over and above the 4% cumulative interest rate, specified for the by Warner-Quinlan Co.. filed on behalf of minority stokholders of Menicisecured income bonds, we feel, should be first applied to the payment of pal Service. The complaint alleges mismanagement by the controlling
an extra 2% interest rate on the bonds before any sinking fund provisions company and diversion of certain assets, including terminal plants to
are made operative. The reorganization plan inverts this order to the Richfield Oil Co. of New York.-V. 132, p. 3899.
extent of 75% of such earnings and further removes the possibility of the
payment of the extra 2% interest by compelling the setting aside of a
-New Trustees.
Mutual Life Insurance Co.
$150,000 reserve fund for other purposes before payment of the extra 2%.
Throe new trustees were elected members of the board of this company
(4) We do not approve of the payment by The Mayflower. Inc.. of the to fill vacancies. They are John King Ottley, President of the First
cost of reorganization under the plan, because such cost makes this exPense National Bank of Atlanta,
Cooper, Vice-President
interest
a charge against income before the payment of any approvalon the secured of the American Telephone Ga.; Charles Proctor S. Sloan Colt, Vice& Telegraph Co., and
by the bondincome bonds and it is unlimited and requires no
-V.132, p. 866.
President of the Bankers Trust Co. of New York.
holders. Under the circumstances, we feel such cost should be borne by
the new company out of its capital, and that The Mayflower, Inc., should
-Defers Dividend.
National Automotive Fibres, Inc.
be sufficiently capitalized so it will be able to do this and not have to borThe directors have voted to defer the quarterly dividend of $1.75 per
row money therefor, as it suggests it may do.
share due June 1 on the $7 cum. cony. pref. stock, no par value. From
(5) We object in principle to accepting any stockholder reorganization June 1 1928
1 1931, the company made regular quarterly disuntil the second mortgage bondholders have been given full opportunity tributions at to Marchon the pref. stock.
-V. 126. p. 3462.
this rate
to review, at least in committee, what their best interests dictate.
(6) For the reasons just given in "4," we object to the plan since in our
-Gross Sales.National Bellas Hess Co., Inc.
judgment it involves a permanent surrender of valuable rights by the bondDecrease.
Decrease.' 1931-5 Mos.-1930.
holders to the stockholders which is based on nothing other than a tem1931-MaV 1930.
$2,621.018 $2,972,072
$351,054 $14,234,853 515.048,107 5813.254
porary business depression.
that the deposit agreement under the -V. 132, p. 3728, 3541.
It should also be carefully noted
"reorganization plan" provides for a title policy which will show that the
National Cash Register Co.(Md.).-Upturn in Business.
trust indenture securing the secured income bonds will be a lien on the real
estate therein described subject to existing leases. We feel it very imporPresident Frederick B. Patterson, commenting on the business of the
tant to determine the character of these leases, since we do not find that company for the month of May,stated that on the basis of domestic orders
the mortgage now securing your bonds is subject thereto.
received a gratifying increase was shown as compared with any of the
The committee wishes to assure all the bondholders receiving this letter preceding months this year. Earnings for the month of April alone practhat it feels they have a very valuable property to deal with-one,in fact. tically wiped out the operating loss for the first quarter, he added.
having not only a substantial fixed asset value but also a fine potential
"While the volume is not running as large as last year." Mr. Patterson
earning power. Accordingly, we urge immediate co-operation on the part said. "yet from economies effected and other changes in the policies of the
of the holders of all the bonds by a deposit of their bonds with this com- company, the earnings for May will be satisfactory. Conditions in Europe
mittee. By doing so you can best strengthen an already organized body are also showing a more favorable trend, both in sales and profits."
V. 132, p. 3899, 3728.
which was created solely for the purpose of protecting your interests.
Deposits of bonds should be made with the Hibernia Trust Co.,57 William
-Dividends Earned.
-V. 126. p. 2488.
Street, New York, N, Y.
National Dairy Products Corp.
President Thomas F. MeInnerney states that dividends on the common
-Dividends.
Mexican Eagle Oil Co., Ltd.
stock were covered by a comfortable margin in the first four months of this
The company has declared a dividend of 6% on the ordinary shares for year after the company's usual generous reserves for depreciation and main1930, the same as paid for 1929. Canadian Eagle Oil, also a subsidiary tenance. Earnings during the period were somehwat behind the correspondof the Royal Dutch-Shell, has declared a dividend of 12 Canadian cents ing 1930 period but were ahead of the 1929 period.
-V.132,P. 4074.
for 1930, on the ordinary shares, or approximately 4%, unchanged from
1929.-V. 131, p. 282.
-Annual Distribution of
-Semi
National Investors Corp.
(I.)
-Earnings.
Miller & Sons, Inc.
14 Mos. End. -Calendar Years1928.
1929.
Feb. 28 31.
Period$15,237,802 $13,552,238 $11.157,429
Sales
7.255,470
8.828,712
10,340.132
Cost of sales
2,800,223
3.543.615
Selling & administrative expenses, &c. 4,685.376
$212,294 $1.179,911 $1,101,736
Operating income
8,035
9.571
Other income
$221.865 $1,187,946 $1.101,736
Total income
9,398
7,126
Dividends on pref, stock of subs_ _
150,652
226.586
338.876
Depreciation
15.085
Interest on bonds
6,045
discount and expense written off
Bond
112.637
Losses of partly owned selling co's
Treasury stock written down either to
amount realized subsequent to Feb.
45,138
28 1931 or to approx. market value
50,000
.,
Reserve for contingencies
37,830
18.429
59,084
Interest on bank loans, &c
97,000
104.000
Federal income tax
$795,124
$829,533
loss$390,996
Net profit
347,433
346,523
Dividends on common stock
93.706
162,500
203,125
Dividends on preferred stock
$701,416
$319,600
loss$940,644
Balance, surplus
x170.000
174.791
174,791
Shares of corn. stock outstanding_......
$4.12
$2.82
Nil
Earned per share
x Includes 4,000 shares subscribed to by employees.
Consolidated Batanee Sheet.
Feb. 28 '31 Dee. 31 '26
LiabilitiesFeb. 28 '31 Dec. 31 '29
Assets$423.763 $475,179 Notes payable_ __$1,152,915 6905,060
Cash
909,397
Accts. & notes rec. 1,325,315 1,443,067 Accounts payable- 562,790
35,648
34,217
Employees' deposit
Accts. reedy. from
Div. payable on
part owned sell87,398
40,625
pref. stock
53,000
288.312
ing co's
Prov. for Federal
Of:leers'& employ108,388
42,175 income tax
39,850
sea' accounts
2,341,002 3,406,245 Prof.stocks of sub.
Inventories
co's held by outInvest. in capital
181,300
161,400
' alders
stock of partly
183,620 Reserve for contin72,082
r owned sell. co's_
50,000
10,000 gencies
Sundry lnyestm'ts
7.192 Preferred stock_- 2,600,000 2,500,000
40,544
Treas, corn, stock_
77,666 Common stock_ _ _y1.955,048 1,955.048
77,665
Land
975,880 1,916,524
Surplus
Buildings, mach.,
equip.,lease,&c.x2,658,651 2,801,036
and patterns
Lasts
1
1
P' at nomln. value_
99,582
165,686
Deferred charges
1
1
Goodwill
$7,432,876 $8,598,763
Total
$7.432,876 $8,598,763
Total
x Less reserve for depreciation and amortization. y Represented by
-V. 132. p. 1433
par value.
174,791 shares of no
Income by Investments Trusts in National Investors Group.
Dividends in the amount of $1.25 on the preferred stock of Second
National Investors Corp. and 55 cents each on the common stocks of Third
National Investors Corp. and Fourth National Investors Corp.. payable
July 1 to holders of record June 16. were declared out of the net income of
the respective companies by the board of directors at a meeting hold June 5,
according to a statement by Fred V. Presley, President. The distribution
on Second National Investors Preferred is to be applied against dividends
now in arrears.
This action has been taken in accordance with the recently announced
plan of distributing semi-annually an amount approximately equal In the
cash dividend and interest income, after expenses, of the investment trusts
-V. 132, p. 1821, 1434.
in the National Investors Group.
-Earnings.
Nauheim Pharmacies, Inc.(& Subs.).
Income Account for Year Ended Dec. 311930.
Operating loss after charging store, general and warehouse
expenses and writing down merchandise to current prices..--Other deductions
Depreciation of furniture, fixtures and equipment
Amortization of leaseholds and improvements
Net loss for the year
Balance surplus, Dec. 31 1929
$60,548
725
32,727
15,507
$109,507
149,579
Balance, surplus
Reserve for notes receivable
Write down purchase price of store to value of tangible assets
acquired
$40,072
10,000
Balance surplus, Dec. 31 1930
Consolidated Balance Sheet Dec. 311930.
Assets
Liabilities
Cash
$47,860 Accounts payable
Accounts receivable
106,462 Notes payable
Notes receivable
11,550 Taxes and other accr. accts..
Merchandise and suPPlies356,395 Reserve for contingencies
Notes receivable(not current)
5,475 Capital stock
Fixed assets
x506,274 Surplus
Good-will, trademarks, &c
11,017
Deterredaisets and charges_
45,531
$1,067
29,005
$138,763
71,732
22.005
11.500
y845,496
1,066
$1,090,564
Total
Total
$1,090,564
x After deducting reserve for depreciation of $75,067 and reserve for
amortization of $28,580. y Represented by 45,000 shares of preferred
stock and 99,877 shares of common stock, both of no par value.
Note -The dividend on the cumulative preferred stock at the rate of
$2.50 per share per annum is in arrear as from Aug. 1 1929.-V. 131.P.3218.
-Sales Decrease.
National Shirt Shops, Inc.
1931-May
--1930.
$279,917
5363,593
-V. 132, p. 3729, 2007.
Decrease.' 1931-5 Mos.-1930.
$83,6761$1.142,718 $1,653,701
Decrease.
$210,983
.T um]6 1931.]
FINANCIAL CHRONICLE
National Standard Co.
-Earnings.
-
For income statement for month and 7 months ended April 30. see
'
Earnings Department" on a preceding page.
-V. 132, P. 3900.
Neisner Bros., Inc.
-May Sales.
1931-May-1930.
Decrease.I 1931-5 Mos.-1930.
$1.370,752 $1,483,559
$112,8071$5,905,060 $5,590,029
-V. 132. p. 3542, 2979.
Increase.
$315,031
4255
Noma Electric Corp.
-New Directors.
-
At the annual stockholders' meeting held on June 1, Louis Propp, Cornelius D. Wood and Samuel Cohen were elected directors, succeeding
Foster Adams, Henri Sadacca and L.P. Sawyer,resigned.
Joseph Block has been elected Chairman of the board. Morris Propp
succeeds Mr. Block as President.
-V.132, p. 4075.
North and South American Corp.
-Capital Reduced.
-
The capital stock has been reduced from 87,250,000 to 86,150.000 by
the reduction in the number of issued shares, without par value, to 206,000
shares without par value, through the retirement of 44,000 shares of stock.
$1,800,000 -V. 131, p. 623.
New Bedford Cotton Mills.Corp.-Bal. Sheet Dec. 31 '30.
Assets
Real estate & machinery
$2,350,610 Capital stock
364,403 Notes & accounts payableManufactures, merchand..&e_
Cash.investments & accts. rec. 364,450 Reserve for depreciation
Profit & loss
156.088
Total
-V. 128, p. 3526.
83,235,549
Total
435,206
1,000,343
Norton Company.-Bal. Sheet Dec. 31.1930.
Assets
83,235,549
New-Day Depositor Corp.
-Trust Certificates Offered.
portfolio
of common stocks selected mainly out of consideration
With a
for their adaptability to changing economic conditions rather than on a
basis of past records and earnings and a provision making it possible to
realize market profits as values increase, announcement is made of the
formation of New-Day Trust Shares, a new investment trust of the semi
fixed type. Although several of the 30 common stocks underlying NewDay Trust Shares are commonly found in the portfolio of the average trust,
Land, buildings &
equipment -__ 7.961.870
Merchandise
6,207,967
Cash & Govt. sec_ 3,818,435
Accts. receivable
627,677
Notes receivable_
Invest., sub plants 2,572,342
Invest., miscall.
52,050
Miscell. assets_
342,431
Total
1930.
1929.
Liabilities
-
1929.
common stock_ _ _17,852,100 13,934.200
7,677,277 Accounts payable_
538,507 1,154,844
5,454,757 Accrued charges &
5,994,880
res.for Fed.taxes 164,633
712,825
1.301,927 Surplus
3,027,532 6,873,764
385
1,796,896
56.050
393,461
21,582,772 22,675,633
Total
21,582,772 22,675,633
B. W. Banal, of Scott, Banal & Co., Inc.,fiscal agents, points out that that -V. 130, p. 4432.
the portfolio has been restricted entirely to "long pull" Issues which are
considered to be in line with the present economic trend. Future market
Ohio Oil Co.
-Comparative Balance Sheet.
performance was further considered by the sponsors in making up the
Mar, 31'31. Dec. 31 '30.
Mar. 31 '31. Dec. 31 '30.
portfolio.
AssetsLiabilities5
5
One if the most unusual features of the trust is contained In the provision
s
Preferred stock_ 57,958,200 57,948,500
Which makes it possible to sell any stock when it has doubled in value. Prop., Plant &
equip
321,899,824 321,435,597 *Common stock-100.000,000 100,000,000
Stocks may be eliminated if they become unavailable or available only at
17,374,696 21,302,524 6 L..% gold bonds
excessive prices, or, if the financial condition of any company becomes Investments
6,643,977
Cash
1,845,450 5,399,639 Tank car obligs.impaired.
848,000
Each unit of New-Day Trust Shares, series A. consists of 100 shares of A me.receivable 5,116,256 5,695,432 Curr. liabilities_ 1,846,208 1.978,324
Inventories
31,933,709 31,271,561 Res.for taxes_ _
common stock in varying amounts of the following 30 corporations:
2,204,177
2,295,097
Treasury stock_ 3,004,687
3,122,945 Res. for accrued
U. S. Steel
United Corporation
Deferred charges
deer. & dep1.177,044,368 174,273,150
1,133,590
865,099
General Electric
American Superpower
Deferred credits 1,507,619
1,538,297
DuPont
Radio Corporation
Minority int. In
Union Carbide & Carbon
Montgomery Ward
subsidiaries __
272.776
380,288
Drug, Inc.
ICroger Grocery & Baking
Surplus
41,206,373 43,477,655
National Dairy Products
Grand Union
Corn Products
Standard Brands
Total
Total
382.039,721 389,361,288
382,039,721 389,361,288
Standard Oil of New Jersey
Paramount Publix
• Represented by 6,648.052 shares (no par value).
-V. 132. p. 4075.
R. J. Reynolds Tobacco (class B)
Radio-Keith-Orpheum
Kennecott Copper
United Aircraft & Transportation
Oil Shares, Inc.
International Nickel
-Comparative Balance Sheet.
North American Aviation
Vanadium Corporation
Texas & Pacific Land Trust
Apr.20'31. Mar.31'30.
A pr.2031..kfar.31'30.
Stone & Webster
American Rolling Mills
Assets-Liabilities$
$
$
$
International Telephone & Telegraph American International
Cash
1,650.000
$54,825 $382,358 Notes payable_
American & Foreign Power
Ford Motor of England.
Accts. receivable..
69,598 Accts. payable_
164,660
AU stocks are listed on the New York Stock Exchange with the exception Notes receivable_
311,263 Pref. div. payable
12,500
of two which are listed on the New York Curb Exchange.
Divs. receivable_
Apr.15'30
126,919
4,917
New-Day Trust Shares are sponsored by the New-Day Depositor Corp. xInvestmente:
Deferred credits_
75,727
The trust will terminate in 1961.
"Standard 011"
Reserve for Federal
group
income tax
83,059
1,307,808 6,862,342
New England Confectionery Co.-Bal. Sheet Dec. 31.-
1929.
Assets1930.
Liabllities1930.
1929.
Real est. & equipl$2,976,502 $3,011,033 Capital stock
$2,000.000 82,000,000
Goodwill & tradeCurr. liabilities_ _ 144,863
326.764
marks
230,808 Reserve for taxes,
1
677,008
473,975
Jo
Cash
33,500
66,500
584,732 Capital surplus_ _ _
Materials & sum). 573,234
45.350
83,925
357,635 Profit surplus_ _ _ _ 2,496,855 2,831,601
U.S. Govt.securs. 357,635
7,300
39,600
Treasury stock__ _
410,207
Accts. & notes rec. 269.554
30,067
30,068
Other Investments
Total
84,720,568 $5,308,790
Total
$4,720,568 85,308,790
--V. 130. p. 4432.
"Independent"
group
"Other cos." related to oil at
gas Industry
Sec. demand loan
payable
8310,000
11,861
Accrued expenses_
Res.for service fees
76,376
76,376
y1,684,520 8.461,300
568,056 2,247,532 Preferred stock
Common stock__ _
84,226 1,692,260
Paid in surplus... 403.670
992,229
Earned surplus479,087
622,547 3,928,526
Total2,570,654 13,801,618
Total
2,570,654 13,801,618
x Investments are given at market prices for 1931 and at cost for 1930.
The market value in 1930 was 812.494,287. y Represented by 84.226
no par shares.
-V. 132, p. 4075.
Pacific Coast Co.
-Bondholders' Protective Committee.-
-Earnings.
New Haven Clock Co.
Calendar Years1930.
1929.
1928.
Net sales
83,126,428 84.067,406 84,270.240
Net earnings after taxes & deprec
loss350.911
327,957
295.431
Earns, per sh. on 72,000 shs. common
Nil
stock (no par)
$4.08
83.42
Balance Sheet December 31.
AssetsLiabilities1929.
1930.
1930.
1929.
Real estate, &c...x$1,325,809 81,300,302 Preferred stock-- $725,000 $750,000
Notes & accts. rec. 692.073
949.888 Common stock _ _ _ 30399,500 y890.500
1,501,741 1,757,678 Accounts payable_
87,056
72.118
Call loan
100,000 Custom. cred. bal.
6,068
6,341
Cash
218,744 Accrued liabilities_
287,275
13,000
49,207
Deferred expenses_
14,915 Div. declared-31,794
17,990
26,985
CBs. of deposit_
50,000 City tax payable-29.900
Bonds owned
10,000 Royalties payable_
10,000
36.727
Other curr. assets_
44,621 Res. for donations
55,684
Other assets
payable
26.070
8,278
Adv, to salesmen_
Reserve for taxes_
1,600
1,634
50,000
_ 2,107,460 2,593,596
Surplus
Inventories
Pollowit.g default in payment of interest due June 1 1931 on the 1st
mtge. 5' 60-year gold bonds, George E. Warren, Chairman, Frederic W.
Ecktr alai Robert Struthers have agreed to act as a committee for the
purpose of representing and protecting the interests of the holders of these
bands.
Und,r the deposit agreement American Express Bank & Trust
Co., I65 Broadway, is.. Y. City, will act as depositary, and bondholders
are requested to deposit their bonds promptly. Paul C. Beardslee, 65
Broadway, is Secretary of the committee, and Milbank, Tweed, Hope &
Nt ebb, 15 Broad St., N. Y. City, are counsel.
-V. 132, p. 3544, 2787.
-International Air Express
Pan-American Airways, Inc.
Service.
This company has inaugurated a regular air express service, on fast air
mail acheduica, from Miami to Haiti, the Dominion Republic, Porto Rico.
Antigua, St. Lucia, Trinidad, British and Dutch Guiana, Brazil, the
Bahamas, Jamaica, Nicaragua. Costa Rica, Mexico. Guatemala, Salvador
and Panama.
President J. T. Trippe states that it is expected the service will be extended within the next two months to all of the 32 countries and colonies
served by Pan American. The new international air express service follows
the completion of a test service program begun in April.
The new air express schedules reduce the time necessary for merchandise
x After depreciation of $1,713,123. y Represented by 71,960 no par shipmentsfrom one-half to ono-third of that required by the fastest steamers.
enabling American shippers to get their goods into the markets faster than
Shares -V. 132, p. 1822.
any European competitor at present.
On the basis of one pound minimum, air express rates from Miami to
Niles-Bement
-Dividend Reduced.
-Pond Co.
Rio de Janeiro are $1.50; to Porto Rico, 49 cents; to Panama city, $1;
The directors have declared a quarterly dividend of 25 cents per share to Nicaragua, 85 cents; to Salvador. 75 cents: to Guatemala, 80 cents.
on the outstanding 192.496 shares of common stock, no par value, payable Packages up to 75 pounds; or 15 cubic feet in volume, may be
shipped.
Juno 30 to holders of record June 20. A regular quarterly distribution of A valuation charge also has been developed to act as protection for the
50 cents was made on March 31 last, as compared with four regular quarterly shipper up to the declared value of the merchandise.
dividends of 50 cents and four extras of 25 cents per share paid during 1930,
In conjunction with the Railway Express Agency, Inc., a nation-wide
-V. 132, p. 2211.
system of collection points is being arranged. Shippers will be able to
dispatch rush export merchandise from any principal city in the United
States directly to any city on the Pan American Airways System through
Nonquitt Mills Co.
-Balance Sheet Dec. 31.eithars. livm1, FI .o2r 03xo nsville, Tex., the international air mail termine i - . 132ap 4 B w
11 a
:
AssetsLiabilities1929.
1930.
1930.
1929.
Total
$3,931,879 $4,447,748
Total
53,931,879 $4,447,748
Land, bldge.& maAccounts payable_
814,000
818,919
82,904,104 82,904,054 Notes payable_ _chinery
50,000
Inventories
456,183
478,572 Res. for depreo_ _ _
915,090
917,773
Accts.receivable-26,421
43,324 Surplus (rep. by
Notes receivable_
48,000 shs. no
400,000
psr we.stock). 2,771,001
63,906
60,342
Cash
3.25.5,532
xLand (bldgs. as
machinery)
305,932
299,476
Total
83,750,091 84,192,224
Total
-V. 132. p. 2979.
x To be sold.
83.750.091 84,192,224
North European Oil Corp. (& Subs.).-Ba/ance Sheet
April 30 1931.Assets
Cash
Accounts receivable
Deposits with foreign gov'tsGovt. concessions, leases, &e.
Land, bldgs., mach. & equip.
Sundry prepaid expenses
Ltabflities$319,034
329,277
20,190
832,919
1207.755
4,213
Accounts payable
Accrued accounts
Mortgage payable
Capital stook
$7,385
1,458
1,476
71.709,068
$1,719,388
Total
Total
$1,719,388
a After reserve for depreciation of $38,736. y Represented by 1,381,856
(no par) shares, of which 1,372,291 shares paid In, 81,689,938, and 9,565
are subscribed, $19,130.
Note.
-The balance reflects the corapleted sale of an interest In
the company's leaseholds and concessions to an importanS Dutch oil group
for 3900,000.-v. 132, D. 2786.
-To Receive Dividend on Its
Paramount Publix Corp.
Investment in Columbia Broadcasting Co.-Seo that company
above.
-V. 132, p. 4076.
Pennsylvania Glass Sand Corp.
-Bonds Called.
A total of 858,000 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,
Pa.;59 Wall St., N.Y.City,or 60 State St.. Boston, Mass.
-V.131, p.3720.
Pelissier's Ltd.
-Earnings.
Years Ended Jan.31Net earnings
Depreciation
Income tax
1931.
$17,194
20,210
1,100
1930.
$74,459
13 142
8 2
:8 0
1929.
$92.609
18 410
4441
:
Net profit
loss$4,116
13,214
Preferred dividends
Amt. written off on mach.,Plant,&c-
$52.497
30,814
$69.749
31.500
16.583
surplus for year
Previous surplus
Adjustment of 1928 income tax
Non-recurring losses
$21,683
48,463
Dr228
$21,666
26,797
317.607
$69,918
$48.463
NU
$0.43
$0.76
Balance Jan. 31
Earnings per share on 50.000 shares
common stock (no par)
def$17,330
69,918
Dr34,981
FINANCIAL CHRONICLE
4256
1931.
Assets-$457
Cash
29,281
Accta.ree.& advs.
77,040
Inventories
11.518
Prepaid expenses_
Dominion of Can.
bds. & aocr. lot.
59,293
Land
Buildings, machinery & equipment x377,121
Licenses, trademarks,formulae,
150,000
&c
9,323
Organization exp.
Balance Sheet Jan. 31.
1931.
LiaWWes1930.
$11,317 Bank of Montreal
510,100
45,372 -loan
16,819
83,741 Sundry creditors_ _
6,732 Taxes due & accr.
11,284
due
12,345 7% cum. cony.
374,700
59,293 pref.stock
Common stock. _ y260,081
17,608
392,068 Earned surplus._ _
23,442
Capital surplus.--
1930.1
$12,318
12,796
400,000
260,081
69,918
15,075
150,000
9,323
$714,033 $770,190
$714,033 5770,190 Total
Total
x After depreciation of $61,544. y Represented by 50,000 shares (no
-V. 131, p. 2909.
par.).
-The
-Dividend Rate Decreased.
Phelps Dodge Corp.
directors have declared a quarterly dividend of 25e. per share
on the outstanding capital stock of 825 per value, payable
July 1 to holders of record June 13. This compares with
50c. per share in each of the two preceding quarters, while
from July 1 1929 to and incl. Oct. 1 1930 quarterly distribu-V.132, p. 3164, 2601.
tions of 750. per share were made.
-Bonds Called.
Philippine Refining Co., Inc.
[VOL. 132.
June 20. In each of the three preceding quarters a dividend of 873i cents
per share was paid.
-V. 132. p. 2406.
-Tax Refund.
Prairie Pipe Line Co.
Company has been awarded a tax refund of$405,452 by the U.S.Treasury
Department, representing over-assessments for the years 1915 to 1927 incl.
-V.132, p. 3901, 2980.
-Earnings. Pressed Metals of America, Inc.
1929.
1930.
Calendar Years$211,090
$214,171
Previous surplus
17,067
191,168
Operating profit
9.935
1,810
Profit (Detroit land contracts)
88
962
Profit on sale of metal
339
548
Expense reserve-not used
624
Profit on sale of securities
2,059
Profit on sale of machinery
256
Unclaimed wages
$408,659
$241.458
Total surplus
17,913
Preferred dividend
96,525
96,928
Common dividend
445
Premium paid on pref. stock redeemed
51,662
26,161
Depreciation charges
8.024
8,024
Written off organization
1,998
Experimental (1929) written off
5,770
1,745
Income tax deductions not allowed
15.229
Provision for income tax 1929 (estimate)
$211,090
$108,600
Balance Sheet Dec 31.
1929.
1930,
Liabilities1929.
1930.
Assets$5,734 $2,905
All of the outstanding 1st mtge. five year 6% gold bonds, dated Jan. 1 Cash
521,868 $36,318 Accts. pay
5,769
1927, have been called for redemption July 1 next at par and int. at the Securities
204,388 189,115 Accr.taxes wages &o__ 2,137
-V.
15,230
____
Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City.
17,377 26,425 Res. for Inc. taxes__ _ _
Accts. & notes ree
x764,157 764,157
1,191 Common stock
126, p. 1053.
206
Prepaid insur., &c_ _ _
108,600 211.090
- Seasoned land contracts 72,053 110,826 Earned surplus
-Earnings.
Pie Bakeries of America, Inc. (8z Subs.).
Unmanufactured metals 92,867 110,342
Product finished and in
Income Account Period from Dec. 29'29 to Dec. 27 '30.
Consolidated
8665,579
27,165 81,997
process
Income from operations
22,013 Supplies
13,692 14,772
Interest paid
179.528 Land bldgs. equip., dicy372,327 363,968
Depreciation
54,683 Deferred assets
58,686 64,195
Federalincome tax
Total
$409,355
Total5880,628$999,151
$880,628 $999,151
Profit for the period
445,750
y After depreciation of $372,565. x Represented by 110,774 shares (no
Surplus at Dec.28 1929
-V.131, p. 2078.
$855,104 Par).
Total surplus
-W. C. Pitfield
32,428
Price Realty Co., Ltd. Bonds Offered.
Loss on capital assets disposed of
105,000
int., to yield
Dividends on 7% preferred stock
120,000 & Co., Montreal, recently offered at 963' and
class A stock
Dividends on
over 5.85%,$750,000 532% 1st (closed) mtge. s. f. gold bds.
$597,676
semi-annual
Surplus at Dec.27 1930
Dated May 1 1931; maturing May 1 1946. Principal and of the Bank
55.07 int.
gold coin at any branch
Earnings per share on class A
0.64 of (M. & N.) payable in Canadian
of
at any
Earnings per share on class B
Montreal (Yukon Territory excepted) in Canada, orQuebec; branchthe
or at
the Banque Canadienne Nationale in the Province of
Consolidated Balance Sheet Dec. 27 1930.
Liabilities
option of the holder, In sterling at the Bank of Montreal. London, EngAssets
$300,000 land, at the fixed rate of $4.86 2-3 to El. Denom. $1,000 and $500 c*,
$170,822 Notes payable
Cash
214.856 Red. all or part at the option of the company upon 30 days' notice at 105
5.202 Accounts payable
Notes receivable
56.250 Up to and incl. April 30 1933; and thereafter up to and incl. April 30 1941
158,791 Dividends declared
• Accounts receivable
67,839 at 105, less 1% for each two calendar years or part thereof elapsed between
Accruals incl. Fed.income tax
861,194
Inventories
30,503 April 30 1933 and the date fixed for redemption; and after April 30 1941
Drivers'security deposits_ _
Balance due by trustees under
150.000 at par to maturity; in each case with accrued interest. Trustee, Montreal
Mortgages on plant
L employees' stock purchase
61,836 Capital stk.: 7% cum.pref.stk 1,500,000 Trust Co.
plan
y2,400,000
ni Investment for life insurance companies under the Insurance Act
Laaada.
Class A stock
36.750
Mortgage receivable
z600,000 of
6.832 Class B stock
Other investments
80.000
Sinking Fund.
-The trust deed will provide for an annual cumulative
Property. plant & equipment_ :2,727.758 Paid-in surplus
208,772 sinking fund commencing April 30 1932, for the redemption of these 1st
62,369 Capital surplus
Prepaid Maur., advertlsing,&o
597,676 mtge. bonds, of a sum equal to 2M % of all bonds issued thereunder,,plus
surplus
Earned
Good-will, trademarks & orInterest on bonds previously redeemed through the sinking fund. It is
2,114,341
ganization expenses
estimated that this will be sufficient to retire at par by Maturity more
$6,205,896 than 50% of the total issue.
$6.205,896 Total
Total
Outstanding.
Authorized.
Capitalization
by 60,000 shares (no par).
x After depreciation. y Represented
fund gold bonds__ $750,000
par .
o
ommn (hares( m s1 r.
p% lst sclosed ) tge 0
-V.127. p. 3555.
$710500:09
°
0
100,000
z Represented by 100,000 shares (no par).
-Rumor Denied.
Data from Letter of J. L. Apedaile, President of the Company.
-Arrow Motor Car Co.
Pierce
owns
Company.-Incorp. in 1930 in the Province of Quebec. It knownthe
President A. R. Erskine says the statement that this company has passed
as
City of Quebec.
untrue. The second dividend
the preferred dividend is unfortunate andnext meeting occurs in the latter property situated at 85 St. Anne Street in theof land, upon
for the current year was paid June 1. Themonths of 1931 exceeded the pre- "Price blouse," comprising 20,344 square feet stone exterior, which stands
modern firea 17-story and basement, structural steel, all
for the first four
part of July. Net profit
-V. 132. proof office building, completed in June 1930, at a construction cost of
ferred dividend requirements for the entire year, it was stated.
substantially $1,170,000.
p. 3544.
-The company is controlled through ownership of all its capital
Control.
-Earnings.
stock (except directors' qualifying shares) by Price Brothers & Co., Ltd.,
Pierce Oil Corp.
statement for quarter ended Mar. 31 1931 see "Earnings who occupy over 50% of the rentable space in the building.
For income
-V. 132. P. 3357.
-Net assets of the company, exclusive of all intangible items, as
Assets.
Department" on a preceding page.
certified, amounted as at March 31 1931 to $1,268,508. The actual cost
-Earnings.
of the land and building amounted to substantially $1,250,000. Its imPetroleum Corp.
Pierce
see "Earnings proved value is estimated at $1,400,000.
For income statement for quarter ended March 31 1931
-V. 132, p. 3544.
-Bonds will be secured by trust deed in favor of Montreal
Security.
Department" on a preceding page.
Trust Co., constituting a first, fixed and specific closed mortgage upon all
-Earnings.
the fixed assets of the company now owned, and a floating charge upon
Pioneer Mill Co., Ltd.
1928.
all other assets of tho company.
1929.
1930.
Calendar Years$958,469 $1,126,037
As additional security for these bonds, Price Brothers & Co., Ltd.,
$662,417
Total income
79,493 have agreed to enter into a notarial lease with the company for a term of
89,143
81.423
Operating expenses
216,248 15 years from May 1 1931, which is to be assigned to the trustee and under
233,526
227,598
Depreciation
131,240 Which the rental payable will, together with the other revenues of the
89,202
46,592
Taxes
company, amount in each and every year to the sum total of its annual
$699,056 operating expenses. insurance, taxes, and fixed charges including interest
$546,598
$306,805
Net income
600,000 and sinking fund on these 1st mtge. bonds.
600,000
500.000
Dividends paid
The net earnings of Price Brothers & Co., Ltd.• after all operating
and
def$193.195 def$53,402 sur$99,056 expenses, maintenance, taxes, depreciation and depletion 1931, available
Balance
exceeded
for interest and dividends, for the year ended Feb. 28
Balance Sheet Dec. 31.
$2,000,000.
1929.
1930.
Liabilities
1929.
1930.
Assets562,602
$79,205
Process Corporation. Earnings.
Perm. keine----x$4,636.778 $4,732,241 Wages due
41,465
56,255
payable_ _ _
1929.
1930.
1928.
Growing crops-- 1,700,443 1,781,419 Accts. outstanding
Calendar Years20,275
790,770 Drafts
$2,260,428' $1,882,749 $2,142,200
795,770
Investments
Net sales
213,845 Amer.Factors Ltd.
1,757,232 1,864,958
207,275
Inventories
13,674 Cost of sales & operating expenses.- 2,154.485
7,656
mdse. dept
71,651
Cr26,173
Dr9,898
87,044
Dr7.952
Cash
Net miscellaneous items
36,859 Outstanding div.
46,774
49,865
30,059
Sugar crop outsd's
878 Depreciation
878
warrants
7,493
8,600
2,171
13.750
34.649
Mollasses crop out.
15 Federal taxes
crop
833 Sugar due 1930
833
Prepaid water rent
25,020
11,642
397 Tern inc. tax seer.
$234,639
Bond issue expNet income
for Fed. Inc.
184,871 Res.
183,572
25.499
Lahains store
64,183 Dividends
34,950
tax
32,931
19,115
Accts. ree
900.000
Bonds outstanding 846,500
819
$234,639
$12,082 def$28,834
Bishop Tr. Co.trst
Balance
18,360
iss.
17,647
20.557 Prem.on bonds
Bonds in treasury4,500 Earnings per share on 60,000 shares
4,232
681,676 Bond int. accr_ - _
$4.54
$1.52
Amer. Fact. Ltd._ 589,706
$0.62
common stock (no par)
appr.for sink.
Sur.
Balance Sheet Dec. 31.
54,660
85,712
fund
1929.
5,000,000 5,000,000
1930.
Liabilities1929.
1930.
AssetsCapital stock
$3,300
$3,100
5279.453 $252,913 Notes payable... _
Undivided profits_ 2,108,908 2,354,913 Cash
57,512
12,619
111,537
125.094 Accounts payable_
Accts. receivable
38,000
30,000
$8,253,586 58,560,544 Inventories
123,769
Total
123,620 Accruals
$8,253,586 58,560,544
Total
17,750
11,600
Cash value insur2,032
1,803 Tax reserve
10,000
11,000
x After depreciation of $2,689,432.-V. 130, p.4257.
Fixed assets
433,681
454,705 Res. for refunds
506,800
x506,800
Deferred charges
77,135 Capital stock
35,641
-New Subsidiary.
9.300
6,200
Polymet Mfg. Corp.
1 Non-current notes
1
establish- Goodwill
through the
407,446
424,509
The company has obtained a Canadian subsidiary
14,837 Surplus
19,714
with headquarters at Hamilton, Out. Other assets
ment of Polymet of Canada. Ltd..
new company has been completed,
$1,005,828 $1,050,108
Total
The financing and organization of thefactory building at Hamilton, where
$1.005,828 $1,050,108 Total
and machinery is being installed in:a
-V. 132. P. 1437.
x Represented by 60,000 shares (no par).
This plant will manufacture
will
from 300 to 400 workersmica be employed.
and
condensers, resistances, transformers
electrolytic paper and
-Dividend Outlook, (roc.
Purity Bakeries Corp.
electrical, radio, street signal, oil burner
coils, as well as units used in the
President M. L. Molar' in a letter to the stockholders, says: first part
electrical refrigeration industries.
particularly acute in the
and
"While recession in our business was
of Polymet of Canada, Ltd., and
Guy H. Long has been named President Treasurer.
of 1931, an upturn in volume was noted in April and this upturn has since
-V.132. p. 1824.
and
G.P. LePan has been named Secretary
been maintained. The management feels confident that with a continuance
balance of the year will
-Smaller Dividend of present business conditions, earnings for theper annum.
Co.
Porto Rican-American Tobacco
justify payment on the dividend at the rate of $3
1931. produced the largest volume
"Our four-week period ended May 16
on Class A Stock.
dividend of 50 cents per share of sales in dollars and poundage, and, correspondingly the largest profits
The directors have declared a quarterly July 10 to holders of record for any four-week period this year.
the no par value class A stock, payable
on
Balance
'37,"1V16:688
JUNE
4257
FINANCIAL CHRONICLE
6 1931.]
"The financial position of the company continues to be satisfactory and
net working capital has increased since the end of the last fiscal year. At
May 21 1931. cash amounted to $3,003.171 as compared with $1,898,776
at Dec. 27 1931. Current liabilities consist entirely of current accounts
-V. 132. P. 3357.
payable and accrued charges."
Propper-McCallum Hosiery Co., Inc.
-Earnings.
-
-Earnings.
Reece Button-Hole Machine Co.
Dec. 31 '30. Jan. 1 '30.
$724.041
$607.506
297.294
369,751
196,926
246,730
11,595
11,503
Year Ended
Total earnings
Total expenses
Reserve for depreciation
Income deductions (net)
Prov.for Fed. SC Mass,income taxes
[Including wholly owned subsidiaries.)
1930.
$107,561
Calendar Year390.188
Net income
$4,337,348 Dividends paid
140,000
140,000
Sales,less returns & allowances
3,648.792
Cost of sales
864.737
$32,439
$49.812
Selling, administrative & general expenses
Deficit
182.778 Earns, per sh. on 100,000 she,capitalstock
31.08
Other deductions
80.90
$358,959
Operating loss
Comparative Balance Sheet.
15,667
Other income
Liabilities- Dec. 31 '30. Jan. 1 '30.
Dec. 31 '30. Jan. 1 '30.
Assets$343,324292 Cash, secure. &
Total loss
$1,000,000 31,000,000
Capital stock
Provision for Canadian income tax
,
11,727
$885,822 $958,737 Accts. payable
accts. rec
16,503 3,139, 94
6,235
0
s
es
294.118
4
$343.634 Inventories
Net loss
403:68 8
1 65
1,294,309
Surplus
common dividends,$50,000
Prof. dividends.$73,500;
123,500 Other investments
Other
ses on lease_ z522,721 1,775,661
Consolidated Balance Sheet Dec. 31 1930.
919,032
x318,661
Fixed assets
Lta5tti1tesAssetsy324,849 1,492,089
Patents
$124,486 Notes payable
$371,231
Cash
609,410 Trade acceptances payable_
28,973
Accounts receivable
$2,457,567 $5,439,637
Total
$2,457,567 $5,439,637
Total
1,077,082 Bankers' acceptances payable
54,197
Inventories
x Less reserve for depreciation of $612,910. y Less reserve for depre130,431
22,480 Accts. payable & accrued exp
Value of life insurance policies
reserve for depreciation of $1,249,680.17,859 15-yr.6 c % gold notes due'41 1,075,000 ciation of $1,168,414. z Less
Sundry notes & accounts rec_
5,001 Reserve for contingencies_ __ _
21,318 V. 130, p. 4623.
Investments
Land, bidgs.& equipment__ _ 13,124,619 7% pref. convertible stock_ _ _ 1,050.000
-Sales Decrease.
(Daniel) Reeves, Inc.
33,268 Commonstock
1,650,000
Prepaid & deferred charges
Decrease.
1931-5 Mos.-1930.
1 Surplus
633,053
-1030. Decreased
Trademarks & good-will
1931
-May
$294,915 I 314,442.025 $15,639,029 81.197,004
82,702,568
32.407.653
Total
$5,014,205
$5,014,205 -V.132, p. 3732. 2789.
Total
x After depreciation. y Represented by 130.000 shares (no par).
-Earnings.
Regent Knitting Mills, Ltd.
-V. 130. P. 3558.
1929.
1928.
1930.
Calendar Years-Earnings.
Provincial Paper, Ltd.
$275.779
$226,080
$505,297
Gross profit from sales
1930.
1929.
1928.
Calendar Years233,815
310,494
214,126
& other exp.
$995,748 $1,136,088 $1,140,230 Selling, delivery, admin.
Total profit
42,146
Inventory reserve
229.559
251.620
286,382
Interest on bonds, bank loans, &c8,116
Loss on raw materials
250,000
250,000
450,000 Bond
Reserve for deprec. of bldg. & plant....
31,621
33,646
35,359
interest
10,000
10,000
Reserve for doubtful accounts
6,480
6,480
6,480
40.000
35,000 Bond discount amortized
Reserve for income tax
75,000
50,422
75,000
Depreciation
8516,189
3584,468
$358.848
Net income
•
245,000
$101,710
245,000
898,285 sur$77,963
245,000
Dividend on preferred stock
Net loss
125,000
Common dividends
Comparative Balance Sheet Dec. 31 1930.
$146,189
$339,468
$113,848
Liabilities
Balance,surplus
AssetsEarns, per share on 100,000 shares
$390,000
$794,156 Bank loan
Inventories, net
$2.71
$3.39
$1.14 Receivables
58,703
common stock (no Par)
229,011 Payables
21,000
42,186 Director's loan
Balance Sheet Dec. 31.
Cash
11,012
50,070 Accrued charges
Insurance, C.S.V.
1929.
1930.
1929.
1930.
463,400
1,820,473 Bonds
Liabilities
Fixed assets. net
Assets$
1 Preferred stock
400,000
7% cum. pref.stk_ 3,500,000 3,500,000 Goodwill
Real estate, bldgs.
1,205,903
24,915 Common stock
100,000 Deferred charges
equipment,&e- 8,940,266 8,819,528 Common stock_ - - x100,000
412,794
Surplus
243.687 Mortgage debt_ - 5,000,000 5,000.000
334,400
Cash
775,996 Accounts payable,
770,006
Accts.& bills rec_
$2,960,812
Total
$2,960,812
accrued charges
Total
1,515,166 1,639,327
Inventories
& reserve for inGovt. deposits on
-V.130, p. 3895.
come tax
18.000
18,000
timber limits_ _
310.144
455,339
630,573 Div. on pref. stock
839,941
Investments
61,250
61,250
-May Shipments.
Reo Motor Car Co.
Bond int. accrued_
39,669
May 1931. April 1931. May 1930.
Month ofRes. for deprec. of
1.023
1,759
x1.737
plant & blcigs--- 1,250,000 1,000.000 Shipments(No.of cars and trucks)
-x Includes 990 passenger cars and747 trucks.
General reserve
1,484,286 1,484.286
The company reports improvements in retail sales and has approxiSurplus
672,431
526,243
mately three times as many unfilled orders as a year ago. It recently
12,417,779 12,127,117
Total
Total
12,417,779 12,127,117 has been shipping an average of 100 cars and trucks daily. Plants are
-V. 132. P. 3732. 3544.
operating on a full 534-day week.
-V.130, p. 4257.
x Represented by 100,000 shares (no par).
-Earnings.
-(Elmer) Richards Co., Chicago.
Radio-Keith-Orpheum Corp.
-Trustee.
-The Bank of America National Association has been appointed trustee
of $3,870,000 6% gold notes, due serially from Jan. 1 1932 to 1936.V. 132, P. 3357
.
-Earnings.
Radio Securities Corp.
Income Statement for 12 Months Ended Dec. 31 1930.
Net profit--------------------------------------------------$15.377
Dividends received ------------------------------------------ 7,252
Interest received or accrued
7,193
100
Miscellaneous
1930.
1929.
Calendar Years$1,277,186 $2,317,676
Net sales
353,028
136,526
Net loss after exp., int., deprec. &c
Balance Sheet Dec. 31 1930.
Liabilities
Assets
5160,000
$39,059 Bank loans
Cash
99,046
454,879 Accts. My
Accounts receivable
8,132'
43,096 Accr. taxes & misc. Items
Inventories
30,000
22,882 Reserve for contingencies
Deferred charges
x555,263
184,663 Cum.cony. pref.stock
Land and buliding
y300,000
68.595 Common stock
Furniture, fix. & equip
1
Goodwill & mailing list
339,266
Deficit
Gross income
Administration expenses
$29,923
16,106
Net profit for the period
Previous deficit
Dividend paid
813.817
4,108
6,250
$1,152,441
Total
$1,152,441
Total
x Represented by 40,000 shares (no par). y Represented by 60,000 she.
(no par).
-V. 130. p. 4623.
$3,459
-Receiver Denies ReorganizaRichfield Oil Co. (Calif.).
tion Plan Has Been Submitted.
-
$26,218
312.000
73,236
William C. McDuffie, receiver, according to a Les Angeles dispatch.
June 3. denied that independent interests had submitted a reorganization
plan to him in behalf of creditors. Mr. Mcnuffie, according to toe report,
said he did not know of any plan under consideration by Cities Service
-V. 132, p. 4077. 3358.
Co. and expressed a wish "that it were true."
Earned surplus
Balance Sheet Dec. 31 1930.
Liabilities
Assets
$3,910 Accounts payable
Cash
2,565 Capital stock
Accounts receivable
65,833 Surplus
Notes receivable
Accrued int., &o., notes rec___. 8,501
310,370
Securities (at cost)
290
Office furniture & fixtures
616
Prepaid expenses
19,368
-Organization expenses
Total
-V. 128, p. 3012.
$411,455
Total
-Earnings.
-Richman Brothers Co., Cleveland.
$411,455
Calendar YearsManufacturing profit
Operating expense
Operating profit
-Proposed Financing.
Rainier Pulp & Paper Co.
Other income
The company has authorized an issue of 82.500.000 1st mtge. sinking
used for working capital and for necesfund gold bonds. the proceeds to be
Total income
sary improvements and betterments at the company's plant at Shelton. Federal taxes
Wash. Of the amount authorized $500.000 1st mtge. 6% sinking fund
convertible gold bonds, series A due in 1946 will be offered immediately
Net profit
under pre-emptive rights to stockholders. No public offering is contem- Dividends
plated at this time. According to the circular letter to stockholders these
bonds are subject to conversion Into class A and class B common stock of
Surplus for year
the company The subscription price is $915 for each $1.000 bond.
2213.
-V.
.
132, p.
Raybestos-Manhattan, Inc.
-Comparative Bal. Sheet.Mar.31'31. Dec.31'30.
Assets
Cash
Certificates of
Mar.31'31, Dec.31'30,
Liabilities
849,177 Accounts payable_
835.900
497,417
325,671
750,000 1,400,000 Accrued salaries &
wages
90,201
70,717
1,494.332
972,275 Provision for Fed.
& State inctaxes 145.194
136,820
84,682
84,682 Other liabilities..
6,702
Res. for contingo's 148,276
147,080
916.364
137,863 Res. for Federal &
1,811,298 1,357,704
State taxes on
3,328,214 3,510,661
1931 Income_ _ _ 35,075
964,567 1,029,820 Capital stock
y9.721.800 9,721.750
Earned surplus--- 1,524,530 1,715.445
461.829 Capital surplus- - 5.855,248 5.855,189
457,752
dep
Munielp. & county
bonds at cost_ _
Other marketable
securities
Notes & trade acceptances rec.
Accts. receivable_
Mdse. inventories_
Investments
Sundry notes and
accounts receiv_
Land, bldgs.. machinery & equip_x7.315,788 7,401,049
49,791
54,374
Deferred charges
Trade names, trade
595,157
marks & gd.-will 595,157
129,316
129,316
Organization exps_
18,017,743 17,979,325
Total
x After depreciation of 87.441,843.
-V. 132, p. 4076.
ao par value.
1930.
1929.
1928.
$9,504.943 $7.985.953
5,041.893
4,131,510
$3,173,659
309.557
$4,463.050 $3.854,443
250,987
191,703
83,483,216 $4,714,037
506,000
398,000
$4,046,146
475,000
$3,085,216 $4,208.037 $3.571.146
1,634.780
1,187,121
1.789.796
31.295,420 32,573,257 $2,384,025
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Liabilities$
$
$
$
AssetsCash & U.S. secure 8,943.567 6,770,775 Current liabilities_ 973,448 1,303,532
63.828 Capital stock
x1,028.491
991.131
59,683
Accounts, &c
13,811,424 12,136,054
1,959,437 3.202.118 Surplus
Inventory
Permanent assets_ 3,513,835 3,498.626
895,367
1,336,842
Other assets
Total
15,813.363 14,430.717
15,813.363 14,430,717
Total
-V. 131, p. 1908.
x Represented by 602.249 shares.
-Earnings.
--Rocky Mountain Motor Co.(& Subs.).
Earnings for Year Ended March 31 1931.
Gross revenues
Operating expenses
State, county and license taxes, &c
$1,070,592
839,532
51.523
Net earnings from operations
Income credits
Total
18,017,743 17,979,325
y Represented by 675,953 shares of
$179,537
3.436
Gross income
Interest expense
Amortization of bond discount and expense
Officers life insurance
Provision for depreciation
$182,973
30.696
1,513
4.589
155,988
Net loss
89.813
4258
FINANCIAL CHRONICLE
Consolidated Balance Sheet March 31 1931.
Assets
Liabilities
Cash
$38,824 Accounts & wages payable__
Marketable securities
2,553 Notes payable
Notes receivable
8,236 Federal and general taxes...
Accounts receivable, &c
38,852 Reserves
Mdse., parts, curios, &c__-.
51,059 1st mortgage serial 6s
Prepaid tire & advertising.18,937 Deferred credits
Value of life insurance
26,367 7% preferred stock
Property and equipment
2,744,754 Class "A" common stock
Concessions, franchises, &c
66,365 Class "B" common stock_
Deferred charges and organiReserve for contingencies, &c.
zation expenses
158,315 6% non-cum. pref. stk. Estes
Pk. Hotel Co. minor. int_
Total
-V. 132, p. 4077.
$3,154,264
$96,868
110,027
9,478
850,609
381,500
76
351,200
500,000
541,507
150,000
163,000
$3,154,264
Total
[VoL. 132.
company is the ever increasing importation into the United States of sugar
refined in foreign countries. The Tariff Act of 1930 granted a subsidy of
from 2 to 3 cents per 100 pounds to Cuban refined sugar over sugar refined
In this country. This manifest injustice to a great and essential industry
should be corrected and it is hoped that the stockholders will work with
us to this end."
Balance Sheet Dec. 31.
Assets1930.
1929.
Liabilities1930.
1929.
Refin'g plant, Incl.
Capital stock ____413,578,400 $3,578,400
machinery,5m-54.040,889 $3,978,380 Accts. payable____ 130,865
165,253
Cash
949,679
650,948 Bills payable
1,100,000
Accts. rec.,less res. 777,458
857,937 Sundry reserves__ 243,085
255,467
Mdse. and supplies 1,162,494 2,389,186 Reserve for depreCharges deferred to
1,843,136 1,707,616
ciation
future opera....
21,457 Surplus
15;689
1,412,996 1.352,986
Investments
262,272
261,814
Total
57,208,482 58,159,722
Total
$7,208,483 38,159,722
x Represented by 33.444 shares of preferred stock, par $100, and 28,272
shares of common stock, no par value.
-V. 132, p. 1632.
Rossia International Corp.
-Initial Dividend.
The directors have declared a dividend of 10 cents per share on the capital
stock, payable June 29 to holders of record June 16.-V. 132, p. 1825.
Royal Union Life Insurance Co., Des Moines, Iowa.
Proposed Merger.
-
Second International Securities Corp.,
-Smaller Div.
-
The directors have declared a quarterly dividend of 20 cents a share
on the class A common stock, placing the shares on an 80 cent annual basis,
compared with $1 previously paid, and the regular quarterly dividends of
75c. on the 6% 1st pref. and 6% on the 2d pref. stocks. All dividends
are payable July 1 to holders of record June 15.-V. 132. P• 869.
Subject to the approval of the stockholders at a meeting to be held on
June 8, a consolidation of this company and the Des Moines Life & Annuity
Insurance Co., both of Des Moines, Iowa, will be effected.
The annual statement of the Royal Union company as of Dec. 31 1930
Second National Investors Corp.
-Preferred Dividend.
showed $148,500,000 of insurance in force, $32,000,000 in admitted assets,
See National Investors C.rp. above.
-V. 132, P. 2602.
$1,000,000 capital and $556,000 surplus. On the same date the Des Moines
concern showed $44,550,000 insurance in force, $6.500,000 admitted assets,
Segal Lock & Hardware Co.
-Stockholders Have Option
$600,000 capital and $264.000 surplus.
The present Royal Union company is the outgrowth of a merger in 1924 to Accept Dividend in Cash or Stock.
of the State Life Insurance Co. of Des Moines with the old Royal Union
The directors
,
quarterly dividend of 123 cents
Mutual Life Insurance Co., organized in 1893. Since this merger, 13 other a share in cash. have declared the regularoption of the stockholders. The
or 21•6 % in stock at the
companies have been absorbed.
dividend is payable June 18 to holders of record June 12.
Since the organization of the Des Moines Life & Annuity Insurance Co.
Stockholders
their dividend to be paid in cash must notify
In 1917 it has absorbed four other companies, the last one being the Trav- the company to who desire in writing on or before June 15 1931.-V. 132,
that effect
elers' Equitable of Minneapolis, which gave it a health and accident busi- P. 4077.
ness which it previously did not have.
Selby Shoe Co.
-Earnings.
-
Russell Motor Car Co., Ltd.
-Earnings.
Calendar YearsNet profit for year
Preferred dividends(7%)
Common dividends(4%)
Total surplus
1929.
$144,507
84,000
48,000
1928.
$139,054
84,000
40.000
1927.
$123,274
84,000
32,000
$9,962
577,025
Balance, surplus
Prior surplus
1930.
$133,962
84,000
40,000
$12.507
564,517
$15,054
549,463
$7,274
542,189
$586,987
$577,025
$564.517
$549,463
Balance Sheet Dec. 31.
1930.
Liabilities1929.
$91,000
$1,017
aim Bankers' advances $94,000
2,525
2,525
20,745
20,727 Accounts payable_
40,222
115,134 Dividends, declared
24,000
and unpaid.-32,000
262,852 Reserves for invest277,637
431.407
ments,&o
431,407
1,200,000 1,200,000
202.683
134,694 Preferred stock
800,000
Common stock
800,000
38,509
47,925 Profit and loss
586,987
account
577,025
55,187
49,300
Assets
Cash
Accts. receivable
Govt.& munic. bds
Bonds & pref. stks.
of industrial cos_
Common stocks of
industrial cos___
Cora. slits. of ry. &
Public utility cos
Bank stocks
Inv. In allied and
subsidiary cos__ 2,469,162 2,469,162
Real estate
33,755
33,755
Office furniture &
fixtures
1
1
Total
Total
$3,138,919 $3,133,957
-V. 130, p. 3181.
53.138,919 $3,133,957
1928.
1929.
1927.
1930.
$2,635,041 $1,844,628 $1,640,225 $2,049,071
1,759,304
1,595,137
1,995,874
2,502,506
77,855
70,569
92,409
79,878
30,856
53,443
sur.$7,469
3,994
Operating deficit
Other income
$31,638
Total deficit
Dividends paid
$31,638 Bur.$11,463
1931.
1930.
$7.698,165 $9,432,632
5,689,940 7,575,964
Gross profit
Selling expense
$2,008,225 $1,856,667
1,445,454
1,560,675
Operating profit
Other income
$447,548
140,348
$411,212
202,794
Total income
Interest paid
Sundry losses
Provision for Federal income tax
$587,897
15,532
5,699
53,000
$614,006
24,371
9,677
50,105
Net income
$529,853
$513,666
Comparative Balance Sheet March 31.
1931,
1931.
1930.
1930.
Cash
$152,586 $228,312 Accts. payable... $439,972 $197,977
Mark. investments 1,588,188 1,200,386 Notes payable____ 800,000
400,000
Notes & accts. rec. 2,138,795 2,159,552 Accrued expense__ 184,811
210,487
Accr. Int. & other
11,885
Other liabilities_
ITO
250,511
72,963 6% Preferred stock 1,106,300 1,245,800
Inventories
1,649,221 1,709,638 Common stock-x6,769,824 0,815,471
Non-current inv.
& receivables-. 949,399
784,781
Plant & equipment 2,400,773 2,599,979
Deferred charges
173,233
126,010
A33432S-
Total
$9,300,707 $8,881,620
$9.300,707 58,881,620
Total
x Represented by 240,000 shares no par valuo.-V. 132, p. 4077.
Ryan Car Co.
-Earnings.
-Calendar YearsGross sales
Operating expenses
Depreciation
Amortization
Interest, bad debts
Years Ended March 31Net sales
Cost of sales
$25,481
7,766
$39,212
62,472
$17,715 prof.$23,260
40,000
Selected Industries, Inc.
-New Directors, &c.
Medley G. B. Whelpley, President of the American Express Bank &
Trust Co., has been elected a director to fill the vacancy caused by the
resignation of Robert L. Clarkson, Chairman of the executive committee
of Chase Securities Corp.; Ray Morris, of Brown Brothers Harriman &
Co.,has been elected a director to succeed Ralph T.Crane of the same firm.
l'hilip E. Bradley has been elected Secretary, succeeding J. Bernard
Miller, who remains as Treasurer.
-V. 132, p. 3902, 3733.
-Earnings.
Skenandoa Rayon Corp.
Earnings for Year Ended Dec. 31 1930.
Net sales
Cost of sales (incl. deprec. amounting to $105,331)
Administrative,selling & general expenses
Miscellaneous charges, net
$1,606,928
1,525,003
$17,715
$16,740
$31,638 sur.$11,463
104,477
37,804
Consolidated Balance Shed Dec. 31.
1930.
1929.
Assets
1930.
1929.
Net loss
$60,356
Cash
$149,687 $114,813 Current liabilities_ $342,887 $613,016 Surplus as of
117,341
Dec. 31 1929
Receivables
238,811 Res.for taxes, empl
183,923
103,069
100,489
Inventories
863,904
Ilab, &c
749,672
$56,985
Balance,surplus
50,000
Investments
7.441
348,178 Minority Interest.
114,695
500,000 Dividends on $7 cumulative preferred & convertible pref. stocks
Preferred stock.... 500,000
Cash stir. val. Ins._
49,626
93,225
Accruals
4,407 Common stock ___x2,588,525 2,588,525 Cost of plant & equipment scrapped or disposed of
217,323
Develop. expense_ 1,117,475 1,015,104 Capital surplus__ 217,323
Deficit, Dec. 3119:10
$150,935
42,034
76,531
Land,b1dgs., equip 1,487,990 1,543,269 Deficit
Balance Sheet Dec. 31 1930.
15,226
15,063
Deferred charges__
1
1
Goodwill
Liabilities
Assets
$127,799
Accounts payable
Land, bldgs., machinery,
53.675,273 34,027,318
Total
33,675,273 54,027,318
Total
x$4,002,144 Accrued accounts
22,032
equipment, &c
28,674
Property not in use
253,823 Dividends payable
-V. 130. p. 3181.
Represented by 127,082 shares of no par value.
Amt. rec. on acct. of capital
Patents, formulae, trade
-Smaller Div.
stock subscription
names & contracts
706,173
50.000
Safety Car Heating & Lighting Co.
87,246 z Capital stock
y6,093,500
The directors have declared the regular quarterly dividend of 1% on Cash
21,153 Deficit
150,935
the outstanding $9,862,000 capital stock, par $100, both payable July 1 to Notes receivable
136,991
holders of record June 13. This compares with quarterly distributions of Accts. receivable
483,685
previously made. An extra dividend of 2% was also paid in Inventories
2% each
361,767
Organization & develop. exp.
December 1925, 1926. 1927. 1928 and 1929.-V. 132, p. 3166.
25,875
Prep. insur., taxes, &c
2,213
-Bond Interest Defaulted.
Miscellaneous assets
Seaman Kent Co.
The "Financial Post". Toronto, says in part:
56.171,071
Total
Total
$6,171,071
company, one of the largest manufacturers of flooring and other
The
hardwood products in the British Empire. announces that it finds itself
x After • reserve for depreciation of $370,059. y Represented by 1st
unable to provide for payment of interest coupons due June 1 1931, on its preferred stock-57 cumulative (no par),original issue 10 shares; convertible
7% first mtge. bonds, due Dec. 1 1944. Explanations given are that the preferred-57 cumulative (no par), 16,375 shares issued; convertible class
business depression has affected building operations to a considerable extent A-$7 cumulative (no par), 10.000 shares issued, and common stock
and that special conditions of a temporary character have adversely affected (no par),93,071 shares of original and 218.754 shares of new common issued.
the hardwood flooring industry. These special conditions, it is hoped by z There are 150,000 shares of common stock of no par value under option
to F. L. Carlisle & Co., Inc., at 520 per share, in addition to which they
the company, will be rectified in the near future.
A committee for the protection of the bondholders has already been have subscribed for 6,000 shares of this same issue, out of a total of 271,938
formed. It is composed of R. Home Smith, E. Holt Gurney. E. B. Stock- shares of unissued common stock. The preferred and convertible class A
stocks are redeemable at $110 per share on voluntary liquidation.
-V. 128.
dale and J. H. Ratcliffe.
An issue of $400,000 of these 7% first mtge. bonds was first publicly p. 1572.
Canada in December 1924.
offered in
Year's deficit
Savannah Sugar Refining Corp.-AnnuaL Report.
Benjamin 0. Sprague, President, said in part:
"During 1930 dividends of $7 per share were paid on the preferred stock
being
and $6 per share on the common stock, the aggregate debts, $403,740.
and after
Earning after reserves for depreciation, taxes and bad per share on the
amounted to $8.12
payment of the preferred dividends,
common stock.
in"The close of 1930 found company in a very liquid position. The
than
ventory shown on the balance sheet has since been sold at or higher
are protected
the figures at which it was carried; the accounts receivable and both the
by ample reserves: there were no bank loans outstanding,
surplus and working capital have been increased.
"The year 1931 has begun with raw sugar selling well below the cost of
great unproduction, although slightly above the 1930 low, and with world-wide
certainty Prevailing over the probable success of the plans for confronting
most serious problem
curtailment of exports and crops. The
Sparta Foundry Co.
-Smaller Common Dividend.
The directors have declared a quarterly dividend of 50c. a share on the
common stock, payable June 30 to holders of record June 15. This compares with 75c. a share previously paid each quarter.
-V. 129, P. 3648.
-Balance Sheet,
Springfield (Tenn.) Woolen Mills, Inc.
Dec. 31 1930.Ands--
Cash
Accounts receivable
Notes receivable
Inventories
Land and plant (net)
Prepaid assets
Total
5126.183
37,821
323
808
:6
207
544,982
4,221
$924,239
Liabilities
Employees'fund
Accrued taxes
Sundry current liabilities
Capital stock
Deficit
Total
.
3 2!
$
8
1,000.000
79.429
$924.239
JUNE 6 1931.]
FINANCIAL CHRONICLE
-Earnings.
Southern Ice & Utilities Co.
Dec. 31 30. Oct. 31 29.
12 Mos. Ended$3,204,330 $3,760,978
Gross income from sales
2,536,016
2,215,477
Operating expenses.
168,146
•
Maintenance
Provision for retirement of fixed capital (replace307,209
239,523
ments,renewals, &c)
133,045
109,317
Taxes (incl. prov. for Fed. inc. taxes)
$461,266
$616,562
Operating Income
33.234
30,797
Other income
$492,063
$649,796
• Gross income
285,745
290.980
Interest on funded debt
3,973
2,246
Interest on unfunded debt
51,836
38.880
Amortization of debt disc. & expense
$165,191
$303,007
Net income
238.140
238.140
Annual div.requirements on pref.stock. outstd'g- def$72,949
$64,867
Balance
Comparative Consolidated Balance Sheet.
Dec. 31 '30. Oct. 31 '29.
Dec. 31 '30. Oct. 31 '29.
Liabiliffes$
3
$
Assets3
Plant & property-14,325,807 10,792,879 Capital stock &
capital surplus_ _x6,652,830 5,270,874
442,720
115,334
Investments
300,000 Funded debt
4,670,500 4,782,500
Demand loans612,470 Notes payable_ _ -5,0841
Cash & spec. don'ts 274,567
Accts. payable_ - _
179,5731
Notes receivable
90,7291 127,954
363,816I 484.907 Accr. taxes, int. &
Accts. receivable
mtscell
158,794
Accts. reedy, from
178,674
592,3711
Reserves
3,653,023
ann. cos
Surplus
844,401 3,107,459
Materials. supplies
188,243
& merchandise_ 190,743
646.241
33,150
Deferred charges
Total
16,075,361 13,467,461
16,075,361 13,467.461
Total
x Represented by 30,000 shares $7 cum. pref. stock (no par); 4,020 shares
$7 cum. partic. pref. stock (no par); 32,680 shares class A corn, stock (no
-V.131.D.3722.
par)and 140,111 shares of class B common stock (no par).
-Stock to Employees.:
--Standard Oil Co.(New Jersey).
The stockholders on June 2 adopted the fourth stock acquisition plan for
employees, to take effect as of Jan. 1 1932, or such date thereafter as
fixed by the directors. See also V. 132. D. 3545, 3703.
-Merger of Company and
Standard Oil Co. (N. Y.).
Vacuum Oil Co.-Government 1Vill Not Appealfrom St. Louis
Court Decision.
The Federal Government's efforts to stop the merger of the Standard
Oil Co. of New York (Socony) and the Vacuum Oil Co. were abandoned
June 2 when the Department of Justice announced it would not appeal to
the Supreme Court on the adverse decision handed down in the Circuit
Court of Appeals in St. Louis in February last.
The Government's war on this merger was begun in March 1930 when
it filed suit for an injunction restraining it in the District Court at St. Louis.
Under a law permitting special action in such cases, voluminous testimony
was taken by a special master and the injunction was argued In Omaha
Oct. 6 before three judges of the Federal Circuit Court of Appeals. who
sat as a special three-judge District Court. Their decision was handed
down in St. Louis Feb. 6, and they granted the Department of Justice
time to file notice of appeal expiring June 3.
The text of the Justice Department's statement follows:
"It was announced to-day IJune 2] at the Department of Justice that the
United States will not appeal from the decree recently rendered in the United
States District Court of Missouri dismissing the Government's petition
for an injunction preventing the contemplated merger of the properties of
the Vacuum Oil Co. and of the Standard Oil Co. of New York.
"The issues raised in this proceeding were tried before a specially constituted court consisting of three circuit judges, who, after consideration
of the evidence taken before a special master, unanimously concluded that
the proposed merger was not induced by any motive or purpose to monopolize commerce, but by legitimate business reasons alone, that it will not
be an undue or unreasonable restraint of Inter-State commerce or monopolization thereof, and that it will not have the necessary and inevitable
tendency to produce either of those results. These cer.clusions were based
upon specific findings relative to the legitimate business reasons for the
merger of the two companies, and the competitive conditions which the
new company will confront if the merger is consummated. Upon consideration of all of the relevant facts the court concluded that the merger will
not prejudice the public interests nor injuriously affect the public.
not,
controlling facts which establish the propriety and validity of the
merger as a legitimate business arrangement of importance to the companies
concerned have thus been judicially determined upon evidence sufficient
to support the conclusion. In the Supreme Court the facts found in the
lower court would undoubtedly be accepted as established by the evidence.
"It has been determined that the Government is not justified in prolonging this litigation by a futile appeal to the Supreme Court of the United
States:"
-V. 132. p. 4079, 3359.
4259
Terra Cotta Products Corp. (N. J.).-Foreclosurc.A suit to foreclose a $750,000 mortgage against the company was filed
June 1 in Federal Court at Newark, N. J., by the Bank of Manhattan
Trust Co. of New York. Permission to institute the suit was granted by
Federal Judge Fake.
The receivers of the corporation are State Senator Joseph G. Welber
and Richard F. Dalton.
-year 6%
-A protective committee for the 15
Protective Committee.
sinking fund gold loan certificates has been formed, consisting of Allen
Curtis, Daniel H. Reese, Louis F. Reed and William C. Prescott. The
Bank of America, National Association is depositary; Eidlitz & Hulse, 110
East 42nd St., N.Y.City are counsel,and T. B. Bleecker (Curtis & Sanger),
49 Wall St., N. Y. City, is secretary of committee.
The committee states that a plan of reorganization has been developed.
This plan has been discussed with the receivers and will be submitted
with their recommendation to the Courts having jurisdiction. This plan
will be presented to all depositing certificate holders for their approval in
the near future.
-V. 125. p. 2683.
-Merger Ratified.
Textiles, Inc., Gastonia, N. C.
Unanimous approval of the merger of 14 textile plants In the Carolinas
Into Textiles, Inc. was given on May 26 by the stockholders of the mills.
The merger became effective on June 1.
One feature of the merger is the acquiring ofsix additional mills in North
Carolina and South Carolina to be Incorporated into the consolidation.
These are: Dilling Cotton Mills., Kings Mountain, N. C.: Flint Mfg.
Co., Gastonia, N. C.; Helen Yarn Mills, Rockhill, S. C.; Lockmore Cotton
Mills, York, S. C.• Riggs Mills. Inc., Gastonia, N. C., and Wymojo Yarn
Mills, Rockhill, N. C.
Directly involved in the merger are: Arkray Mills, Inc., Gastonia:
Osceola Mills, Inc., Gastonia; Priscilla Mills, Inc., Ranlo; Seminole Cotton
Mills, Gastonia; Victory Yarn Mills, Gastonia; Winget Yarn Mills. Gastonia;
Arlington Cotton Mills, Gastonia; Cora Cotton Mills, Kings Mountain;
Elizabeth Mills, Inc.. Charlotte: Gray Mfg. Co., Gastonia; Merco Mills.
Inc., Lincolnton; Mutual Cotton Mills, Gastonia; Myers Mills. Inc., Gastonia, and Myrtle Mills, Inc., Gastonia.
Directors for the new corporation are. A. G. Myers, J. G. Separk,
C. C. Armstrong, J. L. Gray, A. K. Winget, S. N. Boyce, and R. G.
Rankin, all of Gastonia.
A charter was filed on May 29 with the Secretary of State in North
Carolina for Textiles, Inc.
All of the merging mills have common stock and five also have preferred
stock. The charter calls for 15,000 shares of class A $100 par 7% pref.
stock (to be sold for cash only) and for two classes of stock to be exchanged
for stock in the merging mills, viz: 215.000 shame of class B 350 Par 7%
pref. stock and 1,000,000 shares of $10 par common stock.
The preferred stock of the following mills, Arkray, Merco, Osceola.
Priscilla and Myrtle, is to be exchanged on a basis of two shares of new
class B preferred for one share of old.
The exchange basis for each share of the common stock of the 14 mills
share
follows: Arkray, .23 share B and 8.25 shares common; Arlington, .95 share
B and 9.34 shares common; Cora, 5.82 shares common; Elizabeth, .29
Gray, 1.58 shares B and 7.49 shame common;
B and 29.16 shares common;
Mere°. 10.37 shares common; 1.27 shares 13 and 15.63 shares common;
1.27 shares B and 15.63 shares common; Osceola, .33 share B and 20.48
shares common; Seminole, 1.23 shame B and 7.22 chares common; Victory.
.26 share B and 6.38 shares common; Winget, .82 share preferred and 7.17
shares common, and Myrtle, 9.68 shares common.
A. G. Myers has been elected President of Textiles, Inc.
J. G. Separk has been elected President of a subsidiary selling agency.
h6
t3 7ext 8
3 e 0 3 11es Incorporated Sales Co., capitalized at 5500,000.-V. 132 P.
16 .
-Business Outlook Improves.
-Sales
Thermoid Co.
The company reports a marked improvement in the business outlook for
for the month of April alone totaling 45%
the current quarter, with sales
of the sales for the entire first quarter, according to President R. J. Stokes.
During the past six months the company has added 90 new dealers who have
contracted to handle Thermold brake lining exclusively. he explained. said:
Analyzing the outlook for the second quarter of 1931, Mr. Stokes
"Orders on hand for shipment during the first two weeks of May were the
best for any comparative period since the turn of the year. Our subsidiary,
the Southern Asbestos Co., reports that volume of business for March 1931
was 54% ahead of March 1930. Total volume for the first quartr of 1931
showed an increase of 26% over the corresponding period of a year ago.
"The Woven Steel Hose & Rubber Co., our wholly owned subsidiary,
the
acquired early tills year, shows an increase of 115% in dollar sales forfirst
month of March 1931, as compared with Marcn 1930. Sales for the ago.
correspodning months a year
quarter of 1931 increased 5% over the
"These facts are gratifying to your management and seem to indicate that
business for the second quarter this year should be substantially better than
for the first quarter. The company is in a satisfactory liquid position, with
v
cash alon, p na 0
- . l32eou 3 nd as of March 31 1931 in excess of total current liabilities".
36 .
-55c. Dividend.
Third National Investors Corp.
-V. 132. p. 2604.
See National Investors Corp. above.
-The
-Common Dividend Decreased.
Tide Water Oil Co.
to directors on June 3 declared a quarterly dividend of 15o.
per share on the outstanding 2,191,821 shares of common
The New York Curb Exchange committee on securities rules thal the stock, no par value, payable June 30 to holders of record
has been reinstated to dealings and that
common stock (no par value)
quarterly dividend of U..1% on
until further notice deliveries against transactions in the common stock June 13, and the regular
be in the form of either unstamped certificates or certifieates stamped the outstanding $19,944,600 5% cum. cony. pref. stock,
decree of the Court of Chancery of
with the following legend: "Under a
1 to holders of record June 13. PreNew Jersey. dated April 2 1931, Jacob Roth. C. Wallace Vail and Lloyd par $100, payable July
B. Kanter were appointed receivers of Strauss Roth Stores, Inc., and on viously the company made regular quarterly distributions
April 24 1931. Jacob Roth and C. Wallace Vail were continued as per- of 20c. per share on the common stock.
-V. 132, p. 3904.
manent receivers thereof.'-V. 132, p. 2604.
-Exchange of Stock.
Time-O-Stat Controls Co.
-May Sales Higher.Studebaker Corp.
must convert these shares into Minneapolis-Common
-Roth Stores, Inc.
Strauss
Dealings on Curb Exchange.
Reinstated
1931.
1930.
Month of MayIncrease.
6,225
5,353
Bales (number of cars)-- - -- 16.2%
Sales for the first five months of 1931 exceeded those for the like period
a year ago.
-V. 132. P• 3545.
Stutz Motor Car Co. of America, Inc.
-Estimated Earnings for May 1931.
-
Holders of class A stock
Honeywell Regulator Co. no par preferred stock in order to receive dividends payable on the latter stock on July 1. The conversion ratio is 30
shares of Time-O-Stat A stock for 10 shares of Honeywell preferred, which
Is being held in trust with the accruing dividends until holders of Time-0
-V. 132, p. 1634.
State A shares convert their stocks.
Touraine (Apartment) Hotel (Schiller-Lake Shore
-59% of Bonds Deposited.
The Stutz factory at Indianapolis. Ind., has operated on a profitable Bldg. Corp.), Chicago.
The bondholders' protective committee in a circular letter dated May 22
production basis for the first six months of Its fiscal year.
President E. S. Gorrell estimates net earnings of this factory for the
month of May to be approximately $38,000, which is approximately 35
ere are outstanding a total amount of $3.724,000 bonds. At the close
cents a share on the outstanding common stock. These estimated earn- of business May 21 1931 there were on deposit with the Boulevard Bridge
ings are net after all deductions for taxes, depreciation and items of every Bank of Chicago,subject to the terms of the plan of reorganization, $2,003,nature and even after writing off all engineering, experimental and develop- 700 of bonds. In addition there are approximately $200,000 of bonds
ment expense.
which have been guaranteed by an insurance company. We have been
Col. E. S. Gorrell also announced that the payroll of the Stutz factory, assured of the co-operation of the insurance company, which means that
located at Indianapolis, is the largest that it has been this year. Steady at this time there are approximtaely 59% of the bonds in support of the
Increases in both sales and production during 1931 are responsible for the plan.
-V. 132, p. 3903.
Bonds are coming In very satisfactorily when we consider the total numadded man power.
ber of bonds outstanding and that they are very widely distributed.
-10% Final Dividends, &c.
Swedish Match Co.
Until such time as we have received the deposit of all bonds, or such
An amount of 74.792,736 kronor was at the disposal of the meeting of,the time as we feel we have laid the plan before all bondholders, and those
shareholders on May 30, of which 57,625,922 kronor represented the net who have failed to deposit their bonds are known to understand the Man
profit for 1930 and 17,166.813 kronor were carried forward from 1929. and yet fall to deposit their bonds, we do not wish to close our records against
The meeting approved the board's proposal that out of this amount a divi- the further deposit of bonds. When we reach the decision to close our
dend of 10%,absorbing 27,000,000 kronor, which with the previously paid records against the further deposit of bonds we will immediately take the
Interim dividend of 5% equals 15% on the share capital, be paid to the steps necessary for the issuance of the new bonds. We therefore hope
shareholders and that the balance, 47,792,736 krouor be carried forward bondholders will appreciate that any delay in this matter is beyond our
ers he an t
e e
on the profit and loss account. A total of 15% was also paid for the year controlmst tat the speedy solution of this problem rests in the bondhold1929.
Interest on the investment of the bondholders during this reorganization
The board also received authorization of the meeting to pay to the shareholders during the latter half of the year an interim dividend for the year period will be provided for in the reorganization plan. Compare plan in
1931 of 5% on the share capital, out of the balance on the profit and loss V. 132.p. 2014.
-V. 132. p. 675, 1056.
account carried forward.
Tuckett Tobacco Co., Ltd., Hamilton, Ont.-Earns.1929.
1928.
1931.
-May Make Ice Cream.
Years End. Mar.31Swift & Co.
$456,791
0
1634
$93 ;626
5408.569
been conducting experiments in ice cream produetion Net profit after tax., &c. $729.015
This company has
140.000
140,000
140,000
140,000
in several of their plants in the Middle West, it is reported. Such extension Preferred dividends(7%) %)150.000(6%)150.000(4%)100.000
(4%)100.000
(6
of the company's business would be permissible under the modification Common dividends- -$344 626
$439.015
$216,791
Balance, surplus
by the courts of the packers' consent decree. Swift & Co. have all equip$168.569
$14.78
$12.67
$23.56
ment necessary to make ice cream, it was said.-V. 132. p. 1826.
Earned on common- - $10.74
W
4260
FINANCIAL CHRONICLE
[VoL. 132.
Balance Sheet March 31.
Assets1931.
1930.
1931.
1930.
LiabilitiesProperties
81,539,353 81,139,265 Preferred stock_.-82,000,000 $2,000,000
Good-will
2,478,672 2,478,672 Common stock_- 2,500,000 2,500,000
Inventories
3,132,692 3,070,623 Bills payable_x___ 291,699
555,135
Accts.receivable
699,110
751,088 Dividend payable..
60.000
60,000
Cash
136,554
25,269 Conting. reserve__
20,000
20,000
Deferred charges.._
36,593
974,584
600,000
7,899 Reserves
2,176,697 1,737,682
Surplus
of increase in gross revenue therefrom is substantially in excess of the percentage of increase in gross yardage," said Mr. Cow. "While it should be
borne in mind in this connection that, due to the fact that the completion
of the Cuban contract carried over into the year 1930, the carry-over
business of the company was not so large at the beginning of 1931 as it was at
the beggining of 1930, it would appear to me that our total domestic construction business, including carry-over business and new business, during
the current year will substantially exceed that of 1930."
While reluctant to make definite predictions as to probable earnings for
the year 1931, Mr. Cow stated the opinion that "based upon business already booked and upon substantial economies in operation now in effect,
Total
$8,022,977 87,472,817
$8,022,977 87,472,817
Total
out net earnings should be sufficient to show a substantial amount on the
x Including provision for income tax.
-V.132, p. 2984.
common stock after all fixed charges and preferred dividends. It would be
my expectation
Union Mutual Casualty Insurance Corp.
-Capital Im- some four times that the fixed charges of the company should be earned
over during the current year."
paired-Taken Over by State Superintendent of Insurance.
Mr. Cow pointed out that, while world conditions were not conducive
Corporation has been taken over by George S. Schaick, New York State to substantial foreign business at the present time, the business booked thus
superintendent of insurance. Action was taken by authority of Supreme far in domestic fields, and to some extent abroad, was at an eminently
Court Justice Valente upon Schaick's statement that examination showed satisfactory rate and has been obtained at satisfactory prices. The comcompany's capital was impaired. Company's assets are $526,000, while pany is borrowing no money whatsoever and has substantial cash balances
on deposit with its banks, it was added.
-V.132, p. 3189.
liabilities amount to $660,000.
United Aircraft & Transport Corp.
-To Consolidate
Four Subsidiaries.
-
The consolidation into a single system of four Eastern and Western air
transport lines whose planes fly more than 12,000,000 miles a year was
announced on May 31 by President Frederick B. Rentschler. The new
system, which will have its central office in Chicago, will be called the
Tjnited Air Lines. The four units which will continue as divisions are the
National Air Transport, operating between New York and Chicago and
between Chicago and Dallas; Boeing Air Transport, operating between
Chicago and San Francisco; Pacific Air Transport, operating between
San Diego and Seattle, and the Varney Air Lines, operating between Pasco,
Wash.; Seattle and Salt Lake City, where it joins the Chicago-San Francisco line.
These routes give United Air Lines the largest transport system in the
country. The new system will have under one head a 28-hour coast-tocoast service, with passengers, mail and express in the air every hour of
the night and day. In addition, the system has strategic services
linking the Great Lakes area to the Southwest, the Pacific Northwest to
the Rocky Mountain region, and the only through services on the Pacific
Coast.
According to the statistics of the Aeronautical Chamber of Commerce,
the present daily mileage of the new company is approximately 32,300, or
more than any other transport system in the world.
Philip G. Johnson, President of several of the Boeing companies and
recently elected President of National Air Transport and Varney Air Line
is to be President of the new company.
United Air Lines is affiliated with the Pratt 8z Whitney Aircraft, Boeing
Aviation, Sikorsky Chance Vought Corp., Northrop and Stearman Aircraft companies and other divisions of the United Aircraft & Transport
Corp. The lines operate 120 planes, including 32 large tri-motored passenger transports.
-V. 132, p. 3546.
Western Air Express Corp.
-Earnings.
-
For income statement for quarter ended March 31 1931 see "Earnings
Department" on a preceding page.
Current assets March 31 1931. including $357,814 cash, were $637,409.
against current liabilities of $119,210.-V. 132, p. 2986.
Western Canada Flour Mills Co., Ltd.
-Omits Corn. Div.
The directors have voted to omit the current quarterly disbursement on
the common stock but declared the regular quarterly dividend of 154%
on the 6%% cumulative redeemable preference stock, payable June 15 to
holders of record May 30. The last regular quarterly payment of 35 cents
per share on the common shares was made on March 16 1931.
President D. E. Hanna says: "The directors regret in view of present
unsettled conditions In the milling industry it has been decided to omit the
current quarterly dividend on the common shares.
"It is unfortunate that this action is necessary at this time, but while the
outlook is obscure, it is considered expedient and in the best interests of
the company to maintain its liquid position as far as possible rather than
to draw upon reserves to pay the common share dividend.
"The unsatisfactory position of the industry, which has curtailed earnings,
is being met wherever possible by curtailment of operating expenses, and
the company is therefore in a position to benefit promptly by any improvement in the situation.
"It should also be noted that the company has paid regular dividends
on its common shares without interruption for a period of over 20 Years,
and It is confidently expected by the directors that with a return to settled
conditions payments will be resumed."
-V. 131. P. 2711.
(George) Weston, Ltd.
-Acquisition.
-
The corporation has acquired the Independent Biscuit Co., Ltd., of
Calgary, Alta., Canada, on the basis of 3yi shares of the 7% pref. stock
of Weston for every 10 shares of Independent 1st pref. stock, with a bonus
of 10 shares of common stock. Outstanding stock of Independent Biscuit
-Tenders.
United-Carr Fastener Corp.
Co. is $125,000
1st pref., $50,000 7% 2d pref. and 5,000 no par value
The First National Bank of Boston,trustee, 17 Court St., Boston, Mass., common shares.7%
will until noon on June 16 receive bids for the sale to it of 10
-year 6% cony.
The name of the Calgary company will be changed to Weston Indesinking fund gold debentures due Sept. 1 1939 to an amount sufficient to pendent, Ltd.
-V. 130, p. 4073.
absorb $60,000 held in the sinking fund.
-V. 132, P. 3546.
Wheeling Steel Corp.
-Recapitalization Plan Approved.
United Industrial Corp.(Vereinigte Industrie-Unter- The
stockholders on June 2 ratified the plan of recapitaliza-Smaller Dividend-Capital
nehmungen A.
-G.), Germany.
tion as outlined in V. 132, p. 3736.
Increased.
The directors have
dividends of 2% on the
The company recently voted to decrease its dividend for the year 1930
to 7%, as against 8% a year ago.
It is also increasing its authorized capital stock from Rm. 160,000,000
to Rm. 180,000,000 to provide funds for a participation in the Bewag
reorganization.
-V. 130, p. 4071.
United States Foil Co.
-Earning Dividends.
President R. S. Reynolds states that the company is now entirely out of
debt, having no bank loans, and that earnings are well in excess of the
dividend.
The directors declared the regular quarterly dividend of 12% cents per
share on the capital stock, payable July 1 to holders of record June 15.V. 132, p. 1442.
-The
Utah Copper Co.
-Reduces Quarterly Dividend.
directors on June 1 declared a quarterly dividend of $1.50
per share on the capital stock, par $10, payable June 30
to holders of record June 12. This compares with quarterly
distributions of $2 per share made in June, September and
December 1930 and in March of this year, and $4 per share
in March 1930.-V. 132, p. 3140.
-Government Drops Fight on Merger with
Vacuum Oil Co.
Standard Oit Co. of New York.
-See latter company above.
New Directors.
-
H. B. Harbert, President of the White Star Refining Co. of Detroit
and A. G. Maguire, Chairman of the Wadharns Oil Corp. of Milwaukee,
have been elected directors.
-V. 132, p. 3546, 3515.
-Dividend Dates.
Venezuelan Oil Concessions, Ltd.
declared the regular quarterly
preferred A and 2%% on the preferred B stock, both payable July 1 to holders of record June 12. These are the final dividends on these issues.
V. 132, p. 3736.
Wilcox Rich Corp.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 132, p. 2607.
Wisconsin Holding Corp.
-Registrar.
The Bank of America has been appointed registrar for 60,000 shares of
class A and 32,500 shares of class B stock.
(F. W.) Woolworth Co.
-Sales Decrease.
1931
-May
1931-5 Mos.-1930. Decrease.
-1930
.
Decreased
-,.117,3 p $7 .3 3546 $1,191.2731E108,300.256$110,597,891$2.297,635
$2v 1326 . 3 560 ,64.
4
, 7 23 .8 0
-Dividend Rate
Youngstown (Ohio) Sheet & Tube Co.
Again Decreased.
-The directors on June 2 declared a quarterly dividend of 50c. per share on the outstanding 1,200,000
shares of common stock, no par value, payable July 1 to
holders of record June 13. A quarterly distribution of $1
per share was made on April 1 last. Previously the company paid quarterly dividends of $1.25 per share on this
issue.
-V. 132, p. 3546, 3363.
CURRENT NOTICES.
-Shares of 20th Century Fixed Trust are to be offered( n Continental
The final dividend of 12% %,less tax, recently declared on the ordinary
shares, was payable on June 2 to holders of record May 20. See V. 132, Europe and England by a syndicate headed by the international banking
p.3736.
firm of Alma & Co., of Vienna and New York,according to the 20th Century
Depositor Corporation, New York sponsors fof the trust. The trust shares
Venezuelan Petroleum Co.
-Registrar.
been appointed registrar are convertible in New York into the deposited stocks or their cash market
The Central Hanover Bank St Trust Co. has
for 2,000,000 shares of capital stock.
-V.132, p. 2410.
equivalent. By this arrangement,foreign shareholders will enjoy the benefit of the laws of this country relating to the ownership ofsecurities. Foreign
Walworth Co., Boston.
-Quarterly Report.
purchasers will be extended the choice of depositing trust shares in New York
For income statement for quarter ended March 31 see "Earnings Deagainst cabled instructions or delivery of the actual shares in Europe.
partment" in the "Chronicle" of May 23, page 3872.
-The American Bureau of Metal Statistics, 33 Rector St., N. Y. City,
Comparative Consolidated Balance Sheet.
has just issued its Eleventh Annual Year Book which contains 126 pages
Mar.3131 Dec. 31'30 of statistical tables giving data in connection with the production, shipMar. 31'31 Dec. 31'30
Assets
ments and stocks of copper, lead, zinc, gold, silver and other principal
Plant & equip_ __x15,546,896 15,628,466 6% pref. stock.. _ _ 1,000,000 1,000,000 metals. The booklet also gives a list of dividends paid by American copper
Cash
859,993 1,192,151 7% pref. stock of
mining companies, the world's consumption of
225,000 average yearly prices of the various metals, &c. copper, lead and zinc,
225,000
Accounts and notes
subsidiaries.. _ _ _
receivable, &c._ 2,159,935 2,245,553 Common stock- __y6,929,785 6,929,785
-Jean E. V. Cattier, who has been executive in charge of European
7,424,376 7,692,679 Accounts payable Sc
Inventories
985,813 activities of the investment banking firm of White, Weld & Co., became a
accrued Items__ 693,928
Prepaid insur., Int.
146,911
579,000 partner on June 1st. Prior to joining White, Weld & Co., Mr. Cattier was
156,391 Notes payable_.... 875,000
and taxes
Bonds and debs of
the New York representative of Messrs. Raymond Buurmans & Cie, of
Cash surr. value of
21,813
9,304,000 9,343,000 Paris, Brussels, and Luxembourg, with which firm he had been associated
21,814
Walworth
life insurance_
403,200 since 1925.
Bonds of subs_ ___ 381,200
Notes receivable
514,901
88,356
93,437 Conting. reserve_ - 512,278
(not current)._
R. Bauer and Davenport Pogue announce the formation
232,407 Earned surplus__ 1,050,938 1,672,808 of-Frederick
Miscell. securities_ 227,517
Bauer, Pogue & Co.,
with
General surplus__ 6,750,354 6,838,853 offices at 120 Broadway. to transact a general securities business them
Leasehold of Wei
Wilton Puder has become associated with
71,372
71,125
worth. Ltd
in charge of their wholesale distribution.
Investml, business
397,118
-Samuel Ungerleider & Co., members of the New York Stock Exchange,
rights, pats., ea. 403,117
have been elected to membership on the National Metal Exchange. The
tense, &c., perch.
78,008
floor membership on that exchange will be held by Melville D.Weingarten.
82,004
contracts
425,910
425.910
Goodwill
-Thompson Ross & Co. announce the appointment of Charles E. Pike
257,055
Deferred charges_ - 264,529
as Manager of their Kansas City office. For the past eight years Mr.
Pike has been manager of the Kansas City office of Morris Mather & Co.
27,722,483 28,492 360
Total
27,722,483 28,492,360
Total
announce the formation
x After depreciation and amortization of $10,339,235. y Represented of-Nathaniel S. Greene and Herbert L. Perkins 63 Wall Street, for the
the firm of Greene & Perkins with offices at
shares.
-V. 132, p. 2985, 3906.
by 327,860 no par
transaction of a general brokerage business in investment securities.
-Bookings Increase, &c.
Warren Brothers Co.
-Edgar G. Criswell, who has been Manager of the Financial Depart.
President Charles R. Gow on June 2 announced that the new domestic meet of"The World's Work," has become a stockholder and Vice-President
amounts to in Edwin Bird Wilson, Inc., specialists in financial advertising.
business booked by this company during this year up to June 1than
1,750,slightly over 2.750,000 sq. yds., as compared with slightly less
-Holt, Rose Sc Troster 74 Trinity Place, N. Y., have prepared their
000 sc Yds- for the corresponding Period of 1930,an advance of 37%•
public
l•
"This business, which has been booked by the corporation during the June investment list analyzing bank and insurance stocks and
prices and the percentage utility preferred stocks an high-grade bonds.
current year, has been obtained at satisfactory
JUNE 6 1931.]
4261
FINANCIAL CHRONICLE
The commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, June 5 1931.
COFFEE on the spot was in fair demand; Santos 4s, 9%
to 9%c.; Rio 7s, 63 to 6%c. Fair to good Cucuta, 123. to
%
123c.; prime to choice, 14 to 15c.; Ocana, 123, to 13c.;
Bucaramanga, natural, 133 to 133c.; washed, 16 to 16%c.;
%
%
Honda, Tolima and Giradot, 163 to 17e.; Medellin, 173
%
to 18c.; Manizales, 168 to 17c.; Mexican washed, 16% to
Ankola, 233 to 34c.; Mand18c.; Surinam, 12 to 123,c.;
heling, 233/i to 32e.; Genuine, Java, 23 to 24c.; Robusta
washed, 83 to 854c.; Mocha, 153 to 16c.; Harm, 15 to
%
153c.; Abyssinian, 11 to 11%c. Salvador washed, 143 to
163c.; Nicaragua, washed 13 to 133,c.; Guatemala, prime,
17% to 17%c.; good, 15 to 153,c.; Bourbon, 13 to 133c.;
Hayti, Tre-la-main, 13 to 133'c.; Machine, 12% to 13c.;
San Domingo, washed, 153 to 153c. According to E.
Laneuville of Havre, the world's visible supply on June 1
1931 was 6,386,000 bags against 6,224,000 a month ago and
5,450,000 a year ago. The deliveries in the U. S. during
May were 1,212,000 bags against 956,000 last year. The
deliveries in Europe were 1,103,000 bags against 982,000
last year. Total deliveries for 11 months in the U. S. were
11,286,000 bags against 10,342,000 last year. Deliveries in
Europe, 10,605,000 against 10,481,000 last year; in Southern
ports 1,037,000 against 986,000 or a grand total of 22,928,000 against 21,809,000 last year. On June Brazilian
exchange had changed little over the holiday. Santos at the
hour of the New York opening was 1-32d. higher at 3 15-324.
and the dollar 148250, or 150 lower, as compared with
Friday's close, while Rio was unchanged at 3 7-16d. and the
dollar 10 higher at 138625. Rio receipts from June 1st to
15th will be restricted to 21,079 bags daily. Rio regulating
warehouse stocks including stocks in interior warehouses,
stations and wagons on May 15th were 989,000 bags. On
June 1 cost and freight offers from Brazil were somewhat
more numerous at prices unchanged to slightly higher.
Prompt shipment, Santos Bourbon 2-3s at 10c.; 3-4s at
9.65c.; 3-5s at 9.400.; 4-5s at 9.15e.; 6s at 8.45c. to 83c.;
7s at 8e.; 7-8s at 7.60 to 7.85c.; Part Bourbon 2-3s at 9.300.;
3-4s at 8.900.; 3-5s at 8% to 9.05c.; 4-5s at 8.45c.; Peaberry
4-55 at 8.60c.; 5-6s at 83c.
On June 1st, Rio Exchange on London advanced 1-32 to
3 17-32d.; dollar is 20 reis lower at 138980. On June 2, cost
and freight offers were unchanged or 15 to 35 points higher.
Prompt shipment included Santos Bourbon 2-3s at 10c.;
35 at 93%c.; 3-4s at 93, to 9.55c.; 3-5s at 93% to 9.55c.;
4-5s at 9.30 to 9.35c.; 58 at 9.05c.; 5-6s at 8.80 to 8.90c.;
Os at 83 to 9.05c.; 7s at 83%c.; 7-8s at 7.90 to 8.10c.; part
%
Bourbon 3-5s at 9.55 to 9.70c.; Peaberry 3-4s at 9.65c.;
4-5s at 9.20c. New York spot market was quiet at 93% to
93%c. for Santos 4s, and 63ij to 63%c. for Rio 7s. On June 2,
an official cabled: "National Coffee Council executive com.
mittee advises exporters co fee sales future shipment should
be declared immediately when effected giving quantity date
port shipment destination such declarations covering shipments six months ahead view safeguard exporters any change
export tax." On June 4, the only offers for prompt shipment
in Santos heard were of 3s at 9.60e.; 3-4s at 9.350.; 4s at
93c.; 5-6s at 9c.; and 6s at 8.70c.; Peaberry 5s at 8.95c.
For prompt shipment via Rio, Santos 4s were offered at
9c.; 4-5s at 8.65c. and 5s at 8.30c. June-July shipment
Bourbon 4s were here at 9c.; 6-7s at 83%c. and Peaberry
4s at 9c. There were no reported offers from Rio or Victoria.
On the 2nd inst. futures advanced 2 to 13 points with
total sales of 56,000 bags. Europe and Brazil started shorts
covering. In Brazil 40,000 bags were thrown into the sea
by representatives of the National Coffee Council. The
coffee was of low grade. It is to be paid for from the export
tax recently made effective. On June 2 Rio exchange was
1-16d. higher at the hour of the New York opening with
the dollar 280 lower at 138700. Santos was 1-16d. higher
at 3 9-164. and the dollar 150 lower at 138850. On the 3rd
inst. futures advanced 4 to 15 points, closing at a net rise
of 4to,9 points on Santos and 6lower to 2higher on Rio. The
early cables were higher. On June 3 London cabled that a
feature in the stock market there was a heavy slump of Sao
Paulo coffee loans on selling by the Continent. United Press
cabled from Rio de Janeiro: "Approximately $110,000,000
is required for interest and payment on Federal State and
Municipal foreign loans in Brazil this year, according to an
official report, and the amount on hand at present for this
purpose is approximately $50,000,000." On June 3 exchange
in Rio at the hour of the local opening was %id. higher at
3 23-324. and the dollar 440 lower at 13$260. Santos exchange 7-64d. higher and the dollar 500 lower at 138200.
Duuring & Zoon cabled their monthly statistics as follows:
Arrivals of all kinds in Europe during May, 1,132,000;
of which Brazilian, 598,000; deliveries of all kinds during
May, 1,088,000; of which Brazilian, 585,000. Stocks in
Europe June 1, 2,310,000. World's visible supply June 1,
6,394,000.
On June 3 irregularity on exchange discouraged offers
and takings were scarce. For prompt shipment Santos 4s
were quoted direct at 93 to 10.40c. and for shipment
via Rio at 9.15c. Direct shipment 3s were held at 10c. and
3-4s at 9%c. On the 4th inst. Rio futures here ended 4 to 9
points lower with sales of 33,750 bags. Santos ended 8 to
13 points off, with sales of 37,000 bags. A certain degree of
nervousness prevailed and was due to unconfirmed rumors'
that Senor Whittiker, Federal Minister of Finance in
Brazil, had resigned, and that censorship of private cables
was to be established. These rumors are here- given for
what they are worth. On the 4th prices declined owing to
the fall in Brazilian exchange and liquidation by trade
and Brazilian interests. Brazilian exchange at the hour
of the local opening was 3-32d. lower at Santos at 3 19-32.;
the dollar was 350 higher at 138750. The Brazilian terme
market closed at noon with A deliveries unchanged to 100
reis higher and B 50 to 275 higher. In Rio the spot price
was unchanged at 138285, while exchange after declining
%d. at the opening, rallied a little and after New York
opened was 3-32d. lower at 3 9-16d., with the dollar rate
at the same hour 138880, or 330 reis higher. On June 4
a special cable to the Exchange at one o'clock quoted Rio
exchange on London at 3 21-32d., an advance of 1-324.
and the dollar rate at 1:38450. To-day Santos futures closed
3 to 5 points higher with sales of 8,000 bags and Rio unchanged to 2 higher with sales of 8,000 bag. Final prices
show an advance for the week of 11 to 22 points.
to cffidal)prices closed as follows:
Ri unooffee
6 18
Spot
_
6.24§
212§nom.1Zeacie•Cnhber
July
September
6.06 nom. May
Santos coffeeprices closed as follows:
December
Spot
9;3
March
July
8.115 nom.
9.041nom. May
6.25
6.26
9.08§nom.
9.10 nom.
9.13 nom.
COCOA today ended 8 to 13 points higher. July closed
at 4.79c.; Sept., 4.94c.; Oct., 5c.; Dec., 5.10e. Final prices
are 23 to 24 points higher for the week.
.SUGAR.
-Spot raws were 1.25 to 3.25c. early in the week
with refined marked up 10 points to 4.45e. with a big business expected. Of spot raws, 16,600 tons Philippines sold
on the basis of 3.23 to 3.25c. for duty free, including some
-March, and 50,000 bags
-Feb.
-Jan.
at 3.41 to 3.48c. Dec.
of Porto Rico at 3.25c., June 15. Receipts at U. S. Atlantic
ports for the week were 51,662 tons against 30,792 in the
previous week and 48,899 in the same week last year; meltings 47,064 against 47,442 in previous week and 56,597 last
year; importers' stocks 156,145 against 153,969 in previous
week and 235,791 last year; refiners' stocks 162,813 against
160,391 in previous week and 275,162 last year; total stocks
318,95$ against 314,360 in previous week and 510,953 last
year. On the 1st inst. futures dropped 3 to 5 points on
selling attributed to Porto Rican and Philippine firms. The
trade and scattered interests were buyers. On June 1
London cabled: "Terminal market firm. Trade good.
Refined advanced 3d. Sales parcels raws nearby at 6s.
3d. c.i.f., equal to 1.20c. f.o.b. Cuba now buyers at 6s.
432s., equivalent to 1.223%c. f.o.b. with limited sellers at
6s. 6d. c.i.f., equal to 1.253%c. f.o.b." Another cable reports the sale of 500 tons for June shipment at 6s. 43/2d. c.i.f.
On June 1 London was steady over our holidays and at
opening advanced 2 to 13%d. compared with Friday's close.
Liverpool was id. to 13/2d. higher. Havana cabled: "Cuban
crop movement for the week ended May 30 was as follows:
Arnvalsz 23,460 tons; Exports, 45,298; Stock, 1,489,844.
Mills grinding, 5. The exports were distributed as follows:
New York, 3,776 tons;, Baltimore, 8,126; New Orleans,
4,240; Savannah, 3,809; Norfolk, 529; Miami, 59; Interior
U. S., 204; Canada, 499; United Kingdom, 20,451; France,
3,506; Belgium, 99." Sales last week in the London market
totaled 38,500 tons against 11,200 tons the preceding week.
On the 2nd inst. futures declined 4 to 6 points with Europe
selling and July liquidation was underway. It dropped from
1.21 to 1.15e. The total sales were 43,300 tons. Other sales
included 1,000 tons of Philippines in port, 4,500 tons due
June 17 at 3.23c. and 8,000 to 10,000 bags of Porto Rio:is
prompt shipment at 3.24e. Reports from Cuba say that in
addition to the 20,000 tons of Cuba sold by the National
Sugar Export Corp. during the past week 5,000 additional
tons have been sold to Europe at 1.21c. f.o.b. Cuba. On
June 2, London early was steady and unchanged. A small
,
business on June 1, at 6s.41 d.c.i.f., equal to 1.223%c.f.o.b.
and at 6s.53%d. c.i.f., equal to 1.24c.f.o.b. Cuba. The trade
was said to be hesitating. Germany's exports of beet sugar
4262
FINANCIAL CHRONICLE
[VOL. 132.
to European countries during March amounted to 12,100 DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO'
tons and to elsewhere during that month to 8,100 tons. A
Sat.
Mon. Tues.
Wed. Thurs.
Frt.
July delivery
7.47
7.65
Chicago, Associated Press dispatch said that candy weighing September delivery
7.62
7.82
8.00
_-7.57
7.77
7.77
7.92
8.10
1,335,617,903 pounds, was consumed in this country last October delivery
7.55
7.72
7.72
7.90
8.12
year. This was only 2% less than in the "prosperity year"
Season's High and When MadeSeason's Low and When Made
of 1929. The figures, made public at the annual convention July
9.45
Mar. 17 1931 July
7.27
May 29 1931
9.60
Mar. 17 1931 September
7.35
May 29 1931 .
of.the National Confectioners Association revealed that September
PORK steady, but quiet; Mess, $22; family, $24.50; fat
children accounted for 14.6% of the sales and that the average
amount eaten per person was 12.59 lbs. The Sugar Institute, bask, $17.50 to $18.50. Ribs cash, 8c.; Beef steady; Mess
Inc., said: "The total melt of 14 United States refiners up nominally unchanged; packet nominal; family $12.50 to
to and including the week ending May 23 1931: 1931, Jan. 1 $13.50; extra India mess nominal; No. 1 canned corned
to May 23, 1,580,000 long tons; 1930, Jan. 1 to May 24, beef, $2.75; No. 2, $5; six pounds, South America, $16.75;
1,890,000 long tons. Deliveries-1931. Jan. 1 to May 23, pickled tongues, $60 to $65. Cut meats steady, pickled
1,390,000 long tons; 1930, Jan. 1 to May 24, 1,675,000 hams, 10 to 16 lbs., 1334 to 143c.; pickled bellies, 6 to 12
4
long tons." On June 2 it -was stated that in addition to last lbs., 1334 to 163/Ic.; bellies, clear, dry salted, boxed, 18 to
week's rumored sales of 20,000 tons of raw sugar to Europe, 20 lbs., 93/I3.; 16 to 18 lbs., 9360. Butter, lower grades to
,
the Cuban Export Corp. had sold 5,000 tons for the same high scoring, 16 to 24%c. Cheese, flats, 12 to 23c.; daisies,
destination. The price on the last named quantity was 1334,to 19c.; Young American, 14 to 193/Ic.; Eggs, medium
1.22e. f.o.b. Cuba, or 5 points above that obtained in the to best, 153 to 21c.
larger transactions.
OILS.
-Linseed was in better demand. Larger quantities
On the 3rd inst. futures declined 2 to 3 points. Covering are being taken by the paint trade against contract specificaof hedges against actual sales to Europe checked the de- tions. New buying increased. Raw oil in carlots, cooperage
clines. The 'sales were 18,000 tons. Refined was 4.45e. basis was 8.443. while in tanks, 7.8e. was quoted. Cocoanut,
On June 3 London was steadier on the terminal market Manila coast tanks, 3% to 4c.; spot N. Y. tanks, 43/I to
after early weakness. There were sellers of raws at 6s. 43/Ie.; Corn, crude, tanks, f. o. b. mills 53/Ie.; Olive,
04(1. c. i. f. and of parcels at 6s. 33d. c. i. f. On June 2 a Den., 82 to 850.• China wood, N. Y. drums, carlots, spot,
cargo was sold at 6s. 33 d. for June and 6s. 43/Id. for July. 6%c.; tanks, 5Y;c.; Pacific Coast tanks, 53/Ie.; Soya Bean,
4
The trade was reported slow. Toronto wired June 2:"Yester- carlots, drums, 7.1c.; tanks, Edgewater, 6.5e.; domestic
day's budget no change in sugar sechedules but Government tank cars, f. o. b. Middle Western mills, 60.; edible, olive,
imposes excise tax of 1% on all imports. Sales tax increased 1.50 to 2.15c. Lard, prime, 123,/Ic.; extra strained winter,
to 4%, but sugar still exempt. Drawback granted native 830.; Cod, Newfoundland, 46c. Turpentine, 56 to 613/Ie.
/
wine manufacturers now limited to raw sugar produced in Rosin, $4.55 to $9.05. Cottonseed oil sales to-day including
British Empire or sugar refined in Canada from British switches, 11 contracts. Crude S. E., 6o. nominal. Prices
grown raws." On June 3 it was stated here that the average closed as follows:
price of refined sugar, net cash at New York, for the month Spot
October
6.75
6.756.83
June
6.80(87.05 November
6.50(86.83
of May 1931, was 4.292e. per pound, a decrease of .094c. July
7 05(87.10 December
6.51(86,80
from the previous month's average price. The May 1931 August
6.90(87.20 January
6.50(86.80
September
7.05(87.11
average is the lowest monthly average price for refined
sugar at New York since July 1914, when a monthly average
PETROLEUM.
-Crude oil prices in Oklahoma and
price of 4.204e. was recorded. . . . The average price Kansas were cut 25c. a barrel on the 1st inst. by the Standard
of raw sugar, cost and freight at New York, for the month Crude Oil Purchasing Co. The new price ranges from 250. a
of May 1931, was 1.18c., a decrease of .108e. from the April barrel for oil of below 29 gravity to a top price of 37c. for
1931 average. The May 1931 average is the lowest monthly 40 gravity and above. There is a differential upward per
average price for raw sugar at New York, since Sept. 1930, degree of gravity of lc. The reduction also applies to North
when the average price was 1.135e. On the 4th inst. futures Texas and North-Central Texas. The price schedule is the
ended unchanged to 2 points lower with sales of 24,100 tons. lowest for the area since July 1 1909. The cut was expected
July liquidation was a feature but the trade bought July by oil men generally. Diesel oil late in the week was out
and Dec. Most of the trading was in switches and the tone 100. by the Standard Oil Co. of New Jersey and is now
was a bit nervous. Rumors of some weakness in spot raws quoted at $1.55 at New York, Boston, Baltimore, Norfolk
did not help matters.
and Charleston. Grade C bunker fuel oil was lowered 10c.
On June 4, London early was steady but quiet, sellers of too, at San Juan, Panama Canal, Trinidad, Ponce, St.
raws for June shipment at 6s. 3d. c.i.f. Two cargoes were Thomas and Kingston. More than half of the oil operators
reported sold on June 3 at 6s. 23d. On June 3d 500 tons of in the Group 3 area may be forced to cease operations,
Cuban were sold to Liverpool at 6s. 3d. for July shipment while many are on the verge of bankruptcy because of the
aud this morning and additional 500 tons for June ship- recent price reductions in the East Texas and Mid-Continent
ment at 6s. 3d. Holland merchants are dissatisfied by the fields. The gasoline situation showed little change. United
long drawn out ending of the Cuban crop. There are States motor in tank cars was held at 534 to 69. at nearby
numerous reports throughout Holland and Germany that refineries and terminals. There was a fair jobbing demand.
Domestic heating oils were weak owing to the decline in
Cuban producers have exceeded the restriction figures.
Private cables report that exports of sugar from Java in crude oil. Kerosene was easier with 41-43 water white still
May were 59,000 tons against 110,000 in May last year. quoted at 53/Ic. tank cars at refineries.
Tables of prices
be
To-day London was dull, moderate offerings at 6s. 3d. c.i.f. our department ofusually appearing here will an found on an earlier page in
"Business Indications." in
article entitled "Petroleum
from prompt and 6s. 43id. for July shipment. Trade and Its Products."
very quiet. Rumors in London are that the Cuban quota
RUBBER on the 1st inst. declined 10 to 15 points on
for exports to destinations outside the United States is to be futures with cables lower and an unexpected increase in
increased. London opened quiet and unchanged to 34d. Malayan exports in May. No. 1 standard contract closed
higher; Liverpool opened steady and unchanged to 3'
2d. with July, 6.30 to 6.40c.; Sept., 6.50 to 6.550.; Dec., 6.72
higher. To-day futures closed 4 to 5 points higher'with 6.750.; sales 390 tons; old "A." June, 6.20 to 6.30c.; July,
sales of 48,450 tons. Final prices show a decline for the week 6.30 to 6.40c.; Sept., 6.50c.; sales 323/I tons. Outside prices:
however, of 1 to 2 points.
spot and June, 6 5-16 to 6%c.; July-Sept., 63/8 to 63/Io.;
Oct.
-Dec., 6% to 675
Prices were as follows:
/ On June 1 London opened 1-16d.
c.
Spot (unofficial)
1.25€0
1.38§nom. off, compared with Friday and at 2:40 p. m. was dull, Md.
January
July
lower June 3; July 3 1-16d.; August, 33/Id.; Sept., 3 3-16d.;
1.20 1.21 March
September
1.28
May
1.50 nom. Oct.
-Dec., 3304 Singapore closed 1-16d. lower compared
December
1.36 1.37
with Friday; June, 2 13-16d.; July-Sept., 2Yid.; Oct.
-Dee.,
LARD on the spot was higher; prime Western, 7.85 to 3d.; No. 3 Amber Crepe, 2 11-16d.; off 1-16d. In London
7.950.; Refined to Continent, 8c.; South American, 83c.; the stocks decreased for the week 407 tons to 85,332
tons.
Brazil, 9c. On the 1st inst. futures advanced 12 to 15 Liverpool's stocks decreased 174 tons to 53,668 tons. London
points in what looked good deal like a short market. Western closed on June 1 and 2 dull and lid. net lower; June,
3d.;
receipts were 110,000 against 147,000 last year. Exports July and August 3 1-16d.; Sept., 3 3-16d.; Oct.
-Dec.,
from New York last week were 3,950,000 lbs. aganist 3,842,- On the 2d inst. futures closed unchanged to 10 points 3Xd.
000 last week. Contract stocks of lard at Chicago as of Of the total of 44,281 tons exported from Malaya last lower.
month
June 1 were 36,137,000 lbs. and other grades 8,115,000 lbs. 31,014 tons were for United States,
.
29,021 tons
On May 1 the general stock of lard was 39,793,000 lbs. and shipped m
.
April and 33,010 tons in May 1930. Smaller
on June 1 last year,44,252,000 lbs. On the 2nd inst. futures quantities were exported in May to the United Kingdom and
advanced 17 to 20 points despite a decline in cotton and to Japan; larger totals were reported to all other countries.
stocks and irregulanty in grain. Also stocks of lard were Malaya also imports rubber chiefly from
colonies for
smaller than had been expected. Cash lard was strong. transhipment.Imports were10,479 tons in Dutch
May,against9,977
Prime Western was 8.05 to 8.15c.; Refined Continent, 83/Ic.; tons in April. About 70.1% of the May exports were
South America, 89/sc.; Brazil, 93/sc. On the 3rd inst. prices destined for United States ports, against approximately
ended unchanged to 5 points net lower. Cash interests were 67.5 during April. No. 1 standard contract on the 2d inst.
supposed to be selling. Prime Western, 8.05 to 8.15c.; closed with July,6.33 to 6.35c.; Dec., 6.69c.; March, 6.880.;
Refined Continent,8%c.;South America,89/80.; Brazil,9%c. sales 760 tons; old "A" July, 6.30 to 6.40c.; Sept., 6.40 to
On the 4th inst. futures advanced 15 to 23 points on the 6.500.; Dec., 6.60 to 6.70e.; sales 110 tons. Outside prices:
rise in grain and stocks. Western receipts were only 70,900 spot and June, 6 5-16 to 63/Ic.; July-Sept., 69/Ie. to 65gc.;
/
against 96,800 a year ago. Cash markets were up sharply. Oct.
-Dec., 63/I to 62 e.; spot first latex thick, 69/I to 63/Ic.;
M
Prime Western being 8.25 to 8.35e.; refined Continent, 8
thin pale latex, 634 to 7e.; clean thin brown No. 2, 63/I to
.
tc.;
to 8%e.;South America,8Y Brazil, 934o To-day futures 68/Ie.; rolled brown crepe, 6 to 63/Ic.; No. 2 amber, 63-s to
,
covering of shorts. Final prices I 69/Ic.; No. 3, 63/I to 63/Ic.; No. 4, 6 to 6 W Para, upriver
advanced 17 to 22 points on
tc.;
show a rise for the week of 65 points.
fine spot, 83/I to 85.4e.; coarse 6 to 63/Io.
JUNE 61931.]
FINANCIAL CHRONICLE
On.Tune-2,London closed dull and generally net unchanged
Oct.
-Dee. fell 1-16d.; June, 3d.• July and Aug., 3 1-16d.;
Sept. and Oct.
'
-Dec., 3 3-16d.; Jan.-Mareh, 33 d.; April%
June, 3%d. Singapore closed quiet and unchanged to
16d. decline; June, 23 d.; July-Sept., 2 13-16d.; Oct.
%
Dec., 3d.; No. 3 Amber Crepe, 25gd.; off 1-16d. Singapore
/
was closed on the 3rd. On the 3rd inst. prices were unchanged to 10 points lower with London unchanged, Singapore closed and spot rubber rather weaker. No. 1 standard
closed with July 6.33 to 6.35c.; Sept., 6.45 to 6.480.; Dec.,
6.66 to 6.700.; March, 6.87 to 6.90c.• sales 520 tons; old
"A" June, 6.10 to 6.20c.; July, 6.20 to 6.30e.; Sept , .40c.;
'
.
Dec.,6.60 to 6.70c.; sales 50 tons. Outside prices: gpot and
June, 6 5-16 to 6 7-16c.; July-Sept., 6 9-16 to 65gc.; Oct.
/
Dec., 6% to 6%c.; Jan.
-March 1932, 63 to 7c.; spot first
latex thick, 63' to 6 9-16c.; thin pale latex, 6 13-16 to 70.;
clean thin brown No.2,63.'c.; rolled brown crepe, 53/4 to 60.;
No. 2 amber, 634c.; No. 3, 634C.; No. 4, 63'c. On the 3rd
inst., London opened dull and unehnaged to 1-16d. lower,
and at 2:36 p.m. was dull, unchanged to 1-16d. decline;
June, 3d.; July, 3d.; Aug.,3 1-16d.• Sept., 3%d.; Oct.
-Dec.,
3 3-16d.; Jan.
-March, 3 5-16d. and April-June, 3 7-16d.;
Singapore closed steady, unchanged to 1-16d. off; June,
23 d.;July-Sept., 2X Oct.
%
id.;
-Dec., 3d.; No.3 amber crepe,
2%el. unchanged.
,
On the 4th inst. prices advanced 18 to 21 points with
sales of 360 tons of No. 1 standard and 15 of old A. Spot
markets were firm and 1-16 to He. higher. Sales of tires
were reported very satisfactory. No. 1 standard July ended
at 6.48c.; Dec. at 6.86 to 6.890.; March, 7.08c.; new A
July, 6.46c.; old A July, 6.40 to 6.50c.• Dec., 6.80 to 6.90c.
Outside prices spot and June, 6 7-16' 040.; July-Sept.,
to
6 9-16 to 6 11-100.• first latex thick, 6 7-16 to 658c. On
/
the 4th London closed steady and unchanged to 1-16d.
advance; June, 3d.; July, 3d.; .Aug., 3 1-16d.; Sept., nid.;
Oct.
-Dec., 33.id. The May automobile production in the
U. S. and Canada totaled 338,307 according to estimates
by National Automobile Chamber of Commerce. This
compares with 352,876 in April and 444,699 in May 1930.
Including the estimate for May, production in first five
months of the year was 1,388,727 against 1,195,669 in the like
period last year. To-day prices closed unchanged to 5
points higher on new A contracts unchanged to 10 lower on
old A, and 2 to 5 higher on standard No. 1, with sales of
12 lots of old A and 62 lots of standard No. 1. Final
prices show a decline for the week of 2 to 4 points on standard
No. 1 contract. To-day London opened unchanged to
1-16d. up and at 2:36 p. m. was quiet and unchanged;
June, 3 1-16d.; July, 3 1-16d.; Aug., 33/5d.; Sept., no bid,
offered at 33d.; Oct.
-Dec., 33d. Singapore closed 1-16d.
higher. June, 2 13-16d.; July-Sept., 2 15-16d.; Oct.
-Dec.,
3 1-16d.; No.3 amber crepe,2 11-16d., up 1-16d. Unofficial
estimate of stocks for the week ended June 6 shows 400 tons
decrease in London and 300 tons increase in Liverpool.
HIDES.
-On the 1st inst. prices declined 19 to 20 points
with sales of 720,000 lbs., closing with July, 9.20c.; Sept.,
9.90c.; Dec., 11.46 to 11.50c.; Jan. 11.80c.; March, 12.61
,
to 12.65c. In Chicago, 2,800 May
steers sold at
83c. advance of Vic. and 1,500 May heavy native steers
at 9c. In May the sales were over 600,000 packer hides,
mostly to tanners. May sales on the Exchange exceeded
those of April and were more than double those of May 1930.
In the Argentine, frigorifieo steer for the month showed a
net loss of %c. Recent business was slack; 12,000 Argentine steers sold at 103 to 10 11-16c., mostly to Europe.
%
The demand from the United States was small. City packer
were quiet. Common dry were in rather more demand;
also country hides. Common dry Orinocos, 113/2e.; Maracaibo, &c., 10c.; Packer native steers and butt brands, 9c.;
Colorados, 83/2c.; Chicago, light, native cows, 93c. On
the 2nd inst. prices advanced 4 to 5 points with sales of
1,920,000 lbs. Sept. ended at 9.95c.; Dec., 11.50c.; March,
12.65c.; May, 12.90 to 13.10c. Spot business was small or
moderate. On the 3rd inst. prices advanced 5 to 20 points
with sales of 2,240,000 lbs. Outside sales reported included
9,000 heavy native steers, May-June, 93c.; 12,000 branded
cows, April-May, 8c.• 2,000 Colorado steers,. May, 8%c.;
1,000 butt branded steers, May,930.; 2,500 frigorifico cows,
May,9 15-16c. Closing future prices here on the 3rd inst.;
July, 6.30c.; Sept., 10.050.; Dec., 11.55 to 11.65c.; March,
12.80c.; May, 13.25c.
On the 4th inst. futures closed 20 to 30 points higher
with sales of 2,760,000 lbs. Considerable switching developed
from Sept. to Dec. at a premium of 165 points and Dec. to
March at 115 points. July closed at 9.50c.; Sept. at 10.25c.;
Dec. at 11.85c.; March at 12.99c. and May at 13.35c.
Chicago sales were 18,200, May light native cows at 90.,
while 7,000 heavy Texas steers were moved at 93c. and
1,000 light Texas steers at 83c.; 2,000 branded cows at
83ic.; 1,000 Colorado steers at 9c., all May take-off. To-day
futures closed 5 to 15 points higher with sales of 129 lots.
Closing prices: July, 9.55c.; Sept., 10.3Q to 10.35e.; March,
13.05 to 13.10o. Final prices show an advance for the week
of 15 to 20 points.
-Berth rates fell. Later rates
OCEAN FREIGHTS.
declined.
CHARTERS included: Sugar: June, Cuba to United Kingdom.
Continent. 14s. 6d.; Santo Domingo to United Kingdom-Continent,
14s. 8d., June; Cuba, June, to United Kingdom-Continent, 14s. 9d. Cuba,
July 1-15, to Liverpool. 14s. Grain booked included from New York,
2ratiroNivvergl,16023'1'1W°'
s L
loads, Rotterdam, June,
3 ifotili
4 a
4263
London. spot, Is. 6d. and 2 loads Montreal, June, Hull, 2s. 6d. Coal:
Baltimore. June. to Genoa, Savona-Leghorn, $2.10; Hampton Roads to.
West Italy, July, $2.10. Tankers: Crude, June. Black Sea-Continent.
8s. 6d.; two trips United States Gulf
-French Atlantic. 98.; 3 to 5 months.
48. t3d.; Black Sea, June, Vladivostok, 16s. 9d. Trips: Prompt down
east coast South America. 70c.
TOBACCO meets with the usual routine demand
here. Hopkinsville, Ky., to the "United States Tobacco
Journal": Sales here of dark tobacco in the past week were
243,150 lbs., at an average of $5.30, making the total
sales for the season 23,655,650 lbs., averaging for the season
$7.28. At Springfield, Tenn., sales totaled 418,770 lbs.
for the week at an average of $11.36, making the total
sales for the season 25,095,585 lbs., at an average of $12.12.
Havana: The figures show that while 717 more bales were
exported during the first four months of this year as compared to the same period in 1930, there was a decrease of
5,421 barrels and 2,796 packs, with a drop in value of $2,560,645. Reported sales in our market this week were
3,524 bales, of which 2,282 were from the Santa Clara
Province and 1,242 from the Pinar del Rio district. Cuban
leaf crop, it is estimated, will be 550,000 bales, of which
remedies 350,000 bales, Vuelta Abajo 180,000, Partido
about 20,000.
COAL has been in moderate demand. On June 1 smokeless domestic was advanced 25 to 50c. at Chicago. The
low for lump is $2.50, egg from $2.50 to $2.75, stove, $2.25
to $2.50. Beckley products are at the upper tier. Slack
at 60e. to $1.10 has increased the determination to cut production to fit requirements of the market. Some Chicago
dealers are sold out. In May Hampton Roads dumpings
dropped below the halfway mark to 1,397,994 long tons
loaded on steamers. These loadings in the last three days
of May aggregated 103,806 long tons. Western Pennsylvania collieries estimated 4,000 to 5,000 men are on strike.
Scattered walkouts mark conditions in other and widely
separated territory. As 1,000 more Pennsylvania miners
walked out at the end of last week, 1,400 walked back at
Morgantown, W. Va. Washington County, Pa., is chiefly
concerned. Anthracite imported from the United States
into Canada is to pay a tariff of 40c., coke $1, bituminous
screenings, 75e.
COPPER was weak early in the week but later became
firmer at 83o. At one time however, small quantities were
available at 8e. Sales thus far for the week have been.
15,000 tons as against 25,000 in the preceding week. A
feature of the market is that most of the business was for
fourth quarter shipment. It is unusual for producers to
commit themselves so far ahead. The export price was
reduced to 8.525c. Export sales on the 4th inst. were
2,725 tons. In London on the 4th inst. spot standard
dropped 7s. 6d. to £34; futures off 8s. 9d. to £34 12s. 6d.;
sales 100 tons spot and 1,900 futures; electrolytic fell £1
to .£38 bid and £39 asked. At the second session in London
spot standard advanced 5s. and futures rose 6s. 3d. on sales
of 100 tons of futures. On the National Exchange here
sales were 7 lots of 175 tons; June closed at 6.95c. nominal;
July, 7c. bid; August, 7.15c. nominal; Sept., 7.22 to 7.300.;
Oct., 7.35c. nominal; Nov. 7.50c., traded; Dec., 7.550.
nominal, with 10 points higher for each succeeding month,
all nominal. To-day the market was dull 10 points lower
to 10 higher with July closing at 7.10c.; Sept., 7.35 to 7.40c.;
Nov., 7.55 to 7.60c.; Dec., 7.60c.; Jan., 7.65c.; March,
7.75c.
TIN was still quiet at 22.35c. for spot Straits. World tin
producers have finally announced their further restriction
plan by which 20,000 tons annually will be removed from
production. On the National Metal Exchange here the
closing was steady with prices unchanged for the nearby
positions, but 15 points lower for the later months. There
were no sales. In London on the 4th inst. spot standard
dropped 2s. 6d. to £100 5s.; futures unchanged at £102;
sales 50 tons spot and 350 futures; spot Straits fell 2s. 6d. to
£102; Eastern c.i.f. London ended at £103 15s. on sales of
425 tons. At the second London session spot standard
advanced 2s. 6d.; futures unchanged; sales 10 tons spot and
60 futures. Tin afloat was 6,075 tons; arrivals so far this
month: Atlantic ports, 100 tons; Pacific ports, 25 tons.
To-day sales were 55 tons with July closing at 22.50e.;
Aug., 22.55c., and Sept. at 22.65c.
LEAD of late has been unchanged at 3.75e. for New
York and 3.60c. East St. Louis. Demand was very quiet.
In London on the 4th inst. prices were unchanged at
£1.0 is. 6d. for spot and £10 15s. for futures; sales, 600
tons spot and 450 of futures. Low prices are causing further
curtailment of production. Wallace, Idaho, wired that
one mine shut down. Moreover, a group of lead men
met at Salt Lake City it was reported recently, to plan
further curtailment of production of both lead and zinc.
ZINC was quiet at 3.20c. East St. Louis for June and
July shipment. In London on the 4th inst. spot was unchanged at £9 13s. 9d.; futures up Is. 3d. to £10 6s. 3d.;
sales. 200 tons of spot and 500 of futures.
STEEL.
-Recent declines in prices it is remarked have
been smaller. For the most part prices are reported steady.
Indeed there are said to have been a few scattered advances.
Makers of hot-rolled strip are quoting, 1.55 to 1.65e., Pittsburgh or $1 per ton higher than recently. Cast iron car
wheels in scrap form have advanced it seems 81.25 in Chicago.
but this is concededly a specialty. Steel makers are however
in no hurry to fix prices for the third quarter. They rec-
ogpize from previous attempts to raise prices that it is one
thing to quote higher prices and another thing to get them.
PIG IRON has remained quiet and the output in May
fell off 43 the first reduction in production since last Dec.
The production for the month was 1,994,082 tons, against
2,019,529 tons in April, or 64,325 tons daily, against 67,317
tons in April. A net loss of eight furnaces was the result.
Connecticut bought 1,000 tons of malleable iron and in the
Boston territory 1,500 tons were sold to a textile machinery
manufacturer.
-Boston wired a government report on June 4
WOOL.
saying: "An increase in the demand for 58-60s and finer
Western grown wools is giving the market a stronger tone
than was noted either during last week or early this week.
Sales are largely moderate in volume, but they are more
frequent, owing to the increased number of buyers in the
market. Movement of 58-60s territory wool is fair at 55
to 58c. scoured basis, for graded strictly combing staple,
and at 53 to 55e. for French combing." Another Boston report said the trade there was beginning to broaden, with
quotations as follows: fine delaine, 24 to 25c.; M blood, 23
20c.; Territory clean basis, fine
blood, 210.;
to 24c.;
staple, 61 to 63c.; fine medium, French combing, 53 to 58c.;
blood, staple, 55 to
fine, medium clothing, 50 to 53c.;
58e.; Ms blood, 45 to 48c.; Yi blood staple, 40 to 43e.; Texas,
clean basis, fine 12 months, 57 to 60c.; fine 8 months, 53
to 56c.; fall, 50 to 53e.; Pulled, scoured basis, A super, 58
to 630.; B, 45 to 48c.; C, 40 to 45c.; Domestic mohair,
original Texas, 24 to 26c.; Australian clean bond, 64-70s
combing super, 47 to 48c.; 64-70s clothing, 42 to 44c. At
Liverpool on June 1 the East India wool auctions opened
today with a weak tone. Prices were from 10 to 15%
lower than current levels. The amount moved was not
reported.
At Melbourne on June 3 the selection was very poor
except for 900 bales of "Ambo" from the new Queensland
clip, which met with keen competition from Continental
and Japanese buyers at prices about equal to the last Brisbane sale. Otherwise the demand was disappointing. Today at the Wool Associates, Inc., here wool tops closed
as follows: September, 69.60c.; October, November and
December, 69.70c.; January and February, 69.800.; March,
April and May, 69.90c. At Roubaix wool tops to-day
closed unchanged to 10 points higher; July, 23.70c.; September, 23.6004 December and January, 23.50c. Antwerp
closed 3.1, to %c. higher; July, 203e; September, December
and January, 203/80. Boston top standard was 78e.
-day ended unchanged to 2 points higher; sales
SILK to
80 bales. Closing prices: July, 2.17 to 2.18e.; September,
2.16 to 2.170.; December, 2.15 to 2.170.; January, 2.16 to
2.17c. Final prices are 3 to 4 points lower than week ago.
COTTON
Friday Night, June 5 1931.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 20,902 bales, against 18,911 bales last week and
20,516 bales the previous week, making the total receipts
since Aug. 1 1930, 8,360,665 bales, against 8,040,765 bales
for the same period of 1929-30, showing an increase since
Aug. 1 1930 of 319,900 bales.
Fri.
Mon. Tues. Wed. Thurs.
Sat.
Receipts at 7
1
114
309
603
210
183
Galveston
Houston---Texas City
83 1,211
240
827
61
34
-3
40
__
24
__
Corpus Christi
77 3,816 5,213
1,123
-683 1,8i
New Orleans_ _ _ _
---486
_408
76
Mobile
-,,..,
....,,,,,.
-8§2
Pensacola
167
297
x
239
226
132
Savannah
138
47
96
70
____
218
Charleston
189
______
___
. ____
Lake Charles__
ii _ i
Wilmington
63
107
8
8
39
Norfolk
Baltimore
TotaL9 this week_ 1.307 2.427 3.553 1.266 4,974 7,375
Total.
1,420
---2,456
67
12,725
970
592
1,128
569
189
44
292
1930-1931.
Stock.
1929-1930.
This SinceAug This
Week. 1 1930. Week.
since Aug
1 1929.
1931.
1930.
1,420 1,392,730 5,258 1,739,792 499,780 216,758
Galveston
17,428
4,166
133 137,714
111.548
Texas City
2,456 2,826,388 6,086 2,606,590 888,077 641.313
Houston
7,273
56 387,233 33,186
67 573,484
Corpus Christi
15,119
25,064
Beaumont
12,725 1,415,887 16,256 1,648,420 656,288 431,201
New Orleans
Gulfport
14,254
970 591,871 2,871 404,891 250,698
Mobile
32,405
63,974
592
Pensacola
1,348
867
384
____
Jacksonville.493
70,209
8
1.i..2. 707,887 6,989 489,155 352,219
Savannah
7,094
____
49,050
____
Brunswick
42.817
569 291.857 3,657 219,500 151,730
Charleston
11,808
____
60.158
189
Lake Charles_ __ _
8,144
13.270
92,060
102
63.684
44
Wilmington
53,922
640 159.005 66,128
292 154,571
Norfolk
_
- --N'port News, &c_
54,034 226,828 214.201
770
1,175
--New York
6,361
3,706
2,104
20
6,187
____
Boston
1.083
1,540
32,704
_--24,645
450
Baltimore
5,213
5.201
753
---12
PhiLsdelphla
on 000 A Ian RS15 42888 8.040.765 3.161.856 1.723.353
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
3,947
13,180
10,158
3,643
1,420
5,258
7.811
223
7,831
7.198
2.456
6,086
13,133
13,299
17,765
4.816
16,256
12.725
4,070
1,161
1,181
3,923
970
2,871
11,176
8,671
2,096
1,336
1,128
6,989
Galveston___
Houston
New Orleans..
Mobile
Savannah.
Brunswick
Charleston.....
Wihnington...
Norfolk
N'port News.
Alf others.....
569
44
292
3.657
102
640
1,298
979
1,691
610
5,387
903
Total this wk_
20,902
42,838
24,368
37,809
56,037
47.642
6,836
1,689
1,988
1,336
199
1,099
555
189
1.017
2,043
1,315
2,574
Since Aug. I__ 8.360.665 8,040,765 8.913,478 8.130,640 12417155 9,270,395
The exports for the week ending this evening reach a total
of 86,265 bales, of which 17,096 were to Great Britain,
1,384 to France, 21,457 to Germany, 12,900 to Italy, nil
to Russia, 22,873 to Japan and China, and 10,555 to other
destinations. In the corresponding week last year total
exports were 52,353 bales. For the season to date aggregate
exports have been 6,264,872 bales, against 6,335,135 bales in
the same period of the previous season. Below are the
exports for the week:
Exported to
Week Ended
Japan&
June 51931.
GerGreat
Exportsfrom
- Britain. France. many. Italy. Russia. China. Other.
Galveston
Houston
11,126
Texas City
Corpus Christi
New Orleans..
2.182
Mobile
1,996
Pensacola
Savannah
755
Wilmington
_
Norfolk
904
Los Angeles._ _
89
San Francisco_._
44
Lake Charles...
---Total
17,096
Total 1930
Total 1929
4,580
8,336
3;eio
049
7,746
275
592
4,277
3.290
3,185
2,925
5,256
8,676
1,802
1:i65
3;Eao
3,801
4:65o
740
Total.
2,510 11,969
6,068 32,985
150 2,184
744
95
892 13,982
75 3,746
592
665 5,697
3,500
4,705
100 5,188
784
189
187
1,384 21,457 12,900
22,873 10,555 80,265
5,669
4,486
8,802 17,671 52,353
24 22,097 7,549 71,809
6,525 9,106
7,187 22,130
From
Exported toAug. 1 1930 to
Japan&
GerGreat
June5 1931.
Expos:81'ton-- Britain, France. many. Italy. Russia. China. Other.' Total.
,1,116,979
269.767 224,4881
209,651 99,283
466.419175.142 3,435 469,194 282.240,2.049.166
62.771
7,909 6,95
1,425
16,25
121.317 47.731 522,224
101,768 25,065
4.349 25,236
30
9,892
177,34 104.923 25.844 255.951 96.973 958,545
15,415 3,767 234,055
91,400 2,244
202 64.105
5,267
34,709 10.331 424,224
231,317 10,907
49,050
41,257 -11,344 192,581
-117.818
563 3,501
53,785
13,776 28,10.95,618
1,360 1,291
691
42,663
50
7.
2,719 5,970 22,490
2,764 1,765 -5,943
595 --------245 1,529
_
205
85
85
400 --- 198,546 14,227 254,130
24,375
14,987 3.595J
400
400
46,384 1,677 59,009
5
3,685
7,213
283 13,283
13,000
5,906 2,383 80,258
2,456 13,069 26,638 9,806
145.532 188,258
211,471 441,865
15.167 15,057
65.848160,495
4,631 0,06
202.00 95,509
113,789 7,440
13,221
/
134,93
2,1523
_
7,793
63.08
31
7,84
46,9
2.649
5
6,602
2,64
3,27 '300
205
Galveston---Houston
Texas City
Corpus Christi
Beaumont _
New Orleans.
Mobile
Pensacola_ _
Savannah_ _
Brunswick_ _
Charleston_
Wilmington _
Norfolk
Gulfport
New York
Boston
Baltimore
Philadelphia
Los Angeles...
San Diego__
San Francisco
Seattle
Lake Charles_
Total
1 062,904923,449 1,621,755461,373 29,279 1446282719,8306.264,872
Total '29-'30_ 1,239,316 810,0941,694,367643,518 78,040 1185017684.7836,335,135
Total '28-'29_ 1,812.500781.30811.864,49:642.390232.140 1424192 752,439 7,509,872
-It has never been our practice to Include In the above
-Exports to Canada.
NOTE.
table reports of cotton shipments to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and it Is Impossible to give returns
concerning the same from week to week, while reports from the customs districts on
hand. In view, however,
the Canadian border are always very slow In coming tomatter, we will say that
for
of the numerous Inquiries we are receiving regarding this
the month of April the exports to the Dominion the present season have been 18,224
corresponding month of the preceding season the exports were 16,399
bales. In the
bales. For the nine months ended April 30 1931 there were 173,157 bales exported.
as against 165,761 bales for the nine months ended April 30 1930.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
20,902
The following tab e shows the week's total receipts, the
total since Aug. 1 1930 and the stocks to-night, compared
with last year
Receipts to
June 5.
[VoL. 132.
FINANCIAL CHRONICLE
4264
June 5 at
Galveston
New Orleans
Savannah
Charleston- - _
Mobile
Norfolk
Other ports*....
Leaving
GerGreat
Britain. France. many.
Other
Foreign
2,500
448
3,000
1,335
8,800
7,218
2,000
200
4,000 26,000
1,000 17,300 482,480
220 11,020 645,268
200
200 352,019
52 151,678
52
438 250,260
65.928
200
1;6615 36,000 1,149,013
4,948 8,335 42,368
3,100 10,390 43,909
5.225 8.433 65,021
2,472 65,210 3,096,646
2,700 66,382 1,656,971
4,931 96,718 914.3457
2,000
1,799
"150
-2§g
3,000
Total 1931-- 7,087
Total 1930-- 6.283
Total 1929-- 13,108
•
•Estimated.
Coastwise.
Stock.
Total.
Speculation in cotton for future delivery has been more
active, and following the sharp advance in stocks, cotton
advanced in a few days $3 a bale. But this meant covering
of considerable of the short interest, a weakening of the
technical position, and to-day prices declined. On the 1st
inst. prices declined about 30 points, with the stock market
drooping, foreign markets depressed, the weather mostly
good, and liquidation and other selling heavy. Liverpool
was hit by a sharp break in Alexandria. The Egyptian is
estimated at 1,616,000 bales, of which it is said 55% to 60%
has been sold. Liverpool and the Continent sold heavily
here. Bombay is believed to have sold there freely in recent
JUNE]6 1931.]
FINANCIAL CHRONICLE
4265
mainly to two things, that is, the weakening
weeks. Wall Street was a free seller. Spot cotton was lower, owing
Tuesday of
The Continent and Bombay of the technical position after an advance since
lower. Worth Street was quiet.
weather
by the steady de- 60 points, and some reaction in stocks. Also good
were selling in Liverpool. Manchester's,
played some part. Profit-taking, after such a quick advance,
cldne in cotton, and the Bombay and Calcutta boycott, trade
features. Liverpool, New Orleans, the South
was disorganized. Egyptian cotton fell 24 points to 52 was one of the
2
1
/
and local traders sold. Worth Street was quiet and 38 points.
cloths had sold down,it seems, to 4%c. Spot
On the 2nd inst. prices declined 15 to 20 points, owing to a inch 64x60 print
off 20 points. Houston reported a fair demand
lower stock market, weak cables, good weather, and renewed markets were light. The spot basis was firm. Manchester
offerings
liquidation, home and foreign. The Cotton Exchange re- and
more inquiry from India, Egypt, and South
ports show that the decrease in the sales of fertilizers this reported a little weekly statistics were considered more or
season, from December to May, is fully 30%. Texas advices America. The
in the matter of the decrease in the world's
in some cases say the reduction in the acreage in that State less bullish
American cotton, and also to some extent
12%. Clemson College, South Carolina, reports visible supply of
will be about
takings. But one unsatisfactory feature
fields in nine counties of that State there was as regards spinners'
that in 60
public trading in cotton. Outsiders
in all but one, i.e., 860 weevil per acre, Is the lack of outside it, but, it is believed, will not take
weevil infestation
which, it is declared, may are said to be watching
with an average of 187 per acre,
market makes a further sharp advance and
yet mean something serious. High weevil infestation is hold unless the
holds it, and stocks do the same thing. Final prices show a
reported in parts of Georgia. College Station, in Texas,
week of 13 to 16 points. Spot cotton
has unfavorable weevil reports. Europe bought a little net decline for the
ended at 8.60c. for middling, a net drop of 15 points.
for the first time in a long while. The trade and the co-opPremiums
Staple
eratives bought. The technical position is considered bull- 60% of average of
Differences between grades established
gig markets quoting
ifih. A rally was considered due or overdue.
for delivery on contract June 11 1931.
for deliveries on
The Cotton Exchange Service said: "The weekly statisJune 11 1931.
Figured from the June 4 1931 average
tics on movement and stocks of American cotton have told
quotations of the ten markets designated
15-16 1-inch &
a more cheerful story in recent weeks than they did earlier
longer.
Inch.
by the Secretary of Agriculture.
in the season. Forwardings to mills of the world have been
14
4 on DLitt.
White
Middling Fair
.54
.25
do
subnormal, as measured by forwardings in good years, but
Strict Good Middling_
.25
.54
do
.52
do
Good Middling
.25
those at this time last
.54
they have been running well above
do
.81
do
Strict Middling
.25
.54
Basis
do
year. Exports, likewise have been running larger than those
Middling
.54
.25
.50 off Mid.
do
Strict Low Middling
.23
.44
in corresponding weeks last season, and the total exports
do
1.01
do
Low Middling
.22
.42
do
1.76
do
for the season to date are nearly equal to those to the same
*Strict Good Ordinary
do
2.37
do
Ordinary
*Good
date last season. Furthermore, the visible supply has been
52 on do
Extra White
Good Middling
do
81
do do
declining in recent weeks faster than at this time last
Strict Middling
Even
do
do do
Midd'ing
season. The average weekly movement into sight during the
.30 off do
Strict Low Middling-- do do
1.01
do do
past four weeks has been 74,000 bales compared with 89,000
Low Middling
.24 on r
o
Spotted
.26
Good middling
.54
in the same period last season and 86,000 two seasons ago.
do
Even
do
.25
Strict Middling
.54
50 off do
do
The total movement into sight during the season to date is
Middling
.44
.23
1.01
do
*Strict Low Middling- do
12,789,000 bales against 13,644,000 to this date last season
do
1 76
do
*Low Middling
do
Even
-Yellow Tinged
and 14,228,000 two seasons ago. The amount of cotton now
.23
Strict Good Middling
.42
.47
do
do do
Good Middling
.42
.23
left available to come into sight is 2,348,000 bales compared
do
.72
do do
Strict Middling
.23
.42
1.20
do
do do
with 1,659,000 a year ago and 949,000 two years ago. The
*Middling
do
1 75
*Strict Low Middling... do do
forwardings to mills of the world in the
average weekly
2.40
do
do do
*Low Middling
last four weeks have •been 207,000 bales, compared with
Light Yellow Stalned_1.00 off do
Good Middling
.42
.22
do
1.50
do
do do
*Strict hilddling
179,000 in the same week last season and 266,000 two seado
1.95
do
do do
*Middling
1.25 off do
sons ago. Total forwardings during the season to date are
Yellow Stained
Good Middling
.42
.22
do
1.75
do do
*Strict Middling
9,539,000 bales compared with 11,617.000 to this date last
do
2.40
do do
*Middling
.65 off do
season and 13,404,000 two seasons ago. The balance now
Gray
Good Middling
.23
43
do
.90
do
.23
Strict Middling
42
left available for forwardings is 8,029,930 bales, compared
do
1.15
do
*Middling
1 25 off do
Blue Stained
with 5,527,000 a year ago and 4,203,000 two years ago."
*Good Middling
do
1.70
do do
*Strict Middling
On the 3rd inst. prices advanced 30 points as stocks addo
2.35
do do
*Middling
vanced, shorts covered, and the trade bought. In some re*Not deliverable on future contrapts
spects the weekly report was not so favorable as had been
The official quotations for middling upland cotton in the
banks reduced their marginal require- New York market each day for the past week has been:
expected. Leading
Sat. Mon. Tues. Wed. Thurs. Fri.
Wall Street bought. Russia was
May 30 to June 5-ments from 25 to 20%.
8.60
8.80
8.60
8.35
Hot. 8.55
said to be trying to buy 250,000 bales of long-term credits. Middling upland
-The highest, lowest and closing prices at
FUTURES.
The summary of the weekly report said: "While the warmer
week have been as follows:
weather was helpful for cotton, it continued cool during New York for the rest
most of the week over considerable areas and growth is
Monday, Tuesday, Wednesday, Thursday, Friday.
Saturday.
June 4.
June 3.
June 5.
June 2.
June 1.
May 30.
rather generally slow. Most of the Eastern belt had very
little rain and only light to moderate showers were the June
Range__
rule west of the Mississippi River. The temperatures aver8.46Closing_
8.38- 8.19- 8.46- 8.64
aged near normal except in Texas, where coolness persisted. July
8.40- 8.61 8.27- 8.42 8.27- 8.59 8.49- 8.79 8.54- 8.81
Range__
In Texas, the condition and progress of cotton average fair,
Closing_
8.47- 8.49 8.28- 8.30 8.55- 8.56 8.73- 8.75 8.55- 8.5f
with fields mostly clean and planting about completed, ex- August
- 8.36- 8.39 8.42
Range__
cept in the Northwest. In Oklahoma late planted fields
8.68 8.86
-Closing_
8.58- 8.36- 8.67
show fair to good germination with some still being seeded Septemberand Western portions. Growth was
in the North Central
Range__
8.98- 8.81 8.69- 8.50- 8.79
Closing..
very good in most of Arkansas and Louisiana, but was October
fairly good in parts of
8.75- 8.94 8.62- 8.76 8.62- 8.95 8.85- 9.15 8.90- 9.11
Range__
rather slow in Tennessee; it was
8.80- 8.81 8.65- 8.67 8.91- 8.93 9.11- 9.12 8.90Closing_
Mississippi, and some improvement was reported from Ala- November
Range_ HOLI
bama. Replanted cotton in northern Georgia is not germi9.23- 9.01 8.91- 8.76- 9.02
DAY
Closing_
nating well because of dryness, and progress is generally December
8.96- 9.13 8.85- 8.99 8.85- 9.17 9.08- 9.38 9.13- 9.41
Range_
slow In that State, but early plants are showing squares in
9.02- 9.03 8.87- 8.88 9.13- 9.15 9.35- 9.13- 9.14
Closing..
Florida. Growth was fairly good in the northeastern portion January
9.09- 9.25 8.97- 9.11 8.97- 9.26 9.20- 9.50 9.25- 9.54
Range__
of the belt."
9.15- 8.99- 9.26- 9.46- 9.25Closing_
On the 4th inst. prices advanced about 25 points owing to February3215
Range_
a sharp rise in stocks, higher Liverpool cables than due,
9.26 - 9.08- 9.34- 9.55- 9.34 Closing
and heavy covering in a short market. Wall Street, local March
operators, New Orleans, Liverpool, and spot houses bought.
9.28- 9.44 9.16- 9.29'9.15- 9.43 9.39- 9.68 9 43- 9.71
Range.
9.37- 9.17- 9.19 9.43- 9.64- 9.43 9.4
Closing
The weather was favorable, but Wall Street and technical April
factors dominated the market. Texas had temperatures of
Range_
9.45 ---- 9.25 ---- 9.51 ---- 9.72 ---- 9.53 Closing
100 to 102 degrees. But the nights are still cool. And the May
cloudy or showery weather. Fair weather
forecast was for
9.50- 9.64 9.34- 9.46 9.31- 9.59 9.55- 9.81 9.63- 9.81
Range_
A 33- 9.34- 9.35 9.59- 9.81- 9.63Clnaincr
and warmer nights are desirable. Alexandria advanced 42
Range of future prices at New York for week ending
to 66 points, and Egyptian in Liverpool some 40 to 50 American points. Bombay also rose. Spot cotton advanced 20 to June 5 1931 and since trading began on each option:
30 points, and the basis was firm, with rather more demand.
Range Since Beginning of Option.
Range for Week.
Montgomery, Alabama, reported that although stocks in the Option for
892 May 19 1931 15.00 June 2 1930
Interior warehouses and compresses have been reduced to May 1931
10.10 Apr. 28 1931 10.76 Jan. 23 1931
1931
some extent, they remain heavy, but offerings on the recent June 1931- 8.27 June 2 8.81 June 5 8.27 June 2 1931 13.82 Aug. 7 1930
July
2
small at an advanced basis. Shippers are having Aug. 1931- 8.36 June 2 8.42 June 3 8.36 June 22 1931 12.15 Oct. 28 1930
declin were
1931 12.57 Oct. 28 1920
9.59 May
an unusually good demand for this season of the year, but Sept.1931
Oct. 1931-- 8.62 June 2 9.19 June 5 8.62 June 2 1931 12.31 Nov. 13 1930
9.75 May 21 1931 9.75 May 21 1931
nearby shipment. Manchester reported a better Nov. 1931
mostly for
June 2 9.41 June 5 8.85 June 2 1931 12.32 Feb. 25 1931
Dec.
inquiry. Worth Street was more active. Most of the ad- Jan. 1931._ 8.85 June 2 9.54 June 5 8.97 June 2 1931 12.42 Feb. 25 1931
1932._ 8.97
Feb. 1932.
vance at the Exchange was held at the close.
9.15 June 3 9.73 June 5 9.15 June 3 1931 11.59 Apr. 6 1931
Mar.
To-day cotton was irregular, alternately advancing and April 1932._
1932..
declining, but winding up for the day 18 to 22 points net May 1932_ 9.31 June 3 9.88 June 5 9.31 Jone 3 1931 9.88 June 5 1931
4266
[Vol,. 132.
FINANCIAL CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made receipts at all towns have been 112 bales less than the same
up by cable and telegraph, is as follows. Foreign stocks as week last year.
well as afloat are this week's returns, and consequently
NEW YORK QUOTATIONS FOR 32 YEARS:
all foreign figures are brought down to Thursday evening.
The quotations for middling upland at New York on
But to make the total the complete figures for to-night
the United States, June 5 for each of the past 32 years have been as follows:
7riday) we add the item of exports from'
9.75c. 1907
12.90c.
1931
8.60c. 1923
28.45c. 1915
including in it the exports of Friday only.
11.25c.
13.65c. 1906
1930
16.00c. 1922
20.75c. 1914
June 5Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
took at Hamburg
took at Bremen
took at Ha-eve
tock at Rotterdam
tock at Barcelona
tock at Genoa
tock at Ghent
tock at Antwerp
Total Continental stocks
1931.
bales 850,000
215,000
1,065,000
448,000
335,000
13,000
114.000
57,000
967,000
1930.
739,000
128,000
1928.
813,000
1929.
911,000
109,000
94.000
867,000 1,020,000
907,000
376,000
198,000
12,000
62,000
40.000
437,000
231,000
14.000
112,000
34,000
380,000
242,000
15.000
89.000
54.000
780.000
828,000
688.000
Total European stocks
2,032,000 1,647,000 1,708,000 1,735,000
India cotton afloat for Europe_
108,000 184,000 146,000 142.000
American cotton afloat for Europe. 159,000
91.000 173.000 345.000
96,000
Egypt,Brazil,&c..afloatforEurope 75,000
82.000 106.000
Stock in Alexandria, Egypt
636,000 521,000 333,000 324,000
Stock in Bombay, India
946,000 1,256,000 1,178.000 1,221.000
Stock in U. S. ports
3,161,856 1,723,3531,011.075 1,135,702
Stock in U. S. interior towns
1,009,231 740,002 381,208 523,060
141
U. S. exports to-day
761
10,520
Total visible supply
8,137,607 6,245,116 5,036,424 5.521.762
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
419,000 302,000 555,000 587,000
66,000
72,000
58,000
Manchester stock
91,000
Continental stock
873,000 683,000 607,000 734,000
American afloat for Europe
91.000 173,000 345,000
159,000
U. S. port stocks
3,161,856 1,723,353 1,011,075 1,135,702
U. S. interior stocks
1,009,231 740,002 381,208 523,060
141
761
U. S. exports to-day
10,520
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, Sze
Total American
5.723,607 3,598.116 2,799,424 3,390,762
431,000
1929
1928
1927
1926
1925
1924
437,000
356,000
226,000
28,090
37,000
70,000
124,000
94,000
81.000
97,000
94.000
108,000 184,000 146,000 142.000
96,000
82.000 106,000
75.000
636,000 521,000 333,000 324.000
946,000 1,256,000 1,178,000 1,221,000
2,414,000 2,647,000 2,237,000 2,131,000
5,723,607 3,598,116 2,799.424 3,390,762
Total visible supply
8337,607 6,245,116 5,036,424 5,521,762
10.27d. 11.45d.
8.34d.
Middling uplands, Liverpool
4.78d.
21.05c.
18.95c.
15.850.
8.60c.
Middling uplands, New York_ _
14.05d. 18.20d. 22.70d.
Egypt, good Salad, Liverpool___ 8.85(1.
14.50d. 14.00d.
Peurvian, rough good. Liverpool8.65d. 10.05d.
6.00d.
Broach, fine, Liverpool
4.10d.
9.80d. 10.954.
7.35d.
4.75d.
Tinnevelly, good, Liverpool
18.95c.
21.15c.
16.75c.
18.70c.
24.70c.
29.55c.
12.65c.
40.00c.
31.40c.
29.90c.
22.70c.
12.75c.
1921
1920
1919
1918
1917
1916
11.90c.
11.45c.
15.90c.
14.90c.
11.50c.
11.40c.
1913
1912
1911
1910
1909
1908
8.40c.
11.75c.
11.50c.
9.250.
8.250.
8.88c.
1905
1904
1903
1902
1901
1900
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday__ _
Monday ___
Tuesday
Wednesday_
Thursday _ _
Friday
Futures.
Market
Closed.
SALES.
Total.
Spot. Contr't
HOLT DAY
Quiet, 20 pts. dec.... Steady
Quiet, 20 pts. dec.... Barely steady_ _
Steady, 25 pts. adv.. Firm
Steady, 20 pts. adv- Steady
Quiet, 20 pts. dee -- Barely Steady__
550
550
1,150
1,150
___ 1,700
1,700
44,230 546,000590,230
Total_
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1929-30--1930-31---Since
, Since
Week. Aug. 1.
Week. Aug. 1.
3,458 310,308
2,960 242,728
844
55,284
67,505
275
1,602__
3,707
_
32,498
27g
.
17,689
178
3,770 222,882
3.450 165,043
7,136 603,437
9,572 540,624
June 5ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
15,483 1.240,337
16,435 1,023,030
Total gross overland
Deduct Shipments
32,019
450
Overland to N
.Y., Boston, &c.... _
13,943
316
Between interior towns
7,239 287,329
Inland, &c.,from South
790
424
3,621
94,577
17,567
410,679
8,005
333,291
4,865
522,823
8,430
Total to be deducted
Leaving total net overland*
689,739
10,618
717,514
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 8,430 bales, against 10,618 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 27,775 bales.
------1929-30- -Continental imports for past week have been 69,000 bales.
-1930-31
Since
In Sight and Spinners'
Since
decrease from last
The above figures for 1931 show a
Aug. 1.
Week.
Aug. I.
Week.
bales over 1930, Receipts atTakings. June 1
week of 208,651 bales, a gain of 1,892,491
42.838 8,040,765
ports to
20,902 8,360,665
717,514
an increase of 3,101,183 bales over 1929 and a gain of Net overland to June 5
689.73910,618
8,430
Southern consumption to June 5.. _102,000 3,818,000 105,000 4,630,000
2,615,845 bales over 1928.
Total marketed
131,332 12,868,404 158,456 13,388,279
-that is, Interior stocks in excess
530,408
485,602 *38,470
*28,368
AT THE INTERIOR TOWNS the movement
of Southern mill takings
the receipts for the week and since Aug. 1, the shipments for Excess consumption to May 1_ _ ---- 225,393
584,690
over
the week and the stocks to-night, and the same items for the
119,986
Came into sight during week__ _102,964
corresponding period of the previous year, is set out in
Total in sight
- 13,579,399
14,503,377
detail below:
North. spinn's's takings to June 5 16,389
Movement to June 5 1931.
Towns.
Movement to June 8 1930.
Ship- Stocks
Receipts.
ments. June
Week. i Season. Week.
5,
Receipts.
Ship- Stocks
ments. June
6.
Week. I Season. Week.
Ala., Birm'ham
306' 101,367
344 33,930
Eufaula
113 9,016
7 28,725
Montgomery.
109 70,815 1,350 54,910
Selma
i01 100,045
992 38,341
570 14,916
Ark.,Blytheville
----I 76,808
Forest City
15,753
186 3.208
ii 41,761
Helena
140 11,247
Hope
-- -- 32,529
43
481
2 26,418
29 1,499
Jonesboro_
Little Rock
171 102,046 1,299 22,360
5 27,964
51 2,993
Newport_ _
153 87,857 1,213 11,223
Pine Bluff_ _ _
23,998
Walnut Ridge
---31 1,739
____
7,404
Ga., Albany
____ 3,733
Athens
10 45,207
450 24,796
2,615, 229,174 3.557169,423
Atlanta
1,88 333.939 3,788; 89,314
Augusta
Columbus-------I 49.631
5001 6,200
Macon
339' 28,882
93,128
8
Rome
4001 9,402
----I 20,886
La., Shreveport
446 108,132
3651 60,962
Alias., C1'ksdale
53 113,019 1,4811 19,639
12 26,769
Columbus......
4 5,516
47 138,175 2,19 30,069
Greenwood..21 68,27.
Meridian_ __ _
2451 21,234
59 12,70
Natchez
2971 5,781
---- 35,0137
551 8,225
Vicksburg
Yazoo City
--- 32,892
7201 6,039
110., St. Louis_ 2.960 234,811 2,960 6,085
13.C.,Greensb'o 1,651 51,873
675 37,066
)klahorna15 towns*_....
137 533,018
863 27.942
3.0., Greenville 1,151142,295 2,571 46,064
renn.,Memphts 8.4321,344,540 20,004185.387
124
96 27.19
texas. Abilene_
96
12 24,88
319
Austin
36
Brenham
7 19,471
119 4,088
73 145,447
331 7.156
Dallas
464
63,558 ____
Paris
____ 9,467
Robstown_
---- 54.783
San Antonio_
131 27,931
59 3,026
1 34,671
254 2,875
Texarkana
52 61,728
93 4,120
Waco
383
121
40
4
151
83
451
95
6
251
____
229
____
____
112
658
1,494
32
374
20
82
2
36
51
168
69
1
2
3,466
152
111,539
19.978
62,705
72,701
127,895
30,943
61,745
56,571
39,770
128,525
51,397
188,992
55,900
8,482
43,222
176,073
313,088
25,609
77,475
23,376
145,937
192,496
29,118
232,746
53,309
25,673
33,166
41,807
309,976
21,965
590
193
665
931
1,729
351
518
133
._-1,105
135
2,116
20
____
9051
3,683
1,368
100
718
500
1,0131
9251
590
2,189
241
44
195
128
3,458
409
7,943
5,018
19,705
16,198
15,619
6,535
10,003
861
1.686
11,010
1,282
17,795
3,163
2,494
15,483
55,182
58,866
1,480
8,998
13,916
43,372
19.579
4,727
47,819
4,336
3,537
5,698
5,562
8,797
8,522
1,053 751,173 1,839 35.284
1,902 186,055 6,253 33,051
8,1211,941.700 22,054216,898
298
541
27 28,984
628
33;
10 11,487
52 11,2432,641
3841 13.066
1,058 116,660
179 1,823
99 75,691
706
4
1 32,703
854
____
---- 23.978
382 2,924
47 60,977
124 6,743
136 106,382
total_ M teem 20.8894 R12 045 4R5121600231 20.6816.107.212 56.477740,002
•Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have
decreased during the week 28,368 bales and are to-night
209,229 bales more than at the same time last year. The
996,076
11.318
1,129,270
*Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1113.968 1929
96,966 1928
126,700 1927
Week1929
-June 10
1928
-June 10
1927
-June 11
Bales.
15,243,480
13,725,948
18,716,341
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
June 5.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _ -
Saturday. Monday. Tuesday. Wed'datt. Thursd'y. Friday,
Holiday
8.50
7.80
8.28
Holiday
Holiday
8.25
7.80
Holiday
Holiday
Holiday
Holiday
8.55
8.27
7.65
8.03
8.38
8.65
8.00
7.55
8.35
7.50
7.75
7.75
8.35
8.07
7.45
7.84
8.19
8.45
7.81
7.40
8.25
7.28
7.55
7.55
8.60
Holiday
7.75
Holiday
8.38
8.35
8.06
7.65
Holiday
7,56
7.80
7.80
8.80
8.52
7.95
8.28
8.56
8.50
8.25
7.95
8.70
7.75
8.00
8.00
8.60
8.29
7.75
8.10
8.38
8.70
8.06
7.75
8.50
7.55
7.80
7.80
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday.
May 30.
tune
MI5
,
tugust
3eptember
3ctober
govember
December_
Tammy
February _
%larch
,
turn
%/ay
rune
Tone
;pot
Intinna
Monday,
June 1.
Tuesday, Wednesday, Thursday,
June 2.
June 3.
June 4.
8.67- 8.52- 8.53 8.32-
8.77- 8.79 8.52- 8.54
-
9.00- 8.84- 8.85 8.65- 8.67
9.20- 9.22 9.05- 9.06 8.859.32- 9.16 bid 8.96 bid
9.55 ---- 9.39- 9.40 9.19-
Friday,
June 5.
9.11- 9.13 8.87- 8.88
HOLI
DAY
935- 9.10- 9.11
9.45 ---- 9.20 Bid.
9.65 ---- 9.44 ---9.80
bid 9.59 Bid,
Steady
Quiet
Steady
Steady
Quiet.
A+atvl v
Woosl17
14.on el v
gita.S.fiV
lawrnly se,
4267
FINANCIAL CHRONICLE
JUNE 6 1931.]
some replanting will have to be done, but the most of the acreage will
have a good stand and be in good condition when It comes up. Showers
this week will bring up practically all of the cotton that has been planted.
We need a good soaking rain.
President, Philip B.Weld; Vice-President, William S. Dowdell; Treasurer,
T. Lurelle Guild. Managers: Eric Allot, Herman B. Baruch, John 0.
NORTH TEXAS.
Botts, Lamar L. Fleming, Harry L. Goss, Clayton B. Jones, Kenneth G.
Judson, Frank J. Knell, Elwood P. McEnany, John H. McFadden, Jr.,
-Weather of past week more favorable for
Forney (Kaufman Co.).
Pflieger, Clayton E. Rich, Simon J. Shlenker
Gardiner H. Miller, Paul
complaint of cutand George R. Siedenburg. Trustee of the Gratuity Fund, to serve for cotton. Rain of no damage but not needed. Some
three years, George M. Shutt. Inspectors of election: William 0. Bailey, worm or similar worm eating cotton. Fields in fair state of cultivation.
William A. Boger and J. Victor di Zerega.
All planted. 96% up to stand. 20% chopped.
more favorable, and
-Weather past
Gainesville (Cooke Co.).
ELLIOTT WHITE SPRINGS ELECTED MEMBER crop is making satisfactory progress back to aweek of normalcy in growth
state
-Elliott White and cultivation. Planting about completed and chopping begun.
OF NEW YORK COTTON EXCHANGE.
Springs of Fort Mill, S. C., was elected to membership in
-The past week has been favorable; it permitted
Paris (Lamar Co.).
the New York Cotton Exchange on June 4.
completion of planting and the working out of a goodly portion of the
cotton, however only about 20% of the cotton has been chopped, some
WEATHER REPORTS BY TELEGRAPH.
-Reports to delaying chopping on account of rather high winds, dry top soil, and the
us by telegraph this evening indicate that although the early possibility of stand injury by "woolly worms," though as yet the worms
part of the week was somewhat too cool in many sections of have done no material injury. I estimate planting completed, 90%
above ground, stands fair, 20% cotton chopped, land generally well
the cotton belt, temperatures the latter part of the week cultivated. Last night and this morning we have had a nice rain, which
have been considerably higher. There have been light to was much needed to moisten the top soil, which should hurry growth,
of
moderate showers in many localities. Growth of cotton has which is desirable for we are about two weeks latehasnormal.
taken place in the
-Much improvement
Sherman (Grayson Co.).
been slow as a rule.
cotton conditions the past ten days, the fields have been cleaned, fully
-The condition and progress of cotton in this State 80% having been chopped out and plowed. The past week has been
Texas.
much
averages fair. Fields are clean and planting is about com- slowlywarmer and we received a much needed rain Friday night that fell
and soaked in the ground. Other than the crop's being about
plete except in the northwest portion of this State.
two weeks late the conditions are good.
-Weather past week more favorable. Rain
Terrell (Kaufman Co.).
Mobile, .Ala.
-The weather has been warm and dry, which
Saturday beneficial. Late planting crop about two weeks late, need
has been favorable for the growth of cotton.
warm dry weather.
Memphis, Tenn.
-The condition:of cotton is fair. Chop-The past week ideal for cultivation and deTexarkana (Bowie Co.).
velopment of cotton. Showers the coming week would be beneficial.
ping is active.
-Fair weather first part and rain latter
Thermometer
- Wills Point (Van Zandt Co.).
Rain. Rainfall.
high 81 low 71 mean 76 part of past week makes conditions more favorable. Practically all
Galveston, Texas
dry
Abilene, Texas
2 days 0.61 in. high 92 low 52 mean 72 cotton planted with fair to good stands. About 10% chopped. Lots of
Brenham,Texas
2 days 0.12 in. high 88 low 58 mean 73 grass and weeds and there is lots of work ahead to keep the fields clean.
high 86 low 66 mean 78
Brownsville, Texas
dry
Corpus Christi, Texas
2 days 0.08 in. high 86 low 66 mean 76 Of course, there is no money, but I look for this crop to be worked as
weys ls th
Dallas, Texas
2 days 1.02 in. high 88 low 58 mean 73 dall aate e high priced crops in past years. The crop is ten to fifteen
.
high 92 low 52 mean 72
dry
Henrietta, Texas
2 days 1.28 in. high 82 low 46 mean 64
Kerrville, Texas
CENTRAL TEXAS.
2 days 0.28 in. high 92 low 50 mean 71
Lampasas, Texas
1 day 0,08 In. high 92 low 50 mean 71
Longview, Texas
-Condition past week much improved. Plant
Cameron (Milam Co.).
2 days 0.40 in. high 90 low 56 mean 73 small but beginning lo grow. Had showers that will be beneficial.
Luling, Texas
I day 0.26 in. high 84 low 54 mean 69
Nacogdoches. Texas
2 days 0.06 in. high 86 low 60 mean 73 About 40% chopped.
Palestine, Texas
-Acreage reduction 15%. Fields clean.
2 days 0.30 in. high 88 low 56 mean 72
Lockhart (Caldwell Co.).
Paris, Texas
1 day 0.32 in. high 90 low 64 mean 77 Need one inch of rain then dry and hot, top of ground very dry although
San Antonio, Texas
1 day 0.01 in. high 88 low 54 mean 71 good
Taylor, Texas
underground season. 95% planting completed,5% to be replanted.
2 days 0.58 in. high 88 low 52 mean 70
Weatherford,Texas
2 days 0.3610. high 90 low 52 mean 71 Plant fairly healthy, 60% chopped out. Crop two weeks late. Labor
Ardmore, Okla
dry
Altus, Okla
high 97 low 57 mean 77 plentiful. Too early to determine amount of insect damage.
2 days 0.18 in. high 89 low 49 mean 69
Muskogee, Okla
-Cotton not making much progress account
San Marcos (Hays Co.).
1 day 0.19 in. high 92 low 52 mean 72
Oklahoma City, Okla
Brinkley, Ark
1 day 0.10 in. high 91 low 49 mean 70 cool weather and high winds. Have lots of fleas and lice. Fields are
Eldorado, Ark
1 day 0.13 in.
mean 72 clean, about 75% chopped. An inch of rain followed by hot weather is
2 days 0.18 in. gi
Little Rock. Ark
g
mean 72 needed.
2 days 0.44 in. high 87 low 53
Pine Bluff, Ark
70
-Cotton doing only fairly well, nights and
Taylor (Williamson Co.).
Alexandria, La
dry
high 89 low 57 mean 73
2 days 0.71 in. high 88 low 51 mean 70 mornings seem too cool, yet. Had a shower last night but not enough to
Amite La
dry
La
high __ low __ mean 79 be of benefit. Farmers busy chopping and plowing and getting fields
New O
2 days 0.21 in. high 90 low 61 mean 76 in good condition. I hear of some complaints of fleas and cut-worm
Shreveport, La
dry
high 96 low 51 mean 74
Columbus. Miss
1 day 0.82 in. high 97 low 53 moan 75 damage. Need good rain and htne hot weather. Crop average from 2
Greenwood, Miss
2 days 0.77 in. high 90 low 60
Vicksburg, Miss
n 75 to 3 weeks late.
7
6
high 92 low 60 mean
dry
Mobile, Ala
-Planting and replanting practically completed.
Temple (Bell Co.).
high 94 low 53 mean 74 Most of cotton up to fair stands. Fields generally clean. Chopping
dry
Decatur, Ala
high 92 low 58 mean 75
dry
Montgomery, Ala
under way but small percent chopped out. Past week weather favorable
Selma, Ala
dry
mean 73
1 1: 1N
11 1
1
dry
Gainesville, Fla
mean 76 and crop made fair progress. Showers last night and to-day. Need
high 93 low 61 mean 77 another week or two of dry and warm weather.
dry
Madison, Fla
high 90 low 64 mean 77
dry
Savannah,Ga
mean 7
Athens, Ga
2 days 0.36 in. high 96 low 57
EAST TEXAS.
Augusta. Ga
2 days 0.03 in. high 93 low 60 m n 7
mea 8
ea 7
-Weather 'conditions favorable past week.
Jefferson (Marion Co.).
high 97 low 58
Columbus, Ga
dry
Charleston, S. C
2 days 0.16 in. high 96 low 62 mean 79 95% planted. Stands poor. Rain to-day not needed, grass glowing
1 day 0.09 in. high 90 low 59 mean 75 faster than cotton.
Greenwood, S. C
Columbia,S. C
1 day 0.04 in. high 92 low 60 mean 76
-Crop made good progress past week.
Palestine (Anderson Co.).
Conway, S.0
2 days 0.23 in. hith 90 low 54 mean 72
Charlotte, N.0
2 days 1.64 in. high 92 low 56 mean 73 Weather has been warmer and more favorable. Beneficial showers
0.85 in. high 91 low 55 mean 73 fell latter part of week and will help late plantings. Planting practically
Newbern,N.C
1 day
Weldon N.0
1 day 0.09 in. high 89 low 46 mean 74 completed. Crop 70% up 50% chopped to average stand. Plant looks
m
ea
3
Memphis, Tenn
1 day 0.01 in. high 90 low 56
much better with warmer weather. Farmers are catching up with field
The following statement we have also received by tele- work and have cleaned most of the grassy fields. No insects bothering
graph, showing the height of rivers at the point named at the plant so far. No reports of weevils to date. Ciear and warm to-day.
NEW YORK COTTON EXCHANGE ELECTS OFFICERS.
-The following were elected officers of the New
York Cotton Exchange on June 1 for the year 1931-1932:
1? 1°.; U
Ig;gt
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
June 5 1931.
Feet.
2.9
Above zero of gauge_
11.4
Above zero of gauge_
8.5
Above zero of gauge7.3
Above zero of gaugeAbove zero of gauge19.7
June 6 1930.
Feet.
10.7
10.8
8.6
24.9
29.0
SOUTH TEXAS.
San Antonio (Bexar Co.).
-At this time crop is about 2 weeks late.
Weather has been too cool and the plant has not made much progress.
With clear, hot weather, some of the lateness can be made up. Acreage
in this county will be decreased about 15%. About 80% has been planted
and 10% to 12% will be replanted. We had a beneficial rain here last
night and what we need now is dry, hot weather.
Victoria (Victoria Co.).
-100% planted, 95% up. 60% chopped.
Fields fairly well cultivated. Ample moisture, labor plentiful. No insects reported yet. Crop 15 to 20 days late. Raining this section to-day,
light rains followed by warm sunshine will be favorable.
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
OKLAHOMA.
Oklahoma and Arkansas. We reprint this week's report,
Chsckasha (Grady Co.).
-Cotton doing fine past week, 95% planted
which is of date June 1, in full below:
80% up to good stand, good rain would be beneficial. Some chopping
coming week. My last report was 10% decrease in acreage but think
TEXAS.
WEST TEXAS.
Abilene (Taylor Co.).
-Light showers last week; cotton doing fine;
weather warm; planting about done, need more rain.
Floydada (Floyd Co.).
-Cotton planting is about over here, small
percent up, none to a stand in this section; been too dry and cool part
of time past ten days. Need rain and moderately warm weather to
bring cotton up. Dry weather last ten days has cut production 25%
or more.
-Weather past week favorable for the developHaskell (Haskell Co.).
ment of cotton plant. Had showers and warm days, but still need more
rain. Planting made good progress this past week.
-Weather favorable to cotton past week.
Quanah (FIardeman Co.).
Planting 80% finished except about 15% to be replanted. Later indications confirm estimate of 20% reduction in cotton acreage.
-Planting is practically completed, with 85%
Sweetwater (Nolon Co.).
of the cotton up. About 10% has been chopped, and very little replanting will need to be done. Cotton is up to a good stand,and with the rainfall of the past few days of over an inch makes prospects very favorable.
-About 90% of the crop has been planted;
Stamford (Jones Co.).
now it will be 15%.
Hugo (Choctaw Co.).
-Weather cloudy but no rain, soil very dry.
Crop 98% planted, 40% chopped. Cold weather retarded growth in
beginning,followed by unusually dry weather. Plants small, need rain.
Mangum (Greer Co.).
-Cotton made wonderful strides past week
and practically all up to good stand. Had good rains with cloudy
weather most of week. Need sunshine and continued warm weather
for best progress. No signs of replanting being necessary from Elreno
west yesterday.
ARKANSAS.
-Cotton is 95% up to good stand; is
Blytheville (Mississippi Co.).
well cultivated and in good shape except a few grassy spots. About
40% chopped out and balance is being chopped and cultivated rapidly.
Weather, both rainfall and temperature, has been favorable, and crop
is a week ahead of last year in plaiting and growth and probably ten
days ahead in state of cultivation. Cut
-worms are disappearing since
arrival of hot weather.
-Planting completed some chopping this
Co.).
Ft. Smith (Crawford
week. Stands irregular; have had too much rain; need hot dry weather.
Crop two to three weeks late.
-Good rains and normal temperatures
Little Rock (Pulaski Co.).
during the past week have been beneficial.
--More rain needed, not enough sub-soil
Pine Bluff (Jefferson Co.).
moisture. Cotton about two weeks late. Replanting in buckshot
land not up yet. Deficiency in fertilizers becoming gradually more
evident.
-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'
Stocks at Interior Towns.
Receipts at Ports.
ReeelptsfromPiantations.
1929.
1931. I 1930.
1929.
1931. I 1930.
20-- 113.043
27-- 119,362
Mar.8._118,571
13.. 93,477
20._ 68.139
27-- 61.736
Apr.3__ 53.101
10.., 40.426
17._ 52,i 19
24.. 35.372
May1__ 37.729
8._ 31,266
15_ 27,481
22__ 20,516
29._ 18,911
June200(12
A
[VOL. 132.
FINANCIAL CHRONICLE
4268
I
65.886 80,8661,556,99711,306,632 936.027
55.748 91.4381.514.6821.288.139 006,387
I
50.312 86.9411.461.8301.256.075 849,195
11.
44.919106.3501.420,753 228.666 814.522
46 415 97.0851,379,376, 781.807 1.202 913
46.908 78.0411,349-010,163.170 752,959
49.351
47,498
46.693
50.239
50.024
49,161
74,760
64,642
36,228
42
AqA
59.8841,312,85611.113.692
48.6591.264.8451.006,544
53.3511.213.9901.024,125
56.917 1,175.730 980.279
1
51.2411.136.5911 940.995
40.1331.112.5931 893,425
27,0001,091,370 843,575
31,1291.050,746 809,649
30.4291.037,599 778,788
24 505 1
1931. 1930. I 1929.
81.673 46.440! 50.481
77.047 37.255 61.798
I
65.725 18,248 29.749
41.083 17,510, 71.677
25.702 20,692 64.230
31.378 7.133 49,333
711.349 111.989
Nil
679.204
648,881 1,264
NII
695.322
564.846 37,19h
512,890 6,731
481,152 6,258
Nil
446,203
NI1
418,598
!
Nil 18,271
450 16,516
4.274 25.027
6.393 25.368
I
765
10.740
Ni'
1,591
Nil
24.910
Nil
30,716
5,367 2,319
NII
600 231 740.002 381.208
4.368
Nil
Alexandria, Egypt,
June 3.
1930-31.
1928-29.
95,000
6,734,901
Receipts (cantars)This week
Since Aug. 1
1929-30.
50,000
8,341,041
14,000
8,053.543
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
115,370
To Manchester, &c__ __ _ 4,000 112,236
To Continent and India_ 8.000 500,962
To America
19.980
____ 138,963 ---_ 171,035
--__ 161,150
____ 143,079
6,000 423,473 8,000443,185
---- 171.247
---- 101.805
Exports (bales)-
12,000 748,548 6,000 807,320 8,000 946.617
Total exports
-A cantar is 99 lbs. Egyptian ha es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ended June 3 were
95.000 cantars and the foreign shipments 12,000 bales.
-Our report, received by
MANCHESTER MARKET.
cable to-night from Manchester, states that the market in
both yarns and in cloths is quiet. Demand for India is improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
1930
1931
sq
324 Cop
7'wlst.
d.
d.
Feb.
20.... 9X@I(.4(
9%010,4
Mar914@1031
13_ 9 (410
20___. 9 ®10
9 (910.4
April
9 @l0ii
10.___ 814@ 914
854181014
Lbs. Shirt- Colton
legs. Common Midas
(lards.
to Mem.
32s Cop
Twist.
85( Lbs. Shirt- Cotton
tots. Common Mitten's
to Finest.
e. d.
s. d.
84 @ 9 0
54 @ 9 0
a. 4.
s. d.
a. d.
6.04 121‘@13% 100 @112
6.18 12 0136f 104 (4110
84
84
84
4
6.09
5.97
5.96
5.85
1890
@ 90
@ 90
1800
84 @90
d.
8.47
8.49
010 6
010 6
@II 0
1811 0
8.18
8.05
8.54
8.44
5.76 1231181354 10 4 @II 0
8.85
1114(413 10 2
1131181254 10 2
11541813 10 4
12 413 10 4
5.59 125601354 10 4 011 0
84 @ 9 0
8.76
The above statement shows: (1) That the total receipts
5.55 11%01234 10 1 @105
8.61
84 @90
5.62 12 (413 10 1 4610 5
from the plantations since Aug. j 1930 are 8,857,662 bales;
8.74
84 @ 9 0
in 1928-29 were 8,973,199 Mayin 1929-30 were 8,551,545 bales, and
5.46 12 413 10 I QI0
8.66
Ski@101i 84 @ 9 0
receipts at the outports the
bales. (2) That although the
5.39 1116@1214 10 0 010 4
8.63
814181031 84 @ 9 0
5,26 1154181254 10 0 8510
8.54
84 @ 9 0
8t1@10
past week were 20,902 bales, the actual movement from
3
5.12 1154181254 97 @10
8.67
83.i(4 961 84 1890
at interior towns havplantations was nil bales, stock
4.80 11i601214 97 @10 3
8.53
8 @ 914 82 @ 8 6
ing decreased 28,368 bales during the week. Last year June
4.78 116f@l26( 97 @103
8.34
8 @ 9.1'1 81 @ 8 5
for the week were 4,368
receipts from the plantations
bales and for 1929 they were nil bales.
-As shown on a previous page, the
SHIPPING NEWS.
- exports of cotton from the United States the past week have
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates reached 86,265 bales. The shipments in detail, as made
at a glance the world's supply of cotton for the week and up from mail and telegraphic reports, are as follows:
Bales.
since Aug. 1 for the last two seasons from all sources from MOBILE-To Liverpool
-May 25
-Discoverer, 735; Afoundria,
which statistics are obtainable; also the takings or amounts
1,035
300
961
-Discoverer, 181; Afoundria. 780-...
-May 25
To Manchester
gone out of sight for the like period:
1929-1930.
1930-31.
Cotton Takings
Week and Season.
Week.
Season.
Season.
Week.
6,335,306
8,346,258
Visible supply May 29
5,302,014
3.735.957
Visible supply Aug.1
102,964 13,579,399 119,986 14,503.377
American in sight to June 5
49,000 3.287.000
27,000 3,081,000
Bombay receipts to June 4
568,000
13.000
731,000
12,000
Other India ship'ts to June 4_..
10,000 1.670,200
19,000 1,378,100
Alexandria receipts to June 3...
563,000
5,000
666,000
6,000
-*b
Other supply to June 3
8,513,222 24,471,513 6,532,292 24,593,534
Total supply
Deduct
Visible supply June 5
8.137,607 8,137,607 6,245,116 6,245,116
.375,615 16,333,906 287.176 18,348,418
Total takings to June 5_a
240,615 11,262,806 210,176 12,669,218
Of which American
77,000 5,679,200
135.000 5.071.100
Of which other
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,818,000 bales in 1930-31 and 4,630,000 bales in 1929-30
-and the aggregate amounts taken by North-takings not being available
ern and foreign spinners, 12,515,906 bales in 1930-31 and 13,718.418 bales
in 1929-30, of which 7,444,906 bales and 8,039,218 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
-31.
1930
June 4.
Receipts at
Week.
Since
Aug. 1.
1929-30.
Since
Week. lAug. 1.
Since
Aug. 1.
Since Aug. 1.
For the Week.
Great
Great Conti- Japan&
Britain nent, China. Total.1 Britain.
Bombay
-31......
1930
1:560
1029-30.
1928-29-- 1,000
Other India-,
1930-31--'
1929-30-1928-29-- 3.000
Total all-1930-31._
1929-30._
1928-29--
Week.
27,000 3.081.000 49.000 3,287,000 61,000,3.036,000
Bombay
Exports
from
1928-29.
3.000 61,000 64,000
34,000 36,090 71,000
36,000 96,000133,000
1
12,000
12,000
13,000
13,000
24.011
27,000
Continent.
Jassy 41
China.
Total.
118,000 627,0001,653,0002,398,000
76.000 750,0001.416,0002.242,000
57,000 733.000.1,565,0002,355,000
133,000 430,000
581,000
150.
508,000
106,
568.000
731,000
641,000
15.000 61,0s I 76,000 256,0001,057,0001,653.0002,966,000
1,000 47,000, 36,000 84,000 226.00011,331,0001,416,0002.973,000
4,000 60,000 98.000160.000 163,0001,241,0001,565,0002,969.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
22,000 bales. Exports from all India ports record a decrease
of 8,000 bales during the week, and since Aug. 1 show a
decrease of 7,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
275
To Hamburg
-Minden. 275
-May 18
75
-May 19-Prusa. 75
To Barcelona
400
-Hanover, 400
To Japan-May 23
1,000
-Hanover, 1,000
To China-May 23
449
-Norwegian, 449
-May 28
SAVANNAH-To Liverpool
127
To Hamburg-June 4-Tafna, 127
306
-Norwegian, 306
To Manchester-Slay 28
To Bremen-May 29-Magmeric, 1,450-June 4-Tafna.
4,150
2.700
_June
565
To Rotterdam-May 29-Magmeric,353_ June 4-Tafna,182
100
-Great Bretagne. 100
To Glasgow-May 30
-Colorado Springs. 10,448
10.448
-May 29
-To Liverpool
HOUSTON
--Colorado Springs, 678
678
-May 29
To Manchester
-..June 3
-Mar CanTo Barcelona
-May 28-Prusa, 2,316_
5.405
tabrico, 3,089
To Japan
-May 29-Sne.stad, 3,257...June 1-Lossiebank,
4,617
1.360
To China
-May 29-Snestad. 2.351._ -June 1-Lossiebank,
4,059
.705
10
-Carlton. 10
To Lisbon-May 19
1,251
To Genoa-June 1-Monrosa, 1.251
200
To Naples
-June 1-Monrosa, 200
300
To Copenhagen-June 1-Ester Thorden, 300
-Ester Thorden, 103-June 3To Rotterdam-June 1
353
Grootendijk, 250
1.575
To Venice-June 1-Tergestea, 1,575
159
To Trieste-June 1-Tergastea, 159
3,930
To Bremen-June 1-Werdenfels, 3,930
3,500
WILMINGTON-To Genoa-May 30-Monfiore, 3,500
-May 30-Mexicano, 340; OakGALVESTON-To Dunkirk
399
man, 59
1.699
To Genoa-June 3-Monrosa, 1,699
364
-May 30-0akman, 364
To Havre
100
-June 3-Monrosa, 100
To Naples
150
-May 30-0akman, 150
To Bordeaux
114
-May 30-0akman, 114
To Ghent
300
-May 30-Mexicano, 300
To Gothenburg
203
To Copenhagen-May 30-Mexicano, 203
-Ester Thorden, 298
298
To Rotterdam May 30
675
To Venice-May 30-Tergestea. 675
-May 3-Tergestea 816
8
To Trieste
-May 3-Lossiebank, 75....._Jtme 2--Snestad, 2,135.. 2.210
To Japan
3,046
To China-Lossiebank. 2,907..-June 2-Snestad, 139
To Barcelona-June 1-Prusa, 1,595
-May 29-Peursum,1,659
-To Bremen
1,659
NEW ORLEANS
-May 29-Peursum,715; Aquarius, 500
1,215
To Hamburg.
-Winston, Salem,60-.-June 1 Bruxillets.
-May 29
To Havre
187
137
-Winston Salem,200
-May 29
200
To Ghent
4,872
To Bremen-May 29-Aquarlus,4,872
-Aquarius,101
101
To Rotterdam-May 29
-May 30
-Aquarius, 200
To Porto Colombo
200
To Liverpool-June I-Cripple Creek, 1,495
1,495
To Manchester-June 1--Cripple Creek,687
687
To Dunkirk-June 1-Bruxilles, 50
50
To Antwerp-June 1-Bruxilles,391
391
2,925
To Genoa-June 2
-Liberty Bell, 2,925
592
PENSACOLA-To Bremen M 3 0-Delfshaven, 592
-ay
89
-To Liverpool
-May 29-Kinderdl k 89
LOS ANGELES
-Presi-La Plata Maru,
To Japan-May 29
ay 30
dent Jackson, 299; Silverwalnut, 2,000; Helyo Maru,2,100- 4.999
100
To India-May 30-Helyo Meru, 100
-To Great Britain
SAN FRANCISCO
-May 30-..-- ?--- ,44..- 44
To Pa
40
3,801
NORFOLK
-To Bremen-June 3-Koeln,3,801
200
To Liverpool
-June 4
-Norwegian, 200
704
To Manchester-June 4
704
-Norwegian,
95
-Oakwood,95
-To Rotterdam-June 1
CORPUS CHRISTI
649
To Bremen-June 1-Oakwood, 649
88
88
TEXAS CITY
-To Ilavre-May 30-0akman,
144
To Dunkirk
-May 30-0akman, 144
150
To Ghent
-May 30-0akman, 150
1,167
To Japan-June 2-Snestad, 1,167
635
To China-June 2-Snestad, 635
2
-Oakwood,2
-May 30
LAKE CHARLES
-To Havre
187
-Oakwood. 187
-May 30
To Bremen
Total
86,265
JUNE 6 1931.]
-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 Sumo
ard.
Density
Stockholm .60c. .750.
Trieste
.500. .650.
Flume
.50o. .650.
Lisbon
.450.
.600.
.600.
.76c.
Oporto
Berea' ma .40e.
.550.
Japan
.400. .550.
High StandDensity. ard.
Liverpool .45o. .600.
Manehester.45o. .600.
Antwerp .45c. .600.
Havre
.310. .460.
Rotterdam .45o. .6t:c.
Genoa
.50e. .650.
0.00
.500.
.650.
!Ugh
Density.
Shanghai .45c.
Bombay
.40c.
Bremen
.450.
Hamburg .450.
Piraeus
.75c.
Saionlea
.75c.
Venice
.50o.
Monoord.
.600
.55c.
.60e.
.600.
.900.
.900.
.65c.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
May 15. May 22. May 29. Juno 5.
38.000
39.000
14,000
19.000
12,000
15,000
7.000
9,000
1,000
1,000
1,000
1,000
39,000
38.000
40.000
43,000
863,000 858,000 855,000 850,000
432,000 432,000 426,000 419,000
21,000
52,000
18,000
39,000
16,000
20,000
14,000
112.000
85,000 117:000 109,000
30,000
19,000
32,000
35,000
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
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
More
demand.
Quiet.
Quiet.
4.78d.
4.64d.
4.65d.
4.77d.
4,000
Saturday.
4,000
5.000
4,000
Monday.
Market, 1
12:15
P.M.
Quiet.
Mid.Uprds
Sales
Futures.
Market f
opened 1
HOLIDAY
4.78d.
4,000
Steady
Quiet
Easy
Quiet
Steady.
2 to 5 pts 9 to 10 pts. 6 to 8 pts. 12 to 14pts. 10 to 13pts.
decline,
decline,
advance,
advance. advance.
Quiet
Steady Q't but st'y Q't but st'y Q't but sty.
2 to 5 pta 6 to 12 pts. 2 to 4 pts. 10 to 14pts. 5 to 6 pta.
decline,
advance. advance.
decline,
decline,
Market, I
4
P.M.
Prices of futures at Liverpool for each day are given below:
Wed. I Thurs, I
Fri.
•
4.00
,p.
p.m.p.m. p.m.p. m. m.p. m.m. m.p.m. p.m. p.m. p.m.p.m.
Sat.
May 30
TO
June 5.
New Contraa.
June
July
August
September_.....
October
November_ _ _ _
December
January
February
March
April
May
June
Mon. I Tues. I
12.1012.4014.10 4.0014.10 %XV 1.4./0 4
.1.11.114.10 4
.0012.15
d.
4269
FINANCIAL CHRONICLE
d.
HOLIDAY
d.
4.68
4.65
4.68
4.71
4.75
4.78
4.81
4.8,5
4.89
4.93
4.96
4.9
5.02
d.
d.
d.
d.
d.
d.
d.
4.61
4.63
4.66
4.69
4.72
4.75
4.78
4.82
4.86
4.90
4.93
4.96
4.99
4.49
4.51
4.54
4.58
4,62
4.65
4.68
4.72
4.76
4.80
4.83
4.87
4.90
4.49
4.53
4.56
4.60
4.64
4.67
4.71
4.75
4.79
4.83
4.86
4.90
4.93
d.
.
4.53
4.56
4.59
4.63
4.66
4.70
4.74
4.78
4.82
4.85
4.89
4.92
.
4.50
4.53
4.57
4.61
4.64
4.67
4.71
4.75
4.79
4.82
4.86
4.89
4.62
4.65
4.69
4.73
4.7
4.80
4.83
4.87
4.91
4.95
4.98
5.02
5.05
4.57
4.61
4.65
4.69
4.73
4.76
4.8
4.8
4.88
4.92
4.9
5.00
5.03
4.63
4.67
4.71
4.75
4.79
4.821
4.861
4.901
4.941
4.981
5,021
5.061
5.091
d.
4.62
4.66
4.70
4.74
4.78
4.81
4.85
4.89
4.93
4.97
5.01
5.05
5.08
BREADSTUFFS
Friday Night, June 5 1931.
Flour was quiet and steady. Export business was Slow;
exports on the 2nd inst. were 12,000 barrels. On the 1st inst.
prices declined 10 to 15c. Flour production in the four weeks
ending May 29 was 12% below that in the same period a
year ago, according to a compilation by General Mills, Inc.,
based on all mills reporting, representing about 90% of the
mills in the principal flour producing centers. Production
dropped from 5,870,128 to 5,157,543 barrels. Since June 1930
production has totaled 70,904,218 barrels, a decline of 3.2%
from the total of 73,414,251 barrels in the same period
of 1929-30.
Wheat at one time dropped in sensational fashion on the
June delivery, that is, 10c. or more, when the Farm Board
withdrew its support of cash wheat at Minneapolis. Later
prices rallied with stocks, and also because of the persistence
of the Canadian drouth which is supposed to be having a
serious effect. On the 1st inst. prices declined 1% to 1%c.,
with stocks and cables weak and export demand small. Also
the United States visible supply, to the surprise of everybody, increased last week 2,322,000 bushels against a decrease in the same week last year of 1,645,000 bushels. The
total is now 193,730,000 bushels against 116,532,000 a year
ago. Scattered moisture occurred in the Canadian Northwest with the forecast to thundershowers in parts of Saskatchewan and Manitoba and lower temperatures in Alberta. Minneapolis weakened, especially on the July position, with deliveries on June contracts 2,422.000 bushels.
Government agencies were said to be bidding 81c. for No. 1
hard wheat and 78c. for No. 2 Northern, which for a time
caused some nervousness among shorts, for it was pointed
out that the Farm Board was paying practically the old
basis.
On the 2nd inst. prices ended 1 point lower to %c. higher,
with rains in Canada, turning an early rise of % to lc. into
weakness later. Final prices were a cent under the high of
the day. It continued warm throughout the American and
Canadian Northwest. Rains were reported around Saskatoon, Canada. In the American winter wheat territory some
rains occurred, and the crop accounts were good. Private
crop estimates were bearish. The average of four experts
on condition was 88%, with a crop of 689,000,000 bushels of
winter wheat. The spring wheat condition was 78.6, and
the crop 212,000,000 bushels. One estimate put the Canadian
crop at 310,000,000 bushels and the acreage at 20,050,000.
The Canadian crop last year was 398,000,000 bushels. The
average of the private crop experts on May 1 Was 90.2 for
the condition of winter wheat and the crop was 658,000,000
bushels, while the Government made the condition 90.3 and
the crop 652,902,000. The final last year was 604,337,000.
The increase in the production, despite the lowering of condition, was due to the method of figuring. The pars were
higher. The Canadian Government proposes to establish
a subsidy for export wheat of 5c. for every bushel exported
in order to push Canadian wheat in the markets of the
world. Bradstreet's world's visible supply for the week
showed a decrease of 7,317,000 bushels. The total now is
409,752,000. Liverpool closed quite steady id. to 1%d.
higher. Buenos Aires late in the day was up 1%c. The
weekly foreign crop summary was very favorable. Export
sales were 500,000 bushels, largely Manitoba.
Washington wired, June 3: "It is true that the Grain
Stabilization Board is not supporting cash wheat prices MAY
longer, Chairman Stone, of Federal Farm Board, stated.
Reasons for the discontinuance of support are that new
wheat is moving in the Southwest, he said. Commitments
were to support cash prices only until the new crops started
moving. Stabilization Corp. has announced that up until
July 1 it has promised not to sell its holdings of wheat except at a schedule of prices made public some time ago by
General Manager Milnor, of Stabilization Corp. This price
would be around 85c. for the basic grade at the present
time."
On the 3rd inst. June wheat dropped 10c. at Western
markets. The Farm Board withdrew its support at Minneapolis. This told heavily on the cash market. Duluth fell
10%c, Minneapolis 10c., and Chicago 5%c., all for June
wheat. Otherwise prices were off % to 2%c. The Government weekly report was favorable as regards winter
wheat, but rain is needed in the spring wheat section. A
fair export demand was reported. New York bonded grades
fell lc. net. On the 4th inst. prices advanced % to 2%c.,
owing chiefly to a sharp rise in stocks. Winnipeg ended 1%c.
higher than on Tuesday, with July 2%c. over Chicago. Liverpool was up Y
4d. Eastern and local operators were covering freely. It was said that 9,000,000 acres in Saskatchewan had virtually no rain, and the forecast was for clear
and cooler weather. The point was that the Canadian drouth
has not been broken despite some scilttered rains or showers
here and there.
The Canadian Government crop report said: "The grain
crops of practically the entire Western region of normally
heaviest production are in a critical condition as a result
of severe and prolonged drouth. Combined with the greatly
reduced precipitation serious damage has been done by high
winds, frost, and cut worms. Germination of early sown
grain was generally good, but high winds and frost caused
later setbacks. The germination of late sown crops is reported as very patchy and reseeding is being resorted to in
the hope of rain."
4c. higher in Chicago and 1%
To-day prices ended 1 to 11
to 2c. higher in Winnipeg, while Minneapolis was up 1%
to 2%c. June was the strongest. Drouth in Canada played
a prominent part in the rise. At the high point prices were
up 3% to 4%c. from the recent lows. Export sales were
estimated at 500,000 bushels, largely Manitoba, but including
some old hard winter. Buenos Aires advanced % to 1%c.
The stock market was largely ignored. Profit-taking and
selling against privileges checked the rise. Kansas in some
parts had 3 to 5 inches of rain, together with some hail.
Winter wheat advices, in the main, were very favorable.
It is expected that the Winnipeg "Free Press" to-morrow will
issue a bullish report, possibly showing a loss of 100.000
bushels in the Canadian crop. Final prices show comparatively little net change for the week, that is, a decline of %c.
on July and a rise of %c. on September.
DAILY CLOSING PRICES OF BONDED WHEAT IN NEWS YORK.
Sat. Mon. Tues. Wed. Thurs. Fri
July
6454 66
6231 63
62
64
October
6454 65
6654 67(
December
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
nom.89nom. 9254 9254 9254
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery
5854 51W 5654 58g 60
September delivery
58
5754 5654 59K 60%
December delivery
6054 6154 60 4, 6254 63;4
Season's Low and When Made
Season's High and When MadeJune
1931
5654
July
Oct. 28 1930 July
92
June 3 1931
5631
September
Dec. 18 1930 September
76
June 3 1931
December
June 3 1931 December
595
69
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery
October delivery
64n 66 4
6254 6254 __
December delivery
p
MI
:: gAll gip
Indian corn has been sold by some who at the same time
were buying wheat, and no very marked net change in prices
has taken place. New lows were recently reached, with December well below 50c. Also the cash demand has been
unsatisfactory. Country offerings, on the other hand, have
been light. The weather has been favorable. On the 1st
Inst. prices ended % to lc. lower, following wheat with the
weather good. The United States visible supply last week
decreased 2,337,000 bushels against 938,000 last year; total
now 11,412,000 bushels against 10,824,000 a year ago. On
4270
FINANCIAL CHRONICLE
the 2nd inst. crop reports from Iowa were unusually favorable, with cultivation under way over a wide area, but rains
are needed and only showers were forecast. Prices ended
lower, with wheat. On the 3rd inst. prices ended / lower
1
4
c.
to / higher. Some have been selling corn and buying
1
4
c.
Wheat. On the 4th inst. July corn dropped for a time %c.,
but other months were steady. Later on there was a net
rise of / on July and 1 to 1
1
4
c.
/ on other months, on cover1
4c.
ing of shorts. The technical position proved to be rather
stronger. But some were selling the nearby months against
buying of September. Country offerings showed some tendency to Increase. And the shipping demand was not at all
brisk.
To-day prices ended irregular, or / lower to / higher,
1
4
c.
1
4c.
In an irregular market all day. The weather was good.
There was some selling on it for a time. But the strength
of Wheat was the main thing. Cash demand was somewhat
better, though it is not active. Receipts were fair. July was
comparatively steady. Final prices show the net result as
/ lower to / higher for the week.
1
4
c.
1
4
c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
70% 70% 70% 71%
No.2 yellow
69
CORN FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery
57
57
55% 56p 56
52
September delivery
53% 53 4
52% 52
, 47% 47
December delivery
46% 46A 46
Season's Low and When Made
Season's High and When MadeJuly
541
May 25 1931
871
Oct. 9 1930 July
517
June 3 1931
September
737
Jan. 15 1930 September
December
45
June 3 1931
December
56
Oats have not shown much life, being for the most part
a mere echo of other grain markets. There have been
reports of some export business in Canadian oats, but not
enough to have much effect. On the 1st inst. prices fell
34 to Mc.with corn lower. The United States visible supply
decreased last week 593,000 bushels against a decrease last
year of 513,000 bushels. The total now is 9,439,000 bushels
against 12,652,000 a year ago. On the 2d inst. prices ended
to %c. off. Cash and commission houses bought.
Private reports pointed to an increase of about 4% in acreage
and a crop of 1,414,000,000 bushels, or 12,000,000 larger
than last year. On the 3d inst. prices ended 34 to He.
lower in sympathy with the decline in other grain. On the
4th inst. prices ended 34 to %c, higher, with fair buying
by commission houses, and the influence of the rise in other
grain very manifest.
[VOL. 132.
FLOUR.
Spring pat, high protein $4.75 $5.00 Rye flour patents
$3.40133.75
Spring patents
. Seminole, med., No. 3.. 2%
4.45
2%
Clears first spring
3.90 4.25 Oats goods
1 90
1.95
Soft winter straights_
3.90 4.25 Corn flour
1.85
1.90
Hard winter straights
4.20 4.50 Barley goods
Hard winter patents.__ 4.50 4.90
Coarse
3.25(4 -Hard winter clears
Fancy pearl, Nos. 1.
3.75 4.10
Fancy Minn. patents 6.00
6.60
2. 3 and 4
6.15@ 6.50
City mills
6.20 7.05
For other tables usually given here, see page 4185.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 30, were as follows:
United States-New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
••
afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Hutchinson
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Barley,
Bushels,
Rye.
Corn,
Oats,
bush,
bush.
bush.
bush,
bush,
14,000
41,000
849,000
4,000
59,000
2,000
3,000
393,000
5,000
45,000
54,000
4,729,000
28,000
2,000
24,000
66,000
463,000
3,441,000
55,000
41,000
118,000
3,256,000
49,000
2,000
92,000
12,000
6,047,000
497,000
566,000
12,563,000 2,469,000 1,354,000
37,000
434,000
100,000
182,000
2,000
11,000
4,000
2,361,000
8,000
18,000
25,000
20,000
156,000
434,000
26,974,000 1,959,000 1,078,000 2,469,000
774,000
277,000
595,000
216,000
573,000
75,000
4,379,000
622,000 2,820,000 2,262,000
234,000
33,004,000
626,000
52,000 1,668,000 3,447,000 2,570,000
35,869,000
88,000
224,000
11,000
471,000
152,000
498,000
7,000
18,000
6,324,000
688,000
7,000
101,000
25,474,000
85,000
39,000
5,586,000
17.000
1,352,000
941,000
252,000
4,145,000
8,000
237,000
779,000 1.598,000
41,000
14,000
178,000
13,994,000 1,371,000
39,000
461,000
61,000
75,000
Total May 30 1931_193,730,000 11.412,000 9,439,000 9,822,000 4,611,000
Total May 23 1931___191,408,000 13.749,000 10.032,000 10,107,000 4,817.000
Total May 31 1930.-118,532,000 10,824,000 12,652,000 12,106,000 5.416,000
Note.
-Bonded grain not included above: Oats-New York, 8,000 bushels
Baltimore, 150,000; Buffalo, 180,000; total, 238,000 bushels, against 259,000 bushels
in 1930. Barley-New York, 5,000 bushels; Boston, 66,000; Buffalo, 555,000
Duluth, 2,000; Canal, 612,000; on Lakes, 45,000; total, 1,285,000 bushels, against
2.376,000 bushels in 1930. Wheat
-New York, 981,000 bushels; Philadelphia,
12,000; Baltimore, 110,000; Buffalo. 4,644,000: Duluth, 3,000: on Lakes, 604,000
Canal, 1,548,000: total, 7,902,000 bushels, against 16,133.000 bushels in 1930.
Canadian
Montreal
1,230,000
4,711,000
762,000 1,015,000
Ft. William gc Pt. Arthur_ 37,855,000
2,551,000 8,735.000 8,791.000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Other Canadian
979,000
1,510,000 1,184,000
6,007,000
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
3834 3835 38% 38% 38%
Total May 30 1931____48,573,000
5,291,000 10,681,000 10,785,000
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Total May 23 1931____50,221,000
4,992,000 10,891,000 11,434,000
Sat. Mon. Tues. Wed. Thurs. Fri.
Total May 31 1930--57,430,000
5,147,000 6,269.000 15,537,000
July delivery
254 26% 26
261 26
Summary
em
26% 26% 26
26
, 27
Septber delivery
American
28% 29
28% 29
29
193,730,000 11,412,000 9,439,000 9,822,000 4,611,000
December delivery
Canadian
5,291,000 10,681,000 10,785,000
48,579,000
Season's Low and When Made
Season's High and When Made25
June 1 1931
July
371 Nov.24
-Dec.4-5 1930 July
Total May 30 1931_242,309,000 11,412,000 14,730,000 20,503,000 15,396,000
337
26
June 1 1931
Sept.
1931 September
Feb. 20
Total May 23 1931_241,629,000 13,749,000 14,824,000 20,998.000 16,251.000
December
28
June 3 1931
Dec.
33%
Total May 31 1930_173,962,000 10,824,000 17,799.000 18,375,000 20,953,000
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
The world's shipment of wheat and corn, as furnished by
30
28% 28% - 29
July delivery
30% 31( Broomhall to the New York Produce Exchange,for the week
29% 29%
October delivery
To-day prices closed He. to Me. higher on the dry weather
in the Northwest and reports that a little export business
had been done in Canadian oats. Final prices for the week
were unchanged at %c.higher.
Rye has bebn irregular, closing about lc. lower to a cent
higher with shorts covering to some extent and Northwestern
crop reports unfavorable, it has been, however, an uneventful trading market. On the 1st inst. prices declined
%c. to ihc. with wheat lower. The United States visible
supply decreased last week 285,000 bushels against an
Increase last year of 68,000 bushels. The total is 9,822,000
bushels against 12,106,000 last year. On the 2nd inst.
prices ended % to 1%c.lower, the latter on July which was
sold to liquidate spreads with corn. Crop reports from
South Dakota were unfavorable, but they got scant attention. On the 3rd inst. prices ended He.lower to Hc. higher
showing no features of striking interest. On the 4th inst.
prices advanced 34 to 234c. .A good export business was
reported in Canadian rye. The Dominion crop reports were
said to be very favorable.
To-day prices ended 34 to %c.higher under the support of
wheat and on reports of damage to the crop in the Northwest. A moderate quantity of barley was taken for.export,
but nothing was said about rye. Final prices were Hc.
lower to He. higher for the week.
ending Friday, May 29, and since July 1 1930 and 1929,
are shown in the following:
Corn.
Wheat.
Exports.
Week
May 29
1931.
Since
July 1
1930.
Since
July 1
1929.
Week
May 29
1931.
Since
July 1
1930.
Since
July 1
1929,
Bushels. I Bushels.
Bushels,
Bushels.
Bushels. Bushels.
20,0001 1,522,00
North Amer_ 7,450,000337,384,000294,294.000
3,389,000
Black Sea-- 592,000 104.414,000 23,915,000 306,0001 32,207,00 26,539,000
Argentina_ 3,996,000100,881,000152,367,000 5.044,000228,112,00 162,419,000
Australia -- 2,808,000118,544,000 60,037,000,
320,000
India
9,008,000
0th. countr's 544,0001 38,000,000 41,124,000 442.000 40,340,0001 28,707,000
Total ---- 15,390,000708,231.000572,057,000 5,812,000302,181,000221,054,000
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
JUNE 2.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended June 2,follows:
Following last week's abnormally cool weather over most sections east
of the Rocky Mountains, there was a reaction to higher temperatures,
except in the west Gulf area. The week had normal, or above normal,
warmth rather generally over the northern half of the United States and
temperatures were only slightly below normal from the lower Mississippi
Valley eastward. It remained cool in Texas and southeastern New Mexico
where the weekly means were 3 deg. to 8 deg. subnormal. High temperatures for the season continued west of the Rocky Mountains where practically every week during the winter and spring months have had more
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
than normal warmth. In the interior of the Pacific Coast area, including
Sat. Mon. Tues. Wed. Thurs. Fri. the northern Great Basin, the week averaged from 6 deg. to 10 deg. warmer
than normal.
37
36
37
37% 36
July delivery
Precipitation was widespread, but rather spotted. Heavy to excessive
39
, 39
385.t 37% 37
September deliver/
falls occurred in the middle Atlantic area, especially in Virginia and Mary40% 40
43 4 43
41
delivery
December
land. and substantial amounts were reported In the northern Ohio Valley
Season's Low and When Made
Season's High and When MadeMay 2 1931 and in many trans-Mississippi localities, with heavy falls in the lower Rio
33
Oct. 16 1930 July
55%
July
May 2 1931 Grande Valley. There were also substantial rains in parts of the northern
35
Feb. 20 1931 September
45%
September
Great Plains and in central Rocky Mountain sections; west of the mountains
December
28
44%
December
the week was practically rainless, and only light, local showers occurred
from the lower Mississippi Valley eastward.
quotations were as follows:
Closing
Warmer weather in the interior valleys and most of the South promoted
GRAIN.
better advance of vegetation, with a rather general improvement in condition, especially in corn and other warm-weather crops. The week was
Oats. New York
Wheat. New York38% also mostly favorable for outdoor operations and seasonal farm work made
No. 2 white
92%
No.2 red, f.o.b., new
36% satisfactory progress. Rains were helpful over extended areas, but some
No.3 white
Manitoba No.1,f.o.b. N.Y- 72%
46% sections are needing more moisture.
-No.2,f.o.b. N.Y
Rye
The rather general showers east of the Appalachian Mountains from
Chicago, No.4
Corn, New Yorknorthern South Carolina to Pennsylvania were helpful in conditioning the
No.2 yellow, lake and rail-- 71% Barley
c.i.f. N. Y., domestic--46g soil, though there was slight damage by excessive falls and hail in a few
No.2
No.3 yellow, lake and rall-- 68%
374g64
localities. Showers were beneficial also in much of the Ohio Valley. and
Chicago, cash
JUNE 6 1931.]
FINANCIAL CHRONICLE
especially in the upper Mississippi Valley and northern Great Plains where
moisture has been more pronouncedly deficient. The areas most benefitted
include northern Illinois, Iowa, the northern two-thirds of South Dakota.
rather generally North Dakota, except in the northwest, and south-central
Montana.
Many localities still need rain in Wisconsin, Minnesota, southern South
Dakota, Nebraska, and much of Montana; more moisture is needed also
In central and southern Kentucky, much of Tennessee, Alabama, Georgia,
and parts of Florida. In the Pacific Northwest, especially the interior,
the drouth is unrelieved, with many crops, especially wheat, suffering.
COTTON.—While the warmer weather was helpful for cotton, it continued cool during most of the week over considerable areas and growth is
rather generally slow. Most of the eastern belt had very little rain, and
only light to moderate showers were the rule west of the Mississippi River.
The temperature averaged near normal, except in Texas where coolness
persisted.
In Texas the condition and progress of cotton average fair, with fields
mostly clean and planting about completed, except in the northwest. In
Oklahoma late-planted fields show fair to good germination, with some
still being seeded in the north-central and western portions. Growth was
very good in most of Arkansas and Louisiana, but was rather slow in
Tennessee; it was fairly good in parts of Mississippi and some improvement was reported from .Alabama. Replanted cotton in northern Georgia
is not germinating well, because of dryness, and progress is generally
slow in the State, but early plants are showing squares in Florida. Growth
was fairly good in the northeastern portion of the belt.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Normal temperatures, moderate to heavy precipitation, and ample sunshine favorable for crop growth in most localities. Hail in Albemarle County on 22nd caused much damage, mostly to
fruit. Meadows and pastures good to excellent. Tobacco and sweet potatoes
good; mostly transplanted. Cultivating corn. Wheat,oats,and cotton good.
North Carolina.—Raleigh: Generally fair, with normal temperatures,
followed by scattered, light to heavy rains and cooler Sunday and Monday. Weather mostly favorable for cultivation and growth of crops; also
for mowing oats, rye, and clover, and spraying fruit. Progress of cotton
fairly good. Some improvement of corn and tobacco. Wheat doing well.
South Carolina.—Columbia: Temperatures more seasonable, with some
light rain. All crops improved. Oat and rye harvests continue and wheat
ripening rapidly. Cotton stands generally good, though plants rather
small; chopping near completion on Coastal Plain and is general in northwest; cultivation against grass active in north. Corn, tobacco, truck,
early sweet potatoes, and lesser crops vigorous.
Georgia —Atlanta: Insufficient rain, with increasing tendency to drouth,
detrimental; day temperatures more nearly normal, but nights continue
too cool. Excellent progress in cultivation. Replanted cotton in north
not' germinating well, due to dryness, and progress generally poor, with
chopping finished, except in extreme north: stands only poor to fair, but
crop would respond to more favorable moisture and temperature conditions. Progress of corn also poor to fair. Harvesting wheat and oats and
digging early potatoes continue.
Florida.—Jacksonville: Progress and condition of cotton very good;
early showing squares. Except scattered showers in north and central,
week mostly dry. Corn well worked, but backward; much wilting on
uplands and some tasseling prematurely; better on lowlands. Melons
fair, but late; rain badly needed. Tobacco mostly good, but backward.
Citrus doing well, but much dropping locally.
Alabama.—Montgomery: Nearly normal temperatures first five days
favorable for growth of crops; cool thereafter. Scattered showers and
rain needed in some sections. Farm work good progress. Condition and
progress of corn, potatoes, sweet potatoes, truck, and minor crops mostly
fair to good. Oat harvesting nearly finished. Cotton improved somewhat
account moderate temperatures, but condition mostly poor to only fair;
stands irregular, ranging from poor to good; chopping nearly finished in
South, and good progress in North where replanting continues locally.
Mississippi.—Vicksburg: Mostly light to heavy showers: nights generally somewhat cool. Many stands of cotton fair; considerable chopping accomplished; growth fairly good in South, but rather fair elsewhere.
Progress of corn poor in North; mostly fair elsewhere.
Louisiana.—New Orleans: Very favorable for crops; scattered showers
favorable for growth and cultivation. Progress of cotton fairly good,
but condition rather poor to fair; some late not up in northwest and needs
rain for germination; chopping progressing in North. Corn benefited by
warmth, Out rain needed locally; progress and condition *very good. Oat
harvest nearly completed.
Texas.—Houston: Cool, except moderate on western border; rain fairly
general, except in extreme west and near coast where little or none. Condition of winter wheat and oats good and oat harvest well advanced.
Pastures still mostly good, but needing rain locally. Condition and progress of corn generally good, though crop late and stalks small. Condition and progress of cotton averaged fair; fields mostly clean and copping advanced favorably; planting about completed, except in northwest.
Oklahoma.—Oklahoma City: Early part of week warm and latter part
cool, especially nights; light to moderate showers beneficial in most sections. Progress and condition of winter wheat mostly very good to excellent; ripening fast in South and maturing slowly in North. Progress and
condition of oats good; harvesting winter oats under way in South. Progress and condition of corn fair to very good, but small and late; mostly
cultivated once. Progress of cotton fair; late-planted fair to good stands;
still some planting and replanting in north-central and west: some chopping in southeast.
Arkansas.—Little Rock: Progress of cotton very good in most portions;
stands of early poor, but late very good; excellent progress in chopping
and cultivation; fields usually clean. Progress of corn fair to excellent;
well cultivated, but stands poor in some fields. Very favorable for wheat.
oats, meadows, pastures, potatoes, truck, and fruit.
Tennessee.—Nashville: Warmth and general dryness favored cultivation of early corn, but Progress only fair; cutworms responsible for much
replanting. Progress and condition of winter wheat excellent. Winter
oats heading well, while spring oats somewhat short and need rain. Tobacco fair. Cotton late in East; condition in West poor to fair.
Kentucky.—Louisville: Temperatures above normal and more favorable for growth; rainfall light and more needed in most districts, but especially in central and south. Condition and progress of corn fair; color
improved; considerable replanting account cutworms. Tobacco plants
improved; setting pushed, but hampered by dry soil. Condition and
progress of winter wheat escellent; heading full in North.
THE DRY GOODS TRADE
New York, Friday Night, June 5 1931.
While retailers have continued to enjoy a good volume of
business, notably in connection with the recent long weekend, there has been no noteworthy pick-up in sales from
primary quarters, and business at the primary end of all
divisions is, on the whole, rather quiet. Retail turnover
continued to center in offerings of low-priced merchandise,
which include goods of admirable quality and design, such
as cquld not possibly have been offered at the present levels
a few seasons ago, and which are doing much to stimulate
the public's appetite. At the same time buyers continued
to limit themselves strictly to al hand-to-mouth buying policy,
and thus the orders which producers are receiving are much
more notable for their frequency than for the volume they
specify. Silk goods, rendered attractive at retail by very
low prices, have continued to sell in large quantities. It
transpires that the actual movement during April was
around 16% greater than in the same month in 1930, with
production about 10%% greater, and stocks on hand lower
than in the last three years. However, notwithstanding this
favorable comparison, unmercantile policies and the general
depression in sentiment continue to maintain the silk trade
4271
as a whole in a very unsatisfactory position. Price-cutting
remains prevalent, with no immediate prospect of relief,
despite the fact that there is an obviously good demand from
the public for the goods in point. Producers' sales of rayons
during May proved somewhat larger than in April, it is
reported, further fortifying them against the summer slackening in business, early intimations of which made their
appearance in the present week. Stocks are reported to
be still generally below normal levels, and though production• has recently registered gains they have not been sufficient, it is estimated, to cause very large accumulations
of stocks during the summer.
DOMESTIC COTTON GOODS.—The widespread and very
effectively organized promotional activities currently in
process in connection with "National Cotton Week" have
not yet had any measurable effect on the volume of goods
being taken out of primary quarters. Business in cotton
goods as a whole continues to be of restricted character,
though there are many reports of a steady if moderate stream
of business to offset others which complain that demand
has become increasingly sluggish. Print cloths 'have registered further moderate recessions and undercutting in sales
by agencies who are determined to attract business with the
smallest practical regard for price is still the bugbear of
the cloth situation. Hand-to-mouth buying is being generally and rigidly practiced and market observers see no
prospect of modification of this policy until more stability
is shown in the raw product. Speculative markets for raw
cotton, though higher in the past two or three days, coincidently with securities, are by no means a source of bullish
feeling. While values are already at an abnormally low
level, the future, complicated by the Government's substantial holdings and the uncertainty of how substantial the
much-talked-of reduction in domestic acreage will prove
to be, is entirely conjectural. It is this instability in the
raw product which is regarded as a primary factor in the
continued decline in goods prices, in the face of only moderate stocks and a relatively good retail turnover. Buyers
are unwilling, understandably, to place confidence in current values and buy, while the basic trend in the staple is so
uncertain, and while, somewhat paradoxically. the low
price of the staple is stimulating greater production on the
part of some mills. Curtailment is seen to be called for
more than ever, but no concerted plan for general regulation is on the summer schedule of mills generally. A more
fa vor ible aspect of the situation. however. ;s
in the
retail trade. "National Cotton Week" propaganda Is re.etail,
ported to have already had a stimulata,,
and it is rather widely hoped that a considerably increased
turnover will result in the near future. Should better action
in the raw markets combine, in the near future, with better
retail activity, to inspire confidence, there is good reason
to expect that buyers will take a much greator volume of
fabrics soon, more especially as they are by no means plentifully supplied at present. Resistance to scale down bids
in gray goods markets was not very successful, and moderate
quantities of goods were moved at further concessions of
M and even, in a few cases, of %c., it was reported yester3c.
day. Prices elsewhere were generally subject to unsettlement, and volume was restricted. Print cloths 27-inch
/
64x60's constructions are quoted at 31 2c., and 28
-inch 64x60's
at 3%c. Gray goods 39-inch 68x72's constructions are quoted
at 5%c., and 39-inch 80x80's at 6%c.
WOOLEN GOODS.—Relative to the unfavorable position
that woolens and worsteds markets occupied at this time
last year, current conditions are reassuring. Men's wear
goods were extremely difficult to move in the spring months
of last year, and currently both mill activity and total sales
of that description have shown substantial improvement.
Strengthening of the credit structure of the trade, to which
the elimination from the trade of a large number of firms
of the least sound financial position has greatly contributed,
is an important present factor. Profitable business is far
more the rule than last year at this time, though it is true
that further upward readjustments in prices would be more
than justified. At present, while women's wear mills are
rather quiet, men's wear mills are operating in the neighborhood of a normal rate. Prospects for the fall season, while
admittedly bound up largely with prospects for business in
the country as a whole, are nevertheless regarded with comparative equanimity, with mill-men taking the reasonable
view that, in these hard times, any industry is lucky to be
in a good position internally, with enough business to carry
on with. Men's sports wear flannels are reported to be in
very good demand, and are a feature of current business.
A less favorable aspect of their popularity, in the view of
some producers, is the fact that in some sections they have
been usurping the demand for spring suitings. A shortage
is an imminent possibility in tropical worsteds, stocks of
which have been dwindling progressively.
FOREIGN DRY GOODS.—A continued good demand for
dress fabrics, and moderate buying of heavy linens and
household specialties continue to feature local linen markets. The linens situation is essentially unchanged. Burlaps declined as a result of the failure of the plan to curtail
production at Calcutta by a further 25% to go through.
Light weights are quoted at 4.00c., and heavies at 5.30c.
4272
FINANCIAL CHRONICLE
ffi• tate and Txtg Printrtutent
MUNICIPAL BOND SALES IN MAY.
The ease in the money market, coupled with the superabundance of idle funds, resulted in the marketing during
May of several large municipal issues, which served to swell
the total of State and municipal financing during the month to
the figure of $172,818,922. An April the municipal awards
footed Ili) $105,939,805, while in May a year ago the
amount was $144,872,096.
The most prominent award during May was the sale of
$52,000,000 N. Y. City 3% 4
-year corporate stock to a
syndicate headed by the National City Co. of New York,
at a net interest cost basis to the city of 2.997%. This
basis represents the lowest interest cost at which the city
has sold corporate stock or bonds since the incorporation
of the Greater New York in 1898. Then again, it marked
the second appearance of the city in the long-term bond
market this year, an award of $100,000,000 43% 1 to 50
year corporate stock and serial bonds having been made on
March 4 at an interest cost basis of 4.134%.
The marked decline in the cost of municipal borrowing
now as compared with the corresponding period in 1930 is
strikingly illustrated in the result of the recent borrowing
by Detroit, Mich., and Westchester County, N. Y., as
compared with a year ago. Whereas in May 1930 Detroit
disposed of $20,350,000 434 and 43
,
6% bonds,' due serially
from 1931 to 1960 incl., at a net interest cost of 4.415%,
it was able on May 18 1931 to market $19,337,000 4s and
434s, due from 1932 to 1961 incl., at an interest cost of only
4.162%. In May 1930 Westchester County, N. Y., sold
$19,775,000 4 and 43% bonds, due from 1931 to 1980 incl.,
at a 4.087% basis, and on May 7 of this year disposed of
$15,547,000 334s and 33 s, due from 1933 to 1980 incl.,
4
at an interest basis of but 3.6015%.
State and municipal long-term bond sales during the five
months of 1931 have reached $727,800,316, which compares
with $613,897,001 for the same period in 1930; $519,680,721
in 1929;$648,612,959 in 1928;$723,958,401 in 1927, when the
flotations in the months of January and May of that year
exceeded $200,000,000 each, and $608,255,147 during the
first five months of 1926. A table appearing at the conclusion of this article shows the financing for May and for
the first five months of each year since 1892.
In the following we give an account of each long-term
municipal bond award of $1,000,000 or over that occurred
durindthe month of May:
852,000.000 New York, N.Y.,3 gold corporate stock for rapid transit con-.
%
struction purposes, due May 1 1935, awarded to a lengthy
syndicate headed by the National City Co. of New York,
at 100.011, a basis of about 2.997%. Re-offered for public
Investment at 100.50, to yield about 2.87%. Announcement
was made that the entire issue had been marketed in 10 minutes
following the opening of subscription books.
19,337,000 Detroit, Mich., bonds, comprising $10,520,000 Ofs, due
serially from 1932 to 1951 incl., and $8,817,000 4s, due in
1961, awarded to a group managed by the Bankers Co. of
New York, at 100.021, the net interest cost of the financing
to the city being about 4.162%. The award comprised five
separate issues.
15,547.000 Westchester Co., New York, bonds, comprising 13 issues,
divided into $7,783,000 33s, due from 1933 to 1963 incl., and
87,764,000 3gs, due from 1933 to 1980 incl., awarded to a
syndicate headed by the Chase Securities Corp. Of New York,
at 100.668, a basis of about 3.6015% •
10,400,000 San Francisco (City and County) Calif., 434% bonds, cornfive issues, due serially from 1932 to 1977 incl., purchased at public sale by a syndicate under the management of
the First National Bank, of New York, at 104.90, a basis of
about 4.13%.
10,187.000 Newark, N. J., 4% bonds, comprising six issues, due annually
from 1932 to 1970 incl., awarded to a group headed by the
First National Bank, of New York, at 104.13, a basis of
about 3.68%.
5,000,000 Nassau County, N. Y., 3g% bonds, comprising three issues,
due serially from 1944 to 1961 incl., awarded to a group headed
by the Chase Securities Corp., of New York, at 103.47, a
basis of about 8.51%.
4,000,000 Maverick Co. Water Control and Impt. Dist. No. 1, Tex.,6%
Improvement bonds reported to have been purchased by Cray,
McFavrn & Co.,of Detroit. Due serially from 1933 to 1968 incl.
3,000,000 Chicago, Lincoln Park District, III.,
% park impt, bonds,
due in equal amounts annually from 1932 to 1951 incl., purchased by a group of banks headed by the Harris Trust &
Savings Bank, of Chicago, at 98.579, a basis of about 4.68%.
2,030,000 Worcester, Mass., 334% bonds, representing five separate
issues, due serially from 1932 to 1941 incl., purchased by
Edward Lowber Stokes & Co., of New York, and H. C.
Wainwright & Co., of Boston, jointly, at 102.548, a basis of
about 2.96%.
bonds, comprising 11 issues, due serially
2,000,000 Boston, Mass., 3
from 1932 to 1951 incl., awarded to a group headed by H. C.
Wainwright & Co.,of Boston, at 100.48,a basis ofabout 3.41%.
1.600,000 Amarillo, Tex., 6% gas distribution system bonds purchased
by G. M. Dunne of Wichita, and associates. Due in 15 years.
Price paid not disclosed.
1,500.000 Cleveland, Ohio,4% hospital construction bonds, due annually
from 1932 to 1955 incl., awarded to Eldredge & Co., of New
York, and the Well, Roth & Irving Co.. of Cincinnati, jointly,
at 101.95, a basis of about 3.80%•
1.450,000 Albany Co., N. Y.,3g% funding bonds, due in equal amounts
annually from 1932 to 1941 incl., sold to the International
Manhattan Co., Inc.. of New York, at 100.188, a basis of
about 3.21%.
[VOL. 132.
1,100.000 Beaumont, Tex., 434% bonds, representing five separate
issues, due serially from 1932 to 1971 incl., purchased by a
syndicate headed by C. W. McNear & Co., of Chicago, at
95.35 a basis of about 4.84%.
1.086.000 Morris Co., N. J., 35/1% public leapt. bonds, due serially
from 1933 to 1957 incl., purchased by a syndicate headed by
the First National Bank, of New York, at 100.13, a basis of
about 3.74%.
1,046,000 Morristown, N. J., 4% water bonds, due serially from 1933
to 1969 incl., awarded to the Guaranty Co. of New York and
Stone & Webster and Blodget, Inc., both of New York,
jointly, at 100.67, a basis of about 3.95%.
1.000,000 Cameron Co., Tex., county road bonds sold to a group headed
by O. W. McNear & Co., of Chicago, at a price of 90. These
bonds are the last of an original issue of $6,000,000.
1,000.000 Knox Co., Tenn.,434% bonds sold at a price of par to Joseph,
Hutton & Estes, of Nashville, and Little, Wooten & Co., of
Jackson jointly. The sale consisted of $500,000 bridge bonds
and a similar amount of school bonds, all of which mature
in 1951.
1,000,000 Ramsey Co.. Minn., 33j% bonds, due annually from 1932 to
1951 incl. awarded to a group headed by the BancNorthwest
Co., of Minneapolis, at 101.456. a basis of about
•
1,000,000 South Dakota (State of) rural credit bonds, sold3.59%to the
as 4s
Chatham Phenix Corp., of New York, and the Central
Illinois Co., of Chicago, jointly, at 100.27, a basis of about
3.94%. Due in 1951; optional after 1936.
Continued ease in the money market, especially for loans
of short duration, resulted in the issuance during May of a
considerable number of note issues aggregating $29,597,000.
During the preceding month financing of the same nature
amounted to $117,323,000, of which $93,000,000 was contributed by N. Y. City. No temporary borrowing during
May was undertaken by N. Y. City.
Canadian municipal bond financing in May was on a much
diminished scale in comparison with the output during the
month of April. The total of long-term issues disposed of
during the month under review was $18,088,512 and compares with $51,160,543 for the preceding month. The
difference, however, is explained by the fact that during
April several large flotations occurred,such as the $10,084,000
Toronto, Ont., award, the $7,500,000 Province of Quebec
issue, and the $5,215,000 Province of New Brunswick sale.
The situation in May was quite different inasmuch as the
largest individual emission was the $7,824,000 Province of
British Columbia loan, followed, in size, by the $3,000,000
Province of Alberta disposal. The British Columbia sale
comprised two 4% issues, one of $4,324,000 bonds, due in
30 years, and one of $3,500,000 bonds, due in 5 years. The
purchasers were a syndicate headed by Fry, Mills, Spence &
Co. of Toronto, which paid a price of 92.51, or a basis of
about 4.46%, for the 30
-year block and a price of 98.68,
or a 4.29% basis, for the 5
-year issue.—V. 132, p. 3988.
The Alberta disposal consisted of $3,000,000 434% bonds,
due in 1961, and was made privately to a syndicate headed
by Wood, Gundy & Co. of Toronto. Price paid not disclosed.—V. 132, p. 4109.
The Montreal Metropolitan Commission, Que., also
effected permanent borrowing during May, having sold an
issue of $2,680,000 434% bonds, due in 1965, to a group
headed by the Guaranty Company of New York,at 98.91, a
basis of about 4.56%—V. 132, p. 3588. The City of Hamilton, Ont., sold 82,503,233 improvement bonds, comprising
$1,569,783 434s, $910,000 43 and 832,450 5s, due in 1941,
4
1950 and 1961, to the Bank of Toronto, at 100.71, a basis of
about 4.50%—V. 132, p.3764.
The failure of the Government of Newfoundland to secure
a bid for an issue of ,000,000 5% 25-year bonds offered for
sale on May 22 resulted in the publication of a considerable
number of reports regarding its financial condition, all of
which were subsequently denied officially. An item dealing
with the matter appeased in—V. 132, p. 4100.
About $2,144,000 of the total of Canadian bonds sold
during May have been placed to date in the United States.
No financing during the month was undertaken by any of
the United States Possessions.
In the following table we furnish a comparison of all the
various forms of obligations put out in May for the last
five years:
1931.
Perm. loans(U. S.)_172,818,922
*Temp. l'na (U. S.). 29,597,000
Can. l'ns (perm.)—
Placed in Canada-13,941,312
Plac.ld in U. S___ 2,144,000
BM.of U.S.Poefens
None
Gen.fd.bds.,N.Y.C.
None
1930.
1929.
1928.
1927.
144,872,096 176,358,781 154,707,953 216,463,588
23,135,500 56,122,000 15,716,000 23,669,600
30,315,640 36,305,246 13,438,490 2,941,356
27,000,000 23,000,000 20,000,000 1,235.000
1,425,000
None 3,075,000
None
14,800,000 10,100,000 9,400,000
• None
Total
220,504,434 241,548,236 301,884,027 216,337,443 244,309.844
•Including temporary securities issued by N. Y. City: None in May 1931;
$6,750,000 in May 1930; $14,538,500 In May 1929; 81,076,000 in May 1928; none in
May 1927.
The number of municipalities emitting permanent bonds
and the number of separate issues made during May 1931
were 325 and 457, respectively. This contrasts with 446
and 646 for May 1930 and with 486 and 640 for May 1929.
For comparative purposes we add the following table,
showing the aggregates of long-term issues for May and the
five months for a series of years:
JUNE 6 1931.]
FINANCIAL CHRONICLE
For the
Month of
For the
Month of
May.
May.
Five Months.
Fire Months.
1931
$33,765,245 5195,791,550
MI172,818,922 $727,800,316 1911
18,767,754 143,476,335
1930
144,872,096 613,897,001 1910
27,597,869 145,000,867
6176,356.781 519,880,721 1909
1929
25,280,431 137,476,515
154,707,953 648,612,959 1908
1928
15,722,336 93,957,403
1927
c216,463,588 723,958,401 1907
137,480,159 608,255,147 1906
14.895,93780.651.623
1926
16,569,066 92,708,300
190,585,636 612,184,302 1905
1925
55.110,018 113,443,246
117.445,017 546,293,435 1904
1924
14,846,227 62,649,815
1923
95,088,046 423,089,026 1903
20.956,404 59,211,223
106,878,872 536,116,865 1902
1922
14.562,340 47,754,962
63,442,294 358,003,428 1901
1921
37,280,635 277,548,512
1920
7,897,642 33,996,634
46,319,625 205,273,378 1899
1919
33,814,730 123,945,201 1898
7,036,926 34,373,622
1918
23,743,493 193,068,268 1897
8,258,927 56,890,312
1917
29,006,488 235.908,881 1896
10,712,538 30,384,656
1916
42,691,129 213,952,380 1895
11,587.768 41,084,172
1915
34,186,614 303,153,440 1894
14,349,410 50,067,815
1914
83,234,579 179,493,040 1893
4,093,969 30,774,180
1913
98,852,064 196,803.386 1892
7,856,860 36,844,291
1912
a Includes 552,000.000 bonds of New York City. b Includes 552,000,000 N. Y.
City bonds. c Includes $60,000,000 N. Y.C. bonds.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
Chicago, III.—State Legislature Refuses to Ad on Tax
Relief Bills.—Despite the plea of Mayor Anton J. Cermak to
the revenue committee of the House to pass ten bills designed
to relieve the present chaotic condition of the city finances,
the committee on June 3 deferred consideration of the bills
for one week by a vote of 16 to 11, according to press dispatches from Springfield. The Mayor told the committee
that the city is in a very difficult financial condition at the
present time, owing about $6,000,000 and having about
$150,000 in the treasury, with the banks refusing to honor
city tax anticipation warrants. As an alternative to legislative relief Mayor Cermak threatened to make wholesale
discharges in the civil service departments.
Connecticut.—Changes in List of Legal Investments for
Savings Banks.—On June 1 the State Bank Commissioner
issued a bulletin showing the following changes in the list
of investments considered legal for savings banks and trust
funds:
Additions.
Additions (Concluded):
Bridgeport Hydraulic Co.:
Great Northern Hy. Co.:
First mortgage. series C, 4%s, 1981
Western Fruit Express, series "E,"
Metropolitan District of Hartford
,
41fs, 1931-1945
County:
Ohio Public Service Co.:
All bonds and notes
First and refunding 7145, 1946
First and refunding 78. 1947
Deduction.
Detroit, Mich.
First and refunding 68, 1953
First and refunding 59, 1954
Cook County, Ill.—Technical Default Occurs on June 1
Bond Payments.—The county was forced to default on the
payment of $1,451,000 principal amount and $417,400 in
interest due on June 1 because of delinquent 1929 tax collections, said to be far behind owing to the irregularities
discovered in property assessments some years ago when it
became a necessity to call for a reappraisal. Tax collections
were halted for the time being and current revenues were
obtained from the sale of tax anticipation warrants. The
default is purely technical because seven of the largest banks
in‘Chicago have offered to purchase the bonds at par, thus
preventing any loss to investors. The Chicago "Journal of
Commerce" of June 2 reported on the default as follows:
Cook County. Ill., has defaulted on the June 1 1931 interest and principal on its outstanding bonds. Holders of bonds and bond coupons, due
June 1. upon presentation of the same to the county treasurer's office,
received receipts for such coupons and bonds but no checks were forthcoming.
The banker's relief committee, which was in session yesterday, refused
to advance the county funds to avoid the default, but offered, instead, to
purchase at par and accrued interest any of the defaulted bonds.
Many Banks Make Offer.
The local banks making this offer included The Central Trust Co.; the
Continental Illinois Bank & Trust Co.; the First National Bank Chicago;
the Foreman-State National Bank; the Harris Trust & Savings bank; the
National Bank of the Republic and the Northern Trust Co.
Joseph B. McDonough, county treasurer, yesterday stated:
"Principal and interest on bonds amounting to $1,868,400 is due June 1.
the money for the payment of which was levied in 1929 and 1930. As only
58% of the 1929 tax levy has been collected to date and the 1930 levy will
not be collected until January 1932, we will be unable to make the payment
promptly.
Three Month's Effort Vain.
"I have been endeavoring for the last three months to borrow money
in anticipation of the collection of these taxes. This I have been unsuccessful in doing.
"The only other way I could meet the service on these bonds on maturity date would be to divert money held by me in trust, which I am
advised I cannot do without incurring a liability on my bond."
Almost coincidentally with the announcement of the default in the
interest and principal of the bonds due yesterday, the county issued notice
of the availability of funds for the payment of $5,000,000 tax notes,
$4.000,000 of which were due Dec. 11930, and the remainder due Jan. 31
last.
The payment of these notes is obligatory, certain tax funds having
been pledged for their retirement, explaining the county's failure to meet
service charges on its long-term debt with this tax money.
The default is the climax of a long drawn out disagreement between the
local banks and politicians regarding tax legislation for Cook County which
would prevent a recurrence of the present unfortunate situation. Default
of this interest and principal is the greatest blow struck as yet at the politicians and will have a lasting effect on the credit rating of Cook County.
Banlcs' Action a Surprise.
Failure to pass the desired tax legislation at an early date met with
a firm refusal by the banks to advance further funds. Political circles,
however, did not believe the banks would adhere to their announced policy
and, as a result, tax legislation in recent Springfield sessions was shelved.
Under these conditions, with the local banks already carrying a huge
load of tax anticipation warrants, distributing bonds in an uncertain and
Insecure market, tax delinquencies at new high levels and real estate interests taking steps to block the tax collections, the bankers decided to let
the matter come to a head.
The county, according to the statements made at a public session with
the bankers, will have to stay in default until funds can be raised. The
only means of doing this will be either through passing the desired tax
legislation at Springfield and the purchase of the 1931 tax anticipation
4273
warrants by bankers, enactment of special relief legislation and the sale
of bonds to raise funds, or the procurement of funds from some special
source.
Warrants Absorb Collections.
Collections of 1929 taxes cannot be used, as they have to be applied to
the redemption of the outstanding 1929 tax warrants and such county
warrants are outstanding well in excess of the taxes collected to date. It
is unlikely that the sale of relief bonds can be resorted to as the credit
of the county is temporarily ruined by the present existing default, and
a purchaser for the bonds at a fair price might not be found. Thus, barring any special means of raising funds such as diversion of funds, the
politicians are forced either to let the county remain in default or put
their heads together and pass the desired tax legislation.
Cook County is the first and only one of the local municipal bodies to
default to date. How long the other local taxing bodies, such as the city
and the various local taxing districts, can hold out without a sale of 1931
tax warrants is problematical. The ability of each of these other entities
differs with the amount of warrants they sold against the 1929 levy and
the sources of funds they have other than taxes, such as miscellaneous
revenues and special reserves.
Will Offer Relief Bonds.
At a meeting of the board of commissioners of Cook County, yesterday,
a motion was approved to advertise the sale of $1,000,000 4% relief bonds,
recently authorized at Springfield. Details of the sale have not been
announced, but in view of the present default it is unlikely any purchaser
can be found.
Prospects of early collection of the delinquent 1928 and 1929 taxes were
dimmed somewhat when Federal Judge Charles E. Woodward granted
a preliminary injunction to the American Mutual Liability Insurance Co.
of Massachusetts, restraining County Treasurer Joseph B. McDonough
from levying upon or putting up for sale its property. The injunction
Was granted on the grounds that the board of review had refused to hear
complaints from 30,000 taxpayers who thought their levies too high, and
that the board had showed discrimination between assessing personal
property and real estate.
This decision is expected to have far-reaching effects as it opens the
way for intervening petitions by the dissatisfied taxpayers. During the
litigation period, tax collections will be delayed.
Jackson, Miss.—City Will Not Appeal Decision on Constitutionality of New Banking Act.—The recent decision of
the State Supreme Court upholding the constitutionality
of the act passed by the last legislature suspending the old
Guaranty of Deposits law, which paid off depositors in
closed banks with Guaranty certificates, will not be appealed
to the United States Supreme Court by the above-named
city, according to the Jackson "News" of May 24, which
reported in part as follows:
"Holders of some 85,000,000 worth of Deposit Guaranty Certificates
may get cash for their paper this summer.
"Mayor Walter A. Scott announced Saturday that the City of Jackson
definitely would not appeal to the United States Supreme Court from
the decision of the Mississippi Supreme Court in which the new banking
act, passed a year ago, was declared constitutional.
"Immediately his announcement became known, Governor Bilbo issued
a call for the State Bonding Commission for Monday, at which plans
for selling the greatest bond issue in the State's history are to be considered.
"Bids for bonds must be advertised for 30 days, but if they are asked
at once, the funds might be available to the State before July 1.
"The recent decision of the State Supreme Court, in which the law
Passed by the 1930 Legislature was upheld, came in the case of the Deposit
Guaranty Bank & Trust Co. of Jackson, against the City of Jackson.
"Sale of the $5,000,000 in bonds to take up all outstanding certificates.
was authorized by the last legislature, but was made contingent upon
a decision by the highest court holding the new banking act constitutional.
"Should the city have taken the appeal to the United States Suprome
Court, sale of the bonds would automatically have been postponed until
determination of the case by the Federal Tribunal.
"The bonds authorized would pay off certificates issued to depositors
in banks which failed prior to March 1930, when the new act passed.
Under the old law, suspended by the new act, a levy was made against
all banks and the funds placed in a special trust to pay off the certificates
Banks failed faster than the funds accumulated, however, until a $5.000,000
deficit approached.
"Local financial leaders were apprehensive lest bond buyers would
fall to bid for the State's bonds, if offered, because of three pending suits
filed by national banks of Jackson, attacking the law. W. E. Morse,
Jackson City Attorney, expressed the opinion that a victory for the national
banks in these cases would void the entire 1930 bank guaranty act.
"Since the city has announced its intention not to prosecute an appeal,
however, steps were considered to have the three national banks withdraw
their suits against the city, which were brought to recover taxes paid under
protest, in conformity with the administrative provisions of the new
banking act."
Michigan.—Governor Brucker Signs Bill Amending Municipal Bond Provisions.—On May 21 Governor Brucker
signed as Act No. 142 of the Michigan Public Acts of 1931
a bill which was drawn up as a result of the recommendations made by a special committee selected to frame amendments to the existing bond law. Because of the difficulties
encountered during the past year by some Michigan municipalities in meeting their obligations certain amendments
to the bond law were deemed inevitable if the credit of the
municipalities in Michigan was to be maintained intact.
The bill containing the necessary changes was framed by
Senator Claude Stevens of Highland Park, a member of
the committee referred to, and was introduced in the Legislature by him. The text of the new law reads as follows
(the amendments being indicated by italics):
STATE OF MICHIGAN
56th Legislature—Regular Session of 1931.
Senate Bill No. 57 (File No. 59)—Introduced by Senator Stevens.
SENATE ENROLLED ACT NO. 43.
An Act to amend Sections 2. 3, 5, 6, 8, 9 and 16 of Act No. 273 of the
Public Acts of 1925, entitled "Ac Act to regulate the issue of bonds,
or other obligations, by municipalities in this State, to provide the
method of payment of such bonds, or other obligations, and to prescribe the duties of municipal officers and of the State Treasurer
in connection therewith." as amended by Act No. 332 of the Public
Acts of 1927, Act No. 28 of the Public Acts of 1929 and Act No. 43
of the Public Acts of 1929, being Sections 2,691, 2,692, 2.694. 2.695,
2,697, 2,698 and 2,700, respectively, of the compiled laws of 1929,
and to repeal Section 9-a of said Act as added thereto by Act No. 43
•
of the Public Acts of 1929, being Section 2,699 of the compiled laws
of 1929.
The People of the State of Michigan enact:
Section 1. Sections 2. 3, 5, 6. 8. 9 and 10 of Act No. 273 of the Public
Acts of 1925, entitled "An Act to regulate the issue of bonds, or other
obligations, by municipalities in this State, to provide the method of payto prescribe the duties of
ment of such bonds, or other obligations, and in connection
therewith,"
municipal officers and of the State Treasurer of 1927. Act No. 28
of the
332 of the Public Acts
as amended by Act No.
Public Acts of 1929 and Act No. 43 of the Public Acts of 1929. being sections 2.691. 2,692, 2.694. 2,695. 2,697. 2.698 and 2,700, respectively.
of the compiled laws of 1929, are hereby amended to read as follows:
Section 2. No municipality shall hereafter issue any bonds, or other
negotiable obligations, for the payment of current expenses, or to fund
deficienciet in current revenue except in anticipation of taxes actually
levied and uncollected or for which an appropriation has been made,
and in such cases only in accordance with any limitations prescribed by
4274
FINANCIAL CHRONICLE
[Vol.. 132.
law, but any bond issue may be made to include interest accruing before Except in case of refunding bonds, emergency bonds, judgment bonds and
the date of the first collection of taxes or assessments from which such notes issued in anticipation of taxes and special assessments, such certificate
interest is payable. No bonds, or other negotiable obligations, shall be shall also show that the amounts of delinquent taxes and assesmsents, respecmade payable on demand. No bonds or other obligations running more than tively, for the preceding fiscal year does not exceed twenty-five per cent of the
three years, shall be sold at a price which would make the net interest rate on total taxes and assessments falling due, and that the amounts ane manner of
the money.borrowed exceed six per cent per annum: Provided, however, That investment of all sinking funds comply with the provisions of this Act. No
all provisions of law now in force requiring an affirmative vote of the bonds, or other obligations running more than six months, may be issued
electors to authorize the issuance of bonds by municipalities or permitting until such certificate has been made. The State Treasurer is hereby authe issuance of bonds by the governing bodies of municipalities, without thorized to employ the necessary assistance to perform the duties hereby
authorization by the electors, shall not in any manner be affected by the assigned to him.
provisions of this Act, except in the case of refunding bonds as provided
Section 10. A municipality may borrow money and issue notes in anticipation
for in Section 6 hereof: Provided further, That the total debt in special assess- of the sale of any bonds, except refunding
bonds, emergency bonds
ment bonds of any township, city or village pledging the full faith and credit ment bonds, lawfully authorized. Such notes shall pledge the full and judgfaith and
of the municipality shall at no time by reason of future issues of such bonds, credit of the municipality, shall bear
and
interest not
except refunding bonds, exceed five per centum of the assessed valuation of shall be payable not more than two years from date exceeding six per cent year
of issue. During the
be issued in or years while said notes are
the taxable property in the municipality: nor shall such bonds
outstanding a
their payment in
any one year in excess of one per centum of such assessed valuation unless amount not less than would be required tax shall be levied for sold witlwut the
if bonds had been
authorized by majority vote of the electors, or by such larger vote as may be issuance of notes. The
exceed the amount of
provided by statute or charter. For the purposes of this Act, the assessed bonds authorized, and theamount so borrowed shall not the purpose for which
proceeds
valuation of taxable property in a village shall be deemed to be ahe assessed the bonds were authorized. If the shall be used only for
entire amount shall not be required for that
valuation placed thereon in the last preceding township roll as equalized by purpose, the surplus shall be applied to the
payment of the notes. The prothe county board of supervisors.
ceeds of sale of bonds shall be applied to the payment
issued in
Section 3. No municipality shall hereafter issue any bonds, or other anticipation of the sale of such bonds. Such notes shallof the notes be offered
in all cases
in accordance with the at public sale as herein
obligations running for more than six months, except
provided, and the bonds
provisions of this Act. If serial bonds are issued the first installments of at the time the notes are issued for the purpose shall be considered as issued
of computing the debt limits
and
principal shall fall due not more than three years after the date of issue, and maturity of the bonds. The State Treasurer's certificate for the
proposed
and no installment of principal shall be less than one-third the amount of bonds shall be obtained before the notes are
no further certificate
the largest installment, except that serial annuity bonds may be sold shall be required when the bonds are sold. issued
installment and the annual interest shall
wherein the sum of the principal
Section 2. Section 9-a of Act No. 273 of the Public Acts of 1925, as
be approximately equal in each year after the second year of the life of added by Act No. 43 of the Public Acts of 1929, being Section 2,699 of the
the bonds. Several issues of bonds issued under the same authorization compiled laws of 1929, is hereby repealed.
maturities. Any
may be treated as a single issue for the purpose of fixing
This Act is ordered to take immediate effect.
municipality may issue bonds not maturing serially on condition that proNew Law Authorizes Temporary Borrowing in Emeri encies
vision is made for their payment by an annual tax that shall be paid into
a sinking fund in approximately equal annual amounts, which with the
increment thereof will equal the face of the bonds at maturity: Provided, by Municipalities.—In addition to the above amen. ii ents
accordance with the provisions of to the municipal bond law of this State—the so-called Evans
however, That all bonds hereafter issued in
this Act shall be serial bonds except those issued by a city or village having Baxter Law of 1925—another important measure was
an assessed valuation of two hundred million dollars or more according to
its last confirmed assessment roll and which is located in a county having a passed by the Legislature this year which also deals with the
population of more than one million according to the last United States census.
debt-incurring powers of municipalities. This is Senate
Section 5. Whenever any money shall be borrowed by any municipality it shall be the duty of every officer or official body charged with any Enrolled Act No. 21, introduced by Mr. Woodruff, signed
duty in connection with the determination of the amount of taxes to be by Governor Brucker on April 21 and which is now Public
raised or with the levying of such taxes, to include in the amount of taxes
levied each year an amount sufficient to pay the annual interest on all Act No. 26 of 1931. It provides authority for temporary
such loans, any installments of the principal thereof falling due before the borrowing by those municipalities whose funds are badly
time of the following tax collection and all payments required to be made depleted because of unusual tax
delinquencies. The text of
to sinking funds. In any municipality having any debt now outstanding
and unpaid, a tax shall in like manner be levied each year, sufficient to the new law reads as follows:
pay the interest on such debt falling due before the time of the following
An act to authorize counties, townships, cities, villages and school
tax collection, to pay any principal installment of serial bonds falling due districts to borrow money and issue notes in anticipation of the collection
before the time of the following tax collection and to deposit into a sinking of taxes and delinquent special assessments, to
fund annually an amount which with the increment thereof will be suffi- fore issued and to provide for a board to pass validate such notes heretoupon such issues.
cient to pay the principal of such debt at maturity or within the term of
The People of the State of Michigan enact:
refunding bonds hereby authorized to be issued. All sinking funds shall
Sec. 1. Any county, township, city, village or school district may, by
be kept separate from all other moneys of the municipality, and shall be
used to pay or purchase the bonds of the municipality. Until such bonds resolution of its legislative or governing body, borrow money in anticipation
are paid or purchased, the moneys belonging to such funds shall be invested of the collection of taxes and delinquent special assessments, and issue notes
in bonds, or other obligations, of the United States, the State of Michigan, therefor bearing a rate of interest not to exceed 7% per annum, in the
or of any municipal corporation or political subdivision of the State of following cases:
(1) Any such governmental unit may within the six months' period
Michigan, which are a general obligation of the governmental unit issuing
the same, or such funds may be deposited in interest bearing accounts in preceding the end of any fiscal year, borrow money in anticipation of the
banks or trust companies having banking powers organized under the gen- collection of taxes for the next succeeding fiscal year: Provided, That an
eral banking laws and trust laws of this State or the united States: Provided, irrevocable appropriation has been made to repay such loan from the
That such deposit shall be secured by corporate surety bond or bonds which are receipts of such taxes. Such loan shall be payable within four months
authorized to be furnished as security by depositories of public funds, under after such taxes first become due and shall not exceed 25% of the tax levy
the provisions of Act No. 22 of the Public Acts of 1931, during such time as for the then fiscal year: Provided further, That any such loan made after
said Act shall be in force and effect. Not more than five per cent of the time Oct. I 1933 shall not exceed 10% of such tax levy.
(2)
of purchase, of the total sinking funds of any municipality shall be invested the Any such governmental unit may borrow money in anticipation of
collection of taxes for any current fiscal year and in such case such
In the bonds of any other one municipality having a population of less than
40,000 according to the last official census, except in cases of municipalities loan shall be payable not later than 90 days after the close of such fiscal
year
occupying wholly or in part the same territory, and except in case of a sinking tinie and shall not exceed 80% of the amount of such unpaid taxes at the
of the passage of the resolution authorizing such loan. If there is
fund of the total amount of $25,000 or less. Nothing herein contained shall
compel the sale of any security now held in any sinking fund. Any officer any outstanding loan which has been made under the provisions of subrequired of him by this section shall division one of this section, then the amount of such loan shall be deducted
who wilfully fails to perform the duties
be personally liable to the municipality or to any bondholder for any loss from the amount of the loan permitted under the provisions of this subor damage arising from such failure. No limitation in any statute or division. The resolution authorizing such loan shall state the percentage
charter shall prevent the levy and collection of the full amount of taxes which such loan bears to the taxes against which it is made, and thereafter
required by this section for the payment of debts, but nothing herein shall at least a like percentage of all collections made on such taxes shall be set
authorize the levy of a tax for any other purpose exceeding the existing aside in a sinking fund to repay such loan at its maturity.
(3) Any such governmental unit may borrow money in anticipation of
tax limitation.
the collection of delinquent taxes for any preceding fiscal year. No such
Section 6. Refunding bonds may be issued under the following conditions:
outstanding on Sept. 1 1925 may loan against the delinquent taxes of any such preceding fiscal year shall
(a) Any municipality having bonds
exceed
loan shall be
extend the time of payment thereof by the issue of refunding bonds payable against 60% of such taxes: Provided, That no such delinquency made
the delinquent taxes of any year unless such
exceeds
over a period of not more than 15 years;
5% of the
(b) If sixty days before the date of maturity of any bonds of a.municipality shall be total taxes levied for such year. The notes evidencing such loan
more than twenty-five per cent of the general taxes of the municipality on the lection payable not later than the estimated time or times of actual colof such taxes but in no case later than the expiration of the period
last preceding past due tax roll, or, in case of special assessment lime's, more of
than twenty-five per cent of the installment of the special assessment roll cor- forredemption following the sale of lands for the non-payment of the taxes
such fiscal year. Such delinquent taxes when collected, including the
responding to the maturing bonds remain delinquent, refunding bonds may
be issued payable over a period of not more than ten years, to extend the time proceeds of sales for the non-payment of such taxes and proceeds of rein a sinking fund
of payment of a proportionate part of such maturing bonds not greater than demption from such tax sales, shall be placedsuch sinking fund for the
the percentage of such taxes or special assessments then delinquent. Similar payment of such notes and if the amount in of such notes in shall be
full when
refunding bonds may be issued by counties for the part of highway and drain insufficient to pay the principal and interest
district bonds which the county may be required to advance by reason of delin- due, the amount necessary for such payment shall be advanced out of the
general funds and provision shall be made on the next general tax roll for
taxes;
quency in payment of special highway and drain
(c) If any municipality having notes outstanding on April 15 1931, issued raising the amount so advanced. No more than one loan shall be made
in anticipation of the collection of taxes or special assessments, shall at the against the delinquent taxes of any one preceding fiscal year unless a subexpiration of the maximum time for which such notes can be renewed under sequent loan is authorized in the resolution authorizing such first loan.
(4)
other provisions of law, be unable to pay such notes by reason of failure of the Any such governmental unit may borrow money in anticipation of
collection of any delinquent installment or installments of special
tax collection, or by reason of the closing of a bank in which municipal funds
or
are deposited, it may apply for further relief to a board consisting of the Srtate assessments for the payment of bonds issued in anticipation of the colTreasurer. Attorney-Genera and Auditor-General, and said board may in lection ofsuch special assessments, and which bonds are a general obligation
its discretion grant permission to refund any part or all of said notes by the ofsuch governmental unit. Such loans shall not exceed 80% of the amount
of such installment or installments of such special assessments. The notes
issue of refunding bonds over a period of not more than five years.
(d) Any municipality having bonds maturing on or before July 1 1933, evidencing such loan shall be payable not later than the estimated time or
which it is unable to pay by reason of failure of tax collection or by reason of time of actual collection of the particular installment or installments
the closing of a bank in which municipal funds are deposited. may apply respectively of such special assessments, but in no case later than the
for further relief to a board consisting of the State Treasurer, Attorney-General expiration of the period of redemption following the sale of lands for the
and Auditor-General, and said board may in its discretion grant permission to non-payment of such installment or installments. Such delinquent inrefund any part or all of said bonds by the issue of refunding bonds over a stallment or installments of assessments when collected, including the
proceeds of sales for the non-payment of the same and proceeds of redempperiod of not more than ten years.
Refunding bonds authorized by this section may be issued by a majority tion from such sales, shall be placed in a sinking fund for the payment of
without a vote of the electors, shall be made payable such notes and if the amount in such sinking fund shall be insufficient
vote of the governing body
serially in approximately equal amounts of principal each year and shall not to pay the Principal and interest ofsuch notes in full when due, the amount
necessary for such payment shall be advanced out of the general funds,
be subject to refunding.
Section 8. It shall be the duty of the officer having charge of the financial and provision shall be made on the next general tax roll for raising the
amount so advanced. No more than one loan shall be made in anticipation
records of every municipality in the State, within sixty days after this Act of
takes effect, and during the month of July of each year thereafter, to file a any delinquent installment or installments of special assessments unless
subsequent loan is authorized in the resolution authorizing such first loan.
with the State Treasurer a sworn statement showing the dates of issuance,
Sec. 2. If any notes issued pursuant to the provisions of this act shall
purposes, amounts and maturities of all bonds, notes or other obligations
outstanding, the assessed valuation of all taxbale property in the munici- mature in more than six months from the date of issue, they shall be sold
pality, the condition of all sinking funds and such other information as the in accordance with the terms of Sec. 7 of Act No. 273 of the public acts of
1925
State Treasurer may require. Any officer of a municipality charged with notesas amended, being Sec. 2696 of the compiled laws of 1929. No such
shall be issued under the provisions of this act which mature in more
the duty of filing such report who shall fail to file the same within the time than six
months from the date of issue, until the officer having charge of
herein fixed shall, upon conviction thereof, be punished by a fine of not more the
financial records of the governmental unit issuing the same,shall make
not more than ten days. The State Treasurer
than $100 or by imprisonment
by each municipality a sworn statement to the State Treasurer containing the information
shall keep a record of all bonds issued or redeemed make an annual
state- required to be given by Sec. 8 of Act No. 273 of the public acts of 1925 as
and of the conditions of their sinking funds and shall outstanding against amended, being
bonds
Sec. 2697 of the compiled laws of 1929, together with any
ment showing the amounts and maturities ofand detailed description of other information
showing a compliance with this act, and if the State
municipality and the amount of money
each
Treasurer shall find that said notes comply with the provisions of this act
funds for their payment.
all securities in the sinking
then he shall issue a certificate to that effect.
bonds,
Section 9. Before any municipality shall issue anythe Statethe officer
Sec. 2-a. In all cases of notes issued under the provisions of subTreasurer
having charge of its financial records shall transmit to
purposes, amounts and divisions 3 and 4 of Sec. 1 of this act, the governmental unit shall in addition
a sworn statement showing the dates of issuance,
to any
notes
bonds or other indebtedness outstanding, the assessed issued, other requirements of this act and before any such"Loan shall be
maturities of all
Board"
make application to a board to be known as the
valuation of all taxable Property in the municipality, the total amount consisting of the State
General and the Auditor
due during the preceding fiscal
Treasurer,
of general taxes and special assessments assessments delinquent at the time of General for permission to issue suchthe Attorney application shall be upon
notes. Such
and'
taxes and
year, and the amount of such
blanks to be furnished
and
Treasurer. .Applicants shall also
making such statement, the condition of all sinking funds,Statesuch other furnish such additional by the State the board may require. The deTreasurer
information as
Information as the State Treasurer may require. The
that the proposed bonds comply cision ofsuch board shall be final as to whether such loan may be made and
shall examine the same and if he finds maturity and sinking fund pro- if so to what extent.
with the requirements of this Act as to
Sec. 3. Notes heretofore issued in anticipation of the collection of
visions, he shall make a certificate to that effect and forward the same to delinquent taxes of special assessments are hereby declared to be legal and
the officer of the municipality from whom the statement was received.
JUNE
6 1931.]
FINANCIAL CHRONICLE
valid obligations of the county, township, city, village or school district
issuing the same as if issued or sold hereunder.
Sec. 4. No officer or officers of any of the governmental units referred
to in this act shall use or cause to be used any money borrowed under the
provisions of subdivisions 1, 2 and 3 of Sec. 1 of this act except for the
payment of debts and for the necessary maintenance expenses of such
governmental unit. The moneys in each sinking fund required by this act
shall be deposited in a bank account separate from any other moneys of
the governmental unit and shall be used for no purpose except to retire
the notes for the payment of which such sinking fund was established.
Sec. 5. No notes shall be issued under the provisions of subdivision
3 of Sec. 1 of this act after Oct. 1 1933, except renewals of such notes
theretofore issued. The term of such renewal notes shall in no case exceed
the maximum term permitted by said subdivision.
This act is ordered to take immediate effect.
-The 56th session
-Legislative Session Ends.
Michigan.
of the State Legislature came to a close on May 22 after one
of the longest sessions on record, with the State tax levies for
the next two years set at $30,215,000 and $29,218,000
respectively, as compared with $29,500,000 for the current
year, according to a dispatch from Lansing to the Detroit
"Free-Press" of May 23. The final adjournment is set for
June 19, usually regarded as a matter of form, although
vetoes of the Governor could be overridden at that time.
-The McEachron bank tax
Governor Signs Bank Tax Bill.
bill, setting up a new method of determining assessments
of banks for taxation, was recently signed by Governor
Brucker. The "Michigan investor" of May 16 had the
following to say regarding the bill:
4275
Dallas "News" of May 24, a considerable number of bills
were finally passed, but a much larger percentage was left
to die op the calendar. The new constitutional amendment
mentioned above provided that the first 30 days of the
session be devoted to bill introduction, the second 30 days
to committee work and the final 60 days to the disposition
of measures in the main bodies. Also, it doubled the pay
of the members by raising it from $5 to $10 a day. It is
reported that by the wholesale suspension of the allocations
the worst bill congestion ever experienced was brought
about. Appropriation bills passed at this session aggregated
$52,753,646. One law of more than ordinary importance
resulting from this session is that limiting the amount of
warrants or other evidences of indebtedness, which may be
issued by Commissioners' Courts as a charge against the
county or by the governing bodies of cities as a charge against
the city. Warrants running into the millions, bearing large
interest, have been put against taxable property for payment
without having been submitted to a vote of the people.
This law is designed to stop that practice. The gasoline
tax law was revised to reach about 50,000,000 gallons that
were escaping annually by making the payment at the point
of first distribution at refineries in Texas or the wholesaler
where the gasoline is shipped into the State. At 4 cents a
gallon, this means an additional $2,000,000 annually in
taxes. It is stated that a special legislative session is expected to be called shortly.
Despite the signing by Governor Brucker this week of the McEachron bank tax bill, advocated by the Michigan Bankers Association.
as great a muddle exists as before concerning the basis upon which Detroit
banks will be taxed this year. The misunderstanding arises from a rider
which was attached to the bill providing that boards of review which have
adjourned must reconvene and remove assessments upon banks and trust
companies made under any previous laws which now are superceded by
the McEachron bill.
ABINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Abington),
-Charles NI. Doll.
-BOND OFFERING.
"This," says John Nagel, president of the Detroit council, "is illegal as Montgomery County, Pa.
the board of review cannot resume its sessions until the people of Detroit Secretary of the Board of School Directors, will receive sealed bids until
thereby making provision for a resumption of 7 P. m. (Eastern standard time) on June 29 for the purchase of $125,000
amend the city charter,
Due
hearings."
4X% coupon school bonds. Dated July 1 1931. Denom. $1,000.
A certified
Assessments for 1931 taxes have been levied against Detroit banks and $25,000 each on July 1 in 1941, 1946, 1951, 1956 and 1961. to the order
that prevailed prior to the enactment check for 2% of the par value of the bonds bid for, payable
trust companies under the old law
of legislation in 1929 that was held unconstitutional last summer. Under of the District Treasurer, must accompany each proposal. These bonds
this method of figuring assessments the taxable assets of banks and trust are issued subject to the favorable opinion of Townsend. Elliott & Munson,
companies in Detroit is $82,000,000. Under the terms of the McEachron of Philadelphia, as to their validity.
bill the figure will be materially lower.
-The $525,000
-BOND SALE.
ADA COUNTY (P. 0. Boise), Ida.
Representatives of Detroit bankers appeared before the board of review
bonds offered for sale on May 29
last week to protest against the assessment of their institutions under an issue of general refunding obligation the First Security Co. of Salt Lake
-was purchased by
V.
old law but their protest was overruled because at the time no new law - 132. p. 4100
remaining $50,000 as 4s. Due
had been enacted. The McEachron bill was passed by the legislature and City as follows: $475,000 as 43js, and the
in 20 years.
signed by the Governor shortly afterward.
%
-The $21,000 3 %
-BOND SALE.
ADAMS,Berkshire County, Mass.
-Five Amendments to the State Corporation Laws coupon sewer bonds offered on June 2 were awarded to the South Adams
Missouri.
-A special dispatch from Jefferson City Savings Bank at a price of par. The bonds are dated June 1 1931 and
Signed by Governor.
June 1 from 1932 to 1952 incl. Denom.$1,000.
"
to the St. Louis "Globe-Democrat recently reported as mature $1,000 annually onand semi-ann. Int. (J. & D.) at the Merchants
to the State corporation laws Payable as to both prin. This institution will supervise the preparation
follows on five amendments
National Bank of Boston.
approved
genuineness.
liberalizing and safeguarding the formation of corporations of the bonds and will certify as to their of Boston. Legality
by Storey, Thorndike, Palmer & Dodge
Governor Caulfield:
which were signed by
-The
-BOND DETAILS.
AIKEN COUNTY (P. O. Aiken), S. C.
Five amendments to the Missouri corporation laws were passed by the
semi-ann. debt refunding bonds that was pur-was awarded
56th General Assembly and all have been approved by Governor Caulfield. $100,000 issue of 4%
-V.132,P.4100
National Co. of Atlanta
by the First
The changes not only liberalize the statutes covering the formation of chasedpremium of $350, equal to 100.35, a basis of about 4.71%. Due
for a
corporations, but throw safeguards about their conduct and supervision. on June 11941.
Two of the measures carried emergency clauses and are now in effect.
-The Bancamerica-BOND SALE.
One of these, Senate Bill No. 132, requires foreign corporations to file
ALBANY, Albany County, N. Y.
all changes in their charter with the Secretary of State, the same as in the Blair Corp. and Eldredge & Co., both of New York, Jointly, were the
State in which they were incorporated. This enables the Secretary of successful bidders on June 3 for 32,310,000 bonds of the total of $2,330,000
a price of 101.161
State of Missouri to collect all fees due the State arising from charter offered for sale.
-V. 132, P. 3927. The bankers paid
changes. There has always been doubt as to whether foreign corporations for the bonds as 3%s, or an int. cost basis of about 3.30%. The sinking
to file charter changes after having qualified to do busi- fund commission of the city purchased the remaining $20,000 bonds, also
could be required
ness here. This amendment was passed to clarify the existing law and as 3Xs. paying a price of par. This block matures $500 annually on June 1
purchased by the investment
make definite when and how charter changes are to be filed.
from 1932 to 1971 incl. The $2,310,000 bonds $184,000 from 1932 to 1934
$5 Per Share Value.
houses mature serially on June 1 as follows:
1939 incl.: $114,000.
now in effect is House Bill No. 315 incl.: $176,000. 1935 and 1936; $126,000 from 1937 to $7,000 from 1952 to
The other corporation law change
1951 incl., and
Which places an arbitrary value of $5 per share on no par value shares 1940 and 1941; $66,000 from 1942 to
1 1931. Coupon in $1,000
both as to domestic and foreign corporations. 1971 incl. All of the bonds are dated June
for qualification purposes,
registration as to prin. and int.
unless the actual value of the shares should exceed $5, in which event the denoms.. with privilege of
-The bonds, according to the bankers,
State's fees and taxes are based on actual value. Prior to enactment of
BONDS PUBLICLY OFFERED.
New York and
for incorporation purposes had to
this amendment all no par value stock
are legal investment for savings banks and trust funds in
be computed at $100 per share. Effect of this will be to increase the Massachusetts, and are being reoffered for public investment priced to
corporations and prevent Missouri incorporators from Yield as follows:
number of domestic
Yield.
Yield. Yeargoing to other States because of lower rates.
Yield. YearYear3.30
1940
3.00
Of the other three measures none will become effective until 90 days after 1932
1.75% 1936
3.35%
the session of the General Assembly.
1941-42
3.10
date of sine die adjournment of
1937
2.25
1933
3.40%
1943-51
3.20
2.50 o 1938
1934
Fraternal Bill Approved.
3.45%
3.25 o 1952-71
2.754 1939
Senate Bill No. 128, which authorizes beneficiary, re- 1935
One of these is
The following issues were included in the sa e:
ligious and fraternal organizations to change their place of location from $1.170,000 public impt. bonds. Due June 1 as follows: $58,000 from 1932
incl.
one county or city to another by vote of the shareholders. There is no
to 1941 incl., and 59,000 from 1942 to 1951 $99,000 from 1932
provision in the present statutes on the subject for such procedure.
740,000 local impt. bonds. Due June 1 as follows: incl.
Another, Senate Bill No. 131. is an amendment authorizing extension of
from 1937 to 1941
to 1936 incl, and $49,000
to 1971 incl.
corporate existence. Missouri has never had a definite statute authorizing
*300,000 water bonds. Due $7.500 June 1 from 1932 follows: $20,000
as
a corporation to extend its charter when it was about to expire.
120,000 municipal equipment bonds. Due June 11935 to 1939 incl.
The third is House Bill No. 316, authorizing change of location of domesfrom
from 1932 to 1934 incl., and $12,000noted, were purchased by
tic corporations. There has never been a law in Missouri authorizing a
bonds of this issue, as previously
*
change of location for domestic corporations. This is considered an im- the $20,000 Fund Commission of the city.
Sinking
change and a matter of convenience for corporations.
portant
-Sealed bids
-BOND OFFERING.
ALCOA, Blount County, Tenn.
June 15
-Special Legislative Session Called for June will be received by A. B. Smith, City Recorder. until 1 p. m. on $36,000.
New Jersey.
5% coupon bonds aggregating
-The special session of the State Legislature which was for the purchase of two issues of
15.
as follows:
follows: $2,000.
indicated as likely by Governor Larson at the close of the $21,000 street improvement bonds. Due on July 1 asissuance: Chapter
-has been called by him
1937 to 1945, and $3,000 in 1946. Authority for
regular session-V. 132, p. 3200
as amended
Public Acts of Tennessee, 1913, First Extra Session
18,
thereto.
to convene on June 15 in order to take concurrent action
and by ordinances of the City adopted pursuantas follows: $1,000,
bonds. Due
with Pennsylvania on the creation of a bi-state port authority 15,000 sewer improvement$2,000, 1942 toon July 1 incl. Authority for
1946, all
1937 to 1941, and
and to take action on the nominations provided by the Abell
1920, and by
issuance: Chapter 5, Private Acts of Tennessee.
reorganization program for the various State governmental
ordinances of the City.
July 1 1931. Prin. and int. (J. & J.) payable
Denom. $1,000. Dated
offices, according to a dispatch from the Trenton Bureau of
Co. in New York City. The approving opinion of
the "Newark News" appearing on June 1. It is stated that at the Bankers Trust of New York, will be furnished. A certified check
Masslich & Mitchell,
required.
the reapportionment of Congressional districts and other for 2% of the par value of the bonds bid for, payable to the City,is
OFFERING.
ALLAMAKEE COUNTY (P.O. Waukon),lowa.-BOND
controversial matters that were not disposed of at the regular
by C. C. Rath, County
Bids will be received until 10 a. m. on June 11 of primary road bonds.
issue
session will not be dealt with at this time but will be taken Treasurer, for the purchase of a $460,000
May 1 1937 to
1 1931. Due
up at another special session after the November election. Denom. $1,000. Dated JulyMay 1 1937. $46,000 from
Interest payable annually.
1946 incl. Optional after
bids. The
received up to the hour of calling for open of Chicago.
-On May 23 both branches Sealed bids will be
-Legislature Adjourns.
Texas.
the approving opinion of Chapman & Cutler
County will
concluded their work after 121 days and the regular session of Purchaser tofurnish the blank bonds. A certified check for 3% of the bid,
furnish
required.
the Forty-second Legislature came to a close. The session payable to the County Treasurer, isN. Y.
-A. I'.
-BOND OFFERING.
AUBURN, Cayuga County,
is said to have seen the largest number of bills introduced Briggs, City Comptroller, will receive sealed bids until 11 a. m. (Eastern
the purchase
in the history of Texas. There were 1,766 measures offered standard time) on June 9 forschool bonds. of $700,000 not to exceed 4%
Dated July 1 1931. Denom.
to change the laws, of which 1,689 were bills to amend the interest coupon or registered on July 1 from 1932 to 1951 incl. Rate of
Due 335,000 annually
the
X
statutes and 77 were joint resolutions proposing amendments $1,000. to be expressed in a multiple ofandor 1-10th of 1% and must beand
interest
semi-annual interest (Jan.
to the Constitution. The House originated 1,060 bills and same for all of the bonds. Principal
Trust
payable in gold at the Chatham Phenix National Bank & of the
are
46 joint resolutions and the Senate had 629 bills and 31 joint July)New York. A certified check for $14,000, payable to the order Hoyt
Co.,
each
resolutions. This session operated for the first time under City, must accompanyYork, proposal. The legal opinion of Reed,
will be furnished to the successful bidders.
of New
a new constitutional amendment raising the pay of members & Washburn,the official offering notice, the bonds are direct general obliAccording to
and allocating the work to be done. According to the gations of the City, the principal and Interest thereon being payable from
BOND PROPOSALS AND NEGOTIATIONS.
4276
FINANCIAL CHRONICLE
[VOL. 132.
unlimited ad valorem taxes on all the taxable property within the municiGray, Boyden & Perkins, of Boston, whose opinion will be furnished
pality: issued pursuant to and in accordance with the
the
of
438, Laws of 1920, known as the revised charter of provisionsof Chapter purchaser.
the City
Auburn;
Financial Statement June 1 1931.
issue authorized by Council resolution of November 5 193u.
Net valuation for year 1930
15.681.442.65
Financial Statement (June 1 1931).
Total gross debt including these issues
50.5.000.00
Assessed valuation-Real estate
$50,897,705.00 Water debt (included in total debt)
435,000.00
Special franchises
Population (1930) 9,052.
1,819,272,00
BRONXVILLE, Westchester County, N. Y.
Total
-BOND OFFERING.
Bonded debt (incl. present proposed issue) -Debt limit re-$52,716,977.00 J. C. Leary, Village Clerk, will receive sealed bids until 8 p.m.(Daylight
saving time) on June 17 for the purchase of $144,000 not to exceed
striction (10% of assessed valuation)
5%
5,271,698.00 interest coupon or
General debt
registered general improvement bonds. Dated June 1
$985,162.00
1931. Denoms. $1,000 and $500. Due June 1 as follows: $15,000.
School debt
24,000.00
and 1933; $14,000, 1934; $13,500, 1935; $13,000, 1936; 111.000 from 1932
Water debt
251,000.00
1937
to 1939 incl.; $6,000, 1940:$4,500, 1941, and
$3,000 from 1942 to 1951 incl.
Rate of interest,to be expressed in a
Gross bonded debt
1-10th or 34 of
$1,260,162.00
must be the same for all of the bonds.multiple of and semi-annual1% and
Less water debt
interest
251,000.00
(June and December) are payable at thePrincipal National Bank & Trust
Co., Bronxville. A certified check for Gramatan
Net bonded debt. June 1 1931
$3,000. payable to the order of
$1,009,162.00
the village, must accompany each proposal. The approving opinion of
Proposed issue
700.000.00
Clay, Dillon & Vandewater of Now York will be furnished the successful bidder.
1.709,162.00
BUCHANAN COUNTY (P. 0. Independence), Iowa.
-BOND
Net adci'l amt, for which city could be legally bonded
OFFERING.
-Both sealed and open bids will be
including proposed issue
$3.562,536.00 on June 10 by E. M.Wilcox,County Treasurer,for received up to 10 a. m.
Water dept.sink,fund applicable for retirement of water bds.
the Purchase
00
39.803.00 issue of annual primary road bonds. Denom. $1,000. Dated of a 17510
July 11931.
Note.
-Bonded debt statement does not include outstanding temporary Due on May 1
certificates of indebtedness amounting to $124,856.00, issued in payment Optional after as follows: $20,000, 1943;$25.000, 1944 and $30,000 in 1945.
May 111937. The conditions of sale are as given under
of contractors' estimates for public improvements now in course of construc- Allamakee
County.
tion. to be retired from the proceeds of a future bond sale.
BUNK 1E, Avoyelles Parish, La.
Net bonded debt including proposed issue is less than 33,4% of assessed
-BONDS VOTED.
-It
that a $50,000 issue of street paving bonds was authorized byis reported
valuation. All bonds issued by the city are direct general obligations.
the voters
at a recent election.
ANDREWS COUNTY (P. 0. Andrews), Tex.
-BOND SALE.
-The
$100,000 issue of 5%% serial road bonds offered for sale on June 3-V.132,
BURLINGTON, Chittenden County, Vt.-BOND SALE.
-The $50,000 4% coupon or registered road construction bonds offered on May 29p.3753
-was purchased at par by H. C. Burt & Co. of Houston.
V. 132, p. 3928
-were awarded to Stone & Webster and Blodget, Inc., of
ARKANSAS, State of (P. 0. Little Rock).
-BOND OFFERING.
-It Boston,
Is reported that sealed bids will be received by the State Note Board, until 3.84%. at par plus a premium of $1,320, equal to 102.64, a basis of about
The bonds are dated June 1 1931 and mature Dec. 1 1958. Bids
2 p. m.on June 24 for the purchase of a $15,000,000 issue of highway bonds. submitted
at the sale were as follows:
BidderARLINGTON HEIGHTS, Ohio.
Premium.
-BOND SALE.
-The $20,000 town Stone
& Webster and Biodget, Inc.(purchasers)
hall construction bonds offered on June 1-V. 132. p. 3579
-were awarded
$1.320
as43s to the Provident Savings Bank & Trust Co.of Cincinnati at par plus a First National Old Colony Corp
810
premium of $292. equal to 101.46, a basis of about 4.34%. The bonds Harris, Forbes & Co
390
National Life Insurance Co., Nfontpelier
are dated June 1 1931 and mature $1,000 June 1 from 1933 to 1952 Mel.
250
E. H. Rollins &
5165
ATLANTIC CITY, Atlantic County, N. J.-$750.000 BONDS PUB- First Securities,Sons
Inc., Brattleboro
x250
LICLY OFFERED.
-Attention is called to the official advertisement on
x Discount.
page 0000 of this issue, of the public offering by Rapp & Lockwood of New
York of a block of $750,000 3.90% tax revenue bearer bonds, dated June 1
CANAJOHAR1E, Montgomery County, N. Y.
-BOND OFFERING.1931 and due March 14 1932, at a price to yield 2.75%. Prin. and int. Helen E. Murray, Village Clerk, will receive sealed bids until June 22 for
payable at maturity at the Central Hanover Bank & Trust Co., New York. the purchase of $125,000 water system impt. bonds.
Denom. $5,000. Legal investment for savings banks and trust funds in
CANASTOTA, Madison County, N. Y.
-H.
-BOND OFFERING.
the States of New York and New Jersey. According to the bankers, the Wesley
Bauder. Village Clerk, will receive sealed bids until 8 p. m.(Eastern
bonds constitute general obligations of the City. Legal opinion of Clay, standard
time) on June 15 for the purchase of $17,500 not to exceed 5%
Dillon & Vandewater of New York.
int. coupon or registered bonds, divided as follows:
BAIRD,Callahan County, Tex.
-BONDS NOT SOLD.
-The 120.000 $6,000 North Peterboro St. widening and impt. bonds. Dated July 1
issue of6% refunding bonds scheduled for sale on May 27-V. 132.ri• 3753
1930.
- 6,000 South Due $500 July 1 from 1931 to 1942
was not awarded as the sale was postponed until the market improves.
Peterboro St. widening and impt. bonds. Dated July 1
Dated Dec. 10 1931. Due from Dec. 10 1936 to 1948.
1931. Due $500 July I from 1932 to 1943 incl.
4,500 North Main St. widening and impt. bonds. Dated July 1 1930.
BATTLE CREEK, Calhoun County, Mich.
-BOND SALE -The
Due $500 July 1 from 1931 to 1939
following issues of general obligation bonds aggregating $40,000 offered on
1.000 drainage impt. bonds. Dated July incl.
11930. Due $500 July 1 1931
June 1-V. 132. p.3927
-were awarded as 3%s to Braun.
and 1932.
of Toledo, at par plus a premium of $128, equal to 100.32,Bosworth & Co.
a basis of about
Denom. $500. Prin. and semi-ann. int. (J. & J.) are payable at the
3.69%:
office of the Village Clerk. A certified
for $400, payable to the
$20.000 pavement bonds. Due $2,000 June 1 from 1933 to 1942 incl.
order of the Village, must accompany eachcheck
20.000 sewer construction bonds. Due $2.000 June 1 from 1933 to 1942 incl.
Proposal.
CANNON COUNTY (P. 0. Woodbury), Tenn.
Successful bidder to furnish blank bonds and legal opinion.
-BOND DESCRIPTION.
-The $15,000 issue of road impt. bonds that was purchased by
The following is an official list of the bids submitted at the sale:
Robinson,
Bidder-bears int,
--V. 132, p. 4100
Int. Rate. Premium. at 53%. Webster & Gibson of Nashville
Denom. $1,000. Dated March 1 1931. Due $1,000 from
x Braun, Bosworth & Co. (purchasers)
334%
2112288
March I 1932 to 1946 incl. Prin. and int.(M.& S.) payable at the AmerStranahan, Harris & Co
4%
ican National Bank in Nashville. Legality approved by Chapman &
First Detroit Co
4%9
436
Cutler of Chicago.
Guardian Detroit Co__
44
56
z Also agreed to furnish blank bonds and legal opinion.
CARSON, Grant County, N. Dak.-BOND OFFERING.
-Sealed
BECKHAM AND ROGER MILLS COUNTIES JOINT UNION bids will be received by J. II. De Lange, Village Clerk. until 2 p. in. on
June 9 at the
GRADED SCHOOL DISTRICT (P. 0. Sweetwater), Okla.
- $10,000 issue office of the County Auditor in Carson for the purchase of a
of funding bonds. Int. rate is not to exceed 7%, payable
BOND SALE.
-The $11,000 issue of school bonds offered for sale on May 11
-V. 132, p. 3753
-was purchased by the Taylor-White Co. of Oklahoma semi-annually. Denom. $1,000. Due $1,000 from May 15 1933 to 1942
Inclusive.
City, as 58 and 534s, at par. Due $1,000 from 1936 to 1946 incl.
CASS COUNTY(P.0. Walker), Minn.
BELL COUNTY ROAD DISTRICT NO. 9-A (P. 0. BeIton), Tex.-BOND SALE -The $105,000
BONDS REGISTERED.
-The $625.000 issue of 5% coupon or registered issue of coupon refunding bonds offered for sale on May 23-V. 132, p.3928
road bonds that was recently approved by the Attorney-General
-V. 132, -was purchased by V. W. Brewer & Co. of Minneapolis, as 55.0. at par.
ip. 3753
-was registered by the State Comptroller on May 28. Denom. Denom. $1,000. Dated June 1 1931. Due from June 1 1934 to 1045,, Incl.
Interest payable (J. & D.).
$1,000. Due serially.
CHELSEA, Suffolk County, Mass.
-TEMPORARY LOAN.-S. N.
BENTON COUNTY (P. 0. Fowler), Ind.
-NO BIDS.
-William T. Bond &
Co. of Boston purchased on June 2 a 3500,000 temporary loan,
Small, County Treasurer, informs us that no bids were received for the
dated June 3 1931 and due Nov. 12 1931. Rate of discount basis not
purchase of the $7,312 6% drainage impt. bonds offered for sale on May 29.
disclosed.
-V.132. p. 3579.
CHEYENNE Laramie County, Wyo.-BIDDERS.-The following is
BERWYN SCHOOL DISTRICT NO. 201 Cook County, Ill.a complete official list of the bids received for the purchase of the two issues
BONDS DEFEATED.
-Comptroller X. Neumeieter informs us that at
the special election held on May 23 the voters defeated the proposal pro- of bonds aggregating $100,000, that were awarded to a group headed by the
American National Bank of Cheyenne. as 4%s,at 100.432. a basis of about
viding for the issuance of $600,000 in bonds for school purposes.
4.45%.-V. 132, p. 4101:
BLYTHEVILLE, Mississippi County, Ark.
-BONDS NOT SOLD.Rate of
Price Offered
The $70,000 issue of Sewer Improvement District No. 3 bonds offered on
Name of BidderInt. Bad.
Per sum).
May 19-V. 132. P. 3383
-was not sold, reports Addison Smith, Secretary Edward L.Burton & Co.,Salt Lake City, Utah
ton
$1,012.70
4%7
of the City Commissioners.
John Nuveen & Co., Chicago, Ill
1.006.57
43
Northern Trust Co., Chicago. III
1.006.34
BOISE CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Boise
4% o
Boettcher-Newton & Co.; Gray, Emery, Vasconcelb
City) Ada County, Idaho.
-BOND CALL.
-It 18 announced by C. F.
& Co.; Sidlo, Simons. Day & Co.,all of Denver- - 4)%1.006.888
Potter, District Clerk, that the District will redeem on July 1, $1,000,000
school funding bonds. Nos. 1 to 100. Denom. $1,000. Dated July 11921. Sullivan & Co.; Peck, Brown & Co.; Causey, Brown
& Co.,allot Denver
1.007.8174
4)4%
Payment of the above bonds with interest coupon due on July I will be
*Geo. W.Vallery & Co.. Denver; American National
made at the office of the District Treasurer, or at any bank in Boise.
Bank, Cheyenne; Stock Growers National Bank,4%%
1,006.432
BOSTON, Suffolk County, Mass.
Cheyeene
-CORRECTION.-The amount
Plus proceed.fee
of the temporary loan sold by the city on May 29 to the Shawmut Corp., The International Ce.; Bosworth, Chanute, Loughbridge & Co., all of Denver: Bid No. 1
of Beaton, was for $2,000,000, not $1,000,000 as inadvertently reported
1,011.34 ,2
4)4%
in-V.132. p. 4100. The rate a discount basis was 1.11%.
Bid No.2 as follows.
885,000 Fire dept. bonds
4 %
11.003.07
BRAINTREE, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
15,000 Airport bonds
4 a
1
Shawmut Corp. of Boston purchased on June 1 a $200,000 temporary loan The United States National Co., Denver;
Bid No. 1_4 %
1,010.31 I
at 1.44% discount basis. The loan matures Dec. 7 1931. The Braintree
Bid No.2 as follows.
National Bank.the only other bidder,offered to discount the loan at 1.48% •
$52,000 Fire dept. bon&
4 X%
1,000.00
BREMER COUNTY (P. O. Waverly), lowa.-BOND OFFERING.
33,000 Fire dept. bonds
1,000.00 1
Bide will be received until 2 p. m.on June 10 by Chas. Bills, County Treas15,000 Airport bonds
',
M o
1,000.00 I
urer, for the purchase of a $55,000 issue of primary road bonds. Denom.
• Successful bid.
$1,000. Dated July 1 1931. Due on May 1 as follows: $30,000 in 1944
CHICAGO,Cook County,III.
-ADDITIONAL WARRANTS CALLED
and $25,000 in 1945. Optional after May 1 1937. Interest payable
annually. Sealed bids will be received up to the hour of calling for open FOR REDEMPTION.-CIty officials announced on May 28 the proposed
9 td
0
bids. after all open bids are in. sealed bids will be opened. Approving redemption of an tniaitiral $11;1 X,000 of tax anticipation warrants issued
tax levy.
opinion of Chapman & Cutler of Chicago will be furnished by the county.
tiorteVilnIdceanusemgraneA
arrat
nceged in
are as foll NZ
e6t : Ing:
a
Purchaser to furnish blank bonds. A certified check for 3% of the bid, Wainsnele
to 790 incl.; educational fund, 218 to 392; schoo
payable to the County Treasurer, is required.
rnouilding
to
2,955; school playground fund, 68 to 91; sinking fund for fund, 2,319inbonds and
BRENTWOOD DEER VALLEY UNION SCHOOL DISTRICT (P.O. terest. due July I but called at this time,501 to 614.
-BOND DESCRIPTION.
CHICAGO, LINCOLN PARK DISTRICT (P. 0. Chicago), Cook
Martinez), Contra Costa County, Calif.
-BONDS PUBLICLY OFFERED.
The $15,000 issue of 5% school bonds that was purchased by the Bank of County, III.
-The $3,000,000 4 Si
-is more fully described as follows: Denom. coupon (registerable as to principal) park impt. bonds awarded on May 26%
Martinez
-V. 132, p. 3928
to
$1,000. Dated May 11931. Due $1,000 from May 1 1932 to 1946 incl. a group headed by the Harris Trust & Savings Bank of Chicago, at 98.579,
Prin. and int. (M. Sr N.) payable at the office of the County Treasurer. a baste of about 4.68%-V. 132. p. 4101-are being reoffered for general
investment priced to yield 4.00% for the 1932 maturity; 1933, 4.05%; 1934
Legality approved by Orrick, Palmer & Dahiquist of San Francisco.
- and 1935, 4.10%; 1936. 4.15%• 1937, 4.20%; 1938, 4.25%: 1939, 4.30%;
-BOND OFFERING.
BRIDGEWATER, Plymouth County, Mass.
1940, 4.35%,
H. E. Reed, Town Treasurer, will receive sealed bids until 11 a. m.(Day- bonds, in the and 4.40' for the bonds due from 1941 to 1951 incl. The
opinion Of the bankers, are eligible as security for Postal
coupon Savings deposits.
light Saving Time) on June 19, for the purchase of $40,000 3% %
The assessed valuation of the District in 1929 was
bonds, divided as follows:
$623.506,249 and the total bonded indebtedness,including the present issue.
$23,000 water mains bonds. Due July 1 as follows: $2,000 from 1932 to Is $19,832,000.
l'opulation estimated at 500,000.
1940, incl., and $1,000 from 1941 to 1945 incl.
CHILI. RIGA AND OGDEN COMMON SCHOOL DISTRICT NO. 6
'
17,000 water bonds. Due 31,000, July 1 from 1932 to 1948 incl.
Each issue is dated July 1 1931. Denom. 31,000. Principal and semi- (P. 0. North Chili), Monroe County, N. Y.
-BOND SALE.
-The
annual interest (Jan. and July) are payable at the Find National Bank. 355,000 5% coupon or registered school bonds offered on June 1-V. 132.
-were awarded to Graham, Parsons & Co. of New York, at a price
of Boston. This institution will supervise the preparation of the bonds IL 3928
and will certify as to their genuineness. Legality to be approved by Ropes, of 106.147, n basis of about 4.29%. The bonds are dated May 1 1931 and
JUNE 6 1931.]
FINANCIAL CHRONICLE
4277
-The
-BOND SALE.
CUYAHOGA FALLS, Summit County, Ohio.
mature Nov. 1 as follows: $1,000 from 1932 to 1936 incl.; $1,500 from 1937
to 1941 incl.; $2,000 from 1942 to 1946 incl.; $2,500 from 1947 to 1951 incl., following issues of coupon bonds aggregating $164,361.75 offered on June
-were awarded as 4/1s to the Banc Ohio Securities Co..
and $4,000 from 1952 to 1956 incl.
1-V.132,P. 3754
(The notice of the proposed sale of the above issue originally appeared in of Columbus, at par plus a premium of $295.20, equal to 100.17. a basis
our issue of May 23,captioned"New Chili School Dist."
-V.132, p.3934.) of about 4.72%:
bonds. Due Oct. I as follows: $13.435.19 in
-BOND ORDINANCES AP- $130,435.19 improvement
CHILLICOTHE, Ross County, Ohio.
1932, and $13,000 from 1933 to 1941, incl.
adopted ordinances providing for the
PROVED.
-The city council recently
21,926.56 city's portion improvement bonds. Due Oct. I as follows:
issuance of $40,000 5% bonds, of which $35,000 is for street impt. purposes
$2,925.56 in 1932; $2,000 from 1933 to 1940, incl.. and $3,000
and $5,000for the relief of the poor. Each issue Is to be dated Sept. 15 1931.
in 1941.
The $35,000 issue is to be sold in denoms. of$1,000 and $500 and will mature
12,000.00 poor relief bonds. Due $2,000 Sept. 1 from 1932 to 1937, incl.
annually on Sept. 15 from 1932 to 1941 incl. The poor relief bonds will be
11931. A bid of par plus a premium of $441
Each issue
in $1.000 denoms.and mature $1,000 annually on Sept. 15from 1932 to 1936 for the bondsis dated June
as 5s was submitted by the Guardian Trust Co.,of Cleveland.
incl. Prin. and semi-ann. int.(M.& S. 15) to be payable at the office of
DANVILLE COMMUNITY CONSOLIDATED SCHOOL DISTRICT
the City Treasurer.
-BOND OFFERING.
Ill.
CINCINNATI CITY SCHOOL DISTRICT, Hamilton County, Ohio. NO. 118 (P. 0. Danville) Vermilion County, of Education. will receive
-R. W. Shafer, Clerk of the Board of Education. -Mrs. Vera K. Johnson. Secretary of the Board
-BOND OFFERING.
sealed bids until 1 p.m. on June 16, for the purchase of $66.000 not to
will receive sealed bids until 3 p. m.on June 22 for the purchase of $500,000
Dated
4% coupon school bonds. Dated July 1 1931. Denom. $1,000. Due exceed 5% interest school bonds. InterestJune 1 1931. Due $3.300 on
is payable semi-annually. A
Sept. 1 as follows:$23,000 from 1932 to 1951 incl.:$22,000 in 1952, and $18,- June 1 from 1932 to 1951, incl.
order of the Board of Educa000 in 1953. Prin. and semi-ann. int.(M. & S. are payable at the Irving certified check for $5,000. payable to theThe successful bidder will be
Trust Co., New York. Bids for the bonds to bear int. at a rate other tion, must accompany each proposal.
than 4%, expressed in a multiple of % of 1%, will also be considered. A furnished with the approving opinion of Chapman St Cutler, of Chicago,
certified check for 3% of the amount of bonds bid for must accompany but will be required to furnish printed bonds. said District for 1930, as
"The assessed value of taxable property in
each proposal. These bonds are part of an issue of $8,500,000 authorized
at the general election in November 1924. Bids must be made upon forms equalized and determined by the State Tax Commission, is Thirty-three
Million Six Hundred Eight Thousand Nine Hundred Ninety-six Dollars
furnished upon application to the above-mentioned official.
($33,608,996.00), and the total debt of the District, including this issue. is
-BOND SALE.
-The following issues Six Hundred Fourteen Thousand Five Hundred ($614,500.00) Dollars."
CLEVELAND HEIGHTS, Ohio.
of bonds aggregating $23,000 offered on June 1-V. 122. P• 3929
-were
DAVISON TOWNSHIP SCHOOL DISTRICT NO.6 (P.O. Davison),
awarded as 4%s to the Guardian Trust Co. of Cleveland. at par plus a
-A. B. Smith, Secretary of the
-BOND SALE.
Genesee County, Mich.
premium of $132, equal to 100.57, a basis of about 4.1370:
Board of Education, reports that an issue of $98,000 school impt. bonds was
$16,000 park impt. bonds. Due Oct. 1 as follows: $2,000, 1932; $1,000.
Stranahan, Harris & Co., Inc., of Toledo, at
1933; $2,000, 1934; $1,000, 1935; $2,000, 1936; $1.000. 1937; awarded on June 1 as 4/is to equal to a price of 101.29.
par plus a premium of $1,270,
$2.000, 1938; $1,000 in 1939, and $2,000 in 19-10 and 1941.
7.000 police equipment boucle. Due Oct. 1 as follows: $1,000. 1932;
DAWES COUNTY (P. 0. Chadron), Neb.-BOND SALE NOT CON$2,000, 1933;$1,000 in 1934 and 1935, and $2,000 in 1936.
-We are informed that the sale of the $110,000 issue of
Each issue is dated June 11931. The following is an official list of the SUMMATED. to Wachob. Bender & Co. of Omaha
-V.132. p. 3580
court house bonds
bids submitted at the sale:
was not consummated, as the election held on May 26 failed to carry.
Int. Rate. Premium.
Bidder-E. E.
-BOND OFFERING.
Ohio.
Guardian Trust Co (purchaser)
DAYTON, Montgomery County,
$132.00
BancOhlo Security Co., Columbus
112.70 Hagerman, Director of Finance, will receive sealed bids until 12 m.(Eastern
Provident Savings Bank & Trust Co., Cincinnati
102.85 standard time) on June 11 for the purchase of $125,0005% coupon (series C)
Merrill, Hawley & Co., Cleveland
4%
92.00 street and alley impt. bonds of 1931. Dated April 15 1931. Denom.
% o
4
McDonald-Callahan-Richards Co.,Cleveland
92.00 $1,000. Due Sept. 1 as follows: $12,000 from 1932 to 1936 incl., and
4%
Seasengood St Mayer,Cincinnati
92.00 $13.000 from 1937 to 1941 incl. Prin. and semi-ann. int.(M. & 8.) are
Mitchell, Herrick & Co., Cleveland
4M
66.00 payable at the fiscal agency of the City of Dayton in N. Y.City. Bids for
First Detroit Co., Detroit
4(%31.00 the bonds to bear interest at a rate other than 5%.expressed in a multiple of
4% o
57.00 X of 1%, will also be considered. These bonds were authorized at the
Bohmer-Reinhardt & Co., Cincinnati
November 1926 and are payable from taxes levied outside
- general election in A certified check for 3% of the par value of the bonds
CLINTON COUNTY (P. 0. Clinton), lowa.-BOND OFFERING.
Both sealed and open bids will be received until 10 a. m. on June 9 by of tax limitations. the order of the City Accountant, must accompany each
bid for, payable to
Walter G. Bockel, County Treasurer, for the purchase of an issue of $150,notice states that in this sale the city is deviating
000 primary road bonds. Denom. $1,000. Dated July 1 1931. Due proposal. The offering
its usual practice and will furnish no approving opinion for the bonds.
$50,000 from May I 1943 to 1945. Optional after May 1 1937. The from Hagerman Is also City Accountant, in addition to being Director of
Mr.
conditions governing this sale are as given under Bremer County.
Finance.
Financial Statement(May 26 1931).
-BOND REDEMPTION.
COLORADO, State of (P. o. Denver).
On June 1 the State Treasurer paid off and retired $1,200,000 of highway Total amount of all general bonds issued and outstanding not
bonds of the 1921 and 1923 issues. A press notice from Denver on May
including the street and alley impt. bonds-1931, offered
$15,972,169.75
30 reads as follows:
for sale June 11 1931
2,632,489.26
The bonds include $1,000,000 of the 1931 highway issue. There were Sinking fund applicable thereto
Water works bonds included in the total amount of all
$5,000,000 of these bonds issued.
Under the law, this the first year the Treasurer could call any of them,
general bonds issued and outstanding(payable from earns.) 4,625,000.00
but the State did buy on the open market $60,000 of the issue. There are Sinkingfund applicable thereto,included in the $2,632,489.26
651,657.92
now $4,940,000 of the bonds outstanding. They are retired and interest
sinking fund applicable to general bonds
paid from a sinking fund provided by a special mill levy. They bear 5% Special assessment bonds separate from and not included in
1,960,739.29
interest.
the general bonds,issued and outstanding
The other $200,000 of the bonds to be retired are of the 1923 highway Assessed Valuation Taxable Property, Tax Year and Tax Rate per $1,000 Vat.
issue, the last of Series I. Nos.4301 to 4500 inclusive, of that issue. Under $345,676,290
$25.40
1929-1930
$25.001$353,679,050
1927-1928
the terms of the law authorizing the $6,000,000 issue, retirement of the
25.20
1930-1931
24.401 401.263.260
1928-1929
347,277.780
last three series, J. K and L, each for $1,000,000, cannot be started until
Population, census 1926. 183,700; 1928, 191,500; 1930, 200,763.
although the Treasurer has more than one-half million dollars in the
1933,
-The $198,000
SALE.
-BOND
DES MOINES, Polk County, Iowa.
sinking fund in addition to the $200,000 needed for the redemption Monday.
-was
issue of funding bonds offered for sale on June 1-V. 132, P. 4101
CONVERSE COUNTY SCHOOL DISTRICT NO.5(P. 0. Douglas), purchased by Wheelock & Co. of Des Moines, as 3s,for a premium of
entire issue of 6% school bonds is 81.400. equal to 100.70. a basis of about 3.67%. Dated June 1 1931. Due
-The
Wyo.-BOND REDEMPTION.
called for payment at the U. S. National Co.in Denver on July 1,on which from May 1 193210 1948.
date interest shall cease. Dated July 1 1921. Due on July 11941, opThe other bids were as follows:
tional on July 11931.
Premium.
Bidder
-TAX NOTES CALLED FOR Iowa-Des Moines National Bank
$1,390
COOK COUNTY (P. 0. Chicago), III.
410
-The county has elected to call for payment various tax Geo. M. Bechtel & Co
PAYMENT.
205
notes aggregating $5,000,000 and described as follows:
Halsey,Stuart & Co
$3.000.000 (1929) corporate fund notes, dated June 1 1929 and due Dec. 1
-The
Wis.-OTHER BIDS.
DOOR COUNTY (P. 0. Sturgeon Bay),
1930,series L, I to 10 incl.; sales T, 1 to 50 Incl., and series X,
following is a complete list of the other bids received for the $630,900 issue
1 to 125 incl.
that was awarded to the Northern Trust Co.
1,000,000 tI929) series B highway fund notes, dated June 1 1929 and due of4%% coupon highway bonds of about
3.83%. V. 132, p. 4101:
Dec. 1 1930, series L, Nos. 1 and 2; series T, 1 to 10 incl.; of Chicago, at 105.043, a basis
Premium.
V. 1 to 80 incl.
idderseries X, I to 25 incl., and series
$25,389.00
1.000,000 (1929) series D highway fund notes, dated July 1 1929 and due H. M.Byllesby & Co
27,957.50
First Wisconsin Co
numbers from 1 to 172 incl.
Jan. 11931,
23,755.00
The official notice of call states that tha money for the payment of said Foreman State Corp
19,505.00
notes is available and that they will be paid on presentation through any The Milwaukee Co
19,310.00
Continental Illinois Bank & Trust Hill, Joiner & Co
bank, to the County Treasurer, and the
Co., Chicago. Int. accrual will terminate on June 15 1931 if foregoing
-BOND OFFERING.
DUBUQUE COUNTY(P.O. Dubuque),Iowa.
'
not presented for collection on or before that date. Bids will be received up to 2 p. m.on June 9 by J. A. Clark, County Treasdescribed notes are
Joseph B. McDonough is Treasurer of the County.
urer for the purchase of a $55,000 issue of primary road bonds. Denom.
or after
-BOND $1,000. Dated July 1 1931. Due on May 11945. Optional on bids are
CORNWALL (P. 0. Cornwall), Orange County, N. Y.
all the open
SALE.
-The $14,000 coupon or registered sidewalk bonds offered on May 1 1937. Sealed bids will be opened only afterof Chapman & Cutler
as 44s t,..) Graham, Parsons & in. Interest Payable annually. Approving opinion
-were awarded
May 29-V. 132, p. 3929
blank
Co. of New York at a price of 100.399. a basis of about 4.13%. The of Chicago will be furnished by the county, purchaser to furnish
bonds are dated June 1 1931 and mature $2,000 Feb. 1 from 1932 to 1938 bonds. A certified check for 3% of the bonds offered is required.
incl. Bids submitted at the sale were as follows:
-The two issues
-NOTE SALE.
DURHAM, Durham County, N. C.
/SI. Rate. Rate Bid.
Bidderfor sale on May 29-V. 132, p.:3929
4
100.399 of notes aggregating $343,000, offered
Graham,Parsons & Co.(purchasers)
follows:
4%
100.164 -were awarded as
George B. Gibbons & Co
Co. of Detroit,
4
100.08
Dem ey,Bacon & Co
$277,000 tax anticipation notes to the Guardian Detroit a basis of about
4
as 2'%s, for a premium of $11, equal to 100.003,
100.003
Batchelder & Co
4
100.05
2.74, Due on Dec. 151931.
Sherwood & Merrifield,Inc
Durham, as 4s,
Marine Trust Co
100.429
66,000 Micayear change notes to the Fidelity Bank of of about 2.96%,
M0
14
Edmund Seymour & Co
for a premium of $1,320. equal to 102.00. a basis
100.089
5%
Due $22,000 from June 15 1932 to 1934. incl.
100.00
Newburgh Savings Bank
The official list of the bids received follows:
-LIST OF BIDS.
-The following
CORVALLIS,Benton County,Ore.
$66,000 Fiscal
$277.000 Tax
is an official list of the other bids received for the $25,000 issue of5% coupon
Int. Yr. Change Notes Int.
Antic. Notes.
Name of Bidderpublic library bonds that was awarded to the State of Oregon, at 105.91.
Guardian Detroit Co..
132, p. 4101:
a basis of about 4.35%.-V.
2%%
$277.011.00
Detroit, Mich
Names of Other BiddersPremium.
First National Bank, Corvallis
$1,102.50 Fidelity Bank, Durham, $277,375.00
4%
$66,013.20
0
3%7
N
Benton County State Bank,Corvallis
566.00
4%%
Central-Illinois Co __ - - _ _ _ _ - 812.50 Providence Bk. & Tr. Co- 277,040.00
First National Bank,Portland ------------------------------The
-LIST OF BIDS.
.75
DURHAM COUNTY (P. 0. Durham), N. C.
Blankenaldp, Gould it Keeler
4.038.80
is a complete official list of the other bids received on May 28 for
Dexter Horton National Bank
(41% int.) 267.50 followingissues of coupon or registered bonds aggregating $468.000, that
the two
Geo. H.Burr, Conrad & Broom
1.043.30 were jointly purchased by Harris, Forbes & Co. of New York, and the
Smith,Camp & Co
1,272.50 Wachovia Bank & Trust Co. of Winston-Salem, at 101.274, a basis of
-BOND SALE.
51CRAFTON, Allegheny County, Pa.
-The $125,000 about 4.60%-V. 132, p.4101:
$380.000 School $88,000Funding
of coupon bonds offered on June 2-V. 132. p. 3580
-was awarded to
issue
Bonds.
Funding Bonds.
Rollins Is' Sons of Philadelphia, as 4s. at par plus a premium of
Price.
Price.
Interest.
Name or Bidder58,361.38, equal to 106.689, a basis of about 3.60%. The bonds are dated
mature July 1 as follows: $5,000 from 1952 to 1954 incl.; *Harris, Forbes & Co. and
July 1 1931 and
$88,821.04
$385,141.40
Wachovia Bank & Trust Co--4U%
$13,000, 1955; $18,000. 1956; $20,000 from 1957 to 1959 incl., and $19.000
Braun, Bosworth & Co., Toledo,
in 1960.
88,458.00
384.057.00
4%%
Ohio
The following is an official list of the bids submitted at the sale:
C. W. McNear & Co., Chicago,
Nature of Bid
Bidder88,731.00
383,154.00 •
4%%
Sons, Phila
a$8, 61.38
*E. H. Rollins &
Glover, MacGregor & Cunningham, Pittsburgh
a7,037.00 Assel, Goetz & Moerlin, Cin88,684.00
382,953.00
4(%
cinnati, Ohio
Lower Stokes & Co., Phila
a5,705.00
Edward
a4,809 90 Stranahan, Harris & Co., 5%
R. M. Snyder & Co., Phila
89,038.40
384,484.00
Toledo, Ohio
a4,777.00 I
J. H. Holmes & Co., Pittsburgh
Pittsburgh
* Purchaser.
a4,390.00
Union Trust Co.,
-At an election
-BONDS VOTED.
Mellon National Bank, Pittsburgh
a4.118.25
ELLIJAY, Gilmer County, Gs.
b104.484 held recently It is reported that the voters approved the issuance of $22,000
A. B. Leach & Co., Phila
M.& T. Trust Co., Buffalo, N. Y
6104.189 in water works bonds.
6103.31
M. M.Freeman & Co.,Phila.
EMMET COUNTY (P. 0. Estherville), lowa.-BOND OFFERING.
* Purchaser.
Both sealed and open bids will be received until 10 a. m. on June 13 by
a Amount of premium bid. b Price per $100 bond.
4278
FINANCIAL CHRONICLE
E. H. Hanson, County Treasurer, for the purchase of
annual primary road bonds. Denom. $1,000. Dated a $353.000 issue of
on May 1 as follows: $35,000. 1937 to 1945 and $38,000 July 1 1931. Due
in
after May 1 1937. The remaining conditions of sale are1946. Optional
as given under
Allamakee County.
ERIE, Erie County, Pa.
-BOND OFFERING.
-M. J. Henry, Acting
City Clerk, will receive sealed bids until 10 a. m.(Eastern standard
time)
on June 26 for the purchase of $27,000 4% "1931 Charity bonds." Dated
July 1 1931. Denom. 51,000. Due July 1 as follows: $3,000 in 1932, and
$4,000 from 1933 to 1938 incl. Principal and semi-annual interest (J. St J.)
payable at the office of the City Treasurer. Coupon bonds, registerable
'
as to principal only. A certified check for $270, payable to the order of
the City Treasurer, must accompany each proposal.
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Evans.
ton), Cook County, III.
-BOND OFFERING.
-William Eastman, President of the Board of Education, will receive sealed bids until 8 p. m. on
June 22 for the purchase of $285,000 434% coupon (registerable as to Prin.)
school building addition bonds. Dated July 1 1931. Denom. $1,000.
Due July 1 as follows: $10,000from 1937 to 1942 incl., and $25,000from 1943
to 1951 incl. Prin. and semi-ann. int. (J. & J.) are payable at the City
National Bank & Trust Co., Evanston, or at some other bank to be designated by the successful bidder. Bids will be considered for all of the bonds
on the basis of 4% or 04% int., or for part of the bonds on the basis of
4% int., and the remainder on the basis of 4;4% int. A certified check for
$5.000, payable to the order of the Board of Education, must accompany
each proposal. These bonds were authorized at an election held on March 7.
The legal opinion of Chapman & Cutler of Chicago will be furnished the
purchaser.
The financial statement of the High School District is as follows:
Assessed value of taxable property
$86,304,662
Total bonded debt outstanding,including this issue
1,698,000
Evanston Township High School District comprises substantially all
of the territory within the City of Evanston,and also that part of the Village
of Niles Center lying south of Simpson St., west of the North Shore Channel
of the Sanitary District, north of Greenleaf St., and east of Crawford Ave..
containing 1Y sections'Of land, the population of which High School Dig'
4
that is now estimated at 63,000.
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
Eugene J. Cote, City Treasurer, reports that a $250,000 temporary loan
was awarded on June 4 to the Fall River National Bank of Fall River at
2.50% discount basis. The loan is dated June 4 1931 and is payable
Nov. 25 1931 at the First National Bank of Boston. The notes will be
certified as to their genuineness by. the aforementioned bank, and the
opinion of Ropes, Gray, Boyden & Perkins of Boston as to their validity
will be furnished the purchaser.
FALLS CHURCH,Fairfax County,Va.-BOND SALE.
-The $125,000
issue of coupon water bonds offered for
June 1-V. 132, P. 3755
was purchased by Taylor, Wilson & Co.sale on
of Cincinnati as 5s, for a premium
of 32,500, equal to 102.00, a basis of about 4.87%. Due in 30 years. The
other bids were officially reported as follows:
BidderPremium.
Walter, Woody & Heimerdinger
$2,400.00
YE.Booker & Co.of Washington,D.C
1,973.75
Bohmer,Reinhart & Co
138.00
FALLS CITY, Polk County, Ore.
-BONDS VOTED.
-At an election
held on May 16 the issuance of $20,000 in water bonds was approved by a
vote of 82 "for to 32 "against.
Due in from 1 to 20 Scam
FORT LEE, Bergen County, N. J.
-The City Clerk
-BOND SALE.
informs us that B. J. Van
York, purchased on
an issue of $200,000 6% Ingen & Co.,of New bonds at a price May 20
of par.
coupon improvement
Denom. $1,000. Due in 5 years. Interest is payable semi-annually in
June and December.
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
F. S. Moseley & Co., of Boston, purchased on May 29 a $100,000 temporary loan at 1.64% discount basis. The loan matures May 2 1932 and
was bid for by the following:
•
idderDiscount Basis.
F. S. Moseley & Co.(purchasers)
1.64
Shawmut Corp
1.71
Salomon Bros. & Hutzler
1.75
First National Old Colony Corp
1.81 0
Bank of' Commerce & Trust Co.
1.975
Faxon,(Jade & Co
1.985 0
S. N. Bond & Co
2.60%
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND OFFERING.
-Fred L. Donnelly, Clerk of the Board of County Commissioners, will
receive sealed bids until 10.30 a. m. (Eastern standard time) on June 17
for the purchase of $69,865 4;4% road improvement bonds, comprising the
following issues:
$39,065 bonds. Due semi-annually as follows: $1,065 March 1 and $2,000
Sept. 1 1932, and $2,000 March and Sept. 1 from 1933 to 1941 incl.
26,300 bonds. Due semi-annually as follows: $1,300 March 1 and $2,000
Sept. 1 1932: $1,000 March and $2,000 Sept. 1 from 1933 to 1937
incl., and $1,000 March and Sept. 1 from 1938 to 1941 incl.
4.500 bonds. Due $500 annually on Sept. 1 from 1932 to 1940 inclusive.
Each Issue is dated July 1 1931. Principal and semi-annual interest
(March and Sept.) are payable at the office of the County Treasurer. Bids
for the bonds to bear interest at a rate other than 43(%, expressed in a
multiple of ; of 1%, will also
,1
.
considered. A certified check for 17a
of the bonds bid for, payable tobe order of the Board of County Comthe
missioners, must accompany each proposal. Bids will be considered conditioned upon the approval of the proceedings had in connection with their
Issuance by the attorney for the bidder.
FREEPORT, Nassau County, N. Y.
-Howard E.
-BOND OFFERING.
Pearsall, Village Clerk, will receive sealed bids until 8;30 P. m.(Daylight
saving time) on June 17 for the purchase of $115,000 not to exceed 5%
interest coupon or registered bonds, divided as follows:
$60,000 series A fire department bonds. Due $3,000 July 1 from 1932
to 1951 inclusive.
55.000 series E public impt. bonds. Due July 1 as follows: $5,000 from
1932 to 1936 incl., and $6,000 from 1937 to 1941 incl.
Each issue is dated July 1 1931. Denom. $1,000. Rate of int. to be
expressed in a multiple of 1-10th or 3,1 of 1% and must be the same for
all of the bonds. Prin. and semi-ann. int.
& J.) are payable at the
First National Bank & Trust Co., Freeport. (J• certified check for $2,000,
A
payable to the order of the village, must accompany each proposal. The
approving opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder.
FREEPORT, Brazoria County, Tex.
-Sealed
-BOND OFFERING.
bids will be received until July 1 by E. C: King, City Secretary, for the
purchase of a $15.000 issue of 5;4% semi-ann. refunding bonds. Due
$3,000 from 1933 to 1937. A certified check for 5%,payable to Ike Goldberg, Mayor, must accompany the bid.
GALVESTON, Galveston County, Tex.
-It is re-BOND SALE.
ported that an $800.000 issue of 5% school bonds has been purchased
recently by C. P. Mann & Co. of Galveston and associates, at a price said
to have been $99.50.
(A similar issue of bonds was unsuccessfully offered on Feb. 5.-V. 132,
P. 1073.)
GARDNER, Worcester County, Mass.
-Frank
-LOAN OFFERING.
B. Edgell, City Treasurer, will receive sealed bids until 11 a. m. (daylight
saving time) on June 10 for the purchase at discount basis of a $150,000
temporary loan, dated June 10 1931 and payable Dec. 31 1931 at the First
National Bank, of Boston. Denoms. $2o,000, $10,000 and $5,000. The
notes will be authenticated as to genuineness and validity by the aforementioned bank, under advice of Ropes, Gray, Boyden & Perkins, of
Boston.
GARFIELD HEIGHTS, Ohio.
-Joseph Farizel,
-BOND OFFERING.
City Clerk, will receive sealed bids until 11 a. in. on June 15 for the purchase of $16,280.51 6% special assessment improvement bonds. Dated
July 1 1931. One bond for $280.51, others for $1,000. Due Jan. 1 as
follows: $2,280,51 in 1933; $2,000 from 1934 to 1938. incl., and $1,000
from 1939 to 1942, inc. Interest is payable semi-annually in Jan. and
July. Bids for the bonds bear interest at a rate other than 6%. expressed
in a multiple of 34 of 1%, will also be considered. A certified check for
2% of the amount of bonds to be sold, payable to toe order of the City
Treasurer, must accompany each proposal.
[Vol.. 132.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND OFFERING.
Ethel L. Thrasher, Clerk of the Board of County Commissioners, receive sealed bids until 1 p. m.(Eastern standard time) on June 15 will
for
the purchase of $10,024.10 534% road improvement bonds. To be
dated
as of the date of sale. Due Sept. 1 as follows: 51,024.1010 1932, and $1,000
from 1933 to 1941. incl. Interest is payable semi-annually in March and
Sept. Bids for the bonds to bear interest at a rate other
expressed in a multiple of 3..4 of 1%, will also be considered. than 534%.
check for 5% of the amount of bonds bid for, payable to the A certified
order of the
County Treasurer, must accompany each proposal.
GENESEO UNION FREE SCHOOL DISTRICT NO. 5 (P. 0. Geneseo), Livingston County, N. Y.
-DATE OF SALE IS CHANGED.
Sealed bids will be received by Harold A. Doty, District Clerk. until
7:30 p.in. (Eastern standard time) on June 19 for the purchase of $275.000
coupon or registered school bonds, not on June 20 as previously noted in
V. 132, p. 4102. Also semi-annual interest will be payable in Jan. and
July and not in June and Dec.
GRAY COUNTY (P. 0. Pampa), Tex.
-BOND OFFERING.
-Sealed
bids will be received by R. C. Wilson,
June 15 for the purchase of a 5300.000 County Auditor, until 10 a. m. on
issue of 5% road
51.000. Dated May 15 1931. Due $30,000 in from 1 to bonds. Denom.
10
and semi-ann, int. payable at the Central Hanover Bank years. Prin.
& Trust Co.
in New York. The approving opinion of Clay, Dillon & Vandewater
of
N. Y. City will be furnished. The County will furnish
the required bidding
form. A $9,000 certified check, payable to S. D. Stennis, County
Judge,
must accompany the bid.
GREAT FALLS, Cascade County, Mont.
-BOND SALE.
-The $290.000 issue of semi-annual water bonds offered for sale at public auction on
May 25-V. 132, p. 3204
-was purchased by the State of Montana, as
4;45, paying a premium of $3,000, equal to 101.03.
The other bids (all for serial 44s) were as follows;
BidderPremium.
Wells-Dickey Co
First National Bank, Great Falls National Bank. First Securities53.000
Corp.,and BancNorthwest Co
2,900
Edward L. Burton Co. and associates
2.365
GREENCASTLE,Franklin County,Pa.
-BOND SALE.
-The $16,000
bonds
L14% coupon & Sonsoffered on June 1-V. 132, p. 4102-were awarded to
.
Rollins
of Philadelphia at a price of 105.019, a basis of about
3.795%. The
H.
bonds are dated June 1 1931 and mature
from 1942 to 1949 incl. Bids were also submitted by J. H.$2,000 June 1
Holmes & Co.
of Pittsburgh, the First National Bank & Trust Co., Waynesboro. and
M. M. Freeman & Co. of Philadelphia.
GROVEPORT, Franklin County, Ohio.
-BOND OFFERING.
Edgar F. Dildine. Village Clerk, will receive sealed bids until 12 M. on
June 20 for the purchase of 34.200 6% special assessment street impt.
bonds. Dated June 1 1931. Denom. $500 and $400. Due Oct. 1 as
follows: $500 in 1932 and 1933, and $400 from 1934 to 1941 incl. Int.
Is payable semi-annually in April and October. Bids for the bonds to bear
int. at a rate other than 6%, expressed in a multiple of 4,4 of 1%. will
also be considered. A certifLA cneck for $50. payable to the order of the
Village, must acompany each proposal.
HAMMOND,Tangipahoa Parish, La.
-CERTIFICATE OFFERING.
Sealed bids will be received by C. C. Carter, Mayor, until 11 a. in. on June
8 for the purchase of an $18,1)00 issue of 6% coupon fire equip, certificates
of indebtedness. Denom. $1,000. Due on July 1 as follows: $1,000.
1932 to 1936: II2.000. 1937 and 1938, and $3,000, 1939 to 1941. Authorized
by Ordinance No. 153. Commission Series, as provided by Act 32 of 1902.
A certified check for 3% must accompany the bid.
(The preliminary report of this offering appeared in V. 132, p. 3930.)
HAMMOND SCHOOL CITY, Lake County, Ind.
-BOND SALE.The $306,000 4;4% school building construction bonds offered on June 2
-V. 132, p. 3756
-were awarded to the Union Trust Co. of Indianapolis.
at a price of 105.50, a basis of about 3.82%. The bonds are dated June 2
1931 and mature annually as follows: $15.000 from 1932
1950, incl.,
and $21,000 in 1951. Ames. Emerich & Co., of Chicago,to a price of
bid
102.80 for the issue.
HAMPTON SCHOOL DISTRICT (P. 0. Hampton) Elizabeth City
County, Va.-BOND OFFERING.
-Sealed bids will be received until
noon on June 17, by R. M. Newton, Superintendent of Schools, for the
purchase of an issue of $110,000 444. 434. 43 or 5% school bonds. Due in
4
from 1 to 30 years, optional after 20 years. These bonds were voted at
an election held on June 2 by a count of 444 "for" to 104"against."
HARTFORD NORTHEAST SCHOOL DISTRICT, Hartford County,
Conn.
-LIST OF BIDS.
-The following is a list of bids received on May
28 for the issue of $140,000 4% school bonds awarded to Eldredge & Co.,
of Boston, at 103.81.a basis of about 3.58%-V. 132. p. 4102.
BidderRate Bid.
Eldredge & Co. (purchasers)
103.81
H. M. Byllesby & Co
,
103.539
R. L. Day & Co.,and F. R. Cooley & Co
103.059
Estabrook & Co.,and Putnam & Co
103.53
HAWAII, Territory of (P. 0. Honolulu).
-BOND OFFERING.
Sealed bids will be received until 9 a. m. on June 30 by E. S. Smith, Territorial Treasurer, for the purchase of a $295,000 issue of 434% coupon
public impt. bonds. Denom. $1,000. Dated June 30 1931. Due on
June 30 as follows: $11.000, 1936 to 1940. and $12,000, 1941 to 1960, all
incl. Bids will also be received on that day until 2 p. in. (Eastern standard
time) at the Bankers Trust Co. in N. Y. City. The approving opinion
of Thomson, Wood & Hoffman of New York will be furnished. The
bonds are registered as to principal. The Bankers Trust Co. has prepared
and will certify the bonds. Delivery will be made at the Bankers Trust
Co.. unless otherwise agreed or, at the option of the purchaser, at the
office of the Territorial Treasurer, at agreed date. The U. S. Treasury
Dept. will accept this issue at market value not exceeding par as security
for deposits of public moneys with Government depositories. A certified
check for 2% of the par value of the bonds bid for, payable to the Treasurer,
is required.
HOLLISTER, Taney County, Mo.-MATURITY.-The $27,500
issue of 534% water works bonds that was purchased at par by the Fldeltly
National Co. of Kansas City
-V. 132, p. 3930
-is due in from 5 to 20
years.
HOUSTON, Harris County Tex.-BOND OFFERING.
-Sealed bids
will be received until 10 a. m.on July 6, by Mayor W.E. Monteith, through
the City Secretary, for the purchase of the following issues of bonds aggregating 52.490,000:
$136,000 43.% drainage bonds. Dated July 1 1930. Due $8,000 from
July 1 1939 to 1955 incl.
220,000 5% drainage bonds. Dated Jan. 1 1931. Due $22,000 from
Jan. 1 1934 to 1943 incl.
400,000 04% sanitary bonds. Dated July 1 1930. Due $20,000 from
'July 1 1936 to 1955 incl.
200,000 5% sanitary bonds. Dated Jan. 1 1931. Due $20,000 from
Jan. 1 1934 to 1943 incl.
486.000 43.4% water works. Dated July 1 1930. Due $27,000 from
July 1 1938 to 1955 incl.
130,000 5% water works bonds. Dated Jan. 1 1931. Duo $13,000 from
Jan. 1 1934 to 1943 incl.
240,000 5% street impt. bonds. Dated Jan. 1 1931. Due $24,000 from
Jan. 1 1934 to 1943 incl.
40,000 5% park bonds. Dated Jan. 1 1931. Due $4,000 from Jan. 1
1934 to 1943 incl.
40,000 5% fire station bonds. Dated Jan. 1 1931. Due $4,000 from
Jan. 1 1934 to 1943 incl.
40,000 5% macadam pavement bonds. Dated Jan. 1 1931. Due $4.000
from Jan. 1 1934 to 1943 incl.
40,000 5% general impt. bonds. Dated Jan. 1 1931. Due $4,000
from Jan. 1 1934 to 1943.
88.000 5% bridge bonds. Dated Jan. 1 1931. Due $8,000 from Jan. 1
1937 to 1947 incl.
80,000 5% bridge and subway bonds. Dated Jan. 1 1931. Due $8,000
from Jan. 1 1934 to 1943 incl.
350,000444% special impt. bonds. Dated Jan. 1 1931. Due $50,000
from Jan. 1 1934 to 1940 incl.
The approving opinion of Thomson. Wood & Hoffman of New York
will be furnished. A certified check for 2% of the par value of the bid,
payable to the Mayor,is required.
JUNE
6 1931.]
FINANCIAL CHRONICLE
-BOND SALE.
-The
HOWARD COUNTY (P. 0. Kokomo), Ind.
$2,500 43 % coupon Monroe Twp. road impt. bonds offered on June 1
-V.132, p. 4103
-were awarded to the Citizens National Bank of Kokomo
at par plus a premium of $45, equal to 101.80, a basis of about 4.12%.
The bonds are dated June 1 1931. Due $125 July 15 1932; $125 Jan. 15
and July 15 from 1933 to 1941 incl., and $125 Jan. 15 1942. A local
Investor bid par plus a premium of $12.50 for the issue.
-BOND OFFERING.
-The
HUDSON, Columbia County, N. Y.
Finance Committee of the Common Council will receive sealed bids until
5 p. m. on June 18 for the purchase of $75,000 43 % coupon or registered
street impt. bonds. Dated July 1 1931. Due $5,000 annually on Aug. 1
from 1932 to 1946 incl. Int. is payable semi-annually in February and
August. A certified check for 2% of the par value of the bonds bid for,
payable to the order of the City Treasurer, must accompany each proposal.
Financial Statement.
Assessed valuation,real estate
$8,242,555
Special franchises
•
Total valuation
8.526,855
Existing indebtedness
694,330
Floating indebtedness
None
Water bonds
13,000
HURLEY, Iron County, Wis.-BOND SALE.
-The $20,000 issue of
6% coupon semi-ann. water works extension bonds offered for sale on May
18-V. 132, p. 3930
-was purchased by R. E. Herczel & Co. of Chicago,
for a premium of $600 (plus bonds and legal opinion), equal to 103.00, a
basis of about 5.61%. Due $1,000 from April 1 1932 to 1951 incl. The
only other bid received was a premium offer of $200 by the Iron Exchange
Bank of Hurley.
HURON, Beadle County, S. Dak.-BOND OFFERING.
-Sealed bids
will be received by M. F. Walt, City Auditor, until 7:30 p. m. on June 30
for the purchase of an issue of $190,000 sewage disposal plant bonds.
Int. rate is not to exceed 5%. Bids may be submitted for all or any
part of the issue. No bid of less than par and accrued int. will be considered. Dated July 1 1931. Due $9,500 from July 1 1932 to 1951 incl.
Prin. and int. (J. & J.) payable at any suitable bank or trust company
designated by the purchaser. The approving opinion of Junell, Oakley
Driscoll & Fletcher of Minneapolis will be furnished. A certified check
for 2% of the par valu3 of the bonds bid for, payable to the city, is required.
INDUSTRY TOWNSHIP SCHOOL DISTRICT (P. 0. Beaver),
Beaver County, Pa.
-J. H. Holmes & Co., of Pittsburgh,
-BOND SALE.
purchased on June 1 an issue of $15,000 43 % coupon school building
construction bonds at par plus a premium of $488, equal to 103.26, a basis
of about 4.06%. Dated Dec. 1 1930. Denom. $1,000. Due from 1937
to 1943 incl. Interest is payable semi-annually in June and December.
IRONDEQUOIT UNION SCHOOL DISTRICT NO.3(P. 0. Roches.
ter), Monroe County, N. Y.
-SALE OF' $200,000 BONDS RECENTLY
VOTED NOT CONTEMPLATED BEFORE DECEMBER.
-In connection
with the issue of $200,000 bonds voted at a special meeting on May 27,
Ernest Petry, Clerk of the Board of Education, advises us that the issue
is not expected to be offered for sale prior to December, "although circumstances may necessitate their sale sooner."
JAMESBURG SCHOOL DISTRICT, Middlesex County, N.
BOND OFFERING.
-Joseph Shaw, District Clerk, will receive sealed bids
until 8 p.m.(Daylight saving time) on June 15 for the purchase of $150,000.
4, 4 X,
, 4X or 5% coupon or registered school bonds. Dated June 1
1931. Denom. $1,000. Due annually as follows: $3,000 from 1932 to 1941
incl., and $4,000 from 1942 to 1971 incl. Principal and semi-annual interest
are payable at the First National Bank, Jamesburg. No more bonds are
to be awarded than will produce a premium of $1,000 over $150,000. A
certified check for 2% of the face amount of the bonds bid for, payable to
the order of the Board of Education, must accompany each proposal. The
Attorney-General of the State has approved of the proceedings had in
reference to the issue, and a copy of such proceedings officially endorsed
will be furnished the purchaser.
JASPER COUNTY (P. 0. Newton), lowa.-BOND OFFERING.
Both sealed and open bids will be received up to 2 p. m. on June 10, by
H. H.Morrison, County Treasurer, for the purchase of an issue of$100,000
road bonds. Denom. $1,000. Dated July 1 1931. Due $10,000
county
from 1935 to 1944 incl. Interest payable M.& N. The conditions governng the sale of these bonds are as given under Bremer County.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND SALE -The
$19,000 43 % coupon road impt. bonds offered on June 1-V.132, p.3931
were awarded to the Madison Safe Deposit & Trust Co. of Madison, at par
plus a premium of $475, equal to 102.50, a basis of about 3.75%. The
bonds are dated July 1 1931 and mature $950 semi-annually on May and
Nov. 15 from 1932 to 1941 incl. The following is an official list of the bids
submitted at the sale:
BidderPremium,
Madison Safe Deposit & Trust Co.(purchaser)
8475.00
Fletcher Savings & Trust Co---------------------------------- 393.00
Breed, Elliott & Harrison------------------------------------- 482.00
City Securities Corp------------------------------------------ 361.00
Campbell & Co-- - _ - --- --------------------------------- 357.65
Union Trust Co.(Indlanpolis)--------------------------------- 428.00
--BOND SALE.
KINGS MOUNTAIN, Cleveland County, N. C.
The $58,000 issue of funding bonds offered for sale on June 2-V. 132,
-was purchased by Ryan, Sutherland & Co. of Toledo, as 5xs,
P. 4103
paying a premium of $244, equal to 100.42, a basis of about 5.71%. Due
from 1936 to 1955,incl. The only other bid was an offer of$104.70 premium
on 6s tendered by Magnus & Co. of Cincinnati.
-BOND SALE.
-The $150,000 4%
KINGSTON, Ulster County, N. Y.
coupon street and sewer impt. bonds offered on June 1-V. 132, p. 3931
were awarded to Roosevelt & Son, and George B. Gibbons & Co.. Inc,
both of New York, jointly, at 102.21, a basis of about 3.66%. The bonds
are dated June 1 1931 and mature $15,000 June 1 from 1934 to 1943 incl.
Public offering of the bonds is being made at prices to Yield 2.90% far
the 1934 maturity; $935, 3.10%; 1936, 3.25%; 1937, 3.35%; 1938, 3.40%;
1939 and 1940, 3.45%, and 3.50% for the bonds due from 1941 to 1943,
incl. The bonds are legal investment for savings banks and trust funds
In New York State, according to the bankers. A statement of the financial
condition of the City appeared in-V. 132, p. 3931.
-BOND OFFERING.
KINSTON, Lenoir Count, N. C.
-Sealed bids
will be received by Chas. M. Johnson, Secretary of the Local Government
Commission, at his office in Raleigh, until 11 a.m. on June 16, for the
purchase of an issue of $130,000 city bonds. Int. rate is not to exceed 6%.
Denom. $1,000. Dated June 1 1931. Due on June 1 as follows: $8,000,
1933 and 1934; $9,000, 1935, and $15,000, 1936 to 1942, all incl. Prin,
and int.(J. St D.) payable in gold in New York City. The approving opinion
of Caldwell & Raymond of New York City, will be furnished. Bonds cannot
be sold for lees than par. Preparation of bonds by McDaniel Lewis, of
Greensboro. Bonds engraved by the Security Banknote Co. A certified
check for 2% of the face value of the bonds bid for, payable to the State
Treasurer, is required.
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND SALE.
-Henry C.
Yunghans, County Treasurer, informs us that two issues of 4X % bonds
aggregating $14,200 were awarded on May 29 as follows:
$7,200 Widner Twp. bonds, sold to N. E. Beckes of Vincennes at par plus
a premium of $272.50, equal to 103.78, a basis of about 3.73%.
Denom. $360. Due $360, July 15 1932; $360, Jan. and July 15
from 1933 to 1941 inci., and 8360, Jan. 15 1942.
7,000 Washington Twp. bonds sold to the Brazil Trust Co. of Brazil
at par plus a premium of $263, equal to 103.75, a basis of about
3.736%. Denom. $350. Due $350. July 15 1932; $350, Jan. and
July 16 from 1933 to 1941 incl., and $360. Jan. 15 1942:
Each issue is dated May 5 1931. Interest is payable semi-annually on
Jan. and July 15. The following is an official list of the bids submitted
at the sale:
$7,200
Premium.
°
BidderPremium.
LaPlante Si Welsh, Vincennes
$162.50
$166.00
Pfaff & Hughel, Indianapolis
252.50
259.00
Union Trust Co., Indianapolis
260.00
263.00
241.00
City Securities Co. Indianapolis
241.00
Trust Co., Indianapolis
'
237.00
Fletcher Savings &
244.00
*263.00
Brazil Trust Co., Brazil
270.00
N. E. Beckes, Vincennes
*272.50
*Accepted bids.
4279
KOOCHICHING COUNTY (P. 0. International Falls), Minn.
BOND OFFERING.
-It is reported that sealed bids will be received by
Otis H. Gordon, County Auditor. until 10 a. m. on June 15 for the purchase of a $298,000 issue of coupon funding bonds. Int, rate is not to
exceed 6%, payable semi-annually. Denom. $1,000. Dated June 1 1931.
Due on June 1 as follows: $24,000. 1940 and 1941, and $25,000, 1942 to
1951 incl. Optional after June 1 1941. Prin. and int. payable at any
suitable bank or trust company designated by the purchaser. The approving opinion of Junell, Oakley, Driscoll & Fletcher of Minneapolis will
be furnished. No bid for less than par and accrued interest will be considered. A certified check for 5,960, payable to the County, must accompany bid.
-A $40,000 issue of
LA DUE, Henry County, Mo.-BOND SALE.
4% semi-annual fire station bonds is reported to have been purchased
by Stix & Co.of St. Louis. Dated May 11931. Legality approved by Beni.
Id. Charles of St. Louis.
-An issue of $95,000
-BOND SALE.
LA JUNTA, Otero County, Colo.
4% refunding bonds is reported to have been purchased by Causey, Brown
& Co.of Denver at a price of 100.68. Dated Jan. 1 1932.
LAKE CHARLES HARBOR AND TERMINAL DISTRICT (P. 0.
-The
-BONDS OFFERED FOR SUBSCRIPTION.
Lake Charles), La.
$700,000 issue of port impt. bonds that was purchased by the International
New Orleans, as 5s, at 100.014, a basis of about
Trust St Banking Co. of
4.99%-V. 132, p. 3931-is being offered for general investment at prices to
yield from 4.00% on the 1932 maturity, up to 4.75% on the 1942 to 1956
maturities. Denoin. $1,000. Dated June 15 1931. Due from June 15
15) payable at the Chase National
1932 to 1956 Md. Prin. and int. (.1. &
Bank in N. Y. City. Legality lobe approved by Thomson, Wood & Hoffman of New York.
-BOND OFFERING.
LA PORTE COUNTY (P. 0. La Porte), Ind.
3. C. Loomis, County Treasurer, will receive sealed bids until 10 a. m. on
June 8 for the purchase of $36,000 5% bonds, divided as follows:
$23,000 Michigan Twp. road improvement bonds. Denom. $575. Due
$1,150, July 15 1932; $1.150, Jan. and July 15 from 1933 to 1941
incl., and $1,150, Jan. 15 1942.
13,000 Center Twp. road improvement bonds. Denom. $650. Due
$650, July 15 1932;$650, Jan. and July 15 from 1933 to 1941 incl.,
and $650. Jan. 15 1942.
Each issue is dated June 1 1931. Interest is payable semi-annually
on Jan. and July 15.
-The
-BOND SALE.
LARCHMONT, Westchester County, N. Y.
date of sale of the $83,000 coupon or registered bonds originally set for
June 3-V. 132, p. 3931-was changed to June 1 and the bonds were
awarded on that date as 4.10s to George B. Gibbons & Co., Inc., of New
York, at a price of 100.179, a basis of about 4.08%. The sale comprised
the following issues:
$56,000 sewer bonds. Due June 1 as follows: $2,000 from 1936 to 1955,
incl., and $1,000 from 1956 to 1971, incl.
27,000 street improvement bonds. Due June 1 as follows: $2,000 from
1932 to 1939, incl., and $1,000 from 1940 to 1950, incl.
Each issue is dated June 1 1931.
The successful bidders are reoffering the bonds for general investment
3.60%;
Priced to yield 3.25% for the 1932 maturity; 1933, 3.50%; 1934, 1941 to
1935, 3.70%; 1936 and 1937, 3.75%; 1938 to 1940. incl., 3.80%;
and 4% for the bonds due
1945, Ind., 3.85%; 1946 to 1955, incl., 3.90%.
from 1956 to 1971, incl. Legal investment for savings banks and trust
funds in New York State, according to the bankers.
Financial Statement.
$29,831,975
Assessed valuation, 1931
2,543,512
Total bonded debt, including this issue
422,100
Less water bonds
$2,121.412
Net bonded debt
Population, U. S. Census 1930, 5,282.
LAVACA COUNTY ROAD DISTRICTS (P.O. Hallettsville), Tex.
BOND SALE.
-Two issues of 5% serial bonds aggregating $46,000 are
reported to have been purchased by Schwartz Bros. of Schulenburg as follows: $32,000 Road Districts Nos. 1 and 3 at par, and $14,000 Road
Districts No. 4 bonds for a premium of $60, equal to 100.42.
-The above bonds were registered by the State
BONDS REGISTERED.
Comptroller on May 26. Denom. $1,000. Due serially.
-The
-BOND SALE.
LAWRENCE COUNTY (P. 0. Bedford), Ind.
$9.200
% coupon Marion Township bonds offered on May 26-V. 132.
13. 3757
-were awarded to the Merchants National Bank of Muncie at
par plus a premium of $394.94, equal to 104.29. a basis of about 3•68%•
The bonds are dated May 26 1931 and mature semi-annually as follows:
$460 July 15 1932: $460 Jan. and July 15 from 1933 to 1941 incl., and $460
Jan. 151942. Bids submitted at the sale were as follows:
Premium.
$394.94
Merchants National Bank (purchaser)
368.25
Bedford National Bank (Bedford)
360.00
Stone City Bank (Bedford)
341.85
Campbell & Co
340.00
Union Trust Co.(Indianapolis)
340.00
Breed, Elliott & Harrison
325.00
City Securities Corp
311.50
Pfaff& Hughel
303.00
Fletcher Savings & Trust Co
-A $6,500 issue
LEXINGTON,Dawson County, Neb.-BOND SALE.
ofstreet improvement bonds is reported to have been purchased by Wachob,
Bender Co. of Omaha.
-James
-BOND OFFERING.
LONG BEACH, Nassau County, N. Y.
J. McCabe, City Clerk, will receive sealed bids until 8:15 p. m. (daylight
saving time) on June 11 for the purchase of $620,000 not to exceed 6%
interest coupon bonds, divided as follows:
$450,000 public improvement bonds. Due $18,000, June 1 from 1937 to
1961 inclusive.
110,000 series H water bonds. Due June 1 as follows: $4,000 from 1937
to 1956 incl., and $6,000 from 1957 to 1961 incl.
The above bonds are to bear interest at the same rate, expressed in a
multiple of X or 1-10th of 1%. Principal and semi-annual interest
(June and Dec.) will be included in the annual city budgets and raised
by the annual tax levy as provided in the City Charter. Proposals to be
accompanied by a certified check for $12,000. These two issues were
unsuccessfully offered on May 12, when no tenders were received-V. 132,
P• 3757.
Bids are also invited for the following issues, the rate of interest for which
Is to be expressed in a multiple of X of 1%:
$50,000 series R special assessment improvement bonds. Due $5,000.
June 1 from 1932 to 1941 inclusive.
10,000 series B special assessment improvement bonds. Due $1,000.
June 1 from 1932 to 1941 inclusive.
Principal and semi-annual interest (June and December) on the above
two issues are payable only out of a fund composed of assessments levied
and collected or to be levied and collected against or upon the lots or parcels
of land benefited by, adjacent to,fronting on or opposite the improvements
for which the funds are sought. A certified check for 2% of the amount
of the issue bid for must accompany each proposal.
Each of the four issues of bonds scheduled for sale is dated June 1 1931.
Denom. $1,000. The approving opinion In each instance of Clay, Dillon
& Vandewater of New York will be furnished the purchaser. Good faith
checks should be made payable to Thomas J. Hogan, City Treasurer.
-F.L.
-BOND OFFERING.
LORAIN COUNTY (P. 0. Elyria), Ohio.
Ellenberger, Clerk of the Board of County Commissioners, will receive
m. on June 11 for the purchase of $21,000 6% sewer
sealed bids until 1 p.
impt. bonds. Dated July 1 1931. Denom. $1,000. Due semi-annually
as follows: $1,000 April and Oct. 1 from 1932 to 1940 incl.; $1,000 April 1
and $2,000 Oct. 1 1941. Bids for the bonds to bear int. at a rate other
than 6%, expressed in a multiple of X of 1%, will also be considered.
A certified check for $1,000, payable to the order of the County Commissioners, must accompany each proposal. Bidder to satisfy himself at his
own expense as to the legality of the issue.
-BOND SALE.
-An
LOS ANGELES, Los Angeles County, Calif.
issue of $122.483 Santa Clara Valley funding bonds was purchased on
May 28 by Weeden & Co. of Los Angeles, as 4s, paying a premium of
$1,110, equal to 100.90, a basis of about 3.89%. Due from 1931 to 1950.
I The San Francisco "Chronicle of May 29 gave the names of the other
bidders and their premiums as follows:
FINANCIAL CHRONICLE
4280
R. H. Moulton & Co. and Security First National Co., $809; William
R. Staats Co., $676; National City Co., $673; Dean Witter & Co., $382:
Bankamerica Co., $1,782. The Bankamerica Co. bid was for coupon rate
of 44%, while all others were for a rate of 4%•
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. 0. Los
-The two issues of not to exceed
Angeles), Calif.
-BONDS NOT SOLD.
44% semi-annual bonds aggregating $2,000,000, offered on June 1V. 1.32, P. 3932
-were not sold as all the bids were rejected. The high
bidder for the bonds was the First National Bank of San Diego, offering
101.20 for 4s. The issues are divided as follows:
$1,000,000 Los Angeles City School District bonds. Due from June 1
1932 to 1961.
1,000,000 Los Angeles City High School District bonds. Due from June
1 1932 to 1961.
It is reported that new bids will be advertised for on these bonds.
BONDS RE
-OFFERED.-lt is now reported that sealed bids will be received again on June 22, by L. E.Lampton, County Clerk, for the purchase
of two issues of school bonds aggregating $2,000,000 as follows:
$1,000,000 Los Angeles City School District bonds. Due on June 1 as
follows: $72,000 in 1932, and $32.000, 1933 to 1961, incl.
1,000,000 Los Angeles City High School District bonds. Due on June 1
as follows: $72,000 in 1932. and 832.000. 1933 to 1961 incl.
Int. rate is not to exceed 4%. All of said bonds shall besr the same
rate of interest, and bids for varying rates of interest for portions of such
bonds will be rejected. Denom. $1.000. Dated Juno 1 1931. Prin. and
& D.) payable either at the Country Treasury. or at Kountze Bros.
int.
In New York City. A certified check for 3% of the bonds, payable to the
Board of Supervisors, is required.
-An
-BOND SALE.
MADISON COUNTY (P. 0. Jackson), Tenn.
issue of $100,000 44% refunding bonds has been purchased by Little,
Dated Nov. 1 1930. Due on
Wooten & Co. of Jackson. Denom. $1,000.
Nov. 1 as follows: $5,000, 1941 to 1950, and $10,000, 1951 to 1955, all
incl. Prim and int. (M. & N.) payable at the Chemical Bank & Trust
Co. in New York. Legality approved by Chapman & Cutler of Chicago.
-52,000.000 BONDS AUTHMAINE, State of (P. 0. Augusta).
ORIZED FOR SALE.
-W m. S. Owen.State Treasurer, has been authorized
by Governor Gardiner and the executive council to sell on June 24 $2,000,000 34% State highway and bridge construction bonds, to be dated
July 1 1931 and mature $100,000 annually from 1932 to 1951, incl.
-Sealed bids
-BOND OFFERING.
MALIN, Klamath County, Ore.
will be received until 8.p. m.on June 9, by C. R. Beardsley. City Recorder,
water bonds. Denom.
for the purchase of a $25,000 issue of 64 coupon
$500. Dated Sept. 21930. Due on Sept 1950. Prin. and int.(M.& 8.)
Payable at the office of the City Treasurer. The approving opinion of
Teal, Winfree, McCulloch & Shuler of Portland will be furnished. A $500
certified check must accompany the bid.
-The $20,000
-BOND SALE.
McMINNVILLE, Yarnhill County, Ore.
Issue of coupon armory refunding bonds offered for sale on May 19-V. 132,
Atkinson-Jones & Co., Inc. of Portland. as
-was purchased by
13• 3932
4 Xs, at a price of 100.85, a basis of about 4.35%. Dated June 1 1931.
Due $2,000 from June 1 1933 to 1942 incl. The other bids were as follows:
•
BidderBidderPrice Bid.
100.22
American National Corp- - - -100.613 Central Illinois Co
100.17
First Natl. Bank of Portland _100.313 Smith,Camp & Co
George H. Burr, Conrad &
U.S. Natl. Bank of McMinn100.06
Broom
vile
100.275
°2
-BOND SALE.
MAMARONECK, Westchester County, N. Y.
The $7,000 coupon or registered pay ng impt. bonds offered on May 28as 4s to Graham. Parsons & Co. of New
V. 132, p. 3932
-were awarded
York, at a price of 100.033, a basis of about 3.99%. The bonds are dated
May 1 1931 and mature May 1 as follows: $2,000 in 1932 and 1933, and
$1,000 from 1934 to 1936 incl. Bids submitted at the sale were as follows:
Int. Rate. Rate Bid.
Bidder100.033
4%
Graham, Parsons & Co.(purchasers)
100.07
43
Dewey, Bacon & Co •
100.18
4
Sherwood & Merrifield,Inc
100.14
44
B.Gibbons & Co
George
MAMARONECK SEWER DISTRICT NO. 1 (P. 0. Mamaroneck),
-Walter R. Marvin
-BOND OFFERING.
Westchester County, N. Y.
Jr., Town Clerk, will receive sealed bids until 7:30 p.m.(Daylight saving
time) on June 11 for the purchase of $649.000 not to exceed 6% interest
coupon or registered (series I) sewer bonds. Dated June 15 1931. Denom.
$1,000. Due $16,000 on June 15 from 1936 to 1975 incl. Rate of interest
to be expressed in a multiple of 1-10th or X of 1%. Principal and semiannual interest(June and December)are payable at the Larchmont National
Bank & Trust Co., Larchmont,or at the First National Bank,of New York.
A certified check for 2% of the amount of bonds bid for, payable to the
order of the Town, must accompany each proposal. The approving opinion
of Hawkins, Delafield & Longfellow, of New York. to the effect that the
bonds are binding and legal obligations of the Town of Mamaroneck,payable
in the firstinstancefrom assessments and notfrom a general town tax, which,
however, may be levied if there is a shortage in the primary fund, will be
furnished the successful bidder.
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-The
-BOND SALE.
Mamaroneck), Westchester County, N. Y.
$500,000 series C coupon or registered school bonds offered on June 2V. 132, p. 3932
-were awarded as 3.90s to Stranahan, IIarris & Co.,
Inc. and B. J. Van Ingen & Co., Inc., both of New York,jointly, at a price
of 100.149, a basis of about 3.89%. The bonds are dated July 1 1930 and
mature July 1 as follows: $15,000 from 1935 to 1954 incl., and $20,000 from
1955 to 1964 incl. The successful bidders are reoffering the bonds for
general investment priced to yield 3.25% for the 1935 maturity: 1936. 3.40%;
1937, 3.50%; 1938, 3.60%; 1939. 3.70% • 1940 and 1941, 3.75%; 1942 to
1949 incl., 3.80% and 3.85% for the tionds due from 1950 to 1964 incl.
The securities are reported to be legal investment for savings banks and
trust funds in New York State and to be direct general obligations of the
District, payable from unlimited ad valorem taxes upon all the taxable
property therein.
Financial Statement(As Officially Reported by District Clerk as of May 14 1931)
$72,225,705
Assessed valuation 1930
3,483,750
Total bonded debt,including this Issue
Population:1920. 8.374; present estimate, 19,058.
-P. L.
-BOND OFFERING.
MANSFIELD, Richland County, Ohio.
Kelley, City Auditor, will receive sealed bids until 1 p. in. on June 15 for
the purchase of $35,000 not to exceed 6% int. incinerator construction
bonds. Dated June 1 1931. Denoms. $1,000 and $500. Due $3,500
for 2% of
annually on Oct. 1 from 1932 to 1941 ind. A certified checkinstitution.
the amount of bonds bid for, drawn on a Mansfield banking
proposal. Bond int. Is payable semi-annually in
must accompany each
April and October.
MARENISCO TOWNSHIP (P. 0. Marenisco), Gogebic County,
-Mayne Arnestad, Township Clerk, will re-BOND OFFERING.
Mich.
$50,000
ceive sealed bids until 7 p. in. on June 9 for the purchase of $10,000 5%
animprovement bonds. Dated July 15 1931. Due
highway
inclusive.
nually on Jan. 15 from 1933 to 1937
-The $35,000 4%
SALE.
-BOND
MARION, Grant County, Ind.
-were
3932
certificate redemption bonds offered on June 1-V. 132, P. premium of
par plus a
awarded to Breed & Harrison of Indianapolis at
Dated June 1 1931. Due
$763, equal to 102.18, a basis of about 3.69%. 1 from 1932 to 1948 incl.
Dec.
$1,000 Dec. 1 1931. and $1,000 June and
the sale:
The following is a list of the bids submitted at
Premium.
Elliott
Breed. Elliott & Harrison (purchasers)
76
5 8 00
$ 83..6 0
Fletcher American Co
731.00
Fletcher Savings & Trust Co
650.00
Union Trust Co. of Indianapolis
1.00
National Bank, Marion
First
-NOTE OFFERING.
(P.O. Indianapolis), Ind.
MARION COUNTY
bids until 10 a. m. on
Harry Dunn, County Auditor, will receive sealed 4% interest poor relief
June 15 for the purchase of $200,000 not to exceed $100,000 on May 15
notes. Dated .Tune 1 1931. Denom. $5,000. Due Nov. 15) are payable
and on Nov. 15 in 1932. Prin. and int. (May and
check for 3% of the par
at the office of the County Treasurer. A certifiedof the Board of County
value of the notes bid for, Payable to the order No conditional bid will
Commissioners, must accompany each proposal.
to be furnished
be accepted and the opinion as to the validity of the notes is
by the successful bidder.
[Tot. 182.
-It Is
-BOND OFFERING.
MAXTON, Robeson County, N. C.
reported that sealed bids will be received until June 12, by Chas. M.
Johnson. Secretary of the Local Government Commission, for the purchase of a $25,000 issue of 6% semi-annual funding bonds. Dated June 1
1931. Due $1,000 from 1936 to 1944, and $2,000, 1945 to 1952, all incl.
(These are the bonds that were scheduled for sale on June 2-V. 132,
P. 4104.)
-The two issues
-BOND DETAILS.
MEDFORD,Jackson County, Pa.
of impt. bonds aggregating $41,269.22, that were purchased by Ferris &
-bear int. at 54%.
Hardgrove of Portland-V. 132, P. 3932
-The $5,000 coupon
-BOND SALE.
MEDINA, Medina County, Ohio.
special assessment sewer construction bonds offered on May 19-V. 132,
-were awarded as 44s to the State Teachers Retirement System,
P. 3386
of Columbus, at par plus a premium of $50, equal to 101, a basis of about
4.17%. The bonds are dated April 1 1931 and mature $1,000 Oct. 1 from
1932 to 1936 incl.
-BOND OFFERING.
MEDINA COUNTY (P. 0. Medina), Ohio.
L. F. Garver, Clerk of the Board of County Commissioners, will receive
sealed bids until 11 a. m. on June 8 for the purchase of $45,408 5% special
assessment road improvement bonds. Dated June 15 1931. One blond
for $408, others for $1,000. Due Oct. 1 as follows: $9,408 in 1932, and
$9,000 from 1933 to 1936, incl. Principal and semi-annual interest (A. &
0.) are payable at the office of the County Treasurer. Bids for the bonds
to bear interest at a rate other than 5%, expressed in a multiple of j of
1%, will also be considered. A certified check for $1,000, payable to the
order of the County Treasurer, must accompany each proposal. Bids
must be wholly unconditional or conditioned upon the approval of the
bonds by Squire, Sanders & Dempsey, of Cleveland, whose opinion will
be furnished at the expense of the purchaser.
-NO IMMEDIATE SALE
MERIDEN, New Haven County, Conn.
OF BONDS EXPECTED.
-Edward J. Pickett, City Treasurer, informs us
that the various issues of bonds aggregating $277,000 authorized recently
for sale, are not expected to be placed on the market for a period of at least
three months.
MICHIGAN CITY, CITY SCHOOL DISTRICT, LaPorte County,
Ind.
0
-BOND SALE.
-The $110,500 4J. % school bonds offered on May
27-V. 132, p 3386-were awarded to Hill, Joiner & Co., of Chicago, at
a price of 108.'484, a basis of about 3.83%. The bonds are dated July 1
1931 and mature July 1 as follows: $3,000 from 1939 to 1943, incl.: $12,000
from 1944 to 1947, incl.; 119,000, 1948: $19,500 in 1949; and $9,000 in
1950. The Fletcher Savings & Trust Co., of Indianapolis, was second
high bidder, with an offer of 108.04.
-The $78,000
MIDDLEBURY, Addison County, Vt.-BOND SALE.
-were
4% coupon refunding bonds offered on May 29-V. 132, p. 3583
awarded to Harris, Forbes & Co., of Boston, at a price of 100.80, a basis of
about 3.94%. The bonds are dated June 1 1931 and mature $2,000 annually on Nov. 1 from 1932 to 1970,incl. E. H. Rollins & Sons, of Boston,
bid a price of 99.909 for the issue.
MILL FOUR DRAINAGE DISTRICT (P.O. Toledo) Lincoln County
Ore.
-Sealed bids will be received until 1:30 13• m,
-BOND OFFERING.
on July 1, by Carl Tanger, Secretary of the Board of Commissioners, for the
purchase of a $30,000 issue of 6% drainage bonds. Denom.$500. Due $2,000 from July 1 1936 to 1950, incl. Prin. and int. (J. & J.) payable at the
First National Bank in Toledo. A certified check for 5% must accompany
the bid.
MILWAUKEE, Milwaukee County, Wis.-BOND OFFERING.
Sealed bids will be received until 11 a. in, (central standard time) on June
12. by Louis M. Kotecki, City Comptroller, for the purchase of three Issues
of 44% coupon bonds aggregating $3,540,000, divided as follows: $1,900,000 viaduct; $1,140,000 school and $500,060 park bonds. Denom. $1,000.
Dated July 11931. Due $177,000 from July 1 1932 to 1951, incl. Prin.
and int. (J. & J.) payable at the office of the City Treasurer, or at the
authorized agent of the City in New York. These bonds may be registered
as to principal only. Bide are requested for all or none. The approving
opinion of Charles B. Wood, of Chicago, will be furnished. Authority
for issuance: Chapter 385, Laws of Wisconsin, 1925 and Acts amendatory
thereof and supplementary thereto. A certified check for 1% of the bonds
bid for is required.
(The preliminary report of this offering appeared in V. 132, P. 3744.)
Official Financial Statement.
Assessed valuation of the taxable property of the City of Milwaukee, as
ascertained by the assessment of State and county taxes
$1,016,238,245.00
For the year 1930
50.811.912.25
Debt limit
-5%
Bds. outstg. Dec. 31 1930
Bonds sold in 1931
$48,030,900.00
770,000.00
Less bonds paid in 1931
848.800,900.00
3.782,450.00
Net outstanding debt as of this date
*45,018.450.00
$5,793,462.25
Net debt margin
* Includes net debt for water works. $55,000.
-CERTIFICATE OFFERCounty, Minn.
MINNEAPOLIS, Hennepin
ING.
-Sealed bids will be received until. 2 p. in. on June 16. by Geo. M.
Link, Secretary of the Board of Estimate and Taxation, for the purchase
of a $516,000 issue of certificates of indebtedness. Int, rate is not to exceed
of 1% and must bathe same for all of the
5%,to be stated in a multiple of
certificates. Dated June 15 1931. Due on March 15 1932. Bids offering an amount less than par cannot be accepted. The certificates will be
sold subject to the approving opinion of the City Attorney or the attorney
for the purchaser. Forms on which to submit bids will be furnished on
request. A certified check fer 2% of the bid, payable to C. A. Bloomquist,
City Treasurer, is required.
-BOND OFFERING.
MISSISSIPPI, State of (P. 0. Jackson).
Bids will be received until July 1, according to report. by the State Bond
Commission, for the purchase of a $5,000,000 bond issue to take up outstanding hank guaranty certificates.
-BOND OFFERING.MISSOURI, State of (P. 0. Jefferson City).
Sealed bids will be received until July 8, by Lewis Ellis Acting State
the purchase of a $5,000,000 issue of34% semi-ann. highway
Treasurer,for
bonds. Dated July 1 1931. Due $1,000,000 from 1948 to 1952, Ind
Delivery of bonds will be made on July 15.
-BOND OFFERING
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-C. Ma Francis, County Treasurer, will receive sealed bids until 11 a.m.
(Daylight saving time) on June 17,for the purchase of $3,000,000 coupon
or registered temporary State highway bonds. Dated July 15 1931.
Denom.$1,000. Due Jan. 15 as follows: $1,000,000 in 1935 and $2,000,000
in 1936. Rate of interest to be suggested in bid. Principal and interest
(Jan. and July 15) are payable at the office of the County Treasurer. A
certified check for 2% of the par value of the bonds bid for, payable to the
order of the County Treasurer, must accompany each proposal. The
approving opinion of Caldwell & Raymond, of New York, as to legality
by the
will be furnished to the purchaser without charge, and if
purchaser will include a statement that the State of New Jersey, acting
lyy and through the State Highway Commission, has entered into a valid
agreement with the County to repay thereto the actual cost of construction
of State highway routes Nos. 35 and 36, being the highways for the cost of
construction of which the above-mentioned bonds are issued, and further
to pay interest thereon, and that all amounts received from the State of
New Jersey pursuant to said agreement are required by law to be held
inviolate for the payment of said bonds and the interest thereon."
-Notice is being
MONTANA, State of (P. 0. Butte).
-BOND CALL.
given by F. E. Williams, State Treasurer, that he is calling for payment
bonds numbers 1 to 1250 incl. of series A of the Montana State Educational
bonds on July 11931. interest to cease on that date, at the Chase National
Bank in New York City, as provided in said bonds.
MORGANTOWN SCHOOL DISTRICT (P. 0. Morgantown), Mo-G.S. Brewer. Secretary
nongalia County, W. Va.-BONDS CALLED.
of the Board of Education, is giving notice that the Board is calling for
payment as of July 1, the outstanding issue of $92,000 5% school bonds
dated July 11914, at the Chase National Bank in New York City. Int.
shall cease on the bonds at that time. Bonds are numbered from 59 to
150,inclusive.
N. J.
MORRISTOWN SCHOOL DISTRICT, Morris County, registered
-The $308,000 4% coupon or
BONDS PUBLICLY OFFERED.
JUNE 6 1931.]
FINANCIAL CHRONICLE
4281
-A $1.000,NORFOLK, Norfolk County, Va.-TEMPORARY LOAN.
school bonds awarded on May 27 to J. S. Rippel & Co. of Newark, at
-are being reoffered for 000 temporary loan has recently been purchased by S. N. Bond & Co. of
102.06, a basis of about 3.85%-V. 132,. 4104
,
the 1933 maturity; 1934, New York at 355%. Dated May 20 1931. Due on Dec. 20 1931.
general investment priced to yield 2.50% for
3.00%; 1935, 3.25%; 1936 and 1937. 3.50%; 1938. 3.60%; 1939, 3.70%
NORTH LITTLE ROCK SPECIAL SCHOOL DISTRICT (P. 0.
-A $60,000
and 3.80% for the bonds maturing from 1940 to 1971 incl. The securities, North Little Rock), PulaskilCounty, Ark.
-BOND SALE.
according to the bankers, are legal investment for savings banks and trust issue of refunding bonds is reported to have been purchased at par by the
funds in New Jersey and are direct general obligations of the Town, payable National Securities Co. of Little Rock.
levied against all taxable property therein.
from unlimited ad valorem taxes
-BOND OFFERING.
Financial Statement.
NORTH OLMSTED,Cuyahoga County,Ohio.
$19,563,986 H. M.Chrisman, Village Clerk, will receive sealed bids until 12 m.(Eastern
Assessed valuation taxable property 1931
June 22 for the purchase of $8,000 8% motor vehicle
1,210,000 standard time) on
Total bonded debt including this issue
$34.000
bonds. Dated April 1 1931. Denom. $1.000. Due Oct. 1 as follows:
Less-Sinking fund
1,178.000 $1,000 in 1932 and 1933,and $2,000 from 1934 to 1936 incl. Prin. and semiNet bonded debt
ann. int. (A. & 0.) are payable at the North Olmsted Bank Co., North
Population, 1931 actual. 15,193.
Olmsted. Bids for the bonds to bear interest at a rate other than 6%,
-BOND OFFERING.
-Myrtle L. Hillman, expressed in a multiple of ;.1 of 1%, will also be considered. A certified
MOUNTAIN LAKES, N. J.
Borough Clerk, will receive sealed bids until 8 p. m.(daylight saving time) check for 5% of the amount of bonds bid for, payable to the order of the
on June 23 for the purchase of $234.000 455,4g or 5% coupon or registered Village Treasurer, must accompany each proposal.
bonds,divided as follows:
-Edward
-BOND OFFERING.
NORWICH,Chenango County, N. Y.
$132,000 inapt. bonds. Due July 1 as follows: $8,000 from 1933 to 1936
incl. and $10,000 from 1937 to 1946 incl.
E. Davis, City Chamberlain, will receive bids at public auction at 2 p. m.
102,000 assessment bonds. Due July 1 as follows: $10,000 from 1932 on June 10 for the purchase of $12,800 bonds, divided as follows:
for
to 1937 incl.: $15,000 in 1938 and 1939 and $12,000 in 1940.
$9,300 series "MT`paving bonds. One bond for $300, others1937 $500.
incl.,
Each issue is dated July 1 1931. Denom. $1,000. Prin. and semi-ann.
Due July 1 as follows: $300, 1932; $1,000 from 1933 to
Int. (J. & J.) are payable at the Chemical Bank & Trust Co. New York.
and $2,000 in 1938 and 1939.
$500. Due $500, July 1 from
No more bonds are to be awarded than will produce a premium of $1,000
3.500 series "VV" sewer bonds. Denom.
over the amount of each issue. A certified check for 2% of the amount of
1932 to 1938 inclusive.
bonds bid for, payable to the order of the Borough, must accompany each
Each issue is dated July 1 1931. Rate of interest to be named in bid,
proposal. The approving opinion of Hawkins, Delafield & Longfellow expressed in a multiple of g of 1%, and must be the same for all of the
payof New York will be furnished the purchaser.
bonds. A certified check for 1% of the amount of the bonds bid for, each
above-mentioned official, must accompany
MOUNT AUBURN, Benton County, Iowa.-/IOND SALE.
-The able to the order of the
proposal.
$1.900 Issue of 5% coupon semi-ann. fire dept. equipment bonds offered for
-BOND
sale on May 28-V. 132. p. 4104-was purchased by Logan Hines of
OAKWOOD (P. 0. Dayton), Montgomery County, Ohio. aggreVinton, paying a premium of $29. equal to 102.90. a basis of about 4.57%. SALE.
-The following issues of coupon street improvement bonds
-were awarded as
Dated April 1 1931. Due from Nov. 1 1933 to 1941.
gating $47,271.83 offered on May 28-V. 132, p. 3760
Trust Co., of Cleveland, at par plus a premium of
-BOND SALE.
- 41s to the Guardian a basis of about 4.06%:
MULTNOMAH COUNTY (P. 0. Portland), Ore.
$477, equal to 101.01,
The $100,000 issue of coupon road bonds offered for sale on June 3-V. $24,395.49 city's portion bonds. Due Nov. 1 as follows: $2,395.49 in
-was purchased by the First National Bank of Portland., as
132. p. 3933
and $2,000 in 1941.
1932; $2,500 from 1933 to 1940, incl., as follows: $1,876.34 in
4s, at a price of 101.37, a basis of about 3.84%. Dated July 1 1931. Due
22,876.34 special assessment bonds. Due Nov. 11935; $2.000. 1936 and
$10,000 from July 1 1937 to 1946, inclusive.
1932; $2,000, 1933 and 1934: $3,000.
MUPU SCHOOL DISTRICT (P. 0. Ventura), Ventura County,
1937; 13.000, 1938; 12.000, 1939 and 1940, and $3,000 in 1941.
Each issue is dated May 1 1931. The following is an official list of
-Sealed bids will be received until 10 a. m
Calif.
-BOND OFFERING.
County Clerk, for the purchase of a $10.000 the bids submitted at the sale:
on June 16 by L. E. Hallowell,
Rate Bid.
Int. Rate.
issue of 5% school bonds. Denom. $1,000. Dated July 1 1931. Due
Bidder
101.01
4g
$1,000 from July 1 1932 to 1941 incl. Prin. and int. (J. & J.) payable Guardian Trust Co., Cleveland
100.56
4iV
check for 2% of the par value of Banc OhioSecurities Co.. Columbus
at the County Treasurer. A certified
100.405
4)/V
the bonds bid for, payable to the County Clerk, is required. The follow- Davies-Bertram Co., Cincinnati
100.31
Bank & Trust Co., CincmnnatL4lV
is furnished with the offering notice:
ing information
Provident Savings
100.10
4V
"These bonds were authorized by an election held on the 27th day of Breed & Harrison, Inc., Cincinnati
100.06
4g ,)
April 1931 within the district at which 28 votes were for and none against Braun, Bosworth & Co., Toledo
100.77
4l %
Cincinnati
the issue and sale.
Seasongood & Mayer,
100.555
455%
"The present estimated population of the district for 1931 is 150. Area, Fifth-Third Union Co., Cincinnati
18.100 acres.
-ADDITIONAL INFORMATION.=
OGDEN, Weber County, Utah.
Edwin
"The assessed valuation of taxable property is $214,000.00. There is The
$97,000 issue of 5% refunding bonds that was purchased by theat par.
no bonded indebtedness except this issue."
-was awarded
-V. 132, p. 3934
S. Felt Co. of Salt Lake City
-BONDS PUBLICLY OF- Denom. $1,000. Dated June 1 1931. Due in 1950. Prin. and int.
MUSKEGON, Muskegon County, Mich.
FERED.
-The $165,000 3g% coupon welfare relief bonds awarded on (J. & D.) payable in New York. Legality approved by Thomson, Wood
May 20 to the Harris Trust & Savings Bank, of Chicago, at 100.33. a basis & Hoffman of New York.
-are being reoffered for general investof about 3.11%-V. 132, p. 4104
County,
OGDEN CITY SCHOOL DISTRICT (P. 0. Ogden), Weberrefunding
ment at a price of 101.45, yielding 2.50% for the $82.000 bonds due in 1933.
-The $75,000 issue of 4% semi-ann.
-BOND SALE.
and 100.71. yielding 3.00%, for the $83,000 bonds maturing in 1934. Utah.
-was purchased by the
3936
The bonds, according to the bankers, are legal investment for savings banks bonds offered for sale on June 1-V. 132, p.
at a price of 100.22, a basis of about
in New York. Massachusetts, Connecticut and other States and eligible Lauren W.Gibbs Co. of Salt Lake City,
3.95%. Due serially in from 1 to 10 years.
as security for Postal Savings Deposits.
SCHOOL DISTRICT NO, 83 (P. 0. Oklc.•
Statement (As Officially Reported).
Financial
OKLAHOMA COUNTY
-Sealed bids were received until
-BONDS OFFERED.
Assessed valuation for taxation
568,190,560 home City), Okla.
of a
Total debt (this issue included)
9 a. m. on June 5, by M. D. Duke, District Clerk, for the purchase Due
Interest rate specified by bidder.
Less water debt
$12,000 issue of school bonds.
172 236
1391.5®
Less sinking fund
$4,000 from 1934 to 1936, incl.
-It is
Net debt
1,717.264
ONEIDA COUNTY (P. 0. Rhinelander), Wis.-BOND SALE. bonds
Population, 1930 census, 41,390; 1920 census, 36,570.
reported that a $200,000 issue of 4g % semi-annual highway inept,
Grace & Co. of Chicago for a premium of
-BOND OFFERING.
NEWBURGH, Orange County, N. Y.
-W. J. has been purchased by Kent,
McKay, City Manager, will receive sealed bids until 2 p. m. (daylight $2.820, equal to 101.41.
-T. C. Hart. Village
-BOND SALE.
saving time) on June 15 for the purchase of $278,000 not to exceed 6%
PALATINE, Cook County, 111.
coupon
interest coupon or registered bonds, divided as follows:
Clerk, informs us that the only legitimate bid for the 15.500 5%
$244,000 series A street limn. bonds. Due July 1 as follows: $12,000 from water works improvement bonds offered for sale on June 1-V. 132. P.
whose
1932 to 1951 incl., and $4,000 in 1952.
4106
-was submitted by the White-PhilliRs Co.. of Davenport,
25.000 park improvement bonds. Due July 1 as follows:$2,000 from 1932 offer of par,less $138 for "financing charges." was accepted. The bonds are
follows: $500 from 1933 to 1941
and $1,000 from 1942 to 1946 incl.
to 1941 incl.,
dated May 1 1931 and mature May 1 as
9,000 series B street Improvement bonds. Due $1,000 July 1 from 1932 incl.. and $1,000 in 1942.
to 1940 inclusive.
-Sealed
-BOND OFFERING.
Denom. $1,000. Rate of interest to be
PALESTINE, Anderson County, Tex.
Each issue is dated July 1 1931.
the City Secretary for the purchase
expressed in a multiple of X or 1-10 of 1% and must be the same for all bids will be received until June 22 by airport bonds. Due 11,000 from
the bonds. Principal and semi-annual interest (Jan.and July) are payable of a $20,000 issue of 5% semi-annual
of
at an election held on May 25.
at the Highland-Quassaick National Bank & Trust Co., Newburgh. A 1932 to 1951 incl. These bonds were voted
-A $400,000 issue of
certified check for 2% of the amount of bonds bid for, payable to the order
PARIS, Bourbon County, Ky.-BOND SALE.
accompany each proposal. The approving 4g % water works revenue bonds is reported to have been purchased
of the City Treasurer, must
opinion of Hawkins, Delafield & Longfellow, of New York, will be furnished recently by the Well, Roth & Irving Co. of Cincinnati. Denom. $1,000.
the purchaser.
Dated May 1 1931. Due on May 1 as follows: $4,000, 1934 to 1936;
1947; $8,000,
-TEMPORARY LOAN.
- $5,000, 1937 to 1941; $6,000, 1942 to 1944; $7,000. 1945 to $11,000, 1956
NEWBURYPORT, Essex County, Mass.
1954 and 1955;
The Atlantic Corp. of Boston purchased on May 25 a $25,000 temporary 1948 to 1950: $9,000, 1951 to 1953; $10,000,1960; $16,000, 1961 and 1962:
and 1957; $12,000, 1958; $13,000, 1959 and
loan at 1.75% discount basis. The loan matures May 26 1932.
$18,000, 1967;
1963; $16,000, 1964; $17,000, 1965 and 1966;
NEW CASTLE WATER DISTRICT NO. 1 (P. 0. Chappaqua), $15,000, 1968; $20,000, 1969; $21,000, 1970, and $22,000. 1971. Legality
report of an
-The $210,000 coupon or $19,000,3f lraerarntii t CLitler f
-BOND SALE.
Westchester County, N. Y.
ip n
V ergv431 by h or s on ap
registered Millwood enlargement bonds offered on June 3-V. 132.7p. 4105
peared in V. 132, p. 2819.)
Freeman & Co., Inc., of New York at
-were awarded as 4s to M. M.
o
.
-John H. Tbompecir ,
-NO BIDS.
PARMA,Cuyahoga County, Ohio.
100.188, a basis of about 3.99%. The bonds aro dated June 1 1931 and
the issue
City Clerk, reports that no bids were received for the purchase of
mature $6,000 annually on June 1 from 1936 to 1970 incl.
construction bonds offered for sale on May 18of $6,100 6% sidewalk
Oct. 1 as
-BOND OFFERING.
NEW JERSEY, State of (P. 0. Trenton).
V. 132, p. 3585. The bonds are dated June 15 1931 and mature
John McCutcheon, Secretary of Issuing Officials will receive sealed bids follows: $1,100 in 1932;$1,000 from 1933 to 1935 incl., and $2,000 in 1936.
until 10 a. m. (Eastern standard time) on June 16 for the purchase of
-BIDSFOR $2,300,000 BONDS REJECTED
PATERSON,Passaic, N. J.
$23.000,000 355% coupon bonds, divided as follows:
-John A. Egan, City Treasurer,
-OFFERED.
$1800,000 RE
$2,300.$20.000,000 series A highway impt. bonds. Due July 1 as follows:$310,000, -ISSUE OF
reports that allot the bids received on June 4for the purchase of the -were
,$330,000, 1934 $340,000, 1935; 1350,000, 1936;$360,000,
-V.132. p.3934
bonds offered for sale
interest
1937; 380,000, 1938 390,000, 1939;$400,000, 1940; $420,000, 000 not to exceed 6%also states that he will receive sealed bids until 10:30
rejected. Mr. Egan
1941; 430,000. 1942 450,000, 1943;$460.000, 1944;$480,000, a.m.
an issue of
(daylight saving time) on June 11 for the purchase oftax revenue
1945; 490,000, 1948 510.000, 1947;$530,000, 1948:$550.000,
unsuccessfully offered, designated
8
1949; 570,000, 1950 590,000. 1951;1610,000. 1952;$630.000. $1.800,000 of the bonds 12 1931 and due $500,000 June, and $350,000
bonds of 1930, dated June
; 650.000, 1954 670,000, 1955; 690,000. 1956;$720,000.
June and $500,000 on Dec. 12 1933. Denom.
1957;$740,000, 1958 770,000, 1959; 00,000, 1960;$820,000, Dec. 12 1932, and $450,000 not to exceed 6% and must be expressed in a
1961:1850,000, 1962 1880,000, 1963:$910,000, 1964:$940.000, $1,000. Rate of interest is Single rate of interest to apply to all of the
1%.
in 1985, and $980,000 in 1986. Prin. and int. payable at the multiple of 1-100th of
bonds. Principal and interest (June and Dec. 12) are payable at the office
First-Mechanics National Bank, Trenton.
payable to the order
3,000,000 series A institution construction bonds. Duo July 1 as follows: of the City Treasurer. A certified check for $36,000.
of Hawkins, Delafield &
$50,000 from 1933 to 1937 incl.; $60,000 from 1938 to 1941 incl.; of the city, is required. The approving opinion
Delivery of the
$70,000 from 1942 to 1947 incl.; $80.000 in 1948 and 1949; Longfellow, of New York, will be furnished the purchaser.
National Bank &
$90,000 from 1950 to 1953 incl.; $100,000 in 1954 and 1955: bonds will be made on June 13 at the Chatham Phenix
$110,000 from 1956 to 1959 incl.; $120,000 in 1960 and 1961; Trust Co., New York.
-Patrick M.
$130,000 in 1962 and 1963: 5140,000 in 1964 and 1965. and
-LOAN OFFERING.
PEABODY, Essex County, Mass.
$150,000 in 1966. Prin. and hit, payable at the Broad Street Cahill, City Treasurer, will receive sealed bids until 11 a.m. (daylight
National Bank, Trenton.
basis of a $200,000
saving time) on June 9 for the purchase at discount
Each issue is dated July 1 1931. Denom. $1,000. Registerable as to temporary loan, dated June 10 1931 and payable March 16 1932 at the
principal and as to both principal and interest. Bids may be for all or riart First National Bank, of Boston. The notes will be authenticated as to
advice of
of the issue. Interest is payable semi-annually in Jan. and July. Each genuineness, and validity by the aforementioned bank, under
bidder must state in a single amount in dollars and cents which he will pay Storey, Thonadike, Palmer & Dodge, of Boston.
San Luis
for each $1,000 of the bonds on which he bids. Any bid for less than the
PISMO SCHOOL DISTRICT (P. 0. San Luis Obispo),be received
entire issue must be for a block of maturities including one bond or a mul- Obispo County, Calif.
-BOND OFFERING.-Sealed bids will
tiple thereof. of each maturity of the entire issue. Bids for separate until 2.30 p. m.on June 15 by the County Clerk, for the purchase of a $30.maturities will not be accepted. A certified check for 3% of the amount of
issue ofschool bonds.
the bonds bid for, payable to Albert C. Middleton. State Treasurer, must 000
-The
-BOND SALE.
POPE COUNTY (P. 0. Russellville), Ark.
accompany each proposal. Legal opinion will be furnished by the Attorneyon Feb. 24
General of the State of New Jersey. The bonds are said to be a direct $150,000 issue of court house construction bonds that was voted by the NaState and the faith and credit thereof is pledged for the -V. 132. p. 1849
reported to have been purchased at par
obligatlion of the
-is
tional Securities Co. of Little Rock.
payment of principal and interest.
(These are the bonds mentioned in V. 132, P. 4105.)
-The
-BOND SALE.
PORTER COUNTY (P. 0. Valparaiso), Ind.
-PUBLIC OFFERING OF $5,000,000 CORPORATE three issues of4g % bonds aggregating $127,090 offered on June 2-V.132,
'NEW YORK, N. Y.
-Barr Bros. & Co., Inc., of New York, are offering for public p. 4106-were awarded as follows:
STOCK.
Savings
investment a block of $5.000,000 3% gold corporate stock, due May 1 1935. 597,000 Pine Twp. bonds sold to the Fletcher equal to& Trust Co. of In103.57, a basis of
dianapolis, for a premium of $3,464,
at a price of 101g and interest, to yield about 2.70 7. The stock is legal
about 3.78%. Dated May 16 1931. Due $4,850 May and Nov.
investment for savings banks and trust funds in New York State and is part
$52,000,000 awarded on May 12.-V. 132. P. 3760.
15 from 1932 to 1941 incl..
of the issue of
4282
FINANCIAL CHRONICLE
20,600 Jackson Twp. bonds sold to the Brazil Trust Co. of Brazil, at par
plus a premium of $771, equal to 103.74. a basis of about 3.77%.
Dated May 16 1931. Due $1,030 July 15 1932; 1.030 Jan. and
July 15 from 1933 to 1941 incl.„ and $1,030 Jan. 151942.
10,300 Liberty Twp. bonds sold to Pfaff & Hughel of Indianapolis, at par
plus a premium of 2387,50, equal to 103.76, a basis of about 3.77%.
Dated May 16 1931. Due $515 July 15 1932:$515 Jan. and July 15
from 1933 to 1941 incl., and $515 Jan. 15 1942.
PORTER TOWNSHIP (P. 0. Boone Grove), Porter County, Ind.
BOND SALE.
-The $42,500 4)4% coupon school construction bonds offered on May 23-V. 132, p. 3388
-were awarded to Campbell & Co. of
Indianapolis at par plus a premium of $2,075, equal to 104.88, a basis of
about 3.79%. The bonds are dated May 15 1931 and mature semiannually on May and Nov. 15 from 1932 to 1946 incl. The Union Trust
Co. of Indianapolis bid par plus a premium of $1,606 for the issue.
-CERTIFICATES NOT
PORTLAND, Multnomah County, Ore.
SQL.D.-The $18,000 issue of 6% semi-ann. public utility certificates
offered on May 27-V. 132, p. 3747
-was not sold, as there were no bids
received. Dated July 1 1931. Due $3,000 from July 1 1932 to 1937 incl.
PORT OF PORT TOWNSEND (P. 0. Port Townsend), Jefferson
County, Ore.
-Sealed bids will be received until
-BOND OFFERING.
8 p. m. on June 16 by A. .1. Van Trojen. Secretary of the Board of Commissioners, for the purchase of a $60,000 issue of improvement bonds.
Int. rate is not to exceed 6%. Denominations between $100 and S1.000
as may be agreed upon after sale between the District and the purchaser.
The bonds shall mature and become payable lowest numbers first, beginning toe second year after the date of Issue of such bonds, and shall
(as nearly as practicable) be in such amounts as will be met by an equal
annual tax levy for the payment of said bonds and interest, the last maturity to become payable 30 years after date of issue thereof. Provided
that the District shall have tee option of redeeming all or any portion of
said issue of bonds on any interest paying date at any time after 10 years
from issuance thereof. A certified check for b% must accompany the bid.
PUEBLO PUBLIC WATER WORKS DISTRICT NO.2(P.O.Pueblo),
Pueblo County, Colo.
-BOND SALE-The $700.000 issue of refunding
-was
municipal water bonds offered for sale on June 2-V. 132, P. 4106
purchased by a syndicate composed of Bosworth, Chanute, Loughridoe &
Co., N. S. Walpole & Co., the U. S. National Co., the international Co.,
Gray, Emery. Vasconcells & Co. and Boettcher-Newton & Co., all of
Denver, as 4)4, Dated July 1 1931. Due from July 1 1932 to 1961, incl.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND SALE.
The $10,240 434% coupon Washington Twp. road improvement bonds
offered on May 29-V. 132, p. 3935
-were awarded to the Central National
Bank of Greencastle at par plus a premium of $230.68, equal to 102.24, a
basis of about 4.08%. The award comprised two issues, due semi-annually
from 1932 to 1942 incl. Bids received were as follows:
Premium.
Central National Bank (purchaser)
$230.65
Citizens Bank, Bainbridge
206.50
First National Bank, Greencastle
225.16
First National Bank, Cloverdale
125.00
Brazil Trust Co
207.76
QUEEN ANNES COUNTY (I'. 0. Centerville), Md.-BOND OFFERING.
-Thomas E. Walls, Clerk of the Board of County Commissioners,
will receive sealed bids until 12 m. on June 16 for the purchase of $20.000
5% coupon school bonds. Dated July 1 1931. Denom. $1,000. Dne
$4.000 annually on July 1 from 1938 to 1942. inel. Interest is payable
semi-annually in January and July. A certified check for 2% of tile bid.
Payable to the order of the County Commissioners, must accompany each
proposal.
-The S100.000 issue
-NOTE SALE.
RALEIGH, Wake County, N. C.
of bond anticipation notes offered fir sale on June 2-V. 132. p. 4107
was purchased by the Page Trust Co. of Raleigh, as 334s. at par. Dated
June 4 1931. Due on Sept. 2 1931. There were no other bids received.
RALEIGH TOWNSHIP P. 0. Raleigh), Wake County, N. C.
NOTE SALE.
-The $50.000 issue of revenue anticipation notes offered for
sale on June 1-V. 132, p. 4107
-was purchased by the North Carolina
Bank Sy Trust Co. of Raleigh, as 6s, at par. Dated June 2 1931. Due in
90 days from date without option of prior payment No other bids received.
RANDOLPH TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND OFFERING.Englewood), Montgomery County Ohio.
R. A. Butts, Clerk of the Board of Zducation, will receive sealed bids
until 12 m. on June 11 for the purchase of $12,000 534% school building
construction bonds. Dated April 1 1931. Denom. $500. Due $500
April and Oct. 1 from 1932 to 1943,incl. Interest is payable semi-annually
in April and Oct. Bids for the bonds to bear interest at a rate other than
% expressed in a multiple of X of 1%, will also be considered. A
certified check for $500, payable to the order of the Board of Education,
must accompany each proposal.
(A similar issue of bonds was reported sold during April as &Xs to the
State Teachers Retirement System, of Columbus, at 100.41, a basis of
about 4.42%.-V. 132, P. 3585.)
-BONDS REGISTERED.
-Two
REFUGIO, Refugio County, Tex.
issues of 534% serial bonds aggregating $125,000 were registered on May 25
by the State Comptroller. The Issues are as follows: $57,000 sewer system,
series of 1930, and $68,000 water works, series of 1930 bonds. Denom.
21.000.
RICHMOND, Henrico County, Va.-FINANCIAL STATEMENT.
The following detailed official statement is furnished with the offering
notice on the four issues of 4 X% bonds aggregating $1.000,000,scheduled
for sale on June 8-V. 132, p. 4107:
$365.000,000.00
Estimated true value of taxable real property
Assessed value of taxable property: Real estate, $243.135,001: personal tangible property, $19,216,899; ma265,335,611.00
chinery (for manufacturing purposes, &c.), $2.983.711
Percentage of assessed value of real estate to true value is 0.666123.
Area of city, 24 square miles. Date of incorporation of municipality, 1782.
Population (U. S. census 1910). 127,989: (U. S. census 1920), 171,677;
(U. S. census 1930), 182,929. The present city tax rate is: $2.35 per
$100 of valuation on real estate; $2.20 per $100 on valuation of personal
tangible property: 60 cents per $100 of valuation on machinery (for manufacturing purposes).
Property Owned by City.
Gas, water and electric plants, $11,295,563.66; public
schools,$10,067,136.92: other properties,$10,344.598.15;
total, $31,707,298.73; streets, sewers, bridges, Sic. (not
$55,492,973.45
included above), 223,785,674.72; grand total
Statement of Debt.
Bonded Debt: General purpose bonds,$24,485,642; public
school bonds, $6,189,438; gas works bonds, S3,349,550;
water works bonds, $3,506,000; electric plant bonds,
37,830,630.00
$300.000: total __ _
535,000.00
_ __
Deduct: General Puricose-fidijaa
$37,295,630,00
Add: Bonds to be dated July 1 1931 as per this notice ofsale 1,000,000.00
$38,295,630.00
Total debt as of July 1 1931
Less sinking funds applicable as follows:.Genoral purpose
bonds, 36.549,897.89* public school bonds, $1,396.022.90;
gas works bonds, $267,258.33; water works bonds, $950,9,264,567.83
640.34; electric plant bonds, $100,748.37; total
$29,031,062.17
Deduct: Water bonds (included in total debt), $3,506,000:
2,555,359.66
less sinking fund, $950,640.34; total
$26,475,702.51
Net debt as of July 1 1931
The percentage of net debt to assessed value of taxable property is
0.099781. The percentage of net debt to estimated true value of real
estate is 0.072536. Under an Act of the Virginia State Legislature,approved
March 31 1927, all real estate, personal tangible property and machinery
were segregated to the City of Richmond, and these subjects are not liable
to any general tax except the city tax. Special attention is called to the
fact that the City of Richmond is not subject to any county or school district
taxation, nor liable for any county or school district bonds.
RIVERSIDE COUNTY SCHOOL DISTRICTS (P. 0. Riverside),
Calif.
-BOND SALE.
-The two issues of 5% coupon bonds aggregating
[VOL. 132.
$85,000 offered for sale on May 25-V. 132, p. 4107
-were awarded to the
American Securities Co. of San Francisco, as follows;
$55,000 Corona High School District bondsfor a premium of$3,008.equal to
105.46, a basis of about 4.09%. Due from June 1 1933 to 1943 incl.
30,000 Corona School District bonds for a premium of $2,678, equal to
108.926, a basis of about 4.22%. Due from June 1 1944 to 1949.
(The above reports correct those given in V. 132, p. 4107.)
An official list of the other bids follows;
BidderPremium.
Bankamerica, Los Angeles
$445:,800964431
Dean Witter & Co., LosAngeles
Wooden & Co., Los Angeles
William R. Staats Co
5,186
American Securities Co
5,686
ROCHESTER,Monroe County, N. Y.
-C.E. Higgins,
-NOTE SALE.
City Comptroller, reports that Barr Bros. & Co. Inc., of New York, were
the successful bidders on June 4 at a sale of various note issues aggregating
$1,108,000, paying a premium of $9 for a $125,000 (1928) overdue tax
issue, due Oct. 8 1931, to bear interest at 1.24%, and a premium of $9 for
the remaining $983,000 notes, due Feb. 8 1932, at 1.49% interest. The
sale comprised the following issues:
$400,000 bridge design and construction notes. Due Feb.8 1932.
275,000 special local impt. notes. Due Feb.8 1932.
150,000 school construction notes. Due Feb.8 1932.
125,000 (1928) overdue tax notes. Due Oct. 8 1931.
100,000 municipal building construction notes. Due Feb. 8 1932.
30,000 municipal land purchase notes. Due Feb. 8 1932.
28,000 municipal building equipment notes. Due Feb. 8 1932.
Each issue is dated June 8 1931. The notes are payable at the Central
Hanover Bank & Trust Co., New York.
-Sealed bids
ROCKPORT, Essex County, Mass.
-BOND OFFERING.
addressed to the Town Treasurer will be received until 4 p. m. on June 9
seriallypurchaser2 to 2 0 00 . water bonds, dated June 1 1931 and due
fo the from 103 of $ 1 , 0 igg%
70
4
-John P.
ROCKVILLE, Montgomery County, Md.-BOND SALE.
Baer & Co. of Baltimore, purchased on June 2 an issue of $50,000 435%
water and sewer bonds at a price of 100.80. a basis of about 4.42%. The
issue matures serially from 1934 to 1954 incl.
-BOND SALE.
ROCKVILLE CENTRE, Nassau County, N. Y.
The $36,000 coupon or registered water bonds offered on June 3-V. 132,
P. 4107
-were awarded as 4s to Graham, Parsons & Co., of New York, at
par plus a premium of $143.64, equal to 100.399, a basis of about 3.95%.
The bonds are dated June 1 1931 and mature $3,000 on June 1 from 1936
to 1947, incl. Bids submitted at the sale were as follows:
Rate Bid.
Int4 201e.
..Ras
Bidder100.399
4
Graham, Parsons & Co. (purchasers)
ur
100 05
South Shore Trust Co
4 0
100.21
George B. Gibbons & Co
100.56
4.20
Roosevelt & Son
100.22
4.10
Batchelder & Co
100.27
44..02504
Marine Trust Co
100.11
Farson, Son & Co
-BOND OFFERING.ROCKY RIVER, Cuahoga County, Ohio.
Frank Mitchell, City Auditor, will receive sealed bids until 12 m.on June 15
for the purchase of $6.800 6% special assessmen impt. bonds. Dated
July 1 1931. One bond for $300, others for $500. Due Oct. 1 as follows;
$300 in 1932; 81,000, 1933: $500 in 1934 and 1935; $1,000, 1936; $500 in
1937 and 1938; $1,000, 1939; $500 in 1940, and $1,000 in 1941. Interest is
payable semi-annually in April and Oct. Bids for the bonds to bear interest
at a rate other than 6%,expressed in a multiple of X of 1%. will also be
considered. A certified check for 5% of the amount of bonds bid for,
payable to the order of the City, must accompany each proposal.
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 40 (P. 0.
Portales), N. M.
-Sealed bids will be received by
-BOND OFFERING.
Cass Lyons County Treasurer, until 2 p. m. on June 29 for the purchase
of a $7,000 issue of 6% semi-annual school bonds. Denom. $500. Dated
July 1 1930. Due $500 from July 1 1932 to 1945, incl. Prin, and int.
payable at the office of the State Treasurer or at the Central Hanover
Bank & Trust Co. in N. Y. City. Bidders will be required to submit bids
specifying (a) the lowest rate of interest and premium, if any, above par
at which such bidder will take said bonds, or (b) the lowest rate of interest
at which the bidder will purchase said bonds at par. The bonds will be
sold at not less than par and accrued interest to date of delivery and no
discount or commission will be allowed or paid on the sale of such bonds.
A certified check for 5%,payable to the County Treasurer, must accompany
bid. (These bonds are part of the $7,500 issue unsuccessfully offered on
Feb. 12-V. 132, p. 1849.)
-J. F. Os-BOND OFFERING.
ROSELLE, Union County, N. J.
trander, Borough Clerk, will receive sealed bids until 8 D. m. (daylight
saving time) on June 11 for the purchase of $427.000 4X, 434 434, 5.
5
or 5)4% coupon or registered bonds, divided as follows:
$234,000 assessment bonds. Due June 1. as follows: $20,000 from 1932
to 1934 incl.: $24,000 in 1935, and $30.000 from 1936 to 1940 incl.
193,000 general improvement bonds. Due June 1 as follows: $6,000
from 1933 to 1943 incl.; $7,000 from 1944 to 1956 incl., and
$9,000 from 1957 to 1960 incl.
Each issue is dated June 1 1931. Denom. $1,000. Prin. and semi-ann.
int. (J. & D.) are payable at the First National Bank, Roselle. No more
bonds are to be awarded than will produce a poremium of $1,000 over the
amount of each issue. A certified check for 2% of the amount of bonds
bid for, payable to the order of the borough, must accompany each proposal.
The approving opinion of Reed, Hoyt & Washburn of New York will be
furnished the purchaser.
-BONDS NOT SOLD.
ROYAL OAK, Oakland County, Mich.
Catherine T. Currie, Acting Director of Finance, informs us that an issue
of $28,000 refunding bonds for which sealed bids were invited until May 26
was not sold, inasmuch as no offers were submitted.
-BOND OFFERING.
ST.JOSEPH COUNTY(P.O.South Bend),Ind.
-Duncan J. Campbell, County Treasurer, will receive sealed bids until
10 a. m. on June 10 for the purchase of $131,500 4% bonds, divided as
follows:
$85,000 Samuel Leeper et al. road impt. bonds. Denom. $1,062.50. Due
$8,500 annually on May 15 from 1932 to 1941 incl.
46,500 Edwin Wilmer et al. road impt. bonds. Denom. $1,162.50. Due
$4.650 annually on May 15 from 1032 to 1941 incl.
Each issue is dated June 1 1931. Interest is payable semi-annually
on May 15 and Nov. 15.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph), Buchanan
County, Mo.-BONDS DEFEATED.
-At the special election held on
-it is reported that the voters rejected the proMay 23-V. 132, p. 3586
posal to issue $1,250,000 in school bonds.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
Antonio) Bexar County, Tex.
-BOND OFFERING.
-Sealed bids will
be received until 4 p.m. on June 16, by Paul H. Scholz, Business Manager
of the Board of Education, for the purchase of a 2750.000 issue of school
bonds. Dated June 15 1931. The conditions of sale are described in the
offering notice as follows: The Board invites three (3) alternative bids in
such sealed proposals:
(1) The lowest rate of interest, at multiples of one-quarter (X) of one
(1) per cent., at which the bidder is willing to purchase the bbnds for par
and accrued interest to date of payment for and delivery of the bonds;
(2) The price which the bidder is willing to pay for such coupon bonds,
bearing interest at the rate of four and one'quarter per cent. (434%) per
annum; and
(3) The price which the bidder is willing to pay for such coupon bonds,
bearing interest at the rate of four and one-half per cent. (436%) per
annum.
The San Antonio Board of Education reserves the right to sell only
$700,000 instead of $750.000 of such building and improvement coupon
bonds and all proposals must be made upon the basis of purchasing either
$750,000 or $700,000 of such bonds.
This is series "A" of an authorized issue of $1.750,000 bonds in denomination of $1,000 each, maturing serially,from $17,000 to $19,000 each year,
during a 40
-year period. Prin, and int. payable at the Chase National
Bank in New York City. These bonds must be taken by the purchaser on
opinion of Chapman & Cutler of Chicago, to be furnished by the Board
of Education and subject to waiver of purchase by the State. A $15.000
certified check is required.
SANILAC COUNTY(P.O.Sandusky), Mich.
-RATE OFINTEREST.
-The $55,000 drain construction bonds awarded recently at a price of
JUNE 6 1931.]
FINANCIAL CHRONICLE
-bear interest
-V. 132, p. 4107
par to Slier, Carpenter & Roose of Toledo
at the rate of 6%, payable semi-annually. The lionds mature serially
from 1932 to 1941 inclusive.
-The
-TEMPORARY LOAN.
SCITUATE, Plymouth County, Mass.
Merchants National Bank of Boston, purchased on May 29 a $75,000 temporary loan at 1.48% discount basis. The loan is dated May 27 1931 and
matures Dec.81931.
-BOND ELECTION.
-At an election to be
SHALER TOWNSHIP,Pa.
held on June 9 the voters will pass upon a proposal providing for the issuance
of $250,000 in bonds for school construction purposes.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 33 (P. 0. Dooley),
-The $6,500 issue of school bonds offered for sale
Mont.
-BOND SALE.
-was purchased by the State of Montana
on May 12-V. 132, p. 3586
as 6s at par. Due in 20 years.
-BOND SALE.
SHIAWASSEE COUNTY (P. 0. Corunna), Mich.
The First Detroit Co. of Detroit, recently purchased an issue of $37.277.07
6% road impt. bonds at par plus a premium of $778, equal to a price of
102.10. A bid of par plus a premium of $566 was submitted by the Old
Corunna Bank.
SIOUX CITY, Woodbury County, Iowa.-BOND.SALE.-A $32.000
Issue of4% semi-ann.flood control bonds is reported to have been purchased
recently by the White-Phillips Co. of Davenport, for a premium of $650.
equal to 102.03. a basis ofabout3.71%. Due $2,000from 1932 to 1947 incl.
-BOND OFFERING.
SOMERSET, Perry County, Ohio.
-Thomas L.
Stine, Village Clerk, will receive sealed bids until 12 m. on June 20 for the
purchase of $4,000 5%% village's portion highway impt. bonds. Dated
.April 11931. Denom. $200. Due $200 on April and Oct. 1 from 1932 to
1941 incl. Int, is payable semi-annually in April and Oct. Bids for the
bonds to bear int. at a rate other than 5%%, expressed in a multiple of
% of 1%. will also be considered. A certified check for 5% of the amount
of bonds bid for, payable to the order of the City Treasurer, must accompany each proposal.
-BOND SALE.
-The
SOUTH DAKOTA, State of (P. 0. Pierre).
$1,000,000 issue of rural credit, series "A" of 1931 bonds offered for sale
-was jointly purchased by the Chatham
on May 29-V. 132, p. 3748
Phenix Corp. of New York, and the Central Illinois Co. of Chicago, as 4s,
for a premium of $2.725. equal to 100.27, a basis of about 3.94%. Dated
June 15 1931. Due on June 151951, optional after June 151936. Interest
payable J. & D. 15.
-BOND OFFERING.
-Sealed
SPOKANE, Spokane County, Wash.
bids will be received until 10 a.m. on June 30, by H.D.Dearling, Secretary
of the Sinking Fund Commission, for the purchase of a $570,000 issue of
rate is not to exceed 4%%.
coupon or registered general bonds. Interest
Bidders are requested to name the price and rate of interest at which they
will purchase the whole of said bonds or any of said series separately.
Denom. $1,000. Dated July 1 1931. Due on July 1 as follows: $20,000,
1932; $21,000, 1933: $22,000, 1934 and 1935: $23.000. 1936; $24.000.
1937 and 1938; $25.000. 1939; $26.000. 1940 and 1941: $27,000, 1942;
329,000, 1943; $30.000. 1944; $31,000. 1945: $33,000, 1946: $34.000. 1947:
$36,000, 1948;$37,000. 1949:$39,000, 1950, and $41,000 in 1951. Prin. and
in (J. & J.) payable from general taxes levied annually on all the taxable
property of the city. If delivery be demanded outside the city, delivery shall
be at the expense of the purchaser. A certified check for 2% of the par value
of the bonds bid for, payable to the City, is required.
-BOND SALE.
-The $75,000
SPRING HILL, Webster Parish, La.
issue of coupon or registered water works purchase bonds offered for sale
-was purchased by F. P. Clark & Co. of
on May 26-V. 132. p. 3586
Alexandria, as 6s, at par. Denom. $1,000. Dated June 1 1931. Due
In from 1 to 25 years. Int. payable A. & 0.
STEUBEN COUNTY (P. 0. Angola), Ind.
-BOND SALE.
-The
$6,400 4 % coupon York Township road improvement bonds offered on
-were awarded to the First & Tri-State National
June 3-V. 132. p. 4108
Bank & Trust Co., of Fort Wayne. at par plus a premium of $209.50.
equal to 103.27, a basis of about 3.82%. The bonds are dated March 2
1931 and mature semi-annually as follows: 3320 July 15 1932; $320 Jan.
and July 15 from 1933 to 1941, incl., and $320 Jan. 15 1942.
STUART,Patrick County, Va.-BOND DETAILS.
-The $5,006 issue
of6% coupon water bonds that was disposed of to the sinking fund-V.132.
-was purchased at par. Due on July 1 1941.
p.4108
--BOND OFFERING.
PeSUMNER COUNTY (P. 0. Gallatin), Tenn.
Sealed bids will be received until 10 a. m.on July 6. by Harvey L. Brown.
.
County Court Clerk, for the purchase of an issue ot $150.000 coupon school
The interest rate is to be either 44.
building and equipment bonds.
4% or 5%. No higher rate will be chosen than shall be required to insure
a sale at par. Denom. $1,000. Dated July 1 1931. Due on July 1 as
follows. $.3,000, 1933 and 1934; $6.000. 1935 and 1936:: $7000, 1037 to
$11.000
1940; $8,000, 1941 and 1942; $9,000. 1943 to 1945; 810.000,1946;
1947 and 1948; $12,000. 1949 and 313.000 in 1950. Prin. and in (J. & .)
payable at the office of the County Trustee. A certified cneck for 31.000
must accompany tho bid.
Financial Statement.
$35,000,000
Estimated actual value taxable property
taxable property
16,500,000
Assessed value
$595,000
Total bonded debt, including this issue
$40.000
Less. Sinking fund
Less. Bonds assumed by State of
315,000
Tennessee
355.000
240,000
Net bonded debt
Population, 1030 U. S. Census, 2h.62.
TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0,
SUMMERFIELD
-BOND OFFERING.
-John Feitz,
Petersburg), Monroe County, Mich.
Secretary of the Board of Education, will receive sealed bids until 8 p. m
(Eastern standard time) on June 16 for the purchase of $80.000 school
building construction bonds, to bear int. at either 4% or 4%%. Bids
are also requested on the basis of the payment of the proceeds of the issue
to the School District in monthly payments of $10,000. The bonds will
mature annually on April 1 as follows: $2,000 from 1934 to 1939 incl.;
50
42,500 from 1940 to 1945 incl.; $3,000 from 1946 to 1951 incl.* $3,0 in
'
1952 and 1953, and $4,000 from 1954 to 1960 incl. Prin. and semi-ann.
int. (A. & 0.) payable at a suitable bank or trust company in Detroit.
The successful bidder will be required to print the bonds, furnish legal
opinion and pay accrued int. A certified check for 5% of the amount
of the bid must accompany each proposal. The District has a valuation of
$1.191,483 and the present school tax rate is $6.89 per $1,000. Neither
the Village or the School District has bonded indebtedness outstanding.
There is also no special assessment indebtedness. Population of the
District approximately 1,000.
(The authorization of these bonds at a recent election was reyorted-in
-under an item captioned "Petersburg, Mich. )
V. 132, p. 4106
-BOND OFFERING.SYRACUSE, Onondaga County, N. Y.
0. P. Soule, City Comptroller, will receive sealed bids until 12 m.(Eastern
standard time) on June 12, for the purchase of $3,480,000 coupon or
registered, not to exceed 5% interest bonds, divided as follows:
$1,040,000 school bonds. Due $52,000 annually on July 15 from 1932 to
1951, inclusive.
800,000 water bonds. Due $20,000 annually on July 15 from 1932 to
1971, inclusive.
620,000 street re-improvement bonds. Due $62,000 annually on July
15 from 1932 to 1941, inclusive.
600,000 local improvement bonds. Due $60,000 annually on July 15
from 1932 to 1941, inclusive.
200,000 sewer bonds. Due $20,000 annually on July 15 from 1932 to
1941, inclusive.
90,000 general improvement bonds. Due $9,000 annually on July
15 from 1932 to 1941, inclusive.
50,000 park bonds. Due July 15 as follows: $2,000 from 1932 to 1941,
incl., and $3,000 from 1942 to 1951, incl.
Due July 15
50,000 grade crossing bonds. $2,000 from as follows: $3,000 from
1942 to 1951, incl.
1932 to 1941, incl. and
50.000 grade crossing bonds. Due July 15 as follows: $3,000 from
1932 to 1941, incl., and $2,000 from 1942 to 1951 incl.
bonds. Due $6,000 annually on July 15
'
30.000 local improvement inclusive.
from 1932 to 1936,
dated July 15 1931. Rate of interest to be expressed in a
Each issue is
same for all of the bonds.
0
of 17 and must be the
multiple of 1-10th or
as
Denoms. to suit purchaser. Principal and semi-annual interest (Jan. and
4283
July 15) are payable at the Chase National Bank, New York. No bid
at less than par and accrued interest will be considered. A certified check
for 2% of the face value of the bonds bid for, payable to the order of the
City Comptroller, must accompany each proposal. The legality of the
issues will be examined by Caldwell & Raymond, of New York, whose
favorable opinion will be furnished to the purchaser.
Financial Statement.
$388,786,603.00
Assessed valuation taxable property
500.000,000.00
Actual valuation taxable property (estimated)
373,314,128.00
Assessed valuation real property
15.387.200.00
Assessed valuation special franchises
35.522,830.33
Bonded debt, including above issues
6,591.250.00
Water bonds,included in above (exempt debt)
0
870 000.
35397.7
Local improvement bonds, included in above (exempt debt) '4:9 :3 30
Temporary debt
Population census, 1930, 209.277.
-The following
-BOND SALE.
TAUNTON Bristol County, Mass.
issues of 3%4 coupon bonds aggregating $180,000 offered On Jane 2
-were awarded to the Bristol County Trust Co. of
-V. 132. p.108
Taunton, at a price of 100.65, a basis of about 3.29%:
$140,000 macadam bonds. Dated June 1 1931. Due June 1 as follows:
$40.000, 1932:$30,000 in 1933 and 1934. and $20,000 in 1935 and
1936.
20,000 sewer bonds. Dated June 11931. Due $1,000 June 1 from 1932
to 1951 incl.
20,000 water mains and water departmental equipment bonds. Dated
Jan. 1 1931. Due 34.000 on Jan. 1 from 1932 to 1936 incl.
Estabrook & Co. of Boston bid 100.58 for the bonds.
-BOND OFFERING.
TIPTON SCHOOL CITY, Tipton County, Ind.
Sealed bids will be received at the office of the Board of School Trustees
until 2 p.m. on June 15 for the purchase of. 40.0004% school construction
bonds. Dated May 2 1931. Denom. $500. Due annually as follows:
$1.000 from 1932 to 1934 incl., and $3,500 in from 1935 to 1946 incl.
Principal and semi-annual interest (Feb. and Aug.) are payable at the
Citizens National Bank,Tipton. A certified check for $500 must accompany
each proposal.
-BOND SALE.
-The $4.000
TOONE, Hardeman County, Tenn.
issue of 6% semi-annual street impt. bonds offered for sale on May 20-was purchased at par by the Merchants & Planters Bank
V. 132, p. 3762
of Toone. Dated April 1 1931. Due in 1936, 1938, 1940, 1942, 1944, 1946
and 1948.
UNION COUNTY SCHOOL DISTRICTS (P. 0. Clayton) N. Max.
-Sealed bids will be received until June 18, by C. T.
BOND OFFERING.
County Treasurer, for the purchase of the following issues of
Watkins,
bonds:
-315,000 School District No. 22 bonds. Due from June 1
At 1:30 p.m.
1934 to 1949.
-$18.000 School District No. 50 bonds. Due from June 1
At 1:45 p.m.
1933 to 1951.
Int. rate is not to exceed 6%, payable annually. Denom.$1,000. Dated
June 11931. Prin. and int, payable at the office of the State Treasurer or
at such banks as the bidder may elect. The conditions of sale as set forth
under Roosevelt County also obtain on the disposal of the above bonds.
-BOND OFFERING.
-George L. DalTROY, Miami County, Ohio.
ton, City Auditor, will receive sealed bids until 12 m. on June 20 for the
purchase of $22,250 5% bonds, divided as follows:
$10,000 special assessment impt. bonds. Denom. $1,000. Due $1,000
March and Sept. 1 from 1932 to 1936 incl. A certified check for
$200 is required.
8,000 special assessment impt bonds. Denom. $800. Due $800 March
and Sept. 1 from 1932 to 1936 incl.
2.600 special assessment impt. bonds. Denom. $520. Due $260 March
and Sept. 1 from 1932 to 1936 incl. A certified check for $100 is
required.
850 special assessment impt. bonds. Denom. $170. Due $170
Sept. 1 from 1932 to 1936 incl. A certified check for $50 is
required.
800 special assessment impt. bonds. Denom. $160. Due $160
Sept. 1 from 1932 to 1936 incl. A certified check for $50 is required.
Each issue is dated March 1 1931. Int is payable semi-annually in
March and September. Bids for the bonds to bear int. at a rate other than
5%,expressed in a multiple of % of 1%. will also be considered. Certified
checks should be made payable to the order of the City.
-BOND OFFERING.
-The Village
TULLY, Onondaga County, N. Y.
Clerk will receive sealed bids until 7 p.m. on June 16 for the purchase of
17.000 fire department a aratus purchase bonds. Dated July 1 1931.
Denom, $1,000. Due $1,171 Ally 1 from 1932 to 1938 incl. Principal and
semi-annual interest (Jan. and July) are payable in Tully. A certified check
for $250 must accompany each proposal.
-BOND SALE.
-The
WABASH COUNTY (P.O. Wabash), Ind.
$20,000 4 % Frank Ferree et al., Waltz Township road inapt. bonds
-were awarded to the Fletcher Ameroffered on May 26-V. 132, p. 3763
ican Co. of Indianapolis at par plus a premium of $752, equal to 103.76,
a basis of about 3.77%. The bonds are dated June 1 1931 and mature
81.000 July 15 1932; $1,000 Jan. and July 15 from 1933 to 1941 incl.. and
$1,000 Jan. 15 1942.
-WARRANT SALE.
WAYNE COUNTY (P. 0. Richmond), Ind.
The $66,000 4 % poor relief warrants offered on June 1-V. 132. p. 3763
were awarded to the Fletcher Savings & Trust Co. of Indianapolis, at par
plus a premium of $781, equal to 101.18, a basis of about 3.45%. Dated
June 1 1931. Due $33.000 May 15 and a like amount on Nov. 15 1932.
-BOND OFFERING.
WAYNE COUNTY (P. 0. Richmond), Ind.
Harriet A. Dickenson, County Treasurer, will receive sealed bids until
10 a. m.on June 20 for the purchase of$20,000 4%% Jackson Twp. highway
impt. bonds. Dated June 20 1931. Denom. $500. Due $1,000 July 15
1932; $1.000 Jan. and July 15 from 1933 to 1941 incl., and $1,000 Jan. 15
1942. Interest is payable semi-annually on Jan. and July 15.
-BONDS CALLED.
WELLINGTON, Sumner County, Kan.
Notice is being given by Rorie M. Ratelcin, City Treasurer, that the city
will pay on July 1 60 bonds of the $240,000 waterworks bond issue, dated
July 1 1914. Bonds numbered from 181 to 240, incl.
-The
-TEMPORARYLOAN.
WESTFIELD,Hampden County, Mass.
-was awarded
$300,000 temporary loan offered on June 3-V. 132, p.4108
to the First National Old Colony Corp. of Boston, at 1.35% dicosunt basis.
The loan is dated June 3 1931 and matures as follows: $200,000 Oct.6 1931
and $100,000 Dec. 7 1931.
The following is a list of the bids submitted at the sale:
;is.
. 3
Disct1 .7
BidderFirst National Old Colony Corp.(purchaser)
Atlantic Corp
1 3 '7
55
44:
Salomon Bros. & Hutzler
F. S. Moseley & Co
1.57%
1.685%
Bank of Commerce & Trust Co
1.72%
Faxon,(lade & Co
-NO
WEST ORANGE SCHOOL DISTRICT, Essex County, N. J.
-W. Russell RineIMMEDIATE SALE OF BONDS CONTEMPLATED.
hart, District Clerk, informs us that although authorization has been
received to issue $550,000 in bonds for school purposes. inasmuch as the
money "will not be needed until the fall, it is very probable that the bonds
will not be sold until October or later."
WEST VIRGINIA,State of(P.O. Charleston).-BONDSALE.-The
$5,000,000 issue of coupon or registered road bonds offered for sale on June 3
-was purchased by a syndicate composed of the Chase
V.
- 132, p. 4108
Securities Corp.; Harris, Forbes & Co.; Haligarten & Co.; R. L. Day & Co.;
Kean, Taylor & Co.; Ames, Emerich & Co.; B. J. Van Ingen & Co., Inc.;
H. L. Allen & Co., all of New York: the Mercantile Commerce Co. of St.
Louis, and the Charleston National Bank of Charleston, at a price of
100.002, a net interest cost of about 3.625%, on the bonds divided as
follows: $1,772,000 as 434s, due on June 1 as follows: $100,000, 1932 and
to
940 o
1933: 8125,000, _1934 to 1936; 8150,000. 1937 to 1939; $175.000. 1n
1943. and $47.000 in 1944, and the remaining $3,228,000 as 314s, due
June 1 as follows:$153,000 in 1944;$200,000, 1945 and 1946:$225,000. 1947
and 1948; $250,000, 1949 to 1951; *275.000, 1952 and 1953; $300,000. 1954
and 1955, and $325,000 in 1956.
-The successful syndicate immediately
-OFFER BONDS.
BANKERS RE
offered the above bonds for public subscription priced as follows: 414%
4284
FINANCIAL CHRONICLE
to 1944 maturities,
bonds yield from 2.00% in 1932 up to 3.55% on the 1941 1946 maturities at
while the 334% bonds are priced at 9934 for the 1944 to to 1956 maturities.
for the 1947 to 1950 maturities,and 9834 for the 1951
99
They are legal investments for savings banks in New York, Massachusetts
and Connecticut.
-The
-BOND SALE.
WHITE COUNTY (P. 0. Monticello), Ind.
on
$13,600 411% coupon Princeton Twp. road improvement bonds offered of
-were awarded to the City Securities Corp.,
May 29-V. 132, p. 3763
basis
at par plus a premium of $521.90, equal to 103.83, a semiIndianapolis,
mature
of about 3.72%. The bonds are dated May 15 1,.31 and
annually as follows: $680 July 15 1932; $680 Jan. and July 15 from 1933
$680 Jan. 151942.
to 1941,incl., and
-The
WICOMICO COUNTY (P. 0. Salisbury), Md.-BOND SALE.
following issues of 434% coupon (registerabie as to principal) bonds offered
-were awarded to the Union Trust Co. of Balti2-V.132, p.3763
on June
more.at a price of 104.662, a basis of about 3.98%;
in 1944 and
$110,000 school bonds of 1931. Due July! as follows: $40,000
1945, and $30,000 in 1946.
Due July 1 as follows: $15,000 in
90,000 county scrip retiring bonds. $30,000in 1935,and $10,000 in 1936.
1932 and 1933;$20,000. 1934;
bidder is re-offering the
Each issue is dated June 1 1931. The successful
for the 1932
securities for public investment priced to yield 2.50%
(0
3.00%;1934,3.25%;1935.3.50 7; 1936,3.70%,and 3.80%
maturity; 1933,
1946. Bids submitted at the sale
for the bonds due in 1944. 1945 and
were as follows
Rate Bid.
Bidder104.662
Union Trust Co.of Baltimore (purchaser)
104.154
Brown & Sons
Alexander
103.801
Harris,Forbes & Co
103.542
Stein Bros.& Boyce
103.406
First National Securities Corp
103.351
Baltimore Company
Dak.-PRICE PAID.
WILLIAMS COUNTY (P. 0. Williston), N. that was purchased by
The $10,000 issue of certificates of indebtedness -V. 132. p. 3937
-was
Minneapolis, as 534s
the Union Investment Co. of
awarded at par. Due on May 1 1933.
WILLIAMSON (P. 0. Williamson), Wayne County, N. Y. June 1
offered on
-The $47,500 coupon or registered highway bonds 8c Co., Inc., of
SALE.
-were awarded as 4.108 to Barr Bros.
-V. 132, p. 3937
100.077, a basis of about 4.09%. The bonds are dated
New York, at
and $3,000 from
May 1 1931 and mature May 1 as follows: $2,500 in 1932,
1933 to 1947, incl.
-BOND OFFERING.
WINCHESTER, Franklin County, Tenn. Recorder, until June 12,
Sealed bids will be received by G. R. Martin, City
bonds. Denom.
for the purchase of a $30,000 issue of 5% coupon refunding Prin. and int.
1951.
$1,000. Dated June 1 1931. Due on June 1 Co. in New York City.
Trust
(J. & D.) payable at the Chemical Bank & of Tennessee.
for issuance: Chapter 81, Laws
Authority
-CERTIFICATE SALE.
WINDOM, Cottonwood County, Minn.
offered
The $62,000 issue of 4M % semi-annual certificates of indebtedness
-was awarded to Geo. B. Keenan &
for sale on May 28-V. 132, p. 3937 equal to 100.298. The only other
Co. of St. Paul, for a premium of $185,
Co. of St. Paul.
bid received was an offer made by the Wells Dickey
WINNESHIEK COUNTY (P.O. Decorah),lowa.-BOND OFFERING.
until 2 p. m. on June 11, by
-Both sealed and open bids will be received the purchase of an issue of
Orval J. Ellingson, County Treasurer, for
g1,000. Dated July 1
annual primary road bonds. Denom.to 1945, and $30,000 in
1165.000
1931. Due on May 1 as follows: $15,000. 1937 will be sold under conThe bonds
1946. Optional after May 1 1937. Bremer County.
ditions similar to those given under
-TEMPORARY LOAN.
WINTHROP, Suffolk County, Mass.
1 a 8100,000 temporary
The Merchants National Bank purchased on June
1932...
1.61% discount basis. The loan matures May 27
loan at
Bids for the loan were as follows:
Discount Basis.
Bidder
1.617
Merchants National Bank of Boston (purchaser)
1.79
Shawmut Corp
1.85
First National Old Colony Corp
1.89
F. S. Moseley & Co
1.98%
Faxon,Gade & Co
DISTRICT (P. 0. WoodWOODBRIDGE TOWNSHIP SCHOOL SALE.
-The $90,000 coupon
-BOND
bridge), Middlesex County, N. J.
-were awarded
on June 1-V.132, p.3937
or registered school bonds offered
par plus a premium of $509,
as 5s to Morris Mather & Co.,of New York,at bonds are dated July 1 1931
of about 4.95%. The
equal to 100.56, a basis
1954, incl., and $2,000
and mature July 1 as follows: $3,000 from 1933 to of Philadelphia, bid a
from 1955 to 1966, incl. M. M. Freeman & Co.,
as 5s.
Premium of $111.11 for the issue
DISTRICT (P. 0.
WOODVILLE CONSOLIDATED SCHOOL -A
issue of
SALE.
Greensboro) Greene County, Ga.-BOND H. Hilsman 812,000 Inc., of
J.
5%-school bonds has been purchased by1929. Due $500 from Nov. 15
&Co..
Denom. $500. Dated Nov. 15
Atlanta.
payable at the National City
1932 to 1955,incl. Prin. and int.(M.& N.15)
Thorndike, Palmer &
Bank in New York. Legality approved by Storey,
Dodge of Boston.
sale in Nov. 1929 and the sale
(These bonds had been scheduled for
-V.129, p. 4076.)
was later postponed.
Financial Statement (As Officially Reported.)
$600,000
values
Actual
213,000
Assessed values, 1930
12,000
Total bonded debt (this issue only)
1,700
Population (estimated)
Constitution
The total bonded debt of this school district is limited by the
of the State to 7% of the assessed valuation.
Pa.WORTHINGTON SCHOOL DISTRICT, Armstrong County,
Board, will receive
-J. A. Fox. Treasurer of the School 13 for the purchase
BOND OFFERING.
standard time)on June
sealed bids until 7 p. m.(Eastern
1931. Denom.$500.
of $10.000 43.4% coupon school bonds. Dated July 1
July 1 1951.
Due $500 on July 1 from 1942 to 1961 incl.; optional after check for 5%
July. A certified
Int. is payable semi-annually in Jan. and
must accomof the amount bid, payable to the order of the School District, approval of
pany each proposal. The bonds will be sold subject to the
the Department of Internal Affairs.
-BOND SALE.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
$38,469,
-The three issues of4M 7,, county special impt. bonds aggregating Brownawarded to the
-were
offered for sale on May 28-V. 132, p. 3938
Crammer Co. of Wichita. paying a premium of 8925, equal to 102.40, a
basis of about 3.91%. The issues are as follows:
to 1946, incl.
$13,969 Switzer road bonds. Due from Jan. 1 1932Jan. 1 1932 to 1946,
12,500 Fairfax road, Section B, bonds. Due from
incl.
12,000 Hughes road bonds. Due from Jan. 1 1932 to 1946, incl.
-The $2,-BOND SALE.
WYOMING, State of (P. 0. Cheyenne).
on
300,000 issue of 4% coupon semi-ann. highway bonds offered for salethe
-was purchased by a syndicate composed of the
June 2-V. 132, p. 3938
Corp., Stone & Webster and. Biodget, Inc., and
Bancamerica-Blair
Wm. R. Compton Co.. all of New York, and Causey, Brown & Co. of
Denver, at a price of 100.851, a basis of about 3.90%. Dated April 1
1931. Due on April 1 1951, optional April 1 1941.
-The above bonds are being
BONDS OFFERED FOR SUBSCRIPTION.
offered by the successful bidders for general investment priced at 102.25,
3.72% to optional date, and 4% thereafter. They are legal
yielding about
investments in New York, Massachusetts. Connecticut and other States.
Legality to be approved by Reed, Hoyt & Washburn of New York.
Financial Statement (Officially Reported).
1446,150.524
Total assessed valuation,taxable property
4,590,000
Total bonded debt,including this issue
372,005
Sinking funds
4,217,995
Net bonded debt
Population: 1920 census, 194.402; 1930 census, 225:665.
The net debt of the State of Wyoming is limited by the Constitution of
the State to 1% of the assessed valuation.
WYTHE SCHOOL DISTRICT (P. 0. Hampton), Elizabeth City
-Sealed bids will be received until
County, Va.-BOND OFFERING.
the purJune 10, by Robert M. Newton, Superintendent of Schools, foris not to
chase of a $39,000 issue of refunding school bonds. Int. rate
-BOND
[VOL. 132.
exceed 5%. payable semi-annually. Interest rate is to be stated in multiples of M of 1%. Due serially for 30 years. A $500 certified check
must accompany the bid.
CANADA,its Provinces and Municipalities.
ALMAVILLE, Champlain County, Que.-BOND OFFERING.
J.0. Beaumier, Secretary-Treasurer, will receive sealed bids until 6 p.m. on
June 15 for the purchase of $2,400 6% bonds, dated May 1 1931 and due
serially on May 1 from 1932 to 1943 incl. Principal and interest payable at
the Canadian National Bank of Commerce either in Quebec, Montreal or
Shawinigan Falls.
-An issue of $13,500 5% Im-BOND SALE.
CHILLIWACK, B. C.
provement bonds was recently purchased by Victor W. Odium, Brown &
Co., of Vancouver, at a price of 100.15, a basis of about 4.98%. The
bonds mature in 10 years.
-An issue of $51,000 434% improveGUELPH, Ont.-BOND SALE.
ment bonds 113 reported to have been purchased by Wood, Gundy & Co.,
of Toronto, at a price of 100.02, a basis of about 4.49%. Due in 5 years.
-R. V. Dimock, City Treasurer,
HALIFAX, N. S.
-BOND OFFERING.
will receive sealed bids until 12 m. on June 10 for the purchase of $362,100
% refunding bonds, due July 11952. Proceeds of the loan will be used
to retire a similar amount of 6% bonds, maturing July 11931. Principal
and interest of the current issue are payable in Halifax, Montreal. Toronto.
Winnipeg or Vancouver, at the option of the holder.
-The Royal Securities Corp., of
-BOND SALE.
LIVERPOOL, N. S.
-year improveMontreal, recently purchased an issue of $30,000 5% 30
ment bonds at a price of 104.08, a basis of about 4.74%. The bonds
motive April 15 1961 and were bid for by the following:
Rate Bid.
BidderBidderRate Bid.
103.30
Royal Secur. Corp.(purchaser)104.08 W. C.Pitfield 8c Co
103.28
104.00 Royal Bank of Canada
Drury & Co
103.20
103.73 J. M. Robinson & 80118
Johnston & Ward
102.39
Dominion Securities Corp ... _103.58 N.S. Bond Corp
102.05
Eastern Securities Co
103.37 Sterling Securities
NICOLET, Que.-MATURITY.-The 844.0005% improvement bonds
awarded on April 27 to the Banque Canadienne Nationale, of Quebec, at a
-mature serially in from 1 to 30 years.
price of 99.53-V. 132, p. 3938
Interest cost basis about 5.04%.
-The $30,000,000 4%
-BOND SALE.
ONTARIO (Province of).
-were awarded to a
coupon bonds offered on June 4-V. 132, p. 4109
syndicate composed of the First National Bank, of New York; the Bank
of Montreal, of Montreal; the Bankers Company of New York, the First
National Old Colony Corp., Stone & Webster and Blodget, Inc., Rountze
Bros.,Salomon Bros.& Hutzler,and the First Detroit Co.. Inc„ all of New
York; the Union Trust Co. of Pittsburgh; R. W. Pressprich & Co. of New
York, and the Northern Trust Co., of Chicago. This group paid a price of
94.19(New York funds), for the issue, the net interest cost 01'the financjng
to the Province figuring about 4.41%. The bonds are dated June 1 1931
and mature serially on June 1 from 1932 to 1971, incl. The amount of
bonds maturing each year was shown in our issue of May 30. The 4.41
Interest cost basis obtained at this sale compares with a rate of 4.60%
-year
% 1 to 40
achieved in January of this year when $30,000,000
serial provincial bonds were purchased by a group headed by the National
City Co.,of New York.
-V.132. p. 530. In May 1930 the cost was 4.91%.
when a syndicate managed by the First National Bank of New York,
-V. 130, p. 3766,
bought $30,000,000 434' 1 to 40
-year serial bonds.
whereas in December 1929 a block of $30,000,000 5s, due Dec. 2 1960, was
-V. 129.
purchased at a basis of 4.95% by a National City Co. syndicate.
p. 3673.
-The current issue of $30,000,000
BONDS PUBLICLY OFFERED.
bonds, according to the bankers, may be included in the investment
portfolios of savings banks and trust funds in the States of Connecticut,
New Hampshire and Vermont; are a direct and primary obligation of the
Province and a charge upon the Consolidated Revenue Fund,and are being
re-offered for genera) nvestment priced to yield as follows:
To
To
Due. Yield.
Yield. Amount.
Amount. Due. Yicld. Amount. Due
3.80% 12,434,000 1941-45 4.20%
$316,000 1932 2.50% $370,000 1936
2,322,000 1946-49 4.25
783,000 1937-38 3.90
328,000 1933 3.00
7,678,000 1950-59 4.30
4.00
416.000 1939
341,000 1934 3.50
14,225,000 1960-71 4.35
4.10
432,000 1940
355,000 1935 3.65
-F. Adams, City Treasurer,
PETERBOROUGH, Ont.-BOND SALE.
informs us that the $347,000 4)4% coupon refunding water works bonds
-were awarded to the Bank of Monp. 3764
offered on May 29-V. 12,
treal, of Peterborough, at a price of 100.046, a basis of about 4.49%.
The bonds are dated June 30 1931 and mature June 30 1951. Principal
and semi-annual interest (J. & D.)are payable at the office of the Secretary
of the Peterborough City Trust, in Peterborough. Denom. $1,000.
Bonds may be registered as to principal only. The following is an official
list of the bids submitted at the sale:
Bid
-Rate
Bidder
100.046
Bank of Montreal, Peterborouth
99.65
Griffis, Fairciough & Norswort y, Ltd., Toronto
99.439
A. E. Ames & Co. and the Royal Bank of Canada, Toronto
99.40
Wood, Gundy & Co., Toronto
99.31
Bell, Goulniock & Co., Toronto
99.293
McLeod, Young, Weir & Co., Toronto
99.18
Bank of Toronto, Toronto
99.09
J. L. Graham & Co., Toronto
98.846
J. L. Goad & Co., Toronto
98.841
Matthews & Co.and Dyment, Anderson 8c Co., Toronto
98.793
Fry, Mills, Spence & Co., Toronto
98.779
Dominion Securities Corp., Toronto
98.76
0. H. Burgess & Co., Toronto
98.74
Gairdner & Co., Toronto
98.74
Bank of Commerce, Peterborough
98.63
Drury & Co., Montreal
98.397
Hanson Bros., Montreal
98.023
R. A. Daly & Co., Toronto
REGINA,Sask.-BOND SALE.-Gairdner & Co., of Toronto, recently
purchased a total of $326,900 434% improvement bonds, paying a price of
92.30, or a basis of about 5.00%, for a block of $226,900 bonds, due in 30
years, and 94.80, a basis of about 5.00%,for an issue of $100,000, due in 15
years. These bonds are part of the total of $803,300 for which all bids
-V. 132, p. 3588.
received on May 5 were rejected.
-BOND SALE.
-The $15,000 5% coupon
RESTIGOUCHE, N. B.
-were awarded to J. M. Robinbonds offered on June 1-V. 132, p. 3938
son & Sons, of St. John, at a price of 103.86. a basis of about 4.70%. The
bonds are dated June 1 9131 and mature June 11951. Bids submitted at
the sale were as follows:
Bidder
Rate Bid.
J. M. Robinson & Sons (purchaser)
103.86
Milner Ross Securities Corp
103.74
Royal Bank of Canada
102.07
Matthews & Co
101.31
C. H. Burgess & Co
101.11
100.52
Royal Securities Corp
-The Imperial Bank of Canada,
WOODSTOCK, Ont.-BOND SALE.
-installment
of Toronto, recently purchased an issue of $55,000 411%, 15
improvement bonds at a price of 100 024, a basis of about 4.496%. Dated
June 15 1931. On Feb. 23 of this year the city sold an issue of $59.000
5% 1 to 15-year bonds to Boll, Gouin ock & Co., of Toronto. at 101.10, a
basis of about 4.84%.-V. 132. p. 1669.
The following is a list of the bids submitted at the current sale:
Rate Bid
BidderRate Bid.
Bidder99.179
J. L. Graham & Co
Imperial Bank of Canada
(purchaser)
100.024 Dyment, Anderson & Co-. 99.12
99.12
Gairdner & Co
99.43 Bell. Gouinlock & Co
99.03
Royal Bank of Canada
99.427 C. If. Burgess & Co
A. E. Amos & Co
99.366 McLeod, Young, Weir & Co. 98.78
Dominion Securities Corp__ 99.279 Fry, Mills, Spence & Co---- 98.71
98.65
Coles & 'Fathom
Griffis. Foirciought & Nors98.53
worthy
99.27 R. A. Daly & Co
99.20
Wood, Gundy & Co
@FedFRASER