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The
VOL. 132.
ijrtiturie
SATURDAY, MARCH 211931.
•
finanaal Thronult
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Change of Address of Publication.
The Commercial & Financial Chronicle,
having long suffered from inadequate
facilities for handling its growing size
and growing subscription list, has moved
into new and larger quarters, and is now
located at
William Street, Corner Spruce
New York City.
P. 0. Box 968, City Hall Station.
The Financial Situation.
There has been no abatement of the ease in the
money market. On the contrary, money rates have
dropped to even lower figures than before, the call
loan rate on the Stock Exchange yesterday having
got down to 1% per annum, the lowest quotation
recorded since June 1915.
The matter attracts attention because the large
turnover by the United States Treasury on Monday
might have encouraged the idea that, temporarily at
least,some stiffening in rates was likely. This turnover was of unusual magnitude. It involved payment by the Treasury of $1,100,000,000 of 3 %
/
1
2
Treasury notes previously called for redemption,
and it also involved payment by the banks for subscriptions to the two new issues of Treasury certificates of indebtedness, and for the 338% Treasury
/
bonds of 1941-1943, all of which formed part of the
Treasury's March program of financing. It will be
recalled that the allotments on the 338% Treasury
/
bonds reached $594,193,650, that the allotments on
%
the 12 six months'Treasury certificates of indebt/
1
edness were *300,176,000, and the allotments on the
2% one-year certificates $623,891,500, making a
jittancial
NO. 3430.
grand total of subscriptions accepted for the three
classes of obligations forming part of the Treasury's
March program of financing of $1,518,261,500. In
addition, there was, of course, the quarterly installment of the Federal income taxes which had to be
paid on Monday,and which was bound to add $400,000,000 to $500,000,000 to the turnover, raising the
total of the latter to about $3,000,000,000.
But though the aggregate turnover embraced in
these various operations was in the neighborhood of
$3,000,000,000, not the slightest disturbance to the
money market or to any class of loans resulted.
Pending the collection of the Federal income taxes,
the United States Treasury was obliged to do some
temporary borrowing at the Federal Reserve Banks
by the issuance of one-day certificates of indebtedness, but even the effect of this operation was
lessened, if current reports are correct, by the sale
to the banks of participation in these temporaryissues of certificates.
The main reason, 'however, for the greater ease
which developed in the money market and for the
complete absence of any tension resulting from the
Treasury operations referred to is found in the circumstance to which we have many times directed
attention in these columns but which rarely finds
recognition on the part of the public, namely, the
fact that the first, the immediate effect of the offering for subscription of new certificates of indebtedness is to produce a condition of ease in the money
market rather than the reverse.
The Treasury, as part of its March financing, as
already indicated, allotted $300,176,000 of 1 % six
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2
months'certificates of indebtedness and $623,891,500
of 2% certificates running for a year, the total for
the two combined thus being no less than $924,067,500. As often explained here, it is the practice
of the Treasury Department to let the proceeds of
subscriptions for these certificates remain for thetime being as Government deposits with the banks
through whom or on vVhose behalf the subscriptions
are made. The result is to convert a huge amount
of private deposits into Government deposits. The
process is a simple one, but it involves consequences
not generally recognized. This follows from the fact
that against Government deposits no reserves are
required to be kept by the banks holding the deposits,
while against private deposits the required amount
must be maintained. The result, therefore, is the
sudden conversion of a mass of private deposits into
Government deposits, releasing a corresponding
amount of reserves, and this diminution in the Reserve requirements acts at once to ease the money
situation.
In the present instance it happened, as already'
indicated, that the allotments on the new issues
of
2052
FINANCIAL CHRONICLE
certificates were of unusual size, and as a consequence the Government deposits growing out of the
same were of corresponding size. In the New York
district alone they aggregated $271,887,500. What
they were for the entire country connot be said with
preciseness, since no information on that point has
been forthcoming, but there appears good reason for
thinking that the total is somewhat in excess of
$700,000,000. The reader will readily recognize what
it means suddenly to relieve $271,887,500 of deposits
in the New York Reserve District of the necessity
of carrying reserves, and this being so, how vastly
more pronounced would be the effect in the case of
the whole $700,000,000 of deposits for the entire
country.
Of course, owing to the heavy drafts being made
upon the Treasury in connection with the loans
authorized on the soldier bonus certificates, this
great mass of Government deposits is likely to be
quickly drawn down. One call upon the banks for
repayment of a portion of these Government deposits
has already been made, the banks having been notified on Tuesday that they would be obliged to repay
a portion of the deposits on Mar. 20, which was
yesterday. This payment involved $19,032,100 in
the New York Federal Reresve District and, roughly,
about $50,000,000 for the entire country, including
New York.
As further calls are made from week to week, and
possibly from day to day, we will hear much of the
effect of the required repayments, but it is rather
curious that no allusion is ever made to the easing
effect which the creation of these Government deposits'has in the first instance. The last call against
the deposits growing out of the certificate sale made
last December did not come until the beginning of
March,and then two calls came in quick succession,
one requiring the payment of $60,623,800 on Mar. 3
and the final call the repayment of $40,416,000 on
Mar. 6, both due in the same week, and calling altogether for repayment of $101,039,800. It was then
that the call loan rate on the Stock Exchange temporarily rose to 2%, and then these calls upon the depository banks were referred to as one of the influences responsible for the sudden, even if only temporary, rise. But the reverse is also true and should
be kept in mind, namely, that the creation of these
Government deposits reduces and releases reserve
requirements and to that extent has the opposite
effect of that occasioned by the drawing down of
these Government deposits.
No great change is as yet observable in the state
of trade. This much, however, can be affirmed, that
now that Congress has adjourned more cheerful
views prevail and that confidence of early improvement in business,even though progress in that direction may be slow, is growing stronger. There appears to be somewhat greater activity in the automobile trade, though not enough as yet to boast
about, and possibly this is ascribable, not alone to
the advance of the season, but also in some measure,
even if only in small measure, to borrowing by the
war veterans on adjusted service certificates. Some
of these veterans appear to be using their loans for
the purchase of automobiles. Of course, to the extent that this is true it is an influence of transient
character only, since the limit of borrowing (in the
aggregate) will be quickly reached. On the other
hand, as an influence in the opposite direction, there
[vou 132.
is the drain upon the United States Treasury which
this borrowing by the war veterans is causing. Government revenues are rapidly falling off and the
income tax payments have been heavily reduced, as
this week's experience has made palpably evident.
The result is that the United States Government is
facing a serious deficit, not only for the current
fiscal year, which ends on June 30, but also in the
fiscal year next ensuing. Consequently, there is
much talk to the effect that Government taxes will
have to be increased, one way or another, and inasmuch as tax burdens are already unduly heavy, not
much comfort is to be derived from suggestions that
they may become still heavier.
In the meantime the steel trade,fed by the demand
from the automobile industry, is showing steady
improvement. The "Iron Age" this week reports
that the steel mills of the country are now employed
to 57% of capacity against 55% last week. And it
should not escape notice that the improvement has
been in steady progress ever since the 'beginning of
the year, when, of course, production, following the
Christmas holidays, was at an exceedingly low level.
The principal event this week, however, has been the
announcement by the Carnegie Steel Co., a subsidiary of the U. S. Steel Corp., that beginning with
April 1 the price of steel bars, plates, and shapes
will be advanced from 1.65c. per pound to 1.70c.,
which will be an advance of $1 'a ton. However, we
are not much impressed with moves towards higher
prices at times of depression in trade. Of course it
is desirable that prices should be remunerative, but
beyond that it is better to wait till an active demand
causes a natural rather than a forced rise in prices.
Besides, artificially higher prices may have the effect
of retarding demand. Attempts to advance the price
of copper have certainly repeatedly failed of late,
the price having again dropped back to 10c. after
having been as high as 10%c. The recovery in the
price of silver, which has latterly been an encouraging feature, has also within the last few days met
with a setback, though the price still rules considerably higher than the extreme low figure .of the
year, which must be regarded as decidedly reassuring. Taking the London market as a guide the low
point of the year was reached on Feb. 9, when the
quotation was 12d. per ounce; from this there was
2d.
an advance to 14y Mar. 16, but yesterday the price
was back to 13 13/16d.
Dividend reductions, both by the railroads and by
industrial concerns, are now becoming an everrecurring feature. These, however, while unfortunate, should not be given undue significance.
They reflect a past condition, that is, the extreme
trade paralysis of last year; with business revival
once more safely established, profits may also be
expected to return. Yet, for the time being, while
trade remains depressed, they must be expected to
continue, since the accumulative effect of prolonged
trade depression, of the extreme character which
the country has been witnessing for the last 17
months, must necessarily be to wipe out profits,
and this, in turn, will mean either dividend reductions or their suspension altogether. Among the
unfavorable dividend announcement of this week, to
mention only the more prominent ones, the Crucible
Steel Co. of America voted on Thursday to omit the
quarterly dividend of $1.25 a share which had previously been paid. The White Motor Car Co. has
declared a quarterly dividend of only 25e. as against
MAR. 21 1931.]
FINANCIAL CHRONICLE
2053
mits the Government definitely to the support of
agricultural co-operation. Therefore, the Federal
Farm Board, under the mandate given it by that
law, is devoting the major part of its energies
and funds to the development of an organized
agriculture.
"With the increasing growth of co-operative organizations, the Board looks forward hopefully to the
'accomplishment of two major objectives:
"1. Development of a marketing system operating
in the interest of the producer—the elimination of
wastes and unnecessary costs, the improvement of
grading, packing and processing of the product,
elimination of the evils of competitive selling and
establishment of an organized system of selling supIn the grain situation there have been no new ported by complete market and economic informadevelopments, and the Federal Farm Board has tion which will enable co-operatives to deal with the
taken pains to announce that no change is contem- buyers on a basis of equality.
"2. Through co-operative organization also the
plated in the policy of the Baird, even though Alexander Legge has resigned his position as head of Board expects to see brought about consistent progthe Board. Reading between the lines, however, of ress toward the goal of the adjustment of production
an adequate
the announcement it does seem as if some modifica- to potential demand. It believes that
co-operative marketing system will enable the organtion were contemplated, when circumstances should
ized farmer who intelligently plans his farm operapermit such a course. The Board has cer- tions to obtain for his products the maximum price
tainly began to dispose of a portion of its accumu- which economic conditions justify.
lated holdings of wheat, and the action, in making
"The efforts of the Board since it was established
purchases of wheat at all, is frequently referred to on July 15 1929 have been mainly directed toward
as a purely emergency measure, thereby conveying nation-wide development of the co-operative movethe impression that in the ordinary course it will ment with a view to unifying, so far as practicable,
not be the policy of the Board to engage in market sales activities of organizations handling the same
financial assistance
dealings but rather that it will be the aim to get commodity. During this -period
has been extended to 101 associations, many of which
the farmer to act on his own behalf through the are
national or regional marketing agencies with
co-operative agencies, and that the Farm Board will their memberships composed of hundreds of local
devote itself mainly to seeing that the farmer obtains co-operative'units. The purpose of this aid has been
the proper credit facilities in order that the co-opera- to strengthen these organizations, to enable them to
tive agencies may fully and freely function. If that render more efficient service to their members, to
be a correct interpretation of the views and inten- co-ordinate their activities, with those of other assotions of the Board, it will mark a great step in ciations'handling the same commodity, and in many
up of a national sales
advance, though it will still remain a question how cases to assist in the setting
agency for the commodity.
the Board is to get rid of its large holdings of both
"I wish to emphasize that loans are not made pricotton and wheat. The new Chairman of the Board marily to provide funds at a low rate of interest for
is James C. Stone, and the latter, while distinctly co-operative associations. At the present time, as a
averring that the general policies of the Board have matter of fact, co-operative associations are obtainbeen formulated by the Board as a whole, rather ing the greater part of their finances from private
than by Mr. Legge alone, nevertheless indulges in sources, and it is right that they should. The Fedremarks which convey the idea that the Board will eral Farm Board can only provide supplemental
be more circumspect in its operations hereafter. funds. Loans are made by the Board for the single
of a national
Thus, among other things, Mr. Stone goes on purpose of assisting in the development
co-operative system of marketing for agriculture.
to say:
"We believe that the ultimate goal of farm organ"The public generally and the business men in ization is to organize 'by commodities, first, into
particular have so far largely judged the Farm locals, then into regionals, and then into national
Board's activities by what has been done in wheat sales agencies. Seven of these national sales agenand cotton stabilization. Although these operations cies have been organized with the assistance of. the
are purely emergency, growing out of this present Board and are now functioning.
"Some of the objects of these national sales agensituation, and are important, they are by no means
as important as the many other things the Board cies are to regulate the 'flow of the commodity to
has done which the public seems to know but little market in an orderly way,to furnish the grower with
accurate market information, to assist in regulating
about.
"Out of the experience of the Farm Board has production to demand, to prove quality and encourdeveloped the conviction that farmers cannot meet age the production of the character of the commodity
their business problems except through organization. most in demand,to concentrate the bargaining power
It is hopeless to expect that 6,500,000 producing of the individual into the hands of his own sales
units can individually maintain a profitable level agency, which tends to place him on a parity with
of operation in a society where organization is the the buyer, and to develop adequate and sufficient
rule. Accomplishments in marketing and in the credit facilities at reasonable interest rates for memadjustment of production will be small as long as bers, in sections where needed.
"We think this program is fundamentally sound.
farmers seek to deal with these problems as
We believe the farmers are beginning to realize that
individuals.
"It is, therefore, the major task and policy of the it is up to them to develop it. Neither the Farm
Farm Board to assist in the economic organization Board nor any other Government agency can do it
of agriculture. Up to the present time the co-opera- for them. The Farm Board can 'help, and will, but
tive method of organization has been found to be the work will have to be done by the farmers themthe most effective and best adapted to the needs of selves."
the farmers. The Agricultural Marketing Act corn-
50c. previously. In the railroad world the MissouriKansas
-Texas, after having paid three quarterly
dividends of 1%, has now ;decided to discontinue
dividend payments on its common stock shares.
The Chicago Great Western RR. has reduced the
quarterly dividend on the preferred stock from 4%
a year to 2%. In Philadelphia the Philadelphia
Rapid Transit Co. has caused surprise by deferring
action on the quarterly dividend of 1%, which ordinarily would be payable May 1. The action is surprising, since this dividend has long been looked
upon as a fixture.
2054
FINANCIAL CHRONICLE
[Vou 132.
The annual report of the Southern Railway Co. railroads to bear. President Fairfax Harrison, 4)L
for the calendar year 1930 has been issued the the Southern Railway, discussed the situation
represent week and is chiefly noteworthy in showing garding taxes quite at length four years ago in the
what a hard time the company and its management company's annual report for the year ended Decemhave had, the same as most other large railroad ber 1926, clearly foreseeing to what this was leading,
systems. The country's rail carriers, for obvious and it seems worth while to quote here again what
reasons, have suffered beyond all other branches of he said on that occasion, as follows:
the nation's activities through the present collapse
"The steady tendency of increase of this fixed
in trade. The general results for the year in the charge over
which management has no control, may
case of the Southern Railway have been known for fairly be said to be an element of danger in the
'
some time, but it is worth noting that gross revenues financial outlook of the State governments as well
suffered a reduction from $143,183,948 in 1929 to as of this company. During the past few years of
$118,868,608 in 1930, while the net earnings (before comparative prosperity the company's revenues have
the deduction of the taxes) have fallen from 0,- been able to bear the burden and the government
482,360 to $29,705,692. The management were able budget maker has been alert to take advantage of
to offset the extremely heavy loss from railroad his opportunity; but the public has now begun to
realize that what is taken from a railroad for taxes
operations by the receipt of increased dividends from in such years above a fair
contribution to the supstocks of other railway companies included in the port of economical government is taken, not from
Southern Railway System, but, even so, earnings the stockholder, but from the fund which would
per share on the common stock were equivalent to otherwise be available for and in the case of the
only .72 in 1930 against $11.65 per share in the Southern would be invested in, additions and betterprevious calendar year. The company has been pay- ments to railroad property, of which the public
ing 8% dividends per year, and the policy with would be the greatest 'beneficiary in greater safety
respect to future dividends was announced on Dec. and facility in the movement of commerce. But in
the event of a severe business depression which
11 last, when a resolution was adopted declaring as
(absit omen!) may be expected in the cycle of comdividend on the common stock the remainder of the mercial activity indicated by experience
tables, the
income of 1929 not previously appropriated for this time may come when an annual charge of ten milpurpose, namely, $3.65 per share, payable $2 on lions a year (this was the amount at that time) may
May 1 and $1.65 on Aug.1 1931; this was in addition be actually embarrassing even to the volume of revto the declaration of the final quarterly dividend enues of a great railroad; and it may be fairly
of $2 per share for 1930 payable Feb. 2 1931. At doubted whether the Government budget maker will
the June meeting the present year it is contemplated then be able to reef his sails as promptly as the
to determine to what extent it is proper to supple- managers of industry are trained to do. If he is not
able so to do, it is not improbable that government
ment these dividends.
as well as railroad may be in straits."
One other feature in the report attracts attention
and that is the magnitude of the taxes which the
Brokers' loans in this city, according to the statecompany is obliged to pay for Federal, State, and ment of the Federal Reserve Bank of New York, the
local purposes. In discussing last week the reduc- present week show a very substantial increase, the
tion in the dividend of the New York Central RR. total of these loans on Stock and bond collateral to
from a basis of 8 %to 6% per annum, we pointed out brokers and dealers by the reporting member banks
that in New York City the Central had paid a total having risen in amount of $94,000,000. In
other
of taxes in 1930 which was close to 2% per annum words, the total now (Mar. 18) stands at $1,913,on its entire capital stock of, roughly, $500,000,000. 000,000 against $1,819,000,000 Mar. 11. This
folThis had reference merely to local taxes paid by the lows $29,000,000 increase last week, making
the exCentral in this City, and we were led to make the pansion for the two weeks $123,000,000. This
week's
comparison because of the appearance of a news increase of $94,000,000 extended to two of
the three
item in the daily papers at the time saying that the loaning categories, the loans for own
account having
Central in 1930 had been the largest taxpayer in risen from $1,236,000,000 to $1,373,000,
000, and the
this City. This had no reference to the taxes paid loans for account of out-of-town banks
having moved
on the entire railroad system. It was a mere allu- up just a trifle, or from $293,000,000 to
$294,000,000.
sion to a local happening.
On the other hand, the loans "for account of others"
In the case of the Southern Railway the annual decreased from $290,000,000 to
$246,000,000. At
report gives us the figures for the entire system, and $1,913,000,000 the total of these loans
is less than
there again it appears what a heavy item of expense half what it was a year ago on Mar.191930
when the
the taxes are. Total taxes for the Southern Railway amount was $3,841,000,000. When at their
maxiin 1930 were about $1,000,000 less than for 1929, mum the total of these loans stood at
$6,804,000,000.
owing to the great reduction in net earnings, which This was on Oct. 2 1929.
served correspondingly to reduce the Federal taxes
The large Treasury operations of this week find
based on income. And yet the taxes of the Southern reflection in one main item in this week's statement
Railway in 1930 amounted to $8,395,339. This was of the 12 Reserve Banks. In reporting the holdings
equal to over 7% of the gross revenues of $118,- of United States Government securities the amount
868,608 for the year. Not only that, but this of certificates and bills included in the total is given
$8,395,339 paid in taxes was equal to 6 % on the at $497,564,000 for Mar. 18 as against $350,484,000
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company's entire common stock outstanding, on Mar. 11. The explanation no doubt is that pendamounting to $129,820,000. In other words, the ing the collection of the Federal income taxes the
equivalent of 6 % on the company's capital stock United States Treasury borrowed from the Federal
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was paid out in taxes. The experience of the South- Reserve Bank on one-day issues of certificates of
ern Railway is no different from that of other rail- indebtedness, though absolutely no information is
roads, and the result in its case shows another direc- vouchsafed on that point, yet in the past it was
tion in which burdens are getting too heavy for the always the practice to do so. However, while the 12
Mn.211931.]
FINANCIAL CHRONICLE
• Reserve Ranks increased their holdings- of certificates and bills from $350,484,000 to $497,564,000, on
the other hand they reduced their holdings of Treasury notes from $178,195,000 to $53,223,000, and their
holdings of bonds from $76,025,000 to $66,959,000.
As a result of these changes, total holdings of bills
and securities of all kinds show only a moderate
increase, having risen from $604,704,000 to
$617,746,000.
Their holdings of acceptances also are lower, having fallen from $151,402,000 to $122,550,000. Their
holdings of discounted bills, representing member
bank borrowings, are also somewhat lower, standing
at $161,922,000 this week against $172,550,000 last
week. As a final result of all these changes total bill
and security holdings, representing the amount of
Reserve credit outstanding, are somewhat lower this
week, standing at $902,218,000 against $928,656,000
last week. The amount of Federal Reserve notes in
circulation declined during the week from 41,445,855,000 to $1,444,823,000, while gold reserves increased from $3,096,374,000 to $3,115,874,000.
The foreign trade of the United States for the
month of February declined still further to a new
low total for both exports and imports. Contributing to this loss in both exports and imports is the
shorter number of days in the month, considerably
lower commodity prices, and, compared with recent
preceding years, quite a reduction in the merchandise movement of many of the products that go to
make up our exports and imports. Exports in February were valued at 4226,400,000, the smallest
amount for any month since February 1922. In
January, when the total was also greatly reduced,
merchandise exports were valued at $249,667,000,
and in February of last year the amount was
4348,852,000.
Merchandise imports for the month were valued at
only $175,000,000,the smallest total since September
1921. Importsin January amounted to $183,213,000,
while for February 1930 the value was $281,707,000,
the latter a greatly reduced total as compared with
recent preceding years. A considerable balance,
however,continues on the export side of the account.
For February the present year the export balance
was 451,000,000; for January it was $66,454,000, and
for February of last year $67,145,000. For the eight
months of the current fiscal year merchandise exports have amounted to $2,243,442,000 against
43,377,608,000 in the corresponding period of the
preceding year,a decline of $1,134,166,000, or 32.7%.
For the month of February this year the loss in
exports from a year ago was 35.2%.
The loss in merchandise imports for the eight
months of the current fiscal year was also very
heavy. The value of imports for that period was
41,683,137,000 against $2,705,161,000 in the preceding year, the reduction this year being $1,021,924,000,
or 38.0%. For February the decline in merchandise
imports from a year ago was 37.8%. The export
trade balance for the past eight months was $560,305,000 against $671,947,000 in the corresponding
period of the preceding year.
So far as cotton exports are concerned, shipments
were larger in February than a year ago. In value,
however, cotton contributed $13,418,300 to the decline of $122,852,000 shown in total exports for the
past month in the comparison with that month in
1930. Cotton exports last month were 441,150 bales
2055
against 412,650 bales in February of last year. The
value last month, however, was $25,401,700, the decline from a year ago being 34.6%. It was in February of last year that cotton exports showed a
marked reduction, and the later movement continued
steadily downward after March until August of that
year, the decline being very heavy both in quantity
and value. There was some recovery during the fall
months of 1930, but foreign shipments were still
below a normal movement. For the eight months
since July 1 last, cotton exports have been 5,166,280
bales, valued at 4333,205,200, a reduction from the
figure for the corresponding period of the preceding
year of 449,490 bales, or 8.0%, while the decline in
value of cotton exports for the past eight months,
from shipments in the preceding year, was $229,116,500, or 40.7%.
Exports of gold in February were merely nominal,
the amount being only $14,000; imports were also
below any month back to September last, the value
last month having been $16,145,000. For the eight
months of the current fiscal year to the end of
February, gold exports were $106,373,000, and finports $214,426,000, the excess of imports being $108,953,000. For the same period of the preceding year,
gold exports amounted to $118,687,000 and imports
to 4183,248,000, the latter exceeding exports by $64,561,000. The silver movement in February touched
a very low point, exports amounting to only
$1,634,000 and imports to $1,876,000.
The stock market this week seesawed a good deal,
but on the whole has moved higher. The exceptions
have been the railroad shares and a few special
stocks 'which have suffered severe declines as a
result of adverse developments pertaining to themselves. The general market manifested considerable
strength on Saturday and!Monday, and the improvement extended into Tuesday, but in the afternoon
of the latter day the list became reactionary and
irregular declines occurred in the case of quite a
number of share properties. On Wednesday and
Thursday, however, the market manifested renewed
strength, and the higher prices reached were well
maintained on Friday. The railroad stocks, however,all through the week showed a lagging tendency
and many of them dropped to new low figures for the
year. The railroads continue to do poorly, and as
stated in the earlier part of this article, the MissouriKansas-Texas has discontinued the quarterly dividend on the common stock begun last year, while
the Chicago Great Western has made its quarterly
dividend on the preferred stock only 50c. a share
against $1 a share previously paid.
The steel shares were given a boost on Wednesday, when it appeared that one of the subsidiaries
of the United States Steel Corp. had given notice
that on April 1 the price of bars, shapes, and plates
would be advanced $1 a ton, or from 1.65c. a pound
to 1.70c. On the other hand, Crucible Steel stock
suffered a sharp decline on the announcement that
the company had decided to suspend the quarterly
dividends on the common shares. The motor stocks
were inclined to move higher on rumors that some
of the money being borrowed by the war veterans
on the adjusted service certificates was being used
in the purchase of automobiles. White Motor stock,
however, was adversely affected by the news that the
quarterly dividend on the common stock had been
reduced from 50c. a share to 25c. a share. There
2056
FINANCIAL CHRONICLE
were some other dividend reductions and suspensions in the industrial list, but their influence did
not extend beyond the stocks directly affected. The
call loan rate on the Stock Exchange remained unchanged throughout the week at 11 2%, but on Fri/
day dropped to only 1%,the lowest figure on record
since 1915. One hundred and ninety-seven stocks
established new highs for the year the present week,
and 55 new lows.
Trading has continued light, though increasing as
the week progressed. At the half-day session on
Saturday the sales on the New York Stock Exchange
were 1,109,410 shares; on Monday they were
2,131,820 shares; on Tuesday, 2,801,024 shares; on
Wednesday,2,096,715 shares; on Thursday, 3,524,960
shares, and on Friday, 2,742,090 shares. On the New
York Curb Exchange the sales last Saturday were
283,000 shares; on Monday,468,700 shares; on Tuesday, 565,400 shares; on Wednesday, 431,000 shares;
on Thursday, 659,200 shares, and on Friday, 634,300
shares.
As compared with Friday of last week, prices are
generally higher, except where some special adverse
circumstance such as the omission of the dividend
on Crucible Steel has served to drive down the market value of the stock affected, and except also that
the railroad shares have continued depressed. Gen/
eral Electric closed yesterday at 531 2 against 5014
/
on Friday of last week; Warner Bros. Pictures at
13% against 1314;Elec. Power & Light at 60 against
/
/
55%; United Corp. at 30y against 2878; Brooklyn
2
/
Union Gas at 1273s against 123; American Water
/
Works at 74 against 6978; North American at
/
1
4
8778 against 83½; Pacific Gas & Elec. at 5418
/
/
against 51 ; Standard Gas & Elec. at 86 against
/
1
2
/
1
2
82%; Consolidated Gas of N. Y. at 108% against
/
1037s; Columbia Gas & Elec. at 4514 against 41;
/
International Harvester at 57% against 55%; J. I.
/
Case Threshing Machine at 11812 against 1111 8;
/
/
Sears, Roebuck & Co. at 6178 against 57; Montgomery Ward & Co. at 27% against 25%;Woolworth
/
1
2
%;
at 6514 against 613 Safeway Stores at 62 against
/
/ ex-div.
1
2
54; Western Union Telegraph at 135
against 135½; American Tel. & Tel. at 195 against
193%; Int. Tel. & Tel. at 37 ex-div. against 35%;
/
1
4
/
/
American Can at12778 against 12278; United States
/
1
2
Industrial Alcohol at 631 8 against 67 ; Commercial
/
/
/
1
4
Solvents at 20 against 19; Shattuck & Co. at 2778
ex-div. against 26%; Corn Products at 85% ex-div.
/
1
2
against 82 , and Columbia Graphophone at 14
/
1
2
against 16 .
/
1
4
/
Allied Chemical & Dye closed yesterday at 15912
against 155 on Friday of last week; E. I. du Pont de
Nemours at 106% against 961 2; National Cash Reg/
ister at 29% against 33 ; International Nickel at
/
1
4
20 against 173 Timken Roller Bearing at 582
%;
/
1
against 56%; Mack Trucks at 41 against 39%; Yel/
low Truck & Coach at 1478 against 13%; JohnsManville at 79 against 72; Gillette Safety Razor
/
1
4
at 3178 against 32; National Dairy Products at 5018
/
/
/
against 4618; National Bellas Hess at 8 against
/
1
2
8 ;Associated'Dry Goods at 29% against 26; Texas
/
1
4
/
Gulf Sulphur at 52 against 5218; American & For/
1
4
eign Power at 47% against 44 ; General American
Tank Car at 70 against 68; Air Reduction at 102%
against 98%; United Gas Improvement at 36%
against 35, and Columbian Carbon at 100%
/
1
4
against 95 .
In the steel shares United States Steel closed yes/
terday at 148% against 14378 on Friday of last
[VoL. 132.
week; Bethlehem Steel at 64% against 603 Vana%;
dium at 70 against 66%; Republic Iron & Steel
/
1
4
at 23 against 21, and Crucible Steel at 4978 against
/
57. The motor stocks moved higher with the rest.
/
General Motors closed yesterday at 4778 against
43 on Friday of last week; Chrysler at 25 against
/
1
4
23; Nash Motors at 40% against 361 2; Auburn Auto
/
at 209 ex-div. against 186%; Packard Motor Car
/
1
2
8
at 1018 *against 10; Hudson Motor Car at 24y
/
/
.
/
1
4
against 212 and Hupp Motors at 12 against 1118
/
1
,
The rubber stocks are also higher. Goodyear Tire &
/
1
2
Rubber closed yesterday at 50 against 47 on Fri/,
day of last week; U. S. Rubber at 20 against 181 8
/.
and the preferred at 35% against 331 8
'The railroad stocks have continued depressed, as
already stated. Pennsylvania RR. closed yesterday
at 58% against 59 on Friday of last week; Erie RR.
/
1
2
at 30% against 31; New York Central at 111
/
1
2
against 113; Baltimore & Ohio at 74 against 7378;
/
New Haven at 89 against 88%; Union Pacific at
186 against 189%; Southern Pacific at 100 against
/
1
2
100; Missouri-Kansas-Texas at 20% against 20%;
/
1
4
Southern Railway at 52 against 51%; St. Louis/
1
4
San Francisco at 36 against'37 ; Chesapeake 8z
/
1
2
/
1
2
Ohio at 41% against 41%; Northern Pacific at 52
/
/
1
2
against 52, and Great Northern at 6212 against 62 .
The oil shares have slightly recovered with the
general market, notwithstanding the unsatisfactory
condition of the oil trade. Standard Oil of N. J.
/
/
closed yesterday at 461 8 against 4518 on Friday of
/
1
4
last week; Standard Oil of Calif. at 45 against
45%; Simms Petroleum at 7% bid against 8; Skelly
/
Oil at 9% against 8%; Atlantic Refining at 1912
against 18 ; Texas Corp. at 30 against 30%; Rich/
1
2
field Oil at 4% against 4% bid; Phillips Petroleum
4
at 12 against 111 8; Standard Oil of N. Y. at 223
/
against 9.
'against 22%, and Pure Oil at 9
The copper shares have likewise recovered, even
though the price of the metal remains low. Ana/
/
1
4
conda Copper closed yesterday at 39 against 3758
/g
on Friday of last week; Kennecott Copper at 285
s
/
1
2
against 2778; Calumet & Hecla at 9 against 95/
/
/ against 40 bid;
1
4
bid; Calumet & Arizona at 41
/
Granby Consolidated Copper at 201 8 against 19%;
/
/
1
2
American Smelting & Refining at 5278 against 50 ,
and U. S. Smelting & Refining at 24 against 24. '
Price trends again were mixed this week on the
stock exchanges in the important European finandal centers. The London Stock Exchange was active
and higher in the early dealings, but some uncertainty appeared in the mid-week sessions. The Paris
Bourse and the Berlin Boerse were dull and easier
in almost all sessions. It was reported from London
Monday that the Labor Government has intimated
to the Stock Exchange authorities that it would
welcome the opening of that institution for business
on Saturdays, as against the custom, inaugurated
early in the war, of closing Friday night 'until the
next Monday morning. The Government takes the
view, a dispatch to the New York "Times" said, that
at a time when there is so much need for great national effort,financial London should set an example
of willingness to work. The "Daily Express" of London stated that the question will be considered at the
annual meeting at the end of this month. There
are, as yet, few signs of recovery in Europe from the
world wide economic depression, recent dispatches
from London and the Continent state. In London
the outlook is considered more favorable, but no
MAR. 21 1931.]
FINANCIAL CHRONICLE
2057
quick ending of the depression is visualized. Indus- early in the day, but favorable reports of foreign
trial production in France is still on the wane, ac- loan negotiations occasioned some improvement
cording to the latest statistical compilations, while toward the close and most of the losses were recovin Germany the recently reported improvement has ered. Call loans ranged between 43/4 and 7% in the
not been maintained. Amsterdam dispatches indi- session. The trend was again uncertain Tuesday,
cate that Holland is now seriously handicapped by with considerable liquidation apparent both in pubthe prevalent conditions. The purely monetary out- lic and professional circles. Favorable reports from
look, meantime, appears •to be improving further, the New York market counteracted this tendency to
although it has been exceptionally favorable ever some extent and losses were confined to narrow
since the stock market crashes on all markets late limits in most stocks. Potash stocks and shipping
in 1929. The gold drain to Paris and other Contin- issues showed the most favorable results, while bank
ental centers which perturbed the London market shares also were in moderate demand. The Boerse
in recent months has apparently come to an end, turned dull Wednesday, with stocks in most groups
and the Bank of England has this week been able to moving slowly downward in consequence of a pessipurchase most of the South African gold offered at mistic speech by Dr.Voegeler at a stockholders' meeting of the United Steel Works. No signs of business
the London auctions.
The London stock market was active, with most improvement have yet appeared in the current year,
sections substantially improved, in the initial ses- the United Steel Works' Chairman said. Mining
sion of the week. British funds showed little change, issues were offered heavily in this session and mabut mining stocks were up materially under the terial recessions resulted. Other sections of the
leadership of South African gold shares. British market also suffered and the entire list showed losses
industrials showed numerous good spots and the at the close. Further weakness developed on the
Anglo-American descriptions also improved. Indian Boerse Thursday, with electrical issues and mining
and Australian bonds and a number of Latin Amen - stocks showing the greatest losses. Bergman Elecman issues were outstanding in the gilt-edged list, trical Company shares led the downward movement
all reflecting decided improvement in investment de- with a loss of 16 points on reports that dividend
mand. Tuesday's session at London was again cheer- distributions would be curtailed. The list as a whole
ful, notwithstanding some uncertainty in the late showed declines averaging about two points.
dealings. British funds were steady, while the giltUnder arrangements concluded in London this
edged list generally was better. Among the British
industrial issues, gramophone, textile and rayon week the new naval accord negotiated between
shares stood out as exceptionally favorable. France and Italy through •the mediation of
Although the market turned irregular Wednesday, British officials will be made a tri-partite agreethere were still good spots, particularly in the gilt- ment among the three European naval powers,
edged market where British funds were in demand. with the United States and Japan taking no more
Home rails were weak in this session and interna- than a benevolent interest. Strong intimations had
tional stocks also sagged. British industrial issues previously been given in Washington that this plan
were quiet and substantially unchanged. Trading would best suit the Administration. It means that
dwindled in Thursday's dealings at London, but the there will be no need for ratification by the United
tone was rather cheerful. British funds moved for- States Senate of the new agreement and the small
ward and South African gold mining issues were changes that it effects in the Washington treaty of
.again in demand. In the industrial section mild 1922. The possibility of renewed agitation against
improvement was the rule, but foreign bonds turned the London naval accord will thus be avoided. The
soft. British funds were firm yesterday, while other Japanese Government, it is understood, expressed a
-departments of the market were dull and irregular. similar desire to remain aloof from the new naval
The Paris Bourse was dull and the price trend agreement and for similar reasons of internal policy.
.distinctly heavy in the dealings Monday. The fort- It was announced in Washington last Saturday that
nightly settlement was again extraordinarily easy, Secretary Stimson had reserved decision on the queswith money at / of 1%. Notwithstanding this tion of American participation in the drafting of the
3
4
favorable indication, prices drifted steadily down- Franco-Italian agreement, pending conferences beward in all sections excepting the gold mining group, tween Senator Dwight W. Morrow of New Jersey
which showed a firm trend. Trading at Paris was and Ambassador Charles G. Dawes on the one hand,
.again extremely quiet Tuesday, and stock prices and British officials on the other. Mr.Stimson stated
glided downward on small offerings that met few that he had received a, British proposal for a drafting
'buying orders. Citroen shares and South African committee representative of all five powers signatory
gold mining issues were firm throughout, but the to the London treaty to arrange the final form of the
main body of stocks was weak until just before the new accord. A request was immediately telegraphed
.close when a small recovery wiped out parts of the to Mr. Morrow, who was on his way to Europe, to
earlier losses. The downward trend was resumed confer with Ambassador Dawes and British officials
Wednesday, with transactions scarce. Prices re- on this matter.
mained close to previous levels, however, and the
Soon after reaching London Tuesday, Senator
changes were not considered .important. Some in- Morrow,together with Ambassador Dawes, called on
-crease in trading occurred Thursday, with attention Arthur Henderson, Foreign Secretary in the Labor
centered mainly on French stocks, while interna- Cabinet, and A. V. Alexander, First Lord of the
tional issues were neglected. Prices moved alter- Admiralty. The Japanese Ambassador, Tsuneo
nately upward and downward, but in the end small Matsudaira, also called on the two British officials.
gains were recorded in the majority of issues.
After further conferences between the American and
The Berlin Boerse was irregular in the first ses- British representatives Wednesday it was announced
sion of the week, with business handicapped by tight officially that the United States and Japan will not
•
money conditions. The market moved downward participate in the drafting of the final terms of the
2058
FINANCIAL CHRONICLE
[VOL. 132.
accord. This task was left to British, French and ness or recriminations, but on the contrary it has
Italian representatives, who began their consulta- caused a new mutual trust to arise among nations.
tions in London Thursday. It was intimated in a It solved a grave problem which it was urgent to
London dispatch to the New York "Times," more- solve and paves the way for other solutions of prdbover, that the new agreement may not be in the form lems which are no less important for the peace of
of a formal treaty. The desired purpose may be at- Europe and of the world." The Chamber accorded
tained, it is suggested, by an exchange of identic the Foreign Minister an ovation when he resumed
notes or some other form of agreement. The official his seat.
statement issued Wednesday by the Foreign Office
in London said: "The first meeting of the committee
A tentative agreement for a truce on tariff infor drafting in final form the basis of the agreement creases among European States, formally arranged
on the naval question which resulted from Mr. Hen- more than a year ago as the first fruit of the Brian(/'
derson's and Mr. Alexander's recent conversations plan for a European federation, was abandoned this
in Paris and Rome, will take place Thursday, Mar. week when it was found impossible to secure the
19. The committee will be composed of the legal necessary ratifications for making the agreement
advisers and other representatives of the Govern- effective. The League of Nations Conference for
ments of France,Italy and Great Britain. The draft, Concerted Economic Action assembled in Geneva
when prepared, will, after consultation with the for the third time Monday to determine whether the
Dominions concerned, be submitted to the Govern- agreement not to increase tariff duties could be
ments of the United States and Japan. The conversa- placed in force on April 1. Two previous endeavors
tions on the naval question between General Dawes, were unsuccessful and in place of the original plan
Dwight W.Morrow, Mr.Henderson and Mr. Alexan- to bring the agreement into force last November for
der, were continued at the Foreign Office this morn- a period of six months arrangements were made to
ing. Matters have been similarly discussed between postpone the final decision. Delegates of 23 EuroAmbassador Matsudaira and Mr. Henderson."
pean countries assembled in Geneva Monday, under
Efforts are to be made in drafting the agreement, the chairmanship of H. Colijn of the Netherlands.
it is understood, to prevent any result that would The tariff truce proposal had been ratified, it was
require actual revision of the London naval treaty found, by only the twelve following States: Belgium,
of 1930. The two abstaining powers"hope that what Britain, Denmark, Finland, Greece, Italy, Latvia,
England,France and Italy do among themselves will Luxemburg, Norway, Sweden, Switzerland and the
not require such revision," a London report to the Netherlands. It was originally proposed to make
New York "Times"said. "England understands this the agreement effective only if ratified unanimously
attitude, sympathizes with it, and will endeavor to by all the States in the proposed European federaprevent any outcome that would embarrass the tion. This plan was superseded by efforts to bring
Washington and Tokio Governments. The British the truce into force among the more important inGovernment itself is particularly eager to avoid dustrial nations.
doing anything which would arouse suspicion in any
With the ratifications of France, Germany, Auspart of the American and Japanese publics that this tria, Spain, and other States lacking, Monday, it
country is taking advantage of them in her present appeared speedily that most of the ratifying States
negotiations with France and Italy." The results of had made their action dependent upon similar steps
the London conversations, as transmitted to Secre- by other States. Chairman Colijn asked the deletary Stimson in a transatlantic telephone talk, were gates what States were willing to declare the truce
received in Washington with"complete satisfaction." in effect without such qualifications, but a full
The services of Senator Morrow in achieving this re- dozen, including Great Britain and Italy, answered
sult were especially praised. Only a passive interest in the negative. Hopes for the truce were revived
is now to be taken by the United States in further momentarily Tuesday, when word was received that
proceedings,it was said, unless an exchange of notes the German Government had ratified the agreement.
is necessary to reconcile the new French and Italian In reviewing the possibility of early French ratificabattleship tonnage with the Washington Treaty. tion it appeared, however, that the current debate
The proposed increase in the battleship tonnage on the budget in that country would prevent action
allowance of France and Italy under the terms of far beyond April 1. The issue on immediate action
the accord is from 175,000 to 181,000 tons, but it is was forced Tuesday by the British delegate, Sir
believed unlikely that either country will build up Sidney Chapman. In view of the impasse thus
to the new limit.
presented the conference adjourned Wednesday
The new agreement, which had already been dis- without taking action and without expressing "any
cussed before the British House of Commons and the Opinion as to the possibility of putting the convenFrench Chamber of Deputies, was taken up in the tion into force at a date after April 1." Chairman
Italian Chamber of Deputies last Saturday by For- Colijn declared in a brief final address that he did
eign Minister Dino Grandi. The accord was defined not intend to "pronounce any funeral oration,
by Signor Grandi as a modus vivendi which elimi- although that is all I could pronounce in these cirnated the race in armaments until 1936 without solv- cumstances." He urged the nations to refrain from
ing any of the questions of principle involved. It denunciation of existing commercial treaties. Hopes
was considered especially important, however, as were expressed by some delegates that the Pan-Euroeliminating a basic cause for misunderstanding be- pean Commission of the League, which is now the
tween France and Italy and paving the way for main body striving for European union, will take up
wider collaboration and closer understanding in the the question more effectively at its meeting in May.
future. "It represents a victory for no particular
nation, but a victory for all the nations, a victory
Confusion still prevails in the British political
for equity and good sense," Signor Grandi informed situation, with important defections or disastrous
the Italian Chamber. "It leaves behind it no bitter- splits threatening in the Conservative, Liberal, and
1
MAR. 21 1931.]
FINANCIAL CHRONICLE
Labor camps alike. The Labor Cabinet of Prime
Minister Ramsay MacDonald suffered another defeat in a House of Commons division on Monday,
this time on a clause in the new electoral reform bill
abolishing the representation of universities in Parliament. Sponsorship of the electoral reform bill
by the Labor Government is regarded as the return
to the Liberal party for the support extended Mr.
MacDonald by Lloyd George, the Liberal leader,
and those Liberals who have remained faithful to
him. Much interest was accordingly taken in the
proceedings. When the clause relating to university
representation was discussed, the House was sitting
in committee. On reaching the division, Sir John
Simon, who has objected on many occasions to the
leadership of Lloyd George, led 10 fellow Liberals
into the Opposition lobby, occasioning the defeat
of the MacDonald Goverment by a vote of 246 to
242. Cries of "Resign! Resign!" immediately arose
from the Conservative benches, but Mr. MacDonald
informed Stanley Baldwin, the Conservative leader,
that he would consider his course of action regarding
the bill in due time. The Prime Minister had
already declared on several previous occasions that
he would resign only if defeated on a major issue
or on a vote of censure. Mr.Baldwin remarked after
the vote was announced that the "tactics pursued
throughout with this bill in conjunction with the
Liberals are proving so unpopular that it should
be ended."
After this incident there were some rumors that
the Liberal followers of Mr. Lloyd George might
join forces with the Labor Government and co-operate in the formation of a coalition Cabinet. These
rumors were due in part to the death late last week
of Vernon Hartshorn, Lord Privy Seal in the Labor
Cabinet, who had been working extremely hard on
the Government's unemployment projects. His
passing was unexpected, and it called pointed attention to the arduous endeavors connected with unemployment schemes. It was suggested early this week
that Mr. Lloyd George might come into a coalition
Cabinet as Lord Privy Seal, with a special mandate
to solve the unemployment crisis. After a Liberal
party caucus, Wednesday,such talk was discounted.
It was indicated that a series of resolutions outlining the position of the party and its relation to the
Labor Government would be presented by Mr. Lloyd
George at a further party meeting next Tuesday.
There is some talk, meanwhile, of an outright bolt
from the party of Sir John Simon and his small
group of "Right Wing Liberals" who might join the
Conservatives. The Conservatives themselves are
divided at the moment on the question of leadership.
Lords Beaverbrook and Rothermere, both powerful
newspaper proprietors, are conducting a campaign
against Stanley Baldwin as the Conservative head.
Mr. Baldwin made a bitter counter attack on the
two Peers, Tuesday. The small group of Labor
M. P.'s Who recently bolted with Sir Oswald Mosley
to form the"New Party" have been faced with illness
and a poor response from their organized constituents, an Associated Press dispatch reports. Five of
the "Mosleyites" have resigned from the Labor party,
and most of them have been called upon to resign
their seats in the House of Commons as well, but
as yet none has taken the latter step.
2059
prominence since the Irwin-Gandhi compromise
agreement was announced two weeks ago. Both the
British authorities and the Indian Nationalists are
observing the terms of the compromise carefully.
Announcements made in London disclosed that in
the first week after the agreement was reached
14,335 political prisoners were released from Indian
jails. The Nationalist, or All-India Congress party,
discontinued the campaign of civil disobedience immediately and only the permitted salt-making for
home consumption and the quiet propaganda against
foreign cloth are still carried on. Statements made
by the London Government late last week that the
next Indian round table conference would be held
in London next autumn occasioned no surprise in
India. In view of the grave differences between
Moslems and Hindus it was admitted, a New Dehli
dispatch to the New York "Times" said, that there
is an immense advantage in meeting in a neutral
atmosphere. Efforts to adjust the question of communal representation in any new Indian parliament
have already been started by Mahatma Gandhi and
his close associates. The split between Hindus and
Moslems on this matter prevented any agreement on
Federal Structure in London last January. No
progress toward such adjustment has been reported,
and there are now rumors, according to London reports, that Mr. Gandhi is threatening to start a
hunger strike as a means of "self-purification" unless
the religious leaders come to an agreement within
the next month.
Indications have appeared, meantime, that the
All-India Congress leaders are themselves at odds
over the Gandhi program. Pandit Jawaharlal
Nehru, President of the Congress party, exhorted a
great audience at Bombay last Sunday to be content
with nothing short of complete independence. Mr.
Nehru had previously denounced the Irwin-Gandhi
accord as a surrender to the British. V. J. Patel,
another influential member of the party, urged in a
public statement Monday that further participation
in negotiations be made conditional on immediate
granting of full dominion status and complete independence in military, foreign and financial affairs.
Mr. Gandhi, moreover, was jeered and hissed by a
group of Communists at Bombay, Monday, when he
tried to make a speech, the extremists accusing him
of "betraying the workers" by agreeing to some parts
of the accord. Much interest was also taken early
this week in the proceedings at New Delhi of the
tenth annual session of the Chamber of Princes
which was opened by the Viceroy, Lord Irwin. Confidence was expressed by the Viceroy that the labors
of the Chamber of Indian States and of other delegates to the next round table will be "crowned by
the achievement of a united, stable and prosperous
India within the British Empire."
A hopeful view of Chinese national finance is
taken by T. V. Soong, Finance Minister of the Nanking Government, in the annual report covering
operations for the period ended June 30 1930, published at Shanghai last Sunday. The deficit for the
fiscal year is computed at the equivalent of $30,300,000 gold, whereas in the preceding year it was
only $28,800,000. Notwithstanding the increase,
this deficit figure is considered "not discouraging"
in view of the civil warfare and the heavy slump in
Factional differences among the various political silver. "Given the absence of unforeseen
events, it
and religious groups in India have gained increasing is possible by united exertions to attain budgetary
2060
FINANCIAL CHRONICLE
equilibrium some time in the fiscal year ending
June 30 1932," Mr.'Soong states. Of the gross income of $483,000,000 Mexican, military expenditures
consumed more than $245,000,000, according to a
summary cabled to the New York "Times". Loan
service took up much of the balance, leaving only a
small fraction for civilian administration and reconstruction work. Although the military outlay still
is heavy, these expenses are steadily being reduced,
the Finance Minister reports. Budgetary equilibrium is to be attained eventually, he indicates,
through further curtailment of such expenditures
and through refunding of foreign debt.
A number of financial reforms are to be undertaken, the report adds. The more important of these,
as reported in a Shanghai dispatch to the New York
"Herald Tribune", are: Collection of import duties
in terms of a customs gold unit so that payment of
, foreign gold debt obligations can be continued
despite the silver slump; downward revision of the
tariff on goods needed for industrial development;
complete restoration of the salt inspectorate together
with reforms of this service so that revenue may be
increased; abolition of likin (internal transport)
taxes and adoption of new excise levies replacing the
likin taxes; inauguration of negotiations for the
settlement of unsecured and inadequately secured
loan arrears. The great need of China, Mr. Soong
comments, is the "discarding of haphazard, unrelated and clashing programs of various governmental
branches, the creation of an effective planning
organization for aiding productive forces and coordinating the activities of all the Ministries, and
rigidly mapping out a financial program for a given
period of years." In a reference to silver, he states
that the Nanking Government is ready to co-operate
with other countries in any practicable measures to
rehnbilitate internationally the value of this
metal.
The largest trade exhibition of British goods ever
arranged outside the borders of the Empire was
opened somewhat prematurely in Buenos Aires last
Saturday by the Prince of Wales in the presence of
the Argentine President, Jose F. Uriburu, his Cabinet and members of the diplomatic corps in the
South American metropolis. The display of $20,000,000 in British goods had been under preparation
for months, and the opening was hastened in order
to coincide with the official visit of the Prince of
Wales and his brother, Prince George. In an address over the radio which he delivered first in
English and then in excellent Spanish, the Prince
of Wales first read a message to the Argentine people
from King George in which the British monarch
expressed confidence regarding the development of a
mutually satisfactory basis of close and friendly
relationship with Argentina. The Prince then expressed his own pleasure at inaugurating the trade
exhibition, which he described as of "great importance to the future of British trade with the
Argentine Republic." President Uriburu, in reply,
recalled the "frank and gentlemanly co-operation"
of the last century, during which British enterprise
and capital had joined to help develop Argentine
resources. Although anxious to produce its own
goods wherever possible, Argentina was nevertheless mindful of the importance of foreign trade,
Senor Uriburu added.
[VoL. 132.
A diplomatic protest against the shelling and
seizure by the United States Coast Guard of the
Canadian rum-running schooner Josephine K off
the New Jersey coast on Jan. 24 was presented to
Secretary of State Stimson Tuesday by Hume
Wrong, Canadian Charge d'Affaires at Washington.
The text of the Canadian note was not made public,
'out it was understood, Washington dispatches said,
that it raises questions regarding the location of
the vessel when stopped by shots fired by a Coast
Guard cutter which resulted in the death of Captain
William P. Cluett, of Lunenberg, N. S. "The note
asserts," a report to the New York "Herald Tribune"
said, "that the firing upon the Josephine K violated
humanitarian considerations and was technically
outside the warrant of the liquor treaty between the
United States and Great Briain." The incident presents some points which parallel the case of the
Canadian rum-runner I'm Alone, which was sunk by
the Coast Guard after a long pursuit some 200 miles
off the Louisiana coast two years ago. That case is
now under arbitration by the two Governments, arid
it is believed that the incident that has now arisen
over the Josephine K will also go to arbitration. A
brief acknowledgment of the Canadian note was immediately made by the State Department and a formal reply will be made as soon as possible, it is said.
The contention of the Coast Guard is that the Canadian vessel was signaled and stopped within treaty
waters, the firing taking place only after repeated
warnings had been ignored.
No changes occurred this week in the discount
rates of any of the European central banks. Rates
0
2
1
/
0
are 67 in Spain; 5 % in Hungary and Italy; 57
and Austria; 470 in Norway and Irein Germany
0
2
1
/
land; 3 % in Denmark; 37 in England and
0
2
1
/
2 70 in Holland and Belgium, and 27 in
Sweden;
France and Switzerland. In the London open
market discounts for short bills yesterday were
0
2%7 against 2%@2 11/16% on Friday of last
week, and 2 9/16% for three months bills against
/
25 % on Friday of last week. Money on call in
London yesterday was 1%70. At Paris the open
/
market rate remains at 134%, and in Switzerland
at 1%.
The Bank of France statement for the week ended
March 14,shows a gain in gold holdings of 12,112,095
francs. The total of gold now stands at 56,094,849,943 francs, as compared with 42,947,183,759 francs
at the corresponding date last year and 34,034,736,350
francs two years ago. Credit balances abroad declined 11,000,000 francs while bills bought abroad
gained 1,000,000 francs. Notes in circulation fell off
518,000,000 francs, bringing the total of the item
down to 77,870,949,540 francs. Total circulation
last year stood at 69,072,413,595 francs and the year
before at 62,879,764,295 francs. Decreases also appear in French commercial bills discounted of 208,000,000 francs and in advances against securities of
50,000,000 francs, while creditor current accounts
increase 238,000,000 francs. Below we furnish a
comparison of the various for the past three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Mar. 14 1931. Mar. 15 1930. Mar. 16 1929.
for Week.
Francs.
Francs.
Francs.
12,112,095 50,094,849.943 42,947,183,759 34,034,736,350
Gold holdings__
com aerc d_Dee. 11,000.000 6,943,887,397 6,978,419,568 10,965.483,593
bate m br tal
. '
Credit
Fr
5,992,663,129 4,566,347,353
bills dlecounted-Dee. 208,000,000 6,078,542,554 18.713,908,277 18,303,038,298
Bills bought abed_Ine. 1,000.000 19,330,347,609 2,511.431,198 2,384.466,731
Adv. est. securs__Dee. 50,000,000 2,902.482,952 69,072.413,595 62,879,764,295
Note circulation.. Deo. 518,000,000 77,870,949,540 17,388,444,884 18,103,389.481
Cred. curl. acets—bio. 238,000,000 23,575,342,848
MAR. 21 1931.]
The Bank of England statement for the week
ended March 18 shows the most substantial increase
in gold holdings that has appeared for many weeks,
namely £1,097,585. This brings the total up to
£142,826,613 as compared with £154,245,375 a
year ago. Note circulation contracted £3,040,000,
which together with the gain in bullion brought
about an expansion of £4,138,000 in reserves. Public
deposits rose £1,743,000 and other deposits £280,223.
The latter consists of bankers' accounts, which increased £521,040 and other accounts which fell off
£240,817. Loans on government securities decreased
£1,530,000 and those on other securities £580,303.
Other securities include "discounts and advances"
and "securities." The former fell off £1,217,261
and the latter rose £636,958. The reserve ratio is
now at 53.64%, compared with 50.64% last week
and 58.95% a year ago. The rate of discount is
unchanged at 3%. Below we furnish a comparison
of the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1929.
1931.
1930
Mar. 21.
Mar.23.
Mar. 20.
Mar. 18.
Mar. 19.
Circulation
5347.287.000 348,890,201
Public deposits
10.500.000 12,882,680
Other deposits
93.023.486 97.969,498
Bankers accounts- 59,795,625 62,086,473
Other accounts— - 33,227,861 35,883,025
Governml securities 28,904,952 41,481,563
Other securities-- - 37.367,056 22,318,484
Dlsct. & advances 8.021,417
6,060,054
Securities
29,345,639 16.258,430
Reserve notes & coin 55,540,000 65,355,174
Coin and bullion —142,826,613 154,245,375
Proportion of reserve
to liabilities
58.95%
53.64%
Bank rate
3%
334%
2061
FINANCIAL CHRONICLE
353,868,645
19.428.868
99,594.585
62.332.186
37,262.399
47,916,855
30,467,795
12,582.128
17.885.667
58,957.207
152,825,852
49.53%
534%
134,391,630 136,254,260
14,141,359 17.391,554
101,573,628 104.031.366
32.879,033 30.797,560
58,130,330 74,733.078
43.011.659 34,220,743
157,653,289 150.725,003
3734%
28 3-16%
a On Nov. 291928 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 Reichsbank's weekly statement dated March
14 reveals an increase in gold and bullion of 791,000
marks, raising the total of the item to 2,286,184,000
marks. Bullion last year aggregated 2,480,458,000
marks and two years ago 2,646,874,000 marks.
Increases are also shown in reserve in foreign currency of 19,740,000 marks, in silver and other coin
of 13,101,000 marks, in notes on other German
banks of 3,442,000 marks, in advances of 6,707,000
marks and in other assets of 1,612,000 marks. Note
circulation contracted 176,814,000 marks, reducing
the total of the item to 3,967,992,000 marks. Circulation the same time a year ago amounted to 4,266,015,000 marks and the year previous to 4,165,804,000
marks. Bills of exchange and checks and other daily
maturing obligations decreased 257,011,000 marks
and 35,442,000 marks while other liabilities increased
638,000 marks and the items of deposits abroad and
investments remain unchanged. A comparison of
funds were added to the immense reservoir of money
already available and the resultant offerings occasioned a record' low rate for recent years in the call
loan market. The official rate for demand loans
/
1
%
on the Stock Exchange was 12 in all sessions from
Monday to Thursday, while the renewal rate yester/
day was again 112%. In late dealings yesterday,
however, the official figure fell to 1%, which is the
lowest Stock Exchange rate for call loans registered
since June 3 1915. Throughout the week, while the
/
1
2
official figure was 1 %, funds were available in
the unofficial "Street" market at 1%. The overflow
from the official into the "Street" market was heavy
on all occasions. When the official figure dropped
to 1% yesterday no offerings at concessions from
that extremely low level were reported in the outside market. Time money rates also showed an
easier tone this week. Brokers' loans against stock
and bond collateral advanced $94,000,000 in the
week to Wednesday night, according to the tabulation of the Federal Reserve Bank of New York.
Gold movements in the same weekly period consisted
of imports of $3,017,000, while holdings were further augmented by a decrease of $3,000,000 in the
stock of the metal held earmarked for foreign
account.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, the rate remained unchanged from day to day at 1 %, all loaning being
/
1
2
at that figure until Friday, when, after renewals
had again been made at 12 there was a drop in
%,
/
1
the rate for new loans to 1%, the lowest figure
touched since June 1915. In time money business
continues at a virtual standstill,there being very little
demand for this class of accommodation. Quotations
all week have been 12 / for 30 days, and also
@134%
/
1
for 60 days,2@2 % for 90-day accommodations,2@
/
1
4
2 % for four months, and 2 @2 % for five and
/
1
4
/ /
1 1
4 2
six months.
The demand for prime commercial
paper has continued excellent, but the supply has
been lacking. Rates for choice names of four to six
months' maturity are 2 %, while names less well
/
1
2
known are 23
/
4@3%. Occasional transactions have
/
taken place at 214% in maturities running for six
months.
The demand for prime bank acceptances has been
brisk throughout the week, but dealers have been
obliged to cut their sales to the minimum as so little
paper is available. Rates show no change. The
Reserve Banks reduces their holdings of acceptances
this week from $151,402,000 to $122,550,000. Their
holdings of acceptances for foreign correspondents
the various items for the past three years is furnished fell off from $460,945,000 to $453,072,000. The
below:
posted rates of the American Acceptance Council
REICHSBANKTI COMPARATIVE STATEMENT.
Changes
remain at 158% bid and 12 asked for bills run%
/
/
1
for Week. hfar. 141931. Mar.151930. Mar. 151929.
4% bid
Reichsmark*. Reichsmaeks. Reichsmarks. Reichsmark,.
Assets—
ning 30 days, and also for 60 and 90 days; 13
791,000 2,286.184.000 2.480.458,000 2,646,874.000
Inc.
Gold and bullion
/
and 1%% asked for 120 days, and 178% bid and
Unchanged 207.638.000 149,788.000
Of which dopes. abed.
94.031.000
Res've in torn curr_ __Inc. 19,740.000 209,164.000 311.915.000
67.769.000 134% asked for 150 days and 180 days. The AcceptBills of exch.& checks.Dec. 257.011.000 1,786.100.000 1,639,426.000 1,720.214.000
Silver and other coin- _Inc. 13.101.000 179,264,000 153,860.000 125.945.000 ance Council no longer gives the rates for call loans
24.699.000
19.103.000
Notes 000th. Ger.bks.Inc. 3.442,000
21.078.000
secured by acceptances. Open market rates for
91.315.000
58,345,000
Advances
Inc. 6.707.000
58,983,000
93.246.000
Unchanged 102,264.000
Investments
93.136.000 acceptances have also remained unchanged, as
Inc. 1,612,000 551,245.000 502,559.000 517,443,000
Other assets
follows:
Liabilities—
Notes in cIrculatIon_Dec. 176,814,000 3,967,992,000 4,266,015,000 4,165.804.009
Oth.dally matur.oblig.Deo. 35.442,000 265,866,000 458,514,000 448,517,000
Inc.
638,000 339,600,000 147,501,000 194,725,000
Other liabilities
Money rates in the New York market were soft
this week, largely in reflection of the plethora of
funds made available through the quarter-date
financing of the Treasury, completed Monday. Such
SPOT DET.1VERY.
—180 Days— —150 Days—
Bid. Asked,
Bid. Asked.
Prime eligible bills
14
134
—90Days—
Bid. Asked.
134
134
1M
1M
—120 Days—
Bid. Asked.
im
134
—80Days— —30Days—
Bid. Asked,
Bid. Asked.
154
134
Prime ellgible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
non-member banks
Eligible
154
134
114 bid
114 bid
2062
FINANCIAL CHRONICLE
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 Reserve banks:
[VoL. 132.
compares with par of 124.21. There remains a
discount on future sterling in Paris, but it is not
sufficient to bring the rate down to the gold point,
and for the time being sterling appears to be safe
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
as far as Paris is concerned. London believes that
AND MATURITIES OF ELIGIBLE PAPER.
the Bank of England will be able to secure a good
Rate ill
part of the open market gold offerings during the
Federal Reserve Bank.
Date
Previous
Effect on
Established.
Rate.
Mar. 20.
coming weeks.
Boston
3
234
Jan. 2 1931
New York
In spite of the improved gold outlook the Bank of
234
2
Dec. 24 1930
Philadelphia
4
July 3 1930
334
Cleveland
England continues to exercise close control over the
Dec. 29 1930
3
334
Richmond
4
July 18 1930
334
Atlanta
3
Jan. 10 1931
London money market, taking immediate steps to
334
Chicago
Jan. 10 1931
3
334
St. Louis
334
3
Jan. 8 1931
maintain discount rates whenever they show signs of
Minneapolis
Sept. 12 1938
4
334
Kansas City
Aug. 16 1930
4
334
weakness. This might seem to indicate that the
Dallas
Sept. 9 1930
4
334
San Francisco
3
Jan. 9 1931
334
Bank is not as confident as the market concerning
the underlying position. Bankers in London as
Sterling exchange while generally dull shows a well as in New York seem generally of the opinion
firmer trend. The range this week has been from that sterling has now taken a definite turn for the
4.853/i to 4.85 13-16 for bankers' sight bills, com- better. Normally everything should favor a firm
pared with 4.853/i to 4.85 13-16 last week. The sterling rate until toward the end of August. The
range for cable transfers has been from 4.853 to Bank of England statement for the week ended
4
4.86, compared with 4.85 23-32 to 4.85 15-16 a March 19 shows an increase in gold holdings of
week ago. The high for the week of 4.86 was £1,097,585, the total standing at £142,826,613, which
reached in Thursday's trading, which was the most compares with £154,245,375 a year ago. On Saturactive day the market had, but this rate was not day the Bank of England exported £2,000 in sovgeneral enough to constitute a market. However, ereigns. On Monday the Bank received £250,000 in
bankers in New York are bullish on sterling and sovereigns from abroad. On Tuesday the Bank
expect still better levels in the near future. This is bought £583,100 in gold bars, exported £7,000 in
no more than natural considering that seasonal sovereigns, and set aside 00,834 in sovereigns. Of
factors favoring sterling exchange are now gathering a total of £860,000 South African gold available in
force. Sterling has also firmed up with respect to the open market on Tuesday 050,000 was sold for
French francs and on Thursday the London check forward account, believed to have been for Belgium,
rate on Paris went to a new high on the move of £580,000 was taken by "an unknown buyer" later
124.20, only one point below par.
revealed as the Bank of England. The balance was
One factor favoring the firmer sterling exchange absorbed by the trade. On Thursday the Bank of
this week arose from the acquisition by the Bank of England bought £16 in foreign gold coin and exEngland of £580,000 of bar gold in the London open ported £15,000 in sovereigns. On Friday the Bank
market. This acquisition is regarded as of great bought £3,238 in gold bars.
significance and looked upon as a link in the chain
At the Port of New York the gold movement for
leading to gradual betterment of world conditions. the week ended March 18, as reported by the Federal
The Bank of England normally builds up its gold Reserve Bank of New York, consisted of imports
reserves through purchases in the open market of of $3,017,000, of which $2,314,000 came from
fresh South African gold, which is available each Argentina, $499,000 from Mexico, and $204,000
Tuesday, but due to the prevailing weakness of chiefly from other Latin American countries. There
sterling against the Continental exchanges, the were no gold exports, but $3,000,000 gold was reBank has been unable to compete with foreign buyers leased from earmark for foreign account. In tabular
for more than a year. Because of the almost con- form the gold movement for the week ended March
tinuous repatriation of French funds from London, 18, as reported by the Federal Reserve Bank of
for one reason or another the Bank of England's New York, was as follows:
reserves were drawn upon heavily. In December GOLD MOVEMENT AT NEW YORK, MAR. 12—MAR. 18, INCL.
Imports.
the bullion holdings declined to below the so-called
Exports.
Argentina
Cunliffe minimum of £150.000,000, and after the $2,314,000 from Mexico
499,000 from
None
204,000 chiefly from other Latin
turn of the year declined still further to a low of
American countries
£140,141,000.
$3,017,000 total
When the princiapl central banks some months ago
Net Change in Gold Earmarked /or Foreign Account.
embarked upon a program of easy money and
Decrease, $3,000,000.
rates were reduced in Paris, New York, Zurich,
Yesterday an additional $498,500 of gold was reAntwerp, and Amsterdam, the Bank of England ceived in New York from Mexico. On Wednesday
was obliged to ignore these reductions and maintain approximately $500,000 gold was received in San
a 3% rediscount rate. In additon, when the French Francisco from Japan.
Bank reduced its rediscount rate to 2% on Jan. 2,
Canadian exchange continues firm, although rulthe Bank of England found it necessary to force ing this week on average at a discount of from 1-64
upon the London open bill market a series of higher to 1-32 of 1%. Advices from Winnepeg late Saturrates really out of line with the open market trend, day last stated that lake navigation would begin beas its gold holdings continued to be threatened by tween Fort William, on Lake Superior, and Montreal
the heavy French withdrawals. This polcy resulted if shipping requirements warranted the effort. It
in making London more attractive to French and appears probable that the previous record for early
other funds and is finally bringing the French opening established in 1910 will be broken. This
gold withdrawals from London to an end. As course has a bearing on Canadian Exchange, since the
stated above, the London check rate on Paris exchange will be able to receive support of grain bills
moved up to 124.20 in Thursday's market, which if good foreign demand for Canadian wheat arises.
MAR. 21 1931.]
FINANCIAL CHRONICLE
Referring to day-to-day rates, sterling exchange
on Saturday last was steady. Bankers' sight was
4.853'@4.85%, cable transfers 4.85%@4.85 13-16.
On Monday the market was quiet and inclined to
ease. The range was 4.85 9-16@4.85 21-32 for bankers' sight and 4.85 25-32@4.85 13-16 for cable transfers. On Tuesday sterling was firmer and in demand.
Bankers' sight was 4.85%@4.85 11-16; cable transfers 4.85 27-32@4.85/. On Wednesday sterling, in
demand, further advanced fractionally. The range
was 4.85%@4.85U for bankers' sight and 4.85%@
4.85 31-32 for cable transfers. On Thursday sterling
moved still higher. The range was 4.85 11-16@
4.85 13-16 for bankers' sight and 4.85 15-16®4.86
for cable transfers. On Friday sterling was slightly
easier, the range was 4.85 11-16@4.85 25-32 for
bankers' sight and 4.85 15-16@4.85 31-32 for cable
transfers. Closing quotations on Friday were
4.85 25-32 for demand and 4.85 31-32 for cable
transfers. Commercial sight bills finished at 4.855g;
/
sixty-day bills at 4.833; ninety-day bills at 4.823/
s;
documents for payment (60 days) at 4.833j, and
seven-day grain bills at 4.853. Cotton and grain
for payment closed at 4.858.
Exchange on the Continental countries presents no
new features from a week ago. French francs are
inclined to softness, while German marks continue
the advance which began about two weeks ago. The
especial strength in German marks this week is attributed largely to the Berlin City Electric Co. reorganization and financing with a foreign group.
Advices from Berlin during the week stated that approximately $30,000,000 of foreign funds will be sent
to Germany as a result of this operation and German
financial circles are well pleased with the outcome of
the negotiations as they are taken to indicate a real
interest in German financing by foreign banks. According to Berlin dispatches the market there is
greatly stimulated by the fact that during the past
few weeks there has been an unexpected improvement in the Berlin money market and a simultaneous
fall in the principal foreign exchanges, including
dollar, sterling, and franc rates. Normally cheaper
money and weaker exchanges do not occur at i he
same moment because low home interest rates always encourage German firms to repay short-term
credits; but last week, and the movement still continues, such credits were more than offset by a sudden inflow of new money from New York, London,
Zurich, Amsterdam, and Stockholm. Though these
credits came unexpectedly, they are considered normal in view of the improvement in the German
political situation, and also in view of the fact that
German banks have lately been paying higher interest on foreign credits than is available elsewhere in
Europe. It is also stated that the firming of mark
exchange is due to foreign buying of German stocks
and partly to the return of German capital which
had previously fled to Switzerland and Holland.
German financial circles are raising the question
whether the improvement in the money and foreign
exchange markets may not bring an early reduction
in the Reichsbank's rediscount rate, which continues
at 5% and is clearly out of line with the official rate
of the leading central banks. March, however, is
usually regarded as an unlikely month for that step.
French francs are ruling easier. In Thursday's
trading franc cable transfers touched the year's low
of 3.913(. As noted above, the French franc fell at
2063
the same time with respect to sterling. The weakness in francs is attributed largely to the plethora of
funds and softness of money rates in Paris which is
causing a considerable movement of French funds
to London, Berlin, and other European centers where
they can be more profitably employed. As noted
above, the franc has become so easy with respect to
sterling exchange that the Bank of England was able
to procure the major portion of the London open
market gold offerings for the first time in many
months. This week the Bank of France shows an
increase in gold holdings, but according to advises
from Paris this will be the last statement to record
a considerable enhancement of this item. There were
rumors in the market a few weeks ago that the Bank
of France might make a still further reduction in its
official rediscount rate. Now Paris dispatches state
in positive terms that the Bank of France is not
considering a reduction in its rate, which has been
at 2% since Jan. 2. This rate is already at the lowest figure reached since the foundation of the bank
at the beginning of the last century. Thiq week the
Bank of France shows an increase in gold holdings
of fr. 12,112,000, the total standing at the record
high level of fr. 56,094,000,000, which compares
with fr. 42,947,000,000 on March 15 1930, and
with fr. 29.935,000,000 reported in the first statement of the Bank of France following stabilization
of the franc in June 1928.
The London check rate on Paris closed at 124.18
on Friday of this week, compared with 123.13 on
Friday of last week. In New York sight bills on
the French centre finished at 3.91 3-16, against
3.913 a week ago; cable transfers at 3.91 5-16,
against 3.91/, and commercial sight bills at 3.91,
against 3.91 1-16. Antwerp belgas finished at
13.923 for checks and at 13.93 for cable transfers,
against 13.933 and 13.94. Final quotations for
Berlin marks were 23.823 for bankers' sight bills
%
and 23.833. for cable transfers, in comparison with
23.803 and 23.803.. Italian lire closed at 5.23 13-16
for bankers' sight bills and at 5.24 for cable transfers,
against 5.233 and 5.23 15-16. Austrian schillings
4
closed at 14.0534, against 14.05; exchange on Czecho/
slovakia at 2.963/, against 2.961 8; on Bucharest at
8
0.59%, against 0.5934; on Poland at 11.20, against
11.20, and on Finland at 2.51%, against 2.51%.
Greek exchange closed at 1.29 5-16 for bankers,
sight bills and at 1.29 9-16 for cable transfers
against 1.2934 and 1.293/2.
Exchange on the countries neutral during the war
except for the unsteadiness and fluctuation of Spanish
pesetas presents no new features from the past few
weeks. Holland guilders continue the upward trend
which began slightly more than a week ago, when a
wide break in the guilder was arrested through the interference of the Bank of The Netherlands in the
Amsterdam exchange situation. The weakness at
that time was ascribed largely to the low money rates
and abundance of funds in Holland which caused
Dutch funds to move to Berlin, London, and New
York for more profitable employment. In Wednesday's trading the guilder moved up to 40.09 in the
New York market. According to local bankers no
real change came about in the guilder-dollar market
to cause the sudden appreciation and it is held probable that the rise was due to intervention on the
part of the Bank of The Netherlands. It has been
the practice of the Dutch central bank to use its
2064
FINANCIAL CHRONICLE
[VOL. 132.
foreign balances in order to hold its gold reserve in- at Washington-issued the following statement bear-.
tact. The Bank of The Netherlands is considered to ing upon milrei exchange:
be one of the leading exponents of this form of ex"The members of the provisional government of
change control. The Bank was obliged to take this Brazil met Monday to confer on matters of general
action as the exchange came close to the gold point •interest and especially to study the exchange situnot only with respect to New York, but with respect ation. With the Treasury conditions perfectly normal and having cancelled to a great extent the large
to London and even Berlin. Scandinavian currencies amount of engagements of all kinds left by the decontinue firm, although there was a reported move- posed. government, as was shown by the Finance
ment of funds during the week from these countries, • Minister, the provisional government, after enacting
especially from Sweden, to Berlin and London several economic and financial matters concluded
markets. Spanish pesetas have fluctuated widely that the recent fall in exchange is exclusively due
during the week. On Friday of last week peseta to circumstances and commercial intrigues now being
The consolidation of public
actively
cable transfers closed as high as 10.77, but dropped order, eradicated. measures of economy in the
together with
off after considerable fluctuation to 10.36 in Wednes- restriction of expenses and the adoption of a wellday's trading, finally closing yesterday at 10.66. directed financial and economic policy, make the
It is the opinion in London that stabilization of the outlook one of full confidence in the program of
Spanish currency must be postponed until after the the government toward the utilization of the regeneral elections. The local foreign exchange market sources of the country."
Argentine paper pesos closed at 34 11-16 for checks,
is becoming convinced that no actual stabilization
against 34 7-16 on Friday of last week and at 34%
can take place in the Spanish unit for some
for cable transfers, against 3432. Brazilian milreis
• months.
Undoubtedly steps are being taken toward that end are nominally quoted 8.05 for bankers' sight bills
and the fact that a plan has been submitted to and and 8.10 for cable transfers, against 8.20 and 8.25.
approved by the Bank for International Settlements Chilean exchange closed at 12 1-16 for bankers' sight
is of importance. If it were a matter of finances bills and at 123' for cable transfers, against 12 1-16
only, bankers believe that stabilization could be ef- and 123'. Peru at 273/2, against 273'.
fected with little difficulty, but the political situation
Exchange on the Far Eastern countries shows imis disturbing and so long as the Government's existence is threatened stabilization must await a more provement owing to the better tone of the silver
settled state of social affairs. Exchange authorities market. Samuel Montagu & Co. stated during the
stress the point that the transition to gold requires a week that the rise in the price of silver was in symcarefully co-ordinated program by the banking au- pathy with the movement on the Shanghai exchange,
thorities and the Government over a prolonged period, which hardened considerably although the movement
and difficulty in either of two branches would en- was subject to sharp fluctuations owing to speculation. Support for silver came from India and China
danger the end in view.
Bankers' sight on Amsterdam finished on Friday but the rapid upward movement was due rather to
at 40.0734, against 40.073/ on Friday of last week; absence of selling than to the pressure of buying.
2
cable transfers at 40.089., against 40.083/, and On Monday the New York official price for silver
2
A
commercial sight bills at 40.043/, against 40.05. went to 313 c. per ounce, a new high for the year.
Swiss irterics closed at 19.233/ for bankers' sight The previous high was on Jan. 2 at 3134c. The
bills and at 19.24 for cable transfers, against 19.24 London quotation of 143'd. on Monday equalled the
.
2
and 19.243/ Copenhagen checks finished at 26.74 year's high made also on Jan. 2. The last record
and cable transfers at 26.75, against 26.74 and 26.75. low for silver was set on Feb. 16 for New York at
Checks on Sweden closed at 26.77 and cable transfers 25%c. and on Feb. 9 for London at 12d. As might
at 26.78, against 26.7734 and 26.7834, while checks be expected, the reaction set in from Monday's high
on Norway finished at 26.75 and cable transfers at so that the quotation yesterday was 29 8c. and the
2
26.76, against 26.743/ and 26.753/.Spanish pesetas London quotation 13 13-16d.
Closing quotations for yen checks yesterday were
closed at 10.65 for bankers' sight bills and at 10.66
• for cable transfers, against 10.76 and 10.77.
49.34(4)4932, against 49.35@493'. Hong Kong
/
closed at 25 7-16@255 , against 249(4)25 1-16;
2
Exchange on the South American countries pre- Shanghai at 323/@32%, against 32M@3234; Ma4
4
sents no new features from the past several weeks. nila at 497 , against 497 ; Singapore at 56 5-16@
contin tie to display a firmer tendency, 56 7-16, against 56 5-16@56 7-16; Bombay at 3634,
Argentine pesos
due largely to the growing confidence in business against 3634, and Calcutta at 3634, against 3634.
prospects in Argentina and, as stated here previously,
The following table indicates the amount of bullion
is due also to the willingness of the Argentine Government to release gold from the conversion office in the principal European banks:
to support exchange in New York and London. As
March 20 1930.
March 19 1931.
noted above, a consignment of 62,314,000 gold was Banks of Gold.
Gold. I Silver.
Total.
Toial.
Silver.
the week. Brazilian
received from Argentina during
I
f
E
E
I
E
f
754154,245,375
142,826.613
exchange continues its downward course and to be England..448.758.799 (d) 1142,826,613154,245.3(d) 340,750.786
48 758,799340,750.786
France a_
994,600117.528.100
c994,600 104,921.900
Germany b
only nominally quoted. Dispatches from Sao Paulo Spain.... 103.927.300 28,362.000 125,053,000 116.533.500 28.320.000 126,999.000
98.679.000
96.691,000
56.130.000'
1 56.130.000
Italy
indicate that business is generally Netherrds 57.309.000 2.640.000 57.31)9.000 36.415.000
and Rio de Janeiro
39.809.000
I 36.415,000
37.169.000
40,471.000 33.678.000 1,288.000 34.966,000
Government coffee purchases Nat'l Beig 40,471.000'
poor and money tight.
25,719.000 22.438,111
777.000 23,215,000
Elwitzerrd. 25,719.000
13.345.000 13,548.111
I 13,548,000
which started last week at Sao Paulo and Minas and Sweden... 13,345.000,
011
9.573.
898.000 9,971,000
9.547.
Denmark. 9,547.000,
8,145.1i i
8,134,
1 8,145,000
Norway.. 8,134.000;
the inflow ot money to the interior greatly strengthTotal week 983,897,712 31,996,6001015894312890.135,661 31,777,600921,913,261
ened the position of the small interior banks. The Prey. week 982.593,680 31,980.600 1014574 280890,883.976 31,870,600922,754.578
aiding a These are the gold holdings of the Bank of France as reported In the new form
application of the new rediscount decrees is
of etatement. b Gold holdings of the Bank of Germany are exclusive of gold held
the interior banks and remedying the tight money abroad, the amount of which theapresent year Is £10,381,900, c As of Oct. 7 1924.
d Sliver Is now reported at only trifling BUM.
situation. On Wednesday the Brazilian Embassy
MAR. 21 1931.]
FINANCIAL CHRONICLB
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MARCH 14 .
1931 TO MARCH 20 1931, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value In United States Money.
Mar. 14. Mar. 16. Mar. 17. Mar. 18. mar. 19. mar. W.
EUROPE$
Austria,sainting
140542
Belgium, belga.139380
Bulgaria, ley
007179
Czechoslovakia, kron .029623
Denmark, krone
.267407
England, pound
sterling
4.857738
Finland, markka
025182
France, franc
039131
Germany. relehsmark .238007
Greece, drachma
012940
Holland, guilder
400772
Hungary, pengo
174359
Italy, Bra
052382
Norway, krone
267471
Poland. zloty
111911
Portugal, escudo
.044837
Rumania,len
.005948
SP3112, peseta
.107435
Sweden, krona
.267736
Switzerland, franc_ _ _ .192404
Yugoslavia, dinar
.017594
ASIAChinaCha leal
el
.334375
Hankow tadl
.329531
Shanghai tadl
322321
Tientsin tael. _ _ .338125
Hong Kong dollar__ .248750
Mexican dollar- - - - .232187
Tientsin or Peiyang
dollar
.235000
Yuan dollar
.231666
India. rupee
360908
Japan, yen
493621
Singapore (8.8.) dolla .560625
NORTH AMER.
Canada, dollar
.999838
Cuba, peso
1 000429
Mexico, peso
474500
Newtoundaind, do
.997361
SOUTH AMER.
Argentina, peso (gold) .790320
Brazil, milreis
.081013
Chile, peso
.120695
Uruguay, peso
753025
Colombia, peso
965700
$
$
.140541 .140548
.139351 .139351
.007165 .007169
.029625 .029625
.267415 .267423
$
.140540
.139319
.007169
.029624
.267459
$
.140551
.139320
.007169
.029627
.267480
$
.140550
.139237
.007169
.029624
.267480
4.857723 4.858244 4.858906 4.859255 4.859019
.025175 .025175 .025176 .025176 .025175
.039128 .039134 .039127 .039124 .039124
.238041 .238109 .238215 .238247 .238252
.012943 .012945 .012043 .012946 .012943
.400742 .400800 .400902 .400891 .400836
.174343 .174361 .174376 .174355 .174380
.052383 .052385 .052386 .052388 .052387
.267472 .267477 .267502 .267526 .267523
.111895 .111880 .111880 .111904 .111913
.044837 .044837 .044837 .044837 .044837
.005944 .005945 .005946 .005947 .005948
.106664 .105466 .103576 .104980 .105335
.267750 .267757 .267786 .267769 .267766
.192404 .192415 .192410 .192406 .192380
.017589 .017585 .017579 .017578 .017582
.345625
.339531
.332678
.350208
.257321
.240937
.336875
.331718
.325000
.340625
.250892
.235000
.341458
.335781
.328571
.345208
.253928
.238125
.335208
.328906
.321071
.338958
.250178
.231250
.337291
.331406
.323571
.341041
.251785
.232812
.244166
.240833
.360875
.493609
.580625
.237500
.234166
.360791
.493531
.560625
.241666
.238333
.361008
.493753
.560625
.235000
.231666
.361279
.493521
.560625
.236250
.232916
.361566
.493603
.560625
.999829 .999691 .999692 .999609 .999558
1.000429 1.005000 1.000406 1.000390 1.000546
.474166 .474000 .472333 .472500 .471833
.997436 .997231 .997233 .997087 .997093
.790750
.080950
.120736
.760329
.965700
.790987
.080827
.120707
.748594
.965700
.790599
.080388
.120704
.741666
.965700
.790485
.079915
.120716
.722924
.965700
.789983
.078650
.120714
.737525
.965700
Political Dissension in Great Britain-The
Outlook for a Coalition.
The defeat of the MacDonald Government on Monday on the electoral reform bill is the sixth which
the Labor Government has suffered. The question
at issue, that of abolishing the representation of the
British universities in the House of Commons, was
admittedly of more historiCal than practical interest
as far as the general electoral system of the country
goes. The representation of the universities of
Oxford and Cambridge in the House dates from 1603,
and the extension of the privilege to other universities, all of them, of course, of much later origin, has
brought the number of university members at the
present time to twelve. No great difference in the
party strength in the House was likely to occur
whether the university representation was continued
or done away with, none of the universities, as one
member remarked, being any longer "class preserves," but by a vote of 246 to 242 the clause of the
electoral bill abolishing university representation
was rejected. The political significance of the vote
lay in the fact that two Labor members voted against
the Government, while sixteen others absented themselves without being paired. Had the sixteen members been present and voted, the Government would
have had a majority.
Mr. MacDonald chose to treat the defeat as one
of minor importance and refused to resign, and it is
rumored that he may even take the extraordinary
step of reintroducing the rejected clause and ask for
-a step which would almost certainly
its approval
precipitate a serious debate and make the vote one
of confidence. The action of the Labor members on
Monday, however, has once more called attention
sharply to the disintegration that is undermining
discipline in the Labor ranks. The Labor party,
while still supporting Mr. MacDonald by a large
majority, is no longer the disciplined and reliable
body of supporters that it once was. The Inde-
2065
pendent Labor faction, never fully submissive to
party mandates, has become increasingly restless
and hostile over the failure of the Government to
pursue a radically socialistic policy, and its members
can now no longer be counted upon to stand by and
help the Government through when a vote seems
likely to be close. Mr. MacDonald still calls himself
a socialist, but his socialism has come to seem a
much diluted product to the Labor radicals, who
would like to see a socialist state in their own day
rather than to await its coming in some indefinite
future. Sir Oswald Mosley's demand for a new
party, again, while as yet of no considerable importance as an independent undertaking, nevertheless means another breach in the Labor party and
an appeal to those who feel that a stronger government than Mr. MacDonald 'has offered is the primary
need of Britain at the present time.
How serious the divergence of opinion has become
may be gathered from the reported retort of some
of the Labor members to Mr. MacDonald at a party
meeting on Tuesday. Reprimanded by the Prime
Minister for their breaches of discipline, some of
the members are reported to have replied (we quote
the authority of the London correspondent of the
New York "Times") that Mr. MacDonald was "not
giving them the right sort of leadership," and that
he would "get loyal team-work as soon as he adopted
the socialistic policies to which the party was
pledged, and not before." Exception was also taken,
it is said, to Mr. MacDonald's aloofness and lack of
personal contact with members.
If the Labor party is distraught, so also are the
Liberals. The electoral reform bill was brought forward by the Government largely as a concession to
the Liberals and as the price of their support, and
in a party caucus last week it was agreed that the
Government should be supported, yet on Monday
only 19 of the 58 members voted for the bill, 10 voted
against it, and 6 were paired in opposition. At a
meeting called on Wednesday night by Mr. Lloyd
George to consider the situation only 38 members
were present, and none of the members who voted
against the university representation clause attended. The chief Liberal whip, Sir Archibald Sinclair, has resigned, it is said in disgust at his inability to keep the members in line. So critical was
the situation that Mr. Lloyd George refrained from
discussing Monday's incident, and contented himself
with announcing that a program of future action
for the party in its relations with the Government
would be presented next Tuesday.
It is the action of this meeting that appears to
have formed the basis of the report that Mr. MacDonald was considering a reorganization of his Government, and that Mr. Lloyd George might be given
the office of Lord Privy Seal and charged with responsibility for dealing with unemployment. It
would be rash to say that such a change will not be
made, for in the present condition of party politics
in Great Britain almost anything may happen.
When one recalls the completely antagonistic views
of Mr. MacDonald and Mr. Lloyd George regarding
the World War, however, and the severe criticism
that has been passed upon the Liberal leader for his
part in framing the peace terms that were enforced
upon Germany, the suggestion of a coalition ministry of which both Mr. MacDonald and Mr. Lloyd,
George should be members seems improbable. Nor
is it clear that the Liberal party, already divided in
2066
FINANCIAL CHRONICLE
its allegiance, could be counted upon to support a
coalition any better than it has supported Labor. It
is true that Mr. Lloyd George's idea of a huge grant
for public works as a panacea for unemployment enjoys some favor in Liberal as well as Labor circles,
and that if the business depression has touched
bottom any improvement in employment that took
place might be made to redound to his credit. Unless Mr. Lloyd George, however, could bring to the
support of a coalition government which was partly
Labor and partly Liberal the assured support of the
Liberals, his presence would be likely to alienate
still further numbers in the Labor party, and at the
moment his hold upon his own followers also seems
precarious.
In the Conservative ranks, too, all is not serene.
The recent attempt of Winston Churchill to challenge the leadership of Stanley Baldwin appears to
have turned out a fizzle, and there is ground for
thinking that the party, if it decided to change
leaders, would not choose Mr. Churchill in any case.
The threat to Mr. Baldwin lies in another quarter,
namely, in the persistent and vicious attacks which
have for some time been made'upon him by the newspapers controlled by Lord Rothermere and Lord
Beaverbrook. Nominally, the Rothermere-Beaverbrook press is clamoring for empire free trade, but
actually it is doing everything in its power to make
Mr. Baldwin's position untenable. In a speech on
Tuesday in support of the candidacy of a Conservative in the by-election in the St. George's division of
Westminster, Mr. Baldwin made a scathing reply to
his critics. "The papers conducted by Rothermere
and Beaverbrook," he declared, "are not newspapers
in the ordinary acceptance of the term. They are
engines of propaganda for the constantly changing
policies, desires, personal wishes and personal dislikes of two men. Their methods are direct falsehood, misrepresentation, half-truths, alteration of
speakers' meanings by publishing sentences apart
from the context, suppression, and editorial criticism of speeches which are not reported in the papers. These are methods hated alike by the public
and by all the rest of the press."
That Mr. Baldwin's bitter criticism of irresponsible journalism found a response in journalism itself is evidenced by the appearance on Wednesday
of a public protest, signed by nine editors or former
editors of well known London papers, against "the
national danger of the abuse of the power of the
press involved in the recent encroachments of newspaper proprietors upon the political field." "At a
time," these editors declared,"when the bulk of the
electorate is still new to its political responsibilities,
the power that the multiple newspaper gives to irresponsible amateur politicians to mislead their
readers by weapons of distortion and suppression
constitutes a menace to our treasured political institutions, the gravity of which it is impossible to
overestimate." The success of the Conservative candidate in St. George's on Thursday would seem to
indicate"that the combined protests of Mr. Baldwin
and the editors had had some effect.
The weakness of Mr. Baldwin's position as party
leader lies in the fact that the Conservatives, as far
as membership in the House of Commons is an indi• cation of strength, are a minority party, and in
opinion are divided. The demand for empire free
trade crosses the more general advocacy of protection, and the India program of the Labor Govern-
[VoL. 132.
meat is by no means unanimously approved. Recent
extension of the suffrage has added to the electorate
considerable numbers of wage earners, and necessitated an appeal at the polls to classes of persons
upon whose support the Conservatives have not been
accustomed to rely. As long as unemployment continues in its present huge volume, no Conservative
leader is really anxious to assume responsibility for
dealing with it, and'the same is probably true of the
industrial situation generally. Mr. Baldwin, accordingly, while rightly defending himself with all
the vigor he thinks necessary against personal at
tacks, may well hesitate to push opposition to the
Government so far as to turn the Government out.
He might then find the Prime Minister's office thrust
upon him, and that burden he is not anxious to
assume.
It would seem, then, that Mr. MacDonald may
hope to continue as long as foreign issues resolve
themselves in his favor, provided he can still count
upon Liberal support. The danger at the moment
is that that support may fail him 'because of irreconcilable differences among the Liberals and the
apparent revolt against Lloyd George. A LaborLiberal coalition is a possibility, but it is hardly to
be counted among the probabilities as yet, and with
Lloyd George a member of it it could hardly last
long. It is certainly an unenviable position for a
Prime Minister to be the head of a minority party
which is torn by internal dissension at the same time
that it is dependent upon the good will of another
minority party which faces a disastrous split, but
that, after all is said and done, is substantially the
position of Mr. MacDonald. It is not a situation
which augurs well for constructive legislation or a
wise treatment of the country's needs.
"Out of Work": or, The Ten Acre Farm.
In addition to the now proverbial "good five-cent
cigar", what this country needs is more 10-acre
farms. It will always be a serious fault of standardized and stabilized business that it also standardizes
men. "Jack of all trades and good at none" is not
quite the whole truth. Rather is the better truth
contained in the phrase: "He can turn his hand to
anything and make good".
In this period of depression and unemployment
the economics of our industrialism presents many
facets. If we turn away from mergers, consolidations, corporate enterprises of great magnitude, to
consider the man in the bread-line we come upon
facts of supreme importance to mankind everywhere.
This man "out of work", this man tramping the
stony streets of cities—is a man "for a' that and a'
that" r We like to think that in present conditions
he is more often than not the victim of circumstances
he cannot escape. And at once he becomes the center
of all our investigations and theories. In his penury
and want he tends to become an enemy of the State.
His independence is priceless to himself and a boon
to his fellows and his government If we shiver at
the thought of giving him a dole, it is because we
realize his supreme worth to the community when
his abilities can be utilized for the general welfare.
Temporarily, he may need and receive assistance,
sometimes as charity, preferably as work. But it is
in his inherent manhood, in his power to help himself, that he chiefly engages our attention. He is
potentially the greatest thing on earth—this "man
out of work"t
MAR. 21 1931.]
FINANCIAL CHRONICLE
In the dark days of the present the "man out of
work" is offered a hundred helps, a hundred cures
for his misfortunes. Too often he is considered in
the mass and not in his personal powers and values.
There are some economic statistics which attempt to
measure the value of his life to society. But mere
figures are incapable of measuring the enterprises
he may originate and operate. No mathematical
tables can estimate what genius he may unfold, what
benefits he may confer upon mankind. Yet despite
all these attempts at measurement his chief importance is to himself. Whether it be economics,
government, philosophy, that attempts to estimate
hie potential worth, in a last analysis it is to his
freedom to use his own inherent powers for good
that we must look for guidance.
Unfortunately, we have come to fasten him into a
class. We say he is one of the "unemployed". But
it is by that very token we can see him as one of the
"employed". Placing him in the latter class we
perceive that in him as an individual resides all
material production and all spiritual advance. The
first thing to be considered is his freedom, his independence, his labor of head and hand, that he may
work out his own destiny, use his own powers, impress his mind and might in his own behalf and
thus benefit his kind. If organization into groups,
if direction by unions and governments, thwart these
natural developments we are forced to question their
utility in the general plan.
No man can escape work save 'by destroying his
best self. Few desire idleness. But many would
enjoy the best of everything in advance of earning it.
Many mortgage wages and profits in advance of
realization. On a grand scale society and government do the same thing. Bread-lines are the result
of overreaching. The "unemployed" are largely the
product of inflations, booms, the flattened tires of
speed-mad enterprises. If our present "drouth" had
not come at a time of "depression" it would have
attracted little attention, caused little trouble. Let
us turn back to the man himself. He has organized
unions; forced, thereby, wages to an inordinate high
level; even pressed the strength of numbers against
the policies of political parties; sought to limit
apprenticeships; secured immunity from anti-trust
laws; employed strikes to compel higher or better
living conditions; and in technical trades bound himself by rules of work and wages,that, while elevating
his pay, has made him automatic in his endeavors,
and, when cast out of work, destroyed his powers
and opportunities to help himself. If he comes thus
to make $12 or $14 a day at a technical trade in good
times he is rendered impotent to support himself at
other labor in bad times. Standardized and stabilized business, in the same way, •may increase
"mass production" in prosperous times, but fails
measurably when the market dies, because of a lack
of flexibility.
Now it would be foolish to expect an ambitious
people to abandon entirely standardization in industry and unionization in labor. But does not the high
rate of unemployment indicate that we have carried
these things too far? Less mass-production and
more man-production. Would this not serve to employ more men. We are told "No"! We are told
that new industries take up the slack in technological unemployment; that shorter hours and fewer
days make more work, or, at least, a better distribution of work. But let the man in enforced unemploy-
2067
ment ask himself what he can do to escape the toils
thus woven about him. Can he who by reason of high
wages, $12 or $14 a day (often at the wheel of a
machine in a factory) make work for himself in
depressed times? He must realize that he cannot;
that he is a slave to a system builded on these policies; that he has lost his independence. Once thrown
out of work by adverse general circumstances, he
must walk the highways "hunting a job". On the
other hand, the man who owns a 10-acre farm can
work for himself practically every day in the year—
in the barn in winter, in the open in summer. The
very variety of his employment is inspiring and
inspiring. Orchards, dairies, poultry, grains, berries—a delight in themselves! He may not earn $12
or $14 a day, but he can earn a competence for himself and family.
We cannot expect all men to move onto 10-acre
farms. But if more men would do so there would be
less unemployment, more fullness of life, independence and happiness, more comfort and competence.
A 10-acre farm is an empire of power to the man
who will put his mind to the development of its possibilities. The owner in his own right of a fully utilized 10 acres of good soil can snap his fingers at
stock "crashes", laugh at collapsed booms,look with
considerable indifference on shut-downs and strikes.
At least he need never ask for work. He is largely
independent of the use of machinery to harvest his
crops and cultivate his plantings, save for the small
tools he uses. He need not "limit" his acreage. He
multiplies it many times over by dividing his crops
and enlarging his'undertakings.
He need neither lean on government nor obey the
orders of its commissions. The vast variety of his
cultures, their perfection, their appeal to the consumers who are able to pay good prices for good
products, remove the bugbear of over-production.
Panics, depressions, even drouths, cycles and charts,
have no terrors for him. And by his independence
he increases his worth as citizen, and helps thus to
solve the intricate problems that for all the endeavors of executives and lawmakers defy governments and theorists.
We have too much, as a people, employed our
minds discursively on general questions of industrial
and commercial advancement, and not intensively
enough on our intimate personal enterprises. We
have bred unemployment by shackling ourselves to
groups, classes, and masses. We have tied our hands
to machines that destroy our hand-power. We have
forced "over-production" by our haste to create
faster than we can consume. We have curtailed the
opportunity to labor by combining into "unions" to
demand shorter hours and higher wages and pretended better living conditions. These things tend
toward unemployment when crises and depressions
from outside causes arrive. These are not the statements of absolutism; they are relative in their
truthfulness.
But the laments over hunger in a land of plenty
are of little purpose. The man, the worker, in his
ability to save himself, is first in all things. To be
tied to a soulless machine is no worse than to have
powers to be and do that cannot be used. There is
a desire for a better distribution of the products of
industry. A better distribution, utilization, of men's
own inherent powers to produce is one sure form of
alleviation. There is argument for a greater equality
of opportunity—the emancipation of the worker
2068
FINANCIAL CHRONICLE
from the slavery of a single trade is one form of
widening opportunity.
Agriculture is,in fact, a hundred trades problems,
occupations. It is individualism at its highest and
best. It is first in order of necessity. Manufacture
is genius carried to its highest and noblest in invention that ministers to comfort, leisure, liberal art,
and combined utility and beauty. They are complementary to the fullness of Life, the construction of
a permanent and progressive civilization. They,
with transportation and trade, constitute "business", a necessary of human existence. But in all
and through all the individual man should be the
center of thought and theory.
Cities, canals, courts, cars, ships, and the magnificence of architecture and art, systems of education and philosophy, are but emanations of man and
men. They are all secondary to the importance of
hie own soul. They are the crude and curious
foundations of his spiritual emprise. Not wages or
work, not profits or wealth, are the ultimate objects
of his endeavors. Tending a machine for even five
hours in a five-day week is not as enlightening in
the long run to the worker as planting seeds in good
soil or pruning trees in an orchard of almost infinite
variety. All men can embrace neither agriculture
nor manufacture. But each may follow his own star
if only he have the independence of free choice.
The First Stirrings of Political Intrigue.
Secretly, there lurked in many minds a suspicion
that there would be an extra session of Congress,
notwithstanding the colibtant asseverations to the
contrary. Now that the die is cast against that
probability, the headlines are Shrunken, and there
seems an aching void in the news of the day. There
were several good grounds for this suspicion. Washington is a fascinating city. On its streets one often
meets "friends from home". Diplomats from the
four corners of earth dwell in peace in its confines.
Lobbies, seeking whom they may devour, scores of
them, in the guise of associations for promoting
private interests in the name of the public good,
swarm there like bees in a flower garden.
In their presence a member of Congress rises to
supreme importance in the scheme of things. He
cannot escape their importunities if he would. More
interesting still, the daily sessions under the Capitol
dome provide a "show" that entices, if it does not
always educate, and that warms the heart if it does
not always stir the mind. To take an humble part,
even, in the making of laws that control a great
people, however interfering or impotent they may be,
fills the official with pride and by a system of transubstantiation swells him with'a sense of sweeping
power. By contrast—it is dull at the crossroads.
To answer a thousand feeble questions, to attend all
the picnics in the dusty summer weather, to try to
account for all the votes given under parliamentary
pressure, to explain every resolution and bill that
failed to pass or was rushed through without debate,
and every filibuster that consumed valuable time,
these necessities, if one is to stand well with the
"dear people", are wearying to the flesh. Yes—it is
dull in the districts remote from capital. Much
better to be in the "thick of the fight", where fiveminute speeches, with leave to print, rule the world.
Yet there is no extra session, and not likely to be
one, mirabile dicta!
For,. 132.
Though statesmen sometimes let slip an opportunity to fulminate and save the world, politicians
never do. If, in deference to an unexpressed desire
of constituencies to be relieved for a spell from governmental regulation and reform, there is to be no
extra session there can be national committee meetings and party conferences. And promptly on the
.5th of March representative Democrats assembled
at the capital to outline a program for the coming
presidential election. This meeting might have been
harmonious, but was not. Coming so swiftly on the
heels of a $10,000,000,000 extravaganza Congress
expiring in the midst of an unparalleled "depression" there seemed to be a golden opportunity to
smite,the other party on the hip and thus early
cripple it for the next campaign. But, alas! the
Committee was compelled to consider its own
finances and lay plans for making up a deficit of
something life half a million dollars owed to an
erstwhile benefactor and begin the arduous collection of funds to be used legitimately in building up
sentiment favorable to this "party of the people".
Not that principles and policies were forgotten. By
no manner of means. The Chairman, in a lengthy
address, read into the record a proposal to "settle"
the prohibition question by returning control of the
liquor traffic to the States and retaining in the
Federal Government the power to protect the "dry"
States from the derelictions, if any, of their "wet"
neighbors. The method of accomplishing this was
not altogether clear. But the "drys" met the insinuation with full force, and one said in stentorian
tones: "You cannot write on the standard of the
-bones of an
Democratic party the skull and cross
outlawed trade and expect the masses of the Democratic party to accept your recommendation without
resistance."
This attempt to commit the Democratic Convention more than a year in advance of its meeting by a
mere conimittee of the party, though it proved
abortive, produced the usual dissensions for which
the Democrats are famous. Politicians stood aghast
at its audacity. Editors througtout the country discussed its effect. News columns filled the gap in
Congressional headlines with flaming letters. And
notice was given that prohibition has become an
irrepressible conflict. In a few days the insurgents
followed suit with a "conference" in which they discussed with romantic ardor everything that ought
to be and is not. Headlines were again fattened for
a few days. The way of the Congressman at home
was made harder. But nothing vital save vicious
stabs at both parties were accomplished. Then the
country grew quiet. Committee investigations proceeded apace. And there crept into the columns of
the press those "fillers" which invite attention
though they do not satisfy—and the dullness of the
"dogdays" approaches.
What shall be done without politics and without
Congress in session? The President will now be in
full command. Republicans will continue to "organize" for the next year's campaign, but they are not
likely to cross the bridge before they come to it by
announcing the leading issue before they know what
it is to be. Meantime, it is asserted that the "bonus,'
is improving the automobile trade, and rains and
snows are breaking the "drouth" in the Midwest.
And day by day, by township, county, and State,
the hopeful Democrats will be asked to pay off the
mortgage to their leader!
MAR. 21 19311
FINANCIAL CHRONICLE
He who can prognosticate the history of the next
eight months can solve the riddle of the Sphinx.
Yet the flow of events will proceed without interruption by politics, or new laws that promise so
much and perform so little. Citizens have come to
dwell with bated breath on the doings of Congress.
All eyes turn each morning on Washington. If the
President shall avoid the spectacular conferences to
which the country has grown accustomed, hard work
and incisive initiative in business may go far toward
relieving the "depression". Forced to think intensively about his own business, the farmer, merchant,
manufacturer, may conceive new plans to employ
capital and labor; and the absence of legislation may
prove a boon to everyone.
The Congressman, sitting in the shade at his doorway, may reflect upon the long distance from the
hurly burly of Washington political excitements
and endeavors to the slow plodding of real life in
the provinces. He may discover what "public
opinion" really is, how it germinates, grows, and
flowers into fruitage. He may find that it is not
good to remain too long away from home; that the
thoughts of his constituents are more free from politics, more independent of manufactured issues, than
he has ever imagined. He may find himself emancipated from parties and inducted into a nobler
patriotism.
It is not easy to outline the thought and feeling
of the individual citizen in this interim. He must
know that his duty toward government has not
changed. Relieved of the perplexities of confusing
legislation he must weigh and measure the effect of
multiplying statutes upon the course and conduct
of business. Incipient politics, beating the bushes
for issues to get in on at the next election, must
fill him with doubt and likely disdain. He knows
that the cries against "invisible government", the
threats against imagined monopolies, trusts and
interests are but fancies spun out of envy and selfishness, for the intangible government at Washington
still functions; while the companies, corporations,
consolidations, through which business functions
continue to operate, and to build about him an environment in which and from which comes his more
immediate comfort, health and happiness. He has
the courage of high endeavor. He has the will to
undertake large enterprises. But at the very moment of his best self-reliance he meets obstacles in
the form of laws he did not ask for and to which he
must submit.
It is here and now that the good citizen becomes
acutely conscious that the least government is the
best government. The Little Father is for a time
sleeping. No help can come to this citizen save from
his own mind and strength. Does it ever come from
these theoretical helps and cures framed into laws?
How does any concensus of opinion from communities, from his fellow-workers about him, ever crystallize into these bureaus, commissions, and partisan
laws that hedge him about and confine and constrict
his efforts? Now for nearly a year there ctn be no
appeal to this court of Congressional action. Yet he
must "make a living", must use his capital and employ his labor to bring business success, must produce and transport and exchange as of yore; and
as he does he discovers that the laws are not necessary to right action, to honorable endeavor, and to
beneficial accomplishment. Thinking these long,
long thoughts he will hesitate to follow party leaders
2069
into the mazes of purely political action. At the
same time, he will feel the necessity of voting to
preserve the government. He will feel the urge for
independence in the details of "reform measures" the
while he depends more firmly on his political principles. It cannot be doubted that a period of quiet
reflection is good for both citizen and country!
Trusteeing Life Insurance.
An optimist was once defined by a Philadelphia
banker as one who, when handed a lemon, proceeds
to make lemonade. During the past few years
lemons have been passed around to business enterprises of all classes in very generous quantities, and
it is refreshing to note the example of at least two
classes of business men who may have taken a tip
from the observation of the Quaker City financier.
Two lines of endeavor which have shown remarkable progress during the depression are the trust
companies and the life insurance companies of the
country. Their happy experience in continuing to
make financial statements in black figures while
so many other kinds of corporations have been compelled to dip frequently, and some of them continuously, into red ink may be ascribed to co-operation
in an endeavor to have the proceeds of life insurance
trusteed for protection of the beneficiaries named
in the policies.
Sudden collapse of the stock market in 1929, adversely affecting business generally throughout this
country, would naturally have been a severe blow
to the trust companies and life insurance companies
as it was to most other interests. But instead of
throwing up their hands they seized the opportunity
to impress upon the public the importance and advantages of trusteed life insurance. Men, who had
sustained losses in business quite unexpectedly by
reason of the blow, became very approachable, and
when they were shown the advantages of putting the
proceeds of a life policy in the hands of a trust company as trustee for the beneficiaries named in a
policy they literally took the bait like hungry fish.
Husbands and fathers who wished to make provision for their dependents as secure as anything
worldly can •be were not slow to realize that the
temptation to dissipate an estate by heirs and the
assurance to them of an income from the principal
were features which they should seriously consider.
By transferring responsibility for the sale or purchase of securities from inexperienced persons to
men who are skilled in such tasks the testator comprehended that he would conserve the proceeds of a
life policy so that his dependents would receive the
full measure of benefit which he desired.
Accordingly, the practice has grown rapidly, the
life insurance companies profiting by reaping large
premiums and the trust companies gaining by becoming executors of estates so that they might act
as trustees under the provision of the policies. This
in large measure accounts for the prosperity of these
two lines of endeavor when other kinds of business
have been shrinking.
Just as the original idea of the Christmas Clubs
has been expanded to include savings for other specific purposes such as rent, vacation, interest upon
mortgages, taxes, and like obligations,so has the idea
of trusteeing life insurance been extended to the
protection of other channels of human effort on the
part of the thrifty.
2070
FINANCIAL CHRONICLE
Out of the experience has grown another practical
form of protection for business men which applies
particularly to partnerships. If, for instance, there
are two members of a firm and one partner should
die the partnership is dissolved, and if the surviving
partner were not in financial circumstances which
would permit him to carry on the business, the fruit
of years of endeavor might be lost. By the trustee
process each partner may insure his life for the
benefit of the other, and upon the death of one the
survivor would acquire the interest in the firm of the
deceased member, provision being made in the life
insurance trusteeship for payment of the proceeds
of the policy to a trust company as trustee for the
benefit of the widow and heirs, the surviving partner
becoming sole owner of the business.
This, too, has had an especial appeal to men by
reason of the hazards occurring in recent years.
During and since the war many estates have
grown enormously, making conservation of very
great importance. On Mar. 26 the life underwriters
and trust companies of Eastern Pennsylvania, Delaware, and New Jersey will meet in Philadelphia to
discuss results thus far obtained and to give attention to the solution of any new problems which have
arisen regarding this special line of insurance and
management.
The Annual Report of the United States Steel
Corporation.
The annual report of the United States Steel Corp.
is always certain to furnish a marvelous exhibit of
strength, whether viewed from the standpoint of
earnings and income or from the point of the financial resources of the corporation, and the report for
the calendar year 1930, made public the present
week, constitutes no exception to the rule.
For the previous calendar year (1929) the company had an opportunity to demonstrate what it
could do in an exceptionally prosperous year, the
stock market collapse, with reaction in trade which
attended the same, having come so late in the year
as not to affect the year's results to any substantial
degree. On the other hand, during the calendar year
1930, the period which is the subject of the present
report, the corporation was afforded another chance
to show,as on numerous occasions in the past, how it
would fare at a time of serious trade reverses. The
result for this later and unfavorable period, making
allowance for the change in conditions, is as creditable as was that for the prosperous year preceding.
The two years stand in sharpest contrast with
each other. In 1930 the corporation suffered an
enormous shrinkage in business and in earnings and
profits—a shrinkage which would have meant ruin
to a concern less strongly entrenched, but which the
Steel Corp. was able to endure without in any way
suffering impairment of its previous financial condition, long ranking as extremely high among the
great industrial undertakings of the land, and while
maintaining the full regular dividends on the greatly
enlarged common stock of the company—enlarged
by the 40% stock dividend distributed to the shareholders in 1927, enlarged also 'by the rights given
the shareholders to acquire additional stock for the
purpose of retiring during 1929 the Steel. Corp.'s
own funded debt, and still further enlarged by the
acquisition of extensive new properties both in 1929
and 1930.
[VOL. 132.
As to the extent and depth of the depression
encountered during 1930 the statistics in the report
furnish much impressive evidence. The production
of steel ingots by the corporation's subsidiaries was
only 16,726,472 tons in 1930 as against 21,868,816
tons in 1929, a falling off of 5,142,344 tons, or 23.5%;
the production of rolled and finished steel products
for sale reached only 11,609,265 tons in 1930 as
against 15,302,669 tons in 1929, the falling off in
this instance being 3,693,404 tons, or 24.1%. The
output of pig iron was only 12,758,333 tons against
16,484,985 tons, a decrease of 3,726,652 tons, or
22.6%. At the same time, only 25,388,265 tons of
coal were mined in 1930 as against 31,826,634 in
1929, a contraction of 6,438,369 tons, or 20.2%, and
the output of coke was no more than 13,113,382 tons
in 1930 against 17,355,036 tons in 1929, the decrease
here being 24.4%.
The report, in discussing the business reverse of
1930, observes that the marked recession in demand
for the products of the subsidiary companies which
developed in the autumn of 1929 continued during
the first half of 1930, and in the last half of the
year the decline became further pronounced, the
output in the final quarter equaling only 47.9% of
capacity. For the entire year we are told the production of rolled and other finished products for sale
averaged 65.6% of capacity, compared with 89.2%
in the previous year. The further very significant
statement is made that the ratio of output to capacity in 1930 was next to the lowest for any year
since the organization of the corporation in 1901,
the lowest having been in the year 1921, when the
ratio was 47.5%.
The corporation, however, had to contend, not
alone with a falling off in tonnage. It suffered also
by reason of the lower prices realized on the products
sold. The report speaks of this and says that the
continued lessening in demand during the year for
products was accompanied by a substantial decline
in prices secured. The average selling price received
for the total tonnage of rolled and other finished
products shipped in 1930, it appears, compared with
the prices received in 1929 for an equal tonnage of
similar products, was $3.61 per ton less for domestic
and $2.03 per ton less for export shipments. These
decreases in prices, it is stated, account for a reduction of approximately $40,600,000 of the total reduction of $108,128,700 in the net earnings realized in
1930 compared with those for 1929. It is also remarked that at the close of 1930 the prices then
being secured were somewhat less than the average
received, but "appeared to be quite well stabilized
with a slight advancing tendency due to an improved
prospective demand." The current week's action of
the Carnegie Steel Co., one of the subsidiaries of the
U. S. Steel Corp., in announcing that while it would
take contracts for second quarter delivery on bars,
shapes and plates at 1.65c. a pound up to April 1,
after that date the price would be 1.70c. a pound,
an advance of $1 a ton, obviously bears out this statement of an advancing tendency to prices.
As just noted,the reduction in net earnings in 1930
amounted to $108,128,700 as compared with the very
large earnings of the previous year. In the gross
total of the sales the falling off was no less than
$328,649,666. What'has been the final result in the
income account for the year of this great shrinkage
in 'business? The answer can be readily given. Notwithstanding the large loss referred to the income
MAR. 21 1931.]
FINANCIAL CHRONICLE
2071
statement for 1030 shows the 7% dividend paid on extensions, &c., reached no less than $144,439,8951
,
the common stock earned in full with a balance re- and even the net amount, after allowing for offsets
maining on the year's operations of $18,836,097, of $19,928,904 for salvage of plants and improvewhich was carried forward to swell the previous ments disposed of, &c., amounted to no less than
accumulations of surplus out of income. For 1929, $124,510,991. The report says, with reference to
on the other hand, when the distribution on the these large capital outlays:
common shares aggregated 8% (the company then
"The relatively large amount of expenditures made
having made an extra distribution on the common during the year as above, particularly on the propstock of 1%, which extra was not repeated in 1930), erties of the manufacturing subsidaries, was inthe company had a surplus on the operations of the curred in carrying forward tU extensive program
12 months in amount of no less than $108,523,343, referred to in last year's annual report which had
which likewise went to swell accumulated surplus. been determined upon after a thorough survey of
A corporation which can see business reduced in the requirements needed to rehabilitate and modernamount of $328,649,666 and its net earnings dimin- ize a number of the departments, to extend facilities
ished in amount of $108,128,700 and yet pay the in order to conduct operations on a more economic
same dividends as before, save only for the omission basis and to provide for the production of steel
of the extra payment of 1%, is obviously in a for- products of newly developed types, all in order to
tunate and an enviable condition. The result also, meet demands of the trade and continue the corporahowever, testifies to an uninterrupted period of ex- tion's established position in the industry."
cellent management extending through the whole
As in previous years, debt reduction has attended
period of the company's history, as also to the long the heavy yearly capital expenditures—out of earncontinuance of the policy of plowing back into the ings or out of financial resources provided in other
properties enormous amounts of earnings in the ways. During 1930 there was a reduction in the
shape of undistributed surplus—surplus extremely bonded and mortgage debt in amount of $10,479,567,
large in good years and never absent even in poor while the net expenditures for capital account were,
years.
as already stated, $124,510,991, this last not includWhile on the subject of surplus it should be noted ing $50,519,537, the investment cost of the properthat the balance sheet shows for Dec. 31 1930 a bal- ties, plants and business of the Atlas Portland
ance of earned undivided surplus in amount of $471,- Cement Co., the Columbia Steel Corp., and the Oil
782,758, which compares with $434,711,117 on Dec. Well Supply Co., acquired by purchase during the
31 1929. The increase for the 12 months is made up year and paid for by the issue of common stock
entirely of two main items, namely, the $18,836,097 therefor. In 1929 the debt reduction reached excepof surplus net income for 1930 above the 7% divi- tional proportions because the company arranged for
dends and $18,322,394 refund of Federal income and the retirement of the two whole issues of Steel Corp.
excess profits taxes (diminished by $86,850, the bonds in amount of $134,830,000 and $136,632,000,
premium paid on bonds of the Steel Corp. retired respectively, a total for the two issues combined of
during the year). This undivided surplus of $471,- no less than $271,462,000. In addition, there were
782,759, it should be understood, is entirely apart also called for redemption in that year the entire
from $270,000,000 of earned surplus actually appro- outstanding issue of the Indiana Steel Co. first
priated for and invested in capital expenditures. mortgage bonds in the sum of $20,858,000 and the
The two items together, it will be seen, make the National Tube Co. first mortgage bonds in amount
total of the earned surplus, appropriated as well of $10,791,000. Altogether the bonded and mortgage
as undivided, no less than $741,782,758. It is this debt of the company was reduced in 1929 in amount
application of surplus earnings for the improvement of $344,344,437, while concurrently the Steel Corp.
and extension of plant and property, and to and its subsidiary companies had to provide for
strengthen its financial condition that furnishes the capital expenditures in making provision for
key to its wonderful success.
additional property, new plants, and extensions and
As for the Steel Corp.'s financial condition, the improvements in the aggregate sum of $59,329,674.
balance sheet shows current assets, Dec. 31 1930, of
This reduction of extraordinary size in bonded
078,373,097 (including $323,052,846 of inventories), indebtedness in 1929 was simply a continuance
of
while current liabilities were no more than $108,- the policy of constant debt reduction made in
previ873,454. Of the $578,373,097 of current assets no ous years during
almost the entire history of the
less than $117,203,288 consisted of actual cash (in corporation. Thus during 1928 the capital
expendihand or in bank), which, therefore, more than ex- tures by all companies
for the acquisition of
ceeded the whole of the current liabilities of $108,- additional property, new plants, extensions
and bet873,454 reported at the same date. This is a better terments, including stripping
and development exexhibit even than that for Dec. 31 1929, when the pense at mines, aggregated $47,146,725. Yet
there
report showed $562,232,507 of current assets, of was a net decrease of $18,572,113 during that year
which $130,673,563 was in actual cash as against in the bonded and mortgage debt of the Steel Corp.
current liabilities amounting to $121,358,052.
and its subsidiaries, through sinking fund operations
This improvement has occurred, too, in face of and other processes for retiring debt. In 1927
the
exceptionally large capital outlays—much larger new capital additions were no less than $97,585,998,
than those of the preceding year. This process of while net indebtedness was reduced $17,514,824. In
making large capital expenditures each year—con- 1926 the new capital expenditures amounted to $76,currently with a reduction of the corporation's 080,520, while there was a reduction in net
indebtaggregate indebtedness, has been a distinctive fea- edness of $16,776,225.
ture of the administration of the property for almost
In 1925 the capital expenditures reached $70,its entire history, as we have repeatedly pointed out 893,944, while net debt was reduced $1,774,852. In
in reviewing previous annual reports. It appears 1924 the capital expenditures amounted to $79,that total expenditures during the year for additions, 619,986 and were coincident with a debt reduction
2072
FINANCIAL CHRONICLE
of $15,886,800. Similarly in 1923 the new capital
outlays were $60,762,920, while indebtedness diminished $12,580,538. In 1922, with new capital expenditures of $29,571,662, the net decrease in debt
was $1,124,500. In 1921, in the face of new capital
expenditures of $70,091,866, the net indebtedness was
reduced in the sum of $14,163,865. In 1920, when
the capital expenditures amounted to $102,956,133,
there was a decrease in debt of $13,870,450. And in
1919, when the capital expenditures aggregated $87,091,515, net debt diminished $13,921,885. The
record, as already stated, furnishes an insight into
the underlying causes of the company's unvarying
success,in good years and bad years alike.
The Financial Rescue of North Carolina.
The new Municipal Finance Law of North Caro.
lina, ratified Mar. 3 and in effect the 18th, is of far
more than local concern. It was officially characterized on its adoption as "saving the State."
North Carolina in recent years has moved up from
being one of the poorest and most backward of the
Southern States to becoming in many ways a leader
in thoroughly modern advance. Her industries, her
educational facilities, her growth in wealth and general prosperity, and the new spirit everywhere manifest, together with her appearance in outside commercial and intellectual centers, have attracted wide
attention and given her a new position. It was
inevitable that the financial upheaval now prevailing should have serious effect with her. This had
extended so far as to lead the State authorities to
cast about for immediate measures for relief. In the
emergency, a New York attorney, Mr. Chester B.
Masslich, representing his own and other important
interests, was called upon for counsel.
The result of this conference with the State
officers, and examination of existing conditions, was
a bill proposing a radical change in the financial
system of the State, extending to all its branches,
from the State itself to the smallest unit of town
or village. This bill, worked out with care and laid
before the Governor, was, after examination by him
and his colleagues, so heartily approved that it was
at once presented to the legislature and promptly
adopted.
Its importance lies not only in that it is a bold and
comprehensive measure to bring the entire financial
administration of the State, with all its collecting,
expending, and accounting of the people's money,
under one responsible head acting through an established central bureau of control; but also in the
fact that it is undertaken by North Carolina, the
State which has accomplished so much in her own
upbuilding and has won leadership, by reason of
her having within her borders so many representatives of the intelligence and public spirit no less
than the productive industries of the country. The
actual working of the Act will be watched with
interest.
The main features of the Act are these. It is
known as the Local Government Act, and creates
the Local Government Commission. It adopts the
term "unit" to apply to a county, city, town,and district, or other political subdivision of the State. The
Commission consists of nine members,three of whom
are the State Auditor, State Treasurer, and Commissioner of Revenue, as ex-officio members; the
other six are appointed by the Governor to hold
office during his pleasure. One of these appointees
[VOL. 132.
shall be a member of the governing body of a city
or town, and one a member of a county's similar
body; another shall be the Director of Local Government, to be appointed by the Governor, and shall be
also Secretary of the Commission; he, with the
State Auditor and State Treasurer are to constitute
an Executive Committee with large powers under the
Commission.
Bonds or notes proposed for issue by any unit
must be submitted to this Commission for approval.
Only if the Commission finds that the bonds will
meet its full array of requirements, extending from
its possible expediency to the particular unit as
not being in default of payment for existing indebtedness, shall public notice be given for a hearing,
and the legally required steps for issue and sale be
taken. This done, sales shall be conducted, bonds
and notes issued and sold only in obedience to detailed methods prescribed by the Commission, acting
in each case under existing laws; and the Commission shall have power to appeal, if need be, to the
courts to enforce its action. Each officer of a unit,
when having authority to pay interest or principal
of bonds and notes, shall send simultaneous notice
to the Director on forms which he provides. All
sums collected by local officials for sinking funds
or dues as such shall be reported to the Director.
And all parties holding such funds shall obey the
rules and decisions of the Commission, and shall
be subject to supervision by the Director and shall
report periodically to him. Detailed conditions are
further given not only for these but for other possible purchase or sale. Any outside person whose
assistance may be required may be appointed by the
Director, or Administrator of Finance; and the
orders for his service and compensation as prescribed
are to be provided.
At least 30 days before taxes are to be levied for
payment of principal or interest on its obligations,
the Director shall issue proper notice, and if any
local officer having such funds in hand fails to
make required payment or any officer of any local
unit shall vote to use or pay out money in his hands
for any other purpose until payment of principal and
interest due on the bonds and notes shall have been
paid, hall be held guilty of a misdemeanor by the
courts. Furthermore, any willful violation by the
Director or any member of the Commission or of a
board of unit, of any duty imposed by this Act, or
his willful failure, neglect, or refusal of any such
duty, shall be declared a misdemeanor. On request
of the Governor, the Attorney-General shall take
charge of the prosecution.
Existing Acts in the Consolidated Statutes are
modified to facilitate the complete unifying of the
financial system of the State to go into effect as
rapidly as possible. Indebtedness incurred before
Jan. 1 1931 may be met, provisionally, under rules
given to the local units.
The fiscal unit of all municipalities shall begin
July 1 1931, and provision is made for adjusting
existing methods to correspond. Emergency funds
are set aside to meet the necessary expenses of carrying the Act into effect; and finally the financial
obligations of any county, municipality, or unit,
cannot be construed to bind the State or any other
county, municipality, or unit. The Act goes into
effect at once and is widely welcomed within the
State as laying foundations for a new day. It will
be observed that it does not diminish the indepen-
FINANCIAL CHRONICLE
MAR. 21 1931.]
deuce of the local units, big or little; but, on the
contrary, gives them the benefit of the position they
hold in the State and the constant readiness of the
Central Powers to sustain and aid them.
Though this was a problem worked out to meet
local conditions, it had thorough and intelligent
study. It doubtless will be modified and adjusted
in practice, and in that way will gain a wide possible
application. It certainly is worthy of careful
observation as a definite step• in constitutional
advance.
Latin-American Dollar Credit in the United
States, 1920-1930.
In this issue of the "Commercial and Financial
Chronicle" we are publishing the first of a series of
four articles comprising several tables tracing the
development of our public loans to the Latin American countries during the years 1920 to 1930. The
period covered by this review witnessed a large
expansion on our foreign investments, and these
articles throw some light on the experiences of our
investors with our Latin American loans. The
remaining three articles of the series will appear in
succeeding issues.
By ADAM K. GEIGER.
ARTICLE ONE.
INTRODUCTION.
This survey of Latin American Public Credit in the
United States during the 11-year period beginning Jan. 1
1920 and ending Dec. 31 1930 endeavors to trace the yearly
offerings and the year-to-year change in the outstanding
amount, yield and coupon rate of the Latin American Gov-Guaranteed
ernment, State, Municipal, and Government
Mortgage Bank Dollar Loans publicly offered for sale in
the United States during this period. While our contact
with Latin America as a lender antedates the year 1920,
our loans prior to that date were comparatively few in
number and small in the aggregate total. As compared with
the present amount of approximately $1,700.000.000 there
were, on Dec. 31 1919 only $139,731,200 par value of longand short-term issues outstanding in this country.
There has been no attempt to measure the total of our
investments in all Latin American securities. Since the
burden of this survey is the "public" credit of Latin
America in the United States, it is confined to the Dollar Loans, and hence, all local or foreign currency, other
than Dollar issues. and also Dollar issues originally
offered in some foreign country, even though it may
be known that some portions of these issues have drifted
to this country, have been eliminated. Likewise there
have been omitted the obligations of locally domiciled
corporations, both stocks and bonds, and of corporations domiciled in the United States or other countries
foreign to the country of operation even though such obligations may be expressed in Dollars and bear a Government
guarantee.
Although the survey is confined to publicly offered Dollar
Loans, in one or two instances loans placed privately have
been included for the purpose of properly developing one
phase or another of the subject. Loans with a life of up to
five years, unless forming part of a long-term serial issue,
have been considered as short-term issues and are not
Included in the price and yield tables of outstanding loans.
With respect to the method employed, a few words will
answer. The price, yield, and coupon rate of each issue
included in the price and yield tabulations and the coupon
rate of the issues included only in the coupon tabulations
have been weighted on a basis of the outstanding amount
of each issue as of the end of each year, thus giving a more
accurate result than would have been obtained by the use
of a simple average of these factors. The prices used are
either the last sale, the bid or the asked price, as the case
may be, on the last business day of the year. In the tabulations of yearly offerings the price, yield, and coupon rate
are weighted on a basis of the amount of each issue offered
for sale in the United States.
2073
TOTAL OUTSTANDING LOANS AND AVERAGE COUPON RATE.
Excluding the obligations of Mexico and making no allow
ance for'bonds held abroad, the par value of all long- and
short-term Latin American Government, State, Municipal,
and Government Guaranteed Mortgage Bank Dollar loans
outstanding in the United States as of Dec. 31 1930 amounted
to $1,699,623,452, bearing a weighted average coupon rate
of 0.29%, an increase in amount as compared with Dec. 31
1929 of $169,101,925, and a decrease in the weighted average
coupon rate of .07. The great bulk of these loans were
governmental obligations, as will be observed in Table I,
showing the distribution of the outstanding total as among
the various debtor countries and as among National, State,
Municipal, and Guaranteed Mortgage Bank issues.
TABLE I.
rDistzibutfon of Latin-American Government, State. Municipal and Guaranteed
Mortgage Bank Dollar Loans outstanding in the United States
as of Dec. 31 1930.x
ed
u. r
„ L
State.
Total.
Government.
Municipal. fl ara te .
Borrower—
8
$
470.758.400
324,156,000 104.682.900 41.919.500
Argentina
59.442.500
59.442,500
Bolivia
373.651.300
Brazil
148,853.000 158.506,300 68,292.000
20.971,000 87.083.000 285.301.000
Chile
177.247.000
57,343,000 62.257.900 23.235,800 13,965,000 156 801.700
Colombia
91.551.000
2.928.000
Peru
1,295.000
87.328.000
65,036.500
10,536,000
Uruguay
54.520.500
9,247.500
Costa Rica
9.247.500
550.000
Guatemala
8550.000
5.130.000
Salvador
b5,130.000
131,860.100
3,801,500
Cuba
128,058,600
13 308.452
Haiti
13.308.452
18.985.000
Santo Domingo_
18,985.000
17.980.000
1,650,000
480.000
Panama
15.850.000
Total
1.100.019,552 324,742.100 172.163.800 102.698.000 1,699.623.452
x Excluding Mexican obligations. a Portion of a longer loan privately held. IS
Possible that some part of this amount in hands of public has been retired by sinking
fund. b Includes $1.000.000 of a dollar issue held internally. Is possible that some
part of this amount has been retired by sinking fund.
During the 11-year period, 1920-1930, the par value of the
loans outstanding in the United States increased by $1.559,892,252, and the weighted average coupon rate, notwithstanding a downward trend since the end of 1922, increased
by .87, as compared with Dec. 31 1919. The growth of the
outstanding amount to the present proportions and the
change in the weighted average coupon rate from year to
year is traced in Table H:
TABLE Mx
.Total Latin-American Government, State, Municipal and Guaranteed mortgage
•
Bank Dollar loans outstanding In United States and weighted average coupon.
W righted
Pa? Value
End of
Weighted
Par Vawse
Mug of
Outstanding. Avg.Coupots.
Year.
Outstanding. elog.Coupon. Year.
8
6.55
950,210,290
1926
1920
5.31
108.895,450
6.51
1245.327.1100
1921
1927
6.80
289.903.650
6.38
1 507.290.600
1928
1922
6.92
429,895.800
•
616
1.530.521.527
1929
6.29
1 699,623,452
:11
1930
192.4-----6.64
1925
620.979.264
•Excluding Mexican loans and making no allowance for amounts held abroad.
It
all weighted price, yield and coupon rate figures were, In the original callt
culation. carried to six places they are In this and subsequent tables exprzezed 10
the nearest fraction to two deol . a, places only.
:13:111:2;3
The 1.50 increase in the weighted average coupon rate
from the end of 1920 to the end of 1921 is accounted for by
the fact that new issues during the year 1921 were, as will
be later shown, at a weighted average coupon rate of 7.59%,
the issues in the main bearing a coupon rate of 8%, with
one each long and short-term issue at 6%, while the loans
outstanding at the end of 1920 comprised issues bearing
43%,5% and 6% coupons. With the year 1923 there began
a downward trend in the weighted average coupon rate
which, interrupted only by a slight increase in 1925, has
continued through to the end of 1930, at which time the
rate was .63 under the 1922 high of .6.92%. This decline
is the resultant of the gradual retirement either by refunding or sinking fund operations of the higher coupon issues
of the earlier years of the period and a lower weighted
average coupon rate of the offerings in more recent years
as compared, particularly, with the years 1921 and 1922.
(To be continued.)
Charles L.,Speare on Banking Conditions.*
Why should there have been the suspension of 1,326 institutions in 1930, or more than one in every 20 operating in
the United States, involving deposits of over $900,000,000?
Has this been due primarily to poor management, to overexpansion and the spreading out into fields foreign to true
banking, or is it one of the uneseapable consequences of a
prolonged and pronounced depression in which commodities,
real estate and corporation securities have all been involved?
I
I
• Extracts from a talk given by Charles F. Speare, Financial Editor, The
Consolidated Press Association, before the tenth annual Business and
Professional Men's Group, at the University of Cincinnati, College of
Engineering and Commerce.
2074
FINANCIAL CHRONICLE
The primary obligation of a bank is to its depositors. I
am afraid that in the recent new era period, more thought
has been given to the stockholders of banks than to their
depositors. The emphasis of bank managements has been
on making money that would reflect in the earnings per
share of stock rather than in centring attention on building
up reserves that would guarantee the depositor his money
In full amount and whenever he called for it. There has
been too much promotion among too many banks; too much
consolidation for the purpose of profit out of the bank stocks
bought and sold; too many "split-ups" in order to encourage
a wider distribution of bank stocks among a public that was
not educated to hold them and which exhibited its fears
over stockholders' liability when the epidemic of failures
spread over the country.
No bank can ever be entirely liquid. If it were forced to
maintain cash reserves, call loans, government obligations
and short term securities in the amount equal to its deposits
It would be an unprofitable enterprise and would have to
go out of business. On the other hand, it can by good management and consideration always of the depositor before
the stockholder, maintain itself in a position where it has,
in addition to its cash and short term securities, a second
line of reserve in readily marketable securities. This is
what a large percentage of the banks that failed did not do
and showed no disposition to do. They were out to make
large profits. They found these temporarily in real estate
loans that paid a high rate of interest, plus commissions,
In local securities which they financed either through pride
or through greed, and in establishing relationships with
Investment trusts or trading corporations to whom they
loaned an unwarranted percentage of their capital and surplus and were victims of the depreciation in the securities of
these corporations which they accepted as collateral. The
trail of the Caldwell failure in Tennessee could be traced
through the banks of several States. It was the same sort
of trail that led from the headquarters of the Hatry group
In England in 1929 to many of the large English banks,
and from that of the Oustric group in France last year into
the parlors of many leading French institutions.
It might be argued that banks have not only been confronted with the problem of deflation in commodities but
In that of the most serious fall in the prices of real estate
and in securities during this generation, and that, therefore, blame should not attach to them when they were forced
to suspend because the value of these two forms of assets
had shrunk to a degree where it seriously impinged on their
capital, surplus and undivided profits. I said earlier in
my talk that the first and primary obligation of a bank was
to its depositors; that it should always be in a position where
it could meet the calls of depositors on demand and that
therefore it must have a high degree of liquidity. A real
estate mortgage under proper appraisals is one of the best
of all investments for an individual. For a bank it is a proper
investment up to a certain ratio of demand and time deposits.
Beyond that ratio it is a menace to the bank. Government
securities and those of the short time character are next to
cash in their liquidity. There is always a market for them.
That is why all of the banks of the country, notably those
In New York and Chicago, were found to have had at their
Dec. 31 call the highest amounts of securities of this kind,
relative to deposits, in their history and the highest cash
reserves since 1907. Other securities than governments
and short term issues also have a market, but in times of
stress the institution holding them may find difficulty in
selling them except at a loss, and this loss impairs its reserves or undivided profits and has frequently in the last
month eaten deep into surplus. To illustrate the swiftness
with which the market changed its course, let me tell you
what happened to a prominent though not very large insurance company last year. At the end of June its portfolio
of securities showed an appreciation of $800,000. At the
end of September this had dropped to $400,000.
The market during the summer and early fall had only
been slightly on the decline. But between the end of September and the end of December, what was a paper profit
to this company of $400,000 had changed to a paper loss of
nearly $2,000,000, and if the company had been compelled
to liquidate at that time such action would have seriously
Impaired its capital. So the bank of to-morrow that primarily wishes to protect its depositors and gives only second
consideration to its stockholders must be content from year
to year to make smaller earnings and in this connection I
believe that we are likely Lo see a demand from the great
For,. 132.
body of bank depositors that their savings accounts in commercial banks be required to carry a higher reserve than at
present and to be protected through the investment of them
in a restricted list of investment securities. It is very
significant that during 1930,and mainly in the last six months
of the year with the momentum of the movement greatest
in November and December, the mutual savings banks of
this country gained $1,000,000,000 in deposits with no inconsiderable portion of this coming away from the commercial
banks, and only one such bank that I know of failed. The
mutual savings banks can only invest the proceeds of the
deposits which it accepts in certain ratios of real estate mortgages and in a closely prescribed list of corporation bonds
which are acceptable to the banking authorities of the separate States.
Federal Reserve Board Amends Regulations Governing Rediscount by Reserve Banks of Notes Secured
by Adjusted Service Certificates of World War
Veterans—Circular of Federal Reserve Bank of
New York.
Amendment of Regulation G of the Federal Reserve
Regulations relating to discount of notes secured by adjusted
service certificates of world war veterans was announced
March 7 by the Federal Reserve Board, which explained in
an accompanying statement that the changes were necessary to make the regulations conform to the increased loan
basis upon which the certificates were placed by recent
legislation. The "United States Daily" of March 9 in giving the Board's announcement of the amended regulations
said:
Provision is made by which the Federal Reserve banks are required to
accept the notes secured by the certificates for rediscount with a rate of
Interest not greater than 434% in any event, and not more than 2% in
excess of the commercial rate charged by the member banks on 90
-day
paper if that total rate be less than 434%•
The Board's statement follows in full text:
Statement of Board.
The Federal Reserve Board has amended its Regulation 0 governing the
rediscount by Federal Reserve banks of notes secured by adjusted service
certificates so as to conform to the Act of Feb. 27 11)31, amending Section
502 of the World War Adjusted Compens tion Act: and copies of the
amended regul Won with the new portions Indicated by capital letters are
tele sed herewith.
The amendments contained in the Act of Feb. 27 1931, apply to loans
by banks as well as to loans by the Veterans' Bureau. The principal
changes effected by the amendments are (1) to Ineret.se the loan value of
each adjusted service certificate immediately to 50% of the face value of
such certificate, and (2) to provide that the rate of interest on any such
loan shall in no event exceed 4I4% per annum, compounded annually.
The original provision of Section 502 of the World War Adjusted Compensation Act to the effect that the rate of interest charged by banks on
loans to veterans secured by their adjusted service certifini tee shall in no
event exceed by more than 2% per annum the rate charred at the date
-day commercial piper by the Federal
of the loan for the rediscount of 90
Reserve Bank of the Federal Reserve district in which the lending bank
Is located, remains in effect.
Interest Roles.
Therefore, as to all loans made on and after Feb. 27 1931, the rate Of
interest must not exceed, (a) simple interest at a rate not exceeding by
more than 2% per annum the rate charged at the (Fie of the loan for the
-day commercial paper by the Federal Reserve Bank of
rediscount of 90
the District In which the lending bank is located. or (b) 434% per annum
compunded annually. whichever is the lower
Subsection (e) of Section III of the Bo ull's Regulation 0 contains a
provision to the effect that, when a note given by a veteran for a loan on
his adjusted service certificate contains, in the form approved by the
Director of the Veterans' Bureau, a provision for tie extension or the maturity thereof from year to year. at the option of the holder evidenced by
his endorsement thereon, the maturity of 58 1(1 note (after the first. maturity
stated thereon) shall, for the purpose of determining its eligibility, be
deemed to be that stated in the latest extension endorsed thereon by the
holder.
Notes in this form need be used only where the lending hank desires to
retain the eligibility of such notes for rediscount at Federal Reserve banks
subsequent to the first maturity. Banks not desiring to preserve such
eligibility after the first maturity may continue u) use United States
Veterans' Bureau Form No. 6615, which has been used heretofore.
The Federal Reserve Bank of New York, issued under
date of March 16, the following circular bearing on loans by
member and non-member banks secured by adjusted
service certificates:
FEDERAL RESERVE BANK OF NEW YORK.
Circular No. 1025, March 16 1931
Superseding Circular No. 757, Dec. 21 1926
Loans by Member and Non-Member Banks Secured by Adjusted
Service Certificates and Rediscount by Federal Reserve Banks
of Notes Secured by Adjusted Service Certificates.
To all Banks and Trust Companies in the
Second Federal Reserve District:
Enclosed with this circular are the following:
(1) Extract of regulations of the United States Veterans' Bureau regarding loans secured by adjusted service certificates, as amended to conform
to the Act approved Feb. 27 1931, amending Section 502 of the World
War Adjusted Compensation Act.
MAR. 21 1931.]
2075
FINANCIAL CHRONICILE
(2) The Federal Reserve Board's Regulation G, Series of 1931, regarding rediscount of notes secured by adjusted service certificates, as amended
to conform to the new law.
(3) U. S. Veterans' Bureau Form 6615-a, being new form of note referred
to in Section 4678 of the regulations of the United States Veterans' Bureau
as amended, with forms of affidavits thereon for execution by bank officers.
(4) U. S. Veterans' Form 6617. being form for use of banks in notifying
the United States Veterans' Bureau of loans made to veterans secured by
adjusted service certificates.
(5) Form of resolution to be adopted by the boards of directors of banks
authorizing the rediscount of notes secured by adjusted service certificates.
(6) Form of application to Federal Reserve Bank of New York for
rediscount of notes secured by adjusted service certificates.
Additional copies of the above regulations or forms will be furnished by
this bank upon request.
Loans by Member and Non-Member Banks Secured by
Adjusted Service Certificates.
The World War Adjusted Compensation Act as amended by the Act
approved Feb. 27 1931, and the regulations of the United States Veterans'
Bureau prescribe the terms and conditions upon which member and nonmember banks may make loans secured by adjusted service certificates.
Subject to the provisions of the law and of the regulations of the United
States Veterans' Bureau, any national bank, or any bank or trust company incorporated under the laws of any State, Territory, possession, or
the District of Columbia, is authorized, after the expiration of two years
after the date of the certificate, to loan to any veteran upon his promissory
note secured by his adjusted service certificate any amount not in excess
of the loan value of the certificate, which is (a) 50% of the face value of
the certificate, or (b) the loan value stated on the face of the certificate,
whichever is the greater amount. The law provides that the rate of interest
charged upon the loan by the lending bank shall not exceed by more than
2% per annum the rate charged at the date of the loan for the discount of
90-day commercial paper by the Federal Reserve Bank of the Federal
Reserve District in which the lending bank is located and, as to loans made
on or after Feb. 27 1931, shall in no event exceed
% per annum compounded annually.
which 873,618,802 was advanced in January 1930; 157,282,
on which $75,691,601 was advanced in January 1929, and
104,223, on which $52,357,754 was advanced in January
1928.
Of the total number of ears financed during the month
of January 1931, 35.9% were new cars, 61.5% were used
cars and 2.6% were unclassified.
Wholesale financing during January was $40,249,307, as
compared with $35,600,440 in December (revised), and
$52,447,062 in January 1930.
The figures below have all been revised to include 27
additional organizations included in the October return, but
not in previous returns.
AUTOMOBILE FINANCING.
Retail Financing.
Year
and
Month.
Wholesale
Financing
Volume
in Dollars.
Number
of Cars.
Upon the endorsement of any bank, which shall be deemed a waiver of
demand, notice and protest by such bank as to its own endorsement
exclusively, and subject to regulations of the Federal Reserve Board, any
such note secured by an adjusted service certificate and held by a bank
is made eligible for rediscount with the Federal Reserve Bank of the
Federal Reserve District in which such bank is located, whether or not the
bank offering the note for rediscount is a member of the Federal Reserve
System and whether or not it acquired the note in the first instance from
the veteran or acquired it by transfer upon the endorsement of any other
bank; provided that at the time of rediscount such note has a maturity
not in excess of nine months, exclusive of days of grace, and complies in
all other respects with the provisions of the law, the regulations of the
United States Veterans' Bureau, and the regulations of the Federal
Reserve Board.
Section 4678 of the regulations of the Veterans' Bureau as amended sets
forth a new form of note (U. S. Veterans' Bureau Form No. 6615-a) which
may be used by banks in making loans on the security of adjusted service
certificates, containing a provision that if the principal and interest are
not paid at maturity, the maker and all endorsers authorize the holder
at his Option, evidenced by the holder's endorsement to that effect on the
note, to extend its maturity for a period of one year and to repeat such
extensions from year to year. Subdivision (e) of Section 111 of the Federal
Reserve Board's new Regulation 0. Series of 1931. provides that when
a note given by a veteran for a loan on his adjusted service certif;cate
contains, in the form approved by the Director of the United States
Veterans' Bureau, a provision for the extension of the maturity thereof
from year to year, at the option of the holder evidenced by his endorsement thereon, the maturity of said note (after the first maturity stated
therein) shall, for the purpose of' determining its eligibility for rediscount.
be deemed to be that stated In the latest extension endorsed thereon by
the holder. The above mentioned new form of note (U. S. Veterans'
Form No. 66I5-a) will, therefore, be eligible for rediscount at a Federal
Reserve Bank whenever the maturity date stated in the latest extension
endorsed on the note by the holder is not more than nine months after the
date of rediscount provided, of course, that the note complies in all other
respects with the requirements of the law and of the regulations. Banks
making loans on notes secured by adjusted service certificates, which do
not desire to preserve the eligibility of such notes for rediscount after the
first maturity may properly use the same form 11.1. S. Veterans' Bureau
Form No. 6615) which has been used heretofore for making loans on the
security of adjusted service certificates.
An member or non-member bank desiring to rediscount with the Federal
Reserve Bank of New York notes secured by adjusted service certificates
should, If it has not already done so, file with the Federal Reserve Bank
of New York a certified copy of resolution adopted by the board of directors
of such member or non-member bank authorizing the officers therein
designated to rediscount such notes. All notes offered to the Federal
Reserve Bank of New York for rediscount which are secured by adjusted
service certificates should be listed on the form of application provided for
this purpose, which should be filled out so as to give full Information as
called for and should be signed by a duly authorized officer of the offering
bank, i.e. by an officer designated in the resolution referred IA In this
paragraph. Copies of both the form of resolution and the form of application referred to in this paragraph are enclosed with this circular.
GEORGE L. HARRISON, Governor.
Volume
in Dollars.
Number
of Cars.
MIMI
in Dollars.
1928.
Fanuary
104,223
52.357,754
49.989
82.489,265
February
‘1arch
kpr11
Ylay
rune
luly
kugust
3eptember
)(loner
132,3116
195.806
234,852
272,310
264,112
253,460
252.658
209,917
216.382
181,073
152,499
65.016.842
93,581.752
113.564.342
132,186,344
128.167,581
123,069,008
121.874,690
102,516,127
104.323.612
86.828.447
73.058,197
83.798
96,921
117,751
137.259
131,694
125.656
124.859
100,791
101.554
84.633
63.251
40.557,252
61.072.572
74,435,217
86,416,000
83,198.055
79.770,688
78,730,798
64.754,538
64.990.561
53,054,598
2.469,658 1,196,544,696 1.198,156
761,179,480
DATA
NOT
AVAILABLE
dovember
3ecember
Rediscount by Federal Reserve Banks of Notes Secured by
Adjusted Service Certificates.
New Cars Financed,
Total.
Total year
1929.
!titulary
,
eltruary
aurch
1 prIl
day
I tine
'lay
kugust
1eptember
letober
4Oventber
Jecen)ber
Total year
1930.
unitary
,
ebruary
,1 arch
i prIl
Jay
une
lily
L whist
, 'member
I'
)erober
:oven,ber
December
Total year
1931.
anunra
36,899,813
47.962.644
61,170.730
74.884.909
72.291,505
63.412,417
61,839,467
69.959.084
60.194.621
63.640.986
44.633.376
21,0(11.694
157.282
191.078
305.839
411.755
402.897
387.157
391.461
350.477
300.901
278.258
210.834
171,89)
75.691,601
91.241.901
142.117,146
172.811.264
164.9:18.915
180.098.333
1811.845.491)
163.896.492
129.447.399
126.590.020
95.000,6411
80.0811.999
78.633
103.680
166,455
205.603
213.125
204.174
211.707
184.365
158.364
132.453
96.392
74,332
41.709,916
48.765,872
61.978,964
96.881,494
116.938.139
125.283,993
122.037.943
124.761.957
111.299.259
93.950.005
80.372.682
58.245.887
48.081.493
677.891,24f 3,559,8211 1.622.768.30(11,829.213 1.088.578,388
78,729
95.600
139,38:
171.321
170.00:
159.942
130.92(
111.334
92.367
78.60:
54 WV.
62,021
45,244,894
5:1.010.774
77.331.961
94.085.514
94.235.699
91.277.619
73,595.951
63.143.583
52.961.856
45.750.651
31.869.227
35,412,402
661.522.441 2.995.574 1.230.044.207 1.345.041
757.920,131
52.447.062
61.244.849
77.547.823
85.345.770
83.659.772
53.802.394
55.429.935
45.411.111)
45.386.952
35.962.248
29.654 077
35,600,440
An 4AD
166,151
199,947
316.029
346.083
349.13r
341,487
287.444
247.574
210.677
201,458
152 802
167,786
OO7
lAA AIO
73.618.802
85.769,60/
12:1.786.111
146.986.6711
141,307.160
138.5211.031
119.044.282
102.539.430
90.466.172
81,503.1344
693(15 ow
68,146,068
AO
AAR
7k0
AO glit
2097905*
Retail I" naming.
Year
and
Month.
Used Cars Financed.
Number
Of Cars.
V0111111,1
in Dollars.
Unclassified.
Number
of Cars.
Volume
in Dollars.
1928.
January
February
Ala reit
A Nil
May
June
tily
A(must
SerarmlaT
()ember
November
December
40.978
52.585
76.449
88.468
105.661
104.462
97.705
98.708
84.73))
911.839
74.744
69.560
31.675.696
31.620.291
29.336.567
30.037.717
26.129.1124
28.104.752
23.277.105
22.082.179
13.256
15.1183
22.436
28,633
29.390
27.956
30.099
29.091
24.390
23.989
21.1196
19.1.188
Total year
984.895
302.444,339
286.607
132.920,897
89,031
76.724
121.512
1)33.340
169,1113
164.385
182.723
149.558
127.948
135.01111
104.211
89.943
22.783,830
24.1163.1111
37.906.986
47,221.842
51,103.985
50.379.886
49,104.714
45.849,948
29.558.269
41.724.621
32.2110.1)75
28,674.443
9.1118
10.674
17.872
211.812
20.6119
18.598
17.1131
16.254
14.58!)
1(1.745
10.2:11
7.1115
4.141.899
4.599.836
7.328.666
8.651.283
8.551).937
1,555.838
461.231,700
174.708
72.958.212
81,012
95.786
166.898
164,374
1(18.488
170.799
150.138
129.9417
121.857
118.528
94 364
101,366
25,595.605
29.206.443
42.477.905
98.85:3.748
42.805.413
43.1)74.019
42.780.448
37.222.086
35.266.081
33.851.802
28.915 013
6.410
8.581
2.778.303
3.552.391
4,1)47.417
4.266.048
4.168.398
2.667.883
2.164.770
2.238.235
1.901.391
28.913.382
9.744
10.389
10.643
10.746
6.380
6.243
5.45:3
4.:125
3 633
4.399
1,563,607
436.961.945
86.926
35,162,131
101,690
27.557.554
4,383
1.636.239
13,600.634
16.629.490
23.086.811
26.934.073
6.267,855
7.830.100
9.422.369
12.195.052
14.094,648
13.349.235
13,961.753
13.106.175
11.632.565
11.298,299
10.496.744
9.266.102
1929.
January
February
March
A prIl
May
June
July
August
September
(mraber
November
December
Total year
7.1)80.504
6,978.819
6.747.285
5.938.225
4.442,717
4.494.878
3.35:3,163
1930.
Automobile Financing During JanuaryTand
the Three Preceding Calendar Years.
The number of automobiles financed during January, as
reported to the Bureau of the Census by 492 automobilefinancing organizations, was 165,419, on which 02,466,759
was advanced, as compared with 167,786 on which $66,146,068 was advanced in December (revised); 152,802, on
which $60,365,006 was advanced in November; 166,151, on
January
February
N1areb
A pill
May
June
July
August
September
0,
-tuber
November
*December
Total year
3.976.245
1.580 766
1,820,284
1931.
January
•Revised.
2076
FINANCIAL CHRONICLE
[VOL. 132.
San Francisco and Los Angeles Stock Exchanges
The Los Angeles Stock Exchange During 1930. ened. ,This measure was designed to prevent as much as
By JOHN EARLE JARDINE, President of the Los Angeles Stock Exchange.
Business at the inception of the year outwardly appeared
to be in fairly satisfactory condition and the securities
markets of the nation were recovering from the low levels of
1929. The decline in industrial and commercial activities,
however, antedated the October-November crash by many
months and leading economists were of the opinion that
although the trend to lower levels would continue throughout 1929, and early 1930, a prolonged business depression
did not appear imminent. Conditions inimical to a rapid
recovery developed, and the concerted efforts of the Government and the nation's business leaders to stabilize commodity and security prices failed to awaken business from
the lethargy into which it rapidly lapsed.• Demand, the
basic governing factor in maintenance of a normal business
pace, dropped precipitately, contributing to a world-wide
restriction of activity which has continued throughout the
year.
It is a tribute to American business that comparatively
few insolvencies occurred among the more important industrial concerns. This is accounted for by the fact that these
companies entered the year in sound financial condition,
and, profiting by past experiences, were able to avoid the
tremendous credit and inventory losses which have characterized some of our previous periods of depression.
The underlying strength of Western corporations can be
revealed no more clearly than by the amount of money they
have been able to return to stockholders in dividends. Some
companies were, of necessity, forced to adopt a policy of
cash conservation in 1930 in the interests of their security
holders, but cash disbursements by those having securities
listed on the Los Angeles Stock Exchange totalled $217 943,333 this year, an increase of 3.6% over the $210,233.753
disbursed last year. Dividends were paid during the year
on 83% of the listed securities and 84% of these paid dividends throughout the year, some not deferring action until
late in the period.
The Los Angeles Stock Exchange has followed the trend
of other large Exchanges of the nation, prices and volume
alike declining. A study involving fourteen American Stock
Exchanges reveals that seven of these Exchanges registered
a decrease in volume in excess of that of the Los Angeles
Stock Exchange, five showed a smaller &creme and one
showed an increase. Decreases in volume of trading ranged
from 15 to 71%.
The year just closed witnessed the third greatest period
in the history of the Exchange from the standpoint of value
of shares traded. Trading in this market during 1930
totalled 9,171.442 shares having a market value of $247,673,930, a decline of 40% in share volume and 45% in market
value from the totals of 1929. Bond transactions registered
an increase of 259% rising from $779.500 par value of bond
sales for 1929 to $2,800.500 in 1930. However, comparisons of share volume in previous years are vitiated by the
large number of $1 par value issues included in the totals.
Eliminating the volume of lower priced issues from the
1929 total, the 1930 trading would show a decline of only
14%; and further, on the basis of average 1929 prices, the
value of shares traded in 1930 would have been only 25%
less than that of 1929.
One of the outstanding achievements of the Exchange
during the year was the completion of its new $1,750,000
building, which stands as a tangible symbol of the faith of
the members in the future of not only the Pacific Southwest
but the entire Pacific Coast from which this Exchange
draws the major portion of its business.
The Exchange has made progress in building of another
character equally important as the completion of the new
home. This is the adoption of new and more advanced
stock exchange practices and procedure in line with the
paramount duty of a stock exchange to make available an
honest, efficient and financially responsible brokerage service.
As a result of the continued efforts to raise the standards
of conduct,further regulations governing selling methods, the
appointment and compensation of customers' men and the
spreading of rumors have been promulgated. Requirements
on private wire agreements between non-members and members, and contracts for continuous quotation service from
the Exchange to offices of non-members have been strength-
possible the operation of unethical practices which might
be engaged in by non-member firms.
The financial questionnaire system revised in January,
1930, plus occasional personal investigations, has proved
effective in keeping constant check on member firms. While
the questionnaire system cannot entirely eliminate losses,
it is expected to anticipate difficulties and serve to minimize
losses when future stringencies occur.
It is not improbable that, in the long run, the depression
of 1930 will ultimately result in benefit to most brokerage
houses. It followed three years of outstanding prosperity,
during which time overhead costs had been permitted to
mount unnecessarily, and a number of the fine points of
organization and service were overlooked. The severity of
the recession has compelled close attention to costs and a
careful study of services which has already improved and
strengthened the brokerage business.
The Activities of the San Francisco Stock
Exchange.
By ALBERT L. Emmen, President San Francisco Stock Exchange.
The San Francisco Stock Exchange will celebrate this year
the 49th anniversary of its founding. In the half century
of its development from very modest beginnings it has so
perfected its market machinery and so thoroughly established its code of strict regulations that it is now serving more
effectively the extensive Pacific Coast financial community.
There is a constant and perhaps natural tendency to
consider market operation from the single point of view of
speculative trend. For more than a year the San Francisco
Stock Exchange has been deeply concerned with the course
of securities prices; firstly if they would in the near future
follow the path taken by the business of the country into
deeper price declines or, on the other hand, whether they
might reflect a long awaited rebound of business into more
prosperous activity. It is desirable to turn from this kind
of stock market discussion to another phase on which emphasis is too seldom laid. I refer to the financing of corporate enterprise through stock issues, both original and
additional. In 1930 the flotation of new stock issues was
at an unusually low ebb because of the depressed state of
the market and of business conditions, but in spite of these
conditions, a large number of the established corporations
of the Pacific Coast obtained substantial accretions to their
capital funds to be used for extensions and betterments
through additional shares of stocks already listed.
The records of the San Francisco Stock Exchange show
that in 1930 there were additional listings of 56 separate
issues aggregating 12.658,283 shares. All but one of these
were by industrial, oil or utility corporations. The first
classification accounted for 27 additional capital issues, oils
for 16 and utilities for 13. The aggregate market value of
these added shares was approximately $363,280.407. The
sit n represents corporate financing accomplished through
the public securities market provided by the Stook Exchange
and is an example of the service rendered by the Exchange to
industrial development. In addition and for the same purpose there should be mentioned the $93,500,000 par value of
bonds listed during the year by corporations already having
stock issues listed and the large amounts of capital funds
accruing from original issues listed after primary distribution
through underwritera.
The fact is further supported by showing of the market
value of all listings which as of Dec. 31 1930 amounted to a
grand total of $4,750.000,000 including bonds at par, and
by the total of 1930 trading which was 15,250,000 shares
with a market value of approximately $435,000,000.
The broad territory of the Pacific Coast which the San
Francisco Stock Exchange serves continues to develop at a•
rate in consonance witn the yearly additions to its population.
The recent Federal Census showed that, this section is increasing in population considerably faster than any other
part of the United States and there is evidence that it is
holding the jaew population. The result is an ever widening
field for Pacific Coast productive enterprises and a greater
consumption within the territory of the goods produced here.
The policy of the San Francisco Stock Exchange in the
current year will be directed toward upbuilding and broadening market activity in Pacific Coast securities. The cor-
MAR. 21 1931.]
FINANCIAL CHRONICLE
2077
porations whose issues are listed made an admirable record by affording to investors an active and sanely regulated
of dividend disbursement in the trying year of 1930. The market it will be contributing most
effectively to the forces
Governors of the San Francisco Stock Exchange believe that I of business recovery already making themselves felt.
RECORD OF PRICES ON LOS ANGELES STOCK EXCHANGE.
We give below a complete record of the range of prices of all stocks dealt in on the Los Angeles Stock Exchange
each month of the calendar years 1930 and 1929. The compilation is, of course based on actual sales, and covers for
these
and nothing else. The following is a comparative table of transactions on the Stock Exchange for the last four years:
BONDS.
VOLUME OF SHARES.•
VALUE OF SHARES.
1927
$10,707,000 1927
27,082,349 1927
$242,272,278
1928
11,351,500 1928
49,403,086 1928
840,384,806
1929
779,500 1929
15,406,993 1929
458,514,236
1930
2,800,500 1930
9,171,442 1930
247,673,93G
MONTHLY RANGE OF PRICES ON LOS ANGELES STOCK EXCHANGE FOR YEAR 1930.
BONDS—I930
January February
March
A grit
May
June
July
August September
October
November December
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Low High Low
share $ per share per share $ per share $ per share $ per share 5 per share $ per share $ per share
$ per share $ per
$ per share per share
Associated Oil 6s
1935
10212 1023 10212 1024
8
10314 10314
---Calif Pete cony St 53
-is
1938 00ls 9915
__-_
---Feather River 6s
---1963
161.11663- 103 102',
4
---5
Goodyear T & R 5 14s
------- ---- i0815- 1;
1931 ---- ---10012 10012
1001: 1001,
Great Western Power 55
---1945 ---- ---_-_L A Gas & Electric 55
1939 _--jai:1661i
_-__
------Ref D 6s
1942
1073 10734.
4
------53
1934
101 161-55
1961 9912 99'4 -Ws 168 1017 1013
,
8
8
1018 10138
jai., 112 4 10338 1765;
1
.
53is
1947 10212 10212
1.1553 163 4 1033 1033
4 1
4
4
5s
CO;
8
1949 1023 1023
5
10414 10414.
_
L A Ity Co Ist M 58
1930 92'2 92 2 91 91
-554 - 2 9412 94
,
611-66- 95
1st R 55
1940
75 75
8312 83 2 83 83 -65E8 8338
,
82 82 8314 82
Miller & Lux 7s
1935
10212 1021?
Mount Whitney Power 68 1939
--_- Hsi- 106
---Nevada Electric Corp 55
1956 ----9511 94 -56- 95
_ 92s 923 -9234 923 96
4
Pacific Elec Ry 15111 5s
1942
.
9313 9314 933 9312 9314 934
9312 91
93 2 93
,
4
953 95% 974 974
Pacific Gas & Electric 55-1942
f6 2
ft
102'41023 155N
8
5hs
1932 104 104
1aF5 16515
i68141- 4 105 105
0
It M 13 65
1941 1093 109,
4
2
---55
1933
10238 101 1013 10138 10238102-38 ---.
162it 162 4
734)4s
1937
9512 95,2 95 5 95 4 9612 061s 964 9614
,
,
973 973
Pacific Light & Power 5s
19ai
101, 101 14
4
---58
194J ---Pacific Tel & Tel 5s
1934
Sinking fund 55
1937
Richfield Oil Co 65
1944 96's 1E95
96s 951
-58- 1E1;
87 141;
Sierra & San Fran 2d 5s
16- 78 771s
1949 93 93
973 973
4
Sou Calif Edison 5s
4
193.4 1001:100
1O2'o 10214
10412 10414
55
1944
101 12 101 12
1027 102,
8
4
55
1931
10214 102
10238102': 10318 1034
104 103
55
1934
1041,104 103 41033 10412 104 2
,
s
Sou Calif Gas lot 5 f 65
4 104'
,
1930
105,4 105
10512 10514
10555 1053
5
53
---1957 91)' 90's "oar: 7 2 100' 99 1014 100,
6112
100N 100 4
,
53.4s
---1932
10314 103 4 103, 111312
,
2
68
1933 l04' 104's
1054 105 10512 1054
---Sou Calif Telephone lot 5s_1947
102 102
____
Southern Counties Gas 4 39s 'as 914 9
91
:
9038 61 IOC 02 WI;
924 92 4
,
ii5; 95'S 95'2 96 96 943 945 -644, "WI
Union Oil Co 55
1931 102 102 102 102
55
1933 99,2 997 9912 9912
100 100
8
10014 1- 4
661
jai- 16168
1945 1063 10654 107 5 10714 iOiT:
,
4
1073 1073
4
4
108 108
10038 10938 108 108
Ss
1943
10014loco4 9612 961?
STOCKS
111
• 3.00 1.50 3.25 2.50 3.25 3.00
Aero Corp of California
•
Assoc Gas & Elec Co A
4414 4212 <1,5F4 417
-557 36
2938
Rights
.10 .03 .03 .03
Aviation Corp of California-- _• 6
57
5
12
-- 12
Barker Bros Corp common—.
•
183 183 183 183 iiT4 -fit; i5'
4
4
4
4
14
14
Preferred
100
60 2
,
Barnsdall 011 Corp A
23 2314 22
2212 22 3313 1415
12
1461; 27 25 -tii ii4 -213- 23
(
-2213 20 20
Bohm Chico Oil Corp A
10
1412 11 12 11 14 9
10
83
4 94 6
,
1412 7
1314 938 1178
A
103 1.45 1.25 1.35 .99 1.50 1.05
—
Broadway I)ept Store 7% p1 100 75 70, 80 75 80 80
2
70 70
715
8
Ex-warrants
Ito 7012 704 79 75
80 80
75 702 70 70
663- 4
Wi 6812 66 75
.
Byron Jackson Co
• 20
173 234 19, 19
8
18
17
4
153 16
4
144 154 10'. 13
1212 123 12
4
11 14 94 10
California hank
26 120 118 116 113 117 115 118 115 116 113 114
105 106 1043 104 1033 100 100 100
4
4
California Packing Corp
• 67 4 6714 807 697
,
8
7218 724
5
..„
65 65
Central Investment
943 04
100 413 90
91( 94i, 99 98
95 94
98 4i- -foi
94 -65- 65- 98 93 91
Citizens National Ilank
211 1124 110 11012 110 11134 111,2 11138110', 111 110
1103 10212 1023 1011? 10212 1011? 101 100 100
4
4
Claude Neon Elec Products
Corp Ltd
•
45 403 44
8
397 423 37 s 4112 367 41
8
4
,
4
2812 353 30
374 32
5
353 IS
2514
4
Commercial Discount Co
10
26
24
24
23 20
26
25 20
25 24,4
2712 263 25
Cominercial
4
.count Co
23
62 60,2
Consolidated Aircraft Corp. _•
203 183
8
4
165;
601?
15
101,
1.00 1.00
21 8 1814
,
____
1414
---934 1038 10'I
233 11
4
70
72 70
70'8 2 838 7
,
96
05 91
70
64
91
43 8
,
9411 1
9012
65
4.25
78
435
2
91
80
91 1 ,
99
55- 6(1;9334 90
17
25
1108 15 4 174 111
,
4
26 26
26 26
—
Douglas Aircraft Co Inc
• 143 123 1712 13
8
4
20 8 17
,
227 1912 2212 1714 21
a
18
F.msco Derrick 8r. Itquip Co_ __• 23
4
207 183 2012 19
8
19
1614 1531 14
1512 12
143 1134
8
19
2012 18
184 17
21
17
1712 17
1712 16
1612 13
1612 16
Farmers & 5Ierch Nat Bank.100 420 420 420 420 41212410 432
1234 1(1'
,2 1312 13
8
5
430 430 430 440 430
440 440 435 435 435 430 105- 405
Food Machiriery Corp
•
Foster & Kleiser Co corn
2712 27'
10 _
_
84 818 912 9,8 8 6 8 8
,
,
5.14 11'4
63 63
4
Gilmore Oil Co Ltd
4
_• 1314 13
612 612 6 6
1412 13
16
14
1.53 14
4
l6' il1s 17
1718 161s 20
16
Globe Grain & Mill Co com__26 2612 26 2 26 25
IS 1i, 17 17 16N 16
1712 20
17
,
,
2512 2412 2512 24, 254 25,, 26
4
25
21
25
Golden State MIlic Prod Co.
24
21
23 2212 23 22,, 22 22
..23 29 29
21 12 2014
2712 27 ....._ .Goodyear Textile Mills Co p1.11111 95 94
1638
05 'Vi - 116 12 96
98 97
461; -f)ii4 - -55- - 2 -oifs
6S6617
Goodyer Tire & Rub Co pref.100 Ott
96 93,4 9512 91
94's 04
70 70
93
gil
9412 98 9434 98 96
9714 05
98 9414 96 94
Hal Roach Studios Inc 8"; pf.23
95
97 9514 96 94, 92 80
95
8412 75
10
10
8
8
10
10
10
10
9
84 8,8 10
Hancock Oil Coot Calif A coin 25 9
9
812 6
6
6
5
5
holly Sugar Corp
1414 123 1414 10
4
113 10
4
• 33 33
1012 912 97g 71g
311
-507 16Home Service Co 84'4, pref
25 237 22
5
22 22
21 12 21 12 203 2012 243 21 -557 - - - -02
4
2i
Honolulu Consul 011 Co
22
2234 22
22 21
21 16 755- 16- -56i2 20
10
3914 3914
_-_...Hydra IA i it Brake Co _
.
..-23
---.--42 35
38 36 ____
--..
____
---Illinois Pacific Glass Corp. • 201t 20',
----...
---International Reinsur Corp IS 43 41 -97T2 42
49,8 16- "49- 161 48
4
WI; 44
37 -3914 371, -in
Jantzeit Knitting 511114
38
ifil; 755- 32 35l 34 36 32
443 42
4
48 48
50% 4712 467 467
8
8
Langendorf lln Bak Inc 11_. •
...---20 26
Leighton hid Inc A
---------•
1214 11,4
11
---.
---• 54 5 4
,
Lincoln Mortgage Co corn
• 30 30
30 30
51 16- -ios 16- -55- 16- 756- IC' 55- 16- -56- 1i- -56- 16Preferred
-56- 16- 56- 16- -56" 16'
• 712 7
6
8
614 6
614 6
5l
84 6
,
6
57
8 5l
Los Angeles Athletic Club...10 87
6
5 4 6 4.75 4.50 4.00
3
4.00 3.00
8 84
Los Angeles Biltmore Co pf .100 116
95
95 95 -1 2 -6511 765- 1i0
92 92
LA Gas & Lice Corp pref__ 100 103 10218 102 101 107 102
85 85
80 16- -56- 16'
1081210914 165i2 1- 10634 1054 lO71s 105',, 10714 ieVs 111 16612 11034 1071 4 106, 10218 10375 100 5
66
Los Angeles Investment Co..ill 1812 1615 2015 18,2 1812 17
4
,
1712 163 17
4
17
17
16
164 16
16
16
16
L A Investment Sec Corp
15,4 1512 13 4 137 1212 1238 9
8
,
25 2512 25
25 25
25 25
25 25
25 25
2212 20,
2
Macmillan Petroleum Corp_ 25 22 18
22 20
293 21
4
31
28
29 227 2312 12 2 19
8
,
15
Monolith Portl Cement Co com • 10
16
11, 1214 812 8
4
512 5
5
518 3.1212
10
4.00 4.00
Preferred
4.00 400
3,25 3.25
73
4 71
18 8
8
8
6
8
6, 6,8
Moreland Motor Tr Co torn. _I( 2.00 2.00 3.00 3.00 57171i:55
4.50 3.50
-i:is
1.50 1.50
-1755 1.35
1.25 1.25 .99 .96
Preferred
10 512 54 612 6,5 6
0
5
5
4.50 3.00
Mortgage Guarantee Co
3.00 3.00 5760 1706 2.50 2.50 2.75 2.75 2.50 - 755
2
2.50
100 171 170 189 169 170 165 168 168 174
172 180 179 117 177 177 172 170 168 168 161 164 161
National Bank of Commerce_ 25
35 35
29 4 293
35 35
30 30
3
4
No Amer Invest Corp corn.1110 iio" 1166% preferred
100
98 98
pac Amer Fire Insurance Co_10 5314 50
55 54
574 52 2
,
4414 43
52 43
4214 40
34
40 32
283 -3111 164
Pacific Clay Products
• 28 27
2712 27
52is 57,2 313 2818 29 28
2
8 22
4
28 251 4 26 26
2512 25,2 25 25
2512 254 28 27
Pacific Finance Corp com___.10 43 38, 4112 37 2 41
2
36 8 43 38, 40 5 37
,
,
4
3712 26
,
27 24
4
2412 21 12 223 167 1814 15
8
153 15
Series A preferred
4
15's 12
IS
104 10
11,2 10
11 14 11,8 1112 101? 1012 10% 1012 104 11
103 11
5
93 1114 10
4
Series C preferred
11
1012
10
8, 8,2 9
2
812 9
9
9
838 9
9
8
7
9
83
4 8
714 9
814 918 813
Series D preferred
10
9 4 93
3
4
93
4 9
,
9 4 9 4 93
3
4 9 4 912 9
3
814 814 814 8
83
4 8
Pacific Gas & Elec. Co com----25 523 523 643 553 73 2 63
93
4 83
4 912 9
4
4
4
;
3 5 rr 8
Z 724 68
70 65
653 5714 59,2 55
8
58 523 585 53
547 47'2 50 2 465 487 4
8
8
4
,
8
6% preferred
25 26 5 2612 2612 2814 263 263
8 04
,
4
3
8
27 4 27'4 2814 277 27 27
,
8
27 5 2714 2812 273 2512 28
4
,
277 27
8
265 257s
8
E2078
[VOL. 132.
FINANCIAL CHRONICLE
MONTHLY RANGE OF PRICES ON LOS ANGELES STOCK EXCHANGE FOR YEAR 1930
(Concluded).
November December
October
August September
June
May
July
April
March
February
January
Low High Low
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
per share $ per share $ per share $ per share $ Per share
$ per share 5 per share $ per share $ Per share $ Per share $ per share $ per share $
4
9434 9414 74 8414 8014 76 75 84 7338 7312 6438 6214 563 50 49
9212 85 10512 9114 103 10014 101
Pacific Lighting Corp com----• 83, 79
2
10112 10112 10114 100
4
4
4
4
4
6% preferred
• 1013 10() 101 1003 1033 10012 103 1011^ 1013 1013 ---_ ____ ____ ____ 10438 1043 10514 1043 104 104
Rights
2
8 5
-.
E6 65 "60 553 --i 72f4 7
81 gi T2 -81
4
i"4
54r4 - -1 ii Ii g5 14
Pacific Mutual Life Ins Co_.10 86 16 86 5112 93 8034 94 913 621-2 ____ ____ ____ ---- ____ ---- --__ -- ---- ---- -_--.
---- - - 3.30 2.90 4.40 2.90 4.40 4.15 4.20 3.30 3.35 2.30 _
Rights
5
__4.50 4.00 4.10 4.10 ----------------2.00 1.00 1.70 1.50 1.70 1.00
7 4.90 5
812 7
25 7 4 1
3
814 6
Pacific National Co
4
173
24
8
4
8
285 243 245 21
,
29 4 26
8
2814 258 27 25
3312 3014 3218 23
3814 31
3918 2858 3814 35
Pacific Public Service Co A__ • 2912 28
STOCKS-I939.
21 21.
Rights
97 6
;
3
16 -1614 1412 1414 1218 1218 914
14 ii
11
10
14 16
.11
8
- 2
• ii li I.51- li 163 1312 1612 16 ii - Pacific Western 011 Corp
523
Inc5324 4
Paraffine Companies
1i8
.
4.66 i765 6.66 5:i5 6.56 2.75 1.70 ilo -4 Eh 8; "4.56 i7E0 -61 6
4 618 -3
i
2
14 6r4 24 ii4 l 14 7 8 63
10 61- /
,
Pickwick Corp
1.60 1.15
10 2.75 2.10 4.00 2.75 3.00 2.50 3.00 2.50 3.05 2.50 2.95 2.20 2.80 2.20 2.75 2.25 2.50 2.30 2.30 1.50 1.50 1.25
Republic Petroleum Co
7
7
30 30
30 30
291z 2912 ----------------25 25 --------198 19 8
30 30
3012 30
32 30
• 30 30
Republic Supply Co
8
34 95 4.1212
,
0 8 1012 614 7
1514 1712 412 1
8
2612 22% 254 22% 27% 2412 2712 2518 2514 218 22% 147 19
Richfield Oil Co common
6
13
1414 93 15 1212 14
4
18
17
19
8
8
4
8
2112 205 22 207 213 2018 2012 173 19 18
4
25 2214 213 22 21
Preferred
4 7% 912 7 814 4.6722
103
8
,,
8
8
8
18% 1714 173 1514 1612 9
8
8
• 1912 1814 19 183 245 187 255 225 227 193 215s 16
Rio Grande Oil Co
4 11512 11618 11512 118 115% 120 11712 12412 119 12212120 120 117 118 11414
4
San Joaouin L &P 7% pr pf_100 112 11112 1123 11112 11818 11118 118 116 1173
102'210212
8
100 10114 10018 10114 10114 10314 100 103 103 103 103 103 10214 103 103 10318 10318 108 1043 10914 10512 10512104
6% prior preferred
-55 ii 65 16 65 Ii 55 14 56 16 Ho 16
63
55 95 94
100 --------183 5Preferred
-7070
9494
Ex-warrants
i /
,
151if : 2 16 g iory 16 571 -6 12
3
4
41
41 iir2 - 14 :16 1358 ;04 -- - 4418 4312 ii 6 4W8 4
25 54% 5258 5218 47% iiiT8 -Seaboard National Bank
,
37 2 37%
4112 40
45 41
4714 45
8
463 4512 45 45
4
4
Seaboard National Sec Corp 25 5414 5414 53 493 5414 493 54 54 ---------------4
923 7712
9212 90
1037 102 10218 100 106 100 10012 92
4
Security First National Bank_25 11212 110 1173 110 11814 11412 115 111 11312110 111121
4
63
10
753 9
4
8
8
4
2234 2138 2334 213 2538 2414 223 207 2012 1812 187 187 1812 142 1518 117 1058 10
• 22 22
Shell Union Oil Co
18 15
2314 1712 19 18
2512 23
28'8 26
30 28
35 32 37 29
3814 34
30
2712 34
31
25 31 29
Signal 011 & Gas Co A
_ 2812 2812
_ ____
- ---- - - ---- -- --- --3714 37 __---- ---25
B
40
48 - 12
44
473
8 5313
4 5714 5414 605 --- 55 - - 4 498 - gi
6112
4
8
8
Sou Calif Edison Co Ltd com_25 5912 56% 65 5912 667 603 713 65% 68 --- 6614 - - 60 543 ----59 59 --------53 53
61 58
6812 62 63 60 0012 60
25 60 57 6612 62 64 6112 70 6614 68 66
Original preferred
2914 29
8
8
4
293 295 30 293 297 295 293 2938 297 2914 30 2938 295 2914 2914 29
4
8
8
4
4
,
4
25 29 273 29 4 283 3018 29
7% preferred
8
8
8
8
4
8
2634 2612 2684 2612 263 26, 265 2614 2714 2612 28 265 273 265 267 2613 263 257
8
4
4
4
4
25 257 248 2614 253 2714 26
6% preferred
8
3
4
8
4
4
243 2438 248 243 25 243 247 243 247 244 26 244 254 243 247 243 25 24 4
4
25 24
4
25 24 224 2418 24
5M% preferred
_ ---- ---- --- -___
__ ---_ ____
_ _ _
_ _
3.05 2.80 3.70 3.15 4.15 3.40 4.50 3.90 ---Rights
25 4
21
6
2%
4 25% 26 - 58 26 -- 3512 268 -- - 263 2
5 26% -2
256 iiiT4 - 12 iLlz -2
2612 - Sou Calif Gas Co 6% pref----25 2412 234 2414 2414 2614 264 2612 26
2614 2513
4
26 26
8
3
25 8 253 263 26
27 25
4
2512 2514 25 25
25 2418 2413 26 2418 263 2412 2612 2614 2612 26
Series A preferred
4
97'2 961s 99 97 101 98 100 993 100 100 100 9812 100 100 103 10014 103 101 1001210012 10012 993
4
pf.100 984 97
Sou Counties Gas Co 6%
4
4
5212 483 493 4212
4
6114 543 5712 51
8638 5873 7434 6758 7338 6614 71 18 5714 63% 5912 65 60
56
Standard 011 of California..-_• 6113 5933 61
16
16
20
15
4.00 4.00 ---------------------------------------- 25 1233 20 20
25
Oil Co common
Superior
25
Preferred
19
25
2614 24
33 3012 3212 2912 30 27
4
30 30
3314 28
28 283 33 28
283 27
4
4
• 243 2412 2812 25
Taylor Milling Corp
-91
85 ---,
90 90 ----------------100 100
95 90
Title Insurance & Trust Co--25 -------------------------------- 95 95
1612 173 145 154 10
4
8
8 918 21
8 8% 253
,
8
20 8 233
28, 31
41
8
4
4
25 443 4218 47% 443 48% 437a 485 4412 44% 39
Transamerica Corp
iaN,
Rights
•25 .25
52 .50 - --- ---- ---- ---- ---- ____
50 .50 .
- - 1
1115 I.10 - .Oa ____ ____ .
1.0212 1.00 1.12 1.071 _ 1.05 103 i03 Scrip
.44 .39 .45 .43 .45 .43 .45 .54 .45 .41 .41 .30 .30 .20 .24 .19 .24 .19 .19 .12 .16 .13 .14 .10
Scrip new
325 325 325 325 325 325 325 325 325 325 320 325 325 325 325 325 325 325 325 325 325
Union Bank & Trust Co-___100 325 325 325
4
,
25 193
28 24
4614 43
8
443 351 2 42 3914 4012 387 4012 3212 34 2 27
25 4512 43
4
4333 403 4612 4112 4812 45
Union Oil Associates
8
4
29 25, 2618 203
353 28
8
4
4
8
4414 4138 4714 4212 497 46% 463 4412 4533 364 424 393 41 38% 403 34
4
2 46 44
Union Oil Co of Calif
Van de Kamp's Holland Dutch
32 32
36 34
35 35
40 35
38 38
4018 397 40 3812 39 38
8
•
Bakers Inc
.50 ;6
------------- -------------60 .60.-__
2.00 2.00 1.9712 1.85 2.00 1.50
10
Victor Oil Co
20 20
21 22 20
20
22 22
23 22
2412 2412 ---------------.. 22 22
24
2212 22,
24
22 22
2212 22
Weber Showcase & Fix Co pf_.• 22 21
1818 18
,
18 2 912
3614 2912 2718 18
4
373 31
41
42 35
46 36
2933 33 30
10 3838 22 4114 3214 45 36
Air Express Corp
Western
22 22 ---- --.- ---- ---- ---- - - ---- ---- ---- --,
4
--------------------------------253 233 24 24
Western Continental Util Inc_
II ____ ____ ____ ____
21 ----------------20
4
21
253 253 2312 22.• 21
4
21
14 2812 2712 27 27
West'n Pipe & Steel Co of Cal 10 23 27
•No par value.
MONTHLY RANGE OF PRICES ON LOS ANGELES STOCK EXCHANGE FOR YEAR 1929.
October
September
August
AprIt
July
May
March
February
June
I January
High Low High Low High Lou High Low High Low litoh Lou High Low High Low High Lost illgh Lou
6 per share $ per share $ Per share $ Per share $ Per share 5 Per share S per share 5 per share 5 per share 5 per share
3
1212 812 9
1)
•
---- ---- -- 10
Aero Corp of Calif Inc
•
Alexander Industries
American Motor Transport.... 5313 5214
4 61 ..... ----13 761 -12
Li 5512 -ii li Li - -14$ 655. 13 6514 II
4
63
•
Associated Gas & Elec A
---_ --- ---- ---- ------ ---- ---- __-- --__ ____ --- ...„
Rights
STOC1<S-I929
November December
High Low High Lou
3 per share $ per Mari
3.50 2.00
3
5
---- ---- ----- ---- :i0 .16
174 148 148 14212 136 131 138 130 130 130
Bank of America of Calif._....25
Barker Bros corn
27 - 14
21
3212 --------32 2012 25
liq -- ,2 48i2 114 -41 - - .1- -9233 it
jilt 40
4
4514 3812 4818 38
40 4
2
25 46 4014
Barnsdall Oil A
1.95 1.10 I 75 1.20
I 4.30 2.60 3.10 2.65 2.70 1.80 2.30 1.70 3 1.8712 2.70 2.10 2.55 1.85 2.10 1.60 2.20 1.85 1.9713 95
Boise Chime 011 A
94
90 90 --------89 89 ------------------------75 75
pref _ _100 -------------------------------- 94
Broadway Dept Store
12 9212 9 13 96
94
94
93
94-100 95 9
Preferred es-warrants
------.
1 1.85 .36 .70 .34 .5() .39 .50 .32 .41 25 -.61 .32 .32 .37 .50 .35 .38 .35 ---------------rBuckeye Union Oil prof
1914 5
2614 16
8
3738 3514 39 33
38 347 3812 35'2 3612 3314 355 3212 3314 20
4312 35
80 38
• 8614 78
Byron Jackson Co
126 1133
4
4
25 13614 125 135 12813 133 12918 1413 131 142 136 13513 13014 13713 13112 140 135 145 13612 147 130 136%120
California Bank
.
6812
--_ ---- --- ---- ---- --- --- ____ _--- -___ ---- ---- ...- ---•
California Packing Corp
_.. 11
68_ ...
.. ...
_
._
.
.
_
_
1 50
.
tC.entral & Pacific Improvem•ti 1.50 1 50 1.50 101 12 ..... 1- _ - .... 1- _... .. _
94
1)6 - -95
97
97
10314 01 10113 01 102 191
9
9
01 I6I - 3- 16I - - -14 16(02 - 14 6f) - - -12 69 - - - 964 - 66 4
Central Investment Corp_ 100 103 102 10214
- - --- - .
-. - • .- --- - - • - -- --...
515 500 585 685 575 575 575 ---.
.
Citizen. National Bank _100 520 510 520 50612 505 505 535
- 6 11413 1 12
,- ---- ---- --_- ---- 115 115 136 115 132 115 132 115 11514 1120 ___. ____ ___. -----.
National Bank
Citizens
60
50
611 60
70
. 72
_
_ _ _ _ _ _ 6514 45 _ _ . _ _ _
_ _ __
30
_
.
35 35 _ . _ _ _ _ _
Commercial DiSCOU lit COT._ _25 .___ ____ ____ __ 30 --- -,,--___ _ . 4 90 4 90
_ ____
____
_ ____
_
- ____
21 12 21 12 ---De Forest Radio Co
53
3
19 4 1- 4 1613 124
214
4
3
3
4
20% 45 - - -:IW8 -- -3- -551 - - -7- 4013 - - 14 34 - 3 27 16
4
283 253 3418 2414 3812 2 3 8
34-34
•• 30 ,28
5
3 4
Douglas Aircraft Inc
Emsco Derrick & Equip 0).100 318 310
11
2112 iti ii ii -3
9 4138 17 4 42T4 14 -3.5 I252 iiii - 12 55 IA, 5113 16 ii 8 3
3
21
3914 447- I7I4 441 -Emsco Derrick & Equip Co._ • 44
445 440 450 410
Farmers 84 Merch Nat Bank 100 475 460 475 460 ---- ---- 485 475 4140 485 495 495 480%475 480 475 485 480 405 450
•
543 5012 51 14 4117 .... 4
54 40
- 5514 5212 ---8
- ..,' - '"' "“' -L:
Machinery Corp
Food
7
6% ---- ---- 712 ..1112 12
I6
938 1114 1114 ___ __-- 1112 1112 12
11-14 ---- ---- 10 - 12
1133 11 14 - 10 12
Foster & Kielser com
8
• 153 13
Gilmore Oil Co
Globe Grain & Milling com_25 33 3112
25 2518 2518
1st preferred
_
_
Golden State Milk Products_25
91
10 0106
Gm9lyear Textile pre(
Prof 100 101 100
Goodyear Tire & Rubb
1313 10
1212 12
1312 12
33 3212
34
3314 3414 33
25 25 ___ ____ 25 25
.
_
_
__
_
- .
160
04 iniT, Col' ini
-10
102
101 100 10134 100 10014 9914
IS
17
18
17
15
17
2
Hal Roach 8% prof
1.10 1.00 1.05 1.00 1.15 1.00
rHollY Development 011 Co___1
5 _
rHolly Oil Co
•
Holly Sugar Co corn
i.6
23
2313 23 -311
25 25 2312 24
Home Service Co corn
3
25 2814 25% 25 8 2.514 2534 2518
Preferred
10 _
Co
Ifonolulu Comm!Oil
6012 55
5814 51
25 57 40
Hydraulic BrakeCo5
4612 4012
• 4634 44
Illinois Pacific Glass A
Internat Re-Insurance corp.I0 60 5513 60% 53
Rights
4
473 44
4
• 483 45
lantzen Knitting M1113
•
lenkins Television Corp
15
30
25
5512
190
100
11 12
2312
243
4
5512
914
9712
8
137
31
2.514
5512
100
10012
1314 15
30
29
25
25
6512 643
4
:
981 99
4
993
98
1112 13%
30
29
25
25
571. 57
4
973 100
99
98
II
12
12
1314 12
27 25
,
281 29 27
- ---- ---25 -- - 49 .- 1 --------36_
4 1•1
57
9ts 959278
9612 95
95 85
92
9514 90
11
13
2612 25
--:r1
-3
95 9213
95 9212
8
9
15
20
18
. 15h 1312 M% W
15 -1512. - --16
IR
---- 18
1.1713 1.00 1.00 1.00 78- .85 .813 .80 .85 .80 1.15 .95 --- ---- ---- ---- ---- ---5
.. ii 31
411. i5 if ......
i -,i,- ._-_- - . -.. - -- -_ -. -:II T3 ii- -ii" 7
.
.".:
-,2.2 If" 56 i
2214 2214 22 21
24
26
21
21
2512 24
20
20
21- /012 27 24
24 2312
2314 22
24
24
25 25
25% 25
4
243 24
3
25 4 243 2512 25
4
25 25
7
- ----- - 7,
48
45 40
42
iii
2
. 34 5612 55
21 2 56 3 555% - 4- ------ 51
44
-7- ---- -,
343$ 3213 3212 .....
3 20
28 I; iiii- - 12 ._ _
- ---- ---46 3
46
62% - - 12 50 - 3 46
3
59 4 5512 53
56 - - -34 57% 5413 6313 5758 8518 60
48
- ---- --- ---- ---- ---- 48 48 ---- ---- ---44 4212 60 47
8
51 48
4
4612 447 45 42
483 45
52 50
4
4 83
83
1112 1214 1013 1213 97 10
17
9% 912 8
1012 1012 ____ ___
4
543
343
38 33
4
5913 563 65
34
L.angendori United Baker A.:
B
Leighton Industries Inc A....'
•8 .85
B
• 1.4713 .60 1.00 .90 1.10 .80 :09
Lincoln Mortgage corn
ski 834 81: 9 834
812 9
• 9
Preferred
Los Angeles Athletic Club II)
97 96
97 97
97 96
61_100 ) 98
Los Angeles Fliitmore pref_
28
25 150 120'o 14114 13512 136(3 1,
Los Ang 1st Nat Bank
Rights
106 10638 10514 105i2 10414
Los Ana Gas & Elec pref--_100 108 10858 10714 2.25 2.40
2.30 2.45 2.30
1 2.55 2.15 2.40
Los Ang Investment Co
10
Los Ang Investment Co
f Asa And Ino.a. C., Orb
1313 12
31 14 311
25 25
59% 58
too, too
,,
10014 98
39
44
- -0
4
----
- ---_ --- -___ --- --
03
9
8
.5() .60 .45 .45 .35
6 .65
.
i.60 .56 15 .65 .70 .70 :fo .76 10 .6
712 712 71
7
814 8
83
83
,
834 81. 812 8 2 812 812 814 8
-10 10
96 96
98 id --------95 Ii 96 96 96 96__
i614 10 - jai 1C/ if:1i 161 i65 102 lois: lin 102Ts Kw 100 96 1024 101
--2
-- 14
- -84
- ---- ---- ---- ---- - - ---2.45 2.15 2.20 2.00 2.15 2.05 2.30 2.05 _ .
2*I 28
25%
II
2712 241
MAR. 21 19311
FINANCIAL CHRONICLE
2079
MONTHLY RANGE OF PRICES ON LOS ANGELES STOCK EXCHANGE FOR YEAR 1929
(Concluded).
January February
March
AMU
May
June
August
July
Oaober
November December
iityn Low High Low High Low High Low High Low High Lou High Low High Low September
High Low High Low High Low High Lose
per share per share per share Per share Stier share $ per share Per share 51 2 share
7 wti
share
Macmillan Petroleum Corp__25 4012 37
39 3412 4012 3412 4212 3712 43 3812 4314 38 40 3412 3612 33 $ Per 34 $ Per share $ per share S per share
36
3314 27
2712 27 27 23
Maddox Air Lines Co........
•
1112 1112
812 812
Depository receipt---------:
12 12
1112 10 1034 812 71 412 4 4
412 212
•
Magnin & Co (1) corn
357 Ii1- 35'U 35's 37 1434
-4
:Mascot Oil Co
3.10 2.25 2.90 2.00 2.50 1.95 1.9712 1.70 1.75 1.50 2.75 1.00
Merchanta Nat Tr & Say Bk_25 25314 245 245 210 235 205 215 205 250 215 231 216 -i:i5 1.50
216 207 2033,200
:Merchants Petroleum Co_ __ _1 .80 .55 .55 .50 .60 .50 .55 .55 .55 .50 .55 .42 .45
.45 .50 .41
I .35 .20 .25 .23 .30 .23 .26 .23
Midway Northern Oil Co
-Monolith Portl Cement corn_
144 14
14l j31 14 123a 14 12 14': 1284
12 fi- -HT 16:
10
Preferred
9 9 918
9
9
8
8
8.4 814
Moreland Motors Co corn._..l0 3.00 3.00 3.00 2.00 2.05 1.85 3.45 3.00 3.15 3.00 4.10 3.00 2.50 918 91, 9
310 4.25 3.50 5
Preferred
4.65 4.35 4.35 6
6 5 5 6 6 512 2.50 2.20 2.10 3.00 2.50 -5751 -.6 2.80 2.80 2.50 2.50
532 512 5 6 4 514 7 5% 6 5 61 54
,
:
Mortgage Guarantee Co___100 19012190 2 191 190 194 190 199 190 200 196 208 200
,
208 200 208 202 193 192 19014 186 185 175 173 171
:Mt Diablo Oil M&DCo
300 1.50 1.75 1.10 1.40 1.10 1.10 .80 .85 .80 .75 .60
25 48 45 464 4612 47 45 49 46 4714 45 46
Nat Bank of Commerce
45 42 42 - - 89 40 88 - - 6
6 41No Amer Invest Corp corn. _100
115 115
137 137
117 115
100
6% preferred
101 101
:Occidental Petroleum Co-_1 53 2.10 4.50 2.50 -3.70 2.30 -515 2:28 -3.90
1 1.20 1.024 1.05 1.00 1.10 1.00 1.20 1.05 1.10 3.35 -4.15 2.95 -510 2.75 -2762128 Tip 2.40
:Oceanic Oil Co
1.00 1.10 1.05
--_---1 .13 .13
:Olinda Land Co
.22 .1512 .25 .22
____
---.
Pacific American Fire Insur_10
7412 6212 754 72 75 n 7514 5984 64 5712 57 54
• -56f - - - - Pacific Clay Products
:if 6 if- -58- 3411 - - 15 -55- 1i6 -if 32 3012 3714 33 33 33 35 32 2912 2912 29 28
Pacific Finance Corp corn..
.25 11114 8718 10212 94 112 9932 12014 112 117 109 -32- 113 110 13534 10932 14734130 15912 1411 156 106 125 111
10
62 60 45 3912 61 - Preferred A
25 2912 281 2812 2712 2732 2712
;
274 2712 28 28 - - -28'- 281: 271k -251 27 2814 2814 2814 2814 - :161;
6
:
Preferred C
25 2514 244 25 25 2312 2314 23 23 23 22
24 23 2 2514 22 28 25 23 22 4 23 23
,
,
Preferred D
25 2512 25 2514 25
2514 25 25 25
24 24
25 25 26 26 2534 2434 2434 2412
Preferred D
10
---- -9
Rights
9
-576 16 -5:io 6
Pacific Gas & Electric corn.
.25 65 4 5472 6312 63 5812 5532
3
7032 61 7318 68 -151 76 ow: oat 773 5- 3434 464
: : 621:
1st preferred
25 2712 27 2714 267 2612 2612 27'4 267 27
2
.
2612 2632 2512 264 26 26 2534 2614 26, 255 251s 254 25 255 Ws;
:
4
No 4 rights
3.25 3.25 3.50 3.50 3.10 3.00
No 5 rights
53 5:88
A rights....................
-5:60 3.00 2.75 .65
Pacific Lighting corn
• -564 70 -iii4 73
k
79 737 84 781: -91- 80
Ta 9314 1311 115 145 12414 135 8212 85 64 -ill -Fit;
:
6% preferred
:
• 103 102
--_- 100 100 10134 1013 10214 10214 10012 98,
1001: 9944
4
2
Pacific Mutual Life Insur_100
1000 1000
____
Pacific Mutual Life Insur_10 ---- -Pacific National Bank
87 - 121;
25 50 50 - - If 6
6- 16-- -Us- Vi- 48 48 -ifs- 40
Pacific National Co
25 40 3714 3912 35 4014 35
m 2 38 36 35 a- 3314 39 25 1614 -58- 30 18 9 12 10 10
:8
34
22 17
2234
Pacific Public Service A
5
•
26
2
Pacific Western 011 Corp
• 23 20 22 18 2 23 1912 211 1814 1832 1612 17 2332 283 2532 2814 264 3812 21312 34 25 27 26 334 2814
,
4
1614 1678 154 163 15 26 1612 2314 1312 17 13
8
Paraffine Companies Inc
143 12
4
•
8314 8214 807a 8072
Pickwick Corp corn
.-10
123 12 ill - 3 -jai, 'Ili 95. 814 912 73
s
714 812 7
0
;
Piggly Wiggly Inc West Statea. 30 28 29 2712
4 8
Republic Petroleum Co
1 .73 .67
Republic Petroleum Co
10 84 614 94 7 --of 57
:
64 512
-84 16 -i15
Republic Supply Co-old"---• 61 60 6112 60 62 6012 6112 60 -64
64 60 69 62 70 3.50 -8:60 8.00 -5.00 8,40 -i:io 2.20 -57601.6 2 60 1.95
70
"New”
•
3514 34
364 3514 -58f - -- -58- 33 -28- 3214 -55i Ili:1534
Richfield Oil Co corn
:
25 4834 4212 4514 40 47 404 4672 413 4712 4114 4312 41
2
4234 411
3132 2632 2932 2038
Preferred
25 25 2412 25 243 25 2434 2512 2412 25 2334 2438 233 2412 24 44 39 4214 3834 40 24
4
4
244 244 2412 237. 24114 2134 23 22 2212 214
Warrants
8
13 11
712
Rio Grande 011 Co
• 424 3212 4012 3334 414 34 -.Ili, 1633
.
3234 27,
iff1- 32 27 -ifir; /7 4 297 18
2
-3- s
23'g 1S1 -ii- 1834
San Joey L&P 7% pr pref_ _100 116 11514 11612116 115 113 116 11212 116
113 113 III 115
6% prior pref
IOU 101. 101 102 101 101 100 101121004 101 1004 10112100 1011 112 114 112 113 11112 114 110 11034 107 11212 11114
210012 101 101 10114 101 100 9812 98 9614 10014 100
Scab Dairy Credit Corp corn_ • --- ---2912 2912
Preferred
100 .... .___
99 99 -6 99 168- 16 10014 97 -55f 97 -97:
Seaboard National Bank._ _ .25 ---- ---- 48 - i - 45 44
15-446 42 98 45 4612 4612 4634 4312 45 WC: -584 WI; 95 95 85 85 90 45
4912 464 537 514 51': 47 5414 5012
Seaboard National Sec Corp.25 ____ ____ 50 50
46 44
_
4734 42 4814 45 4612 45 4612 44
43
4612
5312 46 2 51 48 544 5012
,
Secur 1st Nat Bank of I. A.25
130 130 130 125 14212126 137 1293 130 12514 129 125 139 42 140 40
4
12514
135 138 120 125 11114 1147s 110
Security Trust & Say Bank_100 aiii t
i ;i6 642 6221,615 600
_
Warrants
254 254 30 23 --- ----- -Shell Union 011 Co
30 293 304 3114 297k 297
• 28 274 27 27
4
271 271,
2414 2414 -in' 134
Signal Oil & Gas Co A
26 42 39 3912 37 484 38 45 4012 40 367 3719 38
2
14
30 3212 31 30 29
B
25.
40 39
4714 4014 4334 4331 40 38 3612 361: -22- 36 36 14 35 33 41
36 3512 35 35 34 34
33 33 30 30
Sou Calif Edison Co com___25 674 644 6412 60 62 57 57 55 4812 64t 6672
:
5712 7214 6312 874 7012 9112 80 89 5412 6214 4714 61 523
Original preferred
25 63 62 70 65 65 62 61 60 60 56
6612 583 71 64
4
85 68 8612 7914 8512 5312 5814 50 60 66 4
7% preferred
23 2934 291/ 294 29 29 283 29 2334 294 28
1
4
2834 2812 29 284 2834 281, 2852 2814 2812 28
2814
28 2732
4% preferred
25 263 2612 264 261 2612 253 2534 253 26 2534 26 2512
4
,
4
4
2512 2512 2512 247. 2514 25 25 2412 25 28 25 2112
2412
514% preferred
26 2478 244 25 244 24% 2412 2412 241, 2412 2412 2412 244
2414 23% 2374 2334 24 23% 2304 2312 2312 2212 23 2212
Rights
3.55 3 45 355 3.1)1 3 25 2 95 3 25 2 KI
Sou Calif Gas 6% pref
2 2618 25
2612 2534 26 253 28 25
2
2512 25
2414 24
23 234 -58- 24 -6- 1i-28- 1i6% preferred A
26 '2534 25 26 251: 26 2532 26 25 251: 25 25 25
2412 2312 25 25
25 24 28- 26
Sou Counties Gas Co 6% pf 100 101 10012 1014 100 1002101 101 99 10014100
99 4 9734 98 973 9612 96
3
98 9614 -88- 96 9812 96 99 99
4
:Southern Glass Co
I
62 fill
.46 .46
Standard 011 of Calif
• 7214 654 -88‘ - 11; 8034 66'i
6
8)84 73
75 2 71172
3
70
6914 57', -88- IA
517
:Sun Realty Co
1 514 6
6 434 5 312 4 31 334 334 312 312 3.50 3.50 -777s 3.50 -25f, - 2 7634
:
3.50
3.00 3.00
Taylor Milling corp
•
36 36
36 36
3614 36 36 30 28 2712 26 2424
Transamerica Corp old
23 134 1293 134 125 142 131 13634 1333, 143 13312 14132135
8
13212135s2 1553
213534 165 153
New
25.
6312 62 674 621, 6534 33
Scrip old
1.35 1.35 1.4212 1.35 1.40 1.40 1.38 1.35 1.52121.35 1.8712.471, 1.6212 1.55 1.10 1.10 -474 3984
Scrip new..................
1.0212 .98
Rights old
.62 .36 .45 .40 45 .38
-i:i5 1.25
Rights new
.65 .60 .60 .20
Union 011 Associates
29 5112 48
5114 45 5214 48
5334 494 5034 4712 49 47 48 46 534 45
Rights
4
5514 491 5612 402 4712 415 46 43
1 6712 321, 1.40 1.11212
4
Union Oil of California
:
25 621 41(3k 51
_
411,1
/
4
11- - 1117- 6114 471.
:
Rights
164
-854
1 70 1 371: 1.55 1 15
11 4712 43
.
7
Union Bank & Trust Co. 100 265 265 270 255 258- 270 65295 295 266- 285 305 iii- 335 325
Union Sugar coat
25.
68- 330 350 250 325 325
29 2612
zU S Oil & Royalties
2
174 .15 .1612 :1212 .14 .12 .121 .10
514 514
:
Van de Kamp'. Holland Dutch
Bakers Inc
---:Victor 011 Co
..-I
4974 46
4572 43
75 .75 .26 .26
:
Weber Showcase & Flat pref • 25 241: 25 2434 ---- -- 243
2412 2419
4 Wei 25 2412 24 24 _-__
Western Air Express
-26f IS _
: 16- 24 2384
23 22 22 22
..-Western Con ti nett tal 11101 Inc • ____ ___
5812 54
.
48 2912 301. 25
....
30 25
24
-12
Western Pipe & Steel Co....10 ____ ____
243 2484 -2if2
4
2414 24 24 22
_
:White Star 011 Co
3194 30
I.
14 3512 303, 34 2312 2714 2334
.05 .05 --:65 .04 --:84 .04
BONDS
Goodyear Tire St it 5 tis._19I1 100121004
Great Western Power 52_1946 .... __ _.
_.-- -ioi- 101
LA Gas Se Electric 512s___1949 105 10434
584 9812
5s
1961 MI 101 i66ft
-58f 99 -284 9914
:
554s
-68f 16:
: -16s
1942 11183
4108 N
,
LA Ry Co tat M 5s
1998 9794 9734
0712 95
1st 11 Is
:
1940 it724 1(71
8712 8612
Miller & Lux fix
1945 1024 11034 1112
-C2
Pacific Electric By 1st 52.1942 9534 9534 95 95
Pacific Gas & Electric 5s_ _1042 10241021,
-65f,
99 09 10011 16612
44s
1957 9734 9734
11634 0994
94l 94l
5s
1955
10141014
5(4s
1952 109is 11/43;
R M 116*
1941 112 112
102'I 102's
Pacific Light & Power 5s...1951
ini- 102
Richfield Oil Co 6s
1941 112- 110 1- -167:
---6s
1944
----STOCKS-I929
-9814
Sierra & San Fran lit 50_1949 1001410014
2d 5s
1949
Sou Calif Edison Co 5s
1951 ioi- 1- 1-3- 10184 16 4
61-14
inif2 1- 6- 10014 1161- 995 99I -887: - -1;
6
,
6
5s
100- 1161952 11113 1013
4
4
155- foo
--101121003 9,14 9912
4
Sou Calif Gas 52
9934 9"
1957 10014 100
9814 98
9812 9814 97 97
9712 9712
54s
19%2
---6s
1358
jai- 104
---Sou Calif Telephone 5s_ _1947
102102
Sou Counties Gas Co 4 Sis 1968 -6- -.: 92 9012 9014 89
611-58- 90 -6- 6- 8884 88'4
Sperry Flour 6s
1942
1051210512
---Union Oil Co 5s
1935 9934 9934 9914 9914
9714 1/1-4
---.
52
1921 102 102
96 96
---- 99% 994 102 10134
6s
1942
....
108 107
ini- 105 10534
ini- friti•No par value.
a stocks removed from trading during the year. Companies
did net Comply with ruling of Exchange that all stocks Mtn
be Or $10 Or more Par Val. or of no par val.
[VoL. 132.
FINANCIAL CHRONICLE
2080
RECORD OF PRICES ON SAN FRANCISCO STOCK EXCHANGE.
Francisco Stock Exchange
We give below a complete record of the range of prices of all stocks dealt in on the San
is of course based on actual sales, and covers these
for each month of the calendar years 1930 and 1929. The compilation
and nothing else.
years:
The following is a comparative table of transactions on the Stock Exchange for the last four
STOCKS (MARKET VALUE).
STOCKS (SHARES SOLD).
BONDS.
$571,251,807
15,645,225 1927
$4,952,000 1927
1927
2,066,781,634
31,530,016 1928
2,857,000 1928
1928
889,697,434
19,188,822 1929
3,384,500 1929
1929
$434,911,735
15,263,133 1930
2,457,500 1930
1930
E FOR YEAR 1930.
MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANG
November December
October
August September
July
May
April
June
March
February
January
High Low High Low High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low
per share $ per share $ per share $ per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per share $ Per share $
--------170 170 ---- ---- ---- --- ---- ---- --- --._ ---- ---- --,- - -Alaska Packers Associations_ - - ____ ____ 175 175 175 175 176 176 440 440 425 425 --------400 4111 ------------------------400 460
----------------455 455 450 450
Anglo-California Trust Co
205 --------105 205 185 190 180 18112 17112 180
Anglo & London Paris Nat'l Bk- 215 23312 215 218 215 222 21212215 205 21212 205 205 19712
---------------714
Armour & Co class A----------------4 ____ ____ -___ --__ .___ ____ ' I ---- - - ---- ---- ---- -58
's
--_- ____ __-_ ____ ____ ____ ____ 4
Class B
438 212 4
413 4
414 -8 412 5
2. 53
s 47
53
63
8 5
4 5
63
,2 6
74 67
2 714 612 7
814 713 7
----------------3332 333
Associated !mu'. Fund, Inc
2
5014 5014 -----------------------4312 4312 48 48
,
- 34 4 3414 38 39
-.... ---Oil Co __ Associated
614
4
9
12 20
812 113
4 6
2214 1821
8
25 2912 19 253 21
29 3112 28 30
4 34
313
28 --- 8 303
_- ..Atlas Imperial DeiselEngCo- ---- - - ---- - -- ---- ---- --- --- ---- - 7 ____
13
1012 1012 6
11
3
512 7 4 738 10
512 6
Aviation Corp of Calif
2
.
176 270 280 260 2674 250 175 229 267.1
28512 300 285 300 275 300 28212 290 27712 280 270 295 260 27712 275
Bank of California N A
4
1012 1112 104 103 1018 11134 8 104 714 831 612 811
14
s
4
1112 1412 123 1412 1312 1518 1313 1514 127 1418 10
Bond & Share Co, Ltd
--------------------6814 6814 ____ _ . ____ _ .
_
1
_
_
4
74 643 ----------------742 7412 87 9013 -----------14 1112 814 10
Co (The)
Borden
6
-4
8
-6
9
4
312 113 13
12
4
18
143 1614 1014 15
19416
17
,
1712 20 4 1812 2
Byron Jackson Co
14 14
14
154 1518 133 15
14
s
4
153 16
18
1414 18
17
1512 16
18
18
18
17 1812 16
19
18
Estate corn
Calamba Sugar
18
14
15
13 1414 14
s
143 15
16
15
16
18
16
1612 1812 1612 16
1512 184 16
18
16
16
18
Preferred
13
4
-10 143 1412 15
14'z
1113 13
Calaveras Cement Co corn
85
- 82 -- .
a 861
8814 8614 8614 8814 Sar --s 8712
8414 8414 iaT --- 8712 89
Preferred
4
3
2
7
N
sti
4
4
3
s
-712
3
7
a
7
134
a 1
7
1
112 IN
212 24 212 3.2 112 25
214 3
California Copper Corp
4 813 312s 8
83
25 25 ------------------------9 10
25 25
25 25
g
317 40
39 42
34 41
California Cotton Mills Co
19
1924 17
19
1912 20
19 20
8
4
__ 321s 32, 303 3113 23 3112 --------2122
. -- __
33 37s2 ____
California Ink Co, Inc
----------------11114 113 110 110 110 110
-- s
3 -106 106 1092 110 110 1123 110 11012 11 111 11012 111 111 111
Calif-Oregon Power Co pref
51
41
6112 6314 56 851 1 50 5431 50 53
6714 7113 82 69 (3112 64
8
72 75
s
673 6922 694 782 7212 77
California Packing Corp
87
,
9212 9814 881s 92. 81
9414 OR
9012 91
88 90
---------98 9812 90 9313 90 90
__ ____
Calif Water Service Co pref
4
4
30 353 2112 323
4
4
53 624 443 5814 343 48
s
5512 743 5712 843
4
69 78
6814
531s 631s 63 --- 871 2 7704 74 79
--__-Caterpillar Tractor Co
20
17
22
1814 1212 163
4
18
1712 2512 21.1 224 21N 2214 18
25 28
4
2914 35.2 3334 3814 293 3314 28 30
Clorox Chemical Co A
4
3
997 101 1003 102 100 101 12 100 100,1 9814 100
4 99 10012 99 9934 9913 100
4
4
Coast Counties Gas & Elec pfd_ 983 9914 98 993 98 9812 9812 1001
22
4
2214 173 2112
26 284 23 28
2712 3312 2912 3114 29 32
28 281, 28 2712 2414 2634 375 2434 21
2534 29
Consol Chemical Ind Inc A
375 --------360 380
-----------------------Crocker First Nat'l Bank of S F 400 410 398 400 395 400 395 395 300 390 3901 390
4 164 83
3
8 53
4 714 414 61s
,
8
183 1812 173 154 18
s
1412 164 12 2 153 1 314 15 , Iii, 14 i
4
Crown Zellerbach Corp consv t C 1PS 1818 17
5714 60's 50 52
5412 60
4
2
77 801s 7613 81, 783 8012 5812 79
82 85 80 82
79 85
7812 82
8114 83
Preferred A
59 60
40 444
7812 7812 52 52
7713 814 7812 81
s
843 83 84' 8012 814 77 78
79
80 8212 78 82
Preferred B
STOCKS-1930.
1713 2012 2012 22, 20 22
2
144 1472 1312 17
Douglas Aircraft Co, Inc
24 241 2 2312 2712
25 257s 24 254 2414 25
El Dorado Oil Works
19 1012
8
187 2014 19 1928 19 20
2
173 20
Capwell Corp
Emporium
214 3
3 23
212 3
4 3
2711 41
4 3
23
Fageol Motors Co corn
7
4 714 7 g
2 613 812 63
4 712 63
63
Preferred
3108
983
99 100
9812 100
98 10212 9833100
Co
Fireman's Fund Insurance
Rights
_
_
_
.
_
_ ____ ....„
First Nat'l Corp of Portland A
i
:
First Security Corpof Ogdon A_ iiiii iii6h2 --------127 113 jai iii 'ii2 116
4
394 9414 38 913 38 374 30 36
3712 40
Food Machinery Corp corn
Preferred
83
8
s7 7N
7' 8
Foster & Kleiser Co corn
'
“.. ---•
19
”
19
184 182 --,..7, --5- -' ---- ...”.
4
1412
__ 1312 --_ ____
2
197
2012 202 18 ---- 1512 1 12 _ __
20 28
114, 813 _912 514 7
13 144 124 134 9.2 --17
17 174 17
8 2
1,
8
13
2 1
8 118 13
113 17
112 1"
2•,13
8 2
4 27
..,------ 5
5
5
5
..
6
6
,2 6
5
_
_.
- 854 91'2 7912 87
-;19 1041. 9112 16-U2 95 954 914 981 1 87.4 113
ao 16 ii
_
_
. ____ ____
_
6
36 --------128 1-3 2512 - , 25
iii 1-277
4 28 2812
27311 3014 28 283
6
7'r
814
812
Vs
: Ws
81
1
0
-12 24is - - -1t
4
5
211
- : i51. 17
2
- -1s 2414 1518 2312 - .
28
164
6',
57
s6
3'!
57
3
2912 3014 25 284
3212 3212 314 3212 314 3114 3012 31
28 32
30 30
38 3814 34 354 3114 3114 3114 32
Galland Mercantile Laundry
812
7
4
6
8
1912 1912 18 21 14 17 17 --------------------------------7 -------------2
22
2114 21
21
2
General Paint Corp A
----------5
10
10
5's 5
8
97 127
5
8
s 6
4
132 14
4
133 14
B
4 53
133
4 93 133
4
1
4
163 194 1512 17
4
183 23
19
18 223 18
1
4
4
233 313 25 271 2 244 2812 2412 274 23- 27
Golden State Milk Prod Co_ —.
,
1067 105 1074 105 101 104 1054 101 105
1042
8106 10413 105,2 1033 1057 10434105 10514
8
4
8
Great Western Pow Co 7% pfd.... 10412 10614 10573 1083 1054 10812
8
4 105', 10434106 10334 1047 9914 1044
99 10012 993 103 102 104 101-3410234 101 12 10212 10134102',, 10212 10412 1033
1
99 100
6% preferred
7
6
7
6
6
5 --------5
5
5
5
7
. 5
9 ____
4 9
-- ---- ---- 64
18
18
Haiku Pineapple Co, Ltd corn-.
1812 18 'IA
3
4
173 177 18
__ 17 18
19
19 19 ____
19
19 --19
19
19
------ --------19 19
Preferred
4 812 9
93
9
10
4
.. 1014 10, 10
101
-- .____
4
11 14 11 14 1014 11,24 1012
8 312 1134 113 113 12
111,
4
134 14
42
Hale Bros Stores, Inc
4
423 4434 4334 4412 43 4414 41
46
42 -4912 46
48 50
48 47
47 48
4
493 504 49 51
,
Hawaiian Com'l & Sugar. Ltd— 49 s 51
45 49 45 4712 3612 43
50 504 49'3 50
8
3
5814 59 4 5814 59 3 55 57
2
507 52
54' 63
51
,
51
Hawaiian Pineapple Co, Ltd.__ 5212 55
3
3712 3712 3712 30 334 2814 3113 31 12 39 4
36 364 3712
4
3913 3031 37 37
Home Life & Marine Insur Co._ 3812 394 39 3934 373 38..4 38 44
.20 .20 .10 .20 .10 .10 ___ ____ --- ---- ---- ---- ---- ---- --- ---- ---- ---.
- - —
. .......... _ .
Rights
2 - ,, 2 2 2 ,- 771 - - - .,2- , -2 , - - .7.-: 7
4 381 4034 37 40'2 -,,3
r
:
-- _3112 5i ii.
. . ails iii4 al da
Consolidated iiii.._
Honolulu Uonsofi7
2
- -14 22.2 -30
4 334 28 - ,1 27 29
293 - 35
5,3
in
- - 38'2 40', 37 40
_ - ..-33 - . -3414 - - -2 -32N ___ ____
Honolulu OH Corp, Ltd........ ___
4
503 50 53
50
50 50
133 62 82.2 80 601 1 ------------------------50 55
62 6212 - 62 - 13212
6212 Honolulu Plantation Co
,
23 223 233 223 20 22's 1.2 19', 1914 20 2 19 20', 1812 19 --------17 17
4
2214 23
4
8
214 22
22
21
Hunt Bros Packing Co A
1014 104 ...— ---. 84 102 ---- --.. -- ---- .--- -12
2
1212 124 ____ -- 1212 1212 12.2 1212 -------- 12
Hutchinson Sugar Plant Co
19 _--- __-_ ---- -3
222 18 2112 17
21
22 26
26
3
4
24 284 25 28
243 287 21
4
193 23N 23 27
Illinois Pacific Glass Corp A
4 4134 42 , 4114 42
4012 41 14 49 40
Investor's Association (The)..- 372 40 ..: 394 423 4312 48
44 s
4412 - 7 41 "if 45 4
4714 50
46 50' 47 5931
4
40 404 40'8 443
lantzen Knitting Mill. corn
14
8
7 1
1-1s
4 134 114 23
3
2
s 412 A IS; 2% 3
412 712 412 6
27
3 6
4o 234 3, 22
2
5
Kolster Radio Corp corn
15 --------------------------------5
23 ----------------15
15
11
___ 10
. ____
____
Preferred
18
3
19 1
4
183 20
234 1912 20
.
241 24 24N 21
27 28
25 29
2 2 14 22 2512 21
27
4
8
5 10
1Langendorf Unit Bakeries Inc A 257 173- 25
13
12
13 15
17
174 15
17
17
1712 21,2 17
2112 22
2312 2512 24 244 23 2412 23 25
B
212 3
___ _-_
12
It) 10, 9
10
- —__ --- -- — ---- .-__ ____ _ _ ___
9 --95s 11
__
__-1
Leighton Indus Inc A series I
3
4
',
1
1
. 114 132.
IOU_ -_- - . _ __
412 2
2 2
1
414 4,
2
IN ---7s ..
414 4,2
5
5 -,
11 vot trust cuts
9 10'. fIss 10 4
12
o
144 10
1212 --15
,- 134 1818 2134 193 23,8 143 18 • ..17% 19
15
4
4
192 21
20 20
4
Leslie-Calif rnia Salt Co
1114 108 11014 1(1334104 10012 1033
4
4
4
4
1003 1023 1013 108 107 108 10614 107 1054 1051 s 10513 1051; 1083 108 107
Los Angeles Gas & Eleu pref.__ 0212 10373
V:
33
8 1, 6
93
8
8
8
1212 — _ - _ 10
4 912 131, 712 9 --------8
12
123
13:2 13 13
13
Lyons-Magnus, Inc A
2 14 ---- - - - --, - - - -7r 4 2
8 23
4
8
514 212 4
2 74 47 8
3
4 3 8 23
23
8 43
47
212 313 3
1 14 - 4
1-11Kagnavox Co (The)
3,
4 24 IN i', 13 I's
1,
._
. _
r-13
154
"' 2212 242 ---- --- ---Kagnavo Co. Ltd
,
164 15,3 16
2
-- ----' '— --- --- 184, 177 1812 III
2023 23 —,- - 8 214 2212 20 -- - -_-_-_- --_-_ - 1812 -0
2
311
20: 2212 2112 23
Kagnin Co (I) corn
90 99'l ....... —
95
95
97 98
9714 98
9614 991 1 9614 97
91i
___ ___._ 99 99
98- 6
- -23
714 6
6
Preferred
4 9
63
9 13
15
4
23
193 20,4 18
1914 14
24N 1914 19
15
1512 19
i- -iiT4 2
darchant Calcul Mach Co corn -iaT4 -.-- -- -- --.. —. ---- --darket St Railway Co corn
--- ---- ----- --- --- ---Prior preferred
6% preferred
.,_,_
90 904 85 85
8
91- T.::: -------- -153i4 2
/
z 9
9918 ijii - - - -Iiiii 9812 9912 99% 9912 95 95 9512 1612 98
dercantile Amer Realty Co pfd. -94 95
1918 194 --- --- ---- ---204 23
24
2412 24
2612 28 27
27 27
2412
26
26
2733 2734 251s
2312 28
4
733 38 61
gatomas Co
5514 904 8814 8814 77 8614 61
4
105 113 105 106 1074110 1074 11012 105 1073 94 105,4 92 96
iorth Amer Invest Corp corn
9812 99 100 100
9812 993
3
3
4
4
313
0 9
8
98 993 99 4 99 4 9814 100
0
6 9
8
9812 83 86'' 85 8
91
- - - - 91 1 90
6% preferred
8 1's
98
99 99
98 9 1
91
90 91
914, 90 914 90 92', 91
91
91
91
8 104
4 9 11
1012 123
15
5(-5% preferred
1812 1714 10
2
4
1614 1412 194 1712 192 153 17N 147 171s ION 19
154 1612 14
4
191z 243
1818 20
20 20
22
gorth Amer 011 Consolidated
8
4
26,2 24 25
223 233 2218 22,2 22
,
23,
21
25 2512 2412 2412 24,2
23 25
)ccidental Insurance Co
22
16
s
223 23
4 2512 2012 24
Rights
4
2518 2s
3
23 25.2 ia 21 ia 284 i93 20
If igq, 19-4 ii 183 28 30
1
16
74 123
183s 14
16
18
River United Filters, Inc A..
s
197 21 14 19N 20
26 28
4
25 26
8
193 24
4
3
25 29 4 2712 283 253 27
B
5
V,
-------------------- --531 6 --------5 147
87,
_ ___ ____
__ _
8 ___
s
,
84 812 8
__ ____ 1513 1512 137
22
Nsauhau Sugar Plantation Co
.
43
3814 -- 7 Ms 264 ---------------22 s 61
41,
6s
4 4112 41N 3812 3812 4012 - - 4 ii 2
4414 50,1 403 494
474 55
527
'acific Finance Corp corn
4
2
4
554 5412 8434 63 7334 88 724 623 7034 5314 891 i 5414 597 523 573 272 29's 277 2872 2612 277 2512 262
4
8
s
s
'acific Gas & Electric Co corn_ 514
s
274 2734277
4
8
s
8
3
4
3 28 283 263 27N 274 273 2735 273 262 283 27
4
2
25 251s 233 247
'acific Gas & Elec Co6% 1st pfd 264 263
2
593
2
844 6413 7412 56 834 48
984 76 834 7172 7912 724
73 90 10512 9934106'! 90 101
93
4 84
-741. - -12 8312
'acific Lighting Corp corn
_
4 518
8 5N 43
3 32
_ - 312 32
___
1024
4
3
Common rights
4
1 iiii iiiii iais 118 10112 104 1012 1023 100
- -14
-3.
100 101-14 100 101 10034 10534 10112 104 19112 103 1al 4 ioitz iiiiis103
6% preferred
___ ____ ____ ____
—_ _
4
2
2934 2412 284 213 243 16'! 244
"acific Oil Co (of Delaware)
4
243 2714 26
iiig 3812 314 384 30 - -12 23 - - i5N 1814
32
33
115 125
2812 301 1 284 39
,
4
'acific Public Service Co A
130 140 132 141 130 1413 128.2 13514 i22 4 129 119 125
8
150 184 162 180 142 166 148 15412 139 147 1283 1453,
4
'acific Telep & Teleg Co corn
4
1283 128 12612 130 125 1283 12312 127
s
2
120 140 13512144 12112 141, 123 127 124 127 128 129 1263 129
6% preferred
8
4
8
.
.12 8 12 1612 ii 153 323 47
18
Rights
v
12 .
WI 14 84- liii- -131 Wits 87 33: 2IN 2434 18
7313 774 i'a li ii Vi
13
13
18
3 ii 76 78
75 3 13
'araffine Co's Inc corn
---- _--- --_ 27
Co--- --__ _--- ------ ---- ---- -- ....-- -___ .--- ---- -.-'hIllips Petroleum
3
1134 74 81
9
4
12
113 12
1214 12
11
11F.3 19
13
13
1212 14
1412
-4 1412 14
--------.
'Irrn Whistie..... pref
2 -91-
ia
MAR. 21 1931.]
2081
FINANCIAL CHRONICLE
MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGE FOR YEAR 1930 (Concluded).
STOCKS-1930.
April
March
May
July
August September
October
November December
February
June
January
Low High Low High Low High Low High Low High Low Higl Low High Low High Low High Low High Low High Low High
—
3 per share 8 per share 8 per share $ per sha-e S per share $ per share $ per share 3 per share $ per share 8 per share 3 per share $ per share
Railway Equip & Realty Co,Ltd
1st preferred
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 1212 1718
Preferred series
16 2212
Preferred serIes
10
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 10
Convertible preferred
6
-- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 5
Class A
Class B
10 12
12
18's 11
8 1
2612 2812 21
26 27
2714 22 2312 --------177
Rainer Pulp & Paper Co corn A. 27 29 4 2614 2812 26 26
3
s 7 8 101 2 ---- 2
1 2 I73 103 167
8
8
3
---- ---Richfield 011 (Cabcom ($15 par) 223 2612 22% 2512 24 2738 254 273 3114 2514 147 2212 1514 18%
4
55 - - 418 938
67
8
-- 6% 10
- ---_ ____ ____
- - - ------ - - -__ ____
_- ---(no par) ____
Common
1312
12 143
4 6
9 4 14
3
4
18721
22
21 4
1712 1914 1718 -- 8 123 18
21
8 2218 2012 - 3- 2012 - -14 2014 -- -12 18 - 211 -- 8 207 - . 223
7% preferred
1614
16
18
1912 1812 1812 16
24 244 2312 25
22 23
20 22 --------1982 1912 17
8
27 273 2412 27
Roos Bros, Inc corn
81
8118 81 81
8
93 93 91%92
918 913 928 92% 923 923 90 92% 90 91
Preferred series A
83 9014 90 93 93 94
San Joaquin Light & Pow Corp
4
4
411812 116 118 11412 117 115111719 116 118 1171 120s 1183 125 120 122 117 121 111 1173
11118 11312 112 113 1103
7% preferred
,
4
4
8
100 10018 100 101 10534 1025 103 10312 1015s 103 10212 1034 10312 10414 10314 10314 105 1083 106 1083 10512 10512 99 2 102
Preferred series A
Schlesinger(B F) & Sons,Inc
411
334 3
412 3
4
412 5
612 7
9
612 612 412 512 Ps 412 338 5
93
4 5
9 1014 8
Class A common
34 34
34 35
59 61
47 58
4
4712 493 47 4738 34 38
4712 50
627 70 56 644 56 5818 60 62
8
7% preferred
512 94
107
10
1218 8
8
233 1812 2114 1834 19% 1418 193 1112 15
4
2
215 234 2312 253 21
2112 2312 2114 23
Shell Union Oil Corp cons
7514 7514
9612 99 --------80 80
----------------------------------------99 9914
5Si% cony preferred
51
53
45 51
40 ii
45 50
45 50
40 45
Sherman Clay & Co 7% pr pfd
384 - 45 47 50
4212 64 --------45 65 50 65
91
9512 --------93 93 8812 90
91
8
94 94 --------90 915 91 9112 91
Sierra Pacific Mee Co 6% prepref....89 91
91
91
90 90
Signal Oil & Gas Co corn
iii Iii iiii4 idii
----------------124 12 -12 --------12112 121 --------------------------------105 105
-4
-12
Southern Pacific Co corn
1112 1312 10
12
127 13
8
1758 16
4
17
Sou Pac Golden State Co class A 1612 17
143 1518 1318 14
15
1612 1738 163 1712 17
1512 16
17
83 10
1112 1112 1012 14
1412 15
15 15
Class B
1112 13
145 1438 1312 16 --------1212 13
8
13 1512 1412 15
Spring Valley Co.
10
914 10
1118 914 10
1014
_ 1012 1038 10
__ ____
-- -------- ---Spring Valley Water Co
Ltd-- 13 15
12 1314 1014 --- ---- --- ---- ---- -- - ---- - - ---- - 11
8212 85 84 9012 1484 9012 1414 17
i
5252 4212 497
Standard 011 Co of Calif
57
8 61
6518 545 - -14 51 - 12 4838 5912 6112 65% 614 584 864 6412 747 6612 734 5714 71
593 64 60 8
2112 2152
Standard Oil Co of New York
26 284 25 25
3684 3914 31
4
31 --------3188 3214 303 31
32 33 ----------------3688 40
Telephone Investment Corp__ _
-- ---Thomas Alice Corp Pref class A. -----1814 1814
18
Tidewater Assoc Oil Co com
4
11%1238 103
6% com preferred
82 8414 78
Transamerica Corp
42 443 447
2
Rights
Voting trust certificates
Traung Label & Litho Co A
20
20
- ----- ---8 177
8
1814 177 -- - 16%
-113 1512 16
4
12
7812 90 86
83
4
4712 433 4618 4.532
--------20
20
-- ---- ---- ---175 --------12
8
3
1738 1414 7 4 12
87% 8612 8812 8318
464 3838 443 284
4
_
-- -- _
1i 1-15
212
175 137 15
8
8
8812 8114 87
20 31,
41
8
____
11
137
8
847
18%
_
--1114
143
4
8512
2312
__
1038
1014
79
19
_
--- 8
115
14
85
2538
____
10
10
70
1612
_ 50
--104 7
7
1P4 7
7812 70
2114 1412
50 50
55
514 88
10
94 6
3
814
73 5518 72
173 10
155
--------2012 2012 --------------------------------1812 1812 1812 1818 ---- --..
Union Oil Associates
8
43 453 403 434 4114 4614 45 4812 43 457 35 4412 3918 4214 384 4038 325 4012 27 3412 24 2812 1912 247
8
8
Union 011 Co of Calif
4138 4412 4214 4714 4612 50
2014 26
4312 4612 3614 454 393 427 387 41
44 46
8
4
338 404 28 3538 25 29
Union Sugar Co corn
3
512 6
212 3 4 212 3
_
5 --------482 52 5
8
512
5
8 8
34
44
614 5
4
5 ______
22 2212 22 22
7% preferred
22 22
2112 2212 22 22
2112 22 ____
2112
_
2112 2112 21 - - --------1712 2114
Asphalt Weill 8c Co 8% pref.__
_
- —_ 105- 1015
_
—
- ---- ---Wells Fargo Bank & Union Tr ii5 i2
- 5tii iiit, iiii iii 5tiiiis iig ii6 iii ioiis iici iii itif34 300 300 5156 icTi io'i 36 29614 296'A__,- -...
i
West Amer Finance Co 8% pref. 2
8 212 24 23
2
2 12 212 23
2
214 2
4 3
2 -24
24 23
13
4 24 14 24 212 27
,
4 212 3 s
West Coast Bancorporation CIA 1784 1812 174 1714 1712 2414 1512 2014 1538 1614 1512 17
1618 174 1412 1518 ____
15 4 16
3
153 1612 174 19
4
Western Pipe & Steel of Cal corn 2338 28
25 28
20 23
4
8
253 29
4
2014 2118 2014 233 20 2414 173 20, 1812 1918 1722 - _2438 2612 2212 25
183
4
4
Yellow & Checker Cab Co—
Series 1 consol class A
1712 1912 1919 20 20
2719 16
30 304 ____ ____ 16
32 35
12 12
14
1712 14
1812 191 2 15
20 20
MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGE FOR YEAR 1929.
STOCKS-1929
January February
March
April
May
Norember December
October
June
September
August
July
Low High Low High Low High Low High Low High Low High bow High Low High Low High Low High Low High Low Hie5
$ per share $ per share $ per share $ per share 8 per share $ per share $ per share 3 per share 8 per share $ per share Per share $ per share
_ ____ -__ 169 180 176 176 168 18612 18012 185 --------175 200 175 185 ---- --Alaska Peckers Association-13912 14612 140 15012 140 151%140's 142 135 1404 12912 160 124 1423 132 13812 __-- -___ ____ -____--American Co
4
Amer Motors Trans pref A...._ 52l 55
)
Kni 516 ------------------------ 509 Inv H4- E66 ioi eth 475 416- 472 475
495 510 --------500
Anglo-California Trust
Anglo-London-Paris Nat Bank 25212266 25 26912 253 264 251 256 253 255 20 5 3
4 48 1 250 251 2471225014 244122471! 220 240 220 235
•
Armour 5c Co "A" t c
---- ---- ---- ---- ---- ---- ---- ---Byte
8 812 10
91 103
1014 11
10
Assoc Ins Fund Inc
7
1038 97 12
814 10
,
10
1114 85 104 8 8 612 6
914 10
914 10
45 454 46 46 --------4513 4512 45 45
45 45
Associated 011 Co
4434 45
45 45 — ... — --- -62 573 44 58
4
50 69
60 654 544 65
47 52
s s
Atlas Imp Diesel Eng Co A
51 57
5414 59
51
61
33 5018 25 37 "Hi W
"A" rights
_ ---- -- ____ ___ -__ -512 712
4 if iL - - 2458 31
4 10
Aviation Corp of California_ ____ ____ ____ ____ -- --- H3- 15
16
ills -i4- -2812 23 2412 17 23
e65
.-
290 300 295 300 290 303 300 340 310 332 320 380 350 387 365 390 368 425 300 435 300 325 300 320
Bank of California N A
__ ____ ____ 1812 20
187 2018 1712 19
11
11
Bond 8c Share Co. Ltd
8
16
13
18
1812 14
1814 1912 18
-Booth Co (F E) pref
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ..-- ---- ---Borden Co (The)
69 69
a
2
_-- ____ 847 1367
3214 39
3412 4312 35 384 353 383 323 3612 32 36
39
Byron Jackson Co
763 8612 70 808 31
4
20 33 2 1512 26% 14% 1913
4
8
4
,
26 2714 27 2712 2518 2518 2212 25
8
27 27
Columba Sugar corn
20
21
27 2712 2612 27
22 24
2282 15 227 16
23 25
s
4
8
7% preferred
1814 1712 175 167 173 174 18
1612
19
19
18
1712 175 17
16
17 2 15
,
1714 1712 1714 18
18
8
Calaveras Cement Co corn..... ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ___
14
1212
195 194 2014 18 20 4 13
8
___ 19
,
-------------------------------------------- ---- ___Preferred
3
888 90
4
85 8712 80 8514 80 4 8212
_
89 8912 8712 89
Calif Copper Corp
74 914 7 1038 7% 107
2 7
2
34 2
3
34
3
5
918
l2 7
6
4 6
84 412 614 43
512 514 8
Calif Cotton Mills Co
634 7014 63 65
75 86 68 80 63 70
87 94
55 6012 50 53 40 5112 30 4114 3212 3512
55 55
4514 4952 42 45 -------- 42 42
Calif Ink Co Inc A
5112 58
35 40
30
62 52
50 53
35
42 4
4018 4218 43 45
Calif-Oregon Power 7% prof., 11212 1151 112 114 11312 1134 1085 112 --------104 108 108 109 105 10712 108 109 105 108 108 108 105 108
pref..
8
3
Calif Packing Corp
8
73 77
7412 8114 73 7812 737 784 73 794 73 4 76
,
3
75 8418 78 8212 64 79 8 6412 7318 664 6912
7514 83
Calif Petroleum Corp
501 Ili
Caterpillar Tractor Co
7312 80 4 7312 8038 71
3
7814 72 85
7512 873 78 82% 505 963 793 844 8 83'8
4 45 67
3
8
4
Rights
4533 5012 4012 463 5i "41 iii2 "4112 5ii "4-11 1712 "62 iiii7 --- 38 -- - 413 - - - - 5i "4-2
Clore: Chemical Co A
.
4
: :
- 29 36's "25 3083
443
4
4 4
0
42
Coast Counties C & E 61 pref. 98 99
7
98 98
98 9814 98 98
98 98
4
98 98
98 9812 98 9912 98 983 9812 9914 98 9912 98 9812
-.-- -__ ____ ____ ____ ____ 26% 2814 283 30 8 2718 297 2818 35
Consol Chem Ind Inc A.°
26
2
2712
3
4012 455 33 43 4 2712 36
5
8
3418 50
8
385 400 380 380 --------387 400 400 400 ......
Crocker First Nat Bank
... 424 450 450 450 450 460 425 450 400 400 410 412
8
Crown-Zellerbach Corp•t c__ 223 254 22 2414 19 4 237 19% 2114 18
3
8
23% 16
194 1718 18%
21 14 1818 20
1812 2014 1912 2212 2018 2414 16
92 96
Preferred A
9312 95
9212 9314 9012 9212 90 9012 89 8912 883 90
95 96
80 8114
8
89 8918 887 8914 80 87
8
Preferred B
9412 95
9212 93
91
9212 90 90 89 89
785 807
8
89 8918 85 85
3
89 90 89 89
2314 25
24 27
27 3012 284 3112 3
7
038 30 ---- ---- ---- ---- ---- ---- ---- ---- ---174 2112 19 25
207 2612 2218 2514 22 2454 2212 231- ---- .,
4
9--- -,-- ----------- --.... 2714 2714 24 34
307 38 4 35 4434 35 8 40
8
3
s
15
I6'
35 4014 -,----- 26% 2612 163 17
2612 2612
3412 8 -,:-5
24 274 25 281
26
4
264. 26. 26
30 3112 24% 29
8
2514 273 267 30
4
18
2712 2818 2712 3712 2812 354 284 2918 247 2814 2512 2612 2512 27
19 24
1712 20
2312 26
27
26
26 27
58 7
7
53
8 612 5
6
43 612 4.25 4.90 4.15 4.75 4.00 4.50 3
4
3s 2
7
314
3 8 413 3
,
14 47
5 412 57
71z 778 74 8
74 73
4 712 7 4 73
8 712 612 738 68
3
4 03
4 7 4 7%
4 73
,
4 7 4 77
711 712 712 734 72
3
127 143 138 151 10958 11418 10638112 107 113 1057 10812 1067 III 10712 11512 111 114
9014 10514 100 102
8
96 113
8
2912 31
2912 3012 __--. _ -- _ _ ___ ..... _— ____ ____ ____ ____ ____ --__
-----------140 146 140 140 140 14
-0 140 140 _
_ _140 140 140 142% 140 148 140 140
4
4638 504 455 405 4812 4812 473 544 50 557 4912 8
8
57r2 11"
7
61
4114 _ .
4
513 58
4
51-12 493 515 4912 57
_
- 10012 10012 100 100 100 100 ---- ---- -100 100
- --- ----2-8, ._
12 1212 11
12
1014 1114 1052 12
"8 1012 8
7
8
11- - 2 -ii- -- -11
9
1114
7
84
1i- -i(53- 11 2 -iiiii I5112 5414 5112 55
6014 5112 50 6112 4918 504 4812 54
Galland Mere Laundry Co corn 5112 55
39 43 4 39 39
3
44 99
5014 5312 50 51
General Paint Corp A
313 325 313 3211 30 313 293 304 2912 30
4
8
4
4
4
20 24
28 29
4
2612 2812 283 3014 25 2951 22 24
297 30
8
2512 273 27 2812 2312 28
4
13
23 2538 2014 25
19
14
16
167
±
2234 2412 22 227 20 2218 2112 2512 19 25
523 58
8
5212 56
Golden State Miller Prod Co__ 66 5912 624 59
3678 5611 3112 463 26 37
4
14
53 8 6012 5458 5712 534 567 53 4 6438 5512 60
3
3
8
Get West Power Co of Calif 6% 1003 102 10112 10212 100 10228 10014 10112 10014 10118 100 10012 100410112 100 10134 100 101 100 10014 98 100
4
9814 100
1051j10718 10512 107 105 107 106 10712 10512 107 10452 106 1054 106 105 10612 10412 10612 10314 106 100 4 1 44 101%105
7%
3 0
10
10
9
13
114 12
Henn Pineapple Co Ltd corn.. 12
10
1211
8
8
6
7
1114 124 12
114 13
10
10 --------10 13
2112 23 4 22 2212 21
3
7% preferred
2112 21
22
1812 19
22 23
52
2012 2212 2012 2112 0 21
2112 2112 20 215s 1812 19
24 2418 22 22
2412 234 24
Inc
2112
Hale Bros Stores
19
13% 1518
2212 2212 19 22
18
1814 19
1812 20
19 20
187 16
s
52
514 553 525 5438 53 54
4
Hawaiian Comml & Sugar Co 504 513 5112 53 61
2
4614 4912 47 4 51
50 63
3
5012 5314 52 63
5312 54
4
Hawaiian Pineapple Co Ltd.. 61 624 60 613 59 6118 59
6512 62 65
8
6412 6814 64
72 67 7012 60 714 5712 645 60 65
64 66
441 3912 4112 40 41
4112 37 4012 34% 3612 36 41
Home Fire-Marine In of Calif. 414 4612 41
393 41
2
42
41
424 41
4012 444 41
Honolulu Consolidated 011 Co 37 384 3514 3814 37 3912 3812 407 3984 4412 4014 43 8 3914 40
30 3711 263 3514 32 3412
4
12 38 4114 37 39
7
65 65
60 8 60 8 65 65
3
5
Honolulu Plantation Co
65 66
6414 66
64 64 ------------------------64 65 60 80
Hunt Bros Packing Co A__ . 227 2358 2214 234 22 224 22 23
H
2214 2312 2312 2312 224 2 14 22 23 2 22 2214 2014 223 20 2112 2014 21%
4
7
113 11
4
Hutchinson Sugar Plant'n 1212 1212 1372 ___ ___ 1118 133 12 13
Co 114 114 1118 1212 11
1212 13
124 13
4
12 1212
13 13
2
Dairy-Date Co A
B
Douglas Aircraft Inc corn
El Dorado Oil Works
Emporium-Capwell Corp B.-Fageol Motors Co corn
7% preferred
Fireman's Fund Ins Co
Rights
First Security Corp of Ogden A
Food Machinery Corp corn- — Preferred
Common rights
Foster & Kleiser
Illinois Pacific Class Corp A— 40
RN 4 3 47
04
37
424 35
_ _ ___ ____ ___ _ _ _ _
Common rights- ___........
44 48% 44 4712 45 48% 44
Jantzen Knitting Mills corn— ____-8
6412 7912 56 7014 4812 667 32
Kolster Radio Corp corn
Preferred
rnmmon rights _
.
28 3118 273 3014 1812 2914 20
36
31
32
304 83
4
40
_
____
_
____
___ ____
___
_ _ ---- ---14 1.31
46
- 41 - 1 42 -4
3
2 5214
44 4
5014 497 - - 483 5138 43 49 , 40
4412 45% 7 26 g 334 313 3912 273 35 4 25 4 3212 712 251, 6
6312 23 43
8
2
8
7
10
—
Ile Tie rile 17e
4012 30
28
18
504 40
43
1212
10
2212
4012
2082
FINANCIAL CILEONICLE
[VOL. 132.
MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGE FOR YEAR 1929 (Concluded).
May
January
April
February
March
Septemhw
Noremher December
October
June
August
July
Low High Low IIigh Low High Low High Low High Law High Low High Low High Low High LOW 11101, Low Molt Low High
STOCKS-1,24
$ Per share $ per share $ per 'share $ per share $ Per share $ Per share
Langendorf United Bakeries A 30 345 28
3112 3012 351 1
4
25 29
Ms 3212
25 28
Leighton Industries Inc(The)A 1612 1812 1712 1812 1634 17
13
101? 8
97
2
7
10
9
,
Leslie Calif Salt Co
4314 4712 38 45
331 41
Los Angeles Gas& El 6% prcf_ 107 10812 106 10712 10414 10614
Lyons Magnus Co A
30 334
2812 317
8
16
17
8
10
3412 39
104 1043
4
22 223
8
1212 12,2
Magnavox Co (The)
8 95
8 53
8 75
812 1312 7 103
4 738 105
4 812 3.55 612
Magnin Sc Co (I)
33 3538 32 3612 31
34 353 34 35
4
35 39
33
Merchant Cale Mach Co
Rights
Market Street Ry Co corn
- 6% preferred
6% 2d preferred
6% prior preferred
303 303
4
36
36
4
27 -2i
Mere Amer Realty 6% pref— _ 100 100 4 9912 100
6§T4 166- -984 1514 9814 9814
9912 100
,
Natomas Co Corn..............
North Amer Invest Corp com_
Common rights(1)
L Common rights(2)
5% preferred
6% preferred
Preferred rights
North Amer Oil Cons corn
Occidental Insurance Co
Oliver United Filters Inc A.--
114 123
113 116
2.50 2.65
121
122
2514 30
121 123
Per share $ per share $ per share $ per share $ Per share $ per share
32 3418 30 313 3012 33$4
8
29 31 14 2812 31
30 3352
16
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8
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712 712
---Pac Finance Corp com(*25 par)
11914 129 144 144 14212 lid- 14712 14712
---4114 11;
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-1
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94 661614 5714 - - 2 -8S- 58 55 5634 -861 Pacific Gas & Elec Co com
2 d6- 59 7072 -aai2 7312 69 - -8114 9714 53 833 "4578 - 2 4934 - 4
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6627 273 2614 277 2652 2714 253 27
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2458 2512 2514 2614
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253 2612 254 264 2578 263s 253 26 4 25 26
4
_
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---53 -Common rights par No
64 312 578 ---- ---A__.
212 314
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12 27 -__8
7 167i 72 78I 7414 844 7312 7878 -76- 84
76Pacific Lighting Corp com
7
9275 110'4 114 chi; 123 14512 71 136
60 85 -65 82
1013 103 102 104 103 104 10112 103 101 1023 9914 103 101 102 101 103 100 10314 98 102
4
8
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99 10114
96 100
1.25 1.25 11212 125
7
g
7
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Pacific Oil Co of Delaware
1
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2414 2912 27 3312
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4
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Pacific Tel Sc
2
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6% preferred
4
,
8312 8812 813 865 793 85
4
Paraffine Co's Inc (The)
4
8
80 84
8
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80 87
71 807
8
7912 8412 803 9012 8418 9212 867 917 65 8712 66 81
4
Phillips Petroleum Co
3712 40
4112 433
35 354
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2
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123 134 -1212 14
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4
243 25
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3212 333
99 100
11514 118
10114 102
19 21
88 90
2778
26
8812 90
934 95
Sperry Flour Co corn
7% B priferred
Spring Valley Water Co
Standard Oil Co (Calif)
Standard Oil Co of N Y
90 983
4
101 18 103
8912 92
654 7214
92 964
10212 10312
8912 9018
64, 693
8
5
Telephone Investment Corp.._
Thomas Allec Co
Tidewater Assoc Oil 6% pref
Tidewater Oil Co corn
Transamerica Corp (old)
Rights
New
New rights
Transcontinental Air Tran Inc
Voting trust certificates
Trauna Label Sc Litho Co A
59 59
59 5912 59 60
5812 5912 5913 5912
20 2(113
863 897 87 8812 8712 8812 87 g- 86 89
8
8
19
1818 217 18
8
1812 2112 1914 213 1913 223
4
4
12912 13412 125 1334 13018 14212 1333 1373 133 143
2
4
Union Oil Associates
Rights
Union Oil of California
Rights
Union Sugar corn
7% preferred
48
5114
1.30 1.70
4834 514
1 325121.70
22
2712
31
30
Rainier Pulp Sc Paper Co
Richfield Oil Co corn
3).7% preferred
Roos Bros Inc corn
Preferred
San Joaquin Lt & Pow 7% pref
6% preferred
Schlesinger Sc Sons Inc(BF)A
corn 7%
Shell Union Corp corn
Sherman-Clay Co prior pref.._
Sierra Pacific Lice Co 6% pref_
Signal Oil & Gas Co A
Southern Pacific Co corn
Sou Pac Golden States A
•
32 3414
31
32
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2914 31
4
303 36
4
30 31
4112 464 4112 475 41
8
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7713 82
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4.50 514 4 4.8712 4
518 612 518 6,
4 4.50 5
West Amer Finance Co
514
8
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55 57
Western Dairy Products Co A
48 48
Western Pipe Sc Steel Co of Cal
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494 4814
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Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, March 20 1931.
No great change in trade has taken place. There is a
gradual increase, but it is only gradual. Nowhere is there
evidence of pronounced betterment. The textile trade makes
as good a showing as anything, though there is less activity
than there was recently and here and there prices have
eased a little. Steel output has increased somewhat and
there has been some increase in the demand for sheets. The
largest order ever given out for structural material at New
York was placed for Rockefeller interests amounting to
125,000 tons costing about $10,000,000. Buying by automobile and pipe trades has swelled steel business to a certain
extent, though in the main trading is not active. Pig iron
has been quiet. The stock market has not acted badly but
has on the whole been marking time awaiting clearer evidence
of a better condition of general trade in the United States.
Reports to the Bureau of Economics at Washington in
26 30
26 32
21
233
8
26 28
85 85
108 113
977 101
8
10
1212
68 70
203 2512
4
78 81
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4
223 3414 21
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323 3fi
4
I
regard to the condition of world's trade and which for a long
period were very bad have latterly shown some improvement. One comment upon the condition of business in this
country is that it shows some improvement, but is "spotty."
Cotton has advanced slightly, as contracts have been scarce
and tho trade has bought steadily if not actively. The
ginning report to-day put the total ginned up to March 20
at 13,930,000 bales of 500 lbs. each which is a decrease of
313,000 bales from the crop estimate by the Government
on Dec. 8 of 14,243,000 bales. But of course stocks in the
United States and the world at large are still very heavy
and 300,000 bales more or less are not taken seriously.
Worth Street has been on the whole less active. Manchester,
England's trade has been on only a moderate scale. It
becomes clearer and clearer, moreover that the Gandhi
followers in India are inclined to insist upon discrimination
by the British Government in favor of the East Indian
cotton cloths and other goods on the ground that they are
MAR. 211931.]
FINANCIAL CHRONICLE
2083
undeveloped trades and need protection from outside com- cloth production, according to the "Times" has risen to a
petition. This is of course more or less of a damper for new high level for the current upward movement and for the
Lancashire. Of late, too, silver which has recently risen week ended March 7 was 86.7, compared with 86.0 for the
sharply has reacted noticeably though it was a little higher week ended Feb. 28 and 101.6 for the week ended March
to-day. Grain shows little change, but in spite of good 8 1930.
stocks prices have been well maintained, mainly because
Fall River, wired that the Fall River Textile Council
of a tendency to overselling. Russia's competition is still reported no change in the strike situation at No. 2 mill of
a noticeable factor in the world's wheat trade, not to mention the cotton goods division of American Printing Co. In
that of the Southern hemisphere. And it appears that if the addition, the council declared a general strike against the
Farm Board is to sell wheat in Europe it may have to do it cotton goods division of the company, anticipating the reby sample. Corn is higher after a rather better cash trade. opening of other plants Monday morning. Fall River, Mass.,
The stronger technical position however, has been the main also reported that business had fallen off materially during
sustaining factor in wheat, corn and other grain. Lard is the week but that the tone of the market continues encourag10 points higher in spite of some selling during the week by ing and in the aggregate, sales ran up to sizeable amounts.
packers and lower prices at times for hogs and corn. Coffee Warren, R.I., wired March 19 that 150 employees of Mount
has declined 12 to 20 points on Rio and 47 to 53 on Santos Hope Spinning Mills, Inc., left their work in protest against
mainly owing to lower Brazilian exchange and more or less the decision of the management to operate the plant on a
selling by Brazil and local interests. Sugar shows a net 54 hour week schedule with a 5% increase of wages for the
.
advance of two points and at one time acted quite firm in operatives.
response to a better spot business. But the attempt of ,At Elk Mountain, N. C. the Martel Mill properties,
refiners to put prices up to 4,500. appears not to have been French Broad plant, which
were leased by the Clyde Mills,
entirely successful, and the old price of 4.40o. was still Inc. of Newton, N. C., Jan. 1 after the plant had been
quoted to-day. Rubber declined 10 to 30 points with closed since July 1930, announces that the plant now
is
stocks large and consuming demand nothing great. Hides operating on a full
time schedule. Cateechee, S. C., wired
have been very active and at times were higher but they that the
Norris Cotton Mills has stepped up production
show a net decline for the week of about half a cent. Leather with a
night shift in addition to the regular day force and
however is higher. Cocoa declined 10 points and silk three will hold the
new schedule for an indefinite period. At
to eight. The coal business has fallen off with moderated Huntsville,
Ala., the Lowe Cotton Mills,manufacturing high
weather. The shoe industry has been more active on the grade print
cloths is operating five and one-half days each
approach of Easter. The demand for machine tools increased week and
three nights a week. Business is improving alsomewhat. But the business in furniture, hardware and though it is not
yet normal and operation of the plant is not
paints was unsatisfactory.
at full capacity.
Official February reports show some increase in employIn Bombay most mills operated on full time during Febment and the weather this month has been favorable for a ruary. The cotton consumption at the Bombay mills from
further increase. Out of 87 commodities, 14, it is pointed Sept. 1 to Feb. 26th is estimated at 374,000 bales against
out, are higher than last week, 9 are lower, and 64 show no 437,000 bales consumed during the corresponding period of
change. The trade in finished cotton, especially printed last season. According to the Department of Commerce,
fabrics and wash goods, was on a fair scale if other lines were British India, the largest individual oversea market for
rather quiet. In woolens and worsteds the feature was men's British cotton piece goods took only 778,000,000 square
wear lines for the fall season, and new prices by thb American yards in 1930 as against 1,374,000,000 in 1928. Duties on
Woolen Co. show an average decline on serges and cheviots cotton piece goods imported into India and the corresponding
of about 10% from last season's level. In broad silks Britishrpreferential rates were increased effective April 4 1930.
Easter fabrics were the feature. As regards the crops the Low prices for jute and other agricultural products undoubtcondition of winter wheat has been helped by recent rains edly would have resulted in some curtailment of Indian purand snows. Snows have noticeably relieved the drouth. The chases of cotton cloth even without political unrest, but the
conditions in the cotton belt have been better. No cotton effect the impaired buying power was magnified by agitation
has been planted except in the southern part of Texas.
against all imported piece goods by Indian organizations
The stock market during the week has been mostly quiet combined with propaganda for the consumption of Indianand irregular within a comparatively moderate range of made goods. As a result trade between Lancashire and India
fluctuations. No sign of real weakness has appeared. fell far below its normal value.
To-day the trading was in only about 2,700,000 shares as
Berlin cabled that a textile strike involving 34,000 workers
against 3,500,000 shares on the 19th inst. Early prices throughout Germany ended after several months' duration.
showed an upturn, but later on there was more or less Work will be resumed early next week. Textile mill owners
realizing and irregularity. Earnings of corporations still and workers agreed to maintain the status quo
prevailing
leave much to be desired. Cutting of dividends has recently before the strike began, except for minor changes. Berlin
been more frequent than was welcome. But firm prices wirelessed the "Times"
that the German view of the Russian
prevailed to-day for copper stocks and also for amusement situation so far
as it affects international trade is that
issues in most cases. One thing that attracted attention Russian exports will continue
to be vigorously pushed in
was a drop in call money to 1%,the lowest since 1915. Wall 1931. Wurtemburg, Southern Germany, reported
an imStreet, on the whole, is watching and waiting for a genuine provement in the textile industry
with one leading mill
revival of trade. Here and there are signs of improvement, now working on
full time. Milan, Italy, cabled that a big
but on the whole the betterment is not pronounced enough cotton
manufacturing combine has been completed after
to have much effect on the speculative public. United considerable negotiation, greatly strengthened
Italy's comStates Steel to-day ran up to 1505, to a new high on this petitive
position in the field. The organizations included
movement with heavy trading, the transactions reaching are Cotonificio Veneziano,
Benigne Crispi and Manifatture
some 525,000 shares. Drug stock went to a new high level Toscana Rinnite.
The new company will have a capital of
in active trading, and there was noticeable activity for a 100,000,000 lire
and will have 430,000 spindles and 6,000
time in Diamond Match, with prices a fraction lower. On looms,
making it the largest Italian cotton manufacturing
the whole, the stock market has given no bad account of enterprise.
Brussels reports said a more optimistic tone
itself during the week, although spectacular trading has been
was in evidence during the early part of March, according
lacking and certainly can very well be dispensed with. to the Belgian
trade press. The spinning mills, however,
Bonds showed more or less irregularity, but utility issues
still have large stocks on hand. The light improvement in
advanced. Foreign bonds in not a few cases were higher.
the demand for raw cotton continued.
Italian issues were in sharp demand at the best prices of the
Detroit wired that automobile manufacturers state that
year
more than seasonal advances in production are being made
The Association of Cotton Textile Merchants of New by the automobile industry during March and predict that
York is quoted as expressing the belief that a sounder price April will see an output of close to 400,000 cars which will
structure in the industry is foreshadowed by the facts that compare favorably with past performances. St. Louis
shipments exceed production and volume of unfilled orders wired that retail stores generally report slightly better sales
continues to increase. Summarizing the developments of and almost all of them expect fairly good spring business.
the last two months, it is declared that stocks are the lowest On April 1 the International Harvester Co., it seems, will
in three years, indicating that liquidation has been marked reduce wages of all salaried employees ranging from 4%
and said that this has been accomplished by holding produc- to those between $3,000 and $5,000 to 10% to those of
tion in line with demand. The adjusted index of cotton $5,000 or over.
2084
Sales of 51 chain store companies, including three mail
order houses, showed sales during the first two months of
this year of $547,306,540. compared with $576,080,730 for
the corresponding period in 1930, a decrease of 4.99% according to Merrill, Lynch & Co. Washington wired that
the Department of Labor's index of wholesale prices declined
2% during February amounting to 75.5, compared with 77.0
in January and 92.1 in February 1930.
The weather during the week has been rather mild than
otherwise and has remained fair, though on the 19th inst.
there was some rain. To-day the temperatures here were
33 to 45 degrees and the forecast was for fair weather to-night
and to-morrow with northerly winds. Within 24 hours
Boston has had 36 to 48 degrees, Montreal, 36 to 40; Philadelphia, 34 to 50; Portland, Me., 36 to 46; Chicago, 32 to 36;
Cincinnati, 30 to 36; Cleveland, 32 to- 34; Detroit, 30 to 38;
Milwaukee, 30 to 40; Kansas City, 36 to 50; St. Paul, 32
to 42; St. Louis, 32 to 46; Winnipeg, 30 to 38; San Francisco, 54 to 68; Seattle, 48 to 56; Hamilton, Bermuda, 50
to 54. Corpus Christi, Texas, wired March 16 that 11
inches of rain fell mostly within a period of two hours and
flooded the Mexican residential section of Bishop, 35 miles
southwest of that city and forced scores of persons from their
homes. It was estimated that the damage to crops would
be relatively small, since only 15% of the inundated section
had been planted. The water was receding to-day.
Trend of Employment in United States During February-Department of Labor Reports Increased
Wages and Employment in 15 Industrial Groups.
Making public, on March 18, its report of changes in
employment and pay-roll totals in February 1931, as compared with January 1931, based on returns from 42,383
establishments in 15 major industrial groups having in
February 4,575,140 employees whose combined earnings
in one week were $113,623,246, the Bureau of Labor Sta,tistics of the United States Department of Labor says:
The combined totals of these 15 industrial groups show an Increase of
less than 1-10 of 1% in employment and an increase of 4.7% in pay-roll
totals. These changes represent only the establishments reporting as the
figures of the several groups are not weighted according to the importance
Of each group.
Increased employment in February was shown in 4 of the 15 industrial
groups: Manufacturing. 1.4%; anthracite mining, 0.4%; quarrying and
non-metallic mining. 3.4%; hotels, 1.9%•
Decreased employment was shown in February in each of the remaining
11 groups: Bituminous coal mining, 2.6%; metalliferous mining, 4.4%;
crude petroleum producing, 2.2%; telephone and telegraph, 1.4%; powerlight
-water, 1.4%; electric railroads, 0.3%; wholes-le trade, 1.4%; retail
trade, 3.2%; canning and preserving, 1.3%; laundries, 0.6%; dyeing and
cleaning, 1.7%.
Manufacturing Industries.
Employment in manufacturing industries in February 1931 increased
ncreased 7.5%. These
January and pay-roll tot-Is ,
1.4% as compared with
changes are based upon returns made by 13,377 identical establishments
in 54 of the chief manufacturing industries in the United States, having
In February 2,772,219 employees whose combined earnings in one week
were $66.567,283.
Regularly manufacturing employment and pay-rolls show a marked
upward trend in February. following the customary decreases in January
due to inventory-taking and repairs, and the increases In February this
year compare f:vorably with those in the years prior to 1930; in February
1930 the incre se in employment was only 1.1% and the increase in payrolls only 3.5%•
Eight of the 12 groups of m•nufacturing industries showed employment
gains in February, and 10 groups showed pay-roll gains. The textile
'group gained 4.1% in employment, leather 3.5%. stone-day-glass 2.3%
and tobacco 10 2%. Pay-roll gains included 23.5% in the vehicles group.
13.5% in leather, 11.6% in textiles, 10.5% in stone-clay-gl iss and over
6% each in the iron and steel and other metals groups. Decreases were
shown in both items in the food and paper groups, and in employment
alone in the chemic Is and miscellaneous industries groups.
Increased employment in February was shown in 31 of the 54 separate
industries, and incre,.sed pay rolls in 43 industries. The outstanding gains
were 13.8% in stoves, 11.9% in cigars, 8.8% in woolen and worsted goods
and over 7% each In millinery and carpets, about 6% each in both men's
and women's clothing, shirts, stamped ware, cast-Iron pipe and hosiery,
and 4.5% in boots and shoes. Automobiles gained 2.4%, the iron and
steel industry 0.4% and cotton goods 0.2%. In nearly every instance
pay-roll increases were much greater than employment increases. The
notable pay-roil Increases were 52.5% in automobiles, 24.9% in carpets.
22.3% each in stoves and stamped ware, and between 11 and 18% each
in 8 of the textile industries and in cement and glass.
There were no decreases In employment in February of especial significance.
Four of tie 10 industries surveyed but not included in the Bureau's
indexes reported increased employment in February as compared with
January. these being: Rayon. 0.5%; jewelry. 2.9%; paint and varnish,
1.2%, and beverages, 1.2%. Decreised employment in February was
shown as follows: Radio, 5.4%; aircraft, 4.8%; rubber goods, 0.2%; beet
sugar, 76.1%; cash registers, &c., 2.5%, and typewriters, 1.6%•
Six of the nine geographic divisions reported Increased employment in
Febru .ry, the New England division leading with a gain of 2.3%,followed
by the East North Central with a gain of 1.6%. and the South Atlantic
with a gain of 1.3%. The West North Central and Mountain divisions
both show decreased employment owing to the beet sugar industry's ended
season; the Pacifie division reported a drop of 1%.
Per capita earnings in manufacturing industries in February 1931 were
6.1% greater than in January 1931.
In February 1931 11,354 operating establishments in 62 manufacturing
Industries reported an average of 90% of full-time operation, this being
I% greater than the average reported in January 1931.
[VoL. 132.
FINANCIAL CHRONICLE
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING iNnusTaiEs.
(Monthly Average 1926=1()0.)
Payroll Totals.
Employment.
Manufacturing Industries.
General Index
Food and kindred products
Slaughtering and matt packing_
Con fectionery
Ice cream
Flour
Baking
Sugar refining. cane
Textiles and their products
Cotton goods
Nosier) and knit goods
,
Silk goods
Woolen and worsted goods...Carpets and rugs •
Dyeing and finishing textiles
Clothing , men's
Shirts and collars
• Clothing women's
Millinery and lace goods
Iron and steel and their products_
Iron and steel
Cast-iron pipe
Structural ironwork
Foundry & machine-shop prods
Hardware
Machine tools
Steam fittings
Stoves
Lumber and its products
Lumber,sawmills
Lumber, millwork
Furniture
Leather and its products
Leather
Boots and shoes
Paper and printing
Paper and pulp
Paper boxes
Printing, book and job
Printing, newspapers
Chemicals and allied products
Chemicals
Fertilizers
Petroleum refining
Stone, clay, and glass products...
Cement
Brick, tile, and terra cotta
Pottery
Glass
Metal products, other than Iron
and steel
Stamped and enameled ware..
Brass, bronze, and copper Prods
Tobacco products
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Vehicles for land transportation.,.
Automobiles
Carriages and wagons
Car building and repairing
electric railroad
Car building and repairing,
steam railroad
Miscellaneous Industries
Agricultural lin elements
Electrical machinery,apparatus
and supplies
Pianos and organs
Rubber boots and shoes
Automobile tires & inner tubes.
Shipbuilding
Feb.
1930.
Jan.
1931.
Feb.
1931.
Feb.
1930.
Jan.
1931.
Feb.
1931.
90.3
73.1
74.1
90.7
62.3
67.0
96.5
102.7
88.1
77,3
101.0
97.7
89.9
91.9
88.7
93.6
97.0
84.8
99.3
100.4
89.7
90.8
100.0
95.5
92.9
90.8
67.8
94.7
97.8
86.7
116.5
71.6
80.8
74.7
72.5
70.1
83.3
91.4
89.9
91.8
101.0
96.1
90.9
102.8
109.2
98.6
97.1
99.4
100.1
72.9
66.1
57.7
92.4
89.0
89.9
96.6
83.1
74.3
90.4
90.5
81.4
75.5
73.2
75.0
81.6
68.8
67.0
92.9
71.2
67.2
87.8
76.8
71.6
74.8
53.8
78.9
71.9
69.7
74.4
60.9
52.7
54.1
50.9
53.6
62.7
76.7
77.8
76.5
93.6
82.5
82.8
96.8
107.1
84.5
90.8
73.5
81.0
57.5
56.1
43.9
78.5
67.3
89.2
94.0
83.9
74.7
89.0
90.6
79.9
78.6
73,3
79.3
84.3
74.8
71.7
95.5
75.6
71.5
93.6
82.4
72.0
75.1
56.8
75.8
72.3
69.2
73.0
60.0
60.0
54.3
50.6
54.8
63.7
79.4
77.6
79.9
92.5
82.4
81.7
94.8
105.8
83.9
90.5
74.2
79.7
58.8
56.9
44.5
79.5
70.1
99.0
104.4
90.4
75.4
104.8
100.3
92.0
89.7
84.6
97.4
96.1
80.5
86.1
99.2
83.4
85.6
99.9
94.8
03.5
93.8
65.6
93.3
97.8
84.0
114.9
68.3
73.0
71.3
69.8
67.1
77.2
83.3
90.3
81.3
106.3
99.2
95.3
107.2
113.6
100.2
98.4
93.4
103.0
69.0
63.7
50.6
86.5
89.8
90.9
101.7
81.1
73.9
87.7
89.6
79.3
64.8
65.3
64.4
70.8
61.9
50.2
85.9
53.9
52.9
72.1
63.3
56.8
58.8
46.8
67.4
56.9
53.5
56.6
49.8
38.5
43.1
40.0
44.9
48.4
58.6
69.9
55.4
93.9
74.9
79.8
97.3
108.1
81.7
84.3
66.6
81.8
45.9
44.4
32.0
60.1
59.3
89.3
96.3 I
79.1
76.21
87. 1
9
89.5 ,
82.3 j
72.14.1
65.8
72.0,
78.6
71.9 1
62.8
96.2
62.9
59.1
85.3
73.0
60.4
64.9
50.6
64.6
59.1
54.1
57.6
49.9
47.1
44.7
40.3
47.1
52.2
66.5
721.0
64.9
93.8
77.9
80.6
94.0
107.2
83.7
87.5
66.5
83.1
50.7
50.3
34.0
65.4
67.3
85.2
83.1
86.2
91.1
69.7
68.6
70.2
77.7
70.7
72.7
69.8
85.6
85.1
78.9
87.5
84.8
58.7
54.8
60.1
68.2
93.9
90.7
86.5
91.8
64.2
93.7
75.6
66.7
69.9
34.5
93.8
84.6
66.9
71.5
36.4
97.1
83.3
89.0
90.2
70.7
87.2
65.9
49.4
38.9
35.2
62.41
67.0'
60.6'
69.31
is
88.11
67.0'
61.0
59.41
38.41
90.1
79.7
79.7
91.3
77.1
78.3
81.6
103.6
121.3
63.1
82.2
77.6
62.1
81.3
75.8
87.8
105.7
126.4
58.2
.73.1
66.8
61.5
73.6
68.6
112.1
50.6
92.5
80.2
121.0
87.9
43.3
69.7
68.9
103.7
87.7
42.1
',RA
69.1
100.3
115.0
45.1
93.0
81.9
124.6
78.8
33.1
54.7
59.0
98.3
80.5
30.8
47.4
60.9
96.2
Employment Conditions Surveyed by U. S. Employment
Service-Sees January Improvement Maintained in
February.
In a summary of employment conditions throughout the
country, the United States Employment Service had the
following to say on Mar. 18:
There were few substantial employment increases during February. Several of the major industries expanded their operating schedules somewhat and
engaged additional help. Another encouraging feature of the month was
that the improvement in the industrial-employment situation which occurred
in January was maintained.
Seasonal influences were largely responsible for the upward trend noted
in the boot and shoe industry. Quite a number of factories producing boots
and shoes operated at capacity in several of the New England States, due to
receipt of rush orders for the Easter trade. Many shoe-factory workers who
had been !die for some time past were recalled, and a further improvement
may be registered in this industry during March.
Increased activity was noted in several branches of the textile industry.
An upward trend in both production and employment was quite noticeable
in certain localities in the knitting mills, hosiery establishments, and In
plants manufacturing rayon products and woolen goods. The cotton-textile
mills did not share so conspicuously in this improvement. Many of the
cotton mills, particularly those located In.the southern and southwestern
States, continued on part-time schedules, and there was considerable unemployment among these workers.
A better condition was revealed in the iron and steel centers of the country.
Production schedules were stepped up in several of the large iron and steel
establishments, and quite a number of men were recalled to their jobs.
Large orders have recently been booked and a further gradual Increase in
activity and employment is expected In the iron and steel industry during
the next 30 to 45 days.
The Improvement in the plants manufacturing automobiles and automobile
accessories was somewilat spotty; however, the outlook in this industry was
much brighter at the close of the month than it has been for many weeks.
The month of February witnessed some increases in production in a number
of these factories, which resulted in additional help being engaged.
The majority of the rubber-tire factories worked below normal, but a
gradual increase in activity is confidently expected as the automobile industry expands. An upward trend was noted in the shipbuilding yards and
additional skilled mechanics were engaged.
While some increase in employment occurred in a number of the radio
manufacturing establishments, part-time schedules prevailed in this industry
as a whole. The curtailment of employment and production in the meatpacking industry was due to seasonal influences.
MAn. 21 1931.]
FINANCI L CHRONICLE
Logging operations, particularlY in the Northwest, remained on a greatly
curtailed basis and thousands of men were idle. Metalliferous mining continued on a basis greatly below normal, affecting a great many metal-mine
workers, with no immediate improvement anticipated.
Building remained dull and large surpluses of these craftsmen were
reported. However, considerable improvement is expected in March, as
huge building and construction programs are to be started in practically
every State as soon as weather conditions permit.
The installation of hundreds of miles of natural gas pipe lines in various
parts of the country, Federal projects, and municipal improvement programs will soon be offering employment to thousands of men who have
been idle throughout the winter months. Agricultural work will absorb
many men during March in connection with the preparation of soil for
spring planting.
Col. Ayres of Cleveland Trust Company Believes Recovery of Business Activity Likely to be Slow Process—Study of Wage Rates.
In the "Business Bulletin" of the Oleveland Trust Co.,
issued Mar. 15, Col. Leonard P. Ayres, Vice-President of
the company, besides discussing the business situation, insolvencies, &c., also has something to say regarding wage
rates, as to which he states that "it is clear from the history
of the past 90 years that the long-term trend of wage rates
Is a rising one, and that Intermediate declines have never
been proportionate to the declines in commodity prices."
In viewing the business situation, Col. Ayres makes the
statement that "the first quarter of the year continues to
produce evidence indicating that the bottom of the business
depression has been reached. but there are as 'yet no
reliable signs that a sustained recovery is getting under
way." Col. Ayres's comments in the "Bulletin" continue:
Industry and trade are definitely more active than they were a month
ago, but in most lines the improvement is no more than seasonal in
character. Business sentiment is better, and until recently stock prices have
been rising strongly. Conditions in the bond market appear to be clearly
improving.
This summary of conditions is by no means inspiring. It would have
fitted last month almost as well, and even the month before that. It now
seems not unlikely that with minor changes it would serve to describe in
turn several coming months. The hope for a real upturn this spring does
not yet need to be abandoned, but it is fading, and a genuine increase of
activity in automobile production, in building construction, and in iron
and steel output would be needed to sustain and revive It.
The recovery of business activity is likely to be a rather slow process
when the decline into the depression has been accompanied, as it has this
tune, by general and serious, but uneven, reductions in commodity prices.
After that has happened industry and trade have to make great numbers
of difficult readjustments, for everything that they do is controlled by
Prices. These readjustments include the working out of more efficient and
economical methods of manufacturing, better organization of merchandising,
the acceptance of narrower margins of profit, securing less costly financing,
reduction of overhead expenses, and the like.
The return of prosperity does not come spontaneously after the commodity price structure has been disrupted, and purahasing power has been
depleted by unemployment. It has to be worked for, planned for, and
laboriously reconstructed. The advent of depression is often sudden, and
unforeseen. The bringing back of prosperity is not that kind of a process
at all. Prosperity returns when business men in general determine that
by exercising all the energy and resourcefulness that they have they can
metal° their businesses so as to cover expenses, and have something left
over for dividends. That process is now under way.
Wage Rates.
Wage rates for industrial workers are not adjusted downwards nearly
so easily as much of the current discussion of the subject assumes. It is
true that there has been during this depression a considerable decline in the
reported wages of industrial workers, and the trend in that direction still
continues. The current discussion of the matter does not in the main
concern itself with such declines as these, but rather with the possibility
of reductions more nearly proportionate to the declines that have taken
place in the levels of commodity prices.
In this connection it is enlightening to study the history of industrial
wage rates in this country. The Bureau of Labor Statistics has just
published a compilation of average hourly rates of pay of industrial workers
in this country since 1840. The results are shown in graphic form in the
diagram. The average hourly rate for 1913 is taken as being equal to 100,
and those for the other years are given as percentages of that base figure.
The average during the first decade of the period was about $5, and by
1861, when the Civil War began, it had risen to 40. That war, like the
World War, brought a great advance in wage rates that continued for some
years after the coming of peace. By 1873 the rate had almost reached 70.
Then came the great depression of the 70's, accompanied by a most severe
decline in commodity prices, and the wage rates dropped to a little
below 60. For more than a decade after that commodity prices continued
to decline, but wages moved in the other direction until by 1900 they were
well above the levels reached shortly after the Civil War.
From that level they moved on up to 100 just before the beginning of
the World War. That war and the following period of inflation lifted
them almost to 235. The depression of 1921 dropped them just below 210,
and the following period of prosperity lifted them again to the level of the
post-war peak. During all this long period of years the number of hours
worked per day was slowly declining, so the line does not represent
changes in earnings, but only in hourly rates. During the whole long
period, too, the average output per man per hour has been increasing, and
that is what has been primarily responsible for making the wage increases
possible.
From the last pre-war year of 1860 to the peak of wage rates in 1873 was
a period of 13 years, and in that time wages advanced by some 77%. The
wage advance of the World War period lasted from 1913 to 1929, or a
duration of 16 years, and the increase amounted to 134%, or almost
twice as much relatively as that of the Civil War period. During the
depression of the 70's commodity prices declined 30% while wage rates
fell only 14%. From 1920 to 1922 commodity prices dropped 34% while
wage rates declined only 11%.
2085
The comparisons are not satisfactory, for this country had not yet returned
to a gold basis for its money in the years just subsequent to the Civil War,
and there are other factors making comparisons difficult. Neeerthelea, it
is clear from the history of the past ninety years that the long term trend
of wage ratee is a rising one, and that intermediate declines have never
been proportionate to the declines in commodity prices.
Inzolvencies.
This depression is bringing a great increase in the numbers of insolvencieo
among business firms, just as all previous depressions have. The number of
connnercial failures in 1930 was the greatest on recoil for any one year,
while January of this year made a new high moord for any single month,
and this past month established a new high mark for Februaries. These
facts are far from cheering, but their import is not quite so serious as
might at first appear, for it must be remembered that the number of firms
In business is far greater than it was during any of the previous serious
depressions.
A more accurate picture of the situation may be had from studying the
diagrram [This we omit—Ed.] in which the lines show the per cent of business firma failing each year from 1880 through 1930. This percentage
rose to 1.32 in the depression of 1884. It remained relatively high during
the following decade, and reached a peak of 1.46 in the depression of 1893,
and one of 1.40 in 1896. Then It declined irregularly for a long term of
Years, and finally dropped to .29 in 1919. During the whole war period
business conditions were so very favorable that failures were few. A similar
situation developed during the Civil War when commercial failures dropped
to almost insignificant numbers.
After the World Wax the percentage of firms failing rose sharply until
it reached 1.08 in 1922. It remained relatively high during the following
years of prosperity, showing that business competition was keen despite the
fact that national wealth was rapidly increasing. In 1930 the failure rate
rose to 1.10% according to the Bradstreet figures on which the diagram is
based. This is the highest rate in 36 years, or since 1897. This year is
starting off in a way which promises to bring an even higher rate, and if
this should happen it would not be astonishing, for business failures have
often reached their high points late in depressions, and sometimes even
after business improvement was well under way.
Iron and Sleet.
Seven more blast furnaces became active during February, following a
similar increase in January. In major depressions of the past the first
substantial increase in the number of active blast furnaces has usually indicated the bottom of the depression. Probably these increases will prove to
have the same important significance.
Despite the advancing rate of production the total output of iron during
the first two months of this year is only about half of what it was in the
corresponding period of 1929, and less than 60% of that of January and
February of last year. The output is small, but the fact that production
has fallen to such low levels lends strength to the belief that the recent
change for the better is genuine, and not likely to prove to be a fake start.
Steel operations continue to advance at a gradual rate, slightly in excess
of seasonal expectations. Most of the support for the increased operations
seems to be coming from the automobile industry. Railroad purchasing
has been unusually quite, while building demands continue to be quite uninspiring. Price movements are irregular. Scrap and pig iron quotations
have weakened, while steel prices remain fairly firm.
Sleet Prices.
Steel rails cost the railroads just as much per ton this year as they did
eight years ago. The quoted price is $43 per ton, which is the same as It
has been since the autumn of 1922. Meanwhile the prices of structural
steel beams, which as a mill product more nearly resemble rails than do
other forms of steel, have been declining until they are now only about
two-thirds as much as they were in 1923. The pegged price for steel rails
is not new in the industry. For 11 years from 1902 to 1913 the price
remained at $28 a ton, and then was advanced to $30 in 1914, the year in
which other steel prices dropped to the lowest levels ever reached.
These relationships of rail prices to other steel prices are shown in the
diagram. [This we omit—Ed.] In the upper section the heavy broken
line shows the prices of rails from 1902 to 1914 if the price in the first
year is taken as equal to 100. The dotted line shows the prices of structural
steel beams on the same basis. In the 13 year period the price of rails
remained unchanged until the last year, when it rose 7%, while the price
of beams made an irregular decline of 86%. The lower section of the diagram tells a similar story for the post-war period. The price of rails has
remained unchanged during the past nine years, while the prima of structural beams have declined by 83%.
These instances are cited because they afford a striking example of a kind
of trade restraint that constitutes an important obstacle to business recovery.
The pegging of prices at artificially high levels exercised an important
Influence in causing this depression, and the maintenance of such pegged
prices is a barrier against the return of prosperity.
Cycles and Sequences.
Relationships formerly existing between certain important economic series
have been greatly disturbed since the close of the World War. One striking
example of this sort of departure from old and well established relationships
Is illustrated in the diagram [This we omit—Ed.). The three lines in the
diagram represent month by month the fluctuations of stock prices, bond
prices, and interest rates in the long series of business cycles of the past
52 years.
The solid line thaws the fluctuations of the prices of common stocks above
and below their computed normal levels. The dotted line gives the corresponding changes in the prices of high grade railroad bonds. The light,
dashed line shows the movements of commercial paper rates, but in this
case the line has been plotted upside down, so that the portions above the
normal line really represent relatively low rates, while these below that
line indicate that the rates were high.
All the lines have been smoothed, and their fluctuations have been so
adjusted as to make them equal, over this long period, to the fluctuations
of business activity. The computed normal levels from which the fluctuations were measured were those formed by centered moving averages of
their own original data, 42 months in length. The purpose of all this has
been to make It possible to study their movements and relationships during
this long series of business cycles.
Quite early in the period the three lines begin to develop a fairly systematic
sequence of movement. The interest line moves up first in a period of
recovery the bond line follows, and the stock line moves in third place.
They make their tops in this order, and then follow in the same relationships on the way down. By the beginning of this century, in 1901, this
order had become well established, and it was followed almost perfectly
until the outbreak of the war in 1914. From that time on there has been
no such orderly arrangement.
2086
Since that time, and up to now, the stock line has been increasingly late
In its movements, while the bond line and the interest line have tended to
move together, but with much crossing and irregularity. There does not
appear to be as yet any developing tendency for the three lines to re-establish their old pre-war relationships, but on the contrary they seem now
to be more thoroughly out of phase with one another than ever before.
They do not hold out much hope for methods of forecasting based on former
normal sequences of movement.
It is interesting to observe that the stock line was notably late in turning up in the severe depression of 1884.85. It was still later in making its
turn in the depression of 1921. It is already clear that in the present depression its upturn will he very late as measured from the turning points
of the other two lines. The recent great bull market in stocks continued
long after the decline in business activity, and the stiffening of interest
rates, indicated that a down-turn was overdue, so perhaps a delay in the
turning up of the stock price line is natural.
Decision of U. S. Supreme Court Gives Bankruptcy
Court Exclusive Jurisdiction in Foreclosure Cases
Comment by Henry Wollman.
From the New York "Herald-Tribune" of March 18 we
quote the following communication addressed to that paper
by Henry Wollman, of Wollman & Wollman, of this city,
regarding a recent decision affecting foreclosure cases:
To the New York "Herald-Tribune":
A decision of fir-reaching importance has just been rendered by the
United States Supreme Court that I am quite sure will be a surprise to
many members of the legal profession and probably will be something more
than that to bankers who have been floating bonds secured by mortgages
on real estate in different parts of the United States.
The Supreme Court on Feb. 24 held that where the owner of real estate
is put into or voluntarily goes into bankruptcy no court outside of the
bankruptcy court can foreclose a mortgage on property situated either
within or outside of the territory of the bankruptcy court.
A corporation Incorporated under the laws, we will say, of Delaware or
West Virginia, owning property in New York, Chicago, St. Louis and San
Francisco, worth millions of dollars, mortgaged to secure bonds amounting
to millions of dollars, goes into or is put into bankruptcy in Wilmington,
Del.. or Charleston, W. Va. Under this decision no State or Federal Court
in New York, Chicago, St. Louis or San Francisco can, after such bankruptcy proceedings have been instituted, entertain a suit to foreclose the
mortgage on the properties situated in their own States, but the trustee
under the mortgage or the holder of the mortgage, if there is no trustee,
must go into the bankruptcy court in Wilmington or Charleston for relief
In the way of foreclosure and cannot go anywhere else for any relief. The
same thing would be true if the owner of the mortgaged property was an
individual.
The case that I refer to is Isaacs v. Hobbs Tie & Timber Co., reported
in United States Supreme Court Advance Opinions (Lawyers' Co-operative
Publishing Co.), March 9 1931.
Henrietta Cunningham was adjudged a bankrupt in Texas. She owned
mortgaged land in Arkansas. The mortgagee instituted foreclosure proceedings in Arkansas. Mr. Justice Roberts, voicing the unanimous opinion
of the Supreme Court, held that the courts of Arkansas had no jurisdiction
to foreclose the mortgage and that the only court that had jurisdiction was
the bankruptcy court in Texas. That suit was instituted in a State court in
Arkansas. but if the foreclosure suit had been brought in a Federal court in
Arkansas the result would have been the same.
Justice Roberts, in the course of his opinion, said:
"Upon adjudication, title to the bankrupt's property vests in the trustee"
(in bankruptcy)"with actual or constructive possession and is placed in the
custody of the bankruptcy court. . .. The title and right to possession
of all property owned and possessed by the bankrupt vests in the trustee
as of the date of the filing of the petition in bankruptcy, no matter whether
situated within or without the district in which the court sits. . . . It
follows that the bankruptcy court has exclusive Jurisdiction to deal with the
property of the bankrupt estate. It may order a sale of real estate lying
outside the district. . . . When this jurisdiction has attached the
court's possession cannot be affected by actions brought in other courts.
. . . Thus, while valid liens existing at the time of the commencement
of a bankruptcy proceeding are preserved, it is solely within the power of a
court of bankruptcy to ascertain their validity and amount and to decree
. The exercise of this function
the method of their liquidation. .
necessarily forbids interference with it by foreclosure proceedings In other
courts, which, save for the bankruptcy proceeding would be competent to
that end."
That is now the law, but it should be changed by Federal legislation.
HENRY WOLLMAN.
New York, March 16 1931.
F. W. Dodge Corporation Reports a Turn for the Better
in Building Construction in February.
A turn for the better has been made by residential building
according to February figures released by F. W. Dodge
Corporation. Downhill for more than two years, this type,
looked to by economists as the construction class to indicate
a forward movement after depression, has shown the first
turn with its February record. This first reversal since
1928 is found in a total of $77,917,800 in residential contracts
awarded during the month in the37States east of the Rockies.
A nearly equal division is made by the three major construction totals this month, a grand total of $235,405,100
being broken into the $77,917,800 already mentioned as
residential; $78,844,500 for non-residential; and $78,642,800
for public works and utilities. Dwellings erected individually and apartments are the larger elements in the housing
groups with housing developments also occupying an important position.
New York City accounted principally for the gain in new
apartment building during the month. Non-residential construction which totalled $78,844,500 for the month was low
when compared with the corresponding month last year.
Gains in total construction over both the previous month
and February of last year were produced in two of the
[VoL. 132.
FINANCIAL CHRONICLE
thirteen Dodge territories. These were New England and
Central Northwest territory, the latter comprising Minnesota, the Dakotas, Northern peninsula of Michigan and
northwest Wisconsin. Reflection of seasonal advances of
February over January were shown by gains in six additional
territories,
For the two months of the current year residential building
was off only $9,000,000 as compared with the same period
of 1930. This was a loss of about 6% and compares with a
loss of almost 50% for the corresponding two months of 1930
in contrast with 1929, indicating that the deflation in this
type of building has been largely completed.
Loading of Railroad Revenue Freight Still Small.
Loading of revenue freight for the week ended on March 7
totaled 723,534 cars, the Car Service Division of the American
Railway Association announced on March 17. This was an
increase of 41,534 cars above the preceding week this year,
when loading was reduced somewhat due to the observance
of Washington's Birthday. It was, however, a reduction of
150,182 cars below the same week last year and a reduction
of 224,005 cars below the corresponding week in 1929.
The details follow:
Miscellaneous freight loading for the week of March 7, totaled 266,579
cars, 71,298 cars under the same week in 1930 and 97,681 cars under the
corresponding week in 1929.
Loading of merchandise less than carload lot freight amounted to 220,465
cars, a decrease of 29,883 cars below the corresponding week last year and
39,494 cars below the same week two years ago.
Coal loading amounted to 129,123 cars, a decrease of 15,575 cars below
the same week in 1930 and 40,214 cars under the same week in 1929.
Forest products loading amounted to 34,051 cars, 23,969 cars under the
corresponding week in 1930 and 30,852 cars under the same week two years
ago.
Ore loading amounted to 5,344 cars, a reduction of 2,793 cars below the
same week in 1930 and 5,388 cars below the same week in 1929.
Coke loading amounted to 7,970 cars, a decrease of 2,137 cars below the
corresponding week last year and 5,051 cars under the same week in 1929.
Grain and grain products loading for the week totaled 41,556 cars,572 cars
above the corresponding week in 1930, but 351 cars below the same week in
1929. In the Western Districts alone grain and grain products loading
amounted to 27,780 cars, an increase of 763 cars above the same week in
1930.
Live stock loading totaled 18,446 cars, 5,099 cars below the same week
in 1930 and 4,974 cars under the corresponding week in 1929. In the
Western Districts alone, live stock loading amounted to 14,403 cars, a
decrease of 4,219 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:
Five weeks in January
Four weeks in February
Week ended March 7
Total
1931.
3.490,542
2,835.680
723,534
1930.
4.246,552
3.506,899
873.716
1929.
4,518,609
3.797,188
947,539
7,049.756
8,627,167
9,263,331
World's Exports Within 10% of Last Year-James A.
Farrell says World Wide Depression is Subsiding
-Eighteenth National Foreign Trade Convention
to be Held in New York May 27-29.
Signs are apparent of a steady though gradual improvement in world trade, declares James A. Farrell, Chairman
of the National Foieign Trade Council, in issuing the call
for the Eighteenth National Foreign Trade Convention, to
meet in New York on May 27, 28 and 29 next. World exports
for 1930, as estimated by the Council, amounted to about
$27,000,000,000, almost six and a half billion dollars less
than the export trade of 1929. In actual volume of export
trade, however, it is noted, figures now available show
that, accounting for reduction in prices, the world in 1930
carried on DO% of tile export trade of 1929, and almost
a billion dollars more in exports than before the war. In
urging American foreign traders to consider carefully the
problems of the present year, Mr. Farrell says:
"There are indications that the world-wide depression in business, with
which we have been dealing for several months, is subsiding and that the
upturn is beginning.
"Our commerce confronts a situation which merits the consideration of
all concerned in foreign trade. It is a time for thorough examination of
economic conditions, and for practical demonstration of that spirit and
habit of co-operation that so signally marks American foreign trade
practice."
Among the speakers who will address the New York
meeting are Victor M. Cutter, President, United Fruit Co.,
Boston, on "Our Relations with Latin America"; Wallace
It. Farrington. publisher of the Honolulu "Star-Bulletin"
and ex-Governor of Hawaii, on "The Pacific Area"; Dr.
Max Winkler, VIve-President, Bertron, Griscom & Co., on
"Underlying Economic Conditions Affecting Credits";
James A. Farrell, President, United States Steel Corp., on
"The World Trade Outlook", and several distinguished
MAR. 21 1931.]
FINANCIAL CHRONICLE
2087
guests from Latin America and Europe. The American Daily" of March 17,from which we quote, also said in
part:
Manufacturers' Export Association, the Export Managers'
The reports which are telegraphed weekly to the Committee,characterized
Club of New York, the National Association of Credit Men, the situation in most of the New England States as generally improved and
noted progress in the movement toward stabilization of industry in that
the National Council of American Importers and Traders, area.
Public Works Aid South.
and special committees of foreign trade executives of banks
Public works construction is benefiting sections of the South and the
and of advertising managers will co-operate with the ConnBoulder Dam project
ell in holding group sessions at the convention. One of the Committee is advised. is expected to aid the situation in the West, the
general sessions will be exclusively devoted to the problems
Col. Woods announced also that contracts for 110 public and semiof Latin America. Plans are being made for the attendance public projects involving an expenditure of nearly $80.000.000 were awarded
last week in 32 States and the District of Columbia. Contracts reported
of more than 3,000 American foreign traders from 40 States, to the Committee since Dec. 1 now total $781,819,726. it was stated.
Thad Holt. regional director for the southern States, informed the
while foreign business men and delegates from American
Committee that the
Chambers of Commerce abroad are expected from 20 foreign capacity as comparedlargest steel mill in Alabama is operating at 70%
with 30% last December.
countries.
Building Expedited in West.
Sessions will be held at the Hotel Commodore, and there
William Hotchkiss, field director for the Pacific Coast, advised of
will be a World Trade Banquet on May 27, the opening day ities to expedite construction work in California and reported that activmuch
of the convention, and a Trade Promotion Dinner for for- interest is being given to the question of stabilization.
Harold P. Fabian, reporting for the area including Montana, Idaho,
eign trade specialists on May 28, while the Council's Trade Wyoming, Colorado
and Utah, said that the unemployment situation is
Adviser Service will be available to all delegates throughout "rapidly easing" with the approach of spring weather. He said that public
works projected authorized by the Legislatures are in some cases already
the convention.
Annalist Weekly Index of Wholesale Commodity Prices
at New Low.
The Annalist Weekly Index of Wholesale Commodity
Prices, at 109.3, is at a new low for the depression, is 1.4
points lower than last week (110.7), and is 5.2% lower than
at the first of the year. Continuing, the "Annalist" says:
A number of commodities, such as cotton, wool, gasoline, crude petroleum and copper, which bad declined last week, continued to decline this
week, and to this list were added declines in live stock (a sharp reversal
from last week's upturn), lower prices for meats, eggs and flour and a sharp
drop in leather. With the exception of oats, all grains are lower. Advances
were recorded by hay, hides, silk, bituminous coal, tin and chemicals.
Fluctuations in live stock prices are the consequence of an uneven supply,
but the continued decline to the lowest point in the depression, at $10.38.
against $11 last week, is to be attributed to curtailed demand, because
cattle slaughters, in the main, have been 7% less than last year. Hogs.
at $7.89, also are at the lowest level in the depression, and their steady
decline can be related to the diminished export demand of pork products,
exports for lard in January being 16.5% below those of January 1930.
Cotton declined to 10.75 cents because previous expectations of a sharply
reduced acreage are not being borne out by current reports.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100).
101.3
117.3
102.7
133.5
106.0
123.2
101.1
89.0
I
11117
WPOONWOMO
99.8
118.3
102.8
129.0
105.7
123.2
101.1
87.8
ino R
>,ba,,ML4
Mar.17 1931. Mar.101931. Mar.18 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
under way.
William Phillips, director for New England, New Jersey and Delaware.
advised the Committee of improvement in Maine, New Hampshire, Vermont, Connecticut, and Massachusetts. The telegrams made public by
Col. Woods, follow in full text:
From Thad Holt, regional director, Southern States:
"In Mississippi State Highway Department is doubling its efforts to
get under way road work made possible by emergency Federal aid funds,
four additional projects having been presented this week for approval. Bids
to be opened April 2 for enlarging post office at Greenville. Clay County,
one of the hardest hit by drouth and bank failures, launching 'live at home
campaign in which dozens of farmers pledge themselves to purebred corn
crops, sweet potatoes, Irish potatoes, and tomato acreages. Sites for new
$70,000 post office at Cleveland asked for April 13.
"In Noxubee County, Macon Chamber of Commerce will finance bimonthly sale day at which property of any description will be auctioned
Off to highest bidder, no charge being made for sale service. Reported
that quantity of seed, implements, livestock are being offered. New
planing mill at Hazelhurst representing a $40.000 investment is expected
to give employment to about 30 families.
"In Alabama, Mobile employment committee announced their district
will benefit from expenditure of more than $4,000,000 public improvements
on work now under way or to be started soon. Head of largest steel mill
in State reports that operations now at 70% of capacity, which is normal,
and compares with 30% operation last December. Jefferson County
approved bond issue of $1,500,000 to complete court house. Birmingham
has given employment to 1,528 men since beginning emergency relief work
In parts;841 oforiginal men still employed;total forces now 1.300; estimated
6,000 persons benefited from work.
"In Tennessee Legislature committee on unemployment expected to
make its report next week. Williamson County has recived allotment of
Red Cross garden seed to be distributed in every section. Distribution
of free coal from Tennessee State mines at Petros to cease Sunday, according to provision of Legislature Act. Between 70 and 75 cars of coal
have been distributed free during winter.
"In South Carolina one local committee working with Red Cross on
rehabilitation of portion of 600 dependent families with plan to make
them self-supporting on idle farms. In North Carolina over 70 counties
organized for employment and relief work. State-wide live-at-home'
program reported meeting with excellent response. Asheville conducting
very successful wood yard to provide work for needy."
A. E. Dickinson of Indiana Limestone Co. Finds New
Construction in United States Gaining in Volume.
New construction in the United States is gaining in Wholesale Price Index of National Fertilizer Association Shows But Slight Change for Week Ended
volume, according to a nationwide survey by the Indiana
March 14.
Limestone Co., issued March 8 at Chicago. "More than
The weekly wholesale price index of the National Fertilizer
$500,000,000 has been invested in new building in the first
two months of the year," said President A. E. Dickinson. Association, comprising 476 commodity prices declined one
fractional point during the week ended March 14. During
He added:
Residential building in some communities is ahead of a year ago. In the preceding week the index number advanced one fracrecent weeks there has been more activity in this type of construction tional
point. In its advices March 16 the Association says:
than show in a like period since 1928. such activity
being especially noticeable in New York. Many leaders in the industry now believe residential
construction is pointing the way back to a renewal of general business
activity.
Heavy engineering and public works construction has swung sharply
upward, showing a gain of approximately 30% over the same period
In 1930.
Although there is still an oversupply of available commercial and industrial space in some sections, which fact has caused this type of construction
to lag, signs point to a revival of activity along this line in several cities.
Chicago chalked up gains over the first two months' period of
1930.
There has been a spurt in residential building here, too.
Considerable new building is under way or projected for the South and
Pacific ()oast. Atlanta, Ga., Dallas, Tex., and San Francisco, Calif., in
particular, look forward to good totals.
Building permits in the Northwest are gaining. Improvement is also
reflected in reports from New England.
While it is not expected construction will rebound to boom proportions,
recent reports indicate the bottom has been sounded and the movement
is now definitely upgrade.
The index number now stands at 75.8, compared with 76.4 last month
and 91.3 for the corresponding week a year ago. (The index number 100
represents the average for the three years 1926-1928.) Five of the 14
groups in the index advanced, while four declined during the latest week.
Fats and oils, other foods, grains, feeds, livestock, building materials and
the group of miscellaneous commodities advanced. Textiles, metals, fuel
(including petroleum and its products) and fertilizer materials declined.
Prices for 27 commodities advanced, while prices for 26 commodities
declined. Eggs, pork, lard, butter, steers, practically all grains, tin.
silver, turpentine, cement, brick, calfskins, hides, cottonseed oil and
hemp prices advanced. Lower prices were noted for cotton, cotton yarns.
wool. burlap, canned fruits and vegetables, coffee, copper, lumber, crude
petroleum, gasoline and rubber.
The index numbers for each of the fourteen groups in the index are
shown in detail in the table below.
Col. Woods of President's Emergency Committee for
Employment Finds Improved Labor Conditions in
New England, South West and Other Sections.
"Somewhat better conditions" regarding employment in
New England, the Pacific Coast, Rocky Mountain and
southeastern States were announced Mar. 16 by Col. Arthur
Woods, Chairman of the President's Emergency Committee
for Employment, upon the receipt of field reports from these
sections:on current developments. The "United States
All Groups (14)
Textiles
Fats and Oils
Other toads
Grains, feeds and livestock
Fertilizer materials
Mixed fertilizer
Metals
Agricultural implements
Automobiles
Building materials
Fuel
Chemicals and drugs
House furnishings
Miscellaneous commodities
Latest Week Preceding
Week.
Mar. 14'31
t•001..00=000WWW0,0t.
00000..04.0.1.0.5.00.00
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (476 QUOTATIONS 1926-1928=100).
75.9
66.6
64.3
78.3
68.7
84.0
92.4
82.2
95.4
88.4
83.2
71.7
93.8
92.5
71.9
Month
Ago.
Year
Ago,
76.4
66.0
62.3
78.3
70.0
84.4
92.4
81.3
95.6
89.2
83.1
74.3
92.4
92.7
71.7
91.3
85.6
83.9
94.9
92.4
92.0
99.9
98.1
96.8
95.7
94.8
84.8
96.2
98.8
83.7
[Vol,. 132.
FINANCIAL CHRONICLE
2088
Office Vacancies
-National Association of Building
Owners & Managers Finds 24,321,615 Square Feet
Idle.
"
From its Chicago bureau the "Wall Street Journal of
March 16 reports the following:
Report of National Association of Building Owners & Managers for
January 1931, covering 1.935 buildings located in 41 cities and having total
floor space of 165.611,811 square feet, shows vacancies amounting to
24,321,615 square feet, or 14.69%. Report further states that vacancies
are sufficient to take care of normal business expansion for at least three
years.
Although 65 new office buildings having floor space of 11,512.082 square
feet now are under construction, the Association considers any material
increase in percentage of vacancies within the next few months improbable
due to fact that only 633,000 additional square feet will be available
for occupancy by May 1. Of the remaining new buildings under construction 7.881.622 square feet of new space will come on the market before
the end of the year.
As measured by quarterly reports issued during the year, there was an
increase in the second quarter over the first, followed by a decline in the
third and fourth quarters. Our tabulation of the statements of 550 companies for the first half
-year, published last September, indicated a decline
of but 30% from the corresponding period of 1929, but the reports for the
full year reflect the further curtailment in volume that occurred during
the last six months, as well as the further decline in prices that necessitated
substantial write-offs on inventories.
The accompanying table is divided according to fifty major lines of business and shows the number of available reports in each group, their combined net profits (less deficits) after all charges but before dividends in
1929 and 1930. with the percentage change, also their combined capital
and surplus as given on the published balance sheets at the beginning of
each year, with the percentage change, and the rate of net profits return
upon capital and surplus for the two years. Rate of return is a better
measure of the profitableness of industry than a mere comparison of profits.
for the reason that the latter does not allow for the surplus earnings and
new capital that are invested in industry from year to bear. For the
Industrial group as a whole, the rate of return in 1930 amounted to 7.2%,
while the corresponding figure in 1929 was 13.3% and in 1928 was 12.0%•
It is believed that this sununary of 900 corporations gives a fairly accurate picture of the trend of business profits last year, although the showing
of individual groups is subject to change as the later reports become availPreliminary or estimated figures have been included for about 40
able.
large and representative companies pending the publication of actual reSecretary of Labor Doak,in a statement issued March 12, ports, but it is not thought that final figures will change the results mateannouncing a gain of 1.4% in employment in February over rially. A limited number of companies whose fiscal years closed during
the latter half of the calendar year or on Jan. 31 1931 are also included
January said that the showing "is the first satisfactory
for the sake of completeness, but their Importance is not large in relation
indication of a general upward trend since the stock market to the total.
collapse in October 1929. Mr. Doak's statement follows:
Last year 147 companies, or 16% of the total, actually reported larger
W. N. Doak, the Secretary of Labor, announces that the volume of em- profits than in the year before. On the other hand, 182 companies, or
ployment index of the Bureau of Labor Statistics for manufacturing in- 20% of the total, reported deficits before dividends aggregating $108,dustries for February will show a gain of 1.4% in employment in February 976,000, which have been deducted in arriving at the net profit figure in
over that of January of this year. The volume of pay rolls will show an each group.
increase of 7.5% in February over January.
Steel, Automobiles and Petroleum.
These figures are based upon a comparison of 13,377 identical manuProfits in the iron and steel industry, as measured by the reports of 40
establishments employing in February 2,772,219 workers having companies, declined from $369.000,000 to $179,000,000 or by almost 52%.
facturing
a weekly pay roll in February of $66,567,283. The figures giving the Capital and surplus at the beginning of last year totaled $3,703.000,000 as
details will be contained in the March release of about the 18th of the month. compared with $3,278.000,000 the year previous, and rate of return dropped
Usually employment and pay roll indexes show an upward trend in from 11.3% to 4.8%.
February following the customary decreases in January due to inventory
In the automobile industry, net profits of 10 manufacturers declined from
and repairs. The increase in employment, however, from January to
$348,000,000 to $170,000,000 or by 51%, and rate of return on capital
February 1930 was only 1-10th of 1%, the increase in pay rolls only 3.5%.
and surplus, which totaled $1,527,000.000 at the beginning of last year,
The present increase compares favorably with those in years prior to 1030,
dropped from 25.1% to 11.1%. An even greater decrease was experienced
and is the first staisfactory indication of a general upward trend since the
by the 39 companies making automobile accessories and parts.
stock market collapse in October 1929.
In the petroleum group of 41 companies, there was an indicated decline
In earnings from $628,000,000 to $343,000,000 or by 45%. (Excluding 12
of the large organizations for which preliminary or estimated figures were
National City Bank of New York Finds Net Profits in used, the decline amounted to 45.1%.) Capital and surplus at the beginning of last year aggregated $6.490,000,000 and the rate of return declined
1930 of 900 Corporations 40% Below 1929.
from 10.8% to 5.3%.
National City Bank of New
In its March Bulletin the
Lack of space prevents a discussion of each of the different lines in
York states that "annual reports for 1930 have now been detail, or the special factors that affect past and future earnings and are
published by some 900 industrial and merchandising com- constantly changing. A number of industries held up surprisingly well
last year, among which might be mentioned amusements (motion pictures
panies and show that net profits were approximately 40%
and theatres), baking, confectionery and beverages, miscellaneous food
below those of 1920, and 28% below 1928." According to products, restaurant chains and railway equipment. Seventeen tobacco
actually larger than those of the
the bank "aggregate net profits of the group amounted to companies reported combined earnings
preceding year, but this is accounted for by the outstanding showing of
$2,097,000,000 in 1930, to $3,470,000,000 in 1929 and to the four large cigarette manufacturers, earnings of the remaining 13 com" The bank continues:
$2,929,000,000 in 1928.
panies decreasing by 32%.
Secretary of Labor Doak Reports Increase in Industrial
Employment During February.
U MMARY OF INDUSTRIAL CORPORATION PROFITS FOR YEARS 1929 AND 1930 WITH PERCENTAGE RETURN ON CAPITAL AND SURPLUS.
Nei ProfUs,
Industry.
No.
9
10
23
19
39
16
36
23
10
13
26
5
15
28
5
35
6
16
22
40
7
5
56
19
29
10
4
5
10
15
9
7
23
41
10
16
18
5
8
18
10
9
20
7
16
14
20
5
82
26
900
1929.
Agricultural implements
Amusements
Apparel
Automobiles
Automobile accessories
Bakery
Building materials
Chemicals
Coal mining
Confectionery and b werages
Cottou mills
Dairy products
Drugs and sundries
Electrical equipment
Fertilizer
Food products, miscellaneous
Furniture
Beating and plumbing
Household goods
Iron and steel
Laundry and cleaning
Lumber
Machinery and tools
Meat packing
Merchandise, chain stores
Merchandise, department storm
Merchandise, mail order
Merchandise, wholesale
Mining, copper
Mining, other non-ferrous
Office equipment
Paint and varnish
Paper and products
Petroleum
Petroleum, pipe line
Printing and publishing
Railway equipment
Real estate
Restaurant chains
Rubber tires, eze
Shinning, aiiii
Shoes
Bilk and hosiery
Stock yards
Sugar. Cuban
Textile products, miscellaneous
Tobacco
Wool
Miscellaneous, manufacturing
Miscellaneous, services
Total
Per Cent
Change.
Capital and Surplus.
1929.
1930.
$67,093,000
345,553.000
63.150.000
67,367,000
19.299,000
8.028,000
348.318.000
169,780,000
81.712.003
32,832,000
54,592,000
48,421,000
49.533.000
34,529,000
197,929,000
146,913.000
9.652.000
8,037,000
34,858,000
35,123.000
6,850.000 def.10.116,000
44.081.000
47.512.000
77,805.000
72.757.000
133,515,000
80.688,000
5,112,000
6,609,000
118,608,0GO
96,891,000
998.000 def.1,139.000
4",943.600
19.158,000
58.152.000
44.175.000
389.239,000
178,649,000
2,135,000
2,043,000
1,953.000
238.000
55,385,000
29,373.000
36.799.000
28,276.000
99,903.000
78,734,000
14,495.000
9,097.000
44,997.000
8,365,000
4,050.000 det.2.090.000
155,935,000
32.651.000
107.287.000
55,507.000
29.945.000
16,213.000
13,726,000
3,394.000
13.737.000
9,484.000
627.539.000
343,177.000
39,115,000
31,109,000
34,669.000
29,191.000
58,315,000
53,315.000
11,040,000
8,450.000
3,622,000
3,555.000
37.013.000 def.3,067.000
16,779.000
10,239,000
25,655,000
15,914,000
12,229.000 def.1.915,000
2,872.000
2,935.000
def.2.905.000 def.15,681,000
15,426.000
2,917.000
108,333.000
117,306,000
def.4.888,000
def.1.524,000
111.466.000
84,259,000
14,275,000
9,543,000
-32.1
+6.7
-58.4
-51.3
-59.8
-113
-30.3
-25.8
-16.7
+0.8
$3.470.113,000 $2,097,823,000
-39.6
+7.8
+6.9
-39.6
+29.3
-18.3
-56.4
-24.0
-51.6
-4.3
-87.8
-47.0
-23.2
-21.2
-37.2
-81.4
-79.1
-48.3
-45.9
-75.3
-31.0
-45.3
-20.5
-15.8
-8.6
-23.5
-1.8
-39.0
-38.0
+2.2
-81.1
+8.3
-24.4
-33.1
$401,640,000
317,934.000
165,13.5.000
1,389,999,000
335,218.000
344,289,000
581.073.000
1,084.042.000
355,992,000
142,827.000
201.557.000
182.009,000
333,420.000
699.372.000
132,326.000
850.481.000
34,662,000
307.734.000
403,110.000
3,277,535.000
12.736.000
22.078,000
358,015.000
676.835,000
577,01)1,000
131,333.000
309,670,000
65.735.000
868,014.000
769.062,000
141.322.000
103,126.000
153.022,000
5,805.722,000
188.359.000
128.977.000
744.047,000
101,074.000
3(3,361,000
556,570.000
253,755.000
189,018.000
126,664.000
36,584,000
278.095,000
153,897.000
715,657,000
129,951.000
671.328.000
180,232,000
$440,239.000
399,909.000
172.516,000
1,527.008,0e0
397,321,000
357.114,000
608,784.000
1,251.246.000
35.3.980,000
156,290,000
202,522,000
260,979 000
362,124.000
826,159,000
159,128,000
894.409,000
37,880.000
354.713.000
414,20.000
3,702.905,000
13.689,000
24,138,000
391,860,000
693.653,000
626,707.000
133,474,000
396,741.000
64.132,000
1,165.895.000
899,849.000
143.891.0110
121.182.000
166,241.000
6,489,612.000
193,645.000
141.381.000
775.708,1100
100,726,000
36.802,0e0
648,969.000
186,567,000
197.365.000
134.446.000
37,139,000
271.265.000
160,787.000
775,336.000
125,630,000
767,872.000
182,832.000
$26.025.340.000 828,929,975.000
Per Cent
Change.
1930.
Rate of Return.
1929.
1930.
+9.6
+25.8
+4.5
+9.9
+18.5
+3.7
+4.8
+15.4
+0.3
+9.4
+0.5
+43.4
+8.6
+18.1
+5.1
+5.2
+9.3
+15.3
+2.8
+13.0
+7.2
+3.3
+9.4
+2.5
+8.6
+1.6
+28.1
-2.4
+34.2
+17.0
+1.8
+17.5
+8.5
+11.7
+2.8
+9.6
+4.3
-0.3
+1.2
+16.6
-26.5
+4.4
+6.1
+1.5
-2.5
+4.5
+8.3
-3.3
+14.4
+1.5
16.7%
19.9
11.7
25.1
24.4
15.9
8.5
18.3
2.7
24.4
3.3
24.2
21.8
19.1
3.9
13.9
2.9
14.3
14.4
11.3
16.7
8.8
15.4
5.4
17.3
11.0
14.5
6.2
18.0
13.9
21.2
13.3
9.0
10.8
20.8
26.8
7.8
10.9
10.0
6.6
6.6
13.6
9.7
7.8
10.3%
16.8
4.7
11.1
8.3
13.6
5.7
11.7
2.3
22.5
16:13
7.9
15.1
--11.0
5.2
+11.2
13.3
7.2
0.0
1-15.1
.
18.2
21.5
9.8
4.8
10.8
Isl
10.7
4.8
14.9
1.0
7.5
4.1
12.6
6.8
2.1
"2:iii
6.2
11.3
2.8
5.7
5.3
16.1
20.6
6.9
8.4
97.7
578
8.1
Ye
iiii
MAR. 21 1931.]
FINANCIAL CHRONICLE
Federal Reserve Board Reports Department Store Sales
In February Above Those for January.
•
Department store sales were slightly larger in February
than in January, on a daily average basis, according to preliminary figures reported to the Federal Reserve Board.
The Board's preliminary index, which makes allowance for
estimated seasonal movements, advanced from 97 to 98%
of the 1923-25 average, approximately the level maintained during the last half of 1930. In comparison with a
year ago, the aggregate value of sales in February, according
to the preliminary figures, was 9% smaller the Loard
says, in making available the following on March 10:
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Fed,eral Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
February.*
Jan. 1
to
Feb. 28.
Number of
Reporting
Stores.
Number
of
Cities.
--9
--5
--9
-10
-5
-16
--8
-18
--4
--8
-12
-10
-9
--6
-11
-8
--4
-11
--8
-13
-3
--5
-10
--9
97
51
40
46
76
33
59
22
22
28
16
70
29
28
16
16
40
20
33
10
13
16
6
27
Total
1.
--8
-9
560
254
•February figures preliminary; the month had the same number of business
days this year and last.
February Plant Operations Show 13% Gain Based
on Electrical Consumption.
Signalized by advances in every industrial group over the
two preceding months and marking definitely increased
industrial activity, February operations in American manufacturing establishments gained 13% over January, according
to returns received on electrical energy consumed in 3,800
plants throughout the country, "Electrical World" reports
In making available its report March 16, it says:
2089
ended with February. The value of merchandise exported
in February 1931 was $226,000,000, as compared with $348,852,000 in February 1930. The imports of merchandise
are provisionally computed at $175,000,000 in February
the present year, as against $281,707,000 in February the
previous year, leaving a favorable balance in the merchandise movement for the month of February 1931 of $51,000,000. Last year in February there was a favorable trade
balance on the merchandise movement of $67,145,000.
Imports for the 2 months of 1931 have been $358,213,000,
as against $592,675,000 for the corresponding 2 months
of 1930. The merchandise exports for the 2 months of
1931 have been $475,667,000, against $759,701,000, giving
a favorable trade balance of $117,454,000 in 1931, against
a favorable trade balance of $167,026,000 in 1930. Gold
imports totaled $16,145,000 in February, against $60,198,000 in the corresponding month of the previous year;
and for the 2 months were $50,571,000 as against $73,106,000. Gold exports in February were only $14,000,
against $207,000 in February 1930. For the 2 months in
1931 the exports of the metal foot up $69,000, against
$9,155,000 in the 2 months of 1930. Silver imports for
the 2 months of 1931 have been $4,772,000, as against
$8,679,000 in 1930, and silver exports $5,205,000, as against
$11,223,000. Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED
STATES
(Preliminary figures for 1931 corrected to Feb. 17 1931.)
MetOland se.
February.
2 Months Ending Feb.
1931.
Excess of exports..
Excessof imports
1931.
1930.
Increase
(+)
Decrease(-)
1.000
Dollars.
Exports
Imports
1930.
1.000
Dollars.
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
226.000
175,000
348,852
281.707
475.667
358,213
759,701
592,675
51,000
67.145
• 117,454
167,026
-284,034
--234,462
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
Adjusted for the shorter working month, February returns showed
a
weighted average well above the averages for other recent months
1931. I 1930.
1929.
1928.
1927.
and
1926.
a scant per cent lower than a year ago, when the industrial
depression
1,000
1.000
1,000
1.000
was still young. The gap by which current plant operations fail to
Low
1,000
equal
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
those of a year ago appears to be closing; in a number of industries it
Is
Exports
no longer large.
January
249,667 410,849
410,778 419.402 396,836
Activity in metal
-working establishments advanced 18% from January, February
226,000 348,852
371,448 372,438 352,905
25% from November; in iron and steel mills. 20% from January and
nearly March
369,549
420,617 408,973 374.406
as much from November. The manufacture of automobiles,
April
331,732
363,928 415.374 387,974
parts and May
320.034
accessories rose 14% over December and 19% over November.
422.557 393,140 356.699
June
294,659
388,661 356,966 338,033
Metal-working and iron and steel mills, considered together as the July
266,650
378,984 341,809 368,317
"metals group," arq sensitive to changes in industrial expansion and re- August
297,765
379,006 379.751 384,449
construction. This branch of industry ran at a high level during 1928, September
312,207
421.607 425.267 448,071
October
326.896
1929 and a part of 1930. The present follows a much quieter period.
550,014 488.675 455,301
November
288,978
544,912 460.940 480,300
Textiles rose 13% from the avtr go of the three preceding months after December
275,193
475.845 407,691 465,369
an earlier gain from the low point in August; rubber has advanced 31%
2 months ending Feb. 475.667 759.701
since November; leather has climbed steadily for a number of months.
929.774
8 months ending Feb. 2,243,442 3.377,608 3,680,142 782.226 791.840 749.741
The rate of manufacturing activity in February. compared with January
3.281.309 3.393.647 3.296.269
and February 1930, all figures adjusted to 26 working days and based on
Imports
consumption of electrical energy as reported to the "Electrical World" January
183.213 310.968 368,897 337,916
416,752
February
175,000 281.707 369.442 351,035
(monthly average 1923-1925 equals 100), follows:
387.306
March
300,460 383,818 380,437
442.899
April
307,824 410,686 345.314
NATION AS A WHOLE.
397.912
May
284,683 400.149 353,981
320.919
June
250.343 353.403 317.249
336.251
Avge.First Arge.Firsi July
220.558 352,980 317.848
Industrial Croup.
338.959
February January February 2 Months 2 Months August
218,417 ;369.358 346,715
336.477
1931.
September
1931.
1930.
1931.
1930.
226,352 351,304 319.618
343,202
October
247.339 391,063 355,358
All Industrial groups
376.868
110.3
November
97.6
123.5
103.9
122.6
203.593 338,472 326,565
Metal industries group
373,881
114.0
98.5
December
135.0
124.5
115.7
208,650 309,809 339.408
Rolling nails and steel plants._
359,462
116.5
103.4
143.0
109.9
143.0
Metal working plants (ferrous
2 months ending Feb. 358.213 592,675
738,339 688,951
and non-ferrous).
112.3
95.0
8 months ending Feb. 1.683.137 2.705.661 2.743 851 2.750.519 667.718 804.058
130.5
103.6
128.6
Leather and its products
2.796.567 2.966.891
76.1
71.6
86.5
73.8
98.4
Textiles
EXPORTS AND IMPORTS OF GOLD AND SILVER,
99.3
86.1
103.3
92.8
102.8
BY MONTHS.
Forest products
84.2
82.6
94.7
83.4
91.0
Automobiles. incl. mfr.of parts
88.9
67.5
116.6
78.2
108.2
Stone. clay and glass
Gold.
102.6
Silver.
75.3
116.7
88.9
124.5
Paper and pulp
127.0
111.8
138.0
119.4
129.4
1931. 1930. 1929. 1928. 1931. 1930. 1929.
Rubber and HA products
112.9
99.0
133.1
105.9
1928,
138.7
Chemical and allied products_
146.4
132.0
139.6
139.3
138.1
1,000 1.000 1,000 1.000 1.000 1,000 1.000
Food and kindred products_ _ _
122.0
118.3
129.2
120.1
130.7
Dollars. Dollars Dollars. Dollars. Dollars. Dollars. Dollars. 1,000
Fildnbuilding
114.8
113.9
25.4
119.3
1245
Dollars.
Exports
INDEX OF MANUFACTURING ACTIVITY.
January
55 8.948 1.378 52.086 3.574
8,264 6,692
Base Average Month 1923-1925,
February
14
207 1,425 25,806
---6.595 7,479
March
.290 1,635 97,536
---.
7,814 7.405
April
110 1,594 96,469
February January December November February
...-5.752 6,587
May
82
467 83.689
1931.
1931.
--7,485 6.712
1930.
1930.
June
1930.
26
550 99,932
_-5,445 7.456
July
41,529
All Industry
807 74,190
---110.3
97.6
6.795 6.160
99.1
104.3
August
123.5
Automobiles (Including Parts
39.332
881 1,698
..-8.522 9.246
September
11.133 1,205 3,810
and accessories)
_--88.9
67.5
4.374 6.229
77.9
74.9
October
116.6
9.266 3.805
Chemical products (including
992
---.
7,314 7,252
November
5,008 30,289 22.916
oil refining)
____
132.0
146.6
8,678 7,674
133.5
145.0
December
139.6
36 72.547 1.636
Food products
____
122.0
118.3
6,360 8.489
107.1
124.4
129.2
Iron and steel
116.1
103.4
110.2
106.5
2 mos. end.Feb
143.0
69 9,155 2.803 77.892 5.205
Metal working
112.3
95.0
97.8
89.6
8 moe.ond. Feb 106.373 118,687 108.045 249.476 29,360 11,223 14,859 14.171
130.5
Leather products
53.274 59,909 51.803
71.6
76.1
68.7
63.0
86.5
Forest products
84.2
82.6
73.3
86.5
Imports
94.7
Paper and pulp
111.8
127.0
117.0
112.3
January
138.0
34.4211 12,908 48.577 38,320 2,896 4.756
Rubber products
112.9
99.0
84.3
6,305
86.1
February
133.1
16.145 60.198 26.913 14,686
Shipbuilding
---- 3.923
114.8
113.9
99.0
4.658
105.5
March
125.4
55.768 26,470 2.683
____ 4,831
Stone, clay and glass
102.6
75.3
100.6
5.134
April
106.2
116.7
65,835 24.687 5.319
Textiles
___ _ 3,570
86.1
99.3
89.8
4,888
87.0
May
103.3
23,552 24,098 1,968
__-_ 3,486
4,247
June
--- 13,938 30,762 20,001
---- 2,707
6.221
July
21,889 35.525 10,330
---- 3.953
6,544
Country's Foreign Trade in February-Imports and August
19,714 19.271 2,445
---- 3,492
6,496
September
13,680 18,781 4,273
____ 3,461
Exports.
5,739
October
35.635 21,321 14,331
____ 3,270
7,319
November
40.159 7,123 29,591
---- 2,652
The Bureau of Statistics of the Department of Commerce December
5.448
32,778 8,121 24.950
-_ 2,660
5,120
at Washington on March 16 issued its statement on the for- 2 mos. end.Feb 50,571 73.106 75,490 53,006
4,772 8.679 12,718 10,963
8 mos. end.Feb
trade of the United States for February and the 2 months 12 mos. end.Dec 214.426 183,248 161,410 99,169 24,260 39,884 49.384 39,040
eign
396,054 291.649 168,897
42,761 .63,940 68,117
...p.P.C......00Ao...0
a.a0,a...1.4.a.o.woa.00
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olo14
-ito..$.oh,oc.,wvo,
,
,
c4.0e.
C
0
CA.4.424.WW.I.of 0001
,
2
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*SOCONQ;,PCON.i...
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1
I
GOLD AND SILVER.
1930.
(+)
Increase
Decrease(-)
1.000
Dollars,
1,000
Dollars.
1.000
Dollars.
1,000
Dollars.
14
16,145
207
60,198
69
50,571
9,155
73,106
16,131
59,991
50,502
63,951
1,634
1,876
5.331
3,923
5,205
4,772
11,223
8,679
1,408
433
2,544
-9,086
-22,535
-6,018
-3,907
COMPARATIVE CORPORATION PROFIT8-1930 AND 1929.
(Classified by Business Lines.)
242
Business and Agricultural Conditions in Minneapolis
-Volume of Business at
Federal Reserve District
Low Level in February.
In its preliminary summary of agricultural and business
conditions in its District, issued March 16, the Federal
Reserve Bank of Minneapolis states that "the District volume
of business continued at a low level during February, although there was a slight improvement over the level in
January." The Bank adds:
Abnormally warm weather continued to stimulate certain lines of activity.
However, the daily average of bank debits in February was 20% smaller
than in February last year. The country check clearings index for February
was 19% below the index for February last year. Freight carloadings in the
first three weeks of February were 18% smaller than in the corresponding
weeks a year ago. Decreases, as compared with last year's figures, also
occurred in electric power consumption, postal receipts, department store
sales and flour production. Increases occurred in building permits, linseed
product shipments, livestock receipts and grain marketings.
The estimated cash income of northwestern farmers in February from the
marketing of cash crops, dairy products and hogs was 25% smaller than in
February last year. Increases in cash income occurred In durum wheat and
flax, but these were more than offset by decreases in income from bread
wheat,rye, potatoes, dairy products and hogs. All important farm product
prices were lower in February than a year ago.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
% Feb. 1031
Feb. 1931. Feb. 1030. of Feb. 1930.
74
$8,614.000 88.906.000
Bread wheat
149
2,296.000
3,430 000
Durum wheat
10
323.000
33,000
Rye
161
257.000
413.000
Flax
64
3.663.000
2.327.000
Potatoes
83
13,988.000
11.611,000
Dairy products
59
8.106.000 13.756.000
Boss
832.534.000 343.279.000
Total of seven items
75
Survey of Corporation Earnings in 1930 by
Ernst & Ernst.
Aggregate profits for 1930 of 1,432 corporations including
972 industrials, 171 railroads, 103 telephone companies, 95
other public utilities and 91 financial institutions, were
28.49% under the profits of the same companies for 1929,
according to compilations made from published financial
statements by Ernst & Ernst, accountants. The study
includes all the leading corporations whose net earnings for
1930 have been reported to date. We quote therefrom as
follows:
For the 972 industrials. in 30 lines and miscellaneous, the compilations
show that net profits for 1930 were in the aggregate 39.73% less than for
1929. Two of those 31 groups show greater profits: Amusement companies. 1.91%; drugs. 6.18%. Of the 972 individual companies. 188
show better results and 784 poorer results. 1930 compared with 1929.
For the 171 railroads, net operating income, 1930, was 30.57% lower
than in 1929.
Operating income of the 103 telephone companies for 11 months was off
2.09%. But profits of the 95 other public utilities for 11 months were
1.90% better.
The group of 91 financial Institutions, including banks, investment
trusts and others,showed net earnings for 193052.88% lower than for 1929.
Comparing 1930 with 1928. the Ernst & Ernst analysis shows that the
aggregate net profits for 1930 of 886 industrial corporations in the 30
different groups and miscellaneous, were 28.68% lower than for 1928
and 39.67% lower than for 1929. Seven of the groups show greater
profits for 1930 than for 1928: Amusement companies, 97.10%; bakeries,
4.99%; beverages and confections, 21%; drugs, 25.56%; railroad equipment, 33.69%; restaurant chains, 11.87%: tobacco products, 2.92%.
Better results in 1930 than in 1928 were shown by 265 of the 886 individual
companies; poorer results by 621 companies.
A further comparison going back to 1927 is made in the analysis and
shows that earnings of 782 industrials for 1930 were in the aggregate
40.38% under 1929, 29.67% under 1928 and 16.63% under 1927.
The trend of industrial earnings through the year 1930 as compared
with the trends during 1929 and 192818 set forth in the following summary:
Industrials.
First quarter
First six months
First nine months
Full year
1930 Compared with 1928
1930 Compared iota 1929
No.of Companies Decrease No. of Companies Inc. or Dec.
312
480
271
972
24.03%
31.61%
36.28%
39.73%
246
352
217
886
.92% Inc.
7.69% Dec.
20.62% Dec.
28.68% Dee.
In any studies of this character, the analysis points out,
where it is not possible to make adjustments for mergers,
consolidations or expansions during the periods covered,
the resulting relative percentages will not give an exact
comparison. "It seems reasonable to assume, for example,
Net Profits
(000 Omitted).
P. C.
Dec. Number Companies.
Total. Better. Worse.
1930.
1929.
o
w.a.m mo..000
om.o.o
=,..me....c.i.momm.uowoonloomovme.
O
lee:41.'mWVm14;a.MixgOW.D. bWW;A:.1.
om.s.1ot.1...&o0o-4m.
01-410w0'010001010104v0.wwwoomwo.03
Excess of exports_
Excess of Ininerts
1931,
1,000
Dollars.
Excess of exportsExcess of imports_
SikerExports
Imports
1930.
that many of the 782 industrial companies in the four-year
-comparison expanded substantially and (or) absorbed or
merged with other concerns; so if for instance the 1930
earnings are shown to be lower in comparison with the
1927 figures, the percentage of decline may not adequately
express the extent to which earnings have actually declined.
No general conclusion can be safely drawn, however; as in
some cases mergers ahd expansions in themselves might be
found to have contributed to the decline, especially under
such depressed business conditions that existed during 1930."
Details are furnished as follows:
6
310,284 60.01
52,526 *1.91 10
317,844 50.41 17
58,624 66.22 42
52,449 8.14 17
39.425 2.55 25
9,417 75.48 10
75.500 33.28 71
7
18,199 41.63
75,671 31.26 23
31.559 67.64 38
35,542 *6.18 11
7,586 48.37 13
105.978 16.89 28
359.267 51.17 30
132,148 40.33 73
41,701 16.12 20
176.551 43.08 61
70.099 41.09 55
91.631 65.29 33
116.439 31.43 41
33,721 48.07 35
33.096 15.61 13
47,675 21.11 18
8
5.999 10.47
36.001 103.65 13
26,809 34.44 11
3,376 169.68 19
11,797233.48 43
87.823 4.29 23
157.691 30.27 158
3
5
1
3
6
12
0
13
1
5
5
4
3
4
3
10
5
7
3
7
7
11
2
4
2
2
1
7
2
7
43
11
10
12
41
18
115
81,400.173 $2.323.328 39.73 972
Total Industrials
885.011 1,274,606 30.57 171
Railroads (net oper. Income)...
Telephone companies (oPer
254.169 2.09 103
248,854
income, 11 months)
906.500 *1.90 95
923.771
Other public utilities(11 mos.)-
188
784
Industrials
Aeronautics
Amusement companies
Automobile manufacturers
Auto parts and accessories
Bakeries
Beverages and confections
Brass and copper products.._
Buildingmaterials and equip_ _
Business equipment
Chemicals
Clothing manufacturers
Drugs
Electrical household equip.
Food products, miscellaneous.
Iron and steel
Machinery and tools
Meat packers
Merchandising
Metal products, sundry
Mining and smelting
Oil producing and refining
Paper products
Printers and publishers
Railroad equipment
Restaurant chains
Rubber companies
Shoe manufacturers
Sugar companies
Textiles
Tobacco products
Unclassified
3
5
16
39
11
13
10
58
6
18
33
7
10
24
27
63
15
54
52
26
34
24
11
14
a
1
2 Months Ending Feb.
February.
1931.
Gold
Exports
Imports
[VoL. 132.
FINANCIAL CHRONICLE
2090
Total except financial
Financial InstUzaionsBanks, inv. trusts. &ix
33,457.809 34.758,603 27.34 1.341
Total
*Increase. a Deficit.
33.564.363 $4.984.752 28.49 1.432
106.554
226.149 52.88
01
-PERCENTAGE COMPARISONS WITH
INDUSTRIAL PROFITS, 1930
1929 AND 1928.
Number Companies.
Profit Decrease-1930.
Better Than
Industrials.
Aeronautics
Amusement cos
Automobile mfrs
Auto parts & access
Bakeries
Beverages' & confec'ns
Brass se copper prods_
Bldg. met Is & equip
Business equipment
Chemicals
Clothing mire
Drugs
Elec. household equip
Feud products. miscall
Iron anti atm!
Machinery and toolsM eut Packers
Merchandising
Metal prods., sundryMining and smelting_
Oil Prod, anti refining_
Paper products
Printers & publishers.
Railroad equipment__
Restaumnt challis_ ___
Rubber companies
Shoe manufacturers__
Sugar companies
Textiles
Tobacco products-.
Unclassified
Total
Total.
Worse Than
Under
1929.
Under
1928.
74.48%
•1.91
50.07
66.22
7.69
2.47
75.48
31.95
41.63
30.50
67.24
*7.1.11
48.97
17.64
51.17
40.38
16.61
42.98
40.70
65.29
32.06
49.13
15.17
19.92
10.47
103.88
31.30
170.79
339.00
4.20
29.64
3
69.77%
10
*97.10
15
5.578
42
64.34
15
*4.99
23
*21.00
10
72.79
63
23.55
7.42
7
20
12.34
37
66.12
10
*25.56
12
8.56
23
4.80
16.18
30
65
23.35
18
21.15
43.00
60
51
25.07
33
64.14
37
21.27
32
36.48
11
2.85
15
*33.69
8
*11.87
12
105.27
10
28.40
18
128.77
35
321.88
22
*2.92
139
16.25
1
5
1
3
6
11
__
13
1
4
5
4
3
4
3
7
4
7
3
7
5
11
1
4
2
2
1
7
1
7
38
1
9
3
6
10
17
1
21
4
6
5
5
3
9
10
11
4
16
9
11
10
11
4
9
8
_
.._
5
2
11
46
2
5
14
39
9
12
10
50
6
16
32
6
9
19
27
68
14
63
48
26
32
21
10
11
6
10
9
11
34
15
101
2
1
12
36
5
8
9
42
3
14
32
5
886
171
265
715
621
39.67
28.68
1929, 1928. 1929. 1928.
9
14
20
54
14
44
42
22
27
21
7
5
2
12
10
13
33
11
93
•Increase.
Increase in Employment and Wages in Pennsylvania
to
and Delaware During February According
Philadelphia Federal Reserve Bank.
Factory employment, working time, and wage payments
usual
In Pennsylvania increased by a larger amount than
of January to the middle of
in the period from the middle
Federal
February, according to indexes of the Philadelphia
survey, issued Mar. 16,
Reserve Bank. The bank's
continues:
employee
was 1.5%, and that In
The gain in employment over January
This upturn frau the exceptionally
hours worked and wages paid was 3%.
the first change for the better since
low level of the previous month was
a year ago, however, continued
the fall season; comparisons with
unfavorable.
recorded by the manuMore than seasonal gains in employment were
and tobacco, stone and
facturing groups, including textile products, foods
FINANCIAL CHRONICLE
clay products, lumber, chemical, and leather and rubber product
s. The
transportation equipment, and paper and printing groups,
showed declines,
while a slight increase in the metal group was less than
was normally
expected. Wage disbursements showed striking increases during
the month
in textiles, foods, some of the building materials, leather
and rubber
products, and paper and printing, while metal products and transpo
rtation
equipment reported slight further recessions.
The February employment index was 80.2, and the payroll index
68.3%
of the 1923-25 average; compared with February 1930, the employ
ment
index was 17% and the payroll index 31% lower. The employe
e-hour
index .also was 30% below that of a year ago.
The gain in the rate of factory operations in Delaware was also
shown
by a rise of 4% in wage payments and 5% in working time
between
January and February. Employment increased less than 1%;
more workers
were shown by the metal products, foods and tobacco, leather
and rubber,
and chemical products industries, while others showed declines
. Last
year at the same time Delaware factories reported declines in employ
ment,
working time, and wage disbursements.
2091
----..--EMPLOYEE
-HOURS AND AVERAGE HOURLY AND WEEKL
Y WAGES
IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadel
phia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.
Group and Industry.
Em Dl.
No.
Hours
Average
Average
of P.C.Chge Hourly Wages. ...freckly Wages.
Plants Feb. '31
Report- from
ing. Jan.'31. Feb.
Jan.
Feb.
Jan.
1931. 1931. 1931. 1931.
1m
w. wwtoto-NIta wtato to-......—t
m
CO -w
tat4ba
.- -wcoowow twnle.DbD w..-m t.w
. -t 7w ,
1.... . Inowoco,s=.4co.-wccoco=wa, .0*.wk
4
wooco.... . ,
1 2.ipi4.-0oxi4O--.4.6-6,:m...-6...CoWL.
,-w.
-cowww 0.. t.
-..wc
.ww
36.OL.4.2.-4:06664Wio6;..4-0C.,;x0004.606C,44.
c..0.4olaw.-m4otorAcoo.-mo-4ww-am0
00,--ccup.c4coo.
ownawcaotbac
04.,00t ccboomm-4.o
_ ,
MAR. 21 1931.1
All manufacturing Industries
pc Metal products
Transportat Ion equipment
k, Textile products
Fools and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
1 Paper and printing
No.
Increase(+) or Decrease(-)
of
Feb. 1931 orer Jan. 1931.
Plants
Report- EmployTotal
Average
ing.
ment.
Wages.
Wages.
60
14
5
4
8
4
5
7
+0.5
+6.9
-0.0
-3.0
+0.2
-9.3
-13.8
+1.7
+0.9
-1.2
+3.5
+16.6
-1.1
+3.6
-2.2
-18.4
-15.3
+5.1
+5.1
2.0
-
+3.0
+9.1
1.0
+6.9
-2.4
-10.0
-1.7
+3.3
+4.2
-0.8
EMPLOYEE HOURS IN DELAWARE.
Compiled by Federal Reserve Bank of Philadel
phia.
Industry.
AK manufacturing industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone. clay and glass products
Lumber products
Chemical products
Leather and rubber products-.
Paper and printing
11IttlIttt++1++±1+1+11+++.1++ 1 ++
t lititt
LaL4O*;-,
Win
4-titlitttlitt;ttitEt111111118
114-Ittt+Witoltee.it+titt-4-.1
Industry.
1MOMV:
ONh
MUT IITTUTTUTTUTTITTI777-1111171 17TaiTITITIITT I TTTUT
E
..10QWW!. COOMetWOWA.eiWNOOMCIONVOt
..0t-MMOOMVMOWn4Nt t-MON 00...1
,
All manufacturing industries (48) 558
5.572 5.572
$22.09
Metal products
190
.621
.627
23.57
Blast furnaces
7
.609
.599
25.82
Steel works and rolling mills- 33
.635
.645
24.31
Iron and steel forgings
8
.553
.552
22.02 I
Structural iron work
7
.587
.592
20.30 j
Steam dt hot water heating app. 13
.576
.580
23.34
Stoves and furnaces
3
.625
.625
19.25
Foundries
30
.598
.608
22.21
Machinery and parts
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
36
.587
.598
23.71
Electrical apparatus
19
Compiled by the Federal Reserve Bank of Philadelphia and
.835
.630
23.77
the Department of
Engines and pumps
10
Labor and Industry. Commonwealth of Pennsylvania.
.618
.617
21.35
Hardware and tools
14
.525
Index Numbers-1923-1925 average=100.
.527
18.50
Brass and bronze products.... 10
.548
.555
22.52
Transportation equipment
28
.621
.621
21.80
Automobiles
Employment
5
.596
Payrolls
.608
20.07
Automobile bodies and parts
February 1931.
8
.602
February 1931.
.591
20.43
Locomotives and cars
No. of
7
.566
.569
20.12
Railroad repair shops
Plants
Per Cent
4
.702
.710
Per Cent
23.30
Group and Industry.
Shipbuilding
ReportChange Since
4
.672
Change Since
.680
27.02
Textile products
lag.
Feb.
03
Feb.
.424
.409
17.28
Cotton goods
Index. Jan. 1 Feb. Index. Jan.
9
.432
.443
Feb.
19.58
Woolens and worsteds
1931. 1930.
8
.478
1931. 1930.
.469
19.54
Silk goods
32
.389
.392
15.85
All manuf. Indust. (51)____ 823
Textile dyeing and finishing80.2
-16.8 68.3 +3.0
7
.526
.533
20.99
Metal products
Carpets and rugs
244
76.6
-19.8 63.3 -0.6
6
.515
.492
17.87
Blast furnaces
Hosiery
9
45.1
24.5 38.4 -2.3
10
.505
.435
19.60
Steel works ez rolling mills 48
Knit goods, other
71.6
-16.6 58.6 -0.8
10
.415
.392
12.85
Iron and steel forgings
Men's clothing
10
70.5
-32.1 61.8 -6.6
3
.285
.304
12.09
Structural iron work
Women's clothing
10
88.8
25.0 65.0 +0.8
5
.313
.314
14.40
Steam and hot water heatShirts and furnishings
3
.288
.317
ing apparatus
12.68
Foods and tobacco
16
96.7
3.3 86.5 +15.2
54
.466
.446
Stoves and furnaces
19.43
Bread and bakery products_
8
58.5
-27.5 38.2 +14.4
21
.480
.485
Foundries
26.02
Confectionery
37
76.2
28.2 62.4 +4.5
6
.384
.427
Machinery and Pats...... 43
18.64
Ice cream
84.9
-22.2 68.0 -0.4
8
.563
.656
Electrical apparatus
31.30
Meat packing
21
04.9
12.3 85.2 -3.3
8
.546
.558
Engines and pumps
28.51
Cigars and tobacco
10
65.0
-32.8 48.7 -8.3
11
.384
.338
Hardware and tools
13.16
Stone. clay and glass products..
20
76.7
-23.8 63.1
43
+3.3
.537
.435
Brass and bronze products 12
19.48
Brick, tile and pottery
73.1
-30.9 57.7 -84
20
.474
Transportation equipment._
.473
16.54
Cement
37 .53.2
-30.8 •40.5 -1.0
10
.542
.541
Automobiles
24.39
Glass
55.8
5
-6.8 31.9
0.0
13
.607
.603
Automobile bodies ,k parts 11
18.60
Lumber products
50.4
-36.5 39.3 +18.0
43
.555
.542
Locomotives and cars....
17.35
Lumber and planing mills
11
27.1
-50.1 19.7 -7.5
13
.618
Railroad repair shops..
.618
18.31
Furniture
6
73.5
-6.4 64.6
+2.4
26
Shipbuilding
.550
.533
18.13
Wooden boxes
4
73.0
-15.6 108.9 --7.1
4
.513
Textile products
.494
14.51
Chemical products
161
91.1
-14.4 82.2 +11.7
30
.580
Cotton goods
.575
27.18
Chemicals and drugs
12
61.3
-18.9 62.3 +25.1
16
.526
Woolens and worsteds_ _. 13
.499
26.72
Paints and varnishes
60.6
-3.3 55.8 +26.2
9
.530
Silk goods
.598
23.00
Petroleum refining
46 .02.9
-14.5 104.9 -F 16.9
5
.596
Textile dyeing ak finishinz
.582
29.14
Leather and rubber products
12
91.4
-10.0 94.2 +21.2
30
.464
Carpets and rugs
.467
20.86
Leather tanning
10
52.3
-27.5 37.7 +9.9
9
.526
Hats
.538
22.67
Shoes
4
82.1
-10.4 45.7 -27.0
11
.339
Hosiery
.311
15.07
Leather products, other
27
407.6
-17.2 103.6 +8.0
6
.547
Knit goods, other
.535
24.54
Rubber tires and goods
13
80.4
-17.5 69.8 +29.1
4
.531
.553
Men's clothing
25.18
Paper and printing
9
78.5
7.9 65.1 +17.9
47
.664
Women's clothing
.646
30.26
7
Paper and wood pulp
141.6
+3.3 139.0 -1.8
8
.1137
Shirts and furnishings... _
.527
23.40
Paper bo as and bags
8
131.7
-7.9 111.6 -1.2
6
.380
Foods and tobacco
.379
13.67
Printing and publishing
92
i 05.0
-4.9 95.2 +5.3
33
.732
.735
Bread & bakery products. 26
34.68
108.2
-4.4 103.9 +1.1
•These figures are for the 823 firms
Confectionery
13 101.4
reporting employment.
-5.4 102.7 +10.2
Ice cream
11
89.7
-3.3 88.2 +1.6
EMPLOYMENT AND WAGES IN CITY AREAS
Meat packing
.
13
96.6
-3.8 85.7 -6.2
Compiled by the Department of Researc
Cigars and tobacco
29
h and Statistics of the Federal Reserve
103.6
-4.6 81.1 +12.3
Stone. clay Ai glass products
Bank of Philadelphia.
88
58.3
-24.1 44.4 +12.1
Brick, tile and pottery
31
-13.0 54.0 +24.4
71.
5
Cement
52.9
15
-13.7 40.3 +0.8
Employment
Glass
I
Payrolls
22
53.6
-41.6 45.0 +20.6
No. Percentage Change Percentage Change
Lumber products
51
57.0
-27.5 47.5 +16.4
of
Feb. 1931 Since
Lumber and planing mills_
Feb. 1931 Since
36.9
16
-46.5 29.5 -3.3
Plants
Furniture
62.3
29
-24.8 51.2 +18.2
Report- Jan.
Feb.
Wooden boxes
Jan.
Feb.
6
67.3
+0.1 62.0 +37.8
ing.
1931.
1930.
Chemical products
1931.
1930.
59
88.4
-9.9 89.3 +6.1
6 Chemicals and drugs
Allentown-Bethlehem-Easton
71.9
35
-17.1 66.8 -2.1
78
+2.5 --18.3
L,Coke
A It oona
-1.5 --29.8
3
73.7
-19.1 57.9
3.7
14
-2.7 --12.4
Explosives
-4.6 --31.I
I:rle
76.1
3
-12.3 83.9 +4.7
23
+7.6 --20.7 +28.1 Paints and varnishes
-35.7
Harrisburg
12
81.4
-11.4 76.5 +3.9
33
+4.7 --12.6
Petroleum refining
+3.8 --28.1
Hazleton-Pottsville
6 122.9
-4.9 133.3 +11.1
20
Leather and rubber products 46
+5.8 --28.9
-0.9 Johnstown
-42.8
94.0
-6.1 88.3 +5.2
14
ly, Leather tanning
+12.6 --29.1
+6.0 -35.8
ancitster
17 103.6
-3.5 92.4 +2.9
28
,Shoes
+1.2
--9.0
+80 --17.3
New Castle
18
89.8
-7.2 86.5 +14.4
, Leather products. other
11
+0.5 -18.7
+2.0 -31.2
7
Philadelphia
77.4
-21.8 85.9 +7.6
F Rubber tire. arid goods
248
+1.0 -20.2
+2.6 -29.7
4
Pittsburgh
87.3
-3.6 84.2 --2.7
Paper and printing
88
-0.4 -14.5
+0.2 --35.2
65
Reading-Lebanon
154 4
-5.1 99.7 +3.7
b Paper and woisl pulp
63
0.1 -18.4
+0.1 12
-39.0
81.2
Scranton
-6.5 75.6 +7.5
Paper tinsel and bags
28
+0.5 -11.9
+7.3 9
19.5
Sunbury
73.9
-21.0 88.7 +20.9
Printing and publishing_
23
1.4 --12.1
+9.3 44 101.5
-19.6
ilkes-Barre
-2.2 108.7 +2.2
24
+3.7
--8.7
+7.8 21.3
WIMaulquort
•Preliminary figures.
28
+4.4 --18.5
+4.7 -31.7
Wilmington
28
+0.3 -14.5
+2 6 -23 8
York
EMPLOYMENT AND WAGES IN DELAW
49
+4.1 --11.2
ARE.
+6.4 -23.7
Complied by Federal Reserve Bank of
Philadelphia.
No.
Increase (-I-) or Decrease
(-)
of
Feb. 1931 over Jan. 1931.
Plants
Report- EmployTotal
Total
incr.
ment.
Wages.
Hour*.
54
+1.2
+5.3
+4.5
12
+9.8
+20.9
+13.5
4
+3.1
+1.0
+1.6
4
-3.0
+3.6
+3.8
7
+0.2
-2.3
-2.6
4
-9.3
--18.4
-20.2
5
-13.8
-15.3
-13.5
5
+1.7
+5.1
+8.6
7
+1.0
+5.3
+5.4
-1.3
2.3
4.0
Review of Industrial Situation in Illino
is During
February-Gains in Factory Employme
nt and
Wages-Employment in Non-Manufacturing
Industries Declined.
The review of the industrial situat
ion in Illinois states
that manufacturing operat
ions experienced a seasonal
expansion during the period from
Jan. 15 to Feb. 15, the
1,012 reporting factories showing
increases of 0.2% in
employment and 3.3% in payrol
ls. This expansion, it is
stated, was considerably smalle
r than is usual at this time
of the year. Reports for the
past ten years show an averag
e
rise of 1.4% in employment and
4.6% in payrolls for the
January-February period. As furnis
hed by Howard B.
Myers, Chief of the Burea
u of Statistics & Research of the
Illinois Department of Labor, the review
, made available
March 18, also says:
In non-manufacturing industries employment
declined 1.7% and payroll
s
2%. These losses, combined with the relative
ly small gains in manufacturing, resulted in a net decline of 0.5% In
employment and an increas
e
of 1.1% in payrolls for all reporting industri
es. The average
change
in all industry employment between Jan.
15 and Feb. 15 during the
last
ten years is a gain of 0.5%, while payrolls show
an average gain of 2.6%.
The trend in man-hours of work was fairly
well in line with
payroll
changes in the main industrial divisions,
manufacturing industries
registering
a gain of 3.0% and non-manufacturing Industr
ies a loss of 1.5%.
Man-
2092
FINANCIAL CHRONICLE
[VOL. 132.
inThe and miscellaneous contracting, building construction registering an
hours increased 1.5% for all industries, with 917 firms reporting.
This
groups crease of 7.1% in number of workers and 6.2% in payroll totals.
discrepancies that may be noted in a number of smaller industrial
27.3% in paytotals do latter group reported losses of 25.2% in employment and
are due mainly to the fact that some firms reporting payroll
divergent rolls during the preceding month.
not report operating schedules and such firms May show a widely
man-hours
trend from those which are included in both the payroll and
figures.
t as Viewed by
was fairly Business Conditions in Pacific Southwes
The expansion in factory operations recorded for February
a larger
Security-First National Bank of Los Angeles.
general. Several of the ten main manufacturing groups reported
of these
volume of employment than during the previous month, and six
The Security-First National Bank of Los Angeles, in its
increased
also increased payroll totals. Of the three remaining groups, one
other "Monthly Summary", dated Mar. 2, states that "statistics
payrolls substantially but slightly reduced employment, and the
employment
two--paper and printing and food products-decreased both
and reports of conditions in principal lines of activity indivolume and payrolls.
little change in the business situation
division, every large group except coal mining cated comparatively
In the non-manufacturing
and the coal In Southern California during February except for a mild
registered declines both In number of workers and payrolls,
workers,
Febmining industry, although employing a small number of additional
of wage seasonal expansion in a few branches of industry.
reduced operating schedules and consequently reduced its volume
ruary, like the preceding months, offered no tangible evipayments.
manufacturing
Metals, machinery and conveyances, the largest of the
recovery in business." The bank likeemployed and dence of a definite
groups, reported gains of 0.5% in the number of workers
partly offset the losses of 1.9 wise says:
3.6% in payrolls. These increases only
course
production
On the whole it may be said that business followed a lateral
and 5.3%, respectively, recorded for January. Iron and steel
lines were carried on at lower
showed a substantial gain, employment in 102 plants increasing 2.3% during the month. Operations in most
for the levels than prevailed in February 1930.
and payrolls 11.3%. The largest percentage gain in employment eight
plants,
February reports from firms in major lines of manufacturing denoted
month it( this group of industries was in car and locomotive
accompanied by a
only slight variation in operations as compared with January. The
reporting establishments recording an increase of 8.4%.
considerably more
feeling, however, is general that the present rate of activity must before
rise of 8.0% in payrolls. The increase in employment
and accessory
than offset the curtailment of the preceding month. Autos
long be accelerated in order to meet consumption requirements. Activity
considerably increased oper- in the petroleum industry during February was considerably below that of a
plants continued to reduce employment but
the sheet metal
ating schedules and wage payments. To a lesser extent,
but was on a par with that of January 1931.
metal and ma- year ago,
work and hardware,. agricultural implement, non-ferrous
Building activity in Los Angeles during February was maintained at
payroll totals.
industries also decreased employment,while increasing
chinery
levels that prevailed during January 1931 and February
decline in January, approximately the
The watches and jewelry group, which registered a sharp
1930. A favorable factor in the general reel estate situation has been
3.2% more workers and paying out
made a partial recovery, employing
vacancies during the past year. It is estimated
represented by the declining tendency in
was occupied in February 1931
7.3% more in wages. The electrical apparatus industry,
was that 93.3% of the dwelling capacities
concerns, laid off 2.0% of its employees. The reduction
28 reporting
February 1930. Real estate financing in Los
the number of males compared with 93.9% in
carried out at the expense of female employees, as
1931 (the latest month for which figures
industry also Angeles County during January
employed increased slightly above the January level. This
are available) consisted of 6,873 loans, aggregating $31,250,589.
usual
reduced payrolls 6.7%•
groups
Retail trade declined from January to February by more than the
beverages and tobacco, the second largest of the reporting
Food,
February
reduced pay- seasonal amount, according to trade sources. Compared with
in volume of employment, laid off 1.9% of its workers and
however,
at which time 1930 the month's sales were 10% less in value. This decline,
rolls 3.9%. This exceeded the curtailment of a year ago,
manu- was due in part to the reduction in prices which has occurred over
employment decreased 0 1% and payrolls 1.4%. Excepting the
and the year.
of miscellaneous groceries, of confectinoery, and of cigars
facture
Fifteen
Most branches of agriculture were benefited by the heavy rains received
other tobaccos, every industry in this group laid off workers.
showed a loss of 3.8% in during February. Total rainfall this season to March closely approximated
meat packing concerns with 18,138 employees
concerns. normal in some districts and was in excess of last season's figures to Mar. 1.
employment and of 7.1% in wage payments. Confectionery
to seasonal
Agricultural activity during February was confined principally
increasing employment, considerably reduced p,yrolls. Sixteen
while
of8.2% cultural operations and to the marketing of citrus fruits and vegetables.
factories manufacturing flour,feed and cerm Is showed curtailments
fairly well
Prices of citrus fruits, beans, walnuts, cotton, and hay were
and 8.8%, respectively, in employment and payroll totals.
establish- maintained during the month, although in most instances they were conIn the printing and paper goods group, represented by 139
s
beans and
ments and 17.414 workers, every industry except miscellaneou paper goods siderably below the February 1930 levels. Storage stocks of
in employment. hay on Mar. 1 were larger than one year ago, while stocks of vAtInuts
and newspapers and periodicals registered some decline
did the paper boxes, were much less than on Mar. 1 1930. Returns during the month from some
These industries also reported gains in payrolls, as
this group was
bags and tubes industry. The most marked decrease in
vegetable crops were disappointing.
decline in employin the book binding industry, which reported a 13.2%
Industrial Employment.
ment and a 10.7% reduction in wage payments. Employment and payrolls
slightly
Industrial employment in Los Angeles County changed only
also declined in job printing and lithographing and engraving.
to show a seasonal during January (the latest month for which figures are available). HowThe manufacture of clothing and millinery continued
,
24.1%. ever, a welcome development in the general situation is the fact that a
expansion, adding 4.6% more workers and increasing payrolls
gains. In the comparison of the January statistics with those of the corresponding month
Every industry represented in this group shared In the
and a year ago reflects a smaller percentage decline than did similar comparimanufacture of men's clothing 1.2% more workers were employed
payrolls increased 26.6%. while in the women's clothing industry 10.6% sons for the four preceding months.
more workers were added, with arise of 21.6% in payroll totals.
Each industry in the stone, clay and glass products classification inOrder Ratio Remains Fair-Production
creased payrolls. The increase for the group as a whole was 7.9%.showing Lumber
a partial recovery from the 15.7% loss reported last month. Employment
Continues Low.
for the group, however, declined 0.6% from the January level.
business received at lumber mills during the week
products group increased employment 2 9% and payrolls
New
The wood
16.8% reported in
14.7%. offsetting in part the decreases of 7.0 and
called for a footage approximately 9%
In the advance. ended March 14
January. All industries except saw and planing mills shared
from 792 leading
factories reported a 4.6% increase in in excess of the cut, it is indicated in reports
Thirty furniture and cabinet work
in payrolls. These in- hardwood and softwood mills to the National Lumber
number of workers employed, and a gain of 27.7
in payrolls
creases followed declines of 3.1% in employment and 17.3%
Manufacturers Association. These mills gave their produring the preceding month. Pianos and musical instruments increased
from the heavy curtailment suf- duction as 208,141,000 feet, indicating no marked increase
operations but failed to recover entirely
products, on the other hand,
fered during January. Miscellaneous wood
in the low volume of cut that has characterized recent
before.
regained almost exactly their losses of the month
were also reported as 9% in excess
in employment and activities. Shipments
Furs and leather goods registered a gain of 1.6%
shown during the previous of the cut. A week earlier 809 mills reported orders 16%
9.5% in payrolls, continuing the upward trend
greater activity in the
month. The improvement was mainly due to a
above a total production of 201,750,000 feet. Comparison
leather goods.
for the equivalent
manufacture of boots and shoes and miscellaneous
group added 1.2% of the latest weekly figures with reports
During the month, the chemicals, oils and paints
the industries repre- week a year ago shows: For softwoods, 478 identical mills,
more workers and increased payrolls 9.3%. All of
paints, dyes and
sented contributed to the advance In payrolls while only
production 39% less, shipments 29% less and orders 27%
gain.
colors and the miscellaneous chemicals shared in the employment
hardwoods, 194 identical
was mainly in- less than for the week in 1930; for
A marked expansion in the manufacture of knit goods
and a 12.7% mills, production 40% less, shipments 14% less and orders
strumental In causing an 8.2% Increase In employment
woolen goods mills
gain in payrolls for the textiles group Cotton and
the volume for the week a year ago. The
in payrolls but 19% under
and plants making thread and twine contributed to the gain
Association's statement further showed:
.
decreased employment
groups, reported
Lumber orders reported for the week ended March 14 1931 by 585 softPublic utilities, the largest of the non-manufacturing
and of 1.1% in pay- wood mills tot- led 202,264,000 feet, or 9% above the production of the
a decrease of 0.6% in number of workers employed
telephone and same mills. Shipments as reported for the some week were 201,243,000
rolls from the January level. The losses were limited to
railway car repair feet. or 9% above production. Production was 185,128,000 feet.
transportation companies, as other utilities, including
new business as 25,543.000 feet,
Reports from 228 hnrdwood mills give
shops, registered gains.
non-manufacturing or 11% above production. Shipments as reported for the some week were
Wholesale and retail trade, the second largest of the
of 5.6% in employment and 4.9% 25,288,000 feet,or 10% above production. Production was 23,013,000 feet.
groups, showed further curtailments
in payrolls. The decreases reported for January amounted to 10.0%
Unfilled Orders.
and 7.9%. respectively. Department stores and mall order houses were
Reports from 507 softwood mills give unfilled orders of 749,454,000 feet
mainly responsible for the declines, as was also the case last month. Milk
1931. or the equivalent of 16 days' production. This is based
distributing and metal jobbing concerns reported increases which somewhat on March 14
-day year-and may be comupon production of latest calendar year-300
more than offset the losses recorded In January.
unfilled orders of 514 softwood mills on March 7 1931 of 755,reporting hotels decreased employment 1 9% during the pared with
Sixty-five
service group 822,000 feet, the equivalent of 16 days' production.
month and 22 laundries laid off 3.2% of their workers, the
The 443 identical softwood mills report unfilled orders as 730.403,000
as a whole showing a decline of 2.1%. These losses were accompanied
feet on March 14 1931, as compared with 1,017,698,000 feet for the same
figures.
by somewhat smaller decreases in payroll
number of workers week a year ago. Last week's production of 478 identical softwood mills
Coal mines showed a slight increase of 0.5% in the
decline of was 177.708.000 feet, and a year ago it was 289,295,000 feet; shipments
but operating schedules were reduced, causing a
employed
were respectively 192,175,000 feet and 270.545.000; and orders received
3.1% in total payrolls.
curtail its activity, 194,212,000 feet and 265.342,000. In the case of hardwoods, 194 Identical
The building and contracting industry continued to
14.7%. The mills reported production last week and a year ago 21,273,000 feet and
employment in February declining 11.3% and payrolls
shipments 23,513,000 feet and 27,283,000; and orders 22270,000
group has been steadily downward since last Sepemtber. 35,246.000;
trend in this
road construction feet and 27,602,000.
The recession in February, however, was confined to
MAR. 21 1931.]
FINANCIAL ,CHRO,NICLE
2093
Compared with January a year ago, the daily average production regisWest Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the fol- tered a decrease in the following grades: Newsprint, uncoated book, paperlowing new business, shipments and unfilled orders for mills reporting board, wrapping, bag, writing, hanging and building papers. The January
1931 daily average production of paperboard, bag, tissue and hanging
for the week ended March 14:
papers was lower than in December 1930. Total shipments of all major
NEW BUSINESS.
SHIPMENTS.
UNSHIPPED ORDERS.
grades decreased 18% during January 1931 as compared with January 1930.
Coastwise and
Feel.
Feet.
Feet.
Domestic cargo
intercoastal. 42.066.000
Domestic cargo
Identical pulp mill reports for January 1931 indicated that the total
delivery
39.027,000
14.165.000 pulp consumed by reporting mills was 20% less than for January
delivery.. __168,050.000 Export
1930,
Export
139.700.000 Rail
22.026,000 Foreign
41,916,000
while total shipments to the open market during January were sharply
Rail
120,533,000 Local
41,444,000 Rail
8,316,000
Local
8,316,000
below the total for January 1930.
Total
106,463,000
All grades of pulp, excepting bleached, easy bleaching, mitscherlich sulTotal
428,283,000
110,814,000
Total
phite and kraft pulps, registered decreases in inventory at the end of
Two hundred and twenty-two mills reported production for the week January 1931 as against the end of December 1930. As compared with
as 108,564.000 feet.
January 1930, soda pulp was the only grade whose inventory registered
For the year to March 7 168 identical mills reported orders 8.9% above a decrease.
production, and shipments were 6.7% above production. The same
174 IDENTICAL MILLS FOR THE
number of mills showed a decrease in inventories of 2.9% on March 7, REPORT OF PAPER OPERATIONS
MONTH OF JANUARY 1931.
as compared with Jan. 1.
stocks on Rand
Southern Pine Reports.
Produaton,
Shipments.
End of Month.
The Southern Pine Association reported from New Orleans that for 133
Tons.
Toni.
Tons.
Grade.
mills reporting, shipments were 14% above production and orders 11%
104,769
105,527
32,903
above production and 3% below shipments. New business taken during Newsprint
72,500
71,827
62,258
the week amounted to 40,740,000 feet (previous week 42,861,000 at 136 Book (uncoated)
148,388
63,451
Paperboard
153,989
mills), shipments 41.769,000 feet (previous week 39.543,000). and pro- Wrapping
44,965
42,390
46,358
duction 36,678,000 feet (previous week 38,489,000). Orders on hand at Bag
10.258
6,871
10.658
49.805
28,735
26,933
the end of the week at 117 mills were 119,952,000 feet. The 120 identical Writing, cover, etc.
13,552
14,847
14,730
mills reported a decrease in production of 36%. and in new business a de- Tissue
Hanging
4,493
4,034
4,294
crease of 18%. as compared with the same week a year ago.
Building
4,222
2,880
3,595
The Western Pine Manufacturers Association of Portland. Ore.,reported Other grades
15,625
16,930
17,780
production from 87 mills as 22,754,000 feet. shipments 25.603.000 and new
Total-All grade]
294,228
449.748
455.691
business 27,943.000. The 62 identical mills reported production 41%
less and orders 17% less than for the same week a year ago.
REPORT OF WOOD PULP OPFR A TIONP IN IIWNTICAL MILLS FOR
THE MONTH OF JANUARY 1931.
The California White & Sugar Pine Manufacturers Association of San
Francisco reported production from 25 mills as 7.566,000 feet, shipments
Snipped Due- Mock on fiend
16,353,000 and orders 14.398,000. The same number of mills reported an
Production, (lied Durtno tng Month, End of Month,
increase of 6% in production and a decrease of 29% in new business, comGraao.
Tons.
Tons.
Toni.
Month, Tons.
pared with the same week last year.
The Northern Pine Manufacturers of Minneapolis. Minn., reported Groundwood
47.770
70,254
2,287
68,343
6.476
1.459
29,863
production from 7 mills as 2,137.000 feet, shipments 2,723,000 and new Sulphite news grade
31.030
4,624
22,251
2,144
20.230
business 1,902.000. The same number of mills reported production 3% Sulphite bleached
Sulphite Poi) bleacbing
,
1,394
2,969
2,578
365
more and new business 50% less than for the same week in 1930.
Sulphite mItpeherlich
1,702
7,216
868
6,015
The Northern Hemlock & Hardwood Manufacturers Association of Kraft pulp
22,191
26,066
3,867
7.945
18,864
4,269
15,072
2,769
Oshkosh, Wis., reported production from 21 mills as 1,482.000 feet, ship- Soda pulp
Pulp-Other grades
19
49
54
ments 1,182.000 and orders 1,134.000. The 19 identical mills reported
production 39% less and orders 39% less than for the same week last year.
Total
-All grades__ _
175.704
184 202
15.305
72.699
The North Carolina Pine Association of Norfolk. Va., reported production from 90 mills as 5,947.000 feet, shipments 7,150,000 and new business
5.333.000. The 47 identical mills reported production 23% less and new New York Cotton Exchange Service Still Holds to
business 5% less than for the corresponding week in 1930.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 207 mills as 19,181.000 feet, shipments 22,672.000 and
new business 23.423.000. The 175 identical mills reported a decrease of
39% in production and a decrease of 14% in new business compared with
the same week last year.
The Northern Hemlock & Hardwood Manufacturers Association of Oshkosh, Wis., reported production from 21 mills as 3,832,000 feet, shipments
2,616,000 and orders 2.120,000. The 19 identical mills reported a decrease
Of 41% in production and a decrease of 50% in orders, compared with the
same week in 1930.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED MARCH 14 1931 AND FOR 10
WEEKS TO DATE.
Association.
ProduaHon
M Ft.
Shipmeats.
M Ft.
P. C.
of
Prod.
Southern Pine:
Week-133 mIll reports
41,769 114
36.678
10 weeks
-1,887 mill reports
409.920 109
376,390
West Coast Lumbermen's:
Week-222 mill reports
.108.564 '106.463 98
10 weeks-2,238 mill reports
981,199 1,030,493 105
Western Pine Manufacturers:
,,,,,.. ,..
, Week-87 mill reports
22,754
25,603 113
10 weeks
-870 mIll reports
273,671 154
177,748
California White es Sugar Pine:
Week-25 mill reports
7,566
16,353 216
-227 mill reports
9 weeks
49,145
135.574 276
Northern Pine Manufacturers:
Week-7 mill reports
2.137
2,723 127
10 weeks
-70 mill reports
11,578
25,601 221
No.Hemlock&Hardwood(sottwoods):
Week-21 mill reports
1,482
1,182 80
-269 mill reports
10 weeks
19,934
12,792 64
North Carolina Pine:
5,947
7,150 120
Week-90 mill reports
55,918
10 weeks
-900 mill reports
72,597 130
Softwood total:
185.128
Week-585 mill reports
201.243 109
1,671,912 1,960,648 117
10 weeks-5,961 mill reports
Hardwood Manufacturers Institute:
19,181
22,672 118
Week-207 mill reports
174,021
202,913 117
10 weeks-2,107 mill reports
No. Hemlock & Hardwood:
3,832
2,616 68
Week-21 mill reports
48,674
-260 mill reports
27,851 57
10 weeks
Hardwood totals:
Week-228 mill reports
10 weeks--2,376 mill reports
Grand total:
Week-792 mIllveports
10 weeks-8,068 mill reports
23.013
222.695
This analysis is based on actual consumption returns from many countries, on the report of the International Federation of Master Cotton
P. C.
Spinners on mill stocks, and on data on the movement of American cotton
Orders
of
M Ft. Prod, Into the various divisions of the world spinning industry. We are unable
to reconcile any lower consumption figure than 5,477.000 with the disappearance of cotton, as calculated from the movement to mills in the
40,740 111
various consuming countries and the changes in mill stocks as reported
430,269 114
by the International Federation.
110,814 102
In considering prospective consumption of American cotton in the
1,102,583 112
second half of the season, it will be noted that the trend is upward in the
United States and Japan, but it has been downward recently in Germany,
27,943 123
251,298 141
Czechoslovakia and France. An additional consideration is the fact that
Russia, which, we estimate, used about 87,000 bales of American cotton
14,398 190
in the first half of the current sea.son, usually uses only a comparatively
133,275 271
small amount of the American staple in the second half of the season, and
1,902 89
Is particularly unlikely to use much, if any, in the next few montbs, since
27,396 237
it is now exporting cotton.
1,134 77
13,193 66
5,333
55.510
90
99
202.264 109
2,013.524 120
23,423 122
219,455 126
2,120
29,940
55
62
25.288 110
230,764 104
25,543 111
249.395 112
226,531 109
208,141
1,894,607 2.191.412 116
227.807 109
2,262,919 119
Paper and Pulp Industry in January.
According to identical mill reports to the Statistical Department of the American Paper and Pulp Association from
members and co-operating organizations, the daily average
of total paper production in January increased 3% over
December but was 21% under January 1930. The daily
average wood pulp production in January was 1% under
December 1930 and 24% under January 1930. The Association's survey under date of Match 17 likewise said:
Preliminary Estimate That World Cotton Consumption in First Six Months of Current Season
Will Be Close to 53 Million Bales.
The New York Cotton Exchange Service Bureau adheres
to its preliminary estimate that world consumption of
American cotton during the first half of the current season
was close to 5M million bales, notwithstanding recent
estimates of only about 53 million. The Exchange makes
its revised half-season total 5,477,000 bales, compared with
its preliminary estimate of 5,496,000. The Exchange Service
on March 17 says:
Production and Shipments of Pneumatic Casings and
Tubes in January 1931 Exceeds Figures for the
Preceding Month, But Continues Below Rate a
Year Previous-Inventories Decline.
According to statistics compiled by the Rubber Manufacturers Association, Inc., from figures estimated to
represent80% of the industry,2,939,702 pneumatic casings
balloons and cords
-and 12,631 solid and cushion tires were
produced in the month of January 1931 as compared with
3,588,862 pneumatic casings and 25,049 solid and cushion
tires in the corresponding period last year and 2,251,269
pneumatic casings and 13,006 solid and cushion tires in the
month of December 1930. Shipments amounted to 2,995,479
pneumatic casings and 13,072 solid and cushion tires in
January 1931, as against 3,525,404 pneumatic casings and
21,476 solid and cushion tires in January last year and
2,688,960 pneumatic casings and 13,565 solid and cushion
tires in December 1930. Inventory of pneumatic casings at
Jan. 31 1931, totaled 7,165,846 as compared with 7,202,750
at Dec. 31 1930 and 9,539,353 at Jan. 31 1930.
During the month of January 1931 there were also produced 2,898,405 balloon and high-pressure inner tubes as
compared with 2,448,195 in the previous month and 3,685,410
2094
in January a year ago. Shipments in January 1931 totaled
3,249,734 inner tubes as against 2,829,973 in December 1930
and 3,885,717 in January 1930. Inventories at Jan.311931,
amounted to 7,551,503 inner tubes as compared with 7,999,477 at Dec. 31 1930 and 10,163,267 at Jan. 31 1930.
The Association, in its bulletin, dated March 14 1931,
gave the following statistics from figures estimated to
represent 80% of the industry:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
Inner Tubes.
Pneumatic Casings.
Inverttory.
1931
January
1930
January
February
March
April
May
June
July
August
September
October
November
December
OutPut.
Shiplat7118.
7.165,846 2,939,702 2,995,479
9,539,353
9,928,838
10,010,173
10,461,208
10,745,389
10,621,634
9.449,318
8,678,184
7,849,411
7.842.150
7,675,786
7,202.750
3,588,862
3,644,606
3.890,981
4,518,034
4,573,695
4,097,808
3,193,057
3,332,489
2,692,355
2,865,933
2,123,089
2,251,269
3,505,404
3,356,104
3.773,865
4.071,822
4,173,177
4,234,994
4,357,836
4,139,900
3,524,141
2,799,440
2,267.465
2.688,960
beentory.
Output.
Shipmeals.
7,551,503 2,898,405 3,249,734
10,163,267
10.428.968
10,543,026
11,027,711
11.081,523
10,889,444
9,325,602
8,589,304
8,052.121
8,413,578
8,250.432
7,999,477
3,685,410
3,707,066
3,952,921
4,408,030
4,428,367
3,959,972
3,151.107
3,836,880
3,053,424
3,161,048
2,143,609
2,448,195
3.885,717
3.469,919
3,781,789
3,078.697
4,058.847
4.212,082
4,684,182
4,609,856
3,632,458
2.777,985
2,230,654
2,729,973
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLIDS AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Consumption
ProductionxGasoline
Passenger
Crude Rubber
Cotton
Cars.
(100%).
7`rucks
Fabric(80%)
(80%).
Gallons.
Pounds.
(100%). (100%).
Pounds.
Cal. Years-1926..165,963.182 518,043,062 10,708,068,000 3.929,535 535,006
177,979,818 514,994,728 12,512,976,000 3,093,428 486,952
1927
222,243,398 600,423,401 13,633,452.000 4,024.590 576.540
1928
208,824,653 7598,994,708 14,748,552,000 4,811,107 810.549
1929
158,812,462 476.755,707 16,200.894.000 2,939,791 569,271
1930
36,318,980
1,127,832,000
144.878
33,521
Month of Jan. 1931 12,738,467
x These figures include Canadian production and cars assembled abroad the parts
of which were manufactured in the United States. y Revised.
Note.
-With the exception of gasoline consumption and oar and truck production
the figures shown above since January 1929, are estimated to represent approximately 80% of the industry as compared with 75% for prior years.
Census Bureau's Final Report on Cotton Ginning.
The Bureau of the Census of the Department of Commerce at Washington issued on March 20 its final report
on cotton ginning (excluding linters). This report shows
that for the present season there were 13,929,941 500-lb.
bales of lint cotton ginned, including 11,695 bales which
ginners estimated would be turned out after the March
canvass. This compares with 14,824,861 bales in 1929,
14,477,874 bales in 1928; 12,956,043 bales in 1927; 17,977,374 bales in 1926 and 16,103,679 bales in 1925.
Taking linters into consideration, the aggregate production
is likely to be 14,765,737 bales. This computation as to
linters is based on the Department's estimate that linters
are approximately 6% of the lint crop. The total of 14,765,737 bales as the production of cotton lint and linters,
the present season compares with 15,862,073 bales in 1928;
15,563,640 bales in 1928; 13,972,418 bales in 1927; 19,135,235 bales in 1926; 17,218,556 bales in 1925; 14,525,311
bales in 1924 and 10,808,271 bales in 1923. The present
report in full, showing the production of lint cotton by
States in both running bales and the equivalent of 500-lb.
bales is as follows:
-CROPS OF 1930, 1929, AND 1928,
REPORT OF COTTON GINNED
active consuming cotton spindles for the month was 25,763,408. The total imports
for the month of February 1931, were 11,165 bales and the exports of domestic
cotton, excluding linters, were 432,996 bales.
WORLD STATISTICS.
The estimated world's production of commercial cotton exclusive of linters,
grown in 1929, as compiled from various sources is 26,673,000 bales counting
American in running bales and foreign in bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending July
31 1930, was approximately 24,946,000 bales. The total number of spinning cotton
spindles, both active and idle, is about 164,000,000.
Census Report on Cotton Consumed in February.
Under the date of Mar. 14 1931 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles, and imports and
exports of cotton for the month of February 1931 and 1930.
Cotton consumed amounted to 433,510 bales of lint and
53,087 bales of linters, compared with 454,188 bales of lint
and 49,346 bales of linters in January 1931 and 494,396
bales of lint and 61,108 bales of linters in February 1930.
It will be seen that there is a decrease under February 1930
in the total lint and linters combined of 68,907 bales, or
12.41%. The following is the official statement:
FEBRUARY REPORT OF COTTON CONSUMED, ON HAND. IMPORTED
AND EXPORTED. AND ACTIVE COTTON SPINDLES.
(Cotton In running bales, counting round as half bales, except foreign, which Is In
500-pou id bales.)
Cotton Consumed
During
-
Running Bales (Counting
Round as Half Bales).
1930.
Alabama
Arizona
Arkansas
California_ _ _ _
Florida
Georgia
Louisiana.._
Mississippi
Missouri
New Mexico_
No. Carolina
Oklahoma__
So Carolina.. _
Tennessee_ --Texas
Virginia
All 0th. States
1,444,597
150.462
863,449
255.717
51,118
1,597.248
704,754
1,458.431
152,941
95,841
800.375
856,967
1,015,015
371.690
3,886,141
42,714
6,423
1929.
1,307,664
149,467
1,395,869
254,126
29.849
1,339,835
797.727
1,875,970
220,907
86,296
767,043
1,125.614
833,054
504,282
3,803,211
47,991
8,877
1928.
1,096,624
145,731
1,216,241
171,042
20,053
1,053,205
685,868
1,462,021
146,921
82,177
869,248
1,187,042
744.390
423,471
4,941,54
44,764
6,20
Equivalent
-500 Pound Bales,
1930.
1929.
1928.
1,472,992
155,323
874,363
263,126
50,306
1,592,319
714.534
1,464,247
150,57
98.462
774.537
853,79
1.000,629
377,165
4,039,647
41,953
6,467
1,341,550
152,839
1,434,660
258,559
28,578
1,342,643
808,825
1,915,430
219,932
88,450
747,208
1,142,666
830,055
515,774
3,941,626
47,527
8,539
1,109,126
149,458
1,245,982
172,230
19,203
1.029,499
690,958
1,474,875
146,909
83,544
836,474
1,204,625
726,039
429,284
5,109,939
43,711
6,018
United States_ *13,753.883*14.547,791 *14,296,54913.929,941 14,824,861 14,477.874
*Includes 78,188 bales Of MO Crop Of 1930 ginned prior to Aug. 1 whioh was
Counted In the supply for the season of 1929-30, compared with 86,974 and 88.761
bales of the crops of 1929 and 1928.
The statistics in this report for 1930 are subject to revision. Included in the
figures for 1930 are 11,695 bales which ginners estimated would be turned out
after the March canvass. Round bales included are 524,357 for 1930: 572,227 for
1929; and 674,506 for 1928. American-Egyptian bales included are 23.254 for
1930: 28.771 for 1929, and 28,313 for 1928.
The average gross weight of bale for the crop, counting round as half bales and
excluding linters Is 506.4 pounds for 1930; 509.5 for 1929; and 506.3 for 1928. The
number of ginneries operated for the crop of 1930 is 14.508 compared with 14,868
for 1929; and 14.974 for 1928.
-UNITED STATES.
CONSUMPTION.STOCKS.IMPORTS. AND EXPORTS
Cotton consumed during the month of February 1931, amounted to 433,510
bales. Cotton on hand In consuming establishments on Feb. 28. was 1.547,759
bales, and In public storage and at compresses 7,314,450 bales. The number of
Cotton on Hand
Feb. 28
-
Cotton
Spindles
In Con- In Public
Seven
Actirs
Months suming
During
Storage
Year
Ended Establish- & at ComFeb.
Feb.
(bales) Feb. 28. ments.
presses. (Number)
(bales)
(bales)
(bales)
United States
1931 433,510 2,899,942 1,547,759 7,314,450 25,763,408
1930 494,396 3.808.741 1,800,040 4,858,243 28,920,162
Cotton-growing States_
1931 341,216 2,307,559 1,152,820 6.913,447 17,021.102
1930 381,365 2,950,114 1,366,016 4,620,813 17,858,498
1931 77.948 493.309 320,718 147,766 7,842,740
1930 95,963 719,595 373,868 112.487 9,819,972
99.074
68,221 253,237
1931 14,346
899,566
66,156 124,943 1,241,692
1930 17.068 139,032
New England States
All other States
Included Above
Egyptian cotton
Other foreign cotton
Amer.
-Egyptian cotton_ _
Not Included Above
Linters
1931 8,365
1930 17,036
1931 6,433
1930 7,980
1,346
1931
868
1930
60.789
130,797
43,344
56,116
5,953
8,288
60,874
66.244
26,696
34,837
5,016
4,076
27,080
36,623
19,119
21,098
11.857
8,735
1931 53.087
1930 61,108
387,183
487,617
274,372
223,715
91,569
105,4112
Imports of Foreign Cotton (500-lb. Bales).
Country of Production.
Egypt
Peru
China
Mexico
British India
All other
Total
7 Mos. End. Feb. 28.
Februrry
1931.
1930.
1931.
1930.
1,959
873
4,848
635
2,453
397
10,990
252
8,700
1,242
2,321
138
5,541
894
17.778
1,503
14,673
987
109,768
12,678
27.349
32,265
32,003
1,328
11,166
23,643
41,376
215,391
Exports of Domestic Cotton Excluding Linters
(Rtrnning Bales
-See Note for Linters).
Country to Which Erported.
February
1931.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
Cotton Ginned (Exclusive of Linters).
State.
[VOL. 132.
FINANCIAL CHRONICLE
1930.
7 Mos. End. Feb. 28.
1931.
1930.
61,616
68,817
29,209
84,982
40,686
96,014
51,672
76,207
861,760 1,064,447
52,203
779,357
681,747
54,292
344,333
504,603
88,581 1,232,420 1,350,038
44,444
499,601
607,992
790,551
732.419
51,899
293,708
36,468
454,433
432,996
402,074 4,904,323 5,293,080
Note.
-Linters exported, not included above, were 8,157 bales during February
In 1931 and 10.577 bales in 1930; 72.095 bales for the 7 months ended Feb. 28 In
1931 and 75,706 bales in 1930. The distribution for February 1931 follows: United
Kingdom, 574; Netherlands, 195; Belgium, 40; France, 2,038; Germany, 3,004:
Italy, 200; Canada. 1,671; Japan, 435.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linter&
grown in 1929, as compiled from various sources Is 26,673.000 bales, counting
American in running bales and foreign In bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending
July 31 1930 was approximately 24,946.000 bales. The total number of spinning
otton spindles, both active and Idle is about 164,000,000.
British Indiana Import Duty on All Cotton Piece Goods
Increased 5% Ad Valorem.
The revised British Indian import tariff schedule effective
Mar. 2 1931 provides an increase of 5% ad valorem in the
import duties on all cotton piece goods from whatever source,
according to a radiogram from Trade Commissioner George
C. Howard, Calcutta, the increase applying equally to such
goods at whatever origin the differential between the general tariff and the rate accorded to the United Kingdom
is maintained. The following are the new duties (previous
rates in parentheses):
Cotton piece goods (other than feeds or not more than nine yards in
length): (a) plain grey, that is, not bleached or dyed in the piece if
Imported in pieces which either are without woven headings or contain
any length of more than nine yards which is not divided by transverse woven
headings: (1) of British manufacture, 20% ad valorem or 5% annas per
pound, whichever is higher; (2) not of British manufacture, 25% ad
valorem or 8% annas per pound, whichever is higher (20% ad valorem
MAR. 21 1931.]
FINANCIAL CHRONICLE
or 133 annas per pound, whichever is higher); (b) others: (1) of British
manufacture, 20% ad valorem (15%); (2) not of British manufacture, 25%
ad valorem (20%). Cotton piece goods, namely, feats and remnants of
not more than nine yards in length, 20% ad valorem
(15%)•
Mexico Reduces Export Duty on Many Products.
A Mexican decree, effective Mar. 10 1931, materially
reduces the rates of export duty on an extensive list of
products and places on the free list many other export commodities heretofore dutiable, according to a cable received
by the Department of Commerce from Commercial Attache
George Wythe, Mexico City, dated Mar. 10. The Department's announcement says:
The principal products enjoying reductions in rates of export duty are:
Fresh or dried fish eggs, turtle eggs, parrots and paraquets, horn, bone and
hoofs, waste of horn and hoofs, undressed sheepskins, vegetable fibers,
bananas, and fodder grass.
Commodities formerly dutiable, which have now been placed on the free
export list are: Goats and sheep, salted or smoked fish or shellfish, shark
and other fish fins, whalebone, wool and animal hair, fresh milk, pork
lard, butter, sponges, hemp and other vegetable fibers, cocoa, spices,
cocoanut husks and cinchona bark, cocoanut oil, Guayule and other rubbery
plants, horticultural seeds, oil-producing seeds and fruits, plants for
medicinal and industrial uses, plant fertilizer and seaweed, oil of turpentine,
natural balsams, gums and resins, rubber and ether gums, wheat and other
flours, seeds and grains, sulphur, crude glycerine, scrap iron, cables of
Iron and steel, iron or steel tubing with an interior diameter up to 15
centimeters, and tanks, cisterns and containers of iron with a capacity of
more than 2,500 liters.
Canada's Wheat Surplus Reduced During February—
Carryover 232,000,000 Bushels.
The quantities of wheat available for export or carryover at
the end of February are estimated by the Dominion Bureau
of Statistics in a statement issued at Ottawa on March 19
as follows: United States, 325,000,000 bushels; Canada,
232,000,000 bushels; Argentina, 141,000,000 bushels, and
Australia, 126,000,000 bushels. Canadian Press advices
from Ottawa report this and add:
2095
L. Chadbourne respecting the agreement between Cuba and Java on sugar
stabilization. Mr. Cnadbourne's cable stated that Java, fearing that the
price of sugar may advance considerably, is asking that in case the
commodity reaches 2 cents, the agreement be that instead of selling one-fifth
of the segregated sugar. Java be able to sell more yearly.
Those attending the meeting decided to answer the cable stating that
there be nothing in the agreement on increasing quotas of production or
exportation, and that such matters be determined by the International
Committee. In this manner, the market would not be interferred with in
its rising process by the fear of an increase in yearly sales on the part of
signing countries.
Federal Bureau
Announces Hearing on Grain Inspection in Washington April 7.
A public hearing in connection with the Federal inspection of grain in inter-State commerce, where there are no
licensed inspectors at either shipping point or destination,
has been called by Nils A. Olsen, chief of the Bureau of
Agricultural Economics. The hearing will be at Washington, D. C., April 7. Mr. Olsen, announcing the hearing,
says:
"The United States Department of Agriculture has under consideration
a proposed regulation under the United States Grain Standards Act dealing
with grain which moves in inter-State commerce from a place at which no
inspector licensed under that Act ie located to a place at which no such
inspector is located, but which in the course of its transportation passes
through an inspection point. At the present time grain may be sold by
grade and shipped from a non-inspection point to a non-inspection point
without any requirement that it be officially inspected and graded by a
licensed inspector, regardless of whether it passes through a point at
which official inspection under the Act is maintained.
"The proposed regulation, if adopted, would require the inspection of
grain sold by grade and shipped in inter-State or foreign commerce from a
point at which no inspector licensed under the Act is located to a place
at which no such inspector is located if the shipment move through an
inspection point market meeting certain conditions prescribed by the
Department of Agriculture. The inspection points to which such a requirement would apply would be those markets where there is an organized
grain exchange which (1) requires of its members by published rule or
by-law that all grain arriving at said market which has not been previously
Inspected shall be inspected, graded, and certificated; and (2) has made
satisfactory arrangements with railroad companies to bulletin daily with
the inspection department the receipts of all grain arriving at said market.
"In order to afford interested parties an opportunity for expression of
their views on this subject a hearing will be held in Room 411 of the
Bureau of Agricultural Economics, United States Department of Agriculture,
at Washington, D. C., beginning at 10:00 a. m. April 7 1931. Persons
unable to attend this hearing may submit written communications to be
received not later than the above date."
During February Canada's surplus was reduced by exports amounting
to 12,000,000 bushels. Argentina exported 11,000.000 and Australia
14,000,000 bushels. The United States exported scarcely any.
Dealing with the world wheat situation during February, the report
stated:
"The movement of wheat into consumption has remained steady and
considerably in excess of last year's amounts. Most of the increase over
last year is due to 1 trger shipments from the Southern Hemisphere and
from Russia. North American clearances decreased during February, Javanese Sugar Restriction Voted—Action of Dutch
but have turned upward again during the first two weeks of March.
Indian Government Marks Definite Commitment
"There have been much lower shipments from the United States, coupled
to Chadbourne Plan.
with slightly lower clearances from Canada to place the North American
totals slightly under those of last year. The decrease in Canadian shipFrom the "Wall Street Journal" of March 19 we take the
ments has taken place mostly at the Pacific port.
"Up to data the new sales policy of the United States Farm Board has following from Amsterdam:
The Dutch Indian Government has voted a bill restricting sugar exports
not seriously affected the sales of Canadian wheat. The amount of 35,000,000 bushels mentioned for sale is not greatly in excess of what would have by Java for a period not exceeding five years.
been sold in the ordinary course of events during the remainder of the crop
Action of the Dutch Indian Government in voting to restrict Java's
sugar exports during the next five years marks the definite commitment
season."
of the latter country to participate in world stabilization of the sugar industry, as promulgated under the Chadbourne Plan. It implies that other
Sugar Prices Advance on Javanese News Regarding details with respect to the method of restriction, government licenses, &c.,
will be worked out promptly.
Chadbourne Plan.
Java is the second largest sugar exporting country in the world, and with
The following is from the "Wall Street Journal" of Cuba already having made provision to curtail crops and exports, this latest
action will do much toward facilitating similar plans by other important
March 19:
producing and exporting countries.
Raw sugar prices on the New York Coffee and Sugar Exchange have been
Under the Chadbourne Plan, Hungary, Belgium,Poland, Czechoslovakia
advancing rapidly in recent sessions, and since the close of last week
the and Germany were also included in the world pact. Mr. Chadbourne is
various futures contracts have scored gains of from 4 to 10 points. The now in
Europe conferring with the Dutch, who control the Javan output,
improvement is principally in reflection of favorable developments in
con- and in turn will continue negotiations with the other countries on a final
nection with the Chadbourne Plan to stabilize the world sugar industry.
agreement. It is probable that by April 1 the full details will be worked
Enactment of legislation by the Dutch Indian Government to
restrict out.
sugar exports by Java during the next five years, the most recent developJavan sugar exports, in accordance with the agreement reached at the
ment, definitely commits Java to participation and overcomes the previous close of
last year, are restricted to 2,300,000 tons in 1931. and increase
opposition by producers representing as much as 35% of that
country's 100,000 tons each year to 2,700,000 tons in 1935. The limiting of exports
output.
is equivalent to a reduction of 10.42% in each of the crops in the next
With an upward trend in the sugar market, Javan producers in their five
years.
conferences with Thomas L. Chadbourne aborad, fearing that two
-cent
Under date of March 16 a cablegram from Paris to the
level might soon be attained, have asked for a flexible provision on exports
to permit shipments in excess of one-fifth ofsegregated sugar, which Java is New York "Times" said:
to dispose of yearly. The Cuban producers, to whom Mr. Chadbourne
The first of the series of final meetings which are now confidently excabled on this point, have expressed opposition to such modification on
the pected to lead to a permanent agreement for the stabilization of the world
ground that it would defeat the purpose of stabitization and
prevent an sugar industry will begin at the Hotel Ritz to-morrow morning, when a
upward rise in price.
delegation representing the powerful Dutch Java sugar industry will meet
In domestic sugar circles, the attitude of Cuban producers is being supwith Thomas L. Chadbourne and discuss terms for a formal contract.
ported. That sugar prices may ultimately go beyond the two-cent
level
Other European countries within the framework of the Chadbourne Plan
Is not an impossibility, it is believed, based on small supplies available
will send delegations during the next two weeks. Measures to legalize
and the unwillingness of Cubans to sell at present prices.
restrictions upon exports during the five-year life of the Chadbourne Plan
The spot quotations on raw sugar is about 1.28 cents a pound, c. &
f., are now before the Java People's Council and despite a small but vigorous
before duty, an advance of 3 points over Wednesday's close, while May
opposition they are expected to be adopted within a few days.
at 1.32 cents and July at 1.40 cents,each registered gains of4cents. December advanced 5 points as did March 1932 futures.
Coincident with the upswing in raw sugar prices, several refiners
have New York Coffee & Sugar Exchange Names Committee
advanced the base price of refined 10 points to 4.50 cents, the increase
to Investigate Advisability of Adopting Sugar
being initiated by American Sugar Refining Co. Pennsylvania Sugar Co.
also advanced to the 4.50
Future Contract to Permit Delivery of Sugar in
-cent basis.
London and Other Cities Abroad.
Attitude of Members of National Sugar Export Co. of
A special Sugar Committee has been appointed by the
Cuba Toward Java Agreement.
Board of Managers of the N. Y. Coffee & Sugar Exchange
Advices as follows from Havana are taken from the to investigate the advisability of adopting an additional
sugar futures contract which will permit delivery of sugar
"Wall Street Journal" of March 20:
Members of the National Sugar Export Corp. and other sugar producers in London, Liverpool, Hamburg, Amsterdam,.and
other
on Wednesday discussed, informally. the contents of a cable from Thomas foreign continental ports to be
determined. At present,
2096
FINANCIAL CHRONICLE
FoL. 132.
-MARKET IRREGULAR-CALIFORNIA
sugar sold on the Exchange may only be delivered from REFINED PRODUCTS
"GAS WAR" STILL ON-KEROSENE REDUCED ALONG
licensed warehouses in New York City. The special comATLANTIC SEABOARD.
mittee will include: F. Shelton Farr, Chairman, William
Unsettled conditions in the crude oil markets continued
H. English Jr., Frederick R. Horne, E. L. Lueder, Manuel
E. Rionda, Victor R. Hess, and Earl B. Wilson. The to have a depressing effect on the local refined products
market. Bulk gasoline was irregularly active with the major
announcement of the Exchange on March 16, said:
adhering to their posted lists. Spasmodic price
If the committee turns in a favorable report, then the new contract must distributors
be passed by the Board of Managers and by the members of the Exchange. cutting by smaller marketeers, however, indicated the relaSponsors of the new contract maintain that it will enlarge the scope of the tively easy position of gasoline at the present time. KeroExchange and will even further increase the volume of business in sugar
all week with Standard Oil of New Jersey
futures here, which now includes most of the world's sugar business. sene was easy
Turnover of raw sugar futures on the N. Y. Coffee & Sugar Exchange reducing the price 3. -cent to 6e. a gallon at all points along
during 1930 amounted to 10,371,950 tons for the No. 1 Contract. The the Atlantic seaboard with the exception of Charleston,S. C.,
very
Exchange has a No. 2 Contract which covers duty paid sugar but
was 3. -cent to ,53i e.
little business is transacted in the No. 2 Contract. The proposed new where the reduction
3, or foreign, Contract. If it
contract will probably be known as the No.
While one of the smaller distributors is quoting U. S.
is adopted.
4
Motor Gasoline at 63 e. a gallon, in tank cars, New York
harbor, the majority of the local marketeers are maintaining
Daily Output of Cocoa in Trinidad During February their posted range of from 7 to 8 cents a gallon, same basis.
160,000 Pounds.
Business had fallen off during the past two weeks with the
A cable from the American Vice Consul at Trinidad, bulk of movements being against contracts. This developB. W. I., to the U. S. Department of Commerce says that ment is due to the caution of dealers who are marking time
the daily output of cocoa in Trinidad during February until the general situation is cleared up. Consumption is
approximated 160,000 pounds, according to advices received holding up well but in view of the disturbed condition of the
by the New York Cocoa Exchange. The deliveries, it is crude oil price list, a hand to mouth buying policy by buyers
stated, were heavier than had been expected. The cable- is noted.
gram states that for March and April the daily output is
The Pacific Coast gasoline war continues with a new low of
estimated at about the same figure or probably more, with 10Me. a gallon, service station, established in the lastest out
continued good quality.
by distributors.
This price shows a decline of 10e. a gallon in shortly over
-Fight in Texas Fields two week's time on the Coast. The additional crude oil
Petroleum and Its Products
Seen as Danger to Proration-Union Oil of Cali- price cuts throughout California during the early part of the
fornia Posts New Reductions.
week seems to indicate that the previous corrective cuts have
Indications that operators in the East Texas fields will not had the desired effect. Further declines in gasoline
fight any attempt to place the fields under proration measures, prices will have a weakening effect on the California crude
with the resulting increase of "free" oil in the country's oil market, already suffering from two successive slashes
crude markets if they are successful, has aroused speculation within a period of less than 10 days, according to Pacific
among the oil men as to the future of proration if it fails in Coast oil men.
Kerosene was in easy supply during the week and the close
the East Texas fields.
With polities entering into the question, it is not apparent of the week saw Standard Oil of New Jersey reducing the price
whether the adherents of "wide open" field methods, or the 3 -cent a gallon, to 6e., tank car lots, in New York harbor.
more conservative proration backers will be successful. The Kerosene has been selling around this figure for some time
majority of owners in the new development are small in- but Standard of Jersey, in company with several of the larger
dependent operators who have banded to fight the attempt marketeers, has been maintaining the price at 634o. It is
of the State Railroad Commission to place them under expected that Monday will see all refiners in line with the 6e.
restrictive measures. Reports from the new area state that a gallon figure.
Price changes follow:
Ex-Governor Moddy has been retained by the independent
-Standard Oil of California reduced the service
Los Angeles, March 18
owners to act as their legal representative in the expected
of gasoline one cent a gallon in Southern California and the
court action. The Railroad Commission has called a meeting station priceestablishing service station price at 1034c. a gallon. This is
Bay region,
for March 24, at which the allowable production for the the company's latest move in the current gasoline war raging on the Coast.
will be fixed. At this time, it is Understood and was promptly met by all competitors.
State's fields
Gasoline. V.8. Motor. Tank Car Lots, F.O.B. Refinery.
that the Commission intends to place the new fields on an
5.05-.07
California
N. Y.(Bayonne)
Los Angeles.ex..04 ti-.07
Colonial-Beacon__$.07
of approximately 30,000 barrels daily, against R. Y. Oil. N.J-5.07
allowable
Stand.
.07
Gulf Coast. ex .04)4-.05
Sinclair Ref
output of 95,000 barrels in the week tStand. 011, N. Y..- .07 Crew Lev1ck
07
present average daily
NorthLouislana--.04-.04)(
Tide Water 011Co. .07
.08
North Texas_ _.03 f-.03)4
Texas
Richfield 011 (Cal) .07)4
ended March 19.
03%-.04q Oklahoma ___.03)4-.04
Chicago
Warner-QuinEnCo .07
.05)4
proration schedule in Oklahoma expires on
Co. .07% NewOrleaos ex. 05)4-.053( Pennsylvania
Pan-Am. Pet.
While the
.04-.04)4 fPlus freight.
Arkansas
Shell Eastern Pet- .08
'March 31, operators in that State are awaiting the result
Gasoline. Service Station, Tax Included,
5 162
5.16 Minneapolis
of the Texas fight before making any plans. A statement New York
$ 153 Cincinnati
.196
16 New Orleans
.22 Cleveland
Chairman of the Central Proration Com- Atlanta
by Robert A. Penn,
19
.16 Philadelphia
.162 Denver
13 titimore
.105
158 San Francisco
155 Detroit
mittee of Texas, that proration was due to be abandoned in Boston
.22
.158 Houston
19 Spokane
Buffalo
.139
.21 SE Louis
.13 Jacksonville
Oklahoma in April unless proration is put into effect into Chicago
.149
Kansas City
East Texas indicates the seriousness of the results of the
Kerosene. 41-43 Water White Tank Car Lots. F.O.B. Refinery.
meeting next week.
$.0214,03% I New Orleans. ex----$.05)(
N.Y.(Bayonne) $.06-.06)4'Chicago
0334-.0334
cuts in California by the Union North Texas...02)4-.03 'Lee Angeles, ex.04X-.06 'Tulsa
Further crude oil price
Fuel 011, F.O.B. Refinery or Terminal.
Oil Co. indicated the first reductions had not brought prices New'York(Bayonne)
Gulf Coast "C".. $.65-.20
-ICalifornia 27 plus D
.4234-.50
5.75-1.001 Chicago 18-22D 81.05
Bunker "C"
into line with other fields. Reductions ranged from 15 to
Dietzel 28-30D-.... 1.83 New Oren.18-20 D .70,75
the majority of operators
30 cents a barrel and were met by
Gas 011. F. 0. B. Refinery or Terminal.
on the Pacific Coast. Reductions averaging 30 cents It N. Y.(Bayonne)(Tulsa
Chicago-.
_$.04.4-.053‘ 32-361)incs.o15(-.02 I 32-36D Ind-8.01M-.02
posted by practically all large
28D plus_
barrel on the top grade were
70 cents a
operators and few companies are posting over
barrels for the top grades.
Gross Crude Oil Stock Changes for February 1931.
Price changes follow:
Pipe line and tank farm gross domestic crude oil stocks
in all fields
oil prices
-Union Oil of California reduced crude
March 16
These reductions follow a general east of the Rocky Mountains decreased 2,191,000 barrels in
In the State from 15 to 30 cents a barrel.
company a few days previous.
the month of February, according to returns compiled by
slash of 50 cents a barrel by the same
subsidiary of Standard
-General Petroleum Co., Pacific Coast
March 18
the American Petroleum Institute from reports made to it
reductions posted by Union Oil CO. in
Oil of New York, to-day met the
by representative companies. The net change shown by the
all California fields.
of California posted new prices for all crude reporting companies accounts for the increases and decreases
--Standard Oil
March 20
reductions averaging 10 cents a barrel.
purchased from California fields,
in general crude oil stocks, including crude oil in transit,
posted by Union Oil.
cut is to meet the recent reduction
This
but not producers' stocks at the wells.
Wells.
Prices of Typicel Crudes Per Barrel at
gravitlea where A. P. 1. degrees are not ;Mown.)
52.15 Smackover. Ark., 24 and over
Bradford. Pa
Eldorado. Ark.. 40
Corning, Ohio
1.05 Rusk Texas, 39.5
Cabal!. W.Va
.80 Urania. La
Illinois
.75 Salt Creek. Wyo.,87
Western Kentucky
.67 Sunburst. Mont
Mideontthent, Okla.. 37
Springs.Calif., 40 and over
Hutchinson, Texas,40 and over_.- .50 BantaFe
.60 Midway-Sunset. Calif
Itettleman Min. 40 and over
.80 Huntington, Calif., 26
hninAletoP. Texaa. grads A
.69 Petrone. Canada
SpIndletop, Texas, below 25
.40
Winkler. Texas
545
.67
.40
.75
.61
1.55
.70
.50
.72
1.50
Crude Oil Output in United States Again Increases.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Mar. 14 1931 was 2,190,550 barrels, as compared with 2,156,700 barrels for the preceding
2097
FINANCIAL CHRONICLE
MAR. 21 1931.]
week, an increase of 33,850 barrels. Compared with the
output for the week ended Mar. 15 1930 of 2,583,200 barrels
per day, the current figure shows a decrease of 392,650
barrels daily. The daily average production east of California for the week ended Mar. 14 1931 was 1,662,650 bartels, as compared with 1,633,200 barrels for the preceding
week, an increase of 29,450 barrels. The following are estimates of daily average gross production, by districts:
By FieldsLagunillas
La Rosa-Ambrosio
Benitez
Concepcion
La Paz
Mane Grande
Tama
El Mene
Quirlquire
Guanoco
Feb. 1931
5,680,446
1,419,724
32,037
461,800
38,290
854,252
608,127
141,181
242,350
8,120
Per Dav
202,873
50.705
1,144
16,494
1,367
30,509
21,719
5,042
8,655
290
Feb. 1931
5,623,677
2,888.061
65,070
156,200
26,880
1.547.000
408.551
146,496
Per DaV
200,846
103,145
2.324
5,579
960
55,250
14,591
5.232
36,600
1,807
389.233
10,898,535
Total
338,798
9,486,327
SHIPMENTS OF VENEZUELAN CRUDE OIL (IN BBLS. OF 42 GALLONS)
Feb. 1931. Jan. 1931. Dec. 1930. Nov. 1930.
Month ofV. 0. C
2,864,736 3,203,518 3,285,350 3.290,200
3,097.269 3,481,548 3,508.686 3,364,011
Lago
Gulf
1,602,000 2,079.000 1,347,000 1,710.000
634,400 1,124,000 1,490,000
570,080
Caribbean Pet
735,200
787,700
657.000
583,360
Creole Pet
388,319
484, 00
565,040
660.920
Colon 011
155.700
144,543
166,267
B. C. 0. Ltd
159,600
None
None
None
None
General Asphalt
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Mar.14'31. Mai.7 '31. Feb. 28 '31. Mar.1S'30.
Week Ended449,550
652,100
501,650
509,800
Oklahoma
113,100
116.200
112,450
111,400
Kansas
52,700
91,600
53,050
52,350
Panhandle Texas
58,700
80,150
59,500
59,450
North Texas
25,200
51,100
25,200
25,300
West Central Texas
243,550
343.950
232,750
231,350
WestTexas
78,550
25.450
100,700
129.650
East Central Texas
76,600
63,000
75,050
Southwest Texas
a9,515,725 b10,787,289 c10,703,603 d11,133,811
Total
75,600
42,800
42,000
41,250
North Louisiana
40,500
a Equivalent to 339,847 barrels
day. b Equivalent to about 344,977 barrel.,
50.050
59.250 Per day. c Equivalent to 345,273 per
47,950
Arkansas
48,400
barrels per day. d Equivalent to about 371,127
156,700
180.200 barrels per day.
154,050
Coastal Texas
152,350
26,550
19,650
26,550
Coastal Louisiana
26,100
103.300
120,500
100.000
Eastern (not including Michigan)
97,500
9,150
12.550
9,000
Michigan
8,650
Weekly Refinery Statistics for the United States.
45,150
44,550
Wyoming
50,600
41,800
8.750
7,900
8,050
Montana
8,400
Reports compiled by the American Petroleum Institute
4,400
4.200
Colorado
4,750
4,150
39,800
10,650 for the week ended March 14, from companies aggregating
37,250
New Mexico
39,900
522,300
651.600
523,500
California
527,900
Total
2,190,550
2,156.700
2.104,900
2,583,200
The estimated daily average gross production for the Midcontinent
Field, including Oklahoma, Kansas, Panhandle, North, West Central, West,
East Central, and Southwest Texas, North Louisiana and Arkansas, for the
week ended Mar. 14, was 1,283,800 barrels, as compared with 1,249,650
barrels for the preceding week, an increase of 34,250 barrels. The Midcontinent production, excluding Smackover (Arkansas) heavy oil, was
1,251,200 barrels, as compared with 1,216,900 barrels, an increase of
34,300 barrels.
The production figures of certain pools in the various districts for the
current week, corarrred with the previous week, in burea of 42 gallons,
follow:
-Week Ended
-Week EndedMar.14 Mar.7.
Southwest TexasOklahomaMar.14 Mar. 7.
Bowlegs
5,000 5,300
9,250 10,750 Chapmann-Abbot
Bristow-Slick
29,550 28,200
12,750 12,750 Darst Creek
Burbank
9,450 9,600
13,650 13.400 Luling
Carr City
15,000 15,500
10,100 11,650 Salt Flat
Earleboro
18,200 15.900
East Earlaboro
North Louisiana17,550 14.200
1,500 1,600
South Earlaboro
7,100 6.450 Sarepta-Carterville
7,950 8,500
Konawa
12,650 19,300 Zweite
Little River
Arkansas
15.700 18,500
4,400 4.450
East Little River
7,250 9,550 Smackover, light
32,600 32,650
Maud
2,650 2,100 Smackover,heavy
Mission
4.300 3,550
Coastal Texas
Oklahoma City
132,800 128,250
19,500 20.700
St. Louis
24,350 20,300 Barbers Hill
9,200 9,250
Searight
5,750 4,850 Raccoon Bend
31,250 33,100
Seminole
15,800 12,350 Refuglo County
11,950 11,900
East Seminole
2,300 1,100 Sugarland
KansaaSedgvtick County
Voetfill
Coastal Louisiana
19,500 20,750 East Hackberry
19,300 19,650 Old Hackberry
Wyatt:InvPanhandle Texas
Gray County
39,600 39,000 Salt Creek
Hutchinson County_ _ _ _ 8.700 9,500
HontanaKevin-Sunburst
North Texas
Archer County
11,900 12,500
New Mexico
North Young County._ 9,300 8,300
Wilbarger County
10,400 10,100 Hobbs High
Balance Lea County
West Central Texas
California
South Young County__. 2,600 2,400
Elwood-Goleta
Wen Teta:Huntington Beach
Crane & Upton Counties 24,600 23.850 Inglewood
Eater County
5,800 5,700 Kettleman Hills
Howard County
22,050 21.700 Long Beach
Reagan County
25,650 28,050 Midway-Sunset
Winkler County
48,700 48,300 Playa Del Rey
Yates
88,850 90.450 Santa Fe Springs
Balance Peoos County._ 3,400 2,600 Seal Beach
Ventura Avenue
Bast Central Texas
Pennsylvania Grade
Van Zandt County
34,900 32,450 Allegany
Rusk County:
Bradford
Joinerfield
45,800 29,100 Kane to Butler
Kilgore
29,750 22,350 Southeastern Ohio
Gregg County:
Southwestern Penns__
Longview
7,150 4,600 West Virginia
2,150
800
2,450
800
24,550 26,550
4,200
4,250
30,600 - 29,600
6,950 5.350
32,200
22,600
15.400
26.600
90,800
52.300
29,700
71.500
16,300
45,300
33,500
21,800
15,600
26,600
91,000
52,300
28,900
71,000
16,100
45,000
6,050 6,150
21,150 21,550
8.100 6.950
6,550 7,000
2,950 3,450
12,200 12,400
Venezuelan Crude Oil Production in February Lower
than in Corresponding Period Last Year-Ship..
ments also Lower.
According to O'Shaughnessy's"Weekly Oil Bulletin," the
estimated output of crude oil in Venezuela amounted to
9,486,327 barrels (a daily average of 338,798 barrels) in the
month of February 1931, as compared with 10,384,451
barrels (a daily average of 334,982 barrels) in the preceding
month and 10,898,535 barrels (a daily average of 389,233
barrels) in February 1930. Estimated shipments in February of this year totaled 9,515,725 barrels, as against 10,787,289 barrels in,the preceding month and 10,703,603
barrels in December 1930, the "Bulletin" shows:
paonuarrox IN VENEZUELA (PARTLY ESTIMATED) IN BARRELS
ComPanrv.0. C
Lego
Gulf
Caribbean Pet
Creole Pet
Colon 011
B.C.O. Ltd
General Asphalt
Total
OF 42 GALLONS.
Feb. 1931. Per Day.
2,801,699
100,061
2,648,921
94,604
1,741,172
62,185
854,252
30,509
682,855
24,388
21,719
608,127
141,181
5,042
290
8,120
Feb. 1930.
3,640,616
2,949,800
1,744.419
1,547.000
425,053
408,551
146,496
36,600
Per Day.
130,022
105,350
62,301
55,250
15,180
14,591
5,232
1,307
338,798
10,898,535
389,233
9,486,327
3,571,200 barrels, or 95.7% of the 3,730,100 barrel estimated daily potential refining capacity of the United States,
indicate that 2,314,400 barrels of crude oil were run to stills
daily, and that these same companies had in storage at
refineries at the end of the week, 45,821,000 barrels of
gasoline and 127,358,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking process indicate that companies owning 94.2% of the potential
charging capacity of all cracking units manufactured 2,853,000 barrels of cracked gasoline during the week. The
complete report for the week ended March 14 1931, follows:
CRUDE RUNS TO STILLS GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED MARCH 14 1930.
(Figures In Barrels of 42 Gallons)
Gas
and
Fuel
Oil
Stocks.
Crude
Runs
to
Stills.
Per Cent
°Per.
of Total
Capacity
Report,
Gasoline
Stocks.
3,483,000
572,000
2,012.000
1,739,000
3,890,000
985,000
307.000
3,213,000
81.2
61.7
75.4
60.3
74.7
53.7
31.4
51.7
8,399.000
1,590,000
5,421,000
3,346.000
7.535,000
2,029,000
1,860,000
15,641,000
7,390,000
1,102,000
3,039,000
3,734,000
7,980,000
2,319,000
852.000
100.942,000
16,201,000
2,314,400
15,205,000
2,172,100
64.8
45,821,000
127,358,000
95.7
60.8
45,789.000
127.428,000
Total Mar. 15 1930_ 95.5
Daily average
bTexas Gulf Coast_ _ _ _ 100.0
bLoulsiana Gnu r.,,,,,.t Inn n
17,782,000
2,540,200
2,985.000
AAA non
District.
Per Cent
Potential
Capacity
Reporting.
East Coast
100.0
Appalachian
93.8
Ind., Illinois, Kentucky 97.5
Okla., Kans., Missouri_ 89.4
Texas
91.9
Louslana-Arkansas
98.3
Rocky Mountain_
93.1
California
98.8
Total week Mar. 14_
Daily average
Total week Mar 7
Daily average
95.7
72.3
80.5
AR A
*54,217,000 a137,002,000
1
5,748,000
6,292.000
1 520 non
L25&000
a Revised due to change in California. b Included above in table tor week ended
March 14 1931 of their respective districts.
Note.
--All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to stills Include both foreign and domestic crude. In California, stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and Fuel
011 Stocks."
Investigation by United States Tariff Commission Into
Costs of Production of Fuel Oil and Gasoline
Inquiry Called for in House Resolution.
The United States Tariff Commission announced on
Mar. 11 the institution of an investigation under Section
332 (g) of the Tariff Act of 1930, for the purpose of ascertaining the differences in the costs of production of crude
petroleum, fuel oil, gasoline, and lubricating oils in the
United States and in foreign countries which exported to
the United States directly or indirectly more than two
million barrels in the aggregate of these commodities during the period Jan. 1 1929 to Dec. 31 1930, inclusive. The
Commission's announcement says:
This investigation is instituted pursuant to House Resolution 391, adopted
on liar. 3 1931. The Commission completed and submitted to Congress
at the recent session a report on the costs of production of crude petroleum.
That investigation was limited in its foreign aspects to the Lake Maracaibo
district of Venezuela. The new investigation will be broader in the
commodity sense, as it includes fuel oil, gasoline, and lubricating oil and
will cover a greater geographical area, the House of Representatives having
drawn the resolution to include all countries exporting to the United States
directly or indirectly more than two million barrels aggregate in the last
two years.
Section 332 of the Tariff Act, under which this investigation is ordered,
provides the Tariff Commission with a number of general powers, among
which is that of ascertaining conversion costs and costs of production of
domestic and foreign articles in the principal producing centers in the
United States and foreign countries.
The results of this investigation will be reported both to the President
and to the House of Representatives by the special direction of the resolution not later than the beginning of the next regular session of Congress.
The proposed inquiry is to be conducted in accordance
with the Garber resolution adopted by the House on Mar. 3.
2098
FINANCIAL CHRONICLE
The New York "Journal of Commerce", in a Washington
dispatch, Mar. 11, said, in part:
Under the Garber resolution the production cost differences are to be
found between this country and foreign countries from which there was
exported directly or indirectly to the United States during the period from
Jan. 1 1929 to Dec. 31 1930, inclusive, more than 2,000,000 barrels in the
aggregate of crude petroleum, fuel oil, gasoline and lubricating oils. The
report of the Tariff Commission is to be made directly to the House not
later than the next regular session of Congress.
$1.19 Differential Found.
In a recent investigation conducted by the Tariff Commission under Senate
resolution it was found that there is a differential between the costs of
domestic Midcontinent crude oil and Venezuelan crude oil delivered at the
principal markets on the Atlantic Coast of $1.19 per barrel in favor of
the foreign product.
The Gerber resolution was the only measure approved by Congress last
session to appease the demands of the independent producers of oil in this
country, who asked for at least a partial embargo or tariff on all imports
of refined and crude petroleum products entering this country. The independent producers claimed that imports of cheap foreign oil, meting chiefly
from Venezuela, have flooded domestic markets and had resulted in the
"very depressed conditions existing in the domestic petroleum industry."
Bills introduced in both houses of Congress last session for the purpose
of granting the relief asked by the independent producers were shelved by
the Steering Committee in the Senate and the Ways and Means Committee
in the House, because of the alleged fear of the Administration of reopening
the tariff law and the insistence of Easterdn representatives that a tariff
on oil would increase the costs to the industries in their States that depend
on the foreign product for fuel and power.
[VOL. 132.
While officials do not generally admit that the first downward revision
in gasoline prices from the 2034-cent level was caused by the fact that
major companies were losing gallonage sales to independents, it is indicated
that this factor was the primary cause inaugurating the reduction.
It is generally conceded that losses in gallonage by some of the major
companies were principally due to under-price selling at the so-called
"bootleg" stations. Companies ranking in the category of Standard.
Richfield, Texas and Union all showed shrinkage in sales for the fourth
quarter. Small distributors, which comprise the group of "all others,"
show a substantial consecutive increase for the second, third and fourth
quarters.
Further advices from Los Angeles March 16 said:
Union oil Co. of California, effective as of March 15, has made further
reductions in crude oil prices averaging 15 cents a barrel and ranging from
one cent a barrel in the case of 21.9 gravity and lower to 30 cents on
40 gravity crude and higher. The previous reduction by Union Oil Co.,
effective March 10 and followed by other purchasers of crude oil, averaged
50 cents a barrel.
R. D. Mathews, Vice-President, said that after the March 10 cut prices
were still in excess of the amount obtained for refined products, and that,
taking cognizance of the further reductions in gasoline prices and the
current crude cut, prices of crude oil are still out of line.
The fields most affected are Santa Fe Springs and Kettleman Hills.
Hills. In the former field the new prices range between 65 and 70 cents a
barrel, compared with 65 and 98 cents a barrel previously and 31.75 for
the top grade prior to March 10. At Kettleman Hills the new price is
58 to 60 cents, against 64 to 90 cents a barrel previously and $1.65 top
price prior to March 10. New prices in both these fields represent declines
of $1.05 for top grades.
At Signal Hill, Alameda, Seal Beach, Athens, Rosecrans and Dominguez
fields new prices are from 65 to 70 cents a barrel, against 65 cents to $1.04
previously. Montebello, East Coyote and Richfield new prices are from
Independents Welcome Inquiry.
In a statement made on his apprisal that the House had passed the resat; 65 to 69 cents against from 65 to 89 cents previously. Playa Del Rey.
tion directing the Tariff Commission investigation, Russell Brown, Secre- 56 to 57 cents, four cents reduction; Santa Paula, 65 to 67 cents, against
65 to 75 cents. Coalinga, McKittrick, Kern River, Midway Sunset,
tary of the Governors' Oil Relief Conference, said the independent producers
Elk Hills, and Lost Hills,50 to 58 cents,against 50 to 78 cents.
would welcome the investigation. He promised that "every gasoline user
Retail gasoline cuts which have developed in the past few days have
in the nation would be startled by the revelations which would be made by
brought the price of major brands down to 103i cents or 10 cents below
the investigation of gasoline costs, both foreign and American."
standard prices before the gasoline price war developed three weeks ago.
The following is the resolution adopted by the House on
Mar. 3:
HOUSE RESOLUTION 891.
Resolved, That the United States Tariff Commission is directed, under
the authority conferred by Section 332 (g) of the Tariff Act of 1930, to
investigate the differences in the cost of production at the following domestic
articles and of any like or similar foreign articles: crude petroleum, fuel
oil, gasoline, and lubricating oils.
The investigation made under this resolution shall be made as if such
investigation were an investigation authorized under Section 336 of the
Tariff Act of 1930, except that the cost of production of foreign articles
shall be ascertained only for foreign articles exported, directly or indirectly, from countries from which there was exported, directly or indirectly, to the United States during the period from Jan. 1 1929 to
Dec. 81 1930, inclusive, more than 2,000,000 barrels in the aggregate of
crude petroleum, fuel oil, gasoline, and lubricating oils, and except that
the Tariff Commission shall report the results of its investigation to the
President and to the House of Representatives not later than the beginning
of the next regular session of Congress.
Investigation of Creosote Oil by United States Tariff
Commission to Ascertain Differences in Cost of
Production.
The United States Tariff Commission announced on
Mar. 4 the institution of an investigation, under Section
332 of the Tariff Act of 1930, for the purpose of ascertaining the differences in cost of production during 1928, 1929,
and 1930, between creosote oil produced in the principal
competing country and domestic creosote oil included in
paragraph 1651 of the Tariff Act. This information, according to the resolution, is to be reported to the Senate as
soon as practicable. Creosote oil is now free of duty. The
Commission also says:
This investigation is instituted pursuant to Senate Resolution 470,
adopted on Feb. 17 1931. The section of the Tariff Act under which
this investigation is ordered provides the Tariff Commission with a number
of general powers among which is that of ascertaining conversion costs
and costs of production of domestic and foreign articles in the principal
producing centers in the United States and foreign countries.
If the investigation discloses that the domestic cost of production exceeds
the foreign cost, the Commission will include in its report to the Senate
a statement showing the rate or rates of duty necessary to equalize the
cost difference based on the American selling price as defined in Section
402 (g) of the Tariff Act.
Following action of the Union Oil Co., the Standard Oil
of California on March 20 reduced crude oil prices 10 cents
a barrel, San Francisco advices saying:
Standard 011 of California has made reduction in prices of crude oil,
effective as of 7 a. m. March 20, averaging 10 cents a barrel. The reduction follows that of Union 011 Co. of California, which averaged 15 cents a
barrel, placed in effect March 15. and was met by General Petroleum Corp.
and Associated Oil Co. Top price paid for any crude oil in Calffernia by
the Standard 011 Co is now 70 cents a barrel.
Prices posted by Standard Oil CO. of California in Los Angeles Basin
fields are 65 to 70 cents a barrel, with the exception of Playa del Rey field.
where price is 56 to 57 cents a barrel, subject to 5
-cent gathering charge.
in Elwood field the prices are 68 to 70 cents, a reduction of 17 to 30 cents,
In San Joaquin Valley fields prices average 55 to 58 cents a barrel.
Cut in Price of Crude Oil Made by the Associated Oil Co.
A San Francisco dispatch to the "Wall Street Journal"
March 18 reported the following:
Effective immediately, Associated 011 Co. has lowered its posted buying
price for crude oil an average of 15 cents a barrel in principal California
fields. This reduction meets the cut made by Union Oil Co.
Gasoline Reduced One Cent in Pennsylvania and
Delaware.
From the New York "Times" of March 17 we take the
following:
The Atlantic Refining Co. yesterday reduced the price of gasoline
one cent a gallon in Pennsylvania and DeLaware. New prices are 10 cents
a gallon to dealers, 12 cents a gallon for tank wagons and 14 cents a gallon
retail. State taxes not included.
Crude Oil Prices Reduced by the General Petroleum
Corporation.
The New York "Times" of March 18 said:
The General Petroleum Corp., subsidiary of the Standard 011 Co. of
New York, has met reductions averaging 15 cents a barrel recently made
on California crude oil. General Petroleum was the first company to follow
the lead taken by the Union Oil Co. of California, which on Sunday made
effective its second cut in crude oil prices within a week.
Canadian Gasoline Price Reduced.
A dispatch from Winnipeg March 16 stated:
Gasoline prices have dropped two cents a gallon over the prairies and
another cut is Said to be imminent. Imperial oil, Ltd., officials say the
reduction is due W the lower crude oil price levels in midcontinent United
States. Gasoline is now 22 cents an Imperial gallon, plus five cents
Provincial tax.
Standard Oil Co. of California Reduces Retail Price
of Gasoline—Reduction Made by the Union Oil
Kerosene Price Reduced by Standard Oil Company of
Co. of California in Crude Oil Prices.
New Jersey.
The following from Los Angeles is from the "Wall Street
Standard Oil Co. of New Jersey on March 20 reduced
Journal" of March 16:
Standard Oil Co. of California, effective Saturday, reduced retail gaso- price of tank-car kerosene M cent to 6 cents at all seaboard
line one cent a gallon in southern California and the Day region, bringing points
except Charleston, S. C., where the reduction is
the retail price down to 10% cents at Los Angeles. In Seattle and Tacoma
cent to 53j cents.
the retail price was cut 155 cents a gallon to 13 cents.
The company did not make any cuts in the wholesale price, either here
or in the north, according to officials. The wholesale price in Los Angeles
and vicinity is 8% cents a gallon. and the effect of the recent cut is to
reduce the station margin of profit to two cents a gallon.
Accepting 1014 mints a gallon as the average price of major brands, the
current California gasoline market represents a shrinkage of 10 cents a
gallon from the level of 2034 cents that prevailed for some time before the
first of tne recent cuts were made.
February Shipments and Output of Portland Cement
Lower than in Corresponding Period Last Year—
Shipments Exceed Those of January 1931.
The Portland cement industry in February 1931, produced 5,920,000 barrels, shipped 5,048,000 barrels from the
MAR. 211931.]
FINANCIAL CHRONICLE
2099
mills, and had in stock at the end of the month 28,478,000
barrels. Production of Portland cement in February 1931
showed a decrease of 27.5% and shipments a decrease of
28% as compared with February 1930. Portland cement
stocks at the mills were 0.8% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 165 plants both at the close
of February 1931, and of February 1930. The estimates
include increased capacity due to extensions and improvements during the period.
I
GOHZ...MN.qW4.NNOW
0
06004-1 000040. Co
m.A.cov-4-4-4w...com
i.,
NOMMM
...5WMOQ
go.
1931.
a6,595
5,920
001t...WOM V.
.
MM
1930.
January
February
March
April
May
June
July
August
September
October
November
December
AWNNM
IMN.,0000,
The new price, which will become effective on orders placed after Apr. 1
is $1.70 for 100 pounds in Pittsburgh compared with the present price 01
$1.65 and a price of $1.60 during December.
Toe announcement, which was made by the Carnegie Steel Company, a
subsidiary of the Steel Corporation, took Wall Street by surprise and caused
a brisk upturn in the stock market, with steel issues leading the rise. United
States Steel advanced 23.6 points and other stocks rose from 1 to 7 M Points•
The news was unexpected because the Carnegie company announced a
week ago that it would accept orders for the second quarter at tne current
price of $1.65 for 100 pounds. Several authorities declared that the increase
in price was evidence of further improvement in the steel business, as indicated by the gradual rise in operations of the steel mills since the beginning
of the year. The opinion was expressed however, that one of the motives
for the advance was probably to stimulate steel buyers to place orders for
the second quarter before the higher prices become effective in two weeks.
The announcement of higher prices is expected to be followed by active
RELATION OF PRODUCTION TO CAPACITY,
solicitation for contracts, and it was assumed that other producers would
follow the lead of the Steel Corporation in establishing higher prices. Last
Feb. 1930. Feb. 1931. Jan.1931. Dec. 1930. Nov. 1930.
December the independent steel companies quickly followed the Carnegie Steel Company's announcement of higher prices.
38.2%
51.7%
The month
29.5%
29.4%
I 45.5%
61.5%
62.6%
The 12 months ended_
65.6%
60.6%
59.7%
It has been known for several months that the steel companies have
been eager to advance prices. Prices ofsteel products are far below the levels
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND that
prevailed in the first quarter of 1930, and with operations running at
CEMENT, BY DISTRICTS. IN FEBRUARY 1930 AND 1931, AND
about 40% less than in the corresponding part of last year, earnings of most
STOCKS IN JANUARY 1931 (IN THOUSANDS OF BARRELS).
steel companies have been regarded as unsatisfactory. When Carnegie Steel
failed to announce an increase in prices last week it was assumed in Wall
Stocks at End
Street that its policy had been influenced by the decrease of 167,000 tons
District.
Shipments.
of tlfonth.
Production.
in the Steel Corporation's unfilled orders in February, and by a slump in
buying which occurred in the latter part of last month.
1930. 1931. 1930. 1931. 1930. 1931.
Since the beginning of March, however, there has been steady imEastern Pa., N. J., and Md
6,689
2,033 1,630 1,419
provement in the amount of orders received, which enabled the corporaNew York and Maine
257
1,556
151
187
tion to take a firmer stand on the question of higher prices, it was reported
Ohio, western Pa., and W. Vs..3,401
651
412
762
Michigan
297
2,761
109
543
yesterday. The corporation received yesterday an order for $4,500,000
Wis., Ill., Ind., and Ky
664
4,145
427
883
of structural steel, to be used in building the Rockefeller "Radio City"
Va.,Tenn.. Ala.. Ga.,Fla.. ds La
881
1,598
836
727
in New York. The Carnegie Steel Co. is expected to roll much of the steel
Eastern Mo., Ia., Minn.&S. Dak
492
3,396
766
748
Western Mo., Neb., Kan.. Okla.'
called for in this order, while the American Bridge Co., another subsidiary
and Arkansas
1,834
764
263
709
of the Steel Corporation, will fabricate the steel. The order calls for 125.000
Texas
521
778
286
482
tons of steel.
Colo., Mont., Utah, Wyo.dr Ida
441
104
160
130
American Steel and Wire Co.. another subsidiary, advanced wire prices
California
1,131
793
709
755
Oregon and Washington
169
519
171
$2 a ton a week ago, and the move was followed by independent producers.
203
The price of strip steel was also advanced recently, so that yesterday's
Total
8,162 5,920 7,012 5,048 28,249 28,478 advance
in bars, shapes and plates makes higher quotations almost general
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND throughout the steel industry.
The fact that the corporation increased its operations 1% last week to
CEMENT BY MONTHS IN 1930 AND 1931 (IN THOUS. OF BARRELS).
55% of capacity, coupled with other recent increases in output was looked
upon in Wall Street as an indication that the corporation was anticipating
Shipments.
Stocks at End of
Production.
an expansion in orders which would maintain the higher level of production.
Month.
Month,
1930,
1931.
1930.
1931.
4,955
7,012
8.828
13,340
17,224
18,781
20,153
20.299
18,083
15.599
8,784
5,688
a4,692
5.048
27,081
28.249
30,648
30.867
30.891
29.364
26,289
23,824
21.889
20,697
23,056
a25.883
a27,606
28,478
Total
Inn ens
158.744
a Revised.
Note.
-The stalls les above presented are compiled from reports for January
received by the Bureau of Mines from all manufacturing plants except four, for
which estimates have been Included in lieu of actual returns.
Republic and Sheet 8c Tube Will Follow Action of
Carnegie Steel in Advancing Prices.
The following from Youngstown, Ohio, is from the "Wall
Street Journal" of Mar. 19:
Republic Steel Corp. will adhere to the advance in second quarter contracts
for steel bars, plates and shapes announced by Carnegie Steel Co. to take
effect Apr. 1. Youngstown Sheet & Tube, another large producer in this
district, is expected to do likewise. Until Apr. 1, second quarter orders
will be placed at 1.65 cents, Pittsburgh in line with the price announcement
of the Steel Corp's chief subsidiary.
Leading independent interests in the Mahoning Valley show willingness
to adopt higher schedules as they are made possible by expansion in volume
of business.
Advance Wire Products $2 a Ton in Pittsburgh.
The Non-Ferrous Metals
-Copper Market Well EstabThe following from Pittsburgh March 16 is taken from the
-Tin Quiet.
lished at 10 Cents
-Lead and Zinc Dull
New York "Journal of Commerce":
The major non-ferrous metals:
- Independent wire producers are following the lead of the American
-copper, lead and zinc
passed through an extremely quiet week, yet prices showed Steel & Wire in issuing new price schedules showing advances of $2 a ton
all
little change,"Metal and Mineral Markets" reports, adding: onThe wire products, except fencing and bale ties. most users under conincreases are effective immediately, but with
Copper attracted wide interest last Thursday (March 12) because of
some irregularity in quotations, both on domestic and foreign business.
The domestic markets, however, was well established on the 10 cents,
delivered, basis, on the following day, though all sellers did not care to
come down to this level. Lead statistics were disappointing, but the price
remained unchanged. Despite the quiet prevailing in zinc, sellers were
not anxious to push business at current prices as it is generally felt that
the situation is slowly improving.
Domestic sales of copper during the week were of modest proportions,
but volume exceeded the preceding week. Most of the new business
booked represented purchases by fabricators who are pursuing a policy
of buying copper at current levels against shipments of finished products
to consumers. There appears to be no question about the increased call
for copper products, though all sellers are not equally optimistic on this
point, indicating that specifications are still spotty.
Less than a thousand tons of lead were sold in the open market last
week, by far the poorest week's business since the December slump. Sales
for shipment in March already amount to within a thousand tons or so
of estimated March requirements, so another week or two of inactivity
seems in prospect unless buyers are persuaded that prices are going to
advance.
Conditions in the tin market have been virtually unchanged, with prices
for prompt Straits ruling slightly above 27 cents in general, the main suppert coming from London.
tract the new quotations will not be applied generally until the second
quarter.
The new prices will be $2 a keg to jobbers for wire nails, 2.30c. for plain
wire to manufacturers and $37 for wire rods. Other jobbing products are
priced at the usual extras over base.
Wire products have been in a declining market since the middle of 1929.
-pound keg
and at the recent low level the price of wire nails was 75c. a 100
below the market of two years ago. During,the same time plain wire has
lost $6 a ton. Specifications continue slow despite a slight increase in
demand a month ago.
Automotive requirements are improving gradually, but jobbing products
remain dull. Buying in the Southwest is more active, aided by the recent
introduction of f-11 dating terms.
Alabama Steel Plant Works at 70% of Capacity.
Associated Press accounts as follows from Birmingham,
Ala., March 13, are taken from the New York "Evening
Post":
H. C. Rycling, President of the Tennessee Coal, Iron & Railroad Co.,
disclosed to-day that operations of his company have reached 70% of
capacity, which is considered normal even in times of widespread industrial
activity.
"Our plant is operating at this figure," he said, "while the average
for the United States is about 52 to 54%." This condition compares with
operations at 30% capacity here last November and December."
-$1
Prices Again Raised by Carnegie Steel
-a-Ton Rise
on Bars, Shapes and Plates for Second Quarter
Effective After Apr. 1.
-Long Term Contracts Lead
The move for higher prices for steel products, which was Ohio Mine Raises Wages
launched last December by the United States Steel Corp.
to Increase by Meister Fuel Corp.
when it announced an increase of $1 a ton on steel bars,
The following from Martins Ferry, Ohio, March 14, is
shapes and plates,for delivery in the first quarter of this year, from the New York "Times":
was reaffirmed on Mar. 18 when a similar increase was anThat the coal business in Eastern Ohio is on the up-grade is indicated
nounced on these products for second-quarter delivery. by two developments of the p st week. The first action came when
Meister Fuel Corp. announced a 5% wage increase for its miners as
The New York "Times" of Mar. 19 from which we quote the
a result of long-term contracts aeceived. It ships both by rail and on the
added:
Ohio River.
2100
FINANCIAL CHRONICLE
Coal operators stated that it was the first advance in mine wages in
the Middle States bituminous field for several years.
Then C. W. Somers, former owner of the Cleveland Indians, and his
brother, James 0. Somers, announced that they would open a mine at
Robyville, a suburb of Adena, that will employ 150 men.
The Somers borthers, who were in the coal mining industry in Eastern
Ohio before the World War boom, bought the 600
-acre coal tract formerly
operated by the Roby interests and are driving a new entry. A cleaning
table and other modern devices will be installed in the old tipple.
Steel Production Again Rises-Prices Unchanged.
Expansion of steel demand, although by no means spectacular, is unchecked, and further gains are indicated by the
broadening requirements of the automobile and construction
Industries, states the "Iron Age", Mar. 19, in its summary
of iron and steel conditions. Steel ingot output for the
country at large has risen from 55 to 57%, with the greatest
gains reported at Cleveland, where production is now 70%
of capacity, and at Chicago, where the district average is
62%, with the rate of one producer 75%. Three blast
furnaces have been added to the list of active stacks, one
each having been lighted in the Alabama, Youngstown, and
Chicago districts. The "Age" further adds:
[VOL. 132.
becomes 1.70e., stated "Steel" of Cleveland, this week.
"Steel" further went on to say:
Since first quarter contracts generally were based upon 1.60c. and the
current open market price is 1.65c, the advance of $1 per ton for the second
quarter as reported here exclusively last week is confirmed.
This clarification of the price situation in heavy finished steel is expected
to be followed by active solicitation of contracts. Presumably, other
producers will adopt 1.65c as their contract price.
All makers of wire have followed the American Steel az Wire Co.'s advance of $2 per ton in all wire products except fencing and bale ties. On
hot and cold-rolled strip the rise of $1 and $2, respectively, also has been
made general.
Obviously on heavy finished steel, and on wire and strip as well, the new
prices have not been tested. With further expansion in requirements for
steel almost negligible, consumers have been indifferent to second quarter
contracts. Some doubt whether prices will be tested before the turn of
the quarter.
As demand tends to slow down from the bulge of January and February.
the market situation is more irregular. Important grades of scrap at
Pittsburgh have been marked down 25 to 50 cents this week, sheets have
been shaded in the East, and at Cleveland pig iron has been reduced 50
cents per ton.
On the other hand, southern producers of pig iron have advanced their
price 50 cents on northern shipments, Mahoning valley prices on pig iron
have become stabilized at $17, and all makers of wire rods now quote $37.
The net result of tuese variations is to lift Steel's market composite 10
cents. to $31.71.
The 125,000 tons of steel, chiefly structurals, for the Rochefeller "radio
city" in New York is being placed with the United States Steel Corp.
This Is probably the largest structural award for one specific job in the
history of the fabricating industry. With other smaller awards it makes
this week's structural total 146.147 tens, also a record. For the year to
date structural awards thus total 469,675 tons, against 398,722 tons in
the comparable period of 1930. The Pennsylvania railroad opens bids
March 23 on 100,000 tons ofsteel, principally for its electrification program.
In addition to the 20,000 tons of 26-inch steel pipe awarded to the A.
0. Smith Corp., Milwaukee, last week, by the Southern Fuel Co., Los
Angeles,12,000 tons additional has been placed with this interest and 18,000
tons with the Western Pipe az Steel Co.
Automotive requirements for steel continue to expand moderately, but
the gait is slower than the expansion in sentiment at Detroit. Under
pressure, autobody sheets have been shaded $2 per ton at Detroit. Railroad participation in the mlrkets Is light, rail releases being sufficient
only for 55% rail mill operations and the only noteworthy equipment
buying being 500 underframes placed by the Northern Pacific. In one
instance tie plates have been shaded. Farm implement manufacturers continue handicapped by large inventories of finished machines.
February sales of sheets by independent mills increased 3% on a daily
basis, production advanced 26% and shipments 16%.
By April 1 Lake Superior iron ore producers are expected to quote on the
first Inquiry of the season, that of the Ford Motor Co., with reaffirmation
Of 1930 prices expected.
Warehouses in New York have revised quantity extras to combat foreign
competition.
Steelmaking operations have gained about one point this week, being
just under 57%. Pittsburgh is unchanged at 50% and Birmingham at 65.
Eastern Pennsylvania is off 2 points to 51 and Buffalo is down 3 points to
51. Chicago at 60% Is up 2% points, Youngstown at 51 Is up 1, and Cleveland at 70 is up 5.
Price changes are few in number and indecisive in character, reflecting
no general trend either upward or downward.
Finished steel specifications at Chicago are 25% above the average for
the year to date, while bookings at New York are running 10 to 20% over
those of February. Cleveland also reports substantial gains, chiefly
attributable to the expanding needs of the automobile industry.
Motor car demand for steel is conspicuous for its uninterrupted expansion.
Orders from the Detroit district, however, usually call for seven to 10 days'
delivery, and, as a consequence, mills serving the automobile trade have
virtually no backlogs, Although their shipments from week to week are
steadily increasing. In the face of this extreme conservatism, every week
brings more definite signs of a sustained gain in motor car production.
First quarter output for the United States and Canada is now estimated at
700,000 cars, while peak production of the year is expected to come later
than usual, possibly in May or June.
Construction activity promisee to be a large outlet for steel in coining
months. The Pacific Gas & Electric Co., which last week contracted for
20,000 tons of steel pipe for a gas line, has placed additional orders for
30,000 tons, dividing them between the A. 0. Smith Corp. and the Western
Pipe & Steel Co. The general contract for the Hoover dam has been
placed and the steel requirements, amounting to 49,000 tons, will doubtless
be awarded in the near future.
Most makers of wire rods, wire and wire nails have adopted the advance
of $2 a ton for second quarter first announced a week ago. Likewise most
producers of bars, plates and shapes are quoting 1.65c. a lb., Pittsburgh,
for the coming quarter. Lack of interest on the part of consumers has
thus far prevented these quotations from undergoing a real test. In the case
of plates, shapes and bars the fact that most of the tonnage shipped this
quarter has been at 1.60c. may influence the attitude of buyers, notwithstanding that the spot price has been 81 a ton higher since the first of
/
1
2
the year. Willingness of sheet mills to accept second quarter contracts
Steel operations increased nearly 2 % during the week
at recent prices is complicated by the appearance of fresh weakness in ended last Monday (Mar. 16), but the important gain was
Automobile body sheets have declined $2 a ton to
current transactions.
8.20e. a lb., Pittsburgh. Black sheets have been shaded $2 a ton to 2.25c., In the activities of the independent companies, particularly
Pittsburgh, while scattered sales of galvanized sheets have been made at those which are supplying the needs of the automotive
concessions of $1 a ten.
industry, the "Wall Street Journal" of Mar.18 states. These
Pig iron prices are on the whole unresponsive in a quiet market, with
increases in demand confined chiefly to the automobile industry. Alabama units were speeding up production to meet the nearby shipproducers have announced an advance of 50c. a ton to $11, Birmingham, ping requirements of their customers, adds the "Journal",
on iron for Northern delivery, while Cleveland producers have reduced
continuing:
prices 50e. a ton for local shipment. Scrap is sluggish, with prices for
United States Steel Corp. ingot output increased about 1% to 55%,
the most part marking time.
The "Iron Age" composite prices remain at last week's levels. Finished compared with 54% in the preceding week and nearly 55% two weeks
steel, at 2.142c. a lb., is $3.40 a net ton lower than a year ago; pig iron, ago. Independent companies are estimated to be running at better than
at $15.71, is $2.04 a ton lower, and heavy melting scrap, at $11.08, is 57% against 54% a week ago and 52% two weeks ago. For the entire
industry the average is placed at nearly 56%%, contrasted with 54% in
$3.92 a ton lower. A comparative table shows:
the previous week and better than 53% two weeks ago.
Finished Steel.
In the corresponding week of last year there were decreases bf 2% all
Based on steel bars, beams, tank plates
Mar. 17 1931. 2.1420. a Lb.
2.142c.J wire, rails, black pipe and sheets. around, with the Steel Corp. at 80%, leading independents around 68%,
One week ago
2.1420. These products make 87% of the and the average 74%. Only small gains were shown in the same weeks
One month ago
2 3120. United States output.
One year ago
of both 1929 and 1928, when operations were at a much higher rate than
High.
Low.
1930. In 1929 the Steel Corp. was at 97%, leading
2.142e. Jan. 13
2.121c. Jan. 6 in either this year or
1931
2.3820. Jan. 7
2.121o. Deo, 9 independents 92%%, and the average was 94%%, while in 1928 the Steel
1930
2.412e. Apr. 2
2.3620. Oct. 29 Corp. ran at 881%, leading independents at 78%, and the average was
1929
/
2
2.3910. Dec. 11
1928
2.3140. Jan. 3 slightly under 83%.
2.453e. Jan. 4
1927
2.2930. Oct. 25
2 4530. Jan. 5
2.403c. May 18
1926
2 5600. Jan. 6
2.3960. Aug. 18
1925
Pig Iron.
Production of Bituminous Coal and Pennsylvania
Based on average of basic iron at Valley
Mar. 17 1931, $15.71 a Gross Ton.
Anthracite Continues to Show a Decrease as
$15.71 furnace and foundry Irons at Chicago.
One week ago
15.71 Philadelphia, Buffalo, Valley and SirOne month ago
Compared with a Year ago.
18.38 mingham.
One year ago
High.
Low.
According to the United States Bureau of Mines, Depart$15.90 Jan. 6
$15.71 Feb. 17
1931
18.21 Jan. 7
15.90 Dec. 16 ment of Commerce, output of bitumonous coal and Pennsyl1930
18.71 May 14
18.21 Dec. 17
1929
18.59 Nov.27
17.04 July 24 vania anthracite continues below that for the corresponding
1928
19.71 Jan. 4
17.54 Nov. 1 period last year. Output for the week ended
1927
March 7 1931
21.54 Jan. 5
19.46 July 13
1926
18.96 July 7 amounted to 7,684,000 net tons of bituminous coal, 957,000
22.50 Jan. 13
1925
Steel Scrap.
tons of Pennsylvania anthracite, and 38,400 tons of beehive
Based on heavy melting steel quoMar. 171931. $11.08 a Gross Ton.
$11.08 tatlons at Pittsburgh, PhIladelpha coke, as against 8,565,000 tons of bituminous coal, 1,156,000
One week ago
11.08 and Chicago.
One month ago
tons of Pennsylvania anthracite and 64,700 tons of beehive
15.00
One year ago
High.
Lam
coke in the week ended March 8 1930, and 7,455,000 tons
$11.33 Jan. 6
$11.08 Feb. 17
1931
11.25 Dec. 9 of bituminous coal, 1,133,000 tons of Pennsylvania anthra15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2 cite and 36,300 tons of beehive coke in the week ended
16.50 Dec. 31
1928
13.08 Nov.22 Feb. 28 1931.
15.25 Jan. 11
1927
14.00 June 1
17.25 Jan. 5
1926
15.08 May 5
20.83 Jan. 13
1925_ During the coal year to March 7 1931 there were pro-
Carnegie Steel Co., amplifying its price announcement on duced a total of 414,158,000 net tons of bituminous coal,
steel bars, plates and shapes, will write second quarter con- as compared with 491,498,000 tons in the coal year to
tracts at 1.65e.. Pittsburgh, until April 1, when the market March 8 1930. The Bureau's statement follows:
MAR. 21 1931.]
2101
FINANCIAL CHRONICLE
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended March 7 is estimated at 957,000 net tons. Compared with
the output in the preceding week, this shows a decrease of 176,000 tons,
or 15.5%. Production during the week in 1930 corresponding with that
of March 7 amounted to 1.156,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
930 a
1931
Daily
Daffy
Average.
Week.
Average.
Week.
Week Ended255,800
1,407,000
201,500
1,209,000
Feb. 21
1,094,000
182.300
206,000
1,133,000
Feb. 28
192.700
1,156,000
957,000
159,500
Mar. 7
a Figures for 1930 revised slightly to insure comparability with 1931.
BEEHIVE COKE.
The total production of beehive coke during the week ended March 7
is estimated at 38,400 net tons. This is in comparison with a production
of 36,300 tons in the preceding week, and 64,700 tons during the week
in 1930 corresponding with that of March 7. The following table apportions
the tonnage by regions, and gives comparable figures for 1930:
Estimated Weekly Production of Beehive Coke (Net Tons).
1931
1930
Week Ended
to
to
Mar. 7 Feb. 28 Mar.8
Date.a
Date.
1930.
Region1931.6 1931.c
Pennsylvania, Ohio and W.Virginia_ 33,800 32,500 55,900 324.200 579,800
5.900 28,700 56,100
2,900
Tennessee and Virginia
3,700
11,000 27,900
2,900
900
Colorado, Utah and Washington
900
United States total
38,400 36,300 64,700 363,900 663.800
6,384 11,646
6,050 10.783
Daily average
6,400
a Minus one day's production first week in January to equalize number of days
n the two years. b Subject to revision. c Revised since teat report.
I
BITUMINOUS COAL.
The total production of soft coal during the week ended March 7 1931,
Including lignite and coal coked at the mines, is estimated at 7,684,000
net tons. This is an increase of 229.000 tons over the output in the pre
Ceding week, when working time was curtailed by the partial holiday
on Feb. 23. Compared with the full-time week ended Feb. 21, however,
there is a decrease of 221,000 tons, or 2.8%. Production during the week
In 1930 corresponding with that of March 7 amounted to 8,565.000 tons.
amounted to 7.455.000 net tons. Compared with the output in the
preceding week, this shows a decrease of 450,000 tons, or 5.7%. Feb. 23
was observed as a holiday in some fields. The following table apportions
the tonnage by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
SlateFeb. 28 '31 Feb. 21 '31 Mar. 1 '30 Mar. 2 '29
396.000
260,000
294.000
261.000
Alabama
14,000
45.000
14,000
17,000
Arkansas
256,000
120,000
130,000
117,000
Colorado
999.000
911.000 1,436,000
898,000
Illinois
445,000
309,000
307,000
280.000
Indiana
64,000
112,000
67,000
57,000
Iowa
84,000
46,000
49,000
39.000
Kansas
633,000
969.000
597,000
554,000
Kentucky-Eastern
356.000
186.000
176,000
157,000
Western
62,000
49,000
42,000
39,000
Maryland
24,000
18.000
11,000
14,000
Michigan
59,000
102,000
58.000
55,000
Missouri
84,000
38,000
44,000
34,000
Montana
31.000
54,000
28,000
New Mexico
32,000
36,000
48,000
38,000
North Dakota
29,000
440,000
387.000
454,000
Ohio
424,000
99,000
32.000
31,000
23.000
Oklahoma
Pennsylvania (bitum.)
2,099,000 2,198,000 2,284,000 2,837,000
120,000
79,000
101,000
94.000
Tennessee
25,000
47,000
10,000
Texas
10,000
145,000
63.000
61.000
Utah
60,000
279,000
223,000
199.000
Virginia
188.000
62,000
44,000
37,000
Washington
28,000
W. Virginia-Southern.b 1,332,000 1,396.000 1,486,000 2,029.000
696,000
633,000
Northern c
531,000
540,000
149,000
81.000
72,000
Wyoming
75,000
4,000
2,000
Other States.d
2,000
2,000
Taal bituminous
Pennsylvania anthracite
Feb. 1923
Average.a
409.000
25.000
231,000
1,993,000
613.000
136.000
95.000
556.000
226.000
51,000
26.000
79,000
80,000
58.000
37,000
694,000
62,000
3,087,000
127,000
23,000
96,000
212,000
77,000
1,127,000
673,000
156,000
7,000
7,455.000 7,905,000 8.179,000 11,385,000 10,956,000
1,133,000 1,209,000 1,094,000 1,437,000 1,902,000
Total all coal
8,588,000 9,114,000 9,273,000 12,795.000 12.858,000
a Average weekly rate for the entire month. b Includes operations on the
N.& W., C. & I., Virginian, and K. & M. c Rest of State, including Panhandle.
d Figures are not strictly comparable in the several years.
Anthracite Shipments Fall Off in February 1931.
Shipments of anthracite for the month of February 1931,
as reported to the Anthracite Bureau of Information,
Philadelphia, amounted to 4,321,800 gross tons. This is a
decrease as compared with shipments during the preceding
month of January, of 677,908 tons, and when compared
with the month of February 1930,shows a decrease of 386,907
tons. Shipments by originating carriers are as follows: •
Estimated United States Production of Bituminous Coal (Net Tons).
-30
1929 ---930-31
Coal Year
Coal Year
to Date.a
Week.
Week EndedWeek.
to Date.
474,754,000
9,515,000
Feb. 21
399,019.000
7,905.000
1,613,000
1,671.000
Daily average
1,450,000
1,318,000
8,179.000
482,933,000
Feb. 28.6
406,474,000
7 455,000
1,676,000
1,363,000
Daily average
1,447.000
1,264,000
8,565.000
491,498,000
March 7.c
414,158,000
7,684.000
Month of1.677.000
1.428.000
Daily average
1,443,000
1,281.000
Reading Co
April to equalize number of days Lehigh
a Minus one day's production tint week in
Valley RR
In the two years. b Revised since last report. c Subject to revision.
Central RR.of N.J
The total production of soft coal during the present coal year to March 7 Del., Lack.& Western RR
(approximately 287 working days) amounts to 414,158,000 net tons. Del. & Hudson RR.Corp
Figures for corresponding periods in other recent coal years are given below: Pennsylvania RR
446,761.000 net tons Erie RR
1929-30
491,498,000 net tons 1927-28
551,874,000 net tons N.Y.O.& W.R.W
1928-29
482,044,000 net tons 11926-27
Lehigh & New England RR
already indicated by the revised figures above, the total production
Total
of soft coal for the country as a whole during the week ended Feb. 28
As
Feb. 1931. Jan. 1931. Feb. 1930. Jan. 1930.
928,804 1,059,173 1,011.368 1,149.275
813,538
780,574
813,424
712,751
514,375
440,059
468,410
391,685
803,073
675.923
618,278
565,713
712,772
628,402
707,146
616,012
533.105
450,950
547,035
423,703
518.908
385.057
492,926
400,293
156,499
147,350
92.212
85,688
204,243
189,024
201.104
197,146
4,321,800
4,999,708
4,708,707
5,405,788
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 March 18, as reported
by the 12 Federal Reserve banks, was $940,000,000, a
decrease of $4,000,000 compared with the preceding week
and of $165,000,000 compared with the corresponding week
in 1930. After noting these facts, the Federal Reserve Board
proceeds as follows:
On March 18 total Reserve bank credit amounted to $907,000,060, a
decrease of $35,000.0G0 for the week. This decrease corresponds with
increases of $44,000,000 in Treasury currency, adjusted, and $8,000,000 in
monetary gold stock, offset in part by increases of $8.000,000 in money in
circulation and of $9,000,000 in unexpended capital funds, &c.
Holdings of discounted bills decreased $11,000,000 during the week, the
principal changes being an increase of $6,000,600 at the Federal Reserve
Rank of San Francisco and decreases of $4,000,0 0 at Cleveland and
$3,000,000 each at Philadelphia, Richmond and Atlanta. The System's
holdings of bills bought in open market declined $28,000,000, while holdings
of United States securities, largely, as a result of Treasury operations, in
connection with quarterly tax payments, increased $13,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not previously included in the condition statement,such as monetary
gold stock and money in circulation. The Federal Reserve
Board's 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 staement in full for the week ended March 18, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages
namely, pages 2146 and 2147.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
March 18 1931 were as follows:
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
Increase (4-) or Decrease (-)
Since
Mar.18 1931. Mar. 11 1931. Mar. 19 1930.
$
$
-44,000,000
162,000,000 -11,0'0.000
-62.000,000
123,000,000 -28,000.000
+57.000,000
618.000.000 +13,000,000
-26,000,000
5.000,000 -8,000.000
TOTAL RES'VE BANK CREDIT__ 907,000,000 -35,000.000
+8,000,000
Monetary gold stock
4,685,000,000
1 816,000,000 +44,000,000
Treasury currency adjusted
+8,000,000
Money in circulation
4,562,000,000
Member bank reserve balances
2,436,000,000
Unexpended capital funds, 12 11 em0ber deposits, &c
410,000.000
+9.000.000
-76.000.000
+280,000,000
+10,000,000
+81,000,000
+145,000.000
-13,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks. The
present week's totals are exclusive of figures for the Bank
of United States in this city, which closed its doors on
Dec. 11 1930. The last report of this bank showed loans
and investments of about $190,000,000. The grand aggroate of brokers' loans the present week records an increase
2102
FINANCIAL CHRONICLE
of $94,000,000, the total on March 18 1931 standing at
$1,913,000,000. The present week's increase of $94,000,000
follows an increase last week of $29,000,000. Loans "for
own account" increased during the week from $1,236,000,000
to $1,373,000,000, and loans "for account of out-of-town
banks" from $293,000,000 to $294,000,000, but loans "for
account of others" dropped from $290,000,000 to $246,000,000.
CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar.181931. Mar.111931. Mar.19 1930.
Loans and investmente—total
8,083,000.000 7,829,000.000 7,747,000,000
Loans—total
5,529,000,000 5,354,000,000 5,787.000,000
On securities
All other
3,219,000.000 3.082,000,000 3,160,000,000
2.310,000,000 2,272,000,000 2,627,000.000
2,554,000,000 2,475,000,000 1,960,000.000
Investments—total
U. S. Government securities
Other securities
1,457,000,000 1,348,000,000 1,146.000,000
1,097,000,000 1,127,000,000 814,000.000
Reserve with Federal Reserve Bank
Cash In vault
853,000,000
38,000,000
866.000.000
44,000,000
713,000,000
46,000,000
Net demand deposits
Time deposits
Government deposits
5.945,000,000 5,885.000,000 5.278.000.000
1,199,000.000 1,196,000,000 1,304,000,000
168,000,600
99,000,000
Due from banks
Due to banks
127,000,000
99,000,000
1,382,000,000 1,253,000,000
112,000,000
982,000.000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
1,373,000,000 1,236,000,000 1,266,000,000
For own account
For account of out-of-town banks
294,000,000 293.000.000 1,171.000,000
For account of others
246,000.000 290.000,000 1,404,000,000
Total
On demand
On time
Loans and Investments—total
1,913,000.000 1,819.000.000 3,841,000.000
1,502,000,000 1,411,000,000 3,387,000,000
411,000,000 408,000,000 454,000,000
Chicago.
1,993,000,000 1,943,000,000 1,857,000,000
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
Borrowing from Federal Reserve Bank
1,352,000,000 1.308,000,000 1,499,000,000
805,000.000
547,000,000
763,000,000
545,000,000
905,000.000
593,000,000
641,000,000
635.000,000
358,000,000
344,000,000
297,000,000
329,000,000
306,000,000
180,000,000
198,000,000
180,000,000
12,000,000
177,000.000
12.000,000
168,000,000
14,000,000
1 215,000.000 1.204,000.000 1,217,000,000
620,000,000 634,000,000 523,000,000
40,000,000
10,000,000
171,000,000
405,000,000
168,000,000
362,000,000
136,000.000
341,000.000
1.000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
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
eovering 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
the week ended with the close of business on March 11:
The Federal Reserve Board's condition statement of weekly reporting member banks in leading cities on March 11 shows a decrease for
the
week of $44.000,000 in loans and investments, an increase of $211,000,000
in net demand deposits, and decreases of $42.000,000 in time deposits,
$29,000.000 in Government deposits (no Government deposits being
reported on March 11), and of $14,000,000 in borrowings from Federal
Reserve banks.
Loans on securities declined 367,000.000 at reporting member banks in
the New York district, and increased $30,000,000 in the Chicago district
and $10,000.000 in the Minneapolis district, all reporting banks showing
a net decline of 313,000,000 "All other" loans declined $40,000,000 in
the New York district, 312,000,000 in the Chicago district and $51,000.000
at all reporting banks and increased $8,000,000 in the Philadelphia district.
Holdings of United States Government securities declined $14,000,000
In the Chicago district, $12,000.000 in the New York district and $9,000.000 at all reporting banks, while holdings of other securities increased
$14,000,000 in the San Francisco district, $11,000.000 in the New York
district, $6,000,000 in the Philadelphia district and 329.000,000 at all
reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $33,000,000 on March 11, the principal change for the
week being a decrease of 313,000.000 at the Federal Reserve Bank of
[Vor,. 132.
Increase(+) or Decrease(—)
Since
Mar. 11 1931. Mar. 4 1931.
Mar. 12 1930,
7,200,000,000
+20,000,000 +1,672,000,000
3,435,000,000
3,765,000,000
—9,000,000
+29.000,000
+682,000,000
+990,000.000
Reserve with Federal Res've banks 1,847,000,000
Cash in vault
215,000,000
+74,000,000
+4,000,000
+114,000,000
—7,000,000
13,725,000,000
7,247,000,000
+211.000.000
—42.000,000
—29,000,000
+573.000,000
+299.000,000
1,808,000,000
3,755,000,000
—47,000,000
—80,000,000
+695,000,000
+928,000.000
33,000,000
—14,000,000
—113,000,000
Investments—total
II. El. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks.
Senator Pittman Sees Silver Action by United States
Imperative—Finds Senate Request for Parley Given
Impetus by World Interest.
Desire for early action by President Hoover in carrying
out the request of the Senate in the calling of an international conference on silver has been given impetus, Senator
Key Pittman (Dem., Nev.), declared on March 17, by the
Interest now being shown in silver-standard countries to
bring about relief for their monetary systems. We quote
from a Washington dispatch March 17 to the New York
"Times" which continued:
Pointing out that Premier MacDonald of Great Britain has appointed a
committee to study and report en the effect of the single gold standard on
the property of the British Empire, Mr. Pittman said that P is quite evident
that the MacDonald Government is in sympathy with the present silver conditions and is launching a program which will ultimately result in a conference such as has been requested of the President by the Senate in approving the Pittman resolution at the close of the last session of Congress.
Prior to the World War, the Senator asserted, foreign nations were satisfied with the condition of their monetary systems and therefore no opportunity was ever advanced favorable to an international conference. Conditions have since changed, he added, pointing to the collapse of the German
mark, the drop in the French franc and the English pound sterling, and the
time is now ripe for the United States Government to take the initiative.
Oddie to Visit China.
Senator Tasker L. Oddie (Rep. Nev.), who has also led the fight to Increase the value of silver, left to-day for Hampton Roads where he will
depart for the Orient. He is expected to visit both China and Japan to
discuss road problems and finances. While in China, Mr. Oddie will confer
with the officials and financiers on the silver situation with a view of giving
to President Hoover first hand information to guide him in complying with
the request of the Senate.
The papers and documents with respect to the international conference
had been turned over to the Treasury and State Department for their
opinions, and it is declared by Senator Pittman that the reports will be
ready upon Mr. Hoover's return from his Caribbean cruise.
"The financiers of the United States do not realize what is going on in
the rest of the world with relation to monetary systems," Senator Pittman
declared. "We have a situation in Europe that is threatened with revolution.
That is not a statement made by radicals. That is the statement of the leading financiers of Europe." The foreign financiers believe that the present
depression was brought about, he added, as the result of the present
monetary systems.
"When all nations will agree not to take silver coins out of circulation
and melt them up as bullion to sell on the markets," Senator Pittman asserted, "then the depression will be relieved. What we are hoping for is to
stop the taking out of use minted coins which have been serving their purpose for ages."
Canada Active in Movement.
The question of an international conference is being taken up and moving
ropidly in Canada for two reasons, he said. First, because Canada is the
third largest silver producing country and, second, because they have lost
considerable trade with China, which uses silver as the basis of its monetary system.
There is no question but what China is vitally interested in the plan, he
declared, while with the revolutions in South America and the fall in the
value of Mexican peso they too are waking up to the situation. "Why did
they have the revolutions in South America?" he asked. "Because they
are having hard times. While Brazil made a mistake in coffee, that was not
true in Argentina and Peru. They did not have anything to deal with.
Theydepend on silver."
"These other countries are not going to wait on the United States. While
I hate to say it, they have no confidence in the United States in a lot of
things. The rest of the world looks upon us as a self-satisfied nation and
not willing to co-operate. The stabilizing of the silver market gives way to
a tremendous opportunity for this country to increase its trade with China."
Chinese Shipment of Gold Explained—Effort to Aid
Price of Silver Says Senator King.
The shipment of $6,000,000 In gold bars from the Nationalist Government Central Bank in Shanghai, China, to the
Chase National Bank, in New York, signifies a "very unsatisfactory condition" prevailing in China, Senator King
(Dem.), of Utah, stated orally Mar. 13, according to the
"United States Daily," which further said:
San Francisco.
A summary of the principal assets and liabilities of weekly reporting
The shipment was reported to have left China Mar. 13, and was said to be
member banks, together with changes during the week and the year ending
consigned to the Chase Bank in the capacity of depository only, according
March 11 1931, follows:
Increase (+) or Decrease (—) to Senator King.
Since
The shipping of the gold seems to indicate, Senator Ring said, that the
Mar. 11 1931. Mar. 4 1931. Mar. 12 1930.
balance of trade is running against China, and foreign credit cannot be
$
—44,000,000 +345,000,000 obtained to cover the balance, requiring payment in gold.
Loans and investments— total____22,577.000,000
The shipment also shows, Senator King declared, that China is making an
15,377.000,000
Loans—total
—64,000,000 —1,327,000,000 effort to rehabilitate the price of silver, preferring to surrender gold stocks
7,260,000,000
On securities
--13,000.000 --823,000,000 rather than to surrender silver at the prevailing price of 27c. an ounce,
All other
8,117,000,000
—51,000.000 —704,000,000 when normally the price ranges above 60 cents.
MAR. 211931.]
FINANCIAL CHRONICLE
Mr. King has been advised, he said, that the shipment indicates purchases
of necessities of life by merchants rather than military materials by the
government.
'Senator King has for the past year urged the calling of an international
silver conference for the purpose of reaching an international agreement
for the rehabilitation of silver. A resolution requesting the President to
take steps towards the formation of such a conference was introduced by
him in the Senate during the second session of the last Congress, and a
similar resolution, sponsored by Senator Pittman (Dem.), of Nevada, was
passed during the last session. No announcement has yet been made, however, as to what will be done.
The shipment was referred to in our issue of March 14,
page 1907.
J. P. Morgan, Who Sailed for Europe a Week Ago,
Arrives in France.
J. P. Morgan, who sailed on March 13 on the White Star
steamer "Olympic," reached Cherbourg, France yesterday
(March 20) and entrained for Paris. From there he will
go to Monte Carlo and board his yacht, the "Corsair," for
& Mediterranean and Aegean cruise. Mr. Morgan is accompanied by his daughter, Mrs. George Nicholls, and will be
joined at Marseilles by Dr. Cosmo Gordon Lang, Archbishop
of Canterbury. They plan to visit Palestine and Egypt.
Dwight W. Morrow in London Participates in Drafting
of New Naval Agreement.
United States Senator Dwight W. Morrow, who went
abroad following the adjournment of Congress, has, since
his arrival in London, been consulted with respect to the
drafting of the new Franco-Italian Naval Agreement. On
this point it was stated in a cablegram, March 16, to the
New York "Times" that Senator Morrow "will arrive in
London to-morrow and Rene Massigli of France and Augusto
Rosso of Italy will come here Wednesday because of the
British Government's invitations to consider how to state
the terms of the new French-Italian Naval Agreement so it
will not require tinkering with the Washington and London
treaties and another ratification of those documents by the
American Senate and the Japanese Diet." Yesterday
(March 20) Associated Press dispatches from Washington
said:
2103
banks (Item 1 in the table). In the world rise of money rates before the
depression, America took the lead with the huge absorption of credit
into brokers' loans; America was again a leader in the world decline in
money rates. To some extent the increase in "miscellaneous, short-term
loans and advances to foreigners (Item 5) resulted from tails same altered
differential in interest rates; but some of the advances to foreigners were in
anticipation of long-term capital issues, which have not yet been brought
out."
"The Federal Reserve Banks are to be credited with an important item
In our increased volume of short-term investments abroad," Mr. Jones
explained. "The published reports of the Reserve banks show an increase
during 1930 of about $35,000,000 in their holdings of bills in foreign currencies bought in the open market. These short-term investments abroad
helped to stem the inflow of gold and to increase the purchasing power of
our foreign customers during a period of great stress."
Mr. Jones pointed also to the important withdrawals of foreign funds
"put out" in the American market (Items 12-16 in this table). These items
declined during 1930 by 5231,000,000. The heaviest withdrawal was in
foreign holdings of dollar acceptances, $164,000.000. There was also an
important decline in foreign funds invested in brokers' loans—mostly
accounted for by the withdrawals of the Canadian chartered banks, as
shown by their published statements. "Heavy withdrawals of all such
foreign funds were to be expected, in view of the extremely low yield in
this market; but the high premiums on dollar exchange throughout the year
probably accelerated the movement."
Foreign-drawn acceptances declined during the year by only $13,000.000.
although total international acceptances outstanding declined by 5175,000,000—according to statistics issued by the American Acceptance Council.
This only negligible decline in foreign-drawn bills resulted, Mr. Jones
believes,from the especially low cost of acceptance financing in this market
and from the high premium on dollar exchange. These conditions are presumably responsible, also for the prompter discounting of foreign-drawn
bills, as shown by Item 17.
"Foreign deposits in American banks-51,672,000.000, at the end of
1930—displayed their customary immobility," Mr. Jones stated. "Some
of these funds are the cash reserves of foreign central banks and cannot
ordinarily be disturbed without serious deflation in the depositing country.
Moreover, these funds, above all others, are used by foreigners to make
their current payments to the United States for goods and for debt service.
These payments amount monthly to around $750,000,000; so some such
stupendous total of foreign deposits is needed at all times in the conduct of
world business."
Table of American Exports and Imports of Short-term Capital in 1930.
Outstanding international deposits, loans, acceptances and short-term
investments: Dec. 31 1929 (revised) (thousands of dollars), A; Dec.31 1930
(thousands of dollars), B; Increase or decrease (millions), 0:
DUE FROM "FOREIGNERS."•
.1 American deposits with foreigners
A
(Time and demand)
$209,605
$265,142 +558
Short-term loans to foreigners
2. Liabilities of American banks for unmaLured bilis drawn by foreigners and accepted by American banks a
833,147
820,648
—13
3. (Estimated amount oft liabilities ofAmerican banks for =matured bills drawn by
Americans to finance American exports
and accepted by American banks—reSecretary Stimson was advised to-day by Senator Morrow of New Jersey
spectively—$404,949,000 and $304,that work of the drafting committee on the Franco-Italian-British Naval
966,000)
Agreement was proceeding satisfactorily from the United States viewpoint.
4. Overdrafts by foreigners
205,332
201,323
—4
In a 25
-minute telephone conversation with Senator Morrow from
5. Other short-term loans and advances to
foreigners
London, Secretary Stimson was informed the drafting committee's work
278,108
344,063
+86
6. American short-term funds "put out" in foreign
probably would be completed by Sunday. Secretary Stimson did not dismoney markets
40,289
94,585
+54
close details, which were understood to be complete. The committee's
report will be submitted to Washington principally to provide information,
Total short-term funds due from abroad 31.566,481 $1,725,759 +5159
It not having been determined whether it would require Secretary Stimson's
DUE TO FOREIGNERS.
approval.
7. Foreign deposits with Americans
A
B is
C
(Time and demand)
$1,661,963 $1,671,878
+510
Senator and Mrs. Morrow were passengers on the steamer
Short-term borrowings from foreigners
8. Outstanding volume of unmatured bills
"Leviathan," which sailed for Europe on March 11.
drawn by American banks and their customers. accepted abroad and doscounted
there (as estimated) c
75,213
40.733
—34
9. (Outstanding volume of American guaranUnited States Short
-Term Indebtedness to Foreign
tee of acceptances executed by foreign
banks for the account of American imCountries in 1930 Declined by $443,000,000—Net
porters—respectively $34,612,000 and
Export of Short-Term Capital Largest on Record.
$16,705,000) d
10. Overdrafts by American banks
26,543
27,665
+1
The Department of Commerce at Washington announced
11. Other short-term borrowings from foreigners
2,032
+2
on March 8 that in 1930 the short-term indebtedness of the
Foreign funds "put out" in the Amer. market
12. Into American acceptances
865.254
701,709 —164
United States to foreign countries declined by $443,000,000,
13. Into brokers' loans
270,627
151.128 —119
and that this net export of short-term capital during 1930
14. Into Treasury certificates
61,949
85,803
+24
15. Into commercial paper
8,235
+8
was the largest on record—the next largest being for 1928,
16. Into other short-term loans
10.539
30,860
+20
which was $226,000,000. The Department indicates that 17. Undiscounted foreign-drawn acceptances
(Held for collection by American banks) e
105,366
73.656
—32
during 1930 American deposits and other short-term funds
abroad increased by $159,000,000 while foreign funds invested at short-term in our markets were drawn down to
the extent of 8284,000,000. In giving the Department's
announcement of March 8, the "United States Daily" said:
An important item in our increased volume of short-term investments
abroad, according to Grosvenor Jones, Chief of the Finance and
Investment
Division of the Bureau of Foreign and Domestic Commerce,is the holdings
of bills in foreign currencies bougnt in toe open market by the Federal
Reserve banks. On the other hand. he explained, a smaller amount was
invested by foreign banks in dollar acceptances in this market, transactions usually handled through the Reserve Bank in New York.
Foreign bank balances in this country showed little change, it is stated
In the report.
The Department of Commerce release follows in full text:
The annual report on the "international movement ofshort-term
capital"
was made public to-day by the Department of Commerce. It shows
that
during 1930 American deposits and other short-term funds abroad increased
$159,000,000; while foreign funds deposited or invested at short-term
In our money markets were drawn down to the extent of $284.000,000. As
a result, our net short-term indebtedness to foreign countries declined by
$443.000,000. This net export of short-term capital during 1930 was the
largest on record, it was stated—the next largest being for 1928, which was
$226,000,000.
Short-Term Funds.
"The heavy outward movement of short-term funds during 1930 was, of
course, associated with the world-wide depression," according to Grosvenor
Jones:
"Money rates declined in all countries, but the decline here was especially
marked; this accounts for the sharp increase in American deposits in foreign
Total short-term funds due to foreigners...33.077,454 $2,793,699 —$2134
Net short-term indebtedness to foreigners
on banking account
$1,510,973 $1,067,940 —$443
•The foreign branch of an American bank is a foreigner; an American branch of
a foreign bank Is an American.
a Regarded as an offset to foreign deposits in American banks.
b These represent American loans to American exporters. The credit extended
to foreigners Is regarded as mercantile credit (relating to invoice terms) rather than
to International banking credit. It is used to compute the "changed year-end lag
In invoice payments."
c Regarded as an offset to American deposits in foreign banks.
d Like Item 3, these loam relate to mercantile credit rather than to banking credit.
CA corrective entry offsetting Item 2.
Source.—FInance and Investment Division, United States Department of Commerce, based on returns from 179 leading international banking houses located in
American cities—Including the 12 Reserve banks, all large private bankers and
investment trusts, and the principal foreign banking agencies here.
Nominal Capital of Foreign Financing in United States
in 1930 $1,088,000,000 According to Department of
Commerce.
The underwriting of foreign securities in the United States
during 1930 was attended by several unusual features, according to a survey made by Paul D. Dickens of the Finance
and Investment division of the Department of Commerce
made public Mar. 18.
The total nominal capital of foreign financing in the United
States last year, Mr. Dickens points out, was $1,088,000,000.
Refunding to Americans was heavy during that period—
2104
FINANCIAL CHRONICLE
$182,000,000—leaving a total of $905,000,000 new nominal
capital obtained by foreign borrowers through publicly
offered issues. Not only did foreign borrowers obtain over
$225,000,000 more new nominal capital than in 1929 but the
dollar obtained had at least 10% greater purchasing power.
It is important to note, also, that this increased lending
by the United States occurred at a time of world-wide
depressions. The Department's announcement continues:
Foreign flotations were concentrated to an unusual degree in the first
half of the year. Approximately $808,000,000. or 75% of the year's foreign
issues had been brought out by the end of June. There were several reasons
for this condition, among them being: first, the political disturbances in
Latin America: second, the unsettled parliamentary situation in Germany
and in some of the other European countries;and third, the general appreciation of the world-wide character of the business depression. All of these
Incidents tended to prevent the flotation of new foreign securities, except
for Canada, especially during the summer and fall months. Ninety-five
per cent of the issues in October. November and December were Canadian.
The bond market in the United States failed to respond to the easymoney policy of the Federal Reserve System as much as was anticipated.
The Federal Reserve banks and commercial banks generally were large
purchasers of securities, while the insurance companies increased their holdings steadily. Bond prices rose to fair levels in April and September but
each time they fell sharply again. Throughout the year investors were very
cautious.
The 1930 weighted average yield index of foreign bonds offered in the
United States fell to the lowest level since 1919-5.49%. compared with
5.81% for 1929. That decline may be accounted for, in part at least,
by the demand for high-grade and short-term issues as well as to the low
money rates that prevailed during 1930. Canadian issues were very heavy
and the index-4.57%—was extremely low due to its being heavily weighed
by the Dominion Government issue which yielded 4.28%, and to the
numerous short-term provincial Issues. The Latin American index was
reduced to 5.71% from 6.50 in 1929 because of the low yields at which the
large Argentine short-term loans were brought out. The weighted average
yield of the European issues was 6.47%—a slight increase from the 6.25%
of 1929.
Seventeen foreign countries and three United States territories and possessions were represented in the year's financing. For the second year in succession Canada exceeded any of the other four areas, accounting for over
8333.000.000 or 30% of the total offerings in 1930. Latin American borrowing was second in volume and was comprised in large part of Argentine
short-term loans. Europe increased its issues in the United States during
1930 quite substantially over 1929. Renewed borrowing by Germany,
especially the commercialization issue, was the outstanding feature. Far
Eastern flotations were confined to Australia and Japan.
[VOL. 132.
tion permitting reduction of costs, possibly by modifying railway rates on
supplies or an alteration in customs tariff or other form of taxation.
Another factor which some in the industry believe might offer possible
relief is the alleged development of a world shortage of gold, which may
bring into the field of payability large areas that cannot be worked at a
profit now. On the whole observers believe that the gold industry is the
most promising in the economic life of South Africa.
The dividend declarations of the gold mines, Dec. 311930. show an Were se of ne rlv £250,000 over those of the corresponding period of 1929.
In view ofthe general depression this showing is regarded as very remarkable
and augurs well for the coming year.
Vice-President Whittlesey of Central Hanover Bank
& Trust Co. Sees Russian Competition Involving Us Directly and Indirectly—World Depression Largely Case of Under Consumption—Russia's
Part in This a Large One.
Russian competition offers an immediate rather than a
long-term problem, in the opinion of R. Whittlesey, VicePresident of the Central Hanover Bank & Trust Co, writing in the issue of the "Financial Digest," made available
March 16. "The world is definitely swinging to a policy of
protection and Russian dumping meets anything but a lenient
temper. It is hardly probable that the countries of the world
will be content to see their merchants, manufacturers and
farmers seriously injured without taking defensive measures,"
Mr. Whittlesey states, and continues:
Russian export trade is embryonic and incipient. Nevertheless it has
grown from practically nothing and is growing. Even to-day,however,the
important thing is not so much the actual volume as the Russian practice
regarding prices, and the serious results that this price policy can have for
well organized and legitimate trade. Russian products find a ready
market for the simple reason that the purchaser practically makes the price.
Foreign trade as well as production are in the hands of the Government.
and prices are made as circumstances dictate.
Russian competition involves us directly and indirectly. Directly as
Russian dumping may choose the United States for its object, and indirectly as the practice may affect the exports of countries with which we
trade or to which we lend money, and who find their markets reduced and
consequently their ability lessened either to pay their debts or buy our
merchandise.
This discussion is in no sense an attack on Russia nor is it motivated by
opposition to Communism or Soviet theories. We trade with many
nations. But in Russia the crux of trade plans consists of labor policies
dictated by a central authority without thought of costs of production or
profits. The ideal is to organize a vast labor army submissive and obedient,
having no part in trade operations which are controlled by considerations
of economic and political strategy, and the meal tickets now proposed mean
simply that those who do not work shall not eat. In simple terms, Russian
practice includes all the power of the German cartel with the addition of
the invincible element of price policies which do not consider profits.
Max Winkler of Bertron, Griscom & Co., Inc.,Says Resumption of Foreign Lending For Productive Purposes Will Do Much Toward Restoring Prosperity.
Speaking on March 12 before the Northern Anthracite
'Bankers Association at their convention at Scranton, Pa.,
Dr. Max Winkler, Vice-President of Bertrom, Griscom &
Mr. Whittlesey states that the widely noted purchases of
Co., Inc., said:
Russia in this country should be considered together with the
With American foreign investments amounting to appreciably less than fact that "Russia is a buyer to-day so that she may be a
5% of our total national wealth and with an annual gain in our foreign
investments of only slightly over 1% of our annual income, it is apparent seller to-morrow under conditions of completely unfair
that our foreign lending has been very moderate, compared with our means. competition."
Russian purchases should also be weighed
What might perhaps, to advantage, be impressed upon American in- against the hundreds of millions lost by our citizens and the
securities, is the indisputable
vestors and prospective buyers of foreign
fact that, despite the relatively large increase in our investments abroad, government as a result of debt repudiation and confiscation
the country's economic structure has developed on an increasingly sound of property. He believes that the present world depression
basis. We possess more gold to-day than we did when we began to lend
is largely a case of under-consumption and Russia's part
abroad on a large scale. Our national wealth,estimated at 8360.100,000,000,
is materially in excess of the pre-war estimate of $187,000,000,000. Our in this, as a result of living conditions in Russia and Soviet
national Income, approximating 890,000.000.000. is almost three times the machinations in the Orient, is a large one. He further says:
is appreciably higher than it was
1913 estimate. Our standard of living
In approaching the Russian problem, however, we should not fail to
at the time when we commenced to lend abroad. Our governmental revenue consider the evolution of nations and the fact that many
countries have
aggregates materially in excess of 84,000,000,000. or almost six times 1914 evolved from a feudal state under the pressure of economic and social
receipts. Our investments abroad have not rendered us poorer. On toe changes. If the Five Year plan becomes the Ten Year plan, the Twenty
contrary: We are richer and more powerful perhaps because of such invest- Year plan, or what you will, Russia may
become productive not alone in
ments, or at least partly because of them. Was not Engl tnd more influential the mines and fields, but also in the factories. Provided always that the
when she was a large dispenser of credit? Is this not also true in regard to palitical situation does not change and that foreign
aid and assistance
Holland. Germany, France, and all those who have held prominent places continue, particularly from the United States. If the process of
change be
as creditor nations? Why should it not prove true in the case of the United extended over a period of decades, the history of the
progress of other
States?
nations from serfdom may well be repeated in Russia, and the cornmunisitic
"The marked setback in business in this country, subsequent to the theories of to-day may give place to the practice which, with all of its
shortcessation of foreign loans, Is once more directing attention to the interesting, comings and inadequacies, modern nations have found to
be the only
even though not necessary relation, between prosperity and foreign in- workable plan. The Russian competitive menace therefore may
possibly
vestments. Resumption of foreign lending for exclusively productive pur- be more of the immediate than the distant future, which, in view of world
poses will do much W being back, not only to the American people but to conditions, makes it all the more important that the
situation be met
the rest of the world as well, the prosperity to which they are entitled by promptly.
virtue of their industry and traditions."
Intermediate Credit of 75,000,000 Reieharnarka to Berlin
South African Gold Mines Pay Larger Dividends in 1930.
Provided by International Syndicate for ReorganizaIndications of a new production record and an increase of
tion of Municipal Electric Works.
approximately $1,250,000 in dividend declarations are reAn international banking syndicate of which the Ameriported by the South African gold mining industry for the can members are Harris, Forbes &
Company, Otis
year 1930, according to advices from Consul C. M. Cross at J. Henry Schroeder Banking Corporation, and The &
Chase
by the Commerce Department.
Cape Town, made public
National Bank has provided the City of Berlin with an inThe Department under date of March 14 says:
termediate credit of 75,000,000 reichsmarks, in connection
Final production figures for the year are not available but in the opinion
of the municipal electric
of the industry returns for the first 11 months indicate a new record. Pro- with a plan of reorganization
duction for that perloii aggregated 9.820.494 fine ounces, compared witn works of Berlin which the banking syndicate has submitted
10,412,326 fine ounces for entire year and 10,354.264 fine ounces for all of to it. The syndicate is under the leadership of the Prus1928.
and the Reichs-Kredit-Gesellschaft A.G.
The principal factors instrumental in establishing the new record have sian State Bank
been the availability of native labor because of unsatisfactory farming con- It includes the Deutsche Bank and Discontogesellschaft,
conditions,and the coming into production of a number of new and promising the Berliner Handelsgesellschaft, the Commerz-und Privatmines, the South African information states.
b. The question of duration of the mines is attracting more attention, par- bank, the Darmstaedter und National Bank,the Dresdnerticularly as the marginal mines are operating at little or no profit. A bank, Mendelssohn and Co., and M. M. Warburg & CO.
special commission was appointed by the Government to go into the ques- J. Henry Schroder & Co., represent the syndicate for
tion, and its report was awaited with interest as it may lead toward legisla-
MAR. 21 1931.]
FINANCIAL CHRONICLE
England; the Basler Handelsbank for Switzerland, and
Mendelssohn & Co. of Amsterdam and the Nederlendsche
Handelmaatschappij N. V., for Holland. The announcement also says:
In substance, the plan contemplates that a new corporation with a
capital of 240,000,000 reichsmarks will be formed to which will be transferred the Berlin City Electric works and the nominal 15,000,000 R.M.
shares of the Berlin City Electric Co. owned by the city.
As compensation, the City of Berlin will receive the proceeds of the
shares of the new corporation and in addition the new corporation will take
over the approximately 320,000,000 reichsmarks of long term non-interest
bearing debt of the City to the Berlin City Electric Company, so that
the total purchase price will amount to about 560,000,000 reichsmarks. The
shares will be divided into 160,000,000 reichsmarks par value of "A"
shares and 80,000,000 reichsmarks par value of "B" shares. The latter
are to have double voting rights. The "A" shares are to be offered for
private subscripton. The "B" shares are to be taken over by the City
of Berlin, Electric Power Corporation of Germany and Prussia Electric
Company. Through this arrangement, leadership is retained by German
interests. The City receives a revenue payment which will increase in
accordance with increased profits. Furthermore, the right will also be
given the City to reacquire the properties at any time after twenty-five
years at an appropriate price. Both the banking syndicate and the City
administration have reserved the right to make a thorough investigation of
the business which is the object of the negotiations.
Reported Negotiations for Loan to Greece.
It was stated in the New York "Journal of Commerce"
of March 17 that negotiations are now being carried on
for the extension of a sterling and dollar credit to the
Government of Greece, and if market conditions permit,
a portion of this financing may be carried out through
the public offering of bonds. It was further said that
Speyer & Co. in New York and Baring Bros. & Co., Ltd.,
in London are completing arrangements for the new
financing. Additional information regarding the prospective loan, appeared as follows in the same paper March
20.
The negotiations now in progress for the extension of a sterling and
dollar credit to the Government of Greece have reached an advanced
state and an official announcement may be issued next week, according to
advices from London yesterday. It is believed that the credit will amount
to approximately $30,000,000.
While dispatches from London indicated that a portion of this credit
might take the form of publicly offered long term bonds, local bankers gave
no confirmation to these reports.
The proceeds of the loan are said to be used in part to fund short term
credits extended to Greece by British and American bankers last year.
These credits will mature May 5.
The British credit was extended by Hambros Bank, Ltd., and amounted
to £1,500,000. The American credit was extended by a group headed by
Speyer & Co., the National City Co. and J. & W. Seligman & Co. The
amount was $7,500,000. It is understood that the same American group
will participate in the Greek credit now contemplated and that in
London Baring Bros. & Co. will participate.
In addition to the repayment of the credit extended last year and the
retirement of other floating indebtedness the proceeds of the loan will
be used to carry out the public works construction program of the Greek
Government,
2105
impossible since the Bank of England's minimum purchasing price is
equivalent to 124.10. Discount on three months sterling is 25 centimes,
which rules out buying against a guarantee of future gold imports at a
profit.
This development is attributed almost entirely to the high open market
rates maintained by the Bank of England whicn are well above Paris.
Other stimulants are a decline in exports and seasonal demand for sterling
by French importers of wool, &c., expansion of French credits to German
banks which convert the credits into sterling. There also is a considerable
Continental bull position in sterling. Nevertheless, bankers do not believe
sterling will rise much higher. They have received a poor impression
from the London-New York rate, and argue that any decline in the open
market rates in London would result in renewal of imports of gold.
It is probable that next week's arrival of South African gold in London
will be bought by Belgians.
The international credit based on German railroad shares is payable next
week, but it is not likely to disturb the exchanges since the funds will be
utilized abroad. Confidence in Germany has been strengthened by recent
political developments and the B. I. S. investment campaign.
It is understood that the Bank for International Settlements has placed
funds at the disposal of Italy, probably through discounting.
Belgium to Cut Civil Pay.
Associated Press Advices from Antwerp (Belgium) Mar. 12
said:
Introduction of a bill reducing civil employees' salaries and pensions by
6% commencing April 17 was decided upon by the Government to-day.
Members of the Senate and Rouse are expected to reduce their salaries
by 10% to render the public servants' wage cut acceptable. This will be
followed by all-round industrial salary reductions starting with metal and
colliery workers.
1931-32 Estimate for Italian Budget Indicates Decrease
in Revenue.
A deficit of 424,169,569 lire (approximately $23,000,000)
is foreseen in the 1931-32 budget for all Government branches
to be presented in the Chamber of Deputies by Antonio
Mosconi, Finance Minister, said Associated Press accounts
from Rome (Italy) Mar. 12, which added:
Receipts are estimated at 18,809,516,060 lire and disbursements at 19.323.685,629 lire. The lire is worth a little more than five cents.
Compared with last year the budget shows a reduction in receipts of
1,019.330.339 lire and in expenditures a reduction of 378.266.841. Last
year's estimated balance was 216,893,928 lire, which means a falling off this
year of 641,063,498. Mr. Mosconi said the budget was influenced by the
world economic depression, which reduced receipts and obliged the Government to cut expenses. The Government lotteries are expected to produce
10,000,000 lire more this year than last year with an estimated revenue
of 530,000,000 lire.
The Minister lists 70,000,000 lire for expenses of carrying out the Lateran
Treaty, which is 130,000,000 less than last year.
Receipts from the tobacco tax are down 327,500,000, despite a heavy
ncrease in the consumption tax.
Unemployed in Italy 765,325.
Rome (Italy) Associated Press advices Mar. 16 said:
Unemployment is increasing in Italy, the increase being ascribed to winter
unemployment in agriculture and the building industry.
A report to the Council of Ministers showed that the unemployed numbered 765,325 on Mar. 1 as compared with 722,612 on Feb. 1. This was
divided into 599,381 men and 165.944 women.
Urge Change in Fiscal Policies of England—Proposals
of the Federation of British Industries—Protective Austrian Government Raises Credit Guarantee on
Program Advocated.
Exports to Russia.
From London Mar. 13 the United "Times" reported the
A cablegram from Vienna Mar. 17 to the New York
following:
"Journal of Commerce" states that the Austrian GovernThe necessity for such fiscal reform as will give Great Britain a better ment
announces new steps to alleviate the trade depression
discussed here. The
chance for business recovery continues to be actively
Federation of British Industries has just completed a six-month study through stimulation of exports to Russia. It will increase
of the industrial situation. It Includes the recommendation of the estab- its credit guarantee on exports to Russia from 60 to 75%
lishment of a fiscal system which will combine protection of industries at
of the amount of the invoice hereafter. Furthermore, it is
home with wide extension of Empire preference. Along with this is the
added, it has increased the maximum term of the credit
recommendation for further "rationalization" and reduction of taxation.
Its proposals carry weight, both in general and in particular, but they guarantee from 10 to 15 years.
considerable criticism. At the same time a rather
general
have invited
feeling prevails that England is moving definitely and quickly toward a
fiscal policy, which must remove some of the disadmodification of its
vantages under which British trade has been operating.
To Cut Polish Official Pay—Warsaw Sees $30,000,000
Shortage in 1931-32 Budget.
Associated Press advices as follows from Berlin, March
English Gold Relief Seen as Shipment Misses France. 10
are taken from the New York "Evening Post":
A London cablegram as follows Mar. 16, is taken from the
A Warsaw dispatch to Telegraphen-Union to-day said that Polish
officialdom probably will be compelled to take a 15% wage cut beginning
New York "Times":
The fact that to-day's shipment of $1,250.000 in gold from South Africa
was not sold in advance to France was hailed here as an event of major
importance.
Some financial writers forecast that at last the drain on the Bank of
England, which started as far back as late in the summer of 1929, is nearing
an end, and as a result greater stability in the British money market and
trade conditions generally is looked for.
Since 1929 France has increased her gold holdings by more than $650,000,000 at the expense of Great Britain and other countries, which is more
than the world production for the same period.
July 1.
The Finance Minister, M. Matuszewski, in an address to the Senate
yesterday, expressed fear that Polish revenues for 1931-32 would fall
350,000,000 zlotys (about $30,000,000) short of estimated expenditures.
He believed that by cutting salaries about 200,000,000 zlotys might be
saved and an additional 100,000 saved by other retrenchments.
with the Bank of France's reserves above fr. 55,000,000.000. Spot sterling
has risen to around 124.15 and French bidding for South African gold i
The plan calls for almost $3,600,000 to complete projects already under
construction, and approximately $7,400,000 for new paving and street
Czechoslovak Capital (City of Prague) Tentatively
Adopts $60,000,000 Improvement Program.
A building program extending over the next 10 years and
France Abandons Gold Importations—Movement requiring an expenditure of approximately $60,000,000 has
Ceases as Seasonal Influences, Money Rates has been tentatively adopted by the City of Prague, CzechoStrengthen Sterling Against Francs.
slovakia, according to advices received in the Department of
From the "Wall Street Journal" of Mar. 14 we take the Commerce from Trade Commissioner Sam E. Woods, at
that city. The advices from the Department of Comfollowing from Paris:
At least temporarily, France has abandoned the role of gold importer merce March 13 state:
2106
FINANCIAL CHRONICLE
[VoL. 132.
improvements. Bridges and tunnels will require $2,400,000; sewerage
lines, $9,060,000; and a garbage plant and incenerator, $1,500,000. A
new water works and a filtration plant will also be installed at a cost of
approximately $10,432,000, and, in addition, new water mains will require
about $10,867,000. Other construction provided for is as follows: New
city office buildings, $825,000; city prison, $150,000; cemetaries, $600,000;
hospital for infectious diseases,$1,633,000; and school buildings,$9,600,000.
Prague alone will not be able to finance the foregoing program and State
aid will be required to carry it out, the Czechoslovak information states.
The City of Prague has grown very rapidly in the last few years, the last
census showing an increase in population of about 25%, and many new
subdivisions have been opened up, requiring new water mains, gas lines,
sewers, and electric light lines. During the period from 1919 to 1930, the
Municipality spent approximately $33,000.000 for such improvements and
In connecting the 38 outlying districts to greater Prague.
of gold, to the extent of £30,000,000 or more. They recognize that
Britain is not in the same happy position as America in this respect.
When received, the gold would form the basis of new currency.
Though the proposition is sure to find critics among acknowledged
financial authorities, it will derive political importance from being sponsored by the A. W. U., the most powerful individual political unit in labor
politics. More than half of the labor members of the Federal Parliament
hold tickets in the A. W. U., and three of the present Ministers (Senators
Barnes and Daly, and Mr. Blakeley) are actively concerned in the A. W. U.
The Prime Minister (Mr. Scullin) has always co-operated closely with the
A. W. U., and his admitted hostility to the inflationist proposals may have
an important bearing on the ultimate fate of the scheme.
The new Roumanian Agricultural Mortgage Bank's capital has been set
at about $2,000,000 of which half consists of ordinary and the other half
preference shares. The Roumanian Government has subscribed to the
ordinary shares while the preference will be taken up by French, American;
German, Dutch,British, Swiss and Roumanian banks and Hombres Bank
and Lazard Freres.
One of the most important provisions of the law in connection with the
formation of the new company, according to Pablo Ramirez, President of
the organizing committee of the company and former Minister of Finance
of Chile, is a levy solely applicable to the payment of interest and sinking
fund charges on the bonds of the new company.
The nitrate producers who have already agreed to come into the new
Nitrate Company of Chile exported in the last five years an average per
year of more than 2,200,000 metric tons, which represents about 95%
of the total nitrate exports from Chile. To meet the service of the bonds
to be issued by the Nitrate Company of Chile, the Government by law has
imposed a charge of $7.30 a ton on all nitrate of the company, to be paid
by the exporter to the trustees for the bonds to the extent required before
any nitrate may be taken out of the country.
Based on the average of the last five years' exports, this charge would
amount to over $16,000,000 per year. At the same time, the Government
has relieved the new nitrate company of the export tax of $12.36 per ton
which has been in effect for the past 50 years on all nitrate exported from
Chile, but this export tax will continue to be paid by producers who do not
come into the plan of the new company.
Proposed Chilean Financing in Behalf of National
Nitrate Co.—Government Imposes Charge of $7.30
Per Ton.
Roumanian Loan Disposition.
The following from Paris is from the "Wall Street Journal"
An announcement in this city March 19 stated that advices
have been received from Chile clarifying certain details
of March 16:
Net proceeds of the $53,000,000 Roumanian loan amount to $42,000,000 with reference to the prospective financing in behalf of the
about half of which is reported to be earmarked for paying off foreign National Nitrate Co. of Chile. These
advices further state:
credits and conversion of old debts to foreign firms.
The French loan to Roumania was referred to in these
columns March 14, page 1909.
Report that $34,000,000 Bonds for Chilean Nitrate Will
Be Sold Soon.
The early announcement of the sale of $34,000,000 of
7% bonds for the new National Nitrate Co. of Chile, or
Cosach, was reported as likely in the New York "Journal of
Commerce" of March 7. That paper said:
There will be authorized $50,000,000 of the bonds, but not all of them will
be sold publicly.
New Zealand Measure Providing for 10% Cut in Wages
Of the bonds to be offered, proceeds of the sale of $26,000,000 are to go
Would Affect Cabinet Members to Laborers.
to the Chilean Government, representing the 1931 installment of the
funds due it under the plan of formation of the Cosach, according to the
From the New York "Times" we take the following (Canareports. No indication has been given as to the disposition of the other
dian Press) from Wellington, N. Z., Mar. 18:
$8,000,000 of proceeds.
An international banking syndicate has been formed, and there is asAfter an all-night sitting the Rouse of Representatives gave first reading
surance that a substantial portion of the issue will find a market in Europe to-day to the New Zealand Government's finance bill providing for a reducWhile present plans call for the sale of half the issue here and half in England, tion of 10% in the salaries of civil servants. The Labor members strongly
It is understood that if French and other Continental bankers will partici- opposed the measure.
pate, the proportion of the bonds allotted to the American market will be
Prime Minister Forbes explained the Government was faced with a
reduced to $10,000,000.
budgetary deficit of $6,250,000, instead of the $3,750,000 first estimated,
Payment to the Chilean Government of the sums derived from the sale
exceed the original estimate
of the bonds follows the outline announced last July by Pablo Ramirez. and that the budget deficit next year would
financial delegate of the Chilean Government to bankers' conferences here. of $22,500,000.
The Government also plans to cut the salaries of Cabinet Ministers and
According to the plan, the Government is to receive from the nitrate producing combine, called Cosach, $22,500,000 this year. $20,000,000 in 1932 and Members of Parliament by 10% from April 1, and the Governor-General
has voluntarily consented to a similar reduction.
$17,500,000 in 1933, and will in return cancel the tax which had been laid
The rate of wages for workers in public works will be reduced to $3 a
on exports of nitrate and iodine of $12.36 a ton. The sums named represent an approximation of the revenues the Government would have received day for married men and $2.20 a day for single men.
The Alliance of Labor is urging trade unionists to organize more strongly
from the tax.
Service of the bond issue is expected to be provided by the segregation in the event the wage reductions are enforced. Trade unionists are also
by the company of a certain sum on each ton of nitrate exported, up to an being urged to refuse to deal with any firm whose principals support the
unannounced maximum tonnage. With the issue understood to have a Government reduction policy, and to reduce their house rent payments
sinking fund provision, it is pointed out that the sum collected will probably by 16%.
be large enough in the aggregate to pay the interest and amortize the principal of the debt within the life of the bonds.
Exchange Regulating Commission of Mexico MaintainThe Cosach will represent more than 95% of the nitrate producing
ing Official Exchange Rate of 2.37 Silver Pesos per
capacity of Chile, combining twenty-eight of the producing companies
formerly engaged in independent operations. It will have the use of the
Dollar.
Guggenheim process of production, which has been shown to reduce costs
In its survey of domestic business conditions, issued
of the old Shanks process.
substantially below those incurred with use
Other financial arrangements in connection with the formation of the Mar. 15, the United States Department of Commerce has
Cosach included the plans for the distribution of the company's stock.
the following to say regarding Mexico:
The share capital is to consist of 30,000,000 shares of two classes, the whole
The Exchange Regulating Commission has maintained an official exchange
representing about $375,000,000. All the class A stock, or 50% of the
whole issue goes to the Government, which will rely for income after 1933 rate of 2.37 silver pesos per dollar during the last two weeks, but the
on dividends from the stock and on a 6% income tax to be laid on the official rate is only available for the liquidation of drafts arising out of
company. The remainder of the stock is to be exchanged for outstanding the actual importation of merchandise. The free market rate has ranged
shares ofthe constituent companies. The enabling Act provides that 5,000,- about seven centavos per dollar higher than the official rate. As the free
000 of the 15,000.000 class B shares to be so used may be preference shares, market gold rate has improved to 2.11 pesos per dollar, the Commission
currying 7% dividends. The distribution of these shares is not yet known. Is not now selling dollar drafts against gold. As the Commission is now
selling about 200,000 dollars in drafts against silver daily, it is expected
Gold Loan Proposed by Australian Labor—Trade that the 5,000,000 dollars available for that purpose will soon be exhausted.
What will be done after the exhaustion of this fund is not known.
Guarantees Would be Offered in United States.
Unless some steps are taken to support exchange after the exhaustion of
The Australian Workers' Union Is proposing to borrow this fund, it is expected that another heavy drop will result. Some correof American banks
are refusing
approximately $150,000,000 in the United States in order to spondentscollections in dollars in the interior cities of Mexico the proceeds
to make
or gold and insist on remitting
deal with unemployment in Australia, according to a press of collection in silver. Some American companies have agreed to this
report received by the Department of State from the Amer- arrangement, but others are insisting that banks make collections in the
says the currency specified by obligation.
ican Consulate General in Sydney. The report,
"United States Daily" of Mar. 5, is as follows:
The basic idea in the proposition is that Australia should seek a loan of
£30,000,000 of American gold, with an offer in return of certain trade
guarantees.
Declaring that the time had come when drastic steps would have to be
taken to deal with unemployment, an A. W. U. leader has outlined provisions which the contemplated financial scheme would embrace. The
arrangement, he said, would be presented for the consideration of the
convention on Jan. 26. Only a solution of the present difficulties on a
national basis could benefit the A. W. U., an organization, with its membership of 150,000, spread throughout the Commonwealth. The A. W. U.
men realized that as an alternative to their scheme for a gold loan Australia
was faced with inflation, which would reduce credit internationally, using
the world credit in its wider sense.
The formulators of the plan do not see any reason why it should not be
possible to borrow from the United States, which has unduly large reserves
Urge Speculation Penalty—Mexican Commerce Board
Would Stop Trade With Dealers.
The Mexican Federation of Chambers of Commerce has
appealed to all member business organizations to penalize
speculators in silver exchange by refusing to do any further
business with banks or brokers known to have speculated
to the detriment of Mexican exchange. A cablegram from
Mexico City, Mar. 16, to the New York "Times," stating
this, added:
The appeal follows the failure of local business conditions to improve
with the rise last week in the price of bar silver. Gold currency has
continued to command a premium of 14 to 16% over silver. In cones-
MAR. 21 1931.]
FINANCIAL CHRONICLE
quence the Feder, tion undertook a study of the situation and came to the
conclusion that the disadvantage was due to speculation rather than to
any basic cause.
Cuba Tax Changes Believed Certain—Measures To Increase Revenue May Be Operative Shortly.
The following is from the New York "Journal of Commerce" of March 8:
A revision of Cuba's taxation laws which a Cuban Treasury official is
reported as stating will increase the Government's annual revenues by
approximately $20,000,000, has now received the approval of the Senate
and is being considered by the Cuban Lower House, according to official
and unofficial reports reaching the Department of Commerce.
It is reported in Cuban business circles that the necessary regulations
will be issued shortly so that the collection of taxes may begin almost
Immediately.
Stamp tax rates upon "escrituras" and notarized documents are substantially doubled, those for amounts over $50,000 amounting to $20,
instead of the present tax of $5 for amounts over $10,000.
The 1 34% sales tax, which in some cases is paid several times, is to
be replaced by a tax of 7ai% on clearance through customs. Instead of
the present tax of 6% and 8% upon the profits of commercial and industrial organizations, such concerns are to pay on their profits taxes ranging
from 2% imposed upon incomes between $1,000 and $3,000, to a tax of
10% imposed upon incomes over $300,000. Also banks and incorporated
companies will be required to pay a heavy tax, ranging from 8% to 12%
upon the stocks or bonds issued by them in Cuba.
The project undertakes to establish a tax upon incomes ranging from
1% upon income between $1,200 and $2,400 to 10% upon incomes over
$12,000. A tax of 5% on interest and of 4% upon dividends is also to
be levied.
It is reliably reported in Cuba that additional taxes upon petroleum
and its derivatives are to be imposed by the project, as well as increased
consumption taxes on tobacco, increased stamp taxes covering receipts,
consumption of water and soft drinks, and numerous other items.
Bonds of Hellenic Republic Drawn for Redemption,
The Chase National Bank of New York, trustee, has issued
a notice to holders of Hellenic Republic external sinking
fund 8% gold bonds dated Apr. 1 1925 and due Apr. 1 1952
to the effect that $104,000 principal amount of these bonds
have been drawn by lot for redemption at par on Apr. 1
1931. Bonds so drawn should be presented with interest
coupons due Oct. 1 1931 and subsequently, at the office of
the corporate trust department of the Chase National Bank,
11 Broad Street, New York, on Apr. 1, on which date such
bonds will cease to bear interest.
2107
Congress was reminded of Colombia's large deficit and the fact half of
its internal bond issue of $6,000,000 of 1931) is still unsold by Finance
Minister Perez Tuesday in explaining the Government's position on recormmendations of the joint committee of Congress for economic rehabilitation.
The Committee recommended reducing the rediscount rate of the Bank
of the Republic to 6%, an increase in the bank's capital and extension of
the terms of mortgage loans. Senor Perez said the bank's directors, representing private member banks, opposed further reduction of the rate and
warned that any more pressure on foreign banks in Colombia to increase
their capital might defeat the purpose. He added that the Government
was agreeable to extension of the terms of mortgage loans of the Federal
Agricultural Bank, but said Congressional revision of the National budget
was an indispensable prerequisite.
Senor Perez approved toe proposed obligatory investment of insurance
companies' reserves in Colombian securities and stated that the Government was willing to contribute a share of the large capital necessary to
establish an agrarian credit institution if Congressional revision of the
budget makes the money available.
Referring to a proposal for an increase in the borrowing limit of the
Government from the Bank of the Republic, he declared that this or any
Other step to increase circulation which might endanger the stability
of the Bank of the Republic would be unsound and unwise. He insisted
that further reduction of the salaries of Government employees was impossible, excepting the courts, the remedy for which was in the hands of Congress. He explained that the financial situation makes impossible direct
subsidies to agriculture and industry, but warned that a Chinese wall of
customs might make the situation worse.
Senor Perez announced the signing of a contract Tuesday with a syndicate headed by the National City Bank for a further short-term bank loan
Of $4,000,000, making a total of $16,000,000 so advanced to date.
State of Santander (Colombia) Must Discharge 3,000
Workers for Lack of Funds.
The following Bogota (Colombia) cablegram Mar. 15
is from the New York "Times":
A dispatch from Bucaramanga reports that the State of Santander must
discharge on Apr. 1 3.000 men employed on public works because the
National Government is unable to pay about $60,000 due the State for
petroleum royalties accrued from the first half of 1930.
The newspaper "Espectador" reports that the State of Bolivar's revenues
were reduced almost $1,000.000 in January and February. 60 and 80%
respectively below the budget estimates.
Redemption of Bonds of Santa Fe (Argentine).
Holders of City of Santa Fe (Argentine Republic) 7%
external secured sinking fund gold bonds, dated April 1 1927,
due April 1 1945, are being notified by The Chase National
Bank of New York and The Bank of America, N. A., fiscal
agents, that $40,500 aggregate principal amount of these
bonds have been drawn for redemption at par on April 1
1931. Bonds so drawn will be payable at the principal office
Bonds of Czechoslavakia Drawn for Redemption.
Holders of Czechoslovak State Loan of 1922 8% secured of either fiscal agent upon presentation and surrender, with
external sinking fund gold bonds are being notified that $126,- all unmatured coupons. All drawn bonds will cease to bear
700 of bonds due Apr. 1 1951 and comprising the first part interest on April 1, next.
of the loan, and $74,100 of series B bonds due Oct. 1 1952,
have been drawn by lot for redemption for the sinking fund Report of H. M. Langworthy Receiver of the Kansas
City Joint Stock Land Bank—Reorganization
on Apr. 1 next, at par. Drawn bonds will be paid at the
Plans.
offices of Kuhn, Loeb & Co., Kidder, Peabody & Co. and
On Mar. 17 H. M. Langworthy, Receiver of the Kansas
the National City Bank of New York out of moneys in the
respective sinking funds, on presentation and surrender City Joint Stock Land Bank of Kansas City, Mo., made availwith all coupons maturing after Apr. 1 1931. Bonds so able his report, dated Feb. 28 1931, concerning the affairs
drawn shall cease to bear interest from the redemption date. of the Bank. Besides detailing the Receivership operations
during 1930 the report deals with the proposed reorganiza.tion plans and states that "under the terms of the plan,
Brazilian Bonds Drawn for Redemption.
Dillon, Read & Co., as American fiscal agent for the bondholders were given until Dec. 15 1930, within which to
United States of Brazil, announces that $281,000 of the Gov- participate in the plan." "The time for participation in
ernment's 63% external sinking fund bonds of 1927, due the plan," says the report, "was later extended by the comin 1957, have been designated by lot for redemption on April mittee until Feb. 1 1931, and was again extended to and
15. Payment will be made at par at the offices of Dillon, Including Mar. 31 1931." "It appears" (the report conRead & Co. in New York, with optional payments at the tinues) "that the plan for the reorganization of the propoffice of N. M. Rothschild & Sons in London, Mendelssohn erties and affairs of the Bank, dated as of Aug. 12 1930,
& Co., Amsterdam, Credit Suisse in Zurich or Aktiebolaget which has been recommended by the Bondholders ProtecSvenska Handelsbanken in Stockholm in the respective tive Committee, and approved by the Stockholders' Proteclocal currencies of the countries.
tive Committee, has received the almost unanimous assent
of the security holders of this Bank. The proceedings in
$12,000 Bonds of State of Rio Grande do Sul (Brazil) connection with the consummation of the plan are now in
Drawn for Redemption.
process of being carried out."
Further below we quote from the report regarding the
Chase National Bank of New York announces that
The
$12,000 principal amount of State of Rio Grande do Sul reorganization plan. As to income and expenses the report
(United States of Brazil) consolidated municipal loan forty says:
Income and Expenses. The gross income from the Receivership operayear 7% sinking fund gold bonds due June 1 1967 have been
drawn by lot for redemption at par and accrued interest tions during the period from May 4 1927 to Dec. 31 1930, inclusive (approximately 44 months) amounted to $8,857,246.44. The gross income
on June 1 next. Such drawn bonds will be paid at the cor- during the year 1930 was $2,377,428.15, as compared with $2,523,765.27
porate trust department of the bank, 11 Broad St., New during the year 1929. During the period from May 4 1927 to Dec. 31
1930, inclusive (approximately 44 months), the excess of income over
York, out of sinking fund moneys.
Colombia Warned Not to Cut Bank Rate—Finance
Minister Also Cautions Against Forced Capital Increase or Circulation—Contract Signed for Short
Term Bank Loan.
From the New York "Times" we take the following
Bogota cablegram Mar. 19:
expenses of the Receivership amounted to $4,913,661.83. During the year
1930 the excess of income over expenses was $1,488,093.98, as compared
with $1,690,392.46 during the year 1929. No interest maturing on and
after Nov. 1 1927, has been paid on outstanding Farm Loan Bonds issued
or assumed by this Bank. On Dec. 31 1930, unpaid interest had accrued
on Farm Loan Bonds in the total sum of $8,019,952.92.
The gross income from Receivership operations during the year 1930
was $146,337.12 less than during the year 1929, and the expenses of
operations during the year 1930 were $55,061.36 greater than during the
year 1929, so that during the year 1930 the income in excess of expenses
2108
FINANCIAL CHRONICLE
was $201,398.48 less than during the year 1929. While it is normally to
be expected that in the process of a liquidation there may be an increasing ratio of expenses to income, it is believed that the results during the
year 1930 were all that could be expected when consideration is given to
the increasing amount of the Bank's assets which are necessarily invested in
Government Securities at a low rate of interest and the decrease in the
amount of mortgage loans upon which interest is being paid, and also
when consideration is given to the unusual conditions of distress which
existed during the year 1930, resulting in increased costs of collection and
a greater number of assets being placed on a non-interest bearing basis.
The report shows that on Dec. 31 1930 the mortgage
loans owned by the Bank included 5,144 mortgages with a
total unpaid principal of $27,627,005 as compared with 5,488
mortgage loans with a total unpaid principal of $30,499,802
on Dec. 31 1929. The reduction in the aggregate book
amounts of mortgage loans in this classification during
the year 1930 was $2,872,797 as compared with $3,734,501
during the year 1929. The report likewise says that "the
increase in cash and Government securities arising from the
administration and liquidation of the Bank's assets was
$4,560,067 during 1929, as compared with $4,495,657 during
1930. The report has the following to say regarding the
reorganization plan:
The Plan or Reorganization of the Properties and Affairs of the Kansas
City Joint Stock Land Bank dated as of Aug. 12 1930, was approved by
the Bondholders' Protective Committee on Aug. 26 1930, and transmitted to
the Federal Farm Loan Board with the recommendation of that Committee, and on Aug. 25 1930, the Stockholders' Protective Committee transmitted a letter to the Federal Farm Loan Board indicating the approval
of the Plan by the Stockholders' Protective Committee.
On Aug. 28 1930, the following letter was transmitted by the Federal
Farm Loan Board to the Chairman of the Bondholders' Protective
Committee:
"TREASURY DEPARTMENT
Washington
Federal Farm Loan Bureau
Aug. 28 1930.
•
Mr. W. S. McLucas,
Chairman, Bondholders' Protective Committee, under the Agreement
dated Nov. 8 1927, between said committee and depositors of any bonds
lamed or assumed by Kansas City Joint Stock Land Bank of Kansas City,
Missouri:
Dear Sir:
The Federal Farm Loan Board has received the Plan for the Reorganization of the Properties and Affairs of the Kansas City Joint Stock Land
Bank of Kansas City dated as of Aug. 12 1930, together with a copy of
the resolution of the Committee showing ita adoption of the Plan at its
meeting of Aug. 26 1930. The Board has also been informed by the Chairman of the Wockholders' Protective Committee of the Bank that the Plan
has been approved by that Committee and that it will cooperate in the
consummation of the Plan. In view of the fact that these two Committees
respectively represent considerably more than a majority of the bondholders and stockholders of the Bank, and there has been furnished satisfactory assurance that the obligations of Mr. Stewart in connection with
the carrying out of the Plan will be performed, that participation In the
Plan is to be offered to all bondholders of the Bank, and that it is contemplated that it will become operative only upon assent thereto by a
large percentage of such bondholders, the Board has requested me to advise
you that the proposed reorganization, if carried out in accordance with
the Plan (or any modification thereof approved by the Board) and the
obligations of Mr. Stewart in connection therewith, will receive the approval of the Board.
Very truly yours,
(Signed) CHESTER MORRILL,
,
Secretary and General Counsel!
On Sept. 2 1930, copies of the Plan of Reorganization were transmitted.
by the Bondholders' Protective Committee to all known bondholders of
this Bank, together with the Committee's letter of Sept. 2 1930, in relation to the Plan, and on the same date the Receiver transmitted copies of
the Plan to all known shareholders, creditors other than bondholders, and
others known to be interested in the affairs of this Bank.
The following outline of the offer to bondholders participating in the
Plan is quoted from the letter to bondholders from the Bondholders' Protective Committee, dated Sept. 2 1930:
The Plan is predicated upon a sale or sales of substantially all of the
legally salable assets of the Present Bank under the provisions of the
Farm Loan Act, and contemplates that the Committee and Mr. Stewart
will bid at any such sale or sales, and that, if such assets are thus acquired,
tnere will be two new corporate structures—the first an active New Joint
Stock Land, with headquarters at Kansas City, and with assets sufficient
for the issue of as many new bonds as may be required for Participants
in the Plan; and the second a Liquidation Company, to which will be
transferred the entire capital stock of the New Bank (except qualifying
shares) and all of the acquired assets remaining after carrying out the
other provisions of the Plan.
Each of the bondholders of the Present Bank who become participants
in the Plan, and who surrender their bonds and/or the interest coupons
pertaining thereto, will be entitled to choose any one, or any combination,
of the following three Options, and, upon the Plan being consummated,
to receive the cash and/or securities called for by the Option(s) so selected,
to-wit:
The Offer.
Option A, All Cash:
In cash, 60% of the "principal amount" (determined as provided in Note 2
of Article III of the Plan) of all or any part of his bonds and/or coupons
for which such holder elects to accept this Option A. The cash payable
under this Option A will be paid as soon as practicable after the expiration
of thirty days from the date the Plan becomes operative, with interest
from the expiration of said thirty-day period at the rate of 5% per annum
until paid.
Option B, AU Bonds:
85% of the "principal amount" (determined as pr9vided in Note 2 of
Article In of the Plan) of all or any part of his bonds and/or coupons
for which such holder elects to accept this Option B, in 5% bonds of the
New Bank. Such holder will receive interest at the rate of 5% per annum
[VoL. 132.
on the principal amount of his New Bonds for any period elapsing between
the expiration of thirty days after the Plan becomes operative and the
date of his New Bonds.
Option C, Bonds and Stock:
•
,
(1) 85% of the "principal arnount" (determined as provided in Note 2
of Article III of the Plan) of all or any part of his bonds and/or coupons
%
2
/ bonds of
for which such holder elects to accept this Option 0, in 41
2
/
the New Bank. Such holder will receive interest at the rate of 41%
per annum on the principal amount of his New Bonds for any period
elapsing between the expiration of thirty days after the Plan becomes
operative and the date of his New Bonds;
%
2
/
and, in addition to such 41 New Bonds,
(2) So much of 40% of the capital stock of the Liquidation Company
fraction whose numerator is the principal amount
as is represented by a
of his bonds surrendered under this Option 0, and whose denominator is
44,376,500.
All stock of the Liquidation Company not required for the purposes of
Option 0 will be issued to Mr. Stewart or to his order.
Under the terms of the Plan, bondholders were given until Dec. 15 1930,
within which to participate in the Plan. The time for participation in
the Plan was later extended by the Committee until Feb. 1 1931, and was
again extended by the Committee and Mr. Stewart to and including Mar.
31 1931.
The Bondholders' Protective Committee advises that bondholders holding
approximately 97.3% of the outstanding bonds of this Bank have indicated
their approval of the Plan. The Committee has filed notice dated Feb.
6 1931, with each Depositary declaring the Plan operative. Publication
of notice thereof was begun on Feb. 10 1931, and completed on Feb. 20
1931. Counsel for the Bondholders' Protective Committee advises that
the operative date of the Plan is Feb. 20 1931.
Accordingly, it appears that the Plan for the Reorganization of the Properties and Affairs of this Bank dated as of Aug. 12 1930, which has been
recommended by the Bondholders' Protective Committee, and approved by
the Stockholders' Protective Committee, has received the almost unanimous assent of the security holders of the Bank. The proceedings in connection with the consummation of the Plan are now in process of being
carried out.
In the Report of Feb. 28 1929, there was included the Receiver's estimated valuation of the assets of the Bank as of Dec. 31 1928, under orderly
liquidation by the Receivership. That valuation was $41,544,097.42. In
connection with that valuation, however, the following statements, among
others, were made (see p. 7 of Receiver's Report of Feb. 28 1929):
This estimate of values of the Bank's assets is necessarily subject to
modification and revision from time to time as new conditions develop or
unforeseen contingencies arise.
The Receiver's valuation does not, of course, include future earnings
that may accrue upon the Government securities and good mortgage loans
owned by the Bank, but, if the Bank is not reorganized, it is hoped that
there may be a comparatively early liquidation of the assets of the Bank
which can readily be converted into cash, and a distribution made of the
net proceeds therefrom. It should be borne in mind, however, that no distribution can take place until after the time for the filing of claims has
expired, and that such distribution may be delayed by pending or future
litigation.
The valuation is based on the assumption that the liquidation of the
slow assets will proceed as rapidly as practicable in an orderly manner
without unnecessary sacrifice, but that it will require a period estimated
at not less than five years from Dec. 31 1928, in which to complete the
liquidation in that manner. This period may be longer than five years if
there is not substantial improvement in distressed areas subject to heavy
drainage taxes, flood and other abnormal conditions, in which this Bank
has large investments, or in the event that unexpected obstacles arise.
The Receiver's estimate of values does not take into consideration the
losses accruing to bondholders because of failure to receive interest on
their investment during the period of liquidation, nor does it take into
consideration substantial discounts which might have to be taken in the
event that it would be deemed desirable to sell the assets of the Bank (or
a substantial portion thereof) in bulk in order to expedite the liquidation.
While the liquidation of the Bank's assets during the years 1929 and
1930 has proceeded very closely in accordance with the estimates made as
of Dec. 31 1928, no one can doubt that the economic and agricultural
depression, the widespread drouth, the continued low prices for farm
products, and the increased distress in areas subject to heavy drainage
taxes have had a serious effect upon farm values and upon the ability of
farmer borrowers to pay the interest and installments falling due upon
their loans. It is obvious that previous estimates as to values and as to
the probable length of time required for the liquidation of the assets of the
Bank must be revised.
In the event of the sale or sales of all of the assets of the Bank in bulk in
carrying out the reorganization plans, the orderly liquidation of the
assets of the Bank through the Receivership will, of course, thereafter
be discontinued. While, 811 heretofore announced, the minimum price
which may be realized from the sale or sales of the Bank's assets in bulk
will be based upon the cash value of such assets at the time of such sale
or sales as nearly as that value can be fixed, it is obvious that the factors
which cause uncertainty concerning the values of the assets in an orderly
liquidation, likewise cause uncertainty concerning the .present cash value
of all the assets when sold in bulk. An analysis of all of the assets is being
made in connection with a determination of the present cash value as
nearly as that value can be fixed, but the results of such an analysis will
have to be considered in connection with other factors such as lack of
ready market for long time amortization loans, increased delinquencies
and foreclosures in connection with such loans due to unusual conditions
of depression, increased carrying charges and expenses in connection with
distressed assets, present low commodity prices and uncertainty as to
future commodity prices, deflation in farm values, and serious and complicated litigation affecting the liquidation and distribution of the Bank's
assets. When all of these conditions are taken into consideration, it seems
obvious that the present cash value of the unliquidated assets of the Bank
for the purpose of a sale or sales in bulk cannot be fixed with mathematical
precision nor upon the basis of any exact scientific formula, but must be
fixed upon the basis of an analysis of the assets and a sound judgment
concerning the various factors affecting the value of such assets. Of course,
due consideration should be given to the fact that such a sale or sales of
the assets will be in connection with a plan of reorganization which has
been approved by the almost unanimous assent of the security holders of
the Bank and the constructive results which they are seeking to accomplish.
It is recommended that the Board authorize the publication and distribution of this report among all known bondholders, other creditors, stockholders and others interested in this Bank.
MAR. 21 1931.]
FINANCIAL CHRONICLE
The reorganization plan was referred to in these columns
Sept. 6 1930, page 1501; Dec. 27 page 4134 and Feb. 14 1931
page 1146.
Report of Howard Greene Receiver of Bankers Joint
Stock Land Bank of Milwaukee as to Offers for
Purchase of Assets of Bank.
Under date of Mar. 6, Howard Greene, Receiver of the
Bankers' Joint Stock Land Bank of Milwaukee, addressed
a circular to the bondholders, other creditors and shareholders of the bank, bearing on offers for the purchase of
the assets of the bank. An original proposal, dated Jan. 30
1931, by B. C. Ziegler & Co., Wood Bros., and F. W. Murphy,
and an amended offer, Feb. 24 1931 by all of the foregoing,
together with a proposal by Charles H. Thornton and R. W.
Higgins, involving the organization of a liquidating corporation, are set out in the circular. In presenting these proposals Mr. Green says: "If, as a result of these or other
proposals, sale of the assets of the Bankers' Joint Stock
Land Bank appears desirable, such sale will be made by
the Receiver only upon the highest and best bid after reasonable published notice in advance of such sale, for not
less than such price as shall be deemed reasonable by the
Receiver and the Board in the light of all the circumstances." In the case of the amended offer of the B. C.
Zeigler & Co. and associates the right is reserved of withdrawal unless accepted by May 1 1931. This amended offer
follows:
Major Howard Greene, Receiver,
Bankers' Joint Stock Land Bank of Milwaukee,
Milwaukee, Wisconsin.
Sir: Whereas a proposal has been made to you as Receiver of the
Bankers' Joint Stock Land Bank of Milwaukee, Milwaukee, Wisconsin, by
B. C. Ziegler & Co. of West Bend, Wisconsin, Woods Bros. of Lincoln,
Nebraska, and F. W. Murphy, of Wheaton, Minnesota, for all the assets of
the said bank of every kind and character as of Dec. 81 1930, not including
cash on hand and in the bank and United States Government securities and
excepting any sums now or hereafter collected from stockholders as stockholders' liability and claims therefor, which items are excepted from this
offer, but including all moneys and/or property received in the handling
of same in the meantime. One hundred thousand dollars has been deposited
with you as evidence of good faith, which offer has not as yet been accepted.
We now propose to modify this offer as follows:
First: We will purchase all the above described assets of the Bankers'
Joint Stock Land Bank of Milwaukee as of Jan. 31 1931, for $3,300,000,
the $100,000 already paid to be retained by you as a deposit on the original
offer as modified by this proposal.
Second: After the execution and delivery of the purchase contract
referred to herein, we will be prepared to make payment of the balance of
$3,200,000 at any time you notify us that you are prepared to deliver the
assets which we are agreeing to purchase herein provided that this final
settlement date shall be not less than 60 days nor more than 120 days
after the execution and delivery of the purchase contract.
Third: It is understood that all of the assets to be purchased under
this offer shall be conveyed, assigned and transferred by merchantable
title thereto by properly authorized legal and sufficient instruments of
conveyance or transfer free and clear from all liens, claims or demands
of every nature whatsoever including the lien of bonded and other indebtedness of said bank. Foreclosures in process are to be turned over with all
expenses paid up to the settlement date.
Fourth: It is understood that the purchase contract referred to above
and in our original offer shall be mutually satisfactory to the receiver, the
Federal Farm Loan Board, and ourselves, and that the execution of the
purchase contract shall be binding upon all parties concerned.
Fifth: Unless this purchase contract is executed on or before June 1 1931,
this offer shall be void and the $100,000 deposit shall be returned to the
depositors.
Sixth: Unless the Receiver and Federal Farm Loan Board signify their
Intention to accept this proposition on or before May 1 1931, we reserve
right to withdraw this offer.
Seventh: Woods Bros. and F. W. Murphy and B. 0. Ziegler & Co. make
this amended offer without change in limitation of original offer as to
proportionate liability of said respective parties as to liability for purchase
price herein offered.
Dated this 24th day of February, 1931.
B. 0. ZIEGLER & CO.,
By B. C. Ziegler, President.
WOODS BROS.,
By M. K. Woods.
F. W. MURPHY.
Mr. Green's further advices are indicated as follows:
On page 8 of my published report of Feb. 7 1931 I referred to a proposal
by Charles H. Thornton and R. W. Higgins involving the organization of a
liquidating corporation. This proposal was set forth in a letter addressed
to the Federal Farm Loan Board by Messrs. Thornton and Higgins on
Feb. 4 1931, which reads as follows:
Feb. 4 1931.
Federal Farm Loan Board,
Washington, D. 0.
Re: Bankers' Joint Stock Land Bank of Milwaukee.
Gentlemen: It appears that the offers to purchase the assets of the bank
made by third parties are not such as to justify the Board in approving
them. The bank has on hand $2,700,000 in cash and Government bonds.
It has on hand of mortgages not in default $5,700,000. These are all payable in installments. The amortization payments on these mortgages should
exceed $250,000 per year.
We think the liquidation so far carried on by the receiver should continue and at the same time those who desire to convert their bonds Into
cash should have an opportunity to do so. We suggest that a corporation
2109
be formed with no par value stock, and that two options be offered to the
bondholders; one, to accept 35% in cash at the present time, and the
other to accept a bond for 80% of the face value of their present bonds
and 15% in cash. One share of the no par value stock should be issued to
each bondholder who accepts the second option, for each $1,000 of his
present bonds. The bondholder receiving the 85% in cash should be considered to have surrendered' his interest in the remaining assets to the
other bondholders. All bonds are to bear 5% interest, to be callable at
par at any interest bearing date, and to run for 16 years. It is estimated
that there will be required to carry out this scheme $3,500,000 in cash.
The bondholders who do not accept the cash offer should agree that the
corporation can pledge its assets for enough to pay any balance required
over the cash and Government securities now on hand. This loan should
not exceed $750,000, and should be paid by the amortization payments of
the first three years of operations.
In order to insure the continuity of management, the articles of incorporation should provide that the original Board of Directors elected by the
stockholders before the assignments of the bonds to the corporation became
effective, hold their offices for a period of 15 years, so that the bondholder
surrendering the bonds may be assured that he will not be thrown into the
position of a minority stockholder at the mercy of the majority. We would
suggest that these directors should be agreed upon at the time of the
organization of the plan, and that they should be representative men from
the localities in which the bondholders reside and in which the funds of the
bank are now invested.
To protect the corporation against speculative ownership of the common
stock, the stock certificates should contain a provision that they are not
transferable under the stock transfer acts but only in connection with a
sale of the bond with which they are issued, and that the sale of the
bond without the share of stock shall carry with it the stock, and the sale
of the stock without the bond shall be ineffective. This provision should
not apply to bonds which are called by the corporation.
It does not appear to us that the stockholders are entitled to any
Interest in this reorganized corporation, and none is provided for in this
plan. The uncertain value of the securities now held by the bank will
be represented by the no par value common stock, and the bondholders at
the present time who believe that their bonds are worth more than is now
offered for the assets will get the real liquidating value of their securities
whatever it may be, whereas those who now wish may receive the same
amount that is offered by the private bidders.
It is respectfully submitted that this plan should be approved. We
desire that it should not be carried out until it is also approved by the
United States District Court for the Eastern District of Wisconsin, so that
there may never arise any question as to the method of security of bonds
which may not be transferred to the new corporation. We have not indicated what we believe to be an upset price for people who do not come
under this plan or whose bonds cannot be located; we feel that this matter
Is a matter which should be fixed by some disinterested tribunal, either
the Farm Loan Board or the Court to whom this plan when finally elaborated
Is submitted. This plan contemplates no promotion fees or profits for any
person whatever. If it meets with the approval of the Board, we will
prepare a complete prospectus.
Respectfully yours,
CHARLES H. THORNTON,
R. W. HIGGINS.
In response to the aforesaid communication the Federal Farm Loan Board
addressed to Messrs. Thornton and Higgins a letter, dated Feb. 28 1931,
as follows:
TREASURY DEPARTMENT,
WASHINGTON.
Federal Farm Loan Bureau,.
Feb. 28 1931.
Mr. Charles H. Thornton,
Mr. R. W. Higgins,
c/o Fish, Marshutz & Hoffman,
1115 Wells Building,
Wilwaukee, Wisconsin.
Gentlemen: Reference is made to your letter of Feb. 4, and to any
subsequent conversation over the telephone with Mr. Higgins. The reply
which I indicated would be made has been delayed because of my unavoidable absence from the office in the meantime. The contents of your letter
have been considered carefully by the Board and were discussed by it with
Colonel Greene, who it is understood had received a copy. You of course
are acquainted with the plan which has been submitted by the Bondholders
Protective Committee to bondholders of the bank and with the contents
of the circular letters sent out by the committee in regard to this plan.
You are also aware of the fact that an offer has been made to the Receiver
for the purchase of certain assets of the bank by B. C. Ziegler and Company
and others, reference to which was made in one of the circular letters of
the Bondholders Protective Committee. The plan proposed by you apparently
contemplates the formation of a liquidating corporation for the purpose of
acquiring the assets from the Receiver and administering them for the
account of participating bondholders, with a cash offer of 35% of par value
to bondholders who do not desire to participate but who do desire cash for
their bonds. Your letter indicates that it is intended merely as a tentative
outline of a plan which would be prepared in definitive form later. It la
not an offer at this time for the assets of the bank, and it is apparent that
in order to carry out such a plan it would be necessary first for you to
take it up with the bondholders of the bank. Consequently, it seems that
there is no occasion for action upon it by the Federal Farm Loan Board at
this time.
Very truly yours,
CHESTER MORRILL,
Secretary and General Counsel.
If as a result of these or other proposals sale of the assets of the Bankers
Joint Stock Land Bank appears desirable, such sale will be made by the
Receiver only upon the highest and best bid after reasonable published
notice in advance of such sale, for not less than such price as shall be
deemed reasonable by the Receiver and the Board in the light of all the
circumstances.
This letter is being sent with the approval of the Federal Farm Loan
Board to all known bondholders, other creditors, and shareholders of the
Bankers Joint Stock Land Bank of Milwaukee.
Few Changes in Banking Laws in Last Session of Congress
—New Law Affecting Acquisition of Joint Stock Land
Banks in Receivership.
No changes in either the Federal Reserve Act or the
National Bank Act were made by the third session of the
2110
FINANCIAL CHRONICLE
71st Congress, recently adjourned said the "United States
Daily," from which the following is also taken:
Only one amendment (H. R. 12063) to the Federal Farm Loan Act was
passed, permitting the acquisition of Joint Stock Land Banks in receivership by going banks of the same type, the consolidated institution, however,
not to operate in more than five States, and such States to be contiguous.
Among the banking bills which failed of passage were the so-called "bank
slander bill" (H. R. 10560) which would have made it a Federal offense
to circulate false rumors about the financial condition of national banks and
members of the Federal Reserve System; the measure known as the
"Goodwin" bill (H. R. 12490) which would have amended section 5219
United States Revised Statutes, governing the taxation of national banks
by the States; the "Letts" bill (H. R. 9433) providing for the enforcement
of double liability against shareholders of joint stock land banks by receivers thereof; a number of bills having as their object the establishment
of a moratorium on payments by farmer-borrowers to the Federal land
banks and Intermediate Credit Banks, and a cessation of foreclosures; several measures providing for distribution of a greater share of the earnings
of reserve banks to their members; and a bill (S. 2603) putting State
member banks on the same footing with national banks as regards the
right to establish foreign branches.
A bill (S. 4723) introduced by Senator Glass, providing for a number of
changes in the banking laws of the country, was made use of as a tentative proposal, upon which to base the hearings conducted by a subcommittee
of the Senate Banking and Currency Committee, under the Chairmanship
of Senator Glass, into the operations of the Federal Reserve System, and
banking and credit conditions generally. The hearings were held under
authority of a resolution which authorized a continuance of the sub-committee activity during the next session, and during recesses as well.
A number of questionnaires were sent out to banks for statistical data,
and a series of witnesses was asked to appear personally before the subcommittee. During the recess, it has been announced, the material collected will be subjected to analysis by a group of specialists under the
direction of H. Parker Willis, of Columbia University, and a redraft of
the bill prepared for introduction next session.
Hearings on branch, chain and group banking conducted by the House
Committee on Banking and Currency in the second session were not continued in the third, but authorization was granted for printing the full
testimony, some of which has not yet appeared in printed form.
Financial Measure Passed
Among financial measures passed is the bill (H. R. 16111) providing for
an increase of $8,000,000,000 in the Treasury's borrowing power for refinancing purposes. The original limit of $20,000,000,000 set by war-time
legislation had been almost reached, and the action was necessary, according to Treasury officials, to take care of the refinancing of maturing
issues.
An attempt to exempt the interest on the bonds to be issued under the
new authorization from the surtax failed, and it is accordingly to be
exempt from the normal income tax only.
The bill (Ff. R. 17054) increasing the loan value of veterans' adjusted
service certificates became law over the President's veto. Treasury estimates were that it would result in a material increase in public securities
issued to meet the demand for additional loans.
B. C. Powell Member of Secretary Hyde's National
Committee Named to Administer $10,000,000 of
$20,000,000 Drouth Relief Appropriation, Says
Local Farm Credit Companies Need Interest of
Bankers and Merchants.
Bankers, merchants, publishers and professional men in
the drouth regions must lend their time and thought, as
well as their money, if the agricultural credit corporations,
livestock loan companies and similar organizations, now
offered Federal loans, are to function quickly and effectively
this spring. This statement was made March 14 by B. C.
Powell of Little Rock, Ark., a member of Secretary of
Agriculture Hyde's National Advisory Loan Committee.
"No credit association," he said, "that fails to realize the
importance of management will be able to extend the aid
that Secretary Hyde and his State and National loan committees hope it can make available to farmers." Mr. Powell
went on to say:
One reason for this is that applications by farmers for loans from those
organizations must go finally to the Federal Intermediate Credit Bank
of the district for approval. If local management is not good, applications,
in all probability, will be returned. On the other hand. if men of good
character and good business judgment have given thought to an application.
there is no reason to believe it will not be approved and funds made available at once. Failure to take into consideration the simple fact that the
Federal Intermediate Credit Bank is the source from which much of the
money loaned to farmers through this channel must come is likely to ruin
the ineapeats of the local credit association and to restrict the credit opportunities of the local farmers.
The National Advisory Loan Committee, of which Lewis T. Tune is
Chairman, wishes to emphasize the fact that the credit associations which
will be aided through the $10,000,000 fund of Federal money are expected
to be permanent institutions. The idea prevails in the minds of many
that this is purely emergency financing, but if the organizers of these
agricultural credit corporations and livestock loan companies and similar
organizations do not take advantage of the opportunity to make them
permanent, they will fail to accomplish what is really intended under the
Act of Congress, which made Federal money available for this purpose.
The opportunity exists through Federal aid to attract funds from outside
the usual sources when these associations are supported by sufficient local
capital and are well managed. Those who take advantage of this opportunity to form credit associations should plan to make them a permanent
part of the financing system of their communities. It is true that these
Federal funds must be repaid within two years, but it IS the opinion of the
members of the National Advisory Loan Committee that if these organizations are properly managed few two years the farmers wM become accustomed to their requirements and will find that this new method Is so well
adapted to their needs that they will have no desire to return to the old
uncertain methods.
[VoL. 132.
The funds administered by this committee should be considered in no
sense a gift. We wish the farmer in the drouth States to know that there
is already available a better credit method and to invite his use of this
better method.
The committee feels that it can expect the complete and cordial cooperation of the rural banker if for no other reason than that this method
enables him to furnish to his former customers credit that is surely not now
available at many of the smaller commercial banks. If the country banker
is analyzing his business from day to day, he must admit that most of the
current deposits come to his bank in the form of funds made available
through the distribution of loans for feed, seed and fertilizer. This money
is already relieving the strain on the rural bank and is inking available
to the bank for purely commercial purposes funds that were formerly tied
up when loaned to farmers for periods averaging eight months. When
credit associations have been formed and when discounts are coming back
to the farmer from the Intermediate Credit Bank these funds will continue
to swell the deposits of local banks and will make bank funds available in
fields other than agriculture, in fields where recently they have been woefully lacking. This will enable the rural banker to turn his attention to
the development of these other lines of business and will also make funds
available to merchants, professional men and many others entitled to borrow from the local bank, once the farmer's credit needs have been looked
after.
Our committee has not available definite information as to the percentage
of business coming from agricultural loans, but it is safe to say that the
greater part of each Income in the drouth-stricken areas comes indireetly
from the farms. The best proof of this statement is the well-recognized
fact that when the farmer fails to mace a crop the merchants, publishers
and professional men in the town soon feel the pinch.
The Federal fend of approximately $10,000.000. which is available for
use in the purchase of stock in agricultural credit corporations and similar
organizations, will of course not benefit the farmers in any easy automatic
manner. We must have the aid of leaders who can see the benefits that
will follow if these organizations are formed, and who will assert their
leadership by analyzing this new credit field and inunediately bringing
together ihr a free discussion of benefits all those in the community who
are interested.
The time is already upon us for starting new corporations and this fund
of $10,000.000 is available. The State Advisory Loan Committees have
been formed and their members are ready to servo all communities. The
most imperative thing now is for capable and energetic persons in local
communities to take action witnout delay.
The National Committee was referred to in our issue of
a week ago, page 1910.
Julien H. Hill of State Planters Bank & Trust Co.
Elected Chairman of Virginia State Advisory Committee Named to Pass on Loans Out of $10,000,000
Drouth Relief Fund.
Julien H. Hill, President of the State-Planters Bank &
Trust Co., has been elected Chairman of the Virginia State
Advisory Committee of the United States Department of
Agriculture in connection with the distribution of financial
assistance to drouth-stricken farmers of the State. Robert
H. Angell of Roanoke, Chairman of the State Red Cross
Committee, and Major LeRoy Hodges, Managing Director
of the State Chamber of Commerce, are also members of
the Advisory Committee. Announcement has been made
that the Committee is ready to receive applications for loans
or advances for the purpose of organizing local agricultural
credit corporations, livestock loan companies or similar
organizations whose financial setup will be aided by the
Federal Government. Mr. Hill states that relief funds will
be given needy farmers at the earliest possible moment,
and that Secretary of Agriculture Hyde had authorized the
naming of an Executive Secretary in order that operations
might begin. Mr. Hill's bank, established 1865, has resources of $38,392,656, with capital, surplus and undivided
profits of $5,003,370. An item regarding the State Committees named to pass on loans to be made out of the $10,000,000 fund for drouth relief appeared in our issue of
March 14, page 1910.
President Hoover Names John R. Alpine as Assistant to
Secretary of Labor Doak to Administer $500,000
Fund for Expansion of United States Employment
Service.
President Hoover announced on March 12 the appointment
of John R. Alpine of New York, as a special assistant to the
Secretary of Labor, to direct immediate expansion of the
United States Employment Service and intensification of its
efforts to relieve the situation growing out of the business
depression. Noting the President's action, the New York
"Herald Tribune" in its Washington dispatch March 12
added in part:
Mr. Alpine for many years a leader in the organized labor movement and
more recently an official of the Orimiell Company, Inc., manufacturers of
automatic sprinklers, will have at his disposal a $500.000 emergency appropriation provided for the employment service in the second deficiency act
as well as its regular fund of $380,000. • • •
Mr. Alpine's work is expected to start with the setting up of new divisions
In the employment service to deal with mining, building, metal trades, transportation, needle trades, textiles, office and mercantile, seamen and longshoremen. Also there will be an extensive study of public employment
agencies both in the United States and abroad.
The emergency fund of $500.000,it was recalled. wasrequested of Congress
by President Hoover early in the last session. It was approved by the House
but the Senate amended it to provide that it be used In connection with the
MAR. 21 1931.]
FINANCIAL CHRONICLE
2111
First, interest your fellow citizens in forming an agricultural credit
corporation.
Second, write to your State advisory loan committee signifying your
intention, and asking for the blank forms necessary for submitting applications for loans to help finance the corporation. Simply address your
request to the State Advisory Loan Committee. If you live in Alabama
address your telegram to Montgomery;in Arkansas,to Little Rock;Georgia,
Atlanta; Illinois, Springfield; Indiana, Evansville; Louisiana, Shreveport;
Kentucky, Louisville; Maryland, Baltimore; Mississippi, Jackson; Missouri,
St. Louis; Montana, Bozeman;
The White House statement of March 12, as given in the lina, Raleigh; Ohio, Columbus; North Dakota, Grand Forks; North CaroOklahoma, Chickasha; Oregon, Pendleton;
"United States Daily" follows:
South Carolina, Columbia; Tennessee, Memphis; Texas, Dallas; Virginia,
In co-operation with Secretary Doak, I have appointed Mr. John R. Richmond; Washington, Spokane; West Virginia, Charleston.
Alpine, of New York, as Special Assistant to the Secretary of Labor in
It is my desire and the desire of the National Advisory Loan Committee
charge of the United States Employment Service activities to include the and of your State committees to see your local agricultural credit corapplication at once of the emergency appropriation of $500,000 made, at porations in the strongest possible hands. They must be administered by
my suggestion, at the end of the last session of Congress over and above the responsible men of sound judgment if your community is to benefit most,
now and in the future. On behalf of your community and the Nation at
usual 8380.000 per annum.
Mr. Alpine comes to the service with a long, successful record in the Large, I bespeak the unselfish help of substantial business men and farmers
organized labor movement and large experience in employment management. in setting up swiftly the financial machinery offarm rehabilitation.
He was international President of the United States Association of Plumbers
The National Advisory Committees and the State Comand Steamfitters; Vice-President of the American Federation of Labor; was
acting President of the Federation in 1918 during the absence of President mittees incident to the administration of the drouth relief
Gompers in Europe. Since 1921 he has been an official of the Grinnell funds were referred to in our issue of a week ago, page 1910.
Company with special relationship to employment questions. He served
on the United States Cantonment Construction Adjustment Commission
during the late war,and was a delegate lathe labor section of the Paris Peace
Conference in 1918. He has had long experience in employment problems C. B. Denman of Federal Farm Board on Construction
and will take up his new duties at once.
Program in Behalf of Live Stock Industry Through
It is proposed by Secretary Doak and Mr. Alpine to add at once several
National Livestock Marketing Association.
divisions to the Federal Employment Service. These divisions will cover
mining, building, metal trades, transportation, needle trades, textiles,
A radio message, by C.B.Denman,member of the Federal
office and mercantile, seamen and longshoremen.
In addition to the extension of the Federal Employment Service in these Farm Board, delivered over station WENR, Chicago, on
directions, which are inter-State in character, and which will be set up in March 10, dealt with the marketing system in behalf of the
co-operation with the existing public agencies, it is proposed that an ex- livestock
industry planned through the National Livestock
tensive study of the whole question of free public employment agencies shall
be made both in the United States and abroad. Special examination will Marketing Association. His remarks follow:
be made of the system needed for placement to meet the so-called techSince the passage of the Agricultural Marketing Act and its administranological unemployment—the whole with view to devising a sound basis for tion by the Federal Farm Board in assisting producers to develop largethe extension of employment services.
scale commodity co-operative marketing associations, some apprehension
has been expressed by the consumers as to whether this is not a means of
price of farm commodities. The main purpose of the
Secretary Hyde Outlines Plans For Loans to Farmers raising the retaildifferent co-operative marketing associations is not only
Operation of the
Under Drouth Relief Legislation.
to stabilize the price of their products and insure a fair return for the prothe
In a radio talk on March 10, Secretary of Agriculture duction, but to supplyformconsumers with a quality and quantity of such
products in attractive
so as to keep them as satisfied customers. To
Hyde had the following to say regarding procedure whereby do this it is necessary that the producers and the consumers co-operate on a
loans would be made available to farmers under the recently program of eliminating wasteful methods of distribution and the dissemination of helpful information to both. Fortunately, this is all provided
enacted drouth relief legislation:
for in the Agricultural Marketing Act.
The recent drouth relief legislation has attracted wide attention. This is
Due to the highly-specialized distribution system in operation, however,
wholly natural. The huge crop losses of the farmers in the widest drouth it is
impossible for the producers of our major agricultural products to deal
area this Nation has ever known, and the large sums appropriated for directly
with the consumer.
relief have inspired and held national interest.
Livestock producers are not interested in going into the highly-specialized
Everybody knows that legislation carrying millions of dollars in appro- meat
packing, wholesaling or retailing business, but they are interested
priations has been enacted, but not everybody knows exactly what that to this extent,
that such industries eliminate wasteful handling costs and
legislation is. Briefly, it authorizes loans of Government funds to two that they
merchandise the products of the farm to the consumer in as
classes of people: first, loans direct to farmers for crop purposes, and, efficient a manner
as possible. In doing so, Such agencies should more
second, loans to individuals to be used to create or enlarge the capital stock quickly reflect a reduction in the price of livestock in reduced meat prices.
of local credit corporations which can loan money to farmers under the
Livestock producers, realizing their own individual limitations and the
terms of the Federal Intermediate Bank law.
presence of inefficiencies in their methods of production and distribution.
The first enactment carried an appropriation of $45,000,000 to be loaned are endeavoring to eliminate them through the organization of strong,
direct to farmers for the purpose of buying fertilizer, seed for planting, and well
-managed co-operative marketing agencies.
feed for work animals. These purposes were later expanded to include feed
Now, for the first time, livestock producers have established a National
for all livestock and for agricultural rehabilitation. In all of these cases, the Livestock Marketing Association, which serves both the ranchmen in the
Acts require that the loans be made direct to farmers, and in all cases the west and the feeder in the central and eastern sections through its member
law requires as minimum security a first lien upon the crops to be produced. agencies. Through such a marketing system they hope to accomplish the
It is not my present purpose to discuss these direct loans to farmers. following:
Suffice it to say that we have already loaned more than $10,000,000 under
1. Market livestock in an orderly manner taking into consideration conthe authority of the first enactment; that we are ready to receive appli- sumption and demand.
cations for loans for "agricultural rehabilitation" and that this part of
2. Standardize livestock grades and sell on basis of grades.
3. Eliminate wasteful methods of distribution of livestock.
the relief legislation is being administered through four regional offices
4. Eliminate unnecessary speculation.
located at Grand Forks, N. flak.; St. Louis, Mo.; Memphis, Tenn.; and
5. Centralize the control and sale of livestock.
Washington, D C., aided by county committees of volunteer workers set
6. Keep producers informed as to supply of and demand for livestock
up in each county in the drouth area. A letter to Seed Loan Advisory Com- and livestock products.
7. Aid members in avoiding and controlling surpluses and keep them
mittee at your county seat, or to us here, will bring instructions.
The second branch of the legislation authorizes loans to individuals for informed as to changes in market demand.
8. Stimulate consumption of meat as a food through co-operation with
the purpose of creating or expanding agricultural credit corporations and Packers and retailers in advertising campaigns.
cattle loan companies. For making these loans, a completely separate
Such a constructive program if carried out will be of immense benefit to
organization has been created. $10,000,000 has been set aside for this the
livestock industry, but unless similar economies and more efficient
purpose and will be used if sufficient applications come in.
merchandising methods are effected by the agencies which handle livestock
A local agricultural credit corporation or a cattle loan company has the
products, much of this improvement will be lost both to the producer and
privilege, under the law, of making loans to farmers and of rediscounting the
consumer.
these loans at a low rate of interest at the Federal Intermediate Credit
For these reasons you can readily see why livestock producers are vitally
Bank. Such rediscounts can run to six or eight times the capital of the local interested in an efficient merchandising system.
corporation. Communities which have been hard hit by drouth or bank
Livestock producers have no quarrel with the efficient wholesaler or
failures can, by borrowing part of the capitalfrom the Government, increase
retailer of their products but feel they have a common interest with them
their credit many fold through this system. Such local credit corporations in seeing that inefficient and costly systems of merchandising are eliminated.
can be made to serve your community constructively and permanently. The co-operative marketing associations and the Federal Farm Board have
For this reason. I desire to use as much of the $10,000,000 as can safely, no desire other than to help
the efficient distributor of agricultural products
conservatively and quickly be gotten into action.
maintain his place in the industry, realizing that only those who render a
This does not mean hot house financing, or inflation. It means wheeling satisfactory service can hope
to compete under modern business methods.
Into action for the good of the community the asset credits of the comThat the packing industry recognizes this trend is evidenced on the one
munity. It will require good and competent management of the local credit
hand by the relocation of packing plants closer to supplies of raw products.
corporation, and a sufficient degree of local participation in the subscription
This means short hauls of livestock, reduced freight and handling costs
to the capital stock of the corporation to insure continuing interest by local and the manufacture of by-products, such as fertilizer, close to the sections
people.
where they are to be used.
In order to get the widest and the most constructive use of these funds
In the retail field improvements are being effected in frozen and packaged
I have set up a complete new organization to handle the loans. That meats which should tend to eliminate and reduce handling costs.
organization is known as the Agricultural Credits Division.
So you see,folks, that this whole plan of co-operative livestock marketing
It consists of a national committee located at the Department of Agricul- is being sponsored by the Federal Farm Board, not only for the good of the
ture in Washington who will oversee the disbursement of this money. This producer but also for the consumer as well.
committee consists of Mr. Lewis T. Tune of St. Louis, Mo.; Mr. B. C.
Powell, of Little Rock, Ark.; and General P. F. Cheatham of Washington, D. C.
Thompson President of American Farm Bureau
In each State a State committee has been appointed. Their job is to Sam H.
Federation Elected Member of Federal Farm Board
bring the contacts and the information close to the local communities.
They will receive and pass upon applications for loans. They will advise
Succeeding Alexander Legge Resigned.
upon questions involved in the set-up of the local credit corporations.
he appointment as a member of the Federal Farm Board
are, for the time, the representatives of the Government advising
They
both the Government and the local community.
of Sam H. Thompson, President of the American Farm
Time forbids more than this bare outline of the purpose of these loans
Bureau Federation was announced on Mar. 19. Mr.
and the organization created to make them. I urge any of my hearers
Thompson succeeds Alexander Legge, whose resignation
who may be interested to act as follows:
Wagner bill for establishment of a Federal State system of employment
agencies. Recognizing the likelihood of a veto for the latter bill which was
announced several days ago, the conferees, who adjusted the differences
between the Senate and House in the deficiency measure, revised this provision so that it would go to the Employment Service unless the Wagner bill
became law and put the present service out of existence. The President
took the position that the Wagner bill did not provide for action in the current situation, depending upon State action for its effectiveness, and by
vetoing it automatically made the fund available for emergency use.
2112
FI_NANCIAL CHRONICLE
[VOL. 132.
from the Board was referred to in these columns Mar. 7, Winnipeg Legislature Told Wheat Pool's Difficulties Due
page 1715 and Mar. 14, page 1912. From the "United
to Speculative Holding of Futures.
States Daily" of Mar. 20 we take the following:
Winnipeg advices to the "Wall Street Journal" of
At the White House it was said that President Hoover, just before he de- March 16 stated that speculative holding of futures was
parted Mar. 18 for his trip aboard the Battleship"Arizona" for Porto Rico
alleged in the legislature as the principal factor in acand the Virgin Islands issued a commission to Mr. Thompson as a member
of the Federal Farm Board, and it was added that a message had been counting for the extent of the Wheat Pool's financial
received Mar. 19 from him accepting the post. He was described as an difficulties on which the liability of the province of ManiIllinois "corn farmer."
toba on February 28 was admitted to be $3,531,000. "If
Agricultural Interest.
allowed to carry on, there will be no
The following additional information regarding Mr. Thompson was made the Wheat Pool is
charges on the taxpayers, as the assets are more than
available at the White House:
Sam H.Thompson,now serving his second term as President of the Amer- the liabilities of the Pool. But, should it be killed, then
ican Farm Bureau Federation, has always been connected with agriculture.
the taxpayer," Premier
He was born in Adams County, Ill., Aug. 18 1863. It was there that he there would be some losses against
engaged in livestock and grain farming for many years. It was also in John Bracken of Manitoba declared.
Adams County, Ill., that he first engaged in Farm Bureau work, his activities eventually leading him to the Presidency of the State Farm Bureau
and later to the presidency of the National farm organization.
Public Service.
Mr. Thompson was always active in community affairs. He served as
tax collector and road commissioner and was a member of the school board
for Adams County. He served three years on the Legislative and three years
on the Executive Committee of the Illinois Agricultural Association. Mr.
Thompson also was President of the Illinois Agricultural Association for
three years
He is still President of the Broadway Bank, Quincy, Ill., and the Adams
County Fair Association. Ile is director of the Farmers' National Grain
Corporation, organized under the Agricultural Marketing Act and director
of the National Livestock and Meat Board of the National Committee on
Boys' and Girls' Club Work. Mr. Thompson for the past six or eight
years has been one of the most active proponents of National legislation
affecting agriculture.
The 80 acre farm, which Mr. Thompson started within Adams County,
has been added to until it now contains 500 acres. One of his sons is farming
it, under Mr. Thompson's general supervision.
Cash for Georgia Farmers—Annual Sale of Kids Provides Season's First Real Money.
Statesboro, Ga. advices as follows Mar. 4 are taken from
the New York "Times" of Mar. 8:
Farmers of Southeast Georgia are preparing to market their surefire
Spring money crop. The annual sale of kids for the Eastern market is
due to take place within the next week or ten days, when special representatives of New York, Philadelphia and Boston meat concerns will buy
the offspring of Georgia goats at prices ranging from $1.60 to $2.50 a pair.
The sale of the kids, which has grown in size and importance from year
to year, provides the farmers with their first actual cash of the season. The
meat from the little animals is sold for Eastertide consumption by the big
city residents of Latin extraction.
Hudson Valley Fruit Exchange Reports—Biggest Business in 20 years.
The New York "Times" announces the following from
Presidency of
Mr. Thompson it is stated relinquished the
the American Farm Bureau Federation on Mar. 19, at which Highland, N. Y., Mar. 12: in other industrial lines, officials of the
In contrast to the depression
time he was reported as saying:
Hudson Valley Fruit Exchange, representing 600 members, announced
It is as a representative of organized agriculture that I have agreed
to serve on the Federal Farm Board. In accepting the vacancy caused by
the resignation of Mr. Legge I have been moved, first, by the earnest request of the President that I make available to the board my understanding
of the desires of organized agriculture and, second, by the unanimous
approval of the organization ihich it has been my honor to head for the
past five years.
I have frequently stated that back of the present economic depression is
the plight of American agriculture. If the buying power of agriculture
can be restored, business in general will soon be back on a sound basis,
our National economic life will be restored to its normal condition and
prosperity will again bless the land.
E. A. O'Neal Becomes President of American Farm
to-day, following the annual election of officers, that not only is the fruit
business prospering but that during 1930 the members had the biggest
business in 20 years.
Most of the membership is in Orange and Ulster Counties.
The 1930 business totaled $1,500,000, of which one-third was handled
through the three plants at Marlboro, Milton, and Ulster Park.
Farmers in Central New York Interested in Hemp
Raising.
Associated Press advices from Albany N. Y. on Mar. 7
said:
Farmers of Central New York have become interested In raising hemp.
many believing that such a crop would bring a good profit.
Representatives of farming organizations in Seneca. Ontario and Yates
Counties who studied the situation found that it was once grown in considerable quantities thereabouts, but that the cost of hand labor for separating
the fiber was excessive and resulted in the neglect of hemp raising. The
Invention of a machine for doing what was formerly done by hand has
removed that condition.
A survey showed that at least 10,000 acres of land was suitable for production of a hemp crop.
Bureau Federation.
It was reported on Mar. 19 that Edward A. O'Neal of
Montgomery, Ala., for seven years Vice-President of the
American Farm Bureau Federation, was elected President to
succeed Sam H. Thompson, who has become a member of
the Federal Farm Board. Charles E. Hearst of Des Moines,
President of the Iowa Farm Bureau Federation, was elected
Price of Bananas Cut Owing to Poor Trade—United
Vice-President of the Federation.
Fruit Co. Notifies Growers It Will Stop Paying
Bonus for Quality.
France Appoints Delegates to World Wheat Conference in
From the New York "Times" of Mar. 8 we take the folRome, March 26—Failure of U. S. to Participate Dis- lowing from San Jose, Costa Rica, Mar, 4:
appointing.
The bonus of 10 cents a bunch for bananas classified as "firsts" has
to a
the
At a meeting of the Council of Ministers at Paris on been dropped by with United Fruit Co., according"The notice to planters
that company, published in
Official Gazette."
contracts
March 16 a delegation was appointed to represent France having been stated by a representative of the company that the banana
It has
at the World Wheat Congress to be held in Rome beginning industry, like all others, has suffered serious losses during the past year,
as the condition of the market becomes worse instead of
March 26. A cablegram to the New York "Times" noting and overproduction of fruit of all kinds, the sale prices in the better, due to
United States
the
this said:
and Europe have dropped so low as to be almost ruinous.
Heading the delegation will be Andre Francois Poncet, Under-Secretary of State for National Economy, and president of the two international grain conferences recently held in Paris. Among the others
will be Alfred Masse, President of the French Academy of Agriculture;
Jules Gautier, President of the General Federation of Agricultural Associations, and executives of a number of other farm groups. It is also interesting to note that M. Elbe!, director of commercial treaties and agreements of the Ministry of Commerce, is among the members.
Coincident with the appointments, the agricultural experts expressed
disappointment over the refusal of the United States Government to
send representatives to the Rome meeting. The presence of an unofficial observer, who will "listen in" for Washington, it is pointed out
here, will render impossible a truly international debate, without which
no permanent solution can be anticipated.
As matters now stand, the United States will be the only important
grain producing and exporting nation without adequate representation
in Rome. Even Russia, whose grain exporting methods have had
a demoralizing influence upon world markets, will be on hand with a big
group of officials, while Canada and Argentina will also be officially in
attendance.
According to leading grain brokers, the first shipments of the Farm
Board's European wheat quota has had the effect of forcing Canada to
make a price concession with a resultant weakening of the market. It
is realized that the choice milling wheat which the Board is sending
abroad, will find comparatively ready buyers, if the price is "right," ged
In some quarters the opinion is heard that the four great wheat produerng
nations of the world—Canada, Argentina, Russia and the United States—
may find themselves engaged in a European price-cutting war in order
to dispose of their exports.
This was but one of the problems which it was hoped to discuss at Rome.
Prices received now for bananas in the United States and Europe, he
states, are lower than they were in 1914. while, on the other hand, the
company is paying to the producer double what it paid then.
Under these circumstances it is found to be impossible to maintain the
present purchase price,and the company has been forced to cancel the bonus.
He also stated that after Mar. 13 the fortnightly steamship service of the
Elders & Fyffes, Ltd., between Port Limon and England is to be discontinued. These ships have been transporting bananas and coffee from
Costa Rica.
Colombia Places Tax on Banana Exports.
A Colombian law, effective Mar. 1 1931, established an
export tax upon bananas of two centavos per bunch. according to a cable from Commercial Attache Walter Donnelly,
Bogota, Mar. 1. Heretofore bananas have not been subject
to an export duty.
Government Sells Food Direct to Consumer in
Buenos Aires.
Supplementing the items given in our issues of Jan. 24
(page 588) and Feb. 21 (page 1332), regarding the measures
taken in Argentina to effect lower food prices, we quote the
following advices made available on Mar. 13 by the Department of Commerce at Washington:
MAR. 21 1931.]
FINANCIAL CHRONICLE
The Municipal Government of Buenos Aires, in an attempt to reduce
living costs in the city, has engaged in the selling of flour, bread, potatoes,
and meat direct to the consumer, the Department of Commerce is informed
In a report from Assistant Trade Commissioner M. T. Houghton in Buenos
Aires.
In carrying mat this program the municipality has made rather heavy
commitments with the millers, and are reported to be selling about 10,000
kilos (112.5 barrels) of flour daily at 15 centavos per kilo (about 2.2c. a
pound) to the public, whereas retail prices were 20 to 25 centavos per kilo
(2.9-3.6c. a pound) previously. Bread is being sold at 15 centavos per
kilo, whereas the bakers have been charging 25 to 35 centavos (3.6-5.1c. a
pound), depending on the type of loaf, but have now reduced their prices
to 20 centavos, according to Argentine information.
Rogers Caldwell, Former President of Defunct I nvestment Banking Firm of Caldwell er, Co., Nashville,
Indicted by Davidson County,Tenn., Grand Jury—
Bond of $80,000 Signed by His Father, James E.
Caldwell.
2113
County until the proceeds from the March issue had been spent, it alleged.
The trust agreement provided municipal securities and other securities
usually dealt in by Caldwell & Co. "satisfactory" to the depositor might
be substituted for the collateral put up by the investment house to secure
the deposit, said the indictment. This trust agreement is said to have
further specified that the depositor must be notified of any substitutions,
and it named the Bank of Tennessee as trustee.
Fraud Charged.
Unlawfully and in violation of this agreement, alleged the indictment,
Mr. Caldwell, President of the Bank of Tennessee, "fraudulently appropriated" bonds put up as collateral to the use of Caldwell & Co. and
substituted therefor collateral not municipal bonds, or not approved by
Hardman County, giving no notice of the fraudulent substitution." It
further added "concealing the substitution of bonds of less value".
Based on the same circumstances, the indictment charged that Mr. Caldwell stole the $270,000 bonds originally placed as collateral from the Bank
of Tennessee.
The third and fourth counts made him an accessory before the fact to the
fraudulent breach of trust and larceny committed by a "certain employee"
under his direction. The fifth count charged him, as President of the
company, with receiving the collateral bonds taken down when substitutions
were made in breach of the trust.
The sixth and final count charged the receiving of these bonds as
"receiving stolen property."
Further referring to the affairs of the investment banking firm of Caldwell & Co., which went into receivership
last November, two indictments were handed down by the
Davidson County (Tenn.) Grand Jury on Mar. 9 against
Rogers Caldwell, former President of the company and of Governing Committee of New York Stock Exchange
Adopts Amendment to Rules Governing Commisits subsidiary, the closed Bank of Tennessee, of Nashville.
sions to Salesmen on Sales of Unlisted and Listed
Mach Indictment contained the following six counts:
Securities.
1. Fraudulent breach of trust.
2. Grand larceny.
The following announcement regarding an amendment to
3. Accessory before the fact to fraudulent breach of trust.
the rules of the New York Stock Exchange under which
.
4. Accessory before the fact to grand larceny.
5. Receiving property feloniously obtained by fraudulent breach of trust. members may allow commissions to security salesmen was
6. Receiving stolen property.
made on Mar. 12:
Soon after the indictments were returned bond was made
NEW YORK STOOK EXCHANGE.
for Mr. Caldwell in the sum of $80,000 by James E. Caldwell,
OFFICE OF THE SECRETARY.
Mar. 12 1981.
former President of the Fourth & First National Bank of
To the Members:
Nashville, the father of the defendant. Capiases were not
At a meeting of the Governing Committee, held Mar. 11 1931, Section 7
served on Mr. Caldwell, who was represented by his attor- of Chapter XVI of the Rules adopted by the Governing Committee Pursuant
10, to the Constitution, was amended to read as follows:
ney, Mark Fuqua. The Nashville "Banner" of Mar.
Sec. 7. Members may allow to security salesmen a commission on sales
from which the above information is obtained, continuing,
of unlisted securities, and on sales of listed bonds owned by said members.
said in part:
Members may allow to security salesmen a commission on the sale of
Attorney-General Richard M. Atkinson, Monday, invited Allen Prewitt and
H. E. Carter Bolivar, attorneys, interested in the Caldwell investigation on
behalf of Hardeman County, to join him in its prosecution In Davidson
County courts.
The indictments were based on alleged violations of trust agreements
governing collateral to secure two Hardeman Co. deposits with Caldwell &
Co. The first of these came from the sale of a $200,000 issue of road
bonds to Caldwell & Co. in March of 1930, the second from the sale of a
$270,000 issue of highway bonds to Caldwell & Co. in May 1930.
In each case the criminal violations charged were based on substitutions
of securities pledged as collateral said to be contrary to agreement and
other infractions. . . .
One of the indictments dealt with the trust agreement on a deposit of
Hardeman County of $202,431.66 with Caldwell & Co.. During the month
of March 1930 Hardeman County issued and sold to Caldwell & Co. $200,000
worth of road bonds dated Feb. 2 1930, alleged the indictment.
For these bonds the investment house paid $202,431.66, which was
deposited under a trust agreement, the Bank of Tennessee acting as
trustee, the indictment set out. This deposit was secured by collateral of
$200,000 Hardeman County road bonds and two $1,000 of Tennessee bonds,
it alleged.
Under these premises, the indictment alleged action on which it based six
offenses committed by Rogers Caldwell, as President of Caldwell & Co.,
and the Bank of Tennessee.
These were: fraudulent breach of trust, grand larceny, accessory before
the fact to fraudulent breach of trust, accessory before the fact to grand
larceny, receiving property feloniously obtained by fraudulent breach of
trust, receiving stolen property.
The indictment alleged that Caldwell, "having in his hands or under
his control" under a trust agreement, did "unlawfully, fraudulently and
feloniously substitute collateral contrary to the agreement It specified
that he substituted bonds not provided in the agreement and of a less value
than those agreed upon. On the counterpart of the transaction, it charged
Mr. Caldwell, as President of the Bank of Tennessee, with receiving bonds
not allowed under the agreement in substitution.
Setting out the count of grand larceny, the indictment charged that
Caldwell did "unlawfully and feloniously steal, take and carry away"
"certain Hardeman County bonds to the amount of $200,000."
Following the charges of active violation, the indictment set out accessory charges. In the first of these, it set out that Caldwell procured a
certain employee "to the grand jurors unknown" to substitute the bonds
In question, in violation of the trust agreement.
The second and the fourth counts of the indictment charged that he procured a "certain employee" to take away collateral in violation of the
trust agreement.
The indictment's fifth count charged him with receiving property
feloniously obtained by fraudulent breach of trust in connection with the
acceptance by Caldwell & Co. of the bonds taken down from the trust.
The sixth count was a simple charge of receiving stolen property through
the same act.
The second indictment dealt with an alleged trust agreement violation of
on a $272,262.50 deposit with Caldwell & Co. from an issue of $270,000
highway bonds of Hardeman County sold to Caldwell & Co. during May of
1930. Framed in the same sweeping form the indictment set out six
counts: Fraudulent breach of trust, grand larceny, accessory before the
fact to fraudulent breach of trust, accessory before the fact to grand
larceny, receiving property feloniously obtained by fraudulent breach of
trust, and receiving stolen property.
Under an agreement similar to that of the first indictment, the
$272,262.50 on deposit was placed with Caldwell & Co., the indictment
set out.
There was an additional provision that the proceeds of the sale of the
bonds which made Up the deposit were not to be expended by Hard/man
other listed securities which are owned by said members when such
securities have been purchased directly from the issuing company by said
members or their firma either alone or acting jointly with other members
or non-members.
Members, whether acting alone or jointly with other members or nonmembers, may allow to security salesmen a commission on the sale of other
listed securities acquired by said members or their firms in any manner
other than by purchase directly from the issuing company and on the
sale of listed bonds not owned but upon which said members or their
firms hold an option, provided the members paying such commission shall
have fully disclosed all the circumstances in connection with such transaction
to the Special Committee on Secondary Distribution and such Committee
shall have determined that it is not against the interest of the Exchange
to offer such securities off the Floor of the Exchange publicly by advertisement or otherwise and shall not have changed such determination.
In all cases where commissions are allowed to security salesmen, members
may allow similar commissions to such other employees in their offices as
may be approved by the Committee on Quotations and Commissions.
This change is provided for in the reprint of pages 119, 120, 121, 122,
123 and 124 which are sent you herewith and which are to be substituted
in your loose-leaf copy of the Constitution in lieu of the present pages
of those numbers.
ASEBEL GREEN, Secretary.
Telephone Clerks on Floor of New York Stock Exchange
Required to Wear Badge Showing Name of Employing Firm.
The following notice has been issued to members of the
New York Stock Exchange:
NEW YORK STOCK EXCHANGE.
COMMITTEE OF ARRANGEMENTS.
Mae. 6 1931.
To the Members of the Exchange:
On and after April 1 1931 each booth telephone clerk while on the Floor
of the Exchange must wear a badge containing the name of the firm by
whom he is employed. Badges may be obtained through the office of the
Secretary, and for the convenience of members an application blank,
which should be filled out in duplicate, is enclosed. No order for less than
three badges will be accepted. Badges will be ready for delivery MI
Mar. 23.
Sufficient badges should be ordered to provide one for each clerk and such
additional badges as may be necessary to take care of losses. Each clerk
employed by more than one firm should use the firm name appearing on
his telephone clerk's ticket.
ASHBEL GREEN, Secretary.
Governing Committee of New York Stock Exchange
Fixes Dues of Members Payable April 1 at $250.
In its weekly bulletin dated March 14 the New York
Stock Exchange announces that the Governing Committee
has fixed the dues of members, payable April 1, at $250.
This is the amount which was payable the first quarter of
this year as was indicated in our issue of Dec. 20 last, page
3979. The announcement in the March 14 bulletin of the
Exchange follows:
2114
FINANCIAL CHRONICLE
GOVERNING COMMITTEE.
March 11 1931.
At a regular meeting held this day, the Governing Committee determined
that the dues payable by the membersof the Exchange on April 1 1931 be
$250 each, and that said amount shall constitute a contribution by members
towards the current expenses of the Exchange, in accordance with Section 1.
Article XIII, of the Constitution, which reads as follows:
"Sec. 1. The dues payable by a member of the Exchange in each year,
exclusive of fines and of contributions under Article XXII of the Constitution, shall not exceed $1,000 a year, payable in advance in quarterly installments on Jan. 1, April 1, July 1 and Oct. I. The amount of each installment shall be determined by the Governing Committee at least 15 days
before the date on which the same is payable.
"The dues for each quarter may be divided by the Governing Committee
into two parts, one of which shall constitute the members' contribution to
the current expenses of the Exchange for the quarter, as estimated by the
Governing Committee, and the other of which shall constitute the members'
contribution for the quarter towards the capital investment of the Exchange,
which shall include advances to its subsidiaries to cover capital expenditures."
(Bills will be rendered in the usual manner on and after April 11931.)
[VOL. 132.
and Asst. Treas.; Edward T. Stotesbury, Trustee of the
Stock Exchange and Trustee of the Gratuity Fund. Following the organization of the Exchange, B. Frank Townsend, Jr. was elected a member of the Governing Committee
to fill a vacancy caused by the death of Pennell C. Kirkbride. Mr. Townsend is a member of the brokerage firm
of DeHaven & Townsend. The re-election of F. L. Newburger as President of the Exchange was noted in these columns
March 14, page 1916.
New York Coffee & Sugar Exchange Suspends Hayn,
Roman & Co. of London.
In the New York "Evening Post" It was stated that Hayn,
Roman & Co. of London were suspended on Mar. 4 from
the New York Coffee and Sugar Exchange for failure to
meet mercantile obligations.
C. S. Sargent Resigns from New York Stock Exchange.
At a regular meeting of the Governing Committee of
the New York Stock Exchange on March 19, the resigna- B. W. Dyer Censured by Board of Managers of New
York Coffee & Sugar Exchange for Violation of
tion of Charles S. Sargent was accepted, according to an
Sugar Trade Rule.
announcement by the Exchange which said:
The following is from the "Wall Street Journal" of
M. Sargent, who has been a member of the Exchange since November
1920, and a Governor since 1924, posted his seat for transfer last Mar. 13:
Monday and
firm of
from
the
retired
Kidder, Peabody & Co. As a
Governor of the Exchange Mr. Sargent served on many of its important
committees including the Committee on Admissions and the Committee on
Stock List.
President Whitney of New York Stock Exchange, to Address
Convention of Associated Stock Exchanges at Buffalo
in May.
Richard Whitney, President of the New York Stock
Exchange, will be the keynote speaker at the annual convention of the Associated Stock Exchanges to be held in
Buffalo, May 22 and 23. The convention will attract between 200 and 300 delegates and financial representatives,
according to Clark C. Wickey, Detroit, Secretary of the
Associated Stock Exchanges. An elaborate program of
entertainment is being planned for the visiting delegates
under the direction of officials of the Buffalo Stock Exchange who will be official hosts for the convention.
Regular business of the convention will be transacted
May 23. The Associated Stock Exchanges consists of 15
markets located in widely separated sections of the
country. In addition to the Buffalo Exchange, markets in
the following cities are members: Cleveland, Detroit, New
Orleans, Columbus, Washington, St. Louis, Philadelphia,
Los Angeles, Baltimore, Minneapolis, Cincinnati, Pittsburgh, Portland (Ore.), and Hartford.
Committee on Listing of New York Real Estate Securities Exchange, Inc. Adds to List of Stocks Traded In.
The Committee on Listing of the New York Real Estate
Securities Exchange, Inc. has approved the capital stock
of the following companies for admission to trading privileges on the floor of the Exchange:
Capttal Boat. Par Value.
Company—
$12,000,000
Chicago Title dc Trust Co., Chicago Ill
$100
Fidelity Union Title & Mortgage Guaranty Co., Newark,
4,200,000
N. J
10
National Commercial Title & Mortgage Guaranty Co.,
2,068,798
Newark, N..1
10
,N
2,000,000
New Jersey Title Guarantee & Trust Co., Jersey City. .J.
25
7,500,000
Real Estate-Land Title & Trust Co., Philadelphia, Pa
10
4,000,000
Title Guarantee & Trust Co., Los Angeles, Calif
100
New Electric Stock Quotation Board in Philadelphia.
Operations of the first electric stock quotation board in
Philadelphia for New York Stock Exchange quotations was
started yesterday March 20 in the offices of West & Co.
This it is stated constitutes the first extension of the electric
quotation posting service by the Western Union Telegraph
Co., through its subsidiary the Telerigister Corp., since
inauguration of the service in New York about eighteen
months ago and its extension to Chicago shortly after.
The board in West & Co.'s office is operated directly from
the control station in New York City and as the lines are
extended to other cities these likewise will be tied-in with
central station.
At a meeting of the board of managers of the New York Coffee and Sugar
Exchange, held Mar. 11, B. W. Dyer, of B. W. Dyer & Co., was called
before the board for violation of sugar trade Rule 30 of the by•lans of the
Exchange. Mr. Dyer was found guilty of such violation and was censured
by the board.
New York Coffee & Sugar Exchange to Suspend Trading Good Friday April 3 and April 4.
The Board of Managers of the New York Coffee and Sugar
Exchange has voted to close the Exchange for trading on
Good Friday, April 3, and on the following Saturday,
April 4.
New York Cocoa Exchange to Close Good Friday April
3 and Saturday April 4.
In response to a petition from members, the Board of
Managers of the New York Cocoa Exchange has followed
Its usual custom and voted to close the Exchange for trading purposes on Good Friday, April 3, and the following
Saturday.
Old Firm of Kidder, Peabody 8c Co. Dissolved—New
Firm Announced to Carry on Business With
Messrs. Webster, Hovey and Gordon as Partners.
The firm of Kidder, Peabody & Co., one of the leading
and oldest banking houses of this country, has been dissolved
and has been succeeded by a new partnership to continue the
general investment banking and securities business under
the same name, it was officially announced in New York
on March 16. Edwin S. Webster Jr., and Chandler Hovey
of Boston, and Albert H. Gordon of New York, are the
partners of the new concern which will operate with the
same personnel and in the same offices as heretofore. The
new firm will continue to act as correspondents of Baring
Brothers:& Co., Ltd., London. The announcement issued
in the matter also says:
Through this new association the close relationship between Kidder,
Peabody & Co., and the Webster family has been carried through to the
third generation of the latter. Edwin S. Webster Jr., is the grandson of
the late Frank G. Webster who opened the books of the original Kidder,
Peabody & Co. In 1865, and who also was senior pnrtner of the firm from
1905 until his death on Feb. 15 1930 at the ago of 8R. Edwin S. Webster,
son of Frank G. Webster and father of the new p rtner, himself worked for
,
the firm until he left to organize, together with Charles A. Stone, the engineering firm of Stone & Webster.
Edwin S. Webster Jr., after graduating from Harvard College in 1923
and from Harvard Business School in 1925, became associated with Stone
& Webster. He subsequently became Vice-President of Stone & Webster,
Inc., and President of Stone & Webster Investing Corp., which positions
he held up to the assumption of his present partnership. He is a director
of Stone & Webster. Inc., Now England Trust Co., Freeport Texas Co..
and Railway & Light Securities, Inc.
Chandler Hovey is the grandson of C. F. Hovey who in 1833 founded
the firm of C. F. Hovey & Co., which still bears his name, and the son
Of William A. Hovey who for many years was editor of the Boston "Evening
Transcript." Mr. Hovey was associated with Kidder, Peabody & Co.
from MO to 1910. In 1910 he became a member of the Boston Stock
Exchange and established the investment and brokerage firm ofChandler,
Hovey & Co. He has been a member of the New York Stock Exchange
since 1922.
Albert H. Gordon has been associated with Goldman, Sachs & Co. since
his graduation from Harvard College in 1923 and the Harvard Business
School in 1925.
Reappointment of Officers of Philadelphia Stock
Exchange.
Organization meeting of the elective officers of the Philadelphia Stock Exchange was held on March 18. The following appointments were announced and in each instance, the
Noting that it was with the banking house of Kidder,
present incumbent was reappointed: Howard Butcher, Jr., Peabody & Co., that the present J. P. Morgan started his
Vice-President; Frank C. Matthews, Secretary; Clarence L. career as a clerk, the New York "Times" of March 17 said:
Harper, Treasurer; John R. Huhn, Jr., Assistant Secretary
The partnership of Kidder, Peabody & Co., which was founded in
MAR. 21 1931.]
FINANCIAL CHRONICLE
2115
Boston in 18E5, has always played an important role in investment bankProvided, however, that nothing herein shall be construed to authorize
ing in this country, and has headed or has been included in syndicates the establishment of any branch bank outside the limits of the county
which have marketed many of the major bond issues in recent years. in which such bank, loan, trust or safe deposit company seeking to establish
The firm has been closely associated with J. P. Morgan & Co. in financing such branch bank is located:
the American Telephone and Telegraph Co. and the N. Y. Central RR
And provided further, that nothing contained herein shall prevent the
The firm's associated companies are the Kidder, Peabody Acceptance establishment of a branch bank for each $225,000 of its fully paid up
Corp., which was established in 1922, and three investment trusts, known and unimpaired capital and surplus by any national bank. State bank or
as Kidder Participations, Inc., and No. 2 and No. 3, established, respec- loan and trust and safe deposit company located in any City having a
tively, in 1926. 1927 and 1928. The new firm will continue to act as population of more than 50,000, according to the last preceding United
correspondents of Baring Brothers & Co., Ltd., of London, which firm States census, and being a county seat, within the corporate limits of said
will continue to represent Kidder, Peabody & CO. in London.
city, where a charter has been granted by the State Charter Board after
From the March 18 issue of the "Times" we take the due consideration of the needs of the community in which such branch bank
is proposed to be established and of the welfare of any other bank therefollowing:
tofore established in said community.
Work was begun yesterday on the liquidation of the affairs of the old
Section 2. Whereas, an emergency exists for the immediate taking
firm of Kidder, Peabody & Co.. which has been succeeded by a new firm, effect of this Act the same shall be in full force and effect from and after
bearing the same name, comprising a partnership of three new members, its passage.
compared with thirteen of the old firm. It was said yesterday that, due
to the wide scope of toe activities of the firm, the process of liquidation
might require several months.
Chain Banking System Opposed in Arkansas—Report
It was also said that no statement could be made regarding plans for
of Senate Sub-committee of Banking and Insurfirm's associated company, the Kidder, Peabody Acceptance Corp.
the
E. Youngman of Bankers Magazine Suggests Specia
Corporation Owned by Existing Banks to Carry
on Branch Banking.
Solution of the bnanch banking problem by the organization of a special corporation, whose stock would be entirely
owned by existing banks, to carry on branch banking, is
suggested by Elmer H. Youngman, editor of "The Bankers'
Magazine", in the March issue of that publication. Mr.
Youngman suggests the formation of a company with a
capital of not less than $10,000,000, which company would
be permitted to establish branches only in the smaller
towns, where an independent bank could not be supported.
This, Ile says, "would enable the banks of the country generally to participate in the ownership and operation of
branches, and it would not interfere with the independent
bank where there was business enough to warrant such an
institution." Mr. Youngman adds:
"Furthermore, a company formed specifically to conduct banking in
rural communities might avoid some of the criticisms that have been
raised against branches of the great metropolitan banks. It might specially
adapt its mettle& to the communities it was designed to serve. With sufficient capital and proper management it could afford safety and some of
the facilities usually ascribed to metropolitan banking."
The chief question in considering such a company, according to Mr. Youngman, is whether or not a sufficient profit
could be made to justify it. Possibly, he says, a company
specially organized to engage in rural banking might devise
an economical system of operation that would be profitable.
One obvious objection, he says, is that rural banking, chiefly
confined to agricultural sections, would not offer diversification of assets. "But, on the other hand," he adds, "It may
be well to recall that so long as farming was profitable the
rural banks managed to prosper."
Branch Bank Act Adopted in Indiana—Country-wide
Extension and Intra-city Systems Now Are Permitted.
The following from Indianapolis March 13 is from the
"United States Daily":
County-wide branch banking was authorized in Indiana by the enactment during the recently adjourned session of the Legislature of a bill
(H. 489) which received the approval of Governor Leslie March 11.
Charters for branches must be secured from the State Charter Board, and
can be established under the bill "only in a city or town in which no bank
or trust company is located."
The State Charter Board, before granting a charter, must satisfy itself
that "public convenience and advantage will be subserved and promoted"
by the establishment of the branch.
Intra-city branches are provided for in cities of50,000 population and over.
Other banking bills enacted In Indiana include one (H. 76), providing
that in bank mergers and consolidations the trusteeships and other fiduciary relationships of the merged banks shall be transferred without court
action to the new institution; and another (S. 48) placing a loan limit of
20% of capital stock and surplus on all State and private banks.
The bill authorizing the establishment of branches by State banks
follows in full text:
A bill for an Act to amend Section 1 of an Act entitled "An Act prohibiting the opening or establishing of branch banks or branch offices
by any bank or loan, trust or safe deposit company," and declaring an
emergency, approved March 9 1921, except with the approval of the
State Charter Board.
Section 1. Be it enacted by the General Assembly of the State of
Indiana, that Section 1 of the above entitled Act be amended to read as
follows: Section 1
That it shall be unlawful for any person, firm or
corporation engaged in the business of operating a State bank, private
bank, savings bank, or loan, trust or safe deposit company to open, or
establish a branch bank without first having obtained a charter from the
State Charter Board, and then only in a city or town in which no bank
or trust company is located.
All applications for the opening or establishing of any such branch bank
shall be made to the State Charter Board and before granting a charter,
the Charter Board shall ascertain to its satisfaction that the public convenience and advantage will be subserved and promoted by the opening or
establLshing of such a branch bank in the community where it is proposed
to be located, and that there is no bank or trust company located in the
city or town in which it is proposed to establish such branch bank:
ance Committee Says Method "Has Element of
Weakness."
Chain banking of the type which existed in Arkansas
prior to the recent failures of banks in the State "has ele
ments of weakness and consequent danger to the public
welfare and should not be permitted," it is stated in a report
filed March 3 with the Arkansas Senate by a sub-committee
of the Joint Legislative Banking and Insurance Investigating
Committee. According to the "United States Daily," the
Committee was named by the Legislature over a month
ago. Officials of the State Banking Department, according
to the report, "have honestly and efficiently discharged
their official duties and have worked diligently to control
unsound banking methods." The advices to the paper
quoted, coming from Little Rock, Ark., March 6, continue:
The report is only a preliminary one, Chairman Storm 0. Whaley, State
Senator and banker of Sulphur Springs, stated orally, and deals only with
the Committee's investigation of bank closings and contributing causes.
Another subcommittee has been investigating the insurance aspects of the
Arkansas situation.
He announced that other proposals probably will be made when the Committee questions members of the Executive Council of the Arkansas Bankers'
Association, and "certain other outstanding bankers of the State."
Past Trouble Cited.
Responsibility for much of the financial disaster inflicted upon the State
since last November was laid by the legislative investigstors to A. B. Banks,
and his associates, former President of the American Exchange Trust Co.
of Little Rock, this State's largest bank which closed Nov. 17 and is now
being liquidated by the State Banking Department. A. B. Banks also was
President of the Home Fire and Home Accident Insurance Companies
which are in the hands of a receiver.
The report said that before the November 1930,crash, "there had grown
up in the State an organization or group of organizations under the leadership of A. B. Ranks, a man of great ability and genius, which working together in close contact, in purpose and in fact, sought to dominate the
banking and insurance interests of the State."
The legislators reported further:"We express it as our considered opinion
that much of the trouble and financial disaster the State has experienced has
been due to the misconceived and unsound financial theory upon which
the group seems to us to have operated.
"Too great reliance apparently was had upon intergroup financing and
too little upon outside credit resources available, always necessary for sound
institutions. There seems to have been too much investment of insurance
funds in bank stocks and too much use of bank funds by borrowing within
the group.
"There were numerous corporations,either set up for holding or operating
purposes, in this and other States, one as far away as the Pacific Coast.
Which were utilized as borrowing agencies and it appears frequently from a
perusual of the testimony that many very large loans of this character bore
no other security than the personal endorsement of Mr. Banks.
Findings Outlined.
Specific findings and recommendations contained in the report follow'
"Chain banking such as has been conducted in this State has elements of
weakness and consequent danger to the public welfare and should not be
permitted. We see no prospect of its early resumption.
"We believe that State banks should, at the earliest date practicable,
conform to the loan limit prescribed for national banks, but no not recommend legislative action at this time, unless they are allowed ample time to
bring their loans within such limits.
"We believe the present five-day closing law is subject to abuses which
should be corrected. When a bank closes, the State Bank Department
should have power to place an agent in charge at once. No entries should be
made,after closing except under the Bank Commissioner's order,or orders of
his agents. Any change in status after closing should be prohibited with
penalties."
A. B. Banks was formerly President or a majority stockholder in 49
Arkansas State banks, which were closed Nov. 17, or a few days after the
Little Rock parent bank ceased to do business.
Half of these have reopened, however, through reorganizations or purchases.
The American Exchange Trust Co. of Little Rock is still closed and in
charge of Sam J. Wilson, member of the Arkansas Highway Commission,
as liquidating agent under appointment of Banking Commissioner Walter
E. Taylor. When the Little Rock institution closed the State had a deposit
of $800,000 in State highway funds on deposit in the bank.
Causes Are Listed.
Summing up the causes which brought on the wholesale financial reverses
of 103 banks in Arkansas since last Nov. 17, the report assigned the following:
(1) Oversized loans to officers and directors, either directly or indirectly
by financing their corporate interests.
(2) Inadequate security for said loans.
(3) Lending too freely through country banks, thus necessitating heavy
borrowing by them, and by the parent bank as we shall call the Little Rock
institution.
2116
[VOL. 132.
FINANCIAL CHRONICLE
• (4) The effects upon all businesses of the world depression.
(5) The drouth of 1930, which caused almost a crop failure in many
localities covered by the chain operations.
(6) Low price of cotton in the 1930 season.
(7) Farmers' merchants and country banks' impaired condition and
inability to pay.
(8) The failure of Caldwell & Co., Nashville, Tenn., known to be largely
Interested in the banks and insurance companies with A. B. Banks and
his other associates.
(9) Complete and general hysteria in minds of depositors, causing a rush
which caused the American Exchange Trust Co. (Little Rock) to lose
$4,000,000 in deposits in four or five days.
Bankers' Acceptance Volume Remains Unchanged—
Total Feb. 28 at $1,519,857,484 Only $332,399 Below
Jan. 31.
Contrary to usual behavior at this season of the year the
volume of bankers' acceptances outstanding shows no reduction of any important amount according to the report of the
American Acceptance Council as a result of its survey of
Feb. 28 1931. Robert H. Bean, Executive Secretary of the
American Acceptance Council, New York, in his advices to
this effect, made available March 19, goes on to say:
Robert H. Bean of American' Acceptance Council
Proposes that Weekly Reports of Member Banks to
Federal Reserve System Show Holdings of Banker's
Acceptances.
A suggestion by Robert H. Bean, Executive Secretary
of the American Acceptance Council, that the large holdings
of bankers acceptances by reporting member banks of the
Federal Reserve System would seem to warrant the division
of the item "all other" so as to show loans "on acceptances"
is made in an editorial appearing in the Council's "Acceptance Bulletin," dated Feb. 28. We quote Mr. Bean's
editorial comment as follows:
The total volume of bankers' acceptances outstanding on the last day
of February was $1,519,857,484, which was only $332,399 less than the
total reported on Jan. 31. Not for years has there been such a close record
of acceptance volume for two months as is revealed in this report covering
the period from Dec. 31 to Feb. 28 and particularly for the month of February. The volume which is now reported is $104,041,734 less than the total
of Feb. 28 1930.
The changes in the total reported by Federal Reserve Districts are with
three exceptions as unimportant as the change in the grand total. Banks
in the Boston Districts had outstanding $8,000,000 less than at the end
of January and the same difference in volume is reported by the banks in
the San Francisco District. The New York Federal Reserve District on
the other hand reported an increaes of $18,000.000.
A moderate amount of new credits on products in which the Farm Board
and Stabilization Bca rd are interested have come into the New York market
during the past month which accounts for the increase in volume here.
Acceptance credits for the purpose of financing imports declined 82,200,000, for the purpose of financing exports the reduction was $1,800,000
and the reduction for credits against Domestic shipment was an even
61,000,000. The lirgest decrease was in the type of credit used to finance
goods stored in or shipped between foreign countries, which total declined
almost exactly $5,000,000. Domestic warehouse credits were $3,400,000
up from Jan. 31 and acceptances drawn for the purpose of creating Dollar
Exchange were up $6,300,000.
Compared witn the el ssification figures of the end of February 1930.
imports are off $121,000,000, exports are off $76,000,000, while domestic
shipments show an increase of $8,000,000, warehouse credits an increase of
$4,800,000, doll r exchange credits an increase of $8,500,000 and credits for
foreign storage or shipment an increase of $74,000,000.
Until there is a turn for the better in American foreign trade, there will
not be any substantb 1 increase in import or export credit volume. The
total of these two items now amounts to $610,000,000 out of a total of
$1,519,000.000 or only 40% compared with $700,000,000 out of a total of
$1,056,000,000 or 66% in February 1928, $762,000,000 out of a total of
$1,228,000,000 or 62% in 1929 and $808,000,000 out of a total of $1.623.000,000 or 50% in Febru ry 1930.
The discount market in the past month has had a continuance of the
activity which has prevailed generally through toe winter, although the
demand shows some indication of easing up as the approaching spring demands indicate, in the opinions ofsome bankers, a tendency to firmer rates.
The investment holdings of bankers' acceptances by reporting banks in
the American Acdreptance Council survey now stands at $540,000,000 compared with $571,000.000 during January. Of the amount reported at the
time of the latest survey. $342,000,000 in acceptances were held by banks
and bankers in the New York Federal Reserve District. A substantial
part of the acceptance holdings are of maturities within the next 35 to 50
days, which makes less likely a heavy offering or unloading in the bill
market than was felt probably during the early part of January when the
bills were oflonger maturities.
Bill market rates have remained unchanged since Feb. 19 and are now
quoted as follows with little prospect of immediate change:
"All Other" Loans—Bankers Acceptances.
The large holdings of bankers acceptances, by reporting member banks of
the Federal Reserve System, has so affected the item "All Other" in the
weekly reports to the Reserve banks that the customary normal changes in
the volume have not been clearly revealed and it has been difficult therefore
to tell whether the commercial demand was increasing or decreasing.
Up to within the past year the "All Other" item fairly represented the
volume loaned by the banks on various obligations other than those involving the pledge of securities and this item really reflected in a broad sense,
the demand for commercial or business money.
During a period of business stagnation it is expected that the "All Other"
item will steadily decline until the tide of the depression turns and business
again makes its demands on the banks for operating funds.
But serving, as it does, in the nature of a statistical thermometer of business activity, it is desirable that the item should be as far as possible a true
Indicator and not be colored by the inclusion of other substantial amounts,
which, while representing commercial transactions, could as well be reported
separately and serve a better purpose.
From the establishment of these weekly reports and their publication as
a matter of real public interest, it has been customary to include in "All
Other," the amount representing the volume of purchased bankers acceptances and the volume of banks own acceptances fully executed but not as
yet sold.
For several years this total of acceptance holdings was very small and unimportant as affecting the ordinary commercial borrowing account, but
beginning with the early part of 1929 and continuing right up to the end of
January, 1931, the volume gained steadily until it reached a total of $570,000.000 for all banks reporting to the Acceptance Council.
It was, therefore, practically impossible for an observer to tell by studying
the commercial loan record in the banks' reports whether there was any
Increase in business activity.
When the banks are well supplied with funds and are not likely to have
them well employed for some time, they have learned to turn to the bill
market to purchase bankers acceptances in substantial amounts.
Also because they do not wish to add to their unemployed funds total, they
do not always market new bills which they have accepted for customers.
In both transactions the possession of bills, either own or others, takes
on the character of "money loaned" for commercial purposes and must be
included in this section of the bank's report.
There is this distinction, however, that whereas customers' obligations
and purchased commercial paper will usually be carried to maturity,
bankers acceptances may be liquidated quickly by resale to the market or
to the Federal Reserve Banks if the member banks find it necessary to
secure funds or balances for reserve purposes or for the satisfaction of their
customers' borrowing demands.
Such a situation has been noted in recent weeks when the banks have been
steadily unloading their supply of bills. In this period many may have
noted the successive weekly drop in "All Other" loans of reporting banks
without understandmg why this should be so in a period when the business
of the country was reported to be on the upturn.
On Nov. .5 1930 the "All Other" item reported by member banks in the
New York Federal Reserve District stood at $2,616,000,000, while the
same reporting banks held $246,000.000 in bills which were included in the
"All Other" account. In the report for the first of December, "All Other"
loans had apparently increased $18,000.000. but what actually happened
was that the banks' bill holdings had increased $66,000,000, thus indicating
an actual reduction in ordinary commercial loans instead of a reported gain.
By the end of January the situation was more clearly emphasized. On the
last reporting date of the month banks "All Other" loans were $2,510,000
or $106,000.000 less than on Nov. 5, while the banks of the New York district held $347,000,000 in acceptances that were a part of the "All Other"
account.
By taking the acceptances out of both reports it will be found that "All
Other" would have stood at $2,370,000,000 in Nov. and $2,163,000,000 at
the end of January,a reduction ofordinary commercial loans of$207,000,000
in the New York Federal Reserve district alone.
An the banks further reduce their holdings, either through maturity of the
bills or by sale, the process of deflating the "All Other" item will continue
until we once more get a clear picture of the actual amount of business accommodation at the banks.
It would appear, as a step toward a better understanding of these important bank reports—which after all are a true index of business activity—
that the time has come when the "All Other" item should be reported in
two divisions, thus having the bank report on "Loans" appear as, "On
Securities," "On Acceptances" and "All Other."
If this method had been followed during the past six months,the following
understandable record of "All Other" loans would have resulted.
Acceptances Held All Other
All Other.
(As Reported). (Own and Others). (Net).
$2,258,000
September 1
$2,405,000
$147,000
2,243,000
October 1
2,448,000
205,000
2.370000
November 1
2,616,000
246,000
2,322,000
December 1
2.634,000
312,000
2,236,000
January 1
2.421,000
185,000
2,163,000
February 1
2.510,000
347,000
15
1%
134
154
Bid. Ask.
Bid. Ask.
Bid. Ask.
30
60
1%
154
90
120
14
15
134
134
150
180
1%
1%
Details are supplied as follows by Mr Bean:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
3
4
5
6
7
8
9
l0
11
12
Grand Total
Feb. 28 1931.
Jan. 31 1931. Feb. 28 1930,
3124,606,143
1,160,462,016
25,820,354
25.887,552
10,070.612
15,528,727
83.902,361
2,731,916
6,5.53,863
600,471
4,474,395
59,219,074
Federal Reserve District.
1
2
3132,775,237
1,141,684,950
25.274,052
25,938,390
10.649,355
16,738.283
83,032,420
2,612,766
6,242.909
600,000
6,074,846
68,566,675
$156,873,732
1,185,500,354
26,309,263
30.001,191
11,257,067
16,781,216
102,109,175
2,290,714
8.008,198
1,231,821
7,372.459
76,164,028
$1.519,857,484 $1,520,189,883 $1,623,899,218
Deer. 332.399 Dec104041.734
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Feb. 28 1931.
Jan. 31 1931.
Feb. 28 1930.
$334,839,644
Imports
$213,999,903
$211,796,486
Exports
474,786,235
400,129,474
398,388,745
Domestic shipments
34,897,448
25,830,655
33,838,268
Domestic warehouse credits
260,838,879
257,493,070
256,050.866
Dollar Exchange
65.041.970
62,828,533
71,330,477
Based on goods stored in or shipped
469,563,285
between foreign enuntrlee
543,664,629
548,628,018
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS' ACCEPTANCES
FEB. 16 TO MARCH 16.
Days—
30
60
90
Dealers'
Dealers'
Buying Rate. Selling Rate.
1.610
1.610
isle
1.485
1.485
1.4g5
Days—
120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate.
1.735
1.860
1.860
1.610
1.735
1.735
Action Deferred by New York Legislature on Bills Embodying Changes in State Banking Law Proposed by Superintendent Broderick.
Thirty-six of the bills introduced by New York State
Superintendent of Banks Joseph A. Broderick for amend-
MAR. 21 1931.]
FINANCIAL CHRONICLE
ment of the banking law of the State were killed as far
as the present session is concerned by the Committee on
Banks of the New York Assembly on March 17; the
measures, said an Albany dispatch to the New York
"Journal of Commerce," were referred for further study
until the next legislative session to the Joint Legislative
Committee for the revision of the banking law, headed by
Senator Nelson W. Cheney of Eden and usually referred
to as the Cheney committee. The life of this committee
was extended for another year a few weeks ago, said the
paper quoted, from which we also take the following:
The elimination of the Broderick measures from the legislative program
this session reflects the strong opposition to many of the bills from
banking quarters here. The Merchants' Association, as a result of the
survey by its Banking Committee, issued a request that the measures
be given consideration during the year, and this is understood to have
played a big role in inducing the legislators to hold the measures over until
the next legislative session.
Whole Program Involved.
The bills which will be turned over for further study to the Cheney
Committee include all of the important measures in the Broderick program.
One of them, said to have the active indorsement of the Governor, would
segregate the thrift deposits of commercial banks. Another would permit
the Banking Superintendent to merge banks without the consent of stockholders where such actions might prevent impending failure. In another of
the bills the Banking Superintendent is given the power, in cases of mismanagement, to remove Bank Directors. The separation of the stock certificates of banks from those of their affiliates would be required on the
passage of another of the bills.
While the Senate and Assembly Committees killed for the present session
almost the entire series of bills submitted by the Banking Department, a
joint statement by Senator William W. Campbell and Assemblyman Willis
H. Sargent, Chairmen of the respective committees in the State Legislature, declared that this action is not to be construed as criticism of the
proposals. The proposed legislation, it was declared, is too far reaching
to report favorably without further study.
In issuing its final statement today the Committee favorably reported
five bills. One of these would permit savings banks to invest in the
bonds of natural gas corporations. Another provides that only one
director of a trust company must be a citizen of the United States
instead of all directors as under present law. The third gives credit
unions the power to accept deposits and limited rights to borrow money.
The fourth amends various sections of the law relating to industrial loan
companies.
Statement Issued.
The joint statement issued today declares:
"Many of the recommendations of the Superintendent are so important
and far.reaching in their effect as to warrant further stwly upon our part
before it is advisable to enact them. Such recommendations as those pertaining to the segregation of thrift or savings accounts in commercial
banks, compulsory mergers of banks without stockholders' consent, removal
of directors by the Superintendent and many other measures of equal importance have been before us only a few days—too short a time for us
and the banking interests of the State to give to them the detailed study
and examination which they deserve.
"To enact them hastily into law without such study would be precipitate
action upon our part. We have consequently recommended to our
Committees that these many important measures be referred to the joint
Legislative Committee for the revision of the banking law to be studied
and examined thoroughly by the Commitee during the interval between
the adjournment of the Legislature and the session of 1932.
"We do not wish to have our action construed as in any wise casting a
reflection upon the legislation which, we appreciate, has been in many instances carefully worked out by the Superintendent. We do believe, however, that there is nothing in the situation which will result in harm to
the banking institutions of this State or to the public dealing with and re.
lying upon them, if this legislation is not passed this year, and we also believe that this is not a time for drastic innovations and changes from
the present law. We are therefore proceeding to make haste slowly
and believe that the result will justify us in pursuing such a course."
The proposed legislation was referred to in our issues
of February 28, page 1519 and March 7, page 1722.
Reported Move to Press Anew Proposed Banking Legislation in New York Legislature—Would Call for Segregation of Thrift Accounts.
It was stated in an Albany dispatch yesterday (March
20) to the New York "World-Telegram" that Assemblyman Milan E. Goodrich, Republican, of Westchester, announced that he would sponsor another bill for the
segregation of "thrift" accounts and that he expected no
difficulty in getting the bill introduced in the Assembly
Monday night. The dispatch also said in part:
To Confer Here on Legality.
Goodrich will rush to New York for a week-end conference with legal
experts on the drafting of the bill which will provide that in any city
where there are savings banks, the "thrift" accounts in commercial banks
must be governed by the same restrictions as accounts in the savings
banks. No thrift account can be more than $7,500, and the total amount
of thrift accounts in a bank cannot exceed two and a half times the
total assets, the bill provides.
• • •
Assemblyman Goodrich and Assemblyman D. Mallory Stephens, of
Putnam, were the only Republicans on the Banking Committee who
voted against killing the bills providing for segregation of "thrift"
accounts. Goodrich created a sensation when he interrupted a speaker
for the commercial banks, saying bluntly:
"The truth of the matter is that you commercial bankers saw big
profits in thrift accounts because you did not have to comply with the
provisions that savings banks are compelled to, and so you want to
continue."
2117
W. D. Gordon Named as Secretary of Pennsylvania
Banking Department Succeeding Peter G. Cameron
Resigned.
Governor Pinchot of Pennsylvania on Mar. 16 named
Dr. William D. Gordon, of Drexel Park, as Secretary of
the Pennsylvania Banking Department succeeding Peter
G. Cameron, whose resignation was noted in our issue of a
week ago, page 1919. From the Philadelphia "Public
Ledger" of Mar. 17 we take the following from Harrisburg:
Dr. Gordon, who was deputy secretary for about two months, succeeds Peter G. Cameron, who resigned Feb. 28 because he disagreed with
the departmental policies of the Administration
The appointment was submitted to the Senate to-night a short time after
that body convened and was referred to the Committee on Executive Nominations.
Mr. Cameron was scheduled to hand in his resignation July 1 under
an agreement with Governor Pinchot, who reappointed him to the post of
Secretary in January.
Selection of Dr. Gordon by Governor Pinchot in January to be first
Deputy Secretary was followed by reports that he was being groomed to
succeed Mr. Cameron.
"The first duty of the Department of Banking is to protect depositors
In banks," declared Governor Pinchot in a statement accompanying the
announcement of the appointment of Dr. Gordon.
Governor Pinchot also clearly stated that the duty of the department
VMS to prevent bank failures rather than to take over banks after they have
failed.
The Governor said that there would be no change in the personnel of the
Banking Department, nor has any decision been reached on the appointment of a Deputy.
Capital Minimum Increased for Wyoming Banks—
Creation of Surplus Fund Equal to 10% of Authorized Capital Also Required by New Law.
State banks hereafter organized in Wyoming must have a
minimum capital of $25,000, instead of $15,000, as a result
of legislation enacted at the recent session of the Legislature,
according to a statement summarizing the measures enacted
affecting banking, prepared by the State Examiner, J. A.
Reed. The advices to this effect from Cheyenne, Wye.,
March 9, are taken from the "United States Daily," from
from which we quote further as follows:
"This State has a very commendable banking code," Mr. Reed declared.
"evidenced by the success ofour banks during the past two years ofeconomic
disturbance: therefore, there was little, if any, banking legislation to be
considered by the most recent session of our Legislature aside from a few
corrective and constructive strengthening amendments to certain portions
of the Act as it now stands."
Examiner Reappointed.
Mr. Reed, who is ex-officio Supervisor of banks, foreign and domestic
building and loan associations, bank liquidations, as well as the accounts
of public officials and institutions, has been reappointed for a four-year
term beginning April 1. His summary of legislation fellows in full text:
(1) The minimum capital requirements for the incorporation of a bank
was increased from $15,000 to $25,000 and in addition thereto the amendment provides that no bank shall be authorized without the creation of a
surplus fund equal to 10% of its authorized capital, together with undivided profits sufficient to care for the operation of the institution for a
period of 90 days, to be determined and based upon the approval of the
State Examiner.
(2) The Uniform Collector Code which has been adopted by several of
the States as recommended by the American Bankers Association was
enacted into a law.
(3) An Act providing for the succession of fiduciary powers in case of
consolidation.
(4) An Act making provision for the time limit in which creditors may
file contingent claims not of record at the time of consolidation of banks.
(5) Ttie present code provides that banks must have an examining
committee composed of two stockholders, not officers, or the directors of
the institution, who must, subject to the order of the State Examiner,
conduct a semi-annual examination of the institution on the form which he
may prescribe. This Act was amended to include private auditors, subject
to application of the directors and approval of the State Examiner, who may
conduct said semi-annual examinations and certify to the same with the
attest of the directors.
(6) The prelent depository law was amended with the additional protection to banks depositing collateral to secure public funds by placing
liability in addition to the treasurer and his bond upon the political subdivisions whose funds the institution is compelled to secure.
(7) An Act was adopted which is destined to exempt from inheritance tax.
Proceeds of life insurance policies which are payable in trust for the benefit
of beneficiaries.
(8) The classification of a foreign building and loan association was
amended to include all bond companies, investor's syndicates, or syndicates
operating under the so-called deferred payment accumulative plan, which
automatically places such organizations under the supervision of the State
Examiner.
Eugene Meyer, Jr., Governor of Federal Reserve Board,
Holds Finance Is Not Controlling Factor in War,
Before War Policies Commission. Says Details of Financing Could Not Be Prepared in Advance.
Preliminary planning, which would prepare the United
States for war without committing it to definite policies
written in laws that might conflict with future needs,
was advocated as a method of "taking the profit out of
war" by Eugene Meyer, Jr., Governor of the Federal
Reserve Board, who testified before the War Policies
Commission in Washington on March 16.
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FINANCIAL CHRONICLE
[VOL. 132.
The account of Mr. Meyer's statements to the commis- ending March 21, and $100,000,000 during each of the
sion, as given in the Washington edvices to the New ensuing three weeks." Ultimately, Gen. Hines, estimated,
York "Times" continued:
the Treasury will be called upon to finance loans totaling,
Mr. Meyer who was Chairman of the War Finance Corporation was approximately, $1,000,000,000.
Secretary Mellon's ancalled to testify principally concerning the money problems of war, but his nouncement of March 17 follows:
testimony covered the general field being studied by the Commission of
which Secretary of War Patrick J. Hurley is chairman.
Asked by Senator Robinson of Arkansas, of the Commission, if he
thought the government's finance plans in the World War had been sound,
Mr. Meyer replied.
"I feel that the United States has nothing to be ashamed of and a great
deal to be proud of in connection with financing the war. While there
was some criticism of interest rates being too low, it seemed to me then
that this was right and that theory had been justified by time."
He admitted that the Liberty Loan interest rates were "artificial, of
course," in comparison with prevailing money rates in 1918, and declared
that the War Finance Corporation conducted its business of allotting
about $900,000,000 in loans to private industries with "no profit and no
loss."
Stresses Industrial Cooperation.
Asserting that future uncertainties would make anything more than
the most general wartime plans probably futile in the face of an emergency, he emphasized the value of cooperation by industry with the government during the World War, and added:
"Congress would be in session in the event of war and legislation then
could be prepared in detail much more effectively than at a time when
the details could not be anticipated."
He agreed with Secretary Hurley that "the proper method would be
study and revision from year to year of a general plan that could be
submitted to Congress when needed."
Mr. Meyer placed such an eventuality in the distant future because,
he said, "one great lesson learned in the World War was that war is a
profitless operation for all peoples."
No Planning of Future War Finance.
In a prepared statement Mr. Meyer said that finance was not the "controlling factor" in war and that its details could not be prepared in
advance because they would "depend upon the kind and scope of the
war and the economic, social and political conditions of the nation
involved."
The successful solution of war finance problems, he added, depended
upon "the men available to operate the financial agencies."
One of the most important lessons from the World War, he concluded,
was "that the known and certain needs of war should not be confused
with the unknown and uncertain problems of succeeding peace times, for
otherwise the efficient prosecution of the war is handicapped and the permanent problems of peace are complicated."
Government Operation Opposed.
Other witnesses today were A. H. Griswold, vice president of the
International Telephone and Telegraph Company, a wartime colonel in
the Signal Corps, and Charles B. Robbins, chairman of the national
defense committee of the American Legion and former Assistant Secretary
of War.
Mr. Griswold strongly opposed proposals that the government should
conscript industry, capital and labor in wartime, as it does soldiers. He
favored wartime regulation of industries, which would be left under the
management of their peacetime operators.
Mr. Robbins said that his Legion committee was opposed to governmental control of labor and business and suggested study of the formation of a wartime civilian superboard, similar to the old War Industries
Board, but coordinating all wartime activities.
New U. S. Treasury Bonds Listed on New York Stock
Exchange.
The Committee on Publicity of the New York Stock
Exchange announced on March 16 the admission to the
list of the new issue of the $594,193,650 3%% United
States Treasury Bonds of 1941-1943. This issue was referred to in these columns March 7, pages 1724-1725, and
March 14, page 1916. With regard to the initial trading in
the bonds the New York "Times" of March 17 said:
Reflecting the fact that the new issue of Treasury 3ai% bonds were
oversubscribed by the holders of the called 31is (Treasury notes) initial
dealings in the former issue on the Stock Exchange were done at a premium
of 1 ai points. The opening price was 101 16-32, the low point of the day,
and the final price of the day was 2-32 point higher, or the top. As a matter
of fact, this issue had been traded in the over-the-counter market with
the premium at one time ruling a shade higher than the best price touched
yesterday. Dealings in this issue and in the balance of the government
a
bond list were comparatively quiet yesterday. aa aartaaa.la OaP ya WANE
Secretary Mellon Announces That Approximately
$500,000,000 Will Be Required by April 11 To Meet
Soldier Bonus Requirements.
-Gen. Frank F. Hines,
Based on advices from Brig.
Administrator of Veterans Affairs, Secretary of the Treasury
Mellon announced on March 17, that "it appears, for
the purpose of making loans applied for up to March 14,
the Treasury Department will be called upon to furnish
approximately $500,000,000 by April 11, including the
$100,000,000, more or less, loaned since the new law went
into effect." Gen. Hines' letter to Secretary Mellon, indicating the extent to which loans were being sought by
World War veterans, under the so-called soldiers' bonus
legislation (referred to in these columns, Feb. 28, page 1528,
and March 7, page 1728) stated that 1,372,006 applications
had been received up to March 14 1931, and that the total
checks issued amounted to $104,035,166. "On this basis,"
he said, "I estimate that the administration will require
from the Department for the purpose of making these additional loans, approximately $90,000,000 during the week
In response to inquiries as to the immediate cash requirements of the
Veterans' Bureau for adjusted service certificate loans, Secretary of the
Treasury Mellon made public the following letter received from Gen. Hines:
"In compliance with your request I have the honor to submit the following information and data in regard to the effect of the recent amendment
to the World War Adjusted Compensation Act."
From the date of the enactment increasing the loan value on adjusted
service certificates to 50% of the face value there had been received by the
Bureau up to March 14 1931, 1,372,006 applications for the additional
benefits granted: of this number, 282,874 had been disposed of by the
action of granting the loan and dispatching the checks. The total value of
the checks so issued amounted to $104,035,366.24, the checks averaging
$367.78 a piece. On this basis I estimate that the Administration will
require from your Department for the purpose of making these additional
loans. approximately $90.000,000 during the week ending March 21. and
$100,000,000 during each of the ensuing three weeks.
The amount which will be required following this period is problematical
as it is manifestly quite impossible to make an estimate of any degree of
accuracy as to the number of applications which will be received in the
future. However, I believe that my original prediction that 75% of the
veterans would avail themselves of the privileges of the amendatory legislation will prove to be reasonably close to the actual experience. On such a
basis the'IWasury will be called upon to finance additional loans under the
amendment to an amount approximating $1,000.000,000."
It appearsfrom this letter that for the purpose of making the loans applied
for up to March 14 the Treasury Department will be called upon to furnish
approximately $500,000.000 by April 11. including the $100,000.000 more
or less loaned since the new law went into effect.
Brig.
-Gen. Hines' Report, to President Hoover on
Applications For Loans by World War Veterans.
On March 13, President Hoover was informed by BrigGen. Frank T. Hines, Administrator of Veterans' Affairs,
that nearly 1,000,000 apphcat.ons from World War veterans
for loans on their adjusted compensation certificates were
received by the Veterans' Bureau in the first week after the
veterans' loan increase bill became law, or up to the close of
business March 7. We quote from the "United States Daily"
of March 14, from which the following is also taken:
A statement made public by Gen. Hines at the White House follows in
full text:
Brig. Gen. Frank T. Hines, Administrator of Veterans' Affairs, reported
to President Hoover to-day (March 13) that the Veterans' Bureau had
exceeded all expectations in the dispatch with which it has handled applications and issued checks for loans on adjusted compensation certificates,
since the enactment of the amendment authorizing immediate loans up to
50% of the face value of the certificates.
Increase Expected in Output.
Within the first week—up to close of business March 7. the Bureau had
received 966,793 applications for loans and had mailed 105,766 checks,
totalling $40,358,811.79, leaving a load of 861,027 applications to be
acted upon. It is anticipated, however, the Administrator told the President, that the output will increase at least 50% this week, and will shortly
reach a peak of at least 200,000 per week, materially bettering the Bureau's
previous estimates of the time which would be required to handle tl e load.
Gen. Hines attributed much of this accomplishment to the fact that the
Bureau promptly made all arrangements to meet demands for loans by
"putting its house in order" and generally clearing the decks for immediate
action. The Administrator explained that it was not practicable to attempt
to augment the personnel more rapidly than they could be trained to a
point of efficiency, as the adjustment of many accounts is decidedly complex, and requires expert and accurate handling. Nevertheless, nearly
1,200 additional clerks already have been assigned to this particular work
and this new force is becoming more proficient every day.
Expedition Given Emergency Cases.
Cases showing emergency or urgent need are given definite priority over
all others in an earnest endeavor to provide relief where most needed as
promptly as possible, General Hines stated, but this necessarily slows up
action on the mass of regular applications and the Administrator again
emphasized the desirability of veterans applying for their loans only in
case of actual necessity and in doing so they should apply in their own communities or by mail to the Bureau and then wait a reasonable length of time
to receive them before writing or phoning to the Bureau to "follow-up"
on their cases. "Every time a veteran writes or phones to the Bureau
about his account and requests a report on it, he simply delays and impedes
its adjustment." the General said, explaining that in order to reply to an
inquiry, the file must be secured, and while it is out of its place and action
on it is necessarily at a standstill, hundreds of others keep moving ahead
of it, inevitably creating the very delay the veterans seeks to avoid.
'The Veterans' Bureau is doing a big job," declared the Administrator,
"and it is doing it well, but it can invoke neither magic nor miracle and I
hope the veterans will appreciate the tremendousness of its task and not
hamper it by unreasonable demands: their co-operation in this way will
materially facilitate the administration of veteran relief in general and of the
so-called bonus loans in particular."
President Hoover Leaves Washington for Trip to Porto
Rico and Virgin Islands.
On Wednesday night March 18 President Hoover, accompanied by Secretary of War Hurley and Secretary of
the Interior Wilbur left Washington by train for Norfolk
where, on March 19, he boarded the reconditioned battleship Arizona for a visit to Porto Rico and the Virgin
Islands. Announcement of the proposed trip was made
in a White House statement issued as follows on March
14:
To secure a short rest and to settle certain administrative problems regarding American possessions in the Caribbean, President Hoover will go
to Porto Rico and probably to the Virgin Islands next week on the reconditioned battleship Arizona, which is undertaking its ten-day test run at
MAR. 21 1931.]
FINANCIAL CHRONICLE
2119
sea. Announcement of the voyage was made by the White House late
upon wires which are used as filtering mediums on papertoday.
This will be the first vacation of the President since assuming office, making machines. These changes will become effective
with the exception of a seven-day fishing trip to Florida something more April 15. In part, the New York "Journal of Commerce,"
than a year ago. The trial run of the Arizona to the Caribbean was
from which we quote, also said:
scheduled to start March 15. The journey will give the President an
Presidential action was taken upon reports to the White House made
opportunity to confer with Governor Roosevelt at Porto Rico.
On the return voyage the President will stop off at the Virgin Islands, by the Tariff Commission. Additional reports were presented upon
smokers' articles to which the Tariff Commission made no recommendathe jurisdiction of which has been recently transferred by the President's
order from the Navy to the Department of the Interior. The Arizona tions as to the duties and therefore no changes in the rates were made.
will sail from Norfolk. The exact date of departure will be announced
Follows Suggestions at Conferences.
later. The President will travel from Washington to Norfolk by train and
These changes follow closely upon the recent conferences in Washington
will be away from Washington about ten days.
of the Democratic National Committee and toe Progressives, at each of
Mrs. Hoover did not accompany the President, planning which there was discussion of the tariff. It was advocated at the fbrmer
at the latter that "a scientific
instead, a visit to her son, Herbert Hoover, Jr., who is and demanded tariff rates and administrative revision should be had of
various import
clauses, with a view to the
recuperating at Asheville, N. C.
maintenance of fair and wholesome competition, more liberal commerce
with other nations, restored confidence and reawakened prosperity."
The action taken with respect to wool-felt hats is considered in WashPresident Hoover to Deliver Eight Speeches Within
ington to be directly in line with these demands, for the ad valorem rate
Of 75% on such hat bodies is reduced to 55% and the added specific duty
Next Three Months.
Of 25c.
finished hats
No change
President Hoover announced on March 14 the most ex- 40c. pereach onrats applicableis cut to 123.c. as a duty is made in the
pound
to all such hats
compensating for
tensive speaking program since he entered the White the tariff on raw wool. On the occasion of the discus.sion of the wool-felt
hat rate in the Senate the Democratic-Progressive coalition was successful
House, said the New York "Herald Tribune" in a Wash- in
battering down
rate to 50% ad valorem as the protective duty, but
ington dispatch March 14, which in indicating his pro- the higher rate of the ad valorem wasrestored by the conferees and
retained
75%
when the Republican leadership broke up the effective coalition by resort
gram said:
In the next three months he is to make eight speeches and nine public to concessions.
In committees of the House and Senate and In the Senate itself this
appearances, to say nothing of a possible transcontinental trip to his home
particular duty was the subject of much discussion and it was changed
in Palo Alto, Calif., and return.
Announced at the height of a political attack on the Administration by around several times before the Hawley-Smoot measure finally was adopted.
Democrats and "progressives," the schedule was widely regarded as part Under the preceding law, the Fordney-McCumber Act, the rate of duty
of a Republican move to meet this challenge. Administration officials dis- varied according to the unit value, but most of the imports were valued
couraged this interpretation, though conceding that the program offered an at not over $2 per pound, bearing a rate of 24c. per pound and 40% ad
excellent opportunity for the President to express his political philosophy valorem. . . .
73c. Cost Differential.
in the light of current conditions.
It was the finding of the Commission that the total domestic cost of wool
In the addresses the President is expected to give what may constitute
felt hat body production and delivery in New York was $2.54 per pound,
in the aggregate his own estimate of the accomplishments of the first half
compared with similar cost to the Italian producer of $1.41 per pound.
of his administration, as well as his aims for the future.
The Presidential speaking calendar as made public at the White House Against this difference of $1.13 per pound there is the compensatory wool
rate duty of 40c., leaving 73c. per pound as the excess of domestic costs to
follows:
be equalized by an ad valorem duty. The dutiable value of imported
April 13—American Red Cross in Washington.
hats is $1.34 per pound.
April 14—Pan-American Day, Pan-American Union, Washington.
The edible gelatin investigation was instituted in response to an appliMay 4—International Chamber of Commerce, Washington.
cation from the New York agent of the Delft Gelatin Works in the NetherMay 21—Fiftieth anniversary of the Red Cross, Washington.
lands, which is the principal foreign producer of edible gelatin supplying
May 30—Memorial Day, Valley Forge, Fa.
the United States market. The Commission had previously investigated
June 15—Republican Editorial Association, Indianapolis, Ind.
this commodity under the Tariff Act of 1922, but no report on this investiJune 16—Dedication of Harding Memorial, Marion, Ohio.
gation had been made prior to the enactment of the Tariff Act of 1930. in
June 17—Dedication of Lincoln Memorial, Springfield, Ill.
which the specific rate of duty on gelatin, valued at less than 40e. per pound,
In addition to these engagements, the President is to review veterans was
increased from 314c. to Sc. per pound, the ad valorem rate of 20%
of the Grand Army of the Republic at their reunion June 16 in Columbus, remaining
the same as in the Act of 1922. The Commission found that
Ohio. He is expected to make this visit following his dedication of the on edible
gelatin valued at less than 40c. per pound the duty should be
Harding Memorial.
reduced to 5c. per pound, plus 12% ad valorem, in order to equalize proThe subjects of the President's addresses remain to be announced.
duction costs. No change is recommended for edible gelatin valued at
40c. or more per pound.
Theodore G. Joslin Named as Secretary to President
Hoover Succeeding George Akerson Resigned.
It was announced at Washington on March 16 that Theodore G. Joslin, Washington correspondent of the Boston
"Evening Transcript," has been appointed as Secretary
to President Hoover, succeeding George Akerson, whose
proposed resignation as Secretary to the President was noted
in these columns Jan. 10, page 221. Mr. Joslin was sworn
into his new post on March 17. From the Washington
account to the New York "Times" March 16 we take the
following:
Wire Rate Raised to 75%•
The rate of duty on fourdrinier wires under the Hawley-Smoot Act is
50%, and this rate has, in accordance with the Commission's report, been
increased by Presidential proclamation to 75%. Similar action is taken
with respect to cylinder wires above 55 mesh and on woven wire cloth suitable for use in the manufacture of fourdrinier and cylinder wires, if having
more than 55 meshes per lineal inch. This increase, the Commission said,
corresponds to the difference in costs of production found to exist between
Germany and the United States. No finding with respect to cylinder wires
and woven wire cloth having not more than 55 meshes per lineal inch is
made. The investigation was made at the direction of the Senate.
Fourdrinier wires are generally used in the production of the finer grades
Of paper, such as tissue, newsprint and book paper. Cylinder wires are
largely used in the production of pasteboard, wrapping paper and similarly
relatively coarse products.
Mr. Joslin is one of the outstanding correspondents here, writing not
The Commission investigated smokers' articles dutiable at Sc. each and
only for his paper but contributing articles on politics to''World's Work." 60% under paragraph 1552 in compliance with a Senate resolution. Of the
Born in Leominster, Mass., in 1890. he began Ills newspaper career upon smokers' articles dutiable
at these rates briarwood pipes are the most
graduation from high school In 1908 with The Associated Press, serving important. Imports of briarwood pipes come principally from France.
successively as office boy, telephone operator, manifolder,"pony" editor, The diversity in styles and grades of briarwood pipes made it necessary
and Rhode Island correspondent, until 1913, when he joined the staff for the Commission to base its cost comparisons on pipes intended to sell,
of the Boston "Transcript."
in certain retail price groups, namely, 25c., 50e. and $1 each, which
Before becoming political writer for the "Transcript," Mr. Joann covered groups constitute the great bulk of both
the imports and domestic proa number of outstanding "spot" stories, notably the Salem fire and the duction. As a result of this cost comparison, the Commission finds that
sinking of the Titanic. He was assigned to the Washington Bureau no change in the present rate of duty
on briarwood pipes is warranted.
of the "Transcript" in 1916 and nine years later became Its chief correspondent. He has covered every Democratic and Republlean National
Convention since and is regarded as one of the capital's leading authorities Special Session of Senate Urged Upon President Hoover
on National politics sod political trends.
to Ratify World Court Protocols.
Arthur A. Ballantine Assumes Office as Assistant
Secretary of the Treasury.
The oath of office was administered in Washington on
March 17 to Arthur A. Ballantine, recently appointed
Assistant Secretary of the Treasury, succeeding Walter E.
Hope, resigned. As stated in our issue of Feb. 28, page
1532, Mr. Ballantine will have charge of internal revenue
and other fiscal affairs in the Treasury Department.
President Hoover Cuts Tariff on Wool Felt Hats—
Changes Two Others—Ad Valorem Rate Reduced
to 55% Specific Duty to 123'c.—Levy Also Is
Lowered on Edible Gelatin—Rate on Fourdrinier
Wires Raised 25%.
Downward revision of the tariff duties on wool-felt hats
and hat bodies and the cheaper grades of edible gelatin
were ordered made on March 16 in proclamations by President Hoover under the flexible provisions of the HawleySmoot law. At the same time increased duties were ordered
The calling of a special session of the Senate in November to ratify the World Court protocols was urged upon
President Hoover, on Mar. 12, by a delegation from the
National World Court Committee, headed by Major-General
John F. O'Ryan, Chairman of the Committee and commander of the Twenty-seventh Division of the American
Expeditionary Force. The New York "Herald Tribune",
reporting this from Washington, Mar. 12, also said:
The delegates told the President that prompt adherence to the Court would
have a stabilizing influence in international economic and political affairs.
It would strengthen the Court and pave the way to the success of the
general disarmament conference in February 1932, they said. The delegation represented 57 national organizations concerned with the control of war.
In the principal plea to the President, General O'Ryan pointed out that
to delay consideration of the World Court until the opening of the next
session would probably result in distractions and more postponements.
He said:
"Specifically, we are here to request the President to convene the Senate in
November of this year for the sole purpose of acting without distraction upon
the World Court protocols, and the basis for that petition we express as follows.
I', 'Throughout the world there is economic distress everywhere. and these unhappy
conditions are largely to be traced to the consequences of the last war. The mere
suggestion of another war Is creating business dismay in every country. It is retarding the restoration of normal conditions. Capital fears to make investment
under conditions which threaten a recurrence of the destructive processes of the
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FINANCIAL CHRONICLE
[VOL. 132.
World War period. It Is our conviction that this instability is traceable substantially they have shown great patience and loyalty. Surely, they were entitled to
to the uncertainty of the attitude of the United States in regard to membership In the help and assistance whicn the plan embodied in the Wagner bill would
the World Court.
have afforded them. They now find themselves in a most hopeless and helpSession Sought In November.
less condition.
"The World Disarmament Conference is to meet on Feb. 2 1932, and the attitude
its success or failure.
of the United States at that conference may largely determine
We believe that not later than November preceding the conference the Senate
Dr. Paul M. Pearson Inaugurated as Governor of
should have undistracted opportunity to ratify the World Court protocols as a
pledge of its sincere purpose to promote the cause of world peace and fulfill the
Virgin Islands.
obligation undertaken by the ratification of the Briand-Kellogg peace pact. We
believe such action may be considered as essential for the creation in the disarmament
Dr. Paul M. Pearson, whose appointment as Governor
conference of the necessary atmosphere of mutual confidence and friendly cooperation."
of the Virgin Islands was referred to in these columns
The delegation included, in addition to General O'Ryan:
Feb. 21, page 1352 and March 7, page 1730, was inauguProfessor Philip O. Jessup, of Columbia University.
rated as Governor on March 18, when the Islands passed
James G. MacDonald, Chairman of the Foreign Policy Association.
Rabbi Max Currick, Chairman of the International Peace Committee of from naval to civil administration. Associated Press acthe Central Conference of American Rabbis.,
counts from St. Thomas (Virgin Islands) on March 18
Alvin C. Goddard, Executive Secretary of the World Peace Commission
stated that Captain Waldo Evans, retiring Governor,
of the Methodist Episcopal Church.
Everett Colby, Cbairman of the Executive Committee of the National turned over his post to Dr. Pearson before one of the
World Court Committee.
largest throngs assembled since the Islands passed from
Mrs. William S. Hull, Vice-Chairman Friends' Service Committee.
Danish rule to the possession of the United States in
Council of Jewish Women.
Mrs. Mark Lansburgh, National
Pearson, acRuth Morgan, Chairman of the Department of International Co-operation 1917. With his induction as Governor Dr.
of the National League of Women Voters.
cording to advices to the New York "Times," said:
Mrs. Laura Puffer Morgan, Associate Secretary of the National Council
"I am deeply impressed with the generous expressions of confidence
for Prevention of War.
from the people of the Virgin Islands to whom I must look for whatever
Holyoke College.
Mary E. Woolley, President of Mount
success is possible. I trust that all the people of the Virgin Islands may
Mrs. James Lees Laidlaw, Chairman of the Political Committee, New find reason to give support to such plans as may be worked out looking
York State League of Nations Association.
toward an ultimate happy solution of the serious problems which confront
Father R. A. M'Gowan, of Washington.
us.
"It may be small comfort to remind ourselves that the critical economic
Fred B. Smith, moderator of the National Council of Congregational
problems confronting the Virgin Islands for immediate solution are such
Churches.
of the Federal Council of Churches of
The Rev. Walter IV. Van Kirk,
as confront the peoples in many parts of the world today, and that ours
are, in part, connected with present world problems.
Christ in America.
"You know these problems as well or better than I. It would be easy
The President, it was reported, gave them a sympathetic audience.
enough to outline a promising program, but that would probably amount
only to gestures and rhetoric.'
President Green of American Federation of Labor says
"We must chart our course through the counsel of those of you who
Reasons Given by President Hoover for Veto of know conditions and are willing to help improve them.
"Increased funds are provided for a number of projects that seem to be
Wagner Bill Establishing National Employment
of basic importance to the domestic welfare of the islands, the increase of
System Are Unconvincing.
harbor activities and the encouragement of tourist travel.
"Agriculture is the principal natural Cutlet for the industrial energies
Declaring that the refusal of President Hoover to approve
of the people and under proper direction can be made profitable. Diversithe Wagner bill for the establishment of a National employ- fication of crops and improvement in the bay rum and sugar cane indusment system "is regarded as a direct and severe blow to tries appear to offer the best sources for increased revenue. Good roads
working people in the industrial sections of our country who are needed to encourage the further development of agriculture and promote
intercourse in the Virgin Islands.
are unemployed and forced to seek work," William Green, social cannot change conditions over night. Only through gradual
"We
of Labor states that growth can a greater and better Virgin Islands come. The individuals
President of the American Federation
willing to
the reasons given by the President in vetoing the bill are must be industrious, intelligent, ambitious, moral andautonomy." cooperate
order to achieve economic sufficiency and political
and unacceptable." The veto of the legis- in He told the people that Secretary Wilbur indicated in broad terms the
"unconvincing
lation by the President was referred to in these columns generous purposes which the Federal Government has toward the Virgin
Mar. 14, pages 1919-1921. Mr. Green's statement, made at Islands.
The work of the naval administration was worthy of praise, he said,
Washington Mar. 10, follows:
declaring that it especially had been interested in the well being of the
The working people of the United States are deeply disappointed over people of the Virgin Islands. Of primary importance was the opportunity
the President's veto of the Wagner employment exchange bill. The reasons for a livelihood and comfortable living conditions to go with it, he said.
offered for the exercise of the Presidential veto are unconvincing and un"It should be our contribution to extend to them the advantages of good
acceptable. Because of the deep interest which labor had in this measure health, education and economic independence. This will go a long way
the refusal of the President to approve it is regarded as a direct and severe toward establishing autcnomy, which I believe should be given as quickly
blow to working people in the industrial sections of our country woo are as possible to the people of the Virgin Islands."
to discuss plans
unemployed and are forced to seek work.
Dr. Pearson will be available at all times to the people
Labor concentrated its efforts in support of the Wagner bill, and after to benefit the islands.
three years of constant effort finally prevailed upon Congress to enact
"In the beginning of my administration," he said, "let me assure you
the measure into law. Congress voted in favor of the measure by a most that I come with the utmost good-will toward the people of the Virgin
majority, but the President nullified this commendable action Islands. I hope to have your good-will in equal measure. Without
decisive
through the exercise of the Presidential veto.
mutual good-will we can accomplish little. We have a common objective.
The Federal Government agencies which have existed have failed utterly. Working together should attain it. Our common interest is the ultimate
of workers who,
Very little, if any help has been extended to millions
good of the Virgin Islands."
during the past ten years, have been displaced through the introduction of
mechanical devices. Men and women who not only suffered from unemployment but suffered, in addition, from a destruction of skill and
Leaders
training acquired through a lifetime of service have been forced to seek Conference in Washington of Progressive
employment without the aid or help of society or the Government.
Advocates Extra Session of Congress to Remedy
The failure of the Federal Government to assist in this tragic situation
Unemployment and Business Conditions—Senator
has been notorious. Now, when an aroused public opinion supported a
Borah Renews Demand for Farm Debenture Propractical, constructive employment exchange bill and the Congress of the
United States enacted it into law and, as a result, hope was revived in the
posal.
hearts of the unemployed and their friends. the President vetoes the bill
A conference of progressive leaders, held in Washington
and, in doing so, advises labor that the Federal Employment Service,
which has long been an admitted failure and which has rendreed practically on March 11 and 12, called by three Republican and two
no service, is to be continued and is to be the only Federal assistance which
Democratic Senators, ended with the adoption of a series
the unemployed workers can have or expect.
One objection to the Wagner employment exchange bill raised by the of resolutions, the most outstanding of which, says the New
President when he exercised his veto was with reference to the co-operation
"Times", called for a study of the business depression
of the Federal Government with State agencies. It is difficult to reconcile York
and unemployment, and, if conditions do not improve, for
this objection with stern facts.
The record shows that tne Federal Government makes contributions
an extra session of Congress to enact legislation to prevent
to the States for the support of agricultural colleges, experimental stations,
from
agricultural extension work, vocational education and rehabilitation, high- economic chaos and starvation. The "Times" dispatch
ways, the National Guard and a number of other worthy public projects. Washington on March 12 went on to say in part:
Last year the Federal Government appropriated more than $230,000.000
"It is the consensus of opinion," declared the resolutions, "that without
to assist the States in carrying forward these commendable enterprises,
use of the resources at the command of Federal, State and local
but when a proposal is made that the Federal Government co-operate with the full
it is impossible to meet the problems of the present eenerthe States in the development of a practical, constructive employment Governments,
exchange plan with an appropriation of $1,700,000, labor is told that the gencey."
The resolutions were much milder than expected. The alleged failure
principal reason for disapproval of the Wagner unemployment bill is the
leadership to meet conditions of distress was
President's opposition to appropriations by the Federal Government for of industrial and political
condemned and criticism was directed against the Hoover Administration
the purpose of assisting the States.
shown lack of efficiency in handling a great
It seems contradictory, indeed, when $230,000,090 can be appropriated on the ground that it had
for agricultural colleges and other worthy projects covered by the States, crisis, but there was no condemnation in severe terms.
It was apparent, however, and the conference was so informed, that the
but not one penny can be appropriated to assist labor through the establishLeft Wing Democrats and Republicans in Congress intended to utilize their
ment of well-equipped, serviceable, practical unemployment exchanges.
The facts are that the plan proposed in the Wagner bill would have balance of power to press for legislation to carry out the conference's
developed co-ordination between the Federal Government and the States conclusions.
In the creation and maintenance of employment exchanges. Duplication
Resolutions Cover Wide Range.
of service and effort would have been avoided. The highest and best service
The resolutions, besides the expressions on unemployment and industrial
agency.
obtainable would have been secured through such an
stabilization, proposed changes in the primary election laws to forbid "the
Working men and women, whether employed or unemployed, have
and corrupt use of money," the adoption of the "lame duck"
been bitterly disappointed over the exercise of the Presidential veto. excessive
the Constitution, condemnation of the Hawley-Smoot tariff,
The unemployed, particularly, will feel that the Government has failed amendment to
rules of the House of Representatives, repeal of the wartime
them. In the midst of most trying and distressing unemployment situations revision of the
MAR. 211931.]
FINANCIAL CHRONICLE
espionage act with restoration to citizenship of those convicted under it,
and changes in the immigration laws.
No resolutions were presented with reference to the agricultural situation
and the public utilities issue, but it was announced that these questions
would be studied by the conference committee with a view to proposing
legislation when Congress assembles in December.
Throughout the two sessions held to-day there was continual reiteration
of the sentiment that industrial financial and political leadership had failed
to take adequate measures to meet the business depression.
Senator George IV. Norris of Nebraska, head of the Republican insurgents
In Congress, and chief proponent of the conference, called for "another
Roosevelt in the White House," but explained quickly that he did not refer
to the present Governor of New York.
President Hoover was pictured by Senator Norris as aligned with the
"power trust," while other speakers made direct or indirect references to
him as having failed to visualize the suffering that the depression has produced. A progressive Congress could make no progress, Senator Norris
declared, while "the engineer is still in the White House."
What political currents will flow from the conferences is not clear. In
their call, the five Senatorial sponsors excluded discussion of the formation
of a third party and the controversial prohibition question, and succeeded
in preventing them from being brought forward in any prominent way.
Speakers declared that there was no purpose of starting a new liberal
party or to advance the candidacy of any aspirant for President.
Unemployment Insurance Waits.
While many of those who spoke maintained that unemployment insurance
should be a necessary consequence of the present distress, the conference
left any recommendations concerning that subject to one of the committees
which will lay their conclusions before Congress.
Among the recommendations was one that members of the Cabinet should
appear before Congress to answer questions and furnish information. An
anti-injunction law was called for. A proposal for methods for abolishing
the Electoral College was included.
Foreign affairs, including recognition of Soviet Russia, also were excluded
from the agenda, but at one of to-day's sessions President William Green
of the American Federation of Labor declared his organization was opposed
to recognition. This brought some murmurs of dissent, but there was a
good deal of handclapping.
Senator Norris, dramatizing the water power situation this afternoon,
declared that the progressives could accomplish little unless there was a
progressive President. . .
Tells How Detroit Tackled Relief.
Judging by the attention and applause attending his story of how Detroit
handled an intensive unemployment situation, Mayor Murphy made the hit
of the morning session.
He told how, with 150,000 people out of work, heroic measures of relief
were necessary.
The Federal Government, he said, had drowsed its opportunities, and the
State Government did nothing. So Detroit undertook to handle the problem.
People of all classes were called into council and the first result was to
register the unemployed. Five hundred volunteers were called for and
5,000 responded. In one week 96,000 unemployed were registered, and of
these, 12,000 were in need of immediate help. An employment bureau was
set up and jobs were obtained for 25,000 persons.
Calls for Federal Action.
Those with families of seven or more children came first, then those
having six children, and so on.
"We helped the neediest first," said Mayor Murphy. "We have given
125,000 people clothes. We have given over 2,000,000 meals free. We
have given over 350,000 beds, and to-night in Detroit we have the machinery to provide for 12,000 homeless men."
Mayor Murphy argued that the Federal Government should do its part in
ameliorating conditions of unemployment. The City of Detroit, he said,
was paying $2,000,000 a month for relief, and this money came from
the 300,000 taxpayers of the city and was used to support 45,000 destitute
families, one-third of whom labored in the factories outside the city but
bordering on it.
"I do not mean to suggest for one moment that we are going to quit the
job," he continued. "But I do want to suggest to you that it is inequitable,
that it is unfair, and that it is cowardly, and that the government is not
doing its duty as it ought to do toward the people that it pretends to
govern in this country of ours.
"We believe that there should be a permanent employment bureau set up
in the name of the government in all of our great municipal cities like
Detroit, that this employment bureau should be a co-ordinated effort of
Federal, State and city before the work will be done scientifically, intelligently, without duplication of effort and without waste.
As to Employment Insurance.
"Now, next we believe that there should be Federal help, that it should
be set up in the form of a reserve or by unemployment insurance."
Addressing those who are "doubtful about unemployment insurance," he
said that what they were doing in Detroit was a measure of insurance.
"It is a dole," he said. "It ought to be handled right, set up by the
Federal Government as the contribution of the government, and I hope
when it is done it will be not only soundly written and wisely written, so
that it will appeal to the people of America, but that in addition it will
brighten the whole social question, so that it will properly provide for our
sick who toil as well as our aged who are scrapped."
R. P. Scripps Urges Shorter Day.
Robert P. Scripps, President and editorial director of the Scripps.
Howardnewspapers, said:
"When increased per capita production, on the farm or in the shop,
means not plenty, but unemployment for millions of intelligent and willing
workers, then something is decidedly wrong with the system which permits
this condition.
"The fact is that all over the civilized world, by reason of the application of science, potential per capita production is increasing much more
rapidly than population. My own hunch is that if all of us are to keep
busy and not starve—and if I, and Bob La Follette, and any young
business man you want to name—are going to keep our jobs, that fact
can indicate only one way out.
"First, shorter hours of labor than have ever been dreamed of.
"Second, a much more wide distribution of wealth—through wages or
otherwise—to permit increased luxury consumption, and increased luxury
employment.
2121
"As I see it, the alternative is the goose step, one way or another, and
Lenin or Mussolini makes mighty little difference." . . .
Hillman for Unemployment Re.serve.
A universal unemployment reserve was advocated by Sidney Hillman of
New York, President of the Amalgamated Clothing IVorkers of America.
Based on 5% of the wages of the workers, such a reserve, he said, "would
make available considerably more than $2,000,000,000," a figure that he
described as standing in striking contrast to the total expenditures for
unemployment from all public and private agencies.
"The powerful leaders of American industry have shirked their duty,"
he said. "It is now the task of the Government to step in and through
legislative action enforce this policy at once in order to save the country
from drifting into further chaos."
D. B. Robertson, President of the Brotherhood of Locomotive Firemen
and Enginemen, said that even in prosperous times from 10 to 15% of his
men were unemployed, and to-day 35,000 of them were walking the streets.
Their average pay for their hazardous work was $35 per week. In the
last nine years there had been a total reduction of 350,000 in railroad
employment, and this number did not include those working on part time.
He advocated shorter hours.
At the conference on Mar. 11 Senator Borah renewed the
demand for a farm debenture, saying, in part:
"In 1928 both the political parties recognized and declared that the
most imminent problem before the American people was the agricultural
problem and how to deal with it and solve it. Both recognized the fact
that agriculture was on a basis of inequality with other •factors of the
national community, and both were pledged, if put in power, to
remedy it. . . .
"Two years have passed. I do not think it unfair—I believe it is in
accordance with the fact—that in that two years no permanent step has
been taken to place the agricultural industry on an equality with other
industries. In saying that, I do not forget the Farm Board and the efforts
the Farm Board has put forth to solve the problem; but in my humble
judgment, the Farm Board has failed. I believe it had to fail, not as an
expedient to deal with temporary conditions, but in the Farm Board it
seemed there was no permanent policy. It was not adapted to deal with
a permanent problem, and the remedy of that permanent problem is yet,
in my judgment, to be devised. It is for that reason we are calling your
attention and the attention of the country to the fact that some of us
believe he problem still is before us, calling for the intellectual power and
the patriotism of the leaders of this country. . . .
"We thought in 1928—both parties—that there was a solution. I still
think there is. You certainly do not desire to see the American farmer
pass to the stage of the peasant, where he is in so many countries of the
world. There must be some remedy. I am not vain enough to suppose
that I can advise you this afternoon what that remedy it, but there are
some features I wish to submit for your consideration.
"Different remedies have been proposed. As you perhaps know, I have
been an advocate of the debenture system. I do not claim it is a panacea
for all the troubles that afflict the farmer, but I do say that as long as
the farmer lives under the protective tariff system, so long as he is a
producer who sells in the foreign market, there must be some method by
which he enjoys the benefits of the protective system.
"Alexander Hamilton, one of the two greatest Secretaries of the Treasury
we ever had—I might have been referring to Albert Gallatin. But Alexander
Hamilton, in formulating the protective system, recognized the fact that
the producer of agricultural products being sold in foreign markets was
producing at a disadvantage under that system, and he proposed as a
remedy for equalizing the burden to the farmer that which is known as
the 'bounty' or 'debenture.' But the farmers say they do not want a
bounty, and they do not like a bounty. Farmers tell me they don't want a
bounty, and I admire their pride. But, Mr. Farmer, you are living under
a bounty system. The protective tariff is a bounty.
"Let me illustrate: Suppose we are letting steel products come into this
country on a tariff-for-revenue basis only. Let us suppose we collect a
certain amount of revenue under that system, but we come to the conclusion
that we will produce our own steel products, and instead of having a tariff
for revenue, we put on a protective tariff, which prevents the importation
of steel products and the Treasury foregoes the collection of that tariff,
because the product does not come in. Suppose we should collect $500,000
for tariff-for-revenue, and under a protective tariff we would collect
$150,000 or $250,000, and we would then forego the collection of the
balance, because we want to produce our own product. Who gets the
benefit of that $250,000? The producers of the steel product, who can
sell that product at a higher price and realize more from it, which they
collect from the users of the United States.
"With the debenture we propose to say that when agriculture ships its
product abroad it will issue a debenture of 21e. a bushel, and we will say
that will be utilized for taking up import duties for cash. In that way we
figure the collection of import duties for the benefit of the farmer. That
is to enable the American farmer to live and have a better price for his
product. I venture to say there is no difference in principle between the
protective tariff for manufactured goods and the debenture for the
American farmer.
"My friends, as I understand, this is an open, frank discussion of this
question. I do not want to take more of your time. I hope we will have a
discussion full and frank; but one thing I want to say lest I forget it later.
When we adjourn, let's not stop discussing this question.
"The tragedy of this question, in my judgment, is that the Congress of
the United States must go home and remain there with these questions
up for solution and no one to deal with them. Because, under our system
of government, we still have to legislate through the Congress. But if the
Congress is not in session let us go out and build up public opinion. Let
us discuss it with those who are in immediate contact with the problem
itself. Let us come back here, if possible, next December, with a well
organized public opinion behind our program.
"We have been told the business of the country would be disturbed if we
remain. Let me say I think that business is making a mistake. The higher
the dam and the greater the impact, the greater will be the overflow when
the dam breaks. These questions involve the physical and moral well
being of millions of people. It is the business of government to deal with
them and we should be here dealing with them; but if we are not, let us
deal with them and come back here with our program in December."
The invitations for participation in the conference were
signed by Senator Norris (Neb.) as Chairman, and Senators Costigan (Colo.), Cutting (N. M.), La Follette (Wis.),
and Wheeler (Mont.).
2122
FINANCIAL CHRONICLE
[VoL. 132.
"Investment Counsel Service by Trust Companies." Raymond H. Trott,
Southern Trust Conference to be Held at Charleston Vice
-President Rhode Island Hospital Trust Co., Providence, Rhode
April 17-18—Growth of Trust Banking in South.
Island.
"Drafting Wills and Trusts to Save Taxes," J. J. Robinson, Tax Counsel,
R. Goodwin Rhett, Chairman of the board, Peoples State
Chicago Title & Trust Co.. Chicago.
Bank of South Carolina, Charleston, and Chairman of the
"Some Economic Aspects of Trust Company Service," Irving Fisher,
Southern Trust Con- Professor of Economics, Yale University, New Haven, Connecticut.
General Committee of the Fourth
Copies of the proceedings may be obtained for $1.50 each
ference, which will be held in Charleston, April 17 and 18
has announced the following committees to arrange for the from the Trust Company Division, American Bankers
Association, 110 East 42nd Street, New York City,
meeting:
General Committee: R. Goodwin Rhett, Chairman of the board Peoples
State Bank of South Carolina, Chairman; Angus E.Bird, President Citizens
& Southern National Bank: Henry P. Williams, President Carolina Savings Bank: Arthur Lynah, President Miners and Merchants Bank.
Committee on Arrangements: J. H. McGee, Assistant ViceVresident
and Trust Officer The South Carolina National Bank, Chairman: K. E.
Bristol, Vice-President and Trust Officer Peoples State Bank of South
Carolina; J. E. Schroeder, Vice-President Citizens & Southern National
Bank; Louis T. Parker, Trust Officer Carolina Savings Bank.
Committee on Reception and Registration: Robert P. Edmunds, Jr.,
Chairman, South Carolina National Bank; John C. Simonds, Jr., Assistant
Trust Officer Peoples State Bank of South Carolina; H. C. Strewn Perry,
Assistant Trust Officer Peoples State Bank of South Carolina: C. T. Bendlye. Assistant Cashier Atlantic National Bank: Dallas T. Jones.
Trust company service, the most rapidly expanding field
of banking, is growing in the South at an even greater rate
than for the country as a whole, according to Mr. Rhett.
Methods and policies in the operation of trust companies and
trust departments of banks will be discussed at the coming
conference by representatives of institutions in the 10 States
of Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, Tennessee, North Carolina, South Carolina and
Virginia. Mr. Rhett says:
"The annual survey of the growth of trust business in the United States,
Just completed by the Trust Company Division, shows that in 1930 there
was an increase of 62 % over 1929 in the number of times trust companies
and banks in the South were named executors and trustees under wins.
The rate of increase for the country as a whole in 1930 was 35%.
"The South in 1930 saw a tremendous development in the creation of
living trusts. There was an increase of 79% in the number of living trusts
established in the South in 1930 and an increase of 400% in the volume of
funds represented by this type of trust. For the country as a whole there
was an increase of 44% in number and 67% in volume.
"The rate at which the trust idea is spreading, as indicated by these
figures, is evidence of the steadily growing recognition on the part of the
public of the safety and soundness of the services performed by trust companies and trust departments of banks."
Proceedings Available of Twelfth Mid-Winter Trust
Conference Held in New York Recently.
proceedings of the 12th mid-winter trust conference
The
held in New York recently under the auspices of the Trust
Company Division, American Bankers Association, are now
available. The following addresses are included in this
publication:
"The American Trust Company in 1930," Gilbert T. Stephenson, Vicepresident Equitable Trust Co., Wilmington, Delaware, President Trust
Company Division, American Bankers Association."
"The Philosphy of Trust Advertising," Francis H. Sisson, Vice-President
Guaranty Trust CO., New York City.
"Newspaper Advertising," Charles H. McMahon, Assistant Vice
President The First National Bank, Detroit, Michigan.
Approach," Carl K. Withers, Trust Officer First
-by-Mail
"Direct
Mechanics National Bank, Trenton, New Jersey.
"Other Advertising Media," Allan B. Cook, Vice-President The Guardian
Trust Ce., Cleveland, Ohio.
"Underlying Principles of Trust Solicitation," Fred W. Ellsworth,
Vice-President Hibernia Bank & Trust Co., New Orleans, Louisiana.
"Training Trust Salesmen," Walter Tresckow. Assistant Vice-President
Central IIanover Bank & Trust Co., New York City.
"Support of Trust Salesmen by Executive Officers," Frank Page, VicePresident and Associate Trust Officer Wachovia Bank & Trust Co.,WinstonSalem. North Carolina.
"Valuing and Paying for Trust New Business," Frederick R. Behrends,
Vice-President California Trust Co., Los Angeles.
"The importance of Emphasis Upon Operating Efficiency," Frank W.
Bahr, Chairman of Board Union Guardian Trust Co., Detroit, Michigan.
"Organization of Personnel and Functions of a Trust Department,"
-Pittsburgh
Gwilym A. Price, Vice-President and Trust Officer Peoples
Trust CO., Pittsburgh, Pennsylvania.
Trust and Banking Department Activities," L. H.
"Co-ordination of
Roseberry, Vice-President Security First National Bank, Los Angeles.
"Co-ordination of Trust Department Activities," Maclin F. Smith,
Trust Officer Birmingham Trust & Savings Co., Birmingham, Alabama.
"Equipment for Efficiency," Charles A. Schreyer, Vice-President
Lycoming Trust Co., Williamsport, Pennsylvania.
"Vault Equipment and Control," H. 0. Edmonds, Vice-President The
Northern Trust Co., Chicago, Illinois.
"Essentials of Trust Accounting," Charles H. Plenty, Vice-President
The Hackensack Trust Co., Hackensack, New Jersy.
"Trust Auditing," B. E. Young, Comptroller Commerce Trust Co.,
Kansas City, Missouri.
"Trust Administrative Problems in View of Present Economic Conditions," Lewis E. Pierson, Chairman of Board Irving Trust Co., New
York City.
"Executors' and Trustees' Powers," Louis S. Headley. Vice-President
and Trust Officer First Trust Co., St. Paul, Minnesota.
"Administrative Questions Under Insurance Trusts—Life and Business,"
Andrew J. Davis, Vice-President and General Counsel Provident Mutual
Life Insurance Co., Philadelphia.
"The Need for Further Unification of Trust Laws and Practices,"
Edward J. Fox, President Easton Trust Co.. Easton, Pennsylvania.
"Extending to Trusts the Principle of Mingled Investments," Leroy
MoWhilineY, Vice-President The International Trust Company, Denver,
Colorado.
"Trustee's Responsibility with Regard to Original Investment," Austin
W. Scott, Harvard Law School, Cambridge, Massachusetts.
New Danger Seen by Rome C.Stephenson, President of
American Bankers' Association, in Tendency of
State Unduly Helping Individual Carry Economic
Responsibilities—Before Eastern Regional Savings
Conference Cites Federal Aid in Behalf of Agriculture and Soldier Bonus Agitation as Reflecting
Change in America's National Character—"Unemployment Insurance" Termed Industrial Dole.
In addressing, on Mar. 20, the delegates to the Eastern
Regional Savings Conference, at its luncheon held at the
Hotel Commodore in New York, on Mar. 20. Rome C. Stephenson, President of the American Bankers' Association, declared that "I know of no greater national misfortune that can come to the United States than a weakening of the sense of individual responsibility and eagerness
for economic independence—and such a weakening le bound
to come as a result of agitation to shift the burden for
favored political classes to some form or other of public
doles, or for our laboring masses to some form or other of
corporate dependency or industrial benefice." Mr. Stephenson, who is Vice-President of the St. Joseph County Savings
Bank of South Bend, Ind., delivered his address under the
caption, "Is America's National Character Changing?"
Among the episodes which he cited as consistently reflecting
a new attitude in America—"a new danger" was the agricultural disaster as to which he said "this year the political
opportunists thought the condition of public opinion and
sentiment opportune to carry Federal aid in the agricultural
problem even unto the lengths of a great new system of
doles—even in States which were not reported as making
"
effective efforts of their own to help their own peoples
The agitation for soldier bonus and the original endeavor
of opportunist politicians "to make a favored class of all
World War soldiers" was also commented upon by Mr.
Stephenson, who noted that "fortunately this original plan
was reduced in the heat of public opinion to the more moderate relief measure for needy veterans that was finally
adopted." "In this critical era of confused public thinking,"
said Mr. Stephenson, "the savings banker has perhaps the
highest summons to public duty that has come to him in
the history of his calling. It is yours," he added, "to stimulate and render more dynamic than ever the traditional
mood of our people to work for their personal independence
by the old road of individualized thrift, savings and prudent
investment." In full, Mr. Stephenson's address follows:
The present period has all the appearance of being one of the critically
decisive turning points in American history. Two roads lie ahead. One
road, the old road, carries straight on in line with the fundamental
traditions of American life that have been the dominant influence in this
nation's great destiny. Another road, a new road, seems to lead off to
the ultimate transformation of our national diameter. It leads away
from the sturdy, self-reliant, independent American individualism that has
ever been this nation's proud birthright. It leads toward typical European
personal dependency that has long stunted the social vigor of the masses
in nation after nation of the old world.
A number of great forces have converged upon our people's minds and
spirits to make them waver at these roads. The depression and insecurity
created by our economic mistakes have made men fear—have shaken their
economic confidence. Reckless political opportunism, thriving in the
present-day disorganization of our political partisanship, has been quick to
exploit the discouragement of those in distress. The confusion of our
social viewpoints caused by the enervating warmth of long and easy
prosperity has weakened resistance to adversity. These forces have all
contributed to bringing about an altered attitude in the minds of our
people in respect to that essential quality of self-reliance in American life
which has differentiated this nation's history and achievements from those
of any other nation in the annals of mankind.
This essential quality of individual political and economic responsibility
we have long recognized and revered as a concrete entity inherited from
the tough-fibered characters of our forefathers. It was built into the
nation's social fabric by the circumstances of its origin and development.
It has marked this nation as a people inherently imbued with the spirit of
self-reliant mastery of their own personal economic independence. It has
distinguished this nation from age-old European mass dependence upon
dominant feudal classes or paternalistic governments for their economic
salvation.
Events of recent months, however, make us pause to ask whether this
sound American spirit of individual responsibility is breaking down. Are
our people as resolute as they were of yore to work out their own economic
independence by their own efforts and their own prudence without asking
sufferance or favor or help from any social class or political institution?
Or are they growing willing to see created in this country, through political
MAR. 211931.]
FINANCIAL CHRONICLE
doles or corporate benefices, such a volume of paternalistic protection for
favored social groups as to put them on the level of wards and retainers?
It takes no pessimist to read in these events a retrogression from those
high standards of American individualism that we believed were fundamental in our national life.
Let us indulge for a few moments in a historical retrospect. The historical background of the nations of Europe is uniformly one of rule by
oligarchies or monarchies, with feudalistic and aristocratic classes controlling the destinies of great groups of the masses. For generations these
masses were largely schooled and regimented in various systems of dependence upon their overlords. They worked for them and from them they
received whatever standards of living and whatever economic protection
the ruling overlords saw fit to provide for them.
If it were an age or a land of warlike enterprise, the lot of the soldier
was portioned out to these dependents. So long as they were not destroyed
In battle they were dependent upon the will of the overlords to find wars
to keep them employed, or to care for them as retainers when they were
Idle or their fighting days were done.
If it were an age or a land of agricultural pursuits, the tenantry and
peasantry received from the landed overlord the privilege of working for
him upon his lands, receiving in return such standards of living as he saw
fit to vouchsafe and dependent upon him for such protection against want
as he wished or was able to provide.
If the overlords were wise and generous, their subservient and dependent
groups received a certain degree of comfort during their fighting or
working years and a measure of protection during their idle times and
helpless old age. But if the overlord were profligate or incompetent and
devoid of humanity neglect and misery was the lot of the serfs and
dependents and retainers of these ages and areas of such social dependency.
Such social conditions as these inevitably bred in the bone of Europe's
masses an inherent lack of individualism and self-dependence—an attitude
of servile dependence on someone or something above them.
In time, however, nation after nation, through the struggles of the
centuries, finally cast off a large measure of this kind e social organization with its obliteration of the individual into dependent social groups.
Out of these struggles emerged varying degrees of individual rights, and
Individual manhood responsibility, as democracy spread and constitutional
government and a certain freedom of economic opportunity develOped.
These political, social and economic advances, however, did not wholly
eradicate from the character and the attitude of the European masses an
inborn inclination towards dependence upon either politically, socially or
economically superior classes or Institutions. The rise of the industrial
revolution, which created tremendous manufacturing cities and groups
throughout Europe, saw history repeat itself in part in other terms. The
politically freed individual artisan in time became again but the industrial
serf or retainer of a manufacturing or business overlord. Again in hopeless
regimented masses they became dependent upon these new overlords for
whatever standards of living they saw fit to grant them. Individual economic independence and responsibility were again smothered in herded
social groups, exploited by industry, but not, as feudalism had sometimes
done, cared for against idleness and disability. For this they were cast
back upon the State, dependent upon paternalistic doles and other forms
of pauperizing protection handed down from above, when they were no
longer useful to industry to grind out its wealth for it. Never were such
Industrial masses on the basis of free workers, earning and creating by
their own efforts and their own prudence their own economic security,
Always were they social dependents, industrial serfs, political wards.
Against these tendencies of the industrial revolution we again see a
revolt, and up to the time of the World War there was real forward march
in Europe toward self-respecting independence for increasing masses. But
again this hope of social, political and economic emancipation was crushed
by the exigencies of war. The individual became submerged in the urgent
needs of the State. The individual became again in effect a serf—the
generalized retainer of new militarisms. And when these new rnilitarisms
had led the masses through the agonies of the war they cast them back
helpless and dependent upon new forms of political domination, upon
socialized or bolshevized States, or into the hands of distatorships, or
opportunist democracies that kept themselves in power by doles, pensions,
relief, government employment or various pauperizing subterfuges that
substituted mass dependence for individual personal economic responsibility.
Far removed from the influence of such periods and conditions of social
evolution, life in the United States sprang from a different spirit and
developed in a different atmosphere and environment.
In the first place, those adventurers who originally came and settled
this continent came in a spirit of intransigent individualism, a spirit of
Irreconcilable revolt from the very old world serfdom I have pictured
and of escape from the suppression of the individual into subservient
masses. And when they reached this undeveloped country it was, by the
force of circumstances, a case of every man for himself. Each man had to
create his own economic existence out of the raw materials of the grim
wilderness. He had to choose for himself the place where he should settle
and having chosen he had to build for himself his own rude cabin and for
himself he had to surround it with the means of livelihood for his family.
The wilderness put it up to the individual—and there was no overlord for
him to crave service with, nor government to get a dole from.
Out of generations of these hard circumstances, that grew softer but
slowly, there emerged and crystallized those qualities of individualism
and
self-dependence that became the predominant spirit and characteristic of
American life. An interchange of mutual helpfulness there was, but it
was
from man to man dealing with his equals, and not as a suppliant for
largess or protection against want from a higher social class or from
the State.
As the scattering settlers on this continent increased and the populations
grew into organized communities, forms of government were evolved in
which there was predominant the maintenance of the rights and recognition
of the privileges of the individual. Parallel with these rights and privileges were the expressed and implied responsibilities and opportunities of
the individual. Responsibilities were his to work and support himself
and his family out of the fruits of his work. Opportunities were also his
to make provision for himself and family against the contingencies of
life out of the surplus fruits of his work. Re did not have to hand over
his surplus to an overlord as did the European peasantry.
In return, the community guaranteed him security for his life and hie
property without interference from others so long as he on his part did
not interfere with others. The American community also undertook, out
of the spirit of charity and neighborliness, to care for the misfortunes of
its own people as particular circumstances required, but nowhere has it in
principle undertaken to relieve the individual, or groups of favored individuals by generalized social schemes of their economic responsibilities.
Thus our national history has been marked by this outstanding trait of
2123
responsible economic individualism. It has given the opportunity for every
individual through whatever lawful pursuit he shall freely choose, to work,
earn, and provide for the needs of his life without dependence on any
person or institution or class. As industrial development in Europe
repeated the history of political and social dependency and serfdom there,
so has industrial development in the United States repeated the opposite
history of social and political freedom and individualism here.
And then suddenly this year what a let-down we see from this Spartan
individualism. Have conditions of life here so charged, has the American
character become so altered that State-reliance must replace self-reliance?
We had a great business reaction—we have had them before—but was
there ever heard such a clamor, was there ever seen such a determined drive
of opportunist politicians to lift from local community life, to lift from
industry and business, to lift from the individual, their natural burdens of
economic responsibility and place them on our national government?
We have an agricultural disaster—we have had them before, also—but
this year the political opportunists thought the condition of public opinion
and sentiment opportune to carry Federal aid in the agricultural problem
even unto the lengths of a great new system of doles—even in States and
communities which were not reported as making effective efforts of their
own to help their own people.
We had a great war, and it left us a great soldier class. Some of them
fought and some of them are suffering from economic handicaps and
physical disabilities. For these the nation should be unceasing, in good
times as well as bad, to more than ameliorate their unequalities in life as
compared with the rest of us who did not so suffer from the war. Their
burdens should be our burden. But those soldiers who did not fight, who
did not suffer any more freer the war than the civilian masses, and who
have had the same economic opportunities in the decade since the war as
they have had, do not belong in this class. Yet again the opportunist
politicians, at the outset of the 1931 soldier bonus agitation, considered
conditions ripe in this country to make a favored class of all World War
soldiers—and to pour out to them a largess from the public Treasury
that would have done credit to a medieval conqueror turning the pockets
of the burghers inside out to take care of his soldiers. Fortunately, this
original plan was reduced in the heat of public opinion to the more
moderate relief measure for needy veterans that was filially adopted.
I mention these episodes, not to fight over again controversies that
have already been settled, but merely to illustrate the point that they,
as well as many other proposals of this past year, consistently reflect a
new attitude in America—a new danger. They show that political thought
is turning more and more toward the idea that the State shall unduly help
the individual carry his economic responsibilities. They show that public
opinion is more receptive to this insidious form of paternalism. They
show also that great masses of our people are eager to step down from
the Spartan individualism of old, from the self-respecting self-reliance and
resolute personal responsibility of our forefathers, and let the State defend
them from the adversities which are the common lot—and also the strengthener of the character of men.
I do not forget that distress frequently is too heavy for the individual to
conquer alone and single handed. I do not fail to realize that the difficulties which have overtaken large groups of our people in the present
times are beyond their powers to combat without helpfulness and co-operation among themselves and from others. But I do not believe that they
warrant abandonment of our traditional American spirit of self-help,
neighborliness and community responsibility for its own people, or justify
the laying of these burdens on the doorstep of the national Treasury.
If the present period of business readjustment is to leave behind it the
precedent that any economic reaction or disaster or situation, which creates
a large enough number of sufferers to constitute a political factor, shall
be met by recognizing them as favored groups whose troubles must be
taken over by the Federal Treasury, why then the economic damage already
done by 1930 and 1931 is as nothing as compared with the spiritual damage
they are yet to do to our national character.
Not alone in the individual's relation to the Government do we see in
these times this spirit of recession from the proud standards of personal
responsibility of the nation's past. Is not a similar spirit calling for
compulsory changes in the individual's relationship with his employment
that shall unload him of a certain degree of economic responsibility?
I refer, for instance, to unemployment insurance.
There are, I grant, two sides to this question. It is true that the social
responsibility rests on industry to make every effort to provide steady,
properly paid employment for labor. It is true also that industry has
brought a certain amount of accountability upon itself for existing unemployment by its lack a foresight and plan. It unequivocally owes it to our
workers to aid them combat the problem of unemployment. But I doubt
that the best way for industry to contribute to the solution of the problem
of unemployment is along the line of insurance. I believe there is
a far
sounder way to attain the ends sought.
"Unemployment insurance" seems to me a misnomer, a contradiction in
terms. Unemployment is an utterly uncertain event involving absolutely
indefinite risks, without a body of reliable experience to indicate a
reasonable plan of protection. Insurance, on the other hand, whether
life, fire, sickness, or accident, is a financial arrangement based
on well
understood and collated experience and probabilities, with clearly defined
risks. They are susceptible of formulation into a rational plan of protection by scientific actuarial processes which indicate the necessary financial
contributions required to create the reserves called for by the desired
protection.
Devoid of this essential actuarial quality as it is, so-called "unemployment insurance" is in fact merely a name under which an industrial dole
fund is to be set up by industry, aimed to relieve the individual in part
from a personal risk that can be properly and fully met only by measures
of personal financial prudence and responsibility.
Just how can such a dole fund be set up by industry? Out of what
resources can it be allocated? It must come from earnings. In other
words, it is an enforced levy upon the income of invested capital making
labor a ward, a retainer, of capital. It would seek, in a measure,
to
transfer to capital a share of the individual worker's personal economic
responsibilities and risks against which he is normally able and obligated
to make provision out of his own earnings for himself under our traditional
American conception of life as contrasted with European feudal dependency.
If we are to strain the point and say that allocations for unemployment
Insurance can be carried further back and be set up as an expense,
as a
cost of doing business, which I do not grant there is any
justification
for except as a fiction of accounting, would it not be sounder in
fact to
increase wages by the amount involved, and then seek to
inculcate the
doctrine of thrift and provision against unemployment through saving
these
added amounts as a matter of individual personal
responsibility? This
would leave labor free. It would avoid industrial
paternalism. If it
2124
FINANCIAL CHRONICLE
resulted in happier, more stable, more efficient workers, it would thereby
justify itself as a measure of sound industrial accounting and economics.
Nor would this fully discharge industry's responsibility in the problem of
unemployment. In fact, I believe that industry's real contribution to this
problem can and should be along an entirely different line. Its major
defenses against the hazard of unemployment should be built of very
different materials. Its plan should be one of prevention of general unemployment rather than of an attempt to patch up with doles a situation
created largely by lack of industrial foresight.
The public welfare of the United States demands that industry as a
whole vigorously and sincerely devote itself to the development of a plan
of economic foresight, aimed to forever prevent any repetition of the
present unemployment situation—that it show a larger degree of premeditated responsibility for the maintenance of the business progress of this
country in the future than it has in the past—especially in the immediate
past.
This is no impracticable proposal. It is not merely the rhetoric of a
public address. It is a sober proposal for a reconstruction of our economic
attitude—a reconstruction, withal, based on sound, old-time American
co-operative individualism imbued with a sense of community responsibility.
The general• outlines for such a plan are clearly definable.
For industry they call for thorough efficiency in plant management and
economies of productive processes so that the nation shall perform its
industrial tasks with the minimum of waste materials and human effort.
Equally important, if not more so, is the necessity that industry look upon
business on a long-range basis and lay out its production and distribution
plans with the thought that it is far better to have a long period of good,
sound business activity than a short period of frantically over-competitive
endeavor. It would substitute the headlong make-hay-while-the-sun-shines
attitude—the rush to get the public's money before the other fellow gets
it---with the more sober attitude that it is the foremost function of
industry to render, a steady, progressive service in producing for and distributing to the public those things it needs and can absorb—to manage,
in other words, the nation's creative functions in keeping with the public
interest. This would tend to lessen over-production in various lines, to
prevent over-expansion of plant capacity, to avoid over-stimulation of
public buying and, above all, to avoid periods of slumps and stagnation
following periods of over-stimulation with their disasters of unemployment.
That, to my mind, is a better approach to the problem of unemployment
than is our present tendency to follow policies that inevitably lead to
unemployment—and then try to patch up the trouble with public doles
and industrial benefices.
For business, too, there is a function in this plan of economic reconstruction. It is to render close co-operation with industry in its endeavor
to avoid reckless over-production, over-stocking, over-selling the public or
Inveigling the public into committing itself for expenditures beyond its
current purchasing power, plus a reasonable anticipation of future earnings
and purchasing power. Especially should it refrain from inveigling the
public into habits of but half using the things it buys and hastily scrapping
good values to seize catchy new-fangled models. Such policies of merchandising may stimulate for a time a feverish turnover of business, but in the
long run it defeats its own purpose by exhausting the public's purchasing
power—by exhausting, too, the psychological reactions of people to sound
progress and true improvements.
In this picture of economic reconstruction, banking and finance, too,
have their place. Their premeditated effort should be to influence the
use of credit and other financial facilities into channels of sound public
economy consistent with the attitude I have already sketched for industry
and trade. All finance, whether current commercial, banking, or industrial
investment banking, may well take a leaf from the notebook of the Georgia
bankers in their great directed farm credit program whereby they are
seeking, by their authority to grant or withhold credit, to stimulate their
farmer customers to raise those cash crops best suited to conditions, engage
in those diversified activities that reduce risks and in many ways build up
that balanced situation which is bringing about the economic reconstruction of the State.
Finally, the individual has a place in this plan of a sounder economic
future for the United States. It is the duty of industry to give him steady
employment as a producer. It is the duty of industry and trade not to
exploit him as a consumer. But there their obligations to him cease.
It is the duty of the individual, given the freedom of opportunity that
our political institutions and our economic organization normally offer,
to take care of himself. Taking care of himself consists of seeking that
form of livelihood which will render him the highest return in accordance
with his abilities. It consists of gauging his personal financial plan in
keeping with his earning power. And this means that after providing for
the living requirements of himself and family, he must on his own initiative
and on his own personal responsibility, set up his defenses against the
inevitable contingencies of life.
It is here that our traditional American individualism must assert itself.
The individual determination to provide against sickness, accident, death,
by insurance must be asserted before indulgences in extra comforts and
luxuries are given place in the family budget.
Equally imperative is it that, at this point in personal finance, individual responsibility take measures to guard against the contingency of
unemployment by means of a sound program of thrift and savings. There
is the solution of the hazard of Impaired or lost current earnings and
purchasing power—adoption of and devotion to a sound program of thrift
and savings out of the earnings of good times, rather than dependence on
doles from employers in bad times.
It is the practice of corporate finance to set up reserves against depreciation and contingencies, and surplus against lean years and unforeseen
conditions. It should be the practice of the individual to set up insurance
as reserves against depreciation and final charging off of the human plant,
and savings against the contingencies of impaired earnings and unemployment of the always hazardous future.
I know of no greater national misfortune that can come to the United
States than a weakening of this sense of individual responsibility and
eagerness for economic independence—and such a weakening is bound to
come as a result of agitation to shift the burden for favored political
classes to some form or other of public doles, or for our laboring masses
to some form or other of corporate dependency or industrial benefice.
In this critical era of confused public thinking the savings banker has
duty that has come to him in the
Perhaps the highest summons to public
history of his calling.
more dynamic than ever the traditional
It is yours to stimulate and render
mood of our people to work for their personal financial independence by
the old road of individualized thrift, savings and prudent investment.
Savings banking constitutes the nation's greatest financial mechanism
for co-operating with our people in that well-tried plan of self-reliant
(Vol,. 132.
Americanism. Both by your works and by your leadership among those
who confide their savings to your care may you do your part in maintaining unimpaired that spirit of sturdy American individualism that is
the priceless spiritual heritage of our national character from that
indomitable race of pioneers who founded this country in defiance of all
forms of serfdom.
Halsey, Stuart & Co. Find Improved Public Sentiment in Bond Market and Business Situation.
"The most favorable sign which has appeared in the bond
market and in the general business situation so far in 1931
is the improvement in public sentiment," Halsey, Stuart
& Co., state in its quarterly review. "The extreme pessimism of last year appears finally to have worn itself out,"
the review adds, "and the public is showing a stronger
disposition to face the future with courage than at any
time since the collapse of 1929." The review points out a
number of important factors which should help to bring
about an improved demand for bonds, saying:
Extreme ease In rates has been a feature of the short-term money market
for many months, a condition which has not existed to the same degree
for so long.a period of time since the conclusion of the World War. This
situation was reflected very clearly in the prompt oversubscription of the
short and long term obligations recently offered by the Government. The
abundance of money, of course, is at least in part a direct result of the
inactivity in general business, where much less working capital is being
used than would ordinarily be required.
As signs of improvement in general business become more apparent and
as confidence becomes more widespread, a greater portion of the money
which is congesting the short term market will no doubt be diverted to
bond investment. Indications of the potential demand for bonds, as a
matter of fact, was given in the early weeks of 1931. The year began with
a sudden and vigorous resumption of activity which was in striking contrast to the latter months of 1930. The outlook was so promising about
the middle of January that new offerings of bonds were being made in
substantial volume, and it began to look as if tne market were headed for
a period of sustained progress.
Into this atmosphere of growing confidence and increasing activity, the
agitation for a Federal bonus to soldiers fell like a bomb shell. The unfavorable influence of the bonus discussions was mitigated only when it
became apparent that the earlier proposals for a full and immediate cash
payment would not win their way through Congress. With the final
settlement of this matter a seriously disturbing factor has been removed
from the situation and the way is once more cleared for progress. In
passing, it is interesting to note that reporting member banks of the
Federal Reserve System made further substantial additions to their security
holdings during the month of February. Commodity prices have continued their downward trend during recent months. Where they will
eventually be stabilized it is impossible to say, although increased business
activity should exert some supporting influence.
The international situation remains distressing and extremely complicated. Immediate recovery on a worldwide scale is not to be expected:
the improvement must be gradual and it is probably safe to say that
complete recovery will be a matter of years. Despite the vigor shown by
the bond market during January,the monthly totals of new bond offerings
have been below their usual volume in each month since September 1930.
Signs of general business improvement frequently make their appearance
first in the bond market. Various factors which should help to bring about
of
improved demand for bonds already have been noted and the events
the year so far indicate that the market is by no means completely lacking
in stamina. The year is still too young, however, to justify conclusions
of too definite a character.
Huge Bonuses for Loans Paid to Bank of United States.
From the New York "Herald Tribune" of March 6 we
take the following:
Many loans from the Bank of United States were described yesterday by
promoters, who testified that in addition to repaying the loan at 6% interest they paid large bonuses, one of $155.000 on a $445,000 loan being
typical. None of the bonuses appeared in any of the bank's statements nor
were they recorded by the State bank examiners who went over the institution's books.
The testimony was given during a closed hearing before former Magistrate Harry A. Gordon, now assisting Max D. Steuer in his investigation of
the Bank of United States as a special Assistant Attorney General. Mr.
Gordon made public the testimony after the hearing when it was said that
the bank loaned money on ventures which other banks regarded as risky,
demanding the bonus in the event that the ventures were successful.
It was Major David M. Oltarsh, of the Oltarsh Construction Co., who
testified concerning the $155,000 bonus on the $445,000 loan, adding that
he not only repaid the loan with 6% interest, but made disbursements for
clerical work in the bank incidental to the loan. He, as did the other
witnesses, said he had no idea where the bonuses went and Mr. Gordon
the
announced his intention of finding out who was the final recipient of
highly unusual gratuities.
Saul Dims, of the B. & B. Holding Co., testified that he paid bonuses
and
totaling about $105,837 to the Bank of United States, its affiliates
one
subsidiaries for six loans totaling $1.305,000. A typical bonus was
approximately
for $5,000 on a $25,000 loan. Of the $105,837. he testified,
States: $22,000 to tho City Financial
$42,000 went to the Bank of United
Co.: $40,000 to the Sun Holding Corporation, a subsidiary of the City
Financial Corporation, $1,750 to Joseph Ravitch, a builder employed by
the bank as an appraiser on one of the loans.
Mr. Birns testified that in August 1926, he received a loan of $300,000
on a building at 65 Second Ave. and paid a bonus of $12.112; in June 1927.
he received a loan of $600.000 and paid a bonus of $27,000; three months
bonus
later he paid a bonus of $4,725 on a $105,000 loan; a month later the
price soared again and he paid $22,000 for a $100.000 loan. In February
last
1928, he paid still more, namely, $35,000 for a $175,000 loan. The
of
loan was in March of 1928, when he paid a bonus of $5,000 for a loan
$25,000.
of this
"My purpose," said Mr. Gordon, "is to discover what became
bonus. The
nonus money. The bank never made a statement of any
terrific
bank examiners did not report them. When a bank takes such
Banking
risks to get such unusual bonuses, it is a matter of interest to the
Department.
MAR. 21 1931.]
FINANCIAL CHRONICLE
New York State Superintendent of Banks Takes Possession of Safe Deposit Companies Owned by Bank
of United States.
From the weekly Bulletin, dated March 13, of the New
York State Banking Department we take the following:
City Safe Deposit Co., 535 Fifth Ave.. New York, N. Y.; Municipal
Safe Deposit Co., 250 Stone Ave., Brooklyn, N. Y.; Colonial Bank Safe
Deposit Co., 441 Columbus Ave., New York, N. Y.
The Superintendent has to-day March 12 taken possession of the
business and property of the above Safe Deposit companies, pursuant to
the provisions of Section 57 of the Banking Law, and has appointed Mr.
Fred W.Piderit as Special Deputy Superintendent to assist him in liquidating the business and affairs of those corporations.
These Safe Deposit companies were owned by the Bank of United States
and were doing business on premises owned or leased by that institution.
Since the closing of the bank, the corporations have been in process of
virtual liquidation supervised by this Department. The Superintendent
has taken charge of the corporations in order to continue the liquidation
thereof.
2125
over the assets of Chelsea Bank & Trust Co. and assure payment in full of
the principal amount due to the depositors and other creditors of that
institution.
Incorporators.
J. E.Brulatour
H.M.Stillman
George Kern
Toney A.Hardy
R.E.Connelly
John T.Madden
Ernest K.Satterlee
William A.Lobb
Ernest L.Nye
Louis Golde
From the New York "Evening Post" of last night (March
20) we take the following:
Stockholders of the Chelsea Bank & Trust Co. will meet on March 26 to
vote on the exchange of their stock for that of the Mercantile Bank & Trust
Co., which replaces the old institution, on a basis of one share of the new
stock for four of the old. It is expected the new bank will be ready to open
within 60 days.
This exchange represents one-third of the capital stock of the Mercantile
Bank & Trust Co., organized to take over the assets of the old bank. The
contract was drawn up by Hardy & Hardy, attorneys for the organization
committee for the Mercantile Bank & Trust Co. and signed and approved
by Joseph A. Broderick, State Superintendent of Banks.
Rights to subscribe to the remaining $50,000 shares of stock in the new
trust company will first be offered to Chelsea Bank & Trust Co.stockholders.
No Rail Wage Cuts Now Contemplated by Eastern These shares have been underwritten
by the directors without fee so that all
Executives—Decline in Earnings, Dividend Cuts, stock not taken up by stockholders will be subscribed and paid for by the
underwriters.
Raised Reports—Other Economies Resorted To.
The proposed reorganization was referred to in our issue
No reduction in railroad employees' wages and salaries
are being contemplated by Eastern carrier executives at of Feb. 21, page 1348; March 7, page 1736; and March 14,
the present time, despite reduced traffic and earnings, a page 1926.
survey made by the "Journal of Commerce" indicates. In
World Exchange Bank of New York City Taken Over
stating this in its March 19 issue, that paper added:
by State Banking Department.
Six leading executives of various properties in this part of the country
were unanimous In stating that this was their position at the present time.
Announcement that the World Exchange Bank, at 174
while pointing out at the same time that emergency conditions may arise Second
Ave., has been taken over by the State Banking
later which may compel a change in policy.
The railroad heads pointed out that they have been meeting the decline Department was made in the following statement issued
in traffic thus far in other ways. Among the methods adopted have yesterday (March 20) by State Superintendent of Banks
been part-time employment and consolidation of jobs in certain depart- Broderick:
ments. however,
it was clearly indicated that the problem of lowering
costs is being met without wage reductions.
An impairment of the capital and the inability of the management and
directors to supply the requisite funds necessary for a voluntary liquidation,
render it inadvisable, unsafe and inexpedient to permit its continuance.
Basis of Reports.
As railroad carloading figures have shown further declines recently, As of March 19, capital was $500,000,surplus and undivided profits $324,645
with the total in recent weeks the smallest since 1921, reports have been and gross deposits $1,091,267.
heard with increasing insistence that the carreirs would soon attempt to
From the New York "Sun" of last night we take the followbring about general wage cuts in view of the declining trend in wages
elsewhere. Recent dividend cuts, including the reduction from $8 to $6 ing:
Officers of the bank are: Joseph Sheldon, President; Morris Gurin, Louis
made by the New York Central, were interpreted as paving the way to
such a wage reduction movement, since it could then be shown that the Golden, Jacob Pomeranz and Clarence Mons, Vice-Presidents; Joseph
owners of the roads had taken a cut in dividends and that wage earners Warner, Secretary; Benjamin Aleer, Assistant Cashier.
All the officers are directors. The following also are directors: Jacob H.
should co-operate similarly.
Wages on the railroads were raised all around in 1926, it was said, after Cohen, Louis Marcus, Paul Herring and Henry Yohalen.
a small cut had been made in some divisions, notably the shopmen, in
Organized in October 1924.
1922. The attempt to cut wages in 1922 met strong resistance, culminating
The bank was organized in October 1924, with a capital of $100.000.
in the shopmen's strike of 1922. which ended in a victory for the roads.
In 1926 the capital was doubled and by May 1929, it had reached 8500,000.
Thus railroad wages, it is said, are approximately at record levels.
The resources as of Dec. 31 1930, were $2,314,167.
More Employment Now.
In July 1926, an affiliated securities company, known as the Webb
It was explained that the furloughing of employees had been kept down Holding Co., was formed with $1,800,000 capital funds. The latest availto a minimum, but that several roads were already taking many old em- able information shows the entire capital stock of the bank to be held In
ployees back who had been off the past several months. Others are now voting trust, the trustees of which are given as Sheldon, Greenberg, Goldbeing placed on a full-time basis, and the former "stagger system" in effect man, Gumin and Herring.
The extent to which the surplus and undivided profits and the gross
during the entire past winter on some roads is being abandoned as the
spring approaches. The "stagger system," which chiefly applies to shop profits have shrunk In the last 10 weeks is revealed through a comparison
and roundhouse workers, placed all employees on a three- or four-day of the figures shown by the books as of the close of business yesterday, and
basis rather than lay any of them off. The railroad executives said they the books of Dec. 31 1930, at which time the deposits amounted to 31,269,felt this method justified and that it was a more equitable way to meet 041, and the surplus and undivided profits to $327.000.
the situation than to furlough additional men.
Railroad labor brotherhoods would of course have to be considered if
any wage reductions took place. It was pointed out that wage agreements
Banking Situation in South and Middle West.
are continuous and are only subject to change after arbitration with the
In the State of Arkansas, Osceola advices on March 19
railroads and the rail unions each represented. To effect a change, 30
days' notice would have to be served on any one of the mil labor organiza- by the Associated Press stated that A. B. Banks, one of
tions, of which there are five. Such agreements include those of the
brotherhoods of railway clerks, the trainmen, firemen and enginemen, the Arkansas's leading financiers before the collapse of his
conductors, and the locomotive engineers. The maintenance of way men banking chain last November was indicted the previous
are also organized.
day by the Mississippi County
Grand Jury on a charge of
receiving deposits in the First State Bank of Osceola, while
$26,000,000 Taxi Tips in New York Exceed Fares on it was insolvent. The dispatch continuing
said:
Railroads.
The indictment was disclosed by the Sheriff's office here. Deputy
The following is from the New York "Times" of March 16: Sheriff C. C. Owen said Sheriff W. W.Shaver was on the way to Little
New York taxicab drivers received about $26,000,000 in tips in 1930,
according to an estimate made public yesterday by the Motor Transit
Committee of 271 Madison Ave., which is making a survey of the taxicab
as a National transportation factor. The Committee's announcement
declared that this sum was 134 times the total passenger revenue reported
by the Baltimore & Ohio RR., twice that of the Erie, and five times that
of the Reading or Lackawanna.
The Committee indicated that about 900,000,000 miles were traveled
yearly by about 20,000 taxicabs in this city, or more than 50% as much
as the 1,346.792.080 miles annually traveled by subway, elevated, trolley,
bus and other transit facilities.
New York State Banking Department Announces
Filing of Notice to Organize Mercantile Bank &
Trust Co. of New York to Take Over Affairs of
Chelsea Bank & Trust Co.
In its weekly bulletin the New York State Banking De..
partment reports the filing on March 12 of the notice of intension to organize the Mercantile Bank & Trust Co. of
New York. The Department's announcement says:
This trust company is being organized to carry out the purposes of a plan
embodied in an agreement which has been signed by the Superintendent and
an organization committee consisting of Jules E. Brulatour, Louis GoIde,
George Kern, Toney A. Hardy, which plan contemplates that the new trust
company, to be known as "Mercantile Bank & Trust Company",shall take
Rock, presumably to serve a warrant.
In the State of Mississippi, reopening of the Bank of
Bruce, a small North Mississippi institution which closed
its doors on Jan. 3, was reported on March 16 by J. S.
Love, the State Superintendent of Banks, according to the
Jackson "News" of the same date. Information reaching
his office from officials of the bank, Mr. Love said, revealed
the reopening to be "under most favorable circumstances,"
with brisk business reported following the opening of the
doors.
The Superintendent of Banks was also reported as saying
that the Leake County Bank at Carthage was to reopen
March 18, all arrangements having been made for the
resumption of business.
In the State of North Carolina, reopening of the First
National Bank of Gastonia, on Mar. 12, with $500,000 of
new capital stock paid in, was reported in Associated Press
advices from Gastonia on that date. The institution had
been closed since Dec. 15.
Shelby, N. C., advices on March 17, appearing in the
Raleigh "News & Observer" of the next day, stated that
Wallace B. Davis, former President of the Central Bank &
2126
FINANCIAL CHRONICLE
Trust Co. of Asheville, N. C. (which closed its doors Nov.
20) and the Central Securities Co., and William D. Harris,
former Vice-President and Treasurer of the Central Securities Co., were indicted on that day (March 17) by a Federal
Grand Jury on charges of using the U. S. Mails to defraud
by making false representations about the Central Securities Co. The two men were also indicted on a charge of
conspiring to use the mails to defraud. It was also stated
that Mr. Davis was charged on March 16 by a Bumcombe
Co. Grand Jury with numerous violations of the State
Banking Laws. The dispatch furthermore said in part:
The bill of indictment in the United States Court contained 12 counts
and charged 11 overt acts according to officials in the District Attorney's
office, the two defendants, if convicted and given the maximum sentence
for each count and act, would receive between 60 and 70 years each.
The paper mentioned also printed a dispatch from Asheville under date of March 17, which contained the following:
Wallace B. Davis, President, and William D. Harris, Vice-President
and Treasurer of the Central Securities Co. of Asheville, who were indicted
by a Federal Grand Jury at Shelby Tuesday (March 17) on charges of
using the malls to defraud, issued brief statements this afternoon declaring
their innocence.
"The advice of my attorneys prevents my making a complete statement of the entire matter," Mr. Davis said, "and while I might disagree
with them, I must follow their instructions. They still insist that I make
no statement, but I do say most emphatically that I am innocent of the
charges."
As an aftermath to the failure on Jan. 19 of the Home
Savings Bank of Wilmington, N. C., seven true bills against
M. Douglas Clarke, former Assistant Cashier, and four
against Jesse F. Roache, former Vice-President and Cashier
of the institution, were returned on March 17 by the New
Hanover County Grand Jury, as reported in a dispatch
from Wilmington on March 17, printed in the Raleigh
"News & Observer" of the following day, from which we
quote in part as follows:
The bills against Clarke contain a total of 35 counts in which specific
Instances of alleged violations of the banking laws are set forth. The
Roache bill contains 29 counts in all.
Clarke's trial on two counts—those on which he was bound over to the
Superlot Court some weeks ago—has been definitely set for Thursday,
March 19 by Judge Garland E. Midyette. The counts allege false cancellation of two certificates of deposit standing in the name of County
Auditor John A. Orrell and representing funds of the county on deposit in
the Home bank.
D. M. Armstrong, Trust Officer, Monday (March 16) entered a plea
of "guilty" to an indictment, with nine counts charging false entries.
Judge Midyette has announced that sentence will be imposed after facts
In the case have been developed at the Clarke trial. . . .
When Roach will go on trial, or what the plans of his attorneys may be
have not been learned. Solicitor Woodus Kellum told a reporter Sunday
he would press for trial of the "bank cases," but whether the Roache
case can be heard in connection with that Of Clarke is problematical. . .
Auditors reported to the State banking department that a shortage of
more than $180,000 was found in the accounts of the Home bank.
In the State of Tennessee, advices from Loudon, Tenn.,
by the Associated Press, on Mar. 13, stated that Hugh
Thomas, Vice-President of the Bank of Loudon, which closed
its doors Feb. 28, had committed suicide on that day.
In the State of Kentucky, Paul C. Keyes, receiver for the
National Bank of Kentucky, at Louisville (the assets of
which have been purchased by the First National Bank of
Louisville), announced on Mar. 11 that he had received
a signed order from the Comptroller of the Currency directing him to assess the stockholders on their double liability,
according to the Louisville "Courier-Journal" of Mar. 12,
which, continuing, said in part:
Mr. Keyes also announced that he believed depositors of the bank will
begin to receive their credits of 67% from the First National Bank before
the end of March.
Mr. Pole's order set out that the assessment was for the full extent of
the stockholders' double liability. Mr. Keyes said, however, that he had
been informed by the Comptroller that a letter containing specific instructions as to the procedure on the assessment would be sent. . . .
Mr. Keyes explained that the assessment is different from others that
have been made, because of the unified stock of the National Bank of
Kentucky and the Louisiana Trust Co., and because of the holding company,
the Bancokentucky Co.
In his announcement concerning payment to depositors, Mr. Keyes said
that at the beginning of the week 10,001 depositors of the closed bank
had filed proofs of claim, and since then others have come in at the rate
of about 150 daily.
"A night bookkeeping crew has been at work to complete entries and to
install a system to handle the details of the transfer of assets announced
Feb. 27, under which the First National Bank will pay 67c. On the dollar
as a first dividend to the depositors of the defunct institution, as soon as
the receiver completes the necessary arrangements," Mr. Keyes said.
He estimated that approximately 20,000 claims will be filed, so that
only about half have come in.
A subsequent issue of the "Courier-Journal", Mar. 14,
stated that announcement was made by Mr. Keyes (receiver
for the National Bank of Kentucky) on Mar. 13, that holders
of stock in the Bancokentucky Co., now in the hands of a
receiver, will be assessed by order of the Comptroller of the
Currency unless the company itself can pay the $3,783,388
liability under the law. Mr. Keyes explained that never
[Vol,. 132.
before has an assessment been levied against stockholders
of a bank holding company, but that the matter, has been
under consideration since the closing of the bank. The
actual suit for recovery of the assessment will be filed in
the Federal Court, he said. Meanwhile, notices of the
assessment would be sent to the shareholders by registered
mail. We quote further from the paper mentioned, as
follows:
If the receiver's assessment move is upheld by the court, the holders of
2,400,000 shares of .Bancokentucky stock will be called upon to meet the
deficiency after due recovery from the 18 directors of the bank. Mr. Keyes
said the directors are liable for losses sustained by the bank of loans
in excess of 10% of their combined capital and surplus. The National
Bank of Kentucky's limit was $600,000, and there were a number of loans
over that limit in which permanent losses are anticipated.
Loans in excess of the legal limit were concealed by various means, it
was charged, but Mr. Keyes pointed out that the facts are now coming to
light and the directors of the institution stand chargeable for what they
should reasonably have known when they authorized the loans. Furthermore, the receiver said, the directors were responsible for the safe and
prudent management of the bank, and under common law they are liable
for improvident loans regardless of the legal excess.
Mr. Keyes said that E. B. Stroud, Jr., attorney, of Dallas, Tex., a
recognized authority in the matter of assesments, will be associated with
the law firm of Peter, Lee, Tabb, Krieger Sz Heybum, in preparing the
action against the stockholders and directors.
Difficulty in determining the liability has been encountered because of
the pooling of stock of the National Bank of Kentucky and the Louisville
Trust Co., and the subsequent formation of the Bancokentucky Co. with the
transfer of certificates. A number of accountants have been employed to
aid the attorneys in their work, it was said.
Merging of the stocks of the two institutions, both of which closed on
Nov. 17 1930, resulted in the iSsuance of "unified shares", numbering
575,000 shares of $10 par value. The Bancokentucky Co., after its conception, came into possession of 540,484 shares of the unified stock through
exchange of Bancokentucky stock. The remaining 34,516 shares of unified
stock were not transferred for Bancokentucky shock. The State of Kentucky holds 7,760 unified shares which it did not exchange for Bancokentucky stock because of some legal barrier, Mr. Keyes said.
"There is no question of the liability of holders of the unified shares,"
Mr. Keyes said. "They will be faced with an assessment liability of
approximately $7 a share, while holders of the Louisville Trust Co. shares
who received unified stock for their holdings will be liable for $3 a share,
the basis on which both entered the unification, 30% by Louisville Trust
and 70% by the National Bank of Kentucky."
In his order of assessment, Comptroller of the Currency John W. Pole set
out that it is payable April 1 1931.
In the State of West Virginia, Associated Press advices
from Fairmont on March 19 reported that the Worthington
National Bank of Worthington, West Va., near Fairmont,
had closed its doors on that day.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the sale of
a New York Stock Exchange membership for $310,000, an
increase of $10,000 over the last preceding sale.
A membership on the Chicag- o Board of Trade was reported
sold for $10,000. Last preceding sale was $8,800.
A membership on the Sta-ndard Stock and Mining Exchange was reported sold this week for $20,000 as against
$14,500 the last preceding sale.
John D. Perry, Vice-President of the Chemical Bank &
Trust Co., of New York, sailed on March 18 on the S. S.
George Washington for a several weeks' trip abroad; he will
visit both England and the Continent in the interests of the
bank.
Stephen L. Jenkinson was elected Assistant Treasurer of
the Chemical Bank & Trust Co. at a regular meeting of the
board of directors held March 19. Mr. Jenkinson entered
the Chemical Bank in 1900. Since 1922 he has been an
Assistant Trust Officer specializing in tax matters, which
he will continue to supervise in his new capacity as Assistant
Treasurer.
Harvey D. Gibson, Presiden- t of Manufacturers Trust Co.,
of New York, announced the election on March 19 of John
Lawrence Gilson, as a Vice-President of the company. Mr.
Gilson will begin his duties on April 1, as a member of the
general administrative staff at the head office, 55 Broad St.
Mr. Gilson has recently been associated with Spencer Trask
& Co., and before that was New York Manager of Day &
Zimmerman, Inc. He started his business career in the
sugar industry in Louisiana, Cuba and Hawaii, becoming
one of the managers of the Pacific Sugar Co. For a number
of years after the outbreak of the War, he was connected
with the experimental department of Winchester Repeating
Arms Co., as process engineer. Subsequently, he accepted
a position in the Chemical department of E. I. du Pont de
Nemours & Co. Besides his association with the latter,
he also later became connected with the United Lead Co.,
MAR. 21 1931.]
FINANCIAL CHRONICLE
a subsidiary of the National Lead company. Mr. Gilson
was born in Rutland, Vermont, in 1881. His father, Edson
P. Gilson, was one of the founders, and for 47 years President of the Killington National Bank.
Horace J. Morse, senior member of the New York Stock
Exchange firm of A. M. Kidder 85 Co. since 1903 and a
member of the Stock Exchange from 1869 until 1911, died
at his home in this city on March 18. Mr. Morse, who was
96 years of age, had a record of 63 years in Wall Street.
He was born in Norwalk, Ohio on Dec.30 1838. From the
New York "Times" we take the following regarding his
career:
He was residing in Hartford, Conn.,at the outbreak of the Civil War and,
though only 22 years old, was appointed Quartermaster General on the
staff of Governor Buckingham. Two years later he became Adjutant
General of Connecticut.serving until the close of the war. In 1868 he came
to this city and became a partner in A. M.Kidder & Co. Amos M.Kidder,
who founded the firm in 1865. died in 1903 and was succeeded as senior
partner by Mr. Morse.
Mr. Morse was an organizer and former Vice-President of the People's
Trust CO. of Brooklyn, in which borough he resided for years. He also
had been receiver for the Long Island Traction Co. and President of the
Iowa Central Railway, besides having several other business connections'
Mr. Morse was a close friend of the late Senator Chauncey M. Depew.
For many years they joked about being in a race for 100 years of life, but
neither achieved his ambition. At his death in 1928 Senator Depew was
a few days short of 94. Mr. Morse was active until he became ill last
January. seldom missing a day at his office except when he was at his
summer home in Norfolk, Conn.
2127
City Bank of New York. In April of last year, Mr. Carlisle
joined the directorate of the National City Bank of New
York. For the past ten years prominent in the public utility
Industry in New York State, Mr. Carlisle, during the past
twelve months, has become actively identified with the directorates of the leading utility companies in and around
New York City. At the present time he is Chairman of the
board of N. Y. Edison; a director of the Consolidated Gas
Company of New York and of United Corporation. He is
president of F. L. Carlisle & Co., Investment bankers, with
offices at 15 Broad Street; chairman of Niagara Hudson
Power Corporation and president of Taggart Corporation.
Mr. Carlisle numbers among his directorships those of the
St. Regis Paper Company; Northern New York Trust Company, Watertown, N. Y.; First and Second National Bank
and Trust Company, Oswego, N. Y. and the Agricultural
Insurance Company of Watertown, N. E
George W. Davison, President of the Central Hanover
Bank & Trust Co. of New York returned on March 13 aboard
the Lloyd liner Bremen after a two-months' trip abroad.
In the New York "Times" of March 11 it was stated that
a plan for the consolidation of the Melrose National Bank
of New York, and of the Port Morris Bank, both of the
Announcement was made by the Irving Trust Company Bronx, proposes
that the name of the new institution be the
of New York on March 16 of plans for the opening of its new National
Bronx Bank of New York. The "Times likewise
50
-story headquarters building at One Wall Street, corner says:
of Broadway, next Monday (March 23). The building was
The capital stock of the Melrose bank would be increased from $500,000
formally dedicated to banking purposes yesterday (Friday) to $525,000 and the par value of its shares reduced to $50 each from $100.
afternoon, when representatives of the architects, Voorhees, Under this arrangement sufficient shares would be provided to exchange
Melrose stock on a basis of one and one-half shares of new stock for each
Gmelin and Walker, and the builders, Marc Eidlitz & Son, share of present stock.
The Port Morris stock, which has a par value of $10, would be exchanged
turned over the structure, as completed, to Lewis E. Pierson,
on a basis of
Chairman of the Board of Directors of the Irving, and Mr. share of Port one-tenth share of stock of the consolidated bank for each
Morris stock.
Harry E. Ward, President. Attending this ceremony, which
Special meetings of stockholders of the two banks have been called for
was held at 5:15 o'clock in the main reception hall of the March 23 to pass upon the plan: Under the proposal the boards of directors of the
would be merged and Henry G. Barber, cashier of the
bank, were members of the Board of Directors, members of P6rt Morris banks would become
bank,
a Vice-President of the merged institution,
the Advisory Boards of the Irving's Banking Offices, and in charge of the Port Morris branch. William T. Keogh is proposed as
President and John Kadel as Chairman of the executive committee of the
officers of the Company. Among the few invited guests were
consolidation.
A. Duer Irving, a great great grand-nephew of Washington
The item in the "Times" from which we quote also had
Irving,who gave hisname to the original Irving Bank,founded
the following to say:
in 1851, and Avon M. Nevins, Vice-President of the Riggs NaAs an announcement was made yesterday that the directors of the Melro,,e
tional Bank, of Washington,a descendant of Joannes Nevins, National Bank of New York and of the Port Morris Bank, both in the Bronx,
early settler of the Dutch colony of New Amsterdam, whose had agreed upon a plan of consolidation of the institutions, Charles B.
Pimlico, President
dwelling was the first building ever erected at Wall Street to stockholders ofof the Fifth Avenue Investing Corporation, sent a letter
the Port Morris Bank asking those who had purchased
and Broadway, where the Irving's new skyscraper stands. their stock from certain brokerage houses to join him in a stockholders'
committee to sue for the recovery of the money that had been paid for the
It is an interesting coincidence that the building at 3 Wall
stock. He stated emphatically that
in no way
Street, in which Washington Irving practiced law and where involved in the actions of which hethe Port Morris Bank was mentioning
complained, and without
the proposed consolidation with the Melrose bank he advised the stockhe is reputed to have begun the famous "Knickerbocker's
holders not to exchange their stock under any consideration, or they would
History of New York," also is included in the present One lose
their rights under the action in which he wished them to join.
Wall Street site. Four important Irving Offices will be
Mr. Frasoa said that a suit had been started in the Supreme Court on
established in the new headquarters which will be open for Feb. 18 for the recovery of $6,000 damages arising from the purchase of
business next Monday morning. These are the Banking Port Morris Bank stock.
Offices now at 60 Broadway, which will be known as the
The filing with the New York State Banking Department
Irving's Wall Street Offices, and the General, Out-of-Town
on Feb. 28 of the agreement, and copies of proceeding.; of
and Foreign Offices, all of which are in the Woolworth
meeting of directors and stockholders incident te the merger
Building. The Woolworth Office will remain in its present
of the following safe deposit companies into the Bank o;
quarters in the Woolworth building, as will the vault of the
Manhattan Safe Deposit Company, of 40 Wall Street under
Irving Safe Deposit Company there. The Receivership Dethe title of the latter, IS announced in the March 6 Bulletin
partment also will continue in the Woolworth Building.
of the Banking Department.
In a vault several stories below Wall Street rests a deed
yellowed with age which validates the conveyance 100 years
ago (March 17) of 50 x 100 feet of land at the northwest
corner of Wall and William Streets to "the president, directors and company of The Bank of America" and for which
the consideration was the munificent sum of $70,000. The
property to-day is valued conservatively by real estate experts at more than $6,000,000 for the land alone. Thus, the
property which is still occupied by the bank and which was
the original site where business was begun in 1812, the date
of the bank's establishment, has had a valuation-growth of
approximately 8,500% in 100 years. The Bank of America
is now occupying its fourth building on the identical site.
The first structure was the old residence of Francis Bayard
Winthrop, who, with others, deeded the property to The
Bank of America. The second building was built in 1836;
the third in 1888 and the present building in 1926.
Bank of Long Island Safe Deposit O. 161-10 Jamaica Ave., Jamaica, N. Y.
Bank of Washington Heights Safe Deposit Co., 1915 Amsterdam Ave.,
New York, N. Y.
Bronx Borough Bank Safe Deposit Co., 369 East 149th St., Bronx, N. Y.
Central National Safe Deposit Co., 1440 Broadway, New York, N. Y.
First National Safe Deposit Co. of Brooklyn, 26 Court St., Brooklyn, N. Y.
American Safe Deposit Co., 135 Broadway, New York, N. Y.
Metropolis Safe Deposit Co., 81 Union Square, New York, N. Y.
The merger was referred to in these colums Feb. 28, page
1539.
At the meeting of the Board of Directors of the Banca
Commerciale Italiana—Head Office, in Milan (Italy) it was
decided to propose, at the general meeting of the shareholders, to be held on March 28 1931, a dividend for the year
1930 of Lire 60 per share equal to 12%, and to carry over
as undivided profits Lire 29,700,000.
James R. Williston formerly.a member of the New York
Stock Exchange and for many years head of the brokerage
firm of J. R. Williston & Company, 11 Wall Street, died on
Floyd L. Carlisle has been elected a director of The Na- March 15. He was seventy-one years old. Mr. Williston
tional City Company, investment affiliate of The National became a member of the Stock Exchange on April 1 1915,
2128
FINANCIAL CHRONICLE
firm
and retained his membership as senior partner in the
until last year when he became a special partner.
ExJoseph Tate, senior member of the New York Stock
died at nis honte in Plainfield,
change firm of Tate & Hays,
N. J. on March 11. He was 81 years of age. Born in Staten
1865.
Island, Mr. Tate began his career in Wall Street in
From that year until 1871, he was with the late James Boyd
Closson
and in 1871, he became associated with the firm of
business
& Hays. With the retirement of Jacob Hays from
St.
Mr. Tate, with h. St. John Hays, formed the firm of E.
& Hays.
John Hays & Co., successor to the firm of (Masson
firm
Jacob Hays became a special partner in the firm. The
of E. St. John Hays & Co. continued until May 1 1899, when
it was reorganized under the present name of Tate & Hays.
ed in
The New York State Banking Department announc
bulletin that approval has been given to the
its March 13
Co.
agreement for the merger of the Broadway Plaza Trust
the Hibernia Trust Co. under the title "Hibernia Trust
Into
columns
Co." The proposed merger was referred to in these
March 14, page 1928.
Directors of the Douglaston National Bank, Douglaston,
L. I., at their regular meeting on Mar. 9, appointed Albert
Delanoy Blauvelt President of the institution, according to
the New York "Herald Tribune" of Mar. 10, which furthermore said:
Board and
Mr. Blauvelt, forrnerely an associate of the old War Finance
Cashier of
a Federal bank examiner for the last year and a half, has been
Bank of New York.
both the Douglaston bank and the Long Island National
The New York State Superintendent of Banks announces
that approval has been given to an agreement for the merger
of the American Safe Deposit Company of Mt. Vernon N. Y.
Into The Mount Vernon Safe Deposit Company, under the
title "The Mount Vernon Safe Deposit Company."
Closing of the First National Bank of Champlain, N. Y.,
and of the First National Bank of Rouse's Point, N. Y.,
affiliated institutions, was announced on Mar. 12, according
to Plattsburgh, N. Y. advices by the Associated Press on
that date. The announcement stated that the directors of
the banks acted to protect depositors because of abnormal
depreciation of security holdings. We quote further from
the dispatch as follows:
The capital stock, surplus and undivided profits of the Champlain bank
totaled $314,000, and of the Rouse's Point bank more than $144,000.
These were the only banks in the two towns. Citizens of Champlain
undertook organization of a new bank.
A Plattsburgh dispatch by the United Press Mar. 13 in
reporting the closing of the institutions stated that a receiver
would be appointed and that citizens of both communities
had been assured that both banks would pay depositors
100 cents on the dollar.
Further referring to the affairs of the State Bank of Binghamton, N. Y., which on Dec. 15 was taken over by the New
York State Banking Department, following the mysterious
disappearance of its President and Cashier, Andrew J.
Horvatt, Associated Press advices from Binghamton on Mar.
9 reported that officers and directors of the closed bank
Jury. They
have been Indicted by the Broome County Grand
were named in bench warrants, the dispatch stated, issued
after 38 sealed indictments had been handed up by the Grand
Jury, according to an official announcement on Mar. 9.
Andrew J. Horvatt, the missing President, whose disappear00
ance was accompanied by the discovery of a $2,000,0 shortfunds, is one of the indicted men. He had
age in the bank's
in the Fedpreviously been indicted In Broome County and
was said. The advices went on to say:
eral Court, it
[VOL. 132.
Horvatt, Mangan, Michael J. Horvatt, the President's brother and asand
sistant cashier and teller in the bank; Friedlander, Churchill, Ellis,
Joseph Grescovic, the latter a director, were indicted on charges of participation as directors in the fraudulent insolvency of a moneyed corporation.
Michael Horvatt and Alderman Joseph F. Hidock were charged with
forgery in the second degree.
The announcement that the men indicted would be arraigned Saturday
to move their
came after argument at Owego to-day (Mar. 9) on a motion
cases from Broome County Court to Supreme Court. The motion was granted.
The closing of the State Bank of Binghamton was noted in
our issue of Dec. 20 last, page 3995, and a second reference
to its affairs appeared Jan. 3, page 74.
Deputy Bank Commissioner of Massachusetts, Arthur
Guy, on authority from Judge Carroll of the Massachusetts
Supreme Court, will turn over the assets of the Hampshire
County Trust Co. of Northampton, Mass., amounting to
$185,000 to Alvertus J. Morse, liquidating agent of the bank,
for the benefit of stockholders, according to the Boston
"Transcript" of Mar. 18. This amount represents what is
left after a 100% dividend to depositors in both the savings
and commercial departments of the bank and payment of
all expenses of supervision and liquidation to date. The
bank became involved through the defalcation of Harold
Newcomb, Manager of the Savings Department, who was
recently sentenced to from 8 to 10 years in State Prison
for taking approximately $285,000 of the bank's money.
Our last reference to the affairs of this bank, which was
closed Mar. 28 1930, appeared Dec. 13, page 3819.
Louis Curtis,formerly resident partner of Brown Brothers,
Harriman & Co., bankers, with Boston offices at 60 State
St., died during the night of March 13, in his sleep at his
home in Back Bay. Mr. Curtis, who was born in Boston
March 2 1849, retired from the firm of Brown Brothers &
Co. Dec. 31 1930. His father, Thomas Buckminster Curtis
opened a Boston office in 1844 as agent and attorney. Louis
Curtis graduated from Harvard in 1870. He was President of
the Massachusetts Hospital Life Insurance Co., and attended a meeting of its directors the day before his death.
He also had been President of the Provident Institution for
Savings and was a director of the Pacific Mills and the
Essex Co., both of Lawrence. In November 1870 Mr.
Curtis entered the Boston offices of Brown Brothers & Co.,
bankers in New York, Philadelphia and Boston, succeeding
in 1878 his brother, Daniel Sargent Curtis, in the managea
ment of the Boston house. In 1911 Mr. Curtis became
relinquishing his active connection with this
general partner,
Boston banking interest at the end of last year. A twin
brother, Laurence Curtis, is a member of the banking and
brokerage house of Jackson & Curtis.
The Industrial Bank & Trust Co. of Boston, Mass, an
institution with deposits of approximately $2,312,000, was
closed on Thursday of this week, March 19 by order of
Deputy State Bank Commissioner Arthur Guy, according to
Associated Press advices from Boston yesterday, March 20,
which stated that a liquidating agent for the institution
would probably be named on that day. Mr. Guy was reported as saying that the bank was closed because of "unsafe
and unauthorized banking methods" and that he could not
say to what extent the depositors would recover their money.
A dispatch by the United Press from Boston on the same day
as
reported Charles B. Stroud,President of the closed bank,
institution would be reorganized at once.
saying that the
Two Burlington, Vt., banking institutions, the Howard
National Bank and the City Trust Co., capitalized at $500,000 and $100,000, respectively, were consolidated on Mar. 12
under the title of the Howard National Bank & Trust Co.
of Burlington, with capital of $600,000.
A Philadelphia dispatch, on Mar. 7, to the "Wall Street
Trust
Journal", with reference to the affairs of the Aldine
on of reports to the
Four of the directors are charged with falsificati
Co. of Philadelphia, which closed its doors on Dec. 9 1930,
violation of section 304 of the penal code,
State Banking Department in
ion as directors of the fraudu- contained the following:
a felony. Others are charged with participat
n in violation of section 297-1 of
lent insolvency of a moneyed corporatio
the penal code, a misdemeanor.
the bank's examining
Those indicted for felonies were members of
committee.
also a member of the
Thomas J. Mangan, Vice-President and director,
four felony indictments and one indictexamining committee, was named in
is a member of the State
ment charging a misdemeanor. Mr. Mangan
Board of Regents.
and member of the examining
Mangan, Elmer W. Churchill, director
director and member of the committee
committee; Sigmund Friedlander,
were indicted for falsifiand Massoud Ellis of the examining committee all
cation of reports.
Department,
Joseph K. Willing, attorney of Pennsylvania State Banking
In charge of affairs of Aldine Trust Co., has stated:
to deposit
"An examination discloses that relation of cath on hand
has been
liability is approximately 13%. The deposit liability of bank therefore,
reduced by approximately $200,000 since Dec. 29 1930, and, assets of
The
percentage of cash to existing liability would be increased. fortnight we
bank are now being appraised and in the course of the next
expect the appraisement will be completed."
Issue
The closing of the Aldine Trust Co. was noted in our
Jan. 3, page 74.
of
MAR. 21 1931.]
FINANCIAL CHRONICLE
2129
On Wednesday of this week, Mar. 18, the Pennsylvania
A charter was granted Mar. 12 by the Comptroller of
State Department of Banking took over the affairs of the the Currency for the First National Bank in Gallitzin,
Plaza Trust Co. of Philadelphia, in order to conserve the Gallitzin, Pa., capitalized at $50,000. K. A. Reed is Presiassets of the institution for the protection of the depositors dent and B. W. Harding, Cashier, of the new institution.
and other creditors, according to the Philadelphia "Ledger"
of Mar. 18. In addition to its main office at 1415 South
Effective Feb. 3, the Queen Anne's National Bank of
Penn Square, the closed bank maintained branch offices at Centreville, Md., capitalized at $75,000, was placed in
6017 Market Street, and at 2411 North Broad Street.' In voluntary liquidation. The institution was absorbed by
announcing the closing of the trust company, Dr. William the Centreville National Bank of Maryland, Centreville.
D. Gordon, the State Secretary of Banking, issued the following formal statement from the Department's offices at
The respective stockholders of the First National Bank
Market and Juniper Streets, Philadelphia:
of Chillicothe, Ohio, and the Valley Savings Bank & Trust
"Due to the fact that the assets of the Plaza Trust Co. are in a
Co. of that city, on Mar. 10 voted to consolidate the instituliquid condition, and due to the inability of this institution to maintain
proper reserves as required by the laws of the Commonwealth, I, William tions under the title of the former, according to Associated
D. Gordon, as Secretary of Banking, deem it necessary to close the doors Press advices from Chillicothe on the date named. Both
of this institution and to take possession of the business and property to
the institutions are affiliated with BancOhio Corp. The
conserve the assets for the best interest of the depositors and other creditors
enlarged bank will be capitalized at $300.000, with surplus
of the institution.
"It should be stated that the Board of Directors at an assembled meeting of like amount. The dispatch furthermore stated
that the
held in the office of the Secretary of Banking at 4 P. H. to-day passed
a resolution concurring in the decision of the Secretary of Banking in new organization would be completed at a meeting to be
taking this action.
held Mar. 19.
"The management has made heroic efforts to liquidate the assets in order
to provide the necessary cash with which to continue the operation of
the bank on a profitable basis. Since a continued operation of the institution on the present basis would mean a dissipation of the assets with its
attendant weakening of the protection to the depositors, it necessarily
devolved upon the Department of Banking to take possession.
"The capital of the Plaza Trust Co. is $320,310 and the deposits are
$429,000.
"I wish to assure the public that the action taken by the Secretary of
Banking in no way affects the general banking situation of the city and
that the Plaza Trust Co. has no affiliation with any other banking
institution."
The Plaza Trust Co. opened for business Oct. 10 1929
with a capital of $500,000 and surplus of $750,000. Deposits
of $1,000,000 were received on the opening day. Leon L.
Darling, President of the institution at the time of its
founding, resigned in April 1930 and was succeeded by
Charles E. Wolbert. In that year, too, the William Penn
Title & Trust Co. was merged with the institution. In addition to Mr. Wolbert, other officers of the closed bank, as
named in the "Ledger", are: Harry T. Rotenbury, VicePresident; Arthur E. Custer, Secretary and Treasurer;
C. H. Wilson and A. R. McCullough, Assistant Secretaries
and Assistant Treasurers; Charles Marshak, Assistant Secretary, and William S. Atchison, Title Officer.
In its issue of the next day, Mar. 19, the "Ledger" stated
that a depositors' protective committee had been formed the
previous day at a meeting held in the office of K. K. Kaiserman, an attorney, in the Bankers' Trust Building. The
paper mentioned went on to say in part:
At the meeting, Mr. Heiserman disclosed that several equity suits over
sales of stock of the bank have been filed in the city courts, including
one against Francis J. Lambert, former president of the William Penn
Title & Trust Co., which was merged with the Plaza Trust. The suit
claims that Mr. Lambert received 445 shares of Plaza Trust stock and
$78,000, more than he told other directors was paid. Another suit has
been filed against John Hendricks, a promoter and former director of the
Plaza Trust.
Affairs of the Plaza Trust Co. have been put in charge of Deputy
Banking Secretary William R. Smith by Dr. William D. Gordon, State
Secretary of Banking.
Another group of Plaza Trust depositors met yesterday at the office of
Harry E. Apler, an attorney, but made no announcement of their plans.
Wesley 0. Fitzgerald, Senior Vice-President of the Corn
Exchange National Bank & Trust Co. of Philadelphia, died
at his home in Rydal on Mar. 17, following a heart attack
suffered the previous day. The deceased banker, who was
49 years of age, was a native of Camden, N. J., and entered
the Philadelphia banking field as an employee of the Land
Title & Trust Co. Many years ago he went to the Rittenhouse Trust Co. as a teller and eventually became VicePresident and Treasurer of that institution. Upon the
merger of the Rittenhouse Trust Co. with the Corn Exchange
National Bank & Trust Co. some years ago, Mr. Fitzgerald
became a Vice-President and Secretary of the Board.
Among other activities, he was a Vice-President and a
director of the Corn Exchange Corporation, the Lumbermen's Insurance Co., the Philadelphia National Insurance
Co., and Treasurer and a director of the Hotel Brighton
at Atlantic City.
A. R. Kuhlman, for several years a director and a member of the executive committee of the Security-Home Trust
Co. of Toledo, Ohio, was appointed Chairman of the Board
of Directors on Mar. 10, according to the Toledo "Blade"
of the following day. Mr. Kuhlman succeeds Frank C.
Hoehler, who resigned the Chairmanship to devote his time
to other interests, but continues as a member of the Board.
At the same meeting the directors declared the regular divident of 622 a share on the 60,000 shares of bank stock
/
1c.
outstanding, payable Apr. 1 to stockholders of record Mar.
15, representing a distribution of $37,500, it was stated.
Mr. Kuhlman, the new Chairman, is President of the Kuhlman Builders' Supply & Brick Co.
Mal S. Daugherty, former President of the defunct Ohio
State Bank of Washington Court House, Ohio, and brother
of former United States Attorney General Harry M.
Daugherty, on Mar. 18 was sentenced to ten years in the
Ohio penitentiary, fined $5,000 and ordered to pay the cost
of the prosecution by Judge Bell in the Court of Common
Pleas, according to advices by the Associated Press from
Washington Court House on that date. A motion for a new
trial was overruled. Attorneys for the defendant said they
would appeal immediately and the Court granted a twentyday stay of the sentence, the dispatch said. The conviction
of Mr. Daugherty on Mar. 4 on all five points of an indictment (one of 16 returned against the defendant) charging
the misapplication of $5,350, was noted in the "Chronicle"
of Mar. 7, page 1739.
Effective July 25 1930, the Auglaize National Bank of
Wapakoneta, Ohio, capitalized at $100,000, went into voluntary liquidation. The institution has been absorbed by the
People's National Bank of Wapakoneta.
On Feb. 28 the First National Bank of Cuba, Ill., was
placed in voluntary liquidation. The institution, which was
capitalized at $50,000, was taken over by the State Bank
of Cuba.
The FirSt National Bank of Stonington, Ill., capitalized
at $50,000, was placed in voluntary liquidation on Feb. 2.
It was absorbed by the Farmers' State Bank of Stonington,
which has changed its name to the First State Bank.
Supplementing our item of Mar. 14, page 1929, with reference to the taking over of the American State Bank of Detroit by the People's Wayne County Bank of that city, the
Detroit "Free Press" of Mar. 13 in reporting the matter
stated that concurring in the action of the People's Wayne
County Bank in guaranteeing the accounts of the American
State depositors were the following banks and trust companies First National bank in Detroit, Guardian Detroit
bank, National Bank of Commerce, Detroit Savings Bank,
The National Bank of Schwenksville, Schwenksville, Pa., Commonwealth-Commercial State Bank, Union Guardian
has changed its name to the National Bank & Trust Co. Trust Co., Detroit Trust Co., Fidelity Trust Co. and ths
of Schwenksville.
Equitable & Central Trust Co. The paper mentioned lilt*.
wise said in part:
2130
FINANCIAL CHRONICLE
In commenting on this move, Wilson W. Mills, Chairman of the Board,
and John R. Bodde, President of the People's Wayne County Bank, stated:
"Business will be conducted as usual at all branches of the American State
Bank and at the main office. The acquisition of this bank, with its 81 well
located branches, will further extend the services of the People's Wayne
County Bank to the business and residential sections of Detroit.
"The People's Wayne County Bank is the largest financial institution
between New York and Chicago," continued Mr. Bodde, "with total resources
of more than $400,000,000, and the acquisition of the additional offices
gives us a total of 169 completely equipped branches, from which we offer
a service to Detroit unparalleled in any city in the United States."
That the Highland Park State Bank of Highland Park,
Mich., has agreed to absorb all the assets and assume full
responsibility for payment of all deposits of the American
State Bank of Highland Park, was announced on the night
of Mar. 12 by Clarence H. Booth, Chairman of the Board,
and Frank J. Maurice, President of the former, according
to the Detroit "Free Press" of the next day, which continuing said:
Concurring in the action of the Highland Park State Bank in guaranteeing
accounts of depositors of the American State Bank, of Highland Park, were
the following institutions: The People's Wayne County Bank, of Detroit,
First National Bank, Guardian Detroit Bank, National Bank of Commerce,
Detroit Savings Bank, Commonwealth-Commercial State Bank, People's
Wayne County Bank, of Highland Park, Union Guardian Trust Co., Detroit
Trust Co., Fidelity Trust Co. and the Equitable Central Trust Co.
The offices of the former American State Bank, of Highland Park, will
be operated by the Highland Park State Bank under the executive direction
of Frank J. Maurice, President.
The Highland Park State Bank has assets exceeding $30,000,000 and is
a unit of the Guardian Detroit Union Group, Inc., which comprises 23
leading banks and trust companies of Detroit and Michigan, with aggregate
resources of over $500,000,000.
The Highland Park State Bank was established in 1909, with Henry Ford
as its first President, and has enjoyed a conservative growth which has
placed it in the first rank of the sound and progressive banks of the
metropolitan area.
The American State Bank, of Highland Park, has had no direct or indirect affiliation with the American State Bank of Detroit.
FoL. 132.
units in the system to 133, according to an announcement
by P. J. Leeman, Vice-President and General Manager of
the corporation. A dispatch from Minneapolis, reporting
the acquisitions, printed in the Chicago "Journal of Commerce" of Mar. 9, went on to say:
The Merchants' & Miners' National is the first bank serving the iron
mining industry to become a member of the group. The bank is capitalized
at $100,000, has deposits of $1,220,000, and total resources of $1,468,000.
The First National of Princeton at the close of 1930 had deposits of
$522,356 and resources of $606,879.
Effective Mar. 2, the Farmers' State Bank of Clontarf,
Minn., was merged with the National Bank of Benson,
Benson, Minn., a member of the First Bank Stock Corp.,
according to Benson advices, printed in the Minneapolis
"Commercial West" of Mar 7. The dispatch, continuing,
said:
In -a letter mailed to depositors and stockholders, Wm. Perris°, Jr.,
Cashier of the Clontarf bank, announced the consolidation and stated that
the directors of the bank decided that it was to the best interests of the
depositors to accept the consolidation proposal. Under the terms of the
transaction, the National Bank of Benson assumes the complete deposit
liability of the Farmers' State Bank.
The First National Bank of Kenmare, N. D., with capital
of $25,000, went into voluntary liquidation on Jan. 19 last.
absorbed by the Kenmare National Bank of the same
place.
The First National Bank of Preston, Ida., with capital of
$50,000, went Into voluntary liquidation on Mar. 7. It -has
been absorbed by the First Security Bank of Preston,
On Mar. 3, the First National Bank of Wyoming, Iowa,
was placed in voluntary liquidation. The institution, which
was capitalized at $50,000, was taken over by the Citizens'
State Bank of Wyoming.
Four Detroit suburban banks, the American State Bank
of Ferndale; the American State Bank of Wyandotte; the
Effective Feb. 28 last, the Citizens' National Bank of
State Savings Bank of Meivindale, and the State Savings
Bank of Lincoln Park, failed to open their doors yesterday, Boulder, Colo., capitalized at $100,000, was placed In volunMar. 13,according to Betrolt advices by the Associated Press, tary liquidation. The institution has no successor.
which went on to say:
M. 0. Taylor, Deputy Commissioner of the State Banking Department,
On Mar. 10 the name and location of the First National
Issued the following statement.
Springs, Ark., was changed. The institutaken over by the State Banking Department in Bank of Mineral
"These four banks were
tion is now located in Nashville, Ark., under the title of the
to conserve assets and to protect the interests of depositors."
order
First National Bank of Nashville.
From the Detroit "Free Press" of Mar. 15, it is learned
As of Feb. 26 1931, the Firs- t National Bank of Josephine,
that the American State Bank of Dearborn, Mich., was taken
Tex., capitalized at $30,000, was placed in voluntary liquiover by the Dearborn State Bank of the same place. The
dation. The institution was taken over by the First Nafollowing statement was issued after a meeting of the directional Bank of Nevada, Tex.
tors of the Dearborn State Bank:
An agreement has been reached with the directors of the American State
As of Feb. 14 1931, the Firs- t National Bank of Pittsburg,
Bank of Dearborn, whereby the Dearborn State Bank acquires the business
Texas, went into voluntary liquidation. The institution,
and assets of the American State Bank and assumes full responsibility for
which was capitalized at $100,000, was absorbed by the Pittsall deposits made with the latter bank.
The business of the American State Bank is to be conducted as usual at burg National Bank of the same place.
their present location, Michigan Avenue and Munroe streets, until Apr. 1,
after which all business will be transacted at the new offices of the Dearborn State Bank.
The Dearborn State Bank is the largest of the local Dearborn banks,
•
having total resources of approximately $7,000,000, and the acquisition of
the American State Bank will probably result in the resources of the bank
being materially increased.
Since its organization in 1910, the Dearborn State Bank has enjoyed a
healthy and conservative growth, which has placed it among the sound and
progressive banks of the metropolitan area of Detroit.
The undertaking of the Dearborn State Bank, insofar as it constitutes a
guarantee of payment of the depositors and accounts of the American State
Bank of Dearborn, is concurred in by the People's Wayne County Bank of
Dearborn, the Union State Bank of Dearborn, and the Bank of Commerce.
The American State Bank is not in any way affiliated with the American
State Bank of Detroit.
Announcement has been made by the Canadian Bank of
Commerce (head office Toronto) that P. C. Stevenson, Manager of the bank's main office in Montreal is retiring on a
pension after 44 years of service with the institution and
will be succeeded by J. E. W. Stephenson, now Manager
of the branch at Mexico City, according to the Montreal
"Gazette" of Mar. 16. Other important appointments announced at the same time are that of Crawford Gordon, the
present Manager at Ottawa, who is succeeding Charles
Gamble, the Manager at London, Eng, who is retiring on a
pension, and that of T.P. Mackenzie, the Manager at London,
Ont., who is succeeding Mr. Gordon at Ottawa. Mr. MacThe Peoples State Trust & Savings Bank, Pontiac, Mich., Kenzie will In turn be succeeded by J. Cameron, an inspector
has been taken over by the State Banking Department, at Hamilton. With reference to the banking career of Mr.
according to Detroit advices on March 19 to the "Wall Stevenson and of his successor, Mr. Stephenson, the MonStreet Journal."
treal paper said:
That the Lockport State Bank, Lockport, Mich.,a suburb
of Detroit, has been taken over by the State Banking Department, was reported in Detroit advices yesterday, March 20,
to the "Wall Street Journal." The closed bank was capitalized at $30,000 and had deposits of about $300,000, it was
stated.
The First Bank Stock Corp. (headquarters St. Paul and
Minneapolis) has acquired the Merchants' & Miners'
National Bank of Ironwood, Mich., and the First National
Bank of Princeton, Minn., bringing the total number of
In retiring from his post in this city, Mr. Stevenson completes over 44
years of distinguished service with the bank, having joined that institution
in Montreal in 1887. He was one of the party of officers tram The Canadian Bank of Commerce which was sent in 1898, at the time of the Klondyke
gold rush, to open a branch at Dawson, a journey full of perils and adventures, and one famous in the annals of Canadian banking. He remained at
Dawson for five years, during the latter part of which he served as Assistant
Manager. From Dawson he went to Sydney, Cape Breton, and later was
appointed as Manager at Kingston, Ont. In 1919 he was appointed Manager
at Ottawa and came to Montreal in October, 1920.
Ills successor in this city, J. E. W. Stephenson, entered the bank's service twenty-five years ago, and has occupied the important managerships at
Rio de Janeiro from 1921 to 1923 and at Mexico City from 1928 to the
present.
MAR. 21 1931.]
FINANCIAL CHRONICLE
2131
THE WEEK ON THE NEW YORK STOCK EXCHANGE. Motors again moved ahead and closed at
202 with a net
Except for a brief setback on Tuesday,due to profit taking, gain of 734 points, and fractional gains were recorded by
the market has gradually moved upward this week. During most of the other active members of the group. Other
the early part of the week, speculative activity continued to changes on the side of the advance were Air Reduction, 23%
center around the public utilities, but these were superseded points to 1023%; Allied Chemical & Dye,434 points to 15434;
%
by the motor stocks, industrial shares and steel issues. Rails American Can, 25 points to 12534; American Tel. & Tel.,
were generally weak and so were the oil stocks and copper 33% points to 1963%; Bethlehem Steel, 3 points to 633%;
issues. The weekly statement of the Federal Reserve Bank, J. I. Case Threshing Machine,434 points to 117, and United
published after the close of the market on Thursday, showed States Steel, 234 points to 1473%.
Stocks moved briskly upward on Thursday and advances
a further increase of $94,000,000 in brokers' loans in this
district, making the largest increase since April 16 1930. ranging from 2 to 5 or more points were recorded by a large
Call money renewed at 134% on Monday, remained un- number of active issues. Motor shares, which had been
changed at that rate until Friday afternoon, when it dropped gradually gathering strength, moved in several instances to
new high levels for the current movement, displacing the
to 1%, the lowest since June 3 1915.
utilities as the market
General
The stock market displayed moderate gains during the swing with a gain of 2 leader. closing Motors led the uppoints,
at a
two-hour session on Saturday, and while the volume of Steel industrials were represented on the new top at 4734.
upside by United
business was somewhat smaller than usual, the gains for States Steel, which gained 15 points, and Bethlehem Steel,
%
the most part were held to the end. Public utilities, as which improved 15 points. Other noteworthy gains were
%
usual, led the advance. Consolidated Gas moving ahead American Can 1 point, Allied Chemical & Dye 35% points,
1% points to 10534,followed by Public Service of New Jersey, Columbia Carbon 43% points, du Pont 4% points to 10634
Standard Gas & Electric, Electric Power & Light, United and Western Union Telegraph 4 points to 13834. The marCorporation and American Water Works, all of which were ket moved irregularly higher, but within a narrow range
substantially higher. Motor stocks were firm, particularly during most of the session on Friday. General Motors,
General Motors, which gained a point at its high for the day. American Can and a number of other stocks reached new
One of the strong features of the market was American Can, tops for a short time during the early trading, but failed
which closed with a gain of over a point. Radio Corporation to hold their gains as prices moved alternately upward and
improved 234 points to 253 , Electric Auto Lite advanced downward. The principal changes on the side of the ad%
23 points to 7131„ Eastman Kodak gained 234 points to vance were Anierican Chain 37% points to 39, Auburn
4
16634 and Columbian Carbon jumped 23 points to 98. Motor 834 points to 20934, Baltimore & Ohio 2% points
%
On Monday, prices were fairly strong during the early hours, to 7434, Detroit Edison 2 points to 189, Pittsburgh & West
Virginia 2 points to 62, Vulcan Detinning 5 points to 6334
but dropped off as considerable realizing came into the and
Westinghouse Electric 4% points to 95.
market, though on the whole, the selling was well absorbed.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Some special issues showed a fairly steady demand and
DAILY. WEEKLY AND YEARLY.
moved ahead, closing at higher levels. Public utilities
Stocks,
Railroad,
Stale,
United
Total
again attracted much of the speculative attention, United
Week Ended
Number of
rite..
Municipal db
States
Bond
Porn Bonds.
Bonds.
Bonds.
Corporation, Consolidated Gas, United Gas Improvement Mar. 20 1931. Shares.
Sales.
and Public Service of New Jersey, slipping into new highs for Saturday
1,109,410 $3,082.000 81,533,000
8150,000 84.765.000
Monday
2,131.820
5.581.000
2,553.000
305,500 8.439,500
the year. United States Steel gained 13 points, Bethlehem Tuesday
%
2.801,024
6,286.000
3,028,000 . 814,01 0 10,123,000
'
Wednesday
2,095,715
6,673,000
3,636,000
393.000 10.702.000
Steel improved 2 points, and gains ranging from 1 to 6 or Thursday
3,524,960
6,311,000
2,863,000
101,000 9,275,000
Friday
2,742.090
more points were recorded by such stocks as Worthington
6,812,000
2,356,000
345.000 9,513,000
Pump, J. I. Case Threshing Machine and A. M. Byers. Total
14,406,019 834.745,000 515,969.000 82.108.500 552,822,500
Auburn Motors improved about 10 points and some interest
Sales at
Week Ended March 20.
Jan. 1 to Mar. 20.
New York Stock
was displayed in the railroad stocks, but the latter were not
Exchange.
1931.
1930.
1931.
1930.
particularly active. Reading registered a new low for the
192.993,240
year, and New York Central sagged. Baltimore & Ohio, Stocks-No,of shares_ 14.406.019 22,840,050 151,846.247
Bonds.
Government bonds- -on the other hand, was nearly 2 points higher. Among the State & foreign bonds. $2,108,500 $3,307,500 $43,932,050 525,740.900
15.969.000 24,423,000
170,377,500
157.676.500
active stocks prominent on the side of the advance were Railroad& misc. bonds 34,745,000 87,323,500 391.473,000 465,552.000
such issues as Air Reduction 23 points, Auburn Motors 9 Total bonds
%
852,822,500 8115,054,000
8805.782.550
8648,969,400
points, Eastman Kodak 4 points, Worthington Pump 634 DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
33% points, Fosterpoints, United States Industrial Alcohol
BALTIMORE EXCHANGES.
Wheeler 23% points, Industrial Rayon 5 points, and Pacific
Boston.
Philadelphia.
Baltimore.
T.& T.334 points.
Week Ended
Mar. 20 1931,
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Stocks ran into considerable realizing during the early
transactions on Tuesday, though the market was strong at Saturday
529,000 a24,530
17,179
$27,000
1,620
86,000
Monday
34,000 a50,895
28,025
1,079
48,000
8,000
the start and the check.did not come until later in the day. Tuesday
10,000 a53,131
34,625
1,864
50,700
3.200
Wednesday
24,416
8,000 a38,943
70.000
1,400
809
Public utilities, merchandising shares and food stocks were Thursday
39,813
5,000 a60.930
64,000
787
4,000
8,536
5,000
534
9.115
in good demand and during the early trading many of the Friday
4,000
"speculative favorite" class reached new tops for the year. Total
891,000 237,544 5257,700
152,594
6,693
$26,600
The final prices of many of the market leaders were off Prey. wk. revised_ 194,446 $54,000 290,342 $402,000
538
$84.200
from one to three or more points, the list including such
a In addition, sales of rights were: Saturday, 4,000. Sales of warrants were:
Saturday, 100; Monday, 100; Tuesday, 700; Wednesday, 200; Thursday, 200.
active issues as American & Foreign Power, 234 points;
American Power & Light, 134 points; American Water
PRICES ON BERLIN STOCK EXCHANGE.
Works, 2% points; Electric Power & Light, 2 points; ConClosing quotations of representative stocks on the Berlin
solidated Gas, 134 points; Standard Gas & Electric, 15 Stock Exchange as received by cable each day of the past
%
Brooklyn Union Gas, 2 points and Pacific Gas & Electric, week have been as follows:
Mar. Mar. Mar. Mar. Mar. Mar.
1 point. Other prominent stocks included among those
14.
16.
18.
17.
19. 20.
Per Cent of Par
on the side of the decline were Air Reduction, 2 points; Alig. Deutsche Credit(Adcal(8)
96
95
96
96
97
96
Allied Chemical & Dye,334 points; American Can, 2 points; Berlin Hendels G,
es (12)
133 134
134 132
130 131
Commerz-und-Privat Bank (11)
115 114 114
113 112 113
Amer. Tel. & Tel., 1% points; Columbian Carbon, 4% Darmstadter u. Nationalbank (12)
144
146
142
143
144 147
Deutsche Bank
108
111
109
111
111 110
points and Eastman Kodak, 63 points. Railroad shares Dresdner Bank u. Disconto Ges.(10)
%
(10)
108
111
110
109
111
111
were generally off, Atchison for instance slipping back 43% *Reichsbank (12)
163
166 165 164 164
161
Algermeine Kunstzljde Unie (Aku)
74
80
77
__
75
79
points, followed by Baltimore & Ohio with 3 points, Rock Alig. Eiektr. Ges.(A.E.G.)(9) (18) 109 108 110 107 104 105
Deutsche Ton- und Steinzeugwerke (11)
84
85
85
88
90
88
Island, 1% points; New York Central, 3% points, Southern Ford Motor Co., Berlin (10)
212 210 208 208 210 217
86
81
90
Railway, 1% points and Southern Pacific a similar amount. Gelsenkirchen Bergwerk (8)
88
82
89
Gesfuerel (10)
130 125
122 123
131
135
The market dragged along during the forenoon on Wednes- Hamburg-American Lines(Hapag)(7)
68
72
70
69
73
72
Hamburg Electric Co.(10)
117
116
120 120 119 118
day, without noteworthy incident, but rallied after mid- Harpener Bergbau (5)
52
53
52
53
53
51
Heyden Chemical
71
80
75
71
79
78
session and closed somewhat higher. The railroad stocks Hotelbetrieb (10)(5)
109 108
102 105
108
111
declined all along the line, due partly to unfavorable car I. G.Farben Indus.(Dye Trust)(14)
141
146 144 140
145
148
IC.arstadt (12)
61
82
60
65
60
67
loadings as compared with the same period last year, and Mannesmann Tubes (7)
75
82
80
74
81
77
North German Lloyd (8)
73
71
74
70
74
74
uncertainty about many railroad dividends. New York Phoenix Bergbau (6)4)
the
61
64
57
66
58
67
175 174 174 170 166
167
Central dipped to a new low during the first hour, and so Polyphonwerke (20)
Rhein-Westf. Elektr.(R.W.E.)(10)
136
133 132 130
138
141
Sachsenwerk Licht U. Kraft(73)
did Missouri-Kansas-Texas, St. Louis-San Francisco, and Siemens
89
90
88
88
85
88
Sc'Wake(14)
181
176
184 181
173 175
Reading. Industrial stocks were irregular, though that was Leonhard 'nets (10)
119
118
_ _122 120
115
116
to be expected in view of the weakness in the rails. Auburn Ver. Stalhwerke (United Steel Works)(6) 68 66 64 61 58 *54
•Ex-dividend.
[VoL. 132.
FINANCIAL CHRONICLE
2132
THE CURB MARKET.
PRICES ON PARIS BOURSE.
Curb prices were generally strong throughout the week
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been and in Wednesday's and Thursday's markets substantial
gains were recorded. Aluminum Co. corn. rose from 1573
as follows:
Mar.14 Mar. 16 Mar.17 Mar.18 Mar. 19 Mar.20 to 204 and closed to-day at 195. Deere & Co. corn. after a
1931.
1931. 1931. 1931. 1931.
1931.
Francs. Francs. Francs. Francs. Francs. Francs. gain of over two points to 40 5, reacted to-day to 373.
18,800 18,500 18.400 18,500 18,500 18,500 Driver-Harris Co. corn. sold up from 33 to 39%. Glen
Bank of France
1,280
1,280 1,275 1,270
1,281
Banque Nationale de Credit
2,300 2,340 1,540 Alden Coal weakened from 433' to 389/i and sold finally at
Banque de Paris et Pays Sm.__ 2,370 2,350 2,340
1,380 1,350 1,340 1,335 1,350
Banque de Union Parislenne
1,100 1,110 1,lio 385 . Mead, Johnson & Co. corn, advanced from 105%
1,110 1,110 1,120
%
Canadian Pacific
Canal de Sues
16,600 16,500 16,600 16,400 16,300 15,800
/
4
to 1133 and finished to-day at 1117s. Parker Rust-Proof
2,320 2,285 2,250 2,250 2,280
Cie Distr. d'Electricitie
Cie Generale d'Electricitie
2,690 2,660 2.670 2,650 2,680 litio Co. corn. gained 15 points to 102 and sold finally at 96.
450
443
440
450
467
Cie Ole Trans-Atlantique
"rrio A. 0. Smith Corp. cora, dropped from 186 to 1783( and
740
735
729
705
Citroen B
720
1,650 1,650 1,660
1,650 1,640
Comptoir Natiobale d'Escompte 1,660
700 recovered finally to 180. U.S. Dairy Products class A on few
700
700
700
700
700
Coty, Inc
1,0981,090 1,080 1,110
---Courrleres
transactions advanced from 603 to 65%. New high records
1,240
1,237
1,226
,25.
1- 4
1,226
Credit Commerciale de France
2,630 2,630 2,620 2,620 2,630 2,655 were general throughout the utility list. Amer. & Foreign
Credit Lyonnais
2,560 2,530 2,540 2,530 2.570 2.560
Eaux Lyonnais
965
---- Power warrants sold up from 265 to 293 and at 29 finally.
951
%
955
4
970
960
Energie Electriqueriu Nord....
1,270 1,274 1,290
1,273 1,273
Energle Electrique du Littoral
259
258
-iia Amer. Gas & Elec. com. from 78% reached 838 and ends
257
%
252
254
Ford of France
450
438
450
440
448
470
French Line
%
143 the week at 82. Commonwealth-Edison was off from 2493
143
143
142
144
141
Gales Lafayette
870
850 to 246, the close to-day being at 2463 . Elec. Bond &
860
860
860
864
Gra Le lion
4
622
620
620
623
620
622
Kuhlmann
4
1,090 1,090 1,080 1,090 1.070 Share, corn. advanced four points to 593 and closed to-day
1,110
L'Alr Liquids
-_
1,550
1,540 1,550 1,550
1,550
Lyon (P. L. M.)
2,160 2,160 2,140 at 59. Internat. Superpower improved from 30 to 333,4 an
2,150 2,130 2,160
Nord Ry ,
145
139
135
137
137
Pathe Capital
to 323/2. New York Steam corn. after early
2,060 2,060 2,080 2.090 2:656 reacted finally
2,090
Pechiney
88.20 88.20 88.30 advance from 76 to 89,eased off to 84. Northern States
88.80 88.20 88.30
Rentes 3%
137.40 137.40 137.40 137.30 137.30 137.40
Rentes 5% 1920
4
103.20 103.20 103.30 103.30 103.40 103.50 Power corn. advanced from 1403( to 1523 . Oils show few
Rentes 4% 1917
103.50 103.50 103.60 103.30 103.30 103.40
Rentes 5% 1915
from
104.10 104.30 104.40 104.20 104.10 104.00 changes of moment. Standard Oil (Indiana) improved
Rentes 6% 1920
3,010 31% to 33
2.930 2,940 3,010 3,010 3,010
3
Royal Dutch
4
%, and closed to-day at 323 . Vacuum Oil
3,175 3,200 3,200
-3.315 3,260
Saint Cobin, C. & C
6
1,820
1,800 1,775 1,770 1,800
4
sold up from 553/i to 573 then down to 54%,the close to-day
Schneider & Cie
2,560
2,575 2,560 2,530 2,520
---Societe Lyonnais
__ __ being at 551
%. Gulf Oil early early improvement from 64
970
965
970
970
970
Societe MarseillaLse
306
310
306
318
318
Tubize Artificial Silk. pref
Bonds
%
1.060 1,060 fAiii to 687 , fell to 65 but recovered finally to 67%.
1,050
1,060
1,060
Union d'Electricitie
630
620
.
620
660 show good gains. Vanadium 5s were heavily traded in.
623
631
Union des Mines
330
335
331
335
335
---Wagons-Lila
A complete record of Curb Exchange transactions for the
week will be found on page 2167.
Government Receipts and Expenditures.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
• Through the courtesy of the Secretary of the Treasury we
readers to-day the details of
Bonds (Par Value).
are enabled to place before our
Stouts
Government receipts and disbursements for February 1931
Foreign
(Number of
Week Ended
the fiscal years 1930-1931
Rights.
Domestic. Government.
Total
and 1930 and the eight months of
Shares.)
Mar. 20 1931.
and 1929-1930.
1,100 $1,993.000
$82,000 $2,075,000
283,000
Saturday
-- --Eight Months '
-Month of February
•
1929 1950.
1930-1931.
1930.
1931.
Receipt&
3
$
Ordinary28.108,963 35,935.440 258.299,864 379,427,214
Customs
Internal revenue:
34,058,756 38,182,609 1,171,431.024 1,252,634,141
Income tax
Miscell. internal revenue 41,670,889 44,400.911 379,791,311 416,470,145
Miscellaneous receipts:
-owned SeProceeds Govt.
curitiesForeign obligations
40,883,180
31,411,608
Principal
80,520,597
92,370.598
Interest
1,244,734
1,619,895
4,527,290
2,346
Railroad securities
2,843,632
6,610.233
699,546
410,488
All others
Trust fund receipts (re-ap39,059,594
27,448,021
5.401.503 3,349,466
propriated for invest.)
653,295
5,520,184
2,025.066
471.468
Proceeds sale of surp. prop_
17,865,374
1.551,322
18,687,086
Panama Canal tolls, &c.... 1,533,151
97.941,623 138,313,709
6,958,269 12,523,067
Other miscellaneous
Total ordinary
118,613,833 138,540,383 2,098.426,190 2.367,275,199
Excess of ord. rots, over total
exps. chargeable against
ordinary receipts
Excess of total exps. chargeable against ord. receipts
72.810,911 98,201,850
over ordinary receipts
307,877,887
202,713,149
Expenditures.
Ordinary (checks and warrants paid, &c.)
175,941,460 171,690,886 1,533,571,810 1,447,128,360
General expenditures
Interest on public debt_a___. 3,115,072 3,338,615 328,687,302 366,339,992
Refund of receipts:
14,264,996
13,330,102
1,484.783 1,378,026
Customs
45,923,650
71,017,027
4,619,138 7,192,354
Internal revenue
70.016,090
45,000,000
5,011.508 10,000,000
Postal deficiency
6,878,409
695,227
8,305,284
482.390
Panama Canal
Operations in special acc'ts:
5399,004
5940,684
53,954,667
5328,086
Railroads
59,850
563,862
52,687
516
War Finance Corporation16,822,423
17,827,413
319,015
3,245,562
Shipping Board
Agricultural marketing fund
12,210.572 23,701,759 142,758,507
44,022,899
(net)
925,782
365,509
0772.806
254,843
Allen property funds
91,698,752 111,550,719
5398,101
.
Adjusted-service ctf fund...519,670.093
20,487,546
164,163
20,507,555
Civil service retirement fund- 5336,275
Investment of trust funds:
38,441,230
5,399,885 3,325,848
26.764,699
Govt.life insurance
421,395
407,096
23,618
D.of C. teachers' retirem't
318,930
326,582
58,000
510,000
Foreign service retirement_
196.969
276,227
1,618
General railroad contingent
Total ordinary
191,424,893 219,705,233 2,312,009,927 2.168,145,945
Public debt retire, chargeable
against ord. receipts:
Sinking fund
Purchases and retirements
from for. repaymentsReceived from for. gocts.
under debt settlements_
Received for estate taxes_
Purchases and retirements
from franchise tax rects.
(Fed. Res. & Fed. Intermediate Credit banks).Forfeitures, gifts, &o
Total
17.000,000
65,000,000
29,235.000
291,514,950
418,000
109,790,850
58,100
37,000
59,150
60,503
5149 17,037,000
94.294,150
401,842,403
5149
Total exps. chargeable
against ord. receipts...191,424,744 236.742,233 2,406,304,077 2.569,988,348
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include 837,566.52 and for the fiscal year 1931 to date
$285,294.71 accrued discount on war-savings certificates of matured series, and for
the corresponding periods last year the figures include 351,660.80 and $361,561.54,
respectively.
D Excess of credits (deduct).
468,700
565,400
431,100
659.200
634,360
Monday
Tuesday
Wednesday
Thursday
Friday
Total
3,041,700
2,877,0011
4,724,000
4,276,000
4.732.000
4,745,000
82.000 $2.959,000
82,000 4,806,000
106,000 4.382,000
140,000 4,872,000
342,000 5,087.000
5,100823,347.000
5834,000 324,181,000
600
500
500
1,500
900
COURSE OF BANK CLEARINGS.
clearings this week will again show a decrease as
Bank
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country indicate that for the week ended to-day (Saturday, March 21), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 21.6% below those for the corresponding week
last year. Our preliminary total stands at $9,992,975,256
against $12,753,514,370 for the same week in 1929. At this
centre there is a loss for the five days ended Friday of 23.4%
Our comparative summary for the week follows:
,
Clearin .-Ii.turns by Telegraph.
Week Ended March 20.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1931.
1930.
Per
Cent.
35,435,030,714 $7,099,000,000 -23.4
487,341,834 -23.6
372,447,454
453,000,000 -24.1
344,000,000
-9.9
347,000,000
385,000,000
117,012,246 -29.6
82,443,896
118,500,000 -28.7
84.500,000
211,894,385 f-38.4
130,545,000
Will no longer re port clearings.
121,918,737
157,543,085 -22.6
129,920,802
176,190,077 -26.2
119,999,233 -21.8
93,707.069
66,370,508
90,882,104 -27.0
42.536,254
52,840,776 -19.5
Twelve cities, 5 days
Other cities, 5 days
87,250,420,432
743,725,615
$9,469,203,746
943,318,560
-23.4
-21.2
Total all cities, 5 days
All cities, 1 day
$7,694,146,047 810,412,522,306
1,998,829.209
2,340,992,064
-23.2
-14.6
89.992.975 258 212 752 Mg Trn
._2l8
'Vestal ell nitlaa fnr wank
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all oases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Mar. 14. For
that week there is a decrease of 25.1%, the aggregate of
clearings for the whole country being $8,412,882,847, against
$11,235,466,499 in the same week of 1930. Outside of this
city there•is a decrease of 26.5%, the bank clearings at this
centre recording a loss of 24.4%. We group the cities now
according to the Federal Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, the totals show a
contraction of 24.2%, in the Boston Reserve District of
16.2% and in the Philadelphia Reserve District of 29.7%.
The Cleveland Reserve District has a loss of 21.1%, the
Richmond Reserve District of 25.1% and the Atlanta
Reserve District of 27.5%. In the Chicago Reserve District
the totals are smaller by 30.6%, in the St. Louis Reserve
District by 32.6% and in the Minneapolis Reserve District
by 20.3%. The Kansas City Reserve District has a decrease
of 31.6%, the Dallas Reserve District of 21.9% and the
San Francisco Reserve District of 30.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
STreek End. Mar. 14 1931.
1929.
1928.
11
$
613,840,610
574,049,944
9,488,436,714 8,406,896,632
614,570,333
631,039,407
416,964,342
468,480,407
190,024,784
182.738,426
200,549,743
199,159,458
1,085,513,730 1,062,4E6,828
238,117,865
246,644,938
127,670,516
136,398,244
216,993,907
217,813,464
74,718,278
83,022,135
441,382,687
427,373,193
2
432,482,622
6,707,065,088
403,821,862
311,832,708
132,531,144
127,928,421
604,935,213
136,960,926
92,839,091
141,987,091
51,776,410
088,721,271
Total
126 cities
Ontaida N. Y. City
8,412,882,847 11,235,466,499 -25.1 13.721,201,036 12620.685.599
2,836,720,425 3,861,286,777 -26.5 4.404,996,112 4,372,673,909
32 intim
ens 999 1011
$
516,078,379
7,530,752,157
574,226,010
407,900,318
176,889,397
176,349,173
871,162,123
203,276,005
116,538,916
207,512,755
66,279,581
388,501,685
%
-16.2
-24.2
-29.7
-21.1
-25.1
-27.5
-30.6
-32.6
-20.3
-31.6
-21.9
-30.8
389 492.917 -17.3
434.064.854
389,453,524
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended March 15.
Clearings al
1931.
1930.
$
3
First Federal Reserve Dist rict-Boston
Maine
-Bangor__
625,330
586,271
Portland
3,301,122
2,765,414
Mass.
-Boston_ 389,847,335 463,453,240
Fall River_ _ _
1,308,882
.
1,147,603
Lowell
923,057
429,614
1,069,404
New Bedford
777,527
4,588,041
4,225,594
Springfield_ _ _
3,503,663
2,772,100
Worcester
15,625,181
Conn.- Hartford
12,117.548
7,217,696
New Haven
5,663,779
13,827,500
11,697,600
R.I.-Providence
635,263
452,237
N.H.-Manohes'r
Total(12 cities)
432,482.622
1929.
1928.
$
-15.4
-28.8
681,695
4,028,511
511,000,000
1,634,026
1,328,137
1,416,645
5,440.281
3,856,365
19,132,499
8,248.069
16,632.800
650,916
560,944
3,010,638
556,000,000
2.190,387
1,266,087
1,333.262
5,284.222
3,362,609
16,183,603
8,381,223
15,042,700
624,935
516,078,379 -18.2
574,049,944
-6.3
-16.2
-15.9
-12.3
-53.5
-27.3
-7.9
-20.9
-22.5
York
5,626,755
5,205,899
-2.9
1,269,757
1,250,080
-11.2
51,789,863
59,230,557
-29.8
994.143
1,087.435
+21.7
1,230,678
1,210,889
-16.1
-24.4 9,316,204,924 8,248,011,690
-21.2( 14,043,787
13,042,060
0,059,925
7,371,680
-19.4
3.159.273
3,241.372
-20.4
849,502
1,168.334
+2.0
26,830,167
31.773,584
-3.9
47,432,819
43,748.173
-11.2
Third Federa• Reserve Dist rict-Phflad elph a
-Altoona_
Pa.
782,343
1,279.769 -39.9
3,579,733
Bethlehem_ _
4,983,466 -28.2
863,847
Chester
980,281 -11.9
Lancaster
2,410,467
2,020,781 +19.3
379.000,000 546,000,000 -30.6
Philadelphia _
Reading
3,596,972 -25.8
2,667,226
5,433,014
Scranton
5,386,140 -0.9
2,964,177
3,225,348 -8.1
Wilkes-13arre
1,894,055
2,051,253 -7.7
York
4,702,000 -21.1
N.J.
4,227,000
-Trenton..
403.821,862
574,226,010 -29.7
1,389,101
4,019,973
1,098,967
2,238,802
584,000,000
4.537,329
6,146,634
3,907.782
2,294,457
4,327,938
1,466,338
4,483.721
1,281.266
2,097,134
599.000,000
4,087,626
6.083,352
4,285,497
1,930.508
6,323.965
614.570,383
631,039,407
468,480,407
1,300,619
5,005,084
42,284,000
2,500,000
99,846,414
31,802,305
176,889,397 -25.1
182,738,426
Sixth Federal Reserve 1)19t rict-Atlant a-23.4
-Knoxville
Tenn.
*2,500,000
23,814.934 -41.7
13,889,648
I. Nashville
48,127,853 -19.5
Ga.-Atlanta
38,762.377
1,756,994 -16.2
Augusta
1,472,982
1,534,690 -46.8
Macon
861.336
18,241,490 -18.4
Fla.-Jack'nville.
14,890,683
24,840.071 -47.1
13,162,668
Ala.-BirmIng'm
2,082.783 -37.0
1,541,257
3 Mobile
-25.9
1,9
1,426,000
M iss.-Jaclumn_
34.3
230,922
Vicksburg
151,687
50,531,042 -20.2
-New Orleans
39,314.783
La
3.831.738
26,662,182
61,546,620
2,298,842
1,698,976
19.055.570
24,072,515
1,785,505
2,112,000
442,456
54,753,05
176.349,173 -27.5
199,159,458
Total(11 cities)
132,531,144
127,928,421
1928.
269,274
861,198
193,989.015
7,697,761
2,160,222
3,242,849
22,577,000
2.753,700
5,715,916
41,912,078
3,038,112
9,001,920
6,865,013
1,402,165
2,664,423
744,178,263
1,475,694
5,462,104
3,568,368
3,051,753
871,162,123 -30.6 1.085,513,730 1,062,486.828
5,063,709
152,400,000
41,207.626
396,788
22.452,249
14.436.826
351,731
1,808.936
203,276,005 -32.6
246.644.938
238,117,865
Ninth Federal Reserve Dis trict-Mine eapolls
Minn.-Duluth._
3,959,409
5,971,593 -33.7
59,964,074
Minneapolis_ _ _
77,930,478 -23.1
St. Paul
25,712,722 -14.3
22,038,094
N. Dak.-Fargo _
2,713.159
2,518.159 +7.7
S. D.
898,328
-Aberdeen
967,995 -7.2
Mont -Billings.
634,846
630,830 +0.6
Helena
2,631,181
2,807.139 -6.3
7,099,907
86,722.598
34,851,013
2,596,241
1,217,214
648,271
3,265,000
5,496,380
81,695.132
32,780,102
2,633.317
1,315,585
696,000
3,054,000
116,538,916 -20.3
136,398,244
127,670,516
Tenth Federal Reserve Ohs trict
-Kans as City
Neb.-Fremont_ _
273,714
342,674 -20.1
Hastings
429,271
501,874 -14.5
Lincoln
3,292,508
4,040,505 -18.5
Omaha
36,288,915
48,450,740 -25.1
Kan.
-Topeka
2,956,278
3,645,015 -18.9
Wichita
6,806,837 -27.1
4,963,036
Mo.-Kan. City_
87,385,903 134,033,901 -34.9
St Joseph
6,534,369 -37.9
4,055,670
Colo.
-Col, Spgs.
1,500,181 -28.4
1,074,586
Denver
a
U
a
Pueblo
1,656,659 -23.5
1,267,210
385,487
668,036
4,930,735
47,940,836
3,357.404
7,847,496
142,476,104
6.939,000
1,538,272
a'
1,730,094
354,021
490,874
5,604,1328
49,929,633
3,150,276
8,083,743
139,377,460
7,224,564
1,304,173
217,813.464
216.993,907
las+0.1
-21.8
-24.8
-20.9
-24.1
2,153,059
56.701,631
13,000,437
5,838,000
5,329,008
1,642.133
50,305,607
12,306.321
4,664,000
5,800,217
66,279,581 -21.9
83,022,135
74,718.278
Total(8 cities)-
136,960,926
-
Total(7 cities) _
92,839,091
Total(10 cities)
141.987,091
207,512,755 -31.6
Eleventh Fede cal Reserve District-Da
Texas
1,565,485
1,567.104
-Austin--44,862,713
35,102,975
Dallas
10.986,342
Fort Worth__ 8,264,591
2,865,000
Galveston
3,624.000
5,241,041
La.
3,976,740
-Shreveport_
51,776,410
Twelfth Feder al Reserve D istrict-San Frond sco55,338,438
42,710,804 -22.2
33,247,258
Viash.--Seattle_
13,850.000
11,526,000 -10.2
10,358,000
Spokane
1,696,414
1.096,803 -7.4
1,015,269
Yakima
38,127,050
38.162,660 -22.6
28,006,280
Portland
17,528,801
Utah-S. I.. City
13,582,646
16,826,669 -19.3
9,288,865
Cal
7,332,296 -16.8
-Long Beach
6.096,394
Los Angeles_ _ No longer will report design gs.
19,641,280
16,379,862 -24.4
12,382,865
Oakland
8.458,945
6,736,865 -18.4
5,497,511
Pasadena
10,529,798
7,249,921 +17.5
8,515,719
Sacramento _ _
7,010,354
San Diego_ _ _
5,750,933 -20.7
4,561,659
San Francisco_ 137,863,132 227,141,882 -39.3 236,052,684
2,901,691
2,958,517 -20.6
San Jose
2,349.917
2,034,146
2,263,462 -19.2
Santa Barbara_
1,828,347
2,240,727
1,876,411 -7.8
1,730,374
Santa Monica.
2,674,000
2,488,600 -32.3
1,685,900
Stockton
1,:74,535
56,352,435
17,475,000
1,850,752
36.793,834
17,465,108
8,670,105
20.079,227
7,905.871
8,067,507
6,767,218
250,235,140
3.081.655
1,956,525
2,204,910
2,478.400
Total(15 cities) 288,721,271 388,501,685 -30.8 427,373,193 441,382.687
Grand total (126
cities)
8,412,882,847 11235,466,499 -25.1 13721.201,036 12620.685,599
Outside N.Y. - 2,836,720.425 3,861,286.777 -26.54,404,996.112 4,372.673.909
-
Week Ended March 13.
Clearings at
1931.
1930.
Inc. or
Dec.
1929.
1928.
$
$
$
Canada%
130,967,250 -12.8 128,434,437 122,078,876
6,523,000 Montreal
114,563,931 -14.5 137,676,641 134,219,851
Toronto
4,603,225
57,698,042
45.410,118
41,997,773 -48.8
80,309,092 Winnipeg
19,415,652
25,203,260
18,462,035 -22.4
128,812,584 Vancouver
6,251,843
6,846,646
6,387,216 -17.7
Ottawa
18.092,200
6,090,644
6,293,486
6,176,867 +2.7
1,096,736 Quebec
2,933,358
3,805,785
2,797,636 -6.4
Halifax
6,472,686
5,738,209
6,012.443
5,373,445 -14.9
170,454,819 Hamilton
12,185,993
19,306,290
8,580,595 -33.4
Calgary
2,617,304
2,967,287
2,306,337 -14.5
St. John
410,964,342
2,148,288
2,948,786
2,202,519 -18.4
Victoria
2,675,305
3,312,680
3,117,828 -17.6
London
5,547.603
6,516,257
5,148,396 -29.4
1.462,035 Edmonton
4,244,647
5.490.910
3,925,000 -24.3
5,175,603 Regina
490,263
517,500
386,000 -1.6
42,403,000 Brandon
638,453
618.163
503,000 -35.4
2,814,819 Lethbridge
2,283,336
1,897,059
1,799,980 -17.0
Saskatoon
111,421,347
1,048.992
1,159,678
874,386 -25.4
26,747,980 Moose Jaw
1,181,032
1,469,844
939,845 -9.2
Brantford
802,341
723,025
688,135 -12.1
Fort William_
190,024,784
722,817
797,245
781,73 -23.1
New Westminster
427,222
445,485
275,00 -35.1
Medicine Hat_ _ _
1,008,772
800.961
804,267 -18.6
Peterborough..
3,000,000
797,451
984,400
953,80 -14.3
26,449,865 Sherbrooke
1,185,291
1,012,457
1,223,62 -17.7
56,646,897 Kitchener
5,868,719
+4.2
4.789,338
4,185,18
2,228,564 Windsor
433,169
372,527
385,00 -13.5
2,459.429 Prince Albert..._
810,566
746,903
754,230 -21.3
19.558,991 Moncton
861,360
692,818
642,875 -17.5
25,072,605 Kingston
1,072,994
901,787
533,654 -8.8
Chatham
1,686.055
712,357
573,412
2,222,000 Sarnia544,000 -11.0
1,211,555 -44.8
415,218 Sudbury
60,810,119
Total(32 cities) 305.522,298 369.492,917 -17.3 434,064,854 389.453.524
200,549,743
a No longer reports weekly clearings. • Estimated
00 0.1.0.000
.
4 N.
0.000c0.1
,000000
Nm
MWMOMooc,Cq0.0tnNcPN.c10.pomNm....co
407,900,318 -21.1
Fifth Federal Reserve Dint rict-Richm ond1,015,066 -38.1
W.Va.-Hunt'g'n
647,190
3.988,695 -18.1
Va.-Norfolk _ _
3,265,566
Richmond
43,965,000 -38.5
__
31,454,401
2,074,297
-Charleston
S.C.
1,888,458
99,650,378 -29.8
Md.-13althnore
69,959,936
D.C.-Washing'n
26.167.961
25,315,593
Total (6 cities)-
1929.
5,098,256
152,100,100
43,835,609
406,701
25,842,485
17,378,668
373,275
1,609,844
.0c1.
7,293,000
5,492,542
81,024,033
157,958,389
17,105,100
1,891,16
7,345,712
190,370,466
311,832,708
004,935,213
Eighth Fe;Jera I Reserve D strict-St. L ouis4,191,804 -19.9
Ind.- Evansville
3,357,16
Mo.-St. Louis_
87,900,00
121,300,000 -27.5
Ky. Louisville_
40,595,501 -41.5
23,786,84
264,52
435,428 -39.3
Owensboro _ _ _ _
Penn -Memphis
21,412,071 -35.5
13,804,153
Ark.
13,555,370 -48.0
-Little Rock
7,043,806
Rh -Jacksonville
242,574 -40.2
145,099
Quincy
1,543,257 -56.0
679,340
eirs4vicam064aci
,: .:
7cont r mcimOM .4.06
.1.4.00M comWoco,
1,
,
.,,C00c40.. .nCOMP- -NCOOnc
..elZt..tMcumC.OnCV-.00.C.IM•r,
DWW=.
[,-WOM 00.04,1,0,
Fourth Feder al Reserve D Istriet-Clev eland
3,430,000
4,738,000 -27.6
Ohio-Akron__ _
3,513,816
Canton
4,874,079 -29.4
64,712,618 -12.8
55,416,992
Cincinnati_ _ _
95,076,648 136.533,190 -30.4
Cleveland
15,646,300
Columbus
17,075,400 -8.4
1,839,844 -21.8
Mansfield
1,439,277
5,758,339 -25.7
Youngstown _
4,280,207
Pa -Pittsburgh _ 133,029,409 172,268,848 -22.8
Total(8 cities).
Inc. or
Dec.
$
$
Seventh Feder al Reserve D istrict-Chi cago245,485 -29.7
Mich.-Adrian__
172,597
276,773
814,158 -9.4
Ann Arbor_._ ..
737,302
1,122,171
129,039,387 170.041,768 -24.1 218,116,337
Detroit
5,803,494 -29.5
4,089,188
8,213,591
Grand Rapids_
3,256,500 -22.4
2,527,139
3,074,779
Lansing
3,382,490 -24.3
2,562,798
3,790,210
Ind.
-Ft. Wayne
20.794,000 -22.9
16,029,000
Indianapolis
23,445,000
2.959.596 -12.1
1,726.013
South Bend_
3,200,463
4,313.801
Terre Haute
5,230.764 -17.5
5,680,145
30,803,812 -25.8
Wis.-Milwaukee
22,844,149
34,561,719
2,298,891
3,209,579 -28.4
Iowa-Ced. Rap_
2,890,708
9,594,434 -15.7
8,087,207
Des Moines......
9,370,906
7,160,218 -48.3
7,564 821
3,705,232
Sioux City _
_
1,500,189 -39.1
913,843
1,508,109
Waterloo
2,359.471 -22.0
Ill.
1.841,647
-Bloomington
2,167,778
395.833.153 591.963,233 -33.1 745,628,914
Chicago
1,533,300
959.067
1,144,667 -16.2
Decatur
5,920,810
2.893.982
4,981,979 -39.9
Peoria
3,232,589 -29.7
2.274.975
4,027,735
Rockford
3.419,461
2,086,062
2,683,697 -22.3
Springfield.. _ _ _
Total(5 cities).
Total(11 cities) 5,707,066,088 7.530,752,157 -24.2 9,485.436,714 8,406,896,63
Total(10 cities)
1930.
1931.
613,840,610
Second Feder al Reserve D istrict-New
5,674,373
5,509,342
N. Y.
-Albany
1.167,549
1,036.197
, Binghamton......
51,007,788
35,805,841
Buffalo
789,271
960,818
L Elmira
1,148,638
963,873
Jamestown
.
i New York _ _ _ 5,576,162,422 7,374,179,722
10,867,12
8,562,069
Rochester
4,405,710
5.468,39
Syracuse
Conn.
2.796,803
-Stamford
3,514.83
N. .1-Montclair
711,38
725,610
Newark
34.729,22
33,382,414
Northern N J
36,755,189
41,493,850
I,
I
I
Inc.or
Dec.
Week Ended March 15.
Clearings as
Total(20 cities)
190.0?
Dec.
1930.
1931.
Federal Reserve Diets.
let Boston_ _ _ _12 cities
2nd New York_12 "
fird Philadel la_10 "
4th Clevelaad- 8 "
6th Richmond _ 6 "
6th Atlanta____11 "
7th Chicago ___20 "
8th St. Louie- 8 "
9th Minneapolis 7 "
10th KansasCity 11 "
11th Dallas
12th San 9ran 16 "
Canada
2133
FINANCIAL CHRONICLE
MAR. 21 1931.]
2134
FINANCIAL CHRONICLE
[VOL. 132.
Condition of National Banks Dec. 31 1930.
-The statement of condition of the National banks under the Comptroller's call of Dec. 31 1930 has just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including Dec. 31 1929 are included.
ABSTRACT OF
REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON DEC.31 1029, AND MARCH 27,JUNE 30,
SEPT. 24 AND DEC. 31 1930.
Dec. 31 1929
7,408 Banks,
Mar. 27 1930
7.316 Banks.
June 30 1930
7.252 Banks.
Sept. 21 1930 Dec. 31 1930.
7,197 Banks. 7,038 Banks.
Resources
$
$
$
$
$
Loans and discounts (including rediscounts)-a
15.150.046,000 14,643,753,000 14,887.752,000 14,653,078.000 14,362,039.000
Overdrafts
11,128,000
10,181,000
9,452,000
9.943,000
7,388,000
United States Government securities owned
2,612,087.000 2.722,843.000 2,753,941,000 2,817,155,000 2,654,836,000
Other bonds, stocks, securities, &c., owned
3,845.756,000 3.832,829,000 4.134,230,000 4,307,096,000 4,437.230,000
Customers' liability account of acceptances
475,549.000
617.515,000
509,433,000
519,530.000
613,635,000
Banking house, furniture and fixtures
793,808,000
766.193,000
787,750,000
765.866,000
811,980.000
Other real estate owned
123,613,000
129,471,000
124,584,000
125,823.000
120,722,000
Reserve with Federal Reserve banks
1,348,046,000 1.363.651,000 1,421,676,000 1,432,892.000 1,460,365,000
Cash in vault
339,839,000
393,330.000
342,507.000
350.641.000
409,084,000
Due from banks
3.413.047,000 2.507.770.000 3,579,892,000 2,888,481,000 3.338.017,000
Outside checks and other cash Items
93.034,000
45.106,000
36,741,000
71,264,000
63,131,000
Redemption fund and due from United States Treasurer
32.928,000
32,821.000
33,025.000
32.768,000
32,671,000
Acceptances of other banks and bills of exchange or drafts sold with en
dorsement
230,961.000
203.966.000
228,527,000
244.100.000
244,489.000
Securities borrowed
26,935,000
18,000.000
15,803,000
16,505,000
17.596.000
Other resources
218,761.000
200,752,000
215,645,000
199.541.000
228,294,000
Total
28,882,483.000 27,348,408.000 29,116,539,000 28,378,683,000 28,799,684,000
Liabilities
Capital stock paid in
1.704,473.000 1.704,408.000 1,743,974,000 1.745,125,000 1,722,159,000
Surplus fund
1,548,376.000 1,553.544,000 1,591.339.000 1,592,814,000 1,548.364,000
Undivided profits
-net
497.043.000
541,195,000
545,873.000
586,430,000
515,973,000
Reserves for dividends. contingencies, Ste
91.011.000
94,962.000
79,467.000
83,813,000
108,507,000
Reserves for interest, taxes, and other expenses accrued and unpaid
71.931.000
88.759.000
79,120.000
95.619,000
64,495.000
National bank notes outstanding
646,420.000
649.703,000
652.339,000
652,260,000
642.902,000
Due to banks_b
3,146,301.000 2.762.093.000 3,418.148,000 3.184.949.000 3,342,406.000
Demand deposits
11,089,432,000 10,163,225,000 10,926,201,000 10,334,688,000 10,638.790,000
Time deposits (including postal savings)
8,434,442.000 8,514,864,000 8.752,571.000 8,798,252,000 8,727,430,000
United States deposits
103,318.000
171,964,000
200,796.000
163,020.000
163,428,000
Total deposits
22,773,493,000 21,640,978,000 23,288,844,000 22,481,317,000 22,871,646,000
Agreements to repurchase United States Government or other securities sold
31,951,000
10.123,000
8,173,000
33,073,000
11,954,000
Bills payable and rediscounts
545,587.000
225,654,000
229,033.000
255,606,000
219,850,000
Acceptances of other banks and bills of exchange or drafts sold with indorsement
230,961.000
203.966.000
244,100,000
244.489,000
228,527.000
Acceptances executed for customers
626,497.000
523.194.000
511,007,000
487.102,000
625.478.000
Acceptances executed by other banks for account of reporting banks
12.538,000
15.544,000
11.304.000
8.242,000
9,830,000
Securities borrowed
26,985,000
18,000.000
17,596,00C
15,803,000
16,505,000
Other liabilities
74,287.000
114.586,0C1C
98,203,000
142,947,000
167.537.000
Total
28,882.483,000 27,343,498,000 29,116.539.000 28,378,683.000 28,799,684,000
Details of Cash in Vault
Gold coin
15,273,000
14,762,000
14,748.000
14,088,000
14,963,000
Gold certificates
37,847.000
34,373,000
32,695,000
42,652,000
33,505,000
All other cash in vault
340.210,000
293,386,000
303,184.000
352,344,000
291,371,000
Details of Demand Deposits
Individual subject to check
.
9,839,311,000 8,844,610,000 9,455,422.000 9,135,670.000 9,315,685,000
Certificates of deposit
147.229,000
133,641.000
143.511.000
137,357,000
149,036,000
State, county and municipal deposits
963.339,000 1,060.117.000 1.153.701.000
984,168,000
907,183.000
Other demand deposits
139.503,000
173.567.000
124.857.000
201,580,000
102,799,000
Details of Time Deposits
State, county and municipal deposits
458.441.000
388,178.000
437,840.000
412,820,000
434.178.000
Certificates of deposit
1,308,242.000 1,334,398.000 1,357.461.000 1,375.493,000 1,339,463,000
Deposits evidenced by savings pass book
6,024.199.000 6,041,194,000 6.070.683.000 6.048.765,000 6,166,360,000
Time deposits, open accounts. Christmas saving accounts, Sze
416.676.000
453,626,000
499,517.000
574.847.000
627,940,000
Postal savings
96,767,000
146,349,000
100,830.000
116.172,0110
107,980,000
Deposits of other banks and trust companies located in United States..
76,381,000
79,236,000
84,762.000
74,252,000
88,405.000
Foreign countries
53,736.000
129,576,000
65.935.000
115,346,000
121,452,000
Percentages of Reserve
Central Reserve cities
11.23%
11.22
10.93%
10.99%
10.91%
Other Reserve cities
7.19%
7.15%
7.01
7.14%
7.12%
All Reserve cities
8.46%
8.62%
8.62
8.57%
8.52%
Country banks
4.93%
4.82
4.87%
4.87%
4.83%
Total United States
6.85%
6.74%
6.3a to_
a 54 w,
6.93%
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.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 4 1931:
GOLD.
The Bank of England gold reserve against notes amounted to £140,816,300
on the 25th ultimo (as compared with £140,442,597 on the previous Wednesday). and represents a decrease of £6,809,322 since Dec. 311930.
The shipment of bar gold which arrived from South Africa this week
amounted to £1,215,000; none of this was available in the open market
yesterday, having all been bought forward on French account.
To-day about £150,000 of bar gold (£20,000 from West Africa and .C130,000 from an undisclosed source) was offered in the market and was taken
for Belgium at the fixed price of 84s. 1056d. per fine ounce.
Movements of gold at the Bank of England during the week have resulted
in a net influx of £108,687. Receipts totaled £444,139, of which £250.000
was in sovereigns from South Africa and .6192.848 in sovereigns "released";
withdrawals consisted of £250,000 in sovereigns "set aside," £33,000 in
sovereigns taken for export, and £52,452 in bar gold.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 23rd ultimo to mid-day on the 2d inst.:
Imports.
British South Africa
Straits Settlements and
dependencies
Other countries
Exports.
£513,050 France
Germany
67,612 Spain
4,215 Switzerland
British India
Other countries
£610.386
60.500
22.000
10,300
30.235
13,613
£584,877
£747.034
The Southern Rhodesian gold output for the month of January last
amounted to 45,677 ounces as compared with 46,485 ounces for December
1930 and 46,121 ounces for January 1930.
SILVER.
The market has shown a steadier tone, but for the first half of the week
remained rather unsettled pending the announcement of the Indian budget,
it became known on the 28th ultimo that this provided for an Increase of
2 annas per fine ounce in the duty on silver imported into India, thus making
1s
a total duty of 6 annas per fine ounce. The increase was 1 , than expected, as some quarters had taken the view that the duty would be raised
by 4 annas, and had already anticipated .ne event by heavy forward sales.
The effect, therefore, appeared to be more .,,an discounted and in consequence the announcement was not followed by w.Ce movements in prices.
China both bought and sold and the Indian Baz S have supported the
market by covering bear sales, while America has also crated both ways.
To-day further bear covering by India and China on a poorly supplied
market caused a rise of 3.1d., prices being quoted at 1271d. for cash and
12%d. for two months' delivery. At the moment the outlook appears
fairly steady.
The difference between the quotations for cash and two months' delivery
varied during the week between 1-16d. and %d.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 23rd ultimo to mid-day on the 2d instant:
Imports.
Exports.
U. S. A
£103,792 Greece
£125,000
France
7,216 British India
98,094
Other countries
420 Other countries
8.738
£111,428
£231,832
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Feb. 7.
Feb. 22. Feb. 15.
Notes in circulation
15879
15854
15850
Silver coin and bullion in India
12086
12149
12092
Sliver coin and bullion out of India
Cold coin and bullion in India
2485
2396
2438
Gold coin and bullion out of India
Securities (Indian Government)
1008
1009
1020
Securities (British Government)
-- -Bills of exchange
300
300
300
The stocks in Shanghai on the 28th ultimo consisted of about 80,400,000
ounces in sycee. 150.000,000 dollars and 880 silver bars, as compared with
about 89,900.000 ounces in sycee, 153,000,000 dollars and 940 sliver bars on
the 21st ultimo.
Statistics for the month of February last are appended:
-Bar Silver per Oz. Std.Bar Cold per
Cash.
2 Mos.
Oz. Fine.
Highest price
13%d.
-id.
133
td.
84s. 11%
Lowest price
12d.
11 15-16d,
84s. 10%d.
Average price
12.432d.
12.331d.
84s. 11.39d
Quotations during the week:
-Bar Silver per Oz. Std.Bar Cold per
2 Mos.
Cash.
Oz. Fine.
Feb. 26
12 7-16d.
12%d.
84s. 11%d.
Feb. 27
12%d.
127-16d.
84s. 11%d.
Feb. 28
12%d.
12%d.
84s. 11%d.
Mar. 2
12 9-16d.
12%d.
84s, 11%d.
Mar, 3
12%d.
12%d.
84s. 11%d.
Mar, 4
12.14 d.
12%d.
8 1s. 10%d.
,
Average
12.635d.
12.542d.
84s. 11.335
The silver quotations to-day for cash and two months' delivery are each
Iid. above those fixed a week ago.
ENGLISH FINANCIAL MARKET
-PER CABLE.
(See page 2148.)
MAR. 21 19311
FINANCIAL CHRONICLE
CommercialantiPaiscellanzonsgays
Breadstuffs figures brought from page 2238.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Wheat.
Corn.
Barley.
Oats.
Rye.
2135
Wheal,
Corn,
bush,
bush,
6,764,000
58,000
5,250,000 1,893,000
13,000
23,000
822,000 2,199,000
12,253,000 3.467,000
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
Oats,
bush,
Barley,
bush.
Rye,
bush.
319,000
774,000
219,000
185,000
3,000
18.000
Total Mar. 14 1931_199,714,000 21,222,000 19,677,000 13,043.000 8,830,000
Total Mar. 7 1931...197,878,000 20.285,000 20,332.000 13,292.000 9,241,000
Total Mar, 15 1930_153,562,000 24,745,000 19,573.000 14.109.000 6.175,000
Note.
-Bonded grain not included above: Oats-New York. 13.000 bushels:
total, 13,000 bushels, against 584,000 bushels in 1930. Barley-New York, 9,000
bushels; Boston, 92,000: Baltimore. 20,000; Buffalo, 443,000: Buffalo afloat, 482.000:
Duluth, 51,000; total, 1,097,000 bushels, against 2,855,000 bushels in 1930. Wheat.
New York. 1,078,000 bushels; Boston, 226,000: Philadelphia, 385,000 ;Baltimore,
572,000; Buffalo, 3,402,000; Buffalo afloat, 6,455,000; Duluth, 26,000: Toledo
afloat, 582,000; total 12,726,000 bushels, against 25,740,000 bushels In 1930.
Canadian
Montreal
4,454,000
573,000 1,331,000 1,017,000
Ft. William & Pt. Arthur_43,372,000
3,345,000 7,770,0(10 14,009,000
afloat
"
252,000
642,000
Other Canadian
10,870,000
1,131,000 1,276,000 5,543,000
bbis.1951bs. bush. 60 lbsbush.56 lbs. bush.32 lbs. bush.431bs
.bush.561hs.
Chicago
136,000
998,000
30,000
11,000
182.0001 1,054,000
Minneapolis..
299,000
177.000
233.000
31.000
-I 1,981,000
Duluth
1,426,000
19,000
64,000
18,00g1
14,000
M ilwaukee_ __
14.00
46,000
131,000
236,000
147,00
5,000
Toledo
338.000
21,000
16,000
Detroit
14,000
2.000
14,000
22,000
3,000
Indianapolis_
62,000
379,000
116.000
Total Mar. 14 1931,,_.63,700.000
5.099.000 10.638.000
St. Louis
111,000
681,000
307,000
418,000
74,000
5.000
Total Mar, 7 193L__.64.493.000
5,534,000 10,581,000
08,000
Peoria
23,000
64,000
44,000
103,000
22,000
Total Mar. 15 1930...75,152,000
7,263,000 6,180,000
Kansas CRY66,000
1,479,000
480.000
Summary
Omaha
99,000
468.000
318,000
American
199,714,000 21,222,000 19,677,000 13,013,000
St. Joseph_
36,000
224,000
56,000
Canadian
63,700.000
5.099.000 10,633,000
Wichita
189,000
56,000
2,000
Sioux City15,000
56.000
32,000
5,000
2,000
Total Mar, 14 1931_263,414,000 21.222.000 24,776,000 23.681,000
Total Mar. 7 1931_262,376,000 20,285,000 25.866,000 23,873,000
Total wk.1931
375,000 7,905,000 3,352,000 1,450,000 567.000
93,000
Total Mar. 15 1930_228,714,000 24,745,000 26,841,000 20,289,000
Same wk.1930
402,000 4,074,000 5,366,000 2.413,000 814,000
147,000
Same wk.1929
446,000 6,332,000 5,364,000 1,973,000 929,000
284,000
The world's shipment of wheat and corn, as
I
Since Aug. 1:
logo
i a oi o non qol cog nnn 1 A n /1,7 nnn 51 RCM nnn gn nni Ann ut 7S11 Ann
.
.
1929
14,201,000294,748,000181,000.000 98,663,000 54.429,00020,682.000
1928
16,123,000391.840.000208,309,000104,249.00080,466,00021,858,000
1
Total wk.1931
399,000 2,411.000
Since Jan.1'31 4,393,000 18,800,000
130.000
039.000
82.000
814,000
103,000
403,000
36,000
119,000
Week 1930_
480,000 2.307.000
71,000
81,000
22,000
8,000
Since Jan.1'30 4,972.000 14,081,000
911.000. 189,000
963,000
59,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Wheat.
Exports
-
North Amer_
Black Sea...
Argentina..__
Australia _
India
Oth. countr's
Total
Wheat.
Flour.
Corn.
Oats.
Rte.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
280,215
811,000
11,000
70.000
168,000
10,000
56,000
20,000
256,000
45.000
491,000
4,000
19,000
1,000
3,000
103,000
11,000
24,000
2.000
891,000
17,000
19,000
31,000
40,000
2,000
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
St.John, N.B
Houston
Halifax
Total week 1931_, 2.816,000
Same week 1930._ _ _ 2.833.000
30,000
3.000
355,215
170.359
41,000
4.000
28,000
115,000
21,000
The destination of these exports for the week and since
July 1 1931 is as below:
Flour.
Exports for Week
Week
and Since
Since
Mar.14 July 1
July 1 to1931.
1930.
Wheat.
Week
Mar. 14
1931.
Corn.
Since
July 1
1930.
Week
Mar. 14
1931.
Since
July 1
1930.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 65,147 2,895,515
729,000 36,393,000
90.000
Continent
48,073 3,437,851 2,003,000 99,869.000
28,000
90,000
So.& Cent. Amer. 120,645 1,029,185
1,692,000
2,000
West Indies
111,700
922,550
66,000
2,000
58,000
Brit. No. Am.Col. 1,000
16.900
2,000
346,694
Other countries... 8,650
84,000 2,585,000
Total 1931
Total 1930
355.215 8,648,695 2,816,000 140,607,000
179.359 7,229.166 2,333,000 104,235.000
30.000
3.000
240,000
323.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 14, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
afloat
"
Toledo
afloat
"
Detroit
Chicago
afloat
Milwaukee
afloat
"
Duluth
afloat
"
MinneaPolis
Sioux City
St. Louis
Kansas City
Wichita
GRAIN
TVheat,
bush,
1,342,000
304,000
5.758.000
377,000
4,389,000
4,640.000
6,544,000
10.162,000
3.157,000
3,448,000
441,000
268,000
22.706,000
2,199,000
2,578,000
258,000
34,860,000
1,068,000
35,589,000
825,000
6,732,000
25,054,000
1,913,000
STOCKS.
Corn,
Oats,
bush.
bush.
72,000
15,000
2,000
65,000
63,000
60,000
34,000
61.000
276,000
1,064,000
Barley,
bush.
23,000
6.000
549,000
23.000
29.000
4,578,000
563,000
1,809,000
3,574,000
40,000
941,000
792.000
477,000
733,000
367,000 2,562,000 4,07ms 4,31mg
576,000
391,000
958,000
226,000
18,000
69.000
1,467,000
15,000
154,000
177,000
240.000
2,000
30,155,000
30,855,000
24,117,000
Corn.
Since
July 1
1930.
Week
Feb. 1
1931.
Since
July 1
1929,
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
4,610,000267.024,000227,587,000
50,000 1,278,000 2,785.000
1,936,000 92,334,000 19,859,000
85,000 27,369.000 16,609,000
3,171,000 57,664,000129,157.000 2,418,000171,374,000139,267,000
5,304,000 81,144,000 45,397.000
9,008,000
320.0001
344,000 32,328.000 32,132,000
493,0001 35,287,000 23,635,000
15,365,000539,502,000 454,452,000 3.046,000235,303,000182,296,000
$
,
..eb. 28 1931
667,434,800
tan. 31 1931
666.204,350
ice. 31 1930
668,550,850
slov. 30 1930
669,222.350
)ct. 31 1930
689,128,450
;ctn. 30 1930
667,819.250
hug. 30 1930
667,320,050
luly 31 1930
666,406,250
rune 30 1930
'
4 666.824,750
May 31 1930
667.156,250
torn 30 1930.
667.650.750
Oar. 31 14130
667.251,240
Feb. 23 1930...., 867.108,740
Ian. 31 1930
667,464.790
Dec. 31 1929
667,774,650
Nov. no 1029_ _ _ _
667.635.650
Set. 31 1929.
.
666.736.100
iept. 30 1929 ____
667,093.770
tug. 31 1929 ____
666,864,280
luiy 31 1929..__
666.4117.040
tune 30 1929 _ _ _ _
666.199,140
'day 31 1929.......
666,233,140
a. pr. 30 1029_ ___. 686,221,390
Mar. 31 1929_ .___
666,630,890
Feb. 28 1929_-__. 666,432,000
Dec. 31 1928
667.013,340
Nov. 30 1928
667,105.440
Jct. 31 1928
667.168,440
(31:n. 29 1928
667,318,040
tug. 31 1928
666,732.700
rulY 31 1028_ _ __. 688.645.200
rune 30 1928
665,058.650
May 3l1928....
667,491.900
4pr. 30 1928.....666,196,400
Mar. 3111128
666,866,710
Feb. 29 1928
687,011,210
fan. 31 1028
666,230,710
Dec. 311927.....667,127.710
Nov 30 1927
688,330.210
National Bank Circulation.
Afloat On_
Bonds.
Lepal
Tenders.
S
664,220,805
664.451.007
667,078,250
668,033,075
668,017.935
665,853,557
664,838,833
663,528,033
665,607,070
665,719,485
665,974,780
665,107.343
684,928,197
664.468,092
603,823.167
664,115,977
661.822.047
652,823,
080
649,297.990
657.764.443
682.773,670
683.328.203
663.364,517
661.924.472
659.651.580
662.904.627
663,931,957
662,705.675
660.463.912
660,518,182
656,463,423
658,732,988
661,522,450
661,127,600
662.412.992
661,431,322
659,332.017
662.380.032
683.340.675
$
33,892,703
31.939.068
31.358,445
31,911,305
32,137,965
33.414,773
32,984.3.15
33.025,390
32,710.398
31.933,193
31,225,248
31,066,745
31.669,548
32,115.298
34.118.073
37,465,128
38.506,768
38,564,685
38,652.573
39.707,550
41,520.372
39,651.731
38,720,772
36.750.627
35.231,759
35.877.502
36.243.802
37.446,779
37.688.747
38,299.802
38.926.224
40,887.664
39.757.992
38.814.509
38.302,227
38,250,372
38,407,517
33.623.507
39.060.424
Total.
$
698,113,503
696,390,165
698,436.695
669,944.880
700.165.900
699.268.330
607.623.168
696,553,423
698,317,468
697,652,678
697.200,028
696.174.063
696.597.745
696,583,390
697,941,240
701,531,11)5
700,328.615
,
691.388,6 5
687,950.563
697.471.993
704,294,442
702.979,9 14
702,085,289
698.675.109
694.883.33
0
698.782020
700,180.77J1
700,152,4.54
698,152,659
698,817,984
697.389.647
699,620,652
701.280,442
699,942,164
699,215,211
699.731.694
697.739,534
701,003,584
702.401.094
$2,997.252 Federal Reserve bank notes outstanding March 2 1931 secured by
lawful money, against $3,333,732 on March 1 1930.
• The total bonds reported held for circulation by the U.S. Treasury were $605,000
less, due to not having received this amount until July 1 1930.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Feb.28 1931:
U. S. Bonds Held Feb. 28 1931 to Secure
-
123,000
173,000
3.000
430,000
45.000
16,000
3,593.000 2,838,000
1,767,000 1,531,000
3,797,000
227,000
1,699,000 3,685,000
3,000
79,000
Week
Feb. 1
1931.
Amount Bonds
on Deposit to
Secure Circuits
lion for National
Bank Notes. '
150.000
525,000
172,000
4,000
20,000
239.000
776,000
Rye,
bush.
22.000
2.000
5,000
2,000
8,839,000
21,316,000
Bank Notes-Changes in Totals of, and in Deposited
Bonds,&c.
We give below tables which show all the monthly changes
In National bank notes and in bonds and legal tenders on
deposit therefor:
The exports from the several seaboard ports for the week
ending Saturday, Mar. 14 1931, are shown in the annexed
statement:
Exports from-
21,316.000
21,614,000
15,942,000
furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Mar. 13, and since July 1 1930 and 1929,
are shown in the following:
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Mar. 14 1931 follow:
Receipts at- I Flour,
Corn.
Wheat,
Barley.
Rye.
1
Oats'
I
bbls.196Ibs. bush.60 lbs. bush.56 lbs. bush. 32 /Ds ush.431ba. bush.561bs.
New York_ _ _
230.000
399.000
48,000
33,000
33.000
12,000
Portland, Me_
10,000
168,000
!
Philadelphia _
30,000
18,000
491,000,
3,000,
Baltimore....
4.000
j
381,000
9,000
7,000
N'port News_
3,000
i
Norfolk
1.000
19,000
New Orleans.
60,000
30,000
51,000
24,000
Galveston.._
2,000
20.000,
St.John,N.B
1
31,000
19,000
891,000
17.000
Boston
30,000
1,000
15.000
10,000
61.000
71,000
101,000
Bonds on DePOW
March 2 1931,
28, U. S. Consols 01 1930
2s. U. S. Panama 01 1936
2s, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank Nationa1Bank
Notes.
Notes.
Total
Held.
593,244,300
48,392,260
25,798.240
593,244,300
48,392.260
25,793,240
667,434,800
667,434,800
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Feb. 2 19:1
and Mar. 2 1931 and their increase or decrease during the
month of February:
11, National Bank Notes-Total Afloat
Amount afloat Feb. 2 1931
Net increase during February
3696,390,165
1.723,343
Amount of bank notes afloat March 2
Legal Tender Notes
Amount on deposit to redeem National bank notes Feb. 2
Net amount of bank notes issued in February
8698,113,508
831,939,068
1,953,635
Amount on deposit to redeem National bank notes March 2 1931____ 833,892,703
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
$200,000
-The First National Bank in East Chicago
March 7
Ind.--President, Walter J. Riley. Cashier, James A.
'Dalton.
-The Union National Bank of Indiana Harbor at
March 7
200,000
East Chicago, Ind
President, Walter J. Riley. Cashier, Geo. Marsh.
50,000
March 12
-The First National Bank in Gallitzin, Pa
President, K. A. Reed. Cashier, B. W. Harding.
LOCATION.
(MANGE OF TITLE AND
-The First National Bank of Mineral Springs,
March 10
Arkansas, to "The First National Bank of Nashville," Arkansas.
VOLUNTARY LIQUIDATIONS.
March -The Citizens National Bank of Boulder, ColoMartin $100.000
Effective Feb. 28 1931. Liquidating Agents,
Reinert and J.0. Billig, Boulder, Colo. Liquidating bank has no successor.
$50,000
-The First National Bank of Jeannette, Pa
March 10
Effective Feb. 11 1931. Liquidating Committee:
H. Albert Lauffer, G. W. Knappenberger and
R. E. Best, all of Jeannette, Pa. Absorbed by
the Jeannette Savings & Trust Co.. which changed
its name to the First Bank & Trust Co. of Jeannette, Pa.
50,000
-The First National Bank of Wyoming,Iowa
March 12
Effective March 3 1931. Liquidating Agent, W. G.
Wherry, Wyoming. Iowa. Absorbed by Citizens
State Bank of Wyoming, Iowa.
50.000
-The First National Bank of Preston. Idaho
March 12
Effective March 7 1931. Liquidating Agent, First
Security Bank of Preston, Idaho. Absorbed by
First Security Bank of Preston, Idaho.
100,000
-The First National Bank of Pittsburg, Texas
March 13
Effective Feb. 14 1931. Liquidating Agent, The
Pittsburg National Bank, Pittsburg. Texas.
Absorbed by the Pittsburg National Bank, Pittsburg, Texas, No. 7376.
100,000
March -The Auglaize National Bank of Wapakoneta, OhioEffective July 25 1930. Liquidating Committee,
A. L. McMurray, R. C. Haman and A. A. 101pfel, all of Wapakoneta, Ohio. Absorbed by the
Peoples National Bank of Wapakoneta, Ohio,
No. 3535.
75.000
March -The Hudson Falls Nat'l Bank,Hudson Falls, N.Y
Effective Feb. 24 1931. Liquidating Agent, Wm.
M. Bronk, Hudson Falls, N. Y. Absorbed by
the Sandy Hill National Bank of Hudson Falls,
N. Y., No. 6470.
30,000
-The First National Bank of Josephine, Texas Geo.
March 14
Effective Feb. 26 1931. Liquidating Agent,
H.Jones,Care of the liquidating bank. Absorbed
by the First National Bank of Nevada, Texas,
No. 5721.
CONSOLIDATION.
-The Howard National Bank of Burlington, Vt-- $500,000
March 12
100,000
and -City Trust Co., Burlington, Vt
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under charter of the
Howard National Bank a Burlington, No. 1698,
and under the corporate title of "The Howard
National Bank de Trust Co. of Burlington," with
capital stock of $600,000.
9
13
14
-Among other securities, the following
Auction Sales.
not actually dealt in at the Stock Exchange were sold at auction
In New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ Per M.
$ per Sh. Shares. Stooks.
Shares. Rorke.
Direct Control Valve Co.,
43,436 Germanic Fire Irma. Co.
of New York. Pursuant to
special terms of sale which may
be examined at the office of the
10
auctioneer
170 Liquidometer Corp., class A,
$50 lot
no par
1,250 Montizona Copper Co., no
1%
Par
40 Magazine Repeating Razor Co..
830 lot
common, no par
95
50 National City Bank
50
common, no par
,
$
com. 30 lot
980 Cuban Cane Products,
no par
8134 lot
5 .7. E. Curran Corp., pref.; 5
320 lot
common, no par
60 First Trust & Savings Bank (in
liquidation), Hammond. Ind_575 lot
250 First National Chain Garage
$3,300 lot
Corp., comman
15s 7.1. nr Procassm Corp., voting
,
834
tra.t catlf., no Par
By Wise, Hobbs & Arnold, Boston:
t per SA.
Shares. Stocks.
12 Federal Nat. Bank, Boston,
85
trust certificates
40 Medford (Mass.) Trust Co.,
63
320
roar
81 Federal Nat. Bank, par $20_ _ 80
45 National Rockland Bank, Boston,
8334 ex-div.
par $20
60-6034
12 Bates Mfg. Co
Textile Coe. as follows:
Associated
5 at 35: 5 at 35: 5 at 35; 5 at 35:
Sat 36%.
8
10 Meredith Linen Mills
9
265 York Mfg. Co
6034 ex-dlv.
75 Western Mass. Co
10 Alexander Hamilton Investment
6
Corp., class A
•
8 per M.
Shares. Stocks.
20 B.J. Baker & Co., com.elms A- 134
25 Shawmut Bank Invest. Trust-- 1234
10 Renaud et Cie of America. Pref. 60
250 Consol. Chain Stores Corp.,
s
preferred
850 lot
5,000 Vaeo Corp
15 Greenfield Tap de Die Corp.,
55
8% preferred
per Right.
Rights.
99 Lynn Gas at Electric Co., voting
834
trust certificates
16 Lynn G. dr El. Co.(undep.)_844-834
Per Cent
Bands
$5,000 Rhode Island Ice Co., let
3934 de int.
6s, May 1948
By R. L. Day & Co., Boston:
$ Per Sh.
Shares. Stocks.
Associated Textile Cos. as follows:
5 at 35; 5 at 35: Sat 35; 10 at 353634.
35 Federal Nat. Bank, par $20- 80
4834
10 Farr Alpaca Co
140 Mass. Bonding & Insur. Co..
82
Par $25
120 New Bedford Gas & Edison
Light Co. (undeP.) par 325_85-8534
20
6 units First Peoples Trust
4 Haverhill Electric Co., par $25._ 70
90 flat
6 Dennison Mfg. Co., pref
$ per share.
Shares. Stocks.
22 Beacon Participations Ins.,
9
Preferred A
5,500 Cheney Bigelow Wire Works,
10o.
common
576
5 Boston Insurance Co
5 Central Maine Power Co., 7%
105 ex-div.
preferred
20
4 units First Peoples Trust
50 Great North. Paper.Co.. par 525 39
10
50 Farms Co A
20
23 units First Peoples Trust
By A. J. Wright & Co., Buffalo:
per Sh. Shares. Stock.
Mares. Stocks.
1:00 Assets Realization Co____37.25 lot 200 Peer 011, no par
600 Baldwin Gold Mines. par $1-.234o.
[VOL. 132.
FINANCIAL CHRONICLE
2136
3 per M.
$7.50 lot
By Barnes & Lofland, Philadelphia:
Shares. qmclet.
t per Sh,
8 Per Sh. Shares. Stocks.
2 Phila. Rapid Tran. Co., pref____ 2634 213th & 15th Sts.Pass. Ry.. par 8508834
78
1234 20 Pennsylvania Salt Mfg. Co
100 Nat. Bank of Olney, par 810
25 Adelphla Bk.& Tr. Co., par 310- 634 50 Autocar Co. of Ardmore, Pa.,
10
common
10 Lansdowne (Pa.) Bk.& Tr. Co__200
1 Pennsylvania Academy of the
5 Continental-Equitable Title &
1534
Fine Arts
25
Trust Co., par 35
50
10 Aberfoyle Mfg. Co
100 Real Estate-Land Title ds Trust
404
3444 8 First National Bank of Phila
Co., Dar $10
62 Arcadia Cafe Co
300. 49 mitten 54.& 54. Mtg.Bk.& Tr_ 60
166
80 Alicen Pharmacy,common,no par
44 1 Olney Bank & Trust
130
1 Olney Bank & Trust
41
100 Phila. dr Sub. Mtge. Guar_
2334
100 Fire Assoc. of Phila
Per Cent.
Bonds25 Independence Fire Ins. Co.,
510,000 North American Bldg.Corp.
8
Par 35
6% notes, Dee. 1 1930 (interest
1 Fairmount Park & Haddington
$100 lot
but not principal paid)
2634
Pass. Ry.. par 350
$1.000 City of Wildwood, N. J.,
1 Elmira & Williamsport RR. comImprovement 5s, Dec. 15 1937_5551 lot
4334
mon, par 350
25 Camden & Burlington County
82,000 Phila. & Read. RR.ext. 5%
10134
of 1933
30
rty., par 525
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.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Belt RE.& Stock Yds, Indianapolis
*75e Apr. 1
Common (quar.)
*75c Apr. 1
Preferred (guar.)
*500 Apr. 20 *Holders of reo. Apr. 10
Chicago Great Western, preferred
Apr, 6 Holders of ree. Mar. 27a
Joliet & Chicago (quar.)
Apr. 1 Holders of reo. Mar. 250
- 2
Minn. St. Paul & S.5. M.leased lines
Missouri-Kansas-Texas, common-Divi dend o milted.
Apr. 1 Holders of reo. Mar. 10
Norwich & Worcester, pref. (quar.).__ 2
234 Mar.31 Welders of reo. Mar. 11
Providence & Worcester (guar.)
411.25 Apr. 1 *Holders of rec. Mar. 21
Sharon Ry
*334 July 1 *Holders of rec. June 20
Tennessee Central, preferred
134
Public Utilities.
81.75 July 1 Holders of rec. June 15
Alabama Power, $7 prof (quar.)
$1.50 July 1 Holders of rec. June 15
$6 preferred (guar.)
81.25 Aug. 1 Holders of reo. July 15
$5 preferred (quar.)
American Cities Power & Light, class B
Aug. 1 Molders of rec. July 3
p5
(in class B stock)
Amer. States Public Service, Cl. A (qu.). *40e. Apr. 1 *Holders of reo. Mar. 25
*134 Apr. 1 *Holders of rec. Mar. 25
6% preferred (quar.)
Appalachian Gas Corp.. $7 pref.(guar.). *81.75 Apr. 1 *Holders of rec. Mar. 20
Arkansas Power & Light,$7 pref (guar.). 81.75 Apr. 1 Holders of reo. Mar. 14
81.50 Apr. 1 Holders of rec. Mar. 14
$6 preferred (quar.)
Birmingham Electric Co.. $7 pref. (qu.) 41.75 Apr. 1 *Holders of roe. Mar.21
411.50 Apr. 1 *Holders of rec. Mar. 21
$6 preferred (quar.)
*60o/ Mar.31 *Holders of reo. Mar.18
Bridgeport Gas Light (quar.)
*400. Apr. 15 *Holders of reo. Apr. 1
Bridgeport Hydraulic (quar.)
*$1.50 Apr. 10 *Holders of rec. Mar.31
Brooklyn Borough Gas,common (qu.).
*8144e Apr. 1 *Holders of roe. Mar. 17
Participating preferred (mar.)
Brooklyn-Manhattan Transit, corn.(qu.) $1 Apr. 15 Holders of rec. Apr. 1
134 Apr, 1 Holders of rec. Mar. 28
Brooklyn & Queens Transit, pref.(qu.)
*51.75 Apr. 1 *Holders of roe. Mar. 20
Cairo Water, pref. (quar.)
$1.75 Apr. 1 Holders of reo. Mar. 21
Carolina Power & Light,$7 pref.(quar.)
$1.50 Apr. 1 Holders of reo. Mar. 21
$6 preferred (guar.)
.
1
Central Vermont Pub. Serv.. corn. (qu.) . 134 Mar. 31 *Holders of rec. Mar. 14
4,134 Apr. 1 *Holders of reo. Mar. 31
Chic. Aurora dr Eighi RR.. pref. (quar.)
Cincinnati, Newport & Covington Light
*134 Apr. 15 *Holders of reo. Mar. 31
de Traction, corn. (quar.)
'1 34 Apr. 15 *Holders of rec. Mar.31
Preferred (quar.)
*750. Apr. 1 *Holders of rec. Mar.25
Cincinnati Street Ry.(quar.)
.40c Apr. 1 *Holders of rec. Mar 20
Cleveland Electric Illuminating (guar.). 4
Electric Public Service, pref. (quar.)-- - *1 34 Apr. 1 *Holders of rec. Mar. 21
Empire Dist. Elec. Co.,6% pf.(monthly) 50o. May 1 Holders of reo. Apr. 15a
Empire Gas & Fuel Co.,8% pt.(m'thly) 68 2-3o May 1 Holders of rec. Apr. 15a
58 4-35 may 1 Holders of reo. Apr. 15a
7% preferred (monthly)
54 1-60 May 1 Holders of rec. Apr. 15a
634% preferred (monthly)
He may 1 Holders of roe. Apr. 15a
6% preferred (monthly)
134 Apr. 1 Holders of rec. Mar.21
Florida Power & Light, pref. (quar.)*500. Mar. 31 *Holders of rec. Mar. 16
Hartford Gas, corn.& pref. (guar.)
Internat. Hydro-Eleo.System, cl. A(qu.) (e) Apr, 15 Holders of rec. Mar. 25
87440. Apr. 15 Holders of rec. Mar. 25
$3.50 convertible preferred (quar.)
*114 Apr. 1 *Holders of roe. Mar. 31
Internat'l Ocean Telegraph (quar.)
Interstate Pub.Serv., 7% pr. lien (qu.)- •134 Apr. 15 *Holders of roe. Mar. 31
Iowa Public Service. 37 1st pref. (quar.) *$1.75 Apr. 1 *Holders of rec. Mar. 14
88 first preferred (quar.)
*31.50 Apr. 1 *Holders of roe. Mar, n
ni.75 Apr. 1 *Holders of reo. Mar. 14
$7 second preferred (quar.)
*ELM Apr. 1 *Holders of reo. Mar, 14
$6.50 second preferred (quar.)
Joplin Water Works,6% pref. (guar.)._ *144 Apr. 15 *Holders of roe. Apr. 1
Kansas Eleo.Pow.6% Jr. pfd.
(No.1) 134 Apr. 1 Holders of rec. Mar. 14
(qu.)
Kansas Gas & Electric., 7% pref.(quar.) 134 Apr. 1 Holders of rec. Mar. 19
$1.05 Apr. 1 Holders of reo. Mar. 19
$6 preferred (quar,)
Keystone Telephone of Phila., pref.(q11.) 4150. May 1 *Holders of rec. Apr. 22
Lake Erie Power & Light, pref.(quar.)
•134 Apr. 1 *Holders of roe. Mar. 2.5
*314 Mar. 31 *Holders of rec. Mar. 26
Lockhart Power. preferred
*81.75 Apr. 1 *Holders of rec. Mar. 20
Marion Water, pref. (quar.)
noo. Apr. 1 *Holders of rec. Mar. 15
Maritime Tel. & Tel., corn. (guar.)._ _
*1734e Apr. 1 *Holders of roe. Mar 15
Preferred (quar.)
Michigan Public Service,6% pref.(rm.). *114 Apr. 1 *Holders of roe. Mar. 16
Middle States Utilities, 7% pref. (guar.) *134 Mar. 31 *Holders of rec. Mar. 2U
1.*34 Mar. 31 *Holders of rec. Mar.Id
6% preferred (quar.)
Midland Natural Gas, class A-Dividend omitt ed
*114 Apr. 1 *Holders of rec. Mar. 20
MM.Valley Pub.Serv.. pref. B (au.)370. Apr. 30 Holders of rec. Mar. 31
Montreal Lt., Heat & Pow. Consol.(qu.)
*80o. Apr. 15 *Holders of rec. Mar. 31
Montreal Telegraph (quar.)
Mountain States Power Co., pref.(quar.) 134 Apr. 20 Holders of rec. Mar. 31
Municipal Telep. & Utilities
*21340 Apr. 1 *Holders of rec. Mar. 25
Class A, series K ctfs. (quer.).
*5o. Apr. 1 *Holders of reo .Mar. 25
Class A, series K ctfs. (extra)
Cl. A,see. K etre.(special)(pay,in stk) *e100. Apr. 1 *Holders of rec. Mar. 25
43440 Apr. 1 Holders of rec. Mar. 25
7% preferred (quar.)
National Power & Light,$6 pref.(qu.)_. $1.50 May 1 Holders of rec. Apr. 11
New Orleans Public Service, pref.(quar.) $1.75 Apr. 1 Holders of rec. Mar. 16
*114 Apr. 1 *Holders of rec. Mar. 16
N. Y..5; Richmond Gas (quar.)
May 15 *Hoders of rec. Apr. 20
North Amer. Light de Pow., corn.(qu.).- 412
134 Apr. 14 Holders of rec. Mar. 31
Northern Ind. Pub. Serv., 7% pf. (qu.)_
144 Apr. 14 Holders of rec. Mar. 31
6% preferred (quar,)
134 Apr. 14 Holders of roe. Mar. 31
534% preferred (quar.)
May 1 Holders of roe. Mar. 31
2
Northern States Power,corn. A
I% Apr, 20 Holders of reo. Mar. 31
(quar.)7%
preferred (quar.)
I% Apr. 20 Holders of roe. Mar. 31
6% preferred (quar.)
Mar. 31 Holders of rec. Mar. 28
Northwestern Bell Telephone. corn.(qu.) 2
Ohio Public Service, 7% pref. (monthly) 58 1-3c May 1 Holders of rce. Apr. 150
50c. May 1 Holders of rec. Apr. 150
8% preferred (monthly)
41 2-3e May 1 Holders of roe. Apr. 154
5% preferred (monthly)
Ohio Telephone Service, pref. (quar.)--- 114 Apr. 1 Holders of rec. Mar. 24
$1.50 Apr. 15 Holders of roe. Mar. 31
Pacific Lighting Corp.,$8 pref.(quar.)
Panama Power & Light, pref. (guar.)-- 4.114 Apr. 1 *Holders of roe. Mar. 17
Peninsular Telephone Co., corn. (quar.)- *35e. Apr. 1 *Holders of reo. Mar. 14
550. Apr. 1 Holders of reo. Mar. 20
Penna. Power Co., $6.60 prof. (mthly.)_
Me. May 1 Holders of rec. Apr. 20
$6.60 preferred (monthly)
55c. June 1 Holders:of rec. May 20
$6.60 preferred (monthly)
51.50 June 1 Holders of reo. May 20
$6 Preierredl(monthly)
20e. Apr, 30 Holders of reo. Apr. 1
Philadelphia Company, corn. ((mar.).-15e. Apr, 30 Holders of rec. Apr. 1
Common (extra)
$1.50 May 1 Holders of rec. Apr. 1
6% preferred
MAR. 21 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
CenS. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Peoples Telephone Corp. (quar.)
Apr. 15 "Holders of rec. Mar. 31
3
12
Phila. Rapid Transit, corn.
-Dividend action deferred
Preferred
31.75 May 1 Holders of rec. Apr. 1
Portland General Elec.,7% pr. pfd.(qu.) '131 Apr. 1 *Holders of rec. Mar. 14
6% first preferred (quar.)
*1% Apr. 1 *Holders of rec. Mar. 14
Public Serv. Co.of Colo.,7% pf.
(mthly.) 58 1-30 May 1 Holders of rec. Apr. 15a
6% preferred (monthly)
50c. May 1 Holders or rec. Apr. 15a
5% preferred (mnothly)
41 2-30 May 1 Holders of rec. Apr. 150
Bt. Joseph Ry., L. H.& Pow., p1. (qu.)_ "1% Apr. 1 'Holders of rec. Mar. 16
Saranac River Power Corp., cons.(quar.) '3734c Apr. 1 'Holders of rec. Mar. 14
.1% Apr. 1 *Holders of rec. Mar. 14
Preferred (quar.)
Sarnia Bridge of Montreal, class A-Divi dend o milted.
Shenango Valley Water. 6% Pref.(qM.). *134 Mar. 2 *Holders of rec. Feb. 20
Southern Calif. Gas Co., pref. A (guar.). *3734c Apr. 15 *Holders of rec. Mar. 31
Sou. Indiana Gas & Elec.,7% pref.(qu.) 1% Apr. 1 Holders of rec. Mar.24
6% preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 24
6.6% preferred (quar.)
1.05 Apr. 1 Holders of rec. Mar. 24
Twin State Gas & Elec., corn.(Qum.)
*32 Mar. 31 *Holders of rec. Mar. 14
5% preferred (quar.)
"1% Mar. 31 *Holders of two. Mar. 14
7% prior lien stock (quar.)
Apr. 1 *Holders of rec. Mar. 14
Union Utilities, Inc., class A (quar.) _ "500 Apr. 1 *Holders of rec. Mar.20
United power & Light (Kan.), pref.(qu.) '1% Apr. 1 'Holders of rec. Mar. 15
Warren (Ohio) Tel.. pref. (quar.)
.31.75 Apr. 1 'Holders of rec. Mar. 20
3
Washington Gas & El., pref.(quar.)
3
.13$ Apr. 1 *Holders of rec. Mar. 15
West Kootenay P. & L., pref. (quar.).._
13$ Apr. 1 Holders of rec. Mar. 25
Banks.
Fifth Avenue (quar.)
Flatbush National (quar.)
Jamaica National (quar.)
*13
Apr. 1 *Holders of rec. Mar. 31
*75e Mar. 31 *Holders of rec. Mar. 25
•134 Mar. 31 *Holders of rec. Mar. 20
Trust Companies.
Brooklyn (quar.)
Central Hanover Bank & Trust (guar.)
County (guar.)
Empire (guar.)
Federation Bank & Trust (quar.)
Fulton (quar.)
Lawyers (quar.)
Manufacturers (illar.)
Marine Midland (quar.)
New York (quar.)
Title Guarantee & Trust (quar.)
Extra
*3
AM. 1 *Holders of rec. Mar. 25
$1.50 Apr. 1 Holders of rec. Mar. 21
300 Apr. 3 Holders of rec. Mar. 27
800. Apr. 1 Holders of tee. Mar. lfla
*3
Mar. 31 'Holders of rec. Mar. 31
*3
Apr. 1 'Holders of rec. Mar. 23
Mar. 31 'Holders of rec. Mar. 24
*2
*50c Apr. 1 *Holders or rec. Mar. 23
Mar. 20 to Mar. 24
50c.
31.25 Mar. 31 Holders of rec. Mar. 21a
$1.20 Mar. 31 Holders to rec. Mar. 21
(30e. Mar. 31 Holders of rec. Mar. 21
Fire Insurance.
Ameriean Equitable Assurance (quar.)
Knickerbocker, common (quar.)
Preferred (quar.)
New York (quar.)
"373$0 May 1 *Holders of rec. Apr. 20
*37%0 May 1 *Holders of roe. Apr. 20
3,13$ Apr. 15 *Holders of rec. Apr. 4
*30e. May 1 'Holders of rec. Apr. 20
Miscellaneous.
Abraham & Straus. Inc., pref.(quar.) - •13$ May 1 *Holders of rrc. Apr. 15
Acme Staple (quar.)
.
313$ Apr. 1 *Holders of rec. Mar. 20
Administ.& Research Corp., A & B (qu.) *250. Apr. 1 *Holders of rec. Mar. 16
Aeolian Co. of Mo., 2d pref. (quar.)
Apr. 1 "Holders of rec. Mar. 20
"2
Affiliated Invest. Inc., $0 pref.(quar.)
11.50 Apr. 1 'Holders of rec. Mar. 20
3
Algonquin Mines, Ltd
*Holders of rec. Mar. 31
(i)
Allegheny Steel, common (monthly)__ _ 3,150. Apr. 18 'Holders of rec. Mar. 31
Common (monthly)
'150. May 18 *Holders of rec. Apr. 30
Alpha Portland Cement,corn.(quar.)'250. Apr. 25 *Holders of ree. Apr. 1
American Art Works, Inc., pref. (quar.)_ •134 Apr. 15 'Holders of rec. Mar. 31
Amer.
-Canadian Util., corn.(No. 1)_
15e. Apr. 15 Holders of rec. Apr. 6
Participating pref. (quar.)
600. Apr. 1 Holders of rec. May 20
Participating pref. (panic. div.)
334o. Apr. 1 Holders of rec. May 20
Amer. Credit Indemnity (St. L.) (quar.) *750. Apr. 1 *Holders of tee. Mar. 21
American Dairies. Inc., pref. (quar.)
•13$ Apr. 1 *Holders of tee. Mar. 15
Amer. Fruit Growers, pref. (quar.)
•134 Apr. 1 *Holders of rec. Mar. 26
Amer. Invest. Co. (Springfield, Ill.)
Preferred (quar.)
*43310 Apr. 1 *Holders of res. Mar.20
American Optical Co., 1st pref. (quar.). "131 Apr. 1 *Holders of rec. Mar. 20
First preferred (quar.)
3.131 July 1 'Holders of rec. June 20
First preferred (quar.)
•131 Oct. 1 'Holders of rec. Sept. 19
American Potash & Chemical (quar.)_
*25o Mar. 31 *Holders of rec. Mar. 19
American Service Co., pref.-Dividend o milted .
American Steamship (quar.)
*334 Apr. 1 'Holders of rec. Mar. 20
American Thermos Bottle, corn. (quar.)_ •300 May 1 *Holders of rec. Apr. 20
Amer. Type Founders, oom.(quar.)
Apr. 15 Holders of reo. Apr. 4
2
Preferred (quar.)
131 Apr. 15 Holders of rec. Apr. 4
Anglo-Amer. Corp.of South Africa,ord.- Divide nd.
Anglo National Corp., cons. A (quar.)_.
500 Apr. 15 Holders of rec. Apr. 4
Apex Electrical Mfg., pref. (quar.)
13$ Apr. 1 Holders of rec. Mar. 20a
Art Metal Construction (quar.)
400 Mar. 31 Holders of rec. Mar. 20a
Arundel Corp. (quar.)
"750 Apr. 1 *Holders of rec. Mar. 23
Associated Dry Goods, corn.(quar.) '620 May.' 1 'Holders of rec. Apr. 10
Assoc. Indus. Bankers, corn. A (qu.) - ni
Apr. 1 *Holders of rec. Mar. 14
Atlantic Ice & Coal, pref. A (No.
"750 Apr. 1 "Holders of rec. Mar. 20
Austin. Nichols & Co., Inc.. prior A (qu.) "750 May 1 *Holders of rec. Apr. 15
Baer,Sternberg & Cohen, 1st pref.(qu.)_
13$ Apr. 1 Holders of rec. Mar.24
Second preferred (guar.)
Apr. 1 Holders of rec. Mar.24
2
Bait. Brick, 1st pf. (acct. acoum. div.)
*53 Mar. 27 *Holders of rec. Mar. 18
Bank Stock Trust Shares, C-1 reg
• 31.9730. Apr. 1 *Holders of roe. Mar. 2
Series C-2 reg
• 33.5530. Apr. I *Holders of roe. Mar. 2
Bankers Commercial Sec. (quar.)
"500. Apr. 1 'Holders of rec. Mar.26
Bankers Investment Trust of Am., corn. •100. Apr. 10 "Holders of rec. Mar.20
Debenture stock (quar.)
3
.150. Mar. 31 *Holders of roe. Mar. 15
Debenture stock (guar.)
•150. June 30 *Holders of tee. June 15
Debenture stook (quar.)
*15o. Sept.30 'Holders of rec. Sept. 15
Debenture stock (quar.)
•15o. Dee. 31 *Holders of roe. Doe. 15
Barker Bros. Corp.,com.-Dividend omi ted.
Beliview Oil Syndicate (quar.)
0500. Apr. 1 *Holders of rec. Mar.20
Black & Decker Mfg., pref. (quar.)
•500. Mar. 31 *Holders of rec. Mar. 20
Bliss (E. W.) Co., corn. (guar.)
250. Apr. 1 Holders of rec. Mar.20
First preferred (quar.)
$1
Apr. 1 Holders of rec. Mar.20
Second pref. class A (quar.)
87310 Apr. 1 Holders of rec. Mar. 20
Second pref. class B (quar.)
150 Apr. 1 Holders of rec. Mar.20
Bloomingdale Bros., Inc., pref.(guar.). 4
.13$ May 1 *Holders of rec. Apr. 20
Blue Ribbon Corp., oom. (quar.)
50e. Apr. 1 Holders of no. Mar. 14
Booth (F. E.) Co., Inc., class A (quar.)_ •750. Apr. 1 *Holders of rec. Mar. 16
Boston Ilerald-Traveler Corp. (quar.)
•20o. Apr. 1 *Holders of too .Mar.26
Brandtjen & Kluge, common (quar.).-- •250. Apr. 1 'Holders of rec. Mar. 21
Preferred (quar.)
•8730 Apr. 1 *Holders of ree. Mar. 22
Brantford Cordage, let pref. (quar.)..__
500. Apr. 15 Holders of rec. Mar.20
Broadway Mkt. Corp.(Bet.), com• -- •400. Apr. 20 *Holders of rec. Apr. 1
Preferred
*400. Apr. 10 *Holders of tee. Apr. 1
*3734c Apr. 25 *Holders of roe. Apr. 10
Briggs Mfg.(war.)
"12340 Apr. 25 'Holders of too. Apr. 10
Extra
British & Foreign Investments, pref.(qu) 62310 Apr. 1 Holders of roe. Mar. 31
Brunswick Site Co
250. Apr. 1 Holders of tee. Mar.23
Buffalo Gen. Laundries, Panic. pr. (qu.) *5634 c Mar. 31 *Holders of rec. Mar. 20
Ilulkley Bldg., pref. (guar.)
131 Apr. 1 Holders of ree. Mar. 21a
.25e. Apr. 1 *Holders of rec. Mar. 14
Burger Bros., corn. (quiet.)
8% preferred Mar.)
Apr. 1 *Holders of ree. Mar. 14
3
11
Calamba Sugar Estates, common (quar.) •400. Apr. 1 *Holders of too. Mar. 14
Preferred (quar.)
•350. Apr. 1 *Holders of too. Mar. 14
California Group Corp.. 6% l.(quar•)- •134 Apr. 1 'Holders of rec. Mar. 31
*500. Apr. 1 *Holders of ree. Mar.21
California Ink, class A & B (guar.)
Cambridge Investing Corp., corn. B (MI.) •350. Apr. 1 *Holders of tee. Mar.23
Canada Bud Breweries, corn. (quar.).25e. Apr. 15 Holders of rec. Mar.31
*750. Apr. 15 *Holders of rec. Apr. 2
Canada Dry Ginger Ale (guar.)
Canadian Wineries, Ltd. (guar.)
12340 Apr. 15 Holders of rec. Mar.31
Capital City Products (guar.)
"340. Apr. 1 *Holders of rec. Mar .26
Canfield Oil, corn.& pref.(guar.)
134 Mar.31 Mar. 21 to Mar. 24
Carnation Co., pref. (guar.)
•134 Apr. 1 'Holders of re0. Mar. 21
Cassidy's. Ltd., pref. (quar.)
"1% Mar. 31 *Holders of tee. Mar. 18
Apr. 1 Holders of too. Mar. 15a
Century Elec. Co. ((luar.) (In stock).
- el
•13$ June 1 *Holders of rec. May 20
Century Ribbon Mills (quar.)
Chain Store Products. cony. pref. (qu.). •37340 Apr. 1 *Holders of tee. Mar. 20
•15,1 Apr. 1 *Holders of rec.
Champion Fibre, 1st pref. (quar.)
Mar. 20
Name of Company.
2137
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
I'.
Chartered Tr. & Exec. Co.(Tor'to) (qu.) 134 Apr. 1 Holders of rec. Mar. 25
Chatham Mfg.7% pref. (guar.)
•13$ Apr. 1 *Holders of rec. Mar. 20
7% preferred (guar.)
"13$ July 1 *Holders of ree. June 20
7% preferred (quar.)
•13$ Oct. 1 *Holders of rec. Sept. 20
6% preferred (quar.)
•134 Apr, 1 'Holders of rec. Mar. 20
6% preferred (quar.)
'134 July 1 *Holders of rec. June 20
6% preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept.20
Chic. Ry. Equip. corn.
-Dividend °mitt ed
Preferred (quar.)
3,433$13 Mar. 31 *Holders of rec. Mar. 21
Cities Service, common (monthly)
234c. May 1 Holders of ree. AM. 1531
Common (payable in common stock)_ _
f54 May 1 Holders of rec. Apr. 150
Preference B (monthly)
50. May 1 Holders of too. Apr. 15a
Preference and pref. BB (monthly).....
50e. May 1 Holders of rec. Apr. 150
City Investing Co., pref. (quar.)
Apr. 1 Holders of rec. Mar. 26
City Machine & Tool, corn. (guar)
•20c Apr. 1 *Holders of rec. Mar. 20
Cleveland Union Stock Yards (quar.)
50e. Apr. 1 Holders of rec. Mar. 20a
Clinton Title & Mtge. Guar
*200. Apr. 1 'Holders of rec. Mar. 21
Extra
'10e. Apr. 1 'Holders of rec. Mar. 21
Cockshutt Plow, common (quar.)
"500. May 1 *Holders of rec. Apr. 15
Cohn-Hopkins. Inc., corn, (annual)._
*So. Mar. 30 "Holders of rec. Mar. 14
Common (extra)
'7c. Mar. 30 'Holders of rec. Mar. 14
Colgate-Palmolive-poet Co., corn.
*62.34c Apr. 15 'Holders of ree. Mar. 20
Insulated Wire
(4Y.)Colyer
*250. Apr. 1 'Holders of rec. Mar. 25
Commercial Credit (N.0.) (qllar.)
*500. Mar. 31 'Holders of rec. Mar. 21
Common Stock Trust Shares,set. A reg.' 31.57980 Apr. 1 *Holders of rec. Mar. 2
Series A-1 tog
•30c. Apr. 1 "Holders of rec. Mar. 2
Consolidated Bakeries of Can.corn.(au.)
250. Apr, 1 Holders of rec. Mar. 20
Consolidated Car Heating (quar.)
Apr. 15 *Holders of rec. Mar. 31
Consolidated Retail Stores, pref. (qu.)
Apr. 1 'Holders of tee. Mar. 18
*2
Consolidated Steel Corp., pref.-DIA.:len d pass ed
Constructive Credit Service, prof
Apr. 1 Holders of rec. Mar.20
4
Coronet Phosphate
$1.50 Apr. 1 Holders of rec. Mar.25
Creamery Package Mfg., oom.(gnarl.. *50e. Apr. 10 *Holders of too. Apr. 1
Preferred (guar.)
*1% Apr. 10 "Holders of rec. Apr. 1
Crucible Steel, common-Div. omitted.
Crum & Forster, corn.(quar.)
25c. Apr. 15 Holders of rec. Apr. 4
Preferred ((luar.)
June 30 Holders of rec. June 20
2
Crystalite Prod., Prof. (guar.)
*1% Apr. 1 *Holders of rec. Mar. 20
Crystal Tissue Co., corn. (guar.)
"250. Apr. 1 'Holders of rec. Mar. 20
Cudahy Packing, common (quar.)
Apr. 15 *Holders of rec. Apr. 3
"31
7% preferred (guar.)
*334 May 1 'Holders of rec. Apr. 20
6% preferred (quar.)
*3
May 1 'Holders of rec. Apr. 20
Davidson Co., pref. (quiet.)
•13$ July 1 'Holders of tee. June 20
Preferred (quan)
*1% Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
*1% Jan 1'32 *Holders of rec. Dee. 20
Deco Refreshments, Inc., corn.(quar.)
- - 25e. Mar. 31 'Holders of rec. Mar. 20
Preferred (quar.)
"873$0 Mar. 31 *Holders of rec. Mar. 20
Diamond Electrical Mfg., corn.(quar.)
-- *50c. Mar. 30 'Holders of rec. Mar.20
Preferred (quar.)
*1% Mar. 30 *Holders of rec. Mar.20
Dixon (Joseph) Crucible
2
Mar. 31 Holders of rec. Mar. 20
(guar.)
Dolese & Shepard Co.(guar.)
3
11
Apr.
Dominion Stores, Ltd.(quar.)
300. Apr. 1 Holders of rec. Mar. 20a
Dow Drug Co.,corn.(quar.)
•25o. Apr. 1 'Holders of rec. Mar. 21
Preferred (quar.)
'131 Apr. 1 'Holders of roe. Mar.
Duff.Pay.& Crushed Stone, let pf.(qu.) 134 Apr. 1 Holders of rec. Mar. 21
20
Eagle-PiCher Lead, pref.-Div. omitted.
Eastern Dairies, Ltd., common (quar.).. *250. May 1 'Holders of rec. Mar. 25
Eastern Steel Prods., Prof.(guar.)
131 Apr. 1 Holders of rec. Mar. 14
Eaton Axle & Spring. corn.(auar.)
400. May 1 Holders of rec. Apr. 15
Edmonton City Dairy,631% pr. (guar.) 131 Apr. 1 Holders of rec. Mar. 16
Electrio Vacuum Cleaner, corn.(guar.).- *31 Apr. 2 'Holders of rec. Mar.24
Equitable Eastern Banking (guar.)
Mar. 31 'Holders of too. Mar.27
*2
Fairmont Creamery (Del.), corn.(qu.)
•400. Apr. 1 "Holders of rec. Mar.21
Preferred (quar.)
•134 Apr. 1 *Holders of roe. Mar.21
Family Loan Society, panto. pref.(alL). '873$0 Apr. 1 'Holders of rec. Mar. 13
Participating Prof. (extra)
*37340 Apr. 1 *Holders of rec. Mar. 13
Federal American Co., corn. (guar.)_
*300. Apr. 1 *Holders of rec. Mar. 27
Preferred (guar.)
•134 Apr. 1 'Holders of rec. Mar.27
Federal Co-oper. Finan., pref. (mthly.)- •173$0 Apr. 1 'Holders of rec. Mar. 10
Fiat, American deposit receipts
*9434c Mar. 31 'Holders of tee. Mar. 26
Fidelity at Casualty (gan)
3
11.25 Apr. 2 'Holders of tee. Mar.23
Filing Equipment Bureau, pref. ((Nati_ •13$ Apr. 1 *Holders of rec. Mar.21
Finance Co.of Am.
(Balt),01. A & B (qu.) "200. Apr. 15 *Holders of rec. Apr. 6
Preferred (guar.)
"4334c Apr. 15 'Holders of rec. Apr. 6
First Finance Co. of Iowa,01. A
(q11.)- *37%0 Apr. 1 'Holders of rec. Mar. 20
Preferred (guar.)
"3734c Apr. 1 'Holders of rec. Mar. 20
First Invest. & Sec.(Cin.) (quar.)
"500. Apr. 1 'Holders of rec. Mar. 20
Flour Mills of Amer.,$8 prof.
Apr, 1 Holders of rec. Mar. 14
$2
Ford Motor, Ltd., American (guar.)--- 10
Mar.27 Holders of rec. Mar.27
shares---Extra
1234e. May 1 Holders of rec. Apr. 15
Ford Motor Co. of France
"12%
Foster & KleLser. prof.
•13$ Apr. 1 'Holders of rec. Mar.29
Fostoria Pressed Steel, (quar.)
corn. (guar.).--25e. Mar. 31 Holders of rec. Mar.25a
Fox Film Corp., corn. A & B (guar.).
- $1 Apr. 15 Holders of rec. Mar. 31
Freeport Texas Co.(guar.)
•750. June 1 'Holders of reo. May 15
French (Fred F.) Constr. Co., pref.-Div friend omitted
Frick Co., Inc., pref. (quar.)
•750. Apr. 1 *Holders of rec. Mar. 20
Gemmer Mfg., class A (guar.)
*750. Apr. 1 'Holders of too. Mar.25
General Fireproofing, corn.(guar
•500. Apr. 1 *Holders of roe. Mar. 20
Preferred (guar.)
•134 Apr. 1 'Holders of rec. Mar.20
General Parts, pref. (guar.)
"30e. May 1 'Holders of rec. Apr. 20
Gilbert(A. C.) Co.. prof.(quar.)
"87310 Apr. 1 *Holders of roe. Mar. 21
Gladding Mcllean & Co.,com.(qu.)
•750. Apr. 1 *Holders of rec. Mar. 20
Globe Underwriters Exchange
15e, May 1 Holders of rec. Apr. 15
Globe-Wernicke Co.. pref.(guar.)
•13$ Apr. 15 *Holders of rec. Mar.31
Gold Dust Corp., corn.(quiet.)
62340. May 1 Holders of rec. Apr. 100
4.1% Apr. 1 *Holders of tee. Mar.20
Goodyear Tire & Rub.of Cal. pr.(qu.)
Gorton-Pew Fisheries (guar.)
"750. Mar. 31 *Holders of rec. Mar. 23
f$1
Extra
Mar. 31 'Holders of roe. Mar. 23
Gotham Silk Hosiery, pref. (guar.)
13-4 May 1 Holders of rec. Apr. 10
Gottfried Baking. Inc., pref.(quar.)
131 Apr. 1 Holders of rec. Mar. 20
Graham-Paige Motors, 1st pref. (guar.) *134 Apr. 1 *Holders of rec. Mar. 14
Granby Consol. Min., Sm.& Pow.(qu.)
50c May 1 Holders of rec. Apr. 210
Grand Rapids Varnish (gusr.)
•12340 Mar. 31 *Holders of rec. Mar. 20
Great Lakes Steamship (quar.)
3
11
Apr. 1 *Holders of rec. Mar.20
Great Lakes Towing, corn. (quar.)
134 Mar. 31 Holders of rec. Mar. 14a
Preferred Mar.)
134 Apr. 1 Holders of rec. Mar. 14a
Great Northern Man.Corp.. el. A (qu.) *2
Apr. 1 'Holders of rec. Mar.25
Greenwald, Inc., Prd,(quar.)
*131 Apr. 1 *Holders of rec. Mar.23
Griggs Cooper & Co., corn. (guar.)._ 3
.500. Apr. 1 *Holders of rec. Mar. 25
Proferred (guar.)
•13$ Apr. 1 'Holders of rec. Mar. 25
Guardian Detroit Union Group (gust.). *500. Apr. 1 *Holders of tee. Mar. 23
Habirshaw Cable & Wire (guar.)
*250. Apr. 1 'Holders of rec. Mar. 20
Haehmetster-Lind Co.. Prof. (guar.) _ _ •$1.50 Apr. 1 *Holders of rec. Mar.18
Hamilton Loan Society (Pa.), corn
•262-30 May 15
Common (extra)
•100. May 15
Hansen Glove. pref. (gum.)
"I% Apr. 1 *Holders of tee. Mar.20
Hatfield Campbell Creek Coal, pref.-Di vidend omitte d.
Heath (D. C.) & Co., Prof.
I% Mar. 31 Holders of ree3Mar. 28
Hercules Motors Corp. (guar.)
30e. Apr. 1 Holders of roe. Mar.200
Hibbard Spencer Bartlett & Co.(mthly.)
25e. Apr. 24 Holders of rec. Apr. 17
Monthly
25e. May 29 Holders of rec. May 22
Monthly
25e. June 26 Holders of rec. June 19
Hoover Steel Ball (guar.)
•150. Apr. 1 *Holders of rec. Mar. 27
Howe Sound Co.(quar.)
750. Apr. 15 Holders of rec. Mar.310
Howell Electric Motor Co., cl. A & B
- Divide nd sotto n
Huston (Tom) Peanut Co. (guar.)
•250. Mar. 31 *Holders of rec. Mar.20
Huylers of Delaware, Prof. (guar.)
•13$ Apr. 1 *Holders of rec. Mar.20
Income Shares Corp. (monthly)
*330. Apr. 1 *Holders of tee. Mar.25
Indiana Pipe Line (guar.)
250. May 15 Holders of ree. Apr. 24
Interlake Steamship, corn. (guar.)
500. Apr. 1 Holders of rec. Mar.200
International Carriers. Ltd. (guar.)._ __ 12340. Apr. 2 Holders of rec. Mar. 27
Internat. Printing Ink, Prof.(quar.)---- 'ill May 1 'Holders of rec. Apr. 15
Investment Bond & Share, Prof -Divide nd passed.
Investment Foundation, Ltd., pref.(qu.) 37340. Apr. 15 Holders of rec. Mar.3
Investors Bond & Share of Montreal. pfd. -Divi dend de ferred
Ivanhoe Foods, Inc., class A
*500. Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
•87340 Apr. 1 *Holders of rec. Mar.20
Johnson Publish, corn. (quar.)
*500. Apr. 1 *Holders of rec. Mar.23
Preferred (quar.)
"52 Apr. I *Holders of rec. Mar.23
Name of Cointallati.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
.75c. Mar. 30 *Holders of rec. Mar. 28
Jamison Coal & Coke. corn.(quar.)
Kahn's (E.) Sons Co., pref. (guar.)
*51.75 Apr. 1 *Holders of rec. Mar. 20
Participating pref. (quar.)
*800. Apr. 1 *Holders of rec. Mar. 20
250. Apr. 28 Holders of rec. Apr. 10
Kaufmann Dept. Stores, corn. (quar.)
Kelley laid. Lime & Transport (guar.).- 62 4t! Apr. 1 Holders of rec. Mar. 20a
Kelley-Roett Mfg., pref. (guar.)
53754c Apr. 1 *Holders of rec. Mar. 20
-Campbell Music, Pref. (quar.)
Knight
'134 Apr. 1 *Holders of rec. Mar. 15
Kruger Grocery & Baking, 1st pfd. (qu.) *1.34 Apr. 1 *Holders of rec. Mar. 20
Mar.31 'Holders of rec. Mar. 14
Title Bldg. Corp.. Phila
$1
Land
June 30 *Holders of rec. June 13
Land Title Bldg. Corp.. Phila.
El
La Salle Extension University, pfd. (qu.) 134 Apr. 1 Holders of rec. Mar. 21
Lawyers Mortgage Co. (quer.)
70c. Mar. 31 Holders of rec. Mar. 19
Lawyers Westchester Mortgage & Title
Apr. 1 Holders of rec. Mar. 20
2
Co. (guar.)
Lehigh Portland Cement, corn.(quar.)_. *25e May 1 *Holders of rec. Apr. 14
50c Mar. 31 Holders of roe. Mar. 20
Leland Electric Co.(quar.)
Lincoln Telephone Securities, 01. A (qu.) *50o. Apr. 10 *Holders of rec. Mar. 31
*25c. Apr. 10 *Holders of reo. Mar. 31
Class B (quar.)
*134 Apr. 10 *Holders of rec. Mar. 31
Preferred (quar.)
*25c. Apr. 1 *Holders of rec. Mar. 20
Locomotive Fire Box (quar.)
May 1 Holders of rec. Apr. 17a
2
Lord & Taylor, 2nd pref. (quar.)
500. Apr. 15 Holders of roe. Mar. 31a
MacAndrews & Forbes, corn. (quar.)
Preferred (quar.)
1)4 Apr. 15 Holders of rec. Mar. 310
*75c. May 15 *Holders of roe. Apr. 24
Macy (R. H.) & Co., common (quar.)
Mar. 30 'Holders of rec. Mar. 20
Madison Mortgage Corp..8% 1st pf.(qu) '2
•134 Mar. 30 *Holders of rec. Mar. 20
7% first preferred (guar.)
•134 Mar. 30 'Holders of reo. Mar. 20
7% second preferred (quar.)
Madison Square Garden Co., corn. (qu.)_ *15c. Apr. 16 *Holders of rec. Apr. 6
*550. Apr. 15 *Holders of rec. Mar.31
Mahon (R. C.) Co., cony. pref. (quar.)
Manufacturers' Finance Co., Baltimore.
'43340 Mar.30 *Holders of roe. Mar. 20
Preferred (quar.)
Marconi International Marine
Apr. 2 *Holders of rec. Mar. 17
Communication Am.dep. Ms.ord.reg •10
35c. Apr. 15 *Holders of rec. Mar. 31
•
Maryland Commercial Bankers, pref
75c. Apr. 1 *Holders of rec. Mar. 24
Mfg., class A (qu.)_ •
McCord Radiator &
8734c Apr. 1 Holders of reo. Mar. 200
McKee (A. G.), class B (quar.)
*1% Apr. 1
McLeod Bldg., Ltd. (quar.)
*250. Apr. 15 *Holders of rec. Apr. 1
Mead Corp., corn. (quar.)
Apr. 15 *Holders of rec. Apr. 1
Common (Payable in common stock)-- "1
Medusa Portland Cement, corn. (quar.)- *750. Apr. I *Holders of rec. Mar. 25
5134 Apr. 1 *Holders of rec. Mar. 25
Preferred (guar.)
Merchants Nat. Realty, pref. A & B (qu) '134 Apr. 1 *Holders of rec. Mar. 25
Merchants Transport. & Storage (quar.) *134 Apr. 1 *Holders of reo. Mar. 21
Apr. 1 Holders of reo. Mar. 26
41
Metal Package Corp., corn. (quar.)_
*3
Apr. 20 'Holders of rec. Mar. 31
Mexican Petroleum, common (quar.)*2
Apr. 20 'Holders of rec. Mar. 31
Preferred (quar.)
"20o. Apr. 1 *Holders of rec. Mar. 25
Michigan Steel Tube (quar.)
40c. Apr. 1 Holders of ree. Mar. 20
Miller Wholesale Drug (quar.)
Minneapolls-Lloney well Regulator
Apr. 1 *Holders of rec. Mar. 17
Preferred (guar.), (No. 1)
•150, Apr. 2 *Holders of reo.$Mar. 20
Minnesota Mining & Mfg. (quar.)
-Dividend omitted.
Mississippi Glass
•
25e. Apr. 15 *Holders of ree. Mar. 31
Mitchell (Robt.) & Co. (queer.)
Mock,Judson. Voehringer, Inc.. pf (qu.) 134 Apr. 1 Holders of rec. Mar. 15
Monarch Mtge. & Invest., Pref. (quar.) "20e. Apr. 15 *Holders of roe. Mar. 30
Moock Elec. Co., Pref. (quar.)
*134 Apr. 1 *Holders of roe. Mar. 20
Moores Coney Corp., common A (quar.) "25c. Apr. 1 *Holders of rec. Mar. 24
25c. Apr. 15 Holders of reo. Apr. 2
Morris (Philip) & Co., Ltd., Inc. (quar.)
60e. Apr. 1 *Holders of rec. Mar. 27
•
Morris Plan Co., N. Y. (quar.)
*6230 Apr. 1 *Holders of rec. Mar. 25
Morris Plan Bank (Va.) (quar.)- -1
Mar. 30 Holders of rec. Mar. 25
Mortgage-Bond Co. (Wier.)
- 15c. Mar. 31 Holders of rec. Mar. 25
Mortgage-Bond Title Corp. (guar.).
*lc. Apr. 15 *Holders of roe. Mar. 31
Mountain & Gulf 011 (War.)
*200. Mar. 30 *Holders of rec. mar. 20
M.& T.Securities Co.(quar.)
'134 Mar. 20 *Holders of rec. Mar. 16
Murphy Varnish, pref. (quar.)
Apr. 15 *Holders of reo. Apr. 9
*2
Nash (A) Co., Inc. (quar.)
Nassau-Queens Bond & Mtge. pref.(qu.) *$1.75 Mar. 31
May 1 *Holders of rec. Apr. 20
*2
National Car on. preferred (quar.)
May 15 *Holders of rec. May 1
•12
National Casket, common
*51.75 Mar. 31 *Holders of rec. Mar. 18
Preferred (quar.)
*51.75 Apr. 1 *Holders of rec. Mar. 20
National Oil Prod., pref. (quar.)
Apr. 1 Holders of reo. Mar. 15
2
National Refining. pref.(quar.)
"52.50 Apr. 10 *Holders of rec. Apr. 1
Natorass Co
Nehl Corporation, 1st pref. (quar.).....'$ 1.3134 Apr. 1 *Holders of rec. Mar. 17
*70. Apr. 15 *Holders of rec. Mar. 31
New Bradford Oil (quar.)
40c. May 1 Holders of roe. Apr. 7
New York Air Brake, corn. (quar.)
New York Title & Mtge. Co.(quar.)_ .50c. Mar. 31 *Holders of rec. Mar. 20
North Amer. Co.01St. Louis,8% pref.- Dividend omit ted.
North Amer. Invest. Corp..6% pfd.(qu) *1 34 Apr. 20 *Holders of rec. Mar. 31
•1%, Apr. 20 *Holders of roe. Mar. 31
% preferred (quar.)
North American Oil Consol.-Dividend passed
*50c. Mar. 31 *Holders of roc. Mar. 20
North & Judd Mfg. (quar.)
North Star Oil. pref. (quar.)
134 Apr. 1 Holders of roe. Mar. 18
Northern Paper Mills, corn. (quar.)- - *500. Mar. 31 *Holders of rec. Mar. 27
*51.50 Mar. 31 *Holders of rec. Mar. 27
$6 preferred (quar.)
*$1.75 Mar.31 'Holders of rec. Mar. 27
57 preferred (quar.)
$1
Apr. 1 Holders of reo. Mar. 20
Norwich Pileup:seal Co.(quar.)
$1.25 Apr. 15 Holders of rec. Mar. 31
Ohio Brass, class A & B (quar.)
1)4 Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
*40c. Apr. 1 *Holders of rec. Mar. 20
Ohio Wax Paper (quar.)
134 Apr. 1 Holders of reo. Mar. 16
Orange Crush, Ltd.. pref. A ((luar.)
62340 Apr. 15 Holders of reo. Mar. 31
Elevator, corn. (quar.)
Otis
134 Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
*250. Apr. 15 *Holders of rec. Mar. 31
Packard Electric Co., corn. (quar.)
"75c. Apr. 1 *Holders of rec. Mar. 19
Passwall Corp.. $3 Prof. (quar.)
'l'% Apr. 1 *Holders of roe. Mar. 23
Peaslee-Gaulbert Co., pref. (quar.)5134 Apr. 1 *Holders of roe. Mar. 20
Penn Federal Corp., pref. (quar.)
"42 Apr. 1 *Holders of rec. Mar.24
Pequot Mills (quar.)
Permutit Co.
-Dividend omitted.
Personal Banking Service, class A (qu.) •15o. Mar. 15 'Holders of reo. Mar. 1
•134 Apr. 1 *Holders of rec. Mar. 20
Peter Paul, Inc. (quar.)
60c. Mar. 31 Holders of roe. Mar. 16
Phila. Co. for Guar. Mtge. (guar.)
Pickrel Walnut, com.-DIvidend Passed
w12
PInchln. Johnson & Co., Amer. eJas-- - - •
*w10
Bonus
*10o. Apr. 1 *Holders of rec. Mar. 20
Pioneer Mills (monthly)
*35c. Apr. 15 *Holders of rec. Mar. 27
Pittsburgh Screw & Bolt (quar.)
*25e. Apr. 30 *Holders of rec. Apr. 15
Plymouth Oil Co
"25c. Apr. 1 *Holders of reo. Mar. 26
Potter & Co., corn. (queer.)
*141 Mar. 31 *Holders of rec. Mar. 23
(quar.)
Provident Adj. & Inv., pref.
•134 Apr. 1 *Holders of roe. Mar. 20
Regal Shoe. pref. (quar.)
Retail Properties, Inc., pref.-Dividend °mitt ed.
'134 Apr. 1 'Holders of ree. Mar. 17
Reversible Collar Co. (quar.)
*750. Apr. 1 'Holders of rec. Mar.23
Richman Bros., common (queer.)
6234c Apr. I Holders of roe. Mar. 20a
Ritter Dental Mfg., corn. (quar.)
*2
Apr. 1 *Holders of roe. Mar. 20
Rockwood & Co., pref. (quar.)
134 Apr. 1 *Holders of rec. Mar. 25
Sabln Robbins Paper, pref. (queer.)
25c. Apr. 1 Holders of rec. Mar. 20
St. Louis Bank Bldg. Equip. (quar.)
*250. Apr. 1 *Holders of rec. Mar. 23
Sangamo Electric Co.. corn.(quer.)
*134 Apr. 1 *Holders of roe. Mar. 23
Preferred (quar.)
•Isi Apr. 1 *Holders of roe. Mar. 20
Sayers dr Scrville, cora, and pref
.- Dividend omit ted.
Schlesinger (B. F.) & Sons, Inc.. prof
Schoeneman (.1.) Inc., 1st pref. (quar.) 134 Apr. 1 Holders of rec. Mar. 19
Schumacher Wallboard. partic. Pt. (qu.) •50c. May 15 *Holders of rec. May 5
*500. Apr. 1 *Holders of rec. Mar. 20
Schwartz (B.) class A (queer.)
'
3734e Apr. 1 *Holders of rec. Mar. 20
Seaboard National Secur. (quar.)
12340 Slay 1 Holders of reo. Apr. 1
Seaboard Utilities Shares Corp.(quar.)
*15c. Apr. 15 *Holders of roe. Mar. 31
Seagrave Corp., common (queer.)
•134 Apr. 1 *Ilolders of rec. Mar. 20
Preferred (quar.)
*3 Apr. 1 *Holders of roe. Mar. 20
Security Investment Trust, 1st pref
Second preferred Dividend passed.
•10e. Apr. 1 *Holders of roe. Mar. 16
Shareholders Corp. (queer.)
(q) May 1 *Holders of rec. Apr. 4
Shenandoah Corp., cony. pref. (quar.)
*31c. Mar. 15 *Holders of rec. Feb. 28
Short Term. Tr. Shares, see. U reg300. Apr. I Holders of reo. Mar. 20
Siefert Packing, corn. (queer.)
Sigmode Steel Strapping, com.-Dividen d omit ted.
*6234c Apr. 15 *Holders of roe. Mar. 30
Preferred (quar.)
4
Apr. 1 *Holders of rec. Mar. 25
Silent Automatic Corp., pref
*50c. Mar. 31 *Holders of roe. Mar. 20
Sloan & Zook Prod., common (quar.).
*1%, Mar. 31 *Holders of roe. Mar. 20
Preferred (quar.)
[VOL. 132.
FINANCIAL CHRONICLE
2138
•134
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
*750. Apr. 1 *Holders of rec. Mar. 20
S. M. A. Corp., corn. (quar.)
Apr. 15
Common (payable in common stock)_ _ *f10
Sorg (Paul A.)Paper Co., Prof.(quer.).- *134 Apr. 1 *Holders of rec. Mar. 15
' July 1 *Holders of rec. June 15
134
Preferred (queer.)
Southern Dairies Corp., el. A-Dividend Passed
*1% Apr. 1 *Holders of rec. Mar. 14
Southland Ice, pref. A (quar.)
*75e. Apr. 15 *Holders of rec. Apr. 3
Spicer Mfg., preferred (quar.)
30o. Apr. 1 Holders of rec. Mar. 25
Stahl
-Meyer, Inc., corn. (guar.)
134 Apr. 1 Holders of rec. Mar. 20
Preferred (queer.)
'134 Apr. 1 *Holders of rec. Mar. 16
Standard Fuel, Ltd., pref. (queer.)
Apr. 1 *Holders of rec. Mar. 25
Standard National Corp., pref. (quar.)Apr. 1 *Holders of rec. Mar. 13
Standard Screw (queer.)
Apr. 1 *Holders of reo. Mar. 20
State & City Bldg. Corp., pref.(quar.)
cui Apr. 1 *Holders of rec. Mar. 20
State Title & Mortgage (quar.)
Stedman Rubber Flooring, pref. (queer.) et% Apr. 1 *Holders of roe. Mar. 26
Stearns (Frederick) & Co., corn. (quer.). *30e. Mar. 31 *Holders of rec. Mar. 20
*434‘c Mar. 31 *Holders of rec. Mar. 15
Stift Baer & Suffer, pref. (quar.)
"43%c June 30 *Holders of roe. June 15
Preferred (quar.)
.43%c Sept. 30 *Holders of rec. Sept. 15
Preferred (queer.)
*4314c Dec. 31 *Holders of rec. Doe. 15
Preferred (quar.)
*02Si Apr. 15 *Holders of rec. Mar. 25
Sunray Oil Corp. (stock dividend)
62340. Apr, 16 Holders of roe. Apr. 40
Superheater Co. (quar.)
•1% Apr. 1 *Holders of rec. Mar. 20
Superior Underwear, pref. (quar.)
*15c. Apr. 1
Swann Corp., class A & B (quar.)
*25c. May 1 *Holders of rec. Apr. 15
Sweets Co. of Amer.(quar.)
Taggart Corp., corn -Dividend omitted.
*50c. Apr. 1 *Holders of rec. Mar. 20
Class A (quar.)
*1% Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
Apr, 15 Holders of rec. Mar. 25
$1
Telephone Bond & Share, pref. (quar.)
*15.‘ Apr. 1 'Holder, of rec. Mar. 31
Temple Bar Bldg. Co.7% pref.(qu.)_
*50c. Apr. 1 *Holders of rec. Mar. 25
Textile Banking (quar.)
•900. May 15 *Holders of rec. May 5
Thatcher Mfg., preferred (var.)
87 yic Apr. 1 Holders of rec. Mar. 24
Thayers, Ltd., pref. (queer.)
Tilo Roofing, corn. (quar.)
'1734c Apr. 1 *Holders of roe. Mar. 20
*50o. Apr. 1 *Holders of rec. Mar. 20
$2 preferred (queer.)
*20e.
Tintic Standard Mining (queer.)
Tip Top Tailors, Ltd., pref. (queer.)
1% Apr. 1 Holders of reo. Mar. 16a
Title Ins. (Minn.) (queer.)
'134 Apr. 1 *Holders of rec. Mar. 20
"1;i Apr. 1 *Holders of roe. Mar. 28
Title Securities Co.(quar.)
*1% Apr. 15 *Holders of rec. Mar. 31
Tooke Bros., Ltd., preferred (quar.)-Trumbull-Cliffs Furnace. pref. (guar.) 1)4 Apr. 1 Holders of rec. Mar. 260
Union Hudson Scour. (queer.)
'12340 Apr. 1 *Holders of rec. Mar. 11
"25o. Mar, 31 *Holders of rec. Mar. 20
Union Twist Drill, corn.(quar.)
Mar. 31 *Holders of roe. Mar. 20
Preferred (quar.)
United Finance & Realty Trust (guar.) *1 34 Apr. 10 *Holders of reo. Mar. 31
Apr. 1 Holders of reo. Mar. 16
1
United Fuel Invest., pref. (queer.)
'
United Linen Supply, class A (queer.)._,.. 87340 Apr. 1 'Holders of roe. Mar. 20
United Milk Products, pref.-Dividend o mined
'Apr. 1 *Holders of rec. Mar. 31
United Ohio Utilities, el. A & B (quar.)
.
134 May 1 *Holders of rec. Apr. 10
6% prior preferred (guar.)
Apr. 1 *Holders of rec. Mar. 31
6% preferred (queer.)
Apr. 1 *Holders of roe. Mar. 23
*S1
United States Casualty (queer.)
Mar. 19 Holders of coup. No. 5
4
United Steel Works
500. May 1 Holders of reo. Apr. 26
United Verde Extension Mining
Utilities Hydro & Rails Shares (queer.)..., *10c. May 1 *Holders of rec. Apr. 1
•1% Apr. 1 *Holders of rec. Mar. 18
Valve Bag Co., pref. (quar.)
Vlchek Tool-Dividend omitted.
Wabash Telephone Securities, pref.(a.) 1% Apr. 1 Holders of rec. Mar. 20
Apr. 15 *Holders of reo. Mar. 20
Wallace Sand Quarries. pref
1% Apr. 13 *Holders of roe. Apr. 6
Waltham Watch, prior preferred (quar.)_ .
*60o. Mar. 31 *Holders of roe. Mar. 20
Weeden & Co., common (queer,)
11.4 Apr. 1 Holders of roe. Mar.206
Wellman Engineering, pref. (queer.) .
50e. Apr. 1 Holders of rec. Mar. 17
West Va. Pulp & Paper, corn. (quar.),.,.
el% Apr. 2 *Holders of roe. Mar. 15
Western Grain Co., Ltd. (queer.)
25e. Apr. 1 Holders of rec. Mar. 20
Weston (Geo.), Ltd., common (quar.)_
Apr. 1 "Holders of rec. Mar. 20
*$1
Whitaker Paper, common (queer.)
*15i Apr. 1 'Holders of roe. Mar. 20
Preferred (queer.)
250. Mar. 31 Holders of rec. Mar. 23a
White Motor Co. (quar.)
1% Mar. 31 Holders of roe. Mar. 236
White Motor Securities, pref. (quar.)
Whitman (William) Co., pref. (quar.)-- *IN Apr, 1 'Holders of rec. Mar. 20
Apr. 1 *Holders of rect. Mar. 25
Willys-Overland Co., Prof. (queer.)
.
500. Mar. 31 *Holders of rec. Mar. 23
Wisconsin Bankshares (quar.)
,
Woodward & Gathrop, pref. (quar.) - •154 Misr. 31 'Holders of rec. Mar. 21
•15i Mar. 31 *Holders of rec. Mat. 21
Woodward & Lothrop, pref. (quar.)
Apr. 1 'Holders of rec. Mar. 28
Woreceter Salt, common (quar.)
Young (J. S.) Co., common (guar.)
'234 Apr. 1 *Holders of rec. Mar. 20
•1% Apr. 1 *Holders of roe. Mar. 20
Preferred (queer.)
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.
When
Per
Cent. Payable.
Books Closed.
Days lacluslee.
Railroads (Steam).
Apr. 1 Holders of rec. Mar. 9a
Alabama & Vicksburg
3
'
1,434 Sept. 1 "Holders of rec. Aug. 20
Atlanta & Charlotte Air Line Ry
880. Apr. 1 Holders of rec. Feb. 2841
Bangor & Aroostook. own.(quar.)
Preferred (guar.)
1% Apr. 1 Holders of rec. Feb. 280
Beech Creek (quar.)
50c. Apr. 1 Holders of reo. Mar. 18a
Boston & Albany (quar.)
Mar.31 Holders of rec. Feb. 28
2
Holders of reo. Mar. 7a
1
Apr.
Boston & Maine, common (queer.)
7% prior preference (queer.)
11.4 Apr. 1 Holders of rec. Mar. 7
First preferred class A (queer.)
134 Apr. 1 Holders of rec. Mar. 7
First preferred class B (queer.)
Apr, 1 Holders of reo. Mar. 7
2
Find preferred class C (guar.)
1% Apr. 1 Holders of rec. Mar. 7
First preferred class D (queer.)
234 Apr. 1 Holders of roe. Mar. 7
First preferred clams E (guar.)
134 Apr. 1 Holders of roe. Mar. 7
6% Preferred (queer.)
134 Apr. 1 Holders of reo. Mar. 7
Boston & Providence quar.)
2% Apr. 1 Holders of roe. Mar. 20
Quarterly
•234 July 1 *Holders of reo. June 20
Quarterly
'2% Oot. 1 *Holders of rec. Sept. 19
Canadian Paciflo, ordinary (quar.)
62340. Apr. 1 Holders of reo. Mar. 26
Apr. 1 Holders of rec. Mar. 2
Preference
2
75o. Apr. 1 Holders of roe. Mar. 70
Chesapeake Corp., common (quar.)-Chesapeake & Ohio. common (queer.) _ - 62 yic Apr. 1 Holders of rec. Mar. Ta
Holders of rec. June 86
Preferred
334 July
Star. 31 Holders of rat!. Mar. 26
Chicago & North Western, corn. (queer.)
nt Mar.31 Holders of rec. Mar. za
Preferred (quar.)
Chic. R. I. & Pacific, corn. (quar.)
134 Mar. 31 Holders of roe. Mar. 134
Cincinnati Union Terminal, pref.(qu.).. 1% Apr. 1 Holders of rec. Mar. 21
*1% July 1 *Holders of roe. June 20
Preferred (quar.)
"1% Oct. 1 'Holders of rec. sent. 19
Preferred (quar.)
• 1% Jan.1'32 "Holders of rec. Dee. 19
1 i A pr 1
Preferred (queer.)
Holders of moo. Mar. 100
Consolidated RR',of Cuba, pref.(queer.)
$1.43 Mar. 30 Holders of rec. Mar. 300
Cuba Northern Rys., common
Holders of rec. Mar. 304
Cuba RR., common
Apr. 1 *Holders of rec. Mar. 16
*87
Dayton dr Michigan, common
8°c. APr.7 *Holders of rec. Mar. 18
Mar.3
°
*1
Preferred (quar.)
134 Apr. 15 *Holders of reo. Apr. 1
Georgia RR.& Banking (quar.).---- - *4
May 1 Holders of rec. Mar. 316
Kansas City Southern, common (quar.)
Apr. 15 !folders of roe. Mar.310
1
Preferred
Apr. 1 *Holders of reo. Mar. 1
'1
Lackawanna RR. of N. J. (queer.)
62340 Apr. 1 Holders of rec. Mar. 140
Lehigh Valley, common (quar.)
$1.25 Apr. 1 Holders of roe. Mar. 14
Preferred (queer.)
Mahoning Coal RR.,common (qtlat.)--• 812.50 May I *Holders of reo. Apr. 15
134 Apr. 1 Holders of reo. Mar. 16
Maine Central, common quar.)
Apr. 10 *Holders of reo. Mar.31
*2
Maryland & Pennsylvania (queer.)
*61.25 July 9 *Holders of rec. Jelly 8
Mill Creek & Mine Hill Nay. & RR
1% Mar.31 Holders of roe. Mar. isa
Missouri-Kansas-Texaa. pref. A (quar.)
1% Apr. 1 Holders of rec. Mar. 1341
Missouri Pacific, pref. (queer.)
.
01.54 Apr. 1 *Holders of reo. Mar. 24
Newark & Bloomfield pref. (quar.)134 May 1 Holders of roe. Mar.2741
New York Central RR.(quar.)
N.Y.Chic.& St.Lou.,corn.& pt. A (qu) 154 Apr. 1 Holders of rec. Feb. 16a
N. Y. Lackawanna & Western (quar.)-- 14 Apr. 1 Ibilders of roe. Mar. 14
MAR. 21 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
N. Y. N. It, & Hartford, corn.(quar.)__
13.4 Apr. 1 Holders of rec. Mar. 6a
Preferred (quar.)
131 Apr. 1 Holders of rec. Mar. (la
North Carolina RR., 7% guar. stock
- •3y..5 Aug. 1 *Holders of rec. July 20
Northern Pacific (quar.)
May 1 Holders of rec. Mar. 130
Northern RR.of N.H.(quar.)
Apr. 1 Holders of reo. Mar. 9
Old Colony RR. (qual.)
Apr. 1 Holders of rec. Mar. 14
Pere Marquette, common (quar.)
Apr. 1 Holders of rec. Mar. 70
Preferred and prior preference (quar.)
May I Holders of rec. Apr. 40
Peterborough RR
Apr. 1 *Holders of rec. Mar. 25
Pittsb. Bessemer & Lake Erie, corn
Apr. 1 Holders of rec. Mar. 14
Pitts. Ft. Wayne & Chicago, Corn.(qu.).
Apr. I Holders of rec. Mar. 100
Apr. 7 *Holders of rec. Mar, 100
Preferred (quar.)
Reading Co.. 2nd prof. (quar.)
Apr. 9 Holders of rec. Mar. 195
Rutland, preferred
Apr. 15 *Holders of rec. Mar. 27
St. Louts-San Pranclsoo,6% pref.(qu.)..
May 12
May I Apr. 12 to
6% preferred (Guar.)
Aug. 1 Holders of rm. July la
Nov. 2 Holders of roe. Oct. la
6% preferred (quar.)
Southern Pacific Co. (quar.)
Apr. I Holders of rec. Feb. 21a
Southern Ry.common (quar.)
May 1 Holders of reo. Apr. la
Common (guar.)
Aug. 1 Holders of reo. July is
Apr. 16 Holders of rm. Mar. 23a
Preferred (quar.)
Southern By.. M.& 0.stk. Cr. ells
Apr. 1 Holders of rec. Mar. 16a
Southwestern RR.of Ga
July I *Holders of reo. June 1
Texas is Pacific, common (quar.)
1)4 Mar. 31 Holders of rec. Mar. I3a
Union Pacific, corn. (quar.)
2)4 Apr. 1 Holders of rec. Mar. 2
Preferred
Apr. 1 Holders of rec. Mar. 20
2
United N. J. RR. is Canal Cos.(quar.). 2;1 Apr. 10 Mar. 20 to Apr. I)
.
Vermont & Massachusetts
3 Apr. 7 Mar. 11 to
Apr. 7
Vicksburg Shreve. dr Pacific corn.& pref
2% Apr. 1 Holders of rec. Mar. 90
Warren RR
*51.75 Apr. 15 *Holders of rec. Apr. 4
I
I
Public Utilities.
Alabama Power, $7 pref.(qual.)
$1.75 Apr. 1 Holders of rec. afar. 14
$1.50 Apr. 1 Holders of reo. Mar. 14
$8 preferred (quar.)
$5 preferred (quar.)
$1.25 May I Holders of rec. Apr. 15
American CltiCfl Pow. & Lt., el. A (qu.)
May 1 Holders of rec. Apr. 4
Amer. Community Pow.Co., 1st pf.(qu.) $1.50 Apr. 1 Holders of rec. Mar. 14
Preference (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 14
Amer. Dist Teieg of N.J., corn.(qu.)
Apr. 15 *Holders of reo. Mar. 15
"I
Preferred (0ar.)
'13.1 Apr. 15 *Holders of rec. Mar. 15
Amer. Gas & Elec., corn.(quar.)
250. Apr. 1 Holders of reo. Mar. 17
Preferred (qual.)
$1.50 May 1 Holders of reo. Apr. 9
Amer. & Foreign Power, 87 Prof. (qu.)_ 41.75 Apr. 1 Holders of rec. Mar. 140
$6 preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. Ila
Amer. Power & Light, $5 pref. std (qu.) 5134 Apr. 1 Holders of rec. Mar. 14a
$5 preferred (qual.)
Apr. 1 Holders of roe. Mar. 14a
$I
$6 preferred (quar.)
51.50 Apr. 1 Holders of rec. Mar. 140
American Public Service, pref. quar.)
'13.4 Apr. 1 *Holders of roe. Mar. 16
Amer. Superpower, 1st pref. (quar.)
51.50 Apr. 1 Holders of rec. Mar. 16
$6 preferred (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
Amer. Telep. & Teleg. ((Iliac.)
23.1 Apr. 15 Holders of rec. Mar. 140
Amer. Water Works & El., COM. (qu.)
75e. May 1 Holders of rec. Apr. 100
$6 let preferred (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 12s
Appalachian Elec. Power,$7 prof.(qu.)- •51.75 Apr. 1 'Holders of rec. Mar. 6
$6 preferred (quar.)
•$1.50 Apr. 1 *Holders of rm. alar. 6
Arizona Edison Co., 5634 pref. (quar.) $1. .625 Apr. 1 Holders of rec. Mar. 14a
Arizona Power, 8% pref. (quar.)
02
Apr. 1 *Holders of rec. Mar. 24
7% preferred (quar.)
•131 Apr. 1 *Holders of rec. Mar, 24
Arkansas Natural Gas Corp., pref. (qu.)
150. Apr. 1 Holders of rec. Mar. 20
Associated Telco. & Teleg. Co., el.A.(qu) $1
Apr. 1 Holders of rec. Mar. 17
Class A (participating dividend)
500. Apr. 1 Holders of ree. Mar. 17
SI.50 Apr. 1 Holders of rec. afar. 17
$6 first preferred (guar.)
7% first preferred (quar.)
134 Apr. I Holders of roe. Mar. 17
54 preference (quar.)
Apr. 1 Holders of rec. Mar. 17
Si
Apr. 15 Holders of rec. Mar. 31
Associated Telep. Utilities, corn. quar.). f2
$6 convertible preferred A (quar.)..,_ $1.50 Apr. 1 Holders of rec. Mar. 14
Bangor Hydro Elec. Co., 7% pref. (qu.) '134 Apr. 1 *Holders of rec. Mar. 10
6% preferred (quar.)
'134 Apr. 1 *Holders of rec. Mar. 10
Apr. 15 Holders of rec. Mar. 23
2
Bell Telephone of Canada (quar.)
Bell Telephone of Pa., 634% pref. (qu.) 13.4 Apr. 15 Holders of rec. Mar. 20
Boston Elevated, cons,(Var.)
134 Apr, 1 Holders of rec. Mar. 10
Second preferred
334 Apr. 1 Holders of rec. Mar. 10
Brazilian Tr. Light is Pow., Prof.(quar.) 131 Apr. 1 Holders of rec. Mar. 16
50c. Apr, 1' Holders of rec. Mar. 31
British Columbia Power, class A (quer.)
Bkyn.-Manhattan Tran., pf.ser. A (qu.) 81.50 Apr. 15 Holders of reo. Apr. la
$1.25 Apr. 1 Holders of rec. Mar. 20
Brooklyn Union Gas (gnar.)
Cables dr Wireless. Ltd.
stc23.i Apr. 6 'Holders of rec. Feb. 27
Amer. dep. recta. 5 li% Prof
Calgary Power Co., Ltd., corn.(quar.)._
13.4 Apr. 1 fielders of rec. Mar. 16
20c Apr. 25 Holders of rec. Mar. 31
Osnada North. Pow. corp., core. (qu.)
I% Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
Cana lian Light & Power, corn.(No. 1). 1
Apr. 7 Holders of reo. afar. 23
Caned an Western Natural Gas, Light,
,
•250. June 1 *Holl re re rec. May 15
Ileat & Power, preferred (extra)
Apr. 1 Holders of rec. Mar. 14
1
Capital Traction (Wash., D. C.) (q11.)
Central Illinois Light, II% pref.(quara
134 Apr, 1 Ilr Id srs of roe. Mar. 14
7% preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 14
Central Illinois PIM. Serv., 56 pref.(au.) 051.50 Apr. 15 *Holders of roe. Mar. 31
Central Maine Power, 7% pref. (quar.).
Apr. 1 *Holders of roe. Mar. 10
preferred(quar.)6% (quar.)
*1% Apr. 1 *Holders of reo. Mar. 10
$6 preferred (quar.)
"$1.50 Apr. 1 *Holders of ree. Mar. 10
Central Public Service, $7 prof. (guar.). *51.75 Apr. 1 *Holders of rec. Mar. 12
$8 preferred
'51.50 Apr. 1 *Holders of rec. Mar. 12
*51
Apr. 1 *Holders of rec. Mar. 12
$4 Preferred
Central & S. IV. Utilities, corn.(quar.).
_
Apr. 15 Holders of rec. Apr. 2
Central States Eleo., corn.(in corn, stk.) 15
July 1 Holders of tee. June 5
preferred(quar.)7% (guar.)
IZ Apr. 1 Holders of rec. Mar. 5
1
6% preferred (quar.)
1 Holders of ree. Mar. 5
o 5500 ‘ or i. 1 .H oldora of rec Mar, 5
1.50 5pr
Convertible pref. series 1923
.k
t
1fo ers
oo..
5
08 1-3c Apr. 1 Holders of rec. Mar. .5
5 51 50
Convertible pref. series 1929
Central States Power & Light, pf. (qu.). *51.75
Central States Utilities, pref.(quer.).
*81.75 Apr. 1 *Holders of reo. Mar., 5
•1 r Apr. 1 *Holders of eo. Mar. 16
SI
Chic. No. Sh. & Milw., pr. I. pt.(qu.)
Chicago Rapid Transit, pref. A Mani
*65c. Apr. 1 *Holders of rec. Mar. 17
Prior preferred B (quar.)
*60e. Apr. 1 *Holders of rec. Mar. 17
*51'$ 134 Apr. 1 *Holders of ree. Mar.13
Cincinnati Gas & Eleo., Prof. A (qtmr.)
*51.13 Apr. 1 'Holders of reo. Mar. 20
Cleo. is Suburban Bell Telep.(quar.)
Cities Serv. Pow.is Lt. $6 Pt.(roth11.)
500 Mar. 26 Holders of rec. Feb. 28a
Apr. 15 Holders of rec. Apr. la
$7 preferred (monthly)
Apr. 15 Holders of rec. Apr. la
$6 preferred (monthly)
41 2-3c Apr. 15 Holders of recs. Apr. la
$5 preferred (monthly)
Citizens Pass. Ry.(Phila.)
•$3.40 Apr. 1 *Holders of rec. Mar. 21
Citizens Water of Washington, Pa.131 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
I % Apr. 1 Holders of rec. Mar. 28a
Cleveland Try., common War.)
Columbus Del. is Marion Elec., Pf.(111.) •51.75 Apr. 1 'Holders of reo. Mar.20
Commonwealth is Southern, $6 pf. (qu.) $1.50 Apr. 1 Holders of rec. Mar. On
Commonwealth Utilitles,com.A is B(qu) *3730 Mar.30 *Holders of rm. Mar. 20
Preferred A (quar.)
*$1.75 Apr. 1 *Holders of rec. Mar. 20
•51.50 Apr. 1 *Holders of rec. Mar. 20
Preferred 11 (titian)
Community Telephone,$2 pref. (quar.)_ *50e. Apr. 1 *Holders of reo. Mar. 21
Connecticut Elec. Service (guar.)
*75e. Apr. 1 *Holders of rec. Mar. 15
Con.sol Gas, Elm. Light is Pow., Balt
..90c. Apr. 1 *Holders of reo. Mar. 14
Common (quar.)
6% preferred series A (quar.)
•134 Apr. 1 "Holders of rec. Mar. 14
•1 A Apr, 1 *Holders of ree. Mar. 14
8% preferred series D (quar.)
51.4% preferred series If (quar.)
'13.4 Apr. 1 *Holders of rec. Mar. 14
Consolidated Gas of N. Y.. pref. (qu.) _ _ $1.25 May 1 Holders of rec. Mar.29a
234 Apr. 1 Holders of rec. Mar. 14
Consumers C.a.s. Toronto (quar.)
Consumers Power Co.,$5 Het.(quar.)
$1.25 Apr. 1 Holders of rm. Mar,14
13.4 Apr. 1 Holders of roe. Mar. 14
6% Preferred (qual.)
8,6% preferred (qual.)
1.85 Apr. 1 Holders of rec. afar. 14
7% preferred (quar.)
134 Apr. 1 Holders of rec. Star, 14
50e. Apr 1 Holders of rec. May, 14
6% preferred (monthly)
55e Apr. 1 Holders of rec. Mar 14
6.6% preferred (monthly)
Continental Gas is Elea., coin. (guar.)._ $1.10 Apr. 1 Holders of rec. Mar. 12a
51.75 Apr. 1 Holders of roe. Mar. 12a
w • 7% prior preference (quar.)
Mar. 31 Holders of rec. Mar. 14a
2
Cuban Telephone Co.. torn. (quar.)
Mar. 31 Holders of roe. Mar. 16a
Preferred (guar.)
373.le Apr, 1 Holders of rec. Mar. 14a
Denver Tramway, pref. (quar.)
Apr, 15 Holders of rec. Mar.20a
2
Detroit Edison Co.(quar.)
*131
131
Name of Company.
2139
Per
When
Cent. Payable.
Books
Days frecIatiee.
Public Utilities (Continued).
Diamond State Telep.. 634% pref. (qU.)
Apr. 1 *Holders of tee. Mar. 20
Duke Power, common (quar.)
1% Apr,
fielders of rec. Mar 14
Preferred (quar.)
1% Apr.
Holders of rec. Slat. 14
Duquesne Light,5% 1st pref. (quar.)-- 131 Apr. 1
Holders of rec. Mar. 160
Eastern N. J. Power,8% pref.(quar.)
*2
Apr.
*Holders of rec. Mar. 14
7% preferred (quar.)
"131 Apr.
*Holders of rec. Mar. 14
s)34 Apr.
631% Preferred (quar,)
*Holders of rec. Mar. 14
6% preferred (quar.)
"131 Apr.
*Holders of rec, Mar. 14
Elec. Pr. is Lt. allot, ells. full pd. (qu.)_
1% Apr.
Holders of rec. Mar, 70
Allotment certificates 80% paid (qu.)
. Apr.
Holders of rec. Mar. 7a
$7preferred (qual.)
51.75 Apr.
Holders of rec. Mar. 7a
88 preferred (guar.)
51.50 Apr.
Holders of rec. Mar. 7a
Eastern Gas is Fuel Assoc. pr. pt.(qu.)-- $1.125 Apr.
Holders of roe. Mar. 15
Preferred (quest.)
1% Apr.
Holders of roe. Ma.. 15
Electric Bond & Share, common
11 % Apr.
Hoders of rec. Mar. 7
66 preferred (quar.)
$1.50 May
Holders of tee. Apr. 4
55 preferred (altar.)
81.25 May
Holders of rec. Apr. 4
Empire District Elec. Co., Pr.(=My.)
500. Apr.
Holders of rec. Mar. 14
Empire Gas & Fuel Co.,3% pf.(mthly.) 662-3c Apr.
Holders of rec. Mar. 140
7% preferred (monthly)
58 1-3c Apr.
Holders of rec. Mar. I4a
634% preferred (monthly)
54 1-6c Apr.
Holders of rec. Mar. 140
6% preferred (monthly)
50c. Apr.
Holders of rec. afar. 14a
Empire Power Corp.. $6 pref. (quar.)--- $1.50 Apr.
Holders of rec. Mar. 17
Participating stock
Mc. Apr.
Holders of rec. Mar. 17
Engineers Public Service, corn. (quar.)_ _
60c. Apr.
Holders of rec. Mar. 176
$6 preferred (quar.)
$1.50 Apr.
Holders of rec. Mar. 17
$5.50 preferred (altar.)
$1.375 Apr.
Holders of tee Mar. 176
$5 preferred (cplar.)
Holders of rec. Mar. 17a
51 25 Apr.
Fairmount Park Transit pref. (guar.). •1734c Apr. 1 *Holders of rec. Mar. 31
Feather River Power, pref. A (quar,)
*1% Apr.
Federal Light is Tract.. corn. (quar.).... 37%0 Apr.
Holders of rm. Mar. 13a
Common (payable In corn. stock)fl
Holders fo rec. Mar. 13a
Apr.
Federal Water Service, $7 pref.(quar,) _ - 51.75 Apr.
Holders of rec. Mar. 16
$6.50 preferred (guar.)
• 1.62' Apr.
Holders of reo. Mar. 16
Id preferred (quar.)
$1.50 Apr.
Holders of rec. Mar. 16
Foreign Light & Power SO 1st pt. (qu.)... 51.50 Apr,
Holders of rec. Mar. 20
Frankf. is So'wark Phila. Pass. Ry.(qu.) 54.50 Apr.
Holders of rec. Mar. 1
Gas is Elec.Securities Co.,corn,(mthly.)
Holders of rec. Nlar. 11a
50e Apr.
Holders of rec. Star. 110
A% Apr.
Common (Payable in coin. stock)_ _
Preferred (monthly)
Holders of rec. Mar. 140
58 1-3e Apr.
Gas Securities Co.. corn. In scrip (mthly). a% Apr.
Holders of rec. Mar. 14a
Preferred (monthly)
Holders of rec. Mar. 1 la
50c Apr.
General Gas is Elec., el. A (quar.)
Holders of rec. Feb. 27a
1734e Ayr.
$7 Prof. series A (quar.)
Holders of rec. Feb. 27a
51.75 Apr.
$8 Prof. series A Hoar.)
Holders of rec. Feb. 27a
52
Apr.
General Public Till!. $7 pref ((plan).
Holders of rec. Mar. 14a
$1.75 Apr.
Gerteml Water Works is El. Corp.
57 preferred (quar.)
Holders of rec. Mar. 20
51.7. Apr.
56.50 preferred (allot.)
51.625 Apr.
Holden of rec. Mar. 20
Georgia Power, $6 pref. (quar.)
Holders of rec. Mar. I40
$1.50 Apr.
$5 preferred ((war.)
Holders of rec. Mar. 14a
51.25 Apr.
Germantown Pass. Hy.(Phila.) (qu.)....5 1.3114 Apr.
Mar. 18 to
Apr. 5
Gold is Stock Telegraph (guar.)
1% Apr.
Holders of rec. Mar. 316
Great %Vest. Power (Calif.), 7% pfd.(qu) •1•4 Apr.
6% preferred (quar.)
'1(4 Apr.
Greenwich Water is Gas System, ph.
Holders of rec. afar. 20
(qu,) 134 Apr.
Hackensack Water, pref. A (guar.)
4334c Mar.3 Holders of rec. Mar. 17a
Haverhill Gas Light Co. (altar.)
56e. Apr.
Holders of ree. Mar. 20
Houston Natural Gas,7% pref. (quar.)- '8734o Mar.3 *Holders of reo. Mar. 20
Illinois Power Co.,6% pref.(quar.).1% Apr.
Holders of rec. Mar. 16
7% preferred (quar.)
131 Apr.
Holders of rec. Mar. 16
Illinois Powers Light. $6 pref.(qu.) -- "51.50 May
*Holders of rec. Apr. 10
6% preferred (quar.)
134 Apr.
Holders of rec. Mar. 10
Indiana General Service, pref.(quar.) _
*1
Apr.
*Holders of rec. Mar. 6
Indiana is Michigan Elec.. 7% pref.(qu.) '134 Apr.
•Holders of rec. afar. 6
6% preferred (aunt.)
•1)4 Apr.
'Holders of rec. Mar. 6
Indian:spell+ (Voter Co.. Prof. A
H Iiers of rec. Mar. 12a
Apr.
1
International Power, Ltd.. pref. (qU.)
1% Apr.
Holders of rec. Mar. 16
International Superpower (quar.)
25e. Apr.
Holders of rec. Mar. IS
Internat. Telep. is Teleg. Corp. (quar.)_
50e. Apr. 1
Holders of ree. Mar. 200
International Utilities class A (quar.)
87%c Apr. 1
Holders of rec. Mar. 27a
Preferred (quar.)
Holders of rec. Apr. 17a
134 May
Interstate Power, $7 pref. (quar.)
•51.75 Apr.
'Holders of rec. Mar. 5
$6 preferred (quar.)
*51.50 Apr.
*Holders of rm. Mar. 5
Iowa Power is Light, 7% pref. (quar.)
*Holders of rec. Mar. 14
5134 Apr.
6% preferred (guar.)
•
*Holders of rec. Mar. 14
131 Apr.
Iowa R. Light,7% pref. A (euar.)...._ *13.4 Mar.3 *Holders of reo. Mar. 15
is
6%% preferred B (quar.)
•
13.4 Mar.3 'Holders of rec. Mar. 15
6% Preferred C (quar.)
'134 Mar.3 *Holders of r. Mar. 15
H
ec
Iowa Southern Utilities, 7% pref. (qu.)_ .154 Apr.
*Holders of rec. Mar. 14
834% preferred (quar.)
•13.4 Apr.
*Holders of rec. Mar. 14
6% preferred (quar.)
'134 Apr.
*Holders of rec. Mar. 14
Jamaica Public Serv., Com.(quar.)
25e. Apr.
Holders of rec. Mar. 13
Preferred (quar.)
1% Apr.
Holders of ree. Mar. 13
Jamestown Telephone. 7% 1st pref.(qu.) •1% Apr.
'Holders of rec. Mar. 15
Jersey Central Power is Lt., 7% pf.(qu.) 134 Apr.
Holders of rec. Mar. 10
6% preferred ((Mar.)
Holders of rec. Mar. 10
1)4 Apr.
Kansas City Power is Lt., pf. B (qu.)._,_
1 ;i Apr.
Holders of reo. Mar. 14a
Kansas Electric Power, pref. tailor,) _
'1 34 Apr.
*Holders of rec. Mar. 14
Kentucky Power, 8% pref. (quar.)
•2
"Holders of rec. Mar. 14
Apr.
•1% Apr.
7% preferred (quar.)
*Holders of rec. Mar. 14
•1% Apr.
634% preferred (quar.)
*Holders of reo. Mar. 14
11.4 Apr.
Kentucky Securities. corn.(quar.)
Holders of rec. Mar. 17
Preferred (oliar )
Holders of rec. Mar. 17
1 ti Apr, 1
Keystone Public Service,82.80 pref.(qU.) *700. Apr.
*Holders of reo. Mar. 16
Kings County Lighting, corn, (quar.)
*Holders of reo. Mar. 18
•$1.50 Apr.
•1% Apr.
7% preferred (quar.)
*Holders of rec. Mar. 18
*Holders of rec. Mar. 18
5% Preferred (quar.)
'134 Apr.
LOUP Star Gas, common (roar.)
.220. Mar.3 *Holders of roe. Mar. 14
Long Island Ltg., 7% pref. (quar.)
Holders of rec. Mar. 17
1% Apr.
6% preferred (quar.)
Holders of rec. Mar. 17
1)4 Apr.
Louisville G.is E.(Del.) corn A&B (qu.) 4354e Mar.2 Holders of tee. Feb. 280
Lynn Oasis Elec. (quar.)
*51.25 Mar.3 *Holders of reo. Mar.23
Mackay Coo., pref. (quar.)
Apr.
1
Holders of rec. Mar. 130
Manhattan Hy.,7% guar. stock
1% Apr.
Holders of roe. Mar. 23a
Natural Gas, common (quar.)_ ')Sc. Apr. 1 *Holders of rec. Mar. 31
(qUar.)Memphi
Preferred (quar.)
*Holders of rec. Mar. 20
*51.75 Apr.
Memphis Power dc Light, 57 pt.((H.)
Holders of rec. Mar. 14
$1.75 Apr.
.58 preferred (Uttar.)
Holders of rec. Mar. 14
$1.50 Apr.
Metropolitan Edison Co., corn, (gnat.). *51
*Holders of rec. Mar. 2
Apr.
$7 Preferred (quar.)
*Holders of rec. Mar. 2
•$1.75 Apr.
56 preferred (quar.)
*Holders of ree. Mar. 2
'81.50 Apr.
$5 preferred (qual.)
*51.25 Apr.
*Holders of rec. Mar. 2
Midland United Co.. corn.(quar.)
11 ,4 Mar,2 Holders of rec. Feb. 23
Convertible Pref., series A (altar.)--- - f75c. Mar,2 Holders of rec. Feb. 28
Midland Utilities, 7% prior lien (qu.)__ _
Holders of rec. Mar. 21
1% Apr.
6% prior lien (quar.)
Holders of rec. Mar. 21
13.4 Apr.
7% preferred A (quar.)
Holders of rec. Mar. 21
1% Apr.
6% preferred A (quiet.)
Holders of rec. Mar. 21
131 Apr.
Minnesota Power is Light. 7% pf. (qu.)_
Holders of rec. Mar. 14
1% Apr.
$8 preferred (qllar.)
Holders of rec. Mar. 14
134 Apr.
MisslesiPPI River Power, pref.(quar.)._ •13.4 Apr.
*Holders of reo. Mar. 14
Mohawk is Hudson Pow., pref.(quar.)
$1.75 May
Holders of reo. Apr. 15
Second preferred (quar.)
51.75 Apr.
Holders of rec. afar. 16
Monongahela Valley Water. pref. (quar.) •13.4 Apr. 1 *Holders of rec. Apr. 1
Monongahela West Penn. Pub. Serv.4331c Apr.
Holders of rec. Mar. 14
7% preferred (qua!,)
38c. Apr.
Holders of rec. Mar. 16
Municipal Service Co., corn. (quar.)_ *Holders of rec. Mar. 18
Mutual Telephone (Hawaii)(monthly)
.80 Apr.
National Fuel Gm (quar.)
25o. Apr. 1 Holders of rm. afar. 31
45e. Mar,3 Holders of rec. Mar. 10
National Elec. Power. corn., class B (qtr.)
Holders of roe. Mar. 10
7% preferred (quar.)
13.4 Apr.
I% Apr,
Holders of tee. Mar. 10
6% preferred (quar.)
*Holders of roe. Mar. 20
National Gas is Elec. Co., 31% pt.(qu.) •131 Apr.
National Public Service. Prof. A (quar.)- I% Apr.
Holders of reo. Mar. 10
Holders of rec. Mar. 300
Nevada-Calif. Elec. Corp.. pref. (quar.) 13.4 May
New England G.is E. Assn. Prof.(qu.)
Holders of reo. Feb. 27
51.375 Apr.
New England Power Co., pref. (quar.)
Holders of rec. Mar. 10
134 Apr,
New England Power Assn.. corn, /au
50o. Apr. 1 Holders of roe. Mar. 310
% Apr.
6% pref. ((mar.)
Holders of rec. Mar. 10a
50c. Apr.
Holders of rec. Mar. 100
$2 preferred WW1
*134
T2140
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
New England Pub.Serv., corn.(quar.)-250. Mar. 31 Holders of reo. Mar. 14
Common (payable in common stock)_ _ fl M Mar. 31 Holders of rec. Mar.14
$7 preferred (guar
$1.75 Apr. 15 Holders of rec. Mar. 31
Si adjustment preferred (guar.)
51.75 Apr. 15 Holders of rec. Mar. 31
58 preferred (guar.)
$1.50 Apr. 15 Holders of rec. Mar. 31
$6 cenvertible preferred (guar.)
$1.50 Apr. 15 Holders of reo. Mar.31
New England Tel.& Tel.(guar.)
Mar.31 Holders of rec. Mar. 10
2
New Hampshire Power, pref. (guar.).
Apr. 1 *Holders of reo. Mar. 15
- *2
New Jersey Water Co.,7% pref.(quar.)_ 114 Apr, 1 Holders of rec. Mar.20
N.Y.Power dr Light Corp.,7% pf.(qu.) i34 July 1 Holders of rec. June 15
$1.50 July 1 Holders of reo. June 15
$6 preferred (quar.)
New York Steam Corp.,$6 pref.(quar.). $1.50 Apr. 1 Holders of rec. Mar. 16a
$7 preferred (guar.)
$1.75 Apr. 1 Blotters of rec. Mar. 160
New York Telephone, pref.(guar.)
154 Apr. 15 Holders of rec. Mar.20
Niagara & Hudson Pow.. cont.(qu,).__.
10o. Mar.31 Holders of reo. Mar. 70
North American Co.,corn.(guar.)
/234 Apr. 1 Holders of reo. Mar. 5a
Preferred (guar.)
750. Apr. 1 Holders of reo. Mar. 50
No. American Light dc Power,56 pf.(qu) $1.50 Apr. 1 Holders of reo. Mar.20
North Continent Utilities, 7% p1. (qu.)_ •114 Apr. 1 *Holders of rec. Mar. 14
6% preferred (guar.)
*114 Apr. 1 *Holders of rec. Mar. 14
Northern N. Y.Telephone Corp.(qu.)
•214 Apr. 15 *Holders of rec. Mar. 31
Northern N. Y. Utilities, pref.(quar.)
154 May 1 Holders of reo. Apr. 10
Northern Ontario Power, corn.(guar.).50o. Apr. 25 Holders of reo. Mar.31
114 Apr. 25 Holders of reo. Mar. 31
Preferred (guar.)
Northport Water Works, pref. (quar.)_. *114 Apr. 1 *Holders of rec. Mar. 17
North West Utilities, 7% Pr. lien (qu.).. 134 Apr. 1 Holders of reo. Mar. 14
Northwestern Bell Telep., Pref. (guar.)- 154 Apr. 15 Holders of tho. Mar. 20
$1.25 Apr. 1 Holders of rec. Mar. 130
Ohio Edison Co.. $5 preferred (quar.)
$1.50 Apr. 1 Holders of reo. Mar.130
56 preferred (guar.)
$1.65 Apr. 1 Holders of rec. Mar. 133
$6 60 preferred (guar.)
$1.75 Apr. 1 Holders of reo. Mar. 130
$7 preferred (guar.)
$1.80 Apr. 1 Holders of reo. Mar. 13a
$7.25 preferred (quar.)
Ohio Electric Power,7% pref.(guar.)._ _
154 Apr. 1 Holders of rec. Mar. 16
114 Apr. 1 Holders of rec. Mar. 16
6% preferred (guar.)
Ohio Public Service, 7% pref. (mthly.)- 58 1-3c Apr. 1 Holders of rec. Mar. 140
500. Apr. 1 Holders of rec. Mar. 140
6% preferred (monthly)
41 2-3c Apr. 1 Holders of rec. Mar. 140
5% preferred (monthly)
•114 Apr. 1 *Holders of reo. Mar. 25
Orange dr Rockland Elec.. pref.(quar.)
Ottawa Light, Heat & Pow.,Com.(quar.) 114 Mar. 31 Holders of reo. Mar. 16
154 Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
.$1.50 Apr. 1 *Holders of rec. Mar. 15
Otter Tail Power, $6 pref. (guar.)
• 51.375 Apr. 1 *Holders of rec. Mar. 15
$.5.50 preferred (guar.)
500. Apr. 15 Holders of rec. Mar.31
Pacific Gas & Elea.,corn.(guar.)
Pacific N. W.Pub. Ser., pr. rd.(qu.)... *114 Apr. 1 'Holders of rec. Mar. 14
•114 Apr. 1 *Holders of rec. Mar. 14
6% first preferred (guar.)
•$1.80 May 1 *Holders of reo. Apr. 15
7.2% first preferred (guar.)
114 Mar. 31 Holders of reo. Mar. 20a
Pacific Tel. & Tel. corn. (guar.)
134 Apr. 15 Holders of reo. Mar. 3Ia
Preferred (guar)
•350. Apr. 1 *Holders of rec. Mar.15
Peninsular Telep.,corn.(quar.)700. Apr. 1 Holders of rec. Mar. 10
Peqp Cent. Lt.dc Pow.,52.80 pt.(.211.)
rig preferred (guar.)
$1.25 Apr. 1 Holders of reo. Mar. 10
Pennsylvania Gas& Elec. Co.7% Pf.(111) •144 Apr. 1 *Holders of rec. Mar.20
$1.75 Apr. 1 *Holders of rec. Mar.20
Penna. Gas dr El. Corp. $7 Pf.(guar.)...•
*114 Apr. 1 *Holders of rec. Mar.20
7% preferred(guar.)
Pennsylvania Power dz Light,$7 Pf.((M.) $1.75 Apr. 1 Holders of rec. Mar. 14
$1.50 Apr. 1 Holders of rec. Mar. 14
$8 preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 14
$5 preferred (guar.)
Pennsylvania Telep. Corp., pref.(qu.)-- *$1.50 Apr. 1 *Holders of rec. Mar. 14
750. Apr. 1 Holders of rec. Mar. 13
rennsylvania Water & Power (quar.)...
2
Apr. 17 Holders of reo. Apr. 3a
Peoples Gas Light & Coke (guar.)
Peoples Lt. & Pr., corn. claim A (floor.). 600. Apr. 1 Holders of reo. Mar. 14
Peoria Water Works Co., 7% pre/. (qIL) 154 Apr. 1 Holders of rec. Mar.20
Philadelphia Company, $6 pref.(guar.). $1.50 Apr. 1 Holders of rec. Mar. 20
$1.25 Apr. 1 Holders of reo. Mar. 2
$5 preferred (guar.)
500. Apr. 1 Holders of reo. Mar.11
Philadelphia Eleo. Pow.,8% pf.
$2 Apr. 1 Holders of rec. Mar. 10
Philadelphia Traction
- 114 Apr. 1 Holder of rec Mar. 16
Porto Rico Power Co., pref. (guar.).
Power Corp. of Canada,6% pf.(qu.)-- 114 Apr. 15 Holders of roe. Mar. 31
75c. Apr. 15 Holders of rec. Mar. 31
Participating preferred( guar.)
.30o. Apr. 1 *Hoidens of rec. Mar. 14
Providence Gas (guar.)
Pub. Serv. of Col., 7% pref.(monthly). 581-30 Apr. 1 Holders of reo. Mar. 14
50c. Apr. 1 Holders of rec. Mar. 14
6% preferred (monthly)
41 2-30 Apr. 1 Holders of rec. Mar.14
net preferred (monthly)
Public Service Corp. of N.J., corn.(qu.) 85c. Mar.31 Holders of rec. Mar. 20
$1.25 Mar.31 Holders of reo. Mar. 2a
$5 preferred (guar.)
114 Mar.31 Holders of reo. Mar. 20
7% preferred (guar.)
2
Mar.31 Holders of reo. Mar. 2a
8% preferred (guar.)
*500. Mar.31 *Holders of rec. Mar. 2
6% pf. (monthly)
Apr. 1 Mar.21 to Apr. 1
Public Serv. Co.of Okla., corn.(quar.). 2
134 Apr. 1 Mar.21 to Apr. 1
7% prior lien stock (quar.)
134 Apr. 1 Mar.21 to Apr. 1
6% Prior lien stock (quar.)
Public Service Elec.& Gas,7% Pf.(qe.) 1% Mar.31 Holders of rec. Mar. 2
114 Mar.31 Holders of rec. Mar. 2
6% preferred (guar.)
Puget Sound Power & Light. pref. (cm.) $1.50 Apr. 15 Holders of reo. Mar.20
81.25 Apr. 15 Holders of rec. Mar. 20
Prior preferred (guar.)
62140. Apr. 15 Holders of rec. Mar.23
Quebec Power (guar.)
Queensboro Gas dr Elec.,8% Pref.(an.). 114 Apr. 1 Holders of rec. Mar.20
Rochester Telephone Corp.. corn,(qu.). •1M Apr. 1 *Holders of rec. Mar. 14
4
.114 Apr. 1 *Holders of rec. Mar. 14
634% preferred (guar.)
Rockville & Willimantic Ltg..7%pf.(qu.) •114 Apr. 1 *Holders of reo. Mar. 15
•114 Apr. 1 *Holders of rec. Mar. 15
6% preferred (guar.)
*3
Apr. 1 *Holders of rec. Mar. 10
Savannah Elec. & Power,8% pref
*2
Apr. 1 *Holders of reo. Mar.10
First preferred A (quar.)
.114 Apr. 1 *Holders of reo. Mar. 10
First preferred B (quar,)
•114 Apr. 1 *Holders of reo. Mar. 10
First preferred C (guar.)
*1.54 Apr. 1 *Holders of reo. Mar.10
First preferred D (guar.)
$1.50 Apr. 1 *Holders of res. Mar. 9
Scranton Electric Co., $6 pref. (quar.)._ •
Apr. 1 *Holders of rec. Mar. 1
Second & 3d St., Phila. Pass Ry.(qu.) *83
630. Apr. 10 Holders of rec. Mar. 16
Shawinigan Water & Power (guar.) -114 Apr. 15 Holders of reo. Apr. 1
South Pittsburgh Water.7% pref.
114 Apr. 15 Holders of rec. Apr. 1
6% preferred (guar.)
*62140 Apr. 1 *Holders of rec. Mar. 16
Southern dr Atlantic Telegraph.
50c. Apr. 15 Holders of rec. Mar. 20
SouthernCalif Edison,orig. pref.(qu.)
1814c. Apr. 15 Holders of rec. Mar. 20
Preferred series C (guar.)
Southern Canada Power, pref.(guar.)
- 114 Apr. 15 Holders of rec. Mar. 20
Apr. 1 *Holders of reo. Mar.20
Southern Union Gas, common (qua?.).. *12
• 43540. Apr. 1 *Holders of rec. Mar.20
Preferred (guar.) (No. 1)
Southwestern Bell Teiep., pref.(guar.)-- 114 Apr. I Holders of reo. Mar.20
.2
Apr. 1 *Holders of rec. Mar. 16
Southwestern Gas& EL,8% pf.((lu.)
•154 Apr. 1 *Holders of rec. Mar.16
7% preferred (guar.)
Southwestern Light & Power, pref.(qu.) *$1.50 Apr. 1 *Holders of rec. Mar.16
- $1.75 Apr. 1 Holders of rec. Mar.14
Springfield Gas & Elec., pf. A (guar.).
Standard Gas & Electric, corn.(quar.)_. 87140. Apr. 25 Holders of rec. Mar. 31a
$1.50 Apr. 25 Holders of rec. Mar. 31a
$6 preferred (guar.)
$1.75 Apr. 25 Holders of reo. Mar. 31a
$7 preferred (guar.)
Standard Pr.& Lt., corn.& corn. B (qu.) 500. June 1 Holders of reo. May 11
$1.75 May 1 Holders of reo. Apr. 16
Preferred (guar.)
Tacony-Palmyra Bridge, Othn. (quar.).. *750. Mar.31 *Holders of reo. Mar. 10
750. Mar.31 Holders of rec. Mar. 10
Class A (guar.)
Tenn. Elec.Power Co..5% Pf.
- 144 Apr. 1 Holders of rec. Mar. 14
144 Apr. 1 Holders of reo. Mar.14
6% first preferred (qua?)
144 Apr. 1 Holders of rec. Mar.14
7% first preferred (guar.)
1.80 Apr. 1 Holders of reo. Mar. 14
7.2% first preferred (guar.)
50o. Apr. 1 Holders of rec. Mar.14
6% first preferred (monthly)
60o. Apr, 1 Holders of rec. Mar.14
preferred (monthly)
7.2% first
Texas-Louisiana Power, pref.(quar.)---154 Apr. 1 Holders of the. Mar.20
Toledo Edison Co.,7% pre!(monthly).. 58 1-3c Apr. 1 Holders of rec. Mar. 140
50o. Apr. 1 Holders of rec. Mar. 143
6% preferred (monthly)
422-3e Apr. 1 Holders of rec. Mar. 14a
5% preferred (monthly)
Power, pref.(quar.).... 114 Apr. 1 Holders of rec. Mar. 14
Toledo Light &
Twin City Rapid Tr., Minn. pref.(on.)144 Apr. 1 Holders of reo. Mar.12a
(Mo.)7% Pf.(gu.) *114 Apr. 1 *Holders of reo. Mar. 14
Union Eleo.L.& Pow.
*114 Apr. 1 *Holders of reo. Mar. 14
6% preferred (guar.)
18140. Apr. 1 Holders of Mo. Mar. fia
United Corporation, corn. (guar.)
750 AIM. 1 Holders of reo. Mar. 50
(qua?.)
Preferred
United Gas & Eleo. Corp., pref.(guar.). 154 Apr. 1 Holders of reo. Mar. 16
300. Mar.31 Holders of rec. Feb. 280
United Gas Impt.,corn.(guar.)
$1.25 Mar.31 Holders of reo. Feb. 280
$5 preferred (guar.)
United Lt.& Pow., corn. A & B (qu,)... 25c. May 1 Holders of rec. Apr. 15a
$1.50 Apr. 1 Holders of rec. Mar. 16a
$6 first preferred (guar.)
[Vol,. 132.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
United Lt.& Rys.(Del.)7% pf.(mthly).* 58 1-3 Apr. 1 *Holders of reo. Mar.15
•
530. Apr. 1 *Holders of reo. Mar. 15
6.36% Prior pref.(monthly)
500. Apr. 1 *Holders of reo. Mar.15
•
6% Prior pref.(monthly)
$1.75 Apr. 1 *Holders of rec. Mar. 14
United Public Service, $7 prof.(qu.)....•
*$1.50 Apr. 1 *Holders of rec. Mar. 14
$6 preferred (guar.)
United Pub. UHL, $5.75 pref. (qu.)--•$ 1.4354 Apr. 1 *Holders of reo. Mar.14
Utah Power & Light, $7 pref.(quar.)... 51.75 Apr. 1 Holders of rec. Mar. 5
$1.50 Apr. 1 Holders of reo. Mar. 5
$6 preferred (guar.)
Utilities Power & Light, corn. (quar.).. 25c. Apr. 1 Holders of rec. Mar. 5
114 Apr. 1 Holders of rec. Mar. 5
7% Preferred (guar.)
Cr) Apr. 1 Holders of reo. Mar. 50
Class A (guar.)
25c. Apr. 1 Holders of reo. Mar. 5
Class B (guar.)
Virginia efelrlio Service, % prof.(quar.) 144 Apr. 1 Holders of reo. Mar.18
6% prPurred
7
144 Apr. 1 Holders of reo. Mar.16
Western Massachusetts Cos.(guar.)._ _ _ 6854 Mar. 31 Holders of reo. Mar. 17
Western Power Corp., pref. (quar.).... 114 Apr. 1 Holders of rec. Mar. 25
Apr. 15 Holders of rec. Mar.200
2
Western Union Telegraph (guar.)
Western United Gas,614% pf.(quar.).. •114 Apr. 1 *Holders of rec. Mar. 16
*114 Apr. I *Holders of rec. Mar. 16
6% preferred (guar.)
Westmoreland Water Co..$6 pref.(qu.). $1. Apr, 1 Holders of rec. Mar.20
West Penn Elec. Co., class A (quar.)... $1.75 Mar. 30 Holders of rec. Mar. 170
194 May 15 Holders of reo. Apr. 200
7% preferred (guar.)
114 May 15 Holders of rec. Apr. 200
6% preferred (guar.)
West Penn Power Co.,7% pref.(quar.)_ 11/ May 1 Holders of rec. Apr. 6a
114 May 1 Holders of reo. Apr. ea
6% preferred (quar.)
$1.51 Apr. 1 *Holders of rec. Mar.21
West Va. Water Service, $6 pref.(qu.) '
Winnipeg Electric Co., pref.(guar.).
- 154 Apr. 1 Holders of reo. Mar.
Wisconsin Elec. Pow.,614% Pref.(go.). •114 Apr. 1 *Holders of rec. Mar.16
*114 Apr. 1 *Holders of reo. Mar. 1.6
6% preferred (guar.)
Wisconsin Hydro Elec. Co.,6% pf.(o11.) 144 Apr, 1 Holders of reo. Mar.14
Banks.
Bank of America Nat. Assn.(quar.)--1 750.
BancameSca-Blair Corp. (guar.)
$1
Chase National (guar.)
Chase Securities Corp.(guar.)
Chatham Phenix Nat. Bk.& Tr.(qu.).. *El
$1
Manhattan (The) Co. (quar.)
15
First National (guar.)
10
First Security Co.(guar.)
National City Bank (guar.
$1
National City Co.(guar.)
City Bank Farmers Trust Co. (quar.)..
Peoples National(Brooklyn)(guar.).-- *3
Public National Bank & Trust qua?.).. *31
111
Trade (guar.)
1
Apr. 1 Holders of re0. Mar.210
Apr. 1 Holders of rec. Mar.310
Apr.
Apr.
Apr.
Apr.
1 *Holders of rec. Mar. 16
1 Holders of rec. Mar. 160
1 Holders of rec. Mar.d25a
1 Holders of rec. Mar.d25a
Apr. 1 Holders of rec. Mar. 7
Apr. 1 *Holders of reo. Mar. 10
Apr. 1 *Holders of reo. Mar.20
Apr. 4 Holders of reo. Mar.25
Trust Companies.
Bence Commerciale Itallana Tr.(qu.)-- *$1.25 Apr. 1 *Holders of rec. Mar. 16
75c. Apr. 1 Holders of rec. Mar. 11
Bankers (guar.)
750 Apr, 1 Holders of reo. Mar. 20
Bank of Europe Trust Co.(guar.)
450 Apr. 1 Holders of reo. Mar. 200
Bank of N.Y.& Trust Co.(quar.)
40e Apr. I Holders of reo. Mar.200
Bronx County (quar.)
450. Apr, 1 Holders of reo. Mar. 17
Chemical Bank & Trust (guar.)
5
Mar.31 Holders of tee. Mar. 6
40c, Apr. 1 Holders of rec. Mar. 3
Irving Trust (quar.)
UGIrnivual
qua .)
Apr, 1 Holders of reo. Mar.20a
15
ted Stateu(ar.ru) t (quar.)
ra ty( s T
' qt
Fire Insurance.
500 Apr, 1 Holders of tee. Mar.20
American Salamandra (guar.)
4 Apr. 1 Holders of reo. Mar.14
City of N. Y.Insurance (guar.)
*400. Apr. 1 *Holders of reo. Mar.20
Hanover Fire (qua?.)
500 Apr. 1 Holders of rec. Mar.14
Home Ins. Co.of N.Y.(gear.)
Rossia Insurance Co.of America(quar.). 55e. Apr. 1 Holders of ref. Mar.16
Miscellaneous.
*6244 Apr. 1 *Holders of reo. Mar.18
Abbott Laboratories (guar.)
Abercrombie & Fitch Co.. pref.(guar.).- *144 Apr. 1 *Holders of rec. Mar.20
Abitibi Power & Paper,7% pref.(qu.).. 114 Apr. 1 Holders of reo. Mar. 20
6234 Apr. 1 *Holders of reo. Mar. 20
•
Acme Steel (guar.)
40e. Mar.31 Holders of coo. Mar. 144
Adams Express, common (guar.)
114 Mar.31 Holders of reo. Mar. 140
Preferred (guar.)
Addressograph Internat. Corp. (guar.) 35c. Apr. 10 Holders of rec. Mar. 21a
*114 Mar 31 *Holders of the Mar 20
Aeolian Co., pref.(guar.)
114 Apr. 1 Holders of rec. Mar.d13a
Aetna Rubber, pref. (guar.)
•
400. Apr. 1 *Holders of rec. Mar.18
Affiliated Products (guar.)
Agnew-Surpass Shoe Stores, pref. (qu.) 114 Apr. I Holders of rec. Mar.16
750. Apr. 15 Holders of reo. Mar.310
Air Reduction Co.(guar.)
Airway Elec. APPlianoe. prof. (qua?).. 114 Apr. 1 Holders of rec. Mar.200
•154 June 1 *Holders of reo. May 16
Allegheny Steel. pref.(guar.)
•114 Sept. 1 *Holders of reo. Aug. 15
Preferred (guar.)
1.114 Dee. 1 *Holders of reo. Nov.13
(guar.)
Preferred
Apr. 1 Holders of reo. Mar.13
Alliance Investment Corp., preferred... 3
114 June 1 Holders of reo. May 20
AllianceRealty. pref.(Qua?.)
114 Sept. 1 Holders of reo. Aug. 20
Preferred (guar.)
114 Deo. 1 Holders of reo Nov.20
Preferred (guar.)
Allied Chemical & Dye. pref. (quar.)... 114 Apr. 1 Holders of reo. Mar. 70
•8714 Apr. 1 *Holders of rec. Mar.16
Allied Products. corn. A (guar.)
30c. Apr. 1 Mar. 22 to Mar 31
Aluminum Goods Mfg. (guar.)
American Aggregates Corp.. pref.(guar.) *114 Apr. 1 *Holders of reo. Mar.20
*750. Apr. 1 *Holders of reo. Mar. 16
American Bakeries, class A (quar.)
•
114 Apr. 1 *Holders of reo. Mar.16
Preferred (guar.)
50o. Apr. 1 Holders of too. Mat. 90
American Bank Note, corn.(quar.)__
75o. Aix. 1 Holders of reo. Mar. 9.3
Preferred (guar.)
Shoe & Fdy.. corn.(guar.) 600. Mar.31 Holders of reo. Mar,20a
Amer. Brake
144 Mar.81 Holders of res. Mar.20a
Preferred (guar.)
Amer. Brown Boveri Elec., pref.(guar.) 144 Apr. 1 Holders of reo. Mar.20a
144 Apr, 1 Holders of reo. Mar.1e4
American Can, pref. (guar.)
American Capital Corp., Prof. Coo.)... 75o. Apr. 1 Holders of reo. Mar. 16
75c. Apr. 1 Holders of rec. Mar. 170
Amer. Car dr Fdy., corn. (guar.)
144 Apr. 1 Holders of ree. Mar. 170
Preferred (guar.)
114 Mar.31 Holders of rec. Mar. 210
American Chain, pref. (guar.)
500. Apr. 1 Holders of reo. Mar.120
Amer. Chicle (guar.)
250. Apr. 1 Holders of reo. Mar. 12a
Extra
114 Apr. 1 Holders of rec. Mar. 14
American Cigar Co.. pref. (guar.)
4
.$1
May 1 *Holders of rec. Apr. 10
American Coal (guar.)
*350. Mar. 31 *Holders of rec. Mar. 12
Amer. Colortype, common (guar.)
Amer.El. Secure. Corp.. prof.(bi-mtlilY) 25o Apr. 1 Holders of reo. Mar. 20
250. Mar.31 Holders of rec. Mar. 100
Amer. Encaustic Meng, wen.(quar.)
114 June 1 *Holders of rec. May 25
American Envelope. 7% prof.(qua?.).. •
•114 Sept. 1 *Holders of reo. Aug. 25
7% preferred (guar.)
*144 Dee. 1 *Holders of rec. Nov.25
7% Preferred (guar.)
114 Apr. 1 Holders of reo. Mar. 200
American Express (guar.)
*114 Apr. 1 *Holders of reo. Mar. 21
American Felt. pref.(guar.)
Amer. Furniture Mart Bldg.. prof. (:111.) 134 Apr. 1 Holders of reo. Mar.20
350. Apr, 1 Holders of reo. Mar.140
Amer. Home Products Corp.(monthly).
Amer. Locomotive, common (guar.)... 500. Mar.31 Holders of reo. Mar. 130
114 Mar.31 Holders of rec. Mar. 130
Preferred (guar.)
Amer. Matz Products common (guar.)._ *506. Mar. 31 *Holders of roe. Mar. 14
•114 Mar. 31 *Holders of rec. Mar. 14
Preferred (guar.)
Mar.81 Holders of reo. Mar.15
Amer. Manufacturing Co.. Com.(guar.) 1
1
July 1 Holders of reo. June 15
Common (guar.)
1
Oct. 1 Holder, of the. Sept.15
Common (guar.)
1
Dee. 31 Holders of reo. Dec. 15
Common (quar.)
114 Mar.81 Holders of reo. Mar. 15
Preferred (guar.)
114 July 1 Holders of res. June 15
Preferred (guar.)
114 001, 1 Holders of rec. Sept.15
Preferred (guar.)
13.4 Deo, 81 Holders of roe. Dec. 15
Preferred (guar.)
(qu.) *3744 Apr. 1 Holders of Teo. Mar.20
Amer. National Co.(Toledo), corn.
*114 Apr. 1 *Holders of rec. Mar.20
Preferred A and B (guar.)
Amer. Pneumatic Service, 151 pref.(qu.) 8714 Mar. 31 Holders of rec. Mar. 21
Amer.Rad.&Stand.San.Corp.,com.(qu.) 25o. Mar.81 Holders of reo. Mar. lla
Amer.Rolling Mill, 6% pref. (quar.).._ *144 Apr. 15 Holders of reo. Mar.31
*114 Apr. 1 Holders of reo. Mar.16
Preferred B (quar.)
144 Mar.81 Holders of reo. Mar. 100
Amer. Safety Razor (guar.)
750. Apr. 1 Holders of rec. Mar. 120
American Snuff, common (quar.)
114 Apr. 1 Holders of reo. Mar. 120
Preferred (guar.)
750. Apr. 15 Holders of rec. Apr. la
Amer. Steel Foundries. corn.(quar.)...
114 Mar. 31 Holders of rec. Mar. 160
Preferred (guar.)
500. Ain% 1 Holders of rec. Mar. 14a
American Stores, corn.(guar.)
MAR. 21 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
American Sugar Refining,corn.(guar.)-- 1M Apr. 2 Holders of rec. Mar. 511
Preferred (guar.)
1M Apr, 2 Holders of rec. Mar. 50
American Surety. common (guar.)
$1.50 Mar. 31 Holders of rec. Mar:14n
Quarterly
$1.50 Mar. 31 Holders of roe. Mar. 14a
American Thermos Bottle, pref. (qu.)_ *87)4e Apr. 1 *Holders of rec. Mar. 20
American Tobacco, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 105
Amer. Yvette Co.. Inc., pref.(guar.)... •50o. Apr. 1 *Holders of roe. Mar. 16
Anchor Cap Corp., corn.(guar.)
600 Apr. 1 Holders of rec. Mar. 20a
$6.30 preferred (guar.)
$1.625 Apr. 1 Holders of me Mar. 20a
Anchor Post Fence, corn. (guar.)
ef2l.4 Apr 1 *Holders of roe. Mar. 14
Anglo Norwegian Holdings, Ltd.,corn_ _
250 Mar424 Holders of rec. Niar.d21
Apponaug Co., common (quar.)
*30c. Apr. 1 *Holders of rec. Mar. 14
% preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 14
Armour & Co. of Del., pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 10
Armstrong Cork (guar.)
"250. Apr. 1 *Holders of rec. Mar. 18
Arnold Print Works, lot pref.(guar.)...
Apr. 1 *Holders of rec. Mar.20
Assoc. Bankers Trust dk Mtge. (quar.)__ *37340 Apr. 1 *Holders of rec. Mar. 20
Associated Apparel Industries (on.)
33 1-30 Apr, 1 Holders of rem Mar. 20a
Stock dividend
ft 1-3 Apr, 1 Holders of rec. Mar.20a
Associated Breweries of Can., coin.(qu.)
25c. Mar. 31 Holders of rec. Mar. 14
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 14
Associated Investment Co.,corn.(guar.) 21
Mar. 31 Holders of rec. Mar.21
Common (payable in common stock)_ _ /31
Mar. 31 Holders of rec. Mar.21
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 21
Associated Oil (guar.)
50c. Mar. 31 Holders of rec. Mar. 14a
Associated Scour. Investors, corn. (q11.)150. Apr. 1 Holders of roe. Mar.20
Athol Mfg. Co. (guar.)
*61 Apr. 1 *Holders of rec. Mar. 16
Atlantic Gulf & W.1.5.5. Lines, pf (au.)
Mar. 30 Holders of rec. Mar. 110
Preferred (guar.)
134 June 30 Holders of roe. June 10,1
Preferred (guar.)
Sept. 30 IIolders of roe. Sept. 105
Preferred (guar.)
134 Dec. 30 Holders of rem Dec. 100
Atlantic Steel. corn. (guar.)
'134 Mar. 31 *Holders of rec. Mar.20
Atlas Stores Corp., pref. (guar.)
*75e Apr. 1 *Holders of roe. Mar. 16
Auburn Automobile (guar.)
Apr. 1 Holders of rec. Mar. 210
51
Stock dividend
2
Apr. 1 Holders of rec. Mar. 210
Axton-Fisher Tob., claw A (guar.)
*80c Apr. 1 *Holder, of tee. Mar. 16
Preferred (guar.)
•13.4 Apr. 1 'Holders oi rec. Mar. 16
Babcock & Wilcox Co., pref.(quar.)---- *134 Apr. 1
Bacitstay Welt Co., common (guar.)... *250 Apr. 1 *Holders of roe. Mar. 20
Balaban & Kate, common (guar.)
*75e Mar. 27 *Holders of reo. Mar Id
Preferred (guar.)
•134 Mar. 27 *Holders of rec. Mar. 16
Baldwin Rubber, claw A (guar.)
'3734cMar.31 'Holders of roe. Mar. 30
Bancomit Corp., common (guar.)
"250 Apr. 1 *Holders of rec. Mar. 16
Class A (guar.)
"250 Apr. 1 *IIolders of rec. Mar. 16
Bandinl Petroleum (monthly)
•10o Apr. 20 *Holders of rec. Mar. 31
Banker. Serum Corp., corn.& pi.(Mi.).
750 Apr. 15 Holders of rec. Mar. 310
Barker Bros. Corp., pref. (guar.)
134 Apr. I Holders of rec. Mar. 140
Bayuk Cigars. Inc., common (quar.).._
"750 Apr. 15 *Holders of reo. Mar.31
Preferred (guar.)
•134 Apr. 15 *Holders of rec. Mar.31
Beaton de Caldwell Mfg.(monthly)- --- •250 Apr. 1 *Holders of rec. Mar. 31
Beatrice Creamery, common (quar.).... $1
Apr. 1 Holders of roe. Mar. 1411
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 140
Beech-Nut Packing, common (guar.)...
750. Apr. 1 Holders of rec. Mar,12a
Bend's Aviation Corp. (guar.)
25c. Apr. 1 Holders of rec. Mar. 100
Bethlehem Steel, corn. (quar.)
$1.50 May 15 Holden; of rec. Apr. 170
Preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 13a
B-G1 Sandwich Shops, prof. (qI.)
"21.75 Apr. 1 *Holders of roe. Mar.20
Bickford's. Inc., Common (guar.)
*300. Apr. 1 *Holders of rec. Mar. 20
$2.50 cum. pref. (guar.)
•623.4c Apr. 1 *Holders of rec. Mar.20
Bliss(E•
Otlin.(Pay. In oom.stook). 12
Apr. 1 Holders of ree. Mar. 20
Common(payable In common stock)-- f2
July 1 Holders of roe. June 20
Common(payable In common stOok)-- 12
Oct. 1 Holders of roe. Sept. 20
Bloch Bros. Tobacco, Preferred (guar.) _ •154 Mar. 31 "Holders of rec. Mar. 25
Blumenthal (Sidney) & Co., pref. (qu.)
Apr. 1 Holders of roe. Mar. 160
Bohn Aluminum & Brass (guar.)
374c Apr. 1 Holders of rec. Mar. Da
Borg-Warner Corp., corn. (guar.)
25c. Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 16
Boston Personal Prop. Trust (quar.)_ _
250. Mar. 30 Holders of rec. Mar. 16
Brandram Henderson, Ltd., corn.(qu.)_ *50c. May 1 *Holders of rec. Apr. 4
Brennan Packing class A (guar.)
*31 June 1 *Holders of roe. May 20
5521 Sept. 1 'Holders of rec. Aug. 20
Class A (quar.)
•31 Dee. 1 *Holders of rem Nov. 20
Class A (guar.)
"250 June 1 *Holders of rec. May 20
Class B (guar.)
*25e Sept. 1 *Holders of roe. Aug. 20
Class B (guar.)
*25o Dee. 1 'Holders of reo. Nov. 20
Class B (guar.)
Bridgeport Machine, pref. (guar.)
134 Apr. 1 Holders of roe. Mar. 20
15o Apr, 1 Holders of roe. Mar. 16a
Brill° Mfg.. common (guar.)
50o Apr. 1 Holders of roe. Mar. 160
Class A (guar.)
500. Mar.31 Holders of rem Mar.200
Briggs & Stratton. common (quar.)
British-American 011, reg.stook
20c. Apr. 1 Mar. 15 to Mar. 31
20e. Apr. 1 Hold, of coupon No. 4.
Coupon stock (bearer Ws.)
British-Amer. Tob.ord.(bear.)
(Interim) 10d Mar. 31 Hold, of coup. No. 139
Registered stock (interim)
10d Mar. 31 See note (m)
Preferred, registered
234 Mar. 31 See note (m).
Preferred, bearer
234 Mar. 31 Holders of coup. No. 55
Britian & Foreign Invest.. Prof.(quar.) •6254c Apr. 1 *Holders of roe. Mar. lb
British Type Investors. el. A (bi-m'thly)
Sc. Apr. 1 Holders of rec. Mar. 2
Broad Street Invest. (guar.)
•30o. Apr, I *Holders of roe. Mar. 16
Brice(E. L.) Co., pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 21
Brunswick-Balke-Collender, pref. (qu.). 134 Apr, 1 Holders of rec. Mar.20
Bucyrus-Erie Co.. corn.(guar.)
25e. Apr, 1 Holders of roe. Feb. 200
Preferred (guar.)
IIS Apr, 1 Holders of roe. Feb. 200
Convertible preference (guar.)
624c. Apr. 1 Holders of rec. Feb. 204
Bucyrus-Monighan Co., Cl. A (qu.)
"450. Apr. 1 'Molders of rec. Mar. 20
Budd Wheel, corn. (guar.)
25c. Mar. 31 Holders of rem Mar. 100
Participating preferred (guar.)
1% Mar. 31 Holders of rec. Mar. 100
Participating preferred (extra)
75c. Mar. 31 Holders of reo. Mar. 10a
Building Prod., Ltd., ol. A & B (qu.).,_
50o. Apr. 1 Holders of rec. Mar. 19
Burco, Inc., Pref. (guar.)
•75e. Apr. 1 'Holders of rem Mar. 211
Burger Bros.,8% pref. (guar.)
•$1 Apr. 1
*21 July 1
8% Preferred (guar.)
8% Preferred (guar.)
ell Oct. 1
Burt (F. N.) Co., common (quar.)
750. Apr. 1 Holders of rec. Mar. 18
Preferred (guar.)
134 Apr, 1 Holders of rec. Mar. 16
Bush Terminal Co., corn.(guar.)
6234c May 1 Holders of reo. Apr. 30
Debenture stock (guar.)
194 Apr. 15 Holders of roe. Apr. 30
Bush Terminal Bidgs.. pref.(qu.)
134 Apr. 1 Holders of rem Mar. 13a
Byers(A. M.) Co., pref. (guar.)
134 May 1 Holders of rec. Apr. 15a
50o. Mar. 31 Holders of rec. Mar. 16
Byllesby (H. M.)& Co.. oom. Cl. A (qu.)
Common class B
60o. Mar. 31 Holders of rec. Mar. 16
Preferred (guar.)
50c. Mar. 31 Holders of rec. Mar. 16
•50e. Apr. 1 *Holders of rec. Mar. 21
California Ink, clam A & B (quar.)
Apr. 1 Holders of rem May 14
Cambria Iron
$1
Cambridge Invest. Corp., 01. A (quar.)
*35o. Apr. 1 *Holders of reg. Mar. 16
Campbell Baking, pref. A (guar.)
•21 Apr. 1 *Holders of rem Mar. 16
134 Apr. 1 Holders of roe. Mar. 14
Canada Bread, pref. A & B (guar.)
Canada Cement, pref. (guar.)
134 Mar.31 Holders of rec. Feb. 28
Canada Foundries & Forg., Cl. A (qu.). "37He Apr. 15 'Holders of roe. Mar.31
•1% Apr. 1 "Holders of rec. Mar. 14
Canada Packers, pref. (guar.)
3
Apr. 1 Holders of rec. Mar. 15
Canada Permanent Mtge.(guar.)
Canada Wire & Cable. class A (quar.)-- $1
June 15 Holders of rec. May 31
Sept. 15 Holders of roe. Aug. 31
$1
Class A (guar.)
Dec. 15 Holders of rec. Nov.30
$1
Class A (guar.)
Canadian Canners, coin. (guar.)
12SI c Apr. 1 Holders of rec. Mar. 14
First preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 14
20c. Apr, 1 Holders of rec. Mar. 14
Convertible preferred (guar.)
440 Apr. 10 Holders of rec. Mar. 25
Canadian Car & Fdy., pref. (guar.)Canadian Cottons, pref. (guar.)
134 Apr. 4 Holders of roe. Mar.21
$I
Apr. 1 Holders of rec Mar. 14
Canadian General Rico.. Corn. (quar.)
134 Apr. 1 Holders of rec. Mar. 14
Preferred (quar.)
Apr. 1 Holders of reo. Mar. 20
2
Canadian Oil Cos.. Ltd., prof.(guar.)._
*50o Apr. 1 "Holders of roe. Mar. 20
Canadian Westinghouse (quar.)
Canadian Wirebound Boxes, class A (au.) 37340 Apr, 1 Holders of roe. Mar. 14
'3734c Apr. 1 *Holders of rec. Mar. 21
Canal Construction. pref. (guar.)
40c. Apr. 1 Holders of rec. Mar. 180
Cannon Mills (guar.)
Capital Administration. pref. A (guar.)
- 750 Apr. 1 Holders of rec. Mar. 20
13.4 Apr, 1 Holders of rec. Mar. 12a
Case (J. I.) Co.. common (guar.)
1$i AM. I Holders of rec. Mar. 12s
Preferred (guar.)
Celanese Corp. of Amer., pr. pref. (qu.)_
13.4 Apr. 1 Holders of rec. Mar. 14
3734c Apr. 1 Holders of rec. Mar. 19a
Central Aguirre Associates (guar.)
Apr. 1 Mar. 15 to Mar. 31
Central Canada Loan & Savings (guar.). 3
'134
134
134
134
134
134
Name of Company.
2141
Per
When
Cent. Payable.
Books closed.
Days hiclusies.
Miscellaneous (Cont(nued).
Central Cold Storage. corn.(quar,)_.. •40c. Mar.31 *Holders of rec. Mar.25
Centrifugal Pipe (guar.)
15o. May 15 Holders of rec. May 5
Quarterly
150. Aug. 15 Holders of rem Aug. 5
Quarterly
15e. Nov. 16 Holders of rec. Nov. 5
Chamber of Commerce Bldg.(Md.)•1% Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
Champion Coated Paper
M Apr. 1 *Holders of rec. Mar. 14
First pref. and special pref. (quar.)___ •1 5
Champion Fibre. 1st pref.(guar.)
Apr. 1 *Holders of rec. Mar. 20
Channon (H.) Co., 1st pref. (quar.)_._
Apr. 1 *Holders of roe. Mar.20
"2
Apr. 1 *Holders of rec. Mar. 20
Second preferred (guar.)
5
.31540 Apr. 15 *Holders of rec. Mar. 25
Chapman Ice Cream ((luar)
Chase Brass & Copper Co., pref. A (qu.)
Mar. 31 Holders of roe. Mar. 20a
Mar. 31 Holders of rec. Mar. 90
Chesebrough Mfg. Googol.,corn.(qu.)_ - 31
Common (extra)
50c. Mar.31 Holders of rec. Mar. 90
Chicago Daily News, Inc., Prof. (quar.)- *21.75 Apr, 1
.300. Apr. 1 'Hollers of reo. Mar. 21
Chicago Flexible Shaft (guar.)
Chlo.Jet.Rys.& Un.Stk.Yds.,com. (qu.) 23.4 Apr, 1 Holders of rec. Mar.15
14 Apr, 1 Holders of rec. Mar. 15
Preferred (guar.)
•1% Apr. 1 *Holders of rec. Mar.20
Chicago Towel, pref. (guar.)
25c. Apr, 1 Holders of rec. Mar. 206
Chicago Yellow Cab (monthly)
25c. May 1 Holders of rec.'Apr. 200
Monthly
250. June 1 Holders of rec. May 200
Monthly
Chile Copper Co. (guar.)
500. Mar. 30 Holders of rec. Mar. 6a
250. Mar.31 Holders of rec. Mar. 211
Chrysler Corp., common (guar.)
Churngold Corp.(guar.)
"350. May 15'Holders of rec. May 1
Quarterly
•35c. Aug. 15 *Holders of rec. Aug. 1
Quarterly
"350. Nov.16 *Holders of rec. Nov. 1
Cincinnati Land Shares
Sept. 15 *Holders of rec. Sept. 1
Cincinnati Rubber Mfg., 6% pref.(qu.) '134 June 13 *Iloiders of rec. June 1
6% preferred (guar.)
'134 Sept.15 *Holders of roe. Sept. 1
144 Dec. 15 *Holders of rec. Dec. 1
6% preferred (quar.)
,
Cincinnati Wholesale Grocery, Pf.(qu.) 4 1 ti Apr. 1 *Holders of rec. Mar. 15
Circle Theatre Corp., cons. (guar.)
Apr. 1 *Holders of rec. Mar.20
•
Cities Service, common (trionthlY/
2 She Apr. 1 Holders of rec. Mar. 140
Common (payable in common stock).- fSi Apr, 1 Holders of rec. Mar. 140
Preference B (monthly)
50. Apr. 1 Holders of rec. Mar. 146
Preference and pref. BB (monthly)...
50c Apr, 1 Holders of rec. Mar. 14a
Cities Service, bankers' shares
* 24.3350 Apr. 16 "Holders of rec. Mar. 15
City Machine & Tool (guar.)
"20e Apr. 1 *Holders of rec. Mar.20
Clark (D. L.) Co. (guar.)
*31 Sic Apr. 1 'Holders of rec. Mar. 16
Claude Neon Elec. Prod., corn. (guar.) •400 Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
•35c Apr. 1 "Holders of rec. Mar.20
Clorax Chemical, class A dr B (qu.)____ *50c Apr. 1 *Holders of ree. Mar. 20
Cluett Peabody & Co., pref. (guar.).--- 154 Apr. I Holders of rec. Mar. 210
Coats(JAP.)Ltd.,Am.dep.rects.ord.reg.
to9d AM'. 6 *Holders of rec. Feb. 20
Coca Cola Bottling (quarterly)
250 Apr. 15 Holders of rec. Apr. 4
Quarterly
250 July 15 Holders of rec. July 3
Quarterly
25e Oct. 15 Holders of rec. Oct. 5
Coca-Cola Co.. corn. (guar.)
$1.7 Apr. 1 Holders of rec. Mar. 1211
Common (extra)
25o Apr. 1 Holders of roe. Mar. 120
Coca-Cola International (guar.)
$3.50 Apr. 1 Holders of rec. Mar. 120
Extra
50c Apr. 1 Holders of ree. Mar. 126
Cohen (Daniel) Co.(guar.)
.40c Apr. 1 *Holders of rec. Mar. 14
Colgate-Palmollve-Peet, pref. (guar.).- 1% Apr. 1 Holders of rec. Mar. 10a
Colonial Financial Corp.
(N.Y.), pf.(qu.) '134 Apr. 1 *Holders of rec. Mar. 25
Columbia Pictures, common (quar.)____ 37% Apr. 2 Holders of rec. Mar. 20a
Common (In stock)
1234 Apr. 2 Hold(re of rec. Mar. 3
Commercial Credit (Bait.) COm.(qu.)_..
500 Mar. 31 Holders of ree. Mar.110
7% first pref. (guar.)
435 0. Mar. 31 Holders of roe. Mar. lia
,
1
634% first pref.(guar.)
134 Mar. 31 Holders of rect. Mar. 1111
8% prefer. class B (guar.)
500 Mar. 31 Holders of rem Mar. 116
$3 class A cony. stock (guar.)
750 Mar.31 Holders of rem Mar.11
Commercial Invest. Trust, corn.(quar.)_
500. Apr. 1 Holders of rec. Mar. 50
7% first preferred (guar.)
134 Apr, 1 Holders of roe. Mar. 5a
Apr, 1 Holders of rec. Mar. 5a
634% first preferred (guar.)
Cony. pref. opt,series of 1929(guar.)- (a) Apr, 1 Holders of rec. Mar. 551
Commercial Solvente (guar.)
250. Mar.31 Holders of rem Mar.10a
Commonwealth Scour., cony. Pt.
Apr. 1 *Holders of rec. Mar. 16
Community State Corp., class B (guar.)_ *12SS c Mar. 31 *Holders of rec. Mar.26
Class B (guar.)
'1234 Dec. 31 *Holders of rec. Dee. 26
Conde Nast Publications, corn.(guar.).50o. Apr. 1 Holders of roe, Mar. 21a
Conduits Co., Ltd.. pref. (guar.)
154 Apr, 1 Mar. 18 to Mar. 31
Congress Cigar (guar.)
Mar,31 Holders of rect. Mar. 14a
$1
Consolidated Cigar Corp., corn.(guar.). $1.25 Apr, 1 Holders of rec. Mar. 146
Prior preferred (guar.)
134 May 1 Holders of rec. Apr. 15a
Preferred (guar.)
134 June 1 Holders of rec. May 15a
Consolidated Dry Grads. corn.(guar.)-- •250 Apr. 1 *Holders of rec. Mar.25
Preferred
'$3.50 Apr. 1 *Holders of rec. Mar.25
Consolidated Film Industries, pref.(qu.)..
500 Apr. 1 Holders of rec. Mar.206
Consolidated Laundries, corn. (guar.).250 Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
81.875 May 1 lIolders of rec. Apr. 15
Consolidated Paper, pref. (guar.)
'1734c Apr. 1 "Holders of rem Mar.21
Container Corp. of America, pref.(guar.) •134 Apr. 1 *Holders of rec. Mar. 11
Continental Baking Corp., Pref.(guar.). 2
Apr, 1 Holders of rec. Mar. lfla
Continental Casualty (guar.)
'400 Apr. 1 'Holders of rem Mar. 13
Continental Diamond Fibre, corn. (qu.) "250 Mar. 31 "Holders of rec. Mar. 160
Continental Gin, common (guar.)
*50c Apr. 1 *Holders of rec. Mar. 16
Preferred (guar.)
*134 Apr. 1 *Holders of rec. Mar. 16
Continental Steel Corp., Prof.(guar.).- 134 Apr. 1 Holders of roe. Mar.18
Cooper-Bessemer Corp.. pref. (guar.)._
75c Apr, 1 Holders of rec. Mar. 100
Corroon & Reynolds Corp.. Pf. A (qu.)- $1.50 Apr, 1 Holders of roe. Mar.20
Courier Post Co., corn, (guar.)
*2
Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
•134 Apr. 1 *Holders of rem Mar. 15
Cream of Wheat Corp.(guar.)
50o. Apr, 1 Holders of rec. Mar. 216
Crook (J. W.) Stores, 7% pref. (guar.). •87340 Apr. 1 *Holders of rec. Mar.20
Crowell Publishing (guar.)
•75e. Apr. 4 "Holders of rec. Mar.21
Crowley Milner & Co. (guar.)
•500. Mar.31 *Holders of rec. Mar. 10
Crown Cork Internat., class A (guar.)._
250. Apr, 1 Holders of rec. Mar. 100
Crown Willamette Paper. hat p1. (qu.)_ $1.75 Apr. 1 Holders of rec. Mar. 130
Second preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 13
Crucible Steel, pref. (guar.)
134 Mar. 31 Holders of roe. Mar. 160
Crum & Forster. preferred (guar.)
2
Mar.31 Holders of rec. Mar.21
Crunden-Martin Mfg
'334 Aug. 3 *Holders of roe. Aug. 3
Curtis Manufacturing, com. (quar.)____ 82340 Apr. 1 Holders of rec. Mar. 16
Curtis Publishing, corn.(monthly)
50c. Apr, 2 Holders of rec. Mar.200
Preferred (guar.)
$1.75 Apr. 1 Holders of roe. Mar.200
Preferred (guar.)
$1.75 July 1 Holders of rec. June 20a
Davenport Hosiery Mills. common (on.)
50o. Apr. I Holders of rec. Mar.20
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.20
Davidson Co., pref. (guar.)
'134 Apr. 1 *Holders of rec. Mar. 20
Decker (Alfred) dr Cohn, pref.(guar.).- '134 June 1 *Holders of roe. May 20
Preferred (guar.)
'134 Sept. 1 *Holders of rec. Aug. 20
Deere & Co., new corn.(guar.)
30o. Apr. 1 Holders of rec. Mar. 14
Old common (guar.)
14 Apr. 1 Holders of rec. Mar.14
Be Long Hook & Eye(guar.)
"25e. Apr. 1 'Holders of rec. Mar. 20
Dennison Manufacturing, el. A (qu.)___ 1734o. Mar,31 Holders of rem Mar.20
Debenture stock (guar.)
2
May 1 Holders of rec. Apr. 18
Preferred (guar.)
134 May 1 Holders of roe. Apr. 18
Denver Union Stock Yards, corn.(qu.)__ •21
Apr. 1 "Holders of ree. Mar. 20
Detroit Bankers Co.(guar.)
•850. Mar. 31 *Holders of reo. Mar. 20
Detroit & Cleveland Nay. (guar.)
200 Apr, 1 Holders of rem Mar. 146
Detroit Gasket & Mfg.(guar.)
•30o Apr. 1 *Holders of reo. Mar.20
Detroit Gray Iron Foundry, dom.(au.). •250 Apr. 1 *Holders of rec. Mar. 15
MajestIc Products, pf. A (gu.)._
Detroit
.
200 Apr, 1 Holders of rem Mar.20
Devoe & Reynolds. class A & B (go.)...
30e Apr. 1 Holders of rec. Mar.210
First and second Prof.(guar.)
134 Apr, 1 Holders of rec. Mar. 210
Diamond Shoe, 510m. (guar.)
500. Apr, 1 Holders of rem Mar.20
634% preferred (guar.)
134 Apr. 1 Holders of rem Mar.20
Distributors Group. Inc. (guar.)
25c. Apr, 1 Holders of rec. Mar. 20
Dr.Pepper Co.,common (guar.)
350 June 1 Holders of reo. May 15
Common (guar.)
30c Sept. 1 Holders of rec. Aug. 15
Common (guar.)
300 Doe. 1 Holders of reo. Nov. 15
Dominion Engineering Works (quar.)--$00 Apr. 15 Holders of rec. Mar. 31
Dominion Glass, corn. & prof. (guar.)._
134 Apr. 1 Holders of rec. Mar. 16
Dominion Rubber, Ltd.; pref. (guar.)._
1I4 Mar,31 Holders of rec. Mar.20
Dominion Stores (quar,).
300 Apr, 1 Holders of reo. Mar.20
Dominion Tar & Chemical, pref. (qu.). 134 May 1 Holders of rec. Apr, 6
Dominion Textile, common (guar.)
*$1.25 Apr. 1 *Holders Of rect. Mar. 14
Preferred (guar.)
•134 Apr. 15 *Holders of rem Mar. 31
Draper Corp.(guar.)
111 Apr. 1 Holders of rem Feb. 28
134
IIS
134
(at'.).. *134
2142
Name of Company.
,
Per
When
Cent. Payable.
Books Close.
Days Inclusive.
Miscellaneous (Continued).
•50c. Apr. 20 *Holders of rec. Mar. 11
Douglas Aircraft
•25c. Apr. 20 *Holders of rec. Mar. 11
Extra
.01 u Apr. 1 *Holders of rec. Mar. 21
Driver-Harris Co.. pref.(guar.)
•13.6 Apr. 1 *Holders of rec. Mar. 18
Dunham (J. H.) & Co., com.(guar.)
•1
Apr. 1 'Holders of rec. Mar. 18
First preferred (guar.)
s13.i Apr. 1 *Holders of rec. Mar. 18
Second preferred (guar.)
Apr. 1 Holders of rec. Mar. 14a
Duplan Silk Corp., pref. (guar.)
2
Du Pont(E.I.) de Nem.es Co.
114 Apr. 25 Holders of roe Apr. 100
Debenture stock (guar.)
20e. Apr. 1 Holders of rec. Mar. 7
Durant Motors of Canada
*IA Mar.31
Dutton (A. C.) Lumber,com.(quar.)
Si 3( Mar.31
Preferred (guar.)
el% Apr. 2 *Holders of rec. Mar. 27
Eagle Warehouse es Storage (quar.)
*500. Mar.31 *Holders of rec. Mar. 20
Early & Daniel Co., corn. (guar.)
*1A Mar.31 *Holders of roe. Mar.20
Preferred (guar.)
$1.25 Apr. 1 Holders of reo. Feb. 27
$5 Prior preferred (guar.)
Eastern Gas & Fuel Associates
1% Apr. 1 Holders of rec. Mar. 15
414% prior preference (guar.)
134 Apr. 1 Holders of reo. Mar. 15
6% cum. preferred (qUar.)
*8714c Apr. 1 *Holders of rec. Mar. 10
Eastern Mfg.(guar.)
50c. Apr. 1 Holders of rec. Mar. 20
Eastern Steamship Lines, corn.(guar.) .
First preferred (guar.)
P4 Apr. 1 Holders of rec. Mar. 20
873c Apr. 1 Holders of rec. Mir. 20
No par preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 50
Eastman Kodak, corn.(guar.)
75c. Apr. 1 Holders of reo. Mar. 5a
Common (extra)
114 Apr. 1 Holders of rec. Mar. So
Preferred (guar.)_
Sc. Apr. 1 Holders of rec. Mar. 11
Ecuadorian
Ltd., common
$1.50 Apr. 1 Holders of rec. Mar. 140
Electric Auto-lite Co., com. (quar.)
Corp..
1,i Apr. 1 Holders of rec. Mar. 14a
7% preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 20a
Electric Controller & Mfg. (qua?.)
25c. May 1 Holders of recs. Apr. 15
Elec. Power Associates, com.&cLA(gu.)_
Else. Storage Battery, com.& pref.(qu.) $1.25 Apr. 1 Holders of rec. Mar. fra
•500. Apr. 1 Holders of rec. Mar. 14
Emerson's Bromo Seltzer A 5; B
Apr. 1 Holders of ree. Mar. 14
*2
8% preferred (guar.)
1( Apr. 1 Holders of roe. Mar. 20
Emerson Electric Mfg.. Pref. (Quar.)
3 Mar.30 Holders of roe. Mar. 230
Empire Sale Deposit (guar?
Endicott-Johnson Corp., com.(guar.).- $1.25 Apr. 1 Holders of rec. Mar. 180
1% Apr. 1 Holders of rec. Mar. 180
Preferred (guar.)
Equitable Office Bldg. Corp.. coin.(qua 6214e Apr. 1 Holders of rec. Mar. 140
1( Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
750. Apr. 1 Holders of rec. Mar. 16
'Equity Investors Corp., Pref.(ClUar.)•60.3. May 15 *Holders of reo. May 5
Ewa Plantation (guar.)
40c. Mar.31 Holders of rec. Mar.12a
Fairbanks, Morse & Co., com..(guar.)
500. Mar.28 Holders of reo. Mar. 6
Famous Players Canadian Corp.(qUar.).
Fanny Farmer Candy Shops, com. (qa.) 25c. Apr. 1 Holders of reo. Mar. 16
60o. Apr. 1 Holders of reo. Mar. 16
Preferred (guar.)
Mar. 17
Faultless Rubber Co..common (guar.). 6214c Apr. 1
*Hi Apr. 1 Holders of rec. Mar. 9
Federal Bake Shops, Prof. (guar.)
Federal Knitting Mills, com.(guar.). •8214c May 1 Holders of reo. Apr. 15
• 12340. May 1 Holders of rec. Apr. 15
Common (extra)
100. Apr. 1 Holders of rec. Mar.20
Federal Motor Truck
Feltnsan & Curme Shoe Stores, pf. (au.) 1,.: Apr. 1 Holders of rec. Mar. 2
Fidelity dr Deposit Co.(Maryland)(0.) •72.25 Mar. 31 Holders of roe. Mar. 17
Fidelity Union Tr. & Mtge. Gus/. (qu.) *25e. Mar. 21 Holders of reo. Mar.14
16e. Mar.30 Holders of reo. Mar. 130
Fifth Ave Bus Securities (quar
Filene's (William) Sons, pref.(quer.). - fl.( Apr. 1 Holders of rec. Mar.200
50. Apr. 1 Holders of tee. Mar.16
First American Corp. (guar.)
First Finance Co. of Iowa, corn. A(qU.)- 371.4o Apr. 1
•37140 Apr. 1
Preferred (Oar.)
First National Stores, Inc.. com.(guar.) 8214c Apr. 1 Holders of tee. Mar. 1.60
•13-1 Apr. 1 *Holders of rec. Mar. 16
tat preferred (guar.)
•20c. Apr. 1 *Holders of rec. Mar. 18
8% preferred (guar.)
First Security Corp.(Ogden) A & B (au.) 50o. Apr. 1 Holders of tee. Mar.20
•1
Mar.30 *Holders of roe. Mar.20
First State Pawners Society (quar.)
Apr. 1 *Holders of reo. Mar. 14
Fisher Flour Mills, pref. (guar.)
Fits Simons & Counell Dredge & Dock
HI AM. 1 Holders of rms. Mar.21
Preferred (guar.)
Flatbush Investment Corp., com.(qu.)_ '134 Mar. 31 *Holders of reo. Mar. 20
$1.50 Apr. 1 Holders of reo. Mar. ltio
Florstielm Shoe, pre/. (guar.)
Apr. 15 *Holders of roe. Apr. 10
Food Machinery Corp.,6 A % Pf.(mth17)
*50e. May 15 *Holders of rec. May 10
61,% preferred (monthly)
*50o. June 15 *Holders of rec. June 10
133i% preferred (monthly)
*50c. July 15 *Holders of tee. July 10
63-4% preferred (monthly)
*50c. Aug 15 *Holders of rec. Aug. 10
61,% preferred (monthly)
*50e. Sept.15 *Holders of rec Sept.10
614% Preferred (monthly)
*50e Apr. 1 *Holders of rec. Mar. 15
Formica te•ulation (guar.)
500. Apr. 1 Holders of reo. Mar.120
Foster Wheeler Corp.,common (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 123
Preferred (guar-)
'1.75 Apr. 1
Freihofer Baking, 1st pref. (guar.)
- 1% Apr. 1 Holders of rec. Mar. 14
Freiman (A. J.1, Ltd., pref. (guar.).
Fuller (George A) Co., partio. pr. pf.(qu) 1% Apr. 1 Holders of rec. Mar. 10e
1.11 Apr. 1 Holders of tee. Mar.10a
Panic. prior pref. (Partle- d17
.)
134 Apr. 1 Holders of reo. Mar. 10a
Pralle. second pref.(guar.)
77e. Apr. 1 Holders of rms. Mar. 10a
Partite. second pref. (partic. div.)
•87140 June 1 *Holders of rec. May 15
Galland Mercantile Laundry (Quar.)
*8734c Sept. 1 *Holders of roe. Aug. 15
Quarterly
•8714c Dee. 1 *Holders of rec. Nov.15
Quarterly
Gardner
-Denver Co., common (guar.).- •40o Apr. 1 *Holders of rec. Mar.20
300. Apr. 1 Holders of reo. Mar. 14
Garlock Packing, com.(guar.)
150. Apr. 1 Holders of rec. Mar. 31
Gary (Theodore) & Co., corn. (guar.).40o Apr. 1 Holders of reo. Mar. 16
Preferred (guar.)
General Amer. Invest..6% pref. (guar.) 114 Apr. 1 Holders of rec. Mar. 20a
Apr. 1 Holders of rec. Mar. 134
General Amer. Tank Car, corn. (guar.) $I
Apr. 1 Holders of roe. Mar. 21a
$2
General Baking Co., pref. (guar.)
400. Apr. 25 Holders of reo. Mar. 130
General Electrlo, common (qua?.)
15.3 Apr. 25 Holders of tee. Mar.130
Special stock
75e May 1 Holders of rec. Apr. 15a
General Foods (guar.)
Machinery Corp., pref.(qua?.). '13( Apr. 1 *Holders of reo. Mar.21
General
31.50 Apr. I Holders of rec. Mar. 140
General Mills. Inc., pref. (qua?.)
$1.25 May 1 Holders of rec. Apr. 60
General Motors, $5 pref. (guar.)
General Printing Ink, common (guar.)- 6215c Apr. 1 Holders of rec. Mar.17a
$1.50 Apr. 1 Holders of rec. Mar.170
Preferred (guar.)
General Public Utilities, pref.(guar.).
- 1% Apr. 1 Holders of rec. Mar.14
$1.25 AM. 1 Holders of roc. Mar. 10a
General fly. Signal, com. (guar.)
114 Apr. 1 Holders of reo. Mar. 10a
Preferred (guar.)
Apr. 15 Holders of rec. Mar.20
General Realty & Utilities. $6 Dref.(qu.)
- $1.50 Apr. 1 Holders of rec. Mar. 18a
General Steel Castings, pref. (guar.).
- 114 Apr.:1 Holders of rec. Mar. 200
General Tire & Rubber, pref. (guar.)
*650. Apr. 1 *Holders of roe. Mar.20
Oilmen Art Co.. Common (guar.)
Gillette Safety Razor, cony. pref.((Mar.) 114 May 1 Holders of roe. Apr. to
1% Apr. 1 Holders of rec. Mar. 18a
Prof. (guar.)
Glidden Co.,
- •500. Apr. 1 *Holders of rec. Mar.20
Globe Grain & Milling, corn.(guar.).
'4334c Apr. 1 *Holders of roe. Mar.20
First preferred (guar.)
*50e. Apr. 1 *Holders of rec. Mat.20
Second preferred (guar.)
*35e. July 25 *Holders of reo. July 7
Globe Knitting Works, pref
500. Apr. 1 Holders of reo. Mar.18
Godchaux Sugars In0.. clam A (111.)
134 Apr. 1 Holders of rec. Mar.18
Preferred (guar.)
$1.50 Mar. 31 Holders of reo. Mar. 170
Gold Dust Corp., pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 13a
Goodrich (13. F.) Co., pref.(guar.)
Goodyear Tire & Rubber. pref. (guar.). $1.75 Apr. 1 Holders of rec. Feb. 280
& R.
(Canada) com.(111.) $1.25 Apr. 1 Holders of rec. Mar. 14
Goodyear Tire
1% Apr. 1 Holders of rec Mar. 14
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 20
1
Goulds Pumps, Inc., com.(quit.)
APE 1 Holders of rec. Mar. 20
1
Preferred (guar.)------750. Mar.31 Holders orreo. Mar.160
Granite City Steel (guar.)
25e. Apr. 1 Holders of reo. Mar. 120
Grant(W.T.) Co.(guar.)
*40n. July 31
Grant Lunch Corp., com
*25e. Apr. 1 *Holders of rec. Mar. 16
Graymur Corp. (guar.)
Great Britain & Canada Invest., pref... •21i Apr. 1 *Holders of rec. Mar. 31
214 AM. 1 Holders of rec. Mar. 20
Preferred
Great Lakes Engineering, corn. (guar.). •25c. May 1 *Holders of roe. Apr. 24
111.50 Apr. 1 Holders of reo. Mar. 21
Great West. Electro Chem., 1st pf. (qu.)
134 Apr. 2 Holders of rect. Mar. 140
Great Western Sugar, pref. (guar.)
114 Apr. 1 Holders of reo. Mar. 20
Green (Daniel) Co., pref. (guar.)
400. Apr. 1 Holders of rec. Mar. 140
Greif Bros. Cooperage. class A (guar.).*5100 Mar.31 Holders of tee. Mar. 10
Group No. 1 Oil Co
8100 Mar.31 *Holder, of rec. Mar 10
Extra
*500. Apr. 1 *Holders of rms. Mar. 23
Guardian Detroit Union Group (guar.)
250. AM. 1 Holders of rec. Mar. 20
-Russell Law (Mt.).
Guenther (Rudolph)
50c. Apr. 1 Holders of rec. Mar. 15
Curd (Chas.) dc Co., Ltd.,corn.(quar.)134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
[Wu 132.
FINANCIAL CHRONICLE
Name of ComMtur•
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
411scellemeous (Continued).
*35e. Mar. 31 *Holders of reo. Mar. 20
Guilford Realty,cons.(guar.)
. 134 Mar. 31 *Holders of roe. Mar.20
1
.
7% Preferred (guar.)
el% Mar. 31 *Holders of rec. Mar. 20
6% preferred (guar.)
1% Apr. 1 Holders of tee. Mar. 100
Gulf States Steel, 1st Prof. (quer.)
1% Apr. 1 Holders of rec. Mar.23s
Hahn Department Stores, pref. (guar.)
•87340 Apr. 1 *Holders of rms. Mar.16
Hall Baking, prof. (guar.)
*250. Apr. 1 *Holders of res. Mar. 15
Halold Co., COM.(guar.)
*1A Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
50c. Apr. 1 Holders of rec. Mar. 14
Hamilton Cottons, pref. (guar.)
134 Mar.31 Holders of reo. Feb. 28
Hamilton United Theatres. prof. (rm.)._
15o. Mar.31 Holders of reo. Mar.100
Hamilton Watch (monthly)
*114 Apr. 1 *Holders of rec. Mar. 20
Hammermill Paper, pref.(guar.)
45e Apr. 1 Holders of reo. Mar.230
Harbauer Co., common (guar.)
el% Apr. 1 *Holders of rec. Mar.23
Preferred (guar.)
Harbison-Walker Refract.. pref. (guar.) 134 Apr. 20 Holders of rec. Apr. 100
•1% Apr. 1 *Holders of rec. Mar. 14
Harnischfeger Corp., pref. (guar.)
*13 Mar.21 *Holders of rec. Feb. 26
Harrods Ltd., Am.dep. rota. ord reg..
May 29 *Holders of rec. May 14
Hart, Schaffner de Marx, COM.(qua?.).. 4.1
el
Aug. 31 *Holders of rec. Aug. 15
Common (guar.)
el
Nov.30 *Holders of rec. Nov.14
Common (guar.)
*50e. Apr. 1 *Holders of rec. Mar. 18
Hazel-Atlas Glass. corn.(guar.)
*25e. Apr. 1 *Holders of rec. Mar. 18
Common (extra)
Helme (George W.) Co.. corn.(quit.).... $1.25 Apr. 1 Holders of roe. Mar.lpa
IA Apr. 1 Holders of rec. Mar. 10z
Preferred (guar.)
Henry Furnace es Fdry., pref. (guar.). '134 Apr. 1 *Holders of rec. Mar. 20
750 Mar.25 Holders of toe. Mar. 130
Hercules Powder,corn.(guar.)
Hibbard. Spencer, Bartlett & Co.
Me May 27 Holders of reo. Mar.20
Monthly
*500 Mar. 30 *Holders of rec. Feb. 1
Hickok 011 Corp., class A
134 Apr. 15 Holders of tee. Mar. 31
HIllerest Collieries, pref.(guar.)
62340 Apr. 1 Holders of roe. Mar. 160
Holland Furnace (guar-)
Sc.Mar. 25 Holders of rec. Mar. 11
Hollinger Cense!. Gold Mines (rnthly.)
*234o Apr. 15 *Holders of ree. Mar. 31
Holly Development (guar.)
234 Apr. 1 Holders of rec. Mar.20
Holmes(D. H.) Co.. Ltd.(guar.)
*40c Apr. 1 *Holders of rec. Feb. 28
Holophane Co., Inc., corn
*$1.05 Apr. I *Holders of rec. Feb. 28
Preferred
'134 Apr. 1 *Holders of tee. Mar. 26
Holt Renfrew & Co., pref.(guar.)
500 Mar,25 Holders of rec. Mar. 20a
Homeatake Mining (monthly)
Home Title Insurance. Brooklyn (guar.) *75e Mar. 31 *Holders of roe. Mar.25
IA Apr, 1 Holders of roe. Mar. 16
Honey Dew, pref. (guar.)
Hook Drugs, 100., common (guar.).
- •25o Apr. 1 *Holders of tee. Mar.20
$1.7; Apr. 1 Mar. 22 to Mar. 31
Horn & Hardart Baking, Phlla.(qua?.)
*75.3 Mar.26 *Holders of rec. Mar.11
Hoskins Mfg. (guar.)
Houdaille Hershey Corp., class A (qu.) •62340 Apr. I *Holders of rms. Mar.20
90e. Apr. 15 Holders of rec. Mar. 310
Household Fin. Corp., cons. A&B (qu.).
Apr. 15 Holders of rec. Mar. 310
El
Participating Prof. (guar.)
*IA Apr. 1 *Holders of rec. Mar. 20
Howes Bros., 7% preferred (guar.)
'134 July 1 *Holders of rec. June 20
7 Preferred (guar.)
%
.1 1M Oct. 1 *Holders of rec. Sept. 20
,
7% Preferred (guar.)
*IN Dec. 31 *Holders of rec. Dec. 20
7% preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 20
6% Preferred (guar.)
*114 July 1 *Holders of rec. June 20
6% preferred (guar.)
*114 Oct. 1 *Holders of reo. Sept.20
6% preferred (guar.)
'114 Dec. 31 *Holders of rec. Dec. 20
6% preferred (guar.)
25e. Apr, 1 Holders of rec. Mar. Do
Hudson Motor Car (guar.)
•500. Apr. 1 *Holders of rec. Mar. 2
Humble Oil & Refg.(quer.)
•fino. Mar.81 *Holders of rec. Mar. 17
Humphrey, Mfg.. pref.(quiz.)
Mo. Apr. 1 Holders of rec. Mar. 16
Hunt's Ltd., class A & B (guar.)
Apr. 1 *Holders of rect. Mar. 15
*2
Huron & Erie mortgage (guar-)
40c. Apr. 1 Holders of rec. Mar. 10
Llygrade Lamp, corn. (guar.)
81.625 km. 1 Holders of rec. Mar. 10
Preferred (guar.)
.750. Mar. 31 *Holders of roe. Mar. 14
Ideal Cement (guar.)
Apr. 1 *Holders of rec. Mar. 18
*2
Ideal Finance Assn., Prof.(guar.)
*50c. Apr. 1 *Holders of rec. Mar. 16
Convertible Prof.(guar.)
*Mc. Apr. 15 *Holders of reo. Apr. 3
Illinole Brick (guar.)
elec. July 15 *Holders of rec. July 8
Quarterly
•300. Oct. 15 *Holders of rec. Oct. 3
Quarterly
Imperial Tob.of Canada,corn.(guar.)
- 8 A e. Mar.31 Holders of rec. Mar. 4
41 Mar. 31 Holder's of rec. Mar. 4
Common (year 1930)
Mar. 31 Holders of reo. Mar. 4
3
Preferred
•25o. Apr. 15 *Holders of reo. Mar.23
Incorporated Investors (Qum.)
•214 Apr. 15 *Holders of reo. Mar.23
Stook dividend
'234 Oct. 15 *Holders of reo. Sept.21
Stock dividend
*25o. Apr. 1 *Holders of rec. Mar. 16
Independence Trust Shares
Apr. 1 *Holders of rec. Mar.21
Independent Pneumatic Tool (guar.) - *$1
.
*25c. June 1 *Holders of tee. May 1
industrial & Power Securities (QUar.)
*250. Sept. 1 *Holders of rec. Aug. 1
Quarterly
*25e. Dee. 1 *Holders of roe. Nov. 1
Quarterly
Apr. 1 Holders of roe. Mar4234
$1
Industrial Rayon Corp. (guar.)
600. Apr. 1 Holders of rec. Mar. 20
Inland Investors. too,, common (gu.)
1114 Apr. 15 Holders of reo. Mar. 14
tnaull Utility Invest., corn. (quer.)
1.37 Apr. 1 Holders of reo. Mar. 14
534% preferred (guar.)
•100. Mar. 31 *Holders of ree. Mar. 20
Interbano Investment, Inc.(guar.)
Mar. 25 Holders of rec. Mar. 100
Interlake Iron (guar.)
$1.50 Apr. 10 Holders of roc Mar. 20a
Internat. Rumlnes. Machines (guar.)200, Apr. 1 Holders of tee. Mar. 16
Internat.Buttonhole Sewing Mach.(qu.)
International Cement, corn. (guar.).- $1 Mar. 31 Holders of roe. Mar. Ila
87103. Apr. 1 Holders of roe. Mar. 190
internat. Equities Corp., el. A (qu.)
International Harvester. corn. (oust.).. 112 yic Apr. 15 Holders of rec. Mar. 200
21
Apr. 15 Holders of rec. Mar. 260
Internat. Match,corn.(guar.)
Apr. 15 Holders of roe. Mar.250
$1
Participating preference (guar.)
15o. Mar.31 Holders of rec. Mar. 25
Internat. Nickel of Canada (guar.)
134 May 1 Holders of rec. Apr. la
Preferred (guar.)
750. Apr. 1 Holders of rec. Mar. lea
International Salt (guar.)
75et. Apr. 1 Holders of rec. Mar. 140
International Shoe, com.(guar.)
*500. Apr. I *Holder, of tee. Mar. 14
Preferred (monthly)
•50e. May 1 *Holders of reo. Apr. 15
Preferred (monthly)
Mo.June 1 *Holders of roe. May lb
Preferred (monthly)
131 Apr, 1 Holders of tee. Mar. 120
International silver. pref. (guar.) '
50e. Apr. 1 Holders of rec. Mar. 5
International Textbook
Interstate Bakeries,$6.50 pref. (guar.).* $1.625 Apr. 1 *Holders of reo. Mar. 16
50c Apr. 1 Holders of rec. Mar. 200
Interstate Dept. Stores, Inc., com.(au.)
Interstate Petroleum, pref. A (quar.)_ _ *500 Apr. 1 *Holders of rms. Mar. 20
Apr. 1 *Holders of rec. Mar. 16
*2
Intertype Corp., lot pref.(guar.)
Invest. Co. of Am., pref. A & B (quer.). *1.34 Apr. 1 *Holders of reo. Mar.16
Investors Corp.(R.I.) 151 pf.(guar.).
- *51.50 Apr. 1 *Holders of rec. Mar. 20
•$1.50 Apr. 1 *Holders of rec. Mar. 20
Second preferred (guar.)
*$1.50 Apr. 1 *Holders of rec. Mar. 20
Convertible pref.(guar.)
*250 Apr. 2 *Holders of rms. Mar. 20
Irving Air Chute (guar.)
Island Creek Coal, common (guar.)..._ $1 Apr. 1 Holders of reo. Mar. 130
51.50 ADC, 1 Holden of rec. Mar. 130
Preferred (guar.)
•500 Apr. 1 *Holders of reo. Mar. 15
Jefferson Electric Co.(guar.)
•1% Apr. 1 *Holders of reo. Mar. 14
Jenkins Bros., pref.(guar-)
APE 15 Holders of rec. Apr. 1
$1
Jewel Tea, Inc., corn. (guar.
134 Apr. 1 Holders of reo. Mar. 130
Jones & Laughlin Steel, prof.(guar.__
Johns-Manville Corp.. Om.(guar.).
- 75o Apr. 15 Holders of reo. Mar.250
134 Apr. 1 Holders of reo. Mgr. 11
Preferred (Qum-)
4
.134 Apr. 1 *Holders of reo. Mar. 2
Journal of Commerce. prof.(quer.)
*62 A° Apr. 1 *Holders of reo. Mar. 20
Kalamazoo Stove (guar.)
Kalamazoo Vegetable Parchment(qu.)._ •150 Mar. 30 *Holders of reo. Mar. 21
•150 June 30 *Holders of ree. June 20
Quarterly
•150 Sept.30 *Holders of rec. Sept.19
Quarterly
*150 Dee. 31 *Holders of rec. Dee, 21
Quarterly
$1.625 Apr. 1 Holders of rec. Mar. 15
Katz Drug Co.. prof.(guar.)
Kaufman (Chas. A.) Co.. Ltd.(guar.).- 134 Apr. 1 Holders of roe. Mar.20
Kaufmann Dept. Storm. prof.(g uar.).-- 134 AM. 1 Holders of rec. Mar. 10
15e Apr. 15 Holders of tee. Apr. 1
Kaybee Storm. Ina.. corn.(guar.)
43340 Apr. 1 Holders of reo. Mar. 16
Class A (guar.).
50.3 Apr. 1 Holders of rec. Mar. 200
Kaynee Co., COMMOD (guar.)
1234e Apr. 1 Holders of rec. Mar. 200
Common (extra)
134 AM. 1 Holders of rec. Mar. 200
Preferred (guar.)
Keith-Albee-Orpheum, pref. (guar.).. 134 Apt. 1 Holders of rec. Mar.200
200 Mar.31 Holders of reo. Mar. 140
Kellogg (Spencer) & Sons (guar-)
500 Apr. 1 Holders of rec. Mar.200
Kelsey-Hayes Wheel, ootn. (guar.)
Kemper-Thomas Co., corn. (guar.). -- *750 Apr. 1 'Holder, of reo. Mar.20
•750 July 1 *Holders of rec. June 20
Common (quar.)
4
.750 Oct. 1 *Holders of rec. Sept.20
Common (guar.)
*750 J'n l'32 *Holders of roe. Dee. 20
Common (qua?.)
'134 June 1 *Holders of reo. May 20
Preferred (guar.)
'134 Sept. 1 *Holders of roe. Aug. 20
Preferred (quay-)
'134 Dec. 1 *Holders of rec. Nov. 20
Preferred (qua?.)
MAR. 21 1931.]
Noise Of Compass.
Wktio
Per
Cosi. Payabio.
Books Closed.
Daps IseIsola.
Miscellaneous (Continaat).
Kennecott Copper Co.(guar.)
500. Apr.
Holders of rec. Mar. 120
Kimberly-Clark Corp.,corn.(guar.)
Holders of roe. Mar. 12a
- 8244c. Apr.
Preferred (guar.)
Holders of rec. Mar. 12
1N Apr.
King Royalty Co., pref. (guar.)
Mar.3 Holders of rec. Mar. 16
2
Kinney (G. R.) Co.. corn.(guar.)
Holders of rec. Mar.20a
250. Apr.
Kirsch Co..common (guar.)
*Holders of rec. Mar.23
•30o. Apr.
'Holders of roe. Mar.23
Preference (guar.)
•450. Apr.
"Holders of reo. Mar. 20
Klein (1). Emil) Co.,corn.(quar.)
•250. Apr.
Holders of rec. Mar.18
Knapp Monarch Co.. prof. (guar.)
81540 Apr.
Knott Corp_ common (guar.)
•25c Apr. 1 *Holders of rec. Mar. 30
•134 Apr.
Hoppers Gas & Coke. pref. (guar.)
*Holders of rec. Mar. 12
Kresge(8. S.) Co., corn. (guar.)
400. Mar.8 Holden of rec. Mar. Its
Preferred (guar.)
144 Mar.8 Holders of rec. Mar. Ito
*Holders of rec. Mar. 15
Latter Auto Spring,7% pref.(quar,)..
*43410 Apr.
Lambert Co., common (quar.)
Holders of rec. Mar. 170
$2 Aim.
landed Banking & Loan(Canada)(gu.). 2
Apr.
Holders of rec. Mar. 15
• 1
$
Landers, Frary & Clark (guar.)
Mar.3 *Holders of rec. Mar.21
Landis Machine. common (guar.)
750. May 1 Holders of rec. May 5
Common (guar.)
750. Aug. 1 Holders of rec. Aug. 5
Common (quar.)
750. Nov.1 Holders of rec. Nov. a
Preferred (guar.)
"134 June 1 *Holders of rec. June
Preferred (guar.)
'134 Sept.1 *Holders of rec. Sept. 5
Preferred (guar.)
*144 Dec. 1 *Holders of reo Dec. 5
Lane Bryant, Ino..corn. (guar.)
Holders of rec. Mar.12a
250. Apr.
Larus & Bro. Co., preferred (guar.)._ *2
*Holders of rec. Mar 25
Apr.
Preferred (guar.)
*Holders of rec. June 24
July
*2
Preferred (guar.)
*Holders of rec. Sept. 23
Oct.
*2
Lawyers Title & Guaranty (guar.)
Holders of rec. Mar. 2I0
Apr.
3
Leath & Cu., preferred bluer.)
*Holders of rec. Mar. 15
4137140 Apr.
Lehigh Portland Cement, pref. (guar.)._
Holders of rec. Mar. 140
144 Apr.
Lehigh Valley Coal Corp., pref.(qu.)
Holders of rec. Mar, 120
75o. Apr.
Lehigh Valley Coal Rates (guar.)
i• 90c Mar.3 Mar. 13 to March 81
Lehman Corp.(guar.)
Holders of rec. Mar.200
750 Apr.
Lenolt Nat'l Securities, ol. A & B
*Holders of rec. Mar. 15
*25o Apr.
7% preferred (guar.)
*Holders of roe. Mar. 15
*35o. Apr.
Lasing's, lino. (guar.)
850. Mar.3 Holders of rec. Mar. 11
Ley (Fred T.)& Co., Inc., corn.(guar.) *3744o Apr.
'Holders of roe. Mar. 15
Liberty Share Corp. (guar.)
•25c. Mar. 3 *Holders of rec. Mar. 16
Liggett at Myers Tob., preferred (guar.)_
Holders of rec. Mar. 100
IN Apr.
Lily Tulip Cup Corp.. Orel (quar.).
'134•Iy
Mar.3 *Holders of rec. Feb. 24
Limestone Products. 7% pref. (guar.)._ *62 M Apr.
*Holders of rec. Mar. 15
Linde Air Products. pref.(guar.)
*144 Apr.
*Holders of rec. Mar.20
Look Joint Pipe Co., corn.(monthly)*136o. Mar.3 *Holders of rec. Mar.31
Preferred (guar.)
*Holders of rec. Apr. 1
Apr.
*2
Preferred (Oiler.)
*Holders of reo. July 1
July
*2
Preferred (guar.)
*Holders of roe. Oct. 1
Oct.
*2
Preferred (guar.)
*2
Dec. 3 *Holders of rec.) Dec. 31
Loew's, Inc., corn. (guar.)
750. Mar.8 Holders of rec. Mar.14a
Loose-Wiles Biscuit, common (guar.)
850. May
Holders of rec. Apr. 18a
Common (extra)
Holders of roe. Apr. 18a
10e. May
First preferred (guar.)
Holders of rec. Mar. 23a
144 Apr.
Loudon Packing (guar.)
*Holders of no. Mar. 16
*750. Apr.
Lord & Taylor, com.(guar.)
Holders of reo. Mar. 17.
2M Apr.
Lorillard (P.) Co., pref.(guar.)
Holders of rec. Mar. 16a
134 Apr.
Lunkenhelmer Co., pref. (guar.)
*Holders of rec. Mar. 21
4.1% Apr.
Preferred (guar.)
*Holders of rec. June 20
)
41N July
Preferred (guar.)
*Holders 91 rec. Sept-21
olyf Oct.
Preferred (guar.)
*144 Jan 1'8 *Holders of rec. Dec. 22
Maofadden Publications. corn.(guar.).Holders of rec. Mar. 14
50e. Apr.
kfacMarr Stores. Inc., pref. (guar.)... 144 Apr.
Holders of rec. Mar.20
Maok Trucks, Inc., common (quar.)...
750. Mar.3 Holders of rec. Mar.19a
Magma Copper Co. (guar.)
60c. Apr, 1
Holders of rec. Mar. 31a
Magnin (I.) & Co.. corn.(guar.)
037140 Apr. 1 *Holders of rec. Mar.131
6% preferred (guar.)
'1)4 May 1 *Holders of rec. May 5
*144 Aug. 1 "Holders of rec. Aug. 5
5% Preferred (guar.)
ii114 Nov. 1 *Holders of roe. Nov. 5
6% Preferred (guar.)
To be redeemed Apr. 1
Manhattan Shirt, preferred (guar.)
154 Apr.
*Holders of rec. Mar.20
Mantschowits(B) Co., pref. bluer.).... *IN Apr.
Mar. 24 to Mar.30
Manufacturers Casualty Ins.(Phila.).60e. Apr.
Mar. 24 to Mar. 30
Extra
400. Apr.
*Holders of rec. Mar.16
•750. Apr.
Mapes Consol. Mfg.(guar.)
'Holders of rec. Mar. 16
"25e. Apr.
Extra
Marathon Razor Blade. Inc.(monthly). '3340. Apr. 1 *Holders of roc. Apr. 1
*mie. May 1 *Holders of rec. May 1
Monthly
*3440. June 1 *Holders of rec. June I
Monthly
.340. July 1 *Holders of rec. July 1
Monthly
*314e Aug. 1 *Holders of rec. Aug. I
Monthly
*3)40 Sept.1 *Holders of rec. Sept. 1
Monthly
Monthly
0314o Oct. 1 *Holders of rec. Oct. I
Monthly
*314o. Nov.1 *Holders of rec. Nov. 1
)344e. Dec. 1 *Holders of rec. Dec. 1
Monthly
4
Marine Midland Corp.(guar )
30e Mar.3 Holders of rec. Mar. 2s
Holders of rec. Mar. 210
Marlin-Rockwell Corp., coin. (guar.)...
500. Apr.
Maryland Casualty (guar.)
'5634c Mar.3 *Holders of rec. Mar. 12
Mathieson Alkali Works, corn.(guar.)._
Holders of rec. Mar. 130
50o. Apr.
Preferred (guar.)
144 Apr.
Holders of rec. Mar. 130
Maud Miller Candy, corn.(guar.)
Holders of rec. Mar .115a
250 Apr.
McAleer Mfg. Co. (guar.)
*Holders of rec. Mar. 20
"37340 Apr.
McCall Corp. corn. (guar.)
Holders of rec. Apr. 2111
62 Mc May
MoCaskey Regtster, 1st pref.(quar.)_ )
*Holders of rec. Mar.25
41.44 Apr.
Met oll-Prontrmw oll, pref.(guar.)
1 14 Apr. 1
Holders of rec. Mar. 31
McGraw Electric Co.(guar.)
•250. Apr.
*Holders of roe. Mar.20
McGraw-Hill Publishing,common (qu.)_
50o. Apr.
Holders of rec. Mar.20a
mcKeimport Tin Plate Blur.)
$1. Apr.
Holders of rec. Mar. 12a
Extra
50c. Apr.
Holders of ref. Mar. l2a
McLellan Stores, pref. A & B (quar.)_
Holders of reo. Mar. 20
134 Apr.
MoQuay-Norris Mfg. (guar.)
750. Apr.
Holders of rec. Mar.23
Mead Johnson & Co., common (quar.)
75o. Apr.
Holders of rec. Mar. 15
Common (extra)
50e. Apr.
Holders of rec. Mar. 15
Moron. & Mfrs. Saar., coin. A (guar.). '37)4o Apr.
*Holders of rec. Mar,16
Merchants & Miners Transp'n (quar.) *0254c Mar.3 *Holders of rec. Mar. 9
Merck Corp., preferred (guar.)
2
Apr.
Holders of rec. Mar. 17
Preferred (guar.)
2
July
Holders of rec. June 17
Mergenthaler Linotype (quar.)
$1.50 Mar.11 Holders of recs. Mar. 4o
Mesta Machine (guar.)
.500. Apr.
*Holders of rec. Mar. 14
Metropolitan Ice, pref. (guar.)
•134 Apr.
*Holders of roe Mar. 16
Preferred (extra)
*300. Apr.
*Holders of rec. Mar. 16
Metrop. Paving Brick. Prof. (quar.)
1)4 Apr.
Mar. 16 to
Mar. 31
hilokelberrys Food Products
Common (payable In corn.
*1234 May 15 *Holders of rec. May I
4, 234 Aug. 16 *Holders of rec. Aug. 1
Common (payable In corn. stock)._
1
4)1234 Nov.16 *Holders of rem. Nov. 2
Common (payable in corn. stock)
*87 No Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
Midland Steel Products, corn. (qua?.)
75e. Apr. 1 Holders of rec. Mar.23a
$2preferred (guar.)
•500. Apr. 1 *Holders of rec. Mar. 23
2
Apr. 1 Holders of rec. Mar.23a
8% preferred (guar.)
•21
Midvale Company (quar.)
Apr. 1 *Holders of rec. Mar. 14
Mill Factors, class A and R (guar.)
*750 Apr. 1 *Holders of rec. Mar. 20
4437440 Apr. 1 *Holders of rec. Mar. 15
Miller & Hart,Inc.(guar.)
Mitchell (J. S.) .5( Co., Ltd., prof. (qa.) 1M Apr. 1 Holders of rec. Mar. 16
Monroe Cho/ideal, pref. bluer.)
.8734c Apr. 1 *Holders of rec. Mar. 13
Monsanto Chemical Works (guar.)
3134o Apr. 1 Holders of rec. Mar. 10a
Montgomery Ward & Co., clam A (qu.)_ .$1.75 Apr. 1 *Holders of roe. Mar. 21
25e Apr. 1 Holders of rec. Mar. 18
Moore corp., Corn. (guar.)
144 Apr. 1 Holders of rec. Mar. 16
Class A and S (guar.)
*2
Morris Plan Bank (Hartford), (quar.)
Apr. I *Holders of rec. Mar. 27
250 Apr. 2 Holders of rec. Mar. 16
Morristown Securit tea Corp. (quar.1...Mortgage Guar.(Los Angeles) (Quer.)
*2
Apr. 1 *Holders of reo. Mar. 26
Motor Products (guar.)
50o Apr. 1 Holders of rec. Mar. 20a
Mountain Producers Corp.(guar.)
25eApr. 1 Holders of rec. Mar. 14a
Moxie Co.. class A (No. 1)
*75e Mar. 31 *Holders of rec. Mar. 14
Murphy (G. C.) Co., pref.(guar.)
Apr, 2 Holders of rec. Mar.21
2
Muskegon Piston Ring (quar.)
*750 Mar. 31 "Holders of rec. Mar. 13
Mutual Chemical of Amer., pref. (qu.).
Mar. 28 *Holders of rec. Mar.19
500 Mar.31 Holders of rec. Mar, 14a
Myers(F. E.)& Bros., corn.(quar.)...
1N Mar.31 Holders of reo:Mar. 14a
preferred bluer.)
Nashua Gummed & Coated Paper
preferred (guar.)
ii134 Apr. 1 *Holders of rec. Mar.25
)
guar.
National Battery, pref.(
55c Apr. 1 Holders of rec. Mar.17a
National Breweries (quar.)
40o Apr. I Holders of rec. Mar.16
44e Apr, 1 Holders of ree. Mar.16
Preferred (quar.)
2143
FINANCIAL CHRONICLE
Noma of Company,
Per
Waes
Cosi. Payabie,
Boon Closed.
Days IseJseim.
Miscellaneous (Contiassa).
•
National Biscuit, corn.(quar.)
700. Apr, 15 Holders of rec. Mar.20e
50o. Apr. 1 Holders of rec. Mar. 12
National Candy common (quar.)
134 Apr. 1 Holders of rec. Mar. 12
First and second pref.(guar.)
Nat,Comm. Title&Mtge.(Newark)(qu.) 0200. Apr. 1 *Holders of rec. Mar. 16
650. Apr. 1 Holders of rec. Mar. 100
National Dairy Products, corn.(guar.).114 Apr. 1 Holders of rec. Mar. 10
Preferred A and 11 (guar.)
National Fruit Products, pref. (guar.)._ •134 Apr. 1 'Holders of rec. Mar. 20
•50. Apr. 10 *Holders of rec. Mar. 31
Nat'l Industrial Loan Corp., monthlyNational Lead,common (quar.)
IN Mar.31 Holders of rec. Mar.130
134 May 1 Holders of rec. Apr. 170
Preferred B (guar.)
National Licorice. preferred (quar.).... 134 Mar.31 Holders of rec. Mar.23
750. Apr. 1 }folders of rec. Mar. 20
National Standard Co. (guar.)
500 Apr. 1 Holders of roe. Mar.17
National Steel Car Corp.(Var.)
500. Apr. 1 Holders of rec. Mar. 2
National Sugar Refining (guar.)
134 Mar.31 Holders of rec. Mar.210
National Supply of Del.. pref. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 180
National Surety Co. (guar.)
25e. Apr. 1 Holders of rec. Mar. 134
National Tea. corn. (quar.)
National Theatre SUPPLY. Pref. (quar.). *$1.75 Apr. 1 *Holders of rec. Mar. 16
National Trust (Toronto) (guar.)
334 Apr. 1 Holders of rec. Mar. 21
•144 June 1 'Holders of rec. May 20
Neiman-Marcus Co., pref. (guar.)
Preferred ((Mar.)
'1)4 Sept. 1 *Holders of rec. Aug. 20
Preferred (quar.)
•134 Dec. 1 *Holders of rec. Nov. 20
250. Apr. 1 Holders of rec. Mar. 20
Nelson (Herman) Corp.(war.)
Neptune Meter. pref.(guar.)
May 15 Holders of rec. May la
2
Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
2
2
Nov.15 Holders of rec. Nov. 14
Preferred (guar.)
25e. Mar. 31 Holders of rec. Mar. 130
Nevada Consol. Copper Co. (guar.)...
Newberry (J. J.) Co., corn.(guar.)
•2734c Apr. 1 *Holders of roe. Mar. 16
New England Equity, pref. (guar.).-- 2
Apr. 1 Holders of reo. Mar. 16
New England Grain Prod.
Aug. 1 *Holders of rec. July 14
Common (1-100 share pref. A 'took).Febl'3 *Hold. area. Jan. 14'32
Common (1-100 share pref. A stock)
87 preferred (guar.)
*$1.75 Apr. 1 *Holders of rec. Mar.20
*21.75 July 1 *Holders of rec. June 20
$7 preferred (guar.)
27 preferred (guar.)
*51.75 Oct. 1 *Holders of rec. Sept.20
$7 preferred (guar.)
•$1.75 Jan2'3 *Holders of ree. Dee. 20
Preferred A (guar.)
*$1.50 Apr. 15'Holders ofrec. Apr. 1
Preferred A (guar.)
•$1.50 July 15'Holders of rec. July I
Preferred A (guar.)
*51.50 Oct. 15 *Holders of rect. Oct. 1
Preferred A (guar.)
'82 *Hold. of reo. Jan. 2'32
•51.50 Ja15
Newman Mfg., oom. (qua?,)
)43440 Apr. 1 *Holders of roe. Mar.20
4
Newmont Mining Corp. (qator.)
Aor. 15 Holders of rec. Mar.31
$1
N.Y. Realty & Imtit., prof.(quar.).... '134 Mar.31 *Holders Of rfle. Mar. 14
New York Transit (guar.)
250 Apr, 15 Holders of roe. Mar.20
New York Transportation (quar.)
*50e Mar.28 *Holders of rec. Mar. 13
N. Y. Trap Rook. $7 pref. (guar.)
*81.75 Apr. 1 *Holders of roe. Mar.20
Niagara Share Corp.. oom.(guar.)
100. Apr. 15 Holders of rec. Mar.25
Preferred (guar.)
$1.50 Apr. 1 Holders of roe. Mar.20
Niagara Wire Weaving, oom.(puma- 3744e Apr. 1 Holders of rec. Mar.19
Preferred (guar.)
750. Apr. 1 Holders of rec. Mar.19
, Nichols Copper Co..ol. A & V ((Mara.- •25e. Apr, 1 *Holders of rec. Mar.20
Niles-Bement
-Pond Co. (guar.)
.50c. Mar. 31 *Holders of rec. Mar.21
Nineteen Hundred Corp.,ol. A (qua?.)
*50c. May 15 *Holders of roe. May I
Class A (guar.)
*50o. Aug. 15 *Holders of rec. Aug. 1
Class A (guar.)
•50e. Nov.15 *Holders of rec. Nov. 1
Noblitt-Sparks Industries,Inc. Mara-. '750. Apr. 1 *Holders of rec. Mar.12
Stock dividend
*014 Apr. 1 *Holders of rec. Mar. 12
North American Creameries, el. A (qu.) *35c. Apr. 1 "Holders of rec. Mar.16
North American Provision, pref. (guar.) •134 Apr. 1 *Holders of rec. Mar.10
North American Securities
e% Apr. 1 Holders of rec. Mar. la
North Central Texas 011 (guar.)
1M Apr. 1 Holders of rec. Mar. 10
Northern Discount, pref. A (mthly.)....• 60 2-3c Apr. 1 *Holders of roe. Mar.15
Preferred A (monthly)
•86 2-3c May 1 *Holders of rec. Apr. 15
Preferred A (monthly)
•86 2-3c June 1 *Holders of rec. May 15
Preferred A (monthly)
•66 2-3c July 1 *Holders of rec. June 15
Preferred A (monthly)
'602-3e Aug. 1 *Holders of rec. July 15
Preferred A (monthly)
•66 2-3c Sept. 1 *Holders of rec. Aug. 15
Preferred A (monthly)
•66 2-3c Oct. 1 *Holders of rec. sept.18
Preferred A (monthly)
•66 2-3e Nov. 1 *Holders of rec. Oct. 15
Preferred A (monthly)
'602-3c Dec. 1 *Holders of rec. Nov.15
Preferred A (monthly)
•662-3c Janl'8 *Holders of rec. Dec. 15
Preferred C (monthly)
*1
Apr. I *Holders of rec. Mar.15
Preferred C (monthly)
May 1 *Holders of roe. Apr. 15
*1
Preferred 0(monthly)
*1
June 1 *Holders oh rec. May 15
Preferred 0(monthly)
July 1 *Holders of rec. June 15
*1
Preferred C (monthly)
*1
Aug. 1 *Holders of rec. July 15
Preferred C (monthly)
Sept. I *Holders of rec. Aug. 15
*1
Preferred C (monthly)
Oct. 1 *Holders of rec. Sept.15
•1
Preferred C (monthly)
Nov. 1 *Holden of rec. Oct. 15
*1
Preferred C (monthly)
Dec. 1 *Holders of rec. Nov. 15
"1
Preferred C (monthly)
*I
Ili 1'32 *Holders of rec. Dec. 15
Northwest Bancorporation (Once.)
•450. Apr. 1 *Holders of rec. Mar. 20
Novadel-Agenc Corp., corn. (guar.)._
51
Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
154 Apr. 1 Holders of reo. Mar. 21
Ntmn-liush & Weldon Shoe, corn. (qu.). "25o Mar.31 *Holders of rec. Mar. 14
First preferred (Oiler.)
*31.75 Mar.81 *Holders of rec. Mar. 14
Second preferred (attar.)
• $1.875 Mar. 31 "Holders of rec. Mar. 14
Oceanic 011 (bl-monthly)
•20 Mar.25 *Holders of rec. Mar. 16
Ogilvie Flour Mills, common (quar.).... 2
Apr. 1 Holders of rec. Mar. 24
Ohio Seamless Tube. pref. (quar.)
134 tor. 1 Mar. 15 to Mar. 31
Ohmer Fare Register, pref. (guar.)
*114 Apr. 1 *Holders of rec. Mar.24
mattocks, Ltd., class A At B touar.)
•10c Mar,81 *Holders of rec. Mar. 16
Old Colony Trust Associates (guar.).- *50e Apr. 1 *Holders of rec. Mar. 15
',minibus Corp., pref.(guar.)
2
Apr. 1 Holders of rec. Mar. 13a
Ontario Loan & Debenture (guar.)
$1.50 Apr. 1 Holders of rec. Mar.16
Ontario Manufacturing, pref.(guar.)._ *1.44 Mar.31 *Holders of rec. Mar.20
Ontario Tobacco Plantations, pref.(qu.) 1
Apr. 1 Holders of rec. Mar. I
1
July.
Preferred (quarterly)
Preferred (quarterly)
1
Oct.
Preferred (quarterly)
1
Jan.'32
Orpheum Circuit, Pref. (guar.)
2
Apr. 1 Holders of rec. Mar.200
Otis Steel, prior pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 19
Owens Illinois Glass. Prof. (guar.)
1m Apr, 1 Holders of rec. Mar. 16
Pacific Freight Linea Corp., Prof. (qtr.) 4334 e. Apr. 1 Holders of rec. Mar. 10
Pacific) Indemnity (guar.)
*35o. Apr. 1 'Holders of rec. Mar. 15
Packer Corp. (guar.)
8734e Apr. 1 Holders of rec. Mar.200
Page-Hershey Tubes, corn.(guar.)
51.25 Apr. 1 Holders of roe. Mar. 20
Preferred (quar.)
$1.75 Apr. 3 Holders of rec. Mar.20
Paraffine Cos., common (guar.)
Mar.21 Holders of roe. Mar. 17
$1
Paramount Publlx Corp.,corn.(guar.)._ $1
Mar.28 Holders of roe. Mar. 6s
Peabody Engineering. pref. (Oiler.)..
'1)4 Mar.3 *Holders of rec. Max.20
Preferred (guar.)
•134 June 30 *Holders of rec. June 30
Preferred (quar.)
•134 Sept.30 *Holders of rec. Sept .20
Preferred (guar.)
*134 Dec. 31 *Holders of roe. Dec. 30
Penman& Ltd., common (quar.)
$1 May 15 Holders of rec. May 5
Preferred (guar.)
134 May 1 Holders of rec. Apr. 21
Penney (J. C.) Co.. oom.(guar.)
800 Mar.81 Holders of rec. Mar.20
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 20
Perfect Circle Co.(guar.)
flOo Apr. 1 Holders of rec. Mar. 20
Perfection Stove (monthly)
•133(0 Mar.31 *Holders of rec. Mar. 20
Pet Milk Co., common (guar,)
3734c Apr, 1 Holders of rec. Mar. Ila
Preferred (guar.)
IN Apr. 1 Holders of rec. Mar. 11
Pfaudler Co., corn. (guar.)
i0134 Apr. 1 *Holden of rec. Mar. 20
Phelps Dodge Corp. (Oiler.)
50c Apr, 1 Holders of rec. Mar. 140
Phila. Dairy Products, pr. pref. (qu.).. 144 Apr. 1 Holders of roe. Max.20
Picardy Candy Ltd.. pref. (guar.)
*434(o Apr. 1 *Holders of rec. Mar.20
Pie Bakeries ofAmerlea, class A (guar.)
*
50c Apr. 1 Holders of rec. Mar. 14
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 14
Pioneer Gold Mines
Sc.Apr. 1 Holders of rec. Mar. 16
Pitney-Bowes Postage Meter (guar.)._
•50 Apr. 1 *Holders of rec. Mar. 24
Pittsburgh Plate Glass (guar.)
*50o Apr. 1 *Holders of rec. Mar. 11)
Pittsburgh Steel Foundry, pref. (quar.).
Apr. 1 *Holders of rec. Mar. 23
Pittston Company,common(guar.).38e Apr. I Holders of rec. Mar.18a
Port Huron Sulphur & Paper, Pf. (qui_ *134 Apr. 1 *Holders of rec. Mar. 15
Porto Rican Amer. Tobacco (guar.).- 8741c Apr. 10 Holders of rec. Mar. 20a
Powdrell & Alexander. pref.(guar.)._ *144 Apr. 1 *Holders of rec. Mar. 16
Power Gas & Water Secur., pref. (Qu.). *150 Apr. 1 *Holders of rec. Mar.20
Prairie Oil& Gas(guar.)
500 Mar. 31 Holders of rec. Feb. 28a
Prairie Pipe Line (guar.)
750 Mar.31 Holders of rec. Feb. 280
Pratt & Lambert. Inc.(qmar.)
Apr. 1 *Holders of rec. Mar.16
*31
Premier Gold Mime (qua:,)
3c. Apr. 4 Holders of rec. Mar. 18
"154
2144
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Pressed Metals of America, corn. (quar.) 12Kc. Apr. 1 Holders of rec. Mar. 16
Pressed Steel Car, pref. (guar.)
1 y5 Mar. 31 Holders of rec. Mar. 20
Price Bros. At Co., Ltd., common (guar.)
Apr. 1 Holders of rec. Mar. 14
Preferred (quar.)
115 Apr. 1 Holders of rec. Mar. 14
Procter dr Gamble,8% Pref.(quar.)
2
Apr. 15 Holders of rec. Mar. 25a
Public Utility Holding Corp., pre.(qu.) .750. Apr. 1
Pure 011 Co., 5K% pref. (guar.)
1K Apr. 1 Holders of rec. Mar. 10
6% preferred (quar.)
1 K Apr. 1 Holders of rec. Mar. 10
Apr. 1 Holders of rec. Mar. 100
8% preferred (quar.)
2
Apr. 15 *Holders of rec. Apr. 1
Quaker Oats, common (guar.)
*51
Common (extra)
Apr. 15 *Holders of rec. Apr. 1
4
13
Preferred (quar.)
*ISi May 29 *Holders of rec. May 2
Radio Corp. of Amer., pref. A (quar.)
87S5c. Apr. 1 Holders of rec. Mar. 2a
Preferred B (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 2a
Rath Packing (guar.)
*50c. Apr. 1 *Holders of rec. Mar.20
Real Silk Hosiery Mills, corn. (quar.)__ _ rif2K Apr. 1 Holders of rec. Mar. v20a
July 1 Holders of rec. June 19a
Corn. (quar.) (payable in corn. stock). of2
Corn. (guar.) (Payable in corn. stock)_ 1 Si Oct. 1 Holders of reo. Sept. 18a
2
Corn. (guar.) (payable In corn. stock)_ ri254 Jan 1'32 Holders of rec. Dec. 18a
Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.)
Reece Buttonhole Machine (guar.)
350. Apr. 1 Holders of reo. Mar. 16
5o. Apr. 1 Holders of rec. Mar. 16
Reece Folding Machine (guar.)
Reed (Tom) Gold Mining (No. 1)
•30. Apr. 1 *Holders of rec. Mar. 16
•25e. Mar.31 'Holders of rec. Mar. 21
Reed Roller Bit (guar.)
•Ily • Apr. 1 *Holders of rec. Mar. 20
i
Reliance Mfg. of Ills.. pref.(guar.)
Reliance Mfg. (Ohio) corn. (quar.)--500. Apr. 1 Holders of rec. Mar. 160
Remington Arms Corp., lot pref.(guar.) *1K Apr. 1 *Holders of rec. Mar. 20
Remington Rand, Inc., first pref.(guar.) 1 K Apr. 1 Holders of rec. Mar. 100
Apr. 1 Holders of rec. Mar. 16a
2
Second preferred (guar.)
be. Apr. 1 Holders of rec. Mar. 10a
Reo Motor Car (quar.)
75e. Apr. 15 Holders of res. Apr. 1
Republlo Supply Co. (quer.)
75e. July 16 Holders of rec. July 1
Quarterly
75e. Oct. 15 Holders of res. Oot. 1
Quarterly
750. Apr. 1 Holders of rec. Mar. 16
Research Investment Corp., pref. (qu.)
1% May 1 Holders of rec. Apr. 100
Revere Copper & Brass, pref. (guar.)_
Reynolds (R. J.) Tobacco
750. Apr. 1 Holders of rec. Mar. 18
Common and common B (quar.)
1K Apr. 1 Holders of roe. Mar. 15
Rice-Stix Dry Goods, 1st & 2d pf.
*115 Mar.31 *Holders of rec. Mar. 16
Inc., pref.(guar.)
(41.)Rich's
55e. Apr. 1 Holders of rec. Mar. 16
Rike-Kumier Co., common (quar)._
*1
Apr. 1 *Holders of rec. Mar. 24
Preferred (guar.)
500 Apr. 1 Holders of tea. Mar. 14
Riverside Silk Mills. class A (quar.)Robinson Consolidated Cone (quar.)_ _ 37Si c Apr, 1 Holders of rec. Mar. 15
*50c. Apr. 1 'Holders of rec. Mar. 20
Ross Gear & Tool, common (guar.).
250 Apr. 1 Holders of rec. Mar. 90
Royal Baking Powder, common (quar.)
1 y5 Apr. 1 Holders of rec. Mar. 90
(guar.)
Preferred
Safety Car Heating & Ltd., coin.(guar.) *32 Apr. 1 *Holders of rec. Mar. 14
600. Mar.20 Mar. 10 to Mar.20
(quar.)
St. Joseph Lead Co.
25c. Apr d15 Holders of rec. Mar. 31
St. Lawrence Corp., pref. A (quar.)
75c. Apr.d15 Holders of rec. Mar. 31
St. Lawrence Paper Mills, 6% pf. (qu.) _
Apr. 1 *Holders of rec. Mar. 24
St. Louts National Stock Yards (quara_ *2
25e. Mar. 31 Holders of rec. Mar. 160
St. L. Rocky Mt. dr Pao. Co., corn.(qua
1g Mar. 31 Holders of rec. Mar. 160
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 10
St. Regis Paper, common (guar.)
1K Apr. 1 Holders of rec. Mar. 10
Preferred (quar.)
$1.25 Apr. 1 Holders of tee Mar. 180
Safeway Stores (quar.)
1 ai Apr. 1 Holders of rec. Mar. 180
7% preferred (quar.)
1K Apr. 1 Holders of rec. Mar. 180
6% preferred (quar.)
•7c. Apr. 1 *Holders of rec. Mar. 14
Salt Creek Consol. 011 (quer.).
Sept. 1 *Holders of rec. Aug. 15
Saranac Pulp & Paper, stock dividend •e5
*1K May 15 *Holders of rec. May 1
Savage Arms, second pref.(quar.)
Apr. 1 Holders of rec. Mar. 12a
2
Schulte Retail Stores, pref. (quar.)
Schulze Baking, pref. (guar.)
*1I4 Apr, 1 *Holders of rec. Mar. 16
75e. Apr. 1 Holders of rec. Mar. 16
Convertible preferred (guar.)
4
.25o. Mar. 27 *Holders of ree. Mar. 17
Schumacher Wallboard, corn. (No. 1)
350. Mar. 31 Holders of rec. Mar. 170
Scott Paper (quar.)
4
.500. Apr. 1 *Holders of rec. Mar. 16
Soovill Mfg.(quar.)
May 1 Holders of rec. Apr. 80
Sears, Roebuck & Co., stook div.(qu.)- el
250. Apr. 1 Holders of rec. Mar. 14
Second Internat. Corp., corn. A (quar.)_
75c. Apr. 1 Holders of rec. Mar. 14
6% first preferred (guar.)
750. Apr. 1 Holders of rec. Mar. 14
6% second preferred (quar.)
Second Internat'l See., class A (quar.)._ •25c. Apr. 1 *Holders of rec. Mar. 15
*750. Apr. 1 *Holders of rec. Mar. 15
First and second pref. (guar.)
114 Apr, 1 Holders of rec. Mar. 16
Secord (Laura) Candy Shops, pf.(qu.)._
•750. May 1 *Holders of rec. Apr. 15
Seeman Brothers, Inc., corn.(quar.)._
Selected Industries, Inc.
$5.50 unstamped prior stock (Oct. 1
$2.75 Apr. 1 Holders of rec. Mar. 200
1930 to March 31 1931
$5.50 stamped prior stock (Jan. 1 to
$1.375 Apr. 1 Holders of rec. Mar. 20a
March 31 1931)
Unstamped convertible stook (Oct. 1
51.875 Apr, 1 Holders of rec. Mar. 20a
'29 to Dec.31 '30)
(Toronto), A&B(qu.) 650. Apr. 1 Holders of rec. Mar. 16
Serv.Stations, Ltd.
*50c. Apr. 1 *Holders of rec. Mar. 20
Shaler Co.. class A (guar.)
250. Apr. 10 Holders of rec. Mar. 200
Shattuck (F. G.) Co. (quar.)
200. Apr, 1 Holders of rec. Mar. 17
Shawmut Association (guar.)
*51
Sept.15 *Holders of rec. Sept. 1
StiesJfer (W. A.) Pen Co., common
Apr. 20'Holders of rec. Mar. 30
*2
Preferred (quar.)
July 20 *Holders of ree June 30
•2
Preferred (guar.)
Oct. 20 *Holders of tee. Sept .30
.
02
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 10a
Shell Union Oil, pref.(quar.)
40o. Mar. 31 Holders of reo. Mar. 14a
Sherwin-Williams Co.(Can.). corn. (qua
1% Mar. 31 Holders of reo. Mar. 14a
Preferred (guar.)
Shur-On Stand. Optical Co., pr. pf.(qu.) *1 t5 Apr. 1 'Holders of rec. Mar. 31
Silver Brook Anthracite, pref. (quar.)_. •75c. Apr. 1 *Holders of reo. Mar. 20
3
May 1 Apr. 16 to Apr. 30
Simpson (Robert) Co
250. Apr. 15 Holders of reo. Mar. 180
Sinclair Consol. 011 Corp., Md.(quar.)..
Singer Manufacturing (quar.)
•214 Mar. 31 *Holders of rec. Mar. 10
'234 Mar. 31 *Holders of rec. Mar. 10
Extra
Skelly 011, pref. (guar.)
•134 May 1 *Holders of rec. Apr. 1
•1
Apr. 1 *Holders of ree Mar. 21
Slattery (E. T.) Co. (guar.)
Smith (L.C.)& Corona Typewriter.
•135 Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
•250. Mar.31 *Holders of rec. Mar. 14
South Penn 011 (quar.)
Apr. 1 Holders of rec. Mar. 120
South Porto Rico Sugar Co., pref.(guar.) 2
Apr. 1 *Holders of rec. Mar. 16
41
Southwest Pa. Pipe Lines (quar.)
50e. Apr. 15 Holders of rec. Mar.31a
Spalding (A. G.) dr Boa., coin.(quar.)1 K Apr. 1 Holders of rec. Mar. 160
Spang, Chalfant & Co., pref. ((Mar.)
2.5c. Mar, 31 Holders of rec. Mar. 14a
Sparks Withington Co., corn. (qu.)75o. Mar. 31 Holders of tea. Mar. 15
Sparta Foundry Co. (quar.)
25c Mar, 30 Holders of rec. Mar. 10
pref. (.111.)
Spencer Trask Fund, corn. &
Square D Company, class A (quar.)---- *55c Mar. 31 *Holders of reo. Mar.20
300 Apr. 1 Holders of rec. Mar. 9a
Standard Brands, corn. (quar.)
134 Apr, 1 Holders of rec. Mar. 90
Preferred (guar.)
Standard Coosa Thatcher. pref.(quar.). *115 Apr. 15 *Holders of rec. Apr. 15
•40c Mar. 31 *Holders of ree. Mar. 16
Standard 011 (Kentucky) (quar.)
6234e Apr. 1 Holders of tee. Mar.16
Standard Oil (Ohio), corn.(guar.)
134 Apr. 15 Holders of roe Mar. 31
5% preferred (quar.)
Mar. 30 *Holders of rec. Mar.24
•2
Standard Safe Deposit Co. (guar.)
75e. Apr. 1 Mar. 16 to Mar. 31
Standard Steel Constr., cl. A (quar.)__.
50c. Mar. 30 Holders of rec. Mar. 18a
Starrett (L. S.) Co., corn, (guar.)
al r5 Mar. 30 *Holders of rec. Mar. 18
First preferred (quar.)
*75o. Apr. 1 *Holders of rec. Mar. 14
Starrett Corp.. Pre/.(quar.)
434/0 May 1 Holders of reo. Apr. 7
Steel Co.of Canada,corn.& pre/.(quar/
115 Apr. 1 Holders of rec. Mar. 16
Stein (A.) dr Co., pref. (qum.)
Steneck Title & Mtge. Guaranty (qu.). •100. Apr. 1 *Holders of rec. Mar. 15
•5e. Apr. 1 *Holders of rec. Mar. 15
Extra
Stock Exchange &cur., Inc., cl. A (qu.) ..373.4r Mar. 1 *Holders of rec. Mar. 15
750. Apr. 15 Holders of rec. Mar. 170
Stone & Webster, Inc. (guar.)
Strawbridge & Clothier, 7% pref. (quar.) •135 Apr. 2 *Holders of rec. Mar.16
•15c. Apr. 1 *Holders of rec. Mar. 18
Stroock (S.) & Co.. corn. (quar.)
Superior Portland Cement,cl. A (mthly.) '27*40 Apr. 1 *Holders of tee Mar.23
25c. Apr. 1 Holders of rec. Mar. 13
Supertet Petroleum, ord. & corn. (qu.)
Preferred A (guar.)
135 Apr. 1 Holders of rec. Mar. 13
3734c. AM*. 1 Holders of rec. Mar. 13
Preferred B (guar.)
50c. AM'. 1 Holders of rec. Mar. 10
Swift & Co. (guar.)
Tamblyn (G.) Ltd., (guar.)
14/ Apr. 1 Holders of rec. Mar. 21
Taylor Colquitt Co., common (quar.) *56 K0 APr. 1
*1135 Apr. 1 *Holders of rec. Mar. 27
Preferred (quar.)
0234c Apr. 1 Holders of rec. Mar. 10
Taylor milling Corp.. corn. (quar.)
250. Apr, 15 Holders of rec. Mar. 25
Telephone Bond & Share. corn. A (extra)
[VOL. 132.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Telep.Inv. Corp.(monthly)
"200. Apr. 1 *Holders of reo. Mar. 20
Tennessee Products Corp., corn. (quar.) •250. Apr. 10 *Holders of rec. Mar. 31
Texas Corporation (guar.)
750. Apr. 1 Holders of rec. Mar. 60
Texon Oil & Land, common (quar.)250. Mar. 31 Holders of rec. Mar. 10
40e. Apr, 1 Holders of rec. Mar. 20a
Thatcher Manufacturing, corn. (quar.)Thompson (John R.) Co.(guar.)
500, Apr, 1 Holders of rec. Mar.230
Thonrson-Gibb Elec. Weld.. el. A (N0•1
) *50c May 1 'Holders of rec. Apr. 21
30c Apr, 1 Holders of rec. Mar.200
Thompson Products Corp., Cow. (quar.)
Thompson's Spa, Inc., $6 pref.(guar.) "51.50 Apr. 1 'Holders of rec. Mar. 9
Thompson-Starret Co., pref. (quar.)- - - 87)-5c Apr, 1 Holders of rec. Mar. Ila
Tide Water Associated 011, pref. (qu.)
134 Apr. 1 Holders of rec. Mar. 146
20c. Mar. 31 Holders of ree. Mar. 140
Tide Water Oil, corn. (guar.)
20c, Apr. 1 Holders of rec. Mar. 20a
Timken-Detroit Axle, corn.(quar.)
Apr, 1 Mar. 24 to Mar. 31
3
Toronto General Trusts (guar.)
$1.50 Apr. 1 Holders of tea. Mar. 14
Toronto Mortgage Co.(guar.)
750, Apr. 1 Holders of rec. Mar. 19
Torrington Co. (guar.)
250. Apr. 25 Holders of rec. Apr. d4a
Transamerica Corp. (guar.)
*2
Apr. 1 *Holders of rec. Mar. 25
Traylor Eng. dr Mfg., pref. (quar.)
Trico Products Corp.(guar.)
62Sic Apr. 1 Holders of rec. Mar. lla
Tr -Continental Corp., pref. (guar.)._
134 Apr, 1 Holders of rec. Mar. 160
TA-Utilities Corp., corn. (guar.)
30c. Apr, 1 Holders of rec. Mar. 13
Common (payable in common stock). 11 Apr. 1 Holders of rec. Mar. 13
75c. Apr. 1 Holders of rec. Mar. 13
$3 convertible preferred (guar.)
75c. May 1 Holders of rec. Apr. 15
$3 cumulative pref. (guar.)
$1.50 May 1 Holders of rec. Apr. 15
$6 preferred (guar.)
30c. Apr. 15 Holders of rec. Mar. 266
Truscon Steel, common (guar.)
400. Apr. 15 Holders of rec. Apr. la
Ulen & Co., com.(quar.)
Underwood-Elliott Fisher Co.,com.(qu) $1.25 Mar. 31 Holders of rec. Mar. 120
134 Mar,31 Holders of rec. Mar. 120
Preferred (quar.)
650. Apr. 1 Holders of rec. Mar. 44
Union Carbide dr Carbon (quar.)
50c. Apr, 1 Holders of rec. Mar. 200
Union Metal Mfg., corn. (guar.)
25c, Apr, 1 Holders of rec. Mar. 200
Common (extra)
*2
Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
75e. Apr. 1 Holders of reo. Mar. 100
United Aircraft & Transport, pr. (qu.)_
.134 Apr. 1 *Holders of rec. Mar. 20
United Business Publishers, pref. (4u.) 4
United Cigar Stereo o Amer., prof.(qu.) 134 May 1 Holders of reo, Apr. 191
134 Aug. 1 Holders of roe. July 100
Preferred (guar.)
Preferred (guar.)
134 Nov. 2 Holders of ree. Oct. 9.
15-4 Apr, 1 Holders of tee. Mar.130
United Dyewood. prof. (quar.)
40c. Mar. 24 Holders of rec. Mar. 12
United Elastic Corp. (guar.)
31
Apr. I Holders of ree. Mar. 24
United Fruit (quar.)
1131 Apr. 1 *Holders of rec. Mar. 20
United Loan Corp.(Bklyn.) (quar.)
50c. May 1 Holders of rec. Apr. 150
United Piece Dye Works,corn.(quar.)
500. Aug. 1 Holders of roc. July 156
Common (quar.)
50c. Nov. 1 Holders of too. Oct. 150
Common (quar.)
Preferred (quar.)
134 Apr. 1 Holders of ree. Mar. 20a
155 July 1 Holders of reo. June 20a
Preferred (quar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 19a
Preferred (guar.)
134 Jan1'32 Holders of reo. Dee. 190
2
Apr. 10 Holders of rec. Mar.23
United Securities, Ltd.(annual)
6210 Apr, 6 Holders of rec. Mar. 17
United Shoe Mach.,com.(quar.)
Preferred (quar.)
373-40 Apr, 6 Holders of rec. Mar. 17
U. S. Capital Corp., class A (No. 1)- *25c. Apr. 1 *Holdere of rec. Mar. 14
40c. Mar. 31 Holders of rec. Mar. 146
U.S. Gypsum, corn.(guar.)
Preferred (quar.)
134 Mar. 31 Holders of rec. Mar. 140
U. S. Leather, prior preferred (quar.)- 144 Apr. 1 Holders of rec. Mar.100
4
.1323-4e Apr. 1 *Holders of rec. Mar.21
U. S. Playing Card (guar.)
U. S. Printing & Lithographing (quar.). *75c. Apr. 1 'Holders of rec. Mar. 21
12Sic. Apr. 1 Holders of rec. Mar. 160
United States Foil corn A & B (qu.)
Preferred (guar.)
15-4 Apr, 1 Holders of rec. Mar. 160
50c. Afir, 20 Holders of rec. Mar. 310
United States Pipe & Fdy., corn.(qu.)..
50c. July 20 Holders of rec. June'30a
Common (guar.)
50o. Oct. 20 Holders of rec. Sept. 304
Common (guar.)
500. 1n20'32 Holders of rec. Dec. 310
Common (quar.)
300. Apr. 20 Holders of rec. Mar.310
First preferred (guar.)
30e. July 20 Holders of tee. June 30s
First preferred (quar.)
300. Oct. 20 Holders of roe. Sept. 30a
First preferred (guar.)
30e, Jn20'32 Holders of roe. Dec. 31a
First preferred (guar.)
United States Steel Corp.. corn. Mara_
134 Mar.30 Holders of rec. Feb. 280
$1.10 Apr. 1 Holders of rec Mar 160
United States Tobacco, corn (quar)
Apr. 1 Holders of rec Mar 160
Preferred (quar)
75o. May 1 Holders of rec. Apr. 17
Universal Leaf Tob., corn.(guar.)
2
Apr. 1 Holders of rec. Mar. 19
Preferred (guar.)
Apr. 1 Holders of tee. Mar. 290
2
Universal Pictures, 1st pref. (quar.)-Universal Products (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 16
Utah Copper Co (quar)
$2 Mar 31 Holders of rec Mar 13a
Apr. 1 *Holders of rec. Mar. 18
*2
Valvoline Oil, preferred (quar.)
Vanadium-Alloys Steel (quar.)
•550. Mar.31 *Holders of rec. Mar.20
Van de Ramps Holland Dutch Bakeries
• $1.625 Apr. 1 'Holders of rm. Mar. 10
Preferred (quar.)
Vapor Car Heating, pref. (quar.)
'134 June 10 *Holders of tee June 1
Preferred (guar.)
'134 Sept. 10 *Holders of tee Sept. 1
•I35 Dec. 10'Holders of rec. Dee. 1
Preferred (quar.)
115 Apr
1 Holders of rec Mar 7
Virtu Biscuit, first preferred (guar )
Victor Monaghan Co., pref. (quar.)_ _ '15-4 Apr. 1 *Holders of rect. Mar.20
•600. Mar. 15 *Holders of reo. Mar. 1
Viking Pump Co., pref. (quar.)
*50e. Apr. 1 *Holders of rec. Mar. 14
Vogt Manufacturing (guar.)
50e. Apr. 1 Holders of reo. Mar. 20
Vortex Cup Co., corn. (guar.)
*623dc Apr. 1 *Holders of rec. Mar. 20
Class A (guar.)
51
Apr. 20 Holders of rec. Apr. 711
Vulcan DetinnIng, corn, (guar.)
Apr. 20 Holders of tee. Apr. 74
Preferred (guar.)
Wagner Elec Co., prof (guar )
135 Apr 1 Holders of tee Mar 20
Waitt & Bond, Inc., class B (quar.)
*200. Mar. 31 *Holders of rec. Mar. 16
Waldorf System, corn,(guar.)
37Sic Apr, 1 Holders of rec. Mar. 200
Preferred (quar.)
20c. Apr, 1 Holders of rec. Mar. 20
Walgreen Co., pref.(guar.)
Apr. 1 Holders of rec. Mar. 200
Waltham Watch,6% pref. (quar.)
50c. Apr. 1 Holders of rec. Mar. 23y
6% preferred (quar.)
4
.500. July 1 *Holders of reo. June 22
6% preferred (guar.)
*50o. Oct. 1 *Holders of tee. Sept.21
Walworth Co., preferred (guar.)
•750. Mar.31 *Holders of rec. Mar. 20
Ward Baking, pref. (quar.)
15-4 Apr. 1 Holders of reo. Mar. 174
Warner Co.. common (guar.)
50o. Apr. 15 Holders of too. Mar. 31
First and second preferred (quar.).,,.
$1.75 Apr. 1 Holders of reo. Mar. 14
Warren Bros. Co., corn.(quar.)
75c. Apr, 1 Holders of reo. Mar. 210
First preferred (quar.)
25e. Apr, 1 Holders of reo. Mar. 210
Second preferred (guar.)
29 1-6e Apr. 1 Holders of rec. Mar. 2I0
Convertible preferred ((Plan)
750. Apr. 1 Holders of rec. Mar. 21a
Warren Foundry & Pipe (guar )
50e Apr, 1 Holders of ree Mar 110
Waukesha Motor, common (quar.).*75c. Apr. 1 *Holders of rec. Mar. 15
Webster-Eisenlohr, Inc., pref. (quar.)
135 Apr. 1 Holders of tee Mar. 200
Weinberger Drug Stores, Ino., com.(qn.) 25
Apr. 1 Holders of rco. Mar. 210
Common (extra)(payable in corn.stk.) .fl. Apr. 1 Holders of reo. Mar. 210
Wesson 011 dr Snowdrift, common (qu.).
500. Apr. 1 Holders of ree. Mar. 140
Westchester Service Corp.,$7 pr.pf.(qu.) *51.75 Apr. 1 *Holders of rec. Mar. 18
West Coast 011, pref (guar )
*134 Apr 6 *Holders of rec Mar 28
West Point Mfg.(quar.)
•13-4 Apr. 3 *Holders of tee. Mar. 14
West Va. Pulp & Paper,6% prof.(qua 13-4 May 15 Holders of rec. May 1
6% preferred (quar.)
13-4 Aug. 15 Holders of rec. Aug. 1
6% Preferred (guar.)
134 Nov. 16 Holders of rec. Nov. 2
Western Electric Co., corn. (quar.)
*S1 Mar. 31 *Holders of rec. Mar. 26
Western Grocers (Canada) pref. (quar.)_
155 Apr, 15 Holders of rec. Mar. 20
Western Maryland Dairy, pf.
•$1.50 Apr. 1 *Holders of rec. Mar. 20
Western Reserve Investing, pr. rif.(q1 1.)134 Apr. 1 Holden of rec. Mar. 140
.
Western Tablet & Stat., ans.
*500. May 1 *Holders of rec. Apr. 20
4.13.‘ Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
50c. Apr. 30 Holders of rec. Mar. 31
Westinghouse Air Brake (guar.)
30c. Apr. 1 Holders of rec. Mar. 16
Westmoreland, Inc. (guar.)
250. Apr, 1 Holders of rec. Mar. 190
Weston Electrical Instrument,corn.(qua
500. Apr. 1 Holders of rec. Mar.100
Claire A (quar.)
Apr. 1 *Holders of tee. Mar. 12
Wheeling Steel Corp.. pref. A (Var.).- *2
4234 Apr. 1 'Holders of tee Mar. 12
Preferred B (guar.)
$1
Apr. 1 Holders of tee. Mar. 14a
WhIto Rock Mineral Springs. cdfil•
500. Apr. 1 Holders of ree. Mar. 140
Common (extra)
First preferred (quar.)
15-4 Apr. 1 Holders of rec. Mar. 14
Apr. 1 Holders of rec. Mar. 14
5
Second preferred (guar.)
215 AM. 1 Holders of rec. Mar. 14
Second preferred (extra)
ge Mar. 31 Holders of ree. Mar. 200
Wilcox-Rich Corp., class A (guar.)
Apr, t Holders of rec. Mar. 16
Will & Baumer Candle Co., pref. (guar.) 2
Wilson (Percy) & Co.,common (guar.).- *50o. Apr. 1 *Holders of rec. Mar. 14
50e. Apr. 1 Holders of reo. Mar. 20
Winn & Lovett Grocery, el. A (quar.)134 Apr, 1 Holders of rec. Mar. 20
Preferred (quar.)
134
134
134
MAR. 21 1931.]
When
Per
Cent. Payable
Name of Company.
Miscellaneous (Concluded).
Winsted Hosiery, corn. (quay.)
52% May
Common (quar.)
5234 Aug.
Common (quar.)
*235 Nov.
Wood (Alan) Steel Corp., Pref.(quar.)
1% Apr.
Woodruff & Edwards, class A (quar.)
525e. Apr.
Worthington Pump & Mach.,pf.A KM/- 1% Apr.
el% Apr.
Preferred A (acct. accum. divs.)
1% Apr.
Preferred B (quar.)
513( Apr.
Preferred B (acct. accum. diva)
250. Apr.
Wrigley (Wm.) Jr. Co.(monthly)
254c. Apr.
Wright-Hargreaves Mines
*1% Apr.
Wurlitaer (Rudolph). Prof. (quar.)
*1% July
Preferred (quar.)
Yale & Towne Mfg. guar.)
500. Apr.
Yosemite Holding Corp., pref. (quar.)__ *87540 Apr.
Apr
Youngstown Sheet & Tube, corn
)-- $1
1% Apr.
Preferred (quar.)
75c. Apr.
Young (L. A.) Spring & Wire, corn.(qu.)
Books Closed.
Days Inclusive.
•Holders of roe. Apr. 15
*Holders of rec. July 15
*Holders of rec. Oct. 15
Holders of rec. Mar. 10a
*Holders of rec. Mar. 20
Holders of rec. Mar. 10
Holders of rec. Mar. 106
Holders of rec. Mar. 106
Holders of rec. Mar. 106
Holders of rec. Mar. 206
Holders of rec. Mar. 14
•Holders of ree. Mar. 206
*Holders of rec. June 20
Holders of rec. Mar. ha
*Holders of rec. Mar. 15
Holders of rec Mar. 14a
Holders of rec. Mar. 14 a
Holders of rm. Mar. 166
•From unofficial sources. t The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
I 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 'Premier books not closed for this dividend.
S Internat. Ilydro-Elec. class A divided is optional either 50 cents cash or 1-50th
share class A stock.
a Correction. e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated
M./Mends. .1 Payable In preferred stock.
Algonquin Mines dividend is one share of North Ontario Mines, Inc., for each
five shares of Algonquin Mines stock.
Genii Gas & Elec. class A dividend is payable in class A stock and scrip at rate
of $5 per share unless notice of holders election to take cash is received prior to
March 10.
m All transfers received in London on or before March 3 will be in time for payment of dividend to transferees.
n Commercial Invest. Trus cony. pref. dividend will be paid in corn, stock at
rate of 1-52 shares unless holder notifies company on or before March 16 of his
desire to take cash.
o Central States E'er). cony, pref. series of 1928 div. payable $1.50 in cash or
3-32d. share corn. stock; series of 1929, 81.50 cash or 3-64ths share corn. stock.
y American Cities Power & Light class A dividend is payable in class B stock
at rate of 1-32d share, unless holder notifies company by April 14 of his desire to
take cash. 75e. class B dividend is payable in class B stock.
Shenandoah Corp. pref.stock dividend is 1-32d share common stock or Mc.cash.
r Utilities Power & Light class A die. payable 1-40th sh. class A stock or 50e. cash.
Class B, 1-40th share corn, stock or 25c. cash. Stockholders will receive stock
unless holder notifies company by close of business March 13 of his desire to take
cash. Common stock dividend is payable 1-40th share corn, stock or 25c. cash.
S Imperial Tobacco of Canada dividend for year 1930 Is subject to ratification at
stockholders meeting on March 16.
t General Realty de Utilities $6 pref. dividend is payable either 60-1,000ths share
common stock or $1.50 cash at option of holder.
o Real Silk Hosiery Mills stock dividends subject to approval at stockholders'
meeting March 26. New York Stock Exchange rules common stock be not exdividend until further notice.
w Lees deduction for manses of depositary.
V Waltham Watch transfer books close March 7 for annual meeting; stock will
be ex-dividend March 7, not March 23.
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,
$37,339,600 to surplus and undivided profits, 8161,290,000
to the not demand deposits and $103,089,000 to the time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAR. 14 1931
Clearing House
Members.
Bank of N. Y.& Tr. Co_
Bk.of Manhattan Tr.Co.
Bank of Amer.Nat.Ass'n
National City Bank__
Chem. Bk.& Trust Co__
Guaranty Trust Co
Chat. Ph. N. Bk.&Tr.Co
Cent. Han. Bk. & Tr. Co
Corn Exch. Bk. Tr. Co.._
First National Bank
Irving Trust Co
Continental 13k.&Tr.Co_
Chase National Bank,. _
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust Co
Marine Midland Tr. Co_
Lawyers' Trust Co
New York Trust Co..
Comil Nat. Bk. de Tr. Co
Harriman Nat. Bk.& Tr.
Public N.B.Se Tr. Co_ _
.
Manufacturers Trust Co.
1245
FINANCIAL CHRONICLE
5 Capital.
*Surplus and Net Demand
Undivided
Deposits,
Profits.
Average.
$
$
14,178,200
69,221,000
54.439,900
277,253,000
40,579,700
155,531,000
114,554,300 a1,012,717,000
43,426,000
254,645,000
207,442,800 b943,151,000
e16,586,000
166,959,000
87,278,200
444,190,000
35,431,300
181,923,000
114,009,500
249,051,000
85,390,500
388,105,000
11,353,100
13,127,000
209,775,900 c1,405,645,060
3,842,100
27,133,000
86,887,300 d458,945,000
24,830,000
35,697,000
9,527,100
46,420,000
4,622,500
17,500,000
35,554,700
187,078,000
9,992,600
46,197.000
2,811,900
27,694,000
13,729,300
40.384,000
23,610,300
123,906,000
$
6,000,000
22,250,000
36,775,300
110,000,000
21,000,000
90,000,000
16,200.000
21,000,000
15,000,000
10,000,000
50,000,600
6.000.000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
3,000,000
12,500,000
7,000,000
2,000,000
8,250,000
27,500,000
Clearing Non-Member.
Mech. Tr. Co., Bayonne
924,800
500,000
11 , AI,: qnn
2
1
9SA 7753
2,828,000
Time
Deposits,
Average.
$
13,129,000
53,776,000
55,048,000
199,664,000
30,810,000
131,238,000
34,275,000
82,607,000
38,031,000
32,445,000
52,412,000
774,000
200,355,000
3,777,000
70,183,000
1,159,000
6,059,000
2,485,000
53,514,000
3,446,600
6,576,000
34,006.000
69,883,000
5,277,000
nnn n c7r; gsi nnn 1 Ion non A...,
„
• As per official reports: National, Dec. 31 1930. State, Dec. 31 1939. Trust
companies, Dec. 311930. e As of Feb. 27 1931.
a Includes deposits in foreign branches as follows: (a) $286,439,000; (b) $115,98.000, (c) $117,695,000; (d) $56,005,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Mar. 11:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED WEDNESDAY, MAR. 11 1930.
NATIONAL AND STATE BANKS-A%erage Figures.
Loans,
Disc. and
Invest.
OtherCash Res. Dep., Dep. Other
Including N. F. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Cos
Gross
Deposits.
S
$
$
$
88,800
350,600
1,794,400
72,892 2,241,167 1,376,714 20,057,226
8
Manhattan$
Bryant Park Bk_
2,281,000 72.000
Grace National__ 21,786,588 1,000
Brooklyn
Brooklyn Nat'l__
9,286.900 18.300
Peoples Nat'l__
6,550,000 5,000
147,500
105,000
564.000
472,000
649,900
247,000
6.760,800
6,800,000
TRUST CON1PANIE8-Average Figures.
•
Loans,
Disc. and
Invest.
ManhattanBank of Europe & Tr
Empire
Federation
Fulton
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.
Mechanics
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
S
$
$
105.585
699,043
14,087,540
82,632,100 *4,400,500 9,653,200
122,902 1.031,898
15,698,667
19,384,500 *2,533,100 1,138,200
69,139,198 3,500.000 10,354,147
$
$
12,811,100
2,636,200 83,646,500
136,291 15,146,871
198,600 18.400,300
53,520,362
2,317,000 23,334,000
2,298,909 3,782,495
2,052,000 127,304,000
28,187,913
121,592,000
28,736,268
8,780.113
309,449
839,183
287,558
8,392,379
• Includes amount with Federal Reserve Bank as follows: Empire, 82,960,800:
Fulton, $2,329,000.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CEEARING HOUSE MEMBERS.
Week Ended
Mar. 11
1931.
$
94,075,000
Capital
96,982,000
Surplus and profits
Loans, discits & investits_ 1,020,012,000
Individual deposits
607,219,000
Due to banks
163,789,000
Time deposits
281,595,000
United States deposits
660,000
Exchanges for Cig. House
21,374,000
Due from other banks
107,557,000
Resive In legal depositles
81,715,000
Cash in bank
5,637,000
Reeve in excess InF.R.13k
3.555.000
Changesfrom
Previous
Week.
Week Ended
Mar. ek
1931.
Week Ended
Feb. 25
1931.
3
$
$
94,075.000
Unchanged
94,075.000
96,982.000
96,982,000
Unchanged
+13,249.000 1,006,763,000 1,006.939,000
-5,203,000 612,422,000 611,565,000
+2,879.000 160,910,000 152,744,000
+1,375,000 280,220,000 277.897,000
7,831,000
6,416,000
-5,758,000
16,364,000
20,264.000
+1,110,000
-13,328,000 120,883,000 115,493,000
80,755,000
79,694.000
+960.000
5,438,000
5,386,000
+301,000
2.710.000
2.559.000
+996.000
-Beginning with the return for the
Philadelphia Banks.
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Mar. 14
1931.
Changes from
Previous
Week.
Week Ended
Mar. 7
1931.
Week Ended
Feb. 28
1931.
$
$
S
$
83,034.000
83,034.000 Unchanged
Capital
82,534.000
260,711,000 258,365.030
260,711,000 Unchanged
Surplus and profits
Loans,(Pacts. and invest_ 1,497,399.000 +17,330,000 1,480.069,0001,458.648,000
30,800,000
26,382,000 -4,418,000
Exch. for Clearing House
32,721.000
193,936,000 -4,149 000 198,085,000 190,342,000
Due from banks
Bank deposits
262,533,000 +7.792,000 254,741,000 250.006,000
Individual deposits
767,482,000 +5,912.000 761,570,000 753,563,000
433,861,000 -2,178,000 436,039.000 424,621,000
Time deposits
1,463,876,000 +11,526,000 1,452.350,000 1.428,190 000
Total deposits
Reserve with F.R.Rank_ i 1 R MR 000
-1- 461.000 117.925.000 114 Ailn.rinn
2146
FINANCIAL CHRONICLE
[Vol, 132.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar. 19,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 2101, being the first item in our departmeht of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 18 1931.
Mar.181931. Mar.111931. Mar.4 1931. Feb. 25 1931. Feb. 18 1931. Feb. 11 1931. Feb. 4 1931. Jan. 28 1931. Mar. 191930.
RESOURCES.
$
4
4
$
$
$
$
4
$
Gold with Federal Reserve agents
1,710.384.000 1,715,384,000 1,705,384,000 1,724,089,000 1,713,789,000 1,752,459,000 1,724,459,000 1,784.009,000 1,683,659,000
Gold redemption fund with U. S. Tress_
33.118,000
33,620,000
33,005,000
34.467,000
34.467,000
34,844,000
53,266,000
34,467.000
35,284,000
Gold held exclusively agst. F. R. notes 1,743,389,000 1,748,502,000 1,739,004,000 1,758,556,000 1.748,258,000 1,786,926,000 1,759,303,000 1,819,293.000 1,736,925,000
Gold settlement fund with F. R. Board
519,463,000 500,222,000 491,679,000 472,060.000 480.497,000 470,484,000 419,179,000 418,335,000 615,496,000
Gold and gold certificates held by banks- 853.022,600 847,650,000 863,614,000 850,706,000 855,655,000 820,081,000 897,930.000 854,088,000 683.616,000
Total gold reserves
Reserves other than gold
3.115.874.000 3,096,374,000 3.094,297,000 3.081,322,0003,084.408,000 3.077,491,000 3,076,412,000 3,091,714,000 3,036,037,000
178,265.000 184,172,000 175,990,000 179,194.000 181,995.000 178,8.55,000 184,445,000 180,718,000 185,058,000
Total reserves
3,294,139.000 3,280,546,000 3,270,287,000 3,260,516,000 3,266,403,000 3,254,346,000 3,260.857,000 3,278,432,000 3,221,095,000
Non-reserve cash
74,791,000
78,878,000
75,634,000
76,037,000
82,298,000
76,649,000
71,600,000
78,119,000
86.539,000
Bills discounted:
Secured by U. S. Govt. obligations52,892,000
49,628,000
63,258,000
60.507.000 66,101,000
79.396.000
74,578,000
82,970,000
88,206,000
Other bills discounted
109,030,000 122,922,000 127,318,000 129,340,000 133,722,000 142,793,000 148,339.000 146.931.000 122,664,000
Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
161,922,000
122,550,000
172,550,000
151,402,000
190,576,000
100,555,000
189,847,000
106,317,000
66.959,000
53,223,000
497,564.000
76.025.000
178,195,000
350,484.000
76.123,000
168,293.000
355,451,000
75,731,000 78,971,000
183,074,000 196,215,000
340,638,000 324.488,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
617,748,000
604.704,000 599,807,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Federal Reserve notes of other banks
Bank premises
All other resources
902,218.000
928,656,000
703.000
14,772,000
563,821,000
58,297,000
16,073,000
698,000
14,664,000
461,472.000
58.243,000
19,850,000
199,823,000 222,189,000
93,995,000
87,739.000
222,917,000
104,275,000
215,137,000
120.241,000
205,634,000
185,017,000
83,728.000
190,190.000
335.593,000
82,980,000
190,135,000
336,762.000
56,252,000
211,763,000
293,424,000
599,443,000
599,674,000 609.620,000 609,511,000
609,877,000
150,000
561,439,000
8,780,000
890,998,000
895,607,000
893,492,000
945,405,000
960,870,000
698,000
16,239.000
516.299,000
58.196,000
19,729,000
699,000
699,000
711,000
15.750,000
15,332,000
17.785,000
522.264.000 513.097.000 444.122,000
58.192.000
58,191,000 58.098,000
19,085.000 19,336,000
19.243,000
704.000
702,000
22,875.000
22,300,000
467.135,000 445,328.000
58.039,000 58.034,000
18.042,000
19.028,000
723.000
23,880,000
682.023.000
58,480,000
11,916,000
80,906,000
192,121,000
336,593,000
919,548,000
936.703.000
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
2,436,383,000 2,435,520,000 2,365,192,000 2,378.411.000 2,379,736,000 2,364,686,000 2,378,806,000 2,424,906.000 2,290,540,000
2,535,000
33,124,000
43,644,000
25.847,000
28.913,000
35,248,000
51,792,000
34,629,000
3,008,000
5,234,000
5,183,000
5,197,000
5,200.000
5,261,000
5,306,000
5,456,000
6.503,000
6,357,000
21.104,000
16,944,000
16,737,000
18,111,000
19,305,000
18,445,000
18,744,000 18,583,000
19,447,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,465,256.000 2,490,771,000 2,430.770,000 2.427.509.0002.439,550,000 2,417.350,000 2,454,798.000 2,484.475,000 2,319.498,000
559.941,000 448,988.000 500,381,000 515,070.000 502,628,000 435.473,000 455,356,000 435.879,000 660,145,000
169,004.000 169,024,000 169,092,000 169.135.000 169,265,000 169.296,000 169,361,000 109,531,000 172,245,000
274,636.000 274,636,000 274,636,000 274,636,000 274,636,000 274.636.000 274,636,000 274.636,000 276,936,000
13,733,000
14,154,000
13,364,000
13,324,000
12,741,000
13,013,000
12,567,000
12,559,000 18,062,000
4,924,814.000 4,843,007,000 4,848,080,000 4.848,150,000 4,848,848,000 4,790,502,000 4.843,480,000 4,855,382,000 5,030.587,000
1,441,823,000 1,445,855,000 1,459,837.000 1,448,410,000 1.449,756,000 1,481,006,000 1,476,742.00b 1.478,302,000 1,583,701,000
Total liabilities
4.924,814,000 4,843.007,000 4,848,080,000 4.848,150,000 4,848,848,000 4,790,502,000 4,843,460,000 4,855.382,000 5,030,587,000
Ratio of gold reserves to deposits and
78.6%
F. R. note liabilities combined
79.7%
79.5%
79.5%
79.3%
78.2%
78.0%
77.7%
78.9%
Ratio of total reserves to deposits and
F. R. note liabilities combined
83.3%
84.3%
84.1%
82.7%
84.1%
82.9%
82.5%
84.0%
83.5%
Contingent liability on bills purchased
for foreign correspondents
453,072,000 460,945,000 462,261,000 453,814,000 448.637,000 445,084,000 448,382,000 442.435.000 503,362,000
Distribution by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness1-15 days municipal warrants
16-30 days bills bought in open market
18-30 days bills discounted
18-30 days U.S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market
31-80 days bills discounted
31-60 days U. S. certif. of indebtedness31-60 days municipal warrants
61-90 days bills bought in open market
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
81-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
5
74,872,000
95,670,000
45,000,000
$
78,336,000
100,829.000
4
35,604,000
120.439.000
26,095,000
16,061,000
49,372,000
18,725.000
40,488,000
19.318,000
36,653.000
16.946.000
25,642.000
18.288,000
19.919,000
23,102,000
6,000,000
21,695,000
25,377,000
2,000,000
21,414,000
24,779,000
23.608.000
27,188,000
1,434,000
15,132.000
158,717,000
1,760.000
15.742,000
30,000.000
2,738,000
14,374.000
32,000.000
239,000
311,000
11,877,000
11.868,000
318,484,000 323,451,000
230,000
11,957,000
297,847,000
$
$
39,496.000 24,352,000
117,738.000 123,265,000
$
$
22,097,000 32,460,000
140,520,000 139,548,000
26,607,000
25.607.000
$
45,372.000
131,600,000
$
79,605,000
128,042,000
29,000,000
15,686,000
20,099.000
13,314,000
19,927,000
17.745.000
18,931,000
25.607,000
36,401,000
19,040,000
33,436.000
28,841,000
35,734,000
29,801,000
33,740,000
30,618,000
32,927,000
30,584,000
5.844.000
16,388,000
29,000.000
10.215.000
17,575,000
22.000.00G
13,866,000
19,439,000
23,831,000
.20,844,000
23,341.000
21,021,000
45,272,000
30,205,000
38,000,000
30,000
22,669.000
17.080,000
72,530.000
716.000
11,587.000
311,638,000
350,000
11.854.000
302,488,000
356,000
12,330,000
309,986.000
930.000
11,980,000
309,986,000
856,000
13,001,000
311,155,000
F. R. notes received from Comptroller_
F.R.notes held by F,It. Agent
1,070,000
11,267,000
153,894,000
3,210,561,000
1,283,902,000
Issued to Federal Reserve Banks
1,871,904,000 1.861,648,000 1,869.906,000 1,856,233,000 1,858.540,000 1,897,944,000 1,902,134,000 1.986,829,000 1,946,659,000
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
1,091,730,000 1,096,730,000 1,090,730.000 1,106,730,000 1,094,230.000 1.099,730,000 1,141,730,000 1,143,380.000 1,282,120,000
256,650,000 288,207,000 255,540.000 250.470.000 252.991,000 265.920,000 282.149.000 202,000,000 381,856,000
618,654.000
618,654,000 814.654,000
617.359,000 619.559,000
652,729,000
582,729.000
640,629,000
401,539,000
1,967,034,000 2,003,591.000 1 960.924,000 1.974.550.000 1.9a0 700.000 2.018.379.000 2.006.608.000 2,076060.000 2,065,515,000
Total
NOTE -Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the amount o balances held abroad and amounts due to
foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to "Other
securities." and the caption, "Total earning assets" to -Total wile and securities." The latter Item was adopted as a more accurate description of the total of the dinCounts, 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 included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 18 1931.
Two Ciphers (00) omitted.
Boston. New York. Phila. Cleveland, Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City, Dallas. San Fran.
Total.
Federal Reserve Bank of4
$
RESOURCES.
Gold with Federal Reserve Agents 1,710,384,0 144,917,0
33,005,0 1,243,0
Gold red'n fund with U.S.Treas.
Gold held excl. agst. F.R.notes 1,743,389,0 146,160,0
Gold settle't fund with F.R.Board 519,483,0 30,230.0
Gold and gold °us. held by bangs_ 883,022,0 35,128,0
Total gold reserves
Reserve other than gold
4
$
$
$
$
$
$
$
$
$
4
368,010,0 160,000,0 192,550,0 84.080,0 138,900,0 201,000,0 71,880,0 46,025,0 65,000,0 25,350.0215,788,0
13,398,0 1,184,0 2,596,0
476,0 1,358,0
911,0 1,078,0 4,005,0 1,535,0
770,0 4,451,0
380,317,0 181,184.0 195,146,0 84,091,0 137,978,0 205,005,0 73,415,0 46,501,0 66,358,0 26,120,0 220,214,0
168,150.0 51,089,0 42,419.0 11.932.0 13,316.0 106,924,0 21,198,0 17,206,0 14,222,0 13,273,0 29,504,0
555,783,0 30,327,0 86,431,0 5,541.0 7,958,0 82,333,0 10,975.0 5,655,0 12,884.0 4,826,0 35,181,0
3,115,874.0 211,518,0 1,104,250,0 242,600,0 303,996,0 102,464,0 159,252,0 394,262,0 105,588,0 69,362,0 93,464,0 44,219,0 284,899,0
51,589,0 10,453,0 15,370,0 11,182,0 7,261,0 20,863,0 11,549,0 4,308,0 8.143,0 9.068,0 10,856,0
178,265.0 17,623,0
3,294,139,0 229,141,0 1,155,839,0 253,053.0 319,366,0 113,646,0 166,513,0 415.125,0 117,137,0 73,670,0 101,007,0 53,287,0 295,755,0
Total reserves
74.791,0 8,813,0
17,065,0 4.329,0 8,276,0 4,935,0 4,784,0 9,774,0 5,221,0 1,814,0 1,967,0 3,441,0 6,372,0
Non-reserve cash
1311Is discounted:
52,892,0 3,172.0
16,459,0 7,182,0 7,950,0
337,0 1,015,0
861,0
361,0 4,290,0 2,574,0
See. by U. S. Govt. obligations
153.0 8,538,0
109,030,0 5,810.0
21,417,0 12,163,0 6,535,0 13,549,0 11,509,0 9,303,0 5,449,0 3,156,0 9,723,0 8,627,0 3,989,0
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securitles:
Bonds
treasury notes
:3ertIfIcates and bills
Total U. S. C1nvt_ Rpnurit1nR
161,922,0 8,782,0
122,550,0 11,033,0
37,876,0 19,345,0 14,485,0 14,410,0 11,870,0 13,593,0
24,463,0 2,083,0 14,970,0 1,400,0 6,665,0 19,884,0
8,023,0
7,303,0
3,493,0 10,738,0
4,371,0 7,463,0
6,780,0 12,527,0
4,052,0 18,873,0
66,959,0 1,202,0
53,223,0 1,814,0
497,564,0 43,366.0
989,0
683,0 1,325,0
22,523,0
11,551,0 4,699,0 11,667,0
530,0
167,640,0 43,664.0 45.505,0 15,128,0
617.746.0 40.182.0
201.714.0 49.352.0 57.855.0 16.083.0 12.703 0 811260 238000 25.1160 0 340250 20 224 0 38.992.0
319,0
666,0 7,610,0
625,0 10,192,0
235,0 20,590,0
645,0 1,194,0
670,0 10,617.0
3,899,0 2.124,0 4.013,0
8,569,0 58,414,0 19,220,0 17.434,0 32,206,0 18,362.0 28,050,0
MAR. 21 1931.]
Two iphers (00) omitted.
FINANCIAL CHRONICLE
Total,
Boston.
New York.
Phila.
S
$
3
$
RESO RCES (Concluded)Other sm rides
Foreign lo ms on gold
Total Id Us and securities
Due from loreign banks
Ulm()liect d Items
F. It. not sot other banks
Bank pre Uses
All other resources
902,218,0 65,997,0
52,0
703.0
226,0
14,772,0
563,821,0 61,782,0
58,297,0 3,458,0
287,0
16,073,0
• 2147
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kaneity. Dallas. San Fran.
$
$
3
3
$
$
$
3
3
264,053,0 70,780,0 87,310,0 32,793,0 31,238,0 114,605,0 39,225,0 33,553,0 52,216,0 40,056.0 70.392,0
234,0
69,0
71,0
25.0
28,0
25,0
94,0
16,0
20.0
21,0
48,0
5,476,0
131,0
824,0 1,126,0
882.0 2,091,0
791,0
820,0 1,033,0
248,0 1,124.0
153,632,0 46,741,0 50,415,0 42,217,0 16,575,0 78,839,0 21,182,0 10,371,0 29,814,0 20,619.0 31,634,0
15,240,0 2,614,0 7,124,0 3,412,0 2,573,0 8,061,0 3,635,0 1,926,0 3,803,0 1,830,0 4.621,0
4,132,0
311,0 1,434,0
1,063,0 3,743,0 1,254,0
1,471,0
563,0
273,0
600,0
942,0
Total r sources
4,924,814,0 369,756,0 1,615,671,0 378,028,0 472.820,0 199,220,0 226,333,0 629,843,0 188,687,0 122,733,0 190,733,0 120,444,0 410,546,0
'ABILITIES.
F. R.not s In actual circulation 1,441,823,0 127,703,0 249,295,0 137,185,0 178.837,0 80,234,0 130,520,0 160,269.0 76,947,0 48,420,0
65,808,0 26,533,0 160,072,0
Deposits:
Membe'bank-reserve account 2,436,383,0 145,298,0 1,054,612,0 148,735,0 194,985,0 59,414,0 59,795,0 329,573,0 70,417.0 52,216,0 82,628,0
57,346,0 181,364.0
Govern nent
141,0
2,535,0
658,0
130,0
263,0
93,0
123,0
130,0
184,0
152,0
101,0
212,0
348.0
Foreign bank
389,0
1.750,0
5,234,0
514,0
524.0
208,0
187,0
701,0
182.0
119,0
151,0
156,0
353,0
Other d eposits
23,0
11,168,0
21,104,0
221,0 1.995,0
173,0
111,0
437,0
500,0
192,0
288.0
81,0 5,915,0
Total d :posits
2,465,256,0 145,851,0 1,068,188,0 149,600,0 197,767,0 59,888,0 60,216,0 330,841.0 71,283,0 52,679.0 83,168.0 57,795,0 187,980,0
Deferred vallablUty Items
559,941,0 62,847,0 148,387,0 47,111,0 50,375,0 40,454,0 17.464,0 76,654,0 23,720,0 10,518,0 28,375.0 22,194.0 31,842,0
Capital p 5d in
65,656,0 16,784,0 15,774,0 5,741,0 5,278,0 19,974,0 4,851,0 3,056,0 4.247,0
169,004,0 11,850,0
4.328.0 11.465,0
Surplus
274,636,0 21,299,0
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,936,0 10.562,0 7,144,0 8,702,0 8,936,0 18,475,0
All other liabilities
206,0
14,154,0
3,570,0
283,0 1.096,0
789,0 1.998,0 2,169,0 1,324,0
916,0
433,0
658,0
712,0
Total II abilities
4,924,814.0 369,756,0 1.615,671,0 378,028,0 472,820,0 199,220,0 226,333,0 629,843,0 188,687,0 122,733,0 100.733,0 120,444,0 410.546.0
Memoranda.
Reserve rt tio (percent)
87.7
88.2
83.8
84.3
84.8
81.1
87.3
84.5
72.9
79.0
68.2
63.2
85.0
Contingen t liability on bills ourchased f-- In.,,I...v. ................1•.- A ro novn n 0 A neo n is. Iltg el at OKI n AS 12AS n IS le,t 11 IA ,112 n Al 'inn n lx ctos n in 44.N n 15 I60 n 15
825 0 nn 879 n
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
New York.
Boston.
Total.
Phila.
$
S
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minncap. Kan.City. Dallas. San Fran.
Two Ciphers (00) omitted.
S
S
Federal Reserve notes:
Issued to F.R. bk. by F.R. Agt, 1,871,904,0 156,226,0
Held by Federal Reserve bank_ 430.081,0 28,523,0
$
$
$
$
$
$
$
5
S
395,069,0 166,612,0 211,975,0 90,396,0 153,444,0 217,018,0 85,444,0 52,542,0 75,177.0 33,823.0 234.178,0
145,774,0 29,427,0 33,138,0 10,162,0 22,924,0 56.749.0 8,497,0 4,122,0 9,369.0 7,290,0 74,106,0
In actual circulation
1,441,823,0 127,703,0
Collateral held by Agt.as security
for notes issued to bank:
Gold and gold certificates
618.654,0 35,300.0
Gold fund-F. R. Board
1,091,730,0 109,617,0
Eligible paper
256,650,0 19.804,0
249,295,0 137,185,0 178,837,0 80,234,0 130,520,0 160,269,0 76.947,0 48,420,0 65,808,0 26.533,0 160,072.0
Total collateral
351,919,0 38,700,0 12,550,0 10,080.0 8,900,0 78,000,0 14,080,0 6,825,0
7,300.0 55,000,0
15,000.0 121.300,0 180.000,0 74,000,0 128,000,0 123,000,0 57,800,0 39,200.0 65,000.0 18,050.0 160,763,0
53,366,0 17,360,0 27,315,0 14,741,0 16,814,0 30,585,0 13,675.0 6,948,0 17,048,0 9.306.0 29,688,0
1.967.034.0 164.721.0
420,285,0 177,360,0 219.865,0 98,821.0 153.714,0 231.585.0 85.555,0 52,973,0 82,048,0 34,656,0 245.451,0
Weekly Return for the Member Banks of the Feder& Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items
and liabilities of the reporting member banks from which weekly returns are obtained. These figures of the resources
are always a week
behind those for the Reserve banks themselves. Definitions of th6 different items in
given
the statement
ment of Doc. 14 1917, published in the "Chronicle" of Dec: 29 1917, page 2523. The comment ofwereReserve in the statethe
Board
the figures for the latest week appears in our department of "Current Events and Discussions," on page 2102, immediatelyupon
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with tile
figures exclude
statement of Jan. 9 1929, the loan
"Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances
of other banks and bills sold with endorsement were included with loans.
and some of the banks included mortgages In investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans
on
semi
-Wei being given. Furthermore, borrowing at the Federal Reserve Is not
by commercial paper, only a lump total being given. The number of reporting any more subdivided to show the amount secured by U. S. obligations and those secured
banks Is now omitted: in its place the number of cities included (then 101) was for a time
given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been
ments of 5135,000.000 on Jan. 2 which recently merged with a non-member bank. The revised to exclude a bank in the San Francisco district with loans and Invatfigures are now given In round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MARCII 11 1931 (In millions of dollars).
Federal Reserve District-
Total.
S
Boston. New York
Phila.
$
$
1,468
9,056
3
1,335
Cleveland. Richmond Atlanta. Chicago. Si, Louis. Minneap. Kaneity. Dallas. San Fran.
$
5
3
615
568
$
3,268
1,429
434
419
444
412
'678
751
165
269
135
284
2,873
479
800
181
135
250
1,486
1,387
176
303
398
402
72
109
1,847
215
98
13
927
56
90
13
141
26
39
' 16
13,725
7,247
867
526
6,469
1,750
783
388
1,118
1,008
329
250
Loans and investments-total
22,577
Loans
-total
15,377
1,083
6.183
856
7,260
8,117
417
666
3,472
2,711
7,200
385
3,435
3,765
5
3
$
$
645
360
638
431
f,964
2,317
459
231
387
313
1,266
1,123
1,194
188
271
86
145
109
278
91
222
352
914
149
951
186
129
251
118
698
66
83
480
471
46
140
63
66
104
147
68
50
341
357
40
10
252
32
45
7
24
5
52
11
31
7
108
19
311
226
1,784
1,324
379
239
206
130
449
205
275
150
755
1,031
92
123
298
521
91
128
06
1/4
182
221
116
122
203
282
2
•Exclusive of figures for one bank in New York City, closed Dee. 11. Last
report of bank showed loans and investments of about $190,000.000
1
On securities
All other
Investments
-total
U. S. Government securities
Other securities
Reserve with F. it. Bank
Cash In vault
Net demand deposit
Time deposits
Government deposits
2,229
-
Duo from banks
Due to banks
1,808
3,755
101
147
180
1,333
169
271
174
392
33
Borrowings from F. it. Bank
3
4
a
A
106
121
A/
Condition of the Federal Reserve Bank
A
New
of
York.
The following shows the condition of the Federal Reserve Bank of
in comparison with the previous week and the corresponding date last New York at the close of business March 18 1931,
year:
• Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Gold held exclusively agst. P.R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
Total gold reserve
Reserves other than gold
Afar. 181931. Mar.111911. Mar. 191930.
366,919,000
13,3(38,000
366,919,000
13,398,000
380,317,000
168.150.000
555,783,000
380,317,000
181,933,000
547,638.000
1.104.250.000 1,109,883,000
51,589,000
56,314.000
1
Resources (Concluded)
258,594,000 Gold held abroad
15.590,000 Due from foreign banks (see note)
Uncollected items
274,184,000 Federal Reserve notes of other banks
181.938,000 Bank premises
417,535,000 All other resources
873,657,000:
51,634,000
Total resources
afar. 181931. Mar. 111931. Star. 191930'
234.000
.5,476.000
153,632,000
15.240.000
4.132.000
229.000
3,717,000
117.712.000
15,240.000
7,694.000
239,000
8,707,000
190,826.000
15,664.000
2.637,000
1.615,671.000 1,607.360,000 1.455,465,000
LioSil
Total reserves
1,155,839,000 1.166,202.000 925,291,000 Fed'I tiles
Reserve notes In actual circulation 249,295.000 255,965,000 196.550,000
Non-reserve cash
17,065,000
20,831,000
14,086,000 DePosits-Member bank, reserve acct__ 1,054,612.000 1,067,683,000 917,944,000
131110 discountedGovernment
11,323,000
658,000
394,000
Secured by U. S. Govt. obligations.__
16.459,000
15,055,000
17,422,000
Foreign bank (see note)
2,049,000
Other bills discounted
21,417,000
23,027,000
13,388,000
Other deposits
11.168,000
8,145,000
8,140,000
Total bills discounted
37,876.000
38.082,000
30,810,000
Total deposits
1,068,188,000 1.088,819,000 928,527,000
Bills bought in open market
24,463,000
49.392.000
7,431,000 Deferred availability items
148,387,000 113,112,000 17 .501,e00
U.S. Government securities
Capital paid in
65,656.000
65.680,000
67,647,000
Bonds
22,523,000
30,178,000
6.808,000 Surplus
80,575,000
80,575,000
80,001,000
Treasury notes
11,551,000
50,717,000
97.701.000 All other liabilities
3,179.000
3.570.000
5.236.000
Certificates and hills
167,640,000 1117,363,000 148,465,000 ,
1,615,671,000 1,607,360,000 1,455,465,000
Total U.S. Government securities__ 201,714,000 188,258,000 252,974,000' Total liabilities
Other securities (see note)
6,750,000 Ratio of total reserve to deposit and
Foreign loans on gold
Fed'I Reserve note liabilities combined
86.7%
87.7%
82.2%
Contingent liability on bills purchased
and securities (see note).
Total bills
- 264.053,000 275.732.000 297,965,000
for foreign correspondents
148.365.000 149.940,000 165,612.000
NOTE. Beginning with the statement of Oct. 7 1925, two new items were
foreign correspondents. In addition, the caption "All other earning assets," added In order to show separately the amount of balances held abroad and amounts due to
previously made up of Federal Intermediate Credit Bank debentures was changed to
"Other
securities." and the caption, "Total earning wets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of the discount,
acceptances and securities acquired under the previsions of sections 13 and 14 01
the Federal Reserve Act, which, it was stated, are the only items Included therein.
i
[VOL. 132.
FINANCIAL CHRONICLE
2148
Vaulters'
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
aunt.
(All WW1 dollars Pr' Mare,
Wall Street, Friday Night, Mar. 20 1931.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2131.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Mar. 20.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares. $ per share. $ per share. $ per share.$ per share.
Railroads—
Caro Clinch dt Ohio—
98
CUR stamped. __100
so 99 Mar 20 99 Mar 20 35 Feb 100 Feb
Feb
Jan 44
20 41 Mar 16 41 Mar 16
100
Cuba RR prat
34 Mar 13,1 Jan
;6 Mar 19
% Mar 19
100
Duluth S8 & At1-100
% Jan 1% Mar
100 114 Mar 18, 134 Mar 18,
Havana Electric Ry*
Jan 78;6 Feb
104 77 Mar 161 77 Mar 16 72
Hudson & Mani) pf_100
Jan
3o1 74 Mar 24 74 Mar 20 71% Feb 78
111 Cent leased line. 100
Feb
Mar 114
300,10131 Mar 18102 Mar18 00
1001
Preferred
Mar 16 26% Feb 32% Feb
7001 2934 Mar 17 2934
Inter Rap Tran ctfs_100
Jan 13% Mar
Mar
20
i 13% Mar 17 13;6 M 17 10
1st Rys of Cent Am_100
36 Jan 3% Feb
1% Mar 20 1% Mar 20
1
100
Market St Ry
Jan 6% Feb
1
100
434 Mar 201 4% Mar 20 3
2d preferred
1% Feb
% Mar 30
35 M
34 % Mar 20
Nat Rysof M ex lat pf100
M
26m Feb
10 25 Mar 18 25 Mar 18 25
Phila Rap Tran p1.__50
Feb
10]156 Mar 20 156 Afar 20 ss% Mar 163
Pitts Ft W & Chic 01100
Jan 148% Mar
2 145 Mar 16 14834 Mar 16 137
Henssel & Saratoga-100
Indus. &
100 2 Mar 14 2 Mar 14
Amalgamated Leather•
800 20 Mar 16 20 Mar 16
100
Preferred
800 23 Mar 18 24 Mar 19
Amer Agee Chem(DeD*1
170 10% Mar 17 15 Mar 20
Amer Beet Sugar p1_10gi
30 53% Mar 14 58 Mar 17
2
Amer Coal
Amer Radiator & Stand
70 145 Mar 2 145 liar 20
Sanitary pref- __i00
Amer water Works &I
3.4001 7031 Mar 13 74 Mar 17
ctts
Electric
200 9934 Mar 1 99% Mar 16
*
Anchor Cap Corp preL*
10180 Mar 19 80 Mar 19
Artloom Corp prat— 100i
1
16%
20
8
53%
41
Jan
Feb
Jan
Jan
Mar
2%
20
29%
17%
58
Jan 145
Mar
Jan
Feb
Jan
Mar
Jan
54% Ja 80% Feb
89% Fe 99% Mar
Jan
Mar 83
80
Mar 20% Jan
Jan
Ja 23
M. 15
Mar
400 1934 Mar 2 19% Mar 17 19%
Art Metal Construct_10
13 22 Mar 16 23 Afar 20 21
Austin Nichols prior A .1
1 14 Mar 17 14 Mar 17 731
Barnet Leather prat 100
Certain-Teed Products
200 18 Marl 18 Mar 18 11
100
1st preferred
130 34 Marl 35 Mar 19 26
25
Chile Copper
30 21 Marl 21 Mar 14 1934
City Stores class A _.-*
20 2234 Mar 21 22% Mar 20 20
Comm Cred pref (7)_25
Comm Inv Tr pf(7) 100
10108% Mar 1610834 mar 18 10834
40 77 Mar 19 77 Mar 19 6414
Consol Clrgar pf (7) 100
Consolidated Laundries 2,800 15% Mar 19 15% Mar 19 153,1
104 3334 Mar 19 333,1 Mar 19 3134
Crown Cork dr Seal pf_•
36
% Mar 20
Cuban Corn Sugar.___• 2.600 % Mar 16
300108 Mar 16,110 Mar 18 100
Cushm Sons p1(7%) 100
80,105 Mar 18 107 Mar 18 95
Preferred (8%). --•
Jan 18
Jan 38
Feb 25
Jan 2334
M 108%
Jan 78
Mar 15%
Jan 34%
Jan 134
Jan 110
Jan 107
Mar
Feb
Feb
Jan
Mar
Feb
Mar
Feb
Jan
Mar
Max
Mar 17 21
Mar 17 93
Mar 14 65
Mar 14 98
Mar 18 107%
Mar 17 72
Marl 75
Mar 19 19
Mar 18 67
Mar 23
Fe 98
Fe, 65
Jan 114
Jan 116%
Jan 90
92
J
Feb 31
Feb 76
Jan
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Jan
52
79%
26%
37%
38
8%
Jan 65
Feb 85%
Mar 29
Jan 41
Mad 42%
Ja
Ml 14%
Jan
Mar
Mar
Mar
Feb
Jan
Feb
301 32% Mar 14 32% Mar 14 32%
Kresge Dept St 01_100
Kresge (5 5) Co pt _100
20108% Mar 17 109 Mar 17 107
Lorillard Co prof _ --100 2,400, 97 Mar 17 9931 Mar 20 90%
lag 58 Mar 18 58 Mar 18 58
McLellan Sires pf _100
100 83% Mar 18 83% Mar 18 68
Omnibus Corp pret_100
10, 55 Mar 16 55 Mar 16 45
Outlet Co
6010734 Mar 18107% Mar 18 106
100
Preferred_
50100% Mar 18101% Mar 16 9834
Peoples Drug Stores pf•
106100% Mar 17100% Mar 17 95%
Phila Co pf (6) new _ _*
4an'
2 5 Mar16, 336
Pitts Terminal Coal 100
20109 Mar 17 109% Mar 16:107
Proctor & Gamble 01100
Pub Serv Cern ot N J rts 372,000,1-128 Mar 14 1-64 Mar 171-128
%
% Mar 16 I Mar 20
300
Punta Alegre Bug etts 50,
100 27% Mar 20 273,1 Mar 20 2734
I
Rand Mines
Mar
1401 75 Mar 14 76 Mar 20 75
Revere Cop & Br p1100,
14, 40
1201 47 Mar 14 47
•
Scott Paper
100 23 Mar 18 23 Afar 18 16
Sloss-Sheff St & Ir--100
Southn Cal Edison rts_ 15,462 2% Mar 14 234 Mar 16, 234
204 1534 Mar 19 1531 Mar 19 1434
Southn Dairies class A *
Underwood-Elliott-Fish
2012211 Mar 20122% Mar 20,121
104
Preferred
lo 93,1 Mar is 9% Mar 18: 5
United Business Pub... *1
20, 4334 Mar 16 43% Mar 16 4034
United Dyewood pf_111111,
US Distributing pf.104, 2.104 46 Mar 20 46% Mar 20 45
Universal Pipe & Rad—,
10, 5334 Is ar 16 53% Mar 16 5334
_100
Preferred
40,117 Mar 20 120 Mar 20,100
10
Utah CooPer
10
0, 10 M 19 10 M
*,
Van Ranks
14 67% Mar 19 67% Mar 19 62
Va Coal & Coke p1100
10 9134 Mar 14 91% Mar 14 9134
Vulcan DetInning pf 1001
Wilcox Rion class A *1 1,400 2834 Afar 17 30 Mar 19 20
35
Ja111
Jan 99%
M
65
85
Ja 55
Feb 107%
Feb 101%
Jan 100;4
Jan 5
Feb 112
Feb 1-64
Jan 114
Mar
Mar 83%
Jan 47
Jan 32%
Feb
Feb 15%
Jan
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
J3,13
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Feb 123
Feb 11
Feb 45
Mar 49%
Feb
Jan
Mar
Jan
Mar 60
Feb 124%
Feb 14
Feb 67%
Mar 91%
Jan 30
Jan
Feb
Jan
Mar
Mar
Mar
1
174 21 Mar 20 21%
Durh Roe Mills pt--104
400 97% Mar 18 98
Eng Pub Serv of (6)--*1
1
30, 65 Mar 14 65
Fuller Co 20 pre. ----*
24114 Marl 114
General Baking p.et__'
pret__1
7011334 Mar 16 116
General Cigar
30 83 Mar 2 85
Gen Gas & El pt A(7)1
501 92 Marl.92
Preferred A (8)....
4101 29% Mar 14 31
General Print Ink----•
30 70% Mar 19 72
Preferred
Gotham Silk Hosiery—
1
100
701 88 Mar 17 65
Fret x-warr
1001 85% Mar 19 8534
Grand Stores pref 100
50, 26% Mar 18 29
A25
Hackensack Wat pf
10 38% Mar 20 38%
•
Hamilton Watch
301 38 Mar 2 40
Hawaiian Pineapple-20
Houston Oil new....-.25 9,200, 11% Marl 12%
Mar 19
Marl
Mar 19
Mar 20
Mar 17
Mar 17
•NO par value.
Foreign Exchange.—
TO-day's (Friday's) actual rates for sterling exchange were 4.85 11-16@
4.85 25-32 for checks and 4.85 15-16©4.85 31-32 for cables. Commercial
on banks, sight, 4.85 7-16@4.8534; sixty days, 4.82 15-16@4.83%; ninety
days, 4.81 15-16©4.8234, and documents for payment, 4.82 7-16@4.8334.
Cotton for payment, 4.85%, and grain for payment, 4.85%.
To-day's (Friday's) actual rates for Paris bankers francs were 3.9134(4)
3.91% for short. Amsterdam bankers' guilders were 40.07©40.08 for
short.
Exchange for Paris on London. 124.18; week's range, 124.20 francs
high and 124.14 francs low.
The week's range for exchange rates follows;
Cables.
Checks.
Sterling, Actual—
4.86
4.85 13-16
High for the week
4.853,1
4.8534
Low for the week
Paris Bankers' Francs—
3.91%
3.91 5-16
High for the week
3.91%
3.91%
Low for the week
Germany Bankers' Marks—
23.83%
23.83
High for the week
23 8031
23.78%
Low for the week
Amsterdam Bankers' Guilders—
40.10
40.03
High for the week
40.07%
40.05%
Low for the week
licaurtly.
Int.
Rae.
Bid.
June 15 193L.,_
June 15 1931_
Fispt.15 1931.-MO. 15 1931_
214%
131%
286%
1148'.
,
100 41
1001u
10011n
,
100 as
Asked.
Maltotte.
list,
Rase.
Asked,
BO.
99,1n 1001n
2%
100nn Mar. 15 1932
100888 Dec. 15 1931-32 334% 1011183 1011141
100un
,
100 as
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty
Loan and Treasury certificates on the New York Stock Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Mar.14 Mar.16 Mar.17 Mar.18 Mar.19 Mar.2(
iHigh 1011tu 101,13 1012tu 10126:2 10127,2 10114e
First Liberty Loan
334% bonds of 1923-47_ Low- 101riss 1012,a 101"st 1012,as 10124as 101"e
Close 101usg 101nn 10127,1 10128.1 101us) 10124,1
(First 334)
1
2
2
22
114
1
Total sales in $1,000 units_
{ bonds of Hig1;
Converted 4% bon
1932-47 (FIrst
Total sales in $1,000 units—
Converted 434% bonds(High
of 1932-47 (First 434s)( Low(Close
Total sales in $1,000 units__
Second converted 434%1101gb
bonds 01 1932-47(First( LowSecond 43,1,)
Total sales in $1,000 units—
Hilig
{
Fourth Liberty Loan
431% bonds of 1933-38_ Low(Close
(Fourth 434,)
Total sales in $1,000 units-High
{
Treasury
Low_
431s, 1947-52
Close
Total sales in $1,000 tmits_ High
Low_
4s, 1944-1954
Close
Total sales in $1,000 units—
pLosi
w33(s, 1946-1956
Close
Total sales in $1,000 units_ ..
filigh
Low334e, 1943-1947
Close
Total sales in $1,000 anat..—
High
lLow_
3%,, 1940-1943
Close
Total sales in 81,000 units—
High
1.0w_
3348. 1941-43
Close
Tani re,'in 51 nnn usu.
- -..
---------------.
102211) 102on 102ers 102173) 102
110 102on
:t
102"as 102"ts 1021, 102"st 102"ts 10222n
102"st 102nas 102"t: 102"ta 1022,12 102"as
10
1
27
27
17
5
------103"so 103nat
103uss 103us
132
10327n 103:
38
95
112112',,1121182
,
,
112 Is 112 n
112132 112 as
,
5
a
------------------------241 105848
105
10511,2 105ust
1014"st 105"11
50
25
101"at 101nst
101"st 101",
1012orr 101san
17
6
.2) 10118,2
1012
101ion 1011882
1011,12 101nst
12
5
____ 10111r)
---- 101081
---- 101nat
42
____
---103"at
103"as
103nas
76
112ors
112tst
112tas
35
108ht
108
,
108 ss
5
106
108
106
5
,
102 n
101"ss
102412
300
101ors
101nrs
101"as
108
1011131
10111,1
101"st
211
---103nas
103",,
103"11
176
1121112
1122st
,
112 as
116
,
108 31
1084gs
1087ss
5
,
108 as
,
108 st
106tn
1
,
102 11
102
102
4
10124,1
101nat
101 1as
12
1012481
101111,1
101ns,
42
---103"ss
103"as
103"ts
9
112182
11228,
,
112“
7
--._
.....
.......
.....
106
108
106
1
102"ss
102"ss
102sgs
1
1024,1
,
102 ts
101nst
7
10115rs
101stu
,
1011 at
a
--103"st
103usi
103uss
29
,
102 ms
e
111"
111"st
168
1078081
1072su
107"w
6
105"e
105"e
105un
52
102
1011181
11
1012,
34
101"u
101"ti
101"si
44
10110,1
10111,1
101,111
61
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
102,, to 102"0
st
1 1st 4348
10218ss to 103ust
7 4th 43,1,
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2132.
A complete record of Curb Exchange transactions for the
week will be found on page 2167.
ENGLISH FINANCIAL MARKET—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
Mar. 14. Mar, 16. Mar, 17. Mar, 18. Mar. 19. Mar. 20.
13 13-16
143-16
1331
1434
1434
Silver, p. oz.d. 141-16
Gold, p. fine oz.848.11 Ad 848.11340. 84s.10%d. 848.100, 848.1034d. 84s.10%d.
5631
5614
56%
5631
5631
Consols, 2%%10434
104
104
10331
103%
British 5%___. -_-101
10031
10031
100%
%__
10031
British 434
French Renton)
88.30
88.20
88.20
88.30
88.20
(In Parls)_fr.
French War L'n
(in Park0.1r. ____
103.50
103.60
103.30
103.30
103.40
The price of silver in New York on the same days has been:
Silver in K. Y., per oz. (c(a.):
Foreign
3031
3134
3031
3031
2931
2934
CURRENT NOTICES.
—Potter & Co., members of the Now York Stock Exchange, 5 Nassau
St., N. Y., have issued a special circular entitled "The History of a Bond."
It describes the record of the Cuba Railroad Co. since 1902.
for
—A membership on the Chicago Stock Exchange has been posted
transfer to David H. Sulzberger, partner of the brokerage firm of Halle
& Stieglitz, New York.
—Sigmund Dornbusch,formerly of Fenning, Dornbusch & Co.has opened
Inoffices at 951 Broad Street, Newark, to deal in New Jersey Bank and
surance securities.
—The Chase National Bank of the City of New York has been appointed
Corp.
registrar for the 7% 1st pref. stock of the Southeastern Ice Utilities
—Bristol & Willett, 115 Broadway, N.Y., announce that Elliot H. Falk
is associated with them in charge of their Bond Department.
—William H. Noyes & Co., dealers in investment securities, announce
the removal of their office to 24 Broad St., N. Y.
the
—James Talcott, Inc., New York, has been appointed factor for
Tuscan Silk Mills, Inc., of Allentown, Pa.
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
Mar. 14.
Monday
Mar. 16.
Thursday
Mar. 19.
Wednesday
Tuesday
Mar. 18.
Mar 17.
Friday
Mar. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan.1
-shore lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
Par $ per share $ per share $ per share $ per share
Railroads
per share $ per share 1$ per share $ Per share Shares
$ per share i $ per share
8
pr rred
4
4'
4
1873 190 I 190 1908 1853 19012 1833 1873 1853 1883 18612 18812 11,000 AtcheTo peka & Santa Fe__100 17818 Jan 2 2033 Feb 24 163 Dec 24212 Mar
4
8
4
Preferred
100 1024 Jan 2 10712 Feb 24 100 Dec 1083 Sept
500
4
*10714 1073 "10714 1073 *10738 1073 10714 1071010714 1073 10714 10714
4
4
4
4
9514 Dec 17512 Mar
4
600 Atlantic Coast Line RR-100 1033 Mar 18 120 Jan 23
10514 107
10534 1053 1034 10514 *105 103
*105 112 *10512 112
4
553 Dec 122% Mar
8
754 7218 7618 7112 7312 7213 738 7212 743 19,500 Baltimore & Ohio
/
1
100 6818 Jan 2 877 Feb 24
73
733
4 74
4
795 798 80 80
7014 Dec 84% July
Preferred
100 7214 Jan 2 8012 Feb 27
80
*79
7978 7912 7912 79
783 783
4
4 1.400
Prefgored Aroostook
Ban err &
5018 Dec 8412 Mar
4
63
60 5612 Jan 6 663 Feb 26
1,000
5812 5914 5914 5914 6012 61
*595 6012 5912 5912 *60
8
*11512
*112 ____ 112 112 *1114 112 *11112 112
11112 11112
100 108 Jan 13 11312Mar 9 1064 Dec 11614 June
30
44 Dec 112 Feb
68
*60
100 59 Jan 9 66 Feb 20
200 Boston & Maine
68
60
6014
*60
68
*60
*60
68
*60
68
*91a
012 *018 012 *91 612 *612 612 *012 913 *918 912
/
4
618 Dec 157 May
8 Jan 14 103 Mar 3
8
Brooklyn er gamins Tr_No par
3
53 May 6612 May
57
Preferred
No par 52 Feb 26 58 Mar 3
57
*54
57
*5412 57
300
57
57
58
578 575 *54
5518 Dec 783 Mar
8
8
648 64% 644 6518 65
654 6418 6514 5,600 .Bklyn-Manla Tran v t o No par 583 Jan 17 693 Mar 2
6412 6538 65
667
Feb 11
4
83 Dec 983 Sept
*9212 934 *9212 9313 9212 924 9312 94
Preferred v t o
600
No par 8538 Jan 21 9414
9312 9312 *9318 94
54 Nov 3358 Apr
94 Feb 10
7
512 Jan 20
74
7
7
612 638
64 77
739 73
6% 7
8 2,900 Brunswick Term & Ry Seo_100
4218 4238 417 423
3514 Dee 5214 May
8
8
4 413 427
25 334 Jan 16 4538 Feb 24
4112 4214 424 423
4 4213 427 25.100 Canadian Pacific
8
4112 417
8 41
8
42
4014 4118 3938 403
323 Dec 51% Sept
25 3912 Jan 2 4612 Feb 10
42
41,800 Chespeake & Ohio
4 398 4114 41
ft Dec 10 Apr
*15
8 2
234 Jan 12
17
4 Jan 2
8 17
4 *15
8 18
14 1%
18 '
100
300 Chicago & Alton
11.53 17
8 *15
13
14 Dec 105 Apr
118 18 •118
8
178 Jan 12
14 Jan 2
114 114 *118 13
8
*118
17
Preferred
100
800
114
114
77 Feb 10
4
414 Dec 173 Mar
618 Jan 2
63
8 639
100
2.200 Chicago Great Weetern
6
/ 63
1
4
8
63
8 63
63
4 77
8
63
8 7
63
8 6%
8May
12 Dec 523
234 2314 23
23
Preferred
100 1914 Jan 14 263 Feb 25
2312 2418 243
4 2312 2538 5,400
2314 2418 23
612 613
6% 7
3
414 Dec 263 Feb
8% Jan 23
63
4 63
4
*65
63
8 612
68 73
8 67
54 Jan 2
s
2 3,500 Chicago Milw St Paul & Pao012 Jan 2 1538 Feb 10
11
11
103 11
4
7% Dec 4614 Feb
Preferred
4 103 103
4
4 103 117
4
8 6,700
103 103
4
4 1014 103
*3712 38
38
38
2812 Dec 89% Feb
37
/ 38
1
4
37
3712 37
3712 38
38% 4,600 Chicago & North Western_100 33 Jan 2 4512 Feb 24
•110 116 *114 116 *115 116
116 116 *114 116 *11312 11612
Preferred
100
100 103 Jan 8 116 Mar 18 101 Dec 1404 June
61
593 GO
4
.
59
454 Dec 12518 Feb
53
5712 58
58
58
58
5912 5,300 Chicago Rock 1st & PacIflo_100 474 Jan 2 6512 Jan 27
59
100 100 *100 101
100 100
92 Dec 110% Mar
7% preferred
10014 1004 1003 1003 100 100
/
1
4
4
800
100 94 Jan 3 1003 Jan 28
4
*
86
89
*87
89
81 Dec 1044 Mar
88
88
89 89
87
89
*87
89 .
200
100 84 Jan 3 90 Jan 28
6% Preferred
4
*345 39
*345 453 •345 4312 *3438 37
8
Colorado & Southern
8
*37
39
*345 39
8
404 Dec 95 Feb
100 4018 Jan 2 48 Jan 9
3712 3712 37
37
38
364 37
371
35
35
35
37
30 Dec 62 Apr
1,100 Consol RR of Cuba pref
100 344 Jan 2 424 Feb 24
14612 14612 *14514 143
•146 148
1443 1454 14412 1453 *14412 146
4
/
1
1,000 Delaware & Hudson
4
100 141 Jan 3 1574 Feb 25 13018 Dec 181 Feb
*8114 834 83
8318 82 82
77
79
7812 811 78
/
4
80
2,800 Delaware Lack & Western_100 77 Mar 20 102 Jan 8
6912 Dec 153 Feb
*35
407 .34
8
*3318 38
34
*34
38
408 *34
100 Deny rIr Rio Or West pref _100 2712 Jan 2 45% Feb 10
408 34
2518 Dec 80 Mar
31
31
31
31
29% 303
29
293
4 2934 30
30
31
4
8 2,600 Erie
2218 Dec 633 Feb
3
100 28 Jan 2 39 4 Feb 24
42 8 4312 423 423
7
4
4 42
4214 4112 4112 417 418 *41
8
43
27 Dec 67% Feb
1,000
First preferred
100 39 Jan 19 4512 Feb 27
•35
41
*35
41
*33
*33
41.
*33
40
*33
41
26 Dec 624 Feb
Second preferred
3914
100 39 Mar 4 4012 Jan 5
.
6212 63
6112 6314 6112 6212 6018 623
51 Dec 102 Mar
8 6112 613
3
4 6112 6212 9,200 Great Northern preferred 100 5812 Jan 2 69 4 Feb 24
*2114 2412 *2114 241 *2114 2412 *2114 2412 *2114 241 •2212 2412
104 Nov 4612 Feb
Gulf Mobile & Northern
100 164 Jan 19 2714 Feb 17
.55
63
*55
63
*57
*55
63
55% Nov 9814 Mar
63
*56
63 "55
63
Preferred
100 514 Feb 10 75 Jan 9
*4218 43
42
4218 42
*415 42
8
42
*4112 42
4214 42
3478 Dec 53% Mar
1,200 Hudson & Manhattan
100 37 Jan 15 4412 Feb 17
75
75
74
7212 74
75
73
/ 77
1
4
4
75
65 4 Dec 1363 Apr
3
3,000 Illinois Central
8
753
4 7312 74
100 695 Jan 2 89 Feb 24
.
52
56
5' 55
*52
52
56
*52
*52
56 •
58 Dec 77 May
54
54
10
RR Sec stock certificates_- 52 Mar 11 61 Jan 23
*2912 3012 2914 307
294 287 2914 29
8
2914 3014 29
30
2038 Jan 3912 Mar
4,300 Interboro Rapid Tran v t 0.100 244 Jan 19 34 Mar 2
41
41
*4118 44
40
40
3912 391
414 *3912 40
8
34 Dec 853 Mar
700 Kansas City Southern
40
100 35 Jan 2 45 Feb 26
*58
637
8 5814 5814 58
58
*5514 58
*58
60
*58
53 Dec 70 Apr
200
60
Preferred
100 53 Jan 2 64 Feb 9
5212 5212 3,200 Lehigh Valley
52
*53
5314 525 53
8
53
53
528 *51
53
40 Nov 84% Mar
50 52 Mar 18 al Jan 9
101 101
9912 101
100 101
101 101
98 10014 1.930 Louisville & Nashville
99 100
84 De 1384 Apr
100 904 Jan 2 111 Feb 9
343 35
4
.
3512 3612 35
35
354 36
4212 Sept
3414 35
24 Jun
3512 3512 5,400 Manhat Elev modified guar10
8
0 323 Jan 28 39 Feb 23
•197 21% *197 2112 •197 2112 *197 2112 *20
8
9
8
8
211 *20
13 Dec 2512 Feb
Market St Ry prior pref _100 15 Jan 3 22 Feb 18
2112
Is Jan
218 Apr
h Jan 12
5
8
*4
12
200 Minneapolis es St Louls_100
*3
2
5
8' "8
*3
8
5
8
*33
/
Is Oct
%
5
8
812 1018
3 Dec 35 Feb
/
1
4
•1018 1112 *1018 1012
87
8 87
812 84 2,500 Minn St Paul & 58 Marie_100
/
1
1112 Feb 10
*912 913
812Mar 1
*43
4612 *43
494 *43
47
*43
47
*43
47
*43
47
594 Feb
41 No
Leased lines
100 4218 Jan 10 45 Mar 11
19
195 21
8
1914 2014 1918 20'4 1814 19
195
8 191 2034 18,900 Mo-Kan-Texas RR__ __No pa
/
4
14% Dec 66% Apr
4
1814 Mar 18 263 Jan 20
78
7818 78
791 *7814 783 7914 7914 79
7912 2.200
*78
79
60 De 108% Mar
Preferred
100 70 Jan 2 85 Jan 16
32
32
*32
35
20% Dec 9812 Mar
32
3212 34
34
32
32
"32
34
600 Missouri Pacific
100 3012 Jan 2 42% Feb 16
9412 95
94
94
79 Dec 14512 Mar
95
95
94
944 94
9412 3,300
943 96
4
Preferred
100 8612 Jan 2 107 Feb 11
801 *73
801 *73
*73
8012 *73
8012 *73
8012 73
80
Nash Chatt & St Louts_ _ _100 73 Feb 3 80 Feb 25
70 De 132 Mar
14 July
14 Dec
38 Jan 3
Nat Ryg of Mexico 2d pre!_100
la Jan 5
"8
"8
5
8
8
*3
8
53'
*3
8
5
8
*3/3
5
8
38
*3/3
5
/
4
4
10814 11112 1091 11114 1093 11212 52,700 New York Central
114 11439 113 11412 10953 114
4
100 10814 Mar 18 1324 Feb 24 1054 Dec 1921 Feb
773 72
73
*71
73
*71
74
*73
78
*73
78 i *73
400 NY Chic de St Louis Co100 72 Mar 18 88 Feb 11
73 Dec 144 Feb
93
9212 9212 9212 924
1
*9112 93
93
93
/
1
75 Dec 110 4 May
9214 9214 92
900
Preferred
100 85 Jan 21 94 Mar 9
•18512 19512 185 185 j 200 200 *192 195
195 2033 19318 20412
4
220 N. Y.& Harlem
5 165 Jan 2 227 Feb 24 152 Dec 324 Feb
8612 8834 8812 89
888 8914 8912 90 I 8812 90
874 8912 12,500 N. Y. N. H dr Hartford_ _100 75 Jan 2 94% Feb 24
/
1
67% Dec 1284 Mar
11839 1183 *1183 1193 *11814 1193 *11814 119
11812 119 *11814 119
4
4
4
700
110 Jan 3 11958 Feb 24 1064 Dec 1354 Mar
Preferred
67
6% *63
8 7 1 *63
8 63
4 *6
63
*6
33 Dec 1714 Mar
4
7
*6
7
200 N.Y. Ontario & Western.
8 Jan 9
5% Jan 2
.100
*1
17
8 *1
418 Jan
15
8'
118 118;
114
11
*118 114
118
1
Oct
2 Feb 27
11 1.200 N. Y. Railways pre __No par
/
4
1 Jan 2
*614 77
*63
8 7 8 *63
5
8 712 *63
418 Dec 3312 Feb
84 Jan 9
8 71
Norfolk Southern
*633 714 "639 71i
6 Jan 3
100
•
200 205
199 20014 19812 1983 19712 198
4
1993 200
4
198 198
1,400 Norfolk & Western
100 19712 Mar 18 217 Feb 26 18112 Dec 265 Feb
*9118 924 *9118 9212 9118 9118 9212 921 *9118 9212 9212 0212
83 Feb 9212 Oct
Preferred
100 89 Jan 8 9212 Jan 13
•5112 5212 53
5312 52
53 4 5014 517
3
5112 513
4 52% 5212 6, 30 Northern Pacific)
900
42% Dec 97 Feb
100 4714 Jan 2 60% Jan 27
*5
612, *5
612 *5
61 *5
/
4
61
*5
614 *5
6i4
318 Dec 19% Apr
614 Feb 18
Pacitio Coast
4 Jan 10
100
5918 5938 594 598
5812 5912 5739 583
8' 575 58
8
8
53 Dee 865 Mar
5739 5812 32,800 Pennsylvania
50 55% Jan 1 64 Feb 10
*5
114 *5
1114 *5
1114 •13
51 Jan 7
44 Dec 2414 Mar
7
*5
1114 *5
94 Jan
Peoria & Eastern
1114
100
•75
80
*70
80 '•_-__ 77 r•____ 77
764 Dec 16412 Apr
*40
76
*51
77
Pere Marquette
100 75 Mar 12 85 Feb 10
*9218 9214 *9218 9214' *9218 92141 924 9218 9214 9214 9218 924
9112 D 2 101 May
90 oe: 9,
Prior preferred
100 86 Jan 20 924 Feb 25
140
78
____ 78
____ 78
78•____ 78 *____ 78
100 77 Jan 6 80 Jan 8
Preferred
61
61 1 593 6014 *55
*61
66
4
68
"61
4812 Dec 1211 Feb
4
66
62 62
4Mar 17 86 Jan 9
700 Pittsburgh & West Virginia 100 593
80
804 7614 80
75
77
/
1
4
7212 74
73 Dec 1414 Feb
76
763
4 77
78
3,100 Reading
50 7212 Mar 18 gr Feb 11
*4412 46
*4412 46
*4412 46
Ws Mar 53 Feb
46
46
*4412 4553 45
45
200
50 45 Mar 20 46 Jan 5
First preferred
*45
463 *45
4
464 *45
463 *45
4
463 *4412 463
4
4 444 4412
46 Dec 57 Feb
100
Second preferred
50 44 Jan 10 47 Jan 16
37I1 35
.3739 3812 3712 3712 36
364 36
367
3 3614 3612 6,500 St Louis
391 Dec 118% Mar
4
3
-San Francilsco____100 35 Mar 18 62 4 Jan 27
*5712 60
58
58141 5812 59341 59
593
4 5912 5912 593 60
621 Dee 170,14 a r
171 ee
py
4
1.700
100 5712 Mar 13 76 Jan 27
First preferred
25
*2012 25 I *2318 25
*21
23
2318 *22
30
*22
May
30
500 Si. Louts Southwegtern____100 23 Jan 2 334 Jan 9
*4212 60
39
40
.31
50
*31
50
*31
50
*33
35 Dec 941 July
4
55
700
100 39 Mar 16 60 Feb 24
Preferred
3
4
1
4
Is
7
8
3
4
7
8
3
4
h Dec 1212 Feb
3
4
34 78
138 Jan 12
h Jan 2
WO
Seaboard Air Line
.114 112 114 114 114 114 14 13
8
112 112 ' DI
14
4 Dec 28 Feb
21s Jan 12
I Jan 2
Preferred
100
k
9912 100
997 10012 9853 10012 977 1003
8
8 99 100
9934 10012 8,200 Southern Pacific CO
88 Dec 127 Feb
100 92% Jan 2 10912 Feb 11
4 52
5314 514 53
52
523
5
5214 53
521 5312 8,100 Southern Railway
/
4
053 52
4618 Dec 1362 Jan
4
100 4734 Jan 2 65% Feb 10
*70
79 1 *75
79 •75
•
62
79
79
*75
79
76
76
76 Dec 101 Mar
1,200
Preferred
100 76 Mar 20 83 Feb 10
*783 95
4
•783 95
4
*78% 95
•783 95 "783 95
4
4
*783 95
4
85 Dec 145 Apr
Texas & Pacific
100 90 Mar 10 100 Jan 14
8
8
*84 914 *84 9
*8
9
/
1
4
*84 9
*814 9
4 Dec 154 Mar
200 Third Avenue
64 Jan 5 10 Mar 6
100
*11
1112 *11
13
1312 11
1, •1112 12
114 1112 *11
74 Oct 3112 Jan
4
400 Twin City Rapid Transit._100
9 Jan 22 177 Feb 17
*5114 53
5714 574 *533 5718 *5114 57
8
*5114 57
*5114 57
443 Dec 79 Feb
10
Preferred
100 4114 Jan 17 62 Feb 9
1863 19112 183 18714 18414 186
4
190 191 I 190 191
1857 187
8
4
11,100 Union Pacific)
4
100 1793 Jan 2 2054 Feb 24 16612 Dec 2421 Mar
•8558 8612' *815 8612 *853 8612 857 858 •853 8612 853 853
8
4
8
4
4
8214 Jan 8833 Sept
200
Preferred
100 8354 Jan 5 86% Feb 24
•17
18121 1714 1714 1714 1714 163 163 *1512 18
4
4
1114 Dee 67 $ Apr
1612 1718 1.000 Wabash
3
100 1614 Mar 13 26 Jan 9
34 I 333 333
39 I *34
38 I 34
4
*35
41 33
33
3312 3312
39 Dec 894 Apr
700
Preferred A
100 33 Mar 19 51 Jan 9
16
1512 1612 1512 16 1 157 16
•155 1653 16
8
8
1618 167
10 Dec 36 Mar
8 6,700 Western Maryland
8
100 1314 Jan 2 195 Feb 24
*153 197 *1512 197 *1512 197 •1412 163 "1412 163
4
1
8
8
4'
1114 Dec 38 Mar
4 1634 1631
200
Second preferred
16 Jan 6 20 Feb 24
10
•1114 13
114 14 1 *1111 1312 *1114 13
*12% 1312 *1114 13
74 Dec 304 Mar
8
Western Pacific
100 10 Jan 3 147 Feb 9
*2712 28 1 2714 2714 '25
2718 *27
•2712 28
2718 "25
23 Dec 5312 Mar
274
8
100
Preferred
Prefeed
100 26 Jan 15 315 Feb 24
1,ggg
,
Industrial & Miscellaneous
8 1118 113
11
1114 1114 1118 113
4 107 11
1112 11
8 Dec 4218 Apr
1214 9,000 Abitibi Power & Paper.Nu Dar
9 Jan 3 144 Feb 26
4' 4412 4412 4412 4412 *40
433 4453 1,100
45
*40
44
4333 443
36 Nov 864 Apr
Preferred
100 39 Feb 19 52 Feb 26
4
35
*31
35 I *32
35
34
34
293 293 *32
4
*30
21
Dee 66 Apr
35
320 Abraham & Straus_ -No par 25 Jan 22 34 Feb 26
101 101 *101 103 *101 103 *101 103 *101 103 *101 103
10
Preferred
100 100 Jan 4 10112 Jan 8 102 Nov 11012 Aug
4 2112 217
2114 2159 2112 213
8 2114 2159 213 213
8
4 2114 215 11,700 Adam, Express
144 Dec 37% Mar
No par
1618 Jan 2 2312 Feb 24
*584 90
/
1
*89
90 1 90
9112 •89
90 1 89
90
89
8018 Dec 94 Sent
89
720
Preferred
100 834 Jan 5 01 12Mar 17
29
28% *28
4
4
*28
2833 2859 283 283 *23
283 *28
4
21
Oct 32 Mar
2812
200 Adams Millie
Nn par 2218 Jan 14 29% Mar 3
23 23
23
23 ; *223 24 1 .223 23
4
*223 23
4
4
*2212 233
24 Dec 34% June
300 Addressograph int CoroNn par 21 12 Jan 15 2312 Feb 2
4
11
8
814 83
4
93 1012 1034 113 ' 10
4
1053 107
8 10
8
1118 12,600 Advance Rurnely new- No par
518 Mar 13 113 Mar 17
--i2
Preferred_
100 ill, Jan 29 2012 Feb 16' 10 Dec 4114 Jan
-7 - ---- ---i8 - 1 ---34 ---1- --'FE -- -5- --- i2 --12
2
is
514
14 Dec
7 Feb 27
8
5;
2
8
15* Mar
900 /Unmade Lead
3 Jan 6
8
1
8 9912 1023
9912 99 1033
4 997 10214 1023 1047 1023 10478 27,900 Air Reduction Ina__ _.No par 924 Jan 19 10933 Feb 24
4
98
4
8718 Dec 1563 June
s
67
718
7
12 641
63
4 7
7
714; 63
7 I6
67
614 Dec 36 Mar
8
612Mar 18 103 Feb 24
4.200 Air-way Mee APPlianceNo tar
I2 Jan 5
14 Dec
I Jan 2
212 Jan
Ajax Rubber Ins
No par
12
'
s!
14'
412 June
8% -1 --8i2 -II --Vs -- 3 -WS -14 --tiE8 -- - --g5 -18 37700) Alaska Juneau Gold Min___10
9% Jan 23
6
S
,
918 Jan
7 Jan 2
I
1
•Bid and asked prices; no sales on this day.
60% stock dividend Pad. s el dividend
v
aging
S Mx-dividend and ax-rigIsta.
2150
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Mar. 14.
Monday
Mar. 16.
Tuesday 'Wednesday! Thursday
Mar, 17.
Mar. 18.
Mar. 19.
Friday
Mar. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
per share $ per share I$ per share I $ per share l$ per share l$ per share Shares Indus. & Miscell. (Con.) Par
O618 713 •612 714
, •612 714' *612 714 .612 7 4, *6 2 714
A P W Paper Co
,
,
No par
93
8 93
4
912 93
4'
94 97
8,
0
552'
9
9, 1014 35,800 Allegheny Corp
4 94'
2
No Par
*
50
4913 4913' 4812 493 •42
48
48
4
48
48
48 1
Frei A with $30 warr___100
1,100
•____ 50
*44
50
*40
50
____ 48
4712 474 *48
5018
Pref A with $40 wart.. __100
100
50
*40
50 •____ 50 *____ 43 *____ 50 I*____ 50
Frei A without warr____100
1513 15412 1514 154
4
15018 156
15012 155
15312 15812 159 1613 63,100 Allied Chemical & Dye_No Dar
4
.
123 1234 •123 1234 *12314 1237 12314 12314 1227 12312' 1233 12313 2,100
8
8
Preferred
8
100
353 36
4
3618 3812 36
38
36
367
8 37
38181 3714 383 16.200 Allis-Chalmers affg___No par
8
*17
18
*17
18
*17
18
17
17
17
17141 16
800 Alpha Portland Cement No par
16 2
,
19
19
*18
19
184 1838 18
1812 1818 1818' 187 2012 3,500 Amerada Corp
8
No par
68
58
"56
57
57 57
5812 59
"5612 57
57
59
900 American Bank Note
10
*6412 _--- *633 ---- *6412 --__ *643
4
____ 64
*65
4
65
70
Preferred
50
*312 4
33
8 38
3
37
s 37 " 4 37
1,000 American Beet Sugar...No par
8
3
8
3514 3514 35
3512 *3514 353
4 3512 36
*3514 36 2 *34'8 3538
600 Am Brake Shoe & Fdy_No par
,
*12214 1243 *12214 1243 *12314 1243 *12314 1243 *12314 1243 *12314 1243
8
8
8
8
8
Preferred
8
100
914 9 2
,
912 912
914 914'
914 912
912 912:
94 94 1,200 Amer Brown Boyer! RI_No par
51
51 I "5112 52 I '5212 55 I 51
*524 53 I 253
52
110
Preferred
5 4
43
100
123 12414 1237 1257 1223 1264 12214 12512 1253 1273 12812 1284 112,800 American Can
8
8
4
8
8
25
15014 15014 •14812 150 *14812 150 ‘•149 15014 1504 15014 15014 15014
600
Preferred
100
343 343
4
4 36
36 , 235
35 I '3314 38
*3414 353
600 American Car & Fdy No par
4 314 3178
8412 8518 8512 854 *833 90
95
87
"83
88
*85
86
4
603
Preferred
100
*3514 3(3
3514 3512 *3412 35
3413 3112 3518 35,
1,900 American Chain
8 3514 39
No Par
• 46
463
47 I 4613 47
3 46
4612 47
473 47 8 4738 434 7,900 American Chicle
8
,
No par
20
20 •1912 2038 "19
8
1912 19
20
4 2,600 Am3r(Mort y pa Co__ No par
20
2014 197 20,
*11
1112 1112 1213 1218 1212 12
124 1218 1214 107 1218 5.000 Am Comml Aleohol
8
Ne par
12
12 •1212 1312 1213 124 "12
134 •12
1313
300 Amer Encaustic TilIng_No par
1312 *12
303 304 32
8
323
4 32
32 i 3112 32 1 324 321
2,200 Amer European See's No par
4 324 33
4413 453
4 4518 4718 45
4714 483
477
8 4514 48
4 4714 4838 323,000 Amer & For'n Power
No par
*98 100
9814 9812 93
99
100 100
99
98 I *93 100
800
Preferred
No Dar
*7414 75
7412 743
75
75
7312 74
4 7312 7412 73
754 2,500
21) preferred
No par
*85
8812 *85
8812 *85
8812 874 873
4
2 88
4 873 877
8
900
$6 preferred
No par
*7
712 *7
712 *7
7
712
7
7
7 I '63
8 712
939 Ara Hawaiian S S Co
10
54
5
*4
413 5
412
4 *412 5 I
412 43
43
4 434 1.200 American Hide at Leather_100
*1918 20,
20 I 204 2112 2112 22
22 122
2 1918 1918 20
Preferred
700
100
59
60
594 603
8
604 60
60 1 603 6238 624 61
8 60
13.000 Amer Horne Proclucts__No par
291s 29'8 233 29
29 I 283 233
29
4
4
4 233 203
29
4
4 29
2.700 American Ice
No par
194 20,
2032 2132 203 2114 17.900 Amer Internal Corp
4 20i4 2012 2012 2114 2014 21
4
No par
.7
8 1 1
7
*7
8
8 1
78
I
*7
8 1
I
*7
8 1
500 Amer L France & Foamite.10
*64 8
4 8
'83
*63
*63
4 8
4 8
8
'61
4 8 1
8
Preferred
ISD
100
2712 274 27 271s 2712 23
28
23
28
2814 *28
2312 1,500 American Locornotive_No par
*8114 85
*8114 81 , '8114 85 I 83
83 "3112 824 8212 8212
Preferred
300
100
414 424 414 423
4318 4112 42
4 42
413 433
4
4 4212 4314 29,000 Amer Mach & Fdy new_No par
512 512 .512 5 41 *51 2 54
538 53
3
3
5 I
514 514
5
600 Amer Mach & aletaleNo pa
*203 21
21
4
21
224! 217 2218 214 217
21
8
8 2112 21121 7,100 Amer Metal Co Ltcl___No pa
90 .75
90
*75
*85
90181 *80
90181 *80
9018 *80
90181
Preferred(6%)
100
20
2212 2118 2212 22
22
2112 22 I 21
217
8 21
213
41 2.050 Amer Nat Gas pref____No pa
553 5814 56
4
4 67
583
5912 563 5312 58
4
5918 58 2 5912' 21,400 Am Power & Light____No pa
,
100 100
993 100
4
10012 10012 100 101 1 10114 101 14 *10018 10112 1,300
Preferred
No pa
.8012 84
*8012 84
*8012 83 I *8012 84
333 833
8
8 834 833
8;
Preferred A
200
No pa
84
84
833 84
3
83
84
833 84
4
84, 8414 84'4 84 41 1.700
4
Pre A stamped
,
No pa
107
1914
194 20
2012 1914 2012 203 2114 203 2111 79.300 Am Red & Stand San'y_No pa
20
8
4
104 11
11
10
4 •1014 101s' 10
*1014 1012 .
1014 1012'
700 American R.epublice_. NO pa
30
304 30
307
8 304 32141 31
33
3318 334 327 334' 36,100 American Rolling Mill
8
2
*6014 604' 603 6012 60, 61 I 80
8
60 ' 593 6012 583 593
4
4
4
4' 3,800 American Safety Razor_No Pa
*8
812 '8
84 *8
812' *8
812 *8
812 *8
812'
Amer Seating v t e____No pa
*lig
1
1
•1
114
1
1 I *1
114
114 114'
114'
600 Amer ShIp es Comte___No Pa
*3715 394 *374 3914 3718 3718' •3718 39 4 *3718 3914 3713 37lI
,
12 Amer Shipbuilding new_No pa
5014 5114 51
62
8 51
503 533
3
52 4 513 523
,
8
8 514 527 21,400 Amer Smelting & Refg_No Pa
8'
137 137 •137 138
137 137 i *1363 13714 *137 13714 13714 1373
4
41
800
Preferred
10
102 102
10112 102
102 10214 102 102 I 10214 10214 1023 1023
8
8 1,500
6% cum 2d prof
10
"4012 42
41
41
*4012 424 .4012 4214 *4012 42
4014 40141
2
200 American Snuff
*107 103 •107 110 .10513 110 ;1
'10512 110 i*10512 110 *10512 110
Preferred
10
*312 34' .3 2 33
,
4
314 3 4
3
3 1,900 Amer Solvents & Chem _No pa
3 4 34
3
314 33
4
33
8 33
10 I *9
10 I *9
94 934 *9
10 I
914 914
812 9 I 1,000
No pa
Preferred
2714 2714' 2712 274 273 274' 274 273
4
2812 2712 274 3,200 Amer Steel FoundriNo Pa
4 28
•11112 11312 *111 11312 *111 11312.111 11312 *111 11312 *111 11312
100
Preferred
'47
48 , 47
47 . 474 48 I *473 49
8
473 474 473 45
8
4
1,200 American Storm
No par
533 533
2
8 5312 5312 534 54
53
5314' 51
584 57
587
8 5,800 Amer Sugar Refining
100
*1053 109
4
108 10812 *107 1077 108 108 *107 103 I 10812 10812
8
Preferred
100
500
9
914
94 93
8
9
9
*83
4 912 *914 912
9
9
600 Am Sumatra Tobacco __No par
100
10 Amer Teleg & Cable Co
19313 19114 19313 19514 19318 198 I 1924 1964 195 1933 195 19814 40.900 Amer Telep & Teleg
8
100
11712 118 1 117 1173 118 11712 116 117
4
118 11834' 1183 1184 8.000 American Tobacco new w 1 25
4
11914 12014 11914 1203 118 12012 11312 1191 12014 12112 12014 1214 19,500
8
4
Common elms 13 new w L25
*1264 128 r1263 129 *1264 129 . 12612 121312 1264 127 I•127 129
8
330
Preferred
100
*97 105 I *97 104 I "97 105
97
97
"97 10412 .994 105
100 American Type Founders 100
110 110 +10714 110
110 110 ,"103 110
108 108 i 1074 1073
00
4
Preferred
100
693 71
7118 7314 704 74 1 71
8
734 7312 75
7318 744 24,300 Am Water Wks & Elec_No par
•105 110
108 106 *101 10838 *104 1054 107 107 *107 103
300
1st preferred
*912 94
94 94
91
4 94
4
8 1034 11
93 107
1014 103 16.800 American Woolen
4
100
33
334 34
35 I 3138 35I 343 377
8 37
8
39
3718 3818 24,300
Preferred
100
212 238
3 314 *23
24 23
8 212 •212 312 "213 312
4 *23
500 Am Writing Paper ctfs_No par
*123 20 1 *123 20 I *124 20 I *123 20
2
8
8
*123 20
8
*124 20
Preferred certificates
100
*612 7
*612 7 I
7
8 63
74
8
63
7
7
7
7 18 1.300 Amer Zinc Lead & Smelt_25
*38
41
*33
40 "33
39 '"38
40 •38
40
*38
40
Preferred
25
3712 383
8 377 39 4 38'8 40
8
3318 394 3914 4014 3918 393 64,600 Anaconda Copper Mining...50
,
8
*26
20,
4 28
26 I *26
27
26
2614 2614 *2(3,4 2612
26
600 Anaconda Wire & Cable No par
*3114 3112 *30 2 3112 3113 3112 314 32
,
*303 313 2303 304 1,200 Anchor Cap
4
4
8
No par
•1612 18
.1612 13121 *1512 18121 1714 174 *1713 18
*17
1812
300 Andes Copper Mining.._No par
*157 16
8
16 I 1578 16
16
16 I 18
16
16
1614 163
4 2,200 Archer Daniels alldl'd.No Par
•6012 61
61
61
0
60
60
6
60
60
6014 5812 593
4 2,000 Armour & Co.(Del) prof __100
3
3
3
318
318
3
24 3
27
8 3
27
8 3
11,800 Armour of Illinois class A_25
17
8 2
17
3 2
17
17
178 2
8 2 I
8 2 I
14 2
7.400
Class 13
25
2812 2812 2812 2813 28
23
28
23
27
273
4 2612 27
1,100
Preferred
100
*718 714 *714 712'
7
7
7
7
7 18 714 1,300 Arnold Constable Corp_No par
74 74
*7
9
*7
9 I *7
9
*7
9
9
*7
9 I *7
Artleom Corp
No par
2212 223
4 23
4 224 223 2223 223
8 2313 233
234: 2312 243
4
4
4 4,900 Associated Apparel Ind _No Par
257 27
8
2718 274' 27
8
273 284 283 293 15,700 Assoc) Dry Goods
4
8
8
27711' 267 27
No par
*31
35
31
31
*31
31
31 I *31
35
31
150 Associated OD
328. 31
25
*33
36
36 ; *33
38 '33
*33
36 I *33
36
*32
36
All Oat WISS LineNo par
*483 50
4
483 433 *4313 5012 *4812 501 *4813 504 *4813 50
4
4
200
Preferred
100
183 197
4
8 19
197
s 1912 204 1914 1938 1918 194 19,2 194 11,300 Atlantic Refining
25
*4612 48 .47
8
48
48 I 47
4818 484
48
474 •4137 471
500 Atlas Powder
No par
•9713 100
*9712 100 I *9712 100 I *9712 100
*9712 100
9712 9712
40
Preferred
100
1112 1112 1114 114 1114 1114 11
11
1114 1112 114 1112 1,100 Atlas Storm Corp
No par
*3
312 *3
312 *3
312 *3
312 •3
3 2 *3
,
312
Atlas Tack
No par
185 1883 183 1983 194 20'3 I 19412 20212 20314 2073 2200 21012 107,100 Auburn Automoblle
4
4
4
No par
*2
21
213
*2
24 218
21
*2
218 2,
218 '2
8;
400 Austin Nichols
No par
8
lh *13*
13
4 14 *14 14 "14 17
17
8
15
8 15
8
200 Autosales Corp
8 *15
No par
*314 4
*314 4 I *314 4 1 *314 4 I *314 4
*314 4
Preferred
50
514 514' 5
5
518
5
5 14
514' 5
5
51
8
514 9.700 Aviation Corp
No par
1
81 2312 277
8
8 27 4 274 63,900 Baldwin Loco Works _No par
2518 263
2641 253 274 253 267
41 26
4
,
10313 10318 10312 10312 "10312 105 I 10312 10312' 10412 10413 *10212 10312
70
Preferred
100
310312 105
104 10413 *10312 105 ,*1034 105 ;1 10312 105 1'
'
50 Bamberger(L)& Co prof 100
10312 10312
*734 8
I Barker Brothers
'714 8 I 5712 8 I *712 8 1 *714 712 '714 8
No pa
60 *...„ 80 1 *____ 60 1...
60
„ 60 •____ 60
I Preferred
100
Hit 12
12
1
113 1218
i13 1214 1134 12
8
9,400 Ramsdell Corp class A
4
25
27
27
27 "25
2612 27
10 Bayuk Cigars Inc
27
*2612 27 I 27
*25
No pa
91
•90
*90
91
90
*90
90
91
91
20
91
•90
First preferred
100
7912 7914 81
75
75
75
76
8 77
2
7613 737
7914 80, 20,500 Beatrice Creamery
50
110 110
111 111 *11018 111 •l1018 111
400
111 111 *100 4 111
3
Preferred
100
400 Beech-Nat Packing Co____20
*57
*5714 5838 5838 5838 5812 58'2
58
58 "57
53
58
14 414 *312 33
4
34 312
3
3,
34 314 *3
4 4312 33
8 1,100 Belding Hern'way Co__No pa
794 7914 7914
•787 803
8
500 Belgian Nat Rya part prof.. _ -4 79 79
*793 804 *7918 794 79
8
213 22
4
2212 233
8
8 22 4 2312 2214 2314 2318 2414 233 2412 78,000 Ilendix Aviation
,
No pa
8' 45
4134 413
4614 4414 45 2 17,100 Best & Co
4 42
434 43
433
4 4213 453
,
No pa
4 644 653
6014 6112 61
8 64
8
63
6512 138,500 Bethlehem Steel Corp
6012 634 607 631
100
1223 1223 *12212 123
'900
4
4
8
4
12212 1224 1223 1223 12318 12318 123 12314
Preferred (7%)
10
2818 26,
2,300 Blame-Knox Co
2614 2718 287 27
8
8 26 4 2812 263 2714 2612 27
,
4
No pa
20
20
•18
12
20
40 Bloomingdale Brothers_No Pa
20
•18
20 12 20
20
*18
20 '18
*9312 95 I *93
95 .90
95
95
*93
*90
95
*93
Preferred
95
100
*8212 884 "8212 863 *8212 85
•7318 85
*8212 85
*8212 85
4
Blumenthal & Co pref._..10
. 8 327
313
3212 333
8 31
3714 3612 3714 10,200 Bohn Aluminum & 13r__No pa
4 34
3112 3213 33
1
• Bid and asked prices; no sales on this day. 2 Ex-dividend. V Ex riah/113
PER SHARE
Range Since Jan. 1.
On Oasis of 100
-share lots.
Lowest.
Highest.
$ per share $ per share
618 Mar 7
812 Feb 10
4
7 4 Jan 2 123 Feb 24
3
39 4 Jan 2 5918 Feb 25
3
4
393 Jan 2 59 Feb 11
494 Jan 23 5512 Feb 25
14714 Mar 13 1823 Feb 24
4
122 Jan 3 12412 Mar 4
4
324 Jan 2 423 Feb 26
144 Jan 13 1878 Feb 9
1712 Jan 2 21 Jan 5
5478 Jan 3 623 Feb 13
4
62 Jan 7 6614 Feb 26
212 Jan 28
43 Jan 9
4
32 Jan 2 38 Feb 24
118 Jan 13 1215 Max 10
8
8
818 Jan 2 123 Feb 24
4514 Jan 12 63 Feb 20
1064 Jan 19 1293 Feb 24
8
145 Feb 4 15014 Mar 14
27 Jan 2 3334 Feb 24
744 Jan 5 86 Mar 18
297 Jan 20 4334 Feb 24
8
3814 Jan 2 4818 Mar 20
1414 Feb 3 2114 Feb 27
9 Jan 17 1412 Feb 16
9 Jan 8 18 Mar 2
19 Jan 2 3318 Feb 24
263 Jan 19 513 Feb 24
4
4
8514 Jan 3 100 Mar 20
6712 Feb 6 7912 Feb 25
74 Jan 3 90 Feb 26
7 Jan 2 103 Jan 9
2
Pa Jan 7
514 Mar 19
1012 Jan 8 22 Mar 19
477 Jan 2 64 Mar 20
8
3
233 Jan 115 313 Feb 9
4
1812 Jan 15 26 Feb 26
14 Jan 9
Jan 5
6 Feb 21 12 .lan 9
203 Jan 2 303 Feb 26
8
4
7214 Jan 3 843 Mar 8
4
4
31 Jan 2 433 Mar 19
7 Mar 2
312 Jan 1
2334 Feb 24
103 Jan 3
2
89 Feb 21 8912 Feb 5
20 afar 14 397 Jan 20
8
45 Jan 2 6478 Feb 26
944 Jan 2 10114 Mar 13
78 Jan 5 834 Mar 20
80 Jan 3 8434 Mar 12
154 Jan 2 2112 Mar 20
7 Jan 13 12 8 Feb 27
3
2612 Mar 6 3732 Feb 20
57 Jan 2 66 Feb 26
812 Jan 30
9 Feb 13
3 Jan 2
4
13 Feb 27
8
37 Jan 16 42 Jan 6
4012 Jan 2 5812 Feb 24
129 Jan 9 138 Mar 12
9312 Jan 3 1023 alar 12
4
37 Jan 2 4214 afar I()
105 Jan 20 1093 Mar 13
4
212 Jan 2
412 Feb 16
63 Jan 15 114 Feb 24
8
25 Jan 15 3114 Feb 20
110 Jan 13 113 Feb 20
37 Jan 7 4814 Mar 10
423 Jan 5 58 salar 20
4
7
96 Jan 2 10812 Mar 16
8 Jan 12 1118 Feb 13
1514 Jan 12 2312 Feb 18
17612 Jan 2 20134 Feb 26
104 Jan 2 12012 Feb 24
1043 Jan 2 12212 Feb 24
4
12414 Jan 3 12812 Feb 4
90 Jan 24 105 Jan 16
105 Jan 21 11(14 Feb 28
54 Jan 15 803 Feb 26
4
10114 Jan 29 107 Mar 19
67 Jan 2 117 Jan 12
8
8
21 Jan 2 39 Mar 19
2 Jan 3
4 Jan 23
14 Jan 13 18 Feb 20
412 Jan 2
84 Feb 26
26 Jan 10 403 Mar 11
4
293 Jan 2 4314 Feb 27
4
22 Feb 4 2614 afar 10
27 Jan 2 36 Feb 21
134 Jan 12 1912 Feb 27
154 Jan 3 18 Feb 4
5812 ar 20 72 Jan 7
412 Jan 6
278 Mar 3
178 Mar 12
24 Jan 7
25 Feb 26 47 Jan 6
34 Jan 2
738 Feb 26
5 Jan 13 1012 Feb 26
8afar 11 287 Feb 10
197
s
22 Jan 2 204 Mar 20
2812 Jan 2 31 Feb 18
31 Jan 28 39 Jan 7
4132
42r1ar 10 5313 Jan 21
18 Jan 2 234 Feb 24
454 Jan 5 64 Feb 11
95 Feb 4 994 Jan 16
87 Jan 2 134 Feb 10
8
27 Feb 9
8
312 Jan
10112 Jan 14 21712 Feb 26
178 Feb 26
24 Jan 23
238 Feb 16
1 Jan 2
5 Feb 27
23 Feb 3
4
,
3 Jan 2
8 8 Mar 2
203 Jan 2 2778 Mar 10
4
8812 Jan 2 10112 Mar 19
103 Mar 3 107 Feb 11
7 Feb 14 10 Jan 2
54 Feb 10 00 Mar 10
1412 Feb 26
114 Jan
2678 Mar 6 33 Jan 19
874 Jan
90 Mar 5
Si Mar 19
65 Jan
106 Jan 15 111 Mar 16
60 Feb 11
50 Jan 1.
4 Jan 30
24 Jan 1
8034 Jan 22
78 Jan
167 Jan 2 2512 Feb 24
8
3214 Jan 13 464 Mar 19
453 Jan 19 7038 Feb 26
8
2
1144 Jan 5 1237 Mar 8
24 Jan 2 29 Feb 21
1612 Jan 5 2012afar 20
92 Feb 19 95 Jan 9
7518 Jan 15 7512 Jan 16
20 4 Jan 2 3714 Mar 19
3
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
3 per share
6 Dec
55 Dec
4
3614 Dec
3712 Dec
843 Oct
4
17014 Dec
1203 Dec
4
3114 Dec
Dee
184 Dec
454 Nov
6014 Nov
24 Dec
30 Dec
118 July
4 Oct
6,
38 Oct
1043 Dec
8
1404 Jan
2412 Dec
70 Dec
27 Dec
35 Dec
154 Dec
9 Nov
8 Nov
17 Dee
25 Dee
84 Dec
(3312 Dec
73 Dec
913 Dee
118 Dec
812 Dec
4612 Dec
2412 Dee
16 Dec
13 Dec
7 Dee
1814 Dec
8814 Dec
293 Dec
4
3 Dec
1312 Dec
80 Dec
20 Dec
364 Dec
90 Dec
744 Dec
743 Dec
4
15 Dec
512 Dec
28 Dec
5212 June
5 Dec
12 Dee
35 Dec
3712 Dec
131 Dec
933 Dee
8
357 Dec
8
10018 Jan
2 Dec
534 Oct
2312 Dec
110 Dec
3812 Dec
3914 Dee
95 Nov
5 Nov
15 Dec
1704 Dec
9513 Dec
994 Deo
120 Feb
05 Nov
10312 Nov
4714 Dec
98 Nov
53 Nov
8
153 Nov
s
13 Dee
8
1018 Dec
33 Dee
8
204 Dee
25 Dec
19 Dec
24 Dec
103 Dec
8
1318 Dee
60 Dec
23 Nov
4
112 Nov
2514 Nov
312 Dec
43 Dec
4
20 Nov
19 Dee
30 Dee
33 Dec
48 Dee
163 De
8
42 Dec
97 Nov
74 Dec
212 Oct
603 No
8
13 De
s
7 De
8
4 De
Vs De
193 Jun
8
84 De
103 De
8 No
58 De
83 De
8
23 No
89 De
62 De
10114 Ma
4654 No
218 Dec
7614 De0
1414 Nov
303 Dee
3
473 Dec
8
11234 Dec
23 Oct
164 Dee
95 Dee
74 Feb
153 Nov
4
per'Aare
1512 Feb
354 Mar
1074 Feb
993 Apr
4
9614 Feb
343 Apr
12814 Apr
68 Mar
4214 Mar
3112 June
9738 Mar
663 Jan
4
Jan
12
544 Mar
128 Feb
213 Apr
4
84 Sept
15612 Apr
1504 Oct
824 Feb
Jan
116
694 Apr
5114 Apr
Oct
22
33 Jan
304 Mar
5912 Mar
1013 Apr
4
11112 Apr
1004 June
101 may
335 Mar
2
7 Apr
3472 Apr
693 Mar
4
417 Mar
8
553 Apr
8
4 Apr
35 Feb
105 Jan
11812 Mar
45 Sept
1412 July
5112 Feb
110 Feb
95 Mar
1193 Apr
2
107 Mar
877 Sept
8
894 Sept
394 Apr
37 Mar
1004 Feb
0738 Apr
2612 Feb
33 May
3
544 June
7913 Apr
141
Apr
1033 Aug
3
437 Jan
8
112 Sept
224 Mar
3314 Mar
5214 Mar
116 Feb
5512 Apr
694 Mar
110 Apr
263 Feb
4
2713 Feb
2744 Apr
127 Sept
1307 Sept
8
129 Sept
1412 Apr
4
1144 July
12473 Apr
10818 Oct
2014 Feb
447 Feb
2
0 May
445 Feb
4
177 Feb
8
707 Jan
2
8112 Apr
534 Feb
513 Apr
4
3714 Apr
2914 Apr
824 June
84 Mar
438 Mar
65 June
133 Apr
4
2018 Apr
4618 Mar
5012 Apr
51 June
8038 Jan
6514 Feb
8
513 Apr
106 Mar
106 afar
37 May
812 Mar
4
2633 Apr
7 May
1038 Mar
25 Mar
072 Apr
38 Feb
Jan
116
11012 Feb
2034 Mar
91 Mar
34 Mar
68 Feb
101 July
92 Apr
10514 Sept
704 Jan
64 Jan
851a Mar
5732 Apr
5614 Apr
11014 Apr
134 Mar
4112 Apr
294 Apr
104
Oct
Apr
90
69 Apt
2151
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
Saturday
Mar. 14.
Monday
Mar. 16.
Tuesday 1Wednesday
Mor. IS.
Mar. 17.
Thursday
Mar. 19.
Friday
Mar, 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
Ors basis of 100
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
"i Per share $ per share $ per share I per share 1$ per share $ per share Shares Indus. & Miscell.(Con.) Par $ per share $ Per share $ per share $ per share
6012 Oct 78 Apr
No par 60 Jan 6 63 Feb 19
63
63
.6318 63 2
•62
63
300 Bon Anal class A
63
63
,
6218 62% *6218 63
k 214 .134 214
5 Mar
Oct
3 Feb 20
13 Jan 2
8
1
No par
•15
4 238 *13
,
Booth Fisheries
4 212 .112 213 *112 2 2 *13
/
1
514 Doc 334 Jan
7 Jan 9 1714 Feb 20
100
12
.12
18 .
hit preferred
18
18 .12
18 I *12
18 I •12
18 .12
25 6713 Jan 15 7613 Mar 20
6018 Jan 90% May
4 7514 7613 38,200 Borden Co
7212 723
4 7212 7414 7414 7558' 7414 7512 7518 753
.4
16 Nov 6013 Mat
10 203 Jan 2 303 Feb 27
4
273 283 228
4
2918 29% 2918 30, 53,200 Borg-Warner Corp
4
8
2
287
8 2818 29181 275 29 1
113 Jan 28
5 Mar
34 Dec
233 Star 18
*13
4 2
2
2
214 23
8
800 Botany Cons Mills class A 60
15
4 2
2
23
e
*13
4 2
8
121 Oot 253 July
/
4
/
1
4
8
195 20
8
2158' 2112 2214 213 223 93,300 Briggs Manufacturing_No Par 164 Jan 15 22% Feb 24
20
205
8 21
214I 21
/
1
1514 Nov 354 Apr
No par 1613 Jan 14 24 Feb 20
4 223 23 22314 2314
4
.223 23
4
700 Briggs & Stratton
2318 2318 *2212 2314 *2212 223
/
1
158 Dec 224 May
2 Jan 2
514 Mar 2
*4
43
8
412 *414 412 *414 413 *414 413
300 Brockway Mot Truck_ _No par
414 43
8 *4
13 Dec 85 Apr
100 1514 Ma 19 26 Feb 17
4
.
15
19
*15
19 1 "15
80
Preferred 7%
20
20
20
1514 1514 1534 153
9818 Dec 1781 Mar
4
4
8
12212 12514 125 12712 12514 12712 12518 128
1273 1293 12738 12812 15,100 Brooklyn Union Oas__ _No par 103 Jan 2 12938.Mar 19
3334 Nov 42 Feb
4
No par 323 Jan 22 3513 Jan 5
4
100 Brown Shoe Co
*333 34 I *333 34 I .333 34 .333 34
4
4
4
4
337 33 8 *333 3414
8
10 Dec 30% Mar
.10
12
11
300 Bruns-Balke-Collender_No par 1018 Jan 2 15 Feb 13
*1114 12
1114 1114' *11
1112 11
*11
12
317 Mar
1
/
4
1118 Dec
10 141.4 Jan 16 201 Feb 19
.17
1714 1714 1714' 1714 18
*1712 18 I 1733 177
a 1714 17% 1,000 Bucyrus-Erie Co
/
1
21 Dec 43 Mar
10 25 Jan 13 344 Feb 10
32% 33
Preferred
1,100
*3012 32 1 303 3033 32
3212 3258 33
8
32
32
4
Jan 3 1133 Feb 2 107% Jan 117 Sept
100 111%
.112 113 1.112 113,•112 113 *112 113 *112 113 .112 113
Preferred (7)
5% Feb 25
518
514
*434
*43
4 5
5
r'
551
3 Dec 16% Apr
4 Jan 2
No par
43
43
*5
800 Budd (E 0 Mfg
)
6% Oct 14% Feb
9 Jan 2 13 Feb 27
No par
8 6,000 Budd Wheel
1118 113
8 1133 113
4 113 113
113 113
8
4 11% 113
4 11% 115
813 Dec 43 Mag
4
No par 1114 Jan 2 153 Jan 30
13
13 , 13% 1312 •1318 134 1314 1314 1314 1314 1314 1412 2,700 Bulova Watch
97 Dec 74 Apr
8
113 Jan 2 23 Feb 26
4
1712 177
8 5,400 Bullard Co
No Par
1712 1712 17
18 I 17
8 1712 18
8
183
4 165 173
/
4
25% Dec 1101 Apr
153 Mar 17 51 Jan 7
4
18
18
300 Burns 13ros new clAcomNo par
.1512 25
*1512 25
4'
153 153
4
4
4 153 153 *1612 20
3 Dec 35 Apr
47 Mar 17 10 Jan 7
8
.33
8 5
200
New class B 50m.. No par
5
6
.47
2 514
47
8 47
8 *314 53 '314 5
4'
71% Dec 100 Feb
32
32
100 22 Mar 17 85 Jan 20
*22
40
32
100
Preferred
*22
29 I 22
31 I 32
22
31
1838 Dec 517g afar
8 4,200 Burroughs Add Macti__No Par 2113 Jan 16 3214 Feb 9
28
2818 2814 293
8 2812 293
2812 29,
8
4 2812 287
8 287 29
2112 Dee 4811 Mar
NO par
2314 Jan 22 31 Feb 24
28
*265 2712 *2633 2712 27
8
28
703 Bush Terminal
28
27% 2718 2712 28
97 Nov 110 Mar
.102 10212 102 10218 *10214 10212 10214 10214' 102 102 .102 10214
80
100 100% Feb 11 104 Jan 23
Debenture
Oct 118 Apr
0110 113 .110 113
10 Bush Term Bldgs Pref
100 109 Jan 3 113 Mar 17 108
113 113 *110 114 *110 114 .110 114
7 Dee
8
514 Jan
13 Feb 20
4
*118 1%
1 Jan 7
113 118
500 Butte & Superior Mining___10
1'8
118 *118 114 .118
114 *118 114
414 Fob
114 1)ec
2 Jan 29
11 Jan 5
/
4
•17
8 2
900 Butte Copper & Zino
8 2
5
.17
17
8
17
s
2
2
4 2
2
2
13
8
10 Nov 293 Feb
8
1812 18'2 18
8 8,800 Butterlek Co
100 12% Jan 20 205 Feb 26
8 Ms 193
8 1918 195
183
8 1818 1918 1814 193
3318 Dec 11233 Apr
4
8
54's 553
5912 56,300 Byers dr Co (A N1)____No par 375 Jan 2 693 Feb 20
4 557 5812 565 597
8
s 5813 5914 58
8 5618 537
Jan
8
8
.9518 997 100 100 .9518 100
8
100 100
30
Preferred
100 997 Feb 10 1067 Feb 24 106 Dec 114
997 997 .95% 100
8
4114 Dec 7711 Mar
*4312 45
4412 1.700: California Paoking____No par 42% Jan 19 53 Feb 16
447 447
44 13 4433 *44
8 433 4412 437 44
8
8
38 Dec
2% Feb
1% Mar 2
1
1
1
1
300 Callahan Zino-Lead
10
*1
% Jan 8
114
118 .1
1
1
.1
13*
285 Dec 8973 Jan
8
,
*4114 427 *4112 42
4
4114 42
8
1,200' Calumet & Arizona Mining_20 363 Feb 7 43 8 Mar 17
43
43
42
433 *4114 43
8
8
73 Dee 33% Jan
4
8 Jan 2 113 Feb 24
912 912 1,900: Calumet & Hecht
25
•
912 954,
93
4 93
4
93
8 93
4
912 912
913 912
10 Nov 30 Mar
8
.
1418 15
4
*1412 15
153* 5,200 Campbell W & C Fdry _No par 113 Jan 2 157 Mar 19
1518 1518 158 15
1412 1412 143
4
8
3012 Dec 753 Mar
35
8
8
3518 353 37
/
1
4
8
4 37
36
373
8 36
373
33% 363 377 11.700 Canada Dry Ginger Ale No par 29 Jan 19 4014 Feb 27
1618 Dec 3414 Mar
233 2312 2312 2312 2312 233 22312 2312 2314 2314 2314 2314 2.000 Cannon Mills
8
4
No par 173 Jan 2 23% Mar 17
8
102 Jan 3 16 Feb 26
712 Dec 28% Apr
137 14
1415 1413 1,403 Capital AdmInts ol A No par
1378 1412 *1414 143 •14
143
4 1412 1412
4
29 Dee 42 Mar
/
1
4
•34
I
3712 .34
3712
Preferred A
50 30 Jan 10 We Feb 25
3712 .34
*34
3712 .34
37
373* *33
8312 Dec 362% Apr
1104 1133 11314 116
8
4
8
8
100 813 Ja 19 13113 Feb 24
1123 1177 1123 11712 1167 12012 11715 11918 234,400 Case(J I Co)
8
8
/
1
Preferred certificates _ _ _100 111 Feb 10 1154 Feb 24 113 Dec 132 Mar
.113 116 *11312 116 *113 116 .11313 116 .114 115 "114 116
4
22 Dec 793 Apr
4
427 4414 44
8
4 463 4712 4612 47181 41,800 Caterpillar Tractor-__ -No Par 264 Jan 2 5213 Feb 17
/
1
46
46
4
4712 453 463
/
1
4
4
112 Dee 134 Jan
4 Feb 27
400 Cavanagh-Dobbs Ina__No Par
*313 4
.312 4
218 Jan 5
.312 4
.312 4
.312 4
Jan
24 Dec 75
'23
.26
24
10
Preferred
30 '26
26
26
100 23 Feb 17 26 Mar 7
30
30
*26
•26
30
912 Dec 203 Oct
8
•12
600 Celanese Corp of Am__No par 11 Feb 4 16 Feb 25
127 *123 13
8
4
4
4 133 137' 8 131
1214 125
4
8 127
8 133 133
121 13
/
4
3 Dec 60 Mar
8
1,000 Celotex Corp
.1013 12 .1012 1214 11
No par
512 Jan 2 143 Mar 2
11
1218 123
11
1114
3 Dec 12 Sept
412 Jan 2 1112 Mar 2
10
111
6,400
*712 9
Certificates
914 11
No par
*814 912 *712 9
*712 9
/
4
1714 Dec 841 Apr
2214 Jan 5 3478 Mar 9
30
33
150
Preferred
par
*2712 33
29
30
30
30
•30
33
33 .30
18 Dec 3012 May
/
1
1912 Mar 9 244 Jan 9
22
22
1,700 Central Aguirre Asso ' par
2118 2118 21
2‘o
No
*203 22
4
21
21
21
2013 21
*33
53
814 Mar
614 Feb 21
212 Jan 6
2% Dec
400 Century Ribbon Mills_No par
.4
5
4
414 .4
433 43
53*
8 *333 51
/
1
4
Feb 69 July
51
10
Preferred
*5714 66
100 59 Jan 8 70 Feb 26
•574 70
67
•5714 70 '5714 70 I *5712 70
67
21 Dec 65% Jan
3,400 Cerro de Pasco Copper_No par 2212 Feb 6 3018 Feb 24
26
2712 2714 271
26
2614 2714 2714 2812 27
2712 27
612 Mar 20
/
1
2 Dee 154 Feb
214 Jan 2
9,700 Certain-Teed Products_No par
518 61
514
5.
4
4
43
4
*37
8 4
4
4 I 4
8
327 Dec 49 Fen
8
4
2,100 City lee & Fuel
No par 353 Jan 27 373 Feb 25
36
4 3612 363
36
4
3618 36,8 *3612 3634' 363 3612 363 363
8
79 Oct 98% Feb
980
Preferred
861
771g Jail 14 864 Mar 20
85
85
8
85
857
8 857 86 I SG
85
8 85
84 847
14% Dec 67% Mar
141
6,000 Checker Cab
No par 12 Mar 10 2314 Feb 7
1314 1314 1312 1338 13% 14 I 133 133
4
4 133 14141 14
4
3214 Dec 8212 Mar
par 40 Jan 2 5418 Feb 24
8.900 Chesapeake Corp
4518 453
1
4 45
427 454 4412 45 I 4412 451
8
1
4512 444 45
73 Nov 37 Star
8
012 Feb 5 151 Feb 26
/
4
r
N
Vo
5.000 Chicago Pneurnat Tool_.o par
4' 1112 113
1118 11% 1118 1112 1118 114 1118 113
8. 1112 113
8
/
4
221 Nov 557 Mar
251
200
Preferred
par 23% Jan 2 35 Feb 26
25
8
25 .25
.25
27141 .247 26 I .247 26 I .25
8
27
2013 Dec 32 Mar
4
10par 20 Mar 2 23 Jan 9
No
r
10 Chicago Yellow Cab
No
23 .223 291
.2212 23 .22
23
23
*
231 22
23 '22
1013 Dec 3213 Apr
1,400 Chickasha Cotton 011
10 1012 Mar 6 12% Mar 20
1114. 113 125
4
108 103 •11
1114 1114 1114 11
8
11, *11
4
227 Dec 67% June
8
4
No par 2513 Jan 2 333 Feb 10
3,300 Childs Co
3234' 3212 331
.3014 32
3214 32,4 *3012 3114, 3012 3212 32
1418 Dec 43 Apr
3
/
1
No Par 154 Jan 2 25 4 Mar 9
8
8 2138 25141 2412 251 274,100 Chrysler Corp
2318 2418 2312 2412 2312 247
81 233 245
213 Dec 134 Apr
/
1
438 Feb 11
358 4
2% Jan 10
No par
3,80 City Stores new
312 33
4/
37
8
312 312
313 312
312 312
37
/
1
154 Dec 4412 Apr
*2214 26
Clark Equipment
No par 18 Jan 14 2013 Mar 2
4
25 I .213 26
*20
25
*2014 25
•2)4 25 .20
/
4
21 Dec 60 Apr
4
33
300 Cluett Peabody & Co No par 243 Jan 12 341 Feb 17
32
33 .32
32
•
29
32 .29
32 .30
32 .29
9114 Jan 105 Apr
Preferred
100 95 Jan 28 102 Mar 4
_,.__'101
____'101
__.._'101
•100
____ *100
____'100
No par 14218 Jan 2 170 Feb 24 13314 Jan 19138 June
16214 16312 163 1631' 1,700 Coca Cola Co
16012 16213 16112 162
16233 1623 .16214 164
8
4812 Jan 63 Mar
Class A
No par 50 Jan 2 5212Mar 16
700
/
1
4
*5214 .5212 5214 5212 .5214 5213 .5214 5213 5214 5214 5214 521
/
4
44 Dec 641 May
8
3,200 Colgate-Paltnollve-Peet No par 47 Jan 20 5012 Mar 18
4813 4912 4912 49,3 4914 50 I 5012 5012 497 5013 24912 491
6% preferred
97 Mar 104 Dec
100 102 Jan 16 104 Feb 16
*10214 10314 *10214 10314 *10212 10314 *10212 103% *10212 10314 *10212 1031
4
12 Oct 353 Feb
No par
9 Jan 30 17% Feb 26
1,800 Collins & Alkman
1412 147 1514 1413 151
1412' 14
133 133
4 133 1414 14
4
Preferred non-votIng _ _ _ _100 72 Jan 20 74 Feb 3
200
73 Jan 92 May
*72 ' 78
78
78 .72
73
72
.
72
74 I *72
74 I 73
s914
913
8
9I
83 Dec 203 Apr
4
9 Mar 20 1014 Jan 8
2,000 Colonial Beacon Oil Co_No par
9
91
4
918 9'8I
918 918 .918 93
183 Dec 77 Ain'
4
/
4
257 2638 5,600 Colorado Fuel & Iron
8
100 217 Jan 2 321 Feb 19
8 2512 27
263
237 243
8
4 24
25 i 2412 2512 25
6518 Dec 199 Mar
8
953 98 I 97 10014 9418 10012' 04
4
953
4 97 100% 100 1021 21,100 Columbian Carbon v t o No par 7313 Jan 2 1115 Feb 25
8
8 4412 4538 159,700 Columbia Gas & Eleo__No par 3314 Jan 16 455 Mar 19
30% Dec 87 Apr
4118 417
8 413 4314 4253 443
8
8 423* 4414 4438 455
109 109
99 Nov 110 Apr
Preferred
1,600
8
100 1007 Jan 2 10911 Mar 13
10713 10712 1073 10314 109 10918' 109 10912. 109 109
4
8
7% Dec 37% Apr
7 4 Jan 16 1614 Mar 13
3
1512 1633 1014 1 538 143 1618' 143 15181 143 1538 143 143 462,700 Columbia Oraphophone
8
8
4
4
1512 Dec 403 Apr
4
213 22
3,700 Commercial Credit____No par 1818 Jan 2 2314 Feb 28
217 2214 2218 2218 2112 22'4 21
2113' 213 22
4
3012 Dec 44% Apr
Class A
35
35
SOO
50 34 Jan 2 3578 Feb 26
343 343
4
35
4 343 343
4
4 343 3434' .3414 35 I 35
4
24)
20% Dec 28 Apr
237 237 .24
8
40
Preferred B
25 2111 .1111120 2412 Mar 18
8
2414 .24
25.24
1
2412! 2412 2412 .24
4
7614 Jan 9513 Sept
.8312 85 I 84
120
1st preferred (612%1_100 7612 Jail 29 853 Mar 5
84
8412 85 I 8412 843* *8412 853 *8412 853
4
55 Mar
4
213 De
.32
3212 3214 33
6,500 Com Invest Trust____No par 25 Jan 2 34 Mar 19
33
3338. 3238 33
3312 34
33
34
87 Mar
.8614 8612 8612 863
80 Jun
Cony preferred '
No par 82 Jan 20 90 Jan 26
4 86% 863
3,000
8714 873
4 863 87
4
863 87
4
1
8 Feb 27
6 00
212 De
27 Jan 7
8
Warrants stamped
*6
712 .6
712 .6
713' *3
712 .6
712 *
14 Dec 38 Apr
1918 19121 1918 193
/
4
4 1914 2014 197g 20121 42,400 Comm Solvents
4 1912 20 I 1914 193
No par 15% Jan 2 211 Feb 24
2014 Apr
7 De
/
1
4
4 1113 113
8 113 1134 1153 113 100,400 CommonwIth & Sou-rn No par
8
1114 1158' 1112 113
4 1114 113
8 Jan 2 12 Feb 24
8612 Dec 1043 June
4
8
8
997 9978' 997 1003 10018 10318 997s 100
8
No par 9112 Jan 2 1003 Mar 16
*9914 100
9912 100
3,500
$6 preferred serias
8
57 Mar
.
31
36 1 *31
33 .31
323 .32
4
34
.3213 33 4'
33 I .31
3113 De
Conde Nast Publica
No Par 32 Mar 11 3414 Feb 16
97 1018 10% 10% 10
3
5% Dec 19 4 Mar
1012 10
103
8 1012 10.4' 4,700 Congoleurn.Nairn Ine_No par
67 Jan 2 1138 Feb 18
8
1053 10
5678 Mar
.26
2812 .263 29 I 27% 2712 2812 2812 281 283
8
1814 Sep
8
3
No par 22 Jan 13 30 4 Mm 10
4 2814 28 2' 1,800 Congress Cigar
343 345
8
8 35
35 1 3412 3413 34
24% Dec 59% Mar
343
4 343 34 4
.
35
36
No par 2513 Jan 8 3714 Mar 12
600 Consolidated Cigar
4
8 7012 73
69
63 Dec 80 Mar
*67
73 I
.6612 69 .6634 69
69 1 .72, 747
60
4
Prior preferred
100 65 Jan 2 73 Mar 19
10
10
91 10
912 033
2733 Mar
914 012
7 De
/
1
4
fd
913 93
15 Feb 17
9'451141 1
938 97
3,800 Consol Film Indus____No par
18 I 1,700
1814 1833 1814 1838 183 183
4'
4
124 Dec 2814 Jan
/
1
4 1813 1812 *1814 183 218
No par 153 Jan 2 1678 Feb 17
4
Preferred
g
10614 10818 106 8 1087 107 10918 10314 10938 10712 109 1243,700 Consol Gas(N Y)
,
104 106
/
1
784 Dec 1364 Apr
/
1
No par 8218 Jan 2 10938 Mar 19
8
1037 1037 1043 101% .10318 10414 103% 104 I 1037 103% 10313 1033
a
s
8
9912 Jan 10512 Sept
4
900
,
Preferred
No par 10112 Feb 27 104 3 Mar 13
13
15' 13
8
112 42,700 Consolidated Textile_ No par
4
11
/
4
•118
1,
4
114
1,
4
118
118 13
2
Jan
14 De
13 Mar 18
4
14 Jan 2
512 512 7,500 Container Corp A vot.-No Par
538 512'
5
518
5
/
1
4
513 53*
5
518 De
2213 Feb
813 Jan 9
5 Mar 11
. 2
2 18
2
2 I
2
2 I
17
2
/
1
4
2
8 2 I
2
2 I 3,900
2 Dec
813 Feb
No par
3 Jan 12
Clam B voting
17 Mar 19
8
25% 2513 2613 2518 27 I 25 8 26
,
253 26141 245 26
4
8
25
163 Dec 5213 Feb
4
7.800 Continental Bak' el A_No par 173 Jan 2 30 Feb 26
4
2% 23
8
25
25
8 23
3
23
4 23
4
8 23
4
233 224 4,100
238 234'
7 Feb
2 1)ec
Class B
s
214 Jan 2
No par
33 Feb 2
8
733*' 7114 723 23.90
7514 7512 27313 7412 731 2 7312 723 7312 73
4 0 40
/
4
62 1)ec 941 Feb
/
1
4
0
77 Feb 27
Preferred
100 6714 Jan
5714 5812 577 587
8' 5712 5812 5812 5912' 59
563 57
8
593
4
4313 Dee 71% Mar
Continental Can Inc_ _No pa
59 Feb 24
/
1
4
47 Jan
•1414 15 .14
81 143 147
4
143 .1414 1412 1418 1414 1433 147
4
93 Dec 37% Apr
4
3,600 Cont'l Diamond Fibre_No par 1013 Jan
161 Feb 27
/
4
4
48
4812 483 483
8
8' 43% 4812' 4712 48 I 473 48 I 4818 4313 4,000 Continental Ins
3714 Dec 77% Mar
517 Feb 24
8
10 41 Jan
414' 4
418
418
4
4141
4
418 418
4
4
418 6.500 Continental Motors___No pa
412 Feb 27
212 Nov
814 Feb
27 Feb
:4
912 10
9% 10 1
s'
913 914'
912 9141
93 93 26,900 Continental Oil
/
1
4
912 97
4
4
73 Dec 30 Apr
12 Feb 13
85 Feb
8
N pa
012 0121
912 93 1
838 9121
833 Olf
9
93 19,600 Continental Shares_ _ _ _No pa
4
812 Dec 401 Apr
/
4
9% 9781
83 Mar 1
8
4
12 Feb 24
843
4 85
827 827
8
8 8318 8178' 84
8512' 84
8558' 855 853 12,600 Corn Prod cts Refining ____2
8
65 Dee 111% Apr
4
86% Feb 17
7613 Jan
.149% .--1•150_1.150 15314
/
4
•1495 ---_ 1 151 152 1.14933
8
152 Mar 13 140 Feb 1511 Oct
Preferred
30
/
1
100 1464 Jan
8
153 1534' 15 1- 8 15
71 Dec 33 Feb
55
/
4
15
15 I 15
1513 143 16
1514 6,800 Coty Ins
4
18 Feb 27
814 Jan 1
No pa
33
3314 3213 3312 *3212 3312 2,100 Cream of Wheat
8 33
3312 333* 34
33
335
2513 Jan 353 Mar
3412Mar 11
27 Jan 1
No pa
4'
4
4
.153 163 .153 1634' • 4 164 .153 163 *153 16
4
4
*153 16
0 Jan
2918 Mar
4
155
Crex Carpet
/
4
100 141 Jan 26 1611 Feb 10
8612
8
*7
3 Dec 22
/
1
4
Jan
2 8
*612 8 I *612 8 I .7
8
834 Feb 25
Crosby Radio Corp.....No pa,
412 Jan
36
35
36
36
5
.
3512 37 I 3612 3612 3612 3312
36
31 Dec 59 3 Apr
500 Crown Cork & Seal_ __No par 31 Jan 18 3814 Feb 24
48 Dec 181 Feb
43
4 43
4
5
. 4 58
43
,
47
8 4 8 .43
7
5
5
5
/
4
67 Jan 12
8
4 5 I
500 Crown Zellerbach
4 Feb
No par
50
56
48
4
51
5018 Dec 935 Mar
8
57
583 .5712 5812 5912 5912' *5612 58
13,900 Crucible Steel of Atnerlea_100 48 Mar 20 63 Feb 11
4
4
10214 104
102 10214
4
4
1043 105 21023 1023 10212 1023 1023 103
4
Preferred
420
100 102 Mar 20 106 Jan 3 10112 Dec 117 Mar
8 .433 5
413 412
45
8 45
418 41
.47
8 5
21 Dec 1913 May
/
4
.414 412
5 Jan 8
/
1
4
No par
300 Cuba Co
4 Jan 6
112 112'
112'
112
. 8 112 .13
13
8 112 •138
112
1
Oct
7 Star
25 Jan 8
3
48 2
700 Cuba Cane ProdUCtS
11s Jan 2
No par
614 Jan 8
2 Dec
418 412
312 312'
312 4 I
43
8 5
9 Feb
*314 33
4
33
4 33
4
3 Jan 5
3,700 Cuban-American SUgar____10
*25
8 2973 297
20 Dec 655* Feb
2712 *25, 2712 *2514 273*' *2514 2712' 2712 277
4
8
Preferred
100 22 Mar 9 35 Jan 9
160
8
47
8
8 487 487
3818 June 48
/
4
477
8 473 473
4
48 I 483 4812' 487 487
8
4 48
8 2,100 Cudahy Packing
Jan
50 41 Jan 2 481 Mar 19
*913 917
8
0112 9113 92
8 9012 9134 290
92
02
85 Dec 1263* May
92
907
8 3,430 Curtis Publishing Co___No par 89 Jan 12 100 Feb 7
/
1
4
4'
2
3
118 118 *118 11814 11714 11714, 117, 1173 118 118 1.115 117
Preferred
No par 11314 Jan 15 1185 Mar 5 112 Dec 12118 Mar
700
5 Feb 27
/
1
4
47
8 5
5181
13 Dec 147 Apr
4
5
518' 5
47
8 518
5
5 18'
5
518 24,300 Curtiss-Wright
8
2% Jun 2
No par
3 Dec 193 Aar
812 Mar 2
63
4 7 I
63
4 712
65
8 7
714 714
612 67
8
733 75s 3.700
4
3 Jan 2
/
1
4
Class A
100
30
35 Dec 90 Mar
.
28
283 2 4 2812 294 2818 28141 2812 29
2933 2933 1,000 Cutler-Hammer Mfg _ __No par 28 Mar 12 41 Jan 7
4 83
/
1
4
•1812 19
1812 1812 19
10 Dec 431 Mal
1912 1912 1912 1912 2014 2014 2113 4,600 Davison Chemical
'
/
1
No par 134 Jan 5 23 Feb 24
1
1
• Bid and asked prices; no sales on this day. x Ex-dividend. y Es-dividend and ex-rights.
13
2152
New York Stock Record-Continued-Page 4
Fog sales during the week of stocks not recorded here, see fourth page preceding.
111(711 AND LOW SALE PRICES
-PER SHARE. NO?' PER CENT
Saturday 1 Monday
M
Mar. 14.
Mar. 16
1
Tuesday 'Wednesday
Mar. 17,
Mar. 18.
Thursday
Mar. 19.
Friday
Mar. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Highest.
Lowest.
$ Per share'$ per share $ per share $ per share $ Per share $ per share Shares Indus. & MIseell.(Con.) Par $ per share $ per share
*8
14
*7
14
*93 13
4
.938 12
Debenham Secur1tles____5 Bch 10 Jan 12 121j Jan 28
.8% 12
'95 13
8
*2114 2112 2112 213
41 2112 22
900 Deere ds Co pref new
*214 213 213 21% "2113 21%
4
20 20% Jan 28 22 Jan 5
4
187 188 *186 187
187 18814 *186 188
1,000 Detroit Edison
188 189 3187 189
100 175 Jan 14 195 Feb 11
*1814 19 I *1614 183
4 1714 17141 "1614 19
100 Devoe & Reynolds A__No par 13 Jan 3 19% Feb 18
19
"1714 19 .17
2138 22
2118 223
41 22
23
k
213 223
4
22% 91,100 Diamond Match
8 22
22% 22
No par 147 Jan 15 23 Mar 6
"2513 25 4 25% 255
3
8 2534 2534 25 257 2533 25% 25% 253 1.600 Preferred
4
25 244 Jan 7 26 Feb 24
"II
1114 •11
11'* 1112 1114 .11
8 3.800 Dome Mines Ltd
1114 1118 11% 1113 117
sMar 20
No par
87 Jan 2 117
s
*21
213 .21
4
213
4 213 213 .21
223
4
8 3,700 Dominion Stores
4
214 21% 223 x22
4
4
No par 14% Jan 2 223 Mar 19
7414 7534! 75% 7641 7512 7614 7514 76
4
753 76% 7812 78% 60,200 Drug Ins
/
4
No par 611 Jan 2 7834 Mar 20
*614 812! .614 612
8
1,100 Dunhill International_No par
8
6127
814 Mar 19
8
8 14
712
514 Jan 22
*123 1314, '123 1314' *123 1314 *123 1314 '12% 1314 *123 1314
4
4
4
Dunlap Silk
4
4
4
No par 123 Feb 25 143 Feb 9
105 105 ,•10312 105 1'
510358 10412 '1035* 104
104 104
700 Duquesne Light 1st pref__ _100 102 Jan 5 105 Mar 14
104 104
*10
12
*10
12141 '10
713 Jan 7 1314 Mar 2
.1012 11
300 Eastern Rolling Mill_ No par
121 .10
11
10% 11
164 167 I 16612 171 I 16314 171
22,600 Eastman Kodak Co
169 1733 172 175
16412 168
4
4
No Par 14338 Jan 19 1853 Feb 24
*132
*132 ____ .132 ___..'132
20 6% cum pref
.132 ---- 132 13214
100 1283 Jan 8 1321* Mar 20
4
195 2012 2014 203
8
214 2214 If- 21
1-*13
0
217
4
2 2118 213 22,500 Eaton Axle 62 Spring-No Par 133 Jan 2 211
4 20
/Mar 19
9714 99
98 No I 9914 1015* 995 102
10412 106% 79,300 El du Pont de Nero
101 107
8
20 84 Jan 15 107 Mar 19
*122 1225 12212 12212' 12212 12212 .12212 12238 122'8 1225 122%
8
600 6% non-vot deb
6
/
1
100 118% Jan 9 1224 Mar 19
'712 9 I '8
10
*814 812 .814 812 .
Eitingen Schild
8'1
812 *ftt4 812
3 Jan 2 11% Feb 17
14
No Par
65
65
6612 65
•65
65
68
200 Preferred 6% %
68 .65
•65
100 35 Jan 5 69 Feb 18
6612 *85
/
1
4
687 7114 703 723
8
r:04 72% 7314 76,900 Electric Autolite
4
8 70
5 7314 70% 7218 72
8
No par 50 Jan 15 743 Mar 10
/
1
4
109 109 *1063 109 *1063 109
4
120 Preferred
1063 109
109 109 .1063 ,•09
4
4
4
100 108% Jan 21 110 Jan 7
'3
318 *3
318
313 318 1,000 Electric Boat
3
318
3
3
212 Feb 9
37 Jan 5
8
No par
56
57
583 583 5612 5914 553 5814 58% 6012 5918 6012 188,700 Electric Power & Lt
4
No par 38% Jan 2 60 4 Feb 26
3
10612 10612 *1063 10712 3
8
600 Preferred
.1063 10712 10714 10714 10714 10712 10818 10818
2
No par 100 Jan 8 10818 Mar 20
*9512 96
9512 9712 97
9713 97% 97, 97 4 3,800 Preferred (6)
9814 9713 98
No par 86 Jan 3 98% Mar 17
4
5
6412 643 6412 643 65
6314 6314 64
64% 64% 2,900 Eleo Storage Battery
6512 66
No par 50% Jan 2 60 Mar 19
3
*1
2
.1% 2
.118 2
Elk Horn Coal Corp
114 Feb 26
•118 2
.11
.
11
2
2
1 Jan 9
No par
•17
8 2
2
2
100 Emerson-Brant Cl A.
.2
214
24 'I% 214 '2
214 *2
1 Jan 5
-No par
21g Feb 27
*37
39
536
37 8 3738 38
7
38
38
37
38
*36
300 Endicott-Johnson Corp___50 30 Feb 10 41 Jan 7
337
*1045 108 .1043 106
8
10312 10312
106 106 x104 106
8
104 104
600 Preferred
100 10312 Mar 20 113 Feb 10
471 48
4714 481s 1,400 Engineers Public Serv_-No Par 38 Feb 5 49 Mar 12
46
4812 .46% 481
4812 481
4712 47 8 .
5
*88
8712 '8718 8712 •
881
8612 *86
8618 8618
300 Preferred $5
8612 861
88
No par 81 Jan 2 87 Jan 27
. 8 92% .898 923 x91
897
90% 91
91
91
*88% 91
400 Preferred(5%)
*89
No par 85 Jan 19 91 Mar 12
3014 30% 1,300 Equitable Office Bldg No par 30 Mar 20 35 Jan 12
30% 307
3 3012 314 3012 3012 *3014 301 .3014 301
/
1
4
/
1
4
*1012 10 4 11
1238 12
123
3 12
3
1214 9,400 Eureka Vacuum Clean_No par
8
4 12
4
1112 117 123
9 Jan 5 123 Mar 17
712 71
712 712
7
7
733 7 8
3
8
8
1,400 Evans Auto Loading
712 8
5
44 Jan 2
8 Feb 24
/
/
1
1
4
*20
23
*20
211 .
2013 "20
21
20
20
*20
20
201
80 Exchange Buffet Corp_No par 20 Jan 31 25 Jan 7
*112 2
*118 2
*1113 2
*112 2
*112 2
500 Fairbanks Co
212 3
3 Mar 20
25
1 Jan 3
612 9
*512 612 *513 612 *512 61
41 Feb 25 114 Mar 20
190 Preferred
8% 1114
/
4
512 553
100
*2418 2712 '24
2714 .24
24
24
24
25
2714 .24
24
200 Fairbanks Morse
8
No Par 22 Jan 31 293 Mar 6
10214 1021* 102 102
102 102 *____ 102 ••._ __ 102
102
50 Preferred
8
100 102 Mar 16 1091 Feb 2
*558 6
*518 5% *54 5 4
200 Fashion Park Assoc_ _No pa
3
3
5 4 '5 4 64 *5% 6
3
613 Feb 24
53
4
3 Jan 21
/
1
4
*4314 483 *4314 49
*4314 4913 *4234 49
*4314 4912
*43
49
4
Federal Light & Tree
15 41 Jan 22 497 Feb 26
89 4 893
3
4 89 89 • 3 90
*894 90
89 8
92
90
•99
190 Preferred
90
No pa
87 Jan 6 9112 Feb 9
.6
612 '613 812 *618 61
612 "6
6% 61
'6
100 Federal Motor Truok No par
612
6 Mar 9
7 Feb 24
/
1
4
*1113
•12
127
8 1214 127
1253 123
2
8 123 124
400 Federal Screw Works No par
*113
4
10 Jan 2 1512 Feb 24
613
2613 27
2618 ii4 2
32634 273
2614 267
8 274 2712 2,500 Fedi Water Sery A
No pa
22 Jan 2 30 Jan 31
2112 22
•19
22
22
22
22
223 223
3
221 .20
22,2 1,200 Federated Dept Storea_No pa
4
151s Jan 5 223 Feb 27
5313 5312 53
54
53
52
53
533
524 5412 1,900 Fidel Phen Fire Ins N Y____10 46% Jan 2 5614 Feb 24
3 54
52
'8
018 .8
8
8
9%
.83
83
8 83
4 83
70 Fifth Ave Bus
9 Feb 21
No par
67 Jan 16
'83
8 83
4
*17
*17
35
35
*185 30 '
3
*17
517
Filene's Sons
25
25
35 .20
No par 10 Jan 27 22 Feb 25
9314 98 .9314 98
.
98 .96
*93
98
98 •90
Preferred
98 "96
100 854 Feb 10 95 Mar 9
/
1
*163 17
4
16% 16% 3
17% 171
16% 171
16
.1612 17
161
8 2.600 Firestone fire & Rubber .10 16 Mar 18 198 Feb 25
*60% 61
*6012 61
6012 6012 *60
*613 62
800 Preferred.
60% 62
4
100 5612 Feb 6 63 Jan 8
3 61
4
523 52% x523 53% 538 547
s
4
4.400 First National 8tores__No par 41 Jan 2 55 Mar 2
5412 55
54
55
543 55
8
3
4
3
34
8
4
% Jan 5
7
No par
8
3
4 7
78 6,200 Fisk Rubber
% Feb 24
3
8
4
7
8
3
4 7
213 23
23 238 "212 3 "23 27
2% 3
8
2% 23
8
4 1,230 lot preferred
2 Jan 2
3 Feb 7
100
•253 312
2 8 313 *3
.2 8 312 *258 312 .5
1st pref convertible
5
31
.252 31
2 Jan 5
100
312 Mar 3
*2812 29
273 2812 1,000 Florshelm Shoe Class A_No par 8612 Mar 14 3512 Jan 3
5
2712 2712 28
2612 28
28 "27 8 29
4
.101
190 Preferred %
.1003 101
*1003 101 3
4
4
101 10112 10112 1021 "10112 100 97 Jan 6 10212Mar 18
*145 16
8
•1512 16
1512 1614
•133 16
8
15
500 Follansbee Bros- . 71/0 par 12 Feb 9 195 Feb 25
1512 1513 15
45,800 Foster-Wneeler_ .___No par 4112 Jan 2 6412 Feb 24
6012 63
5712 583
/
1
4
2 58% 6012 5918 614 583 60% 6018 611
3 1412 142 1514 151 •1412 153
47 Jan 5 1612Mar 9
1312 15 .14
700 Foundation Co
1512 •1412 153
8
No par
2812 284 28
28
293
2914 29
29% 3012 6,300 Fourth Nat Invest w w.No par 2214 Jan 2 3212 Feb 24
29 8 28% 29
3
363 37 201,400 Fox Film class A
8
3112 3212 3214 3312 325 34
8
/
1
4
34
4
35 4 353 371
3
Na par 25 Jan 2 383 Feb 17
8
/
1
4
36
3678 371
37
36% 37
/ 19,800 Freeport Texas Co
1
4
36% 37
37
4
373
281k Jan 2 42 Feb 20
4 363 38
No pa
87
85 •82
87
87 '80
*82
*82
87
87 .82
*82
No par 75 Jan 5 8212 Feb 27
Fuller Co prim uref
61,
61
3 618 '51
31 Jan 6
513 *5
300 Gabriel Co rill,. .1 . ._No pa
*5
5
514 *51
514
5
638 Feb 25
54
4 54
430 Gamewell Co
533 543
5414 55
56% 56 4 5514 56
,
_No par 5012 Jan 5 60 Feb 26
*5614 57
15
112 112 •112 13
13
4 *113 134
800 Gardner Motor,
1% 15
5
112 112
8
2 Jan 3
7 Feb 2
8
612 612
77
712 73
64 63
5,000 Gen Amer Invest.,
6% 6%
par
812 612
.
8
4
41 Jan 15
71 Mar 19
67
95 '8612 95
*87
87
*86
95
87
95
95
100 Preferred
*86
100 80 Jan 21 88 Mar 12
70
69% 707
70% 8.800 Gen Amer Teak Car.- 3 , par 57 . Ian 2 73% Feb 26
6812 6812 6812 894 6914 69% 69 69
3
3718 373 '37
3612 36% 363 37
4
4
2.200 General Asphalt
3912 397
38
373 391
4
.00 2414 Jan 2 451 Feb 20
/
4
712 712 *712 7 8
913 Feb 10
*713 814
7% 7%
7
700 General Bronze
73
4 77
614 Fen 6
_NO par
75* 75
1114 1114 1.500 General Cable
"10% 1112 1114 111
1012 11
913 913 10
10
No par
7 Job 2 13 Feb 24
1818 1818 .19% 22 •195 22 •19
8
22
2212 24
200 Class A
Vo par
Jan 5 2512 Feb 24
4818 48% 4818 4813 483 4813 4812 49% 49% 5O7
*48
50
650 7% sum pref
8
0.• ' o 3 65 Jan 12
10t,
4314 4314 4114 4413 43 4 44
44
437 44
3
1,600 General Cigar Inc
43 4 433
4813 Feb 10
No oar
3
4 44
8 507 5214 50% 5214 5013 5214 52% 531
V • 7 •:
,
5018 507
8
5212 5312 142.400 General Electrto
54 4 Feb 26
CS ma 19
3
12
12
4,400 Special
117 12
•11% 12
117 12
117 12
*
117 12
8
8
10 )i'v JAI 3 12.11 Jan 27
*
53
6 60
. 0
544 5512 62. 00General Foods
8
523 53
4
533
173 Jon 2 553
4 537 5512 5412 8512 5518 553
No pa
4Mar 19
77
818 40,600 Gen Gas & Eleo A....No par
7% 8
713 73
8
812 Feb 21
1% Ian
7% 81
74 8
3
74 84
3
,
72
72
72
Cony pref ser A
745
74
73
No pat 54 J
743 761
7253 74
4
2 76% Mar 20
4
75 4 763
,
7 3553 '35
Gen Ital Edison Elea Corp___
"3513 36
.3518 36
4
.35% 36
*112 351 Mar 6
35% •3518 35%
*34
/
4
46% 46% 46% 4614 4612 4612 '4612 46% 463 48
48
49
14
4,400 General Mills
j.,a31 49 Mar 20
4
No par
9812 9812
900 Preferred
983 983
98
4
98 I 99 99
99
9812 99
4 99
f )•
100 iC
.9 Feb 26
3 444 43 8 44
3
8
4418 45% 4412 458 453 471k 467 477 464,200 General Motors Corp
43
1
t, JR, •
/
1
10
1
_77 Mar 20
8
-_ 10218 10218 1,300 $5 preferred
1
*1003 100 8 1001 1001 1007 10118 1011 10118 *10134
/
4
8
8
4
8
Jt Jan
No par
10212 Mn 20
300 Gen Outdoor Adv A _-No par
*2018 24
8 24
*25 255
24
25 .2312 24
2313 2312 *22 -Jan 2 18 Jan 28
600 Common
.9
/ 8
1
4
83
4 8%
/
1
4
9% .8% 9
812 88
8
8 8%
No par
Jan f.)
0314 Feb 25
2134 6,500 Gen Public Service
2153 21
2114 21
21
2012 2012 2014 21
213
No par
4 21
14 Jan te
23 Feb 26
3,100 Gen Ry Signal
*77
81
*7914 80
77
80
78
8014 81
79
80 4 78
3
No pot 6a Jan 15
4413 Max 2
712 8
71
7
733 10,900 Gen Realty de Litllitiee_No par
8% 85*
75*
8
8
8 13
814
6.• 'an 2
213 Mar 6
900 $6 preferred
67
.65
68
67% 68
72 •67
•65% 69
69
67 67
No par 54 .1
2 -413 Mar 10
52
49
9,800 General Refractories
5
51
47 8 5114 49% 5114 4814 50 8 50% 5184 51
7
No par 40 Jar, 2 573 Feb 28
,
Gen Steel Cast $0 pref _No par
•70
80 '
570
88 '70 88 *70 88 .370 80
88
•70
11
614 Jan 2 15%, b18
1314 13% 30,500 GenTheatres Equip newNo Dar
8
12
1112 1233 11% 12
/ 1213 13% 133 14
1
4
8
s
324 32
4 317 32s 3113 3214 57,200 Gillette Safety Rasor No par 2118 Jan 2
323 3313 32
8
33% 3153 323
478
:4
7314 73
73
7414 6,500 Cony preferred
"7012 7112 7113 7214 7212 7414 733 75
No par 623 Jan -1 73 Mar 18
4
613 6'3
638 7
3,000 Gimbel Bros
63 67
612 613 '6 4 6%
No par
,
411 Jan 2
7, Feb 18
6% 614
*43
4512 .43
*41
45
423
4412 4412 1,800 Preferred
8 41
43
413 *42
8
100 38 Jan 3 67 Feb 24
12% 123
4 13% 135 1312 138 3,500 Glidden Co
*1214 13
1238 125
No par
12% 13
8 Jan 2 16), Feb 20
/
1
4
663
Prior preferred
3
1
.
100 64% Feb 13 *.-8 Jan 16
*6812 69 4 *6813 69% rogi2 69 4 . 4 69 4 .664 693 . 6634 69
3
3
9,000 Gebel (Adolf)
83
4 9
8% 9
83
4 914
No par
4 Jan 2
834 812
,
9 M
/
1
4
853 9
9
8% 9 8
404 4134 414 4212 120,100 Gold Dust Corp v 4 0-NO par 311 Jan 2 4214 Ma 21.,
393 41
8
/
4
373 3812 3814 398 3914 403
4
3
Isla 1812 194 1838 1912 8,100 Goodrich Co (13 F)
No pa
15% Jan 21 207 Feb :1
19
19
18
18% 19
187
3 18
8
300 Preferred
6212 61
61
5934 5914 *61
100 z59 Mar 13 63 Feb 10
59
*60
62 .58% 6212 59
4
383 Jan 22 523 Feb 21
8
/
4
4
47 4 4814 4712 48
3
4613 4812 432 4712 4812 501 4912 50% 23,000 Goodyear Tire & Rub__No pa
8914 8813 8812 88 8 8818
600 151 preferred
No par 81 Jan 21 91 Feb 25
001 89
,
89 89 I .88% 887
3 90
47 Jan 5 107 Feb 24
9
10
7
*9
No pa
8
9141 1.300 Gotham Silk Hoe
*7
812
8
812 8% *Ps 838
*8
60 Preferred
693 *60
4
3
10
50 Jan 26 60 4 Mar 18
3
664
57 "57
37
60 4 60% 60 4 *60
60 4 *57
3
3
.45
53
100 Gould Coupler A
512
48
/ *44 53
1
4
414 Jan 5
638 Feb 0
No pa
*43
/
1
8 5
43
4 *43
512 *45
37 Jan 2
j
412 45
8 5,700 Graham-Paige Motors_No pa
413 412
5% Feb 9
453 45
433 4 2
3
438 412'
412 412
43
43
45 Feb 9
43
Certificates
*4
No par
*4
*4
*4
43
31z Feb 28
43
.4' .4
4' *4
4 4 *4
3
20% 2053 20
1518 Jan 16 225 Feb 24
3,800 Granby Cons M 8m 64 Pr_ _10
5
8
207
3
2014' 19 4 203
4 19 8 20
3 20
20
203
3
4
6,700 Grand Silver Stores
2314 2312, 233 25
194 Jan 3 25 Mar 19
/
1
No pa
233 248
4
8 223 23%' 233* 23
223 233
8
g
8
8
No par 103 Jan 16 171 Mae 6
15
3 16
1814 1614 163 17 8 1612 18581 167 174 1634 164 4.100 Grand Union Co
3
3
4' 418 417
s 42
300 Preferred
413 413
4
No pa
42
36 Jan 15 4218 Mar 2
8
417 *4112 42
*407 4113 "41
8
2712' 2712 28
274 2812 1.300 Granite City Steel
No pa
/
1
20 Jan 2 293 Feb 25
4
27
2712 2712 2712 27
27 .26
8 35% 353
6,700 Grant(W Ti
347 35% 3514 353
25% Jan 2 3534 Mar 20
No pa
34
3414 343 348 3412 347
8
19% Jan 2 22 Feb 24
213 2112 2114 2112 2114 21% 2114 213g 2,500 Gt Nor Iron Ore Prop_No Da
21
21
21
21
72 Jan 2 117 Jan 8
812 913'
.
9
912
94 1014 101 107
9
9
5
812 8 3
8 4,800 Great Western Sugar__ _No Pa
8
s
180 Preferred
8814 90141 87
90
92
89 89
92
/
1
4
*9014 93
100 85 Jan 2 9511 Jan 8
*9014 93
5 4 5 2i
3
7
53
55* 534
4
63 Mar 10
4
53 20,200 Grigsby-Grunow
No pa
53
6
2% Jan 2
6%
53
5 4 58
3
500 Guantanamo Sugar____No par
%
3
41
/ Jan 6
1
4
3
1
%
112 Jan 8
31
8
4
3
4
3
4
3
4
*
/
1
4
%
$5
8
*30
32 I 3114 34
32
34% 34% 2,000 Gulf States Steel
*30
183 Jan 2 3712 Feb 24
8
No pa
32
31
*30
*30
75
73 '69
*89
75
Preferred
*68% 75 .69
*684 75
100 78 Feb 25 80 Mar 4
*70
75
800 Hackensack Water
29
2912 2912 *2914 29% 2912 30
30
27% Jan 21 30 Mar 16
2
2912 30
*29% 30
73
75
8 I
8% 83
938 Feb 26
814 83
8 9,000 Hahn Dept Stores---No Pa
67 Jan 2
734
74 8
3
8
853
4
*60
62
/ 6012 601s
1
4
400 Preferred
.
100 50 Jan 3 6018 Mar 20
55
58
583 59
59
597 *583 62
3
.1512 15% 157 16
1,900 Hall Printing
1614 18
3
15 8 Mar 5 18 Mar 20
3
•1512 157 *1512 157
1
8 15 4 15
* Bid and asked prices: no s8les on this day, z Ex-dividend. y Ex-rights. b Ex-dividends.
PER SHARE
Range for Pre010111
Year 1930.
Lowest.
Highest.
$ per share $ per share
9 Dec 30 Apr
/
1
4
20 June 24i May
161 Dec 255% Apr
3
1112 Dec 42 Mar
/
1
4
53 Jan 10 Sept
4
12 Nov 3038 Apr
57 Dec 8738 Mar
/
1
4
5 Dec 431 Apr
13 Oct 19 Sept
3
100 Jan 1063 Oct
614 Dec 25
/ Jan
1
4
/
1
1421 Dee 2554 Apr
/
4
1201 Feb 134 Nov
8
111 Dec 371 Feb
/
4
/
4
80 Dec 1451 Apr
/
1
4
11412 Feb 123 Sept
218 Oct 10% Feb
85 Nov 62 Feb
33 Oct 114% Mar
10312 Oct 110% Jan
218 Dee
4
95 Mar
344 Dec 10312 Apr
/
1
99 Dec 112 Apr
84% Dec 102 SODS
471k Nov 79% Feb
512 Mar
% Dec
7 Jan
/
1
4
/ Dec
1
4
361 Dec 593 Jan
8
8
10712 Jan 116 Nov
367 Nov 67 Apr
8
12
803 Dec 10718 May
8
8918 Dec 104% Apr
35% Dec 50% June
5
/
1
4
/ Oct 43 Mar
1
4
4
Oct 30 4 Feb
3
211 Dec 271s Sept
/
4
15 July
9% Jan
313 Dec 39% Jan
191 Dec 50a May
/
4
102 Jan 11118 May
212 Dec 27 Feb
/
1
4
438 Dec 9014 Mar
85 Dec 98% Apr
5% Nov 12 Feb
/
1
4
10 Dec 251 Sept
/
4
1712 Dec 43 Mar
1212 Dec 38 Apr
421g Dec 89% Mar
6 8 Dec 1012 Apr
1
16 Dec 4012 Jan
89 Dec 100% Sept
153 Oct 334 Jan
8
/
1
533 Oct 87 8 Mar
8
1
381 Dec 513 Jan
/
4
8
12 Dec
512 Apr
114 Dec 21
Apr
11 Dec 213 Apr
/
4
4
30 Dec 521 Mar
8
94 Dee 10012 Oct
12 Dec 501 Mar
8
3712 Dec 104% June
338 Dec 28% Apr
1814 Dec 50 Apr
154 Jan 57 Apr
/
1
4
2412 Dec 5512 Apr
75 Dec 95% Mar
212 Nov 113 Apr
4
50 Oct 80 Mar
1 Nov
7114 Feb
318 Dec 1512 Feb
74 Dec 105 Apr
5318 Dec 111% Apr
2
223 Dec 7112 Apr
5% Dec 3812 Feb
612 Dec 34% Mar
1314 Dec 743 Feb
4
36 Des 109% Apr
30 Dec 61 Mar
4112 Dec 95 Apr
/
1
4
111 Oct 12 Aug
/
4
445 Dec 611 May
/
4
37 Dec 184 Ap
/
1
38 Dec 10612 Apr
283 Dec 444 Feb
4
/
1
4018 June 593 Apr
8
89 June 98% Dec
3112 Nov 3414 Apr
917 Dec 100% Sept
203 Dec 41% Apr
8
4
5 Sept 213 Apr
128 Dec 521 Apr
8
56 Oct 106% Mar
312 Dec 193 Apr
3
49 Dec 100 Apr
39 Dec 90 Mar
D
ee
8 32 Dee 101 Mar
0
5
10 Dec
18 Dec 10618 Jan
56% Dec 70 4 Nov
3
41 Dec 20% Apr
/
4
19 Dec 8212 Apr
7 Dec 38 Mar
63% Dec 10518 Mar
3 Dec 19 Feb
29 Dec 47% Apr
15% Oct 53% Mar
32 Dee 104% Mar
3518 Oct 96% Mar
(al4 Oct 102% Apr
33 Dec 287 Mar
,
8
51) Nov 8212 Apr
4 Dec 153 Apr
3
3 Dec 13% Apr
31 Nov
10% Apr
12 Nov 5',173 Apr •
1" Dec 5: Apr
,r. June 20 Feb
31
Dec 34 Aug
18 Dec 503 Apr
,•
263 Dec 43
8
Jan
1713 Dee 253 Mar
8
7 Dec 3412 Jan
85 Dec 120 Mae
2% Dec 28 Jun
14 Dec
4 Feb
16 Dec 80 Feb
834 Dec 109
/
1
Apr
28
Jan 38 July
812 Dec 23 Apr
/
1
4
4512 Dec 8512 Apr
16 Dec 3114 MU
New York Stock Record-Continued-Page 5
2153
Pee sales during the week of stocks not recorded here. see fifth page preceding.
PER SHARE
PER SHARE
STOCKS
Sales
Range for Previous
Range Sit ce Jan. I.
for
NEW YORK STOCK
-share lots.
On basis of 100
Year 1930.
'Wednesday 1 Thursday
Monday i Tuesday
Friday
the
EXCHANGE.
Mar. 19.
Mar. 18.
Mar. 16. I Mar. 17.
Mar. 20.
Lowest.Highest.
Highs:J.
Week.
Lowest.
I
$ Per share 3 per share' $ per share j$ per share i$ per share $ per share Shares Indus. & Miscall.(Cos.) Par 5 per share 5 per share 5 Per Marl $ Per Mare
•10212 103 •10212 10312 *10212 10514 *10212 10514 *10212 10514 *10212 10514
Hamilton Watch pref____100 10212 Feb 18 103 Jan 8
99 Jan 10512 Oot
*0312 03
9414 94
9414 *93
94
/ 033 94 I *93
1
4
944 *93
4
Jan 98 Apr
No par 8912 Jan 8 94 Feb 19
370 Hanna pref new
85
393 393 *39
8
4
8
39
14
40 1 .3912 40 1 *3912 393 .3912 40
39
200 Harbison-Walk Refrao_No par 39 Jan 6 4, Feb 16
38 Dec 7214 Apr
*54 6
/
1
5
/ 5
1
4
53
8 512
/
1
4
5
/ 512 .518 518 1.100 Hartman Corp class B_No par
1
4
5
/ 518
1
4
334 Jan 2
.5 Feb -4
8
214 Dec 20 Feb
/
1
4
/
4
*914 93
/
4
8 •914 938 *91 938 *918 9
/
4
/ •91 938 *91 9
1
4
9 Feb 4 105 Feb .
Class A
No par
714 Deo 2314 May
8
812 7
1734 Apr
6
/ 712
1
4
3 Jan 2
/
1
4
8 Mar 6
No par
21 Nov
4
/
4
812 6
7
812 63
/
1
4
63
4 6
6
/ 08 5,100 Hayes Body Corp
1
4
/
1
4
*90
99
95
99 I *90
*80
95
99
95100 Helme(0 W)
*90
/ *88
1
4
25 82 Jan 17 100 Feb 18
7712 Dec 9252 Feb
99
12
*15
17
16
16
16
18
*15 4 17
3
/
4
18 I *15
Apr
16 I .15
/
1
No par 141 Jan 15 164 Mar 9
200 Hercules Motors
131 Dec 31
/
4
*55
60
*5512 59
*5512 59
*5512 59
4
*551 59
/
4
*55
60
Hercules Powder
No par 523 Feb 3 x58 Ma:13
513 Dee 15 Jan
*1184 11912 *11812 11912 11812 11812 *119 11912 .119 11912 119 119
20 Hercules Powder $7 cum of 100 11812 Jan 2 11912Mar 10 1161 Nov 1233 June
4
/
4
100 1011 995 10012 6.200 Hershey Chocolate
8
96
96
/
4
9614 97
4Mar 19
97
98 1 9712 93
Jan 109 May
No Par 87 Jan 19 1013
70
9912 9912 100 100
100 10114 102 102
102 102
101 102
1.?fa
4June
No par 93 Jan 2 102 afar 18
co
,
831 Jan 1083
*8
8
•6
*612 8
714 714
Hoe
5 Jan 7
/
1
4
8
No par
*614 8 I *612 8
812Mar 3
4 Dec 2514 Feb
8
•
2
34
/
1
3412 x333 334 3318 3314 3314 3314 3314 3314 347 344
/
1
900 Holland Furnace
26,4 Jan 4114 Mar
No par 26 Jan 3 87 Feb 27
8 143 15
4
1414 145
8 1414 144 133 14 I 1312 14
1414 151
6,400 Hollander & Sons(A) No par
8
532 Jan 2 153 Mar 10
4
/
1
5 June 12 Jab
/
1
4
88
*87
*85
88 I 88
100 81 Jan 6 9012 Mar 19
90
400 Homestake Mining
90
.87
72 July 83 Sept
88
9012 x9012 9012
8
/ 91
1
4
/
4
8
814 812
/ 9
1
4
414 Jan 2
814 858
8
/ 8
1
4
15,800 Houdaille-Hershey el B No par
4 Dec 29 Feb
9 4 Mar 10
3
/
1
4
/
1
4
812 8
63
/ 64
1
4
827 62
8
/ 8314 84 I 85
1
4
1.900 Household Finance part pf_50 59 Jan 19
65 Mar 17
65 , *6412 65 1 6418 85
/
1
4
49 Mar 68 Oct
51
5312 5314 553
58
5614 55
8 55
8. 5314 5814 5212 545
18.800 Houston 01101 Tex tem ars 100 3514 Jan 2 8812 Feb 24 I 2914 Dec 1187 AIN
2
2512 284 25
/
1
2714 2714 8,500 Howe Sound
/ 26 ! 26
1
4
20 Nov411 Feb
/
1
4
No par 21 Jan 13 2912 Feb 24
/
4
273
8 2712 2712! 2714 28
211 213
/
4
4 213 2214, 2212 23 1 2212 22
8 23
4
2414 26,300 Hudson Motor Car
185 Feb 4 26 Jan 3
223 235
8
4
18 Nov627s Jan
/
1
41
No par
111 124 27,400 Hupp Motor Car Corp____10
/
4
/
1
1118 1112 113 102, 113 117
7 Jan 2 134 Feb 24
/
1
4
712 Dec 2852 Apr
/
2
1
8 1112 117
2
81 1134 1214
3
/ 312
1
4
3
/ 3
1
4
/
1
4
3
/ 3 ' 33
1
4
/
1
4
8 312.
3
/ 4
1
4
4
4
43 Feb 27
4
/
1
4
2,800 Indian Motoeyole
2 Nov17 Mar
2 Jan 2
No pa
4
4
4
13,500 Indian Refining
458 Feb 11
358 Feb 20
4
33
4 34
3
10
3 Dee 284 81 88
33
4 3 4, 3 8 4 I
3
3
/ 4
1
4
7
/ ,
1
72
74
75
83
80
80 1 78
817 20,600 Industrial Rayon
8
80 I 80
Oct124
No par 45 Jan 15 86 Feb 24
31
Jan
807
8 78
4
168 1683 16812 16812 16814 169 1.16712 169
1683 16912 *167 169
4
1,200 Ingersoll Rand
No pa 158 Mar 4 182 Jan 3 14714 Nov239 Apr
6812 861 *67
*66
71
69
200 Inland Steel
69 I *68
7018 69
58 Nov 98 Mar
59 2 Jan 14 71 Feb 27
3
No pa
69 •67
.912 10
2,100 Inspiration Cons Copper___20
9 8 9 8 10
5
10
1018 10
632 Dec 304 Feb
5
/
1
103
2' 10
/
1
714 Feb 4 114 Feb 24
101 10
/
4
. 8 8&
83
/
1
83
8
/ 84 3,200 Insuransharee Ctfs Ino_No par
1
4
8 8
2
5 Dec 131 July
9 8 Feb 24
3
/
4
63 Jan 13
4
/
1
4
812 834, *312 87
21 *812 85
818 8'u
818 84 1.900 Insuranshares Corp
/
1
812 812
4 Dee 171 Ma,
914 Feb 25
5 Jan 2
814 812
/
1
4
812 812:
85
8 834
No par
/
4
*3
52 41
*334 41 *3
/
4
/ 4 1
1
4
4
4
4
1,900 Intercont'l Rubber
4 I
112 Dec
412 Feb 21
3
/ 414
1
4
2 Jan 2
No par
712 Al.
10
10
*1014 11
1012 1078 1118 1114 1114 3,000 Interlake Iron
1114 Dec 284 Aur
/
1
97 Mar 6 15 Jan 28
8
No par
104 104 10
/
1
/
1
34 3
3
3
*33
4 4
3 Dec
/
1
4
4 412
4 44 *33
/
1
33
500 Internatl Agrieul
4 1 *33
514 Feb 24
4
812 AP
4 33
3 Jan 17
4
/
1
4
No par
,
*48
50
*48
/
4
491 4912 491
/
4
4918; *43
100
4978 *48
Prior preferred
50
*48
4214 Oct 6714 Apr
100 4612 Feb 18 5114 Feb 24
•19812 170
168 170
Oct 1971 May
/
4
3
4
170 17212 17018 171 1 173 173 x1713 17314 3,700 Int Business Machlnes_No par 14512 Jan 14 179 4 Feb 24 131
11
111 11
/
4
5,200 Internal Carriers Ltd__No par
1114 *11
4
8 Dec 19 Mar
/
1
4
/
1
4
8
/
1
4
4
1114 103 1114 103 1118 103 11
9 Jan 2 12 Feb 24
/
1
4
543 55
4
15.800 International Cement__No par 4952 Jan 16 624 Feb10
52
55
564 54
/
1
4, 55
543
/
1
4
4912 Dec 75 Apr
/
1
4 5318 537
8 5318 543
23
4 2
/
1
4
27
2 33
312 312 15.100 Inter Comb Eng Corp_No par
4
314 312
114 Dec 1412 Mar
353
4 Feb 2
13 Jan 2
4
3
31,
/
4
3
*25
33
30
35
30
34 1 30
301 3212 1,900
/
4
Preferred
*30
32
13 Des 78
Apr
33
4
100 24 Jan 21 393 Feb 18
/
1
4
x57
573 10,900 Internat Harvester-__-No par 48 Jan 18 6012Mar 2
4
56
563
8 56
567
8 561 5712 5612 5718 5718 53
4514 Dec 1153 Apr
4
/
4
140 1403 *1403 142
/
1
4
4
4
8
Preferred
8
1403 1401 *1407 14114 *1407 14114 14114 14212 1,600
100 131 Jan 2 14212Mar 20 133 Dec 14612 Sept
4
4
2812 2814 28
29
/ 29
1
4
/
1
2912 7.100 Int Hydro-El Sys el A_No par 211 Jan 2 31 Feb 26
1818 DeC 54 AM
/
4
233
4 2314 2912' 2818 284 29
67
/ 69 I 683 72
1
4
4
7314! 20.700 International Match pref___35 55 Jan
5214 Dec 9s Ayr
7314 Mar 20
/ 70 4 72 I 70
1
4
3
71181 7114 724! 71
16
16
4
4 1514 1514 5.000 Int Mercantile Marine 1,02_100 151 Mar 12 1612 Jan 5
16
4 153 153
16
l54 153
15 Nov33 Apr
/
4
16
16
17
/ 1812 1812 184 1818 193
1
4
/
1
/
4
8 1818 19 1 1834 1938 1912 2012 287,000 Int Nickel of Canada__No par 13 2 Feb 2 2018 Feb 24
123 Dec 441 Apr
4
7
•1204 122 1.
.12014 122 1 12012 1201 2 121 121 1 121 121 *121 122
500
Preferred
100 114 Jan
121 Mar 18 114 Dec123 Apr
.3112 40
*3212 3812 3812 3312 3912 3912 *3312 39
20 Internal Paper pref (7%1_10
*3812 39
31 Jan 12 40 Feb 7
26 Dec86 an.
812 8121 *812 83
/
1
4
200 Inter Pan & Pow el A--No pa
/ *814 812 *812 8
1
4
4 8
4 •812 812' 83
1014 Feb 26
512 Dec 3112 Ma,
672 Jan
*414 412 *412 5 1 *4
412'
414 414
200
412 *4
Class B
412: *4
5 Jan 6
No par
6 Jan 26
/
1
4
33 Dec 22 Apr
s
*33
334 3341
8 312 •31,3 312
3
/ 3
1
4
312 312
900
/
1
4
312 3
Class C
/
1
4
2 Jan
/
1
4
No pa
412 Feb 26
2 Dec 18 Apr
36
36
36
3512 33
36
/ 343
1
4
35
4 35
36
35
/ 36
1
4
1.500
Preferred
100 2812 Jan 2 40 Jan 30
21 Dec 86 Mar
•1352 15 .1358 15
/
4
200 Int Printing Ink Corp No par 11 Jan 2 1814 Feb 26
134 141 *1352 15
/
1
5
*13 8 15 I *13 8 15
5
10 Dec 58 Apr
/
1
4
.61
.61
62
66
61
30
61
Preferred
100 54 Feb 11 65 Jan 13
55 Dec 101 Apr
3814 3814 x38
4
3314, 3814 33531 37
3612 3314 363 3718 6.200 International Salt new---100 3612Mar 19 42 Feb 9
/ 38
1
4
31
Oct 45 June
/
1
4
*47
4812 *47
600 International Shoe_ _ _ _No par 47 Jan 10 4844 Jan 23
48
4814 48
48
47
4812 *4714 4812 47
4712 Dec 62 Jan
*44
48
45
4514
45
500 International Silver
*4312 48 1 .46
44
43
100 3312 Jan 6 51 Mar 10
26 Dee 119 Feb
4712 *45
3514 36
4
/
4
1712 Dec 77 Apr
/ 3712 3814 x361 373 326,500 Inter Talon & Teleg____No par 183 Jan 2 38 Feb 24
1
4
3512 3712 36
/
1
4
4
/
1
4
37
/ 3512 37
1
4
*185 19
8
19
/ x194 1912 1,30 Interstate Dept Stores_No par 16 Jan 8 213 Feb 20
1
4
*1858 19I 184 183
/
1
19
2
4 183 19
4
/
1
144 Dec 40 Feb
/
1
88
110
68
64 64
88
67
*65
Preferred ex-warrants_ _100 68 Jan 26 67 Mar 9
*64
58 Dec 80 Aug
/
1
4
8'
67
*8218 675 .84
•I7
18100 Intertype Corp
1712 1712 1712 *17
18
12 Dec 32 Apr
*1614 1712 •17
No par 16 Jan 5 184 Feb 24
1812' •18
*8
/ 1,600 Investors Equity
1
4
812 *818 83
914
414 Dec 29 Feb
8
/ 8
1
4
9
/
1
4
94 Feb 24
5 Jan 2
812 8
No par
4
4 *812 83
28
273 27
*2812 28 .27
4
28
/
1
4
28
500 Island Creek Coal
1 27 Mar 5 81 Jan 14
28
*2812 28 I •27
25 Oct 43 Mar
524 525
5312 2.000 Jewel Tea Inc
/
1
2 53
52
5212 524 5214 5214 5212 53
52
37 Dec 6612 Apr
No par 3914 Jan 3 5712 Feb 11
8014 130.200 Johns-Manville
783
4 784 803
72
/
1
723
1 7212 75
4 78
763
3
4 74
/
1
4
483 Dec 1483 Feb
4
No par 52 Jan 2 80 4 Mar 19
74
8
*1223 ____ *1223 ___ •1223 ----. 12212 ---. •12212 -___ •12212 -- -- ______
4
100 118 Jan 3 125 Feb 20 117 Dec 1233 Nov
4
Preferred
•
8
4
30 Jones & Laugh Steel pref__100 119 Jan 2 12318Mar 4 118 Dec 123 Apr
*121 12312 12118 12118 •121 12312, 121 121141*122 12312 *123 12312
/
1
4
/
1
4
11/4 *1
7
8
1
1
No par
1 1
1
It Jan 28
14 2,100 Jordan Motor Car
1
1
14 Oct512 Apr
7
14 Feb 21
8 1 1
260 K C 1. & Lt lat pf ser B No par 11314 Mar 17 1145 Mar 19 108 Jan 116 Nov
1144 1145 •1141 -/
1
2
•
/
4
1133 114 *1133 115 1 11314 1133 *11114 115
4
4
8
4
100 Karstadt(Rudolph)
/ *51 Fs *512 57
1
4
/
4
5
/ 5
1
4
6181
2
.4 614 *6
5 8 Jan 15
81
3
/
814 *57
8
141 Dec 1312 Jan
/
4
7 Jan 5
4 1512 16
163 *16
300 Kaufmann Dept Stores_312.50 144 Jan 6 18 Feb 18
4
163
17121 •18
*1612 1712 •1612 1712 *18
/
1
14 Dec 2012 Mar
42.200 Kayser (J) Co v t o____No par 1815 Jan 2 243
/
1
/ 235 244 2212 24
1
4
8
237
21 2314 23
2214 227
8 2212 2314 23
244 Dec 4112 Jan
/
1
2Mar 19
Keith-Albee-Orpheum _No par
-___ 2212 .____ 2212 ...___ 39 Is__ 39 *____ 39 •____ 39
Jan 45 Apr
•
81
*95 103
•90 103
Preferred 7%
*90 109
100 9014 Jan 24 10112 Feb 9
5 Jan 150 Apr
*90 109 I .95 109 1 .95 109
/
1
4
2
/ 3
1
4
/
1
4
31 312 30.800 Kelly-Springfield T1re__No par
/
4
/
1
4
214 2
2
/ 2
1
4
24 2
214 214
/
1
4
3 Mar 20
/
1
4
11 Jan 2
/
4
812 Apr
1 Dee
/ 1,070
1
4
8 193 21
2012 23
4
197
•1512 17 1 18
1714' 17
8% preferred
183
2 16
100
9 Jan 6 2334 Mar 20
/
1
4
29 Dec 42 Jan
390
3912 3912 3912 41
36
3913 3912 3912 .36
39 I 36
*33
8% Preferred
100 35 Jan 12 41 Mar 20
17 Dec 55 Jan
3,200 Kelsey Hayes Wheel___No par 211 Jan 2 29 4 Feb 25
2711 247
264 27
/
1
*28
2718
26
27
/
1
4
/
1
2612 2812 264 27
/
4
3
9 Oct39 Apr
/
1
4
12
1512 15
133 14
4
13
/ 1412 1414 143
1
4
4 1453 1514 15
154 57,500 Kelvinator Corp
/
1
8 Jan 2 1512 Mar 19
/
1
4
No par
/
1
4
274 Nov 28 Apr
/
1
451 *48
/
4
50 Kendall Co pref
.
41
44
54 .42 ____I *42
47 I *4212 47
No par 20 Jan 6 4538Mar 19
25 Dec 89 Mar
2714 28
2
2812 283 2914 2812 28 74 43,400 Kenneeott Copper
273 283
4
/ 28
1
4
/
1
4
.3
8 283 29
No par 22 Jan 2 3112 Feb 24
2
2018 Dec 623 Feb
4
4
200 Klmberley-Clark
.3712 39
/
1
*38
39 1 03712 3812 .374 3812 3812 3812 373 3734
4
No par 373 Mar 20 41 Jan 9
38 Dec 59 Mar
*16
4
19
/ *18
1
4
187 .153 19
8
Kinney Co
193 *16
4
194 *16
4
193 •16
4
1712 Dec 4012June
No par 1812Mar 7 2012 Jan 9
49
/ 52 I 48
1
4
/
4
5012 51
380
49
/ 473 473
1
4
4
4 4518 4614 451 47
Preferred
100 4518 Mar 19 70 Jan 21
51 Dec 97 Apr
/
4
112 11
112 11
/
4,
112 141
8
112 11 4.200 Kolster Radio Corp____No par
/
1
11 15
/
4
/
4
11 14
/
4
/
1
2 Feb 25
/
1
4
/ Jan 2
1
4
/ Dec
1
4
8 Apr
12
114 11 .1
/
4
11 *1
/
41
11
/
4,
/ Jan 10
*34
1
4
3
4 1 1
1
600 • Certificates
5
4
7
8
1 Feb 28
/
1
4
3 July
4 Dec
26
/ 2712 2712 2714 27
1
4
2738 5.900 Kresge(S 5) Co
27
/ 281/4 27
1
4
267 2714 27
2
10 25 Jan 29 27 Feb 9
264 Oct 36 Jan
/
1
/
1
4
/
1
4
*5214 555 *53
8
*5314 54
55 I *5318 55
*5214 55 .5212 55
Kress Co
No par 45 Jan 28 55 Feb 24
39 Nov 70 Jan
4 2652 2714 2718 2753 284 2712 2718 2712 287 2718 90,000 Kreuger & Toll
2612 263
/
1
2
20 Jan X3 2752 Mar 17
/
1
4
20 Dec 35 Apr
/
1
4
/
1
4
7
8
8
3112 32121 325 33 81 33
/ 34
1
4
/ 33
1
4
/ 3412 337 344 325 34
1
4
58,200 Kroger Gros & Bak......No par 18 Jan 2 347 Mar 17
/
1
3
8
171 Dec 48
/
4
/ Jan
1
4
3
/ x84
1
4
1
8612 84
844 8686 8 87
/
4
/ 8612 874 19.100 Lambert Co
1
4
8512 851 87
No par 77 Jan 2 877 Mar 19
/
1
4
8
703 Nov 113 Apr
4
*1112 14
•1112 14
*1214 14
/
4
*124 14
*121 14
*1214 14
Lane Bryant
No par
11 Jan 29 1718 Jan 6
/
1
4
17 Dec 23 Oct
*33
4 4
*33
4 4
*33
4 4
3
/ 37
1
4
8
4
414
43
8 452 1,000 Lee Rubber & Ture___ _No par
3 Jan 7
/
1
4
312 Nov 11 Mar
45 Mar 20
8
18 .16
18
*16
18 .16
*18
18 .16
18
100 Lehigh Portland Cement___50 1352 Jan 2 183 Feb 25
1714 174
11 Dee 42 Apr
4
100 10018 •100 104
10018 10018 *10012 104
100 100
100 100
550
Preferred 7%
100 98 Jan 2 10112 Feb 3
/
1
4
98 Dec 10818 May
/
1
4
55
8 55
55
8 5
8
/
1
4
55
2 5
/
1
4
/
1
4
512 54 *512 6
512 5
/
1
1,600 Lehigh Valley Coal___-No par
512Mar 2
414 Dec 1712 Mar
8 8 Jan 14
3
19
19
19
*18
/
1
4
4 1812 18 .18
18
/ 183
1
4
1912 .18
400
1912
Preferred
50 18121,1a 18 21 Jan 14
144 Dec 3712 Mar
/
1
/
4
6614 6518 661 65
855
8 661 664 x651 861 5,600 Lehman Corp (The)___No par 54 Jan 2 69 Feb 24
6512 6512 65
/
4
/
1
/
4
/
4
/
1
4
514 Dee 974 Apr
/
1
34
*3312 34 1 34 3414' 3314 3412 34
34
3414 3312 331
2,000 Lehn & Fink
No par 24 Jan 2 343 Feb 27
4
21
Oct 36 Apr
4
4
4
4 143 1514 1514 151 154 151 8,000 Libby Owens Glass
4 143 1478 143 143
143 143
4
/
4
/
1
/
4
No par 1114 Jan 28 157 Mar 20
8
1012 Nov 311 Mar
/
4
/
1
/
1
4 884 884 *88
90
.
88
8912 8912 *88
90 I 8812 883
90
400 Liggett & Myers Tobacco__25 86 Mar 3 91 Feb 7
/
1
4
764 Dec 1133 Apr
/
1
4
4
4 883 89
89
4
/
1
4
4
88
884 883 89 I 883 893
/
1
9034 8914 903 11,600
Series H
25 83 Jan 2 911 Feb 24
/
4
7814 Dec 1143 Apr
2
1423 1423
*142 143 *14014 144 1 14212 14212 *14014 144 .14014 144
4
300
Preferred
100 13712 Jan 7 1423
4M8r 20 12718 Dec 146 Sept
303
4 30
30
30
30
30
/ 30 3012 30
1
4
301 30
/
4
31
3,800 Lima Locomot Works_-No par 2312 Jan 2 3434 Feb 26
18 Oct 4914 Feb
/
1
4
8
8
2
/ 32
1
4
32 1 *303 33 1 •303 33 1 .303 33 •30
32
*31
32
200 Link Belt Co
No par 2814 Jan 20 33 Feb 11
28 Dec 45 Feb
/
1
4
5312 5112 52
523 5414 48
5012 5112 5214 52
4
/ 52
1
4
53
13,900 Liquid Carbonlo
No par 411 Jan 2 5518 Feb 24
/
4
/
4
39 Dec 811 Mar
5912 8114 595 811 88,500 Loew's Incorporated_No par 4514 Jan 2 6312 Feb 18
8 5712 59
/ 587
1
4
/
1
8
554 574 5812 584 57
8
413 Dec95 4 May
4
*97 100 I 97
98 I 9812 97
/ 97
1
4
/ 98
1
4
99
99 .97
99
900
Preferred
No par 86 Jan 2 99 Mar 19
85 Jan 1123 June
/
1
4
2
97 9718 973 973 *97
4
/ 98
1
4
*97
•
97
98 1 97
98
991
Pest ex-warrants
No par 83 Jan 2 98 Feb 7
3
7852 May 00 4 Oct
4
5
/ 4
1
4
5
5'
/
1
4
54
43
4 53
5
2
518 63
5
553 30,100 Loft Incorporated
No par
5 Mar 16
/
1
4
23 Jan 2
4
212 Dec8 2 Feb
3
*34 3 8 *314 37
7
2 *314 3
/ *3
1
4
4 3
/ *314 31 *34 3
1
4
/
4
Long Bell Lumber A No pa
/
1
4
318 Feb 16
4 Jan 6
4
3 Dec 153 Mar
8 5312 544 54
/
1
545
524 53
52
544 54
544 54
/
1
5412 4,800 Loose-Wiles Biscuit
25 43 Jan 2 54 Feb 21
4014 Dec 7014 Apr
/
1
4
/
1
4
1812 1838 19181 1812 193
4 194 2018 1912 20 114,708 Lorillard
17
/ 1818 18
1
4
/
1
25 114 Jan 2 2018 Mar 19
834 Dec 281 Mar
/
1
/
4
4 I
4
4
4
4
4
/
1
4
41
*4
418 *4
*4
41 2,900 Louisiana 011No par
/
4
Feb 10
3 Dec 12 Apr
/
1
4
3 Jan 2
/
1
4
58 II---- 58 • --- 38 *--- - 58
*50
*&) 68
58
*50
Preferred
10
50 Feb 4 55 Jan 15
60 Dec 90 131/94
3334 3312 3414 323 333
/ 33
1
4
3314 33
33
33 .3314 34
4
4 3,300 Louisville 0 dc El A-__No par 27 Jan 2 3538 Feb 26
25 Dec 5114 Apt
1718 17
18
8 1712 18 1 171 18
19
/ 1712 175
1
4
/
4
18
184 27,300 Ludlum Steel
/
1
94 Dec 444 Mar
No par 11 Jan 2 19 Mar 19
/
1
47 1 *4012 47
*41
441 447 *44
47
/
4
47
*40
•
40
47
Preferred
100
34 Dec 99 4 Mar
/
1
4
No par 35 Jan 3 5214 Feb 17
3
*237 25 .237 25
8
8
*23
/ 25
1
4
*23
/ 25
1
4
*237 25
2
24
/ 241
1
4
/
4
100 MacAndrews & Forbea_ No pa
4378 Feb 2244
25 F
Dec
335±D20 Doo 83893141
3
1534 Jam
9 Jan
N
r
x4018 411 401 411 11.7011) Mack Trucks Inc
3912 40
/
4
383 3914 3918 40
4
39
/ 40
1
4
/
4
/
4
Mat
9714 9712 10012 100 1007
97
8 9812 101
1003 103'z 103 1034 9,000 Macy Co
4
/
1
745a 13
leb
8154 Dec15934 j i
4
No par 33 Jan 29 10614 F r 27
1 14 Fl
arl:
4 612 6
,
/ *61 682
1
4
/
4
612 65
8
614 61
7
714 *7
712 1.400 Madison Sq Garden
5 Jan
Dec
No par
224 227
2312 2214 221
8 23
*2212 23
22
223
4 2314 2314 1,600 Magma Copper
2
1914 Dec 52 Jan
No par 2014 Feb 4 273 Feb 24
/
1
4
41
*4
41
*4
*4
414 *4
41
414 43
8 *4
43 Mar 2
4
4
/
1
4
300 Mallison(H R)& Co No par
134 Dec 13 July
212 Jan 14
*212 3
3
*3
3
312
312 37
8 *34 4
32 4
7
340 Manati Sugar
4 Jan 8
12 Dec
12 Jan 2
100
8
Jan
*
6
73
*6
7 4 *6
3
73
4 *7
/ 7
1
4
/
1
4
814 8
/ .
1
4
814 11
Preferred
70
54 Dec 50 Jan
/
1
4
314 Jan 2 12 Jan 8
100
4,5
51
*5
51 *5
/
4
518 *5
512
518 518 *512 57
5 Dec 15
6 Feb 14
2
800 Manael Bros
/
1
4
5 Jan 22
No par
Jan
/
1
11 1 *1012 104 1052 104 11
4
103 I0'4 103 1118 11
4
/
1
11
1.400 Manhattan Shirt
612 Dec 2452 Jan
714 Jan 2 12 Feb 25
25
•214 23
*214 234 *214 23
4
212 211 *214 2
/ *214 24
1
4
100 Maracaibo Oil Explor__No par
218 Feb 2
3 Feb 14
/
1
4
11 Dec 103 Mar
/
4
2
/ 2214 223 *2212 225
1
4
2 2212 23 I 2212 22
4
2212 22'2 2212 225
8 3,800 Marine Midland Corp
173 Dec 3212 Aug
4
8
10 195 Jan 2 2414 Feb 24
31
30
*28
30 1 *23
30 .28
•
28
293 29
4
/ *2812 29
1
4
100 Marlin-Rockwell
2114 Dec 55 Feb
/
1
4
No par 23 Jan 2 32 Feb 24
8
8
*812 9
8
/ 94 *8 4 9
1
4
4 Dec 307 Apr
/
1
4
'
514 Jan 2 10 Feb 25
9
No par
9 '
1.400 Marmon Motor Car
934 9
2
/
1
8 304 31
8
31
2
311 311 31 1
/
4
287 2952 295 30g 3012 313
/
4
8
24 Dec Cils Apr
7,600 Marshall Field & C •
0- -No par 2318 Jan 21 325 Feb 24
4 3
*21 3 I .23
/
4
*214 3
.2
/ 3
1
4
*214 3
312 Jan 30
*24 3
Martin-Parry 0orp_ _ __No par
214 Jan 15
24 Dec
8 Oct
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Mar. 14.
•Hid and asked [glom no sales on this day. s Ex-dividend. g Ex-dividend. ex-tights.
2154
New York Stock Record-Continued-Page 6
Fos sales during the week of stocks not recorded here. see sixth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Mar. 14.
Monday
Mar. 16.
Tuesday 1 Wednesday Thursday
Mar. 17.
Mar. 18. .Mar. 19.
Friday
Mar. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share tots.
On basis of 100
Lowest.
per share! $ per share I $ per share I per share
per share $ per share Shares Indus. & Miscell. (Con.) Par $ per share
26
2612 26
2614 263
4 26% 263* 7,900 Mathleson Alkali WorksNo Par 2318 Jan 28
268 2553 263
,
4 25 8 26
*11914 1253 *11914 1253 *11914 12553 .11914 1253 *11914 1253 *11914 1253
8
8
Preferred
8
8
100 119 Feb 20
/
4
3714 37
*37
38 I 37
8
4 371 3712 2,300 May Dept Stores
3714 368 3718 363* 373
25 285 Jan 2
*734
73
4 73
700 Maytag Co
81
*8
8181 *8
53 Jan 2
4
8
8
8
818 1
8'a
No par
*2214 2338 *2214 233 *2214 2333 *2214 233
8 1,800
8
8 2214 2338 2378 237
Preferred
No par 1512 Jan 2
Prior preferred
100
7212
75 I *70
*69
/018 *69
7014 7014 *7012 7218 *71
75
No par 66 Jan 31
700 McCall Corp
*347 35
8
8'
*344 368 *3412 367 *3412 35
s
35
35
3412 35
No par 327 Jan 31
5.400 McCrory Stores class A No par 34 Jan 24
503 503
8
8 5012 5012 503 503
8
8
8 503 503* 503* 51
51
51
70
49
*49
51
*47
51
*49
51
52
51
Class B
*49
*4914 51
No par 35 Jan 19
160
90
90
92
*87
90
90
90 .90
*87
90
*87
90
Preferred
100 76 Jan 22
400 McGraw-Hill Publica's No par 28 Jan 30
28
29
*30
31
2812 29
*29
31
*29
31
*284 31
21
21
21
2212 *22
21
3
2112 2212 22
"2112 22
2212 2,100 McIntyre Porcupine Mines__5 20 4 Jan 2
844 854 854 873
/
1
4 8812 0112 29,300 McKeesport Tin Plate_No par 7112 Jan 2
8 85
878 85% 863 8714 883
133 1353 13
8
5,300 McKesson & Robbins_No par 13 Jan 13
4
137
8 1312 1312 1312 133
4 1312 1418 *133 14
500
3312 3312 3412 3412 3412 35
50 31 Jan 13
343 3431 *3312 347
4
*341 35
/
4
Preferred
8
2,800 McLellan Stores
8 8 9 ' 87
,
7 Jan 20
83 988 9
8 9
No par
83
4 87
,
8
3 *812 87
300 Melville Shoe
*31
33
32
*32
*32
33
32
32
32
327 *32
8
No par 29 Jan 3
33
534 Mar 9
618
618 653
8% 753 5,100 Mengel Co(The)
8 64
*818 6,
No par
,
4 *9,
614 64
6
2614 2614 *26
300 Metro-Goldwyn Pie pref._ _27 25 Feb 27
2612 *2618 2612 *2618 2612
2612 263* 2612 *26
17
1714 20,200 Mexican Seaboard 011 No Par 10% Jan 2
1614 1714 17
173
/
4
8 1612 171 17
1738 1612 173
87
8 87
8 1,600 Miami Copper
5 712 Feb 6
84 87
81 ' 812
/
4
8% 83
4
*83
4 9
9
9
8
8,400 Mid-Cost Petrol
8
No par 1214 Mar 13
1212 1318 13
1314 1314 1412 1314 1314 125 1314 1234 13
29
2912 5,500 Midland Steel Prod_ _ No par 21 Jan 2
29
28
28
2812 2712 283g 2812
8
2814 277 28
700
893 893
4
4
87
8% cum 1st pref
100 84 Feb 14
86
*85
88
8
8412 8412 843 84% 85
85
54
200 Minn-Honeywell Regu_No par 3814 Jan 2
54
111524 54
*5214 54
*53
55
55
*521 56
/
4
55
44 Jan 19
500 MInri-Mollne Pow Impl No par
512 53
4
4
*512 53
*512 8
*512 6
53
4 5 8 *512 6
7
*4212 45
*4212 45
*4212 45
Preferred
No par 40 Jan 20
•4212 45
*4212 45 .4212 45
8
700 Mohawk Carpet MIlls_No par 107 Jan 3
18
1812 1853 1812 18
1714 1714 1714 174 *18
17
17
2,400 Monsanto Chem Wks No par 20 Jan 19
2512 2512 2518 26
25
25
2112 2112 2112 2512 253* 26
2818 209,000 Mont Ward Co MCorp No par 15% Jan 2
8
'
8 2512 2653 263 277s 27
4
4 2553 27,
25% 2614 253 263
600 Morrell (J) & Co
54
,8 5458
5312 54
54
No par 51 Jan 3
533 *53
4
4 53
*531 533
/
4
•531 54
/
4
12 Jan 8
2,000 Mother Lode Coalltion_No par
5
8
5
8
kt
*5
8
%
3
4
%
3,
1
.53
234 3
213 Jan 2
23* 278
1.900 MotoMeter Gauge& Eq No par
27
8 278
*27
8 3
8 3
8 .21
27
8 27
244I2 45
43
43
700 Motor Products Corp_ _No par 30 Jan 16
4014 41
*4212 45
43
43
*4112 45
8
8
No par 147 Jan 2
o
8 187 183 1.300 Motor Wheel
/
4
18
1818 183 181 1814 1812 1814 1814 187 187
83 Jan 2
8
3012 11,200 Mullins Mfg Co
29
No par
293 317
4
308 3012 31 12 28
29
4
243 2512 28
570
8
Preferred
No par 36 Feb 10
6114 6412 617 628 6313 6312 *6214 6312
60
60
*58
60
283
4 283 283
4
300 Munming wear Ins
4
4
No par 273* Jan 20
2812 2812 *2812 283 *2818 2812 2812 2812 *28
8
173
8 1714 173
4
4 17
No par 1112 Jan 2
4 173 173 16,300 Murray Body
17
17% 1718 1712 1714 173
200 Myers F & E Bros
,
No par 3814 Mar 4
*3958 40,4 *393 4014 395 3953 *3934 4014 394 39 4 *3912 40
14
3
No par 27 Jan 2
4
8 37 8 3912 393 404 398 407 101,700 Nash Motors Co
3712 387
8
36% 37% 373 38
914 914
93g 93
•814 512
74 Jan 2
1.700 National Acme ,tamped __10
0 2 95
,
4 *912 10
938 9l
812 Jan 5
*13
13
13 .
17
•1112 17
100 Nat Air Transport
No par
*1112 17
*1112 17
*Ills 17
314 Jan 2
812 83 11,500 Nat Bella, Hess
83
8 88
4
818 83
4
7
No par
818 83*
812 8 8
*818 812
35
3512 .30
3512 *29
*30
35
3512 *29
Preferred
100 17 Jan 3
*30
,
l
83 I 8214 8318 82 8 8312 21
10 76 Jan 22
) El : 16,800 National Biscuit new
4
4 803 8214 82
8014 803
7% cum prof
100 146 Jan 8
*151 15112 *151 15112 *151 15112 15114 15114 15112 15112 •151
4 2412 -- 7 67,42 Nat Cash Register A w iNo par 2812 Mar 20
30- 8
303 3312 2934 323
3
33
3414 3212 3312 3314 34
4914 50118 102,800 Nat Dairy Prod
50
49
473* 484 49
8
No par 3814 Jan 2
4614 463 465 4814 48
41 Jan 2
/
4
614 614
614 614
.
200 Nat Department Stereo No Par
*63
8 7
*53
8 7
7
*53
533 7
493 *49
8
50
*47
100 50 Jan 26
10
50
*45
*45
50
Preferred
493* *49
493* 60
333 3414 3218 337 23,100 Nat Distil Prod etts____No par 1988 Jan 6
8
3
8 3318 34
3514 3312 347
3412 3518 34
2632 2612 2612
900 Nat Enam & Stamping__ _100 21 Jan 21
2618 26
2614 2614 •26
•26
27
*26
27
12412 1243
4
100 11812 Jan 22
200 National Lead
*12014 1244 *121 127 *12114 124 , 11,122 124 *12214 124
100 138 Jan 2
60
Preferred A
•140 1408 140 141 *140 141 *140 141 *140 141 *140 141
8
8
100 118 Jan 8
Preferred B
8
8
•118 119% *118 1191 *118 119% *118 1197 •118 1197 *118 1197
No par 3154 Jan 2
4 403 4218 4018 4153 41% 42% 414 433s 84,200 National Pr & Lt
40
4012 404 413
13Mar11
12
13
No par
%
5
8 1,400 National Radiator
%
%
8
5
8
5
3
5
8
2
2
114 Mar 3
Preferred
No par
*112 214 *112 2% *112 218 *112 218 •112 218 *112 218
8
5212 527 537
No par 43 Jan 2
4,200 Nat Steel Corp
.50
5014 5014 5012 497 503 5033 504 51
6212 6212 "8112 6212
62
6214 62141 62
600 National Supply
50 s 59 Feb 5
*6112 63
*6114 63
8
10
109 109 *10734 110 *107 109
Preferred
100 1073 Feb 3
*108 110 *108 110 *108 110
6714 6612 7614 6,700 National Surety
50 4184 Jan 2
6412 65
6412 6412 544
63
63
6312 63
24
24
1,900 National Tea Co
No par 1511 Jan 6
4 2312 24
,
2112 21 2 2112 2218 2212, 224 23,
L•21
19
17
17% 19
14 Mar 3
1,800 Nelsner Bros
16
4' 16
No Par
15 1 15% 153
16
1614 15
13% 6,800 Nevada Consol Copper_No par 1014 Jan 14
1353113
13
1338 1314 1312 13
1233 128 124 135
1518 151
15
15
No par 147 Mar 2
800 Newport Co
15
1518 15
15
16
*15
•1434 16
471
*45
4712 *45
50
Class A
50 42 Feb 28
•45
*45
50
45
*44
*45
50
19
/ 195
1
4
8 1912 19% 2,300 Newton Steel
No par 1414 Jan 2
8
183 183
4
4 187 19
183 19
4
.187 19
8
4
4
2112 2112 213 213 *2112 21 4
800 NY Air Brake
,
22
No par 21 Feb 14
223
4 22
*22
22
22
8
27% *207 277
8
277 *20
8
100 2214 Jan 8
277 •16
3
New York Dock
277 *16
8
277 *16
8
*16
647
8
64% *80
100 65 Feb 14
Preferred
647 *60
647 "60
8
8
647 *60
8
647 *60
8
*60
812Mar 9
83
4 9
812 9
No par
8,400 NY Investors Inc
83* 9 8
,
912 914
9
93
8
87
8 9
105 105
105 105
310 NY Steam pref (6)___ _No par 100 Jan 7
105 105
8
210414 10414 1047 105
.105 10712
No par 11114 Jan 3
30
1st preferred (7)
.116 11712 *11614 11712 11614 11614 11614 11614 •11614 11712 11612 1161
8 87
877 42,600 North American Co___ _No par 62 Jan 2
8
4
87
8514 8612 863 883
3 85
8414 8314 863
83
8
50 53 Jan 5
547 55
55
1,100
5412 55
*54
Preferred
55
*54
55
55 .54
55
433 Jan 2
918 10
87
8 918
40,800 North Amer Aviation No par
853 918
4 9
83
814 9
814 8'4
105 10514 10514 105% 1,500 No Amer Edison pref __No par 102 Jan 2
105 105
105 105
4
1044 .1043 105
1044
24% Jan 15
•3314 3414
100 North German Lloyd
8
8
*343 35 .34, 347 *3314 34
4
*343 35
35
35
414358 45
2
40 Northwestern Telegraph__ _ 60 43 Jan 31
3 447 45
8
8
*4312 447 *4312 447 *4312 447 *4312 447
4 Jan 9
118 1,300 Norwalk Tire & Rubber_ _ __10
1
118 *I
113
1
113 1%
114
114 *Ps 14
No par 14 Mar 9
1518 11,200 Ohio 011 Co
1514 15
153
8 15
15
16
15
1513 15% 1533 16
3% Jan 29
4 4 4 4 1,300 Oliver Farm Equip New No par
,
4% 4%
,
412 412
8
45
8 43
478 47
8
48 47
No par 1518 Mar 18
4
300
4
Preferred A
1612 1518 153* 15% 15% 153 153
1712 *15
1712 *15
*16
8
No par
43
4 518 1,900 Omnibus Corp
4% 45
359 Jan 8
42
3 43
47
3 47g
43
4 43
4
412 412
4
, 22 Jan 16
Oppenhelm Coll & Co_ _No pa
2912 *2712 2212 *274 2912 *2712 2912
*2612 2912, *2712 2912 *2712
693
4
130 Orpheum Circuit Ins pref _100 5014 Jan 30
4
*66
70 1 *684 693 268
68
*66
743
41 6614 75 I 68
No par 5214 Feb 5
56
5753 8,300 Otis Elevator
557 565
8
55
8 64
5412 5312 547
5413, 54
V54
100 1243* Feb 16
20
4
_
4
4
Preferred
41
4
*12518 1273 *12514 1273 *12514 127% *127 1273 1273 1273 *1273
4
No par 10 Jan 2
l5'
8,400 Otis Steel
1418 1418 151815
/
4
14 ; 141 1413 14
.14
1433 14
100 60 Feb 11
4
4
30
Prior preferred
4
13
6312 6312 •6312 643 *6313 6 4 *6118 643 *6038 643
3612 37
800 Owens-Illinois Glass Co____25 33% Jan 2
•36
37
36
36 I 36
364 37 I 36
*363 37
4
25 4514 Jan 15
8 5312 5453 11,700 Pacific Gas & Electric
537
523 5312 5212 5312 5212 534 53
4
5112 53
No par 5014 Jan 2
671
. 6612 6912 14,500 Pacific Ltg Corp
66
66
6612' 66
8 65
64
6412 657
64
24
100 167 Jan 7
230 Pacific Mills
2314 2314 2314 2314 24
23
23
*2112 23
*2114 23
100 11612 Jan 2
400 Pacific Telep & Teleg
4
,
130 13012 1308 131 2 13012 1313 x13012 13012
12712 12712 130 131
97 1018 10
85 Jan 2
1012 1018 1014 130,700 Packard Motor Car_ __No par
97 1011
10
9 8 1018
7
1018
*33
49
*33
49
49
100 Pan-Amer Pete & Trans__--50 84 Jan 29
*33
34
34
43
*33
43
*33
50 32 Jan 2
800
*33
35
*33
35
35
Class B
3512 *33
8
347 3514 *33
"3212 347
8
53 Jan 2
8
9
11
300 Park & Tilford Inc
*10
1012
NO Par
9
93
4 *8
9 4 *8
3
*8
9 4 *8
3
8 Jan 2
400 Parmelee Transporta'n_No par
4 4
4 *33
4 4
33
4 33
4 *33
334 33
8
353 37
*33
4 4
253 Jan 28
7
8 3
27
8 27
8 *27
8 28
1,100 Panhandle Prod & Ret_No Par
27
278 273
3
*27
8 3
3
4412 45
No PO 86% Jan 2
4653 4512 4613 73,500 Paramount Publix
,
4318 43% 43 8 4414 433g 4412 4334
1
133 Feb 7
2
2
2,200 Park Utah CM
2
8 2
17
2
218
2
2
2
2
2
11 Jan 17
No par
2
23* 4,600 Pathe Exchange
2
2 14
218
2
218
2
218
2
218 218
3 Jan 16
No par
33
4 4
4
4
4 4
1,800
33
Class A
4
4
4
4
33
4 4
,
13
134 13
600 Patine Mines & Entrepr____20 1053 Feb 3
1334, •1214 13 8 13
8
0112
1312 1333 135 012
312 Feb 17
50
3 2 33
,
8
312 312
38 38 2,200 Peerless Motor Car
312 312
312 312
3 2 312
,
44
44
443
8 44
No oar 3714 Jan 2
44,
2 8,800 Penick & Ford
4 44
4418 4312 443
43
423 43
4
39
No par 28% Jan 2
18,900 Penney (1 C)
3712 378 3712 3912 238
3633 3612 3814
3614 36 8 36
,
100 90 Jan 8
98
99 z9812 9812
700
Preferred
*975s 99
8
*975 99
98
98
*9718 98
313 Jan 2
414 4,
2 2,300 Penn-Dixie Cement_-__NO par
412 412 *412 5
438 412
412 412
111143
8 45
8
24
*21
100 17 Jan 2
"203 24
4
*2038 21
Preferred
*2014 24
82114 24
24
L *20
200 People's Drug Stores_ _No par 23 Jail 2
4 333 333 *34
3414
4
4
4
333 *313 333
2
31
31
31
{1030
1,300 People's G L & C(Chlo)
239 242
100 20012 Jan 2
23812 242
*242 245 *242 2464 24012 24312 *242 244
,
400 Pet Milk
s
No oar 163 Feb 6
8
8 1714 1714 .165 1753 .1714 173 *1714 173
8
L• 8 178 *163 173
1155
53 Jan 2
4
812 8% 10,400 Petroleum Corp of Arn_No par
8
84 83
4
812 83
; 818 812
8% 84
812
814
/
4
2312 *2314 2312 2314 2312 1,500 Phelps
25 191 Jan 13
23
-Dodge Corp
23
4
4
*223 2312 *223 2312 23
Philadelphia Co (Plttsb) _50
140 200 •140 200 •150 200 *150 200
*140 200 •140 200
54
400
55
54
50 524 Jan 6
55
6% preferred
*5312 54
*534 55
*53% 5412 *5312 54
912 812
93
4 934
4
914 93
9% 10% 11,500 Phil& & Read C & I_ _ _ _No par
7 Jan 2
/
1
4
912 954
04 9
,
'2
300 Phillip Morris & Co Ltd___ _10
1153 *11
9 Jan 6
11%
*11
1153 1114 1114 •1118 1112 *11
1114 1114
200 Phillips Jones Corp_ __ No par 11 Jan 5
20
20
*11
11% 1218 •12
3
1218 *117 12%
1218 .11
*11
*4912 50
Phillips Jones prof
*4912 50
100 49 Feb 25
*4912 50
*4912 50
*4912 50
*4912 50
8Mar 13
8 1218 123
12
12% 25,900 Phillips Petroleum
No par 107
1212 1218 123
1114 1112 114 1214 12
15
"10
*10% 15
15
Phoenix Hosiery
5 9 Feb 14
*10
15
*10
15
1110
*10
15
200 pierce-Arrow class A_ __No par 19 Jan 18
23
*2214 24
23
2214 2214 *2214 24
24
•22
24
•22
7
1
1,900 Pierce 011 corn
7
8
1
1
78
9 Jan 2
%
7
8
1
7
8
25
7
8 1
*7
8 1
400
1512 1512
2
Preferred
*1412 1612 *13, 16
100
18
16
16
14 2 1412 *14
,
184 Jan 2
3,000 Pierce Petroleum
2% 2%
23
8 253
No par
21
8 27
8
238 24
*23
4 3
23
4 2%
35
3412 3112 6,800 P1118bury Flour Mills
No par 26 &VI 2
4
*34
3412 333 357
3 35
36
L 113 8 *:1
31% Jan 2
100 Pirelli Cool Italy
,
*397 403
8
4
8
, 834
*393 403
4
4 393 303 *3958 40 3
i•
this day. S Ex-dividend and ex-righte: a Ex-dividend, p Ex-rlabtli
•14123 and asked prices; no males on
Highest.
PRA' ,
1/4844,
Ramie for Previous
Year 1930.
Lowest.
Highest.
$ per share $ per share $ per share
301 Dec 513* Mar
3112 Jan 3
Jan 136
Oct
123 Jan 5 115
274 Dec 613* Jan,
39 Mar 2
5 Nov 23 Mar
81a Feb 13
1418 Nov 4012 Apr
237 Mar 20
68 Dec 8412 Mar
7014 Mar 18
33 Dec 10 Apr
36 Jan 7
Jan.
37 Dec 74
513 Feb 17
4
384 Dec 70 Jan
/
1
513 Feb 16
3
78 Oct 97 Mar
90 Feb 16
Apr
27 Dec 44
29 Feb 28
1484 Jan 20% Dec'
241 Jan 23
/
4
9112 Mar 20
Jan 8912 June61
8
104 Nov 373 Apr
17 Jan 30
253 Oct 4914 Apr
4
3733 Feb 28
/
1
6 Dec 204 Jan
1012Mar 6
25 Nov 42 Apr
34 Mar 5
,
812 Feb 24
5 Dec 23 4 Mae
2612 Mar 17
23 Dec 204 May
37 Apr
193 Feb 26
4
934 Nov
337 Feb.
105 Feb 24
8
7 Dec
33 Apr
1624 Jan 8 11 Dec
314 Feb 24 1513 Nov
53 Feb
94 Feb 26 74 Nov 110 Feb
584 Feb 9 37 Dec
768 Mar
4
74 Feb 10
28% Mar
314 Dec
48 Mar 2 44 Dec
9214 May
Jan
215 Ma r 10
8
40
2 Dec
54
20 Mar 17 18311 Dec
6384 Apr
497 Jan
2914 Feb 26 1518 Dec
58 Feb 16 48% Oct
72 Feb
2
Jan.
3 Feb 20
4
12 Dec
11% Apr
112 Oct
3% Feb 24
47 Feb 24 25 Dec
Apr
81
191 Feb 18 1414 Dec
,
34 Mar
353 Mar 5
4
614 Nov
20% Feb
7212Mar 5 3512 Dec
647 Jan
2
3114 Jan 26 251 Dee ,53I Feb
/
4
183 Mar 10
4
254 AM'
9 Nov
427 Jan 24 34
s
4911 Mar
Oct
407 Mar 20 2114 Dec
8
5812 Jan
103 Mar 6
4
55 Dec
4
2611 Feb
13 Mar 20
6 Dec393* Apr
214 Dec20 Apr
10 Feb 26
Jan
32 Feb 27
1312 flee 82
835 Feb 24
685 Nov93 MaT
15112 Mar 19 14213 Jan 152 Oct
3954 Feb 26
2733 Dec834 Feb
35 Dec62 June
50 Mar 19
74 Feb 26
34 2)ee 2412 Feb
60 Jan 9
60 Dec 90 Jan
363 Feb 24
8
1818 Dec 3912 Feb
277 Feb 20
1714 June 334 Mar
132 Jan 9 114 Dee 18913 Feb
141 Mar 16 135 Dee 144 Sent
Jan 120 Nov
120 Jan 14 116
4414 Feb 24
4
30 Nov 583 Apr
41 Jan
le Dec
Feb 3
Jan
134 Dec 11
218 Jan 7
41 Nov 62 July
5818 Feb 27
4
60 Dee 1243 Apr
7014 Feb 27
111 Feb 27 10612 Aug 116 July
35 Dec 983 Mar
7614 Mar 20
13 Dec 417 Feb
24 Mar 19
20 Dec 54 Apr
2514 Feb 9
9 Dec 322 Jan
1454 Feb 24
1512 Dec 1714 Dec
Jan 2
18
30 Dee 85 Mar
47 Feb 13
113 Dee 58 Apr
4
24 Feb 20
2111 Dec 47 Feb
25 Jan 23
4
22 Dec 48 Apr
373 Jan 29
774 Dec 8813 Apr
80 Jan 26
923 Dec 32 Apr
1218 Jan 27
98 Dec 10613 sops
1074 Mar 12
1083 Dec 117 Aug
4
11714 Mar
5714 Dec 132% Apr
9014 Feb 26
51
Jan 57 Juno
55 Jan 27
414 Dec 14% Apr
10 Feb 27
10573Mar 20
993 Dec 10518 Oct
4
287 Dee 552 June
8
35 Mar 10
4113 Dec 5013 Mar
46 Jan 5
13 Dec
4 Mar
112 Mar 12
1913 Jan 8
16 Dee 32 Aug
55 Feb 3 ..
26 Jan 12
123* Dec 903 May
21, Oct
6 Feb 17
833 Mar
22 Dee 56 Apr
2812 Feb 28
k
72 Mar 11
60 Dec 997 Apr
581, Jan 12
48% Nov 80% Mar
1274 Mar 19 11818 Jan 12834 Sept
163 Feb 26
94 Dec 887 Mar
6912 Feb 2
75 Dec 99 Apr
393 Jan 20
32 Dec 607s Feb
517 Mar 10
8
4134 Deo 747 Mar
6912 Mar 20
46 Dec 10778 Mar
2414 Feb 19
15 Dec 30 Feb
1313 Mar 19 11412 Dec 178 Feb
4
71 Nov 23% Mar
117 Feb 24
8
/
4
351 Jan 29
/
4
42 Nov 644 May
3612 Jan 9
30 Dec 6712 May
11 Mar 19
5 Dec 3534 Apr
47 Jan 21
25 Dec 2613 Mar
*
414 Feb 13
15 Dec 12114 May
343 Dee 7714 Mar
5014 Feb 24
214 Mar 12
118 Dec
433 Apr
2.14 Feb 20
DI Deo
9 Apr
5 Feb 20
27 Dee 19 4 Apr
8
,
1513 Feb 24
818 Dec 327 Feb
,
45 Feb 24
8
3 Nov 14 Feb
4612 Feb 19
Apr
2618 Jan 55
39 8 Feb 17
,
275 Dec 803* Jan
1
99 Mar 19
512 Feb 10
29 Jan 30
4
333 Feb 27
250 Feb 16
1713 Jan 30
10% Feb 26
2559 Feb 24
5612Mar 12
12 Feb 25
1111 Feb 25
1218 Mar IS
52 Jan 3
,
16 8 Jan 5
9 Feb 14
2714 Feb 11
28
2,13142 Feb27
3% Feb 27
37 Mar 9
,
39 4 Mar 5
4
Dee 1013 Sept
Dee 12 Mar
Dec 5512 Mar
Dee 6018 Apr
Dec 325 May
Dee 2212 Aug
Dec 2714 June
Dec 443 Apr
Oct 24838 Apr
Jan 5778 Sept
Dec 2518 May
1512 Mar
Jan
Dec 2778 Feb
Dec 75 Feb
Dec 4434 Apr
/
4
Des 201 Apr
Dec 33 Apr
212 Mar
Dec
May
71' i eo 5274
1113 l
iec
2514 Dee 3734 Apr
3012 Dec Ws Feb
90
24
/
1
16
2114
18514
17
5%
195
170
5018
612
814
1014
52
1113
7
16
lr
New York Stock Record-Continued-Page 7
.
2155
For sales during the week of stocks not recorded here. see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Mar. 14.
Monday
Mar. 10,
Tuesday
Mar. 17,
Wednesday I Thursday
Mar. 19.
Mar. 18.
Friday
Mar. 20.
Sales
for
the
Week.
$ per share $ per share IS per share $ per share $ per share $ per share Shares
*___ 2312 •17
22
22 j*_
.22
2812 *____ 2812 1.000
2312 22
74
74
74
74
7412 *724 7412' 7312 7312 *7212 7312
*74
400
•1234 1412 *10
1412 *1212 1412 *10
1414' *13
1414, •14
1414
*75
77
*75
77
*75
77 I 75
*75
77
75
*76
80
160
•14
15 8 1414 1414 *14
5
1414 •14
1414 14
144 •14
1414
700
.957 98
8
953 953
8
8 0712. 9712 983 984 *98
4
9814 9814 9814
100
*1714 18
*1714 18
*1714 18
•16% 18
*167 18 .167 18
8
10
10
*94 10
104 1012 1012 2,000
9% 98 10
93
4 9%
*2414 25
25
25
*2414 2512 2512 258 *2412 25
25
25
800
63
4 63
64 64
4
652 653
68 7
5
64 74
63
4 1.600
4 63
.30
3112 31
31
30
30
30
30
293 3014 30
4
30
800
143 15
4
1512 1512 1512 1618 143 1512 147 154 147 1512 9.000
8
8
8
21
2152 2112 2212 224 233
8 2114 22% 223 234 22% 223 24,000
8
•54 53
4 *552 53
4
53
4 612
6
6
*6
613
64 618
900
43
•42
*42
43
423 43
4
43
*42
4214 4214 *43
4418
400
6914 7012 70
70
6914 697
4 6913 7012 697 70
4
8 693 693
8
11,000
4
*4
4
414
312 4
*35
8 412 *35
8 414
34 353
70
•14
15
*14
15
*14
*14
15
*14
15
15
14
14
70
91
88
9012 934 924 953
4 93
943 9612 933 9512 125,700
951
2
4
9814 984 983 9841 98
2
99
983 983
4
4
4
4 4,400
4 981 9918 983 983
8
1165 1165 1163 11634 1163 1164 11612 11612 11634 11634 1163 11612 1,300
8
2
8
4
*136 13612 *136 13612 *13514 1364 *13514 1364 13514 13514 *135 1354
100
•156 15612 *156 1565 *15512 1565 *1558 15612 15614 15614 *15618 1563
8
8
4
5
100
111 111
11058 1105 111 11114 11058 1105
8
2'111 111
1103 111
4
1.50
54
543
4 533 54 1 53
524 53
54
523 53
4
5014 5214 10,80
•1
118
1141
114
1141 *1
114 *1
13
8 13
8
114 13
8 1,00
9581
912
94: 9
9
9 14
87
8 9
83
4 914
9
9,001
9
96% 967 *9518 97
8
0514 9414 95
954 9518 9412
9434 95
30
4934 5112 51
54
53% 5514 5312 54 4 5314 5414 5252 5314 26.60
,
2318 257
4 2514 Ma 2418 2534 24
2514 2514 2618 2512 2718 640.30
*5312 5353 534 53
52' 54
54
5358 5358 5414 543
4 543 543
4
4 1,500
5114 52
513 55
4
543 5414 54
4
55
54
57
57
5912 5.700
2118 217
213 223
4
81 2158 223
8
8 2112 223
8 225 234 234 244 221.400
2678 2714 2712 2812 28
287
28
29 4 2712 2914 274 2712 15,200
,
• *2414 25
*2412 25
247 25
247 247 *24
25
25
2412
400
90
90
*8752 90
88
8753 8752 88
*83
*8114 87
83
40
*114
13
2
114 114 .118 11
*118
11
*114 11
*114 112
200
•1212 25 .1218 25 I *1218 25
•1218 25
*124 25
*1212 25
1452 143
4 147 1518, 15
1514 1412 15
143 15
4
15
1514 11,600
80% 817 27814 797 *7812 81
4
4
81
81
81
81
80
80
900
•90s4 063 *89
4
954 *89
953 *89
953 *89
953 •89
4
953
4
8
8 I
8
852
8
8141
84 8
7
814 84
9
9
8,600
21
4414
•1214
*29
1912
*15
4912
73
43
2
7
*37
243
4
373
8
2612
56
9418
*100
•177
64
50
*64
567
8
57
2112 21
21781 2112 2212 21
2212 2212 2332 2253 234 25,800
4414 44
4414 4414 45
4414 4414 4514 46
464 4618 1,700
*812 123
13
4 *812 1212 *812 13
4 *812 123
*812 13
31
*29
31 I *2212 45
*2212 45
*2212 45
*2212 45
20
193 2014, 193 2012 195 204 194 2053 19
4
4
8
1952 30,800
1714 *15
*15
1612 157 15% *15
17
1712 *15
155
2
IOU
497
403 51 I 51
4
53
52
52
x503 5114 51
4
52(3 94,900
73
7014 704, 72
73
73
723 x73
4
7312 *7212 73
210
438
414 4121
412 458'
43
8 434 8.600
412 43
4,
3 43
4
4
71
74 7141
712 712
74 73
2
738 7'2 2,300
712 753
39! *37
3841 *37
384 3734 38
373 373 23738 375*
4
500
4
253g 2414 241S 2414 25
2412 254 5,100
2412 2412 248 25
38% 377 3818' 383 3912 383 387
2 3878 3018 3812 383
8
4
4 6,800
261 *2612 27 I 2612 27
25
2578 4.300
*265* 2612 2618 27
561
5612 584 5812 6012 2573 823
6014 623 15,700
2 6012 627
4
4
941 *94
945 *94
8
945 *9212 9453 9412 951
8
9514 96
310
108
10112 10112 103 103 •103 105
103 1031 *103 105
140
18
18
18
1712 1818 *1814 194 1812 191 •1852 183
4
900
7
758
73
4
818 1018 10
714 84
10
107
1018 62.200
51
60
7412 *5312 65
*63
60
*6012 68
*6012 70
40
*74 83
84
4 1.100
6% 713
714 714
7 8 753
,
718 71
5814 5818 6053 5318 6012 58
597
5912 603
4 6012 6153 50,300
57
57
6
2
*518 618 •6
53
4 6
6
614
a 6
1,400
*4918 50
*4918 4912 4913 4913 *50
52
54
54
*5112 52
200
•114 112 *114
114
II
112 *14
114
112
112 *114 112
100
95 1018
914
9
914 1018
95 101s
8
97 103
8
8
958 97 60,700
2018 2612 2612 2814 271z 28
2714 277
8 273 283 x2712 28
2
4
7,600
•12
125 •12
8
127
4
8 123 123 •1218 123
8
4 133 133
4 1318 133
4
4
900
167 1714 17
1714 17
1712 1718 1714 1718 1712 17
174 3.300
*58
*59
59
59
593
*58
60
593
4 5812 5812 59
59
300
77
818 84
712 8
75
712 811
8 8
818 83
814
8
23.430
7 *5614 593
58
577 57
57
56
59
4 5614 5734 58
59
1,300
75
818
7
63* 7s
8
814
8
758 77
712 7'2 5,200
184 19'4 19
175 1818 1814 1912 1812 19
1953 175* 19
8
30,100
75
*8
81
74 7 8 *738 814 • 8 8
*8
5
8
814
700
75
128 33(4 1312 1312 1312 135* 2127 1358 13
8
o
1314 127 13
19,500
103 103 *103 10414 *103 104 •103 104 •103 104 *103 1(3413
100
918
8% 8%
gis
012 913
9
914 01
914
8 2,200
93* 93
47
47
463 463
4
47(4
4 48
48
43
*47
48
47
50
700
*27
2 3
3
3
312 31
312 33
312 37
34 33
2 2,300
*94 13
10
1012 1012 10i •1012 13
*11
11
13
11i2
800
91
91
91
92
92
92
94
95
91
94
94
95
2,000
11
1114 1113 1114 Ills 111
1112 12
1218 13
128 137 12,214
*100 102
102 102
102 102
102 102
102 105 *10214 1093
4
140
513 52
4
52
5253 5212 53
52
62'2 52% 53
5272 53
7,700
6
135
*5
6
6
*5
.5
6 I *5
5
5
6
100
*34
*3312 35
35
*34
345 *3312 35
8
34
344 3414 341
300
•1143
4
*1143
4
•1143
4
*1143 ____ *1143 -- *1143
4
4
4
......
.2538 2712 •253 2712 254 253 *25 8 271 •2552 2712
8
5
2712
50
•
'9158 95 .9112 95
•9112 95
*9112 95
*9112 95
113 125
4
8 123 135
8 1212 1312 1218 12z 1253 127s 127 1314 23,400
4
8
*11
1212 1212 1212 123 1212 123 144 14
8
4
1538 *1412 15
2.100
*1312 15
*144 1612 *1312 161 *1312 1612 4
15
15
,1312 1412
200
*33
*33
40
3312 3312 •33
40
*3314 40
40 .33
42
100
*912 10
10
10
10
10
1012 114 1112 114 1 13 Ilk 2,600
4
194 1953 1914 19% 193 203
4
2 195 2018 20
8
2012 2018 2012 100,300
•1205* 12212 *1203 1221 •1203 12212 12212 12212 12212 12212 *12212 12312
2
2
300
*3's 312
31
318 34 *3
353
312 *3
312 •
3
3 12
200
83
845
8 845* 8712 8418 867
8 84% 865
8 8614 8778 8512 8714 56,400
•634 633
4 63 4 63 4 64
3
3
6412 6412 6412 643 6458 6412 64% 1,200
8
•300 10014 *100 10014 •100 101 .100 101 *10012 101
10012 1001
100
•5073 108141 108 108 *1073 10814 *1073 10814 108 108 *10853 109
4
4
4
200
37
8 4
378 37
•37
8 4
*34 4
*37
8 4
500
1033 104% *1044 1043 10414 1043 *104 1047 *104 1047 104 104
4
4
4
8
2,800
4514 457
4614 4612 457 4612 4514 4618 4553 4653 4514 457
2
8 20,200
*1512 16
153 16
4
18
16 1 *154 16
157 157
153 154
4
800
7 461
454 4618 4614 467
41 4514 4612 461a 47
8 45
45% 4614 66,700
2218 227
8 22% 234 22 2 2314 2218 225
,
8 2214 225* 2212 23
36,500
304 3012 3052 31
3018 3114 293 3012: 2912 303 *29
4
30
2,490
434 47
*412 43
4
43
*43
4 43
4 47
a
4
43
4 43
43
4 43
4 1,200
•814 8 8 *814 8 2
,
5
812 812 *814 84
814 84
83
4 834
400
38
*37
374 38
38
38
378 375
3714 383
8 373 37% 1,200
2
19
5
52 20 8 20
203
4 2014 218 2018 21
203 213
4
2 2012 2114
4612 4712 474 4812 x467 48% 4614 4712 4714 484 47% 5114 18,700
2
52,900
2258 233
4 2318 237
8 2312 213
8
k 237 244 24
2412 24
2538 23,60
•11518 120 •115 120
115 115 •1154 120
11514 11514 *11514 120
30
-4114 4112
WI;
167- 40! 404 ;i572 41 . ...
8
900
103 10314 Ion Ion 1035 104
.103 104
8
103% 104 *1037 104
8
280
35
3414 35
*33
*3312 3512 *3312 3512 .3312 35
•3312 35
200
*14 11
114 114 *114 III
112 112
112 112
114
112
800
14
15
14
1518 15s *15
15
1612 16% 17 •1612 184
900
*1314 133 *1314 133
4 1312 1312 *133 1312 1314 1312 1318 1318
4
8
600
*13t 2
*13
4 2
*134 2
4 2
*13
•13,4 2
*114 2
•ai8 5,34
514 5%
513 53
4
53
8 518 *512 6
5% 5% 1,300
*203 21
4
4
203 21
21
21
21
21
21
21
21
21
700
8
*814 83
*84 83
4 *853 812
,
812 8 2 *818 82
818 83 1,000
303 303
3
8 294 3012 3013 30% 30
30% 31
4 297 307
3012 37,600
521
52
53
5218 5252 5218 5213 5214 5312 5114 5212
52
10,100
43
4 5
47e 4% *434 47
5
5
47
s 4% *4% 5
800
2 1412 15
,
1414 147
8 144 147
14 4 14% 1414 147
2 14% 143 10,300
0 Bid and asked prices; no sales on this day
a Ex-dividend, y Hz
-right',
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Mace Jan. 1.
On basis of 100
-share lots.
Lowest.
Indus.&:insect!.(Con.) par
Pittsburgh Coal of Pa
100
Preferred
100
Pitteb Screw dv Bolt___No par
Pitts Steel 7% cum pref
100
Pittsburgh United
25
Preferred
100
Pittston Co
No par
Poor & Co class II
No par
PortoRican-AmTob elANo par
Class B
No par
Postal Tel & Cable 7% pref 100
08
Prairie 011 & Gas
Prairie Pipe Line
25
Pressed Steel Car
No par
Preferred
100
Procter Gamble
No par
Producers & Refiners Corp_ -50
Preferred
50
Pub Ser Corp of N J_ __No par
$5 preferred
No Pa
10
6% Preferred
10
7% Preferred
8% preferred
10
Pub Serv Flee dt Gas prof _10
Pullman Ins
No par
Punta Alegre Sugar
50
Pure 011 (The)
5
8% Preferred
100
Purity Bakeries
So par
Radio Corp of Amer___No par
Preferred
50
Preferred S
No par
Radio-Keith-Orp el A No par
Raybestoe Manhattan_No Par
Real Silk Hosiery
10
Preferred
100
Reis(Robt) & Co
No pa
Finn preferred
100
Remington-Rand
No pa
First preferred
100
Second preferred
10
Reo Motor Car
1
Republic Steel Corp___No Par
Preferred cony 6%
100
Revere Copper & Brass No par
Class A
No par
Reynolds Metal Co__ _.No par
Reynolds Spring new .No par
Reynolds (It J) Tob C1893 B_I0
Clara A
10
Richfield 011 of Calif_ __No par
Rio Grande Oil
No par
Ritter Dental Mfg
No par
Roasts Insurance Co
10
Royal Dutch Co(N Y shares)
St Joseph Lead
10
Safeway Stores
No pa
Preferred (6)
100
10
Savage Arms Corp
No pa
Scbulte Retail Stores_No pa
Preferred
100
Seagrave Corp
No pa
Sears. Roebuck & Co No pa
Second Nat Invostors No Pa
Preferred
No pa
Seneca Copper
No pa
Servel Ins
No par
Shattuck (F 0)
No pa
Sharon Steel Hoop
No par
Sharp & Dohme
No par
Preferred
No par
Shell Union 011
*to Par
Preferred
100
Shubert Theatre Corp_No par
Simmons Co
No par
Shores Petroleum
10
Sinclair Cons 011 Corp_No Par
Preferred
100
Skelly Oil Co
25
Preferred
100
Snider Packing
No par
Preferred
No par
Solvay Am Inv Trust pref _100
So Porto Rico Sugar
No par
Preferred
100
Southern Calif Edison
25
Southern Dairies Cl B__No par
Spalding Bros
No pa
1st preferred
100
SPang Chalfant&Colno No pa
Preferred
100
Sparks Virithington_ _ _ _No pa
Spencer Kellogg & Sons No pa
Spicer Mfg Co
No pa
Preferred A
No pa
Spiegel-May-Stern Co_No pa
Standard Brands
No pa
Preferred
No pa
Stand Comm Tobacco_No pa
Standard Gas & EleO CoNo Pa
Preferred
50
$6 cum prior pref_-__No par
$7 cum prior pref _ __No par
Stand Investing Corp__No par
Standard Oil Export pref__100
Standard 011 of Callf__No par
Stand 01101 Kansas
25
Standrad 011 of New Jersey_25
Standard 01101 New York 25
Starrett Co (The) L S_ _No par
Sterling Securities el A_No pa
Preferred
20
Convertible preferred__ _50
Stewart-Warner Sp Corp
10
Stone & Webster
No pa
Studeb'r Corp (The)_ _ _No pa
Preferred
100
Submarine Boat
No pa
Sun Oil
No pa
Preferred
10
Superheater Co(The) Nopa
Superior Oil
No pa
Superior Steel
100
Sweets Co of America
5
Symington
No pa
Class A
No pa
Telautograph Corn--No pa
Tennessee Corp
No pa
Texas Corporation
2.
Texas Gulf Sulphur_ _ _No pa
Texas Pacific Coal & 011_ _ 10
Texan Pao Land Trust
1
$ Per share
22 Jan 2
67% Jan 3
14 Jan 2
75 Mar 5
13 Jan 3
9313 Jan 2
1712 Jan 13
8% Feb 4
18 Jan 8
4
43 Jan 19
25 Jan 2
123 Jan 15
4
17% Jan 28
4 Jan 2
3512 Jan 22
63 Jan 2
212 Jan 2
1178 Jan 2
72 Jan 15
95 Jan 2
109 4 Jan 3
3
12814 Jan 3
148 Jan 6
10914 Jan 5
4
493 Jan 2
38 Jan 8
834 Jan 2
9114 Mar 19
38 Jan 2
12 Jan 2
48 Jan 7
3412 Jan 2
153 Jan 2
4
18% Jan 2
2118 Mar 7
82 Jan 3
% Jan
11 Jan
144 Mar
27814 Mar 16
903 Mar 3
2
4
73 Mar 13
12 Jan 2
294 Jan 2
4
75 Jan 6
27 Jan 6
1112 Jan 2
512 Feb 18
4032 Jan 2
70 Jan 13
23 Jan 15
4
5% Jan 15
27 Jan 6
1613 Jan 2
3711 Mar 13
244 Jan 2
3852 Jan 15
86 Jan 19
98 Jan 21
13 Jan 13
4 Jan 13
4012 Jan 22
64 _ran 29
447 Jan 2
n 3
318
8
40 Jan 2
14 Jan 2
412 Jan 2
2214 Jan 2
10 Jan 2
12 Jan 16
8314 Jan 23
7% Jan 2
55 Mar 13
4% Jan 2
14% Jan 2
714 Jan 3
104 Jan 2
95 Jan 9
812 Jan 16
4212 Jan 2
24 Jan 21
8 Jan 9
89 Mar 11
4Sfar 6
93
9612Mar 1
45% Jan 2
4 Jan 3
34 Jan 10
111 Jan 13
25 Jan 2
9112 Jan 23
872 Jan 2
10 Jan 3
1012 Jan 10
264 Jan 8
54 Jan 13
1614 Jan 2
118 Jan 5
214 Feb 9
58 Jan 2
505 Jan 3
8
9213 Jan 15
10114 Jan 10
2 Jan 2
1023 Jan 6
4
45 Mar 13
145* Feb 2
445 Mar 11
8hfar 11
217
2112 Jan 2
Highest.
PER 511 ARE
Range for Previous
Year 1930.
Lowest.
Highest
$ Per share $ per share $ per share
2812 Jan 12
1$ Dec 7812 Jan
80 Jan 27
66 Dec 110 Jan
1514 Feb 24
1312 Dec 22% Feb
87 Jan 15
Jan
8412 Dec 103
15 Feb 27
11 Dec 1914 Oct
99% Feb 27
9112 Dec 103
Oct
1814 Jan 5
1814 Dec 22% Apr
1334 Jan 10
1012 Dec 34% Mar
27 Feb 28
4
143 Dec 30% July
8 Feb 27
Oct 2714 Mar
4
394 Jan 9
Jan
20 Dec 103
204 Feb 26
Apr
1114 Dec 54
2612 Feb 26
1652 Dec 6012 Feb
74 Feb 19
314 Nov 165 Feb
2
47% Feb 19
26 Dec 7612 Feb
7114 Mar 10
5252 Jan 78% June
6 Feb 27
1 Dec 11% Mar
16 Feb 27
1112 Dee,„ 40 Mar
9612 Mar 19
85 Der 1231 AM'
4
994 Mar 19
913 June 100 Oct
4
116% Mar 20 1043 Dec 117 Sept
4
13514 Sizz
121
Jan 1354 Oct
15614 Mar 19 142 Dec 158 June
11114 Feb 24 10714 Feb 112 May
47 Dec 891* JI1/
5812 Feb 27
3
2 Jan 9
14 Oct
84 Jan
117 Jan 5
752 Dec 2714 Apr
2
004 Dec 11414 Apr
3
1017 Jan 8
5514 Mar 17
86 Dec 887 Feb
k
2
2712 Feb 25
113 Dec 8932 Apr
4
543 Mar 19
47 Dec 57 Apr
5912Slar 20
3114 Dec 85 Apr
2418 Mar 20
143* Dec 50 Apr
2914 Mar 1S
167 Dec58 2 Apr
s
,
k
2212 Dec647 Mar
8
307 Feb 10
90 Feb 3
83 Dee 100 Mar
7
52 Dec5 Feb
1% Jan 8
124 Feb 3
8 Nov37 Jan
1414 Nov 4612 Apr
19 4 Feb 27
3
88 Jan 7
84 Nov 10074 Star
Jan 104 July
95
98 Jan 6
74 Dec 147 Mar
1012 Feb 11
8
253 Feb 24
1012 Dec 794 Apr
54 Feb 19
28 Dec 9512 May
54 Dec 30 Jan
13 Jan 2
34 Dec 72
Jan
30 Jan 6
8
223 Star 10
10 Dec 845 Apr
1814 Mar 12
53 Mar 19
40 Dec 581 Mar
*
754 Feb 19
Jan
70 June 80
63 Jan 6
41g Dec
4
93 Dec
1014 Feb 24
5 Dec 253 Apr
4
4134 Mar 2
253 Dec 593 Feb
2
4
26 Feb 24
14114 Dec 484 Mar
4252 Feb 10
363 Dec 564 Apr
4
304 Feb 20
191 i Dec 5714 Feb
63 Feb 20
384 Dec 1223 Jan
2
96 Mar 20
84 Dec 997g Feb
104 Mar 6
95 Oct 1097 Star
8
2014 Feb 27
1214 Dec 313 Apr
4
8
107 Star 19
4 Dec 134 Jan
60 Mar 16
35 Jan 75
Jan
54 Dee 1414 Mar
16 Feb 27
112
4312 Dec 1004 Jan
8314 Feb 26
2 Dec 23 Feb
14
5812 Feb 27
35 Dec 823 Mat
4
13 Feb 11
1 Dec
4
34 Jan
34 Nov 1312 Apr
104 Mar 19
294 Feb 20
2018 Nov 52 Apr
13% Feb 18
9 Dec 323 Feb
4
19 Feb 26
1112 Dec 274 Mar
593 Star 7
2
54 Jan 634 Mar
1014 Jan 12
54 Dec 2512 Apr
78 Feb 17
55 Dec 1064 Apr
412 Nov 35 Apr
9 4 Mar 6
3
233 Feb 28
4
11 Nov 947 Jan
11 Feb 26
53 Dec 37 Mar
4
1.37 Feb 28
934 Dec 32 Apr
2
103 Mar 14
86 Dec 11214 Apr
127 Jan 7
2
104 Dec 42 Apr
82 Jan 8
42 Dec 993 June
4
434 Feb 16
112 Nov
8 Jan
154 Feb 18
8 Dec 363 Feb
4
95 Mar 19
90 2 Dec 12112 Apr
3
174 Jan 8
104 Dee 303 Jan
4
112 Jan 8 103 Aug 121
Jan
5412 Feb 26
4012 Doe 72 Apr
5 Mar 12
9 Mai
34 Jan
36 Jan 6
32 Dec 45 Mar
114 Mar 2 108
Jan 115 Aug
2712 Feb 17
197 Jan 37844000
8
9212 Jan 21
92 Jan 96 ..an
135 Mar 16
8
8 Dec 3012 Apr
153 Mar 19
8
83 Dec 25 Apr
4
173 Feb 21
4
75* Dec 3612 Feb
3312 Feb 20
25 Dec 454 Star
113 Mar 18
412 Dec 52 Feb
4
2012 Feb 25
144 Nov 2914 Feb
12212Mar
114 Nov 12112 Sept
4 Feb 10
212 Dec
714 Feb
8838 Mar 10
5312 Dec 1294 Apr
6458Mar 20
55 Dec 67 May
10012N1ar 20
923 Dec 104 Sept
4
1093 Mar 6
9312 Dec 11414 Sept
4
414 Feb 13
112 Nov 1512 Mar
1047 Mar 14
98 Feb 1064 Oct
8
5134 Feb 13
42 4 Dec 75 Apr
,
19 Jan 5
143 Dec 49 Apr
2
5212 Feb 24
4312 Dec 84% Apr
26 Feb 10
19 4 Dec 4053 Apr
3
3414 Feb 24
19 Dec 474 Apr
678 Feb 10
3 Jan 2
83 Feb 16
4
Ws Jan 2
8
33 Jan 2 307 Feb 24
1412 Jan 27 217s Mar 10
373 Feb
5114 Mar 20
4
25% Feb 24
204 Feb
115 Feb 10 118 Jan 28
14 Jan 5
Is Jan
3912 Jan " 454 Feb 25
1
10412 Feb 2
100% Jan
405 Feb 9
8
3312 Jan
13 Feb 17
% Jan
4
814 Jan
187 Mar 5
2
133 Feb 20
4
11% Jan
212 Feb 2
1 Feb
64 Jan 28
44 Jan 13
2112 Mar 6
17 Jan
94 Jan 5
818 Mar 13
8
293 Mar18 35% Jan 7
4
45 4 Jan 19 553 Feb 24
3
612 Jan 9
412 Jan 2
8
Ills Jan 2 175 Feb 13
23 Dec 2012 Star
5 Dec 144 Mar
3018 Nov 48 Mar
143 Dec 47 Apr
4
3712 Dec 1133* Apr
1812 Nov 4714 Feb
110
Jan 125 Mar
12 Dec
13* Mar
39 Dec 70 Apr
973 Dec 1084 Sept
4
30 Nov 4514 July
3 Dec
4
93 May
2
554 Dec 293 Mar
4
812 Jan 15714 Mar
134 Dec
7 A or
4 Dec 1753 Apr
1552 Jan 264 Apr
75 Dec 17
Apr
2814 Dee 80i May
4014 Dec 678 Mar
4 Dec 144 Mar
10 Dec 325* Mar
2156
New York Stock Record-Concluded-Page 8
Fur sales during the week of stocks not recorded here, see eighth pege preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saks
for
STOCKS
NEW YORK STOCK
EXCHANGE.
Friday
Thursday
Week
Mar. 19. i Mar. 20.
$ per share $ per share $ per share $ per share , $ per share I $ per share Shares Indus.& MIscell.(Cona.) Par
8
No par
4
4 3.700 Thatcher Mfg
193 203
4
20
20'& 20', 20
4 2012 20% -08 203 x195 193
100
*3814 42
Preferred
No par
438
44
4138
44
384 3814 *3814 42 I *3812 42
2112 2212
No par
400 The Fair
*22
*2112 23
42112 23
22
22
*22
23
23
80
Preferred 7%
100
- '105
*1054 ____ *10514 -410514 106
105 105 ,*105
,
No par
7
614 73, 5,800 Thermola Co
7
712
63
4 7
7
718
6,4 714
714
900 Third Nat Investors__ No par
25
25
425
2514 *2312 25
24 I 243, 247
24 i 24
344 24
1,900 Thompson (J R) Co
32
32
25
33
32
431
32
3212' 32
33 I 323 33 1 *32
216
1614 1,000 Thompson Products 111W° Par
15
15
*1518 153
4
4 154 153 *1518 158 158 18
712 7121
712
•7
2,700 Thompson-Starrett Co_No Par
7
7
612 7 I
60
4 7
612 7 I
200
$3.50 Cara pref
No par
:
1
*3312 36
3314 *33
3414 3414 3414 311
*33
3414' *3312 34
7
714
7
714 714
712 714
7i 1
No par
9,300 Tidewarer Assoc 011
7% 714
62
61
100
1.800
62
Preferred
62
1563
65
62
62
482
63 63
64
100
300 Tide Water 011
4
4
*1314 20
*131 174 41312 173 *1312 173
18
17
18
18
400
100
Preferred
7812
80
80
763, 763, *76
77
77
78
80
•7612 80
211
11
11
10
900 Timken Detroit Axle
11
15103 11
8
104 11
101 1012 *10 4 11
,
5812 57% 5812 6,800 Timken Roller Bearing_No par
57
*55
56% 55 55
5514 56
5514 56
33, 6,200 Tobacco Products Corp___.20
318
3
3 14
31
3
23
4 31
23
4 28
23
4 214
Class A
20
1314 8,600
15117 1214 12
8
124 1218 128 1318 13
12
13
12
25
1412 18
143 1512' 14% 1518 37,000 Transamerica Corp
4
14 145 1514 143, 1518 1412 147
8
15% 1512 2,200 Transue & Williams Sri No par
1514 16
15
1414 1414 *14% 15 I 143 1514 1478
4
8
1118 107 1112 19,600 Tr -Continental Corp-No par
1012 108 11
1012 103
4 103, 1012 103 11
6% preferred
100
9314 9314 9314 9338 1,300
93
*933 94 292% 9214 923, 92% 93
4
443
4 4314 448 14.700 Trios Products Corp___No par
4 4318 4414 44
41
41
41
4112 423, 443
*712 8
Truax-Traer Coal
8
No Par
*3
8 I *4
*3
9
*4
9
9
*3
4
10
800 Truscon Steel
4223 2234 2214 2214 2212 223, 223, 223, 2314 2314 *2212 223
8
No par
700 Ulen & Co
4
4
4
41884 1912 183 183 *183 20 I 1814 1914 1812 1812
19
19
884 69
7014 6834 6914 5,000 Under Elliott Fisher Co No Par
66
66% 6712 6814 6812 6912 68
100 Union Bag & Paper Corp__100
12
12
12
12 1 *10
410
12
410
12 I 1510
1410
12
,
4
68
678 6414 664 6712 69 8 675 683 51,200 Union Carbide & Carb_No par
6412 6512 6512 67
2212 2234 6,100 Union Oil California
8
25
225 227
8 2212 227
2218 225
23
22
21% 22
No par
22
2214 22
2,600 Union Tank Car
2278 22
2212 2212 2212 2212 22
152212 23
3518 363
4 3618 37 217,300 United Aircraft & Tran_No par
81 3418 3814' 335 353
338 3414 3418 343
700
56
Preferred
50
56
56
56
56
56 I *55
4, 56
4
558 553
4
4 553 553
*25
26
425
26
United Am Bosch Corp No par
*25
26
26
425
28
425
26
1525
397
8 3,100 United Biscuit
No par
3812 3814 3812 384 39% 39
38
38
3712 3712 38
Preferred
100
8
4111612 11912 *11612 119'2,'1165 11912 *1163, 11912 *11618 11912 *11712 11912
2114 2012 204 5,300 United Carbon
par
20
20
2014 20
1912 20 I 42014 2012: 20
612
8
r
5 4 612
,
N
612 6%
53, 512
63, 65 18,200 United Cigar Stores__ _No par
54 6
,
58
, AI
66
67
68
66
Preferred
100
1,200
65
65
65
65
65
6514 4164
*64
No par
8
3118 295 304 304 3114 3018 31 648,700 United Corp
30
2918 294 293, 303
8 511 517
No par
8,500
Preferred
4 5P8 514 513 513, 513, 517
5114 5112 5112 513
712 71
7
8
4,200 United Electric Coal__ _No par
818 814
818 93
912
9
9
9
No par
6512 6512 66% 4,465 United Fruit
658 464 644 65
65% 65
6412 64
'
64
363 372 363 37 341,900 United Gas & Improve_No par
,
4
3514 3618: 353 3718 35 4 3712 3514 37
Preferred
No par
1018 10214 10214 10212 10212 10212 10218 10212 10218 10212 3.800
102 102
8 312 *23, 312 *25
8 3
4125
8 3
United Paperboard
100
8
2
425
8 312 425
2914 291 29 2918 4,700 United Piece Dye Wks_No par
/
4
8
2918 30 I 295 3012 294 3014 *2912 30
718 814
7
712
78
4 818 7,900 United Stores el A____No par
714 718
7
7 1s: 612 6%
4
8 463 48
4612 467 467
Preferred class A_ __ _No par
1.500
45
45 I *45
45
8 45
445 445
373 38% 4,100 Universal Leaf Tobacco No par
353 37
4
35
343 358 35
4
3418 34% 3412 35
260 Universal Pictures 1st p10_100
39
8
8 387 388 39
387
32
34
36
36 I 38
35
431
3
314
314 •3
3
3
3
3
1,000 Universal Pipe & Rad_ ,.No par
*3
314
3
3
20
3412 3412 35
24,700 U. B. Pipe rh Fdy
3412 35
4
33
3318 3314 3418 333 34121 34
3
4
let preferred
No par
4
2,500
4
3
4
*191 194 193 190 *1912 19 4; 198 194 193 19% 197 20
No par
300 U 8 Distrib Corp
912 10
.712 10
*712 9121 *712 912 *712 91
*71 10
114 *1
US Express
100
114
18 *1
18! 41
1 8 41
,
1 8 *1
,
*1
No par
81
2184 23 23 23 4 23% 233 2012 2218 2212 2312 2314 27 8,500 U S Freight
,
8 107 1118 6,600 U 8& Foreign Scour--No par
4 10% 113
41 10% 113
,
•1014 1014 1012 11 8 1012 113
89
90
89
No par
Preferred
1,500
89 4 894 897 *89
3
89% •89
.8812 8912 89
4414 4812' 4414 47
20
4814 4812 3,600 U S Gypsum
49
48
44
44
44
44
*914 10
914 10
1,200 U S Hoff Mach Corp_No Par
9
9
9
9
4818 9
9
*8
62
89
8 8912 713
28,700 U S Industrial Alcohol_ - -_100
4 6712 71
6912 71% 6912 715
68
68
93
97
97 10,4
10%
No par
3,300 U S Leather
93 10118, 10
4
914 914
912 1014
,
1314 13 4 15% 1418 1518 5,000
Class A
No par
,
1214 12 4 1358, 13
117 117
8 12
7714 7714 80
79
Prior preferred
100
80
79 I *77
400
1,76
79
*76
79
1575
33 8 33% 3414 7,800 U S Realty & Imps_ _ _ _No par
,
33
4
,
323, 32 4! 323 337
33
32
32% 33
7
10
193, 203, 44,400 United States Rubber
8' 1712 1818 1814 19
1814 1812 1814 1812 171 183
1
4 32% 3438 3412 3534 7,200
1st preferred
100
321s 323
323 3312 3212 33 4' 3212 33
4
24
2414 2418 243, 24
8
3
4.100 U S Smelting Ref & Min _50
245 25 8, 24
2418 244 25
24
4612 4812 4612 4612
50
46
457 457 ; 46
457
Preferred
400
*4518 4812 *45
8
4
7
4
14312 1443 1444 14614 14518 147 8' 1447 1471 1473 14912 148% 15018 212,000 United States Steel Corp 100
,
14918 1491 149 150
100
Preferred
8
4,700
14712 1478 1477 14814' 1483, 149
148 148
No par
4
100 U S Tobacco
7112 •693 7112i 46912 7112 713 71% *7012 7112
147014 7112 *69
No par
8 29% 3014 292 30
8' 2918 297
8 2914 297
15,000 Utilles Pow dc Lt A
28% 2912 28% 297
112 1%
No par
81 •114 112
Ps 11
13, 13
2700 Vadsco Sales
41 8 112 *114 1%
,
100
253 *20
243 *20
4
4!
233 no
2512 4120
Preferred
1520
24
253
4
*20
No par
713 167,400 Vanadium Corp
8 69
8
6914 6818 897
667 68% 6814 6912 663 7014 67
8
212 2% 1,600 Virginia-Caro ChemNo par
214 23
4
8 25
8
25
23
4 21
4
4
2 4 23
,
425
8 24
,
100
15
1412 14% •14
*14
15
6% preferred
200
•1412 1612 41412 1512 *1412 15
100
*68
71
71
6814 6814
•68
71
100
*88
1468
70
71
•68
7% preferred
30 Virginia El & Pow 56(6)No par
4
41104 105 *1033 105 14104 10512 104 104 *1044 10512 10512 105%
*3812 8312 415812 6312 4159
100
*58% 6318 415812 6318 6312 6312
64
100 Vulcan Detinning
No par
2418 24% 25 224
24
2418 24
3,100 Waldorf System
24
2414 24
24
24
No par
114 12
12
12
41112 12
4:40 Walworth Co
2 30
0
1118 1114 *1114 12
11
11
*2412 26
26
,
600 Ward Bakeries class A No Par
24% 2412 25% 24% 25 8 25
25
25% 24
814 614
No ear
612 67
614 612
618 63,
Class B
63
4 67
8
61 612
/
4
10a
*537 5412 *53
55
547
*52
Preferred
55
100
*52
54
54
4152
54
133 137
8
1314 137
4
k 1314 133 201.400 Warner Bros PicturesNo paa
1312 1418 1312 1414 1314 14
No pa
Preferred
*2012 3712 *2012 371 412012 3712 42012 3712 *2012 3712 412012 3712
47
No pa
4% 5
5%
4 5
1,500 Warner Quinlan
*43
8 5
47
412 5
*412 512
No par
3
4
4212 4014 4114 4138 413 x405 4114 18,300 Warren Bros new
40
8 397 401
4018 405
No par
457 458
46
Cony prof
670
4614 4712 4512 4612 455 4612 46
1460
80
No par
313 32
8
31
305 3014 31
1.700 Warren Fdy & Pipe
8
307 307 41303 32
8
30
30
25
4
45
8 45
8 *43
4
8 48
,
300 Webster Eisenbahr
414 414
*4
*4
5
43,
241 2514 2514 2314 7.100 Wesson Oil& Snowdrift No par
24
24
24
24
2412
*2418 2412 1424
No par
8
8
Preferred
8 563 5615 5613 565
900
5618 5618 *5514 5614 5614 5614 56% 565
4
2,400 Western Union Telegraph..100
136% 1384 13412 13612 13712 1383 2135 138
136 136
41136 137
4
2,800 Westingh'se Air Brake_No par
4
3412 343, 3412 3412 343 3514 343 35
8
347 347
8 347 347
4
915
4 8612 8958' 893 91% 893 9514 238,000 Westinghouse El & Mfg-__50
87
8914 915
8914 91
50
240
4
1st preferred
11014 11014 11312 1133 10814 111 I 111 11134 111 111
110 110
7
254 258 2,500 Weston Eloo Instruniet_No par
24
237 23 k 224
8
24
238 2418 24
24
24
No par
3412 3412
43412 35
Class A
100
*3412 35 I *3412 35
*3412 35
*34% 35
8
8
190 West Penn Eleo class A-No Par
1033 1033 *102 103 I 1027 103 *103 10312
8
103 103
103 103
100
s
108 1087
8
8
8
Preferred
390
106 1083 1067 1067 108 108
105 1053 10518 106
100
10154 1017 102 103
8
360
103 103
Preferred (6)
9958 102
*98 100
9912 9912
.-100
118 119 *118 120
11814 118%
West Penn Power prof
8
11714 11714 118 1197 120 120
100
110 110 *110
6% Preferred
41109 110 1 1510914 110 4110914 10912 10912 110
44
1,402 West Dairy Prod el A--No Dar
4212 44
4114 42
1305g
4141
42
4
1540
42
*41
43
8 118 1214 105 1118 12,600
No par
8
Class B
8
1012 11141 10% 107
1012 104, 1014 105
,
3718 39 81 3514 36% 3614 3785 3612 3814 23.000 Westvaco Chlorine ProdNo par
36
3914 3814 40
v
s
I% 18
112;
114 1s
13
5 112 8,700 Wextark Radio Stores_No par
1% 1%
1% 1551
No par
3,700 White Motor
8 2012 211
21 I 2012 2114 201 205
2112 21
26121
*2114 42
4612 4738 4712 4712 478
4 2,100 White Rock Min Spring ctf_50
4512 4512 46
48
46
100 White Sewing Machine_No par
33
4 33
4
33
4'
3 4' *31
3
3% .312 334' *31
*312 3'8 *312
No par
•
714 12
Preferred
4714 12 I 41714 12 I *73, 12
*714 12
*7% 12
No par
8
7
812 812 4,600 Wilcox 011 & Gas
7
714 714
83
4 84
714 7 , 84 8 81
6% 714
a
75 73 77,200 Willys-Overland (The)
4
83
4 8
614 6%1
818 618
618 6%
618 6%
100
400
Preferred
*8014 8312 5312 43% *5012 5312 *5012 5312, 5312 533 5414 5414
3
3
No par
1,100 Wilson & Co Inc
318
3
314
8 3
.3
2% 3 1 *27
318 318
8% 148 8 812 1,300
Class A
No Par
,
812 8%, 81
9 I
9
*8% 812 41814 91
46
4 46
100
800
4614, 46
Preferred
4512 4512 453
•45
45
45
444 8 45
,
10
4
8
,
634 6558, 634 65 I 643 65581 845 65 8 72,700 Woolworth (F W) Co
62
6312 6318 65
100
8
8714 927 ' 87% 9114, 91% 9314i 9214 94% 97.600 Worthing P & M
,
843 8614 85 4 92
4
92% *82
100
Preferred A
92%' *82
92%
9218' 482
945 1582
8
9458 4182
•82
80
100
80 I *7914 80 I •79
Preferred B
100
79 I *79
79
80
1578
82
4178
130 Wright AeronauticaL-No Par
4
4
2412 2512, 2434 248 *233 27
25
25
*2312 27
*2312 27
4
/
1
8
7912 7712 784j 7812 7914! 2785 793 15,600 Wrigley(Wm)Jr(Del)_No par
7912 77
78% 7914 79
900 Yale dr Towne
25
2612 26141 2612 2612 *2614 285, 2612 2612' 26% 2612
*2812 27
4 133 14141 134 1418, 1414 1478 145 1518 92,400 Yellow Truck & Coach el 13_10
13% 1312 131 133
10
85
Preferred
100
*76
76
80 I 78
80 1 *75
80 1 4175
*75
•75
80
2,400 Youag Spring & Wire_ _No par
26
,
26
8
2812 2612 2257 26 I 26% 26% 254 263 I 25 4 26
200 Youngstown Sheet & T_No Dar
,
74 75 4 *74 75 4 *74 7534 7534 7534
77
*74
474
78
41
414 412
4% 3,400 Zenith Radio Corp--NO Par
4
412 41
,
*414 412 .414 412
Saturday , Monday I Tuesday
Wednesday
Mar. 14. I Mar. 16. I Mar. 17, I Mar. 18.
I
I
•Bid and asked prim; no sales on this day. s Ex-dividend. I/ Ex-rights.
PER SHARE
Range Since Jan. 1.
-share tote.
OA basis of 100
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
Lowest.
Highut.
$ Per share
1314 Jan 3
35 Jan 2
21% Feb 31
105 Jan 28
5 Jan 2
18% Jan 2
25 Jan 3
11% Jan 2
4 Jan 2
24% Feb 4
64 Jan 2
55 Jan 2
10% Jan 31
6914 Jan 2
9 8 Jan 2
,
43 Jan 2
214 Jan 16
10 8 Jan 14
3
1214 Feb 5
77 Jan 3
8
6% Jan 2
29214 Mar 16
29% Jan 2
8% Feb 3
21 Jan 5
14% Feb 10
61% Jan 2
9% Feb 4
5512 Jan 19
4
203 Mar 12
22 Mar 18
2212 Jan 2
46 Jan 2
16 Jan 16
33% Jan 2
11314 Feb 2
1812 Mar 4
4 Jan 2
6014 Feb 2
1618 Jan 2
4414 Jan 2
3 Jan 2
5114 Jan 2
27% Jan 2
9812 Jan 30
3 Jan 19
2318 Jan 2
518 Jan 26
37% Jan 5
28 Jan 2
29 Mar 9
23 Jan 2
8
,
27 8 Jan 2
1818 Jan 3
714 Feb 2
1 Jan 7
17 Jan 2
7% Jan 2
80 Jan 8
4014 Feb 5
5% Jan 2
54 Feb 6
3% Jan 2
7 Jan 2
6912 Jan 7
2614 Jan 2
11 4 Jan 6
,
20 4 Jan 2
,
1812 Feb 2
42a8 Jan 5
1377 Jan 2
8
14318 Jan 2
6018 Jan 6
21% Jan 2
h Jan 2
1712 Jan 7
4518 Jan 19
2 Jan 2
1112 Jan 5
6712 Jan 2
9814 Jan 2
4112 Jan 2
22% Jan 15
11 Mar 10
135 Jan 6
8
34 Jan 2
45 Jan 3
11 4 Mar 10
,
38 Jan 19
41 Jan 16
/
4
27% Jan 2
4114 Jan 26
24 Jan 3
3% Jan 2
2114 Feb 7
54% Jan 14
130 Jan 2
33 Jan 3
82% Jan 19
103% Jan 21
20% Jan 15
33 Jan 5
99 Jan 14
103 Jan 30
95 Jan 9
114 Jan 5
10312 Jan 2
2412 Jan 27
44 Jan 2
19 8 Jan .,
7
1 Jan 14
20% Mar 18
39 Jan 7
212 Jan 3
6 Jan 5
614 Mar 9
4% Jan 15
4414 Jan 30
2% Jan 5
618 Jan 3
40 Jan 5
548 Jan 2
59 8 Jan 2
,
89 8 Feb 9
,
70 Jan 8
1112 Feb 4
664 Jan 2
25 Jan 5
9 4 Jan 2
3
75 Jan 5
22% Jan 29
73 Feb 9
2 8 Jan 2
,
Per share
22 Feb 27
41 Mar 5
23 Jan 9
10812 Feb 28
9 Feb 13
27 Feb 21
35 Mar 2
18 Feb 24
8% Mar 7
3414 Mar 19
9 Jan 7
68 Jan 8
18 Mar 16
83 Feb 26
12 Feb 20
59 Feb 17
338 Mar 20
1314 Mar 20
18 Feb 26
1712 Mar 6
111 Feb 24
4
94 Feb 25
45% Feb 27
10 Jan 20
24 Feb 24
213 Mar 10
4
75% Feb 27
13% Feb 20
72 Feb 24
265 Feb 13
8
2518 Jan 3
37% Feb 26
5712Mar 5
2712 Mar 2
407 Feb 21
8
11712 Mar 7
28 4 Feb 11
,
6 8Mar 19
,
69 4 Mar 6
,
3114 Mar 19
517 Mar 19
8
12 Feb 27
67% Feb 27
3712Mar 17
1021211 1ar 17
.
3% Jan 7
31% Feb 19
838 Feb 20
48% Feb 21
38% Mar 20
39 Mar 20
4 Feb 9
36 Feb 26
20 Mar 20
10 Mar 20
1 4 Jan 7
,
29 Feb 10
12% Feb 24
90 Feb 17
49 Mar 19
10 Feb 9
774 Feb 25
10 4 Mar 19
1
157 Mar 19
8
8012 Feb 2
3614 Feb 26
20% Mar 20
,
35 4 Mai 20
8
255 Mar 10
4612 Mar 19
1525 Feb 26
8
150 Mar 20
71% Mar 11
31 Feb 28
2 Feb 26
28 Feb 18
734 Feb 24
3 Feb 20
14
17 Feb 19
71 4 Jan 7
,
1051 Mar 20
71% Feb 24
27% Feb 17
15 Feb 18
27% Mar 12
8 8 Jan 30
5
6718 JAM 30
20 s Feb 17
3
4012 Jan 9
7 8 Feb 4
,
46 8 Feb 27
,
4978 Feb 27
32 Feb 20
6 Feb 24
26% Mar 20
57% Feb 11
15034 Feb 24
3618 Feb 21
10734 Feb 28
11912 Feb 27
28 Feb 21
3614 Jan 5
10412 Feb 28
1087 Mar 20
8
103 Mar 19
120 Feb 17
11012 Feb 6
44% Feb 20
1214 Mar 19
40 Mar 16
25 Jan 3
8
254 Jan 12
4734Mar 20
4 Mar 2
g% Feb 27
87 Mar 18
8
8 Mar 19
54% Mar 20
4 Feb 10
10% Feb 17
51h Jan 12
6558 Mar 17
1067 Feb 24
a
95 Mar 7
835
8Mar 9
27 Feb 25
80 8 Mar 4
,
30 Jan 23
1518 Mar 20
76 Mar 19
29 Feb 24
78 Feb 28
514 Feb 27
per share
12% Dec
35 Dec
21% Dec
102 Jan
3% Dec
1512 Dec
23 Dec
10 Nov
3% Dec
235 Dec
8
5% Dec
53 Dec
12 Dec
68 Dee
8 Oct
401s Dec
2 Dee
7% Jan
lOts Dec
51s Nov
5% Dec
8914 Apr
2614 Oct
9% Dec
20% Nov
1414 Dec
49 Dec
83 Dee
8
5212 Dec
2018 Dec
23 Dec
183 Dec
8
41 4 Dec
,
1518 Dec
3212 Dec
115 Oct
14% Dec
314 Dec
26 Jan
137 Dee
8
43% Dec
2% Dec
461s Dec
24% Dec
97 Jan
2% Dec
2018 Dee
4% Jan
15% Jan
1978 Aug
27 Dec
2 Dec
1812 Jan
15 8 Jan
,
7 Dec
' Dec
1
4
1612 Dee
6% Dec
73 Dec
$ per *hors
363 Apr
4
48 Mar
82 Jan
110 Feb
267 May
4
46 4 Apr
,
471s Mar
39% Apr
18% Mar
695 Mar
4
17 4 Apr
,
89% Mar
31 Apr
947 Apr
s
2114 Apr
8914 Apr
612 Jan
1314 July
25% Sent
28% Jan
20% Apr
961s Sept
41% Mar
22 Mar
37% Mar
24 Sept
138 Mar
1914 Sept
,
106 8 Mar
50 Apr
3812 Apr
99 Apr
77% Apr
54% Feb
58% May
142 May
84 Apr
8% June
68 June
52 Apr
5312 Apr
19 Feb
/
1
4
105 Jag
49% May
1044 Oct
14 Mar
327 Apr
8
147 June
8
601 July
4
39 Mar
76 May
9 Apr
3814 Apr
21 May
20% Jan
45 Apr
8
103 Apr
327 Mar
8
101 Mar
5
5012
314
5%
Dec 30% Mar
Dec 139% Jan
Dec 15% Apr
Dee 26 Apr
act Dec 94 June
25 Dec yals Mar
11
Oct 35 Apr
s
1911 Dee 637 Apr
%
17 July 8612 Jan
40 Dec 5312 Jan
134% Dec 198% Apr
140 Jan 15114 Sept
59% Dee 68 Feb
1914 Dec 45% Apr
/ Oct
1
4
71s Mar
1212 Dec 89% Apr
441 Nov 143% Apr
87 Apr
8
1 8 Deo
,
9 Dec 34% Apr
6712 Dec 823 Apr
8
100 Dec 107% Oet
3618 Dee 156 Mar
21% Dec 31% Apr
,
1012 Dec 42 8 Apr
1218 Dec 54 Mar
3 Dec 15% Apr
45 Dec 7718 Apr
9 4 Dec 80% Mar
,
31 Dec 70% Mar
44 Dee 27 Apr
263 Dec 6311 Apr
8
4012 Nov 56 Sept
221s Dec 43%May
g% Mar
2% Dec
8
195 Dec 297 Mar
8
50% Jan 591s Apr
,
12218 Dec 219 8 Feb
3114 Dec 52 Feb
88% Dec 20112 Apr
107% Nov 19754 Apr
17% Dec 4872 Mar
33 June 36 Jan
95 Dec 110 Apr
102 Nov 1124 Sept
90% Dec 104 July
113% Jan 118's June
10314 Dec 1111s Sera
20 Oct 50 Mar
412 Nov 24% Apr
18 Dec 594 Feb
Jan
7 Dec 21
8
2153 Dec 43 Apr
32 Dee 547 Mar
s
8
2% Dec 137 Mar
Dec 897 Ara
4
618 Dee 21
Apr
3 4 Oct 11 Apr
,
4512 Nov 85 Apr
7h Mar
17 Dec
8
45 Nov 13 Mar
35 Dec 6411 Mar
5111 Dec 72 8 Jan
,
47 Dec 169 Apr
88 Jan 107 tor
63 Dec 93 Mar
1012 Dec 5912 Mar
65 Dee 80 July
25 Dec 77 mar
,
812 Nov 32 4 Apr
50 Dec 105 Apr
19 Oct 47 Mar
6912 Dec 152 Apr
,
2 Dec 16 4 June
2157
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 11909 the Exchange merhoel of quoting bonds was changed and rim are now "and interess"-excepi for Income and defaulted bond,
N
BONDS
Y STOCK EXCHANGE.
Week Ended March 20.
11
Price
Friday
Mar.20.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N V STOCK EXCHANGE
Week Ended March 20.
,tg
t
4o.
Price
Friday
Mar.20.
Peek's
Range or
Last Sale.
co.2
Range
Since
Jan. I.
High
High No. Low
Bid
Ask Low
High No. Low
AA Low
High
Bid
U. S. Government.
Cuba (Republic)(Concluded-First Liberty Loan
42
9618 99
4
98
Sinking fund 514s Jan 15 1953 .7.7 97 Sale 963
J D 1017711 Sale 1012%101"n 142 1011%81023n
334% of 1932-47
81
72
7738 85
g
Public %aka 544s June 30 1945 J o 773 Sale 7312
',,Nov'30
100'
1 D
Cony 4% of 1932-47_
lisae 1021144 102"al 97 1028n 103,0,, Cundlnamarca (Dept) Colombia_ MN 69 Sale 8412 69 82 4638 694
J
Cony 434% of 1932-47
1959
External s f 314,
Jan'31
_ 102 102
.1 D 1022383 Sale 102
25 cony 4 ti% of 1932-47
1103
4 19 10912 111
Czechoslovakia (Rep of) 85_1951 AO 110% Sale 11018
Fourth Liberty Loan
4
12 1093 110%
110%
Sinking fund 88 ser B __1952 A0 110 11014 110
A 0 103344 Sale 10374410373n 423 1021421047n
431% of 1933-38
10612 57 104% 1074
-year call 88_1942.71 106 Sale 10514
Denmark 20
100 Sept'30
J J
Convention 38 coupon
- _1955 J A 101 Sale 1004 10138 28 1004 102
External g 5448---1127n 112241 342
Treasury 434.1947-1952 A 0
93% 97 4
1
4
964 137
External g 434 ._Apr 15 1962 AO 98 Sale 953
,
1944-1954.7 D 107742 Sale 1077732 1087n 17 105141109ln
Truantry 48
96 1004
99%
10012 60
_ 1948-1958 M 8 105742 Sale 10537n 10137n 133 10414 10741 Deutche Bk Am part MI 813_1932 St S 10012 Sale 921s
Treasury 3)(s
98
96
88
41
42103'n Dominican Rep Cust Ad 5348'42 MS 98 Sale
1943-1947 J D 101748 Sale 1011142 1027n 368 1003
Treasury 3448
85- 90
88
16
let ser 5448 of 1926... _ -1940 AO 88 Sale 8714
810177n 189 1001344102341
.
Treasury 3348 June 15 1940 1943 J D 101141 Sale 10114
89%
89
84
4
4
25((arias sinking fund 6348 1940 AO 883 Sale 883
10117,201na 10114210173n 377 10114210173n
1941-1942 M
Treasury 334.
794 95
3
9514
Dresden (City) external 78_1945 MN 9.514 Sale 9414
9.334 Sepl.'30
1961
pauzima Canal as
10112 10212
8
102
8
Dutch East Indies exti 68.-1947 J J 1017 10214 1017
State and City Securities.
1962 MS 101% Sale 10134 102% 28 101 102%
40-yr external 60
92 Nov'30
NY C 344% Corp st-Nov 1954 MN
_ 101% 102
4
5 1003 102
102
1953 M
9912 Jan'31
30-yr external 5348
9914 99!
1955 NI N
48 registered
102
3 100% 10212
1953 MN 10112 102 102
30-yr external 53.48
94 Feb'30
1958 NI N
45 registered
104% 21
91) 104%
8
1043 Sale 104
El Salvador (Republic) 86-1948 J
974 June'30
1957 M N
4% corporate stock
72
72
52
8
joisia 1078, Estonia (Republic of) 7s..-1967.7, 70 Sale 70
10612 Feb'31
1957 M N
4)4 corporate stock
84
97
96
15
10712 Jan'31
10712 1074 Finland (Itepublic) eat! 65_ _1945 M S 9512 Sale 92
434% corporate 8tock_ -.1957 MN
99
934 99
30
External sinking fund 78.1950 MS 99 Sale 98
100 Mar'30
1958 MN
4% corporate stock
9212
98
96
M
96
ion- iOOto External slaking fund 6Hs 1956 FA 8334 Sale 83% 88% 50 88 884
10014 Jan'31
1959 M N
4% corporate stock
78
37
Sale
External sinking fund 5)481958
100 July'30
434% corporate stock---1931 A 0
R7
9
9312
9312
Finnish Stun Loan 634. A 1954 AO 9312 Sale 9212
10012 Feb'31
43.4% corporate stock _ -1980 M S
4
893 9312
9312 11
External 834u. series la -1954 AO 9312 Sale 93
4
1023 Nov'30
43.4e19E14 M B
45
87
87
69
1-1953 MN 86 Sale 84%
Frankfort (City of) s t 6441
9912 Oct'29
414% corporate stock--1972 A 0
118 124 127
French Republic ext 744s. 1941 ID 12512 Sale 124% 126
10814 Nov'30
corporate stock _..1971J D
434%
1187
s 81 117 121%
11814 Sale 117%
1942 J
External 75 of 1924....
10614 Dec'30
434% corporate stock -..1963 M 8
German Government Interna105% Dec'30
D
434% corporate stock...-1965
8914 84
834 1087
tional-35-yr 544sot 1930_1965 J D 83 Sale 8214
10718 Nov'30
434% corporate stock July 1Q67.7 J
99% 10512
_1949
German Republic mill 7.. .1949 A 0 1054 Sale 104% 10514 246
101 June'30
New York State canal Imp 431961 J .7
984 10112
1
4
-112 1 11 Graz (Municipality) 88- - -195 M N 100 10014 10018 10018
Jan'31
102
4414
1963 M S
106% 162 105 107
Gt Brit A irel(UK of) 5)48_1937 F A 10618 Sale 106
109 July'30
43.4s
1964 3 J
104 Apr'30
FA
Registered
Foreign Govt. & Municipals.
1 ef4S1e 9288
89
e4% fund loan £ opt 1960.1990 M N Wi8T8 89 e89
75
70 Bale 70
8 51 75
Agric Mtge Banks t Ets
1947 F A
4
e983 1007
2
4 1003
8
4
D e1003 Sale e993
e5% War Loan opt 1929_1947
71
50
7311
36
Sinking fund 60 A Apr 151948 A 0 7014 Sale 69
10512
7 104 108
97
Greater Prague (City) 734s_1952 P4 N 10512 Sale 105
9412 97
4
43
Akershus (Dept) ext Ea.--1963 MN 963 Sale 9812
4
99 1023
1
69
Greek Governments leer 7e 1964 St N 10118 10112 10212 10212
67 12
67
58
5
AntIoquia (Dept) col 78 A _1945..1 J 6712 Sale
8812
83
4
8812 45
1968 FA 88% Sale 873
sinking fund sec 68_ _ _
c6912 26
5114 e6912
External t 7s ser
1945J J c0912 Sale 66
93% 97
7
97
1952 A0 97 Sale 9512
Haiti (Republic) s t (is
8712
53% lia
9
External f 7s ser C
19453 J 6712 Sale 65%
4
903
79
9018
9012 14
1946 AO 9018 91
63
6712 14
4
52
Hamburg (State) 65
6714 Side 653
External 8 7s ser D
1945.7
9212 96
5
96
64%
8638 Heidelberg(Germany)exti 7)48'50 J J 98 Sale 96
44
5
External, t 78 1st ear_ _19571A 0 64 Sale 62
8014 9012
9012 15
9078 88
67
44
Ilelaingtors (l'Ity) ext )4s_ - l960 A 0 90
6212
65
7
6314
63
External sec s 7,3 25 ser _1957 A 0
814 9412
9412 16
85
65
43
Hungarian aluulc Loan 73-48 1945 J J 9312 Sale 9312
3
External sec t 78 35 ser_ 1957 A 0 6212 72 65
8778
72
8 41
877
Sept 11946 J J 87% Sale 87
External 8 t 7a 9614 101
4 22
Antwerp (Cita') external So.1958'J D 10012 Sale 10018 1003
82% 95
95
10
914 947 9312
803 08% Hungarian Land NI TWA 7148 '61 111 N
8 48
4
983
8
957
Argentine Govt Pub Wks 68_19601A 0 97% 98
93%
82
4
4
933
934 9312
Sinking fund 7 14s ear 13.1961 MN 91
Argentine Nation (Goat 00
10138 28
9912 102
8
981s Hungary (Kingd of) s t 7)48_1944 F A 1013 Sale 101
9818 79
00
98% Sale 96
Sink fund 138 of June 1925.1959.7
4 10112 104
103%
9812 48
8
97% Sale 98'2
58_1980 M N 1033 Sale 10314
893 9812 Irish Free State extl a t
4
Eat' a f Os of Oct 1925 1959 A 0
8
927 10014
99% 286
9812 110
8918 9812 Italy (Kingdom of) MI 78-.1951 J D 99% Sale 9918
Sink fund (38 aeries A. .1957 M S 9712 Sale 06
9312 9912
98% 37
8
8912 9814 Italian Cred Consortium 713 A '37 MS 9814 Sale 973
9814 79
5
External its serlea B._ Dec 1958 J D 9612 Sale 9 4
85
49
97
97
4
984 31
External sec t 78 ser B _1947 MS 07 Sale 9814
893 984
4
Extl i t (is of May 1926...1960 M N 973 Sale 9818
78
3
95 4
95% 152
89% 983 Italian Public Utillty extl 78.1952 -1 J 944 Sale 94%
4
4 74
983
External f 88 (State (0)-1960 M S 97% Salo 95%
4
e t6lis 1954 F A 10618 Sale 105% 10814 86 1021 10614
8912 9812 JapaneseGovt30-year
9812 53
Eat] Os Sanitary Works_ _ _1981 F A 96% Sale 98
913 963
4
4
4 72
983
8
98% 15
8912 983
Exit sinking fund 5)45.-1965 M N 9612 Sale 96
Esti tis pub wks(Nlay'27)..1961 MN 96% Sale 9514
92
92
83
Jugoslavia (State Mtge Bank)
30
Public Works extl 534,_ _ 1962 F A 9112 Sale 90
8278
763 $313
4
1957 AU 82% Sale 81%
83 87%
Secured a f g 78
87% Sale 87
7
87%
Argentine Treasury 55
_ _1945 M
4
9318
9 773 95
8
743 150
56
76
4
4
723 Sale 713
Lelimbl(Germany)is t 7s_ -1947 FA 93 Sale 924
Australia 30-yr 58_ _July 15 1955 J
98% 100
4
9912 994 993 Mar'31 _
55
Lower Austria (Prov) 7)48_ _1950 J
75
7412 118
7212 Sale 7112
External 58 of 1927_ _Sept 1957 M
524 893 Lyons (City of) 15-year 68_1934 MN 10512 Sale 10412 10512 38 103% 10512
4
681s 151
External g 4 3.4e of 1928-1956 MN 67 Sale 64
8 84 1033 1138%
4
1067
Austrian ((oat) $ t 78
1943.7 I) 1064 Sale 10614
8
105
8 1037 105
9718 88
90
972 Marseilles(City of) 15-yr 68_1934 M N 1044 Sale 1041
9614 Sale 9614
International $ 1 78
1957 J
75
40
75
5
MedollIn(Colombia)63.48.-1954 J D 8112 Sale 59
4 8%
73
84 8
8
_
871
8712 Mexican Irrigat Asstng 43.4$.1943
78
8712 Bale 87
13
Bavaria(Free State)6)48-194( F A
. 28 Apr'30
J
11012 63 107% 1108, Mexico (US) extl 55 01 1899 £'45 1.)
1941 M S 11012 Bale 110
Belgium 25-yr ext18)46
10 -124
11214 10
11 1214 12
1945
Assenting 55 ot 1899
1955.7 J 104 Sale 103% 10418 78 1018, 1(1418
External 8165
11
1
113
Feb'31
11
11
10
1141
Assenting be large
77 11012 11412
External 30
-year a I 78-1955 J D 113% Sale 11334
812
5
s
93
812 73
7
Assenting 45 of 1904
4 99 10734 Ill
1956 M N 11014 Sale 11018 1103
Stabilization loan 78
882 1134
10
10
3
4
Assenting 48 of 1910
1004 10112
0 10018 1003 100 4 Mar'31
Bergen(Norway)25-yr if 581949 A
1014
8
1014
10
Asaeuting 48 011910 large
95
9814
4
970
984 18
Extl tra
Oct 15 1949 A'0 9714 98
8
64 9 4
3
94
914 151
9412 97
98% 14
Assenting 48 of 1910 small
1980 M S 9812 Sale 96
Extl t tis
1334
2
111
10
0
1312 1118
12
J
7012 91
91
Treat 13s of'13 assent(large)'33
26
Berlin (Germany) 8 1 6%fi. _1950 A 0 91 Sale 88
1314
8
1112 Feb'31
8212 39
68
8
83
Small_
8
External sink fund 88 _1958 J D 823 Sale 803
8
91
75 4 91
76
91
Milan (City. Italy) extl 6 Hs 1952 A 0 9012 Sale 8912
91
19
Bogota (City) eat! a f 8a____1945 A 0 91 Sale 9018
4312 46
4
543 Minas Gorse's (State) Brazil
33
Bolivia (Republic of) extl8s_1947 MN 42% Sale 4014
53- 47 65
84
63 Sale I 59
.1958 M
25
363
3518 40
Externals t 6
1
External securities 74(flat)'58.7 . 3318 Sale 32
11
65
64
45
39
2214 34
8 24
337
Exti sec 63-4s series A -1959 M S 8214 Sale I 59
32 Sale 32
External. 1 7e (flat) ___1969
74 90
88
6
83 Sala 8512
Montevideo (City of) 7s. _..l952 J
8 1038, 105
Bordeaux (City of) 15-yr 6s-1934 MN 104% Sale 10412 105
74
80
8 12
793
71
92
90
External t 6a series A._ _ _1959 St N 8012 94 i 79
23
8.5_1941 J D 90 Sale 88
Brazil(U S of) external
13 10314 10611
1041
10318 Sale 10318
70
234
5512 7012 Netherlands(is ((iat prices) _ -1972 M
External e t 644sot 1936-1957 A 0 6714 Sale 87
44
691s
68
55
New So Wales(State)esti 58 1957 F A 6512 Sale 82
70
6912 202
5(1
1957 A 0 6714 Sale 6612
Sitio t 6 tits ot 1927
68
77, 5312 6814
Apr 1958 A 0 65 Sale 62
511
7617
External,f 58
73
46
1952 J D 69 Sale 67
78 (Central Railway)
28 1041s 10614
993k 1034 Norway 20
4
s 106
1943 F A 1053 Sale 1053
-year eat'68
734,(coffee incur) £(1180-1952 A 0 105 10512 10112 Mar'31
1
4
8
8 10614 131. 1043 106 4
1944 F A 1053 Sale /1053
9934
90
20
-year external Os
993
4 47
Bremen (State of) mai 70_1935 M S 9931 Sale 9812
10214 22 10114 102 4
3
1952 A 0 10218 Sale 1011
53
67
34
1957 M 8 6618 Sale 64
Brisbane (City) a 1 58
1028, 23 10154 103 s
1
1965 .1 D 10212 Sale 10218
53
1
4
7'
87 4
s
'earext
67
4Tyear,t 741 68
'
11
Sinking fund gold 58
1958 F A 97 Sale 65
88 10018 10112
83
67
External t 58_ _Mar 15 1963 M S 101 Sale ,10012 101
3
79% 11
20
1950J D 79% Sale 75 s
-year s f tie
5 113018 1014
10014 1001 10014
10012
extl I 58 1967.7
64
78
Municipal Bank
4
77% 87
Budapest (City) exti of 8s._1962 J D 773 Sale 7512
103
3 10018 103
9112
80
Municipal Bunk exti s f 55-19703 13 10214 103 103
9412
4
Buenos Atrial(City)8 tie 2 B 1955.7 .1 9412 Sale 9314
8312
68
8418 81
8312 10
s
43
8 S 843 Nuremburg (City) extl 6s_.-1952 1' A 80
External s t tis ser C-2._ _ _1980 A 0 8312 9712 84% Feb'31
8 22 10012 104
1027
4
1955 MN 1023 Sale 102
8014 88
Oslo(City) 30-year,f 6s._ _
88
External 818s ser C-3._._1960 A 0 88 Sale 88
9912 10114
2
1014
1946 F A 101 1014 101
82 Sale 80
62
8312
8312 202
Slaking[mid 5)4s
BuenosAires (Prov) extl 68_1961 M
100.2 tit3
62
854 Panama (Rep) ext1 5345.. 19533 D 10212 103 10212 10212
8518 61
1961 F A 83 Sale 82
Extl If 610
9334
15' 47
9314
4
7412 11
854 7412
8
Esti s f bs ser A May 15 1963 M N 933 Sale 89
.7 7412 Sale 743
rtulgarla (Kingdom) 8 1 76 1967
42
67
6314
83
82
8214
85
89
85
Pernambuco (State of) extl7s'47 lel 8 6314 Sale 6214
17
Stabil'n a f 73.4o Nov 15 '68
41
604
57
78-1959 M S 49 Sale 49
Peru (Rep of) external
431
2812 RS,
365 285
76
5012 76
Nat Loan esti s fOs let ser 19603 D 303, Sale 3012
Caldas Dept of(Colombla)7448'16 J .7 76 Sale 74%
16
2313 II)
36
253
100 10011
Nat L0811 extt s t as 2d ser.1961 A 0 30% Sale 30%
Canada (Dominion of) lis -.1931 A 0 100 10012 100 Mar'31
14 72
63•
at
72
10634 --55 10312 10634 Poland (Rep of) gold 68.-1940 A 0 711 Sale 71
1952 M N I08% Sale 106
fts
75.. 83
104
83
2
8
103
1936 F A 1023 Sale 102
Stabilization loan I 78-1947 A 0 827 Sale 82
68 100% 103
43.48
90
a2
893,3 42
Sale 10814
8
893 Sale 8812
g 88-1950 J
103 109
109
1954.7 J 109
External sink fund
3
Carlsbad (City) 8 f 8ii
,
597 80
76
77
8
774
9 60 77% Porto Alegre(City of)8s---1961 J 0 67 8514 6614 80
Cauca Val (Dept) Colom 7348'48 A 0 74 Sale 78
2
71
67
52
72
-1965 J J
Extl guar sink fund 7
ceatral Agrie Bank (Germany)
ext1 6)48 9 2
9278 81
1 T.
. 8712 48
g 874 Salo 851
723. 874
7 331.
0r3 ,
Farm Loan 6 1 75_8apt 15 1950 M $ 9212 Sale 9112
6812 8212
8212
4
3
4 88
813
8212 Sale 80 4
Farm Loan ei t ds.July 15 1960.7 J 813 Sale 81
818, 201
18
96
8612 99
8
4
6812 83
Queensland (State) extl t 76 1941 A 0 98 Sale 943
Farm Loan 8 t 65.0ct 15 1080 A 0 813 Sale 81
85
87%
74
13
89
783 894
4
1947 F A 8112 Sale 8112
95
-year external(is
25
Farm Loan 68 ser A Apr 15 1938 A 0 8812 Sale 8712
8812
8312 16
65
99
884 100
1942 M N 99 Sale 9714
51
Rio Grande do Sul extl f 88-1948 A 0 8712 Sale 35
Chile (Rep)-ext, t 78
55
3918 5414
33
86
86
72
-1963 J D .5414 Sale 51
222
External sinking fund
External auldrar hind NANO A 0 8514 Sale 8412
63
4812 65
36
61
88
86
73
65
1961 F A 8612 Sale 84
82
External sf7.of 1926-...t966 MN 63
'
47
715 416
024
624 21
86
1961 .1 J 86 Sale 84
16
External sf78 manic loan-1967 J D 6214 Sale 59
RI ref en) s 1 its .
i
9133 84
87%
87% 23 .85
87
72
88 Sale 85
87
1981 M S 85
-years t 8811,(1
1110 50 Janeiro'35
60
Exit oinking tuud 68
68
40
144
68
86
66 Sala 823
1962 IVI 8 85 Sale 84
46
8
External s t630
747 88
Eat! 5inking fund lis
78
9114
9114 296
86
NI N 8514 Sale 8314
Sale 89%
1952 A 0 9114
1963
113
7112 86
Rome(City) extl 6%8
Esti sinking fund 88
4 11 103 sal
1043
88
744 88
47
Rotterdam (City) eat* 62.-1964 MN 10312 105 104
Chile Mtge Ilk 634. June 30 1957 J 13 87% Sale S6
767-4 83
8914 12
4
80% 19
78
8914 Roumania(Monopolies) 7(1_1959 F A 8014 Sale 8014
_June 30 1961 .1 D 8914 Sale 883
St 6348 of 1928_
eats 80
86 Mar'31
90
85
1953 J .7 87
40
85
69
Saarbrueeken (City) 65
Apr 30 1961 A 0 85 Sale 8118
Guar 8 t fls
9212 15
63
9212
85
72
38
85
1962 M NI 85 Sale 82%
Sao Paulo(City)a t 88. _Mar 1952 MN 92 Sale 9018
Guar 8 f 6s
48 I I 64%
64
8612 23
97
6212 Sale 60
S 8512 Sale 8312
1060 M
Chilean Cons Munk,78
93%
5
92 18
84
2512
2534 25%
t12 1
J
N 92 Sale 92
1
S
312 Elart x eulol 9tatels otlI07
6
tc ( l 6 ex a 8a19F8
cameo)(Hukuang Ry) 58_1951 1 0 25
8414 14
65
8114
10214
10114
J 78 Sala 78
1950
7 100 103
External sec s 8.8
Christiania (Oslo) 30-yr. 1 its '54 M S 10112
5512 764
6912 15
8712 89
88
8914 138
7214 8914
External a f 78 Water L'n-1956 St S 69 Sale 673
Cologne(CityGermany 630 1950 M
3914 5878
5814 40
8
1968 J 1 5612 Sale 5612
7814 96
External sfOo
5513 75
Colombia (Republic) 0s._ _ _1961 1 J 743 Sale 7312
72
318
88
88
7812 101
1940 A 0 88 Sale 814
External 8 1 6s of 1928_1961 A 0 74% Sale 73%
90
78
14
90
74
7234 19
7012
Arg Rep) 78-1912 M S 89 Sale 884t
calombla MW Bank 63.48 of 1947 A 0 68
7812 9212
80
9214 21
777 7712
5
Saxon State Mtge last 73.-1945 J D 924 Sale 9214
83
66
inking fund 70 of 1926 1946 MN 76
S
7412 88
25
88
4
D 853 Sale 843
Sale 75
3
56
7
614
Slaking fund g 6148--Dec 1946 J
7194
Sinking fund 78 of 1937_1947 F A 7614
33 10612 108
108
101
'42.378
9012 lot
J 10714 Sale 10714
43
1052.7 D 10012 Sale 100
Seine. Dept of (France)ext1
caaenhagen (City) 58
24
93
9017 93
9818
8
6
1953181 N 957 Sale 9512
9314 9814 Serbs, Croats & Slovenin 88.1982 14 N 927 Sale 9278
25-yr g 4448
48
8412
83
77
75
57% 75
_ _1962 PA N 824 Sala 82
21
External see 7s ser
Cordoba (City) ext1 a t 78-1957 F A 75 Sale 7314
20
72
75
68
4
1
/ Sydney (City).1 83.48
86
86
64
1
88
87% 86
1955 F A 7112 Salo 71
External 8 f 7e...-Nov 15 1937 MN
68
69
5812 89
7312 88
88
14
13 58(2 Sale 6812
4
extl 7,
8714 883 86
19583
Sile5la (Prov of)
Cordoba (Prov) Argentina 78 '42 J J
78
60
78 Mar'31
89
7914 Silesian Landowners Ann 88_1947 F A 68
73
787
i 22
Coda Rica (Repub) ext1 78_1951 M N 78 Sale 78
22 103 107
95
1936 M N 1054 l05s 10412 105
3
94
97
98
94
Soissona (City of) esti 68_
Cuba (Republic) 5801 1904.1914 M 11 94
13
95
90
911'.
90 lop
97 Mar'3
98
Styria (Prey) external 78.-1946 F A 95 Sale 9414
External 58 of 1914 ser A.1949 F A 97
I')
RI
sr)
85
4
1
/
87
90
External loan 4148 ser C 1949 F A 80
&Dash sale. e On the bails of $IS to the £ sterling. it Option sales.
1TL;
argree
prtt s tState)
214 T1 Santa Fe
15 1
2158
BOND-.
N. Y. STOCK EXCHANGE.
Week Ended March 20.
New York Bond Record-Continued--Page 2
[Price
Friday
Mar.20.
Week's
P.ange or
Last Sale.
co
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended March 20.
Price
Friday
Mar.20.
Foreign Govt. & Municipals.
Bid
Ask Low
Sweden external loan 5lis._1954 MN 9412 95 105
Switzerland Govt esti 640_ _1946 AO 105 8 Sale 1055
5
8
Tokyo City 5s loan of 1912_1952 MS 8118 8178 8114
External a f 5)4s guar_ _1961 AO 9412 Sale 93%
Tolima (Dept ofs esti 78_ _ _1947
N 683 7412 69
4
Trondhjem (C14r) let 5348_1957 MN 9714 Sale 9714
Upper Austria (Prov) 7s____1945 JD 101 Bale 10012
External tf 6 He June 15 1957 JD 913 Sale 9118
4
Uruguay Republic) extl 85.1946 PA 10112 102 100%
External s f 6s
N 87 Sale 8418
1960
Ext151 68
May 1 1964 MN 8612 Sale 85
Venetian Prov Mtge Bank 7e '62 AO 9914 Sale 98
Vienna (City of) extlsI 614_1952 MN 8812 Sale 8314
_Wart w (City) external 78_1958 FA 687 Sale 6712
8
Yokotlama (City) extl 60_1981 ID 100 Sale 993
4
Week's
Range or
Last Sale.
coc
Range
Since
Jan. 1.
High No. Low
High
Bid
Ask Low
High No. Low
High
105% 20 10412 106
Chicago dr East III let 6a___1934 A 0 994 103 101
101
100 101
20 105% 107
106
C & E III Ry (new co) eon fa _1951 MN 4512 Sale 45
4512 52
35
50
8112
3
7712 8112 Chic & Erie 1st gold 55
1982 MN 107 108 10734 108
4 10418 108
943 168
4
8812 943 Chicago Great West 1st 48-1959 M S 6812 Sale 6712
4
6812 63
6318 69%
69
Chic Ind & Loutsv ref 8s-__ _1947 J .1 10514 1093 106 Mar'31
4912 78
4
106 110
983
4 21
071 101
9811 99
Refunding gold 58
102 Mar'31
100 4 102%
3
5
101
Refunding 45 series C__ _1 4 j j -.
9947 J J
777 93
% 9314 Mar'31
9314 93%
3
913
4
913
4
87
1st & gen 5/4 series A
8312
8u4 84
8312
2
87
9084
21
1013
1st & gen 64 ser 13
4
98 104
9612
1
May 19 6 2J -- -- 9712 9612
9 I" N
6
66
9614 100
87% 73
75
8734 Chic Ind & Sou 50-yr 48
3
96
1956 2 2 96 Sale 96
94
96
87% 87
75
8738 Chic L S dr East 1st 4158_1969 .1 D 101 _ 100% 10078 2 100 10078
21
100
93% 100
Ch M & St P gen 4s A_May 1989 2 2 8514 Sale 8514
8614 65
834 87%
8812 37
83% 89
Registered
_ 84 Oet'30
Q J
68% 52
5512 70
Gen g 3168 ser B____MaY 1989 2 2
- - 754 Mar'31
75
73l 75¼
1003
8 55
95 100%
Gen 415s series C __May 1989 2 J 9524 96
9612 11
96
9312 9612
Gen 41is series E_ _ _May 19892 J 92
9514 9512
.
953
9312 9618
4 39
Railroad
Gen 414s series F_ __May 1989 2 2 983 9918 994 Mar'31
4
975 101
4
Ala Gt Sou 1st eons A 5a1943 J D 1014 10314 10312 Feb'31
10312 10312 Chle M lwiSt P & Pao 58......1975 F A
cm viad se
65 Sale 6412
667 148
8
6412 76
let cons 4s ser B
943 Oet'30
4
1943 J D 9218
0
2
27% 269
g J%12.1087 A 0 27 Sale 26
3 100
2512 35
Alb & Susq 1st guar 3148..„1946 A 0 893 4 9114 8912 Mar'31
8918 8112 ChieRdzegNisoteWreesd t gen
8
9
0
M N 79% 80
79%
31
80
76
81
Alleg & West 1st g gu 48___ A998 A 0 8812 9112 8912 Feb'31
Q F 754 80 7712 7712 5 774 78
Alleg Val gen guar g 45
9712 9814 9714 Mar'31
1942 M
9714 9818
90 Sale 90
General 4s
90
91
86
Ann Arbor let g 4s___ _July 1995 @
8018 Sale 804
8018 10
793 8014
4
Stpd 4s non-p Fed Inc tax '87 M N 8914 9012 9012
4
M
9012
8612 91
AU% Top dr 8 Fe
4
-Gen g 45_1995 A 0 983 Sale 983
4
9914 83
9758 9912
Gen 4Its stpd Fed Inc tax-1987 MN 102%
_ 1025$ Feb'31
102% 10314
2
97
Registered
97
A 0
96
98
Gen Is stpd Fed Inc tax
- M N 10914 1094 10914 10914 15 106 1094
Adjustment gold 4s __July 1995 Nov
96 Mar'31
97
944 97
M N
10512 July'30
RegIstered
4
96
9412 9714
Stamped
15
July 1995 M N 945 953 9518
102 1Sinking fund deb 58
6i14 102 102
8 Too- gil
l
4
Registered
M N 933 9412 91% Sept'30 _ _ _ _
10012 10234 10012 Mar'31
.
Registrd
10022 10012
Cony gold 4s of 1909
9512
5
1955 J D 95---- 9512
954 90
15
-year secured g 810_103 M S 109 Sale 1087
8
109% 14 1074 lova
1936 NN
3 MM
Cony 411 of 1905
9714 9712 Mar'31
1955 J D 96
9414 9718
1st ref g 58
Mayay 2 3 2
037
May 20 7 2 D 98 101 14 10112 Mar'31
101 103
Cony g 40 Issue of 1910-1980 J D 93 ___ 9214 Oet'30
1st & ref 43.4s
8814 9112 88
8914 23
88
96
Cony deb 434e
1948 J D 11612 Sale 11412 11612 107 112i iiilst & ref 4 As ser C May 20372 D 90
4
907 90
8
90% 17
90
95%
93 4 Sale 933
3
4
933
Rocky Mtn Div 1st 48_ _1965 J
4
1
933 97
4
Cony 4120 series A ____1949 M N 8612 Sale 8612
877
8 95
83% 93
9612 Sale 96
Trans
-Con Short L let 48_1958 J
9612
5
95
9712
1033 10412 1033
4
4 1045s
Cal-Ariz Sat & ref 410 A_I962 M
2 102 105I8 ChloR Ii& P Railway gen 48 1988 1 2 92
Reg nereci
9358 9334
94
42
916 96
8
10312 Feb'31
AUK:102v & Nor let 858 1946 J D 103%_
10312 10312
.1 J 8858 9218 91 Jan'31
91
91
Atl& Char! AL let 41is A...1944 J .1 993 106 98 Jan'31
9712 98
99 Sale 983
4
Refunding gold 48
99
172
1934
:
g
9818 99%
8 1035
2 103 105
let 30
1944 J J 103% Sale 1035
-year 58 series B
Registered
9814
9814
5
9814 9812
95
9212 Feb'31 _
Atlantic City 1st cons 413_1951 J J 93
90
Secured 410 serial A --1952 M 3 874 Sale 87
944
8814 89
87
95 s
1
97
9712 97
9512 9714
Atl Coast Line let eons 48 July '52 M
9714 10
Cony g 41is
4
8818 151
1960 MN 843 Sale 845$
12
8312 92
_ 9212 May'30 - - _ _
Registered
M S
Ch St 22:60° 55_June 15 1951 J D 10312
R L12 22d
10312 Mar'31
10312 1034
11 45T4 foil no
)
lows 10 99 102
General unified 430 ___1964
102 Mar'30 _
J D
923 913
4
4
923
L & N coil gold 45 __Oct 1952 MN 92
4 11
89
Gold 33.4s
923
4
81 July'29
83%
June
52
475
51
5
Atl & Dan 1st g de
1948J J 50
42
52
Memphis Div 1st gune 1--119951 j D 88
90 8 Dec'30
92
3
4e _ 5 51 Jia
37
3012 Mar'31
2d 40
19482 .1 35
Ch St LA P 1st cons g 58_1932 A 0 101 Sale 101
3012 40
2 13 ioi- g04
77
72 Mar'31
Atl dr Yad let guar 4s
1949 A 0 75
101
Registered
A 0
Feb'31
101 101
10114 Jan'31
Aunt')& N W 1st gu g 5s_ 1941 J .1 10314
10114 1017142
0
656
IncChle TegisteH Jr So Et 1st 5s__1960 2 0 88 Sale 88
08
72
gu u
885
8 20
as
8312 88%
4
Balt dr Ohio 1st g 4s__ July 1948 A 0 9712 Sale 963
9712 39
68
2
Dec 1 1960 M 0 68 Sale 68
68
73
953
95%
3
July 1948 Q J
9518 954 Chic Un Sta'n 1st gu 410 A.19632
Registered
958
4
2 1023 105
1 103% 1033 10312 10312
,
8
8 10114 54
20
-year cony 410
1933 M S 101 Sale 1007
let se lesB
993 10134
105% Sale 1055e
tr
Guaranteedd g 32
4
5 104% 106
1055$
1963 2
'
993 Dec'30
4
M S
Registered
10412 Sale 10412 105
3 1033 105%
5
4 1033
Refund & gen 58 series A 19052 D 155- Sale 1023
4 58 101%10484
let guar 634s series C _1914j 3 11512 1163 1153
4
4 11612 10 1145 1161
1963 J
8
2
103 Mar'31
Registered
J D
Chic & West Ind con 48
103 103
99 4
3
91
22
1952 2 2 9018 91
8712 92
let gold 55
- 4
July 1948 A 0 10714 1673- 10718 10712 14 1057 109
1st ref 516s series A
1053
4 16 10212 105 4
1062 M S 105% 106 10514
3
Ref & gen Os series C
4 11018 44 10712 11012 Oboe Okla & Gulf
_1995 J D 110 Sale 1003
cons 55-1952 MN 10314
- 10218 Feb'31
1013 103
4
PLE& W Va Sys ref 48_ _1941 MN 97 973 972
4
98
9512 4983 Chi 11 & D 2d gold 435s_ _ _1937 i
4
37
J 99 106 99 Mar'31
98
99
Bouthw Div 18t Is
1043
4 45 10212 1867 C I Steg
1950 .1 .1 10414 Sale 0414
0:
51
83
it L
_ _ 98
Jan'31
g 4s_Aug 2 1936 Q F 981
98 98
8
Tol & Cin Div 1st ref 4s A.1959 J J 852 863 8512
863
8 19
97% 98
94 Oct'30
8lAsteereildst
Ref & gen Is series) D
2000 M S 10312 Sale 103
1033
4
17 1,,2Nor lstls2 A 4 2 926 SI F
6 10134 10434 (C31,211 11& i enA eon4 99 5 1040 (I N 951 rr - 96 Feb'31
,
_ -9414 96
gu 2 :29 2
3
Cony 4148
947 253
8
1960 F A 924 Sale 92
92 c99
4- 4
J J 10414 1043 1045$ 10412
6 103 1051
4
103 1043, Clearfield de Isiah 1st gu
04 Mar'31
Bangor & Aroostook 1st 50-1943 .4 J 10412
_ 100 July'28
_
58_ _1943 J 2 98
9014 -9
04 9014
Con ref 48
9014
8612 903 Cleve Cin Ch & St L gen 48-1993 J D 93% Sale 93
'.951 J
1
4
1 -55- 967
9312
6512 ____ 71
Feb'31
Battle Crk & Slur let gu 36_1989 J
71
71
Gene 5 5
116 Feb :31
1 6 s2c
12 %1e B
.
1993 2 D 101
1095 110
8
9812 ____ 983 Mar'31
Beech Creek 1st gu a 48_ _1936 J
lt
974 9812
1943 2 j 10412 105 10412 Mar'31
06 1
2
1033 105
8
00
2d guar g 58
Jan'30
19313 2 .1
Ref & impt 5s see D
RR% 10514 10412 10412 10 10312 105
855 855
8
Beech Crk ext let g 334 5-1951 A 0 8.318 88
855 Feb'30 _ _ -8
8
Ref & inapt 4 34s ser E
100 10014 100
10014 106
1977 2 J
9812 101%
Belvidere Del eons gu 3155.1943
J 894--------.
10112 Jan'31
When Issued
100 101%
947 Feb'31
Big Sandy let 4s guar
1944 2 D 952
94% 947
Cairo Div 1st gold 45._1939 i 2 -55- ii;Co OS
98
4
97
9814
4 10212 --56
Boston & Maine 151 58 A C_1987 M S 10218 Sale 1013
9912 10314
Chi W & M Div 1st g 4s__1991 2 2 9212 9312 93 Mar'31
91
93
let m 513 series 2
1955 M N l01l2 Sale 1014
1015 116
St L Div 1st coll tr g 4s.„1990 M N
9914 10314
_ _ 91 Mar'31
91
92 4
7
Feb'31
Boston & N Y Alr Line 1st 4a1955 F A 82% 881385
81
85
Spr .4 Col Div 1st g 48-.1940 NI 3 9514 98
953 Feb'31
4
9034- 9514 95 4
3
Bruns & West let gu g 4s_ _1938
984 Dec'30
J 9714 98
9514 Oet'30 _
98
W W Vol Div let g 4s____1940 2 2 93
103
____ 10214
Buff Roth & Pitts gen g 51937 vl
103
19 151i2 1631- C C C & 1 gen eons g 6s_ _ _1934 2 2 104
10418 10418
- 4
1 10313 104)4
83
Como'440
/ 90
1
4
1957 MN 8814 Sale 8814
89
21
Clev Lor A W con 1st g Is_ _1933 A 0 101% 102 1015 Feb'31
8
- -12
I 0138 1015
Burl C R &Nor lst & co1158.1934 A 0 10214 ____ 1024 Mar'31
101 10214 Cleve! dr Mahon Val g 58____1938 2 2 10118
Jan'31
101 101
- 101
10012 16112 101
CIA Mar let gu g 410
Feb'31
10012 101
8
8 1075s
Canada Sou cons gu 50 A._.1962 AO 1075 10812 1075
1 105 10812 Cleve & P gen gu 4141 ser B_1942 A 0 101
98 Dec'30
10012 Sale 10014 10012 18
Cisnadian Nat 4 I2s_Sept 15 11154 M
0714 10012
9
8
8eries B 4 12
132ries A 3 s
00 2
_ _ 87 Mara
A 0 89%
10012 Sale 100
30
-year gold 4345
1957
10012 74
10114 Nov'30
103
Gold 4445
1968 JO 10012 Sale 100
974 10042
10012 58
92% Jan'31
Series C 3SEI
-65
8
Guaranteed g 5s..-July 1969 J J 106% Sale 106
1065s 24 10 % 6068
3
4
1
8618 May'28
89
Serles D2 222
Gee 43.5 3345A
Guaranteed g 5s __Oct 1969 AO 106% Sale 106
10634 73
103% 104 1047
8 1033
4 57 ioi- 1-6414
Guaranteed g 58
1970 PA 10612 ____ 106
10634 25 100 10t8 Cleve Sbor Line 1st gu 410.197544308725 PA O 104 10412 1033 Mar'31
0432 10 2
4
AN:
111 99999 1 jalFM N
6
1024 1044
Guar gold 43411_ _June 15 1955
D 103 Sale 10212 103
71
Cleve Union Term 1st 5348-1972 A 0 110% 111 1103
8 11012
8 10814 11011
Canadian North deb a I 7s 1940 JO 112 Sale 1117
8 11214 30 1101182 119711 2.:
5
let a f 5s series 11
107
1978 A 0 106% 10712 107
5 I0514 10714
11912 Sale 11912 1198 27
1946 22
25
-years I deb 61511
let s f guar 43.45 series C-1977 A 0 103 Sale 103
101
1 10118 10412
11314 Jan'30
Registered
Coal River Ry let gu 4s__ _..1945 1
953 963 95%
4
95%
4
3
9514 96%
I0-yr gold 4%5_ __Feb 16 1935 F A 1057 (3;1e- 1008 10112 31 ioiir8 161I Colo& South ref & ext 410_1935 7 D 10112 Sale 101
8
- 8
10112 59 101 101%
M N
Canadian Pao Ry 4% deb stock_ _ J
4
88 Sale 873
8814 71
80
/ 8914
1
4
943 Sale 943
4
Gent m412 xr A 42
4
9514 41
14Ne2 g
93
97%
Col tr 4 As
1946 NI S 101 Sale 0014 10118 10
993 10112 Col & H V
4
95% 9678 955 Mar'31
8
9614
92
55 equip tr ctis
1944 J J 10512 Sale 053
8 10512 27 102 106
9512 90
Col &Tol let ext 45
95% Feb'31 _9312 954
Coll tr g 58
Dec 1 1954 J D 10414 Sale 04% 10512 27 10112 10512 Conn & Passum Itly let 40_13 1 1N
90 Dec'30 - _ 11380 1
94
n
1960 J
9912 Sale 9914
Collateral trust 4346
993
4' 35
Consol Ry non-cony 48 _1954 J 2
981s 100
74
7212
7212
5 64 74)4
_ 98% Oet'30
Carbondale & Shaw let g 48-1932 MS 97
73
Non-cony deb 48
7314 72%
73
3
68
73
if 75
Caro Cent let cons g 48 -1949 J J 70 75
2 -ii- l
1 955 I Ci 71% 7412 70 Feb'31
955
ig- Non-cony deb 45
j
70
70
0312 Mar'31
Caro Clinch &0 let 30-yr55- 1938 JD 103
102 10312
Non-cony debenture 45_1956 2 2 71% 7314 72
72
68% 74
let & con g 68 ser A Dec 15'52 J D 10712 Sale 0712 1073
4
6 1073 10912 Cuba Nor Sty let 510
8
4
4
1942 1 D 413 Sale 413
44
203
4012 47
D 924 943 91
1981
Cart dr Ad let gu g 40
Jan'31
4
91
Cuba RR 1st 50-year Is g
91 /
674 77
1952 J .1 6612 Sale 6512
53% 7012
D 79
1948
83 Feb'31 _ _ _ _
87
Cant Branch UP 1st g 4s
80
1st ref 734s series A
7712 Bale 774
83%
80
1930 2
14
70 8018
024
10218
Central of Ga 1st g 50--Nov 1945 F A 98 100
1 101 102%
1st Ilen & ref Os ser B _-1936
7714 7912 7014
70 4 30
3
59
70%
1945 MN 100 10114 1014 10118
Consol gold 56
1
9912 10112
MN ---Registered
- 100 Feb'30
Del & Hudson
9718
967
8
9712
9514 976
8
9612
Ret & gen 5Sis series --_1959 AO 90 - - 9612
047
8
-9613 far 30-year cony1st & ref 4s_-1943 M N 10224 sale 10214 10214 65 10012 10214
Sale
58
2
90 88%
Ref & gen 55 series C
1959 AO 88
883
4
6
885 9518
8
15
10312 Sale 10512 106
-year 5 Sis
193 z.
93 A
5
7
8 10312 106
8
Cbatt Div par money g 45_1951 .1 D 855
88 Mar'31
D RR & Bridge 1st gu g 4s-1936
87
9814 100
88
98 Feb'31
98
98
J 100% Mac & Nor Div let g 5a-1948
10012 Feb'31
100 101
Dee&RGlstconsg4s
19302 J 9712 Sale 965
8
9712 110
99
95
- Mid Ga & All Div pur m Is '47 J J
_ 10112 10212 Sept'30
Consol gold 440
1005$ 20
1938
J 9814 100 100
974 100%
_
Mobile Div let g 58
104
1946 .1 J ioi
Oet'30 --Den & KG West gen 5s_Aug 1955 F A 79% 8012 79
80
34
7518 83
Cent New Eng 1st gu 48_ _ _ _1961 .1 J 86% Sale 86
863
4 16 -5'1 lie;
Ref & inapt Is ser B_Apr 1978 A 0 81 Sale 81
8212 10
765 85%
8
Cent RR de like of Ga cell 681937 MN 98% 9712 97%
9712
2
964 9914 Des MA Ft D 1st gu 4s
8
247 Sept'30
20
1935
J
4
Central of NJ gen gold 50
1987 J J 1133 116 1133
14 11218 115
1135
195 15 Dec'30
8
Certificates of deposit
@ J 112 11412 112 Mar'31
Registered
1987
10912 11412 Des Plaines Val lat gen 410_1947 M S 951
99 Nov'30
_
9812 98 Feb'31
1987
J 96
General 4s_
Detold 12e let lien g 48
9712 98
G dr /s4a
_ 43 Dec'30 _ -1955 J D 35
9512 9712
Cent Pan 1st ref gu g 40_ _ _1949 F A 9612 967 9614
9678 20
4478
1995J D 32 --- 38 Dec'30 _3 9614 953
F A 95
Registered
4
96
95
96
6
Detroit River Tunnel 43'4s._1961 MN 10312 103% 103%
1035$
5 195iT8 104
Through Short L let gu 48 1954 A 0 9512 9612 96 Mar'31
95 8 963 Dul Missals)& Nor gen 58_1941 J 2 104
3
_ 10318 Dec'30
8
8
1960 F A 1047 105 1047
105
Guaranteed g 59
31 102 10518 Dul Ac Iron Range let 58.-1937 A 0 103 10i 10318 Feb'31
102 19- 3;
1
8
Charleston & Say'h 10t 7s 1936 J J 1085 ____ 109 Mar'31
109 109
Did Sou Shore & Atl g 5
5212 58
1937J
60 Feb'31
60 6018
Chas & Ohio lst con g 50_ _1939 M N 10618 ____ 1054 Mar'31
104% 106
_ 963 Feb'31 -East Ry Minn Nor Div 1st 48'48 A 0
4
9634 96%
1939 M N 10314 -__ 10314 Mar'31
Registered
101 10312 East T Va dr Ga Div 1st 5s_ _1956 hi N 10712 109 1074 10712
97--2 10434 108
8
S 1045 Bale 10418 105
1992
General gold 434a
10 103% 10678 Elgin Joliet & East let g 58_1941 M N 104
104 Feb'31
104 10412
M S 102 10414 102
102
Registered
3 102 102
El Paso & W lst 58
8 1965 A 0 1027 10612 103 Feb'31
10218 10314
_1993 A 0 101 Sale 1004 101
Ref & Impt 414e
32
993 10214 Erie let cony g 4s prior
8
88% Sale 8812
893
1996
33
8414 8934
9912 10212
Ref &'mot 4140 ser B _A995 J J 101 Sale 0018 10114 23
4
Registered_
87
1996 / J 86% Sale 863
63
82 87
0412 ma ,31
2 4 Jair 31
.1 02;4
10214 10214
Craig Valley 1st 53_ _May 1940 J .2 103 4
1st eonsol gen lien g 4s,
7414 73
1996 J J 7414 Sale 72
72
791
4
9112 9413
Potts Creek Branch 1st 48_1940
68 Dec'30
Registered
1996
J
____ 97 Mar'31
944 97
R & A Div 1st eon g 4s___1989 J J 97
9812 20 -131114 166Penn eon trust gold 4e _1951 F A 984 Sale 0812
e---- 93 Feb'31_ __
25 eonsol gold 45
1989 .1 J 927
9214 9412
_
50
-year cony.4a series A 1953 A 0 75 Bale 75
75
3
743 7813
4
10012 943 1011 Dec'30
4
Warm Siring V 1st g 56-1941 M
75
Series B _
754 Mar'31
1953 A 0 72
7314 78%
958 101 8
N 10018 Sale 100
10014 138
Cheap Corp cony 55_May 15 '47
- -3Gen cony 45 serlea D
7012
7012 Sale 7012
1
704 72
71
7112 62
Chlo & Alton RR ref g 38_1949 A0 71
71
6712 73
7
Ref & impt 5s
4
7814 51
:1 1?1 783 Sale 7512
A 43
_1951
73
84%
70
_
69
CLI dep stpd Oct 1930 Int-Feb'31
70
Ref & inset 58 of 1930-_ 1975
77 Sale 7412
77
137
72% 84
- 798 Mar'31
79% 793
Railway first lien 33.4e_....19501 .1 793
4
Erle & Jersey 1st f 68
III Sale 111
112
5
9 109 112
4- _-8 9
J3,13311 _12
Chic Burl & Q-111 Div 3348_1949 J .1 90% 913 01
91
. 90
92
Genesee River 1st e I 6s 1957 2J 110 Sale 1095$
110
11 10618 110
91
Registered
91
Erie & Pitts gu g 3%4 ser B-1940 J J 93% -- 9212 Nov'30
y 975g Sale 978g
9082 9912
98
1111nola Division 48
1949
9
8
Series C 3345
_ 857 Oct'29
987 9812 Fla Cent & Pen let cons g 55'43
General 48
1958 M 8 9814 Bale 971
9814 28
i
93
j 92
93
J 9338-- - 93
°
2
194
93
81
lat & ref 4 lie ser B ___ 1977 F A 1023 Sale 101%
8
10238 45 100 10314 Florida East Coast let 4%5_1959
80
D 79% 81
80
1
77
80
& ref 5e series A ----1971 F A 109% Sale 10914
110
48 107% 110
1st & ref 65 series A
3
22% 39
I974 MS 20 4 Bale 204
2111 31
F
S
cauth sales. •Option lalm.
2159
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended March 20.
r•?.
Price
Friday
Mar.20.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended March 20.
%.
1.!
tr,
Price
Friday
llfar 20.
.
Veers
Range or
Last Sale.
Range
Since
Jan. 1.
ix
ep2
High No, Low
Bid
Ask Low
HOS
212 Dec'30 -Mex Internet let 48 asstd._ _1977
9978 Feb'31
IA
City 591931
Mich Cent Det A Bay
100 Jan'30 -Q 15I
Registered
973 Feb'31
4
14
194O J J
Mich Air Line 48
1951 IQ S 8818 ---_ 79 May'26
Jack Lans & Sag 340
8912 Mar'31
8111;
- t 1952 MN 90%
let gold 330
4 102
31 1005* 1043
4
e
-_1979 J J 1003 10238 013
Ref & knot 4 tis ser C
94 Nov'30 -1940 A 0 8712 90
Mid of NJ lst ext 5s
9 -6774 100
4
3
Mil & Nor 1st ext 43-48(1880)1934 J D 993 Sale 99 4 100
97 100
1934 J I) 9912 997 9912 Mar'31 ---Cons ext 4;0(1884)
95 Feb'31 __-95
95
95
15111 Spar & N W lst gu 4s_ _ _1947 M 5 94
90 Apr'28
92
Milw & State Line 1st 33.45. A941 .1 J 88
1818 Feb'31 __-30
1712 181
9
Minn & St Louis tat cons 58_1934 M N 20
20
20
3
18
25
1618 21
1934 IQ N
etfs of deposit
614 Mar'31 _--614
7
5
9
1st & refunding gold 4s._.1949 M S
3
8
83
4 8 4 Dec'30
Ref & ext 50-yr baser A _ _ _1962 Q F
10 Nov'30
Certificates of deposit-----i- 88 Bale 8738 8818 22 83 Itiki
i
8412 Feb'31
844
80
M1stP 8 M c°n g 4s int gu19.38 3 3 7612 79
St eots 573
38
935
5
92
94
13
1st cons 58 gu as to int_ _ _ _1938 J J 92 Sale 92
100% 20
9814 10012.
10-year colt trust8 As_ _ _ _1931 M S 10018 10012 100
8518
1
8514 8518
111463 J 83
81
89
1st & ref 6sserles A
6312
63% 10
1949 M S 6214 66
6218 67
25
-year 53.0
9614 25
91
19783 J 964 Sale 9512
99%
1st ref 530ser 13
8
1st Chicago Term s f 4s-_1941 M N 9414 ____ 953 Dec'30
97
Jan'31
_
1949 J .1
90
97
Mississippi Central let 58
5
59%
5912 5912
5912 65
1959 J J 58
14
Mo-Ill RR 1st 5sser A
90% 52
4
8814 92
Mo Kan & Tex 1st gold 4s _ _ -1990 J D 903 Sale 9012
59 10011 1035
103
4
Mo-K-T RR pr lien 58 ser A_1962 .1 J 10218 Sale 102
9138 60
87
19623 5 91 Bale 9012
913
4.
40-year 48 series B
59
98
9712
9404 98
19783 J 9712 98
Prior lien 4;is ser D
58
92
5
89
95
Cum adjust 5s ser A_Jan 1967 A 0 9012 Sale 89 8
95% 24
94 100
/
1
4
Mo Pat 1st & ref 5s ser A _ _ I965 F A 94 Sale 94
132
88
66
75
1975 M S 67 Sale 66
General 4s
9414 103
93
99
/
1
4
1977 M 5 94 Sale 9318
1st & ref 5s series F
941k 22
93
99
1978 MN 9412 Sale 93
1st & ref g 5s ser G
95
123
92% 101
4
1949 M N 923 Bale 92%
Cony gold 5 An
9411 22
93
99
1980 A 0 9412 Bale 93%
1st ref g 59 series 11
951 314
95
95
/
1
4
1981 F A 95 Sale 95
let & ref 5s 8er I
5
97
95 99
/
1
4
9712 97
Mo Pat 3d'Next at4% July 1938 MN 97
100 Mar'30
85
85
1945 J J 98
Mob & Bir prior lien g 5s_
97 97
97 Jan'3
97
8614 8614
Small
88s 10
88 4 We
3
87
87
19455 J 884 904 88%
1st M gold 48
82 Dec'30
5
J J 753 88
Small
Oct'30
95
"io
96
Mobile & Ohio gen gold 4s___1938 M S
997 ccii"
4
100 1013 Mar'31
Montgomery Div 1st g 58..1947 F A
80% 9412 Oct'30 - 93
89
1977 NI S _
Ref & Inapt 44 s
,
4
80
778 49 "il
777 Sale 7614
8
88%
Sec 5% notes
/
4
9118 Feb'31
83
911 92
9
38
9194 Moh & Mal 1st gu gold 48_ 1991 M S
19375 J 10912108 Feb'31 _- 105 108
Monte 1st gu 6s
104 106
10214 10214
8 - 1
1937 J J 1027 1131 10214 Feb'31
1st guar gold 58
8412 15
107 110
841g 86
Morris & Essex 1st gu 334s 2090 S D 8412 Sale 841
3
9418 100
1955 MN 106 10714 107 Mar'31 -- 107 108 4
Constr M 5s ser A
10212
5 101 103
9012 93
1955 SIN 102% Sale 102
Constr M 4 Hs ser B
77
77
10
945 951 945
8
947
82 4 8514 Nash Chatt& St L 4s ser A _ _1978 F A
3
93% 95 4
3
78
77
1021g 1021
8
1937 F A 10312 105 10213 Feb'31
NFla&SIstgug 5s
18 July'28
75% 78
Nat Ry of Mex pr lien 440_1957 J .1
123 July'28
4
8414 8414
J J
July 1914 coupon on
45
--384 - 12 45
1
85
85
ais "Wt..
Assent cash war set No.4 on
3 Mar'31
3
3
9014 93
Guar 4s Apr'14 coupon_ _ _1977 A 0
413 Feb'31
4
5
4
/ 5
1
4
Assent cash war rct No.5 on
3512 July'28
Nat RE Mex pr lien 43-48 Oct '26 J J
99 10214
512 612 6 Mar'31
Assent cash war rct No. 4 on
22 Apr'28
91
96
1951 A-0
Ist consol 4s
9138 913
438.
4
3 8
5
33
8 414 4
Assent cash war rct No. 4 on
10
97 97
87
___ 87
87
87
MN
Naugatuck RR 1st g 4s
843 8812 New England RR cons 58- _ 195445 J J 10112 10412 100% Feb'31 _
4
9934 101388692
92
1
88
1945 J J 92 Sale 92
Como]guar 48
1654
/
4
/
4
NJ June RR guar Ist 4s_ _ _ _1986 F A 901 911 92 Nov'30
78
90
95
Oct'30
N O&N E 1st ref & hunt 4 MA'52 J J ____ 94
37
65
93l'
New Orleans Term 1st 48__ _ _1953 J J 9214 928 9314 Mar'31
90
65
81
8
98 10018
N 0Texas & Mex n-e Inc 58_1935 A 0 9914 Bale 9914 10018
65
8012
85
7
1954 A 0 ____ 8412 848
8478 93
1st 5s series 11
.
1
69
73
953 88
4
10
87
88
1956 F A
9494
1st 58 series C
88
83
71
8518 89 Dec'30
1956 F A 82
1st 4 4.0 series D
69
7312
9612 19
181 534s series A
1954 A 0 ____ 9438 92
92 f615;
14
16
N&CBdgegenguar 4%8_1945 J J 9814 lO0'z 97% Feb'31
96 108
1312 15
1935 A 0 10114
10118 Mar'31
NYB&M131steong5s
1011s 1019
4
3%
4
N Y Cent RR cony deb 6s-1935 MN 1063 Sale 10612 1063
4
8 10618 10734
94
967
8
4
4
953
4 36
Consol 48 series A
1998 F A 953 Sale 943
941 97
4
/
1
4
1003
4 35 100 104
Ref & inapt 4 As aeries A 2013 A 0 10018 Sale 100
-65
921*
100 Sale 100
When Issued
100¼ 189 100 10018
953 9912
4
Ref & Irapt 58 series C _ _ _ _2013 A 0 10712 Sale 10718 107'i 42 106 109
778 81% N Y Cent & Ilud Riv M 3%61997 J J 853 Sale 85
8
4
857
26
8411 87 4
1
99% 102 4
3
1997 J .1 8312 877a 853 Feb'31
8
Registered
84
/ 85
1
4
/
1
4
9314 9512
1934 M N 10012 Sale 10012 1003
4 50 100 101
Debenture gold 48
9112 9412
s
10
1942 J J 9712 987 98%
98¼
30-year debenture 4s
97
/ 98 3
1
4
7
83% 83's 837
8
837
10
Lake Shore colt gold 3As 1998 F A
8212 85
94
90
8112 83
79 Mar'31
1948 F A
Registered
76
8218
8418 835 Mar'31
8
Micla Cent coil gold 3 Yis_ _1998 V A 84
8512
82
1998 F A 8112 8314 8214 Jan'31
Registered
80
84
10118 103
9912
4
8
5
St L 1st g 48_ _ _ _193: k 0 9912 993 993
9712 100
N Y Chic &
100% 10012
9314 Mar'30
193: k 0
Registered
8413 8718
1931 M N ioorsIowa 100's
1
25-year debenture 48
9714 10058
85
85
- 7
1932 A 0 1018 1018 1015* 1017s 33
9978 102
6% gold notes
10018 100%
105
6 102 107
Refunding 5 Sis series A__ _1974 A 0 104 Sale 104
1978 M S 8912 Sale 88
Ref4;28 series C
895 318
8
8718 93
1035 105
8
N Y Connect 1st gu 4 HsA 1953 F A 100 10212 10212 103
28 102 10314
100 10112
4
1953 F A 1033 10412 10414 Feb 3
let guar 58 series B
10418 105
8518 9018 N 3 e. 9e10 4449 gold 48_ _ _1947 M N 93
925 Mar'31
8
Y E 1 1st ext
d& tr 0
9258 9258
86
86
1933 NI S 9812 --__ 100 June'30
97% 1007
8
103 1063 N Y & Greenw T,gu g 58_ _ _ _1946 M N 9614 973 9614 Feb'31
4
4
96
978
4
102 10412 N Y & Harlem gold 3Ma _ _ _ _2000 MN 8412 8812 80 Dec'30
853 9018 NY Lack & W lot & ref gu 58'73 M N 1031
4
1055 fo37
8
;
4-- 103% Mar'31
109% 110
8
N lstdyergy st 58 B _ _ _ _1973 M N 1015 16-714 102 Dec'30
yar erse uil ti8 ser
1932 F A 1013 Sale 10113 1013
4
161-4
3.
N Y da Long Branch gen 4s_ _1941 M S
88% Aug'30
NY&NE Bost Terra 4s
1939 A 0 9114
7514 July'2
NYNII&Iln-edeb4s
1947 M S 8912
8912 Mar'31
9O1
89
Non-cone debenture 330_1947 M S 84 15 84 Mar'31
/
4
811 84
98
/ 98
1
4
/
1
4
Non-cone debenture 3%8_1954 A (3 8012 81
8012
81
15
73
81
92% 93
Non-conv debenture 4s _ _1955 J .1 87
88
873
4
88
10
83
88
101 101
Non-cone debenture 48_ _ _1956 M N 87% Sale 8718
8714 30
80
/ 871t
1
4
9813 102
8114
Cony debenture 3Mti
19563 J 80 Sale 7912
5
70
83
92
9512
Cony debenture 6s
19485 J 117 Sale 11614 117
38 114 118
/
1
4
/
1
4
10011 101
11512 11512
1 114 11512
Registered
.1 J
61
75
.
! 21 1043 104113
- 12
Collateral trust 68
1940 A 0 111514 101 10514 low
4
9714
94
77
7511
Debenture 48
75
7512
711 771g
/
4
94
4
1st & ref 444s ser of 1927 _ _1967 JD 933 Sale 9312
158
19 7 M N
5
9114 9514
112
18
93%
1
Harlem R& Pt Ches lst 481954 MN 935 Sale 93%
8914 1/35g
N y &Wref g 48.1une
22
43
1992 M S 43 Sale 42
4618
37
101
32
4
General 48
36% 32
19653 13 32
3118 3814
8
10412 1063 N Y Providence & Boston 48 1942 A 0 95
92
Oct'30
---- -10418 106
9614
3
N Y & Putnam 1st con gu 48.1933 A 0 9614 Sale 9614
9218 1514
99 10214 N Y Sum & West lst ref be 1937 J J 7214 Sale 7214
1
7214
70
78
2d gold 4345
- 69% 75 Mar'30
0
1947 FA
93 F A
"(31 i8712
General gold 58
Li
61
58
58
4 -LI 61
100% 100%
1
Terminal let gold 58
9812
9718 9912 9812
9811 994
86
95
87
87
N Y W'ches & B lst ser 4)419 6 JJ 86
' MN
43
8712 109
7854 8714
8914 9614 Nord Ry ext'l sink fund 63-4s 1950 A 0 1063 1071 1068
8
s 1063
4 77 105 107
/
4
/
1
4
3618
100 10012 Norfolk South 1st & ref A 58_1961 F A 36 Sale 36
6
36
45
87
85 Feb'31
Norfolk & South let gold 58_1941 M N 85
77
85
1014 1011 Norfolk & West RR gen 68....1931 M N 100 101 1005* Feb'31
/
1
/
4
/
1
4
100 4 10114
3
731 7714
/
4
Improvement& ext68_ _1934 F A 10115 - - 10414
10414
1041 100
4
4
67
70
/
1
4
New River let gold Os..
1932 A 0 10412 102 10214 June'30
9813 9911
98
N&W
leteoneg4a_1996 A 0 98 Bale 9714
41 144 "fir
90
go
973 9714 Jan'31
4
Registered
1998 A 0
964 nu
High
High
Ask Low
Low
Bid
23
1978 2812
Fonda Johns & Glov let 4 Hs 1952 M N 23 Sale 23
Fort Bt U D Co lot g 4448..1941 J J 9312 - - -- 9618 Aug'30
/
4
Ft W & Den C let g 5;is_ _196I J D 1071 108 105 Dec'30
10312 Ica;
-- 10312 Mar'31
Frem Elk & Mo Val 1st 68_1933 A 0 104
10014 10012
GII&SAM&P Ist 5s____1931 MN 10014 101 10014 10014
10012 1003
4
1931 J J 10012 Sale 10012 1001
2d extens 55 guar
4
98 100
8
Gale Hous & Hend 1st &s._1933 A 0 ____ 993 993 Feb'31
55 Mar'31
54
55
5713
Ga & Ala Ry let cons Ss Oct 19153 J
Ga Caro & Nor let gu g 5s '29
92
28
85
95
877 87%
8
.1 86
Extended at6% to July 1_1934 .1
Jan'31
8
73
73
1946 A 0 ____ 723 73
Georgia Midland let 34
10412 10412
5s._1942 3 D 1038 105 10412 Mar'31
Gouv & Oswegatchle 1st
993 10112
8
4
Grit & I ext. let gu g 4348_1941 J .1 10114 1013 10112 Mar'31
4
Grand Trunk of Can deb 78_1940 A 0 1113 Sale 11112 11214 22 11018 11214
48 10514 108
1936 M S 108 Sale 10712 108
15
-years f 6s
96 Nov'30
Grays Point Term lst 5s _ -1947 J D 9018
11112 87 ioiTs 112
gen 75 sec A_1936 J J 11118 Sale 111
Great Northern
Jan'31
109
109
JD
Registered
62
99 1017
8
1st & ref 434s series A_ __ -1961 J J 9918 Sale 9918 100
31 1075 111
8
8 110
8
1952 J 3 1093 Sale 1093
General 5I4s series B
Mar'31 --_ 10312 106%
1973 J J 10518 1068 106%
Genera)55 series C
99
9
971 100
19763 3 978 98% 98
,
4
General 43 8 series D
991 85
/
4
96
997
/
4
8
1977 J 3 0812 Sale 981
General 4 Ms series E
70 Dec'30
Green Bay & West deb etts A_ -__ Feb 6712 85
-11 "if"
18 Mar'31
Feb 1612 19
Debentures etfs B
Greenbrier Ry 1st gu 48_ --1940 71 N 9518 _ _ _- 94% Aug 30
-ibis - - 70 a
6
9612 Mar'31
Gulf Mob & Nor 1st 5548_ - _1950 A 0 97 100
87
7
873
4
92
1950 A 0 874 8812 87
1st M 58 series C
8 10314 1044
4 104%
Gulf & 4 I 1st ref & ter 5s_Feb '52 J J 10312 10513 1033
11 10118 1067
104
8
Hocking Val 1st cons g 4 34s_1999 J J 10312 1044 104
100 Nov'30
Registered
1999 3 J
99 100%
Housatonic Ry cons g 58_ __ _1937 MN 1001 ---- 10018 Mar'31
/
4
100 10114
1937 J
H & T C 1st g 5s int guar
1011
/
4
-- 10114 Mar'31
10014 1013
4 10034
8
Houston Belt & Term 1st 58_1037 J J 10114 - --- 1003
Feb'31
8
1003 101
Houston E & W Tex 1st g 58_1933 MN 101 ---- 101
100 10112
1st guar 5s redeemable_ _ _ _1933 MN 101% 10218 10112 Jan'31
98 10214
Hod & Manhat 1st 5.8 ser A_I957 F A 10214 Sale 10012 10214 112
79
78% 70
74
Adjustmentincome 55 Feb 1957 A 0 7814 Sale 77%
96 Dec'30
Illinois Central 1st gold 48_ __1951 J J
85
85
1st gold 33.45
1951 J J -£33T8 88
8614 Jan'31
Registered
J J 75
Extended 1st gold 3348_1951 A 0 8313 87 87 Mar'31
_ 73 Mar'30
1st gold 3s sterling
1951 M S
913
Collateral trust gold 4s_1952 A 0 9112 9312 90
8712 Mar'30
Registered
A 0
91
1st refunding 48
195.5 MN 89% Sale 89%
Purchased lines 3328
1952 J J 8414 8814 87 Mar'31
893
4
4
893 Sale 8914
Collateral trust gold 48_ _1953 M N
8812 90 Aug'30
Registered
MN
104
1955 21 N 10312 10514 104
Refunding 5s
8 109%
4
1b-year secured6 H8 g - - --193 3 3, 10814 1093 1093
6
95%
Aug 1 1986 F k 9412 Sale 9418
40
-year 434s
92
Cairo Bridge gold 45
1950 J 0 92 Sale 92
Litchfield Div let gold 33_1951 J J1 76% ---- 77 Mar'31
-- 8413 Mar'31
LouLsv Div &'rerm g 3;0 1953 J .14 84%
Jan'31
78
Omaha Div 1st gold 3s_ 1951 F A' 7618 78
7612 7912 78 Feb'31
Bt Louis Div & Term g 38_1951 J J
8414 Feb'31
87
19513 1 84
0o163I4s
85 Feb'31
Springfield Div 1st g 340_1951 J J
93
8
Western Lines lstg 4a- --1951 F A 913 93 93
9213 Apr'30
F A
Registered
III Cent and Chic St L & N 0
Joint 1st ref 55 series A _ _ --1963 .1 0 9914 Sale 9914 10012
93
19633 13 921 Sale 91
lst& ret 4 %seerles C
8
Ind Bloom & West latest 48_1940 A 0 9212 ____ 913 Jan'31
4
1950 J 3 9614 993 97 Mar'31
Ind III& Iowa tat g 4s
8612 Feb'31
7112 85
Ind & Louisville 1st gu 413-1956 3 J
8
Ind Union Ry geu 588er A _ --1965 J J 1023 104 10314 Dec'30
J 10318 105 10412 Feb'31
19653
Gen & ref 5s series 11
8018
777
8
88
Int & Grt Nor Ist 6s ser A _ _ _1952 J J 80
5614
Adjustment Os ser A_July 1952 A 0 56 Bale 56
7412
15563 J 7212 Sale 7212
let 58 series B
72
19563 J 6718 717 72
lstg 5s series C
73
fat Rye Cent Amer 1st Ss. _1972 M N 70 Sale 70
,
letcoll tr6% notes_ _ _ __ _194I MN 8212 8314 82 Mar'31
7212
7212
1947 F A 7212 73
1st lien& ref 634a
3
Iowa Central 1st gold 58_ _ 1938 J D 1518 19 4 15 Feb'31
1312 Feb'31
Certificates of deposit---------- 1518 25
5 Mar'31
314 5
1951 v
Refunding gold 4s
9614
James Frank & Clear 1st 4s 1959 J D 96% Sale 9512
100% Apr'29
19383 J
KalA&GRlstguir 513
4
1990 A 0 913 ____ 92 Mar'31
Kan & M 1st gu g 48
9912
1936 A 0 99% Sale 985*
K C Ft 8& Ai Ry ret g 4s
8138
Han City Sou 1st gold 38_ _ _ _1950 A 0 81 Sale 81
4
8
Apr 1950 J J 1003 Sale 10038 1013
Ref & inapt 53
95%
Kansas City Term 1st 4s_ ___1960 J J 9518 Bale 95
9314
9314
Kentucky Central gold 45._ _1987 J .1 9314 94
92 Sept'30
Kentucky & Ind Term 4448_1961 J J 97 102
92 Mar'31
94
1961 3 J 92
Stamped
89 Apr'30
92
1961 J J
Plain
Lake Erie & West lat g fag__ _1937 J J
19413 J
2d gold Se
Lake Sh & Mich So g 3X8- --1997 3 D
1997 J D
Registered
1031 MN
25-year gold 48
1M N
Registered
Lob Val Harbor Term gu 58_1954,F A
Leh Val N Y 1st gu g 4348- --1940 3 J
Lehigh Val(Pa) cons g 4s- _2003 M N
RegIstered1MN
2003 M General eons 4348
Lehigh Val RR gen 58 series_2003 M N
Leh V Term Ry lst KU g 58-1941 A 0
Lehigh & N Y 1st gu g 46.__ _1945 M S
Lex & East let 50-yr 5sgu---1965 A 0
Little Miami gen 45 series A1962 M N
1935 A 0
Long Dock consolg 6s
Long laid 1st con g 5s-July 1931 Q .1
1st consol gold 48..__July 1931 Q J
1938 J D
Generalgold 4s
1932 J D
Gold 48
1949 M 5
Unified gold 4s
1934 J 13
Debenture gold 58
1937 MN
-year p m deb Ess
20
1949 M S
Guar ref gold 48
Nor Sh B 1st con gu re Oct'32 Q J
Louisiana & Ark lst 5s ser A _1969 J J
Louts &Jeff Bdge Co gd g 46_1945 M S
Louisville& Nashville be__ 1937 MN
1940 J J
Unified gold 48
J J
Registered
Collateral trust gold 58_ _A931 M N
lst refund 5HS series A_ _ _2003 A 0
2003 A 0
let & ret 5s series B
2003 A 0
let& ref 444s series C
Paducah & Mem Div 4s_ _1946 F A
St Louts Div 2d gold 3s _ I980 M S
Mob & Montag 1st g 4428 1945 M S
South KY joint Monon 48_1952 J 1
At' Knoxv & CM Div 4s-1955 M N
Loulav CU]& Lex Div g 4;48'31 MN
16
13
14
5
2
147
5
4
18
21
_
35
75
8
1
10
8
11
25
16
22
21
1
____ 102
102
5
102
1003 10312 10012 Feb'31
4
85% Mar'31
845 86
8
85
Jan'31
6
10018 10014 10018 10018
10014 June'30
103% 105 10338 Mar'31
101
101 Sale 101
85%
86% 87
86% 10
86
Jan'31
_99
97% Sale 97%
45
105% Sale 10514
105%
11
103% Sale 10353 104
1
9018 Feb'31
91% 96
110
10912 112 110
11
93 Nov'30
9118
_ 10518 Jan'31
10618
10012 101% 10014 10014
985 Sept'30
8
10014
9612 9712 98 Mar'31
983 -- 9812 Feb'31
4
925 9412 9212 Mar'31
8
10112 1013 101
Jan'31
4
102
101% 10178 102
5
9512 Mar'31
94% 95
101 Mar'31
101
74 Sale 63
75
208
9612 Sale 9612
9612
4
4
10212 10312 1043 Oct'30
983
8 42
9812 987 9818
8
94% Nov'30 --10118
ioirs 111 8 10118
-7L
106 Sale 10512 106
3
105
___ _ 105
10514
5
1001
10014 Sale 100
14
95 Dec'30
93%
66
68
67% Mar'31
10114
10038 Feb'31
893 Sale 8812
4
893
95% 9612 95% Mar'31
10014 10012 10012 1001
10114
19343 J 10114 _
Mahon Coal RR 181 58
4
Manila RR (South Linea)48_1939 M N 743 76% 75
80
70
1959 M N 78
latest 4a
Manitoba SW Coloniza'n 543_1934 .1 D 997 ---- 9912
Man0B & N W 1st 8 tis_ _1941 .1 .1 9218 ---- 90
4 Ca& tale. s Option sale.
1
Feb'31
75
Feb'31
Feb'31
Feb'31
5
1
2160
New York Bond Record-Continued-Page 4
...••••••
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 20.
11,
41Z.
Price
Feeds,,
Mar.20.
Irld
Norfolk & Won (Cooc0.8441)Dtv'l 1st lien & geo g 45..1944 .1 J
Pocah C & C joint 4s
1941 JO
.1974 MS
North Cent gen & ref Is A.
1974 M'S
Gen & ref 4% ser A
North Ohio 1st guar g 58.. _1945 AO
North Pectin.' prior lien 48_1997 Q J
Registered
Q
Gen lien ry & Id g 3s_Jau 2047 Q
Jan 2047 Q F
Registered
Ref &[met 4445 series A _.2047 J
Ref & Rapt es series B _ _2047 .1 .1
Ref & impt 58 series C_-_2047 .1 J
Ref & impt Ss series D___2047.1.1
Nor Pac Term Co 1st g 6s_1933 J J
Nor Ry of Calif guar g 55....1938 AO
02 & L Cham
gu g 48_ _1948 JJ
Ohio Connecting Ry 1st 01_1943 MS
Ohio River RR 1st g 58
1936 JD
General gold Is
1937 AO
Oregon RR & Nay con it 48_1946
D
Ore Short Line 1st cons g 56_1946 .1 .1
Guar and cons be
1946
./
Oregon-Wash let & ref 4s-1961 2.1
Pacific Coast Co 1st g 5s
1946 .1 I)
Pac RR of Mo 1st ext g 4s.1938 FA
2d extended gold be
1938 -1 J
Paducah & ills Istsf g 4%8..1955.12
Paris-Lyons-Med RR extl Bs 1958 FA
Sinking fund external 7s._I958 MS
Paris-Orleans RR ext 5348
-1968 MS
Paulistis Ry 1st & ref s f 75__1942 M
Pennsylvania RR cons g 45_1943 MN
1948 MN
Consol gold Is
4esterl stixl dollar_Nlay 11948 MN
-Registered
Consol sink fund 4448_1960 FA
General 4 440 series A _ _ - _1965 .1 1)
1968 JO
General 55 series B
15
-year secured 64413
1936 FA
FA
Registered
40-year secured gold Is. _1964 MN
1970 AO
Deb 44411
1981 AO
Gen 44s ear D
Pa Co gu 3%a coll tr A reg-1937 M S
Guar 3448 coil trust ser 1.3.1941 FA
Guar 33.4s trust etre C___1942 JO
Guar 344 trust ctts D-__1944 JO
Guar 15 -year golds 4s.1931 AO
-25
Guar 45 ser E trust ctls___1952 MN
1963 MN
Secured gold 4148
Pa Ohio & Det 1st & ref 444eA'77 AO
Peoria & Eastern 1st cons 48.1940 A 0
April 1990 Apr
Income 45
Peoria & Pekin Co let 5448.1974 FA
Pere Marquette 1st per A 53_1956 .1 .1
1956 .1 .1
1st 48 series B
1980 M
1st g 4 44ii series C
Phtla Balt & Wash let g 43-1943 SI N
1974 FA
General 5s series B
Week
Range or
Lan Sale
45k Low
g'
II tu8 No
98
9812
1
98 4 984
3
97 4 Sale 9714
1
973 118
4
107 Nov'30
107 10212 10312 103 Feb'31
9214 9414 9414 Mar'31
95
42
9432 Sale 9414
0213 9314 92 4 Mar'31
3
6814 36
68 6814 67 8
7
65 Feb'31
65
70
7
9912 55
9912 Bale 98 8
11314 Sale 11212 1134 65
104 105 105 Mar'31
5
10412 10514 103 8 10412
1054
- 105 Feb'31
10312
- 10212 Feb'31
7412 76 Nov'30
71
9414 Dec'30
8
1023 Mar'31
1021s
10214 10314 102 Feb'31
9212
964 9718 9212
10814
1071 109 10814
4
10814
107 8 10914 10814
7
3
9514 21
9514 Sale 945
41
41
41
40
3 967 Mar'31
8
96
97
102
8
1017 Sale 1017
8
10114 1013 10118 Feb'31
4
8
1045 1047 10412 10414
8
107
1063 Sale 1065s
4
____ 103
103
104
95
95 Sale 94
973 __
4
973 Mar'31
4
9812
8
9812 9914 973
4
975 988 954 Mar'31
9314 May'30
10518 106 10518 10512
10214 Sale 10114 10214
109% Sale 109
1095
8
1094 Sale 10954 110
10914 Feb'31
10514 Sale 10514 10512
9714 Sale 967
8
975
8
97 Sale 963
4
9714
91
95 Sept'30
907g Mar'31
91
-- 974 Jan'31
901
9014 91
4893
904
4
100
100 Mar'31
944 ___ 94
9418
102 Sale 1013
4 10214
993 Sale 9914
4
993
4
86
87
86
86
13 Sale 13
13
10314 ___ 103 Feb'31
10413 gale 1044 1043
4
9314 Sale 925
8
9314
99
9818 Sale 9812
4
9718 9814 973 Nov'30
5
1085
l091z Feb'31
2
_
6
_
9
31
1
4
.
18
36
43
53
54
268
495
Range
Stage
Ian. 1.
Low
lifgh
97% 99
96 100
101s 1021±
97
90
93 97
914 95
6718 6914
67
66
973 101
4
11114 11312
1024 10512
102 10512
105 10518
102% 10212
7512 77
10155 102 8
3
102 102
92
974
107 10918
107 10914
924 9534
53
37
954 97
101 102
10018 1004
104 1067
8
10612 10714
1014 105
92
95
973 98 4
4
3
52
97
54 99
99
98
lei 00714
10114 105
108% 11114
10788 i1014
10914 10914
104 1053
4
tot
004
98% 97%
1..
BONDS
N. Y STOCK EXCHANGE.
Week Ended March 20.
'
i 11
.... 4.
-
Price
Friday
Mar.20.
, eere
4
R , s,a.);
1,,.,: Sole,
I
V
tl:
Range
sow
J
Jan. 1.
Stif
Axle ('or
Moll Nu. bolO
High
Seaboard Air Line 1st g 4s...1951:
3718 5412
e- 3
4
Gold 4s stamped__ ......195(1 A 0 341 111I- 37's
38114 71
53
7
A 0 31
34
54%
5
312 4 Mar'31 ____
Oct1949 F A
Adjustment 58
314 8
Refunding 43
lb
1959 A O
17
ms
13
20
4
It% Sale 113338
Sale
1st & cons series A
1514 142
..1945
133 19
8
_
14 Sale 14
14
8
Certificates of deposit
14
14
--AU& 131tilk Jo-yr lsLg4R,4l933 F4-s 51 Sale 503
4
bl
2
4G
61
Seaboard All Fla 1st gu 68A-1935 F A
814 68
9
8
7
712 124
7 Sale
7
1935. A
Series B
7 2
7
9 9 90 Nov'30 __
16
8
Seaboard & Roan 1st 5e extd 1931
_ 02
Oct'
3
& N Ala cons go g 5s
0 __-- ._ _
1936 F A lElli4
12
Gen cons guar 50-Yr 58----1963 A 0 110 111 10
110
13 109
3a 1114
So Pee con 4s (Cent Par coil) k'49 J D 96 Sale 96
964 17
92
97
1st 4 Sis (Oregon Lines) A.1977 114 s 1014 Sale 10018 10118 91
99 103 4
1
8
1931 .1 D 10214 1033 10214
20-year cony. 5it
10312
9 102 1034
Gold 4)4s
08% 26
9518 9914
1968 M 6 9788 Sale 9712
Gold 434, with war
1969 M N 9912 Sale Mg
9912 149
973 100
8
965 95 8
8
5
1950 A 0 93
965
8
San Fran Term let 48
8
944 9714
_ 87 Dec'30 .._-.
Registered
So Pat- of Cal 1st con gu g bs 193 M N 104- _ _ -_ _ c1067 1067
8
8
1 102 4106%
-.
7
So Pac Coast 1st gu g 45---- 1937 3 3 9514 ____ 96 June'30 ----------So Pac RR let ref 4s
1955 3 3 964 /Sale 9614
9718 55
05
14 97%
3 3 --------9555
9514
6
Registered
953 974
8
.1955 2 .1 __ _ _ ____ 924 May'30 ____
Stamped (Federal tax)
_ _ .._ __-Southern Ry 1st cons g 58_ _1994 J 1
3 3
Registered
I4evel Age,, 45 aeries A__ _1956 A 0
1956 A 0
Dote' & gen 68
1956 A 0
Develop & gen 6548
. Nfem Div 1st g be
1990 j j
St Louts Div let g 4s
1951 J J
East Tenn reorg lien g Is.-1938 Si S
Mob & Ohio roll tr 48
1938 M $
Spokane Internal 1st g 58.-1955 J J
Staten Island Ry 1st 444s_ __1943 21)
Sunbury & Lewiston let 4s__1936 3 3
Tenn Cent Ist em A or 11_ .._ _1947 A 0
Term Assn of St List g 4 34s 1939 A 0
1st cons gold 5/3
1944 P A
Gen refund s 15 4e
1953 j j
Texarkana & Ft8 1st 54-4s A 1950 F A
Tex & N.0com gold 58_ Aug 1943 y 3
Texas A Pac 1st gold 5s
2000 J D
20 Inc5s(Mar'28 cpon)Dee2 0
00
Gen & ref 5s seriesli
1977 A O
Mar
1979 A 0
Gen & ref 58 series C
Gen & ref 58 series D
1980 J D
Tex Pac-Mo Pac Ter 544s_ _1964 m 6
Tol dc Ohio Cent let gu bs_ _ _1935 j j
1935 A 0
Western Div 1st g be
Gen gold 58_
1935 .1 I)
Tol St L & W 50-yr g 44
1950 A 0
Tol W V dr0go 4448 A
1931
.1
1st guar 444s series B
1933 I 3
1942 itt $
1st guar 4s series C
Toronto Ham & Buff 1st g 48 1946 3 II
1093 11014 10958 110
4
37
-- -- -- -- 108 Mar'31 ____
88
8714 Sale 87
107
11018 113 11214 113
23
114 Bale 114
11614 __60
10218 105 102 Feb'31
_
9112 93
915
8
924
3
4
1004 --- 993 Feb'31
95 Bale 95
954 10
4014 45
47
47
3
--------87 Oct'30 _ ___
98
_ _ 95 Apr'28 ___
903 4 91 91
92
a
8
4
1003 1023 102
102
1
4
5
1033 10414 105 8 Mar'31 ---9312 93 8 93
3
93
1
1054 Sale 10514
106 .
21
102
- 0012 Feb'31
110 11211 19
-10 m11019
612 22. 24
a
__
-iiiis 664 993
4
9934 la
983 Sale 9812
4
99
36
9814 Sale 981g
904 120
106 1067 107 Mar'31
4
_
103 10314 103
10314
2
10012 --- 10014 Mar'31 ____
1004 Sale 10014
1005s
4
934 - --- 92 Feb'31 ____
100
100
Jan'31 __
10018 Oct'30 .... _
_ _ 95 4
3
95 4
3
5
96- - 90 Feb'31 ____
91
94
10818 III
10514 10814
1412 88%
11012 1134
115 117 5
7
102 102
8918 921k
91:04 99 4
1
93
9612
4418 47
____ __--aa
. - .
W
99% 102
1043 10555
4
10213 10614
91 4 934
'
10018 1024
109 113
"or 10 6
-55i8
97 100
14
976 97 8
. 3
9573 101
99 90 4
311
3
2
1007g 107
lock 1001,
101 10314
92 95
3
100 10014
36 100 10212
10014 100 8
5
98 4 10212
7
49
90
94
RO
RR
30
100 100
13
13
20
100 103
115i8 11/134
89
7 10313 10514
9118
92
954
14
7
6
8
5 . . ... 794058
9
98 10112 Ulster & Del 1st cons g 58_ _ _192S J D 6
1 ::..:48
..
9
74
0% 997,
70 8
5
97
Mar'31
98 4
3
Stpd as to Dec'28 & J'ne '301nt ._ _
73
7312 Feb'31 ____
10918 10914
let cone 58 Ws of dep
7318 76
1952 A 0 36
50
53 Jan'31 ---lat refunding g 40
53 60
221 25
4
PhIllippine Ry 1st 30-yr s I 4s '37.1 J 24 Sale 24
24
997
8 74
Union Pac let RR& id gr 45.1947 J 2 994 Sale 9914
7
96 100%
_ 9814 Feb'31 __
1932 J D 1023
9614 9814
0212 Dec'30
Pine Creek reg 1st 68
8
-1 J
-43
94
4
Pltts& W Va 1st 4%13 ser A _1958 J D 9512 963 93 Feb'31
Ist Ilen l ref 4s
8S M s 40412
Reals erf.d
June3007 J i -a5- sasit
19
9312 98
011s 1013
95
92% 9514
1959 A 0 943 9514 95
96 4 14
9514
3
let M 444s series 13
Gold 440
4
99 4 1023.
1
6
1960 A 0 953 Sale 95
112
5 110 113
9312 9,534
1st lien & ref 58
9514 27
June2008 M 13 1114 11212 12
lst M 444s aerie(' C
101 1023
4
40
9488 47
4
-year gold 4s
&
4
924 94 8
P C C St Lgu 440 A----1940 A 0 1013 10214 023 Mar'31
196s J D 9414 Sale 94
3
1942 A 0 10112 10212 023 Mar'31
Jan'31 :_:_______.
99 102 4 U NJ RR &Can gen 4s
3
4
Series B 4448 gnar
98
1944 M S 074 994 98
98
1942 M N 10118 102
t
t
9712 Dec'29
-------- 100 Sept'30
Utah & Nor 1st ext 45
Series C 444s guar
---- ---97 Nov'30
1945 M N 96
95 2 967 Vandalla cons g 4s series A __193 1 A
7
957 Jan'31
2
Series 1)48 guar
2
1 5 F i
5
4
Mar'31
-iii2 sir
95 June'30
Series E 3%s guar gold 1949 F A 91
Come f 4s series 13
6 14 512
1953 J D 97
9638 Dec'30
::::
455 4
Vera Cruz & P assent 440_1 9 4 .. P. 9432 98 2 94868
Series F 48 guar gold
193 M
67
5s
1957 MN 96
97 1024
97 Aug'30
Virginia Midland gen 5.s
Series 048 guar-M N 10218 ___ 10212 Feb'31 ____
1936
1960 F A
10012
4
99 1001k
97 Nov'30
Va & Southw'n let gu 5s...- _2003 1 J 10012 Sale 100
Series It cons guar 44
103 105
6918 Mar'31 _ _ 10614 2084
9
6
9
67 2 7
_ Ob
1958 A n- 70
Series I cons guar 4548.--1963 F A 10312
let cons 50
105
7
-year 5s
17
10014 103
4 107
03 Feb'31
Virginia Ry let 58 series A1962 MN lai 108 1063
Series .1 eons guar 4348_ 1994 MN
108 110 4
100
3
General Si Is series A_---1970 J D 10988 1tkifs 10 Mar'31
121 M 434s series B
6
99 102
1962 MN 10014 101 100
8 104 _ _2_1 102% 105
1
095
8 1093
Gen mtge guar 48 tier 14_ _1975 A (3
4 17 108 8 11012 Wabash Rit 1st gold be __ _1939 M N 104 Sale 1037
1977 .1 .1 1011 Sale 003
10212 10
99 4 1021
991g 10218
3
8
4 10114 85
Gen 4 Ss series C
2d gold Is
991 Sale
1939 F A 10214 Sale 102
3
9714 102%
4
983
4 17
Pitts Melt & V 1st go 68-1933 J .1 1034 1027 03 Dec'30
Ref & gen 5 f 5 M8ger A__ _1975 M S 97 4 Sale 973
s
1934 J J 10414
,- iii 9818 May'29
.
04
104
2d guar (is ._
Deb (is series 13 registered_1939 J J -s
2 1654 for
101 103
8612 Feb'31 ____ "a6i2 - - 71& LE 1st g 531_ _1940 A 0 103 03 Mar'31
Pitts
94 8
lateen 50-yr g term 4s _ _ _1954 J J
1943.1 ./ 10312
1021 102 103
..._
9012 91
003 Aug'29
4
1941 .1 J -„,- 102 1131
1st vowel gold 58
Deli & Chic ext let 5s
1943 MN 103
92 4 Mar'30
3
Dee Mollies Div 1st ft 45-1939. J
Pitts Va di Char 1st 45
1
68
90 604 Mar'31
-928s 9255 Omaha Div let g 3445.-1941 A 0 8734 894 8744 8734 5 8714 90
923 Jan'31
8
Pitts Y & Ash lot 43 ser A _ .1948 .1 D
1962 F A 105
105 June'30
1941 M S 9214 95 924 Mar'31 ___96
1st gen 5s series B
Tol & Chic Div g 48
4
%
924 92 8
7
1974 .1 13 1044
904 Mar'31 ____
ma 9512
let gen 53 series C
Wabash Ry ref& gen Es B-1976 F A ---- 90
-7334 75
894
4
8112 35
79
733 Mar'31
Providence Secur deb 48.-.1957 M N 73 8
Ref & gen 444s series C_ -1978 A 0 7912 Sale 79
1
87% 8718
_ _1956 M S 99%
1980 A 0 88 Sale 8914
8712 Feb'31
Set dr gen Ss serite313
90
Providence Term 1st
6
8914 96
Warren 1st ref gu g 3 M
96
83
98
9614
81 Nov'30 ____
2000 F A 80
9614
. . ...
_
_
Reading Co Jersey Con coil 45 '51 A 0 9614 98
2
1949 Q fa 8812 92
885 Feb'31 ---8
Gen & ref 4 M4 series A -1997 2 J 10138 Sale 101% 102
10 100% 1034 Wash Cent 1st gold 4s
834 88
/
1
4
Wash Tenn 1st gu 31.48
903 9214 91
4
3
1945 F A
Feb'31 ___
2 100 4 103
Gen & ref 4%e series 1L.11197 .1 J 102 10212 10214 10214
9014 9114
1945 F A
951s ____ 85 Dec'30___
_
-year guar 4s
113
Oct'30
1st 40
Reneselacr & Saratoga 68--19 M N 111
._ _
41
1948 SIN
7914 Sept'30
Wesel) Nfaryland 1st 45.-1952 A 0 82 Sale 8112
Meek 1st g 45
Rich &
82
67 - 78% 84
4
103 Sept'30
1st de ref 544s series A___ _1977 .1 J 933 Sale 93 4
R1chtu Term Ry 1st gu 55-1952 .1 J 10212
3
9514 36
924 9652
4
98 98
_ 1039.1 D 98 100
West N Y & Pa Ist g be
1937.3 .1 1033 Sale 1033
98 Feb'31
Rio Grande J tied let go
4 1033
4
5 1025 10384
45..1949 J .1
2
2
1943 A 0 9612 97 9612
2 Feb'31
Gen gold 4s
1
Rio Grande Sou 1st gold
9612
3
924 Ws
Western l'ae let 58 ser A _ _ _ .1946 M S 014 Sale 91
714 Apr'28
1
97
Guar 43 (Jan 1922 coupon) '40 J J
9
91
94
92 - - West Shore let 40 guar
6&
2361.3 J 9214 9312 02 8
4
7
Rio Grande IN't let gold .13_1939 J J 9512 10
933
3 71
.14 9512
944
9612 15
91
80
2361 .1 J 9012 914 90%
8612
1st con & coil trust 4s A _1949 A 0 84 Sale 8314
Registered
843
9112 12
4 18
90
93
9812 1003 Wheel & L Bret 434s ser A._1966 M S 947 954 941
4
8
RI Ark & Louis Isr 4454-1934 M
5
10012
9514
1004 Sale 10014
1
90
9514
Rut
Refunding 50 series 13-_1966 M S 91 101 10114 Nov'30 -----------7812 78 Sept'30
-Canada 1st gu g 4s_ _ _1949 J J 61
'
lila W
.
1949 M $ 88
92 Mar'31
RR 1st CO11130148
- 90
Rutland 1st con g 4448-1941 J J 82
90
3
1942 J D 434 -467- 433
8
Wilk & East 1st gu g be
474 27
42 8 5 1
867 1 4
8813 92
19382 D 10218 _--- 1024 Sept'30_ _ _
96
92
Will/4 BF 13t gold 58
92
I
St Joe & Grand tel 1st 48-1947 J J 92
94
____ 96 Nov'30
- 9312 Mar'31 ____
Lawr & Adir let g 5s_ -- _1996 J
Winston-Salem 811 let 46-1960 J J 93
iii iiii
"
ioi- 103
4 647
1996 A 0 100 10212 103 Mar'31
WIe Cent 50-yr 1st gen 48-1949 J J 643 - 8 6518
2d gold 64
6518
5
5114 6612
Wis
75 Sale 75
iSt L Ir M & S gen con g 55_1931 AC) 100 Sale 1130
Sup & Dul div & term 1st 45'36 M N
100
2 100 10012
76
3
75
80
71
9118 904 Sept'30 ____ ...... ___.
1931 A 0
1013 Deo'29
4
Wor & Conn East lid 434s..19432 .1
Stamped guar 58
1933 M N 155 dafe loo
10014 24 -oils irk
Riv & G Div 1st g 48
153
8114 8912
83
INDUSTRIALS.
'St L
-San Franc pr lien 48A-1950 J J 8212 Sale 8114
7212 88
1973 M
Abitibi Pow & Pap let 5.1... _ _1953 J 13 7753 Sale 763
743 332
4
73 Sale 7212
Con M 4145seritis A
774 83
70
78
91 Dec'30 -Abraham & Straus deb 5 Ms_1943
When Issued
A 0 937 96
16i94 Mar'31 __
1950.1 .1 9412 Sale 9412
963
With warrants
8 47
93
97
Prior lien 5s series
100 4 10118 Adriatic Else Co ext175
3
994 99
1952 A 0 99
J 1003 101 101
4
101
89
98
10
1
12 8432 88
6
99
'St Louis & San Fr Ry gen 65.1931.1
8c10212 Adams Express coil tr g 4s_ _1948 M R 874 Sale 87
8
3 10058
4 1003
1931 J J 1003 10112 1005
General gold 5s
518 14
14 Feb'31
4
106
2 104 1087 Ajax Rubber 1st I5-yr s f 65.1936.1 0
8
141
St L Peor & N VI7 let gu 53_1948 J .1 106 107 106
_
_
514 Feb'31 -- -983 Dec'30
4
54 12
Alaska Gold M deb 64 A _ _ _ _1925 NI S
5
14 54
:St Louis Sou let gu g is..,.A931 M S 9812
514 7
8.512 - 78/2
8612
au
514
514 Jan'31
8514
Cony de,, Os series B
LOWSt
let g ts bond ctfs_1989 SIN 86 -- - 8514
70
7614 783 Albany Pefor Wrap Pap Os_ _19-18 M O 50
75 Mar'31
4
2
773 774
4
196 A S
7718
4
.2d g 412 Inc bond clis Nov 1989.1 .1
7312 78
81 Sale 80
994 10018 Allegany Corp col tr be
1944 F A
82
1932 .1 13 1004 Sale 1004 10014 14
111
7912 8712
:Coned gold 441
82
9712
82
49
90
1060 .1 0
9 A 13
Coll & cony 5e
80
9
58
79
8612
1st terminal & unifying bs_ 1952 J J 82
8214
a
947 9812
2
78 Sale 77783
7918 S e
4
Coll & cony 58
9712 14
7912 104
963 Sale 9612
4
771 85
4
St Paul & K C Sh List 4348.1941 F A
100 1003 Allis-Chalmers Mfg deb 58..1937 51 N 10214 Sale IO.11a
2
10214
_1931 F A 1001
9 10014 1023
00 Mar'31 _
St Paul & Duluth 1st 48
4
89
913 Alpine-Montan Steel 1st 7s...1955 M 8
934
4-9188 Mar'31
8
5
8
1068 .1 1.3 917 96
84
9314
1st consol gold 4s
93 S l
9918 Aug'30
43
AM Agrle Chem 1st ref s f 7445'41 F A 105 Sale 093 4 105
9 10314 1051s
St Paul E Or Trk let 444s...1947 J J
401s 42 42 Mar'31 ____
981j 9914 Amer Beet Sug cony deb 68-1935 F A
4018 47
Et Paul Minn & Man con 4s-1933 J .1 9988 -- -- 9914 Mar'31 _ 10134 24
98 102
104
1933 J J 104 Sale 104
3 10313 10414 American Chain deb s f 6a__-1933 A 0 101 102 10112
1st consol g Os
10024 101 2 Am Cot 011 debenture 50--....1931 M N 1001s - 10014 Mar'31 -- -- 10014 1007
,
8
J 1011 102
2
Ss reduced to gold 444s-1933
95
Am Cyanamid deb bs
0
8
032 A 0 94 Sale 94
94
1
92
96
Registered
M 8
97 1914 Am & Foreign Pow deb ba.-3
i
86
293
71
19372 D 98'4-__ 9814
1
9814
1
Montan 1st gold 48
8 34 Sale 88363
6 fia
3
4
94 Feb'31 -84
b
93
94
Amer Ice s f deb 5s
81
85
4 95
Pacific ext guar 45 (eterling)'40 J .1 923 -1013 Sale 10114
4
Amer 1 G Chem cony 544s-19
102
98 102
111
6 10918 Ill
St Paul Un Dep Ist & ref 58.1972 J .1 11014 Sale 104 11018
49
9514 20
941
93
967 Am Internet Corp cony 6%8 1959 2 ND 9412 Sale 9418
8
95 4
1
4 J
41
89
3
9 3 M -1
J 954 95 4 954
SA & Ar Pass Ist gu g4s__ _1943
Am Mach & Fdy s f
A 0 10412 105 10412 10412
1 10414 1045
s
Santa Fe Pres & Shen Ist 56_1942 M S 104 -_- 103 Dec'30 ---95
904 95
1044 Mar33
0132 re9 0,:::: ioi- 10424 Amer 1VIetal 5;i% (is39 A 0 95 Sale 9412
44
notes__19
1 34
:0
100
ilav Fla.& West 1st g 63-_1934 A 0 10412
30
8
bl
10012 1011 Am Nat Gas6 Ks(w1th war) 1942 A 0 2914 Sale 25
25
514
1934 A 0
1st gold 58
94
7
9712 Am Flm h R lid 30-vr lis ser A '47 A 0 10318 Sale 10212 10318 63 102 10412
97 I
9712 96
/Scioto V & N E
fru g 48-1986 M N 9614 -•Cask gale. dDv. May. 2 Due August. S Option sale,
-
6
r)98 :34
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE.
Week Ended March 20.
Amer Sugar Ref 5-yr(Se
1937
Am Telep & Telee cony 4s._ _1936
80
-year coil tr 58
1946
Registered
85-yr m f deb 56
1960
20
-year 6153411
1943
Cony deb 4 Hs
1939
35
-year deb 56
1965
Am Type Found deb Cie
1940
Am Wat Wks & El coil tr 58 1934
Deb g Batteries A
1975
am Writ Pap 1st g 66
1947
Anglo•Chllean at deb 7s.-1945
Latina(Comp Azue)7348_ 1939
Ark & Mem 13r1dge & Ter 50_1984
Armour & Co (III) 4346
1939
Armour & Coot Del 5466.---1943
Armstrong Cork cony deb 5e 1940
Associated 0118% gold notes 1935
Atlanta Gas L let 50
1947
Atlantic Fruit 78 etre dep _ -1934
Stamped We of deposit
Atl Gulf& WI SS Leon tr 561959
Atlantic Refg deb 5.3
1937
Baldw Loco Works let 58..- _1940
Baragua (Comp As) 7 Hs_.J937
Batavian Pete guar deb 4 He 1942
Belding-fleingway66
1936
Bell Telep of Pa 56 series B _ _1948
let & ref 56 series C
1960
Berlin city Else Co deb 6 Hs 1951
Deb sink fund °Hs
1959
Deb 66
1955
Berlin Elec El &Undg He -1956
Beth Steel let & ref Se guar A '42
30-yr p m & 'raptet 56.. _1936
Bing & Mite deb 6 He
1950
Botany Cone Mills6 He
1934
Bowman-Hilt Hotels 76
1934
B
•way & 7th Av let cons 56..1943
CertMcates of deposit
Brooklyn City RR let 56..._ _1941
Bklyn Edison Inc gen Se A_ - _1949
Bklyn-Manh R T Bee 66
1968
Bklyn Qu Co & Sub con gtd 5s'41
let 5s stamped
1941
Brooklyn R Tr let cony g 4a 2002
Bklyn Union El let g 4'53.. _1950
Bklyn Un Gas let coteig 59-.1945
let lien & ref lie series A._ _1947
Cony deb g 5 He
1936
Cony deb 58
1950
Buff &Sung Iron lets f 56_ _ _1932
Bush Terminal 1st 46
1952
Consol 56
1955
Bush Term Bides Se en tax-ex 150
'
Buff Gen El 436e(ter B
1981
By-Prod Coke let5He A
_1945
Cal0& E Corp unit & ref 58_1937
Cal Pack cony deb 5s
1940
Cal Petroleum cony deb 61561939
Cony deb e I g 540
1938
Camaguey Sus let 81 g 78._;1942
Canada SS L let & gen 624_1941
Cent Diet Tel let 30-yr 5s
1943
Cent Foundry let t 6s May 1931
Cent Bud 0 & E 5s_ _ _Jan 1957
Central Steel let g f Fa _ ...1941
Certain-teed Prod 5 Hs A _ _1948
Cespedes Sugar Co let s f 7 He'39
Chic City & Conn Rye Se Jan 1927
Ch0 L & Coke 1st gu g 5s.- _1937
Chicago Rye let 5s stpd We 15%
principal and Aug 1930 int-Childs Co deb 6s
1943
Chile Copper Co deb 56„..1947
Cin G E let M 4s A
1968
Clearfield Blt Coal let 48_1910
Colon 011 cony (lob 66
1938
Colo F & I Co gen s t iSs
1943
Col Indus let & coil 58 gu.._1931
Columbia0& E deb Sa May 1952
Debentures 5s.__ _A pr 15 1952
Columbus Gas let gold 56 ..1932
Columbus Fly P & L let 4 Hs 1957
Commercial Credit e t 66._ .11)34
Col tr t 5 He notes_ _
-193.5
Comnel Invest Tr deb 6468_1949
Computing Tab-Roe s f Se..1941
Conn By & L let & ref g 4 Hs 1951
Stamped guar 414e
1951
Covert Agricul Loan 6
- -1969
Consolidated itydro-Elec Works
of Upper Wuertemberg 713.1956
Cons Coal of Md 1st & ref 513.1950
Cons& Gas(NY) deb 5 Hs _ _1945
Consumers Gas of Chic gu 58 1936
Consumers Power let 5s....1952
COntalnex Corp let Sa
1946
15-yr deb 56 with warr.
.1943
Copenhagen Telep 522 Feb 15 1954
Corn Prod ltetg let 25-yr Cf Se'34
Crown Cork & Seal 8f(63
1947
Crown Willamette Pap 65-1951
Crown Zellerbach deb flew w 1940
Cuba Cane Sugar cony 7e 1930
Cony deben stamped 8%.1930
Cuban Ain Sugar 1st coil 8e.1931
Cuban Cane Prod deb 6e
1954)
Cuban Dom Sug let 7 348. 1944
Btpd with purch war attached
Cumh 7 & T let & gen 59_._1937
Cuyamei Fruit lets f Se A _1940
Denver Cone Tramw let Ss .1933
Den Gas & El. let & ref m f Sc '51
Stamped as to Pa tax _
1931
01 Corp late f 76 .1942
Deo.
2d 76 stpd Sept 1930 coupon
Detroit FAlson let coll tr Is.1933
Gen & ref Ss merles A__ ._1949
Gen At ref 56 series B
1955
Gen & ref 513 sertes C
1962
Gen & ref 4 He series D _1961
.
Del United let con g 4 1 6e. 1932
Dodge Bros deb Sc .
. 1910
Hold (Jacob) Pack let
.1942
Dominion Iron & Steel 58 1939
Donner Steel let ref 78
1942
I/um-Price Pow let 6neer A .1966
Duquesne Light let 4366 A .1967
East( uitat $ag I5-yr I tr 7 He'37
Ed El Ili ((kin 1st eou 643-1939
ltd Eiee (N Vi let eons g 58.1995
Edith Rockefeller McCormick
Trust coll tr 6% notes. 1934
Else Pow rorp(Germanyl 83050
1461630
1953
@Cash sale. •°anon tale
*.
:4
1
t
n.
Prise
Friday
Max.20.
Week's
Range or
Last Sale.
Range
Sines
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE.
a
Week Ended March 20.
.,,o.
2161
Price
Friday
Afar.20
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
Ask Low
Bid
Mea No.
1043 Sale 104
4
1047
8 65
102 Sale 102
10218 12
8 10714 50
1063 sale 1067
4
105 Sept'30
1085s Sale 10614
10814 "135
10912 Sale 109
10912 125
13314 Sale 13914 13312 22
10778 Sale 10712 1077 285
8
105 10512 105
10512
3
10218 10212 102
10234 36
1047 Sale 1043
8
8 106
17
70
7018 70
70
2
4
813 Sale 79
82
50
1614 20
1614
1614
2
1013 10318 1013
4 1013
4
2
4
8812 Sale 8712
8914 70
g
70 Sale 697
74
123
92 Sale 913
4
93
17
10314 104
1033
8
12
---- 10318 June'30
1 Nov'30
127 May'28
8
56 1112 5912
60
102 Sale 101
102
24
Low
High
BM
Ask Low
High No. Low
Hick
1034 105
Elk Horn Coal let & ref 6362i 1931 J D
7934 Dec'30 __ -99 4 10218
3
Deb 7% notes(with warr) 1931 J D
- 56
6012 Oct'30'- 105 1074 Equtt Gas Light 1st con 59._1932 M S ioi
101 Mar'31
-- 101 3018*
Ernesto Breda Co let In 76._1954
1 -1- 4
(38
With Mock purchase warrants_ F A
75 Sale 743
4
78
23
5514 76
107 4 10912 Federal Light & Tr 1st 56_ _1942 M S 963 Sale 963
3
4
4
9714
3
917 974
3
1204 135
let lieu e f 56 stamped_ _ _1942 M S 9612 9712 9612
9612
1
92
9612
1054 1077
8
let lien Se stamped
1942 M S 101 102 102
102
2
99 10314
10312 106
30
-year deb 6s series B _ _1954 J D 9612 97
9612 Mar'31
9612 100
101 10412 Federated Metals e 713
19391 D 9212 94
93
93
5
93
953
8
102 106
Flat deb 7e (with wart)
1946 J J 94 Sale 89
92
23
794 92
4
59
77
Without stock purch warrants----- 923 Sale 877
4
8
923
4 51
7912 9234
63
87
Flak Rubber 1st t
30 Sale 30
1941
3018
7
28
373
8
14
20
Framerlcan Ind Day 20-yr 7346'42 J
10814 Sale 10814
1083
4 10 10411 109
10118 1017 Francisco Sug let el f 736e-1942 ill J
8
N 55 Sale 55
55
1
55
6912
8als 92
697 80% Gannett Co deb tis
8
1943 F A 8318 86
82
86
16
73
86
91 4 98
3
Gas& El ot Berg Co CODS g 561949 J
1051g ___ 10518 Mar'31 _ _
10514 10518
102 104
isenkirchen Mining 6e_ -.1934 M 8 943 Sale 91
4
943
4 61
9434
89
Genl Amer Investors deb 58.1952
9012 Sale 90
9012 25
83
9012
Gen Baking deb e t 5He
1940 A 0 953 Sale 95
4
98
7
93
13 98 4
4
Gen Cable let s 5 He
J 86
85
86
-85i2 (4- Gen Electric deb g 3 A __ --1947 J A 9518 Bale_ 9512 9512 18 7714 9244
1942F
.
_
6
95
96
101 103
Gen Mee(Germany)76 Jan 15'45 2 J 10014 Sale 99
101
21
91 101
S f deb 6 Hs with wart__ _ -1940 J D
7
91 Dec'30 _ -1067
107 Mar'31
8
_ 10612 107
Without warets attrieh'd_1940 J D
96
9712 18
44
44
904 98
44
67
30
48
1
20-year e t deb 6s
1948 M N 91 Sale 9072
917
8 38
82
953 Sale 9512
4
92
934 967 Gen Mot Accept
9612 43
8
deb 66.-1937 F A 1033 Sale 1033
4
4
10434 134 1017 1044
8
8612 87 86 2
864 90
,
8612
3
Gerd Petrol 1st t 5s
1940 F A 1023 10338 10212 Mar'31 _
4
102 103%
10812 1083 10812 108 4 17 107 109, Gen Pub Sere
3
4
8
deb 5He
J 93 4 96
1939J
94 Mar'31
3
__
93
1124 Sale 1123
96
4 113
43 11012e114
Gen Steel Cast 534s with wart'49 2
9418 Sale 9418
951
64
89
98
86% Sale 8212
66% 867 Gen Theatres Equlp
8678 88
8
deb 66_1940 A 0 71 Sale 62
73
254
51
74
86 Sale 82%
6814 86
86
65
Good Hope Steel & I sec 713_ -1945 A 0 937 Sale 934
943
4 15
82 043
8018 Sale 763
4
6414 J0 8 Goodrich (13 F)Co let
3
4
80% 133
634e _ _1947 J
993 Sale 9914
8
997
8 33
99 1021g
8414 Sale 8314
6814 8612
8512 21
Cony deb (le
19461 D 687 Sale 67
8
69
191
6511 76
104 Sale 10312 104
14 10222 105
Goodyear Tire & Rub let 58.1957 MN 91 Sale 90
9114 59
87
10'27 Sale 1027
8
8 10312 25 1013 10312 Gotham Silk Hosiery
9114
6
90 85
85
2
75
85
827 85
827
8
8
8278
78
82 8 Gould Coupler isletdeb 58.19363 D 85
7
1
Se... _1940 F A 66
6612 '29
66
8
683
26 Sale 2534
25
26
35
19
Gt Cone El Pow (Japan) 76_1944 F A 994 Sale 667
Bale 99
100 4 13
3
9334 10114
102 Sale 102
102
97 105
let & gen e t 636e
19503 J 95 Sale 94
95
50
5
smi 954
512 5 Feb'31
5
54 Gulf States Steel deb 5 He..1942
3
J D 8988 Sale 39
212 412 4 Mar'31
895 • 5
8
87% 90
4
4
8518 8512 8518
85
8518
87
Hackensack Water let 48_1952 J J 9118 ____ 9112 Mar'31
107 Bale 106% 107
887 9112
s
4
28 10514 1071 Harpen Mining Os with stk purch
10112 Sale 1007
8 1013 135
984 1013
4
4
war for corn stock or Am shs'49 J J
823
84
27
65
77
63
63
84
65
73
65
5
Hansa SS Lines Sc with warr. 1939 A 0 83 Sale 83 4
83
8
70
6418 70 6612 Jan'31
6612 6612 Havana Elm consol g 5s_
84
.1952 F A 51
544 4718 Feb'31
9212 June'28
4512 53 2
1
Deb ISHe series of 1926_ _1951 M S 26 Sale 26
2634 11
8814 Sale 873
2218 801s
4
8814 10 'Es' WC, Hoe(R)&Co
57
1093 Sale 10912 11014 13 1074 11014 Holland-Amerlet 6 He ear A-1934 A 0 57 Sale 5314
8
8
51
65
Line 6 (11o0-1947 M N
13
5812 58
54
58
4
1173
11912
5744 65
4 1173
4
4
3 1174 1173 Houston Oil sink fund 5 346....1940 M N
913 Sale 914
4
927
8 43
ou
218
218 218
94
Jan'31
Hudson Coal 1st f 5s tier _1962
61
10414 Sale 104
la
51
63
0104 4 Hudson Co Gas let g 56 A 1949 J D 59 • Sale 59
10414 15 1022
3
MN 1063 Sale 1063
8
8 1063
8
2 104/4 10612
96
96
994
Jan'31
96
Humbie011&Refinlngs3.4e,l932 J J 1023 Sale 1023
8
8 10212 26 101744104
943 92 Feb'31
4
83
92
93
Deb gold
1937 A 0 10218 Sale 1013
4 10214 41 101 102
ors 10114 Illinois Bell5s
14
10012 99
9914
3
Telephone Se .1950 ./ D 10618 Sale 1053
4 1068s 50 105 106%
1017 Sale 1013
4 1023
8
8 23 101 10318 Illinois Steel deb 434e
1940 A
103
49 10018 10311
1034 Salo 1023
4 10312 17 101 10312 Ilseder Steel Corp mtge 623._1948 F 0 102 10212 102
A 6114 Sale:
8
0
,8
793
,
61 4 28
8
:
9603
10314 104 10312 10312 201 100 8 104
71
8114
7
Indiana Limestone let e t 68_1941 MN
48 69
Ind Nat Gas & 0115e
1938 M N 10014 ____ 1004 Mar'31
103 10414 Inland Steel let
10013 10014
8
104 1043 10378 Mar'31
434a
1978 A 0 9618 Sale 96
9514 97 4
10
6
5
96 8 100
99 Sale 99
3
3
9912 38
let m 6 t 43.613
1981 F A 9612 Sale 96%
963
4 47
95 4 Mg Inspiration Con ser B
9614 97 9614
3
96
11688
963
8 39
Copper 6 He 1931 IN S
100 Feb'31
_
10014 Sale 10014
914 100
10012 68 100 101
Interboro Metrop 4 3.4e. _1956 A 0
_
912 Jan'31
15
19
18
45
912 9
28
1s
20
11
Ctfe of deposit
912 Jan'31
_
55
693 75 6912
94 94
4
70 5 Interboro Rap Tran
3
70
7
let 53.-1966 .1 J 7214 Sale 7112
7214 82
10518 Sale 10510
6814 78
10514
2 105 10514
Stamped .
J J 72 Sale 7112
723* 196
333 70
8814 78
50
8
50
55
50
4
10
-year 66
1932 A 0 52 Sale 52
54
10512
10512 Mar'31
104 4 10512
22
3
52
59
10-year cony 7% notes_ _1932 M
9412 68
8914 94
112 11314 113
12
11314
lot Agri Corp let 20-yr ._1932 M N 94 Sale 9318
5 11178 114
9812 99
9812 Feb'31
3112 407
407 Sale 35
8
8
9812 99
4078 130
Stamped extended to 1942_
M N 74
75
7412
____ 48
7412
59
59
59
74
1
Jan'31
764
Int Cement cony deb Sc. _1948 MN
4
993
993
3914 45
4 95
4614 4814 45
95 100
45
5
Internet Hydro El deb 8.6_1944 A 0 9012 Sale 9918
9112 65
8,812 934
104 Sale 1037
8 10414
11 1031a 10414 Internal Match 13 t deb 56...1947 53 N 9312 Sale 9012
Sale 9212
943 289
8
89 8 9911
3
Cony deb 56
1941 J J
633 74
4
9 12 273
9
0
8
7318 Sale 7212
12
8
9615 93
8
9
74
Inter 111 MAI) Marine f fle_ _1941 A 0 9814 Sale 9618
80
8018 83
83
8312 83
84
83
97
4
Internet Paper Ss (ter A & B.1947 J .1 8
7212 Sr
8 Sale 8412
8
72
753
90
5 30
95 Sale 9412
953
4
713 77
95
8
104
Ret e t(is sertes A
1955 M
6212 Sale 6214
63
91
9474 lot Telep & *Pelee
947 Bale 9312
8
34
60
943
69 3
3
4 97
deb g 43'4s 1952 J J 8412 side 8312
8412 66
7118 8412
77 Dee'30
Cony deb 43.4e
_
19391 J 9514 Sale 934
Li 71)
9515 250
-67" iiie" 64
81
67
9512
45
Deb 56
1955F A 897 Sale 8712
8
90
94% 99% Investors Equity
943 9512 944
4
76
90
137
9"
10
53 A
19472 D
75 Mar'31
90
_
8
9412
913 9214 73
75
92
Deb 56 ser 13 with warr__ _1948 A 0 7314 80
1
7314
744
961g 10138
7414
1
993 Sab 994
4
73
76
1004 165
Without warrants
1948 A 0 7314 75
993 _ _ _ _ 903
97 101(4 Kansas City Pow
4
4
993
4
1
& Lt 514._ _1952 M S 105 10514 105
105
9712 Sale 9738
9512 97 2
4 10214 frier
9712
,
let gold 4366 series
2
1957 J .1 1023 Sala 1023
4
4
19714 106 10112 10312
0
3
94
9712 Sale 987
9712 Kansas Gas & ElectricB
8
19
9712 17
4 Sis_1980 J D 9714 Sale 96
100 Sale 997
97 19i)
9312 9714
4 100
Karstadt (Rudolph) as
1943 111 N
9612 97
9812
ogle 43
744 72
937 9818 Keith (II F)
8
5984 75%
Corp let 58 _1946 PA S 77624
7212
76
9812 Sale 973
9111 99
4
7612
75
7812
99
Kendall Co 534s with wart_ _1948 al S 6512 Sale78
59
75
65
10614 Sale 106
65
10518 1063 Keystone Telep
8
39
1
10612
86
5
80
9914
82 Feb'31
9914 9914 KInge County Co let 56-1935 J J
9914 Feb'31
74
82
El & P g Es. _ _1937 A 0 10414 1087 105
loo 1-61- 10012 Mar'31
8
9915 10112
105
25 103% 105
Purchase money (is. _ .....1997 A.0
13812 Jan'31
823e Sale 82
67
83%5 Kings County
_ 134 1384
83
44
Elev let g 4. _1949 F A
82
83
8288
823
4 11
78
KIngs County Lighting 5e _ _ _1954 J
824
106
9218 Sale 924
__
10512 Feb'31
82
9318
9338
10414 1051s
3
First and ref 634a
19842 1 11814 Bale 11814
2912 Sale 25
2478 3544 Kinney(OR)
2912 44
11814
5 11816 119
& Co 73.4% notes'36 J D 87
10612 Sale 10812 107
89 89 Mar'31
_
87
142 103 1(1712 Kresge Found'n coil tr 66-193.3 .1 I3
004
1033 - - -. 1033
8 1033
4
10218 34 101h 103
4
11
1 10318 1033 Krenger & Toll 56 with wart.1959 M S 102 Sale 102
10518 10538 10518
94 Sale 9212
9414 354
10514
9 103 108
88
934
65 Sale 63
63
85
673
4 20
Lackawanna Steel let Sc A._1954, M
47
4812 49
49
64
4912 12
104
5 102 104
Lacl Ges of St 1. ref & ext 513_1934 A 0 104 10438 1034
99 Sale 99
4
97 810078
99% 16
4
Col & ref 5316 series C-1953 F A 1023 Sale 10212 10278 22 10112 1033
103 104 103 Mar'31
1027 Sale 1017
10212 10412
8
8
103
89 101 1034
Coll & ref 5 He sec D
_.1960 F A 103 Sale 101%
98 Bale 98
9712 99
9812
1023* 31 10114 10312
Lauturo Nitrate Co cony 68.1954
89 Sale 89
844 963
91
4
59
Without warrants
.1 J
66 Sale 66
66
85
7112 72
43
75'z 456
7512
Lehigh C & Nay f 4 tie A -1954 J J 71 Sale 66
41 Mar'30
10012 Sale 10014
9302 101
1005
8 11
Lehigh Valley Coal let g 511- 41 4277 Dec'30
1933
8
8
4
1017
3
3 100% 102
let 40-yr gu int red to 4%-1933 2 2 10112 1013 1017
J 9812
99l l(10'
9712 Mar'30
993
4
993
4 22
let&refetris
1934 F A 100%
67
2
712 Sale
71.
2 39,
07 10
s
9912 Feb'31
_
9911 9g11
Iet&rcfef 115,
1944 F A 77 2 78 2 773
5
10
8
8
Di
818
8
,
7778 78
773* 10
2
,
lct&refef 5s___ . __1954 F A
5
212
10
52
5
52 Mar'31
60
212 17
_
47
52
52
isl&rcfaf5s.
1964 F A
10414 10412 10414
304t4 51 1027 10412
52
52
4
56
55
3
50
65
let & ref e t 5e.
_...
1974
A
10412 Sale 10414
53
10412
9 10218 10412 1.1).ari4 & Myers Tobacco 7s.1914 F 0 118% 60 53 Mar'31 _
50
57
A
76 Dec'29
12114 13 118% 1231t
Bale 1183*
5.
1951 F A 10512 106 108
102 10212 103 Mar'31
100 103
19614 12 1044 107
103
_ _ _ 103
99% 10318 Lnew's me del.6e with warr.1941 A 0 10818 Sale 10518
103
1087 176 100 11012
4
%at bout stocks perch warrants A ()
_
98
8 61 Dec'30
4
99
137
9612 99 4
3
Lombard Else let is with war '52.5 D 983 Sale
5
614 3 Dec'30
93
95
94
9512 13 . 764 951g
Without warrants
D 9253 Sale 9'23
1023 Sale 10212 1024 12 102 l0312
4
8
95. • 30
75
95
Lorillard (P)Co 713
1944 A 0 11214 Sale 111
1063 Sale 10612
4
1124 29 1023 1124
1067
4
8 12 1043 107
4
Se
1951
A 9014 Sale 893
10718 Sale 1074 10712 12 105 10712
4
8012 51
82
90 8
7
Deb 5 He
19372 .1 95 Sale 113
10714 110 10714
96
867 97%
4
8
87
1073
4 11 10514 11173 Louisville Gas & El(KY)56 1952
M N 10612 Sale 106
1027 Sale 10218
8
993 10314 Lower
4
10314 190
10612 12 10312 10613
Austria Hydro El Pow
9818 9812 9814 Mar'31
9714 99
late/630
1944 F A
9012 Bale 90
8212 els. Mecrery
87
873, 86
91
3
76
43
8711
Stores Corp deb 548'41 .1 D 38
70 Sale 69
993 98
8
99
6018 70
70
23
93 s 99
7
10
McKeetion & Robblne deb 5 48'5' M N 99
101
794 Sale 79
793
Apr'30
4 89
78% 84%
Menial Sugar late t 7)4s
1942 A 0 31
10012 101 10012 10088 16
32
32
33
looN Stmpd
3
25
40
10514 Sale 1047
s
10512 26 102 10512 Manhat Apr 1931 coup on_ _1912 A 0 254 29% 2714
2
2518 27
2714
1g
Ry(NV)cone g 48 19941 A o 5412 Sale 5412
10418 Sale 104
Si;
1041 120 10211 104%
32
5418 57%
2d 4e
2013 J
45
32 Sale 30
41
48
45
28
32
41
5
45
7
48
Manila Elec Ry Lt
511 1953 M S 97
10012 Sale 10012 1001
97
9812 97
97 4 10012 Mfrs Tr Co etre
3
1
97 1011
2
of partic In
11914 - 11714 Mar'31
11514 11714
A I Namm & Son let 66_1943 2 D
951 93
93
5
02
9413
Marion Steam Shovel e t as .1947 A 0 93
1013 Sale 10112 101*
4
3912 45
39
39
2
35
8 100 102
47
Market At Ry 76 e'er A .April 1940 Q J
8612 Sale 8612
963
4 12
87
77
93
87
95
Mead Corp 1st 66 with wee.' 1945 A 0 96)2 8513 9612
87I4 13
85
88
85
85
71
66
2
87
.213
Merldionale Elce let 75 7 1957 4 0 8714 Sale 8714
9912 Sale 9918
100
7478 100
--
New York Bond Record-Continued-Page 6
2162
BONDS
N. Y. STOCK EXCHANGE.
Week Ended March 20.
Price
Friday
Mar.20.
Week's
Range or
Last Sale.
c..1
Range
Since
Jan. 1.
High
High No. Low
Ask Low
Bid
3 10212 10518
105
105 1051z 105
Metr Ed list & ref to sec C-1953 1
5
991s 102
Sale 10118 101%
4
1013
1968 M
Istg 4%seerD
6614 75
72% 23
Sietrop Wat Serv & Dr 534s-1950 A0 704 Sale 67%
7112 77
9
75
131ets West Side E(Chic)0-1938 FA 7414 7614 75 Jan'31
754
75
_ 75
Anag Mill Maell 78 with WU 1956 JD
1
6218 7514
754
JD 7514 Sale 75
warrants
Without
28 10012 103
103 Sale 10214 103
S
Midvale St & 00011 Or a f Iss 1936
Nil 103
102% 17
Milw El Ry& Lt 1st fis B-1961 JD 102 Sale 102
, 19 103 10518
8
Montana Power 1st 56 A _1943 J .1 1047 Sale 10412 10518 13
99 103
4 103
1018
1062 JD 103 Sale
Deb 50 series A
Montecatini Min & Agric9112 10088
1
98%
Deb 7s with warmnts___ _1937 J J 9714 9814 98%
99
17
92
97
.3.3 9612 Sale 98
Without warrants
26
9812 101
101
& ref 58.1941 ii 101 Sale 100% Feb'31
Montreal Tram let
90% 94%
9412 9513 92
Gen & ref s f 5s series A _1955 AO
9634 Sept'30
1955 A0 9412
Gen & ref a f 5s ser B
8412 Dec'30
Gen & ref s 440 eer C 1955 AO
Jan'31
1W3- 4
Gen & ref s f 5s ser D .__ _1955 60 9412 _-_- 92
6
7912 83
8218
Morris & Co lot at 440_ _1939 J J 8218 Sale 824 June'30
73
80
70
-Bond Co 4s set 2.1966 AO
Mortgage
2
51 IA
9812
1932.3.3 9812 Sale 9814
10-25 year 5e series 3
5
8
947
92% 97
4
983 94
94
1934 J
Murray Body let 630
10212 105%
10514 -- 10514 Feb'31
Mutual Fuel Gas 1st gu g 5.4.1947 MN
8
1025 102%
102% Mar'31
N 10314 - Mut Un Tel gtd ext at 5% 1941
Namm(A I) & Son_ _See Mfrs Tr
1
52
5112 5212 52
Nassau Elec guar gold 4s_..1951 J J
97
95 Feb'31
1942J D 95
Nat Acme lst s as
8 102 418
Sale
Nat Dairy Prod deb 530-1948 F A 102 Sale 1015
18
33
1612
1612
1947 F A
Nat Radiator deb 640
994 58
19411 .1 99 Sale 98
NatSteels1 deb 6s
1
- 10612 10612
D 10618
Gas cons 6/1_1948
Newark Consul
2
95
4
948 94%
94
Newberry (J.1) Co 544% notee'40 A 0 11014 Sale 11018 11014 20
New Endl Tel & Tel 5s A._.1952 1 D 105 Sale 105
4
10514
1961 MN
lot g 474s series /3
18
93
4
8 Sale 9112
New On Pub Serv lot 56 A-1952 A 0 92 Sale 91%
62
93
1955 I/ 93
First & ref 5s series B
8 29
777
7912
-year 1st g 48_1951 F A 77 Sale 77
NY Dock 50
9
68%
67
1938 A 0 68%
Serial 5% notes
6
4
Sale 11412 1145
N Y Edison 1st & ref 640 A.1941 A 0 11412
0 106% Sale 106% 106% 22
lst lien & ref 59 serlee 13_1944 A
2
11012
Sale 110
NYGesEITAII&Prg 53-19481 D 11012
98% 15
98%
7
Purchase money gold 4s. _1949 F A 98 8 99% 112 Sept'30
95 10013
L E& W Coal & RR.540'42 M N
___ 100 Mar'31
NYLE&WDock&Imp5s'431 .1 100
43% Oot'30
50
40
N Y Rys 1st R E & ref 4s-_1942
40 Dec'30
Certificates of deposit
212 212 Dec'30
2
-year ad) Inc 5e-Jan 1942 A 0
30
1 July'29
Certificates of deposit
212 Mar'31
, 212 3
N Y Rya Corp Inc 6,s_Jan 1965 AP
3
5314
8
1965J J 505 Sale 50%
Prior lien 661 series A
-- 10614 Mar'31
NY& McLain Gas let fie A .1951 MN 10614
8% Mar'31
5
88 9
N V State FLYS 184 COIls 4 40_1962 M N
6 Dec'30
MN
Registered
1
5E8 "3; 8% Mar'31
Certificates of deposit
10 Feb'31
7
8 8 20
50-yr lot cons640series B 1962 M N
16
109
N Y Steam lat 25-yr fis tier A 1947 MN 109 Sale 10812 10434
9
1951 M N 10434 105 10414
1st mtge fis
& gen s f 4)44.1939 M N 10334 Sale 103% 01044 38
N Y Teiep 1st
18
8
1117 Sale 11134 112
30
-year deben St 6a_ -Feb 1949 F A
54
1941 A 0 1065a Sale 10813 107
-year ref gold 13.4
30
9
10014
1946.3 D 9812 100 100
N Y Trap Rock let 6a
5
101%
101 10134 101
Niagara Faits Power lot 58.1932 J
5
Jan 1932 A 0 10218 10212 10218 10212
Ref & gen (is
4 105
7
105 Sale 1043
Niag Lock & 0Pr lat 5.4 A _ _1955 A 0
98
37
93 96%
Niagara Share deb 574s.. _ _1950 M N 97
8614 38
211-yr 811614'47 MN 86 Sale 844
Norddeutsche Lloyd
5
8
50%
Nor Amer Cem deb 674s A_ 194058 S 507 Sale 49
4
998 779
1961 F A 9914 Sale 988
NOrth Amer Co deb 5s
10412 91
S 10412 Sale 104
No Am Edison deb 5s ser A _1957 M
24
104
8
Deb 5%a ser B._ _Aug 15 1963 F A 103 4 Sale 10314 10218 128
8
Deb 56 series C._ _Nov 15 1969 MN 102 Sale 1013
52
1074 Sale 10618 108
Nor Ohio Tree & Light 64_1917 M
Nor States Pow 25-yr 5e A _ _1941 A 0 10314 Sale 10318 10334 15
10612 10
B___ _1941 A 0 10614 107 106
100 & ref 5-yr 6s ger
100% ---- 10014 Feb'31
North W T 1st fd g 4%
00d-1934
4 42
993
-El Nit 540_1957 MN 9914 Sale I 99
Norweg Hydro
Ohio Public Service 74.0 A-1946 A 0
1947 F A
lot & ref 74 series B
Ohio River Edison 1st 6s_ ..1948J
1944 F A
Old Ben Coal lot 98
Ontario Power N F lot 5s_1943 F A
Ontario Power Sere 1st 530-195
0.1 J
Ontario Transmission lot 58_1945 M N
1953 M
Oriental Devel guar 138
1958 MN
0
Exti deb 51
Oslo Gas & El Wks esti 58_1833 M S
Otis Steel 1st M 6e ser A _ _1941 NI s
Pacific Gas& El gen & ref 5s 1942
Pacific Tel & Tel let 5a____1937 J .1
1952 M N
Ref mtge es series A
Pan-Amer P & T cony s f 6s_1934 MN
Pan-Am Pet Co(of Cal)conv 63'40.1 0
Paramount-B'way let 540._1951 J J
Paramount-Fam's-Lasky 6s.1947J 0
Paramount Publix Corp 540 1950 F A
Park-Lox lot leasehold 640-1953
1944 A 0
Parmelee Trans deb 68
Pat & Passaic G & El cons 58 1949 M S
Pattie Etch deb 78 with warr 1937 M N
Penn-Dixie Cement 6s A_ __194I 58 S
Peop Gas & C 1st cons g 68.1943 A 0
1947 M S
Refundln.a gold 50
MS
Registered
1967.7 D
Phlia Co sec Baser A
1967 MN
Phila Else Co 1st 444s
1971 F A
lst & re/ 48
Phila.& Reading C & I ref 58.1973 J J
1949 M 8
Cony deb 6s
D
1939
Phillips Petrol deb 53s
D
Pierce 011 deb at Bs.-Dec 15 1931
Pillsbury Fl Mills 20-yr 60.1943 A 0
Pirelli Co (Italy) cony 7s_ _ _1952 MN
Pocab Cos Collieries 1st s f 5.4'57 J J
Port Arthur Can & Dk 6a A.1953 F A
103/ F A
1st M 64 series B._
...gO196flM S
Port Genf vl-- Portland RyL&P18111308.1818 ti N
thiu
Portland t.ses, &JACO L.
Porto Rican Am Tob cony 6s 1942.3 .1
Postai Teleg & Cable coil 58_1953 J
J
Premed Steel Car cony g 5s.1933
Pub Serv El & Gas lst & ref 58'65 1 13
1967.3
1st & ref 4348
1970 F A
lgt .1: ref 4%s
Punta Alegre Sugar deb 7s 1937 J J
Certificates of deposit---------1937
,
Pure Olis f 541% notes
1940 M S
8 t 544% notes
Purity Bakereis s 7 deb 5s_1948 J J
Remington Arms lotS f 68.1937 M N
Rem Rand deb 540 with war '47 M N
Repub I & S 10-30-yr 5s 131_1940 A 0
Ref & gen 54.0 aeries A _ _1953 J J
Revere Cop SS Br 66._ _July 1948 11
J
Etheinelbe Union 7e with war 1046
Without etk nurch wen. _Bite J J
a Option sale,
Gash sine.
4978 5212
95
95
4
981 102
1112 25%
994
96
104 10612
95
87
108% 11012
8
103% 1055
85 93
93
85
7412 8412
2
67
867
0116
1135
104% 108%
107% 1104
9718 99%
ioa" 166"
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 20.
t3
Rhine-Main-Danube 7s A__1950
RhIne-WestPtlella El Pew 70 1950
Direct mtge 85
62
1953
Cons M 68 of'28 with war..16
Without warrants
Con m 68 of 1930 with war 1955
Rhino
-Ruhr Wat Ser es__ P353
1944
Richfield 011 of Calif 65
1955
Rima Steel lot of 78
.
es r ... 4
e 6 & sel c B ,8
RochesterGasmsEl ris se. 1946
Gen
Gen mtge 440 serles D_1977
Roch & Pitts C& I pm 5s...1948
Royal Dutch 4s with warr.A945
St Jos By Lt H & Pr 1st 5s_1937
St L Rock Mt & P 5s stmpd _1955
St Paul City Cable cons 5s _ _1937
1937
Guaranteed 5s
San Antonio Pub Serv lot 63.1952
Saxon Pub Wks(Germany)'74'45
1951
Gen ref guar 6444
1946
&hide° Co guar 640
..l946
of 840 series B.
Guar
Sharon Steel Hoop a 510--1948
Shell Pipe Lines f deb 50._.1952
Shell Union 011 a f deb 5.4....1947
1949
Deb 5e with warr
Shinyetsu El Pow 14t 6 74s.1952
Shubert Theatre 13s_J1,ne 15 1942
Siemens & Haiske s f 78-.1935
1951
Deb s 644s
Sierra 4r San Fran Power 55.1949
1948
Silesia Elec Corps f 040
Silesian-Am Corp coil tr 7s_ _1941
la en 42 221 22 B
Sinclair Cons011 2i5-yr 7s. 1937
1938
Sinclair Crude Oil 5%s ger A-1938
1942
Sinclair Pipe Lines t 515
1939
Skelly 011 deb 540
Smith (A 0)Corp 1st 640-1933
1942
Solvay Am Invc4t, So
South Bell Tel & Tel lots f 55'41
S'west Bell Tel lot & ref 5s._1954
Southern Colo Power Os A...1947
Stand Oil of 31.7 deb 5s Dee 111'46
Stand 011 of NY deb 4 40._1951
Stevens Hotel lot(is ger A _ 19 th
Sugar Estates (Oriente) 75_1942
Syracuse Lighting lot g 58_1951
414
if4
2¼ -"
5314
45
Tenn Coal Iron & RR gen 56.1951
106 107
8% Tenn Cop & Chem deb 6s 13_1944
7
Tenn Elm Power 1st 68..-I947
14 Texas Corp cony deb 5s.-1944
Third Ave By lot ret 4s_ ...l1160
612 10
Ad)Inc 5s tax-ex N Y Jan 1980
10712 1094
1937
8
100% 1045 Third Ave RR let g 64
1955
10112 10512 Toho Else Power lot 7s
1932
11112 1121s
6% gold notes
Light Co. Ltd
10614 10715 Tokyo Elm
1953
1st 13s dollar series
95 10014
4
101 1021 Trenton CI & El lot g 5s.._1949
Truax-Traer Coal cone 8745.1943
102 103
_1940
8
10312 1077 Trumbull Steel lots f
Twenty-third St Re ref 54. _1962
89% 98
84
87
Tyrol Hydro-Elec Pow 7%4.1955
1952
41
Guar sec s f 7s
5114
14 99%
97
10014 10412 Uagawa Elm Pow of 7s_ _ _1945
Union Elec Lt & Pr(Mo)53.1932
101% 104
1933
Ref & ext 50
97 1024
Ern E LS,P (111) lot g 574s A 1954
103 108
Ry(Chic)5s_ _ _1945
102 10412 Union Elev
Union 01130-yr fisA _ _ _ _May 1942
10512 107
lot lien s 1 Se ser C. _Feb 1935
10013 10014
Deb 58 with warr_ __.Apr 1915
4
973 1014
6
1943
United Biscuit of Am deb ils.19 2
4 110 1124 United Drug 25-yr 58
4
1113
4
11114 1118 1111
4 111 115
United Rys St L 1st g 46._ -1934
1134
11212 113 113
1937
-- 10112 10112 United SS Co 15-yr 60
---;1021* Feb'31
,1
19
A.1951
5014 Un Ste,:i Works Corp ()
40
seo l 6 m26eries c
4312 11
40 Sale 40
3 10314 10512
4 10512
1044 Sale 1045
1947
9012 94
13 fdeb 644sser A
19
3
94
! 92 4
94 Sale
100 10412 United Steel Wks of Burbach1014 10312 10312 Mar'31
Esch-Dudelange s t 7s.- A951
33
95 101
101
10012 Sale 100
7
US Rubber let & ref 5a ger A 1947
94
71
8818 116
3
8
945 Sale , 93 4
Universal Pipe & Red deb 69 1936
9514 100
987
20
987 Sale ! 98
1953
99% Unterelbe Pow & Lt 64
9834 27, 95
98 Bale i 98
Utah Lt & Tree lot A ref 56_1944
1
4
35 1023 1054 Utah Power & Lt 1st 55....1944
103% Sale 1023s 104
22 103% 10514 Utica Elec L & P lot of g 5s 1950
1041
10414 Sale 104
1074 Sale 10718 10712 35 106 1074 Utica Gas .It Elm ref & ext 58 1957
102 10214 10112 10212 41 10112 10212 Util Power St Light 540___ _1947
78
50
Deb 58 with warrants----1959
4
6414
8
647 6313
64
Without warrants
10112 105
10112 10212 105 Mar'31
4
928 97
Vertientea Sugar lot ref 75..1942
96
17
95
96 Sale
1953
89
84
Victor Fuel 1st s f 55
8634 70
8634 Sale 8834
55
6212 Va Iron Coal & Coke ist g 58 1949
59
15
56 Sale ! 55
35
& Pow lot dr ref 5s_ I934
38
Va By
10
35
35 Sale 35
105 106
10618 ____ 10514 Feb'31 _
Walworth deb 640 with war 1935
183
78
3
50 4 78
7734 Sale 73
4
Without warrants
6612 803
72
17
70170
11212 115%
lot sink fund es series A _-1945
i15% --- 1 1534 Mar'31
42 104% 109
Warner Bros Pict deb 68_1939
108 Sale 1074 10814
Warner Co lot Os with warr 1944
101 106 102 Dec'30
Without warrants
554 1021
10212 Salo 10112 10212 159
1634 Sale 10234 103% 13 1024 10414 Warner Sugar Henn lot 7s _ -1941
9412 237, 92% 9412 Warner Sugar Corp lot 70-1939
948 Sale 9312
13-77% 8514
Stamped Jan 1 1930 coup on '39
79
78 Sale 77%
Wanacr-Quinlan deb 68-.1939
7412 2871 6912 83
74's Sale 6912
9012 110, 7613 9214 Wash Water Power s t 5.4_1939
79 Sale 70
2! 103 10312 Westchester Ltg En stpd gtd..1950
103
103 10812 103
1963
8
!
3 103 4 10512 West Penn Power set A 5a-1946
105
105 Sale 105
94 10012
1st 59 series E
104 100 Mar'31
10118
1953
91
92
lot 540 series F
92
92 Mar'31
1950
100 106
lot Sec 5s series G
104 10413 103 Mar'31
102 le4
Western Electric deb 50.....1944
104 ____104 Mar'31
9.114 Western Union coil trust 5a_1938
86
91% 330
914 Sale 89
8
8 106 4 101,
Fund & real eat g 440-1950
1074 108 10712 1074
1936
-year 630
2 1014 104
15
10118 Sale 10118 1011s
1951
60
79
-year gold 0
25
7512 11
72 Sale 70
1960
74%
55
30
-year 5s
7014 69
70 Sale 67
74
88
Westphalia Un El Pow 6s-1953
8612 23
88 86
86
8
1054 Sale 1054 10512 11 104 4 10614 Wheeling Steel Corp lot 54481948
8 1014 10414
1st & ref 440 series B- _1953
4 104
4
1038 104 1033
10414 33 10113 10414 White Eagle Oil & Fief deb 540'37
104 Sale 1033
1212 1212
With stock purch warrants
1212 Jan'31
15
10
3412
8
1
White Sew Mach 61 with warr '3(1
8
8
83 Sale
834
8t
8912 96
Without warrants
9112 49
90 Sale 90
933
8
85
Partie a f deb 63
894 61
8814 Sale 85
4196 )
8
90 4 5984 Wickwire Seen St' lot 78_ _1 35
c9812 51
9714 Sale 964
90
Ctf dep Chase Nat Bank _ _
95%
5
9312
93 Sale 9212
9912
84
30
78(Nov 1927 coup on)Jan 1935
847
8
847 Sale 84
Ctf den Chase Nat Bank...
9512 1004
10012 11
10018 Sale 100
8812 98
Willys-Overland s f 640---1933
954
9412 95 95
8
927 101
Wilson & Co 1st 25-yr of 6s.1941
5
95
93
8714 94
4
878 Winchester Repeat Arms 710'41
80
8512 Jan'31
9312 21
5121.4 934 Youngstows Sheet & Tube 5,4 '78
93l Sale 92
Prim
Friday
Mar.20,
Range
SilICI
Jan. 1.
Week's
Range or
Last Sale
Ask Low
Rid
97 Sale 98
10012 Sale 100
8814 Sale 8712
87 Sale 8612
4
793 87 87
8
863 Sale 85
8
765 Sale 76%
60 Sale 6012
8512 86 86
10618 Sale 0618
106 1074 06
10014 10214 0114
82
90 85
92 Sale 91
High No.
170 H13
9 4
,
5
97 4 12 6°
10012 13
90 1004
28
8934
89
75
914
66
75't 87
87
87
76
Mar'31
86% 62
35
78
6734
414 6 4
7
8
788
611z 140
1
86
554 83 2
84
2 10 18 107179
108%
105 108
Mar'31
4
9912 1011
Feb'31
Dec'30
256 "ii" WI;
92
9
99
9812
9812 100
3
51
51
55
51
89 89 Mar'31
88
90
88 Feb'31 _88
10
108 10814 10713 108
9212 38
9112 Sale 9112
8
4 55
855 Sale 84
853
12
85
69 60
65
17
85
85
80
798
3
80
8014 87 80
8918 66
8
8812 Sale 873
7712 Sale 7714
4
793 220
7914 Sale 7914
80% 93
5
92 4 Sale 917
9314 106
e
33
20
1812 Sale 17
8
4
1013
101% Bale 101
55
1007
o
10012 1007 100
1034 Sale 10334 10312 17
7912 82 80 Mar'31
8212 16
8212 Sale 73
9812 Sale 974
9813 53
9472 Sale 947
0618 35
4 10212 54
102 Sale 1015
4 100% 17
1003 Sale I 998
7612 11
7612 Sale 75
3
103
10214 Sale 10214
9714 40
9714 Sale 97
10514 36
10514 Sale 1051s
10612 19
10618 1341e 10618
9
10358
10314 Sale 10314
104
Sale 10312 104
10312
9972 Sale 9912 10014 128
15
62
61 Sale 81
18
2
11
11 Sale
7
10814
10614 Sale 108%
974 100
51
46
874 92
2
92
8 108
l031
7
mg 93 2
724 86
60
5
8
105 4
2
97
8 34
5
107
991 591
4914 23
33
305
2
9514
7
10034
28
1001
4
4
0% 058
104 10759
5
105 8 Sale 10584
97 97
98
10734 Sale 10714
99% Sale 984
8
49 Sale 48 4
30 Sale 30
8
987 9514
95
10014 10012 1004
100 10014 100
Go
893 Sale I 89
loo 1004 10412 Nov'30
56
55
66
51
100
100 Sale 99
2012 Mar'31
27
20
100
99 Sale 99
941
9414 Sale 9318
0
8
60 6
651141s
90
2 12
8684
9234
88
e
787
90
78
718
8 : 02 4
95761 101314
1 6235
102 103%
9002
90604635.4 881%12i
67 180
10014 1024
98 101
04
863
005
177510:02
10214 10312
95% 984
8
1046 106
4
1038
1051s
102
103
0
911:1 09
62 633 2
10718 10814
90
8
4 51
47
96 10214
28% 33
93
93
Ms 10013
04
934 91
2
ao
72
.
865 100
-115-2 . -
16
29
1011s 15
10118 Sale 101
2
lO2lo
10218 Sale 102
1
8 ____ 1024 1021n
1023
8
10412
104 Sale 104
8
7114 767 71 Mar'31
6
106 Sale 10618 lOS's
10012 Sale 10012 100'l 10
21
97
9612 Sale i 9612
6
103
104 1044 103
4 94
10014 Sale 9911 1018
____ 55 1 58 Mar'31 - 10118 10114 10118 Mar'31 82 I 77
82 Sale . 8112
.
8112 77
8
814 Sale 807
88214; 33
8134 Sale , 80%
4
3
108 ---- 105 4 10534
7212 135
7212 Sale , 71
I 61 Nov'30 --___ 55
8134 IS
8112 Sale 80
8 43
985
8
9814 Bale 1 97 4
103 Sale 10212 10312 20
103% 10611 104 Feb'31 -10914 110 100 Mar'31 - 80
84
84 Sale I 80
76% 119
764 Sale 73
_
32
1
51 16 2 _55--- 16
__
22 Mar'31
_ 24
10
82
8218 85 82
10234 24
1024 Sale 10214
9412 82 Mar'31
85 Nov'30
7518 10
7412
7412 77
5978 249
5614 Sale 5614
3
95
95 Sale 05
95 Mar'31
92
96
4
3
105 4 1063 106 Mar'31
3
2412 15 Feb'31
8
1
23
23 Sale 23
57
10
5512 Sale 5512
2
10312 105 10312 10414
108 109 109 Mar'31
5
4 10484
105 10514 1048
107% 108 107 s 10834
5
45
107
10612 10714 1061
1
1054 10512 1054 1054
10512 52
10512 Sale 105
10314 12
4
1023 103% 103
7
10112
101 Sale 101
21
4
1093 Sale 10912 110
25
10312 Sale 10312 104
55
103% Sale 10312 104
7914 60
7914 Sale 773
10214 Sale 102
1024 28
8958 Sale 894
904 28
-55" 83
23
48
5
5
70
4
103 Sale 1028
364 3872 38
374 43
38
32%
3318 35
812
812 15
8%
94 12
1012
84 28
10%
1014 15
99 Sale 99
10012 Sale 10012
39% 42
101% Sale 101
16-
1 : 1 :1 960: 590 °4809.
;0 03:5679 0472159:80°645906 274032485345 821 7: 31 8I;41 5':1 48: 528:4 2:1
1 1 1 1 c81: 180918204°9078516524201733:89407896 4307926610870 59:234
59:427138218:14 1:1 '4°23142:S(21
1024
0
0
1410
lows 104%
67
7912
9958 103
92
87
2
0 12
36 132 103
103
_
Mar'31
3
40
4
30
4 42
29
22
3212
882
74 10
7
Mar'31
Feb'31
74 104
Mar'31
6% 1114
Mar'31
99%
95
9978
99
33
101
131
8
034
2
0
0
14
_
Mar'31
1014 445
MAR. 21 1931.]
FINANCIAL CHRONICLE
2163
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Mar. 14 to Mar.20, both inclusive, compiled from official sales lists:
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Far. Price. Low. high Shares.
Range Since Jan. 1.
Low.
High.
Amer THU & Gen'l Corpvot tr ctfs B
4)4 455
•
100
3% Ma
454 Mae
Range Since Jan. 1.
Amer-Yvette Co Inc com_•
44
355 455 2,420
1
4% Mar
Jan
Appalachian Gas Cor corn'
Stocks7
7
74
250
6
Jan
Low
84 Feb
High.
Art Metal Wks Inc corn..'
7)4
74 8)( 1,550
34 Jan
854 Feb
Associated Investment Co•
Retire ads
61% 61%
100 57
Jan 614 Mar
Assoc Tel & Tel cl A
Boston & Albany
•
68
100
70
180% 183
330 65
276 17354 Jan 185
Feb 70
Mar
Mar
$6 pref with warrants.
Boston Elevated
100 71% 6855 71%
87
8855
60 864 Jan 88)f Jan
844 68)4 Mar 73
Feb Assoc Tel Util Co corn .'
Preferred
2451 25
100 80% 80
1,200 21% Jan 25% Feb
80)4
52 80
Jan 83
Jan Automat Wash cony pfd_ • 25
1st preferred6
•
100 101
6
10
101 101%
215 98% Jan 103
5
Jan
6
Jan
Jan Backstay Welt Co com
2d preferred
19
19
87
20 12
84
87
231 84
Jan
19
Mar 90
Mar
Jan Baxter Laundries Inc A_ • 19
Boston & Maine
_•
1% 254
2%
170
254 Mar
155 Jan
Beatrice Creamery com_50 794 77
Pr.pref.stpd
100 106
80%
900 66
105 1064
Jan 8055 Mar
571 100
Jan 108
Mar Bend's Aviation corn
Class A lot pref
100
• 244 21% 2455 33,500 1654 Jan 2534 Feb
69% 72%
235 62
Jan 75
Feb Rinks Mfg A cony
Class B lot pref
pfd_ •
8
100
8
450
112 113
6
Feb
370 95
9% Jan
Jan 115
Feb Borg-Warner Corp com_10
Class C 1st prof
100
98% 100%
3014 2751 3054 67,200 2055 Jan 304 Feb
150 88
Jan 103
Feb
7%
Class D 1st pref
100
944 94)5
100
127% 12734
50 88
Jan 95
34 127% Mar 13755 Jan Bonin preferred
Feb
Vivitone Corp pfd..'
Chic Jct Ry 11 S Yds Pf
54
54 6
10355 1034
550
254 Feb
5 100
Jan 105)5 Jan Brach dr Sons
714 Feb
East Mass Sr Hy Co
(E J) com__• 174 15% 17%
350 1131 Jan
1755 Mar
Bright Star Elec A
Preferred B
•
100
154 1%
100
6
1
6%
35
Feb
14 Jan
6
Jan
8% Mar Brown Fence &
NYNH & Hartford..loll
Wire
86% 89%
152 7555 Jan 92% Feb
Class B
Old Colony
•
100
654 74 1,250
136 140
5
Jan 104 Feb
65 125
Jan 140
Mar Bunte Bros corn
Pennsylvania RR
10 15
50 584 5754 59%
15
16
200 15
Mar 1751 Jan
1,226 56
Jan 68% Feb
Burnham Trod Corp corn.'
255 254
1)5 Jan
500
3
Mar
Miscellaneous
Convertible pref
•
IN
84 955
650
551 Jan 11
Feb
Butler Brothers
American Founders Corp_
20
654
6% 6%
455 44
1,950
551 Jan
166
754 Mar
354 Jan
54 Mar Canal C011a cone
Amer & Conti Corp
pref...• 11
15
11
12
1,230
5% Jan 12
15
15
175
Mar
9% Jan 154 Feb Castle &
Amer Pneum Serv corn.
Co (A M)
0
.25
23)4 254 2,100 23)5 Mar 34)5 Meb
3
3
50
2
Jan
4
Feb CeCo Mfg Co Inc
Preferred
6
6
2% Jan
8
736 2,350
74 Feb
8
35
7
Jan
11
Feb Cent Illinois Sec corn...'
let preferred
23
23
43
1,000 23
Jan 25% Jan
43
22 39
Jan 44
Feb Central III P 8 Co ctfs-- ______
Amer Tel &Tel
prat
• 95
10(,
944 95
192% 196%
Jan 95
520 91
1,764 1764 Jan 201% Feb Cent
Mar
Amoskeag Mfg Co
Ind Pow
104
82% 84
9% 10%
50 78
Jan 84
525
Mar
7
Jan 10% Mar Cent Pub Sere pref _ _ _100
Aviation Sec of NE
Corp
• 1994
18% 194 5,600 14
Jan 1951 Mar
255 Jan
60
5
Mar Cent SW Util corn A
Bigelow Sanford Carpet..• 26
new..' 234 23
2355 1,000 16% Jan 24% Feb
25% 26%
453 24
Jan 33
Jan
Preferred
Preferred
•
84
95
84
95
50 90
84
Jan 9555 Jan
5 8334 Jan 85
Jan
Prior
Boston Personal Prop Trust
•
102 102%
20
250 94% Jan 1044 Jan
21
210 17% Jan 21)4 Feb Cherry lien pref
Brown Co prof.
Burrell Corp
60
28
264
50
51
60 25)5 Jan 27)5 Jan
127 50
Jan 66
Jan Chic City & Cons corn.'
Brown Durrel & Co
Hy
5
5
83
2% Jan
Mar
Part share corn
Columbia Graphophone
•
14% 16 34
200
55
3-1
51
74 Jan 16% Mar
3.1 Jan
55 Jan
Crown Cork internat Con.
Participation pref
454 554
7
4
5% Mar
7
20
800
Jan
64 Jan
8
Mar Chic Investors Corp corn.'
East Gas & Fuel Assn.__ _.
354
27
334 34
24
884 174 Jan 274 Mar
2% Jan
650
27%
44 Feb
455% preferred
Convertible preferred..' 314 31
100 80
314
80
81
455 77
Jan 31% Mat
350 26
Jan 85
Jan Chic N 8 A Mew
6% preferred
100 934
1,917 89
95
Jan 95
Jan
Prior lien ',ref
Eastern SS Lines Ins..._25 25% 93
100
60
60
25
40 58
Jan 60
25%
805 19% Jan 274 Feb
Mar
Preferred
Preferred
100
7
45
755
300
7
45
954 Feb
Mar
50 424 Jan 45
Feb Chicago Ry part ens 1.100
181 preferred
9
9
9
454 Feb
97% 9711
50
20 94
9
Mar
Jan 974 Mar Chicago Towel Co cony
Edison Elec Ilium
pts
101, 25854 257 259
84% 85
30 80
494 240
Jan 85
Jan 2664 Feb Chicago Yellow
Jan
Empl Group Assoc T C.... 19
Cab inc..'
22
850 20
234
18
19
535 17
Jan 2334 Mar
Jan 20
Mar Cities Service Co corn....
Galveston Houston Elec pf
355
355 4
3
130
Jan
594 Jan Club Aluminum Uten Co.* 2034 1755 204 61.350 1555 Jan 204 Feb
General Capital Corn....
254 254
37)5 36% 37.4
600
254 Jan
354 Feb
290 29% Jan 384 Feb Coleman Lamp
Ger Credit & Invest Corp
& Strom.'
11
11
30 10% Feb 12)4 Jan
Commonwealth Edison_100 2
25% 1st preferred
1,675 220
4894 246 24951
16
Jan 255)4 Feb
1751
60 16
Jan 17% Mar Community
Gillette Safety Razor
174 194
150 1254 Jan 20% Feb
31% 34)5
900 214 Jan 3455 Feb Community Tel cum part_•
Hathaway Bakeries pref__.
Water
11
11%
430
9
Jan 11% Mar
95
95
Jan 96
95 94
Jan Constr Mat'l Corp Serv_ •
Class A
corn_ •
34
8% 9
100
34
34
8% Feb 104 Jan
'Feb 34
150 33
Feb
833-4 preferred
Clam B
274 274
13
100 28
11
13
475 11
Jan 32
Mar 154 Jan Consumers
Jan
Internatl Buttonhole Mach
Co
8
8
755 Jan
50
Mar
Common
lot Hydro-Electric
5
334
355 351
600
2% Jan
284 28%
455 Jan
86 23
Jan 30)4 Mar
6% prior pref A
Jenkins Television
100 44
41
41
20 41
34
34 4
Mar 45% Jan
255 Jan
800
5
Mar
7% preferred
Libby McNeil& Libby....
100 43
29)5 43
240 2954 Mar 43
114 12
40
Jan
934 Jan 13% Feb
Warrants
Loew's Theatres
6
51
450
84 84
34
34
14 Jan
5
8% Mar
)4 Jan
034 Jan Cont Chicago
Mass Utilities Assoc v t o_
Corp
455 4% 1,530
354 Jan
434
Feb
Common
•
cni
Mergenthaler Linotype...
854 954 13,850
5% Jan 1055 Feb
86
45 85
87
Jan 89
Jan
Preferree
Nat Service Co corn ohs_
39
37% 39
2,150 35% Jar
255 3
254 Feb
40% Feb
855
354 Jan Continental Steel
New Engl Tel &
pref.100
63
142
139 14151
65
Mar 65
50 63
384 130
Mar
Jan 142
Mar Cord Corp
North American
b 1054
_
955 1055 43,800
855 854
Jan 1154 Feb
8
96
551 Jan
954 Mar Corp See of Chic
North & South Americaallot elf.*
57)5 60
8
Jan 80
900 50
8
8
85
Feb
Mar
8
Mar
Common
Pacific Mills... . _ _10o 24
1955 20% 23,900 14)5 Jan 2154 Feb
22
24
1,886 1518 Jan 24% Feb Crane Co
corn
Public UHL Holding
25 324 38
*
37
828 36
6% 6%
Ma
6% Jan
40% Jan
30
754 Feb
Preferred_
Reece Buttonhole Of ach100 15%
100
115% 115%
1551 15%
10 11455 Jan 110
50 144 Jan 1555 Mar Cudahy Packing
Feb
Shawmut Assn TC
com _ _50
45
14
45
13% 14%
20 45
Mar 45
838 13% Jan
Mar
16
Feb Davis Industries Inc A__•
Stone& Webster
464 48
14
34
)1 Jan
400
617 39% Fe
55 Feb
50
Feb Decker (A10 & Cohn Inc
Swift & Co. new
• 29)1 29% 29%
237 28
Jan 304 Jan
Common
Torrington Co
100
5
51
4
44
40
45
220 43
5
Fe
7
Jan
Jan 47
Feb Deep Rock Oil
United Founders Corp corn
40
40
9
8% 94
50 40
Ma
654 Jan 104 Mar Eddy Paper cony pfd 100
43
373
Mar
II 13 Shoe Mach Corp p1_25 31
Corp
10
10
31
30 10
31
Fe
1054 Mar
100 31
Jan 31% Jan El Household Utl (The)...'
United Shoe Mach Corp.25 5554 54
Corp_ _10 2654 25% 27% 4,250 23
Fe
294 Feb
5634 2,491 5451 Jan 58
Jan Emp Gas & Fuel
U S Elee Power Corn
7
7
7
454 Jan
8
125
Mar
6% preferred
US & Internatl Sec Corp
100
64
65
Ma
100 62
24 24
1
65
100
Jan
24 Mar
Feb
Utility E11111,fps Corp pref
7% Preferred
100 77
77
7451 74%
100 75
774
Ja
10 64
80
Jao 754 Mar
Jan
8% preferred
Venezuela Mex Oil Corp.
100
914 914
100 90
1)4 2
Ye
110
92
Jan
14 Mar
3
Jan Fedi Electric Co Inc corn •
Warren Bros Co new
414 39% 4294
33
20 28
37
Fe
1,958 284 Jan 4855 Feb Fitz
37
mar
Simmons A Connell
Mining
D dr D com
• 22
2155 22
700 215.4 la
Jan
29
Foote Bro.C & M
Arcadian Como] Mhz Co..
-5
100 35c
3
3
34 6,500
2)4 Fe
420 100 Mar 350 Mar Gardner
414 Jan
Arizona Commercial
-Denver
h 80o
800 800
30
30
20 30
Ma
975 650 Feb
Jan
35
155 Feb General Candy Co corn •
Calumet & Ilecla
25
Corp A-5
951 955
351 351
334
30
100
451 Feb
1
Feb
855 Jan 114 Feb General
Copper Range
25
Parts cony
7%
7% 7%
10% 11
105
200 10% Mar 13% Feb
7
Feb
854 Feb Gen Theatre Equip pref _ _•
East Butte Copper Mine.. 25c
210 25o
230 150 Feb
2
Feb
Common new
tale Royal Copper
25
5
• 1355 1154 14
5
54
265
2,050
Jan 15
4% Jan
7
Feb
64 Feb
Mohawk
Preferred
25 18)5 18
•
1834
254 2854
250 24)4 Jan 30% Feb
161 15% Jan 21
Feb Gen Wat Wks
North Butte
24
3
255 3
8
836
9
14.860
1
170
Jan
8
Mar 144 Jan
555 Mar Gleaner Corn Corp el A.•
Old Dominion Co
25
Hare com--•
34 354
255
2% 24 1.450
27
% Jan
100
Feb
1
354 Feb
654 Jan
P C Pocahontas Co
15
14
15
5% 6%
63.4
55 134 Feb 15% Jan Godchaux Sugar Inc B___•
550
sg Mar 94 Mar
Quincy
Great
25
9
44
9
94
354
455 18.550
7
605
Jan 10% Feb Great Lakes Aircraft A-_.•
1% Jan
48‘ Mar
St Mary's Mineral Land.2.5
Lakes I)& D.
• 2634 25
8
84
180
2854 3,850 23% Jan 284 Feb
Jan
7
9% Mar Greyhoun Corp corn_
Utah Apex Mining
5
d
155
•
1)5
4
1
50
4
Jan
Feb
4
50
694 Jan
194 Jan Gdgsby-Grunow Co com_•
Utah Metal & Tunnel....) 500
350 50e
54
960 25o
5)4 634 13,500
2% Jan
Jan 590 Feb Hall
614 Mar
Printing Co com___10 17%
1535 17)5 1,600 154 Mar 1714 Mar
BondsBart-Carter Co cony prof.' 10% 10%
300 104 Feb 13)5 Feb
1034
Amoskeng Mfg as_ _ _ _104.
Ilormeil & Co A
•
72% 74
89,00
71
26
Feb 74
26%
25
26
Mar 29
Mar Houdaille
Feb
Beaton & Maine 4548_1944
diersbey Corp A•
97
97
20,000 97
Mar 97
17
1855 1,400 11)5 Jan
Mar
1855 Mar
Clam 13
Chic Jet Byerlin stir Yds•
84
25
451 Jan
955 Mar
Hussman-Ligonier Co corn'
& 1940
102% 102)5 5,00 1014 Jan 103
351
3% Mar
351 3%
4
Jan
634 Jan
Eastern Mass St Ry
(4.40
2935 324 10,00
21)4 Jan 324 Mar
Series D 58
Illinois Brick
1948 32
32
33
10.000 234 Feb 35
1555 15)4
10
14% Jan 1671 Jan
Jan Inland Util Co cap__ _25
Series C 6s
1948
Inc class A--•
•44
44
255
1,000 44
Mar 44
25.4
255
90
155 Jan
Jan
Mar Insull Util Invest Inc.....'
4
Series E es
1948
48
48
454 44% 4655 12.25
1,000 48
Mar 48
2854 Jan 49% Feb
Mar
2d preferred
Hood Rut ber Os
103'
79
79
•
16,00
78
Ma
857 8634
%
Jan 90
600 74
79
Feb
Mar Interstate Pow Co $7 pref.'
Now
New Engl Tel & Tel__1932
1013-4 10154 8,00 100% Jan 101% Jan
87
2
8455 Jan 89)4 Mar
88
Swift & Co 51
1944
102)5 1024
1.000 102% Jan 10254 Mar Iron Fireman Mfg Co v t c• 1834 1854 19% 1,35
15)5 Jan 22% Feb
Kalamazoo Stove corn_ •
•No par value. s Ex-dividend.
25
Mar 34
2855
700 25
Jan
Katz Drug Co corn
1
23)4 244
250 16% Jar
2535 mar
Kellogg Sw•bd & Sup comb0
3)5 Jan
Chicago Stock Exchange.
-Record of transactions at Ken Rad TA L corn "A"• 6% (3% 634 1,600 3 Jan 755 Mar
3%
38i 355
500
5% Mar
Chicago Stock Exchange, Mar.14 to Mar.20, both inclusive Ky Util jr cum pfd
50 50
51
Jan 51
250 49
50
Feb
KeystoneSteel & Wirecom• 13
1054 13%
1,850 10% Jan 13% Mar
compiled from official sales lists:
Kirsch Co cony prof
•
50 17% Fe
18% 18%
18)5 iMar
Kuppenheimer&Co B com5
Friday
10 25
25
Salts
25
Fe
Feb
25
La Salle Ext Univ com_IU
Last Week's Range for
I
20
1
Mar
1
154 Feb
Range Since Jan. 1.
Lane Drug com v t c
Sale
of Prices.
250
Week.
55 Jan
%
)5 Feb
)4
Lawbeck 6% cum pref _100
StocksPar. Price. Una. 1/40. Shares.
*
78
10 78
Mar 83
78
Low.
Feb
High.
Leath & Co
Cum preferred
Abbott Laboratories corn.•
11)4 15
170 1155 Mar 10, Jan
38% 387
%
100 35
4
Jan 3814 Mar Llbby McNeill Libby •
dr
_ -10 12
Acme Steel Co cap stk.-25 37
11)5 124 2,600 10
Jan
37
37
400 35
134 Feb
Jan 41% Feb Lincoln Printing
com--- • 23% 2254 23%
Ainsworth Mfg Corp oom10
1,35
194 Jan 23% Mar
11)4 13)5
500
8% Jan
13)f Mar Lindsay Light corn
-Amer Mohawk A. 5
i0
All
8
40
8
1
Mar
855
8
I
50
1
9
Feb
Jan
1
Jan loudon Packing Co corn..' 35
Allied Motor Ind. Inc corn'
35
35
35
24 3
35
Jan 40)4 Jan
2,750
234
114 Jan
354 Jan Lynch Corp common.
• 21% 21)5 24
...' 19% 1854 1054
Allied Prod Corp A
350 1514 Jan 104 Mar
1,050 17
Feb 2454 Mar McGraw Electric
corn. •
Altorfer Bros Co cony pt.*
50 13
34
1551 15%
33
2
Jan 164 Jail
28
Jan 36
Feb MoWl'ilams Dredging Co
Am Common" Pow A eom•
30% 4,650 29
164 1654
55
Ma
1354 Jan
30)4 Mar
1654 Feb Majestic lIouseh Utll corn• 30% 29
•
$7 class A preferred •
87% 87%
554
534 814 2,450
2% Jan
1
87% Mar 87% Mar Manhattan-Dearborn
734 Jan
corn* 16
let preferred 6634 A...* 73)1 73% 733,4
200 18
16
1654
Jan 20% Feb
50 73)i Mar 75% Feb Mapes
Cons Mfg cap stk.'
Amer Equities Co corn_ _ _•
40
40
3
6
syt
634
35
500
Fe
4)4 Jan
40
7% Feb
Mar
Marks Bros Theat cony DIA. 1054
Amer Pub Sere Co pf-100
955 10%
z92
670
6
93%
80 91
Jan 1114 Feb
Jo
94
Feb
Marshall Field & Co corn •
Amer Radio & Tel St_
1
29)5 3154
1,350 23% Jan 324 Feb
650
5
4 Jan
1
i5.4 Feb
Material Sere Corn corn _10
19
19
50 1754 Jan 20
Mar
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Prtce Low. High. Shares
FoL. 132.
FINANCIAL CMIONICLE
2164
notes
Friday
Last Week's &rive for
1Veat.
of Pric:s.
Sate
Stocks (Concluded) Par. Prier. Low. High. Shares.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. t.
Low.
High.
Bonds (Concluded)
Range Since Jan. 1.
High.
Low.
24 Jan Pub Serv Co of Nor Ill
14 Jan
1,050
2
2
2
•
Meadows Mfg Co
10894 1084 2,000 105% Jan 108% Mar
1st & ref mtge 5145_1962
1,800 174 Feb 23% Mar
Mar
Mer & Mfrs Sec Co A corn. 22% 20% 224
Feb 113
5,000 37
63
83
Mar 144 Jan South United Ice 614s 1938 83
134 11% 144 5,250 10
Mickelberrys Fd Pr corn_
Jan 23% Feb 208 So La Salle St Bldg
1,750 17
23
22
Mar
Mar 79
1,000 79
Middle West Tel Co corn.* 23
79
79
1958
514s
Jan 25% Mar
36,500 17
24%
Mar
Mar 74
Middle Wart Utilities new • 24% 24
3,000 74
74
74
Jan 1004 Mar Union Elevated RR 58 1945
850 95
100 100
Mar
• 100
$8 cum preferred
5,000 604 Feb 85
85
75
Feb United Amer URI 68_1940
4
650
1,4 Jan
294 2%
Warrants A
Feb
5
Jan
1%
150
24 2%
294
ir En-rlahts
Warrants B
• No par value. • Ex-dividend
Jan
3
Feb
950
1
14 134
Midland Nat Gas part A..•
Jan
700 1814 Jan 23
20% 20%
-Record of transactions at
Midland United Co corn. •
Toronto Stock Exchange.
600 384 Jan 4394 Feb
39
404
Preferred
9,4 Feb
115 Jan the Toronto Stock Exchange Mar. 14 to Mar. 20, both in1,200
1
1
1
•
Warrants
official sales lists:
Midland UtilJan 20% Feb clusive, compiled from
140 79
100 8434 824 844
6% prior lien
Jan 84% Feb
Sales
20 80
Friday
824 8314
100
6% dam A pref
Feb
Range Since Jan. 1.
Jan Ins
95
80
Last Week's Range for
9614 99%
104)
7% prior lien
Week.
20 88% Jan 63% Feb
of Prices.
Sale
884 93
100
7% preferred A
High.
Low.
100 914 Feb 9514 Mar
Par Price. Low. High Shares.
94% 9515
StocksMiss Val Ur II pr lien pfd • 9534
53.6 Jan 104 Mar
94 94 3,900
9%
Mo-Kan Pipe Line com..5
74 Mar Abitibi Pow A- Paper corn.•
8% Jan 13,4 Feb
11
80
334 Feb
11
250
714
6
Co Corn.
Mohawk Rubber
Feb
Jan
Jan 25
45
75 3994 Feb 50
44
10 19
24
100
24
6% preferred
Monighan Mfg Corn A. •
Jan
Mar 30
594 Jan Alberta Pac Grain pref-100
43,4 Mar
10 25
25
100
25
5
5
5
Monroe Chemical Co corns
Mar Atlantic Sugar corn
Jan 37% Mar
Jan 26
334
480 13
10 22
25
• 324 32
25
• 25
Preferred
Mar
Feb
9
414 Jan
5 79% Jan 105
100
100
600
100
614 794
Preferred
64
Morgan Lithograph corn •
Jan 151% Feb
252 141
14714 149
100 148
Bell Telephone
Muskegon Motor Spec1514 Feb Blue Ribbon Corp corn...* 14
Jan
Mar 134 Mar
95 12
400 10
134 14
134 14%
•
Convertthla A
Mar
114 Feb
Feb 35
30 30
35
250
914 Feb
35
50
934 10%
614% preferred
915
Nachman Springf'd corn.'
25% Jau Brantford Cordage let pt 25 20% 20
21
193 194 Jan 2214 Jan
30 2334 Ma
25
24
National Battery Co pref •
Mar Brazilian T L & Pr corn..' 254 24% 274 14,641 20% Jan 284 Mar
Jan 28
1,350 22
28
25
Nat Elea Power A part_ •
Jan
6
Jan 424 Mar
42
3% Ma
42
30 35
2,850
394 5
C Power A
Nat'l Family Storm corn..
Feb
Jan Building Products A
1
Jan
115 2214 Jan 26
200
1
• 254 254 25%
National Leather com __10
Jan Burt, F. N. Co., corn...25 42
Jan 444 Feb
Jan 31
40
4234
250 30
30
42
30
30
Natl Rep Inc Tr allot etts•
Mar
7,4 Jan
74 Feb Canada Bread corn
3% Feb
7
25
7
7
1,150
•
694 7
Invest Co com.•
Nat Secur
Feb Canada Cement COM
Jan 76
300 1214 Feb 184 Mar
450 64
72
17% 1614 17%
70
• 71
Certificates
30 91% Jan 95% Mar
944 954
344 5,500 25% Jan 344 Mar
100
Preferred
• 334' 31
Nat'l Standard corn
Jan
Feb 70
5 Feb Canada Wire & Cable A..' 944 67% 674
144 Jan
30 65
500
394 4
•
Nat Un Radio Corp cornMar 301 Mar
4
Jan 474 Mar
304
165 29
6,850 38
29
47%
30
Noblitt-Sparks Ind com__• 47% 46
Feb Canadian Canners COM
54 10% Feb 1314 Feb
Mar 31
460 20
104 1034
•
Car com____• 234 22% 23%
North Amer
Jan
Fe
1354 Feb
300 12% Feb 14
100 10
124 13
114 11%
• 13
Cony. preferred
North Amer Gas& Elec A *
Jan 704 Mar
6 894 Feb 924 Jan
904 91
68% 2,800 61
100 91
1st preferred
Novam Lt & Pr Co com__• 684 67
Jan
Feb 2514 Mar
10 25
1114 Mar Can Car & Fdry pref _ --25 254 2514 254
8
100
94 10
A com_ •
N & S Am Corp
Jan Can Dredg & Dock corn. •
344
270 254 Jan 364 Feb
200 3134 Jan 37
33
32% 32%
Northwest Bancorp com_50
Mar
Feb 300
15 250
50 12% Jan 18% Mar Can Gen Electric corn. _ _50
270 300
17
17
•
Northwest Eng corn
Mar
3 5914 Jan 62
62
82
50
Preferred
Northwest ULUFeb Can Indus Alcohol A
514 Jan
155
214 Jan
10 854 Feb 98
414 494
95
95
•
100
71 preferred
Feb Canadian Pacific Ry_ - _100 424 41
43% 1,698 38% Jan 45% Feb
Jan 102
30 fig
1004 100%
100
Prior lien pref
Mar
Jan 64
1 51
64
Jan 244 Jan City Dairy corn
50 18
4
64
221 22%
•
Parker Pen (The) com_10
Jan
40
1194 Jan Cockshutt Plow COM
Feb
8% Jan 10
8
50
94 94
814 814
•
914
Penn Gas & Elee A oom_ •
Mar
Mar Conduits Company corn_ •
9
Mar
Jan 36
70
8
9
650 25
9
Perfect Circle (The) Co--• 34% 33% 35
Jan
Mar
9 84
Mar 94
90
750 15% Jan 22
90
18%
17
100 90
Preferred
Pines Winterfront corn.__6 17
Jan
6% Mar Consolidated Bakeries...' 11
Jan 12% Feb
114
666
8
2
10
64 27,700
5
5%
Polymet Mfg Corp com--•
Jan
3
Mar Cons Food Products corn.*
Jan
100
114 Feb
13
6
4,200
194
13
1%
• 12% 10
corn
Potter Co(The)
Mar
4
Feb 187
Jan
155 133
534 Mar Cons. Mining & Smelting25 179
250
175 181
44 54
•
Process Corp corn
Feb Consumers Gas
143 180% Jan 1864 Mar
975 20094 Jan 262
1844 18695
246% 252
100
•
Pub Sera of Nor III corn.- 249
Jan
9
Feb Cosmos Imper Mills corn.'
Mar
115
7
50 2004 Jan 265
8%
8
248% 254
100
Common
Jan
Mar
Mar 93
6 88
90
40 122% Jan 137
89
135 1364
100
100 135
Preferred
6% preferred
• 11.85 11.00 11.8
Feb Domes Mines Ltd
860 9.20 Jan 11.85 Mar
60 r12994 Jan 147
100 139% 139% 139%
7%i/referred
Jan 2234 Mar
556 14
5,4 Mar Dominion Stores corn
594 15,200
114 Feb
224 21% 224
3
4%
"
Q El De Vry Corp com__*
Mar
50 1114 Jan 18
17* 174
•
Farmer corn
Quaker Oats Co
Mar
Jan Fanny
Jan 34
Jan 170
55 28
33% 33%
•
• 15934 158 1604 1,340 155
Preferred
Common
Mar
Jan 29
Mar Ford Cool Canada A-- -• 29
Jan 120
2,167 21
29
100 113
27
118 118
100
Preferred
Mar
1 95
Mar 96
Feb Frost S & W 1st prat_..100
95
5
1,000
334 Jan
95
494 5
Railroad Shares Corp corn•
414 Feb
74 Jan
10
250 194 Jan 20% Jan Gen Steel Wares corn_ _ _.•
614 6%
204 204
Rath Packing Co corn. _10
Jan 107% Feb
65 101
Jan
14,4 Feb Goodyear Tire dr Rub pf100 103% 1034 105
5
RaytheonMfgCo v t com• 14% 10% 14% 6,400
94 Mar 124 Jan
Mar Gypsum Lime & Alabas.-• 1034
3,157
Jan
3
6
250
914 11
6
5
Reliance Internat A corn..'
Mar
Mar 60
10 55
74 Jan Hamilton Unit Thea pf. 100
6% Feb
55
250
55
64 7
Reliance Mfg Co corn_ AO
Feb
Jan 8.60
Feb Hollinger C012.9 Gold Min_5
Jatt
1,135 6.25
38
8.2
50 31
8
8.15
Rollins llos Mills Cony pf_• 3434 34% 3494
Jan 2334 Mar
25 18
Feb Hunts Ltd A
100 2094 Jan 29
264
2314 2314
• 264 26
Ross Gear & Tool corn_ _ _
Feb 23% Mar
10 19
244 Jan 2e% Mar
100
234 234
25
25
•
Ryerson & Sons Inc corn_ •
Mar
Feb 103
10 101
Mar Internatl Mill 1st pref _100
Jan
4
9
200
102 102
54 6
Sally Frocks Inc com__100
500 22% Mar 2614 Feb Internatl Nickel corn---* 20
174 204 44,660 13% Feb 20% Mar
224 24%
•
Bangamo Electric Co
Mar
137 334 Jan 45
Mar 12% Mar Internat'l Util A
45
44
10% 12% 2,650
• 44
• 12%
Elaxet Co common
7% Jan 10% Feb
290
Jan
10
20 68% Jan 85
9
9%
744 7414
•
$6 preferred
Jan 26 60 Feb
470 23
26
25.60
1 26
Shore Mines
Seaboard PS Co
Feb
Jan 46
Feb Lake Secord Candy com.• 43
65 38
410 44% Jan 48
434
43
454 47
• 46
Convertible pref
Laura
Mar
Jan 14
34 Jar
54 Jan Loblaw Groceteriss A- 4% 5% 3,150
• 144 1314 144 1,282 11
5
Seaboard Util Shares Corp*
Mar
Jan 14
327 10
134 14
• 14
So Colo Power Elea
Jan
Mar
8
6
20
Jan 24
Mar Maple Leaf Milling com •
400 19
6
6
6
25 23% 214 24
A common
Mar
Mar 40
100 32
Feb
12
1,650
40
714 Jul
38
914 104
100 38
914
Preferred
Eloutlfn Union Gas com_ _•
Jan 10% Jan
6
Jai, 98% Mar Massey-Harris corn
495
80 04
794
98%
834
•
97
So'west Gas & El7 % pf 100 97
Jan
Jan 24
10 20.65
Jan
22
40 gni Jan
22
9316
McIntyre Porcupine Min_ 5
Southwest Lt & Pr pref..• 93% 91
Mar
1
Mar
1
Jan
13
Felt
8
4
1
200
1
44 44
Monarch Knitting corn _100
Standard Dredge corn_ •
17% Jan
Ma
Jan Moore Corp corn
Mar
III
125 16
8
1,350
154 16
• 16
934
8
8%
•
Convertible pref
Feb 1084 Jan
30 101
I
Feb
350
34 Jan
105 105
100
% %
•
A
Steinite Radio Co
Ma
314 Feb
7
2
4% Jan
Feb
5
2
100
2
2.
5% 5%
luirheada Cafeterias corn •
Super Maki Corp rota ___ •
Mar
Jan 21
40 19
20
20
10 38% 37% 394 4,800 34% Feb 394 Feb Got Equit Life 10% pd_100 20
swift International
114 Mar
Ma
1
114
50
1
294 2,950 244 Mar :1)434 .14fi Orange Crush corn
•
25 2414 244
Swift & Co
Mar
Ma
60
5534 Feb
2 55
60
100 ai
60
100
55
55
lot preferred
Taleph Bond & Sh A... _ •
Jan 34
Mar
54 Mar
4
Mar
4
100
2,350 25
4
•
25 31% 31% 33%
2nd preferred
Thompson J R corn
.5
Jolt
2
Jan 92% Feb
34 Jan Page-Hersey Tubes corn.
92
187
500
90
90
34 3%
334
TransformerCorp of A m_.•
Mar
Mar
9
Feb Photo Engravers de Elec..' 28
11
Jan 28
405 18
60
24% 28
9
9
Twelfth Street Stores A. •
Jan
2
Jan Riverside Silk Mills A_ __ _• 1514
10 124 Jan 16
150
94 Feb
1514 15%
1
1
Twin States Nat Gas pt A •
Jan
54 Jah
Feb Russell Motor pref._ -100
Mar 95
9
20 92
1,650
92
92
7% 8
United Amer UM lug coin'
16
Feb St Lawren Pap Mills pfd100
10 194 Mar 304 Jan
1,100 1014 Jan
19% 204
• 1514 12% 15%
Class A
Mar 1214 Feb Simpson's Ltd pref. -100
Mar 92% Jan
88
58
89
893
500
64 6%
64
United Corp of Amer pi-•
9% Mar
Feb 1194 Feb Stand Steel Cons corn
Feb
7
•
9
100
9
10% 11% 4,350 10
• 11
United Gas Co corn
424 Feb
Fe
205 37
• 39% 38% 3914
Steel Co of Can corn
United Ptrs dc Pubs
Mar 10
44
Jan Steel Co of Canada pfd-25
•
Mar 36% Feb
34
40 34
300
34
594
44 44
Common _
Jan
3
Mar
2
2
5
300 134 Mar 1634 Jan Traymore Ltd corn
2
13% 14
Convertible preferred_ _*
Jan 49
Mar Twin City Rapid Transit
6,500 38
20 48% 43% 49
S Gypsum
Feb
17
10
914 Jo
124 12%
100
Common
S Radio& Telev corn...' 33% 30% 33% 44,950 144 Jan 3394 Mar
8% Feb
514 Feb Walkers-Gooderan Worts•
634 Jan
234 Jan
794 834 4,935
8
354 4% 1,850
4
Utah Radio Prod com___•
Jan
94 Feb
5% Jan
Jan 95
20 85
924 92%
84 8% 3,200
Can Flour Mills pf100
13111 & Ind Corp corn_ _ _ _•
Mar
Jan 19% Feb West Ltd (Geo) corn _-_* 41
Jan 45
45
195 30
33
950 15
• 18% 184 194
Convertible preferred.Weston
15
204
26 14% Jan 204 Mar
•
Electric corn_
Utilities Power & Lt Corn
Jan 14% Feb Winnipeg
9
25 72% Mar 814 Jan
754 75%
100
650
Common non-voting..• 134 12% 134
Preferred
1,100 22% Jan 30% Mar
29
30
•
Claes A
Feb 12% Mar
8
11% 12
400
Banks
Viking Pump Co corn_ .• 12
Mar
Jan 29
Mar 231
Mar
128 225
230 231
100 231
400 25
28% 28% 28%
Preferred
Jan
814 Mar Commerce
Jan 224
114 Feb
94 219
220 223
100
210
794 8
Vorclone Corp part pf- •
Dominion
Jan
Feb 23
Mar Imperial
Jan 225
29 217
220 222
100
• 21% 214 21% 1,500 184
Vortex Cup Co
Mar
Feb 29
Feb
Jan 302
10 279
300 300
100
900 25
• 28% 274 28%
Class A
Jan
3
Feb Montreal
Jan 3254 Mar
50 315
2
316 318
100 317
500
214 24
•
Nova Scotia
Wahl Co(The)common..
mar
42 272
Jan 291
288 291
100
Ward (Montgomery) lc Co
Royal
Mar
Jan 104
Mar Toronto
Jan 238
67 217
210 95
233 235
1024 103%
100 235
•
A
Jan 73
45
Feb
59%
120
54
Waukesha Motor Co corn • 54
Jan
Mar 22
14
100 14
14
Loan and Trust
Western Coat Util Inc A.•
Jan
Jan
4 206
Jan 214
213
180 20% Jan 23
214 22%
Western Pow Lt& Tel cl A•
Mar
a Jan Can Permanent Mtge_ _100 230 209 230
4 227
Feb 235
230
34 Feb
114 14 12,950
1%
Wextark Radio Stores tom•
Toronto General Trusts 100
Feb 14% Jan
12
150 12
12
•
Wieboldt Stores Inc
64 Jan
544 Jan
• No par value.
1,490
5% 6
6
Wisconsin Bank Sits com10
100 104 Feb 10% Feb
Woodruff & Edw Inc A..* 104 104 10%
Jan
9
Feb
-Record of transactions at the Toronto
4
500
5%
5
Toronto Curb.
514
-Amer Mach part pf•
Yates
5% Feb
2% Jan
4,4 2,150
44
Zenith Radio Corp atm_ _•
Curb Ma.% 14 to Mar. 20, both inclusive, compiled from
n
Bonds
Appalachian Gas6s_..1941
Chicago City Ry 6s _1927
Certificates of deposit...
ChicRailway1927
1st mtge Bs
1927
Ctfs of deposit
1927
58 sears A
1927
58 sales 13
Adjustment income 4.s•27
Purch money g 6s-1927
Chicago Stadium 6*_ _1943
Commonw Edison 58_194:1
1941,
Instill UM Inv 6s
Kresge(S S)& Co 5s_ _1945
La Salle Wacker Bldg 6s'54
National Pub Serv 58_1978
88
874 88
72
72
72
70
724 74%
734
72
45, 50
32
32
32
19
19
38
36
39
39
39
1074 1074
90% 91%
9934 99% 1004
544 54%
724 73%
734
$15,000
5,000
20,000
Jan
75
624 Jan
614 Jan
884 Feb
72
Mar
Mar
72
96,000 64% Jan 74% Mar
734 Mar
12,000 63% Jan
Mar
6,000 3914 Jan so
Mar
Jan 32
22
1,000
Mar
4,000 1414 Jan 19
Mar
Mar 36
1,000 38
Mar
Mar 39
5,000 39
10,000 105% Jan 1074 Mar
Feb
Jan 04
81
76,000
17,000 954 Jan 1004 Mar
1,000 5414 Mar 61% Feb
8.000 7214 Mar 744 Jan
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Can Bud Breweries com__•
•
Canada Malting Co
Can Pay & Supply com_ •
Canada Power & Paper- •
•
Canada Vinegars corn- •
Canadian Wineries. CanadnWire Bound Box A•
•
Carling Breweries
•
Consolidated Press ADeForest Crosby Radio--•
114
15%
1814
5%
12
1714
114
1494
44
2
184
54
11%
2
3015
15
13
1634
414
2
184
s
134
214
304
17%
895
135
15
5
25
1,080
345
200
100
1,175
Range Since Jan. I.
Low.
84
13
2
2
1714
331
114
134
28
1014
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Jan
High.
13
1634
534
494
20
8
16
3
31
1714
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Mar
MAR. 21 1931.]
FINANCIAL CHRONICLE
&Au
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Distillers Corp Seagrams.• 12%
12
Dominion Bridge
4931
•
Durant Motors Can corn 10
8%
8%
English Mee of Canada A • 35
35
• 15
15
Goodyear T & Rubb com.• 115
107
Hamilton Bridge corn--• 1934 18
Preferred
100 76
78
Humberstone Shoe corn_ _* 20
20
Imperial Tobacco ord.---5 10%
10
Montreal L H & P Cons-• 66% 6231
National Breweries com--* 35
34%
Power Corp of Can com--•
5934
Robert Simpson pref._ _100
107%
Robinson Cons Cone Co.'
19
, 10%
Ruddy & Co R L pref..100
84
Rogers Magestic
14
13%
Service Stations corn A _ _* 3031 2934
Preferred
100
88
Stand Pay & MatLs COM--* 15%
15
Preferred
100
76
Tamblyns Ltd G com_
•
48
Thayers Limited pref..
*
25
Toronto Elevators corn •
1231
United Fuel Invest pref 100
45
Waterloo Mfg A
•
5
5
Oils
British American Oil
•
Imperial 011 Limited
•
International Petroleum. _•
McColl Frontenac Oil com*
Preferred
100
Norden Corporation
North Star Oil corn
5
Preferred
5
Prairie Cities Oil A
•
Supertest Petroleum ord.*
Preferred A
-100
Union Natural Gas Co_ •
•No par value.
13
18
1231
1831
51
1235
49%
1034
35
15
115
20%
76
20
1034
8634
35
6031
10734
19%
84
14
3131
86
15%
77
48
28
12%
45
8
1234 1331
1531 1831
1231 13
1831 1831
78
80
4431 51
5
5
4.60 4.95
4
431
27
28
10031 10031
14
1431
570
35
1,047
10
20
152
1,465
10
155
377
175
135
55
100
5
690
1,050
5
230
15
5
5
10
17
Friday
Safes
Last Week's Range for
of Prices.
Sale
Week.
Stock•(Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
10
4934
4
30
15
90
1431
74
18
9
54%
28%
50%
104
18
83
13%
29%
85
14
75
46
18
9%
45
4
4,436 1231
4.548 15
2.967 12
37 17
10 73
2,000 33
80 4.80
700 4.80
4
200
212 27
5 100
25 13
Jan 12% Jan
Mar 55% Feb
Jan 11% Mar
Jan 35
Mar
Mar 16
Mar
Jan 115
Mar
Jan 20% Mar
Feb 78
Mar
Jan 20
Mar
Jan 10% Mar
4
Feb 88; Mar
Jan 35% Feb
Feb 6034 Mar
Feb 108
Mar
Mar 19% Mar
Jan 84
Mar
Mar 1631 Mar
Mar 3634 Feb
Mar 90% Jan
18
Jan
Mar
Mar 80
Jan
Feb 49
Jan
Jan 28
Mar
Jan 15
Mar
Mar 85
Jan
Feb
7% Feb
Mar 1831
Mar 1831
Mar 1531
Jan 2231
Jan 80
Jan 51
Mar
6
4.95
Mar
431
Mar
Mar 3231
Jan 103
Feb
16
2165
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Finance Service corn A-10
Preferred
Common B
First Nat Bank w 1
Houston 011 pref (new). Mfrs Finance corny t..._ _25 ......
1st preferred
25 12
2d preferred
25
Maryland CasualtyNew when issued
34
March & kliners Tramp_ _• ......
Merchants Mtge & Creel._ ......
Monon W Penn P S pref 25 25
Mort Bond & Title w 1_
National Sash Weight pref.
New Amsterdam CM Ins__
35
Northern Central
Penna. Water & Power- •
Standard Gas Equip corn-Un Porto Rican Sugar com•
Preferred
*
Union Tru.st Co
50
U S Fidelity & Guar new 10
West Md Dairy Inc pref.*
Bonds
Baltimore City Bonds4s Annex impt
1954
Electric Ry1st & ref 631s ser A..1957
North Ave Market 6s.1940
United Porto Rican Sugar
634s
1937
Unitedm ey4s E 1st 4s_1949
In R &
1936
Income
1949
Funding 58
lot Os
1949
•No par value.
7
7
734 734
634 834
40% 42
18
18
334
33.4
14
12
7
7
34
303i
1
25
534
3431
3434
89
6834
10
21
95
18
18
59
3434 3335
96
96
gm
1
25
531
3434
3531
89
6831
10
21as
9
18
59
36
97%
101% 101%
51
84
4834
145
38
29
330
130
8
52
29
815
110
13
78
75
100
490
30
144
271
300
35
50
59
1,133
161
Range Since Jan. 1.
Low.
634
7
634
4031
15
334
12
434
Jan
25
3034 Mar
1
Mar
3231
32
8534
5834
10
16
5
18
52
2531
94
'
8400 10034
2,000
1,000
51
84
54
84
50
4831
2431
42
61
1,000
50
49% 14,000
2,000
2434
200
42
1,100
6131
High.
Jan
Mar7734
834
Mar
Mar 45
Jan 19
4
Jan
Jan 15
7
Jan
Jan
Jan
Jan
Jan
M
Mar
Feb
M
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Feb
38
3331 Jan
Mar
1
3434
3634
89
70
10
21
1331
22
82
37
98
Mar
Feb
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan 101% Feb
Feb
Feb
5634 Mar
88
Jan
Mar
50
4234 Jan
1931 Jan
Jan
37
Jan
50
Mar
58
5034 Feb
26
Mar
44
Feb
Jan
65
50
84
.Pittsburgh Stock Exchange.
-Record of transactions at
Philadelphia Stock Exchange.
-Record of transactions Pittsburgh Stock Exchange, Mar. 14 to Mar. 20, both inat Philadelphia Stock Exchange, Mar. 14 to Mar. 20, both clusive, compiled from official sales lists:
inclusive, compiled from official sales lists:
Sales
Friday
Penn Cent L & P cum pr..*
10 7531
7831 7831
Iiii 731 11,600 831
Pennroad Corp
Pennsylvania RR
50
5731 5931 4,800 5531
Penns Salt Mfg
300 85
85
78
Penn 7'raffic
114
12
134
131
231
Phila Dairy Prod pref....25
9134 94
57 8834
Phil& Elea of Pa $5 pref.__ . _ 103 103
200 101
.
_
Phlla Eke Power pref.- _25 324 3234 3334 1,600 3214
Phila Rapid Trim/in....50 1331
1534 1834 5,700 1374
Phila & Read Coal & Iron.
200
854
934 931
Philadelphia Tractlon_50 38
300 2934
37
38
Railroad Shares Corp
431
700
374
431
Reliance Insurance
10
7
7
6
300
Scott Paper
47
5 4234
47
Seaboard Utilities Corp_
431 5
5
800
334
Shreve El Dorado Pipe L 25
134
334
800
354
Tacony-Palmyra Bridge..• 43
42
43
200 4131
Telephone Security Corp_
8
1
8
123
8
Tono-I3elmont Devel.
-1
34
%
34
Its
700
Tonopah Mining
1
200
34
31
34
Union Traction
50
22
400 2134
2234
United Gas Impt com new •
3534 3734 53,000 2734
Preferred new
10134 10234
•
1,000 9835
U El Dairy Prod claas A
8134 62
•
200 6031
Common class B
•
14
450 10
1431
Warner Co
31
• 31
31
200 2934
York Rys pref
33
33
33
76 33
10434
41
10831
10834
10231
97
9831
10434 88.000 101
Feb
41
2.000 40
Jan
10934 2,700 10731 Jan
10834 3,000 10531 Jan
10231 2.000 10234 Mar
97
1,000 9331 Jan
9831 1,000 9734 Jan
Last Week's Range for
Week.
of Prices.
Sale
Par, Price, Low, High Shares.
Aluminum Goods Mfg_ •
American Austin ear...."
American Fruit Growers..* 15
Preferred
100
American Vitrified Prod_50
8
Preferred
100
Arkansas Natural Gas____•
6
Armstrong Cork Co
•
Blaw-Knox Co
• 2634
Carnegie Metals Co
10
Colonial'Trust Co
100
Devonian 011 Co
10
Diamond Natl Bank...100
Follansbee Bros pref...100
Hachmeister Lind corp_ *
Independent Brewing pref.
234
Jones & Laughlin St'l pf 100 122
Koppers Gas & Coke p1100 10234
Liberty Dairy Prod
•
Lone Star Gas
• 23
Mesta Machine
5 34
Nat Fireproofing
•
Penn Federal Corp
•
I%
Peoples Say & Trust_
20
Pittsburgh Brewing
50
Preferred
934
50
Pittsburgh Forging
• 1131
Pittsburgh Invest Security*
134
Pittsburgh Plate Glass_ _25 4134
Pittsburgh Screw dr Bolt_ _• 1474
Plymouth 011 Co
5
Reymers Brothers
•
Shamrock Oil & Gas
• 10
Standard Steel Springs_ •
United Engine & Fdy____• 3534
Westinghouse Air Brake.*
Wheeling Steel Corp._ _100 2834
Zoller(Wm) Co pref.__ 100
Unlisted
Mayflower Drug Stores...*
West Pub Service vtc-_-•
134
13
BondsPittAhltrith TIravzincr AA 11140
-- -
220
310
30
10
100
40
130
290
375
200
10
270
10
20
445
100
110
80
125
3,441
3,905
40
15
63
25
225
1,850
75
285
450
380
110
1.105
350
50
45
100
40
134
134
1234 1334
450
1,850
813.4 814 810.000
Low.
Jan
14
Jan
1
Jan
10
6734 Feb
Feb
5
Mar
57
534 Jan
2034 Jan
24
Jan
134 Jan
Mar
295
5
Jan
Mar
450
Mar
72
Jan
10
234 Mar
Jan
120
9934 Jan
Mar
I
2234 Mar
2551 Jan
Jan
25
134 Mar
Mar
123
434 Mar
934 Mar
834 Jan
134 Mar
3434 Jan
Jan
14
Mar
12
1831 Feb
734 Jan
Jan
23
Jan
34
3334 Jan
2854 Mar
Jan
93
High.
18
134
15
7234
8
75
634
30
2934
331
295
635
450
75
15
434
122
10234
131
29
34
31
2
135
8
12
1234
33.4
44
1534
1931
1734
1234
31
38
35
2834
93
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Feb
Jan
Feb
Mar
Feb
MN
Mar
Jan
1
1034
Jan
Jan
134 MN
143-j Feb
81
Jan
8134 Mai
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Mar. 14 to Mar. 20, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price, Low, High. Shares.
Aetna Rubber common...._•
Allen Industries corn
•
Apex Electrical Mfg
• 1234
Brown Fence & Wire B.. •
Byers Machine A
•
Central United Nat
20
City Ice & Fuel
• 3834
Clark (Fred G)common_10
•NO QV value.
Cleve-Cllffs Iron pref. •
Baltimore Stock Exchange.
-Record of transactions at Cleve Elec Ill6% pref__100 113
Cleveland Rys ctf
Baltimore Stock Exchange, Mar. 14 to Mar. 20, both in- Cleveland'Trust deP-100
100
clusive, compiled from official sales lists:
Cleve Un Stkyds com___-• 16
Cleve Worsted M com -100
Friday
Sales
Cleve & Sandusky Brew 100
Last Week's Range for
Range Since Jan. I.
Colton bus Auto Parts Pf- •
Week.
Sale
of Prices.
Commercial Bookbinding •
StocksPar, Price. Low. High. Shares.
Low.
High.
Dow Chemical common_-* 50
Preferred
100
• 4034 4034 41
Arundel Corporation
734 38
Jan 42
Jan Elec Contr & Mfg corn__.*
Line (Conn)50
Atlan Coast
104 107%
Mar 115% Feb Ferry Cap & Set Screw_ •
41 104
Baltimore Trust Co
10 3134 31% 32
182 30
Jan 32% Jan Fostoria Its SU
•
Baltimore Tube pref.. _100
37
195 37
Mar 37% Jan Geometric Stamping
37
•
1234
Feb
12
501 12
12%
Black & Decker corn
15
Feb Greif Bros Coop'ge ci A_ •
Ches&Pot Tel of Balt pf100 118
118 118
Jan 11834 Mar Guardian Trust Co. _100 330
3 116
24
2434 24%
Jan 2434 Mar Hanna(MA)$7 cum pf. •
Comm Credit N 0 pref.
347 82
Jan 100% Feb Harris-Seyb-Potter com •
Con.sol Gas EL & Power.. 98
96% 98%
% pref WI sec E.100
10934 109%
3 108% Jan 110
Feb India Tire & Rub corn _ _ _. 13
100 104
10334 104
105 102% Jan 104% Mar Interlake Steamship corn..*
5% preferred
Consolidation Coal--100
2
2% 2%
70
Jan
3 Feb ' Jaeger Machine common.*
234
44
44
5 42
Equitable Trust Co
25
Jan 45
Feb Kaynee common
10
84 24% Jan 32
2734 2831
Fidel & Guar Fire corp_io
Feb Kelley Isl Lime & Tr com.•
Jan 16234 Max Lamson & Sessions
16034 18031
50
7 132
Fidelity & Deposit
•
•
Mar
62
7
10% Mar ,.*.,w,. / A (II .6. On 1.1 Lk •
1034 1031
F11111111313 Cool America A
1534 16
1
1
15
15
7231 7231
8
8
60
57
554 6
2134 23
2834 27
2
2
295 295
534 8
450 450
72
72
12
14
234 234
12154 122
10131 10234
1
154
2231 2334
34
31
31
31
134
134
123 126
434 434
934 934
1031 12
1%
134
41
44
1434
14
1234 123.4
1834 1634
931 1034
27% 30
3534 37
3434 35
2834 2834
93
93
Range Since Jan. 1.
•No par value.
Stocks-
gnezegg
Bonds
Lehigh Pow dr Lt 6s
Lehigh Valley ann as
Phlia Flee (Pa) 1st 5s. 1966
Mina Elec Pow Co 534s '72
Reading Terminals 54
Strawbridge dr Cloth 58 '48
York Rys let 5e
1987
Feb
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
nang4Stgngag.4no-annggtnng tg4ng;n44rar4ttggoapg4W,
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Mar
JE111
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
2331 Feb
5274 Mar
31 Mar
Mar
10
1031 Mar
.0..
2931
37
11531
6
4
45
9
102
1731
231
401
4
5031
131
17
25
145
3431
100
50
651
.
0 .
xx
soo
2,700
10
100
300
4.871
High.
.r•
1,100
800
400
100
700
25
800
100
550
1.000
100
800
2.250
1,800
83
245
3,200
290
1,300
Low.
2=2E=
xx xx
American Foreign Secur._ _ .. .. 45
._
4831
American Stores
4731 48
• 48
Bell Tel Co of Pa pref__100
11731 11834
Bomot Inc
734
74
Budd (E C,) Mfg Co
431
531
•
Preferred
45
47
Budd Wheel Co
1131 1134
Preferred102 102
_
.
Camden Fire Insurance.- 2931 2034 2931
Central Airport
231
331
331
Consol Traction of N J_100 4031 4031 4034
Electric Stor Battery_100
84
6531
Empire Corp
234
134
231
Fire Association
10 2331 2234 2334
Giant Portland Cement..50
25
25
Horn & Hard't(Phila)com • 177
165 182
Horn & Hard't(NY)corn • 4234 3934 4331
Preferred
100
10234 10331
Insurance Co of N A...AO
6134
60
Lake Superior Corp Of dep
834 7
New when issued
2531 2831
Lehigh Valley
5234 5234
H
Manufactured Rubber Co..
%
Mitten Bank Sec Corp__ ..
103
- 10
1034
1034 12
Preferred
---
Stocks-
Range Since Jan. 1.
SagSS82
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
434 434
8
8
11
1231
654 654
2
2
61
60
3634 3874
2
2
83
81
113 11334
79
79
318 31834
17
16
6
8
334 5
1334 1335
1234 1234
49
50
10134 10134
8234 63
7
7
11
11
5
5
2134 2131
330 330
94
94
4
4
1334
11
60
45
15
15
25
25
3334 3334
1434 1434
111
158
50
20
525
150
10
425
102
160
142
67
40
4
270
215
81
50
20
250
5
41
10
25
35
38
12
41
50
623
187
30
235
05
20
17.c
flange Since Jan. 1.
Law.
334
434
934
834
2
5735
3554
134
80
11131
8834
318
15
431
3
1234
12
45
10134
5834
6
9
431
21
324
9334
334
834
45
1254
24
34
1234
:15
High.
Jan
5
Feb
Feb
8
Mar
Mar 1234 Mar
Mar
851 Mar
Feb
234 Mar
Jan 63
Feb
Jan 3754 Feb
Jan
234 Mar
Mar 94
Jan
Jan 11231 Mar
Jan 84
Mar
Feb 325
Jan
Jan 17
Jan
Mar
6
Mal
5
Jan
Max
Jan 14
mat
Jan 13
Feb
Jan 5034 Jar
Feb 10534 Jar
Jan 85
Jar
Jan
8
Jar
Jan 1134 Jar
534 Mal
Jan
Jan 22
Fel
Jan 330
Feb
Mar 94
Mal
Jan
4
Pet
Feb 1331 Pet
Mar 80
Jam
Jan 15
Ma
Feb 28
Jai
Jan 35
Pal
Jan 1534 Pal
Mar 47
Tel
Medusa Cement
*
Metro Paving Brick pL 100
Midland Bank Indorsed 100
•
Mohawk Rubber corn_
Myers(F E)& Bros
• 40
National Acme cornmon_10
9%
National Carbon pref_ _100
National City Bank_ _100
.
National Refining com _ 25 1934
.
Preferred
100
Ohio Brass B
* 64
Preferred
100
Packard Electric corn_
*
Packer Corp common_
•
Patterson Sargent
*
Reliance Mfg common_ __5
Richman Brothers com--*
Selberling Rubber com
*
Selby Shoe common
•
Sherwin-Williams com_ _25 6635
A preferred
100
Stand Text Prod corn_
•
Stouffer A w w
•
Thompson Products Inc--• 16
Union Metal Mfg corn__'
Union Trust
25 71%
Van Dorn Iron Works com*
6
VIchek Tool
*
*
Weinberger Drug
Western Reserve Invest.
Corp 6% prior pref_ _100 6811
Youngstown S dr T pf_ _100 99%
65
65
102% 102%
261 261
8
7
40
40
915 9%
137 137
323 323
1935 19%
134 134
65
62
10711 10734
1235 13
15
15
273.5 2735
24
24
73%
71
635
6
15
15
66% 67
107% 108%
2
2
2831 28%
15% 16
34% 3435
71
72
6
6
935 935
13% 13%
55
5
• 16
215
125
250
25
5
100
27
305
49
265
45
15
10
740
110
65
406
60
45
25
200
200
350
50
53
10
68% 68%
99% 100
50
455
Range Since Jan. 1.
Low.
High.
64% Feb
Mar
103
Mar
261
Feb
3
Feb
40
7% Jan
Jan
135
Feb
323
1934 Mar
Feb
134
Mar
62
10511 Jan
715 Jan
Feb
11
Jan
25
1934 Jan
Jan
54
4% Jan
Jan
12
6014 Jan
10535 Feb
134 War
25% Jan
Feb
14
30 Pan
69% Van
Jan
4
Jan
9
Mar
12
Jan
70
Mar
105
Jan
275
Mar
8
4115 Jan
,
10% Mar
Jan
138
Jan
327
2234 Jan
Jan
135
Feb
71
1071i Mar
Mar
13
Mar
15
2835 Feb
Feb
24
76% Feb
734 Feb
1615 Feb
68% Mar
Jan
109
Mar
2
2831 Mar
1734 Feb
34% iMar
Jan
75
834 Mar
Mar
10
1534 Feb
Mar
6835 Nfar 70
9915 Jan 101% Jan
100% 10035 520.000 100% Mar 10035 Mar
1931
*No par value.
-Record of transactions at
Cincinnati Stock Exchange.
Cincinnati Stock Exchange, Mar. 14 to Mar. 20, both inclusive, compiled from official sales lists:
1%
102
92(4
40
102
107%
111S44 111A V4
r
4134
mr
70
108%
7834
r r
33
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Feb
Mar
Jun
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Feb
Mar
Feb
r
29
535
1235
35%
2635
8%
60
1%
10135
99
34
135
10034
9234
37%
96%
23
36
1535
107
11
431
24
95
24
47.4
3434
105
103
37
12
8
28
18%
97%
101
33%
12
89
63%
105%
75
334
40
1135
41
33.4
48
10334
xx r
5
30
132
930
1,520
65
5
108
42
4
1
102
433
50
337
392
20
92
200
5
1
1,538
41
11
130
573
162
74
65
635
50
13
10
1,450
10
16
30
60
15
717
111
220
30
3
20
130
3
20
12
r r
235
17% 18%
39
37
30% 3334
9% 10
60
60
235
234
103 103%
105 105
15
15
134
154
101% 102
92% 92%
39% 40
102 103
28
28%
3634 36%
16
16
10834 10831
11
11
5%
5
30
28
95
9.5
29
29%
4% 535
36%
36
106% 107%
103 10335
39% 40
1315 1411
8
8
30
30
31% 34%
100% 10035
101
101
34
34
12
13
91
89
69% 71
108 108%
78
7934
454 4%
40
40
13% 13%
41% 42
315
314
,
48
48
High.
iigiltrigtttOggg%gPtgggiMteg:Mg.
25
1735
38
33
9%Amer
Low.
Outt..00N.NO.NMNOMOt• OW....0OMMONNOM.-...VOOV,PONV.- - 004000M.f.
,
4
,
,
20
ORVONM.-.0. COON
M00.}...-4MM ,
..OMM
.
00
Aluminum Industries Inc_*
Amer Laund Mach com_20
Amer Rolling Mill corn--25
Thermos Bottle A..'
iii
Baldwin new pref
*
Central Brass A
Champ Clad Pap spl pf 100
Champ Fibre pref
100
*
On Car B
20
Preferred
Cin Gas & Elec pre ____100
C N & C Lt & Trac com 100
Gin Street R y
50
Cin & Sub Tel
50
Cin Union Stock Yards- *
•
City Ice dr Fuel
•
Cohen (Dan) Co
100
Col Ry Pr B pref
100
Cooper Corp. pref
Eagle-Picher Lead corn -20
Early dr Daniel corn
•
100
Preferred
*
Formica Insulation
*
Gerrard S A
•
Gibson Art com
100
Gruen Watch pref
General Mach pref
•
Hobart Mfg
Int Print Ink
•
•
Julian & Kokenge
40
Kahn participating
*
•
Kroger corn
100
Lazarus pref
50
Little Miami guar
ManIschewitz corn
*
•
Moores Coney A
Nash(A)__.
100
Proct & Gamble com new •
100
5% preferred
Pure Oil 6% pref.
100
Randall B
•
•
Rapid Electrotype
Richardson common
•
10
1:1 Ei Playing Card
Waco Aircraft
•
Whitaker Paper corn
*
Inn
Range Since Jan. 1.
•No par value.
of transactions at
St. Louis Stock Exchange, Mar. 14 to Mar. 20, both inclusive,
compiled from official sales lists:
Friday
awes
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. .Shares.
Bank &Trust Stocks
First National Bank_ _ _ _20 68% 68
184
Franklin-Amer Tru.st. _100 184
190
Mete
-Comm Bk dr Tr...100 192
484
St Louis Union Trust_ _100
59
186
193
485
Miscellaneous Stocks
28
28
A 8 Aloe Co corromon_100
34q
34
Brown Shoe, common._100 34
234 234
Burkart blfg common_ _ _*
3
80
80
Century Electric Co_ _100
3554 36
Coca-Cola Bottling Co_ _I
23
23
Corno Mills Co
•
3214
31
Dr Pepper common
*
12
12
Ely & Walker D G com _ _25
Hamilton-Brown Shoe_ _25
534
535 6
335
3
Hussman-Ligonier
•
4
4
Indep Packing common_ •
4734 48%
• 48
Internatl Shoe common....
Preferred.
100 10734 10735 108
21
20
Key Boller Equip
• 20
17
16
Laclede-Christy Clay corn •
35
32
Laclede Steel Co
20 35
28
28
Landis Machine com_ _25
39
39
•
McQuay-Norris
634 635
Marathon Shoe common 25
10
10
Meyer Blanke com- -100
5334
53
•
Moloney Electric A
273-4 28
Mo Portland Cement___25 2734
* 2134 2034 21%
Nat Candy common
835
8
•
Scullin Steel pref
17
17
* 17
Staloff Packing corn
16
15
Bkouras Bros A
•
120 12134
3o'western Bell Tel pref 100 120
7
7
Range Since Jan. 1.
Low.
108 65
4 186
188 189
5 465
10
121
50
40
27
50
65
120
438
785
20
181
57
302
70
90
60
10
20
25
20
145
160
130
20
46
145
100
High.
Feb 70
Mar 200
Mar 198
Jan 485
Mar
Jan
Jan
Mar
23
Mar 30
Feb
3355 Feb 36
Jan
Mar
3
2% Mar
80
Mar 85
Jan
25
Jan
Jan 43
Feb 24q Mar
22
29
Jan 3234 Mar
12
Mar 18
Jan
4
Jan
7
Feb
415 Mar
Mar
3
5
3% Mar
Jan
47
Jan
Mar 49
105% Jan 10835 Jan
Jan
1815 Jan 25
14
Feb 17
Mar
31
Mar
Mar 35
Feb 30
25
Mar
3534 Feb 39
Mar
Jan
5
634 Mar
6
Jan 12
Mar
5235 Mar 55
Feb
2434 Jan 2935 Mar
19
Mar
Feb 22
Feb
9
6
Jan
17
Mar
Mar 18
16
10
Mar
Jan
Mar
11735 Jan 122
7
6
Mar
Mar
2
17%
2
18
40
145
91
17%
fillscellaneys Bonds,
Scruggs-V-B 75
serial
91
1,000
Low.
High.
1% Jan
15
Jan
Feb
4
18% Feb
91
9235
Mar
Jan
* No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Mar. 14 to Mar. 20,
both inclusive, compiled from official sales lists:
Stocks-
zates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Associated Gas & Elec A_*
Barker Bros pref
100
Boisa Cities 011 A
10
Broadway Dept St pf _ _100
Preferred ex-warr_ _100
Central Investment Co_100
Citizens Nat Bank
20
Claude Neon Elea Prod_ *
Comm Discount com_ _25
Cons Aircraft Corp
*
Douglas Aircraft Inc
*
Gilmore 011 Co
*
Gold State Milk Prod Co25
Goodyear Tire & Rub pf100
Goodyear Textile pref__100
Hancock Oil corn A_ _25
Home Service 8% pref__25
Internat Re-insur Corp_10
Lincoln Mtge corn
*
Los Angeles Biltmore pf100
Los Angeles Gas dr El pf100
Los Angeles Invest C0__10
MacMillan Petrol Co___25
Monolith Portl Cem pfd_10
Mtge Guarantee Co_ _100
Pacific Finance Corp com10
Preferred series A_ _ _ _10
Series D
10
Rae Gas & Elea com - __ _ 25
25
57.,% preferred
Pacific Lighting corn
•
Paco Mutual lAte Insur10
05
Pacific Nall Co
Pan Public Sem A corn_ •
,
Pacific Western Oil Co_'
Pickwick Corp corn
10
Republic Petroleum Co _ 10
Richfield 011 Co corn _ _ _ _ 25
Preferred
25
Rio Grande 011 coin ._ 25
Slut Jost L&P 7% pr pf 100
6% prior prof
100
Seaboard Nat'l Bank_ _25
See 1st Nat Bank of L A.25
2
5
Signal Oil & GaS A
B
25
So Cal Edison COM
25
Orig nal preferred
25
7% preferred
25
6% preferred
-25
535% preferred
25
Rites
So Cal Gas series A pfd_ _25
So Counties Gas 6% pfd_25
Standard Oil of Calif
*
95
Superior Oil corn
Taylor Milling Corp
•
Trans
-America Corp_ ___25
Union Oil Associates-___25
Union 011 of Calif
25
Union Bank & Trust__ _100
Weber Showcase & Flx pfd_
Western Pipe & Steel_ _-10
21% 21%
55
55
9% 11%
11
74
73
75
75
88
88
86
86
2034 2114
20
20
18
18
18
MI 23%
22%
1635 1634
20
2035
7534 7534
8454 8434 86
715 734
,
18
18
2534 2534
1235c 12140
5514 5535 62
107 107
7
734
3%
1475
5434
6735
5434
11
115
4%
635
734
8934
13
53
2111.
4554
22
14%
2154
223.5
2334
Bonds
Pacific Elec Ry 1st M 5s_ _ ......
So Counties Gas 430_1963 9454
Range Since Jan. 1.
Law.
100 2034
20 55
1,100
815
30 70
10 6934
10 88
100 81
400 1414
105 15
1 15
5,500 1235
100 16%
300 1954
75 66
75 86
100
735
15 18
300 2234
1,000 12350
110 60
4 10234
600
7
314 315
100
3%
18
5
5
164 164
10 163
4,300 11%
12% 15
200
1034 1054
934
9% 9%
50
9%
52% 5434
100 46%
100 2554
2554 2554
100 5214
6734 6714
5351 5554 1,300 61
135
,
15-5
200
1
800 18%
2634 2635
11% 2.100
11
5%
900
34 1
51
1,000
115
134
131
2,900
434 43-4
254
334
514 614 9,800
73-4
734 2,100
535
63 115
117(4117(4
5 101 16
10334 10334
30 3735
3914 41
8934 90% 1,150 79
13
1,600 12
1334
700 14
15% 15%
2,700 45%
51% 5334
15 54
58
53
200 2934
2934 29%
2,900 2634
2754 2754
2,100 24%
2535 26
700
17.4
2114 2111,
40 2534
26
26
92 9934
10135 102%.
,
4534 4635 4,000 4434
100 21
23
23
300 20
22
2254
1454 1534 10,800 1134
20
217.4 56,000 1935
2235 3,800 2054
22
10 325
325 325
53 17
1634 18
1,200 16
23%
22
9434 9434 1,000
947.4 9411 25,000
High,
Jan 21%
Mar 55
Mar 2214
Jan 75
Jan 7615
Mar 94%
Jan 90
Jan 22%
Feb 20
Feb 20
Jan 2314
Jan
1634
Feb 2035
Feb 80
Mar 86
835
Mar
Mar 21
Mar 33
Mar 12350
Mar 75
Jan 107%
Mar 1051
Mar
6
Jan 165
Jan 1634
Jan 1014
Jan
9%
Jan 54%
Mar 2534
Jan 6735
Mat 5835
Jan
135
Jan 27%
Jan 1435
Mar 1.35
Jan
2(4
Jan
635
Jan
9.4
Jan 10%
Jan 11334
Jan 10334
Jan 41
Jan 9534
Mar 1734
Mar 16
Jan 5434
Feb 60
Jan 3015
Jae
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Feb
Mar
Mae
Mar
Jan
Mar
Feb
Feb
Jan
Mar
Jan
Jan
Feb
Feb
Mar
Mar
Feb
Feb
Jan
Feb
Feb
Feb
26
21111
263.4
10235
In
ICsr
Jar,
Jaa
Feb
Mar
Mar
Jan
Mar
Jan
Mar
mar
Mar
Mar
Feb
23
Mar
2434 Feb
13
Feb
2115 Jan
Feb
26
325
Jan
20
Jan
23% Mar
9434 Mar
9435 Mar
9414 Feb
9434 Mat
Jar
•No par value.
San Francisco Stock Exchange.
-Record of transactions
.
at San Francisco Stock Exchange, Ma- 14 to Mar. 20, both
inclusive, compiled from official sales lists:
Stocks-
-Record
St. Louis Stock Exchange.
Stocks-
St Louis Pub Serv corn_ *
Wagner Electric corn_ _100
Range Since Jan. 1.
Friday
Sales
Lang Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
,
Stocks-
bares
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Friday
Saws
Last Week's Range for
Sale
of Prices.
Week
Stocks (Concluded) Par. Price. Low. High. Shares.
Anglo & Lond ParLs Nat Bk
174 175
20 172
Assoc Insurance Fund____ ..._..
4si 434
200
335
Atlas Imp Diesel Eng A-- _
635
8% 634
126
534
Bond & Share Co Ltd-. 10
435
735
954 10
Byron Jackson Co
65i
,
6
656
654
California Cotton Mills__
535
435
5
280
535
Calif Core Power 7% prat_
55 10634
11035 11035
California Packing
4314 4431
305 42%
Caterpillar.
47% 11,987 2731
4615 44
Clorox Chemical
19)1
1,050 17%
1934 20
Coast Cos 0 dr E 6W 1st pf 100% 100 10014
150 95%
Cons Chem Indus .4.
2134 2144
250 19%
*
Crown Zellerbach pref A
110 33
3715 3715 383-4
Preferred B
145 32
373-5 38
Voting trust certificates_
454 4% 2,916
414
314
Douglas Alt
3,240 17%
1834 233.5
2234
Eldorado 011 Works
14
100 14
14
14
Emporium Capwell
1,510
635
93.4
73-1
Fa eol Motors
1
300
1
14
20 84
Firemans Fund Insurance_
8715 86% 8715
Food Machinery common_
2.017 2334
30% 32
Foster & Kleiser
s
735
5
5
First National Corp
10 25
25
25
Galland Mere Laundry_ _ _ _ ..__.. 36
165 27
36
Golden State Milk
3,397 11
1931 2134
21%
246 101
Great West Rower 6% pref 105
10434 105
7% preferred
1.934 102%
10414 10534
105
8(4
130
Hale Bros Storm
13
13
44%
70 42
Hawaiian C & S Ltd
44
Hawaiian Pineapple
120 37
37
37
______
1,199 24
Honolulu Oil Corp
26
253-4 24
180 1735
Jantzen Knitting
1735
1735 1734
710 12
1434
13
Langendorf United Bak A_
621
II
6
7% 8
935 10
263
Leslie California Salt
915
10
LA Gas & El Corp prat
50 10334
___ _ __ 103 108
1%
214 2% 15,102
Magnavox
27.4
100
Maraltant Cale Mach corn..
654 634
65-4
25 70
Mere Amer Realty 6% pf__
8734 87%
552 22
23
23
Natotrias Co
635 6% 2,360
NO Amer Oil Cons
535
634
2734
27
390 1914
Myer United Filters A_ __ _ ______
550
13
It
12
9
Pnw.hca,, fallonr
a
5
5
60
5
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jun
Mar
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Jan
MVI4gtnAVACt;&;Ann&StWOOACtt4W44424;44o
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Bonds
Cleveland Ry 5.1
[VoL. 132.
FINANCIAL CHRONICLE
..-.0
000.wo0wR.- -,-,44.0.-0..... c,, 0 1.mw4,,-.0-4-40-.1*.c
-000,
40-01w0.-cm-4=0-,,0 .. 0.0..30..0.01- - -1
Xx x
x xx XXA XX XX X XX XXXXA X XXXAXXX
2166
MAR. 21 1931.]
FINANCIAL CHRONICLE
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
P taay
Pacific Gas & Elan com---- 5434
534% preferred
2574
6% 1st preferred
2734
Pacific Lighting Corp corn. 6834
6% preferred
Pacific Public Service A._. 2534
Pacific Telephone common 13034
6% preferred
Paraffine Companies
4834
Pigin Whistle preferred _
______
Rainier Pulp & Paper
Richfield
434
7% preferred
631
SJ Lt & Pr 7% prior pref._ 118
Schlesinger
3
Preferred
29
Shell Union
774
Sherman Clay Prod pref.__ ______
Southern Pacific
9974
Sou Pac Golden Gate B_
Spring Valley Water
934
Standard Oil of Calif
453:
Tide Water Assoc 011 corn_
7
6% preferred
6074
Transamerica
1431
Union Oil Associates
21 34
Union Oil of California _
2254
Union Sugar common
331
Wells Fargo Bk & Union Tr 269
West Am Fin Co 8% pref.
wsarsen Pins Ar oresi On
24
Range Since Jan. 1.
Low.
5274 5434 7,378 4531
739 2434
2534 2531
1,084 2634
2734 2734
65
6834 3,009 51
104% 10434
105 10074
2574 2731 7,700 1874
129 13131
60 118
50 12074
130 130
1,432 42
4734 4831
10
631 631
6
220
8
934 931
234
494 434 2,293
7,766
334
53.4 634
270 11534
11734 118
1,645
3
3
3
29
165 29
32
2,624
731 8
734
53
10 45
53
300 9931
9954 10034
115 1134
13
13
335
931
934 931
4531 4631 6,380 4474
7
731
1,420
631
6034 6031
10 5634
1434 1534 28,879 1131
20
2134 4,711 1934
219.4 2231 4,205 2034
400
331
3
334
80 269
269 270
374 531 3,195
2
91 Le 2411 19 078 1444
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
High.
5434 (Mar
2531 Jan
28
Jan
68% Mar
10434 Mar
28
Feb
13131 Mar
130
Feb
5031 Mar
9
Jan
II
Jan
634 Jan
931 Jan
11931 Feb
4
Jan
35
Jan
1034 Feb
55
Mar
10034 Mar
1374 Mar
um Feb
5134 Feb
874 Feb
6954 Jar
18
Feb
2454 Feb
263.4 Pet
431 Pet
275
Jar
531 Mai
2411 ma,
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Mar. 14 to Mar. 20,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
American Corp
•
Warrants
Andes
•
Appalachian Gas warrants_
Assoc Dye v t c
•
Assd G & E new 54 prof...*
Atlas Util 53 met
•
Bagdad Copper
1
13 0 Sand
•
Bank of U S units
.33
50
1.00
534
31
.28
131
2
,50
3934
.88
3
231
600
6
400
31
.35 10,500
800
1%
100
2
100
50
100
3934
1.10 1,900
100
3
100
234
Range Since Jan. 1.
Low.
316
31
.11
I%
2
50
3934
.50
2
134
Jan
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Feb
High.
7
34
.35
231
2
50
4031
1.43
3
334
Feb
Feb
Mar
Feb
Mar
Mar
Feb
Feb
Mar
Feb
2167
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
British Can Shares
•
Carib Syndicate rights.Color Pictures
•
Como Mines
1
Corporate Trust Shares- •
Detroit & Can Tunnel__ __•
Diversified Tr Shs A
Eagle Bird Mines
1
Flag Oil
*
Fuel Oil
10
Graph° & Gramo w I__1 pd
Group No Two 011
1
Hamilton Gas
•
•
Voting trust ctfs
H Rubenstein pref
•
Imperial Eagle
1
Internat Rustless Iron
1
Irving Trust
10
Jenkins Television
Kildun Mining
*
Khmer Air
•
Lautaro Nitrate
•
Macfadden Pub
•
May Radio & Television•
Nail Aviation E warr
Nati Liberty Ins
5
Nation Wide Sec B
North Amer Trust Shares_
Patricia Birch Lake Min_l
Pet cony
*
Photo Color
•
Radio Securities A
5
Railways
*
Reliance Inter pref
•
Roxy A
*
Saranac River Power__ •
Seaboard Fire Ins
10
Seaboard Continental__ •
Shortwave & Televislon.1
Super Corp A
Super Corp B
Swallow
*
Trent Process
•
Trustee Std 011A
B
Twin City scrip
U S El Lt Pow tr ctts A.•
Util Hydro W W
*
Venturas
•
Bonds
Cities Ser Pr & Lt 534s '49
1-64
334
1.63
31
531
1331
6
17
1.25
.97
3831
331
934
434
10
931
.62
634
34
234
1854
12
231
Range Since Jas. 1.
Low.
High.
434
100
1-32 3,500
231
100
.55 1,000
631
300
334 5,300
1834
100
1.63 5,300
34 2,600
531
500
1334
300
2.00
300
100
533
6
3.600
100
17
1.25
700
.99 18,700
3934
600
331
3,600
931 17.700
431
400
331
200
200
19
100
10
34
100
300
934
200
71-i
800
61-1
.62 1,000
1,400
634
134
600
200
231
183: 1,100
100
32
1634
100
11
200
13
500
100
331
234 35,900
100
731
731
200
1
100
500
.25
634 1,000
100
634
200
50
100
3354
100
374
.82
50
4
Mar
1-64 Mar
Feb
2
.05 Feb
534 Jan
334 Mar
1834 Mar
1.50 Mar
34 Mar
3
Jan
1334 Mar
2.00 Mar
234 Jan
274 Jan
12
Jan
1.00 Mar
.50 Jan
Jan
33
234 Jan
614 Feb
134 Jan
134 Jan
15
Jan
10
Mar
34 Jan
654 Jan
7
Feb
574 Jan
.60 Mar
534 Mar
34 Mar
1
Feb
1334 Feb
32
Mar
1634 3,54ar
Mar
10
734 Jan
334 Mar
131 Feb
674 Jan
634 Jan
1
Mar
.27 Mar
6
Jan
63.4 Feb
Feb
42
30
Feb
31-4 Mar
.82 Mar
7
1-32
3
.55
634
4
1834
1.63
134
7
1374
2.75
534
13
1834
1.25
1.20
40
434
931
474
334
1931
10
31
934
754
835
.62
731
231
234
1831
3434
1834
13
14
434
234
734
734
1
34
634
774
52
3334
431
.82
8134 8234 84,000
8134 Mar
8234 Mai
434
1-64
231
.24
634
334
1874
1.50
31
434
1334
2.00
531
554
17
1.00
.90
3731
3
831
374
374
1831
10
34
9
71-i
631
.80
SM
31
234
1631
32
1634
11
12
334
234
734
73.4
1
.25
634
634
50
3374
334
.82
Jan
Mar
Feb
Max
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Feb
Mar
Feb
Mar
Mar
Max
Feb
Mar
Feb
Mar
Max
Max
Mar
Feb
Max
Jan
Jar
Mat
Mal
Jan
Jan
Feb
Feb
Feb
Mar
Fet
Mai
Mai
Jar
Feb
Jar
Feb
Mai
Jar
Mai
• No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginningon Saturday last (Mar. 14) and ending the present Friday (Mar. 20). It is compiled entirely from the
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in which any
dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Week Ended Mar. 20.
Stocks-
High.
431 Feb
100
574 Jan
25 9431 Mar 95
Mar
4,200 1134 Jan 2134 Mar
1,100
5
Feb 1034 Jan
400
3
Feb 13
Feb
200
31 Jan
174 Feb
100
034 Feb
854 Mar
300
34 Jan
% Mar
200
% Jan
31 Jan
1,100
43 Jan
534 Jan
7,275 14034 Jan 204
Mar
800 1081-4 Jan 10974 Mar
600 14
Feb
1634 Mar
5,200 5934 Jan 86
Mar
100 25
Mar 25
Mar
300
14 Feb
16
4 Jan
100 2834 Jan 3334 Mar
434 Mar
100
431 Mar
100
134 Jan
234 Mar
500
Jan
5
6
Feb
200 26
Feb 3034 Mar
50
15,800
900
50
2,800
8,900
150
4,900
500
275
200
11,900
2,000
65,500
500
900
200
900
200
400
1,90
65
73:
134
1431
Jan
Jan
Mar
Mar
Jan
43.4
331 Jan
30
Jai.
434 Jae
194 Jan
3535 Mar
16
Mar
334 Mar
2834 Mar
1
Jan
34 Jan
71-4 Jan
234 Jai
54
Feb
434 Jan
2134 Mar
41-4 Jan
5,100
434
300
%
2,200 34
900 56
1,10
434
3.700
34
700
654
30,700
874
1,100
194
300
234
300
894
1,000 1794
200 3634
75 100
500
11-4
1,900 1734
1,100 1634
600 25
200 1531
6,000
331
3,500 301-4
600
474
200
%
400
65.‘
700 21
8754
1274
2
1534
734
531
3531
774
254
45
19
5
30
434
534
Jan
Feb
Jan
mar
3
871-1
634
2633
834
Feb
Mar
Mar
Feb
Feb
Jan
Alta
Jan
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Feb
Jan
534
Jan
4
Jan 69
Mar 59
Jan
8
Jars
34
Jan 13%
Jan
854
Jan
254
Jan
834
Jan 16
Jan 3034
Jan 4134
Feb110
Jan
2
Mar 19
Feb 1831
Jan 31
Jan 1635
Jan
674
Jan 3834
Feb 1053
Feb
134
Jan
83.4
Mar 2134
Mar
Feb
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Mar
Mar
Mar
Mar
14%
Brit
-Amer TobaccoAm dep rats ord bearer£1
2074 2034
British Celanese Ltd
Amer dep rectafor ord reg
134
131
Buren Inc
6% pref with warr- -50
40
40
Warrants
1
34
1
Burma Corp Am dep rata
234 234
234
Butler Bros
20 ____
634 634
Cable Radio Tube com vte•
134 234
Canada Cement con:__100
17
1734
Carman & Co 13 stock_
8
8
•
•
Carnation Co corn
2434 2434
Carrier Corp
• 20
20
20
Celanese Corp let pref.100
48
51
Centrifugal Pipe Corp___•
81-4
734 854
Chain Stores Bevel corn _ ..•
134
131 134
Chain Stores Stocks Inc. •
11
1134
Chatham & Phenix Allied _• 1534
1534 1534
Chic Burl & Quincy RR 100
193 197
Childs Co pref
107 107
_100
Cities Service common...
• 2074
17
2034
Preferred
• 8331 8351 8374
Preferred B
•
7
731
Claude Neon Lights Inc..1
834 834
854
Cleve Tractor common_ •
831 934
Colombia Syndicate
34
31
3
.
Colts Pat Fire Arms Mfg..
17
1774
Columbia Pictures corn_ •
19
1934
Common V t C
• z18
:18 z18%
Columbus Auto Parts prof•
14
14
•
7
Consol Aircraft cam
7
8
Consol Automatic
Merchandising com v t c•
434
int
34
Consol Dairy Prod com *
43.4 474
Consol Laundrios corn_ •
1374 15
Consol Retail Stores
431
434 434
Continental Chicago Corp •
9
9
Conn Shares cony pre1.100
3934 4253
Preferred sec B
100
3634 38
Cooper-Bessemer corn_ •
1434 1434
$3 pref with warrants 100
32
32
Copeland Products Inc
warrants. •
Class A with
531 634
Cord Corp
5 1074
934 1035
Corporation Sec of Chic..' 20
1934 2034
Corroon & Reynolds com_•
534 634
58 prat A
•
46
48
Crocker Wheeler coin_ - _ ..• 1374
1334 14
Crown Cork Internet A_ •
734 734
Cuban Cane Prod warr...
3,6
is
Ounce Press Inc coin_ _ __• 33
3131 33
curow_wrighy Corp warr
%
34
34
Dayton Airplane Eng corn'
134
135 1%
Deere & Co common
• 3731 3734 4031
De Forest Radio COM.- --•
531 631
6
De Havilland Aircraft
Am dep rcts for ord sha_
434 434
Delscl-Wemmer-Gilb com • 17
17
15
Detroit Aircraft Corp__ _ _•
231 334
3
Douglas Aircraft Inc
• 23
1834 2331
Dresser(S R) Mfg Co ei A
. 39
39
39
Class B
• 2734 24% 2734
Driver-Harris Co com_ _10 3934 33
3934
Dubilier Condenser Corn_•
331 331
Durant Motors Inc
234 234
•
254
Duval Texas Sulpbur_
•
234
231
East MB Invest corn A..•
434 631
534
Educational Pictures
aoz.. nrat with warr__1011
28
28
1 8 8 8§§88888888888$28§888§§§§8§ 88§88gg88 §§§§§88§§§8§§ 88§§§88§g66 6
_
'
---.
' -,..
- '
- -,,,;;;; aci 2
65
American Cigar common.
65
65
Amer Cyanamid nom B._• 1031
10
1131
154
134
Amer Dept Stores Corp. •
154
First prefered
100 1534
1431 1534
American Eu1111.938 corn_ _•
634
8534 634
434
434 43.4
Amer Founders Corp . •
35
Amer Hard Rubber com100
3534
734
7
Amer Investors el B cam_ •
731
Warrants
234
231 231
Am Laundry Manb enm -20 3731 3
39
7
•
18
Amer Potash Sr Chelll _
18
374 454
Ara Mil& Gen (9 B y t e__•
453
$3 cum preferred
• 2994 2831 30
331
431
American Yvette Co com_•
431
431
Anchor lost Penes cow._•
431 5
Anglo-Chilean Nitrate_ •
13
1433
Angio-Norweg I I old
231 23.4
•
Apponang Co common__.• 6734 6431 8753
Arcturua Radio Tube- __ _•
431 5
434
22
Armstrong Cork cam__ •
22
Art Metal Works COM_ --•
734 831
734
Assoc Elee IndustriesAmer ilep rcts ord ohs.£1
594
51-4
234 234
Associated Rayon corn...•
6% cony preferred..100 59
5834 59
Certificates of deposit_
59
59
58
Atlantic Coast Fisheries__'
531
434 554
31
AU Fruit & Sugar corn_ _ _ I
31
31
Atlantic Recur Corp com_• 13
1234 13
Atlas Utilities Corp com__•
634 831
734
Warrants
234
231 234
Automatic Vol, Mach coin•
6
634
1434
Cony prior pantie stock • 1431 14
Aviation Corp of the Amer. 3034 27
3031
__
Axton-Fisher Tob con' A .10
z4034 4034
13abcock & Moos
100
1093.3 110
26
2
Bahia Corp prof
154 2
1731 1834
Eland Indus Loan corn...* 1731
• x1734 xt7
Bickford's Inc com
1714
Bigelow Sanford Carpet _• 2634 26
.
2631
• ____
Bliss(NW) Co corn
16
1631
Blue Ridge Corp corn...-.
534 574
534
3834 3734
Opt 6% cony pref____50 37
•
834 831
Bour1016 Inc
•
Brill Corp elass B
134
174
614
5
Brill° Mfg Common
63.4
•
Clam A
21
2134
Low.
Frtdat
Sales
Last Week's Range
for
of Prices.
Week.
Sale
Stocks (Continued) Par. Price. Low. High. Shams.
"
Indus. & Miscellaneous.
474 434
Acetol Prod cony A
•
Adams-Minis pre(
100
9434 9454
Affiliated Products I no___• 2134 z191-4 2134
10
Agfa Anse° Corp cow _ __• 10
1034
Ainsworth Mfg com__-_10 1254
11% 1234
131
I%
Air Investors corn v t c_ •
Convertible preference.* __-_
834 834
%
Warrants
34
31
%
Alexander Indust
•
•
434 5
Allied Mills Inc
Aluminum Co corn
• 195
15734 204
6% preferred
100 10934 109 10934
Aluminum Goods Mfg_ _. z1514
•
1534 1694
•
Aluminum Ltd corn
3
86
Aluminum Manufactures •
25
25
Amer Austin Car eotti____•
1
1
1
Amer Bakeries CIMEI A_
3334 3334
•
Ainer Beverage Corp_ _ __* -------431 454
234
Amer Brit & Cont Icom__•
.
254 21-4
____
Amer Capital Corp corn li
5
5
•
53 preferred
30
30
Range Since Jan. 1.
).
Range Singe Jas. 1.
High.
LOW.
18
Feb
154 Feb
3434
74
134
534
74
z1234
8
2234
20
48
534
1
7
1334
193
105
15
7931
7
8
734
hs
17
1631
1734
14
7
2474
Jan
134 Feb
Jan 40
Mae
Feb
1
Jan
274 Mar
Feb
Jan
7
Jan
234 Mar
Jan
Jan 1735 Max
Mar
Mar
8
Jan 26
Feb
Mar 25
Feb
Mar 7834 Mal
834 Feb
Jan
131 Jan
Jan
1134 Feb
Jan
Jan
17
Feb
Mar 19634 Mar
Jan 108
Jan
Jan
2034 Feb
Jan 8454 Feb
Mar
734 Jan
mar 1034 Feb
9% Feb
Jan
34 Jan
Jan
Mar 22
Feb
Jan 23
Feb
Jan 22
Feb
Mar 14
Mar
Mar 1031 Jar
31
331
10
3
631
3934
3634
14%
3134
Febe%
Feb
434
15
Jan
Jan
474
Feb
1034
Mar 5454
Mar 81
Mar 2334
Mar 3835
Jar
Ms
Fel
Jar
Fel
Jar
Jar
Fel
Jar
It%
534
143.4
334
40
7
7
%
2774
34
134
3334
1.34
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
has
Feb
Jan
Jan
631
1134
22
634
5134
1434
834
%
34
94
234
4474
734
Fel
Fel
Ma
Jar
Ma
Ma
Jai
Fel
Jai
Jal
Fe
Ma
334
12
141
1234
30
19
2154
331
134
234
2%
Feb
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
41-4
17
334
2334
3934
2774
41%
434
3
334
7
Ma
Ma
Fe
Ms
Fe
Ma
Fe
Ja
Me
ha
Ja
1834
Jam
39
Fel
la
Friday
Sales
Last Wears Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shores.
Eisler Electric common.
.•
6
Elee Power Amos com • 20
Class A
• 194
• 17%
Eleo Shareholdings eom..
$6 corn peel with ware_ •
•
Empire Corp corn
254
•
$3 cum conv pref
Warrants
54
Empire steel Corp cent_ _•
134
Employees Reinsurance_ 10
Fabrics Finishing corn_ *
Fageoi Moors coat
10
Fairchild Aviation corn •
Fajardo Sugar
100 37
•
Fandango Corp corn
Fansteel Products
Federal Bake Shove
4%
Federated Metals.
•
Flat Amer dep mtg._
13%
Finance Investing
io
Fire Assn of Phila
10
Fischman (I) & Sons A...'
Fliutspre
VOID A
•
Food Machinery corn....'
Ford Motor Co LtdAmer dep rcts ord reg./. 18%
Ford NIotor of Can el A • 28%
Ford Motor of FranceAmerican deposits rcts_ _
10
Foremost Dairy Prod cow •
154
Convertible preference_*
64
Foremost Fa bri.;8 com_ _ _•
Fox Theatres class A corn.
•
535
Franklin (II H) Mfg corn.'
Gamewell Co pref
General Alloys Co
•
General Aviation Corp..... 114
General Baking
New corp when issued-5 2145
Gen Baking Corp corn.....-•
54
Corn errs of deposit
Preferred
•
Peet errs of deposit
35
Gen Capital Corp corn_ •
Gen Elea Co of Gt Britain.
Am deo rcts for orci rag El 11%
General Empire Corp_ ._ _• 16
3,4
Gen Laundry Mach')'corn*
Geueral Theatre Equip pf • 28%
Gerrard(S A)Co corn._ -•
534
Gleaner Comb Harvester.'
Glen Alden Coal
• 38%
Globe Underwrit Exch...
•
8%
Goldman-SachsTrading._• 11
Gold Seal Electrical Co...
•
131
Gotham Knitbac Mach...'
Gramophone Co Ltd
Am dep rcts for ord rag / 13%
Graymur Corp
•
Ot Atl & Pao Tea
Non vol corn etock..... 230
•
7% first preferred_ _100
Great Northern Paper_25 37%
Grocery Stores Prod v t a_•
5.4
Guenther(R)Russ Law...5
Hall(C W)Lamp
•
Hammond Clock com
•
3,4
Happiness Candy Sts com•
Hartman Tobacco com--10
Hazeltine Corp
•
Helena Rubinstein com. •
Hayden Chemical
io
Hires(Chas Ft Co corn A..•
Horn & Haulm( corn
•
100 103%
7% preferred
Hydro-Elec Sec corn
•
Hygrade Food Prod corn.*
54
Imperial Tob GI Brit & Ire
Am clap rcts for ord....El
Indus Finance corn v t e_10
9
Instill Utility Investment.'
Inoue Co of North Amer.10 61
Insurance Securities_-10
854
Intercoaat Trading com_ •
Internet Cigar Mach
•
Internal Hold & Invest...
344
Internal Safety Razor Cl B•
Interstate Equities cora. •
Convertible preferred..
35
Interstate Hosiery Mills_ •
Irving Air Chute cow. • 1014
Johnson Motor Co com. •
Klein(Henry Li & Co pf 20
Klein(D Emil) Co cora_ •
Hobacke Stores corn
•
Roister Brandes Am She £1
"Cress(S H)& Co spec pf 10
Lackawanna Securities...' 30
Lakey Foundry &
Letcourt Realty
•
• 26
Lehigh Coal & Nay
Lerner Stores Corp corn. •
Libby McNeil& Libby .10
Liberty Dairy Prod corn.'
154
Loew's the stock parch war
54
1%
Lour/liana Land & Explor_•
Ludlow Mfg Associates- •
MaeMarr Stores Inc
•
Mapes Comm] Nib;
•
1
Mavis Bottling Co of Am.*
Mayflower Associates-.• 50
Mead Johnson & Co corn.' 111%
Mercurbank (Vienna)
American Shares
Merritt Chapman dr Scott
Mesabi Iron Co
•
Mesta Machine corn
5 34
154
Metal & Mining She corn.
•
Metropol Chain Stores. •
Midland Royalty pre( • 16
Midland Steel Prod id Pf.•
Midvale Co
•
Minneapolis Honeywell
1,111Regulutztr pref _ _ _ _ _ 100 90
Mortgage Bk of Colombia
American Shares
4
Nat American Co 1 ne.... __•
•
Nat Aviation Corp
844
100
Nat Baking pref
Nat Bond & Share Corp..' 39
Nat Container Corp pref..
Nat Dairy Prod peel A.100 10744
444
Nat Family Stores corn__•
Nat Food A with ware. •
14
•
e Class Is
•
654
Nat Investors corn
1
New
10
National Leather
National Standard Co. •
•
Nat s cen Service
Nat Stein Term See A...I 17
National Steel Corn warr- 12
[VOL. 132.
FINANCIAL OFFRONICLE
2168
Range Since Jan. 1.
Low.
I
High.
12,400
6
2,400
20
19% 2,600
17% 1,000
300
88
2% 13,600
200
15%
800
34
2
2,900
24%
100
200
21I
800
14
3
700
80
37
700
"to
400
9
300
444
100
1044
400
13%
100
100
23%
100
74
300
10%
100
31%
Jan
4
Jan
13
Jan
12
9
Jan
Jan
72
15-1 Jan
Feb
12
Mar
144 Feb
Jan
22
54 Jan
35 Jan
134 Jan
Jan
30
14 Jan
Jan
5
24 Jan
104 Jan
1034 Jan
Mar
17
Jan
354 Jan
is
•
Feb
29
6
2234
2234
174
8854
24
16
54
344
25
214
131
351
42
44
1154
434
103.
134
1
2354
754
104
364
Jan
Feb
Feb
Mar
Feb
Mar
Mar
Mar
Jai(
Jae
Mar
Jan
Mar
Jan
On
Feb
Mar
Jan
Mar
Feb
Mar
Feb
Mar
Feb
48,900
1734 219
2744 2834 2,900
1431 Jan
214 Jan
194
2814
Jab
Feb
4
184
18%
1634
88
134
14
54
1%
2444
14
2%
37
34
9
4%
104
13%
%
234
74
94
31%
600
4,700
600
2.800
9,000
400
1,075
1,400
4,600
741
I
1%
24
44
5%
9744
4
544
Jan 1034 Mar
Jun
lit
4
Jan
Jan
Feb
654 Mar
Jan
Jar,
Jan
7% Feb
Jan 10134 Feb
Jan 104 Feb
Jan 11% Feb
2044
51
54
34
3334
3654
21,900
22
51 15,500
51 1,400
3544 2,700
35% 2.600
200
37
17
44
34
27
27%
32
Jan
Jan
Feb
Jan
Feb
Jan
22
134
31
35%
354
37
Mar
Jar,
Mar
Mar
Mar
Mar
1034
16
44
2444
5
2%
38%
84
9
144
7-16
11% 4,400
600
17
900
34
29% 7,700
54 1,100
200
24
4344 5,200
844 1,100
86,900
11
144 1,700
300
7-16
1044
1444
%
21
4%
I
3844
7
531
r•
5-16
Jan
Jan
Mar
Jan
Feb
Feb
Mar
Jan
Jan
Jar.
Jan
1144
18
44
314
7
514
60
844
11
144
44
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Feb
Jan
10
10
1
14
3
3
614
4
444 5%
6
7
100 100
634 834
1044 11%
12% 14% 13,600
100
28% 2844
225 234
119 119
3714 38
5
554
15
15
835 831
38
4054
44
44
1
1
204 21
334 344
12
13
2634 2644
42
4334
1024 10334
2744 28
344 544
954 Feb
23,4 Feb
240 16734 Jan 2344 Mar
10 117
Feb 12134 Mar
400 374 Mar 39% Mar
1,300
3
Jan
544 Mar
100 13
Feb 18
Jan
100
6% Feb
844 Mar
500 30
Feb 404 Mar
900
44 Jan
3( Feb
1% Jan
500
31 Jan
200 144 Jan 23% Feb
1,200
34 Feb
1% Jan
200 11
Mar 13
Jan
100 25% Mar 264 Mar
600 3534 Jan 4334 Mar
ao 100
Jan 10344 Mar
800 22% Jan 80
Feb
9,700
544 Mar
24 Jan
800 z2031
2144 - 2154
9
54
944 1,100
600 2954
45
46
600 52
6044 61
1,900
834 9
634
500
6
734 734
200 46
46
48
200
23(
34 344
100 10
1134 1144
234
344 354 1,400
4,900 26%
3244 35
100
6
84 6%
1044 10% 1,610
744
100
844
846 844
a
100
34 344
200 124
124 1244
100 12
12
12
54
51 134 4,000
100 10
104 1051
1,500 294
294 33
200
244
354 34
11% 11%
200 10
25% 2644 2,400 2354
36% 3634
200 30
1151 1151
500 10
144
800
156 144
g
15,900
.15
14 14$ 3,000
14
108 112
so 108
8%
,
300
934 944
40
40
200 3234
3$ 1
55
13,900
45
50
500 40
10544 113% 8,400 77
234
1144
1
31%
1
334
16
1734
68
x87
24
1144
1
34
14
334
1054
173-4
68
100
100
100
1,800
3,700
100
700
300
100
9054
230
20
20
4
44
7.4 854
50
50
3734 39
17
17
107 10754
5
4
10
1051
134 154
6
644
554 6
.
44
31% 314
2354 2344
16% 174
12
12
14% Max
29
Feb
Feb 214
Jan 11
Jan 4944
Jan 6254
944
Jan
Jan
Jan 48
Jan
334
Jan 13%
Jan
4%
Jan 35
7
Jan
1044
Jar
Mar
834
it-,
Mar
Feb 12%
Mar 12
134
Jan
Jan 1044
Mar 37
33$
Jan
Jan 124
Jan 27 ,,
Jan 3634
Jan 134
2
Jan
334
Feb
2
Jan
Mar 120
Feb 11%
Jan 40%
134
Jan
Jan 50
Jan 11344
Mar
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Jan
Feb
Feb
Jun
Feb
Mar
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Feu
Jan
Feb
Jan
Feb
Feb
Mar
Feb
Mar
Mar
Feb
23f
11
14
28
44
144
12%
14
60
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
2%
14%
1
34
14.4
454
17%
IS
08
82
Feb
904 Mar
400 20
1,900
354
4./
2,900
25 454
900 28
100 14
600 107
334
1,000
300
3
300
I
3,500
4.4
700
54
500
44
200 314
300 20
5,700 154
100
5
Jan 21%
434
Jan
84
Jan
Jan 50
Jan 39
Feb 17
Feb 108
Jan
531
Jan 1044
141
Jan
74(
Jan
634
51ar
1
Mar
Mar 31%
Jan 24
Jan 1754
Jan 13
.12411
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Jan
.411
Fen
Feb
Mar
Mar
Feb
Jan
Mar
Mar
Feb
Mar
Feb
Mar
Feb
Feb
Feb
Sales
Friday
Last Week's Range for
Week.
Of Prices.
Sale
Stocks (Continued) Par Price. tow. High. Shares.
National Sugar Refining.•
Nat Union Radio cum "
Nebel (Oscar) Inc corn- •
Nein Corp common
•
Neisner Bros Inc pref__100
Newberry (J J) Co corn. •
New Mexico & Ariz Land l
N Y Hamburg Corp. .50
Niagara Share of Md___10
Noma Elea Corp corn. •
Norden Corp Ltd com.....5
Nor Amer Aviation wart A
No & So Amer Corp A._•
No4ad el-Agene Corp corn •
.
Ohio Brass6% pref. -100
tnistocits Ltd class A_
•
Outboard MotCorp corn B•
Cony pref claw A
•
Overseas Securities Co- •
Paramount Cap Mfg COM.
•
Parker Rust-Proof Co..'
Pennroad Corp corn v t c.•
Perryman Elec Co corn. •
Philip Morris Cons corn..
ClassA
Philippe(Lou)Inc corn B..•
Phoenix Beene Corp corn
Preferred A
Pierce Governor corn....'
Pilot Radio & Tube el A.•
Pines Winterfront
5
Pitney Bowes Postage
Meter Co
•
Pitts&Lake Erie RR com50
Pitts Plate Glass corn_ -25
Polymet 3Itg COM..
-•
Powdrell & Alexander...'
Prudential Investors corn.
•
$6 preferred
•
Public Utility Holding Corp
Corn with warrants....
•
Corn without warrants •
$3cum pref
•
Warrants
PYrene Mfg common
10
Quaker Oats Co pref. 100
Q-R S De Vry com
•
Radio Products corn
•
Railroad Shares Corp.. •
Railway & HUI Invest A_10
Rainbow Lum Prod A _
•
Common class B
•
Raytheon Mfg v t
•
Reliance Internet corn A._•
Common B
•
Reliance Management come
Rayburn Co
10
Reynolds Investing corn- -•
Richman Bros Co
•
Roosevelt Field
Ressia International
Royal Typewriter com •
Au berold Co
•
Safety Car Heat & Ltg.100
St Regis Paper Co corn.
.10
•
Saxet Co corn
Schulte-United 5e to $1 St •
7% cum cony pref-100
&evil' Mfg
25
Seaboard UM Shares....'
Securities Corp Gen'l oom•
Seeman Bros common....'
Segal Leek & Hardware..'
Selby Shoe corn
•
Selected Industries ()rim•
•
$534 prior stock
Alit etnt full paid 'AM .
Allot etre full pd unstpd.
Sentry Safety Control._ •
Beton Leather common._ •
Sheaffer(WA)Pen
•
Shenandoah Corp corn-.•
6% cony pref
ao
Silica Gel Corp corn v 1e •
Singer Mfg
100
•
Smith (A 0) Corp.
& Corona
Smith (L
Typewriter vol tr ifs._•
Snia Viseosa interim rota
South Amer Air Lines corn,
•
Southern Corp corn
Spiegel-May-Stern pfd _100
Stahl-Meyer Inc com. •
Stand Invest $5.50 pref..'
•
Stand Motor Constr
100
Standard Screw
•
Starrett Corp corn
6% cum preferred50
•
Stein(A)& Co corn
•
Stein Cosmetics corn
Straus-(Nathan) Inc corn•
Straus''
,on. Stores corn •
•
Stroock (5) & Co
Stuns ,..ior Car Co.-•
warran,s
Sun Investing corn
$3 convertible pref.- •
25
Swift
o
.15
Swift international
Syracuse Wash Mach el B•
•
Taggart Corp corn
•
Technicolor Inc corn
Thatcher Securities... _.1
Tobacco de Allied stocks.*
Tobacco Prod Exports •
Transeont Air Trailer- •
, Trans Imx Piet Screen•
it,,,,, _ _ . - Tel-Continental Corp ware
Tel Utilities Corp cam
Tublse Chatillon Corn.
•
Common B v t
Tung-Sol Lamp Wks corn.'
(Ingerlelder Final, Corn. •
Unlon Amer Invest com. •
*
Union Tobacco corn
United-Carr Fastener.. •
United Chemicals corn...'
$3 cum dt partie pref..'
United Coro warrants....
United Dry Docks corn •
United Founders corn
.
•
-Sharing corn*
United Profit
10
Preferred
United Retail Chem pfd. •
United Stores Corp corn...
,
S Dairy Prod class A_
Class 13
U 8 Finishing corn
•
U.S. Foil elasa B
•
U.S. & Internat See corn.
•
First prof with warrants'
34
44
70
1051
3334
314
234
9%
6644
26
244
2834
1044
634
34
444
24
10
70
20
244
2944
1144
6
,
4
157
55
147
151
9
104
9
:4734 24754 4844
10534 10
654
434 434
3
3
5% 531
554
544 544
544
341 341
87 102
96
614 714
1% 13-1
44 1
34
12
12
12
1844 20
20
1%
144 1%
23 5125
,
434 444
15
s1344 154
1744 1734
Range Since Jan. 1.
Low.
2,900
614 8
Ste
106 106
200 102
4144 4134
200 36
134
5
644 17,300
554
2534 25%
300 25%
13% 1234 1355 5,200
"4
451 88
90% 8851 9014
71$
6%
334$
134
234
134
1431
6
3
314
32
8134
20%
12
34
37m
5
2934
641
444
trog
2%
84
314
24
11%
944
274
4
29%
3944
13
13%
244
37
514
11
631
26
10
3-4
104
2834
1444
9
251
6554
1414
854
8%
244
53%
64-4 634
544 54
3244 3331
131
1
644 751
11534 11554
344 555
244 251
415 431
531
234 234
131
131
114 144
435 534
134 134
534 64
215 3
Si 1
73% 7344
234 234
344 314
32
32
42
39
814 8134
19% 214
94 12%
34
31
44
44
3734 3734
5
534
29% 2944
364 3641
64 644
1534 15%
444 444
68
68
69 z7034
6934 69%
2
244
8
8%
40
40
634 744
35
35
84 9
340 340
17831 186
114 14
14 14
2
234
331 335
184 244
16
1834
55
56
31
14
s82 012
9
22% 2334
17
17
7% 1144
944 9%
1% 1%
1044 104
24
28
3
4
754 8
40% 40%
2934 294-1
38% 39%
7
7
13
1844
1234 13%
234 234
37
37
134 134
434 534
High.
900 284 Jan 3434
534
1 44 Jan
1,300
2
Jan
24
100
9
Feb 13
200
475 6634 Mar 80
400 234 Jan 2644
3
1% Feb
200
500 283$ Jan 2934
Jan 11%
3,200
7
644
434 Jan
1,100
54
8,700
54 Feb
2
34 Jan
5,700
8
Jan 1154
700
300 IRs Jan 51%
100 10535 Mar 10634
544
334 Mar
800
34
2, Jan
100
6
44 Jan
1,100
6
234 Jan
100
6
34 Ian
300
Mar 102
1,700 81
8%
64 Jan
18,400
144
Jan
100
1
1
'y -it."
4,300
Jan 12
200 10
Jan 20
2,000 13
2
144 Mar
2,700
1,000 23
Mar e2544
04
100
44 Jan
334 Jan 1544
11,800
200 174 Mar 1834
3,900
200
500
8,200
1,500
20
1,800
200
400
100
700
400
400
560
100
1,500
1,800
3,500
100
500
3,000
200
500
2
21,000
28,100
2,90
400
200
800
100
200
7,200
100
15,800
400
700
100
25,500
500
200
3,600
400
600
50
230
Mar
Feb
Mar
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Feb
Mat
Feb
Jan
Feb
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Feb
Feb
Feb
Mar
Mar
Jan
8
Jan
Jan 1084 Feb
Jan 42% Jan
Jan
654 Mar
,
Mar 2554 Mar
Jan 1334 Mar
Mar 90% Mar
Jan
84 Feb
6
74 Feb
5
Jan
31)4 Jan 8634 Feb
.tan
ki JAI!
7% Feb
644 Mar
1154 Mar 115% Mar
534 Mar
254 Mar
2
234 Jan
Jan
431 Mar
334 Feb
434 Feb
531 Mar
Jan
254 Jan
4
2
Jan
134 Feb
11
Feb 1431 Mar
Feb
234 Jan
6
3,4 Jan
14 Feb
3
744 Feb
Jan
Feb
5
254 Jan
1.,lan
114 Jan
594 Jan 7354 Mar
354 Mar
134 Jan
244 Jan
514 Feb
304 Feb 38
Jan
344 Feb 42
Mar
81
Jan 9034 Jan
0154 JAM 2144 Mar
644 Jar
1244 Mar
1
Jan
11 Jan
34 Mar
3
Jan
3
8 4 Jan 3734 Mar
3% Jan
5% Feb
19% Jan 3034 Feb
Feb
x34
Jan 37
4
Jan
644 Mar
14
Feb
Feb 16
414 Feb
24 Jan
444 Jan 70
Mar
53% I,o 71
Mar
45% Jan 7054 Mar
14 Feb
3% Feb
631 Feb
84 Feb
40
Mar 42
Jan
74 Mar
3-4 Jan
PO
Jan 36
Feb
534 Jan 104 Feb
333
Jan 34335 Feb
135
Jan 192
Mar
1,000 11%
200
1%
300
134
234
5,800
2,550 13
200 1534
100 36
4.1
1,500
25 282
100
834
600 20
100 1334
4
5,700
41.4
3,000
2,500
14
9
500
6,700 18%
I
1,900
4
2,400
100 36
1,200 484
2,000 3434
4
200
3,500 12
6,500
714
24
1,400
100 2634
.4
300
3
2,800
Mar
Mar
Jan
Jan
Jan
Feb
Jan
1854
154
254
411
214
sag
156
11111
Mar
Mar
Feb
Jan
Jar)
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Ino
Feb
Jan
inn
Jan
Jan
Jan
95
12%
2554
17%
114
10
n
1144
28
4
8
4044
3044
3944
8
1834
1444
334
38
134
844
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Mar
Mar
InO
Mar
Mar
Mar
Mar
Mar
Jao
Feb
Mar
Mar
Max
Feb
Feb
Jan
Feb
83,' 1144 72,900
434 ag 7,800
26
800
28
634
234
25
Jr,,
Jun
Jan
1154 Mar
6
Mar
29% Mar
944 1,300
200
1041
2734 2,000
300
21
34 8,500
600
551
400
124
2831 2,900
1.534 10,800
331
700
931 28,000
500
134
200
5
100
6
251 2,100
500
6534
14% 2,100
8
200
" 00
2
5554 1',411
335
74
2?
174
Si
4
10
16
Jan
Jan
16
12
294$
21
14
7
124
2814
15.4
34
1044
2
5%
11 45
2
654
15
84
10
344
60
844
10
264
21
51
51.4
104
26
13
3
84
14
5
6
234
6044
1444
844
283-4
234
5344
its
#1 74
134
5
54$
131
60
104
54
544
144
31
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Mar
Feb
Mar
Mar
Feb
Feb
MAR. 21 19311
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices. IWeek.
Stocks (Concluded) Par. Price. Low. High. Shares.
U.S. Lines pref
•
434
200
434
U S & Overseas Corp
Corn with warrants.-.
100
• 1834
1814 1834
U S Playing Card com__10 z4035 z4094 4234
300
US Rad & Television. •
3034 3214 1,800
US Shares }Irian w w_
•
100
34
35
Utility & Indus Corp corn•
84 9
9
2,300
Preferred
• 1831
18% 19
1,300
Utillt Egoitles.'ore colo••
834
754 831 4,500
Priority stock
• 76
744 76
500
Van Camp Pack coin
•
5,500
6%
534 7
7% preferred
25
7
834
700
Vick Financial Corn_ _10
400
654 6%
634
Vogt Manufacturing
•
12
12
10
Waigreen Co commun.._ _• 2654 24% 27
4,400
Warrants
8
8
10
8
Walker(Riram)Gooderham
& Wortscommon
8
•
74 8% 3,300
Warren (9 D) Co com___• 54
50
63
25
Watson (J Warren) Co
•
14 14
20
Wayne Pump cony pref_.* 21
21
2231
300
Welch Grape Juice cont. •
50
50
22
Western Air Express.--10 18
18
18
30
Williams (It C) & Co_
•
13
1334
400
WU-low Cafeterias corn_ _.•
534
554 634 1,60
Preference
2734 29
1,000
Bonita Product Corp com • 1434 114 1531 26,800
Range Since Jan. 1.
Low.
44 Mar
High.
Friday
Sates
Last Week's Range for
r abbe Utilities
Sale
of Prices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
2169
Range Since Jan. 1.
Low.
High.
N Ind Pub Serv 8% pf_100
1014 10134
25 97
Jan 10231 Mar
7% preferred
100
111% 11131
Mar
75 1094 Feb 113
12
Jan
20
Feb Nor NY ULU 7% pref_ _100
106 10654
50 103
Jan 10631 Mar
4034 Mar 49
Jar.
Nor States P Corp cwa.100 1523.4 14034 15234
800 123% Jan 15294 Mar
29
Mar 33
Mar
7% preferred
100 10931 109% 109%
50 101
Jan 109% Mar
34 Mar
1% Jan
A% preferred
100
9831 9834
40 95% Feb 9834 Mar
, Jan
9% Mar Ohio Pub Serv 7% pf A 100
105 105
10 10335 Jan 105% Mar
14% Jan 1934 Feb Oklahoma G & E 7% pf 100
108 108
50 106% Feb 10834 Jan
5% Jan
9% Feb
Pacific Gas & El 1s0 pref _25 27% 27% 28
7,000 26% Feb 28
Jan
Jan
68
76
Mar Pacific Lighting $6 prat__• 10434 10454 104%
100 102
Mar
Jan 106
24 Jan
7
Mar Pacific Pub Serv CIA com •
2531 27
600 19% Jan 2831 Feb
3
Jan
9
Mar Pa Power & Light $7 pref..• 110
110 110%
150 108% Jan 111
Mar
5
7
Jan
Jan
Pa Water & Power
• 66
6534 6834
500 59
Jan 70% Mar
12
Feb 124 Feb Peoples Lt & Pow class A.• 23
22% 2334 1,000 20
Jan 26% Feb
4
16, Jan
2831 Feb Phila El Pow 8% pfd_ _ _25
3234 3231
100 3234 Mar 34
Mar
3% Jan
8
Mar Piedmont Hydro-Electric-Option warrants news_________
34
1
400
ki Jaz'
1. Mar
694 Jan
8144 Feb Power Corp of Can
.5954 60%
• 6034
75 53
Feb 6034 Mar
50
Mar 70% Feb Puget Sound PAL $6 pt
9934 9934
110 9834 Jan 1004 Jan
•
,
14 Jai
2
Feb
$5 preferred
286
z86 :86
20 8334 Jan 86
Feb
21
Jan 29
Feb Quebec Power CO
•
75 42% Mar 5034 Mar
433.4 4631
50
Mar :',2g Jan Rhode Said Pub Serv $2 pf
2834 28%
100 28
Feb 2834 Mar
13
Jan 20
Feb Roekland Licht & Pow .10 17% 1731 1731
1,100 19% Feb 18% Mar
1034 Feb 1431 Mar Sou Calif Edison 6% pf B25
27% 2734
600 25% Jan 2734 Mar
3
Jai
634 Mar
504,
1[wet class C._ _25 z259( x2531 2631
.
1,200 24% Jan
26% Mar
1234 Jan 29
Mar Sou Colo Pow el A
25 2434
21
2434
900 19
Jan 2434 Mar
Jan 1534 Mar Southern Nat Gas corn....
8
854
64 89.4 2,800
Mar
5
834 Mar
So West Bell Tel
pf_100 x120 z120 12194
950 1184 Jan 121% Mar
Rights
Southwest Gas 11til cora..•
5
53-1
334 Jail
634 4,500
634 Feb
Associated 0 & E deb rts_
1% Jai
34 37
300
4
494 Jan Standard Pow & Lt cam_•
45
500 354 Jan 50
45
Mar
Flat
1-16 1-16
'11 Jar
94 2,000
In Jan
Common class B
42
•
700 3291 Jan 50
4634
Loew's Inc deb rights
Feb
204 14% 21
i, Jan 2334 Feb
3,900
Preferred
• 99
9854 99
350 9831 Feb 101
Mar
Swiss Amer Elee Pref
95
95
100 51
95
Jan 115
Public Utilities
Mar
Toledo Edison 6% pref.100
109% 110
Alabama Power $6 prat_ _ _• 103
20 10491 Mar 110
Mar
10231 103
125 100
Jan 103
Mar Twl,i States Nat Gas cl A.
•
1
100
1
14 Feb
2
$7 preferred
Jan
• 114
114 114 31
100 113
Jan 11534 Mar Union Nat Gas of Can_ •
13% 14
800 1334 Feb 1731 Jan
Allegheny Gas Corp corn.•
234
254 234
600
2% Jan
3% Feb
United Electric Sent warm.
1-16
3-16 Jan
Amer Cities Pow & L cl A.
34 8,300 1-16 Mar
3834 3734 3851 800 3334 Jan 3834 Feb United Gas Corp coin._
1134 81,300
1091 10
794 Jan
Class B
1134 Jan
•
9
10
934
534 Jan
Feb
931 3,300
Prat non-voting
• 93% 934 94
2,000 86
Am Com'w'Ith Pow corn A• 16% 1534 17
Jan 94
Mar
8,900 11 Si Jan
17
Star
Warrants
3% 34 19,300
336
234 Jan
Common B
434 Jan
• 27
25
2834 1,000 2334 Mar 294 Jan
United Lt & Pow corn A__• 32% 3034 32% 23,400 23
Amer & Foreign Pow warr_
Jan 344 Feb
29
2654 2934 22,500 14 ti Jan 31% Feb
$6 cony 1st pref
• 102
101 10394 2,700 941-4 Jan 10431 Mar
Amer Gas & Elec com__• 82
7834 8334 6,600 7054 Jan 86% Feb
US Elec Pow witn warr •
7
434 Jan
694
734 7,000
8% Feb
Preferred
• 110% 110 1104
300 10294 Jan 11031 Mar
Warrants
700
1% Feb
2
Amer L & Tr corn
254
234 Mar
25 53% 51
5334 1,500 43
Jan 544 Feb Utica Gas de El 7% pref 100
104 104
25 1039-4 Feb 104
Amer Nat Gas corn
Mar
•
434
5
3,000
34 Jan
43.4
534 Mar Util Power & Light corn.. _• 13
1294 13% 3,000
.Tan 144 Feb
9
Am Sts Pub Serv corn A_ •
15
100 14
Felt 15% Feb
15
Class B vot Or cat_ _ • 2731 27% 2731
100 21
Am Superpower Corp corn • 1844 1634 1834 145,400
Jan 31% Mar
99% Jan
187 Mar
%
First preferred
• 98% 9834 99
1.600 8114 Jan 99
Mar
Former Standard Oil
$6 cum preferred .._ _• 89
88
8934 1,400 8234 Jan 8934 Mar
SubsidiariesAppalachian Gas cam_ _•
7
Jan
74 7,900
8% Feb Borne Scrymser Co__ -_25
5
7
8,31
50
831 8%
A890e Gas dc El corn
831 Mar 1234 JAI]
• 22% 2154 2254
200 15
Jan 30
Buckeye Pipe Line
Feb
50 49
49
100 40
49
Class A
J9 I
49
Mar
• 23% 213-4 2354 20,800 174 Jan 23% Mar Eureka Pipe Line
100
27% 27%
50 27
Feb 29% Feb
$5 preferred
• 89
87% 89
Jan 8934 Jan
540 85
Humble Oil & Refining _ _25 5634 56
57% 2,900 55;4 Ma
$8 int-bear allot etfs._
72
Feb
88
100 674 Jan 9194 Feb Imperial 011 (Can) caul).-• 1634 15%
88
3,300
16%
Allotment certificates_
Mar 1831 Jan
500 19
20
Feb 2134 Feb
20
Registered
•
1594 15%
600 15
Mar 18
Warrants
Jan
34 5,100
1
4 Jan
Jan
Indiana Pipe Line
10 17
17
1851
Assoc Telep Util mom
500 16
Jan 2134 Feb
•
244 25
Jan 25
300 22
Feb
National Transit.. _ _12.50
13
900 1254 Jan
14
Bell Telep of Canada 100 147 x147 148
14
Jan
13934 Jan 153
75
Feb
N Y Transit
10
600 1091 Feb 144 Jan
1134 11%
Brazilian Tr Lt & Pr ord.• 25
25
27
Jan 284 Mar Northern Pipe Line_.
17,200 21
..50 2934 29% 2931
50 28
Buff Nlag & East Pr pf-_25
Feb 30
Feb
2634 26%
2534 Jan 27
Mar Ohio 0116% cum pref._100 100
600 9834 Mar 102,34 Jan
98% 100
Cables & Wireless LtdSular Refining
25
7% 8
200
6
Jar
Am dep rats B ord she_ £1
8
Mar
4
34
200
34 Jan
Si Feb South Penn 011
25 19
1834 1934 1,100 18% Mar 23% Jan
Cent Atl Sts Serv v t e__ *
,
4
200
34
34 Feb Southern Pipe Line
31 Feb
10 1334 13
400 10
1351
Cent 'fruition 0 & Ey t e_• 29
Jan 14
Feb
2744 3031
1,900 17% Jan 31
Mar So'west Pa Pipe Lines..
.50
34
34
50 33
Cent III Pub Ser $6 pref..*
Feb
93
93
10 91
Jan
93
Mar Standard Oil (Indiana)_ _25 3234 3134 3334 24,300 31% Jan 36
Cent Ind Pow 7% pref.100
Mar 3835 Jan
82
84%
20 79
Feb 8491 Mar Standard 011(Ky)
10 22
2134 2234 4,400 204 Jan 23% Feb
Cent Pub Serv class A...* 1995
184 1934 13.800 14
Jan
19% Mar Standard 011 (Nab)
55
400 3234 Mar 364 Jan
3234 32%
Cent & So'west UtilStandard 011(0)COM.-25
504 53
250 4934 Jan 6214 Jan
$7 prior lien prat'
100 10034
•
100 9434 Jan 101% Feb
5% cum pref
100
10491 105
160 103
Cent States Flee coin_ _.• 1234 1034 124 43,200
Jan 105
Mar
9
; 234 Mar Swan-Frucb Ore Corp--5
3111
10
10 10
10
Mar 10
6% pref with warr _100
Mar
87
200 87
87
Mar 87
Mar Vacuum Oil
25 555-4 5434 5731 9,500 :14 Jan 6931 Feb
6% prof without warr 100
644 644
200 54
Fe
6831 Feb
Warrants
19
19%
300 19
Mar 1931 Mar
Other 011 Stocks
Cleveland Elec Ill corn.•
52
100 48
52
Jav
52% Mar Amer Maracaibo Co
134 14 14 3,400
•
34 Jan
Com'w'Ith Edison Co.
114 Mar
.i00 246 31 246 24934
Jay 256% Feb
60 221
Ark Nat Gas Corp com- -•
6
2,700
534 6
rt4 Feb
Coto'wealth & Sou Corp
504 Jan
Class A
•
6
9,050
531 6
Warrants
03( Feb
554 Jan
231
1% Jar
2% Mar Atlantic Lobos Co corn.*
25.4 24 20,500
1,600
Si
4 Feb
34
Community water fiery_• 1034 1034 1134
Jan
4,100
8
Jar
12
Mar
Preferred
50
234
1
234 3.300
Compania Illspano-Amer
1
Mar
23.4 Mar
British Amer Oil Ltd
de Elec S A (Chad)
6731 6834
50 60
Jan 6834 Mar
Coupon stock (bearer)_*
13
100 1334 Mar 16% Jan
1334
Centel G El & P Balt coin_• 9734 9531 974 1,800 82
Jan 101
Feb Carib Syndicate
131 1% 6,600
134
Consol Gas Util class A_ _• 1794
4 Jan
231 Mar
1734 1794
300 14% Jan
17% Mar Colon 011 Corp COM
•
234
24 254
200
Cont G & E 7% pr pt. _100
104 Jan
334 Mar
103 103
50 9731 Jan 103
Mar Columb Oil & Gasol v t C.
531
Duke Power Co
534 2,400
53.4
5
Jan
734 Feb
100 137
124 137
425 118
Jan 145
Feb Cosden 011 Co corn
2%
234 234
.--•
600
Duquesne Gas common__*
25-4 Jan
334 Jan
431 534 7,200
435
2% Jan
694 Feb Creole Petroleum Corp _•
3
3
2,200
Ea, Gas & F Associates..-• 27
*
334
Mar
3
334 Mar
25
27
Jan 27
1,100 17
Mar Crown Cent Petrol
•
100
6% preferred
34
35
34 Feb
Si Mar
10 94
0231 94
325 92$i Mar 94
Mar Darby Petroleum corn.. •
4
100
4
East Stales Pow corn B _..
4
Feb
5
Feb
• 2231 2134 24
5,400 1334 Jan 24
Mar Derby Oil & Ref corn--..•
454
Eastern Urn Assoc corn_ •
4
60
45'
2% Jan
6
Feb
35
35
100 31% Jan 3514 Mar Gen Petroleum Corp.
22% 227
Cony stock
%
20
2234 Mar 30
•
Feb
8
8
100
634 Jan
8% Jan Gulf OU Corp of Penna._25 6735 64
Elec Bond & Sh Co com__* 59
7,100 63% Jan 76
63%
Jan
5591 6634 309,200 40
Jan 61
Feb
Indian Ter Ilium 011 el A •
16% 1634
$6 preferred
800 14
Jan
• 10754 10634 10834 2,000 10234 Jan 10834 Mar
1634 Feb
Cla.98 B
• 1631 154 16%
400 134 Jan 167 Feb
$5 cum prat
•
944 9594 2,500 8934 Jan
%
95% Mar Intercontinental Petrol...5 9-16
Elea Pow & Lt 2nd pf el A *
34
34 4200,
9934 9934
34 Jan
34 Jan
200 9134 Jan 101
Mar Internat'l Petroleum
Warrants
• 1234
1254 13
12,200 1234 Mar 154 Jan
30
36
36
5,000 20
Jan 377 Feb Kirby Petroleum
4
•
Empire Gas & F 7% pf_100
131
300
134
31 Jan
134 Feb
7734 7734
200 77% Jan 79
Jan Leonard OH Develop_ _26
Empire Pub Sere corn A- •
134
134 2,100
4
34 Jan
1% Mar
4
100
734 Jan Lion 011Refining
334 Feb
•
European Elea Corp el A 10 1054
500
6
631
534 Jan
951 13
3,500
654 Feb
Jan
7
13
Mar Lone Star Gas Corn
• 22.31 2234 23% 2,500:
Option warrants
234 4
223.5 Mar 29
331
15,800
Jan
1% Jan
4
Mar
Magdalena Syndicate.._.1
5-16 5-16 5-16 1,700
Florida Pow & Lt $7 Pi- --• x104
4 .1511
103 104
si Feb
500 100
Jan 104
Mar Margay 011 Corp
•
355
Oen Clan & Elea $6 pre B..• 76
200
334 344
3
Feb
70
78
2,970 503( Jan 78
5
Jan
Mar Mexico-0Mo 011 Co
331
Gen Pub ULU $7 prof200
3% 394
*
65
4% Mar
13.4 Jan
7
6631
65
Mar 7031 Mar Mid-States Pet cl A vto- •
•
Georgia Power 35 Pr
300
234 Jan
•
99% 100
334 334
4% Jan
20
96
Jan 10034 Mar
Clase 13 v t c
•
300
GO West Pow 7% pf100
1
Jan
1
105 105
134
5 10334 Feb 105
154 Jan
Mar
Sin-Kansas Pipe Line com 5
Illinois P & L $6 Met
95.4
934 9% 6,900
•
9434 9434
5
Jan
10
86% Jan 9134 Mar
11
Jan
Class B
1
In.:Footle P & L6%% pf100
41 Jan
1054 1054
Si
Si 1,200
300 1004 Jan 105% Mar Mountain vot Cr
54 Jan
& Gulf Oil.....1
Hydro El $3.50 pf____• 44
Int
200
44
94
St Feb
34
44
5
41
Si Jan
Jan 45
Jan
Mountain Prod Corn-- -10
Internet Superpower
4,‘ 544 1,500 47 Jan 554 Jan
45-4
• 3234 30
4
3354 1,700 21% Jan 33% Mar
National Fuel Gas
• 2334 23
internat 1.411 elaile A
237
• 44
% 3,100 21
44
44
Feb 264 Feb
800 3454 Jan 45
Feb '
,
few Bradford 011 Co.._.5
•
Class B
1%
134
934 10
13-4 Jan
134 1,500
934
4.900
14 Jan
534 Jan 1034 Feb Northern Cent Texas Oil •
Palle prat
234 3
1,100
•
97
98
1,31 Jan
200 97
Jan 99
33 Feb
Feb
North European Oil Corp •
Warrant for class B stk
134
194 24 158,900
331 331
44 Jan
334
400
234 Mar
2
Jan
434 Feb
Pacific Western Oil
• 11
Interstate Pow $7 pref.._ •
11
11
100
85% 87
634 Jan 15
60 85
Feb
Jan 87% Mar
Pandern 011 Corp
•
Italian Superpower corn A
7-16
14,500
Si
36
34 Jan
634
34 Feb
43.4 64 13,400
234 Jan
1034 Jan
Pantepec 011 of Venezuela.
Warrants
114
134 1,600
2
234
231
1
4,600
Jan
2
Feb
54 Jan
254 Mar Petrol Corp of Am wart.
Long Island Ltg emu_ _• 34
100
34
91
34
94 Feb
,
51
400 30
Jan 35% Feb Plymouth 011 Co
154 Jan
5
7% preferred
124 13
1,200 12
ino 111 11091 11134
Mar 19
Feb
90 10634 Jan 112% Mar
100
134 134 1,100
6% pref series B
134 Mar
106 1063-4
154
125 100% Jan 106% Mar Producers Royalty Corp-.
43.4 Jan
Pure 011 Co 6% pref_ _ _100 76% 74
Marconi Wire]T of Can..1
90 74
7731
4
33.4
16,900
4
Mar 834 Jan
I
Jan
4
Mar Reiter-Foster Oil Corp. _•
1%
Mass Utll Assoc coin
200
134 134
•
444
1
354 Jan
434
Jan
1,100
134 Jan
4% Mar Richfield 011 Co prof. _ _25
Memphis Natural Gas__ •
531 6% 10,800
6%
1091 11
3% Jan 11
2,400
Jan
8% Jan
1214 Feb Root Refining prat
•
3
iddle West CBI roam _ _ _ _• 2454 2334 2454 7,900 174 Jan
200
3
Mar
3
334 Jan
2531 Mar Ryan C,3nso I Pen •ol
1,800
•
2
2
$6 pref A with warrants 10034 1009-4 1004
29.1
2
Jan
3
100 98% Ma 101
Feb
Mar Salt Creek Producers_ _ _10
Mid -West States Util CIA • 24
64 654 1,200
634
2334 2454
634 Jan
900 204 Jan 25
75.4 Jan
Feb Southland Royalty Co__ •
Mohawk & Bud Pr let Of •
5% 535
1,000
Mar
5
10634 107
734 Jam
125 1004 Jan 107
Mar Sunray 011
375 4
'
5
Monogabela West Penn
4,700
4
234 Jan
54 Feb
Union 011 Associates_ .._.25 214 2134 21%
100 2034 Mar 2434 Jon
Pub Serv 7% prat__ _25
2494 24%
50 2434 Jan 25
Mar
Venezuela
Montreal Lt Ht & P cons.
1
131
131 2,900
• 6534 62
65%
200 5534 Feb 6.5% Mar "Y" Oil& Petroleum--.5
74 Jan
134 Jan
Gas Co
•
20
34
Nat Elea Pow class A. •
Si
2531 254
31 Jan
100 24
Fe
34 Feb
254 Mar
Lt $6 pref____• 10434 10331 104% 1,000 97
Nat Pow &
Jan 10
434 Mar
Mining Stocks
•
19% 2134
Nat Pub Serv corn el A
700 1731 Jan 2134 Mar Bunker HIll & Sun
10
150 4331 Jan 53
50
50
107 109%
Nev Calif Elee corn.._100 107
60 99% Mar 10934 Mar Bwana M'Kubwa
Feb
Copper
84% 84%
New Eng Pow Assn pf _100
180 7914 Jan 86
Feb
Mines American shares
100
1% I%
154
1% Feb
110 110
NY POW Lt 7% P1-100
50 109% Jan 11094 Feb Comstock Tun & Drain _ _
134 rJa
be
34 11-1
5,300
7-16 Feb
Steam Corp corn_ _ _ _• 84
94
76
89
2,900 4634 Jan 89
N V
5s Feb
Mar Consol
3
334 1,900
234 Feb
117% 1184
325 11341 Jan 118% Mar CressonCopper Mine*. ..5
N Y TeleP 634% pref__100
3% Jan
Cons G M & M...1
1,500
3-4 7-1
Niagara Stud Pow com_ _10 1434 1491 1531 71,400
5-16 Jan
991 Jan 1534 Mar Cue' Mexicana Mining.
31 Feb
_.1
si
134 8,360
Class A opt warrants---24
34 Jan
8,400
14 Mar
2% 3
131 Jan
33.1 Mar Engineers Gold Ltd
-5
34
1,600
5-1
31 Ma
Clara B opt warrants-7% 731 2,500
734
5% Jan
834 Mar Evans Wallower Lead com•
94 Jan
1,500
1
15-5 2
Jo
Class C warrants
234 334 1,200
134 Jan
3% Feb
334 Mar Golden Center Mines_...5
1
1% 1,900
4
31 Jo
4
Nor Amer Util Sec com •
434 1,100
2% Jan
2 Feb
4% Mar Goldfield Consol Mines_ .1
311
3.4
5
,
1 6,000
3-16 Jan
31 Jan
634
Ja.
2170
FINANCIAL CHRONICLE
Friday
Bales
Last Week's Range fey
Mining Stocks
Sale
of Prices.
Week.
(Conclude*
Par Price. Low. High. Shares.
Reels Mining Co
25c
7
654
Hollinger Cons Gold
5
8
Bud Bay Min & Smelt_
64
534
Iron Cap Copper Co_ _ _10
el 31
Lake Shore Mines Ltd_ 1
2431
London Tin Corp Ltd
Amer dep rets ord atm_
34
Mining Corp of Can_
254
Newmont Mining Corp_10 5234
5054
New Jersey Zinc
25 50
46%
I./Missing Mines
.5
131
Noranda Mines Ltd
• 2634 174
Ohio Copper
1
34
34
Premier Gold Mining__ _1
11-16
Roan Antelope Cop Am shs 1854 17
Si Anthony Gold Mineti_l
11
31
Shattuck Denn Mining_ _•
54
534
Silver King Coalition.
551
-_5
So Amer Gold & Plat__ _1
134
Teak Hughes Gold Min__ I
734
735
United Verde Extens'n.50c 1251 11%
Walker Mining
134
1
Wenden Copper MinIng__I
34
,
3-4
Wright Hargreaves
2
Range Since Jan. 1.
Low.
Hieh.
Sales:
Friday
Last Week's Range for
of Prices.
Week.
Safe
Bonds (Continued) Par. Price. Low, High.
[vol. 132. •
Range Since Jan. 1.
Low.
High.
15,000 50
5131 55
Duquesne Gas 1st 65__1945 55
Jan 7056 Jan
5154 3,000 41
656% notes_Mar 15 '35 5134 51
Jan 0331 Feb
East Utilitle, Investing
6156 70 309,000 55% Jan 71
55 with warr
1914 70
Jan
Edison El (Boston)55_1933 10231 102% 102% 18,000 101% Jan 1034 Mar
101
4,000 100
4% notes_ _ __Nov 1 1932
101
Jan 1014 Feb
3,000 10054 Mar 101
331
331 Mar
Mar
100
% notes_Nov 1 1931
10034 101
34 Mar
1,000
234 Mar Mee Power & Lt 55..2030 8931 884 89% 192,000 0234 Jan 90
234
131 Jan
Mar
10556 105% 10,000 98
Jan 108
Jan
1,300 4136 Jan 5834 Feb El Paso Nat GM 15t6565'43
55
Jan Empire Dist Elsa Mar 152
51
9651 9634 10.000 964 Mar 96,4 Mar
2,500 4631 Jan
50
1% Mar Empire Oil & Haig 545'42 7554 754 764 59,000 75% Mar 804 Jan
136
300
1
Jan
27% 100,100 1451 Jan 2754 Mar Ercole Mareill El Mfg
6345 with warrants_1953
3,000 6334 Jan 83
Mar
7831 80
34 4,600
51 Jan
4 Ja b European Eine 6545...1965
11-16
200
31 Jan 15-16 Fen
804 81
31,000 8.531 Jan
81
Mar
Without warrants
800 1356 Jan
81
1854
1834 Mar
Eur Mtge & low 78 0_1967 884 88
88% 26,000 82
Feb 89% Mar
3-16 Jan
1-16 Jan
56 8,800
6,000 95
Jan
96% 97
5% 1,400
3
Jar
6
Mar Fairbanks Morse Co 551942
Jan 98
Feb
100
551 Mar
551 Mar Federal Water Sera 534554 8851 87% 8811 27,000 7854 Jan go
53.1
154 Jan Finland Residential Mtge
151
100 15-16 Jan
Bank 65
1961
814 824 17,000 75
8
Feb
Jan 824 Mar
754 4,600
651 Jail
85% 32,000 811( Jan 86
1334 Mar Firestone Cot Mills 55_1948 8531 85
,.,,n
1354 10,100
Jan
8
2
1931
184 1914 8,000 164 Jan 27% Feb
200
134 Jar
Feb Fisk Rubber 5 413
2
First Bohemian Glass Wks
3-16 1,800
54 Feb
81% 82
2,000 77
Mar
134 Jan
231 Feb
4 F
let
2
f 75___Jan 1 1957 82
200
Jan 82
9131 Mar
Florida Power & Lt 55_1954 914 89% 91% 38,000 83
Jar
Gatineau Power let 55 1956 9354 924 934 29,000 Unto Jan 944 Jan
Bond,
9331 93% 934 17,000 934 Mar 9356 Mar
99
99
1,000 99
Mar 9931 Jan
When Issued
Abbotts Dairies deb 68 1942
934 95
10,000 90
a..
Deb gold 6s
1941 95
Mar
Alabama Power 4458_190
95
9831 98% 9954 19,000 96% Fen 913t5
Jan
23,000 93% Mar 99
Mar
Deb 65 series B. _ _ _1941 9131 91% 92.4 16,000 89
New when Issued
Jan 9251 Jan
9851 98% 99
Geri ',t,neC,,rpeonv6s'4li 60
60
60
10,000 55
Feb
29,000 10134 Jah 104
Jan
Jan 81
1st & ref 5.5
1968 10356 1034 104
s35% 835% 1,000 2934 Jan 35
Feb
let & ref 55
1956 103% 103% 103% 11,000 10134 Jan 10454 Mar Gen Indite Alcohol 6554'44
94
97
6,000 94
Mar 97
Mar
Mar Gen Pub Utll cony 65_1931 94
Aluminum Co s f deb 55 52 104% 104% 1044 56,000 10354 Jan 105
494 50
5,000 45
10054 100% 18,000 97% Jan 10031 Mar Gen Rayon es
Feb, e53
Jan
Aluminium Ltd 5s
1948
100 100% 28,000 9954 Mar 10034 Mar
Jan 83
7934 93.000 76
Jan General Refract 55..21943
938
Amer Com'ith Pr 68._1940 78% s78
67
684 16,000 67
Mar 6934 Mar Gen Vending Coro
Amer Elea Pow 6s A.-_1957 67
312
12
2.000 10
Os with warr Aug 15 1937
Jan 10034 Mar
Amer G & El deb 55_2028 10056 100 10034 204,000 97
Jat
, 14% Jan
139,000 9834 Jan 102
86
Mar
Jan 90
Jan Georgia Power ref 56_1967 10131 1014 102
Am Gas & Pow deb 68_1939 87
87% 11,000 85
1953
Amer Pow & Lt 68._ _2016 106% 10631 106% 58.000 10154 Jan 1074 Mar Gestuel deb 65
With warrants
s101 s101
21,003 100
Jan 102
Feb
8731 8651 87% 23,000 704 Jan 8734 Max
Amer Radiator deb 445'17
Without warrants
8731 8734 8731 6,000 73
93% 94
30,000 9151 Jan 9734 Feb
Jan
88% Mar
Amer Roll Mill deb 58_19453 94
98
Jan
Gillette Safety Razor 58'40 913.4 s8954 9134 233.000 84
Jan
Jan 9154 Mar
44% notea_ _Nov 1933 97% 9754 9734 65,000 96
9151 32,000 88
69
69
14.000 55
1935 9134 s90
Jan
Jan 70
Feb Glidden Co 5548
93
Jan
Am Seating cony 6s_ _1936
102% 10356 61,000 994 Jan 10334 Mar Grand (F & W)Propertiee
Appalachian El Pr 58.1950 103
73
8,000 68
70
61,000 6551 Jan 89
cone deb 65_ Dec 15 1948 70
Jan
Jan 74
,
Feb
Appalachian Gas 65_1945 8756 8754 88
103 10856 19,000 1054 Jan 1084 Mar
Feb Grand Trunk RY 648 1936
Cony deb Sn ser B__1945 69% 6934 70% 15,000 49% Jan 75
1,000 99
9954 9931
Arkansas Pr Ar It 553_ _1956 9931 9851 9934 72,000 954 Feb 9931 Jan Green Mt Pow Corp 581948
Feb 1004 Feb
Ground Gripper tinue 65 '44 2051 204 2334 2,000 18
Jan
Jan 27
Assoc Dye & Print 653.1938
204 204 3,000 20
With warrants
Jan 204 Jan Guardian investors 55.1948
10,000 z45
5651 58
With warrants
Jan 58
Mar
Associated Eiec 445_1953 924 91% 924 52,000 8434 Jan 94
Mar
Gulf Oil of Pa 58
1937 10251 1024 1024 29.000 i00% Jan 103
Feb
Associated Gus & Electric
103 1034 6,000 10136 is. 104
69,000 z6331 Jan 73
SinkIng fund deb 58_1947
Mar
Feb
456s series C
1949 70% s6956 71
4,000 72
Feb 10234 Mar
s734 74
Jan 82
Mar Gulf States Util 55.1956 10131 10151 1024 78,000 96
Deb 432s with warr 1943
99
4,000 98
99
20.000 67
Jan 1004 Mar
74
73
Feb 74
Mar Hamburg Eine deb 75 1935
Without warrants
854 5,000 77
84
97.000 6831 Jai
Jan 86
Mar
804 Feb Hamburg El& Und 545'38 84
55
1950 7856 s77% 79
7854 78% 1.000 77
76,000 7054 Jan 804 Feb Hood Rubber 78
1936
Jan 80% Jan
55
1968 7856 8773i 79
10-yr 5453__Get 15 1936 684 68% 68% 6,000 60
Jun
Jan
69% Mar
76% Jan
1938 714 704 71% 55,000 61
5348
16,000 834 Jun z91
90
Houston Gulf Gas 65.1943 88
88
16.000 894 Mar 96% Jan
Jan
545
1977 894 894 90
18,000 86
904 92
Deb s f g 634s Apr 1 1943 92
Jan 92
57
Feb 5954 Mar
Jan
5955 143,000 53
Assoc Rayon deb 55._195' 59
5,000 95
96
96
14,000 84
Houston Lt & Pr 410 1978 96
Mar 96
Mar
89
Jan 90
Jan
Assoc T T deb 546 A '55 8334 88
38.000 9234 Feb 96
95
96
New
92
49,000 a8051 Jan 92
Mar
Mar
Amon Telep Utli 5345_1944 91% 91
17.000 84
Bud By Min & Sm 65.1935 87
8531 87
Jan 874 Jan
60
1,000 59
Jan z60
Jan
60
Atlas Plywood deb 5%5'43
Jan 87
8454 8534 14.000 77
Hung Hal Ilk 7315_1943
Mar
10154 101% 15,000 1014 Feb 102
Mar
Baldwin Loco Wks 5345'33
Hvgrarle Fond 65 A _ _ _1949 47
47 n5054 15,000 40
Mar 5134 Jan
Bates Valve Bag Corp 65
7.000 1033 Mar 10451 Mar
4
103% 104%
2,000 102
108 108
Jan 110
Mar Idaho Power lot 55_ _1947
1942
with warrants
1.000 1004 Jan 10134 Mar
10156 101 4
Beacon Oil 65 with warr '36 9855 9754 9854 18,000 96% Jan 9834 Mar In Nor UHT 1st 5s_ _ _ _1957
28,000 10254 Jar, 106
Mar Ill Pow & Lt548 tier 151954 1034 103 1034 16.000 384 Jai, 10351 Mar
Bell Tel of Canada 55_1957 105% 10556 106
7.000 8(14 Jan 944 Feb
9 6 deb 55613__MaY 1957 9351 9331 934
series A___1955 105% 10554 10534 31,000 10331 Jan 10534 Mar
let M 5s
Jan 100
9654 76.000 95
Jan
Indep 011 & Gas 95 _1939
95
I!MU 10631 105% 106% 24,000 1034 Jan 1064 Mar
let M 5s Her c
2.01)0 90
91
Mar 91
90
Mar
9854 984 25,000 984 Mar 984 Mar Ind Hydro El Pow 55.1958 91
Beneficial Ind Loan 65 1946
1 0,1 10331 Mar
P & I, So ser A 57 103
102% 1034 119,000 r11!134 ,
95
Mar 96
Mar
9534 22,000 95
Birmingham Elec 445 1068 95
10391 Mar 1034 Max
1,000
9854 100
19,000 9551 Jan 100
Mar Indpls Water 1st 5365 1953
1031,1 10336
Birmingham Gas 1st 55 '59 100
1034 1034 25,000 103
Jan 114% Jan !mull UtIlitylnvestruentsBoston Cons Gas 50_ _1947
Feb
68 ser B without warr '40 9131 90% 9231 81,000 8131 Jan 95
1024 1024
1.000 10054 Jan 103
Jan
Boston & Maine RR 65 '33
994 9951 10,000 994 Mar 9951 Mar IntercontInents Pow 6$ '48
1961
4%e
17,000 50
Jan 58
Feb
53% 57
With warrants
57
Burmelster&Wain (Copan)
25,000 89% Jan 99
Jan
1004 1004 5,000 1004 Feb 101
Jan Internat'l Pow See 75 E '57 9834 97% 99
1940
15-yr 5 f 68
42,000 6834 Jan 78% Feb
75% 76
1033,4 110
42,000 106% Jan 110
Mar Internal Securities 55.1947 76
Canada Nut Ry 75.___1935 110
25-yr guar 445___1956 10034 99% 1004 52,000 984 Jar: 10054 Mar Interstate Power 55___1957 8851 844 884 75.000 z7931 Jan 8854 Mar
73
Debenture 65
19.52
84% 55,000 724 Jan 8456 Mar
Capital Adm deb 58 A.1953
2,000 824 Jan 87
8331 87
Mar Interstate Pub Sera
With warrants
92
924 15,000 88
.1958
Feb 934 Mar
1,000 81
Feb 83
let & ref 4365
83
83
Mar
Without warrants
103% 104% 42,000 1014 Jai i 0434 Mar Invest Co of Amer 58_1947
Carolina Pr & Lt 5s_1956
11,000 78
79
79
Jan 8234 Jan
With warrants
CaterpillarTractor 69_1935 1004 s10051 10034 36,000 9556 Feb 10154 Feb
744 754 20.000 744 Mar 78% Jan
Without warrants
Central German Power3.000 93
Jan 98
96
96
Mar Iowa-Net, I. & P 58-1957 9534 95% 95% 34.000 81 ti" Jan 964 Mar
6% gold notes June 1 '34
4.000 9554 Mar 9531 Mar
954 95%
83,000 9454 Mar 95
Mar
65 series B
9451 95
Cent Ili Eine Sow 1_1951 95
59.000 PO
5
1961
Mar
1,000 10014 Mar 1004 Mar lows Pow & Lt 4348 A 1958 954 93% 96
Jan 96
1004 1004
Cent III Pub Ser 5s___1968
91
93% 19,000 64
Jul
9634 Mar Nitre° Hydro-Flea 75.1952
Jan 95
95% 9654 95,000 93
Mar
& L 1st 65..1956 96
Cent Pow
Worts Fraachinl 7s ._1942
Cent. Pub. Serv. 5548_1949 80% 7731 8031 57,000 70% Mar 80% Mat
76
76
1.000 58
With warrants
Jan 77
7056 Mar
Feb
Jat
Cent States Elan 5o..1948 694 6531 7034 88.000 58
7515 76
7,000 594 Jun 76
Without warrants
90,000 60% Jai
76
Mar
72
76
Mar
Deb 545...Sept 15 1954 76
Hansa Superpower of DelJan 86
.84% 8551 41,000 77
Jan
Cent. States P & L 556s'53 85
754 7734 234,000 554 Jan 774 Mar
Debs (is without warr '63 77
Feb 9434 Mar
Chic Dist Elec Gen 4348'70 94% 93% 944 87.000 90
Jan 1033( Feb
Jersey C P & L 5345 A 1945 10351 10336 10334 19,000 101
11,000 99
Jan 102
Mar
Deb 5545____Oct 1 1935 10154 10156 102
10031 101
35.000 fift
Jan 1014 Feb
1st & ref 55 ser B._ _1947 101
6,000 87% Feb 9554 Jan
89
89
Chic PneumatieTool 554542
Kansas City P 1. 454s 1961 10334 10256 10334 129,000 102% Mar 10356 Mar
13,000 62
Jan 73
7234 73
Mar
Chic Rye 5s ctfs dep1927 73
10656 10754 8,000 104
Jan 10754 Mar
Karts Gas & El deb 65_2022 107
Cigar Stores Realty Hold
Kansas Power 55 A_ _1947
9634 9854 7,000 94
Feb 984 Mar
72
28,000 68% Feb 75
70
Jan
Deb 5348 series A....1949 72
9154 93
5,000 9054 Jan 93
Mar
Keivinator Corp 65_ _1936
Feb 904 Jan
8651 86% 4,000 85
CM St Sly lot 554s A_1952
Jan 9931 Mar
Jan 964 Feb Kentucky Util 1st 55-1961 994 993-4 993.4 2,000 98
1st 6s ser B
1955 9554 954 954 3.000 95
Jan z9954 Mar
1st M 5s ser 1
z9931 z09!4 15,000 97
31,000 z70
Jan 78
Jan
7333 7231 74
Cities Service 55
1966
10131 10236 80,000 99
9
Feb 10234 Mar
1 4
106000 72
Jan 82
Mar Koppers GI & C deb 55 1 96 102317
:7631 82
Cony deb 58
1950 82
Sink fund deb 5545_1950 10351 10354 10356 42,000 1014 Feb 10351 Mar
34,000 78% Mar 83
Jan
Mks Serv Gas 5345_1942 7851 784 79
101
101
1,000 984 Jan 103% Feb
8 8
1
Jan
Laelede G 1315 18t 55 1945 101
ECrcsge(. %co8
864 8631 10.000 864 Jan 89
Cities dery Gas Pipe L 65'43 864
10034 101
7,000 99
Jan 101% Jan
Jan 84
Jan
Cities Serv P & L 5 3451952 8231 82% 834 55.000 75
91
4,000 82
89
Mar 91
Mar
5 89
6
10431 10534 3,000 104% Mar 10551 Feb [Annan Oak 6365___ _199 3
Clev Elan III 5s ser A 1954
1004 10051 5,000 98
Jan 1004 May
2.000 10434 Feb 1044 Mar Leb Coal & Nay 43-540 '54
104% 10431
lot 5s
1939 10431
4 Jan 10431 Jan
10456 10451 10434 21,000 1001
83
3.000 78
Jan 8555 Jan Leblgh
079
Cleve Term Bldg 65_ _1941 81
50,000 901 Jan 95
95
4
Feb
MeN & L rb;8'42 94% 94
Fow6eoui 68-2
b 5 926
Columbia0& E deb 581961 9954 98% 9951 00,000 0964 Feb 9934 Mar
Lone Star Gas deb 55..1942 9951 9934 10034 37.000 96% Feb 1004 Mar
6,000 3451 Mar 43
Jan
35
35
Commander-Larabee 65 '41
Long Island Ltd its. _1945
10474 1053-4 7.000 10254 Jan 10554 Mar
04:warners nod Privat
75.000 9831 Jan 101
100 101
Mar
8754 99,000 7951 Jan 874 Mar Louisiana POW & Lt 58 1957 101
Bank 5545
1937 874 86
108.000 98% Feb 101
994 101
Mar
New
Com'wealth-EdisonFeb 103% Mar Manitoba Power 5565 A '51 9351 9235 9331 28,000 9131 Mar 9554 Jan
1035( 102 1034 29,000 101
1st 445 ser C
1956
Mansfield Mln & Smelting
18,000 10034 Jan 103
10154 103
Mer
1957 103
1st ru 451s ser D
84
8431 6,000 77
Jan 84% Mar
75 with warrants_ _1941
Mar
101% 10136 20,000 994 Jan 102
1st M 4545 ser E_ _ _1960
71,000 102
Jan 105
Maas Gas Cos 5548-1946 10431 104 105
Jan
Consol0 E L & P (Ba10Sink fund deb 58-1955 10154 10151 10136 108,000 9754 Feb 102
Max
1952 1074 10754 10734 3,000 10751 Jan 108% Feb
545 series E
1,000 92
93
Mar 94% Jan
93
Jan 104% Jan Mass UM Assoc 55A...1949
104 1044 27,000 102
1970
414e aeries 11
McCord Rad & Mfg Os '43
Consol Gas Util Co
544 3,000 50
54
Jan z57
Feb
With warrants
54
95,000 z71% Feb 85
Mar
76% 85
Deb 6545 with warr_1943 83
6,000 88
90
88
Mar 100
Jan
Mar Melbourne El SUPP 730'46
88 137.000 76
Ma. 88
79
1st & coil 65 ser A_ _1943 8055
1,000 44
50
Mid States Petrol 648 1945
50
Jan 50% Mar
2,000 z96
Feb 100
Jan
96
96
Consol Publishers 63181936
5.000 9854 Jan 10054 Feb
10031 10056
1.000 17
Feb 35
Mar Middle West UM 55_1932
30
s30
Rs
1941
Consol Texthe
9834 32,000 93
Jan 99
Jan
Cony 5% notes_-1933 9851 98
Consumers Power 4348 '58 10231 101% 102% 240.000 9934 Jan 102% Mar
974 42,000 924 Jan 97% Mar
97
Cony 5% notes_ __1934
,
1
1958 8754 863 8851 254.000 804 Jan 8851 Mar
Cont'l 0 & El 511
96% 49,000 z92 31 Jan 97
Cony 5% notes____1935
Jan
Jan
9654 96
93.4 72.000 91% Jan 95
93% 093
Continental 011 5518_1937
1014 102% 14,000 10034 Jan 10211 Mar Milw El Ry & Lt 58_1971 1024 10131 10231 104.000 9931 Jan 10251 Mar
Crane Co 10-yr s 65a_ _1940 102
5111w Gas Light 4368_1967
10331 103% 32,000 101% Jan 10334 Mar
Crucible Steel deb 58_1940 101% 101 10134 38,000 964 Jan 101% Mar
Jan 10651 Mar Minneap Gas Lt 4565_1950 944 924 9434 84,000 89% Feb 9434 Mar
Cuban Telephone 756s 1941 10631 106 1064 2,000 100
Minn Pow & Lt 4345_1978 954 95
954 47.000 9114 Jan 954 Mar
Feb
9931 9931 23.000 9451 Jan 100
Cudahy Pack deb 53481937
984 93,000 9331 Jan 984 Mar
Feb Miss Power & Light 581957 9774 97
102 1024 7,000 10034 Jan 103
102
I Sinking fund 5s. _ _ _ 1946
7,000 88
Mar Miss River Fue165Aug 15'44
Feb 92
904 92
Del Elan Pow deb 53481959 92
4,000 96
With warrants
Jan 10014 Feb
10454 10454 105%
2.000 62
Jan
Jan 73
64
64
Deny & Salt Lake 88 1960
4 Jan 9854 Mar
Without warrants
9855 8,000 901
96
96
1950 1024 102 102% 30.000 994 Jan 10234 Mar
let Os series A
10334 1044 14,000 1024 Jan 1044 Mar
1064 10731 20,000 10534 Jan 1074 Mar Miss Riv Power 1st 55 1951
Dot City Gas 68 ser A.1947
Jan 1044 Mar
Jan 10254 Mar Montreal L S&P Con 58'51 10454 104 10434 52,000 102
101% 10251 13,000 100
1st 5s series B
1950
Jan
17,000 154 Feb 30
Jan Narragansett Elan 55 A '57 1024 102% 102% 32,000 10134 Jan 103
Detroit lot Bdge 6%4_1952 1954 194 20
7,000 48
68
6851
Jan 6834 Mar
2
Jan
Mar Nat Food Products 65 1944 68
5
3434 10,000
4
25-yr deb 75...Aug 1 1952
Nat'l Eine Power 5s_ _ _1978
74
Mar 764 Mar
764 3,000 74
6545_1937
Dixie Gulf Gas
10551 106% 18.000 10034 Jan 10614 M51
Jan 95
Mar Nat Puw & LI, 135 A...2020
With warrants
9436 9334 9456 6,000 83
58 series B
Mar
2030 9254 914 9231 72,000 9791 Feb 93
Duke Power 43
4s-1967 10356 10354 10351 10.000 1024 Mar ma% SIr
7
8%
64
el%
24%
900
400
9,400
100
200
536
651
451
31
24%
Feb
Jan
Jan
Feb
Mar
8
834
64
e1326%
Mar
Jan
Mar
Mar
Feb
MAR. 21 1931.]
Bonds (Continued)
FINANCIAL CHRONICLE
Sates
Friaay
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Nat Public Service 58_1978 7244 7144 7244 82,000
Nat Tea Co 54 May 1 1935
9944 7,000
99
Nebraska Pow deb 69_2022
1104 11044 8,000
1,000
Nelsner Realty 6s....1948 67
67
67
Nevada-Calit Eine 58_1956 93
924 934 147,000
N E Gas& El Axon 58_1947 93
9044 9344 289,000
Cony deb 59
1948 9234 9044 95 151,000
Cony deb 58
1950 924 8934 e93 2031000
N J Pow & Lt 5);
1,000
104 104
1956 104
8,000
9234 95
N Orleans Pub Serv 44835 95
NY & For Inv 5346_1948
8054 804 804 15,000
With warrants
984 211.000
NY P& LCorp let 44867 9845 98
1,000
Niagara Falls Pow 68_1950 10644 10644 10634
Nippon Elec Pow 6448 1953 9344 9244 9344 85,000
Nor Coot Util 5545 ser A'48 7244 6634 724 15,000
North Ind Pub Buy 58 1966 1034 103 10344 17.000
1st & ref Es ser D...._ 1969 10334 103 1034 18,000
let & ref 4349 ser E 1970 964 9544 964 113,000
Nor Ohio Pr & Lt 5148 1961 10334 10344 10354 16,000
54,000
Nor Ohio Tr & Lt 53..1956 100% 99 101
No Ste Pow 64% notes'33 10244 10244 103
22,000
1940 10234 10244 10334 31,000
544% notes
lit lien tle aeries 4_1948
105 tosg 9,000
let lien 6448 series B 1950
1034 10444 14,000
North Texas Util 78..1935
without warrants
9744 9834 9,000
Ohio Edison 1st 58_1960 103
10231 10334 115,000
Ohio Power 58 B
1952
103 10344 14.000
19541 9941 99
4148 series 13
9944 40,000
Ohio Pub Serv 5s
1954
10334 10334 2.000
Okla Can & Eke 5s_ 19514 1024 102 10244 32.000
Oswego Riv Power 69_1931 wog 10034 10044 6,000
Pac Gas & El let 443.1957 994 984 e994 92.000
let 6s series B
1941 11134 11144 11134 4,000
1st & ref 54e C
10554 106
1952
23.000
1st & ref 44s F____1960 994 89844 9944 121,000
Pacific Investment 58.1948
Without warrants
72
2,000
72
72
Pan Pow & Light 56_1955 994 9934 100 159.000
Pacific Western 011644s'43 7244 72
7744 69.000
Penn Cent L & P 448_1977 96
9444 9634 110o00
Penn-Ohio Edison 68..1950
Without warrants
1034 10231 10344 18,000
Deb 554s ser B._ _1959 10044 10034 10134 56,000
Penn Dock & W 69 w w '49
2,000
80
480
Penn-Ohio P & L 545 4'54
20.000
10334 104
Penn Pr & Lt 1st ref 59 B'52
1044 10434 1.000
let 5s ser 13
41.000
1953 10444 1044 105
Penn Teiep Se ser C..._1960
37.000
101 102
Penn Wat & Pow 4gs 13'68 9834 9734 9834 20.000
Peoples Lt & Pow 58_ _1979 7244 69
73 132.000
Pere Marquette 434s C '80
9944 994 40.000
Phila Bait & Wash 444s '77 10344 1023-4 10354 125,000
Phila Elect Pow 5546..1972 1064 10544 1064 17,000
Phila de Sub Counties
G & E 1st & ref 44s 1957 10344 10234 10344 22,000
Piedmont Hydro-El Cola & ref 648 el 4._1960 86
8544 864 15.000
Piedmont 4: Nor Ry 561954
92
92
2,000
Pitts Coal deb 68
1949 9234 9234 924 1,000
Pittsburgh Steel(4_1948 98.14
9,000
9834 99
Potomac Edison 59_1956 10334 810234 1034 25.00
lst 541)ser 13
104 104% 4.000
1919
Potrero Sugar 7s
1947
5.00
56
56
Pow Corp(N Y)deb 6549'47 94
9,00
95
94
Procter & Gamble 444e '47
1024 1034 19,00
Prussian El 6s_
_ .1054 79
12.00
7834 79
Pub Ser of N III 448.1980 984 974 98% 37.00
1st & ref 4448 aer D.1974 98
974 98
4.000
101 101
Deb 56
1931
5,000
Pub Serv N
41011.1957 9934 9934 994 5.000
Pub Serv of Okla 69_1957
9844 9944 6,000
Puget Sound P & L 5%3'49 10234 102 10244 45.000
1st & ref 58 ser C_ _1950
35,000
98% 100
Queenaborough Gas & Elec.
1014 101% 2,000
Ref 4445
1958
SseerlesC
1034 1044 35.000
1966
Reliance Management
5s with warrants_ _1954
13,000
78
78
Remington Arms 548.1933
4,000
95
95
Rochester Cent Pow be '53 7244 72
73 152.000
Ruhr Chemical 68 A__1948 8344 8144 83% 7.000
Ruhr Gas 64a
1953 8444 84
854 84,000
Ruhr Hous'ng Corp 850'58 814 79
814 11,000
Ryerson (Jos T)& Sons Inc
15
-year deb 541
1943
96
963( 3,000
St L Gas & Coke 65._1947 40
4034 11,000
40
Ban Antonio Pub Serv 58'68 1014 wog 101 34 45,000
Saxon Pub Wks 5s--.1932 96
954 9641 62,000
Saxtet Co let cony 6s A '45 93
s85
944 423,000
Schulte Real Estate 68 1935
With warrants
62
67
22.000
67
Serlppe(E W)545._1943 8844 884 884 7,000
Serve! Inc 58
1948
77
7734 3,000
Shawinigan W & P 4349'67 974 964 9734 80,000
1st & co11449ser B.1968 9744 9634 9
734 31,000
let 58 ser C
1044 105
1970 105
58.000
1st 440 ser D
1970 9744 9644 974 73,000
Shawaheen Mills 78
1931 10144 10144 10144 43,000
Sheffield Steel 534s-1948
10214 103
6,000
Snider Parking 69-.1932 50
*4344 50
21.000
Sou Carolina Pow 58._1957
95
95
6,000
Southeast P & L 68-2025
105
Without warrants
1044 105;4 32,000
104% 105
Sou Calif Edison 58.-1951 105
60,000
Refunding 55
1952 1044 10454 10434 21,000
5s
1954
10444 1044 6,000
Sou Cal Gas Corp be .1937
934 94% 6.000
Sou Calif Gas Co 69-1950 105
105 105
1.000
Sou Gas Co let 6)444._1935
994 9941 10,000
Southern Natural Giul66'44
8644 149,000
864 82
With privilege
Without privilege
25,000
7534 s7334 76
So'west Dairy Prod 6)4.'38 65
65
63
8,000
Southwest G & E 5s 4_1957 9744 5954 9744 46.000
Southwest Lt & Pr 58 A '57 9644 96
32.000
97
So'west Nat Gas Os.._1945 64
64
6734 16.000
So'west Pow & Lt 611_2022 10534 10544 106
5.000
Staley Mfg Co 1st 6e--11442
96
964 14,000
Stand Gas & Elea 68-1935 10234 10044 10244 34,00
Cony 13:4
1935 10134 10144 1024 136,00
Debenture69
1951 10134 100% 10144 50,000
Debenture lie Dec 1 1966 101
10034 101
43,000
Stand Invest deb 59-1937
85
1.00
85
10,000
86
1939 8534 84
5.43
Stand Pow & Lt6s_ _ -.1957 99% 9534 9931 82,00
Stinnes(Hugo)Corp
84% 31,00
81
75 Oct 1 '36 without warr
Ti without warr._..1946744 7434 764 57,000
15,000
784 80
Stutz Motor Car 7449.1937
1939 1024 1024 10244 29.000
dim 011 deb 5448
100 100
6.00
Sun Pipe Line Co 58 1940 100
-Power of III 4448 '70 934 9244 9344 49,00
Super
103 103% 15.000
Swift& Co let ma 558.1944
1940 1024 810141 10244 61,000
5% notes
13,000
Tenn Elea Pow 5.1-1956 102% 10234 103
10244 10241 18.000
New when issued
Tenn Public Service 59 1970 9834 9744 984 71,000
84,000
87
Terni Hydro-Elee 6349 '53 8546 83
6934 8,000
69
Texas Cities Gas 59..._1948
Texas Elea Service 58_1960 9934 984 1004 230,000
Range Since Jan. 1.
Low.
High.
z661-4
9634
105(
67
91
8534
88%
113
1024
91%
Jan 75
Jan
Jan 994 Mar
Jan 1104 Mar
Mar 80
Jan
Jan 924 Jan
Jan 9334 Mar
Mar
Jan 95
Jan e93
Mar
Mar
Jan 104
Mar 95
Mar
78
93%
1054
84
6634
994
99
904
984
93
10144
99
104
1024
Jan
Feb
Jan
Jan
Mar
Jai
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
82
9834
10644
934
75
10344
1034
9614
1034
101
10334
1034
105%
10434
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
95
99
101
98
1034
100
100
9644
109%
10434
97
Jan
Jan
Feb
Jan
Mar
Jai
Jan
Feb
Jar'
Jan
Feb
984
10334
103%
99%
10334
103
10114
9934
1114
10634
994
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Mar
Mar
70
9954
6534
9234
Feb 7534 Jan
Mar
Jan 100
Jan 84% Jan
Jan 964 Mar
10034
9734
80
10244
102
102
9544
9744
65
9944
10144
10534
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Feb
1034
1014
83
104
10434
105
102
9834
73
994(
10334
106%
1014 Feb 10344
71
8834
924
98
99
10214
5034
9044
1004
744
944
943.4
100
9954
96
100
9534
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Mar
Feb
Feb
Jan
8644
93
9914
102
1034
10434
60
96
10334
79
1
4834
98
101
9914
994
103
100
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Mar
100
Jan 1014 Mar
10244 Mar 10434 Mar
z78
94
60
634
71
68
924
40
94
90
7934
Mar
Jan
Jan
Jan
Jan
Jan
8344
96
7444
8344
8534
8144
Jan
Feb
Mar
Mar
Mar
Mar
Jan 9634 Mar
Mar 524 ,in
Jan 10144 Mar
Jan 9644 Mar
Jan 9144 Mar
56
85
63
924
93
10034
9344
1004
10014
354
90
Jan 68
Jan 894
Jan 77)4
Jan 9734
Jan 9744
Jan 105
Jan 974
Jan 1014
Jan 1034
Jan 50
Feb 95
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Mar
99%
103
103
10344
904
105
9744
Jan
Jan
Feb
Mar
Jan
Mar
Jan
1054
105
105
10414
95
105
9944
Mar
Jan
Jan
Mar
Feb
Mar
Mar
z7344
63
55
293
904
50
101
96
9844
1014
9614
96
754
77
9444
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
864
77
66
97%
97
7234
106
98
102%
10214
10144
101
85
86
9944
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
64
60
z65
10044
9854
8944
10244
99)4
9834
99
9444
73
65
9514
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
86
80
z8034
102%
100
934
103%
1024
103
1024
98%
87
71
1004
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Bonds (Concluded)
2171
Fridas
Sales
Last Week's Rnge
for
of Prices.
Sale
Week.
Price. Low. High.
Texas Gas Utll 6s__ 1945 71
Ter Power Lt 59195e 102
r ebP
_
6s
Os
Thermuld Co 6s Feb 1 293
1 22 79
°4
Fri Utilities Corp deb 58'79 544
Glen C.. cony deb Os_ _1944 85
Jnion Gulf Corp 58 Jul 1'50 10234
Un Amer Invest 68 4_1948
With warrants
United Elec Service 751956
With warrants
Without warrants
United Indus Corp 6348'41
United Lt8 Pow 68_1975 97
peb6h &
7044 76
10144 10234
10734 1074
8754 7944
53
554
8454 85
102 10244
z85
z85
9144 9144
90
90
8444 85
9654 973-4
101
10134
1st lien & eon 548._1974
9954 10044
1959
Un Lt & Rya 68 aer 4.1952 10344 1004 10344
54s
1952 9144 9044 9144
let & ref 5s-June 1 1932 10034 1004 10154
United Pub Sexy 08_1942 68
67
6834
US Radiator 58 A--1938
876
s76
S Runner
3
-year6% notes
_1933
86
87
Serial 634% notes__1932 97
97
9754
Serial 634% notes._1933 874 8634 8754
Serial 634% no res__1934 84
8254 84
Serial 634% notes-.1935
7944 7954
Seri.:1 a % riffles. _19351 76
74
76
Serial 634% notes--1939 75
6954 75
6 445
1940 75
70
75
Utah Pow & Lt 1st 58.1944
954 97
Valvoline Oil 75
1937
Vanadium (Amer)58-.1941
Van Camp Pack 68 .1948
Van Sweringen Corp 68.'35
Va Eine Pow 1st 5s
1955
Va Piddle Serv 5548 A.1946
58 series B
1950
aI deb Os
Waldorf-Astoria Corp 1945
1st 78 with warr__ 1954
Ward Baking 6e
Warren Bros cony 68_194T
193
Wash Wat Pow 55.....1960
Webster Mills 6149-.1933
West Penn Elec deb 58 2030
West Texas Util 59 A.1957
Western Newspaper Union
Cony deb 68
Westvaco Chlorine Pro944
1c1
10-yr 548 Mar 1..1937
Wise Pow & Lt 58 E _195a
5s series F
1958
Wise Pub Serv 534s B-1958
9834 98
98
10544 1004 1054
50
50
7644 7844
1034 103%
9444 954
90
904
90
91
9034 91
969
70
1013.4 10134
99
99
10344
994
100
9044
92
874
91
Range Since Jan. 1.
Low.
23,000 56
135,000 9844
3,000 106
66.000 664(
116,000 52
12,000 73
72,000 £100%
10,000 980
High.
Feb
Jan 80
Jan 1024 Mar
Feb 10734 Mar
Feb 7944 Mar
Jan
Mar 64
Mar
Jan 85
Jan 10244 Mar
Jan z80
9,000 89)4 Jan
1,000 80
Jan
12,000 70
Jab
62.000 914 Jan
23.000 98
Jan
9.000 91
Jan
26,000 9744 Jan
67,000 80
Jan
6.000 10044 Jan
15.000 till
Feb
1,000 75
Feb
Feb
9244
9134
85
9744
102
100%
103%
9114
1014
6844
80
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
88
97%
87%
84
7934
76
75
75
9741
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
15.000 95
Feb 98
121000 10054 Mar 1054
1.000 45
Jan 60
72.000 74
Fob 85
4.000 10214 Jun 104
20,000 9254 Feb 9844
2.000 90
Mar 904
13.000 .884 Jan .91%
Jan
Mar
Feb
Jan
Jan
Feb
Mar
Feb
46,000
10,000
26.000
5.000
1,000
4,000
8,000
10,000
16,000
824
8034
75
70
70
6434
69
094
94
21,000 684
70
1024 3.000 99%
99% 232.000 99
10444 9,000 z10244
26.000 9644
100
12,000 85
92
91 154,000 86
Jail
Jan
Jan
Feb
Jan
hi«r
Feb
Mar
Jan
Feb
Feb 74
Jan 10244 Mar
Mar 99% Max
Jan 104% Mar
Mar
Jan 100
Mar
Feb 93
Mar
Jan 91
8.000 48
5634 58
Jan 6834
58
Jan 103
10241 1024 1024 5,00 101
1024 103
15,000 tol
103
Jan 103
10254 10254 6.00 1024 Mar 1024
1044 10434
13.00 10134 Jan 104%
Jan
Feb
Mar
Mar
Mar
Foreign Government
And MunicipalitiesAgric Mtge Bk (Colombia)
20
-year a f 7s
68
Feb 88)4 Jan
774( 4.00
1946 774 77
75
11,00
Mar
624 Jan 78
7734 7631 78
Baden extl f 78 Jan 1941 8944 88
8914 13.00
78
97
Jan 89% Mar
5
Buenos Aires(Prov)748'47 984 9634 974 51.00
85
Jan 97% Mar
External is
7,00
1952 8941 8844 90
Feb
794 Jan 90
Canada 30-yr 4s_Oct 1 1982 944 94
9444 98,000 9234 Jan 94% Mar
5
0
Cauca Valley (Dept) Rep of
Colombia exti e f 79 '48 6834 684 684 12.000 474 Jan 68% Mar
Cent 13k of German State &
Pro'.' Banks Os B
65
Jan 8034 Mar
1951 784 784 7934 19,00
1st 68 ser A_Atie 1 1952 7851 784 80
6,000 674 Jan 80% Mar
Danish Cons Menlo 6448 5 10034 1004 101
6.000 99% Jan 101% Feb
'5
55
98% 984 9844 1,000 9654 Jan 99% Mar
Danzig Port & Waterways
8
25-yr ext 6548
Mar
15.000 6944 Jan 80
1952 7944 87734 80
German Cons Muni° 7s '47
Mar
24.000 7644 Jan 90
89
90
Os
80
804 18.000 6734 Jan 8111 Mar
Ha over (City) 713-.. -1937
94
9514 2,000 854 Jan 9534 Mar
1949
Hanover (Prov) 6448_1949
Jan 84% Mar
82
8454 26,000 77
Indus Mtge Bk of Finland
let mtge coil 8 f 78..1944
12.000 93
Mar
94
Jan z95
95
Lima (City) Peru 634e 1958 40
9.000 35
36
Mar 4944 Jan
40
Maranhao (State) 78....1958 5934 55
Jan 59% Mar
59% 9,000 43
Mendoza (Prey) Argentine
External 5 f g 749_1951 77
72
774 11,000 57% Jan 77)( Mar
Mortgage Bank (Bogota)
7s issue of'27 (151&N)'47
Mar
3,000 55
Jan 80
7534 80
Mtge Bank of Chile 63.1931 984 984 9344 25,000 954 Jan .98% Feb
Mtge Bk of Denmark 59'72 101% 1014 10154 23.000 98
Jan 10114 Mar
1,000 1034 Mar 105% Jan
Netherlands(KIng'm) es'72
1034 1034
Parana (State) Brazil 75'58 54
4944 544 33.000 33% Jan 54% Mar
Rio de Janeiro 64e_ _1959 63
Mar
48.000 3934 Jan 68
57
68
Russian Government834s3 s ° rIficates
3,e et s
e
3
1% Jan
1919
Mar
24 24 42,000
144 Feb
5,000
3
Mar
3
3
Saar Basin °onset 78_1921
13,000 92
99 100
93
Jan 100% Feb
5
Santa Fe (City) Argentine
Esti 7s
85% 80
854 8,000 71% Jan 85% Mar
Saarbruecken (City) 78'35
Feb
1,000 994 Jan 103
103 103
194
Santiago (Chill)79-1949 8544, 84
8534 17,000 7844 Feb 8534 Mar
78
75
1961 84441 83
Feb 8534 Mar
8445 12,00
• No par value.
Correction. n Sold under the rule. e Sold for cash. I Option
sales. S Ex-rights and bonus. to When Issued. z Ex-dividend. v Ex-right45
e "Under the rule" odes as follows:
Consol. Automatic Merchandising, nom. v. 1. c., March 9, 100 at 5-16.
Consul Gas Utilities, clasp B v. t. 0., Jan. 8. 2100 at 71•
General Rayon deb tis 1948, Feb. 3. 83.000 at 53.
Iron Cap Copper Co. March 16, 100 at 14.
New England Gas & Elec. Ass'n. deb. 58, 1950, March 18, 364.000 at 930934•
Pacific GELS & Electric 1st 4448, 1957, March 18, 54,000 at 100.
Phoenix Securities Corp., pref., Feb. 25, 200 at 2541
"Optional" sale as followei
American Solvents & Chemical 6449; 1936, with warrants. Feb. 5, $1,000 as 53.
Associated Gas & Elea.. deb. 444s. 1949, Jai). 2. 53.000 at 63.
Associated Telephone Utilities, cony. deb. 534s, 1944, Jan. 2, 85,000 at 80.
Atlas Plywood 514s, 1943, Jan. 2, 51,000 at 62.
Cities Service deb. 55. 1966, Feb. 16. $3,000 at 66.
Columbia Gas & Electric deb. 58, 1961, Feb. 2. 55,000 at 964.
Consol. Publishers 6403. 1936. March 9. 31.000 at 9554.
Guardian Investors 58, 1948 with warrants, Jan. 28. 81,000 at 40%•
Houston Gulf Gas let 69 1943 Feb. 10. 33,000 at 9114.
Indianapolis Power & Light let 58. 1957, Feb. 3, 52,000 at 9944.
Industrial Mortgage Bank of Finland let mtge. 7s, 1944, Feb. 4, 81.000 at 95.
Interstate Power, 1st Si. 1957. Jan. 20, 83.000 at 76
Kentucky Utilities let 58, 1969, March 19, 89,000 at 100.
McCord Radiator Mfg.65, 1943, with warr., Feb. 17. 81.000 at 58.
Middle West Utilities. 5% noted, 1935. Jan. 2, 1000 at 92.
Mortgage Bank of Chile 68, 1931, Feb. 24, 82.000 at 100.
Nat. Public Service. deb. 58. 1978. Jan. 2. 3,000 at 66.
National Trade Journal 6s, 1938, Feb. 26. 52,000 at IS.
Pacific Power & Light 58, 1955, March 10, 510.000 at 90 at 983.4.
Reliance Management 5s. 1954 with warrants March 20, $4,000 at 78.
Southern California Edison 7% pref. A. Jan. 9, 200 at 29.
Southern Natural Gas. 68, 1944 with privilege. Jan. 2, 85.000 at 7244.
Southwestern Gas & Elec., let mtge. 58. 1957. Jan. 2, 35.000 at 91
Stutz Motor Car 754s, 1937. Jan. 13. 31,000 at 58; March 9, $9,000 at 790814
Union Amer. Investing. 58. 1948 with warrant. Jan. 6 $1.0on at 79
Union Amer. Invest. deb. 58, 1948, with warrants, March 19, 82,000 at 87.
Union Gulf Corp., Be, 1950. Jan. 2. 81,000 at 1004•
Virginia Public Service Co.(is, 1946, Jan. 15,82,000. at 88:March 11,$5.000 at 9454
Washington Water Power let & ref. 68.1960, Jan.24,$1,000 as 10234.
[VoL. 132.
FINANCIAL CHRONICLE
2172
Quotations for Unlisted Securities
Industrial Stocks.
Public Utility Stocks.
Par 814 Ask
Miss River Power prat_ _100 107 10812
96
Service 7% p1100 92
Mo Public
15
Mountain States Power.•
99
100 95
7% preferred
102
Nassau & Suffolk pref
89
Nat Pub Serv 7% pf A.100 87
Nebraska Power 7% pref 100 10914
NewarX Consol Gas..._100 100 103
New Jersey Pow & Lt $6 Pf• 98 100
New Orleans P S 7% pf _100 99 101
N Y &Queens EL &Ppf100 101
Nor NY Utility pref..._100 103
97 100
Nor States Pow (Wia) pref. _
Nor States Pow (Del) corn A 141 145
105
Preferred
Ohio Pub Serv 7% Pref_100 10612
Okla Gas & El 7% pref.100 106 110
273
4
Pac Gee & El 51.50 pref__25 27
Pao Northwest Pub Serv • 77 82
Par Pow & Lt 7% oref...106 102
l.'s-Ohio Pow & Li 6% prat 100
110
7% preferred
105 icid12
es Pow & Lt 7% pref
Par ENO A at
erne Power $7 pref-100 11314 115
Pub UM Co corn---100 95
erli.ona Power 7% pref —100
77
10624 10734
Ark Tow & Lt $7 pref._'
Assoc Gas & El orig pref._' 5012 - - - 56.50 preferred
• 9612
$7 preferred
• 10012
Atlantic City Elec $13 pref_
105
Bangor Hytro-E17% pf_100 119 121
Binghamton L.B & P $617f
85
80
Birminghum Elec 7% pref.' 1073
4
Broad River Pow 7% p1.100 8914 9212
Buff Meg & E pr pref____25 263 265s
8
Carolina Pow & Lt 57 pref.' 108 110
Cent Ark Pub Serv pref_100 9914
Cent Maine Pow 6% pref100 94
96
1(3) 104 106
7% Preferred
Cent Pow & Lt 7% pre1.100 102 10312
Cent Pub Sera Corp
• 75
80
Cleve El Ilium 6% pref__100 110 113
Col Ry,P & L 6% lat pf _100 10812 - % Preferred B____100 10812 42
Consol Traction N J____100 40
Consumers Pow 6% pref 100 10412 1053
4
Piedmont Northern Ry_100
6.60% preferred
100 104
Port Elec Pow 6% pref _ _100
Pub Serv Cool Col 7%pf 100
Dallas Pow & Lt 7% pref 100 10914
Rochester G & E 7% pf B 100
Dayton Pow & Lt0% in-100 x1093
4
6% preferred C
100
86
Derby Gas & Elec $7 tsref--• 82
33
s 37 Sioux City G & E 7% p1..100
s
Detroit Canada Tunnel_ _-_
3 Somerset Un Md Lt____100
•
Erie Railways
40 South Calif El 51.50 prat _2r
100
7% preferred
25
51.75 preferred
100 157
Essex-Hudson Gas
25
90 io Colo Pow corn A
Foreign Lt & Pow $6 preL..
100
7% preferred
Gas & Elec of Bergen.-_100 99
Tenn Elec Pow 6% prof.
.100
20
Gen Gas & El part ctfa
7% preferred
100
Hudson County Gas-___100 157
Texas Pow & Lt 7% prat 100
10912
Idaho Power 7% pref
Toledo Edison Prof 4...100
96
Illinois Pow & Lt 6% p1_100 94
United G & E (Conn) 04 100
80
Inland Pow & It 7% p1_100 65
United G & E (N J) 01 100
88
Interstate Power $7 pref__' 86
United Public Service Prof..
Jamaica Water Supp pf_-50 5212 54
Utah Pow & Lt $7 pref____•
Jersey Cent P & L 7% 01.100 107 109
12 112 Utica Gee & El 7% pref_100
Kansas City Pub Service..'
GM Pow & Lt 7% pref-100
10
•
Preferred
Virginian Ry corn
i00
Kansas Gas & El 7% p1_100 10914
Washington Ry & El coml.(
Kentucky Sec Corp com_100 325
5% preferred
10
,
100 90
6% preferred
Western Power 7% pref_10
Kings County Ltg 7% p1100 10912
Long Island Lt pref A__100 109 HZ" Western States Gas & El __ _
7% preferred
Los Ang Gas & El(3%1)1_100 106 10812
Metro Edison $7 pref B__-• 105
9912
• 98
56 preferred C
41
48
55 65
97 102
102
100 102
102 104
78
27
28
2914 3014
23
24
101
10112 103
10712
111
1093 _
4
9112 9312
7114
50
55
106 107
10412 106
923 9414
4
110 125
420
9812 100
10012 103
39
98 kW"
Investment Trusts.
65
8
1014
1014
55
818
618
A B C Trust Shares ser D_ _ _
93
4
Series E
95
8
All America Investors A
Amer Brit & Cont 56 Pi—. 50
75
8
Amer Composite Tr Shares_
Amer Founders Corp—
Convertible preferred.... 80
45
40
6% preferred
51
46
7% Preferred
80 130
1-40ths
8c
Sc
1-70ths
18
Warrants
Amer & General Sec corn A. 15
112
Common B
3712
6% pref
712 103
4
Amer Insuranstocks Corp.'
16
Amer & Continental Corp.' 14
6 8 718
5
Assoc Standard 011 Shares..
All & Par Intern Corp units 1812 2112
312
2
12
Common with warrants..
18
Preferred with warrants.. 16
40
AtlanticSecurities Corp pf • 37
12 2
Warrants
Bankers Nat Invest'g Corp • 20 _2
712 81Bansicilla Corp
612 714
Basic Industry Shama
3
73
8 88
•
British Type Invest
4
3
Chain & Gen'l Equities Inc•
49
654% Preferred
3
Chain Store Inv Corp.....
50
100 d_
Preferred
8
157 163
8
Chain Store Shareown Inc
Chartered Investors corn—. 1412 16
81
79
Preferred
2
5
Chelsea Exchange Corp A..
3
1
Class B
•
618 65s
Corporate Trust Shares-Crum & Foster Ina 811—
44
10 42
Common B
100 9812 10012
Preferred
Crum & Foster Inc corn B.- 4112 43
x10312 10612
8% Preferred
81s 812
Cumulative Trust Shares...
DepositedBank & Tr Shares
712 814
Series N Y
65
8 714
Depos Bank Shs N Y ser A _ 183 1912
4
Diversified Trustee Shares A
153 1618
8
8
63
s 67
2712
Equity Investors Corp corn. 26
6512 6812
Units
5513 6
Equity Trust Shares A
812 9
First American Corp
Trust Shares A
• 1614 _
Fixed
• 14
4 814
73
Fundamental tr Shares A..
8
818 85
Shares B
212 4
General Equity class A-_10
_
Granger Trading Corp....' 14
Gude-Winmill Trad Corp_• 3212 4212
Incorporated Investors....' 3318 42
83 11
4
IncorD Investors Equities—
1712
Int See Corp of Am corn A__
112
Common B
86
649% preferred
80
6% preferred
Independence Trust Shares.
invest Trust Associates_ _
Investment Trust of N Y._
Investors Trustee Shares...._
Jackson &CurtisInv Tr Asso•
Jackson &CurtiaSCOrppf100
Leaders of Industry A
458 518
12
818 918
12
11
46
44
95 100
818
6
612
55
8 618
87
8 914
8
53
4 63
3438 3658
4812 5012
7
4
23
1218 1238
712 8
612 7
85
8 918
612
6
104 108
28 2
33 35
10
1112
2112 2512
15
11
1012 1112
75s 83
8
1614 17
31
34
70
75
216
Low Priced Shares
Major Shares Corp
Maps Investors Trust
•
Mohawk Investment corn.'
Mutual by Trust class A_
Mutual Management corn_•
'Jational Trust Shares
Nation Wide Securities Co..
Nat Industries Shares A
N Y Bank Trust Shares....
No Amer Trust Shama
Northern Securities
North & South Amer B corn
Old Colony Trust Assoc Sh •
Old Colony Invest Trust Isom
Oil Shares Inc unite
Petrol & Trad'g Corp el A 25
Power & Rail Trustee Shares
Public Service Trust Shares
Representative Tr Shs
Research Investors corn_ __•
Units
-Second Internal Sec Corp A
112
Common B
6% preferred
207
Securities Corp Gen pref
ielected American Shares— Selected Income Shares—
Selected Management
Trustee She
Shawrnut Bank Inv Trust_•
Spencer Treat Fund
•
Standard Amer Trust Shares
Standard Collet Trust She._
State street Inv Corp
Super Corp of Am Tr Shs A
Trust Shares of America-Trustee Stand Investment0
Trustee Standard 011 She A
Trusteed Amer Bank Shares
20th Century Fixed Tr She.
Two-Year Trust Shares_
United Fixed Shares
Unit Founders Corp 1-70ths
Jolted Bank Trust
United Ins Trust
S & Brit Internal clam A.
Class B
Preferred
IT S Elec Lt & Pow Shares A
Universal Trust Shares
84
614
8
54
3
712
928
1012
2712
78
5
1012
7212
712
714
67
8
412
438
6
63
s
818
614
253
4
7
11c
13
1018
12
112
3712
323
4
85
8
618
1014
12
283
4
818
1114
7412
77
8
75
8
73
8
438
458
684
85s
63
4
2714
712
14c
1438
1114
_
343
4
918
65
8
fiNo par .eitie.
65
14
12
10
64
61
25
23
10212 2
d5
15
104 108
4212 6
465
75
412
3
12 2
8
d5
12 2
18
16
99 ____
112 3
68
64
104 109
60
450
3
1
22
27
104 __ _ _
130 145
____ 35
60
59
55
49
46
85
x78
38
31
9
Eisemann Magneto corn....4
$7 preferred
85
i
55
Franklin By Supply $4_ _• 50
.
312 5
Fuel Oil Motors Corp mm..
Gen Fireproofing 57 0.100 108 113
4
I
Graton & Knight corn....'
57 preferred
35
100 28
Great Northern Paper $3_25 3712 40
Hale & Kilburn pref.- _100 ____ 5
Herring-Hall-Mary Sale 100 440 60
9
Howe Scale
6
29
Preferred
100 26
dl
3
Hudson River Nay com____
50
435
Preferred
Industrial Accept corn....'_... 5
52
$7 preferred
100 48
20
100 18
Internet Textbook
___
1
Jessup & Moore Paper
1
3
1st preferred
8
Karl-Keen Mfg CO
38
433
King Royalty Co corn
90
100 488
$7 preferred
Lanston Monotype M $6 100 104 105
Remingrn Arms $7 1st p1100
Robinson(D P) 1st $7 p1100
Rockwood & Co $4 coin_ •
$8 preferred
ilk,
Rolls-Royce of America_
Preferred
100
Rory Theatres unit
Common
Preferred A
Rubel Coal & Ice Co com__
Preferred
Ruberold Cm $4
100
Safety Car Heat & Ltg_100
&oval Manufacturing_25
Singer Manufacturing _100
.
Smith (A 0) Corp N D $2•
Smith-Corona Typewr $1 •
Solid Carbonic Ltd
Southern States Oil
Spiltdorf Beth Elec
Standard Screw Co
100
Standard Textile Prod_ _100
$7 class A
100
55 471111.98 B
100
Stetson(J B)Co $6.25 Corn.'
52 preferred
25
Taylor Mill Corp 32.50com •
Taylor Wharton Ir& St com•
Preferred
100
200
85
80 88
3312 - - -65
2
4
4
6
1612 1712
ii8 iss
16
17
89
26
40
43
80
86
3512 37
336 345
178 184
_ _
3
4
_gi4 614
3
4
2
312
80
85
... 2
20
30
15
24
27
28
31
25
27
6
8
32
Tenn Product's Corp $4 of 50 37 42
Trent Process Corp
14
't
Tubise Chatillon 57 pf B 100 34
90
Unexcelled Mfg Co 70c_ _10
612 712
United Business Pub $7pf100 65
75
United Publishers $7 pf_100 75
90
..l00
U 0 Finishing $7 pref.
. 60
Walker Dishwasher corn...' _- 714 912
Welch Grape Juice corn_ • 49
53
ioo loo _
$7 preferred
•
7
9
Westland(MCorp
34
WVa Pulp & Paper $2 com • x31
100 98 101
$6 preferred
•
Wheatsworth 58 pref
.100 429
33
Wheeling Steel $4 corn.
IGO 4104 109
58 preferred A
100 4I09 115
$10 preferred B
White Rock Min Spring
100 102 107
57 1st preferred
$2024 preferred
100 210
Willcox & Gibbs $5 corn__
41
50
Woodward Iron 54
100 31
38
Worcester Salt 55
100 87 92
Telephone and Telegraph Stocks.
77 82
Am Dist Tel of N J $4
100 110 11114
7% preferred
Bell Tel(Can)8% pref--100 147 149
Bell Tel of Pa 64% prof 100 201412 117
Cm & Sub Bell Telep- -50 x98 101
110
Cuban Telephone 8%
d76
7% preferred
65
Empire & Bay State Te1.100 460
44
Franklin Teleg $2.50-100 440
97
Int Ocean Teleg %----100 492
6120
Lincoln Tel & Tel8%
148 151
Mtn States Tel & Tel
New England Tel & Te1.100 13812 14012
N Y Mutual Tel
100 421
24
Northw Bell Tel pf 65 l00 x10612 _ _?so & At Teleg II 8 1 %--25 414 17
.aninsular Teleph 51.40—• 420
24
100 10112 104
7% Preferred A
eorto Rico Telep
485
Finch Telep $6.50 1st pf_100 108 110
So & Atl Teleg $1.25
25 d18
21
so&NETelep8%
100 168 173
W Bell Tel 7% Oral.
..100 201812 120
rr1-States Tel & Tel $6.—• 4150
1014
5.60 preferred
10 10
51800/111/B Telep 7% p1_100 200912
Chain Store Stocks.
Bohack (H C) Inc.
100 103 108
7% 1st preferred
2
Butler (James) common....
25
Preferred100
90
Diamond Shoe pref with war
.14 7814
Edison Bros Stores pref _100 400
36
Fan Farmer Candy Sh 1:4-• 31
16
Fishman(H M)Stores Corn.
•
90
Preferred
Gt Atl & Pee Tea Pre--100 118 121
70
Kobacker Stores pref _ _ _100 60
Kress(8 H)6% pref
93 1012
4
87
Lerner Stores 644% pref w w 82
Lord & Taylor
100 4200 250
First preferred 6%-___100 494
Second preferred 8%..100 697
77
MacMarr Stores 7% Df w w x72
Melville Shoe Corp
1st pref6% with warr_loo 86
Metropol Chain pref__ _.100
Miller (I)& Sons pref _100
Mock Juds&Voehungerpf100
Murphy (S. C.) 8% pf__100
Nat Shirt Shops corn
•
Preferred 8%
100
Nor:tick's Inc corn
•
Newberry (J) Co.7% pf 100
Y Merchandise 1st p1_100
Peoples Drug Stores pref 100
Piggli-Wiggly Corp
•
Reeves(Daniel)Preferred 100
Rogers Peet Co eons- -100
Schiff Co pref
100
Silver (Isaac) & Bros pf..100
Southern Stores 6 units-•
Stores com
U
First preferred 7% _ _100
100
Young(J 8)Co To% corn 100
7% preferred
100
96
101
4
4 Last reported market.
Canadian Celanese com____
100
Preferred
Carnation Co $1.50 com__•
$7 preferred
100
Chestnut Smith corn
Preferred
Childs Co 17 pref
100
Clinehileld Coal Corp_ MO
WO
57 preferred
Color Pictures Inc
•
Columbia Baking com
let preferred
•
24 preferred
Colts Mfg Co $2
Congoleurn-Nairn 57 p1100
Crosse & Blackwell own
Crowell Pub Co $3 corn new
$7 preferred
Deep Rk 011&Ref 57 p1100
De Forest Phonofilm Corp_
Dictaphone Corp cm_ _ _•
100
58 preferred
Dixon (Joe) Crucible 58.100
Doehler Die Cast 7% pf 50
$7 preferred
Douglas Shoe $7 pref __HY)
Draper Corp 54
100
Driver Harris $7 pref
100
Dry-Ice Holding Corp
Par Sul
It
9
Lawrence Portl Cem $4 100 54
•d
Liberty Baking corn
212
' 20
100 dl
Preferred
20
Locomotive Firebox Co...' 206
Macfadden PublIct'res oarn 5 13
20
• 4)12 5012
$8 preferred
78
Merck Corp $8 pref._ _109 -7
• i0 100
National Casket 84
•2007 110
57 preferred
35
.100 428
National Licorice corn.
38
National Paper & Type Co 428
New Haven Clock pref _
-- 87
_100-17
New Jersey Worsted prat _
Northwestern Yeast_ ___11/11 118 122
7
Nye Incinerator corn
25
Units
100 80 __Okonite Co $7 pref
18
Parker Wylie Mfg Co corn._
15
57 preferred
84
• 80
512 612
Petroleum Conversion
812 1012
Petroleum Derivatives
1
Photomaton Inc class B._ _ _ ____
Pick (Albert) pref with warr ____ 35
5
Poole Eng & Mach class A__ ____
3
Class B
Publication Corp $3.20com• 205
60
57 let preferred
100 100 105
1112
50
90
495 110
9
6
472
78
12 2
95 100
80
oo
9
40
-
45
10
102
480 100
6814 7318
75
65
25
3
42
Sugar Stocks.
Tobacco Stocks.
American Cigar6% pref_100
Union cigar
Union Tobacco Co class A
Par /114 Ask
99
Adams Millis 57 pf w w__• 94
39
Aeolian Co $7 pref
100 35
4
Aeolian Weber P&P corn 100 41
10
100 44
Preferred
Alpha Port! Cement p1..100 115 122
12 212
Amalgamated Laund corn_
88
American Book $7
100 84
4
2
Amer Canadian Properties_'
Amer Hard Rubber $4..100 d32 ___
50
25 46
American Hardware
33
100 24
Amer Mfg 4% corn
100 50 60
5% Preferred
52
• 47
American Meter new
Babcock & Wilcox 7%__I00 2007 110
14
Baker(J T) Chemical com_• 10
12
Bancroft(J)&8ons$2.50com•
7
100 75 82
7% preferred
60
Bliss (E W) $4 1st pref-50 56
2d preferred 13
10
9
Bohn Refrigerator 8% p1100 ____ 84
35
Bon Ami Co B corn
Bowman-Blitmore Hotels12 1
14
1st preferred
100
4
2d preferred
100
82
Brunsw-Balke-Col $7 pref.' x79
55
Bunker FEU& Sull $3 com 10 50
440
Burden Iron pref
I New stook.
p igx-dtvIdead:
36
38 Sugar Estates Oriente p1100
Fajardo Sugar
1
3
2 4 4 United Porto Rican com____
3
Haytian Corp Amer
Preferred
7
10
New Mauer° Sugar— _100 __ ____
Vertientea Sugar pref-100 15
20
75
• 70
Savannah Sugar corn
90
-- -- -- —
100 85
7% preferred
Ex-dividend of $65
g Es-rights,
MAR. 21 1931.1
FINANCIAL CHRONICLE
2173
Quotations for Unlisted Securities-Concluded-Page Z
New York Bank Stocks.
Pas 844 Au
America
25 x61
84
American Union
100 42
52
Bank of United States units
414
24
,
Bank of Yorktown
100 60 95
Brooklyn National
50 54
59
Bryant Park
20 20
30
Chase
20 102 105
Chatham-Ph Nat Bk & Tr 20 8312 8612
City (National)
20 10214 10514
Columbus Bank
._100 165 195
Comin'l Nat Bk & Tr-100 310 320
Fifth Avenue
100 2450 2650
First National of N Y 100 4075 4275
Flatbush National
100
125
Globe Bank & Trust Co (00 x87
97
Grace National Bank
100 400 600
Harbor State Bank
25
65
Harriman Nat Bk & Tr.100 1500 1600
Industrial Bank
100 150 170
KIngsbom Nat Bank
I00 118 128
Lafayette National
25 24
29
Lebanon
100
30
Per
Liberty Nat Bk & Tr_ _MO
Manhattan Company_ .20
Melrose National_.____100
Merchants
100
Midtown Bank
20
National Exchange
Nat Safety Bk & Tr__ _100
Penn Exchange
100
100
Peoples National
Port Morris
10
P‘iblleNat Bank & Trust 25
Queensboro National_ _100
Seward Nat Bk & Tr___100
Sterling Nat Bk & Tr_ .25
Strauss Nat Bank & Tr_loo
Textile Bank
Trade Bank
100
Union Bank of Bronx 0o50
Washington Nat Bank __1011
Yorkville(Nat Bank or1.100
Insurance Companies.
55
91
125
95
8
29
12
58
300
8
262
80
21
125
47
150
68
All
65
94
135
95
13
34
13
68
350
13
65
170
90
26
140
52
160
_
65
78
Trust Companies.
American Expres
100 195 225
Banes Comm I a Late Tr 100 236 248
Bank of Sicily 'r.r-t
20 2812 3012
Bank of &iron.. ' rost
25 x50
60
Bank of Now Y rk & Tr.10 2650 670
Bankers
10 11912 12212
Broadway an. Trust__.
39
37
Bronx Cou 'v
20 x38
44
Brooklyn
100 520 530
Central Hanover
20 2273 278
Chelsea Bank & Truat_....21, 10
12
Chemical B .nk & Trust__ in 4812 5012
Clinton Trug
100
82
Continental Bk & Trust.10 24
27
Corn Each Bk & Trust_ 20 126 130
County
25 40
42
Empire
20 258
61
Fillton
100 410 450
Guaranty
100 545 550
Hibernia Trust
100 115 125
internatinual Madlson___25 15
20
International Trust
26 17
20
Irving Trust
10 3914 4114
Kings county
100 2550 2750
Lawyers Title & Guar 100 x240 248
n.1 ufeett.ron4
_25 491 5112
Mercantile Bk & Tr w 1
26
28
id wueud
10 100 110
Mutual Trust of W
10 325 400
New York
14 189
Times Square
210
61
814
Title Guarantee & Tr
20 x141 146
Trust Co of N A
100
200
Underwriters Trust
25 221 2612
United States
,o0 x3100 3300
Westchester
ou 900 1000
Westchester Title &
108 114
Chicago Bank Stocks.
Central Trust C. of 111.100 250 254
Continental III B. & Tr_100 x392 395
First National
100 485 490
Forman National
100 400 405
HAMS Trust & Seale:8_100 520 540
Nat Bank of the Republic 20
Northern Trust Co
100
Peoples Tr & Say Bank _100
Strauss Nat Bank & Tr. 00
Union Bank of Chicago _100
7212 7412
460 465
340 350
185 200
150 155
Industrial and Railroad Bonds.
Adams Express 48. 1947J&1)
Amer Meter 8s. 1946
Amer Tobacco 45, 1951 FAA
Am Tyne Fdre 8a, 1937 M& N
Debenture 5€, 1939_ M&N
Am Wire Fabrics 1st'42 M&S
Bear Mtn-Hudson River
Bridge 75, 1953
A&O
Biltmore 00111171 78 '34 MA))
Boa & Alb RR 5s Oct'63 J&J
Boa & Me RR es 1933_J&J
Chicago Stk Yds Se. 1961-Clyde Steamship 5a,'31 FAA
Congo'Coal 434s, 1934 MAN
Consol Mach Tool 78, 1942
Consol Tobacco 48, 1951_ __
Continental Sugar is. 1938
Equi Office Bldg 58, 1952..
Fisk Tire Fabric 844s, 1935
Hoboken Ferry be.'46 MAN
Internet Salt 5e, 1951_A&O
Journal of Comm 644s, 1937
Kansas City Pub Serv 6415_
8412 86
10112 ____
90 ____
.
10212 _ _ _
10212 10312
95 ____
9812 ____
98 102
107 -__
10112 103
85
87
99 ....
70
65
54
50
88 ____
11
4
88 90
....... 78
91 ____
84
82
89
93
44
47
Little (A E) 75, 1042_A&O
Loewe New Brd Prop
65, 1945
J&D
Mallory Steamship 55.'32J &J
Merchants Rettig 8s. 1937_.
N Our No RR 55, '55 F&A
NY & Hob Ferry 5s,'46J&I)
NY Shipbldg 5e. 1946 MAN
Piedmont& No Ry 5s,'54J&J
Pierce, Butler & P 61-45, '42
Realty Assoc Sec 68.'37 J&J
Securities Co of N Y Ct.__ _
61 Broadway 544s,'50 A&O
So Indiana Ry 48, 1951 FAA
Stand Text Pr 6448,'42 M&S
Struthers Wells, Titusvine, 6448, 1943
Tol Term RR 41-s.'57 MAN
U S Steel 58, 1951
Utah Fuel fe. 1931-__M&S
Ward Bak1ng 88,'37 J&D 15
Witherbee Sherman 68, 1944
Woodward Iron 54,
'52_ _J &J
53
Bid
Ask
Aetna Casualty & Surety-10 83 88
Aetna Fire
10 48
50
Aetna Life
10 533 551
4
4
Agricultural
25 98 108
American Alliance
28
10 25
American ConatitutIon
22
27
American Equitable
163 193
4
IS
4
American Hoar
22
25
American of Newark
11 173a 181^
American Re-Insurance- -- 45
48
American Reserve
10 3212 3512
American Surety
25 85 88
Automobile
10 2812 3212
Baltimore Amer I naurance_ 5 13
14
Bankers & Shippers
25 100 110
Boston
100 x565 595
Bronx Fire
25 65
70
Brooklyn Fire Insurance. _6 133 173
4
4
Carolina
10 277 2972
8
Central Fire
10
38
Chicago Fire & Marine_ 1(1
8
11
City of New York
100 285 315
Colonial States Fire
10
9
12
Columbia National Life_100 320 350
Connesticut General Life 10 x118 123
Consolidated Indemnity. _
4
6
Constitution
1(
5
10
Continental Casualty.
10 34
36.
Cosmopolitan Ins
51_ 712
10
Eagle
11 x13
14
Excess Insurance
312 512
5
Federal Insurance
10 62 67
Fidelity & Deposit of Md_50 160 165
Firemen's
20 2814 2914
Firemen's Fund
25 86
91
Franklin Fire
22618 2818
General Alliance
8
205 245
8
Germanic Insurance
10
9
11
Glens Falai Fire
10 48
50
Globe Insurance
10 15
1912
Globe & Rutgers Firs.__100 705 755
Great American
10 2712 2812
Great American Indem'y.10 19
22
Halifax Insurance
10 20
23
Hamilton Fire
54) 200 300
Hanover
10 36
38
Harmorda
10 277 297s
8
Hartford Fire
111 64 66
Hartf Steam Boll Ins&In8
58 64
Home
3552 385
8
Honie Fire & Marine_ _ _ _
32
37
Horne Fire Security
714 814
Homestead
to 1914 22
Hudson Insurance
111 22
27
Importers & Exp of N Y.
40
35
Independence
9
7
Independence IndemnIty_l
7
4
Per Bid
Industrial of Akron
712 1212
Kansas City Life
100 800 900
Knickerbocker corn
21
5 17
Lincoln Fire
10 2614 3114
Lloyds Casualty
8
6
10
Voting trust certlfa____10
8
6
Majestic Fire
4
7
10
Maryland Casualty
25 3312 3714
Mats Bonding & Ins
87
25 78
Merchants Fire Amur cam 10 60
65
erch & Mfrs Fire Newark 5 12
15
Missouri State Life
10 18
21
Motile Plan Ins
100 120
National Casualty
10 183 203
4
4
National Fire
10 59
61
National Liberty
5
3
83
4 94
National Union Fire
5 153 163
New Amsterdam Casualty 10 3412 3812
New Brunswick
10 26
28
New England Fire
10 z23
28
New Hampshire Fire__ 10 46
51
New Jersey
20 45 50
New York Fire corn
2212 25
12
North River
_111 4112 4412
Northern
25 77
87
Northwestern National
115
Occidental
_10 20
24
Pacific Fire
25 110 120
Peoples National Fire
8
7
Phoenix
_10 70
72
Preferred Accident
20 48
53
Providence-WashIngton _ _10 55
57
Public Flre_
.
5
712 912
Public Indemnity
(formerly nucleon Catilty)
4
6
Renailee 1 na of Phila
4
7
Republic Dallas
10 15
20
Republic (Pitts)
10 13
17
Rhode Island
10 20
27
Rochester American
25 42
50
St Paul Fire & Marine.
..25 170 ISO
Seaboard Fire & Marine.... 10
14
Security New Haven
10 331 3512
SprMgVeld Mrs & Marine 25 106 116
Standard Accident
50 100 150
Stuyveeant
25 45
55
Sun Life Assurance
100 1780 1880
Transportation Indemn'y 10
9
3 133
4
Transportation Insurance 10
912 1112
Travelers Fire
100 1025 1075
U S Casualty
25 60
65
II S Fidelity &(Mar's Co 10 3414 37
,
14
U S Flre
10 51
55
U S Hersh & Shippers._100 312 340
Victory
10
6
9
Virginia Fire & Marine_ 25 84
94
Westchester Fire
10 47
50
60
94
99
97 -_ _
60
62
90 _ _ _.
89
9112 93
____ 45
93
96
45 _ _ _ _
92
94
73
75
40
45
92
9612 9812
114
____ _ _ _ _
100 10112
38
43
8612 8812
Realty, Surety and Mortgage Companies.
Bond & Mortgage Guar..20 94
Einpire Title & Guar. _100 100
Franklin Surety
Guaraety Title & Mortgage 200
Home Title Insurance.__.25 44
97
110
14
225
49
International Germanic Ltd
Lawyers Mortgage
20 465
s
Lawyers We Mtge & T1.100 x185 210
National Title Guaranty ton
52
57
State Title Mtge
100 70
80
Aeronautical Stocks.
Alexander Indus 8% prof...
American Airports Corp-Aviation Sec of New Eng.
Central Airport
Cessna Aircraft corn
Curtiss Reid Aircraft coin_
Consolidated Inetrurnent__•
Federal Aviation
General Aviation 1st prof...
212
dl
1
1
12
16
KInner Airplane & Mot new.
1
Lockheed Aircraft
412 Madclux Air Linea
5 New Standard Aircraft tom
212 Sky Specialties
2 Southern Air Transport..._
2 Swallow Airplane
3
Warner Aircraft Engine
19
WhIttelsey Manufacturing
412
3
8
8
6
8
d5
10
dl
3
212 31
5
34
,
12
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Allis Chal Mfg 55 May 1937
Alum Coot Amer fe May '52
Amer Metal 544s 1934 A&O
Amer Had deb 4445 May '47
Am Roll StIll deb ts_Jan '48
Amer Wet Wks be 1934 A&O
Bell Tel of Can be A Mar'55
Baldwin Loco 5448 '33 HAS
Cud Pkg deb 544s Oct 193
7
Edison Elec III Botitoll% note Novl '31 MAN
4% notes Nov 1 '32 MAN
b% notes Jan 15'33--J&J
Gulf 011 Corp of Pa
Debenture Is.._Dec 1937
Debenture 5/3- _Feb 1947
eta
456
10212 10212 teneral afotore Accept
10412 105
5% user notes...Mar 1932
9412 943
4
5% tier notes ___ Mar 1932
101 10114
6% ser notes
Mar 1934
9312 94
5% ser notes..
.Mar 1935
102 10212
5% ser notee_ Mar 1936
10514 1057 40PDere Gam & Coke
8
1011 1017
Debenture 5€.
s
.June 1947
9914 9912 Nag Pet 444s Feb 15'30-35
sarland 011
1003
Serial 5% notes Junel5'32
101
Mama Glut Coe 544a Jan 1946
1025
8
?roc & Gamb 41 4a July 1947
.
allow-Shelf))& I 4448..1931
10214 10212 Onion 011 56 1935 __.FAA
103 1033 United Drug tai 1932__A&O
2
Debenture 55 1933.
..A&O
Railroad Equipments,
Bid
Ask
101 10112
101 10112
101 10112
101 10112
100 4
3
101Is 1021s
10012
1003 10114
4
10414 10434
1023 104
4
971 99
100 10012
101
101
- -
Water Bonds.
Ark Wat let 55 A '58_ A&O
Ashtabula W W ba '58.A &O
AthtntleCoWat fe'58 A al&S
Blrm W W 1st 5458A'54A&O
let m Ss 1954 ser
let Ss 1957 ser C____F&A
Butler Water Es 1957_ _ A&O
City W(Chat)53-is A'542&I)
let m 58 1954 tier B__J&I)
1st Es 1957 ser C--__M&N
comwith \Vat 1st 5345 A '47
1St m 5s '56 tier B__F&A
1st m 58 '57 ser C___F&A
Davenport W 58 1961_J&J
E St I. Si lot W Ss '42.J&J
let m as 1942 ser BJ&J
1st 55 1960 ser D.
• No Par va1us
97 98
05
94
93 94
102 103
1003 102
4
1003 102
4
94
95
10112 103
100 10112
100 10112
10112 103
9912 101
9912 101
943 9512
4
98
97
102
95 96
4 Last
repelled
IluntIon W 1st 13s '54_31&S
let in Ss 1954 ser 13_ _M&S
Joplin IV W Ss'57 ser A MA.')
Kokomo W W 51 1958.3220
Monni Con W 1st 58'513J& I)
Mono,, Val W 5)-a '50.J&J
Riclan'd IV W 1st Ss'57M&N
St Joseph Wat 5a '41. _A&O
Sc, Pitt), Water
let 513 1955_
FAA
let & ref be '6- ,er A _J&J
1st & ref .51) '60 -cc 13...l&J
Terrell'te WW - 49 A J&D
1st m 58 1956 tier 13._JSrD
Texarkana W lust 58 '58 F&A
Wichita Wat 1st (lit '49 _M&S
1st m 55 '56 tier 11 1
•WA
lstm5a'SOserC._.M N
market.
s Ex-dividend.
102
9912 10012
93
94
9212 94
9 1 9414
34
100
95
96
9914 100
9934
993 101
4
993 101
4
10'2
98 i6694
95
102 . _
96
97
96
97
p Ea-rights
Atlantic Coast Line titi
Equipment 6445
Baltimore & Ohio 1311
Equipment 444s & 5s--- Buff Roch & Pitts equip 6e.
Canadian Pacific 4 tje & 6€.
Central RR of N J 68
Chesapeake & Ohio 68
Equipment 6445
Equipment 58
Chicago & North West Os...
EquIpment 64411
Chic R I & Pac 444 Ss-Equipment 88
Colorado & Southern 65--.
Delaware & Hudson tle
Erie 44.4s Ale
Equipment 132
Great Northern 68
Equipment be
Hocking Valley be
Equipment 65
Illinois Central 444e & fe...
Equipment 65
Equipment 7. &
Kanawha & Michigan 88
Bid
4.50
4.25
4.50
4.30
4.40
4.50
4.50
4.50
4.25
4.25
4.50
4.40
4.35
4.60
4.70
4.50
4 50
4.75
4.50
4.3
4.3
4.50
4.2
4.50
4.3
4.6
A sk
4.10
4.05
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.15
4.16
4.10
4.25
4.10
4.15
4.30
4.10
4.16
4.15
4.10
4.10
4.10
4.15
4.20
Bid
4.70
4.50
4.30
4.25
4.50
4.70
4.75
4.50
4.50
M( g le p mento "8
E lui &0hi 65
ih
4.40
New York Central 4445 & 55 4.20
Equipment 13a
4.40
Equipment 75
4.25
Norfolk & Western 414s,... 4.20
NorthernPacific 78
4.45
Pacific Fruit Express Ts__ 4.40
Pennsylvania RR °gulp 55_ _ 4.20
Pittsburgh & Lake Erie 614s 4.50
Reading Co 4345 & be
4.20
St Louis & San Francisco ba 4.35
Seaboard Air Line 5445 & 65 8.00
Southern Pacific Co 4448
4.25
Equipment 75
4.35
Southern Ry 4345 & Ss
4.40
Equipment(Is
4.45
Toledo & Ohio Central 65
4.5
Union Pacific
4.35
Par
Kama City Southern 5445_
Louisville & Nashville Os...
Equipment6 445
Michigan Central be
Equipment 88
Minn St P & SS M 4445 & Se
Equipment 6445 & 7s_
Missouri Pacific 6445
AN
4.30
4.10
4.15
8.75
4.00
4.30
4.40
4.10
4.10
4.20
4.10
4.00
4.10
4.10
4.20
4.15
4.10
4.20
4.10
4.15
5.25
4.10
4.10
4.10
4.20
4.20
4.10
Investment Trust Stocks and Bonds.
American & Continental____
Amer Invest Trust Shares- _
Bankers Nat Invest corn...
Beneficial Industel Loan
Preferred
Central National Corp A
Class 13
Colonial Investor Shares...
Continental Metropol Corp.
Continental Secur Corp___•
Preferred
Devonshire Investing Corn_ _
Equity Trust Shares in Amur
Inter Germanic Trust
712 9.34
16 Invest Fund of N J
14
8
5 8 63 North American Trust She_
7
618 6 s
5
Old Colony Inv Tr 434% ode 80
Shawmut Association corn
137 14
8
Shawmut Bank Inv Trust
1012 12
24
4
30
1942 70
75
5s
4
9
1952 70
75
Os
1952 110
1814 193
4
standard Corporations
212
83
6 98
3
Standard Utilities
814 914
-66" Standard Oil Trust Shares A
3812
Class B
3612
57
8 67
2
Super Corp C
1134 1214
16
19
1114 1154
lonthip, Quarterip anb jbatt
current (Earning;
pea*.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly,
quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
It includes also some of those given in the issue of March 14. 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, March 13, 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 February number of the
"Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplementary index in
the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week—an absolutely unique service.
A further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle
When Published Page
Name of Company-Mar. 21_2198
Advance-Rumely Corp
Alaska Juneau Golding Mining Co_Mar. 21-2198
Mar. 2E _2178
Allied Chemical & Dye Corp
Mar. 21_2183
Allis Chalmers Mfg Co
Mar. 21_2198
Amerada Corp
American Brow •-Boveri E.ec. Corp_Nlar. 21__2198
Mar. 211_2198
American & Continental Corp
American Electric Securities Co____Mar. 21__2199
American Encaustic filing Co., Ltd_Mar. 2E_2199
Mar. 21_2199
American Hardware Corp
Mar. 21__2199
American Ice Co
American Laundry Machinery Co___Mar. 21-2199
American Machine & Metals, I nc____Mar. 2t 217
Mar. 14_1977
American Sugar Refining Corp
American Telephone & felegraph_Mar. 14_1972
American Water Works & Eiec. Co_htar. 14..1983
Mar. 14_1994
American Woolen Co
Arnold Constable Corp.(& Subs.)__Mar. 21-2200
Mar. 21_2200
Art Metal Construction Ca
Mar. 21_2201
Aviation Corp. of the Americas
Mar. 2E..2171
Birmingham (Mecca,: Ca
Mar. 14..1972
Blackstone Gas 8c E ectric Co
Mar. 14_1993
Bohn Aluminum Sc Brass Carp
Brooklyn-Manhattaa Tran. Sys. incl.
Brooklyn & Queens Fran. Sys____Mar. 21_2174
.ens Tran tit Sys___Mar. 21_2175
Brooklyn &
Mar. 21_2202
Brunswick-Balke-Collender Co
Brunswick Term.& Ry. Securs. Co_ _Mar. 21_2212
Mar. 21_2202
Burns Company.
Mar. 21_2202
Butterick Company
Mar. 14..1972
(A. M.) Byers Co
Mar. 21_2175
California-Oregon Power Co
Mar. 21_ _22J1
California Petroleum Corp
Calumet & Hecla Cans. Copper Ca_Mar. 211_22/3
Campbell. Wyart & Cannon Fdry___Mar. 14_1996
Canadian Fairbanks Morse Co.,Ltd_Mar. 2E_221:13
Mar. 21..2203
Celanese Corp. of America
Mar. 21__2190
Central Illinois Light Co
Mar. 21_2177
Central Vermont Ry.. Inc
Chesapeake & Potomac Telephone
Mar. 14...1988
Co. of Baltimore City
Chesapeake & Potomac Telephone
Mar. 14._1988
Co. of Virginia
Chesapeake & Potomac Telephone
Mar. 14_1988
Co. of West Virginia
Chicago Dist.Elec.Generating Corp_Mar. 21-2190
Chicago Junction Rys & Union
Mar. 21_2201
Stock Yards Co
Mar. 21..2175
Chicago Pneumatic Tool Co
Mar. 21_2187
Chicago Railways Co
Ry____Mar. 21_2187
Chicago Rock Island Pacific
Mar. 2E-2173
Chicago Surface Lines
Mar. 21..21 90
Cincinnati Street Railway Co
Mar. 21_2175
Cities Service Co
Star. 21_2294
Colonial Beacon Oil Ca
Mar. 21-2201
Columbia Oil & Gasoline Corp
Star. 21..2177
Columbian Carbon Co
Mar. 21-2171
Community Power & Light Co
Mar. 21._2177
Consolidated RR.of Cuba
Mar. 21_2186
Consolidatio i Coal Ca
Mar. l4_1989
Co
Consolidated Gas Utilities
Mar. 21.-2205
Consolidated Ice Co. & Subs.)
(
Mar. 21_.2505
Consolidated Steel Corp., Ltd
Mar. 21_2185
Continental Oil Co
Mar. 14_1972
Crown Willamette Paper Co
Mar. 21_2175
Cuba Company
Mar. 21_2177
Cuba Northern Rys
Mar. 21__2177
Cuba RR. Co
Mar. 2l__2190
Dakota Central Telephone Co
Mar. 21-2175
Detroit Edison Co
Mar. 14..1972
Railways
Detroit Street
Mar. 21-2179
Diamond Match Co
Mar. 2E-2191
Duke Power Co
Issue of Chronicle
Name of Company—
When Puhlished Page
Duke Price Power Co.. Ltd
Mar. 21..2191
Eastern Texas Elec. Co.(Dela.)
Mar. 21.-2173
Eastern Utilities Associates
Star. 14_1972
Edison Electric Illuminating Co. of
Star. 14_1989
Brockton
Electric Auto Lite Ca
Mar. 14_1999
Mar. 21_2180
Electric Bond & Share Co
Electric Limit & Power Co. of AbingMar. 14_1989
ton & !Cockle.'
S
Equitable Office Building Corp----- tar. 14_1972
Mar. 21_2206
Fairbanks Mars, & C)
Federal Water Service Corp.(& Subs)Mar. 21.-2187
Gary Railways Company
Mar. 21-2191.
Mar. 21_2184
General Elec ric Co
General Foods Carp
Mar. 21_2178
General Realty & Utilities Corp---Mar. 21_2206
General Refractories Co
Mar. 21..2207
General Steel Castings Corp
Mar. 14_200t
Graham-Paige Motors Corp
Mar. 21_2207
F. & W. Grand Sliver Stores Inc____Mar. 21..2507
Grigsby Grunow Ca
Mar. 21_2175
Gulf Oil Corp
Mar. 21..2208
Gulf States Steel Co
Mar. 21-2508
Gulf States Utilities Co
Mar. 21_2192
Illinois Bell Telephone
Mar. 14_1973
It. Hoe & Co
Star. 2E_2208
Honolulu Rapid Transit Co
Star. 14._1990
Houston Lighting & Power Co
Mar. 21_2173
Hudson & Manhattan RR. Co
Mar. 21_2173
Hydro Electric Securs. Corp
Mar. 21_2192
Iiiino.s Pacific Coast Co
Mar. 21__2175
Illinois Power 8c Light Corp
Mar. 14_1973
Indiana Bell Telephone Co
Mar. 21_2192
Industrial Rayon Corp
Mar. 21_2298
International Business Mach. Corp_Mar. 21..2185
International Cement Corp
Mar. 21_2186
'
International Nickel Co. of Canada_Mar. 21_2175
Internat. Telephone & Telegraph, Mar. 14..1990
Interoceanic Ry. of Mexico
Mar. 21..2177
Iowa Public Service Co
Mar. 2E_2171
Iron Fireman mtg. Co
Mar. 21_2209
Italo-Argentine Electric Co
Mar. 21_2175
Kansas City Power & Light Co
Mar. 21_2178
Kansas City Southern Ry. Co
Mar. 21_2177
(Spencer. Kellogg & Sons
Mar. 21_2175
Kings County Lighting Co
Mar. 14_1990
Lake Shore Electric Ry
Mar. 14_1990
Lambert Ca
Mar. 21__2210
Louisville Gas & Electric Co
Mar. 21_2176
Madison Square Garden Corp
Mar. 21_2176
Market Street Ry. Co
Mar. 21_2176
Memphis Power & Light Co
Mar. 21_2176
Middle West Utilities Co
Mar. 21_2181
Midland United Co
Mar. 21-2182
Mississippi River Power Co
Mar. 21_2192
Monsanto Chemical Works
Mar. 14_2007
Mountain States Pow .r Co
Mar. 21_2176
National Rys. of Mexico
Mar. 21-.2177
National Sugar Refinery Corp
Mar. 14_2007
NewEnglandGas & Eiec Association_Mar. 21-2193
New Jersey Bell Telephone Co
Mar. 21_2193
NIles•Bement-Ponti Co
Mar. 14_2008
North American Edison Co
Mar. 21-2193
North Coast Transportation Co____Mar. 14_1974
Northern Indiana Public Service Co.Mar. 21__2193
Northern States Power C3
Star. 21_2176
Northern Texas Electric Co
Mar. 21_2195
Northwestern Bell Telephone Co. _Mar. 21..2194
Ohio Oil Co
Mar. 21-2211
Oklahoma Gas & Electric Ca
Mar. 21_2176
Old Colony Investment Trust
Mar. 21__2212
Pacific Greyhound Lines, Inc
Star. 14_1974
Pacific Lighting Corp
Mar. 21__2179
Issue of Chronicle
When Puhlished Page
Name of Company—
Mar, 2I__2176
Peerless Motor Car Co
Pennroad Corp
Mar. 14_1986
Pennsylvania Gas & Elec. Co
Mar. 21_-2176
Peoples Drug Stores. Inc
Mar. 21-2212
Mar. 21-2195
Peoples Light & Power Corp
Pere Marquette Ry. Co
Mar. 21_-2177
Pet Milk Co
Mar. 21..2212
Philadelphia Company
Mar. 21_2176
Pittsburgh Terminal Coal Corp
Mar. 21_2212
Prairie 011 & Gas Co
Mar. 14_2010
Providence Gas Co
Mar. 2E_2195
Public Service Co. of Colo
Mar. 21-2195
Quebec Power Co
_Mar. 21_2195
Mar. 14_2010
Real Silk Hosiery Mills, Inc
Reiter-Foster 011 Corp
Mar. 21__2213
Rochester Central Power Corp
Mar. 21_2196
Royal Typewriter Co.. Inc
Mar. 21_2213
St. Louis Bank Building & Equip.
Mar. 21__2213
Corp. of D 1
San Diego Canso!. Gas & Elec. Co___Mar. 21_2176
Mar. 14_2013
Shattuck Denn Mining Corp
Mar. 14._1974
Shubert Theatres Corp
Mar. 21_2176
Sioux City Gas & Elec. Co
Mar. 21_2176
Southeastern Express Co
Mar. 21_2178
Southern California Edison Co
Southern Canada Power Co., Ltd. _Mar. 21-2176
Mar. 21__2176
Southern Colorado Power Co
Mar. 14_1974
Southern Ice Co
Mar. 21__2176
Southern Natural Gas Corp
Southern Pacific Golden Gate Co_Nlar. 14_2013
Mar. 21_2177
Southern Railway Co
Southwestern Bell Telephone Co--Mar. 21_2196
Southwestern Light & Power Co.---Mar. 21..2196
Span1 Chalfant & Co
Mar. 21_2214
Standard Screw Co
Mar. 21_2214
Standard Textile Products Corp._ _Mar. 21_2214
Stanley Works
Mar. 21_2214
Steel Co.of Canada, Ltd
Mar. 2E-2214
Super Maid Corp
Mar. 14_2013
Sweets Co. of America
Mar. 14..1974
Telautograph Corp
Mar. 21_2176
Telephone Investment Corp
Mar. 21_2196
Tennessee Electric Power Co
Mar, 21_2197
Texas Corporation
Mar. 14..1976
Thompson Products Inc
Mar. 21_2215
Tobacco & Allied Stocks, Inc
Mar. 14_2014
Tri-State Tel. & Tel. Co
Mar. 21-2196
Union Carbide & Carbon Co
Mar, 21_2179
Union Tank Car Co
Mar. 14_2016
United Profit Sharing Corp
Mar. 21_2216
U. S. Distributing Corp
Mar. 14_2016
United States Lines, Inc
Mar. 14_2016
U. S. Pipe & Foundry Co
Mar. 2E_2186
Mar. 21_2182
U.S. Rubber Co
U. S. Steel Ca
Mar. 21_2177
Waldorf System, Inc
Mar. 21-2217
Mar. 21-2216
Warren Brothers Co
Mar. 21_2217
Warren Foundry & Pipe Corp
Washington 011 Ca
Mar. 21_2217
Mar, 21_2197
West Ohio Gas Co
Mar. 14_1992
West Penn Electric Co
West Penn Power Co
Mar. 21..2197
Western Electric C3
Mar. 21..2184
Western Pacific RR. Co
Mar. 21__2188
Westinghouse Electric & mtg. Co___Niar. 14_1976
Wheeling Steel Corp
Mar. 14_2011
Willys Overland Co
Mar. 21..2217
Wisconsin Electric Power Co
Mar. 21__2197
Wisconsin Power & Light Co
Mar. 21..2197
Wisconsin Public Service Corp
Mar. 2E_2176
Wisconsin Valley Electric Co
Mar. 21_2176
(Wm.) Wrigley Jr. Co
Mar. 14..2028
Sheet & Tube Co
Youngstown
Mar, 2E_2181
Birmingham Electric Co.
Brooklyn-Manhattan Transit Corp.
(National Power & Light Co. Subsidiary)
—Month of January— —12 Mos. End. Jan.311930.
1931.
1930.
1931.
$778.554 $8,144,629 $9.266,124
$683.023
Gross earns,from oper__
6,065,662
5,626,583
520,849
446,004
Open expenses & taxes__
(Including Brooklyn & Queens Transit System)
—Month of February— —8 Mos. End. Feb. 28-moos,
soil..
9.
6
5
.
Total oper. revenues_ -- $4,43; 5 54.628.946 838,753.154 $40,172,996
3.020,029 25.089,541 26.825.507
2,840,152
Total oper. expenses.___
' Net rev, from oper___ $1.613.503 51,608,917 $13,663,613 $13,347,491
340.311
319.751
2,593.973
2.653.144
Taxes on oper. prop_.__
Operating income_ --- $1,293,752 51.268.606 511,010.469 $10,753,518
70,755
587,148
62,581
543.005
Net non-oper. income-51,356,333 51,339.361 511.553.474 511,340.666
Gross income
769.532
6,204,178
772.925
6,180,192
Total income deduct'ns$569,829 $5,373,282 $5,136,488
$583,408
*Net income
*Of which sums there accrues to minor. Mts.
725,293
79,828
77,755
678,308
of the B.&Q.T. Corp_
arLast complete annual report in Financial Chronicle Sept.6 '30, p. 1562
Net earns, from oper_
Other income
8237,019
28,489
$257.705
32,995
82.518.046
381,701
$3,200,462
383.233
Total income
Interest on bonds
Other int, and deduct's-
$265,508
70.658
15,856
8290,700
76,710
4,550
82,899,747
910,770
90,374
$3,583.695
924.990
63.010
$178,9e4
Balance
Dividends on preferred stock
$20.4,440
51,898.603
410.209
82,595,695
412,948
$1.488.394
$2,182.747
Balance
L arLast complete annual report in Financial Chronicle Apr. 12'30, p. 2576
MAR. 21 1931.]
FINANCIAL CHRONICLE
American Machine & Metals, Inc.
(Formerly Manhattan Electrical Supply Co., Inc.)
.
Quar. End. Quar. End. 6 Mos.End.
PeriodDec. 31'30. Sept. 30'30. Dec. 31'30.
^liross income
$336,502
$559,357
8895.859
853
Expenses
506,598
.
917.451
Depreciation
49,750
54,434
104.185
Interest
40,405
40,406
80.811
Extra loss & expense & contingency
118,443
118,443
-
Cuba Company.
(And Subsidiaries)
6 Mos. End. Dec. 311930.
1929.
1928.
1927.
Gross revenue
87.817.514 $9,883,040 312,043,294 313,017,399
Expense, interest, tax
depreciation. &c
7.333.807
9,158.438 11.208,118 12,572,299
Net income
$483.707
3445,100
$724,602
3835.176
lG9'Last complete annual report in Financial Chronicle Sept.20'30, p. 1888
Net loss
$155,839
$169,191
$325,031
larLast complete annual report in Financial Chronicle May 24'30, p. 3727
Brooklyn & Queens Transit System.
-Month of February- -8 Mos.Ended Feb.281931.
1930.
1930.
1931.
'Total opor. revenues___ $1,704,077 $1,775,394 $14,848,927 $15,682,526
'Total oper.expenses_ _ _ _ 1,312.106
1.383,112 11,552.417 12,352,785
.--IIsZot rev,from oper___
'Taxes on oper prop
pe.=t,
.40:i BM
Operating income_ _ _ _
Net non-oper.income_ _ _
Grigsby-Grunow Company.
Consolidated Income Account Six Months Ended Nor. 30 1930.
Net sales
$14,881.784
Less: Royalties
794.070
Cost of sales. except depreciation
10,738.248
Depreciation
282,251
$391,971
104,086
$392.282 $3,296,510 $3,329,741
914,117
849,282
114,014
Gross profit on sales
Operating expenses
$287,885
14.998
r•-•
2175
$278,268 $2,447,228 $2,415,624
170,059
115,742
19,728
Net loss on sales
Other income
Gross income
$297,996 $2,562,970 $2,585,683
8302,873
'Total income deductions
1,010.372
997,733
126,219
126,656
L
Nh4
11, Net income
$171.777 $1,565,237 $1,575,311
8176.217
rEt"Last complete annual report in Financial Chronicle Sept.6'30, p. 1563
California-Oregon Power Co.
,
r12 Months Ended Dec. 31'Gross earnings
Net earnings
Other income
1930.
1929.
$3,923,983 $3,387.416
2,033,031
2,270,952
6,260
15.800
Net earnings including other income
$2,277,212 $2.048,831
Chicago Surface Lines.
$3.067,215
3,203.348
$136.133
163,534
Gross income
Interest paid
Discount on sales
Other charges
$27.402
47,841
265.146
73.043
Net loss for period
$358,628
la'Last complete annual report in Financial Chronicle Oct. 18 '30, p. 2545
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
-Month of January- -12 Mos.End. Jan.311931.
1931.
1930.
1930.
Gross earn, from oper__
$724.601
8728.518 $8.785.770 $8.077.744
Oper.expenses & taxes__
369,045
351,180
4.575.923
4,195.857
-Month of January
Net earns, from oper- 8373,421
1930.
1931.
3,413
$4,576,133 85.239,755 Other income
3.825,964
4,043,147
Total income
8376,834
86.679
Residue receipts
$753,169 $1,196.608 Interest on bonds
6.488
Joint account, expenses, Federal taxes.
19,194
30,525 Other int. & deductions_
12,845
256.834
^City's 55%
Balance
$283,667
11,
Balance
$909.248 Dividends on preferred stock
$718,129
rNrLast complete annual report in Financial Chronicle March 21 1931.
Balance
:Gross earnings
'Operating expenses, renewals and taxes
Chicago Pneumatic Tool Co.
$238,683prof$209,839
657,824
164.325
Net loss
Preferred dividends
Deficit
8403,008
8447.985
10
-Last complete annual report in Financial Chronicle May 3 '30, p. 3166
Cities Service Co.
-Month of February--12 Mos. End. Feb. 281931.
1930.
1930.
1931.
$3.469,531 $5,180,001 $57,435,422 $48,790,728
1,440,263
2,643,456
158,644
210,032
'Gross earnings
Expenses
$3.259,498 35,021,357 $54,791,965 $47,350.465
7.240,82:3
598,861 10,165.821
1,015.841
Net earnings
Int. & disc. on dohs
Net to stocks and res_ $2,243.657 $4,422,495 $44,626,143 $40,109,641
6.085.065
7.361,550
613,459
613.464
Dividends pref.stock_ __
fr.e. Net to com.stk. & res. 31,630.193 $3,809,036 $37,264,593 $33,124,576
6.06
5.74
Number of times preferred dividends
Net to common stock and reserves on average
$1.23
81.26
number of shares of common stock outstanding_
IC -Last complete annual report in Financial Chronicle Apr. 26 '30, p. 3011
Community Power & Light Co.
(And Controlled Companies)
-Month of February--12 Mos. End. Feb. 281930.
1931.
1931.
1930.
"Oonsol. gross revenue _- 8335.896
$382,845 $4,879,840 85.085.382
Oper.exps..incl. taxes-2.755,692
2,762,806
202,921
215,440
Balance avail, for int.
amort.,deprec., Fed.
inc. tax., dim. &
surplus
8132,975
$167,404 $2.117,033 82,329,689
Detroit Edison Co.
(And Subsidiary Utility Companies).
1931.
1930.
12 Months Ended Feb. 28
849.505.109 $53,249,058
'Total electric revenue
2,501,992
: Steam revenue
2,752,006
457,622
Gas revenue
425,092
Miscellaneous revenue
Dr.11,822 Dr.16,458
Total operating revenue
Non-operating revenue
$52,452,901 $56,409,699
82,784
60,402
Total operating and non-operating revenue
Operating and non-operating expenses
Interest on funded and unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
$52,535.685 $56,470,102
35.743,448 37,562,88:3
5,679.526
5,582.229
292,691
316.592
38,483
35.183
Net income
$10,781,537 $12,973,213
VeLast complete annual report in Financial Chronicle Jan. 24 '31, p. 648
Eastern Texas Electric Co. (Delaware).
Gross earnings
??eration
aintenance
Taxes
(And Constituent Companies).
-Month of January- 12 Mos. End. Jan. 31.
•
•
•
1930.
87(i1,405
$797,650 810.137,i85 $9,872.529
406.037
382,543
4,864.773
4,561,901
39.487
52,565
482,043
569.919
66,631
68,849
745,547
615,219
$249,248
Net oper. revenue__ _ _
•Income from other sources
Balance
. a Deductions
Balance
Interest and amortization
$293,691
$4,045,020 84,125,489
34,409
37,075
34.079,430 44.162.565
1,776,749
1,377,102
82,302,680 82.785,462
383,927
553,652
$1,918,752 $2,231,810
Balance
* Interest on funds for construction purposes.
amortization charges and dividends on securities of cona Interest,
stituent companies held by the public.
a'Last complete annual report in Financial Chronicle Mar. 7 '3/, p. 1795
8362,394 34,262.773 $3,914.646
1.031.260
78,346
911,262
7.398
84,201
129,969
3276,650 33,147,312 32,873,415
330.000
283.833
32.817,312 $2,589,582
Hudson & Manhattan RR. Co.
3 Months. 12 Months.
$263,638prof$125.805
24,955
84,034
Period Ended Dec. 31 1930Loss after depreciation, interest, &c
Other income
$359.473 84.209.847 83,881.887
2,921
52,926
32.759
-Month of February- -2 Mos. End. Feb. 281930.
1931.
1931.
1930.
$936,542
$992.769 $1,941,564 $2,080,454
467,137
497.424
979.487
1.049.635
Gross revenues
Oper. exp. & taxes
Bal. applic. to charges
Charges
$469,404
334.687
$495.345
334,249
$962,076 $1,030.818
670.260
668,867
Balance
8161,096
8291.815
$134,717
8361.951
Last comnlete annual report in Financial Chronicle Mar. 29 '30, p. 2198
Illinois Pacific Coast Co.
Earnings for Sir Months Ended Nov. 30 1930.
Net profit after interest, depreciation, Federal taxes. &c
Earnings per share on 155,647 abs. com. stk. (no par)
$295,108
80.97
International Nickel Co. of Canada, Ltd.
And Subsidiary Companies)
Quarter EndedMar.31 '30. June 30 '30. Sept. 30 '30. Dec. 31 '30.
x Earns, of all properties $6,619,806 $5,101,383 $3,639.239 $3,029,555
Other income
297,133
134,486
107,469
77,771
Total income
$6,916,939 85,235,869 $3,746,707 83,107,326
General office expense
447.271
385,968
331,622
387,165
Reserved for income and
franch. tax.(est. prov.)
582.957
307,049
179.256
160.396
Interest paid & accrued_
125,778
124,317
121,101
109.961
Prov.for deprec., depict.
and other reserves _ _ _ _ 1,144,788
1,150,806
1,100,767
577.579
Net profit
34.616,144 33.267,730 82,013,961 31.872,225
Earned surplus beginning of period
24,958,970 25,652.762 24,997,902 22,902,071
Total surplus
Freterred dividends _
Common dividends
S29,575,114 328.920,492 827,011,864 824.774,296
483,475
483,477
483,483
483,484
3,438,877
3,439.113
3,626,309
3,644,643
Earned surplus end of
period
825,652.762 824,997.902 822.902,071 820,646,169
x After deducting manufacturing, selling expense, ordinary repairs and
maintenance.
10
-Last complete annual report in Financial Chronicle March 21 1931.
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month ofFebruary- 12 Mos. End. Feb. 28.
1931.
1930.
1931.
1930.
Gross earnings
3407,570
3406.196 84,529.539 81.314.597
Oper. expenses & taxes
208,222
211.399
2.711.083
2.525.594
Net earnings
Bond interest
Other deductions
8199,348
Balance
1st preferred dividends
8194.797 81,818,456 31.789.003
706,289
811.124
58,180
36,297
$949.152 81,046.417
225.531
218.437
Balance*
$723.621
$827.980
* Before provision for retirement reserve.
tarLast complete annual report in Financial Chronicle Jan. 18 '30, p. 467
Italo-Argentine Electric Co.
Period Ended Dec.31- 1930-Afonth-1929.
1930-12 Mos.-1929.
Operating revenue
$604,609 87.309,159 87.767.272
$488,403
Net operating revenue
284.091
4.649.012
234,012
4.893.312
Revenues of the company expressed in Argentine pesos show an increase
for the 12 months ended Dec. 31 1930, although dollar revenues of the
company for the same period showed a decrease due to the decline in the
Argentine exchange. The increase in operating revenue over 1929 amounted
to 1,609,200 pesos, or 8.69%, while net operating revenue Increased 1.248.033 pesos, or 10.70%.
(Spencer) Kellogg & Sons Inc.
Feb. 14 '31. Nov. 22'30.
12 Weeks EndedNet profit after charges and Federal taxes
8157.847
8122,596
Earnings per share on 550,000 shares no par stock
$0.28
$0.22
O"Last complete annual report in Financial Chronicle Nov. 1 '30, p. 2906
2176
[VOL. 132.
FINANCIAL CHRONICLE
Louisville Gas & Electric Co.
Sioux City Gas & Electric Co.
1929.
1930.
$10,566,387 510,338,098
5,324,205
5,412,94)4
541.459
303,964
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
Net earnings including other income
$5,716.953 55.865,664
Madison Square Garden Corp.
(And Subsidiaries)
1931-9 Mos.-1930.
Period End. Feb. 28- 1931-3 Mos.-1930.
Net profit after deprec.
$308,757
$232,137
$360,469
and Federal taxes_ __ _
$295,191
Earn, per sh. on 324.860
$0.95
$0.71
$1.11
elm. no par stock
$0.90
"Last complete annual report in Financial Chronicle July 5 '30, p. 124
(Controlled by American Electric Power Corp.)
--Month of February- -12 Mos. End.Feb.281931.
1930.
1931.
1930
Gross earn ngs
$280,127 $3,378,425 53.328,318
$265,458
Oper. expenses & taxes_
1,605,590
137,134
134,613
1.584,715
Net earnings
Bond interest
Other deductions
Balance
Preferred dividends
81.772,835 $1,743.603
492,377
532,755
37,372
27.317
$1,202,708 $1,223,909
338,709
338.709
Balance (before provision for retirement reserve) $863,999
$885.200
KN"Last complete annual report in Financial Chronicle Jan. 25'30, p. 623
Southeastern Express Co.
Market Street Railway Co.
-Month of February- 12 Mos. End. Feb. 28.
1930.
1931.
1930.
1931.
$728,404 $9,093,431 $9,585,604
Gross earnings
$668,931
Net earn. (incl. other
inc. before provision
1,557,502
1,355,945
100,136
92,870
for retirements
701,213
645.265
55,911
51,867
Income charges
$856.289
$710.679
544.224
$41,002
Balance
rrLast complete annual report in Financial Chronicle Apr. 12 '30, p. 2579
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of January- -12 Max.End. Jan.311930.
1931.
1930.
1931.
$678,148 $6,896,458 $6,262,478
Gross earn, from oper-- $753,548
3,791,137
4.072.904
39a,466
455.023
Oper. exps. & taxes_ _ _ _
Net earns, from oper_
Other income
$298,525
16.388
$282,682 $2,823,554 $2,471,341
278,359
258,051
15,175
Total income
Interest on bonds
Other int. & deductions_
$314,913
61.448
11,781
$241,684
Balance
Dividends on preferred stock
$229,232 $2,254,896 51.986,934
285,119
355,188
Revenues-Express- - - Miscellaneous
$1.899,708 $1,701,815
Balance
tarLast complete annual report in Financial Chronicle Apr. 19 '30, p. 2769
Mountain States Power Co.*
1929.
1930.
$3,436,683 $3,344,923
1,307.949
1,203,938
53,387
159.331
$1.363,269 $1,361,336
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.
-Month of December- -12 Mos. End. Dec. 311929.
1929.
1930.
1930.
$655,104 56,755,044 57,999,090
$547,979
7,959
8.422
7,912
8,510
Chargs for transp
Express privileges.. - -
$556,402
248,483
$663,017 $6,763,555 $8,007,050
384,770
3,899,915
2,940,458
Rev,from transport
Oper. 0th. than transp
$307,919
9,391
$278,247 $3,823,096 $4,107,135
10,922
112,590
136,536
Total oper. revenues
Expenses-Maintenance
Traffic
Transportation
General
$317,311
14,998
7.154
267,173
21,353
$289,169 $3,935,687 54.243,671
15,259
201,658
172,981
7,305
93,686
78,548
305.191
3,535,905
3,270.210
23,660
281,686
265,576
Operating expenses_
Net oper. revenue- --Uncoll, rev. fr. transp.
Express taxes
8297.857 $3,081,605 $2,750,200
650,968
749,254
52,884
112.298
77.455
15.741
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
$142,943
$10.845
$310,679 -3351,916 $3.802,454 54.097,799
6,631
62,746
133,232
145,872
95
69
1,753
1,023
5,000
6,000
97,000
110,000
Operating income.. _
$1,536
-$68,815
$34,578
$34,848
Southern Canada Power Co., Ltd.
--Month of February-- 5 Max. End. Feb. 28.
1930.
1931.
1931.
1930.
5190.166 51.030,083
$197.105
5973,375
79.553
67.479
385,853
336,490
Gross earnings
Operating expenses
Net earnings
5122,687
5117.552
5644.230
8636.885
Note.
-The decrease in net earnings for the month is attributable to an
increase of over $13,000 for purchased power in operating expenses, due
to low water.
rieLast complete annual report in Financial Chronicle Dec. 13 '30, p. 3877
Southern Colorado Power Co.
1930.
1929.
$2,276,668 $2.258,382
1.060,468
1,062,707
10.725
30,112
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
Net earnings including other income
51.071.193 31,092,819
Southern Natural Gas Corp.
Northern States Power Co.
Earnings for 2 Months Ended Feb. 28 1931.
Gross revenues
Operating exps., maint. & taxes other than Federal
Oper. exp., maInt. & taxes, other than Federal income tax
Years Ended Dec. 31Gross earnings
Operating expenses, maintenance and taxes
1929.
1930.
$33,271,961 $32,754,119
x16,665,741 15,966,640
Net earnings
Other income
$16,606,220 $16,787,479
642,142
234,099
Gross corporate income available for interest and other charges- _$329,807
Net earnings including other income
Bond interest
Note interest
General interest
Less interest charged to construction
$16,340,319 $17,429,621
4,910.593 4,976,708
695,907
715,592
183,002
72,899
Cr162,833
Cr97,778
1931.
1930.
Month of February$31,147
$28,751
Net profit after charges & Federal taxes
For the two months ended Feb. 28 1931, net profit was $61,782.
r2LrLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1066
Balance
Preferred dividends
Approp. for retirement (depreciation) reserve
$11,193.965 $11.781,885
4,717,142 4,679,054
y2,560,000 2.900,000
Balance for amortiz.,common diva, and surplus.. $3.916,823 $4.202,831
x Includes credit from contingency reserve of $420,000. y Total appro-withpriation for retirement (depreciation reserve, $2,900,000; credit
drawal from contingency reserve. $340,000; balance, $2,560,000.
Net earnings, including other income
1929.
1930.
$14,284,675 $14,162,361
6,678,344
6.637,437
392.905
183,713
$6,862,057 $7,030,342
Peerless Motor Car Co.
1929.
1930.
Quarter Ended Dec. 31$87,304 prof.$52,013
Net loss after interest and depreciation
Nil
$0.20
Earns, per sh. on 258,589 shs. cap. stk. (par $50)
tarLast complete annual report in Financial Chronicle Jan. 17 '31, p. 505,
and Jan. 10 '31, p. 325.
Pennsylvania Gas & Electric Co.
(Controlled by American Electric Power Corp.)
-Month of January- 12 Mos. End. Jan. 31.
1930.
1931.
1930.
1931.
$111.453 51,349.091 $1,316,373
$110,204
Gross earnings
709,913
718,779
62,121
60,098
Oper. expenses & taxes.._
$606,460
$630,312
$49,332
$50,106
earnings
Net
15,462
15,312
Sub. co. charges & preferred dividends
262,425
259,085
Bond interest
16,669
21.892
Other deductions
$311.904
$334,023
Balance
105.000
104,991
Preferred dividends
5206,904
5229,032
Balance*
* Before provision for retirement reserve.
arLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1798
Telautograph Corp.
Wisconsin Public Service Corp.
Net earnings,including other income
Net earnings including other income
Net earnings, including other income
531,469.379 832,911,948
1929.
1930.
57.397.939 $7,322,175
3.519,673
3,706,745
31,482
3,446
$3.710,191
$2,333,292 $2,382,008
1930.
1929.
52,255.152 $1,923,705
908,274
798.815
22.732
25,755
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
Not earnings including other income
$3,551,155
5931.006
$824,570
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Current
Year
Period
Covered.
20 week of Mar
2d week of Mar
lot week of Mar
2d week of Mar
2d week of Mar
2d week of Mar
2d week of Mar
2d week of Mar
3,305,973
2,647,000
38,700
210,996
212,477
2,652,766
356,900
324,550
Previous Inc. 1+) or
Year
Dec.(-).
$
4,296,549 -990,576
3,442,000 -795,000
-800
37,500
250,652
-39,656
292,179
-79,702
3,335,584 -682,818
478,888 -121,966
357,371
-32,820
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.
Cross Earnings.
Month.
1930.
1929.
1930.
$61,521,044 $63.676,775
29,988,828 31.201,643
1,710,305
1,480,551
San Diego Consolidated Gas & Electric Co.
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
1930.
1929.
$5,592,331 55,512,207
2,313.847
2,364,885
19,445
17,123
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
Philadelphia Company.
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
231,838
Wisconsin Valley Electric Co.
Oklahoma Gas & Electric Co.
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
3561.645
January
February
March
April
May
June
July
August
September
October
November
December
January
1929.
450,526,039
427,231.361
452.024,463
460,537,217
462,444,002
444,171,625
458.369.950
465,700.789
466,826.791
482,712.524
398.211.453
377.473.702
1931.
865,416,005
$
488.628,286
475,265.483
516,620,359
513,733.181
537.575,914
531,689.472
557,522.807
586,397.704
566,461.331
608,281,555
498.882.517
468,404,537
1930.
450,731,213
Length of Road.
(-I-) or
Dec.(-).
-36,102,247
-48,034.122
-89.595,796
-63.195.964
-75.131,912
-87.518.847
-101.152,657
-120,698.915
-99.634.549
-125,569.031
-100.671,064
-91,220.835
--85.314,208
1930.
1929.
242,350
242,348
242,325
242.375
242,156
242,320
235,049
241.5413
242,341
242,578
242,616
242,677
1931.
242,657
Mlles.
242.175
242,113
241.964
242.181
241,758
241,349
242,979
242,444
242,322
241.655
242,625
242,494
1930.
242,332
-11 kft.
21 1931.]
FINANCIAL UIEONICLE
Net Rosnengs.
Month.
(+) or Dec.(-).
1930.
January
February
March
April
May
June
July
August
September
October
November
December
January
1929.
Amount,
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
99 528.934
80 419.419
1931.
71,952,904
117.764.570
125.577.866
139.756.091
141.939.648
147.099.034
150,199.509
169.249.159
191.197.599
183.486.079
204.416.346
127.125.694
108 007 347
1930
94.836,075
--s .005.170
-28.128,967
-38,202,064
-34.815.878
-35,711.276
-39,954.902
-43.753,737
-52,063.390
-36.255.079
-47.300.393
-27.506.760
-25,567.928
-19.55
-22.40
-27.46
-24.54
-24.22
-20.60
-25.88
-27 21
-1975
-23 13
-32.35
-24.00
--22,883,171
Kansas City Southern Ry. Co.
(Texarkana and Fort Smith Ry. Co.)
--24.13
Per Cent.
2177
-Month of Februarp-- 2 Mos. End. Feb. 28
1931.
1930.
1930.
1931.
Railway oper. revenues- 81,182.830 $1,534.305 $2,459,825 $3,100,640
Railway oper. expenses_
744.929
1,608,616 2,134,873
1.027.755
Net rev.from ry. oper. $437,901
$965,767
$851.209
$506,549
Railway tax accruals...
97,532
258,333
195,064
129,166 Uncollect. ry. revenues_
475
330
595
628
Railway oper.income_ $339,893
$3377.052
3706.838
$655,516
a"Last complete annual report in Financial Chronicle May 3'30, p. 3202
National Railways of
Mexico.
-Month of DecemberJan. 1st to Dec. 311930.
1929.
1930.
1929.
Pesos.
Pesos.
Pesos.
Pesos.
9,019,351 10,245,240 107,520,353 112.921,197
7,857.053 8,252.545 93.135,745 91,636,022
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.
Net earnings
1,162,298
1,992.695 14,384.607 21.285.174
Percent.exp.to earns__ _
87.11%
80.55%
86.62% . 81.15%
Kilometers
11,604
11.458
rirLast complete annual report in Financial Chronicle Dec. 28'29, p. 4137
Central Vermont Ry., In
FINANCIAL REPORTS
-Jan. 1 to Feb. 28-Month of February
1931.
1930.
1931.
1930.
Ry. oper. revenues
$585.173 $1,069,751 $1,184,276
$527.238
Ry.oper.exp.(excl.dep'n)
886.445
448,904
426,713
942.447
By.oper.exp.(deprec.).
31,380
63,056
31,135
52,243
Total ry.oper. expense $457.848
$949,502
$480,285
$994,691
Net rev,from ry. oper
120,249
104,887
189,584
69,389
Railway tax accruals__ _
15,986
31,951
38.664
19,361
Uncoil, railway revenues
13
11
11
41
Total taxes & uncoll,
railway revenues_ _ _
819,373
Railway oper.Income_ _ _
50,016
Non-operating Income:
Hire of frt. cars-credit
balance
29,508
Rentfrom locomotives
1.292
Rentfrom pass.train cars
6,259
Rent from work equip
17
Joint facil. rent income.._
4,833
Inc.from lease of road_
Miscellaneous rent Inc_ _
357
Misc.non-oper.phys.prop
Income from funded sec
Inc. from unfund. sec. &
accounts
2,504
Inc. from sink. & other
reserve funds
20
Miscellaneous income.31
Total non-oper. Inc_ _ $44,825
Gross income
$94,841
Deductions from Gross Income:
Rent for locomotives_ _ _
6.619
Rent for pass, train ears.
10,001
Rent for work equip_ _
115
Joint facility rents
14,002
Rent for leased roads..17,796
Miscellaneous rents_ --97
Misc,tax accruals
132
Interest on funded debt80,900
Int. on unfunded debt..
136
Amort. of discount on
funded debt
393
Misc. income charges-
$15,997
88,890
$38.677
81,571
42,541
1.110
7,062
345
4,721
1,402
617
-83
250
66,274
2,738
12.944
158
9,873
4.327
4,924
15,455
33
73
255
44
$62.329
3151.219
100,581
I182,152
$136,606
$294,198
6,684
10.731
43
15,141
18,046
14
132
75.518
8,507
13,980
19,937
160
28,433
35,592
230
264
161,800
320
3,336
$31.993
157,591
84,387
2,688
15,426
588
10,747
2,805
4,108
-145
500
Gross earnings
Operating expenses
Southern Railway Company.
(37th Annual Report
-Year Ended Dec. 31 1930.)
The report of President Fairfax Harrison covering the
affairs of the company for the year 1930 will be found in
the advertising pages of this issue. The report also contains numerous charts showing the operations for a number
of years back. The financial results for the year, as well as
the financial position of the company, are given in comparative form-V.132, p. 1793.
Columbian Carbon Co. (and Subsidiaries).
-Year Ended Dec. 31 1930.)
Annual Report
The remarks of President F.F. Curtze,covering operations
for the year 1930, together with a comparative income account and balance sheet, are given under "Reports and
Documents" on subsequent pages.
-V.132, p. 318.
United States Steel Corporation.
(29th Annual Report
-Yea) Ended Dec. 31 1930.)
The annual report, signed by J. Pierpont Morgan, Chairman, and James A. Farrell, President, will be found at
length on subsequent pages under "Reports and Documents," together with tables of operations, balance sheet, ezo.
13.904
21.598
93
30,623
36,092 INCOME ACCOUNT, INCLUDING SUBSIDIARY COMPANIES. CAL. YEARS
1928,
1929.
1930.
1927.
84
324
78,120 Gross sales and earnIngs_1,180.934,971 1,493,505,485 1,374,443,433 1,310,392,861
39.285 aMfg. cost and oper. exp 998,461,528 1,125,015,701 1,079,379,618 1,067,997,537
Administration, selling &
general expenses, excl.
163
786
175
gen. exp. of trans. cos. 48,132,986
39,393,674
44,510,939
47,168,488
32
180
Tax., incl.res.for Fed.tax 46,597,026
50,975,751
54 971,946
46,291.358
Commercial disc'ts & int.
6.263,003
8,696,418
7,797,599
8,830,055
Total decoctions from
$261.507
$135.015
gross income
$130,194
$220,484
Totalexpenses
1.099,454,543 1,234,953,734 1.183,562,726 1,162,512,624
Net income
73,713
-79,354
16,204
-35.353
Less amount incl.In above
Ratio of ry. oper. exp. to
charges for allow, for
revenue
88
82
86
83
depict., depree., & air
Ratio of ry. oper. exp. &
solesc. here deduct for
taxes to revenue
92
90
86
84
purpose of show'g mime
Miles of road operated._
472
417
465
469
in separate item of chg.
Consolidated Railroads of Cuba.
below
58,550,120
Period End,Dec.31- 1930-3Mos.-1929.
'1930-6 Mos.-1929.
Balance
1 040,904,423 1,234,953,734 1,183,562.726 1,162,512,624
Net profit after expenses.
depreciation, &c
$618,681
$644,581 $1,230,484 31.300.929
Balance
140,030,548
fairDast complete annual report in Financial Chronicle Sept.20'30, p. 1889 bM Well. net mfg. gains._ Dr.3,730.232 258,551,751 190,880,706 147.880,237
1,917,483
2.204,065
2.265,487
Rentals received
883,306
1,094,856
987,520
1,623,002
Cuba Northern Rys.
6 Mos. End. Dec. 31- 1930.
1928.
1929.
1927.
Gross revenue
$1,787,524 $1,880,353 $2.524,209 $2,473,967
Int. taxes & depreciat'n. 1,779,002 2,105.897 2,424.897 2.503.728
Net profit
$8,522 loss$225.544
$99,313 loss$29,761
l'Last complete annual report in Financial Chronicle Sept.20'30, p. 1889
Total net income
137,267,835
Net profits of prop,owned
247,601
whose oper.are not incl.
cInt., ac., on investments
and on deposits, &c._
14,642,093
261,564,091
193,960,077
303,082
231,525
205,337
16,032,174
11,974,896
14,611,006
151,768,700
Balance
152.157,530 277,899,347 206,174,498 166,585,049
Res.for contingent'labile.
Of subsid. railroads_
3,000,000
1,500,000
350,000
Period End. Dec.31- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Bal. prof. sub. cos. (net) •Cr.5,552.702 def9,060.415 def3,688,199 Cr.6,080,440
Net profit after interest,
Int. on bonds & mtgea. of
depree. and taxes.--- $379,087
$3370,119
$839.495 31.220,617
subsidiary companies..
7,116,479
5,593,367
7,991,113
7,681,372
farLast complete annual report in Financial Chronicle Sept.20'30, p. 1888 Depree., depletion and
obsolescence
58,550.120
55.621,495
63,274,163
47,390,338
Int. on U. S.St'l Corp.bds
7,828,391
16,106,573
46,729
16,674.176
Interoceanic Ry. of Mexico.
Sinking fund, &c., U. S.
Steel Corp
-Month of December- -Jan. 1st to Dec. 3113,167,978
12.593,669
Prem,on bonds redeemed,
1930.
1929.
1930.
1929.
subsidiary cog
320,215
Pesos.
405,894
Pesos.
Pesos.
Pesos.
Gross earnings
1,295,421 12,496,549 12.809,527
1,069,394
Net income
Operating expenses
93,520,015 187,619,899 108,002.987
87,345,978
1.100.916 12.800.809 12,144.615
1.027.953
Special Income received
Net earnings_
for year incl. adjust41.441
194.504 derd04,260
$664,912
ment of various accts._ 10,901,555
Percent.exp. to earns_ _ _
550,858
6,170,788
9,972,160
84.99%
96.12T.
102.44%
94.81%
Kilometers
1,644
1.644
Total net income
87,896,836
104,421,571 197,592,060 • 114,173,775
Preferred dividend (7%). 25,219,677
25,219,677
25,219,677
25,219.677
Pere Marquette Ry.
Common dividend (8%). 60,365,797
63,849,040 (7)49,813,645 (7)49,813,645
- 2 Mos. End. Feb. 28
-211,4111a of February
1930.
1931.
1931.
Balance, surplus
12,863,514
39.140,453
18,836,097 108,523,343
193C.
Mlles of road operated.
2,285 .
2,241
2,265
2.241 Shares of common stock
Total oper. revenues_ _ _ - $2,180,832 $3,211,365 84,409.560 36.277,095
outstanding (par 8100).
8322,840
8,687,435
7,116,235
7,116,235
Total oper. expenses..._ 1,923,064
2.395,397 3,974,905 5,204,952 Earned per share
$21.19
x$9.11
312.50
88.81
a Including Inventory price adjustment, ordinary maintenance and repairs and
Net oper. revenue...
$815,967
3257.767
$434.654 31.072,142 provisional charges by subsidiary companies for depletion, depreciation and obsoNet ry. opt r. income_ _ _
698,565
113.704
-12.564
521,509 lescence.
Other income
26,927
34,972
158.194
158,689
b Sundry net manufacturing and operating gains and losses, including royalties
received, Idle plant expenses, &e.
Gross income
3725,492
3148.676
5145,629
$680,198
c Income from sundry investments and Interest on deposits, including net profit
Int. 3: other deductions_
217.548
295,319
590,352
440,538 on sales of marketable securities.
x Based on 8,627,637 average shares outstanding during 1930, the earnings per
Net income
$507,943 -8444,723
-8146.642
$239,659 share was $9.18
Inc. appl. to sink.& oth.
•These profits were earned by individual subsidiary companies in previous years
reserve funds
280
280
14
1,022 on Inter-company sales made and service rendered to for other subsidiaries, but
being locked up in the inventory value of materials held by the purchasing companies
Bal. trans. to prof. &
at close of 1929, were not to that date included as part of the reported earnings of
-$146.922
$507,928 3-445.003
loss
3238.637 the combined organization. Such profits are so enlbraCqd only in the year In which
Last complete annual report in Financial Chronicle May 10'30, p. 3343
they are converted into a each asset.
Cuba Railroad Co.
2178
7/IKANCIAL CHRONICLE
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31.
1930.
1929.
1928.
1927.
Ands$
Prop. owned and oper. by
the several companies_1,677,327,334 1,541,492,587 1,661,123,969 1,709,779,732
Deferred charges, future
operations, &c
1,674,830
2,410,228
4,058,732
2,018,487
Mining royalities
66,816,276
66,291,181
59,212,591
59,117,766
Cash held by trustees on
account of bond sinking
funds (in 1030, $9,958,000 par value of redeemed bonds held by
trustees not treated as
1.720,294
liabilities)
1,752,655
489,750
570,998
Cash held by trustees for
Day. of matured & called
bonds unpres. and the
outstanding U. S. Steel
50
-year non-call. series
5% gold bonds aggregating for all $943,500.,
1,090.625
8,915,167
Securities held as invest.
of conting. res. and for
account empl. stock
27,704,947
subscription
6,687,513
Inv. outside real estate &
19,419,499
20,161,712
25,914,789
other property owned_ 20.691,652
57,881,940 133,206,553
Depr.& insur. fund assets 41,069,878
95,897,160
323,052,846 288,572,969 249,764,796 271,168,002
Inventories
70,329,084
81,967,498
72,134,805
Accounts receivable
50,040,728
7,308,084
7,473.582
5,863,585
6,401,586
Bills receivable
1,431,635
1,609,013
1,467,887
1,549,627
Agents' balances
Sundry marketable securities (incl. U. S. Liberty
60,544,919
59,588,621
57,366,547
bonds & Treasury eds.) 71,066,207
Time bank deposits and
9,537,429
10,172,745
4,278,750
8,477,999
secured demand loans_
117,203,288 130,673,563 152,107,633 112,867,470
Cash
4,007.335
3,834,587
Contingent fund & misc_
2,394,544,611 2,286,183,655 2,442,030,233 2,433,583,169
Total assets
Lk/IA/Wes868,743,500 813,284.000 711,623,500 711,623,500
Common stock
360,281,100 360,281.100 360,281,100 360,281.100
Preferred stock
101,820,111 112,257,978 456,602,415 475.174,529
Bonds held by public
Stock sub. cos. not held
by U. S. Steel Corp.
449,142
618,257
418,176
446,919
(Par value)
Sub. cos.' mining royalty
20,785,341
21,912,189
23,408,964
24,907.859
notes
Install.dep.under employ.
8,104,520
7,661,082
stock subscription plan
Current accounts payable
45,760.663
51.526,897
46,391,273
47.256,233
and pay-rolls
Accr, taxes not due (incl.
45,990,185
40,856,482
reserves for Fowl taxes) 39,744,421
36,247.000
Accrued interest and on1,849,066
2,554.507
6,509,914
presented coupons, &o_
6,661,069
6,304,919
6,304,919
6,304,919
Preferred stock dividend6,304,919
14,981,533
12,453,411
12,453,411
Common stock dividend- 15,214,385
Appr.for add'ne & constr. 270,000,000 270,000,000 270,000.000 270,000.000
43,611,159
44,876,533
42,105,227
Insurance funds
40,568,690
41,037,125
Prem. on cap. stock sold_ 80,177,832
Contingent, misc. & other
58,650,318
59.451,606
54,797,501
78,613,026
reserve funds
Undiv. surp. of U. S. St'l
471,782,759 434,711,118 410,277,350 363,044,914
Corp.& sub. cos
2,394,544,611 2,286,183,655 2,442,030,233 2,433,583,169
Total liabilities
-That part of the surplus of subsidiary companies representing profits
Note.
materials and products to other subsidiary companies and on hand in
on sales of
latter's Inventories is in the above balance sheets deducted from the amount of
-V. 132, p. 2016.
inventories Included under current assets.
Kansas City Power & Light Co.
(Annual Report-Year Ended Dec. 31 1930.)
The remarks of President Joseph F. Porter together with
income account and balance sheet as of Dec. 31 1930 will be
found under "Reports & Documents" on subsequent pages.
RESULTS FOR CALENDAR YEARS.
1930.
1928.
Earnings*
1929.
1927.
$13,618,963 $13,360.187 $12,497,425 $11,329,974
Electric sales
450,221
549,221
Steam sales
508.603
599,692
220,375
144,237
376,567
Misc. oper. revenue143.742
*Misc. non -oper. revs.
380.026
477,630
517,068
386,877
57,874
46,850
41,898
Earns, of 0th. utilities_
42,117
Gross earnings
$14,883,651 $14,613,647 $13,749,850 $12,502,404
Operating expenses:
5,437,700
5,810,418
*Electric, incl. maint- 5,640,124
4,693.539
373,309
322,158
362,703
438,932
*Steam incl. maint_
35,525
28,666
29,138
28,536
0th. util.. md.maint_
Oper. exp. & maint-- $5,997,807 $6,202,258 $5,839,674 $5,161,006
8,885,844
8,411,389
7,910,175
7,341.398
Gross income
1,164,392
1,094,750
1,216,233
Taxes, incl. inc. taxes-- 1,306,022
1,326,523
1,322,015
1,224,526
1,230,167
Interest
186,643
185,150
185,150
Amort. of disc. & proms182,527
2,036,362
1,824,735
1,640,297
Depreciation
1,569,208
$4,030,295 $3,960,745 $3,690,168 $3,172,898
Net income
240,000
Divs. on 1st pref. stock_
840,190
240,000
413,330
Divs, on corn. stock.-- 3,138,000
2,810,500
1,920,000
2,453,500
[VOL. 132.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1930.
1929.
1928.
Gross income after prov.
for deprec., obsol., all
State & local taxes,re$
$
$
$
pairs and renewals_ _ _ .27,886,685 33,384,552 29,871,002 27,714,73w
Federal taxes
3,186,029
2,908,560
3.127,863.
2,783,146
Net income
Previous surplus
25,103,539 30,198,523 26.962,442 24,586,873.
196,205,745 181,825,819 170.681.974 161,913,698.
Total surplus
221,309,285 212,024,342 197,644,416 186,500,571
2,749,943.
Pref. diva.($7 per sh.)
2,749,943
2,749,943
2,749,943
Corn. diva, ($6) (cash)_ _ 13,881.527 13,068,654 13,068,654 13,068,654Common diva. (stock)
544.355
Profit & loss surplus_ _204,133,460 196.205.745 181,825,819 170,681,974
2,178,109
2,178,109
2,178,109
Shs.com.stk out.(no par) 2,286,980
$10.03
$11.12
Earned per share
$9.77
$12.60
CONSOL. GENERAL BALANCE SHEET DEC. 31 (INCL. SUB. COS.).
1929,
1930,
1929.
1930.
$
LiabilitiesAssets$
$
$
Preferred stock- 39,284,900 39,284,900
Real est., plant,
Common stock.:11,434,900 10,890,545.
equip., mines,
219,136,151 202,315,812 Divs. payable... 4,117,956 3,954,649
&a
Investments
5,250,453 5,469,076 Accts. payable.. 4,270,636 5,148,793
417,282'
326,463
Cash
20.337,616 20,303,290 Accrued wages__
U. S., &c., secs_ 92,982,868 92,500,722 Reserve for deprecia'n, &c_117,158,291 110,466,602
Notes & acc'ts
receivable
13,397,156 16,225,955 Gen. contin. res. 13,297,384 12,877,612
3,753,478
Inventories ____ 28,733,696
„
746,643 Insur. reserve__ 2,325,928 2,310,951
Deferred charges 1,090,645
Other reserve-- 2,527,499 2,302,964
Patents, good204,133,460 196,205,745
will, &c
21.305.943 21,305,943 Surplus
Total
402,234,528 387,613,520.
Total
402,234,528 387,613,520
-V. 132x 2,286,980 shares without par value, declared at $5 per share.
P. 1225.
Southern California Edison Co., Ltd.
(35th Annual Report-Year Ended Dec. 31 1930.)
The report of President John B. Miller, together with the
income account and balance sheet for 1930, will be found
under "Reports and Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
output (kwh.)-3168973397 3162988030 2762459843 242135709'
System
Delivered to customers:
Lighting (kwh.).-311.056,784 279,364,581 241,936,687 208,988,87
Power (kwh.)
2617475280 2311812876 1973711023 166821563
467,098
444.059
414,415
379,46::
Connected load meters.._
1,668,714,
2,448,074
2,216,145
Connected load h. p
1,940,376
Results
$41,266,659 $40,325,465 $35,281,927 $30,600,63',
Gross earnings
9.181,808
8,415.690
6,908,69'
Oper. & maint. expense- 9,034.321
3,076,21t'
4.016,480
4,153,397
Taxes
3,379,256
$28,078,941 $27,127,173 $23.486,981 $20,615,686
Net earnings
6,486,688
6,562,382
6,890,611'
Int. on bonds & debens_ 7,093.409
350,624
39,410
257,471
175,324
Miscellaneous interest
Construction account.._ _ Cr732,531 Cr698,905 Cr1,419,022 Cr1,761,635
586,716
571.750
565,095
520,607
Amort. of bd. disc., &c_
4,933,062
4.353,148
3,731,085
Reserve for depreciation 5.028,034
Balance
Previoussurplus
$17.063,904 $15,483,958 $18,515,157 $14,560,615
5.347.251
3.500,922
11,275,267
6,191.272
$27,339,171 $21,675,230 $18,515,157 $14,560,615
Total
6,744,922
6,341,822
6,940,529
4,760,549
Preferred dividends
5,212.490 z5,614,135
3,944,294
5,749,835
Common dive.(8%)
367,927
508,521
751,260
304,706
Miscell. adjustments--.,
Total P.& L.surplus _$13,897,547 $9,413,113 $6,191,272 $5,347,250
2,208 105
1,969 407
2,489.117
Shs.com.outsVg(par$25) 2,773,255
$3.51
to..10
$i.19
$3.26
Earns, per share on com_
z Including 1929 quarterly dividend of $1,203,141 declared on Dec. 28.
1928,in addition to the four 1928 quarterly dividends paid during 1928.
BALANCE SHEET DEC. 31.
1930.
1929.
1930.
1929.
Liabilities$
$
$
Assets$
Plants & prop_ _337,976.215 315,293,455 Capital stock:
Original pref_ 4,000,000 4,000,000
Invest.. &c., in
7% pref. A.,.,., 26.047,375 26,073,450
subsidiary cos. 1,777,779 5,183,902
44,084 6% pref. B....., 48,417,026 48,505,400
Sundry invest'ts
514% Pref. C_ 33,041,500 29,191,075
Com.stics. subs_ x6,627,964 7,006,888
2,313,317
Common stock 69,331.375 62,227,947
2,593,051
Cash
Subscr. by empl.
Spec. dep. with
309,729
to cap. stock.. 8,574,700 7,573,625
480,729
trustee
Cap.stk. of subs.
Funds temp. inin hds. of pub.
3,500,000 4,583,805
16,000
vested
168,795 Public subscrip.
277,045
Working funds..
capital stock_
808,450
Accts. receivable y3,610,304 3,032.153
Material& supp. 4,646,460 5,383,044 Funded debt_ __139,904,000 139,812,700
Accts. payable_ 2,075.686 3,614,879
Unamort. disct.
Consum. depos_
448,179
429,578
& prem. on
11,685,186 12,376,885 Consumers'adv. 1,067,234
1,189,762
bonds
1,485,867 Deferred income
1,288,786
122.282
On cap.stock
Interest accrued
971,974
943,192
Mlscell. deferred
1,595,189 2,237,803 Taxes accrued... 3,382,381 3,310,849
charges
Deprec. reserve.. 21,335,824 19,115,985
Sundry reserve_ 1,421,634
1,336,527
Dividends pay__ 2,037,773
1,844,411
Surplus
13,897,547 9,413,115
Total
376,063,707 359,419,728
376,063,707 359,419,725
Total
Bal. trans. to surplus- $652,295
$910,244
$412,708
$823,339
Sha. com, stock outst.
x Due by officials, employees and public on stock subscriptions. y After
525,000
513.000
(no par)
502,000
320,000 deducting $72,739 reserve for uncollectible accounts.
-V.132, p. 161.9.
$7.22
Earnings per share
$7.25
$7.29
$6.53
General Foods Corp.
* Adjusted to correspond to accounting method used during 1926. This
not affect net result.
does
-Year Ended Dec. 31 1930.)
(Annual Report
BALANCE SHEET DEC. 31.
President Colby M. Chester Jr. says in part:
1929.
1930.
1929.
1930.
Liabilities$
Assets$
$
$
As in the preceding two years, 1930 was marked by a large growth in
Plant, prop. & eq-65,264,352 59,164,171 *Capital stock____28,395,000 27.195.000 the number of General Foods stockholders.
1,138,310 1,122,564 Funded debt
31,000.000 28,000.000
Inventory
While good earnings are shown for 1930, they did not equal those of
58,432 Notes payable..
65,750
Investments
1,282,500 the record year 1929. Largely because of lower interest rates,non-operating
508,004 revenues (miscellaneous income) decreased from $1,635,242 in 1929 to
Accts. & notes res. 1,447,339 1,478,743 Consumers' depos. 512,335
Accts. payable and
Work in progress- 1,121,010„
$799,184 in 1930. a difference of $836,058. Operating revenue for 1930
557,208
accrued 11 abils_ 1,682,288 1,901,727 approximated that of the preceding year, despite general business conAccrued earnings., 583,173
413,306 Deferred earnings_
768,171
17,382
20,481 ditions. Substantial decreases in certain raw material costs were a favorable
Cash
605,818 Deprec'n reserve__ 9,922,514 9,037,230 factor, but were offset to a considerable extent by price declines, and by'
93,139
Mill. cos. rec
265,681
281,978 Res. for iniur.,&o. 614,235
482,813 keen price competition on some items, particularly mayonnaise and salt.
Deferred charges
Surplus
Unamort. finano'g
3,748,318 3,197,572 The Gerto business was affected unfavorably by a scarcity offruit for making3,070,282 3,088.054
expenses
jams and jellies in certain areas where such fruit is normally abundant.
0th.tniamort.debt 2.674,865 2,170,628
Net earnings for 1930 were $19,085,595. equal to $3.63 per share on
5,256,843 shares outstanding at the close of the year. This compares with
Total
75,892,073 71,625,328
75,892,073 71,625,328 the consolidated net profit, not including profits of subsidiaries prior to
Total
*Capital stock outstanding represented by 40.000 shares of let pref. acquisition, of $19.422,313, or 83.68 per share, for 1929. Combined net
stock, series B. and 525.000 shares common stock, all having no par value, earnings, including profits prior to acquisition of subsidiary companies.
totaled 520.519.046, or $3.89 per share, in 1929.
but with an aggregate stated value of $28,395,000.-V. 132, P. 1817.
Corporation's balance sheet at the end of 1930 shows the improved ratio
of current assets to current liabilities of 5.3 to 1, compared with 3.7 to 1
Allied Chemical & Dye Corporation.
for the preceding year. Profit and loss surplus has increased to $15,134,255.
-Year Ended Dec. 31 1930)
compared with $11,824,177 at the close of 1929. This was accomplished
(11th Annaul Report
in spite of the fact that General Foods, in common with other large food
The remarks of President Orlando F. Weber, together companies, suffered in various ways due to the depression.
*-• sti
The
has been marked chiefly by co-ordination of comwith the income account and balance sheet, will be found panies year just closedlast few years. Comparatively minor acquisitions.
merged in the
in the advertising columns of this issue.
occurred in 1930.
Men. 21 1931.]
FINANCIAL CHRONICLE
More effort on the promotion and sale of General Foods products wilt
be exerted in 1931 than An any year thus far. Benefits may be expected
to accrue from our centralized research activities, resulting in new ideas
and new products.
Included in the report are a resume of the corporation's
operations for 1930, history of organization, and description
of principal advertised products, charts and tables of information.
The income account and balance sheet for the year 1930
are given in the advertising pages.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
[Not including profits prior to date of acquisition of subsidiary companies acquired.)
1928.
1929.
1930.
1927.
Sales to customers
$117,463,867$128,036,792$101,037,091$ 57,287.853
x Costs and expenses- 94.547,963y107,962,111 y85,560,821 y44,250.717
Balance
Other income
$22.915,904 $20,074,681 $15,476,270 $13,037,136
997.695
1,635.242
799,184
Total income
Depreciation
Income taxes
$23,715,088 $21,709,923 816.473.965 813,037.136
Included in expenses
2,142.727
1,668,918
1,918.282
2,287,609
2,486.766
Net profit
$19,085.595 $19,422,314 814,555,683 811,363,219
Previous surplus
7,781,583 8,246,662
9,293,342
11,824.178
Refund ofprior year's tax.
75,905
Initial surplus (capitalized in stk. div. below)
1,566.273
Total surplus_ __ -----$30,985,678 $28,715,656 $23.903,540 $19,614,881
Good-will of subsidiary
companies written off_
37,831
1,975,803
4.321.211
Adj.of Fed.tax prior y'rs
Cr.392,556
Dr.39,381
Res.for fluct. of value of
marketable securities_
430.000
Common dividend (cash) 15,851,423 14,878.231 10,100.908
7,472,705
Stock dividend (100%)_
4,471,459
2179
method is used with resultant high quality of product and economy of
operation.
The bulk synthetic chemicals, such as ethylene glycol, diethylene glycol,
ethylene dichloride. triethanolamine, ethyl and isopropyl ethers and various
other solvents manufactured by the Chemicals Corporation, continued to
find expanding markets during 1930 with sales larger than for 1929. With
the exception of ethyl ether, all of these materials were curiosities of the
chemical laboratory until their introduction by this corporation. The
extent of their ultimate use can not be foretold.
During 1930 additional oxygen and acetylene plants were erected or
purchased and are now operating at El Paso, Texas; Newark, N. J.; Tariffville, Conn.; Verona, Pa.: Casper, Wyo.; Detroit, Mich., and San Antonio,
Texas. This program of plant expansion has enabled the corporation to
continue its policy of expediting deliveries, reducing distribution costs and
improving service to customers by additional plants at points of increasing
consumption.
In order to further improve service to customers, a consolidation of the
administrative departments of the Linde Air Products Co., the Prest-O-Lite
Co.. Inc., Union Carbide Sales Co. and Oxweld Acetylene Co. was effected.
These are now operating under the name of the Linde Air Products Co.,
serving all customers as before but in a more efficient manner.
The sale in foreign countries of flashlights and batteries was gratifying.
Eveready flashlights and batteries will be even more readily available in
foreign markets through foreign manufacturing facilities now being established in the Far East.
There are in operation in the United States. Canada and Norway 167
Plants and factories for the manufacture of the products of the corporation,
91 sales offices from which the sale of these is directed, and 971 warehouse
stocks for distribution to consumers.
As of the last dividend record dates, in 1929 and 1930, the number of
stockholders increased from 28,780 to 38,404. an increase of 9.624.
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1930.
1928.
1927.
Earnings (after provision
for income tax)
$37,002,706 $44,126,066 $39.527.253 $34,195,682
Deprec. & depletion
7,461,239
7,248,526
7,694,857
7,565,190
Other charges
564,405
Interest
692.014
674.802
611,670
706,831
Divs.on pf. stk. ofsubs563,000
563.000
536.678
493,00a
Net income
Previous surplus
Net adjustments
$28,041,426 835,427,024 $30,577,383 $25.340,661
96,781,281 86,606,036 72,557,918 63.035,492
Dr2,847,269 Dr4,515,122 Dr294,056 Cr140.163
Surplus at Dec. 31_415,134,255 $11,824,178 89,293.342 87.781.583
Total surplus
$121.975.433117,517.9398102,841.244 $88.516,318
Shares of common outstanding (no par)__ 5,256,843
4,682.736
5,274,527
1,725,992 Divs. on Union Carb. &
Carb. Corp.stock_ _ _ 23,395,734 20,736,658 16,235,208 15.958,398
Earnings per sh. on corn.
$3.68
$3.10
$6.62
$3.63
Per share
x
x Including manufacturing, selling, administralve and general ex($2.60)
($6)
($6)
penses. y Includes depreciation.
Profit & loss surplus-498,579,703 $96,781,281 886,606.036 $72,557,918
CONSOLIDATED BALANCE SHEET DEC. 31 (COMPANY & SUBS.). Shares capital stock outstanding (no par)
2,742.072
9,000,743 8,981,581
2,659,733
1929.
1930.
1930.
1929.
Earned per share
$3.12
$3.94
$9.52
$11.15
Assets$
$
$
$
x $1.50 per share on old stock before split-up 3 for 1 and $1.95 per share
Inventories
1,488,370 2,097,040
17,702.876 20,161,047 Accts. pay., cuffAccounts de notes
Accts. pay., seer- 618,472 1,472,616 on new stock.
receivable
5,308.585 7,658,845 Accept's payable-- 1.602,290 4.271,693
CONSOLIDATED BALANCE SHEET DEC. 31.
Marketable secure. 1.856,024 2,289,259 Provision for in1929.
1930.
1930.
1929.
Call loans
come taxes
2,676,940 2,455,224
400,000 2.000,000
Assets
Liabilities-$
$
$
Cash on hand and
Employees' PayLand, mach'y,
Capital stock-x175,163,672 174,180,087
In banks
ments on subscr.
8,796.464 4,899,675
&c
Invest. in co's
to corn.stock.-- 289,084
216,205 Market,sec.and234,590,105 210,594,250 Notes and accts. 4,202,498 5,006,656
Payable
common stock 5,653.561 4,144,518 Reserve for fluccall loans.... 28,695,862 52,826,260 Int. accr. & due
180,623
204,246
Invest.In & adv. to .
tuation of value
Co.'s own capital
Divs. payable_ 5,850,483 5,838,028
Fros. Foods,Inc. 2,175,930 1,852.148
of market. sec.
430,000
stock
2,434,914
Accrued taxes__ 3,484,627 4,085,960
Other investments 2,766.838 2.160.921 Capital stock of
Cash
16,979,503 15,485,638 Accr.diva.(subs.)
74,668
74,867
Property accounts 23,751,338 23,842,434
R.Hellman,Inc.
Notes and accts.
0th. accr.'lab__
561,375
338,161
Trade marks, patnot yet exch.
33,531
receivable_ _ 17,744,875 21,771,187 Fund.debt.subs. 9,554,150 12.758,700
ents es good-will
1 Capital stock.-- x48,069,148 47,703,294 Inventories
1
44,376,474 38,499,350 Res. for deprec_ 53,732,457 47.009,309
Deferred charges
Surplus and unInvestments
Pref. stock subs. 6,911.300 7,350,000
to operations
1,466,945 1.494.935 divided prollts 15,134,255 11,824.178 Power l'seholds, 11,807,560 12,548,152 Surplus
98,579,703 96.781,281
patents, tradeTotal
69,878,561 70,503.782
70.503,782 Total
69,878.561
marks,&c_,
1
1
x Represented by 5,352,850 shares (no par value), of which 96,007 are Deferred charges 1,666,263 1,902,260
held in treasury.
-V. 132, p. 1042.
Total
353,295,557 353,627,097
358,295,557 353,627,097
Total
x Represented by 9.000,743 shares of no par value.
-V.132, p. 1634.
Union Carbide & Carbon Corporation.
Pacific Lighting Corp.
(Annual Report-Year Ended Dec. 31 1930.)
(Annual Report
-Year Ended Dec. 31 1930.)
The income account and balance sheet as of Dec. 31 1930
will be found in the advertising pages of to-day's issue.
The income account and balance sheet for the year 1930
President Jesse J. Ricks, March 14, wrote in part:
will be found in the advertising pages of to-day's issue.
The net income of the corporation for the year 1930, of 828.041,426. was Our usual
20.8% less than the net income for the year 1929 (835,427.024). Current 1025.-V. comparative tables were published in V. 132, p.
132, P. 1031, 1025.
assets at the end of the year 1930, including 816,979.502 in cash and $31,130,776 in call loans and marketable securities, totaled 8110,231,628. The
market value of the marketable securities, other than shares of this corThe Diamond Match Co.
poration, as at Dec. 31 1930 was approximately $2,464,310 lower than cost.
This amount has been written off and charged to surplus. On March 1
-Year Ended Dec. 31 1930.)
(Annual Report
1931 the market value of these securities was 8767,731 greater than on
President W. A. Fairburn, March 14, wrote in part:
Dec. 31 1930.
For construction, acquisition of new properties, and other capital additions during the year, there was expended $26,785,183 in cash and 5,301
shares of the capital stock of the corporation.
By payment of the mortgage of $3,000,000 due Jan. 1 1930 on Carbide
& Carbon Building, N. Y. City, the retirement of debentures in the amount
of $334,150, and payments on account of principal of mortgages and retirements through sinking funds, the funded debt of subsidiary companies,
including additional funded debt of $237,500 incurred in connection with
the purchase of 304 Madison Ave.. N. Y. City, was reduced from $12,758,000 to 89,554.150.
The corporation during the year acquired title to the 95
-year ground lease
and 37-story Carbide & Carbon Building, 230 North Michigan Ave.,
Chicago, and to the fee of the land and 16
-story building located at 300
Madison Ave., N. Y. Oity, subject to underlying first mortgages totaling
$4.100,000 and to an unpaid balance of $12,500 under an outstanding
second mortgage. These mortgages, now aggregating $4,078,509, were
not assumed and are therefore not included in the consolidated statement
as a part of the funded debt or as a liability. but do appear in the consolidated statement as a deduction from fixed assets.
The outstanding preferred stock of subsidiary companies was reduced
from $7,350,000 to $6,911.300.
Inventories increased during the year from $38,499.350 to 844,376,474.
Inventories of practically all subsidiary companies decreased in substnatial
amounts with the exception of those engaged in the manufacture of electric furnace products, viz., calcium carbide and ferro alloys.
The corporation has purchased in the open market and now holds 36.105
shares of its own capital stock acquired at a coat of $2,434,914. This stock
wa.s acquired in anticipation of further requirements for the various corporation plans for employees, the acquisition of new properties and other
general corporate purposes.
The sales of most major products were less in 1930 than in the previous
year. There was, however, an increase in sales of chemical products,
flashlight cells, Preston°. Pyrofax and illuminating carbons.
The operations of Carbide & Carbon Chemicals Corp. were extended
during the year by the enlarged demand for standard products, the commercial production of additional products and the development of new uses
for both.
The first large commercial plant ever built for the synthetic production
of ethanol (ethyl alcohol) was put in operation in the summer of 1930. and
the results as to capacity, yields, cost of manufacture and quality of product
were more favorable than estimated. Heretofore commercial ethyl alcohol
has been produced by a fermentation process. In the corporation's new
plant it is produced directly by uniting chemically the elements that compose it. Such a process is called "synthesis" and the resulting product is
referred to as "synthetic."
The acetone and methanol plants erected during 1929 were operated
continuously throughout the year and the methanol plant is now being
enlarged to provide for increased demand and diversification of products.
In the manufacture of acetone and methanol the synthetic production
The plan of reincorporation and recapitalization of the Diamond Match
Co.(Illinois) was presented to stockholders Sept.6 1930, and on Dec.8 1930
the plan was declared operative, stockholders owning 97% of the total
outstanding capital stock having become parties to the plan. On Dec. 19
1930 the stockholders of the Diamond Match Co. unanimously (1) ratified
and approved the plan and agreement of reincorporation and recapitalization; (2) authorized all actions to be taken, necessary or advisable, to
consummate the plan; (3) authorized the sale, conveyance and transfer of
all the Illinois corporation's properties, assets and business, subject to
liabilities, to the Diamond Match Co. (Maryland) organized for such purpose, in exchange for all of the authorized capital stock of the Maryland
corporation; and (4) authorized the exchange of all of the authorized capital
stock of the Maryland corporation, so received by the Illinois corporation.
for shares of pref. stock and shares of common stock of the Diamond Match
Co. (Delaware) organized for such purpose pursuant to the plan and
agreement.
At the close of the year (Dec. 311930)the Diamond Match Co.(Illinois),
in accordance with the plan, sold and transferred all of its corporate assets,
subject to its liabilities, to the Diamond Match Co. (Maryland), and the
Diamond Match Co. tDelaware) promptly acquired and became the OWIler
of all of the capital stock of the Maryland corporation. The Diamond
Match Co. (Delaware), owning and holding all the properties, assets
(including valuable intangibles), business, &c., and assuming all the liabilities, contracts and commitments of the old Illinois corporation (through
complete stock ownership of the operating Maryland corporation), commenced functioning and doing business generally, without any suspension or
Interruption of operations whatsoever, as of Jan. I 1931.
On Jan. 13 1931 at a special meeting of the stockholders of the Diamond
Match Co. held in Chicago a resolution to dissolve the Illinois corporation
was unanimously adopted,and the dissolution was duly effected in conformity to Illinois law on Feb. 3 1931.
The Diamond Match Co. of Illinois, being no longer in existence, has
no stockholders to whom a report of the 1930 operations should be submitted. Some stockholders of the new Delaware corporation wore not
stockholders of the old Illinois company and an annual report of the Diamond Match Co. (Delaware) cannot be prepared and presented for the
information and benefit of its stockholders until the new company has
operated for a year. The first annual stockholders' meeting of the Diamond
Match Co. (Delaware) will be held, in accordance with the by-laws of the
corporation, on the fourth Thursday in April 1932.
For the general information of stockholders of the Diamond Match Co.
(Delaware) (of record as of March 10 1931) and of the few holders of capital
stock certificates of the old Illinois corporation, now dissolved (and therefore non-existent
-with no assets or earning power), who have not as yet
exchanged their old Illinois company stock certificates for preferred and
common stock certificates of the Diamond Match Co. (Delaware), the
general balance sheet as of Dec. 31 1930 of the old Illinois corporation
(which ceased to function or do business as of that date) and the statement.
of surplus and earnings of said corporation for the year 1930 are presented.
The consolidated net earnings of the Illinois corporation, after making
provisions for Federal, State and municipal taxes, with liberal deductions
2180
FINANCIAL CHRONICLE
for depreciation, amortization, obsolescence and depletion, and drastic
write-downs (at the end of the year) on inventory values of matches,
lumber, materials and supplies, &c., amounted to $2,427,498, or $14.28
per share of the capital stock (outstanding during the year 1930) of the old
Illinois corporation. During the year miscellaneous surplus adjustments
increased the book surplus balance (consolidated) from $9,669,484 to $13,638.200, a gain of $3.968,715, and this after regular dividends of $1,360,000
and a special cash dividend of $25 per share, requiring a disbursement of
-had been
84,250,030-a total cash outlay for the year of 35,610,000
paid to stockholders.
as of Dec. 31 1930 show as notes payable the sum of
Current liabilities
$4,000, 00, which amount was borrowed from the banks (for a period of
18 days) to facilitate making the special cash dividend payment of $4,250,000 on Dec. 29 1930, without disturbing certain investments shown on the
balance sheet as marketable securities. These bank loans ($4,000,000
notes payable) were liquidated in full on Jan. 16 1931 following the receipt
by the new Delaware corporation (which commenced functioning as of
Jan. 1 1931) of $13,000,000 cash, when the sale of 350,000 shares of its
common stock was consummated. The balance sheet of the old Illinois
corporation as of Dec. 31 1930 shows cash and its direct equivalent of
$8,884,646 in excess of the temporary liability of $4,000,000 notes payable.
and this after the payment on Dec. 29 1930 of the extra cash dividend of
$4.250,000.
Notwithstanding most unsatisfactory trade and unprecedented, demoralizing conditions in effect during the past year, the operations of the Illinois
company continued to be profitable and as satisfactory as the definitely
unfavorable general situation and detrimental influencing factors would
permit. In spite of destructive competition, both domestic and foreign,
with national overproduction and some foreign dumping in matches.
lumber, &c. all of which, coupled with a pronounced lessening of demand
and reduced' trade buying power, drove prices down to new low record
levels, the company's manifold operations continued to function creditably,
although a pronounced lessening of volume was experienced in the matca
business, and volume of sales generally, with net realization, was materially
depressed. In some lines and phases or departments of operation, the
reduction of volume during the year caused anxiety, but in the match bust
ness it is felt that whereas dealers' stocks and trade demands on the manufacturer have been adversely affected by general pessimistic business conditions, influenced to a noticeable degree by foreign dumping and no price
stabilization in the Industry, the actual consumption of matches in the
United States has held fairly constant.
Match consumption for general household purposes has undoubtedly
decreased somewhat in the United States during recent years due to the
more general use of electricity in homes, central heating, pilot lights on
gas stoves, &c.,but smokers'demands for matches have shown a tremendous
increase during the past 20 years.
During the month of December 1930 definite and encouraging progress
was made in an attempt to place the match industry of the United States
on a sounder basis. The company's cheap and unprofitable "competitive,"
or fighting, brands were withdrawn from the market about the middle of
the month and the year closed with all American manufacturers of box
matches showing a desire to conduct their business more in harmony with
sane, healthy and valid business principles and not only operate competitively in full conformity to the law, but also with some degree of cooperation for the good of the individual manufacturer, the United States
match industry, the trade, the consuming public and the country at large.
The Diamond Match Co. has entered into an agreement with the Swedish
Match Co. to continue certain provisions of the sales contract which was
in effect between them for a term of 10 years ending Dec. 311930. The
new agreement is for a period of 4 years and terminates, unless continued
-year period the Diamond
by renewal, on Dec. 31 1934. During this 4
Match Co. will act as sales agents and distributors of matches in the United
States and its dependencies for the Swedish Match Co. and its associated
producers.
The bankers who had entered into an agreement with the Diamond
Match Co. (Illinois) to purchase 350,000 shares of the common stock of
the new Delaware corporation for the sum of $13,000,000 (approximately
$37.14 per share) not only made no attempt-during a period of most
-to be
trying market conditions, with depression and pessimism rampant
relieved of their obligation, or of any of its provisions, but actually, as an
to the company, freely granted, upon request, a highly
accommodation
desirable. if not necessary, extension of time on the contract of purchase,
to permit the management and committee under the plan to cope with an
exigency resulting from the dilatoriness of stockholders in the depositing
of their stock of the Illinois company under the plan.
The sales price of the block of 350,000 shares of common stock of the
Diamond Match Co. iDel.) was based on actual worth, with values determined by complete audit and appraisal of properties, and was neither set
nor influenced by Stock Exchange prices, which naturally are at times
detrimentally ,:efected and depressed by temporary general business conditions. drastic competition, overproduction, prevailing low prices of
products, foreign dumping, &c., with resultant lessened earnings. The
common stock of the new Delaware corporation has been computed to have
a value based on a special adjusted balance sheet as of Jan. 1 1931. after
giving effect to sound depreciated plant values, market value of timber,
.securities and certain investments, with book values of subsidiary companies (but with no good-will, patents, rights, trade marks or other kindred
Intangible assets added). of $40.25 per share, with 700,000 shares of common stock outstanding, and $39.21 per share, with $13,000.000 added to
"cash in banks and offices" and with 1,050,000 shares of common stock
outstanding.
Because of general business and market conditions it is reasonable and
proper that any further statements that may be made or publicity given
the purchase by bankers of the 350.000 shares of the common no par value
capital stock of the Delaware corporation should emanate from the buyers
of the stock, when and if they desire any announcement made. The management of the Delaware corporation's prime interest is in the well-being,
success and development of the Diamond Match Co. but it naturally
'
desires to act co-operatively with the bankers just so far as the company's
interests permit.
It should, moreover, be noted that the sale of 350.000 shares of the
common stock of the new Delaware company was not made either a prime
or essential part of the plan; neither was the special cash dividend of $25
per share. The plan of reincorporation and recapitalization would have
been decidedly to the advantage of the stockholders of the Illinois company
if neither of these two features had been either considered or adopted.
At the close of business Feb. 28 1931 168,967 shares of the capital stock
of the 111112018 corporation, which is equivalent to 99.39% of the total stock
outstanding in 1930 (170,000 shares), had been deposited and later exchanged for preferred and common stocks of the Delaware corporation, or
was in process of transfer. Stockholders, 50 in number, and owning 1,033
shares in all, had failed as of that date to respond to or make any acknowledgment of the company's letters and notices. Not a single stockholder
of the Illinois corporation Is, however, a dissenter of record or a known
objector to the plan of reincorporation and recapitalization recently consummated and made operative.
The plan of reincorporation and recapitalization, as consummated and
now effective, gave the holder of each share of capital stock ($100 par value)
of the Diamond Match Co. of Illinois the following cash and securities:
Special cash dividend of $25; 5 shares of 6% cumulative participating
pref.stock of$25 par value, and 4shares of common stock (no par value).
After 50 years of operations, during which $61,058,651 has been paid
-no dividends having been paid
out as cash dividends in the last 49 years
during the first year of operation and practical organization-the Diamond
Co. has now commenced its 51st year of continuous operation as
Match
the leading match manufacturer of the United States and its 50th consecutive year as a dividend payer.
EARNINGS (OF PARENT ILLINOIS COMPANY) FOR CAL. YEARS.
1927.
1929.
1928.
1930.
Earnings all sources_ _ $2,418,406 $2,562,158 x$2,543.073 $2,755,214
281.952
311,337
266.726
y319.731
State and city taxes__ 487,856 •
589,524
533.479
470.580
Deprec. & amortization140.000
250,000
175.000
Reserve for Fidi taxes.. See y
Net income
Dividends paid
$1,628,094 $1,632,576 $1,587,641 31.604,353
1,354,000 x1,494.000
1,328.748
5,610,000
$275,605
$278,576
$93,641
Balance. surplus.. _ _def$3.981.906
Shares capital stock out166,000
170,000
166,000
170.000
standing (par $100)- $9.60
$9.66
$9.56
$9.58
Earns. per sh.on cap.stk.
shares of the capital stock of North American
x Excluding 49.800 no par
a divMatch Corp. received as a dividend and concurrently distributed as
dend to the stockholders of the Diamond Match Co. y Includes Federal
taxes.
[VoL. 132.
COMPARATIVE BALANCE SHEET DEC. 31 (PARENT ILLINOIS CO.).
1930.
1929.
1929.
1930.
Liabilities$
ASSC44$
3
5
149,164
Inventory
7,453,483 6,258,355 Accounts payable. 461,880
Standing timber_ 2,502,941 2,568,888 Notes Payable___ 4,000,000
371,710
Accts. receivable- 2,904,748 4,757,235 Accr. taxes (eat.). 263.867
431,162
446,335
44,386 Advances
Notes receivable...
62,967
3,508.312
Marketable secur-11,908,046 2,150,000 Reserves
Cash
929,415 3,015,909 Cap.stk.(par$100)17,000,000 17,000,000
13,638,200 5,994,617
Surplus
Foreign & domestic
investments__ 6,339,967 4,651,885
269,785
Deferred charges__ 227,324
Pats.drade-marks,
1
1
good-will, &c.__
Plants & mach'y_z3,481,388 3,738,519
35,810,282 27,454,984
Total
Total
35,810,282 27,454,964
x After deducting $4,939,775 reserve for depreciation
EARNINGS FOR YEAR ENDING DEC. 31 1930(PARENT CO. lt SUBS.)
83,402.516
Earnings from all sources
446.589
Federal, State and city taxes
528,429
Depreciation and amortization
Net earnings for year
Balance Jan. 1 1930
Total surplus
Dividends Paid-Regular $8 per share
Extra $25 per share
Balance
Miscellaneous surplus adjustments
Balance Dec. 31
$2,427.498
9,669.484
$12.096,982
1,360,000
4,250,000
$6,486,982
7,151,217
$13.638.200
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
1929.
1929.
1930.
1930.
Assets
8,266.603 6,693,595 Notes payable__ „x4,000,000
Inventory
372.899
Standing timber 2,502,941 2,568,888 Accounts Payable. 547,800
523,423
Accts. receivable 2,954,166 5,957,241 Accr. taxes (est.). 365,103
431,162
44,387 Deferred liabilities 446,335
62,967
Notes receivable_
Reserves'
5,518,225
Marketable (short
17,000,000 17,000,000
term) securities_ 11,908,047 8,969,663 Capital stock
Cash
13,638,200 9,669,485
976,599 3,112,742 Surplus
Foreign & domestic
investments__ 4,972,191 1,485,243
271,897
Def. chgs to oper_ 234,094
Pats..rights,trademarks, g'd-wW,
&o
1
Plants dr mach'y_ 4,119,828 4,411,537
Total
33'515'194
35,997,438 33,515,194
Total
x Paid Jan. 16 19 438
35 9
'931.
SPECIAL ADJUSTED BALANCE SHEETS.
[After giving effect to (1) sound depreciated plant values, (2) market
value of standing timber, securities and Investments. (3) book value of
subsidiary companies.]
"A"
"B"
"B"
"A"
Liabilities$
$
8
Assets
5
697,800
8,266,603 8,266,603 Accounts payable- 697,800
Inventory
Notes payable_ --- 4,000,000
Standing timber
365,102
6,055,460 8,055,460 Accrued taxes_ ___ 365,102
less depletion
Adv. agst. export
Accounts receivable
446,334
shipments
446.334
2,9E4,1E16 2,954,166
less reserve
21,250,000 21,250,000
102,967 Preferred stock
Notes receivable__ 102,967
Marketable secur_12,083,408 12,063,408 Corn.stk.& surp1.128,175.709y41,175,709
Cash in banks and
1,247,402 10,247,402
offices
Foreign& domestic
6,584,030 6,584,030
investments
Prepaid insurance,
91,391
91,391
taxes, &c
Timber and woods
oper. facilities_ 1,022,748 1,022,748
Pats„rights,trademarks,good-will.
1
1
eko
Plants & mach'y_16,546,789 16,546,769
54,9- 34,947 63,934,947
Total
54,934,947 63,934,947
Total
-Balance sheet of Delaware corporation as of commencement of
"A"
business Jan. 1 1931-with 700,000 shares of common stock outstanding.
-Balance sheet of Delaware corporation as of commencement of busi"B"
ness Jan. 1 1931-but corrected to give effect to the sale of 350.000 shares
common stock for 813,000,000 cash, making 1,050,000 shares of comof
mon stock outstanding.
x 700,000 no par shares, adjusted book value per share of common stock,
$40.25. y 1.050.000 no par shares, adjusted book value per share of common stock, 539.21.-V. 132. p. 318.
Electric Bond & Share Co.
(Report to Stockholders-Year Ended Dec. 31 140).) .
INCOME STATEMENTS 12 MONTHS ENDED DEC. 31.
1930.
1929.
554.387,962 542,410,701
Gress income
9.898,878
12.032,799
Expenses
Net income
Preferred dividends
Common dividends
$42,355,163 $332,511,823
7.359,149
5,794,661
x8,426,044
6,064,168
$26,569,970 520,653.004
Surplus income
Less income of predecessor companies for period
from Jan. 1 1929 to date of consolidation (Mar.
13 1929) and Electric Investors,Inc.,from Jan. 1
5,405,222
1929 to date of acquisition. Oct. 17 1929
Earned surplus income March 13 1929 (date of
615,247,782 315,247,782
consolidation) to Dec. 31 1929
Earned surplus income after pref. & corn, stock
dividends for period of present company's
existence (March 13 1929. to Dec. 31 1930)-841,817,752
x Regular quarterly dividends in common stock at the rate of 3-200ths
of a share (1 %, or at the annual rate of 6%) are paid on the common
stock. These dividends are charged against surplus of the company at
the stated capital value, viz., $1) per share for each share of common
stock issued in payment of dividends.
Note.
-For the purpose of these statements the incomes of the predecessor companies and the income of Electric Investors. Inc. (the assets of
which were acquired Oct. 17 1929) have been consolidated in the 1929
period after reducing the reported income of Electric Investors, Inc., in
respect to stock dividends received to conform to the policy of Electric
Bond & Share Co.. i.e., stock dividends received by the company in the
form of common stock are taken on its books either at par value-or if no
balance
par value then at stated value as shown in theless thansheets of the respecpar value or stated
-or at market value if
tive issuing companies
value, as the case may be. By "stated value" in this connection is meant
the figure at which such dividends have been charged to income account
or surplus account by the respective issuing companies according to information received from such companies.
Earnings Per Share of Preferred Stock and Common Stock.
Earnings per share of preferred stock and of common stock (including
scrip) outstanding and required to be issued in exchange for stock of Electric Investors. Inc., and on the average shares of such stocks and scrip
outstanding, for the 12 months ended Dec. 31 1930, compare with earnings per share for the 12 months ended Dec. 31 1929. as follows:
MAR. 21 1931.]
FINANCIAL CHRONICLE
What Earnings per Share
Would Have Been if Stock
Divs. Received by Company
Had Been Recorded.
Earnings
At Market
per Share
as Reported At No Value. Val. at Date
Received.
by Company.
Preferred StockOn total shares of pref. stock out at
end of period:
$38.50
$29.66
$31.24
12 mos. ended Dec. 31 1930
58.30
26.04
29.11
12 mos. ended Dec. 31 1929_
On average shares pref. stock out
during period:
41.55
32.01
33.72
12 mos. ended Dec. 31 1930
66.69
29.78
33.30
12 mos. ended Dec. 31 1929
Stock
Common
on total shares common stock out
at end of period:
3.12
2.28
2.43
12 mos. ended Dec. 31 1930
4.38
1.72
1.97
12 mos. ended Dec. 31 1929
On average shares common stock out
during period:
3.19
2.33
2.49
12 mos. ended Dec. 31 1930
4.93
1.93
2.22
12 mos. ended Dec. 31 1929
No undistributed earnings of companies in which this company has
equity holdings are included in the company's income statements.
Analysis of Surplus March 13 1929 to Dec. 31 1930.
$505.000,000
Beginning surplus March 13 1929
Additions-Net consideration received for capital stock in 166,698,392
excess of stated capital value*
41,817.752
Earned surplus income after pref. and com,stock dive
103,348
Miscellaneous adjustments to surplus
2181
Public Service Co. of New Hampshire acquired a hydro-electric plant at
Franklin, New Hampshire.
These and other acquisitions, together with minor acquisitions and
extensions of the subsidiary companies, increased the number of communities served by the Middle West Utilities System to 4,741 at the end of
1930, compared with 4,405 at the end of 1929.
During the year the subsidiaries of the Middle West Utilities Co. set
aside appropriations from income of $8.200171 for future retirements,
renewals and replacements of physical properties. In addition $11,121,360
was expended during the year by the subsidiaries for ordinary repairs and
maintenance of operating efficiency of their properties, making a total of
$19,321,531 for depreciation and maintenance. This amount is 12.58%
of the $153,565,616 of gross operating earnings of the subsidiaries.
COMBINED EARNINGS OF SUBSIDIARIES OPERATING
PROPERTIES.
1927.
1928.
1929.
1930.
$
$
Calendar Years182,213,975 162,337,274 150,067,384 96,659,078
Gross earnings
Net (aft.op.exp.& taxes) 72,565,214 63,411,293 57,233,304 35,951,380
360,605
618,860
369,917
505,473
Rents on leased prop's- 72,059,741 63,041,376 56,614,444 35,590,776
Total
Add prop'n of net earns.
287,319
365,699
245,005
538,363
accruing to M. W. U.
72,598,104 63.286.381 56,980,143 35.878,095
Total
-Bond indentures
Deduct
&c., interest charges
26,329,906 22,919,925 22,442,576 12,347,406
(outside holders)
Yearly amount of dis2,257.892 1,503,824
count on securities__ - 2,627.605 2,164,052
Divs, on stock & prop'n
of undistributed earn1713.619.492
Total
ings to outside holders 23,583,526 20,673.056 19,889.867 12,465,289
5,000,000
-Appropriation to reserve
Deductions
Total earns, accruing
$708,619,492
Surplus balance as per books-Dec. 31 1930
17,529,347 12.389.808 9,561.576
to M.W.Utll. Co.,,..._
•The stated capital value of both the $6 and the $5 preferred stock Of the above amt. M.W. 20.057,067
is $100 a share and of the common stock $10 a share.
Utll. rec. & accr. as
142,004
266,097
Market Value of Net Assets.
728,145
382,220
int. on bonds & deb__ The market values at Dec. 31 1930, and on the date of this report Rec. & accr. as int. &
Bond & Share Co. available
brokerage on money
(March 7 1931) of the net assets of Electric
249,443
613,663
1,098.914
1.538.792
advanced
for the pref. stock and for the common stock (after deducting $100 per
Rec.& accr,as dividends
share for all pref. stock) were approximately as follows:
5,977,189
7,865,813
Mar. 71931.
Dec.31 1930.
11,262,373 9,196,570
on stock
Market value of net assets available for all stocks
$694,472,000 8884,461.000
Total
13,183,385 11,023,629 8,745,573 6,368.637
at end of period
M. W. Util. prop'n of
Market value of net assets per share of pref.stock
$652
$512
surplus carried to agoutstand. & required to be issued end of period
gregate surplus acct. of
Market value of net assets per share of common
the sub. cos. on their
stock (including scrip) outstanding and re3,192,93
$51
$39
6,505.718 3,644,234
6,873,681
own books
quired to be issued at end of period
owned subsidiaries
In arriving at the above figures, securities of wholly
are included at cost (i.e., $22,323,739) to the company.
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1927.
1928.
1929.
1930.
COMPARATIVE BALANCE SHEET DEC. 31.
Int. rec. & accr. on bds.
1929.
1930.
Assets$391,447
$879,760
and debentures,&c-- $2,824,526 $2,257,795
$52,143,837 $93,054,249
Cash and call loans
36.974,296 42,265,000 Misc. int. on bank balNotes and loans receivable
60.033
80,235
83,124
82,507
ances, &c
7,099,421
2,229,522
Accounts receivable
296,544 Divs, on stocks of sub.
236,297
Accrued int. and dividends receivable
5,977,189
7,865,813
12,705,555 9,468,137
companies
379,129
302,464
Miscellaneous
500,000
910,129,526 799,709,025 Cash diva.from ins.fund
•Investments
562,943 Int. rec'd on bonds and
657,208
Deferred charges
683,757
622.658
notes of outside cos180.000
Stock subscription rights
Divs,on stocks of outside
227,210
517.824
2,362,402 2,235,863
companies
$1,002,673,150 $943.546.312
Total
Profit sale secs. to sub.
Liabilities
4,219,969 4,202,164 3,248,488
5,119,797
cos, and others
$755.155
$221.787
Accounts payable
343,541
356,690
317,893
382,358
1,675,013 Fees for eng..&c.,sub.cos
1.983,299
Dividends declared on pref. stock
94,543
92,393
22,530
165.499
3,090,042 Miscellaneous income4,393,521
Taxes accrued
180,000
Stock subscription liabilities
$18,605,312 $14,326,924 $11,316.824
$24,142.643
Total income
170,375
Miscellaneous
1,102,758
1,252,319
1,416,419
2.321,893
625.300 Deduct-Adm.expenses
19,700
a $6 preferred stock
73,203
2,568.477 Int. on coll. notes & bds.
2,174,136
b Common stock
568,334
1.084.680
1,279,442
279,400.665 246,069,179 Int.on 53i% gold notes
c Capital stock
245,671
214,255
263,245
5,607,113 Int. on stk. subscr. pay5,690,175
Reserves
237,423
448,258
369,161
708.619,492 682,976,033 Amort. & exp, on notesSurplus
121,431
569,054
Other interest
170.634
55,291
50,668
48.386
$1,002,673,150 $943,546,312 Misc. charges
Total
351,723
148,410
118,794
130,844
Dec. 311930. Dec. 31 1929. Prov.for taxes
In exchange for Electric Investors, Inc.
$19,160,618 $15,150,807 $11,819,475 $9,618,506
Net income
6,253 shs.
197 shs.
'
a $6 preferred stock
53,707 shs. Divs.paid & accr.to date:
2,057 shs.
1
bCommon stock
2,473,548
2,628.536
2,528,911
On prior lien stocks203,140 shs.
215,356 shs.
For regular quarterly dividend
4,139,330 4,233,960 3,349,495
On cumul. pref. stocks 3,417,669
c tepresented
2.272,014
3,492.469
5,212,695
On common stocks__ _ 10,687,724
200,000 shs
$5 preferred stock
1,155,533 shs. 1,110,422 shs.
6 preferred stock
$5,055,225 $3,269,871 $1,464,507 $1,523,449
Balance, surplus
14,351,121 shs. 13.489.495 sits.
Common stock
13,202shs. Slas.com.stock outstand33,615 shs.
Common stock scrip equivalent to
462 079
595,404
ing, Dec. 31 (no par)_ 14,480,982 13.447,630
* The market value of investments, i.e., securities owned at
$8.32
s$0.63
$1.08
$608,698,000 Earned per share
31 1930 was on that date approximately
Dec.
-for-1 split up and rights to
after 10
x On above said number of shares
and at date of this report(Mar.7 1631) was approximately $786,960,000
The report also contains a list of the companies in which stockholders. quarterly dividends on the $6 convertible preferred series A
-The
Note.
-V. 132, P. 1616, 1410.
company owns stock.
and on the common stock payable Feb. 16 1931, to stockholders of record.
Jan. 15, have been declared.
Middle West Utilities Co.
BALANCE SHEET DECEMBER 31.
1929.
1930.
-Year Ended Dec. 311930.)
(Annual Report
1929.
1930.
$
LVOV-WesAssets
President Martin J. Insull reports in substance:
--a261,720,130 206,817,296 Cora. stock__ _6144,809,820 134,479,900
Investments.
387,485
Corn.stk.script.
With a sharp increase in domestic sales of electricity overcoming the Advances to subsidiary cos.... 28,739,848 7.268,621 $6 conv.pretstk.c60,771.446 52,192,300
effects of business conditions on industrial power demand, the gross earnings
Bank loan sec__ 18,000,000
of the companies of the Middle West Utilities System in 1930 were 12.2% Advances on unclosed contets 1,037,519 2,966,880 Adv.fr. sub. cos. 5,714,991
more than in 1929, aggregating a total of $182,213,975 as compared with
Cony,gold notes 50,000,000
$162,337,274 in 1929. Their net earnings were $72,598,104, an increase Unamort. disc.
Det'd parts on
1,524,205
& exp
of 14.7% over 1929.
173,931 1,195,000
purch.contrts
sales of electricity not only increased 18% over the preceding Int. & diva. rco_ 3,222,265 2,371,240
Domestic
127,137
82,744
5,147,972 4,309,615 Accts. suitable_
year. but also formed a somewhat larger proportion of the total sales than Cash
1,000,000
Notes payable_
In 1929. The increasing use of the service by the System's domestic cus- Notes & accts.
295,492
by the gain of 8.8% in the System's
receivable.... 18,808,585 2,204,189 Interest accrued
tomers was further demonstrated
391,442
450,893
23,816 Divs. accrued.157,763
Prepaid expenses
sales of load building appliances.
Pr. lien & pref.
The System's continued intensive development of the domestic market
stks. called for
and careful scrutiny of operating costs, together with the geographical
22,394 1,394,549
redemption...
and industrial diversification of the territories served in 30 States, enabled
Contingent res. 2.000.000 1,144,485
It to resist the effects of business conditions and of the drought.
36.632
199,708
accrued__
Taxes
Because of their predominantly non-metropolitan character, most of
Surplus (earned) 15,922,044 11,722,334
the territories served were less affected than the country as a whole, and
Capital surplus_ 21,690,433 22,114,802
were to be noted in a number of sections.
as the year ended signs of revival
New England's Industries displayed pronounced improvement. In Georgia,
320,358,287 225,961,657
320,358,237 225,961.657 Total
Total
Florida and New England crop conditions were well above normal. In
the Central States the mild winter permitted construction work to continue
a Being stocks of subsidiary companies and other investments. b Reprepast the end of the year, reducing the seriousness of unemployment in sented by 14.480,982 shares of no par value. c 607,396 shares, series A,
-V. 132, p. 1991.
many sections. Conditions in the Southwest were generally favorable as with a liquidation value of $100 per share.
the year ended, especially in southern and eastern Texas,
interests in the Dominion of Canada were extended during
Company's
Youngstown Sheet & Tube Co.(And Subsidiaries).
the year with the formation of the Middle West Utilities Co. of Canada,
Ltd., as a subsidiary holding investment company of the Middle West
(31st Annual Report-Year Ended Dec. 31 1930.)
the Middle West Utilities Co. of Canada,
Utilities Co. Subsidiaries of
Ltd., include the Great Lakes Power Co., Ltd., in Ontario, previously a
J. A. Campbell, Chairman, says in part:
subsidiary of company; and Algoma District Power Co., Ltd., in
direct
Earnings for the year were not very satisfactory. This was due in part
Ontario; National Utilities Corp., Ltd., in Manitoba, and Winnipeg
to the very low volume of business for the last six months; operations for the
Heating Co., Ltd. These companies serve a total of 23 communities.
substantial majority of the common stock of year were approximately 60% as against 91M % for the year 1929. Market
Company also acquired a
considerably lower than the average
the Kentucky Securities Corp.. controlling Lexington Utilities Co., which prices for most commodities were year.
supplies electric power, gas, ice and transportation services to Lexington, prices received during the precedinghearth furnaces, a new billet mill and
the Chicago district three open
In
Ky., and which holds a substantial interest in the Consolidated Coach Co.,
two bar mills with an annual capacity of approximately 360,000 tons of
operating a comprehensive bus system in several States.
were not ready for operation until
The Municipal Service Co. acquired control of the Central Eastern bars were completed. These bar mills
and therefore, due to economic conditions,
Power Co., transferring to the former owners of this company its interest the second quarter of 1930, little since their completion.
Kennett Gas Co. and Chester Valley Electric Co., which operate in they have been operated very
In
For all of additions, together with some minor improvements and changes.
Pennsylvania. Subsidiaries of Central Eastern Power Co.serve Marion,0.,
approximately $16,000,000 as compared with
and 28 other communities. The Cumberland County Power & Light Co. there was an expenditure of
generating plant at Biddeford, Me., and the $22.900.000 for similar purposes in 1929; such additions and improvements
-kilowatt
acquired a 10,000
2182
FINANCIAL CHBONICLII
both these years were made without any new financing. Dismantlements and abandonments during the year totaled approximately $3,700,000.
making a gross property increase of $12,300,000.
It has been demonstrated that the old method of producing sheets is
rapidly becoming obsolete and several large steel companies either have
constructed or are constructing units for producing sheets under new
methods. The management is studying the improved methods for producing sheets and expects presently to make a definite recommendation to
the board of directors for their consideration.
At this stage in one of the severest depressions ever experienced, both as
to volume and also as to price in its relation to present day cost, there are
Indications that bottom has been reached and the outlook is encouraging
for a gradual increase in volume throughout the year.
A majority of the board of directors and the management of the company believing that the best interests of the company from the standpoint
of its shareholders and employees lay in a combination with another steel
company,which would afford diversity of product and market,recommended
to the shareholders, an agreement for the transfer of the property and assets
of the company, including its good-will, to Bethlehem Steel Corp. The
sufficiency and legality of the action of the shareholders, at the special
meeting held April 8 to 11, 1930, authorizing and ratifying the transfer
on the terms submitted and the advisability of the proposed transfer, were
questioned by certain shareholders and in an action brought by them the
Common Pleas Court of Mahoning County, Ohio, enjoined further proceedings therein. An appeal has been taken from that decree and is now
pending. Certain common shareholders objected in writing to said sale
and demanded to be paid the fair cash value of their shares; under the Ohio
law this action suspends the payment of dividends to such dissenting shareholders and the voting of such shares until their objections and demands
shall have been withdrawn with the consent of the corporation ro the
proposed transfer has been abandoned; or final adverse judgment has been
rendered upon the validity of the action taken by the shareholders at the
meeting of .April 8 1930.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
Net sales
5111.057.928 $161038,216 5140990,988 5132210,463
Cost ofsales
94.753.117 130,235,533 118,457.527 111,152,047
(VOL. 132.
CONSOLIDATED INCOME ACCOUNT FORACALRNDAR YEARS.
1929.
1930.
1928.
1927.
$
$
$
$
Net sales
157.074,780 192,962.040 193,480,121 198,089.015
Operating profit
6,505,672 14,385,814 14.530.711 12,522.952
Net profit U. S. Rubber
Plantations, Inc
4.000.000
Total surplus
Depreciation reserve_ -Interest
Provision for pensions
6,505,672 14,385.814
7,347,183
5,152.727
5,576,791
5,918.063
540,126
14,530.711 16,522,952
5,152,727 3.980,571
8,097,546 6,290,900
Balance
def6.958,427
Dividends rec.from U.S.
Rubber Plant'ns, Inc..
3,315.025
Totalincome
def6,958,427
Divs, on minority stocks
21,714
Inventory adjustment.._ 11.083,799
3,315,025 4,280,438
17,689
23.389
2.721,326 15,038.304
8,251,481
17,889
576,009108810781255
6,233,792
5,208,800
576,0091oss10781256
1,024,992
Net income
Preferred dividends
loss18,063,941
Surplus
lossI8,063,941
Exp. incident to reorg.
of operations
Prov.for incr. in deprec
3.280,438
6,251,481
1.000,000
2.464,000
1.490.422
Deficit
18,063,941
3,378.412 10,781.255sur1,024,992
Previous surplus
10,628,228 18,006,640 40,146,386 40.798,675
Surpluses of subsidiaries a315,657
x1.210,213
Transferred from surplus
from U. S. Rubber
Plantations, Inc
8,000,000
Total surplus
def7,120,056 14.628,228 30,575,344 49.823,687
Property and equipment
adjustment
10,000.000
Inventory adjustments.
8,910,879
Sundrycharges
y4,000,000
2,588,704
Gross income
418,639.551 434024,104 $25.553.597 $22,923,264 Adjusts., previous years
788.802
Deprec. and depict
7,939,803 8,190,650 8,321,399 9,782.455
Other miscell. charges
588.263
1,521,996
Profitedoss surplus-def7,120,056 10,628,228 18,006,640 40.146,388
1,998,536
Int. & discount on bonds 3,659,322
3,644.140
3,821,717
4,098.305
a Surplus of Columbus Rubber Co., Ltd., Jan. 1
Prof.accr.to minor. subs
4,293
36.877
17.149
20.630 1930). x Surpluses Dec. 31 1927 of subsidiaries 1930 (consolidated for
heretofore shown
Federal taxes
See x
1,425,000
securities of affiliated and controlled companies on the balance of U. as
S.
Rubber Co. y Provision for extraordinary charges to be incurred in
Net income
con$7,036,133 $21.564,174 $10,446,336 $7,023,334 nection with future
changes in
Preferred divs
(55i)825,000 (7)910,938 (7)996,877 a Subject to determination of organization and reserve for contingencies.
(555 %)825,000
Federal taxes.
Common dividends
4,778.428
5,500.000
5.000,600 4.938.030
Net Worth of Common Capital Stock,
Surplus balance for yr. $1.432,705 $15,239,174 $4,535.398 $1,088.427
Shares corn. stock outCapital stock-Common, of no par value: Issued, 1,645.959
standing (no par)
1,186.034
1.200,000
shs.; less heid by a subsidiary company and oy trustees of
1,000,000
987,608
Earnings per share
$17.28
89.53
Managers' Shares plan, 181,588 shs., 1.464,371 abs
$6.10
598.735.611
Deficit Dec. 31 1930
x After provision for estimated Federal taxes.
57,120,056
Surplus Account.
-Surplus Jan. 1 1930, $51.729,885; surplus 1930 after Good-will, patents, &c., carried on books of co-- -58,925.372
dividends. $1,432,705; total, $53,162.591. Deduct: Provision for payment
Net worth of common stock, represented by 1,464,371 she,
in respect of dissenting common shares upon consummation of agreement
of no par value
of March 121930. with Bethlehem Steel Corp.,$1,250,000. Balance,Dec.31
532.890,182
1930. 551,912,591.
CONSOLIDATED BALANCE SHEET DEC. 31.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1930.
1929.
1930.
1929.
1930.
1929.
1930.
1929.
Assets
Assets-$
Preferred stock_ 65,109,100 65,109,100
Property aocts._140,325,177 133,730,273 5'4% pref.stock 15,000,000 15,000,000 Plants, property,
94,056,883 101,384,308 Common stock_a32,690,182 98,735,811
Inv.in & adv. to
Common stock_x75,064,175 75,030,600 Cash &o
8.926,147 16,799,827 MinorityDominmin.,&c.,cos. 10,529,905 10,706,682 Paid in on empl.
Accta¬es rec. 31,171,398 42,453,578 ion Rub. Co..
Bal.due on empl.
stock subscrip
380,916
312,083
(customers) _ _
Ltd.,stock..._
338,708
dwelling purch
354,400
Min. Int. In sub.
Finished goods_ 29,990,801 35,918,594 Accts. payable
contracts_ _ _ _
833,045
833,566
combanles ___
27,917
31,124
incl. accepls
Sink. hi. Invest_
32,000
92,000 Funded debt... 70,500.000 72,000,000 Mat'is & BUDD..
incl, goods in
Payable for imInsurance Mad_
539,731
604,774 Accts. payable_ 4.744,037 8,354,179
process
14,059,296 19,411,529
portations of
Inventories ____ 51,905,603 48,817,185 Ore rec.In excess
crude rubber_ 5.837.514 14.467,973
Accts. & notes
of payment.. 1,595,197 1,900,270 Crude rubber in
transit
2,169,811 Accr.int.& nab. 3,667.452
receivable_ _ _ 23,110,635 27,297,089 Accr. Interest-- 1,800,000 1,895,801
U.S. Rub. PlanBank loans pay..
Due fr. officers
2,500,000
Federal taxes_ _ _
623.000 2,210,000
tations, &c_ _ 25,982,620 23,981,286 Installment on
and employees
198,638 Accr. gen. taxes 2,229,236
99.400
U.S. Rubber Co.
loan ofimbed. 2,000.000
Sund. market &
Pref. dividends_
200,250
notes dc bonds 1,719,367
268,102 lst& ref. M.bds. 57,862,400 58,636,400
Govt. secure_ 1,268,026 1,956,507 Corn. dividend_ 1,092.640
Other securities_
Cash
4,147,900 10,988,969 Other rwierve_
8,074,652 7,276,778 Prepaid and de- 2,816,310 2,853,238 Ten-year 7i4%
notes. 1930._
Deferred °horses
455,190
18,336,000
515,038 Surplus
51,912,591 51,729,888
ferred assets_
3,067,994 3,727,342 6% gold notes-- 15,000,000
Good-will, patDominion Rub.
ents, (Ice
58.925,372
Co., Ltd., 6s. 2,600,000 2,600,000
Total
233,248,612 235,740,721 LITotal
233,246,812 235,740,721
641 gold notes 19.724,000 22,000.000
x Represented by 1.186,034 no par shares.
-V.132. p. 2028.
Reserves
6.971,429 14,524,452
Surplus
b10,628,228
United States Rubber Company.
Total
211,700,817 307,802,161
(Annual Report
Total
-Year Ended Dec. 31 1930.)
211,790,817 307,892,164
a Represented by 1,464,371 no par shares. b
Chairman F. B. Davis Jr., New York, March 4, reports mination of Federal taxes. y See foregoing table.Subject to final deterNet profits
Other income
416,304,811 430802,683 $22,533.461 $21,058,415
2,334,740 3,221.421
3,020.136
1.864,850
in substance:
General.
-During 1930 company has continued with the reorganization
of its general financial and business structure and has carried out many
changes in connection with the realignment of its production and distribution activities. It is natural that this has seriously affected the results
for the year, but with the return of better business conditions the benefits
to be derived from the reorganization will be evident. Eleven factories
were closed during the year and their manufacturing operations were concentrated in more modern units. Four factories were sold and the rematador are being offered for sale or are being rented. Improvements in
selling and distributing operations have been made and further changes
are in process of completion.
Early in 1931 company acquired an interest in the Samson Tire &
Corp. of Los Angeles, Calif.. and in the Gillette Rubber Co. of EauRubber
Claire,
Wis. These companies have modern facilities for the manufacture of tires
and tire products and their output and distribution will augment our
activities in this important field.
Operations.
-Net sales for the year amounted to $157,074,760 after all
discounts and allowances. Sales were $192,962,040 for the year 1929.
Sales of all products suffered by reason of the adverse business conditions.
Selling prices have been generally lower in all lines.
Sales of waterproof footwear and clothing have been adversely affected
by weather conditions which have continued into the present season.
Minor lines of felt and leather footwear were discontinued during the year.
Sales of tires were lower in dollar value due to lower selling prices.
Net profit from operations for the year. after interest on funded Indebtedness of $5,576,791, but before provision for depreciation, pensions and Wok
adjustments, amounted to $928,882. Provision for depreciation and obsolescence amounted to $7,347,183, compared with $6,643.148 for 1929 and
$5,152,727 for 1928. Payments to pensioned employees of $832,249 were
absorbed in current operations and,in addition, a reserve for future pension
liability was provided in the amount of $540,126. Dividends on minority
stocks were $21,714. All inventories of raw materials, goods in process
of manufacture and finished goods, as well as commitments, were adjusted
to the lower of cost or market prices of the component raw materials. These
adjustments as well as provision for contingencies and all other adjustments
of book values amounted to $11,083,799. The charges to surplus amounting
to $18,063,941 resulted in a deficit of $7,120,056 on Dec. 311930.
Plantations.
-The operations of the plantations may be considered as
satisfactory in view of the decline in the market price of crude rubber, which
fell from 16 cents a pound at the first of the year to a low of 7% cents and
to 8M cents a pound on Dec.31 1930. There was a profit of $71,605 before
provision for depreciation and amortization of $1,287,052 and after including non-recurring charges of $486,926. This resulted in a charge to
surplus of $1,215.447 for the year.
The net value of the plantations properties is carried on their books at
$27,004,161. Approximately 99,500 acres have been planted and the
average book value of such planted acres is $271.40. Production for the
year amounted to 36,620.000 pounds. compared with 32,971.000 pounds
In 1929. There are 70,000 acres in bearing, so that the average yield
per acre is 523 pounds.
CONSOLIDATED BALANCE SHEET DEC. 31.
lUnited States Rubber Plantations, Inc., and Subsidiary
Companies.]
Assets1930.
1929.
1928.
1927.
Cash
$53,297
$186,508
$804,778
$418,617
Accounts receivable--104,301
113,426
118,080
212,525
Invent, of crude rubber
In prep, for ship., and
other mat'ls & supplies
454,395
1,327,827
1.441,922
2,231,390
Land, devel. of property
and equipment
27,004.161 28,616,450 35,095,673 33,113,236
Prepaid and clef. assets257,185
381.185
387,791
435,631
Total
$27.873,400 $28,605.378 $37,848.246 836,411,400
Liabilities
Accts. pay. (Incl. drafts
agst. ship, of rubber). $664,428 $2,002,897 $1,678,877 $2,819,242
Reserves for Insurance
843,133
1,022,527
93,045
79.305
Reserve for sh. of profit
to staff and leave exp
594,226
885,882
Reserve for Dutch East
Indies, incl. tax
261.776
699,252
Open acct. with U. S.
Rubber Co
7,982,620
5,081,286
6,507,777
4,571,830
Invest. of U. 8. Rubber
Co.rep. by entire cap.
stock of if. S. Rubber
Plantations, Inc
18,000.000 18,000,000 18.000.000 18,000,000
Approp. surplus res. for
amortiz. of prop, and
for deprec. of equip9,689.920
8,511,145
Surplus
1,598,886
383,219
932,621
844,941
Total
527,873.400 $28,805,378 837,848,246 836.411,400
-V. 132. p. 677.
Midland United Company.
(Annual Report-Year;EndedTec. 31 1980.)
amuel Insull Jr., President, says in part:
Business of Subsidiary Companies.
-In 1930, subsidiaries derived 53.26%
of their consolidated gross operating revenue from the sale of
21.70% from the sale of gas, 19.20% from providing electric electricity.
interurban
and street railway service and 5.84% from furnishing motor coach,
water.
heat and other services.
Subsidiary companies during the year sold 919,813.197 kwh.of
compared with 910,888.203 kwh. sold in 1929, a slight increase. electricity
tion 81,600,656 kwh. were supplied to electric railways operated In addiby subsidiary companies.
MAR. 21 1931.]
FINANCIAL CHRONICLE
2183
SUBS.).
Sales of gas in 1930 aggregated 10,120,362,774 Cu. ft., compared with CONSOL.INCOME ACCOUNT YEARS ENDED DEC. 31 (CO. & 1929.
1930.
11,095,801,848 Cu. ft. in 1929, a decrease of 8.79%. A substantial portion
$44,410,770 $44,336,201
Operating revenue
of this decrease in volume is accounted for by the fact that the largest
26,280,399 26,287,976
operating company in the Midland United group during the year began Operating expenses
160,885
153,754
supplying to a number of large industrial customers petroleum refinery Uncollectible bills
4,071,528 4,131,681
gas of a much higher heating value. A smaller volume of this gas was Taxes
therefore required for this industrial use.
$13,905,088 $13,755,659
Net operating revenue
Revenue passengers carried by street and interurban railways in 1930
or
totaled 48,834,801 compared with 52.742,344 in 1929. a decrease of 7.41%. Profit arising from sale of securs. & properties to
38,208
13,750
between subsidiary companies
being served with electricity on Dec.31
A total of 273.880 customers were
1,062.737
1,890,358
1930. compared with 259,657 at the close of 1929, an increase of 5.48%. Profit arising from sale of securities to others
2,057,671
1,877,814
The number of customers supplied with gas was 203.161, compared with Other income (including stock diva.)
196,866, an increase of 3.20%. In addition 26,987 customers were re$17.687,011 $16,914,276
Total income
ceiving water service and 908 customers heat service.
6,658,252 6,254,090
-Subsidiary companies during the year expended $21.870.- Interest on funded debt
Expenditures.
1.140,956
967,500
Other interest, amortization Charges- ate
338 for construction of improvements and betterments in plant and equip150,000
75,000
Appropriated as reserve for contingencies
ment.
during the year acquired by purchase Div. & earn.acceg to minority shareholders ofsubs.:
Purchase of Cornpanies.-Company
5,792,676
5,537,575
Preferred stock
the Liberty Light & Power Co., Cambridge Light & Power Co. and Liberty
532,957
4,535
Common stock
-3g Camden Power Co., serving a number of communities in eastern central
Indiana and western Ohio.
Net income available for Midland United Co.._ $4,444,140 $3,043,596
On July 2 the main line properties of the Union Traction Co. of Indiana.
which furnish electric interurban railway service to a number of important Dividends on Midland United Co. stock:
523,358
533,358
$6 preferred series l
-communities in eastern central Indiana, were purchased at a foreclosure
437.189
$3 convertible preferred series A
sale, in behalf of the Indiana Railroad, a Midland subsidiary. These
271.699
200,201
$3.50 to $6 preferred, series 2
The Traction Light
tines are now being operated by the Indiana Railroad.
692.152
Common dividends (Cash)
& Power Co., a subsidiary of Union Traction Co., supplying a number of
a1,823,654
a336.344
Common dividends (stock)
communities in central Indiana with electric service, was purchased in
'behalf of the Midland United Co.
51.388,349 $1.281,541
Balance Dec. 31
The company during the year made an offer of $750 per $1,000 bond to
3,039,257
2,764.137
the bondholders' protective committee of the Terre Haute, Indianapolis & Average shares common outstanding
$1.05
.0.84
Eastern Traction Co., in receivership. The offer was accepted by the Earnings per share
-committee which represented owners of89% of the total bonds outstanding.
Includes charge for retirement.
per share. b
a Capitalized at
acquired from time $1,842,981, in 1930, $10 $1,976,558 in 1929.
Ownership of these and other bonds of this issue,
and
to time, will give the Midland United Co. control of the Terre Haute
Traction & Light Co., whose common stock is pledged as collateral security
COMPARATIVE BALANCE SHEET DEC. 31 (COMPANY ONLY)
/or the Terre Haute, Indianapolis & Eastern Traction Co. bonds. The
1929.
1930.
1929.
1930.
Terre Haute Traction & Light Co. supplies electric light and power, and
Liabilities
Assets
street railway service in Terre Haute, a city of 62,800, and environs.
756,532 Notes payable, af1,552,766
In addition, an offer of the Midland company to purchase the bonds Cash
987,296 4,650,000
filiated cos
of three leased lines of the Terre Haute, Indianapolis & Eastern Traction Adv. to sub. cos.
for constr., &c...12.012,959 3,105,251 Prof. stock called
Co., also in receivership, at a price equivalent to the salvage value of the
71,014
not redeemed
property after the abandonment of traction service, was accepted during Sundry notes & ac186,111
counts receivable 1.321,446 1,981,258 Accounts payable_ 191,289
the year by protective committees representing bondholders of the leased
532,989 Acer. charges for
lines. Control of small electric properties owned by these lines in the Int. & dive. rec.__ 251,456
38,861
taxes & interest_ 102,372
same general territory served by Midland subsidiaries, will thus be acquired. Subs, to corn. stk. 2,411,711
Accr. dive. on pref.
Traction service on these lines has since been abandoned by the receiver Skg. & retire. tds_ 100,776
61,131
123,244
stock
Acc'te rec.. sale of
under authority of the P. S. Commission of Indiana.
669,950 Def'd pay, on purreacquired stock 100,328
Company Financing.
-Company in January 1930, issued 448,170 shares
36.000
chase contract.... 2,875.800
5.824
Defetred charges__ 146,909
of its common stock in exchange for minority interests in its subsidiaries,
21,934
936.695 Sundry reserves
Reacqq. securities 1,248,716
be Midland Utilities Co. and the American Public Utilities Co.
1,429,400
Funded debt
American Public Utilities Co. Secure., contracts,
Acquisition of minority holdings in the
$3 cone. pref _ _x10,615.635
goodwill, &c.(at
facilitated the merger of the American Public Utilities Co. into the Mid2.165
book value)_ _ _ _74,595,576 45.324,744 Cony.pref. scrip...
land United Co. in November. Preceding this merger, the company in
Cum.pref.stock _812,445,524 12,621,384
outstanding
July offered to exchange its common and preferred stocks for
Common stock...z35.645.280 22,751,060
stocks of the American Public Utilities Co. Under this offer the company
Com, stock div.
Issued 160.449 shares of its common stock and 18,452 shares of its con8,234
43.044
certificates
vertible preferred stock, series A, in exchange for 18.191 shares of 7%
Com.for which warprior preferred stock. 21,846 shares of 7% participating preferred stock
rants are issued
Public 'Utilities Co. In
and 6,465 shares of common stock of American
cony. in 1934,
November the balance of the outstanding prior preferred and participating
1935 and 1936,
Preferred stocks of the American Public Utilities Co. were called for re483,045 shares_ _ 4,830,450 4,830,450
demption and shortly thereafter the merger was consummated. In the
Com, stk. subscr:
merger the Midland United Co. assumed $375,500 5% collateral trust
for but not iss'd 3,291.930
gold bonds of the American Public Utilities Co., due Sept. 1 1942 and
Capital surplus_.20.539.l50 7,898,269
-51,800,000 6% gold notes. of that company, due Feb. 1 1932. In Decem231,743
Earned surplus_ _ _ 527,096
ber $46,100 5% collateral trust gold bonds and $700,000 6% gold notes
which had been purchased previously, were retired. Elimination of the
Total
Total93,742,64253,313,243
93,742,642 53,313,243
American Public Utilities Co. as an underlying holding company strengthens
-and simplifies the financial structure of the Midland United Co. and
a Consisting of 86,893 shares ($6)series 1,and 57.200 shares (151.50 to $6)
subsidiaries.
series 2, liquidating value $100 each. x 235,903 shares $.3 dividend, liqui-Considerable progress was made during the dating value $50 each. z Represented by 3,564,528 shares.
Regrouping of Properties.
year in the geographical regrouping of physical properties of subsidiaries
into more efficient operating units.
CONSOLIDATED BALANCE SHEET DEC. 31 (COMPANY & SUBS.).
1929.
Purchase and sale of properties in northern Indiana between the Northern
1930.
1929.
1930.
Indiana Public Service Co. and the Interstate Public Service Co. was ap$
$
LlabilftfatAssets
proved on Sept. 12 1930, by the P. S. Commission of Indiana. Completion Cash
190,940
833,750
6,870,268 4,424.561 Notes payable...
the close of business on Dec.
of these transactions, which were effective at
Notes receivable 1,260,464 2,075.563 Acc'ts payable_ _ 3,674,097 3,811,644
31 1930, made possible a realignment of properties confining territories Acc'te receivable 5,514,560 5,287,116 Divs.declared__ 1.025,367 1.061,862
served by the two companies to more compact areas.
140,769 Cuat.& oth.dep. 1,069,553 1,152,933
Int, dc dive. rec_
91,321
The Northern Indiana Public Service Co. acquired from the Interstate Mat'l & supplies 3,715,606 4,327,778 Taxes accrued_ _ 4,147,823 4,166,419
properties located in what are known as the Goshen-Warsaw and Monticello Sundry advs. &
Interest accrued 1,345,823 1,346,475
extending directly across the northern
districts, which gives It a territory
77,943 Accr. dive., pref.
72,632
deposits
part of Indiana. The Interstate Public Service Co. acquired from the Subscriptions to
61,130
123,244
stocks
Northern Indiana Public Service Co. properties located in what are known
42,017 Def,pay,on pur.
capital stock..
as the Lafayette. Crawfordsville, Lebanon and Frankfort districts, which Accts. rec., sale 2,800,365
oblig.& public
are adjacent to the general territory served by Interstate. Without re3,577,515 1,011,614
knot. assess
669,950
100,328
reacq. stock...
stricting the scope of the operations of either of the subsidiaries referred to,
261,943
192,305
436,919 Suspense credits
317,951
these transactions confine the operations of each within a more compact Prepayments_ __ 17,366,949 15,695,315 Contrib.for ext.
640,820
773,236
area, economically interrelated and physically interconnected from a utility Deferred charges
433,009 Retire.& cretin.
271,153
Skg.Screttre.ids.
point of view.
8,182,452 7,079,615
reserves
The properties of Colfax Electric Co., Moran Electric Light & Power Invest. In out21,472,135 13,250,548 Other reserves__ 2,242,126 1,910,880
side cos
Co., Indiana Gas Light Co., Zionsville 'Water & Electric Light Co.. StilesFunded debt_ _133,140,913 126.794,811
Fixed amts.
will° Electric Co., Noblesville Water & Light Co., The West Lebanon
goodwill. &c_272,086,320 241,347,770 Minor.stkhidre.'
Electric Light, Heat & Power Co. and Mulberry Light & Power Co. were
83.226,658 91,100,776
equity
purchased by Indiana Electric Corp. on Jan. 1 1931. These properties. Stocks of Midland UnitedCo. 1,848,906 .1,773,543 Copilot Stock and Surplus-which lie in central western Indiana, are interconnected and operation of
Micli'd United
them by a single company is in the interests of efficiency and economy.
Co.:
This transaction simplified the corporate structure by eliminating eight
$3 cony. pref.
corporations from the Midland group.
10,615,636
stock
The Midland Utilities Co. acqu red by purchase, The Delphos Gas Co.
2,166
Cony. pfscrip
which supplies Delphos, 0. with gas and the Hobart Light & Water Co.
Cum. pf. stk. 12,445,524 12,621,384
which supplies Hobart. Ind. with electric light and power and water service
Common stk. 35,645,280 32,751,060
The Interstate Public Service Co. purchased the properties of General
Corn.stk. div.
Utilities Co. located in southern Indiana Columbus Gas Light Co. in
43,044
8,234
scrip ens....
Columbus, Ind. and the property of the Union City Electric Co. located
Common (with
In Union City, Ind. Property of the Union City Electric Co. located in
warrants)...4,830,450 4,830,450
Salamonia, Incl., was purchased by Indiana Service Corp. The property
Com.stk.(sub.or the Rochester Gas & Fuel Co. was purchased by the Northern Indian
scr, for but
Power Co. In each instance, the properties of the selling companies are
notissued) _ 3,291,938
located in the general territory served by the purchasing companies.
Capital Burp_ 20,539,151 7,898,269
In addition to purchase of physical properties of small subsidiaries by
1,281,541
2,520,991
Earned Burp
larger subsidiaries within the Midland United group, two subsidiaries purchased the physical properties of outside utility companies. The Interstate
333,788,960 289,982,803
Total
333,788,960 289,982,803
Total
Public Service Co. on Oct. 1 purchased tha facilities of the Liberty Gas
Light & Fuel Co. supplying gas service in Liberty. Ind., and the Northern -V.132, p. 1411.
Indiana Power Co. on July 1. acquired the gas production and distribution
facilities of the Sheridan G'its Utilities Co. at Sheridan. Ind.
Allis-Chalmers Manufacturing Co., Milwaukee, Wis.
EARNINGS FOR YEARS ENDED DEC. 31(COMPANY ONLY).
(18th Annual Report-Year Ended Dec. 31 1930.)
1930.
1929.
Interest received and accrued
INCOME ACCOUNT FOR CALENDAR YEARS.
On bonds,deb., notes roc., dm.,ofsubsidiary cos. $480,190
$216,477
1927.
1928.
1929.
1930.
On bank balances and other sundry interest-200.612
172,778
$41,475,949 $45,302,355 $36.294.561 $33.352,252
Dividends on stocks of subsidiary companies,..- _ 2,708,530
1.887.125 Sales billed
Cost (Incl. devel., sell.,
Dividends on stocks of other companies
137,757
26,360
Publicity & adm.exp.)
Profit arising from sale of securs. to sub. cos
416,516
24.148
36,808,075 40,070,048 32,457.390 29,182.050
& all taxes)
Fees for engineering & other services to sub. cos225,306
701.054
765,225
742,581
857,351
Depreciation
income
Miscellaneous
26,581
83,499
Operating income_ _ $3,810,523 $4,489.726 $3,071,946 $3,469,148
Total income
$3,970,196 $2,635,692
677.964
706,075
659.162
616.086
345,418
Administrative expense
423,299 Other income
Miscellaneous charges
50.406
28,270
$4,426,609 55,148,888 13,749.910 $44,175,223
Net profit
on unfunded debt
200,786
Interest
190,326
Res. for Federal taxes
17.533
Interest on notes
-- See a
511.250
and contingencies. _ _
2,795
Interest on collateral trust gold bonds
816,000
818,000
481,500
822,000
Deb.int.& discount_ _ _ _
53,353,259 $1,993,793
Net income",
$3,604,609 34,330,888 $2.933,910 $3.182.472
Net income
Convertible piWerred stock, series A
437,189
577,452
Divs.on $6 prfforred series 1
523.358
533,358 Preferred dividends _
2,496,467
1,755.000
3,772,429
1,556.560
Dividends on $3.50 to $6 preferred series 2
271,699
200,201 Common dividends
Common dividends (cash)
692,152
def$167.820 $1,834,421 $1.178.910 $1,048,459
Balance, surplus
Common dividends (stock)
a1,823,554
a336,344
1,146.999
b260.000
1,253,400
13260.000
Corn. shs. out.(no par)
$3.77
$11.28
$2.86
$10.02
Earns. per sh.on com
Balance, Dec. 31
$297,459
$231,743
a Included in cost and expenses above. b Par $100.
A Capitalized at $10 per share.
2181
FINANCIAL CHRONICLE
COMPARATIVE BALANCE SHEET DEC. 31.
1930.
1929.
1929.
1930.
Assets$
Liabilities$
$
$
Fact'y sites, bldgs.,
Common stock_.,y38,083,768 29,709,940
mach'y, equip.,
Funded debt
15,000,000 15,000,000
Potts, patterns,
Notes payable_
2,000,000
drawings& goodAccts. pay, and
will
:38,162,110 37,425,030
1,847,098 2,893,997
Payrolls
Inventories
14,820,080 16,141,633 Adv,rec. on contr_
184,696
574,326
Accts.& notes rec_14,395,858 12,432,146 Res. for ereo. and
Lib. bonds, treas.
compl. of contr.
notes,&e. mark1,049,862 1,097.860
billed
etable secure__ _ 3,083,094 3,584,929 Accrued taxes- --- 1,438,755 1,372,330
Cash in banks &
Dividends payable 943,800
923.467
on band
3,035,360 1,615,409 Deb, int. accrued_
125,000
125,000
14. sale contracts,
General conting- - 1,188,202 1,247,625
• outside real est.
Empl. Habil. for
& prop, not reaccident comp__ 539,398
511,992
quired for mfg.
17.399,111 17,566,931
Surplus
operations
1,041,544 1,058,097
Derd charges_ _ _ _ 468,522
766,226
Employ.stock subscriptions
793,120
[Vol,. 132.
The 1929 annual report referred to a plan which was being developed for
consolidating the research, engineering, manufacturing, and selling of radio
receiving sets and tubes in one administrative entity. The consummation
of this plan resulted in the transfer to the Radio Corp. of America, as of
Jan. 11930, of the radio receiving set and tube business, and manufacturing
equipment and company's interest in subsidiary companies of the Radio
Corp., for which this company received in exchange 3,948,225 shares of
the common stock of the Radio Corp. This stock, in addition to the
240,530 shares previously owned, makes a total of 5,188,755 shares 1,of
Radio Corp. common stock now owned by your company.
Miscellaneous Companies
.-The General Electric Realty Corp. was
formed in 1930 to take over the real properties of company, other than
active manufacturing plants and land held for future growth of such plants.
These properties consisted of warehouses, service shops, office buildings,
dwellings, idle factories, vacant land, and mortgages on properties which
had been sold. Company owns all of the stock of this corporation.
The General Electric Realty Corp. maintains and supervises these prop-
erties, provides new and additional space when required, and negotiates
sales of properties not needed in the business.
A new warehouse was built in Cleveland during 1930 for use by the
General Electric Co. and its associated companies.
There have been no notable changes in the activities of other associated
companies.
Capital Sloth.
-At a special meeting of the stockholders held Jan. 151930.
Total
75,799,689 73,023,472
Total
75,799,689 73,023,471 the authorized common stock was increased from 7,400,000 shares to 29.x Less depreciation of 612,664,436 in 1930, and $12,042,970 in 1929. 600,000 shares without par value, a ratio of four for one. The number of
shares outstanding was 7.211,481 84-100 which was increased in January
y Represented by 1,258,400 no par shares -V. 132, p. 1993.
193() to 28,845.927 36-100 shares by issuing three additional shares to the
holder of each share then outstanding. No other change was made in the
General Electric Co.
(39th Annual Report Year Ended Dec. 31 1930.)
Owen D. Young, Chairman, and Girard Swope, President,
Mar. 27 wrote in substance:
Manufacturing Plants
-From the formation of the General
Electric Co. in 1892, there had been expended on manufacturing plants to Dec. 31 1929
$313,659,221
Added during 1930
13,566,076
common stock during the year•
Stockholders.
-On Dec. 19 1930 there were 116,750 holders of common
and special stock, and half of this number (exclusive of corporations, institutions, &c.) consisted of women. This compares with 60,374 on Dec.
16 1929, an increase of 56.376 or 93%.
CONDENSED INCOME ACCOUNT FOR CALENDAR YEARS,
1930.
1929.
1928.
1927.
376,167,428 415,338.094 337,119,422 312,613,772
x335,717,167 365,942,197 297.528,192 276,454,003
$327,225,297
Dismantled, sold or otherwise disposed of to Dec.
Profit from sales__ - 40,450,261 49,395,897 39,661,231 36,149,769
31 1929
$104,125,767
Int.& disc. &mind-prof- 4,863,833 7,814,858 5.988,176 4,955,805
Dismantled, sold or otherwise disposed of during
Income from securittes.- 15,211,369 13,611,220 11,683,024 10,440,113
1930
24,795.567 128.921,334
Total
60.525,464 70,821,977 57,332,433 51,545,687
Cost of present plants
$198,303,962
Deduct
General plant reserve and deprec. Dec. 31 1929-$160,297,165
Interest payments
313,079
450,806
321,678
284,485
Deducted during 1930
7,861.131 152,436,033 General reserve
2,721,470 3,081,290 2,856,948 2,461,712
Net book value, Dec.31 1930
$45,867,929
Net profit
57.490,915 67,289.880 54.153,806 48,799,489
Expenditures for manufacturing plant in 1930 were $6,451,740 less than Com.divs.,cash
d46,150,204 a39,660,234
In the preceding year. The largest single project was the expansion of facil- Cash diva' on spec. stk.- 2,574,952 2,574,819 b43,265,656 c34.251.774
2,574,655 2,574.447
ities for the production of fractional-horsepower motors at Fort Wayne
works. Substantial expenditures were made, as in the past, to provide
Balance, surplus
8,765,759 25,054,827 8,313,495 11,973,267
additional capacity where needed, and to replace worn-out and obsolete Previous surplus
171,200,881 132,674,652 115,096,616 103,123.348
equipment. The rearrangement of facilities, and the consolidation in one
place of the manufacture of related products formerly manufactured in two
Total surplus
179,966,640 157,729,479 123,410,111 115,096,615
or more factories, were continued.
Direct credits to surplus13,471,402 9,264,541
The amount written off for plant "Dismantled,sold or otherwise disposed
of during 1930" was unusually large because of the transfer to the Radio
Profit & loss surplus--179.966.640 171,200,881 132.674.652 115,096,615
Corp. of America of land, buildings, and manufacturing equipment used in Shs, corn. out. (no par). 28,845,928 7,211 482 7,211,482 7,211,482
the production of radio sets and tubes.
Earns. per sh.on cora_ _ _
s4,97
*$1.90
$7.15
$6.41
It will be noted that instead of adding to "general plant reserve and dea $5.50. b $6. c $4.75. d $1.60. x Includes provision for all taxes.
preciation," $7,861,131 was deducted therefrom. The normal depreciation * Number of shares increased for one in 1930.
on plant and equipment was charged to cost of sales and added to the reserve
Note.
-Company's
business was transferred
However, as a result of the radio transfer and the disposition of worn-out Radio Corporation of radio set and tube 1930, and, as a result, the to the
America
orders
and obsolete equipment, the first-cost value of these assets was removed received, unfilled orders, salesas of Jan. 1
sales for 1930
from "cost of present plants," and the corresponding reserves and depre- do not include radio sets and billed , and net income fromElectric radios
tubes, except the General
ciation were removed from "general plant reserve and depreciation,' re- which were introduced to the public
in the latter part of the year.
suiting in a net deduction.
CONSOLIDATED BALANCE SHEET DEC. 31.
Other Property.-Land,buildings,and machinery (other than in factories),
1930,
after reserves are deducted,are carried at $252,609,compared with $2,506.1930.
1929.
1929.
Assets
Liabilffies$
064 at the end of 1929. The decrease is accounted for by the transfer of
Common stook y180,287,046 180,287,048
the real property holdings of company, other than manufacturing plants, Patents, franchises, &c__
1
1 Special stock_- 42,929.635 42,929,635
to the General Electric Realty Corp.
Mfg. plants_ _ _ _x45,867.930 49,236.289 33:% (Miens__ 2,047,000 2,047,000
Associated Companies and Miscellaneous Securities.
-Investments in
2,506,064 Chas. A. Coffin
252,609
associated companies and miscellaneous securities have been appraised Real estate, &a_
400,000
400,000
Foundation __
and are carried at a net valuation of 3204,810,328, compared with $183,778,- Furn. & apprces
(other than in
Accts. payable.. 18.415,404 23,232,441
at the end of 1929. These amounts include advances to associated
637
factories)__- 1 Am.taxes (est.) 10,006,750 15,523,765
1
companies as well as securities, since a large part of the advances are reAssoc. cos. &
Adv. on contets 17,123,037 24,119,222
quired permanently in the business.
secs__204,810,328
The interest and dividends received from the associated companies
Receipts
-
Net sales billed
Cost of sales, &c
mIscell.
183,778,637 Dividends pay64,371,069
able January_ 12,181,296 11,460,166
Res.for self-ins.,
54,567,917
compensation,
20,888,797
&c
7,974,385
7,533,887
80,835,545 General reserve_ 39,763,664 37,042,194
59,331,900 Surplus
179,966,640 171,200,883
476,404
260,018
141,717,851
and miscellaneous securities amounted to $13,453,654, which is 6.9% Cash
of the average value at which these investments were carried at the be- Notes & accts.
receivable_
41,676,727
ginning and end of the year. This compares with 6.6% return in 1929.
If the associated companies had distributed as dividends all their earnings Work in progress 16,229,589
60,063,419
for the year 1930, company's "income from other sources" would have been Inventories
increased by an amount approximately equivalent to 27 cents per share of
the common stock of company outstanding at Dec.31 1930. This compares
with 43 cents per share for the year 1929 on the present basis.
Foreign Business.
-The Canadian General Electric Co., Ltd., reported
net profit for the year 1930 amounting $3,765,798, compared with $4,428,885 for 1929. Dividends of 7% were paid on the $8,557,750 of preference stock. and 6% regular and 2% extra on the $9,442,250 of common
stock outstanding. The dividends received by this company are included
In the "statement of income and expenses" as part of "income from associated companies and miscellaneous securities."
The International General Electric Co., Inc., conducts the export and
foreign business of your company outside of Canada,and,in 1930. reported
a profit available for dividends of $1,519,198, compared with $1,708,064
In 1929. Dividends of 8% were paid on the $10,000,000 of common stock,
and 7% on the $10,000.000 of preferred stock outstanding. The dividends
received by company are included in the "statement of income and expenses" at part of "Income from associated companies and miscellaneous
securities.
Continuing company's policy of participating in the development
electrical industry by the leading companies throughout the world,of the
additional advances were made to the International Co. for further expansion,
the more important investments being in Germany.
The International company acquired during the year 510.000,000 participating debentures of Siemens and Halske Aktiengesellschaft (Germany),
out of a total of $14,000,000 sold in the United States. These debentures
receive the same annual rate of interest as the dividends on the ordinary
shares, and are guaranteed a minimum of 6%. The dividends for 1929 and
1930 were each 14%. These debentures, while giving the International
Co. no vote in the affairs of Siemens and Halske, do give the company a
substantial participation in its profits, and the relations between the two
companies are very cordial.
The participation in the Allegemeine Elektricitats-Gesellschaft(Germany)
has been completed and the International company now owns approximately
25% of the total share capital. The dividend paid for the year 1929 was
97, and the dividend rate for 1930 has been fixed at 7%.
Last year's report stated that the International company had acquired
a one-sixth interest in the Osram G.m.b.H. Kommanditgesellschaft (Germany), the largest manufacturer of incandescent lamps in Europe. Its
sales and profits in 1930 were about the same as in 1929. The capital was
U. S. Govt. secs
Deferred charges
Total
511,094,859 515,776,239
Total
511.094,859 515,776,239
x After deducting $152.436,033 reserve for depreciation. y Represented
by 28,845.927 shares of no par value.
-V. 132. p. 1627.
Western Electric Company, Inc.
(Annual Report-Year Ended Dec. 31 1930.)
President Edgar S. Bloom March 16 wrote in part:
The 1930 business of the company, like that of most industries, showed a
decrease in comparison with the previous year. While the company
entered the year with the largest volume of unfilled orders in its 'Astor)",
the recession in general business early in the year affected the telephone
companies' requirements for equipment, and the volume of new business
Which they placed consequently decreased.
The change in business conditions and the consequent decrease in demand for the company's products made it advisable to modify the program
Which was undertaken the previous year for expansion of manufacturing
facilities; and, while substantially all buildings in course of construction at
the beginning of 1930 were carried to completion, the resumption of the
program awaits a revival in business.
Kinancial.-The net profit rate on sales was 3.4%, as compared with
5.6% in 1929, and was the lowest profit rate in more than ten years. While
1930 sales were about 12% less than for 1929, earnings declined from
-the result of the change from an expanding
31,555.774 to 520,297,612
to a rapidly contracting volume of manufacture and the necessary heavy
write-downs in inventories during a period of declining commodity prices.
These earnings fell short of meeting interest payments and dividends by
$7,625,161. Earnings included dividends amounting to $5,044,000 received during the year from subsidiary companies whose earnings in 1930
exceeded the dividends paid by approximately $250,000.
To finance the completion of manufacturing facilities which were contracted for in 1929, stockholders of record on Feb. 17 1930 were offered the
right to subscribe to 750001) shares of common stock without par value
at $40 per share in the ratio of 1 share for each 7 shares held.
The entire
amount of new stock offered, providing new capital of $30,000,000, was
taken by the stockholders and stock was issued as of March 31 1930.
Electrical Research Products, Inc.
-Electrical Research Products, together
with its foreign subsidiaries, has installed sound reproducing equipment for
talking motion pictures in more than 7,600 theatres throughout the world.
of share capital of Ganz & Co., Ltd. (Hungary). and, in co-operation with With substantially all the large motion picture theatres
the Allgemeine Elektricitats-Gesellschaft, concluded a contract convering end of 1930, the future activities of the company in this equipped at the
field are now conthe exchange of patents and technical information.
centrated upon the
The Associated Electrical Industries, Ltd., (England), in which the In this country, a smaller theatres. In addition to the recording studios
number of foreign studios have been equipped with
International company is substantially interested, paid a dividend of 6% Western Electric sound recording apparatus.
for 1929 and, notwithstanding the general business depression, its business
Progress has been made during the year in improving the quality of
In 1930 was almost as good as in the previous year, and its dividend of sound in the motion picture,
the outstanding achievement in this respect
67 on the common stock will no doubt be continued.
being the "Western Electric New Process Noiseless Recording," which is
Manufacturing Companies.
-Since the formation of the Radio Corp. of perhaps the most notable single advance in the art since the first comAmerica, company has had a contract covering the manufacture of a large mercially successful showing of sound pictures
4
in 1926.
part of the Radio Corporation's requirements of radio sets and tubes and
Teletype Corp.
other radio equipment, and the Radio Corp. has had exclusive selling rights Chicago and its -The acquisition in October of the Teletype Corp. of
operation as a Western Electric subsidiary brought to the
under patents resulting from inventions made in your company's laboratories company a notable addition
in product, manufacturing facilities and
and elsewhere.
increased by 5,000,000 marks, of which the International company subscribed for its quota.
During 1930 the International company participated in the increase
personnel.
MAR. 21
1931.]
FINANCIAL CHRONICLE
The Teletype plant occupies 6% acres of land on Wrightwood
Chicago. It consists of 13 buildings comprising 280.000 square Ave.,
floor space. Here is designed and manufactured printing telegraph feet of
equipment for the transmission of typewritten communications over wires between distant points. Wide uses of this system are made by newspapers,
news gathering agencies, financial institutions and industries. High
stock quotation tickers and stock quotation display boards are also speed
Teletype products.
For several years the Bell System has been the largest customer of the
Teletype Corp., and the system probably will continue to require the
major portion of the company's production. The acquisition of Teletype
furnishes opportunity for greater progress and economy from co-ordinated
research, development and manufacture.
EARNINGS FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
$
$
$
Sales
361,478.438 410,949,817 287,931.396 253,724,013
Other income (net)
8.145,632 8.575,217
2,790,233
2,088,014
Gross income
369,624,070 419,525,034 290,721,629 255,812,027
Cost ofsales
349,326,458 387,969,260 268.698,347 236,472,853
Interest
4,672,773 4,560.528 2,315,393
1,982.757
Net income
15,624,839 26,995,246 19,707,889 x17,356,417
Common dividends
23,250,000 23,500,000 11.250,000
7,500,000
Balance, surplus_ _ _ -def7,625,161
3,495,246
8,457,889
9,856,417
Shares common stock
outstanding (no par)_ 6,000,000 8,250,000 4,000.000
3,750,000
Earned per share
$5.14
$2.60
$4.92
$4.62
x Does not include $48,750,000 divs. received from Electrical
Products, Inc., and dLstributed as special ciiv. of $13 per share toResearch
Western
Electric Co. stockholders.
BALANCE SHEET DECEMBER 31.
1930.
1929.
1930.
1929.
Assess
Liabilities$
Real estate and
Cap.stk.& surp.186,931,784 164,556,915
buildings__ _ 73,089,826 60,102,640 5% deb. bonds. 35,000,000 35,000,000
Machinery and
Notes sold to
equipment.. _ _ 90,728,000 74,461,492
trustee of penMerchandLse_- 86,678,371 95.940,378
sten fund_. 31.481,085 26,123,933
Cash
8,080,441 14,604,973 Interest & taxes
Accts.receivable 44,824,081 65,179,732
accr. not due_ 3,875,510 5,311,170
Investments__ _ _ 75,011,557 62.178,802 Accts. payable_ 17,025,175 31,733,139
Marketable seBills payable__ 30,000,000 42,819,000
curities
859,677
671,450 Res've for depr_ 74,801,448 64,670,737
Prepaid charges
252,183 Res. for conting.
183,929
138,726
Total
379,301,959 373,391,650
Total
379,301,959 373,391,650
a Capital stock and surplus represented by 6,000,000 shares, no par value.
-V. 132, p. 1057.
International Business Machines Corp.
(& Subs.).
(19th Annual Report
-Year Ended Dec. 31 1930.)
CONSOLIDATED INCOME ACCOUNT FOR
1930.
1929.
:Net profit
$10,966,318 $10,028,293
Bonds, &c., interest_ -._
222,992
182.609
Depreciation
1,790,888
1,557,308
Develop. & patent exp
835,004
802,026
Federal tax (estimated)800,000
740,000
Amortiz. of patents_._
71,237
71,237
Net income
$7,286,580 16,634.730
y Dividends
825,855 3,188,732
Rate
($5.25)
($6)
Balance, surplus
13,460.725 $3,445,998
Prey,capital and surplus 33,717,489 30,271,492
CALENDAR YEARS
1928.
1927.
$8,264,798 $8,889,003
317.858
325,914
1,268,158
1,211.848
740,215
415,921
575,000
500,000
71,236
71,237
$5,292,529 $4,364,082
2.927,866
2,458.883
($4.25)
($4)
$2,364,863 $1,905,399
27.906,629 26,001.229
Declared cap. & surp_$37,178,214 $33,717,490 $30,271,492 $27,908,628
Shares of capital stock
outstanding (no par)_
637,954
607.576
607 576
578.643
Earns. per sh.on cap.stk.
$11.53
$11.03
233.83
$7.54
x Net profit of subsid. cos. including foreign, after writing down inventories of raw materials to cost or market, which ever was lower, and deducting maintenance repairs provision for doubtful accounts, the proportion of net profit applicable to unacquired shares, and expenses of
International Business Machines Corp. y In addition to cash dividends
here shown,company paid a 5% stock dividend in Dec. 1928, Jan. 1930 and
Jan. 1931.
COMPARATIVE BALANCE SHEET DEC. 31.
1930.
1929.
1930.
1929.
Assets$
$
Liabilities$
$
Plant, good-will,
Capital St surplusc37,178,214 33,717,489
&o
a25,953,270 23,408,266 Sub. cos. stocks_
96,703
97,790
Cash
3,367,504 2,405,210 Funded debt
2,987,000 3,078,500
Call loans
1,100,000 Accts. payable, &o 1,036,350 1,088,161
U.S. Treas. Ws 1,000,000
Contingency rea've 449,952
678,661
Notes & accts.reo.b3,278,033 3,666,356 Fed. tax (est.)____ 810,982
740,000
Sinking fund
353
231 Divs. payable_ .. _ _ 956.531
911,115
Inventories
3,112,233 3,539,983 Accrued interest__
89,640
92,355
Investments
6,361,616 5,856,094
Deferred assets_ .._ 532,361
427,931
Total
43,605,371 40,404,071
Total
43,605,371 40,404,971
a Includes land and buildings, $2,307.651 less depreciation
of $640,404
plant equipment and rental machines of $20,445,773
ant
less depreciation of
879; and paten and goodwill of
patents
1.253,728. b After deducting $327,346115,158.857 less amortization of
reserve for doubtful accounts.
c Declared capital 120,552,885 and surplus, represented by
637,954 shares
-V. 132, p. 863.
of no par value.
The International Nickel Co. of Canada, Ltd.
(Annual Report-Year Ended Dec. 31 1930.)
President Robert C. Stanley, March 16, wrote in part:
-Sales of nickel from the Port Colborne (Canada)
Sales.
and Clydach
(Wales)refineries amounted to 56.934,612 pounds compared
with 95,394,808
pounds in 1929. a decrease of 40%. Sales of products
ing mills in Birmingham (England) and Huntington produced at the roll(W. Va.), and the
foundry in Bayonne (N. J.) totalled 26,454.916
41.094,851 pounds in 1929, a decrease of 36%. pounds as compared with
The sales
forms, including alloys, amounted to 75,284,352 pounds. of nickel in all
inclusive of copper in sulphate, increased from 81.833,776 Copper sales,
pounds to 109,743,747 pounds, an increase of 34%.
The world's consumption of nickel in all forms reached a
total of 88,000,000 pounds as compared with 136,000,000 pounds
in 1929 and 117,000,000 pounds in 1928.
Sales of nickel for the first half of 1930, though less than for
the corretaryea gusi nessnfe
din
eriod i llipg Nveri ir an saigoden Novem
if
ontbly .eas
lluringr thnd
ae iagecem
halfa
the lowest for years.rapidlyies of "Monel Metal" were in
were
throughout the year. iMonel Metal Is a registered trade mark fair volume
applied to a
technically controlled nickel-copper alloy of high nickel
Metal is mined smelted, refined, rolled and marketed content. Monel
national Nickel
Sales of rolled nickel were off 64% due solely by Intercurtailment in the radio industry. Export sales of nickellargely to heavy
borne, other than to the United States (U. S. sales being from Port Coloff 44%), were
off 55% from the figures of 1929 and sales of nickel by the
Monel Nickel
Co„, Ltd. from Clydach decreased 31% from the previous year.
No changes were made in the company's price shedules for
Copper declined in price from 18 cents to 93 cents, the nickel in 1930.
lowest price recorded, except in 1894, for the past 50 years; consequently
although more
copper was sold in 1930 than in 1929 profit was greatly decreased.
metals and silver, important by-products from the company's Platinum
electrolytic
refining operations, sold at abnormally low prices during
the year; silver
at present is selling at the lowest known prices.
-Proven ore reserves as of Dec. 31 1930 aggregated
Ore Reserves.
704,000 tons, showing a gain of 6,610.000 tons over 1929. Frood 206.con-
2185
tributed 2.416,000 tons, Creighton 2,648,000 tons, Levack 137,000 tons
and Gerson 1,409,000 tons to the increase in ore reserves. The additional
Frood ore is below 2,000 feet and grades 4.93% copper and 3.53% nickel.
The substantial addition to the Creighton ore reserves
found between vertical depths of 2,400 feet and 3.400 resulted from ore
ore reserves developed during 1930 contain sufficient nickelfeet. Additional
to supply
requirements for three years at the rate of 1929 peak consumption. market
Capital Expenditures.
-Capital expenditures incident to the development
of the Frood mine and construction of accessory plants are practically
completed and the same may be said of the program of additions and betterments in Great Britain.
Expenditures for the fiscal year ended Dec. 31 1930 were 512.328.918.
distributed as follows; Sudbury District $10,623,911, Port Colborne
$189,558, Great Britain $925,102, Huntington $398,741, Bayonne $182,571
New York office and foreign development companies. $9,033.
Expenditures of $10,623,911 in the Sudbury
were
as follows; Hydro-Electric power plants $69,798.DistrictMine distributed
Freed
12.843,022.
Creighton Mine $150,392, Levack Mine $492.714, Carson Mine $3,424,
Copper Cliff Smelter $6,965,625. Coniston Smelter 98,932.
Expenditures of $925,102 in Great Britain were distributed as follows:
Clydack Refinery $95,708, Acton Precious Metals Refinery
$251,508,
Birmingham Rolling Mills $408,354, the Birmingham
Ltd. $58,427, the Tareni Colliery Co., Ltd. 141.535,Electric Furnaces.
Clydach Estates.
Ltd. $42,433, London office $27,133.
In addition to the foregoing capital expenditures there was invested in
other companies $4,322,862. This amount is made up of $345,000 in
Horseshoe Lake Mining Co., Ltd. and $3,977.862 in Ontario Refining Co.,
Ltd. 42% of the stock of the latter being owned.
Of the total expenditures enumerated, amounting to
'
treasury has been reiribursed by funds realized from the$16,651.780, the
sale of common
stock in Aug. 1930 in the amount of $15,281,164.
Capital expenditures during 1931 will be substantially less than those of
1930. Two important items are scheduled for completion in 1931;
first.
the transfer of the Orford Separation Process (a smelting operation) from
Port Colborne to Copper Cliff and second, the rehabilitation of the Mond
shaft and headworks at the Frood mine. The former will show a substantial
saving in operating expenses and the latter is a necessary elimination of
fire hazard and will moreover facilitate handling Frood ore from
depths
below 2,800 feet.
Capital Increase.
-At a special general meeting of stockholders, held in
Toronto July 25 1930, the authorized common stock was increased to
15.000,000 shares and subsequently directors offered to common stockholders additional common shares for subscription in the ratio of6 shares
common stock for each 100 shares of common stock of record on Aug.of
7
1930, at $20 per share. As a result of this stock offering, which was underwritten, 825.817 shares of common stock were subscribed and allotted,
proceeds being apportioned between capital stock and capital surplus. the
Shareholders.
-The number of preferred shareholders was 10,723 on
Dec. 1930 as compared with 14,119 on Dec. 31 1929. a decrease of 24%.
The number of common shareholders was 76.235 on Dec. 31 1930 as against
54,241 on Dec. 31 1929, an increase of 41%.
CONSOLIDATED GENERAL INCOME ACCOUNT FOR CAL. YEAR.
1930.
1929.
1928.
y1927.
Earnings of all properties
(mfg. and selling exp.
&c., deducted)
$18,389.983 $29,353,072 $16,076,596 $8,861,895
'
Other income
616,858
1,800.587
629.999
123,729
Total income
819,008,841 $31.153,660 $16,706,595 $8,985,625
General expenses
1,552,027
1,846,316
967.479
603,029
Federal franchise, &c.,
taxes (estimated)-- _ 1,229,657
2,682,395
1.188,679
614,498
Depreciation & depletion 3,145,795
3,054,83.5
1,594.354
1,595,396
Int. paid and accrued
481.158
448.066
Retirement system
828,143
886,051
556,765
Orford property expense.
108,156
Net income
$11.770,060 $22,235.997 $12,399,317 $6.064.545
Preferred dividends
1,933,920
2.040,501
557.034
534,756
Common dividends
14,148,941 12,375,704 4.331.095 3.346,768
Balance, surplus
df$4,312,801 $7,819,792 $7,511.188 82.183.020
Shares of common stock
outstanding (no par)_ 14,584.025 13,758,208 11.258.208 x1.673,384
Earned per share
$0.67
$1.47
$1.05
$3.30
x Par $25. y International Nickel Co. of New Jersey and subsidiaries.
For income statement for the four quarters of 1930 see"Earnings
Department" on a preceding page.
CONSOLIDATED GENERAL BALANCE SHEET.
1930.
1929.
1930.
1929.
Assess8
Liabilities
$
Property
y145,481,480 136,298,358 Preferred stock.. 27,627.825 27,627,825
Investments ___ 6,939,327 2,910,339 Common stock_x60,766,771
57,360,542
Inventories _ _ 21,060,096 17,109,312 Debenture stock
Accounts & bills
of Brit.subs-- 7,509,040 7,626,672
receivable_ . 6,155,744 8,487,682 10-year serial 5%
Govern. secur__
745,675
745,675
Purch. money
Cash and money
notes
1,200,000 1,500,000
loaned
9,284,368 16,395,333 Accts. payable_ 3,125.923 6,101,325
Tax reserves__ 3,533,476 3,921,366
Pref. dlv. pay-483,484
483,473
Insur., coming.
& other reeves 4,641,356 3,937,797
Capital surplus_ 60,132,644 48,428,731
Earned surplus. 20,646,169 24.958,970
Total
189,666,690 181,946,699
Total
189,665,690 181,946,699
x Represented by 14484.025 no par. y After reserve for depreciation
of
$16,740,907 and depletion of 16,049,443.-V. 132, p. 1044.
Continental Oil Co. (and Subsidiaries).
(Annual Report-Year Ended Dec. 31 1930.)
President D. J. Moran, Feb. 28, wrote in part:
The company and subsidiaries earned a net profit for the year
$255.598. Net earnings from operations for 1930 were $4,454,371,1930 of
conformity with the company s practice of carrying inventories but, in
lower of cost or market, it was necessary to reduce crude and at the
refined
inventory values as of Dec. 31 1930, by the sum of 14,198,773.
This
reduction of inventory values, in connection with the general policy of
retrenchment throughout the company and its sound financial condition,
places it in a strong position to profit from any general improvemen
t in
the oil industry.
The net earnings of the company for 1930 were adversely affected by
the prices that prevailed during the year for petroleum and its products,
which were the lowest the industry has experienced since 1915.
The company's expenditures for capital investments covering additions
to property accounts during 1930 amounted to $19,084,844, as compared
to $22,310,664 during 1929. During 1930, the company retired $15.706,668 of its funded and long term debt. Current assets as of Dec. 31
1930, were equivalent to $9.30 per share of the outstanding capital
the book value of which was $31.40 per share. The ratio of currentstock,
assets
to current liabilities was 6.82 to 1.
Additions to reserves, charged to earnings during 1930,
373,964, which is in accord with the company's policy oftotaled $16,maintaining
sufficient reserves to provide for the amortization of its properties.
The results of the company's operations during the year 1930. as compared with 1929, in various branches of its business, are shown by the
following table:
-In Barrels of 42 Gallons.
Production of Crude 0111930.
x1929.
Gross
32,787,303
35,636,726
Net
21,159,187
23,252,648
Average Daily Crude Oil Production
Gross
89,828
97,635
Net
57,970
63,706
Pipe line runs of crude oil
18,644,438
16.392.971
Crude oil run through refineries
12,059,212
9,893,448
Inventory of crude oil on Dec. 31
10,944,598
11,902,548
Inventory of refined products on Dec. 31
1317
8
117Z
11 8h1 4 Z
: :.
7 82
Sales of crude oil
Sales of refined products
14,020.836
10.960,884
Sales of natural gas (1,000 cubic feet)
10,514,83)
10,160.406
[VOL. 132.
FINANCIAL CHRONICLE
2186
x The figures for 1929, as shown, represent the operations for the first
six months of 1929 of only the Marland 011 Co. and, for the last six months
of 1929, of the re rganized company, whereas 1930 figures represent a
full year's operations of the combined companies.
During 1930, proration, which had Its inception during the latter
part of 1926, was stressed throughout the industry and this company
co-operated in all programs for curtailment of production and conservation of oil and gas reserves. The support of these programs has assisted
In maintaining a better balance between supply and demand.
During 1930, the company limited its acquisition and construction of
additional marketing outlets to points that offered a reasonable and assured
return. In many Instances, they simply represented conversion of uncontrolled outlets to controlled.
The Great Lakes Pipe Line Co. was organized in July 1930, and is now
gasoline
constructing 1,400 miles of pipe line for the purpose of transporting (includfrom the refineries of six companies in the Mid Continent area Lakes
Continental 011 Co. refinery in Ponca City) to the Great Lakes
ing the
region. This company owns 31.2% of the capital stock of the Greatin and
Pipe Line Co., and, at the close of the year 1930, had invested
advanced to that company $1,728,946.
During 1930, and since the introduction of Conoco Germ Processed
Motor 011 in November 1929, it has received public acceptance beyond
our estimates. This company owns the exclusive North American patent
rights on its manufacture and. distribution.
During December 1930. the company began the construction of 82.5
miles of oil pipe fines from the Oklahoma City pool for the delivery of crude
oil to the company's refinery in Ponca City. This line, which was completed and put into operation Feb. 7 1931, has a present capacity of 12000
barrels per day, and has made it possible for the company to enterinto
advantageous arrangements for the purchase of Oklahoma City crude for
its Ponca City refinery and, in addition, will permit the running of crude
from its own properties in that field.
Comparative Consolidated Income Statement Years Ended Dec. 31.
1929.
1930.
590,430,898 581.893,797
Gross operating income34,030,418 23,923,911
Merchandise costs
34.684,736 28,807,002
Operating and administrative expenses
1,767.859 1,133,543
x Taxes
519,947.885 528,029,342
Net operating income
Equity in current year's earnings of controlled
1,317,010
1,220,061
companies not consolidated, net
1,600,927 1,858,440
Dividends and interest received
Income before capital extinguishments and $22,768,873 $31,204,792
interest charges
5,079.903 8,236,513
Intangible development costs
3,247,879 4,149,884
Depletion and lease amortization
8,046,182 7,878,429
Depreciation
1,767,122 1,760,718
Interest and discount on funded debt-- ----- 125,428
Otherinterest...144,362
Adjustment of inventories to lower cost of markt 4,198,773
$284.652 $9,053,819
Net income
25,159
29,054
Applicable to minority interests
$255,598 $9,028,661
Net income accrued to corporation
4,694,062 4,743,103
Shares common stock outstanding (no par)
$1.90
$0.05
Earnings per share
to the amount of taxes shown above, there was paid (or
x In addition
accrued) for State gasoline taxes the sum of $9,726,324.
Consolidated Statement of Surplus for Year Ended Dec. 31 1930.
$25,066,358
-Balance, Jan. 1 1930
Capital Surplus
916,910
Surplus from appreciation, Jan. 1 1930
$25,983,269
Total
Depletion on excess book costs from June 30 1929 to date._ $2,784,445
1,773,339
Book costs at June 30 1929. of assets written off
101,952
Miscellaneous credits
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1930.
Assets
Cash
3,818,616 1,937,089
Marketable emirs.
7,950
and accr. int.__
13,179
Accts.& notes rec_a2,765,132 2,581,150
5,874,585 5,637,510
Inventories
Res, for loss on
exch. on net curr.
assets in South
America
Dr778,613 Dr146,987
Inv. In securities
254,818
at market
Plant sites, mineral
lands,
rights,
bides., mach'y,
& equipment...643,413,733 43,854,296
Bond discount.prePaid exps., &c._ 1,534.777 1,606,875
Total
56,896,228 55,477,882
1930.
Liabilities
Accounts payable_ 1,096,317
Accr. int. & exp._ 358,175
Prov. for taxes._ _ 459,752
39,504
Insurance reserves
Employees'subscr.
76,367
to capital stock_
17,995,500
Funded debt
Cap, stock of sub.
11,630
cos. not owned_
Common stock...c21,850,986
Sur. of sub. co. in
set
Argentina
aside In accord.
with Argentine
155,439
law
Earned surplus. _ _14,852,558
Total
1929.
1.095,718
347,49E.
363,057'
388,664
17,995,500.
36,501
21,448,558
131,565..
13,670,836-
56,896,228 55,477,882
a After reserve for doubtful accounts of $125,000. b After reserve
for depreciation and depletion of $17,348,216. c Represented by 635,798
no par shares.
-V.132, p. 1044.
Consolidation Coal Co.
-Year Ended Dec. 31 1930.)
(67th Annual Report
CONSOLIDATED INCOME ACCOUNT YEARS ENDED DEC. 31..
1927.
1928.
1929.
1930.
Sales of coal to public,
Incl. coal produced and
purchased, transp. to
distrib. points, &c..
,
(less allowances, &c.) $25,973,310 $35.198,047 $33.273.112 $41,102,928.
Oper. exp., taxes, insurance and royalties.... _ _ 26,994,188 31.299,944 32.203,044 39.432,805
Earnings from oper.
before providing for
deprec.& deplet-def.$1.020,878 $3,898.102 $1,070,068 81,670,123.
Profitfrom sale ofcapital
58,576,
10,517
465.764
15,391
assets
415.085 2.345.244 2.530.850
Inc. from other sources_ 4.983.252
53.977,765 54.323.704 53.881,075 $4,259,549.
Total income
1,549,029.
1,433.450 1,439,354
Int. on fund. dt. & loans 1,436,354
91.384
90,542
88,245
97.617
Amort. of bond discount
Divs, on pref. stock of
228,182:
223,826
219,165
214,291
Carter Coal Co
2,058,575 1,894,098 1,691.860 1,701,101
Depreciation
316,908
336,962
348,631
302,797
Depletion (on cost)
62.442
Fed'l Inc. tax accruals_
$372.945
$287.046
589.158
Profit for the year_ _loss$131.868
7.422,228 6,852,515 6,480,517sunl.443,220
Previous deficit
,
57,554,096 $6,565,469 $6,391,359sur$1816,165
Total deficit
Charges applic. to prior
period, representing
reduc, ofinvest. to apprais. val., prop.aban461.158 8,296,682'
donment,depl.,SccCr1,207,508
x Adjustments
Loss in closing receivership of allied co. & reduc. of sec. to market
856,758
value at Dec. 31 1929
Bal.at debit of profit&
loss acct. Dec. 3L.. 56.346,588 $7,422,228 56,852,515 $6,480,517
x Adjustment of Federal income tax and profits tax liability, less reduction in value of investments.
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1930.
1929.
1930.
$21,527,436
Balance, Dec. 31 1930
$
-deficit
$
AssetsEarned Surplus-Balance, Jan. 1 1930 surrendered charged $33.268,557
Capital assets.....x68,400,313 66,025,342
Depletion on excess book costs and leases
1,195,769 Investments
1,354,805 1,709,761
1929 chargeable to capital surplus
off in
Cr.251,282 Deferred charges 1,531,649 1,585,083
Miscellaneous, net
Cr255,598 Inventories
6,791,488 6,812,694
Net income for year 1930
Notes & accounts
4,925,017 6,278,370
$1,565,908
receivable
Balance, Dec. 31 1930, deficit
$19.961,528
Total surplus, Dec. 31 1930
Comparative Consolidated Balance Sheet Dec. 31.
1930,
1929.
1929.
1930.
Assets10,173,761 15,027,385 Notes payable.... 1,000,000 1,000,000
Caah
V.S.Govt,secur 8,212,688 4,194,699 Accts. payable__ 4,608,846 6,501,374
851,148
Accrued Habil__
1,210,927
Notes and accts.
a6,838,339 9,599,842 Purchase money
receivable
obilg• due seriCrude oil & refined products 22,652,985 29,991,328 ally subsequent 2,499,686 2,390,140
to June 301931
1,737,156
Materials & suppl 1,030,777
105,787 Funded debt__ 18,431,000 32,111,000
143,668
Other curr.assets
Unredeem, bonds,
Invests. In & adv.
int, coupons,
to contr. cos.
107.029
328.964
&a
not consol_ _ .617,545,184 18,095,779 Minority lots....
525,055
499,103
Other invests. &
6,007,239 4.619,569 Reserve for conadvances
1,971,929 1,238,805
tingencies__
Capital stk. held
Reserve for anin trust under
495,879
495,879
nuities
employees'OpCapital stock_d128,846,632 129,027,222
tion agreement 1,438,728
surplus_ 21,527,436 25,983,269
Net prop. acet.c106,593,561 109,217,806 Capital (earned) 1,565,908 8,268,557
Deficit
Funds deposited
for redemp. of
bonds,interest
107.029
328,964
coupons, &.)._
IJnad). debits 6r
2,373,681
sundry assets_ 2,168,408
2,252,081
Prep.& def.chga. 1,362,412
179,494,716 197,322,146
Total
179,494,716 197,322,145
b After reserve for possible losses of
a After reserve of $168,989. depreciation, depletion, amortization and
reserve for
$8,398,492. c After
of $140,453,488. d Represented by 4,694,062
intangible development costs 1420.
-V. 132, p.
no par shares.
Total
International Cement Corporation.
-Year Ended Dec. 31 1930.)
(12th Annual Report
YEARS.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR
1927.
1929.
1928.
19.30.
$27,595,096 $23,671,139
$28,370,032
Sales, less disets, &c---$27,037,855 15.885,169 15.790,100 13.788,768
costs.. 14.573,987
Mfg.and shipping
1,967,819
3,034.578 2,772.084 2.442,300
Pray.for deprec.& depl- 3.299,511
2,800,637
3,222.216
3,512,691
Sell.,admind.& gen.exp
$6,200,088 $6,140,480 $5,113,914
Net profit from oper-- $6,129.777
306.946
436,014
420.838
346,289
Miscellaneous income-$6,476,068 $6,620,926 $6,576,494 $5,420,859
income
Total
866.687
1,427,105
1,670,493
1,936,558
Int., taxes and mIscell
$4,539,510 $4.950.433 $5,149,388 $4,554,172
Net income
671,190
256,376
Preferred dividends2,250,000
2,418,978
2.486,357
2,529,289
Common dividends
on
Divs. paid sub. cos,
3.481
2,987
1,708
609
stock not owned
$2,009,611
Balance, surplus
635,798
No.of corn.she.(no par)
i.14
share...
Barns, per corn.
$2,462,368 $2,471,067 $1,629,501
562 500
618 826
627,865
$6.90
i1.90
$7.88
$
$
LiabilitiesPreferred stock---10,000.000 10,000.000'
Common stock__ .40,015,748 40,015,748
Pf.atk.Carter Coal 3,519,900 3,607,100
27,191,000 27,905,000
Funded debt
Accounts payable_ 1,513,313 2,157,089
Notes payable__ 2,350,000 2,500,000
2,884,469 4,140,050 Milwaukee Dock
Cash, &e
225.000
Pun. mon.oblIg_ 168,750
Cash in hands of
116,693 Res, for oonting.
92,031
fiscal agent, &c_
275,000
and insurance_ 158,621
6,346,588 7,422,227
Deficit
201,487
195,263
Accrued bond hat_
Res. for Fed'i tax_ 500,000 2,193,917'
156,47T
Res, for gen'l tax.. 163,688
Div, pref. stock of
36.071
35,199
Carter Coal Co..
747,465
Deferred credits__ 548.127
Capital surplus__ 3,966,752 4,009,866.
Total
90,326,362 94,090,221
90,326,362 94,090,221
Total
x After deducting reserves amounting to 532,942,288.-V. 130, p.3719.
United States Pipe & Foundry Co.
(32d Annual Report-Year Ended Dec. 31 1930.)
President N. F. S. Russell, March 2 wrote in part:
During the year reserves have been maintained in accordance with theusual practice of the company. Provision for depreciation of active and
inactive plants and the amortization of deLavaud patents, required the
There has been expended
sum of $873,280 to be set aside from earnings. equipment, the sum of
for upkeep of tools, machinery, buildings and
from current income. This item fluctuates
$1.298.275 which has been taken
In 1930
is
with the volume and character of the business and somewhat less
than in 1929. All producing plants of the company aro in good condition
if the tonnages are secured.
and prepared for efficient operation to capacitynew construction has been
Reserve for improvements, additions and
charged with $525,579 during 1930. This represents miscellaneous facilities
provided at various plants and the construction and equipment of a research
N. J.
general office
laboratory in connection with the last quarter ofat Burlington, the volume
1930 was low,
While the volume booked in the
the first two months of this year is better, and the management hopes
for
that the volume for the year 1931, barring new unfavorable developments,
Will compare favorably with the volume of 1930 and be better distributed
throughout the year.
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1929.
1928.
1930.
Tot, earnings after oper.
Maintenance
$4.303,913 54,289,525 83,112,477 $5,590,364
1,826,696
1,530.598
1,399,687
1.298,275
Net earnings
Other income
$3,005,638 $2,758,926 $1,712.790 $3,763,667
480,157
743,751
917,882
748,687
expenses
$3,754,325 $3,502,678 82.630,672 54,243,824
Totalincome
845.818
921.448
808.119
873,280
Depreciation reserve- - 24,030
10.325
Interest
$2,881,046 $2,581,230 $1,812,227 $3,373.976
14,722,717 14.277,249 14,505,021 13,171,045
817,603.763 $16,858,479 $16,317,248 $16,545,021
Total surplus
924,860
Red. price 2d pf. stock._
840
(77)840,000
Preferred dividends..(81.20)827,877($1.20)935.761(7%) ,000 0
1,200.000
1,200.000 L200.000
(10%)1,200.000
Common dividendsProfit & loss surplus $14,651,026 $14,722,717 $14,277,248 $14,505,021
x120,000
600,000
600.000
600,000
t9he.com.outat'epar 620)
$21.12
$2.74
$1.62
$3.42
Earns. per sh.on corn....
x Par $100.
Net profit
Previous surplus
MAR. 21 1931.]
FINANCIAL CHRONICLE
2187
COMPARATIVE BALANCE SHEET DEC. 31.
y Equivalent after Federal Water Service
1930.
1929.
under the participating provision of the shares,Corp. pref. dividends and
1930.
1929.
to $2.74 a share on class A
483G13I
$
Property & plant_x22,036,210 23,076,368 Preferred stock.. _b9,297,055a12,000,000 stock and compares with $3.29 a share on class A stock outstanding at
end of 1929. The 1930 earnings after
dividends if applied directly
Cash
4,533,406 8,118,830 Corn.elk.
(par 820)12,000,000 12,000,000 to the class A stock are equivalent topreferredshare,
$3.46 a
against $4.60 a share
Marketable seour_ 8,630,082 6,265,274 Dividends payable 479,943
533,892 In 1929. All the class 13 stock is owned by Tr -Utilities Corp.
Other inv.& adv
900,412
Accounts
574,480
695,932
Accts.& notes rec.y2,639,861 4,201,426 Accr. tax,payable_ 465,630
CONSOLIDATED BALANCE SHEET DEC. 31.
int. &c..
375,800
Inventories
2,242,763 2,720,355 Reserves
z3,891,338 4,392,570
1930.
1929.
1930.
1929.
Fire insur.fund_ __ 347,130
Assets322,782 Surplus
14.651,026 14,722,717
Liabilities
Deferred charges__
19,513
Plant, prop.akc_168,191,561 147,811,801 Subs.pf.stk.out_ 21,548,006 19,873,296
15,926
Cash on dep. for
Misc.Investls__ 4,593,490 4,046,538 Cum. pref. stk_a14,914.492 14,928,764
red. of 26 pf. stk
10,095
Cash & recely„ 5,529.710 5,182.764 Corn.stk.& sur.b25,493,546 24,396,508
Mat'ls & suppl's 1,126,644 1,196,625 Fund. dt. of subs.97,246,000 81,038,500
Total
41,359,472 44,720,961
Total
41,359,472 44,720.961 Misc,spec. dep.
179,488
62,730 Fed. Water Serv.
Due fr. MM.cos.
x After deducting depreciation of $7,091.077. y After deducting
536.715
Corp.gold debs. 7,000,000 7.000.000
$143,547 Def. charges & 6,448,736
for doubtful accounts. z Incl. reserve of $3,544,208 for improvements,
Current Ilablls._ 8,713,392 2,794,702
prepaid accts. 6.920,359 5,786,464 Accrued habits. 3.057,688 2,293,231
additions and new construction.
a Represented by 600,000 no par shares of 1st pref.
Def. liablis. and
180.000
no par shares of 2d pref. stock (both with an annualstock, andof
unatil. credits 1,747,271
div. rate
1,115,339
$1.20
cum. and red. at$21 per share). b Represented by 599,810 no par shares of
Contrib. for ext.
509,100
243,868
first preferred stock.
-V.132. p.677.
Res.for retire.,&c 11,854,263 10.939,430
Minority interest
In cap. & surp__ 896,227
Federal Water Service Corp.
(Annual Report
Total
-Year Ended Dec. 31 1930.)
192,989.988 164.623,637
Total
192,989,988 164,623,837
a Represented by 68.868 no par shares of $6 dividend series:
President Christopher T. Chenery says in part:
par shares of $6.50 dividend series and 15,644 no par shares of 70.988 no
$7 dividend
One of the matters of great interest to the company during the past yea series.
was the agreement with the City of Fresno to sell to it the water work
b Represented by 560,375 no par class
property owned by the California Water Service Co..one of our subsidiaries to 9,097 shares and 542,450 no par class A shares, class A scrip amounting
B shares.
-V. 132. 13• 848.
which serves Fresno and its environs. The price to be paid
the Railroad Commission of California and was in our judgmentwas fixed by
a reasonably
Chicago Railways Co.
fair one. The money received from this sale can be reinvested by the
company to produce a greater income than the company was receiving from
(Annual Report Year Ended Jan. 31 1931.)
its investment in Fresno.
Two important new properties were purchased, one serving 34 communi- INCOME ACCT.
-YEARSEND.JAN.31-CHICAGO SURFACE LINES.
ties on the south shore of Long Island and having a gross income
1930-31.
1929-30.
1928-29.
1927-28.
and the other, serving 14 communities in territory adjacent toof$608,000, Gross earnings
the City of
$56.737,090 $62.717.868 $62,391,622 $61,624,752
Buffalo, and known as the Western New York Water Co., having a gross Operating expenses
47,325,943 49,250,703 48.961,067 48.231.496.
revenue of $814,000 a year. Both companies serve rapidly growing and
developing areas. We believe that in the next two or three years these
Residue receipts
$9,411,147 $13.467,165 $13,430,555 $13,393,256
newly acquired properties will add substantially to the earnings coming Chicago Rye.(60%)__
5.646,688 8,080.299 8,058.333 8.035.953
through to the Federal common stock.
South Side Lines(40%). 3,764,459
5,372,222
5,386,866
5,357,303
Due to the combined effect of drouth and depression, the company failed
INCOME ACCOUNT CHICAGO RYS.
to receive its normal increase in revenue and its fixed charges increased.
-YEAR ENDED JAN. 31.
because of a heavy increase in taxes and because of new capital expenditures
1930-31.
1929-30.
1928-29.
1927-28.
mado in the preceding year, from which
(60%L.- $5,646,688 $8,080,299 $8,058,333 68,035,953
business has not yet material- Chicago Rye.
ized. The combination of the relatively new increase in gross revenue and Joint acct. expenses_ _ _ _
small
119.034
174.464
467.039.
254,449
the increase in fixed charges resulted in a reduction of the amount coming
through to A stock,so that the balance available for dividends
Balance
stock was equivalent to $3.46 per share (of which $2.74 wason the class A. Deduct-int. at 5% on $5,527,654 $7.905,834 $7.803,884 $7,568,915
distributable
to A stock), as compared with $4.50 per share (of which $3.29 was discapital valuation
4,762,720 4,745,894 4,735,046
4,723,846
tributable to A stock) in 1929. If 1931 is not too subnormal a year from
aibusiness and rainfall viewpoint, the earnings per share should be higher.
Net income
$764,934 63,159.940 $3.068,838 $2,845,063
as various economies in operation have been put into effect which should Chicago Rye.(45%)
344,220
1,421,973
1.380,977
1,280,281
materially improve the earning position of the company.
5% on investment
4,762.720 4,745,894 4,735.046 4,723,846.
Miscell. interest, &c
268,763
353,994
196.612
274,869
RESULTS FOR CALENDAR YEARS (INCL. SUB. COS.).
(Earns. of Cos. Acquired During Year Included Only Since Date of Acquisition)
Gross income
$5.375,703 $6,521,862 $6,390.893 66,200,739
Deduct
1930.
1928.
1929.
1927.
Total
Gross revenues
4,568,764 4,612,730 4,612,736
$17.208.499 $16,360,704 $14,558,134 $7,978.686 Fed. interest on bonds_ 4,360,058
inc. tax on int. coup.
Operating expenses
58,200
63.000
4,993,933 4.699,392 4,184.761
60,500
66.000
2,579,959 Corp.
Maintenance
expend. & adjust_
384.804
244.541
305,988
755,441
790,878
868.785
166.151
417,018
Taxes (incl. Fed.inc.tax) 1,528,808
Net inc. for int., &c
1.221,743
997,894
625,078
$572,641 51.584,109 $1.473.122 $1,355,852
Previous surplus
9,657,260 8,073,151
6,695,201
5.429,693
Net earnings
$9.930,317 $9.570,784 $8,584,601 $4,356,630 Deduct-Int. on adjust.
Int.paid or accr.on fund.
income bonds
95.172
90.344
debt of sub. cos
4,337,626 3,999,794
3.636.373
1,723,812
Total prof.& loss surp.$10,229,901 $9,657,260 $8,073.151 $6,695,201
On funded debt of Fed.
Water Service Corp.
273.122
385.0001
1667.785
441.180 GENERAL BALANCE SHEET AS AT JAN. 31 (CHICAGO RYS. CO.).
On unfunded debt_
1252,592
114.835)
252,481
1931.
1931.
1930.
1930.
Minority interest
1,531
Assets$
Liabilities
$
Res. for deprec., amort.
Road, equipm't
Capital stock-100,000
100,000.
of bond disc. & exp. &
& fmnchises.a102,381,508 101,461,090 Funded debt.- 86,288,027 89,070,777
miscell. deductions._
743.319
949,817
1,100,570
427,539 Treasury securs_
672
672 Curr. liabilities,
Div. paid or accr. on subCons. mtge. bds.
incl. 55% of
sidiaries' pref. stock
1.173,843
1.216,964
1.086,722
500,132
held for exch.
1,980
1,980
net earns. due
bGen. acc't and
City of Chic__
479,193 1,807,838
Net income
$2.924,544 53.380,706 $1,840,558 $1.011.486
cash items_ 3,475,002 5,841,346 Interest & taxes
Divs. paid or accrued onRenewal and de9,120,700 7,309,867
accrued
F.W.S.Corp. pf. stock
983.214
975,199
536,286
301,842
precise fund_ 11,135,207 10,779,142 Reserves
611.262,195 11,021,175
F.W.S.Corp.cl. A stk. 1,337,366
1,179,734
445,663
233,513 Spec. renewal &
Surplus
10,229,901 9,857,260
F.W.S.Corp.cl. B stk.
210,845
92,101
equip. fund._
140,384
5,930
Acc'ts receivable
456,187
718,776
Balance, surplus
$393,119 $1,133,671
5858.609
$476,131 Items in suspense
23,527
23,525
Shs. cl. A stk. out.
(no par) 560.375
x495.585
534,315
214,040
Earnings per share
y$2.74
y$3.29
$2.63
$3.31
Total
117,480,015 118,966,916
Total
117,480,015 118,968,916
x Based on the average number of shares outstanding during the year
a Certified
(235,146), the earnings amounted to $5.54 per share. Due to conversion newals and valuation or city purchase price. 595,978,262. b For redepreciation, $11,136,261: for special renewals and equipof bonds in Dec. 1928, the number of shares was increased to 495.585.
ment. $46,119; for injury and damage claims, $79,814.-V. 132. p. 1028.
enerat Corporate anb 3nbesitment A630.
STEAM RAILROADS.
Freight Cars in Need of Repairs.
-Class I railroads on Feb. 15 had 151,460
freight care in need of repairs or 6.8% of the number on line, according to
the car service division of the American Railway Association. This was an
increase of 3,809 cars above the number in need of repair on Feb. 3, at
which time there were 147.651, or 6.7%. Freight cars in need of heavy
repairs on Feb. 15 totaled 106.860, or 4.8%. an increase of 2,186 compared
with the number on Feb. 1, while freight cars in need of light repairs totaled
44,600,or 2%,an increase of 1,623 compared with Feb. 1.
Locomotives in Need of Repairs.
-Class I railroads of this country on Feb.
15 had 5,725 locomotives in need of classified repairs or 10.4% of the
number on line, according to reports just filed by the carriers with the
car service division of the American Railway Association. This was an
increase of 203 locomotives above the number in need of such repair on
Feb. 1, at which time there were 5,522. or 10%. Class I railroads on
Feb. 15 had 9,637 serviceable locomotives in storage compared with 9,683
on Feb. 1.
Federal Control of Trucks Urged.
-Counsel for railway executives discuss
motor-rail competition before I.
-S. C.Commission.-"Wall Street Journal,"
March 18, p. 11.
Gives Motors Side of Rail-13us Fight.
-Alfred 11. Swayne, Vice-President,
General Motors Corp. says roads can aid conditions by co-ordinating highway and train travel.
-New York "Times," March 19, p. 13.
Norfolk Southern Allowed Rate Cut.
-1.-S. C. Commission has approved
proposal to reduce commodity rates from 20% to 25% on water and rail
and all-rail traffic moving between points on its lines in the Coastal section
of eastern North Carolina on the one hand, and Norfolk and Newport
News, Baltimore, Philadelphia, Providence and Boston on the other."Wall Street Journal." March 13, p. 3.
Matters Covered in the Chronicle of March 14.-(a) Gross and net earnings
of United States Railroads for the month of January, p. 1871.
4% cum. red, •ref. stock, par $100, payable April 20 to.
holders of recordApril 10. A distribution of $1 a share was
made on Jan. 7 last, the first payment on this issue since
July 1919.
The directors stated that the company's financial condition is strong and,
net earnings for the first quarter this year will be the largest for any similar
period since the end of Federal control.
Estimated Earnings.Business conditions in the territory served by this company are showing
definite signs of improvement, according to President V. V. Boatner,
who estimated that net income of the company for the first two months
of this year will be about $100,000 greater than that of the same period
of 1930. Mr. Boatner estimated operating revenues for February at
about 14% under those of February last year, operating expenses about
211 less, and net railway operating income greater than a year ago.
.•
t is too early to make any forecast for March," he added. "but carloadings for the first week are about 4.2% above those of the last week
of February, which is a very favorable sign."
-V.132, p. 1026.
Chicago Rock Island & Pacific Ry.-Earnings.-Calendar Years-
1930.
1929.
1928.
1927.
$
S
$
123,079,910 147.7562 141,232,603 140.46,99021,
90,551,758 108,555,385 103,268,340 103,333,050.
7,231,274
8,244,483 8.453,059
7.980,004
Operating income-- 25,296,878 30,921,694 29,513,204 28,773.936
Equip. rents, &c
5,549,071
6,072,785
5,246.689
5,337,213
Net oper.income
$19,747,807 $24,848.909 $24,266,515 $23,436,723
Baltimore & Ohio RR.
-Meeting Postponed.
Other income
1,282,360
1.375,258
961,921
1.166,995
The directors meeting, which was scheduled to be held this week to act
upon the quarterly dividend, has been postponed until March 25 because
Total income
$21,123,065 $26,131,269 $25,228,436 $24,603,718
of the lack of a qutum.-V.132, p. 1788.
Int.,rents,&c
13,422,836 12,123,949 12,060,740 12,038.888.
Belt RR.& Stock Yards of Indianapolis.
Net income
-Smaller Div.
$14,007,320 513,167.696 $12,564,830
directors have declared a quarterly dividend of 75 cents per share 7 Preferred dividends- $7.700,229
The
2,059,547
2,059,547
2,059,547
2.059,547
on the outstanding 13,000,000 common stock, par $50, payable April 1. 6% preferred dividends- 1,507,638
1.507,638
1,507,638
1.507,638Previously, the company paid regular quarterly dividends of $1 per
Common dividends
5.205,060 4.461.480 3.717.900
5,205,060
share
-V. 106. p. 923.
on this issue.
cmiller$1,072,016 $5,235,075 65,139,031 $5,279,745
Chicago Great Western RR.
-50c. Dividend.
S i .P
I
-The EarlrspI :r share on
mon stock
directors have declared a dividend of 50 cents a share on the
$14.04
$5.56
$12.91
$12.10.
-v. 132, P. 1792.
Gross earnings
Expenses
Taxes, &c
FINANCIAL CHRONICLE
2188
Increase in Capital.
Canadian Pacific Ry.-Proposed of a proposed increase in the
Notice has been received from this conmany
000. par
authorized ordinary capital stock from $335.000,000 to $385000 May 6.
proposal on
$25. The stockholders will vote on approving this
-V. 132. p. 1985. 1975.
-Earnings.
Consolidated Railroads of Cuba. ended Dec. 31 see "Earn-
For income statement for three and six months
-V. 132, p. 1406.
ings Department" on a preceding page.
-Earnings.
Railways.
Cuba Northern
see "Earnings
For income statement for six months ended Dec. 31
-V. 132, p. 1406.
Department" on a preceding page.
[VOL. 132.
Income Accountfor Calendar Years.
1927.
1928.
1929,
1930.
Railway operating rev_ _$37,216,377 548.468,439 $45,761,568 $44,744,593
64
Railway operating caps_ 29,030,270 34.345,301 31,036,347 31,639.8
Net rev. from ry. oper $8,186.107 $14,123,138 $14,725,220 513,104.728
2.491,073
2,725,028
2,962.195
Railway tax accruals-- 1,942,719
7,701
5,579
10,534
10,805
Uncollectibie ry. revs.. _ _
711,859
686.097
1,124,368
971,032
Equipment rents, net......
602,425
712.157
752,623
720,386
Joint facility rents, net__
Net ry. oper. revenue_ $4,541,163 $9,273,416 $10,596,357 $9,291,667
449,401
468,979
749,006
403,384
Other income, net
Balance before deduc$4.944,548 $10,022,422 $11,065.336 $9,741,069
tion of interest
2,197,960
2,197,960
2,197,960
2,541,009
Interest on bonds
362,490
395.482
347.512
388,644
Interest on equip. notes..
3,695
4,922
18,490
2,745
Kansas City Southern Ry.-Deny Reopening of Case.ngs Miscellaneous interestproceedi
-S. C. Commission has refused to reopen Clayton Act St. Louis
The I.
49 87,458.459 $8.466,971 $7.176.924
$2.012,1
Surplus_
control of the
560,000
560,000
560,000
against the company on account of its former this effect filed by Walter Divs.onprpref.stk.(5)
560,000
621,450
621,450
621,450
Southwestern Railway by denying a petition to who claimed that actual Divs.on pref.stk.(5%)_
621,450
0 3,603,680 3,603,680
of N. Y. City, a minority stockholder accomplished in fact.
E. Meyer.
- Divs,on corn,stk.(8%) 3,603,680 3,603,68
divestment of controlling interest had not been
V. 132. p. 652. 123.
def$2,772,981 $2,673,330 $3,681,841 82.391,794
Balance
$13.30
$16.17
513.93
$1.84
-Arbitrators Set Share Value on Earns.per sh.on com.stk.
Michigan Central RR.
Comparative Balance Sheet Dec. 31,
at $1,550.Minority Stock
1929.
1930.
shares of stock offered to
1929,
1930.
A price of $1,550 per share for slightly over 200 a board of arbitration.
$
by
$
Liabilities$
$
Assetsthe New York Central RR. has been established for other stock that had
York Central
164,287,389 Prior pref. stock
Investments - _171,443,186
This sum will be offered by the New
to conclusion of this arbitration
1,512,464 4,852,999 5% cumul_ __ 11,200,000 11,200,000
been submitted to it for purchase priorat 6% from Feb. 1 1930 to date Cash
Pref. stock 5%
Time drafts and
proceeding. The price is plus interest
cumul. after
rate of $50 annually during
435,362
deposits
of payment, less dividends paid on stock at the
Jan. 1 1919___ 12,429,000 12,429,000
"Times' says:
period. Continuing, the New York d of former Senator George Special deposits_ 1,724,132 1,719,044 Common stock_ 45,046,000 45,046,000
the same
8,754
2,602
board compose
Loans & bills rec
The award was made by a
William A. Prendergast for Net balances reLong-term debt_ 56,955,000 42,955,000
Wharton Pepper, the independent member;one group of shareholders and
Equip.oblige.-- 10,500,000 6,242,000
ceiv.from agts
the New York Central; Robert S. Binkerd for
740,941 Coll, trust bonds
for another group. Senator Walsh
619,780
& conductors_
Senator Thomas J. Walsh of Montana
Of P. M.RR._ 3,000,000 3,000,000
of $1,733 per share, but his Misc, accts. rec.
908,402 1,156,378
dissented from the award and claimed atprice
Traffic & car serreached by the majority. Mr.
clients will be bound by the agreemen dissented from many parts of the Material & suppi 2,607,024 2,478,916
vice bal. pay, 1,616,197 1,890,323
42,269
69,341
Int. & dive. no_
Prendergast concurred in the award, but
41,598 Audited accts. &
14,353
Oth, curr. assets
opinion filed.
wages payable 1,777,118 2,412,239
155,203
of earning power of the Michigan Central Deferredjassets_
111,199
The price reached is on the basis9 inclusive, capitalized at 15 times earn98,482
67,851
1,358,045 Misc. accts. pay
-year period of 1925-192
for the 5
for other Unadjust. debits 1,244,558
Interest matured
This was the ratio that was found to be typical
ings per share.
1,044,219 1,039,956
unpaid
were traded in the open market.
rail stocks of which only minority blocks
on the basis of the stock's
Divs, matured
Attempts were made first to reach an agreement
679,034
878,880
unpaid
Central's own protest of 1926
intrinsic or asset value, using the Michigan property by the Inter-State
Fund, debt mathe
for
against the tentative valuation fixed some of the shareholders claimed on
1,000
tured unpaid_
e Commission. Counsel for
Commerc
Jan. 31 1930 and held that the
Unmatured dive.
this basis an equity of $2,361 per share as of
93,333
93,333
the values claimed in the
accrued
railroad was "morally" estoPped from denying arbitration board remarks:
Unmatured hat.
On this point the opinion of the
1926 protest.
208,568
435,150
accrued
its rights for the future, a carrier is
"Under the valuation act, to protect
any valuation issued
Unmatured rents
required to set forth the grounds of its dissent from
318,653
206,118
naturally and properly
accrued
-S. C. Commission. In such dissent it ble claim. None of the
by the I.
140,580
68,605
0th.curr. Habil_
conceiva
sets up every ground of defense and every the force of an estoppal, but the
533,755
464,639
Deferred Habil
s regarded this protest as having
appraiser
Unadjusted cred 17,742,234 18,584,593
their duty to examine it and to determine
majority of them felt it to be
Add.to property
its significance."
value of 8274,328,674
through Inc.
The appraisers then arrived at a maximum asset
280,624
207,358
share without deprecia& surplus$1.455
as of Jan. 311930, or the equivalent ofconcern per
s did
value. The appraiser
Profit & loss bal. 17,159,724 29,709,395
or allowance for intangible going
tion
ted an accurate appraisal of the assets and worth
not admit that this represen
180,692,405 1713,841,516
Total
180,692,405 176,841,516
Total
of the road.
earning power, the appraisers
1408,
Attempting to estimate the future trends of
by New York Central operating econo- -V.132, p. 1614,
found that under lease of the road per share would be possible and some
000 in
mies of not more than a few dollars
Pittsburgh & West Virginia Ry.-Seeks $4,700,
saving might be made in maintenance. the growth of Michigan Central
found
Against these favoring factors theyupon the automobile industry. The Notes.
for authority to
The company has petitioned the L-S. O. Commission
during the past decade dependent industry is tending to be.controlled by
its first mortIssue $4,700,000 4 % term notes to be secured by pledging ed to issue.
opinion remarked that volume of the
was recently authoriz
life for 22.000,000 vehicles in
replacement demand and a five-year average about 4,500,000 cars yearly, gage 43. % series D gold bonds which it sale of the notes. The notes will
would indicate normal volume of
No arrangements have been made for the
this country
competition, they remarked mature in not more than two years and will be issued in lieu of the present
or 850,000 less than the 1929 output. Highway
-V,132, p. 1217. 1408, 1614.
sale of first mortgage bonds,
also is growing.
in the sheerest kind of speculation,"the opinion said
"Without engaging
future earnings of this property.
-Receivership.
Reid Newfoundland Co.
"it is impossible to look very far into the the appraisers the most prudent
March 16, stated:
Under these circumstances, it seemed to e factors would gradually offset
A press dispatch from St. John's, New Foundiand,
were placed in the hands of
the favorabl
conclusion was to hope that
The Reid Newfoundland Co. and subsidiaries
gly, the appraisers dee holder, has been
the unfavorable factors for the next decade. Accordin
receiver March 16. Alan S. Butler, a large debentur p. 326.
per share, the average of the a
-V. 117,
cided to use a direct earning power of $99.86 into consideration undistrib- appointed manager by the Royal Trust Co.
also took
years 1925 to 1929 inclusive. They
amounting to approximately
uted earnings in affiliated and subsidiary road, of about $104 per share per
Seaboard Air Line Ry.-Listing of Certificates of Deposit
$4.50 per share. This gave a total earning power
6% Gold Bonds, Series A. of Guaranty
annum."
Chicago, for 1st & Consol. Mtge.
listing
of controlling roads like the
The New York Stock Exchange has authorized the
Price-earnings ratios of stocksRailroad of New Jersey, the Pittsburgh &
certificates of deposit representing $84,126,000
Co. of New York
Burllngton & Quincy,the Central
held analogous, were found to Trust
due Sept. 11945, on official
Lake Erie, to which the Michigan Central was and 1929. The ratio of ap- 1st and cense'. mtge.6% gold bonds. series A,
notice of issuance.
have been 15.07 on the average between 1925
Michigan Central stock.
proximately 15 therefore was spited to
be high," the opinion said,
First Mortgage Bondholders Urged to Deposit Promptly. A,
"If it be thought that this price-earnings ratio ed between willing buyers
gold bonds, series
The holders of first and consolidated mortgage 6% enable the committee
"It must be borne in mind that it was establish of 1929. The appraisers
their bonds promptly in order to
to deposit
and sellers for some years prior to the inflationmost favorable long-term- are urgeding these bonds to properly protect their interests in the receiverthe
represent
managers and
felt that the stockholders were entitled to
ship proceedings and to co-operate with the reorganization
ratio 80 established.
reasonably estimating other committees in formulating a reorganization plan. The committee,
y in
follow"This feeling rested not alone upon the difficultthe nature of this transac-P. Murphy is Chairman, is taking this action of proof which Grayson M.
. It rested also upon
the course of future earnings
-to partake of the nature of a ing the appointment of receivers on Dec. 23 1930; the institution , and
-to some extent at least
tion, which seems
ly unified ceedings by the trustee to foreclose the first and consolidated mortgage
of more complete
condemnation proceeding. In the interestextinguish tho interest of the
The Guaranty Trust
to
default in the payment of interest due March 1 1931.
Philarailroad operation, it becomes desirable
enterprise. This being so, the Co. of New York is depositary and agents have been appointed in 1793.
h.
minority stockholders in the equity of the
stockholder was justified to delphia, Baltimore, Richmond, Atlanta and Savanna -V. 132, p.
appraisers felt that in ally close question the
1614.
the benefit of the doubt.'
Coolidge, Noble & Boyd, and
Counsel
Counsel for stockholders were Loring,
the New York Central were
-Listing of $5,000,000 First MortWestern Pacific RR.
Dean, King, Smith & Taylor. Counsel for p. 1792, 1217.
-V. 132,
Series A.
Jacob Aronson and John K. Graves.
ed the listing of $5,000,000
n Dividend. gage 5% Gold Bonds,
-Omits Commo
The New York Stock Exchange has authoriz
Missouri-Kansas-Texas RR.
bonds, series
the quarterly additional 1st mtge. 5% gold bonds applied A, due March 11946, making
for $49,302,800.
A
directors on March 17 took no action on
-The
about March 31 the total amount of series is to provide proceeds to finance in part the
The purpose of the issue
dividend which would ordinarily be payableof the three preof Its "Northern California
construction and (or) acquisition by company a point on the existing main
to begin at
common stock, par $100. In each
on the
share was Extension," a new line of railroad, Plums County, Calif., and to extend
company at or near Keddie,
quarters a regular distribution of $1 per
line
ceding
y direction to a connection
approximately 112 miles in a general northerl a line of railroad of Great
-V. 132, p. 1792.
with
paid on this issue.
,
at or near 13Ieber. Lassen County, Calif.,
Klamath Falls, Ore.,
-Dividend Dates Corrected.
Railway now under construction from railroad to be jointly
l RR.
Northern
New York Centra
Bieber; also including a line of
to
6 declared last week is payable May 1
,
The quarterly dividend of 13 % March 28 as erroneously stated in last southerly andsaid constructed and owned by company and the Great
(or)
(not
acquired
,
to holders of record March 27
a point on the line of Great Northern
1985.)
Northern Railway extending from in the vicinity of Lookout. Modoc
week's "Chronicle.' (See V. 132, p.
Railway (now under construction) on with the McCloud River RR. at
Calif., westerly to a connecti
Assistant Vice-President.
New
County,
in
ed the appointment of Frederick or near Hambone, Siskiyou County, Calif., approximately 36 miles
The management on March 10 announc
nt with jurisdiction over traffic and length.
0. Stafford as Assistant Vice-Preside N. Y.
-Calendar Years.
t of Earnings
-V.132, p. 1385.
Condensed Statemen
operation with headquarters at Buffalo,
1929.
1930.
Subs.
New York Ontario & Western Ry.-To Merge of any Of all Freight revenue
$15,451,541 $16,358,102
April 14 on ratifying the merger company.
2,187,700
1,797,223
The stockholders will vote
the above
is owned by
Passenger revenue
560.197
477,872
corporations whose entire capital stock
revenue
990,618
Western Ry. Co. owns all the capital stock MAII and express
1,095,902
The New York Ontario & companies; Ontario Carbondale & Scranton Miscellaneous revenue
of the following
and bonds
t Connecting Ry., Port Jervis. Monti518,822,537 $20,096,618
Ky., Wharton Valley RR., Peckspor
Total revenue
Ellenville & Kingston RR. These roads
15,831,967 16,732,912
cello & Summitville RR. and
Expenses operating
1,467,322
1,278,372
now operated by this company.
have been and are
1.325
into this company will avoid the necessity Taxes
451
The merger of the companies
making reports, and eliminate Uncollectible railway revenues
annual meetings, keeping books, effect an element of economy
of holding
therewith, and will
47 51,894,858
31.711,7
expenses in connection
Operating income
2,198,930
-V. 131, ro• 3363.
announced.
1,772.432
if the merger is accomplished, it is
First Mort- Other income
$4,093,788
Pere Marquette Ry.-Listing of $8,000,000
$3,484,179
Gross income
4,610,812 4.079,696
gage 432% Bonds.
authorized the listing of 38,000,000 Deductions
Mahe New York Stock Exchange hasdue March 11980, making the total
$1,126,633 sur$14,091
1st mtge. 4;i% gold bonds, series C.
Net deficit
(see offering in V. 132, p. 1614).
amount authorized lobe listed 522,000,000
ad.
-Earnings.
Cuba Railro
Dec. 31 see"EarnFor income statement for three and six months ended
-V. 132, p. 1406.
ings Department" on a preceding page.
MAR. 211931.]
FINANCIAL CHRONICLE
Comparative Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets
$
$
Liabilities$
Investments in
Common
a47,522,931 847,526,699
rd.,equip.,&o.147,658,454 142,432,964 Preferred
28,300,000 28,300,000
Cash
1.048.205 1,596,289 Premium on capDeposits of mtge
ital stock_
498.238
498,238
trust funds_
40,906
40,841 Long term debt_ 49,483,497 44,649,197
Deposits of eq.
Debt to affiliated
trust funds_
46,696
46,695
companies__ _ 4,387,007 4,838,739
Special deposits_
154,135
156,864 Loans and notes
Loans and notes
payable
998,235 1,014,647
receivable
5,660
9,709 Traffic & car serTraffic dr car service bal. pay_
384,268
629,875
vice balances
Audited accts.&
receivable
406,286
523,332
wages payable 1.606,490 1,309,584
Net balances rec.
Misc.accts. pay.
315,187
252,739
from agents &
Int. matured unconductors
128,835
222,549
paid
12,348
15,077
Maio. aceta. rec_ 1,226,287 1,289.034 Funded debt maMat'l de supplies 3.128,395 8,129,323 tared unpaid_
11,100
11,100
Int. & diva. rec.
9,424
11,330 Unmatured int.
Other current asaccrued
786,908
720,035
sets
89
89 Unmatured rents
Deferred assets_
4,906
5,665 accrued
4,666
4,804
Unad. debits-- 2,880.765 2,741,312 Other cure. nabs.
76.341
82,280
Excess of Par
Def. liabilities
141,392
16.483
val. over book
Unacil. credits 14,722,964 13,744,632
value of cap'l
Surplus
6,093,788 7,219,128
stk. & bonds
of sub. cos- _Dr.1,373,683Dr.1,372,741
Total
155,345.367 150.833,263
Total
155,345.367 150,833,263
-V. 132. p. 846, 308.
Southern Pacific Co.
-Control of Cotton Belt Opposed
by W. E. Meyer, a Director.
-
Charging illegal control of the St. Louis
the Southern Pacific Co. through the New Southwestern Railway Co. by
York
E. Meyer of New York, in a petition filed with Investors, Inc., Walter
the I.-8.
March 18. intervened in opposition to the application C. Commission
of
Pacific to acquire control of the Cotton Belt by purchase the Southern
of its capital
stock.
-V. 132. P. 1793, 1408.
PUBLIC UTILITIES.
Alabama Power Co.
-Bonds Sold.
-Drexel &
Bonbright & Co., Inc. and Harris, Forbes & Co. have Co.,
so ill
an additional issue of $8,000,000 1st & ref. mtge. gold bonds
4% series due 1967 at 98M and int., to yield over 4.58%.
Dated Dec. 1 1927; due Dec. 1 1967.
Legal Investment for savings banks in the State of New York.
Issuance.
-Authorized by the Alabama Public Service Commission.
Data from Letter of Pres. Thomas W. Martin, Birmingh
am, Ala.
Company.
-Organized Nov. 10
Alabama
the former company of the same 1927 inwith other by a consolidation of
name
Alabama companies.
Is one of the principal subsidiaries of the Commonwealth
& Southern
Corp. and is one of the largest hydro-electric
Its properties are all located in Alabama and it companies in this country.
serves directly or at wholesale nearly all the domestic and commercial electric light and
power requirementa of the State. Company does directly the electric light and
power
business in 474 communities, including Montgomery, Mobile, Gadsden,
Anniston, Tuscaloosa, Selma, Decatur, Huntsville and the Muscle
district, and it furnishes at wholesale all the power requirements Shoals
utilities serving Birmingham, Bessemer and 77 other communitieof the
does the local transportation business in Montgomery and five s. It
other
communities. Company also supplies power at wholesale to other
utilities.
Including the major portion of the requirements of the two affiliated companies serving respectively northwestern Florida and the eastern half
of
Mississippi.
The electric system of the company served directly Dec. 31 1930, a total
of 108,054 customers' meters. The present connected load of the company
and its subsidiary is more than 1.075,000 h. p. and for the year ended
Feb. 28 1931, its electric output was over 1,880,000,000 k.w.h. The
transportation systems of the company for the year ended Feb. 28 1931
carried 8,082,971 revenue passengers. During the 12 months ended Feb.
28 1931 over 95% of the company's gross operating revenues and over
99% of the net earnings were derived from electric power and light operations, the remainder being derived from railway, bus and miscellaneous
sources.
The company controls through stock ownership the Southeastern Production Co., which company owns and operates a new 10,700 h. p. steam
electric generating plant near Mobile. Alabama.
Interconnection.
-The system of company is connected by transmission
lines with other southern operating subsidiaries of the Commonwealth &
Southern Corp. viz., the Tennessee Electric Power Co., Georgia l'ower Co.,
Gulf Power Co.and Mississippi Power Co.and through the first two
companies with the systems of the major power andll ght companiesnamed
in
Statea of Tennessee, Kentucky, North Carolina and South Carolina. the
By
means of these connecting lines the several companies are enabled to
render
assistance to each other in emergencies and during dry periods.
In recent
years, Alabama Power Co.has supplied large amounts of energy
to connected
companies in the above States
Consolidated Earnings 12 Months Ended Feb. 28.
*1930.
1931.
Gross earnings (including other income)
Operating expenses, maint., Fed. & other taxes $18.098,754 817,879.056
6.960.806
7,680,519
Net earnings
Annual Interest on funded debt outstanding with811,137,948 810,198.537
public (including this issue)
4.606.760
Balance
* Excluding operations of gas properties sold May 1 1929. $5,591,777
Net earnings, as shown above, for the 12 months ended Feb. 28
1931,
were over 2.21 times the annual interest charges on funded debt
outstanding
Feb. 28 1931 (Including this issue) and after provision for retirement
reserve
(depreciation) of 8924.150, were over 2.01 times such charges.
Securily.-Secured by a first mortgage on Gorgas No. 2 steam
plant
(having an initial capacity of 80,000 h. p.) and on
important
and distribution properties and participate in the security transmission
of
mortgage on practically all of the remainder of the physical the first
properties
owned by the company, through pledge of $37,000,000 first mortgage
& refunding bonds, for the security of which (and a the bonds of that den
issue
with the public) there are in turn pledged 560,700,000
870.921,000 first mortgage bonds. In addition these of a total issue of
bonds are,
opinion of counsel, secured by a general lien on all the remainder in the
of the
physical properties owned by the company,subject to underlying
under which $33,939,000 bonds are outstanding in the hands of mortgages
-Proceeds will be used to retire certain floating the public.
Purpose.
company incurred on account of additions and improveme debt of the
nts already
made to its properties.
Capitalization Outstanding as at .
Feb. 28 1931(After Giving Effect to
this
Capital stock common (no par)
3,650,000 shs.
Preferred stock (no par):
Dividend, $5 per sh. per annum cumulative
27,335 she.
Dividend, 86 per sh. per annum cumulative
145,958 shs.
Dividend, $6 per sh., subscribed for but not issued
2,556 abs.
Dividend, $7 per sh. per annum cumulative
165,528 she.
First & ref. mtge. bonds: 5% series due 1968
$15,000,000
4%% series 1967 (incl. this issue)
.990,000
:First mtge. lien & ref. bonds (closed mtge.):5% series due 1951
17,700,000
5% series due 1956
6,000,000
First mtge. 5% bonds, due 1946y
10,221.000
Underlying divisional bonds (closed mtges.)
18,000
x Not including $37,000,000 first mortgage lien &
pledged to secure the first & refunding mortgage bonds. refunding bonds
y
$60,700,000 first mortgage bonds pledged to secure the first Not including
mortgage
& refunding bonds. Additional first mortgage bonds may be issued lien
for uledge as security for the first mortgage lien & refunding bonds. only
2189
Properties.
-The properties of the company include electric generating
stations with aggregate installed capacity of 791,380
of which is hydro-electric, over 1.775 circuit mhes h. p., more than 73%
of high voltage transmission lines ana over 25,000 miles of wire in its
distribution system. These
properties include six of the largest hydro-electric developmen
ts and two
of the largest steam generating stations in the South.
In addition
owned plants the company has available through lang-term to these
leases or
contracts 38,760 h. p. of installed steam capacity
arrangement with the War Department (subject and under temporary
to
days' notice) the output of Wilson Dam hydro-electric cancellation on 30
electric generating plants at Muscle Shoals. The and Sheffield steamstations are interconnected by its comprehensivecompany's generating
high tension transmission system.
The company's hydro-electric developments, which are
Coosa and Tallapoosa Rivers in Alabama,include six plants located on the
with
installed capacity of 583,000 h. p. These plants are designed for aggregate
an ultimate
increase in the aggregate capacity to 773.000 h. p.
The company's two principal steam generating plants
installed capacity of 180,000 h. p. with provision for an have an aggregate
capacity of 420.000 h. p. These two plants are located ultimate aggregate
the heart of Warrior coal fields. Additional steam at Gorges. Ala., in
located at Mobile, Montgomery and Gadsden, Ala. plants, strategically
have aggregate installed generating capacity of 25,700 h. p. Over 78 miles of
'
single
equivalent are owned and operated by the transportation systems. track
Supervision.
-Company is controlled through stock ownership by
Commonwealth & Southern Corp., which
in 10 other States-V. 132. p. 308, 123. also controls utility companies
American & Foreign Power Co., Inc.
-Expansion in
India.
Announcement was made by this company on March 13. that
it has
acquired a controlling interest in United Eastern Agencies, Ltd.of
Bombay,
India. The minority stock of United Eastern Agencies, Ltd.
prominent Indians residing in Bombay and vicinity, some Is owned by
also interested with the American & Foreign Power Co.. of whom are
Hydro-Electric Agencies, Ltd. The American company Inc. in Tata
has a
interest in Tata Hydro-Electric Agencies, Ltd., which managesone-half
ccrtain
hydro
-electric companies in the Bombay district.
The United Eastern Agencies. Ltd. recently acquired the
managing
agency of Poona Electric Supply Co. the managing
agency of
Electric Supply Co., Ltd., and the managing agency of Karachi Broach
Electric
Supply Co., Ltd.
The Poona Electric Supply Co. does the entire electric power
and light
business in the city of Poona. This city is the summer capital of the
Bombay
residency and has a population of about 200,000. The company
buys power
at wholesale from the Tata hydro-electric companies.
The Broach Electric Supply Co., Ltd. does the entire electric
light business in the city of Broach, which has a population of power and
about 60,000
and is located approximately 200 miles
of Bombay in the heart of the
richest cotton growing district of India.north city has
The
many cotton spinning
and weaving mills, cotton gins and oil presses and
has a large potential
power market.
The Karachi Electric Supply Co., Ltd.
electric power
light business In the city of Karachi. Thisdoes the entirethe terminus and
city, which is
of the
London-India air mail, is the principal one in its vicinity and
has a population of about 200,000. It is favorably
on the Arabian Sea. It has a rapidlysituated and is an important seaport
growing business and a number of
manufacturing establishments.
Those situations have been acquired by the American company
after
careful study and investigation. They are believed to have
prospects for
substantial growth in electric power and light business, as there
has been
very little promotion in the sale of electrical appliances and
power in these
cities, the announcement added.
Eat nings of Shanghai Power Co. Higher.
-
Gross earnings of Shanghai Power Co..an American & Foreign
Power Co.,
Inc., subsidiary, for December 1930 show an
for December 1929, while gross earnings for increase of 14.3% over thos
January and February 1931
show increases of 14.1% and 11.1%,respectively, over January
ary 1930. These increases expressed in Shanghai taels are, and Februrcspectively,
185.979 And 182,343 and 136,668.
Probable Acquisitions in Rumania.
-
In reference to the dispatches from Bucharest and Paris to
that the electric properties in Bucharest had been acquired by the effect
the Electric
Bond & Share Co. for its subsidiary, the American &
Inc., C. E. Calder, President of the latter corporatioForeign Power Co,
n, states that while
for several months his company has had representatives in
vestigating the power and light and artificial gas properties Rumania inCity of Bucharest and serving that city, negotiations with owned by the
acquisition of the properties have not been concluded and reference to the
paid, if the properties are eventually acquired, has not beenthe price to be
determined.
It is contemplated by the American & Foreign Power
Co., Inc., provided
the purchase of the Bucharest properties is
to acquire
Jalomita hydro-electric power project of the concluded, Company, also the
Hydrofina
which is
owned by French and Belgian Interests. This latter company
electric plants in the vicinity of Bucharest and supplies at owns hydrowholesale a
part of the power requirements of the city.
-V.132, p. 1987.
American Water Works tgz Electric Co. Inc.
-Output.
The power output of the electric subsidiaries of this company
for the
month of February totaled 137,301,316 kwh., a decrease
output of 153.736,775 kwh. for the corresponding month of 11% from the
of
For the two months ended Feb. 28 1931. power output1930.
totaled
588,838 kwh., 12%, less than the output of 325,605,555 kwh.for the 286.same
period last year.
-V. 132. p. 1983.
Associated Gas & Electric Co.
-Output Rise.
-
The Associated System reports electric output for
ended
of 62,069,898 kwh., an increase of 5,052,591 kwh.,the week above Mar.14
or 8.9%
the corresponding week of 1930.
Gas output for the same week totaled 390,219.700 cubic feet,
an increase
of 2.7% over the same week of last year.
-V. 132, p. 1987. 1794.
Associated Public Utilities Corp.
-Notes Offered.
E. H. Rollins & Sons, Inc., Central Illinois Co., Inc. and
G. V. Grace & Co. Inc. are offering at 99 and int., to yield
over 6M%, $1,350,000 5% secured gold notes.
Dated March 15 1931; due March 1 1932. Red. all or
30 days' notice at 100 and int. Denom. 81,000 and part at any time on
Payable M.& S. Corporation will agree to pay interest$500 '' Interest
without deduction
for any normal Federal income tax
exceeding 2% which the corporation
or the trustees may be required or not
permitted to pay at the source. and to
reimburse the resident holders ofthese notes,if requested within 60 days after
Payment,for the mill tax in the States of Conn., Pa., Md.and Mich.
and
the District of Columbia, at rates not exceeding the rates
in each
existing on March 15 1931, for the Calif. and Oregon personal case as
tax not exceeding five mills per annum, and also for the income property
tax,
exceeding 6%, on the interest thereon in the State of Massachuse not
tts.
Central Trust Co. of Ill., Chicago, trustee.
Data from Letter of Fred I. Shoemaker, Pres. of the Corporation.
Company.
-Organized in Delaware. Will furnish, upon completion of
this financing, through subsidiary companies, telephone and
(or) water
service to 174 communities in the States of Ohio, Illinois. Iowa, Missouri,
Oklahoma, Texas, New Jersey, West Virginia, Indiana. Kentucky
and
California. The combined population of the territories served is estimated
at 380,000.
Water service is furnished through 358 miles of mains to 22,254 customers
in 20 communities of a combined estimated population of 100.000.
Telephone facilities will be provided to 47,334 subscribers in 155 communiti
es
of an aggregate estimated population of 290,000. Interconnec
tion with
the lines of the Bell Telephone system affords subscribers complete
nationwide service.
CapitalizationAuthorized. Outstanding.
xlst lien 20-yr.5% gold bonds,ser. A,due 19471 Closed
152,870.000
Series B, due 1948
1
1
188,000
5)4% secured gold notes (this issue)
$1.700,000
1,350,000
x30-yr.6% sink.fund gold debs.,ser. A.due 1958 5,000.000
736,000
Common stock (no par)
100,000shs. 100.000 shs.
The subsidiary companies have outstanding in the hands of
the public
83.541,500 of bonds.
x Additional bonds and debentures may be issued under
the restrictive
Provisions of the indentures under which they are issued.
[VOL. 132.
FINANCIAL CHRONICLE
2190
its subsidiaries
-Consolidated earnings of the corporation and ended Dec. 31
Earnings.
(irrespective of dates of acquisition) for the 12 months period
on of this financing, as reported by Barrow, Wade,
1930. upon completi
Guthrie & Co., were as follows:
$2,162,034
Gross earnings (including non-operating income) prior charges
Operating expenses, maintenance, local taxes and
1,446,611
ies of $208,540
of subsidiar
$715,423
Net earnings before depreciation and Federal taxes
152,900
Annual int. requirements on $3,058,000 first lien bonds
$562,523
Balance
secured
Annual interest requirements on debentures and 534%
118,410
gold notes (this issue)
after the elimination of expenses
The above net earnings of $715,423 are
the most part
s for
amounting to $18.708 consisting of definite economie
already effected.
the annual interest
The above balance of $562,523 was over 4.75 times g interest on floatexcludin
requirement on the debentures and these notes, Federal taxes and interest
depreciation.
ing debt. The net earnings before
the total annual interon debt of subsidiary companies was over 1.92 times this issue, excluding,
g
est requirement on the total funded debt, includin
however, interest on floating debt.
s whose stocks are
The net earnings before depreciation of the companie g prior charges,
deductin
to be pledged as security for these notes, after
interest requirements of these
were $324,556, or over 3.4 times the annual
notes.
of the entire outstand-Secured by the deposit with the trustee and of Ashland Home
Security.
Corp.
ing capital stocks of Standard Public Service
companies, whose stock is specifiTelephone Co. The properties of these
subsidiaries, as independently
cally pledged to secure these notes, and their have a depreciated value in
cost,
appraised, plus subsequent additions at
deducting $3,393,000 of prior securities
excess of $7,400,000. which, after
an equity of over $4,000,000, or
outstanding with the public, indicates $1,000 note.
the equivalent of more than $2,960 peries, including those to be presently
physical properties of the subsidiar
The
plus subsequent additions at cost,
acquired, as independently appraised,
which is in excess of 157%
have a depreciated value of over $13,700,000, such subsidiaries.
debt of the corporation andpresently maturing obligaof the total funded
refund
-Proceeds will be used to
Purpose.
-V. 131, p. 1892.
tions of Standard Public Service Corp.
Chicago District Electric Generating
Issue Additional Stock-Earnings.
-To
Corp.
S. Commission
The corporation in a petition filed with the Indiana P. of its $6 cumuasks authority to issue and sell an additional 30.000 shares
The company asks authority to
lative preferred stock of no par value.
than $2,730,000.
sell the shares at not less than $91 a share to yield not less
capital for a portion
Funds obtained from the sale of the stock will provide
in further
of the estimated expenditures of $10,000,000 to be made this yearstation on
generating
company
development and additions to the Illinois-I's electric
ndiana State line in Hammond,
the
the shore of Lake Michigan at
Ind.
kw. An addiThe generating station at present has a capacity of 208,000
ng units is now under contional section which will contain two generati
of the plant will
struction. When this addition is completed the capacity
be 465,000 kw. or approximately 623,000 hp.
Earnings for Calendar Years Ended Dec. 31 1930. $6,593,014
Operating revenues
x4,146,360
Operating expenses
445,896
Taxes
$2,000,758
Operating income
43,822
Non-operating income
82,044,580
Gross income
1,197,889
Interest on funded debt
214,923
Miscellaneous interest deductions
432.081
of debt discount & expense
Amortization
17,730
income
Miscellaneous deductionsfrom gross
$181,958
the year
Net income for
118,404
Dividends declared on capital stock
$63.554
Balance to surplus
p. 1794.
x Including retirement appropriations of $747,234.-V. 132.
-Earnings.
Chicago Surface Lines.
1928-27.
1929-28.
1930.29.
Years End, Jan. 31- 1931-30.
$56.737,090 $62,717,868 $62,391,622 $61,624,752
Gross earnings
43 49,250,703 48,961.067 48,231.496
47,325,9
Operating earnings
$9.411,147 $13,467,165 $13.430,555 $13,393,256
Residue receipts
8,035,954
8,058,333
8,080,299
x Chicago Rys. (60%)- - 5,646,688
-Construction x South Side Lines(40%) 3,764,459 5,386.866 5,372,222 5,357.302
Telephone Utilities Co.
Associated
net devisIble receipts as defined by ordinances.
x Includes city's 55% of
Budget, etc.
Win. Hughes Clarke of Chicago in an analysis says in part:
be invested by western companies of the
ion
More than $4,000.000 will system in nine western States for additions,
The annual report records net earnings, after $4,538,967 depreciat
Associated Telephone Utilities to plant and equipment during 1931, it is reserves, were $9,036,967 or more than twice 1st mtge. bond interest.
ents, and betterments
of S2,196,747 municipal compensation
replacem
the 1930 budget, it is stated. Operations resulted in decreases
g net to the
announced. This is a substantial increase over
be made are California, Washing- .divisible to Chicago and of $1,768,985gin the final operatin
The states in which the expenditures are to
New Mexico and companies, compared with the precedin year.
ion, 1st mtge.
Idaho, Montana, Wyoming, Nebraska, Texas,
ton,
The surplus retained by the companies after depreciat sufficiently in
Kansas.
compensation and receivership expenses, was
yet complete, but preliminary
Budgets for the eastern companies are not budget for the Associated interest, city total required for the 5% and 4% interest accrued but not
excess of the
that the total construction
ng trust, consolifigures indicate
paid on the consolidated A, purchase money, connecti paid at 8% on
ate $8,000,000.
Telephone Utilities system will approxim
increase of dated B and Income bonds and for the dividends formerly
31 had 454,157 telephones in service, an California, railways series I certificates and at 6% on City Railway stock, to leave
This system on Dec.
total, 86,445 were in
77,000 over the preceding year. Of the 36,011 in Wisconsin, 30,798 in about $3 per share earned on Railways series 2 certificates and about $2
80,572 in Illinois, 63,457 in l'ennsylvania, 18 other States served by the per share earned on Connecting preferred.
through
(held by receivers
Indiana and the balance scattered
The excess depreciation and retirement reserve cash the mortgages for
and pledged under
-V. 132, p. 1794.
system.
under Federal Court Instructions $18,390,912. These idle cash accumu- payment of bonds) amounted to
-Concession Granted.
Ltd.
the bank
Beauharnois Power Corp., has given formal permission to the lations received loss than 3% interest from years, depositories, as comprevious
The Quebec Provincial Government a subsidiary, to divert an additional pared with about 334% earned inroad, equipment and supplies by approCo..
The companies increased their
Beauharnois Light, Heat & Power e River to enable the company to develop
$885,719 from excess reserves
flow of water from the St. Lawrenc y. The concession will run to the year priating $1,860,401 from surplus earnings and
for which the companies realized a
for new tracks, bus lines, cars, &c.,$265,072 in addition to net earnings
an additional amount of electricit
construction and brokerage profit of
2003.
Government a royalty of $1 per horseThe company will have to pay the developed, this royalty to be revised from operations.
37 (about 4%), and this
Operating wages were reduced only $1,321,3 costs of extensions and
power per year for additional power
-V. 132, p. 1987.
the
as in the case of the first lease.
amount was largely offset by wages paid in
each ten years
-V. 132, p. 655.
improvements.
-Extra Preferred Dividend.
Co.
Brooklyn Borough Gas extra dividend of 63.4 cents a share in
The directors have declared andividend of 75 cents a share on the 6%
addition to the regular quarterly
1 to holders of record March 17.
cum. partic. pref. stock, payable April
since July 1 1927.-V. 131. p. 4215.
Like amounts have been paid quarterly
-Earnings.
Oregon Power Co.
California
ended Dec. 31 see "Earnings
For income statement for 12 months
-V. 132, P. 1988.
Department" on a preceding page.
s Light Co.-Eamings.-
Central Illinoi
1927.
1928.
1929.
12 Mos.End. Dee.31- 1930.
61
$5,228.983 $5.136,159 $4,765,845 $4,391,1
Gross earnings
taxes &
Oper. exp. incl.
2,817,130 2,650,287
2,975,809
0
2,934,02
maintenance
415,864
360,856
358,194
355,795
Fixed charges
$1,802,156 $1,587.859 $1,325.010
$1,939,168
Net income
413.462
408,837
405,418
404,117
Dividend, pref. stock__ _
256,800
304,800
322,800
339.600
Prov for retire. reserve$654,748
$874,221
81,195,451 $1,073,938
Balance
rendered by the Electric. Gas and
Comparative figures showing service
five years are as follows;
Heating Departments during the past
Heating Sales
Gas Sales
Electric Sales in
Calendar
in Pounds.
Kilowatt Hours. in Cubic Feet.
Years.
450.698,000
734,472.100
96,048,052
1925
504,739.000
764,854,300
747
105.625,
1926
471,951.000
796,774,220
122,265.494
1927
492,439,000
888,714,100
143,027.409
1928
535,457,000
961,081,000
161,210.064
1929
488.655,000
158,300,632 1.054,705,500
1930
Comparative Balancr Sheet Dec. 31.
1929.
1930.
1929.
1930.
AssetsProperty, plant &
855,100
stk. cumul. 826,500
21,939,449 21,155,175 7% W.
equipment
326,352 6% preferred stock 5,836,700 5,785,900
341,635
Investments
Common stock_ __15,123,200 5,123,200
Debt discount and
7,178,500 7.178,500
Funded debt
expenses in pro330,653 Due to Common- 252,479
305,698
cess of amort
wealth & So. Corp
Deterred charges &
97,044
25,732 Deferred liabilities 105,554
33,445
& prepaid accts_
226,692
Accounts payable_ 192,335
Cash and working
101,352
payable 100,895
223,971 Dividends
223,266
Rinds
673,330
709,241
154,049 Accrued taxes
U. S. treas. secur_ 111,658
89,731
89,731
605.892 Accrued interest- 2,206,236 1,968,937
Accounts receivable 638,791
Reserves
Due on subscrip.
10,991 Contributions for
20,414
to pref.stock__
49,826
76,929
extensions
277,563
Materials & suppi_ 240,161
960,766
1,156,217
Surplus
-Earnings.
Cincinnati Street Railway.
Coaches.]
[Result of Operations Including Cars and
1927.
1928.
1929.
1930.
Calendar Years$8,123,961 $8,819,944 $8,819,116 88,700,257
Operating revenue
6.332,429
9 6,021,349 6,320,173
5,552,05
Operating expenses
94 $2,498,943 $2,367,828
Net operating revenue $2,571,902 $2,798,5
771,369
747,318
693,268
690.877
Taxes
$1,881,025 $2,105,326 $1,751,625 $1,596,459
Operating income_
48,022
27,549
24,789
133,477
Non-operating income
02 $2,130,114 $1,779,174 $1,644,480
$2,014,5
Gross income
Rental, int.,sinking fund
1,624,141
1,764,381
2,126,610
& return on capital_ _ _ 2,250,164
Added to fare control
fund
Withdrawn from fare
control fund
Fare controlfund-previous balance, including
initial $400,000
$3,505
$14,793
$20,339
455,971
441,177
420.838
235,661
x459,476
Total in fare control
$441,177
$455,971
$459,476
$223,814
fund
x Previous balance, including initial $400,000.-V. 131. p. 2694.
-Regular Dividends.
e Co.
Cities Servic
(see "Earnings
Coincident with the publication of its earnings statement
announced monthly
Department" on a preceding page,) the company in stock on the coin.
1%
dividends of 234 cents per share in cash and 34 of share on the pref. stock
dividend
stock. Regular monthly and five s of 50 cents per the preference B stock
share on
cents
and preference BB stock payable May 1per holders of record April 15.
to
were also announced, all
-V. 132, p. 1795.
Like amounts are also payable on April 1 next.
n.
Columbus Delaware & Marion Electric Co.-Acguisi'
RR. below.
-V. 132, p. 124.
See Columbus Marion & Bucyrus
-Sale.
Marion & Bucyrus RR.
Columbus
was sold to Maio Bros., Marion, Ohio,
The property of this companythe sale confirmed by the Court on Nov.
for $31,500 on Nov. 3 1930 and
railway has been operated by the Columbus
10 1930. Since that time theCo. which purchased same from Malo Bros.
Delaware & Marion Electric was discharged on Feb. 21 1931. A sum of
The receiver, Geo. Whysall
ion to holders of first mtge. bonds
$28,983 was paid to trustee for distribut -V. 110, p. 2657.
ing.
of which there were $47,000 outstand
-Annual Report.
Dakota Central Telephone Co.
1927.
1929.
1928.
1930.
Calendar Years$1.678,878 $1.653,011 $1,543,666 $1,418,063
428,080
23,854,519 23,110,378 Total telephone rev---468,947
488.393
Total
528.731
Operating expenses
23,854,519 23,110,378
245,738
Total
260,934
262,435
298.594
-V. 130. P. 2388.
Current maintenance
259,020
272,565
289,393
x Represented by 100,000 shares of no par value.
309,632
Depreciation
126,602
139,059
157,231
162,654
Taxes
-Merchandise Sales.
Service Corp.
Central Public the Central Public Service System sold merchan$358,623
$402,161
$455,559
$379,267
Net telephone earns
8,409
Operating properties of
6,908
4,840
5,672
1930, E. L. Callahan, general Sundry net earnings_
dise and appliances worth $4,815,316 during
This figure, which represents net sales
$367,032
commercial manager, announced.a gain of 9.3% or $413,848 over merchan$409,069
$460,399
Total net earnings.-- $384,939
90,641
after all returns and allowances, Is
87,647
97,861
105,931
169.196
Interest
dise sales in 1929.-V. 132, p. 1988.
175,159
175,165
175,105
Divs., pref.& commoned.
$107.195
$146,263
$187,373
Chesapeake & Potomac Tel. Co.of Va.-Cap.Increas inBalance for surplus.-- $103.903
of the company was
In August 1930, the authorized common stock
and on Sept. 30 1930, $4,800,000 -V. 130. p. 1825.
000,
creased from $14,000,000 to $20,000,
sold for cash at par to the
issued
-Earnings.
of additional common stock was h Co., and sole stockholder. The proDetroit Edison Co. 12 months - Feb. 28 see "Earnings
the
ended
American Telephone & Telegrap
For income statement for page.
of the company's demand
-V. 132, p. 1410.
ceeds of this sale were used to retire $4,800,000
a preceding
Department" on
-V. 132. p. 1988.
notes.
MAR. 21 1931.]
FINANCIAL CHRONICLE
2191
Duke Power Co.
-Earnings, &c.
Condensed Balance Sheet Dec. 31.
Calendar Years1930.
Assets1929.
1928.
1930.
1929.
1927.
1930.
1929.
Gross revenue
$25,982,982 $28.102,688 $25,287,562 $20,788,211 Investment
$6,178,520 $6,078,383 Capital stock
$3,783,820 $3,783,820
Oper. exps., taxes, reDeferred charges
117,742
105,350 Funded debt
1,284,475 1,347,475
newals & replace. res. 16,889.796 16,397.472 14.426,436 14,019,684 Current assets.
204,718
183,990 Adv.from affil. cos 850,000
378.000
Interest on bonds
3,075,674 3,183,687
2,997,223
901,852
Current liabilities_ 140,384
179,475
Retire., &e., res
450,726
480,313
Net income
$6,017,512 $8,521,529 $7,863,903 $5,866,676
Surplus
209,595
218,640
Previous surplus
11,067,409
9.307,308 6,971,058 4,559,803
Misc, credits to surplus_
10.880
Total
86,498,980 $6,367,723 Total
168.085
86.493,980 88.367.723
-V. 130, p. 2025.
Total surplus
$17,095,801 $17,828,837 $14,834,961 $10,594,564
Preferred dividends.-20,636
20,636
20,636
5.159
Erie County Traction Corp.
-New Control.
Common divs. (cash)
5,050,235 4.613.738 4.501.245 3,588.198
We were informed under date of March 17 as follows: The control of this
Cora. Wits. (stock)(2%)
1,980,486
company has recently changed hands and a bus operation by an independent
Divs. on stock of subs.
company is to be used in conjunction with the traction operation.
not owned
37,817
30,149
The stock and bond structure is the same as heretofore. The new officers
Surplus adjustments_ _146,567
967,954
of the company are: William F. Hanavan, President, East Aurora. N. Y.:
Morse I. Flagler, Vice-Pros., Buffalo, N. Y.; Alexander E. Rowan, Treas..
Surplus Dec.31
512.024,930 $11,067,409 $9,307,308 $6,971,058 East Aurora, N. Y.; Nathan A. Bundy, Sec.. Buffalo,
N. Y.
-V. 121,
p. 457.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Gatineau Power Co.
-Bonds Sold.
-Chase Securities
Assets
Liabilities
Corp., ankers Co. of New York, Harris, Forbes & Co.,
Realest., Plants,
Notes, sect,. &
185,073,134 180,987,696
&c
int. payable__ 1,794,270 2,313,884 Lee, ifigginson & Co., Bancamerica-Blair
Corp., Halsey,
5,445,942 5,430,522 Accr. Int, on bds
Investments
318,592
310,047
Sinking funds
55,918
65,122 Tax reserve,..,.. 1,936.983 2,030,976 Stuart & Co., Inc., the First National Old Colony Corp.
Deferred charges 2,938,839 2,980,239 Dlvs. declared.-1,267,718 1,242,963 and Otis & Co. have sold at
924 and int. yielding about
Cash
8,140,799 a7,154,997 Res. renewals &
Notes, accts. &
'
replace., &c__ 27,925,233 22,724,128 5.55%, an additional issue of $8,500,000 1st mtge. gold
int. reedy _ _ 4,904,505 5,498.870 Funded debt._ 40.000.000 40.000,000 bonds, 5% series due 1956. Bonds are dated
June 1 1926
Short term scours 3,979,986 7,488,922 Bonds of subs__ 24,180,800 31,152,700
and mature June 1 1956.
Mat.& Supplies 2,209,018 2,535,313 $7 cum. pf. stk_
294,800
294,800
Common stock 101,004,796 101,004,798
Data from Letter of A. R. Graustein, President of Company.
Profit and loss
-Company is the principal Canadian operating subsidiary
12,024,930 11,067,409 ofCompany.
surplus
International Hydro-Electric System and one of the largest hydro-electric
Total
210,747,921 212,141,682
210,747,921 212,141,882 power producers on the North American Continent. Its hydro-electric
Total
plants on the Gatineau River and on the Ottawa River and tributaries have
a Includes call loans.
-V. 130, p. 2024.
a present installed generating capacity of 565,519 hp, to which is being
added 34,000 hp. The
portion of these power
Duke-Price Power Co., Ltd. (& Subs.).
-Earnings.
-- and the balance is held larger long-term Government sites is owned in fee
under
leases.
Calendar YearsUpon completion of this financing the company will own the transmission
1930.
1929.
1928.
1927.
Operating revenue
$4,365,202 $4,106,839 $3,814,063 $3,123,526 and distribution system in Quebec of Gatineau Electric Light Co., Ltd.,
Expenses and taxes_ _ _ _
530,845
729,795
764,195
470,470 which supplies electricity at retail for power and light between Ottawa and
Montreal in the Ottawa and St. Lawrence River valleys.
Operating Income__ $3,635,407 $3,342,644 $3,283,219 $2,653,056
In addition, the company owns the entire funded debt and common stock
Miscell. Interest revenue
95,341
112,541
57,081
66,629 of Saint John River Power Co., which owns the largest hydro-electric power
development in the Maritime Provinces. This development is located at
Total income
$3,692,488 $3,437,985 $3,395,760 $2,719,685 Grand Falls, N. B. and has a present capacity of 80,000 tip, in operation.
Interest on bonds
2,206,776
Power Output.
2,217,105 2.220,000 2,220,000
-During 1930 the peak load of the.plants of the company
Other interest
312,120
325,989
267.890
121.351 and its subsidiaries reached a maximum of 605.495 hp. and their total proDepreciation
574,563
581,403
558.611
315,894 duction for the year was 2,534,522,000 kwh. Deliveries under long-term
primary power contracts are now running at the rate of 438,000 hp. and
Net income
3592,190
$349,260
$320,327
$62,440 tnese contracts require ultimate deliveries of 533,000 hp. At Present
Earnings per share on
288,000 hp. is being taken by the Hydro-Electric Power Commission of
210,000 no par shares
Ontario.
outstanding
$2.82
$1.52
Purpose.
$1.66
$0.30
-Proceeds will be used toward the purchase of the transmission
and distribution system in Quebec of Gatineau Electric Light Co., Ltd..
Consolidated Condensed Balance Sheet Dec. 31.
to reimburse the company for capital expenditures and for other cor1930.
1930.
1929.
1929.
porate purposes.
Assets
Liabilities$
Earrungs.-Consolidated net earnings available for interest and reserves,
Plant, trans. lines,
Capitalstock- y21,000.000 21,000,000 for the
12 months ended Dec. 311930.including the earnings of Gatineau
RR. & canto.,
6% 1st mtge. gold
water rights, con36,652,000 36,828,000 Electric Light Co., Ltd., were as follows:
bonds
tracts, &c
x59,769,308 59,932,999 5-yr.6% gold notes 3,500.000 3,500,000 Revenue-Power
$7,416,877
Light
Invest. In and advs.
Accr. int,on bonds
567,725
Other
to at company 1,189,867 1,121,849 and notes
411,512
414.088
469,289
Prepaid exp. and
Accounts and notes
Total
def. charges._ _ 2,025,967 2,094,194
Payable
1,253,984 1,771,505
$8,453,892
Expenses, including maintenance
Sinking fund in
Reserves for income
1.309,185
hands of trustee
1,090 and other taxes_ 108,204
99,102
739
Net revenue available for interest and reserves
$7.144,706
Inventories
100,112 Res. for casualties
113,654
Annual interest requirements on the purchase money obligation
Accounts and notes
9,141
and insurance
13,980
and the 1st mtge.5% gold bonds,series due 1956.incl. this issue 3,559.586
receivable
878,842 Surplus
440,816
1,370,309
778,119
Net earnings as shown above, available for interest and
Marketable scour.
177.925
47,430
reserves amounting to $663,776 in 1930), were equivalent reserves (said
to twice
Cash
297,980
715,567
annual interest requirements on the purchase money obligation and the
the
entire $70,942,000 1st mtge. gold bonds to be presently outstanding,
Total
64,303,150 64,404,792
Total
64,303,150 64.404,792 including
this offering. During the last quarter of the
x After depreciation of $2,028,301. y Represented by 210,000 shares of contract power deliveries which commenced Oct. 1 year,due to increased
1930, such earnings
no par value.
-V.131. P• 1893
were at the annual rate of $7.600,000.
.
Security.
-Upon completion of this financing, the first mortgage
Electric Bond & Share Co.
-Holdings-Stockholders.
bonds will be secured by a direct first mortgage and hypothec on all gold
water
The 1930 annual report shows that the company increased its holdings Powers, developed
in its client holding companies during the year. At Dec.311930. it owned three small powers and operating, now owned by the company, except
with a total installed capacity of less than 3,000 hi),
31% of the common stock of American Power & Light Co.. as compared by a direct first mortgage and bypothec on
the transmission and distribuwith 30% owned Dec. 31 1929; 19% of the common stock of American tion system in Quebec now
,
owned by Gatineau Electric Light Co., Ltd.,
Gas & Electric
s compared with 16% owned Dec. 31 1929; 32% of by a direct
on
the common stock
Co..Of Electric Power & Light Corp., as compared with 30% N. B., used first mortgagewith a small steam power plant at Dalhousie.
in
the operations of Saint John River Power
at Dec. 311929, and 46% of the common stock of National Power & Light Co., by pledge connection
of
Co. as compared with 40% owned Dec. 31 1929. Included among the bonds) and all thethe entire funded debt ($10,800,000 1st mtge. 5% gold
company's client holding companies is United Gas Corp. which was organ- the pledge of all common stock of Saint John River Power (Jo. and by
the
ized last year. The voting control of United Gas Corp. is owned by Electric River Storage Co. capital stock (except directors' shares) of Saint John
and Gatineau Transmission Co. Such 1st mtge. lien
Power & Light Corp. but Electric Bond & Share Co. owns direct more Is subject,
as to a small
than 10% of the common stock, about 4% of the $7 preferred stock and to a purchase money part of the transmission and distribution system,
obligation of $249.722. The 1st mtge. bonds of
about 4% of the option warrants of United Gas Corp.
Gatineau Power Co. will be followed by $18,946,500 debentures outstandThe company's holdings of stocks of American & Foreign Power Co., ing with the
public and by indebtedness and preferred and common stocks,
Inc. at Dec. 31 1930. included 53% of the common stock, approximately all owned
80% of the second preferred stock, series A, $7, 16% of the $6 Preferred tions of by Canadian Hydro-Electric Corp. Ltd. Subject to the restricthe trust deed. 8768.000 additional bonds may be issued against
'
stock and approximately 83 7 of the option warrants. At Dec. 31 1929. pledge of
an equal amount of Saint John River Power Co. bonds issuable
it owned slightly lees than 50% of the common stock, about 77% of the
second preferred stock, series A, $7, 10% of the $6 preferred stock and on the basis of the initial 60,000 hp, installation of that company. The
trust deed contains provisions permitting certain modifications by
64%, of the option warrants of that company.
the
Miscellaneous holdings of securities at Dec. 311930. had a market value bondholders as therein provided.
on that date of approximately $78.279,000. The largest investments,
Consolidated Balance Sheet Dec. 31 1930.
based on the market value of the stocks owned, were in Commonwealth of [Including Gatineau Electric Light Co.. Ltd., adjusted
to reflect this
Southern Corp., American Superpower Corp.. the United Corp., the North
financing.)
American Co. and American Water Works & Electric Co.
Assets
Liabilities
The holders of preferred and common stocks of the company have largely
let mtge. 5% bonds
increased in number during the last few years. At the date of organization Properties, power develop870,942,000
ments and rights
of the present company. March 13 1929, there were 10,739 holders of pre- Cash In escrow for comple-$132,203,172 Purchase money obligation_
249,722
6% sinking fund debs
ferred stock and 27,964 holders of common stock. By Dec. 1930 the
tion of developments.-- 1,882,878 6% gold debs., series B.. 11,448.500
- 7,500,000
holders of preferred stocks had increased to 22,752 and the holders of Securities
on deposit with
Accounts payable
common stock had increased to 93,944, making a total of 116,696 holders
152.094
Provincial Govt.,&c..Inv.
47,206 Accrued interest
of the company's stocks. Stockholders are located in every State of the Cash
401,404
69.836 Serial obllation
United States, in all of its foreign possessions and in 32 foreign countries. Accounts
*278.444
receivable
667,334 Due Canadian Hydro-ElecOnly four stockholders held as much as I% each of the total common Inventories
289,287
tric Corp.. Ltd
stock and of these only one held in excess of 2%. This one stockholder Prepaid,
7,500.000
assets
193,116 Reserve for deprec., Ow-- 1,634.536
was Electric Bond & Share Securities Inc. holding approximately 4% for Discount &c.,securities, oron
Capital stock and surplus.
sale to the officers and employees under the stock-purchase plan approved
ganization exps.. Sec
St. John River Power Co.
7.411,827
by the stockholders in 1929.-V. 132, p. 1616, 1410.
6% preferred
*801.750
Empire Public Service Corp.
-Board of Directors.
6% Preferred
*25,000,000
Common stock
At the annual meeting of the stockholders a board of five directors was
*2,500,000
Surplus
elected as follows: Edgar A. Feldtkeller, W. Bruce Pirme, Robert W. Rea,
14,339,986
Floyd W. Woodcock, Harold C. Yeager. About 99% of the common stock
Total
8142,544,439 Total
-V. 132. p. 1029.
6142,544.438
Is owned by the Empire Corp.
x New Brunswick Electric Power Commission. *All owned by
Gary Railways Co.
Hydro-Electric Corp., Ltd.. except $75,550 of preferred stock Canadian
-Earnings, ctc.of Saint
John River Power Co.
Calendar Years1930.
1929.
1928.
1927.
Power
-All the power now being generated at the plants of the
Operating revenue
$1,166,212 $1,293,442 $1,240,522 $1.275,769 companyContracts.
and Its subsidiaries is being sold under contracts with the HydroOperating expenses
961.582
1,051,769
970.534
1,010.563 Electric Power Commission of Ontario, City of Ottawa, Canadian
InterOperating income-. $204,630
$241,673
$269.988
$265,206 national Paper Co.. New Brunswick International Paper Co., Fraser ComOther income
1.525
2.416
6.886
panies. Ltd., Canada Cement Co., Ltd.. the E. B. Eddy Co.. Ltd.,
and
Ottawa Electric Co., and others.
Total income
$248,559
$206,155
$272,404
$265,206
Contracts have been entered into with the Hydro-Electric Power ComOther charges,incl. taxes
63,727
100,211
100,233
84,206 mission of Ontario,
which provide for power deliveries as follows:
Interest on funded debt..
74.738
77.333 an* 81,489
84,282
A contract for 30 years. beginning Oct. 1 1928, under which
Net income
$71,015
$67,691
$90,682
$96.718 mission is now purchasing 250,000 hp., which amount is to be the ComDividends
increased
67,720
75,243
82,047
93,721 260,000 hp. beginning Oct. 1 1931, continuing at this rate throughout to
the
life of the contract.
Balance
$3,295
def$7,552
$8,635
$2,996
-year contract, beginning Oct. 1 1928, with renewal privilege,reserves
A 40
Shs. corn. stk. outstandfor the Commission an additional 100,000 hp., of which a
(no par)
264,232
ing
264.232
264.232
264.232 60.000 hp. is to be taken in annual increments of 6,000 hp. 1111121M111:11 of
for
Earnings per share
$0.26
$0.27
$0.34
$0.37 beginning Oct. 1 1928. At present 18,000 hp. is being taken 10 years
under this
FINANCIAL CHRONICLE
2192
contract. A third contract, acquired from a predecessor company, provides for delivery of 20.000 hp. which is now being taken by the Commission.
Canadian International Paper Co. has entered into contracts beginning
July, 1926, and running for 30 years or more for the purchase of a minimum
of 77,000 hp. and for the purchase of whatever additional power is required
by the paper company and which Gatineau Power Co. shall have available
for sale to it.
Saint John River Power Co. has long-term contracts with Fraser Companies, Ltd., and New Brunswick International Paper Co. Full deliveries
started Oct. 1 1928 under the contract with Fraser Companies, Ltd., which
runs for 40 years from that date and calls for delivery of 20.000 hp. The
contracts with New Brunswick International Paper Co. also runs for 40
Years. beginning Dec. 1927, and call for the entire remaining output of
the Grand Falls plant both of primary and secondary power up to the present
aggregate installed capacity of 80,000 hp, except for a small amount being
supplied to the towns of Grand Falls and Dalhousle.-V. 131, P. 3529.
-Earnings.
Gulf States Utilities Company.
Calendar YearsTotal gross earnings
Operation expense, maintenance & taxes
1929.
1930.
$7,100,667 $6.603,108
3,541,862
4.023.372
Net earnings
Income from other sources
33.077,295 $3,061,246
32,424
24,336
Total
Interest & amortization charges
$3,101,631 63.093,670
956,362
1.045.563
Balance
Previous surplus
$2,056,068 $2.137,308
783,838
965,259
Total
Retirement reserve
$3,021.326 $2,921.146
450,000
450,000
Balance
Net direct charges
$2,571,326 $2,471,146
29,765
30,849
Balance
Preferred dividends
Common dividends
$2,540,477 $2,441,380
356.122
507,421
1,120,000
1,120,000
$913,056
Surplus at end of year
Consolidated Comparative Balance Sheet Dec. 31.
1930.
1929.
1930.
Liabllittes$
$
Assets35.042.024 32.855,149 Bonds:Is, 1956_18,000.000
Plant
345,962 Notes payable-- 1,260,000
341,037
Cash
21,267 Accounts payable.. 417.625
39,619
Notes receivable
948,224 Accts. not yet due_ 647,288
Accts.reeeivable 1,112,603
515,967 Retirement reserve 1,064,933
strop. 488.424
Materials &
144,924 Appropriated res.
53,668
Prepayments
87,796
for retirements_
17,512
Sub,to cap.stock..
19 Contributions for
21
Miscellaneous inv.
67,268
extensions
Unamortized debt
37,907
discount & exP- 1.533.344 1,593,029 Unadjusted credits
37,952 Pre. & corn. stock16,147,337
66,797
Unadjusted debits
51,838
$6 pre. stock sub_
Earned surplus__ _ 913,056
38.695.049 36,462,495
Total
-V.132, p. 1617.
Total
8965,259
1929.
$
18,000,000
1,985,000
383,928
571,241
1,120,419
13.990
60,653
39.660
13,342,343
965,258
38,695,049 36,482,495
-Earnings.
Hydro-Electric Securities Corp.
1929.
1930.
Calendar YearsDividends and interest received in cash for cash_ $2.599,420 $1,663,569
606.318
Dividends received in stook, whereof sold market 1,137.683
Retained as investments and valued at
625.827
535,774
dates diva, were received_
prices prevailing on
54,955
Rio de Janeiro Tr. Lt. & Pr. Co.coupons funded..
4,066,503
3,149.29;
Met profit on sale ofInvestments
75.577
Other income
$7,497,751 17.017.172
Totalincome
103,968
71.458
Admin.& gen. exps. & differences of exchange_
Net profit
Previoussurplus
Total surplus
Remuneration directors & advisory committee_
Dividends paid on preferred shares
Dividends paid on common shares
17,426,293 86,913,205
1,021,838
6.063,552
$13,489,845 $7,935,043
19,361
143,301
1,000,000
1,144,993
852,129
2,859,079
$9,342,472 $6.063,552
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
$
Liabilities$
Assets841,262 5% class B cum.
277,915
Cash
earths. pref.shs_20,000.000 20,000,000
_11,228,628 1,008,468
Awls receivable_
64,148,100 43,482,798 Common shares_ x34,190,860 20,319,285
Investments
Unmat'd obliga'ns 2,637,343
Syndicate accounta 518,030 1,050,309 Surplus
9,342,472 8,063,552
Surplus Dec. 31
66,170,675 48,382,837
Total
66,170.675 46.382,837
Total
-V.132, p. 1990
common stock.
x Represented by 1.476,393shares no par
-Earnings.
Bell Telephone Co.
Indiana
1927.
1928.
1929.
1930.
Calendar Years812.136,335 $11.369234
Telephone oper. rev---$13,417,509 $13,323,338 7.574,197
7,054,256
8,658.384 8,479,165
Telephone oper. exp._-41,981
48,799
47,832
73.707
Uncollectible oper. rev__
1,297,125
1,297,727
1,576,651
1,537.063
Taxes assign. to oper__- Cr.113,406 Cr.181,649 Cr.224,055 Cr.283,561
Net non-oper. income__
151,322
168,304
172,503
214,338
Rent and miscellaneous_
241.046
405,337
282,312
401.582
Interest
$2.645,841 $2,946,525 $3,030,316 $2,702,774
r Net income
2,400,000
1.755.000
2,400,000
2,400,000
Dividends
49,000
appr. fr. net IncOther.
$581,316
6947.774
$546,525
$245,841
Balance, surplus
Comparative Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
3
1iabilities$
Assets30,000.000 30,000,000
buildings_ 3,607,148 3,215,431 Capitaistock
Land &
338,500
338,500
39,145,241 Bonds
Tel. plant & equip.41,285,228
867,289 Advs. from system
General equipm't. 944,599
6,984,357 4,175,050
corporations
856.114
Invest. securities_ 818,620
833.310
44,640 Notes payable.... 1,013,820
Miscell. invest__ 195,666
1,017,627 1,152,236
202,589 Acc'ts payable
deposits__ 260,356
Cash &
Accr. It ab. not due 1,742,521 1,688,825
41
Marketable seems.
43,863
51,360
108 Def. credit items__
542
Bills receivable...
1,106,196 Res. for seer. depr. 3,948,274 4,176,246
, Acels receivable__ 1,237.257
296,039 Res. for amort. of
Mat'is & supplies_ 299,059
63,707
67,117
int ang.capital__
23,748
14,156
Accr.linc. not due_
71,804 Corporate surplus_ 3,644,890 3,392,943
91,189
Prepayments
35,481
54,607
Other del. debits.48,808,466 45,8434,680
Total
Total assets...A8.808,466 45,884,680
-V.130, p.3158.
[VOL. 132.
This company acquired from the Northern Indiana Public Service Co.
properties located in what are known as the Lafayette, Frankfort, Lebanon
and Crawfordsville districts. These properties are adjacent to the general
territory in which the Inter-State Public Service Co.'s operations are
confined. In turn the company sold to the Northern Indiana Public Service
Co., properties located in what are known as the Goshen-Warsaw and
Monticello districts. These properties lie to the north of the area in which
most of the company's properties are located and are in the heart of territory served by the Northern Indiana Public Service Co.
Co-ordination of Electric Railway Operation.
Operation of the electric interurban line of the company between
Indianapolis and Louisville was coordinated in September with electric
railway lines of the Indiana RR.(formerly operated by the Union Traction
Co. of Indiana), Indiana Service Corp. and Northern Indiana Power Co.
This co-ordinated system has a total of 656 miles of first main track. By
operation of these various railways under one central management as the
Indiana RR. System, improved service has been established and operating
economies have been made possible. Thirty-five new high speed passenger
cars will be placed in service on the lines of the Indiana RR. System early
In the summer.
Properties Acquired.
During 1930 the physical properties of a number of smaller utility companies which were operating in the territory contiguous to that served by
the company were acquired. These transactions included the acquisition
of the physical properties of the following companies:
General Utilities Co. operating in southern Indiana and supplying
electric service to 16 communities, two of which are also supplied with
water service.
Union City Electric Co., supplying Union City, Ind., with electricity.
Columbus Gas Light Co.,supplying Columbus. Ind., with gas.
Interstate Power Co., which owned a 66,000 volt steel tower electric
transmission line 29.7 miles in length.
Liberty Gas Light & Fuel Co., which furnished gas service in Liberty.
The company also purchased rural lines in the vicinity of Greenwood
-V.132, v. 1797. 1990.
and a local electric distribution system in Griffin.
-Balance
International Telephone & Telegraph Corp.
Sheet Dec. 31.1929.
1930.
Assets$358,602,728 $297,693,105
Plant and property
27,213,238
21,125,693
Cash in banks and on hand
17,573,734
8.982.456
Marketable securities
39,193,715 38,435,635
Accounts and notes receivable
29,340.891
39,790,187
Merchandise. materials and supplles
483,108
Deposits to meet matured int., diva., &c
338,901
473.456
Sundry current assets
507,702
to trustees
Advances
39,189,210
35,773,986
Patents, licenses, &c
Invest.in and advance;to associated & allied co s:
58.252,303 43.625.856
Associated companies not consolidated
8,367.748
9,387,436
Allied companies
2,278,158
5,959,501
Special deposits
6,540,321
9.311.337
Bond discount and expense in process of ainortiz.
3,995,073
Research and development expense
7,147,223
6,247,921
Prepaid accounts and other deferred charges- _ _
12,981,393
10,523.244
Miscellaneous accounts and investments
$604.131.664 $535,203.589
Total
1929.
1930.
Liabilities$215,605,733 $195.299.467
x Common stock
39.900,668
38,863,722
Preferred stock of associated companies
Minority stockholders' equity in com. stock and
9.138,340
9,573,979
surplus of companies, herein consolidated_
Funded debt:
35,000.000
25-yr. 4J4% gold deb. bonds, due July 1 1952 35.000,000
10-yr. cony. 434% gold deb.. due Jan. 1 1939 37.661.100 37.706,200
50,000,000
-year 5% gold debentures
25
64,937,922 63.877,546
Associated companies
366.171
332,340
Subscribers' deposits
9,121,471
10,289,404
Employees' benefit and pension reserves
22.679,312
17,138.431
Notes and bills payable
19,891,179
17,875,556
Accounts and wages payable
289,110
107,120
Notes receivable discounted
6.881,831
111,220,6951
Interest and dividends payable
3,952.938
I
1
Accrued interest and taxes
340,865
221,561
Sundry current liabilities
14,056,707
16,347.438
Reserve for depreciation. replacement. &c
236,206
152.388
for contingencies, &c
Reserve
27,868,255 48.410.869
Capital surplus
28,290.204
Paid-in surplus
28.054.707
22,645.817
Earned surplus
$604,131,664 6535.203,589
Total
x Represented by 6.642,508 (no par) shares.
Our usual comparative income account for the year ended Dec. 31 1930
was published in V. 132, Is• 1990.
-Earnings.
Italo-Argentine Electric Co.
For income statement for month and 12 months ended Dec. 31 see
-V. 132, v. 1030.
"Earnings Department" on a preceding page.
-Initial Dividend.
Kansas Electric Power Co.
The directors have declared an initial quarterly dividend of $1.50 per
share on the 6% cumul. Junior preferred stock, payable April 1 to holders
of record March 14.-V. 131, D. 3710.
-Earnings.
Louisville Gas & Electric Co.
see
For income statement for 12 months ended Dec. 31
-V. 131. p. 1894.
Department" on a preceding page.
"Earnings
Louisville (Ky.) Ry.-Defers Preferred Dividend.
No action has been taken on the semi-annual dividend due April 1 on
the 5% accumulative preferred stock of this company. not paid, but in
The 236% due Oct. 1 1930, amounting to $87,500, was
place thereof $100,000 was paid on certain demand notes of the company.
demand
Since that time, an additional $55,000 has been paid on these
notes.
% on the 5% accumulast regular semi-annual distribution of
The
1930.
lative preferred stock was made on April 1 being earned, it is announced.
The current preferred dividends are now
-V.132. p. 1617.
Mississippi River Power Co.,St.Louis,Mo.-Earns., ctc.
1928.
1930.
1929.
Calendar Years13.823.138 $4,171,456 $4,046,530
Gross earnings
683,847
763,076
776.082
exp., maintenance & taxes
Oper.
260,000
260.000
260.000
Appropriations for retirement reserve
1,125.460
1.080.645
1,097,672
Interest charges
$1,706,412 $2,050,708 $1,977,223
Net income
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Liabilities
$
$
Assets8,234,475
stockProperty & plant_48,004,175 48,030,076 Preferred stock_ _ 8,234,475 16,000,000
-.16,000,000
14,831 Common
14,831
Sundry investm'ts
43,476 1st m.5% 1951---17,197,300 17,365,000
35,854
Cash
165,809 5% deben., 1947._ 2,926,000 2,956,000
receivable.. 155,809
Notes
16,512
15,936
190,701 Accounts payable_
Accounts reedy... 131,988
3,945
94,562 Sundry cur. nab_
--To Lease Plants to Material & sup_ _ _ 95,409
2,193
2,037
Indiana Hydro-Electric Power Co.
1,997 Due to Mill.cos__
467
- Sinking fund
447,776
-See latter below.
399,838
Due from Mill. cos. 5,104,107 4,399,748 Taxes accruedNorthern Indiana Public Service Co.
24,633
24,383
7,868 Interest accrued__
6,995
Prepaid accounts_
34,138
36,209
Sundry accr. flab.
V. 132, p. 1617.
-Realignment of Properties. Bond & note disc. 306,030 325,598 Retirement res.. 2,988,060 2,823,566
& expenses
Interstate Public Service Co. on Sept. 12 1930, authorized
160,251
85,017
Other reserves...
of Indiana
The Public Service Commission in northern Indiana between this com5,942,464 5,210,121
Surplus
properties
the purchase and sale ofIndiana Public Service Co. Transfer of the pro53,855,064 63,274,863
Total
pany and the Northern as of Dec. 31 1930.
53,855,664 53,274,663
Total
perties was made effective
a realignment of properties which confines -V.132, p. 656.
The transaction made possible companies to more compact areas.
the territories served by the two
21 1931.]
M.
FINANCIAL CHRONICLE
IF Michigan Bell Telephone Co.-Expenditures.
-
The directors have authorized an expenditure of $2433,000 for new construction. Of the total $1,236,000 is for the Detroit exchange area and
$1,197,000 for the remainder of the State. Including estimates approved at
previous meetings approvals so far this year total $3,901,000 divided approximately $2.222,000 for Detroit and $1,679,000 for remainder of State.
-V. 132, p. 1411.
Midland Natural Gas Co.
-Omits Class A Div.
-
The company on Feb. 1 omitted the payment of the quarterly dividend of
1-40th of a share of class A stock, or 30 cents a share in cash on the class A
stock. The last dividend at this rate was paid Nov. 11930.-V. 132, p.492.
Mountain States Power Co.
-Earnings.
-
For income statement for 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 131, p. 1894.
New England Gas & Electric Association.-Preliminary Earnings.
[Earnings and Expenses of Properties Since Dates of Acquisition]
12 Mos. Ended Dec. 311930.
1929.
Total revenues
$15,202,072 $9,111.277
Operating expenses and taxes
11,119,874 6,881,884
Net operating revenue
Provision for minority interest
Interest-underlying companies
Interest during construction
$4,082,198 32,229.392
131.956
1,176
260,433
40,424
Cr36,553
Cr49,755
Balance applicable to funded debt ofthe Assn- - _ 53,726.362 $2.237.547
Interest on funded debt of the Assn
1,722,494
1,144,050
Balance
$2,003,869 $1,093,498
-V.132, p. 1618.
New Jersey Bell Telephone CO.
-Earnings:
Calendar Years1929.
1930.
2193
Consolidated Balance Sheet Dec. 31 (Company and Subsidiaries).
1930.
1929.
1930.
1929.
Assets-.
$
Liabilities$
Property & plant533,170,663 476,296,554 Preferred stock_a35.635,000 31,897,000
Cash & securities
Common stock _b33,089,870 32,389,870
on dep. with tr 1,671,332 1,434,505 Preferred stocks
4
/4
Stocks & bets. of
of subsidiaries 81,351,550 77,999.772
other cos, and
Minority iota, in
sundry invest.
871,198
952,692
cap.& surp. of
Due from affUlsubsidiaries __ 14,345,599 10,866,007
ated cos
14,270,356 Fund. debt (comCash
3,133,043 3,517,256
pany)
54,165,000 32,903,000
U. S. Govt. sec_ 11,359,995 4,276,734 Funded debt of
Notes & bills rec
375,913
272,062 subsidiaries _216,045,985 218.805,057
Accts. receivable 10,257,543 10,861,133 Due to still. cos. 6,650.303
768,234
Material dr suppl 8,610,679 9,112,701 Notes and bills
Prepaid accts.__
473,626
653,275 Payable
4,412,500 2,745,500
Discount & exp.
Accts. payable_ 2,909,074 3,005,703
on securities 12,096,443 10,995,109 Sund. curr't liab 3,107,524
3,045,914
Taxes accrued
9,101,327 8,878,563
Interest accrued 2,861,181 2,762,882
Divs. accrued
712,076
618,186
Sued. accr. Ilab.
93,576
138,117
Deprec. reserves 67,590,605 63,877,344
Other reserves
8,109,844 7,896,943
Capital surplus_
226,799
117,708
Undivided prof. 41,612,623 33,926,577
Total
582,020,436 532,642,377
Total
582,020.436 532,642,377
a Represented by 356,350 shares n 1930 and 318,970 shares in 1929.
b Represented by 470,000 shares in 1930 and 460,000 shares in 1929.
-V. 131, p. 3206.
New York Steam Corp.
-Rumors Denied.
-
After a conference with officials of the Consolidated Gas Co.. David C.
Johnson, President of the New York Steam Corp., on March 17 made the
following statement: "There is no foundation for published reports to the
effect that a plan is contemplated by the Consolidated Gas Co. to offer
shares of its stock for the outstanding minority shares of the New York
Steam Corp."
-V. 132, p. 1991.
Operating revenues
Operating expenses
1928.
349.870.453 $48,907,496 $44,287,929
34,533.758 33,558.998 30,416,369
Net operating revenues
Uncollectible operating revenues
Taxes assignable to operations
$15,336,695 515,348,497 $13,871,560
367,779
298,152
209,758
4,465,589 3,963,870 4,098,777
For income statement for 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 132. IL 19 .
91
Operating income
Net non-operating income
$10,503.328 $11,086.475 $9,563,025
238.187
172,556
284.987
Calendar YearsTotal gross earnings
Total operating expense & taxes
Gross income
$10.741,515 $11,259,030
Rent and miscellaneous deductions_ _ _
767,771
683,275
Interest
2.061,850
1,237,671
Balance net income
$7,911,893 $9,338,084
Dividends paid
8,031,616
8,031.616
Balance for corporate surplus
df$119,723 $1,306.468
Comparative Balance Sheet Dec. 31.
1930.
1929.
Assets-$
Liabilities
$
Fixed capital_ _ -185,510,983 170,615,154 Common stock _100,395,200
Other perm.Inv.
172,261
433,629 Long term debt_ 42,646,553
Cosh & deposits 1,446,016 1,609,964 Accts. payable. 1,968,477
Bills receivable_
1,135
2,131 Subset. dep. &
Accts.receivable 4,552,106 4,278,718 service billed
Materials & sup.
834,705 1,374,539 in advance._ 1,210,696
Accr.inc.not due
10,074
8,260 Accrued liabiliDef. debit items
713,364
788,181
ties not due__ 1,457,374
Def. cr. Items__
102,465
Fixed cap. res__ 34,715,699
Corporate Burp.
unapprop_ ___ 10,744,180
193,240,644 179,110,576
Total
-V. 132, p. 1618.
Total
Northern Texas Electric Co.-Earninge.--
Net earnings
Income from other sources
5433,736
62,500
$684,014
150.000
$7,432.266
6,431,616
Total
Interest and amortization charges
$496,236
364,462
$834,014
443,375
51,000,650
Balance
Previous surplus
$131,774
1.911,736
$390,639
1,834.958
$2,043,511
235,231
$2,225,597
237,335
100,395,200
28.903,651
3,168,490
810,278
1,491,720
130.901
33,103,973
11,106,362
193,240,644 179,110,576
-Listing of Additional Common Stk.
North American Co.
519,250,655 319,857.831
792.477
729,511
524.196
1,263,493
Balance for dividends and surplus
517.933.981 517,864.827
* Inclndes stock dividends of non-subsidiary companies taken up at
amount charged in respect thereof to surplus of issuing company: 129,
$509,582: 1930, 51,188.789.50.
Balance Sheet Dec. 31 (Parent Company).
1930.
1929.
1930.
1929.
ASSa9Liabilities$
Stocks and bonds155,747,551 132,700,581 Preferred stock_ 30,333,900 30,333,900
Loans and advs.
Common stock_x61,853,840 y56,038,390
to subs. oos_- 29,838,064 32,007,405 Purch. certifs. for
shares of corn.
186,585,615 164,707.956 stock
23,300
6.339.518 3,562,572 Dividends pay.in
Cash
Notes receivable 1,876,703 1,699,613 common stock 1,542,037 1,397,985
Accounts reedy_ 1,830,584
707,681 Funds of subs.&
Office furniture &
MM.cos. dep.
miscell. prop_
1
1
for payment of
coupons
554,015
601,027
Due to subs. cos 3,738,708 14,438,512
Notes and loans
payable
20,046,277
Accounts payable 163,550
109,727
Div. payable on
preferred stock
455,008
455,008
Divs. unclaimed
21,750
20,811
Reserves
148,165
287,475
Capital surplus_ 31,192,657 31.084,077
Undivided profits 45,582,512 35,887,638
Total
195,632,423 170,677,854
Total
195,632,423 170,677,854
x Represented by 6.185,384 shares y Represented by 5,603,839 shares.
A consolidated income account and balance sheet was given in V. 132.
p. 2019, 1976, 1798.
Total surplus
Retirement reserve
BalanceNet direct credits
81,808,279 31,988,262
223.789
43 474
Balance
52,032.068 32.031,736
Preferred dividends
120,000
Reserves and surplus at end of year
$2,032.068 $1.911,736
Consolidated Comparative Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets
Liabilities$
Plant & property-14,619,447 18,274,267 Common stock_ _ _ 3,150,000 3,150,000
Cash
171,168
347,827 Pref. stock 6% _ _ 4,000,000 4,000,000
Notes receivable_ _
6,304
3,589 Fret, stock scrip__ 360,000
360,000
Accts. receivable_ _
40,894
83,686 Bonds
5,173,000 7,799,000
Materials & suppl_ 166,549
228,474 Coup'n notes 6s'31 1,702,900 1,702,900
Frepaymenta
13,275
21,485 Car trt st ctfs
151,418
165,477
Miscall, investmla
84,586
599,624 Notes payable_
188,000
Sinking funds _ - _
2,361
2,175 Accounts payable268,939
94.693
Special deposits-- 851,475
20 Accts. not yet due
52,720
69,389
Unamort,debt disRetirement reserve 1,476,565 2,125,347
count & expense
31,237 APProP. res. for re894
Unadjusted debits.
2,023 tirements
16,348
26,049
Treasury securities
Operating reserves
17,198
38,328
Bonds
2,270,000 2,270,000 Unadjusted credits
42
59,242
Reserves & surplus 2,032,068 1,911,736
Total
18,226,954 21,864,408
Total
91118,226,954 21,864,408
-V.129, p. 1283.
Northern Indiana Public Service Co.
-Leases Plants.
-
Leasing of the two hydro-electric generating plants and transmission
facilities of the Indiana Hydro-Electric Power Co. to the Northern Indiana
Public Service Co. and operation of these properties as an integral part of
latter company's system is proposed in a petition filed with the Indiana
P.S. Commission.
The hydro-electric generating plants are situated on the
River at Norway and Oakdale near Monticello. Transmission Tippecanoe
facilities of
the Indiana Hydro-Electric Power Co. include 66.000 volt lines from the
Oakdale plant to Lafayette, Monticello and Hentland, a 33.000 volt line
from the Norway plant to Monticello, a 33,000 volt line from Monticello
to Yeoman and a 33,000 volt line in the City of Logansport.
Operation of the Indiana Hydro-Electric facilities by the Northern Indiana Public Service Co. will make possible increased efficiency, the
petition says. By a recent realignment of properties with the Interstate
Public Service Co., the Northern Indiana Public Service Co. acquired
ProPerdes inter-connected with those of the Indiana Hydro-Electric Power
Co. In addition, the Northern Indiana Public Service Co.in 1930 extended
its 132.000 volt steel tower Superpower line from New Carlisle south through
Plymouth to Monticello where it is interconnected with the hydro-electric
plants.
Under the terms of the lease proposed, the Indiana Hydro-Electric Power
Co. would lease its facilities to the Northern Indiana Public Service Co. for
a term beginning as of Jan. 1 1931. and continuing until May 1 1958. The
Proposed annual rental would be $380.000 plus an amount equal to 734%
per annum on future additions and improvements made to the property.
Both the Northern Indiana Public Service Co. and the Indiana HydroElectric Power Co. are in the group controlled by the Midland United Co.
Years End. Dec. 311930.
1929.
1928.
1927.
Operating revenue
514.775,118 514,256,419 $12,726,032 $11,845,850
Operating expenses
7,089.704 7,109,150 6,179.108 5,839.492
Chargesfor retirement. _
885,295
931,101
858.859
619.539
TJncollectible bills
69.486
64,088
61,999
48.828
Taxes
1.471.598
1.474.352
1.401.806
1,363.028
Net operating income_
North American Edison Co.(& Subs.).
Other income
-Earnings.
-Calendar Years1930.
1929.
1928.
1927.
Total income
Gross earnings
$99,326,727 5100336,561 $89,805,787 $83,941.982
Oper. expenses ac taxes- 50,713,568 52,274,345 48,958,647 46,422,187 Other deductions
Interest on funded debt
Interest charges
13,340,239 11,601,553 10,767.184 10,576,276
Preferred diva. of subs
4,942,736
4,812,041
4,428.443
4.181.182
Net income'
Minority interests
1,805.019
1,642,052
1,327,159 1.292,762 7% preferred dividends_
Depreciation reserve-- _ 10,996,263 11,030,692 9,393,955
8,770,941 6% preferred dividends_
% preferred diva_
Net Income
$17,691,870 518,812.911 $14,930,396 $12,698,633 Common dividends _ _ _
Preferred dividends- - - _ 2,059,215
1,836,661
1,483,453
1,200,000
Common dividends- 7,556.500 10,672,000 6,997,750
5,043.500
Balance to aorPloo- - Surplus Dec.31
Balance, surplus
$8.076,155 $6,304,250 86.449,193 $6,455,133 Shares corn, stock outSits. cont. outs. (no par)
470.000
460.000
450,000
385,000
standing no par)_ _ _ (
Earns, per share on com.
$33.26
$37.34
$29.88
$29.86 Earnings per share
1930.
1929.
$2,339,731 32.702.649
1,905.994
2.018,635
$9,848,011
732,187
1,683,558
The New York Stock Exchange has authorized the listing on or after
April 1 of 158,028 additional shares (no par value) common stock, on
official notice of issuance as a stock dividend, making a total of 7,072,024
shares applied for.
Income Statement (Of Parent Co.) for Calendar Years.
1930.
1929.
Gross income,interest received and accrued
51,646,370 $2,296,427
* Dividends
15,689,308 17,261,974
Other income
1,914,977
299,430
Expenses and taxes
Interest paid and accrued
Northern States Power Co.
-Earnings.
-
$5,218,626 54.718,136 $4,224,260 $3,974,961
714,831
502.269
417,689
335.683
$5,933,457 $5,220,405 54,641.949 34,310,644
316,188
108,861
107,682
122.491
1.567,083
1,456,286
2,155.403
1.403,252
53,670,372 $3.337,134 53,076.802 $2,784,901
488.971
523.931
479,507
566.824
378.441
468,243
398,493
310,411
109.747
141,911
24.852
2.315,462
2.054,587
2,521.305
1.826,938
559.406
1,141,206
$44.513
1.081.365
$74,939
1.037,143
1.806.870
$1.43
1.596.870
$1.47
1.596.870
$1.33
$90.727
1.002,649
1.416.870
$1.35
2194
FINANCIAL CHRONICLE
[VoL. 132.
-Standard 011 Co. of Calif. owns 90% of the class B (voting)
Control.
Consolidated Balance Sheet Dec. 31.
com, stock, the remaining 10% being owned by the Pacific Lighting Corp.
1929.
1930.
1929.
1930.
Standard Oil Co. of Calif. will agree that if it shall at any time
Liabilities
$
$
Assets(a) elect to reduce its ownership of the capital stock of this company.
84,379,863 67,569,069 Capitalstock.... 41,936,600 31,848,500 or of any company successor to this company, or other company with which
Investments
2,518 Funded debt_ _-_ 50,970,000 38,828,000 this company may be consolidated or merged, below a majority of the
13,073
fund
Sinking
294,548
295,722
Deferred charges 5,843,679 4,059,974 Assessments_ _ _ _
outstanding shares having voting power, or permit any consolidation or
Current assets--11,777,210 7,311,049 Adv. Zr. MM.cos. 4,424.398 4,215,740 merger under which its ownership of the capital stock of any company
Current liabilities
other company with which this company
175,620 successor to this company, or shall be less than a majority of the out248,974
Contrib.for eaten
may be consolidated or merged,
Retirement & on. 2,996,925 2,498.837 standing shares then having voting power; or
1,141,206 1,081,365
securities of this Company
Surplus
(b) elect to reduce its cash investment in successor company or other
notes, or in securities of any
102.013,826 78,942,611 junior to these which this company may be consolidated or merged, and
Total
102,013,826 78,942,611
Total
company with
which shall be junior to these notes, below 90% of its present substantial
-V.132, p. 656.
company, It will uncash investment in the class B common stock a this and interest of all of
conditionally guarantee the payment of the principal
-Earnings.
Northwestern Bell Telephone Co.
the notes then outstanding.
1927.
1928.
1929.
1930.
Calendar Years-Through Coast Counties Gas & Electric Co., of which the
Operations.
$34.924,803 633,503.068 $30,916,049 $28,888,962 company owns all the common stock, all the second preferred stock and a
Gross
6,787,518
7.698,691
8,400,006
8,447.313
Operating Income
part of the first preferred stock (the aggregate holding comprising 35.9%
632,992
286.317
191,708
wholesale in 57 com1,002,681
Other income
voting control), electricity is distributed at retail or agricultural territory
munities in a large and prosperous residential and
$9,449,994 $8,591,714 $7,985,008 $7,420,510 in Monterey, Santa Clara, Santa Cruz and San Benito Counties, south of
Total income
426,239
455,477
469.563
618,955
part of the electric energy sold is purchased
Rent,&c
' 20,275 San Francisco. The major
Gas & Electric
Bond interest
under a contract running until June 30 1936, from Pacific in the territory
67,304
368,449
1,595,843
Other interest
the only other company operating extensively
Co.. which is
served by the company, but which does not operate in competition.
industrial
$7,335,196 $7,753,702 $7,562,227 $6,973,996
Net income
Natural gas is supplied to domestic, commercial and small in Contra
297,873
308.896
311.747
311.870
communities in the same general territory and
Preferred dividends....
5,200.000 consumers in 38which lies east of San Francisco and includes one of the
5,200,000
5,200,000
5,200.000
Common dividends
Costa County,
most highly industrialized districts in the vicinity. Pacific Gas & Electric
81.823.326 $2.241,955 $1,953,331 $1,476,122 Co. also sells gas in three of the counties in which this company operates,
Balance,surplus
Shares of corn. outstandbut not in competition.
650,000
650,000
650,000
650,000
ing(Par $100)
Sales of electricity and gas by Coast Counties Gas & Electric Co. during
$10.28
$11.00
$11.45
$10.81
Earns,per share on corn-.
the past five years have been as follows:
.
Balance Sheet Dec. 31 1930.
KWh.Sold. Mcf.Sold.
.
Kwh. Sold. Mcf.Sold Year.
44,253,195 453,921
Liabilities
28,535,230 307,37811929
2
1Y9ea6r
AMU265.000,000 1927
50,594,730 616,542
Common stock
360,068 1930
$12,480,566
30,689.339
Land & buildings
4,798,000 1928
36,665,209 394,768
Telephone plant & equip.- 108,700,812 Preferred stock
13,815
2,744,585 Premiums on capital stock_ _
General equipment
Prior to January 1930, the gas business controlled by the company confrom system corp. 30,977,739 sisted of the distribution by Coast Counties Gas & Electric Co. of manu20,337,902 Advances
Other permanent invest_
3,523,612
Ti1.453 Notes
Cash & deposits
time gas operations have been gradually changed
2,299,367 factured gas. Since that
forma20,262 Accounts payable
Marketable securities
to the distribution of natural gas and greatly enlarged through thesubject
62,854 Subscribers' deposits & servBills receivable
tion and operation of other subsidiaries that are wholly owned of Na561,488
ice billed in advance....
2,901.806
to purchase 20% of the voting stock
Accounts receivable
only to an outstanding option
790.930 Accrued liabilities not due... 2,582,569 tural Gas Properties, Inc. Gas is purchased under favorable long-term
Materials & supplies
67,387
is
418,782 Deferred credit Items
Accrued income not due__ _
contracts for delivery at wells in the 'Cattleman Hills oil field, which
270.179 Res.for accrued depreciation 29,096,296 considered one of the largest and most important fields in the United
Prepayments
116,345 Reg. for amortization of
Other deferred debits
States.
125,182
intangible capital
used in the Contra Costa territory is transported by a 16 to 26
The
348,000 inch gasline, completed in July 1930, extending approximately 200 miles
Corporate surplus approp_
Corporate surplus unapprop. 10,163,021 from pipe oil field to Richmond, in Contra Costa County. The line has a
the
130,000.000 cubic feet and cost approximately
$149,556,476 daily capacity of some capital stock of the company owning the line is
Total
$149,556,476
Total
$8,500,000; 5-14 of the
wholly owned subsidiary of Pacific Public Service Co. (Coast
held by a
-V.131, p. 1257.
Natural Gas Co.). 2-14 by Standard Oil Co. of Calif. and the remaining
-Progress in Rate Case.
7-14 by Pacific Gas & Electric Co.
Ohio Bell Telephone Co.
The gas used in the territory south of San Francisco Bay is at present
-which was
The inquiry of the Public Utilities Commission of Ohio
Gas & Electric Co. which owns another pipe line
inaugurated in October 1924, by consolidating a number of then pending transported by Pacific passing close to this territory. Should the comhas been from Kettleman Hills
-in respect of the company's present rates for service,
cases
so It would be a simple matter at any time to tap the other
advanced a step toward completion by the announcement on Jan. 10 1931, pany wish to doabove and supply this territory through that line rather
of a tentative valuation. The fair value of the company's property used and line mentioned
Pacific Gas & Electric Co. pipe line.
useful in the furnishing of exchange and toll service as of June 30 1925. the than through thewith these changes in gas operations, large industrial
In connection
date fixed for the inquiry, was found by the Commission to be $104,282,735.
property as of June 30 consumers are now also being supplied in Contra Costa County. Among
This is much less than the true value of the company's
contracts for supply are Columbia Steel
1925, and a protest to the Commission's finding has been filed on behalf those being supplied or under subsidiary), American Smelting & RefinCo. (United States Steel Corp.
-V. 132, p. 1798.
of the company.
Johns-Manville, Inc. and others. As a results of these contracts
ing Co.,
average more than
It is expected that total sales of gas will presently average of approxi-Earnings.
Oklahoma Gas & Electric Co.
cubic feet daily as compared with a daily
For income statement for 12 months ended Dec. 31 see "Earnings 11,000,000
feet (manufactured gas) in 1929. Taking into
mately 1,250,000 cubic
-V. 132. p. 1798.
Department" on a preceding page.
consideration the probable demand for natural gas from industries located
in the territory served, it is estimated by the management of the company
-Stock Approved.
Colony Gas Co.
Old
that in 1932 sales of natural gas will reach approximately 20.000,000
transThe Massachusetts Department of Public Utilities has approved the cubic feet daily. In addition, contracts have been signed for the and it
l 5a e
ce
ta
o ccit o
hef inry for autlgri ftbissus adredjti?rirel
portation of about 14,500,000 cubic feet daily for other companies
proceeds will is expected that in 1932 this amount will reach 25.000,000 cubic feet daily
c ir vol
or iheataon artie
(a) operates the
?
be applied to the payment of promissory notes outstanding Dec. 31 1930.
Through other wholly owned subsidiaries the company world, supplying
to,the amount of 2100,000.-V. 132, p. 1222.
largest bottled spring and distilled water business in the and surrounding
Angeles
about 55% of the bottled water used in Losportion of California from
-Retirement of Securities.
Pacific Gas & Electric Co.
territory and serving the entire southwestern
Los Angeles, the
Substantial progress has already been made in the company's program San Luis Obispo to the Mexican border, including, besides
Santa Barbara, Ventura, Pasadena,
of retiring outstanding securities of the Great Western Power Co. of Cali- cities of San Diego, Bakersfield, (b) supplies a substantial part of the
with a view to reducing fixed Santa Monica and San Bernardino:
fornia which may be economically refunded,
Hollywood and San Bercharges and also to facilitating the merger of these properties with the Ice used in Los Angeles, Pasadena, Pomona.in and about Los Angeles,
Pacific Gas & Electric Co.'s system. So far $24,251,400 par value of bonds nardino. and of the cold storage facilities used
pipe line traversing the central business
of Great Western Power Co. of California and Its subsidiary, Feather River and (c) operates a refrigeration
district of Los Angeles.
Power Co., have been redeemed or called for payment, as follows:
for
Par Value
In addition there have recently been completed 10 plantsgas) the disDate of
Maturity
in com(liquefied natural
Redemption. with Public. tribution of gas produced from butane gasto pipe natural gas, the results
Date.
Name of Issuemunities where it would be uneconomical
Great Western Power Co. of Calif.:
period of existence, have far exceeded anticipations.
Nov. 2 1930 Nov.2 1930 $4,000,000 of which,in their short
534% notes
are held for
5,681,900 Nine additional plants are under construction and franchises Oregon and
Mar. 1 1949 Dec. 1 1930
Series "A" 6% bonds
27 similar plants in other communities in California,
Feather River Power Co. 1st mtge.
5,399,000 Washington.
Jan. 1 1931
Serial
6% bonds
Operating revenues and net operating income of subsidiaries in 1930
9,170,500
% bds_Feb. 1 1955 Apr. 1 1931
1st & ref. M.ser."D"
were derived as follows:
Operating Net Operating
324.251,400
Total
Income.
Rerenues.
28.4%
The foregoing bonds, together with certain additional issues subsequently Electric light and power
31.6%
be retired with cash advanced
156
17.1
to be called for redemption, have been or will
Gas
18.2
21.2
by the Pacific Gas & Electric Co. and derived from the sale of its own Water
bonds.
23.4
21.2
1st and ref. mtge. 4)4%
Western Power Co.'s Ice
12.1
11.2
In furtherance of its plan to retire all of the Great
Miscellaneous
stock outstanding in the hands of the public, the Pacific company is offering
As a result of the rapidly expanding gas and electric business, especially
to exchange its own pref. stock for that of the Great Western company
the former, it is expected that gas and electric gross revenues will approxion the basis of two $25 shares of Pacific 6% stock and two $25 shares o
in 1931 and net operating income from this source
stock for each $100 shares of the pref. stock of the Great mate 60% of the total
its 534% pref.
67% of the total.
Western company.
Franchises.-Francises of the company's public utility subsidiaries, in
An exchange offer will also be made in the immediate future to preferred
of their counsel, are generally satisfactory and free from
stockholders of Feather River Power Co. All outstanding bonds have the opinion restrictions and extend well beyond the maturity of these
already been retired and it is planned to wind up the affairs of this com- burdensome
notes.
pany as soon as possible.
-Proceeds are to be used to liquidate indebtedness
Purpose of Issue.
The following additional bond issues have also been called for payment:
Incurred or to reimburse the company for funds expended in connection
Par Value
Date of
Maturity
1930) of *1.337.5006% convertible bonds.
with Public. with the redemption (on Sept. 1of the pipe line described above, to provide
Redemption.
Date.
Name of Issue$152,000 due 1944, and the construction the butane gas business and for general
Gas Co. 1st M.6% bonds-Jan. 11945 Jan. 1 1931
of
Modesto
994,000 funds for the development
Apr. 1 1931
Yuba River Pow.Co. 1st M.6% bds. Serial
corporate purposes.
Capitalization Outstanding as of Dec. 31 1930.
$1,146,000
Total
(Giving effect to this issue and including Coast Counties Gas & Elec. Co.1
-V.132. p. 1991.
$7.678,500
Subsidiary funded debt
5,327,900
-Guaranty Subsidiary preferred stocksissue)
-Notes Offered.
Pacific Pithlic Service Co.
8,000,000
-year 5% gold notes (this
5
*423,593 abs.
Co. of New York, Anglo-London-Paris Co. and Dean Witter Class A common stock (no par)
300,000 sits.
-year 5% gold notes at 99 Class B common stock (no Par)
& Co. are offering ,000,000 5
shares in
•Not including shares owned by the company, nor 2,501%
and int., to yield 5.23%. '
outstanding.
Principal and interest scrip
mature March 11936.
Consolidated Earnings for Calendar Years.
pl‘ Dated March I 1931; togold coin, at the principal office of Guaranty
payable in United States
(For properties since dates of acquisition only and including Coast
Anglo & London
Trust Co., New York, or at the principal office of thepayable(M.& 8.) Counties Gas & Electric Co., but excluding properties sold April 1 1930.1
Interest
ParityNational Bank of San Francisco, trustee. to 2%. Denom.$1,000
Gross Earnings Oper. Expenses. Net Earnings
without deduction for any Federalincome tax up
Before Deprec.
Maintenance ct:
(incluaing
days notice Calendar
any time on
Redeemable as a whole, or in part by lot, at to and incl. 30
c4: Fed. Tax.
Taxes.
Other Income.)
March 1 1932,
Year.
following prices and accrued interest:
at the
$1,989.752
$3.191,739
$5,181,491
incl. March 1 1933, at 102%; thereafter to
1929
at 10234%; thereafter to and
2,007.617
3.35.5,350
1 1935.
5.362,967
to and incl. March
1930
and incl. March 1 1934, at 101)4%; thereafter 10034%. Penn. 4 mill tax
funded
prior to maturity at
aggregate annual interest and dividend requirements on debt of
The
at 101%. and thereafter
of subsidiaries and on the funded
debt and the preferred stocks
refundable.
Net earnings
Pacific Public Service Co. (this issue), amount to $1,156,00. requirements.
W. Hanna, President, dated March 17.
Data from Letter of IL
shown above amounted to over 1.7 times such
mainten-Organized as a holding company in Delaware in October for 1930 as
Company.
supplying After deducting 8361,760 for depreciation (which together with
1928. Controls through stock ownership a group of companies 307 com- ance amounts to more than 12)4% of gross operating revenues) such
electricity, gas, cold storage facilities, ice, or bottled water in
than 1.4 times.
requirements were earned more
munities on the Pacific Coast.
MAR. 211931.]
FINANCIAL CHRONICLE
Listing.-Company has agreed to make application in due course to list
these notes on the New York and San Francisco stock exchanges.
-V.
132. P. 850, 311.
-Acquisitions.
Pennsylvania Gas & Electric Co.
During 1930 operations in York County outside of the city of York were
further extended to serve the communities of Dover, Shiloh, Weigelstown,
Emigsville, Manchester, Mt. Wolf and Lightners. The corporate structure
has been simplified by merging three former subsidiaries under the title of
Interborough Gas Co., which now supplies all the gas in York County
except the city of York, served by the parent company, and the Borough
of Hanover,served by Conewago Gas Co.
Since the close of 1930 company has rounded out and completed its
territory in York County by acquiring the Conewago Gas Co. in exchange
for Washington Suburban Gas Co. of Hyattsville. Md., which the company
had controlled for several years past.
-V. 132. p. 1798.
2195
Philadelphia Rapid Transit Co.
-Defers Common Dividend.
-The directors on March 16 deferred action on the
common dividend due at this time. From April 1925 to
and incl. Jan. 1931 the company made quarterly distributions of $1 per share on this issue, and, in addition, an extra
dividend of $1 per share was paid in August 1929.
A statement issued by the company stated that the "continued economic
depression and unemployment throughout the first quarter of 1931 resulted
in decreased passenger earnings of 13.58% below the corresponding period
of 1930.
"New economies in operation overcame to a great extent this decrease
in earnings, but it is necessary to conserve cash to provide for necessary
capital expenditures, the largest item of which Is the company's share of
the expense of straightening the tracks under City Hall which the city has
undertaken.
-Registrar.
Pennsylvania Power & Light Co.
"Improvement in earnings has been noted during the past two weeks
The Guaranty Trust Co. has been appointed registrar for an additional and it is hoped that if this improvement continues this quarterly dividend.
-V. 132, p. 311.
50,000 shares of $5 cum. pref. stock.
,
now deferred, will be paid at a later date to the thousand? of Philadelphia
.-Earnings.- citizens who are Philadelphia Rapid Transit stockholders. the pref. stock
Peoples Light & Power Corp.(& Subs.)
The regular semi-annual dividend of $1.75 per share on
[Earnings of companies acquired during year included only since date of was declared, payable May 1 to holders of record April 1.-V. 132, p. 1991.
acquisition.]
1929.
1930.
Calendar Years-Annual Report.
Providence Gas Co.
$8,422,533 $7,632,005
Gross earnings
1929.
1928.
1927.
Calendar Years1930.
3,138.991 Gross
3,653,278
Operating expenses
oper. earnings-- -- $33,525,856 $3,446,628 $3,271,297 $3,153.801
428,100
372,462
Maintenance
1.730,520
1,677.492
1.779.143
1,699,148
544.702
454,090 Operating expenses
Taxes
158,532
166.332
186.736
158,869
Interest
Fixed charges and other deductions-subsidiary companies:
200,000
200,000
200,000
200,000
Interest on funded and unfunded debt
979,663
922,031 Depreciation
Retirement expense (as required under the terms
Netincome
81,467,839 51,329,361 81,227,473 $1,016,125
332,715
337,371
of the companies' first mortgages)
1,104.714 (10)920,595
1,196,773
1,393,791
451,298 Dividends
527,003
Preferred stock dividends
36,255
Miscellaneous deductions
91,393
$122,759
195.529
Balance,surplus
$132,588
$74,048
Balance
$1,865,679 $1,919.507 Shares ofstock outstandx184.118
x184.118
ing (no par)
920.595
1,074.028
Peoples Light & Power Corp.; Int. on funded and
$5.53
$6.66
$1.44
$1.36
817.912
828,995 Earnings per share
unfunded debt
x Par $50.-V. 131. p.3877.
Balance
$1,047,767 $1,090,512
Preferred stock dividends
422,589
369,321
-Listing of 344,058 Shares
Public
Balance
$625,177
Class A stock-dividends
454,216
Average number of shares of class A stock outstanding during the year
189,257
Consolidated Balance Sheet Dec. 31.
1930.
1930,
1929.
Assets$
$
Fixed capital
61,360,508 51.631,254 $7 preferred stock_ 473,190
Investments
1,892,276 2,012,917 $6.50 pref. stock__ 1,687,044
Cash
847,092
835,69S $6 preferred stock_ 3,882,286
Notes receivable...
90,453
45,077 Common stock-a 5,955,663
Accts. receivable.- 2,305,107 1,647,728 Pref. stk. of subs_ 8,369,772
Material & suppl. 957,018
856,264 Long term debt__ _14,487,000
Interest and diviLong term debt of
dends receivable
subsidiaries--- _22,736,400
52,776
15,918
Prepaid ins.& misc.
Temp'y bank loans 3,835,000
current assets_ _ 307,818
189,372 Accounts payable_ 646,240
Unamortized debt
Taxes accrued__ 311,130
discount & exp_ 3.260,465 3,055,324 Int. & pref. stock
dive. accrued__ 362,750
Miscellaneous debit
81,050
items
606,855
517,984 MIscell. liabilities_
Consumers' depos_ 342,165
Due to affil. co's__ 1,699,213
Retirement res've_ 5,595,705
Other reserves.... 414,385
Earned surplus.- 800,173
$721,189
393.305
163,875
1929.
492,091
1.810,787
3.743,898
4,955,959
7,626,711
14,981.500
17,876,200
1,200,000
7728,245
228,700
345,827
76,628
310,449
5,492,304
280,953
637,288
71,680,168 60,787,535
Total
Total
71,680,168 60,787,535
x Represented by 201,603 shares of Class A stock (no par) and 183,125
-V. 132,
shares of class B stock (no par). y Including accounts payable.
p. 1618.
-The directors have
-Extra Dividend.
Philadelphia Co.
declared an extra dividend of 15c. a share and the regular
quarterly dividend of 20c. a share on the common stock,
both payable April 30 to holders of record April 1. An extra
distribution of 350. a share was made on Jan. 31 last and
one of 15c. a share on Oct. 311930.
Earnings.
For income statement for 12 months ended Dec. 31 see "Earnings
-V. 132, p. 1618.
Department" on a preceding page.
--Earnings,
Public Service Co. of Colo (8z Subs.).
Calendar Years1930.
1929.
1928.
1927.
Gross operating revenue-$14,171,608 $13,056,915 $11,840,549 $11,372,947
Oper. exps., maint. and
taxes
8,085,266
7,445,729 6.913,088
6,655,221
Net oper. revenue_ ..-.. $6,086,342 $5,611,186 $4,927,461 $4,717,726
Nonl-operating income66,582
64,820
109.919
115,783
Total income
$6.152,924 $5,675,806 35.037,379 84,833.509
Interest on funded debt- 2.090.057
2,080,173
2,108,263
2,133,468
Int. on unfunded debt &
262.513
200,009
discount
128,367
139,363
Balance
Previous surplus
13.800,354 83.395.624 $2,800,749 42,560.678
5,243,913
3,688,054
3,845,749
2,779,945
• Total surplus
19,044,267 $7,083,678 $6,646,498 15.340.623
648,000
664,000
Reserve for replacements
579,000
558,166
Dividends, pref. stocks..
669,617
669,875
670,853
640,678
Dividends, corn. stocks- 1,248,000
1,248.000
1,976.000
416,000
742.109
Adjust. of accts. (credit) Dr.53,517
267.408
119,970
Service Corp. of N. J.
$5 Preferred Stock.
-
The New York Stock Exchange has authorized the listing of an additional 344,058 shares of $5 cumulative preferred stock (no par value) on
official notice of issuance and payment in full pursuant to terms of subscription offer to stockholders, making the total amount applied for 633.182
shares.
Income Account for 12 Months Ending Dec. 31.
[Public Service Corp. of New Jersey Only
1930.
1929.
Dividend revenues
$24,362,683 $38,497,029
3,636,752
Interest revenue
2.930.874
965,162
Rent and miscellaneous revenues
1,024.676
Total revenues
Expenses
Taxes
Retirement expenses
Interest charges
Amortization of debt discount and expense
Other contractual deductionsfrom income
$28,318,234 $43.098,944
$708,821
$703.443
267.729
410,951
106,865
115,963
1,604,489
1,705,870
959
23.576
11,027
13,855
325.344,573 $40,399.049
Net income
Cr$7,818
Cr$241,983
Miscellaneous adjustments of surplus
Release and discharge of debt of Public Service
10,000.000
Coordinated Transport
Balance
Dividends
-8% preferred stock
7% preferred stock
6% preferred stock
$5 preferred stock
Common stock
$25,586,556 $30,406,867
1,722,496
1.722A96
2,023.560
2,023,560
3,821,653
4,497,161
845.350
242.603
17,939,108 18,506,244
Dec$838.3711n0$3487.563
Net increase or decrease in surplus
Balance Sheet as of Dec. 31 (Company Only).
1930.
1929.
1930.
1929.
$
AndsLiabilities$
$
$
Securities of sub.
Capital stock__ -138,207,100 149,928,493
& leased cos_ _278,511,556 285,813,694 8% pref.stock__ 21,531.200 21.531,200
Other securities_ 5,544,067 4.355,996 7% pref. stock_ 28.908,000 28,908,000
Adv.toattll. cos. 8,459,930 15,521,141 6% pref. stock_ 75,117,700 75,117,700
Real estate
83.479 35 pref. stock- 7,240,199 25,828,296
12,651,356
Reacquired sec_
12,440 *16,350,375 Prem.on cap.stk. 1,179,545 1,179,545
Cash
633,733 10,438,199 Sales of $5 pref.
stock under deMarketable scour
757,656
757,656
Notes receivable
690,000 ferred pay.plan 2,531,330 1,954.227
550,000
Accounts reedy.
2,370 Funded debt__- 27,993,410 20,162,910
86,246
81,630
67,427
Int.and diva. rec
85,265 Current habil-482,839
210,134
409,943
Accrued HabilPurchasers of $5
734.674
955,595
per share per
Reserves
annum cumul.
Miscell. unadjus.
1,316
pref,stk. under
1,316
credits
def. pay. plan 1,978,811 1,172,811 Profit and loss
6,890,629 10.378,192
Sinking funds__ 1,098,027
683,624
surplus
17,642
70
Prepayments...
Unamort, debt
disc. and exp_ 195,652
6,586
53,436
54,948
Miscell.suspense
311,033,398 336,016,221
Total
311,033,398 336,016,221
Total
*152,313 shares of 6% cumulative preferred stock reacquired during
the year 1930.
The consolidated income and balance sheet statements were published
in V. 132. p. 1636; V. 132, p. 1605. 1401.
-To Lay 200 Miles of
Public Service Electric & Gas Co.
Profit & loss surplus_. $6,425,133 $5.243.913 $3,688,054 $3,845.750 New Gas Mains in 1931.
This company, operating subsidiary of Public Service Corp. of New
Consolidated Balance Sheet Dec. 31.
Jersey, will lay approximately 200 miles of gas mains this year in the
1930.
1929.
1930
1929.
New Jersey territory served by the company. Practically all of these mains
Liabilities
Assets
will be constructed to provide service for new customers in communities
Preferred stock_ _ _10,244.047 10,244,210 already supplied with gas.
Public utility, 0th.
prop. & invest-80,298,551 78,347.555 Common stock_ _ _20,800,000 20,800,000
When the work is completed, the company will have in use more than
276,109 Divisional Issues...18,946,950 19,148,350 6,200 miles of mains, sufficient to reach from Newark to Honolulu, with
Disc, on pref. stk. 276,109
Sinking ftmd assets 1,658,503 1,568,136 Ref. mtge.issues_21,553,100 15,375.000 600 miles to spare.
654,744 6% gold debens__ 4 999 900 5,373,700
910,349
Cash
As an indication of the growth of the gas business since Public Service
Oust. seals rec.__ 2,748,955 2,479,670 Notes payable---- 281,547
was organized,there were but 1,495 miles of mains in service Dec.311903.Accounts payable- 631,028
Accts. rec. from
688,590 V. 132, p. 1413.
affiliated cos.8,802
22,032 Accts. pay. to affiliated cos
Other accounts &
29,872
39.681
-Earnings.
---Quebec Power Co.
61,143 Int. dr taxes accr 2,006,988 1,784,111
71,478
notes receivable
1927.
1929.
1928.
1930.
Calendar YearsMat'ls de suppliesl 988,634 1,078,476 Pref. diva. payable
8,871
8,719 Gross inc. fr. all sources_ $3,677,103 $3,543,795 13.198,487 11,572,230
53,571
33,551 Accts. pay. to parPrepaid ins., &e__
1,228,182
316,003
1,303.017
Oper. & maint. expense_ 1,296,104
from fisent companyAcct. rec.
2,440,844 Int. on bonds & debs_ _ _
620.580
300,000
588.252
800,000
1,939,713
Cust. & line eaten.
cal agent
100,000
150.000
150,000
150,000
Depreciation
102,444
Special cash dep_deposits
8,559
462,598
579,376
Paving assessments
Accounts rec. from
23,458
27,110
$856,227
11,630,999 $1.502,527 11,199.725
Net revenue
Self insur. trust
parent company 228,011
1,162,975
901.985
666.754
Divs, on common stock_ 1,382,995
Denver Nat. Bank,
agreement
45,000
45,000
trustee
45,000
45,000 Securs. borrowed
1339,552
8297.740
1189.472
Surplus
$248.004
89,800 (contra)
89,800
69,800
Scour. borrowed_ 69,800 Sur.from prev. year _ _ _
163,870
252,959
114,107
291,416
Contrib. for exta- 148,708
Unamort. diset. on
2,240,418 2,018,917 In). & dam. res.__
bonds
46,231
33,151
1303,579
$503,422
$550,699
x Total surplus
$539.420
386,214 Replace. & special
def. charges 408,022
Other
100,000
300,000
surplus reserve_ 5,231,045 4,950.556 Trans. for reserves
Surplus
6,425,133 5,243,913
Profit and loss surplus $539.420
$403,422
$250,699
$303,579
Shs. corn. outst.(no par)
553,198
500,304
553,198
400,000
91,954,275 87,143,792
Total
Total
91,954,275 87,143,792 Earns, per sh.on com_ _ _
$2.25
$2.39
$2.95
$2.16
-V. 132, p. 1032.
x Subject to deduction for income tax.
-V.131, p.3877.
2196
FINANCIAL CHRONICLE
Rochester Central Power Corp.(& Subs.).
-Earnings.
PeriodOperating revenues:
Electric
Gas and miscellaneous
From Dates
of Aquis.
-Calendar Years- in 1928 to
1929.
Dec. 31 '28.
1930.
$15,098,954 $15,067,441 $5,963,083
2,947,178
7,304.733
7,333,220
Total operating revenues
$22,432,173 $22,372,174 $8,910,261
Operating expenses and maintenance- 10,560,738
9,892,721
3,891,924
Provision for renewals, replacements
retirem't offixed capital (deprec.) 1,670,555
592,857
1,469,710
Taxes
2,398,222
1,015,336
2,322,624
Operating income
Other income (net)
$7,878,256 $8,611,520 $3,410,144
40,224
180.867
122,868
Gross income
Fixed charges and other deductions:
Interest on funded debt ofsubs..
Interest on unfunded debt ofsubs_
Interest on funded debt of company
Int. on unfunded debt of company..
Amortization of debt disc. & exp_ _ _
Miscellaneous amortization
Int. during construction-credit__ _
Divs,on pref. stock of subsidiaries_
Earns. appllc. to min. corn. stocks-
$8,001,124 $8,651,744 $3,591,011
Bal.for diva. on pref.stocks, &cDividends on preferred stock
2,501,856
637,519
1,125,000
284,627
207,160
2,523.183
322.095
1,124,996
269,868
214,902
Cr.284,947
1,981,540
Cr.46,061
1,980,725
1,898
1,057,319
122,234
293.750
890,912
75,650
32,194
20,867
859,916
5,096
$1,548,372 $2,260,138
1,080,000
1,116,000
$274,880
338,699
.
Bal.for diva, on corn stock & surp- $432,372 $1,180,137 def$63,891
Pref. diva. earned after prior charges- 1.39 times 2.09 times
Pref. diva, and prior charges earned
"overall"
1.06 times 1.15 times
-V. 132, p. 1032.
-To Sell Properties.
Rochester & Syracuse RR.
All real and personal properties of the company will be sold at public
sale April 20. The sale will be held in mortgage foreclosure proceedings
brought by the First Trust & Deposit Co., Syracuse, as trustee for the
bondholders.
-V. 130, p. 3540.
-Earnings.
San Diego Consolidated Gas & Electric Co.
For income statement for 12 months ended Dec. 31 see "Earnings De-V. 132, p. 129.
partment" on a preceding page.
Scioto Valley R. & Power Co., Columbus, Ohio.
New Control-Stockholders Receive Offer.
The stockholders have been offered a new proposition in which they can
exchange their stock, both common and preferred, for participating pref.
shares of the American Electric Securities Corp., it is announced by
Stevenson, Vercoe, Fuller & Lorenz, stock and bond dealers of Columbus,
0. This offer succeeds a proposition made to the Scioto Valley company
last fall by Glen R. Snider and his associates, which,owing to the depressed
financial situation and to litigation seeking to reverse the action of the
Ohio Pub. Utilities Commission authorizing the abandonment of the
Scioto company's unprofitable transportation system, were unable to carry
out their contract. The offer of Mr. Snider and his associates included $5
per share for the common stock and $15 per share for the 2nd pref. stock,
which compares with approximately $6 per share for the common and $18
per share for the preferred offered by the American Electric Securities Corp.
"Electrical World" of March 14 1931).
Most of the stock of the Scioto Valley company was deposited with the
Huntington National Bank, Columbus, under the Snider proposition and
thoee who take advantage of the American Electric proposition will be able
to complete the transaction at once, it is stated.
See also American Electric Securities Corp. under "Industrials" below.
V. 129. p. 2228.
[VOL. 132.
Southern Natural Gas Corp.
-Earnings.-
For income statement for 2 months ended Feb. 28 1931, see "Earnings
Department" on a preceding page.
The corporation was placed on a complete operating basis in January
of this year.
Deliveries of gas by the Southern Natural System set a new high monthly
record in February, sales for that month totaling 1,345,060,600 cubic
feet, as compared with the previous peak of 1,242.063,400 cubic feet for
January.
-V. 132, p. 1619.
Southwestern Light & Power Co.
-Earnings.Calendar Years1930.
1929.
1928.
1927.
Operating revenues
$3,180,634 $3.277,521 $2,887,136 $2,419,387
Operating exp. & taxes.... 1,900,223
1,974,674
1,691,088
1,433,391
Retire. appropriation..
140.660
139.990
129,249
108,265
Net oper.income
$1,139,751 $1,162,868 $1,066,800
$877,731
Non-oper. income
32,898
29.196
34,067
25,854
Gross income
$1,172,649 $1,196,925 $1,095,996
$903,585
Int.on funded debt
414,306
410,000
365,158
314,535
Amort.& other int. chgs.
35,669
44,927
33.065
45,200
Net income
$722,675
$741,997
$697,773
$543,847
Preferred dividends..308,906
304,444
188,329
301,151
Cora."A"dividends_ _ -18,864
60,000
18,864
20,157
Common dividends
372.624
314,624
294,960
Surplus
5295,518
$22,281
$104,065
$81,505
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Assets
Liabilities
$
$
Fixed capital
17,934,589 17,324,812 S6 cumul. pref.stk.y4,596,022 4,591,736
Cash
364,827
446,809 Com,stock class A 314,400
314,400
Notes receivable
23,585 Common stock.. _ _x4,466,166 4,358,166
,267
Accts. receivable
539,897 Cap.stk.subscribed
34,752
488,595
42,819
Interest receivable
1,789 Funded debt
1,210
8,300,000 8,200,000
Material &supplies 273,948
344,234 Mtge. payable_
2,500
6,555 Accounts payable_
Prepayments
9,172
107,639
81,544
Subscr.to cap.stk.
20,492 Perch money oblig
34,261
2,500
1,250
Misc. investments
15,634 Consumers' deps_ _ 256,523
255,321
12,679
Special deposits......
3,201
6,304 Divs. declared
76,469
186,312
Misc. curr. llabil.._
Unamortized debt
3,821
3,707
disc. & expenses 879,102
904,622 Taxes accrued........ 217,586
208,018
Work in progress....
Interest accrued
22,306
181,951
183,401
Misc. def. debits....
36,423 Misc, accrued Bab
35,169
13,940
Reacquired secur51,709
129,670 Retirement reserve 641,060
642,399
Reserve for contributions for exten
84,033
89,391
Misc. reserves
1,720
2,183
Misc. unadj. cred
8,683
15,151
Surplus
714,777
735,519
Total
Total
20,133,035 19,800,826
x Represented by 95,156 shares (no par).
shares,(no par).
-V. 131, p. 3044.
20,133,035 19,800,826
y Represented by 52,444
Standard Gas & Electric Co.-Consbuction Budget.Haltord Erickson, Vice-President in charge of operation of the Byllesby
Engineering & Management Corp.. announces that the Standard Gas &
Electric Co.'s construction budget for 1931 totalling $415,068,951 has
been allocated among various subsidiary and affiliated companies as follows:
The California Oregon Power Co
$5,100,004
Louisville Gas & Electric Co
3,100,066
Mountain States Power Co
1,115,530
Northern States Power Co
10,803,809
Oklahoma Gas & Electric Co
3,577,502
San Diego Consolidated Gas & Electric Co
2,271,060
Southern Colorado Power Co
240,357
Wisconsin Public Service Corp
1,508,245
1,027.474
Wisconsin Valley Electric Co
Philadelphia Co
14,028,096
Other construction expenditures, allocation of which has not been
2,296,805
completed
-Increases ComSouthern California Edison Co., Ltd.
mon Stock.
$45,068,951
Total
Construction included in the amounts indicated provides for an addiThe stockholders on March 20 approved an increase in the authorized tional generating unit of 35,000 kw. capacity now being built at the Rivercommon stock from $100,000,000 to $110,000,000 and a reduction in the side plant of the Northern States Power Co. in Minneapolis, further hydro554% series 0 pref. stock from $66,000,000 to $56,000,000.-V. 132. electric development for the California Oregon Power Co., and two transmission lines now under construction connecting the Minnesota Valley
p. 1619.
with other parts of the Northern
-Bonds Made Legal Invest- steam plant at Granite Falls, Minn., installed steam and hydro-electrio
Southern California Gas Co.
States Power Co. system. The total
-generating capacity in the Standard system now totals 1,536,003 kw.
ment for Savings Banks in California.
A certificate making the recent issue of $12,500,000 of 45.4% 1st mtge. V. 132, p. 1619.
& ref. gold bonds legal for savings banks in California was issued this week
-Bond Issue Planned.
Edison Co.
Staten Island
by State Superintendent of Banks Edward Rainey.
The company has applied to the New York P. S. Commission for perUnder the authorization savings banks may purchase these bonds. mission to issue $4,500,000 in 4;6% bonds. A hearing on the application
The certificate specifically provides for the new issue, as other bond issues was set for March 20.-V. 131, p. 2225: V. 128, p. 1729.
of the company were legalized for savings banks at prior dates. (See
V. 132, p. 1800.)-v. 132, p. 1992.
Telephone Investment Corp.
-Rights
--Merges Subsidi-
-Earnings.
Southern Colorado Power Co.
For income statement for 12 months ended Dec. 31, see "Earnings De-V. 131, p. 1895.
partment" on a preceding page.
-Em nings
aries
In accordance with notice to stockholders. dated Feb. 16 1931, the
company has offered for subscription 7,450 additional shares of its capital
stock at $40 per share, at the ratio of one share of new stock for each 1254
-Earnings.
Southwestern Bell Telephone Co.
shares owned on March 1 1931. The sale of this new stock will provide
1928.
1930.
1929.
1927.
Calendar Years$298,000 to finance expenditures made during the past year for additions
Telephone oper. rev__ --$86,758,442 $85,315,960 $78,199,450 $69,707,258 and extensions to the local and long distance telephone systems, and also
Telephone oper. exps--- 56,750,029 54,862.549 50,912,446 45,680,781 provide for additions and extensions to be made during the early part of
this year, principally in the city of Manila and vicinity on the island of
Net tel. oper. revs---$30,008,412 $30,453,411 $27,287,004 $24,026.478 Luzon, and for additional long distance telephone line facilities extending
780,210
712,052
695,342
580,015 north of the city of Manila.
Uncollectible oper. revs..
6,810.860 6.402,669
Taxes assign, to oper--- 7,853,044 7,559,830
The Philippine Long Distance Telephone Co., a subsidiary, has taken
over and now operates, under one organization, the telephone systems
Operating income_ _ --$21.443.316 $22,198,239 $19,695.934 $17,043,794 heretofore operated by the four other subsidiary companise: Philippine
966,351
Net non-oper. income__ 1,156,675
841,533
872,552 Telephone & Telegraph Co., Panay Telephone & Telegraph Co., Cebu
Telephone & Telegraph Co., and Negros Telephone & Telegraph Co.
Total gross income- _ _$22,599,992 $23,039,772 $20,662,284 $17,916,346
The Philippine Long Distance Telephone Co. now owns and operates
Funded debt int.. &c_ -- 3,665,570 3,330,019 3,579,041
3,617,791 Practically all the commercial telephone lines in the Philippine Islands, both
Amort. of debt discount
local and long distance, which include the systems formerly operated by the
168.933
168,933
168.933
168,933 above-mentioned companies, in the city of Manila and vicinity on the island
and expenses
1.078,813
Rents & miscell. deduct- 1,156,118
1,101,405
1,073,774 of Luzon, in the city of Iloilo and vicinity on the island of Panay: in the
city of Cebu on the island of Cebu: as well as in the principal cities and
Balance, net income--$17.609,370 $18,439,414 $15,835,497 $13.055,847 towns connected with the long distance telephone lines extending north of'
Prof. & corn. dividend-- 13,924,985 12,724,985 11,124,985
9,524,960 Manila on the island of Luzon, and extending both north and south of
449,131
254,514
417,927
Miscell. approp. of Inc-Pulupandan on the island of Negros.
Consolidated Income Account for Calendar Years.
Bal. for corp. surplus_ $3,235,254 $5.296,501 $4.455,997 83.520.887
1929
30
1928.
1927.
Comparative Balance Sheet Dec. 31.
$1,048,518
$956,676
$771,264
$853,430
1929.
502.801463,557
369,964
1929.
1930.
Operating expense
412,103
1930.
Mail-Wes175,363
$
$
138.184
$
194.571
Depreciation
148,903
Assets$
43,024
42,611
40,903
Land & bidgs___ 40,113,800 35,798,387 Common stock_155,000,000 155,000,000 Taxes (includ. Federal)..
41,601
11.550
17,067
11,632
12,804
Tel. plant & eq_272,530,280 254,978,797 Preferred stock.. 21,785,500 21.785,500 Interest
916 Uncollectible revenues.1,715
916
1,399
4,923
586
General equip__ 5,131,330 5,115,262 Prem.on c ap.stk.
51,590,300 51,590.300
Invest. securs- 6,090,684 4,994,484 Bonds
Advs. from sys$208,009
$261,466
$286,543
$238,604
Net income
Advs. to system
tern corps
15,700,000 2,150,000 Dividends paid
211,075
152,030
222,120
181,135
corporatlona _ 1,602,247 1,759,465
6,830,139 5,715,082
Miscell.invest__ 1,100,224 1,016,727 Notes
$55,979
$50.391
$64,423
Net earnings
$57,469
Cash & deposits 3,282,390 2,881,719 Acc'ts payable._ 4,590,401 7,231,860
92.550
88,000
92.550
Marketable sec_ 1,511,525 1,327.975 Subscribers' de29.550
Shs.cap.stk.out.(par$20)
posits & seer.
564,368
$2.36
$3.10
$2.82
806,338
Earns. ner sh on cap.stk.
Bills receiva7le_
162.58
billed in adv
2,327,062 1,986,282 -V. 130. p. 2030.
Acc'ts receivable 7,752,055 8,342,863
Mat'is & supers 1,975,776 3,803.56' Accr.liab.not due 7,213,285 7,066,916
-Earnings.
-143,564 Def. cred. Items
263,273
153,088
Tri-State Telephone & Telegraph Co.
192,540
Accr.int.not due
253,805 Res. for accrued
251,618
Sink,fund assets
Statement for the Year Ended Dec. 31 1930.
Condensed
depreciation_ 49,351,824 44,633,389 Total revenues Income
585,918
Prepayments__
611,144
$6,085.059
Res. for amort.
Unamort. debt
4,151.211
Telephone expenses
of intang.cap.
353,547
327,978 Taxes
dint. & expo_ 3,899,547 4,068,480
359,245
227,467 Corp.Burn.appr. 1,121,573
672,442 Interest
170,454
Other def. debs_
468,279
Corp.surplus un1.106,323
Net earnings
appropriated.. 30,884,130 27,549,130
981,725
Dividends on pref. and corn,stocks
Total
347,011,951 325,862,842
Balance for surplus
Total
347,011,951 325,862,842
124,595
-V.131,p. 1258.
-V.132, p. 1223.
MAR. 21 1931.]
FINANCIAL CHRONICLE
Tennessee Electric Power Co.(& Subs.).
-Earns., doe.
Calendar Years.Gross earnIngs
Oper.exps.& taxes
1929.
1928.
1930.
1927.
$14,785,791 $14,752,228 $13,453,842 $12,515,760
7.746,502 7,489.400 6,965,353 6,772,366
2197
West Ohio Gas Co.Earnings.Calendar Year-1930.
s Operating revenue_ __- $725,413
y Operating expenses.
480,772
Uncollected bills
3,393
Taxes
55.482
Deductions from income
16,712
Int.& amortiz.on funded
debt
60,000
Amortiz. of disc. & exP3,914
1929.
$749,718
504,489
4,050
58.556
14,399
1928.
$742,053
476,645
4.180
59.199
19.276
1927.
8725,802
510.528
4,223
56.647
22,219
Gross income
$7,039,289 $7,262,828 $6,488,489 $5,743,393
Interest & bond discount 2,174,956 x2,158,747 x2,181,615 2,223,003
Retirement reserve
1,155,727
1,255,096
975,535
950,429
Divs,on pf.stk, ofsubsSee (z)
See ,(x)
60.000
60,000
60,000
4,423
Net income
$3,609,238 $3,948,352 $3,331,340 $2,565,537
Divs. paid & declared on
Net income
$105,140
$108.223
$72,185
$122,753
1st preferred
18.996
1,398,175 1,333,101
1,337.970 1,237,457 Class A pref. dividends_
19.738
20,902
20,335
Common dividends
31,5C0
1.912,500 1,875,000 1,345.000
31,500
31.500
31.500
1.035,000 Class B pref. dividends_
Common dividends
Surplus charges
52,500
52,500
262,475
108,331
119,852
52.500
•
Balance to surplus__
Surplus
$2,143
$528,518
$4,485
$631,921
$17,851
$20,349
$36,088
$293,078
Shs. cont. outst.(no par)
75,000
75.000
275,000
425,000
425.000
75.000
75,000
265,000 Shs.ofcorn. out.(no par)
Earns.per share on com_
$0.73
$0.75
85.20
$6.17
$7.28
80.94
$0.27
$5.01 Earns, per sh. on com
x Includes dividends on preferred stock of subsidiary.
x Includes other income of $125. y Includes $65,347 charged for retirement in 1930, 1929, 1928 and 1927.
Comparative Figures Showing Service Rendered for Calendar Years.
Sales of gas by the company during 1930 aggregated 550.437.100 cubic
Kivh. Etec.
Kwh.Elec.
Kwh.
Revenue
Sales to Reg. Sales on Pow.
Electric
Total
Passengers feet, compared with 569,076,200 cubic feet in 1929.
Customers.
Condensed Balance Sheet Dec. 31.
Customers.
Interchange.
Sales.
Carried.
1923....301,872,981
58,684 45,929,865
48,589,390 350,462,371
AssetsLiabilities-1929.
1930.
1930.
1929.
1924_ _ _329.821,072
31,794,250 361,615.322
66,608 45.057.283 Investment
$4,024,401 $3,720,221 Can'tal stock
$2,376,381 $2,376,381
1925_._405,423,163 112.602,000 518.025.163
76,518 45,489,991 Deterred charges.. 140,822
138,645 Fund debt & purch 1,006,953 1,017,497
1926_ _ _465,962,449
87,382 45,615,025 Current assets
46,374,300 512.336,749
165,461 Adv.from attil.cos. 400,000
158,273
160,000
1927_ _ A88,670,220
91,259 45,621,217
20,312,926 508,983,146
Current lie ilities_ 141,320
138,847
1928- _ _558,457,941
19,331,950 577,789,891
94,707 45,457,788
Contrib. for ext
864
200
1929__ _648,025,782
5,434,200 653.459,982 115,239 44,414,933
Retirement & res. 342,948
278,514
1930- _ _548.712,683
36,484,022 585.196,705 119,229 40,589.074
Surplus
55,031
52,887
Consolidated Balance Sheet Dec. 31.
Total
$4,323,495 $4,024,327 Total
$4,323,495 $4,024,327
1930.
1930.
1929.
1929.
-V. 130, p. 2031.
Assets.
LiabilUtes$
$
$
Plant, pron, and
1st pt. 7.20% stk. 2,327,600 2,469,000
Wisconsin Electric Power Co.
-Annual Report.
franchises
94,123,820 88,503,366 1st pt. 7% stock__ 8,144,600 8,254,400
Calendar Years1930. ' 1929.
Investments
1928.
1927.
319,350
327,710 let pref.6% stock_11,835,600 8,976,600 Gross earnings
$2,751,811 32,421,037 32,054.076 81.984.616
Special deposits.-66,404
45,250 5% pref.stock---- 553,000 1,055,000 Operating
expenses_
40.958
21.583
Cash
24,972
22.288
240,710
255,550 Common stock-x17,794,000 17,794,000 Deprec. (reserve
565,951
494.894
649.681
crisilt)
Amets, loans and
481,340
Nash. Ry. dr Lt.
Taxes
216,000
221,950
notes receivable 1,685,857 1,843,763 Co. pref. stock_
127,800
111,274
40,000
588,536
Marls & supplies_ 842,824
522.797
498,580
524,844
889,644 Funded debt
39,164,300 39,653,700 Interest charges
Def.& pref. accts. 199,919
433,769
457,800 Accts.& notes pay. 749,882
Net income
3907.830
8844.870
31,256.636 81.088,757
Unamortized bond
Contra°. obliga'ns 130,000
125,000
disc. & expense_ 810,538
Condensed Balance Sheet Dec. 31.
986,005 Due to Common1st 8% pref. stock
wealth Pr. Corp3,040,185
40,000
1930.
1930.
1929.
1929.
Subset. to 7.20%
AssetsDue to Commonw.
LiablJfItes$
5
$
$
1st pref. stock_
8,895
14,128 wealth & SouthProperty & plant_24,628,348 20,870,831 Preferred stock__ 4,492,000 4,492,000
6% pref.stook..._ 226,346
7,155,783
46.207 Corp
Reserve, sink, and
Common stock__ 3,500,000 3.500,000
5% pref. stock__
16,023
special fund assets 91.900
118,120 Accrued accounts. 1,384,680 1,762,645
34,075 Funded debt
8,437,000 8,437,000
Deferred items- 312,848
326,794 Cash
23,376
9,652 Notes and bills pay. 500,000
Retirement reserve 3,492,379 4,085,586 Open accounts_ _ 760,076
Sundry
6.096
4,927
Contingency res. 219,071
285,091 Reacquired scour. 287,300
192,400 Inter-co. accounts_ 4,651,987 1,638,074
Operating reserve. 185,547
176,734 Discount and exTaxes accrued__
244,552
219,752
Contrib.for exten's
pense on scour._ 1,417,444 1,497,797 Interest accrued
175,830
175,771
Capital surplus
114,7756106:930600
Sundry accr.ilabil.
4,207
4,976,617 4,972,435
Surplus
Reserves
3,833,604 3,217,253
Surplus
1,344,338
920,809
Total
98,540,684 93,527,546
98,540,684 93,527,546
Total
Total
Common stock 425.000 shares, no par value.
27,188,444 22,604,754 Total
27,188,444 22,604,754
-V. 131, p. 3208, 1099.
Definitive Bonds Ready.
Definitive engraved 1st & ref. mtge. gold bonds. 5% series due 1956,
Wisconsin Power & Light Co.
-Annual Report.
are now available. Temporary bonds should be forwarded to the City
Calendar Years1930.
1929.
Bank Farmers Trust Co., 22 William St., N. Y. City, trustee, for exchange.
1928.
Gross earnings
810,479,103 $9,951,548 x$8.560,220 $8.180,.034
-V. 132. p. 495.
yOperating expenses_ --. 5,760.782 5,629,585 4,617,850 4,543,939
Wayne United as Co.
-New Pipeline Complete.
Uncollectible bills
19,553
17,075
15,879
16,221
The new pipeline of the above company, extending from the Morgan Taxes
933,800
835,600
842,500
754,500
County, Ky., natural gas field to West Liberty, Ky., has been completed Rent for lease of lines &
plants
and is now in operation, according to announcement of II. E. Danner,
24,310
24,310
24,310
59,459
Vice-President of the Appalachian Gas Corp., the parent company. The
Gross income
company's new Morgan County compressor station also has been completed.
$3,740,657 $3,444,979 $3,059.682 32,805.915
Deduct, from gross Inc_
The output of 18 wells is now being delivered through the new pipeline
94.748
83.680
68,513
57,642
Int. on funded debt_
to Kentucky West Virginia Gas Co. for transmission to Louisville,
1,557.378 1,350,002 1,196,066 1.135.878
under sales contract signed recently which calls for delivery of 2,000,000
Net income
cubic feet of natural gas per day this winter, and 5,000,000 cubic feet
32,088,531 32,011,297 $1,795,102 81.612,395
Divs, on pref. stock
daily next winter.
-V. 132, p. 1801.
1,056,360
946,844
809,513
675,060
Divs, on common stock_ 1,015,113
951,636
868,927
822,930
-Contract with Air Lines.
Western Union Tele g. Co. Inc.
An important adjunct of air travel service, effective immediately,
Bal, carried to surplus
817.058
$112.817
8116.662
$114,405
represented by Western Union offices in all places of any importance re- Shares of common outceiving fares and making reservations for seats on the passenger planes
standing (par $100)-130,935
122,785
116,374
106,050
of a number of air lines without charge to the traveler, was announced Earns, per sh. on com-$7.88
$8.64
$8.84
this week by President Newcomb Carlton.
x Includes $3,464 net earnings of Southern Wisconsin$8.47
Electric Co. from
The announcement goes on to say:
date of acquisition (Oct. 1 1928) to Dec.31. y Including retirement reserve.
The co-operating air-transport companies have, in effect, by this arConsolidated Balance Sheet as of Dec. 31.
rangement, created a single, national means of making their service readily
available to the public in Western Union's numerous centrally located
1929.
1930.
1930.
1929.
offices in every town and city. Inconveniences in booking passage have
Assets$
Liabilities$
$
$
proven a serious obstacle to the development of air travel.
Fixed capital
57,044,315 55,070,481 7% cum. pref. stk.11,502,600 11,587,700
Not only has it been inconvenient for prospective passengers in cities Cash
1,092,851
544,052 6% cum. pref. stk. 5,246,100 3,383,100
directly served by the air lines to reserve seats, but it has been doubly Notes, accts., &c.,
Common stock_ ..13,093.500 12,278,500
so for residents in outlying and more distant places. To obtain information
receivable1,407,507 1,285,701 Pref. stock subscr.
102,300
46,500
as to time-tables and rates and to pay fares and finally to make reserva- Int. & dive. rec.._
10,369
10,526 Prem. on pref. stk.
83,206
92,473
tions from such points has been quite impossible.
Materials & suppl_ 760,987
731,864 Funded debt
32,965,900 29,135,900
Air-transport officials predict that an increase in air travel will result Prepayments
54,296
48,991 Purch. mon. oblig.
83,329
84,329
from the establishment of this universal medium for obtaining the informa- Subsc. to cap. stk.
36,437 Notes payable....
19,045
4,600
4.100
tion, and arranging reservations without extra cost.
Investments
1,644,495 1,249,419 Account payable_ 348,508
639,631
The relationship between Western Union and the growing air-transport Sinking funds.__ _ 399,512
359,741 Consumers' depos. 124,279
117,835
industry has been a close one. When there was urgent need for a fast SPecialdeposits
37,450
21,850 Dividends declared 261,870
245,570
air-transport communication and dispatching system, the telegraph corn- Unamortized debt
Misc, current lisle.
10,650
10,187
pany linked some 150 offices of air lines at principal airports over the
discount & exp. 1,676,824 1,506,521 Adv. from affil.cos
750,000
country with its wire network, thus insuring reliable and fast interchange Property aband'd_ 2,119,346
Taxes, int. & misc. 547,095
550.176
of reports, orders and data.
Jobbing accounts_
38,500
Res. for retir., &c. 1.036.599
975,263
The telegraph pioneered with the railroads, providing for train dis- Misc. def. debits._ 200,910
350,529 Misc. unadl. cred.
39,819
54,757
patching and other railroad business, as well as the commercial telegraph Reacquired see_ _ _ 123,200
27,900 Surplus
1,239,550 1,231,691
traffic of smaller places, and this relationship is still a close one. Since
1926 the company has followed travel out on the highways, also estabTotal
66,633,605 61,244,013 Total
66,633,605 61.244,013
lishing communications from service stations to the nearest telegraph
offices. And to-day, in recognition of the growing importance of air travel, -V. 131, p. 3045.
the telegraph company has joined with the air lines in providing a conWisconsin Public Service Corp.
-Earnings.
venient method for taking care of the public's air transportation needs.
For income statement for 12 months ended Dec. 31 see "Earnings DeThe companies now under contract %Ith Western Union for this service
are: Alaska-Washington Airways, Bowen Air Lines, Colonial division partment" on a preceding page.
-V. 131, p. 1896.
of the American Airways, Dixie Flying Service, Main Flying Service,
Wisconsin Valley Electric Co.
New York Philadelphia & Washington Airway Corp.,Pittsburgh Airways,
-Earnings.
Rapid Air Transport, Wedell-Williams Air Service, Western Air Service,
Per income statement for 12 months ended Dec. 31 see "Earnings DeKohler Aviation Corp., Robertson Air Lines, Pennsylvania Air Lines, partment" on a preceding page.
-V. 131, p. 1896.
Continental Airways, Chicago Detroit Airways, and Martz Airlines.
In addition to this service, Western Union, the Colonial division of the
American Airways, the New York Philadelphia & Washington Airways,
INDUSTRIAL AND MISCELLANEOUS.
and the Pittsburgh Airways now link 16 Eastern cities by air express,
Bolt Makers' Association Dissolved as Trust.-Dissglution of the Bolt,
with rapid pick-up and delivery in each city by motorized Western Union
messenger service. The 16 cities receiving this service are New York, Nut and Rivet Manufacturers Association, one of the largest organisaNewark, Trenton, Camden, Philadelphia, Baltimore, Washington, Hart- tions of the steel and iron industries was ordered March 17 by Federal
ford. Boston, Coatesville, Greensburg, Harrisburg, Johnstown, Lancaster, Judge Frank J. Coleman. N. Y. "Evening Post." March 17. p. 1.
Senator Borah Says Oil Pact Violates Trust Law.
York, and Pittsburgh.
-V. 132. p. 1224.
-The efforts of the Federal
Oil Conservation Board to induce large companies to agree to limit importa_
West Penn Power Co.(& Subs.).
tions were criticized by Senator Borah as violative of the Sherman
-Earnings.
AntiTrust Law. N. Y. "Times,' March 18, p. 41.
Calendar Years1929.
1930.
1928.
1927.
-Bread prices in the Twin Cities have been cut
Gross earnings
$22,122,662 322,288,972 820,555,343 819,345,337 anPrice of Bread Reduced.
average of two cents a pound. "Wall Street Journal," March 19.
Oper. exps., maint. & tax 10,041,883 9,613,012 9,523,990 9.451,789
Matters Covered in the "Chronicle" of March 14.-(a) The new p. 13.
capital
Gross income
$12,080,779 $12,675,960 $11,031,353 $9,893,548 floatations in the United States during the month of February and since
-Then goes t
Int. & amort.of discount 2.576,269 2,600,825 2,549,290 2,756,034 January. P. 1875. (b) Copper price drops to 10 cents
o
10 yi cents, p. 1900. (c) Prices of wire products raised by Youngstown
Prof. divs,ofsubsidiaries
54,307 Sheet & Tube Co. p. 19N,(d) Brass prices reduced, p. 1900.
(e) Youngstown wages rise-February
Balance
$9,504,510 $10,075,135 $8,482,063 $7,083,206 January-$6,711,353 year disbursements $5,226,016, or 8.24% above
1900. (f) Unions
previous,
Res, for renew. & retire- 1,782,272 1,885,047 2,024,228
1,715,546 Charleroi, Pa.. p. 1900. (g) Sheet p. tin mill workers cut wages at
and
receive wage
Net income
$7,722,238 $8,190,088 $6,457,835 $5,367,660 reductions, p. 1901. (h) Brokerage firm of Joel Stockard & Co., Inc.
,
Detroit, in receivership-Suspended from Detroit Stock Exchange, p,
-v.130. P. 2031.
1915. (I) Majority of creditors accept Prince & Whitely offer of
com-
Position, p. 1916. (i) Subscriptions to treasury offering of bonds and
-Total allotments $1,518,261,150.
certificates aggregated 33,735,604,300
p. 1916.
-Regular Dividend.
Administration & Research Corp.
The directors have declared the regular quarterly dividend of 25 cents
per share on the class A and class B common stocks, payable April 1 to
holders of record March 16.
An extra distribution of 10 cents per share was made on Dec. 18 1930 in
-V. 132. p. 1801.
addition to a quarterly of 25 cents per share.
--Earnings.
Advance-Rumely Corp.
1927.
1928.
1929.
1930.
Calendar YearsGross profit from oper.
before deducting depreciation & interest__ $1,104,453 $2,493,279 $3,717,880 $2,378,622
576,477
595,440
574,976
447,878
Other income
31,552,331 $3,068,255 $4,313,321 $2.955,099
2,338.780
2,592,239
2,644,336
Sell., gen.& adm.exps__ 2,228,542
459,948
384.162
417,242
328,525
Interest
Depreciation on bldgs.,
497,037
470.037
399.544
208,868
mach'y, plant & equip.
116.738
2,637
Income tax
$340,666
$395,503prof$750,143
31.213,605
Balance Sheet Dec. 31 1930.
LfabintiesAssets
$3,000,000
Cash in bank and on band.- $229,617 Collateral notes payable
400,634
notes rec. & acct. int__ 7,549,204 Accounts payable
Cust.
Dealers', &c.,trade accept.rec. 410.616 Accrued taxes, incl. Domin164,217
ion income tax
138,526
Miami'. accounts receivable_
1,519,262
6,416,455 Reserves
Inventories
12,500.000
9,494 6% preferred stock
Investment securities
13,750,000
4,643,861 Common stock
Property accounts
1,175,928
87.368 Surplus
Deferred charges
24,900 •
Securities of company
13,000,000
Good-will, tr.-marks,
$32,510,043
Total
$32,510,043
Total
Net loss for year
-V. 132, p. 1993.
-Listing of Common Stock.
Advance-Rumely Corp.
The New York Stock Exchange has authorized the listing of 277,600
shares of common stock (no par value) on official notice of issue in exchange
for outstanding common and preferred stocks of Advance-Rumely Co.
to
and common stock of the Indiana Farm Machinery Corp., pursuant
the agreement of merger.
company, Advance-Rumely Co., organized in Indiana,
The predecessor
its
desired to change its capital structure by converting both classes of
capital stock into stock of one class and to make changes in its charter profacilitate the management of the company's affairs.
visions which would
the
The new Indiana Corporation Act of 1929 enables this to be done by and
process of organizing a new corporation with one class of capital stock by
the articles of incorporation, followed
with the desired provisions in
the merging of the old company with the new one.
With this purpose in view, the management of the Advance-Rumely
Co. organized and set up the Indiana Farm Machinery Corp. and ,the
merger was carried out. (See V. 132, p. 1225.)
Pro Forma Consolidated Balance Sheet as of Feb. 9 1931.
lAdvance-Rumely Corp. and subsid. Advance-Rumely Thresher Co., Inc.]
Assets
Cash in banks and on hand__ $471,880
Customers' notes receivable &
int. accr. thereon (net)____ 67,598,288
502,669
Accounts receivable
3,831,852
Inventories
4,168,369
Property accounts
110,262
Deferred charges
Corn,stock In treas.(14,000 abs.) 560,000
Collateral notes payable_ _a$2,400,000
195,437
Acets pay., wages accr., &c_
134,926
Taxes accrued
1,652,941
Reserves
Capital stock (277,600 she.,
11,104,000
(no par)
1,755,815
Capital surplus
$17,243,120
Total
817,243,120
Total
a Secured by pledge of customers notes, per contra, equaling'in prinnotes outstanding. b After deducting
cipal amount 125% of collateral
commission certificates outstanding amounting to 3619,870.-V. 132.
p. 1993.
-Earnings.
Alaska Juneau Gold Mining Co.
1928.
1927.
1929.
1930.
Calendar YearsGross recovered values__ $3,551,950 $3,627,247 $3,316,018 $2,463,262
2,233,072
2,206,850
2,159,219
Oper. & marketing costs 2,289,356
Operating profit
Other income
Total income
Exp. on outside prop_
Interest
Depreciation
Federal taxes
[VOL. 132.
FINANCIAL CHRONICLE
2198
$1,262,594 31,394.175 $1,156,799
198
209
245
31,262,839 $1,394,384 31,156,997
16.041
120,139
176.898
113,412
50,968
198,993
208,433
208,433
31,290
52,214
3256,412
170
$256,582
218,818
189,552
3781,106 def.$151,788
3831,085 $1,025,208
Profit before depl__ _ _
Shs.cap.stock outstand.
1.400,000
1,446.000
1,446.000
1,443,000
par $10)
Nil
$0.64
$0.71
$0.58
Earnings per share
31•
Balance Sheet December
1929.
1930.
1929.
1930.
$
8
LiabilitiesAssets
14,430,000 14,460,000
16,230,154 16,342,830 Capital stock
Capital sects
893,400
24.643 Funded debt
21,182
Cash
151,092
46,603 Accts. payable, dm. 154,000
204,736
Receivables
52,215
31,290
406,324 Accrued taxes___
477,236
Supplies
664,750 Deprec. reserve._ _ 1,670,207 1,513,079
657,934
Deferred charges
Conting. prof. on
9,425
treasury stock__
436,289
1,275,395
Surplus
17,591,242 17.485,150
Total
-V. 132. p. 1993.
Total
17,591,242 17,485,150
-New Directors.
All-America Investors Corp.
Philadelphia, and
William W. Battles, President of Battles & Co., Inc.,
A. H. Richards, Vice-President of McDonald-Callahan-Richards Co.,
-V. 132. p. 1621.
Cleveland, Ohio, have been elected directors.
-Smaller Dividend.
Alpha Portland Cement Co. of
per share on the capital
254.
The directors have declared a dividend
the comstock, payable April 25 to holders of record April 1. Previously1215.
-V. 132, p.
pany paid quarterly dividends of 50 cents per share.
1930.
1929.
$24,477,427 $27,272,014
Orders booked (12 months)
22,155,794 18,202,589
Work completed and billed (12 months)
27,753,473 25,438,203
Unfilled orders at Dec.31
Company has maintained its established conservative business policy
of writing off expenditures for engineering, development, experimental and
preparatory work. For the past year, substantial outlays of this character'
have been charged against the net income.
Consolidated Income Account for Calendar Years.
1928.
1929.
1930.
Net inc. after all chgs.,
including deprec
Interest, discount, &c
1927.
$61,342
191,542
3610,159 $1,045,672
141.345
137,118
$355,227
223,717
Total income
Bond int., discount, &c..
Federal taxes
$252,884
251,356
$747,277 $1.187,017
494,289
334,840
10,000
$578,944
457.151
Net income
Prof. of sub. co. appllc.
to rain. int
31,628
3692,728
$121,794
80.511
70.000
$402.436
$612,216
$51,794
2,751,531
1.650.851
Dr.33,305
2.223.163
1,654.108
Dr.83,849
347.413
312.715
$4,060,841 $4,771,513 $2,751,531
Total
1a577.500
210,000
Div.on pref.stock
50,000
Prov. of res. for conting_
34,701
862
Fed. & State taxes pr.yrs
Prov. for loss on obsol.
100.000
& unus. equip
$2,366,030
52.500
Consol. net prof. appl.
21,528
to parent co
Consol. surp. Dec. 31
(incl. sur. fr. apprec.
of prop. & cap.surp.)_ 4,059,313
Profit on sale of sub_
Adjustments (net)_ _ _ Inventory adjustment__
3402,436
43,000
47,366
Consol. surp. Dec. 31
(Incl.surp.fr. apprec.
of prop.&cap.surp.) $3,799.979 $4,659,312 $2,751,531 32,223.164
a Includes 14% paid to cover accumulations besides regular dividends of
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930
Liabilities2
$
$
AssetsPlants & prop_ -_a18,596,794 18,798,894 Preferred stock. 3,000,000
2 ParticIp. &found
2
Good-will & Pats-stock
614,664,220
2,207,260 1,315,923
Cash
4,536,600
311,978 Funded debt
Marketle securs__ 670.369
.Accts.& notes rec_ 1,833,246 1,599,549 Note!& accts.pay. 779,804
81.767 c Other notes &
43,217
Advance payments
accts. payable__
35,305
3,350,426 4,969,786
Inventories
52,500
240,375 Divs. payable_ -__
275,660
Investments
Accrued payroll,
Partial). & found
interest. Ac____ 286,394
230,000
230,000
stock
546.360 Adv.pay. on contr. 934,456
1,080,033
Other assets
95,187 Federal tax
85,440
Deferred debits_ _ _
Mtges. Payable__
83,189
Res. for conting
3,799,979
Surplus;
1929.
2
3,000,000
14,664.220
4,735,300
948.901
47,073
52,500
112,231
444,217
58,000
10,000
58,067
4,059,312
28,172,447 28,189,821
Total
28,172,447 28,189,821
Total
a After depreciation of $6,038,471. b Represented by 395,256 no par
shares of panic. stock and 300,008 no par shares of founders'stock. c Due
-V.131, p. 2898.
after Jan. 1 of following year.
-Earnings.Amerada Corporation.
1930.
Calendar YearsGross operating income.. $8,869,461
Oper.& ad min.exp , tax,
leases abandoned, &c_ 5,419,681
1927.
1928.
1929.
39,908,744 310,701.365 $17,211,117
5,661,843
8,180,586
Operating income_ _ _ _ $3,449,781 $3,034.065 $5,039,521
910,590
4,006,497
4,729,190
Other income
$9,030,531
677,311
38,178,971
Total income
Deprec.,dePl., drill. exp.
4,217,494
& prov. for conting_
Net income
Dividends paid
6,874,679
37,040,563
4,281,662
$5,950,112 $9,707,842
3,736,002
6,001,127
$3,961,477 $2,758,900 $2,214,110 $3,706,715
1,888,687
1,383,112
1,844,150
1.753,150
32,208,327
Balance,surplus
Earn. per sh. on stock
$4.30
outst. at end of period
-V. 131. p. 3045.
3914,750
$830,997
$1,818,028
$2.99
$2.40
$4.02
-Annual Report.
American & Continental Corp.
Based on the market quotations of the securities owned on Dec. 31
1930, the liquidating value of common and class A stock, which share
equally in assets, was $23.84 per share. On Feb. 16 1931, the liquidating
value of this stock was approximately 225.20 per share.
There were, as of Dec. 31 1930. 2.780 registered holders of tho common
stock.
American Founders Corp. and the International Acceptance Bank, Inc.,
jointly manage the investment of the corporation's funds under the direction of its board of directors.
A list of the securities owned is given in the report.
Earnings for Year Ended Dec. 311930.
Interest (net)
Dividends (including no stock dividends)
Profit from sales of securities (net)
Commissions and other Income
31,024.741
197,776
93,954
168,075
Gross income
Operating expenses and foreign taxes paid
Management fees
Interest on debentures and amortization of discount
Reserve for 'Federal and State taxes
31.484,546.
37,753
119,786
398,750
96,100
Net Income
Undivided profits Dec. 31 1929
Total surplus
Dividend paid on capital stock March 15 1930
Appropriated for investment reserve
$832,157
2,149,809
$2,981,966
225.000
300,000
32,456,967
Undivided profits Dec. 31 1930
$1.84
Earnings per share on 450,000 shares capital stock (no par)--- Balance Sheet Dec. 311930.
The company will soon open a new store, to be called Altman-New
Liabilities
N. J.
Assets
Jersey, on Central Avenue, east of Harrison Street, East Orange, men, Cash and
8715,765 Interest am.on 5% debs.,&c $124,956
for
and
call loans
The store will carry full lines of wearing apparel will accessories
98,288
19,727,996 Taxes accrued
be about March 30. Investment securities
women and children. The actual opening date
Sundry accounts pay, and
Debentures purchased at cost
-V. 127, p. 2958.
144,454
current accruals
515,488
(par value $659,000)
Participations by other in
-New Distributors.
Intermediate credits to inAltorfer Bros. Co., Peoria, III.
2,246,650
intermediate credits
dustrial enterprises at variAppointment of the Vermont Hardware Co., Burlington. Vt.. the Inter7,500,000
11,887,381 5% debentures
the Gurr-SmIth Co., San
ous maturttles
mountain Majestic Co., Denver, Colo., and ABC washers and ironers
710,812,500
Capital stock
Accrued interest, comm. Ss
as additional distributors of
Bernardino, Calif.,
2,456,967
246,248 Undivided profits
announced
sundry accounts receivable
and the new electro-table for mechanizing kitchen operations, is
290,937
ticamOrtiz. disc, on deben
by President Silas H. Altorfer.-V. 132, p. 1415.
$23,383,815
Total
-Annual
$23,383,815
Total
American Brown Boveri Electric Corp.
x Portfolio at cost $10.227,996: less reserve appropriated from undivided
Report.
$9,727,996. Total market value of securities
profits, $500,000: balance,
Represented
W. M.Flook, President, says in part:
the past year, taken at market quotations Dec. 31 1930 was $7,478,771. y stock.
-V.
While business uncertainty has prevailed generally during
by 25.000 shares class A stock and 425.000 shares conunon
maintained a satisfactory volume of production. The com- 130, p. 624.
company has
the previous year is as follows:
parison of this volume with
-New Store.
(B.) Altman & Co., N. Y.
MAR. 21 1931.]
FINANCIAL CHRONICLE
2199
American-Canadian Utilities Corp.
-Initial Common
Dividend, &c.
-
Ohio, serving 50 communities with electric service. On
all
traction lines were abandoned in accordance with an order Oct. 1 last the
granted by
The directors have declared an initial dividend of 15 cents Per share on Ohio P. U. Commission. The Scioto company has assets valued in excess
of $6,000,000. [See also Scioto company under "Public Utilltives"
the common stock, payable April 15 to holders of record April 6.
above.]
The Ohio Supreme Court has dismissed all actions brought before it
The directors have also declared an extra dividend of 3
and the regular quarterly dividend of 60 cents per share cents per share seeking to reverse the order of the Ohio P. U. Commission in permitting
on the partic. the abandonment of the traction
pref. stock, both payable April 1 to holders of record March 20.
lines of the Scioto Valley Ry. & Power
Co.
-V. 131. p. 117.
American Depositor Corp.
-New Short Term Fixed Trust
Organized.
-
A. new fixed trust which aims primarily to take advantage of the e
recovery in stock values. has been set up by American Depositorxror.
c
sponsors of a number of fixed trusts. The issue is limited to 5,000 participations, each comprising 500 trust shares, the present offering being confined to 2,000 full participations. The securities, which will be known as
-year Fixed Trust Shares, are being offered by a nation-wide group of
"5
dealers now distributing Corporate Trust Shares. At the current market
prices for underlying stocks, the trust shares would be quoted around $9.
Pointing out that the stocks underlying 5
-year Fixed Trust Shares
have been selected primarily for their appreciation possibilities, the sponsors
of the trust state:
"All of these stocks have undergone drastic deflation in price as compared with their high quotations either in 1929 or 1930. Yet they still
retain everything they ever had with respect to quick assets. working
capital and future profit possibilities. They are all stocks which emerged
from the 1930 depression without passing a dividend."
"In selecting the portfolio the list of available securities was refined
down to the 25 which we believe best calculated to take advantage of the
current exceptiona market situation. While most of the 25 stocks were
selected with an eye to their speculative possibility, it was recognized that
the list should be ballasted with enough stocks of high investment rating to
provide an adequate measure of security for the investment as a whole,
without overly restricting the enhancement possibilities of the portfolio.
Moreover, since all of the stocks selected are now paying dividends,
least a satisfactory nominal return at the present time is provided." at
The units are composed of stocks in approximately equal capital amounts
in the following companies:
American Radiator & Standard Sani- Kennecott Copper Corp.
tary Corp.
National Dairy Products Corp.
American Smelting & Refining Co. Niagara Hudson Power Corp.
Bethlehem Steel Corp.
North American Co.(The)
Chrysler Corporation
Paramount Publix Corp.
Commercial Solvents Corp.
Penney (J. C.) Co.
Commonwealth & Southern Corp. Sears. Roebuck & Co.
(The)
Standard
Inc.
du Pont (E. I.) de Nemours & Co. Standard Brands,(N.
Oil Co.
J.)
Electric Bond & Share Co.
Union Carbide & Carbon Corp.
General Electric Co.
United Corp. (The)
General Motors Corp.
Vacuum Oil Co.
International Harvester Co.
Westinghouse Electric & ManufacInternational Tel. & Tel. Corp.
turing Co.
The life of the trust cannot -be extended beyond Dec. 31 1935. and provision is made for earlier termination of the trust agreement in the event
that the market appreciation which the sponsors look for is realized sooner.
The trust will be terminated and
their aggregate values double the the entire group of stocks sold if and when
basic values.
March
of such sales are then distributed pro 1 1931 together with The proceeds
rata,
distributions. If the stock of an individual company treblesaccumulated
its March
1931 basic value such stock must be sold and the proceeds distributed. 1
It is further provided that any stock which fails
dividends or make
other distributions of value, for a stated period of to pay is not permittted
time,
to become a permanent burden on the trust and must be sold and the
proceeds distributed. The sponsors of 5
-year Fixed Trust Shares point
out the nine of the 25 companies in the list are selling at less than one-third
of their 1929 high levels.
The number of shares of each stock
-year Fixed Trust Shares
the 5
portfolio is specified in such a way as to in
dollar investments all
stocks approximately equal, based on make the1 1931 quotations.inNo
March
substitutions may be made in the portfolio.
Share owners may take profits as they see fit, since the trust agreement
provides that the holder of a full participation (500 shares) may at any time
surrender the certificates to the trustee and receive in exchange the deposited
stocks, together with accumulated distributions. The holder of any
fractional part of a participation may surrender his certificates and receive
in cash a sum equal to the market value of the applicable participation
of the deposited stocks, less a small service charge.
-V. 132, p. 1034, 851.
American Electric Securities Corp.
-Annual Report.
-
President A. F. Ritter, March 11, says in substance:
Net earnings after all expenses and reserve for Federal taxes amounted
to $21,367. which comes within a few thousand dollars of covering the
regular cumulative dividend of $1.50 a share on the average number of
participating pref. shares outstanding during the year. The earned surplus
permitted the payment again of an extra dividend of 50c. a share, which
the directors ordered paid on Aug. 15 1930. This made a total of $2 a
share in dividends paid on the partic. pref. shares during the year, the
same as in 1929.
The year 1930 witnessed further marked growth on the part of the corporation as measured by paid-in capital and surplus, the number
pref. shares outstanding increasing from 12,271 shares to 20,885 of panic.
shares, a
gain of 70%. At the time of writing, the number has further grown to
more than 29,000 shares.
In June 1930 the directors adopted the policy of paying regular cumulative
dividends hi-monthly instead of quarterly. Thus, commencing with the
payment on Aug. 1 1930, panic. pref. shareholders receive regular dividends of 25c. a share six times a year instead of dividends of
3754c• four
times a year.
The business of American Electric Securities Corp. should not be
fused with that of investment trusts or security trading companies.conIn
order further to clarify its policy in this respect, the directors in
of last year voted against the investment of the corporation'sDecember
funds at
any time in common stocks except where control of a public utility was
thereby acquired or where it would be the intention to
a
of the outstanding stock. In all other cases investmentsacquirebe majority
are to
to bonds, notes and other forms of fixed interest bearing securities,confined
particularly of utilities, governments and municipalities.
Earnings for Year Ended Dec. 31 1930.
Interest
$22,260
Dividends
7,519
Loss on sale of securities
Dr.199
Gross income
$29,580
Printing and advertising
2,089
Registrar and transfer agents'fees, trustees'fees and professional
services
2,569
Interest paid
551
Franchise tax
175
Rent and other general expenses
1,349
Reserve for Federal taxes
1,479
Total
Liabilities
Accrued expenses
Reserve for Federal taxes and other reserves
Capital stock and surplus
American Eagle Aircraft Corp.
-Receivership.
-----
5. F. Charlesworth has been appointed receiver for the company by the
Federal Court at St. Louis following filing of involuntary bankruptcy
petition.
-V. 131, p. 2382.
American Encaustic Tiling Co., Ltd.
-Earnings.
Calendar Years1930.
1929.
1928.
1927.
Net sales
$3,138,588 $4,779,927 35,150.775 $4,772,104
Net earnings
55,504
897,763
1,138,827
939,129
Interest
4.168
355
2,756
88
Depreciation
143,302
107,856
136,582
137,288
Federal taxes
87.253
121,255
110,894
Amortization ofgood-will
6,633
6,633
6,633
6,633
Net income
1°88E98,599
$695,665
$871,600
3684.225
Dividends paid
284,588
445,340
343,874
323,723
Surplus
1°88E383.187
8240,325
$527.726
$360,502
Shares common stock
outstanding (no par).
227,670
113,835
227 670
107.970
Earnings Per share
Nil
83.06
$7.52
$6.05
Balance Sheet December 31.
Assets1929.
Liabilities1930.
1929.
1930.
Land, buildings,
Common stock_ _y$1,880,925 $1,880,925
machinery, &c.x32,043,514 $2,086,862 Bank notes payable 125,000
Good-will
29,847
36,480 Accounts, wages &
Trade Investments 106,355
106,368 commis'ns pay..
99.159
121,358
Inventories
1,514,040 1,482,585 Federal tax reAccts. & notes rec_ 491,841
609,103 serve
87,253
Marketable secur_ 120,142
187,211 Surplus
2,369,326 2,752,512
Cash
126,835
304,108
Deferred charges
41,836
29,331
Total
34,474,410 34,842,048
84,474,410 34.842,048 Total
x After depreciation of $1,474,583. y Represented by 227,670 no par
shares.
-V. 131, p. 3045.
American Hardware Corp.
-Annual Repott.-
Calendar YearsNet earnings
Depreciation
1930.
1927.
1928.
1929.
*3967,209 y$2,881,525 y$2,920,040 y$2.879,208
403,581
368,826
347,816
353,137
Net profit
Dividends paid
$563,628 32.533,708 32,566,903 52,510,381
1.984,000 2,480,000 2,480,000 2,480,000
Balance, surplus_ __def$1,420.372
$30,381
886,903
$53,708
Previous surplus
3,181,098 3,127,390 3,040,487 3.010.105
Res,restored to surplus_ 1,500,000
Profit & loss, surplus.. 83,260,725 33.181,098 83327.390 83.040.486
Earns, per sh. on 496,000
shs.cap. stk.(par $25)
$5.18
$5.0
$5.10
$1.13
x Before reserve adjustments. y After reserve adjustments.
Comparative Balance Sheet Jan. 1.
1931.
1930.
1931.
1930.
Assets$
S
3
Liabilities$
Cash
1,810,152 1,863,550 Capital stock
12,400.000 12,400.000
Bills & acctS. rec_ - 6,956,216 7,208,773 Bills & accts. pay.. 655,432
771,684
Real estate, &c...._ 5,195,410 5,076,330 Dividend payabbe_ 496,000
992.000
Materials.4 mdse. 2,850,378 3,196,128 Surplus
' 3,260,725 3,181,098
Total
-V. 130,
16,812,157 17,344,782
Total
16,812,157 17,344.782
v. 4053.
American Ice Co.-Earningb.-
Calendar Years1930.
1929.
1927.
1928.
Sales
$20,595.707 $20,804,078 $20.772.413 519.455336
Inc.from investments,
interest, rents, &c_ _ _
222,393
573,082
451,493
518.587
Total
$20,818,100 821.255,571 821,345,495 $19,973.723
Cost of mdse., oper.
expenses,&c
15,060,524 15.475,899 15,814.954 15.477,065
Interest on bonds.&c.._
336,776
414,846
330.280
434,123
Res. for Fed., &c.,taxes
452,438
396,370
413.784
413.754
Depreciation
1.708.091
1,604,484 1,466.962
997,691
Net gain
Preferred divs.(6%)_ _
Common dividends
Rate
$3.260.271 13,431.124 33,252.362 12,651.090
863,858
881,088
899.827
899,868
1,748,551
2,094,248 1.499.617 *1,141,980
$3.00
52.50
$3.50
1930.
8379,292
12,900
2,383
166,631
Balance,surplus
$647,863
$852,876
$609,282
8455.787
Corn. shs. outst. at end
of Year (no par)
600,000
600,000
600.000
600,000
Earns, per corn. share- $3.93
$2.91
$3.92
$4.22
a Comprising (10%) $868,359 paid on the old common stock and (50c.)
3273,621 paid on the new no par common stock.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets
Land, bides., maPref. stock, nonchinery, &c___235,601,215 33,673,291 cumulative_ _ _ _15,000,000 15,000,000
Good-will, water &
Common stock. _615,000,000 15,000,000
patent rights- 6,465,107 6,222.377 Bonds and mtges. 6,673,389 6.271.266
Inv.in secur's,&c_ 2,550,158 2,183,391 Notes payable-- 975.000
Cash
509,228 1,884,333 Accounts payable- 593.023
690,546
Notes & accts. ree_ 1,448,588 1,448,234 Accr. bond int.,&c
50,803
27,644
Prepd.ina.prem.&e 136,090
70,604 Deposited on unInventory of mercompleted contr.
36.538
chandise.&o.._ 882,269
876,287 Dividends payable 674.929 1,274,868
Disc. on 5% s. t.
Ins. & workmen's
$21,368
153,438
debentures
104.385 compens'n reeve 500,000
500,000
Fund, &c., invest_ 170,593 142,248 Fed., &c., tax res_ 681,672
563,782
Deferred expenses_
72,460 Surplus
7,767,871 7.372,970
1929.
$13,643
Total
47,916,687 46.737,609 Total
47,916,687 46,737,609
41,145
a After 34.706,193 for depreciation. b Represented by 600,000 no2par
14,000
-V. 132. p. 852.
307,867 shares.
$561.206
8376,655
Net profit
Balance Sheet Dec. 31.
AssetsCash
Accrued interest and dividends receivable
Notes and accounts receivable
Investments
American Credit-Indemnity Co.
-Div. Rate Reduced.
-
The directors have declared a quarterly dividend of 75
on
the common stock, par $25, payable April 1 to holders ofcents per share21.
record March
This compares with quarterly distributions of $1 per share previously made
on this issue.
-V. 124, p. 115.
American Laundry Machinery Co.
-Annual Report.
-
President E. B. Stanley, Feb. 10, in the annual report for the year 1930
$902 says in substance:
12,458
In June 1930 the company contracted to acquire certain tangible assets
y363,294 of the General Laundry Machinery Corp.and such intangibles as its patents,
name and good will. On this purchase there has been paid in cash $649,481.
Total
$561,206
8376,655
There are now 6,969 shares of the company's stock in the treasury, purx Represented by 20,885 participating preferred shares (par
$20) and chased under authority given the directors at the stockholders' meeting
20,885 common shares of no par value.
Feb. 111930. The cost thereof is $337,874. This stock will later be offered
y 12,271 participating preferred shares and 40,000 common
shares
standing on Dec. 311929. During the year 1930, 26,235 common out- to employees or used, if needed,for other corporate purposes.
There are now outstanding 644,753 79-100ths shares of stock.
shares
were acquired by the treasury without reducing the assets.
In November 1930 the directors took over some loans of employees with
Control of Scioto Valley Ry. cc: Power Co.
banks and brokers on which the company's stock only was pledged as
collateral, amounting to $287.116. The average loan value of the stock
The American Electric Securities Corp. has acquired control
Valley Ry. & Power Co. The latter operates suburban to of Scioto so pledged with the company is $39.44 per share, and the loans are being
Columbus, reduced monthly or quarterly.
$783
18,396
x542,027
2200
At the date of this report the 3800,000 notes payable have been reduced to
$500,000.
1929.
1930.
I. Earnings for Calendar YearsNet.profit after provision for deprec. & Fed. taxes.. 31,849,465 $3,542,141
2,530.101
2,604,837
Dividends paid (cash)
Balance
Previous surplus
Surplus from sale of common stock
[VOL. 132.
FINANCIAL CHRONICLE
loss3755,372 $1,012,040
18,559,830 17,975,934
2,725.201
2,725,201
Total surplus
Proportion of patents charged off
Stock dividends paid
$20,529,659
Surplus Dec. 31
Shares of capital stock outstanding ($20 par)
Earnings per share
-V.132, p. 1226.
$20,246,367 $21,285,031
651.722
644.753
$5.43
$2.87
$21,73589
201,315
48,603
379,541
-Earnings.
American Machine & Metals Inc.
For income statement for three and six months ended Dec. 31 see "Earn-V. 132, p.659.
ings Department" on a preceding page.
-Regular Dividends.
American Mfg. Co. (Mass.).
The directors have declared the regular quarterly dividends of $1.25
per share on the preferred stock and of $1 per share on the common stock,
payable March 31 to holders of record March 15 out of earnings accumulated prior to Dec. 31 1930.
A year ago the company declared for the year 1930 four quarterly dividends of $1 per share on the common and four quarterly dividends of $1.25
Per share on the pref. stock (see V. 130, p. 1118).-V. 130, p. 4242.
-Suit for ApAmer. Radio & Television Stores Co.
pointment of Receiver Dismissed.
-Earnings.
Arnold Constable Corp.(& Subs.).
1928.
1929.
1930.
12 Mos, End, Jan, 31: 1931.
$11,910,197 $12,212,272 $13,232,211 $13,520,639
Net sales
12,464,126 12,877,586 12,619,945 12,783,203
Expenses
61,599
63,633
99,685
79,717
Depreciation
Profit
Other income
def$633,646 def$764,999
236,987
72,393
$548,634
194,914
$675,837
80,590
Profit
Federal taxes
Minority interest
def$561,253 def$528,012
$743,548
89,546
3,988
$756,427
45,077
2,488
969
657
$708,862
$650,014
Net profit
def$562,223 def$528,668
Shares of capital stock
221,171
337,029
337,079
337,109
outstanding (no par)..
$3.20
' $1.93
Nil
Nil
Earnings per share
, Analysis of Consolidated Surplus Account Year Ended Jan, 31 1931.
$302,388
(1) Earned surplus Jan.31 1930
Add: Adjustment arising from acquisition of additional
424
stock of Arnold, Constable & Co., Inc
Adjustment arising from sale of Fifth Avenue Retail
35
Delivery Corp
627
Tax refund prior years
154,325
unclaimed credit balances written off
Old
$457,799
Total
561,253
Deduct: Net loss year ended Jan.31 1931
125,000
Reserve for contingencies
Proportion of net profits and surplus adjustments of
Arnold. Constable & Co.,Inc.,for year ended Jan.31
1931 allocated to stock of Arnold, Constable & Co.,
1,280
not acquired transferred to special surplus
$229,734
Deficit, Jan, 31 1931
Federal Judge Charles E. Woodard at Chicago recently dismissed a suit
1,338.450
brought by Harry Schram and others against the company,for the appoint- (2) Paid-in surplus
876,390
(3) Special surplus Jan. 31 1930
5
-V. 130, p. 4242.
ment of a receiver.
Proportion of net profit and surplus adjustments of Arnold.
Constable & Co., Inc., for year ended Jan. 31 1931 allocated
Pref. Dividend.
-Defers
American Service Co.
to stock of Arnold, Constable & Co., Inc., not acquired trans1,280
The directors have decided to defer the quarterly dividend of 1 % due
ferred from earned surplus
April 1 on the 7% cumul. pref. stock, par $100. The last regular quarterly
$877.670
distribution at this rate was made on Jan. 1 1931.-V. 131, p. 1568.
Total special surplus
-Adjustment arising from the sale of Fifth Avenue
Deduct
1,201
American Woolen Co.-Bal. Sheet Dec. 31.Retail Delivery Corp
1029.
1930.
1929.
Adjustments arising from acquisition of additional stock of
1930.
1,066
$
Liabilities$
Arnold, Constable & Co., Inc
$
AssetsCommon stock_ 40,000,000 40,000,000
Plant & mill fix$875,402
Balance special surplus Jan. 31 1931
x48,750,268 50 335,717 Preferred stock_ 47,864,800 50,000,000
tures
$1,984,119
300
300 Total surplus Jan. 31 1931
2,212,953 3,596,482 Sub. co. stock__
Investments
Shawsheen notes 5,500,000 5,500.000
* Special surplus arises through the capitalization of the Arnold,Constable
U. S. Govt. sec_ 7,119,298
Webster notes- 5,500,000 5,500,000 Corp. (holding company) stock on the basis of the net worth of Arnold,
Wool & fabrics,
125,000
Notes payable.443,200 Constable & Co., Inc., and M. I. Stewart & Co., Inc., as at Jan. 31 1926.
raw, wrought,
Curr.accts., &c.
620,157
840,085 and also includes the amount allocated to 1,525 shares of stock of Arnold.
& in process,
-V.130, p. 2775.
Constable & Co., Inc., not acquired.
and supplies__ 19,801,708 28,654,328 Mtge. on N. Y.
City buildings 1,809,000 2,001,000
18,552,864 10,808,208
Cash
-Earnings.
Accts. rec. (net) 8,868,651 19,176,197 Undiv. profits__ 4,787,386 9,684,971
Art Metal Construction Co.
603,897 1,100,605
Bank accepts._ _
1927.
1928.
1929.
1930.
Calendar Years298,018
297,004
Deferred charges
$7,918,624 $8,801,834 $8.011,985 $7,786,918
Sales
33,165
62,394
56,686
106,206,643 113,969,555 Int. and disct. earned_.
Total
106,206,643 113,969,555
Total
x Plant and mill fixtures, office and warehouse buildings,less $52,085,297
$7,975,310 $8,864,228 $8,045.150 $7.786,918
Total income
6.924.409
reserve for deprecia-lon.
7.684.467 7.196.721
7,384,449
Cost of sales
usual comparative income account for the year ended Dec. 31 1930
Our
$862,509
$848,429
Net profit before taxes $590,861 $1,179,760
was published in V. 132, p. 1994.
92,568
101,811
129,773
70,904
Lionel J. Noah, President, says in part:
Estimated taxes
sheet which are not self-explanatory
1-• The only changes in the balance
$769,941
$746,617
$519,957 $1,049,987
Net profit
arise from a new disposition of "Investments." It was deemed advisable
520,926
480,855
641,140
609,083
to transfer from "investments" to "stock held in treasury" the holding Dividends
of 21,352 shares of preferred stock, acquired some years ago. The item
$249,015
$265.762
$4408.847
def$89.125
Surplus
of "investments" now consists of $1,841,039 Shawsheen Mins notes due
18,223 Cr.42.029
465,126
48,723
Adjustments to surplus_
October next; $350,428 Webster Mills notes, and $21,484 miscellaneous.
In general the factors responsible for the $4,897,584 deficit, which
$291,045
$247,539
def$137,848 def$56,279
Total to surplus
Includes depreciation of plants and equipment of 31,492,333, were similar
to those effective in 1929, but in aggravated degree. The world-wide Shs. of capital stock out320.570
320.570
320.570
320,570
standing (par $10)_ _ _
decline in raw wools persisted, carrying many wools to lower than pre-war
$2.40
$2.33
$3.27
$1.62
levels; falling raw materials and the general business depression caused a Earnings per share
sharp contraction in sales that brought manufacturing operations below -V. 131, p. 4219.
an average of 50% capacity; and finally, the unsettled conditions toward
-Div. Correction.
Associated Apparel Industries, Inc.
the year-end resulted in abnormally high credit losses.
The directors and your management are well aware of the gravity of
The directors have declared a quarterly dividend of 33 1-3 cents per
and unparalleled depression in the woolen and worsted share in cash and 1 1-3% in stock (not 1% as previously stated) on the
the extended
Industry, and of its effect upon the fortunes of the company of late years. common stock of no par value, both payable April 1 to holders of record
Regardless of whatever adjustments the process may entail, we intend March 20. From Oct. 1 1929 to and including Jan. 2 1930. the company
to conduct the business to conform to the changed demdans and mer- paid regular quarterly dividends of $1 per share.
chandising conditions that have developed during the last seven years.
Fractions will be paid in cash at a rate based upon the average market
-V. 132, p. 1994.
To co-operate in the execution of our merchandising and manufacturing price for the stock on the ex-dividend date.
plans, stockholders are asked at the annual meeting to approve an amend-Div. No. 2.
ment in by-laws to permit the formation of an actively functioning Executive
Associated Industrial Bankers Corp.
Committee of six. The Chairman of this committee will be William B.
The directors have declared a dividend of $1 per share on the class A
Warner,President of the McCall Corp.,publishers of"McCall's Magazine." common capital stock for the quarter ending March 31 1931, payable
and designers and distributors of the well-known McCall patterns. He April 1 1931 to holders of record March 14. An initial quarterly dividend
is an authority on modern merchandising methods and clothing styles. of like amount was paid on this issue on Jan. 2 1931.-V. 132, p. 659.
•
Associated with him will be your President and Moses Pendleton. VicePresident and General Manager in charge of operations. In addition,
-Preferred Stock Readjustment
Associated Rayon Corp.
the committee will include Albert H. Wiggle, Ray Morris, and Charles
Hayden, whose combined banking experience will bring to the management Plan Declared Operative.
The plan for the readjustment of the pref. stock, which was submitted
the benefits of their long association with varied and successful businesses
to the preferred stockholders for their approval on Feb. 16, has been deorganized to meet modern merchandising needs.
Working capital is ample to take care of maturing obligations and any clared operative, the holders of approximately 90% of the outstanding
probable expansion of production. Of great advantage too, is the most pref. stock having deposited their shares under the plan, according to an
favorable inventory position in years-319,801,707 against $46,148,309 announcement made on March 16.
only two years ago-which puts the company in position to take advantage
In order that all stockholders who have not deposited their stock may
-V. 132, p. 1994.
of any favorable trade developments.
have a further opportunity to do so, the time within which deposits may be
up to and including March 31.
been
-Omits Div. made has& Co.extended
and Lehman Brothers are urging that all stockholders who
Anglo-American Corp. of So. Africa Ltd.
Speyer
have decided not to declare a dividend on the ordinary have not yet deposited do so without delay, as after March 31 deposits
The directors
shares, it was announced on March 6.
may be made only with the consent of the committee and upon such terms
On March 26 1930 a dividend of 22;4% was paid on this stock, as and conditions as the committee may impose. See also V. 132, p. 1417.
1929.
against 1234% on March 21
-To Increase Capitalization.
Atlas Utilities Corp.
February Operations.
The stockholders will vote March 28 on increasing the authorized capital
The following are the results of operations for the month of Feb. 1931:
stock from 2,300.000 shares of no par value to 4.000.000 shares of no par
Tons
Total
Profit.
Costs.
value. It is announced that the purpose of this increase is to enable the
Revenue.
Milled.
£37,432 company to continue building up its assets through exchange of its stock
£91,723
£129,155
82,000
Brakpan Mines Limited
£58,632 for shares of other investment companies.
£74,450
£133
,M
63.400
Springs Mines Limited
into
£11.209
The authorized capital stock of 4,000,000 shs. will be divided
£56,813
£68,022
63,000
West Springs Limited
100,000 shares of preferred. 400,000 shares of preference and 3500.000
-V. 132, p. 1804.
At present there are 100,000 shares of ,preferred.
shares of common stock.
-V.132,
-Outlook. 200.000shares of preference and 1.200,000 shares ofcommon stock.
-Earnings
Anglo-Norwegian Holdings, Ltd.
of another prosperous year for the whaling industry, con- p.1994.
Assurances
operations, were given to the stockholders
tinuing last year's satisfactory
-Adds Additional Production
Auburn Automobile Co.
at their annual general meeting on March 17. by President Guy Dawnay,
although he predicted that overproduction and falling prices would con- Line.
Supplementing the Auburn-Connersville plant at Connersville. Ind., an
front the industry in 1932.
24%,
income for 1930
line with a capacity of 85 cars daily has been opened
In the face of lower whale oil prices, net for the precedingincreased
year. Equally additional production here and is now producing 70 Auburn cars daily.
3138.003
totaling $542.445 compared with
the whale catch of at the Auburn plant
favorable earnings are forecast for 1931, inasmuch asFebruary, with the President R. H. Faulkner announced.
The company's main Auburn plant is located at Connersville. Ind.,
the Anglo-Norwegian companies up to the end of
conseason about four-fifths completed, had already exceeded the total catch where daily production has been averaging around 200 cars. Only built
-V. 131. p. 4057.
the whole of last year.
vertible models, comprising Cabriolets and Phaeton Sedans, will be these
for
Faulkner said. The manufacture of
at
-Listing of Certificates of Deposit for at the plantalso Auburn, Mr.Connersville.
Antilla Sugar Co.
continue at
models will
9In addition to building part of the convertible models at Auburn, Ind..
-Year 73/5.
First Mortgage 15
are being painted and trimmed at the
authorized the listing of certificates all convertible bodies for Auburn carsAuburn's body plant at Kalamazoo,
The Now York Stock Exchange has
- Auburn plant. These are built at
$1.650,000 first mortgage 15
of deposit on official notice of issuance, forA, due Jan. 1 1939. which are Mich.
affect
year 754% sinking fund gold bonds, series
Addition of the Auburn production line at Auburn will in no way
outstanding and listed.
Cord production, Mr. Faulkner said, the company having facilities to
1931, $2,310,600 bonds were on deposit with Chase Na- manufacture 35 of these front-drive cars daily on the Cord production line.
As of Feb. 23
reorganization
tional Bank, New York. as depositary under the plan of relating to the The company has recently added 600 employees to take care of additional
and reorganization agreement, both dated Nov. 19 1930.
-V.132, p. 1995.
Production.
-V. 132. p. 131.
company.
reorganization of the
MAR. 21 1931.]
FINANCIAL CHRONICLE
Adds 122 Dealers in February.
-
Auburn added 122 dealers in February of this year, a record
for any
similar month, N. E. McDarby, Vice-President in charge of
sales,
nounces. New dealers for March are being added at the rate of nine andaily.
Since Jan. 1 the company has added 255 new dealers and
distributors,
bringing its distributing organization up to the largest point in its
history.
V. 132, p. 1995.
Aviation Corp. of the Americas(& Subs.).
-Earnings.
Calendar Years1930.
1929.
Income from operations, &c
$5,609,938 $3,907,540
Operating expenses,incl salaries, maint., deprec. &
taxes
5,915,210 4,325,557
Loss from operations
$305,272
$418,017
Interest & other income
126,598
Net loss
$305,272
$291,419
Other charges,incl. amort.of develop.expenses _
25.994
Net loss for year
$305,272
$317,413
Previous deficit
347,072
29,659
Net adjust, of deprec. & develop. expenses
Cr76,341
Consolidated deficitfrom operation
$576,002
$347,072
Adj. surpl. of Compania Mexicana s
de Aviacion,
S. A.,at acquisition
59,235
59,235
Deficit, Dec.31
$516,767
$287,837
Consolidated Balance Sheet Dec. 31.
1930,
1929.
1929.
Assets
Liabilities$ •
Cash
3355,601 $750,515 Accounts payable_ 1,416,523
246,084
Accts.receivable_ 888,204
592,567 Provlor undeterm.
Dep. as sec. for
balance of Wig_ 1,250,000
pref. of contr_ _ _ 225,545
201,616 Capital stock_ _ _ _69,996,022 6,704,163
Materials & suppl.. 790,343
300,671 Deficit
516.767
287.837
Securities owned_ _
29,411
Prepaid & deferred
charges
299,112
184,032
Inv.In assort. cos... 1,027,001
500,001
Constr. materials_
28,028
49,139
Airports, bldgs. &
equipment
85.713,774 3,379,618
Adv. on sect. of
additional equip.
20.170
85,200
Goodwill, organization,extension
& development_ 2,768,589
619,051
Total
12,145,779 6,662,410
Total
12,145,779 6,662,410
a After reserve for depreciation of$2,418,623.
b Represented by 453,697
no par shares.
-V.131. p. 2383.
Baltimore (Md.) Brick Co.
-To Pay 3% on Account of
Dividend Accumulations.
-
The directors have declared a dividend of3% on (account
of accumulated
dividends) on the 1st pref. stock out of earnings of the company
payable
March 27 to holders of record March 18.-V. 131,
p. 1899.
Bancokentucky Co.
-Gets Judgment.
-
A judgment for $2,000,000, less a credit which reduces
the sum to
$1,543,919, has been granted Joseph S. Laurent,
against James B. Brown, former Bancokentucky receiver for the company,
Co., President
Adelia E. Latt. The judgment was the first in the numerous , and Mrs.
suits growing out of bank failures several months ago.
The receiver for Bancokentucky Co. revealed that the
pany's liability on its holdings in the closed National Bank holding comand the Louisville Trust Co., IS $5,428,388. Bancoken of Kentucky
$685.631 in cash and several thousand shares of stock withtucky Co. has
this liability. The receiver for National Bank of Kentuckywhich to meet
that if the assets of Bancokentucky Co. are not sufficienthas indicated
liability he will institute suits against Bancokentucky Co. to meet its
stockholders
to obtain an assessment
"Tsseis
-
Stockholders.
-
Public offering will soon be made of a
Deposited Insurance Shares. series A. new fixed trust in insurance stocks,
sponsor and national distributor of theby Bank & Insurance Shares, Inc.,
issue.
Each unit will consist of 4,000 trust shares, represent
ing a participating
interest in 311 shares of stock of 29 of the largest
fire, life and casualty
insurance companies, plus a substantial surplus fund.
The trustee is the
Pennsylvania Company for Insurances on Lives &
Granting Annuities of
Philadelphia.
A new feature in the set-up of Deposited Insurance
Shares, series A,
is its large surplus fund which at all times is
Proceeds from the rights and stock dividends ofinvested in trust shares.
placed in this fund and immediately invested in the deposited stocks are
the shares of the trust.
Split-ups are retained in the portfolio.
The trust will distribute as its regular and semi-annual
cash dividend all
cash income consisting of regular and extra cash dividends from
the underlying companies. An additional stock dividend will be
from the surplus fund, representing 5% per annum of made semi-annually
the trust shares outstanding in the hands of the public. The certificate holder
has the option
of receiving this return either in additional trust shares or
cash, thus enabling the holder to obtain the benefits of in their equivalent
either a cumulative
or distributive type of trust as he may desire.
The insurance companies in the portfolio, which have
over 77 years and an unbroken dividend record averaging an average of
more than 50
years, are as follows:
Aetna Insurance Co.
The Home Insurance Co.
Aetna Life Insurance Co.
Insurance Co. of North America.
Agricultural Insurance Co.
Maryland Casualty Co.
American Surety Co. of New York.
National Fire Insurance Co., Hartford,
Boston Insurance Co.
New Hampshire Fire Insurance Co.
Camden Fire Insurance Association.
North River Insurance Co.
Connecticut General Life Insurance Co. Phoenix Insurance
Co.
Continental Insurance Co.
Providence Washington Insurance
Fidelity & Deposit Co. of Maryland.
St. Paul Fire & Marine Insurance Co.
Co.
Fidelity-Phenix Fire Insurance Co.
Security Insurance Co. of New Haven.
Franklin Fire Insurance Co.
Springfield Fire & Marine Insurance.
Globe & Rutgers Fire Insurance Co.
Travelers Insurance Co.
Great American Insurance Co.
U. S. Fidelity & Guaranty Co.
Hanover Fire Insurance Co. of N. Y. IL S. Fire Insurance
Co.
Hartford Fire Insurance Co.
-v. 132. p. 1805.
Bethlehem Steel Corp.
-Suit Withdrawn.
-
A motion filed in the Now York Supreme Court
stockholder, for a preemptory mandamus order by Samuel Hopkins, a
requiring the
to give him access to and an opportunity to inspect the stock company
the corporation has been withdrawn. The complaint stated books of
that the
purpose of the inspection of books was to consult with other
stockholders
in respect to the conduct and management of the corporation,
in reference to its bonus system. He alleged, upon information especially
and belie,
that under such system about 10 or 12 of the chief officers,
several of them
directors, have received from the corporation's
funds up
1928. $31,878,255, while common stockholders received to and including
in dividend distributions, $40,311,895.
Hearing on Bonus Suit Postponed.
-
Hearing of the suit brought by minority stockholders
and directors of the company to recover $36,000,000 against the officers
officers and employees since 1911, has been postponed in bonuses paid to
by Vice-Chancellor
John H. Backes in the Chancery Court at Newark. The Court
instructed
counsel for the defense to have affidavits in the hands of
ants by March 18 and for the complainants to file replies the complainby March 23.
-V.132, p. 1805, 1623.
(E. W.) Bliss Co., Brooklyn, N. Y.
-Divide
nds.
The directors have declared regular quarterly dividends on
the shares of
the company as follows: $1 per share on the 1st
share on the 2d pref. stock, class A; 15c. per sharepref. stock: 87)ic. Per
on
class B, and 25c. per share on the common stock, all the 2d pref. stock.
payable April 1 to
holders of record March 20.
Also on March 31 1931 there will be mailed to stockhold
ers of record
March 20 1931 the extra dividend of 2% on the
the common stock of the company in accordance common stock payable in
with a resolution adopted
by the board at a meeting held on Dec. 15 1930. Scrip will
be issued for
fractional shares. See also V.131. p.4058: V.130,P.3357:
V. 128,P.3355.
Bohn Aluminum & Brass Corp.
-Balance Sheet Dec. 31.
1930.
Assets$
LA., bldgs., mach.
& equip
y5,162,471
Cash
786,322
Accts. notes rec_ _ 912,590
.
Inventories
3,467,185
Cash stir. val. life
insurance policy
52,800
Other assets
35,262
Marketable securs. 391,531
Pats.,licenses, gd.will, Oa
149,829
Deferred items__ _
92,876
1929.
$
5,115,447
535,224
1,241,632
2,212,426
48,050
31,712
2,412,924
1930.
Lie Mattes$
Capital stock
x3,630,904
Gold bonds
1,901,900
Accts. payable__ _ 489,787
Fed. tax reserves_
91,420
Foes, for contIng
5.5,000
Srplus
4,881,8.55
1929.
$
3,630.904
1,901,900
1,059,671
314,939
5,005,806
180,968
134,837
Total
11,050,866 11,913,220 Total
11,050,866 11,913,220
xRepresented by 352,418 no par shares. yAfter depreciation of
$2,177.975.
Our usual comparative Income account for the year ended
Dec. 31 1930
was published in V. 132.
P. 1995
.
Borden Co.
-Listing of Additional Capital
Acquisitions.
-
Stock-
The New York Stock Exchange
tional shares of its capital stock has authorizeithe listing of 10,735 addiin connection with the acquisition(par $25) on official notice of issuance,
stock of the following companies: of all the issued and outstanding capital
1,985 shares in payment for the entire issued
and
of Niagara United Dairies, Ltd. (Ont.), outstanding capital stock
of 8,000 7% preference shares (par $25) with an authorized capital
(no par value), of which 4,805 shares of and 8.000 common shares
each class are issued and
outstanding. Of the 1,985 shares to be issued as aforesaid, 35 shares
represent a brokerage commission.
4,500 shares in payment for the entire assets (except
brand "Bluhill") and business of Anona Cheese the trade-mark or
pany will also assume all liabilities of the selling Co. (Wis.). Comcorporati
liability for capital stock and certain tax liabilities, and theon except
expenses
of the reorganization and liquidation of the selling corporation in
excess of $3,000.
4,250 shares in payment for the entire assets and business of Norwalk
Dairy
Co. (Conn.). Company will also assume all liabilities of
corporation except liability for capital stock and certain taxthe selling
liabilities.
-V. 132, p. 1606. 1418.
Borg-Warner Corp.
-Expansion of Subs.
A Louisville, Ky., dispatch, March 13 says:
Paul C. Keyes, receiver for the National Bank of Kentucky, took
March 13 to assess stockholders of the company, which held the bulk steps
bank's stock, unless the company itself can pay $3,783.388 liability of the
under
the law.
The bank closed on Nov. 17 and the Bancokentucky Co. also Is in
the
hands of a receiver.
Mr. Keyes said that an assessment by order of the Controller of Currency
has been under consideration since the bank closing. The actual
suit for
recovery of the assessment will be filed in the Federal
Court, he said.)
Meanwhile notices of the assessment will be sent to sharehold
ers by registered mail.
-V. 132. P. 1623, 1418.
Bank & Insurance Shares, Inc.
-Deposited Insurance
Shares, Series A, to Be Offered Shortly.
-
2201
in
The Norge Corp. of Detroit, a subsidiary, manufactu Canada.
rers of electric
refrigerators, announce the incorporation of a Canadian company,
Norge
Corp. of Canada, Ltd. with offices at Toronto,
Ontario. This new company is a subsidiary of be Forest-Cr
the largest Canadian radio plant osby, Ltd., of Toronto, reported to be
and
annual sales and profit gain during thethe only one to show a continuous
The Norge Corp. of Canada, Ltd., past seven years.
trade-mark, manufacturing and sales has acquired full Canadian patent,
rights, as well as all future developments of the Norge Corp. of Detroit.
The Canadian
imported 1,000 complete Norge refrigeration cabinetscompany has just
from Detroit to
start operations, pending the establish
ment of
facilities. Light manufacturing will start this complete manufacturing
month at a temporary
Toronto factory. Plans are being rushed
for the speedy erection of a large
plant near Toronto in which complete Canadian
manufacturing facilities
will be established.
on.The capital stock of Canadian-Norge
is owned by De Forest-CrosleY,
now listed on the Toronto curb. The appointment of D.
formerly Vice-President and managing director of De Forest-Cr H. Pollitt,
osley, Ltd.,
has been announced as President and General Manager
of the Norge Corp.
of Canada, Ltd.
Subsidiary Co. Sales Increased in February
.
Electric refrigerator sales of the Norge
were nearly a quarter million dollars aboveCorp. of Detroit for February
those of
for March are expected to double those of FebruaryJanuary. Total sales
, according to
nouncement by 0. S. Davis, President of the Borg-Warner Corp. an anSummarizing the sales outlook, Mr. Davis said: "With the recent addition
of
10 krge distributors to our National sales organizat
&saltine that the Norge business volume will continueion, it is reasonable to
to show rapid growth.
The past months have served to prove to the public
our
Proved products as well as to permit us to increase ourthe value ofcapacity
production
at thei Detroit plant. We expect to be
able to step up production nearly
20% Wore the end of March." The Norge Corp. manufactu
res a rollator
type of electric refrigerator.
Subsidiary Business Better.
-
Total
the February business
a subsidi y, was 11% above the of the Warner Gear Co.. Muncie, Ind.,
January
more tha in February 1930. This unusualvolume and approximately 8%
situation
tion of la e new business and to the demand for is duo to the acquisifree-wheeling transmissions.
e service parts division of the company reveals that during
February 0
les were almost twice as great as in January, the previous
month, a
lug to a statement made on March 16 by C. S. Davis.
President of
e BorikWarner Corp.
Production
the Warner Gear plant has been stepped up materially
n the last se
1 we
in keeping abreast with increased transmission
sales demands ..de by large automobile manufacturers. Employment has
been increased 10 since Jan. 1 and the present number of workers total
one-third more t
those of a year ago.
An increase in sa
and production is expected for all of March, according to the amount
business done in the first two weeks. Several large
Passenger and true
rders for early delivery have been received within
the last few weeks
d have materially swelled the amount of unfilled
orders.
-V. 132, p..1996.
Boston Herald traveler Corp.
-Dividend Reduced.-
The directors have declared a dividend of 20 cents a share
mon stock, payable Apri 1 to holders of record March 26. on the comPreviously
the company paid quar
y dividends of 40 cents per share.
-V. 132.
P. 1036.
Briggs Mfg. Co.
-1,. umes Div.
-Also Declares Extra.
-
The directors have decl'd a quarterly dividend of 37% cents per
share and an extra dividenla pf 123 cents per share on the outstanding
2.003,225 shares of common .&ock, no par value, both payable April 25
to holders of record April 10..Like amounts were paid on Jan. 26 last.
Quarterly dividends of 75 cents ter share had been paid from Jan. 1926
to
and including July 1927.-V. 132, p. 660.
Brunswick-Balke-Collender Co.
-New President-Earnings, &c.
Robert Frank Bensinger has been deeted President succeeding
his father,
B. E. Bensinger, who was electedchairman of the board of directors.
R. F. Bensinger had served as rim Vice-President since
1926.
FINANCIAL CHRONICLE
2202
[VOL. 132.
and semi-annually thereafter. The notes are to be issued under enote
Income Account for Calendar Years.
indenture containing customary protective provisions in favor of the holders.
1927.
1928.
1929.
1930.
-In order to provide a satisfactory surplus, to be
Creation of Surplus.
$29,497,612 $27,891,991
Sales,less returns.Sm---513,342,755 $29,417,800
your company and used from time to time in
retained in the
6,638,405 11,105,839 10.067,787 such manner asbusiness of of directors may determine, a reduction is to
4,260,733
Gross profit
the board
1,059,762
1,122,222
1,221,696
783.615
& deple'n
Deprecia'n
to the class A and class B
6,912,397 be made in the amount of capital legally assignablecase of the class A stock
7,602,726
8,659,379
Sell., gen. & adm. exps_ 4,955,594
the
226,799 common stock from $100 to 860 per share inand from $40 to 810 per share
163,399
353,912
282.296
Interest paid
(860 being its present liquidating preference)
in the case of the class 13 stock. This reduction of capital is to be effected
Net earnings_ .. _ _ - -loss$1,760,773 df$3,596,583 $2,217,191 $1,868,828 by issuing a new class A common stock of the par value of $60 per share
499,568
756,204
Other income
and a new class B common stock of the par value of $10 per share, such new
661,680
548,619
661,013
Int, on notes rec.. &c
stock to be issued share for share in exchange for and in retirement of the
of the existing class A. and class B common stock.
Profitsfrom oper_ - _loss31,099.760 df$3.047,963 $3,635,376 82,368,396 corresponding classes class B common stock are to have respectively the
336,000 The new class A and
400,000
Prov. for income tax_
same dividend, voting and liquidation privileges and restrictions as the
Cr.37,457
Cr.99,691
Cr.9,830
Prof. on sale of prop_
corresponding classes of the existing class A and class I3 common stock,
but are to have the respective par values above named. The creation of
Net income
def$1,109,590df$2,948,272 $3,235,376 $2,069,853 such a surplus will not in itself change the intrinsic value of the class A
5,462,680 4,159,515 3,822,687 and class B common stock. It removes a capital deficit which legally
Previous surplus
856,820
Cr.679,350 Dr.148,738
Appr. of prop. (adj.).
prevents, so long as it is outstanding, the payment of dividends on any
Adjustment of Federal
shares of stock.
Dr.28,578 Dr.22.065
tax (prior years)
-The new class A and the new class B common stocks are
Voting Trust.
Approp. for gen. reserve Cr.500,000 Dr.500.000
-year voting trust or trusts with three voting trustees.
to be placed under a 10
Cred. from purch. & reone named by the Lehigh Valley interests, one by the Lackawanna intertire. of common stock_ 1,423,661
ests and the third by the chief executive officer of the Chase National Bank
Cred. arising from adj.
of the City of New York. The initial voting trustees will be Richard F.
214.566
of depreciation
Grant, Charles F. Huber and Charles Hayden.
-The sum of $2,754,977. representing
Lease and Purchase Obligations.
$1,885,457 52,665,180 57.224,086 $5,892,540 the unpaid balance of the purchase price due to the Lehigh Valley interests
Total
312,681
311,809
308,359
304,462
Pref. divs.(7% Per an.)for the "Frank L. Burns" and "Horre" properties acquired by your com1,420,344
1,449,597
1,500,000
Common clivs. (cash)
pany through stock ownership in 1929, which is due on Sept. 5 1939, is to
Losson sale of assets of
be deferred and made payable in four equal installments during the two
1,403.654
musical division, &cyears following the last maturity date of the new serial notes. Your comcoal yards, which now expires on July 14
$856,820 $5,462,680 84,159,515 pany's lease of the so-called Rubel 1 1949. Your company's current annual
P.& L.surp. Dec.31- $177,341
500,000 1939, is to be extended until Aug. yards and for interest on the above500,000
500,000
450,000
Ms.Corn. outst.(no par)
for rental of the Rubel
$5.85
$33.51 obligation
Nil
Nil
Earns. per share on commentioned purchase balance, now aggregating $683,168, is to be reduced
by the Lehigh Valley interests to the extent of one-sixth, or $113,861 per
Consolidated Balance Sheet Dec. 31.
year at the present rate, and is to be subordinated to the payment of prin1929.
1930.
1929.
1930.
cipal and interest of the new serial notes as due.
-Liabilities
$
$
Assets--Your company's existing anthracite purCoal Purchase Commitments.
Land, bldgs., &c__ 7,997,435 11,657,274 Preferred stock__ 4,278,500 4,397,500 chase commitments are to be modified so that a major portion of such
1 Common stock __221,689,091 24,098,990
1
Good-will. &c_--645,223 purchases of anthracite will be divided equally between the two principal
mon. obliga's 577,702
726,904 Pur.
Sundry Invest-. 416,507
9,475,000 coal creditors. These two coal companies undertake to furnish such anthraNotes payableInt. accr. on WarAccounts payable_ 801,848 2,372,376 cite and to give your company terms and prices as favorable f.o.b, mines
80,000
ner Bros. debs__
as those given by them to others in the same territory.
liquiRes. against
Sec.& receiv. from
In the event of the creation of the voting trusts, application will be made
dation of securmusic division__ 5,183,037
to list the voting trust certificates for the new class A and class B common
600,000
ities, &c
12,124,344
5,172,618
Inventories
141,252 stock on the New York Stock Exchange.
129,645
Notes & accts. rec_ 7,669,043 13,589,354 Sundry reserves
856,820
177,341
Consolidated Income Account for Calendar Years.
775,551 1,668.486 Surplus
Cash
1927.
1928.
1929.
1930.
Notes rec. for prop.
406,100
365,350
$51,524,264 $50,115,635 827,701,922 527,754,370
sold
Net sales
594,587 1,814,699
Deferred charges
Cost of sales (incl. oper.
exp. and depreciation) 52,006,581 46,438,052 24,359,650 24,655,288
28,254,129 41,987,163 Gen. exp.,incl. allow, for
Total
28.254,129 41.987.163
Total
2,239,375
3,140,952
2,220,502
854,420
-V. 132, p. 1624.
doubtful accts. & taxes
x Represented by 450,000 no-par shares.
95,000
145.000
165,000
Federal income taxes-An- Extraord. deductions_ - 420,082
& Railway Securities Co.
Brunswick Terminal
nual Report.
$764,707
$391,634
5956,771
df$1,756,819
Net profits
President George W. Steele, Feb. 17. says in substance:
273,004
704.791
229,470
369,220
During the past year the activities of the company were directed princi- Other income
&
pally to the reorganization of the properties of the Georgia Manganese
df$1,387,599 51,096,423 51,186.241 81,037.711
Total income
Iron Co. The Brunswick company is the owner of $1,500,000 7% bonds Preferred
(7%)180,000 (7)180,000 (7)180.600 (7)180,600
secured by a first mortgage on the properties. It was considered necessary Prior preference
(7%)50,155
In the best interest of the stockholders to institute foreclosure proceedings Common class A
924,814
783,888
823,149
x800,000
reorganization agreement for the further development
and to enter into a
($9.50)
($8.00)
($8.00)
($8.00)
Rate
the agreement are
146,010
and operation of the properties. The other parties to
Common class B ($1),)Palmer & Co.. members of the New York Stock Exchange and Lavino
$221,753 df$263,868
$93,274
df$2,367.599
distributors of (erre manganese of PhilSurplus
Furnace Co., manufacturers and
100,000
97,365
100,000
100,000
reorganization Shs. class A stk. outst'g
adelphia, Pa. It is expected that upon completion of the plant
100,000
97,367
100.000
100,000
manage- Shs. class II stk. outseg
plan, the Brunswick company will be assured of competent
$9.11
$8.14
$8.46
Nil
Earn, per sh. on A stock
ment and distribution of the manganese ore. of the
$0.14
$1.11
$0.45
Nil
Brunswick company's Earn, per sh. on B stock
There was normal activity in the liquidation
x Estimated by editor, amount not given in anual report.
Ga. during the year.
real estate holdings in Brunswick,
It is probable that permission to list additional stock will be asked within
Consolidated Balance Sheet Dec. 31.
the next few months to enlarge the scope of the Company's present activities.
1929.
1930.
1929.
1930.
1928.
1927.
1929.
1930.
Liabilities
Earns.for Cal. YearsAssets
$198.408
$29,394
$316,328
7% cum. pref. stk. 2,580,000 2,580,000
Net income after chges_ _ loss$2,018
Real estate, bldgs.,
150,000
100,000
131,951
131,951
(no par)
Shs.com.stk.out.
equipment,&c.. 27,509,996 8,614,506 Class A corn. stk_x10,000.000 10,000,000
$1.32
$0.29
$2.40
Nil
960,822 Class D corn. stk_y 4,000,000 4,000,000
Earnings per share
416,826
Cash
Accounts payable.. 8,205,802 7,167,299
Comparative Balance Sheet Dec. 31.
Customers' accts.
res've.a10,927,424 13,093,968 Notes&accept.pay. 5,320,390 6,343,253
1929.
1930.
LiabilUiesrec., less
1929.
1930.
Assets339,441 Purch.money oblIg 2,754,978 2,754,978
3,334,0041 3,835,139 Sundry accts. rec.. 293,390
Realest.,Impts..&e$1,460,045 $1,471,520 'Capital stock.
72,097
92,635
328,391 Min.Int. In subs_ _
499,116J
Notes & accept. rec 362,482
2,407,900 2,467,133 Surplus
Investments
113,297
160,643
2,447,597 6,413,802 Accruals
300,000 Inventories
Notes & sects. pay 316,187
yBond interest__ _ 129,500
95,995
180,226
262,860 Res.for inc. taxes_
Insurance fund_ _ 405,464
93,545
92,539
Cash
Mtge.on real est__ 162,500
267,100
Miseell. securities,
100,626
Accts.& notes rec. 248,603
45,954 Res. for insur.
32,847
mtges.,&c
2.314
10,720
Other assets
268,434
345,753
miscellaneous __ 280,629
285.489
Deferred charges
df1,148,187 5,950,648
Surplus
107,998
54.149,308 54335,139 Imprest funds__
Total
$4,149,308 54335,139
Total
Notes reedy. after
x Represented by 131,051 no par shares. yin default. z Including
108,931
one year
-V. 132. p. 660.
$20,190 in default.
Claim against vendor
-To Change Capitalization-To Issue Organic. expenses_ 171,019
Burns Brothers.
16,146
Be Created.$9,000,000 Notes-Voting Trust to changing the authorized class A Good-will, contr'ts
9,351,888 9,359,616
will vote April 9 on
&c
The stockholders
100.000 shares, par
common stock from 100,000 shares of no par value to of no par VOile to
shares
Total
32,437,499 39,765,114
32,437,499 39.765,114
Total
$60, and the class B common stock from 100.000
each present share of each class to be excb5nged
100,000 shares, Par $10.
x Represented by 100,000 shares of no par value. y Represented by
by
for one new share, and on ratifying a reduction in capital represemod
100,000 shares of no par value. x After depreciation of $33,089,238.
816,580,000 to $9,Fm).000
the class A and class B common stocks from
• a After allowance for doubtful accounts of $2,400,000.-V. 132, p. 1806.
President Noah H. Swa,yne, March 9, in a letter
stockholders, says in substance:company's books. surpl
the
a
eo
the
as been
an examination of
As a result
reduction of plant and ventory
charged with approximately $2,943,000 inan additional reserve f doubtful
values, with approximately $1,478,000 as adjustments of ap oximately
receivables and with other miscellaneous
ing 1930
dividends paid
5261.000. These charges, together with the
at' .31 1930.
deficit
and the net loss for that year.result in a report of51.148.187 r414.555,717
current assets
the accountants
As of Dec. 31 1930
and current liabilities of $13,755,485. the anthracite trap are reflected
Prevailing conditions of depression in net loss for 1930_ $1,387,599, in
a
in the income statement, which shows included $341,893 representing loss
which amount the accountants have
and loss on abandonment of facilies. wisdom of the
on disposal of yards
31 1930 confirmJthe
The report for the year ended Dec.the dividend on le class A common
action of the directors in having passedhaving recently assed the April 1
year and in
stock in January of this
dividend on the preferred stock. the conclusion of . directors that the
These reports further confirm
with which to pay off maturing
company is in urgent need of $9,000,000to pay outstanding coal purchase
bank loans of approximately $3,000.000,
$600,000, to reduce coal purchase accounts to a
notes of approximately
outstanding coal accounts of approxi-day basis through the payment of
30
additional needed working capital.
mately $5.000,000 and to provide the various iank creditors and of the
of
With the friendly co-operation Lehigh Valley Coal Sales Co. and Delafijt
two principal coal creditors (The
ee
Co.), the • anagement has succeeded
ware Lackawanna & Western Coalrequired 11 ncing. The plan has been
in working out a plan to provide the
of a very substantial
by the directors and informally by th colders the holders of three.
approved
formal appeval by
amount of stock. It now requires
of1;;;,•o-thirds in amount of both
fourths in amount of the pref. stock and ,,
B common stock.
the class A and class
an agreement dated March 4 1931 bein
The plan (which is contained Co.. Luzerne Coal Corp., Burns Bros., a
tween The Lehigh Valley Coal Bros.. a New York corporation, Steamship
New Jersey corporation, Burns
Coal Co.) in its essentials
Fuel Corp. and Delaware Lackawanna & Western
may be summarized as follows:
Lackawanna & Western Coal Co. is to Purchase
-Delaware
Note Issue.
notes maturing serially
at par for cash $9,000.000 of your company's 5%
installments at the semi-annual
from Feb. 1 1932 to Feb. 1 1947 in gr est being payable on Feb. 1 1932
rate of from $150,000 to $375,000. in
-Earnings.
Butterick Company (& Subs.).
1930.
1929.
1927.
1928.
Calendar Years$11,887.187 $10,912,932 $11,490,996 512.418.418
Sales (net)
6,150,784
6,821,812
6,171,089
6,300,879
Cost of sales
5,387,307
4,311,064
4,421,165
General Sz sell. expenses_ 4,282,267
5880.327
5783,118
$430,779
5768,952
Operating profit
143,090
140,399
107,286
Other income
$880,327
5573.869
5923.517
$876,238
Total income
86,923
90,041
92,259
91.515
Depreciation
Amortization of bond &
112.048
&c
noted discount,
296,418
181,980
294.643
316.626
Interest
$611,424
$187,410
$490.080
$402,584
Net profit
1,687,824
1,302,947
11.058.593 x12,968.125
Previous surplus- 180,918
Refund of taxes
Adj. of res. for news10,533
dealers returns
511,471,710 813.155.535 $1.973,646 $2,299,248
Total
Adj. affecting pattern &
1,200,000
996,300
publication returns
41,016
50,101
39,814
Adjustments prior yrs....
ButAdjust, cap. stk.
855.925
14,809
____
terick Co
Profit & loss, surplus_511,406,799 $11,058,593 $1,933,832 $1,302,948
$1.02
$3.88
$3.18
$2.18
Earnings per share
-V. 131:
x Including surplus arising from issuance of no par stock.
P. 3714.
-May Move Executive
Calumet & Arizona Mining Co.
Offices to N. Y. City.
The official proxy committee of the board of directors In a statement
to the stockholders on March 14 said in substance:
A notice of the annual meeting to be held at Warren, Ariz., on April 20
1931, together with the official proxy, was mailed to you on March 2 1931
MAR: 21 1931.]
FINANCIAL CHRONICLE
by James E. Fisher, Secretary of the company. The personnel of the
proxy committee and form of poroxy were determined by the board of directors at its regular meeting of Jan. 20 1931. Mr. Campbell opposed the
appointment of this committee, but was supported by only his four Calumet
associates, including three of his subordinate executive officers, and by
one other director.
Mr. Campbell has since sent to the stockholders an independent and
personal proxy, together with a letter which implies that the official proxy
committee intends to transfer control of the company to New York interests as a first step toward consolidation with other properties. Such an
inference is wholly without foundation in fact.
Stockholders who are familiar with the past history of the company will
recognize on the duplicate official proxy the names of representatives of
those groups which have been largely responsible for the excellent record
of the company. The official proxy committee represents groups of stockholders directly owning over 280,000 shares and has large additional support assured. This committee neither contemplates nor will permit any
action to be taken which will be detrimental to the best interest of the company and of its stockholders, small and large.
The selection of the proxy committee by the board has no relation whatever to the question of consolidation with Phelps-Dodge Corp. or any other
property.
The committee appointed by the board to investigate the possible advantage of a consolidation with Phelps
-Dodge Corp. has expressed no opinion,
either individually or collectively, as to whether such consolidation with
Phelps
-Dodge Corp. is either desirable or possible; nor can it form any
opinion at the present time for lack of essential data. It has as yet no
basis for action in either recommending a merger to the shareholders of
Calumet & Arizona or dropping the matter entirely.
In the last analysis the stockholders of Calumet & Arizona must decide
this matter for themselves by their own vote, if and when they receive
proposal from their board.
a In view of these facts, the proxy committee believes that Mr. Campbell's
remarks about New York interests and consolidations are misleading and
divert attention from the real differences between himself and a substantial
majority of the board of directors, which differences are as follows:
The board at the regular meeting held Feb. 17 1931 voted to move the
executive offices from Calumet, Mich., to New York City, in order to be
In the same close touch with the copper industry and the business world
that all other large copper companies of the United States enjoy through
offices located either In New York or Boston. Mr.Campbell has repeatedly
stated that he would retire as President if the board deemed it necessary
In the interest of the company to move the executive office from Calumet
to New York. If was the board's decision to move the executive offices
to New York that precipitated the conflict which has arisen between it
and Mr. Campbell.
The board has been concerned for several years, before the advent of any
large New York interests, over the inability of the Calumet executive management to keep abreast with current conditions affecting production and
aftlinit. Since 1926 our company has steadily lost position in copper production in comparison with other large mines of the United States and the
world. Although your mines are among the lowest
-cost copper producers.
they are operating at 35% of their present capacity, a rate far lower than
that of any other substantial copper company.
The majority of the board disagrees with Mr. Campbell's view that conditions in the copper industry have undergone no change in recent years.
It disagrees with his view that a better perspective of conditions in the
copper industry can be obtained at Calumet, Mich., than in New York
City. Our company owns no mines in Calumet or in any other part of
Michigan, and operates mines only in Arizona and New Mexico.
We emphasize again in conclusion that questions of consolidation and
control by New York interests are in no way involved in this controversy
as Mr. Campbell has implied. This should be kept in mind as the committee does not contemplate further controversial discussion. The real
issue before you is the decision of the board to move the executive office to
New York as a necessary step toward constructive management to hasten
the time when our company may again be placed on a dividend-paying
basis.
(The proxy committee is composed of Charles E. Briggs of Cleveland,
Ohio; Thomas F. Cole of Tonopah, Nevada; William B. Mershon of Saginaw, Mich.; James C. Rea of Pittsburgh, Pa.; Louis D. Ricketts of Pasadena, Calif., and H.De Witt Smith of New York City.I-Y. 132,P.1996.
-Earns.
Calumet & Hecla Consolidated Copper Co.
1928.
1929.
Calendar Years1930.
$
$
Receipts
$
Copper sales- - --- 8,609,139 20.665.652 20,036,879
Custom smelting
39,618
74,388
21,421
Dividends
238.918
397,286
198,645
Interest
30.445
71,659
60,838
Miscellaneous
1927.
$
13.963,607
7.936
28,853
245,959
20,050
Total
8,890,043 21,208,986 20,345,861 14,266,406
Expenditures
3.372,632
Copper on hand 1st of yr. 2,982,164 2,115,276 3,650.171
Prod.,sell., adm.& taxes 10,487,699 12,786,946 11,322,255 10,353,424
189,124
Miscellaneous
232.206
188,114
259.383
Total
13,657,978 15.134,429 15,161,551 13.985.438
Less cop.on hand end.Yr. 6,826,690
2,982.164 2,115,276 3,650,171
Balance
Operating profit
Deproc. and depletion_
6,831,288 12,152,265
2,058,755 9,056.721
2f065,504 3,729,788
Profit
Dividends paid
Rate
loss6,748
3,008,253
($1.50)
5,326.932
9,024.759
($3.50)
3,110,574
5,013,755
($2.50)
582,745
4.011,004
($2)
Balance, deficit
Earnings per share
-Nr. 132. p. 1037.
3,015,001
Nil
3,697,827
$2.65
1,903,181
$1.55
3,428.259
$0.29
13,046,275 10,335.267
7,299,587
3,931.139
4,189.013
3,348,394
Campbell, Wyant & Cannon Foundry Co.
-Report.
-
D. J. Campbell, President, says in part:
While the company is in a strong current position with adequate cash
resources, it was considered advisable at the time of the last dividend
action during January to declare only a 25c. per share dividend, payable
on March 1 1931.
The acquisition of the National Motor Castings Co., which was completed during 1929, has proven very satisfactory from an earning standpoint and enabled your company to obtain a larger share of light casting
business.
Company is in a strong current position with current assets of more than
six times current liabilities, including Federal income taxes.
Company is taking advantage of the present conditions to refine its
processes and improve its methods in a manner to better the quality of its
output. With increased efficiency and improved production, the management looks forward confidently to satisfactory results in 1931.
Consolidated Balance Sheet Dec. 31.
Assets1029.
1030.
LtaldlUtes-1930.
1929.
Cash and call loans $804.187 2560,429 Payroll
$24,674
$62,239
Accts., notes and
Accounts payable..
41,325
224.683
482,438 Realestate & other
acceptances rec. 353,166
Inventories
taxes accrued..-816,627
298.926
50,730
50,617
1,811 Provision for Fed.
Accounts int. rec..
Land Contr.& 2nd
Income tax
91,650
164,000
249,093 Prov. for returned
222,693
mtge.receivSecurities
east'gs, unclaimed
115,659
128.590
wages & def.cred. 34,243
Land, bides., mach.
82,094
and equipment.x3,874,765 3,874.980 Capitalstock
y4,050,220 4,050,220
Surplus
Stock reacquired &
1,503,016 1,603,291
stock purch. note
52,000
80.067
Deferred charges &
advances
25,108
32.563
2203
California Petroleum Corp.(& Subs.).
-Earnings.
Calender YearsGross operating earnings
Operating and general expenses
Taxes
Intangible development costs
Depletion and lease amortization.Deprec.,retirements & other amort
1930.
1928.
1929.
06,432,129 $32,535,415 $31,093,680
13,512,752 13,802.141 13,948.271
1,269,342
855,371
x1,193.830
1,568,068
4,460,8564,353,165
1,771,441
1,395,422
1,134,198
4,577,832 4,374,405 7,115.480
Net operating income
Non-operating income (net)
24,445,451 $7,233,248 $3,049,951
85.334
87,507 Dr.175,385
Total income
$4,530,785 $7,320,755 $2,874,565
Interest on funded and long-term debt
967,209
1,129,818
1,037.170
Other interest
444,874
212.369
562.984
Profit for period
23,118.702 $5,720,601 $1,532,378
Profit applicable to minority interests
116.542
Dr.1,867
Net profit accrued to corporation- - $3,118,702 25,718,734 $1.648,920
Previous surplus
803,183 def4.770,177 19,767,475
Adjustments
Cr.620,904 Dr.145,374 Dr2,425,608
Dividends paid
2,060,966
Surplus Dec. 31
24,542,789
$803.183Def4,770.177
Earns, per sh. on 2,060,966 sits. corn.
stock (par 825)
$1.51
$2.77
$0.80
x In addition to the amount of taxes shown above there was paid (or
accrued) for State gasoline taxes the sum of 0,669,361.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1930.
1929.
AtSettLiabilities$
8
$
$
Cash
1,609,569 1,661,799 Ace'ts payable..___ 4,592.700 16,216,255
Notes receivable..
479.342 Accrued liabilities_ 1,441,479 1,683,512
73,577
Accts. receivable.... 2,743,881 2.340,102 Funded and longInventories
13,850.986 16,969,957
17,462,585 19,258.376
term debt
Other cur. assets. _
4,261 Deferred credits- 234,133
113,941
65,230
Permanent invest- 4.000,000 4,100,149 Cap. & surplus of
Bond sink. fund 1,395,000
22,109
minority Int_
702,000
Properties, plant &
Com, cap. stock-51.524,150 51,524,150
equipment__ -.x54,508,292 60.675,761 Surplus
4,542,789
803.183
Prepaid & deferred
charges
1.552,302 2,679,154
Total
79.797.838 89,621,526
79.797.838 89,621.526
Total
x After reserves for depreciation, depletion sad amortization of $52.459,731.-V. 130, p. 2398.
Canadian Fairbanks-Morse Co., Ltd.
-Earnings.
-
Calendar Yearsa Profit for year
Interest
Pension fund contrib_ _
Provision for deprec
Bad debts written off__ _
Provision for taxes
Balance, surplus
Pref. dividends paid.
Common dividends
$425,205
1930..
$742,457
5,270
19.098
33,175
25.369
37,745
18,390
17,453
34,000
40.000
$328,348
(6%)90,000
160.000
$754;735
6,071
29,451
60,166
3.275
53.000
1927.
$461,263
19.830
15.913
44.663
7,342
30,000
$608,815
$602,771
$343,515
(6)90,000 (21)315.000 (9)135.000
160,000
Balance, surplus
$78,348
$358,815
2287,771
$208.515
Earns, per sh on 80,000
shs. corn. stk.(no par)
$2.98
$6•49
$6.50
$3.17
a After selling, general and administration expenses.
-V. 130. p. 4421.
Candy Brands, Inc.
-Organized-Probable Acquisition.
-
This corporation was organized last December to acquire by merger the
Walter M. Lowney Co. of Boston, and E. Greenfield & Sons Co. and
Repetti, Inc. both of New York City. It has an outstanding capitalization consisting of $300,000 of 5% 1st pref. stock, $1,028,000 of 5% 2nd
pref. stock, par $100, and 1,250,000 shares of common stock, par $1.
The corporation also has a $100.000 note outstanding, but no bonded, debt,
it is stated.
Candy Brands. Inc. is understood to be negotiating for the acquisition
of Samoset Chocolates Co. of Boston, press dispatches report.
Celanese Corp. of America.
-Earnings.
Calendar YearsNet profit from operations
Interest earned
Miscellaneous income
1930.
1929.
$2,396.744 $3,506,502
413.730
$200,793
7,565
9,997
Total income
Amortization
Depreciation
Reserve for contingencies
Reserve for income tax
$2,605.102 $3,930.238
19.753
19,753
463,909
433,163
150,000
201,489
375.000
Net income
Earned surplus at end of previous year
$1.919,950 $2,952,321
$3,111,759 $2,074.506
Total surplus
Participating dividend of 10% of surplus profits
Dividends 00 7% cum. series prior pref. stock
Divs.on 7% cum.1st partic. pref.stock
Reserves & adjustments
35,031,709 $5,026,827
111,134
74.089
803.726
803,726
1,037,253
1,037,253
375,000
Earned surplus at end of year
0.704,596 $3,111,759
Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets
Liabilities
Buildings
6,416,909 5,610.415 Cum. prior pref.
Mach'y & equip.. 11,449,542 8,625,033 stock
11,481.800 11,481,800
Site Improvements 700,495
581,518 7% cum.1st pare°.
Constr. in progress 3,635,946 3,424,812
pref. stock_ _14,817,900 14,817.900
Real est.,houses,&c 305,092
340,933 Common shares-y5,792,750 5,792,750
Furniture & fixts- 130,466
112,448 Accounts payable_ 628,588 1,286,845
Leasehold improv_ 110,167
28,013 Wages, commis'ne.
Pats.& devel.exp_ 1,626,256
909,722 &e., accrued_....
33.079
46,154
Cash
2,439,267 2,637,176 Federal Income tax 233,180
384,658
U.S. Govt. secs_. 1,688,683 6,405,768 Dividends payable 200,931
200,932
Cust. notes & acc'ts
Res. for deprec. &
ree.(less res've)_ 1,513,721 1,926,920
amortization
3,343,260 2,886,427
Other accounts and
Res've for coating- 130.348
150.000
258,581
int. receivable
255,867 Earned surplus__ _ 2,704,596 3,111,759
Inventories
6,323,832 8,488,591
Def..6 prep. digs- 632,231
602,714
Invest. In attn. &
subsidiary cos_x2,135,247 2,118,393
39,366,413 40,159,224
Total
Total
39,366,413 40,159,224
x The investments include 99,657 shares of common stock of the Celluloid Corp. y Represented by 1,000.000 shares of no par value.
-V.131, p.
119.
Carib Syndicate, Ltd.
-Rights.
-President H. J.
Wasson, Feb. 28, says:
The adverse situation that has existed in the petroleum industry in
Colombia, South America, has retarded the development of the company's
properties and interests in that country, although conditions generally
with respect thereto, especially in regard to the Barco Concession, have
improved materially. In order to maintain and protect such properties
and interests and to provide a moderate reserve for current needs,it becomes
necessary to raise additional funds.
After giving the matter very careful consideration, the directors have
determined that the best method of raising such moneys is by offering to
$5.795,858 $6.187.143 Total
Total
$5,795,858 $6,187,143 the stockholders pro rata for subscription 52,500 shares of the company's
stock at $1 per share. There are now outstanding 525.000 shares out of a
x After depreciation. y Represented by 348,000 shares (no par).
total authorized issue of 800,000 shares.
fr Our usual comparative income account for the year ended Dec. 31 1930
The company, therefore, hereby offers to stockholders of record March
published in V. 132. p. 1996.
was
7 1931. the right to subscribe on or before March 28 1931. to their pro
2204
FINANCIAL CHRONICLE
rata share of such stock at $1 per share, in the ratio of one additional
share for every ten shares or multiple thereof owned.
So that all stockholders may participate, those owning on date of record
less than ten shares may subscribe for one share, and where a stockholder
whose total holdings when divided by ten leave a remainder, he may
subscribe for one additional share, since the company will issue no fractional shares of stock.
Subscriptions are payable at company's office, 25 Broad St., N. Y. City.
A group of the largest stockholders of the tompany has agreed to take
at $1 per share, without any commission or other compensation, all of
this stock thus offered as is not subscribed for by the stockholders.
V. 127. u. 2688.
-To Reorganize.
Cellulose Products, Inc.
and
agreement
Formation of a reorganization committee under a plan
for the reorganization under which holders of class A common stock are
invited to deposit their stock has been announced. The plan and agreement, which has been approved by the board of directors, contemplates
all of
the organization of a new corporation to acquire all or substantially or by
the property and assets of Cellulose Products, Inc. either directly
'
stock ownership or control. More than 66% of the class A common stock
and substantially all of the class B common stock have already been
deposited.
The committee, composed of J. K. Olyphant Jr., George C. Graeber and
Nicholas Kelley, points out in a notice that early consummation of the plan
expansion and
is designed to provide additional working capital for the to the interests
development of the business and in its judgment is greatly Products, Inc.,
of stock of Cellulose
of the class A stockholders. Holders
desiring to participate in the benefits of the plan are urged by the comMarch
mittee to deposit their stock certificates before the close of business instruproper
20 1931, duly endorsed for transfer or accompanied by Co., 70 Broadments of transfer, with the Central Hanover Bank & Trust
way, New York, or with the National Bank of Shamokin, Shamokin, Pa.,
depositaries under the plan. Transferable certificates of deposit will be
Issued for all stock deposited.
With the consummation of the plan, holders of certificates of deposit
such
for class A common stock will be entitled to receive for each share ofof no
stock one share of preferred stock of $50 par value and 13i shares out,
points
par value common stock of the new company. The committee A common
however, that the plan cannot be consummated unless class
stock of Cellulose Products, Inc., is deposited to an amount which is in the
judgment of the committee will reasonably assure the carrying out of
the plan.
The Central Hanover Bank & Trust Co. has been appointed depositary
-V. 12'4. p. 1984.
for 2,500 shares of class B common stock.
-Personnel, &c.
Century Airlines, Chicago.
Approximately 300 operators, traffic men, mechanics, and communication experts will be employed by the Century Airlines, which goes into
operation simultaneously in six cities on March 23. General headquarters
for the company will be in Chicago at the Municipal Airport, where temporary terminal facilities have been established at the large hangar at
63d St.
5032
W.
Work will begin shortly on the new hangar and terminal which the
company is to erect at the Municipal Airport at Chicago. The hangar
when finished will be one of the largest and most complete in the world.
It will not only house the general headquarters of the Century Airlines,
but will provide complete ship service for this area.
The executive personnel of the company consists of: E. L. Cord, Pres.;
L. B. Manning, 17.-Pres. & Gen. Mgr.; William F. Bllss, Asst. Gen. Mgr.
in charge of operations; A. R. Bone Jr., Gen. Traffic Mgr., and Fred A.
Major, Supt. of Maintenance.
The local operations managers in charge of activities of the company
Detroit;
at the various terminal cities of the lines are: G. H. Pfeuffer, Sinclair,
K. E. Bushong, Toledo; C. B. Whitehead, Cleveland; C. R.
G. E. Marlatt, St. Louis.
Chicago, and
Using Stinson ten-passenger tri-motor airliners, the new Century Lines
will operate planes on a frequent schedule basis, at rates comparable
with railroad fares, between Chicago. Springfield and St. Louis, and
Chicago, Toledo, Detroit, and Cleveland.
The company plan calls for a network of airliners completely covering
the Middle Wrest and South within the near future.
at Springfield,
The Century planes will use the Springfield Airport Toledo,and the
-Continental Airport at
Steinberg field at St. Louis. Trans
Chicago.
Municipal Airport at Detroit. Cleveland. and to the downtown sections
High-speed buses will connect these fields
of the various cities.
-Stock Dividend of 1%.
Century Electric Co.
dividend of 1% in
common
The directors have declared a quarterly
stock on the common stock, payable April 1 to holders of record March
15. The company paid $1 quarterly in cash on the common stock from
January 1930 to and including January 1931.-V. 130, p. 2213.
Chicago Junction Rys.& Union Stock Yards Co.
Earnings Incl. Union Stock Yards et Transit Co. and Chicago Junction RU.
1927.
1928.
1929.
1930.
Calendar Years$6,028,916 $6,904,904 $6,581,246 $6,587,557
xGross earnings
4,360,623
Expenses, taxes and int. 3,859,995 4,176,574 4,342,421
$2,168,921 $2,728,330 $2,238,825 $2,226,934
Net income
x Exclusive of earnings from real estate.
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
$
Liabilities$
$
Assets_30,096,456 30,096,466 Preferred stock- 6,500,000 6,500,000
Investments_ _ _ Common stock- 6,500,000 8,500,000
Interest, accounts
14,000,000 14,000,000
215,900 Bonds
418,789
receivable
397,500
388,937
404,384 Int.& accts. pay
Cash, collateral__ _ 270,571
165,000
Accum. interest- 185,000
6,175
5,475
Uny'd diva.& coup
7,790
7,803
Income tax
3,209,338 3,149,548
Surplus
30,785,816 30,716,750
Total
30,785,818 30,716,750
Total
-Bonds guaranteed as to principal and interest
Contingent Liabilities.
Chicago Junction RR. Co. 4% bonds, due March 1 1945. $2,327,000;
Central Mfg, District 5s, 5s and 6s Bonds due derlally, 1931-1941, $2,915.000.-V. 130, p. 2969.
-Earnings.
Chicago Pneumatic Tool Co.
For income statement far three and 12 months ended Dec. 31 see "Earn•
-V. 132, p. 1807.
ings Department" on a preceding page.
-Omits Dividend.
Chicago Railway Equipment Co.
The directors have voted to omit the quarterly dividend ordinarily
31
payable about March 31 on the common stock, par $25. From Dec.
1929 to and incl. Dec. 311930, the company made quarterly distributions
of 1%.-V. 132, p. 1625.
-Earnings.
Colonial Beacon Oil Co.(& Subs.).
1927.
1928.
1929.
1930.
Calendar Years$33,058,557 $29,343,089 $23,495,931 $19,895,264
Sales (net)
exp., incl. cost of
Oper.
sales,sell'g & adm.exp. 32,846.425 27,276.021 20,403,492 19.165.029
$730,234
$212.132 $2,067,068 $3,092,439
Operating profit
314,630
613,374
410,860
19,068
Other income
$231,200 $2,680,442 $3,503,299 $1,044,864
Total income
446.153
549,777
443,060
650,393
Interest, discount, &c....
211,235
447,358
502.034
charges
Other
1.337.893
1,212,863
1,613.965
Depreciation
42,000
190.202
43,124
358,396
Federal taxes
22,468
Profit appllc. to min.int.
$345,476
$247,615 31,209,815
def$2,414.023
Net profit
180.945
174.225
21,040
Preferred dividends
$164,531
$226,575 $1,035,590
Available for com-def$2,414,023
915,391
947,747
1,444.970
No of cons.shs. outstl- 1,444 970
$0.18
$0.16
$..09
kill
Earnings per share
D. 4050.
[VOL. 132.
-To Change Capital.
Cleveland Worsted Mills Co.
At the annual meeting held on Mar. 25, the stockholders will be asked
to vote on a proposal to change the authorized common stock from 200.000
shares of $100 par value into 200,000 shares of no par value, to be exchanged
share for share. It is also proposed to reduce the stated capital to $2,000.000, transferring the remaining $12,322,000, now in capital, to paidain
surplus.
1929.
1930.
Earnings for Calendar Years$678,347
$2,294,127
Net loss
-V. 130. p. 3884.
-New Chairman.
Colgate-Palmolive-Peet Co.
A. W.Peet has been elected Chairman of the board of directors to succeed
the late Sydney M.Colgate. New directors elected were: C. L. Frederick,
general domestic sales manager, and Sydney Kirkman, President of Kirkman & Son. S. Bayard Colgate, Vice-President and director, has resigned
as Vice-President but will retain his place on the board. Mr. Colgate
recently became a special partner in the firm of Spencer Trask & Co.
V. 132,p. 1997.
-To
Columbia Graphophone Co., Ltd., England.
-New Concern
Merge Columbia and Gramophone Companies
-The
to Have Rights to Make RCA-Victor Products in Europe.
directors of Gramophone Co., Ltd., announce that they
have agreed in principle to an amalgamation subject to acceptance by stockholders of the two companies on the following tonna:
(1st) To form a new company to acquire the entire capital of the two
companies.
.(2nd) To the holders of each £1 ordinary share of Gramophone Co. to
receive one Li ordinary share in the new company for each share held;
each holder of one 31 preference share in Gramophone to receive one
£1 6% preference share for each 5% preference share held; each holder of
the 10s ordinary share of Columbia Graphophone to receive one Li ordinary
share in the new company; each holder of preference shares in Columbia
Graphophone to receive six El 6% preference shares in the new company
for every five £1 7% preference shares held.
(3rd) Prior to the merger each company intends to pay a dividend of
3s a share less tax on its ordinary shares.
(4th) Prior to the merger, Columbia Graphophone will distribute among
its shareholders by way of bonus and in form of voting trust certificates,
Its holdings in Columbia Phonograph Co. of America.
Gramophone Co., Ltd., is 57% owned by the Victor Talking Machine
Co., a subsidiary of the Radio Corp. of America. Columbia Graphophone
Co. is a competitor of the Victor with subsidiary companies in practically
every country of the world, including the United States, the subsidiary
in this country being known as the Columbia Phonograph Co. of America.
A merger between these two companies will mean control of the foreign
field for gramophones records. This will bring about the extension of sales
for radios and other mechanical amusement equipment in practically every
foreign field, with the Radio Corp. more or less controlling the situation.
Important economies can be put into force immediately and duplications
eliminated by such a merger.
A separate company will be formed with H. M. V. company and Columbia shares being placed in this holding company. With its present status,
Radio Corp. would have at least a 27% interest in the new company.
V. 131, p. 1719.
-Bondholders to Foreclose.
Columbia Sugar Co.
According to a press despatch from Bay City, Mich. the bondholders
intend to seize the assets of Columbia Sugar company to protect their
Interests. Bonds are outstanding to the amount of $1,000,000 on which
unpaid interest totals $30,000, while the company, it is said, Is $88,000
behind in its tax payments.
The plant will not be operated this year, but local bondholders will
attempt to keep the company's property intact so that the beet sugar industry may be kept in Bay City and operation resumed when conditions
are more favorable.
James Davidson is a member of the bondholders protective committee.
-V. 121, p. 1351. '
-Annual
Columbia Oil & Gasoline Corp. (& Subs.).
Report.
Philip G. Gossler, President, says in part:
-Corporation was Incorp. in Delaware, for the purpose of conHistory.
summating the plan of reorganization adopted by Columbia Gas & Electric
for the segregation of the oil and gasoline properties of the subsidiaries
Corp.
of that corporation from their public utility business.
Pursuant to said plan, Columbia Oil & Gasoline Corp. acquired, as of
Jan. 1 1931) all of the stocks and indebtedness owned by Columbia Gas &
Electric Corp. in each of its four subsidiaries engaged in the ownership
and operation of such oil and gasoline properties, in exchange for which
Columbia Oil & Gasoline Corp. delivered its entire initial issues of capital
stocks consisting of: 337,500 shares of cumulative $6 1st preferred stock,
337,500 shares of cumulative $6 2d preferred stock, and 2,340,655 shares
of common stock (no par). .
All of the common stock has been deposited under a voting trust agreement and voting trust certificates were distributed pro rata to holders of
common stock of Columbia Gas & Electric Corp. of record May 24 1930.
The voting trust will continue for 10 years unless sooner terminated by
the voting trustees.
Simultaneously with the transfer of the properties, contracts were
executed between various gas producing subsidiaries of Columbia Gas &
Electric Corp. and the subsidiaries acquired by Columbia Oil & Gasoline
Corp., providing for reciprocal rights for oil and gas operations in the
same fields and granting to the respective gasoline subsidiaries of the
corporation the right to extract gasoline and other hydrocarbons from
natural gas produced by subsidiaries of Columbia Gas & Electric Corp.
-During 1930, the conditions in the oil industry have made
Operations.
It inadvisable to attempt to increase the production of oil and accordingly
drilling of oil wells has been kept down to the minimum. The production
of 1,187.921 barrels during the year was about 6.7% less than the production
of the same properties during the year 1929. The production of the properties in which the subsidiaries have royalty interests was likewise curtailed
due to proration restrictions. Furthermore, the average price received
for oil sold by the subsidiaries of the corporation during the year 1930
was approximately 33% lower than the average price realized during the
preceding year.
Production of 34,067,764 gallons of gasoline by the subsidiaries of the
corporation during the year 19:30 was approximately 18% lees than the
production of the same properties during the preceding year, due to the
smaller volume of natural gas passed through the gasoline extraction
Plants because of decreased sales by the utility companies, resulting from
the industrial depression during 1930 and ,other conditions affecting their
operations. The average price received for the gasoline sold during 1930
was approximately 21% less than prices realized during the preceding year.
The result of these operations for the year 1930 has been that net earnings
are substantially less than those resulting from the operations of the same
Properties for the year 1929. Directly comparable figures for the periods
Prior to acquistion of these properties by Columbia Oil & Gasoline Corp.
are not available. However, as was stated at the time of acquisition, the
total of the annual cumulative dividends of the two classes of preferred
stock, amounting to $4,050,000, is approximately equal to the total net
earnings for the year 1929 of these properties after giving effect to the
terms of the contracts executed at the time of their acquisition by the
corporation.
-Corporation, in the fall of 1930, acquired one-half of the
Expansion.
-year sinking fund
outstanding stock and all the $20,000,000 outstanding 20
mortgage gold bonds, series A 6%, of Panhandle Eastern Pipe Line Co..
a high pressure natural gas transmission pipe line
which is constructing
to Indiana from the producing fields in the Panhandle District of Texas
and Oklahoma and in Southwestern Kansas. The construction of this line
Is essentially completed as far as the Mississippi River and is proceeding
been
eastward thereof. Contracts for the sale of gas from this nee have
made with various utility companies and with various industrial plants.
laying of low pressure distribution
Arrangements are progressing for the
18
mains in several communities where gas is to be supplied at retail. 13.
anticipated that the main pipe will be completed during 1931. ,_
MAR. 21 1931.]
FINANCIAL CHRONICLE
Consolidated Income Account Year Ended Dec. 31 1930.
011 revenues
$2,581,494
Gasoline revenues
2,165,977
Gas & miscellaneous revenues
1,356,359
Total gross revenues
Operating expenses
Provision for renewals,replacements & depletion
Taxes
$6,103,830
2,304,403
671,221
314.449
Net operating revenue
Other income
$2,813,757
231,903
Gross corporate income
Interest charges
$3,045,659
342,435
Consolidated net income
First preferred dividends
Second preferred dividends
$2.703,225
2,025,000
506.250
Balance
2205
no par value common stock to be exchanged for all issues now outstanding,
on a basis of three shares of the present A stock for one share of the new
stock and 13 shares of the present B stock for one share of the new stock.
The class A shares are entitled to preferential non-cumulative dividends
in the amount of 912.50 per share before the B shares participate in earnings. Dividends above the $2.50 per share allotted to A shares are to be
equally divided between the A and B issues, share and share alike. The
A shares, in the event of liquidation, have preferential rights as to assets
to the extent of $35 per share. Voting rights reside in the B stock.
There is outstanding at the present time 101,991 shares of class A stock
and 234,980 shares of class B stock. The exchange of stock will require
52,072.4 shares of the new stock, which will leave 47,927.6 shares unissued.
In his letter President Louis Rothenburg states: "After careful study
of the many considerations involved, and after having had the matter
under consideration for some time, the directors and management unanimously came to the definite conclusion that the present capital stock
structure is unwieldy, does not properly reflect the real values of the corporation and serves only to impede the future financing that will be necessary for our proper development and growth in this very rapidly accelerating industry. Every effort has been made to develop a revision program
that will be entirely equitable to all present stockholders.
"The first quarter of the current fiscal year, ended Jan. 31
characterized by increased volume and marked improvement in1931. was
the company's profit and loss position as compared with the same period a year
ago. New and improved products have met with a good reception.
booked since the annual sales convention held Jan. 14 have exceeded Orders
orders
booked in the corresponding period a year ago. Shipments and net sales
are larger for January and February 1931 than for thesame months
in 1930."
-V.132, p. 1998.
$171,975
Consolidated Balance Sheet Dec. 31 1930.
Assetsblaballiesa$52,819,548 $6 1st pref. stock (no par) _S33,750,000
Property
Sec. of Panhandle Eastern
$62d pref.stock (no par)_ __
337,500
Pipe Line Co
28,645,251 Common stock
x912,500
Miscellaneous investments_ 62,250 Notes payable:secured
28,627,852
Cash
195.910
Unsecured-demand
650,000
Notes & accounts receivable611,039 Accounts payable
150,915
Materials & supplies
277,339 Accrued taxes. interest, &c._
555,456
Crucible Steel Co. of America.
-Omits Common DiviOR & gasoline in storage
188,459 Divs. declared-pay. Jan. 2_
506,250 dend.
-The directors on March 19 decided to omit the
Deferred charges
252,119 Deferred credits
1,741
Res. for renewals & replace.,
quarterly dividend usually payable about April 30 on the
depletion, &t,
16,774,229 common
stock, par $100. Previously, the company paid
Surplus
785,673
quarterly dividends of Ui% on this issue, and, in addition,
Total
$83,051,916
Total
$83,051,916 a 3% stock distribution was made
on Jan. 15 1930.
a Comprising gasoline extraction plants,storage tanks,drilling equipment,
Chairman H. S. Wilkinson issued the following statement:
oil fields & wells, leaseholds, cost over par value of securities of subs., &c.
The directors have decided that it was not to the interest of stockholders
x Represented by 2,340,655 no par shares.
Note.
-Undeclared cumulative dividends on second preferred stock to declare a dividend on the common stock at this time. The present
depression in the steel business and the uncertainty of the length of time
amounted to $1,518,750 at Dec. 31 1930.-V. 131. p. 1901.
before return to normal conditions is the reason for this action.
Consolidated Ice Co. (8z Subs.).
On Jan, 1 1931, the company had a surplus of
-Earnings.
not believed to be expedient to reduce this surplus $30,104,841, but Wig
Consolidated Income Account Year Ended Dec. 31 1930.
by paying a dividend
on
Total income
$1.188,056 to the common stock at this time. It will be the policy of the management
resume dividends as soon as the earnings and business conditions improve
Cost of sales, selling, delivery and general expenses, exclusive of
sufficiently to justify it.
interest, taxes, depreciation and bad debts
882,154
November and December last were the two low months in
reNet income before deducting int., taxes, deprec. and bad debts $305,902 ceived and volume of production in our mills. There has been orders imsome
Interest
$17,208 provement in business since that time. The improvement, however, has
been slow and the increase in volume has not been
Taxes
sufficient to earn the
Taxes, Federal income
17,623 dividend on the common stock.
Reports from various steel companies for the future are
Depreciation
57,785 Stocks
optimistic.
Bad debts written off
and inventories in the hands of users are being reduced
14,764 general
and the
situation is getting better. While it is thought the
normal will be slow, it is believed that the depression in the recovery to
Net income
$156.291 has
steel business
passed the low point and that a gradual increase in volume during
Balance, surplus, Jan. 1 1930
$765,832 year
the
may be looked forward to with confidence.
It is a satisfaction to note that there is practically no change
Total
$922,123
in either
Preferred or common shareholders of record since the advent of the present
Dividends paid on preferred stock
120.000
management. It will be the policy in the future, 88 in the past, to see that
Balance, surplus, Dec. 31 1930
$802,123 the stockholders receive every consideration, and it would be much regretted if any loss was taken by a stockholder through the sale of
-V. 129, p. 2688.
his stock
because of the action in passing this common dividend.
-V. 132. p. 1215.
Consolidated Laundries Corp.
-Listing of Corn. Stock.
Crystal Tissue Co.
-Smaller Dividend.
The New York Stock Exchange has authorized the listing of 403,569 shs.
The directors have declared a quarterly dividend of 25 cents per
of common stock (no par) which have been issued and are outstanding in the
share on
hands of the public, with authority to add certificates for 51,897 shares of the common stock, no par value, payable April 1 to holders of record
such stock on official notice of issuance on conversion of outstanding con- March 20. Previously, the company paid quarterly dividends of
37
cents per share on this issue.
vertible 6Y4% 10
-V. 128, p. 3834.
-year sinking fund gold notes, with further authority to
add to the list certificates for 18,335 shares on official notice of issuance
Cuba Company.
-Earnings.
pursuant to terms of option to the management of the corporation making
For income statement for six months ended Dec. 31
the total amount applied for 473.801 shares.
-V.132, p. 1420, 1230.
see "Earnings Depa.tment" on a preceding page.
-V.131, p. 3212.
Consolidated Steel Corp. Ltd.
-Defers Pref. Dividend.
The directors have voted to defer the quarterly dividend of 433j cents
per share due April 1 on the $1.75 cumul. pref. stock. The last quarterly
distribution at this rate was made on Jan. 2 1931.
Earnings for Calendar Years1930.
1929.
Completed work
$7,127,269 $11,645.999
Cost of completed work. Incl. of sales & acimin.exp. 6,873.079 10,683.898
Other expenses (net)
19,566
6,478
Depreciation provision
177,541
197,007
Federal income and California franchise tax
20,945
85,494
Net profit
Previous surplus
Delaware, Lackawanna & Western Coal Co.
-To
Purchase $9,000,000 of 5% Notes of Burns Brothers at Par.
See latter company above.
-V. 132, p. 1625.
Detroit Aircraft Corp.
-March Sales.
-
Gross monthly sales of the corporation for 1931
the record of last year, according to Karl S. Betts,have exceeded by 30%
The company reports gross sales of $60,300 for general sales manager.
the
March, and there is every indication that deliveries offirst two weeks in
aircraft equipment
will be speeded up during the spring and summer months.
-V.132. p. 1231.
$36.138
414,629
$673,122
$450.767
345.783
60,404
$673,122
337,619
At the annual meeting held March 20 the following
reelected: Richard H. Swartwout, Alfred C. Andrews, J. directors were
Paul Appenzellar, Thos. J. Watson, Geo. H. Ball, E. A. Wm, Buzzell,
Pierce, Wm. C.
Breed and L. C. Stowell.
-V. 132, P. 319.
Balance
$44.580
Self
-carried compensation insur. prov. for year
Cr.83,976
Awards and commitments
Dr.62,552
Surplus Dec. 31
$66,004
Earnings per sh. on 241,617 shs. com.stk. (no par)
Nil
--v. 130, p. 2778.
$335,503
Cr.158.763
Dr.79.637
*414,629
$1.39
The directors have declared a quarterly dividend of $1
common stock, par $50, payable April 1. to holders of per share on the
record March 20.
Previously, the company paid quarterly dividends
of $2 Per share on this
Issue.
-V. 129, p. 4144.
Total surplus
Preferred dividends
Common dividends
Dictaphone Corp.
-Directors Re-elected.
-
Dolese & Shepard Co.
-Smaller Dividend.
-
Dominion General Motors, Ltd. (Canada).
-To Be
Continental Shares, Inc.
-Annual Meeting Enjoined
- Organized.Motors Co. below.
See Nash
Stockholder Obtains Injunction Claiming Mismanagement
Durant Motors of Canada, Ltd.
The annual stockholders meeting has been postponed until March 23 in
-Proposed Merger.
-
order to give officials time to reply to an injunction suit preventing the
meeting issued by Judge Dennis in Circuit Court No. 2, at Baltimore.
The suit claims that mismanagement and negligence by officers of the
concern have caused shrinkage in assets amounting to $38,395,171.
number of officials of the company also were named as defendants, including Cyrus 8. Eaton.
The suit, in addition to the request for the temporary injunction also
asked for an accounting and that the defendants be held liable for losses.
It was alleged that liabilities of large sums were incurred through purchase of corporate securities and in other ways during periods of industrial
depression, when, according to the suit, ordinarily prudent business men
would not have made such investments.
A
See Nash Motors Co. below.
-V. 132. p.501.
Eagle-Picher Lead Co.
-Defers Preferred
Dividend.
The directors have decided to defer the regular
of 1 t4% due April 15 on the 6% pref. stock. Thequarterly distribution
last dividend at this
rate was paid on Jan. 15 1931.-V. 132,
P. 1809.
Electric Auto Lite Co.
-Surplus Account.
-
Earned surplus, Jan. 1 1930. $14,748,756; net
net profit of $18,925 of subsidiary company prior profit for 1930, excluding
to acquisition $5.024.47
total, $19,773,233. Deduct: Preferred dividends of
parent company,
$293,613: common dividends of parent company, $5,578,746;
balance,
$13,900.874. Add: Dividends on own stock held as
investment. $187.124:
total, $14,087,998: Deduct: Provision for decrease in value
Another Suit Filed in Cleveland.
of marketable
Suit has been filed in Common Pleas Court at Cleveland, Ohio, against securities, $2,978,000; earned surplus, Dec. 31 1930, $11,109,998.
Consolidated Balance Sheet Dec. 31.
the Continental Shares, Inc. Cyrus S. Eaton and Foreign Utilities, Inc,
alleged Eaton private holding company. Suit filed on behalf of Charles
1930,
1929.
1930.
1929.
AssetsS. Wachner, Cleveland attorney and stockholder in Continental Shares,
$
Liabilities$
$
charges that Eaton and Foreign Utilities, Inc., sold to Continental Shares, Ld., bidgs., equip.
Preferred stock_ _ _ 4,184,739
Inc., certain stocks on Oct. 10 1930, and that In this transaction which
,kc
y12,555,474 11,280,460 Common stock__ -x5,697,441 4,160,198
5,695,885.
was subsequently modified, Eaton received $2,400,000 in excess of the Investments
630,388
486,912 Res. for stk. iss'ble
49,991
66,510
value of the stocks. Suit prays for an accounting to Continental Shares Cash and marketSurp, aria, out of
able securities
and return of money and equitable relief.
2,815,043 10,526,838
acquis.ofsub.cos 1,257,788
Acct.& notes rec
President W. R. Burwell has issued the following statement:
3,037,341 3,983,154 Accounts payable_ 1.190,005 1,415.801
"We have been informed that a temporary injunction was issued by a Inventories
3,144,399 4,365,754 Notes pay. of subs. 125,000 2,564.221
75,000
Court In Baltimore, Md., to prevent the stockholders of this corporation Inv, in own com.
Accrued taxes__ __
118,095
127,945
stock
from approving the transactions of the company for the last year at their
2,618,505
Accrued accounts_ 454,143
886,429
annual meeting which was convened to-day March 191 in Baltimore. Ap- Pats., good-will,&e
1
1 Fed, tax reserve__ 674,613 1.330,467
parently the legal papers were served upon our statutory representatives In Deferred charges
240,884
218,097 Surplus
11,109,999 14,748,756
Baltimore. Neither myself nor any other officer or director of the company
Total
the bill of complaint. The temhas as yet been furnished with a copy of
24,841,813 30,861,214
Total
24,841,814 30,861,214
porary injunction was granted without any hearing begin accorded the
x Represented by 926,568 no par shares. y After reserve
for depreciation
management of the company to make reply to the charges contained In the of 85,130.537.
bill of complaint. Until such time as we have had opportunity to examine
Our usual comparative income account for the year ended
Dec. 31 1930
the necessary papers we are unable to make any further statement."
- was published in V. 132,p. 1999.
V. 132, p. 1625, 1611.
Ethyl Gasoline Corp.
-Trade-Mark
Copeland Products,Inc.
-Plans Revision of Capital Stock.
The Patent Appeal Board on March 13 ruled against the
Lyons El
=
e
A change in the capital stock structure will be proposed to the stock- Battery Co. of Belleville. N. J., in it application
cation to use the trad
holders on April 7, which will provide for a new issue of 100,000 shares of "Ethyl" to describe a storage
battery.
2206
FINANCIAL CHRONICLE
York
The application was opposed by the Ethyl Gasoline Corp. of Nowuse of
City. The latter company, it was contended, made prior and legal tradethe term "Ethyl" to describe a motor fuel and the use of a similar appeal
mark by the storage battery company would cause confusion. The
board upheld a previous decision of a Patent Office examiner.
The Belleville company contended the products were so different the
-V. 132, p. 859.
use of the trade-mark would not be confusing.
-Listing of Stock.
Evans Products Co.
The New York Stock Exchange has authorized the listing of certificates
Co.," to be
for common stock (par $5) bearing the name "Evans Products bearing the
issued in exchange for 244,494 shares at present outstanding,
name "The Evans Auto Loading Co., Inc.'-V. 132, p. 1626. 1811.
-Earnings.
Fairbanks' Morse & Co.
[Vol.. 132.
these mines will commence about Jan. 1 1932. See also
V. 132, p. 2000.
-Dissolved.
General Baking Corp. of Maryland.
The dissolution of this corporation became effective on March 16ThY
order of the Circuit Court No. 2 of Baltimore City. This was the final
step in completing the plan for capital readjustment between the General
Baking Corp. and the General Baking Co., a New York corporation,
which was submitted to the stockholders of the corporation on Jan.e10
1931. It is expected that distribution of the new securities of the General
Baking Co. will be made to former stockholders of the corporation on or
after .April 1 1931 in accordance with the plan and pursuant to the dissolution of the corporation. To facilitate this distribution the Maryland
Trust Co. was appointed Receiver in Dissolution by the court in order
-V. 132, p. 2001, 1627, 1042.
to carry out the statutory procedure.
1927.
1928.
1929.
1930.
Calendar Years-New Di-Liquidation Value
$24,126,049 $31,504,908 $30,542,421 828,391,417
General Capital Corp.
Netshipments
3,266.967
3,819.422
2,004,909 4,392,155
Operating profit
898,750 rectors.
857,778
867,915
826,348
Deprec.on bldgs.& equip.
342,222
393,333
The liquidation value of the corporation's stock was in excess of $49ra
377,333
361,333
Interest on loans
256,204 share on March 9. The trust has cash and bonds of approximately $1,170,289,174
337,615
42,521
Federal taxes
128,184 000, an increase in this item of more than $500,000since the first o the year.
154.955
168.205
132,977
Contrib. to pension fund
400,000
627.
d
poe1to the sale of some holdings.
Amt.approp.for develop
-V. 132.
Grederick Ayer and Hugh Bancroft have been elected directors.
$641.729 $2,241,085 $2,124,182 $1,641,607
Net income
-An
-Sales for February 1931.
Surp. and undiv. profit
General Motors Corp.
al4,022,963 13,393,935 12,929,889 13,698.974
brought forward
official statement says:
Net profit of Municipal
In February General Motors dealers sold 68,976 cars to consumers in
37,490
107,586
179,884
Is Acceptance Corp
the United States, compared with 88,742 cars in February 1930. Sales by
2,475
Adjust. pertain.to pr.yrs.
General Motors to dealers in the United States in February amounted to
in February 1930.
$14,847,051 $15,742,607 $15,091,561 $15,340,581 80,373 cars, as compared with 110,904
Total surplus
14,476
7,165
Total sales to dealers in February, including Canadian sales and over6.366
7.142
Prem.on redemp. of pref.
155,905 seas shipments, amounted to 96.003 cars, as compared with 126,196 in
91,306
121.261
Adjustments
February 1930.
Disc.& int. on 15-yr.5%
457,255
The following table shows sales to consumers of General Motors cars in
debenture issue
173,208 Continental United States, sales by manufacturing divisions of General
Wisconsin tax settlement
503,321 Motors to their dealers in Continental United States, and total sales to
492,541
485,405
478,028
-Preferred dividends__
dealers, including Canadian sales and overseas shipments: Total Sales to
Surp. approp. for red, of
United States
486,500
571,900
pref. stock
Dealers.*
Sales to Dealers.
Sales to Consumers.
508(3)1,106,613(3)1,106,613(3)1,106.526
Common dividends_ -(32.65)977,
1930.
1930.
1931.
1931.
1930.
1931.
106.509
94,458
89,349
76,681
74.167
61,566
January
I Balance of surplus and
126,196
96,003
110,904
80,373
88.742
$13,536,463 $13,393,935 $12,929,889 February_ ---68,976
undivided profits.. _ _$12,812.472
368,977
368,977
368.977
*Including Canadian sales and overseas shipments.
368,871
Shs,corn. outst.(no par)
$3.08
$4.52
$5.05
Unit sales of Chevrolet. Pontiac, Oldsmobile, Marquette, Oakland,
$0.93
Earns. per sh. on com__
are
-V.131,P.3537. Viking, Buick. LaSalle, and Cadillac passenger and commercial cars
a Including $3,908.875 undivided profits ofsubsidiaries.
included in the above figures.
-Defers Preferred Dividend.
Firstb,rook Boxes, Ltd.
,
47 due
The directors recently voted to defer the quarterly dividend of 1.
March 15 on the 7% cum. sinking fund red. pref. stock, par 5100.
The last regular quarterly distribution of 13.1 % was made on this issue on
Dec. 15 1930.-V. 127, p. 688.
-Awarded New York State Contract.
Flintkote Co.
This company, through its subsidiary, the Flintkote Roads, Inc., has
been awarded a contract by the State of New York for about 1,750,000
gallons of asphalt emulsion, covering the 1931 requirements of the State
for road purposes. This volume may be increased.
The company has also received an order for substantial quantities of
Commission.
Colas (cold asphalt emulsion) from the Palisades (N. J.) Park far this year
Total orders for Colas received in the United States thus
oximate the entire Colas business of the company in this country in
m
Canada in 1930,
Flintkote's Colas road business in the United States and
the first full year of operations on this product, was over 4,000,000 gallons.
-V. 131, la• 3537.
It is reported.
-New Trust Organized.
Ford Investors, Inc.
An investment trust of the semi-fixed type to be known as Ford Investors,
40th
Inc., has been organized by the Conservative Security Corp., 110 West pref.
A
St., N. Y. City. With an authorized capitalization of 75,000 class operate
common shares, all of no par value, the trust will
and 25,000 class B
for a period of not less than three years nor more than ten years. Commercial Trust Co. of New Jersey will act as a custodian and depositary;
International Trust Co. of Now York,registrar; and the Corporation Trust
Co., transfer agent.
available for
A provision of the by-laws requires that 50% of the funds
to
Investment shall be in shares of Ford Motor, Ltd., of England, thebe held
followthroughout the life of the trust; and the remaining 50% in stock of
ing;
United States Steel Corp.
Tel & Tel. Co.
American
General Electric Co.
National Biscuit Co.
Standard Oil Co.of New Jersey.
F. W.Woolworth Co.
of New York. New York Central RR Co.
Consolidated Gas Co.
Borden & Co.
E.I. duPont de Nemours & Co.
above, a subIn the event of the omission of the dividend by any of thethe New York
listed
stitution may be made by the selection of a security ratingon "A"or better.
of
which shall have a Moody
Stock or Curb Exchanges
J. Gay Seabourne, President of Conservative Credit System, Inc., is
Secretary and
President; Alfred Canova, Vice-President; Peter Caruso,
Sol Blackman, Treasurer.
-Acquisition, &c.
Foster Wheeler Corp.
Group Insurance Plan Extended to 19,235 Dealers and
Employees.
The General Motors Corp. on March 16 became the first half-billionAlfred P.
dollar policyholder in the history of life insurance, when PresidentInsurance
Sloan Jr. announced an agreement with the Metropolitan Life
to all
Co. under which group life insurance will be made available UnitedGeneral
States
Motors automotive dealers and their employees in the
and Canada. Already the largest group policyholder, with $347,471,000
of life insurance in force on the 160,000 employees of its divisions, subsidiaries and affiliates, General Motors, by the inclusion of its car dealers
In the group, will increase the total life insurance cements well past the
8500,000,000 mark.
General Motors dealer group life insurance plan constitutes the largest
insurance transaction to be completed since 1928. Underyits provisions.
19,235 dealers and their employes, a total of approximatel 15(),000 indiof life
viduals, will be eligible for life insurance benefits. The amounts
Insurance that may be applied for are graded according to salary, the
minimum being $2,000.
, a condition
The insurance will be issued without medical examination
employees who
that will permit the insuring of many dealers and their of physical imbecause
would be unable to obtain individual protection
will be but a few
pairment. The amount that the participants will pay
cents a day.
and permanent
Another feature of the insurance contract is the total life insurance
payment of his
disability clause, which provides for theand permanently disabled after
to any participant who becomes totally
payment is made in
being a member of the plan for two years. Such
equal monthly installments.
pointed out that since
In a letter to General Motors dealers Mr. Sloan
Motors Corp. in December
group insurance was established by the Geenral
of 4,380 General
1926, "over $7,000,000 has oeen paid to the beneficiaries
employees."
Motors
necessary for you to contribute co-operatively
"As you will note, it is
"That the employees apprewith your employees," Mr. Sloan added. that at the close of December.
ciate the insurance is evidenced by the fact General Motors were insured
in
1930 99.6% of all employees eligible
under the pian."-V. 132. p. 1812.
-Earnings.
General Realty & Utilities Corp. Year Ended Jan.31'29 to
Dec. 31 '30. Dec. 31 '29.
Period$393,089
$1,358,855
Mortgage loan fees
521,279
1.271,758
(net)
Mortgage loan interest
Net income from real estate oper., incl. adjust. for
372,644
280,760
profits or losses of co's not fully owned
sh. of
749,650
3,078,885
Profit on sale of real estate equities
92,981
Cash dividends and interest on securities
a436,680
securities
Income from marketable
1,668,714
651,894
Interest on call and other loans and on bank bals-
The corporation announces the purchase of the shops, inventorY. Patents
a
and good-will of the D. Connelly Boiler Co. of Cleveland, transaction
integrated
which will broaden the former corporation into a completely plants will
unit in the field of steam generating equipment. The Connelly The trans$6,735,134 $4,142,056
the Foster Wheeler Engineering direction.
be operated under
Total income
236,445
511,023
action does not involve any change in Foster Wheeler capital.
Operating expenses
425,000
700,000
56 years ago, the Connelly organization has ranked among Provision for Federal income tax
Established
675,000
to its credit the construction and installa- Provision for contingencies
prominent boiler builders, having
561,145
tion of the largest single boiler in the United States and also the boiler for Net loss from sale of marketable securities, &c
highest steam pressure in public utility service.
$4,287.965 $3.480,611
Acquisition of this plant enables the Foster Wheeler Corp. to design
Net income
709,729
1,738.650
and fabricate the various parts of complete steam generators, including Preferred dividends
and under a coordinated engineering departthe boiler. in its own plants
other than the
$2,549,315 $2,770,882
ment. The manufacture of steam generator componentsfurnaces. superBalance
$1.19
$1.64
boiler-such as pulverizing fuel equipment, water cooled successfully in Earnings per share on common
-has been carried on
into income at the
heaters, economizers and air heaters
a Stock dividends received and originally taken record dates of such
the corporation's shops for many years.
value immediately following the
now approximate market
As a result of the Connelly plant acquisition Foster Wheeler can con- dividends have, to the extent of $189,640, been applied in reduction of the
design,
assume undivided responsibility on contracts covering the units of any book value of the investments.
installation and operation of complete steaming
struction,
Consolidated Surplus Year 1930.
size and pressure.
82,573,573
Wheeler facilities for
The acquisition of the Connelly plant gives Fosterand other plate work (1) Earned surplus Jan. 1 1930
Reduction of marketable securities owned at Dec. 31 1929 1,314,269
for fractionating towers, tankage
turning out shells
has been obliged
at that date
to market values
used in refining plants, which Products the corporation
In addition to the large
$1,259,304
heretofore to purchase from other companies. States and Canada, Foster
Adjusted balance Jan. 1 1930
volume of oil refining work done in the United
4,287,965
Persia,
India,
Net income year ended Dec. 31 1930
Wheeler has installed its equipment throughout Europe,
-V. 132, p. 2000.
America.
Japan and South
$5,547,269
Total surplus
div. pay. Jan.
-The di-Dividend Rate Decreased.
Dividends on pref. stock, incl. quarterly $6 per share 15 1931 1,738,650
Freeport Texas Co.
at the maximum cash option rate of
139,333
rectors on March 20 declared a quarterly dividend of 75c.
expenses written off
Additional organization
18,078
Miscellaneous adjustments
per share on the common stock, no par value, payable
of stated value of pref. stock purchased for redemp- Cr.703,900
Excess
.
1 to holders of record May 15. The stock previously
price thereof
June
tion over the purchase
the
was on an annual dividend basis of $4 per share,madelast
on
Balance Dec.31 1930 (incl. appropriated surplus of$2,540,000 $4,355,109
distribution at this rate having been
purchased for redemption)
quarterly
being stated value of
$7.000,000
see (2) Capital surplus Jan. 1 pref.stock
1930
Feb. 1 1931. (For complete record of dividends paid
requirements over the cash and stated
Excess of cash thy.
59,749
the "Industrial Number" of the "Railway and Industrial
value of common stock issued in payment thereof
Compendium" of Dec. 12 1930, p. 93.)
President Eugene L. Norton stated that the above action
was taken in order to preserve the strong cash position at a
time when funds are being used for the company's expansion program. The development of a large manganese
deposit in Cuba is being financed out of treasury funds and
work on this property is progressing. Shipments from
Total
value of invest. in stock of
Reduction by board of directors inpart of the original credit
Thompson-Starrett Co., being
to capital surplus in respect thereof
Balance Dec. 31 1930
Total surplus
$7,059,750
1,000,000
36,059,749
$1v,414059
MAR. 211931.]
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31.
1930.
Assets
Cash
2,096,818
Call loans receiv.U.S. Liberty bds_
Accr. int. & dive.
rec. & amts. due
from renting
agts. currently_ 320,714
Adv. on real estate
mortgage loans.23,891,270
Loans rec.,secur_ - 2,750,000
Marketable secur_21,243,486
Invest. in stocks
of allied cos....-. 1,300,000
Real estate invest.20,449,120
Other assets
475,245
Total
1929.
2,578,651
2,000,000
2.020,000
436,489
20,726,084
3,000,000
4,995,616
3,100,000
11,270,888
160.809
52,526,653 50,288,539
1930.
Liabilities
Accts. pay., neer.
exp. and sundry
creditors
497,447
Div. on pref. stk.,
Payable Jan. 15_ 408,396
Res. for Fed. inc.
1,400,000
tax & conting
Notes payable.... 4,100,000
Dep. on contracts
for sale of nest,
Deferred income:
Fees on mtg.lns. 450,215
44,806
Rents rec.in adv.
6% pref. stock_y27,460,000
Common stock_ _ _z7,750,930
10,414,859
Surplus
Total
1929.
5
416,391
408,859
525,000
1,000,000
1,188.911
33,225
29,420,000
7,722.579
9,573,573
52,526,653 50,288,539
x At market values not in excess of cost. y Represented by 274,600
no par shares. z Represented by 1,550,186 no par shares.
Commenting upon the character of the company's mortgage loan investments, Louis W. Abrons, President, states: "As against mortgage loans
outstanding Dec. 31 1929 of $20,726,084 and further advances made during
1930, there were repayments in 1930 of $23,600,867, reflecting the liquidity
of this type of investment. Total amount outstanding Dec. 31 1930 was
523.891.269. Mortgage loans held by company are on excellently located
properties supervised by us for design, plan and construction. They are
based on conservative appraisals with substantial equity requirements
from all builders."
Company's activities during 1930 summarized by Mr. Abrons in his
report include acquisition of 72;1% controlling interest in Lefcourt Realty
Corp., purchase of part of the Stern Brothers department store site and
various construction activities.
"There were no substantial additions to our investments in land for
improvement or resale in 1930," Mr. Abrons states. "On the other hand,
a few of the plots assembled were sold at substantial profits. Present
plottage has been accumulated in three sections possessing creative opportunities and where enhancement in value seems certain: Contiguous to the
financial district, in the Grand Central Terminal zone and on East End
Ave. at Carl Schurz Park.
"The current year should be regarded as one of opportunities for the
company. We have taken a position of extreme conservatism regarding
new building projects, but we believe the present market should afford
opportunities for the employment of our capital in desirable real estate
acquisitions."
-V. 132. p. 2001.
General Refractories Co. (8c Subs.).
-Earnings.
Calendar Years1928.
1929.
1927.
1930.
Net earns, from oper-_- $2,629,174 $2,937,104 81,862.284 52,140.853
Miscellaneous income__ _
236,669
199.221
86.011
258,054
Total income
$2,887.228 $3,173,772 52.061,506 $2,226,864
Bond disct.& expenses_
83,049
23,279
22,215
Corp., muffle. & inc. tax
166,114
262,682
249,242
334,661
Int.on bd.& float. debt275,849
265,377
13,335
101,684
Deprec.& deplet,reserve
from earnings
232.154
261,581
253,998
314,296
Net income
Dividends
82,136,588 52,553,124 $1,374,581 81.425,560
675,000
671,999
1,425,000 1200,000
Balance, surplus
$711,588 81,353.124
Prey. surplus (adj.)_
3,649.872 2,851,241
Unamort. bond disc.asp.
& rem. written off
p
Dr554,492
Total surplus
Capital stock
Paid-in surplus
$699.581
7,458,180
8753,561
7,139.389
$4.361,460 $3,649,872 $8,157,761 $7,892,950
12,951,695 12.951,695 8,076,695 8,040,038
5,052,058 5.175,510
Value of capital stock
822,365,213 821,777.078 816,234,456 $15,932,988
Dec.31
Shs.cap.stk.out.(no par)
300,000
225,000
300.000
224,349
Earned per share
$8.51
$7.12
56.11
$6.35
-V. 132, p. 1812.
2207
asset value of the capital stock, on the basis established in the annual
report, was on March 13 $15.23 per share,an increase of $2.83 over the asset
value of $12.40 per share as of Dec.311930.
Harry J. Bauer of Los Angeles,director and counsel of Southern California
Edison Co., Ltd., and director of other Pacific Coast corporations, was
elected an additional director and Nion R. Tucker of San Francisco, President of Tucker, Hunter, Dunn & Co., was elected a director in place of
Frank L. Taylor.
The stockholders furthermore voted in favor of reducing the capital by
reducing the amount of capital represented by shares ofstock having no par
value from an amount equal to $27.50 per share to an amount equal to $5
per share, and crediting to surplus account the amount by which capital is
so reduced. Mr. Bache explained that this reduction of capital will in no
way effect the net worth of the corporation but will merely reduce the amount
of stated capital and re-establish a surplus.
-V.132, p. 1043, 1024.
Gorton-Pew Fisheries Co.
-Extra Dividend.
The company has declared an extra dividend of $1 per share in addition to the regular quarterly dividend of 75 cents per share, both payable
March 31 to holders of record March 23. A similare xtra distribution was
made on March 29 1930.-V. 130. p. 2782.
Graham-Paige Motors Corp.(& Subs.).
-Earnings.
1930.
1929.
1928.
1927.
Sales of cars and parts--$27.777.481 864.489.904 $61,464.397 $23,957,702
Cost of sales
27,185,452 59,035.293 55.308.381 21.929,743
Sell., adv.& misc. exp., 2,949.362 4,597,151 4.097.743 3.095.026
Miscell. charges (net)
494,163
259,840
44,204 2,756.224
Depreciation
932,104
762,160
573,981
Sub.co's-loss from oper 1,355,666
1,129,103
384,408
820.060
Calendar Years-
Net loss
Preferred dividends
$4.969.320 $1,463.588pf$1,055,678 $4.643,351
372.005
361.849
377,424
280.227 '
Deficit
85,331.169 $1.835,593surP$678,254 $4.923.578
Surplus Account.
-(1) Capital: Surplus Dec. 31 1929. $12.892.375:
1.160 shares of common stock issued on conversion of preferred stock
with issued value of $10 per share of which $5 per share credited to surplus, $5,800: total. $12,898,175. (2) Appraisal: Surplus as at Dec. 31
1929. $1,253,285; amortization of appreciation. $26,673; appraisal surplus
Dec. 31 1930, $1,226,612: total foregoing (capital and appraisal surplus).
314,124,787. (3) Earned: Deficit, Dec. 31 1929, 85.575,631: deficit for
1930, after pref. dividends (as above), $5,331,169; total operating deficit,
Dec. 31 1930, $10,906.799. Surplus Dec. 31 1930 (net), $3,217,987.
Consolidated Balance Sheet December 31.
1930.
Assets$
Fixed assets
12,906,394
Due from alie0C.co. 593,857
Prepayments
460,008
Investments
92,818
Pref, stock redemp 187,503
Deferred charges- 278,419
Improv. to prop__
56,353
Cash
1,906,085
Government seeur. 1,089,080
Collect. drafts
124,742
Notes receivable... 491,005
Misc. notes & accts.
receivable
118,521
Inventories
5,429,687
Total
1929.
$
13,987,447
546,177
338,368
72,823
110,095
576,452
71,015
2,985,065
3,195,235
289,381
401,310
1930.
1929.
Liabilities6
$
7% pref.stock.... 1,631,200 1.802,700
7% 2nd pref. stock 3,553,700
Corn. stock surp_x11,869,792
2nd pref. dive__ 808,467
2,300,000
Funded debt
Mtge.& land contr 275,000
Minority interest_ 262,086
Notes payable.... 397,209
Accounts payable_ 1,298.299
287,879
Accruals
Sundry accts. pay_ 237,927
Funded debt cum. 325,000
340,287 Amount received
7,343,005
12,149
from employees_
Open, reserves_ _ _ - 485,766
23,734,474 30,256.663
Total
3,565,300
17,206,034
561,535
2,800,000
325,000
527,409
375,472
1,541.946
396,301
395,606
275,000
13.150
471,208
23,734,474 30,256,663
x Represented by 1,728,361 no par shares, of which 88,641,805 represents issued value and $3,217.986 surplus.
-V. 132. p. 1232.
-Decreases Dividend.
Grand Rapids Varnish Corp.
-
The directors have declared a quarterly dividend of 1214 cents per share
on the common stock, payable March 31 to holders of record March 20.
Previously, the company made quarterly distributions of 25 cents per share
on this issue.
-V. 129, p. 1133.
•
(F.& W.) Grand-Silver Stores Inc.(& Subs.).
-Earns.
Including Metropolitan Stores, Ltd. and subsidiary companies.)
Earnings for Year Ended Dec. 31 1930.
$37,828,197
34,760.231
Herbert L. Swanson, formerly associated jointly with R. E. Wilsey and Operating expenses incl. cost of merchandise sold
421,602
C. D. Parker of Boston, has joined the wholesale department of the General Interest on bonds ofsubsidiaries
167,411
Shares Corp., Chicara sponsors for Leaders of Industry Shares. Mr. Provision for income taxes
Depreciation and amortization
729,323
Swanson will cover Illinois. Indiana and Iowa -V.132, p. 502.
-New Distributor.
General Shares Corp.
Sales
-Consolidated Balance
General Steel Castings Corp.
Sheet Dec. 311930.
Assets
Cash
5,498,265
Marketable secure. 7,016,816
Accrued Interest
74.280
Accts. rec. fr. cust. 961,578
Accts. ren from
employees, &a_ _
42,501
Inventories
1,282,054
Eddystone constr.
fund
1,316,947
Sinking fund
71
Loans to employ's
80,037
Granite City Real
Est.& rabic.Inv.
34,252
38,012
Treasury stock...
Land, bldgs., machinery & equipx26,237,184
ment, &c
Patterns, flasks.
5,398,763
dies, &c
2,083,333
Patents
1,352,352
Goodwill purch
Bond disc.& exps..
prepaid insur.,
taxes, organise.
expenses. &c
1,100,576
1929.
4,001.774
6,075,565
45,258
2,989.528
30.583
1,621,474
8,137,609
1930.
Liabliittes$
350,677
Accle payableAccrued items-- 896,960
Dividend payable_
160.000
Provision for Fed.
82,000
income tax
514% 1st mtge.
gold bonds
19,999,800
$6 cum. preferred_ 6,666,667
Common
722,954,075
Surplus
1,506,842
1929.
$
2,104,276
1,102,331
150,000
395,000
20,000,000
6,666,667
22,600,000
1,503,347
102,823
26,677
21,521,371
5,199,035
2,333,333
1,352,352
Netincome ofsubsidiary companies
Preferred dividends of subsidiaries
change may be made at the offices of Lee. Higginson & Co. in New York,
Boston and Chicago.
-V. 132, P. 1813.
Glen Alden Coal Co.
-Divided Dates.
The dividend of $1 per share recently declared on the capital stock is
payable March 20 to holders of record March 10(not March 11 as previously
stated). See also V. 132, p. 2001.
Golden State Milk Products Co.
-Merger Denied.
-
Chairman R. B. Henderson states that there have been no negotiations
for the acquisition of this corporation by the National Dairy Products
-V.131, p.3051.
Corp.
267.500
Balance applicable to F.& W.Grand-Silver Stores, Inc
81,482,129
Interest on F.& W.Grand-Silver Stores, Inc. debenture bonds- _
84,000
Net inc. applic. to F.& W.Grand-Silver Stores,Inc.,corn.stk $1,398,129
-Jan. 1 1930
Balance-earned surplus
5,523,398
Total surplus
Cash dividends on common stock
Stock dividends on common stock
Deferred assets, bond discount and other assets written off
Miscellaneous adjustments (net)
Reserve for contingencies
Reserve for minority interests
Adjustment on account of purchase of Metropolltan Stores,Ltd.
& sub. cos.: Excess of book value over purchase price
($739,503)less def'd & other assets written off($1,152.068)-
$6,921,527
384,049
167,132
1,543,000
136.107
200,000
3.187
412,565
Balance-earned surplus-Dec. 31 1930
84.075,487
Surplus by appreciation of fixed assets (1928)-F.& W. Grand
Properties Corp.
-Balance Dec. 31 1930
1,570.753
Surplus, Doc.31 1930
85,646.239
Earns. per share on 389,631 no par shares
$3.59
Consolidated Balance Sheet Dec. 31 1930.
Assets
Cash
$1,070,631
Life insur.-cash surr. value_
139,873
Inv. In bonds of sub.(at cost)
157.100
276,169
Accounts receivable
(no par).
5,564,817
The income account for the year ended Dec. 31 1930 was published in' Inventory
Prep'd expe. & inventories of
V. 132, p. 2001.
329,531
supplies
Accts. receivable Si advances
Georgia Manganese & Iron Co.
-Reorganization.
-due subsequent to 1931._
195,825
See Brunswick Terminal & Railway Securities Co. above.
-V. 131, p. Common stock of co.(at cost)
361.399
2072.
Furniture, fixtures & improvea10,978,663
b2,697,167
Leaseholds
Gillette Safety Razor Co.
-Definitive Bonds Ready.
c9,970,883
Definitive bonds are now ready in exchange for interim receipts of the Real estate
-year 5% cony, gold debentures, due Oct. 1 1940. The exIssue of 10
1,084,238
52,607,020 54,521,621
Total
Total
62,607,020 54,521,621
x After depreciation of $2,447,969. y Represented by 452.000 shares
81.749,629
LiabItUtesAccounts payable-trade---- $719,633
Int.comm.,&c,accts. payable
498,058
Mtge. & sinking fund instalments payable in 1931
97,250
Reserve for Federal & Canadian income taxes
167,411
Deferred liabilities due subsequent to 1931
117,559
Real estate liabilities
x9,277,000
10
-year6% debentures
y8,000,000
Reserve for contingencies....
200,000
Reserve for minority interest_
4,793
Preferred stock of sub. cos.:
Cumul. cony. 6
pref.
stock of F. & W. Grand
5-10-25 Cent Stores, Inc. 2,500,000
Cumul. cony. 7% pref,
stock of Isaac Silver &
Brothers Co., Inc
1,500,000
Cumul. 6% pref, stock of
306 Walnut Street Corp.
(Par value $100) 525 she_
52,500
Corn,stock of F.& W.Grandliver Stores,Inc
d2,962,615
Surplus
5,646,239
Total
Total
$31,743,060
$31,743,060
a After reserve for depreciation of $2,081,425. b After reserve for
amortization of $207,342. c After depreciation of buildings amounting to
8209.415. d Represented by 389,631 no par shares. a First
In addresssing the annual meeting of the stockholders held March 18 at sinking fund gold bonds of Metropolitan Chain Properties, Ltd.,mtge. 6%
due 1948,
,
the offices of the corporation, Walter E. Sachs. President, stated that the 83.000.000: 1st mtge. 6% sinking fund gold bonds of Metropolitan Corp.
Goldman Sachs Trading Corp.
-Asset Value Increases
-New Director-Reduction in Stated Capital Approved.-
2208
of Canada. Ltd., due 1947. 31,267,500; 6% cony, sinking fund gold des
.0entures ofF.& W.Grand Properties Corp.,due 1948,$3,000,000; mortgage
payable, $2,009,500. y Metropolitan Stores, Ltd., $2,000,000; F. & W.
Grand-Silver Stores, Inc.. 26.000,000.-V. 132, p. 1814.
-Annual Report.
Gulf Oil Corp. of Penn.
w.L. Mellon, President,in his remarks to the stockholders, says in part:
comprise the
-The net earnings, amounting to $10,625,252
Earnings.
direct earnings of this corporation and its fully owned subsidiary companies. together with the net earnings of the Union Gulf Corp. and its
underlying companies, which by formal agreements executed accrue to
this corporation. This amount of net earnings is after deducting all costs
and expenses. including: substantial decline in value of oil inventories;
equipall drilling costs; depletion and depreciation of properties, plant andand all
ment; bad debts; local, state and Federal taxes paid or accrued;
of every character for which this corporation is obligated.
interest charges
in
-During 1930 the Union Gulf Corp. was organized of
Union Gulf Corp.
Pennsylvania to conduct directly, or through subsidiaries, the business its
of petroleum and
transporting, refining, distributing and marketing
products. This separate corporation was made necessary in order to
sue $60,000.000 coll, trust sinking fund 5% gold bonds. due July 11950.
of the Union Gulf Corp., to provide funds for the acquisition of properties,
stated
improvements, extensions, and for other corporate purposes as Trust,
of
above, without conflicting with the provisions of the indenturesPenna. of
executed in connection with the issue by the Gulf Oil Corp. of 20
-year
-year 5% debenture gold bonds due Dec. 1 1937 and the
the 15
The indentures
5% sinidng fund debenture gold bonds due Feb. 1 1947. the bonds issued
securing these bond issues provide that as long as any of quick assets of
under these indentures are outstanding and unpaid, the
or in
this corporation and its subsidiaries will, at all times, be equal to
includexcess of the total liabilities of this corporation and its subsidiaries, Trust
the bonds issued under said
ing contingent liabilities and including
indentures.
Corporation's
This corporation has Joined in the aforesaid Union Gulf
indenture of trust.
of $100
The capital stock of Union Gulf Corp. consists of 1,C00 shares
remaining
par value each, of which this corporation owns 45% and the an agreeunder
55% is owned by certain stockholders of this corporation,Corp. bonds are
ment whereby they will not, while any of the Union Gulf
to this corp.
outstanding, sell or dispose of any part of such stock, excepton its capital
Union Gulf Corp. has agreed that no dividends will be paid
are outstanding and that, at any time on or
stock while any of its bonds
sell all its
before June 30 1950. upon request of this corporation, it will the Union
of
assets to this corporation at a price which will pay the debts investment.
5% per annum on their
Gulf Corp. and net its stockholders
the Union
In view of these agreements and purchase obligations with
with
Gulf Corp., it is clear that its corporate affairs are closely affiliated
those of this corporation.
-Corporation's production (including royalty interests) of
Production.
Arkansas,
crude oil, principally in Kansas, Oklahoma, Texas, New Mexico, barrels,
75,844.031
Louisiana, California, Venezuela and Mexico, was portion accruing to
being a daily average of 207,792 barrels. The net
being
this corporation, exclusive of all royalties, was 64,163,653 barrels,
therefore,
a daily average of 175,790 barrels. Notwithstanding the fact, preceding
corporation had a larger potential production than the
that the
year, the actual production showed a decrease under the preceding year
out the
of 15,914.903 barrels. This decrease was wholly due to carrying a direct
general policy of conservation and proration, and necessarily had
and detrimental effect upon net earnings.
less
-The value of all products sold during 1930 was substantially to
Sales.
due
than the previous year. 'fhe decrease in cash realized is largely
Although
the extremely low prices obtained for gasoline and kerosene. the value
the company increased its volume of gasoline and kerosene sales,
more than
of these sales, after deducting gasoline taxes paid, declined
$17.000,000, as compared with prices realized the previous year.operating
the year this corporation and its
-During
Plant Investment.
investments in
companies, including Union Gulf Corp., made additional principal items
properties, plant and equipment of $82,560,956. The
pipe line department.
comprise: production department, $16,115.497;
1930 for a
$13,493,964, which includes the expenditures made during line system
new pipe line system connecting with the Gulf's present pipe Missouri,
Oklahoma,
near Tulsa. Oklahoma, and extending East through
Pipe Line
Illinois, Indiana and Ohio, to a connection with the Buckeye of crude
System at its Adgate Station, Lima, Ohio, to handle deliveries
Toledo and Cincinnati,
oil to refineries constructed or under construction at three new refineries,
Ohio, and Pittsburgh, Pa.; expenditures for these
refineries at
together with important additions and Improvements to the
bulk
Port Arthur, Philadelphia and New York aggregate $27,767,150; inand other equipment, $22,220,195, which
and retail service stations;
equipment
cludes 344 useful bulk and service stations and other marketing
Refining Co.;
located in Ohio and Michigan, purchased from the Paragonaccount of the
expenditures during the year, amounting to $2359,216, on
in May
construction of the Gulf Building in Pittsburgh, to be completed
1932; and general items amounting to 3804,934. Texas Gulf Sulphur Co.
-During the past year the
Sulphur Interests.
Dome and
produced, from the Gulf Production Co.'s properties at Boling
which will be
Long Point, Texas, more than 1,000,000 tons of sulphur, under which
applicable to the contracts for the extraction of this sulphur, during the
received
we receive a 50% participation. No actual cash was
the net proyear under this contractual relationship, for the reason that the terms of
derived from the sale of sulphur were applied, under for its initial
ceeds
the Texas Gulf Sulphur Co.
the contracts, to reimbursing
interests of conoutlay. These contracts now represent vested sulphur in the future a
derive
siderable value, from which this corporation should
substantial cash income.
Consolidated Income Account for Calendar Years,
1927.
1928.
1929.
1930.
$
Calendar Years257.199,650 272,413,239 260,335,906 246,315.848
revenue
Operating
139,640,552 146.505,337 155,593.979
153,745,916
Operating expenses
90,721,869
Operating profits____103,453,734 132,772,687 113,830,569 2,540,917
5,236,354 4.116,525 2,855,354
Other income
108,690,088 136,889,212 116.685,923 93,262,786
Total
36.299,315 44,066,149 39,765.728 40,954,471
Depletion & deprec'n
30.447,599 30.135,862 25,585,420 20.808.125
Taxes
3,825.357
3,696,789 3,567,139
5,358,468
Interest, &c
Decline in value of oil
17.149,986
investment
8,785,387 14,465,616 11,420,026 13,957,615
Intang. develop. costs
9.590
22,468
35.109
24,082
Prof. appl. to minor. int.
10,625,252 44,489,686 36,325,140 13,707,627
Net profit
6,772,847 6,703,125 6,637.985
Dividends(6% P. a.).__ 6,787,906
7,069,642
3,837,346 37,716.839 29.622,015
surplus
Balance,
Shares of capital stock
4,450,116
4,504,921
4.525.221
outstanding (par 325) 4,525,221
$3.08
$8.06
$9.83
$2.35
Earns, per sh.on cap.stk.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
$
Liabilities$
$
Asset,
Capital stock_ _ _113,130,525 113,130.525
Prop., plant &
debt-125,004,000 65,414.000
equipment_ - -587.751,204 526,395,709 Funded payable_ 17,169,961 18,213.050
16,433,555 16,231,257 Accts.
Cash
808,500
810,460
payable...
Perm. Invest.- 25,110,968 16,192,975 Notes liabilities. 1,914,982 2,488,769
Accr.
sec- 11,321,922
Marketable
& dePr.n.272,852,770 255.876.787
717,390 Depl'n
Other sec.ream. 7,642.328
953,056 3.233,043 Fed.tax.,&c.,res. 2,183.536 8,645,635
Notes receivable
498,369
334,607
credits
Accts.receivable 20,035,340 18,440,602 Deferred In subs
67.861
162,848
Inventory-011. 65,029,844 82,179.830 Min. int.
227,122,216 223,580,874
& suppl. 11,761,781 11,044,383 Surplus
Marls
Employees loans
see, by stock. 7.570,650 7,411,177
Prep.& detchge. 7,965,252 4,876.006
761,575,900 888,722,371
Total
761,575,906 686,722,371
Total
New President, &c.
W. L. Mellon,
J. Frank Drake has been elected President,succeeding formerly Vicemade Chairman of the board. F. A. Leovy,
who has been
-V. 132, p. 320.
President, has been elected Vice-Chairman.
[VOL. 132.
FINANCIAL CHRONICLE
-Smaller
Great Lakes Steamship Co., Inc. (Del.).
Dividend.
The directors have declared a quarterly dividend of $1 per share on
the common stock, no par value, payable April 1 to holders of record
March 20. From Jan. 1927 to and incl. Jan. 1931. the company paid
-V. 125. p. 3490.
quarterly dividends of $1.25 per share.
-Listing of Addl Common Stock.
Grigsby-Grunow Co.
The New York Stock Exchange has authorized the listing of 375,000 additional shares of common stock (no par value) on official notice of issuance
in connection with the acquisition of assets and assumption of liabilities of
Majestic Household Utilities Corp.,and 600,000 additional shares on official
notice of issuance in connection with the conversion privilege to attach
to a proposed issue of $5,000,000
1st mtge. sink, fund gold bonds,
making the total amount applied for 2,972.897 shares.
-For income statement for 6 months ended Nov. 30 1930 see
Earnings.
'Earnings Department" on a preceding page.
Ruling on Rights.
-
The Committee on Securities of the New York Stock Exchange on
Mar. 5 ruled that the common stock be not quoted ex rights on Mar. 11
and not until further notice.
Rights to subscribe expire Mar. 31 1931 and trading therein on the
Exchange will cease at the close of business on Mar. 30 1931.
Operations Increased.
To accommodate the influx of orders for the new Series 60 radios, the
Production schedule at the company's plant, it was announced by Don M.
Compton, Vice-President and General Manager, has been stepped up tomore than 3,800 seta a day. Majestic dealers throughout the country
have filed orders for the new models to handle the demand stimulated by
the widespread advertising, Mr. Compton stated.
March shipments of radios and tubes by the Grigsby-Grunow Co. are
running considerably in excess of February volume, it is learned from
Don M. Compton, Vice-President and General Manager. Radio and tube
shipments in the first 15 days of March amounted to 31,600,000. whereas
shipments over the entire month of February totaled $2,600,000.-V. 132.
p. 2002.
-Earnings.
Gulf States Steel Co.
Calendar YearsGrose income
Operating expenses
Federal taxes
Interest
Amortization
Depreciation
1928.
1927.
1929.
1930.
28,296,053 811,164,950 89,494,022 $9,636,535
8,842,448 7,766.457 8,176,177
8,185.954
128,753
183,723
122.643
212.160
116,043
207,990
282,904
9,159
20,487
18,017
42,528
450,000
600,000
450,000
600,000
Net income
def$815,335 $1,310,301
140,000
Preferred dividends_ __
140,000
705,196
395.000
Common dividends
$924,745
140,000
125,000
$465.105
2659,745
Surplus
loss$1,350,335
Shs.com.stock outstand197 500
x125,000
ing (no par)
197,500
$5.93
$6.28
Nil
Earnings per share
x Par $100.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
LiaMinies$
Assets$
$
.
Works & prop_ _ _25,979,378 20,240,106 7% 1st pref.stock_ 2,000,000
555.491 Common stock-3'16.850,000
Cash •
544,151
Call loans
3,500,000 54% debentures- 5,562,500
Notes payable.- 1,600,000
Gulf States Steel
96,476 Accounts Payable- 1,134,117
Co. debs
307,400 Wages,taxes & int. 133,185
U.S. Govt.securs
Accts.receivable__ 1,002,105 1,045,772 Res.for replacem'ts
and sundries.... 280,153
107,329
Notes receivable__ 110,333
4,174,965 4,199,124 Contingencies__ 249,864
Inventories
112,659 Federal taxes
97,798
Investments
62,500 Surplus & undivid93,500
Sinking fund
4,542,088
ed profits
230,169
Prepd. Ins. & taxes 349,673
$756,403
140,000
312,500
$303,903
'x125.000
84.93
1929.
$
2,000,000
16,850,000
3,750,000
952,801
132,103
484,635
211,370
183,723
6,892,391
32,351,905 30.457.037
Total
32,351,905 30,457,027
Total
-V. 132, p. 861.
x Represented by 197,500 no par shares.
-Defers Dividend.Hatfield-Campbell Creek Coal Co.
The directors have voted to defer the quarterly dividend of 2% due
April 1 on the 8% pref. stock. The last regular quarterly distribution at
this rate was made on Jan. 2 1931.-V. 132, p. 1427.
(R.) Hoe & Co., Inc.(& Subs.).-Earnin s.Calendar Years
Total income
Interest
Depreciation
Income taxes
1929.
1930.
$970,229 $1,430,331
437,968
465.338
292,778
274,412
90.106
115,151
1927.
1928.
$557,689
8628,644
379,397 ' 393,253
243,130
270,741
59,367
57,787
8609,479 def$79,281 def$138,062
8115,326
Net profit
Shares of class A stock
96,000
80,000
96,000
96,000
outstanding(no par)-Earnings per share on
Nil
Nil
$1.20
$6.34
class A stock
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
6
,
Liabilities$
$
Assets
x3,072,000 3,072,000
Capital stock
Real estate, plant,
3,287,000 3,590,000
equipment, &c.y6,060,932 5,908,081 Gold bonds
544,694
1
1 Acc'ts payable.... 213,192
Patents
381,479 Notes payable.- 2,300,000 2,340,000
242,299
Cash
802,107
4,669 Accrued expenses_ 252.220
4,669
secur_
Marketable
100,000
Acc'ts & notes rec. 3,703,815 4,203,729 Sink, fund bond.. 186.000
582,000
2,803,404 2,945,264 Pur. money mtgs. 559,000
Inventories
90,728
110,000 Conting. res., &c_
Mtge. receivable..
800,000
155,996 Notes due 1934- 800.000
Deferred charges... 193,104
Paid-in surplus... 1,411,307 1,411,307
Earned surplus._ 927,505
878.383
13,008,224 13,709,219 Total
Total13.008,224 13,709,219
x Represented by 96,000 no par shares of class A stock and 160,000 no
par common shares. y After depreciation. of $2,657,761.-V. 131, p.4061.
-Smaller Dividend.
Hoover Steel Ball Co.
The directors have declared a quarterly dividend of 15 cents per share on
the capital stock, Par $10, payable Apr. 1 to holders of record Mar. 27.
Previously, the company made quarterly distributions of 30 cents per share
on this issue.
-V. 132, p• 2003.
-Smaller Dividend.
Howe Sound Co.
The directors have _placed the common stock on a $3 annual dividend
basis, compared with $4 previously paid, by the declaration of a quarterly
of 75 cents a share, payable Apr. 15 to holders of record Mar. 31. The
15 5 .- . 132, p
30 v
company had maintained the $4 annual rate since Oct. 19 1926 when the
rate was increased from $3 to $4. In addition, an extra dividend of 50
ea
1en8 a62
c62 s 8 share wa paid on July 15 1929 and on Jan.
t,
-Sales Increase.
Hudson Motor Car Co.
Hudson and Essex car sales for the week ended March 7 showed an increase of 17.5% over the previous week, according to W. J. McAneeny,
President and General Manager.
"Our sales started to pick up in the second week of February and the rise
over the next month has amounted to more than 20%, with the week of
March 7 showing the greatest gain, sales actually outrunning production by
more than 200 cars. This week represented a 47% gain over the same week
of the previous month.
-V. 132, p. 1428.
-Earnings.
Illinois Pacific Coast Co.
Ivor income statement for six months ended Nov. 30 1930 see "Earnings
-V. 131. p. 3716.
Department" on a preceding page.
-Smaller Dividend.
Indiana Pipe Line Co.
The directors have declared a dividend of 25 cents per share, payable
May 16 to holders of record April 24. In the preceding quarter the com_
MAIL 21 1931.]
2209
FINANCIAL CHRONICLE
pany paid the regular quarterly dividend of 50 cents per share, omitting
the usual extra dividend of 25 cents which had been paid previously-V. 132, p. 1428.
-Cash Dividend No. 2.
Industrial Rayon Corp.
The directors have declared a second quarterly cash dividend of $1 Per
share, payable April 1 to holders of record March 23. On Jan. 1 last an
initial quarterly cash disbursement of $1 per share was made, while on
Feb. 1 1930 the company paid 5% in stock.
-Hiram S. Rivitz, President, in his report to stockAnnual Report.
holders says:
hoThe Tubize Chat!lion Corp. has filed suit against the company for
Infringement on their patents. We quote here verbatim the written
opinion of our patent attorneys, Brockett, Hyde, Higley & Meyer, of
Cleveland, on this matter, to a very large mercantile establishment which
Is now selling garments made of Spun-Lo yarn:
"The Industrial Rayon Corp. has asked us to give an opinion regarding
the question of the alleged infringement by them, in the manufacture of
their new Spun-Lo product, of any existing unexpired patents and particularly those of the Tubize Chatil.on Corp., to Gardner. No. 1,692.372
and Singmaster, No. 1,725,742, alleged to be controlled by the said Tubize
Chatillon Corp.
"Before entering upon the manufacture and sale of this new Spun-Lo
yarn. the Industrial Rayon Corp. instructed us to investigate fully the
entire patent situation with a view of determining whether any valid
claims of any unexpired patent to others would be infringed by this Spun-Lo
product. As a result of this investigation we rendered an opinion to the
Industrial Rayon Corp. to the effect that this Spun-Lo product infringed
no claim of any unexpired patent and specifically did not infringe any
valid claim of the Gardner and Singmaster patents, above mentioned.
"In addition to the foregoing, we also found that the various phases
accompanying the production of this new Spun-Lo yarn prossessed novelty
and they form the subsject matter of pending applications, which we
believe are new and patentable.
"The foregoing as to infringement was carefully reviewed by John B.
Macauley,of the firm of Rector. Ilibben, Davis and Macauley,of Chicago.
and his opinion was in accordance with our own.
In addition to the foregoing, the firm of Telles, Hogsett and Ginn,
general counsel for Industrial Rayon Corp., familiar with patent matters
generally and particularly matters of this kind, reviewed the above spedfied conclusions of Mr. Macauley and our firm and concluded, that in
their opinion, such findings were well taken."
Income Account for Calendar Years.
1929.
1928.
1930.
1927.
Profit from operations__ $2,561,377 $2,044,644 $2,254,962 $1,413,076
Reserve for depredation
342,673
354,946
771,688
299,690
Interest charges
35,090
26,870
23,324
73,617
Bond discount
20.598
21,834
20,598
Federal income tax (est.)
203,000
190.500
197,000
132,000
Net profit
$1.547,529 $1,451,730 $1,653,602
$907,769
Prior surplus
3,969,744
4,761,722
1.003,460
269,495
Total surplus
$6.309,251 $5,421,474 $2.657,062 $1,177,264
Miscellaneous credits_ _ _
1,939
4,123
1,377,006
22,140
Miscellaneous deductions
35,440
661.690
64,324
195.944
Dividends payable
192,999
P. & L. surplus
46.081,936 $4.761,723 $3,969,744 $1,003,460
Shares capital stock cap.
outstanding (no par)_
190.068
200,000
178,623
467.479
Earnings Per share
$7.74
$9.25
$7.63
$1.95
x Of which $1.515,824 capital surplus and $4,569,112 earned surplus.
Balance Sheet Dec. 31.
1929.
1930.
1930.
1929.
AssetsI Liabilities$
$
$
$
Cash
143,474 Capital stock___ _x12,000,000 11,995,414
10,860
Accrued interest
6,530 Deb. gold notes- 273,600
312.400
U. B. Govt Secur. 3,279,445 5,066,822 Accounts payable
Notes, accept. &
and accruals_ _ _ 667.680
704,403
acct. receivable_ 688,782
586,508 Dividend payable_ 192,999
Accrued int. reedy
Pray. Fed. taxes__ 197,000
872
190,500
Deposit with bank
Res. for plant alin receivership._
7,315
teradons
21,289
28,768
Treas. stk. (oost)y 2,971,247
Gen. conting. res.
88,406
125,807
Inventorial
1,475,393 1,115,920 Minor Interest....
8,160 • 8,179
Water & insur. dep. 27,326
28,042 Surplus
y6,084,936 4,761,723
Misc. accts. rec. &
39,114
advances
25,351
Fixed assets leas
depreciation.... 7,538,985 7,727,747
Good-will, patent
rights, &o
3,374,000 3,374,000
Deferred chgs.. &c. 120,730
52,800
Total
19,534,070 18,127,194
Total
19,534,070 18,127,194
x Represented by 200,000 shares of no par value. y Of which $1,515.824
paid in surplus. y 55,000 treasury shares were acquired through purchase
In connection with which option was granted the seller to repurchase at
$6.83 per share in excess of the purchase price, on or before June 20 1931.
Of the other shares in treasury. 7,000 shares have been sold
to Doc. 311930, at a price in excess of cost -V. 132, p. 2003.subsequent
To Dec?ease Stated Capital.
The stockholders will vote April 8 on ratifying the proposed reduction
In capital represented by stock of no par value from $12,000,000 to 38,000,000.-V. 132, p. 2003.
Interbanc Investors Inc. Buffalo N. Y.
-Par Value
Changed-Dividend Declared.
-
At a special meeting of the stockholders held on Feb.
value of the capital stock was changed from $10 per share24 1931 the par
share;
the difference, amounting to $5 per share, being thereuponto $5 per to the
credited
surplus account of the corporation.
This adjustment of the capital structure in no sense affects the value of
Interbanc stock, which, by the way, at a conservative appraisal as of
Feb. 28 1931 had a liquidating value of $10.23 per share.
Is. Warrants, therefore, now entitle holders to subscribe for
of the par value of $5 per share on the following basis: $19capital stock
per
or before Dec. 31 1931; $20 per share on or before Dec. 311932.share on
and $21
per share on or before Dec. 31 1933.
A regular quarterly dividend of 10 cents per share has been declared
the new $5 par stocks, payable March 31 to holders of record March on
20.
A similar distribution was made on Dec. 31 last on the old $10
par stock.
-V. 129, P. 2238.
-Year 5%
-Listing of 10
International Match Corp.
Convertible Gold Debentures.
The New York Stock Exchange has authorized the listing of Lee, Higgin-year 5% cony, gold debs..
son & Co. interim receipts for $49,500,000 10
dated Jan. 15 1931, which are issued and outstanding, with authority to
admit to list $50,000,000 definitive engraved debentures on official notice
of issuance as follows: $49,500,000 in exchange for outstanding interim
receipts and $500,000 in exchange for $500,000 outstanding temporary
debentures not held by Lee. Higginson & Co.
Income Account for Calendar Years (Parent Company.)
1927.
1928.
1929.
1930.
Int.earned, net,on advs.
on constit. cos., bank
$2,444,189 $5,347,389 36,413,513 $5,810,640
accounts,&c
2,889,376
4,745,274
Int.earned on invests- 4,147,808
5.220,000
Divs, rec, from constit.
87,609
112.245
500,753
1.543.646
companies
1.027,030
903,417
660,887
620,000
Sundry profits
Profit on red. of French
5,000,000
Govt. bonds
Totalincome
$13,755,643 $12,729,030 $12,174,450 $9,814,656
Int. on 20-yr. 5% gold
2,460,920
319,444
2,488.777
2,430,350
debentures
Amort. of disc, on above
158.684
132,938
18,750
112.500
debentures
189.389
135.529
200,640
283.579
General expenses
1,050,816
1,160,000
1,320,000
1,280,000
Federal income tax
$9,588,775 $8,869,211 $8,212,533 $8,060,933
Net income
Burp. at begin. of period 15,771,385 14,941,740 14.252,375 12,913.818
Total surplus
$25,360,161 $23.810,951 $22.464,908 620,974,751
Deduct: Divs. on partic.
4.590,000
4,320,000
5.400,000
4,320,000
pref.stock
3,403,366 3,203,168
Common dividend... 4,000,000
2,402,376
Cost of 990 com, shares
acq. & cancelled, less
amt. applic. to cap.
46.200
stoc& thereby reducedSurp.at end of period -315,960,161 $15,771,386 $14,941,741 $14,252,375
Balance Sheet Dec. 31 (Parent Company).
1929,
1930.
1929.
1930.
LiabilitiesAssets$
$
i
$
Cash on deposit.
431,431 Pre/, stock diva.
161,679
Call loans, sec'd
1,350.000 1,350,000
payable
1,002,343
Adv. to coast. &
Com.divs.pay. 1,000,000 1,000.990
affil. cos
1,133
177,063
56,667,189 44,359,038 Accts. PayableInv. in constit.
Accr. int. on
cos
407,075
debentures-402,008
35,104,028 31,957,211
Adv. In inv. in
Res. for Fed.tax 1,395,230 1,166,338
match concea_ 17,538,750 18,680,000 5% debentures- 48,241,000 48,849,000
French Rep.5%
Pardo. pref.stk.
bonds
47,479,167 (Par $35)..._ 47,250,000 47.250,000
Germ.Reich 6%
Corn, stook (no
esti bonds... 28,725,000
par value)_ _ _x30.000,000 80,000,000
Inv. in Turkish
Surplus, earned_ 6,012,714 5,863,939
Govt. 654%
Surplus, paid in. 9,907,446 9.907.446
drafts
4,130,000
Sund. accts. &
advances
102,121
1,445,732
Cash with sk.fd.
473
26
agent
1,960,066
Deferred charges 1,827,128
Total
145.599.532 145,971,852
Total
145,599,532 145,971,852
x 1,450,000 sits. no par value.
-V 132. p. 1429. 503.
-Production.
International Petroleum Co., Ltd.
The company in January produced 2,436.141 barrels of crude oil, a daily
average of 78,585 barrels, in Colombia and Peru. Of this amount the company produced 25,111 barrels daily in Peru and 53,474 barrels daily in
Colombia. In December the company produced 2,459.227 barrels of crude
oil In these fields, a daily average of 79,329 barrels, while in January 1930.
Its production totaled 2,625,443 barrels, a daily average of 84.691 barrels.
Crude oil output by the company averaged 16.641 barrels daily in Peru
during February and in Colombia it averaged 53.908 barrels dally.
-V.132.
p„
..1.429. 1628.
Investment Bond & Share Corp.
-Defers Dividend.
The directors have voted to defer the quarterly dividend of 1;4% due
April 1 on the 6% cum, pref. stock, par $100. The last regular distribution at this rate was made on Jan. 2 1931.-V. 124. p. 3219.
Investors' Syndicate.
-Loans Increase.
Investors Syndicate reports loans made In the year ended Feb. 28 1931
of $7,393,242, compared with 37.386,086 for the year ended Jan. 21 1931.
Loans funded in February averaged $4.227, and compare with $4,341 in
January and 34.291 in the year ended Feb. 28. Loans funded in the
first two months of this year amounted to 31.187.021, and averaged
54,285.-V. 132, p. 2003.
Iron Fireman Mfg. Co.
-Earnings.
Calendar YearsGross profit
Depreciation
Special replacement of gear cases..
Reorganization expense
Provision for Federal income tax_ _ _
1930.
3560,405
66,345
54,000
83,000
1928.
2675,015
39,507
25,993
20,312
70,785
Net profit for year
Previous surplus
$440.060
612.260
$770,946
291.314
$518,418
510.933
1929.
$894.374
40,428
Total surplus
$1,052,320 $1,062,260 81.029,351
Dividends paid (cash)
196,097
250,000
102,500
Stock dividend
635,537
Transferred to capital stock account_
200,000
N. Y. territory sales, allow. & adjus_
82.864
Patents, trade marks,&c., writ. down
20.153
Surplus Dec. 31
5753.205
3612.260
S291,314
Earnings per share on 200,000 shares
capital stock (no par)
$2.20
$3.85
$2.59
=
Balance Sheet December 31.
Interlake Steamship Co.
-Dividend Decreased.
Assets 1930.
1930.
1929.
1929.
The directors have declared a quarterly dividend of 59 cents
Cash
Accounts payable_
$80,127
the common stock, payable Apr. 1 to holders of record Mar. 20. per share on Marketable sccurs. 2122,602 2401,587 Accrued taxes,com- $77,661
403,863
This
the stock on an annual basis of $2 per share, compared with $4 perplaces Customers' accts. 303.049
missions & wages
30,697
24,419
share
per annum previously paid.
-V. 130, p. 4617.
receivable
193,066 Mtge.insta,11. pay.
2.51,378
30,000
Misc, accts. rec...
.54.359 First mtge. 6%
43,006
International Carriers, Ltd.
-12 2e. Dividend.
Inventories
note payable
351,248
30.008
283,377
The directors have declared a cash dividend of 12h cents a
Investments
48,094 Provision for Fedcapital stock, payable Apr. 2 to holders of record Mar. 27. Ashare on the Land, buildings, 129,177
eral income tax_
54,000
83,000
distribution
of 25 cents a share was made on July 1 1930 and on Jan. 2 1931.
mac'y & equIp.. 498.043
233,653 Dividend declared
100,000
The net asset value per share of the stock equaled $15.87 as of
Cap. stk. (200,000
March 16, Jigs. tools, dies &
shares at that time selling on the New York Stock Exchange at
patterns
no par shares)_ _ 1,000,006 1,000,000
52,056
approxi- Pats., trade marks 128,967
mately 11 X.
Earned surplus _ _ _ 753.206
612,260
40,415
and copyrights_
1
Meeting Adjourned.
Deferred charges.. 144,599
139.427
The special stockholders' meeting called for March 10 last has
journed until April 3 because of the lack of a quorum. See V. 132.been adTotal
$1,974,963 $1,899,807
$1,974,963 51,899,807 Total
p. 1429.
-V. 132, p. 666.
International Harvester Co.
-New President.
At the meeting of the directors held this week Alexander Legge was
Katz Drug Co.
-Net Sales Increase.
elected President after an absence of more than 20 months, during
which
Increase. 1931-2 Mos.-1930.
1931-February-1930.
Increase.
he served as Chairman of the Federal Farm Board. This action
followed $572,081
$139.667 I 31,200.326
$432,414
3885,104
3315,222
acceptance of the resignation as President of Herbert F. Perkins. who has
For the 12
served as the company's chief officer since Mr. Legge's resignation. Mr. were opened, months ended Dec. 31 1930. during which three new stores
Perkins at the same time announced his retirement from official connection amounting to total sales of the company were the largest in its history,
$6,688,891,
with the company's management. Be will, however, remain as a member January of this year were an increase of 21.10% over 1929. Sales during
38.78% larger than for January 1930.-V. 131,
of the board of directors.
-V. 132, p. 1606.
P• 798.
2210
FINANCIAL CHRONICLE
Kaufmann Department Stores, Inc.
-Smaller Div.
-
The directors have declared a quarterly dividend of 25 cents per share
on the common stock, par $12.50, payable April 28 to hoiders of record
April 10. From Nov. 1 1928 to and including Jan. 28 1931, quarterly
dividends at the rate of $1.50 per share per annum were paid on this issue.
-V. 132, p. 2003.
(Spencer) Kellogg & Sons.
-Earnings.
-
For income statement for 12 weeks ended Feb. 14 1931 see "Earnings
Department" on a preceding page.
-V. 131, p. 4223.
Kelly-Springfield Tire Co.
-New President, &c.-'
[Vol.. 132.
McCrory Stores Corp.
-Sales Increase.
-
Sales for March are running ahead of March 1930 and the first quarter
is expected to show an increase of around $300,000 over the same quarter
last year, it was reported from sources close to the company. The
early Easter season has been a big factor in materially increasing sales this
month and the volume during the first half of March is reported heavy in
view of general conditions.
Both January and February sales this year exceeded the same months
last year. The 1930 March sales were $3,356,449 and the March sales
this year will have to reach only $3,109,368 to make this quarter equal the
first 1930 quarter.
-V. 132, p. 2005.
W. H. Lally has been elected President, succeeding Samuel Woolner
Jr., resigned. M. B. Muxen has been elected Chairman of board and
J. E. Newman as Chairman of the executive committee. Louis Mueller
has been elected 1st Vice-President.
The following additional members have been elected to the executive
committee: Frank Wilbur Main, W. M. Flock, J. K. Newman, John
Hancock, M. B. Muxen,
r131xTuriw dirlictors were elected to the board-Cif directors at the annual
meeting of the stockholders held on March 10.
The new directors are: W.M.Flook,President of the American Brown
Boveri Electric Corp.), Byron E. Hepler (Vice-President of the Hope
Engineering Co.), Frank
Main (of Main & Co.), M. B. Muxen (President of Tokhelm Oil Tank 8t Pump Co.), J. K. Newman (President of
W*
Newman, Saunders & Co.), J. S. Patterson (President of the Enamel
Metals Co.)
Directors who were re-elected are: John Hancock of Lehman Brothers;
Stephen Peabody; Arthur Sachs of Goldman, Sachs & Co.; and Theodore
G. Smith, Vice-President of the Central Hanover Bank & Trust Co.
It is believed no capital reorganization is contemplated for the company
at the present time.
-V. 132, P. 1612.
(R. H.) Macy & Co. Inc.
-Larger Cash Dividend.
-The
directors on March 18 declared a quarterly cash dividend of
75 cents per share on the common stock, no par value, payable May 15 to holders of record April 24. Regular quarterly
cash dividends of 50 cents per share were paid from Nov. 15
1928 to and incl. Feb. 16 1931, and in addition an extra of
$1 per share was made on July 2 1930 and on July 1 1929.
The company also made a distribution of 5% in stock on the
common shares in Feb. 1928, 1929, 1930 and 1931.
An announcement stated that the increase in the rate was
made with the intention of maintaining annual cash dividends of $3 a share.
-V. 132, p. 1046; 4. 131, p. 3379;
V. 130, p. 3727.
Madison Square Garden Corp.
-Earnings.
-
Balance,surplus
$1,160,246 $1,427,381 $1,078,385
$860,479
Shares of common stock
698,996
698,996
outstanding
748,996
481,250
$10,04
$8.92
Earned per share
$9.52
$6.22
x After giving effect to the following transactions not then consummated.
(a) the issuance of 217,746 shares if capital stock of Lambert Co.. of which
127,090 shares, offered to stockholders of record Jan. 21 1929, were sold
for cash and (6) the liquidation (with cash and 90,656 shares of the aforementioned issue)' of liabilities incurred in the acquisition on Dec. 17 1928
of 211,875 shares of capital stock of Lambert Pharmacal Co.
Consolidated !Balance Sheet Dec. 31 (Lambert Co. & Subs.)
Liabilities1929.
1929.
1930.
Assets1930.
Stock of Lambert
Land, buildings,
mach., &c____a$1,256,188 $605,410 Pharmical Co_b $182,833 $130,626
5,472,613 3,778,541 x Lambert Co. cap.
Cash
672,893 stock
c1,664,924 1,553,924
Accts. rec'vable_ _ 753,195
376,921 Accts. payable_ _ _ 479,911
Lambert Co. stk d 267,651
534,568
972,802 Res. for estIm.
1,287,374
Inventories
State & Fed.
112,811
Investments
303,753
1,091,442
416,893 tax
884,477
Prepaid & clef. cbgs. 445,470
Reserved for tenting. 10,000
Goodwill & trade1 Def. rental Inc. on
marks
1
lease
79,545
9,664
102,273
27,314
Other assets
Earned surplus_ _ _ 4,797,189 3,692,077
1,417,718
Paid in surplus_
47,993
The directors have declared a quarterly dividend of 75 cents per share
on the common stock and the regular quarterly dividend of $1.50 per share
on the pref. stock, both payable April 1 to holders of record March 25.
Previously the company made regular quarterly distributions of $1.50 per
-V. 129, p. 644.
share on the common stock.
For income statement for three and nine months ended Feb. 28 see
"Earnings Department" on a preceding page.
-V.132, p. 140.
Kendall Co.
-To Reduce Panic. Preferred Stock.
The New York Stock Exchange has received notice from this company
Marmon Motor Car Co.
-New Unit.
of a proposed reduction in the authorized partic. pref. stock, series A,
Incorporation articles have been filed for the Marmon Herrington Co., a
from 40.000 shares to 37.626 shares.
-V. 132, p. 2004.
new subsidiary, which will manufacture multiple drive commercial vehicles
of a highly specialized type. G. M. Williams, President of Marmon, will
-Earnings.
Lambert Co.(& Subs.).
head the new company and F. E. Moscovics will be Chairman. A. W.
1928.
1929.
1927.
Calendar Years1930.
Herrington will be Vice-President and chief engineer,and officials and direcNet earnings
$8,535,695 $8,261,037 $7,422,407 $5,804,492 tors of the parent company will act in corresponding capacities in the sub67,822
133,676
45,937
41,729 sidiary company.
Depreciation
Fed. and State inc. taxes
The new commercial vehicle division will be operated separately from
888,436
991,442
884,477
761,718 Passenger car activities, and truck building operations will begin at once.
(estimated)
Mr. Williams said.
-V. 132. P. 1630.
Net profit for year. $7,410.578 $7,308,738 $6,488,033 35,001,046
Net profit applic. to
-Sale of Plants.
Martel Mills, Inc.
289,389
253,307
278.165
1,639,860
minority interest
The company has sold the Edna Cotton Mill of Reidsville, N. C., which
was shut down last August, to a new concern which plans to resume full
Net profit appllc. to
operations within the next few weeks. Neither the identity of the new
stock of subs, now
ownership nor the purchase price of the property has been announced.
owned by the Lammeans the regular employment of 200 people,
Resumption
$7.132,413 $7,019,349 $6,234,726 $3.361.186 It is stated. of operations
bert Co.stock
-V. 132, p. 1433.
Divs. applic. to stock of
sub-cos. prior to acquis.
Mead Corp.
-1% Stock Dividend and 25c. in Cash.
by the company
1,787.591
363,207
The directors have declared a quarterly dividend of 25 cents per share
in cash and a special dividend of 1% in stock on the common stock, payable
Net profit applicable to
April 15 to holders of record April 1. Like amounts were paid on Jan.
Lambert Co
$7,132,413 $7,019,349 $4,447,135 $2.997,979 15 last on Oct. 15 1930, the company paid a quarterly dividend of 2%
Dividends paid on LamIn stock on this Issue.
-V. 132, p. 323.
bert Co.stock
5,972.166
5,591,968 3,368.750 2,137,500
Total
9.813,581 86,945,938
Total
$9,813,561 $6,945,938
b Represented by 28,250 $1 par
a After depreciation of $854,802
shares (being minority interests). c Represented by 748,996 no-par
shares of common stock. d 2,537 shares (at cost) and employees notes
for subscriptions to capital stock of Lambert Co. (secured).
x On Dec. 31 1930, 125,000 shares of the capital stock of the Lambert
Co. were under option to officers and employees of the corporation and its
subsidiaries at $106.43 and $106.51 per share, subject to adjustment in the
event of the Issuance by the Corporation of Capital stock at less than stated
base prices. Subsequently the directors authorized the amendment of
such options, subject to approval by the stockholders, to reduce the number
of shares under option to 65.000, and the option price to $85 per share subject to adjustment as aforesaid.
-V. 132. p. 1431.
-Smaller Dividend.
Laurens Cotton Mills.
The company on Jan. 1 last paid a semi-annual dividend of $2 per share
on the capital stock to holders of record Dec. 24 1930. Six months ago, a
distribution of $3 per share was made.
Lehigh Coal & Navigation Co.
-Listing of $6,000,000
Consol. Mtge.4M% Sinking Fund Bonds.
The New York Stock Exchange has authorized the listing of $6,000.000
consolidated mortgage 434% sinking fund gold bonds,series V. dated Jan. 1
1930. due Jan. 1.-V. 132. p. 1431, 1236.
-Payment by Burns Brothers
Lehigh Valley Coal Co.
to be Deferred.
Burns Brothers above -V.130. P. 3726.
-Bonus Distribution Action Postponed.
(P.) Lorillard Co.
-Common Div. Reduced.
Medusa Portland Cement Co.
Metro-Goldwyn Pictures Corp.-Pref. Stock Called.
In accordance with a resolution of the board of directors, 3,741 shares
($101,000 par value) of pref. stock have been selected by lot, as of Mar.
13 1931,for redemption on June 15 1931, at $27 per share and dive. Holders
may present certificates at the Manufacturers Trust Co., 139 Broadway.
N.Y. City,for redemption -V.132. p. 1433.
-Smaller Dividend.
Michigan Steel Tube Products Co.
'The directors have declared a quarterly dividend of 20 cents per share
on the common stock, no par value, payable April 1 to holders of record
March 25. The last regular quarterly dividend of 37% cents per share
was paid on this issue on Jan. 2 1931.-V. 130, p. 4254.
-New Preferred
Minneapolis-Honeywell Regulator Co.
Stock Approved-Acquisition-Initial Dividend.-
The stockholders at a deferred meeting held on Feb. 20 authorized
100,000 shares of 6% cumul. pref. stock, par $100, of which approximately 15,000 shares will be used in connection with the Time-O-Stat
Controls Co. acquisition.
The directors have declared an initial quarterly dividend of 1%% on
the pref. stock, payable April 1 to holders of record March 17.-V. 132,
p. 1046, 865.
-Bonds Called.
Minnesota Tribune Co.
All of the outstanding 1st mtge. 63's % s. f. gold bonds, series A. dated
May 1 1922, have been called for payment May 1 next at 104% and int. at
the Minnesota Loan & Trust Co.. Minneapolis, Minn., or at the New York
Trust Co.. N. Y. City, or at the Continental Illinois Bank & Trust Co.,
114, p. 2021.
Chicago,
-Bond Deposits.
Mirasol Apartments, Tampa, Fla.
The holders of first mortgage 7% serial gold bonds secured upon the '
Mirasol Apartments, Davis Islands, Tampa, Fla., are asked to deposit
their bonds with Liberty National Bank & Trust Co., New York. The
committee in an notice to bondholders says:
The situation of this property is such as to call for immediate action on
the part of the bondholders to make sure that their interests will be
adequately protected.
The bonds defaulted in payment of interest due on Feb. 1 1930, about
which time the property was placed in the hands of a receiver. No attempt,
was made to operate it last season and apparently it is to remain unoccupied
for the 1930-1931 season as well. The property was offered for sale on
Jan. 5 last, and we are advised was bid in for the account of the bondholders. Taxes have accumulated in an amount of about $15,000, and
maintenance costs, expenses of the sale, receiver's and trustee's fees, &c.,
will further swell this total by a substantial amount.
The property is excellently situated on Davis Islands in Tampa Bay,
and the bondholders are entitled to know just what are its possibilities for
profitable operation in normal times, and whether any attempt has been
or will be made to lease it to any responsible hotel operator so that it will
bring in some revenue for the bondholders. The problem of how to pay
off the accumulated debts also requires very serious study.
This Committee has been organized with the assurance of the support
of the holders of substantial amounts of the bonds. It is the intention of
the committee to have a study of the entire situation made by a representative. As bondholders it is to your interest to co-operate with the
committee by depositing your bonds with the Liberty National Bank &
Trust Co. in New York, 50 Broadway, New York, which has consented
to af Fes.depositLy for the committee under a deposit agreement dated
as act ab lo i 3
9 ar
The hearing on an injunction restraining this company from proceeding
with the vote on proposed changes in the bonus by-law and change in the
contract price on the shares offered to officers and employees has been postponed until March 30 by agreement between counsel, it was announced on
March 10.
The agreement also provides tnat the adjourned annual meeting wili be
postponed two weeks until May 5 from April 21, the date previously estabBonds should have the Feb. 1 1930 and subsequent coupons attached.
lished by the court.
Action on a temporary injunction restraining the stockholders of the com- As the situation is urgent, immediate co-operation is requested. [Close to
pany from'voting on a bonus plan, which was returnable on March 16, was 40% of the bonds are already deposited with the committee.[
-V. 132,
The members of the committee are: Herbert M. Olney, Chairman
Postponed for one week in Chancery Court, Jersey City, N. J.
(Trust Officer, Liberty National Bank & Trust Co.) New York; A. F.
P. 1431, 2005.
Thomasson (formerly President, Central National Bank & Trust Co.)
-Consolidation.
St. Petersburg, Fla., and John D. Colgan (Investment Counsel) New
(Walter M.) Lowney Co., Mass.
York, who also acts as Secretary.
-V. 125, p. 3207.
see Candy Brands, Inc., above.
-Smaller Dividend.
MacAndrews & Forbes Co.
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, payable April 15 to holders of record March 31.
Previously, the company made quarterly distributions of 65 cents Per
share on this issue.
-V. 131. P• 2217
.
-Omits Dividend.
Mississippi Glass Co.
The directors have voted to defer the quarterly dividend which ordinarily
would have been payable April 1 on the capital stock, par $25. The company made a quarterly payment of 25 cents per share on Oct. 1 1930 and on
Jan. 1 last.
-V. 131. p. 2076.
FINANCIAL CHRONICLE
MAR. 211931.]
Monsanto Chemical Works,Inc.-Bal. Sheet Dec. 31.4SSe15-
1930.
$
777,051
Cash & callloansMarketable securs,
at cost
1,303,780
Customers'notes&
accepts rec
30,229
Customers' accts.
rec., less reserve 970,425
Miscell. accts. rec.
83,524
Due from officers,
stockholders, &c
7,437
Inventories
3,298,231
Miscell. invearts_
86,110
Capital assets_ _ _17,053,172
6'd-will, proc.,&c.
2
Deferred charges__ 303,820
1930.
1929.
Liabilities
$
615,532 Accounts payable_ 628,674
Amt.due for purch.
of new plant_
1,023,381
Accrint.,taxes,&c.
66,118
37,209 Due to vendors of
Rubber Service_
Laboratories Co.
1,199,878
80,038 Dividends payable 131,690
Res. for Fed. taxes 205,246
2,992 Purch.money oblig 314,122
3,873,059 1st M. s. f. 550._ 1,736,500
73,265 Depr.& obsol.res. 5,578,554
17,128,609 Rest for reloc. ex1,447,576
2 ten, &c
299,195 Reserve for loss on
70,254
commit
Res. for containers
in hands of cust's 664,702
Res. for insurance,
conting, &c_ _ 402,574
x7,150,000
Capital stock
Capital surplus.- 3,405,970
Earned surplus_ _ _ 2,141,801
1929.
813,427
97,000
36,022
17,368
124,320
291,205
419,051
1,748,500
5,817,781
2211
New Bradford Oil Co.
-Smaller Dividend.The directors have declared a quarterly dividend of 7 cents per share,
payable April 15 to holders of record March 31. This places the stock on
an annual basis of 28 cents per share. During the previous quarter the
Payment was 10 cents a share, prior to which dividends were 12)i cents
a share quarterly.
-V. 131. p. 4064.
-Stock Dividends.New England Grain Products Co.
The company has declared two stock dividends of 1-100th of a share
each on the common stock, payable in class A preferred stock, in August
of this year and February of 1932 respectively. A distribution of 1% in
-V.132,
class A stock was also made on Feb. 1 last on the common stock.
p. 670.
New Jersey Power & Light Co.
-To Retire Bonds.-
The company proposes to call for redemption on Aug. 1 the next interest
payment date, all of its outstanding 1st mtge. 5% bonds, series due 1956.
1,500,000 -V. 132, p. 1618, 1411.
Newton Steel Co.
-New Financing Proposed.721,991
426,739
6,638,104
3,193,834
2,487,822
23,943,781 24,333,164
Total
Total
23,943,781 24,333,164
x Represented by 429,000 shares (no par).
Our usual comparative income account for the year ended Dec. 31 1930
vies published in V. 132, p. 2007.
Moores
-Coney Corp.
-Smaller Dividend.
The directors have declared a quarterly dividend of 25 cents per share
on the class A common stock, payable April 1 to holders of record March 24.
Previously the company paid regular quarterly dividends of 56 Si cents
per share on this issue.
-V. 128. p. 2475.
Morison Electrical Supply Co., Inc.
-Balance Sheet
Dec. 311930.
Assets
Liabilities
Cash
$325,000
2111,324 Notes payable to banks
Accts, receivable customers__ _ 776,734 Accts. payable-trade creditors 93,384
Accruals 6c sundry receivables_
13,104 Accrued expenses and commisMerchandise inventory
23,996
missions payable
321,873
Furniture and fixtures
5,370
40,181 Subscriptions to capital stock_
Automobiles
70,080
6,327 Reserves
Organization cost
x704,156
-new stores
16,448 Capital stock
Other assets
18,211 Surplus and undivided profits_ 105,058
Prepaid expenses
8,415
Incorp. and recapitalization
organization expense
14,425
Leasehold
1
Good-will
1
Total
$1,327,043
$1,327,043 Total
x Represented by 74,936 full shares and 18.457/80 scrip all of no par
value.
-V. 132, p. 2007.
Mountain & Gulf Oil Co.
-Dividend Decreased.
The directors have declared a quarterly dividend of one cent per share,
payable April 15 to holders of record March 31. The company on Jan. 15
last made a quarterly distribution of 134 cents per share, as against two
cents per share previously.
-V. 131. p. 4064.
Murray Hill Allied Corp.
-No Annual Meeting-Note
Renewal Arranged.
-
The board of directors have advised stockholders that no annual meeting
will be held, unless requested by any stockholder, because of the expenses
involved.
The directors have also notified stockholders that negotiations have
been completed for the exchange of one share of stock of the Murray Rill
Trust Co. for two shares of stock of the Bank of America, N. A., carrying
with it two shares of Bancamerica-Blair Corp. stock and the execution of
a 5% note for $250,000 payable to the Bank of America, on Feb. 15 1931,
on the account of the Murray Hill Allied Corp.
A renewal of the note for three months from Feb. 15 with the Bank of
America has been arranged. The directors have decided to hold the assets
of the company until market conditions improve and the obligations of the
company can also be liquidated with a residue for the stockholders. ("Wall
Street Journal.")
-To Use Plant of Durant Motors of
Nash Motors Co.
Canada, Ltd.
Officials of the Nash Motors Co. have reached an agreement with Durant
Motors of Canada, Ltd. under which a new company will be formed, owned
by the two companies, for the manufacture of Nash automobiles in the
Dominion, it was announced on March 13. The action was taken as a
result of stricter import regulations by the Canadian Government.
Under the plan, which is subject to ratification by the stockholders of
both companies, a Canadian corporation, to be known as Dominion General Motors, Ltd., will be formed. This company will manufacture Nash
automobiles in the Durant plant in Leaside, Ont. It is said alterations are
already under way. The new company will continue the manufacture of a
Canadian automobile to be sold in the Canadian competitive market and
will also establish a line of commercial vehicles. The Durant company
in Canada now manufactures Durant automobiles under a contract with
Durant Motors Inc.
Charles W. Nash, head of the Nash Motor Co., will be Chairman of the
new company. Roy D. Kerby, President of Durant of Canada, all the
assets of which will be acquired by Dominion General Motors, will be
President.
-V. 132, p. 1048.
National Air Transport, Inc.
-To Decrease Capital.
-
The stockholders will vote April 9 on reducing the authorized common
stock from 2,000,000 shares to 650,000 shares,no par value -V.132, p.2007.
-
National Radiator Corp.
-Over 60% of Debentures
Deposited-Time for Deposit Extended to April 15.
-
President Edward F. Clark, March 3, in a letter to the holders of the
preferred shares, in connection with the proposal to issue $10,000,000
bonds, says in substance'
The special meeting to be held on March 25 is called principally to secure
the affirmative vote of the holders of the preferred shares, authorizing the
directors to issue at some future time bonds in any amount not exceeding
$10,000,000; to execute and deliver a first mortgage securing such bonds
upon the company's property, including its real estate, plants and other
tangible assets; to fix the terms and provisions of such bonds and mortgage
and the price and terms upon which the bonds shall be issued and sold.
The directors do not contemplate the sale of more bonds than may be
necessary to meet the current corporate requirements hereafter explained.
The company has recently completed its new plant at Monroe, Mich.,
at an approximate cost of $7,000,000, which was partly financed through
the sale of $3,000,000 of 2
-year 6% cony, gold notes, all of which are now
outstanding. These notes mature on Dec. 31 of this year and must be
refunded or retired.
The directors, after consultation with the company's bankers, believe
that provision should be made promptly for this purpose, so that the company may take advantage of any desirable opportunity for the issuance
and sale of long term or any other type securities: and believe that the
directors should be empowered to adapt the type and terms of the securities
to be sold to the market conditions prevailing at the time of sale.
The provisions of the outstanding preferred shares prohibit the issuance
and sale of any funded indebtedness maturing more than two years from
the date thereof or the creation of any mortgage lien (except purchase
money mortgages) unless the affirmative vote or written consent of the
holders of at least three-fourths of such preferred shares at the time outstanding is secured. This authority or consent should be secured so that
the company will not be handicapped or precluded from selling its mortgage
obligations as these will probably furnish the best medium for the proposed
,
financing or refunding obligations, particularly in view of the current
depression in earnings and stock values common to all industrial companies.
Although authority is requested to issue amounts of such bonds up to
$10,000,000 in principal amount, the directors contemplate issuing only
that amount needed to refund or retire the outstanding notes and to meet
other present corporate requirements. The additional authority, however,
provides a means for the future raising of funds, which facility may be of
Feat value in the continuance of the growth of the company, in enabling
It to enlarge its plant and properties as the needs of its business require,
and in securing additional working capital. It is expected that the issuance
of bonds in addition to those to be presently issued for the current requirements above mentioned will be carefully restricted so that the amount
thereof will never be excessive with respect to the company's property
or its earnings.
The growth of large steel companies has been due, in no small measure.
to their flexible financial structures. The company should have such
flexibility in its financial affairs if its present position and future prospects
are to be maintained and secured.
-V. 132, p. 2008.
New York Air Brake Co.
-Dividend Rate Decreased.The directors have declared a dividend of 40c. a share on
the capital stock, no par value, payable May 1 to holders
of record April 7. This compares with a quarterly distribution of 50c. a share made on Feb. 1 last and quarterly
dividends of 900. a share paid from. Feb. 1 1930 to and incl.
Nov. 1 1930.-V..132, p. 1435.
New York Dock Co.
-Meeting Postponed.The stockholders' meeting that was to have been held on March 17 to
act on a proposal to purchase certain downtown real estate properties has
been postponed until March 24, it was announced.
-V. 132, p. 2008.
Niles
-Balance Sheet Dec. 31.-Bement
-Pond Co.
AssetsPropery account__
Miscell.invest---Inventories
Accts.& notes rec_
Cash
Real estate mtge.
Accrued interest_
Deferred charges__
1929.
1930.
1929.
Liabilities$
3,630,088 Commox stock _ _x8,662,300 8,662,300
3,928,303 Accounts payable
923,921
3,431,657 (includ. taxes)_ _ 381,176
1,582,132 Reserve for contin172,571
298,510
1,347,566
gencies
4,140,196 4,261,035
121,001I Surplus
1,769
103,252
133,876
1930.
$
3,589,420
4,160,124
2,511,043
762,158
1,199,623
13,356,244 14,145,767
Total
13,356,244 14,145,767 Total
x Represented by 192,496 shares of no par value.
Our usual comparative income account for the year ended Dec. 31 1930
was published in V. 132, p. 2008.
-Chairman Elected.North American Car Corp.
N. L. Howard, formerly President of the Chicago Great Western RR.,
has been named Chairman of the board of the North American Car Corp.,
following his election as a director. R. C. Jenkins, representing the Live
Poultry Transit interests, and it. D.Brigham Jr.. Vice-President, have also
been elected directors, the latter replacing G. A. Johnson. Directors
re-elected were: C. E. Driver, R. E. Wood, E. R. Brigham and G. M.
Brigham-V. 132, p. 1823.
Occidental Petroleum Corp. (Calif.).
-Div. Reduced.-
Rudolph B. Flershem, Chairman of the reorganization committee
The directors have declared a quarterly dividend of three cents per
announced March 18 the decision of his committee to extend to April 15 share on the capital stock, payable March 31 to holders of record March 20.
the time for deposits under the reorganization plan, thus to give to security On Dec. 31 1930, a quarterly distribution of four cents per share was made,
holders further opportunity through the deposit of their securities with as against five cents per share on Sept. 30 last and three cents per share
the Bankers Trust Co. depositary, to participate in the benefits of the previously.
-V. 131, p. 4064.
plan. He stated that tits committee were highly gratified at the response
to date, in that $6,455,000, constituting over 60% of the corporation's
Ohmer Fare Register Co.
-New Sales Office.debentures had been received for deposit during the period of slightly
The company has just established new sales offices at 333 East Eighth
more than one month elapsed since the plan had been announced on Feb. St., Cincinnati, Ohio, for handling Ohmer cash register and accounting
13 and that approximately 50% of the preferred stock and a substantial machine sales in that city and vicinity. In addition other Ohmer products
percentage of the common stock had also been deposited.
including fare registers, ticket-printing registers, taximeters and recording
This committee had prepared for distribution a letter dealing with the instruments will be handled.
-V. 132, p. 1239.
necessity for the plan and reviewing its salient features, which urges upon
security holders that they make deposits promptly and in a substantial
Ohio Oil Co.(& Subs.).
-Earnings.amount of the debentures, in order that the plan may be consummated as
Calendar Years1930.
1928.
expeditiously and economically as possible.
-V. 132, P. 1821, 1434,
Operating revenue
$63,782,613
44,875,710
National Sugar Refining Co.
-Balance Sheet Dec. 31.- Operating expenses
Not
Available.
Operating profit
$18,906,903
1929.
1930.
1930.
1929.
Other income
Assets200,142
Liabilities$
$
$
$
Property account x19,479,193 19,719,990 Cap.stk. & surp_ y25,347,389 24,140,548
.1
Total income
$19,107,045 $18,723,900 $10,221,258
Cash, etc
2,696,489 2,292,568 Funded debt
3,585,400 4.144,400
1.283,376
1,056.010
Market. securities. 182,250
1,745,359
201,810 Accts. payable__ _ 1,396,942 2,336,461 Taxes
5,920,378
3,989,143
3.757.637
Accts.receivable 2,643,754 3,142,662 Accrued int., &c
70,646
49,107 Depreciation and depletion
811,293
1,103,732
352,655
Inventories
4,379,451 5,527,500 Federal taxes
344,842
358,504 Federal taxes
Misc.invest
1,745,803
492,766 Dividends payable 300.000
300,000
Net income
510.630,015 $12,347,649 $5,054.956
Deferred charges
212,487
207,076 Cont. reserve, &c_ 294,238
260,352
Preferred dividends
2,586.561
Common dividends
6,563,441
10.420,664
4,786,630
Total
Total
31,339,457 31,569,372
31,339,457 31,589,372
Surplus
def$2377,210 $ 5,784,208
$268,326
x After depreciation. y Represented by 600,000 no par shares.
Shares common stock (no par)
6,648,052 x2,400,000 x2,400,000
Our usual comparative income account for the year ended Dec. 31 1930 Earnings per share
$1.20
$5.14
$2.10
was published in V. 132, p. 2007.
x Par $25.
2212
[VOL. 132.
FINANCIAL CHRONICLE
Consolidated Balance Sheet December 31.
Peerless Motor Car Corp.
-Earnings.
1929.
1930.
1930.
1929.
For income statement for three months ended Dec. 31 see"Earnings DeLiabilities
Assets
partment" on a preceding page.
321,435,597 42,653,516 Common stock x100,000,000 y60,000,000
Plant
James A. Bohannon, President says: "The marked recession felt throughCash
5,399,639 1,376,832 Preferred stock_ 57,946,500
out the automobile industry during 1930 reached its lowest point during this
Funded debt__ - 7.491,977
Notes de accts.
Period. We have continued to maintain a strong cash and working capital
receivable__
5,695,432 4,962,411 Accr. deprec. &
position. Inventories on Dec. 31 showed a substantial reduction compared
31,271,561 30,062,950
depletion_ _ _ _174,273,150
Inventories
with Sept. 30."-V. 132, p. 867.
21,302,524 31,068,127 Notes & accts.
Investments
1,978,323 2,719,109
Permutit Co.
payable
Treasury stock_ 3,122,945
-Omits Common Dividend.
209,060
1,538,297
Unadjust. debits 1,133,590
539,697 UnadJ. credits
The directors have voted to omit the quarterly dividend ordinarily payable
Tax liability_ _ _ 2,295,096 2,090,313 about March 31 on the common stock. In each of the four preceding
345,381 quarters, a regular of $1 per share and an extra of $1 per share were paid.360,288
Min. int. in subs
43,477,655 45.299,670 -V. 131. p. 3888.
Surplus
389,361,288 110,663,533
Total
389,361,288 110.663.533
Total
x Represented by 6,648,652 no par shares. y Par $25.-V. 132, P. 1050.
-Earnings.
-Old Colony Investment Trust.
Feb. 2 '31. Feb. 1 '30.
$339,027
$218,836
306.491
404,758
Years Ended-•
Interest
Dividends
k,
F Total income
Interest
-Series A debentures
Interest
-Series B debentures
Expenses
$623,595
225,000
112.500
30,448
$645,518
225,000
112,500
24,975
Net income from interest and dividends
Realized profit on investments
Provision for Federal taxes thereon
$255,647
$283,042
562,209
57,227
Net earnings for year
Previous surplus
$255,647
285,693
$788,024
540.594
Total surplus
Dividends
Reserve to reduce investments to market value---Discount on debentures
$541,340 $1,328,618
240,000
240.000
290,000
300,000
Pet Milk Co.
-Earnings.
Calendar YearsNet sales
Cost of goods sold
Sell., gen. & adm. exp
Depreciation
Miscell. ezP. & losses
1927.
1928.
1929.
1930.
$24,420,464 326,896.786 $23,161,307 1125.020.255
19,712,647 22,310,128 18,641,433 19,706,199
2,870,844
3.082,890
3,193,621
3,147,580
430,106
583,126
473,373
617.746
32,946
67,390
Operating income.-Other income
$896,450
y105,000
$1,001,450
Total income
81,454
Interest paid
118,932
Federal taxes
Proportion appllc. to mi376
nority int. in subs__ -Net profits
Premium on redemption
of preferred stock__ -Divs, on pref. stock_ __ _
Divs,on corn.stk.(cash)
stock
do
$788,561
3963.609 $1,980,159
65,268
57,651
$788,561 $1,021,260 $2,045,427
64,756
106,111
68,920
284,181
52,236
133,370
2,756
21,592
24,225
$800.688
4627.458
$797,378
$1.672,264
557
101,850
670.534
5,055
95,550
672,952
98,700
611.863
195.494
101,062
590,877
$27,747 def$146,099 der$108.679
$980,325
Balance, surplus
450,000
445.552
450,000
197,012
Shs.com.stk.out.
(no par)
$1.18
$1.56
$1.55
$8.48
Earnings per share
x In addition the company has an equity estimated at $70,000 in the
undistributed net earns. of American Milk Products Corp.
y Dividend received from General Milk Co., Inc.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
1 Liabilities$
$
Assets$
$
Pref. 7% stock- 1,455,000 1,320,000
Real estate, bidgs..
mach. & equIp.:7,244,481 6,940,166 Common stock-y7,834,604 7,912,817
11,872
10,997
1,450.872 1,151,489 Min. int. in subs__
Good-will
134,232
576,335 Purch. mon.oblig_
105,084
588,684
Cash
1,588,673 1,658,653 Notes payable...-. 2,575,600 2,299,600
Awls & notes rec.
11,995 Acc'ts payable__ 1,089,610 1,044,363
28,062
Due Cr. empl., &c_
57,613
4,402,421 4,526,509 Fed. tax reserve__
100,000
Inventories
183,032
170,016
672,900 Insurance res've__
542,076
Invest. & adv
2,785,450 2,786,623
111,456 Surplus
Miscell. invest- z180,359
86,758
114,624
Deferred charges_
Balance
$301,340
2498,618
a Profits realized from sale of securities and shown in the investment
reserve account in the balance sheet below under footnote z.
A list of the securities held in the company's portfolio is given in the
pamphlet report.
Comparative Balance Sheet.
LiabilitiesFeb. 2'a1, Feb. 1 '30.
Assets
Feb. 2 '31. Feb. 1 '30.
y Bonds
53,668.539 $3,489,318 4% debentures.$7,500,000 $7,500,000
y Preferred stocks_ 3,112,379 2,749,319 Accr. Int,on debs.,
series B
14,597
14,062
3' Common stocks_ 4,752,249 4,360,636
713,332 Prov.for Fed.taxes
798,747
y Miscell. stocks
Cash on deposit
58,000
and on call
59,289 1,004,502 Res. to reduce invest. to market
Accrued int. on
value
40,265
43,473
z615,533
bonds, &e
290,000
Com.stk.& surplus:4,301,339 14,498,518
$12,431,471 12,360,581
Total
Total
$12,431,471 12,360,581
x Represented by 300,000 no par shares. y Investment securities at cosy.
The market value of the securities as of Feb. 2 1931 was approximately
Total
16,140,252 15,736,261
16,140,252 15,736,261
Total
310,024,000. z This reserve represents realized net profits after taxes for
x After depreciation of $3,270.042. y Represented by 445,552 no par
sale of securities as follows: From date of organization to Feb. 1 1930, shares. z Includes 76,100 preferred stock of Pet Milk Co.
-V.131. p.3219.
$802,825; for year ended Feb. 2 1931. $112,708; total, $915,534; less discount on 4Si% debentures, $3300,000; net reserve as above, $615,534.-Omits Dividend.
Pickrel Walnut Co.
V. 131, p. 2908.
The directors have voted to omit the quarterly dividend ordinarily
regular
The
payable about April 1
• Ontario Tobacco Plantations, Ltd.-Sma//er Pref. quarterly dividend of on the common stock. Oct.company paid a Jan. 2
1 1930 and on
20 cents per share on
-V. 131. p. 1907
Divs.1931, as compared with 50 cents per share previously.
The directors have declared four quarterly dividends of 1% ($1 per share)
-Final Dividend.
Pinchin, Johnson & Co., Ltd.
on the 7% cumul. pref. stock, payable April 1, July 1. Oct. 1 1931 and
making
The directors have declared a final dividend for 1930 of 12
Jan. 1 1932, to holders of record March 1, June 1, Sept. land Dec. 1 1931,
2234% for the year, compared with 30% plus a capital bonus of 10% in
respectively. Previously, the company paid regular annual dividends of
taxes and expenses of depositary.--V. 131.
1929 on the American shares, less
-V.125, p. 3073.
7% on this issue.
p. 1269.
-Contract.
Owens-Illinois Glass Co.
-Earnings.
Pittsburgh Terminal Coal Corp.(& Subs.).
Arrangements have been concluded between officers of this company
and the Vacuum Seal Co., Inc. of New York whereby the former becomes
sole manufacturer of the Vacuum Seal jars. This product will be distributed through the nation-wide sales organization of the Owens-Illinois
company.
III'Each company is entirely independent of the other as to ownership and
there is no connection financially or otherwise excel): the licensing and
-V.132, p. 2009.
sales agreements which have been entered into.
1929.
1930.
Calendar YearsGross inc.from all sources 34.609,990 35.427,087
Oper. cost, selling & gen.
5.112,794
4,281.017
expenses & taxes
851,296
824,649
Depict., amort.& deprec.
159.527
147,270
Interest, mortgages. &c_
-Pacific Mutual Life Insurance Co., Los Angeles.
Larger Quarterly Dividend.
The directors have declared a quarterly dividend of 60 cents per share
on the capital stock, payable April 1 to holders of record March 20. The
company on Jan. 1 last paid a regular quarterly dividend of 50 cents per
-V. 132. p. 1436.
share and an extra dividend of 10 cents per share.
-Dividend Reduced.
Pennsylvania Salt Mfg. Co.
1928.
$6.019,144
1927.
35.286,833
5,934,223
800.771
177,152
5,410,172
652,141
178,161
$696,527
756.114
8.239
$893,003
1,678,075
1,433
$953,641
2,714.948
$642,945
Net deficit
df.442,772
Surplus Jan. 1
8.788
Profit and loss credit-
df$1,076,928
$67,826
Gross surplus
Diva on pref. stock_510.599
Miscell. deductions
Surplus Dec. 31---df$1,076,928 def.$442,773
-V. 131, p. 2910.
$786,505 31.761.307
34,427
30,391
48,804
3756,114 31.678,076
-Smaller Dividend.
The directors have declared a quarterly dividend of 75 cents per share
Plymouth Oil Co.
on the capital stock, par $50. payable April 15 to holders ofrecord March 31.
The directors have declared a dividend of 25 c. per share, payable April 30
This compares with quarterly payments of $1.25 per share previously made. to holders of record April 15. The company, on Dec. 30 last, made a
-V. 130, p. 1295. 3894.
-V. 131, p. 2077.
distribution of 50c. per share.
Peoples Drug Stores Inc.(& Affil. Corps.).
-Earnings.
Calendar YearsNet sales
Cost of goods sold
Expenses
-Annual Report.
Prairie Oil & Gas Co.
1928.
1930.
1929.
1927.
$16,759,666 $15,543,208 $11,342,605 $8,129,719
7,836.772
116,193,6941 10,898,289
5,603,647
3,889.852
2,831,852
2,080,186
Operating income
Other income
$565,972
252,546
3755.056
306.479
$673,986
258,908
3445.887
148.567
Total income
Deductions
Federal income tax
$8818,518 $1,061,535
57,130
53,825
110,485
92.991
$932,889
86,832
101,527
$594,454
56,079
72,681
Net profit
Dividends on pref. stoek
Common dividends
$671,702
157.625
124,550
$744,529
161,649
116,886
3465.694
90,775
100,000
$893,920
162.509
126,834
3274,918
$389,527
$604.577
$465,994
Balance surplus
Earns, per sh. on corn.
outstanding at close of
$5.71
$3.74
$4.12
$4.76
each year
Consolidated Balance Sheet Dec. 31.
Liabilities1929.
1929.
1930.
Assets1930.
$642,773 $667,914 Accts. pay., accr.
Cash
exp., bonusues,
205,583
Accts. receivable
177,640
&e
$876.689 3926,399
Merchandise trivet 2,449,743 2,627,247
100,000
14,021 Notes payable_ _
100,000
16,164
Life ins. policies
31,144
9,592 Dividends payable
11,327
Special deposits__ _
110,485
92,991
8,728 Fed. income tax
9,177
Investments
2,500
Spec,guaranty dep
2,500
21,090
Sinking fluid
Mortgage payable
53,400
2,500
Deposit-leasehold
55,8
.9
14,834
191,650 Miscall. reserves
Land (at cost)_ _ _ _ 213,044
2,dial
438,469 Pref. stock 634%
:585,098
Buildings
cumulative_ _ _ _ 2,425,000 2,500,000
994,985
Furn. & fixtures_x1,173,307
46,973 Common stock_ _ _ y203.626
x38,272
Autos .Sr vehicles_ _
2,878,742 2,429265.'660304
652,561 Surplus
651,181
Goodwill
Leasehold prem.,
store Improvements, Prenald
562,091
Insurance. &e
687,610
Total
$6,678,927 $6,419,816
Total
a After depreciation. y Represented by
-V. 132. p. 1240.
56,678,927 $6,419,816
124,550 shares (no par).
1
w. S. Fitzpatrick, Chairman, says in part:
Company's net production of crude oil for 1930 was 43,539 barrels Per
day, as compared with 63.572 barrels per day in 1929. The gross production for 1930, including royalties and partnership oil, was 53,415 barrels
per day, and at the close of the year open flow taqs from these same properties indicated a potential of 159,000 barrels daily. Company's producing
Properties are located in practically all of the important fields in the MidContinent area. A recent survey of the proven underground future reserves
of these operated properties indicated approximately 100,000,000 barrels
of net recoverable oil during their economic life. Including its subsidiaries,
the company's total production for 1930 was 50,112 barrels net daily, or
72.246 barrels gross controlled daily. Its consolidated potential production as of Dec. 31 1930 was 173,000 barrels daily. Except for the rigid
curtailment of production and drilling, the company could have easily
maintained a much larger barreiage, but the company's officers have
cooperated fully with all producers' committees, State and other authorities, in the prorating and shutting in of its production and in the curtailment of its development activities, believing this policy to be greatly to
the best interests of the company and that true conservation of crude oil
resources of the United States is best accomplished by leaving the oil in
its natural reservoir and only ratably producing such an amount as the
market will absorb.
The company has continued to maintain its reserve of undeveloped
acreage, owning selected leases in active and potential areas in Kansas,
Oklahoma, Texas, Arkansas, Louisiana, New Mexico and Michigan, coverin5,1.867,057 acres net.
1
The company's wholly owned subsidiary, Prairie 011 & Gas CO. of
Wyoming, had a net production for 1930 of 2,829 barrels per day, with
3,1100 barrels shut in. This company materially inereased the value of
its Wyoming holdings during the year by discovering a new and prolific
oil sand in its Lost Soldier Field, the initial well in this sand Producing
2,450 barrels per day of 35 degrees gravity oil at a depth of 4.009 feet.
This well has been shut in almost constantly since completion. This sand
Undef nessfive other more shallow sands from which the company already
allhaso riihum
a t i
producing wells. The Wyoming company owns practically
bfrifldof.
The net production of the Producers & Refiners Corp., a 65% owned
subsidiary was 3,744 barrels per day, with approximately 2,600 barrels
shut in. The Producers & Refiners Corp. also owns, in addition to its
large developed gas properties in Wyoming, 51% interest in the Southwestern Development Co. which owns a block of approximately 395,000
acres of gas-producing leases in the Texas Panhandle, also main gas lines
from this field and distribution plants in 46 cities and towns in West Texas
and New Mexico; 4234% interest in the Colorado Interstate Gas Co..
MAR. 211931.]
FINANCIAL CHRONICLE
which owns and operates a 22
-inch gas pipe line from this
Pueblo and Denver, Colo., and 12M % interest in the Naturalgas field to
Gas Co. of
America, which is now constructing a 24
-inch gas pipe
to serve the city of Chicago and vicinity. Well known line from this field
gas engineers have
estimated that these gas reserves are sufficient to supply the cities which
it serves and will serve, for 40 years.
On Dec. 31 1930 The Prairie Oil & Gas Co. had 54,094.336 barrels
of
oil in its storage tanks or in transit enroute to market,
financial books of the company at a total of $69,978,535, carried on thebarrel.
or $1.29 per
Our usual comparative income account for year ended Dec.
31 1930
were published in V. 132, p. 2010.
Balance Sheet December 31.
1930.
1929.
1928.
Assets$
$
Si
Fixed assets
81,234,592 a69,717,050 47,703,596
Bills receivable
2,269.625
5,469,187
5,572,000
Stocks and bonds
4,638,560
1,358,950
Invest, in other co's- -- 17,922,564 16,859,037 21,171,361
Cash
2.271,051
2,590,789
2392,039
Accounts receivable7.043.313 17.016.295 -16,327,352
Inventories
80,583.087 96.796,064 86.799.720
1927.
$
50,297.501
3,216,561
20,934,722
1.057,383
19,798,706
91,019,054
2213
Rainier Pulp & Paper Co.
-New Financing.
-
The stockholders on March 3 approved a proposal authorizing $2,500,000
of 1st mtge. 6% bonds and an amendment to the articles of incorporation
to permit additional class A and B stock to be issued to allow conversion.
The directors propose to offer for preemptive subscription $500,000 of the
above bonds to present stockholders currently. No determination has been
reached as to when a further offering will be made. The bonds will be
convertible on the basis of three shares of class A stock and 3.69 shares of
class B stock for each $100 of bonds.
-V. 132, p. 1824.
Reiter-Foster Oil Corp.
-Earnings.
Calendar YearsGross operating income
Production, geological & gen. elms
Depletion and depreciation
1929.
$462,507
123,878
127,177
1928.
$795,985
187,895
193,997
$35,108
7,194
Net operating!. ncome
Non-operating income
1930.
$224,932
121,067
68.757
$211,452
17.733
8414,094
1,439
Net profit for period
$42,302
$415,532
$229,185
Dividends
75,000
Total
195,962.791 209,807.373 180,066,070 186.323,925
Balance
$42,302
Liabilities
$154.185
$415,532
Shares capital stock
383,957
Capital stock
376 657
388,584
60.175,000 60,175,000 60,175,000 60,175,000 Earnings per share (no Par)
$0.11
Cap,sold to employees-0.61
$1.09
860.800
659,125
479,525
304,600 -V. 130, P. 2227.
Current liabilities
24,091.018 35,712.172 18,771,507 35.906,624
Profit & loss surplus_ --110,835.973 113,261,075 100,640,038 89.937.701
Republic Investing Corp.
-Defers Preferred Dividend.
The
defer
Total
195,962,791 209,807,373 180,066,070 186,323,925 April 1directors have voted tostock, the quarterly dividend of 13i% due
on the 7% cum. pref.
par 520. The last regular quarterly
a After deducting $120,928,469 for depletion and depreciation.
-V. 132. distribution at this rate was made on Jan. 11931.-V. 126, P. 3772.
p. 2010.
Preferred Automobile Insurance Co., Grand Rapids,
Mich.
-Smaller Dividend.
The item appearing under the heading Preferred Auto
Grand Rapids in V. 132. p. 2010 should have appeared Insurance Co. of
under the above
Caption.
Purity Bakeries Corp.
-Decrease in Capital, &c.
-The
stockholders on March 3 voted to reduce the authorized number of
shares of stock of the corporation by 125,000 shares of $6
cumul. dividend
pref. stock (there being no pref, stock now outstanding, all
of
having been either converted into common stock or redeemed).said stock
The stockholders also approved the proposed "Purity Bakeries
Management Corp. Plan" (see below).
There has been organized in Delaware at the expense of
the Purity
Bakeries Corp. a corporation under the name Purity Bakeries
Management Corp. having an authorized capital stock of $50,000,
50,000 shares, par $I each. 20,000 shares of the capital stockdivided into
of Management Co. as soon as reasonably practicable shall be sold
at the price of
their par value to such officers and other employees
Corp. or of any of its subsidiaries as the directors ofof the Purity Bakeries
the latter corporation
shall determine.
The Purity Bakeries Corp. shall enter Into an agreement
with the
Management company, which shall provide, among other things that:
(a) the Management company shall have the option to purchase
part of 10.644 shares of capital stock of the Purity Bakeries all or any
Corp. at a
price not lees than the cost thereof to the latter corporation,
time to time shall be granted further options, to the extent only and from
that shall
be determined by vote of three-fourths of the directors of
to purchase any additional shares of capital stock of the corporation,
the corporation
whether now owned by it or acquired by it after the adoption hereof,
at
prices not lees than the average cost to the corporation of the
shares so
optioned.
(6) In the event that the number of outstanding shares of the corporation shall have been increased or reduced by reason of stock dividends
(except stock dividends amounting to not more than 5% in any fiscal year)
or recapitalization. or shall have been classified in whole or in
shall be delivered to Management company upon the exercise of part, there
any
Provided for in the foregoing subdivision (a), certificates for such option
shares
as are the quivalent at the time of exercise of option of the shares in respect
of which the option is exercised.
(c) Annually, within 90 days after the expiration of each fiscal ear,
provided the consolidated net earnings of the Purity Bakeries
(before deduction for Federal income taxes upon the earnings of
fiscal year, and without deduction for the payments herein providedsuch
for.
but after depredation and additions to reserves approved by two-thirds
of the directors of the corporation) shall amount to not less than $6 per
share of the issued and outstanding capital stock of the Purity Bakeries
Corp. (or of the common stock of the latter corporation in case it
have more than one class of stock), the corporation shall make cash shall
payments to the Management company equal to 23i% of such net earnings,
and, in addition thereto, shall make cash payments at the rate of
560,000
per annum for each $1 per share of such net earnings in excess of $8
per
share.
The shares of stock of Management company shall be Issued from
time
to time to such persons and for such consideration
time to time by its directors, with the approval as shall be fixed from
of the board of the
corporation.
The Management Contract shall be dated
1931 and shall terminate at the expiration and effective as of Jan. 1
and all options thereunder shall cease to be of five years from its date,
in force 90 days after such
termination.
The Management company shall be prohibited from
of capital stock notes, bonds and/or other obligationspurchasing shares
tion other than the corporation, or any of its subsidiaries, of any corporaor of a subcessor
to the corporation.
No obligation or indebtedness of Management company
shall be incurred or created, except with the affirmative vote
of
no such indebtedness shall be incurred if. at such time, four directors and
ness of Management company, including that so to the total indebtedbe
exceed 25% of the then market value of all shares of stock incurred, shall
of the corporation then owned by Management company.
-V. 132. P. 1824.
Retail Properties, Inc.
-Defers Preferred Dividend.
-
The directors have voted to defer the quarterly dividend of 75c. per
share due April 1 on the $3 div. cum. cony. pref. stock. The last regular
quarterly distribution at this rate was made on Jan.2 1931.-V.132. p. 672.
Reynolds Spring Co. (III:)-Liquidating Dividend.
-
The directors have declared a liquidating dividend of one share ofcommon
stock of General Leather Co. for each share of common stock of Reynolds
Spring Co. held, payable March 31 to holders of record March 14.V. 132, p. 1824.
Richfield Oil Co. of Calif.
-Listing of Certificates of
Deposit for First Mortgage and Collateral Trust Gold Bonds.
The
New York Stock Exchange has authorized the listing of certificates
of deposit of The Bank of America National Association (New York). of
Security-First National Bank of Los Angeles, and of American Trust Co.
(of San Francisco), representing a like amount of first mtge. & collateral
trust gold bonds,series A 6% convertible, due May 1 1944 accompanied
May 1 1931 coupon and with subsequent coupons attached, deposited by
be deposited under an agreement dated as of Jan. 23 1931, between or to
such
holders of the bonds, as shall become parties thereto and Nlon R. Tucker,
George Armsby, Stanton Griffis. Robert E. Hunter and Harry J. Bauer,
as committee.
-V. 132. p. 2011, 1824..
Royal Typewriter Co., Inc.
-Earnings.
(Including Domestic Subsidiaries.)
Calendar Years1930.
1929.
1928.
x Operating profit
$1,737,827 $2,157.654 $1.702,613
Interest, &c
130,139
137,090
131,817
Federal taxes
204,783
254,533
210.052
Net income
$1,4C2,905 $1.766,031 $1.360,744
Dividends
1,069.736
1,204.045
935.427
Surplus
$333,169
$561,986
$425.317
Shares of common stock outstanding
(no par)
268,618
268.618
134.309
Earnings per share
$4.24
$5.59
FS8•16
x After depreciation. y Before stock split-up two for one.
Consolidated Balance Sheet Dec. 31.
1930.
1929,
1929.
1930.
AssetsLiabilities$
$
$
Cash
1,176,607 1,494,167 Notes, accts., comm.
Notes, drafts and
783,883
& royalties pay. 592,716
accounts reedy_ 2,718,739 3,010,319 Dividends payable 534,868
669,177
Inventories
2,284,238 1.875,219 Accrued items.- _ 146,955
125,585
Invest. in foreign
Accr. Federal and
subsidiary
527,399
355,022
State inc. taxes_ 210,271
257,532
Real estate. mach.
7% deb. bonds___ 800,000
800.000
and equipment.x2,526,091 2,523.862 Sundries reserve__
32,334
33.111
Deferred charges.. 113,558
164,537 Contingencies res
140,061
80.988
Patents, licenses &
Preferred stock__ 3,769,750 3,769.750
goodwill
5,664,993 5,664,993 Common stock-y3,357.725 3,357.725
Surplus
5,485,240 5.152,071
Total
15,011,624 15,088,119 Total
15,011,624 15,088,119
x After depreciation of $1.733,88 . y Represented by 268,618 shares
(no par).
-V. 131, p. 4227.
Russeks Fifth Avenue Inc.
-Change in Personnel.
-
David Nemerov, formerly Secretary, has been appointed Executive
Vice-President, and I. H. Russeks has been appointed Secretary and
Treasurer.
-V. 131, P. 3 45.
5
St. Joseph Lead Co.
-To Authorize Bond Issue.
-
The stockholders will vote April 9 on authorizing an issue of $10.000,000
of convertible debenture bonds.
The stockholders will be offered the right to subscribe for said bonds,
Upon such terms and conditions as the board of trustees may determine
in the proportion of $100 of bonds for each 20 shares of stock held.
-V.132,
p.2011.
St. Louis Bank Building & Equipment Corp. of Del.
Consolidated Income Account Year Ending Dec. 31 1930.
Real Silk Hosiery Mills, Inc.
-Stock Div. Ruling.
Gross profit on sales
The Committee on Securities of the New York Stock Exchange
5251,140
13 rules that the common stock be not quoted ex 235% stock div. on Mae. Selling, administrative and general expenses, less credits appli,
on Mar.
cable thereto
20 until further notice.
138,834
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
Assets-Liabilities$
Cash
1,386,384 2,397,931 Silk acceptances__ 884,577
Marketable Hamra
647,929 Mach'y accept's__
Cash dep. against
Commercial paper 250,000
silk eommitmls 198,240
Notes payable to
Cust. accts. rec.. _ 1,103,951 1,261,326
banks
2,730,000
Other accts. and
Accounts payable_ 296,175
notes receivable 287,052
544,622 Dividends payable 189,632
Inventories
4,110,588 2,602,526 Accruals
208,882
Cash Burr. value
Funded debt due in
life Insurance_ _ _
39,138
34,137 current year
111,000
Prepd. exps. and
Mach'y purchase
deferred charges 216,111
185,552 contracts
Investments
182,364
182,804 Funded debt LibAcets.rec.non-attll.
erty Hoe. Corp_ 778,000
co. & employees'
Preferred stock of
stock purchase
793,662
288,226 subsidiaries__ _
89,000
Treas. stock held
Common stock132,000,000
for resale
387.188
Preferred stock... 2,175,400
Fixed assets
84,490,856 4,538,553 Surplus
4,074,707
Good-will, trademarks, &c
611,859
632,007
1929.
5
711,718
524,428
500,000
258,969
290,075
614,038
113,805
1,000,000
$112,305
25.000
Total
Deductions from income
Income taxes
$137.305
864
18,075
Net income and credits for the year
Dividends
$118,367
100,000
Balance
$18.367
Earnings per share
$1.18
Condensed Consolidated Balance Sheet Dec. 311930.
Assets
Liabilities
Current assets
$3327,032 Current liabilities
$77,799
Other assets
16.268 Reserve for contingencies
10,000
Plant and equipment
320,136 Capital stk.(100,000shs,no par) 370,000
Good will
1 Surplus
216,334
Deferred charges
10,695
94,000
2,000,000
Total
2.189 401)
5,019,240 -V.128, p. 4019.
Total
13,787,373 13,315,673
Total
13,787,373
a After deduction of depreciation reserves totaling $1,697,827. 13,315,673
b Repromooted by 200,000 shares of$10 par value.
Our usual comparative income account for year ended Dec. 31
1930 was
published in V. 132, p. 2010.
Profits on operations
Other income
$674,132
Total
$874,133
Samoset Chocolates Co.-Merper Rumors.-
See Cand
Brands, Inc., above.
-V. 12.3, p. 1516.
Sangamo Electric Co.(MO-Smaller Dividend.-
The directors have declared a quarterly dividend of 25c. per stare on
the common stock, payable April 1 to holders of record March 23. Previously, the company made quarterly distributions of 50c. per share.
V. 131, p. 956.
(VOL. 132.
FINANCIAL CHRONICLE
2214
-To Increase Capital Stock.
Saxet Co.
The stockholders will vote March 31 on increasing the authorized common stock from 1,000,000 shares of no par value to 2.000,000 sh•wes of
-V. 131. p. 3220.
no par value.
-Defers Dividend.
(B. F.) Schlesinger & Sons, Inc.
The directors have voted to defer the quarterly dividend of $1.75 per
-ts
share due April ion the 7% cum. pref.stock. The last previ, distribution
at this rate was made on Jan. 1 1931.-V. 130, p. 2043.
-Defers Dividend.
Security Investment Trust, Inc.
dividend of 3% due
The directors have voted to defer the semi-annual
April 1 on the 6% cum. 2d pref. stock, par $100, but declared the usual
semi-annual dividend of 3% on the 6% cum. panic. 1st pref. stock, par
$100, payable April 1 to holders of record March 20.
The last distribution on the 2d pref. stock was made on Oct. 1 1930.
-V. 129, p. 2552.
(
Shubert Theatre Corp. & Subs.).-Bal. Sheet Dec. 31.
1929.
1930.
$
3
AssetsRealest.& equip.x21,007,959 20,659,782
Bldg.adv.& lease,
377,500
secur. deposit__ 213,751
Rights, tr.-names,
1
1
good-will, etc.__
515,193 1,458,973
Cash
756,176
353,886
Acc'ts receivable
743,080
430,797
Productions
Adv. pay,for prod115,978
64,100
tlon rights
9,079
5,306
Mat'ls de supplies.,
56,942
57,694
Life insur. policies
1,779,056 1,798,316
Investments
286,907
Deferred charges... 257,410
Income Accountfor Calendar Years.
1927.
1928.
1929.
1930.
5577,759
5534,958 $1,403,480 51,042,449
profit
xNet
49,548
49,548
49,548
49,548
Pref. div."A"(6%)---(8%)476,000 (9)535,500 (9)535,500 (8)476,000
Common dividend
Balance,surplus
Previous surplus
Approp. as add.reserve_
$9,409
3,832,363
$457,401
$818,432
2,756,530
3,113,931
Dr.100,000 Dr.100,000
$52,211
2,704,319
Profit & loss surplus-- $3,841,773 $3,832,363 $3,113,931 $2,756,530
Shares of corn. outstand59.500
59,500
59,500
59 500
ing (par $100)
$8.89
$16.70
$22.75
Earns.Per sh.on com
x After making provision for depreciation of plants and Federal taxes.
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
11a141itlea$
$
Assets$
825,800
Plant & equipment 6,059,534 5,847,867 6% pref.stock__ __ 825,800
1,402,563 1,734,598 Common stock_ _ _ 5,950,000 5,950,000
Inventories
332,221
839,754 Accounts Payable_ 139,879
470,864
Accts. receivable
143,774
x2,484.363 2,406,740 Dividends payable 143,774
Investments
212,198
75,634
719,906 Reserve for taxes.._
720,237
Cash
252,608
Res.for conting___ 160,700
3,841,773 3,832,364
Surplus
0.16
S
1929.
1930.
$
$
Liabilitiesstock and
Capital
z6,020,603 8,781,186
surplus
Gold debentures 6,360,000 6,360,000
Real estate mtges_10,623,312 9,489,562
Total
11,137,581 11,548,965
11,137,561 11,548,965
Total
520,114
Acc is payable_ _ _ - 191,768
x Includes $1,750,000 Liberty bonds and U S. Treasury notes at cost of
607,266
Notes payablestock at par and miscellaneous investments $795,945.
66,125 $1,688,418, and pref.
88,125
Mtge. payments.-V. 130. p. 3898.
Accr. taxes, mtge.
397,499
interest, &c____ 361,743
-Earnings.
Standard Textile Products Co.(& Subs.).
451,041
Deferred credits__ 362,336
195,207
70,000
1929.
1927.
1928.
1930.
Reserve for taxes_
Calendar Years$10,069,137 $13,912,726 $14,530,807 $13,149,985
Net sales
Cost of sales, admin. &
10.272,731 12,437.525 12,813,887 11,164,508
general expenses
24,685,153 28,260,734
Total
24,685,153 26,260,734
Total
x After depreciation. y Represented by 218,160 no par shares, stated at
$1.010,472, less profit & loss deficit $248,869.
$5,259,000, capital surplus
Our usual comparative incorne account for the six months ended Dec. 31
1930 was published in V. 132, p. 1974.-V. 132, p. 2012.
-Omits Common Div.
Signode Steel Strapping Co.
The directors have voted to omit the quarterly dividend on the common
stock, but declared the regular quarterly dividend of 62%c. a share on the
$2.50 cum. prof. stock, payable April 15 to holders of record March 30.
In each of the three preceding quarters, a cash dividend of 123.ic. a share
-V. 130. p. 4625.
was paid on the common shares.
Operating income- _10883203,594 81,475,200 31,716,919 51.985,477
30,203
20,390
17,732
51,195
Other income
Gross income
Interest
Depreciation
Federal taxes
1°814152,399 $1,505,404 $1,734,651 $2,005,867
397,495
399,289
458,668
410.185
521.281
504,28'1
507,448
520,843
65,000
135,000
95,000
Balance, surplus_ _ _loss$1,083,427
136,000
Dividends paid
$535,461
409,345
$736,074
$890,918
$890,918
$736,074
$126,116
Balance, surplus__ _loss$1,219,427
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
-Board Reduced.
Silent Automatic Corp.
Liabilities$
8
Assets
The board of directors has been reduced from seven members to five, Cash in banks &
Capital stock
69,000,000 9,000,000
announced by President Walter F. Tant. The five directors
it was
44,000
136,000
279,619 Mtge. bds. of subs
393,662
on hand
B. Hoffman, Jos. G.
re-elected are: Mr. Tent, Karl B. Segall, Albert
357,143
961,899 Accts. payable_ _ _ 1111,151
Accts.& notes rec. 737,366
Hamblen Jr.. and Howard L. McGregor.
2,058,591 3,829.138 Prov. for Federal
Inventories
The following officers were re-elected: Walter F. Twit, President and Due from officers
Income tax
85,000
Treasurer: Karl B. Segall. Vice-President and Howard L. McGregor,
250,377
214,667
11,678 Accr. liabilities_
7,022
and employees
-V. 132, p. 143.
Secretary.
265,069 Standard 1st mtge.
Prepaid expenses_ 236,914
5,374,850 5,697,050
bonds
40,333
- Treasury stock__ _ 40,333
-Special Dividend.
Smyth Mfg. Co., Hartford, Conn.
.
1,036,000
20,241 Notes payable_
30,801
M Lsc. accts.
_
The company on Feb. 7 last paid a special dividend of $1 per share to Investmentsrec_
210,450
421,416 1,923,579 Mtg. bd. s. f. instl 210,450
common stockholders of record Jan. 23. The last regular quarterly dis- Engr. rolls, mfg.
54,000
Guar. bds.of subs_
tribution of $1.50 per share was made on Jan. 2 1931.
60,060
949,999 Res. for conting__
956,516
supplies,
quarterly dividends of $1.50 per
During 1930. the company paid four
499,904 1.959,774
Plant account_ _ 210.313,965 10,484,238 Surplus
share and a special dividend of $1 per share. Like amounts were also Excess of consid.
paid in 1929.
Pd. on acquls.
368.233
of subsids
-Omits Class A Dividend.Southern Dairies Inc.
omit the quarterly dividend ordinarily payThe directors have vote to
15,564,822 18,765,795
Total
15,564,822 18,765,795
Total
able about April 1 on the class A stock, no par value. From Dec. 31 1929
a After deducting $6,580,841 reserve for depreciation. b Represented
to and including Jan. 2 1931, quarterly distributions of 37M cents per
by 50,000 shares class A pref. stock: 40,000 shares class B pref. stock and
3889.
-V. 131, P.
share were made on this issue.
-V. 130, p. 4437.
1136,650 shares com. stock, all of no par value.
-Earnings.
Spang Chalfant & Co.
1927.
1928.
1929.
1930.
Calendar YearsGross prof. bef. deprec-- $5,538,759 $7,055,704 $5,549,139 $4,931,063
720,214
640,909
767.645
905,189
Depreciation
$4,633,571 $6,288.059 $4,828,925 $4,290,154
profit
Gross
418,363
253,879
300,405
282.266
Miscellaneous income__ _
$4,915,837 56,588.464 85,082.804 $4,708,517
Gross income
816,891
851,703
1,279,743
Gen.,admin.& sell. exp. 1.219.357
18,574
501,079
455,189
426,581
Interest
480.184
427,972
459.113
401,130
Federal income taxes_
Loss on equip.dismantled
122.232
110.672
163,161
and scrapped
109,293
Fire loss
$2,868,769 $4,231,257 53,226,188 $3,126,532
Net income
719,000
814,572
799.968
Preferred dividends_
Balance, surplus
-V. 131, p. 1112.
$2,058.801
83.416,685 52,507.188 83.126,532
-Proposed Merger.
Splitdorf Bethlehem Electrical Co.
A special meeting of the stockholders will be held on Apr. 7 to vote on an
agreement of merger entered into on Jan. 28, last, between this company
and the Splitdorf Electrical Co.
The consolidation, as approved by the directors, calls for the formation
of a new company to be known as Splitdorf Electrical Co., with an authorized capitalization consisting of 310,000 shares of corn. stock, no par value.
If the merger is ratified by the stockholders it is proposed to make the following changes in stock:
1. All present holders of stock of the Splitdorf Bethlehem Electrical
Co. to receive a like number of shares of the common stock of the consolidated corporation.
2. The outstanding stock of the Splitdorf Electrical Co. (except that
owned by the Splitdorf Bethlehem company) to be exchangeable for, and
convertible into, stock of the consolidated corporation as follows: Each
share of pref. stock of Splitdorf Electrical (other than held by Splitdorf
Bethlehem) to receive 14 shs. of stock of the consolidated corp.or at
the holder's election, the sum of $78.05 in cash, said sum being the book
value of the stock as of Dec. 31 1930. Each holder of ten shares ofcommon
stock of Splitdorf Electrical (other than held by Splitdorf Bethlehem) to
receive one share of stock of the consolidated corporation. Each holder
of less than ten shares to receive a fractional warrant for one-tenth of a
-V.128. p. 1071.
share ofstock of the new corp.for each share ofstock held.
-Dividend Rate Decreased.
(Frederick) Stearns 8c Co.
The directors have declared a quarterly dividend of 30 cents per share on
the common stock, payable Mar. 31 to holders of record Mar. 20. This
preplaces the common stock on a $1.20 yearly basis, compared with $2 payviously paid. Quarterly payments will be made instead of monthly
as heretofore.
ments
The last monthly distribution of 16 2-3 cents per share was made on
Dec. 31 1930.-V. 130, p. 3733
-Earnings.
Steel Co. of Canada Ltd.
1927.
1928.
1929.
1930.
Calendar YearsManufacturing profits-$3,219,009 54.936,068 $4,051,705 $3,166,280
395,514
454,776
399,189
358,459
Investment
Income from
$3,577,468 $5,335,257 $4,506,482 $3,561,794
Total
303.143
314,319
325,828
337.765
Sinking fund reserve_ --816,990
1,079,240
1,158,897
Depreciation reserve_ --- 1,204,063
346.291
312,263
329,527
294,358
Bond interest
100,000
100,000
100,000
Employees' pension fund
100,000
200,000
Employ, benefit plan res
$1,741,282 $3,238,267 $2,583,395 51,995,371
Net income
454.741
519.704
454.741
454,741
Preferred diva.(7%) (7%)805,000
(7%)920,000
805,000(1.75)805,000
Common dividends _ _
Surplus
Previous surplus
5481.542 51,978,526 81.143,692
14,020,903 12,042,376 10,898.684
$735,630
10,163,054
Profit & loss, surplus-$14,502,444 $14,020,903 $12.042.376 $10,898,684
x115,000
460,000
460,000
Shs. corn. outst.(no par)
460,000
$14.27
$4.48
$6.05
Earns. per sh. on corn__ $2.79
x Par $100, the par value having been changed during 1928 to no par
shares and four no par shares exchanged for each share of $100 Pan
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1930.
1929.
5
$
Liabilities$
Assets3
Cost of works
39,224,874 37,438,880 7% cumul.prefsits 6,496.300 8,496,300
Invest.& advances 3,195,112 4,020,228 Ordinary shares_ _x11,500,000 11,500,000
4,753,580 5,058,264
Cash
796,253 Funded debt
555,974
Secured call loans_ 100.000
250,000 Accounts payable,
1,118,745 2,957,872
& income tax_
Victory bonds and
9,647
8,954
approved smut.. 5,278,624 5,706,081 Unclaimed Ws-.
314,935
137.411 Divs. payable___ _ 314,935
Bills receivable_ _
. 75,675
435.904
Accts. receivable__ 2,321,350 3,097,477 Benefit plan res.__ 420,606
-Proposed Consolidation.
782,757
Splitdorf Electrical Co.
6.878,054 6,759,070 Pension plan res._ 793,010
Inventories
-V. 125, p. 2160.
Benefit plan fund_ 420,606
435,904 Furnace relining &
See Splitdorf Bethlehem Electrical Co. above.
rebuilding. and
782,757
Pension plan fund. 793,010
-Smaller Dividend.
oth. open res.__ 1,605,580 1,432,915
Stanley Works.
56,540
Deferred charges__
58,530
147.496
Accidents to empl- 148.483
The directors have declared a quarterly dividend of 50 cents per share
Mar. 12.
856,180
Contingent reserve 824,648
on the common stock, par $25, payable April 1 to holders of recordcents per
Depreciation res. _10,520,920 9,911,569
quarterly distributions of 623i
Previously, the company made
Bond sink,fund res 3,863,930 3,526,165
share on this Issue.
Approp. surplus__ 2,029,674 2,029,674
1927.
1929.
1928.
1930.
Calendar Years
14,502,444 14,020,903
Surplus
Net earnings after Fed'l
$856,888 52.997.508 $2.460,679 51.446.942
taxes
Total
58,901,808 59,480,581
59,480,581
Total
58,901,808
791.320
775.744
Depreciation
-V.132, p. 1633.
x Represented by 460.000 shares (no par).
265,528
210,000
210,000
210,000
Preferred dividends- - - 1,040,000
1.352,000
1,300.000 x1,313,000
Common dividends
-Resignation.
Stone & Webster, Inc.
Edwin S. Webster Jr., has resigned as Vice-President of this corporation
5141.414
$898,679
$683.188
Balance, surplus_ _ _def$1,428.856
& Webster Investing Corp. Mr.
and as President of its subsidiary, Stone
x In addition paid a stock dividend on the common stock amounting to Webster recently became a partner in Kidder, Peabody & Co.
-V. 132,
25% or 82,600,000.-V. 130, p. 4069.
p. 2013, 1978.
-Dividend Rate Reduced.
Screw Co.
Standard
the
The directors have declared a quarterly dividend of $1.50 a share on is a
common stock, payable April 1 to holders of record March 13. This
reduction from the last previous quarterly dividend, amounting to $2 a
share, paid Jan. 2 1931, and places the stock on a $6 annual basis.
-Orders for
Stutz Motor Car Co. of America, Inc.
March Show Increase.
President of
According to an announcement made by Col. E. S. Gorrell,
the company, Stutz car shipments during February 1931, total approxi-
MAR. 21 1931.]
2215
FINANCIAL CHRONICLE
mately 2% times the number of shipments made during February of last
Tr -Continental Corp.
-To Increase Capital Stock.
year. Unfilled orders for Stutz cars carried over into March this year
The stockholders will vote April 14
total approximately four and one-half times the total shipments for the stock (no par value) from 6,000,000 on increasing the authorized common
entire month of March last year. "This remarkable increase La the demand authorized pref. stock (par $100) from shares to 14,000,000 shares and the
433,650 shares to 1,000,000 shares.for the Stutz is due to the fact that the Stutz Twentieth Anniversary models
offer greater body variety, and greater dollar for ,
dollar values than ever -V.132.p. 1441.
before in 20 years of Stutz automobile building, says Colonel Gorrell.
-Earnings.
Ulen & Co.
V. 132, p. 1440.
1929.
Calendar Years1930.
$2,876,975 $2,697.555
Sun Life Assurance Co. of Canada.
-$25 Extra Div.
- Total earnings
816,378
1,090,201
The directors have declared an extra dividend of $25 per share and the Operating expenses and other charges
520.717
416.846
regular quarterly dividend of $6.25 per share, both payable April 1 to Interest
75.000
holders of record March 16. Total dividends paid in 1930 amounted to Provision for contingencies
149,160
136,904
$75 a share, including four regular quarterly payments at the annual rate Provision for Federal and State taxes
of $25 per share, and two extra dividends of $25 each.
-V. 132, p. 1633.
$1.041.896 $1.327,426
Netincome for year
1,040,530
1,327.426
men & Co.'s proportion of net income
Sunray Oil Corp.
-23.% Dividend in Stock.
263,185
The directors have declared a 2 % stock dividend on the common stock, 8% preferred dividends
205,862
132,268
payable Apr. 15 to holders ofrecord March 25. On Jan. 15 last, a 5% stock 73.6% preferred dividends
Common dividends
325,230
distribution was made.
-V. 132, p. 1633.
$509,438
$931,973
Netincome for year. after dividends
Taggart Corp.
-Omits Common Dividend.
3.292,068 2,499,240
The directors have voted to omit the quarterly dividend which would Surplus at beginning of year
ordinarily be payable about April 1 on the common stock, no par value.
Total surplus
$3,801,506 $3,431,214
From Jan. 2 1930 to and including Jan. 2 1931, the company made quarPrem,on retire, of notes & 8% pref.stock
101.705
terly payments of 25 cents per share on this issue.
-V.130. p. 4069
Adjustment of earnings of subsidiaries
217,197
Telautogra ph Corp.
-Earnings.
-
For income statement for month of February see"Earnings Department"
on a preceding page.
-V.132, p.1634.
Teleregister Corp.
-New Appointments.
Appointment of eight men to newly created offices and titles, and the
establishment of a divisional and departmental organization as part of a
program of immediate and general expansion, were announced last week
by this corporation, a subsidiary of the Western Union Telegraph Co.
engaged in supplying centrally operated quotation board service to stock
brokers.
The Teleregister Corp. now serving New York, Brooklyn, Newark and
Chicago with boards reporting New York Stock Exchange quotations announced at the same time that service would be inaugurated to Philadelphia
within a week, to Boston April 16, to Pittsburgh and to other cities later.
Engineers have worked for a year to perfect the service to the cities named
and in each place a number of leading brokers have arranged for this service
in their offices. Each of the cities will receive teleregister automatic
quotation board service over Western Union lines direct from the transmitting station in New York.
The appointments announced were: A. F. Goll, General Commercial
Manager; R. F. Drehner, General Supervisor of Plant and Traffic; Curry
Lea, General Supervisor of Supplies; J. F. Alexander, Acting Divisional
Manager, Eastern Division :Ira A. Gaston, Commercial Manager, Eastern
Division; Carl A. Anderson, Supervisor of Maintenance and Traffic, Eastern
Division; Philip J. Freund, Acting City Manager, Philadelphia and Leonard
Wengstrom, Acting City Manager, Boston. H. C. Smart, previously
appointed Manager of the Central Division, with headquarters at Chicago,
will continue as the head of that division.
-V.132, p. 1440.
(John R.) Thompson Co.
-New Chairman,ctc.Charles A.McCulloch,former President of the Parmelee Transfer Co.,has
been elected Chairman of the board of directors and Treasurer of the
John R. Thompson Co.
John R. Thompson Jr. has been re-elected President and operating head
of the Thompson company, which at present Owns and operates 122 restaurants in 41 of the principal cities of the United States.
Associated with Mr. McCulloch and Mr. Thompson on the board of
directors will be William Wrigley Jr. (Chairman of the board of directors
of the William Wrigley Jr. Co. and owner of the Chicago Cubs), John D.
Hertz (President of the Omnibus Corp.). Charles S. Pearce (President of
the Colgate-Palm Olive-Peet Co.), Herman Waldeck (Vice-President of
the Continental Illinois Bank & Trust Co.) ,Warren Wright (President of
the Calumet Baking Powder Co.), William M. Collins (former President
Phillip Henrici Restaurant Co.) and Edward N. D'Ancona (senior partner
of the law firm of D'Ancona, Pflaum & Kohlsaat).
The following officers of the company were elected for the coming year:
Charles A. McCulloch, Chairman; John R. Thompson Jr., President;
John D.Hertz, Warren Wright and Sydney D.Goldenberg, Vice-Presidents;
W. W. Walker, Secretary: Charles A. McCulloch, Treasurer; Edward N.
-V. 132, p. 2014.
D'Ancona, General Counsel.
-Earnings.Thompson Products Inc. (& Subs.).
1928.
1927.
1929.
Calendar Years1950.
Mfg. prof. after deduct.
cost ofgoods sold,incl.
material, labor & factory expense
$1,518,845 $2,770,049 $2,215,880 31,929,084
709,487
1,086,652
682,042
Sell., gen. & admin. exp989,347
19,732
46,233
44,460
Other deductions
112,451
Cr.2,127
Int. paid less int. earned
15,933
Cr.10,588
8,411
156,905
236,768
178,274
Depreciation
281,550
147,000
138,693
Federal taxes
21,000
155,000
Net profit
Balance, Jan. 1
Miscellaneous credits-
$106,087 $1,231,235 $1,073,514
2,867.162
2,242,303
1,60,022
$915.798
1,053,244
744
Surplus at end of year
$3,584,309 $3.329.509
Earns, per sh. on 271.522 shs. corn. stock (no par)_
$33.07
$3.43
Devaney says in part:
President Thomas F.
Company during the year extended further its investment in and development of subsidiary and affiliated companies. At the close of the year
it owned a substantial interest in Ames, Emerich & Co., Inc.; Stewart &
McDonnell, Ltd., London, Eng.; Municipal Engineering Co.and Engstrom
Wynn, Inc., and owned all of the stock of Ulan Engineering Corp.; Ulen
Securities Co., Ltd.•, Ulen Management Co.; Donaldson & Co. and C. R.
Cummins, Inc. The earnings of all the foregoing subsidiary companies
are reflected In the consolidated income.
Of the bonds and notes acquired by company in connection with its
construction activities, approximately $4,200,000 were sold or redeemed by
the respective sinking funds during the year. Principal, interest and sinking
fund payments on all bonds and notes owned were fully and promptly
received as they respectively became due.
Work on the Athens(Greece) water system,costing more than 312,000,000
was highly satisfactory. We expect to complete this job during 1931.
The $23,000,000 Struma (Greece) drainage and flood control contract,
has been organized and equipped and is well under way.
Work on the Cali (Colombia) highway contract has been slowed down
considerably during the year in order to keep the expenditures within the
funds made available by our client.
Progress on our work for the Republic of Chile has been somewhat
retarded for the same reason as was the Cali highway contract.
Excellent progress was made throughout the year on the Maverick Water
Improvement District(Texas)contract,amounting to $6,600,000. We hope
to complete this canal to the point where we can deliver water to Central
Power & Light Co.'s hydro-electric works before the end of 1931.
On all engineering and construction work undertaken by company it
receives payment for its services on a cost plus or fixed fee basis.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets
Liabilities
Cash
994.325
$539,482 $722,421 Notes payable_ __ 1,456,745
Notes dr accts. rec. 1,333,252
671.439
896,552 Accounts payable. 320.689
U.S.treas. notes &
Dividends payable 211,174
104.855
other mar. secs_ 517,662
143,312
155,423 Fed. & State taxes 150,541
!ids, red. Our. year 394,810
97.163
484,357 Notes payable_
173,215
Contract deposit_ _
50,000 Interest accrued_
Accr.int.& fees rec. 627,790
823,487 Res for unreal.pro!
& contingency._
81.330
Construe. contracts
Min.int.ln cap.stk.
purchased
655,946
Notes rec.stk.sub.
& surp. of subs_ 335,792
20,000
39,559
712,301
Real estate develop
Contract advances
xConv.6% skg. Id.
Project
154,889
Accrued undistrib.
gold debentures_ 7,132,000 7.500,000
earn. of Mill. co.
134,853 734% cum.pref.stk 2,782.800 2,782,800
Securities
11,300,668 12,898,624 Common stock_ _ _ y1,503,651 1,503,651
3,584,309 3,329,509
Conv.6% skg,fund
Surplus
gold debentures_ 433,800
355,993
Real estate mtges.
& notes rec
280,279
190,169
Prop. & leasehold
139,457
improvement_ _
303,361
Unamort. deb.dise.
dr expenses
513,151
445,635
Other def. charges 854,338
584,278
1
Good-will
1
Total
17,771,806 17,838,855
Total
17,771,806 17,838,855
x Includes $368,000 purchased for sinking fund. y Repro ented by
271,522 no par shares.
-V. 132, p. 1243.
-Annual Report.
United Chemicals, Inc., N. Y. City.
During the year company acquired control of Industrial Chemical Corp..
Ltd., which In turn completely owns the following: California Chemical
Corp., Sierra Magnesite Co., Ltd., National Kellastone Co. and Chemical
Reduction Co., engaged in the production and sale of bromides and various
calcium and magnesium products for building, mining, steel and other
industries. These acquisitions made possible diversification of products
sold, location of production, and industries served.
Subsidiaries spent in 1930 approximately $1,143,925 in land, buildings
Balance, surplus
52,300,969 $2,867,161 $2,242,304 $1,606,023
and equipment in order to decrease production costs, recover by-products
Earns, per sh.on 263,160
and produce related chemicals. There was acquired from the new Calishs. of corn. stock__- $0.30
$4.58
$33.98
. $3.38
fornia companies equipment totalling $1,047,544.
-V. 132, p. 2014.
Earnings for Year Ended Dec. 27 1930 (Incl. Subsidiaries).
Title Guarantee & Trust Co.
-Extra Dividend.
Net sales
$6,356,154
4,107,484
The trustees have declared the regular quarterly dividend of $1 20 per Cost ofsales
799,303
share and an extra dividend of 60c. per share, both payable Mar. 31 to Selling and administrative expenses
66,130
holders of record Mar. 21. Like amounts were paid in each of the seven Other deductions, net
468,217
receding quarters.
-V. 131, p. 4067.
Depreciation
Provision for Federal taxes
99.897
Total surplus
32,973,249 $3,473,539 $2.679,537 $1,969,786
Preferred dividends- 26,905
37,497
28,225
23,476
Common dividends
626,724
578,152
399.736
340,144
Federal taxes, adjust_
142
Expenses of Thompson_
Products, Ltd
18,651
Transcontinental & Western Air, Inc.
-Board of
Directors, &c.
Seven representatives of the General Aviation Corp. a subsidiary of
the General Motors Corp., have been elected to membership or alternate
membership on the board of directors of Transcontinental & Western Air,
Inc. The General Aviation Corp. recently purchased 60,000 shares of
stock of the Western Air Express Corp., which controls Transcontinental
& Western jointly with the Transcontinental Air Transport, Inc.
The following have been elected directors: Frederick Fisher, C. E. Wilson
and J. M. Schoonmaker Jr., all directors of the General Aviation Corp.
and T. W. Streeter.
The following alternates were elected: E. R. Breech, D. B. Whitney,
Albert Bradley, Henry M. Hogan, E. 0. McDonnell and W. P. MacCracken Jr. Messrs. Bradley, Breech, Hogan and Whitney are the alternate directors representing the General Aviation Corp. Mr. McDonnell
is President of the National Aviation Corp., which is also a holder of
Western Air Express stock.
Messrs. Schoonmaker and Wilson have been elected to membership on
the executive committee, and Messrs. Breech. Hogan and Whitney to
alternate membership on the executive committee.
At the last meeting of the board the following members resigned; W. M.
Garland, J. A. Talbot, R. B. Hale and W. P. MacCracken Jr. The
following also resigned as alternate members: J. G. Woolley, H. M. Wright,
Robert Walsh, Philip Philbin and Frederick Lea.
The officers of Transcontinental & Western Air, Inc., which is an operating subsidiary of Transcontinental Air Transport and Western Air Express
are as follows: C. M. Keys, Chairman: Harris M. Hanshue, President;
D. M. Sheaffer. Chairman of the executive committee; Colonel Charles A.
Lindbergh, Chairman of the technical committee; J. L. Madding, 1st VicePresident: Jack Frye, Vice-President in charge of operations; T. B.Clement,
Vice-President in charge of traffic; W. J. Barry, Acting Secretary and
Treasurer.
Net profit for year
Portion of net profit applicable to minority interest
$815,123
338,972
Balance applicable to United Chemicals, Inc
Dividends on preferred stock
$476,150
345.450
Balance
$130,700
Earnings Per share on 102.000 shs. common stock (no par)
$1.28
Consolidated Balance Sheet Dec. 27 1930.
Assets
Liabilities
Cash
8351,692 Accounts and notes payable.
$93,737
Marketable securities at cost_ 1,241,541 Dividends payable to minority
Accounts and notes receiv.,
stockholders
18,161
less reserve
467,256 Reserve for Fed. income tax_
99,897
Inventories
1.201,490 Reserve for royalties, &e..,_
23,168
Interest receivable
17,635 Deferred credits
24,265
Subscrip, to capital stock_ _
5,108 10 year notes due 1932
22,000
Deferred charges
258,934 10 year 5Si% debentures... 1,929,000
Cash on deposit with trustee_
108,717 Minority interest in subs.:
Permanent investments
2,000
Preferred stock
1,316,600
Fixed assets
7,661,140
Common stock and surplus 2,540,048
Patents, contr., good will, &c. 2,311,004 33 pref. stock $3
85,806,474
Organization expense
43,393 Common stock
131,794,560
Total
313,667,913 Total
a Represented by 85.150 no par shares.
no par shares.
-V. 131. p. 3383.
$13,667.913
b Represented by 102.000
Union Cotton Mfg. Co.
-Liquidating Dividend.
The directors have declared a further liquidating dividend of $10 a share
payable Mar. 18 to holders of record Mar. 16.-V. 131, p.3723.
FINANCIAL CHRONICLE
2216
-Dividend Decreased.
United Fuel Investments, Ltd.
The directors have declared a quarterly dividend of $I per share on the
6% cumulative pref. stock, par 3100, payable April 1 to holders of record
March 16. Previously, the company paid regular quarterly dividends of
$1.50 Per share on this issue.
President S. A. Morse says in substance:
"After full consideration of the company's position, the directors have
7
declared a dividend of 1,0 (instead of the usual 1 Yi%) on the cum. pref.
shares, payable on April 1 1931, to holders of record March 16.
"Due to the general depression in business, the unusual mildness of the
winter, the decrease in the amount of gas by sales, and the lower prices
obtainable for coke, the earnings during the current year have been considerably curtailed, and it is now clear that earnings from usual sources
will not of themselves be wholly sufficient to provide for payment of the
dividends declared. However, the arrangement with the Union Natural
Gas Co. of Canada. Ltd., referred to below, has made available moneys
to cover any deficiency. Although the coke company's earnings were
reduced, the market for this product is broadening very rapidly and in
the current year the volume of coke sold has shown a very substantial
and satisfactory increase over previous years. The anti-dumping regulations now applied to coke should further assist in the development of
your company.
"By reason of the fact that the Union Natural Gas Co. of Canada.
Ltd., now owns over 99% of the common stock of the United company,
arrangements have been made which, by effecting mutual operating ad,
vantages, should increase the earning capacity of the United company,
and in addition the Union Natural Gas Co. of Canada. Ltd., has agreed
to provide, in certain events, substantial cash payments to the United
company available for the payment of dividends.
"In the opinion of the directors, earnings from usual sources, together
with the above-mentioned payments, if called for, will be sufficient to
enable dividends on the preferred shares to be paid on a 4% basis during
the next two years, even should the present business depression continue
for so long. It is expected that during such period a substantial increase
in the earnings of United Fuel Investments. Ltd. will be effected, and
'
that the earnings will permit the resumption of the regular 6% dividend."
-V. 132, p. 1635.
-Defers Dividend.
United Milk Products Corp.
The directors have voted to defer the quarterly dividend of I i% due
April 1 on the 7% pref. stock. The last regular quarterly distribution of
1 y,% was made on this issue on Jan. 21931.-V. 128, p. 2652.
-Div. Action Deferred.
United Porto Rican Sugar Co.
The directors have deferred action on the April 1 preferred dividend until
the May meeting, when the board can estimate more accurately the results
of the current year's operations. Action was due to the lateness of grinding this year and the small amount of sugar already made and sold.
The last quarterly distribution of 874 cents per share was made on
Jan. 1 1931 on the &3.50 cum. panic. cony. pref stock of no par value.
V. 131, p. 3222.
-To Reduce Stated Value of
-Sharing Corp.
United Profit
-Annual Report.
Capital Stock to 25 Cents per Share
w. L. Bewley, Secretary-Treasurer, says in part:
The balance sheet Indicates that the market value of company's investments has declined $1.285.718 below cost. A considerable portion of these
investments were income producing when acquired Out during 1930 no
Income was received therefrom.
Though directors believe that the intrinsic value of the investments is
substantially more than their market price, in the interest of conservatism
it is proposed to write down the investments, including treasury stock, to
the market value at Dec. 31 1930. Since this would exhaust the surplus
and considerably impair the capital account, directors will recommend to
the stockholders at a special meeting that the stated value of the no par
common stock be reduced to 25 cents a share from $2 per share.
This will result in a transfer from capital account to surplus account of
5414,572, against which will be charged part of the depreciation in investments. This capital adjustment will in no way affect the interest of any
stockholder. Corporation will start the new year with a conservative
balance sheet and no capital impairment so that the directors may properly
declare such dividends as the subsequent earnings of the company may
justify.
Net prollt
Federal taxes
Income Accountfor Calendar Years.
1928.
1929.
1930.
$237,918
$333,055
$149,218
23,200
19,300
1927.
$312,771
20,400
Net income
Prof.dividends
Common dividends
$149,218
19,927
$218,618
19,925
141.931
$309,855
19,914
283,853
$292,371
19,893
141,912
Balance,surplus
Previous surplus
Excess prov. for coupon
redemption
$129.291
814.290
556,761
751,062
$6,086
744,976
5130,566
636,940
$1.083,581
Total
Com,stock dividend_ 131,498
Loss on securities sold_-
$807,824
$751,063
$767,506
22,530
Profit & lose surplus- Shares of common outstanding (no par)- Earns, per share on coin-
$807,824
$751,063
$744,976
140.000
$952,083
236,648
236,895
236,847
236,898
$1.22
$1.15
$0.54
$0.84
Balance Sheet Dec. 31.
z1930.
1929.
1929.
:1930.
Liabilities
$
Assets$
19,089 Preferred stock_ _- 199,270
199,270
13,624
Furniture & Mi._
69,061 Common stock.- - 473,797 y473,790
81,796
Cash
155
1,389,860 1,537,025 Cap. distrlb. bal..
Investments
126,882
179,230
148,259 Accounts payable_
97,594
Inventories
35,000
1,059 Notes payable..._
115,000
Unexpired Maur_
367,571 xProv. accounts- - 178,025 24,993,968
Accts. receivable_
. 265,976
952,083
807,824
Coupon amounts_ See a 24,627,172 Surplus
86,118
Treasury stook__ _
30.097
Other assets
Total
1,965,057 26,769,237
Total
1,965,057 26,769,237
x For contingent llability on coupons, taxes, fixture depreciation, &c.
z In departure from the company's prey 236,898 shares, no par value.
vious practice there has been omitted from the above balance sheet the
coupon account representing future business as well as the contra reserve
therefor. At Dec. 31 1930 these accounts, according to the company's
books amounted to $25,107,340.
Pro Forma Balance Sheet at Dec. 311930.
[As it would appear after giving effect to the proposed reduction of stated
value of stock from $2 per share to 25c. per share, and the writing down of
investments to their market value at Dec. 31 19304
Liabilities
ASS49$81,796 Notes payable to bank (secured) 635,000
Cash In banks and on hand
126,882
Accounts payable, trade
Marketable securities (market
104,145 Accrued State taxes & interest- 6,816
value Dec. 31 1930)
265,976 Unpaid cash & stock dividends__ 19,150
Accounts receivable
97,584 Deposits advanced for coup. red. 2,276
Inventories
136,756
129 Prov. for red. of coupons
Interest receivable
1,640
10,151 Prov.for Federal Income tax__
Special deposit
Provision for contingencies
11,386
Prepaid taxes, postage, MaurCapital Stock:
16,149
ance, supplies, &a
199.270
3,668 Preferred stock
Bond & mortgage receivable.13,625 Common stock (236.898 shs.)___ 59.224
Furniture & fixtures
17,888
23,066 Capital surplus
Treasury stock (12,301 shs.)
Total
-V. 130, p. 1669.
$616,289
Total
$616,289
-Div., &c.
Utilities Hydro & Rails Shares Corp.
The directors have declared a dividend of be, per share on the common
stock, payable May 1 to holders of record Apr. 1. A similar distribution
was made on Feb. 2 last, as against 14c. per share previously.
Based on present conditions, the company's auditors estimate the surplus
Should be approximately $13,522 after paying May 1 dividend requiring
317.926.-V. 132, p. 1244.
[VoL. 132.
-New Actuary.
United States Life Insurance Co.
At a meeting of the board of directors held on March 17, Andrew (7.
Webster was appointed Actuary of the company.
-V.132. p. 2016.
-Debentures Offered.
-Lee,
Vanadium Corp. of America.
Higginson & Co. are offering at 973 and bat., to yield over
-year 5% convertible sinking fund gold
5.30%,$5,000,000 10
debentures.
Dated April 1 1931: due April 1 1941. Principal and interest (A. & O.)
payable at offices of Lee, Higginson & Co., in New York Boston and
Chicago. Denom. $1,000 and $500 c*. Interest payable without deduc
tion for normal Federal income tax up to 2%. Present Conn. and Penn
4 mills taxes and Mass, income tax up to 6% refundabla. Callable on 30
days' notice, as a whole at any time or in part on any interest date, at 103
and int. on or oefore April 1 1935, and thereafter at a premium 1% less
for each succeeding three years' period. Lee, Higginson Trust Co.,
Boston, trustee.
Data from Letter of Alfred A. Corey Jr., President of the CompanyBusiness,
-Corporation incorporated 1919, successor to business founded
1906, directly or through subsidiary or affiliated companies, is engaged
in production, manufacture and sale of alloys, including ferro-vanadium,
ferro-silicon, ferro-chromium. ferro-titanium, silico-manganese and a
special alloy, known as alsifer, all of which products are largely used in
iron and steel and other metallurgical industries.
Through Southern Mineral Products Corp., the corporation owns in
Virginia the largest commercially developed deposit of nelsonite ore in
the United States, from which is produced form-titanium and titanium
dioxide, the latter a highly refractive material of high covering power.
Particularly adapted for use as a white pigment or paint base. From
neLsonite ore, phosphoric acid products of high quality will also be manufactured. The mining, milling and manufacturing units for these products
are now completed and going into operation.
Properties and plants of corporation and its subsidiary and affiliated
companies are'at Bridgeville, Pa., Niagara Falls and Lewiston, N. Y.,
Vanadium, Colo., and Piney River, Va., in the United States; at Mina
Ragra, Peru, South America; in Southern Rhodesia, South Africa; and in
the Province of Ontario, Canada.
Purpose.
-Proceeds will reimburse the corporation for expenditures on
properties of Southern Mineral Products Corp.; will provide for contemplated further additions, extensions and improvements of plants; and
will provide additional working capital.
Earnings.
-Net profits, including other income, before deducting
depreciation and depletion; depreciation and depletion charges; and net
profits, including other income after depreciation and depletion, available
for interest and before Federal income taxes, for the six years ended Dec.
31 1930, were:
Net Profits, Inc. Depreciation Net Profits, Inc. Times Int.
Other Inc. After Requir. on
Cal.
0th. Inc., Before et Depletion
Deprec. & Dept. This Issue.
Charges.
Year.
Deprec. & Dept.
6.9
31,724.551
$419,343
1925
52,143,894
2,227,686
8.9
326.461
2,554,147
1926
2,077.770
8.0
358,211
2.435,981
1927
1.934,728
7.7
251,305
1928
2,186.033
608.448. ,
2,665,965
1929
4.6
512,202
1.166,176
*1,678,378
1930
* Including $571,899 net profit from sale of securities, chiefly corporation's own stock previously acquired.
Average annual net profits, including other income, as above, after
depreciation and depletion, for six years ended Dec. 31 1930 were $1.864,738, or more than 7.4 times, and for year ended Dec. 31 1930 such net
profits, including other income, as above, were 51.166,176, or more than
4.6 times the $250,000 annual interest requirements on this issue.
-Sinking fund, first payment 1932, to be used for purchase
Sinking Fund.
or call and retirement of debentures, calculated to retire at least 50% of
entire issue by maturity.
-Debentures convertible, at option of holder, at face
Convertibility.
amount into common stock of the corporation at $80 per share at any
time prior to maturity or redemption, subject to adjustments. Common
stock during year 1930 sold on New York Stock Exchange at prices ranging
from $44% to $143( per share.
-Application will be made to list these debentures on the New
Listing.
York Stock Exchange.
Consolidated Balance Sheet Dec. 31 1930 (After Giving Effect to Presc n
Financing).
LiabilUtesAssets
$309.943
$3,965,811 Accounts payable
Cash
263,471 State taxes and Federal taxes
Accounts receivable
57,164
for 1930
4,196,761
Inventories
89,787
31,478 Reserves for contingencies
Cash surrender value, Maur33,529 Reserve for workmen's comWorkmen's compensation dep.
44,050
pensation insurance
Marketable securities at cost 1.656,026
193,910 5% convertible debentures.- 5,000,000
Prepaid expenses
150,000 Cap. stock (378.367 1-3 ells.) 15,289,022
Other securities, at cost
3,214,665
305.240 Earned surplus
Real estate mortgage receiv13,171,075
Capital assets (net)
37,330
Patents, unamortized portion
$24,004,631
Total
$24,004.631
Total
31 1930, shown by consolidated balance sheet, givNet assets at
ing effect to present financing, after deducting all liabilities other than
these debentures, are 322,873,409, exclusive of treasury stock, or more
than 457% of this $5,000,000 issue. Fixed assets, exclusive of patents, are
valued at $13,171,075. Total current assets so shown, exlusive of marketable securities, are $8,491,050, including 33.965,811 cash, or more than
23 times total current liabilities of $3367,107, and net current assets are
then 38.123,943.-V. 131. p. 2550. 1273.
D.
-Dividend Omitted.
Vlcheck Tool Co.
The directors have decided to omit the quarterly dividend ordinarily
payable about March 31 on the common stocic. On Sept. 30 and Dec. 31
last, quarterly dividends of l2 lc. per share were made on this issue, as
-V. 131, p. 2238. 1730; V. 130, p. 4438:
against 25c. per share previously.
. 128, p. 4176.
Warren Brothers Co.-Earnings.-
[Incl. wholly owned subs., except Warren Bros. Financial Corp.]
1929.
1930.
1928.
1927.
Calendar Years$28,191,178 $335,364,069 528.118,457 $16,684,214
Gross income, &c
Cost,&c.,incl. local tax- 24,640,543 31,634,986 25,050,885 14,575,350
1,153,097
481,174
1,165.270
1,235,129
Depreciation
Net income
Other income
$2,385,364 $2,575,986 51,832,442 51,627,690
1,401,308
1,386,391
945,993
444,632
Total Income
Interest charges
Income taxes, &c
$3,786,672 53,962,377 52,778,436 $2,072,322
290,848
302.395
328,423
246.793
669.290
316,937
260,000
514,872
Net income
*33,025.008 $3,002,238 $2,159,103 $1,483,899
119,025
117,656
119,016
55.476
First pref. dividends- -34,726
17,120
34,786
34,961
Second pref. dividends
76,203
Convertible pref. dive940,380
577,425
1,372,341
783,710
Common dividends
5753$57
$1,503.866 $1,908,107 $1,221,590
Balance, surplus
156.742
Com.shs.outst.
156.742
115,485
472.938
(no par).
$18.17
$12.79
$6.08
$11.52
Earnings per share
Brothers Co.contracted to accept at 95% of par
*On Oct.30 1930 Warren
value Republic of Cuba 53 % gold notes (payable on or before June 30 1935)
in settlement of work on Cuban Central Highway unpaid as of Sept. 30
1930, and to be completed subsequently. In the gross income for the year
1930 the provisional certificates providing for exchange into these gold notes
and amounts receivable therein for contract value of completed work are
included at the issue price of 95% of par value.
Undivided Surplus Account.-Undlvided surplus Dec.31 1929,33.733,737;
surplus for year 1930,after dividends,51,503.866; total surplus, $5.237,603.
Dedact: Payment at rate of $8 per share of convertible pref. stock issued
in exchange for second pref. stock and interest thereon, $61,047: addition
to surplus set apart in respect of outstanding funded debt, $92,474: appropriation for contingencies. $1,000,000; undivided surplus on Dec. 32
1930, $4,084,082.
MAR. 211931.]
To Authorize Debentures and Increase Common Stock.
The stockholders will vote April 14 on authorizing an issue of $5,000,000
of debentures bearing interest at the rate of 6% per annum, maturing 10
years from the date thereof, said debentures to 13C convertible into the
common stock at the following prices: $45 per share if converted on or
before March 1 1934; or $50 per share if converted after March 1 1934 and
on or before March 1 1937; or $55 per share if converted after March 1
1937 and prior to maturity; with provisions for an adjusted conversion price
in certain events, and on amending the charter of the corporation: (a) so as
to increase the amount of the authorized common stock without par value
from 600,000 shsres to 1,000 000 shares:(b) so as to empower the directors
to issue the aforesaid $5,000,000 of debentures convertible into shares of
stock without par value of the corporation for such considerations as the
board may deem advisable; (c) so as to empower the directors, without
first offering the same to the stockholders in proportion to their holdings
to issue and sell the $5,000,000 of debentures as now proposed to he issued,
.and to issue common stock without par value as may be required upon the
conversion thereof and under the terms of an option granted with respect to
50,000 shares of common stock; and (d) so as to reduce the amount of the
•authorized convertible preferred stock from 50,000 shares to 47,945 shares.
President Charles R. Gow, March 14, in a letter to the
.stockholders says in part:
Because of unfavorable market conditions, the Cuban Government was
'obliged to defer, for the time being, the financing of the last $40,000,000
of its authorized bond issue from the proceeds of which this company was
to have received the balance of its payments under its contract for constructing the major portion of the Cuban Central Highway. This unanticipated development made it necessary for the company to accept payment for a part of its work in Republic of Cuba 5 % gold notes due
June 30 1935 or earlier in the event the contemplated Cuban financing
Is completed, which notes were accepted at 95% of par. On Dec. 31 1930,
the company had received or receivable a net amount of these notes which
at 95% of par aggregated $8,478,560. In the completion of this contract.
the company has further amounts of these notes, receivable on account of
work done in the early months of the current year. Up to the present time,no
opportunity has been presented for the liquidation of these notes without
accepting a loss which the officers of the company consider unjustifiable.
At the end of the year, therefore, the company was borrowing from its
banks $3,623,271, and was faced with the immediate necessity of substantial further borrowings to provide funds for the conduct of its business
during the present year, or until further Cuban financing was possible.
This would have resulted in unprecedentediy large bank loans to the
.company.
In order to strengthen the current position of the company, in order to
obviate the necessity of a sale of its holdings of these Cuban securities at a
substantial sacrifice and In order to place your company in possession of
ample liquid capital for the normal requirements of its activities and for
Prudent expansion, domestic and foreign, the board, after prolonged
negotiation, has deemed it advisable to avail itself of a favorable opportunity and considers itself fortunate in having contracted with a representative group of bankers for the sale, subject to issue, of $5,000,090
cony.6% sinking fund debentures. As a result of this financing, the company will be in a position to extinguish its bank borrowings completely
and to look forward with confidence towards advantageous business during
the current year. See also V. 132, p. 2016.
Waldorf System Inc.
-Earnings.
Calendar YearsTotal sales
'Cost of sales
2217
FINANCIAL CHRONICLE
1928.
1927.
1929.
1930.
$15,958,394 $16,362,410 $14,621,170 $14,679.662
13,902.897 14.355,385 12.903,600 12,863,594
Incomefrom operation_ _ $2,055,497 $2,007,025 31.717.569 $1,816,068
86,690
Income credits
107.868
78,848
58,718
Gross income
$2,114,215 $2,114,893 $1,804,260 $1,894,917
Depreciation, amortiz'n
of leaseholds, Federal
and State taxes,&c_ _ _
822.313
870.628
898.648
909,347
Net income
$1,215,567 31.205,546
Preferred dividends__ _ _
49.454
38,318
'Common dividends
692.234
688,544
$981.946 $1,024,289
56,504
63,769
669,915
662,415
$463,858
$255,527
Balance,surplus
$298,104
$488,705
Profit and loss surplus_ _ 3,082,654
2,598,272
2,158,506
1.938,423
.Com.shs. outst.(no par) x461.610
461,610
461,610
441,610
Earns, per sh. on com- $2.50
$2.08
$2.55
$2.17
x Includes 14,867 shares purchased during 1930 and held in treasury.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Liabilities
Assets-389,340
598,030
Land & buildings- 2,863,408 2,794,067 Preferred stock_ _ _
Equip. Sc furniture 8,766,441 6,417,830 Common stock_ _ _x3,108,300 3,108,300
462,864
Leaseholds
372,145
401.322 Accounts payable_ 389,749
Cash
281,250
845,357
634,675 Notes payable_
Refund due on
Wages aces., exp.
bldg. construcand taxes
180,720
142,657
tion loan
Fed. & State taxes 221,178
213,096
50,000
Accts.& notes rec64,140 Construe,contracts
57,535
ACom.stk.for =pi.
44,100
incompleted_ -7,340
subscription_
340,000 Mtge. notes pay'le 1,106,500 1,139,000
Due from empl.
Depos.=subleases
4,050
stock subscr____
5,791
Res. for conting._
89,342
82,148
Prof. stk. sink. fd.
10
1,817 Res, for sink. fund 120,804
119,362
Inventories
582,534
899,619 Res.for depree'n__ 3,874,117 3,291,972
Miscell. invesUn'ts
5,339
5.339 Surplus
3,082,654 2,598,272
•Cons, stock held
treasury
322,405
Pref. stk. held in
treasury
14,266
Miscoll. assets_
8,933
Deposits on leases69,841
24,999
128,848
Deferred charges-- 121,329
525,532
531,434
• Good-will
12,610,855 12,044,091
Total
Total
12,610,855 12,044,091
x 461,610 shares of no par value.
-V. 132, p. 1442.
Warren Foundry & Pipe Corp. (& Subs.).
-Earns.
-
Calendar Years1930.
1929.
1928.
1927.
Sales & ry. opor. rev---- $3,951,887 $4,441,398 $4,169,842 $4,573,429
-General expenses, &c--- 3,364,899 3,904.579 3,941,813 3,941.430
Net operating income.. • $586,988
Miscellaneous income__
121,593
$536,819
169,724
$228,029
217,561
$631,999
116,227
Total income
Miscelianeous charges..
Deprec. & depletion
$706,543
98,026
315,000
$445,590
117,452
312,394
$748,226
135,110
295,572
$708,581
28,872
262,566
Net profit
$293,517
$417,143
$15,744 4317,543
outat'g (no Par val.)
182.000
250.000
250,000
250,000
Earnings per share
$2.29
$1.17
$0.06
$1.27
x Represents net income of Replogle Steel Co. and its subsidiaries from
Jan. 1 to April 19 1927 and net income of Warren Foundry & Pipe Corp.
and its subsidiaries from April 19 to Dec. 31 1927.
To Reduce Stock.
The New York Stock Exchange has received notice from this corporation
of the Proposed reduction in the authorized common stock by 50,000 shares
.and the reduction in capital represented by common stock from $35.40
per share to 110.-V. 131. p. 2238.
White Motor Co.
-Dividend Rate Reduced.
-The directors
on March 14 declared a quarterly dividend of 25 cents per
share on the outstanding $40,000,000 common stock, par
-$50, payable April 1 to holders of record March 23. The
.company from Dec. 31 1929 to and including Dec. 31 1930
made quarterly distributions of 50 cents per share.
-V.132,
,p. 1828.
-Earnings.
Washington Oil Co.
1928.
$279,757
1927.
$221,737
Calendar Years
-1930.
$209,229
Gross income for year- _ _
Oper. expenses, taxes,
171,539
depreciation & deple'n
1929.
$325,819
173,504
150.283
119,300
Net income
Dividends paid
$152,314
76,356
$129,473
71,320
$102,437
79,245
$37,690
53,294
$23,192
$58,152
Net earnings for year. def$15,604
$75,958
15,849
15.849
Shs.cap.stk.out.(par$25)
23.686
23,683
$6.46
Earned per share
$1.59
$6.43
$8.19
Condensed Balance Sheet Dec. 31.
1929.
1930.
1929.
LiabilitiesAssets1930.
1592,150 1592,150
Prod.&non-prod.prop_3576,028 $541,306 Capital stock
Bills and stets Payable 48,927 44,134
Compres,stations,real
213,806 229,409
101,568 149,878 Surplus
estate & bidgs
10,479 18,166
Other equip., &c
Investment securities_ 58,000 58,000
MaLmerch.,olistk.,&e 92,861 31,071
Cash
13,081 15,987
Bills & acels receivable
865 51,284
$852,882 $865,693
Total
-V. 130, p. 2231.
Total
$853.882 $1165,693
-Earnings.
Willys-Overland Co.
Calendar YearsNet sales
Net loss after all charges
-V. 131, p. 3891.
1930.
1929.
$55,581.945 $159.810,503
9.073,646
5.195.795
-New Directors.
Zonite Products Corp.
Hunter Marsden, President of the Bancamerica-Blair Corp. and Herbert
-V. 132. p. 2028.
Bayard Swope, capitalist, have been elected directors.
CURRENT NOTICES.
Brigadier General Cyrus S. Radford, retired. United States Marine
Corps, has joined the organization of Newburger, Loeb & Cs., stock
brokers, members of the New York and Philadelphia Stock Exchanges,
with Philadelplfa, offices 1423 Walnut St., according to an announcement
recently made by Frank L. Newburger,senior partner of the firm. General
Radford retired from the Marine Corps in 1929 after 39 years of service
during which he won many decorations. At the time of his retirement
(to assume the post of Vice-President of the Bankers Trust Co. of Philadelphia, from which he subsequently resigned) General Radford was
Quartermaster General of the Marines, with headquarters in Washington.
-The Lisman Corp. has been formed to carry on a general investment
business at 42 Broadway, New York. Officers of the new corporation are
F. J. Lisman, Chairman; S. A. Traugott, President; H. J. Lowenhaupt,
Treasurer, and S. C. Steinhardt. Secretary, all of whom were formerly
general partners in the brokerage house of F. J. Lisman & Co., except Mr.
Steinhardt, who was a special partner. Mr. Lisman has been prominent
n Wall Street for more than 35 years and is a member of many railroad
committees and directorates. The present plans of the new house call for
Participation in underwritings as well as the formation of protective committees, when such is considered desirable.
-Ettinger Sc Brand announce the opening of an office at 208 8. La Salle
St., Chicago. William Siegel is resident Manager and Prod J. Case. Kai
Antonsen and John J. O'Brien are associated with him. Ettinger Sc Brand
are members of the New York, Chicago, Detroit, and Cleveland Stock
Exchanges and the New York Curb Exchange (Associate). The main offices
of the company are in Cleveland and branches are located in New York,
Chicago, Detroit and Akron.
-Calvin Bullock, investment bankers, sponsoring International Superpower Corp., International Carriers, Ltd., United States Electric Light
& Power Shares and Nation-Wide Securities Co., has opened a new office
in the Williamson Building, Cleveland, Ohio. Kenneth Drummond will
be in charge of this office and will supervise distribution in the State Of
Ohio.
-Berdell Brothers announce the removal of their offices to 1 Wall St.
-Cannon,Stephan & Nelson, members of the Unlisted Securities Dealers
Association, announce that Guernsey Close, formerly with G. M. P.
Murphy & Co., is now associated with them as manager of their sales
department.
-Sutro Bros. & Co., members of the New York Stock Exchange, announce the appointment of Frederic J. Parker, formerly Vice-President
of First National Bank of Detroit, as associate Manager of their Detroit
office with which C. Thorne Murphy also has been associated.
-C. D. Halsey Sc Co. announce the opening of a branch office in the
St. Regis Hotel, 55th St. and Fifth Ave., and the transfer of their office
at Madison Ave. and 45th St. to the new one under the joint managership of J. S. McDonald and T. K. Sands.
-Walter S. Marvin, who retired as a partner of Hemphill, Noyes &
Co. in 1929 to devote his time to aviation, has returned to Wall Street,
and has been admitted to general partnership in the firm of Foster, McConnell & Co., 14 Wall St., New York.
-Fahnestock & Co., members of the New York Stock and Curb Exchanges, and J. Robinson-Duff & Co., members of the New York Stock
Exchange, announce the removal of their offices to the New Irving Trust
Building, at 1 Wall St.
Chandler Hovey & Co., Boston, announce that Chandler Hovey and
James F. Clarke have retired from the firm, which will continue in business
under the same name, the partners being Reginald Bradlee and Samuel
Miner.
- R. Gundelfinger, Inc., San Francisco, announces its withdrawal
E.
from active business and that in the future its investment business will be
conducted by Revel Miller & Co., 315 Montgomery St., San Francisco.
- L. Harris & Co., Inc., dealers in investment securities, announce
H.
the opening of a branch office in the State Tower Building, Syracuse, New
York, for the distribution of public utility securities.
- pamphlet containing analyses of 24 prominent investment trusts
A
of the management type has been prepared by Gammack & Co., members
of the New York Stock Exchange.
Greenshields & Co., investment bankers, announce that their Montreal
office at 17 St. John St. was moved on Monday, March 16, to the Aldred
Building, Place d'Armes.
-Kenneth Clark, formerly head of the statistical department- Banks,
of
Huntley & Co., has become associated with G. Brashears Sc Co., Los
Angeles.
-.J. A. W. Iglehart & Co., members New York Stock Exchaage, announce the removal of their Baltimore offices to 100 St. Paul St.
-Robert Z. Block is now associated with Greene & Co.. 30 Broad St.,
N. Y., in their trading department.
-R. J. Watrous is now associated with A. Iselin & Co. in their public
utllfty bond department.
-P.F.Fox & Co.,announce the removal of their offices to 1 Wail Street.
[VOL. 132.
FINANCIAL CHRONICLE
2218
tparlts anti Socumeitts,
PUBLISHED Al ADVERTISEMENTS
UNITED STATES STEEL CORPORATION
TWENTY-NINTH ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1930.
Office of United States Steel Corporation,
51 Newark Street, Hoboken, New Jersey.
March 10, 1931.
To the Stockholders:
The Board of Directors submits herewith a combined report of the operations and affairs of the United States Steel
Corporation and Subsidiary Companies for the fiscal year which ended December 31, 1930, together with a statement of the
condition of the finances and property at the close of that year.
CONSOLIDATED INCOME ACCOUNT FOR YEAR 1930
The total earnings were, after deducting all expenses incident to operations, including ordinary repairs and maintenance (approximately
$96,000,000), allowance for employes' profit sharing fund, and taxes (including reserve for Federal income taxes), per Consolidated
$157,710,231.72
Income Account, page 17 of pamphlet report
58,550,120.14
Less, Charges and allowances for Depletion, Depreciation and Obsolescence
Net Income in the year 1930..
Deduct, Interest on outstanding bonds and mortgages:
Of Subsidiary Companies
Of U. S. Steel Corporation_
$99,160,111.58
$5.593,367.37
46,729.05
5,640,096.42
$93,520,015.16
10,901,555.99
Balance
Add:Special income receipts for the year,including net interest on Federal Tax Refunds and net adjustments of various accounts
Total Net Income
Dividends for the year 1930 on U. S. Steel Corporation stocks:
Preferred 7 per cent
Common,7 per cent
$104,421,571.15
$25,219,677.00
*60.365.796.75
85,585,473.75
$18,836,097.40
Surplus Net Income in the year 1930
$9.18
Earnings per share on Common Stock (on average shares outstanding)
•Includes $11,373.25 for March 30, 1931, dividend on Common Stock issued in January and February, 1931, under Employes' Stock Subscrip
tion Plan.
SURPLUS OF UNITED STATES STEEL CORPORATION AND SUBSIDIARY COMPANIES
(Since April 1, 1901)
Balance of Undivided Surplus, December 31, 1929, exclusive of Profits earned by subsidiary companies on inter-company sales of products
$434,711,117.76
on hand in inventories, per Annual Report for 1929
18,836,097.41)
Add:Surplus Net Income earned in year 1930 per Income Account, page 1 of pamphlet report
account of
Refunds received in 1930 of Federal Income and Excess Profits Taxes of earlier years in excess of amount reserved for
18,322,393.70
similar taxes not finally determined..
$471,869,608.86
86,850.00
Less, Premium on bonds of United States Steel Corporation retired during the year..
sales of
Balance of Earned Undivided Surplus, December 31, 1930, exclusive of Profits earned by subsidiary companies on inter-company
$471.782,758.86
products on hand in inventories (see note below)
Subsidiary Companies amounting to $39,346,046.67, and representing Profits on sales of materials and products to other subsidiary
Note.—Surplus of
companies which are on hand in latters Inventories December 31, 1930, is deducted from the amount of Inventories included under Current Assets in
Consolidated General Balance Sheet.
APPROPRIATED SURPLUS INVESTED IN CAPITAL EXPENDITURES
$270,000,000.00
Amount at December 31, 1930
OPERATIONS FOR THE YEAR
marked recession in demand for products of the subsidiary companies which developed in the Fall of 1929, conThe
tinued during the first half of 1930, and in the last half of the year the decline became further pronounced, the output in
the last quarter equalling only 47.9 per cent. of capacity. For the entire year the production of rolled and other finished
products for sale averaged 65.6 per cent. of capacity compared with 89.2 per cent. in the previous year. The ratio of output
to capacity in 1930 was next to the lowest for any year since the organization of the Corporation, the lowest having been
in the year 1921, when the ratio was 47.5 per cent.
The continued lessening in demand during the year for products was accompanied with a substantial decline in prices
secured. As a result the average selling price received for the total tonnage of rolled and other finished products shipped
in 1930, compared with the prices received in 1929 for an equal tonnage of similar products, respectively, was $3.61 per ton
less for domestic and $2.03 per ton less for export shipments. These decreases in prices account for a reduction of approximately $40,600,000 of the total reduction of $108,128,700 in the net earnings realized in 1930 compared with those for 1929.
At the close of 1930 the prices then being secured were somewhat less than the average received, but appeared to be quite
well stabilized with a slight advancing tendency due to an improved prospective demand.
PRODUCTION
Production of the several principal departments for the year 1930 in comparison with results for the preceding year,
was as follows:
1929
1930
Tons
2,767
Iron and Manganese Ore------------------------------------------------------------------24,28
14,611,927
Rock
Limestone, Dolomite, Fluorspar and Cement
25,388.265
Coal
13,113.382
Coke
12,758,333
Pihe Iron, Ferro and Spiegel
16,726,472
Steel Ingots (Bessemer and Open Hearth)..
11,609,265
Rolled and Finished Steel Products for Sale
Bbls.
24,294,154
Portland Cement
Tons
30,540,565
18,035,082*
31,826,634
17.355,036
16,484,985
21,868,816
15,302,669
Bbls.
24,843,057*
Decrease
Tons
Per Cent.
6,257,798
20.5
19.0
3,423,155
20.2
6,438,369
24.4
4,241,654
3,726,652
22.6
5,142,344
23.5
24.1
3,693,404
Bbls,
2.2
548,903
•Includes production in 1929 of Atlas Portland Cement Co. plants acquired January 1, 1930.
pro,
On page 22 of this (pamphlet) report will be found a table detailing by classes the production of finished steel
ducts during the year, together with that of miscellaneous products not included in above general classifications.
MAR.21 1931.]
2219
FINANCIAL CHRONICLE
SHIPMENTS AND BUSINESS
The shipments of all classes of products in comparison with shipments during the preceding year were as follows:
Increase or Decrease
Per Cent.
Tons
23.00 Dec.
3.226,490
7.46 Dec.
25,342
28.12 Dec.
1.748,546
62.981Inc.
106,784
1930
Tons
10,800,638
314,525
4,469,396
276,341
Domestic Shipments
Rolled and Finished Steel Products
Pig Iron. Ingots. Ferro and Scrap
Coal. Coke, Iron Ore and Limestone..
Sundry Materials and By-Products
Total tons all kinds of materials, except Cement
Portland Cement (Bbls.)
* Exclusive of shipments of Atlas Portland Cement Co.
1929
Tons
14,027,128
339,867
6.217,942
169,557
15,860,900
23,084,305
20,754,494
12,234.733*
23.58IDec.
88.68 Inc.
4.893,594
10,849,572
1930
Tons
823,656
5,994
139,147
1929
Tons
1,207,227
20.962
188.309
Increase or Decrease
Per Cent.
Tons
31.77 Dec.
383,571
71.41 Dec.
14,968
26.11 Dec.
49,162
968,797
Total tons all kinds of materials, except Cement
276,595
Portland Cement (Bbls.)
Aggregate tonnage of Rolled and Finished Steel Products shipped to both Domestic and
11,624,294
Export Trade
TOTAL VALUE OF BUSINESS (Covering all of above shipments, including cement,
marine equipment delivered and other business not measured by the ton unit):
702,488,579
Domestic (not including inter-company sales)
64,634,265
Export_
$767,122,844
Total
1,416,498
447,701
15,234,355
3,610,061
23.70 Dec.
_Sotl
3890,485.381
89,656,315
3187,996,802
25,022,050
21.11 Dec.
27.91 Dec.
$980,141,696
$213,018,852
21.73 Dec.
Export Shipments—
Rolled and Finished Steel Products
Pig Iron, Ferro and Scrap
Sundry Materials and By-Products
31.61.!Dec
____
VOLUME OF BUSINESS
The total value of business transacted by all companies during the year 1930, as represented by their combined gross
sales and earnings, equalled the sum of $1,180,934,971 compared with a total of $1,509,584,637 in the preceding year.
This amount represents the gross value of the commercial transactions conducted by the several subsidiary companies,
and includes sales made between the subsidiary companies and the gross receipts of the transportation companies for services
rendered both to subsidiary companies and to the public.
The earnings for the year as shown in this report represent the combined profits accruing to the several corporate interests
from the above gross business, all of which comprehends completed commercial transactions except that profits arising from
inter-company sales are included in reported earnings only when realized in cash or a cash asset by the consolidated
organization.
The following is a statement of the gross sales and earnings classified by operating groups. Gross sales of products
are stated on basis of f.o.b. mill values. Gross revenue of transportation companies includes earnings and receipts both
from inter-subsidiary company business and business with interests outside of the U. S. Steel organization.
Decrease
1929
1930
Gross Sales by Manufacturing, Iron Ore, Limestone and Coal and Coke Companies:
To customers outside of U. S. Steel organization
Inter-company sales (sales between subsidiary companies)
$767,122,844
285,789,280
$980,141.696
375,201,580
3213,018,852
89.412,300
$1,052,912,124
31,355,343,276
3302,431,152
Gross Earnings and Receipts of Transportation and Miscellaneous Companies:
Transportation Companies (Rail and Water)
Miscellaneous Companies
104,200,921
23,821,926
22,990.959
3,227,555
127,191,880*
27.049,481
3328.649.666
31,509,584.637
31,180,934,971
Total
* Includes gross revenue of ocean-going vessels, operations of which prior to 1930 were taken into accounts only on basis of net voyage results.
MAINTENANCE, DEPLETION, DEPRECIATION AND OBSOLESCENCE
The expenditures made during the year for general maintenance and upkeep of the properties and the further provisional
allowances from Earnings and Income for accruing deterioration and obsolescence of improvements, equipment and facilities,
and for depletion of natural resources, in comparison with similar expenditures and allowances for the preceding year, were
as follows:
Decrease
Per Cent.
Amount
9.38
39.453,138
12.99
609,071
16.71
155.278
Total expended- --
1930
391,292.777
4,080,262
774,243
1929
3100,745.915
4,689,333
929,521
396.147,282
Expended for—
Ordinary repairs and maintenance,exclusive of blast furnace and coke oven relinings,etc
Blast furnace and coke oven relinings, etc
Extraordinary replacements
$106,364.769
310,217,487
9.61
63,143,861
4,422,052
7.00
$169,508,630
$14,639,539
8.64
by the subsidiary companies
In addition there was appropriated from Earningsobsolescence of plants and for exhaustion of
and
properties, the net
natural resources and for deterioration
58.721,809
amount of
Total expended and appropriated from Earnings for maintenance, depletion, depreciation and
$154,869,091
obsolescence of Investment in tangible property
TAXES
from income for accrued Taxes for the year compared with similar charges for 1929
The total charges and allowances
were as follows:
Total
1930
$36,047,026
12,004.900
1929
$37,739,322
17.232,624
Decrease
$1.692.296
5,227.724
348,051,926
State and all other Taxes, except Federal Income
Federal Income Tax (including tax allowances charged to special income receipts)
$54,971,946
$6,920,020
BONDED AND MORTGAGE DEBT
$10.479,567
During the year the net reduction in the Bonded and Mortgage Debt equalled
$7,144,500
Of the foregoing, the amount of
covers bonds of U.S. Steel Corporation and of subsidiary companies, presented for redemption in 1930 and paid from funds deposited
in 1929 with trustees to redeem same.
And there were paid in 1930,on their maturity or through sinking fund operations,subsidiary comp3nies' bonds in the amount of.... 3,761,000
310.905.500
Less, Real Estate Mortgages and Purchase Money Obligations assumed or issued in connection with acquirement of properties, in
excess of payments made of similar obligations during year
425,933
Net Decrease during year
$10,479,567
$101,820,111
The total outstanding Bonded and Mortgage Debt of the U.S. Steel Corporation and subsidiary companies at December 31. 1930. was
943,500
Of this amount cash funds are on specific deposit with trustees to redeem bonds to amount of
Balance
$100,876.611
CAPITAL STOCK
Issues of additional Common Stock were made in the purchase of properties, plants, business and net current and working
assets during the year as follows:
Shares
176,265
251,771
108,402
Atlas Portland Cement Company
Columbia Steel Corporation
Oil Well Supply Company_
To employes of United States Steel Corporation and Its subsidiary companies upon full payment by them for shares subscribed for
under the Employes' Stock Subscription Plan
Total issues in the year
The foregoing shares were issued in consideration of value received for the same, as follows:
Value of properties, plants and business of the three companies acquired as above
Value of not current and working assets ofsuch companies acquired in their purchase
Payments made by employesfor the subscription price ofstock subscribed for as stated
Excess of value received over par value of the shares issued, carried in balance sheet in"Premiums on Capital Stock"
Total Capital Stock outstanding, December 31. 1930:
Common
Preferred
Par Value
317.626,500
25.177,100
10.840.200
536,438
$53,643,800
18,157
1,815,700
554.595
355.459,500
$50,519,537
41,050,798
3,029,873
94,600.208
$39,140,708
8,687,435
3,602,811
3868.743.500
360.281,100
2220
FINANCIAL CHRONICLE
[VOL. 132.
Under the terms of the Employes Stock Subscription Plan (Revision of 1929) approved by the stockholders on April 15,
1929, the shares of stock of United States Steel Corporation (either Preferred or Common)required for subscriptions, may
be supplied, as determined by the Finance Committee from time to time, by purchase of such shares or by issue of new
shares. In accordance with this authorization there were issued during 1930 a total of 18,157 shares of Common Stock as
shown in above table. At December 31, 1930, the Corporation was carrying open accounts with employes covering their
uncompleted subscriptions to 98,985 shares of Common Stock under the offers for years 1929 and 1930, at prices of respectively $165 and $169 per share, and which shares were being paid for by the employes in installments. Such of these
shares as are finally paid for in full may be supplied as explained by either purchase or by issue of new shares.
CAPITAL CHARGES AND EXPENDITURES
The gross property investment account was increased during the year by amounts as follows:
Investment cost of fixed properties, plants and business of The Atlas Portland Cement Co., Columbia Steel Corporation and OU Well Supply
Co. acquired by purchase during the year and paid for by Issue of Common stock therefor (see page 6[pamphlet reportl)
Expenditures made by the Corporation and subsidiary companies during 1930, for additional property, new plants, extensions and improve- Vs0,519.537
ments. and additional net lock-up in stripping and development work at mines,less credit for sales of
This amount of capital expenditures was added to the Property Investment Account, but during the year property and salvage_ -2144,439,895
there was written out of
this accounts against depreciation reserves provided from income, the sum of 817,731,700 for the balance of investment cost
(in excess of credits for sales and salvage) of plants and improvements disposed of by sale, abandonment and/or dismantlement;also $2.197,204 was similarly written off for exhaustion of Investment cost in natural resources, making a total reduction
in Property Investment Account from this source of
19,928,904
Leaving net increase for the year in Property Investment arising from the additional expenditures stated, less credits from sales and write-off
of investment cost
•
124.510,991
Total
6175,030,528
In the annual report for 1929, full particulars were given respecting the properties and business of The Atlas Portland
Cement Company and Columbia Steel Corporation acquired as above stated.
PURCHASE OF OIL WELL SUPPLY COMPANY'S PROPERTIES
The properties and business of the Oil Well Supply Co. (a Pennsylvania corporation) were acquired as of October 11
1930. These were acquired free from obligations except as to current liabilities which were largely exceeded by current and
working assets received in the purchase. Such acquirement furnished to the United States Steel Corporation an established
organization operating throughout the United States and abroad as a medium for the distribution to consumers, and under
the special conditions attaching to the development and operation of oil and gas properties, of a large quantity of steel pipe,
wire rope and other products of the subsidiary companies used in the oil and gas fields. In addition the Oil Well Supply
Company handles a complete line of equipment and machinery of its own manufacture and of the production of others,
likewise sold for similar use. The Oil Well Supply Company has manufacturing plants at Oil City, Pa.,(Imperial Works),
Bradford, Pa., Braddock, Pa.,(Wilson-Snyder Manufacturing Company), Oswego, N. Y., Poplar Bluff, Mo. Tulsa, Okla.
and Los Angeles, Cal. It has also 17 general repair shops and 89 distributing stores located throughout all oil and gas
producing fields in United States and Canada. These properties together with the net working assets of Oil Well Supply
Company were acquired at the inventoried appraised value of $19,057,930.
The foregoing total expenditures of $144,439,895 during the year for additions, extensions, etc., is classified by property groups, as follows:
For Manufacturing properties, exclusive of the by-product coke plants
For By-product coke plants
For Coal properties
For Iron ore and zinc ore properties
For Limestone and flux properties
For Railroads_
For Water transportation properties:
Great Lakes fleet
Ocean fleet
River transportation service_
6114.960,815
5,545,336
5.670.995
4.230,315
2,776,815
8.293,735
$1,017,950
Or.
38,862
110,274
1,089,371
448,508
474,731
For Water. gas and other public service properties
For Land and supply companies
For Net lock-up in stripping and development expenses at mines, viz.:
Expended during the year_
Ikes, absorbed in year's expenses
66.173,856
5,224,576
949,274
6144,439,895
The relatively large amount of expenditures made during the year as above, particularly on the properties of the manufacturing subsidiaries, was incurred in carrying forward the extensive program referred to in last year's annual report which
had been determined upon after a thorough survey of the requirements needed to rehabilitate and modernize a number of
the departments, to extend facilities in order to conduct operations on a more economic basis and to provide for the production of steel products of newly developed types, all in order to meet demands of the trade and continue the Corporation's established position in the industry.
At the close of 1930, the balance unexpended under appropriations of the subsidiary companies for extensions, additions and improvements covering such part of the program for modernizing and enlargement of properties, as before mentioned, which has been formally authorized, totalled $90,500,000. The balance of the program is under study and development of plans; it is expected same will be released for procedure from time to time as the best interests of the organization
and its business dictate. At the close of the year 1930, the available rated annual capacity of the subsidiary companies in
the following lines of production were:
Tons
21,737,000
26,075.000
18,371,000
Blast Furnaces (Pig Iron, Ferro, etc.)
Steel Ingots and Castings
Finished Steel Products for sale
Increase
In Year 1930
658,000
912,000
666,500
With the completion during 1931 of extensions and betterments now in course of construction and installation at various
plants the above rated annual capacity will be increased to about 28,000,000 tons of Ingots and Castings, and 19,750,000
tons of Finished Steel Products for sale.
BALANCE SHEET, STATEMENTS OF ACCOUNTS AND STATISTICS
The statements of accounts and statistics presented in this report comprehend the combined results for the United
States Steel Corporation and all of the subsidiary companies with, however, balances due between affiliated companies
omitted from both assets and liabilities. The Consolidated General Balance Sheet thus exhibits the combined assets and
liabilities of the United States Steel Corporation and of the several subsidiary companies.
The accounts of the United States Steel Corporation and of the subsidiary companies for the year 1930 have been audited
by Price, Waterhouse & Co., the independent auditors selected for this purpose by the stockholders at the annual meeting,
April 21, 1930. The Auditors' report to the stockholders is printed on page 13[Pamphlet report].
EMPLOYES AND PAY ROLL
The average number of employes in the service of the Corporation and the subsidiary companies during the entire year
1930, the total pay roll and average wages paid, compared with similar results in the previous year, were as follows:
Employes of—
Manufacturing Properties
Coal and Coke Properties
Iron Ore Properties
Transportation Properties
Miscellaneous Properties
Total_
Total wages and salaries
1930
Number
154,248
18,024
10,634
23,274
4,875
1929
Number
162,139
21,834
10,876
24.742
5.389
211,055
$391,271,366
224.980
2420,072,851
Decrease
No. and Amt. Per Cent
7,891
4.87
3.810
17.45
242
2.23
1,468
5.93
514
9.54
13,926
$28,801.486
6.19
6.86
.
The employes in service as abffe stated represent the equivalent number working full time during the entire year,
not necessarily that that number of individuals worked such full time. A considerable number of individual employes worked
.
only part time in both years. In 1930 this number was much larger than in 1929. In above totals these part time employee
are reduced to and counted as proportionate employes on basis of the pro rata time worked.
Men. 21 1931.]
FINANCIAL CHRONICLE
2221
With the substantial decrease in operations during the second half of the year, and inability to give full time service to
all, the subsidiary companies adopted the plan of "staggering" such employment as was available, thus giving to nearly all
who looked to the subsidiaries for their steady occupation, a ratable portion of such total employment as could be offered.
This plan afforded a fair degree of occupation to virtually all of the employes in question and resulted in giving a certain
measure of service to a much larger number of individuals than is indicated by above totals of full time employes during the
entire year. Thus, during the period from October, 1930, to January, 1931, the actual number of individuals given employment, both full time and part time, was 228,280, while the service of the full time employment equivalent during the period
was only 187,031, this latter figure being the comparable one for the period to the 211,055 above stated for the entire year.
Largest number of full time employes in any one month (May)
Smallest number offull time employes in any one month (December)
Average Earnings per employe per day:
All employes exclusive of General
and Selling force
employes.including GeneralAdminstraveTol Administrative and Selling force
1930
229,585
178,349
1929
237,344
202,102
Decrease
Per Cent.
Amount
$5.80
5.99
$5.84
5.99
$.04
.68
The division of the total amount paid for wages and salaries between operating and capital account was as follows:
In operations and production
In construction work
1930
$367,945.736
23,325,630
1929
$406,886,492
13,186.359
Increase or Decrease
Amount
Per Cent•
9.57 Dec.
$38.940,756
10,139.271
76.89 Inc.
Total
Number of employes in construction service (approximate)
$391,271,366
11,092
$420,072,851
5,958
$28,801,485
5,134
6.66 Dec.
86.17 Inc.
Pensions. Pensions were paid during the year by the United States Steel and Carnegie Pension Fund to retired employes of United States Steel Corporation and its subsidiary companies in the amount of $4,359,445, compared with $3,940,678 paid in the preceding year. Pensions were granted during 1930 to 1,154 retiring employes and at the close of the year
there were 7,956 names on the Pension rolls, a net increase of 536 during the year. The average age of the 1,154 employes
retired in 1930 was 63.59 years, their average length of service 34.51 years, the average monthly pension $55.70. Since the
inauguration of the Pension Plan in 1911 an aggregate of $30,625,546 has been paid in pensions. There has been under study
and consideration a revision of the details of the Pension Plan principally as to conditions of retirement and rates of pension
allowances, with the view of effecting a greater flexibility and betterment in employment relations. Such revision may provide
for the creation of fund reserves to meet wholly or in part future payments of pensions granted, thus spreading more evenly
over operations the accruing cost of these allowances. It is expected the revision will be put into effect during 1931.
Profit Sharing Plan, In accordance with the Profit Sharing Plan adopted by the stockholders in 1921, there was appropriated from the earnings of 1930 the sum of $2,187,846 as the fund for distribution under the plan for that year. The allotment and distribution were made in February, 1931, by the Profit Sharing Committee of Stockholders elected at the stockholders' annual meeting in April, 1930. Distribution was made of this fund to 2,437 employes of the Corporation and subsidiary companies. Of the awards made by the Committee, about sixty-seven per cent. was paid in cash and the remainder
covered by Certificates of Conditional Interest in 5,141 shares of Common stock of the Corporation in which the Committee
invested such part of the appropriation. The stock covered by the Certificates of Conditional Interest is deliverable in
January, 1936, to employes holding such certificates, provided they are then in the service of the Corporation or its subsidiaries, or is deliverable prior to that date if they die while in the service or are retired under the Corporation's Pension Plan.
Employes' Stock Subscription. The usual annual offer to employes to subscribe for Common stock of United States Steel
Corporation was made in January, 1931. The privilege of subscription was extended on basis of the price of $140 per share,
all other conditions and terms being substantially the same as those of similar offers in previous years. To the date of writing
this report subscriptions have been received from 65,233 employes for an aggregate of 126,627 shares, compared with subscriptions under the 1930 offer from 59,947 employes for a total of 98,266 shares. At December 31, 1930, there were 57,019
employes who were registered stockholders, holding a total of 111,072 shares of Preferred stock and 803,328 shares of Common
stock. Also there were 16,214 additional employes who had in force open subscription accounts covering purchase of stock,
but were not yet registered holders of shares.
Accident Prevention. The expenditures in 1930 for the installation of safety devices and appliances and the conduct of
accident prevention activities to minimize liability and to safeguard employes from injury in the performance of their duties
totalled $1,164,409, as compared with $1,005,742 in 1929. In 1930 the rate of serious and fatal accidents per 100 employes
was 61.34 per cent. less than in 1906, and the rate of all disabling accidents was 84.69 per cent. less than in 1912, the earliest
year for which these latter statistics were compiled. These percentages indicate a total reduction in the period 1907 to 1930,
inclusive, of 65,440 serious and fatal injuries compared with the accident ratio which prevailed in 1906. In the pursuance
of this accident prevention work, constant study is given to improvement in organization and to operating and remedial
measures. Every consistent effort is made to secure the interest and to enlist the cooperation of employes in these efforts.
At the close of 1930 upwards of 12,200 employes were serving regularly on general and plant safety committees.
Accident Relief. The subsidiary companies disbursed during the year 1930 for work accidents,including liability accrued
under State Compensation laws, the actual payment of which is spread over a period of years, a total of $4,561,425, compared with an outlay for similar purposes in 1929 of $4,841,168. Of the total disbursed during the year, 83.93 per cent.
was payable directly to the injured employes or their families.
Housing, Welfare and Relief. Additional contracts to the number of 192 were entered into with employes in 1930
for the purchase of homes under the provisions of the Corporation's Home-Owning Plan established in 1920. These contracts involved the making of advances or loans to employes for this purpose to the amount of 87,693, repayable in
installments. Of the houses thus contracted for, 42 were constructed houses purchased by employes from outside interests,
53 were new houses constructed by employes, and 97 were existing houses owned by the subsidiary companies and sold to
employes. At the close of 1930 the subsidiary companies had invested a principal amount of $12,387,923 in advances
covering house and lot sales and secured by sales contracts and mortgages on the properties bearing interest and payable
in installments over a period of years. This amount covered 4,161 of such contracts and was a decrease of $1,511,158
from the amount so invested at the close of the previous year. At the close of 1930 life insurance amounting to $8,939,200
was carried by 3,284 employes under the Group Life Plan for protection of their interest and that of the subsidiary companies in these home purchase contracts.
The subsidiary companies.have continued to render assistance to employes in the matter of Group Life Insurance
entirely apart from the preceding. These insurance contracts are entered into between Employe Welfare organizations
at the various plants and the insurance companies, the employes paying the entire premium and the subsidiary companies
functioning only in collecting the premium by deductions from salaries and wages as authorized by the employes. At
the close of 1930 there were 192,249 employes who were carrying insurance under these plans for a total amount of $253,918,605. During the year an aggregate of $2,477,150 was paid to employes or their families by insurance companies under
this form of insurance for death and disability claims.
The activities of the Corporation and the subsidiary companies in connection with general welfare, as mentioned in
previous reports, have been continued for the betterment of the material interests and living conditions of the employes
and their families. In addition to the results accomplished during the period of reduced operations in the latter part of
1930, in arranging for part time service of employes, as before noticed in this report, assistance has been extended to employes
in various ways conducive to their material welfare both directly by the subsidiary companies and through the employes'
Goodfellowship Clubs and other Welfare Associations.
Sanitation. The amount expended by the subsidiary companies during the year 1930 for sanitary work at the plants,
mines and other operations was $3,378,750, as compared with an expenditure of $3,057,500 in 1929. In the conduct of
this work the subsidiary companies have continued to give careful study and consideration to all sanitary and other measures
for both the convenience and the health of employes. Additional sanitary facilities are provided at the plants and properties
where improvements are deemed essential. Careful attention is given in the provision of these facilities to all matters
pertaining to economy in space, construction, maintenance and operating cost. At the close of 1930 there were in service
in and about the plants and works 5,136 sanitary drinking fountains and 2,432 comfort stations, including 28,465 washing
faucets or basins, 5,745 showers and 197,749 lockers.
Number of Stockholders. On December 31, 1930, there were 189,990 registered stockholders, of whom 14,604 held
both Preferred and Common Stock. The number of registered Preferred holders was 59,028 and of Common 145,566.
2222
[VOL. 132.
FINANCIAL CHRONICLE
At the close of 1930 the unfilled orders of the subsidiary companies for all kinds of steel products totalled 3,943,596
of a broadening
tons, compared with 4,417,193 tons at the close of 1929. Since January 1, 1930, there has been somewhatto 43.7 per cent.
demand for steel products and specifications for prompt shipment. Operations of the mills which dropped per cent. The
50
of capacity in December, based on ingot tonnage, have averaged during January and February about been severe. But
has
prior
check to general business operations arising from conditions which prevailed in 1930 and nt of year,
resources and activities
steel products holding such an important part in both the maintenance and developme in the
excellent physical condition
country, must in due time again be in demand in large volume. The properties are
of the
future with confidence.
to care for large demands and at economical cost of production. The management looks forward to the
and employes of the Corporation and of the several subsidiary companies
Acknowledgment is expressed to the officers
past year.
for the loyal and faithful service rendered in the efficient management of the properties during the
BY ORDER OF THE BOARD OF DIRECTORS,
J. P. MORGAN, Chairman
JAMES A. FARRELL, President
CONSOLIDATED GENERAL BALANCE SHE]T DECEMBER 31 1930.
ASSETS.
PROPERTY INVESTMENT ACCOUNTS:
OPERATED BY THE SEVERAL COMPANIES
PROPERTIES OWNED AND
and Amortization Reserves per table on page 16
Balance of this account as of December 31. 1930,less Depletion, Depreciation
$1,611,327,334.27
(pamphlet report]
MINING ROYALTIES:
which notes of subsidiary companies are outstanding in amount of
Mining Royalties on unmined ore, in respect of part of
$20,785,341.11, as see contra
of the properties):
DEFERRED CHARGES (applying to future operations
Advanced Mining and other operating expenses and charges
Discount on subsidiary companies' bonds sold (net)
$1,683,795.85
334,691.55
INVESTMENTS:
Including Real Estate Mortgages
Outside Real Estate and Investments in sundry securities,
Home-owning Plan
Land Sales Installment Contracts and Mortgages under Employes'
66,816,275.55
$8.303,728.83
12,387,922.55
GENERAL AND RESERVE FUND ASSETS:
Cash resources held by Trustees account Bond Sinking Funds
(Trustees also hold $9,958,000 of redeemed bonds, not included as liabilities in this Balance Sheet.)
and for the outstanding
Cash deposits held by Trustees for payment of matured and called bonds unpresented,
U. S. Steel 50 year non-callable series. 5% Gold Bonds, aggregating for all $943,500 par value (see contra)
Subscriptions
Securities held as investment of Contingent Reserves and for account Employes' Stock
Insurance and Depreciation Fund Assets:
$37,554,948.17
Securities
3,514,929.78
Cash
2,018,487.40
20,691,651.38
$469,749.83
1,090,625.00
6,687,513.00
41,069,877.95
49,317,765.78
CURRENT ASSETS:
by subsidiary companies on
Inventories, less credit for amount of inventory values representing Profits earned
$323,052,846.59
opposite)
Inter-Company sales of products on hand In Inventories December 31, 1930. (See note
50,040,728.25
Accounts Receivable
5,863,584.69
Receivable
Bills
1,609,012.91
Agents' Balances
71.066,206.98
Sundry Marketable Securities (including part of U. S. Government Securities owned)
9,537,429.31
Time and other special Bank Deposits
117.203,288.34
Cash (in hand and on deposit with Banks, Bankers and Trust Companies, subject to cheque)
578,373,097.07
$2,394,544,611.45
LIABILITIES
CAPITAL STOCKS:
UNITED STATES STEEL CORPORATION
Common
Preferred
5868,743,500.00
360,281,100.00
$1,229,024,600.00
449,141.70
STOCKS NOT HELD BY UNITED STATES STEEL CORPORATION (book value of same)-_-_
SUBSIDIARY COMPANIES
BONDED, MORTGAGE AND DEBENTURE DEBT OUTSTANDING:
(See page 24 of pamphlet report for detailed statement.)
TRUSTEES:
BONDS FOR PAYMENT OF WHICH CASH IS SPECIALLY HELD HELD BY
Matured and Called Bonds unpresented for payment
U. S. Steel Corporation 50 Year 5% Gold Bonds, non-callable series
$222,500.00
721,000.00
$943,500.00
Y
S:
ALL OTHER OUTSTANDING ISSUES OF SUBSIDIAR COMPANIE
Guaranteed by U. S. Steel Corporation
Not Guaranteed by U. S. Steel Corporation
Real Estate Mortgage and Purchase Money Obligations
55,140,000.00
44,862,600.00
874,011.09
101,820,111.09
of 28 years, substituted for
SUBSIDIARY COMPANIES' MINING ROYALTY NOTES—Maturing over a period
by United States Steel Corporation, $19,795,341.11, not
previously existing mining royalty obligations,—Guaranteed
40; interest
-bearing, $365,988.71
guaranteed, $990,000.00; non-interest bearing, $20,419,352.
INSTALLMENT DEPOSITS UNDER EMPLOYES STOCK SUBSCRIPTION PLAN
CURRENT LIABILITIES:
Current Accounts Payable and Pay Rolls
Income Tax
Accrued Taxes, not yet due, including reserve for Federal
Dividends '
Accrued Interest, Unpresented Coupons and Unclaimed
Preferred Stock Dividend No. 119, payable February 27, 1931
Common Stock Dividend No. 106, payable March 30, 1981
TOTAL CAPITAL AND CURRENT LIABILITIES
RESERVES AND SURPLUS:
CONTINGENT. MISCELLANEOUS OPERATING AND OTHER RESERVES
INSURANCE RESERVES
PREMIUMS ON COMMON STOCK
EARNED SURPLUS:
Appropriated for and invested in Capital Expenditures
note below)
Undivided Surplus of United States Steel Corporation and Subsidiary Companies (See
20,785,341.11
8,104,519.98
$45.760,663.29
39,744.421.49
1,849,066.26
6.304.919.25
15,214,384.50
108,873,454.79
$1,469,057,168.07
58,650,318.30
44,876,533.20
80.177,832.42
270,000,000.00
471,782,758,86
22,394,544,611.48
and
Profits on sales of maSerials and products to other subsidiary companies
Note.Tbat part of the Surplus of Subsidiary Companies representing
of Inventories Intinded under Current Assets.
on hand In latter,' Inventories Is, in this Balanae Sheet, deducted from the amount
MAR. 21 1931.]
FINANCIAL CHRONICLE
2223
PROPERTY INVESTMENT ACCOUNTS DECEMBER 31, 1930.
Gross Fixed Property Investment Account, December 31, 1929, exclusive of Stripping
and Mine Development and Structural Erection
Equipment
$2,174.556,784.33
Vdd, Net of sundry adjustments during 1930
465.702.59
Investment Cost of Plants and Fixed properties of the Atlas Portland Cement Company.
Columbia Steel Corporation
and the Oil Well Supply Company, acquired during the year
$50,519,536.54
Capital Expenditures on Property Account in 1930 (ex. Stripping and Developmen
t)
143.490,621.03
8194.010,157.57
Less, Amounts written off in year 1930 to Depletion and Depreciation Reserves
for investment cost of natural resources exhausted and of improvements, equipment and facilities abandoned and retired
19.928,904.10
174.081.253.47
Gross Fixed Property Investment December 31, 1930
52.349.103.740.39
Deduct: Balances in Depletion, Depreciation, Amortization and Current Maintenance
Reserves, December 31, 1930:
Depletion and Depreciation Reserves, exclusive of those specifically applied as per
succeeding item
$579.937.150.24
Specifically applied for redemption of bonds through Bond Sinking Funds of Subsidiary
Companies
44.560.859.79
Amortization Reserves account excess construction cost arising from war-time
conditions
57,209.214.93
Current Maintenance Reserves
27,960,675.22
709,667.900.18
Net Fixed Property Investment Account, December 31, 1930
$1.639,435,840.21
Investment in Stripping and Development at Mines and Structural Erection
Equipment:
Balance at December 31, 1929
$36,942,219.86
Expended during the year 19306,173,849.62
$43,116,069.48
5,224,575.42
Less, Charged off in 1930 to operating expenses
Balance December 31, 1930
37.891.494.06
Total of Property Investment Account, December 31. 1930, per Consolidated General
Balance Sheet
$1,677,327,334.27
UNITED STATES STEEL CORPORATION AND SUBSIDIARY COMPAN
IES CONDENSED GENERAL
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING DECEMB
ER 31, 1930.
GROSS RECEIPTS—Gross sales and Earnings (see page 4 of pamphlet report)
$1,180,934,971.43
OPERATING CHARGES:
Manufacturing and Producing Cost and Operating Expenses, including inventory
price adjustment, ordinary
maintenance and repairs and provisional charges by subsidiary companies
for depletion, depreciation and
obsolescence______________________
______________________________________________________________ $998,461,528.20
Administrative, Selling and General Expenses, including appropriations under
pension and employes' profit
sharing plans, but exclusive of general expenses of transportation companies
48,132.986.22
Taxes (including reserve for Federal income taxes)
46,597.026.17
Commercial Discounts and Interest
6,263,002.84
$1,099,454,543.43
Less, Amount included in above charges for allowances for depletion, depreciation
and obsolescence here deducted
for purpose of showing same in separate item of charge, as see below
58,550,120.14
1.040.904,423.29
Balance
Sundry Net Manufacturing and Operating gains and losses, including royalties received,
idle plant expenses, &c
Rentals received
$140.030.548.14
Dr.$3,730,232.21
967.519.63
Dr. 2.762,712.58
Total Net Manufacturing, Producing and Operating Income before deducting
provisional charges for depletion, depreciation
and obsolescence
5137,267.835.56
OTHER INCOME AND CHARGES.
Net Profits of properties owned, but whose operations (gross revenue, cost of product,
expenses, etc.) are not classified
in this statement ______________________
___________
Income from sundry investments and interest on deposits,___________________________________________________
including net profit on sales of marketable securities__-
5247.601.33
14.642.093.27
14,889,694.60
Balance
ADD, Net Balance of Subsidiaries' Inter-Company Profits converted into cash
assets in 1930*
$152,157,530.16
5,552,701.56
Total Earnings for the year before deducting provisional charges for
depletion, depreciation and obsolescence
LESS, Charges and allowances for depletion, depreciation and obsolescence
$157,710.231.72
58,550,120.14
Net Income in the year 1930
599.160.111.58
•These profits were earned by individual subsidiary companies in previous
years on inter-company sales made and service rendered to /for other
subsidiaries but being locked up in the inventory value of materials
held by the purchasing companies at close of 1929, were not to
that date included as
part of the reported earnings of the combined organization. Such profits are so embraced
only in the year in which they are converted into a cash asset.
COMPARATIVE INCOME ACCOUNT FOR THE FISCAL
YEARS ENDING DECEMBER 31, 1930 AND 1929
TOTAL EARNINGS:
First Quarter ___ -----------------------------------------------------------------Second Quarter-------------------------------------------------------------------Third Quarter _________________________________
_____________________________________
Fourth Quarter ____________________________________________
_________________________
1930
1929
(+)Increase
(—)Decrease
$49,615,397.18
47.061.304.63
37,995.299.50
23,038,230.41
$61,978,984.92
73,861,425.16
72,009,666.20
57,988,855.99
--$12,363,587.74
—26,800,120.53
—34,014,366.70
—34.950.625.58
Total for year _________________________________
_________________________________5157,710,231.72 $265,838,932
.27 —$108,128,700.55
Less, Charges and Allowances for Depletion, Depreciation, Amortization and
Obsolescence
58,550,120.14
63,274,162.66
—4.724.042.52
Net Income in the year
$99,160,111.58 $202,564,769.61 —5103.404,658.03
Deduct, Interest on bonds and mortgages outstanding:
Of Subsidiary Companies
5,593,367.37
7,116,478.98
—1.523.111.61
Of U. S. Steel Corporation __________________________________________________________
46,729.05
7.828.391.36
—7.781.662.31
Balance
$93,520,015.16 $187,619,899.27 --$94.099.884.11
Add: Special income receipts for the year, including net interest on Federal Tax
refunds and net
adjustments of various accounts
10,901.555.99
9,972,160.97
+929,395.02
Total Net Income
$104,421,571.15 $197,592,060.24 —$93.170,489.09
Dividends on U. S. Steel Corporation stocks:
Preferred, 7%
25,219,677.00
25,219,677.00
Commonf1930 Regular
11929 Regular7%60,365,796.75
63,849,040.25
7%,Extra 1%J
—3.483.243.50
Surplus Net Income..
$18,836,097.40 $108,523,342.99
—$89,687.245.59
2224
[VOL. 132.
FINANCIAL CHRONICLE
KANSAS CITY POWER & LIGHT COMPANY
ANNUAL REPORT—FOR THE YEAR 1930.
The number of meters in service as of December 31, 1930,
was 135,243, an increase of 3,761 for the year.
The amount charged to operating expense, after depreciaTo the Stockholders of The
tion, replacement and obsolescence in 1930, was $2,036,Kansas City Power & Light Company:
The operations of your Company for 1930 show the prac- 361.61, while the actual withdrawals of property from plant
tical completion of the extensions, improvements and addi- account amounted to $1,379,770.95, the balance,$656,590.66,
was carried to Replacement Account for future needs.
tions set forth in the 1929 report.
During the year 1930 your Company issued and sold First
Your new office building located at 14th Street and BaltiGold Bonds, Series B, maturing
(progress as of February Mortgage 30-Year 4
more Avenue, Kansas City, Missouri
14, 1931, shown in pamphlet report), is the only major January 1, 1957, in the principal amount of $3,000,000 and
Improvement heretofore undertaken by your Company not 12,000 shares of common stock, without nominal or par value.
The corporate structure of your Company as of December
completed at the end of 1930. This building should be
year 1931.
31, 1930, consisted of First Mortgage 30-Year 5% Gold
completed and occupied late in the
improvements and additions to your warehouse and Bonds, Series A, maturing September 1, 1952, in the princiLesser
pal amount of $25,000,000; First Mortgage 30-Year 43'%
shops recently purchased will also be completed in 1931.
for plant extensions and improvements each Gold Bonds, Series B, maturing January 1, 1957, in the
Investments
Preyear for the past six years, together with the increase in principal amount of 86,000,000; 40,000 shares of First
year over the previous year available for ferred Stock, without nominal or par value, entitled to
net earnings each
and
depreciation and return,are shown in the following tabulation: dividends at the rate of $6.00 per share per annum;
Increase (Net).
Invested.
525,000 shares of Common Stock, without nominal or par
$618,401.42
$3,060,660.89
value.
1925
371,186.73
2,285,787.04
1926
Notice of a special meeting of the stockholders to be held
541,029.34
5,198,338.08
1927
March 30, 1931, calls for consideration by the stockholders
499,135.95
7,348,564.20
1928
of a resolution authorizing and consenting to the increase
449,372.34
5,235,741.34
1929
of the bonded indebtedness of your Company by the issu384,666.57
5,916,538.51
1930
ance from time to time of not to exceed $75,000,000 principal
amount of bonds in addition to the $35,000,000 principal
$29,045,630.06 $2,863,792.35
amount of bonds heretofore authorized to be issued. The
Results from the operations of your electric and steam purpose of this resolution is to permit the Board of Directors
ory
departments for the year 1930 werb reasonably satisfact
of your Company to issue $27,000,000 First Mortgage Gold
even though residence and business rates were reduced Bonds, 4
Series due 1961, the proceeds from the sale of
November 1, 1929, and all rural rates again reduced Novem- which will be used to redeem the $25,000,000 outstanding
ber 1, 1930.
First Mortgage 30-Year 5% Gold Bonds, Series A, and for
Gross earnings from various sources, operating expenses, other corporate purposes of your Company. The bonded
taxes and depreciation, as well as interest, amortization of indebtedness of your Company will then consist of First
discounts and premiums and dividends for the years 1928, Mortgage 30-Year 43/% Gold Bonds, Series B, maturing
1929 and 1930, are as follows:
1928.
1929.
January 1, 1957, in the principal amount of $6,000,000 and
1930.
$
First Mortgage Gold Bonds, 43z% Series due 1961, in the
Earnings—
13,618,962.82 13,360,187.23 12,497,425.35
Electric Sales
amount of $27,000,000. The balance of the bonds
508,603.89
549,221.08 principal
450,220.86
Steam Sales
ns of the
144,237.19 authorized will be issued only under the provisio
220,375.90
376,567.09
Miscell. Operating Revenue-517,068.63 First Mortgage and Deed of Trust of the Company dated
477,630.45
Revenue 380,025.97
Miscell.Non-Operating
46,850.01
41,897.94
57,874.17
Earnings of Other Utilities
September 1, 1922, and in such amounts as will enable your
14,883,650.91 14,613.647.48 13,749.850.19 Company to maintain its favorable financial standing.
Gross earnings
Your Company, a Missouri corporation, is qualified to
Operating Expenses—
00 5,437.699.84
Electric,Including Maintenance 5,640,124.04 5,810,418.
under the laws of the State of Kansas and uses
373,308.73 do business
362,702.58
Steam,Including Maintenance- 322,157.72
no subsidiary in its operations.
Other Utilities Including Main28,666.02
29,137.56
35,524.78
Your attention is called to the cuts of buildings either
tenance
recently erected or under the process of construction at this
Expenses and
Operating
5,997,806.54 6,202,258.14 5.839,674.59
Maintenance
time. These cuts are shown that you may know of the
8,885,844.37 8,411,389.34 7,910,175.60 activity in Kansas City, Missouri.
Gross Income Before Taxes
92 1,216,233.46 1,164,392.06
The Balance Sheet, Income and Surplus Account, certiTaxes,Including Income Taxes_ 1,306,021.
7.579.822.45 7.195.155.88 6.745,783.54 fied to by Messrs. Ernst & Ernst, certified public accountTaxes
Gross Income After
n
ants, are set forth in detail and reflect the financial conditio
Deductions—
1.326.523.07 1,224,525.92 1,230,167.27 of your Company.
Interest
Amortization of Discount and
The relations of your Company with your employees and
185.149.92
185,149.92
186,642.54
Premiums
customers continue harmonious, and we confidently expect
1,513.165.61 1.409.675.84 1.415,317.19
Total Deductions
results for the year 1931 to exceed the results of 1930.
DepreciaSurplus Available for
By Order of the Board of Directors,
6,066.656.84 5,785,480.04 5,330.466.35
tion and Dividends
JOSEPH F. PORTER,
President.
Appropriations—
Kansas City, Missouri,
February 27, 1931.
2,036,361.61 1,824.735.38 1,640,297.94
Depreciation
413,329.75
240,000.00
0
Dividends on First Prof. Stock_ 240.000.0 2,810,500.00 2,453,500.00
00
Dividends on Common Stock_ - 3.138.000.
5.414,361.61 4,875.235.38 4.507,127.69
Total Appropriations
823,338.66
910,244.66
d to Surplus-. 652,295.23
Balance Transferre
electric energy sold
The average rate per kilowatt hour of
until the average for 1930 was 2.70e.
has gradually decreased
38% higher than
per kilowatt hour. The 1921 average was
The decrease in the average rate per
the average for 1930.
by an increase in net
kilowatt hour has been accompanied
d efficiency from expenditures for
earnings due to increase
plant extensions as hereinbefore set forth.
received 75%
The average residence customer in 1930
energy than in 1920, although the average
more electric
increased 22.8%.
annual bill of such residence customer only
ERNST & ERNST
ACCOUNTANTS AND AUDITORS
SYSTEM SERVICE.
Kansas City
Federal Reserve Bank Bldg.
February 27, 1931.
of Directors and Stockholders,
The Board
Kansas City Power & Light Company,
Kansas City, Missouri.
Gentlemen:
perPursuant to request we have audited the accounts
and liabilities of KANSAS CITY
taining to the assets
CITY, MISPOWER & LIGHT COMPANY, KANSAS
MAR. 21 1931.]
FINANCIAL CHRONTOLE
2225
SOURI, as of December 31, 1930, and submit herewith INCOME AND SURPLUS ACCOUNT—YEAR ENDED
Balance Sheet of the Company as of that date together
DECEMBER 31, 1930.
with statement of income and surplus account for the year Operating Earnings:
then ended.
Electric Sales
$13,618.962.82
Steam Sales
450.220.88
Plant and property accounts are stated at the book values.
Water and Ice Sales
57,874.17
The changes in these accounts during the year for additions,
Other Operating Earnings
376.562.38
improvements and removals, resulting in a net increase of
Gross Operating
$14,503,620.23
$4,536,767.56 for the year, were supported by authoriza- Operating Expenses: Earnings
tions on file and were reviewed by us with the Company's
Electric
$5.640,124.04
Steam
322,157.72
engineering department. Depreciation charges for the year
Water and Ice
35,524.78
at the rate of 332% on plant and property used in opera,$5,997,806.54
tions amounted to $2,085,579.57, while replacement charges
General Taxes
735,250.83
6.733.057.37
and adjustments amounted to $1,200,296.32 resulting in a
Income from Operations
$7.770,562.86
net increase of $885,283.25 for the year in the reserve for
Other Income:
depreciation and replacements.
Net Profit on Merchandise Sales
$187,393.96
Inventories of materials, supplies and merchandise are
Sundry Non-Operating Income
54,535.93
Interest Earned
79,097.28
stated at cost or at estimated salvage value as indicated by
Discount Earned
25,782.29
the records. Cash balances were verified by direct correDividends Received
33.221.22
spondence, and from our examination of the notes and ac380.030.88
counts receivable shown by the books and information furGross Income
$8,150.593.54
nished us, it appears that these items are properly stated.
Other Deductions:
Unamortized financing expense and other unamortized
Interest Charges
$1,326,523.07
Amortization of Funded Debt Expense and
debits in the amounts of $3,070,281.79 and $2,074,865.31,
Premiums
186.642.54
respectively, are carried on the books as shown in detail in
Depreciation of Physical Properties
2,036,361.61
the Balance Sheet.
3,549.527.22
It appears that full provision has been made on the books
Net Income Before Deducting Income Taxes
$4.601,066.32
Federal and State Income Taxes
for all ascertained liabilities of the Company at December
570,771.09
31, 1930. The outstanding preferred and common stocks
Net Income for the Year
$4,030,295.23
have been certified to us by the registrars.
Surplus Account:
Balance, December 31, 1929
First mortgage 30-year 4M% gold bonds series "B" of
$3,197,571.74
Dedict Charges to Surplus:
the par value of $3,000,000.00 were issued by the Company
For Amortization of Other
during the year. 12,000 shares of common stock of no par
Debits
$45,379.29
For Extraordinary Advervalue were issued during the year for cash consideration of
tising Expenditures..
56,169.66
$1,200,000.00.
101,548.95
WE HEREBY CERTIFY that the annexed Balance
$3,096,022.79
Sheet and statement of income and surplus account are in Add Net Profit for Year Ended Dec.31,1930 4,030.295.23
$7,126,318.02
accordance with the books and, in our opinion, are properly
Deduct Cash Dividends:
drawn up so as to reflect the financial position of the ComOn Preferred Stock
$240,000.00
On Common Stock
3.138,000.00
pany at December 31, 1930, and the operations for the
3,378.000.00
year then ended.
Surplus, December 31, 1930
$3,748,318.02
ERNST & ERNST.
BALANCE SHEET—DECEMBER 31, 1930
ASSETS.
Plant and Property:
Electric Department
$61,450,255.78
Steam Heating Department__ 2,483,999.51
Water and Ice Department_ _
438.707.04
Coal Mining Rights, Townsite, etc
891,389.40
$65,264,351.73
Construction in progress
1.121,010.45
$66,385,362.18
Material and Supplies:
Construction, Maintenance and Operating
Materials, Supplies and Merchandise_ _ _
$886,238.22
Fuel-011 and Coal
171.206.62
Other Material and Supplies
80,865.27
1,138,310.11
Investments:
Notes Receivable—Deferred Payments_ _
60,258.55
Sundry Stocks, Bonds. Memberships, etc_ _
4,095.00
Sundry Deposits
1,397.00
65,750.55
Current Assets:
Cash on Deposit and on Hand
$768,170.86
Notes & Accounts Receivable:
Consumers' Accounts
$1,374,566.38
Other Notes and Accounts_
232,379.03
$1,606,945.41
Less Allowance for Losses,etc. 159.606.53
$1,447,338.88
Accrued Earnings (estimated) 583.172.69
Unamortized Financing Expense:
Commissions and Expense on 30
-Year 5%
First Mortgage Bonds Outstanding
$2,464,286.02
Commissions and Expense on 30
-Year 445%
First Mtge. Bonds Series"B"Outstanding
317,106.86
Brokerage on Preferred Stock of Predecessor
Company
288,888.91
Other Unamortized Debits:
Commissions, Expense and Premiums on
Funded Debt Issues of Predecessor Companies retired with proceeds of present
First Mortgage 5% Gold Bonds
$1,380.536.20
Excess of Securities of Predecessor Company issued over book value of property
acquired therefor
694,329.11
$32,143,318.02
Bonded Indebtedness:
First Mortgage 30
-Year 5% Gold Bonds,
maturing September 1, 1952
$25,000,000.00
First Mortgage 30
-Year 43 % Gold Bonds,
Series "B," maturing January 1, 1957
6,000,000.00
31,000,000.00
Accounts Payable:
For Purchases, Expenses, etc
Affiliated Companies
$382,948.60
44,396.75
427,345.35
Accrued Accounts:
Federal and State Income Taxes
General Taxes
Interest
Other Expenses
$570,771.09
252,743.87
421,218.59
10,209.83
1,254.943.38
512,334.83
17,382.02
Consumers' Deposits
Deferred Earnings
2,030,511.57
Affiliated Companies—Notes and Accounts Receivable
Deferred:
Sundry Work in Progress
$76,084.23
Prepaid Taxes, Insurance, Rents, Int., etc.
189,597.02
LIABILITIES.
Capital Stock and Surplus:
Capital Stock:
Consisting of 40,000 shares of Cumulative First Preferred Stock, Series"B."
and 525,000 shares of Common Stock,
all without nominal or par value but
with aggregate stated value of
$28,395.000.00
Surplus:
Balance, December 31, 1930
3,748,318.02
2,798,682.43
93,139.11
Reserves:
For Depreciation and Replacement of
Physical Properties
For Injuries and Damages
$9,922,513.73
614,235.40
10,536,749.13
265,681.25
3.070,281.79
(NOTE)
.—This Balance Sheet is subject to the comments
contained in our "Certificate," included in and made
a part of this report.
The provision made for taxes is subject to any necessary adjustment upon determination of the final liability of the Company therefor.
2,074.865.31
$75.892,072.73
$75,892,072.73
2226
[VOL. 132.
FINANCIAL CHRONICLE
SOUTHERN CALIFORNIA EDISON COMPANY, LTD.
ANNUAL REPORT—FOR THE YEAR 1930.
Los Angeles, California, March 20, 1931.
To the Stockholders of
Southern California Edison Company, Ltd.:
Herewith is submitted the annual report of your Cornpapy for the year 1930. This is the, thirty-fifth annual
repdrt of the Company, including its predecessor companies,
and the thirtieth annual report under my administration.
The Consolidated Balance Sheet and Consolidated Income
and. Surplus Accounts of the Company and its subsidiaries,
together with the certificate of Arthur Andersen and Company, Certified Public Accountants, are appended to this
report.
FINANCIAL.
In presenting this review of your Company's business
during 1930 it is appropriate to refer to certain existing
Influences which necessarily must be given consideration
to properly appraise the results. Following a period of
unprecedented industrial and economic activity which culminated late in 1929, the year 1930 witnessed a depression
of world-wide proportions. Even as the era of preceding
prosperity had been accompanied by extreme inflation and
other related excesses, so the resultant contraction was that
much more severe and penetrative. All of the elements of
a major depression were manifest, including general business
stagnation, collapse of commodity prices and drastic curtailme.nt in trade and commerce. Obviously, neither the
rapidity of its development nor the extent of its influence
could be accurately forecast.
Insofar as this general economic disturbance affected your
Company, it but served to again emphasize the fundamental
:
stability and strength of its financial position earning
capacity, operating efficiency and its peculiar immunity
from depression influences. With unshaken confidence in
the inherent economic strength of the territory dependent
upon it for electric service, the Company's program as
formulated at the beginning of the year was carried out with
no appreciable interruption. Expenditures for new construction were approximately the same as in 1929 with a
corresponding increment in capital investment; equities
were improved; earnings maintained at record levels notwithstanding lower rates; further economies and efficiencies
effected in operating performance and a volume of new
business secured exceeding that of any similar period with
the exception of 1929.
Capital expenditures amounted to $19,000,949. These
were financed in part through limited offerings of Preferred
and Common stocks. The active interest displayed by
insurance companies and other large institutional sources
in our Preferred stock was a significant feature of this
financing, influenced by the elimination of stockholders'
liability resulting from the change in corporate name
authorized at the last annual meeting. The portfolios of
many large institutions of trust now include both the senior
and junior capital issues of your Company. The favorable
ratio of outstanding bonds and stocks in our capital structure
at the close of the year places the Company in a preferred
credit position for future financing. The Company closed
the year in a strong cash position with no floating debt.
Gross earnings for the year amounted to $41,128,735, an
Increase of 2% over 1929, notwithstanding substantial
reductions in rates announced late in 1929 but which did
not become fully operative until 1930. Operating economies
are reflected in net earnings which amounted to $28,082,407,
an increase over 1929 commensurate with the increase in
gross revenues. These earnings provided ample margin
for fixed charges, depreciation and dividend requirements.
Giving consideration to the voluntary reduction in rates
which affected gross earnings to the extent of approximately
$2,000,000, the balance available for Common stock was
equal to $3.25 per share on the average number of Common
shares (2,807,819) outstanding during the year. This
compares with $3.44 per share in 1929 (2,537,943 shares)
and $3.10 in 1928. Under the new business program vigorously carried forward during the year 330,975 horsepower
of new business was signed which was the largest volume
contracted in any single year of the Company's history,
except the peak year 1929.
Your Company's activities during 1930 served the dual
purpose of promoting the normal progress and prosperity
of the communities in its territory, and of stabilizing employment in the Company's own organization. This again
had an important influence, not merely upon community
prosperity directly but indirectly as an example which it is
hoped will be followed by others during the ensuing year.
The Company will continue to build for the future. It
cannot permit its construction program to lag because of a
general depression temporary in character. Accordingly
the construction budget for 1931 has been substantially
increased over the expenditures necessary for that year
under normal circumstances. This additional expenditure
will be made for the purpose of insuring employment to all
of the Company's forces. I would consider any reduction,
either in personnel or in wage rates, during the current
critical period of employment, a retrogressive measure
studiously to be avoided if possible. It is believed that the
present low prices for construction materials will more than
compensate the Company for interest charges on the additional expenditure.
SENIOR FINANCING.
Capital funds during 1930 were supplied principally from
the proceeds of our junior financing operations. The only
new senior financing of the year consisted of an issue of
$4,907,000 par value of our Refunding Mortgage Gold
Bonds, Series of 5's due 1952 and 1954, which were sold to
local investors through our Investment Department and
the proceeds used to finance in part capital expenditures for
system additions and betterments. Sinking fund operations and serial maturities effected the retirement of $151,
000 of underlying bonds. On Oct. 1 1930 the Company
called for redemption and retirement the balance of the
outstanding Mt. Whitney Power and Electric Company
First Mortgage Sinking Fund 6% Gold Bonds amounting
to $3,132,000 face value. There were called for redemption
on January 1, 1931, the remainder of the outstanding
$660,700 par value Santa Barbara Gas and Electric Company First Mortgage Serial and Sinking Fund 5% Gold
Bonds. There were also called for redemption, effective
March 1, 1931, $5,659,000 face value of Pacific Light and
Power Corporation First and Refunding 5% Sinking Fund
Gold Bonds due September 1, 1951.
In view of current low interest rates and the outlook for
easy money conditions to obtain for some time in the future,
a new series of bonds under our Refunding Mortgage was
created which will serve as a more desirable medium for
senior financing. Bonds of this series will be known as
"Series of 4M's due 1955" and an issue of $5,000,000 has
been authorized.
At December 31, 1930 the Company's outstanding funded
debt amounted to $140,776,000 par value, of which $106,153,000 represented bonds issued under the Refunding
Mortgage and $34,623,000 of underlying bonds. The latter
amount will be reduced during 1931 by the retirement of
Pacific Light and Power Corporation bonds on March 1st,
referred to above. Your Company is in an excellent credit
position for extensive major financing should it be found
necessary or expedient to do so.
DIVIDENDS.
Your Company's capital stock issues have a seasoned
dividend record back of them extending over an uninterrupted period of more than twenty years. Dividend rates
on the several outstanding issues are currently 8% on
Original Preferred and Common stocks respectively; 7%
on series "A" Preferred; 6% on series "B" Preferred and
532% on series "C" Preferred. In 1930 regular dividends'
were paid in cash on all classes of capital stock outstanding,
a summary of which appears below.
Number of
Dividends.
Original Preferred
Second Preferred (Retired)
Series"A" Preferred
Series "13" Preferred
Series "C" Preferred
Common
Total
86
20
33
27
14
83
Dividends Paid
Amount for July 1, 1909 to
Year 1930. Dec. 31, 1930.
$320,000.00
1,825,507.00
2,956,403.79
1,840,469.26
5,615,634.52
$5,960,000.00
3,003,134.75
11,962,553.23
14.066,709.85
4,846,835.73
46,242,203.64
$12,558,014.57 $86,081.437.20
JUNIOR FINANCING.
Through the medium of our customer-ownership plan
which has been in effect since 1917, 122,045 investors at
the close of the year were shareholders in the capital stock
of your Company. Over 90% of these are resident in the
territory served.
As in the previous year our junior financing operations
consisted of the sale through our Investment Department of
series "C" 532% Preferred stock and an offering of additional Common stock through stock warrants. The total
of these transactions during the year aggregated 481,164
shares of capital stock representing $12,029,100 par value.
The greater part of these offerings was absorbed by our
stockholders, resulting in an increase in the average individual holdings from 59.7 shares to 62.4 shares ($25 par
value). The year's transactions also included subscriptions
of our employees to Preferred and Common stock units
amounting to $687,700. Approximately 90% of the permanent employees of your Company own stock outright or
have contracted to purchase it under our employee-partnership plan. The offering of Common stock at par through
MAR. 21 1931.]
2227
FINANCIAL CHRONICLE
1929.
1930.
rights issued to Original Preferred and Common stock444,059
467,098
holders was the fourth consecutive yearly offering of this Meters
kind made by the Company and was in the same ratio as Connected Load in horsepower:
473,730
those of 1928 and 1929; namely, one new share at par for
Lighting
529,121
Pumping Plants for Irrigation
296,349
318,649
each ten shares held. Practically the entire allotment was
Railways
142,648
143,064
taken up, attesting to the confidence and faith of our stock425,814
Municipalities for Resale
425,812
holders in the Company and the integrity of their invest41,252
Municipalities for Pumping, Sewerage, &c
46,821
ment. Since the irutial offering of Common stock rights a
256,798
Electric Cooking
326.914
consistent increase is noted in the number of stockholders
579,138
Industrial
658,109
exercising this privilege. In 1927 subscriptions aggregated
2,216,145
2,448,074
92.44% of the offering; in 1928 they were 96.46%; in 1929 Total
GENERAL.
they aggregated 98.34% and in 1930 they represented
99.01% of the total. The cash proceeds from the year's
As was stated in my last Annual Report, your Comjunior financing operations were used to finance, in part, pany's assistance in the financing of the Hoover Dam
capital expenditures during the year.
project through the power contracts is primarily justified
by the contribution which we thus make toward the assur-,
CAPITAL EXPENDITURES.
ance of a reserve water supply for the communities which
Capital expenditures during the year amounted to $19,- we serve, rather than the attractiveness of or necessity for
the power supply. This point was clearly recognized by
000,948,95 and are summarized below:
Additions to Generating Plants
51,481.890.87 Secretary Wilbur in his testimony before the Committee
Substations
4.901,223.16 on Appropriations of the House of Representatives in May,
Transmission and Telephone Lines
1,934,803.04 1930, as follows:
Electric Distributing System
6.359,806.35
New General Office Building
3,872.101.92
General Store, Shop. Test and Transportation Departments. Offices, District Stores, Buildings and Equipment
451,123.61
Total
519.000,948.95
CONSTRUCTION BUDGET—YEAR 1931.
The budget of new construction expenditures for 1931 as
recommended by the Engineering Committee and approved
by your Board of Directors includes appropriations in the
total sum of $25,200,000, the principal items of which are
set forth below:
Steam Power Development
$2.034,000.00
New Fuel Supply Facilities
6,000,000.00
Transmission Lines, Substations and Rights of Way
3,510.000.00
Distribution Lines and Substations
8,888,000.00
General Office Building
1,296,000.00
Miscellaneous Buildings and Equipment, System Betterments, &c
3,472.000.00
Total
$25.200,000.00
In addition to the above, a contingency item of $2,962,208 was approved
for major repairs and replacements.
OPERATION.
Notwithstanding the depression and its consequent effect
upon the consumption of electricity for industrial purposes,
output of the generating plants totaled 3,168,973,397 kilowatt hours during the year, a slight increase over the record
year 1929. Due to subnormal precipitation in the higher
elevations, water supply for the hydro-electric plants was
but 77% of normal which necessitated more extensive
operation of our steam plants, with correspondingly greater
fuel expense than would have been necessary in an average
water year. The entire steam generated output of 1,204,268,196 kilowatt hours was produced at the Long Beach
Works, over 86% being generated in the two highly efficient
machines in the No. 3 Plant. This was more than the total
output from all plants of the Company in 1922. Nearly
14,000,000,000 cubic feet of natural gas was burned as fuel
at this plant. This was a direct conservation measure,
saving the equivalent of 2,661,000 barrels of fuel oil, or in
terms of coal a train load every day of the year. By exercising rigid measures of economy in all operating activities and
through strict application of the budgetary system installed
a few years ago, operating expenses were reduced to a minimum with no impairment of service.
SYSTEM OUTPUT.
The output from the company's generating plants and
other sources was as follows:
Water Power Plante
Steam Plants
Purchased Power
Total
Kilowatt Hours
1930.
1929.
1,945,966,871
1,840,414,107
1.204,268.196
1,309,522,170
18.738,330
13.051,753
3.168,973,397
3,162,988.030
DELIVERED TO CONSUMERS.
The foregoing output was absorbed by the various classes
of service as follows:
Kilowatt Hours.
311,056,784
11.9
886.452,885
464,498,324
283.380,624
25,514,940
575,250,571
69,080,012
33.9
17.7
10.8
1.0
22.0
2.6
Total Power
Used by Company
2.304,177,356
2,241.140
88.0
.1
Total Delivered
2,617,475.280
The essential factor in the whole plan was the pouring of water on the
California plains. If they were without the possibility of getting that
water, we would have had no possibility of putting this dam Project
through, for they are making power in Southern California at the present
time at a lower figure than we have in our contracts for the sale of power.
The Southern California Edison Company only came into this largely
because of a sense of community responsibility. They wanted to have a
share in getting this water on to the plains.
Your Company's physical properties have been maintained
in excellent condition and adequate provision made for
depreciation and replacements. Requisite insurance protection against fire, earthquake and other contingencies
has been continued in effect.
While the year 1930 presented some unusually difficult
problems, there is inspiration not alone for the Company
but for the individual personnel of our organization to
whose enthusiastic, loyal and efficient support due credit
must be given for the accomplishments of the year.
By order of the Board of Directors.
JOHN B. MILLER, Chairman.
AUDITORS' CERTIFICATE.
ARTHUR ANDERSEN & CO.
Certified Public Accountants,
215 West Sixth Street, Los Angeles.
To Mr. John B. Miller, Chairman of
The Board of Directors,
Southern California Edison Company Ltd.:
We have examined the accounts of SOUTHERN CALIFORNIA EDISON COMPANY LTD. for the year ended
December 31, 1930. The accounts of the subsidiary companies have not been examined but we have reviewed
properly authenticated company reports for all of the
subsidiaries.
On the above basis, we certify that, in our opinion, the
accompanying consolidated balance sheet and consolidated
income and surplus accounts fairly present the financial
position of the companies at December 31, 1930 and the
results of their operations for the year ended that date.
February 12, 1931.
ARTHUR ANDERSEN & CO.
INCOME ACCOUNT.
Gross Earnings—.
Operating Revenue:
Light
Power
Miscellaneous
$14,889,524.23
25.466.381.49
132,204.25 $40.488.109.97
Non-Operating Utility Revenues
Total Gross Earnings
Operating Expenses and Taxes—
Operation
Maintenance
Taxes
622,716.00
$41,110,825.97
$7,785,950.77
1,248.370.10
4,153,397.43 13,187,718.30
Net Operating Revenue
Other Income (net)
$27.923,107.67
155,833.75
Net Earnings before Depreciation
$28,078,941.42
Interest Deductions—
Interest on Funded Debt
$7,093,408.86
General Interest
39,409.54
Amortization of Debt Discount and Expense
586,715.67
Less—Interest Charged to Construction-
$7.719,534.07
732,530.77
6,987,003.30
100.0
Total Lighting
Power: Commercial
Agricultural
Railways
Other Electric Corporations
Municipal for Resale
Municipal Miscellaneous
CONNECTED LOAD.
The following is a comparative statement of the number
of meters and connected load in horsepower at the close
of the year 1930 as compared with 1929:
Surplus Net Income before Depreciation
$21,091.938.12
SUMMARY OF SURPLUS ACCOUNT.
Surplus Balance—December 31, 1929
511.275,267.54
Add—Surplus Net Income before Depreciation—as above
$21,091.938.12
Less—Provision for Depreciation
5,028,034.34 16,063,903.78
Deduct—Dividends—
On Preferred Stock
On Common Stock
527,339,171.32
56.940.528.55
5,749,835.19
$12,690,363.74
Premium and Discount on Retirement of
Underlying Bonds
345,671.74
Miscellaneous Direct Surplus Items (net).405,588.56 13,441,624.04
Surplus Balance—December 31, 1930
$13,897,547.28
[VOL. 132.
FINANCIAL CHRONICLE
2228
SOUTHERN CALIFORNIA EDISON COMPANY, LTD. AND SUBSIDIARY COMPANIES.
CONSOLIDATED BALANCE SHEET DECEMBER 31, 1930.
ASSETS.
Capital Assets—
Plant, Property, Rights, Franchises, Scc.$337,976.214.67
1.777,778.91 $339.753.993.58
Miscellaneous Real Estate, &c
480,729.20
Cash Sinking Fund Deposits
Unamortized Discount, Premium and Expense—
Debt Discount and Expense in Process of
;n1,685,186.82
Amortization
1,288,785.90
Stock Discount and Premium (net)
Prepaid Accounts and Deferred Charges—
Prepaid Insurance, Rents, &c
Undistributed Clearing Accounts
Preliminary Construction Charges
New Business Development Expense
Deferred
Miscellaneous Unadjusted Items
Due on Subscriptions to Capital Stock—
Officials and Employees
Public
12,973,972.72
$242.921.03
521,520.32
279,515.08
Capital Stock of Subsidiaries in Hands of Public—
$10,000.00
Preferred-6% Cumulative
6,000.00
Common
206,488.83
344.743.33
1.595,188.59
$6,006,321.64
621,642.03
6,627.963.67
Current Assets—
$2,598,050.74
Dash in Banks and on Hand
Funds Temporarily Invested—
500,000.00
Special Savings
3,000,000.00
Short Term Loans
277.045.00
Working Funds
Accounts and Notes Receivable—
Light and Power Con$2,460,374.24
sumers
Miscellaneous Notes and
1.222,668.83
Accounts
$3,683,043.07
Less—Reserve for Uncol72,739.09
lectible Accounts
Materials and Supplies
Total Capital Stock
Funded Debt—
Southern California Edison Company. Ltd—
Refunding Mortgage Gold Bonds—
$55,000.000.00
Series of 5s due 1951
32,000,000.00
Series of 5s due 1952
Series of 55 due 1954__$20,000.000.00
.00 19.153,000.00
847,000
Less—In Treasury_
16,000.00
$189,427,975.00
Series of 43s due 1955 $2,000.000.00
Less—In Treasury_ 2,000,000.00
General and Refunding Mortgage Gold
Bonds—Series of 5s due 1944
General Mortgage 5% Thirty Year Gold
Bonds due 1939
Underlying Bonds
14.631,859.30
13.360.000.00
10,391.000.00 139.904.000.00
Deferred Liabilities—
Consumers' Advances for Construction__
Consumers' Deposits
Deferred Income
3.610,303.98
4,646,459.58
LIABILITIES.
Capital Stock of Southern California Edison Company, Ltd.—
Issued and Outstanding—
Preferred—(Cumulative)
Original
-5% Participating-160,000
$4,000,000.00
Shares
26.047.375.00
Series A-7%-1,041,895 Shares..
48.417,025.00
Series B-6%-1,936,681 Shares
Series C-5)%-1,321,660 Shares.. 33.041,500.00
69,331,375.00
Common 2,773,255 Shares
Subscribed but Unissued—
4,076,575.00
3 Shares
Preferred-163,06
4,498,125.00 1189,411,975.00
Common-179,925 Shares
11,067,234.21
448.178.92
122,282.08
1,637.695.21
Current Liabilities—
12.075.686.47
Accounts Payable
943,192.18
Accrued Interest
(Federal Income Taxes are
Accrued Taxes
Subject to Review by Treasury Depart3,382,380.60
ment)
2,037,772.75
Dividends Payable
8,439,032.00
Reserves—
Depreciation
Miscellaneous
10,000,000.00
$21.335,823.66
1,421,633.91
22,757,457.57
13,897,547.28
Surplus
$376,063,707.06
$376.063.707.06
COLUMBIAN CARBON COMPANY
31, 1930.
REPORT OF THE PRESIDENT FOR THE YEAR ENDED DECEMBER
WELL RECORD.
Producing
Net profit, after all charges, including depreciation, deProducing
Wells
Wells
Wells
pletion, and Federal taxes, amounted to 32,514,923, a
was chiefly due
Dec. 31 1929. Drilled. Abandoned. Dec. 31 1930. Drilling.
State
decrease of 31.4% from 1929. The decline
1
inactivity of West Virginia_
141
5
3
139
to reduced sales of carbon black resulting from
4
237
35
3
205
_
the rubber industry and to severe breaks in the price of Louisiana .._ _ 4
92
1
16
77
Kentucky_ __
-5
1
4
gasoline and carbon black during the latter part of the Texas
—
year. Notwithstanding the business depression, natural gas
9
475
57
7
425
of gas
sales showed a fair increase. The average volume
Total open flow capacity of the wells on December 31,
per day
sold in the year was eighty-three million cubic feet
1930 exceeded two billion cubic feet of gas per day.
and in December was ninety-five million cubic feet per day.
Among the developments of 1930 the following deserve
Substantial increases in natural gas revenue are in prospect
special mention.
for 1931.
The authorized capital stock was increased to two million
The following statistical tables summarize operation in
shares, and the voting trust renewed for a period of five
1930.
years from November 1, 1930.
PRODUCTION.
Lamp Black and
The Company joined with Standard Oil Company of New
Natural Gas
Gasoline
Carbon Black Other Products
Jersey, the Insull interests of Chicago, The Texas Cor(cubic feet)
(gallons)
(pounds)
(Pounds)
Year
Service Company, Phillips Petroleum Com47,376,015,000 poration, Cities
14,012.439
45,398,121
100,133.415
1930
47,831.160.000 pany and Skelly Oil Company in the construction of a
17,487,437
26,179.539
104.855,183
1929
47,112.301,000 natural gas pipe line from the Amarillo field to Chicago.
3,204,998
11,951.339
79,194,473
1928
43,349.135.000
4,482,055
10,454.296
68.399.505
1927
40,218,879,000 The line will be twenty-four inches in diameter, nine hundred
10.374,461
4,188.136
60,687,107
1926
and twenty-five miles long, and will have a delivery capacity
NATURAL GAS SALES.
cubic feet per day. It is being conRevenue. of two hundred million
Gross
Cubic Feet
Year
Construction Corporation and is
$2,689,329 structed by Continental
31,136.513,000
1930
2,545,999 now about two-thirds complete. It is expected to be in
26.934,903,000
1929
2,310.109 service within the next six months.
25,304,073,000
1928
2,086,511
20,149.228,000
1927
1,596.199
12,406,650,000
The Company acquired all the capital stock of Peerless
1926
Carbon Black Company. The Peerless Company was orACREAGE ON DECEMBER 31, 1930
Total. ganized in 1902 as successor to a business commenced in
Leased
Owned
State
146.269 1882. It is the foremost producer of high grade carbon
145,708
561
West Virginia
70,108
28,177
41,931
blacks enjoy a worldwide reputation
Louisiana
111,671 blacks. "Peerless"
111,671
Kentucky
16.935 in the printing ink trade.
16.485
450
Texas
4,474
4,416
58
Oklahoma
Arrangements were made, effective as of January 2, 1931,
1,640
1,640
New Mexico
10,580 for acquisition of ninety-five per cent of the outstanding
10.580
Pennsylvania
of Fred'k H. Levey Company, Inc., a long
*361.677 capital stock
318,677
43.000
successful manufacturer of book and magahas undivided interests aggregating 55,206 established and
* In addition, the company
business of the Fred'k H. Levey Company
acres in oil and gas leases In Kansas, Oklahoma, New Mexico and Arkansas. zine inks. The
2229
FINANCIAL CHRONICLE
MAR. 21 1931.]
was founded in 1874. It owns two modern and thoroughly
equipped ink plants, having a combined floor area of 117,860
square feet, located in Brooklyn and Philadelphia. It also
owns the building at 59 Beekman Street, New York City,
where its offices are located.
These acquisitions are further steps in the policy of diversification by which the directors plan to stabilize the
earnings of the Company and render its prosperity independent of any single commodity. This policy has now
resulted in the development of a substantial business in the
following products: natural gas, natural gasoline, carbon
blacks of all grades, lamp blacks, bone blacks, vegetable
blacks, iron oxide pigments, plate glass polishes and printing
inks.
By order of the Board of Directors.
Respectfully submitted,
F. F. CURTZE, President.
45 East Forty Second Street,
New York City.
March 15, 1931.
COLUMBIAN CARBON COMPANY AND SUBSIDIARIES.
COMPARATIVE CONSOLIDATED BALANCE SHEET DECEMBER 31, 1930.
LIABILITIES.
ASSETS.
At
Dec. 31 1929.
At
Dec. 31 1930.
Current:
$2,038,537.87 52,501,338.20
Cash
165,847.07
650,469.19
Notes Receivable
953,528.13
1,166,840.86
Accounts Receivable
Investments—At Cost:
U. S. Government Bonds and Treasury
92.674.99
62.334.91
Notes
Interstate Natural Gas Company (166,1,042,990.25
1,042.990.25
807 shares)
Nlississippi River Fuel Corporation:
First Mortgage 6% S. F. Gold Bonds
419,692.50
500.000.00
Due Aug. 1. 1944
Capital Stock—Common (111,492
1,154,757.65
1,154,757.65
shares)
• Treasury Stock—Columbian Carbon
611,868.75
Company (Del.) 5,100 shares
Continental Construction Corporation
480,425.36
8% Serial Notes
796.004.93
16.667.50
Other Marketable Securities
$2,776,750.31 $4,598,414.43
Total Investments
$39,221.66
$13,681.11
Accrued Interest
Inventory of Finished Products, Materials
and Supplies(Lower of Cost or Market) 2,066,208.68
Cash Surrender Value Life Insurance
7.644.00
Policies
At
Dec. 31 1929.
Current:
Accounts Payable
Federal Taxes for Year—Estimated
At
Dec. 31 1930.
$910,983.82
425,000.00
$1,335,983.82
Total Current Liabilities
$666,280.20
245,087.30
$911,367.50
Minority Stockholders'Interest in Subsidiary
Corporations:
$1,234,666.00 $1,234,641.00
Capital Stock
437,141.22
523,489.02
Undistributed Surplus
$1,671,807.22 $1,758,130.02
Reserve for Depreciation and Depletion
$13,365,078.52 $15.015,424.46
(Schedule "B")
431.90
553.91
Deferred Income
Capital Stock and Surplus (Schedule "A"):
27,454,656 08
498.505 shares of no par value
22,709,562.84
467,929 shares of no par value
Contingent Liabilities at December 31, 1930:
Notes Receivable Discounted $333,424.42
(since paid by makers at maturity)
2,848,678.07
8,961.00
$8,720,132.02 $11.115,988.56
Total Current Assets
Property:
Plant. Pipe Lines, Equipment, Real Estate. Leases, Wells and Mineral Rights
29,239,408.55 33,007,548.06
(Schedule "B")
Stocks and Bonds of Other Companies:
105,970.79
105,970.79
United Lamp Black Works, Ltd
111,000.00
108,600.00
ir Monroe Gas Company
70,000.00
70,000.00
111 Arkansas and Louisiana Missouri Ry. Co
453.332.66
407,417.66
Miscellaneous
Total Stocks and Bonds of Other
Companies
6737,903.45
$694,388.45
Other Assets:
Loans and Advances
Deferred Notes and Accounts Receivable..
$70,500.00
9,979.16
$102.814.08
10,983.76
$80,479.16
$113,797.84
$1.00
305,062.13
$1.00
208.286.05
Total Other Assets
Copyrights, Trademarks. Goodwill, &c
Deferred Charges
539,082.986.31 545.140.009.96
539,082.986.31 $45.140,009.96
* Since exchanged for Capital Stock of Fred'k H. Levey Co. Inc.
COMPARATIVE CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEARS ENDED DECEMBER 31, 1929-1930.
Year 1930.
Year 1929.
$12,659.484.40 $9.756,328.19
Sales—Net
Cost of Sales:
Labor Material and Other Charges
Depreciation and Depletion for Year
Total Cost of Sales
54,799,524.48 $4,308.889.39
1.840,695.12
1.424.396.05
$6.640.219.60 $5,733,285.44
Gross Profit on Sales
$6.019,264.80 $4,023,042.75
Selling, Administrative and General Expense- 1,686,169.14
1.313,522.81
Net Profit on Sales
$4,333,095.66 62,709,519.94
Other Income:
Discounts,
Rentals, Interest. Dividends,
Commissions, Royalties, etc
353,443.88
455,628.82
64,686,539.54 53,165.148.76
SCHEDULE "A."
CAPITAL AND SURPLUS ACCOUNTS DECEM5ER 31, 1930.
Capital:
At January 1, 1930
915,813,603.91
Additions during year
5,247.897.50
Total Capital
Surplus:
At January 1, 1930
$21,061,501.41
$6,895,958.93
Add:
Balance of Net Profit for 1930 (As
per Profit and Loss Account)___ 92,514,923.45
Deduct:
Dividends paid__ $2,938.166.00
Charges applicable
to Prior Years
(Net,
81.561.71 3,017,727.71
Net Deduction for Year
Total Surplus
Total Other Charges
Year 1929.
22.343.38
Year 1930.
3,323.17
223.879.18
169,840.57
$246,222.56
$173,163.74
$4,440,316.98 $2,991.985.02
Net Profit from Operations for Year
Deductions from Net Profit:
Federal Income Tax on Earnings for Year
240.000.00
425,000.00
(Estimated)
Proportion of Profit applicable to Minority
237,061.57
349,825.88
Interest
Total Deductions from Net Profit- --- $774,825.88
$477,061.57
Balance of Net Profit Credited to Surplus
$3,665,491.10 $2,514.923.45
Account
SCHEDULE "B."
PROPERTY AND RESERVES AT DECEMBER 31. 1930.
Reserve for
Depreciation.
Balance
Depletion and
Balance
Net
Jan. 1 1930. Additions. Dec.31,1930. Obsolescence.
Plant, Pipe Lines and
Equipment:
901,348.82 13.610,513.49 8,098,103.82
Plants and Equipment_12,709,164.67
Pipe dc Gathering Lines 3,945,378.48
614,262.78 4,559,641.26 1,726,842.61
607,382.71
924,659.38
212,654.98
712,004.40
Dwellings
Land (Surface value
807,452.12
157,443.19
964,895.31
only)
Transportation Equip206,178.24
681,830.91
ment
179,168.61
502,662.30
16,027.60
16,027.60
Drilling Equipment_
16,027.60
97,715.43
189,422.82
Water Lines and Wells_ 135,995.45
53,427.37
8,508.58
5,441.80
248.766.07
Materials
254.207.87
72,368.10
350,549.00
184,634.72
Miscellaneous
535,183.72
Total Plants, etc_ __ _19,775,519.80 1,447,428.57 21,222,948.37 10,833,124.87
502.804.26
6,393.154.67
Total Capital and Surplus at December 31, 1930 (As per Balance
Sheet)
$27,454,656.08
Other Charges:
Loss on Property Sold or Abandoned
Cash Discounts, Interest, Dismantling Expenses, Rentals, etc
Oil and Gas Territory,
Leases, and Gas Wells:
)
Leases (Oil and Gas)._ 3,176,631.40 1,431.616.90 4,608,248.30
762,809.52 5.695.433.31 4,161,182.55
Wells (011 and Gas)_ 4,932.623.79
65)
108,784.52 1,442,990.
Mineral Rights in Fee. 1,334,206.13
37,927.43
20,427.43
17,500.00
Gas Contracts
21,117.04
Total Oil and Gas
Territory. Etc—. 9,463,888.75 2,320,710.94 11,784,599.89 4,182.299.59
Total—As per Balance
29,239,408.55 3,768,139.51 33,007.548.06 15,015,424.46
Sheet
FINANCIAL CHRONICLE
2230
[VOL. 132.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-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, March 20 1931.
COFFEE on the spot was quiet and more or less unsettled
owing to rather sharp competition. Santos 4s were quoted
5
at 83' to 9c.; and Rio 7s at 5% to 53/gc. Fair to good Cucuta
123/i to 130.; prime to choice, 14 to 150.; Washed, 15 to
4
17e.; Ocana, 123.4 to 128 0.; Bucaramanga, natural, 13 to
133'c.; washed, 163/i to 17e.; Tolima and Giradot, 1714 to
%
173'c.; Medellin, 183i to 183c.; Manizales, 173/i to 173c.;
Mexican washed, 16% to 1834c.; Surinam, 12 to 123'2c.;
Ankola, 23 to 24c.; Mandheling, 233' to 32c.; Genuine
Java, 243/i to 253'c.; Robusta washed,83 to 83'c.; Mocha,
153/i to 160.; Harrar, 153' to 1604 Abyssinian, 12 to
123/e.; Salvador washed, 14% to 16e.; Nicaragua, washed,
2
%
14o.; Guatemala prime, 173/i to 178 c.; good, 15 to 153/2e.;
Bourbon, 13 to 133'c.; Hayti, Trie-a-la-main, 13 to 133'c.;
Machine, 123/i to 13c.; San Domingo washed, 153 to 153'e.
At the 18th inst. cost and freight prices, on Santos were 5 to
25 points lower. For prompt shipment, Santos Bourbon 2s
were here at 9.80e.; 2-3s at 8.90 to 9.60c.; 3s at 8.45 to
9.4004 3-4s at 8.00 to 8.70e.• 3-5s at58.20 to 8%c.; 4-5s at
-Os at 7.90 to 8.15e.; 6s at 7.70
8.10 to 83c.; 5s at 8.05c.; 5
to 7%43.; 6-7s at 7.40e.; 7s at 7.15c.; 7-8s at 6.70 to 7.30c.;
Part Bourbon 3-5s at 8c.; Peaberry 3s at 8%c.; 3-4s at
8.35c.; 4s at 8.05 to 8.300.; 4-5s at 8.10 to 8.15e.; 5s at
8.10e.; Rio 7s at 5.350.; 7-8s at 53ie.; 8s at 5.15e.; Victoria
7-8s at 5.05c. On March 19, cost and freight offers were
irregular. In some instances they were a little higher and
in others somewhat lower. For prompt shipment, Santos
Bourbon 2-3s were here at 93i to 9.45c.; 3s at 8.45 to 8.70c.;
3-4s at 83 to 8.65c.; 3-5s at 7.90 to 8.40c.; 4-5s at 8.15 to
85.1c.; 5-6s at 7.90 to 8c.; 6s at 7.60 to 7.80c.; 6-7s at 7.40e.;
7-8s at 6.60 to 6.800.; Part Bourbon 2-3s at 93'c.; Peaberry
3-4s at 8.35c.; 4s at 80.; 4-5s at 834c.; Rio 7s were here at
5-200.; 7-8s at 5.100.; 8s at 5.00c.; Victoria 7-8s at 4.95e.
To-day cost and freight offers were in rather small supply
with prices unchanged to 15 points lower. They included
for prompt shipment, Santos Bourbon 2-3s at 9.10 to 93'c.;
3s at 8.70 to 9.30c.; 3-4s at 83ei to 8.55c.; 3-5s at 8.30 to
8.80c.; 4-5s at 8.15 to 8.40c.; 5s at 7.90e.; 5-6s at 7.80c.;
6s at 7.60 to 78
%c.; 6-7s at 7.55c.; 78 atv7.40e.; 7-8s at 63/i
to 7c.; part Bourbon 3s at 83ic.; 3-5s at 7.900.; Peaberry
4s at 8 to 8.20c.; Rio 7s at 5.10 to 5.30c.; 7-8s at 5 to 5.20c.;
.
8s at 5.05e.; Victoria 7-8s at Sc. Brazilian Minister of
Finance plans, it is said, include free trading, the elimination
of the surplus stock expected in July by the purchase of this
coffee by the government for annual allotment and distribution, co-operation of other producing countries, prohibition of plantings during the next five years and a tax
on production. Sao Paulo cabled the "Times" March 14:
Canadian business men are negotiating with the Provisional
Government at Rio de Janeiro for the exchange of vast
stocks of coffee for Canadian wheat. The details are not
yet disclosed but the proposition is logical, due to Brazil's
unfavorable reaction toward the Argentine ban on Brazilian products. Argentina is now supplying the bulk of
Brazil's wheat, but in view of the resentment over the ban
the deal is likely to succeed. On the 14th inst. futures advanced 6 to 15 points on Brazilian buying with sales of
22,500 bags of Santos and 10,000 Rio.
On March 14 Brazilian exchange advanced 1-64d. in
Santos to 4 3-32d; dollar 60 lower at 12$100; futures 200 to
100 reis higher. In Rio, spots advanced 75 reis to 128325;
exchange unchanged at 4 5-64d., dollar 20 lower at 124;120.
On the 16th inst. prices declined 3 to 14 points with the
cables lower, cost and freight prices down and Europe selling.
The sales were 19,000 bags of Rio and 23,000 of Santos.
Rio cabled: "Two of three proposals exist. A tax of 30%
charged in Santos to exporters to be paid in coffee. In
other words, on every 1,000 bags shipped 300 bags to be
given to the Government to be destroyed most discussed,
although nothing definite was decided. Prado, Lima and
Wile continue buying spots for the Government. Bolsa
boosted by a group of apparently strong speculators.
Whether they were acting for themselves or for the Government was not known. Entries of smaller good coffee
scarce, the American Coffee Corporation paying 10$500 for
good 4s. Apparently they intend to put the trade in the
same position as during the Rollin regime." On March 16
Santos terme market closed and unchanged to 50 reis higher;
spot 100 reis higher at 17$200. Exchange on London was
1-64d. lower at 4 5-64d. and the dollar 50 reis higher at
12$150. On the 17th inst. prices dropped 4 to 14 points
on lower cables and •further liquidation. The sales were
32,000 bags of Santos and 10,000 Rio.
On the 17th Brazilian exchange at the New York opening
was a little lower, Santos 1-64d. lower at 4 1-16d. dollar
rate 50 higher at 12$200. Rio was 1-32d.lower at4 3-64d.
dollar 110 higher at 12$240. Rio spot price advanced 350
reis to 12$800. Santos futures were unchanged to 175 lower.
On the 18th inst. futures fell 15 to 19 points on Santos and
2 to 6 on Rio with sales of 46,500 bags of Santos and 12,000
Rio with the Brazilian cables lower and Brazil selling.
On the 18th inst. 26 Santos notices were issued. Of "A"
contract, 2,750 bags were delivered. Brazilian exchange
at the hour of the New York opening was unchanged for
Santos at 4 1-32d. but 1-32d. lower in Rio at 4 1-64d.
Dollar in Santos was 20 lower at 128280 and at Rio 60
higher at 12$320. Futures on the 19th inst. advanced
early but closed with Santos 4 points off to 3 points higher
and Rio unchanged to 6 points higher. Lower exchange
caused the setback. Today prices closed 19 to 23 points
lower on Santos and 10 to 16 lower on Rio with sales of
39,000 bags of Santos and 17,000 Rio. The decline was
due to a drop in Exchange, lower cost and freights and
Brazilian selling. Europe bought. There are rumors of
dissension in Brazil over the recently announced policy of
the provisional government in regard to the coffee business.
Final prices show a decline for the week of 12 to 21 points
on Rio and 47 to 53 points on Santos. Today exchange on
Brazil was easier at the outset with Santos 1-64d. lower at
363-64d. and the dollar 100 higher at 12 50. Rio exchange
was 3-64d. lower at 3 61-64d. and the dollar 140 higher at
1245500. Rio spot price reduced 200 reis to 128600. A
special cable to the Exchange received from Santos shortly
before 12 o'clock quoted the sterling rate at 3 15-16d. or
3-64d. lower and the dollar at 128600 or 150 reis higher.
Rio coffee prices closed as follows:
Spot (unofficial)
March
May
July
531
5.00inom.1September
5.05 nom. December
5.12§nom.
5.16 nom.
5.24 nom.
Santos coffee prices closed as follows:
Spot (unofficial)
March
M
May
I July
September
7.920
8.051@nom. December
8.11§
8.11 nom
8.10
COCOA to-day ended 1 point higher, with sales °MO
lots; March closed at 5.21c.; May at 5.27c.; July at 5.45c.;
Sept. at 5.630. Final prices are 9 to 11 points lower than
a week ago.
-Spot Cuban raws were 1.25 to 3.25c. ReSUGAR.
fined was in fair demand at 4.40e. Receipts at United States
Atlantic ports for the week were 77,054 tons, against 43,162
in the previous week and 38,378 in the same week last
year; meltings 50,901 tons, against 49,758 in previous week
and 61,866 last year; importers' stocks, 144,608, against
144,608 in previous week and 307,845 last year; refiners'
stocks, 132,767, against 106,615 in previous week, and
l61212 in same week last year; total stocks, 277,375,
against 251,222 in previous week, and 469,057 in same week
last year. Eleven Cuban mills have finished grinding.
On March 14 London closed barely steady at unchanged to
%cl. decline; Liverpool closed unchanged to Md. lower.
On the 14th inst. futures ended unchanged to 1 point higher
with sales of only 1,500 tons. On the 16th inst. prices
ended unchanged to 2 points off, with sales of 13,750 tons
on hedge and other selling. Europe bought and checked
the decline.
On the 17th inst. futures advanced 2 to 4 points on buying by Europe and Wall Street. The sales were 26,700 tons.
Street sales included 4,000 tons of Porto Ricos clearance
March 20, 2,200 tons Philippines due April 6, 25,000 bags
of Cuba for second half March and first half April shipment
and 1,300 tons of Philippines for April-May shipment all
at 1.25e. or 3.250. delivered. On March 17 London early
was steady at the decline of the 16th. There were sellers
of raws at 6s c.i.f., equal to about 1.14c. f.o.b. Cuba with
tc.
refiners indicating interest at 5s, llY c.i.f., equivalent to
1.13c. f.o.b. Cuba. Trade dull. On the 18th inst. futures
advanced 1 to 2 points with the demand mostly for September. Commission houses bought March freely. Bullish
factors were a report that Java had signed the international
agreement and that the refined sugar trade was large.
Sales of 3,000 tons of Philippines were made on the basis
of 3.23e. delivered; also 10,800 tons Philippines mostly to
operators for forward shipment at 3.280. for prompts to
3.50e. for May-June and 40,000 bags of Cuba to Savannah
half now loading and the other half afloat at 1.26e. c.&f.
Sales of Philippines included 4,500 tons, due March 19th at
-May shipment at 3.40c.;
3.25c.• 3,300 tons, for April
1,000 tons for May-June shipment at 3.42c.; 1,000 tons, for
'
June-July shipment at 3.46c. and 1,000 tons for JulyAugust shipment at 3.50c.
An Associated Press dispatch from Batavia dated March
18 said: "The People's Council to-day approved by 0.3
votes to 5 a government bill for temporary restriction;of
MAR. 21 1931.1
FINANCIAL CHRONICLE
sugar exports. The measure provides that no sugar be
exported without written permission and that the maximum
exported be fixed annually for the entire Dutch East Indies
by government decree. Violation of the regulations would
be punishable by heavy fine and confiscation of the ships
concerned." Havana cabled, March 19, that planters met
there yesterday with the National Sugar Export Corp. to
study a request cabled from Paris by Mr. Chadbourne which
was to the effect that in order to please Java, should the
market reach a maximum of two cents, export quotas of
segregated sugars will be increased so that countries not
involved in the restriction agreements shall not get the
benefit of the price. No decision had yet been amved at
in Cuba. On the 19th inst. prices advanced 2 to 4 points
with spot raws in better demand and stronger, trade covering
and buying by Wall Street and other interests. A native
Cuban pool was said to be buying September. Actual
sugar sales included 4,000 tons of Porto Rican for late
March clearance at 3.28e. 15,000 bags Cuban late March
shipment at 1.28e. 25,000 bags of Cuba about to load at
1.30e. c. & f., 3,700 tons Philippines for April arrival at
3.30e. delivered; 3,500 tons of Philippines for May-June
shipment at 3.420.; 5,000 tons in the same position at 3.46c.;
3,200 tons for April shipment at 3.420.; 1,000 tons for JuneJuly shipment at 3.49e. and 3,200 tons for June-July shipment at 3.50c. c.i.f. All Eastern and Southern refineries
advanced prices 10 points to 4.50e. effective at the close of
business on Friday. Other sales on the 19th inst. were
15,000 bags of Porto Rico due March 30 at 3.30e.; 2,000 tons
of Philippines in port at 3.300. and 6,000 bags Porto Rico
at 3.30c. delivered. An operator bought 15,000 bags of
Cuba ready to load at 1.320. c. & f.
On March 19 London opened firm at 1% to %d. advance.
Liverpool opened 1 to %d. up. British refined advanced 3d.
To-day closed 3 to 6 points lower on weak cables and the
failure of some of the refineries to advance refined to 4.50o.
from 4.40c. Wall Street bought and the trade covered but
later renewed selling caused further weakness. The sales
were 27,650 tons. Final prices show an advance for the
week, however of 2 points. To-day Paris cabled that the
export duty on French sugar had been increased to 170
francs, the previous rate being 140 francs. London terminal
was easier on profit-taking. There were sales yesterday of
20,000 to 301000 tons of raw sugars for March-April shipment to British refiners at 6s. 3d. to 6s 3%d. c.i.f. and of
88 deg. beet sugars at 5s 11%d. or on about the same Cuban
parity. To-day there were further sellers at 6s. 33 d.,
4
with buyers hesitating.
Prices were as follows:
Spot (unofficial)
September
1.41! 1.42
1.32
March
1.231nom.1December
1.50 nom.
May
1.26 nom. January
1.52 -July
1.34 nom.
LARD on the spot was 9.55 to 9.65c. for prime Western;
Refined Continent, 10e.; South America, 103e.; Brazil,
113o. Futures on the 14th inst. advanced 5 to 8 points
net with hogs firm and corn about steady. On the 17th
inst. futures advanced 2 to 7 points with hogs firm a fact
that offset a decline in corn. Also packers bought lard
futures. Cash lard was firm; prime Western, 9.70 to 9.800.
Refined Continent, 103.c., delivered; South America, 103tc.;
Brazil, 113c. Futures on the 18th inst. declined 8 to 10
points, regardless of higher prices for corn and hogs. Packers
it was understood were again selling. On the 19th inst.
futures declined 7 to 10 points. Corn and hog markets
declined. Hog receipts at all Western points were 86,500
against 75,500 last year. Exports were only 18,750 lbs. to
Havre and France. Cash declined. Prime Western was
9.50 to 9.60e.; Refined Continent 10 to 103e.; South
America, 103e.; Brazil, 113je. Today futures closed unchanged to 5 points lower with no encouragement from the
grain markets. Final prices show an advance for the week
of 8 to 10 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
9.00
March delivery
9.20
9.22
9.12
9.05
9.00
9.02
May delivery
9.20
9.25
9.15 9.07
9.05
9.17
July delivery
9.30
9.37
9.32
9.22 9.20
delivery
September
9.32
9.47
9.52
9.45
9.37
9.37
PORK steady; mess, $26.50; family, $27.50; fat backs,
$19.50 to $22.50. Ribs, 11.25c. Beef quiet but steady;
mess nominal; packet, $15 to $16; family, $17 to $18.50;
extra India mess $34 to $36; No. 1 canned corned beef,
'
$3.25; No. 2, $5.50; six pounds South America, $16.75;
pickled tongues $70 to $75. Cut meats firm; pickled hams
'
10 to 16 lbs., 14% to 16%c.• pickled bellies clear, 6 to 12
lbs. 15% to 18e.; bellies, clear, dry salted, boxed,
18 to
%
20 lbs., 13c.; 14 to 16 lbs., 133 e. putter, lower grades to
high scoring 23% to 300. Cheese, flats 16 to 22%c.;
daisies, 15% to 193c.; Young America, 16 to 20e.
'
-Linseed was in rather better demand and steady
OILS.
at 9.4e. for raw oil in carlots cooperage basis. Jobbers were
buying on a larger scale. Paint and varnish makers were
inquiring more freely. Yet it was reported that bids of
9.2e would have been accepted on worth-while orders.
Cocoanut, Manila coast tanks, 4%c.;spot New York tanks,
%
45 c.; corn, crude, tanks, f.o.b. mills, 7c.; olive, Den.,
82 to 85c.; Chinawood, New York drums carlots, spot, 7c.;
tanks, 6 to 63e.; Pacific Coast tanks, 53/2c.; soya bean
carlots, drums, 7.1c.; edible olive, 1.65 to 2c.• lard, prime,
123c.; extra strained winter, New York, 9%C.; cod, Newfoundland, 480. Turpentine, 55 to 56e. Rosin, $4.80 to
2231
$9.15. Cottonseed oil sales to-day, including switches,
9 contracts. Crude S.E., 7c. nominal. Prices closed as
follows:
Spot
8.1111.15
July
7.75
March
7.75 8 25 August
8.15 .30
April
7.86(8.i0 September
8.28 _,,.-May
8.0i(,8.05 October
8.15 8.35
June
8.02@8.20
PETROLEUM.
-A reduction of 15c. a barrel in California crude oil prices by the Union Oil Co. early in the week
caused rather unsettled conditions in the bulk gasoline
but of late the tone has been better. Close observers think
that prices are now at or near the bottom, in view of the
fact that most of the gasoline now being sold renresentaan
actual loss. In view of this situation and with the harit';• vy
consuming season close at hand it is only natural to look
for improvement. And all indications point toward proration in the east Texas fields in the very near future.
The heavy flush production in this area was held largely
responsible for the recent break in crude oil prices. Local
refiners quoted 68% to 7c. for U. S. Motor gasoline in tank
cars at refineries. Bunker fuel oil was in better demand of
late with the price still $1.05 for spot at local refineries.
Diesel oil was fairly steady at $1.85 same basis. Domestic
heating oils have been rather quiet. Water white kerosene
1
was in better demand at 6 to 6%c. in tank cars refineries.
Export demand was still light. Pennsylvania lubricating oils
were a little more active at steady prices. "Textile" oils have
been more active. Zero cold test oils were quiet.
Tables of prices usually appearing here will be found on an earlier page In
our department of"Business Indications." in an article entitled "Petroleum
and Its Products."
RUBBER.
-On the 14th inst. prices declined 10 to 30
points with supplies increasing. No. 1 standard on that ,day
ended with March at 7.600.; May, 7.800.; July, Sc.; Sept.,
8.200.; Dec., 8.480.; sales 740 tons. Old "A" March, 7.60e.;
April, 7.60c.; May, 7.7043.; July, 7.90c.; July, Sc.; Sent.,
8.10 to 8.20e.; Dec., 8.30e.; sales 130 tons. Outside priam::
Spot and March, 78% to 73/se.; April, 7% to 8e.; April-June,
8 to 83+3.; July-Sept. 8% to 8%c.; Oct.
-Dec., 83 to
%
8%43.; spot first latex'
thick, 73 to 80.; thin pale latex,
%
83 to 83e.; clean thin brown No. 2, 7% to 79'e.; spooky
crepe, 74 to 7%c.; rolled brown crepe, 7 to 73'e.; No. 2
3
amber, 734 to 7%c.; No.3, 734 to 7%c.; No.4, 73 to 734e.
On March 14, London opened 1-16d. off, and closed dull,
at 1-16d. to Md.decline; March 3 13-16d.; April 3 13-16d.;
May, 31 d.; June, 3 15-16d.; July-Sept., 4 1-16d.; Oet.%
Dec. 4 3-16d. and Jan.
-March, 4 3-16d. Singapore closed
at 1-16d. decline; March, 3 9-16d.; April-June, 3 11-16d.;
'
July-Sept., 37 d.; No. 3 Amber Crepe, 33(d., off 1-16d.
4
On the 16th inst. prices ended 10 points lower to 10 higher
with sales of 260 tons of No. 1 standard and 190 of old
"A." Actual rubber sold well at unchanged prices: No. 1
standard futures closed with March at 7.65c.; July, 7.90e.;
Sept., 8.12e.; Dec., 8.44e.; Jan., 8.54c. Old "A" March and
April, 7.600.; May, 7.70 to 7.800.; June, 7.70 to 7.80e.;
Aug. 7.900.; Sept., 8 to 8.10e. Outside prices spot and
March, 73% to TMe.; April 73/i to Sc.
In London the stocks decreased last week 450 tons to
83,001 tons compared with 83,451 tons in the preceding week.
Estimates on Friday were for an increase of 400 to 500 tons,
but a minus adjustment of 1,154 tons was made this week
on account of the fire that destroyed part of the stook
nearly a fortnight ago. The Liverpool increased last week
1,618 tons to 47,105 tons compared with 45,487 tons in the
week preceding. On March 16 London opened easier, 1-16d.
to Hd. decline and at 2.38 p.m. was quiet, unchanged to
1.16d. decline; March, 3%d.; April, 3 13-16d.; May 37 3.;
4
June, 3 15-16d.; July-Sept.,.4d.; October-December, 43/d.;
8
January-March, 4 5-16d. Singapore closed quiet, 1 1-16d.
to Md. decline; March, 3 7-16d.; April-June, 35 d.; July%
September, 33 d. No. 3 Amber crepe, 334d., off Hd.
%
On the 17th inst. prices advanced 10 to 30 points with sales
of 160 tons of No. 1 standard, 20 of new "A" and 25 of old
"A." Outside prices were firmer. No. 1 standard ended
with March at 7.85c.; May, 8 to 8.02c.; September, 8,30
to 8.35e.; December, 8.65 to 8.70c. New "A" March,
7.83e.; October, 8.40c.; old "A" March, 7.80c.; June, Sc.;
September,8.20 to 8.300. Outside prices: Spot and March,
7% to 843.; April, 8 to 834e.; April-June, 83/ to 8%c.• spot,
first latex thick, 8 to 8%c.; thin pale latex, 8% to 8%e.;
'
3
clean thin brown No. 2,7% to 7%e. On March 17 London
opened quiet, unchanged to 1-16d. off and at 2.40 p.m.
was steady, unchanged to 1-16d. off; March, 3 13-16d.;
April, 3 13-16d.; May, 33/sd.; June 3 15-16d.; July-September, 4 1-16d.; October-December offered at 4%d.• JanuaryMarch offered at 41 d. Singapore closed dull and un4
'
changed to 1-16d. higher; March, 3 7-16d.; April-June,
35 8d.; July-September, 3 13-16d. No. 3 Amber crepe up
/
%d. at 33j(1.
On the 18th inst. prices ended unchanged to 17 points
lower on reports that the restriction conference was off and
Malayan shipments were still large. A cable to the Exchange estimated Malayan shipments for March at 41,000
tons; for the first half, 21,000 tons. January shipments
were 41,579 tons and February 41,951. Standard closed
with March and April, 7.75c.• May, 7.85 to 7.88c.; July,
8.01 to 8.05e.; Sept., 8.20 to 8.250.; Dec.,. 8.50 to 8.51c.;
'
sales 680 tons. Old "A" March and April, 7.70c.; May,
7.80 to 7.90c.; June, 7.900.; July, 8 to 8.100.• Sept., 8.20
to 8.300.; Oct., 8.300.; Dec., 8.40e.; sales 180 tons. Out'
side prices: Spot and March, 73/i to 80.; April, 8 to 834e.
2232
FINANCIAL CHRONICLE
The United States Rubber Co.'s tire department in Detroit
is now operating at capacity schedule with three-shifts of
workers. On the 19th inst. prices declined 10 to 20 points
but rallied later. Spot rubber was Mc. lower. No. 1
standard contract closed with March, 7.65c.; May, 7.90c.;
July, 8.03c.; Sept., 8.20c.; Dec., 8.52c.; sales 340 tons.
New A closed with March at 7.63c.; July, 8.03c.; sales 20
tons. Old A ended with March at 7.60c.; May, 7.80 to
7.90c.; July, 8 to 8.10c.; Sept., 8.20c.,• sales 402 tons.
Outside prices: spot, March and April 7% to 77/sc.; April-Dec., 8% to
June, 77/s to 8e.; July-Sept., 8 to 83c.; Oct.
85 c.; spot first latex thick, 77,/s to 8c.; thin pale latex,
%
4
/
83 to 83c.; clean thin brown No. 2, 73 to 738e.; specky
crepe, 6% to 7c.; ,rolled brown crepe, 67/s to 7c.; No. 2
3
amber, 7% to 758c.; No. 3, 73/s to 73/sc.; No. 4, 7 to 73e.
/
On the 19th inst. London rallied late in the day and
closing prices were net unchanged to 1-15d. higher with
March 3 13-16d.• April, 3%(1.; May, 3 15-16d.; June, 4d.;
July-September, t 1-16d.; October-December, 43d.; Janu4
ary-March, 49/sd. To-day old "A" contracts closed 10 to
20 points lower with sales of 82 lots and No. 1 standard
was 8 to 20 points off with sales of 32 lots. Old "A" closed
with March 7.50 to 7.60e.; April, 7.50c.; May,7.60 to 7.70c.;
July, 7.80 to 8e. No. 1 standard March, 7.55c.; May,
7.74e.; July, 7.81c.; September, 8.05 to 8.06c.; December,
8.32 to 8.38c.; January, 8.430. Final prices show a decline
for the week of 10 to 30 points on old "A"contracts. To-day
London opened quiet unchanged to 1-16d. decline and at
2:39 p. in. was quiet and unchanged to 1-16d. decline;
March, 3 13-16d.; April, 3 13-16d.; May, 37/sd.; June,
3 15-16d.; July-September, 4 1-16d.; October-December,
4 3-16d.; January-March, 4 5-16d. Singapore closed dull
unchanged to 1-16d. decline; April, 3 9-16d.; April-June,
8
3 11-16d.; July-September, 37/d.; No. 3 amber crepe,
3 5-16d., up 1-16d. To-day London cabled the Rubber
Exchange of New York: "A communique from the Rubber
Growers' Association states that the second meeting of the
Liaison Committee which was to have convened on the 23d
of this month has been postponed. The Minister for the
Colonies at The Hague is awaiting full information from
the Netherlands East Indies Government on the receipt
of which he will again confer with the Dutch members of
the committee."
HIDES.
-On the 14th inst. prices advanced 5 to 15 points
with sales of 2,840,000 lbs. with outside market conditions steadily improving. Argentine was higher and there
was "long" buying on this fact and also covering. Last
week's sales at the Exchange were over 20,000,000 lbs. or
for two weeks 46,000,000 lbs. Sales reported in Argentine
included 20,000 frigorifico hides, March at 12 7-16 to
12 15-16c. and 25,000 light steers, March at 113/sc. Closing prices of futures here were with March at 10.40c.;
May, 11.05 to 11.150.; Sept., 12.800.; Dec., 14 to 14.15c.;
Jan., 14.10c. and Feb., 14.25c. On the 16th inst. prices
advanced 22 to 35 points with sales of 4,080,000 lbs. The
New York Hide Exchange monthly review reported a better
statistical situation in the hide and leather industry. The
total movement into sight of cattle hides during Jan. was
16% below that of the previous month and 3332% below
Jan. 1930. Net imports of cattle hides continued at low
levels during Jan., being 88% below Jan. 1930. Imports of
leather were comparatively small in Feb. The consumption of domestic cattle hide leather increased 7% during
Jan. over the previous month but was 63'2% below last
January. Total finished stocks of cattle hide leather at the
end of Jan. were about 1% under the previous month,
• but were 18% higher than at the end of Jan. last year.
Raw stocks of cattle hides also declined slightly in Jan.
The combined total of visible stocks of all cattle hides and
leathers in all hands at the end of Jan. amounted to 16,522,000 hides, which was slightly below the figure at the
end of Dec., but 4 8-16% higher than at the end of Jan.
1930. In four weeks prices rose there about 3c. Outside
sales reported included 2,500 light native cows, Feb. at
93/se., Me. up; 1,000 heavy native steers, March, 93/se.,
Me. up. New York closed on the 16th inst. with March,
10.70c.; May, 11.40 to 11.500.; Sept., 13.02e.; Dec., 14.25c.;
Jan., 14.35c.
On the 17th inst. prices advanced 5 to 13 points with
noteworthy activity, the sales rising to 5,080,000 lbs. Outside sales included 5,000 light native cows, March at 10c. or
Mc. up; 1,600 heavy native steers March 10c. or Mc. up;
1,000 butt branded steers, March, 10c.; 1,000 Colorado
steers, March at 93/sc.; 2,000 branded cows March at 9c.
Futures at the Exchange closed with March, 10.75c.; May,
11.45 to 11.55e.; Dec., 14.25 to 14.30c.; Jan., 14.35c.;
Feb., 14.30c. Common dry Cucutas, 13 to 14c.; Orinocos,
93/sc. New York City calfskins
103/sc.; Maracaibo
&c.,
5-7s, i.25c.; 9-12s, 2.15 to 2.25c. On the 18th inst. prices
advanced 8 to 10 points, but reacted and ended 5 to 10
points lower with the sales of 5,160,000 lbs. Leather has
been more active. In the outside markets sales were 22,000
March hides at 100. for heavy native and butt branded
steers and 93/sc. for Colorados. Final prices here on the
Exchange were: March, 10.700.; May, 11.40 to 11.45c.;
Sept., 13 to 13.10c.; Dec., 14.26 to 14.27c.; Feb., 14.45c.
On the 19th inst. prices declined 36 to 40 points with sales
-Feb. light
of 3,960,000 lbs. The sales included 9,000 Jan.
native_cows at 93,/se. Closing future prices here showed
[Vol,. 132.
April at 10.60c.; May at 10.94 to 11e.; Sept. at 12.70c.;
Dec., 13.85 to 13.950. To-day prices ended 20 to 34 points
lower with sales of 135 lots. May closed at 10.60 to 10.85c.;
Sept. at 12.50c.; Dec. at 13.60 to 13.70c.; Jan. at 17c.
Final prices show a decline of 40 points on May for the week.
-Antwerp grain rates were firmer.
OCEAN FREIGHTS.
Upcoast sugar space was wanted. Full cargo charters were
quiet. There was some Gulf to River Plate lumber business.
Business later improved in some directions.
-Grain: Atlantic range. prompt. Antwerp-Rotterdam.
CHARTERS.
8c. and 8%c. Grain booked included some to Antwerp-Rotterdam at 9c.;
a few loads New York-Antwerp 9c. and some to Havre-Dunkirk at 10c.;
3 loads Antwerp 9c. and a few French Atlantic at 10c.: 4 loads Baltimore.
Rotterdam March Sc.; 10 loads New York-Antwerp, March, 8%c.•, 2 loads
Philadelphia to Antwerp. March, 8Mc.: i3i loads spot Havre-Dunkirk,
10c.; 1 load New York-Bremen spot, 9c.•, Sugar: Part cargo, prompt Cuba
to picked United Kingdom-Continent ports at 14s. 9d. per Culebra. Petroleum, Port Arthur tanker to Mobile, 7c. prompt. Trips, West Indies
round, about $1. Time: West Indies round prompt said better than $1.05.
delivery north of Hatteras; prompt delivery and redelivery New York, north
Pacific round, $i.123. Lumber, prompt Gulf to Plate, believed to be
around $14.
TOBACCO has been in moderate demand here with prices
about steady. At the South prices fell. The "United
States Tobacco Journal" said: "Approximately 7,100 acres
will be grown in Connecticut shade tobacco this year as
compared with 7,300 in 1930, according to an estimate advanced yesterday by one of the largest operators in the growing of shade leaf. The same authority is responsible for
the opinion that the Florida crop will be from 15 to 20%
under last year's figure." Louisville, Ky., wired: "With
the exception of several auction floors remaining open for a
short time to wind up odds and ends, all Louisville and
Burley Loose auction markets have closed for the season. Accurate final figures are not yet available, but the total yield
of the crop will probably be about 370,000,000 lbs. at an
approximate average price of $15.75. During February
offerings continued below average quality of the crop, and
the decline in the average price was partly due to this and
to the cheaper prices prevailing on practically all grades."
Richmond will close March 27. At Danville, Va., the
season closed with 200,000 lbs. as the final offering. The
season's receipts totaled 50,221,787 lbs., sold for $4,678,724,
the average price being $9.03. The average was the lowest
since 1924 and the season generally was unprofitable to
the farmer for three reasons: the drouth, which produced a
bad crop; economic conditions, and excessive acreage. At
Winston-Salem the season has closed. Mayfield, Ky. re'
ported: "Low grades largely predominated in all western
district points, including Hopkinsville, but not withstanding
this all markets with probably the exception of Owensboro
and Henderson showed a downward tendency in prices
compared with the preceding week. At Mayfield 665,000
lbs. sold in the week at an average of $4.98, or 12c. lower
than the preceding week. At Paducah 368,065 lbs. sold,
averaging $5.06, or 12e. higher than the preceding week.
At Murray 314,400 lbs. sold at an average of $3.67, or 370.
lower. At Hopkinsville sales of 2,128,055 lbs. of dark
tobacco at an average of $6.49 and 506,380 lbs. of Burley
at an average of $5.36. Dark was $2.23 lower. At Clarksville sales, 1,536,460 lbs. averaging $9.42, or $1.01 lower.
'
At Springfield, 1,825,045 lbs., at an average of $12.61, a
decline of 6c. At Owensboro dark tobacco sales, 491,300
lbs., at an average of $7.49, and of Burley, 216,635 lbs.,
averaging $5.62. Dark 88c. higher and Burley 430. lower.
At Henderson, 307,415 lbs., averaging $6.67, or 840. higher.
At Madisonville, 540,315 lbs., at an average of $4.58, or
92c. lower. At Lynchburg, 141,523 lbs. at an average of
$4.37, or 81c. lower. At Blackstone, '
104,068 lbs., averaging $6.69, a decline of 68c."
-Stocks of both bituminous and anthracite in the
COAL.
hands of retailers are it appears much smaller than a year ago.
In the East there was a brisk demand for anthracite and
Western soft coal. It is stated that April 1st contract
renewals are on a liberal scale in the East with the total
about as large as a year ago, but at prices averaging 15c.
lower. The best smokeless Pennsylvania yearly contracts
ranged from $2.15 to $2.25 at the mine. Lower grades and
inferior high volatiles are the weakest. Later there was a
fair amount of tide water business. It is stated that the
seasonal reduction of coal prices will be made April 1 this
year.
COPPER though quiet was steady at 10 to 103 c. The
,
export price was still 10.55e. Trading on the National Metal
Exchange of late has been more active. On the 19th inst.
275 tons sold including 7 lots of June at 9.30c. and four of
Sept. at 9.45 to 9.50c. Closing prices were March, 9.150.;
April, 9.20e.; May,9.25c.• June,9.30c. July, 9.35c.; August,
9.40c.; Sept., 9.45 to 9:50c.; Oct., 9.50c., with 5 points
higher for each succeeding month, mostly all nominal. In
London on the 19th inst. standard copper fell is. 3d. to
£44 10s. for spot and £45 for futures. sales 50 tons spot and
'
300 futures. Electrolytic was unchanged at £47 10s. bid
and £48 10s. asked; at the second London session standard
advanced 2s. 6d. on sales of 75 tons spot and 250 futures.
The American Bureau of Metal Statistics put the world
production during Feb. at 128,685 tons, against 129,390 in
the preceding month. Inasmuch as Feb. was a short month,
production actually increased 115 last month on daily rate.
To-day futures closed 5 to 10 points lower with sales of 25
MAR. 21 1931.]
FINANCIAL CHRONICLE
tons; March ended at 9.10e.; May at 9.15 to 9.250.; July,
9.35c.; Oct., 9.45c.; Dec., 9.55 to 9.65c.
TIN was very quiet with prompt Straits quoted at 2
73
to 273'e. On the National Metal Exchange on the 19th
inst. 14 lots sold with prices closed at 27.30c. for April, 27.70
to 27.75c. for July and 28.100. for October. In London
on the 19th inst. prices fell 7s. 6d. to £12215s.for spot standard and £124 5s. for futures; sales 30 tons spot and 320
futures. Spot Straits £125 15s. Eastern c.i.f. London
ended at £126 2s. 6d. on sales of 350 tons; at the second
London session standard advanced 12s. 6d. on sales of 10
tons spot and 80 of futures. To
-day prices closed 15 to 20
points lower on the National Metal Exchange with sales of
10 tons. March ended at 27.10 to 27.30c.• April- 27.10c.;
May, 27.20c.; July, 27.50c.; October, 27.9ic.
A
'
LEAD was rather less active but steady at 4.50c. New
York and 4.25c. East St. Louis. London on the 19th inst.
advanced 5s. on spot to £13 5s.; futures up 2s. 6d. to £13
6d.; sales 100 tons spot and 700 futures; at the second
London session prices dropped Is. 3d. on sales of 50 tons of
futures.
75.
2233
Storage of this city yesterday sold 400,000 lbs. of mohair
to Ryder
-Brown of Boston. Adult hair sold at 230. per
pound and kid hair was cleared at 33c. per pound. Shipments will begin this week." In London on March 13
offerings 11,046 bales; active buying by Yorkshire and
increasing purchases by the Continent. Prices were mostly
5% above opening levels were outstanding features on
merinos and crossbreds. Dteails:
Sydney, 1.741 bales; greasy meenos, 734 to 1430. Queensland, 539
bales; greasy. 8% to 12%d. Victoria, 552 bales; greasy merinos, 9 to 15d.
West Australia, 172 bales; greasy merinos. 834 to 934d. New Zealand,
3,251 bales: greasy merinos, 11 to 1334d.; greasy crossbreds, 734 to 11%cl.
Cape, 311 bales; scoured merinos, 123 to 16d.; greasy. 7 to 931d. Falk%
lands, 535 bales;
crossbreds, 7 to 10,34d. Puntas, 3,944 bales:
greasy merinos, 5
to 834d.; greasy crossbreds, 534 to 1034d. New
2,ealand slipe rang from 83% to 11%d., latter half
ranged
-bred lambs.
greasy comeback sold at 11 to 1334d.;scoured merino lambs at 1834Victoria
to 21d.
In London on March 16 offerings 10,488 bales. Demand
sharp; prices firm. Yorkshire was the largest buyer. Details:
Sydney, 2.187 bales; scoured merinos, 13 to 2134d.;
834 to 1634d. Queensland, 271 bales; scoured merinos, greasy merinos.
1634 to 2034d.;
greasy. 934 to 1234cl. Victoria, 2,119 bales; scoured merinos. 1434 to
20d.; greasy, 103% to 15d. South Australia, 460 bales, scoured merinos.
143 to 19d., greasy. 1034 to 13%d. West Australia. 336 bales; greasy
merinos, 6 to 1231d. Tasmania, 182 bales; greasy merinos, 13 to 1934d.
New Zealand, 4,918 bales; scoured merinos,
scoured
breds, 11 to 1534d.; greasy crossbreds. 7 to 15 to 1834d.; Zealandcross1131d. New
ranged from 7 to 12;4d., latter halfbred lambs. Victoria superior slipe
greasy
lambs marked 'Ercildoune" sold at 1834d.
ZINC was in slight better demand at 4c. for shipment
through May. There were some producers however who
would not sell at that price further ahead than April. In
In London on March 17 offerings 11,380 bales were well
London on the 19th inst. spot advanced 3s. 9d. to £12
5s.; futures up 2s. 6d. to £12 13s. 9d.; sales 250 tons taken by Yorkshire and the Continent with occasional sales
to America. Prices firm. Barely 500 bales were withfutures.
drawn. Details:
STEEL.
-In general the demand was considered better
Sydney,3,374 bales; scoured merinos, 18 to 2134d.; greasy, 73j to 1534d.
from automobile and building trades. The output was 57% Queensland, 1,495 bales; scoured merinos, 10% to 25d.: greasy. 10 to 13d.
Victoria. 1.334 bales;
a rise of 2%. Cleveland was in the van with 70%. Chicago greasy crossbreds.7 scoured merinos, 14 to 223443.; greasy. 1234 to 1434d.:
to 108 cl. South Austrada, 136 bales; scoured merinos,
%
averaged 62%. A contract for 125,000 tons of structural 20 to 2034d.; greasy, 934 to 10d. West Australia, 843 bales; greasy
73%
steel costing about $10,000,000 was signed here on the 18th merinos,New to 123%cl. Tasmania, 399 bales; greasy merinos, 1154 to
153.0.
Zealand. 3,798 bales; greasy merinos, 11% to 1334d.;
inst. by engineers and builders representing John D. Rocke- crossbreds. 1134 to 158.; greasy 634 to 1034d. New Zealand slipescoured
ranged
feller, Jr. for erection within the next three years of all the from 734 to 1330.,latter halfbred lambs.
buildings, theaters, auditoriums and broadcasting studios on
In London on March 18 offerings were 11,736 bales. De
the site between 48 and 51st Sts. and Fifth and Sixth Ayes., mend good from Yorkshire and
the Continent the latter
variously known as "Metropolitan Square," "Rockefeller being anxious to get Puntas.
Prices firm. Details:
City" and "Radio City." On the 18 inst. the Carnegie Steel
Sydney, 271 bales; greasy merinos. 1034 to 1334d. Queensland. 669
Co. announced that bars, shapes and plates for second bales; scoured merinos, 20 to 22d.; greasy, 834 to 1234d. Victoria, 1.188
bales; greasy merinos,
quarter will be 1.70c. per pound Pittsburgh after April 1, Australia, 981 bales; 834 to 14%d.; greasy crossbreds. 11 to 13d. West
greasy merinos, 7% to 12;0. Tasmania, 177 bales;
as against 1.65c. for that period now. This would be an greasy merinos, 13 to 17d. New Zealand, 4,195 bales; scoured merinos.
'
20 to 24d.; greasy. 934 to 1234d.; scoured crossbreds, 1134 to 208.;
greasy.
actual advance of $2 per ton over the prices of the first 734 to 1134d.
Cape, 177 bales; scoured merinos, 14 to 1534d. Puntas.
quarter, the bulk of which business had been placed at 4,074 bales; greasy merinos. 8 to 934d.; greasy. 6% to 1134d.
1.600. per pound.
In London on March 19 offerings 12,325 bales. Demand
Pittsburgh wired that independent wire producers were
urgent. Yorkshire bought heavily. The Continent was a
following the lead of the American Steel & Wire in advancing
larger buyer than it has been. Withdrawals comparatively
v all wire products, except fencing and bale ties $2 a ton,
small. Prices were firm. Scoured merino and greasy slipe
effective immediately. With most consumers under contract
crossbreds sold at the top prices of the series. Details:
the new quotations will not be applied generally until the
Sydney. 1.172 bales; scoured merinos, 2034 to 2134c1.: greasy. 834 to
second quarter. The new prices will be $2 a keg to jobbers 1834d. Queensland. 2,898 bales; scoured merinos, 21
to 28d.; greasy.
for wire nails, 2.300. for plain wire to manufacturers and 854 to 143%d. Victoria, 3,072 bales; greasy merinos, 934 to 15d. West
Australia. 406 bales; greasy merinos, 11 3 to 13d.; South Australia. 1,002
$37 for wire rods. Other jobbing products are priced at the bales; scoured merinos, 16 to 2134d.; greasy, 734
to 11d. New Zealand
usual extras over base. Automotive inquiry is gradually 3,482 bales; scoured merinos, 1734 to Mid.; scoured crossbreds. 734 to
13 Sid.; greas_y. 63% to
increasing but jobbing products are still dull. Buying in the 15d. New Zealand, 12d. Cape, 291 bales; scoured merinos, 1334 to
slipe ranged from 834 to 143(d., latter halfbred
Southwest is better under the stimulus of the recently intro- lambs.
duced fall dating terms. Youngstown wired that operations
Sydney on March 16 selection good and demand exof iron and steel companies in the Mahonning and Shenango cellent, chiefly
from the Continent and Japan with YorkValleys, will show a moderate increase as a steady stream of shire also
buying. Tone strong. Compared with close of
releases, involving auto body sheets is being received, pipe last series
wool values were fully 10% higher.
orders are developing in a broader way and a number of
orders are coming in for other descriptions.
SILK to-day closed unchanged to 3 point lower with
March at 2.52 to 2.55c.; April, 2.52 to 2.550.; May, 2.44 to
PIG IRON has been quiet and rather irregular. Ship- 2.46e.; June,
2.41 to 2.4.; Sept., 2.39 to 2.41e.; Oct.,
ments have been large this month but as a rule new business 2.39 to
2.40c. Final prices show a decline for the week of
has been unsatisfactory. Later a fair inquiry for Buffalo 3 to 8
points.
iron was reported.
-AT
-Boston wired a Government report on March 17
WOOL.
as follows: "Manufacturers are manifesting more interest
in 48-50s strictly combing territory wools than for some
time past, but actual sales so far are limited. Fair quantities of strictly combing 56s territory wools are moving,
, but the bulk of the trading reported is on 58-60s, and finer
wools. Prices on 64s and finer original bag territory wools
consisting of bulk French combing, while not relatively
higher than last week, are showing a strengthening tendency and sales are being closed at the maximum figures of
the[range recently quoted. Moderate quantities of 12
months' Texas wools are moving at prices in the range of
63-65c. scoured basis." Boston on the 18th inst. reported
territory wools quite active on all grades, including 48s,
59s and finer qualities. Prices on these lines are generally
firm. There is a fairly strong demand on fleece 46s. Ohio
and similar wools of this grade have sold at 20e. to 210. in
the grease, or 33 to 36e. scoured basis, which is slightly
higher than last week's range. Demand continues quite
active on 48s, 50s, fleeces at 37c. to 40c. scoured basis.
Prices in Boston, it is now stated, show an upward tendency. Ohio and Pennsylvania fine delaine, 283i to 29o.;
-blood, 230.. %-blood, 220.• Terri-blood, 27 to 28e.; 9/8
tory, clean basis, fine staple, 64 to 660.;fine medium French
'
combing, 58 to 60e.; fine medium clothing, 55 to 560.;
-blood staple, 58 to 600.; 3 -blood, 47 to 500.; s
-blood,
42 to 45e.; Texas, clean basis, fine 12 months', 61 to 63c.•
fine 8 months', 59 to 60c.; fall, 55 to 57c.; pulled, scoured
basis, A super, 57 to 62c.; B,45 to 50e.• C, 40 to 43c.; domestic mohair, original Texas, 27 to 30e. San Angelo,
'
Tex., wired March 18: "The Wool Growers' Ventral
A
A
A
COTTON
Friday Night, March 20 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 68,139 bales, against 93,477 bales last week and
118,571 bales the previous week, making the total receipts
since Aug. 1 1930 7,962,514 bales, against 7,487,025 bales
for the same period of 1929, showing an increase since
Aug. 1 1930 of 475,489 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi-Beaumont
New Orleans--Mobile
Pensacola
Savannah
Charleston
Sat.
2,238
Mon.
3,061
Tues,
4,3113
Wed.
1,235
Thurs.
Fri.
Total.
1,447
3 8 12,R25
i
2
58
637 1.271 1,981
899 1,049 5,602 11.439
39
70
52
204
21
162
548
--178
1.321 9.488 2,800 2,144
178-au
-fil 17.218
2, 9
64
70
274 4.228 2.838 1.484 11,543
5
77
__
577
1:271 1,71513 1,K5 fiii8 f.ii8 1;iiii 8,174
6
97
272
902
514
59 3.044
104
--il
50
53
72
150
446
Norfolk n
Wilmingt4
98
80
106
391
48
473 1.196
New York
____
50
Boston
Baltimore5
18
- io
-1.4i _- 536
-------- ---------607
-507
Totals this week- 10.631 16,177 12,292 10.852 7,533 10.654
63.139
The following table shows the week's total receipts, the
total since Aug. 1 1930 and stocks to-night, compared with
last year:
FINANCIAL CHRONICLE
2234
[Vol,. 132.
On Shipboard Not Cleared for
Leaving
Stock,
Other CoastGerGreat
This Since Aug This Since Aug
Mar.20 at- Britain. France. many. Foreign wise. Total.
1930.
1931.
Week. 1 1930. Week. 1 1929.
2,600 2,000 3,000 9,000 1,500 18,100 552,541
Galveston
Galveston
12.325 1.342,582 8,999 1,668,657 570,641 301,510 New Orleans
100 24,121 755,700
4,572 3,963 4,151 11,335
10,359
35,391
631 134,396
Toss City
358 110,058
300 358,931
----------------300
1,252.319 866.849 Savannah
IlDUSton
11,439 2.772,202 10,171 2,534.837
632 166,124
632
--15,716
121 382,290 68.278
548 569,557
Pus Christi30 11,322 242.033
--------8,692
2,600
Mobile
14,804
umont
23,763
178
87
-- --------------------- -Norfolk
Orleans
17.218 1,265.235 10,948 1,462,570 779,821 449,105 Other ports *
500 45,000 1.569,445
3,000 2,500 4,000 35.000
ert
gr
m
26.630
366,479 253,355
11.543 542,151 3,003
Total 1931
12,772 8,463 11,151 64,027 3,062 99,475 3,731,979
30,299
Pensacola
57.017
577
Total 1930
13,349 7,125 12,492 79,581 3,700 116,247 1,807,546
867
1,360
384
---403
.
Js.ckso n llie
Total 1929
19,671 11.052 15,954 66,272 8.692 121,641 1,661.866
51.260
13.1.vannah
8,174 670.298 3.436 436.294 359,231
7,094
* Estimated.
Hrunswick
49,050
19,988
820 180,540 166.756
Oh rleston
3,044 282,480
Speculation in cotton for future delivery has been small,
8,780
_--56,649
Lo,ke Charles_ --____
22.317
18.660
86.503
607
WIlmington
59.506
446
this implied that there was no great pressure to sell,
55,536 but
87,205
730 138,791
Nnrfoik
1.196 140.251
if, on the other hand, there was no particular demand.
rt News, &c_
___
95,095 Everybody is awaiting more light on the question of the
2,905 229.141
50
1,175
w York
50
2.287
2,799
1,577
48
1,891
3QStOfl
536
1,151 acreage, and, in the meantime, keeping close to shore.
1.284
29,146
851
18,234
altlmoro
507
5,123 Prices have risen slightly. On the 14th inst. prices ended
5,213
679
---12
Philadelphia
7.962,514 46,415 7,487.025 3,831.454 1,923.793 practically unchanged, at one time being 3 to 5 points
68.139
Totals
lower, with foreign markets down. The Census Bureau
In order that comparison may be made with other years, stated the consumption in this country in February at
433,510 bales, 454,000 in January, and 494,396 in February
we give below the totals at leading ports for six seasons:
last year. This was about what was expected, and had no
Receipts at- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. effect. The total for seven months ending Feb. 28 was
25,584 2,899,942 bales against 3,808,741 in the same time last sea42,879
25.415
29.171
8,999
12,325
43-4TVeston---17,562 son, or 910,000 bales less this season. But the daily rate of
32,162
12.551
21,106
10,171
11.439
Houston
29,044
48,701
19.898
27,813
16,948
17,218
Nov Orleans2,313 consumption was larger than in January. The stock in
5,255
2,624
905
3,003
11,543
While
12,225 consuming establishments on Feb. 28 was only 1,547,759
19,375
6,835
3,909
3,436
8,174
Savannah
Brunswick6,633 bales against 1,806,040 on the same date last year, a decrease
12,217
1,761
1.806
820
3,044
Charleston
2,821 this year of 260,000 bales. Public stores and compresses
2,155
4,286
2,273
607
446
Wllmington
3.975
5,866
1.641
2.711
730
1,196
Norfolk
hold 7,314,450 bales against only 4,858,243 bales on Feb. 28
&c
NportN..
4.257 last year. Silver was 5/160. higher in London, and this
1.626
7.278
7,391
1.701
2.754
Al! others-76,637 185,888 104,414 excited some remark. But in the main it was a trading
97,085
46,415
68,139
Total this wkmarket pending developments as to the next acreage.
Since Ana.I__ 7.082.514 7.487.025 8.399.749 7.248.037 11.330.545 8.336.684
On /the 16th inst. prices advanced 25 to 30 points in an
oversold market, with all foreign centers higher. Stocks
for the week ending this evening reach a total and silver also advanced. In New York silver advanced
The exports
of 151,213 bales, of which 20,964 were to Great Britain, 1%c., and in London 7/16d. Alexandria was up 50 to 60
18,575 to France, 54,346 to Germany, 12,037 to Italy, nil to points, with reports that the Nile was at a low stage. LiverRussia, 29,671 to Japan and China and 15,620 to other pool and Bombay were higher. Manchester had a sustained
was covering in Liverpool. One
destinations. In the corresponding week last year total demand. The Continent
company here reported its sales of goods last week as nearly
were 112,479 bales. For the season to date aggreexports
50% above the production. The ginning up to Mar. 20 was
gate exports have been 5,317,017 bales, against 5,618,035 estimated in one case at 13,732,500 bales, compared with
bales in the same period of the previous season. Below last December's final estimate of the crop by the Government of 14,243,000 bales and the final of 14,828,000 in 1929.
are the exports for the week:
Big rains, it appears, spread over the Rio Grande section
Exported to
of Texas, with precipitations in many places of 10 to 11
Week Ended
Japan&
Gerinches, and it was said that much of the planted area in
Mar. 20 1931. Great
France. mans. Italy. Russia. China. Other. Total,
- Britain.
Exports from
southern Texas will have to be replanted, possibly 50% in
11,166 5,525 34,519 some few places.
3,061 4,700 6.041 4,028
Galveston
12,390 3,664 51,868
0,361
807 7.885 20.761
Irouston
On the 17th inst. prices dropped 20 points, as the technical
1,280
85 4.036
1,533 1,138
Texas City
611 3,864 position was weaker, stocks and wheat, after a time, de3,253
Corpus Christi_
178
178
Beaumont
3,478 27,467 clined, and there was little or no outside speculative demand.
10,866 1,100 10,473 1,550
Naar Orleans
1.092
2,095 Yet all the foreign markets were higher; that is, there was
1,003
Mobile
577
577
Pensacola
"ioo 1:iii 13,987 an advance of 18 to 32 points in Alexandria and 18 to 28
4 8,419
4,007
Savannah
4,634 American points in Egyptian cotton in Liverpool, said to be
50 4,584
Charleston
1,975
1,975
Norfolk
'&56 500 owing, in part at least, to the low stage of the Nile. LiverNew York
500 2,100 pool was up 22 to 24 American points at its opening, because
1,350
100
50
100
Led Angeles_
100 3,413 of the rise at Alexandria and Bombay. Bombay moved up
1,993
200
San Francisco... 1,120
29,671 15,620 151,213 6 to 7 rupees. The Continent and Bombay bought in Liver20,964 18,575 54,346 12.037
Total
24,439 14,115 112.479 pool. Manchester reported a broadening cloth demand both
16,392 13.378 38,050 6,105
Total 1930
35,545 14.304 30,457 14,258 9,700 4,850 19,890 129,004 from the home trade and for export account.
Total 1929
On the 18th inst. prices advanced about 15 to 20 points,
Exported to
From
despite lower cables from everywhere. But contracts were
. 1 1930
scarce and there was a fear of a bullish report on the final
itwarke
GerMar. 20 1031. Great
Britain. France many. Italy. Russia. China. Other. Total.
Exportsfr,
ginning on Mar. 20. Stocks advanced. Spot markets were
226,575
Galveston._.. 137,000115,422 183,285 82,40-_ _ 375,468 186,993 971,680 stronger. Worth Street did a fair business. The calling
219,219 1,745.757
177.906402.211 418,476 168.04. 3:435
Ilksuston
____ 3.749 4.97? 51,413 by the mills was larger. Washington reported the con1,42
15,1871 13,690 12,40
Texas City
____ 112,675 44,639 493,497 dition of the world's trade as slightly better. Some feared
Corpus Christi 64,033 155,641 98,63 17,97
-I 4,050 23,935
___
3
9,383
4,381 5,822
some
Beaumont
_ _ 1906 1,882 56.699 the weevil emergence would be large. Reports in
1,927 12,590 24,588 9,8
Lake Charles_
New Orleans. 153.21 83,263 134.829 83,37 25,844 188,06:I 74,378 743,025 cases suggested that the reduction in the acreage would
____ 12,996 3.217 206.490 perhaps approximate 15%. Apparently co-operatives and
1,91
6,420 75,69
106,24
Mobile
202 57.098
__ 3.979
39.498 1,0
_
12.419
Pensacola
_ 32,209 8,428 387,093 Japanese interests bought. The South and local operators
864 207,226 10.7
1,
Savannah._ ... 126,65
41,267
---_
7,79
Brunswick...
__-_
-_-_-_-- 1832 168161 sold.
49
313 101,34
57,37
Cdiarleston_ _ _
--------2,751 40,183
On the 19th inst. prices ended practically unchanged,
10.037 1155
_-7,84
Wilmington
539 66,440 awaiting the ginning report to-day. Speculation was quiet
,361
_
69
.
2 347 24,158
37,34
Norfolk
50
5
Gulfport
1
1..11, 1,i0i 19,866 here and in Liverpool. Spot prices were unchanged. Worth
1.1... ___
2,1
1,99 6,402
hTew York _ _ _
__
55' 645
4.475 Street was quiet and rather easier. Manchester was only
395 --300
3,08
Efeston
205
205
Baltimore_
1.
0
___ 124,iii 10,2(0 169.673 moderately active. The weather was in the main favorable.
11
3,295 18.66
12,31
Las Angeles__
400 Indian mills want Government measures adopted looking to
Diego_ _
San
.s
---- 37,686 1,357 48,128
3.885
---5,3
San Franciseo
---- --- 13,001 ---- mow discrimination in favor of Indian cloth, &c.
Seattle
To-day prices declined 8 to 10 points, in spite of the fact
932,16 849,785 1,405,580388.80. 29,279 il409O2570,520 5,317,017
Total
that a bullish ginning report was issued. It showed that
the final ginning was 13,754,000 running bales, or 13,930,00
0
II , V214ii
4
5 I
A
32-1€!.E7 MIl' 1•ETILVi 57 'gil;M,
!
IV! 9
r
bales of 500 pounds each, which would be some 313,000 bales
Cssaaa.-It has never been our practice to include In the below the Government crop estimate of 14,243,000 bales on
-Exports to
NOTE.
that virtually
Canada, the reason
&We table reports of cotton shipments to comes overland and being impossible to Dec. 8
It is
1930. But this had been practically anticipated by a
all the cotton destined to the Dominion to week, while reports from the customs
from week
jive returns concerning the same
In view, private report, and, in any case, was discounted. Liverpool
very slow In coming to
on the Canadian border are always receiving regarding thishand. we will
dIbirlets
waiter,
we
cables were without special point and other foreign markets
Igettever, of the numerous inquiries the are
exports to the Dominion the present season were mostly lower.' Silver was up 3 1
/ 6d. in London, but
NW that for the month of February
balm. In the corresponding month of the preceding season the
there been 13,322
unnoticed. The spinners' takings
months ended Feb. 28 1931 there were
exports were 16.960 bales. For the sevenbales for the seven months ended Feb. 28 that passed practically
130,085 bales exported, as against 134,048
for the week made a rather poor showing. The deficit in
1930.
the exports is steadily decreasing and is now only 301,018
In addition to above exports, our telegrams to-night also bales, whereas early in February the loss, as compared with
on shipboard, not the total for the same time last season, was 486,256 bales.
give us the following amounts of cotton
Offerings this week were not large. Contracts became
at the ports named:
cleared,
Receipts to
Mar. 20.
1930-1931.
19294930.
Stock.
MAR. 21 1931.]
FINANCIAL CHRONICLE
2235
scarce from time to time. But speculation was small.
Range of future prices at New York for week ending
Everybody is awaiting more light on the question of the Mar. 20 1931 and since trading began on each option:
next acreage. It is feared that the South will not reduce
Range for Week.
Range Since Beginning of Option.
it sufficiently to help the world markets much, if at all. Option for
Final prices show a rise for the week, however, of 6 to 15 Mar. 1931._ 10.58 Mar. 14 10.93 Mar. 17 9.55 Dec. 16 1930 16.20 Apr. 1 1930
1931.... 10.85 Mar.
10.85
points. Spot cotton to-day was off 5 points here to 10.90c. April 1931._ 10.79 Mar. 19 11.12 Mar. 19 10.85 Mar. 19 1931 13.34 June 18 1930
May
14
Mar. 17 9.80 Dec. 16 1930 15.00 June 2 1930
for middling, showing a net rise, however, for the week of June 1931
10.76 Jan. 23 1931 10.76 Jan. 23 1931
July 1931._ 11.02 Mar. 14 11.37 Mar. 16 10.00 Dec. 16 1930 13.82 Aug. 7 1930
15 points.
Aug. 1931._ 11.29 Mar. 16 11.29 Mar. 16 10.44
Staple
Premiums
60% of average of
six markets quoting
for deliveries on
Mar.28 1931.
15-16
Inch.
Differences between grades established
for delivery on contract Mar. 26 1931.
Figured from the Mar. 19 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
1-inch &
longer.
Middling Fair
White
88 on
Strict Good Middling_
do
.70
Good Middling
do
.52
Strict Middling
do
.31
Middling
do
Basis
Strict Low Middling.... do
.51 off
Low Middling
do
1.27
*Strict Good Ordinary_ do
2.03
*Good Ordinary
do
2.68
Good Middling
Extra White
.52 on
Strict Middling
do do
.31
Midd'ing
do do
Even
Strict Low Middling__ do do
.51 off
Low Middling
do do
1.27
.25
.55
Good Middling
Spotted
.21 on
.25
.55
Strict Middling
do
.03 off
.24
.45
Middling
do
51 off
*Strict Low Middling... do
1.29
*Low Middling
do
2.04
.23
.42
Strict Good Middling.. Yellow Tinged
.08 off
.23
.42
Good Middling
do do
.58
.23
.42
Strict Middling
do do
.93
*Middling
do do
1.43
do do
*Strict Low Middling.._
2.00
*Low Middling
do do
2.70
.22
.42
Good Middling
Light Yellow Stained.1.25 off
*Strict Middling
do do
do
1.65
*Middling
do do
2.23
do
.22
.42
Good Middling
Yellow Stained
1.48 oft
*Strict Middling
do do
2.03
*Middling
do do
2.73
.23
.43
Gray
Good Middling
.75 off
.23
.42
do
Strict Middling
1.00
do
1.40
*Middling
Blue Stained
*Good Middling
1.53 oft
do do
*Strict Middling
2.03
*Middling
do do
2.70
*Not deliverable on future contracts.
.25
.25
.25
.25
.25
.24
.23
.55
.55
.55
.55
.55
.45
.43
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
March 14 to March 21Middling upland
Fri.
Sat. Mon. Tues. Wed.Thurs.
10.75 10.95 10.75 10.95 10.95 10.90
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
March 20 for each of the past 32 years have been as follows:
1931
10.90c.
1930
15.50c.
1929
21.35c.
1928
19.80c.
1927.
-._ _14.40c.
1926
19.10c.
1925
25.80c.
1924
28.90c.
1923
1922
1921
1920
1919
1918
1917
1916
30.55c.
18.40c.
11.65c.
41.25c.
28.40c.
35.05c.
19.30c.
12.00c.
1915
1914
1913
1912
1911
1910
1909
1908
9.05c.
13.50c.
12.60c.
10.55c.
14.60c.
15.05c.
9.65c.
10.55c.
1907
1906
1905
1904
1903
1902
1901
1900
11.iOc.
11.55c.
8.25c.
14.50c.
10.15c.
9.06c.
8.31c.
9.88c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures.
Market
Closed.
Saturday-__ Quiet, unchanged_ _ Steady
Monday -__ Steady, 20 pte. adv.. Steady
Tuesday --- Quiet.20 pts. dee _ Barely steady
Wednesday.. Steady,20 pts. adv.. Very steady
Thursday - Quiet, unchanged-- Steady
Quiet, 5 pts. dec...... Steady
Friday
Total week_
Since Aug. 1
SALES.
Spot. Contr . Total.
1:866
4.400
1,400
1,100
1,000
300
4,400
1,400
1,100
2.500
300
1.800 7.900 9.700
33.828 452,900 486.728
-The highest, lowest and clos'ng prices at
FUTURES.
New York for the past week have been as follows:
10.19
Sept. 1931
Oct. 1931... 11.36 Mar. 14 11.67 Mar. 16 10.22
Nov. 1931
Dec. 1931.. 11.56 Mar. 14 11.89 Mar. 17 10.76
Jan. 1932._ 11.63 Mar. 14 11.94 Mar. 16 11.39
Dec. 13 1930 12.15 Oct. 28 1930
Dec. 16 1930 12.57 Oct. 28 1930
Dec. 18 1930 12.31 Nov.13 1930
Jan. 2 1931 12.32 Feb. 25 1931
Feb. 3 1931 12.42 Feb. 25 1931
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
March 20Stock at Liverpool
Stock at London
Stock at Manchester
1931.
bales 926,000
214,000
1930.
1929.
900,000 1,004.000
102,000
1928.
757.000
95.000
71.000
1,140,000 1,002.000 1,099.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
828.000
484.000
378,000
14,000
117,000
6 2.000
Total Continental stocks
1,055,000
Total European stocks
2.195,000
India cotton afloat for Europe._- 196.000
American cotton afloat for Europe 371.000
Egypt,Brazil,&c..afloatforEurope 70,000
Stock in Alexandria, Egypt
692,000
Stock in Bombay, India
987,000
Stock in U. S. ports
3,831,454
Stock in U. S. interior towns_ --1,379.376
U. S. exports to-day
28,695
455.000
292.000
5,000
107.000
50.000
540,000
247,000
17.000
90,000
37.000
514.000
295,000
10,000
109.000
53.000
909,000
931,000
981,000
1.911.000 2,030.000 1,809,000
166.000 207.000 151,000
298,000 357.000 422,000
77,000
98,000
84,000
509,000 430.000 385.000
1.366.000 1.130.000 812.000
1,923.793 1,783.507 1.814.921
1,202.943 781.667 887,170
630
Total visible supply
9,750.525 7,453,736 6,817,804 6,365.091
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
457,000 410,000 714.000 538.000
Manchester stock
92.000
70.000
70.000
51,000
Continental stock
950.000 822.000 871,000 937,000
American afloat for Europe
371,000 298,000 357,000 422,000
U. S. port stocks
3,831.454 1,923,793 1,783,507 1,814.921
U.S. interior stocks
1,379,376 1,202,943 781,667 887,170
U. S. exports to-day
28,695
630
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, &c
Total American
7,109,525 4,726.736 4,577,804 4,650.091
469.000
290,000
219,000
32.000
122,000
25,000
105,000
60.000
87,000
196,000 166,000 207.000
98,000
77.000
70,000
692,000 509,090 430,000
987,000 1.366.000 1,130.000
20,000
44.000
151,000
84,000
385,000
812,000
490.000
2,641.000 2.727,000 2,240.000 1.715.000
7,109.525 4.726,736 4,577,804 4.650,091
Total visible supply
9,750,525 7,453,736 6,817.804 6,365,091
Middling uplands, Liverpool
5.95d.
11.10d.
8.54d.
10.960.
Middling uplands, New York........ 10.90c.
15.85c.
21.10c.
19.25c.
Egypt, good Sakel, Liverpool..
14.750. 20.850. 22.050.
10.600.
Peurvian. rough good, Liverpool_
13.500.
14.50d.
13.250.
Broach. fine, Liverpool
4.76d.
9.550.
6.400.
9.900.
Tinnevelly, good, Liverpool
5.61d.
7.750.
10.60d.
10.700.
* Estimated.
Continental imports for past week have been 61,000 bales.
The above figures for 1931 show a decrease from last
week of 44,420 bales, a gain of 2,296,789 bales over 1929, an
increase of 2,932,721 bales over 1928, and a gain of
3,385,434 bales over 1927.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week Ended
Mar. 20.
Saturday. Monday, Tuesday. Wed'day. Thurscry. Friday.
10.65
10.85
Galveston
10.70
10.80
10.80
10.70
Friday,
New Orleans
10.41
10.63
10.60
10.45
10.60
10.55
Mar. 20.
9.85
Mobile
10.05
10.00
9.90
10.00
9.90
- Savannah
10.25
10.44
10.39
10.27
10.41
10.30
March10.50
10.50
10.69
10.63
10.69
10.63
Range- 10.58-10.65 0.67-10.90 10.67-10.93 10.68-10.85 10.84-10.87 10.75-10.85 Norfolk
10.70
10.75
10.75
11.00
10.95
10.95
10.6740.88 10.85Closing_ 10.6510.8610.85-10.87 10.78- Baltimore
Augusta
10.13
10.19
10.38
10.31
10.31
10.19
April
Memphis
9.80
9.55
9.60
9.75
9.75
9.65
Range..10.85
10.59
10.80
10.70
10.60
10.70
10.60
10.94 -10.77- 10.92
Closing_ 10.7410.90 -10.80- Houston
Little Rock
9.42
9.62
9.48
9.60
9.60
9.50
May
10.05
10.25
10.20
10.10
10.25
10.15
Range.... 10.79-10.85 10.88-11.11 10.85-11.12 10.86-11.00 10.96-11.02 10.86-10.99 Dallas
10.10
10.25
10.20
10.15
Closing_ 10.83-10.85 11.04-11.05 10.87-10.89 10.99-11.00 11.01-11.02 10.90-10.91 Fort Worth --------10.25
June
NEW ORLEANS CONTRACT MARKET
Range....
-11.00
Closing_ 10.9511.17- - 11.11
11.1311.02July
Saturday. Monday, Tuesday, Wednesday, Thursday, Fri
Range.... 11.02-11.09 11.12-11.37 11.11-11.37 11.12-11.25 11.21-11,28 11.11-11.22
Mar. 14.
Mar. 16. Mar, 17. Mar. 18. Mar. 19. Ma .20.
Closing_ 11.07-11.08 11.30-11.31 11.13-11.14 11.24-11.25 11.2511.14-11.1(
Aug.
March__ 10.85 Bid. 10.8810.68 Bid. 10.8510.83-10.84 10.75 10.77
Range__
- -11.29
- April
11.43 -11.24 -11.35Closing_ 11.1811.3511.25 -__
10.85-10.86 11.07-11.08 10.87 -10.9910.99May
10.91-10.93
Sept.
June
Range__
11.10-11.11 11.32-11.33 11.12-11.13 11.2811.25-11.26 11.11
July
11.33 ---- 11.48 -- 11.45 -11.37 -- August.11.30 -11.50Closhag
Ocg.September
Range_.11.35-11.4111.44-11.67 11.41-11.66 11.4241.56 11.52-11.59 11.43-11.51
11.43-11.44 11.5711.54-11.55 11.41
October _ _ 11.40 -- 11.6311.58Closing. 11.40-11.41 11.60-11.61 11.43 11.55November
11,47-11.41
Nov.
December- 11.60-11.61 11.82-11.83 11.63-11.64 11.77 Bid. 11.74 11.61
Range....
- -_
11.83-11.85 11.71
January ....
bid
11.71 -11.53 -11.66 -11.65 -11.58 -- February
Closing.. 11.50Dec.March...Range__ 11.56-11.61 11.6411.88 11.61-11.89 11.63-11.78 11.74-11.80 11.6541.71
Tone
11.83-11.65 11.77-11.78 11.76-11.78 11.69 - Spot
Closing. 11.6011.82Steady.
Steady.
Steady.
Steady.
Steady.
St
Jan.
Steady.
Steady.
Steady.
Steady.
Options...
Steady.
St
Range.... 11.63-11.68 11.69-11.94 11.68-11.93 11.70-11.85 11.82-11.86 11.71-11.8.
-11.89 -11.71 -11.8511.8511.86 11.75-11.7i
Closing.. 11.
65
AT THE INTERIOR TOWNS the movement
-that is,
Feb.
Range....
- the receipts for the week and since Aug. 1, the shipments for
...._..
Saturday,
Mar. 14.
Monday.
Mar. 16.
Tuesday. Wednesday. Thursday,
Mar. 17. Mar. 18. Mar. 19.
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
Movement to Mar.20 1931.
Towns.
[VoL. 132.
FINANCIAL CHRONICLE
2236
Movement to Mar. 21 1030.
ShipReceipts.
Ship- Stocks
men/s.
',tents, Mar.
Week. Season. Week.
Week. Season. Week. 20.
359
693 106,164
1.341
603 33,018
94,211
257
19,342
17
1
131 14,624
28,366
680
59,325
729
74 64,504
67.06:
43
148 71,930 2,654
239 97,733 2,822 50,122
106 127,049 1,565
2' 76,
1,782 22,576
680
30,303
241
201 7,462
57 13,73
977
60,374
38
99 21,484
198 41,241
205
54,44
485 5,257
32,133
4
182
82 39,2
--- _ 3.426
26,071
71
1,939
352 125,47
304 100,048 3,677 37,728
475
51,17
11
441 5,794
11
27,542
886 184,694 2,558
40
85,467 1,712 21,420
800
92 55,681
320 3,475
77 23,807
6,482 --- _
_
---- 3.800 7,379
---150
550 40,802
32,180
6
44,141
22
4,782
3,03: 189,005 2,120156,168 4.19 155,05
4,121 312,559 5,103 98,758 2,402 289,269 2,609
21.
23,809
7
41 16,700
47,981
1
565
74,430
368 90,447 1,417 32,944 1,311
150
23,071
8
600 14,507
20,791
5
328 143,514 2.013
882 72,008
191 105,83
646 189,038 1,675
2,001 39,806
20 111.56
14
53 27,922
536 13,088
24,939
Ill
660 229,251 1,791
3,528 56,281
361 137,68
292
129 51,905
455 23,393
96 60,000
209
24,299
21
7,939
27
206 11,987
210
32,454
21
443 14,750
58 34,875
267
53 41,73
577 11,993
32,811
11
10,583 5,236 249,574 7,023
4,707 192,845 5,313
535
313 18,156
241 37,400
62. 42,551
Receipts.
Stocks
MW.
21.
14,395
Ala.,BIrming'm
5,639
Eufaula
28.168
MontgOmerY•
24,172
Selma
38,656
Ark., BlythvIlle
9,862
Forest Cfty
15,065
Helena
1,638
Hope
3,480
Jonesboro_ _ _
25.264
Little Rock
2,922
Newport30,105
Fine Bluff
5,336
Walnut Ridge
2,494
Ga., Albany.-20,888
Athens
09,620
Atlanta_ _ _
86.578
Augusta
2,365
.
Columbus_ _
18,971
Macon
17,501
Rome
52,394
La., Shreveport
32,735
Miss., Crksdale
6,975
_
Columbus_ _
66,447
Greenwood_ _
6,278
Meridian..
9,234
Natchez
7,168
Vicksburg-.8,898
City
Yazoo
10,883
Mo., St. Louis_
10,180
Ic.C.,Gr'nsb'ro
Oklahoma
745 530,321 3,93 45,866 1,869 745,733 4,493 59,777
15 towne
126,607 3,775 63,405 5,198 152,430 4,430 69,512
3. C.,Greenville 2,18
Tenn.,Memphls 18,6751,197.199 30,356293,247 26,204 1,766,939 33,313373,853
224
1
28,241
171
liii
9. 26,842
Texas, Abllene1
11,149
836
20
598
421
24,722
3
Austin
109 3,197
10,728
4
5,185
1811
19,357
31
Brenham_ _ _
702 12,220
809 108,745
596 142.41. 1,9471 14,107
Dallas
436 3,500
73.759
456
1171 2,490
63,326
1
Faris
106 2,035
____
32.700
9 10,241
54.767
---_
Robstown_ _ _
2
726
23,356
14
9771 1,758
25,177
San Antonio_ 1,19
182 4,599
227 59,232
4,089
1741
33,978
51
Texarkana
437 8,153
296 104,160
5,031
44
140 60.888
Waco
Total. 68 towns 41.6154.487,0601 80.577 1379376 55.5545.723.19' 80.1881202943
• Includes the combined totals 01 15 towns in Oklahoma.
The above total shows that the interior stocks have
decreased during the week 41,377 bales and are to-night
176,433 bales more than at the same time last year. The
receipts at all towns have been 13,939 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
----1930-31---March 20Shipped-
Week.
Since
Aug. 1.
----1929-30---Week.
Since
Aug. 1.
196,264
46,225
1,322
14,680
126.186
403,089
7,023
1,925
127
373
3,975
6,526
247,828
55,925
3,507
27.470
137,961
462,217
787,766
19,949
934,900
21,312
10,139
214.429
949
397
10,003
33.994
12,769
322,382
5,462 245,880
Total to be deducted
Leaving total net overland*----13,735 541.886
* Including movement by rail to Canada.
11,349
369.145
8,600
565,755
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
5,313
765
329
3.677
9,113
19,197
Total gross overland
Overland to N. Y., Boston, &c...... 1,093
312
Between interior towns
4,057
Inland, &c.,from South
DeductShipments
The foregoing shows the week's net overland movement
this year has been 13,735 bales, against 8,600 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 23,869 bales.
-----1929-30---------1930-31
In Sight and Spinners'
Takings.
Week.
Since
Aug. 1.
Week.
Since
Aug. 1.
68,139 7,962,514 46,415 7,487,025
Receipts at ports to Mar. 20
8,600
565,755
Net overland to Mar. 20
South'n consumption to Mar.20-- 95.000 2,695,000 105.000 3,475,000
176,874 11,199.400 160,015 11,527.780
Total marketed
993,033
817,681 *25,723
*41,377
Interior stocks in excess
Excess of Southern mill takings
722,025
364.551
over consumption to Mar. 1_ - ------
-Preparations for planting are active.
Memphis, Tenn.
Thermometer
Rain. Rainfall.
2 days 0.76 in. high 69 low 52 mean 61
Galveston,Tex
2 days 0.40 in. high 74 low 36 mean 55
Abilene, Tex
2 days 0.20 in. high 76 low 52 mean 64
Brownsville, Tex
2 days 2.24 in. hIgh 74 low 52 mean 63
Corpus Christi, Tex
1 day 0.56 in. high 74 low 40 mean 57
Dallas, Tex
2 days 0.58 in. high 76 low 44 mean 60
Del Rio, Tex
3 days 0.84 in. high 76 low 50 mean 63
Houston, Tex
3 days 0.57 in. high 74 low 40 mean 57
Palestine, Tex
3 days 1.561n. high 76 low 46 mean 61
San Antonio, Tex
ea
Lamn61
New Orleans,
.01 in. high 74 low 38 mean 50
1 day dr6
Mobile, Ala
high 74 low 40 mean 57
dry
Savannah, Ga
high 75 low 41 mean 58
dry
Charleston, S.0
high 68 low 32 mean 50
r
Charlotte, N. C
in. high 67 low 34 mean 51
2 days 0.34
Memphis, Tenn
The following statement we have also received by telegraph, showing the height of rivers at the point named at
8 a. m. of the dates given:
1931. Mar. 211930.
Mar. 20
Feet.
Feet.
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
12.5
28.8
27.0
10.0
40.0
3.5
10.6
9.8
12.3
20.2
-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.
Stocks at Interior Towns.
Receipts at Ports.
Week
Enda
1930.
1929.
Nov
Receiptsfrom Plantations
1929. I 1928.
1930.
1928.
1930.
1929.
1928.
I
28.-298,028288,195385,1821,770,725 1,448,3101,215,753 356,12 275,215 425,558
Dee.
5-255,569282,147388.9881,797,998 1,451,94711.223,573282,842 285,384 396,808
12._ 222,908 281,398 311.7361,815.747 1.481,8571.232.683 240,65 291,308 320.846
19.._ 210,8 260,772265,780 1,811.062 1,476,699 1,232,436 206,179275,614 265,553
26.... 161,383 187,785255 66111 800 744 1,493.0151,255.901 151,06 204,101 279,131
1931. 1930. 1929.
1930. I 1929.
1931. 1930. 1929. I 1931.
... 122,377 154,364,188,298 1,777,081 1.476.97111,240,631 98,71 138,320 173,028
. '
4 7 34511,203 45 89.348138.073 135,188
9 115,570137,6991172,340 1,750,859 1, 7 .
18._ 108,80 104,523151,171.725,164 1,456,833 1,161,14 81,11 84,011 108,858
23._ 80,428 98,388 171.781 1,696,148 1,432.387 1,118,699 51,412 73,942 129.320
30-,115,045 87,594155,731 1,658,372 1,403,107 1,072,678 77,289 58,314 109,710
Feb..- 105,953 82,277135,0781,627,316 111,825 1,355,621 74,897 34.791 70,313
13_ 106,106 53,506 81,570 1,588,762 1,328,078 966,412 67,552 23,972 40,069
20.... 113,043 65,886 80,866 1,556,997 1,306,632 936,027 81,673 46,440 50,481
27- 119.362 55,748 91,4381.514.6821,288,139 906,387 77,047 37.255 61,798
Mar.6.... 118,571 50,312 86.9411,461.8361,256.0751 849,195 65,72 18,248 29,740
13__ 93.477 44,919 106,350,1,420,753 1,228,666, 814,522 41,088 17,510 71.677
20._ 68.139 46.415 97,08511 379,376 781.66711.202.943 28,7621 20,692 64,230
Jan.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1930 are 8,757,897 bales;
in 1929-30 were8,455,603 bales,and in 1928-29 were 8,835,608
bales. (2) That although the receipts at the outports the
past week were 68,139 bales, the actual movement from
plantations was 26,762 bales, stock at interior towns
having decreased 41,377 bales during the week. Last year
receipts from the plantations for the week were 20,692
bales and for 1929 they were 64,230 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
1929-1930.
1930-31.
Cotton Takings
Week and Season.
Visible supply Mar. 13
Visible supply Aug. 1
American in sight to Mar. 20......
Bombayreceipts to Mar. i9........
Other India shipls to Mar. 19.._
Alexandria receipts to Mar. 18
Other supply to Mar. 18•9-
Week.
Season.
Week.
Season.
7,632,324
9,794,945
5,302,014
135,497 12,381,632
83,000 2,321,000
430,000
35,000
19.000 1,214,900
476.000
9,000
3,735,957
134,292 13,242,838
83,000 2,535,000
502.000
3,000
33,000 1.392,200
586,000
10,000
10076442 22,125.546 7,895,616 21,993,995
9,750,525 9,750,525 7,453,736 7,453,736
325,917 12,375,021 441,880 14,540,259
Total takings to Mar. 200
215.917 8,679.121 267,880 10,280.059
Of which American
110,000 3,695,900 174,000 4.260.21,0
Of which other
134,292
Came into sight during week_-135,497
13,242,838
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. Ike.
12,381.632
Total in sight Mar. 20
a This total embraces since Aug. 1 the total estimated consumption by
924.557 Southern mills. 2.695,000 bales in 1930-31 and 3,475,000 bales in 1929-30757,093 20,401
North. sphin's' takings to Mar.20 17,935
takings not being available-and the aggregate amounts taken by Northern
* Decrease
and foreign spinners, 9.680,021 bales in 1930-31 and 11,065,259 bales In
1929-30, of which 5.984,121 bales and 6,805.059 bales American.
Movement into sight in previous years:
b Estimated.
Bales.
Since Aug. 1Bales.
Week13.793,241 INDIA COTTON MOVEMENT FROM ALL PORTS.
200.348 1929
-March 22
1929
12,140.952
1928
171,774
-March 24
1928
1928-29.
1929-30.
1930-31.
16,775.087
265,509 1927
-March 25
1927
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN FEBRUARY, &c.
March 14 by the Census Bureau, will be found in an earlier
part of our paper in our department headed "Indications of
Business Activity."
IP CENSUS BUREAU REPORT ON COTTON GINNING.
-This report, giving the final figures for the season, will be
found complete in an early part of our paper, in the department headed "Indications of Business Activity."
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that there have been
rains during the week in many sections of the cotton belt.
Preparations for planting are being made in many sections
and in the extreme southern portion of the belt some planting has been done.
Total supply
Deduct
-
Visible supply Mar. 20
March 19.
Receipts at
Since
Week. I Aug. 1.
Since
Week.'Aug. 1.
83,000 2,321,000 83.000 2,535,000 141,000 2.058.000
Bombay
Since August 1,
For the Week.
Reports
from
Since
Week.' Aug. 1.
Great
Great Conti- Japan&
Britain nent. China. Total. Britain.
Bombay
42,000 47,000
5,
3,00 77,000 80,000
8.000104,000 115,000
1930-31....
1929-30....
1928-29.._
Other India:
1930-31....
1929-30....
1928-29_
29,000
20,000
3.000 24,000
Total all
1930-31.._
1929-30....
1928-29_ -
34.III 42,
77,
,
5
104,
3.000 32,
3;666
1,
Contineat.
76,000
as,
Total.
95,III 485.0001,283,000 1,863,000
49,000 525,000 989,0001,563,000
35,000 519,000 1,083,000 1,637,000
29,000 103,000 321,000
3.000 109,000 393,000
79,000 349,000
24,000
139
Japan &
China.
424,000
502,000
428,000
198.000 806,0001,283,000 2,287,000
158,000 918,000 980,0002,065,000
114,000 868.000 1.083.0002.065.000
MAR. 211931.]
2237
FINANCIAL CHRONICLE
Bales.
HOUSTON100
-Tripp.100
To Hamburg
-Mar.16
1.082
To Barcelona-Mar.16-Prusa,1.082
400
-Liberty Bell, 400
-Mar. 16
To Naples
100
-Jean Jadot, 100
-Mar. 12
-To Ghent
NEW YORK
100
-Cabo Espartel, 100
To Lisbon-Mar. 13
300
-Cristobal Colon., 300
-Mar. 17
To Vigo
193
14-Chifuku Maru, 193
-To China-Mar.
TEXAS CITY
1,533
-Mar. 16-0akman, 1,533
To Havre
1929-30.
1928-29.
1930-31.
Alexandria, Egypt,
85
-Mar. 16-0akman,85
To Ghent
March 18.
1.138
To Bremen-Mar. 11-Kelkhelm, 1.138
1,087
To Japan-Mar. 14-Chiruku Marti, 1,087
Receipts (cantars)4
-Uganda,4
-Mar. 14
75,000
SAVANNAH-To Havre
165,000
95,000
This week
8.018
-Uganda,8.018
6,946.285
To Bremen-Mar.14
6,974.933
5,918,569
Since Aug. 1
1,157
To Rotterdam-Mar. 14-Marthara, 1.157
401
To Hamburg-Mar. 14-Marthara, 401
This Since
This Since
This Since
400
To Japan-Mar. 14-Silversandat, 400
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)
2,957
-Mar. 16-Shickshinny, 2,957
To Liverpool
1,050
-Mar. 16-Shickshinny, 1,050
To Manchester
0
0
3,00 1 96,469 1,000 114,934 2,000 134,087
To Liverpool
1.975
-Seattle Spirit, 1,975
-To Bremen-Mar. 17
112,519 5,000 129,289 NORFOLK
_
84,970
To Manchester, &c
178
14-Nishmaha, 178
Bremen-Mar.
To Continent and India 10,0 394,472 11,006 341.714 9,000 353,309 BEAUMONT-To-To Great Britaln-(
1,120
) 1.120
_ 124,786 SAN FRANCISCO
73,040
__ I 10,815
To America
200
), 200
To Germany-(
1,992
), 1,992
To Japan-(
13.000 586,726 12,000 642,207 16,000 741,471
Total exports
1
To China-(
). 1
100
cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
100
To India-(
-A
).
Note.
100
-Pacific Trader. 100
-Mar.14
-To Liverpool
This statement shows that the receipts for the week ended Mar. 18 were LOS ANGELES
50
-San Francisco, 50
To Dunkirk-Mar. 14
95,000 cantars and the foreign shipments 13.000 bales.
100
-Fella, 100
To Geneva-Mar.18
-Our report, received by
MANCHESTER MARKET.
-President Adams, 1,100_--Mar. 17
To Japan-Mar. 16
1,350
Rio de Janeiro Maru,250
cable to-night from Manchester, states that the market in
500
-President Adams, 500
To India-Mar. 16
According to the foregoing, exports from all India ports
record a decrease of 7,000 bales during the week, and since
Aug. 1 show an increase of 222,000 bales.
ALEXANDRIA RECEIPTS AND SAIPMENTS.
both yarns and in cloths is steady. Demand for yarn is
improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
1929.
1930
328 Coy
Twist.
8M Lbs. Shirt- Cotton
1134 Lbs. min- Coaon
aim Common Diktat's 32. COP ISM Common Middrg
to Finest.
Uvras.
to Finest.
OPrds. Tian.
d.
9.59
Nov.28..
Oeo.5.12-.
19._
26.--
d.
d. s. d.
6. d.
93i01014 3 8 0 9 g
a. d.
d. s.d.
6.
d.
5.91 13,401454 12 3 012 5
9 610
8340 934
8140 9ft
8310 994
86
85
85
85
6.70
6.43
5.32
5.31
133401434
133401434
13)401434
133401454
12 3
12 3
12 3
12 3
012 5
012 5
012 5
012 5
9.58
9.47
9.36
9.51
/an.2.9---16_
23._
30-
13940 944
8340 934
8350 934
83443 914
8540 954
5
5
5
4
4
1931.
0
0
0
161
et
1
1
1
0
0
5.33
5.40
5.41
5.63
5.63
133401491
133101434
133401434
13340104
13 01434
12 2
12 2
12 2
12 2
12 2
1930.
@124
@12.4
@12 4
@124
012 4
Eiji@
834@ 934
9 010
931601034
93401034
4
4
4
4
0
0
0
0
0
0
0
0
5.72
5.85
6.04
6.18
1234014 114
125501394 11 0
123401394 10 6
12 01394 10 4
@120
011 4
011 2
4911 0
8.80
8.69
8.47
8.49
141151034
9 010
9 010
4 @
4 0
4 0
0
0
0
6.09 1114013 10 2 010 6
5.97 113401234 10 2 010 6
5.95 1134(413 10 4 011 0
High StandDensity. ard.
Liv moo! .45e. .60c.
ancnester.45e. .60c.
Antwerp .45c. .60c.
Havre
.31o. .46c.
Rove-dam .45c. .60c.
Genoa
.50c. .65o.
Oslo
.50o. .650.
9.53
9.58
9.49
9.40
8.85
8.18
8.05
8.51
6__._
13____
20._
27....
March
8.....
13____
20___
09 2
09 1
09 1
09 1
151.213
Total
-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 StandDensity. ard.
Stockholm .600. .750.
.500. .650.
Trieste
.50c. .650.
Flume
.450. .600.
Lisbon
.600. .750.
Oporto
Barcelona .400. .550.
.40o. .55c.
Japan
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Saionlca
Venice
High
Density.
.45e.
.40e.
.450.
.450.
.75c.
.750.
.500.
Standard.
.80c.
.55c.
.60c.
Mc.
.900.
.900.
.65c.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
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
Feb. 27.
40,000
17,000
1,000
41,000
873,000
481,000
42,000
9,000
133,000
46,000
Mar. 6. Mar. 13. Mar. 20.
35,000
35,000
34,000
16,000
19,000
17,000
1.800
1.000
41.000
43,000
53,000
912,000 924,000 926,000
465,000 468.000 457,000
48,000
49.000
86,000
10,000
21.000
2,000
170,000 156,000 147,000
65,000
54.000
63,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
-Shipments in detail:
SHIPPING NEWS.
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Bales.
1,751 Market,
-Toledo, 1,751
GALVESTON-To Dunkirk-Mar. 12
A fair
f
100
-Almeria Lykes, 100
To Porto Colombia-Mar. 18
Good
Good
12:15
Moderate business
Quiet.
875
-Toledo, 875
Quiet.
-Mar. 12
To Gothenburg
inquiry.
Inquiry.
doing.
P.M.
demand.
-Tennessee,
-Mar.18
-Toledo,796.
-Mar.12
To Copenhagen
896 Mid.Llprds
5.956.
5.986
100
5.906.
6.026.
.5.936.
5.87d.
300
-Toledo, 300
-Mar. 12
To Oslo
4,000
-Mar. 11-Colorado Springs, 748__ -Mar. 14To Liverpool
6,000
6,000
Sales
7,000
4,000
5,000
1,489
Nevislan, 741
Quiet
To Manchester-Mar. 11-Colorado Springs. 1,196-Mar.
Quiet,
Quiet.
Futures.( Quiet,
Steady,
Quiet,
1,572 Market
14-Nevisian, 376
6 to 8 pts.6 to 7 pts. 11 to 12 pts8 to 9 pts. 5 to 6 pta unchanged
advance. to 1 pt.adv.
To Bremen-Mar. 13-Kenchelm. 1,937; Tripp, 2,460___Mar.
decline,
advance, advance,
decline,
opened
6,033
-Adolf Leonhardt, 1,636
14
8 Market,
-Tripp, 8
To Hamburg-Mar. 13
Quiet, Q't but sty
Quiet, Barely stela, Quiet but
( Quiet.
14-Chifuku
To Japan-Mar. 12-Slijestad, 5,380-Mar.
4
8 to 10 pts.5 to 6 pts. 4 to 6 pts. st'dy, 4 pts 3 points unchanged
10,446
„
tarn
advance. to2pts.dec
decline,
P.M.
advance,
decline,
advance,
'l'o China-Mar. 12-Slljestad, 225_ --Mar. 14-Chlfuku
720
Maru,495
Prices of futures at Liverpool for each day are given below:
2,418
To Barcelona-Mar. 18-Prusa, 2,418
2,949
-Mar. 16-0alcman, 2,949
To Havre
150
Fri.
Wed. I Thurs. I
-Mar.16-0akman, 150
To Ghent
Sat. I Mon. I Tues.
-Ten.Mar. 18
March 14
To Rotterdam-Mar. 16-0akman, 636..
786
to
nessee, 150
12.1512.3d12.15 4.0012.151 4.0012.15 4.0012.15 4.0012.15 4.00
3,926
-Ida Zo.3,926
-Mar. 16
To Genoa
March 20. D. m.:1). m.!1). M
m.P. m.P. m.D. m.0. m.P. m.
m.P.
100
-Ida Zo, 100
-Mar. 16
To Naples
1,092
d.
d.
d.
-Singapore, Maru, 1,092
New contract. d. d. d. d. d. d. d. I d. d.
MOBILE-To Japan-Mar. 12
652 March
-Norwegian, 652
-Mar. 16
To Liverpool
_ __ 5.71 5.78 5.77 5.87 5.83 5.75 5.79 5.83 5.82 5.80 5.80
351 April
-Norwegian, 351
To Manchester-Mar. 16
5.80 5.79 5.90 5.85 5.77 5.81 5.85 5.84 5.82 5.82
-Norwegian,9,220_ -- - 9.220 May
-Mar. 14
-To Liverpool
NEW ORLEANS
5.77 5.83 5.83 5.931 5.88 5.80 5.84 5.88 5.87 5.85 5.85
1,100 June
-West Moreland, 1.100
-Mar. 16
To Havre
__ 5.81 5.87 5.87 5.96 5.92 5.84 5.88 5.9 5.91 5.89 5.89
1,646 July
-Norwegian. 1,646
-Mar. 14
To Manchester
5.9 5.91 6.00, 5.96 5.88 5.92 5.96 5.95 5.94 5.94
200 August
-West Moreland. 200
-Mar. 16
5.99 5.98 5.98
To Ghent
5.9 5.95 6.041 6.00 5.92 5.96 6.
100 September..,,..
To Porto Colombia-Mar. 14-Iriona, 100
5.9 5.98 6.071 6.03 5.95 5.99 6.03 6.02 6.01 6.01
100 October
-Mar. 14-Iriona, 100
To La Paz
6.0 6.02 6.11 6.07 5.99 6.03 6.07 6.06 6.05 6.0.5
-Rio Panuco, 1,585-Mar. 16To Bremen-Mar. 13
6.0 6.06 6.15, 6.11 6.03 6.07, 6.11 6.10 6.09 6.09
November_ __ 10,007 December
Aquarius, 8,422
6.05 6.1 6.10 6.101 6.15 6.07 6.11', 6.15 6.14 6.13 6.14
-Bayou
-Rio Panuco, 190_ -lab. 28
To Hamburg-Mar. 13
6.09 6.1 6.14 6.22 6.18 6.10 6.14 6.18 6.17 6.16 6.17
January (1932)
466 February
-Aquarius. 250
Chico,26_Mar.16
6.13 6.1 6.18 6.261 6.22 6.14 6.18 6.22 6.21 6.20 6.21
500 March
-Baja California, 500
-Mar. 14
To Mexico
6.17 6.2 6.22 6.30. 6.26 6.18 6.22 6.26 6.25 6.24 6.25
1,550
-Liberty Bell, 1,550
To Genoa-Mar. 12
-West
-Edam, 790_ -Mar. 16
To Rotterdam-Mar. 13
2.029
Moreland, 1,239
549
-Edam,549
-Mar. 13
To Antwerp
-Mar. 17-Sundance, 50
CHARLESTON-To Havre
59
4,584
To Bremen-Mar. 17-Sundance,4,584
Friday Night, Mar. 20 1931.
-West Hika, 100; Roland,
PENSACOLA-To Bremen-Mar. 13
Flour was quiet and 'steady. The firmness of feed 'had
288
188
289 no effect on flour. Feed prices advanced 50c. to $1, getting
-West Hika, 289
To Hamburg-Mar. 13
-Tennessee, 50-50
-To Rotterdam-Mar. 13
CORPUS CHRISTI
3.193 In line with Buffalo prices. Exports of flour on the 16th
-West Camak, 3.193
-Mar. 19
To Havre
60 Inst. from New York were 29,085 sacks, of which 22,000 were
-West Camack,60
Dunkirk-Mar. 19
To
-West Camack, 561
561
-Mar. 19
To Ghent
216 destined for Copenhagen. Last week the total was 179
-Mar. 13-Nevisian, 216
HOUSTON-To Liverpool
To Manchester-Mar. 13-Nevisian, 591
barrels and 86,000 sacks against 332 barrels and 84.000 sacks
5
6, 91
108
-Mar. 13-0aIrman, 6,108
To Havre
1.586 the week before. New business for export was said to be
To Dunkirk-Mar. 13-0akman, 1110,• Toledo, 1,486
13-0akman, 191
191 small. On Mar. 18 feed prices advanced another $1. while
To Bordeaux-Mar.
-Herefordshire.
-Mar.13-0akman,415---Mar. 18
To Ghent
965 flour remained quiet. Some business in new crop flour was
550
-TennesTo Rotterdam-Mar. 13-0akman, 414_ ._Mar. 16
reported for July to January shipment at well below $4.
708
see. 294
Texas mills, it is stated, sold new crop flour for July to
-Adolf Leonhardt, 6.011--Mar. 16
To Bremen-Mar. 13
-Herefordshire, 1,877---Mar. 19
Tripp. 6,863---Mar. 18
January at considerably under $4.
20.661
-Luetzow,5,910
Wheat has been very quiet, both for export and on specu557
-Toledo, 557
To Gothenburg-Mar. 13
100 lation. The weather, too, has been in the main favorable.
-Toledo, 100
To Abo-Mar. 13
50
-Toledo.
To Uddevalla-Mar. 13
And, of course, stocks are very heavy. But, on the other
-Toledo, 50
To Drammen-Mar. 13
-Toledo, 30.. Mar. 16-TennesTo Copenhagen-Mar. 13
hand, everybody has been bearish for months past. Under
130
see 100
22 the circumstances nothing is more natural than for the
-Toledo, 22
To Vejle-Mar. 13
-Liberty Bell,
-Ida Zo, 3,727---Mar. 16
To Genoa-Mar. 13
market to become oversold, even in a light speculation such
5,961
2,234
fie.
/
as has latterly prevailed. On the 14th inst. prices were 7
-Singapore
To Japan-Mar. 14-Siljestad. 5,753-Mar. 18
9,265 to 1%c. lower at New York for bonded grades, % to Y
Maru. 3,512
2c.
-Singapore
To China-Mar. 14--Slijestad, 1,325-Mar. 18
3.125 lower at Chicago, and 1% to 1%c. off at Winnipeg on bearMaru, 1,800
I
BREADSTUFFS
so
so
2238
FINANCIAL CHRONICLE
ish cables, poor export demand, and expectations of big
world's shipments. The Farm Board sales to date were
estimated at about 240,000 bushels to Belgium and a small
quantity to France. An official of the Farm Board said
that there had, been daily sales made to Europe and China.
The weather was fine in the Southwest. Ottawa wired:
"The quantities of wheat available for export or carryover
at the end of February are estimated by the Dominion
Bureau of Statistics as follows: United States, 325,000,000
bushels; Canada 232,000,000 bushels; Argentina 141,000,000
bushels, and Australia 126,000,000 bushels. During the
month of February Canada's surplus was reduced by exports
amounting to 12,000,000 bushels. Argentina exported
11,000,000 bushels; Australia 14,000,000 bushels, and the
United States exported scarcely any."
1
4
On the 16th inst. prices declined / to %c., but rallied
and closed unchanged to %c. higher. The rally was due
partly to the decrease in the Canadian visible supply for the
week of 4,951,000 bushels. The United States visible supply
increased last week 1,836,000 bushels against a decrease last
year in the same time of 2,168,000 bushels. The total is
now 199,714,000 bushels against 153,562,000 a year ago. On
1
4
the 17th inst. prices declined % to lc. in Chicago,/ to %c.
here, and % to lc. in Winnipeg. New York had the best
business since the new trading began. The technical
position here was weaker. Export business was dull. The
Farm Board was believed to have sold. Crop and weather
news was good.
1
4
On the 18th inst. prices advanced / to %c. In a rather
short market. Covering was a feature. Rumors that the
Federal Farm Board and the Grain Stabilization Corp. were
to announce a change in their domestic policy were denied
by George S. Milnor, President of the Corporation. He
announced that the suggested plan of elevator interests to
obviate the necessity of delivering terminal elevator stocks
to the corporation on its holdings of May wheat futures
was unworkable and that the corporation was entirely satisfied with its plans and policies. Some buying of wheat
futures was reported at Winnipeg, by seaboard and foreign
interests, but it was not reflected in any material enlargement in export business, and sales of 250,000 bushels of
Manitobas were estimated in all positions. No. 2 hard
winter afloat was reported as offered at 74%c. c.i.f., while
the Farm Board was said to be asking 15c. under May at
the Gulf, or somewhat above the price quoted afloat.
1c.
4
On the 19th inst. prices ended unchanged to / lower
at Chicago, and generally %c. lower here. Speculation was
quiet. The tendency, if anything, of late has been to oversell the grain markets on account of big supplies and dullness of export trade. The carryover is of course expected
to be large. The export sales were 600,000 bushels. Russia
is said to have 20,000,000 bushels still to export. To-day
prices closed %c. lower to %c. higher, with Minneapolis
4
1 1c. The cables were
4
unchanged and Winnipeg -up / to /
lower than due, and the rank and file of the trade were
inclined to sell, especially as the export business continued
small. The weather was in the main favorable and indications pointed to beneficial rain or snow in most States.
Europe may reduce its acreage somewhat this year. And
the Chicago market acted short. The news for days past
has been more or less bearish and prices have made a very
cool response to it. The unavoidable inference seems to be
that the technical position is, if anything, strong. s Bradstreet's North American exports for the week were 4,369,000
bushels against 3,602,000 last year, and the world's shipments look like 15,564,000 bushels. Final prices are unchanged to %c. lower for the week, the latter on July,
March being unchanged.
[VOL. 132.
market had become oversold. Shorts covered rather freely.
On the 19th inst. prices ended % to %c. lower. The trading
was light, but the market seemed to be short. Receipts and
offerings were moderate or light Sample market in
Chicago was unchanged to %c. lower. Some think July and
September are too high as compared with July and September wheat. To-day prices closed practically unchanged
after moderate trading. The early quotations were steady.
Country offerings were light. The weather was threatening. The cash demand was fair. Wheat kept prices down.
There was also in the later trading some pressure to sell.
Interior receipts, too, were rather large. Some large operators were buying corn. The technical position seemed to
be good. Final prices show a rise for the week of % to %c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
7834 8034 7854 7934 7934 8034
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
l
March delivery
611 62H 61
621 62H til
May delivery
63
65
63
64
64
64
July delivery(n)
(new)
66
67
66
67
66
66
Oats have been firm, reflecting the firmness of corn, but
prices have not recovered much from the low levels of the
season. On the 14th inst. prices closed unchanged to /
1c.
4
lower. On the 16th inst. prices closed % to / higher, in
1c.
4
sympathy with the rise in corn. The United States visible
supply decreased last week 655,000 bushels, against 877,000
a year ago. On the 17th inst. prices closed unchanged to
/ higher, regardless of the decline in corn. On the 18th
1c.
4
inst. prices ended % to %c. higher, with corn up, a fair cash
demand, and sales of 93,000 bushels and charters of 145,000
bushels for shipment at the reopening of Lake navigation.
On the 19th inst. prices ended unchanged to M3C. lower.
No. 2 white on track sold at the May price, or the highest
basis for some time past. Cash houses bought futures on a
fair scale, offsetting the weakness in corn. To-day prices
ended unchanged to 56c. higher, with corn comparatively
steady and more or less covering under way. There is not
much trading for outside account, but cash oats were steady.
1
4
Final prices show a rise for the week of / to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon. Tues.
Sat.
Wed. Thurs. Fri.
No. 2 white
43-4334 43-4334 43-4334 4234-43 4234-43 4214-43
OATS FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Frt.
30
30
29% 30
30% 30/
March delivery
3234 32 Si 32
32
3234 32
May delivery
July delivery (new)
3234 3234 3234 32
3234 32
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
2934 2934 2934 2834 2834 29
July delivery
2934 3034 2934 2934 2934 2934
Rye shows practically no net change in prices. It is true
that the visible supply is larger than that of a year ago,
and the lack of export business or the promise of it in the
immediate future of course militates against any marked
advance. On the 14th inst. prices declined % to %c., with
wheat lower. On the 16th inst. prices ended 1% to 1%c.
higher, plainly in recognition of the higher prices for wheat.
The United States visible supply decreased last week 249,000
bushels against an increase last year of 2,000 bushels. Of
barley the total was 8,839,000 bushels, a decrease for the
week of 402,000 bushels against a decrease last year of
227,000 bushels. On the 17th inst. prices fell / to se.,
1
4
under the influence of wheat. On the 18th inst. prices
1c.,
4
advanced. % to / in response to the rise in wheat. On
1c.
4
the 19th inst. prices ended % to / lower, with wheat, In
a dull market. To-day prices closed unchanged to / lower
1
4c.
in a listless market, more or less under the domination of
wheat, so far as it was influenced by anything. Final prices
show a decline for the week of % to /
1c.
4
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
March delivery
37
37
37% 371
Sat. Mon. Tues. Wed. Thurs. Fri.
3954 40
3934 40
3934 39%
62% 6234 6134 62
6154 62% May delivery
May
41% 41
41
41
41% 41%
6334 63% July delivery (new)
6434 64
July
6334 6344
6634 6634 66
6634 65% 88
October
Closing quotations were as follows:
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
GRAIN.
Sat. Mon. Tues. Wed. Thurs. Fri. Wheat. New YorkOats, New York
9054 9034 90
9034 9054 9054
No.2red
No.2 red. f.o.b., new
No. 2 white
42340)43
9034
Manitoba No. I. f.o.b N.Y. 7134
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
No 3 white
40.40H
Rye
-No. 2, f.o.b. New York 45%
Sat. Mon. Tues. Wed. Thurs. Frt.
Chicago. No. 1
7914 79% Corn, New York
March delivery
9
7
9H 7 % 7954 79
No. 2 yellow. all rail
8134 8154 81
8034 Barley
81
8134 81%
May delivery
No.3 yellow. all rail
No.2 cif. New York,dom. 5731
78
62
6334 6234 624 8234 6234
July delivery (new)
Chicago. rash
38058
CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
DAILY
FLOUR.
Sat. Mon. Tues. Wed, Thurs. Fri.
Spring pat, high prote1n34.90 $5.75 Rye flour. patents
$3.7531$4.10
581 5934 58H 585i 5834 587
May delivery
(
11
=patent'
:
4.80 Seminole. med., No 3..
4.50
2340234
60
60% 59
60
6034 60
July delivery
first spring
4.50 Oct.
4.20
$2 050 2.10
62
62% 61
6254 6211 62
October delivery
loft winter straights.... 4.00
4.40 Corn roll?
2.00. 2.05
4.40
Indian corn has advanced a little, with some increase at Hard winter stralghts 4.25 4.70 Barley goods
arod winter patents- 4.40
Coarse
3.25
rd winter clears
Feeley pearl. Nos. I.
times in the cash demand, but also the technical position
4.00 4.25
&nem Minn. patenta
8.05 6.55 2.3 and 4
6.156 8.50
operators have bought corn and
has been better. Some
mills
1306 7
sold wheat. Receipts have been fair. On the 14th inst.
For other tables usually given here, see page 2135.
t
prices ended steady and practically unchanged. On the 16th
/
1
Inst. prices ended % to 14c. higher, despite a reported
increase in the United States visible supply last week of
937,000 bushels against 525,000 last year; total, 21,222,000
bushels against 24,745,000 a year ago. Receipts were moderate, offerings light, and shorts were buying. Some
bought corn and sold wheat. On the 17th inst. prices ended
1 to 2c. lower, with country offerings larger, though actual
receipts were moderate. Some, too, bought corn and sold
wheat. On the 18th inst. prices advanced % to lc., with
the weather bad and feed substitutes up $1 a ton. The
WEATHER REPORT FOR THE WEEK ENDED
MARCH 10.
-The general summary of the weather bulletin
issued by the Department of Agriculture. indicating the influence of the weather for the week ended March 10, follows:
There were no active storm movements across the country during the
week and precipitation was largely of a local character, except that rains
or snows were widespread over the more northwestern States the early
part of the period, and light to moderate snows were rather general in the
middle Atlantic and northeastern sections. There were no marked temperature changes, although substantially warmer Weather prevailed in
the East about the 14th and it was considerably cooler in the Southeast
at the close of the week.
The table on page 3 shows that the week, as a whole, was decidedly
colder than normal from the Potomac and Ohio Valleys southward, with
MAR. 211931.]
FINANCIAL CHRONICLE
2239
dently low prices for the values offered appears, at first
glance, to be achieving the result that optimistic observers
have looked for—namely, that these factors would go a long
way toward bridging the gap in the consumer resources
created by the present depression. An argument used to
emphasize this idea, is the report that the average woman
consumer is manifestly appreciative of the exceptional bargains now obtainable. It is estimated that the recent substantial replenishment which stocks have undergone was
based on the probability that total spring consumption would
be definitely subnormal, and that the decrease might very
conceivably be as much as 20%. Now, however, the possibility that public buying may continue at the present enlarged rate for the next two months or so is being discussed, and it is freely contended that, in that event, considerable new business will be forthcoming on spring fabrics.
Conditions in the textile industry have changed so much
that spot business on spring goods in primary quarters may
very well be continuing in May and June. Meanwhile business in most textile divisions has slackened perceptibly.
DOMESTIC COTTON GOODS.—Reports from most primary quarters in the cotton goods trade indicate that business is becoming generally less active than in recent weeks,
presaging, it is interpreted, normal pre-Easter quietude following replenishment of retailers' inventories and the centering of their attention on the new selling season which is now
beginning. Some hesitation continues to be cited as marking buyers' attitude toward the higher prices recently made
on a number of constructions, but pressure for concessions
has only met with a small measure of success during the
past few days, it is reported. One feature of the current
The Weather Bureau furnishes the following resume of situation is the difficulty encountered in getting quick delivery from finishing plants, which is not so much due to
the conditions in the different States:
Virgitria.—Richmond: Low temperatures delayed farm work in west accumulations of orders in finishers' hands as to delays in
and stopped growth in east. Light precipitation latter part of week bene- the reception of goods to be processed to fill outstanding
ficial, but more moisture badly needed in central and west for subsoil and
water supply. Farm work, except planting, well advanced, but pastures orders. Various reports from finished goods channels hidiand meadows backward. Spring oats coming up; winter wheat fair, except cate a spotty condition. While a number recite definite
in eastern counties where all grains and truck are good.
North Carolina.—Raleigh: Cold most of week; frost to south coast on signs of declining volume, others state that there is a
15th, retarding growth and probably caused some damage to truck, but plentitude of business if only agreement can be reached on
too early to determine extent. Rainfall light. Small grains slow progress
account insufficient moisture. Low temperatures checked peach buds, price. The undertone of prices has yet to develop a conbut beginning to open in south.
vincing appearance of stability. Price pressure continues
South Carolina.—Columbia: Dry and rain needed. Rather low night
temperatures, with slight frost damage to blooming tree fruits. Winter to be a conspicuous feature of the market, at the same time
cereal, truck, and garden growth and spring oats germination slow. To- that many sellers, notably printers, are complaining of the
bacco beds healthy. Potato and garden plantings continue, and asparagus
lack of profit to be obtained despite an active turnover.
harvest progressing. Spring plowing active.
Georgia.—Atlanta: week quite dry and mostly cold, with general frosts Recent efforts on the part of such factors to hold closer
much damage. Plowing active, with soil mostly
on several days, without
in good condition. Planting corn becoming general over southern half. to the highest quotable levels are regarded in some quarters
Growth of cereals, truck, early potatoes, pastures, tobacco, and sweet as partly responsible for slackening activity. Estimating
potatoes in beds still slow: warmer weather needed. Peach trees in full
bloom in Fort Valley district, with previous damage by frost very small. spring business as a whole, to date, both converters and
Florida.—Jacksonville; Dry and sunshiny much of week, but rains producers of wash fabrics have suffered severely from the
Monday in extreme south on lowlands, already too wet, were unfavorable,
and cold winds last of previous week sanded young corn, melons, and truck. extremely narrow profit margins in point; more stability
Cold nights, with local frost in north and central Wednesday. Straw- in gray cloths has resulted in a correspondingly more satisberries fair to good; small shipments from north. Tobacco Plants good.
factory position for converters, who have not been repeatedly
Heavy citrus bloom; fruit excellent.
Alabama.—Montgomery: Temperatures much above normal middle of subjected to the unsettlement of price breaks in primary
in north
week and below remainder, with moderate freeze remainderand locally in
fair. Cotton
central at close; light, local rains on one day and in south and locally in quarters which would have depreciated the value of goods
lands being prepared slowly. Some corn planted
which they had already acquired at a higher level. Print
Progress and condition of oats mostly fair to good: sowing
northwest.
general.
-inch 64x60's constructions are quoted at 3c.,
continues. Planting potatoes and bedding sweet potatoes quite to fruits cloths 27
Truck crops, vegetables, and pastures growing slowly. Injury
-inch 68x72's
-inch 64x60's at 4%c. Gray goods 39
and 28
slight, if any.
by recent cold believed
Mtssissippi.—Vicksburg: Beginning and end of week unseasonably constructions are quoted at 63!,c., and 39-inch 80x80's at 7c.
cool. with frost to coast: fair weather throughout generally favorable.
WOOLEN GOODS.—The declining trend in activity in
Some corn being planted in south and central and generally good progress
of farm activities.
markets, which were recently relaLouistana.—New Orleans: Practically no rain. Continued rather cool, woolens and worsteds
with frosts on several mornings not generally damaging, but considerable tively active, has become somewhat more pronounced.
corn and tender truck killed back by freeze at end of last week. Much Spring suitings in light shades, which have been the center
ground prepared for corn, rice and cotton; corn planting general, but
germination slow. Fruit blooms and cane shoots mostly survived frosts. of attraction in the men's wear division are now in cutters'
Strawberries coming slowly. Warm weather needed for all crops.
Texas.—Houston: Warm until last two days, when cold wave, with hands in sufficient quantities, apparently, to meet the delight frost nearly to upper coast; fair until close of week when light to mand which they have been receiving, though doubtless more
heavy rain in southern three-fourths of State. Rain beneficial in soften- duplicating will be done in the near future. Women's wear
ing top crust and reviving vegetation from effects of cold, drying winds
of previous week. Progress and condition of wheat, oats and pastures coatings are under pressure for concessions, it is reported,
good to excellent. Tender truck, especially tomatoes, beans, and melons, with mills holding off, and, consequently, volume business
-9th and much replanting necesreceived severe setback from frost of 8
sary. Fruit damage also considerable and strawberries further delayed. now centers in low-end goods. Considerable uncertainty
Corn planting made good progress and some fields up. Cotton planting
surrounds the outlook for the fall season. General openconfined to extreme south. Livestock condition good.
Oklahoma.—Oklahoma City: Mostly clear; temperatures seasonable, ings of the new offerings continue to be postponed, though
heavy rainfall in east, but none in
averaging close to normal. Light to
central and west. Satisfactory advance in plowing and planting, except a few mills have named prices, principally to large operators
delayed locally in east by rain and wet soil. Corn planting under way in who customarily buy early and in volume. While the new
south-central and southeast. Progress and condition of wheat, oats, and
pastures generally good, but beginning to need rain in north and west. prices are at the lowest level in a number of years, mills
Fruits not seriously injured by freezes of preceding week.
are said to be determined to take advantage of the first
Arkansas.—Little Rock: Very favorable for work and more land than
usual ready to plant. Growth of vegetation slow due to low temperatures good opportunity to advance them, and certain selling agents
nearly all week. Grains, meadows, pastures and potatoes very good. are reported to have told customers that prices will be
Winter truck plentiful In market gardens. Fruit good, except in some
central localities where damaged by freeze. Corn planting begun north- advanced without notice should raw wool continue to move
ward to Johnson and Crawford Counties. Bedding sweet potatoes. Feed upward. As nearly as can be judged at this early date,
for work animals very scarce.
Tennessee—Nashville: No precipitation of consequence, with decided sharkskins, basketweaves, narrow herringbones and plain
thermal range, not entirely favorable for growth of wheat and oats, which twists will feature the fall business. Solid colors are premade only fair progress, while rye and barley appeared to advance more
dominant. A difficult credit situation continues to be a
rapidly. Stock mostly thin, but fair to good.
Kentucku.—Loutsville: Temperatures variable; no precipitation of con- restraining factor, and, it is predicted, will probably do
,
sequence. Blue grass made slight growth, but vegetation mostly dot
mant. Many pastures show much grass dead; others have better stand. much to hinder the development of general fall business till
Considerable plowing and much ahead of usual stage. Seeding of clover May or June.
and grass far advanced.
FOREIGN DRY GOODS.—An active demand for lightweight dress goods has featured recent business in linen
THE DRY GOODS TRADE
markets. Scattered buying of heavier linens, notably blue
New York, Friday Night, Mar. 20 1931,
and black offerings for riding costumes, has also been in
Activity at retail in the past fortnight has shown a evidence and a considerable volume of men's suitings have
decided quickening on the whole. Reports of slow business been booked, though in this case less than a year ago.
from some centers is offset by unusually heavy sales in Printed dress goods have yet to develop the activity expected
-others, and aggregate consumer demand is currently at a of them. Relative quietness has continued to rule burlaps,
very satisfactory level, when the estimated sharp reduction but the undertone has shown an encouraging, if slight, imin purchasing power is taken into consideration. The cora- provement. Light weights are quoted at 4.20c., and
Unation of good quality, attractive designing, and unprece- heavies at 5.65c.
temperatures averaging mostly from 4 deg.to as much as 10 deg.subnormal.
The lower Mississippi Valley had nearly normal warmth, but the lower
Rio Grande Valley was decidedly cool. The Northeast was warmer than
normal, while temperatures averaged decidedly above normal from the
upper Mississippi Valley westward to the Rocky Mountains, in the southern Great Plains, and in all of the more western sections. In the East
freezing temperatures were reported from first-order stations as far south
as Columbia, S. 0., and Macon, Ga., but in the central valleys the line of
freezing extended only to extreme southern Illinois. Subzero readings were
confined to a limited area in the Northwest.
The table shows also that precipitation was moderate to fairly heavy in
the Pacific Northwest from central California northward and eastward to
northern Idaho. Substantial amounts occurred also in some west Gulf
sections, extreme southern Florida, and in the middle Atlantic area. In
the latter appreciable amounts, mostly in the form of snow, were confined
to southeastern Pennsylvania, New Jersey, Maryland, Delaware, Virginia.
and eastern West Virginia. Elsewhere precipitation was generally light,
with most stations in the interior valleys having only traces.
Cool weather has prevailed in the Southern States, especially in th
Southeast, for the past three weeks, and higher temperatures are needed
to improve growth of vegetation and for germination of recently-planted
truck and other crops. Late reports indicate, however, that the frosts of
last week did only minor damage, except that tender truck was severely
set back In Texas and much replanting will be necessary. Farm work
made fairly good progress in the South. with the rains in Texas helpful
in softening the crusty soil and reviving vegetation from the effects of the
recent cold. In the lower Mississippi 'Valley, especially in Arkansas, the
week was favorable, with farm and garden work well ahead of an average
season, though growth recently has been slow because of the coolness.
Some corn was planted during the week as far north as Oklahoma, while
planting has become general in the more southeastern States. Cotton
seeding is still confined to the extreme southern portions of the belt.
The melting of last week's heavy snows in the lower Lake region and
parts of the interior valleys, especially in Indiana. Illinois, and Missouri,
has been highly beneficial to the soil and helpful to the winter wheat crop.
In Illinois and Missouri much land has been too wet to work, but in some
places plowed fields did not receive full benefit because of the drifting
of the BDOW. Moderate precipitation has been of further benefit from the
upper Ohio Valley eastward, but this area is still in need of heavy rains to
supply subsoil moisture. The Carolinas are needing rain, and the soil continues generally dry in the area between the Lake region and the Rocky
Mountains, especially in Iowa where there were complaints of dust storms
in central and northeastern counties. In the central Great Plains, particularly in Kansas and adjoining sections. conditions continue highly sadafactoz7, except that grains are beginning to need rain in northern and western Oklahoma. The far western States had favorable weather, with precipitation in the Pacific Northwest especially beneficial to wheat.
2240
FINANCIAL CHRONICLE
ffitate anti Txt# Pepartuxent
NEWS ITEMS
Arkansas.—Legislatute Adjourns—Results of Session.—
On March 12 the 48th biennal session of the State Legislature,
which had been in session since Jan. 12, adjourned sine die.
A bill was passed by the Senate shortly before adjournment
which provides for the holding of a constitutional convention
on Oct. 5 to draft a new State Constitution to replace the
present one which was adopted in 1849. The major issues
approved by the General Assembly were listed in the "United
States Daily"of March 16 as follows:
"The House and Senate during the 60
-day session received 1,193 bills.
Legislation enacted included passage of an appropriation bill carrying
$68,000,000 for continuation of the State's highway program;enactment of a
90
-day divorce law for nonresidents; recodification of the education statutes
providing for appointment of a state Superintendent of Public Instruction
by a State Board of Education composed ofseven members appointed by the
Governor; limiting bonded indebtedness of school districts to 7% of their
Property assessment valuations; the fixing of annual budgets for school districts by the State Board, and consolidation of small districts into larger
school units to be served with buses; regulatory measures governing issuance
of loans by chain banks to owners, directors, or officers; increasing the State
gasoline tax from five to six cents per gal/on for benefit of county and farmto-market highways; augmenting the common school fund through the levy
of an additional 50 cents per 1,000 on cigarettes; repeal of the 10% tax on
cigars; appropriation of $3,000,000 for a new plant for the State Hospital
for Nervous Diseases; passage of an act creating the Arkansas Agricultural
Credit Board and providing for issuance of $1,500,000 in bonds for use in
making mans to drouth-stricken farmers and stock raisers, in co-operating
with loans to local agricultural credit associations by the St. Louis Federal
Intermediate Credit Bank;compulsory State-wide annual audits of counties
and townships; changing the fiscal years of counties to begin and end on
Jan. 1; establishment of a State Department of Aeronautics; providing for
bond issue of $400,000 for the Arkansas National Guard to complete modern
armories at all units; creation of a State Bureau of Criminal Investigation
and Identification: to prohibit any person convicted of being intoxicated
while driving a motor vehicle from operating a motor vehicle for one year
after conviction."
Coral Gables Fla.—Bondholders' Protective Committee
Seeks Legislation to Adjust Debt Situation.—Asserting that
any settlement of the debt problem confronting this city will
require additional legislation, the Bondholders' Protective
Committee on Mar. 11 issued a letter to all bondholders,
urging that they deposit their bpnds with the committee,
the depositary of which is the Bank of New York and Trust
Co.and members of which include Edwin H. Barker, Prentiss
de V. Ross and Sanders Shanks, Jr. The notice calls attention to the fact that the Florida legislature will convene on
Apr. 7 to be in session for 60 days after which it will not
meet again until April 1933. The notice reads as follows:
To the Bondholders ofBonds of the City of Coral Gables Fla.:
The Bondholders' Protective Committee, organized for the purpose of
protecting the interests of the holders of bonds of the City of Coral Gables,
Florida, accompanied by David M. Wood, of Counsel for the Committee,
spent approximately one week in Coral Gables investigating the situation,
and have just returned.
The Committee is impressed with the gravity of the situation. The tax
collections of the City are progressively declining. The committee believes
that this is due to a large extent to the default in the payment of the bonded
indebtedness of the City, and the doubts and uncertainties arising therefrom. It seems probable that until the default 18 corrected no improvement
in the City's financial condition can be expected.
The bonded and floating indebtedness of the City at the present time is
approximately $8,600,000, to which must be added interest now in default
on outstanding bonds, amounting to approximately $154,000. The City,
therefore, has a debt at the present time of approximately $8,750,000.
Its population is somewhat less than six thousand inhabitants. The per
capita debt, therefore, is approximately $1,500.
The City covers an area of about 173 square miles. It is divided into
31,294 lots and 99 parcels of acreage. In this territory there are but 1,814
buildings. Accordingly the improved properties constitute approximately
6% of the total number of parcels in the City. These buildings range from
inexpensive wooden bungalows to very valuable dwellings.
Taxes on the improved properties are collectible. To date the City has
had no difficulty in selling tax certificates, on developed properties, for the
full amount of delinquent taxes upon such properties, but very little taxes
are being collected upon unimproved properties, and there is practically
no market for tax certificates issued against unimproved properties. The
uncollectibility of the taxes levied upon unimproved property is the cause of
the City's financial difficulties.
Property in general in Coral Gables may be said to have only a social
value. In other words its primary value Iles in its desirability for residential
purposes. It has no other economic advantage, and any business property
which has been developed, or will be developed, in Coral Gables, is incidental to the population attracted to the City for the establishment of permanent or winter residences. Unimproved land,therefore, will be held and
taxes paid upon it only so long as the owner contemplates the possibility
of improving it for residential purposes, or believes it possible to sell it at
some future date to someone who will desire it for residential purposes.
Since the collapse of the Florida land boom the growth of the population
of the City has been negligible. With approximately 30,000 undeveloped
lots available to supply the needs of any increase in the population, the
effect of the slowing up of the increase in population can readily be appreciated. At the present time there is practically no market for unimproved
properties in the City. As a result there has been a steady decline in the
percentage of tax collections throughout the entire city. In the year
1926 the total amount of taxes collected amounted to 87.21% of the levy.
In the year 1929 it had shrunk to 43.78%, and this occurred notwithstanding the fact that the operating budget of the City had been reduced
nearly 50% from the peak of the fiscal year ending June 30 1927.
The Committee is very gratified to be able to report that it encountered
no repudiation sentiment, either among the City Officals or among representative private citizens which it met. While some of the city officials
are of the opinion that the City has a valid defense against some of the
outstanding bonds, the City Commission, by resolution formally adopted,
authorized the Mayor to assure the Committee that the City would treat
as valid obligations of the City, all bonds deposited with it, so long as they
remain in the possession of the Committee, and pursuant to this authorization the Mayor addressed the following communication to the Committee:
Feb. 26 1931.
Messrs. Edwin H. Barker, Prentiss de V. Ross, Sanders Shanks, Jr.,
Bondholders' Protective Committee, City of Coral Gables, Fla.
Gentlemen:—In view of your statement that you have been endeavoring
to treat the problem of the adjustment of the financial affairs of the City
of Coral Gables purely as an economic problem to be settled upon a basis
most advantageous to all parties concerned, to avoid the necessity of any
protracted litigation to define the rights of the bondholders before the
economic problem involved can be considered, I wish to say that I am
authorized on behalf of the City of Coral Gables to assure you that the City
will treat as valid obligations of the City of Coral Gables all bonds of the
City which may be deposited with you, so long as they remain in your
Possession. This understanding o course will terminate if your Committee
and the City are unable to agree upon a plan of refinancing.
Very truly yours,
City of Coral Gables
(Signed) C. LEE McGARR, Mayor.
.
The members of the Committee stated to the city officials that they were
absolutely without bias or any preconceived ideas regarding the problem,
and that they were presenting themselves to the City purely as a fac-
[Vor,. 132.
finding body, desirous of examining the ultimate facts and not conclusions
or opinions of anyone. The Committee was accepted by the city officials
in this spirit and they placed at its disposal all of the records of the City,
and any data or information which the Committee requested was freely
furnished,without comment unless the Committee was asked for explanations.
No effort was made on the part of the city officials to influence the conclusions which the Committee would draw from the vast mass of data
placed at its disposal. The City Commission and all officials of the City
co-operated in furnishing all the data necessary to enable the Committee
to form its own judgments without being influenced by any local point of
view.
The vast amount of data which the Committee has assembled will require
considerable time for its analysis. Some work along this line, however,
has already been done and the Committee is convinced that while the situation is very serious it is not incurable. The Committee believes that if
it has the prompt support of the bondholders it can work out a solution of
the problem which will be acceptable to them.
From such studies as the Committee has made it is quite obvious that any
settlement of this problem will require additional legislation. The Legislature of Florida will convene on .Apr. 7 and will be in session for 60 days
thereafter. It will not meet again until April 1933. Unless the Committee
is in a position to submit a plan of settlement and to draft and cause to be
enacted the legislation necessary to effectuate the plan before the Legislature
of 1931 adjourns, no settlement will be practicable for a period of two years.
The Committee fears that during this period the situation will grow progressively worse. The feeling of security which now exists among the taxpayers by reason of the default, is already having a profound effect upon
tax collections. A continuation of this uncertainty for a period of two years
more might have most unfortunate effects, and in the judgment of the Committee this delay should be avoided if it is possible to do so.
Although a large amount of bonds have already been deposited with the
Depositary, the Committee can make very little progress in developing a
Plan of refinancing until a large majority of all the bonds outstanding
have been deposited with it. Therefore it urges each holder of bonds to the
City of Coral Gables to deposit his bonds with the Depositary of the Committee without delay. It would be most unfortunate if the Committee
should be unable even to submit a plan of settlement to the bondholders
for their approval prior to the year 1933, merely because of the delay on
the part of the bondholders to deposit their bonds until it is too late to take
advantage of the session of the Legislature which will convene on April 7.
City of Coral Gables Florida,
Bondholders' Protective Committee,
By EDWIN H. BARKER,Chairman.
Idaho.—Special Legislative Session Called to Consider
Taxation.—Immediately upon adjournment of the regular
session Governor C. Ben Ross reconvened the Legislature
in special session in order that cqnsideration might be given
to a general taxation bill which had not been acted upon at
the regular session, known as House Bill No. 266 in which is
embodied the recommendations looking toward the readjustment of the present tax situation in Idaho. The Governor
also urged the passage of "a joint resolution providing for
submission to a referendum of the question of amending the
Constitution to give the Legislature more authority in taxing
various kinds of property." He also called upon the Legislature to give their approval to a special tax levy upon electrical
energy generated from the State's natural resources.
Governor Ross Signs Graduated Income Tax Bill.—Press
dispatches from Boise on Mar. 18 report that on the previous
day Governor Ross had signed a bill(H. B. No. 2) imposing
a graduated income tax on both corporations and individuals.
The provisions of the bill were explained in the "U. S.
Daily" of Mar. 19, as follows:
The rate of tax on both individuals and corporations is 1%, on the first
$2,000; 2% on the second $2,000; 3% on the third $2,000 and 4% on the
amount over $6,000.
Many of the provisions of the bill are similar to the corresponding Federal
statute. If the income of corporations from sources within the State can
not be segregated from sources within the State can not be segregated
from sources without the State, an allocation may be made by processes
or formulas of general apportionment prescribed by the Commissioner.
Corporations which are affiliated may make separate returns, the bill
provides, "or under regulations prescribed by the Commissioner, make a
consolidated return of net income for the purpose of this act, in which cases
the taxes thereunder shall be computed and determined upon the basis of
such return.
The exemptions in the case of individuals are $1,000 for single persons;
$2,500 for married persons, and $300 for dependents.
In the case of persons and corporations using a calendar year, the first
return must be made on or before Mar. 15 1932, and covers the period
July 1 1931, to Dec. 311931. Payment may be made when the return is
filed or in two installments; the first when the return Is filed and the second
within six months thereafter.
Indiana.—Governor Leslie Declines to Sign Personal Income Tax Bill.—Press reports from Indianapolis on Mar. 14
stated that Governor Harry G. Leslie had announced
that he would not sign the personal income tax bill (H. B.
383) recently passed by the Legislature inasmuch as Constitutional procedure had not been observed in the passage
of the bill. The provisions of the bill were as follows:
H. B. 383. McKesson et al. Personal income tax measure containing
exemptions of $1,500 for single persons, $3,500 for heads of families and a
$400 allowance for each dependent. Rates after deduction of exemptions
are: 1% for the first $1,000 of net income:2% for the second $1,000,3%, for
the third, 4% for the fourth, 5% for the fifth and 6% for all over $5,000
Reapportionment Bill Passed and Signed by Governor.—On
March 10 after a bitter fight, both branches of the Legislature
passed a reapportionment bill, reducing the State's Congressional districts from 13 to 12, according to newspaper reports
from Indianapolis. On the same day the measure is stated
to have been signed by the Governor, which is generally
believed to create four Democratic,four Republican and fourdoubtful districts. It is reported that fears were felt in
Washington that the bill would not be enacted thus making
it necessary to choose the Congressional Representatives
"at large" in the 1932 elections.
Iowa.—Court Dismisses Injunction Proceedings Against
$100,000,000 Road Bond Election.—On March 9 District.
Judge Loy Ladd in an oral opinion dismissed the injunction
suit instituted on Feb. 25 by an Ottumwa taxpayer—V. 132,
p. 1841—to restrain the Governor and the Secretary of State
from holding the election on the $100,000,000 road bond
constitutional amendment in June. In his opinion Judge
Ladd held the amendment to be valid and sustained the
motion of the attorneys for the defendants to dismiss the
action, according to the Des Moines "Register" of March 10.
An immediate appeal is to be taken to the State Supreme
Court.
MAR. 21 1931.]
FINANCIAL CHRONICLE
Missouri.—State Treasurer Impeached by House of Representatives.—On March 17, by a vote of 118 to 7, the House
of Representatives moved to impeach Larry Brunk, State
Treasurer, for "high crimes, misdemeanors and misconduct
in office," reports an Associated Press dispatch to the New
York "Times" of March 18. It is stated that the action
was taken in the adoption of nine formal articles of impeachment drafted by a special committee after an investigation of alleged irregularities in the conduct of the
State Treasurer's office. The Senate must try Mr. Brunk
on the charges voted by the House. Last October Governor
Caulfield suspended Mr. Brunk on similar charges, but he
was reinstated after the Supreme Court ruled that the
Legislature alone had the power to remove the Treasurer.
Montana.—Legislative Session Ends.—On March 7 the 60
days' session of the State Legislature was adjourned sine die,
It is reported that this 22nd session was notable almost
as much for the legislation it rejected as for that which it
enacted. A summary of the measures approved as given in
the Montana "Record" of Mar. 9 follows:
Among the matters of constructive legislation enacted was a special referendum measure to submit to voters of Montana the proposition as to whether
the highway commission may be empowered to issue $6,000,000 In gasoline
tax anticipation warrants, to be voted on May 5; creation of a State bureau
of criminal identification; a constitutional amendment allowing county commissioners to fill vacancies in the legislature; an amendment to the constitution providing that only taxpayers may vote on State tax levies or bond
issues; a measure providing restoration of old Fort Owen; liberalizing the
State's corporation laws which had not been revised for 35 years; codifying
the State high school laws; providing for a school budget system; providing
for a city budget system; allowing counties to adopt the managerial form of
Government; codifying the laws relating to irrigation districts. rewriting
the law relating to county and city bonds; allocation of the $3.000,000 bond
issue; raising the hunting and fishing licenses fee; protection of public lands
against forest fires; changing the motor registration law and requiring
the board of equalization to study the problem of reducing Government
expenditures.
New York State.—Senate Approves $20,000,000 Reforestation Bond Program.—On Mar. 9 the Senate unanimously voted its approval of a proposed constitutional
amendment sponsored by Senator Hewitt for a $20,000,000
bond issue for financing a large extension of the State's
reforestation program, an Albany dispatch to the New York
"Times" of Mar. 10, went on to say:
The amendment was adopted at the last session, and when it receives the
approval of the Assembly again his year, it will be submitted to the voters
for ratification at the fall election.
The amendment would call for the expenditure of the $20,000,000 over
11 years, and the program looks to the acquisition of about 1,000,000
acres of additional land for reforestation purposes.
In addition to giving a schedule of appropriations for financing the program, the proposed amendment provides opportunity for taking over for
forest uses areas outside the "blue line" surrounding the Adriondack Park.
North Dakota.—Legislature Adjourns.—Press dispatches
from Bismarck report that the State Legislature completed
its work and adjourned on March 6. Governor George F.
Shafer is said to have expressed his satisfaction over the
record of the session, particularly in regard to the provisions
made for the emergency caused by the destruction of the
State capitol on Dec. 28.—V. 132, p. 162.
Ohio.—Governor White Signs Bill Authorizing Poor Relief
Bonds for Municipalities.—On March 16 a bill was signed by
Governor White which gives municipalities in the State
authority up to the end of the current year to issue shortterm bonds in an amount not to exceed 1-20th of 1% of the
municipality's tax duplicate to be used as a supplementary
poor relief fund. The "Ohio State Journal" of March 17
reported on the bill as follows:
"Governor White Monday signed the Pringle-Roberts bill giving municipalities authority to issue short-term bonds to augment their poor relief
funds. An emergency measure, the bill becomes effective immediately.
"In order to take advantase of the bill's provisions, the municipalities first
must obtain permission from the State Tax Commission to issue the bonds
and procure a certificate from the State Welfare Department showing that
other relief funds have been exhausted. The amount of the bonds which
may be issued under the act must not exceed 1-20th of 1% of the municipality's tax duplicate.
"The measure, which becomes inoperative after 1931. was sponsored by
Representatives William R. Pritpue (IL) of Cleveland, and George Roberts
(R.) of Youngstown.
"The bill is the eighth signed by the Governor, seven of the eight bills
being emergency measures."
Oregon.—Constitutional Amendments to Be Voted Upon.—
As a result of the recent legislative session, the voters of
this State will be called upon at the next general election
to pass upon three proposed constitutional amendments
described as follows:
One of these resolutions provides that all persons voting on bond issues
and special tax levies shall be taxpayers.
Another proposed constitutional amendment authorizes tax-levying
bodies to use any one of three preceding years as a base in increasing a tax
levy under the 6% constitutional limitation.
A third constitutional amendment would make it possible for persons
accused of criminal offenses, other than those classed as capital crimes,
to waive trial by jury and have his or her case presented before a judge.
Sanford, Fla.—Bondholders' Protective Committee Issues
Statement on Debt Settlement.—In a letter issued recently
by the Protective Committee representing the holders of
defaulted bonds of the above city, attention was called to
the fact that all owners who have not deposited their holdings with the Committee will not be eligible to share in the
distribution of the substantial sum collected from the city
—V. 132, p. 1070. The letter informs the owners of the
bonds that no deposits will be received after March 31,
unless an adjusted payment be made. The text of the
letter reads as follows:
To Holders of Certificates of Deposit Issued Under a Deposit Agreement
Dated Aug. 15 1929.
In our last letter to depositors dated Dec. 22 1930, we outlined the
successful results of the various legal proceedings which your Committee
and its counsel have been conducting in the Federal and State Courts in
Florida, and stated that, as a result of these proceedings, the Sanford
City Commission had approached us seeking to devise some way to modify
the requirements of the writ of mandamus as originally issued by the
Supreme Court of Florida.
2241
We are glad to be able to advise you that the negotiations then instituted have progressed satisfactorily. The Committee made various proposals to the city which, after much discussion and some modification,
were unanimously accepted by the City Commission on Jan. 21 1931.
The principal points agreed upon, with some comment on their present
status, are outlined below.
(1) The city withdrew its defenses interposed in the common law actions
instituted in the Federal Court in January and July 1930. Such withdrawal immediately made it possible for the Conunittee to enter judgments on the past due coupons and bonds upon which the Committee has
brought four suits. The practical effect of this is to establish the validity
of every issue of Sanford bonds outstanding. These judgments were
entered in the United States District Court at Tampa. Florida, on Jan.
31 1931, and provided that the Committee recover from the city of Sanford approximately $820,000. The judgments may be collected only by
taxation over a period of years.
(2) The City Commission appropriated to debt service 60% of its
general tax levy and the same percentage of a substantial portion of its
miscellaneous revenues. This arrangement was confirmed by an order
of the Supreme Court of Florida dated Jan. 24 1931.
(3) The City Commission made very substantial reductions in its
operating expenses. The present city budget as revised appropriates
$110,400 for operating expenses during the fiscal year ending: Sept. 30
1931, as against the appropriation of $196,670 for the preceding fiscal Year.
(4) The City Commission agreed to prepare, and recommend the
passage by the Legislature of, a bill to amend the city charter to permit
foreclosure of delinquent taxes without grace after such taxes became
delinquent. This bill is to be presented to the representatives of Seminole
County in the Florida State Legislature at the session which begins in April
1931. The City Commission has undertaken to use its best efforts to
secure its passage, although action on this point will necessarily be delayed
until the Legislature convenes. The Commission also agreed to proceed
to foreclose tax and assessment liens in a reasonable and orderly way.
(5) The City Commission has agreed to accept any outstanding Sanford
bonds in payment of assessment liens and past due taxes, subject to the
provision, however, that when bonds are presented in payment for past
due taxes the current taxes must be fully paid in cash at the same time.
(6) In consideration of the city's agreement to the foregoing proposals,
the Committee agreed to join with the city in requesting a modification
of the writ of mandamus of the Supreme Court of Florida, the issuance
of which was the subject of our letter of Dec. 22nd, previously referred to.
The Committee further agreed to interpose no objections to the levy of a
general tax of 30 mills for the current fiscal year on an assessed valuation
which now stands at $10,500,000. Sixty per cent of this levy, or 18 mills
Is appropriated to debt service, which appropriation was ordered by the
Supreme Court of Florida on Jan. 24 1931.
(7) The city has paid to the Committee, on account of bond interest,
the cash sums available in the city's bond interest funds. Out of this
sum, together with what money should be realized from the revenues of
the current fiscal year, including general taxes, the Committee hopes to
be able to make some distribution to depositors about July 1 1931, after
making provision for the expenses of the Committee to the date of distribution.
The Committee also reached an agreement with the city on various less
important points and indicated its willingness to continue the same arrangements for the next fiscal year beginning Oct. 1 1931, if, in the judgment of
the Committee, the undertakings of the city contemplated by the agreement were satisfactorily performed and if the city's charter was amended
in the 1931 session of the Legislature, as outlined above. The Committee
reserved the right to determine for itself whether or not the city's undertakings had been satisfactorily performed.
The Committee believes that the arrangements which it has Just concluded with the city will constitute a basis for at least a partial resumption
of debt service on the bonds deposited with the Committee. The Committee does not regard this arrangement as being in any sense a final
settlement; but assuming that the city can perform its undertakings satisfactorily, we may find in such performance a hope for a permanent settlement at some future time. The City Commission has expressed itself as
being determined to use its utmost efforts to carry out its agreements, and
representative local public opinion indicates that leading citizens of Sanford believe the program Is a workable one and possible of performance.
If taxes and miscellaneous revenues are collected to the extent contemplated by the city in setting up its budget, there should be realized for
debt servic during the current fiscal year a sum of approximately $175,000.
Of course if tax collections or miscellaneous revenues should fall materially
below the Commission's estimate, a proportionately smaller sum would be
realized. Business conditions in Sanford cannot be regarded as satisfactory, but the above mentioned settlement has been a great help to local
feeling. Truck growers around Sanford are having a relatively satisfactory
season, which is definitely helpful to local business. The Committee is of
the opinion that a substantial part of the anticipated collections will be
realized, barring some contingency now unforeseen.
The Committee wishes to call attention to the fact that the collections
which we have made have been solely for the account of those bondholders who have deposited their bonds with us. While over 80% of the
outstanding bonds have been deposited, there is still a number of holders
who have refrained from depositing, for various reasons. We have, however, continued to accept deposits, except in those instances where such
acceptance would be, in the opinion of the Committee, contrary to the
best interest of all depositors. The Committee now proposes to refuse to
accept additional bonds for deposit after March 31 1931, unless after that
date the bondholder, when depositing his bonds, pays to the depositary
for the account of the Committee, a cash sum equivalent to 2)i% of the
par amount of bonds which he is depositing. The Committee in its discretion, however, may make such exceptions to this requirement as it
sees fit. The purpose of the requirement is to make a proportionately
larger amount of money available for distribution to those depositors who
have supported the Committee from the outset. The required payment
will, of course, be credited against the expenses ultimately chargeable to
depositors under the terms of the deposit agreement. The depositaries of
the Committee are the Central Hanover Bank & Trust Co., 70 Broadway,
New York City, N. Y., and the Provident Savings Bank & Trust Co.,
Cincinnati, Ohio, to whom bonds should be sent by registered mail with
July 1 1929 and subsequent coupons attached.
As stated in our previous letter, the Committee is generally willing,
upon the request of depositors, to release bonds from deposit for sale to
Sanford property owners for use in payment of their special assessment
liens, and now also for use in payment of past due taxes. Such release is
contingent upon payment of the depositor's pro rata share of the expenses
of the Committee to date. At the present time the Committee's expenses,
computed in accordance with the terms of the deposit agreement, aggregate approximately 2)4% of the par value of the deposited bonds.
The Committee's activities from the outset have been directed solely to
the protection of the interests of the depositing bondholders. Many of
the legal proceedings which our counsel have had to conduct, however,
have been along lines hitherto untried. The decisions of the Florida
courts in the various cases in which we have been interested will be controlling decisions in similar proceedings which are bound to arise in other
municipalities in the State, and to the extent that our counsel have clarified
certain legal situations for the holders of Sanford bonds, every holder of
Florida municipal bonds has benefitted.
To simplify the Committee's endeavors in protecting the interest of all
depositors, and to relieve the deposit agreement of certain ambiguities
which could not have been foreseen when the agreement was drawn, the
Committee has adopted, as of Jan. 26 1931, certain amendments to the
deposit agreement, a copy of which amendments is enclosed herewith.
These amendments to the deposit agreement have been approved by
counsel for the Committee and have been filed with the depositaries.
ALBERT C. M1TTENDORF
C. T. DIEHL
NATT T. WAGNER
KENNETH M. KEEFE
Committee.
BOND PROPOSALS AND NEGOTIATIONS.
ADAMS AND ARAPOHOE COUNTIES JOINT SCHOOL DISTRICT NO. 26 (P. 0. Aurora), Colo.—BONDS VOTED—DESCRIPTION.—The $55,000 issue of 4H% school building bonds that was sold
to Bosworth, Chanute, Longbridge & Co. of Denver on Feb. 19—y. 132,
p. 1661—was approved by the voters on March 13 by a majority of more
than 2 to 1. Denoms. $500 and $1,000. Dated March 15 1931. Due on
March 15 as follows: $1,000. 1936 to 1942; $2,000, 1943 to 1946: 33,000,
1947 to 1951, and $5,000, 1952 to 1956, all incl. Prin, and int.(M.& S. 15)
payable at the County Treasurer's office in Littleton. Legality to be
approved by Pershing, Nye, Tallmadge, Bosworth & Dick of Denver.
These bonds were awarded at a price of 102.33, a basis of about 4.04%.
2242
FINANCIAL CHRONICLE
[VOL. 132.
Financial Statement (As Officially Reported).
Webster & Blodget, Inc., both of New York, paying a premium of $1,944,
Assessed valuation 1930
51,816,025 equal to 100.24, a basis of about 4.20%. The issues are:
Total bonded indebtedness including this issue
90,000 $500,000 park bonds as 434s. Due from Apr. 1 1934 to 1961 Incl.
Present estimated population, 3,200; scholastic census. 846.
310,000 public impt. bonds as 44. Due $31,000 from Afirl 1 1932 to 1941
inclusive.
Fr ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-13.000,000 BOND
BONDS
-The above coupon or registered
ISSUE APPROVED.
-At a recent meeting ofthe Board of County Com- bonds are OFFERED BY BANKERS. bidders
for public subscription at
being offered by the successful
missioners approval was given to the issuance of $3,000,000 in bonds to prices
finance the construction of a new highway bridge over the Allegheny rate. to yield from 300 to 4.15%, according to maturity and interest
They are reported to be legal investments for savings banks and
River. The issue is expected to be offered for sale shortly.
trust funds in New York and Massachusetts. It is stated that they are
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
exempt from all Federal income and state taxes.
-BOND OFFERING.
Fred W.Eggeman, County Treasurer, will receive sealed bids until 10 a.m.
The following is a complete official list of the bids received:
on April 1 for the purchase of $260,000 4;.6% road improvement bonds.
0
Int. Rate Int. Rate TotalPrem.
Dated April 1 1931. Denom. $1,000 and $500. Due $6.500 on May and
Name ofBidderParkBonds.P.I.Bonds Both Issues
Nov. 15 from 1932 to 1951 incl. Interest is payable semi-annually on May *The
$1,944.00
4%
4%%
and Nov. 15. A certified check for 3% of the amount of the bid, payable The First National Bank of N.Y
First National Old Colony Corp.,
to the order of the Board of County Commissioners, must accompany each
and The First Detroit Co., Inc
1,117.80
4.3i%
4%%
proposal. Transcript of the proceedings has been approved by Smith, Phelps,
Fenn & Co.; M. M..Freeman &
Rennster, Hornbrook & Smith, of Indianapolis, and is on file in the office
Co., and Northern TrustCo413.91
4%%
43i%
of the County Auditor.
Bancamerica-Blair Corp.; George B. GibALLEN COUNTY (P. 0. Fort Wayne), Ind.
bons & Co., and Ward, Sterne & Co
-BOND OFFERING.
4%%
%
F. William Ortlieb, County Treasurer, will receive sealed bids until 10 a. m. Steiner Brothers
,212.00
81.04
%
%
on Apr. 14 for the purchase of $8.3,000 45.5% Irene Byron Tuberculosis Morris Mather & Co.; H. M. Byllesby
Sanitorium improvement bonds. Dated Apr. 2 1931. Denom. $830.
& Co., and E.J. Couon & Co
260.00
48 %
Due $4,150 June and Dec. 1 from 1932 to 1941 incl. Principal and semi- Marx & Co
1,633.00
5
annual interest (June and Dec.), are payable at the office of the County Marx & Co
1,633.00
4
Treasurer. A certified check for 3% of the par value of the bonds bid for, C. W.McNeal* & Co
2,467035..0000
4
43407
4340%
payable to the order of the Board of County Commissioners, must accom- C. W.McNeal'& Co
454%
pany each proposal.
*Purchaser.
ANDOVER, Essex County, Mass.
-TEMPORARY LOAN.
-The
-BOND SALE.
BLACKDUCK,Beltrami County, Minn.
-An $18,000
$250,000 temporary loan offered on March 16-V. 132, p. 2041-was Issue of funding bonds is reported to have been purchased by the State of
awarded to the Shawmut Corporation of Boston at 2.02% discount. The Minnesota.
loan matures $150,000 on Nov. 3 1931 and $100,000 Nov. 23 1931. The
BLACK HAWK COUNTY (P. 0. Waterloo), lowa.-BOND SALE.
following is a list of the bids submitted for the loan:
BidderDiscount. -The 5130.000 Issue of annual primary road bonds offered for sale on
Discount. BidderMarch 18-V. 132. p. 2041-was purchased by a group composed of the
Shawmut Corp. (purchaser)--2.02% Andover National Bank
2.25%
Farmers Loan & Trust Co. and the Commercial National Co., both of
First Nail Old Colony Corp--2.16% W.0. Gay & Co
2.267
Waterloo, and the Citizens Security Trust & Savings Bank of Cedar Falls,
Merchants National Bank----2.17% I Bank of Commerce & Tr. Co _2.495% as 48
at par. Due from 1936 to 1945 incl. Optional after 1936.
Grafton Co
2.51%
2.20% axon, Gade & Co
der her bids were as follows (all for 4%s):
ARLINGTON, Kingsbury County, S. Dak.-BOND SALE.
-The
Bidder
Premium.
$25,000 issue of 5% semi-ann. sewer bonds offered for sale on Feb. 27- Geo.
M. Bechtel & Co
$1,455
Minneapolis.
-was purchased by V. W. Brewer & Co. of
V. 132, p. 1455
White-Phillips Co
11:451750
Dated Apr. 1 1931. Due from Apr. 1 1933 to 1950.
Iowa-Des Moines Co
ARLINGTON, Reno County, Kan.
-ADDITIONAL INFORMA- Carleton D. Beh Co
1 155
60
TION.
-The $32,000 issue of coupon water works bonds that was purchased Glaspell, Vieth & Duncan
by the State School Fund, as 4Ms, at par and accrued interest
-V. 132,
BOONE COUNTY (P.O. Boone), Iowa.-BONDSALE.-The $36,000
p. 2041-1s dated Feb. 1 1931. Due on Feb. 1 1951. Denoms. $500 and
Issue of county home bonds offered for sale on March 16-V.132, p. 1662
41.000. Interest payable F. & A.
ATLANTIC CITY, Atlantic County, N. J.
-PUBLIC OFFERING was purchased by Geo. M. Bechtel & Co. as 4s, paying a premium of
OF $516.000 5% BONDS.
-C. W.McNear & Co. of New York are offering $125, equal to 100.347, a basis of about 3.96%. Due $6,000 from 1938
$516,000 5% coupon or registered bonds, due serially from 1949 to 1968 to 1943 incl.
incl., for public investment at prices to yield 4.50%. The bonds are said
B otherh bidders and their bids were as follows:
The
to be legal investment for savings banks and trust funds in New York
Rate.
Premium.
and New Jersey and to be direct general obligations of Atlantic City, White-Phillips Co., Davenport
4%
$123.00
Payable from unlimited ad valorem taxes levied against all the taxable Carleton D. Beh Co., Des Moines
434
675.00
property therein. (Previous reference to these bonds was made in V. 132, Glaspell, Vieth & Duncan, Davenport
434
651.00
P. 885.)
Iowa-Des Moines Co., Des Moines
434
471.00
BACA COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Springfield)
BOWLING GREEN, Warren County, Ky.-BOND SALE.
-A
Colo.
-BOND SALE NOT CONSUMMATED.
-We are informed that the
sale of the $38,500 issue of 434% school building bonds that was purchased $48,000 issue of 507 semi-annual water works improvement bonds was
awarded on March 16 to Almstedt Bros. of Louisville, for a premium of
lAy the International Co. of Denver, prior to an election held recently
- $1,447.25, equal to 103.015. (These bonds are the remaining portion of a
V. 132, p. 1455
-was not consummated as the election was unsuccessful. $400,000 water works bond issue authorized by the voters several years ago.)
Due in 30 years, optional in 15 years.
BRIGANTINE, Atlantic County. N. J.
-BOND OFFERING.
-L. W.
BEAUFORT, Beaufort County, S. C.
-BOND SALE.
-The $40,000 Schenck, City Clerk, will receive sealed bicis until 5 p.m. on April 1, for
Issue of coupon water works plant purchase bonds offered for sale on Mar. the purchase of $55,000 6% coupon or registered water bonds. Dated
10-V. 132, p. 1842
-was purchased by the South Carolina National Bank March 1 1931. Denom. $1,000. Due $5 000 July 1 from 1931 to 1941.
of Charleston as 5%s, paying a premium of 3175, equal to 100.43, a basis incl. Principal and semi-annual Interest (January and July) are payable
of about 5.71. Dated Mar. 1 1931. Due from Sept. 1 1934 to 1971,incl. at the Marine Midland Trust Co., New York. No more bonds are to be
The other bidswere as follows:
awarded than will produce a premium of $1,000 over $55,000. A certified
BidderRate
Premium. check for 107 of the par value of the bonds bid for, payable to the order
Peoples State Bank of 8.0
par of the City Treasurer, must accompany each proposal. The approving
5)4%
Well, Roth & Irving Co
$964 opinion of Caldwell & Raymond, of New York, will be furnished the
6%
BEDFORD, Cuyahoga County, Ohio.
-BOND OFFERING.
-0. P. purchaser.
Tinker, City Clerk, will receive sealed bids until 12 m. on April 9 for the
BROOKLYN (P. 0. Cleveland), Cuyahoga County, Ohlo.-NO
purchase of $5,902.76 5% judgment payment bonds. Dated April 1 1931. BIDS.
-Charles L. Rogers, Village Clerk, reports that no bids were reOne bond for $402.76, others for $1,000 and $500. Due Oct. 1 as follows: ceived on March 14 for the purchase of the issue of $48.669.25 6% special
$1,402.76 in 1932, and $1,500 from 1933 to 1935 incl. Prin. and semi-ann. assessment sewer bonds offered for sale:
-V. 132, p. 1456.
int.(A. & 0.) are payable at the office of the City Treasurer. Bids for the
BROWNSVILLE INDEPENDENT SCHOOL DISTRICT (P. 0
bonds to bear int, at a rate other than 5%, expressed in a multiple of )4 of Brownsville) Cameron County, Tex.
-BONDS CALLED.
-A call has
1%, will also be considered. A certified check for 5% of the amount of been issued for the entire issue of $175,000 6% semi-ann. school bonds.
bonds bid for, payable to the order of the City Treasurer, must accompany Nos. 1 to 175. Due April 20 1941. Optional at any time after April 201931.
each proposal.
Payable at the Chase National Bank in New York City on April 20, OD
BELCHERTOWN,Hampshire County, Mass.
-TEMPORARYLOAN. which date interest shall cease.
-The Palmer National Bank, of Palmer, purchased on Mar. 13 a $40,000
-TEMPORARY LOAN.
BRUNSWICK, Cumberland County, Me.
temporary loan at 2.49% discount. The loan matures Nov. 25 1931 and S. L. Forsaith, Town Treasurer, awarded on Mar. 13 a $30,000 temporary
was bid for by the following:
loan to the Merchants National Bank, of Boston, at 2.47% discount.
Bidder
Discount. The loan matures Nov.2 1931 and was bid for by the following:
BidderPalmer National Bank (purchaser)
2.49
Discount.
Atlantic Corp
2.50
_
Merchants National Bank (purchaser)
2.47
2..4977:
C. D. Parker & Co
2.75
W.0. Gay & Co
2.69%
P. S. Moseley & Co
2.85
First National Old Colony Corp
BELL COUNTY (P. 0. Belton), Tex.
-We TGe
-BOND ELECTION.
BUNKER HILL SCHOOL DISTRICT (P. 0. Prentiss), Marion
informed that a special election has been called for Apr.10 to have the voters County, Miss.
-BOND DETAILS.
-The $20,000 issue of school building
Pass on a proposal to issue $625.000 in road bonds.
bonds that was purchased by Hugh White, of Columbue-V. 132. p. 886
BELL COUNTY ROAD DISTRICT NO. 9 A (P. 0. Belton), Tex.
- bears jut, at 6% and was awarded at par. Due in from 1 to 20 years.
-It is stated that an election has been scheduled for
BOND ELECTION.
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.
Apr.10 in order to have the voters pass on the proposed Issuance of$625,000 The $500,000 temporary loan offered on March 17-V. 132. p. 2041-was
In road bonds.
awarded to the Shawmut Corp., of Boston, at 2.06% discount. The
BELLAIRE, Belmont County, Ohio.
-BOND OFFERING.
-Edward loan is dated March 18 1931 and is payable Nov. 2 1931 at the National
Kinkade, City Auditor, will receive sealed bids until 12 m. on April 6, Shawmut Bank, of Boston, or at the Chase National Bank, New York.
Bids for- loan were as follows:
the
for the purchase of $39,437.50 bonds, divided as follows:
BidderDiscount.
*26,250.00 5% water works bonds. Dated Feb. 15 1931. Due Sept. 15
as follows: 33,250 in 1932. and $1.000 from 1933 to 1955. incl. Shawmut Corp., of Boston (purchaser)
2.06%
2.074
13,187.50
% city's share street improvement bonds. Dated Jan. 18 Central Trust Co., Cambridge
2.075 0
1931. Due Sept. 15 as follows: $2.687.50 in 1932, and $1,500 Harvard Trust Co., Cambridge
Blake Bros. & Co., plus $3 premium
from 1933 to 1939, incl.
2.15
Bids for the above bonds to bear interest at a rate other than those S. N. Bond & Co.. plus $5 premium
2.20
specified, expressed in a multiple of )4 of 1%, will also be considered. A
CAMPBELL, Mahoning County, Ohlo.-BOND OFFERING.=Jga
certified check for 1% of the amount of bonds bid for, payable to the order T. Moore, City Clerk, will receive sealed bids until 12 m. on April 2, for
of the city, must accompany each proposal.
the purchase of $23,665 5Si% bonds. divided as follows:
-BONDS NOT SOLD.
BENSON, Johnson County, N. C.
-The $15,000 fire department equipment purchase bonds. Dated May 1 1931.
Interest is payable in May and Nov. Bonds mature $1,500 an$30,000 issue of 6% semi-ann. refunding bonds offered for sale on Feb. 10
nually on Nev. 1 from 1932 to 1941, incl.
-V.132, p.885
-was not sold as there were no bids received. Dated Feb. 1
5,400 judgment funding bonds. Dated March 15 1931. Interest Is
1931. Due $10,000 from Feb. 1 1955 to 1957 incl.
payable semi-annually in April and Oct. Due Oct. 1 as follows:
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
-BOND SALE.
$1,400 in 1932, and $1,000 from 1933 to 1936,_incl.
Otis dr Co. of Detroit were awarded $184.600 bonds of the $205,590 special
2.500 police department equipment purchase bonds. Dated May 1 1931.
assessment road hunt. Issue offered for sale on March 14-V. 132, p. 1843.
Interest is payable semi-annually in May and Nov. Due $500 on
The successful bidders bid for $132,500 bonds as 4,545 and $52,100 as
Nov. 1 from 1932 to 1936, incl.
4)4s,and paid par plus a premium of$1,311.02, equal to 100.71. The bonds
665 traffic light signal system bonds. Dated May 1 1931. Interest
are dated March 1 1931 and mature serially.
is payable semi-annually in May and Nov. Due $133 on Nov.
1 from 1932 to 1936, incl.
-LOAN OFFERING.
BEVERLY, Essex County, Mass.
-John 0
Bids for the above bonds to bear interest at a rate other than 534%,
Lovett, City Treasurer, will receive sealed bids until 5 p. m. on March 26
for the purchase at discount of a 5200,000 temporary loan. Dated March expressed in a multiple of % of 1%, will also be considered. A certified
26 1931. Denoms. $25,000, $10,000 and $5,000. Payable Nov. 20 1931 check for 2% of the amount of the bid, payable to the order of the City
at the First National Bank of Boston or at the office of the First of Boston Auditor, must accompany each proposal.
Corp., New York. The notes will be authenticated as to genuineness and
-BOND OFFERING.
CANANDAIGUA, Ontario County, N. Y.
validity by the First National Bank of Boston, under advice of Ropes, Sealed bids addressed to William M. Crowly, City Treasurer, will be reGray, Boyden & Perkins of Boston.
calved until 3.30 p. m. on Mar. 26 for the purchase of $27,000 coupon or
registered
BEVERLY HILLS MUNICIPAL IMPROVEMENT DISTRICT NO. follows: not to exceed 5% interest special appropriation bonds, divided as
5 (P. 0. Beverly Hills) Los Angeles County, Calif.
-BOND SALE.
$12,000 series C bonds. Denom. $1,000. Due $1,000 Apr. 1 from 1932 to
The $200,000 issue of coupon public impt. bonds offered for sale on March 10
1943 inclusive.
-V. 132, p. 1843
-was purchased by the First National Bank of Beverly
9,000 series A bonds. Denom. MOO. Due $500 Apr. 1 from 1932 to
Hills. as 4%s, paying a premium of $2,118. equal to 101.059. a basis of
1949 incl.
about 4.69%. Denom. $1,000. Dated Oct. 151928. Due in 1968.
6,000 s9 i7
ier es bonds. Denom.$1,000. Due $1,000 Apr. 1 from 1932 to
3
-BOND SALE.
-The two
BIRMINGHAM, Jefferson County, Ala.
%sups of bonds aggregating $810,000, offered for sale on Mar. 13-V. 132,
Each issue is dated Apr. 1 1931. Rate of interest to be expressed in a
P., 1455
-were jointly purchased by the First National Bank, and Stone, multiple of 34 or 1-10th of 1% and must be the same for all of the bonds.
I
0
MAR. 21
FINANCT A 1-4 CHRONICLE
1931.]
Principal and semi-annual interest (April and Oct.), are payable at the
Chemical Bank & Trust Co., New 'York. A certified check for $1,000,
payable to the order of the City Treasurer, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater, of New York, will
be furnished the purchaser.
-TEMPORARY LOAN.
-The MerCANTON, Norfolk County, Mass.
chants National Bank, of Boston, purchased on March 19 a $200,000
temporary loan at 2.13% discount. The loan matures as follows:.$100,000
Nov. 25 1931 and $100,000 Dec. 1 1931.
-BONDS
CAPE MAY COUNTY (P. O. Cape May, C. H.), N. J.
PUBLICLY OFFERED.
-The $439,000 5% general construction bonds
awarded on Mar. 4 to M.M.Freeman & Co.. of Philadelphia, at 103.78, a
-are being reoffered by the successful
basis of about 4.49%-V.132, p. 1843
bidders for general Investment at prices to yield from 3.25 to 4.25%. according to maturity. The securities are said to be legal investment for
savings banks and trust funds in the States of New`York and New Jersey,
and to constitute direct and general obligations of the entire County.
payable from unlimited ad valorem taxes levied against all the taxable
property therein.
Financial Statement (As Officially Reported).
$125,000,000.00
Actual valuation (est.)
, .
•
Assessed valuation 1930
3,021,760.95
Total bonded debt (incl. this issue)
240,707.42
te,,s; sinking fund
2.781,053.53
Net debt, as computed under N. J. Statutes 2.83%
Population, 1930 U. S. census, 29,486.
CARBON COUNTY (P. 0. Rawlins), Wyo.-ADDITIONAL DE-The $10,000 issue of semi-ann. fair grounds bonds that was purTAILS.
-bears
-V. 132, p. 1843
chased by the First National Bank of Rawlins
interest at 6% and was awarded at a price of 101, a basis of about 5.84%.
Due from June 1 1935 to 1941.
-The two
-BOND SALE.
CEDAR RAPIDS, Linn County, Iowa,
Issues of coupon bonds aggregating $235,000, offered for sale on March 19V. 132, p. 2042
-were awarded at public auction to Glaspell, Vieth &
Duncan, of Davenport, as follows:
$70.000 river front impt. bonds as 45, for a premium of $401, equal to
100.57,a basis of about 3.90%. Due from Nov.1 1932 to 1940,incl.
165,000 sewer bonds as 4s, for a premium of $1,705, equal to 101.03, a
basis of about 3.88%. Due from Nov. 1 1932 to 1949. incl.
CHELAN COUNTY SCHOOL DISTRICT NO.100(P.O. Wenatchee),
Wash.
-BOND OFFERING.
-We are informed that sealed bids will be
received until 10 a. m. on March 28. by the County Treasurer, for the
purchase of a $33,000 issue of school bonds. Interest rate is not to exceed
6%, payable semiannually. A certified check for 5% must accompany
the bid.
CHESTER TOWNSHIP (P. 0. Maple Shade), Burlington County,
N. J.
-BOND SALE.
-M. M. Freeman & Co., of Philadelphia, are reported to have purchased an issue of $203,250 tax revenue bonds. Dated
March 1 1931. Due Dec. 1 as follows: $70,000 in 1931; $50,000 in 1932;
$48,250 in 1933, and $35,000 in 1934. Principal and interest are payable
at the Moorestown Trust Co., in Moorestown, or, at the option of the
holder, at the Philadelphia National Bank, in Philadelphia. Legality of
the bonds approved by Caldwell & Raymond, of New York.
CHICAGO, Cook County, Ill.
-$681,000 4% BONDS OFFERED FOR
INVESTMENT.
-A. B. Leach & Co., Inc., of New York, are offeirng
$681,000 4% coupon bonds for general investment, priced to yield 4.30%.
The bonds are dated Jan. 1 1931 andd mature $548,000 Jan. 1 1934 an
$133,000 Jan. 1 1935. Prin. and semi-ann. int. (J. & J.) are payable at
the office of the City Treasurer. The bonds are said to be legal investment
for savings banks and trust funds in New York,Massachusetts, Connecticut,
Illinois, and other States, and, according to the bankers, in the opinion
of counsel, they constitute direct and general obligations of the City of
Chicago, payable from unlimited ad valorem taxes levied against all the
taxable property therein.
-BIDS
CHICAGO SOUTH PARK DISTRICT, Cook County, 111.
-OFFERED -All of the
-ISSUE RE
REJECTED FOR $3,500,000 BONDS
bids received on March 18 for the purchase of an issue of $3;500,000 4%,
second issue, "Chicago River Bridge and Approach Bonds, authorized
by vote of the electorate in November 1926, were rejected as unsatisfactory.
The highest offer submitted was a price of 94.6377. tendered by a group
composed of the Guaranty Company of New York; the Foreman State
Corp., of Chicago; Ames, Emerich & Co.; First Wisconsin Co.; Chatham
Phenix Corp.; Stone & Webster and Biodget, Inc.; Central-Illinois Co.,
and the First Detroit Co. Two other bids were received, as follows: A
Price of 94.54 offered by a group composed of the Continental Illinois Co.,
the First Union Trust & Savings Bank the Harris Trust & Savings Bank,
and the Northern Trust Co., all of Chicago. The third offer was a price
of 94.34, submitted by Halsey, Stuart & Co. and associates.
BONDS RE
-OFFERED.
-The above issue of $3,500,000 4% bonds is
being reoffered for award on March 27. Sealed bids should be addressed
to NI E. Connelly, Secretary of the Board of Park Commissioners. The
Issue is dated March 15 1931. Denom. $1,000. Due $175.000 annually
on March 15 from 1932 to 1951 inclusive. Interest is payable semiannually on March and Sept. 15. A certified check for $100,000, payable
to the order of the Board of Park Commissioners, must accompany each
proposal. Legal opinion of Chapman & Cutler, Chicago, will be furnished
the purchaser. The offering notice says:
"The bonds are issued pursuant to and in all respects in full compliance
with the provisions of an Act of the General Assembly of the State of
Illinois, entitled: 'An Act to enable the corporate authorities of public
park districts to issue bonds for the purpose of aiding the connection of
park or parks under their control with other park or parks and to provide
for the payment of such bonds, in force July 1 1919, and other acts of the
,
General Assembly of the State of Illinois, approved prior to and since
said July 1 1919."
FINANCIAL STATEMENT-SOUTH PARK COMMISSIONERS,
CHICAGO, ILLINOIS.
(January 31 1931.)
Assets.
Real estate, improvements, equipment,
Land, cost
$14.152,702.96
&c.•.
Improvements and buildings
74,540,422.96
Central plant
1,404,699.40
(Power plants, conservatory, barns,
office buildings. &c.)
Miscellaneous equipment
779,087.95
(Vehicles, horses, boats. tools. &c.)
$90,876,913.27
Less reserve for depreciation
100,897.56
$90,776,015.71
Cash, invested funds, &c.:
Cash, all funds
$5,278,511.56
Material and supplies
88,979.57
Tax certificates, deeds, &c
197,268.70
Work in progress
119,902.47
Taxes receivable
3,131,179.45
Tax anticipation warrants receivable
8.694,960.00
17,510,801.75
Bonds on hand not sold (including this issue)
3,500,000.00
Total assets
$111,786,817.46
Liabilities.
Bonded indebtedness
(Including $3,500,000 not sold)
Accounts payable
Estimates payable
Deposits on permits
Sundry deferred liabilities
Tax anticipation warrants Payable
Deferred income
$64,385,000.00
Total liabilities
Excess of assets over liabilities
Total liabilities and surplus
Contingent Liabilities:
Uncompleted contracts----$738,957.11
741,567.55
312,407.95
4,620.00
835,973.94
8,694,960.00
75,000.00
$75,049,529.44
36,737,288.02
$111,786,817.46
2243
The South Park Commissioners Is a municipal corporation, organized
In 1869, and, it is said, has never defaulted in payment of either interest
or principal of its bonds, neither have any previous bond issues been found
invalid.
The assessed valuation within the South Park District for the year 1928
was $1,776,024.198 and the population is estimated to be 1,250,000.
-The $200.000
-PURCHASER.
CHICOPEE,Hampden County, Mass.
temporary loan offered on Mar. 12 was awarded to the Western Massachusetts Bank St Trust Co., of Springfield, at 2.095'7 discount, not to the
Western Life Insurance Co. as erroneously reporteein-V. 132, p. 2042.
The loan is dated Mar. 12 1931 and matures Nov. 25 1931.
-BOND OFFERING.
CIRCLEVILLE, Pickaway County, Ohio.
Lillian Young, City Auditor, will receive sealed bids until 12 m.on Mar.23
for the purchase of $7,800 43 % sanitary sewer system construction bonds.
Dated Mar. 1 1931. One bond for $300, others for $500. Due Oct. 1
as follows: $1,000 from 1932 to 1938 incl., and $800 in 1939. Interest
is payable semi-annually in April and Oct. Bids for the bonds to bear int.
of 1%. will also be
at a rate other than 435%,expressed in a multiple of
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.
(Notice of the passage of the ordinance authorizing the issuance of these
bonds was given in V. 132.p. 1844).
-BOND OFFERING.
-G.William
CLAY COUNTY(P.O.Brazil), Ind.
Baumgartner, County Treasurer, will receive sealed bids until 10 a. m.
on April 3 for the purchase of $8,600 41.i% gravel road construction bonds.
Dated Mar.3 1931. Denom.$430. Due $430 July 15 1932; $430 Jan. and
July 15 from 1933 to 1941 incl., and $430 Jan. 15 1942. Principal and semiannual interest (Jan. and July 15) are payable at the office of the County
Treasurer.
-BOND SALE.
-The
CLEVELAND, Cuyahoga County, Ohio.
$1,250,000 coupon hospital construction bonds offered on Mar. 14V. 132, p. 1456
-were awarded as 4s. to Eldredge & Co., of New York,
and Mitchell, Herrick & Co., of Cleveland, at par plus a premium of $17.362.50, equal to 101.389, a basis of about 3.85%. The bonds are dated
Mar. 1 1931 and mature Sept. 1 as follows: $54,000 from 1932 to 1946 incl.,
and $55,000 from 1947 to 1954 incl. The successful bidders are reoffering
the bonds for general investment at prices to yield from 2.50 to 3.80%.
according to maturity. The obligations are said to be legal investment for
savings banks and trustfunds in Newlrork,Massachusetts and Connecticut,
and to be direct and general obligations of the City. A statement of the
financial condition of the city of Cleveland appeared in V. 132, p. 1844.
The following is an official list of the bids submitted for the bonds:
Premium Bid.
Bidders (All for 4% Bonds).
$17,362.50
*Eldredge & Co. and Mitchell, Herrick & Co., jointly
15,100.00
Roosevelt & Son and Central United Co. of Cleveland, jointly
Otis St Co.; Wallace, Sanderson & Co., and Stern Bros. & Co.,
13,788.00
jointly
13,750.00
Bancamerica. Blair Corp
Chatham Phenix Corp. and First Nat. Old Colony Corp., jointly 11,363.00
Continental Illinois Co.; Foreman State Corp., First Wisconsin
10,800.00
Co.. and Mercantile Commerce Co., jointly
Bankers Company of New York; Guaranty Company of New
York.First Detroit Co.,and E.G.Tillotson & Co.,Inc.jointly 10,612.50
M.M.Freeman & Co.,Inc.,and Merrill, Hawley & Co.,jointly_ 10,600.00
The Guardian Trust Co.; Chemical Securities Corp.; R. H.
8,612.50
Moulton & Co.,and M.& T. Trust Co.,jointly
Halsey,Stuart & Co.,Inc.,and First Nat. Bank. N.Y..jointly_ _ 8,240.00
First Union Trust & Savings Bank, Chicago; the Northern Trust
6,943.00
Co., Chicago; Braun Bosworth & Co. Toledo,jointly
Salomon Brothers & Hutzler; the Guardian Detroit Co.. and
2,125.00
BancOhio Securities Co., jointly
1,362.50
The National City Co. and R. L. Day & Co.,jointly
* Successful bidders.
-PROPOSED
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-Charles C. Frazine, Director of Finance,
BOND SALE POSTPONED.
reports that the proposed sale on Mar. 16 of two issues of 4)i% special
assessment and city a portion improvement bonds aggregating $213,810
-V. 132, p. 1663
-was postponed, owing to the recent decision of the Supreme Court of Ohio.
-BOND OFFERING.
CLINTON COUNTY (P. 0. Frankfort), Ind.
Arthur J. Spurgeon, County Auditor, will receive sealed bids until 10 a. m.
on April 14 for the purchase of $29,435.77 6% public drain construction
bonds. Denom. $2.943.57. Due annually on Jan. 30 from 1932 to 1941
incl. Interest is payable semi-annually on Jan. 30 and July 30. A certified check for $200, payable to the order of the County Treasurer, must
accompany each proposal.
-The
CLINTON COUNTY (P. 0. Clinton) lowa.-BOND SALE.
$65,800 issue of coupon refunding bonds offered for sale on March 16-V.
132, p. 1844-ws purchased by the White-Phillips Co. of Davenport, as
4s, for a premium of $122.50, equal to 100.17, a basis of about 3.95%•
Denom.$1,000. Dated May 1 1931. Due from 1932 to 1938, incl. Interest
payable M. & N.
-BOND OFFERING.
COCKE COUNTY (P. 0. Newport), Tenn.
Sealed bids will be received until 10 a. m. on April 10, by W. C. Cureton,
Clerk of the County Court. for the purchase of an issue of $110,000 534%
semi-ann. county court house bonds. (These are the bonds that were
unsuccessfully offered on Jan. 22-V. 132, p. 1261.)
Official Financial Statement.
525.000,000
Actual value of all taxable property, estimated
9,660,928
Assessed value of all taxable property, 1930
1,942.000
Total bonded debt, including proposed issue of $110,000
850,600
Less bonds to be assumed by the State of Tenn
1,091,400
Net debt
Population, 1930, 21,775.
Denom. $1,000. Dated March 1 1931. Due on March 1 as follows:
$5,000, 1936 to 1943 and $10,000, 1944 to 1950. all incl. Prin. and int.
(M.& S.) payable at the Chase National Bank in New York City.
-The City
-BOND OFFERING.
COHOES, Albany County, N. Y.
Comptroller will receive sealed bids until 11 a. m. on May 11 for the purchase of5133.000 coupon funding bonds,issued pursuant to the provisions of
Sec. 2, Chapter 155, of the New York State Laws of 1930. The bonds are
dated May 15 1931. Denom.$1,000. Due May 15 as follows: $5.000 from
1934 to 1959 incl., and $3.000 in 1960. Prin. and semi-annual interest
are payablein New York City. A certified check for $2,660 must accompany
each proposal. The approving opinion of Thomson, Wood & Hoffman.
of New 1 ork, will be furnished the purchaser.
COLUMBUS, Franklin County, Ohio.
-BOND OFFERING.
-Sealed
bids addressed to Samuel L. Willis, City Clerk, will be received until 1
p. m. on April 2, for the purchase of $100,000 4% coupon Electric Light
Extension No. 23 bonds. Dated March 15 1931. Denom. $1,000. Due
Feb. 1 as follows: $6,000 from 1933 to 1937, incl., and $7,000 from 1938 to
1947, incl. Principal and semi-annual interest (Feb. and August) are
payable at the fiscal agency of the city of Columbus in the city of New York.
suds for the bonds to bear interest at a rate other than 4%,expressed in a
of 1%, will also be considered. A certified check for 1% of
multiple of
the amount of bonds bid for, payable to the order of the City Treasurer.
must accompany the bid. Bids may be conditioned upon the approval by
the attorney for the purchaser of the transcript of the proceedings incident
to the issuance of the bonds, and sufficient time will be alllowed following
the date of the award for the purposes of examination.
6.01
-BIDS REJECTED.
-All of
COOK COUNTY (P. 0. Chicago), III.
the bids received on March 16 for the purchase of the $1,000,000 4%.
-V. 132. p. 2042
series AA, nurses' dormitory bonds offered for sale
were rejected as unsatisfactory. A block of 5200.000 of the bonds is to
be offered for sale on March 20, according to report. The highest bid
received at the sale was an offer of 95.667, about a 4.40% interest cost
basis, submitted by R. E. Herczel & Co., of Chicago. Five bids were
-sue, as follows:
submitted for the is
Rate Bid.
BidderR. E. Herczel & Co. Chicago
95.667
Ames, Emerich & CO., First Wisconsin Co. and the First Detroit
Co., jointly
95.5059
Harris Trust & Savings Bank, Continental Illinois Co., First Union
Trust & Savings Bank, and the Northern Trust Co. jointly_ _ 95.1479
Halsey, Stuart & Co., A. B. Leach & Co., Inc., and Lawrence Stern
& Co., jointly
94.6509
Foreman State Corp.,and the Guaranty Co. of New York, Jointly-94.6027
BONDS RE
-OFFERED.
-Robert M. Sweitzer, County Clerk, will
receive sealed bids until 2 pan. on March 26 for the purchase of a block of
2244
FINANCIAL CHRONICLE
$200,000 bonds of the above issue. Dated Dec. 1 1930. Interest rate at 4%.
Due annually on Dec. 1 from 1931 to 1950 Incl. Principal and semi-annual
interest payable at the office of the County Treasurer. The offering notice
says that the bonds will constitute general obligations of the County
payable from ad valorem taxes levied upon all of the taxable property
therein. A certified check for $10,000 must accompany each
l
The county will furnish the printed bonds and approving opinion proposa.
of Chapman & Cutler, of Chicago, and all bids must be so conditioned.
CORUNNA, Shiawasee County, Mich.
-Harry Bell,
-BOND SALE.
City Clerk. informs us that an issue of $8,000 4%% coupon improvement
bonds has been sold at a price of par. Name of the purchaser not disclosed.
COSHOCTON, Coshocton County, Ohio.
-BOND OFFERING.
Ella Williams, City Auditor, will receive sealed bids until 12 m.on Mar. 21
for the purchase of $2,747.73 5% special assessment improvement bonds.
Dated Mar. 11931. One bond for $272.73, others for 5275. Due Sept. 1
as follows: $272.73 in 1932,and $275from 1933 to 1941 incl. Int. is payable
semi-annually in Mar. and Sept. Bids for the bonds to bear interest at a
rate other than 5%,expressed in a multiple of X of 1%, will also be considered. A certified check for 10% of the amount of bonds bid for must
accompany each proposal.
COTTONWOOD FALLS CONSOLIDATED SCHOOL DISTRICT
NO. 56 (P. 0. Cottonwood Falls), Chase County, Kans.-BOND
SALE.
-The $7.500 issue of school bonds offered for sale on Feb. 24V. 132, p. 1457
-was purchased by the Central Trust Co. of Topeka, as
4(s. at a price of 97.25, a basis of about 4.76%. Dated March 1 1931.
Due from March 1 1932 to 1941, inclusive.
-The $45,COVINGTON, Kenton County, Ky.-BOND DETAILS.
000 issue of 4%% semi-annual park refunding bonds that was purchased
-was awarded at par
by Magnus & Co. of Cincinnati
-V. 132, p. 2042
and matures $5,000 from 1933 to 1941, inclusive.
-BOND OFFERING.
CRAWFORD COUNTY (P. 0. English), Ind.
John H. Brown, County Treasurer, will receive sealed bids until 2 p. in.
on April 15 for the purchase of $15,280 5% Liberty Township road construction bonds. Dated April 15 1931. Denom. $764. Due $764 July
15 1932; $764 Jan. and July 15 from 1933 to 1941, inclusive, and $764
Jan. 15 1942. Interest is payable semi-annually on Jan. and July 15.
-The $500,CUMBERLAND, Allegany County, Md.-BOND SALE.
000 4%% coupon (1931) water improvement bonds offered on March 16-were awarded to Alex. Brown & Sons, of Baltimore. at
V. 132. p. 1844
a price of 108.679. a basis of about 4.05%. The bonds are dated April 1
1931 and mature April 1 1971. The successful bidders are reoffering the
bonds for general investment at a price of 1094 and interest, to yield
over 4.00%. The obligations are said to be legal investment for savings
banks and trust funds in New York, Massachusetts, Connecticut, Maryland and other States.
Financial Statement.
Assessed valuation of taxable property
$51,202.989
Estimated real value of taxable property
70,000,000
Total bonded debt, including this issue
4,319,900
$2,744,900
Less water debt, including this issue
Less sinking funds not applicable to water debt
135,913 2,880,813
Net funded debt
$1,439,087
The ratio of net funded debt to assessed valuation is about 2.8%.
Population, 1930 census, 37,713.
The following is a list of the bids submitted for the issue:
BidderRate Bid.
Alex. Brown & Sons(purchasers)
108.679
Robert Garrett & Sons, Baltimore
107.094
National City Co., New York
104.909
Second National Bank,Cumberland
105.79
First National Securities Corp., Baltimore
106.36
Equitable Trust Co.,Baltimore
107.04
Nelson, Cook & Co., Baltimore
108.586
DISTRICT NO. 15 (P. 0. Marna),
CUSTER COUNTY SCHOOL
Neb.-MATURITY.-The 515.000 issue of 4%% school building bonds
that was purchased at par by the Omaha National Co. of Omaha-V. 132,
-is due in 20 years and optional as follows: $1,000, 1936 to 1941,
p. 692
and 39,000 in 1942.
-BOND OFFERING.
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
-F. J. Husak, Clerk of the Board of County Commissioners, will receive
sealed bids until 11 a. In. (Eastern standard time) on April 10 for the purchase of 51,478.0004)4% road impt. bonds,comprising the follow.ng issues;
5628,000 bonds. Due Oct. 1 as follows: $62,000 in 1931, $63,000 from
1933 to 1935 incl., $62,000 in 1936, and 563.000 from 1937 to
1940 incl.
298,400 bonds. Due Oct. 1 as follows; $33,400 in 1931, $33,000 from
1932 to 1938 incl., and $34,000 in 1939.
93,500 bonds. Due Oct. 1 as follows: $9 500 in 1931, $9,000 from 1932
to 1934 incl.. $10,000 in 1935, $9,000 in 1936 and 1937, 510,000
in 1938. 39,000 in 1939, and $10,000 in 1940.
97.000 bonds. Due Oct. 1 as follows: $9,000 in 1932, $10,000 in 1933
and 1934, $9,000 in 1935. $10,000 in 1936 and 1937, $9,000 in
1938, and $10,000 from 1939 to 1941 incl.
87.300 bonds. Due Oct. 1 as follows: $8,300 in 1931, $9,000 in 1932,
$8,000 in 1933, $9.000 from 1934 to 1936 incl., 58,000 in 1937,
and $9,000 from 1938 to 1940 incl.
83,000 bonds. Due Oct. 1 as follows: $8,000 from 1932 to 1934 incl.,
$9,000 in 1935, $8,000 in 1936 and 1937, 39,000 in 1938, $8,000
in 1939 and 1940, and $9,000 in 1941.
71,000 bonds. Due Oct. 1 as follows: $7,000 from 1932 to 1940 incl., and
$8.000 in 1941.
49,500 bonds. Due Oct. 1 as follows: 34,500 in 1931, and $5,000 from
1932 to 1940 incl.
22,000 bonds. Due Oct. 1 as follows: $2,000in 1931 and 1932,$3,000 in
1933, $2,000 in 1934, 53.000 in 1935, 52,000 in 1936, $3,000 in
1937, $2,000 in 1938, and $3,000 in 1939.
20.500 bonds. Due Oct. 1 as follows: $1,500 in 1931, $2,000 from 1932
to 1939 incl., and $3,000 in 1940.
15,000 bonds. Due Oct. 1 as follows: ELMO in 1932, 32,000 , 1933;
51,000. 1934; $2,000, 1935; $1,000, 1936; 32,000, 1937; $1,000,
1938; 52,000, 1939; $1,000 in 1940, and $2,000 in 1941.
12,800 bonds. Due Oct. 1 as follows: $800 in 1932, 51,000 in 1933 and
1934. $2,000, 1935; $1,000 in 1936 and 1937; $2,000 in 1938;
51,000 in 1939 and 1940, and $2,000 in 1941.
All of the above bonds are dated April 1 1931. Principal and semiannual interest (April and October) are payable at the office of the County
Treasurer. Bids for the bonds to bear interest at a rate other than 4)4%,
expressed in a multiple of X of 1%, will also be considered. Bids must
be for all of the bonds offered and must state a single rate of interest therefor. A certified check for $15,000, payable to the order of the County Treasurer, must accompany each proposal. Coupon bonds, registerable as to
both principal and interest. 'The proceedings incident to the _proper
authorization of these bonds have been taken under the direction of Squire,
Sanders & Dempsey, whose approving opinion may be procured by the
Purchaser at his own expense, and only bids so conditioned or wholly unconditional bids will be considered.
DALLAS COUNTY REFUNDING DISTRICT NO. 6 (P. 0. Dallas),
Tex.
-BONDS REOISTERED.-An issue of $140,000 6% refunding bonds
was registered by the State Comptroller on Mar. 10. Denom. $500. Due
on Nov. 3 1940.
-TEMPORARY LOAN.
-The First
DANVERS, Essex County, Mass.
National Old Colony Corp., of Boston, purchased on March 16 a $100,000
temporary loan at 2.18% discount. The loan matures Nov. 1 1931. The
Boston Continental National Bank, the only other bidder, offered to
discount the loan at 2.20%.
DAUGHTERY TOWNSHIP SCHOOL DISTRICT (P. 0. New
-BOND OFFERING.Brighton, R. D. No. 1), Beaver County, Pa.
Sealed bids addressed to Louis E. Klein, Secretary of the School Board,
%
will be received until 8 p. in. on April 6 for the purchase of $15,000
coupon or registered school bonds. Dated March 11931. Denom. 5800.
Due $500 annually on Sept. 1 from 1931 to 1950, inclusive, and $500 semiannually on March and Sept. 1 from 1951 to 1955, inclusive. The bonds
may be redeemed, however, on any Interest payment date. A certified
check for $500 must accompany each proposal.
-BOND SALE.
-The $800,000
DAYTON,Montgomery County, Ohio.
grade crossing elimination bonds offered on March 19-V. 132, p. 2042
were awarded to a syndicate composed of the Continental Illinois Co.,
Chicago, the First Wisconsin Co., of Milwaukee, and Mitchell, Herrick
FoL. 132.
& Co., of Cleveland, at par plus a premium of $1,208, equal to 100.15, an
interest cost basis of about 3.897, as follows:
$500,000 series E, 1931 bonds sold as 4s. Due Sept. 1 as follows: $16,000
from 1932 to 1941, incl., and $17,000 from 1942 to 1961, incl.
300,000 series C, 1931 bonds sold as 3(s. Due 510,000 Sept. 1 from
1932 to 1961, inclusive.
Each issue is dated April 1 1931.
-NOTE SALE.
-The Chase SecuriDETROIT, Wayne County, Mich.
ties Corp., and 11. W. Pressprich & Co., both of New York, jointly, are
reported to have purchased on March 13 an issue of $15,000,000 notes.
bearing interest at 2.61%, at par plus a premium of 5111. The notes are
dated March 17 1931 and mature Aug. 17 1931. Bids reported to have
been submitted for the issue follow:
Int. Rate,
BidderChase Securities Corp.. and R. W.Pressprich & Co (purchasers)-- x2.61%
Bankers Company of New York; First National Bank, New York;
First Detroit Co., New York, and the First National Old Colony
Corp., New York,jointly
2.78%
Guaranty Co. of New York, and the National City Co., jointly_ __a2.89%
x Plus premium of $111. a Plus premium of $16.
(The successful bidders are reoffering the notes for general investment
Priced to yield 2.40%. They are said to be legal investment for savings
banks and trustees in New York State.)
-The
DOLGEVILLE, Herkimer County, N. Y.
-BOND SALE.
$26,000 coupon or registered street impt. bonds offered on March 17V. 132, p. 2043
flis to Graham, Parsons & Co. of
-were awarded as ,
New York at a price of 100.679, a basis of about 4.37%. The bonds are
dated March I 1931 and mature March 1 as follows: $2,000 from1932
to 1935 Incl., and $3,000 from 1936 to 1941 incl. The following bids were
received for the issue, all of which were for the bonds as 4%8:
Rate Bid.
Rale Bid.i BidderBidder
-We.
M.&T.Trust Co.(Buff.)_ _100.537
Graham, Parsons & Co.
(Purchaser)
100.679 Marine Trust Co.(Buffalo)_100.339
Dewey, Bacon & Co
100.28
Sherwood & Merrifield, Inc_100.66
G. B. Gicidons & Co., Inc_ -100.617 'Edmund Seymour & Co_ _ _ _100.0899
DUTCHESS COUNTY (P.0.Poughkeepsie), N. Y.
-LIST OF BIDS.
-The following is an official list of the bids received on March 12 for the
purchase of $330,000 jail construction bonds awarded as 4s to Stone &
Webster and Blodget. Inc., of New York, for a premium of 55,072.10,
equal to 101.537, a basis of about 3.84%-V. 132, p. 2043:
Amount Bid.
Bidders (Allfor 4% Bonds)$335,072.10
Stone & Webster and Blodget, Inc. (purchasers)
334,880.70
Guaranty Co. of New York
Emanuel & Co. and R. H. Moulton & Co., jointly
334,735.50
Salomon Bros. & Hutzler
334,587.00
Bancamerica-Blair Corp
333,630.00
333,597.00
Edward Lowber Stokes & Co
Inc., and First Detroit Co., jointly._ _ 333,527.70
M. NI. Freeman &
Co.,
333,469.00
Fallkill National Bank & Trust Co., Poughkeepsie
Roosevelt & Son and Geo. B. Gibbons & Co., Inc., jointly_ _ _ _ 333,029.40
332,828.10
First National Bank,Poughkeepsie
332,537.70
Guardian Detroit Com. and Kean, Taylor & Co., jointly
332,245.00
H. M. Byllesby & Co., Inc., and E. J. Coulon & Co., jobatly
332,207.70
Bankers Co.of New York
331,778.70
Marine Trust Co., Buffalo
B. J. Van Ingen & Co. and Stranahan, Harris & Co., jointly- - 331,316.71
330,478.50
Lehman Brothers and M.& T. Trust Co., jointly
-TEMPORARY
EAST BRIDGEWATER, Plymouth County, Mass.
LOAN.
-A $30,000 temporary loan, dated March 18 1931, and due Dec. 15
1931, was awarded on March 19 to the Grafton Co. of Boston, at 2.23%
discount. F. S. Moseley & Co. of Boston, bid a 2.25% discount, while the
Bridgewater Trust Co. bid 2.31%.
-BOND OFFERING.
EAST LIVERPOOL,Columbiana County,Ohio.
-W. M. McGraw, City Auditor, will receive sealed bids until 12 in. on
April 6 for the purchase of $15,450 5% fire department equipment purchase
bonds. Dated March 1 1931. One bond for $1,450. others for $1,000.
Due Sept. 1 as follows: $3,450 in 1932, and $3,000 from 1933 to 1936 incl.
Int. is payable semi-annually in March and Sept. Bids for the bonds to
bear int. at a rate other than 5%, expressed in a multiple of X of 1%.
will also be considered. A certified check for 2% of the amount of bonds
bid for. payable to the order of the City, must accompany each proposal.
BOND OPFER1N0.-The City Auditor will also receive sealed bids until
12 m. on March 31 for the purchase of $12,197.50 5% city's portion improvement bonds. Dated March 1 1931. Due Sept. 1 as follows: $2,197.50
in 1932; $2,000 from 1933 to 1937 incl. Interest is payable semi-annually
In March and Sept. Bids for the bonds to bear interest at a rate other
than 5%, expressed in a multiple of X of 1%. will also be considered. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the city, must accompany each proposal.
-BONDS VOTED.
EAST ROCKAWAY, Nassau County, N. Y.
George E. Thompson, Village Clerk, informs us that at the election held
on March 17 voters of the village approved of the sale of $28,500 not to
exceed 6% interest bonds. comprising a 515.000 road improvement issue
and a $13,500 fire truck purchase issue. The road issue received a favorable
vote of 257 to 117, while the fire truck issue passed by a vote of 240 to 145.
-BONDS OFFERED.
EAST WINDSOR, Hartford County, Conn.
The Town Treasurer received sealed bids until 6 p. in. on March 20 for
purchase of $120,000 4 34% coupon funding bonds. Dated April 1
the
1931. Denom. $1,000. Due 85,000 April 1 from 1933 to 1956 inclusive.
Principal and semi-annual interest (April and Oct.) are payable at the
National Shawmut Bank, Boston. Legality approved by Storey, Thorndike, Palmer & Dodge, of Boston. (These are the bonds mentioned in
V. 132. p. 2043.)
-John A.
ELIZABETH, Union County, N. J.
-BOND OFFERING.
Mitchell, City Comptroller, will receive sealed bids until 12 in. on April 2
for the purchase of 5331,000 4, 43( or 4)4% coupon or registered bonds,
divided as follows:
$251,000 police building bonds. Due April 1 as follows: $5,000 from 1933
to 1938 incl.; $6,000 from 1939 to 1948 incl., and $7,000 from 1949
to 1971 incl.
80,000 street impt. bonds. Due April 1 as follows: $5,000 from 1932 to
1943 incl.; $6,000 in 1944, and $7,000 in 1945 and 1946.
Each issue is dated April 11931. Denom. $1,000. Prin. and semi-ann.
int.(A. & 0.) are payable at the National State Bank of Elizabeth. Single
rate of int. must be named for all of the bonds of each issue. No more
bonds are to be awarded than will produce a premium of $1,000 over the
amount of each issue. The bonds will be prepared under the supervision
of the International Trust Co., New York, which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon.
A certified check for 2% of the amount of the bonds bid for, payable to the
order of the City, must accompany each proposal. The approving opinion
of Reed, Hoyt & Washburn of New York will be furnished the purchaser.
Financial Statement.
3148,119,092.00
Assessed valuation, taxable real property, 1930
17,891,965.00
Assessed valuation, taxable personal property, 1930
$166,011,057.00
Total
14,295,973.25
Bonded debt, including these Issues
Special assessments actually collected and on
band,applicable to the payment ofindebted$2,927,146.27
ness included in bonded debt
Special assessments, uncollected, applicable
to the payment of indebtedness included in
906,100.14
bonded debt
Sinking funds applicable to payment of
549,536.17
bonded debt
4,640,282.58
257,500.00
Bonded debt for water supply
7
$9,655,690.6
Net bonded debt
Population, U. S. census, 1930, 114,551.
-The
Goshen), Ind.
-BOND SALE.
ELKHART COUNTY (P. 0.
38,0004)4% road improvement bonds offered on Mar. 16-V. 132, p.2043
-were awarded to the Fletcher Savings & Trust Co., of Indianapolis, at
3.53%.
Par plus a premium of $431. equal to 105.38, a basis of about follows:
The bonds are dated Mar. 16 1931 and mature semi-annually as
$400 July 15 1932; $400 Jan. and July 15 from 1932 to 1941 incl., and
$400 Jan. 15 1942.
MAR. 21 1931.]
2245
FINANCIAL CHRONICLE
-Eldredge &
-BOND SALE.
GLOUCESTER, Essex County, Mass.
Co., of Boston, purchased on March 19 an Issue of $75.000 33i% bonds
at a price of 101.51, a basis of about 00.000%. The bonds mature $5.000
annually from 1932 to 1946, inclusive, and were bid for by the following:
Rate Bid.
Bidder101.51
Eldredge & Co. (purchasers)
101.138
Chatham Phenix Corp
101.097
& Trust Co
Gloucester Safe Deposit
101.07
Gloucester National Bank
100.83
Cape Ann National Bank
100.78
Estabrook & Co
100.77
Stone & Webster and Blodget, Inc
100.672
Shawmut Corp
100.48
Harris, Forbes & Co
100.399
R. L. Day & Co
-BONDS DEFEATED.-AtTan
Orange County, N. Y.
GOSHEN,
election held on March 17 the voters defeated a proposal calling for the
Issuance of $285,000 in bonds to finance the enlargement of the water
supply system. The measure lost by a vote of 169 "for" to 224 "against."
GOTHENBURG, Dawson County, Neb.-BOND DESCRIPTrgr=
The two hisues of paving bonds aggregating $29,700 that were purchased
-were awarded
1845
National Co. of Omaha-V. 132,
by the Omaha
p'
as 4%s at par. The issues are as follows: $18,500 Paving District No. 1
and $11,200 intersection paving bonds. Conn= bonds in denoms.of $1,000.
Dated Feb. I 1931. Due from Feb. 1 1932 to 1941, optional at any time.
Interest payable F.& A. (This report corrects that given in V.132,p. 2044.
-VOTERS MAY PASS UPON
GRAND RAPIDS, Kent County, Mich.
-An amendment to the city charter which
CHARTER AMENDMENT.
would permit the refunding of water works department bonds may be
submitted for consideration of the voters at the spring election to be held
on April 6, according to report.
-The $144.-BOND SALE.
W GRANT COUNTY (P. 0. Marion), Ind.
697.406% ditch construction bonds offered on March 7-V.132, p. 1458
were awarded at a price of par to the Old National Bank, of Fort Wayne.
The bonds mature $14,469.74 annually on July 15 from 1932 to 1941, thcl.
-ELECTION DETAILS.
GRAY COUNTY (P. 0. Pampa), Tex.
We are informed that the $2,250,000 issue of roads, refunding and new
construction bonds to be voted upon March 28-V. 132. P.
bear interest at not to exceed 5%. Due serially over 20 years.
GREATER'GREENVILLE SEWER DISTRICT (P. 0. Greenville),
-At the special election
-BONDS VOTED.
Greenville County, S. C.
-the voters approved the issuance of
held on March 17-V. 132, pl. 1845
the $220,000 sewer bonds divided as follows: $135,000 Augusta Road
Section and $85,000 Northgate Section bonds.
-BOND OFFER.IP GROSSE POINTE PARK, Wayne County, Mich.
ING.-Waido J. Burns, Village Clerk, will receive sealed bids until 9 a. m.
(Eastern standard time) on March 23 for the purchase of $490,000 4, 43i,
434 or 4%% general obligation park site bonds. Dated April 1 1931.
Denom. $1,000. Due April 1 1961. Int, is payable semi-annually. A
certified check for $2,500. payable to the order of the Village Treasurer,
must accompany each proposal.
GRUNDY COUNTY (P.O. Grundy Center), lowa.-BOND SALE.
The $400.000 issue of annual primary road bonds offered for sale on March
-was purchased by Geo. M. Bechtel & Co. of Daven17-V. 132, p. 2044
port, as 43s, paying a premium of $4,055, equal to 101.013, a basis of
about 4.04%. Due from 1936 to 1945, inclusive. Optional after 1936.
The following is an official list of the other bids received (all for 4us):
Premium.
Bidder
$4,050
White-Phillips Co.,and the Iowa-Des Moines Co
2.985
Banc
Co
-Northwest
2,800
Carleton D. Beh Co
2,735
Glaspell, Vieth & Duncan
HAMILTON COUNTY SPECIAL TAX SCHOOL DISTRICT NO. S
-The $9,500 issue of 6% semi-ann.
-BOND SALE.
(P. 0. Jasper), Fla.
-was purchased
school bonds offered for sale on Feb. 23.-V. 132, p. 1073
of Chicago. Dated Jan. 1 1931. Due from
at par by John Nuveen & Co.
Jan. 1 1933 to 1947, inclusive.
-Matthew
-BOND SALE.
HAMTRAMCK, Wayne County, Mich.
Finn, of Detroit, was awarded on March 12 an issue of $250,000 5% emergency welfare relief bonds at par plus a premium of $888. equal to 100.35,
a basis of about 4.84%. The bonds mature over a period of 5 years. The
purchaser also agreed to pay the cost of the printing of the bonds.
HARRISON UNION FREE SCHOOL DISTRICT NO.7(P.O. Harri.
-Louis A.
-BOND OFFERING.
son), Westchester County, N. Y.
Palmer, District Clerk, will receive sealed bids until 7 p. m. on March 24
for the purchase of $325,000 not to exceed 6% interest school bonds.
Dated March 1 1931. Denom. $1,000. Duo March 1 as follows: $5,000
in 1934 and $10,000 from 1935 to 1966 inclusive. Rate of interest to be
or 1-10th of I% and must be the same for all
expressed in a multiple of
of the bonds. Principal and semi-annual interest (March and Sept.) are
Payable at the First National Bank, Harrison. A certified check for
16.500, payable to Frank J. Krewet, Treasurer, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater, of New
York, will be furnished the purchaser.
-At a
-BONDS VOTED.
HARTFORD, Van Buren County, Mich.
special election held on March 9 the voters approved of the issuance of
$48.000 In bonds to finance the installation of a municipally-owned electric
light distribution system. The measure passed by a count of 467 -for"
to 138 "against."
-BOND SALE.
HAYWOOD COUNTY (P. 0. Brownsville), Tenn.
The $100,000 issue of 534% semi-annual funding bonds offered for sale on
-was purchased by the Union & Planters Co.
March 18-V. 132, p. 1845
of Memphis, paying a premium of $5,320, equal to 105.32. a basis of about
5.02%. Dated March 11931. Due $4,000from March 1 1936 to 1960 led.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
-The $175.000
-BOND SALE.
Uniondale), Nassau County, N. Y.
coupon or registered school bonds offered on March 18-V. 132, p. 1845
were awarded as 4.20s to B. J. Van Ingen & Co. and Stranahan, Harris
& CO., Inc., both of New York, jointly, at par plus a premium of $577.50,
equal to 100.33, a basis of about 4.16%. The bonds are dated March 1
1931 and mature March 1 as follows: $5,000 from 1932 to 1944 incl.,
and $10,000from 1945 to 1955 incl. The following is a list of the bids submitted for the issue:
Int. Rat:. Premium
BidderB. J. Van Ingen & Co. and Stranahan, Harris & Co.,
7 • $577.50
4.20,
Inc., jointly (purchasers)
649.25
4.25
George B. Gibbons & Co., Inc
700.00
4.25
Co
$1,745,904 Batchelder &
140.00
4.25
$50,500 Dewey, Bacon & Co
Bonds to be Issued: School bonds of 1931
259.07
4.20 0
Freeman & Co.,Inc
M. M.
Floating debt to be funded by such bonds
50,500
470.75
4.40%
Graham, Parsons & Co
Net debt, including bonds to be issued
$1,745,904
HENDERSON COUNTY CONSOLIDATED ROAD DISTRICT NO.1
-Real property including improvem. 1930 $28,380,282 (P. 0. Athens), Tex.
Assessed Valuations
-Sealed bids will be received
-BOND OFFERING.
Personal property 1930
369,650 until 11 a. m. on April 25, by A. B. Coker. County Judge, for the purSpecialfrances 1930
337.922 chase of an issue of $150,000 5% coupon semi-annual road bonds. Denom.
$1,000. Dated March 1 1931. Due from March 1 1932 to 1959, incl.
$29,087,854 A $2,500 certified check must accompany the bid.
-Fiscal year 1930,
Population Census of 1930, 11,430. Tax Rate.
HIGHLINE SCHOOL DISTRICT (P. 0. Seattle), King County,
$26.10 per thousand.
-Sealed bids will be received until April 4,
Wash.
-BOND SALE.
-The $75,000 by G.-BOND OFFERING.
GLOUCESTER, Essex County, Mass.
G. Wittenmyer, County Treasurer, for the purchase of a $60,000
33/% coupon water bonds of 1931 offered on March 13-V. 132, p. 2044
- Issue of school bonds. Int. rate is not to exceed 6payable semi-annually.
were awarded to Eldredge & Co. of Boston. at a price of 101.51, a basis of
bonds were voted at an election on March 7.
about 3.53%. The bonds are dated April 1 1931 and mature $5,000 April 1 These
-TEMPORARY LOAN.
HOLYOKE, Hampden County, Mass.
from 1932 to 1946 incl. The following is a list of the bids submitted for
Pierre Bonvouloir, City Treasurer, received sealed bids on March 19 for
the issue:
Rate Bid. the purchase of an issue of $500,000 notes and awarded the issue at 2.045%
Bidder101.51
Eldredge & C9. (purchasers)
discount to the First National Old Colony Corp. of New York. The notes
Chatham Phenix Corp
101.138 are dated March 19 1931 and are payable Nov.10 1931 at the First National
Gloucester Safe Deposit & Trust Co
101.097 Bank of Boston or at the office of the First of Boston Corp., New York.
Gloucester National Bank
101.07
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
100.83
Bids for the loan were as follows:
Cape Ann National Bank
Discount.
100.78
BidderEstabrook & Co
2 45% I
101.77
First National Old Colony Corp.(purchaser)
Stone & Webster and Blodget, Inc
2.08%
100.672 Blake Bros., plus $3.50 premium
Shawmut Corp
2.127
100.48
Shawmut Corp
Harris, Forbes & Co
100.399 S. N. Bond & Co., plus $4 Premium
R. L. Day & Co
2.147:
The following is a list of the bids submitted for the issue:
Premium.
Bidder
$431.00
Fletcher Savings & Trust Co. (purchaser)
245.00
First & Tr
Bank, Fort Wayne
345.00
Inland National Corp., Chicago
252.25
Pfaff & Hughel, Indianapolis
232.80
Exchange State Bank, Valparaiso
411.45
City National Bank, Goshen
ELLSWORTH JOINT SCHOOL DISTRICT (P. 0. Ellsworth),
-A $74,000 issue of school bonds
Pierce County, Wis.-BOND SALE.
Is reported to have been purchased recently by an undisclosed investor.
-The
-BOND SALE.
EMMET COUNTY (P. 0. Estherville), Iowa.
$400,000 issue of annual primary road bonds offered for sale on March 16V. 132, p. 2043
-was purchased jointly by Geo. M. Bechtel & Co. of
Davenport and the the Harris Trust & Savings Bank, as 43s, paying a
Premium of $2,365, equal to 100.59, a basis of about 4.13%. Due from
1936 to 1945 incl. Optional after 1936.
-John V. Sevin, Borough
-BOND OFFERING.
EMSWORTH, Pa.
Clerk, will receive sealed bids until 11 a. m. on Apr. 6 for the purchase of
$25,000 4%% bonds, the cost of the printing of which is to be borne by the
successful bidder. A certified check for $500 must accompany each proposal.
Bids will be opened at the office of John E. winner. 1809 Union Bank Building, Pittsburgh.
-H. W.Willis.
-NOTE OFFERING.
ERIE COUNTY (P. 0. Erie), Pa.
County Comptroller, will receive sealed bids until 11 a. in. on March 23
for the purchase of $150,000 5% notes, dated March 26 1931 and due in
six months. Legal opinion to be furnished by the purchaser.
-Sealed bids
-BOND OFFERING.
ETNA, Allegheny County, Pa.
addressed to J. C. Armstrong. Borough Secretary, will be received until 8
(Eastern standard time) on March 30 for the purchase of $60,000
p.
% bonds. Dated Jan. 1 1931. Denom.$1,000. Due $4,000 annually
on Jan. 1 from 1939 to 1953 incl. Int. is payable semi-annually in Jan.and
July. Successful biddder to pay for the printing of the bonds. A certified check for $1,000, payable to the order of the Borough, must accompany
each proposal.
-TEMPORARY LOAN.
FRAMINGHAM, Middlesex County, Mass.
The First National Old Colony Corp., of Boston, purchased on March 13
a $100,000 temporary loan, maturing in about 8 months, at 2.165% discount. Bids for the loan were as follows:
Discount.
BidderFirst National Old Colony Corp. (Purchaser)
222:.232S5
Bank of Commerce & Trust Co
2.24
Faxon, Gade & Co
State Street Trust Co. (Boston)
-The
-BOND ELECTION.
FREEPORT, Nassau County, N. Y.
Board of Education has called a special election for March 31, on which
date the voters will pass upon a proposal to issue $560,000 in bonds, of
which $300,000 would be used to finance the construction of an addition
to the present Columbus Ave. school building and the remaining $260,000
to finance the erection of a new grade school structure.
FREMONT INDEPENDENT SCHOOL DISTRICT (P. 0. Fremont),
-The $12,000 issue of semiMahaska County, Iowa.
-BOND SALE.
-was
ann. school bonds offered for sale on March 17-V. 132, p. 1850
purchased by the Carleton D.Beh Co.of Des Moines,as 45s,Thr a premium
of $51, equal to 100.425, a basis of about 4.18%. Dated April 1 1931.
Due from May 1 1933 to 1941.
GALLATIN AND BROADWATER COUNTIES JOINT SCHOOL
-The
-MATURITY.
DISTRICT NO. 24 (P. 0. Three Forks), Mont.
$25,000 issue of school bonds that was purchased by the State Land Board
-matures in 20 years,optional after 5 years.
as 5%s at par
-V.132, p. 2043
GARFIELD COUNTY SCHOOL DISTRICT NO. 18(P.O. Kremlin),
-Sealed bids will be received until 2 p. in. on
Okla.
-BOND OFFERING.
March 25 by John Wuerflein, District Clerk, for the purchase of a $15,000
Issue of school bonds. The interest rate is to be specified by the bidder.
Dated April 1 1931. Due $1.000 from Jan. 1 1935 to 1949, incl. A
certified check for 2% must accompany the bid.
-BOND OFFERING.
GARY SCHOOL CITY, Lake County, Ind.
Adele M. Chase, Secretary of the Board of School Trustees, will receive
sealed bids until 4 p. in. on April 14 for the purchase of $115,000 43' %
school bonds. Dated April 15 1931. Denom. $1,000. Due In 20 years.
Prin. and semi-ann. int. to be payable at any bank in Gary. Chicago, or
New York, that the successful bidder may designate in his bid. A certified check for $10,000 must accompany each proposal. Printed bonds and
legal opinion to be furnished by the municipality.
-R. L.
-BOND OFFERING.
GIRARD, Trumbull County, Ohio.
Evans, City Auditor, will receive sealed bids until 12 m. on March 31 for
the purchase of $27,869.25 5%% bonds, divided as follows:
$11,820.00 city's portion impt. bonds. Dated Dec. 1 1930. Denom.
$1,182. Due $2,364 annually from 1932 to 1936 incl.
9,100.00 city's portion water main extension bonds. Dated March 1
1931. Denom. $1,820. Due $1,820 annually from 1932 to
1936 incl.
4,470.00 city's portion impt. bonds. Dated Dec. 1 1930. Denom.
$894. Due $894 annually from 1932 to 1936 incl.
2,479.25 judgment funding bonds. Dated Nov. 1 1930. Due Oct. 1
as follows: $479.25 in 1932, and $500 from 1933 to 1936 incl.
All of the above bonds are payable as to both prin. and semi-ann. int.
at the First National Bank, Girard. Bids for the bonds to tear int, at a
expressed in a multiple of % of 1%, will also be conrate other than 5%
%'
sidered. A certified check for $500. payable to the order of the City
Treasurer, must accompany each proposal.
-John J.
-BOND OFFERING.
GLEN COVE, Nassau County, N. Y.
McManus. City Clerk, will receive sealed bids until 3 p. in. on March 23
for tne purchase of $50,500 not to exceed 6% interest coupon or registered
bonds. Dated March 1 1931. One bond for $500, others for $1,000.
Due March 1 as follows: $2.000 from 1932 to 1956, incl., and $500 in 1957.
Rate of interest to be expressed in a multiple of% or 1-10th of 1%. Principal
and semi-annual interest (March and September) are payable at the First
National Bank, Glen Cove, or at the New York Trust Co., New York. A
certified check for 2% of the amount of bonds bid for, payable to the
order of the City, must accompany each proposal. The approving opinion
of Hawkins, Delafield & Longfellow, of New York, will be furnished the
purchaser.
Financial Statement.
$1,645,404
-Bonds (outstanding)
Indebtedness
Floating debt (incl.temporary bonds outstanding) 100,500
$1,745,904
None
-Water debt
Deductions
None
Sinking funds, other than for water bonds
i
y
2246
FINANCIAL CHRONICLE
HOBOKEN, Hudson County, N. J.
-The three issues
-BOND SALE.
of coupon or registered bonds offered on March 17-V. 132, P. 1845
-were
awarded as follows:
$2.126,000 sewer bonds ($2,129.000 offered) sold as 45s to a group composed of Phelps, Fenn & Co., and E. H. Rollins & Sons, Int.,
both of New York; also J. S. Rippel & Co.. of New York, which
paid a price of $2,129,001 for the issue, equal to 100.14, a basis
of about 4.247g. Due March 15 as follows: $60,000 from 1933
to 1942 incl.; $74.000 in 1943; $75,000 from 1944 to 1948 incl.;
$90,000 from 1949 to 1959 incl., and $87,000 in 1960. The
successful bidders are reoffering these bonds for general investment at prices to yield from 3.50 to 4.15%,according to maturity. They are said to be legal investment for savings banks and
trust funds in New York, New Jersey and other States.
120.000 assessment bonds (same amount offered) sold as 33.s to a group
composed of the Guaranty Company of New York, the First
National Old Colony Corp., and H. L. Allen & Co., all of New
York, at par plus a premium of $48, equal to 100.04, a basis of
about 3.47%. Due March 15 as follows: $50,000 in 1932, and
$70,000 in 1933.
83,000 general bnpt. bonds (same amount offered) sold as 43s to the
Chatham Phenix Corp. of New York,at par plus a premium
of $719.21, equal to 101.14, a basis of about 4.39%. Due
March 15 as follows: $2,000 from 1933 to 1944 incl., and $3.000
from 1945 to 1957 incl.
Each issue is dated March 15 1931.
Financial Statement (March 3 1931).
Assessed valuation of taxable real property, 1930
$92,660,659.00
Assessed valuation of taxable personal property, 1930
10,855,800.00
Total assessed valuation of taxable property .1930
$103,516,459.00
Bonded debt, including these issues
9,579,752.92
Temporary bonds or notes other than bonds or notes issued
in anticipation of the collection of the current year's taxes
on bonds or notes to be funded by these issues
225,000.00
Tax Revenue Bonds or Notes issued in anticipation of the
collection of taxes levied for fiscal years preceding the
current fiscal years
1,621,600.00
Gross debt
$11,426,352.92
Bonds or notes issued for water supply
$289,000.00
Sinking funds or other funds applicable solely
to the payment of debt other than water.
debt
2,232,452.49
Total deductions
Net debt
Population, U. S. Census, 1930, 59,261.
2,521,452.49
$8,904,900.43
HORNELL, Steuben County, N. Y.
-BONDS DEFEATED.
-At an
election held on March 12 the voters defeated a proposal to issue $70,000
In bonds for water supply purposes, the returns showing 259 votes "for"
and 275 "against."
HUNTINGTON COUNTY (P. 0. Huntington) Ind.
-BOND OFFERING.
-Charles A. Griffith, County Auditor, will receive sealed bids until
2 p.m. on April 14 for the purchase of ULM 4%% subway construction
bonds. Dated April 1 1931. Denoms. $500 and $250. Due $1,750. July 15
1932; $1,750 Jan. and July 15 from 1933 to 1941 incl., and $1,750. Jan. 15
1942. A certified check for 3% of the par value of the bonds offered,
Payable to the order of the Board of County Commissioners, must accompany each proposal.
HUNTINGTON, Huntington County, Ind.
-BOND SALE.
-The
$35,000 4%% coupon Tipton St. subway construction bonds offered on
March I7
-V.132, p. 1664
-were awarded to the Huntington Water Works,
of Huntington, at par plus a premium of $3,438.40, equal to 109.82, a basis
of about 3.34%. The bonds are dated March 1 1931 and mature $1,000
June and Dec. 1 from 1932 to 1948, incl., and $1,000 June 1 1949. Bids
for the issue were as follows:
Bidder
Premium.
Huntington Water Works (purchaser)
$3,438.40
First & Tri-State Bank, Fort Wayne
1,950.00
Fletcher Savings & Trust Co., Indianapolis
1,701.00
HUNTINGTON AND BABYLON UNION FREE SCHOOL DISTRICT NO. 16 (P. 0. Huntington) Suffolk County, N. Y.
-BOND
SALE.
-The $5.000 coupon or registered school bonds offered on Mar. 16
-V.132, p. 1845
-were awarded as 4s, at a price of par, to the Huntington
Station Bank. of Huntington Station. The bonds are dated Mar. 1 ,1931
and mature $1,000 Mar. 1 from 1932 to 1936 inclusive.
The following is a list of the bids submitted for the Issue:
BidderInt. Rate. Rate Bid.
Huntginton State Bank (purchaser)
4.00%
100.00
Edmund Seymour & Co
4.75%
100.069
First National Bank & Trust Co., Huntington
4.25%
100.20
Sherwood & Merrifield, Inc
5.00%
100.06
HUNTSVILLE, Madison County, Ala.
-BOND ELECTION.
-The
City Council recently called for an election on April 21 when the voters
will pass upon a proposal to issue $25,000 in bonds to provide for sewer
Improvements. The bonds will bear interest at 5% and will mature in
20 years.
IDAHO, State of (P. 0. Boise).
-NOTE OFFERING.
-Sealed bids will
be received by George B. Barrett, State Treasurer, until 10 a.in.(Mountain
time) on April 1 for the purchase of an issue of $1,000,000 general fund
treasury notes. Int, rate is not to exceed 6%. Denoms. to suit purchaser.
Dated April 16 1931. Due on April 16 1932. Notes will be payable to
bearer, but holders shall have the right of registration and to payment at
the Chase National Bank in New York. Printed and engraved notes will
be furnished by the State at the actual cost thereof not to exceed 50 dollars
($50) which expense shall be paid by the purchasers. The State Treasurer
reserves the right to divide the issue among two or more bidders,acceptable
amounts to be indicated by the bidder. A certified check for 2% of the bid,
payable to the State Treasurer, is required. The following statement
accompanies the official offering notice:
Official Financial Statement.
Bonded indebtedness of Idaho
$4,262,300
Treasury notes due April 16 1931 and interest
1,040,400
Registered warrants (held in treasury as cash)
1,365,542
$6.668,242
Assessed valuation of State,1930
$482,790,645
Estimated actual wealth
1,500.000.000
Levy for 1931
2,250,000
Proposed issue general fund notes
1,000,000
Notes will be of same form and character and issued under same law as
those of recent past years, all of which have been paid promptly at maturity.
On the date the proposed issue is sold and delivered. all other outstanding
general fund treasury notes will be retired. The State Treasury does not
contemplate any other issue of general fund notes before April 16 1932.
It is belived that a continuing treasury note debt of $1,000,000 will suffice
to finance the State's general fund during the present biennium.
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.
BOND SALE.
-The $188,000 4% school bonds offered on March 13-V.
-were awarded to the Fletcher Savings & Trust Co., and the
132, p. 1459
Union Trust Co., both of Indianapolis, jointly, at par plus a premium of
$7,711, equal to 104.10, a basis of about 3.655%. The bonds are dated
March 17 1931 and mature Jan. 1 as follows: $6,000 from 1932 to 1961
Incl.. and $8,000 in 1962. The following is a list of the bids submitted for
the Issue:
Premium,
BidderFletcher Savings & Trust Co.,and the Union Trust Co.,Indianapolls37,711
Indiana Trust Co., and the Merchants National Bank, both of
Indianapolis
6,525
Harris Trust & Savings Bank, Chicago
5,467
Continental Illinois Co., Chicago
4.325
Fletcher American Co., Indianapolis
5,157
IOWA, State of (P. 0. Dee Moines).
-WARRANT OFFERING.
Subscription will be received until the close of business on March 26 by
R. E. Johnson, Secretary of State, for the purchase of an issue of $400,000
4% anticipatory warrants. Denom. $1,000. Dated April 1 1931. Due
on or before June 1 1932.
(VOL. 132.
IRVINGTON, Westchester County, N. Y.
-BONDS DEFEATED.
Thomas J. Gorey, Village Clerk, informs us that at an election held on
March 17 the voters disapproved of a proposal to issue $80,000 in bonds
for fire department equipment purposes, the measure being defeated byte,
vote of 162 "for" to 214 "against.'
JOPLIN,Jasper County, Mo.-BOND SALE NOT CONSUMMATED.
-We are informed that the sale of the $275,900 issue of storm sewer bonds
to the Commerce Trust Co. of Kansas City, as 4%s and 43 s, at par
4
V. 132, p. 1846
-was not consummated as at the election held on Mar.12,
the proposition failed to carry.
KANSAS CITY, Jackson County, Mo.-ELECTION REPORT.
We are now informed that the special election to vote on the various issues of
civic impt. bonds aggregating $32,000,000, will be held en May 26, instead
of on May 12, as reported in V. 132. p. 2044.
-Sealed bids
KENT, Portage County, Ohio.
-BOND OFFERING.
addressed to Frank Bechtle, City Auditor, will be received until 12 in.
on March 30 for the purchase of $22,271 5% coupon city building bonds.
Dated March 1 1931. One bond for $271, others for $500. Due Oct. 1 as
follows: $1,771 in 1932; $2,500 from 1933 to 1939 incl., and $1,500 in 1940
and 1941. Bids for the bonds to bear interest at a rate other than 5%,
expressed in a multiple of X of 1%, will also be considered. Principal and
semi-annual interest (April and Oct.) are payable at the office of the City
Treasurer. A certified check for 1% must accompany each proposal. The
approving opinion of Squire, Sanders & Dempsey, of Cleveland, will be
furnished the purchaser.
-The $15,000
-BOND SALE.
LA CONNER, Skagit County, Wash.
issue of water works system bonds offered for sale on March 10-V. 132.
-was purchased by the State of Washington, as 5313, at par,
p. 1459
Dated Jan. 11931. Due from Jan. 1 1933 to 1952.
-The
-BOND SALE.
LAKE COUNTY (P. 0. Crown Point) Ind.
$20,000 5% road construction bonds offered on March 10-V. 132, p.
1846
-were awarded to the Commercial Bank, of Crown Point, at par plus
a premium of $780, equal to 103.90, a basis of about 4.28%. The bonds are
dated Feb. 15 1931 and mature semi-annually as follows: 31,000, July 15
1932; $1,000, Jan. and July 15 from 1933 to 1941 incl., and $1,000. Jan. 15
1942.
-BOND SALE.
-The $28,844.07
LAKEVIEW, Lake County, Ore.
issue of semi-ann. impt. bonds offered for sale on March 16-V. 132,
-was purchased by Dunn & Baker of Klamath Falls, at par.
p. 1459
Dated Feb. 11931. Due in 10 years, optional in one year. No other bids
were received.
-BONDS VOTED.
-At the
LANCASTER, Lancaster County, Pa.
-the voters approved of the
election held on Mar. 17-V. 132, p. 1459
proposal to issue $3,250,000 water supply and sewerage system improvement bonds, according to report. The measure received a favorable vote
of 6,196,00 3,041.
LIPSCOMB COUNTY PRECINCT NO. 4 (P. 0. Lipcomb)
-Sealed bids will be received until 1 p.m. on April 13,
BOND OFFERING.
by C. A. Dickenson, County Judge_, for the purchase of an issue of $100,000
5% road bonds. Denom. $1,000. Dated Jan. 31 1931. Due on Jan. 31, as
follows: $3,000, 1932 to 1951, and $4,000, 1952 to 1961, all incl. Prin.
and semi-annual jut, payable at the First National Bank in Higgins, or the
American National Bank in Austin, or the Seaboard National Bank in
New York City. The bonds have been approved by the Attorney-General.
and Chapman & Cutler of Chicago.
-NOTE SALE.
-The $2,212.50
LITTLETON, Halifax County, N. C.
issue of 6% fire truck notes offered for sale on March 16-V. 132, p. 1846
was purchased at par by the Peter Pirsch & Sons Co. of Kenosha (Wis.).
Jan. 15 1932 to 1934,incl. No other bid was received.
Due $737.50 from
LOS ANGELES, Los Angeles County, Callf.-BOND OFFERING.
Sealed bids will be received until 10.30 a.m. on March 26, by Robert
Dominguez, City Clerk, for the purchase of five Issues of bonds aggregating $7,486,000, divided as follows:
$3,000.000 street construction, election of 1931 bonds. Int. rate is not to
exceed 6%, payable semi-annually. Denom. $1,000. Dated
March 15 1931. Due $75,000 from March 15 1932 to 1971,
incl. Legality approved by O'Melveny, Fuller & Myers, of
Los Angeles.
1,000,000 park construction, election of 1931 bonds. Int. rate is not to
exceed 6%, payable semi-annually. Denom. $1,000. Dated
March 15 1931. Due $25,000 from March 15 193200 1971, incl.
Legality approved by O'Melveny, Fuller & Myers, a Loa
Angeles.
1,000,000 playground construction, election of 1931 bonds. Int. rate is
not to exceed 67. payable semi-annually. Denom. $1,000.
Dated March 15 1931. Due $25,000 from March 15 1932 to
1971, incl. Legality approved by O'Melveny, Fuller & Myers,
of Los Angeles.
2,000,000 street construction, election of 1924, class B bonds. Int, rate
Is not to exceed 6%,payable semi-annually. Denom. $1,000.
Dated Jan. 11931. Dlle $50,000 from Jan. 1 1932 to 1971, incl.
Legality approved by Thomson, Wood & Hoffman, of New
York City.
486.000 water works, election of 1925, Colorado River Supply, class D
bonds. Int. rate is not to exceed 4%%,payable semi-annually.
Denom. $1,000. Due on Nov. 1, as follows: $14,000, 1931 to
1964, and $10,000 in 1965. Legality approved by Thomson,
Wood & Hoffman, of New York City.
Prin. and int. payable at the office of the City Treasurer or at the Bank
of America, National Association, New York City. No spilt bids will be
considered. Bonds will be sold for cash only at not less than par, plus
accrued interest.
(The preliminary report of this offering appeared in V. 132, p. 2045.)
-We were later informed
ADDITIONAL BONDS TO BE OFFERED.
that an additional issue of 56.000,000 not to exceed 43j% semi-annual
water works bonds will also be offered with the above bonds for sale on
March 26.
-LIST OF
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
BIDS.
-The following is a list of the other bids received on March 9 for the
$571,000 issue of coupon county hospital bonds that was awarded to the
Anglo-California Trust Co. of San Francisco, at 105.95, a basis of about
4.02%
.-V. 132. p. 2045:
Premium.
Bidder$32,777
Continental Illinois Co
32,559
First Detroit Co.and the Wm.R.Staats Co
32,368
R. H. Moulton & Co.and the Security First Co
Bank & Union Trust Co. and
Dean Witter & Co., Wells-Fargo
31,130
Heller, Bruce & Co
31,081
Bankamerica Co.and the Anglo-London-Paris Co
30,888
American Securities Co.and Wooden & Co
29.420
Chase Securities Co
29,400
National City Co
28.407
Harris Trust & Savings Bank
26,660
Bankers Co.and the Citizens National Co
Smith,Camp & Co.; Central Illinois Co.and the Foreman State Corp 26,529
23,354
Halsey Stuart & Co
20,116
Seaboard National Co
Rouge).
-BOND OFFERING.
LOUISIANA, State of (P. 0. Baton
Sealed bids will be received until 11 a. in. on March 28, by L. B. Baynard
Jr.,Secretary of the Board of Liquidation of the State Debt,for the purchase
of a $5,000,000 issue of Capitol Building bonds. Interest rate is not to
exceed 5%,stated in multiples of X of 1%. No bid for leas than the entire
issue will be considered, but different interest rates may be named and it
shall not be necessary that all bonds of the issue bear the same rate of
interest. Denom. $1,000. Dated Feb. 15 1931. Due $250,000 from
Aug. 15 1933 to 1952, incl. The opinion of Thompson, Wood & Hoffman,
of New York City, approving the validity of these bonds will be furnished
the purchaser. The bonds will be awarded to the bidder offering to pay
par and accrued interest and naming the interest rate or rates which will
result in the least interest cost to the State. The interest cost to the State
will be computed by ascertaining the total amount of interest required to
be paid by the State during the life of the bonds and deducting therefrom
the amount of the premium, if any, bid. All bids must be unconditional.
These bonds will constitute general obligations of the State. A certified
check for 1% of the bonds bid for, payable to the order of the above Board.
is required.
The following is a record of the last important sale by the State as it appeared in the "Chronicle" of Feb. 14, page 1263:
MAR. 211931.]
FINANCIAL CHRONICLE
BOND SALE.
-The $15,000,000 issue of coupon or registered highway
-was purchased by a
bonds offered for sale on Feb. 11-V. 132. p. 345
syndicate composed of Harris, Forbes & Co.; Lehman Bros.; the National
City Co.,and the Chase Securities Corp.. all of New York; the Continental
Illinois Co. of Chicago; Stone & Webster and Blodget, Inc. of New York;
the First National Old Colony Corp.; E. H. Rollins & Sons; Kean, Taylor
& Co.; Estabrook & Co.; Kountze Bros., and Eldredge & Co., all of New
York; the Foreman-State Corp. and Ames,Emerich & Co., both of Chicago;
the Chemical Securities Corp.; L. F. Rothschild & Co.; R. W. Pressprich
& Co.; Stranahan, Harris & Co.. Inc.. and H. L. Allen & Co., all of New
York; R. H. Moulton & Co. of San Francisco; Lawrence Stern & Co. of
Chicago; Darby & Co. of New York; the Mississippi Valley Co. of St.
Louis; E. Lowber Stokes & Co. of Philadelphia; F. S. Moseby & Co. of
New York; the Wells-Dickey Co. of Minneapolis; Schaumberg, Rebhann
MOsborne and the Hibernia Securities Co., both of New York: Stern Bros.
& Co. of Kansas City, the Canal Bank & Trust Co., the Whitney Central
National Bank, the Hibernia Bank & Trust Co., the Interstate Trust &
Banking Co., the American Bank & Trust Co., and the New Orleans
Bank & Trust Co., ali of New Orleans; the First National Bank and the
Commercial National Bank, both of Shreveport, and Well & Gatling.
New Orleans, as 4h % bonds, at a price of 100.11, a basis of about 4.49%.
Dated Dec. 15 1930. Due from Dec. 15 1934 to 1955, incl.
-The successful bidders are
BONDS OFFERED FOR INVESTMENT.
now offering the above bonds for public subscription priced as follows: the
1934 maturity to yield 4%; 1935 maturity to yield 4.20%; 1936 maturity,
4.30%; 1937 to 1939 maturities, 4.35%; 1940 to 1945 maturities. 4.40%;
1946 to 1949 maturities, 4.45%; while the 1950 to 1955 maturities are
priced at 100 . The bonds are legal investments for savings bank and
trust funds in New York. Massachusetts and other States and they are
said to be eligible as security for posal savings deposits.
-TEMPORARY LOAN.--:Trie
LOWELL, Middlesex County, Mass.
-was
$1,000,000 temporary loan offered on Feb. 27-V. 132, p. 1846
awarded to S. N.Bond & Co.. of New York. Rate of discount not disclosed.
The loan is dated Mar. 3 1931 and is payable Mar. 3 1932 at the First
National Bank, of Boston.
LOWER POTTSGROVE TOWNSHIP SCHOOL DISTRICT (P. 0.
-Sealed bids
-BOND OFFERING.
Sanatoga) Montgomery County, Pa.
addressed to John J. Kessler, nbeasurer of the Board of Directors, will
be received at the Security Trust Co., Pottstown, until 6 p. m.on Mar.31
for the purchase of $35,000 4h% school bonds. Dated Apr. 1 1931.
Denom. $1,000. Due Apr. 1 as follows: $6,000, 1941; $11,000 in 1951,
and $18,000 in 1961. Interest is payable semi-annually in Apr. and Oct.
Akertifled check for 2% of the amount bid for, payable to the order of the
District Treasurer, must accompany each proposal. The bonds are issued
subject to the favorable opinion of Townsend, Elliott & Munson, of Philadelphia, as to their validity.
-BOND SALE NOT CONLUCAS COUNTY (P. 0. Toledo), Ohio.
SUMMATED.
-It is reported that the award on March 5 of $456,700 4t %
road improvement bonds at 100.62, a basis of about 4.09%, to the Con-was not consummated,
tinental Illinois Co., of Chicago
-V. 132, p. 1846
as Squire, Sanders & Dempsey. of Cleveland, were unable to certify as to
the validity of the issue owing to a legal technicality. The award comprised
two issues.
McCRORY SPECIAL SCHOOL DISTRICT (P. 0. McCrory), Woodruff County, Ark.
-The $50,000 issue of 6% semi-ann.
-BOND SALE.
school bonds offered for sale at public auction on Feb. 10-V. 132, p. 1074
-was awarded at par to M. D. Thompson & Son of McCrory.
-LOAN OFFERING.
-Walter
MALDEN, Middlesex County, Mass.
E. Milken, City Treasurer, will receive sealed bids until 8 p. m.on Mar. 23
for the purchase at discount of an $800,000 temporary loan. Dated Mar. 26
1931. Donoms. $50,000, $25,000, $10,000 and $5,000. Payable Sept. 22
1931 at the First National Bank, of Boston. This Bank will certify as to
the genuineness and valiadity of the notes, under advices of Ropes. Gray,
Boyden & Perkins, of Boston.
-BOND OFFERING.
MANASQUAN, Monmouth County, N. J.
Annie B. Applegat, Borough Clerk, will receive sealed bids until 8 p. m.
on March 31 for the purchase of the following issues of not to exceed 5%
Interest, coupon or registered, bonds aggregating $158,500:
$129.500 general Improvement bonds. Due April 1 as follows: $5,000
from 1933 to 1957 incl., and $4,500 in 1958.
29,000 assessment bonds. Due April 1 as follows: $3,000 from 1934
to 1942 incl., and $2,000 in 1943.
Each issue is dated April 1 1931. Prin. and semi-ann. int. (A. & 0.)
are payable at the Manasquan National Bank, Manasquan. No more
bonds are to be awarded than will produce a premium of $1.000 over the
amount of each issue. A certified check for 2% of the amount of bonds
bid for, payable to the order of the Borough, must accompany each proposal. The approving opinion of Caldwell & Raymond of New York will
be furnished the purchaser.
MANDAN SPECIAL SCHOOL DISTRICT (P. 0. Mandan) Morton
-Scaled bids will be
County, N. Dak.-CERTIFICATE OFFERING.
received until 4 p.m. on March 30, by J. H. Noakes. District Clerk, for
the purchase of a $35,000 issue of certificates of indebtedness. Interest
rate is not to exceed 7%, payable semi-annually. Int. rate 10 to be stated
by the bidder. Due in two years. A certified check for 2% of the bid
is required.
-OFFERING OF
MARION COUNTY (P. 0. Indianapolis), Ind.
$1,020,000 BONDS E PECTED.-Harry Dunn, County Treasurer, Is
expected to offer for sale shortly all or a portion of $1,020,000 bonds, of
which $420,000 is for payment of poor relief claims from various townships;
$350,000 for current expenses, and $250,000 for sinking fund purposes.
-J. R.
-BOND OFFERING.
MARTIN COUNTY (P. 0. Shoals), Ind.
Marshall, County Treasurer, will recelve.sealed bids until 10 a. m.on Mar.
23 for the purchase of $27.661 434% bonds, divided as follows:
$10,514 road improvement bonds. Denom. $525.70. Due $525.70 July
15 1932; $525.70 Jan. and July 15 from 1933 to 1941 incl., and
$525.70 Jan. 15 1942.
6.200 road improvement bonds. Denom. $310. Due $310 July 15 1932:
$310 Jan. and July 15 from 1933 to 1941 incl., and $310 Jan. 15
1942.
4,860 road improvement bonds. Denom. $243. Due $243 July 15 1932;
$243 Jan. and July 15 from 1933 to 1941 incl.. and $243 Jan. 15
1942.
3,900 road improvement bonds. Denom. $195. Due $195 July 15 1932;
$195 Jan. and July 15 from 1933 to 1941 incl., and $195 Jan. 15
1942.
2,187 road improvement bonds. Denom. $109.35. Due $109.35 July 15
1932; $109.35 Jan. and July 15from 1933 to 1941 incl., and $109.35
Jan. 15 1942.
Each 173811(3 Is dated Mar. 23 1931. Interest is payable semi-annually on
Jan. and July 15.
MARTIN COUNTY (P. 0. Williamston) N. C.
-NOTE SALE.
Of the $80,000 issue of revenue anticipation notes offered for sale on March
16-V. 132, p. 1847-575,000 of these notes were awarded as 58 at par to
.
Byer & Co. of New York. Dated March 101931. Due in 12 months. 11
-BOND SALE.
MASSACHUSETTS, State of (P. 0. Boston).
-The
following issues of registered bonds aggregating $3.000,000 offered on
-were awarded to Roosevelt & Son, of New
March 17-V. 132, p. 1847
York. as 33is, at a price of 100.9081, a basis of about 3.41%;
$2,000,000 Metropolitan Additional Water Loan, Act of 1926, of which
$1.300,000 mature $65,000 annually on Jan. 1 from 1942 to
1961, incl., and $700.000 due $70,000 annually on Jan. 1 from
1932 to 1941, incl.
1,000,000 Metropolitan Sewerage Loan, South System bonds. Due $50.000 Sept. 1 from 1931 to 1950. incl.
The successful bidders are reoffering the bonds for general investment
at prices to yield from 1.75 to 3.375%, according to maturity. The obligations are said to be legal investment for savings banks and trust funds in
Massachusetts, New York, Connecticut and other States, and to be exempt
from all Federal and Massachusetts income taxes. The following is a list
of the bids submitted at the sale:
BidderRate Bid.
Roosevelt & Son (purchasers)
100.9081
Chase Securities Corp.,and the Bankers Co.of New York,lointly.100.831
Estabrook & Co., R. L. Day & Co.,and the Atlantic Corp., ointly.1.819
00
First National Old 001011y Corp.,and Harris, Forbes & Co..jointly 100.772
H. C. Wainwright & Co.; Edward Lowber Stokes & Co.; Otis
& Co.; H. M.Byllesby & Co.,and the First Detroit Co.,jointly.100.708
2247
National City Co.; Guaranty Co. of New York. and the Shawmut
100.671
Corp., of Boston, jointly
Stone & Webster and Blodget, Inc.; F. S. Moseley & Co.; Brown
Bros. Harriman & Co.; Curtis & Sanger; E. H. Rollins & Sons,
100.524
and Eldredge & Co., jointly
(All of the above bids were for the bonds as 334s, A detailed statement
of the financial condition of the Commonwealth appeared in -V. 132,
p. 2046.)
-BOND OFFERING...
MAYBROOK, Orange County, N. Y.
Theodore Miller, Village Clerk, will receive sealed bids until 8 p.m. on
March 23, for the purchase of $105,000 4Si% coupon or registered water
bonds. Dated April 1 1931. Denoms. $1,000 and $200. Due as follows:
Prin.
$4.200 April 1 1936, and $4,200 on July 15 from 1937 to 1960, incl. Bank.
and semi-annual interest are payable at the Maybrook National
Maybrook, or at a New York City bank, at the option of the holder. A
certified check for $500 must accompany each proposal. The legal opinion
of Clay, Dillon & Vandewater of New York, will be furnished the
Financial Statement.
$1,090,006
Total assessed valuation
None
Bonded indebtedness
10
Tax rate 1930 (Village) per $1,000
Population 1930 Federal, 1.178. Persons on tax roll. 325. Square miles,
mile. Incorporated 1925. No sinking fund. Other indebtedness,
one
sod.
$9,00
-Sealed bids
-BOND OFFERING.
MEMPHIS, Shelby County, Tenn.
will be received until 2.30 p.m. on Apr. 14 by G. W. Garner, Secretary
of the Board of Education,for the purchase of a $250,000 Issue of 334, 3%.
4, 434, 434, 434.5, 534 or 534% coupon school bonds. Denom. 51,000.
Dated Jan. 1 1931. Due on Jan. 1, as follows: $8,000, 1935 to 1954 and
$9,000, 1955 to 1964, all incl. Prin. and int. (J. & J.) Payable in lawful
money at the Chemical Bank & Trust Co. in New York, or at the Union
Planters National Bank & Trust,Co. in Memphis. The bonds will not be
sold for less than par and accrued interest. The rate which they shall bear
shall be determined by the Board of Education by resolution at the time of
making sale of said bonds; provided, however, that no higher rate of the
nine rates therein authorized shall be used than shall be necessary to procure
sale at face value plus interest to date of actual delivery. The bidder shall
name the interest rate, provided, however, the rate shall be same for all
maturities.
At the request of the holder these bonds may be registered as to principal
or as to both principal and interest.
In the preparation and sale of these bonds the legal steps have been
taken under the direction of Thomson, Wood and Hoffman, New York
City. Their full and final approving opinion that these bonds when sold
and delivered pursuant to the terms of the foresaid legislation, will constitute legal and binding obligation of the Board of Education of the Memphis
City Schools and will be and constitute a general obligation of the City of
Memphis, together with Treasurer's receipt for proceeds of sale, certificate
of genuineness of signature of bonds attested by Union Planters National
Bank & Trust Co., Memphis, Tenn.. and a full transcript of the proceedings
of the Board of Education in passing the resolutions and selling these
bonds, will be furnished by the Board of Education.
The bonds will be delivered in Memphis, in New York, or the equivalent
of New York,or the equivalent of New York,at the option of the purchaser.
Place of delivery shall be designated in bids. Payments shall be made in
Memphis or New York funds. A $5.000 certified check, payable to the
above Board of Education, must accompany the bid.
MENOMINEE SCHOOL DISTRICT, Menominee County, Mich.-The $75,000 4 % coupon refunding bonds
BONDS REOFFERED.
awarded to the Harris Trust & Savings Bank of Chicago, at 100.14. a
-are being reoffered by the MIMS/3basis of about 4.23%-V. 132. p. 1847
ful bidders for general investment priced to yield from 3 to 4%,according
to maturity. Principal and semi-annual interest (April and October) are
Payable at the office of the Harris Trust & Savings Bank, Chicago. The
school district is co-extensive with the City of Menominee.
Financial Statement (As Officially Reported).
$11,669.439
Assessed valuation for taxation
75,000
Total debt (this issue included)
1920 census (city). 8,907.
Population 1930 census (city), 10.305;
OFFERED FOR SUB-BONDS
MIAMI BEACH, Dade County, Fla.
%
-The $900.000 issue of 5' coupon general 'rapt. bonds
SCRIPTION.
that was purchased by the First Trust & Savings Bank of Miami on May 7
investment by
1930-V. 130, P. 3407-1s now being offered for general 5.75%. accordEldredge & Co. of New York at prices to yield from 5.00 to
1932 to 1950, incl.
ing to maturity. Dated May 1 1930. Due from May 1
Prin. and int.(M. & N.) payable in gold at the Chemical Bank & Trust Co.
in New York City. Legal opinion of Caldwell & Raymond of New York.
Bonds are registerable as to principal.
Financial Statement (,4s Officially Reported Jan. 31 1931)•
5104.000.000
Actual valuation, estimated
49,174,070
*Assessed valuation. 1930
5.642.000
Total bonded debt
$913,000
Less: water bonds
357,820
Sinking fund
4.371.180
Net bonded debt
Population, 1930 U. S. census. 6,395; Population, winter est., 30,000.
* This amount is arrived at by mine a fair market value for real property
but in the city's effort to be conservative this property is assessed at about
70% of its true value and improvements at 15% of their value. $42.761,620
is the amount of real property and $6,412,450 improvements.
o
MILWAUKEE, Milwaukee County, Wis.-BOND ELECTION trel
to
7 has been set as the date on which the voters will pass on a pro
issue $500,000 In bonds for the construction of a bridge over the Milwaukee
River.
-The
-BOND SALE.
MINNEAPOLIS, Hennepin County, Minn.
coupon or registered bonds aggregating $2,167,000, offered for sale on
-were awarded to a syndicate composed of
March 18-V. 132, p. 1665
Phelps. Fenn & Co.,and R. H. Moulton & Co., both of New York,and the
Milwaukee Co. of Milwaukee, at a price of 100.131, a basis of about 3.80%.
on the bonds divided as follows:
$480,000 permanent impt. construction bonds as 434s. Due $80,000 from
April 1 1932 to 1937. inc.
1,520,000 permanentiimpt. construction bonds as 3315. Due $80,000 from
April 1 1938 to 1956, incl.
54,000 airport bonds as 434s. Due $9,000 from April 1 1932 to 1937,Ind.
113,000 airport bonds as 334s. Due on April 1, as follows: $9,000 in 1938
and $80.00, 1939 to 1951, incl.
-The successful bidders
BONDS OFFERED FOR SUBSCRIPTION.
immediately re-offered the above bonds for general investment at prices
to yield as follows: 5534.000 4h% bonds, due 1932 -1937 to yield from 3.25
to 3.65%: $353,000 3h % bonds due from 1938 to 1941, to yield 3.70%,
and the remainder at 100 and interest. These bonds are legal investment
for savings banks and trust funds in New York, Massachusetts and Connecticut. They are direct and general obligations of the city.
-BOND
MINSTER SCHOOL DISTRICT, Auglaize County, Ohio.
-The State Teachers Retirement System, of Columbus, has purSALE.
chased an issue of 588.000 4 h % school improvement bonds at par plus a
premium of $220, equal to 100.25.
-BOND SALE.
MONMOUTH COUNTY (P. 0. Freehold), N. J.
The four issues of 434% coupon or registered bonds offered on March 18
(V. 132, p. 1847) were awarded at 104.12, a basis of about 4.057p to a
syndicate composed of M.F. Schlater & Co., Inc., Stephens & Co.. Season
good & Mayer, II. M. Byllesby & Co. and Batchelder & Co., all of New
York. also C. C. Collings & Co. of Philadelphia. The group bid for
5981.000 bonds of the original amount of $1,020,000 offered, as follows:
$408,000 court house bonds ($424.1)00 offered). Amount sold mature
March 15 as follows: $22.000 from 1933 to 1945, incl.; $23,000
from 1946 to 1950. incl., and $7,000 in 1951.
212,000 road bonds ($220,000 offered). Amount sold mature March 15
as follows: $11,000 from 1933 to 1939, incl.; $12,000 from 1940
to 1949, incl., and $9,000 in 1951.
293,000 welfare home bonds ($305,000 offered). Amount sold mature
March 15 as follows: 510.000 from 1933 to 1946, incl.; 811.000
from 1947 to 1959, incl., and $10,000 in 1960.
68,000 bridge bonds (570,000 offered). Amount sold mature March 15
88 follows: $3,000 from 1933 to 1938, hid.: $4,000 from 1939 to
1950, incl., and $2,000 in 1951.
Each issue is dated March 15 1931.
2248
FINANCIAL CHRONICLE
from the first revenues the State receives applicable to the general fund
of the State, a sum sufficient to pay bond interest and installments ofprincipal, and must so employ the moneys thus set apart. Furthermore,if
the Comptroller should not do this, he is required to do by constitutional
provision should a holder of a bond bring suit."
NORTH CAROLINA,State of (P. 0. Raleigh).-BOND SALE.-The
four issues of coupon or registered bonds aggregating $9,557,000, offered
for sale on March 17-V. 132, p. 2047
-were awarded to a syndicate comped of the First National Bank, the National City Co., and the Bankers
Co., all of New York, the Continental Illinois Co. of Chicago, the Wachovia
Bank & Trust Co. of Winston-Salem, the First Detroit Co., Kissel, Kinnicutt & Co., E. H. Rollins & Sons, Stone & Webster and Blodget, Inc.,
Eldredge & Co. B. J. Van Ingen St Co., Phelps, Fenn & Co., Geo. B.
Gibbons & Co.; Inc., and Salomon Bros. & Hutzler, all of New York,
the First Securities Corp. of St. Paul, the Mercantile Commerce Co. or
St. Louis, and the American Trust Co. of Charlotte, at a price of 100.031.
a basis of about 4.02%, on the bonds divided as follows:
$4,000,000 highway bonds as 4s. Due from July 1 1942 to 1948.
1,250,000 highway bonds as 4315. Due from Jan. 1 1934 to 1954.
4,247,000 permanent impt. (public buildings) bonds as 4s. Due on
April 1 1968.
60,000 farm colony building bonds as 4s. Due on April 1 1967.
BANKERS REOFFER BONDS.
-The successful syndicate immediately
reoffered the above bonds for public subscription as follows: bonds maturing
from 1934 to 1954 are priced to yield from 3.50 to 3.95% according to
to maturity. For the 1967 and 1968 maturi its they are priced at 10035
and int. yielding about 3.97%.
Financial Statement (Officially Reported).
Assessed valuation taxable property 1930
$2,971,338,814
Total bonded debt including this issue
178,721,600
Sinking debt
$8.501,853
Net bonded debt
170 219 747
Population 1920 U. S. census 2,559,123: population 1930 U. S. census.
3,170,276.
NORWALK,Fairfield County, Conn.
-BOND OFFERING.
-Stephen
Dokus, City Clerk, will receive sealed bids until 8 p. m.on Mar. 27 for the
purchase of $390,000 not to exceed 5% interest coupon or registered sewage
disposal bonds. Dated Apr. 15 1931. Denom. $1,000. Due $10.000
annually on Apr. 15 from 1933 to 1971 incl. Prin. and semi-annual int.
(April and Oct. 15) are payable at the South Norwalk Trust Co., in Norwalk, or at the Bank of the Manhattan Trust Co., New York. A certified
check for 1% of the par value of the bonds bid for, payable to the order of the
City Treasurer, must accompany each proposal. The South Norwalk
Trust Co. will certify as to the genuineness of the bonds and their validity
will be approved by Thomson, Wood & Hoffman, of New York.
NORWICH, New London County, Conn.
-BOND SALE.
-The
Norwich Savings Society purchased on March 18 the following issues of
431% bonds aggregating $200,000 at 103.325, a basis of about 3.88%:
$140,000 court house refunding bonds. Due $7,000 April 2 from 1933 to
1952.
60,000 Fairview extension bonds. Due $3,000 April 2 from 1933 to 1952
incl.
Each issue is dated April 2 1931. Denom. $1,000. Principal aad semiannual interest are payable at the Chase National Bank, New York.
Legality approved by Day, Berry & Reynolds, of Hartford.
OAKLAND, Bergen County, N. J.
-BOND SALE.
-The $38,000,
coupon or registered general improvement bonds offered on Mar. 11V. 132, p. 1666
-were awarded as 5s to M. M. Freeman & Co. of Philadelphia, at par plus a premium of $277.77, equal to 100.73, a basis of about
4.90%. The bonds are dated Feb. 1 1931 and mature Feb. 1 as follows:
$2.000 from 1932 to 1947 incl., and $3,000 in 1948 and 1949.
OAKLYN (P. 0. Camden) Camden County, N. J.
-BOND SALE.
The following issues of coupon or registered bonds aggregating $72,000
offered on March 18-V. 132, p. 2047
-were awarded as 534s to the Oaklyn
National Bank, at par plus a premium of $250, equal to 1010.34, a basis of
shout 5.18%:
$40,000 street and sewer bonds. Due Dec. 1 as follows: $2,000from 1932 to
1944 incl., and $1,000 from 1945 to 1958 incl.
32,000 assessment bonds. Due Dec. 1 as follows: $10,000 in 1931 and
1932, and $12000 in 1932.
Each issue is datedbed. 1 1930.
-FISCAL AGENT
OKLAHOMA, State of (P. 0. Oklahoma City).
CHANGED.
-A special dispatch from Oklahoma City to the "Wall Street
Journal" of March 20 reports that Governor W. H. Murray has announced
a change in the State's fiscal agent from the Chase National Bank of New
York City to the Chatham-Phoenix Bank & Trust Co.
-BOND REDEMPTION.
-We are
OLATHE, Montrose County, Colo.
informed that6% water extension bonds Nos. 1 to 40 are called for payment
on April 1 at the First National Bank of Olathe. Denom. $500. Dated
April 1 1921. Due in 1936 and optional after 1931.
-BOND OFFERING.
ONTARIO, Malheur County, Ora.
-Sealed bids
will be received by E. H. Test, City Recorder, until April 6,for the purchase
of a $36,000 issue of refunding bonds. Int. rate is not to exceed 6%,
payable semi-annually. Dated May 1 1931. Due on May 1 1951.
-BOND OFFERING.
-Sealed bids will
OPELIKA, Lee County, Ala.
be received until 8 P. m. on Mar. 23, by Henry K. Dickinson. Mayor,for
the purchase of a $40,000 issue of coupon or registered refunding series A
bonds. Int. rate is not to exceed 6%, payable semi-annually. Denom.
$1,000. Dated Apr. 1 1931. Due on Apr. 1, as follows: $1,000, 1932 to
1951 and $2,000, 1952 to 1961, all incl. Prin. and int. (A. & 0.) payable
in gold at the Central Hanover Bank & Trust Co. in New York. The
approving opinion of Storey, Thorndike, Palmer & Dodge, of Boston, will
be furnished. A certified check for $1,000 must accompany the bid.
-BOND OFFERING.-Noel
ORANGE COUNTY (P. 0. Paoli), Ind.
S. McIntosh, County Treasurer, will receive sealed bids until 2 p. m. on
Apr. 6 for the purchase of $39,100 bonds, divided as follows:
$18,000 5% road construction bonds. Denom. $900. Due $900 May and
Nov. 15 from 1932 to 1941 mud.
8,800 434% road construction bonds. Denom. $440. Due $440 July 15
1932; $440 Jan. and July 15 from 1933 to 1941 incl., and $440 Jan.
15
4
% r ad construction bonds. Denom. $325. Due $325 July 15
6,500
1932; $325 Jan. and July 15 from 1933 to 1941 incl., and $325 Jan.
15 1942.
5,800 454% road construction bonds. Denom. $290. Due $290 July 15
1932: $290 Jan. and July 15 from 1933 to 1941 incl., and $290 Jan.
15 1942.
Each issue is dated Apr. 6 1931.
-NOTE SALE.
PATERSON, Passaic County, N. J.
-The City
Treasurer awarded on March 19 to the Bankers Co. of New York a total of
$546,000 notes as follows:
to bear interest at 2.64%.
$300,000 tax notes, due Sept. 25 1931. sold
246,000 temporary water notes,due Jan.4 1932,sold to bear int. at 2.88%.
Each issue is dated March 27 1931.
-BOND SALE.
PAWTUCKET, Providence County, R. 1.
-The following issues of 431% coupon bonds aggregating $495,000 offered on
-were awarded to H. M. Byliesby & Co., and
March 13-V. 132, p. 2047
,
E. J. Coulon & Co., jointly. at a price of 101.1699, a basis of about 4.11%:
$150,000 highway funding bonds. Dated Jan. 1 1931. Due $10,000 Jan. 1
from 1932 to 1946, inclusive.
150,000 sewer funding bonds. Dated Jan. 1 1931. Due $5,000 Jan. 1
from 1932 to 1961, inclusive.
150,000 sewer funding bonds. Dated March 1 1931. Due 15,000
March 1 from 1932 to 1961, inclusive.
30,000 sidewalk funding bonds. Dated March 1 1931. Due $5,000
March 1 from 1932 to 1937, inclusive.
15,000 skiewallc funding bonds. Dated March 1 1931. Due $5,000
March 1 from 1932 to 1934, inclusive.
The following is a list of the bids submitted for the bonds:
BidderRate Bid.
H.M.Byllesby & Co.,and E.J. Coulon & Co.,jointly (purchasers)101.1699
Rhode Island Hospital Trust Co
100.59
Phelps, Fenn & Co.,and Industrial Trust Co.(Providence),jointly 100.44
Chase Securities Corp
99.912
First National Old Colony Corp
99.327
PARMA, Cuyahoga County, Ohio.
-BOND SALE.
-The $20,000
6% coupon special assessment improvement bonds offered on March 16V. 132, p. 1666
-were awarded to Slier, Carpenter & Rome, of Toledo,
at par plus a premium of $42, equal to 100.21, a basis of about 5.95%•
The bonds are dated May 1 1931 and mature $2,000 on Oct. 1 from 1932
to 1941 incl. Only one bid was submitted for the issue.
MONTEZUMA, Poweshiek County, lowa.-BOND OFFERING.Bids will be received until 2 p. m. on Mar. 23, by J. W. H. Vest, Town
Treasurer for the purchase of an issue of $1.500 5% semi-ann. fire department equipment bonds. Denom. $500. Dated Feb. 1 1931. Due $500
from Nov. 1 1932 to 1934 incl.
./MONTPELIER, Washington County, Vt.-BOND OFFERING.
Timothy R. Merrill, City Treasurer, will receive sealed bids until 7 P.m.
on March 25, for the purchase of $130,000 4% coupon street, bridge and
sidewalk bonds. Denom. $1,000. Due $10,000 on Oct. 1 from 1933 to
1945,incl. Principal and semi-annual interest (April and Oct.) are payable
at the Atlantic National Bank, Boston, which will superivse the preparation
of the bonds. Legality approved by Storey, Thorndike, Palmer & Dodge,
of Boston.
IEMOUNT VERNON, Westchester County, N. Y.
-BOND OFFERING.
-L. V. Bateman, City Comptroller, will receive sealed bids until 8 P.m.
on March 24 for the purchase of $285,000 not to exceed 5% interest coupon
or registered bonds, divided as follows:
$150,000 water bonds. Due April 1 1951.
135,000 assessment bonds. Due $27,000 April 1 from 1932 to 1936 incl.
Each issue is dated April 1 1931. Denom. $1,000. Principal and semiannual interest (April and Oct.) are payable at the office of the City Comptroller. Rate of interest to be expressed in a multiple of 3i of 1%. A
certified check for 2% of the amount of bonds bid for must accompany
each proposal. The approving opinion of Caldwell & Raymond, of New
York, will be furnished the purchaser.
MULTKOMAH COUNTY SCHOOL DISTRICT NO. 25 (P. 0.
Springdale) Ore.
-BOND SALE.
-The $8,500 issue of 5M % semi-ann.
-was purchased
school bonds offered for sale on March 14-V. 132. p. 1847
by the First National Bank of Portland, for a premium of $179.80, equal
to 102.116, a basis of about 5.24%. Dated July 1 1931. Due in 1942. The
other bidders and their bids were:
Premium.
Bidder(par and bonds)
State Treasurer
Blankenship, Gould & Keeler
$10.20
-BOND SALE.-Mabelle C. Peterson,
MUSKEGON HEIGHTS,Mich.
City Clerk, informs us that John Nuveen & Co., of Chicago. the only
bidders, were awarded on Mar. 12 the following issues of bonds aggregating
$87,000, as 4s.at par plus a premium of $500. equal to 100.57, a basis
of about 4.60%:
$50,000 sewage disposal plant, general impt. bonds. Dated Apr. 1 1931.
Due $5.000 annually on June 1 from 1932 to 1941 incl.
25,000 bonds, issued under sub-division 2, of section 95 of chapter 8 of the
city charter. Dated Dec. 1 1930. Due Dec. 1 as follows: $8,000
in 1931 and 1932, and $9,000 in 1933.
12,000 storm sewer, general impt. bonds. Dated Apr. 1 1931. Due $1,000
Apr. 1 from 1932 to 1943 inclusive.
The city agreed to furnish legal opinion. Street improvement bonds to
to the amount of $18,350, dated Feb. 1 1931 and due from 1932 to 1941
incl., were also scheduled to have been sold on Mar. 12. The city clerk,
however, in her communication, makes no reference to them.
Financial Statement (As Officially Reported).
Actual value of property (estimated)
$19,500,000
Assessed value for taxation
16,613,066
Total bonded debt (now outstanding present issue not incl.)-- 1,145,255
Water bonds included above
180,500
Special assessment bonds included above
446,225
Sinking fund
Floating debt
None
Bonds authorized (not to be sold at this time)
Tax rate, 1929, entire,$39.04: 1930, entire,$39.00;1930 city rate,$11.81.
Population (present estimate), 15,546.
MYERSVILLE, Frederick County, Md.-APPROVAL OF $40,000
-William S. Waehtel, Town Treasurer, informs
BOND ISSUE SOUGHT.
us that the State Legislature has been petitioned for authority to permit
the town to issue $40,000 in bonds to finance the installation of a water
works system. Should approval of the issue be obtained, the measure
will probably be submitted for consideration of the voters of the town
sometime during May.
-FINANCIAL STATEMENT.
NASHVILLE, Davidson Co., Tenn.
The following is an official statement offinances furnished in connection with
the offering scheduled for Mar. 27 of the $1,000,000 bonds and notes,
report of which appeared in V. 132, p 2046:
Financial Statement (as of Jan. 1 1931).
Real and personal property owned by the city
$27,000,000.00
True value of real and personal property in municipality
(estimated)
250,000.000.00
189,895,044.00
Assessed valuation of property for 1930
Total bonded debt (including these issues)
17,963,000.00
$3,935,000.00
Waterworks bonds included above
211,000.00
Electric light bonds included above
Street improvement and sidewalk bonds included above, for which adequate special
516,000.00
assessments have been levied
School building and improvement notes,
480,000.00
Chapter 224,Private Acts of 1927
Park bonds of 1927 included above, Chapter
725,000.00
426,Private Acts of 1927
5,867,000.00
$12,096,000.00
574,232.23
382,000.00
956,232.23
Special sinking funds created by special assessments or tax
91,901.41
levies
Population, Government census, 1930
153,866
Tax rate, 1930
22 mills
NEW BRAUNFELS, Comal County, Tex.
-BOND OFFERING.
Sealed bids will be received by A. D. Nu.hn, City Clerk, until 3 p. m. on
April 6, for the purchase of a $35.000 issue of bridge construction bonds.
Denom. $1,000. Dated May 1 1931. Due $1,000 from May 1 1937 to
1971, incl. Principal and interest payable in New Braunfels. The Attorney General's opinion only legal advice on bonds. These bonds were
voted at an election held on Feb. 10. No deposit is required with bid.
-BOND
NEW HOLLAND SCHOOL DISTRICT, Logan County, 111.
SALE.
-The Hanchett Bond Co., of Chicago, has purchased an issue of
$35,000 431% school building construction bonds at a price of par. Due
Aug. 1 as follows: $2,000from 1933 to 1949 incl., and $1,000 in 1950.
-Francis
-LOAN OFFERING.
NEWTON, Middlesex County, Mass.
Newhall, City Treasurer, will receive sealed bids until 12 m. on March 23,
for the purchase at discount of a $150,000 temporary loan. Payable
Nov. 5 1931. The notes will be dated and delivery made on next day
after award at the office of the purchaser in Boston. Bids for the notes
may also be made for New York delivery. The Old Colony Corp. of
Boston, will certify as to the genuineness of the signatures on the notes,
the legality of which has been approved by Ropes, Gray, Boyden &
Perkins. of Boston.
NEW YORK, State of (P. 0. Albany).
-STATEMENT ISSUED IN
CONNECTION WITH SCHEDULED SALE OF $34,975,000 BONDS.
-In connection with the proposed sale on April 7 of $34,975,000 not to
exceed 4% interest bonds, notice and description of which appeared in
-V. 132, p. 2046
-we have received the following statement, dated
March 18:
"The State Comptroller, Morris S. Tremaine stated to-day, in connection with calling of bids April 7th, for the sale of $34,975,000 of New
York State serial gold bonds that in his opinion no State or similar governmental body in the world enjoys the same fine credit standing as the
State of New York. The last bond issue, $31,550,000, sold in April 1930
by the State, enabled taxpayers to borrow funds at a net interest rate of
3.79%. This low rate and the scarcity of State issues indicate to the
Comptroller that the 1931 issue may be sold to cost taxpayers at even less
than 1930.
"Comptroller Tremaine further pointed out the fact that so far as he
knows, there is no nation or State in the world except New York which
guarantees payment of interest and principal of its bonds by constitutional edict, not excepting the United States itself, and still further that
no government in the world permits itself to be sued by its bond holders
except New York State. Under the State constitution, the Comptroller,
at any time the legislature has failed to make the proper appropriation
for payment of interest and principal of bonds, is required to set apart
Net bonded debt
Sinking fund (ordinary) cash
Sinking fund investments
[VoL. 132.
MAR. 21 1931.]
FINANCIAL CHRONICLE
2249
-The
The following is a list of the bids submitted for the issue:
-BOND ISSUES AUTHORIZED.
PENNSYLVANIA, State of.
Premium.
BidderDepartment of Internal Affairs on March 17 authorized the municipalities
$870.00
named below to issue bonds in the amount indicated, according to the Second National Bank. Richmond (purchaser)
534.00
Harris Trust & Savings Bank,Chicago
March 18 issue of the Philadelphia "Ledger":
345.00
Norristown, $350,000, sewage treatment plant Dickinson Trust Co., Richmond
Montgomery County,
212.40
First National Bank, Richmond
and extension of the sewage system.
31.70
"Bucks, West Rockhill Township School District, $38,000, building Fletcher Savings& Trust Co.,Indianapolis
and land.
RIO GRANDE INDEPENDENT SCHOOL DISTRICT (P. 0. Ft10
"Chester, West Chester, $150,000, sewers and paving.
County, Tex.
-BOND SALE.
-The $140,000 (not
Grande) Starr
"Delaware, Edgemont Township, $7,500, refunding indebtedness.
$100,000) issue of 5% coupon school bonds offered for sale on March 1"Berks, Wernersville School District, $65,000, building and site.
-was purchased by the Security Trust Co. of Austin, at a
V. 132, p. 891
"Dauphin, Harrisburg, $150,000, sewers and paving.
price of 96.15. Denom. $1,000. Dated Feb. 10 1931. Interest payable
"Schuykill, Pottsville School District, $900,000, High School site and
athletic field.
-The two issues
ROANOKE, Roanoke County, Va.-BOND SALE.
"Luzerne, Pittston Township School District, $50,000, indebtedness.
"Wayne,Nonesdale,$120,000,indebtedness,paving and improving dam." of 4M % coupon semi-annual bonds aggregating $750,000, offered for sale
on March 13-V. 132, p. 1462-were awarded as follows:
PERRYTON INDEPENDENT SCHOOL DISTRICT(P.O.Perryton), $450,000 street improvement bonds to the First National Exchange Bank
-Sealed bids will be re-BOND OFFERING.
Ochiltree County, Tex.
of Roanoke, at a price of 103.204, a basis of about 4.13%. Due
ceived until 2 p. m. on March 23, by W. B. Irvin, Superintendent of
from Jan
1 1934 to 1950.
Schools, for the purchase of two issues of 5% bonds aggregating $45,000
300,000 sewer and drain bonds to a syndicate composed of R. W. Pressas follows:
prich & Co., and Darby & Co., both of New York, and Baker,.
1936, incl.
$5,000 Series 0 bonds. Due $1,000 from March 1 1932 to
Watts & Co., of Baltimore, at a price of 106.179, a basis of
40,000 Series D bonds. Due $2,000 from March 1 1932 to 1951, incl.
about 4.14%. Due on Jan. 1 1961.
Denom.$1,000. Dated March 1 1931. Prin, and int.(M.& S.) payable
The following is an official list of the bids received;
at the Central Hanover Bank & Trust Co. in New York City.
Sewer
-A call has
-BOND REDEMPTION.
Street.
de Drains.
PIERCE, Weld County, Colo.
been issued for the entire issue of 6% water works bonds dted April 15
($450,000) (S300,000)
1921. The bonds are called for payment on April 15 at the office of Joseph R. W.Pressprich & Co., N.Y.; Darby & Co., N.Y.
$464,306.50
*318.537
D. Grigsby & Co. of Pueblo.
and Baker-Watts & Co., Baltimore
*464,416.96
-TEMPORARY LOAN.
- First National Exchange Bank, Roanoke, Va
PITTSFIELD, Berkshire County, Mass.
$400,000 temporary The National City Co.; Baltimore Trust Co., and
F. M. Platt, City Treasurer, awarded on March 18 a
457,240.50
310,047
John P. Baer & Co
loan to the First National Old Colony Corp., of Boston, at 2.04% dis315.780
count, plus a premium of $6. The loan is dated March 18 1931 and is Alex Brown & Sons, Baltimore Morris, Mather & 457.920.00
H. M. Byllesby & Co., Inc.;
payable Nov. 12 1931 at the First National Bank, of Boston. This bank
459,936.00
314,001
& Co., and E. J. Coulon & Co
will certify as to the genuineness and validity of the notes, under advice
York
308,487
of Ropes, Gray, Boyden & Perkins, of Boston. The following is a list of Guaranty Co.of New & Securities Co. Cincinnati, 462,730.50
The Title Guarantee
the bids submitted for the loan:
O.; Assel, Goetz & Moerlein, Cincinnati, 0.; The
Discount.
BidderWell Roth & Irving Co., Cincinnati, 0.,and The
First National Old Colony Corp., plus $6 premium (purchaser)......- 2.04
452,341.00
301,561
Provident Savings Bank & Trust Co
2.05
Salomon Bros. & Hutzler, plus V.50 premium
2.06 e E. H. Rollins & Sons, Inc., and Wallace-SanderAtlantic Corp
461,497.50
311,895
son & Co
2.18%
S. N. Bond & Co., plus $4 premium
-Fenn & Co 459,616.00
314,144
M. M.
Freeman & Co., Inc., and Phelps
(All or none)
PLAIN TOWNSHIP SCHOOL DISTRICT (P. 0. Canton), Stark
-Fenn & Co 459,306.00
313,644
-A. Williams, Clerk of the Board of Edu- M.M.Freeman & Co.,Inc., and Phelps
County, Ohio.
SALE.
-BOND
(Either issue)
cation, reports that the State Teachers Retirement System of Columbus
has purchased an issue of $165,000 school building addition construction First Detroit Co., Detroit, and Mercantile Com454,153.00
303,227
bonds.
merce Co."St. Louis
-The two 121811013 Colonial American National Bank, Roanoke, Va.,
-BOND SALE.
PONCA CITY, Kay County, Okla.
310,050
and Mountain Trust Bank, Roanoke, Va
bonds aggregating $36,000, offered for sale on March 9-V. 132, p. First National Bank, New York
of
314,250
1849
-were purchased by the City Treasurer, as 4s. The issues are divided Halsey-Stuart & Co., Inc.; Chatham, Phenix 459,000.00
as follows:
460,822.50
315,450
Boyce
Corp.,
$30,000 water works extension bonds. Due $5,000 from 1934 to 1939, incl. Stephens and Stein Brothers &
309,447
464,170.50
& Co., New York
6,000 electric light system bonds. Due $1,000 from 1934 to 1939, incl. First National Old Colony Corp.;_ AuchinclossParket & Redpath, Inc.; Peoples National Bank,
PORT ANGELES SCHOOL DISTRICT (P.O. Port Angeles) Clallam
-At an election held on March 7 the
Charlottesville, Va., and State Planters Bank &
County, Wash.
-BONDS VOTED.
461,745.00
316.830
Trust Co., Richmond, Va
voters approved the issuance of $71,000 in school building bonds by a vote
of 669 "for" to 349 "against." Int. rate is not to exceed 6%. Due in from Frederick E. Nolting & Co., Inc., Richmond, Va.;
Harris, Forbes & Co., New York, and Chase
2 to 25 years. Sealed bids will be called for as soon as possible.
309,570
455,355.00
Securities Corp., New 'York
-BOND SALE.
PORT CHESTER, Westchester County, N. Y.
314,808
461,817.00
The $90,000 4% 1930-1931 tax relief bonds offered on March 12-V. 132, Dewey-Bacon & Co, New York
* Successful bids.
-were awarded to M. M. Freeman & Co., Inc., of New York, at
p. 1849
ROSS TOWNSHIP RURAL AGRICULTURAL SCHOOL DISTRICT
a price of 100.228 a basis of about 3.92%. The bonds are dated April 1
-BOND OFFERING.
NO. 1 (P. 0. Cressey), Barry County., Mich.
1931 and mature April 1 1934.
Leslie Sniffen, Secretary of the Board of Education, will receive sealed bids
Bids for the bonds were as follows:
Rate Bid. until 12.30 p. m. on March 28 for the purchase of $21,000 not to exceed
Bidder% int. school bonds. Denom. $1,000. Due April 1 as follows: $1,000
100.228
M. M. Freeman & Co., Inc. (purchasers)
100.096 from 1932 to 1950 incl., and $2,000 in 1951. Int. is payable semi-annually
Marine Trust Co., Buffalo
in April and October. Successful bidder to furnish blank bonds and
100.00
First National Bank & Trust Co., Port Chester
- legal opinion.
-BOND OFFERING.
PORT CLINTON, Ottawa County, Ohio.
RYE CENTRAL HIGH SCHOOL DISTRICT NO. 1 (P. 0. Rye),
H. E. Christiansen, Village Clerk, will receive sealed bids until 12 m. on
assessment street Westchester County, N. Y.
-FINANCIAL STATEMENT.
-In con,
April 7 for the purchase of $13,554.21 535% special
impt. bonds. Dated March 1 1931. One bond for $554.21, others for nection with the proposed sale on March 27 of $325,000 not to exceed
31,000. Due Sept. 1 as follows: $554.21 in 1932, $1,000 from 1933 to 5% interest coupon or registered school bonds, notice and description of
-we are in receipt of the following:
1935 incl., and 2,000 from 1936 to 1940 incl. I. is payable semi- which appeared in-V. 132, p. 2048
annually in March and September. Bids for the bonds to bear int. at a
Financial Statement.
rate other than 5h %, expressed in a multiple of 11 of 1%, will also be Assessed valuations
-1930:
considered. A certified check for 1% of the par value of the bonds must
$14.559,442
School District No.2
accompany each proposal. The approving opinion of Squire, Sanders
29,884,007
School District No.3
& Dempsey of Cleveland will be furnished the purchaser.
-CERTIFICATE OFFERING
$44,443,449
Total, Central High School District No. 1
PORT JERVIS, Orange County, N. Y.
52,286,434
Estimated real valuation
-John F. Cleary, City Clerk, will receive sealed bids untll 8 p. in. on.
March 26 for the purchase of $58,200 not to exceed 6% interest certifi- Debt:
$201,250
School District No.2
cates of indebtedness dated April 1 1931 and due April 1 1932. Denoms.
5,250
desired to be named in proposal. Payable at the office of the City TreasSchool District No.3
1,090,000
Central High School District No. 1
urer. A certified check for $1,000, payable to the order of the City,
325,000
Central High School District No. 1 (this issue)
must accompany each proposal. The approving opinion of Hawkins,
Delafield & Lcngfellow, of New York, will be furnished the purchaser.
$1,621,500
Total, Central High School District No. 1
-BONDS OFPOWESHIEK COUNTY (P. 0. Montezuma), Iowa.
•
FERED.-Blds were received by J. R. McDonald, County Treasurer, Population, 1931, 8,712.
-BOND SALE.
until 1.30 p. m.on March 20,for the purchase of a $200,000 issue of county
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
road bonds. Dated May 1 1931. Due from Nov. 1 1933 to 1944, incl. The following issues of4Yi% bonds aggregating $65,500 originally scheduled
-were actually awarded on
Principal and interest (M. & N.) payable in Montezuma. Legality to to have been sold on March 6-V. 132, p. 1667
be approved by Chapman & Cutler, of Chicago.
March 13 as follows:
sold to
-The $52,000 $19.000 Portage Township road construction bonds premium the Inland
-BONDS NOT ,SOLD.
PRICE, Carbon County, Utah.
of $638.50,
Investment Co.,of Indianapolis, at par plus a
issue of water works bonds scheduled for sale on March 9-V.132,1). 1849
equal to 103.36, a basis of about 3.835%. Due $950 July 15 1932;
was not sold as the bonds were not voted at the election held on March 14.
$950 Jan. & July 15from 1933 to 1941 cl., and $950 Jan. 15 1942.
-BOND SALE.
-The Board of
RAVENNA, Portage County, Ohio.
13,000 Liberty Township road construction bonds sold to the Fletcher
Sinking Fund Trustees of the city has purchased an issue of 38,138,.42
Savings & Trust Co., of Indianapolis, at par plus a premium of
$418, equal to 103.21, a basis of about 3.8'45%. Due $650 July
S%% street improvement bonds, dated March 15 1931 and due Sept. 15
as follows: $1,017,.32 in 1932, and $1,017.30 from 1933 to 1939, incl.
15 1932; $650 Jan. and July 15 from 1933 to 1941, incl., and $650
Principal and semi-annual interest (M. & S.) are payable at the office of
Jan. 15 1942.
the City Treasurer.
13,000 Clay Township road construction bonds sold to the Inland Investment Co., of Indianapolia, at par plus a premium of $427.90,
-BOND OFFERING.
READING Hamilton County, Ohio.
-Joseph
equal to 103.29, a basis of about 3.84%. Due $650 July 15 1932;
A. Hoeper, Village Clerk, will receive sealed bids until 12 M. on April 11
$650 Jan.& July 15from 1933 to 1941, incl., and $650 Jan. 15 1942.
for the purchase of $25,000 5% park and playground bonds. Dated Feb.1
12,000 Liberty and Union Townships road construction bonds sold to the
1931. Denom. $2,500. Due $2,500 on Sept. 1 from 1931 to 1940 incl.
City Securities Corp., of Indianapolis, at par plus a premium of
Int. is payable semi-annually in March and Sept. A certified check for
$393.10, equal to 103.27, a basis of about 3.84%. Due $600
5% of the amount of bonds bid for, payable to the order of the Village
July 15 1932; $600 Jan. and July 15 from 1933 to 1941, incl., and
proposal. The bonds were authorized
Treasurer, must accompany each
$600 Jan. 15 1942.
at the general election in November 1929.
8,500 Warren Township road construction bonds sold to the Fletcher
-BOND OFFE,RNIG.REAGAN COUNTY (P. 0. Big Lake), Tex.
Savings &c Trust Co., of Indianapolis, at par plus a premium of
We are informed that sealed bids will be received until March 24, by J. A.
$272, equal to 103.20, a basis of about 3.845%. Due $425 July
Stoughton, County Judge, for the purchase of a $275,000 issue of 5%
15 1932; $425 Jan. and July 15 from 1933 to 1941, incl., and $425
semi-annual road bonds.
Jan. 15 1942.
Each issue is dated Feb. 1 1931. The following is a list of the bids
(A similar issue of bonds was registered by the State Comptroller on
submitted for the bonds:
March 6-V. 132, p. 2048.).
(Lib. Twp.)
(Clay Twp.)
RICHMOND SCHOOL CITY, Wayne County, Ind.
-BOND SALE.
Bidder$8.500 $13,000 $12,000 $13,000 $19,000
-The $90,000 407 school construction and impt. bonds offered on March 18 Pfaff & Hughel
425.50
-were awarded to the Second National Bank of Rich- Union Trust Co
- V. 132, p. 1849
123.50
mond at par plus a premium of $870, equal to 100.98, a basis of about Fletcher Savings & Tr. Co.*272.00
421.00
388.75 *418.00
619.00
3.55%. The bonds are dated March 16 1931 and mature semi-annually Inland Investment Co.. 245.83 *427.90
382.90
*638.50
as follows: $15,000, July 1 1932; $15,000, Jan. 1 and July 1 in 1933 and City Securities Corp
413.00 *393.10
267.00
413.00
604.00
Jan. 1 1935.
1934, and $15,000.
Fletcher American Co---- 266.05
413.00
381.60
413.40
604.20
*Accepted bids.
RICHMOND UNION FREE SCHOOL DISTRICT NO. 9 (P. 0
-BOND OFFERING.
Honeoye), Ontario County, N. Y.
-Rose 0.
SAINT MARYS, Pleasants County, W. Va.-BONDS VOTED.
Schmidt, District Clerk, will receive sealed bids until 3.30 p. m. on March We are informed that at the election held on Dec. 12-V. 131, p. 3244
26 for the purchase of V5,500 not to exceed 6% interest coupon or regis- the voters approved the issuanc^ of the $25,000 in 5% Improvement bonds.
tered school bonds. Dated April 1 1931. Denoms. $1,000 and $500. It is stated that these bonds will be offered for sale about July 1.
from 1932 to 1941, inclusive; $1 000 from
Due April 1 as follows: $500
-BOND SALE POSTSAINT PARIS, Champaign County, Ohio.
'
1942 to 1951, inclusive, and $1.500 from 1952 to 1958, inclusive. Rate of
-Leon L. Urban, Village Clerk, reports that the proposed sale
interest to be expressed in a multiple of h: of 1-10th of 1% and must be PONED.
-V. 132, p. 1849
on March 21 of $63,000 43 % water works bonds
4
-was
the same for all of the bonds. Principal and semi-annual interest (April
decision of the Supreme Court of Ohio
and Oct.) are payable at the Hamlin National Bank, Holcomb, or at the postponed, owing to the recent improvement
purposes.
-V.132.1). 1661.
Chemical Bank & Trust Co., New York. A certified check for $690, regarding bonds issued for certain
-BOND OFFERING.
ST. PAUL, Ramsey County, Minn.
payable to Arthur E. Treble, District Treasurer, must accompany each
-Sealed
proposal. The approving opinion of Clay, Dillon & Vandewater, of bids will be received until 10 a. m. on April 1, by Wm. F. Scott. City
Comptroller, for the purchase of an issue of $1,000,000 coupon or registered
New York, will be furnished the purchaser.
2250
FINANCIAL CHRONICLE
general impt. bonds. Int. rate is not to exceed 43%, payable semiannually. Denom. $1,000. Dated April 1 1931. Due on April 1, as
follows:$18,000, 1932;$19.000.1933;$20,000. 1934;321.000, 1935;$22,000,
1936 and 1937; 124.000, 1938 and 1939; $26.000, 1940; $27,000, 1941:
129,000, 1942 and 1943; 131,000, 1944 and 1945; $34,000, 1946 and 1947:
837.000, 1948; $38,000, 1949 and 1950; $41,000, 1951 to 1953; $43,000,
1954 to 1956; $44,000, 1957 and $45,000. 1958 to 1961, all incl. Prin.
and int.(A.& 0.) payable in lawful money at the office of the Commissioner
of Finance, or at the fiscal agency in New York. The approving opinion
of Linus O'Malley,of St.Paul and Thomson,Wood & Hoffman of New York
will be furnished. The bids for the above bonds must bear one rate of
int. Authority for issuance: Section 217 of the City Charter and all other
sections applicable thereto. A certified check for 2% of the bonds bid for,
payable to the City, is required.
(The preliminary report of this offering was given in V. 132, p. 2048.)
Debt Statement (As at February 28 1931.
$27,280,000.00
General bonded debt
7,900,000.00
Permanent Improvement revolving debt
6,984,000.00
Water department debt
$42,164,000.00
Total gross bonded debt
Deductions:
General sinking fund (cash and securities).- $3,578,501.44
General sinking fund appropriation for year
350,000.00
1931
417,000.00
Serial bond retirement for year 1931
728,000.00
Inter-City bridge bonds
Permanentimprovement revolving fund bonds 7,900.000.00
Water dept. net bonded debt_$6,54,582.51
Water dept. sinking fund.- 729,417.49 6,984,000.00
Total deductions
$19,957,501.44
$22,206,498.56
Total net bonded debt
$3,577,000.00
Gen. impt. bonds auth. but not issued
2,222,976.04
Margin for future bond authorizations
Statutory bonded debt limit(10% of assessed valuation)--$28,006,474.60
The percentage of the net general bonded debt of the assessed
.0793353
valuation is
.0385503
The percent. of the net gen.bonded debt of the true value is..
-Helen R.
-BOND OFFERING.
Ohio.
SALEM, Columbiana County,
Woerther, City Auditor, will receive sealed bids until 12 m. on April 1
for the purchase of $37,860 5% electric light system repair bonds. Dated
April I 1931. One bond for $860, others for $1,000. Due Oct. 1 as follows:
$2,860 in 1932; $3,000 in 1933, and $4,000 from 1934 to 1941 incl. Interest
Is payable semi-annually in April and October. Bids for the bonds to bear
Interest at a rate other than 5%, expressed in a multiple of ;"; of 1%, will
also be considered. A certified check for $500, payable to the order of the
city, must accompany each proposal. The transcript of the proceedings
relative to the bonds has been approved by Squire, Sanders & Dempsey,
of Cleveland, whose opinion will be furnished the purchaser without charge.
SALISBURY, Wicomico County, Md.-ADDITIONAL INFORMA-E. Parsons. City Clerk, will receive sealed bids until 8 p. m.
TION.
on March 23 for the purchase of $50,000 4)i% coupon street improvement
bonds. Dated April 1 1931. Denom. $1,000. Due April 1 as follows:
$4.000, 1942; $5.090 in 1943 and 1944; 18.000 from 1945 to 1948, incl.,
and $4,000 in 1949. Interest is payable semi-annually in April and October.
A certified check for $500 must accompany each proposal. (The present
report amplifies that fgiven in V. 132, p. 2048.)
SAN DIEGO COUNTY ACQUISITION AND IMPROVEMENT
-BOND SALE.
-A $737,000
DISTRICT NO.1(P.O.San Diego), Calif.
Issue of 6.% causeway construction bonds has been purchased by the
American Securities Co. of San Francisco. Denom. $1,000. Dated Jan,
21 1931. Due on Jan. 21 as follows: $46,000, 1936 to 1950, and $47.000
in 1951. Prin. and int. (J. & H. 2) payable at the office of the City Treasurer. Legality approved by Gibson, Dunn Jr Crutcher of Los Angeles.
Financial Statement of District.
Official estimated real valuation (land and improvements)-$35,000,000.00
$10,100,674.00
Assessed valuation (land alone)
3.935,210.00
Assessed valuation (Improvements)
14,035,884.00
Total assessed valuation
737,418.34
Total bonded debt (including this issue)
Population edlcially estimated in excess of 10,000.
-BOND ELECTION.
-We are
SAN MARCOS, Hays County, Texas.
Informed that an election has been called for April 7 to pass on the proposed
Issuance of $200,000 in school bonds.
-BONDS REGISSAN PATRICIO COUNTY (P. P. Sinton), Texas.
-On March 10 an issue of 130,000 6% serial drainage bonds was
TERED.
registered by the State Comptroller. Denom. $500.
-The $500,000 issue
-BOND SALE.
SEATTLE, King County. Wash.
-was purof bridge oonds offered for sale on March 13-V. 132, p. 1266
chased by the Continental Illinois Co. of Chicago, and the Marine National
Co. of Seattle, jointly, as 4.5s, at a price of 102.535, a basis of about
4.02%. Dated April 1 1931. Due from April 1 1933 to 1961,incl.
-The above purchasers re-offered
-OFFER BONDS.
PURCHASERS RE
the above gold bonds for general investment at prices to yield from 3.25 to
4.00%, according to maturity. It is stated that they are exempt from all
Federal income taxes and are legal investments for sayings banks in New
York, Massachusetts and other States. Offered subject to approval of
legality by Thomson, Wood & Hoffman, of New York.
SEATTLE SCHOOL DISTRICT (P. 0. Seattle) King County,
-At an election held on March 10 the voters
-BONDS VOTED.
Wash.
are reported to have approved of the issuance of $1,500,000 in not to
5% school bonds by a margin said to have been over 2 to 1. Due in
exceed
from 2 to 40 years.
-BOND ORDINANCE ADOPTED.
SHAKER HEIGHTS, Ohio.
The city council recently adopted an ordinance providing for the issuance of
% bonds for special assessment improvement purposes, to be
$20,016
dated April 1 1931 and mature Oct. 1 as follows: $2,016 in 1932, and
12.000 from 1933 to 1941 hid. Principal and semi-annual interest (April
and Oct.) are payable at the office of the City Treasurer.
-BOND OFFERING.
SHAWNEE COUNTY (P. 0. Topeka) Kan.
Sealed bids will be received until 10 a.m. on March 23, by Ira C. Williams,
Chairman of the Board of County Commissioners, for the purchase of two
Issues of4X % semi-ann. bonds aggregating $52,230.60, as follows:
$11,046.24 street impt. bonds. Due on March 1, as follows: $1,046.24 in
1932; 51,000, 1933 to 1940, and $2.000 in 1941.
41,184.36 street impt. bonds. Due on March 1, as follows: $4,184.36 in
1932; 34.000, 1933 to 1940, and $5,000 in 1941.
Dated March 1 1931. The County will furnish printed bonds together
with the approving opinion of Dean & Dean, of Topeka. A certified check
for 2% of the bid is required.
SHEBOYGAN COUNTY(P.O.Sheboygan) Wis.-BONDS OFFERED
-The $545,000 issue of highway, coupon series A bonds
BY BANKERS.
that was purchased jointly by the Citizens State Bank of Sheboygan, and
-V. 132, p. 2048,-18 being
Trust & Savings Bank of Chicago
the Harris
offered by the successful bidders for general investment at prices yieldieg
Investors about 3.85% on all maturities. Dated June 1 1930. Due from
June 1 1941 to 1944, incl. Prin. and int. (J. & D.) payable at the office
of the County Treasurer.
Financial Statement (As officially reported).
$120,349,222
Assessed valuation for taxation
1,475,000
*Total debt (this issue included)
71,235
Population. 1930 census
59,913
census
Population, 1920
Total debt less than lg % of assessed valuation.
-The
-BONDS REGISTERED.
SHERMAN, Grayson County, Texas.
t_90,__000 issue of 5% semi-annual public school bonds that was sold on Jan.
ZO (V. 132, p. 802) was registered by the State Comptroller on March 14.
Due from March 1 1932 to 1971. inclusive.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
-We are
City) Woodbury County, lowa.-BONDS DEFEATED.
Informed that the voters rejected a proposal to issue $700.000 in school
bonds at an election held on March 9.
SLIDELL SEWER DISTRICT NO. 1 (P. 0. Slidell) St. Tammany
-We are informed that sealed bids will
Parish, La.
-BOND OFFERING.
EvoL. 132.
be received until April 15, by Mayor H.F. Fritchle, for the purchase of a
$40,000 issue of 6% sewerage bonds. These bonds were voted akton
election held on Feb. 10-V. 132, p. 1463.
bit
S- MERS, Westchester County, N. Y.
O
-BOND SALE.
--The $64,000
coupon highway improvement onde offered on March 13-V. 132, p.
2048
-were awarded as Ot's to George B. Gibbons & Co., Inc., of New
York, at a price of 100.274, a basis of about 4.21%. The bonds are dated
March 1 1931 and mature March 1 as follows: $4,000 in 1934, and $5,000
from 1935 to 1946 incl.
SOUTH BEND PARK DISTRICT, St. Joseph County, Ind.
-BOND
SALE.
-The Continental Illinois Co.,and the First Detroit Co., Inc., both
of Chicago, jointly, are reported to have purchased recently an issue of
$448,000 434% park bonds at a price of 10-7.479, a basis of about 3.86%.
Dated March 10 1931. Denom. $1,000. Due $14,000 annually on Jan. 1
from 1933 to 1964 incl. Principal and semi-annual interest (Jan. and July)
are payable at the office of the City Treasurer. Legality aPProveditloy
Smith, Remster, Hornbrook & Smith,of Indianapolis. The Harris Trust &
Savings Bank, of Chicago, is reported to have bid a priee of 107.10 for the
Issue, while an offer of 106.49 was made by the Foreman State Corplof
Chicago.
SOUTH PORTLAND, Cumberland County, Me.
-LOAN OFFERING.
-Charles E. West, City Treasurer, will receive sealed bids until
2 p.m. on March 24,for the purchase at discount of a $500.000 temporary
loan. Dated March 23 1931. Payable Nov. 17 1931 at the Fidelity Trust
Co., Portland, or at the First National Bank, of Boston. Bidder to
state denoms. desired. The notes will be submitted under the super
vision of and certified as to genuineness and validity by the said Fidelity
Trust Co. under advice of Cook, Hutchinson, Pierce & Connell.
SPOKANE, Spokane County, Wash.
-We
-BONDS DEFEATED.
are informed that at an election held on March 10 the voters rejected the
proposed issuance of $500,000 in municipal auditorium bonds by a majority
of more than 2 to 1.
SPRING VALLEY, Greene County, °Mo.-BOND OFFERING.
Max Compton, Village Clerk, will receive sealed bids until 12 m. on April
6, for the purchase of $2,000 5% fire department apparatus purchase
bonds. Dated March 1 1931. Denom. $200. Due $200 on Sept. 1 from
1932 to 1941,incl. Interest is payable semi-annually in March and September. Bids for the bonds to bear interest at a rate other than 5% expressed in a multiple of 3,1 of 1%, will also be considered. A certified
check for $100. payable to the order of the Village, must accompany each
proposal.
SPRINGFIELD, Greene County, Mo.-MATURITY.-The $700,000
Issue of 494% semi-ann, sewer bonds that was purchased by Stix & Co. of
St. Louis, at 102.37-V. 132. p. 1850
-is due from 1936 to 1951, giving a
basis of about 4.26%•
-TEMPORARY
STAMFORD (City of) Fairfield County, Conn.
-S. N. Bond & Co. of Boston, purchased on March 20 a $300.000
LOAN.
temporary loan at 2.09% discount, plus a premium of $9. The loan is
dated March 20 1931 and is due Dec. 211931. The notes will be certified
as to genuineness and validity by the First National Bank. of Boston,
under advice of Storey, Thorndike, Palmer & Dodge, of Boston. Bids for
the !clan were as follows:
BidderDiscount.
S. N. Bond & Co., plus $9 premium (purchaser)
2.09
First Stamford National Bank
2.10
First National Old Colony Corp
2.11
2.21
F.S. Moseley & Co
R.L. Day & Co
2.24
Peoples National Bank, Stamford
2.58%
-BOND OFFERING.
-Orin S.
STARKE COUNTY (P. 0. Knox),Ind.
Schuyler, County Treasurer, will receive sealed bids until 2 p. m.on March
31 for the purchase of $15,300 4 % bonds, divided as follows:
$8,100 North Bend Twp. road impt. bonds. Denom. $405. Due $405
July 15 1932; $405 Jan. and July 15 from 1933 to 1941, incl., and
$405 Jan. 15 1942.
7,200 Washington Tvrp. road impt. bonds. Denom. $360. Due $360
July 15 1932; $360 Jan. and July 15 from 1933 to 1941, incl., and
$360 Jan. 15 1942.
Each issue is dated Feb. 15 1931.
-BOND OFFERING.
-Clara
STEUBEN COUNTY (P. 0. Bath) N. Y.
L. Smith, County Treasurer, will receive sealed bids until 10 a.m. on
March 24 for the purchase of $438,000 43.i% coupon or registered bonds,
diviOed as follows:
$250,000 highway and bridge bonds. Due Feb. 1 as follows: $20,000 from
1933 to 1942 incl., and $10,000 from 1943 to 1947 incl.
188,000 county jail bonds. Due Feb. 1 as follows: $10,000 from 1943 to
1947 incl.; $20,000 from 1948 to 1953 incl., and $18,000 in 1954.
Each issue is dated Feb. 1 1931. Principal and semi-annual interest
(Feb. and Aug.) are payable at the office of the County Treasurer. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the County, must accompany each proposal. The approving opinion of
Reed, Hoyt & Washburn, of New York, will be furnished the purchaser.
Financial Statement (Dec. 30 1930).
$61,207,985
Assessed valuation
1,318,000
Total bonded debt, incl. present offering
Tax rate per $1,000, 12.535; population, 1920. 82,857.
STICKNEY INDEPENDENT SCHOOL DISTRICT (P. 0. Stickney)
-Sealed bids were reAurora County, S. Dak.-BONDS OFFERED.
ceived until 8 p.m. on March 17, by R. H. Goodlad, District Clerk, for the
purchase of a $22,400 issue of 5% semi-ann. school bonds. Dated April 1
1931.
-Sealed
STURGEON BAY, Door County, Wis.-BOND OFFERING.
bids will be received until 4 p.m. on April 7 by E. S. Ackerman, City
Clerk, for the purchase of a $95,000 issue of high school bonds. (Opening
of bids at 8 p.m.) Dated May 21931. Due on May 1, as follows: $5,000,
1938; 110.000, 1939 to 1942; 112,000, 1943 to 1945, and $14,000 in 1946.
The purchaser will be required to print the bonds and furnish legal opinion.
A certified check for 5% must accompany the bid.
-BOND SALE.
-The $75.000
STURGIS, St. Joseph County, Mich.
% coupon public school refunding bonds offered on March 12-V. 132,
-were awarded to the Citizens Trust & Savings Bank, of Sturgis,
1850
P.
the only bidder, at par plus a premium of $1445, equal to 101.83, a basis
of about 4.23%. The bonds are dated April 1 1931 and mature $5,000
annually on April 1 from 1932 to 1946 incl.
-BOND SALE.
SUGARCREEK, Tascarawas County, Ohio.
The $15,000 Community Hall bonds offered on Feb. 28-V. 132. p. 1463
were awarded as 5e to Ryan, Sutherland At Co., of Toledo, at par plus a
premium of $21, equal to 100.14, a basis of about 4.98%. The bonds are
dated March 1 1931 and mature $1.000 on Oct. 1 from 1932 to 1946 incl.
-TEMPORARY LOAN.
SYRACUSE, Onondaga County, N. Y.
Barr Bros. & Co., Inc., of-New York, purchased on March 13 a temporary
loan of $723,112.51 at 2.13% interest, plus a premium of $13. The loan is
dated March 17 1931 and matures Sept. 17 1931.
-BOND OFFERING.-James
SWAMPSCOTT, Essex County, Mass.
W.Libby, Town Treasurer, will receive sealed bids until 7 p. m. on March
27 for the purchase of $50,000 4% coupon sewer bonds. Dated April 1
1931. Denom. $1,000. Due $2.000 April 1 from 1932 to 1956, inel.
Prin. and semi-ann. Int. (April and Oct.) are payable at the First National
Bank of Boston. All legal papers incident to the issue will be filed at the
office of the aforementioned bank, where they may be inspected.
Financial Statement (Dec. 31 1930).
Valuation for year 1930, less abatements
$24,595,563.00
Debt limit
712,792.79
Total bonded debt
715,550.00
$71,000.00
Less-Water debt
132,850.00
Sewer debt
43,000.00
General debt
246,850.00
$531,700.00
Net debt
$175,092.79
Borrowing "opacity
CONTROL AND IMPROVEMENT
TARRANT COUNTY WATER
-BOND SALE.
-The
DISTRICT NO. 1 (P. 0. Fort Worth), Tex.
$1,500,100 issue of water, series C bonds Offered for sale on March 17-
MAR. 21 1931.]
FINANCIAL CHRONICLE
V. 132, p. 1850
-was purchased by a syndicate composed of C. W.McN ear
tfc Co., II M. Ityllesby & Co., Stranahan, Harris & Co., Inc., and Oatis,
Boyne & *Co., all of Chicago, and the Dallas Bank & Trust Co.. as 4Hs.
at a price of 99.63, a basis of about 4.52%. Dated March 15 1931. Due
from March 15 1935 to 1971 incl.
-The above bonds are being offered
PUBLIC OFFERING OF BONDS.
by the purchasers at prices to yield from 4.30 to 4.40%. according to
maturity. The dirtrict reports a value of property for taxation of $330,410,950 and a net debt of $4,898.478. The value of property against
which taxes are levied is $151,196,050.
TEKEMAH SCHOOL DISTRICT (P. 0. Tekamah) Burt County,
Neb.-BONDS VOTED.
-At the special election held on March 10-V.
132, p. 1850
-the voters accepted the proposal to issue $125,000 in not to
exceed 4H% school building bonds. Due in not more than 20 years.
-Sealed bids
TEXARKANA, Bowie County, Tex.
-BOND OFFERING.
will be received until 7.30 p. in. on March 23, by R. E. Floyd, City Secretary, for the purchase of an issue of $90,000 5% semi-ann. street widening
and Inapt. bonds. Dated May 1 1931. Due as follows: $1,000 1932 to
1941; $2,000, 1942 to 1951. and $3,000, 1952 to 1971, all incl. Optional
after five years. These bonds are issued under the laws of the State.
subject to the approving opinion of the Attorney-General.
-The
-BONDS REGISTERED.
TEXAS, State of (P. 0. Austin).
following minor issues of bonds were registered by the State Comptroller
on March 13 and 14:
91,000
% Cottle County road, series B. bonds. Denom. $1.000.
Due on April 10 1944.
4,5006% Kaufman County Levee 1mpt. Dist. No. 6 bonds. Denom.
WO. Due on May 15 1940.
8,000 5% Johnson and Hood Counties Line School District bonds.
Denom. $100. Due serially.
TOWANDA, Butler County, Kan.
-Sealed bids
-BOND OFFERING.
will be received until 8:30 p. m. on March 31 by Joel E. Davis, City Clerk,
for the purchase of a $21,000 issue of 5% semi-apn. refunding bonds.
Denom. $1,000. Dated March 1 1931. Due as follows: 91,000. 1932 to
1950,and $2,000 in 1951. A certified check for 2% of the bid is required.
TRENTON, Mercer County, N. J.
-Graham, Parsons
-NOTE SALE.
& Co., of New York, are reported to have purchased on March 9 an issue
of $500,000 tax anticipation notes, dated March 10 1931 and due Aug. 1
1931.
TRENTON, Hitchcock County, Neb.-BOND DETAILS.
-The
$25,000 issue of4H% funding bonds that was purchased at par by Wachob.
Bender & Co. of Omaha-V. 132, p. 2049
-is dated March 1 1931. Coupon
bonds in denominations of $1,000. Due on March 1 1951. Optional $10.000
in 1941. Interest payable March 1.
UNION TOWNSHIP, Union County, N. J.
-BOND SALE.
-An issue
of $483,000 6% coupon or registered tax revenue bonds was awarded on
March 10 at a price of par, to H. L. Allen & Co.of New York, who are now
re-offering the obligations for general investment priced to yield 4.50% for
the $240,000 bonds due March 15 1932, and 4.75% for the $243,000 bonds
maturing March 15 1933. The entire issue is dated March 15 1931.
Denom.$1,000. Prin.and semi-ann. int.(March and Sept. 15) are payable
at the Chase National Bank, New York. Legality to be approved by Reed.
Hoyt & Washburn of New York. The bonds are said to be legal investment for savings banks and trust funds in the State of New Jersey. (The
sale of these bonds was inadvertently reported in-V. 132, p. 1668
-as
being scheduled for March 19.)
Financial Statement (As Officials Reported Jan. 22 1931).
Estimated actual value
$48,397,830
Assessed valuation
. .
Total bonded debt
3,875,200
Less: Sinking fund
$454,320
Net bonded debt
3,420,880
Population (1930 census) 16,445.
UVALDE COUNTY ROAD DISTRICT NO. 1 (P.O. Uvalde), Tex.
BOND OFFERING.
-Sealed bids will be received until 10 a. in. on April 11,
by Green B. Fenley Jr., County Judge, for the purchase of an issue of
$175,000 53
coupon road bonds, series 2. Denom. $1,000. Dated
March 10 1931. Due on March 10, as follows: $2,000, 1933 to 1935;
$3.000, 1936 to 1939; $4,000, 1940 to 1942; $5,000, 1943 to 1945; $6,000,
1946 to 1949; $7,000. 1950 to 1952; $8,000. 1953 to 1955; $9,000, 1956 and
1957; $10,000. 1958 and 1959; $11,000 in 1960 and $12,000 in 1961. Prin.
and int.(M.& S. 10) payable at the Central Hanover Bank & Trust Co. in
N. Y. City. The County will furnish, without cost to the successful
bidder, a complete transcript of these bonds, and the approval of the
Attorney-Genoral of the State of Texas,and Chapman & Cutler of Chicago.
Ill., and the printed bonds, and the purchaser must make payment therefor
at some bank to be designated by the purchaser and acceptable to the
County. There is no controversy or litigation affecting the sale or delivery
of the bonds. These bonds were authorized at an election held on Jan. 6
1931; and the proceeds will be used only for the purpose for which the bonds
were voted. All bidders must submit their proposals on the bidding form
furnished by the County.
A certified check for 33.500, payable to the order of the above County
Judge, must accompany the bid.
Official Financial Statement.
Assessed value of all taxable property for 1930
$6,760,831
Total bonded debt, including these bonds
477,000
Less: Sinking funds
-Cash
8,718
Net debt
468,282
Percentage of net debt to assessed values 6.93%.
Population 1930 U. S. Census Uvalde County, 12,941. Population
Road District No. 1. which includes City of Uvalde, official est., 9,300.
VILLARD, Pope County, Minn.
-BOND SALE-A $3,000 issue of
13j
8 % village hall bonds is reported to have been purchased recently by the
State of Minnesota. Dated March 1 1931. Due in 1936. These bonds
were voted at an election held on Feb. 10.
VIGO COUNTY (P. 0. Terre Haute) Ind.-BOND OFFERING'S. F. Shandy, County Treasurer, will receive sealed bids until 10. a. in
on April 2 for the purchase of $28,600 4H% bonds, divided as follows:
$14,200 Pierson Twp. road impt. bonds. Denom. $710. Due 8710
July 15 1932, $710 Jan. 15 and July 15 from 1933 to 1941 incl.,
and $710 Jan. 15 1942.
10.900 Harrison Twp. road impt. bonds. Donom. $545. Due $545
July 15 1932, $545 Jan. 15 and July 15 from 1933 to 1941 incl.,
and $545 Jan. 15 1942.
3,500 Prairie Creek Twp. road impt. bonds. Denom. $175. Due $175
July 15 1932. $175 Jan. 15 and July 15 from 1933 to 1941 incl.,
and $175 Jan. 15 1942.
Each issue Is dated March 14 1931.
-BONDS REGISTERED.
WACO, McLennan County, Texas.
-The
$
five issues of 4)4% bonds. aggregatin%1305,000, that were sold on Feb. 17
arch 11 by the State Comptroller.
(V. 132, p. 1463) were registered on
Denom.$1,009. Due from 193 t 1971, inclusive.
WARE COUNTY (P. 0. Waycross), Ga.-BOND SALE.
-We are informed that an issue of $150.000 434% semi-ann. hospital bonds has been
purchased by the Robinson-Humphrey Co. of Atlanta, at a price of 102.04.
WASTA,Pennington County, S. Dak.-BOND ,SALE.
-The $18.000
Issue of 5% semi-annual water works bonds offered for sale on Feb. 2-was purchased at par by the Pennington County Bank of
V. 132, 13. 892
Rapid City. Dated Jan. 1 1931.
WARREN, Trumbull County, Ohio.
-BOND OFFER/NO.-Della B.
King, City Auditor, will receive sealed bids until 1 p. in. on April 3 for the
chase of the following issues of 4%% bonds aggregating $53,738.85
:
5,199.50 pavement impt. bonds. Due Oct. 1 as follows: $1,199,58 in
1932; $5,000, 1993; $4,000, 1934; $5,000, 1935; $4,000, 1936;
$5,000, 1937; $4,009, 1938; $5,000, 1939; $4,000, 1940. and
$5,000 in 1941.
8,539.35 sidewalk inapt. bonds. Due Oct. 1 as follows: $4,539,35 in
1932, and $4.000 in 1933.
Each issue is dated March 1 1931. Prin. and semi-ann. int. (A. & 0.)
are payable at the office of the sinking fund trustees of the city. Bids for
the hands to bear interest at a rate other than 434%.expressed in a multiple
1%, will also be considered. A certified cheek for $1,060, payable
of g
to the order of the shy, must accompany each proposal.
ir
Financial Statement.
Total Assessed Valuation for 1931 (estimated):
Real estate
Personal property
2251
$59,295,850.00
19,465,650.00
Total
$78,761,500.00
Indebtedness:
General bonded debt
$1,789,636.64
Special assessment debt
748,472.91
Water works bonds and extension including this issue (selfsustaining)
759.945.00
Cash balance and investments in sinking fund $95,000.
Population 1930. census. 41,054.
WAYNE COUNTY (P. 0. Goldsboro), N. C.
-The
-NOTE SALE.
$65,000 issue of bond anticipation loan notes offered for sale on March
-was purchased by the Provident Savings Bank &
16-V. 132, p. 1850
Trust Co.a Cincinnati, as 43s, paying a premium of $26, equal to 100.04,
a basis of about 4.21%. Dated March 201931. Due on March 20 1932.
The other bidders and their bids were as follows (both for 434s):
BidderPremium.
R. S. Dickson & Co. of Charlotte
$81.50
Wayne National Bank of Goldsboro
25.00
WEBSTER COUNTY (P. 0. Fort Dodge), lowa.-BOND SALE.
The $350,000 issue of annual primary road bonds offered for sale on March
-was awarded to Geo. M. Bechtel & Co. of Daven17-V. 132, p. 2049
port, as Oita, paying a premium of $3,916. equal to 100.8617, a basis of
about 4.07%. Due from May 1 1936 to 1945, inclusive. Optional after
May 1 1936.
WELLSVILLE, Columbiana County, Ohlo.-BOND SALE.
-The
$1.200 Thirteenth St.sewer bonds offered on Mar.16-V.132,9. 1851-were
awarded as 6s to the Peoples National Bank, of Wellsville, at a price of par.
The bonds are dated Oct. 1 1930 and mature ,$240. Oct. 1 .from ,1932 to
1936 incl.
WESTLAND TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND SALE.
-C. W.Patterson,
Claysville), Guernsey County, Ohio.
Clerk of the Board a Education, states that an issue of $22,000 school
impt. bonds has been purchased by the State Teachers Retirement System
of Columbus.
WEST VIRGINIA,State of (P. 0. Charleston).
-BOND OFFERING.
-Sealed bids will be received by Governor William G. Conley, until
March 24, at 1 p. m.,for the purchase of a $5.000.000 issue of 434% coupon
or registered road bonds.
Bonds will bear int. at the rate of 434%, or any lower rate which Is a
multiple of H of 1% which may be named, the rates to be named by the
bidder. A part of the issue may bear one rate and a part a different rate.
Not more than two rates will be considered in any one bid. Coupon bonds
in $1,000 denoms. convertible into fully registered bonds of $1,000 and
95,000 denom. Due March 1 as follows: $100.000 in 1932 and 1933;
$125,000 in 1934 to 1936; $150,000 in 1937 to 1939; $175,000 in 1940 to
1943; $200,000 in 1944 to 1946; $225,000 in 1947 and 1948; $250,009 in
1949 to 1951; $275.000 in 1952 and 1953; $300,000 in 1954 and 1955, and
$325,000 in 1956. all incl. These bonds are issued under aithotity of an
Act of the Legislature of the State of West Virginia, passed on the 4th day
of April 1930 and are a part of an issue of $15,000,900. Prin. and int.
(M. & S.) payable in gold at the State Treasurer's office, or at the Chase
National Bank in N. Y. City. The purchaser will be furnished with the
approving opinion of Caldwell & Raymond of New York, but will be
required to pay the fee for approving said bonds. A certified check for
2% of the face value of the bonds bid for, is required.
Official Financial Statement.
1930 assessed valuation
$2.010,263,902
Bonded Indebtedness:
1. 1919 Virginia debt bonds
5.324,700
1. 1919 Virginia debt bonds (original issue $13,500,000)„5,324.700
2. State road bonds, including this offer
77,590.000
Total bonded indebtedness including this offer
$82,914,700
1. $675.000 required to be retired annually, beginning in 1919.
2. Issued pursuant to the good roads amendments to the Constitution
and payable serially, last maturity March 1 1956.
The Constitution of West Virginia provides that the aggregate amount
of bonds outstanding for roads shall at no time exceed 385,000,000.
The Constitution of West Virginia does not authorize the issuing of
general obligation bonds for any other purpose.
Population (1920 census). 1.463,701; (1930 census), 1,728,510.
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN.The Merchants National Bank, of Boston, purchased on March 20 a
$100,000 temporary loan, due Nov. 20 1931, at 2.04% discount. The loan
was bid for by the following:
liiddgrDiscount.
Merchants National Bank (purchaser)
2.04
Second National Bank
2.05
Ingham Trust Co
2.06
Grafton Co
2.08
Bank of Commerce & Trust Co
2.09
Salomon Bros. & Hutzler
2.09
First National Old Colony Corp
2.10
S. N I3ond & Co
2.14
Stamford National Bank
2.
1485%
F. S. Moseley & Co
2.25%
WESTON, Middlesex County, Mass.
-BIDS REJECTED
-ISSUE
RE
-OFFERED 4-All of the bids received on March 19 for the purchase of
$234.000 coupon bends were rejected, inasmuch as a number of the offers
were for the bonds as 334s and the offering notice requested bids for either
334 or 47,, bonds, according to the Town Treasurer. The bends, however,
are now being re-offered for award at 11 a. m. on March 26 and sealed
bids will be received for the bonds to bear interest at 334%. The offering
consists of 3207,000 school bonds, due from 1932 to 1951 incl., and $27,000
grade crossing and water bonds, due from 1932 to 1943 incl. Each issue
is dated Feb. 11931.
WICHITA FALLS, Wichita County, Tex.
-BONDS DEFEATED.
At the election held on March 14-V. 132, p. 1464
-the voters rejected the
proposal to issue $1,000,000 in 414% water system bonds by a vote reported
as 1,995 "against" to 1,458 "for."
WHITE TOWNSHIP SCHOOL DISTRICT (P. 0. Belvidere, R. D.
No. 2), Warren County, N. J.
-BOND OFFERING-Sealed
dressed to William Lantz, District Clerk, will be received until bids ad2
on April 6 for the purchase of $59,000 434. 434 or 5% coupon school p. in.
bonds.
Dated June 11931. Denom. $1,000. Due June 1 as follows: $2,000 from
1932 to 1960 incl., and $1,000 in 1961. Prin. and semi-ann. int.
are payable at the Belvidere National Bank in Belvidere. A(J. &
certified
check for 2% of the amount of bonds bid for, payable to the order of the
Board of Education, must accompany each proposal.
WILLOUGHBY, Lake County, Ohio.
-BOND OFFERING.-ArvIlla
Miller, Village Clerk, will receive sealed bids until 12 in. (Eastern standard
time) on March 30 for the purchase of $130,610.47 5% special assessment
street improvement bonds comprising the following. issues:
$92,780.63 bonds. Due (jct. 1 as follows: $10,780.63 in 1932; $10.000
from 1933 to 1935, inclusive; $11,000 in 1936; $10,000 from
1937 to 1939, inclusive; 911.000 in 1940.
37,829.84 bonds. Due Oct. 1 as follows: $3,829.84 in 1932; $3,000 in
1933; $4,000 from 1934 to 1936, inclusive; $3,000 in 1937. and
$4,000 from 1938 to 1941, inclusive.
Each issue is dated April 1 1931. Principal and semi-annual interest
(April and Oct.) are payable at the Cleveland Trust Co., Willoughby.
Bids for the bonds to bear interest at a rate other than 5%, expressed
a multiple of 34 of 1%, will also be considered. A certified check for in
5%
of the amount of bonds bid for, payable to the order of the Village Treasurer,
must accompany each proposal.
WILMINGTON, New Castle County, Del.
-BOND OFFERING.
Isaac T. McClure, City Treasurer, will receive sealed bids until 12 in.on
March 30 for the purchase of $800,000
% coupon or registered
Dated April 11931. Due semi-annually as follows: sinking
fund bonds.
$35.000
April and 915,900 Oct. 1 1939; $5,000, April and Oct. 1 from 1937 to
1941
incl.; $5,000, April 1 and $40,000, Oct. 1 1942; $40,000, April, and 950,060.
Oct. 1 1943; $50,000 April and $60,000 Oct. 1 1944; 1560,000 April
and
950,090 Oct. 1 1945: $50,000 April and Oct. 1 in 1946 and 1947; 00.000
April 1 and $25,000 Oct. 1 1948; 925,000 April 1 and $22,000 Oct. 1
1949,
and $23,000 April 1 1950. Principal and semi-annual interest
(April an
2252
FINANCIAL CHRONICLE
Oct.) are payable in Wilmington. The bonds will be prepared under the
supervision of the International Trust Co., New York, Which will certify
as to the genuineness of the signatures of the officials and the seal impressed
thereon, and the validity of the bonds will be approved by Reed, Hoyt &
Washburn, of New York. A certified check for 2% of the face amount of
the bonds bid for, payable to the order of the Mayor and Council, must
accompany each proposal.
-TEMPORARY LOAN.
WINCHESTER, Middlesex County, Mass.
-The Atlantic Corp. of Boston purchased on March 19 a $200,000 temporary loan at 2.05% discount. The loan matures Nov. 18 1931 and
was bid for by the following:
Discount.
Discount. BidderBidderAtlantic Corp. (purchaser)_ _2.05% Bk.of Commerce & Tr. Co--2.175%
2.19%
2.095% Faxon, Gade & Co
Winchester Trust Co
2.20%
Winchester National Bank_ _2.12% F. S. Moseley & Co
2.405
Grafton Co.,plus $2.49 prem.2.14% S. N.Bond & Co
-A
-NOTE SALE.
WINSTON-SALEM, Forsyth County, N. C.
is reported to have been pur$500,000 issue of revenue anticipation notes
chased recently by F. S. Moseley & Co., of New York. Dated March 16
1931. Due on Sept. 15 1931.
WOODBRIDGE TOWNSHIP (P. 0. Woodbridge), Middlesex
-Sealed bids, addressed to B. J.
County, N. J.
-BOND OFFERING.
Dunigan, Township Clerk, will be received until 3:30 p. m. on March 27
for the purchase or $929,000 coupon or registered not to exceed 6% interest
bonds, divided as follows:
$829,000 general improvement bonds. Due April 1 1933.
L100,000 tax anticipation bonds. Due March 31 1932.
it Each issue is dated April 1 1931. Denom. $1,000. All of the bonds of
each issue must bear the same rate of interest. Rate of interest for the
tax anticipation bonds to be expressed in a multiple of 1-100th of 1%.
Prin. and semi-ann. int, on all of the bonds to be payable at the First
National Bank & Trust Co., Woodbridge. A certified check for 2% of
the amount of bonds bid for, payable to the order of the Township, must
accompany each proposal. The approving opinion of Caldwell & Raymond
of New York will be furnished the purchaser.
-BONDS VOTED.
WOODBRIDGE SCHOOL DISTRICT, N. Y.
issuance of
At an election held on March 16 the voters authorized the5
to
$15.000 school building repair bonds by a count of 62 "for" rate "against."
of interest
Date of sale has not as yet been determined, although the
has been fixed at 6% and the issue is to mature $1,000 annually on June 1
1946 incl.
rom 1932 to
WORCESTER, WESTFORD, DECATUR AND MARYLAND CENTRAL SCHOOL DISTRICT NO.6 (P. 0. Worcester) Otsego County,
-John D. Bulson, District Clerk, will receive
-BOND OFFERING.
N. Y,
sealed bids until 2 p. m. on Mar. 26 for the purchase of $213.000 4 K%
coupon or registered school bonds. Dated May 1 1931. Denom. $1,000.
Due May 1 as follows: $1,000 from 1932 to 1934 incl.; $5,000 in 1935 and
1936: $6,000 from 1937 to 1941 incl.; $7,000 from 1942 to 1946 incl.: $8,000
from 1947 to 1951 incl.; $9,000 from 1952 to 1956 incl., and $10,000 from
and Nov.) are payable
1957 to 1961 incl. Prin, and semi-annual int.(May Chase National Bank,
at the Bank of Worcester, in Worcester, or at the
New York. A certified check for 10% of the amount of the bonds, payable
to the District Treasurer, must accompany each proposal.
WYANDOTTE COUNTY RURAL HIGH SCHOOL DISTRICT
-Sealed bids will
-BOND OFFERING.
NO. 2 (P. 0. Welborn), Kan.
be received by M. J. Bigham, District Clerk, until noon on March 24, for
of $125,000 4.5.1 % coupon school bonds. Denoms.
the purchase of an issue
$500. Dated March 11931. Due from March 1 1932 to 1951, incl. Prin.
and int.(M.& S.) payable at the office of the State Treasurer in Topeka.
Legal opinion of Bowersock, Fizzell & Rhodes, of Kansas,City. All bids
must be absolute and unconditional. A certified check for 2% of the
bid, payable to Earl B. Newby, District Treasurer, is required.
[VOL. 132.
CORNWALL TOWNSHIP (P. 0. Mille Roches), Ont.-LIST OF
-The following is a list of the bids received on March 10 for the
BIDS.
purchase of the $32,255 534% impt. bonds awarded to J. L. Graham & Co.
of Toronto, at a price of 105.671, a basis of about 4.84%.-V. 132, P. 2050.
Rate Bid.
BidderRate Bid.
BidderJ.L. Graham & Co
103.07
105.671 Wood,Gundy & Co
105.29
105.474 R. A. Daly & Co
Gairdner & Co
105.225
105.46 .1. L. Goad & Co
C.H.Burgess & Co
104.02
H.R.Bain & Co
105.29 Harris, MacKeen & Co
102.70
McLeod, Young, Weir &(Jo 104.68 Bell, Goulnlock & Co
Dominion Securities Corp--104.527
-A. E. Ames & Co. of Toronto
DUNDALK, Ont.-BOND SALE.
recently purchased an issue of $76,000 5% pavement impt. bonds at a
price of 99.50. The bonds will run for a period of 20 years.
-ADDIGREATER VANCOUVER WATER DISTRICT, B. C.
0
-The $500,000 434.7 bonds sold recently
TIONAL INFORMATION.
to the Royal Financial Corp., of Vancouver, at 96.966, a basis of about
-are dated Dec. 31 1930 and mature Dec. 31
4.67%-V. 132, p. 2050
1970. Coupon bonds in denominations of $1,000 and $500. Interest Is
payable semi-annually in June and December. Award was made on Mar.5.
-Camille Bonin. Secretary..
JOLIETTE, Que.-BOND OFFERING.
Treasurer, will receive sealed bids until 8 p.m. on April 1, for the purchase of $75,000 57 bonds, of which $50,000 mature serially on May 1
0
from 1932 to 1971, incl., and $25,000 on May 1 from 1932 to 1951, incl.
All of the bonds are dated May 1 1931. Principal and semi-annual interest
(May and November) are payable at the head office of the Banque Canadienne Nationale, in Montreal, or at its branches in Joliette and Quebec.
Purpose of the bonds is to provide a filtration plant for the municipality.
-A. E. Ames & Co., of Toronto,
KINGSTON, Ont.-BOND SALE.
have purchased an issue of $366,000 434% coupon bonds, dated Jan. 2
1931 and due Jan. 2 1961. Price paid was 102.04, equal to a basis of about
4.60%. Coupon bonds in $1,000 denoms.. registemble as to principal.
Bonds and semi-annual interest (Jan. and July 2) are payable at the office
of the City Treasurer. The bankers are reoffering the bonds for general
Investment priced at 103.26 and accrued interest, to yield 4.55% •
FinancialStatement (As at Dec. 31 1930 Revised to Give Effect to New Issue).
$19,206,649
Assessed valuation for taxation
7.704,725
Exemptions not included above
3,337,178
Gross funded debt
$17,000
Less: Waterworks
Gas and electric light
454,100
642,538
Ratepayers' share of local improvement
$1,128,741
Total sinking fund
Sink,fund for revenue, producing debt....- 458,438
Sinking fund for non-revenue, producing debt
670,303
1,783,941
Net funded debt
Population, 22,521. Tax rate, 4134 mills.
$1,553,237
The following is a list of the bids reported to have been submitted for
the issue:
Rate Bid.
Bidder102.04
A. E. Ames & Co
101.80
Bell. Gouinlock & Co
101.777
Wood, Gundy & Co
101.733
Fry, Mills & Co
101.678
Dominion Securities Corp
101.51
Gairdner & Co
101.621
Burgess & Co.
101.314
R. A. Daly & Co., and Hannaford, Birks & Co
101.297
J. L. Graham & Co
101.29
McLeod, Young, Weir & Co
101.273
Royal Bank
101.231
Matthews & Co
-A Bank of Montreal
-BOND SALE.
101.18
ALBERTA, Province of (P. 0. Edmonton).
101.14
syndicate composed of Wood, Gundy & Co., Inc.; the Dominion Securities Bank of Commerce
of Canada,all of Toronto, Cochran & Co
101.14
Corp.; A. E. Ames & Co.,and the Imperial Bank
100.773
purchased at private sale on March 18 a total of $4,000,000 coupon (regis- Bank of Nova Scotia
100.65
terable as to principal) bonds, consisting of $2,000,000 434g. due April 1 H. C. Flood & Co
100.512
1935, and $2,000,000 434s, due April 1 1961. Each issue is dated April 1 Drury & Co
100.234
1931. Denom. $1,000. Prin. and semi-ann. int. payable in United States Stewart, Scully & Co
Co., New York, or in Canadian Canon Jones
100.001
gold coin at the Bank of Manhattan Trust
99.507
gold at the Imperial Bank of Canada, Toronto, Montreal, Edmonton, J. L. Goad & Co
99.48
'Winnipeg. Calgary, or Vancouver. Legal opinion of E. G. Long, Toronto. Harris, MacKeen & Co
The proceeds of the sale will be used to refund maturing Treasury notes.
-Sealed bids addressed to H.
LAUZON, Que.-BOND OFFERING.
The banks are re-offering the bonds for general investment at a price of
April
100 for the 4345, and 98.75 for the 43.03. They are said to be legal invest- Bourassa, Clerk, will be received until 12 m. ondebt 9, for the purchase
consolidation bonds.
ment for savings banks in Connecticut, Maine, New Hampshire. and of $278.100 5% water works construction and
Due serially on May 1 from 1931 to 1946, incl. Principal and interest
Vermont.
-An issue of $123.000 5% bonds, payable at the office of the Banque Canadienne Nationale in either Lauzon,
ALLISTON, Ont.-BOND SALE.
said to be guaranteed by Simcoe County, Ont., was sold recently to the Bienville, Quebec or Montreal.
Dominion Securities Corp., of Toronto, at a price of 101.72, a basis of about
-The $42.000 5% hydro-electric
PORT ELGIN, Ont.-BOND SALE.
4.74%. The bonds mature in 15 equal annual installments and were bid light bonds offered on March 16-V. 132, p. 2050
-were awarded to the
for by the following:
Dominion Securities Corp., of Toronto, at a price of 101.278, a basis of
Rate Bid.
Bidderabout 4.85%. The bonds mature annually in from 1 to 20 years and
101.72
Dominion Securities Corp. (Purchaser)
101.389 were bid for by the following:
C. H. Burgess & Co
Rate Bid.
Bidder
101.198
McLeod, Young, Weir & Co
101.278
101.064 Dominion Securities Corp
R. L. Day & Co
100.56
R. A. Daly & Co
101.07
Bell, Gouinlock & Co
100.29
100.691 McLeod, Young, Weir & Co
Fry, Mills, Spence & Co
100.271
101.442 Gairdner & Co
Dyment, Anderson & Co
100.27
101.372 Bell, Gouinlock & Co
Gairdner & Co
100.231
Matthews & Co
101.12
J. L. Goad & Co
99.78
A. E. Ames & Co
101.045
J. L. Graham & Co
99.52'
Harris, McKeen & Co
101.06
A. E. Ames & Co
99.31
Dyment, Anderson & Co
100.05
Harris, McKeen & Co
& Co
99.18
-A syndicate J. L. Graham & Co
-BOND SALE.
COLUMBIA, Province of.
BRITISH
99.06
C. II. Burgess
Young, Weir & Co.; J. L. Goad & Co
98.98
composed of Fry, Mills, Spence & Co.; McLeod, Odium and Brown &
Bell, Gouinlock & Co., all of Toronto, and Victor W.
-The Superintendent of the
QUEBEC, Que.-BOND OFFERING.
Co. of Vancouver, recently purchased an issue of $4,057,000 LIM % coupon
(registerable as to prin. only) bonds, the proceeds of which will be used for Banque Canadienne Nationale, Quebec City will receive, on behalf of the
repayment of short-term Treasury bills. The bonds are dated April 1 Roman Catholic Board of School Commissioners, sealed bids until 3.30
1951 incl., p. m. (to be opened at 4 p. m.) on Mar. 23 for the purchase of $880,000
1931 and mature April 1 as follows: $142,000 from 1932 to
$122,000 from 1952 to 1958 incl., and $121,000 from 1959 to 1961 incl. 43.5% coupon school bonds. Dated Apr. 11931. Denorns. $1,000, $500
option in Canadian
Prin. and semi-ann.int.(A.& 0.) payable at the holder'sor in United States and $100. Due Apr. 1 1961. Prin. and semi-annual interest (Apr. and Oct.)
gold coin in Toronto, Montreal, Vancouver or Victoria, the agency of the are payable at the Banque Canadienne Nationale, in Quebec or Montreal,
standard of weight and fineness at
or at the main office of the Bank of Montreal, in Toronto, or at the Chase
gold coin of the present
Canadian Bank of Commerce in N. Y. City. Bonds in denoms. of $1,000 National Bank. New York. A sinking fund will be provided to redeem
The purchasers
and $500. Legal opinion of Long & Daly of Toronto. investment at a the bonds at maturity. Bide will be received for bonds to be payable in
either Canada of New York, or for both, but the Board will accept only one
are reoffering the 1943 to 1961 maturities for general
bid. A certified check for $8,800, payable to the order of the Treasurer
price of 99.75 and accrued int., yielding over 4.50%.
- of the Roman Catholic Board of School Commissioners, must accompany
0. Ottawa), Ont.-BOND SALE.
CARLETON COUNTY (P.
-were each proposal.
132, p.
The $135.280 5% bonds offered on March 18-V.at a price2050
of 102.217,
awarded to the Dominion Securities Corp. of Toronto
-Sealed bids
SAINT-COEUR de MARIE, Ont.-BOND OFFERING.
mature in 20
a basis of about 4.66%. Of the total Issue. $83,000 bonds equal annaul addressed to X. Larouche, Secretary-Treasurer, will be received until
installments of prin. and int.; $440.000 in 10
equal annual
purchase of $22,000 bonds, Bids will be
five equal annual install- 10 a. m. on March 25, for the bonds
Installments of prin. and int., and $12.280 in
and 434% 10 and 20 year bonds.
received for 5% 10 and 20 year
ments of prin. and int. The bonds are dated Feb. 3 1931.
bonds:
ST.JAMES,Man.-NOTICEREGARDING DEFAULTSITUATION.
The following is a complete list of the bids submitted for the Rate Bid.
The Dominion Mortgage and Investments Association, of Toronto, under
Bidderdate of March 14, forwarded the following:
Dyment, Anderson & Co
101.938
Gairdner & Co
RURAL MUNICIPALITY OF ST. JAMES
101.61
Fry, Mills, Spence & Co
Coupons of this Municipality were temporarily in default from Jan. 2
101.881
Hodgson Bros. & Dunton
101.277 1931, but since that time the committee representing tho debenture holders
Matthews & Co
101.017 have been able to make arrangements for the payment of the coupons.
Hanson Brothers
101.59
Debenture holders who had their coupons returned have been advised to
J. L. Graham dc Co
102.17
present the same for payment.
Wood, Gundy & Co
101.80
-R. F. Henderson, Secretary
Bell, Gouinlock & Co
TORONTO, Ont.-BOND OFFERING.
102.141
A.E.Ames & Co
of the Separate School Board of the city, will receive sealed bids until 1
101.86
C.H.Burgess & Co
100.853 p.m. on March 24 for the purchase of $100,000 434% bonds, due in 20
Stewart, Scully dc Co
years, with interest payable semi-annually.
101.63
Griffis, Fairclough & Norsworthy
102.217
-The $5,000 6% improvement bonds
WILKIE, Sask.-BOND SALE.
*Dominion Securities Corp
101.596
-were awarded to the W. Ross Alger
.1. L. Goad & Co
offered on March 7-V. 132, p. 1465
101.19
a price of 97.55, a basis of about 6.33%. The
McLeod, Young, Weir & Co
101.893 Corp., of Edmonton, at annual installments of both principal and interest.
bonds mature In 20 equal
R. A. Daly & Co
* Successful bidder.
CANADA,its Provinces and Municipalities.
@FedFRASER